EQ Advisors Trust

N-CSR 1 dncsr.htm EQ ADVISORS TRUST EQ Advisors Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-07953

EQ ADVISORS TRUST

(Exact name of registrant as specified in charter)

1290 Avenue of the Americas

New York, New York 10104

(Address of principal executive offices)

PATRICIA LOUIE, ESQ.

Vice President and Associate General Counsel

AXA Equitable Life Insurance Company

1290 Avenue of the Americas

New York, New York 10104

(Name and Address of Agent for Service)

Copies to:

ARTHUR J. BROWN, ESQ.

Kirkpatrick & Lockhart Nicholson Graham LLP

1800 Massachusetts Ave., N.W., 2^nd Floor

Washington, D.C. 20036-1800

Telephone: (202) 778-9000

Registrant’s telephone number, including area code: (212) 554-1234

Date of fiscal year end: December 31

Date of reporting period: January 1, 2004 - December 31, 2004

Item 1. Reports to Stockholders.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

EQ Advisors Trust

2004 Certified

Annual Report

This report is certified under the Sarbanes-Oxley Act of 2002, which requires that public companies, including mutual funds, affirm that the information provided in their annual and semi-annual shareholder reports fully and fairly represents their financial position.

EQ Advisors Trust Annual Report

December 31, 2004

Table of Contents


Chairman’s Letter		2
2004 Market Overview		3
Notes on Performance		4
Portfolio Results and Commentary
EQ/Alliance Common Stock		6
EQ/Alliance Growth and Income		8
EQ/Alliance Intermediate Government Securities		10
EQ/Alliance International		12
EQ/Alliance Premier Growth		14
EQ/Alliance Quality Bond		16
EQ/Alliance Small Cap Growth		18
EQ/Bernstein Diversified Value		20
EQ/Calvert Socially Responsible		22
EQ/Capital Guardian Growth		24
EQ/Capital Guardian International		26
EQ/Capital Guardian Research		28
EQ/Capital Guardian U.S. Equity		30
EQ/Emerging Markets Equity		32
EQ/Enterprise Capital Appreciation		34
EQ/Enterprise Deep Value		36
EQ/Enterprise Equity		38
EQ/Enterprise Equity Income		40
EQ/Enterprise Global Socially Responsive		42
EQ/Enterprise Growth		44
EQ/Enterprise Growth and Income		46
EQ/Enterprise High-Yield Bond		48
EQ/Enterprise International Growth		50
EQ/Enterprise Managed		52
EQ/Enterprise Mergers and Acquisitions		54
EQ/Enterprise Multi-Cap Growth		56
EQ/Enterprise Short Duration Bond		58
EQ/Enterprise Small Company Growth		60
EQ/Enterprise Small Company Value		62
EQ/Enterprise Total Return		64
EQ/Equity 500 Index		66
EQ/Evergreen Omega		68
EQ/FI Mid Cap		70
EQ/FI Small/Mid Cap Value		72
EQ/Janus Large Cap Growth		74
EQ/J.P. Morgan Core Bond		76
EQ/JP Morgan Value Opportunities		78
EQ/Lazard Small Cap Value		80
EQ/Marsico Focus		82
EQ/Mercury Basic Value Equity		84
EQ/Mercury International Value		86
EQ/MFS Emerging Growth Companies		88
EQ/MFS Investors Trust		90
EQ/Money Market		92
EQ/MONY Diversified		94
EQ/MONY Equity Growth		96
EQ/MONY Equity Income		98
EQ/MONY Government Securities		100
EQ/MONY Intermediate Term Bond		102
EQ/MONY Long Term Bond		104
EQ/MONY Money Market		106
EQ/Small Company Index		108
EQ/Wells Fargo Montgomery Small Cap		110
Portfolio of Investments		112
Financial Statements		287
Notes to Financial Statements		394
Report of Independent Registered Public Accounting Firm		415
Federal Income Tax Information		416
Management of the Trust		418
Proxy Voting and Quarterly Portfolio Holdings Information		421

A Message from the Chairman of EQ Advisors Trust

Dear Policyholder,

We are pleased to provide this annual report to investors of EQ Advisors Trust. The report summarizes investment trends and results for 2004, which concluded with a strong rally in global stock markets and better than expected bond market performance, given a series of rate increases by the Federal Reserve.

The U.S. stock market extended the rally that began in 2003 for a second straight year as the S&P 500 Index returned 10.9% for 2004. However, most of the total return was contributed in a strong fourth quarter. For yet another year, value stocks were stronger than growth and small-cap stocks beat large-cap. Among top-performing major U.S. stock market indexes, the Russell 2000 Index of small-cap stocks returned 18.3% for the year, while the Russell 2000 Value Index earned 22.3%.

Another major theme in global investment markets was the weakness of the U.S. dollar. Over the past two years, the dollar has declined against the euro from near parity to an all-time low of just 0.74 euro per dollar on December 27, 2004. The fading dollar boosted returns in international equities (when measured in dollars) and the MSCI EAFE benchmark of developed foreign markets returned 20.3% for all of 2004. The MSCI Emerging Markets Index performed even better for the year, up 26.0%.

The Federal Reserve raised rates five times from July through December after four years of no rate increases. Bond investors were justifiably anxious about the impact on prices and performance, but bonds survived the year in relatively good shape. The Lehman Brothers Aggregate Bond Index returned 4.3% for the full year, while the Lehman Brothers High Yield U.S. Corporate Index, which measures the performance of below investment grade securities, was up 11.1% for the year.

In this report, you can learn about the performance and recent strategies of the Trust’s portfolios. As you evaluate this information, keep in mind the ability to diversify your assets by combining several choices with the help of your financial professional. As always, you should look to your financial professional for personal assistance and answers to any questions you may have about your investment options. In addition, please refer to the prospectus supplement(s) included in this report for important information about the investment options offered under your policy.

We appreciate the confidence you have placed in us and wish you great investment success in 2005.

Sincerely,

LOGO

Steven M. Joenk

Chairman, President and Chief Executive Officer

EQ Advisors Trust

GE-31100 (1/05)

Past performance is not indicative of future results.

2004 Market Overview

DOMESTIC EQUITIES

The U.S. equity market erupted in the fourth quarter, with stocks finishing 2004 on a high note. Led by Technology, Consumer, and Utility stocks, the benchmark S&P 500 rallied 8.7% in the final three months of the year, accounting for most of the total return for the year. Receding energy prices combined with stable long-term interest rates and strong third quarter profit reports underpinned equities’ advance, despite ongoing short-term interest rate hikes by the Federal Reserve. Steady employment trends, resilient consumer demand, and the definitive outcome of the Presidential election lent additional support.

The strong fourth quarter masked an otherwise challenging and sometimes frustrating nine months of see-sawing, during which stocks essentially consolidated the strong gains registered in 2003. After starting 2004 with solid upward momentum, gains eroded steadily beginning in February, as investors began to anticipate rising interest rates following two exceptionally strong quarters of GDP growth. Fueled by a spike in bond yields that pushed the ten year Treasury note to 4.87% from 4.25% at the end of 2003, weakness in equities persisted into the third quarter, by which time oil was soaring towards $50 per barrel and the Federal Reserve began a series of interest rate hikes. Despite mounting headwinds, including considerable election uncertainty and an unexpected slowdown in job creation, consumers continued to spend, businesses continued to invest, and GDP growth remained solid. Both bonds and stocks regained their footing in the third quarter. The yield on the ten year Treasury note fell to 4.00% and the S&P 500 Index managed to close the September quarter 1.27% to the plus side on the year.

On the equity side, growth stocks staged a comeback in the year’s final month, but value trounced growth in 2004. The S&P/Barra Value Index returned 15.3%, more than two and one-half times the 5.8% return for the S&P/Barra Growth Index. In terms of size, smaller was clearly better in 2004 across the board. The Russell 2000 Index gained 18.3% for the year versus 11.5% for the large capitalization Russell 1000 Index, while the small-cap S&P 600 doubled the return on the S&P 500 (22.8% versus 10.7%).

INTERNATIONAL EQUITIES

International equity markets ended 2004 on a high note, posting solid returns for the fourth quarter and the year. Softer oil prices and a definitive result to the U.S. Presidential election helped market sentiment. Exchange rate fluctuations played a major role, as the dollar fell against the euro and other major currencies. The strongest sectors were Utilities and Energy, while the weakest were Information Technology and Health Care. In dollar-terms, two relatively minor countries in the index were the top performers for the year: Austria and Norway. On the other end of the spectrum, Finland and the Netherlands were the bottom performing developed markets countries for the year.

FIXED INCOME

Bonds gained ground in the first quarter of 2004 as concerns about the durability of the U.S. economic recovery pushed low interest rates even lower. Demand for relatively safe assets such as bonds rose amid renewed fears of terrorist attacks after the Madrid bombing. Lifted by the tailwind of falling rates, every fixed income sector was in positive territory for the quarter. Market optimism was revived during the second quarter after a series of robust non-farm payroll growth releases suggested to investors that the economy indeed was on track. Short-term rates increased over 100 basis points during the quarter and fixed income markets sold off, giving back all the gains of the first quarter.

The third quarter was essentially a reversal of the previous three months. Economic data releases suggested moderate economic growth, as job numbers, inflation and consumer confidence fell short of analyst expectations, again throwing doubts on the strength of the recovery. Bonds subsequently rallied as the weak employment growth and lower inflation prints prompted a fall in interest rates. The rally of the third quarter continued into the last three months of the year, where all major fixed income sectors posted gains, capping a year in which bonds showed unexpected strength. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, returned 4.34 percent for the year, despite a tightening cycle by the Federal Reserve that began in May. The central bank raised the federal funds rate five times during the year for a total of 125 basis points. Investors understood that the Fed was lifting rates from unusually low levels that had been set to ward off deflation.

Past performance is no guarantee of future results. The following pages may include opinions of the different advisers of EQ Advisors Trust, and do not represent a recommendation of any particular security, strategy, or investment product. Such opinions are subject to change without notice.

NOTES ON PERFORMANCE

Total Returns

Performance of the EQ Advisors Trust Portfolios as shown on the following pages compares each Portfolio’s performance to that of a broad-based securities index. Each of the Portfolio’s annualized rates of return is net of investment management fees and expenses of the Portfolio. Rates of return are not representative of the actual return you would receive under your variable life insurance policy or annuity contract. No policyholder or contractholder can invest directly in the EQ Advisors Trust Portfolios. Changes in policy values depend not only on the investment performance of the EQ Advisors Trust Portfolios, but also on the insurance and administrative charges, applicable sales charges, and the mortality and expense risk charge applicable under a policy. These policy charges effectively reduce the dollar amount of any net gains and increase the dollar amount of any net losses.

Each of the EQ Advisors Trust Portfolios has a separate investment objective it seeks to achieve by following a separate investment policy. There is no guarantee that these objectives will be attained. The objectives and policies of each Portfolio will affect its return and its risk. Keep in mind that past performance is not an indication of future results.

Growth of $10,000 Investment

The charts shown on the following pages illustrate the total value of an assumed investment in Class IA and/or Class IB shares of each Portfolio of EQ Advisors Trust. The periods illustrated are from the inception dates shown, or for a ten year period if the inception date is prior to December 31, 1994, through December 31, 2004. These results assume reinvestment of dividends and capital gains. The total value shown for each Portfolio reflects management fees and operating expenses of the Portfolios and 12b-1 fees which are applicable to Class IB shares. They have not been adjusted for insurance-related charges and expenses associated with life insurance policies or annuity contracts, which would lower the total values shown. Results should not be considered representative of future gains or losses.

The Benchmarks

Broad-based securities indices are unmanaged and are not subject to fees and expenses typically associated with actively-managed funds. Investment 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.

Lehman Brothers Aggregate Bond Index

An unmanaged index considered representative of the U.S. investment-grade fixed-rate bond market. Includes government and credit securities, agency mortgage pass through securities, asset-backed securities, and commercial mortgage-backed securities.

Lehman Brothers Intermediate Government Bond Index

An unmanaged index 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.

Lehman Brothers Intermediate Government/Credit Bond Index

An unmanaged, market value weighted index of investment grade, fixed-rate debt including government and corporate securities with maturities between one and ten years.

Lehman Brothers Long Government/Credit Bond Index

An unmanaged benchmark representing the long-term, investmentgrade U.S. bond market.

Lehman Brothers U.S. Corporate Bond High Yield Index

An unmanaged index that includes the universe of fixed rate, noninvestment grade debt.

Lehman Brothers U.S. Universal Index

An unmanaged index representing a blend of the Lehman Aggregate, High Yield and Emerging Market Index.

Lehman Brothers 1-3 Year Government/Credit Index

An unmanaged index that represents all U.S. Treasury and agency securities with maturities ranging from 1-3 years.

Merrill Lynch U.S. High Yield Master Cash Pay Only Index

Measures the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market.

Morgan Stanley Capital International (MSCI) EAFE Index

An unmanaged index considered representative of the market structure of the developed equity markets in Europe, Australia and the Far East.

Morgan Stanley Capital International (MSCI) Emerging Markets Free Index

An unmanaged index considered representative of stock markets of developing countries.

Morgan Stanley Capital International (MSCI) World Index

an unmanaged index comprised of 1,456 of the largest publicly traded companies around the world based on market capitalization.

Prime Commercial Rate Paper - 30-Day Index

An index of short-term, unsecured promissory notes. They usually are in denominations of $100,000, $250,000, $500,000 or $1 million and reach maturity 90 days from their time of issuance. This rate describes the average of the most representative daily offering rate quoted by dealers for the week closest to the end of each month.

Russell 1000® Index

An unmanaged index of common stocks that measures the performance of the 1,000 largest companies in the Russell 3000 Index, representing approximately 92% of the total market capitalization of the Russell 3000 Index.

Russell 1000® Growth Index

An unmanaged index which contains those Russell 1000 securities (1,000 largest securities in the Russell 3000 Index) with a greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price-to-earnings ratios, lower dividend yields and higher forecasted growth values than the value universe.

Russell 1000® Value Index

An unmanaged index which contains those Russell 1000 securities (1,000 largest securities in the Russell 3000 Index) with a less-than-average growth orientation. It represents the universe of stocks from which value managers typically select. Securities in this index tend to exhibit lower price-to-book and price-to-earnings ratios, higher dividend yields and lower forecasted growth values than the growth universe.

Russell 2000® Index

An unmanaged index which tracks the performance of the 2000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.

Russell 2000 Growth Index

An unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

NOTES ON PERFORMANCE

Russell 2000® Value Index

An unmanaged index which measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2500^™ Index

An unmanaged index that measures the performance of the 2,500 smallest companies in the Russell 3000 Index, which represents approximately 17% of the total market capitalization of the Russell 3000 Index.

Russell 2500^™ Growth Index

An unmanaged index which contains those Russell 2500 securities (the bottom 500 securities in the Russell 1000 Index and all 2,000 securities in the Russell 2000 Index) with a greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values than the value universe.

Russell 2500^™ Value Index

An unmanaged index which contains those Russell 2500 securities (the bottom 500 securities in the Russell 1000 Index and all 2,000 securities in the Russell 2000 Index) with a less-than-average growth orientation. Securities in this index tend to exhibit lower price-to-book and price-earnings ratios, higher dividend yields and lower forecasted growth values than the growth universe.

Russell 3000® Index

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.

Russell 3000® Growth Index

An unmanaged index that measures the performance of those companies in the Russell 3000 with higher price-to-book ratios and higher forecasted growth values.

Standard & Poor’s (S&P) 500 Index

An unmanaged index which contains 500 of the largest U.S. industrial, transportation, utility and financial companies deemed by Standard and Poor’s to be representative of the larger capitalization portion of the U.S. stock market.

Standard & Poor’s (S&P) MidCap 400 Index

An unmanaged index which tracks mid-sized companies. Today, mid-caps are recognized as an independent asset class, with risk/reward profiles that differ considerably from both large-caps and small-caps. It covers approximately 7% of the U.S. equities market.

Treasury Bill

A negotiable debt obligation issued by the U.S. government and backed by its full faith and credit, having a maturity of one year or less.

EQ/ALLIANCE COMMON STOCK PORTFOLIO

PORTFOLIO ADVISER

•

Alliance Capital Management L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		10 Years		Since Incept.
Portfolio – IA Shares	14.40	%	(2.47	)%	11.76	%	13.17	%*
Portfolio – IB Shares	14.12		(2.72	)	11.58		12.92	**
S&P 500 Index	10.88		(2.30	)	12.07		12.61	*

*	Date of inception 1/13/76

Investment operations commenced with respect to Class IB shares on October 2, 1996. Returns shown for Class IB shares prior to this period are derived from the historical performance of Class IA shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 14.40% for the year ending December 31, 2004. The Portfolio’s benchmark, the S&P 500 Index, returned 10.88% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Stock selection was very broadly positive for the year as nine of the ten sectors where the portfolio had exposure had positive stock selection contributions.

•

Consumer Discretionary stocks were an area of particular strength in stock selection, including overweights in Wynn Resorts and eBay.

•

Sector selection was a net positive contributor with an overweight in Energy, which rose along with oil prices.

What hurt performance during the year

•

Utilities was the only sector where stock selection was negative, due mostly to a modest overweight in Northeast Utilities.

•

The portfolio’s significant overweight in Technology was not rewarded during the year.

Advisor Outlook

In our view, even after the gains in 2004, the U.S. equity market continues to appear reasonably priced given that the profitability of U.S. companies neared record levels in 2004 and we believe should continue to rise in 2005. Even more importantly, their aggregate free cash flow has risen to almost double the previous peak. However, capital spending has lagged far behind as company managements have conserved their cash or used it to pay down debt rather than invest in their businesses.

EQ/ALLIANCE COMMON STOCK PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Information Technology	25.5	%
Financials	19.7
Consumer Discretionary	13.1
Health Care	9.9
Industrials	9.4
Energy	8.0
Consumer Staples	5.6
Telecommunication Services	4.3
Utilities	2.1
Materials	1.4
Cash and Other	1.0

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees (in the case of Class IB shares of the Trust), and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

The first line of the table to the right provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,076.50	$	2.66
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.57		2.59
Class IB
Actual		1,000.00		1,074.80		3.96
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.32		3.86

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.51% and 0.76%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/ALLIANCE GROWTH AND INCOME PORTFOLIO

PORTFOLIO ADVISER

•

Alliance Capital Management L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		10 Years		Since Incept.
Portfolio – IA Shares	12.67	%	4.57	%	12.97	%	11.37	%*
Portfolio – IB Shares	12.45		4.32		12.69		11.10	**
Russell 1000 Value Index	16.49		5.27		13.83		11.91	*

*	Date of inception 10/1/93

Investment operations commenced with respect to Class IB shares on May 1, 1997. Returns shown for Class IB shares prior to this period are derived from the historical performance of Class IA shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

Returns

for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 12.67% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 1000 Value Index, returned 16.49% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Stock selection was particularly strong in the Energy sector, with positive contributions from a diverse array of holdings including ConocoPhillips, Occidental Petroleum and Noble Energy.

•

Health Care services also offered positive contributors such as Wellpoint Health Network, Anthem and UnitedHealth Group.

•

The portfolio also benefited from an overweight in Consumer Staples, with Avon and Altria Group providing strong performance within this group.

What hurt performance during the year

•

Performance for the year was hurt by overweights in Media and security selection within that group (most notably Viacom).

•

A large overweight in Health Care detracted from performance, but was somewhat offset by security selection. In Health Care, positions in big-cap pharmaceuticals have been reduced in favor of Health Care services and medical devices.

•

The portfolio’s financial holdings in property and casualty insurance were a detractor from performance (American International Group and Ace, Ltd).

Advisor Outlook

Our in-depth fundamental research has allowed us to identify an array of stock-specific opportunities, the most significant being our overweight in Health Care and our underweight in interest-sensitive groups. We favor names with large international operations and with short durations in their investment portfolios to protect against rising rates. Though these strategies worked against our relative returns in 2004, we expect them to pay off in 2005.

EQ/ALLIANCE GROWTH AND INCOME PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Financials	26.0	%
Consumer Discretionary	18.2
Energy	14.3
Health Care	10.7
Consumer Staples	9.0
Industrials	8.4
Information Technology	5.5
Materials	2.3
Telecommunication Services	1.9
Utilities	1.8
Cash and Other	1.9

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,086.20	$	3.20
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.07		3.10
Class IB
Actual		1,000.00		1,085.10		4.51
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.81		4.37

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.61% and 0.86%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO

PORTFOLIO ADVISER

•

Alliance Capital Management L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		10 Years		Since Incept.
Portfolio – IA Shares	2.13	%	6.12	%	6.23	%	6.22	%*
Portfolio – IB Shares	1.97		5.87		5.97		5.95	**
Lehman Brothers Intermediate Government Bond Index	2.33		6.57		6.75		6.70	*

*	Date of inception 4/1/91

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 2.13% for the year ending December 31, 2004. The Portfolio’s benchmark, the Lehman Brothers Intermediate Government Bond Index, returned 2.33% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Coupon and sector selection within the mortgage sector helped performance.

•

Investments in collateralized mortgage obligations (CMOs) and adjustable rate mortgages (ARMs) added value.

•

Yield curve exposure was a benefit as the portfolio was positioned for a flattening of the yield curve.

What hurt performance during the year

•

The portfolio’s overall duration relative to the benchmark was a key negative contributor to performance.

Advisor Outlook

The Fed has reiterated that they still view rates as very accommodative. It has been surprising to us that the yield curve has flattened so dramatically and that longer rates remain as low as they do despite the strength of the economy. Given this technical situation and the curve flattening that has already taken place, the portfolio has shifted to a more neutral yield curve exposure. We believe continued low volatility should bode well for the certain sectors and, given the current trading range, we are overweighted to the mortgage sector.


Portfolio Characteristics As of December 31, 2004
Weighted Average Life (Years)		4.2
Weighted Average Coupon		4.7
Weighted Average Modified Duration (Years)*		3.3
Weighted Average Rating		AAA

*	Modified duration is a measure of the price sensitivity of the portfolio to interest rate movements, taking into account specific features of the securities in which it invests.

EQ/ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO


Distribution of Assets by Sector as of 12/31/04	% of Net Assets
U.S. Government and Agency	84.7	%
Asset Backed Securities	14.6
Cash and Other	0.7

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,024.50	$	2.80
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.37		2.80
Class IB
Actual		1,000.00		1,022.90		4.07
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.11		4.06

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.55% and 0.80%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/ALLIANCE INTERNATIONAL PORTFOLIO

PORTFOLIO ADVISER

•

Alliance Capital Management L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		Since Incept.
Portfolio – IA Shares	18.51	%	(2.95	)%	4.59	%*
Portfolio – IB Shares	18.10		(3.21	)	4.30	**
MSCI EAFE Index	20.25		(1.13	)	5.56	*

*	Date of inception 4/3/95

**	Investment operations commenced with respect to Class IB shares on May 1, 1997.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 18.51% for the year ending December 31, 2004. The Portfolio’s benchmark, the MSCI EAFE Index, returned 20.25% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Overall, stock selection in Materials, Energy and Consumer stocks helped relative performance in the year. An overweight in several commodity stocks helped. These included steel producers such as Arcelor (France), UK-listed mining company Xstrata, and several oil companies, such as Italy’s Eni.

•

Consumer holdings, including Esprit Holdings, Carnival and Reckitt Benckiser, were also positive contributors to performance, outperforming their sector peers.

•

Auto holdings such as German tire and brake equipment manufacturer Continental, which posted record margins, were also among top contributors.

What hurt performance during the year

•

Overall, underperformance in Technology and Financials shares offset our relative gains.

•

Security selection in Technology hurt as the sector lagged due to tepid IT-spending growth. Specific detractors included Canon, Flextronics and ASML Holdings.

•

Other major negatives included pharmaceutical companies such as GlaxoSmithKline and AstraZeneca, which were hit by worries about downward pressure on drug prices and increased threats of litigation.

Advisor Outlook

Looking ahead, we remain confident in the quality of our holdings and in the portfolio’s potential to outperform. We have been encouraged by signs that are likely to benefit non-U.S. stocks, such as moderate inflation, China’s continued relative strength, and favorable valuations in Japan. But it is important to note that several risks remain in 2005. Despite the recent price drop, energy is still a wildcard, and a potential upward swing in oil costs could still dent growth expectations and fuel a faster-than-anticipated rise in inflation. Meanwhile, a stronger-than-expected drop in the exchange value of the dollar against major currencies could also exacerbate imbalances.

EQ/ALLIANCE INTERNATIONAL PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Financials	25.2	%
Consumer Discretionary	18.8
Information Technology	10.6
Health Care	10.5
Materials	8.4
Energy	8.2
Consumer Staples	7.0
Industrials	4.4
Telecommunication Services	3.6
Utilities	1.9
Cash and Other	1.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,145.70	$	4.58
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.86		4.32
Class IB
Actual		1,000.00		1,144.70		5.93
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.61		5.58

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.85% and 1.10%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/ALLIANCE PREMIER GROWTH PORTFOLIO

PORTFOLIO ADVISER

•

Alliance Capital Management L.P.

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/04
	1 Year		5 Years		Since Incept.*
Portfolio – IA Shares	8.61	%	(10.39	)%	(6.38	)%
Portfolio – IB Shares	8.39		(10.62	)	(6.61	)
Russell 1000 Growth Index	6.30		(9.29	)	(4.55	)

*	Date of inception 5/1/99

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 8.61% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 6.30% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Performance benefited from excellent stock selection in the Consumer Discretionary sector, led by eBay and Yahoo.

•

Also contributing positively was stock selection in the Technology sector, led by Marvell Technology.

What hurt performance during the year

•

Relatively weak stock selection in the Financial Services sector had a negative impact on performance.

•

Performance was also hurt by an overweight in the underperforming Technology sector.

Advisor Outlook

In our view, investors are underestimating the outlook for the U.S. economy and corporate profitability, providing us with an unusual opportunity to buy superior growth companies at little valuation premium. On a macro-economic level, fears that the recovery has peaked are belied by significant improvements in most key sentiment indicators—both those that track attitudes among business leaders, and those that measure confidence at the grass-roots level. Despite a seemingly brightened outlook, signs of investor pessimism remain evident in equity valuations. In our view, this degree of wariness for prospects for growth stocks going forward seems unwarranted.

EQ/ALLIANCE PREMIER GROWTH PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Information Technology	35.7	%
Consumer Discretionary	20.5
Health Care	19.3
Financials	13.7
Consumer Staples	3.3
Industrials	3.3
Energy	3.0
Cash and Other	1.2

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04- 12/31/04
Class IA
Actual	$	1,000.00	$	1,049.30	$	4.12
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.11		4.06
Class IB
Actual		1,000.00		1,048.40		5.41
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.86		5.33

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.80% and 1.05%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/ALLIANCE QUALITY BOND PORTFOLIO

PORTFOLIO ADVISERS

•

Alliance Capital Management L.P.

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/04
	1 Year		5 Years		10 Years		Since Incept.
Portfolio – IA Shares	3.95	%	7.07	%	7.26	%	5.89	%*
Portfolio – IB Shares	3.79		6.82		7.01		5.65	**
Lehman Brothers Aggregate
Bond Index	4.34		7.71		7.72		6.53	*

*	Date of inception 10/1/93

Investment operations commenced with respect to Class IB shares on July 8, 1998.Returns shown for Class IB shares prior to this period are derived from the historical performance of Class IA shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

Returns

for periods greater than one year are annualized

Past

performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 3.95% for the year ending December 31, 2004. The Portfolio’s benchmark, the Lehman Brothers Aggregate Bond Index, returned 4.34% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

The portfolio’s corporate and mortgage security selection contributed positively to performance.

•

Within the portfolio’s corporate allocation, an overweight in BBB-rated debt and longer term credits was a positive.

•

Within the portfolio’s mortgage allocation, the portfolio had an overweight position in higher-coupon mortgages, which also boosted results.

What hurt performance during the year

•

The largest single negative contributor to performance was the portfolio’s yield curve positioning – specifically, a shorter than benchmark duration.

Advisor Outlook

Over full market cycles, we expect most of our value-added to come from sector and security selection. However, we believe we have entered a period in which yield-curve strategy is likely to be the largest contributor to our relative returns over the next few months. We expect U.S. interest rates to trend higher in 2005 as the Federal Reserve continues to raise official short-term rates. Accordingly, as part of our yield-curve strategy, we are keeping the overall duration of the portfolio versus its benchmark at the lower end of its duration-neutral constraint to help protect against the negative effect of rising interest rates. In addition, although the yield curve has already flattened significantly, the trend has not yet run its course, in our view. Therefore, we have maintained an underweight in the two-year area of the curve. We expect those yields to rise faster than longer rates in 2005.


Portfolio Characteristics As of December 31, 2004
Weighted Average Life (Years)		7.5
Weighted Average Coupon		4.1
Weighted Average Modified Duration (Years)*		4.0
Weighted Average Rating		AAA-

*	Modified duration is a measure of the price sensitivity of the portfolio to interest rate movements, taking into account specific features of the securities in which it invests.

EQ/ALLIANCE QUALITY BOND PORTFOLIO


Distribution of Assets by Sector as of 12/31/04	% of Net Assets
U.S. Government and Agency	62.6	%
Asset Backed Securities	7.8
Corporate Bonds	19.9
Foreign Government Securities	1.0
Cash and Other	8.7

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,038.40	$	2.87
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.32		2.85
Class IB
Actual		1,000.00		1,037.90		4.15
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.06		4.12

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.56% and 0.81%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/ALLIANCE SMALL CAP GROWTH PORTFOLIO

PORTFOLIO ADVISER

•

Alliance Capital Management L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		Since Incept.*
Portfolio – IA Shares	14.27	%	2.30	%	7.46	%
Portfolio – IB Shares	13.96		2.04		7.20
Russell 2500 Growth Index	14.59		(2.32	)	7.62

*	Date of inception 5/1/97

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 14.27% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 2500 Growth Index, returned 14.59% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Absolute returns across all sectors of the portfolio, with the exception of Health Care, were solidly into double digit territory.

•

Stock selection over the twelve-month period was modestly positive as the portfolio enjoyed very strong relative returns in both Technology and Consumer/Commercial Services.

•

Standout performers included Station Casinos, an owner of locals-oriented Las Vegas Casinos; Cognizant Technology, an offshore IT services provider; and Kinetic Concepts, a maker of wound-care equipment and hospital beds.

•

Relative returns benefited from an overweight in Energy, the top-performing sector.

What hurt performance during the year

•

Stock selection was disappointing in the Health Care sector. The four biggest detractors to performance were specialty drug distributor Accredo Health, biopharmaceutical company Nektar Therapeutics, and generic drug makers Impax Labs and Par Pharmaceuticals.

•

Sector allocations overall were negative, as an overweight in the Technology sector and underweights in the Industrials and Financials sectors more than offset the benefit from the overweight in the Energy sector.

•

Given the exceptional performance of more value-oriented strategies, the portfolio’s growth bias detracted from relative returns.

Advisor Outlook

Bolstered by our belief that steady economic growth in 2005 will support healthy earnings growth for many small-to-mid cap growth companies, we are optimistic that small-to-mid cap growth stocks can generate further gains in the year ahead. Providing somewhat of an offset is our belief that valuations may suffer some compression, as investors factor in a plateau in earnings growth and an upward bias to interest rates.

EQ/ALLIANCE SMALL CAP GROWTH PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Information Technology	31.5	%
Industrials	19.7
Health Care	13.9
Consumer Discretionary	12.8
Financials	8.3
Energy	8.2
Telecommunication Services	2.7
Materials	1.7
Cash and Other	1.2

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,088.90	$	4.20
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.11		4.06
Class IB
Actual		1,000.00		1,086.70		5.51
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.86		5.33

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.80% and 1.05%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/BERNSTEIN DIVERSIFIED VALUE PORTFOLIO

PORTFOLIO ADVISER

•

Alliance Capital Management L.P. (Bernstein Unit)

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		Since Incept.
Portfolio – IA Shares	13.74	%	5.17	%	6.88	%*
Portfolio – IB Shares	13.46		4.99		6.80	**
Russell 1000 Value Index	16.49		5.27		6.99	**

*	Date of inception 5/18/01. Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

**	Date of inception 1/1/98

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 13.74% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 1000 Value Index, returned 16.49% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Technology stocks outpaced the Russell 1000 Value Index during the fourth quarter, largely due to strength from consumer-related stocks. In this environment the portfolio’s exposure to Ingram Micro paid off.

•

Railroad companies Norfolk Southern and Burlington Northern Santa Fe continued to benefit from insufficient capacity in the trucking industry and strong demand for transportation in the U.S.

•

Additional notable contributors for the year included Valero Energy, Sprint, Viacom, Monsanto and Medco Health Solutions.

What hurt performance during the year

•

Several of the portfolio’s holdings whose earnings are more closely tied to corporate spending lagged during the quarter.

•

Additional detractors for the year included Sears Roebuck, Electronic Data Systems, American Axle & Manufacturing, Vishay Intertechnology and General Motors.

Advisor Outlook

Even after the gains in 2004, the U.S. equity market continues to appear reasonably priced in our view. The valuation spread between the cheapest and most expensive stocks, however, remains compressed, reducing the value opportunity. As such, we continue the two-pronged approach that has characterized our strategy for the last year: an emphasis on risk control and on using fundamental research to identify stock-specific opportunities.

EQ/BERNSTEIN DIVERSIFIED VALUE PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Financials	31.6	%
Industrials	12.6
Consumer Discretionary	11.3
Energy	10.7
Information Technology	7.1
Consumer Staples	6.4
Materials	5.6
Utilities	4.9
Telecommunication Services	4.6
Health Care	2.3
Cash and Other	2.9

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,097.70	$	3.69
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.62		3.56
Class IB
Actual		1,000.00		1,096.70		5.01
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.36		4.82

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.70% and 0.95%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/CALVERT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO ADVISERS

•

Calvert Asset Management Co., Inc.

•

Brown Capital Management, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04



	1 Year		5 Years		Since Incept.
Portfolio – IA Shares	3.84	%	(4.72	)%	(3.34	)%*
Portfolio – IB Shares	3.59		(4.19	)	(2.58	)**
Russell 3000 Index	11.95		(1.16	)	1.08	**

*	Date of inception 10/2/02. Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

**	Date of inception 9/1/99

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 3.84% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 3000 Index, returned 11.95% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

In Consumer Staples the performance of CVS Corp., a drug store chain, and the decision to not own beverage stocks were meaningful contributors to performance relative to the benchmark.

•

In Financial Services, the securities and brokerage services companies were the single largest contributing industry. Legg Mason Inc. was one of the portfolio’s highest contributing stocks.

What hurt performance during the year

•

The worst contributing sector this year was Technology. The chip and chip-related stocks that benefited performance in 2003 were the greatest negative in 2004.

•

The worst contributing stock this year was Career Education Corp. (CECO), a for-profit education company.

•

Another large detractor from performance was American International Group Inc. The company was sold after the NY state Attorney General announced an industry investigation into price fixing through “bid rigging.”

Advisor Outlook

We expect short-term rates to increase, driven by Federal Reserve actions, and long-term interest rates to be flat to down slightly, influenced by only modest inflation. We believe that this will remain a stock picker’s market. As always, we employ a bottom-up process in selecting growth stocks based on individual company fundamentals. Our bottom-up approach continues to show overweightings relative to the benchmark in Consumer Discretionary, Technology, and Health Care, all growth-oriented sectors.

EQ/CALVERT SOCIALLY RESPONSIBLE PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Information Technology	35.3	%
Health Care	16.9
Consumer Discretionary	15.2
Industrials	9.5
Consumer Staples	9.5
Financials	8.4
Telecommunication Services	3.2
Energy	1.0
Cash and Other	1.0

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04- 12/31/04
Class IA
Actual	$	1,000.00	$	1,022.20	$	4.07
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.11		4.06
Class IB
Actual		1,000.00		1,019.60		5.33
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.86		5.33

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.80% and 1.05%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/CAPITAL GUARDIAN GROWTH PORTFOLIO

PORTFOLIO ADVISER*

•

Capital Guardian Trust Company

*	Effective December 13, 2004, Capital Guardian Trust Company replaced Putnam Investment Management, LLC as subadviser, and the portfolio was renamed EQ/Capital Guardian Growth Portfolio.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		Since Incept.
Portfolio – IA Shares	5.81	%	(9.67	)%	3.64	%*
Portfolio – IB Shares	5.53		(9.75	)	3.74	**
Russell 1000 Growth Index	6.30		(9.29	)	4.32	**

*	Date of inception 10/2/02. Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

**	Date of inception 5/1/97

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 5.81% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 6.30% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Stock selection in the Information Technology and Consumer Discretionary sectors added to relative performance over the year. In Information Technology, the portfolio benefited by its holdings in Symantec, Adobe System, QUALCOMM and Autodesk, as the stocks made strong gains over the year. In the Consumer Discretionary area, Cablevision System was a notable performer.

•

A slight overweight in the Utilities sector benefited the portfolio over the year.

•

Underweight positions in Eli Lilly and Merck, stocks that declined over the year, also benefited the portfolio on a relative basis.

What hurt performance during the year

•

In general, the portfolio’s holdings in the Industrials and Telecommunication Service sectors hurt performance.

•

A modest overweight in the Information Technology sector was also a negative.

•

Some of the largest detractors from performance included Intel, Pfizer, AstraZeneca and Texas Instruments.

About the Portfolio’s New Adviser

Capital Guardian’s growth discipline centers on an extensive commitment to fundamental research. A large team of experienced equity analysts focuses on gathering in-depth information on companies and industries in the United States and throughout the world. In selecting stocks for the portfolio, the team looks at a number of key criteria, which include superior growth in net earnings, revenues and operating cash flow. If a stock no longer meets at least one of the team’s established criteria, it will be sold. In keeping with Capital Guardian’s bottom-up philosophy, the weightings of any given industry sector reflect the assessments and outlooks of the portfolio managers and research analysts for individual companies within a sector.

EQ/CAPITAL GUARDIAN GROWTH PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Information Technology	38.1	%
Consumer Discretionary	17.1
Health Care	16.5
Financials	9.1
Consumer Staples	5.0
Industrials	4.7
Energy	3.2
Telecommunication Services	1.1
Utilities	0.7
Cash and Other	4.5

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,039.60	$	3.59
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.62		3.56
Class IB
Actual		1,000.00		1,038.60		4.87
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.36		4.82

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.70% and 0.95%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO

PORTFOLIO ADVISER

•

Capital Guardian Trust Company

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		Since Incept.
Portfolio – IA Shares	13.86	%	(3.83	)%	2.60	%*
Portfolio – IB Shares	13.68		(3.92	)	2.56	**
MSCI EAFE Index	20.25		(1.13	)	2.29	**

*	Date of inception 3/25/02. Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

**	Date of inception 5/1/99

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 13.86% for the year ending December 31, 2004. The Portfolio’s benchmark, the MSCI EAFE Index, returned 20.25% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Stock selection within Telecommunication Services was the main contributor to returns during the year. The top performing securities within this group were: KPN (Netherlands), Bouygues (France) and Telefonica SA (Spain).

•

Stock selection within the Materials sector was also a contributor, with companies having exposure to China doing well during the year. Two notable names within this group are BHP Billiton (Australia) and Holcim (Switzerland).

What hurt performance during the year

•

The year ended with stock selection in Health Care being by far the largest detractor. The majority of the underperformance came from the Pharmaceuticals sector where the portfolio is overweight relative to the benchmark. Health Care accounted for two of the top ten detractors for the year: Astrazeneca (United Kingdom) and Shionogi & Company (Japan).

•

An overweight and stock selection within Information Technology also detracted, as that sector underperformed the market and our top holdings underperformed the Index. The top detractors within this sector include: NEC Corp (Japan), Tokyo Electron (Japan), and STMicroelectronics (France).

•

Elsewhere, stock selection in Financials, Consumer Staples, Industrials and Consumer Discretionary also detracted.

Advisor Outlook

We are encouraged by the improved returns of some of our large holdings and believe the prices of our top research convictions should appreciate in line with our higher-than-consensus earnings expectations. We believe the global economy is settling into a sustainable pace of growth and that energy costs will be less of a factor. In Japan, we still expect a secular recovery despite some near-term weakness and we believe we own stocks that could benefit. In Europe, while we are concerned about domestic demand and the strong euro, we find some structural improvements related to business costs, value across markets, and potential restructuring and industrial consolidation. We believe the portfolio will benefit from a number of holdings whose earnings have substantially improved although their stock prices have yet to do so.

EQ/CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Financials	24.9	%
Consumer Discretionary	12.0
Telecommunication Service	11.0
Health Care	10.0
Information Technology	9.2
Materials	7.6
Consumer Staples	6.9
Industrials	5.6
Energy	5.2
Utilities	2.2
Cash and Other	5.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,120.00	$	5.06
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.36		4.82
Class IB
Actual		1,000.00		1,119.30		6.39
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.10		6.09

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.95% and 1.20%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/CAPITAL GUARDIAN RESEARCH PORTFOLIO

PORTFOLIO ADVISER

•

Capital Guardian Trust Company

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		Since Incept.
Portfolio – IA Shares	11.28	%	2.72	%	3.59	%*
Portfolio – IB Shares	10.89		2.65		3.58	**
S&P 500 Index	10.88		(2.30	)	(0.21	)**

*	Date of inception 3/25/02.Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

**	Date of inception 5/1/99

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 11.28% for the year ending December 31, 2004. The Portfolio’s benchmark, the S&P 500 Index, returned 10.88% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Stock selection within Financials was the main contributor to returns for the year. Top overall performers in this area were SLM Corp, Bank One and Americredit.

•

Results were aided by stock selection in the Telecommunication Services sector. Results were driven by the merger of Sprint PCS and Sprint FON later in the year.

•

Elsewhere, stock selection in Consumer Staples and Industrials was also additive.

•

From a market capitalization perspective, being underweight the largest companies in the Index was a major contributor to overall returns as smaller to mid-capitalization names outperformed the mega-cap stocks for the year.

What hurt performance during the year

•

An overweight and stock selection within Health Care, primarily within large cap pharmaceuticals companies, was the main detractor for the year. Stocks such as Forest Labs, Eli Lilly and Astrazeneca were the main detractors.

•

Stock selection within Consumer Discretionary was also a drag on results, lead by media conglomerate InteractiveCorp, Amazon.com, and Entercom Communications.

Advisor Outlook

Looking ahead, we think GDP and profit growth will moderate but remain healthy. We are optimistic for the coming quarters, though we have longer-term concerns about the swelling budget and trade deficits and their potential impact on the economy. As a result of many individual decisions on stocks, the portfolio in aggregate is underweight the mega-cap stocks and emphasizes relatively smaller companies within the large-cap universe. The portfolio’s largest deviations from the Index on a sector basis are overweight positions in Health Care and underweight positions in Information Technology and Financials.

EQ/CAPITAL GUARDIAN RESEARCH PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Health Care	17.4	%
Financials	16.7
Information Technology	12.2
Consumer Discretionary	12.0
Industrials	10.6
Energy	9.7
Consumer Staples	8.3
Telecommunication Services	4.0
Materials	3.7
Utilities	1.7
Cash and Other	3.7

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,065.10	$	3.63
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.62		3.56
Class IB
Actual		1,000.00		1,062.40		4.92
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.36		4.82

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.70% and 0.95%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO

PORTFOLIO ADVISER

•

Capital Guardian Trust Company

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		Since Incept.
Portfolio – IA Shares	9.58	%	3.04	%	3.31	%*
Portfolio – IB Shares	9.30		2.92		3.24	**
S&P 500 Index	10.88		(2.30	)	(0.21	)**

*	Date of inception 3/25/02. Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

**	Date of inception 5/1/99

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 9.58% for the year ending December 31, 2004. The Portfolio’s benchmark, the S&P 500 Index, returned 10.88% over the same period.

Portfolio Highlights

Fiscal Year Ended December 31, 2004

What helped performance during the year

•

The portfolio benefited from stock selection in the Telecommunication Services sector, primarily due to Sprint Corp and the price appreciation tied to the merger of Sprint PCS and Sprint FON late in the year.

•

Despite weakness in the Financials sector, stock selection contributed positively during the year. Top contributors within the sector were SLM Corp, Federal Home Loan Mortgage Corp., and Americredit.

•

Other sectors where stock selection was a net contributor were Consumer Staples and Industrials.

•

While the portfolio benefited from an overweight to Energy, stock selection lagged the market return for that sector.

•

From a market capitalization perspective, being underweight in the largest companies in the index was a major contributor to overall returns as smaller to mid-capitalization names outperformed the mega-cap stocks for the year.

What hurt performance during the year

•

The largest detractor for the year was stock selection within Health Care. Three of the portfolio’s largest holdings (Forest Laboratories, Astrazeneca, and Eli Lilly) were all down for the year.

•

Six of the top ten detracting stocks for the year came from the Information Technology sector. The portfolio’s holdings in the semi-conductor and semi-conductor equipment manufacturer industries were hit particularly hard due to concerns about the timing and size of the recovery in chip demand.

•

Elsewhere stock selection in Consumer Discretionary detracted from results as did holdings in Materials.

Advisor Outlook

Looking ahead, we think GDP and profit growth will moderate but remain healthy. We are optimistic for the coming quarters, though we have longer-term concerns about the swelling budget and trade deficits and their potential impact on the economy. As a result of many individual decisions on stocks, the portfolio in aggregate is underweight the mega-cap stocks and emphasizes relatively smaller companies within the large-cap universe. The portfolio’s largest deviations from the Index on a sector basis include overweight positions in Health Care and underweight positions in Information Technology and Financials.

EQ/CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Information Technology	17.8	%
Health Care	16.7
Financials	16.2
Consumer Discretionary	10.3
Energy	9.1
Consumer Staples	8.6
Industrials	7.9
Telecommunication Services	3.2
Materials	2.5
Utilities	1.8
Cash and Other	5.9

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,061.60	$	3.63
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.62		3.56
Class IB
Actual		1,000.00		1,060.90		4.92
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.36		4.82

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.70% and 0.95%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/EMERGING MARKETS EQUITY PORTFOLIO

PORTFOLIO ADVISER

•

Morgan Stanley Investment Management, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		Since Incept.
Portfolio – IA Shares	24.01	%	0.67	%	2.02	%*
Portfolio – IB Shares	23.58		0.59		2.22	**
MSCI Emerging Markets Free Index	25.95		4.62		3.86	**

*	Date of inception 10/2/02. Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

**	Date of inception 8/20/97

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 24.01% for the year ending December 31, 2004. The Portfolio’s benchmark, the MSCI Emerging Markets Free Index, returned 25.95% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

During the year, the Global Emerging Markets benefited from accelerating global growth, supportive macroeconomic policy, local currency strength, rising corporate earnings and improving economic fundamentals.

•

All regions led by Latin America were strong performers. Egypt, Colombia, Hungary, the Czech Republic, Poland, Indonesia, Mexico, South Africa and Turkey were among the best performing countries over the year.

•

The portfolio’s stock selection in Russia, despite a weak country allocation score, was the largest contributor to relative performance.

•

Other strong contributors in the portfolio came from an overweight in the outperforming markets of Egypt, Brazil and Turkey and stock selection in South Africa and Brazil.

What hurt performance during the year

•

Thailand, China and Russia were among the worst performing markets this year given political and economic concerns. Against this backdrop, the portfolio’s stock selection in South Korea and Thailand, coupled with an overweight position in Thailand and Russia, were among the largest detractors to relative performance.

•

The portfolio’s underweight position in the Central European countries of Hungary and the Czech Republic hurt performance.

Advisor Outlook

We maintain our long-term positive outlook for Emerging Markets given relative valuations and fundamentals. We continue to focus on countries where GDP growth, fiscal policy and reform agendas remain strong and on companies with strong management and earnings visibility. We believe the Emerging Markets are in a better position than in past times to withstand the tough global environment. Valuations are cheaper while strong fiscal positions and lower interest rates are a boost to growth prospects. In addition, Emerging Market growth has been both export-driven as well as consumer led, which marks an improvement from investment-led cycles of the late 1990’s.

EQ/EMERGING MARKETS EQUITY PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Financials	21.0	%
Telecommunication Services	13.9
Information Technology	12.2
Consumer Discretionary	11.8
Energy	10.0
Materials	9.4
Industrials	7.6
Consumer Staples	6.6
Utilities	2.8
Health Care	0.9
Cash and Other	3.8

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,273.60	$	8.86
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.34		7.86
Class IB
Actual		1,000.00		1,270.70		10.27
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.09		9.12

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 1.55% and 1.80%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/ENTERPRISE CAPITAL APPRECIATION PORTFOLIO

PORTFOLIO ADVISER

•

Marsico Capital Management, LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		Since Incept.*
Portfolio – IB Shares	13.83	%	(2.59	)%	7.10	%
S&P 500 Index	10.88		(2.30	)	2.01
Russell 1000 Growth Index†	6.30		(9.29	)	(1.87	)

*	Date of inception 12/1/98

†	In 2005, the Investment Manager revised the Portfolio’s market index to be the Russell 1000 Growth Index, which more closely reflects the market sectors in which the portfolio invests.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 13.83% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 6.30% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Stock selection in the Health Care sector was the largest contributor to the portfolio’s performance for the year. UnitedHealth Group was the largest contributor at an individual stock level. Other positive performers in this area were Genentech, Quest Diagnostics, and Zimmer Holdings.

•

Stock selection in the Information Technology sector impacted the portfolio positively. In particular, QUALCOMM and Electronic Arts were the main drivers of this result. Secondarily, maintaining a very limited posture in the Semiconductor industry was a benefit to the portfolio as this area was the most significant detractor from the Index’s return on an industry level.

•

The Financials sector also offered positive contributors such as educational lending company SLM Corporation (Sallie Mae), Countrywide Financial, and Chicago Mercantile Exchange.

•

Select holdings in the Consumer Discretionary sector posted strong returns. In particular, in the Hotels, Restaurants & Leisure industry, stocks such as Four Season Hotels, Mandalay Resort Group, Starbucks, and Royal Caribbean Cruise benefited the Portfolio’s performance. Other stocks in this sector that contributed positively to performance results were eBay, Nike, and homebuilder MDC Corporation.

What hurt performance during the year

•

Throughout the year, the portfolio did not have exposure to the Energy sector, an area that had a positive return for the Index. By not participating in this sector, the Portfolio missed an opportunity for additional positive returns.

•

Both stock selection and an underweight posture had a negative impact on the Portfolio’s performance in the Telecommunications Services sector, which was among the strongest performing sectors of the Index. The Portfolio’s investment in Nextel Communications was the main culprit.

•

While certain industries in the Consumer Discretionary sector performed well for the portfolio, other industries struggled, including Retailing, Media, and Automobiles & Components. In particular, individual holdings such as Tiffany & Company, BMW, Amazon, and Walt Disney Productions each had a material negative impact on performance results.

Advisor Outlook

As of year-end the portfolio’s economic sector allocations emphasized Health Care, Consumer Discretionary, Financials, Industrials, and Information Technology companies. As of year-end, the portfolio had little or no exposure in areas such as Energy, Utilities, and Materials.

EQ/ENTERPRISE CAPITAL APPRECIATION PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Consumer Discretionary	25.6	%
Health Care	24.1
Financials	18.0
Industrials	13.4
Information Technology	11.8
Consumer Staples	3.9
Telecommunication Services	1.2
Materials	0.5
Cash and Other	1.5

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IB
Actual	$	1,000.00	$	1,122.30	$	6.83
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.70		6.50

*	Expenses are equal to the Portfolio’s Class IB shares annualized expense ratio of 1.28% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/ENTERPRISE DEEP VALUE PORTFOLIO

PORTFOLIO ADVISER

•

Wellington Management Company, LLP

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		Since Incept.*
Portfolio – IB Shares	8.90	%	19.26	%
Russell 1000 Value Index	16.49		25.59	*

*	Date of inception 5/1/03

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 8.90% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 1000 Value Index, returned 16.49% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Stock selection was strong in the Industrials and Utilities sectors. Within Industrials, much of the positive contribution came from Tyco International, Republic Services, Caterpillar, and Rockwell Automation. Within Utilities, the portfolio’s positions in TXU and Exelon added to relative performance.

•

Overweight allocations to the Industrials and Energy sectors, the two strongest performing sectors in the Index, contributed to relative performance for the year.

What hurt performance during the year

•

Poor security selection in Information Technology, Materials, and Financials detracted from the portfolio’s relative performance. Within these sectors, weak performers included Teradyne, Applied Materials, Intel, Alcoa, St. Paul Travelers, and Fannie Mae.

•

A very substantial overweight allocation to the Health Care sector detracted from the portfolio’s performance for the year.

•

Additional poor performing sectors on a relative basis included Consumer Discretionary, Telecommunication Services, and Consumer Staples.

Advisor Outlook

As we begin 2005, we look for U.S. and global economic growth to decelerate. Investors have exploited much of the risk-based opportunity in the market during 2004, which leads us to focus on long cycle laggards with long-term growth opportunities and better relative valuations. We continue to find opportunities in several areas, particularly those dependent on capital spending. During the last quarter, we added exposure to long cycle names such as Precision Cast Parts, Lear Corporation, and General Dynamics - companies we expect to benefit from continued economic expansion, but whose stocks sell at relatively attractive valuations. We also initiated a position in shares of Sprint, which we anticipate will benefit greatly from the proposed merger with Nextel.

EQ/ENTERPRISE DEEP VALUE PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Financials	22.4	%
Industrials	13.1
Consumer Discretionary	12.2
Energy	11.3
Health Care	9.3
Materials	8.0
Information Technology	7.2
Consumer Staples	6.2
Utilities	5.6
Telecommunication Services	3.1
Cash and Other	1.6

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IB
Actual	$	1,000.00	$	1,066.20	$	5.66
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.66		5.53

*	Expenses are equal to the Portfolio’s Class IB shares annualized expense ratio of 1.09% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/ENTERPRISE EQUITY PORTFOLIO

PORTFOLIO ADVISER

•

TCW Investment Management Company

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IB Shares	13.51	%	(1.16	)%	10.08	%	10.99	%
S&P 500 Index	10.88		(2.30	)	12.07		12.06
Russell 1000 Growth Index†	6.30		(9.29	)	9.59		10.97

*	Date of inception 8/1/88

†	In 2005, the Investment Manager revised the Portfolio’s market index to be the Russell 1000 Growth Index, which more closely reflects the market sectors in which the portfolio invests.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 13.51% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 6.30% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Stock selection was strong in the Information Technology sector with positive contributions from Electronic Arts and Network Appliance.

•

The Consumer Discretionary sector also offered positive contributors such as eBay and Starbucks.

What hurt performance during the year

•

There were few significant negative areas in the portfolio in the fourth quarter. In stock selection, our poorest performers were Symantec, and among our smallest weighted positions, AIG and Wal-Mart.

Advisor Outlook

In 2004, like all prior years, our objective was to own a concentrated set of high quality growth companies that are misunderstood by the market yet possess sustainable competitive advantages. We believe in 2005, as the economic recovery matures and earnings growth rates continue to trend back to long-term historical levels investors will care more about individual company performance.

EQ/ENTERPRISE EQUITY PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Information Technology	40.9	%
Consumer Discretionary	28.2
Financials	12.5
Health Care	9.3
Industrials	5.3
Consumer Staples	3.7
Cash and Other	0.1

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IB
Actual	$	1,000.00	$	1,060.40	$	5.96
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.36		5.84

*	Expenses are equal to the Portfolio’s Class IB shares annualized expense ratio of 1.15% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/ENTERPRISE EQUITY INCOME PORTFOLIO

PORTFOLIO ADVISER

•

Boston Advisors, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		Since Incept.
Portfolio – IA Shares	N/A		N/A		1.78	%*
Portfolio – IB Shares	17.88	%	3.87	%	4.42	**
S&P 500 Index	10.88		(2.30	)	2.01	**
Russell 1000 Value Index†	16.49		5.27		6.12	**

*	Investment operations commenced with respect to Class IA shares on December 13, 2004.

**	Date of inception 12/1/98.

†	In 2005, the Investment Manager revised the Portfolio’s market index to be the Russell 1000 Value Index, which more closely reflects the market sectors in which the portfolio invests.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 17.88% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 1000 Value Index, returned 16.49% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

The portfolio’s strategy of investing in stocks with dividend yields higher than that of the S&P 500 Index was a positive.

•

The portfolio’s overweight in Energy, Utility, Consumer Discretionary and Basic Materials sectors during the year contributed positively to returns.

•

Stock selection within selected sectors also helped returns. Holdings of Sunoco and Occidental Petroleum in Energy, TXU Corp. and Edison International in Utilities, Sprint in Telecommunications, Rockwell Automation in Industrials, Harrah’s Entertainment, Reuter’s Group and Starwood Hotel & Resort in Consumer Discretionary, and Monsanto in Basic Materials all appreciated significantly during the year.

What hurt performance during the year

•

The portfolio’s Health Care exposure negatively impacted returns during the year. Specifically, the shares of Merck and Pfizer performed poorly in 2004.

•

The portfolio’s holdings of Nokia, in Information Technology, adversely impacted results.

•

The portfolio’s Consumer Staples holdings underperformed during the year. Specifically, the shares of Albertson’s, the retail grocery chain, and Coca Cola hurt returns.

•

A number of stocks in the Financial Services sector, a major area of exposure for the portfolio, underperformed in 2004. In particular, Citigroup, Washington Mutual, New York Community Bancorp and Aon Corp. negatively impacted performance.

Advisor Outlook

From a macroeconomic perspective, it is our view that the combined impact of Fed interest rate increases and high, sustained energy prices will slow economic growth in 2005. With a slow growth scenario in mind, we intend to maintain a significant portion of the portfolio’s assets in Utility and Financial Services stocks. We will also continue using our disciplined stock selection process to invest in companies with dividend yields greater than that of the S&P 500 Index.

EQ/ENTERPRISE EQUITY INCOME PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Financials	24.8	%
Energy	13.6
Industrials	13.1
Consumer Discretionary	10.3
Utilities	9.8
Materials	6.6
Consumer Staples	5.8
Health Care	4.5
Telecommunication Services	4.4
Information Technology	2.2
Cash and Other	4.9

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,017.80	$	0.97
Hypothetical (5% average annual return before expenses)		1,000.00		1,001.50		0.96
Class IB
Actual		1,000.00		1,091.70		5.52
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.86		5.33

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.80% and 1.05%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/ENTERPRISE GLOBAL SOCIALLY RESPONSIVE PORTFOLIO

PORTFOLIO ADVISER

•

Rockefeller & Co., Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		Since Incept.*
Portfolio – IB Shares	12.84	%	7.31	%
MSCI World Index	14.72		7.89

*	Date of inception 1/24/02

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 12.84% for the year ending December 31, 2004. The Portfolio’s benchmark, the MSCI World Index, returned 14.72% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Stock selection in the Consumer Discretionary and Industrial sectors contributed to performance.

•

Also contributing were stock selection and an overweight position in the Financial sector.

What hurt performance during the year

•

An overweight position in the Energy sector detracted from performance.

•

A lack of exposure to Utilities also hurt performance.

•

Stock selection in Health Care was another negative.

Advisor Outlook

As global investors, we focus on how companies fare in an industry context instead of a geographic one - we do not employ country allocation as a primary source of value added. However, we would suggest that 2005 will be a year when U.S. equities, especially those of multi-national corporations, may well perform better than overseas counterparts, even if the dollar continues to weaken. Therefore, identifying companies with well-positioned products and services, combined with a strict valuation discipline, will remain the core of our stock picking philosophy. Our global perspective suggests that 2005 may be a year where the best performing major market will be the U.S., as three years of dollar weakness will provide an incremental competitive advantage to U.S.-based companies. Above all, we remain focused on stock picking and continue to identify good investment opportunities globally.

EQ/ENTERPRISE GLOBAL SOCIALLY RESPONSIVE PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Financials	25.3	%
Industrials	13.1
Consumer Staples	12.0
Health Care	11.9
Information Technology	11.7
Consumer Discretionary	10.1
Energy	9.7
Telecommunication Services	3.0
Materials	2.2
Cash and Other	1.0

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IB
Actual	$	1,000.00	$	1,093.10	$	6.84
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.60		6.60

*	Expenses are equal to the Portfolio’s Class IB shares annualized expense ratio of 1.30% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/ENTERPRISE GROWTH PORTFOLIO

PORTFOLIO ADVISER

•

Montag & Caldwell, Inc.

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/04
	1 Year		5 Years		Since Incept.
Portfolio – IA Shares	N/A		N/A		0.99	%*
Portfolio – IB Shares	4.10	%	(5.49	)%	(0.18	)**
S&P 500 Index	10.88		(2.30	)	2.01	**
Russell 1000 Growth Index†	6.30		(9.29	)	(1.87	)**

*	Investment operations commenced with respect to Class IA shares on December 13, 2004.

**	Date of inception 12/1/98

†	In 2005, the Investment Manager revised the Portfolio’s market index to be the Russell 1000 Growth Index, which more closely reflects the market sectors in which the portfolio invests.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 4.10% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 6.30% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Stock selection in Consumer Staples was additive, particularly Colgate Palmolive.

•

Stocks that performed well on an individual basis included Electronic Arts, Disney and Caterpillar.

What hurt performance during the year

•

Stock selection in Health Care was not additive, particularly stocks such as Eli Lilly and Boston Scientific.

•

A significant underweight in Information Technology also detracted from performance over the year.

Advisor Outlook

We believe the ongoing expansion in the economy and corporate profits should provide both the opportunity for reward and limit the market’s risk. On the other hand, rising interest rates and a likely significant deceleration in the rate of profit growth limit the market’s potential and create risk for the market. That risk could intensify in the period ahead, with earnings expectations still high and year-over-year comparisons becoming more difficult in 2005 as economic growth moderates. In addition, corporate profitability is at historically high levels, limiting the potential for margin expansion and raising the likelihood of disappointing earnings as the costs of doing business increase and higher pricing is hard to realize. In terms of selection, we continue to favor the shares of high quality growth companies. Based on our valuation work, there is still little premium being paid in the marketplace for the shares of high quality companies that should produce solid earnings growth in a moderating corporate profit growth environment.

EQ/ENTERPRISE GROWTH PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Health Care	24.4	%
Consumer Staples	15.9
Industrials	14.9
Consumer Discretionary	13.8
Information Technology	12.5
Energy	8.4
Financials	8.1
Cash and Other	2.0

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,009.90	$	0.25
Hypothetical (5% average annual return before expenses)		1,000.00		1,002.21		0.25
Class IB
Actual		1,000.00		1,002.10		5.69
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.46		5.74

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.76% and 1.13%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/ENTERPRISE GROWTH AND INCOME PORTFOLIO

PORTFOLIO ADVISER

•

UBS Global Asset Management (Americas) Inc.

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/04
	1 Year		5 Years		Since Incept.*
Portfolio – IB Shares	13.28	%	(0.99	)%	2.65	%
S&P 500 Index	10.88		(2.30	)	2.01
Russell 1000 Index†	11.40		(1.76	)	2.72

*	Date of inception 12/1/98

†	In 2005, the Investment Manager revised the Portfolio’s market index to be the Russell 1000 Index, which more closely reflects the market sectors in which the portfolio invests.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 13.28% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 1000 Index, returned 11.40% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

An overweight in select segments of the Financials and Health Care industries contributed to performance.

•

The portfolio’s substantial underweight to Technology Hardware was a primary contributor to relative performance over the fiscal year; specifically, not holding semiconductor stocks in the portfolio benefited results.

•

Stock selection within Health Care was solid, with holdings such as UnitedHealth Group and Johnson & Johnson among the largest positive contributors to performance during the year.

•

Within the Financials industry, the portfolio avoided regional banks, which detracted from relative results during the year.

What hurt performance during the year

•

The portfolio’s Health Care holdings were primarily in pharmaceutical companies, stocks that provided mixed results over the period. Overall, the portfolio’s overweight to Health Care negatively impacted performance.

•

The portfolio’s underweight to the Energy sector, which performed very strongly during the year, detracted from relative results during the year.

Advisor Outlook

In our opinion, the U.S. economy is expanding at a moderate rate, inflation is under control and the consumer has spending capacity. Given this scenario, our strategy for the year ahead is largely a continuation of our current approach, emphasizing the bottom-up search for valuation opportunities in sectors and specific stocks. Entering 2005, the portfolio will continue to seek out higher-quality, fundamentally sound companies that we believe have the potential for long-term growth and competitive risk-adjusted returns under prevailing market conditions. We believe this disciplined approach can lead to solid risk-adjusted returns across an entire market cycle.

EQ/ENTERPRISE GROWTH AND INCOME PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Financials	22.8	%
Health Care	20.2
Consumer Discretionary	13.2
Industrials	10.8
Utilities	6.3
Consumer Staples	6.3
Information Technology	6.1
Telecommunication Services	4.2
Energy	4.2
Materials	1.5
Cash and Other	4.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IB
Actual	$	1,000.00	$	1,099.70	$	5.54
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.86		5.33

*	Expenses are equal to the Portfolio’s Class IB shares annualized expense ratio of 1.05% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/ENTERPRISE HIGH-YIELD BOND PORTFOLIO

PORTFOLIO ADVISERS

•

Caywood-Scholl Capital Management

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/04
	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IB Shares	9.70	%	7.11	%	8.54	%	8.49	%
Lehman Brothers U.S. Corporate Bond High Yield Index	11.13		6.97		8.13		8.14
Merrill Lynch U.S. High Yield Master Cash Pay Only Index†	10.76		7.32		8.46		8.42

*	Date of inception 11/18/94

†	In 2005, the Investment Manager revised the Portfolio’s market index to be the Merrill Lynch U.S. High Yield Master Cash Pay Only Index, which more closely reflects the market sectors in which the portfolio invests.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 9.70% for the year ending December 31, 2004. The Portfolio’s benchmark, the Merrill Lynch U.S. High Yield Master Cash Pay Only Index, returned 10.76% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Continuing the momentum established in 2003 we saw the Electric Power industry outperform in 2004.

•

Fear of tightening steel supplies driven by strong demand from China created an environment of pricing power for steel producers, causing steel bonds to outperform.

•

The portfolio benefited from participating in a significant number of new issues.

What hurt performance during the year

•

The portfolio’s overall lower duration and relative overweight in shorter maturing BB bonds in 2004 hurt relative performance.

•

The Environmental Services industry lagged due to tighter municipal budgets, higher fuel costs, and a lack of pricing power.

•

The Wireline companies continue to underperform due to the secular change that is occurring within this industry.

Advisor Outlook

Our strategy going forward is to continue adding coupon to our portfolio, by taking what we believe to be “reasonable” risk given the credit cycle’s positive momentum. Avoiding credit problems in the current low coupon environment is essential as the environment makes it more difficult to overcome principal loss in the portfolio. We believe that high yield should benefit from a continuation of the favorable credit cycle in 2005. Improving credit trends should support the richening of credit spreads, allowing high yield to outperform most fixed income assets. Commodity inflation, deficits, and global macroeconomic trends will introduce variables that may contribute to greater volatility in 2005 relative to that experienced in 2003 and 2004.


Portfolio Characteristics As of December 31, 2004
Weighted Average Life (Years)		7.1
Weighted Average Coupon		8.5
Weighted Average Modified Duration (Years)*		5.1
Weighted Average Rating		B+

*	Modified duration is a measure of the price sensitivity of the portfolio to interest rate movements, taking into account specific features of the securities in which it invests.

EQ/ENTERPRISE HIGH-YIELD BOND PORTFOLIO


Distribution of Assets by Sector as of 12/31/04	% of Net Assets
Corporate Bonds	96.0	%
Equities	1.2
Cash and Other	2.8

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IB
Actual	$	1,000.00	$	1,085.70	$	4.46
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.86		4.32

*	Expenses are equal to the Portfolio’s Class IB shares annualized expense ratio of 0.85% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/ENTERPRISE INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO ADVISER

•

SSgA Funds Management, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IB Shares	5.27	%	(7.87	)%	3.94	%	3.79	%
MSCI EAFE Index	20.25		(1.13	)	5.62		5.63

*	Date of inception 11/18/94

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 5.27% for the year ending December 31, 2004. The Portfolio’s benchmark, the MSCI EAFE Index, returned 20.25% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

The portfolio’s position in Energy did well in 2004, with the Italian company ENI being our top contributor over the period.

•

Similarly, on the Utilities side, E.ON added positively to performance over the course of the year. Elsewhere, from the Materials sector, the Irish cement and asphalt maker CRH did well.

•

Within the Financials sector, stock selection was very mixed; some of the best-performing stocks, including the Dutch-based asset gatherer ING, Allied Irish Bank and the Hong Kong real estate company, Sun Hung Kai, reflect the eclectic nature of this sector’s constituents.

What hurt performance during the year

•

The sectors most detrimental to performance were Information Technology, where the portfolio’s overweight to semi-conductors was a drag throughout the period, and stock selection within the Consumer Discretionary area.

•

On the tech side, a sector which performed dismally, holdings in Flextronics, Taiwan Semiconductor and ASML, the Dutch lithography company, performed particularly poorly. These holdings more than offset the timely sale of Nokia early in January, a decision which contributed positively given its large weight in the Index and subsequent underperformance.

•

Within Consumer Discretionary, holdings in media told against the portfolio, especially the UK cable company BSkyB.

•

Other stocks which performed poorly after a strong beginning included the LCD-themed Japanese companies Sharp and Nitto Denko.

Advisor Outlook

In the last quarter of 2004, the portfolio’s overweight to IT was trimmed back and the number of holdings increased to diversify risk more thoroughly. For 2005, we are looking to the Asian markets outside of Japan to do best and have been orienting the portfolio accordingly. We have also increased our exposure to the Industrial sector and remain modestly overweight to Energy and to Health Care, where we believe that the large integrated European Pharmaceutical companies offer good value and have been overlooked by investors.

EQ/ENTERPRISE INTERNATIONAL GROWTH PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Financials	22.8	%
Consumer Discretionary	13.7
Health Care	13.3
Energy	11.7
Information Technology	8.6
Industrials	7.7
Consumer Staples	7.6
Materials	7.1
Telecommunication Services	4.8
Utilities	2.5
Cash and Other	0.2

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

The second line of the table to the right provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IB
Actual	$	1,000.00	$	1,074.10	$	7.35
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.05		7.15

*	Expenses are equal to the Portfolio’s Class IB shares annualized expense ratio of 1.41% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/ENTERPRISE MANAGED PORTFOLIO

PORTFOLIO ADVISER

•

Wellington Management Company, LLP

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/04
	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IB Shares	8.57	%	(1.39	)%	9.52	%	12.07	%
S&P 500 Index	10.88		(2.30	)	12.07		12.06
65% S&P 500 Index/ 30% Lehman Brothers Aggregate Bond Index/ 5% 3-Month Treasury Bill†	8.47		1.23		10.68		10.75

*	Date of inception 8/1/88

†	In 2005, the Investment Manager revised the Portfolio’s market index to be the 65% S&P 500 Index/ 30% Lehman Brothers Aggregate Bond Index/ 5% 3-Month Treasury Bill, which more closely reflects the market sectors in which the portfolio invests.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 8.57% for the year ending December 31, 2004. The Portfolio’s benchmark, the 65% S&P 500 Index/ 30% Lehman Brothers Aggregate Bond Index/ 5% 3-Month Treasury Bill, returned 8.47% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

The portfolio’s asset allocation positioning had a positive effect on benchmark relative results during the year.

•

Industrials was the strongest relative performing sector due to both strong stock selection and an overweight sector allocation. Within Industrials, holdings in Tyco International, Yellow Roadway, Precision Castparts, and FedEx contributed the most to relative results.

•

Stock selection was also strong in the Consumer Staples, Health Care, Consumer Discretionary, and Telecommunication Services sectors. Some of the top relative contributors within these sectors included Gillette, Fisher Scientific, Cardinal Health, Michaels Stores, Petsmart, and Sprint.

What hurt performance during the year

•

Poor stock selection in the Materials and Financials sectors detracted from the portfolio’s performance during the year. Within Materials, the portfolio’s exposure to Alcoa contributed the most to weak performance. Within Financials, positions in Merrill Lynch, St. Paul Travelers Cos., and Citigroup all detracted from sector relative results.

•

A significant underweight to the Utilities sector was a negative contributor from a sector allocation perspective.

Advisor Outlook

As we enter the new year, we are maintaining our overweight to equities. Our overweight to equities will not last long if we see adverse developments on the interest rate or economic growth fronts. We believe there is near-term upside for equities from current levels, provided that the global economy can continue to grow near its trend level, inflation pressures remain contained, and long-term interest rates remain in their recent range. On the fixed income front, our underweight to bonds remains our largest active asset allocation bet. We think that bonds remain vulnerable to a back-up in interest rates if economic growth or inflation begins to accelerate. The portfolio ended the year maintaining an underweight position in Governments, and overweight in the Mortgage-Backed and Corporate sectors.

EQ/ENTERPRISE MANAGED PORTFOLIO


Distribution of Assets by Sector as of 12/31/04	% of Net Assets
Equities	73.5	%
Asset-Backed and Mortgage-Backed Securities	2.4
Corporate Bonds	7.5
Foreign Government Securities	0.1
U.S. Government and Agency	13.7
Cash and Other	2.8

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IB
Actual	$	1,000.00	$	1,059.60	$	5.23
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.06		5.13

*	Expenses are equal to the Portfolio’s Class IB shares annualized expense ratio of 1.01% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/ENTERPRISE MERGERS AND ACQUISITIONS PORTFOLIO

PORTFOLIO ADVISER

•

Gabelli Asset Management Company

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/04
	1 Year		Since Incept.*
Portfolio – IB Shares	5.35	%	9.68	%
S&P 500 Index	10.88		20.26

*	Date of inception 5/1/03

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 5.35% for the year ending December 31, 2004. The Portfolio’s benchmark, the S&P 500 Index, returned 10.88% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Many deals closed during the period. Among the more noteworthy were: Bank One was bought by J.P. Morgan Chase, AT & T Wireless was bought by Cingular, Bank of Bermuda was bought by HSBC, International Multifoods was taken over by J M Smucker, and Interpore was bought by Biomet.

•

Sprint was up sharply, as it agreed to merge with Nextel Communications. Pulitzer announced it has hired an investment banker and we expect it to be sold.

What hurt performance during the year

•

Among companies that are potential takeover targets, media and broadcast holdings were, for the most part, up or down modestly.

Portfolio Positioning

We are upbeat on the prospects for deal activity and arbitrage returns in 2005. Factors that we believe should drive mergers going forward include high corporate confidence, easy financing, continued low interest rates and the drive for companies to grow the top line. The currencies of large companies are up because of a strong stock market, and they typically have strong cash flows and healthy balance sheets. Cross border deals will be fueled by the need to expand geographically as part of globalization. In addition, the strong euro and weak dollar make U.S. assets look like a bargain. Sarbanes Oxley has been a major deterrent to deals over the past year, as it diverted major resources to address its mandates.

EQ/ENTERPRISE MERGERS AND ACQUISITIONS PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Consumer Discretionary	16.5	%
Industrials	12.0
Information Technology	11.7
Financials	11.1
Consumer Staples	9.2
Health Care	8.3
Energy	8.1
Utilities	6.0
Telecommunication Services	2.8
Materials	2.6
Cash and Other	11.7

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IB
Actual	$	1,000.00	$	1,047.80	$	7.46
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.85		7.35

*	Expenses are equal to the Portfolio’s Class IB shares annualized expense ratio of 1.45% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/ENTERPRISE MULTI-CAP GROWTH PORTFOLIO

PORTFOLIO ADVISER*

•

Montag & Caldwell, Inc.

*	Effective December 13, 2004, Montag & Caldwell, Inc. replaced Fred Alger Management, Inc. as subadviser to the portfolio.

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/04
	1 Year		5 Years		Since Incept.*
	1 Year		5 Years		Since Incept.*
Portfolio – IB Shares	7.56	%	(11.43	)%	8.92	%
S&P 500 Index	10.88		(2.30	)	(1.26	)
Russell 3000 Growth Index†	6.93		(8.87	)	(5.61	)

*	Date of inception 7/15/99

†	In 2005, the Investment Manager revised the Portfolio’s market index to be the Russell 3000 Growth Index, which more closely reflects the market sectors in which the portfolio invests.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 7.56% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 3000 Growth Index, returned 6.93% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Stock selection in the Consumer Discretionary, Health Care and Information Technology sectors helped the portfolio’s results over the year. In particular, holdings in the Consumer Discretionary area, such as eBay and Sirius Satellite Radio, were strong performers. In Health Care, Genentech was a top performer. In Information Technology, the portfolio benefited from its holdings in Yahoo! and Research in Motion.

•

Overall stock selection was positive in the Energy, Materials and Industrials sectors.

What hurt performance during the year

•

In general, the portfolio’s stock selection in the Consumer Staples and Financials sectors hurt results.

•

An overweight in Health Care and Information Technology sectors, relative to the benchmark, hurt performance over the year.

•

Individual stocks that detracted most from performance included: Netflix, Red Hat, Kulicke & Soffa, Nortel Networks and Millennium Pharmaceuticals.

About the Portfolio’s New Adviser

The new portfolio management team uses a disciplined approach to stock selection which combines both earnings growth and valuation characteristics. Their process looks for stocks of companies with long-term earnings potential, but which are currently selling at a discount to their estimated long-term value.

EQ/ENTERPRISE MULTI-CAP GROWTH PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Health Care	23.5	%
Consumer Staples	16.1
Industrials	15.2
Consumer Discretionary	13.8
Information Technology	12.5
Energy	8.2
Financials	8.2
Cash and Other	2.5

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IB
Actual	$	1,000.00	$	1,014.00	$	7.19
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.00		7.20

*	Expenses are equal to the Portfolio’s Class IB shares annualized expense ratio of 1.42% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/ENTERPRISE SHORT DURATION BOND PORTFOLIO

PORTFOLIO ADVISER

•

Boston Advisors, Inc.

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/04
	1 Year		Since Incept.*
Portfolio – IB Shares	1.70	%	1.70	%
Lehman Brothers 1-3 Year Government/Credit Index	1.30		1.69

*	Date of inception 5/1/03

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 1.70% for the year ending December 31, 2004. The Portfolio’s benchmark, the Lehman Brothers 1-3 Year Government/Credit Index, returned 1.30% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Securitized home-mortgages continued to perform well, reflecting lower trending delinquencies and foreclosures at the collateral level.

•

Corporate overexposure added to performance in a period of improving corporate health.

•

Coupon yields on floating-rate securities rose with the Fed tightenings, lifting the effective portfolio yield.

What hurt performance during the year

•

A shorter-than benchmark duration resulted in lower coupon income in the steady markets of mid-year.

Advisor Outlook

Our portfolio position continues to reflect a view that the Fed will maintain its measured tightening pace through 2005, with a year-end target of 3.00%. We believe this should make shorter fixed-rate securities vulnerable to rising market yields. Overall credit health, both corporate and in the securitized markets, should remain strong in our view, although rich market prices leave little room for incremental relative price improvement.


Portfolio Characteristics As of December 31, 2004
Portfolio Characteristics As of December 31, 2004
Weighted Average Life (Years)		2.4
Weighted Average Coupon		3.9
Weighted Average Modified Duration (Years)*		1.0
Weighted Average Rating		A1

*	Modified duration is a measure of the price sensitivity of the portfolio to interest rate movements, taking into account specific features of the securities in which it invests.

EQ/ENTERPRISE SHORT DURATION BOND PORTFOLIO


Distribution of Assets by Sector as of 12/31/04	% of Net Assets
Distribution of Assets by Sector as of 12/31/04	% of Net Assets
Asset Backed Securities	38.7	%
Corporate Bonds	38.0
U.S. Government and Agency	13.4
Cash and Other	9.9

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IB
Actual	$	1,000.00	$	1,012.90	$	3.29
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.87		3.30

*	Expenses are equal to the Portfolio’s Class IB shares annualized expense ratio of 0.65% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/ENTERPRISE SMALL COMPANY GROWTH PORTFOLIO

PORTFOLIO ADVISER*

•

Bear Stearns Asset Management Inc.

*	Effective December 13, 2004, Bear Stearns Asset Management, Inc. replaced William D. Witter, Inc. as subadviser to the portfolio.

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/04
	1 Year		5 Years		Since Incept.*
	1 Year		5 Years		Since Incept.*
Portfolio – IB Shares	12.50	%	0.62	%	9.67	%
Russell 2000 Index	18.33		6.61		9.83
Russell 2000 Growth Index†	14.31		(3.57	)	4.42

*	Date of inception 12/1/98

†	In 2005, the Investment Manager revised the Portfolio’s market index to be the Russell 2000 Growth Index, which more closely reflects the market sectors in which the portfolio invests.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 12.50% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 2000 Growth Index, returned 14.31% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Stock selection in several sectors positively contributed to the portfolio’s performance over the year. Strong performers included the portfolio’s Energy holdings, Ultra Petroleum and OMI Corp. In the Industrials sector, Ceradyne added value. In Consumer Discretionary, Lions Gate Entertainment was a strong contributor to results.

•

Stock selection was also positive in the Materials and Financials sectors.

•

Top contributors to the portfolio’s performance, relative to benchmark, included: Macromedia, Tessera Technologies and Digital RIV.

What hurt performance during the year

•

Stock selection in the Health Care and Information Technology sectors significantly detracted from performance over the year. Several of the portfolio’s Heath Care holdings, including NexMed, Closure Medical, Angiotech Pharmaceuticals, and Ligand Pharmaceuticals, were a drag on results. In Information Technology, top detractors included Cray, Dot Hill Systems, Kintera and Neoware Systems.

•

A relative overweight in the Information Technology sector, and an underweight in the Materials and Industrials sector, also hurt performance.

About the Portfolio’s New Adviser

The management team believes that superior investment results are consistently achieved through a disciplined, systematic application of quantitative criteria to manage a bottom-up portfolio of fairly valued growth companies. The team’s systematic screening process covers the entire universe of U.S. equity stocks with market capitalizations between $200 million and $2 billion. Screening criteria include low price-to-sales ratios, increasing earnings, and strong 12-month price appreciation. The team’s convictions are based on extensive and ongoing empirical research, spanning more than 50 years of U.S. equity data.

EQ/ENTERPRISE SMALL COMPANY GROWTH PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Sector Weightings as of 12/31/04	% of Net Assets
Industrials	22.6	%
Materials	17.9
Consumer Discretionary	16.7
Health Care	14.8
Financials	11.2
Energy	4.2
Consumer Staples	4.2
Telecommunication Services	3.6
Information Technology	1.0
Cash and Other	3.8

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04





Class IB
Actual	$	1,000.00	$	1,109.90	$	6.89
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.60		6.60

*	Expenses are equal to the Portfolio’s Class IB shares annualized expense ratio of 1.30% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/ENTERPRISE SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO ADVISER

•

Gabelli Asset Management Company

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/04
	1 Year		5 Years		10 Years		Since Incept.*
	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IB Shares	20.93	%	10.23	%	14.83	%	14.57	%
Russell 2000 Index	18.33		6.61		11.54		11.03
Russell 2000 Value Index†	22.25		17.23		15.17		13.57

*	Date of inception 8/1/88

†	In 2005, the Investment Manager revised the Portfolio’s market index to be the Russell 2000 Value Index, which more closely reflects the market sectors in which the portfolio invests.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 20.93% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 2000 Value Index, returned 22.25% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Stock selection was strong in Industrial stocks with triple digit returns in several holdings including Huttig Building Products, Park Ohio Holdings and Tenneco Automotive. Gencorp, Paxar, Greif Inc. and Chemed also registered gains.

•

Merger and acquisition activity picked up steam, as International Multifoods was taken over by J M Smucker and Interpore was bought by Biomet. Sola International and Robert Mondavi have announced deals, and Pulitzer will likely be sold.

•

Hotel and gaming stocks Aztar and Kerzner International posted strong gains, as demand returned to pre- 9/11 levels and industry deals refocused investor attention on the group.

What hurt performance during the year

•

A significant underweight in Energy detracted from performance, as Energy was the best performing sector for the period.

•

Media and broadcast holdings were, for the most part, up or down modestly. We hold an overweight position in these stocks versus the Index.

Advisor Outlook

We believe stocks may struggle in the short term as the economy runs into the headwind created by the absence of recent years’ aggressive monetary and fiscal stimulus. The economy is on an improving track, and by summer we expect to see the stock market post solid returns. Deregulation in the Media and Communications area will most likely be jump-started under the current administration.

EQ/ENTERPRISE SMALL COMPANY VALUE PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Sector Weightings as of 12/31/04	% of Net Assets
Consumer Discretionary	32.9	%
Industrials	27.8
Consumer Staples	7.8
Materials	6.2
Financials	4.5
Telecommunication Services	4.4
Health Care	4.1
Utilities	2.7
Information Technology	2.5
Energy	0.2
Cash and Other	6.9

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04





Class IB
Actual	$	1,000.00	$	1,122.60	$	6.19
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.30		5.89

*	Expenses are equal to the Portfolio’s Class IB shares annualized expense ratio of 1.16% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/ENTERPRISE TOTAL RETURN PORTFOLIO

PORTFOLIO ADVISERS

•

Pacific Investment Management Company, LLC

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/04
	1 Year		Since Incept.*
	1 Year		Since Incept.*
Portfolio – IB Shares	4.78	%	5.97	%
Lehman Brothers U.S. Universal Index	4.97		6.76

*	Date of inception 1/24/02

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 4.78% for the year ending December 31, 2004. The Portfolio’s benchmark, the Lehman Brothers U.S. Universal Index, returned 4.97% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

A below-Index duration posture was positive for the year as interest rates rose.

•

Emerging markets were positive as fundamentals such as trade surpluses and currency reserves continued to improve.

•

Non-U.S. positions, primarily short to intermediate German maturities, added value in the midst of slower growth and lower inflation in Europe.

What hurt performance during the year

•

An emphasis on short to intermediate maturities was negative for performance as rates rose most in this part of the yield curve.

•

Underweighting mortgages hurt returns as low volatility and strong bank demand supported these assets, but security selection added to returns.

•

An underweight to corporates detracted from returns as credit premiums narrowed in the midst of rising corporate profits and investor demand.

Advisor Outlook

We believe global growth will slow over the next year as the U.S. recovery cools and Europe and Japan prove unable to pick up the slack. Higher unit labor costs and a weaker dollar will create some inflationary pressure, but lingering overcapacity worldwide will limit this effect over a cyclical time frame. With respect to portfolio positioning, we plan to target U.S. duration below index to limit risk from higher rates while taking exposure to intermediate maturities in Europe, where growth and rate pressures will be more muted. We also expect to emphasize short/intermediate maturities, which currently offer structural advantages given a steep yield curve. We plan to underweight mortgages and corporates as investors stretching for yield have bid valuations up to high levels. Additionally, we expect to hold TIPS (Treasury Inflation Protection Securities), which should outperform nominal bonds as the Fed seeks to keep real yields low to stimulate the economy. We plan to maintain our exposure to emerging market bonds, which could benefit from credit upgrades amid growing trade surpluses and ample currency reserves.


Portfolio Characteristics As of December 31, 2004
Portfolio Characteristics As of December 31, 2004
Weighted Average Life (Years)		6.4
Weighted Average Coupon		3.5
Weighted Average Modified Duration (Years)*		4.2
Weighted Average Rating		AA+

*	Modified duration is a measure of the price sensitivity of the portfolio to interest rate movements, taking into account specific features of the securities in which it invests.

EQ/ENTERPRISE TOTAL RETURN PORTFOLIO


Distribution of Assets by Sector as of 12/31/04	% of Net Assets
Distribution of Assets by Sector as of 12/31/04	% of Net Assets
Commercial Paper	30.6	%
U.S. Government and Agency	28.0
Corporate Bonds	12.6
Foreign Government Securities	8.2
Asset-Backed and Mortgage-Backed Securities	4.8
Municipal Securities	1.6
Cash and Other	14.2

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04





Class IB
Actual	$	1,000.00	$	1,045.80	$	3.34
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.87		3.30

*	Expenses are equal to the Portfolio’s Class IB shares annualized expense ratio of 0.65% multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period).

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO ADVISER

•

Alliance Capital Management L.P.

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/04
	1 Year		5 Years		10 Years		Since Incept.
	1 Year		5 Years		10 Years		Since Incept.
Portfolio – IA Shares	10.50	%	(2.58	)%	11.59	%	10.76	%*
Portfolio – IB Shares	10.21		(2.83	)	11.32		10.49	**
S&P 500 Index	10.88		(2.30	)	12.07		11.22	*

*	Date of inception 3/1/94

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 10.50% for the year ending December 31, 2004. The Portfolio’s benchmark, the S&P 500 Index, returned 10.88% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

The positive sector contributors to the Index return for the fourth quarter of 2004 were Information Technology, Financials and Consumer Discretionary.

•

The top performing stocks in the S&P 500 for the full year ended December 31, 2004 were Exxon Mobil Corp., General Electric, Johnson & Johnson, Bank of America and eBay.

What hurt performance during the year

•

The sectors that most detracted from the index return for the fourth quarter of 2004 were Materials, Telecommunications Services and Utilities.

•

The most negative performing stocks in the S&P 500 for the full year ended December 31, 2004 were Pfizer Inc., Intel Corp., Cisco Systems Inc., Merck & Co. and Coca-Cola Co.

Advisor Outlook

The portfolio will continue to meet its performance objective by approximating the investment return of the S&P 500 Index.

EQ/EQUITY 500 INDEX PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Sector Weightings as of 12/31/04	% of Net Assets
Financials	20.4	%
Information Technology	15.9
Health Care	12.6
Consumer Discretionary	11.8
Industrials	11.7
Consumer Staples	10.4
Energy	7.1
Telecommunication Services	3.2
Materials	3.1
Utilities	2.9
Cash and Other	0.9

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,069.90	$	1.56
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.63		1.53
Class IB
Actual		1,000.00		1,068.40		2.86
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.37		2.80

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.30% and 0.55%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/EVERGREEN OMEGA PORTFOLIO

PORTFOLIO ADVISER

•

Evergreen Investment Management Company, LLC

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/04
	1 Year		5 Years		Since Incept.
Portfolio – IA Shares	7.35	%	(4.02	)%	(2.15	)%*
Portfolio – IB Shares	6.97		(3.81	)	(1.68	)**
Russell 1000 Growth Index	6.30		(9.29	)	(3.30	)**

*	Date of inception 10/2/02. Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

**	Date of inception 1/1/99

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 7.35% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 6.30% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

A greater than Index weight and stock selection among consumer cyclicals contributed almost all of the performance for the past year. Consumer spending remained strong among luxury retailers (Coach), Internet retailers (eBay), fashion goods companies (Chico’s) and restaurants (Starbucks).

•

Energy was a strong contributor during the second and third quarters, when exploration and production companies, such as Apache and XTO Energy, appreciated along with the price of oil and gas.

•

The portfolio’s largest sector, Technology, had mediocre absolute returns but the portfolio’s stock selection was superior to the negative returns of the Index’s Technology sector. Leading stocks were Verisign and Cognizant Technology Solutions (software), QUALCOMM (cell phones), and Apple Computer (digital audio players – iPods).

What hurt performance during the year

•

The Industrial and Health Care sectors were the primary detractors from performance during the year. A poor mix of industrial stocks weighed on performance. During the second and third quarters, the portfolio’s holdings of education stocks, specifically Career Education, declined sharply as rumors circulated about questionable accounting and as the SEC launched a formal investigation of the company.

•

Health Care was the second largest sector of the portfolio and its weak performance detracted from overall returns. The portfolio was hurt early in the year by the weakness in the generic drug manufacturers.

Advisor Outlook

The portfolio’s strategy remains the same, i.e. to be broadly diversified with a focus on Health Care, Technology, Consumer Discretionary and Industrial cyclical stocks. Excluding the major pharmaceuticals, the fundamentals for the Health Care sector remain strong in our view. Prospects for the Technology sector are mixed; the stocks have rallied over the past quarter so that stock selection is key. Technology companies may be beneficiaries of a pick-up in capital spending. The Consumer sector may continue to benefit from an expanding economy and improved employment opportunities. The Industrial sector may benefit from fiscal stimulus and dollar weakness, and we think valuations remain attractive.

EQ/EVERGREEN OMEGA PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Information Technology	35.5	%
Consumer Discretionary	16.1
Health Care	14.3
Industrials	12.2
Energy	5.5
Consumer Staples	5.0
Materials	2.7
Financials	2.4
Cash and Other	6.3

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,047.30	$	3.60
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.62		3.56
Class IB
Actual		1,000.00		1,046.00		4.89
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.36		4.82

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.70% and 0.95%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/FI MID CAP PORTFOLIO

PORTFOLIO ADVISER

•

Fidelity Management & Research Company

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		Since Incept.
Portfolio – IA Shares	16.32	%	4.00	%*
Portfolio – IB Shares	16.01		3.92	**
S&P MidCap 400 Index	16.48		5.64	**

*	Date of inception 3/25/02

**	Date of inception 9/1/00

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 16.32% for the year ending December 31, 2004. The Portfolio’s benchmark, the S&P MidCap 400 Index, returned 16.48% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Notable contributors included the portfolio’s largest holdings Harman International and Royal Caribbean Cruises, which rose due to exceeding quarterly earnings expectations and because of strong demand, respectively.

•

Security selection in Consumer Discretionary stocks helped relative performance, as did an underweight in Information Technology stocks.

What hurt performance during the year

•

Notable detractors included Career Education Corporation and Embraer. Career Education fell during the second quarter due to a shareholder lawsuit and a formal Securities and Exchange Commission (SEC) investigation into the company’s enrollment and financial statement practices. Embraer also fell during the second quarter, as profitability expectations decreased due to increased competition and price negotiations with buyers.

EQ/FI MID CAP PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Consumer Discretionary	22.1	%
Telecommunication Services	16.4
Industrials	14.2
Materials	12.4
Energy	8.5
Health Care	8.5
Information Technology	5.2
Financials	4.5
Consumer Staples	6.0
Cash and Other	2.2

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,116.60	$	3.99
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.37		3.81
Class IB
Actual		1,000.00		1,114.30		5.31
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.11		5.08

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.75% and 1.00%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/FI SMALL/MID CAP VALUE PORTFOLIO

PORTFOLIO ADVISER

•

Fidelity Management & Research Company

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		Since Incept.
Portfolio – IA Shares	18.14	%	8.22	%	6.45	%*
Portfolio – IB Shares	17.84		7.94		6.31	**
Russell 2500 Value Index	21.58		16.05		13.85	**

*	Date of inception 11/24/98

**	Date of inception 5/1/97

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 18.14% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 2500 Value Index, returned 21.58% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Security selection within the Information Technology and Utilities sectors was a significant contributor to relative performance for the period.

•

The decision to overweight the surging Energy sector also provided a boost to returns.

What hurt performance during the year

•

Adverse security selection in Consumer Discretionary holdings, especially retailing shares, continued to be the primary detractor from relative performance.

•

Stock selection within the insurance group, which suffered in the wake of a new round of investigations by NY Attorney General Eliot Spitzer, also hampered returns.

EQ/FI SMALL/MID CAP VALUE PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Information Technology	16.2	%
Financials	15.5
Industrials	14.6
Consumer Discretionary	13.1
Health Care	12.0
Energy	8.9
Materials	5.9
Utilities	3.0
Telecommunication Services	2.5
Consumer Staples	2.1
Cash and Other	6.2

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,108.30	$	4.19
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.17		4.01
Class IB
Actual		1,000.00		1,107.00		5.51
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.28

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.79% and 1.04%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/JANUS LARGE CAP GROWTH PORTFOLIO

PORTFOLIO ADVISER

•

Janus Capital Management LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		Since Incept.
Portfolio – IA Shares	12.46	%	(9.74	)%*
Portfolio – IB Shares	12.22		(9.81	)**
Russell 1000 Growth Index	6.30		(12.48	)**

*	Date of inception 3/25/02

**	Date of inception 9/1/00

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 12.46% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 6.30% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Among the portfolio’s strongest contributors was package shipper FedEx.

•

Internet services leader Yahoo! was also a top contributor.

•

Another strong performer was UnitedHealth Group, where the stock price appreciated slowly, belying the extended growth in earnings.

What hurt performance during the year

•

On the negative side, investor discomfort with the computer chip industry pulled down capital equipment maker Applied Materials during the period.

•

The market’s somewhat pessimistic tone about the entire Technology sector also pulled down holdings such as Cisco Systems.

•

Detractors also included the large drugmaker Pfizer, which was liquidated amid concerns over slowing revenue growth, legislative attacks and patent challenges.

Advisor Outlook

Looking forward, we expect that rising interest rates and a slowing economy will put an even greater premium on individual stock picking. Accordingly, we will continue our in-depth research on individual companies looking to find those with above average earnings growth coupled with reasonable valuations. Finally, we continue to add analysts to the investment team and broaden our coverage universe, thereby increasing the likelihood of unearthing the best investment candidates.

EQ/JANUS LARGE CAP GROWTH PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Information Technology	23.8	%
Health Care	18.9
Consumer Discretionary	18.9
Industrials	12.2
Financials	9.7
Energy	4.1
Consumer Staples	3.9
Materials	1.6
Cash and Other	6.9

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,077.40	$	4.70
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.61		4.57
Class IB
Actual		1,000.00		1,078.60		6.01
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.36		5.84

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.90% and 1.15%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/J.P. MORGAN CORE BOND PORTFOLIO

PORTFOLIO ADVISER

•

JPMorgan Investment Management Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		Since Incept.
Portfolio – IA Shares	4.31	%	7.40	%	6.24	%*
Portfolio – IB Shares	4.13		7.26		6.19	**
Lehman Brothers Aggregate Bond Index	4.34		7.71		6.59	**

*	Date of inception 3/25/02. Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

**	Date of inception 1/1/98

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 4.31% for the year ending December 31, 2004. The Portfolio’s benchmark, the Lehman Brothers Aggregate Bond Index, returned 4.34% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Mortgage sector allocation and coupon selection were the strongest positives for the portfolio.

•

Collateralized mortgage-backed securities (CMBS) holdings were profitable.

•

Positions in investment-grade corporate bonds enhanced performance.

What hurt performance during the year

•

Duration within the portfolio was managed with a long bias to reflect the expectation that the Fed would maintain its program of measured increases.

Advisor Outlook

We expect GDP to grow modestly above trend at 3.5%. A major increase in inflation is not anticipated. The Fed is likely to raise short-term rates to 2.75% by the end of the first quarter of 2005. Given our outlook, we expect to actively manage our duration and residential mortgage positions with a neutral bias. We plan on gradually paring back our position in investment-grade corporate bonds. In addition, we expect to maintain overweights to asset-backed securities and CMBS rather than agency debt.


Portfolio Characteristics As of December 31, 2004
Weighted Average Life (Years)		7.5
Weighted Average Coupon		6.0
Weighted Average Modified Duration (Years)*		4.4
Weighted Average Rating		AA

*	Modified duration is a measure of the price sensitivity of the portfolio to interest rate movements, taking into account specific features of the securities in which it invests.

EQ/J.P. MORGAN CORE BOND PORTFOLIO


Distribution of Assets by Sector as of 12/31/04	% of Net Assets
U.S. Government and Agency	53.8	%
Asset Backed Securities	45.7
Corporate Bonds	28.0
Commercial Paper	5.0
Foreign Government Securities	1.4
Cash and Other	(33.9	)

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,042.70	$	2.57
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.62		2.54
Class IB
Actual		1,000.00		1,040.90		3.85
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.37		3.81

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.50% and 0.75%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/JP MORGAN VALUE OPPORTUNITIES PORTFOLIO

PORTFOLIO ADVISER*

•

JPMorgan Investment Management Inc.

*	Effective December 13, 2004, JPMorgan Investment Management Inc. replaced Putnam Investment Management, LLC as subadviser, and the portfolio was renamed EQ/JP Morgan Value Opportunities Portfolio.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		Since Incept.
Portfolio – IA Shares	11.21	%	2.63	%	5.06	%*
Portfolio – IB Shares	10.81		2.50		5.10	**
Russell 1000 Value Index	16.49		5.27		9.71	**

*	Date of inception 10/2/02. Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

**	Date of inception 5/1/97

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 11.21% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 1000 Value Index, returned 16.49% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

A less than benchmark weight in Consumer Discretionary stocks, such as Viacom and General Motors, helped the portfolio’s performance on a relative basis as these stocks declined over the year.

•

A relative overweight in the Industrials Sector also aided results.

•

Top contributors to performance included Tyco International, Boeing, and Freddie Mac, which performed well over the year. The portfolio’s performance benefited on a relative basis by holding an underweight position in Merck, which declined over the year.

What hurt performance during the year

•

Stock selection in the Financials and Consumer Staples sectors hurt the portfolio’s performance over the year. In particular, the portfolio’s holdings in Fannie Mae, Fifth Third Bancorp and AIG detracted from results. Among Consumer Staples, Coca Cola was a notable underperformer for the year.

•

In general, stocks in the Materials, Industrials, Health Care and Information Technology sectors were the largest detractors from performance. The portfolio’s overweight in Health Care and underweight in Energy also worked against the portfolio.

•

The largest detractors from performance relative to the benchmark included Pfizer, Hewlett Packard and Alco.

About the Portfolio’s New Adviser

The portfolio management team invests primarily in equity securities of medium and large capitalization companies using a value-oriented investment approach. The team relies on a bottom-up research process to determine a company’s long term potential. The portfolio is well-diversified, consisting of approximately 70-110 securities that generally reflect characteristics of the Russell 1000 Value Index.

EQ/JP MORGAN VALUE OPPORTUNITIES PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Financials	32.6	%
Industrials	11.6
Energy	11.4
Consumer Discretionary	10.9
Utilities	5.2
Information Technology	5.2
Consumer Staples	5.1
Telecommunication Services	4.7
Materials	4.3
Health Care	4.1
Cash and Other	4.9

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,071.80	$	3.65
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.62		3.56
Class IB
Actual		1,000.00		1,069.90		4.94
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.36		4.82

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.70% and 0.95%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/LAZARD SMALL CAP VALUE PORTFOLIO

PORTFOLIO ADVISER

•

Lazard Asset Management, LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		Since Incept.
Portfolio – IA Shares	17.45	%	14.24	%	9.03	%*
Portfolio – IB Shares	17.06		14.10		9.00	**
Russell 2000 Value Index	22.25		17.23		10.73	**

*	Date of inception 10/2/02. Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

**	Date of inception 1/1/98

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 17.45% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 2000 Value Index, returned 22.25% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Stock selection in two of our REIT (Real Estate Investment Trusts) holdings positively impacted results in Financial Services. Alexandria Real Estate and Mills Corp both benefited from a continued low interest rate environment.

•

Stock selection in Health Care benefited the portfolio as our position in Select Medical, a provider of in-hospital long-term acute care, was acquired by a private equity firm at a substantial premium. Additionally, Inamed, a medical device manufacturer, continued to post impressive revenue and earnings gains.

•

Also aiding the portfolio was our holding in Robert Mondavi, a maker of premium wines, which agreed to be acquired at a premium by Constellation Brands.

What hurt performance during the year

•

In Financial Services, results were negatively impacted by our holdings in eSpeed, Inc. and Knight Trading Group.

•

Materials/Processing results were hurt by our focus away from the commodity producers of chemicals, metals, and precious metals.

•

Our underperformance in Producer Durables was largely the result of exposure to technology-related names, specifically Credence Systems Corporation and C-Cor Incorporated.

Advisor Outlook

While the small cap market has now outperformed the large cap market for the past six years, relative valuations are still only near average historical levels and thus, we believe that we may continue to see small caps perform admirably over the course of 2005. Despite the quick market rally of the second half of 2004, earnings growth expectations for 2005 look reasonable, in our opinion, as the domestic economy continues to expand and absolute valuations are well within historical norms. We believe that the pickup in merger and acquisitions activity that was seen in 2004 should continue to be a positive backdrop for small cap performance in 2005.

EQ/LAZARD SMALL CAP VALUE PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Financials	24.2	%
Consumer Discretionary	16.0
Information Technology	15.4
Industrials	12.4
Health Care	9.5
Energy	8.7
Materials	5.6
Utilities	2.5
Consumer Staples	1.8
Telecommunication Services	0.5
Cash and Other	3.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,099.50	$	4.22
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.11		4.06
Class IB
Actual		1,000.00		1,096.60		5.53
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.86		5.33

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.80% and 1.05%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/MARSICO FOCUS PORTFOLIO

PORTFOLIO ADVISER

•

Marsico Capital Management, LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		Since Incept.
Portfolio – IA Shares	10.80	%	11.89	%*
Portfolio – IB Shares	10.53		12.03	**
Russell 1000 Growth Index	6.30		0.92	**

*	Date of inception 10/2/02

**	Date of inception 8/31/01

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 10.80% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 6.30% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Stock selection in the Information Technology sector impacted the portfolio positively. In particular, QUALCOMM, Apple Computer, and Electronic Arts were the main drivers of this result. Secondarily, maintaining a very limited posture in the Semiconductor industry was a benefit to the portfolio.

•

Stock selection in the Health Care sector was one of the largest contributors to the portfolio’s performance for the year. UnitedHealth Group was the largest contributor at an individual stock level. Other positive performers in this area were Genentech and Zimmer Holdings.

•

The portfolio’s investments in the Hotels, Restaurants and Leisure industry posted solid returns, including Four Seasons Hotel, Starbucks, Wynn Resorts, and MGM Mirage, Inc.

•

The Financials sector also offered positive contributors such as educational lending company SLM Corporation (Sallie Mae), Countrywide Financial, and Chicago Mercantile Exchange.

•

A position in FedEx led in the Transportation industry to positive gains for the year.

What hurt performance during the year

•

The portfolio did not have exposure to the Energy sector and missed an opportunity for additional positive returns.

•

Both stock selection and an underweight posture had a negative impact on the portfolio’s performance in the Telecommunications Services sector. The portfolio’s investment in Nextel Communications (held earlier in the year) was the main detractor.

•

The Consumer Discretionary sector as a whole detracted from performance. Much of the negative impact was felt in the Retailing and Media industries. Tiffany & Co. was among the portfolio’s weakest-performing individual holdings during the reporting period.

Advisor Outlook

At year-end, the portfolio’s economic sector allocations emphasized Health Care, Consumer Discretionary, Financials, Industrials, and Information Technology companies. As of year-end, the portfolio had little or no exposure in areas such as Energy, Utilities, and Materials.

EQ/MARSICO FOCUS PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Consumer Discretionary	22.9	%
Health Care	21.6
Financials	17.0
Industrials	15.1
Information Technology	10.8
Consumer Staples	5.4
Utilities	2.4
Cash and Other	4.8

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,113.10	$	4.78
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.61		4.57
Class IB
Actual		1,000.00		1,111.20		6.10
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.36		5.84

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.90% and 1.15%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/MERCURY BASIC VALUE EQUITY PORTFOLIO

PORTFOLIO ADVISER

•

Mercury Advisors

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		Since Incept.
Portfolio – IA Shares	10.89	%	7.48	%	10.87	%*
Portfolio – IB Shares	10.52		7.35		10.93	**
Russell 1000 Value Index	16.49		5.27		9.71	**

*	Date of inception 10/2/02. Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

**	Date of inception 5/1/97

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 10.89% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 1000 Value Index, returned 16.49% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Stock selection in the Industrial and Consumer Discretionary sectors benefited the portfolio’s performance versus the benchmark.

•

An overweight in Energy and a small overweight in Industrials had a positive effect on the relative return for the year.

What hurt performance during the year

•

Security selection in Information Technology, Financials and Materials detracted from the comparative performance.

•

A significant underweight in Utilities and a large overweight in Information Technology also had a negative effect on the relative performance during the period.

EQ/MERCURY BASIC VALUE EQUITY PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Financials	22.2	%
Consumer Discretionary	14.3
Information Technology	13.6
Industrials	10.7
Energy	9.9
Consumer Staples	9.7
Materials	5.8
Health Care	4.2
Telecommunication Services	3.4
Utilities	0.3
Cash and Other	5.9

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,055.60	$	3.26
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.97		3.20
Class IB
Actual		1,000.00		1,054.20		4.54
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.71		4.47

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.63% and 0.88%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/MERCURY INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO ADVISER

•

Merrill Lynch Managers International Limited

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		Since Incept.
Portfolio – IA Shares	22.04	%	(2.10	)%	8.46	%*
Portfolio – IB Shares	21.73		(2.22	)	8.54	**
MSCI EAFE Index	20.25		(1.13	)	5.24	**

*	Date of inception 3/25/02. Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

**	Date of inception 5/1/97

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 22.04% for the year ending December 31, 2004. The Portfolio’s benchmark, the MSCI EAFE Index, returned 20.25% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Stock selection in Japan, Italy and the United Kingdom benefited the portfolio’s performance versus the benchmark.

•

An overweight in Italy and modest underweights in Japan and Switzerland had a positive effect on the relative return for the year.

•

Stock selection in the Financial, Industrial and Health Care sectors enhanced the comparative performance.

•

Underweights in Information Technology and Health Care also contributed positively to the portfolio’s relative performance.

What hurt performance during the year

•

Stock selection in Switzerland had a slightly negative effect on the relative performance.

•

Security selection in the Information Technology and Consumer Discretionary sectors impeded the performance versus the benchmark for the year.

•

Underweights in Australia, Spain, Sweden and Hong Kong, and an overweight in the Netherlands had a negative effect on the comparative performance.

•

An underweight in Utilities detracted from the portfolio’s relative return.

EQ/MERCURY INTERNATIONAL VALUE PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Financials	28.8	%
Industrials	15.4
Consumer Discretionary	12.1
Telecommunication Services	9.4
Energy	8.9
Consumer Staples	8.7
Health Care	4.9
Utilities	4.8
Materials	4.7
Information Technology	0.7
Cash and Other	1.6

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,162.40	$	5.44
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.11		5.08
Class IB
Actual		1,000.00		1,160.50		6.79
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.85		6.34

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 1.00% and 1.25%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/MFS EMERGING GROWTH COMPANIES PORTFOLIO

PORTFOLIO ADVISER

•

MFS Investment Management

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		Since Incept.
Portfolio – IA Shares	12.88	%	(12.30	)%	5.20	%*
Portfolio – IB Shares	12.63		(12.52	)	5.10	**
Russell 3000 Growth Index	6.93		(8.87	)	4.37	**

*	Date of inception 11/28/98

**	Date of inception 5/1/97

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 12.88% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 3000 Growth Index, returned 6.93% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Stock selection in the Health Care sector benefited overall returns. Medical testing company CYTYC was one of the portfolio’s strongest relative performers. In addition, avoiding pharmaceutical company Pfizer aided results as the stock plunged during the period.

•

Stock selection in the Technology sector helped relative performance as well. The portfolio’s positions in eBay, Apple Computer, and semiconductor firm Marvell Technology Group appreciated sharply. Largely avoiding Intel also helped relative results as the stock declined over the period.

•

In the Utilities and Communications sector, an overweight and, to a lesser extent, stock selection both aided relative results. The portfolio’s strongest performers in this sector were cellular tower operators American Tower and SpectraSite.

What hurt performance during the year

•

Stock selection led to underperformance in the Special Products and Services area. Post-secondary education provider Corinthian Colleges was the greatest relative detractor in the sector.

•

In the Industrial Goods and Services sector, a relative underweight held back relative returns. In particular, avoiding General Electric hurt performance as the stock rallied over the period.

•

Stock selection and, to a lesser extent, a relative underweight hurt results in the Retailing sector. Home Depot was the most significant detractor in the sector.

•

While Technology holdings overall aided performance, a number of Technology stocks were among the portfolio’s largest relative detractors over the period. These included Linux operating system software purveyor Red Hat, online travel vendor IAC/Interactive, and semiconductor firm PMC-Sierra. Avoiding cellular communications products firm QUALCOMM also held back relative returns as the stock soared.

•

The portfolio’s positions in Andrew Corp. and in Westwood One hurt results as well, and not owning UnitedHealth Group also held back returns as the stock performed well.

EQ/MFS EMERGING GROWTH COMPANIES PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Information Technology	29.7	%
Health Care	24.5
Consumer Discretionary	20.6
Telecommunication Services	7.8
Industrials	5.6
Financials	4.9
Consumer Staples	3.0
Energy	2.2
Materials	0.7
Cash and Other	1.0

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,072.50	$	3.70
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.57		3.61
Class IB
Actual		1,000.00		1,072.00		5.00
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.31		4.88

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.71% and 0.96%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/MFS INVESTORS TRUST PORTFOLIO

PORTFOLIO ADVISER

•

MFS Investment Management

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		Since Incept.
Portfolio – IA Shares	11.67	%	(2.06	)%	(0.38	)%*
Portfolio – IB Shares	11.37		(2.18	)	(0.44	)**
S&P 500 Index	10.88		(2.30	)	1.25	**

*	Date of inception 3/25/02 Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

**	Date of inception 1/1/99

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 11.67% for the year ending December 31, 2004. The Portfolio’s benchmark, the S&P 500 Index, returned 10.88% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Stock selection in the Health Care sector most benefited overall returns. Among individual stocks, an underweight in pharmaceutical company Pfizer most boosted relative results. Avoidance of Merck also helped returns, as did an overweighted position in Johnson & Johnson.

•

In the Basic Materials sector, an overweight in Monsanto helped the portfolio’s performance.

•

Stock selection and sector allocation in the Industrial Goods and Services sector also benefited results. In this sector, Caterpillar and Tyco International were the chief contributors to performance.

•

Overweight of Apple Computer and Halliburton, and underweight positions in The Coca-Cola Company, Wal-Mart Stores, and Intel also helped results.

•

During the reporting period, shifts in currency valuations were also a contributor to performance relative to the benchmark.

What hurt performance during the year

•

Stock selections in the Leisure and Financial Services sectors were the biggest detractors from the portfolio’s performance. Overweight positions in Viacom and The New York Times and an underweight position in JPMorgan Chase & Co. all hurt relative returns.

•

The portfolio’s position in Nortel Networks, a stock not in the benchmark, was the largest single detractor.

•

Other positions that hurt results were an underweight in Exxon Mobil and Altria Group, and overweight in Cisco Systems, Analog Devices, and Tenet Health Care. Avoidance of QUALCOMM, Inc. also detracted from returns.

EQ/MFS INVESTORS TRUST PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Information Technology	15.5	%
Health Care	15.5
Financials	15.4
Industrials	15.1
Consumer Discretionary	9.5
Consumer Staples	9.0
Energy	7.7
Materials	5.2
Telecommunication Services	2.7
Utilities	1.7
Cash and Other	2.7

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,091.10	$	3.68
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.62		3.56
Class IB
Actual		1,000.00		1,089.50		4.99
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.36		4.82

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.70% and 0.95%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/MONEY MARKET PORTFOLIO

PORTFOLIO ADVISER

•

Alliance Capital Management L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		10 Years		Since Incept.
Portfolio – IA Shares	1.02	%	2.68	%	4.01	%	6.02	%*
Portfolio – IB Shares	0.77		2.41		3.74		5.76	**
3-Month Treasury Bill	1.33		2.95		4.14		6.23	*

*	Date of inception 7/13/81

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 1.02% for the year ending December 31, 2004. The Portfolio’s benchmark, the 3-Month Treasury Bill, returned 1.33% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

•

The U.S. Federal Reserve raised the federal funds rate 25 basis points to 2.25% after their December 2004 meeting, and remained balanced on their view of the risk assessment for inflation and deflation.

•

Real long-term rates, a key investment driver, are also very low. Real 10-year Treasury yields are below 1% today, compared to an average of 5% in past cycles.

Advisor Outlook

The combination of low real rates and an improving Manufacturing sector makes us optimistic about economic growth prospects for 2005. In addition, strong liquidity, record free cash flow and a more competitive dollar all suggest another year of relatively strong growth. We currently anticipate real GDP to rise 4.1%, slightly below the 4.3% we estimate for 2004, but we would not be surprised to see it beat forecasts. Our recent strategy continues to be to ladder maturities within 180 days to add incremental current yield to the portfolio and to take advantage of further rate hikes throughout the year. The portfolio remains predominantly invested in high quality commercial paper and certificates of deposit, as well as U.S. Government and Agency securities, in order to provide the highest level of safety and liquidity available in the short-term markets.


Maturity Weightings As of December 31, 2004
1-30 days	32.0	%
31-60 days	45.0
61-90 days	14.0
91-120 days	1.0
>120 days	8.0

	100.0%

EQ/MONEY MARKET PORTFOLIO


Distribution of Assets by Sector as of 12/31/04	% of Net Assets
Commercial Paper	55.6	%
Certificates of Deposit	28.1
Government Securities	14.5
Corporate Bonds	1.8
Cash and Other	(0.0	)

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,007.30	$	1.92
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.23		1.93
Class IB
Actual		1,000.00		1,005.70		3.18
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.97		3.20

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.38% and 0.63%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/MONY DIVERSIFIED PORTFOLIO

PORTFOLIO ADVISER

•

Boston Advisors, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IA Shares	17.67	%	0.20	%	11.41	%	10.60	%
S&P 500 Index	10.88		(2.30	)	12.07		12.89

*	Date of inception 4/3/85

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 17.67% for the year ending December 31, 2004. The Portfolio’s benchmark, the S&P 500 Index, returned 10.88% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Stock selection accounted for over 90% of relative outperformance for the year. Particularly favorable results were achieved in the Health Care, Materials, and Utility sectors.

•

Sector allocation decisions made a modest positive contribution for the year, all of which came from overweight positions in the Consumer Discretionary, Energy, and Materials sectors.

•

The single best relative contribution to the portfolio came from Health Care, which was the worst performing sector of the market for the year. The key factor was significantly underweighting the major pharmaceutical group.

•

Good exposure to mid-cap and small-cap stocks, as well as attention to valuation, was an important contributor to outperformance.

What hurt performance during the year

•

A material underweight position in the Financial sector detracted from overall performance on the year. A related decision to exit the homebuilding stocks in the first half of the year worked out well for a while, but the portfolio missed out on the strong rebound in the third and fourth quarters.

•

The portfolio also maintained a below market allocation in the Consumer Staples sector throughout much of the year. Though favorable stock selection emphasizing commodity processors more than offset the negative impact of the sector underweight decision, the portfolio return would have benefited from higher exposure to the sector.

•

Unfavorable stock selection in the Telecommunications sector resulted in it being the only sector in the portfolio where the overall contribution was negative.

Advisor Outlook

The portfolio enters 2005 with overweight positions in the Materials, Utilities, and Consumer Discretionary sectors and underweight positions in Financials, Consumer Staples, Health Care, and Technology. The mix is chiefly a function of where our bottom-up stock screening process turns up the most attractive names. Our primary focus is on owning companies whose earnings are expected to outpace the market, while keeping an eye on valuations. We continue to monitor the performance of small versus large capitalization stocks for signs of changing leadership.

EQ/MONY DIVERSIFIED PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Financials	16.6	%
Consumer Discretionary	14.7
Information Technology	13.5
Industrials	11.8
Health Care	10.9
Energy	8.2
Consumer Staples	7.5
Materials	6.7
Utilities	5.2
Telecommunication Services	2.3
Cash and Other	2.6

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees, and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,101.30	$	6.07
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.36		5.84

*	Expenses are equal to the Portfolio’s Class IA shares annualized expense ratio of 1.15% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/MONY EQUITY GROWTH PORTFOLIO

PORTFOLIO ADVISER

•

Boston Advisors, Inc.

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/04
	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IA Shares	17.98	%	(2.37	)%	12.22	%	11.78	%
S&P 500 Index	10.88		(2.30	)	12.07		12.84

*	Date of inception 3/4/85

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 17.98% for the year ending December 31, 2004. The Portfolio’s benchmark, the S&P 500 Index, returned 10.88% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Stock selection accounted for over 90% of relative outperformance for the year. Particularly favorable results were achieved in the Health Care, Materials, and Utility sectors.

•

Sector allocation decisions made a modest positive contribution for the year, all of which came from overweight positions in the Consumer Discretionary, Energy, and Materials sectors.

•

Good exposure to mid-cap and small-cap stocks, as well as attention to valuation, was an important contributor to outperformance.

What hurt performance during the year

•

Unfavorable stock selection in the Telecommunications sector resulted in it being the only sector in the portfolio where the overall contribution was negative.

Advisor Outlook

EQ/MONY EQUITY GROWTH PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Financials	18.5	%
Consumer Discretionary	14.1
Information Technology	13.6
Industrials	12.4
Health Care	10.5
Energy	8.0
Consumer Staples	7.5
Materials	6.9
Utilities	5.5
Telecommunication Services	2.4
Cash and Other	0.6

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees, and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,101.10	$	7.71
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.80		7.41

*	Expenses are equal to the Portfolio’s Class IA shares annualized expense ratio of 1.46% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/MONY EQUITY INCOME PORTFOLIO

PORTFOLIO ADVISER

•

Boston Advisors, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IA Shares	19.86	%	4.17	%	12.07	%	11.92	%
S&P 500 Index	10.88		(2.30	)	12.07		12.84
Russell 1000 Value Index†	16.49		5.27		13.83		13.51

*	Date of inception 3/4/85

†	In 2005, the Investment Manager revised the Portfolio’s market index to be the Russell 1000 Value Index, which more closely reflects the market sectors in which the portfolio invests.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 19.86% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 1000 Value Index, returned 16.49% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

The portfolio’s strategy of investing in stocks with dividend yields higher than that of the S&P 500 Index was a positive.

•

The portfolio’s overweight in the Energy, Utility, Consumer Discretionary and Basic Material sectors during the year contributed positively to returns.

•

What hurt performance during the year

•

The portfolio’s Health Care exposure negatively impacted returns during the year. Specifically, the shares of Merck and Pfizer performed poorly in 2004.

•

The portfolio’s holdings of Nokia, in Information Technology, adversely impacted results.

•

The portfolio’s Consumer Staples holdings underperformed during the year. Specifically, the shares of Albertson’s, the retail grocery chain, and Coca Cola hurt returns.

•

Advisor Outlook

EQ/MONY EQUITY INCOME PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Financials	25.6	%
Energy	14.1
Industrials	13.6
Consumer Discretionary	10.7
Utilities	10.2
Materials	7.1
Consumer Staples	6.0
Health Care	4.8
Telecommunication Services	4.5
Information Technology	2.2
Cash and Other	1.2

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees, and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,105.60	$	5.40
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.01		5.18

*	Expenses are equal to the Portfolio’s Class IA shares annualized expense ratio of 1.02% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

EQ/MONY GOVERNMENT SECURITIES PORTFOLIO

PORTFOLIO ADVISER

•

Boston Advisors, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IA Shares	1.37	%	5.14	%	5.46	%	5.67	%
Lehman Brothers Intermediate Government Bond Index	2.33		6.57		6.75		6.66

*	Date of inception 5/1/91

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 1.37% for the year ending December 31, 2004. The Portfolio’s benchmark, the Lehman Brothers Intermediate Government Bond Index, returned 2.33% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Mortgage-backed and government-guaranteed securities outperformed on a relative basis, as spreads tightened in a low-volatility market environment.

•

Conservative duration exposure limited declines during the market declines of the second and fourth quarters.

What hurt performance during the year

•

A slight duration underweight reduced yield in a positively sloped yield curve environment.

Advisor Outlook

We remain wary of valuations in the current market, and are frankly surprised at the market strength at a time when the Fed has probably only partially completed their move to reduce monetary accommodation. This active Fed posture, combined with a strengthening domestic recovery, firming commodity prices, and finite foreign demand for U.S. securities, lead us to believe that our conservative positioning is warranted. Our strategy is to continue to hold an underweight in portfolio duration, while recapturing coupon income from an overweight in mortgage-backed and government-guaranteed securities.


Portfolio Characteristics As of December 31, 2004
Weighted Average Life (Years)		3.7
Weighted Average Coupon		4.0
Weighted Average Modified Duration (Years)*		2.8
Weighted Average Rating		AAA

*	Modified duration is a measure of the price sensitivity of the portfolio to interest rate movements, taking into account specific features of the securities in which it invests.

100

EQ/MONY GOVERNMENT SECURITIES PORTFOLIO


Distribution of Assets by Sector as of 12/31/04	% of Net Assets
U.S. Government and Agency	73.5	%
Corporate Bonds	7.6
Cash and Other	18.9

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees, and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,012.80	$	4.15
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.01		4.17

*	Expenses are equal to the Portfolio’s Class IA shares annualized expense ratio of 0.82% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

101

EQ/MONY INTERMEDIATE TERM BOND PORTFOLIO

PORTFOLIO ADVISERS

•

Boston Advisors, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IA Shares	2.24	%	6.10	%	6.38	%	7.46	%
Lehman Brothers Intermediate Government/Credit Bond Index	3.04		7.21		7.16		8.14

*	Date of inception 3/1/85

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 2.24% for the year ending December 31, 2004. The Portfolio’s benchmark, the Lehman Brothers Intermediate Government/Credit Bond Index, returned 3.04% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

The portfolio benefited from the flattening of the yield curve by employing a barbelled structure.

•

The portfolio extended across the curve in order to take advantage of the steepness of the yield curve.

•

Credit spreads tightened across the quality spectrum and therefore the portfolio benefited by being long spread duration.

What hurt performance during the year

•

For most of the year, the portfolio was underweighted duration; and therefore, it did not benefit as much from the price appreciation experienced by longer securities as rates declined. However, at the end of the fourth quarter, the portfolio was duration neutral.

•

The portfolio is conservatively managed; therefore, its underweight in BBB securities did not participate in the price appreciation that high beta securities observed throughout the year.

Advisor Outlook

The portfolio will continue to maintain a conservative duration posture, as well as a credit barbell, with weaker credits in front of the curve and better quality names farther out into the maturity spectrum. The portfolio will continue to selectively participate in the new issue market, purchasing securities that are attractively priced and that have the potential for added value.


Portfolio Characteristics As of December 31, 2004
Weighted Average Life (Years)		5.0
Weighted Average Coupon		5.2
Weighted Average Modified Duration (Years)*		3.7
Weighted Average Rating		AA-

*	Modified duration is a measure of the price sensitivity of the portfolio to interest rate movements, taking into account specific features of the securities in which it invests.

102

EQ/MONY INTERMEDIATE TERM BOND PORTFOLIO


Distribution of Assets by Sector as of 12/31/04	% of Net Assets
Corporate Bonds	47.0	%
U.S. Government and Agency	41.6
Foreign Government Securities	5.5
Asset Backed Securities	5.1
Cash and Other	0.8

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees, and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,026.00	$	4.18
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.01		4.17

*	Expenses are equal to the Portfolio’s Class IA shares annualized expense ratio of 0.82% multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period).

103

EQ/MONY LONG TERM BOND PORTFOLIO

PORTFOLIO ADVISERS

•

Boston Advisors, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IA Shares	7.92	%	9.65	%	9.02	%	9.67	%
Lehman Brothers Long Government/Credit Bond Index	8.56		10.46		9.72		10.72

*	Date of inception 3/20/85

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 7.92% for the year ending December 31, 2004. The Portfolio’s benchmark, the Lehman Brothers Long Government/Credit Bond Index, returned 8.56% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Security selection was particularly strong in the Energy and Manufacturing sector with positive contributions earlier in the year from holdings including Kerr-McGee and Tyco International. The later half of the year, purchases such as Halliburton and Rabobank made substantial contributions.

•

A significant underweight in the Auto, Pharmaceuticals, and Insurance sectors was the largest positive contributor from a sector allocation perspective.

What hurt performance during the year

•

The portfolio has maintained a lower duration exposure, or sensitivity to interest rate moves, than that of the benchmark as long Treasury yields declined.

•

Underweighted sectors that exhibited strong performance, such as Electric Utilities and Gaming along with Yankee Bonds, diminished the portfolio’s upside potential.

Advisor Outlook

The portfolio continues to keep a defensive posture with its duration exposure lower than its benchmark in anticipation of a moderately growing economy, increasing inflation rates, and gradually higher interest rates. We believe the corporate bond market will carry forward its strong fundamental backdrop with strong balance sheets, low leverage, and low default rates. Therefore, greater exposure to corporate bonds will be maintained in order to capture incremental yield over Treasuries. Security selection will grow increasingly important for excess returns.


Portfolio Characteristics As of December 31, 2004
Weighted Average Life (Years)		17.7
Weighted Average Coupon		6.4
Weighted Average Modified Duration (Years)*		9.8
Weighted Average Rating		A+

*	Modified duration is a measure of the price sensitivity of the portfolio to interest rate movements, taking into account specific features of the securities in which it invests.

104

EQ/MONY LONG TERM BOND PORTFOLIO


Distribution of Assets by Sector as of 12/31/04	% of Net Assets
Corporate Bonds	64.0	%
U.S. Government and Agency	28.7
Commercial Paper	3.3
Foreign Government and Supranational Securities	2.5
Cash and Other	1.5

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees, and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,082.20	$	4.29
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.01		4.17

*	Expenses are equal to the Portfolio’s Class IA shares annualized expense ratio of 0.82% multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period).

105

EQ/MONY MONEY MARKET PORTFOLIO

PORTFOLIO ADVISER

•

Boston Advisors, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IA Shares	0.95	%	2.63	%	3.93	%	4.73	%
Prime Commercial Rate Paper 30 day	1.42		2.80		4.14		5.17
3-Month Treasury Bill†	1.33		2.95		4.14		5.15

*	Date of inception 7/29/85

†	In 2005, the Investment Manager revised the Portfolio’s market index to be the 3-Month Treasury Bill, which more closely reflects the market sectors in which the portfolio invests.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 0.95% for the year ending December 31, 2004. The Portfolio’s benchmark, the 3-Month Treasury Bill, returned 1.33% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

Once the Fed telegraphed it would begin to remove monetary policy accommodation in June, the portfolio’s weighted-average maturity was reduced to capture more quickly the market’s movement to higher yields given the anticipated and realized Fed moves.

•

The portfolio re-invested maturing securities in instruments with follow-on maturities coincident or near upcoming Fed meetings to maximize the opportunity to capture anticipated yield step-ups realized as the Fed tightened monetary policy.

What hurt performance during the year

•

There were few significant negative areas in the portfolio in 2004. Based on the Fed’s five monetary policy tightenings in 2004, some portfolio securities with longer maturities into 2005 carry below-market yields.

Advisor Outlook

Going forward, the average maturity of the portfolio will be adjusted selectively to capitalize on potential opportunities related to anticipated further Fed interest rate increases. While we believe the U.S. economy’s growth will continue to be solid, we see the Fed’s return to a neutral monetary policy level coming at a slightly slower pace than is currently priced in the financial markets.


Maturity Weightings As of December 31, 2004
1-30 days	55.6	%
31-60 days	20.3
61-90 days	17.4
91-120 days	4.2
>120 days	2.5

	100.0	%

106

EQ/MONY MONEY MARKET PORTFOLIO


Distribution of Assets by Sector as of 12/31/04	% of Net Assets
Commercial Paper	42.0	%
Government Securities	25.0
Corporate Bonds	20.1
Certificates of Deposit	11.1
Cash and Other	1.8

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees, and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,006.10	$	2.52
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.62		2.54

*	Expenses are equal to the Portfolio’s Class IA shares annualized expense ratio of 0.50% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

107

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO ADVISER

•

Alliance Capital Management L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/04


	1 Year		5 Years		Since Incept.
Portfolio – IA Shares	17.97	%	6.12	%	6.57	%*
Portfolio – IB Shares	17.67		6.01		6.74	**
Russell 2000 Index	18.33		6.61		7.21	**

*	Date of inception 3/25/02. Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

**	Date of inception 1/1/98

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 17.97% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 2000 Index, returned 18.33% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

•

The positive sector contributors to the Index return for the full year were the Consumer Discretionary, Financial Services, Materials and Processing, Energy and Health Care sectors.

•

The top performing stocks in the Russell 2000 Index were OSI Pharmaceutical, Andrew Corp. and Cytyc Corp.

What hurt performance during the year

•

The sectors that most detracted from the Index return for the full year were the Technology, Consumer Staples, Utilities, Auto and Transportation, and Producer Durables sectors.

•

The most negative performing stocks in the Russell 2000 Index were Ascential Software, Lexar Media and Cymer Inc.

Advisor Outlook

The portfolio will continue to meet its performance objective by approximating the investment return of the Russell 2000 Index.

108

EQ/SMALL COMPANY INDEX PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Financials	21.3	%
Information Technology	17.2
Consumer Discretionary	14.2
Industrials	13.8
Health Care	12.4
Materials	5.9
Energy	5.1
Utilities	3.2
Consumer Staples	2.7
Telecommunication Services	0.9
Cash and Other	3.3

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,107.70	$	1.80
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.43		1.73
Class IB
Actual		1,000.00		1,105.90		3.12
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.17		3.00

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.34% and 0.59%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

109

EQ/WELLS FARGO MONTGOMERY SMALL CAP PORTFOLIO

PORTFOLIO ADVISER

•

Wells Capital Management, Inc.

PERFORMANCE RESULTS

LOGO

Total Returns as of 12/31/04


	Since Incept.*
Portfolio – IA Shares	14.40	%
Portfolio – IB Shares	14.30
Russell 2000 Growth Index	12.66

*	Date of inception 10/1/04.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY*

The Portfolio’s Class IA shares returned 14.40% since inception on October 1, 2004. The Portfolio’s benchmark, the Russell 2000 Growth Index, returned 12.66% over the same period.

Portfolio Highlights*

October 1, 2004 - December 31, 2004*

What helped performance during the year

•

Stocks in the Technology, Telecommunication Services, Consumer Staples, and Industrial sectors contributed positively to the portfolio.

•

Ask Jeeves, an Internet search provider, was the top performing stock for the year. Nextel Partners was also a top performing stock for the year.

What hurt performance during the year

•

The stocks in the Health Care and Materials sectors detracted from performance. Par Pharmaceuticals was a top-ten holding and the second largest detractor from performance.

•

Corinthian Colleges, a post-secondary education company, was the worst performing stock for the year.

*	The portfolio commenced operations on October 1, 2004.

Advisor Outlook

Currently, investors are questioning whether the markets, which have been strong for two years in a row, can sustain a third year of advance. Furthermore, our conversations with company management teams cause us to be optimistic about earnings in the coming year. We expect businesses to play a larger role in economic growth than consumers, and from our perspective, business confidence seems to be growing. The recent acceleration in mergers and acquisition activity is another encouraging signal of higher confidence in corporate boardrooms. Looking specifically at the portfolio, we are optimistic about the fundamentals that will be reported over the next several months. We continue to focus our efforts on individual stock selection driven by underlying business fundamentals.

110

EQ/WELLS FARGO MONTGOMERY SMALL CAP PORTFOLIO


Sector Weightings as of 12/31/04	% of Net Assets
Information Technology	25.0	%
Industrials	23.1
Health Care	21.1
Consumer Discretionary	12.8
Financials	6.9
Telecommunication Services	4.3
Consumer Staples	1.6
Materials	1.2
Energy	0.6
Cash and Other	3.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class IA
Actual	$	1,000.00	$	1,011.40	$	2.52
Hypothetical (5% average annual return before expenses)		1,000.00		1,009.65		2.52
Class IB
Actual		1,000.00		1,011.40		3.13
Hypothetical (5% average annual return before expenses)		1,000.00		1,009.05		3.13

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 1.03% and 1.28%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

111

EQ ADVISORS TRUST

EQ/ALLIANCE COMMON STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (13.1%)
*Auto Components (1.1%)*
American Axle & Manufacturing Holdings, Inc.	307,900	$	9,440,214
Autoliv, Inc.	510,100		24,637,830
BorgWarner, Inc.^	315,600		17,096,052
Cooper Tire & Rubber Co.^	271,800		5,857,290
Dana Corp.	581,800		10,082,594
Lear Corp.^	414,625		25,296,271
Magna International, Inc., Class A^	272,400		22,486,620

			114,896,871

*Automobiles (0.2%)*
General Motors Corp.^	641,300		25,690,478

*Hotels, Restaurants & Leisure (2.1%)*
McDonald’s Corp.	132,400		4,244,744
Starbucks Corp.*	704,640		43,941,350
Wynn Resorts Ltd.*^	2,488,320		166,518,375

			214,704,469

*Household Durables (2.1%)*
D.R. Horton, Inc.	2,596,365		104,659,473
Lennar Corp., Class A	1,446,790		82,004,058
Newell Rubbermaid, Inc.	916,300		22,165,297

			208,828,828

*Internet & Catalog Retail (2.8%)*
Amazon.com, Inc.*	3,856,547		170,806,466
eBay, Inc.*	986,256		114,681,848

			285,488,314

*Media (2.8%)*
Comcast Corp., Class A*	2,200,800		73,242,624
Interpublic Group of Cos., Inc.*^	971,300		13,015,420
Time Warner, Inc.*	4,786,800		93,055,392
Viacom, Inc., Class B	980,400		35,676,756
Walt Disney Co.	955,400		26,560,120
XM Satellite Radio Holdings, Inc., Class A*^	1,121,180		42,178,792

			283,729,104

*Multiline Retail (0.6%)*
Federated Department Stores, Inc.	601,200		34,743,348
Nordstrom, Inc.	215,500		10,070,315
Target Corp.	354,300		18,398,799

			63,212,462

*Specialty Retail (1.1%)*
Home Depot, Inc.	1,074,300		45,915,582
Limited Brands	988,600		22,757,572
Lowe’s Cos., Inc.	366,200		21,089,458
Office Depot, Inc.*	1,156,200		20,071,632

			109,834,244

*Textiles, Apparel & Luxury Goods (0.3%)*
Jones Apparel Group, Inc.	194,100		7,098,237
V.F. Corp.	361,900		20,042,022

			27,140,259

Total Consumer Discretionary			1,333,525,029

Consumer Staples (5.6%)
*Beverages (0.9%)*
Adolph Coors Co., Class B	18,200		1,377,194
Coca-Cola Co.	1,148,800		47,824,544
PepsiCo, Inc.	806,600		42,104,520

			91,306,258

*Food & Staples Retailing (1.9%)*
Kroger Co.*	266,500		4,674,410
Safeway, Inc.*	1,205,500		23,796,570
SUPERVALU, Inc.	200,000		6,904,000
Wal-Mart Stores, Inc.	1,937,500		102,338,750
Whole Foods Market, Inc.^	539,620		51,452,767

			189,166,497

*Food Products (0.2%)*
Sara Lee Corp.	1,023,500		24,707,290

*Household Products (0.7%)*
Procter & Gamble Co.	1,215,400		66,944,232

*Tobacco (1.9%)*
Altria Group, Inc.	2,600,300		158,878,330
UST, Inc.	739,000		35,553,290

			194,431,620

Total Consumer Staples			566,555,897

Energy (8.0%)
*Energy Equipment & Services (1.9%)*
BJ Services Co.	1,616,290		75,222,137
Nabors Industries Ltd.*^	1,383,470		70,958,176
Schlumberger Ltd.	655,220		43,866,979

			190,047,292

*Oil & Gas (6.1%)*
ChevronTexaco Corp.	2,846,400		149,464,464
ConocoPhillips	771,199		66,963,209
Exxon Mobil Corp.	6,672,400		342,027,224
Marathon Oil Corp.	939,900		35,349,639
Occidental Petroleum Corp.	453,850		26,486,686

			620,291,222

Total Energy			810,338,514

Financials (19.7%)
*Capital Markets (3.8%)*
Ameritrade Holding Corp.*^	7,420,630		105,521,358
Goldman Sachs Group, Inc.	577,400		60,072,696
Janus Capital Group, Inc.	3,554,390		59,749,296
Lehman Brothers Holdings, Inc.	475,700		41,614,236
Merrill Lynch & Co., Inc.	1,005,300		60,086,781
Morgan Stanley	970,700		53,893,264
Piper Jaffray Cos.*^	9,004		431,742

			381,369,373

*Commercial Banks (6.0%)*
Bank of America Corp.	4,432,100		208,264,379
Comerica, Inc.^	443,700		27,074,574
KeyCorp	1,112,900		37,727,310
National City Corp.	990,600		37,197,030
SunTrust Banks, Inc.	418,400		30,911,392
U.S. Bancorp	2,320,425		72,675,711
Wachovia Corp.	1,900,400		99,961,040
Wells Fargo & Co.	1,530,800		95,139,220

			608,950,656

*Consumer Finance (0.4%)*
American Express Co.	610,100		34,391,337
Capital One Financial Corp.	52,600		4,429,446

			38,820,783

*Diversified Financial Services (4.0%)*
Citigroup, Inc.	5,730,400		276,090,672
JPMorgan Chase & Co.	3,328,952		129,862,418

			405,953,090

*Insurance (3.6%)*
ACE Ltd.	268,900		11,495,475
Allstate Corp.	668,400		34,569,648
American International Group, Inc.	1,489,206		97,796,158
Chubb Corp.	400,600		30,806,140
Genworth Financial, Inc., Class A	837,300		22,607,100

112

EQ ADVISORS TRUST

EQ/ALLIANCE COMMON STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
Hartford Financial Services Group, Inc.	559,600	$	38,785,876
Manulife Financial Corp.	681,839		31,500,962
MBIA, Inc.	153,100		9,688,168
Metlife, Inc.	602,400		24,403,224
PartnerReinsurance Ltd.	120,300		7,451,382
St. Paul Travelers Cos., Inc.	1,122,865		41,624,605
XL Capital Ltd., Class A	232,700		18,069,155

			368,797,893

*Thrifts & Mortgage Finance (1 9%)*
Astoria Financial Corp.	617,000		24,661,490
Fannie Mae	905,100		64,452,171
Freddie Mac	608,500		44,846,450
MGIC Investment Corp.	302,000		20,810,820
Washington Mutual, Inc.^	1,025,600		43,362,368

			198,133,299

Total Financials			2,002,025,094

Health Care (9.9%)
*Biotechnology (3.6%)*
Affymetrix, Inc.*^	2,496,030		91,229,896
Amgen, Inc.*	603,300		38,701,695
Applera Corp.- Celera Genomics Group*	2,639,350		36,291,063
Genentech, Inc.*	1,144,450		62,303,858
Gilead Sciences, Inc.*	2,188,650		76,580,863
Human Genome Sciences, Inc.*^	4,903,050		58,934,661

			364,042,036

*Health Care Equipment & Supplies (1.5%)*
Applied Biosystems Group	5,693,600		119,053,176
Hospira, Inc.*	73,040		2,446,840
Medtronic, Inc.	595,900		29,598,353

			151,098,369

*Health Care Providers & Services (0.2%)*
Medco Health Solutions, Inc.*	635,200		26,424,320

*Pharmaceuticals (4.6%)*
Abbott Laboratories	730,400		34,073,160
Bristol-Myers Squibb Co.	924,800		23,693,376
Eli Lilly & Co.	524,700		29,776,725
Forest Laboratories, Inc.*	1,819,130		81,606,172
GlaxoSmithKline plc (ADR)	282,800		13,401,892
Johnson & Johnson	1,387,300		87,982,566
Merck & Co., Inc.	2,193,000		70,483,020
Pfizer, Inc.	3,639,400		97,863,466
Wyeth	626,400		26,678,376

			465,558,753

Total Health Care			1,007,123,478

Industrials (9.4%)
*Aerospace & Defense (0.8%)*
Boeing Co.	485,800		25,149,866
Goodrich Corp.	884,100		28,857,024
Honeywell International, Inc.	765,600		27,109,896

			81,116,786

*Air Freight & Logistics (0.4%)*
United Parcel Service, Inc./ Georgia, Class B	526,000		44,951,960

*Commercial Services & Supplies (1.6%)*
Apollo Group, Inc., Class A*	2,063,180		166,519,258

*Electrical Equipment (0.4%)*
Cooper Industries Ltd., Class A	348,000		23,625,720
Hubbell, Inc., Class B	411,900		21,542,370

			45,168,090

*Industrial Conglomerates (4.9%)*
3M Co.	365,900		30,029,413
General Electric Co.	10,221,900		373,099,350
Textron, Inc.	497,300		36,700,740
Tyco International Ltd.^	1,496,700		53,492,058

			493,321,561

*Machinery (0.6%)*
Crane Co.	50,000		1,442,000
Eaton Corp.	597,800		43,256,808
Parker-Hannifin Corp.	149,600		11,330,704

			56,029,512

*Road & Rail (0.7%)*
Burlington Northern Santa Fe Corp.	520,200		24,610,662
CSX Corp.	263,400		10,557,072
Norfolk Southern Corp.	964,296		34,897,872

			70,065,606

Total Industrials			957,172,773

Information Technology (25.5%)
*Communications Equipment (5.3%)*
Cisco Systems, Inc.*	3,280,600		63,315,580
Corning, Inc.*	10,427,850		122,735,795
JDS Uniphase Corp.*^	25,266,440		80,094,615
Juniper Networks, Inc.*^	6,335,790		172,270,130
Nortel Networks Corp.*	4,931,000		17,209,190
QUALCOMM, Inc.	1,614,828		68,468,707
Tellabs, Inc.*	1,860,500		15,981,695

			540,075,712

*Computers & Peripherals (4.8%)*
Dell, Inc.*	1,200,600		50,593,284
Hewlett-Packard Co.	4,216,475		88,419,481
International Business Machines Corp.	967,900		95,415,582
Network Appliance, Inc.*^	3,902,620		129,645,036
PalmOne, Inc.*‡^	2,755,710		86,942,651
Quantum Corp.*^	614,800		1,610,776
Sun Microsystems, Inc.*	7,309,700		39,326,186

			491,952,996

*Electronic Equipment & Instruments (0.9%)*
Arrow Electronics, Inc.*	56,025		1,361,408
Avnet, Inc.*	510,000		9,302,400
Flextronics International Ltd.*	1,282,575		17,725,186
Ingram Micro, Inc., Class A*	1,164,675		24,225,240
Sanmina-SCI Corp.*	823,600		6,975,892
Solectron Corp.*	3,426,500		18,263,245
Tech Data Corp.*	52,700		2,392,580
Vishay Intertechnology, Inc.*^	795,300		11,945,406

			92,191,357

*Internet Software & Services (2.9%)*
CNET Networks, Inc.*‡^	11,352,140		127,484,532
RealNetworks, Inc.*^	7,088,806		46,927,896
Yahoo!, Inc.*	3,069,410		115,655,369

			290,067,797

*IT Services (0.2%)*
Electronic Data Systems Corp.	1,004,400		23,201,640

*Semiconductors & Semiconductor Equipment (6.9%)*
Advanced Micro Devices, Inc.*	3,483,480		76,706,230
Agere Systems, Inc., Class A*	4,511,600		6,180,892
Broadcom Corp., Class A*	5,387,890		173,921,089
Intel Corp.	3,042,900		71,173,431
KLA-Tencor Corp.*^	3,101,173		144,452,638
PMC-Sierra, Inc.*^	3,584,750		40,328,437
Silicon Laboratories, Inc.*‡^	4,706,170		166,174,863
Texas Instruments, Inc.	809,200		19,922,504

			698,860,084

113

EQ ADVISORS TRUST

EQ/ALLIANCE COMMON STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares		Value (Note 1)
*Software (4.5%)*
Electronic Arts, Inc.*		1,875,470	$	115,678,989
Microsoft Corp.		6,754,600		180,415,366
NAVTEQ Corp.*		1,037,030		48,076,711
Oracle Corp.*		2,446,300		33,563,236
Symantec Corp.*		2,970,860		76,529,354

				454,263,656

Total Information Technology				2,590,613,242

Materials (1.4%)
*Chemicals (0.2%)*
Dow Chemical Co.		94,900		4,698,499
DuPont (E.I.) de Nemours & Co.		178,200		8,740,710

				13,439,209

*Construction Materials (0.2%)*
Martin Marietta Materials, Inc.		397,600		21,335,216

*Metals & Mining (0.4%)*
Alcoa, Inc.		204,600		6,428,532
United States Steel Corp.^		590,500		30,263,125
Worthington Industries, Inc.		341,950		6,695,381

				43,387,038

*Paper & Forest Products (0.6%)*
Georgia-Pacific Corp.		978,600		36,677,928
MeadWestvaco Corp.		778,200		26,373,198

				63,051,126

Total Materials				141,212,589

Telecommunication Services (4.3%)
*Diversified Telecommunication Services (3.9%)*
BellSouth Corp.		1,357,500		37,724,925
Level 3 Communications, Inc.*‡^		37,398,340		126,780,373
SBC Communications, Inc.		2,853,425		73,532,762
Sprint Corp.^		2,113,850		52,529,172
Verizon Communications, Inc.		2,595,700		105,151,807

				395,719,039

*Wireless Telecommunication Services (0.4%)*
Vodafone Group plc (ADR)^		1,739,270		47,621,213

Total Telecommunication Services				443,340,252

Utilities (2.1%)
*Electric Utilities (1.6%)*
Alliant Energy Corp.		805,900		23,048,740
American Electric Power Co., Inc.		991,300		34,041,242
Entergy Corp.		505,600		34,173,504
FirstEnergy Corp.		654,100		25,843,491
Northeast Utilities		1,001,300		18,874,505
PPL Corp.		338,700		18,045,936
Xcel Energy, Inc.^		331,400		6,031,480

				160,058,898

*Multi-Utilities & Unregulated Power (0.5%)*
Constellation Energy Group, Inc.		709,700		31,020,987
Sempra Energy		626,000		22,961,680

				53,982,667

Total Utilities				214,041,565

Total Common Stocks (99.0%) (Cost $8,421,632,536)				10,065,948,433


	Principal Amount		Value (Note 1)
SHORT-TERM DEBT SECURITIES:
Short-Term Investments of Cash Collateral for Securities Loaned (7.9%)
Banco Bilbao Viz Argentaria N.Y.
2.07%, 7/20/05(l)	$	45,981,535	$	45,981,535
Bayerische Landesbank N.Y.
2.41%, 1/31/05(l)		25,000,000		25,000,000
2.42%, 1/31/05(l)		49,996,723		49,996,723
BNP Paribas N.Y.
2.36%, 8/17/05(l)		9,995,683		9,995,683
2.34%, 10/11/05(l)		24,993,622		24,993,622
CDC Financial, Inc.
2.41%, 1/31/05(l)		20,000,000		20,000,000
Concord Minutemen C.C. LLC, Series A
2.37%, 4/14/05(l)		14,998,985		14,998,985
Credit Suisse First Boston N.Y.
2.44%, 9/19/05(l)		25,000,000		25,000,000
Deutsche Bank N.Y.
2.43%, 2/22/05(l)		7,000,918		7,000,918
General Electric Capital Corp.
2.51%, 1/2/05(l)		25,000,000		25,000,000
2.40%, 3/29/05(l)		7,004,341		7,004,341
2.42%, 5/12/05(l)		25,078,531		25,078,531
ING USA
2.41%, 2/18/05		80,000,000		80,000,000
Landesbank Baden-Wuerttemberg N.Y.
2.54%, 3/29/05(l)		14,989,723		14,989,723
Merrill Lynch & Co., Inc.
2.38%, 5/5/06(l)		10,000,000		10,000,000
Merrill Lynch Mortgage Capital
2.41%, 1/12/05(l)		25,000,000		25,000,000
2.41%, 2/3/05(l)		40,000,000		40,000,000
Monumental Global Funding II
2.10%, 4/10/05(l)		25,066,732		25,066,732
Morgan Stanley & Co.
2.52%, 1/24/05		10,000,000		10,000,000
2.35%, 1/31/06(l)		25,000,000		25,000,000
2.37%, 1/31/06(l)		20,000,000		20,000,000
New York Life Insurance Co.
2.39%, 3/31/05(l)		35,000,000		35,000,000
Nomura Securities
2.36%, 1/3/05		9,659,167		9,659,167
2.38%, 1/3/05		25,000,000		25,000,000
Nordea Bank N.Y.
2.36%, 9/6/05(l)		14,993,223		14,993,223
Royal Bank of Canada N.Y.
2.38%, 6/27/05(l)		99,985,286		99,985,286
Skandinaviska Enskilda Banken
2.29%, 2/1/05		24,900,250		24,900,250
Svenska Grand Cayman
2.34%, 2/4/05		10,000,000		10,000,000
United of Omaha Life Insurance
2.43%, 5/31/05(l)		25,000,000		25,000,000
Westdeutsche Landesbank N.Y.
2.34%, 6/22/05(l)		27,996,500		27,996,500

Total Short-Term Investments of Cash Collateral for Securities Loaned				802,641,219

114

EQ ADVISORS TRUST

EQ/ALLIANCE COMMON STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Principal Amount		Value (Note 1)
Time Deposit (1.4%)
JPMorgan Chase Nassau, 1.74%, 1/3/05	$	145,905,713	$	145,905,713

Total Short-Term Debt Securities (9.3%) (Amortized Cost $ 948,546,932)				948,546,932

Total Investments (108.3%) (Cost/Amortized Cost $9,370,179,468)				11,014,495,365
Other Assets Less Liabilities (-8.3%)				(846,193,799	)

Net Assets (100%)			$	10,168,301,566

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

‡	Affiliated company as defined under the Investment Company Act of 1940.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

Investments in companies which were affiliates for the year ended December 31, 2004, were as follows:


Securities	Market Value December 31, 2003		Purchases at Cost		Sales at Cost		Market Value December 31, 2004		Dividend Income		Realized Gain (Loss)
CNET Networks, Inc.	$	—	$	108,551,955	$	1,533,945	$	127,484,532	$	—	$	(230,666	)
Level 3 Communications		—		132,714,673		—		126,780,373		—		—
PalmOne, Inc.		—		89,511,355		—		86,942,651		—		—
Silicon Laboratories, Inc.		65,837,458		155,570,269		10,220,360		166,174,863		—		5,422,242

	$	65,837,458					$	507,382,419	$	—	$	5,191,576

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	4,476,784,642
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		4,772,477,232

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	1,855,072,050
Aggregate gross unrealized depreciation		(244,465,610	)

Net unrealized appreciation	$	1,610,606,440

Federal income tax cost of investments	$	9,403,888,925

At December 31, 2004, the Portfolio had loaned securities with a total value $786,741,006. This was secured by collateral of $ 802,641,219 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2004, the Portfolio incurred approximately $1,664,569 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $2,864,465,889 which expires in the year 2010.

The Portfolio utilized net capital loss carryforward of $680,153,694 during 2004.

See Notes to Financial Statements.

115

EQ ADVISORS TRUST

EQ/ALLIANCE GROWTH AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (18.2%)
*Auto Components (1.0%)*
Johnson Controls, Inc.^	445,400	$	28,256,176

*Automobiles (0.2%)*
Harley-Davidson, Inc.	126,000		7,654,500

*Hotels, Restaurants & Leisure (2.8%)*
Carnival Corp.	721,400		41,574,282
Royal Caribbean Cruises Ltd.^	241,100		13,125,484
Wendy’s International, Inc.^	643,300		25,255,958

			79,955,724

*Household Durables (0.6%)*
Fortune Brands, Inc.	223,100		17,218,858

*Media (8.9%)*
Clear Channel Communications, Inc.	160,800		5,385,192
Comcast Corp., Special Class A*	2,249,700		73,880,148
Time Warner, Inc.*	3,707,900		72,081,576
Viacom, Inc., Class B	2,770,900		100,833,051
Westwood One, Inc.*	196,800		5,299,824

			257,479,791

*Specialty Retail (4.7%)*
Bed Bath & Beyond, Inc.*	645,200		25,698,316
Home Depot, Inc.	1,573,600		67,255,664
Lowe’s Cos., Inc.	582,500		33,546,175
TJX Cos., Inc .	324,700		8,159,711

			134,659,866

Total Consumer Discretionary			525,224,915

Consumer Staples (9.0%)
*Food Products (0.1%)*
Dean Foods Co.*	46,600		1,535,470

*Household Products (1.9%)*
Procter & Gamble Co.	982,700		54,127,116

*Personal Products (1.8%)*
Avon Products, Inc.	1,338,400		51,796,080

*Tobacco (5.2%)*
Altria Group, Inc.	2,247,600		137,328,360
Loews Corp.- Carolina Group^	474,300		13,730,985

			151,059,345

Total Consumer Staples			258,518,011

Energy (14.3%)
*Energy Equipment & Services (3.3%)*
Baker Hughes, Inc.	634,300		27,065,581
Halliburton Co.	721,800		28,323,432
Nabors Industries Ltd.*	664,400		34,077,076
Schlumberger Ltd.	87,500		5,858,125

			95,324,214

*Oil & Gas (11.0%)*
BP plc (ADR)	943,200		55,082,880
ChevronTexaco Corp.	331,800		17,422,818
ConocoPhillips	1,268,200		110,117,806
Exxon Mobil Corp.	988,600		50,675,636
Noble Energy, Inc.^	1,020,000		62,893,200
Occidental Petroleum Corp.	374,700		21,867,492

			318,059,832

Total Energy			413,384,046

Financials (26.0%)
*Capital Markets (3.9%)*
Franklin Resources, Inc.	131,600		9,165,940
Lehman Brothers Holdings, Inc.	221,700		19,394,316
Merrill Lynch & Co., Inc.	807,200		48,246,344
Morgan Stanley	633,300		35,160,816

			111,967,416

*Commercial Banks (3.7%)*
Bank of America Corp.	1,824,470		85,731,845
North Fork Bancorporation, Inc.	741,400		21,389,390

			107,121,235

*Consumer Finance (0.6%)*
MBNA Corp.	576,300		16,245,897

*Diversified Financial Services (7.5%)*
Citigroup, Inc.	2,445,298		117,814,458
JPMorgan Chase & Co.	2,559,376		99,841,258

			217,655,716

*Insurance (8.6%)*
ACE Ltd.	2,037,400		87,098,850
Allstate Corp.	215,000		11,119,800
American International Group, Inc.	1,553,000		101,985,510
Axis Capital Holdings Ltd.^	953,300		26,082,288
Metlife, Inc.^	508,500		20,599,335

			246,885,783

*Thrifts & Mortgage Finance (1.7%)*
Fannie Mae^	693,000		49,348,530

Total Financials			749,224,577

Health Care (10.7%)
*Health Care Equipment & Supplies (2.7%)*
Boston Scientific Corp.*	2,158,200		76,724,010

*Health Care Providers & Services (5.9%)*
Caremark Rx, Inc.*	1,050,400		41,417,272
HCA, Inc.^	364,600		14,569,416
Health Management Associates, Inc., Class A	725,500		16,483,360
UnitedHealth Group, Inc.	178,200		15,686,946
WellPoint, Inc.*	717,200		82,478,000

			170,634,994

*Pharmaceuticals (2.1%)*
Forest Laboratories, Inc.*	500,700		22,461,402
Pfizer, Inc.	1,171,400		31,498,946
Wyeth	132,400		5,638,916

			59,599,264

Total Health Care			306,958,268

Industrials (8.4%)
*Aerospace & Defense (0.9%)*
Northrop Grumman Corp.	158,200		8,599,752
United Technologies Corp.	182,000		18,809,700

			27,409,452

*Building Products (0.8%)*
American Standard Cos., Inc.*	544,800		22,511,136

*Electrical Equipment (0.4%)*
Emerson Electric Co.	160,600		11,258,060

*Industrial Conglomerates (4.3%)*
3M Co.	384,100		31,523,087
General Electric Co.	2,548,000		93,002,000

			124,525,087

*Machinery (0.3%)*
Ingersoll-Rand Co., Class A	111,600		8,961,480

*Road & Rail (1.7%)*
Burlington Northern Santa Fe Corp.	183,800		8,695,578
Union Pacific Corp.	592,500		39,845,625

			48,541,203

Total Industrials			243,206,418

116

EQ ADVISORS TRUST

EQ/ALLIANCE GROWTH AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares		Value (Note 1)
Information Technology (5.5%)
*Computers & Peripherals (0.7%)*
EMC Corp.*		528,100	$	7,852,847
Hewlett-Packard Co.		645,400		13,534,038

				21,386,885

*IT Services (0.8%)*
Fiserv, Inc.*		542,300		21,795,037

*Semiconductors & Semiconductor Equipment (0.2%)*
Agere Systems, Inc., Class A*		1		1
Applied Materials, Inc.*		399,300		6,828,030

				6,828,031

*Software (3.8%)*
Microsoft Corp.		4,094,600		109,366,766

Total Information Technology				159,376,719

Materials (2.3%)
*Chemicals (1.6%)*
Air Products & Chemicals, Inc.^		778,300		45,118,051

*Metals & Mining (0.7%)*
Alcoa, Inc.		656,800		20,636,656

Total Materials				65,754,707

Telecommunication Services (1.9%)
*Diversified Telecommunication Services (1.9%)*
BellSouth Corp.^		442,500		12,297,075
SBC Communications, Inc.		535,500		13,799,835
Verizon Communications, Inc.		678,700		27,494,137

Total Telecommunication Services				53,591,047

Utilities (1.8%)
*Electric Utilities (1.8%)*
Entergy Corp.		521,100		35,221,149
FPL Group, Inc.		108,700		8,125,325
PPL Corp.		170,600		9,089,568

Total Utilities				52,436,042

Total Common Stocks (98.1%) (Cost $2,336,868,239)				2,827,674,750


	Principal Amount		Value (Note 1)
SHORT-TERM DEBT SECURITIES:
Government Security (2.0%)
Federal Home Loan Bank
1.25%, 1/3/05 (o)	$	57,000,000	$	56,994,062

Short-Term Investments of Cash Collateral for Securities Loaned (2.7%)
BNP Paribas, N.Y.
2.34%, 10/11/05(l)		9,997,449		9,997,449
General Electric Capital Corp.
2.42%, 5/12/06(l)		5,015,706		5,015,706
ING USA
2.41%, 2/18/05		4,000,000		4,000,000
Landesbkbadan-Wuerttemberg, N.Y.
2.54%, 3/29/06(l)		9,993,149		9,993,149
Nomura Securities
2.36%, 1/3/05		19,336,323		19,336,323
Nomura Securities
2.38%, 1/3/05		20,000,000		20,000,000
Skandinaviska Enskilda Banken
2.29%, 1/1/05		4,980,050		4,980,050
Westdeutsche Landesbank N.Y.
2.34%, 6/22/05(l)		4,999,375		4,999,375

Total Short-Term Investments of Cash Collateral for Securities Loaned				78,322,052

Time Deposit (0.0%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		175,413		175,413

Total Short-Term Debt Securities (4.7%) (Amortized Cost $135,491,527)				135,491,527

Total Investments (102.8%) (Cost/Amortized Cost $2,472,359,766)				2,963,166,277
Other Assets Less Liabilities (-2.8%)				(79,923,500	)

Net Assets (100%)			$	2,883,242,777

*	Non-income producing.

(^)

All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

117

EQ ADVISORS TRUST

EQ/ALLIANCE GROWTH AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Options written for the year ended December 31, 2004, were as follows:


	Total Number of Contracts		Total Premiums Received
Options Outstanding—January 1, 2004	—		$	—
Options Written	9,000			1,722,609
Options Terminated in Closing Purchase Transactions	—			—
Options Expired	(1,000	)		(139,817	)
Options Exercised	(8,000	)		(1,582,792	)

Options Outstanding—December 31, 2004	—		$	—

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,155,218,419
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		1,048,443,865

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	516,433,498
Aggregate gross unrealized depreciation		(30,973,285	)

Net unrealized appreciation	$	485,460,213

Federal income tax cost of investments	$	2,477,706,064

At December 31, 2004, the Portfolio had loaned securities with a total value $76,414,425. This was secured by collateral of $78,322,052 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2004, the Portfolio incurred approximately $153,210 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $170,824,711 of which $70,368,500 expires in the year 2010, and $100,456,211 expires in the year 2011.

The Portfolio utilized net capital loss carryforward of $101,358,856 during 2004.

See Notes to Financial Statements.

118

EQ ADVISORS TRUST

EQ/ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (14.6%)
*Asset Backed Securities (0.3%)*
Ameriquest Mortgage Securities, Inc.,
Series 03-11 AF2 3.030%, 1/25/34	$	2,513,851	$	2,510,528

*Non-Agency CMO (14.3%)*
Asset Securitization Corp.,
Series 97-MD7 A1B 7.410%, 1/13/30		3,750,000		3,971,700
Banc of America Funding Corp.,
Series 04-B 5A1 5.240%, 11/20/34 (l)		4,611,491		4,680,969
Bear Stearns Alt-A Trust,
Series 04-11 2A3 5.055%, 11/25/34 (l)		4,143,447		4,160,138
Chase Mortgage Finance Corp.,
Series 02-S4 A23 6.250%, 3/25/32		5,350,263		5,340,447
Countrywide Alternative Loan Trust,
Series 04-29CB A6 4.000%, 1/25/35		6,128,830		6,081,973
Countrywide Home Loan Mortgage Pass Through Trust,
Series 04-14 2A3 4.807%, 8/25/34		8,990,000		9,079,900
Series 04-22 A1 5.193%, 11/25/34 (l)		3,892,066		3,925,017
Credit Suisse First Boston Mortgage Securities Corp.,
Series 01-CP4 ACP 1.090%, 12/15/35 IO §(l)		128,000,000		3,537,395
Series 04-2R A1 5.376%, 12/28/33 §(l)		3,459,600		3,277,971
Indymac Index Mortgage Loan Trust,
Series 04-AR9 4A 5.287%, 11/25/34 (l)		2,104,931		2,137,286
MASTR Adjustable Rate Mortgages Trust,
Series 04-15 4A1 4.939%, 12/25/34		4,174,228		4,220,653
Series 04-8 5A1 4.802%, 8/25/34 (l)		4,053,308		4,093,562
MASTR Asset Securitization Trust,
Series 04-9 3A1 5.250%, 7/25/34		5,532,424		5,620,066
Merrill Lynch Mortgage Investors, Inc.,
Series 04-A2 1A 3.831%, 7/25/34 (l)		4,096,308		4,076,279
Morgan Stanley Capital I,
Series 03-1Q4 X1 0.134%, 5/15/40 IO §(l)		140,118,593		5,368,252
Morgan Stanley Mortgage Loan Trust,
Series 04-8AR 4A1 5.461%, 10/25/34 (l)		3,991,004		4,048,199
Residential Asset Mortgage Products, Inc.,
Series 04-SL2 A2 6.500%, 10/25/31		5,270,873		5,398,478
Series 04-SP2 A21 6.000%, 1/25/32		4,736,175		4,813,041
RESI Finance LP,
Series 03-C B3 3.770%, 9/10/35 §(l)		7,864,658		7,864,516
Residential Accredit Loans, Inc.,
Series 02-QS19 A8 6.000%, 12/25/32		4,976,526		5,078,352
Structured Asset Securities Corp.,
Series 02-11A 1A1 3.600%, 6/25/32 (l)		2,707,813		2,773,170
Series 02-RM1 A 3.068%, 10/25/37 §(l)		5,891,862		5,928,686
Washington Mutual Mortgage Securities Corp.,
Series 02-MS12 A 6.500%, 5/25/32		5,670,698		5,772,950
Wells Fargo Mortgage Backed Securities Trust,
Series 04-1 A29 5.500%, 2/25/34		4,419,566		4,444,684
Series 04-P 2A1 4.278%, 9/25/34 (l)		3,444,531		3,425,439
Series 04-S A1 3.541%, 9/25/34 (l)		4,905,292		4,783,930
Series 04-W A1 4.634%, 11/25/34 (l)		3,905,774		3,899,486

				127,802,539

Total Asset-Backed and Mortgage-Backed Securities				130,313,067

Government Securities (84.7%)
*Agency CMO (6.9%)*
Federal Home Loan Mortgage Corp.
5.000%, 6/15/14		3,406,129		3,430,614
5.000%, 4/15/15		954,522		963,582
5.000%, 1/15/17 IO		2,827,222		308,178
5.500%, 7/15/17		4,300,000		4,448,406
5.000%, 7/15/26 IO		7,245,491		815,135
5.000%, 11/15/26		2,709,864		2,748,509
6.500%, 3/15/28		3,191,522		3,234,167
5.000%, 10/15/29		4,295,000		4,342,028
5.000%, 2/15/30		2,515,000		2,524,496
Federal National Mortgage Association
4.500%, 4/25/13 IO		8,555,000		866,194
5.000%, 12/25/26		7,958,333		8,058,989
4.000%, 1/25/27		5,335,000		5,321,239
6.000%, 5/25/30		6,910,081		7,008,115
5.500%, 6/25/31		3,664,673		3,733,808
5.000%, 10/25/33		5,201,085		5,269,906
6.500%, 9/25/42		2,316,321		2,422,003
2.900%, 10/25/42		2,445,594		2,440,444
6.500%, 1/25/44		3,840,993		4,019,720

				61,955,533

*U.S. Government Agencies (18.1%)*
Federal National Mortgage Association
4.597%, 11/1/34 (l)		19,340,000		19,523,730
5.500%, 1/25/20 TBA		44,955,000		46,444,134
5.500%, 1/25/35 TBA		55,705,000		56,540,575
6.500%, 1/25/35 TBA		17,475,000		18,321,454
Government National Mortgage Association
9.000%, 12/15/09		2,269,406		2,438,519
5.500%, 1/15/35 TBA		17,540,000		17,896,273

				161,164,685

*U.S. Treasuries (59.7%)*
U.S. Treasury Bonds
7.500%, 11/15/16^		12,500,000		15,974,125
U.S. Treasury Notes
3.500%, 11/15/06^		48,900,000		49,312,618
3.250%, 8/15/07^		74,010,000		74,119,831
3.000%, 11/15/07^		31,000,000		30,808,668
2.625%, 5/15/08^		40,000,000		39,106,240
3.250%, 8/15/08^		20,000,000		19,907,040
3.375%, 11/15/08^		24,500,000		24,433,972
3.250%, 1/15/09^		47,160,000		46,751,028
3.000%, 2/15/09^		41,000,000		40,245,682
3.875%, 5/15/09^		21,140,000		21,451,329

119

EQ ADVISORS TRUST

EQ/ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Principal Amount		Value (Note 1)
5.750%, 8/15/10^	$	18,000,000	$	19,817,586
5.000%, 2/15/11^		21,000,000		22,339,569
4.875%, 2/15/12^		25,750,000		27,216,540
4.250%, 8/15/13^		18,240,000		18,383,932
4.000%, 2/15/14^		27,000,000		26,627,697
4.750%, 5/15/14^		40,415,000		42,116,835
4.250%, 8/15/14^		13,485,000		13,515,031

				532,127,723

Total Government Securities				755,247,941

Total Long-Term Debt Securities (99.3%) (Cost $888,744,383)				885,561,008

SHORT-TERM DEBT SECURITIES:
Repurchase Agreements (16.5%)
Goldman Sachs Group, Inc. 1.90% dated 12/31/04, due 1/3/05, to be repurchased at $74,011,717, collateralized by $75,971,000 of Federal National Mortgage Association, 6.00% due 10/1/34		74,000,000		74,000,000

Morgan Stanley 2.10%, dated 12/31/04, due 1/3/05 to be repurchased at $73,012,775, collateralized by $74,675,000 of Federal Home Loan Bank (2.24%) (o) due 2/11/05		73,000,000		73,000,000

				147,000,000

Short-Term Investments of Cash Collateral for Securities Loaned (5.7%)
Allstate Life Insurance
2.31%, 3/1/05(l)		12,143,000		12,143,000
Concord Minutemen C.C. LLC,
Series A 2.37%, 4/14/05(l)		4,999,661		4,999,661
General Electric Capital Corp
2.17%, 2/3/06 (l)		14,966,074		14,966,074
ING USA
2.41%, 2/18/05		5,000,000		5,000,000
Lehman Brothers, Inc.
2.33%, 1/3/05		6,669,572		6,669,572
Merrill Lynch & Co., Inc.
2.38%, 2/3/06 (l)		3,000,000		3,000,000
Nomura Securities
2.36%, 1/3/05		4,401,440		4,401,440

Total Short-Term Investments of Cash Collateral for Securities Loaned				51,179,747

Time Deposit (0.2%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		1,931,982		1,931,982

Total Short-Term Debt Securities (22.4%) (Amortized Cost $ 200,111,729)				200,111,729

Total Investments (121.7%) (Cost/Amortized Cost $ 1,088,856,112)				1,085,672,737
Other Assets Less Liabilities (-21.7%)				(193,776,669	)

Net Assets (100%)			$	891,896,068

^	All, or a portion of security out on laon (See Note 1.)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2004, the market vaue of these securities amounted to $25,976,820 or 2.91% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any security might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2004.

Glossary:

CMO — Collateralized Mortgage Obligation

IO — Interest only

TBA — Security is subject to delayed delivery.

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	2,047,413,813
U.S. Government securities		446,231,023
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		2,294,633,666
U.S. Government securities		399,688,489

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	3,533,305
Aggregate gross unrealized depreciation		(7,010,269	)

Net unrealized depreciation	$	(3,476,964	)

Federal income tax cost of investments	$	1,089,149,701

At December 31, 2004, the Portfolio had loaned securities with a total value of $443,255,809. This was secured by collateral of $452,118,434 of which $51,179,747 was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $400,938,688 was received in the form of short-term pooled securities, which the Portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

The Portfolio has a net capital loss carryforward of $8,292,448 which expires in the year 2012.

See Notes to Financial Statements.

120

EQ ADVISORS TRUST

EQ/ALLIANCE INTERNATIONAL PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Australia (1.6%)
BlueScope Steel Ltd.^	578,000	$	3,738,027
Coles Myer Ltd.	621,194		4,801,366
Orica Ltd.	298,300		4,763,267
Publishing & Broadcasting Ltd.	194,176		2,663,754
Qantas Airways Ltd.	451,200		1,312,211
Rinker Group Ltd.	1,539,730		12,854,489

			30,133,114

Austria (0.7%)
OMV AG	45,500		13,710,609

Belgium (1.4%)
Delhaize Group^	217,800		16,563,695
KBC Bancassurance Holding^	137,135		10,531,640

			27,095,335

Canada (2.3%)
Alcan, Inc.^	244,000		11,974,461
Bank of Nova Scotia^	525,200		17,840,537
Manulife Financial Corp.^	291,000		13,455,244

			43,270,242

Denmark (0.3%)
Danske Bank A/S	184,600		5,658,541

Finland (0.4%)
Nokia OYJ	448,934		7,090,680

France (9.3%)
Assurances Generales de France^	322,600		24,095,243
BNP Paribas S.A.^	271,202		19,648,045
Credit Agricole S.A.^	303,643		9,162,532
Essilor International S.A.	148,227		11,615,178
France Telecom S.A.	254,366		8,422,395
Renault S.A.^	148,100		12,390,315
Sanofi-Aventis^	290,795		23,241,465
Schneider Electric S.A.	102,451		7,129,932
Societe Generale	155,900		15,776,478
Thomson	95,200		2,516,841
Total S.A.	185,492		40,517,282

			174,515,706

Germany (6.0%)
Altana AG	95,900		6,066,584
Continental AG	288,000		18,300,938
E.On AG	142,400		13,003,170
Epcos AG*^	270,900		4,050,428
HeidelbergCement AG	157,933		9,570,006
MAN AG	246,200		9,447,093
Merck KGaA	91,175		6,233,658
Porsche AG (Non-Voting)^	17,243		10,938,301
SAP AG	144,965		25,852,124
Siemens AG	47,900		4,060,139
Volkswagen AG^	118,000		5,349,055
Volkswagen AG (Non-Voting)	11,210		373,311

			113,244,807

Greece (0.1%)
EFG Eurobank Ergasias S.A.	31,960		1,098,204

Hong Kong (1.0%)
Esprit Holdings Ltd.	3,178,000		19,216,746

Ireland (2.6%)
Allied Irish Banks plc	697,801		14,483,378
Anglo Irish Bank Corp. plc	88,609		2,147,476
CRH plc	855,336		22,880,267
Depfa Bank plc^	583,000		9,802,515

			49,313,636

Israel (0.8%)
Teva Pharmaceutical Industries Ltd. (ADR)^	517,400		15,449,564

Italy (2.5%)
ENI S.p.A.	1,712,898		42,886,477
FASTWEB	74,085		4,267,667

			47,154,144

Japan (23.5%)
Advantest Corp.^	34,700		2,976,608
Aeon Credit Service Co., Ltd.^	144,600		10,767,034
Aiful Corp.^	114,850		12,631,595
Canon, Inc.	811,000		43,767,249
Daikin Industries Ltd.^	348,600		10,069,835
Daito Trust Construction Co., Ltd.	151,800		7,214,463
Daiwa House Industry Co., Ltd.	640,000		7,276,276
Denso Corp.	883,600		23,670,167
East Japan Railway Co.	1,453		8,082,463
Eisai Co., Ltd.^	382,500		12,579,535
Hitachi Ltd.	1,348,000		9,340,100
Honda Motor Co., Ltd.	612,600		31,744,960
Hoya Corp.	253,800		28,656,836
Itochu Corp.*^	1,381,000		6,388,153
Japan Tobacco, Inc.	300		3,425,393
JFE Holdings, Inc.^	453,900		12,956,548
Keyence Corp.	53,400		11,965,102
Kobe Steel Ltd.^	907,000		1,389,665
Mitsubishi Corp.^	1,672,000		21,603,669
Mitsubishi Tokyo Financial Group, Inc.	764		7,754,074
Nippon Electric Glass Co., Ltd.^	201,000		5,139,260
Nippon Meat Packers, Inc.^	637,000		8,634,654
Nissan Motor Co., Ltd.	1,370,100		14,895,007
Nitto Denko Corp.	131,500		7,212,160
Oji Paper Co., Ltd.^	295,000		1,692,788
Promise Co., Ltd.^	176,900		12,636,947
Ricoh Co., Ltd.	500,000		9,646,726
Sanyo Shinpan Finance Co., Ltd.	117,100		8,319,391
Secom Co., Ltd.	100		4,001
Sega Sammy Holdings, Inc.*^	136,400		7,494,213
Sony Corp.^	61,000		2,357,373
Sumitomo Mitsui Financial Group, Inc.^	2,505		18,212,404
Suzuki Motor Co., Ltd.	379,000		6,923,861
Takeda Pharmaceutical Co., Ltd.	211,300		10,640,265
Tanabe Seiyaku Co., Ltd.	448,000		4,616,844
Tokyo Electric Power Co., Inc.	406,500		9,977,042
Tokyo Gas Co., Ltd.^	1,132,000		4,639,797
Toyota Motor Corp.	458,600		18,662,652
UFJ Holdings, Inc.*	1,669		10,114,658
Uny Co., Ltd.	446,000		5,096,770

			441,176,538

Luxembourg (1.2%)
Arcelor^	950,269		21,919,349

Mexico (1.1%)
America Movil S.A. de C.V. (ADR)	321,200		16,814,820
Grupo Televisa S.A. (ADR)^	48,200		2,916,100

			19,730,920

Netherlands (3.0%)
ABN AMRO Holding N.V.	364,215		9,648,702
ASML Holding N.V.*^	447,631		7,185,704
ING Groep N.V. (CVA)	1,068,865		32,340,539

121

EQ ADVISORS TRUST

EQ/ALLIANCE INTERNATIONAL PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares		Value (Note 1)
Royal Dutch Petroleum Co.		139,600	$	8,035,966

				57,210,911

Russia (0.4%)
Mobile Telesystems (ADR)^		52,900		7,327,179

Singapore (1.1%)
Flextronics International Ltd.*		608,400		8,408,088
Singapore Telecommunications Ltd.		8,268,785		12,055,690

				20,463,778

South Africa (0.1%)
MTN Group Ltd.		321,447		2,481,996

South Korea (0.6%)
Samsung Electronics Co., Ltd. (GDR) §		51,781		11,340,039

Spain (4.3%)
Altadis S.A.		65,000		2,977,437
Banco Bilbao Vizcaya Argentaria S.A.^		1,099,006		19,494,398
Banco Santander Central Hispano S.A.		1,068,200		13,256,308
Endesa S.A.^		311,400		7,318,344
Gestevision Telecinco S.A.*		345,559		7,130,061
Inditex S.A.^		502,679		14,826,878
Repsol YPF S.A.^		579,500		15,092,048

				80,095,474

Sweden (1.5%)
Svenska Cellulosa AB, Class B		269,700		11,505,696
Telefonaktiebolaget LM Ericsson, Class B*^		5,451,728		17,391,975

				28,897,671

Switzerland (8.4%)
Alcon, Inc.		114,900		9,260,940
Compagnie Financiere Richemont AG, Class A		207,630		6,911,262
Credit Suisse Group*		380,800		16,007,598
Givaudan S.A. (Registered)^		9,090		5,987,521
Micronas Semiconductor
Holding AG (Registered)*		39,900		1,956,226
Nestle S.A. (Registered)		9,000		2,354,674
Nobel Biocare Holding AG		53,951		9,773,904
Novartis AG (Registered)		650,873		32,798,367
Roche Holding AG		253,502		29,182,492
Syngenta AG*		26,300		2,793,985
UBS AG (Registered)		287,408		24,100,213
Xstrata plc		893,600		15,989,603

				157,116,785

Taiwan (0.2%)
Hon Hai Precision Industry (GDR) (Registered)^		480,342		4,529,625

United Kingdom (23.6%)
Aviva plc		1,150,128		13,867,061
Barclays plc		690,000		7,762,930
BHP Billiton plc		523,978		6,141,546
BP plc		2,228,036		21,730,240
British American Tobacco plc		587,100		10,116,389
Capita Group plc		1,554,474		10,915,570
Carnival plc		433,471		26,447,983
Enterprise Inns plc		629,366		9,606,151
GlaxoSmithKline plc		570,200		13,377,563
GUS plc		1,023,842		18,447,852
HBOS plc		927,400		15,098,769
Hilton Group plc		1,730,025		9,449,605
HSBC Holdings plc		1,356,361		22,889,841
Intercontinental Hotels Group plc		726,694		9,033,797
Lloyds TSB Group plc		692,800		6,291,410
Man Group plc		314,071		8,875,946
Pearson plc		314,500		3,794,940
Persimmon plc		611,200		8,108,497
Punch Taverns plc		700,400		9,285,148
Reckitt Benckiser plc		869,636		26,279,727
RMC Group plc		255,000		4,156,491
Royal & Sun Alliance Insurance Group plc		614,400		914,180
Royal Bank of Scotland Group plc		1,205,593		40,552,107
SABMiller plc		597,000		9,903,007
Sainsbury (J) plc		1,169,000		6,071,008
Shell Transport & Trading Co. plc (Registered)		1,418,454		12,091,407
Smith & Nephew plc		1,189,329		12,170,483
Standard Chartered plc		657,419		12,224,212
Tesco plc		5,768,040		35,630,788
Trinity Mirror plc		281,500		3,437,277
Vodafone Group plc		6,222,400		16,874,285
Whitbread plc		657,190		10,680,631
Wimpey (George) plc		1,003,383		7,792,275
WPP Group plc		1,253,723		13,792,241

				443,811,357

Total Common Stocks (98.0%) (Cost $1,391,278,778)				1,843,052,950


	Number of Warrants
WARRANTS:
Luxembourg (0.3%)
Taiwan Semiconductor Manufacturing Co., Ltd., $0.000001, expiring 11/21/05*		2,697,134		5,221,652

Netherlands (0.3%)
ABN Amro Bank N.V., $20.62, expiring 1/12/05*		3,730,685		5,931,789

Total Warrants (0.6%) (Cost $10,280,769)				11,153,441


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Short-Term Investments of Cash Collateral for Securities Loaned (15.0%)
Barclays N.Y.
2.37%, 6/1/05(l)	$	5,498,207		5,498,207
Bayerische Landesbank N.Y.
2.41%, 1/31/06(l)		25,000,000		25,000,000
BNP Paribas N.Y.
2.34%, 10/11/05(l)		14,996,173		14,996,173
Concord Minutemen C.C. LLC, Series A
2.37%, 4/14/05(l)		4,999,662		4,999,662
Deutsche Bank N.Y.
2.43%, 2/22/05(l)		5,000,656		5,000,656
General Electric Capital Corp.
2.42%, 5/12/06(l)		5,015,706		5,015,706
General Electric Co.
2.09%, 10/24/05(l)		5,003,097		5,003,097
ING USA
2.41%, 2/18/05		25,000,000		25,000,000

122

EQ ADVISORS TRUST

EQ/ALLIANCE INTERNATIONAL PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Principal Amount			Value (Note 1)
Merrill Lynch & Co., Inc.
2.38%, 5/5/06(l)	$	27,000,000		$	27,000,000
New York Life Insurance
2.39%, 3/31/05(l)		15,000,000			15,000,000
Nomura Securities
2.36%, 1/3/05		21,557,102			21,557,102
2.38%, 1/3/05		75,000,000			75,000,000
Skandinaviska Enskilda Banken
2.29%, 2/1/05		23,904,240			23,904,240
Svenska Grand Cayman
2.34%, 2/4/05		10,000,000			10,000,000
Swedbank N.Y.
2.42%, 6/20/06(l)		9,991,035			9,991,035
Westdeutsche Landesbank N.Y.
2.34%, 6/22/05(l)		9,998,750			9,998,750

Total Short-Term Investments of Cash Collateral for Securities Loaned					282,964,628

Time Deposit (0.6%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		10,858,761			10,858,761

Total Short-Term Debt Securities (15.6%) (Amortized Cost $293,823,389)					293,823,389

Total Investments (114.2%) (Cost/Amortized Cost $1,695,382,936)					2,148,029,780
Other Assets Less Liabilities (-14.2%)					(267,893,349	)

Net Assets (100%)				$	1,880,136,431


Market Sector Diversification
As a Percentage of Total Equity Investments

Consumer Discretionary					19.1	%
Consumer Staples					7.1
Energy					8.3
Financials
Capital Markets		2.6	%
Commercial Banks		15.9
Consumer Finance		2.4
Diversified Financial Services		1.8
Insurance		2.8

Total Financials					25.5
Health Care					10.6
Industrials					4.5
Information Technology					10.8
Materials					8.5
Telecommunication Services					3.7
Utilities					1.9

					100.0	%

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2004, the market value of these securities amounted to $11,340,039 or 0.60% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any security might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

CVA — Dutch Certification

GDR — Global Depositary Receipt

At December 31, 2004 the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/04		Unrealized Appreciation
TOPIX Index	46	March -05	$	4,891,140	$	5,151,264	$	260,124

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	997,492,565
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		960,831,999

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	453,714,861
Aggregate gross unrealized depreciation		(6,091,247	)

Net unrealized appreciation	$	447,623,614

Federal income tax cost of investments	$	1,700,406,166

123

EQ ADVISORS TRUST

EQ/ALLIANCE INTERNATIONAL PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

At December 31, 2004, the Portfolio had loaned securities with a total value of $269,499,536. This was secured by collateral of $283,026,001 of which $282,964,628 was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $61,373 was received in the form of short-term pooled securities, which the Portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

For the year ended December 31, 2004, the Portfolio incurred approximately $25,127 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $394,414,610 of which $9,473,492 expires in the year 2008, $285,572,509 expires in the year 2009, $61,620,674 expires in the year 2010, and $37,747,935 expires in the year 2011.

The Portfolio utilized net capital loss carryforward of $115,326,699 during 2004.

Included in the capital loss carryforward amounts are $31,423,050 of losses acquired from EQ/International Equity Index Portfolio as a result of a tax-free reorganization that accrued during the year ended 2003, and $50,119,452 of losses acquired from EQ/Alliance Global Portfolio as a result of a tax-free reorganization that occurred during the year ended 2002. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

See Notes to Financial Statements.

124

EQ ADVISORS TRUST

EQ/ALLIANCE PREMIER GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (20.5%)
*Hotels, Restaurants & Leisure (2.5%)*
Carnival Corp.		272,400	$	15,698,412
Starbucks Corp.*		207,500		12,939,700

				28,638,112

*Household Durables (2.3%)*
Pulte Homes, Inc.		398,400		25,417,920

*Internet & Catalog Retail (5.4%)*
Amazon.com, Inc.*^		102,900		4,557,441
eBay, Inc.*		484,908		56,385,102

				60,942,543

*Media (2.3%)*
E.W. Scripps Co., Class A		437,700		21,132,156
Univision Communications, Inc., Class A*^		173,800		5,087,126

				26,219,282

*Multiline Retail (2.7%)*
Target Corp.		593,200		30,804,876

*Specialty Retail (5.3%)*
Bed Bath & Beyond, Inc.*		426,800		16,999,444
Lowe’s Cos., Inc.		755,503		43,509,418

				60,508,862

Total Consumer Discretionary				232,531,595

Consumer Staples (3.3%)
*Household Products (1.1%)*
Procter & Gamble Co.		232,200		12,789,576

*Personal Products (2.2%)*
Avon Products, Inc.		629,698		24,369,312

Total Consumer Staples				37,158,888

Energy (3.0%)
*Energy Equipment & Services (3.0%)*
Halliburton Co.^		224,700		8,817,228
Nabors Industries Ltd.*^		499,400		25,614,226

Total Energy				34,431,454

Financials (13.7%)
*Capital Markets (2.2%)*
Franklin Resources, Inc.^		101,300		7,055,545
Merrill Lynch & Co., Inc.		299,400		17,895,138

				24,950,683

*Consumer Finance (3.0%)*
MBNA Corp.		1,180,100		33,267,019

*Diversified Financial Services (3.1%)*
Citigroup, Inc.		454,099		21,878,490
JPMorgan Chase & Co.		343,200		13,388,232

				35,266,722

*Insurance (5.4%)*
Aflac, Inc.		156,100		6,219,024
American International Group, Inc.		593,099		38,948,812
Progressive Corp.		191,601		16,255,429

				61,423,265

Total Financials				154,907,689

Health Care (19.3%)
*Biotechnology (3.5%)*
Amgen, Inc.*		526,401		33,768,624
Biogen Idec, Inc.*		91,900		6,121,459

				39,890,083

*Health Care Equipment & Supplies (8.0%)*
Alcon, Inc.^		258,700		20,851,220
Boston Scientific Corp.*		513,800		18,265,590
St. Jude Medical, Inc.*		721,500		30,252,495
Zimmer Holdings, Inc.*		263,400		21,103,608

				90,472,913

*Health Care Providers & Services (4.9%)*
UnitedHealth Group, Inc.		406,000		35,740,180
WellPoint, Inc.*^		179,000		20,585,000

				56,325,180

*Pharmaceuticals (2.9%)*
Pfizer, Inc.		270,400		7,271,056
Teva Pharmaceutical Industries Ltd. (ADR)^		846,200		25,267,532

				32,538,588

Total Health Care				219,226,764

Industrials (3.3%)
*Commercial Services & Supplies (0.6%)*
Apollo Group, Inc., Class A*		84,700		6,836,137

*Industrial Conglomerates (2.7%)*
General Electric Co.		824,300		30,086,950

Total Industrials				36,923,087

Information Technology (35.7%)
*Communications Equipment (9.7%)*
Corning, Inc.*		2,229,100		26,236,507
Juniper Networks, Inc.*		1,231,600		33,487,204
QUALCOMM, Inc.		948,200		40,203,680
Research In Motion Ltd.*		124,300		10,244,806

				110,172,197

*Computers & Peripherals (7.8%)*
Apple Computer, Inc.*		283,000		18,225,200
Dell, Inc.*		1,144,802		48,241,956
EMC Corp.*		849,900		12,638,013
Network Appliance, Inc.*		275,100		9,138,822

				88,243,991

*Internet Software & Services (6.1%)*
Google, Inc., Class A*^		60,400		11,663,240
Yahoo!, Inc.*^		1,530,800		57,680,544

				69,343,784

*Semiconductors & Semiconductor Equipment (5.6%)*
Advanced Micro Devices, Inc.*^		612,700		13,491,654
Altera Corp.*		481,500		9,967,050
Broadcom Corp., Class A*		651,100		21,017,508
Marvell Technology Group Ltd.*^		523,500		18,568,545

				63,044,757

*Software (6.5%)*
Electronic Arts, Inc.*		697,400		43,015,632
Microsoft Corp.		374,991		10,016,010
Symantec Corp.*		820,400		21,133,504

				74,165,146

Total Information Technology				404,969,875

Total Common Stocks (98.8%) (Cost $935,939,898)				1,120,149,352


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Short-Term Investments of Cash Collateral for Securities Loaned (6.6%)
Fortis Bank
2.34%, 2/2/05	$	2,000,000		2,000,000
Morgan Stanley & Co.
2.49%, 1/2/06(l).		3,000,000		3,000,000
New York Life Insurance Co.
2.39%, 3/31/05		3,000,000		3,000,000
Nomura Securities
2.36%, 1/3/05		7,313,288		7,313,288

125

EQ ADVISORS TRUST

EQ/ALLIANCE PREMIER GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Principal Amount		Value (Note 1)
Nomura Securities
2.38%, 1/3/05	$	55,000,000	$	55,000,000
Nordeutsche Landesbank N.Y.
2.37%, 6/12/06(l)		3,997,300		3,997,300

				74,310,588

Time Deposit (0.9%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		10,633,486		10,633,486

Total Short-Term Debt Securities (7.5%) (Cost/Amortized Cost $84,944,074)				84,944,074

Total Investments (106.3%) (Cost/Amortized Cost $1,020,883,972)				1,205,093,426
Other Assets Less Liabilities (-6.3%)				(71,914,278	)

Net Assets (100%)			$	1,133,179,148

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	835,342,219
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		874,509,137

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	190,115,364
Aggregate gross unrealized depreciation		(9,689,500	)

Net unrealized appreciation	$	180,425,864

Federal income tax cost of investments	$	1,024,667,562

At December 31, 2004, the Portfolio had loaned securities with a total value $72,696,857. This was secured by collateral of $74,310,588 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2004, the Portfolio incurred approximately $122,491 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $703,225,787 of which $340,761,560 expires in the year 2009, $258,581,589 expires in the year 2010, and $103,882,638 expires in the year 2011.

The Portfolio utilized net capital loss carryforward of $33,518,521 during 2004.

See Notes to Financial Statements.

126

EQ ADVISORS TRUST

EQ/ALLIANCE QUALITY BOND PORTFOLIO PORTFOLIO OF INVESTMENTS

December 31, 2004


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (7.8%)
*Asset Backed Securities (2.1%)*
Ameriquest Mortgage Securities, Inc.,
Series 04-R4 A2 2.528%, 6/25/34 (l)	$	2,154,423	$	2,154,390
Centex Home Equity,
Series 03-C AV 2.718%, 9/25/33 (l)		2,697,264		2,700,635
Citibank Credit Card Issuance Trust,
Series 04-A8 A8 4.900%, 12/12/16^		11,505,000		11,656,003
Equity One ABS, Inc.,
Series 04-3 AF1 2.578%, 7/25/34 (l)		3,755,253		3,756,080
Merrill Lynch Mortgage Investors, Inc.,
Series 04-SL1 A 2.678%, 4/25/35 (l)		1,952,120		1,952,156
Residential Asset Mortgage Products, Inc.,
Series 04-RS2 AI1 2.548%, 1/24/24 (l)		1,895,686		1,895,808
Series 04-RS6 AI1 2.568%, 8/25/22 (l)		2,359,923		2,360,229
Series 04-SP1 AI1 2.598%, 6/15/13 (l)		2,190,708		2,191,429
Residential Asset Securities Corp.,
Series 02-KS7 A2 2.788%, 11/25/32 (l)		3,721,667		3,727,331
Series 03-KS3 A2 2.718%, 5/25/33 (l)		4,785,741		4,791,142
Series 04-KS7 AI1 2.568%, 10/25/21 (l)		3,030,859		3,031,302
Residential Funding Mortgage Securities II,
Series 04-HS2 AI1 2.568%, 12/25/18 (l)		3,198,121		3,198,548

				43,415,053

*Non-Agency CMO (5.7%)*
Banc of America Commercial Mortgage, Inc.,
Series 04-1 A2 4.037%, 11/10/39		5,925,000		5,880,174
Series 04-1 A4 4.760%, 11/10/39		8,780,000		8,771,297
Series 04-3 A5 5.306%, 6/10/39 (l)		9,465,000		9,911,703
Series 04-4 A3 4.128%, 7/10/42		6,190,000		6,187,511
Series 04-6 A2 4.161%, 12/10/42		8,270,000		8,276,451
Bear Stearns Commercial Mortgage Securities,
Series 04-PWR5 A5 4.978%, 7/11/42 (l)		9,400,000		9,503,945
Countrywide Home Loan Mortgage Pass Through Trust,
Series 03-49 A1 1.642%, 12/19/33 (l)		2,150,225		2,141,525
Credit Suisse First Boston Mortgage Securities Corp.,
Series 04-C5 A2 4.183%, 11/15/37		6,995,000		6,999,757
Series 03-CK2 A2 3.861%, 3/15/36		5,425,000		5,419,541
Deutsche Mortgage Securities, Inc.,
Series 04-4 1A1 2.628%, 4/25/34 (l)		2,578,147		2,579,975
GE Capital Commercial Mortgage Corp.,
Series 04-C3 A4 5.189%, 7/10/39 (l)		6,645,000		6,832,743
Greenwich Capital Commercial Funding Corp.,
Series 03-C1 A4 4.111%, 7/5/35		6,385,000		6,161,267
Series 03-C2 A3 4.533%, 1/5/36		8,390,000		8,449,306
LB-UBS Commercial Mortgage Trust,
Series 04-C7 A2 3.992%, 10/15/29		5,880,000		5,839,192
Series 04-C8 A2 4.201%, 12/15/29^		6,525,000		6,540,346
Merrill Lynch Mortgage Trust,
Series 04-KEY2 A2 4.166%, 8/12/39^		5,130,000		5,110,958
Morgan Stanley Capital I,
Series 03-IQ6 A4 4.970%, 12/15/41		4,635,000		4,714,066
Series 04-HQ4 A7 4.970%, 4/14/40		6,765,000		6,838,460

				116,158,217

Total Asset-Backed and Mortgage-Backed Securities				159,573,270

Consumer Discretionary (2.8%)
*Automobiles (0.8%)*
Ford Motor Co.
6.375%, 2/1/29 7.450%, 7/16/31^		1,110,000 585,000		998,929 588,357
Ford Motor Credit Co.
5.700%, 1/15/10 7.375%, 2/1/11		665,000 7,035,000		671,053 7,581,978
7.000%, 10/1/13^		1,775,000		1,881,734
General Motors Corp.
8.375%, 7/15/33^		5,535,000		5,734,720

				17,456,771

*Household Durables (0.1%)*
Fortune Brands, Inc.
2.875%, 12/1/06^		2,050,000		2,030,792

*Media (1.9%)*
British Sky Broadcasting plc
6.875%, 2/23/09		1,450,000		1,590,665
Comcast Cable Communications Holdings, Inc.
9.455%, 11/15/22		2,600,000		3,595,935
Comcast Cable Communications, Inc.
6.875%, 6/15/09^		8,125,000		9,026,428
Comcast Corp.
7.050%, 3/15/33^		1,790,000		2,048,168
News America, Inc.
6.550%, 3/15/33^		4,710,000		5,012,886
Time Warner Entertainment Co. LP
8.375%, 3/15/23		7,995,000		10,023,395
Time Warner, Inc.
7.700%, 5/1/32		4,845,000		5,926,007
WPP Finance UK Corp.
5.875%, 6/15/14^§		2,445,000		2,544,604

				39,768,088

Total Consumer Discretionary				59,255,651

Consumer Staples (1.0%)
*Food & Staples Retailing (0.3%)*
Albertson’s, Inc.
7.450%, 8/1/29^		3,140,000		3,680,413
Safeway, Inc.
4.950%, 8/16/10^		3,240,000		3,298,187

				6,978,600

*Food Products (0.7%)*
Kraft Foods, Inc.
4.125%, 11/12/09		8,540,000		8,493,269

127

EQ ADVISORS TRUST

EQ/ALLIANCE QUALITY BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Principal Amount		Value (Note 1)
5.250%, 10/1/13	$	4,910,000	$	5,051,658

				13,544,927

Total Consumer Staples				20,523,527

Energy (0.9%)
*Oil & Gas (0.9%)*
Amerada Hess Corp.
7.875%, 10/1/29		3,410,000		4,034,732
7.125%, 3/15/33		3,455,000		3,798,987
Conoco, Inc.
6.950%, 4/15/29		3,435,000		4,056,237
Valero Energy Corp.
7.500%, 4/15/32^		5,055,000		6,097,245

Total Energy				17,987,201

Financials (8.6%)
*Capital Markets (0.5%)*
Goldman Sachs Group, Inc.
4.750%, 7/15/13		3,590,000		3,552,431
6.125%, 2/15/33		3,780,000		3,926,932
Merrill Lynch & Co., Inc.
5.000%, 1/15/15		2,520,000		2,510,124

				9,989,487

*Commercial Banks (1.7%)*
Bank of America Corp.
6.250%, 4/15/12		1,090,000		1,203,800
Barclays Bank plc
8.550%, 12/31/49 §(l)		4,180,000		5,089,911
CBA Capital Trust I
5.805%, 12/31/49 §		2,435,000		2,534,908
Huntington National Bank
4.375%, 1/15/10		3,135,000		3,145,578
Mizuho Financial Group Cayman Ltd.
8.375%, 12/31/49		5,020,000		5,501,418
RBS Capital Trust I
4.709%, 12/29/49 (l)		5,895,000		5,742,886
RBS Capital Trust III
7.730%, 7/1/10 (l)		5,490,000		5,611,938
Suntrust Bank
2.530%, 6/2/09^(l)		3,395,000		3,403,254
Wells Fargo & Co.
4.200%, 1/15/10		3,080,000		3,092,517

				35,326,210

*Consumer Finance (1.5%)*
American General Finance Corp.
4.625%, 5/15/09		6,950,000		7,072,327
Boeing Capital Corp.
4.750%, 8/25/08^		880,000		910,137
Capital One Financial Corp.
6.250%, 11/15/13^		1,445,000		1,553,647
General Motors Acceptance Corp.
7.750%, 1/19/10		3,410,000		3,660,008
6.875%, 9/15/11		3,890,000		3,986,445
HSBC Finance Corp.
6.500%, 11/15/08		6,025,000		6,552,651
7.000%, 5/15/12		2,340,000		2,672,226
MBNA Corp.
4.625%, 9/15/08		3,695,000		3,752,841

				30,160,282

*Diversified Financial Services (3.6%)*
Capital One Bank
6.500%, 6/13/13^		425,000		464,393
CIT Group, Inc.
2.530%, 5/18/07^(l)		2,360,000		2,360,009
Citigroup, Inc.
2.590%, 6/9/09 (l)		2,420,000		2,423,674
5.000%, 9/15/14 §		3,458,000		3,474,681
Credit Suisse First Boston USA, Inc.
5.500%, 8/15/13		1,005,000		1,052,381
General Electric Capital Corp.
2.581%, 6/22/07^ (l)		15,500,000		15,508,494
3.500%, 8/15/07		10,240,000		10,219,284
4.375%, 11/21/11		3,800,000		3,783,068
6.750%, 3/15/32^		8,595,000		10,060,018
JPMorgan Chase & Co.
6.750%, 2/1/11		5,970,000		6,706,740
Mangrove Bay Pass-Through Trust
6.102%, 7/15/33 §(l)		6,965,000		6,911,091
UFJ Finance Aruba AEC
6.750%, 7/15/13		2,520,000		2,808,215
Washington Mutual Financial Corp.
6.875%, 5/15/11^		7,320,000		8,300,009

				74,072,057

*Insurance (1.1%)*
Assurant, Inc.
5.625%, 2/15/14^		2,710,000		2,798,750
Berkshire Hathaway Finance Corp.
4.200%, 12/15/10^		3,970,000		3,944,516
Liberty Mutual Group
5.750%, 3/15/14 §		2,795,000		2,747,829
Metlife, Inc.
5.000%, 11/24/13^		2,945,000		2,957,852
Royal & Sun Alliance Insurance Group plc
8.950%, 10/15/29^		2,605,000		3,289,636
Zurich Capital Trust I
8.376%, 6/1/37 §		6,100,000		6,848,860

				22,587,443

*Thrifts & Mortgage Finance (0.2%)*
Countrywide Home Loans, Inc.
4.000%, 3/22/11		4,670,000		4,540,454

Total Financials				176,675,933

Government Securities (63.6%)
*Foreign Governments (1.0%)*
United Mexican States
4.625%, 10/8/08		9,855,000		9,978,188
7.500%, 1/14/12		8,675,000		9,838,605

				19,816,793

*U.S. Government Agencies (50.5%)*
Federal Home Loan Bank
3.750%, 8/18/09^		22,500,000		22,452,390
Federal Home Loan Mortgage Corp.
3.750%, 8/3/07^		24,660,000		24,693,414
4.250%, 7/15/09^		25,290,000		25,729,565
5.125%, 11/7/13^		20,275,000		20,356,100
6.000%, 1/15/35 TBA		19,885,000		20,537,467
Federal National Mortgage Association
3.250%, 6/28/06^		49,155,000		49,138,287
3.410%, 8/30/07		38,500,000		38,370,101
3.550%, 11/16/07		14,970,000		14,980,719
5.250%, 8/1/12^		19,690,000		20,430,935
4.625%, 10/15/14^		10,000,000		10,007,510
6.000%, 2/1/17		7,537,233		7,903,007
6.500%, 3/1/26		17,111		17,951
6.500%, 5/1/26		8,167		8,568
9.000%, 8/1/26		13,248		14,339
6.500%, 1/1/28		1,057,489		1,109,374
6.500%, 2/1/28		635,580		666,765
6.500%, 3/1/28		142,094		149,066
6.500%, 6/1/28		24,616		25,824
6.500%, 7/1/28		33,475		35,117
6.500%, 8/1/28		79,829		83,746
6.500%, 9/1/28		374,821		393,211
6.500%, 10/1/28		103,163		108,225

128

EQ ADVISORS TRUST

EQ/ALLIANCE QUALITY BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Principal Amount		Value (Note1)
6.500%, 11/1/28	$	138,838	$	145,650
6.500%, 12/1/28		13,848		14,527
6.500%, 1/1/29		71,733		75,253
6.500%, 2/1/29		1,278,029		1,340,735
6.500%, 3/1/29		228,603		239,818
6.500%, 4/1/29		221,440		232,304
6.500%, 5/1/29		74,409		79,109
6.500%, 6/1/29		531,875		557,974
6.500%, 7/1/29		539,222		565,679
6.500%, 8/1/29		303,844		318,752
6.500%, 9/1/29		5,945		6,237
6.500%, 10/1/29		4,293		4,504
6.500%, 11/1/29		37,883		39,742
6.500%, 2/1/31		5,859		6,146
6.500%, 5/1/31		755,986		793,078
6.500%, 9/1/31		137,503		144,250
6.500%, 10/1/31		40,637		42,631
6.500%, 3/1/32		653,595		685,664
6.500%, 8/1/32		147,213		154,436
6.500%, 9/1/32		315,470		330,949
6.500%, 11/1/32		21,835		22,906
6.500%, 12/1/32		28,353		29,744
6.500%, 5/1/33		24,779		25,995
5.000%, 2/1/34		36,516,157		36,240,022
4.500%, 1/25/20 TBA		94,185,000		93,861,192
5.500%, 1/25/20 TBA		68,455,000		70,722,572
5.000%, 1/25/35 TBA		80,985,000		80,326,997
5.500%, 1/25/35 TBA		214,940,000		218,164,100
6.000%, 1/25/35 TBA		81,170,000		83,909,487
6.500%, 1/25/35 TBA		118,640,000		124,386,684
Government National Mortgage Association
8.500%, 10/15/17		6,243		6,814
8.500%, 11/15/17		22,181		24,210
8.000%, 7/15/26		1,926		2,090
6.000%, 1/15/35 TBA		25,350,000		26,261,028
5.000%, 1/15/35 TBA		38,780,000		38,767,901

				1,035,740,861

*U.S. Treasuries (12.1%)*
U.S. Treasury Bonds
5.375%, 2/15/31^		29,196,000		31,570,452
U.S. Treasury Notes
2.500%, 9/30/06^		41,845,000		41,483,752
3.500%, 8/15/09^		122,150,000		121,816,042
4.250%, 8/15/14^		16,815,000		16,852,447
4.250%, 11/15/14		4,275,000		4,286,188
Inflation Indexed
2.000%, 7/15/14^		31,546,930		32,547,567

				248,556,448

Total Government Securities				1,304,114,102

Health Care (0.2%)
*Health Care Providers & Services (0.2%)*
Humana, Inc.
6.300%, 8/1/18^		2,575,000		2,641,064
WellPoint, Inc.
3.750%, 12/14/07 §		1,250,000		1,249,344

Total Health Care				3,890,408

Industrials (0.8%)
*Commercial Services & Supplies (0.2%)*
Waste Management, Inc.
6.875%, 5/15/09		3,550,000		3,933,318

*Industrial Conglomerates (0.6%)*
Hutchison Whampoa International Ltd.
7.450%, 11/24/33^§		5,105,000		5,658,321
Tyco International Group S.A.
6.375%, 10/15/11		6,955,000		7,678,709

				13,337,030

Total Industrials				17,270,348

Information Technology (0.4%)
*Computers & Peripherals (0.1%)*
International Business Machines Corp.
4.375%, 6/1/09^		1,215,000		1,236,092

*IT Services (0.3%)*
Pershing Road Development Co. LLC
2.800%, 9/1/26 §(l)		6,590,000		6,590,000

Total Information Technology				7,826,092

Materials (0.8%)
*Containers & Packaging (0.1%)*
Packaging Corp. of America
5.750%, 8/1/13		50,000		51,566
Sealed Air Corp.
5.625%, 7/15/13 §		1,940,000		2,006,965

				2,058,531

*Paper & Forest Products (0.7%)*
International Paper Co.
5.300%, 4/1/15		3,675,000		3,718,123
Weyerhaeuser Co.
7.375%, 3/15/32^		8,330,000		9,878,097

				13,596,220

Total Materials				15,654,751

Telecommunication Services (2.5%)
*Diversified Telecommunication Services (2.1%)*
BellSouth Corp.
4.200%, 9/15/09		2,325,000		2,331,073
British Telecommunications plc
8.875%, 12/15/30		2,565,000		3,434,589
Deutsche Telekom International Finance BV
8.250%, 6/15/30		1,880,000		2,482,461
SBC Communications, Inc.
5.100%, 9/15/14		4,250,000		4,289,500
5.625%, 6/15/16		745,000		769,622
Sprint Capital Corp.
8.750%, 3/15/32		8,865,000		11,810,919
Telecom Italia Capital S.A.
4.000%, 1/15/10 §		8,010,000		7,853,709
6.375%, 11/15/33^		4,935,000		5,074,157
TELUS Corp.
7.500%, 6/1/07		4,040,000		4,389,460

				42,435,490

*Wireless Telecommunication Services (0.4%)*
AT&T Wireless Services, Inc.
8.750%, 3/1/31		6,160,000		8,305,608

Total Telecommunication Services				50,741,098

Utilities (1.9%)
*Electric Utilities (1.6%)*
Carolina Power & Light Co.
6.500%, 7/15/12		4,120,000		4,569,863
CenterPoint Energy, Inc.
6.850%, 6/1/15^		750,000		830,179
Consumers Energy Co.
4.250%, 4/15/08		1,955,000		1,974,145
FirstEnergy Corp.
7.375%, 11/15/31		9,215,000		10,523,382

129

EQ ADVISORS TRUST

EQ/ALLIANCE QUALITY BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Principal Amount		Value (Note 1)
Midamerican Energy Holdings Co.
5.875%, 10/1/12	$	1,765,000	$	1,870,266
Pacific Gas & Electric Co.
6.050%, 3/1/34		4,550,000		4,725,703
Public Service Co. of Colorado, Inc.
7.875%, 10/1/12		1,925,000		2,331,822
SPI Electricity & Gas Australia Holdings Property Ltd.
6.150%, 11/15/13 §		1,245,000		1,344,821
Union Electric Co.
5.100%, 10/1/19		1,290,000		1,281,054
Xcel Energy, Inc.
7.000%, 12/1/10		2,390,000		2,694,080

				32,145,315

*Gas Utilities (0.1%)*
NiSource Finance Corp.
7.875%, 11/15/10		2,205,000		2,592,152

*Multi-Utilities & Unregulated Power (0.2%)*
Duke Capital LLC
8.000%, 10/1/19		3,575,000		4,362,712

Total Utilities				39,100,179

Total Long-Term Debt Securities (91.3%) (Cost $1,857,300,367)				1,872,612,560

SHORT-TERM DEBT SECURITIES:
Government Securities (44.5%)
Federal Farm Credit Bank
2.21%, 1/27/05 (o)		5,910,000		5,900,204
Federal Home Loan Bank
1.23%, 1/3/05 (o)		584,600,000		584,540,271
2.16%, 1/13/05 (o)		4,055,000		4,051,925
U.S. Treasury Bills
1.91%, 1/6/05^		121,685,000		121,646,330
1.97%, 2/17/05^		74,705,000		74,513,305
1.96%, 3/10/05^		122,590,000		122,122,564

Total Government Securities				912,774,599

Short-Term Investments of Cash Collateral for Securities Loaned (7.9%)
Barclays N.Y.
2.37%, 6/1/05(l)		9,996,740		9,996,740
Concord Minutemen C.C. LLC, Series A
2.37%, 4/14/05(l)		9,999,323		9,999,323
Deutsche Bank N.Y.
2.43%, 2/22/05(l)		10,001,311		10,001,311
General Electric Capital Corp.
2.40, 3/29/06(l)		10,006,201		10,006,201
2.42%, 5/12/06(l)		5,015,706		5,015,706
Merrill Lynch & Co., Inc.
2.38%, 5/5/06(l)		10,000,000		10,000,000
Nomura Securities
2.36%, 1/3/05		30,702,068		30,702,068
2.38%, 1/3/05		45,000,000		45,000,000
Skandinaviska Enskilda Banken AB
2.29%, 2/1/05(l)		996,010		996,010
Svenska Grand Cayman
2.34%, 2/4/05(l)		10,000,000		10,000,000
Swedbank N.Y.
2.42%, 6/20/06(l)		9,991,035		9,991,035
Westdeutsche Landesbank N.Y.
2.34%, 6/22/05(l)		9,998,750		9,998,750

Total Short-Term Investments of Cash Collateral for Securities Loaned				161,707,144

Time Deposit (0.6%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		12,402,594		12,402,594

Total Short-Term Debt Securities (53.0%) (Amortized Cost $1,086,884,337)				1,086,884,337

Total Investments (144.3%) (Cost/Amortized Cost $2,944,184,704)				2,959,496,897
Other Assets Less Liabilities (-44.3%)				(908,234,980	)

Net Assets (100%)			$	2,051,261,917

^	All, or a portion of security out on loan (See Note 1).

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2004, the market value of these securities amounted to $54,855,044 or 2.67% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any security might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2004.

Glossary:

CMO — Collateralized Mortgage Obligation

TBA — Security is subject to delayed delivery.

130

EQ ADVISORS TRUST

EQ/ALLIANCE QUALITY BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	10,148,068,234
U.S. Government securities		1,850,218,811
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		10,242,913,467
U.S. Government securities		1,742,440,619

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	17,928,305
Aggregate gross unrealized depreciation		(3,346,428	)

Net unrealized appreciation	$	14,581,877

Federal income tax cost of investments	$	2,944,915,020

At December 31, 2004, the Portfolio had loaned securities with a total value $764,789,552. This was secured by collateral of $779,452,867 which $161,707,144 was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $617,745,723 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

See Notes to Financial Statements.

131

EQ ADVISORS TRUST

EQ/ALLIANCE SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (12.8%)
*Auto Components (1.6%)*
BorgWarner, Inc.	326,200	$	17,670,254

*Hotels, Restaurants & Leisure (1.6%)*
Station Casinos, Inc.	334,400		18,284,992

*Household Durables (1.0%)*
Tempur-Pedic International, Inc.*	538,400		11,414,080

*Media (3.9%)*
Citadel Broadcasting Corp.*	282,100		4,564,378
Getty Images, Inc.*	232,800		16,028,280
Radio One, Inc., Class D*	979,100		15,783,092
XM Satellite Radio Holdings, Inc., Class A*	224,500		8,445,690

			44,821,440

*Multiline Retail (1.0%)*
Tuesday Morning Corp.*	364,955		11,178,572

*Specialty Retail (3.7%)*
Dick’s Sporting Goods, Inc.*	450,690		15,841,753
Too, Inc.*	518,100		12,672,726
Williams-Sonoma, Inc.*	376,250		13,183,800

			41,698,279

Total Consumer Discretionary			145,067,617

Energy (8.2%)
*Energy Equipment & Services (4.6%)*
Cooper Cameron Corp.*	164,100		8,830,221
Grant Prideco, Inc.*	866,000		17,363,300
National-Oilwell, Inc.*	396,600		13,996,014
Patterson-UTI Energy, Inc.	641,500		12,477,175

			52,666,710

*Oil & Gas (3.6%)*
Bill Barrett Corp.*	167,100		5,345,529
Newfield Exploration Co.*	272,800		16,108,840
Noble Energy, Inc.	182,600		11,259,116
Spinnaker Exploration Co.*	224,100		7,859,187

			40,572,672

Total Energy			93,239,382

Financials (8.3%)
*Capital Markets (3.2%)*
Affiliated Managers Group, Inc.*	118,200		8,006,868
BlackRock, Inc., Class A	215,200		16,626,352
Investors Financial Services Corp.	231,800		11,585,364

			36,218,584

*Commercial Banks (2.0%)*
Cathay General Bancorp	176,400		6,615,000
Southwest Bancorporation of Texas, Inc.	669,900		15,601,971

			22,216,971

*Diversified Financial Services (3.1%)*
Advance America Cash Advance Centers, Inc.*	122,760		2,811,204
Archipelago Holdings, Inc.*	285,100		5,981,398
CapitalSource, Inc.*	624,100		16,020,647
Primus Guaranty Ltd.*	630,610		10,335,698

			35,148,947

Total Financials			93,584,502

Health Care (13.9%)
*Biotechnology (5.0%)*
Martek Biosciences Corp.*	272,900		13,972,480
OraSure Technologies, Inc.*	790,121		5,309,613
Pharmion Corp.*	243,800		10,290,798
Protein Design Labs, Inc.*	479,400		9,904,404
Techne Corp.*	291,300		11,331,570
Telik, Inc.*	323,200		6,186,048

			56,994,913

*Health Care Equipment & Supplies (3.7%)*
Cooper Cos., Inc.	152,400		10,757,916
Inamed Corp.*	177,436		11,222,827
Kinetic Concepts, Inc.*	251,300		19,174,190

			41,154,933

*Health Care Providers & Services (1.8%)*
LabOne, Inc.*	388,600		12,450,744
VCA Antech, Inc.*	393,660		7,715,736

			20,166,480

*Pharmaceuticals (3.4%)*
Angiotech Pharmaceuticals, Inc.*	603,400		11,132,730
Medicis Pharmaceutical Corp., Class A	348,600		12,239,346
MGI Pharma, Inc.*	546,300		15,301,863

			38,673,939

Total Health Care			156,990,265

Industrials (19.7%)
*Aerospace & Defense (2.9%)*
Hexcel Corp.*	734,000		10,643,000
L-3 Communications Holdings, Inc.	174,700		12,795,028
United Defense Industries, Inc.*	196,300		9,275,175

			32,713,203

*Air Freight & Logistics (1.8%)*
Expeditors International of Washington, Inc.	366,405		20,474,711

*Commercial Services & Supplies (6.2%)*
Corporate Executive Board Co.	167,300		11,199,062
Education Management Corp.*	439,300		14,501,293
Manpower, Inc.	411,800		19,889,940
Stericycle, Inc.*	239,230		10,992,619
Strayer Education, Inc.	128,000		14,053,120

			70,636,034

*Construction & Engineering (1.8%)*
Dycom Industries, Inc.*	652,300		19,908,196

*Machinery (2.4%)*
Cummins, Inc.	125,300		10,498,887
Idex Corp.	405,900		16,438,950

			26,937,837

*Road & Rail (1.2%)*
Werner Enterprises, Inc.	603,875		13,671,730

*Trading Companies & Distributors (3.4%)*
Fastenal Co.	174,200		10,723,752
Hughes Supply, Inc.	452,300		14,631,905
MSC Industrial Direct Co.,	371,400		13,362,972

			38,718,629

Total Industrials			223,060,340

Information Technology (31.5%)
*Communications Equipment (1.5%)*
Avocent Corp.*	431,800		17,496,536

*Electronic Equipment & Instruments (7.2%)*
Amphenol Corp., Class A*	450,020		16,533,735
CDW Corp.	311,000		20,634,850
National Instruments Corp.	577,450		15,735,512
Scansource, Inc.*	327,100		20,332,536
Tektronix, Inc.	290,000		8,760,900

			81,997,533

*IT Services (8.6%)*
Alliance Data Systems Corp.*	381,800		18,127,864

132

EQ ADVISORS TRUST

EQ/ALLIANCE SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Number of Shares		Value (Note 1)
	Number of Shares		Value (Note 1)
CACI International, Inc., Class A*		197,600	$	13,462,488
Cognizant Technology Solutions Corp., Class A*		506,900		21,457,077
Global Payments, Inc.		362,000		21,191,480
Iron Mountain, Inc.*		326,505		9,955,138
Sapient Corp.*		1,693,920		13,398,907

				97,592,954

*Semiconductors & Semiconductor Equipment (6.6%)*
AMIS Holdings, Inc.*		496,200		8,197,224
Exar Corp.*		533,700		7,573,203
Formfactor, Inc.*		498,700		13,534,718
International Rectifier Corp.*		403,018		17,962,512
Lam Research Corp.*		430,900		12,457,319
Semtech Corp.*		386,700		8,457,129
Silicon Image, Inc.*		403,500		6,641,610

				74,823,715

*Software (7.6%)*
Activision, Inc.*		652,800		13,173,504
Cogent, Inc.*		123,900		4,088,700
Cognos, Inc.*		401,600		17,694,496
Kronos, Inc.*		223,200		11,412,216
Macromedia, Inc.*		476,530		14,829,614
NAVTEQ Corp.*		166,080		7,699,469
Quest Software, Inc.*		1,040,100		16,589,595

				85,487,594

*Total Information Technology*				357,398,332

Materials (1.7%)
*Chemicals (0.7%)*
Georgia Gulf Corp		146,300		7,285,740

*Metals & Mining (1.0%)*
Allegheny Technologies, Inc.		537,220		11,641,557

Total Materials				18,927,297

Telecommunication Services (2.7%)
*Wireless Telecommunication Services (2.7%)*
InPhonic, Inc.*		272,000		7,474,560
Nextel Partners, Inc., Class A*		1,174,600		22,951,684

Total Telecommunication Services				30,426,244

Total Common Stocks (98.8%) (Cost $870,051,274)				1,118,693,979


	Principal Amount
	Principal Amount
SHORT-TERM DEBT SECURITIES:
Time Deposit (1.4%)
JPMorgan Chase Nassau,1.74%, 1/3/05 (Amortized Cost $16,017,310)	$	16,017,310		16,017,310

Total Investments (100.2%) (Cost/Amortized Cost $ 886,068,584)				1,134,711,289
Other Assets Less Liabilities (-0.2%)				(1,920,602	)

Net Assets (100%)			$	1,132,790,687

*	Non-income producing.

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	824,239,859
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		827,317,935

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	257,280,236
Aggregate gross unrealized depreciation		(11,371,625	)

Net unrealized appreciation	$	245,908,611

Federal income tax cost of investments	$	888,802,678

For the year ended December 31, 2004, the Portfolio incurred approximately $65,907 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $173,998,469 of which $587,053 expires in the year 2008, $2,795,597 expires in the year 2009, and $170,615,819 expires in the year 2010.

The Portfolio utilized net capital loss carryforward of $72,970,331 during 2004.

Included in the capital loss carryforward amounts at December 31, 2004 are $3,382,650 of losses acquired from EQ/AXP Strategy Aggressive Portfolio as a result of a tax-free reorganization during the year ended 2002. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

See Notes to Financial Statements.

133

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EQ/BERNSTEIN DIVERSIFIED VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (11.3%)
*Auto Components (2.2%)*
American Axle & Manufacturing Holdings, Inc.^	170,300	$	5,221,398
Autoliv, Inc.	210,200		10,152,660
BorgWarner, Inc.^	137,800		7,464,626
Cooper Tire & Rubber Co.^	88,900		1,915,795
Dana Corp.	240,922		4,175,178
Lear Corp.	102,300		6,241,323
Magna International, Inc., Class A^	131,800		10,880,090

			46,051,070

*Automobiles (0.4%)*
General Motors Corp.^	198,900		7,967,934

*Hotels, Restaurants & Leisure (1.1%)*
McDonald’s Corp.	723,000		23,179,380

*Household Durables (0.7%)*
Newell Rubbermaid, Inc.	544,700		13,176,293

*Leisure Equipment & Products (0.3%)*
Eastman Kodak Co.	200,000		6,450,000

*Media (3.1%)*
Comcast Corp., Class A*	583,500		19,418,880
Interpublic Group of Cos., Inc.*	817,300		10,951,820
Time Warner, Inc.*	1,507,700		29,309,688
Viacom, Inc., Class B	61,900		2,252,541
Walt Disney Co.	89,800		2,496,440

			64,429,369

*Multiline Retail (1.3%)*
Federated Department Stores, Inc.	185,400		10,714,266
Nordstrom, Inc.	105,100		4,911,323
Target Corp.	190,700		9,903,051

			25,528,640

*Specialty Retail (1.4%)*
Gap, Inc.^	257,200		5,432,064
Limited Brands	575,200		13,241,104
Office Depot, Inc.*	539,300		9,362,248

			28,035,416

*Textiles, Apparel & Luxury Goods (0.8%)*
Jones Apparel Group, Inc.	256,900		9,394,833
V.F. Corp.	139,100		7,703,358

			17,098,191

Total Consumer Discretionary			231,916,293

Consumer Staples (6.4%)
*Beverages (0.7%)*
Adolph Coors Co., Class B^	37,200		2,814,924
PepsiCo, Inc.	207,900		10,852,380

			13,667,304

*Food & Staples Retailing (1.0%)*
Kroger Co.*	166,200		2,915,148
Safeway, Inc.*	645,900		12,750,066
SUPERVALU, Inc.	161,200		5,564,624

			21,229,838

*Food Products (1.5%)*
Archer-Daniels-Midland Co.	264,495		5,900,884
Kraft Foods, Inc., Class A	95,600		3,404,316
Sara Lee Corp.	534,600		12,905,244
Unilever N.V. (N.Y. Shares)	140,700		9,386,097

			31,596,541

*Tobacco (3.2%)*
Altria Group, Inc.	845,000		51,629,500
UST, Inc.	285,800		13,749,838

			65,379,338

Total Consumer Staples			131,873,021

Energy (10.7%)
*Oil & Gas (10.7%)*
Ashland, Inc.	120,800		7,052,304
BP plc (ADR)	154,900		9,046,160
ChevronTexaco Corp.	852,600		44,770,026
ConocoPhillips	342,697		29,756,381
Exxon Mobil Corp.	1,930,082		98,936,003
Marathon Oil Corp.	382,300		14,378,303
Occidental Petroleum Corp.	287,800		16,796,008

Total Energy			220,735,185

Financials (31.6%)
*Capital Markets (3.7%)*
Goldman Sachs Group, Inc.	193,000		20,079,720
Lehman Brothers Holdings, Inc.	175,500		15,352,740
Mellon Financial Corp.	330,300		10,275,633
Merrill Lynch & Co., Inc.	276,800		16,544,336
Morgan Stanley	247,500		13,741,200

			75,993,629

*Commercial Banks (10.7%)*
Bank of America Corp.	1,534,210		72,092,528
Comerica, Inc.	218,700		13,345,074
Huntington Bancshares, Inc./Ohio^	439,800		10,898,244
KeyCorp	369,100		12,512,490
National City Corp.	400,275		15,030,326
PNC Financial Services Group, Inc	88,900		5,106,416
SunTrust Banks, Inc.	234,700		17,339,636
U.S. Bancorp	793,800		24,861,816
Wachovia Corp.	645,441		33,950,197
Wells Fargo & Co.	231,600		14,393,940

			219,530,667

*Diversified Financial Services (6.1%)*
Citigroup, Inc.	1,875,366		90,355,134
JPMorgan Chase & Co.	903,500		35,245,535

			125,600,669

*Insurance (7.4%)*
ACE Ltd	119,300		5,100,075
Allstate Corp.	365,000		18,877,800
American International Group, Inc.	113,600		7,460,112
Chubb Corp.	156,400		12,027,160
Genworth Financial, Inc., Class A	427,800		11,550,600
Hartford Financial Services Group, Inc.	251,800		17,452,258
Manulife Financial Corp.	293,717		13,569,725
MBIA, Inc.	162,500		10,283,000
Metlife, Inc.	317,200		12,849,772
Prudential Financial, Inc.	242,000		13,300,320
St. Paul Travelers Cos., Inc.	436,729		16,189,544
Torchmark Corp.	80,200		4,582,628
XL Capital Ltd., Class A	122,500		9,512,125

			152,755,119

*Thrifts & Mortgage Finance (3.7%)*
Astoria Financial Corp.	178,900		7,150,633
Fannie Mae^	142,650		10,158,107
Freddie Mac	336,100		24,770,570
MGIC Investment Corp.	151,700		10,453,647

134

EQ ADVISORS TRUST

EQ/BERNSTEIN DIVERSIFIED VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
	Number of Shares	Value (Note 1)
Washington Mutual, Inc.	526,900	$	22,277,332

			74,810,289

Total Financials			648,690,373

Health Care (2.3%)
*Health Care Providers & Services (0.7%)*
Medco Health Solutions, Inc.*	336,500		13,998,400

*Pharmaceuticals (1.6%)*
AstraZeneca plc (ADR)	190,000		6,914,100
Bristol-Myers Squibb Co.	298,000		7,634,760
GlaxoSmithKline plc (ADR)	79,400		3,762,766
Merck & Co., Inc.	393,100		12,634,234
Pfizer, Inc.	94,600		2,543,794

			33,489,654

Total Health Care			47,488,054

Industrials (12.6%)
*Aerospace & Defense (2.1%)*
Boeing Co.	209,300		10,835,461
General Dynamics Corp.^	56,600		5,920,360
Goodrich Corp.	281,300		9,181,632
Honeywell International, Inc.	471,800		16,706,438

			42,643,891

*Building Products (0.4%)*
Masco Corp.	259,500		9,479,535
*Electrical Equipment (0.7%)*
Cooper Industries Ltd., Class A	95,100		6,456,339
Hubbell, Inc., Class B^	141,800		7,416,140

			13,872,479

*Industrial Conglomerates (6.3%)*
General Electric Co.	2,870,000		104,755,000
Textron, Inc.	181,000		13,357,800
Tyco International Ltd.^	302,300		10,804,202

			128,917,002

*Machinery (1.4%)*
Eaton Corp.	177,000		12,807,720
Ingersoll-Rand Co., Class A	18,800		1,509,640
Parker-Hannifin Corp.	184,000		13,936,160
SPX Corp.	15,300		612,918

			28,866,438

*Road & Rail (1.7%)*
Burlington Northern Santa Fe Corp.	266,500		12,608,115
CSX Corp.	237,100		9,502,968
Norfolk Southern Corp.	366,700		13,270,873

			35,381,956

Total Industrials			259,161,301

Information Technology (7.1%)
*Communications Equipment (1.5%)*
ADC Telecommunications, Inc.*^	2,337,100		6,263,428
Corning, Inc.*	594,100		6,992,557
Nortel Networks Corp.*	2,263,300		7,898,917
Tellabs, Inc.*^	1,073,285		9,219,518

			30,374,420

*Computers & Peripherals (1.8%)*
Hewlett-Packard Co.	1,444,801		30,297,477
International Business Machines Corp.	76,000		7,492,080
Quantum Corp.*^	92,000		241,040

			38,030,597

*Electronic Equipment & Instruments (1.8%)*
Arrow Electronics, Inc.*	50,000		1,215,000
Flextronics International Ltd.*	517,200		7,147,704
Ingram Micro, Inc., Class A*	227,800		4,738,240
Sanmina-SCI Corp.*	440,400		3,730,188
Solectron Corp.*	1,804,900		9,620,117
Tech Data Corp.*^	92,400		4,194,960
Vishay Intertechnology, Inc.*^	385,800		5,794,716

			36,440,925

*IT Services (0.7%)*
Electronic Data Systems Corp.	607,800		14,040,180

*Semiconductors & Semiconductor Equipment (0.1%)*
Agere Systems, Inc., Class A*^	2,023,800		2,772,606

*Software (1.2%)*
Microsoft Corp.	933,600		24,936,456

Total Information Technology			146,595,184

Materials (5.6%)
*Chemicals (1.3%)*
Dow Chemical Co.	44,500		2,203,195
DuPont (E.I.) de Nemours & Co.	117,300		5,753,565
Eastman Chemical Co.	124,200		7,170,066
Monsanto Co.	131,400		7,299,270
PPG Industries, Inc.	51,000		3,476,160

			25,902,256

*Construction Materials (0.8%)*
Martin Marietta Materials, Inc.	123,800		6,643,108
Vulcan Materials Co.	190,200		10,386,822

			17,029,930

*Containers & Packaging (1.0%)*
Owens-Illinois, Inc.*	68,400		1,549,260
Smurfit-Stone Container Corp.*	497,800		9,298,904
Temple-Inland, Inc.	148,700		10,171,080

			21,019,244

*Metals & Mining (1.3%)*
Alcoa, Inc.	201,100		6,318,562
United States Steel Corp.^	320,500		16,425,625
Worthington Industries, Inc.	165,700		3,244,406

			25,988,593

*Paper & Forest Products (1.2%)*
Georgia-Pacific Corp.	349,765		13,109,192
MeadWestvaco Corp.	375,000		12,708,750

			25,817,942

Total Materials			115,757,965

Telecommunication Services (4.6%)
*Diversified Telecommunication Services (4.6%)*
BellSouth Corp.	252,500		7,016,975
SBC Communications, Inc.	452,542		11,662,007
Sprint Corp.^	1,122,950		27,905,308
Verizon Communications, Inc.	1,160,736		47,021,415

Total Telecommunication Services			93,605,705

Utilities (4.9%)
*Electric Utilities (3.9%)*
Alliant Energy Corp.	271,900		7,776,340
American Electric Power Co., Inc.	432,000		14,834,880
Edison International, Inc.	27,800		890,434
Entergy Corp.	175,400		11,855,286
Exelon Corp.	368,400		16,235,388
FirstEnergy Corp.	289,200		11,426,292
Northeast Utilities	319,300		6,018,805
PPL Corp.	134,300		7,155,504
Wisconsin Energy Corp.	45,400		1,530,434
Xcel Energy, Inc.^	184,200		3,352,440

			81,075,803

*Multi-Utilities & Unregulated Power (1.0%)*
Constellation Energy Group, Inc.	170,400		7,448,184

135

EQ ADVISORS TRUST

EQ/BERNSTEIN DIVERSIFIED VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Number of Shares		Value (Note 1)
	Number of Shares		Value (Note 1)
Sempra Energy		335,000	$	12,287,800

				19,735,984

Total Utilities				100,811,787

Total Common Stocks (97.1%) (Cost $1,640,603,798)				1,996,634,868


	Principal Amount
	Principal Amount
SHORT-TERM DEBT SECURITIES:
Short-Term Investments of Cash Collateral for Securities Loaned (4.9%)
Concord Minutemen C.C. LLC, Series A
2.37%, 4/14/05 (l)	$	4,999,662		4,999,662
General Electric Capital Corp.
2.40%, 3/29/06 (l)		5,003,100		5,003,100
2.42%, 5/12/06 (l)		4,012,565		4,012,565
Merrill Lynch & Co., Inc.
2.13%, 10/19/06 (l)		5,500,000		5,500,000
Morgan Stanley & Co.
2.49%, 1/2/06 (l)		4,500,000		4,500,000
Nomura Securities
2.36%, 1/3/05		25,091,982		25,091,982
2.38%, 1/3/05		20,000,000		20,000,000
Nordeutsche Landesbank N.Y.
2.43%, 3/30/06 (l)		9,991,454		9,991,454
Societe Generale Hong Kong
2.36%, 2/2/05		5,000,000		5,000,000
Washington Mutual Bank
2.28%, 2/15/05		8,000,000		8,000,000
Westdeutsche Landesbank N.Y.
2.34%, 7/13/05 (l)		8,664,053		8,664,053

Total Short-Term Investments of Cash Collateral for Securities Loaned				100,762,816

Time Deposit (4.4%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		90,332,689		90,332,689

Total Short-Term Debt Securities (9.3%) (Amortized Cost $191,095,505)				191,095,505

Total Investments (106.4%) (Cost/Amortized Cost $1,831,699,303)				2,187,730,373
Other Assets Less Liabilities (-6.4%)				(132,437,631	)

Net Assets (100%)			$	2,055,292,742

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

Glossary:

ADR—American Depositary Receipt

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	778,703,088
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		469,184,851

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	393,192,587
Aggregate gross unrealized appreciation		(37,414,683	)

Net unrealized depreciation	$	355,777,904

Federal income tax cost of investments	$	1,831,952,469

At December 31, 2004, the Portfolio had loaned securities with a total value $99,007,912. This was secured by collateral of $100,762,816 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2004, the Portfolio incurred approximately $879,801 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio utilized net capital loss carryforward of $32,354,528 during 2004.

See Notes to Financial Statements.

136

EQ ADVISORS TRUST

EQ/CALVERT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (15.2%)
*Automobiles (2.2%)*
Harley-Davidson, Inc.	16,725	$	1,016,044

*Internet & Catalog Retail (2.1%)*
eBay, Inc.*	8,700		1,011,636

*Specialty Retail (10.9%)*
Advance Auto Parts, Inc.*	15,499		676,996
Best Buy Co., Inc.	13,000		772,460
Lowe’s Cos., Inc.	18,700		1,076,933
Staples, Inc.	46,000		1,550,660
Williams-Sonoma, Inc.*	30,500		1,068,720

			5,145,769

Total Consumer Discretionary			7,173,449

Consumer Staples (9.5%)
*Food & Staples Retailing (8.1%)*
Costco Wholesale Corp.	25,900		1,253,819
CVS Corp.	26,200		1,180,834
Sysco Corp.	18,350		700,420
Walgreen Co.	17,500		671,475

			3,806,548

*Household Products (1.4%)*
Church & Dwight Co., Inc.	19,800		665,676

Total Consumer Staples			4,472,224

Energy (1.0%)
*Energy Equipment & Services (1.0%)*
Smith International, Inc.*	9,000		489,690

Total Energy			489,690

Financials (8.4%)
*Capital Markets (5.4%)*
Goldman Sachs Group, Inc.	8,950		931,158
Legg Mason, Inc.	13,650		999,999
T. Rowe Price Group, Inc.	9,700		603,340

			2,534,497

*Consumer Finance (3.0%)*
American Express Co.	25,200		1,420,524

Total Financials			3,955,021

Health Care (16.9%)
*Biotechnology (5.6%)*
Affymetrix, Inc.*	16,600		606,730
Amgen, Inc.*	13,000		833,950
Genzyme Corp.*	10,900		632,963
Gilead Sciences, Inc.*	16,300		570,337

			2,643,980

*Health Care Equipment & Supplies (3.6%)*
Boston Scientific Corp.*	16,900		600,795
St. Jude Medical, Inc.*	15,000		628,950
Stryker Corp.	9,850		475,262

			1,705,007

*Health Care Providers & Services (4.8%)*
Caremark Rx, Inc.*	4,000		157,720
Health Management Associates, Inc., Class A	47,825		1,086,584
Omnicare, Inc.	29,000		1,003,980

			2,248,284

*Pharmaceuticals (2.9%)*
Pfizer, Inc.	51,375		1,381,474

Total Health Care			7,978,745

Industrials (9.5%)
*Air Freight & Logistics (0.4%)*
United Parcel Service, Inc./Georgia, Class B	2,600		222,196

*Commercial Services & Supplies (4.5%)*
Apollo Group, Inc., Class A*	13,300		1,073,443
Manpower, Inc.	21,600		1,043,280

			2,116,723

*Machinery (3.6%)*
Danaher Corp.	15,700		901,337
Illinois Tool Works, Inc.	8,575		794,731

			1,696,068

*Trading Companies & Distributors (1.0%)*
Fastenal Co.	7,490		461,084

Total Industrials			4,496,071

Information Technology (35.3%)
*Communications Equipment (2.5%)*
Cisco Systems, Inc.*	61,325		1,183,573

*Computers & Peripherals (5.6%)*
Dell, Inc.*	28,100		1,184,134
EMC Corp.*	29,200		434,204
Network Appliance, Inc.*	31,500		1,046,430

			2,664,768

*Electronic Equipment & Instruments (5.4%)*
Avnet, Inc.*	9,000		164,160
Flextronics International Ltd.*	66,200		914,884
Jabil Circuit, Inc.*	28,500		729,030
Molex, Inc.	24,100		723,000

			2,531,074

*IT Services (5.2%)*
CheckFree Corp.*	21,700		826,336
First Data Corp.	16,300		693,402
Paychex, Inc.	26,900		916,752

			2,436,490

*Office Electronics (0.0%)*
Zebra Technologies Corp., Class A*	300		16,884

*Semiconductors & Semiconductor Equipment (7.9%)*
Altera Corp.*	24,500		507,150
Analog Devices, Inc.	14,300		527,956
Applied Materials, Inc.*	31,625		540,787
Intel Corp.	34,500		806,955
Novellus Systems, Inc.*	5,800		161,762
Texas Instruments, Inc.	27,700		681,974
Xilinx, Inc.	17,700		524,805

			3,751,389

*Software (8.7%)*
Electronic Arts, Inc.*	20,200		1,245,936
Intuit, Inc.*	10,300		453,303
Mercury Interactive Corp.*	9,800		446,390
Microsoft Corp.	47,300		1,263,383
Synopsys, Inc.*	37,100		727,902

			4,136,914

Total Information Technology			16,721,092

Telecommunication Services (3.2%)
*Wireless Telecommunication Services (3.2%)*
Nextel Communications, Inc., Class A*	20,800		624,000
Nextel Partners, Inc., Class A*	46,000		898,840

Total Telecommunication Services			1,522,840

Total Common Stocks (99.0%) (Cost $40,726,724)			46,809,132

137

EQ ADVISORS TRUST

EQ/CALVERT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Principal Amount		Value (Note 1)
SHORT-TERM DEBT SECURITIES:
Time Deposit (4.3%)
JPMorgan Chase Nassau, 1.74%, 1/3/05 (Amortized Cost $ 2,050,723)	$	2,050,723	$	2,050,723

Total Investments (103.3%) (Cost/Amortized Cost $42,777,447)				48,859,855
Other Assets Less Liabilities (-3.3%)				(1,548,420	)

Net Assets (100%)			$	47,311,435

*	Non-income producing.

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	26,859,571
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		14,826,987

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	6,870,800
Aggregate gross unrealized depreciation		(907,788	)

Net unrealized appreciation	$	5,963,012

Federal income tax cost of investments	$	42,896,843

For the year ended December 31, 2004, the Portfolio incurred approximately $124 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $2,130,312 of which $1,917,122 expires in the year 2010 and $213,190 expires in the year 2011.

The Portfolio utilized net capital loss carryforward of $810,535 during 2004.

See Notes to Financial Statements.

138

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (17.1%)
*Hotels, Restaurants & Leisure (0.5%)*
Carnival Corp.	21,600	$	1,244,808

*Internet & Catalog Retail (4.9%)*
Amazon.com, Inc.*	90,400		4,003,816
eBay, Inc.*	29,100		3,383,748
IAC/InterActiveCorp.*	179,700		4,963,314

			12,350,878

*Media (7.9%)*
Cablevision Systems New York Group, Class A*	248,900		6,197,610
Clear Channel Communications, Inc.	41,100		1,376,439
DIRECTV Group, Inc.*	75,100		1,257,174
Omnicom Group, Inc.	37,600		3,170,432
Time Warner, Inc.*	294,500		5,725,080
Walt Disney Co.	90,200		2,507,560

			20,234,295

*Multiline Retail (0.5%)*
Target Corp.	22,900		1,189,197

*Specialty Retail (3.3%)*
Lowe’s Cos., Inc.	92,200		5,309,798
Williams-Sonoma, Inc.*	91,000		3,188,640

			8,498,438

Total Consumer Discretionary			43,517,616

Consumer Staples (5.0%)
*Beverages (2.7%)*
Anheuser-Busch Cos., Inc.	48,700		2,470,551
PepsiCo, Inc.	84,800		4,426,560

			6,897,111

*Food & Staples Retailing (1.7%)*
Costco Wholesale Corp.	55,800		2,701,278
Sysco Corp.	41,000		1,564,970

			4,266,248

*Household Products (0.3%)*
Kimberly-Clark Corp.	13,600		895,016

*Personal Products (0.3%)*
Avon Products, Inc.	17,000		657,900

Total Consumer Staples			12,716,275

Energy (3.2%)
*Energy Equipment & Services (2.4%)*
Schlumberger Ltd.	58,800		3,936,660
Weatherford International Ltd.*	44,900		2,303,370

			6,240,030

*Oil & Gas (0.8%)*
Kinder Morgan, Inc.	27,100		1,981,823

Total Energy			8,221,853

Financials (9.1%)
*Commercial Banks (1.7%)*
Wells Fargo & Co.	69,000		4,288,350

*Consumer Finance (1.9%)*
AmeriCredit Corp.*	67,700		1,655,265
SLM Corp.	56,800		3,032,552

			4,687,817

*Diversified Financial Services (0.4%)*
JPMorgan Chase & Co .	25,900		1,010,359

*Insurance (1.4%)*
American International Group, Inc.	55,800		3,664,386

*Thrifts & Mortgage Finance (3.7%)*
Fannie Mae	63,300		4,507,593
Freddie Mac	67,100		4,945,270

			9,452,863

Total Financials			23,103,775

Health Care (16.5%)
*Biotechnology (6.0%)*
Amgen, Inc.*	92,100		5,908,215
Biogen Idec, Inc.*	37,200		2,477,892
Genentech, Inc.*	26,600		1,448,104
ImClone Systems, Inc.*	40,400		1,861,632
Millennium Pharmaceuticals, Inc.*	164,300		1,991,316
Protein Design Labs, Inc.*	75,200		1,553,632

			15,240,791

*Health Care Equipment & Supplies (2.4%)*
Applied Biosystems Group	99,600		2,082,636
Boston Scientific Corp.*	49,300		1,752,615
Guidant Corp.	31,800		2,292,780

			6,128,031

*Health Care Providers & Services (1.4%)*
Express Scripts, Inc.*	3,600		275,184
Lincare Holdings, Inc.*	8,400		358,260
Medco Health Solutions, Inc.*	13,400		557,440
WellPoint, Inc.*	21,500		2,472,500

			3,663,384

*Pharmaceuticals* *(6.7%)*
Allergan, Inc.	19,400		1,572,758
AstraZeneca plc (ADR)	157,300		5,724,147
Eli Lilly & Co.	64,100		3,637,675
Forest Laboratories, Inc.*	36,500		1,637,390
Pfizer, Inc.	27,700		744,853
Sepracor, Inc.*	8,900		528,393
Teva Pharmaceutical Industries Ltd. (ADR)	104,700		3,126,342

			16,971,558

Total Health Care			42,003,764

Industrials (4.7%)
*Aerospace & Defense (0.9%)*
United Technologies Corp.	22,500		2,325,375

*Commercial Services & Supplies (1.5%)*
Monster Worldwide, Inc.* .	78,400		2,637,376
Robert Half International, Inc.	40,700		1,197,801

			3,835,177

*Industrial Conglomerates (2.1%)*
General Electric Co.	142,200		5,190,300

*Machinery (0.2%)*
Illinois Tool Works, Inc.	6,500		602,420

Total Industrials			11,953,272

Information Technology (38.1%)
*Communications Equipment (8.4%)*
Cisco Systems, Inc.*	332,700		6,421,110
Corning, Inc.*	159,400		1,876,138
JDS Uniphase Corp.*	392,100		1,242,957
Juniper Networks, Inc.*	102,200		2,778,818
Nokia OYJ (ADR)	60,300		944,901
QUALCOMM, Inc.	190,500		8,077,200

			21,341,124

*Computers & Peripherals (1.9%)*
Brocade Communications Systems, Inc.*	191,900		1,466,116
International Business Machines Corp.	12,500		1,232,250
Lexmark International, Inc., Class A*	11,300		960,500

139

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Number of Shares	Value (Note 1)
Seagate Technology*	60,500	$	1,044,835

			4,703,701

*Electronic Equipment & Instruments (4.6%)*
Agilent Technologies, Inc.*	252,000		6,073,200
Flextronics International Ltd.*	88,500		1,223,070
Jabil Circuit, Inc.*	173,600		4,440,688

			11,736,958

*Internet Software & Services (3.5%)*
Google, Inc., Class A*	14,900		2,877,190
VeriSign, Inc.*	89,800		3,010,096
Yahoo!, Inc.*	79,000		2,976,720

			8,864,006

*IT Services (3.7%)*
Affiliated Computer Services, Inc., Class A*	82,800		4,983,732
Automatic Data Processing, Inc.	61,400		2,723,090
CheckFree Corp.*	46,400		1,766,912

			9,473,734

*Semiconductors & Semiconductor Equipment (12.8%)*
Altera Corp.*	83,000		1,718,100
Applied Materials, Inc.*	478,500		8,182,350
Applied Micro Circuits Corp.*	553,200		2,328,972
Broadcom Corp., Class A*	12,400		400,272
Cymer, Inc.*	36,800		1,087,072
Intel Corp.	83,900		1,962,421
KLA-Tencor Corp.*	101,900		4,746,502
Lam Research Corp.*	34,900		1,008,959
Linear Technology Corp.	65,100		2,523,276
Maxim Integrated Products, Inc.	42,200		1,788,858
PMC-Sierra, Inc.*	319,400		3,593,250
Xilinx, Inc.	112,700		3,341,555

			32,681,587

*Software (3.2%)*
Cadence Design Systems, Inc.*	32,700		451,587
Microsoft Corp.	109,100		2,914,061
SAP AG (ADR)	108,800		4,810,048

			8,175,696

Total Information Technology			96,976,806

Telecommunication Services (1.1%)
*Diversified Telecommunication Services (1.1%)*
Sprint Corp.	108,600		2,698,710

Total Telecommunication Services			2,698,710

Utilities (0.7%)
*Multi-Utilities & Unregulated Power (0.7%)*
AES Corp.*	128,100		1,751,127

Total Utilities			1,751,127

Total Common Stocks (95.5%) (Cost $229,973,420)			242,943,198


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Time Deposit (4.5%)
JPMorgan Chase Nassau, 1.74%, 1/3/05 (Amortized Cost $11,438,738)	$	11,438,738		11,438,738

Total Investments (100.0%) (Cost/Amortized Cost $241,412,158)				254,381,936
Other Assets Less Liabilities (0.0%)				25,688

Net Assets (100%)			$	254,407,624

*	Non-income producing.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	331,377,039
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		362,655,291

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	14,318,776
Aggregate gross unrealized depreciation		(2,410,449	)

Net unrealized appreciation	$	11,908,327

Federal income tax cost of investments	$	242,473,609

The Portfolio has a net capital loss carryforward of $110,100,044 of which $56,951,596 expires in the year 2009, $36,146,108 expires in the year 2010 and $17,002,340 expires in the year 2011.

The Portfolio utilized net capital loss carryforward of $25,303,920 during 2004.

See Notes to Financial Statements.

140

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Australia (3.1%)
Amcor Ltd.	263,000	$	1,515,318
Australia & New Zealand Banking Group Ltd.	121,981		1,968,834
Brambles Industries Ltd.	223,100		1,215,472
Foster’s Group Ltd.	292,567		1,327,898
Insurance Australia Group Ltd.	266,900		1,345,303
National Australia Bank Ltd.	66,170		1,494,912
Promina Group Ltd.	365,600		1,547,607
QBE Insurance Group Ltd.^	170,579		2,052,554
Rinker Group Ltd.	231,665		1,934,063
Wesfarmers Ltd.	55,500		1,731,557
Westpac Banking Corp.	85,000		1,298,648
WMC Resources Ltd.	326,065		1,845,449
Woolworths Ltd.	162,409		1,910,959

			21,188,574

Austria (0.1%)
Telekom Austria AG	29,961		568,106

Belgium (0.3%)
UCB S.A.	34,000		1,728,422

Brazil (0.2%)
Cia Vale do Rio Doce (ADR)^	12,000		348,120
Cia Vale do Rio Doce (Sponsored ADR)	42,000		1,023,960

			1,372,080

Canada (4.3%)
Abitibi-Consolidated, Inc.^	229,500		1,582,164
Alcan, Inc.	121,200		5,947,970
Cameco Corp.^	77,700		2,720,457
Great-West Lifeco, Inc.^	43,800		976,055
Inco Ltd.*^	79,600		2,927,688
Manulife Financial Corp.^	26,100		1,206,810
National Bank of Canada^	19,200		794,184
Potash Corp. of Saskatchewan, Inc.	39,200		3,263,531
Suncor Energy, Inc.	37,500		1,327,046
TELUS Corp.	51,600		1,559,865
TELUS Corp. (Non-Voting)	60,200		1,745,481
Thomson Corp.^	145,500		5,133,151

			29,184,402

Denmark (0.6%)
Novo-Nordisk A/S, Class B	52,700		2,879,334
TDC A/S	29,600		1,253,493

			4,132,827

Finland (0.6%)
Nokia OYJ	176,000		2,779,829
UPM-Kymmene OYJ	60,700		1,349,805

			4,129,634

France (10.3%)
Accor S.A.	43,500		1,904,492
BNP Paribas S.A.	147,000		10,649,857
Bouygues S.A.^(b)	189,730		8,768,275
Carrefour S.A.	24,800		1,181,177
Compagnie Generale des Etablissements Michelin, Class B (Registered)	18,000		1,154,574
Dassault Systemes S.A.	23,400		1,180,019
Essilor International S.A.	26,100		2,045,215
Groupe Danone^	47,300		4,368,676
L’Air Liquide S.A.	26,727		4,940,699
L’Oreal S.A.	41,500		3,150,435
Renault S.A.^	25,800		2,158,475
Sanofi-Aventis^	259,866		20,770,813
Schneider Electric S.A.^	57,100		3,973,794
Societe Generale^	18,200		1,841,770
Vivendi Universal S.A.*	85,700		2,736,297

			70,824,568

Germany (5.2%)
Allianz AG	38,000		5,017,942
Bayerische Hypo-und Vereinsbank AG*	104,000		2,364,986
Bayerische Motoren Werke (BMW) AG	28,600		1,288,691
DaimlerChrysler AG	148,400		7,110,371
Deutsche Bank AG (Registered)	30,500		2,707,150
Deutsche Boerse AG	56,666		3,408,278
E.On AG	31,700		2,894,666
Infineon Technologies AG (ADR)*^	2,200		23,980
Metro AG	11,400		626,946
Muenchener Rueckversicherungs- Gesellschaft AG (Registered)(b)	17,828		2,187,971
SAP AG	10,300		1,836,836
SAP AG (ADR)	1,900		83,999
Siemens AG	52,800		4,475,477
TUI AG^	5,700		135,198
Volkswagen AG	33,500		1,518,588

			35,681,079

Hong Kong (1.6%)
Bank of East Asia Ltd.	396,200		1,231,005
Cheung Kong (Holdings) Ltd.	116,000		1,156,612
Esprit Holdings Ltd.(b)	166,700		1,008,002
Hang Lung Properties Ltd.	1,049,000		1,619,515
Hang Seng Bank Ltd.	98,200		1,364,468
Li & Fung Ltd.	1,999,000		3,369,087
Swire Pacific Ltd., Class A	135,000		1,128,951

			10,877,640

India (0.2%)
Infosys Technologies Ltd. (ADR)^	22,200		1,538,682

Ireland (0.6%)
CRH plc	96,682		2,586,247
Elan Corp. plc (ADR)*^	49,600		1,351,600

			3,937,847

Italy (1.0%)
ENI S.p.A.	185,950		4,655,701
UniCredito Italiano S.p.A.	335,700		1,930,150

			6,585,851

Japan (22.6%)
Advantest Corp.^	26,600		2,281,780
Aeon Co., Ltd.	190,000		3,170,684
Aiful Corp.	6,900		758,885
Bridgestone Corp.^	19,000		378,257
Canon, Inc.	36,300		1,959,003
Chubu Electric Power Co., Inc.	50,800		1,219,557
Daito Trust Construction Co., Ltd.^	21,800		1,036,069
Daiwa House Industry Co., Ltd.	88,000		1,000,488
East Japan Railway Co.	178		990,143
Fanuc Ltd.	58,100		3,798,868
Furukawa Electric Co., Ltd.*	276,000		1,529,892
Hirose Electric Co., Ltd.	15,700		1,835,523
Hoya Corp.	13,600		1,535,591
Japan Airlines Corp.*	333,000		965,170
Kansai Electric Power Co., Inc.	126,900		2,575,895
Keyence Corp.	5,000		1,120,328
Konica Minolta Holdings, Inc.	196,500		2,607,983

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December 31, 2004


	Number of Shares	Value (Note 1)
Millea Holdings, Inc.	361	$	5,354,933
Mitsubishi Corp.	242,300		3,130,723
Mitsubishi Estate Co., Ltd.^	619,000		7,248,951
Mitsubishi Tokyo Financial Group, Inc.	483		4,902,118
Mitsui & Co., Ltd.	140,000		1,255,587
Mitsui Fudosan Co., Ltd.	107,000		1,300,039
Mitsui Sumitomo Insurance Co., Ltd.	337,000		2,927,003
Mizuho Financial Group, Inc.	252		1,268,976
Murata Manufacturing Co., Ltd.	21,000		1,174,295
NEC Corp.^	227,000		1,411,135
NEC Electronics Corp.^(b)	500		24,397
Nidec Corp.^	15,300		1,864,907
Nikko Cordial Corp.	303,000		1,605,631
Nikon Corp.^	123,000		1,519,645
Nintendo Co., Ltd.	17,700		2,223,080
Nippon Electric Glass Co., Ltd.	20,000		511,369
Nippon Telegraph & Telephone Corp.	418		1,876,452
Nissan Motor Co., Ltd.	574,400		6,244,575
Nitto Denko Corp .	32,300		1,771,504
Nomura Holdings, Inc.	52,000		758,154
Omron Corp.	70,300		1,677,403
Orix Corp.	35,500		4,822,485
Ricoh Co., Ltd.	76,000		1,466,302
Rohm Co., Ltd.	14,600		1,510,296
Sankyo Co., Ltd.	208,000		4,699,131
Sekisui House Ltd.	278,000		3,239,309
Shimamura Co., Ltd.^	10,800		788,367
Shionogi & Co., Ltd.	220,000		3,042,256
SMC Corp.	28,600		3,273,914
Softbank Corp.^	29,300		1,426,827
Sompo Japan Insurance, Inc.	157,800		1,607,721
Sony Corp.	26,300		1,016,375
Sumitomo Chemical Co., Ltd.	436,000		2,135,962
Sumitomo Corp.	145,000		1,250,903
Sumitomo Forestry Co., Ltd.	35,000		351,469
Sumitomo Mitsui Financial Group, Inc.^	997		7,248,609
Suzuki Motor Co., Ltd.	140,000		2,557,627
T&D Holdings, Inc.*	27,400		1,310,237
Takeda Pharmaceutical Co., Ltd.	65,000		3,273,153
TDK Corp.	22,500		1,666,585
Tokyo Electron Ltd.	83,000		5,111,057
Tokyo Gas Co., Ltd.^	414,000		1,696,887
Toyota Motor Corp.	112,100		4,561,891
UFJ Holdings, Inc.*	1,526		9,248,034
Uni-Charm Corp.^	27,400		1,312,911
Yahoo! Japan Corp.*^	244		1,171,543
Yamada Denki Co., Ltd.^	38,200		1,636,557
Yamanouchi Pharmaceutical Co., Ltd.	29,000		1,129,209
Yamato Transport Co., Ltd.^	213,500		3,166,976

			154,537,586

Luxembourg (0.1%)
SES Global (FDR)	58,000		748,947

Mexico (0.4%)
America Movil S.A. de C.V. (ADR)	34,200		1,790,370
Telefonos de Mexico S.A. de C.V., Class L (ADR).	32,500		1,245,400

			3,035,770

Netherlands (8.0%)
ABN AMRO Holding N.V.	304,683		8,071,594
Aegon N.V.	157,678		2,149,667
Heineken Holding N.V., Class A	28,593		864,747
Heineken N.V.	198,675		6,624,300
ING Groep N.V. (CVA)	110,269		3,336,398
Koninklijke (Royal) Philips Electronics N.V.	63,900		1,694,562
Reed Elsevier N.V.	13,900		189,502
Royal Dutch Petroleum Co.	255,500		14,707,659
Royal Dutch Petroleum Co. (N.Y. Shares)	16,200		929,556
Royal KPN N.V.	987,300		9,380,491
Royal Numico N.V.*	24,700		890,704
TPG N.V.	67,700		1,838,584
Unilever N.V. (CVA)	22,400		1,501,960
VNU N.V.	92,562		2,733,958

			54,913,682

Norway (0.7%)
DnB NOR ASA	108,700		1,072,346
Norsk Hydro ASA	16,700		1,315,232
Statoil ASA	132,500		2,078,294

			4,465,872

Portugal (0.2%)
Portugal Telecom SGPS S.A. (Registered)	100,000		1,236,917

Russia (0.0%)
YUKOS (ADR)*^	33,800		87,880

Singapore (0.8%)
Singapore Telecommunications Ltd.	2,634,914		3,841,641
United Overseas Bank Ltd.	108,000		913,011
Venture Corp., Ltd.	106,000		1,032,468

			5,787,120

South Africa (0.2%)
Anglo American plc	44,100		1,043,106

South Korea (1.2%)
Samsung Electronics Co., Ltd.	10,680		4,647,739
Samsung Electronics Co., Ltd. (GDR)§	10,360		2,268,840
Samsung Electronics Co., Ltd. (Non-Voting)	4,210		1,213,954

			8,130,533

Spain (4.2%)
Banco Bilbao Vizcaya Argentaria S.A.^	504,600		8,950,700
Banco Santander Central Hispano S.A.	278,900		3,461,135
Iberdrola S.A.^	51,000		1,296,317
Inditex S.A.	143,700		4,238,535
Repsol YPF S.A.	89,600		2,333,473
Telefonica S.A.	454,758		8,567,279

			28,847,439

Sweden (1.2%)
Assa Abloy AB, Class B	72,600		1,239,970
ForeningsSparbanken AB	48,300		1,202,885
Scania AB, Class B	27,000		1,068,559
Telefonaktiebolaget LM Ericsson (ADR)*^	33,000		1,039,170
Telefonaktiebolaget LM Ericsson, Class B*	1,197,000		3,818,641

			8,369,225

Switzerland (10.2%)
Adecco S.A.	22,479		1,131,759

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December 31, 2004


	Number of Shares		Value (Note 1)
Compagnie Financiere Richemont AG, Class A		227,687	$	7,578,887
Credit Suisse Group*		121,754		5,118,144
Holcim Ltd. (Registered)		127,459		7,678,253
Nestle S.A. (Registered)		32,428		8,484,153
Novartis AG (Registered)		255,828		12,891,517
Roche Holding AG		10,243		1,179,148
Serono S.A., Class B		1,856		1,222,535
STMicroelectronics N.V.		97,900		1,909,562
STMicroelectronics N.V. (N.Y. Shares)^		10,200		197,064
Swiss Reinsurance (Registered)		97,663		6,965,499
Swisscom AG (Registered)		19,526		7,692,945
Syngenta AG*		16,202		1,721,222
Synthes, Inc.*		8,540		957,568
UBS AG (Registered)		39,789		3,336,453
Xstrata plc		116,450		2,083,696

				70,148,405

Taiwan (0.5%)
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		404,192		3,431,590

Turkey (0.2%)
Infineon Technologies AG*		122,800		1,320,304

United Kingdom (15.8%)
ARM Holdings plc		394,900		837,776
Associated British Foods plc		64,200		962,025
AstraZeneca plc (London Exchange)		36,700		1,330,996
AstraZeneca plc (Stockholm Exchange)		275,700		10,019,194
BAE Systems plc		71,652		317,087
Barclays plc		95,000		1,068,808
BG Group plc		543,900		3,696,587
BHP Billiton plc		129,347		1,516,076
Brambles Industries plc^		85,400		426,705
Centrica plc		389,790		1,767,995
Compass Group plc		260,900		1,233,471
Diageo plc		318,500		4,543,357
HBOS plc		405,200		6,596,967
HSBC Holdings plc		301,100		5,081,340
Johnston Press plc		103,600		1,078,048
Lloyds TSB Group plc		119,100		1,081,563
National Grid Transco plc		351,700		3,349,135
Pearson plc		382,300		4,613,054
Reckitt Benckiser plc		34,500		1,042,563
Reed Elsevier plc		542,600		5,005,554
Rio Tinto plc		74,800		2,201,521
Royal Bank of Scotland Group plc(b)		266,100		8,950,712
Shell Transport & Trading Co. plc (Registered)		521,400		4,444,599
Smiths Group plc		104,342		1,646,681
Standard Chartered plc		164,000		3,049,454
Unilever plc		555,000		5,450,260
Vodafone Group plc		9,558,118		25,920,289
Wolseley plc		60,900		1,138,236

				108,370,053

United States (0.2%)
News Corp. (CDI)^		66,870		1,247,581

Total Common Stocks (94.6%) (Cost $542,511,239)				647,471,722


	Principal Amount		Value (Note 1)
CONVERTIBLE BONDS:
Cayman Islands (0.6%)
SMFG Finance Ltd.
2.250%, 7/11/05	JPY	117,000,000	$	2,720,925
2.250%, 7/11/05(b)		63,000,000		1,465,153

				4,186,078

Switzerland (0.1%)
Credit Suisse Group Finance Guernsey Ltd.
6.000%, 12/23/05	CHF	246,000		295,088

Total Convertible Bonds (0.7%) (Cost $2,732,015)				4,481,166

SHORT-TERM DEBT SECURITIES:
Short-Term Investments of Cash Collateral for Securities Loaned (11.6%)
Bank of Nova Scotia (New York)
2.41%, 5/30/06 (l)	$	4,996,469		4,996,469
Fortis Bank
2.34%, 2/2/05		2,000,000		2,000,000
General Electric Capital Corp.
2.42%, 5/12/06 (l)		2,006,283		2,006,283
Merrill Lynch & Co., Inc.
2.13%, 10/19/06 (l)		4,500,000		4,500,000
Morgan Stanley & Co.
2.49%, 1/2/06 (l)		2,000,000		2,000,000
Nomura Securities
2.36%, 1/3/05		25,658,330		25,658,330
2.38%, 1/3/05		25,000,000		25,000,000
Nordeutsche Landesbank N.Y.
2.37%, 6/12/06 (l)		2,997,975		2,997,975
Skandinaviska Enskilda Banken AB
2.29%, 2/1/05		4,980,050		4,980,050
Washington Mutual Bank
2.28%, 2/15/05		3,500,000		3,500,000
Westdeutsche Landesbank N.Y.
2.34%, 7/13/05 (l)		1,999,397		1,999,397

Total Short-Term Investments of Cash Collateral for Securities Loaned				79,638,504

Time Deposit (4.7%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		32,182,415		32,182,415

Total Short-Term Debt Securities (16.3%) (Amortized Cost $111,820,919)				111,820,919

Total Investments (111.6%) (Cost/Amortized Cost $657,064,173)				763,773,807
Other Assets Less Liabilities (-11.6%)				(79,186,712	)

Net Assets (100.0%)			$	684,587,095

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


Market Sector Diversification
As a Percentage of Total Equity Investments

Consumer Discretionary		12.7	%
Consumer Staples		7.3
Energy		5.5
Financials
Capital Markets	2.1
Commercial Banks	15.0
Consumer Finance	0.9
Diversified Financial Services	1.2
Insurance	5.4
Real Estate	1.7

Total Financials		26.3
Health Care		10.6
Industrials		5.9
Information Technology		9.8
Materials		8.0
Telecommunication Services		11.6
Utilities		2.3

		100.0	%

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2004, the market value of these securities amounted to $2,268,840 or 0.33% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any security might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

Glossary:

ADR

— American Depositary Receipt

CDI

— Chess Depositary Interest

CHF

— Swiss Franc

CVA

— Dutch Certification

FDR

— Finnish Depositary Receipt

GDR

— Global Depositary Receipt

JPY

— Japanese Yen

At December 31, 2004 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


	Local Contract Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
British Pound, expiring 6/30/05	3,240	$	6,201,524	$	6,159,139	$	(42,385	)

Foreign Currency Sell Contracts
European Union, expiring 6/27/05	1,597		2,163,000		2,176,371		(13,371	)
European Union, expiring 6/30/05	1,724		2,355,222		2,349,167		6,055
Japanese Yen, expiring 1/24/05	357,311		3,274,000		3,492,047		(218,047	)
Japanese Yen, expiring 3/1/05	213,341		2,091,000		2,090,100		900
Swiss Franc, expiring 2/17/05	1,716		1,461,000		1,512,044		(51,044	)
Swiss Franc, expiring 3/1/05	6,834		6,010,583		6,026,397		(15,814	)
Swiss Franc, expiring 4/7/05	1,683		1,484,417		1,486,779		(2,362	)
Swiss Franc, expiring 6/30/05	4,332		3,846,301		3,846,919		(618	)

						$	(294,301	)

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	321,463,655
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		88,220,291

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	111,331,127
Aggregate gross unrealized depreciation		(11,553,525	)

Net unrealized appreciation	$	99,777,602

Federal income tax cost of investments	$	663,996,205

At December 31, 2004, the Portfolio had loaned securities with a total value of $74,435,888. This was secured by collateral of $ 79,38,504 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

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PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

For the year ended December 31, 2004, the Portfolio incurred approximately $704 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $16,412,594 of which $10,024,533 expires in the year 2010, and $6,388,061 expires in the year 2011.

The Portfolio utilized net capital loss carryforward of $10,532,699 during 2004.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (12.0%)
*Hotels, Restaurants & Leisure (1.3%)*
Carnival Corp.	80,200	$	4,621,926
Las Vegas Sands Corp.*^	61,500		2,952,000
McDonald’s Corp.	97,500		3,125,850
Starwood Hotels & Resorts Worldwide, Inc.	49,300		2,879,120

			13,578,896

*Internet & Catalog Retail (1.7%)*
Amazon.com, Inc.*	71,600		3,171,164
IAC/InterActiveCorp.*^	505,600		13,964,672

			17,135,836

*Leisure Equipment & Products (0.4%)*
Mattel, Inc.	200,000		3,898,000

*Media (3.7%)*
Cablevision Systems New York Group, Class A*^	404,342		10,068,116
Clear Channel Communications, Inc.	61,100		2,046,239
DIRECTV Group, Inc.*	395,155		6,614,894
Entercom Communications Corp.*^	33,300		1,195,137
Knight-Ridder, Inc.	28,300		1,894,402
Omnicom Group, Inc.	45,500		3,836,560
Time Warner, Inc.*	628,750		12,222,900

			37,878,248

*Multiline Retail (1.3%)*
Dollar Tree Stores, Inc.*^	324,500		9,306,660
Target Corp.	80,800		4,195,944

			13,502,604

*Specialty Retail (3.6%)*
Autonation, Inc.*	333,500		6,406,535
Lowe’s Cos., Inc.	182,700		10,521,693
OfficeMax, Inc.^	232,800		7,305,264
RadioShack Corp.	213,900		7,033,032
Williams-Sonoma, Inc.*	173,900		6,093,456

			37,359,980

Total Consumer Discretionary			123,353,564

Consumer Staples (8.3%)
*Beverages (3.2%)*
Anheuser-Busch Cos., Inc.	154,400		7,832,712
Pepsi Bottling Group, Inc.	200,000		5,408,000
PepsiCo, Inc.	384,300		20,060,460

			33,301,172

*Food & Staples Retailing (1.0%)*
Costco Wholesale Corp.	147,000		7,116,270
Sysco Corp.	83,000		3,168,110

			10,284,380

*Food Products (2.2%)*
Campbell Soup Co.	523,600		15,650,404
Kraft Foods, Inc., Class A	185,600		6,609,216

			22,259,620

*Household Products (0.8%)*
Kimberly-Clark Corp.	58,600		3,856,466
Procter & Gamble Co.	88,200		4,858,056

			8,714,522

*Personal Products (0.4%)*
Avon Products, Inc.	101,800		3,939,660

*Tobacco (0.7%)*
Altria Group, Inc.	113,800		6,953,180

Total Consumer Staples			85,452,534

Energy (9.7%)
*Energy Equipment & Services (4.5%)*
Baker Hughes, Inc.	231,200		9,865,304
BJ Services Co.	170,400		7,930,416
Schlumberger Ltd.	223,500		14,963,325
Transocean, Inc.*	156,100		6,617,079
Weatherford International Ltd.*	138,200		7,089,660

			46,465,784

*Oil & Gas (5.2%)*
Exxon Mobil Corp.	208,758		10,700,935
Kinder Morgan Management LLC*	236,175		9,612,323
Kinder Morgan, Inc.	53,317		3,899,072
Royal Dutch Petroleum Co. (N.Y. Shares)	218,300		12,526,054
Shell Transport & Trading Co. plc (ADR)^	81,500		4,189,100
Unocal Corp.	137,700		5,954,148
Williams Cos., Inc.	408,600		6,656,094

			53,537,726

Total Energy			100,003,510

Financials (16.7%)
*Capital Markets (0.3%)*
State Street Corp.	53,000		2,603,360

*Commercial Banks (0.9%)*
Wells Fargo & Co.	156,200		9,707,830

*Consumer Finance (6.2%)*
AmeriCredit Corp.*^	237,400		5,804,430
SLM Corp.	1,089,700		58,179,083

			63,983,513

*Diversified Financial Services (3.4%)*
JPMorgan Chase & Co.	908,160		35,427,321

*Insurance (2.6%)*
American International Group, Inc.	97,500		6,402,825
Assurant, Inc.	62,700		1,915,485
Chubb Corp.	77,000		5,921,300
Everest Reinsurance Group Ltd.	19,100		1,710,596
Hartford Financial Services Group, Inc.	98,280		6,811,787
XL Capital Ltd., Class A	47,100		3,657,315

			26,419,308

*Real Estate (0.5%)*
General Growth Properties, Inc. (REIT)^	138,600		5,011,776

*Thrifts & Mortgage Finance (2.8%)*
Golden West Financial Corp.	224,800		13,807,216
IndyMac Bancorp, Inc.^	10,200		351,390
PMI Group, Inc.	257,200		10,738,100
Washington Mutual, Inc.	96,300		4,071,564

			28,968,270

Total Financials			172,121,378

Health Care (17.4%)
*Biotechnology (1.1%)*
Amgen, Inc.*	112,000		7,184,800
Biogen Idec, Inc.*	27,125		1,806,796
ImClone Systems, Inc.*^	55,100		2,539,008

			11,530,604

*Health Care Equipment & Supplies (2.7%)*
Applied Biosystems Group	292,200		6,109,902
Becton, Dickinson & Co.	113,800		6,463,840
Boston Scientific Corp.*	120,200		4,273,110
Guidant Corp.	145,600		10,497,760

			27,344,612

146

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EQ/CAPITAL GUARDIAN RESEARCH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
*Health Care Providers & Services (2.8%)*
CIGNA Corp.	27,300	$	2,226,861
DaVita, Inc.*	92,250		3,646,643
Lincare Holdings, Inc.*	210,700		8,986,355
Medco Health Solutions, Inc.*	63,000		2,620,800
PacifiCare Health Systems, Inc.*	80,400		4,544,208
Triad Hospitals, Inc.*	64,500		2,400,045
WellPoint, Inc.*	37,000		4,255,000

			28,679,912

*Pharmaceuticals (10.8%)*
Allergan, Inc.	320,000		25,942,400
AstraZeneca plc (ADR).	921,400		33,529,746
Elan Corp. plc (ADR)*^	97,700		2,662,325
Eli Lilly & Co.	197,000		11,179,750
Forest Laboratories, Inc.*	676,500		30,347,790
Sepracor, Inc.*^	46,300		2,748,831
Teva Pharmaceutical Industries Ltd. (ADR)^	153,200		4,574,552

			110,985,394

Total Health Care			178,540,522

Industrials (10.6%)
*Aerospace & Defense (1.1%)*
General Dynamics Corp.	17,400		1,820,040
Northrop Grumman Corp.	52,900		2,875,644
United Technologies Corp.	61,800		6,387,030

			11,082,714

*Building Products (1.3%)*
American Standard Cos., Inc.*	332,400		13,734,768

*Commercial Services & Supplies (0.2%)*
Allied Waste Industries, Inc.*	196,500		1,823,520
Monster Worldwide, Inc.*	16,800		565,152

			2,388,672

*Construction & Engineering (1.1%)*
Fluor Corp.^	208,900		11,387,139

*Electrical Equipment (0.3%)*
Cooper Industries Ltd., Class A	52,800		3,584,592

*Industrial Conglomerates (4.2%)*
General Electric Co.	1,014,200		37,018,300
Tyco International Ltd.	174,400		6,233,056

			43,251,356

*Machinery (1.9%)*
Ingersoll-Rand Co., Class A	193,800		15,562,140
Navistar International Corp.*^	87,900		3,865,842

			19,427,982

*Road & Rail (0.5%)*
Union Pacific Corp.	69,700		4,687,325

Total Industrials			109,544,548

Information Technology (12.2%)
*Communications Equipment (2.0%)*
Cisco Systems, Inc.*	403,700		7,791,410
JDS Uniphase Corp.*	693,000		2,196,810
Polycom, Inc.*^	177,500		4,139,300
QUALCOMM, Inc.	150,600		6,385,440

			20,512,960

*Computers & Peripherals (1.1%)*
International Business Machines Corp.	18,200		1,794,156
Lexmark International, Inc., Class A*	42,100		3,578,500
Seagate Technology*^	191,200		3,302,024
Sun Microsystems, Inc.*	516,900		2,780,922

			11,455,602

*Electronic Equipment & Instruments (1.2%)*
Agilent Technologies, Inc.*	98,600		2,376,260
Avnet, Inc.*	183,500		3,347,040
Flextronics International Ltd.*	220,900		3,052,838
Jabil Circuit, Inc.*	140,200		3,586,316

			12,362,454

*Internet Software & Services (0.5%)*
Google, Inc., Class A*^	11,900		2,297,890
VeriSign, Inc.*	78,000		2,614,560

			4,912,450

*IT Services (1.1%)*
Affiliated Computer Services, Inc., Class A*^	185,700		11,177,283

*Semiconductors & Semiconductor* *Equipment (3.3%)*
Advanced Micro Devices, Inc.*	420,200		9,252,804
Altera Corp.*	3,500		72,450
Applied Materials, Inc.*	348,600		5,961,060
Applied Micro Circuits Corp.*	36,000		151,560
ASML Holding N.V. (N.Y. Shares)*	8,600		136,826
KLA-Tencor Corp.*	82,200		3,828,876
Lam Research Corp.*	192,500		5,565,175
Linear Technology Corp.	77,700		3,011,652
Micron Technology, Inc.*	187,300		2,313,155
Teradyne, Inc.*	252,900		4,317,003

			34,610,561

*Software (3.0%)*
Cadence Design Systems, Inc.*	165,200		2,281,412
Microsoft Corp.	793,500		21,194,385
SAP AG (ADR)	159,000		7,029,390

			30,505,187

Total Information Technology			125,536,497

Materials (3.7%)
*Chemicals (3.0%)*
Air Products & Chemicals, Inc.	127,800		7,408,566
Dow Chemical Co.	250,900		12,422,059
DuPont (E.I.) de Nemours & Co.	220,300		10,805,715

			30,636,340

*Metals & Mining (0.2%)*
Alcoa, Inc.	76,500		2,403,630

*Paper & Forest Products (0.5%)*
International Paper Co.	121,300		5,094,600

Total Materials			38,134,570

Telecommunication Services (4.0%)
*Diversified Telecommunication Services (3.7%)*
Qwest Communications International, Inc.*	189,700		842,268
Sprint Corp.	1,088,250		27,043,012
Verizon Communications, Inc.	239,700		9,710,247

			37,595,527

*Wireless Telecommunication Services (0.3%)*
American Tower Corp., Class A*	165,800		3,050,720

Total Telecommunication Services			40,646,247

Utilities (1.7%)
*Electric Utilities (0.1%)*
Edison International, Inc.	41,800		1,338,854

*Gas Utilities (0.3%)*
NiSource, Inc.	148,200		3,375,996

*Multi-Utilities & Unregulated Power (1.3%)*
AES Corp.*	448,100		6,125,527

147

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EQ/CAPITAL GUARDIAN RESEARCH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Number of Shares		Value (Note 1)
Equitable Resources, Inc.		111,900	$	6,787,854

				12,913,381

Total Utilities				17,628,231

Total Common Stocks (96.3%) (Cost $790,340,541)				990,961,601


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Short-Term Investments of Cash Collateral for Securities Loaned (6.0%)
General Electric Co.
2.09%, 10/24/05 (l)	$	5,003,097		5,003,097
Merrill Lynch & Co., Inc.
2.13%, 10/19/06 (l)		5,000,000		5,000,000
Morgan Stanley & Co.
2.49%, 1/2/06 (l)		9,500,000		9,500,000
Nomura Securities
2.36%, 1/3/05		6,650,878		6,650,878
2.38%, 1/3/05		20,000,000		20,000,000
Nordeutsche Landesbank N.Y.
2.43%, 3/30/06 (l)		6,994,018		6,994,018
Societe Generale Hong Kong
2.36%, 2/2/05		2,000,000		2,000,000
Washington Mutual Bank
2.28%, 2/15/05		6,000,000		6,000,000

Total Short-Term Investments of Cash
Collateral for Securities Loaned				61,147,993

Time Deposit (4.0%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		41,378,201		41,378,201

Total Short-Term Debt Securities (10.0%) (Amortized Cost $102,526,194)				102,526,194

Total Investments (106.3%) (Cost/Amortized Cost $892,866,735)				1,093,487,795
Other Assets Less Liabilities (-6.3%)				(64,743,448	)

Net Assets (100%)			$	1,028,744,347

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	231,661,940
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		182,099,315

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	212,320,228
Aggregate gross unrealized depreciation		(16,408,177	)

Net unrealized appreciation	$	195,912,051

Federal income tax cost of investments	$	897,575,744

At December 31, 2004, the Portfolio had loaned securities with a total value $60,140,167. This was secured by collateral of $61,147,993 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

The Portfolio has a net capital loss carryforward of $300,123,369 of which $108,520,850 expires in the year 2008, $146,635,332 expires in the year 2009, $2,767,387 expires in the year 2010, and $42,199,800 expires in the year 2011.

The Portfolio utilized net capital loss carryforward of $35,942,758 during 2004.

See Notes to Financial Statements.

148

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EQ/CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.3%)
*Hotels, Restaurants & Leisure (1.1%)*
Carnival Corp.	104,100	$	5,999,283
Las Vegas Sands Corp.*	24,200		1,161,600
McDonald’s Corp.	51,500		1,651,090
Starwood Hotels & Resorts Worldwide, Inc.	39,000		2,277,600

			11,089,573

*Internet & Catalog Retail (1.7%)*
Amazon.com, Inc.*	37,700		1,669,733
eBay, Inc.*	78,592		9,138,678
IAC/InterActiveCorp*^	243,108		6,714,643

			17,523,054

*Leisure Equipment & Products (0.2%)*
Mattel, Inc.	91,200		1,777,488

*Media (3.5%)*
Cablevision Systems New York Group, Class A*^	218,064		5,429,794
Clear Channel Communications, Inc.	36,300		1,215,687
Comcast Corp., Class A*	62,300		2,073,344
DIRECTV Group, Inc.*	195,933		3,279,918
Knight Ridder, Inc.	18,800		1,258,472
Omnicom Group, Inc.	21,500		1,812,880
Time Warner, Inc.*	864,000		16,796,160
Viacom, Inc., Class B	80,600		2,933,034
Walt Disney Co.	49,100		1,364,980

			36,164,269

*Multiline Retail (0.8%)*
Dollar Tree Stores, Inc.*^	155,600		4,462,608
Target Corp.	85,000		4,414,050

			8,876,658

*Specialty Retail (3.0%)*
Autonation, Inc.*	141,500		2,718,215
Lowe’s Cos., Inc.	315,800		18,186,922
OfficeMax, Inc.	93,700		2,940,306
RadioShack Corp.	96,100		3,159,768
Williams-Sonoma, Inc.*	138,000		4,835,520

			31,840,731

Total Consumer Discretionary			107,271,773

Consumer Staples (8.6%)
*Beverages (2.4%)*
Anheuser-Busch Cos., Inc.	269,858		13,689,896
Pepsi Bottling Group, Inc.	89,400		2,417,376
PepsiCo, Inc.	170,300		8,889,660

			24,996,932

*Food & Staples Retailing (1.7%)*
Costco Wholesale Corp.	258,600		12,518,826
Sysco Corp.	121,100		4,622,387

			17,141,213

*Food Products (2.1%)*
Campbell Soup Co.	235,100		7,027,139
H.J. Heinz Co.	49,600		1,933,904
Kraft Foods, Inc., Class A^	195,800		6,972,438
Unilever N.V. (N.Y. Shares)	95,600		6,377,476

			22,310,957

*Household Products (0.7%)*
Kimberly-Clark Corp.	47,000		3,093,070
Procter & Gamble Co.	79,400		4,373,352

			7,466,422

*Personal Products (0.6%)*
Avon Products, Inc.	101,000		3,908,700
Estee Lauder Cos., Inc., Class A	45,200		2,068,804

			5,977,504

*Tobacco (1.1%)*
Altria Group, Inc.	192,072		11,735,599

Total Consumer Staples			89,628,627

Energy (9.1%)
*Energy Equipment & Services (3.2%)*
Baker Hughes, Inc.	115,500		4,928,385
BJ Services Co.	53,300		2,480,582
Schlumberger Ltd.	201,824		13,512,117
Transocean, Inc.*	138,000		5,849,820
Weatherford International Ltd.*	134,624		6,906,211

			33,677,115

*Oil & Gas (5.9%)*
Exxon Mobil Corp.	328,590		16,843,523
Kinder Morgan Management LLC*	96,278		3,918,515
Kinder Morgan, Inc.	38,340		2,803,804
Royal Dutch Petroleum Co. (N.Y. Shares)	326,300		18,723,094
Shell Transport & Trading Co. plc (ADR)^	99,300		5,104,020
Unocal Corp.	284,700		12,310,428
Williams Cos., Inc.	139,800		2,277,342

			61,980,726

Total Energy			95,657,841

Financials (16.2%)
*Capital Markets (0.4%)*
Goldman Sachs Group, Inc.	14,800		1,539,792
State Street Corp.	56,500		2,775,280

			4,315,072

*Commercial Banks (1.9%)*
Wells Fargo & Co.	322,000		20,012,300

*Consumer Finance (2.8%)*
AmeriCredit Corp.*^	92,100		2,251,845
SLM Corp.	511,807		27,325,375

			29,577,220

*Diversified Financial Services (2.2%)*
JPMorgan Chase & Co.	585,176		22,827,716

*Insurance (3.3%)*
American International Group, Inc.	147,000		9,653,490
Assurant, Inc.	12,000		366,600
Berkshire Hathaway, Inc., Class A*	117		10,284,300
Chubb Corp.	45,400		3,491,260
Everest Reinsurance Group Ltd.	21,300		1,907,628
Hartford Financial Services Group, Inc.	46,800		3,243,708
XL Capital Ltd., Class A	68,100		5,287,965

			34,234,951

*Real Estate (0.2%)*
General Growth Properties, Inc. (REIT)^	55,000		1,988,800

*Thrifts & Mortgage Finance (5.4%)*
Fannie Mae	206,994		14,740,043
Freddie Mac	137,700		10,148,490
Golden West Financial Corp.	290,800		17,860,936
IndyMac Bancorp, Inc.^	18,300		630,435
PMI Group, Inc.	126,800		5,293,900
Washington Mutual, Inc.	181,600		7,678,048

			56,351,852

Total Financials			169,307,911

149

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
Health Care (16.7%)
*Biotechnology (2.1%)*
Amgen, Inc.*	243,200	$	15,601,280
Biogen Idec, Inc.*	38,491		2,563,886
Genentech, Inc.*	38,200		2,079,608
ImClone Systems, Inc.*^	37,400		1,723,392

			21,968,166

*Health Care Equipment & Supplies (2.5%)*
Applied Biosystems Group	317,900		6,647,289
Becton, Dickinson & Co.	70,300		3,993,040
Boston Scientific Corp.*	166,900		5,933,295
Guidant Corp.	103,874		7,489,315
Medtronic, Inc.	41,100		2,041,437

			26,104,376

*Health Care Providers & Services (2.5%)*
DaVita, Inc.*	56,250		2,223,563
Lincare Holdings, Inc.*	281,200		11,993,180
Medco Health Solutions, Inc.*	93,900		3,906,240
Tenet Healthcare Corp.*	262,600		2,883,348
WellPoint, Inc.*	39,700		4,565,500

			25,571,831

*Pharmaceuticals (9.6%)*
Allergan, Inc.	238,100		19,302,767
AstraZeneca plc (ADR)^	756,200		27,518,118
Elan Corp. plc (ADR)*^	69,400		1,891,150
Eli Lilly & Co.	247,300		14,034,275
Forest Laboratories, Inc.*	558,746		25,065,345
Pfizer, Inc.	153,639		4,131,353
Sepracor, Inc.*	21,900		1,300,203
Teva Pharmaceutical Industries Ltd. (ADR)	244,600		7,303,756

			100,546,967

Total Health Care			174,191,340

Industrials (7.9%)
*Aerospace & Defense (1.4%)*
Northrop Grumman Corp.	10,000		543,600
United Technologies Corp.	133,231		13,769,424

			14,313,024

*Building Products (0.9%)*
American Standard Cos., Inc.*	226,800		9,371,376

*Commercial Services & Supplies (0.3%)*
Monster Worldwide, Inc.*	87,800		2,953,592

*Construction & Engineering (0.9%)*
Fluor Corp.^	169,800		9,255,798

*Electrical Equipment (0.6%)*
Cooper Industries Ltd., Class A.	69,300		4,704,777
Emerson Electric Co.	30,900		2,166,090

			6,870,867

*Industrial Conglomerates (2.5%)*
General Electric Co.	601,828		21,966,722
Siemens AG (ADR)	25,000		2,116,750
Tyco International Ltd.	51,300		1,833,462

			25,916,934

*Machinery (1.1%)*
Illinois Tool Works, Inc.	47,200		4,374,496
Ingersoll-Rand Co., Class A	73,700		5,918,110
Navistar International Corp.*^	39,300		1,728,414

			12,021,020

*Road & Rail (0.2%)*
Union Pacific Corp.	30,700		2,064,575

Total Industrials			82,767,186

Information Technology (17.8%)
*Communications Equipment (2.7%)*
Cisco Systems, Inc.*	572,112		11,041,762
Corning, Inc.*	169,500		1,995,015
JDS Uniphase Corp.*	538,300		1,706,411
Polycom, Inc.*	70,800		1,651,056
QUALCOMM, Inc.	265,200		11,244,480

			27,638,724

*Computers & Peripherals (1.8%)*
Apple Computer, Inc.*	41,100		2,646,840
Hewlett-Packard Co.	54,035		1,133,114
International Business Machines Corp.	45,838		4,518,710
Lexmark International, Inc., Class A*	24,000		2,040,000
Seagate Technology*^	196,600		3,395,282
Sun Microsystems, Inc.*	969,300		5,214,834

			18,948,780

*Electronic Equipment & Instruments (1.9%)*
Agilent Technologies, Inc.*	345,804		8,333,876
Avnet, Inc.*	171,700		3,131,808
Flextronics International Ltd.*	212,500		2,936,750
Jabil Circuit, Inc.*	222,000		5,678,760

			20,081,194

*Internet Software & Services (0.5%)*
Google, Inc., Class A*^	11,500		2,220,650
VeriSign, Inc.*	95,600		3,204,512

			5,425,162

*IT Services (2.2%)*
Affiliated Computer Services, Inc., Class A*^	225,700		13,584,883
Automatic Data Processing, Inc.	142,900		6,337,615
CheckFree Corp.*^	75,500		2,875,040

			22,797,538

*Semiconductors & Semiconductor Equipment (6.8%)*
Advanced Micro Devices, Inc.*	120,000		2,642,400
Altera Corp.*	143,300		2,966,310
Applied Materials, Inc.*	1,188,496		20,323,282
Applied Micro Circuits Corp.*	268,400		1,129,964
ASML Holding N.V. (N.Y. Shares)*^	139,300		2,216,263
Credence Systems Corp.*^	110,000		1,006,500
Freescale Semiconductor, Inc., Class A*^	43,900		782,298
Intel Corp.	286,703		6,705,983
KLA-Tencor Corp.*	320,300		14,919,574
Lam Research Corp.*	70,400		2,035,264
Linear Technology Corp.^	70,400		2,728,704
Micron Technology, Inc.*	139,100		1,717,885
Novellus Systems, Inc.*	60,500		1,687,345
PMC-Sierra, Inc.*^	208,400		2,344,500
Teradyne, Inc.*^	295,000		5,035,650
Xilinx, Inc.	109,100		3,234,815

			71,476,737

*Software (1.9%)*
Cadence Design Systems, Inc.*	142,800		1,972,068
Microsoft Corp.	528,552		14,117,624
SAP AG (ADR)^	76,800		3,395,328

			19,485,020

Total Information Technology			185,853,155

Materials (2.5%)
*Chemicals (1.7%)*
Air Products & Chemicals, Inc.	72,507		4,203,231
Dow Chemical Co.	147,000		7,277,970
DuPont (E.I.) de Nemours & Co.	139,050		6,820,402

			18,301,603

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December 31, 2004


	Number of Shares		Value (Note 1)
*Metals & Mining (0.5%)*
Alcoa, Inc.		153,300	$	4,816,686

*Paper & Forest Products (0.3%)*
International Paper Co.		82,900		3,481,800

Total Materials				26,600,089

Telecommunication Services (3.2%)
*Diversified Telecommunication Services (3.1%)*
Qwest Communications International, Inc.*		116,000		515,040
SBC Communications, Inc.		70,000		1,803,900
Sprint Corp.		1,044,900		25,965,765
Verizon Communications, Inc.		106,300		4,306,213

				32,590,918

*Wireless Telecommunication Services (0.1%)*
American Tower Corp., Class A*		51,000		938,400

Total Telecommunication Services				33,529,318

Utilities (1.8%)
*Gas Utilities (0.1%)*
NiSource, Inc.		68,500		1,560,430

*Multi-Utilities & Unregulated Power (1.7%)*
AES Corp.*		456,600		6,241,722
Duke Energy Corp.^		316,700		8,022,011
Equitable Resources, Inc.		52,800		3,202,848

				17,466,581

Total Utilities				19,027,011

Total Common Stocks (94.1%) (Cost $819,286,303)				983,834,251

CONVERTIBLE PREFERRED STOCKS:
Materials (0.2%)
*Metals & Mining (0.2%)*
Phelps Dodge Corp., 6.75%, 8/15/05^ (Cost $1,020,741)		10,900		2,246,763


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Short-Term Investments of Cash Collateral for Securities Loaned (7.2%)
Deutsche Bank N.Y. 2.41%, 2/22/05 (l)	$	2,000,339		2,000,339
Fortis Bank
2.34%, 2/2/05		2,000,000		2,000,000
General Electric Capital Corp.
2.42%, 5/12/06 (l)		2,006,283		2,006,283
Merrill Lynch & Co., Inc.
2.13%, 10/19/06 (l)		5,000,000		5,000,000
Morgan Stanley & Co.
2.49%, 1/2/06 (l)		3,000,000		3,000,000
Nomura Securities
2.36%, 1/3/05		23,967,285		23,967,285
2.38%, 1/3/05		19,999,999		19,999,999
Nordeutsche Landesbank N.Y.
2.43%, 3/30/06 (l)		5,994,873		5,994,873
Washington Mutual Bank
2.28%, 2/15/05		5,000,000		5,000,000
Westdeutsche Landesbank N.Y.
2.34%, 7/13/05 (l)		5,998,191		5,998,191

Total Short-Term Investments of Cash Collateral for Securities Loaned				74,966,970

Time Deposit (6.1%)
JPMorgan Chase Nassau,
1.74%, 1/3/05		63,677,667		63,677,667

Total Short-Term Debt Securities (13.3%) (Amortized Cost $138,644,637)				138,644,637

Total Investments (107.6%) (Cost/Amortized Cost $958,951,681)				1,124,725,651
Other Assets Less Liabilities (-7.6%)				(79,594,104	)

Net Assets (100%)			$	1,045,131,547

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

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December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	342,951,021
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		161,500,267

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	176,393,008
Aggregate gross unrealized depreciation		(15,372,700	)

Net unrealized appreciation	$	161,020,308

Federal income tax cost of investments	$	963,705,343

At December 31, 2004, the Portfolio had loaned securities with a total value $73,562,285. This was secured by collateral of $74,966,970 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

The Portfolio utilized net capital loss carryforward of $ 22,241,634 during 2004.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Brazil (11.5%)
All America Latina Logistica S.A. (Preference)*	50,900	$	1,513,968
Banco Bradesco S.A. (ADR)	78,640		1,970,718
Banco Bradesco S.A. (Preference)	136,128		3,291,981
Banco Itau Holding Financeira S.A. (ADR)	71,880		5,403,220
Banco Itau Holding Financeira S.A. (Preference)	24,753		3,718,542
Braskem S.A. (ADR)*	35,000		1,783,600
Braskem S.A. (Preference)*	19,844,000		1,001,166
Cia Energetica de Minas Gerais S.A. (ADR)	103,100		2,530,074
Cia Energetica de Minas Gerais S.A. (Preference)	88,843,500		2,170,912
Cia Siderurgica de Tubarao (Preference)	9,823,000		578,802
Cia Siderurgica Nacional S.A.	30,090		575,403
Cia Siderurgica Nacional S.A. (ADR)	128,300		2,453,096
Cia Vale do Rio Doce (ADR)	28,774		834,734
Cia Vale do Rio Doce (Preference)	5,314		128,348
Cia Vale do Rio Doce (Special ADR)	505,264		12,318,336
CPFL Energia S.A. (ADR)*	16,000		317,760
CPFL Energia S.A.*	73,100		494,306
Lojas Arapua S.A. (Preference)*†(b)	1,248,000		—
Petroleo Brasileiro S.A. (ADR)	240,983		9,586,304
Petroleo Brasileiro S.A. (Preference ADR)	273,094		9,888,734
Petroleo Brasileiro S.A. (Preference)	18,780		686,927
Telesp Celular Participacoes S.A. (ADR)*	440,687		2,996,672
Telesp Celular Participacoes S.A. (Preference)*	1,723,586,011		4,665,882
Votorantim Celulose e Papel S.A. (ADR)	160,450		2,599,290

			71,508,775

Chile (0.9%)
Enersis S.A. (ADR)*	624,400		5,313,644

China (2.5%)
Air China Ltd.	1,168,000		450,809
AviChina Industry & Technology Co., Class H^	4,335,000		407,137
China Life Insurance Co., Ltd., Class H*^	3,566,000		2,385,683
China Petroleum & Chemical Corp., Class H	5,832,000		2,401,019
Hainan Meilan International Airport Co., Ltd., Class H	1,042,000		878,086
Huadian Power International Co.	5,412,000		1,601,451
Lianhua Supermarket Holdings Co., Ltd., Class H	976,000		1,192,893
Ping An Insurance Group Co. of China Ltd., Class H*§	1,505,000		2,555,869
Tom Online, Inc., Class H*	2,723,000		511,480
Wumart Stores, Inc., Class H*	474,000		762,283
Yanzhou Coal Mining Co., Ltd., Class H^	1,408,000		2,010,730
Zte Corp.*	81,000		262,090

			15,419,530

Colombia (0.4%)
BanColombia S.A. (ADR)	196,800		2,778,816

Egypt (1.6%)
Eastern Tobacco	81,091		1,737,378
Egyptian Co. for Mobile Services	276,012		5,837,631
Orascom Construction Industries	202,112		2,415,355
Orascom Construction Industries (GDR)*	1,028		24,806

			10,015,170

Greece (0.0%)
Hellenic Telecommunications S.A. (ADR)	1		9

Hong Kong (3.0%)
Asia Aluminum Holdings Ltd.	13,110,000		1,349,338
China Resources Power Holdings Co.	1,192,000		647,934
CNOOC Ltd.	7,131,000		3,830,320
Fountain Set (Holdings) Ltd.	2,099,000		1,363,741
GOME Electrical Appliances Holdings Ltd.*	1,932,000		1,752,364
Grande Holdings Ltd.	878,000		858,492
Hopewell Highway Infrastructure Ltd.^	2,401,000		1,976,971
Kingboard Chemicals Holdings Ltd.	929,000		1,966,119
Moulin International Holdings^	962,000		655,962
Norstar Founders Group Ltd.^	2,429,000		553,132
Shougang Concord Century Holdings Ltd.	4,924,000		475,124
TPV Technology Ltd.	3,695,000		2,229,585
Victory City International Holdings Ltd.	1,754,000		739,042

			18,398,124

India (6.4%)
ABB Ltd. (India)*(i)	67,500		1,506,366
Aventis Pharma Ltd./India	40,000		1,215,459
Bharat Heavy Electricals Ltd.	256,676		4,546,005
Cipla Ltd.	291,500		2,127,407
Container Corp. of India Ltd.	81,442		1,718,020
GlaxoSmithkline Pharmaceuticals Ltd.	75,500		1,336,230
Grasim Industries Ltd.	33,000		1,003,854
HDFC Bank Ltd.	111,000		1,324,876
Hero Honda Motors Ltd.	199,715		2,623,815
Hindalco Industries Ltd.	44,207		1,450,990
Hindustan Lever Ltd.	420,369		1,387,692
Housing Development Finance Corp.	115,000		2,026,720
Industrial Development Bank of India Ltd.*	655,000		1,654,451
Infosys Technologies Ltd.	79,680		3,829,112
ITC Ltd.	20,000		602,622
ITC Ltd. (GDR).	19,900		597,000
Mahanager Telephone Nigam	583,000		2,077,449
Mahindra & Mahindra Ltd.	152,000		1,903,934
Oil & Natural Gas Corp., Ltd.	124,450		2,346,285
Siemens India Ltd.	24,500		745,145
Steel Authority of India*	1,795,699		2,585,939
Wipro Ltd.	65,000		1,118,473

			39,727,844

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
Indonesia (2.4%)
PT Bank Central Asia Tbk	6,913,000	$	2,215,586
PT Bank Internasional Indonesia Tbk*	38,240,500		762,132
PT Bank Mandiri Persero Tbk	8,774,500		1,819,651
PT Bank Rakyat Indonesia	8,588,000		2,659,898
PT Bumi Resources Tbk*	26,716,500		2,302,526
PT Gudang Garam Tbk	795,000		1,160,490
PT Indocement Tunggal Prakarsa Tbk*	5,012,000		1,660,318
PT Ramayana Lestari Sentosa Tbk	6,261,000		522,734
PT Telekomunikasi Indonesia Tbk	3,252,500		1,690,634

			14,793,969

Israel (0.9%)
Check Point Software Technologies Ltd.*	229,119		5,643,201
ECI Telecom Ltd.*	1		8

			5,643,209

Malaysia (1.5%)
Bandar Raya Developments Bhd	301,000		154,461
Commerce Asset Holding Bhd	927,000		1,146,553
Magnum Corp. Bhd	2,064,000		1,314,442
MK Land Holdings Bhd	1,190,000		554,289
Resorts World Bhd	398,000		1,047,368
SP Setia Bhd	1,326,000		1,507,453
Tenaga Nasional Bhd	782,100		2,243,392
YTL Corp. Bhd	771,000		1,085,487

			9,053,445

Mexico (8.5%)
America Movil S.A. de C.V. (ADR)	354,160		18,540,276
Cemex S.A. de C.V. (ADR)	67,006		2,440,359
Cemex S.A. de C.V. (CPO)	23,321		170,300
Fomento Economico Mexicano S.A. de C.V. (ADR)	41,900		2,204,359
Grupo Financiero Banorte S.A. de C.V.	195,400		1,230,562
Grupo Televisa S.A. (ADR)	188,900		11,428,450
Kimberly-Clark de Mexico S.A. de C.V.	352,800		1,218,516
Telefonos de Mexico S.A. de C.V., Class L (ADR)	25,501		977,198
Wal-Mart de Mexico S.A. de C.V., Series C (ADR)	49,241		1,691,871
Wal-Mart de Mexico S.A. de C.V., Series V	3,754,540		12,900,232

			52,802,123

Morocco (0.3%)
Banque Marocaine du Commerce Exterieur	31,500		2,007,100

Poland (2.2%)
Agora S.A.*	32,427		614,894
Powszechna Kasa Oszczednosci Bank Polski S.A.*	428,956		3,981,097
Telekomunikacja Polska S.A.	254,411		1,681,691
Telekomunikacja Polska S.A. (GDR)	1,094,500		7,223,700

			13,501,382

Russia (7.3%)
LUKOIL (ADR)	92,789		11,276,725
Mobile Telesystems (ADR)§	33,620		4,656,706
OAO Gazprom (ADR) (Registered)^	314,900		11,178,950
Sberbank RF (GDR)*	113,950		6,272,903
Surgutneftegaz (ADR)	145,927		5,472,262
Surgutneftegaz (Preference ADR)	34,573		1,884,229
Uralsvyazinform (ADR)	171,000		1,255,140
Vimpel-Communications (ADR)*	54,600		1,973,244
VolgaTelecom (ADR)*	226,800		1,474,200

			45,444,359

South Africa (14.7%)
African Bank Investments Ltd.	3,387,700		11,004,200
African Life Assurance Co., Ltd.	1,098,700		3,598,139
Anglo American Platinum Corp., Ltd.	36,600		1,344,788
Aveng Ltd.	1,298,800		2,766,470
AVI Ltd.	460,500		1,880,009
Barloworld Ltd.	237,800		4,486,912
Edgars Consolidated Stores Ltd.	107,200		5,751,267
Harmony Gold Mining Co., Ltd.	533,277		4,846,462
Harmony Gold Mining Co., Ltd. (ADR)	205,160		1,902,834
Impala Platinum Holdings Ltd.	34,020		2,892,493
Ispat Iscor Ltd.	130,700		1,519,565
Kumba Resources Ltd.	284,400		2,221,185
Lewis Group Ltd.*	373,100		2,582,809
Massmart Holdings Ltd.	703,900		5,658,687
MTN Group Ltd.	1,689,080		13,041,931
Sanlam Ltd.	2,553,200		5,891,564
Shoprite Holdings Ltd.	1,292,700		2,959,988
Standard Bank Group Ltd.	539,905		6,305,880
Steinhoff International Holdings Ltd.	2,580,580		5,771,521
Telkom South Africa Ltd.	273,820		4,763,143

			91,189,847

South Korea (12.8%)
Cheil Industries, Inc.	161,930		2,494,961
Daishin Securities Co., Ltd.	93,110		1,268,210
Daishin Securities Co., Ltd. (Non-Voting)	83,370		720,790
Doosan Heavy Industries and Construction Co., Ltd.	166,480		1,897,666
Handsome Co., Ltd.	163,660		1,323,256
Hankook Tire Co., Ltd.	520,800		5,131,530
Hyundai Mobis*	94,450		5,976,116
Hyundai Motor Co.*	29,450		1,578,898
Hyundai Motor Co. (Non-Voting)*	18,100		542,895
Korea Electric Power Corp.	46,200		1,198,290
Korean Air Lines Co., Ltd.*	201,780		3,674,220
KT&G Corp.	112,140		3,352,717
LG Engineering & Construction Corp.	56,740		1,562,104
LG Investment & Securities Co.*	467,140		3,853,724
Orion Corp.	24,510		2,580,748
Pusan Bank.	221,090		1,697,899
Samsung Electronics Co., Ltd.	36,935		16,073,433
Samsung Electronics Co., Ltd. (Non-Voting)	12,675		3,654,837

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December 31, 2004


	Number of Shares		Value (Note 1)
Samsung Fire & Marine Insurance Co., Ltd.		15,400	$	1,212,423
Samsung SDI Co., Ltd.		128,210		13,995,102
Shinhan Financial Group Co., Ltd.		175,530		3,967,738
STX Shipbuilding Co., Ltd.		91,300		1,481,685

				79,239,242

Taiwan (10.1%)
Acer, Inc.		1,113,653		1,844,960
Asia Optical Co., Inc.		773,523		4,320,403
Catcher Technology Co., Ltd.		371,000		1,223,399
Cathay Financial Holding Co., Ltd.		1,223,000		2,508,520
Cheng Shin Rubber Industry Co., Ltd.		939,328		1,200,467
Chinatrust Financial Holding Co., Ltd.		2,664,671		3,186,842
CTCI Corp.		2,337,817		1,490,183
Cyberlink Corp.		335,611		841,940
Delta Electronics, Inc.		1,043,000		1,843,105
Eva Airways Corp.*		2,514,244		1,237,684
Far EasTone Telecommunications Co., Ltd.		726,000		882,013
Faraday Technology Corp.		400,024		700,579
Fubon Financial Holding Co. Ltd. (GDR)		51,844		517,403
Fubon Financial Holding Co., Ltd.		1,727,000		1,771,142
Hon Hai Precision Industry Co., Ltd.		1,295,243		6,008,227
Infortrend Technology, Inc.		745,315		1,622,806
Kaulin Manufacturing Co., Ltd.		560,100		551,440
Largan Precision Co., Ltd.		217,551		1,215,100
MediaTek, Inc.		440,434		3,002,012
Mega Financial Holding Co., Ltd.		5,384,000		3,720,719
Phoenixtec Power Co., Ltd.		1,077,845		1,302,665
Polaris Securities Co., Ltd.		2,854,948		1,603,600
Richtek Technology Corp.		289,300		611,647
Shin Kong Financial Holdings Co., Ltd.		2,756,000		2,661,205
Springsoft, Inc.		735,043		1,577,246
Sunplus Technology Co., Ltd.		431,600		607,427
Taishin Financial Holdings Co., Ltd.		1,976,683		1,858,793
Taiwan Cellular Corp.		1,733,000		1,941,354
Taiwan Cement Corp.		5,074,319		3,346,585
Taiwan Semiconductor Manufacturing Co., Ltd.		1,627,000		2,592,726
Tsann Kuen Enterprise Co.		827,275		958,062
Waffer Technology Co., Ltd.		542,000		687,548
Ya Hsin Industrial Co., Ltd.		3,536,979		3,404,161

				62,841,963

Thailand (5.0%)
Advanced Information Service PCL (Foreign)		1,419,700		3,910,113
Asian Property Development PCL (Foreign)		6,935,800		653,411
Bangkok Bank PCL (Foreign)		1,884,000		5,528,340
Banpu PCL (Foreign)		352,400		1,378,759
C.P. Seven Eleven PCL (Foreign)		866,800		1,271,753
Italian-Thai Development PCL (Foreign)		7,823,400		1,933,195
Kasikornbank PCL (Foreign)*		2,168,800		3,126,198
Kasikornbank PCL (NVDR)*		727,400		982,973
Lalin Property PCL (Foreign)		1,691,000		274,216
Land and Houses PCL (Foreign)		6,034,400		1,755,180
MBK PCL (Foreign)		424,300		524,232
PTT PCL (Foreign)		722,500		3,217,310
Siam City Bank PCL (Foreign)		1,864,900		1,212,065
Siam Commercial Bank PCL (Foreign)		1,000,600		1,262,018
Siam Makro PCL (Foreign)		141,700		178,721
Sino Thai Engineering & Construction PCL (Foreign)		1,819,500		395,747
Total Access Communication PCL*		604,000		2,138,160
True Corp. PCL (Foreign)*		6,521,100		1,359,612

				31,102,003

Turkey (4.2%)
Akbank T.A.S.		617,237,147		3,821,973
Akcansa Cimento A.S.		762,136,075		2,690,224
Arcelik A.S.*		265,680,250		1,625,408
Enka Insaat ve Sanayi A.S.		74,285,000		2,051,996
Hurriyet Gazetecilik A.S.		1,269,696,510		2,994,167
Trakya Cam Sanayi A.S.		700,531,741		1,911,722
Turkcell Iletism Hizmetleri A.S.*		400,839,238		2,794,133
Turkiye Garanti Bankasi A.S.*		1,075,067,308		3,396,208
Yapi Ve Kredi Bankasi A.S.*		1,432,273,900		4,503,405

				25,789,236

Total Common Stocks (96.2%) (Cost $452,997,623)				596,569,790


	Number of Rights
RIGHTS:
Brazil (0.0%)
Banco Bradesco S.A. (Preference), expiring 1/27/05*†		5,718		52,164

Total Rights (0.0%) (Cost $—)				52,164


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Short-Term Investments of Cash Collateral for Securities Loaned (2.4%)
New York Life Insurance Co.
2.39%, 3/31/05 (l)	$	1,200,000		1,200,000
Nomura Securities
2.36%, 1/3/05		12,439,700		12,439,700
Washington Mutual Bank
2.28%, 2/15/05		1,000,000		1,000,000

Total Short-Term Debt Securities (2.4%) (Amortized Cost $14,639,700)				14,639,700

Total Investments (98.6%) (Cost/Amortized Cost $467,637,323)				611,261,654
Other Assets Less Liabilities (1.4%)				8,829,515

Net Assets (100%)			$	620,091,169

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PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Market Sector Diversification

As a Percentage of Total Equity Investments


Consumer Discretionary	12.6	%
Consumer Staples	6.8
Energy	10.4
Financials	21.9
Health Care	0.9
Industrials	7.3
Information Technology	12.6
Materials	10.1
Telecommunications Services	14.4
Utilities	3.0

	100.0	%

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

†	Securities (totaling $52,164 or 0.01% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2004, the market value of these securities amounted to $7,212,575 or 1.16% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any security might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

(i)

Dematerialized-Securities changed from paper to electronic format.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

CPO — Certificate of Participation

GDR — Global Depositary Receipt

NVDR — Non-Voting Depositary Receipt

At December 31, 2004 the Portfolio had outstanding foreign currency contracts to sell foreign currencies as follows: (Note 1)


	Local Contract Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
Foreign Currency Sell Contracts
South African Rand, expiring 6/27/05	54,653	$	8,050,000	$	9,490,469	$	(1,440,469	)
South African Rand, expiring 7/22/05	41,035		6,261,000		7,105,887		(844,887	)

						$	(2,285,356	)

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	379,831,046
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		259,020,956

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	151,392,346
Aggregate gross unrealized depreciation		(9,902,993	)

Net unrealized appreciation	$	141,489,353

Federal income tax cost of investments	$	469,772,301

At December 31, 2004, the Portfolio had loaned securities with a total value $13,917,091. This was secured by collateral of $14,639,700 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2004, the Portfolio incurred approximately $2,877 as brokerage commissions with Morgan Stanley & Co., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $42,116,192 of which $13,245,222 expires in the year 2009, and $28,870,970 expires in the year 2010.

The Portfolio utilized net capital loss carryforward of $60,269,235 during 2004.

See Notes to Financial Statements.

156

EQ ADVISORS TRUST

EQ/ENTERPRISE CAPITAL APPRECIATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (25.6%)
*Automobiles (0.2%)*
Harley-Davidson, Inc.	1,616	$	98,172

*Hotels, Restaurants & Leisure (9.8%)*
Four Seasons Hotels, Inc.	31,874		2,606,974
MGM Mirage, Inc.*	3,901		283,759
Royal Caribbean Cruises Ltd.	15,184		826,617
Starbucks Corp.*	16,860		1,051,390
Wynn Resorts Ltd.*	2,334		156,191
Yum! Brands, Inc.	11,903		561,584

			5,486,515

*Household Durables (4.0%)*
KB Home	4,244		443,074
Lennar Corp., Class A	18,757		1,063,147
Lennar Corp., Class B	931		48,607
MDC Holdings, Inc.	7,974		689,272

			2,244,100

*Internet & Catalog Retail (3.1%)*
eBay, Inc.*	15,146		1,761,177

*Leisure Equipment & Products (0.2%)*
Brunswick Corp.	2,295		113,602

*Media (0.6%)*
Getty Images, Inc.*	4,580		315,333

*Multiline Retail (1.4%)*
Target Corp.	15,501		804,967

*Specialty Retail (3.8%)*
Bed Bath & Beyond, Inc.*	4,700		187,201
Lowe’s Cos., Inc.	29,045		1,672,702
Tiffany & Co.	8,861		283,286

			2,143,189

*Textiles, Apparel & Luxury Goods (2.5%)*
Nike, Inc., Class B	15,476		1,403,518

Total Consumer Discretionary			14,370,573

Consumer Staples (3.9%)
*Food & Staples Retailing (0.8%)*
CVS Corp.	10,035		452,277

*Household Products (3.1%)*
Procter & Gamble Co.	31,632		1,742,291

Total Consumer Staples			2,194,568

Financials (18.0%)
*Capital Markets (3.8%)*
Goldman Sachs Group, Inc.	9,649		1,003,882
Merrill Lynch & Co., Inc.	18,855		1,126,963

			2,130,845

*Commercial Banks (0.4%)*
UCBH Holdings, Inc.	5,084		232,949

*Consumer Finance (6.3%)*
SLM Corp.	66,432		3,546,804

*Diversified Financial Services (4.5%)*
Chicago Mercantile Exchange	3,446		788,100
Citigroup, Inc.	35,214		1,696,611

			2,484,711

*Thrifts & Mortgage Finance (3.0%)*
Countrywide Financial Corp.	45,358		1,678,700

Total Financials			10,074,009

Health Care (24.1%)
*Biotechnology (5.4%)*
Genentech, Inc.*	55,150		3,002,366

*Health Care Equipment & Supplies (7.9%)*
Boston Scientific Corp.*	18,569		660,128
Medtronic, Inc.	11,570		574,682
St. Jude Medical, Inc.*	26,888		1,127,414
Wright Medical Group, Inc.*	2,745		78,232
Zimmer Holdings, Inc.*	24,597		1,970,712

			4,411,168

*Health Care Providers & Services (9.8%)*
Aetna, Inc.	15		1,871
Cardinal Health, Inc.	250		14,538
PacifiCare Health Systems, Inc.*	3,144		177,699
Quest Diagnostics, Inc.	9,875		943,556
UnitedHealth Group, Inc.	49,533		4,360,390
WellPoint, Inc.*	25		2,875

			5,500,929

*Pharmaceuticals (1.0%)*
Pfizer, Inc.	22,011		591,876

Total Health Care			13,506,339

Industrials (13.4%)
*Aerospace & Defense (0.6%)*
General Dynamics Corp.	205		21,443
Lockheed Martin Corp.	5,827		323,690

			345,133

*Air Freight & Logistics (3.4%)*
FedEx Corp.	19,494		1,919,964

*Industrial Conglomerates (6.0%)*
General Electric Co.	73,237		2,673,150
Tyco International Ltd.	19,031		680,168

			3,353,318

*Machinery (3.4%)*
Caterpillar, Inc.	19,382		1,889,939

Total Industrials			7,508,354

Information Technology (11.8%)
*Communications Equipment (6.5%)*
Motorola, Inc.	18,354		315,689
QUALCOMM, Inc.	65,697		2,785,553
Telefonaktiebolaget LM Ericsson (ADR)*	16,563		521,569

			3,622,811

*Computers & Peripherals (2.2%)*
Dell, Inc.*	29,320		1,235,545

*Semiconductors & Semiconductor Equipment (0.1%)*
Freescale Semiconductor, Inc., Class B*	2,026		37,197

*Software (3.0%)*
Electronic Arts, Inc.*	23,521		1,450,775
Microsoft Corp.	9,742		260,209

			1,710,984

Total Information Technology			6,606,537

Materials (0.5%)
*Chemicals (0.5%)*
Monsanto Co.	4,468		248,197

*Metals & Mining (0.0%)*
United States Steel Corp.	400		20,500

Total Materials			268,697

157

EQ ADVISORS TRUST

EQ/ENTERPRISE CAPITAL APPRECIATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Number of Shares	Value (Note 1)
Telecommunication Services (1.2%)
*Diversified Telecommunication Services (1.2%)*
Verizon Communications, Inc.	15,978	$	647,269

Total Telecommunication Services			647,269

Total Investments (98.5%) (Cost $36,929,168)			55,176,346
Other Assets Less Liabilities (1.5%)			858,463

Net Assets (100%)		$	56,034,809

*	Non-income producing.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	35,972,274
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		41,717,524

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	18,138,331
Aggregate gross unrealized depreciation		(36,533	)

Net unrealized appreciation	$	18,101,798

Federal income tax cost of investments	$	37,074,548

For the year ended December 31, 2004, the Portfolio incurred approximately $330 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $24,563,341 of which $3,761,011 expires in the year 2008, $14,631,447 expires in the year 2009, and $6,170,883 expires in the year 2010.

The Portfolio utilized net capital loss carryforward of $2,324,515 during 2004.

See Notes to Financial Statements.

158

EQ ADVISORS TRUST

EQ/ENTERPRISE DEEP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (12.2%)
*Auto Components (0.6%)*
Lear Corp.	600	$	36,606

*Automobiles (1.2%)*
General Motors Corp.	1,780		71,307

*Hotels, Restaurants & Leisure (2.6%)*
McDonald’s Corp.	5,120		164,147

*Media (5.1%)*
Comcast Corp., Class A*	4,600		153,088
Time Warner, Inc.*	8,410		163,490

			316,578

*Multiline Retail (1.8%)*
Dollar General Corp.	5,410		112,366

*Textiles, Apparel & Luxury Goods (0.9%)*
Nike, Inc., Class B	600		54,414

Total Consumer Discretionary			755,418

Consumer Staples (6.2%)
*Beverages (0.8%)*
PepsiCo, Inc.	950		49,590

*Food & Staples Retailing (2.3%)*
CVS Corp.	3,190		143,773

*Food Products (2.3%)*
Kellogg Co.	3,190		142,466

*Household Products (0.8%)*
Kimberly-Clark Corp.	720		47,383

Total Consumer Staples			383,212

Energy (11.3%)
*Energy Equipment & Services (2.1%)*
GlobalSantaFe Corp.	4,000		132,440

*Oil & Gas (9.2%)*
ConocoPhillips	900		78,147
Exxon Mobil Corp.	6,390		327,551
Shell Transport & Trading Co. plc (ADR)	3,150		161,910

			567,608

Total Energy			700,048

Financials (22.4%)
*Capital Markets (2.2%)*
Goldman Sachs Group, Inc.	420		43,697
Morgan Stanley	1,620		89,942

			133,639

*Commercial Banks (10.3%)*
Bank of America Corp.	6,000		281,940
National City Corp.	5,040		189,252
SunTrust Banks, Inc.	800		59,104
Wells Fargo & Co.	1,750		108,763

			639,059

*Diversified Financial Services (7.4%)*
Citigroup, Inc.	5,960		287,153
JPMorgan Chase & Co.	2,718		106,029
Principal Financial Group.	1,600		65,504

			458,686

*Insurance (0.8%)*
ACE Ltd.	440		18,810
Chubb Corp.	420		32,298

			51,108

*Thrifts & Mortgage Finance (1.7%)*
Fannie Mae	930		66,225
Washington Mutual, Inc.	860		36,361

			102,586

Total Financials			1,385,078

Health Care (9.3%)
*Health Care Equipment & Supplies (2.2%)*
Baxter International, Inc.	2,750		94,985
Beckman Coulter, Inc.	630		42,204

			137,189

*Health Care Providers & Services (2.0%)*
WellPoint, Inc.*	1,100		126,500

*Pharmaceuticals (5.1%)*
Pfizer, Inc.	4,370		117,509
Watson Pharmaceuticals, Inc.*	2,300		75,463
Wyeth	2,800		119,252

			312,224

Total Health Care			575,913

Industrials (13.1%)
*Aerospace & Defense (2.6%)*
General Dynamics Corp.	600		62,760
Lockheed Martin Corp.	700		38,885
Precision Castparts Corp.	900		59,112

			160,757

*Airlines (1.6%)*
Southwest Airlines Co.	5,960		97,029

*Electrical Equipment (1.7%)*
Emerson Electric Co.	630		44,163
Rockwell Automation, Inc.	1,210		59,956

			104,119

*Industrial Conglomerates (1.1%)*
Tyco International Ltd.	1,850		66,119

*Machinery (4.1%)*
Caterpillar, Inc.	2,250		219,397
Illinois Tool Works, Inc.	400		37,072

			256,469

*Road & Rail (2.0%)*
CSX Corp.	3,130		125,450

Total Industrials			809,943

Information Technology (7.2%)
*Communications Equipment (0.2%)*
Scientific-Atlanta, Inc.	400		13,204

*Computers & Peripherals (1.5%)*
Hewlett-Packard Co.	2,170		45,505
International Business Machines Corp.	500		49,290

			94,795

*Semiconductors & Semiconductor Equipment (5.5%)*
Applied Materials, Inc.*	5,320		90,972
Intel Corp.	2,800		65,492
Lam Research Corp.*	1,600		46,256
Teradyne, Inc.*	8,150		139,120

			341,840

Total Information Technology			449,839

Materials (8.0%)
*Chemicals (3.9%)*
Dow Chemical Co.	1,500		74,265
DuPont (E.I.) de Nemours & Co.	3,450		169,223

			243,488

*Metals & Mining (3.4%)*
Alcoa, Inc.	6,570		206,429

159

EQ ADVISORS TRUST

EQ/ENTERPRISE DEEP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Number of Shares		Value (Note 1)
*Paper & Forest Products (0.7%)*
Weyerhaeuser Co.		650	$	43,693

Total Materials				493,610

Telecommunication Services (3.1%)
*Diversified Telecommunication Services (3.1%)*
BellSouth Corp.		2,010		55,858
SBC Communications, Inc.		2,830		72,929
Sprint Corp.		2,500		62,125

Total Telecommunication Services				190,912

Utilities (5.6%)
*Electric Utilities (4.4%)*
Entergy Corp.		900		60,831
Exelon Corp.		2,440		107,531
PPL Corp.		230		12,254
Progress Energy, Inc.		610		27,597
TXU Corp.		1,000		64,560

				272,773

*Multi-Utilities & Unregulated Power (1.2%)*
Dominion Resources, Inc.		860		58,256
SCANA Corp.		420		16,548

				74,804

Total Utilities				347,577

Total Common Stocks (98.4%) (Cost $5,337,389)				6,091,550


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Time Deposit (2.0%)
JPMorgan Chase Nassau, 1.74%, 1/3/05 (Amortized Cost $119,550)	$	119,550		119,550

Total Investments (100.4%) (Cost/Amortized Cost $5,456,939)				6,211,100
Other Assets Less Liabilities (-0.4%)				(21,735	)

Net Assets (100%)			$	6,189,365

*	Non-income producing.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	3,293,714
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		1,882,238

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	857,266
Aggregate gross unrealized depreciation		(106,538	)

Net unrealized appreciation	$	750,728

Federal income tax cost of investments	$	5,460,372

For the year ended December 31, 2004, the Portfolio incurred approximately $18 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

See Notes to Financial Statements.

160

EQ ADVISORS TRUST

EQ/ENTERPRISE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (28.2%)
*Automobiles (1.6%)*
Harley-Davidson, Inc.		73,800	$	4,483,350

*Hotels, Restaurants & Leisure (4.9%)*
Starbucks Corp.*		223,900		13,962,404

*Internet & Catalog Retail (13.8%)*
Amazon.com, Inc.*		364,230		16,131,747
eBay, Inc.*		201,600		23,442,048

				39,573,795

*Media (7.9%)*
Pixar*		110,300		9,442,783
XM Satellite Radio Holdings, Inc., Class A*		346,265		13,026,489

				22,469,272

Total Consumer Discretionary				80,488,821

Consumer Staples (3.7%)
*Food & Staples Retailing (3.7%)*
Wal-Mart Stores, Inc.		98,900		5,223,898
Walgreen Co.		138,200		5,302,734

Total Consumer Staples				10,526,632

Financials (12.5%)
*Commercial Banks (2.0%)*
Commerce Bancorp, Inc./New Jersey		91,125		5,868,450

*Insurance (10.5%)*
Aflac, Inc.		36,200		1,442,208
American International Group, Inc.		72,150		4,738,091
Progressive Corp.		281,285		23,864,219

				30,044,518

Total Financials				35,912,968

Health Care (9.3%)
*Biotechnology (9.3%)*
Amgen, Inc.*		137,500		8,820,625
Genentech, Inc.*		327,360		17,821,478

Total Health Care				26,642,103

Industrials (5.3%)
*Commercial Services & Supplies (3.4%)*
Apollo Group, Inc., Class A*		121,800		9,830,478

*Industrial Conglomerates (1.9%)*
General Electric Co.		145,000		5,292,500

Total Industrials		.		15,122,978

Information Technology (40.9%)
*Communications Equipment (7.7%)*
Cisco Systems, Inc.*		303,600		5,859,480
QUALCOMM, Inc.		378,200		16,035,680

				21,895,160

*Computers & Peripherals (10.5%)*
Dell, Inc.*		262,000		11,040,680
Network Appliance, Inc.*		575,385		19,114,290

				30,154,970

*Internet Software & Services (8.3%)*
Yahoo!, Inc.*		628,400		23,678,112

*Semiconductors & Semiconductor Equipment (8.2%)*
Applied Materials, Inc.*		238,045		4,070,570
Maxim Integrated Products, Inc.		276,900		11,737,791
Xilinx, Inc.		254,200		7,537,030

				23,345,391

*Software (6.2%)*
Electronic Arts, Inc.*		174,000		10,732,320
Symantec Corp.*		270,820		6,976,323

				17,708,643

Total Information Technology				116,782,276

Total Common Stocks (99.9%) (Cost $196,575,123)				285,475,778


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Time Deposit (0.0%)
JPMorgan Chase Nassau,1.74%, 1/3/05 (Amortized Cost $641)	$	641		641

Total Investments (99.9%) (Cost/Amortized Cost $196,575,764)				285,476,419
Other Assets Less Liabilities (0.1%)				205,807

Net Assets (100%)			$	285,682,226

*	Non-income producing.

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	49,841,534
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		82,341,581

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	105,873,996
Aggregate gross unrealized depreciation		(16,973,341	)

Net unrealized appreciation	$	88,900,655

Federal income tax cost of investments	$	196,575,764

For the year ended December 31, 2004, the Portfolio incurred approximately $1,935 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $150,263,864 of which $27,118,232 expires in the year 2009, $62,598,018 expires in the year 2010, $42,657,049 expires in the year 2011, and $17,890,565 expires in the year 2012.

See Notes to Financial Statements.

161

EQ ADVISORS TRUST

EQ/ENTERPRISE EQUITY INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.3%)
*Automobiles (1.8%)*
DaimlerChrysler AG	33,900	$	1,628,895
Ford Motor Co.	65,900		964,776
Nissan Motor Co., Ltd. (ADR)	49,600		1,088,224

			3,681,895

*Hotels, Restaurants & Leisure (2.6%)*
Harrah’s Entertainment, Inc.	28,700		1,919,743
Starwood Hotels & Resorts Worldwide, Inc.	58,300		3,404,720

			5,324,463

*Household Durables (2.0%)*
Leggett & Platt, Inc.	68,500		1,947,455
Stanley Works	46,300		2,268,237

			4,215,692

*Media (1.8%)*
Reuters Group plc (ADR)	44,900		1,928,455
Thomson Corp.	53,900		1,902,131

			3,830,586

*Specialty Retail (1.2%)*
Limited Brands	109,600		2,522,992

*Textiles, Apparel & Luxury Goods (0.9%)*
V.F. Corp.	34,300		1,899,534

Total Consumer Discretionary			21,475,162

Consumer Staples (5.8%)
*Food & Staples Retailing (1.3%)*
Albertson’s, Inc.	113,100		2,700,828

*Food Products (3.3%)*
Archer-Daniels-Midland Co.	134,000		2,989,540
Cadbury Schweppes plc (ADR)	59,100		2,228,070
Kellogg Co.	22,700		1,013,782
Sara Lee Corp.	29,800		719,372

			6,950,764

*Household Products (1.2%)*
Procter & Gamble Co.	44,000		2,423,520

Total Consumer Staples			12,075,112

Energy (13.6%)
*Oil & Gas (13.6%)*
BP plc (ADR)	42,800		2,499,520
ChevronTexaco Corp.	60,600		3,182,106
ConocoPhillips	40,500		3,516,615
El Paso Corp.	232,000		2,412,800
Exxon Mobil Corp.	51,700		2,650,142
Kerr-McGee Corp.	54,000		3,120,660
Marathon Oil Corp.	49,700		1,869,217
Occidental Petroleum Corp.	60,700		3,542,452
Sunoco, Inc.	24,600		2,010,066
Teekay Shipping Corp.	38,330		1,614,077
Unocal Corp.	49,700		2,149,028

Total Energy			28,566,683

Financials (24.8%)
*Commercial Banks (8.6%)*
ABN AMRO Holding N.V.(ADR)	34,300		912,380
Bank of America Corp.	66,100		3,106,039
Bank of Montreal	63,000		3,032,820
Comerica, Inc.	36,900		2,251,638
KeyCorp.	88,100		2,986,590
U.S. Bancorp	100,800		3,157,056
Wells Fargo & Co.	40,000		2,486,000

			17,932,523

*Consumer Finance (0.6%)*
MBNA Corp.	48,300		1,361,577

*Diversified Financial Services (2.5%)*
Citigroup, Inc.	70,800		3,411,144
GATX Corp.	62,800		1,856,368

			5,267,512

*Insurance (8.1%)*
ACE Ltd.	48,900		2,090,475
Allstate Corp.	31,800		1,644,696
Chubb Corp.	34,400		2,645,360
Lincoln National Corp.	61,500		2,870,820
Nationwide Financial Services, Inc.	65,800		2,515,534
PartnerReinsurance Ltd.	16,500		1,022,010
Sun Life Financial, Inc.	84,500		2,834,130
UnumProvident Corp.	77,900		1,397,526

			17,020,551

*Real Estate (2.9%)*
Friedman, Billings, Ramsey Group, Inc., Class A (REIT)	33,200		643,748
General Growth Properties, Inc. (REIT)	85,600		3,095,296
Trizec Properties, Inc. (REIT)	125,600		2,376,352

			6,115,396

*Thrifts & Mortgage Finance (2.1%)*
Fannie Mae	32,000		2,278,720
Independence Community Bank Corp.	48,300		2,056,614

			4,335,334

Total Financials			52,032,893

Health Care (4.5%)
*Pharmaceuticals (4.5%)*
Bristol-Myers Squibb Co.	62,200		1,593,564
GlaxoSmithKline plc (ADR)	43,400		2,056,726
Johnson & Johnson	53,100		3,367,602
Merck & Co., Inc.	25,800		829,212
Pfizer, Inc.	61,100		1,642,979

Total Health Care			9,490,083

Industrials (13.1%)
*Aerospace & Defense (3.1%)*
Goodrich Corp.	94,100		3,071,424
Northrop Grumman Corp.	18,400		1,000,224
Raytheon Co.	62,300		2,419,109

			6,490,757

*Building Products (1.4%)*
Masco Corp.	78,000		2,849,340

*Commercial Services & Supplies (1.3%)*
Waste Management, Inc.	90,800		2,718,552

*Electrical Equipment (1.3%)*
Rockwell Automation, Inc.	53,900		2,670,745

*Industrial Conglomerates (2.8%)*
General Electric Co.	72,600		2,649,900
Textron, Inc.	44,700		3,298,860

			5,948,760

*Machinery (3.2%)*
Cummins, Inc.	14,700		1,231,713
Eaton Corp.	42,700		3,089,772
Volvo AB (ADR)	59,800		2,371,070

			6,692,555

Total Industrials			27,370,709

162

EQ ADVISORS TRUST

EQ/ENTERPRISE EQUITY INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Number of Shares		Value (Note 1)
Information Technology (2.2%)
*Communications Equipment (1.2%)*
Nokia OYJ (ADR)		156,900	$	2,458,623

*IT Services (1.0%)*
Electronic Data Systems Corp.		89,800		2,074,380

Total Information Technology				4,533,003

Materials (6.6%)
*Chemicals (5.2%)*
Air Products & Chemicals, Inc.		44,600		2,585,462
DuPont (E.I.) de Nemours & Co.		33,400		1,638,270
Eastman Chemical Co.		48,800		2,817,224
Monsanto Co.		29,900		1,660,945
PPG Industries, Inc.		17,900		1,220,064
RPM International, Inc.		50,400		990,864

				10,912,829

*Metals & Mining (0.9%)*
Worthington Industries, Inc.		101,400		1,985,412

*Paper & Forest Products (0.5%)*
Georgia-Pacific Corp.		26,600		996,968

Total Materials				13,895,209

Telecommunication Services (4.4%)
*Diversified Telecommunication Services (4.4%)*
Alltel Corp.		42,400		2,491,424
Cable & Wireless plc (ADR)		116,000		793,440
Sprint Corp.		32,600		810,110
Telecom Corp. of New Zealand Ltd. (ADR)		79,700		2,826,162
Verizon Communications, Inc.		57,600		2,333,376

Total Telecommunication Services				9,254,512

Utilities (9.8%)
*Electric Utilities (7.1%)*
Alliant Energy Corp.		95,000		2,717,000
Edison International, Inc.		99,100		3,174,173
TECO Energy, Inc.		162,300		2,489,682
TXU Corp.		41,386		2,671,880
Westar Energy, Inc.		41,100		939,957
Xcel Energy, Inc.		155,600		2,831,920

				14,824,612

*Multi-Utilities & Unregulated Power (2.7%)*
Duke Energy Corp.		123,500		3,128,255
Energen Corp.		44,100		2,599,695

				5,727,950

Total Utilities				20,552,562

Total Common Stocks (95.1%) (Cost $188,618,752)				199,245,928


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Time Deposit (5.5%)
JPMorgan Chase Nassau, 1.74%, 1/3/05 (Amortized Cost $11,425,220)	$	11,425,220		11,425,220

Total Investments (100.6%) (Cost/Amortized Cost $200,043,972)				210,671,148
Other Assets Less Liabilities (-0.6%)				(1,226,312	)

Net Assets (100%)			$	209,444,836

Glossary:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	178,604,171
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		34,834,411

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	11,182,237
Aggregate gross unrealized depreciation		(705,939	)

Net unrealized appreciation	$	10,476,298

Federal income tax cost of investments	$	200,194,850

The Portfolio has a net capital loss carryforward of $3,261,298 of which $702,240 expires in the year 2010, and $2,559,058 expires in the year 2011.

The Portfolio utilized net capital loss carryforward of $4,910,416 during 2004.

Certain capital loss carryforwards may in the future be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law to the product of the Portfolio’s value immediately before the in-kind transfer multiplied by the “long-term tax-exempt rate” (i.e., the highest of the adjusted federal long-term rates in effect for any month in the three-month period ending with the month in which the in-kind transfer occured).

See Notes to Financial Statements.

163

EQ ADVISORS TRUST

EQ/ENTERPRISE GLOBAL SOCIALLY RESPONSIVE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Bermuda (1.3%)
Ingersoll-Rand Co., Class A		850	$	68,255

Canada (1.2%)
National Bank of Canada		1,440		59,564

Cayman Islands (2.1%)
XL Capital Ltd., Class A		1,340		104,051

Finland (2.6%)
Sampo OYJ, A shares		9,400		129,814

France (6.6%)
BNP Paribas S.A.		1,720		124,611
Schneider Electric S.A.		1,330		92,559
Societe Television Francaise 1		1,460		47,529
Vivendi Universal S.A.*		2,200		70,243

				334,942

Germany (2.0%)
Deutsche Telekom AG (Registered)*		4,590		103,816

Hong Kong (0.9%)
China Mobile (Hong Kong) Ltd.		13,500		45,766

Ireland (1.5%)
Kerry Group plc, Class A		3,250		78,412

Japan (3.0%)
Asahi Glass Co., Ltd.		7,000		77,193
Canon, Inc. (ADR)		1,410		76,507

				153,700

Netherlands (1.5%)
Royal Dutch Petroleum Co. (N.Y. Shares)		1,350		77,463

South Korea (5.4%)
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		3,540		52,662
Kookmin Bank (ADR)*		2,000		78,160
Samsung Electronics Co., Ltd. (Non-Voting)		490		141,292

				272,114

Sweden (5.8%)
Assa Abloy AB, Class B		11,400		194,706
Sandvik AB		2,440		98,402

				293,108

Switzerland (1.3%)
Novartis AG (Registered)		1,010		50,895
STMicroelectronics N.V.		770		15,019

				65,914

United Kingdom (8.2%)
BG Group plc		8,590		58,381
BP plc		23,590		230,076
Reckitt Benckiser plc		4,200		126,921

				415,378

United States (55.6%)
3M Co.		440		36,111
Aflac, Inc.		3,900		155,376
Anadarko Petroleum Corp.		450		29,165
Apache Corp.		670		33,882
Avocent Corp.*		1,000		40,520
CarMax, Inc.*		2,320		72,036
Citigroup, Inc.		4,010		193,202
Devon Energy Corp.		830		32,304
Doral Financial Corp.		2,200		108,350
Eli Lilly & Co.		2,720		154,360
Fannie Mae		1,800		128,178
Illinois Tool Works, Inc.		480		44,486
International Business Machines Corp.		1,430		140,969
Lexmark International, Inc., Class A*		1,020		86,700
Medtronic, Inc.		2,020		100,333
Mellon Financial Corp.		2,750		85,553
Merrill Lynch & Co., Inc.		1,940		115,954
Microsoft Corp.		3,440		91,882
Noble Energy, Inc.		520		32,063
PepsiCo, Inc.		2,950		153,990
Pfizer, Inc.		6,550		176,129
Praxair, Inc.		2,580		113,907
Regal Entertainment Group, Class A		2,460		51,045
Tiffany & Co.		3,450		110,296
Wal-Mart Stores, Inc.		2,890		152,650
Walgreen Co.		2,510		96,309
Walt Disney Co.		2,970		82,566
Washington Post Co., Class B		78		76,676
WellPoint, Inc.*		1,080		124,200

				2,819,192

Total Common Stocks (99.0%) (Cost $4,354,527)				5,021,489


	Principal Amount
SHORT-TERM DEBT SECURITIES
Time Deposit (1.6%)
JPMorgan Chase Nassau, 1.74%, 1/3/05 (Amortized Cost $79,658)	$	79,658		79,658

Total Investments (100.6%) (Cost/Amortized Cost $4,434,185)				5,101,147
Other Assets Less Liabilities (-0.6%)				(29,588	)

Net Assets (100%)			$	5,071,559


Market Sector Diversification
As a Percentage of Total Equity Investments

Consumer Discretionary				10.2	%
Consumer Staples				12.1
Energy				9.8
Financials
Capital Markets		4.0
Commercial Banks		5.2
Diversified Financial Services		3.8
Insurance		7.8
Thrifts & Mortgage Finance		4.7

Total Financials				25.5
Health Care				12.1
Industrials				13.2
Information Technology				11.8
Materials				2.3
Telecommunication Services				3.0

				100.0	%

*	Non-income producing.

Glossary:

ADR — American Depositary Receipt

164

EQ ADVISORS TRUST

EQ/ENTERPRISE GLOBAL SOCIALLY RESPONSIVE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	2,472,746
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		1,983,951

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	725,543
Aggregate gross unrealized depreciation		(63,492	)

Net unrealized appreciation	$	662,051

Federal income tax cost of investments	$	4,439,096

For the year ended December 31, 2004, the Portfolio incurred approximately $16 as brokerage commissions with Bernsein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio utilized net capital loss carryforward of $75,963 during 2004.

See Notes to Financial Statements.

165

EQ ADVISORS TRUST

EQ/ENTERPRISE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (13.8%)
*Hotels, Restaurants & Leisure (4.6%)*
Marriott International, Inc., Class A		47,989	$	3,022,347
McDonald’s Corp.		292,400		9,374,344

				12,396,691

*Media (3.7%)*
Omnicom Group, Inc.		78,900		6,652,848
Walt Disney Co.		121,160		3,368,248

				10,021,096

*Multiline Retail (3.1%)*
Kohl’s Corp.*		174,400		8,575,248

*Specialty Retail (2.4%)*
Bed Bath & Beyond, Inc.*		166,100		6,615,763

Total Consumer Discretionary				37,608,798

Consumer Staples (15.9%)
*Beverages (3.2%)*
PepsiCo, Inc.		166,145		8,672,769

*Food & Staples Retailing (1.1%)*
Wal-Mart Stores, Inc.		59,000		3,116,380

*Household Products (7.1%)*
Colgate-Palmolive Co.		128,273		6,562,447
Procter & Gamble Co.		230,268		12,683,161

				19,245,608

*Personal Products (4.5%)*
Gillette Co.		275,030		12,315,844

Total Consumer Staples				43,350,601

Energy (8.4%)
*Energy Equipment & Services (4.4%)*
Schlumberger Ltd.		179,674		12,029,174

*Oil & Gas (4.0%)*
ConocoPhillips		125,900		10,931,897

Total Energy				22,961,071

Financials (8.1%)
*Consumer Finance (2.2%)*
American Express Co.		106,300		5,992,131

*Diversified Financial Services (2.1%)*
Citigroup, Inc.		119,600		5,762,328

*Insurance (3.8%)*
American International Group, Inc.		157,600		10,349,592

Total Financials				22,104,051

Health Care (24.4%)
*Biotechnology (6.9%)*
Amgen, Inc.*		133,700		8,576,855
Genentech, Inc.*		187,800		10,223,832

				18,800,687

*Health Care Equipment & Supplies (6.6%)*
Boston Scientific Corp.*		261,300		9,289,215
Medtronic, Inc.		176,760		8,779,669

				18,068,884

*Health Care Providers & Services (1.2%)*
Caremark Rx, Inc.*		79,100		3,118,913

*Pharmaceuticals (9.7%)*
Eli Lilly & Co.		172,300		9,778,025
Johnson & Johnson		194,300		12,322,506
Pfizer, Inc.		164,000		4,409,960

				26,510,491

Total Health Care				66,498,975

Industrials (14.9%)
*Air Freight & Logistics (3.7%)*
United Parcel Service, Inc./Georgia, Class B		116,300		9,938,998

*Industrial Conglomerates (6.4%)*
3M Co.		85,700		7,033,399
General Electric Co.		282,900		10,325,850

				17,359,249

*Machinery (4.8%)*
Caterpillar, Inc.		78,031		7,608,803
Illinois Tool Works, Inc.		59,800		5,542,264

				13,151,067

Total Industrials				40,449,314

Information Technology (12.5%)
*Communications Equipment (3.7%)*
Juniper Networks, Inc.*		94,000		2,555,860
QUALCOMM, Inc.		175,000		7,420,000

				9,975,860

*IT Services (2.1%)*
Paychex, Inc.		166,100		5,660,688

*Semiconductors & Semiconductor* *Equipment (2.4%)*
Maxim Integrated Products, Inc.		155,400		6,587,406


*Software (4.3%)*
Electronic Arts, Inc.*		44,512		2,745,500
Oracle Corp.*		666,000		9,137,520

				11,883,020

Total Information Technology				34,106,974

Total Common Stocks (98.0%) (Cost $235,845,698)				267,079,784


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Time Deposit (7.1%)
JPMorgan Chase Nassau, 1.74%, 1/3/05 (Amortized Cost $19,408,712)	$	19,408,712		19,408,712

Total Investments (105.1%) (Cost/Amortized Cost $255,254,410)				286,488,496
Other Assets Less Liabilities (-5.1%)				(13,796,959	)

Net Assets (100%)			$	272,691,537

*	Non-income producing.

166

EQ ADVISORS TRUST

EQ/ENTERPRISE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	147,402,538
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		151,689,979

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	36,791,736
Aggregate gross unrealized depreciation		(6,251,508	)

Net unrealized appreciation	$	30,540,228

Federal income tax cost of investments	$	255,948,268

For the year ended December 31, 2004, the Portfolio incurred approximately $5,860 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $94,772,410 of which $16,318,988 expires in the year 2008, $27,430,730 expires in the year 2009, $40,775,337 expires in the year 2010, and $10,247,355 expires in the year 2011.

Included in the capital loss carryforward is $1,718,952 acquired in connection with the merger that occurred in 2003. Utilization of the losses may be limited in accordance with Federal Tax regulations.

The Portfolio utilized net capital loss carryforward of $12,809,998 during 2004.

See Notes to Financial Statements.

167

EQ ADVISORS TRUST

EQ/ENTERPRISE GROWTH AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (13.2%)
*Auto Components (1.3%)*
Johnson Controls, Inc.	27,400	$	1,738,256

*Internet & Catalog Retail (0.9%)*
IAC/InterActiveCorp.*	44,300		1,223,566

*Media (8.9%)*
Dex Media, Inc.	27,800		693,888
Omnicom Group, Inc.	33,000		2,782,560
Time Warner, Inc.*	130,500		2,536,920
Tribune Co.	31,300		1,318,982
Univision Communications, Inc., Class A*	36,600		1,071,282
Viacom, Inc., Class B	92,300		3,358,797

			11,762,429

*Multiline Retail (0.9%)*
Kohl’s Corp.*	25,000		1,229,250

*Specialty Retail (1.2%)*
Advance Auto Parts, Inc.*	14,000		611,520
TJX Cos., Inc.	37,300		937,349

			1,548,869

Total Consumer Discretionary			17,502,370

Consumer Staples (6.3%)
*Food & Staples Retailing (4.9%)*
Albertson’s, Inc.	73,300		1,750,404
Costco Wholesale Corp.	62,000		3,001,420
Kroger Co.*	102,000		1,789,080

			6,540,904

*Household Products (1.4%)*
Kimberly-Clark Corp.	28,000		1,842,680

Total Consumer Staples			8,383,584

Energy (4.2%)
*Oil & Gas (4.2%)*
Exxon Mobil Corp.	70,200		3,598,452
Kerr-McGee Corp.	9,400		543,226
Marathon Oil Corp.	36,500		1,372,765

Total Energy			5,514,443

Financials (22.8%)
*Capital Markets (5.1%)*
Mellon Financial Corp.	88,900		2,765,679
Morgan Stanley	72,000		3,997,440

			6,763,119

*Commercial Banks (4.4%)*
PNC Financial Services Group, Inc.	26,400		1,516,416
Wells Fargo & Co.	70,000		4,350,500

			5,866,916

*Diversified Financial Services (6.4%)*
Citigroup, Inc.	115,600		5,569,608
JPMorgan Chase & Co.	75,900		2,960,859

			8,530,467

*Insurance (4.2%)*
Aflac, Inc.	26,800		1,067,712
Allstate Corp.	27,200		1,406,784
Hartford Financial Services Group, Inc.	19,200		1,330,752
Willis Group Holdings Ltd.	41,600		1,712,672

			5,517,920

*Thrifts & Mortgage Finance (2.7%)*
Freddie Mac	47,800		3,522,860

Total Financials			30,201,282

Health Care (20.2%)
*Biotechnology (2.3%)*
Cephalon, Inc.*	22,300		1,134,624
Genzyme Corp.*	34,600		2,009,222

			3,143,846

*Health Care Equipment & Supplies (0.7%)*
Medtronic, Inc.	18,200		903,994

*Health Care Providers & Services (4.7%)*
Medco Health Solutions, Inc.*	6,100		253,760
Quest Diagnostics, Inc.	8,700		831,285
UnitedHealth Group, Inc.	40,400		3,556,412
WellPoint, Inc.*	14,200		1,633,000

			6,274,457

*Pharmaceuticals (12.5%)*
Allergan, Inc.	44,900		3,640,043
Bristol-Myers Squibb Co.	44,600		1,142,652
Johnson & Johnson	79,300		5,029,206
Mylan Laboratories, Inc.	105,200		1,859,936
Pfizer, Inc.	58,100		1,562,309
Wyeth	77,800		3,313,502

			16,547,648

Total Health Care			26,869,945

Industrials (10.8%)
*Aerospace & Defense (2.1%)*
Lockheed Martin Corp.	23,900		1,327,645
Northrop Grumman Corp.	26,800		1,456,848

			2,784,493

*Building Products (2.6%)*
Masco Corp.	95,200		3,477,656

*Commercial Services & Supplies (0.5%)*
Equifax, Inc.	24,500		688,450

*Machinery (2.3%)*
Illinois Tool Works, Inc.	33,200		3,076,976

*Road & Rail (3.3%)*
Burlington Northern Santa Fe Corp.	91,400		4,324,134

Total Industrials			14,351,709

Information Technology (6.1%)
*Computers & Peripherals (0.6%)*
Hewlett-Packard Co.	36,900		773,793

*Electronic Equipment & Instruments (1.2%)*
Mettler-Toledo International, Inc.*	29,800		1,529,038

*Software (4.3%)*
BEA Systems, Inc.*	14,900		132,014
Microsoft Corp.	133,900		3,576,469
Oracle Corp.*	147,800		2,027,816

			5,736,299

Total Information Technology			8,039,130

Materials (1.5%)
*Construction Materials (1.5%)*
Martin Marietta Materials, Inc.	36,100		1,937,126

Total Materials			1,937,126

Telecommunication Services (4.2%)
*Diversified Telecommunication Services (0.8%)*
SBC Communications, Inc.	41,800		1,077,186

168

EQ ADVISORS TRUST

EQ/ENTERPRISE GROWTH AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Number of Shares		Value (Note 1)
*Wireless Telecommunication Services (3.4%)*
Nextel Communications, Inc., Class A*		148,800	$	4,464,000

Total Telecommunication Services				5,541,186

Utilities (6.3%)
*Electric Utilities (5.4%)*
American Electric Power Co., Inc.		35,500		1,219,070
CMS Energy Corp.*		45,500		475,475
Exelon Corp.		68,500		3,018,795
FirstEnergy Corp.		47,700		1,884,627
Pepco Holdings, Inc.		27,700		590,564

				7,188,531

*Multi-Utilities & Unregulated Power (0.9%)*
Sempra Energy.		33,600		1,232,448

Total Utilities				8,420,979

Total Common Stocks (95.6%) (Cost $105,252,139)				126,761,754


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Time Deposit (4.4%)
JPMorgan Chase Nassau, 1.74%, 1/3/05 (Amortized Cost $5,866,684).	$	5,866,684		5,866,684

Total Investments (100.0%) (Cost/Amortized Cost $111,118,823)				132,628,438
Other Assets Less Liabilities (0.0%)				54,055

Net Assets (100%)			$	132,682,493

*	Non-income producing.

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	48,820,848
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		60,692,331

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	23,742,359
Aggregate gross unrealized depreciation		(2,423,402	)

Net unrealized appreciation	$	21,318,957

Federal income tax cost of investments	$	111,309,481

For the year ended December 31, 2004, the Portfolio incurred approximately $529 as brokerage commissions with Bernstein (Sanford C.) & Co. and $6,401 with UBS Securities, affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $44,321,445 of which $27,673,110 expires in the year 2010, and $16,648,335 expires in the year 2011.

The Portfolio utilized net capital loss carryforward of $10,044,364 during 2004.

See Notes to Financial Statements.

169

EQ ADVISORS TRUST

EQ/ENTERPRISE HIGH-YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Financials (0.2%)
*Diversified Financial Services (0.2%)*
Leucadia National Corp.		2,606	$	181,065

Total Financials				181,065

Health Care (0.6%)
*Health Care Equipment & Supplies (0.6%)*
Dade Behring Holdings, Inc.*		9,333		522,648

Total Health Care				522,648

Information Technology (0.0%)
*Computers & Peripherals (0.0%)*
ATSI Holdings, Inc.*†		4,056		—

Total Information Technology				—

Telecommunication Services (0.3%)
*Diversified Telecommunication Services (0.3%)*
Nextlink Communications, Inc. Escrow Shares*†		1,100,000		—
Telewest Global, Inc.*		14,144		248,652
XO Communications, Inc.*		935		2,842

Total Telecommunication Services				251,494

Total Common Stocks (1.1%) (Cost $2,620,856)				955,207


	Principal Amount
LONG-TERM DEBT SECURITIES:
Consumer Discretionary (30.0%)
*Auto Components (0.8%)*
TRW Automotive, Inc.
9.375%, 2/15/13	$	562,000		651,920

*Distributors (1.2%)*
AmeriGas Partners LP
8.875%, 5/20/11		425,000		463,250
Buhrmann U.S., Inc.
8.250%, 7/1/14		600,000		606,750

				1,070,000

*Hotels, Restaurants & Leisure (7.2%)*
American Casino & Entertainment Properties LLC
7.850%, 2/1/12		350,000		371,875
Boyd Gaming Corp.
7.750%, 12/15/12		475,000		518,344
6.750%, 4/15/14		75,000		78,563
Caesars Entertainment, Inc.
7.875%, 3/15/10		850,000		957,312
8.125%, 5/15/11		400,000		462,000
Hilton Hotels Corp.
7.625%, 5/15/08		125,000		138,440
Intrawest Corp.
7.500%, 10/15/13§		250,000		265,937
John Q. Hammons Hotels LP
8.875%, 5/15/12		250,000		282,500
Mandalay Resort Group,
Series B 10.250%, 8/1/07		125,000		141,250
MGM Mirage, Inc.
6.750%, 8/1/07		200,000		210,000
6.000%, 10/1/09		300,000		307,500
8.500%, 9/15/10		600,000		682,500
Mohegan Tribal Gaming Authority
6.375%, 7/15/09		200,000		205,500
7.125%, 8/15/14		100,000		105,250

	Principal Amount		Value (Note 1)
Royal Caribbean Cruises Ltd.
8.000%, 5/15/10	$	425,000	$	480,250
Seneca Gaming Corp.
7.250%, 5/1/12		250,000		263,125
Starwood Hotels & Resorts Worldwide, Inc.
7.875%, 5/1/12		700,000		799,750

				6,270,096

*Household Durables (1.4%)*
Interface, Inc.
10.375%, 2/1/10		350,000		402,500
K Hovnanian Enterprises, Inc.
6.000%, 1/15/10§		150,000		150,938
Sealy Mattress Co.
8.250%, 6/15/14 .		650,000		689,000

				1,242,438

*Internet & Catalog Retail (0.5%)*
FTD, Inc.
7.750%, 2/15/14		400,000		412,000

*Media (10.9%)*
Adelphia Communications Corp.
7.875%, 5/1/09 (h)		50,000		46,500
9.375%, 11/15/09 (h)		400,000		395,000
American Media Operations, Inc.
8.875%, 1/15/11		275,000		292,531
Block Communications, Inc.
9.250%, 4/15/09		250,000		272,500
Cablevision Systems Corp.
8.000%, 4/15/12§		150,000		160,125
CBD Media, Inc.
8.625%, 6/1/11		175,000		185,063
Corus Entertainment, Inc.
8.750%, 3/1/12		750,000		823,125
CSC Holdings, Inc.
8.125%, 7/15/09		100,000		109,375
7.625%, 4/1/11		900,000		969,750
Dex Media East LLC Finance Co.
9.875%, 11/15/09		200,000		227,750
12.125%, 11/15/12		325,000		396,094
Dex Media West LLC/ Dex Media Finance Co.
8.500%, 8/15/10		100,000		111,250
9.875%, 8/15/13		440,000		507,100
Dex Media, Inc.
8.000%, 11/15/13		200,000		216,500
DirecTV Holdings LLC
8.375%, 3/15/13		50,000		56,063
Echostar DBS Corp.
6.375%, 10/1/11		100,000		102,250
6.625%, 10/1/14§		450,000		455,625
Emmis Operating Co.
6.875%, 5/15/12§		250,000		261,562
Grupo Televisa S.A.
8.000%, 9/13/11		500,000		578,750
Houghton Mifflin Co.
8.250%, 2/1/11		450,000		479,250
Imax Corp.
9.625%, 12/1/10		475,000		517,750
Inmarsat Finance plc
7.625%, 6/30/12		100,000		104,000
Mediacom LLC
9.500%, 1/15/13		275,000		276,031
PanAmSat Corp.
9.000%, 8/15/14§		625,000		697,656
Primedia, Inc.
8.875%, 5/15/11		400,000		423,000

170

EQ ADVISORS TRUST

EQ/ENTERPRISE HIGH-YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Principal Amount		Value (Note 1)
RH Donnelley Finance Corp. I
10.875%, 12/15/12	$	300,000	$	356,250
Sinclair Broadcast Group, Inc.
8.750%, 12/15/11		350,000		381,062

				9,401,912

*Multiline Retail (2.0%)*
J.C. Penney Co., Inc.
8.000%, 3/1/10		500,000		571,250
7.650%, 8/15/16		700,000		801,500
Saks, Inc.
8.250%, 11/15/08		350,000		383,250

				1,756,000

*Specialty Retail (4.3%)*
Asbury Automotive Group, Inc.
9.000%, 6/15/12		150,000		157,500
8.000%, 3/15/14		325,000		321,750
Autonation, Inc.
9.000%, 8/1/08		250,000		285,625
Blockbuster, Inc.
9.000%, 9/1/12§		475,000		469,063
Finlay Fine Jewelry Corp.
8.375%, 6/1/12		550,000		594,000
Jo-Ann Stores, Inc.
7.500%, 3/1/12		700,000		715,750
Michaels Stores, Inc.
9.250%, 7/1/09		625,000		669,731
Petco Animal Supplies, Inc.
10.750%, 11/1/11		122,000		142,740
Sonic Automotive, Inc.
8.625%, 8/15/13		325,000		346,531

				3,702,690

*Textiles, Apparel & Luxury Goods (1.7%)*
Fruit of the Loom Ltd.
8.875%, 4/15/06†(h)		300,000		—
INVISTA
9.250%, 5/1/12§		275,000		306,625
Perry Ellis International, Inc.
8.875%, 9/15/13		500,000		525,000
Phillips-Van Heusen Corp.
7.250%, 2/15/11		500,000		525,000
8.125%, 5/1/13		125,000		135,625

				1,492,250

Total Consumer Discretionary				25,999,306

Consumer Staples (6.8%)
*Food & Staples Retailing (1.8%)*
Delhaize America, Inc.
7.375%, 4/15/06		75,000		78,748
8.125%, 4/15/11		100,000		116,572
Ingles Markets, Inc.
8.875%, 12/1/11		625,000		668,750
Jean Coutu Group PJC, Inc.
7.625%, 8/1/12§		425,000		449,438
Stater Brothers Holdings
8.125%, 6/15/12		225,000		237,938

				1,551,446

*Food Products (1.8%)*
Chiquita Brands International, Inc.
7.500%, 11/1/14§		300,000		303,750
Dole Foods Co.
8.625%, 5/1/09		500,000		543,750
Pilgrim’s Pride Corp.
9.250%, 11/15/13		75,000		84,000
Smithfield Foods, Inc.
7.625%, 2/15/08		400,000		428,000
7.750%, 5/15/13		200,000		222,500

				1,582,000

*Household Products (1.8%)*
Central Garden & Pet Co.
9.125%, 2/1/13		500,000		552,500
Johnsondiversey Holdings, Inc.
0.000%, 5/15/13 (e)		50,000		43,250
Johnsondiversey, Inc.
9.625%, 5/15/12		350,000		391,125
Rayovac Corp.
8.500%, 10/1/13		550,000		610,500

				1,597,375

*Personal Products (1.4%)*
Chattem, Inc.
7.000%, 3/1/14		150,000		154,500
Elizabeth Arden, Inc.
7.750%, 1/15/14		450,000		477,000
NBTY, Inc.
8.625%, 9/15/07		550,000		558,250

				1,189,750

Total Consumer Staples				5,920,571

Energy (7.1%)
*Energy Equipment & Services (2.3%)*
BRL Universal Equipment
8.875%, 2/15/08		450,000		473,063
Grant Prideco, Inc.
9.625%, 12/1/07		450,000		502,875
Hanover Compressor Co.
(Zero Coupon), 3/31/07		100,000		87,000
Hanover Equipment Trust,
Series 01-B 8.750%, 9/1/11		650,000		705,250
Key Energy Services, Inc.
8.375%, 3/1/08		250,000		261,875

				2,030,063

*Oil & Gas (4.8%)*
Citgo Petroleum Corp.
6.000%, 10/15/11§		325,000		323,375
El Paso Corp.
7.000%, 5/15/11		200,000		202,250
7.875%, 6/15/12		400,000		418,500
Ferrellgas Partners LP
8.750%, 6/15/12		250,000		272,500
Petroleos Mexicanos
9.375%, 12/2/08		125,000		146,812
Stone Energy Corp.
6.750%, 12/15/14§		400,000		399,000
Teekay Shipping Corp.
8.875%, 7/15/11		1,000,000		1,160,000
Williams Cos., Inc.
7.125%, 9/1/11		600,000		655,500
YPF S.A.
9.125%, 2/24/09		500,000		556,250

				4,134,187

Total Energy				6,164,250

Financials (7.5%)
*Capital Markets (1.6%)*
BCP Caylux Holdings Luxembourg SCA
9.625%, 6/15/14§		625,000		704,687
Refco Finance Holdings LLC
9.000%, 8/1/12§		625,000		684,375

				1,389,062

*Commercial Banks (0.9%)*
Western Financial Bank
9.625%, 5/15/12		650,000		741,000

171

EQ ADVISORS TRUST

EQ/ENTERPRISE HIGH-YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Principal Amount		Value (Note 1)
*Diversified Financial Services (1.7%)*
Dollar Financial Group, Inc.
9.750%, 11/15/11	$	600,000	$	651,000
K&F Acquisition, Inc.
7.750%, 11/15/14§		50,000		51,625
Riddell Bell Holdings, Inc.
8.375%, 10/1/12§		450,000		465,750
Ucar Finance, Inc.
10.250%, 2/15/12		300,000		342,750

				1,511,125

*Real Estate (3.3%)*
Felcor Lodging LP (REIT)
8.500%, 6/1/11		775,000		877,687
HMH Properties, Series B (REIT)
7.875%, 8/1/08		38,000		39,045
Host Marriott LP (REIT)
9.500%, 1/15/07		800,000		876,000
7.000%, 8/15/12§		125,000		132,188
La Quinta Properties, Inc. (REIT)
7.000%, 8/15/12		150,000		158,625
Meristar Hospitality Corp. (REIT)
9.125%, 1/15/11		250,000		270,000
Thornburg Mortgage, Inc. (REIT)
8.000%, 5/15/13		500,000		531,250

				2,884,795

Total Financials				6,525,982

Health Care (5.1%)
*Health Care Equipment & Supplies (1.7%)*
Fisher Scientific International, Inc.
8.125%, 5/1/12		350,000		388,500
Leiner Health Products, Inc.
11.000%, 6/1/12		150,000		163,875
Medex, Inc.
8.875%, 5/15/13		425,000		495,125
WH Holdings Ltd./ WH Capital Corp.
9.500%, 4/1/11		400,000		440,000

				1,487,500

*Health Care Providers & Services (3.4%)*
Alderwoods Group, Inc.
7.750%, 9/15/12§		500,000		540,000
AmerisourceBergen Corp.
8.125%, 9/1/08		150,000		166,875
Beverly Enterprises, Inc.
7.875%, 6/15/14§		100,000		107,250
HEALTHSOUTH Corp.
8.500%, 2/1/08		650,000		674,375
7.625%, 6/1/12		50,000		50,250
IASIS Healthcare Capital Corp.
8.750%, 6/15/14		275,000		299,750
NDCHealth Corp.
10.500%, 12/1/12		275,000		295,625
Service Corp. International
7.700%, 4/15/09		75,000		81,000
6.750%, 4/1/16		225,000		232,875
U.S. Oncology, Inc.
9.000%, 8/15/12§		400,000		447,000

				2,895,000

Total Health Care				4,382,500

Industrials (11.4%)
*Aerospace & Defense (1.3%)*
Argo-Tech Corp.
9.250%, 6/1/11		400,000		439,000
Bombardier, Inc.
6.750%, 5/1/12§		325,000		298,187
Esterline Technologies Corp.
7.750%, 6/15/13		225,000		245,813
L-3 Communications Corp.
5.875%, 1/15/15§		150,000		149,625

				1,132,625

*Building Products (1.4%)*
Building Materials Corp. of America
7.750%, 7/15/05		300,000		305,250
Goodman Global Holdings Co., Inc.
7.875%, 12/15/12§		400,000		396,000
Riverside Forest Products
7.875%, 3/1/14		200,000		220,000
THL Buildco, Inc.
8.500%, 9/1/14§		250,000		261,250

				1,182,500

*Commercial Services & Supplies (1.9%)*
Adesa, Inc.
7.625%, 6/15/12		400,000		422,000
Allied Waste North America,
Series B 7.625%, 1/1/06		250,000		257,500
8.875%, 4/1/08		100,000		107,000
5.750%, 2/15/11§		300,000		282,000
Corrections Corp. of America
7.500%, 5/1/11		325,000		347,344
Integrated Electrical Services, Inc.
Series B 9.375%, 2/1/09		25,000		23,500
Series C 9.375%, 2/1/09		225,000		211,500

				1,650,844

*Electrical Equipment (1.2%)*
Dresser, Inc.
9.375%, 4/15/11		750,000		821,250
Thomas & Betts Corp.
7.250%, 6/1/13		200,000		219,383

				1,040,633

*Industrial Conglomerates (0.3%)*
Park-Ohio Industries, Inc.
8.375%, 11/15/14§		280,000		280,000

*Machinery (4.7%)*
Briggs & Stratton Corp.
8.875%, 3/15/11		425,000		511,063
Case New Holland, Inc.
6.000%, 6/1/09§		300,000		292,500
9.250%, 8/1/11§		575,000		639,687
9.250%, 8/1/11§		475,000		528,437
Douglas Dynamics LLC
7.750%, 1/15/12§		350,000		354,813
Dresser-Rand Group, Inc.
7.375%, 11/1/14§		200,000		204,000
Flowserve Corp.
12.250%, 8/15/10		625,000		690,625
Navistar International Corp.,
Series B 9.375%, 6/1/06		350,000		374,500
Trinity Industries, Inc.
6.500%, 3/15/14		450,000		450,000

				4,045,625

*Marine (0.2%)*
Horizon Lines LLC
9.000%, 11/1/12§		175,000		188,125

*Road & Rail (0.3%)*
United Rentals North America, Inc.
6.500%, 2/15/12		225,000		219,375

172

EQ ADVISORS TRUST

EQ/ENTERPRISE HIGH-YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Principal Amount		Value (Note 1)
*Transportation Infrastructure (0.1%)*
Ultrapetrol Bahamas Ltd.
9.000%, 11/24/14§	$	100,000	$	99,875

Total Industrials				9,839,602

Information Technology (2.8%)
*Communications Equipment (0.5%)*
American Towers, Inc.
7.250%, 12/1/11		425,000		450,500

*IT Services (0.5%)*
Titan Corp.
8.000%, 5/15/11		400,000		426,000

*Office Electronics (1.6%)*
Xerox Corp.
7.125%, 6/15/10		200,000		216,000
7.625%, 6/15/13		175,000		192,063
7.200%, 4/1/16		875,000		936,250

				1,344,313

*Semiconductors & Semiconductor* *Equipment (0.2%)*
Amkor Technologies, Inc.
7.125%, 3/15/11		50,000		47,000
7.750%, 5/15/13		150,000		141,000

				188,000

Total Information Technology				2,408,813

Materials (11.5%)
*Chemicals (3.9%)*
Equistar Chemicals LP
10.625%, 5/1/11		250,000		290,000
FMC Corp.
10.250%, 11/1/09		450,000		516,375
Hercules, Inc.
6.750%, 10/15/29		650,000		671,125
Huntsman International LLC
9.875%, 3/1/09		250,000		274,375
Innophos, Inc.
8.875%, 8/15/14§		225,000		243,000
Nalco Co.
7.750%, 11/15/11		100,000		108,000
8.875%, 11/15/13		175,000		192,062
Nova Chemicals Corp.
6.500%, 1/15/12		250,000		265,000
PCI Chemicals Canada, Inc.
10.000%, 12/31/08		123,502		130,912
Pioneer Cos., Inc.
6.050%, 12/31/06 (l)		33,235		34,897
Rockwood Specialties Group, Inc.
7.500%, 11/15/14§		470,000		487,625
Westlake Chemical Corp.
8.750%, 7/15/11		163,000		184,190

				3,397,561

*Construction Materials (1.5%)*
Texas Industries, Inc.
10.250%, 6/15/11		550,000		643,500
U.S. Concrete, Inc.
8.375%, 4/1/14		625,000		673,438

				1,316,938

*Containers & Packaging (1.6%)*
Owens-Brockway Glass Container, Inc.
8.750%, 11/15/12		150,000		169,125
Owens-Illinois, Inc.
8.100%, 5/15/07		550,000		585,750
7.350%, 5/15/08		475,000		498,750
Stone Container Finance
7.375%, 7/15/14		100,000		106,500

				1,360,125

*Metals & Mining (1.9%)*
AK Steel Corp.
7.875%, 2/15/09		100,000		101,875
7.750%, 6/15/12		250,000		257,500
Foundation PA Coal Co.
7.250%, 8/1/14§		100,000		106,500
International Steel Group, Inc.
6.500%, 4/15/14		100,000		107,250
Ispat Inland ULC
9.750%, 4/1/14		292,000		360,620
Massey Energy Co.
6.625%, 11/15/10		200,000		209,000
Steel Dynamics, Inc.
9.500%, 3/15/09		450,000		492,750
United States Steel LLC
10.750%, 8/1/08		33,000		38,857

				1,674,352

*Paper & Forest Products (2.6%)*
Bowater, Inc.
6.500%, 6/15/13		275,000		275,039
Buckeye Technologies, Inc.
8.500%, 10/1/13		300,000		325,500
Georgia-Pacific Corp.
8.125%, 5/15/11		550,000		632,500
9.500%, 12/1/11		350,000		431,375
Neenah Paper, Inc.
7.375%, 11/15/14§		200,000		203,000
Newark Group, Inc.
9.750%, 3/15/14		275,000		292,875
Norske Skog Canada Ltd.
7.375%, 3/1/14		75,000		78,188

				2,238,477

Total Materials				9,987,453

Telecommunication Services (5.1%)
*Diversified Telecommunication Services (2.5%)*
AT&T Corp.
9.050%, 11/15/11		400,000		460,500
Citizens Communications Co.
6.250%, 1/15/13 .		100,000		100,750
MCI, Inc.
8.735%, 5/1/14		250,000		268,750
Pathnet, Inc.
12.250%, 4/15/08†(h)		250,000		—
Qwest Corp.
9.125%, 3/15/12§		150,000		173,250
Qwest Services Corp.
14.000%, 12/15/10§ .		1,002,000		1,204,905
Williams Communications Group, Inc.
11.700%, 8/1/08†(h)		575,000		—

				2,208,155

*Wireless Telecommunication Services (2.6%)*
ACC Escrow Corp.
10.000%, 8/1/11		425,000		364,437
Crown Castle International Corp.
9.375%, 8/1/11		100,000		112,000
7.500%, 12/1/13		100,000		107,500
New Skies Satellites N.V.
9.125%, 11/1/12§		150,000		153,000
Nextel Communications, Inc.
5.950%, 3/15/14		150,000		155,250
Rogers Wireless, Inc.
9.625%, 5/1/11		275,000		322,438
7.500%, 3/15/15§		575,000		606,625

173

EQ ADVISORS TRUST

EQ/ENTERPRISE HIGH-YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Principal Amount		Value (Note 1)
SBA Communications Corp.
8.500%, 12/1/12§	$	400,000	$	408,000

				2,229,250

Total Telecommunication Services				4,437,405

Utilities (8.1%)
*Electric Utilities (4.4%)*
CMS Energy Corp.
8.900%, 7/15/08		150,000		165,563
7.500%, 1/15/09		550,000		585,750
7.750%, 8/1/10		50,000		54,688
Edison Mission Energy
9.875%, 4/15/11		375,000		444,375
Inergy LP / Inergy Finance Corp.
6.875%, 12/15/14§		200,000		201,000
Midwest Generation LLC
8.750%, 5/1/34		450,000		510,750
MSW Energy Holdings LLC/ MSW Energy Finance Co., Inc.
8.500%, 9/1/10		450,000		492,750
Nevada Power Co.
6.500%, 4/15/12		300,000		317,250
5.875%, 1/15/15§		100,000		100,750
Sierra Pacific Resources
8.625%, 3/15/14		400,000		452,000
TECO Energy, Inc.
7.500%, 6/15/10		300,000		331,500
Texas Genco Financing Corp. LLC
6.875%, 12/15/14§		175,000		180,906

				3,837,282

*Gas Utilities (0.1%)*
ANR Pipeline Co.
8.875%, 3/15/10		100,000		112,000

*Multi-Utilities & Unregulated Power (3.6%)*
AES Corp.
9.500%, 6/1/09		425,000		483,437
8.875%, 2/15/11		200,000		228,500
8.750%, 5/15/13§		200,000		227,250
7.750%, 3/1/14		125,000		135,625
Dynegy Holdings, Inc.
9.875%, 7/15/10§		50,000		55,875
NRG Energy, Inc.
8.000%, 12/15/13§		850,000		926,500
Reliant Energy, Inc.
9.250%, 7/15/10		350,000		390,250
9.500%, 7/15/13		200,000		227,250
Southern Natural Gas Co.
8.875%, 3/15/10		375,000		420,000

				3,094,687

Total Utilities				7,043,969

Total Long-Term Debt Securities (95.4%) (Cost $77,311,719)				82,709,851

CONVERTIBLE BONDS:
Telecommunication Services (0.6%)
*Wireless Telecommunication Services (0.6%)*
Nextel Communications, Inc.
5.250%, 1/15/10 (Cost $404,931)		550,000		563,063


	Number of Warrants		Value (Note 1)
WARRANTS:
Health Care (0.1%)
*Biotechnology (0.1%)*
Charles River Laboratories International, Inc., $5.19, expiring 10/1/09*†		250	$	77,726

Total Health Care				77,726

Industrials (0.0%)
*Transportation Infrastructure (0.0%)*
TBS Shipping International Ltd., $0, expiring 2/14/07*†		8,846		—
TBS Shipping International Ltd., $0, expiring 2/15/07*†		2,059		—
TBS Shipping International Ltd., $0, expiring 2/15/07*†		2,428		—

Total Industrials				—

Information Technology (0.0%)
*Communications Equipment (0.0%)*
Loral Space & Communications, $23.70, expiring 12/27/06*†		5,235		—
Loral Space & Communications, $0.14, expiring 1/31/07*†		600		—

				—

*Internet Software & Services (0.0%)*
Verado Holdings, Inc., $0.01, expiring 4/15/08*†		300		—

Total Information Technology				—

Telecommunication Services (0.0%)
*Diversified Telecommunication Services (0.0%)*
Pathnet, Inc., $0.01, expiring 4/15/08*†		250		—
XO Communications, Inc., $6.25, expiring 1/16/10*		1,872		1,180
XO Communications, Inc., $7.50, expiring 1/16/10*		1,403		547
XO Communications, Inc., $10.00, expiring 1/16/10*		1,403		645

				2,372

*Wireless Telecommunication Services (0.0%)*
e.Spire Communications, Inc., $7.15, expiring 11/1/05*†(b)		300		—
Leap Wireless International, Inc., $96.80, expiring 4/15/10*†(b)		4,500		—

				—

Total Telecommunication Services				2,372

Total Warrants (0.1%) (Cost $5,940)				80,098


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Time Deposit (0.7%)
JPMorgan Chase Nassau, 1.74%, 1/3/05 (Amortized Cost $568,082)	$	568,082		568,082

Total Investments (97.9%) (Cost/Amortized Cost $80,911,528)				84,876,301
Other Assets Less Liabilities (2.1%)				1,799,759

Net Assets (100%)			$	86,676,060

*	Non-income producing.

†	Securities (totaling $77,726 or 0.09% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2004, the market value of these securities amounted to $16,628,654 or 19.18% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any security might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

(e)

Step Bond - Coupon rate increases in increments to maturity. Rate disclosed is as of December 31, 2004. Maturity date disclosed is the ultimate maturity date.

(h)

Security in default.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

Glossary:

REIT — Real Estate Investment Trust

174

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PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	55,378,471
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		60,645,480

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	6,731,937
Aggregate gross unrealized depreciation		(2,803,218	)

Net unrealized appreciation	$	3,928,719

Federal income tax cost of investments	$	80,947,582

The Portfolio has a net capital loss carryforward of $25,536,259 of which $2,154,141 expires in the year 2007, $4,139,621 expires in the year 2008, $6,348,144 expires in the year 2009, $10,736,475 expires in the year 2010, and $2,157,878 expires in the year 2011.

The Portfolio utilized net capital loss carryforward of $1,247,363 during 2004.

See Notes to Financial Statements.

175

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EQ/ENTERPRISE INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Australia (1.6%)
Coca-Cola Amatil Ltd. (ADR)		67,181	$	849,840

France (11.2%)
BNP Paribas S.A. (ADR)		33,056		1,197,420
L’Oreal S.A. (ADR)		107,329		1,629,555
LVMH Moet Hennessy Louis Vuitton S.A. (ADR)		24,380		373,470
Sanofi-Aventis (ADR)		37,233		1,491,182
Total S.A. (ADR)		11,487		1,261,732

				5,953,359

Germany (7.0%)
E.On AG (ADR)		14,534		1,322,594
SAP AG (ADR)		29,754		1,315,424
Siemens AG (ADR)		12,752		1,079,712

				3,717,730

Hong Kong (4.5%)
Johnson Electric Holdings Ltd. (ADR)		96,162		942,388
Sun Hung Kai Properties Ltd. (ADR)		147,007		1,470,511

				2,412,899

Ireland (5.4%)
Allied Irish Banks plc (ADR)		25,119		1,036,912
CRH plc		69,477		1,860,401

				2,897,313

Italy (4.5%)
ENI S.p.A. (ADR)		10,777		1,356,178
Luxottica Group S.p.A. (ADR)		23,539		479,960
SanPaolo IMI S.p.A. (ADR)		20,342		583,205

				2,419,343

Japan (22.0%)
Asahi Glass Co., Ltd. (ADR)		9,800		1,080,707
Dai Nippon Printing Co., Ltd. (ADR)		26,000		834,272
Eisai Co., Ltd. (ADR)		25,033		819,831
Komatsu Ltd. (ADR)		39,904		1,116,861
Mitsubishi Tokyo Financial Group, Inc. (ADR)		83,076		849,037
Nidec Corp. (ADR)		17,000		521,900
Seven-Eleven Japan Co., Ltd. (ADR)		34,000		1,071,727
Sony Corp. (ADR)		40,300		1,570,088
Sumitomo Mitsui Financial Group, Inc. (ADR)		212,000		1,541,325
Toto Ltd. (ADR)		8,700		830,350
Toyota Motor Corp. (ADR)		18,325		1,500,268

				11,736,366

Netherlands (4.1%)
ING Groep N.V. (ADR)		72,574		2,195,363

Norway (1.0%)
Yara International ASA (ADR)*		42,341		557,517

Singapore (2.3%)
Singapore Telecommunications Ltd. (ADR)		83,000		1,210,123

Spain (2.5%)
Telefonica S.A. (ADR)		24,056		1,359,164

Switzerland (10.6%)
Credit Suisse Group (ADR)*		30,681		1,294,432
Nestle S.A. (Registered) (ADR)		24,383		1,603,182
Novartis AG (ADR)		25,804		1,304,134
Roche Holding AG (ADR)		8,619		999,804
Swiss Reinsurance (ADR)		6,572		469,898

				5,671,450

Taiwan (3.4%)
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		212,033		1,800,160

United Kingdom (16.2%)
Barclays plc (ADR)		13,932		636,414
BG Group plc (ADR)		21,547		742,294
BP plc (ADR)		29,057		1,696,929
GlaxoSmithKline plc (ADR)		26,661		1,263,465
Legal & General Group plc (ADR)		86,340		911,707
Reed Elsevier plc (ADR)		22,178		822,804
Rio Tinto plc (ADR)		11,374		1,355,894
Smith & Nephew plc (ADR)		23,672		1,225,263

				8,654,770

United States (3.5%)
Carnival Corp.		11,700		674,271
Schlumberger Ltd.		17,700		1,185,015

				1,859,286

Total Common Stocks (99.8%) (Cost $46,577,316)				53,294,683


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Time Deposit (0.2%)
JPMorgan Chase Nassau, 1.74%, 1/3/05 (Amortized Cost $130,929)	$	130,929		130,929

Total Investments (100.0%) (Cost/Amortized Cost $46,708,245)				53,425,612
Other Assets Less Liabilities (0.0%)				252

Net Assets (100.0%)			$	53,425,864


Market Sector Diversification
As a Percentage of Total Equity Investments

Consumer Discretionary	13.7	%
Consumer Staples	7.7
Energy	11.7
Financials	22.9
Health Care	13.3
Industrials	7.7
Information Technology	8.6
Materials	7.1
Telecommunications Services	4.8
Utilities	2.5

	100.0	%

*	Non-income producing.

Glossary:

ADR — American Depositary Receipt

176

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EQ/ENTERPRISE INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	81,216,518
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		84,964,776

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	7,018,546
Aggregate gross unrealized depreciation		(322,820	)

Net unrealized appreciation	$	6,695,726

Federal income tax cost of investments	$	46,729,886

For the year ended December 31, 2004, the Portfolio incurred approximately $18,724 as brokerage commissions with State Street Bank & Trust Co., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $24,013,639 of which $2,930 expires in the year 2008, $10,087,774 expires in the year 2009, $7,668,810 expires in the year 2010, and $6,254,125 expires in 2011.

The Portfolio utilized net capital loss carryforward of $6,157,386 during 2004.

Included in the capital loss carryforward above are $346,787 of losses acquired from Enterprise Accumulation Trust Worldwide Growth Portfolio and Enterprise Accumulation Trust Emerging Countries Portfolio as a result of a tax-free reorganization that occurred during the year ended 2003. Certain capital loss carryforward may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

See Notes to Financial Statements.

177

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EQ/ENTERPRISE MANAGED PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (9.5%)
*Hotels, Restaurants & Leisure (0.6%)*
CBRL Group, Inc.	54,100	$	2,264,085
Harrah’s Entertainment, Inc.	24,900		1,665,561

			3,929,646

*Household Durables (0.7%)*
D.R. Horton, Inc.	76,100		3,067,591
Yankee Candle Co., Inc.*	54,000		1,791,720

			4,859,311

*Media (2.6%)*
Citadel Broadcasting Corp.*	139,500		2,257,110
Lamar Advertising Co., Class A*	60,700		2,596,746
Time Warner, Inc.*	605,300		11,767,032

			16,620,888

*Specialty Retail (4.9%)*
Chico’s FAS, Inc.*	27,300		1,242,969
Christopher & Banks Corp.	24,300		448,335
Gap, Inc.	155,300		3,279,936
Lowe’s Cos., Inc.	122,600		7,060,534
Michaels Stores, Inc.	179,900		5,391,603
O’Reilly Automotive, Inc.*	56,200		2,531,810
Pacific Sunwear of California, Inc.*	108,950		2,425,227
Petco Animal Supplies, Inc.*	77,300		3,051,804
Petsmart, Inc.	58,200		2,067,846
Staples, Inc.	108,700		3,664,277

			31,164,341

*Textiles, Apparel & Luxury Goods (0.7%)*
Columbia Sportswear Co.*	46,600		2,777,826
Liz Claiborne, Inc.	40,500		1,709,505

			4,487,331

Total Consumer Discretionary			61,061,517

Consumer Staples (4.6%)
*Beverages (1.1%)*
Constellation Brands, Inc., Class A*	22,000		1,023,220
PepsiCo, Inc.	110,800		5,783,760

			6,806,980

*Food & Staples Retailing (0.7%)*
Rite Aid Corp.*	89,000		325,740
Safeway, Inc.*	111,200		2,195,088
Wal-Mart Stores, Inc.	37,400		1,975,468

			4,496,296

*Food Products (0.3%)*
General Mills, Inc.	17,200		855,012
Hain Celestial Group, Inc.*	70,200		1,451,034

			2,306,046

*Household Products (0.6%)*
Procter & Gamble Co.	74,400		4,097,952

*Personal Products (0.9%)*
Gillette Co.	129,500		5,799,010

*Tobacco (1.0%)*
Altria Group, Inc.	101,500		6,201,650

Total Consumer Staples			29,707,934

Energy (6.2%)
*Energy Equipment & Services (1.8%)*
ENSCO International, Inc.	56,800		1,802,832
GlobalSantaFe Corp.	109,100		3,612,301
Schlumberger Ltd.	88,900		5,951,855

			11,366,988

*Oil & Gas (4.4%)*
Chesapeake Energy Corp.	223,100		3,681,150
ConocoPhillips	75,000		6,512,250
Exxon Mobil Corp.	180,800		9,267,808
Noble Energy, Inc.	88,700		5,469,242
Petro-Canada	25,800		1,316,316
XTO Energy, Inc.	52,500		1,857,450

			28,104,216

Total Energy			39,471,204

Financials (12.8%)
*Capital Markets (3.0%)*
ETrade Financial Corp.	257,200		3,845,140
Federated Investors, Inc., Class B	82,300		2,501,920
Franklin Resources, Inc.	46,000		3,203,900
Merrill Lynch & Co., Inc.	129,300		7,728,261
Northern Trust Corp.	36,300		1,763,454

			19,042,675

*Commercial Banks (2.8%)*
Bank of America Corp.	303,100		14,242,669
Zions Bancorp.	53,600		3,646,408

			17,889,077

*Consumer Finance (0.4%)*
American Express Co.	51,800		2,919,966

*Diversified Financial Services (2.5%)*
Citigroup, Inc.	251,800		12,131,724
Principal Financial Group	87,700		3,590,438

			15,722,162

*Insurance (2.8%)*
Ambac Financial Group, Inc.	25,400		2,086,102
American International Group, Inc.	124,000		8,143,080
Gallagher (Arthur J.) & Co.	91,600		2,977,000
St. Paul Travelers Cos., Inc.	130,440		4,835,411

			18,041,593

*Mutual Funds (0.4%)*
MidCap SPDR Trust Series 1	20,900		2,528,900

*Thrifts & Mortgage Finance (0.9%)*
Fannie Mae	30,700		2,186,147
Golden West Financial Corp.	48,100		2,954,302
Sovereign Bancorp, Inc.	37,400		843,370

			5,983,819

Total Financials			82,128,192

Health Care (9.0%)
*Biotechnology (0.6%)*
Genzyme Corp.*	61,000		3,542,270

*Health Care Equipment & Supplies (2.3%)*
Cooper Cos., Inc.	23,300		1,644,747
Diagnostic Products Corp.	42,900		2,361,645
Edwards Lifesciences Corp.*	32,900		1,357,454
Fisher Scientific International, Inc.*	46,700		2,913,146
Medtronic, Inc.	121,300		6,024,971
Waters Corp.*	12,948		605,837

			14,907,800

*Health Care Providers & Services (1.3%)*
Coventry Health Care, Inc.*	39,400		2,091,352
Health Net, Inc.*	37,000		1,068,190
Odyssey HealthCare, Inc.*	109,000		1,491,120
PacifiCare Health Systems, Inc.*	28,900		1,633,428
Triad Hospitals, Inc.*	51,900		1,931,199

			8,215,289

*Pharmaceuticals (4.8%)*
Abbott Laboratories	152,300		7,104,795
Biovail Corp.*	103,300		1,707,549
Elan Corp. plc (ADR)*	33,100		901,975
Eli Lilly & Co.	74,200		4,210,850

178

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares		Value (Note 1)
King Pharmaceuticals, Inc.*		69,700	$	864,280
Pfizer, Inc.		187,400		5,039,186
Schering-Plough Corp.		255,900		5,343,192
Wyeth		131,500		5,600,585

				30,772,412

Total Health Care				57,437,771

Industrials (11.6%)
*Aerospace & Defense (3.5%)*
Engineered Support Systems		53,300		3,156,426
European Aeronautic Defence & Space Co.†(b)		46,541		1,353,150
General Dynamics Corp.		36,100		3,776,060
Precision Castparts Corp.		66,000		4,334,880
Rockwell Collins, Inc.		65,900		2,599,096
United Technologies Corp.		70,000		7,234,500

				22,454,112

*Air Freight & Logistics (0.5%)*
FedEx Corp.		30,074		2,961,988

*Commercial Services & Supplies (0.9%)*
Career Education Corp.*		35,200		1,408,000
ITT Educational Services, Inc.*		51,000		2,425,050
Waste Connections, Inc.*		52,600		1,801,550

				5,634,600

*Industrial Conglomerates (3.1%)*
General Electric Co.		321,100		11,720,150
Tyco International Ltd.		223,500		7,987,890

				19,708,040

*Machinery (1.8%)*
Caterpillar, Inc.		24,800		2,418,248
Ingersoll-Rand Co., Class A		98,900		7,941,670
Oshkosh Truck Corp.		16,400		1,121,432

				11,481,350

*Road & Rail (1.5%)*
CSX Corp.		186,200		7,462,896
Yellow Roadway Corp.*		41,900		2,334,249

				9,797,145

*Trading Companies & Distributors (0.3%)*
Fastenal Co.		33,900		2,086,884

Total Industrials				74,124,119

Information Technology (12.8%)
*Communications Equipment (1.8%)*
Cisco Systems, Inc.*		282,100		5,444,530
Motorola, Inc.		164,000		2,820,800
Polycom, Inc.*		132,700		3,094,564
Utstarcom, Inc.*		14,800		327,820

				11,687,714

*Computers & Peripherals (1.3%)*
Dell, Inc.*		153,600		6,472,704
SanDisk Corp.*		61,400		1,533,158

				8,005,862

*Electronic Equipment & Instruments (0.6%)*
Benchmark Electronics, Inc.*		39,800		1,357,180
CDW Corp.		38,700		2,567,745

				3,924,925

*Internet Software & Services (1.1%)*
Ask Jeeves, Inc.*		11,200		299,600
VeriSign, Inc.*		78,800		2,641,376
Yahoo!, Inc.*		115,600		4,355,808

				7,296,784

*IT Services (1.5%)*
DST Systems, Inc.*		21,500		1,120,580
First Data Corp.		151,900		6,461,826
Fiserv, Inc.*		43,300		1,740,227

				9,322,633

*Semiconductors & Semiconductor Equipment (3.1%)*
Analog Devices, Inc.		68,400		2,525,328
Applied Materials, Inc.*		133,300		2,279,430
Cabot Microelectronics Corp.*		35,900		1,437,795
Fairchild Semiconductor International, Inc., Class A*		68,800		1,118,688
Intel Corp.		147,600		3,452,364
International Rectifier Corp.*		27,200		1,212,304
Lam Research Corp.*		49,700		1,436,827
Texas Instruments, Inc.		146,200		3,599,444
Varian Semiconductor Equipment Associates, Inc.*		67,900		2,502,115

				19,564,295

*Software (3.4%)*
Computer Associates International, Inc.		184,400		5,727,464
Electronic Arts, Inc.*		26,500		1,634,520
Microsoft Corp.		544,600		14,546,266

				21,908,250

Total Information Technology				81,710,463

Materials (4.9%)
*Chemicals (2.4%)*
Air Products & Chemicals, Inc.		128,800		7,466,536
DuPont (E.I.) de Nemours & Co.		130,700		6,410,835
Mosaic Co.*		74,600		1,217,472

				15,094,843

*Containers & Packaging (1.0%)*
Pactiv Corp.*		256,300		6,481,827

*Metals & Mining (1.0%)*
Alcoa, Inc.		151,400		4,756,988
Freeport-McMoRan Copper & Gold, Inc., Class B		38,800		1,483,324

				6,240,312

*Paper & Forest Products (0.5%)*
International Paper Co.		84,200		3,536,400

Total Materials				31,353,382

Telecommunication Services (1.6%)
*Diversified Telecommunication Services (0.7%)*
Sprint Corp.		169,100		4,202,135

*Wireless Telecommunication Services (0.9%)*
Nextel Communications, Inc., Class A*		192,200		5,766,000

Total Telecommunication Services				9,968,135

Utilities (0.5%)
*Electric Utilities (0.5%)*
PG&E Corp.*		94,500		3,144,960

Total Utilities				3,144,960

Total Common Stocks (73.5%) (Cost $416,614,754)				470,107,677


	Principal Amount
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (2.4%)
*Asset-Backed Securities (0.8%)*
American Express Credit Account Master Trust,
Series 00-1 A 7.200%, 9/17/07	$	750,000		754,149

179

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EQ/ENTERPRISE MANAGED PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Principal Amount		Value (Note 1)
Capital Auto Receivables Asset Trust,
Series 02-1 A4 4.160%, 7/16/07	$	676,380	$	678,863
Capital One Auto Finance Trust,
Series 02-B A4A 3.320%, 4/15/09		1,500,000		1,501,328
Massachusetts RRB Special Purpose Trust,
Series 99-1 A3 6.620%, 3/15/07		402,163		405,616
Nissan Auto Receivables Owner Trust,
Series 02-B A4 4.600%, 9/17/07		1,050,115		1,057,126
Onyx Acceptance Auto Trust,
Series 01-D A4 4.320%, 10/15/08		696,613		699,440

				5,096,522

*Non-Agency CMO (1.6%)*
Asset Securitization Corp.,
Series 97-D4 A1D 7.490%, 4/14/29		801,841		859,290
Bear Stearns Commercial Mortgage Securities,
Series 01-TOP2 A2 6.480%, 2/15/35		650,000		720,971
Chase Commercial Mortgage Securities Corp.,
Series 98-2 A2 6.390%, 11/18/30		820,000		886,228
Greenwich Capital Commercial Funding Corp.,
Series 03-C2 A4 4.915%, 1/5/36		800,000		811,137
Series 04-GG1 A7 5.317%, 6/10/36 (l)		900,000		935,271
LB-UBS Commercial Mortgage Trust
Series 01-C7 A5 6.133%, 12/15/30		500,000		547,031
Series 02-C1 A4 6.462%, 3/15/31		1,020,000		1,140,792
Morgan Stanley Capital I,
Series 98-WF1 A2 6.550%, 3/15/30		1,009,393		1,076,709
Morgan Stanley Dean Witter Capital I,
Series 01-TOP1 A4 6.660%, 2/15/33		425,000		472,079
Series 01-TOP3 A4 6.390%, 7/15/33		845,000		934,989
Series 02-HQ A3 6.510%, 4/15/34		245,000		272,662
Series 02-TOP7 A2 5.980%, 1/15/39		1,150,000		1,250,561
Nomura Asset Securities Corp.,
Series 98-D6 A1B 6.590%, 3/15/30		150,000		162,249

				10,069,969

Total Asset-Backed and Mortgage-Backed Securities.				15,166,491

Consumer Discretionary (1.0%)
*Automobiles (0.3%)*
DaimlerChrysler NA Holdings Corp.
7.200%, 9/1/09		475,000		528,683
Ford Motor Credit Co.		1,200,000		1,286,911
7.250%, 10/25/11

				1,815,594

*Hotels, Restaurants & Leisure (0.0%)*
Yum! Brands, Inc.
7.650%, 5/15/08		210,000		234,228

*Household Durables (0.1%)*
Centex Corp.
5.800%, 9/15/09		350,000		368,874
Pulte Homes, Inc.
6.250%, 2/15/13		425,000		452,131

				821,005

*Internet & Catalog Retail (0.1%)*
IAC/InterActiveCorp.
7.000%, 1/15/13		400,000		441,227

*Media (0.4%)*
COX Communications, Inc.
7.125%, 10/1/12		320,000		358,676
Grupo Televisa S.A.
8.500%, 3/11/32		120,000		138,900
News America Holdings, Inc.
7.750%, 1/20/24		450,000		533,647
TCI Communications, Inc.
8.750%, 8/1/15		300,000		382,637
7.125%, 2/15/28		250,000		282,517
Time Warner, Inc.
7.700%, 5/1/32		525,000		642,137

				2,338,514

*Specialty Retail (0.1%)*
Lowe’s Cos., Inc.
6.500%, 3/15/29		250,000		283,195
Staples, Inc.
7.375%, 10/1/12		340,000		395,622

				678,817

Total Consumer Discretionary				6,329,385

Consumer Staples (0.5%)
*Beverages (0.1%)*
Cia Brasileira de Bebidas
8.750%, 9/15/13		200,000		233,000
PepsiAmericas, Inc.
6.500%, 2/1/06		425,000		438,821

				671,821

*Food & Staples Retailing (0.1%)*
Wal-Mart Stores, Inc.
8.000%, 9/15/06		275,000		295,604

*Food Products (0.2%)*
Archer-Daniels-Midland Co.
8.875%, 4/15/11		200,000		248,712
ConAgra Foods, Inc.
7.875%, 9/15/10		575,000		675,479
General Mills, Inc.
6.000%, 2/15/12		200,000		217,028
Kraft Foods, Inc.
4.625%, 11/1/06		220,000		224,536
Unilever Capital Corp.
5.900%, 11/15/32		130,000		137,474

				1,503,229

*Tobacco (0.1%)*
Altria Group, Inc.
7.000%, 11/4/13		270,000		292,558
7.750%, 1/15/27		150,000		168,356

				460,914

Total Consumer Staples				2,931,568

Energy (0.7%)
*Energy Equipment & Services (0.0%)*
Halliburton Co.
5.500%, 10/15/10		75,000		78,996
Transocean, Inc.
6.625%, 4/15/11		190,000		212,424

				291,420

180

EQ ADVISORS TRUST

EQ/ENTERPRISE MANAGED PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Principal Amount		Value (Note 1)
*Oil & Gas (0.7%)*
Burlington Resources Finance Co.
7.400%, 12/1/31	$	125,000	$	152,658
Canadian Natural Resources Ltd.
6.450%, 6/30/33		125,000		135,082
ChevronTexaco Capital Co.
3.500%, 9/17/07		450,000		451,998
Kinder Morgan Energy Partners LP
6.750%, 3/15/11		400,000		446,572
Kinder Morgan, Inc.
6.500%, 9/1/12		275,000		302,273
Motiva Enterprises LLC
5.200%, 9/15/12§		700,000		720,885
Murphy Oil Corp.
6.375%, 5/1/12		350,000		383,817
Northern Border Partners LP
8.875%, 6/15/10		220,000		264,942
Pemex Project Funding Master Trust
9.125%, 10/13/10		550,000		659,450
Petroleos Mexicanos
9.500%, 9/15/27§		275,000		345,125
Valero Energy Corp.
7.500%, 4/15/32		400,000		482,472

				4,345,274

Total Energy				4,636,694

Financials (2.8%)
*Capital Markets (0.5%)*
Goldman Sachs Group, Inc.
6.875%, 1/15/11		575,000		648,702
Merrill Lynch & Co., Inc.
6.000%, 2/17/09		700,000		751,293
Morgan Stanley
6.750%, 4/15/11		800,000		897,311
Newcourt Credit Group, Inc.
6.875%, 2/16/05		750,000		753,771

				3,051,077

*Commercial Banks (0.4%)*
Bank of America Corp.
10.200%, 7/15/15		250,000		341,816
Bayerische Landesbank NY
4.915%, 1/25/34		200,000		212,568
First Massachusetts Bank NA
7.625%, 6/15/11		300,000		350,541
First Union National Bank
7.875%, 2/15/10		95,000		110,752
6.180%, 2/15/36		400,000		443,880
Mizuho Financial Group Cayman Ltd.
5.790%, 4/15/14§		200,000		210,080
National Australia Bank Ltd.
8.600%, 5/19/10		175,000		207,848
Royal Bank of Scotland Group plc
6.375%, 2/1/11		200,000		220,091
UFJ Bank Ltd./NY
7.400%, 6/15/11		150,000		171,980

				2,269,556

*Consumer Finance (0.3%)*
General Motors Acceptance Corp.
6.875%, 8/28/12		1,075,000		1,097,553
HSBC Finance Corp.
6.375%, 10/15/11		750,000		828,297

				1,925,850

*Diversified Financial Services (0.4%)*
Canadian Oil Sands Ltd.
7.900%, 9/1/21§		300,000		360,398
Citigroup, Inc.
5.000%, 9/15/14		708,000		711,415
General Electric Capital Corp.
6.125%, 2/22/11		1,100,000		1,204,929
John Hancock Global Funding II
7.900%, 7/2/10§		350,000		409,807
UFJ Finance Aruba AEC
6.750%, 7/15/13		200,000		222,874

				2,909,423

*Insurance (1.0%)*
Ace Capital Trust II
9.700%, 4/1/30		575,000		764,049
Allstate Financial Global Funding
6.500%, 6/14/11§		275,000		304,750
American General Corp.
7.500%, 8/11/10		900,000		1,035,157
AmerUs Group Co.
6.950%, 6/15/05		350,000		354,864
Berkley (WR) Corp.
5.875%, 2/15/13		195,000		200,181
Dai-Ichi Mutual Life Insurance Co.
5.730%, 3/17/14§		300,000		306,706
Everest Reinsurance Holdings, Inc.
8.500%, 3/15/05		370,000		373,473
Fidelity National Financial, Inc.
7.300%, 8/15/11		225,000		246,878
Hartford Financial Services Group, Inc.
7.900%, 6/15/10		200,000		231,260
Liberty Mutual Insurance
7.697%, 10/15/97§		385,000		403,088
Marsh & McLennan Cos., Inc.
5.875%, 8/1/33		250,000		231,639
Mercury General Corp.
7.250%, 8/15/11		425,000		477,286
Prudential Insurance Co. of America
6.375%, 7/23/06§		300,000		315,509
7.650%, 7/1/07§		200,000		217,496
RenaissanceReinsurance Holdings Ltd.
5.875%, 2/15/13		460,000		481,328
Safeco Corp.
4.875%, 2/1/10		175,000		179,183
XL Capital (Europe) plc
6.500%, 1/15/12		350,000		383,087

				6,505,934

*Real Estate (0.2%)*
AMB Property LP
7.500%, 6/30/18		350,000		402,291
Duke Realty Corp. (REIT)
5.250%, 1/15/10.		300,000		309,774
Healthcare Realty Trust, Inc. (REIT)
8.125%, 5/1/11		175,000		203,862
Liberty Property LP
8.500%, 8/1/10		220,000		262,362

				1,178,289

Total Financials				17,840,129

Government Securities (13.8%)
*Foreign Governments (0.1%)*
Export-Import Bank of Korea
4.125%, 2/10/09§		100,000		99,728
Republic of South Africa
6.500%, 6/2/14		110,000		120,450
Republic of Trinidad & Tobago
9.750%, 7/1/20(m)		250,000		339,583

				559,761

*U.S. Government Agencies (10.8%)*
Federal Home Loan Bank
4.125%, 1/14/05		7,000,000		7,004,838
5.750%, 5/15/12		205,000		224,383

181

EQ ADVISORS TRUST

EQ/ENTERPRISE MANAGED PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Principal Amount		Value (Note 1)
Federal Home Loan Mortgage Corp.
7.000%, 7/15/05	$	1,560,000	$	1,594,897
5.500%, 9/15/11		2,000,000		2,148,736
6.500%, 6/1/16		32,041		33,932
6.500%, 7/1/16		1,310,453		1,387,779
6.500%, 8/1/16		54,807		58,041
6.500%, 9/1/16		248,243		262,891
6.500%, 11/1/16		137,324		145,427
6.500%, 1/1/17		1,048,489		1,110,357
6.500%, 3/1/17		23,139		24,504
5.500%, 2/1/19		1,115,260		1,152,914
5.500%, 3/1/19		1,098,969		1,136,073
5.500%, 5/1/19		278,208		287,536
5.500%, 6/1/19		1,040,616		1,075,507
5.500%, 7/1/19		2,076,302		2,145,919
7.000%, 5/1/29		39,943		42,314
6.000%, 7/1/34		1,350,276		1,395,567
Federal National Mortgage Association
7.000%, 2/1/07		11,524		12,219
6.790%, 11/1/07		1,344,580		1,422,658
6.525%, 6/1/09		644,432		698,755
7.000%, 7/1/09		7,203		7,637
6.625%, 9/15/09		900,000		1,004,917
7.270%, 2/1/10		383,658		429,689
7.125%, 6/15/10		1,500,000		1,724,133
6.970%, 10/1/10		1,155,722		1,292,875
6.300%, 3/1/11		764,549		836,664
6.030%, 5/1/11		1,347,016		1,474,633
6.009%, 11/1/11		1,021,374		1,114,825
6.115%, 2/1/12		1,164,852		1,273,290
5.898%, 4/1/12		1,005,588		1,086,336
7.000%, 11/1/12		6,883		7,298
7.000%, 12/1/12		182,938		193,965
4.544%, 6/1/13		685,849		687,599
7.000%, 3/1/15		153,331		162,574
7.000%, 5/1/15		25,117		26,631
7.000%, 6/1/15		137,303		145,579
7.000%, 11/1/15		1,193		1,265
6.000%, 3/1/17		678,618		711,551
7.000%, 4/1/17		250,969		266,097
6.000%, 9/1/17		170,824		179,114
5.000%, 5/1/18		870,689		885,055
5.000%, 6/1/18		118,380		120,333
5.000%, 9/1/18		24,209		24,608
5.000%, 10/1/18		813,895		827,324
5.000%, 12/1/18		694,050		705,502
5.000%, 1/1/19		2,064,285		2,098,346
5.000%, 2/1/19		2,173,854		2,209,723
5.000%, 3/1/19		1,491,974		1,516,591
5.000%, 4/1/19		1,988,924		2,021,741
5.000%, 5/1/19		3,139,307		3,191,105
5.000%, 6/1/19		409,543		416,300
6.000%, 12/1/22		427,934		445,523
6.000%, 1/1/23		703,150		732,051
6.000%, 2/1/23		437,285		455,259
5.000%, 10/1/33		311,695		309,338
5.000%, 11/1/33		1,011,697		1,004,047
5.000%, 10/1/34		1,979,481		1,964,512
Government National Mortgage Association
6.500%, 4/15/28		699,047		736,029
6.500%, 5/15/28		276,763		291,405
6.500%, 8/15/28		146,409		154,154
7.000%, 8/15/28		4,324		4,595
7.000%, 9/15/28		827,543		879,432
6.500%, 10/15/28		321,483		338,490
6.500%, 11/15/28		446,844		470,484
7.000%, 11/15/28		947,065		1,006,448
6.000%, 12/15/28		1,871,828		1,941,342
6.500%, 12/15/28		65,222		68,672
7.000%, 12/15/28		569,168		604,856
7.000%, 3/15/29		55,476		58,954
7.000%, 6/15/29		28,766		30,570
7.000%, 8/15/29		19,267		20,475
7.000%, 1/15/31		133,815		142,206
7.000%, 4/15/31		34,375		36,530
7.000%, 6/15/31		29,075		30,898
7.000%, 8/15/31		383,149		407,173
7.000%, 9/15/31		11,940		12,689
6.500%, 10/15/31		44,388		46,736
6.500%, 11/15/31		245,557		258,548
6.000%, 1/15/32		690,422		716,062
7.000%, 8/15/32		187,567		199,328
7.000%, 9/15/32		30,948		32,889
6.000%, 10/15/32		1,060,935		1,100,335
5.000%, 7/15/33		2,054,402		2,056,929
5.000%, 11/15/33		333,596		334,316
5.000%, 3/15/34		332,098		332,507
5.000%, 4/15/34		444,956		445,503
5.000%, 6/15/34		333,541		333,951
5.000%, 7/15/34		333,718		334,128
6.500%, 10/15/34		404,588		425,992
5.000%, 12/15/34		666,848		667,668

				69,439,571

*U.S. Treasuries (2.9%)*
U.S. Treasury Bonds
7.500%, 11/15/16		2,200,000		2,811,446
8.875%, 8/15/17		1,000,000		1,417,109
9.125%, 5/15/18		500,000		727,226
8.750%, 8/15/20		675,000		975,692
7.875%, 2/15/21		2,500,000		3,377,735
8.125%, 5/15/21		3,500,000		4,838,886
6.250%, 8/15/23		1,500,000		1,756,113
U.S. Treasury Notes
Inflation Indexed
1.875%, 7/15/13		2,395,402		2,464,083

				18,368,290

Total Government Securities				88,367,622

Health Care (0.1%)
*Health Care Providers & Services (0.0%)*
Cardinal Health, Inc.
7.000%, 10/15/26		150,000		161,956

*Pharmaceuticals (0.1%)*
Bristol-Myers Squibb Co.
4.750%, 10/1/06		200,000		204,505
Schering-Plough Corp.
5.550%, 12/1/13		145,000		151,548
Wyeth
6.950%, 3/15/11		200,000		225,192

				581,245

Total Health Care				743,201

Industrials (0.5%)
*Aerospace & Defense (0.1%)*
McDonnell Douglas Corp.
6.875%, 11/1/06		425,000		449,861

*Airlines (0.2%)*
American Airlines, Inc.
Series 03-1 3.857%, 7/9/10		73,643		72,572
Series 99-1 7.024%, 10/15/09		450,000		462,966
Continental Airlines, Inc.,
Series 01-1 6.703%, 6/15/21		544,438		529,257

182

EQ ADVISORS TRUST

EQ/ENTERPRISE MANAGED PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Principal Amount		Value (Note 1)
Delta Air Lines, Inc.,
Series 01-1 7.111%, 9/18/11	$	450,000	$	442,188

				1,506,983

*Building Products (0.0%)*
Masco Corp.
5.875%, 7/15/12		225,000		241,132

*Machinery (0.1%)*
Caterpillar, Inc.
6.550%, 5/1/11		350,000		392,813

*Road & Rail (0.1%)*
Erac USA Finance Co.
8.000%, 1/15/11§		550,000		647,452

Total Industrials				3,238,241

Materials (0.4%)
*Chemicals (0.1%)*
Dow Chemical Co.
6.000%, 10/1/12		200,000		218,509
Monsanto Co.
7.375%, 8/15/12		300,000		350,784
Potash Corp. of Saskatchewan, Inc.
7.750%, 5/31/11		175,000		206,143

				775,436

*Containers & Packaging (0.0%)*
Temple-Inland, Inc.
7.875%, 5/1/12		270,000		319,558

*Metals & Mining (0.1%)*
Alcoa, Inc.
6.500%, 6/1/11		450,000		504,927

*Paper & Forest Products (0.2%)*
International Paper Co.
6.750%, 9/1/11		375,000		420,425
Westvaco Corp.
7.950%, 2/15/31		210,000		256,546
Weyerhaeuser Co.
6.750%, 3/15/12		75,000		84,512
7.950%, 3/15/25		75,000		92,259
Willamette Industries, Inc.
7.000%, 2/1/18		175,000		196,602

				1,050,344

Total Materials				2,650,265

Telecommunication Services (0.6%)
*Diversified Telecommunication Services (0.5%)*
BellSouth Corp.
4.750%, 11/15/12		215,000		216,320
British Telecommunications plc
8.875%, 12/15/30		250,000		334,755
CenturyTel, Inc.
7.875%, 8/15/12.		125,000		147,102
Deutsche Telekom International Finance BV
8.500%, 6/15/10. .		250,000		297,843
France Telecom S.A.
8.500%, 3/1/11		550,000		656,097
SBC Communications, Inc.
5.875%, 8/15/12		300,000		323,175
Singapore Telecommunications Ltd.
7.375%, 12/1/31§		270,000		329,510
Verizon Global Funding Corp.
7.375%, 9/1/12		660,000		776,679

				3,081,481

*Wireless Telecommunication Services (0.1%)*
AT&T Wireless Services, Inc.
8.750%, 3/1/31		275,000		370,786
Vodafone Group plc
7.750%, 2/15/10		275,000		319,126

				689,912

Total Telecommunication Services				3,771,393

Utilities (0.9%)
*Electric Utilities (0.6%)*
Alabama Power Co.
5.875%, 12/1/22		250,000		264,274
Alliant Energy Resources, Inc.
9.750%, 1/15/13		100,000		130,927
American Electric Power Co., Inc.
6.125%, 5/15/06		375,000		388,644
CenterPoint Energy Resources Corp.
6.500%, 2/1/08		425,000		455,707
Florida Power Corp.
5.900%, 3/1/33		300,000		311,174
Midamerican Energy Holdings Co.
7.520%, 9/15/08		185,000		205,419
NSTAR
8.000%, 2/15/10		425,000		496,544
Old Dominion Electric Cooperative
6.250%, 6/1/11		650,000		715,365
Oncor Electric Delivery Co.
6.375%, 5/1/12		200,000		220,574
Peco Energy Co.
4.750%, 10/1/12		165,000		166,617
Pennsylvania Electric Co.
6.625%, 4/1/19		175,000		187,664
Southern California Edison Co.
5.000%, 1/15/14		170,000		172,751
Wisconsin Energy Corp.
6.500%, 4/1/11		255,000		281,621

				3,997,281

*Gas Utilities (0.1%)*
Duke Energy Field Services LLC
5.750%, 11/15/06		215,000		222,791
KeySpan Corp.
6.150%, 6/1/06		210,000		218,620

				441,411

*Multi-Utilities & Unregulated Power (0.2%)*
Consolidated Natural Gas Co.
5.375%, 11/1/06		350,000		361,507
Energen Corp.
7.625%, 12/15/10		200,000		228,536
PSEG Power LLC
7.750%, 4/15/11		450,000		524,699
SCANA Corp.
6.250%, 2/1/12		200,000		219,507

				1,334,249

Total Utilities				5,772,941

Total Long-Term Debt Securities (23.7%) (Cost $147,867,566)				151,447,930

SHORT-TERM DEBT SECURITIES:
Government Securities (1.7%)
Federal Home Loan Mortgage Corp.
2.21%, 1/25/05 (o)		5,000,000		4,992,327
Federal National Mortgage Association
2.26%, 2/14/05 (o)		5,100,000		5,085,663
U.S. Treasury Bills
2.08%, 2/10/05 (o)#		1,160,000		1,157,323

Total Government Securities				11,235,313

183

EQ ADVISORS TRUST

EQ/ENTERPRISE MANAGED PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Principal Amount		Value (Note 1)
Time Deposit (1.0%)
JPMorgan Chase Nassau,
1.74%, 1/3/05	$	6,343,262	$	6,343,262

Total Short-Term Debt Securities (2.7%) (Amortized Cost $ 17,578,575)				17,578,575

Total Investments (99.9%) (Cost/Amortized Cost $582,060,895)				639,134,182
Other Assets Less Liabilities (0.1%)				441,993

Net Assets (100%)			$	639,576,175

*	Non-income producing.

†	Securities (totaling $1,353,150 or 0.21% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2004, the market value of these securities amounted to $4,670,534 or 0.73% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any security might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

#	All, or a portion of security held by broker as collateral for financial futures contracts.

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

(m)

Regulation S is an exemption for securities offering that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

CMO — Collateralized Mortgage Obligation

REIT — Real Estate Investment Trust

SPDR — S&P Depository Receipt

At December 31, 2004 the Portfolio had the following futures contracts open: (Note 1)


Sales	Number of Contracts		Expiration Date	Original Value			Value at 12/31/04			Unrealized Appreciation
Sales	Number of Contracts		Expiration Date	Original Value			Value at 12/31/04			Unrealized Appreciation
S&P 500 Index	(211	)	March-05	$	(12,823,204	)	$	(12,804,535	)	$	18,669
U.S. 5 Year Treasury Notes	(72	)	March-05		(7,914,873	)		(7,886,250	)		28,623
U.S. 10 Year Treasury Notes	(31	)	March-05		(3,480,109	)		(3,470,062	)		10,047

										$	57,339

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	409,148,389
U.S. Government securities		12,017,846
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		494,262,610
U.S. Government securities		9,938,841

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	57,708,995
Aggregate gross unrealized depreciation		(10,599,767	)

Net unrealized appreciation	$	47,109,228

Federal income tax cost of investments	$	592,024,954

For the year ended December 31, 2004, the Portfolio incurred approximately $2,467 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $115,387,469 of which $776,440 expires in the year 2009, $113,401,205 expires in the year 2010, and $1,209,824 expires in the year 2011.

The Portfolio utilized net capital loss carryforward of $39,845,686 during 2004.

See Notes to Financial Statements.

184

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PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (16.5%)
*Auto Components (0.7%)*
Midas, Inc.*	1,700	$	34,000
Modine Manufacturing Co.	500		16,885
Raytech Corp.*	5,000		9,200

			60,085

*Hotels, Restaurants & Leisure (4.3%)*
Argosy Gaming Co.*	1,500		70,050
Aztar Corp.*	1,500		52,380
Churchill Downs, Inc.	300		13,410
Mandalay Resort Group	3,000		211,290

			347,130

*Household Durables (0.2%)*
Fedders Corp.	4,000		14,480

*Media (11.1%)*
Acme Communications, Inc.*	3,500		24,535
Cablevision Systems New York Group, Class A*	4,000		99,600
Fisher Communications, Inc.*	839		41,010
Interep National Radio Sales, Inc., Class A*	2,000		1,500
Liberty Corp.	500		21,980
Liberty Media Corp., Class A*	7,000		76,860
Lin TV Corp., Class A*	3,500		66,850
McClatchy Co., Class A	300		21,543
Media General, Inc., Class A	700		45,367
Metro-Goldwyn-Mayer, Inc.*	6,000		71,280
Paxson Communications Corp.*	8,000		11,040
Primedia, Inc.*	5,000		19,000
Pulitzer, Inc.	2,200		142,670
Reader’s Digest Association, Inc. (Non-Voting)	500		6,955
Recoletos Grupo de Comunicacion S.A.	2,451		23,821
Tribune Co.	1,000		42,140
Vivendi Universal S.A. (ADR)*	500		16,035
Walt Disney Co.	4,000		111,200
Young Broadcasting, Inc., Class A*	5,000		52,800

			896,186

*Specialty Retail (0.2%)*
CSK Auto Corp.*	1,000		16,740

Total Consumer Discretionary			1,334,621

Consumer Staples (9.2%)
*Food & Staples Retailing (1.1%)*
NeighborCare, Inc.*	2,500		76,800
Pathmark Stores, Inc.*	1,000		5,810
Topps Co., Inc.	1,000		9,750

			92,360

*Food Products (5.9%)*
Dreyer’s Grand Ice Cream Holdings, Inc.	5,000		402,150
Flowers Foods, Inc.	500		15,790
H.J. Heinz Co.	500		19,495
JM Smucker Co.	500		23,535
Tootsie Roll Industries, Inc.	515		17,834

			478,804

*Personal Products (2.2%)*
Del Laboratories, Inc.*	5,000		173,750

Total Consumer Staples			744,914

Energy (8.1%)
*Energy Equipment & Services (0.2%)*
RPC, Inc.	500		12,560

*Oil & Gas (7.9%)*
General Maritime Corp.*	1,500		59,925
Kaneb Services LLC	4,500		194,355
Northern Border Partners LP	200		9,636
Patina Oil & Gas Corp.	5,000		187,500
Stelmar Shipping Ltd.	4,000		190,840

			642,256

Total Energy			654,816

Financials (11.1%)
*Capital Markets (1.8%)*
Deutsche Bank AG (Registered)	500		44,505
Mellon Financial Corp.	500		15,555
SWS Group, Inc.	4,000		87,680

			147,740

*Commercial Banks (2.9%)*
First National Bankshares of Florida, Inc.	4,000		95,600
First Republic Bank	300		15,900
Gold Banc Corp., Inc.	4,000		58,480
Riggs National Corp.	3,000		63,780

			233,760

*Diversified Financial Services (0.3%)*
Onyx Acceptance Corp.	1,000		27,960

*Insurance (0.3%)*
CNA Surety Corp.*	2,000		26,700

*Real Estate (3.1%)*
Kramont Realty Trust (REIT)	2,500		58,500
LNR Property Corp.	3,000		188,730

			247,230

*Thrifts & Mortgage Finance (2.7%)*
Flushing Financial Corp.	1,000		20,060
Independence Community Bank Corp.	2,000		85,160
New York Community Bancorp, Inc.	2,000		41,140
NewAlliance Bancshares, Inc.	1,250		19,125
Sovereign Bancorp, Inc.	971		21,896
Waypoint Financial Corp.	1,000		28,350

			215,731

Total Financials			899,121

Health Care (8.3%)
*Health Care Equipment & Supplies (6.6%)*
Arthrocare Corp.*	200		6,412
Bio-Rad Laboratories, Inc., Class A*	200		11,474
Biosite, Inc.*	500		30,770
BioVeris Corp.*	300		2,193
Cholestech Corp.*	200		1,628
CNS, Inc.	500		6,275
Conmed Corp.*	500		14,210
DJ Orthopedics, Inc.*	200		4,284
Encore Medical Corp.*	500		3,395
Exactech, Inc.*	500		9,145
Guidant Corp.	3,000		216,300
ICU Medical, Inc.*	1,000		27,340
Inamed Corp.*	500		31,625
Kensey Nash Corp.*	500		17,265
Lifecore Biomedical, Inc.*	1,000		11,260
Orthofix International N.V.*	600		23,688
Osteotech, Inc.*	200		1,100
Regeneration Technologies, Inc.*	1,000		10,480
Schick Technologies, Inc.*	500		7,875
Sola International, Inc.*	2,000		55,080
Thermo Electron Corp.*	500		15,095
Thoratec Corp.*	1,500		15,630

185

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares		Value (Note 1)
Young Innovations, Inc.		300	$	10,119

				532,643

*Health Care Providers & Services (1.5%)*
NWH, Inc.		1,500		20,953
Priority Healthcare Corp., Class B*		500		10,885
Select Medical Corp.		5,000		88,000
VitalWorks, Inc.*		1,000		4,450

				124,288

*Pharmaceuticals (0.2%)*
Bristol-Myers Squibb Co.		500		12,810
Collagenex Pharmaceuticals, Inc.*		500		3,670

				16,480

Total Health Care				673,411

Industrials (12.0%)
*Aerospace & Defense (2.5%)*
DRS Technologies, Inc.*		1,000		42,710
Fairchild Corp., Class A*		2,000		7,380
Herley Industries, Inc.*		3,000		61,020
Honeywell International, Inc.		500		17,705
Kaman Corp., Class A		1,000		12,650
Sequa Corp., Class A*		1,000		61,150

				202,615

*Building Products (0.2%)*
Masonite International Corp.		500		17,180

*Commercial Services & Supplies (3.5%)*
GP Strategies Corp.*		500		3,725
H&R Block, Inc.		300		14,700
Ionics, Inc.*		4,000		173,360
Nashua Corp.*		5,000		56,800
Republic Services, Inc.		1,000		33,540

				282,125

*Electrical Equipment (2.7%)*
Cooper Industries Ltd., Class A		1,500		101,835
SL Industries, Inc.*		3,000		42,450
Thomas & Betts Corp.*		2,500		76,875

				221,160

*Machinery (3.1%)*
Baldwin Technology Co.*		5,000		15,000
CIRCOR International, Inc.		1,000		23,160
Flowserve Corp.*		1,000		27,540
ITT Industries, Inc.		1,200		101,340
Thomas Industries, Inc.		2,000		79,840

				246,880

Total Industrials				969,960

Information Technology (11.7%)
*Communications Equipment (1.5%)*
Belden CDT, Inc.		3,000		69,600
FalconStor Software, Inc.*		5,000		47,850

				117,450

*Computers & Peripherals (0.0%)*
StorageNetworks, Inc.*†		1,500		—

*Internet Software & Services (1.1%)*
DoubleClick, Inc.*		500		3,890
MarketWatch, Inc.*		4,500		81,000

				84,890

*IT Services (1.2%)*
Titan Corp.*		6,000		97,200

*Semiconductors & Semiconductor Equipment (2.0%)*
DuPont Photomasks, Inc.*		5,000		132,050
Monolithic System Technology, Inc.*		5,000		31,150

				163,200

*Software (5.9%)*
Ascential Software Corp.*		2,100		34,251
Borland Software Corp.*		3,000		35,040
MDSI Mobile Data Solutions*		2,000		12,140
PeopleSoft, Inc.*		15,000		397,200

				478,631

Total Information Technology				941,371

Materials (2.6%)
*Chemicals (1.0%)*
Hercules, Inc.*		2,000		29,700
Sensient Technologies Corp.		2,000		47,980

				77,680

*Containers & Packaging (1.0%)*
Greif, Inc., Class A		1,500		84,000

*Metals & Mining (0.6%)*
Gold Fields Ltd. (ADR)		4,000		49,920

Total Materials				211,600

Telecommunication Services (2.8%)
*Diversified Telecommunication Services (2.0%)*
AT&T Corp.		1,000		19,060
CenturyTel, Inc.		1,000		35,470
Qwest Communications International, Inc.*		10,000		44,400
Sprint Corp.		2,500		62,125

				161,055

*Wireless Telecommunication Services (0.8%)*
Price Communications Corp.*		1,050		19,520
Rogers Wireless Communications, Inc.*		1,000		45,600

				65,120

Total Telecommunication Services.				226,175

Utilities (6.0%)
*Electric Utilities (2.1%)*
Duquesne Light Holdings, Inc.		2,500		47,125
Unisource Energy Corp.		5,000		120,550

				167,675

*Gas Utilities (0.4%)*
Laclede Group, Inc.		300		9,345
SEMCO Energy, Inc.		1,500		8,010
Southwest Gas Corp.		500		12,700

				30,055

*Multi-Utilities & Unregulated Power (3.5%)*
Public Service Enterprise Group, Inc.		5,500		284,735

Total Utilities				482,465

Total Common Stocks (88.3%) (Cost $6,796,005)				7,138,454


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Government Securities (7.4%)
U.S. Treasury Bills, 1.87%, 1/20/05(o)	$	598,000		597,379

Time Deposit (4.6%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		371,091		371,091

Total Short-Term Debt Securities (12.0%) (Amortized Cost $968,470)				968,470

Total Investments (100.3%) (Cost/Amortized Cost $7,764,475)				8,106,924
Other Assets Less Liabilities (-0.3%)				(26,928	)

Net Assets (100%)			$	8,079,996

*	Non-income producing.

†	Securities (totaling $0 or 0.00% of net assets) valued at fair value.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

186

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PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	10,392,650
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		4,976,867

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	425,994
Aggregate gross unrealized depreciation		(83,545	)

Net unrealized appreciation	$	342,449

Federal income tax cost of investments	$	7,764,475

For the year ended December 31, 2004, the Portfolio incurred approximately $7,358 as brokerage commissions with Gabelli & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

187

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EQ/ENTERPRISE MULTI-CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (13.8%)
*Hotels, Restaurants & Leisure (4.4%)*
Marriott International, Inc., Class A		10,600	$	667,588
McDonald’s Corp.		67,100		2,151,226

				2,818,814

*Media (3.5%)*
Omnicom Group, Inc.		17,600		1,484,032
Walt Disney Co.		27,000		750,600

				2,234,632

*Multiline Retail (3.3%)*
Kohl’s Corp.*		42,600		2,094,642

*Specialty Retail (2.6%)*
Bed Bath & Beyond, Inc.*		40,700		1,621,081

Total Consumer Discretionary				8,769,169

Consumer Staples (16.1%)
*Beverages (3.1%)*
PepsiCo, Inc.		38,300		1,999,260

*Food & Staples Retailing (1.2%)*
Wal-Mart Stores, Inc.		14,000		739,480

*Household Products (7.1%)*
Colgate-Palmolive Co.		27,800		1,422,248
Procter & Gamble Co.		55,700		3,067,956

				4,490,204

*Personal Products (4.7%)*
Gillette Co.		66,500		2,977,870

Total Consumer Staples				10,206,814

Energy (8.2%)
*Energy Equipment & Services (4.3%)*
Schlumberger Ltd		40,700		2,724,865

*Oil & Gas (3.9%)*
ConocoPhillips		28,600		2,483,338

Total Energy				5,208,203

Financials (8.2%)
*Consumer Finance (2.3%)*
American Express Co.		25,600		1,443,072

*Diversified Financial Services (2.3%)*
Citigroup, Inc.		30,100		1,450,218

*Insurance (3.6%)*
American International Group, Inc.		35,200		2,311,584

Total Financials				5,204,874

Health Care (23.5%)
*Biotechnology (6.7%)*
Amgen, Inc.*		30,700		1,969,405
Genentech, Inc.*		42,500		2,313,700

				4,283,105

*Health Care Equipment & Supplies (6.4%)*
Boston Scientific Corp.*		60,000		2,133,000
Medtronic, Inc.		38,500		1,912,295

				4,045,295

*Health Care Providers & Services (1.1%)*
Caremark Rx, Inc.*		17,700		697,911

*Pharmaceuticals (9.3%)*
Eli Lilly & Co.		39,000		2,213,250
Johnson & Johnson		42,000		2,663,640
Pfizer, Inc.		38,100		1,024,509

				5,901,399

Total Health Care				14,927,710

Industrials (15.2%)
*Air Freight & Logistics (3.8%)*
United Parcel Service, Inc./Georgia, Class B		27,800		2,375,788

*Industrial Conglomerates (6.2%)*
3M Co		19,100		1,567,537
General Electric Co.		64,900		2,368,850

				3,936,387

*Machinery (5.2%)*
Caterpillar, Inc.		20,400		1,989,204
Illinois Tool Works, Inc.		14,300		1,325,324

				3,314,528

Total Industrials				9,626,703

Information Technology (12.5%)
*Communications Equipment (3.7%)*
Juniper Networks, Inc.*		25,000		679,750
QUALCOMM, Inc.		39,800		1,687,520

				2,367,270

*IT Services (2.1%)*
Paychex, Inc.		38,900		1,325,712

*Semiconductors & Semiconductor Equipment (2.4%)*
Maxim Integrated Products, Inc.		35,800		1,517,562

*Software (4.3%)*
Electronic Arts, Inc.*		10,000		616,800
Oracle Corp.*		154,200		2,115,624

				2,732,424

Total Information Technology				7,942,968

Total Common Stocks (97.5%) (Cost $60,396,987)				61,886,441


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Time Deposit (2.5%)
JPMorgan Chase Nassau, 1.74%, 1/3/05 (Amortized Cost $1,566,015)	$	1,566,015		1,566,015

Total Investments (100.0%) (Cost/Amortized Cost $ 61,963,002)				63,452,456
Other Assets Less Liabilities (0.0%)				15,655

Net Assets (100%)			$	63,468,111

*	Non-income producing.

188

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EQ/ENTERPRISE MULTI-CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	162,686,710
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		172,134,510

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	1,630,626
Aggregate gross unrealized depreciation		(239,632	)

Net unrealized appreciation	$	1,390,994

Federal income tax cost of investments	$	62,061,462

For the year ended December 31, 2004, the Portfolio incurred approximately $139,448 as brokerage commissions with Fred Alger & Co., Inc. and $944 with Bernstein (Sanford C.), affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $81,370,502 of which $9,914,484 expires in the year 2008, $46,169,866 expires in the year 2009, and $25,286,152 expires in the year 2010.

The Portfolio utilized net capital loss carryforward of $13,079,029 during 2004.

See Notes to Financial Statements.

189

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EQ/ENTERPRISE SHORT DURATION BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (38.7%)
*Asset-Backed Securities (25.7%)*
Ameriquest Mortgage Securities, Inc.,
Series 03-6 M1 3.178%, 5/25/33 (l)	$	400,000	$	402,876
Amresco Residential Securities Mortgage Loan Trust,
Series 98-2 M1F 6.745%, 6/25/28		122,883		123,921
Asset Backed Funding Certificates,
Series 01-1 M1 6.863%, 5/20/32		375,000		379,731
Atherton Franchisee Loan Funding,
Series 98-A A2 6.720%, 5/15/20§		180,837		183,243
Capital One Multi-Asset Execution Trust,
Series 03-C1 C1 4.953%, 3/15/11 (l)		250,000		265,907
Centex Home Equity,
Series 04-D MV3 3.418%, 12/25/49 (l)		250,000		251,310
Circuit City Credit Card Master Trust,
Series 03-2 CTFS 6.403%, 4/15/11 (l)§		400,000		413,487
Citibank Credit Card Issuance Trust,
Series 02-C3 C3 3.630%, 12/15/09 (l)		250,000		255,734
DVI Receivables Corp.,
Series 03-1 D1 4.340%, 3/12/11†(l)		160,268		—
GE Business Loan Trust,
Series 03-2A C 4.053%, 11/15/31 (l)§		95,492		100,082
Hedged Mutual Fund Fee Trust,
Series 03-1A 1 5.270%, 11/30/10 (l)§		155,608		156,075
Series 03-2 1 5.168%, 3/2/11 (l)§		178,042		178,380
Lehman ABS Manufactured Housing Contract,
Series 02-A A 2.853%, 8/15/16 (l)		140,378		140,170
Morgan Stanley ABS Capital I,
Series 04-HE4 M3 3.918%, 5/25/34 (l)		200,000		200,003
World Financial Network Credit Card Master Trust,
Series 04-B C 3.053%, 7/15/10 (l)		400,000		400,537

				3,451,456

*Non-Agency CMO (13.0%)*
Bank of America Mortgage Securities,
Series 03-I 1A1 3.310%, 10/25/33 (l)		377,268		379,839
Series 04-A 1A1 3.472%, 2/25/34 (l)		284,272		282,476
Bayview Commercial Asset Trust,
Series 03-1 B 6.878%, 8/25/33 (l)§		189,816		189,974
Permanent Financing plc,
Series 6 2B 2.600%, 6/10/42 (l)		400,000		400,000
Series 6 2C 2.910%, 6/10/42 (l)		500,000		500,000

				1,752,289

Total Asset-Backed and Mortgage-Backed Securities				5,203,745

Consumer Discretionary (12.6%)
*Auto Components (2.0%)*
BorgWarner, Inc.
7.000%, 11/1/06		250,000		264,534

*Automobiles (5.9%)*
DaimlerChrysler NA Holdings Corp.
2.960%, 5/24/06 (l)		200,000		200,983
Ford Motor Credit Co.
7.500%, 3/15/05		200,000		201,708
3.379%, 9/28/07 (l)		400,000		397,102

				799,793

*Household Durables (3.0%)*
Lennar Corp.
2.839%, 8/20/07 (l)§		400,000		400,121

*Media (1.7%)*
Walt Disney Co.
6.750%, 3/30/06		225,000		234,431

Total Consumer Discretionary				1,698,879

Consumer Staples (1.9%)
*Beverages (1.9%)*
PepsiCo, Inc.
3.200%, 5/15/07		250,000		248,793

Total Consumer Staples				248,793

Financials (12.1%)
*Commercial Banks (4.8%)*
RBS Capital Trust IV
3.350%, 9/29/49 (l)		400,000		401,995
Wells Fargo & Co.
3.120%, 8/15/08		250,000		243,286

				645,281

*Consumer Finance (3.6%)*
General Motors Acceptance Corp.
6.750%, 1/15/06		225,000		230,823
John Deere Capital Corp.
3.625%, 5/25/07		250,000		249,991

				480,814

*Diversified Financial Services (3.7%)*
CIT Group, Inc.
6.625%, 6/15/05		200,000		203,403
2.740%, 9/20/07 (l)		300,000		300,038

				503,441

Total Financials				1,629,536

Government Securities (13.4%)
*U.S. Government Agencies (13.4%)*
Federal National Mortgage Association
2.750%, 8/11/06		500,000		496,763
4.598%, 5/1/33 (l)		593,798		596,811
3.718%, 6/1/34 (l)		233,055		232,010
4.274%, 7/1/34 (l)		472,715		474,803

Total Government Securities				1,800,387

Health Care (2.9%)
*Pharmaceuticals (2.9%)*
Pfizer, Inc.
2.500%, 3/15/07		400,000		391,818

Total Health Care				391,818

Utilities (8.5%)
*Electric Utilities (5.5%)*
Northern States Power Co.
2.875%, 8/1/06		250,000		247,962

190

EQ ADVISORS TRUST

EQ/ENTERPRISE SHORT DURATION BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Principal Amount		Value (Note 1)
Pacific Gas & Electric Co.
3.260%, 4/3/06 (l)	$	499,000	$	499,410

				747,372

*Gas Utilities (3.0%)*
Sempra Energy
2.809%, 5/21/08 (l)		400,000		398,619

Total Utilities				1,145,991

Total Long-Term Debt Securities (90.1%) (Cost $12,284,385)				12,119,149

SHORT-TERM DEBT SECURITIES:
Government Securities (6.5%)
Federal National Mortgage Association
2.34%, 1/12/05 (o)		375,000		374,707
2.26%, 3/15/05 (o)		500,000		497,692

Total Government Securities				872,399

Time Deposit (1.8%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		240,123		240,123

Total Short-Term Debt Securities (8.3%) (Amortized Cost $1,112,522)				1,112,522

Total Investments (98.4%) (Cost/Amortized Cost $13,396,907)				13,231,671
Other Assets Less Liabilities (1.6%)				210,469

Net Assets (100%)			$	13,442,140

†	Securities (totaling $0 or 0.00% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2004, the market value of these securities amounted to $1,621,362 or 12.06% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any security might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2004.

Glossary:

CMO — Collateralized Mortgage Obligation

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	7,694,984
U.S. Government securities		—
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		2,724,559
U.S. Government securities		499,688

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	57,616
Aggregate gross unrealized depreciation		(222,852	)

Net unrealized depreciation	$	(165,236	)

Federal income tax cost of investments	$	13,396,907

The Portfolio utilized net capital loss carryforward of $4,122 during 2004.

See Notes to Financial Statements.

191

EQ ADVISORS TRUST

EQ/ENTERPRISE SMALL COMPANY GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (16.7%)
*Distributors (1.9%)*
WESCO International, Inc.*	60,400	$	1,790,256

*Hotels, Restaurants & Leisure (5.3%)*
Ameristar Casinos, Inc.	37,800		1,629,558
Jack in the Box, Inc.*	42,700		1,574,349
Pinnacle Entertainment, Inc.*	90,700		1,794,046

			4,997,953

*Household Durables (1.9%)*
Blount International, Inc.*	101,200		1,762,904

*Specialty Retail (7.6%)*
Building Material Holding Corp.	44,900		1,719,221
Electronics Boutique Holdings Corp.*	42,800		1,837,832
Genesco, Inc.*	56,300		1,753,182
Steiner Leisure Ltd.*	61,700		1,843,596

			7,153,831

Total Consumer Discretionary			15,704,944

Consumer Staples (4.2%)
*Food Products (2.2%)*
Seaboard Corp.	2,100		2,095,800

*Personal Products (2.0%)*
Nature’s Sunshine Products, Inc.	90,300		1,838,508

Total Consumer Staples			3,934,308

Energy (4.2%)
*Energy Equipment & Services (1.8%)*
NS Group, Inc.*	63,000		1,751,400

*Oil & Gas (2.4%)*
Enterra Energy Trust (b)	28,200		533,262
Giant Industries, Inc.*	63,900		1,693,989

			2,227,251

Total Energy			3,978,651

Financials (11.2%)
*Commercial Banks (2.1%)*
Bancolombia S.A. (ADR)	140,200		1,979,624

*Consumer Finance (1.9%)*
Metris Cos., Inc.*	143,000		1,823,250

*Insurance (5.3%)*
American Physicians Capital, Inc.*	45,700		1,646,114
PMA Capital Corp., Class A*	160,900		1,665,315
UICI	49,000		1,661,100

			4,972,529

*Real Estate (1.9%)*
Bluegreen Corp.*	90,000		1,784,700

Total Financials			10,560,103

Health Care (14.8%)
*Health Care Providers & Services (14.8%)*
Alliance Imaging, Inc.*	164,000		1,845,000
American Retirement Corp.*	186,400		2,197,656
Centene Corp.*	56,000		1,587,600
Medcath Corp.*	70,700		1,742,048
Molina Healthcare, Inc.*	34,900		1,618,662
Option Care, Inc.	89,600		1,540,224
Psychiatric Solutions, Inc.*	49,600		1,813,376
Sierra Health Services, Inc.*	28,300		1,559,613

Total Health Care			13,904,179

Industrials (22.6%)
*Aerospace & Defense (3.5%)*
Hexcel Corp.*	110,600		1,603,700
United Industrial Corp.	43,600		1,689,064

			3,292,764

*Air Freight & Logistics (4.0%)*
Hub Group, Inc., Class A*	37,700		1,968,694
Park-Ohio Holdings Corp.*	68,400		1,771,560

			3,740,254

*Airlines (1.9%)*
Lan Airlines S.A. (ADR)	54,800		1,764,560

*Building Products (2.1%)*
USG Corp.*	47,600		1,916,852

*Machinery (5.6%)*
EnPro Industries, Inc.*	57,500		1,700,275
Greenbrier Cos., Inc.	50,100		1,695,885
Titan International, Inc.	124,100		1,873,910

			5,270,070

*Marine (1.9%)*
Stolt-Nielsen S.A. (ADR)*	61,600		1,758,064

*Road & Rail (2.0%)*
U.S. Xpress Enterprises, Inc., Class A*	65,100		1,907,430

*Trading Companies & Distributors (1.6%)*
Applied Industrial Technologies, Inc.	56,100		1,537,140

Total Industrials			21,187,134

Information Technology (1.0%)
*Internet Software & Services (1.0%)*
Kintera, Inc.*(b)	99,200		893,792

Total Information Technology			893,792

Materials (17.9%)
*Chemicals (3.5%)*
NL Industries, Inc.*	76,000		1,679,600
W.R. Grace & Co.*	121,600		1,654,976

			3,334,576

*Construction Materials (1.9%)*
Texas Industries, Inc.	28,000		1,746,640

*Metals & Mining (12.5%)*
AK Steel Holding Corp.*	127,800		1,849,266
Carpenter Technology Corp.	28,600		1,671,956
Cleveland-Cliffs, Inc.	17,100		1,776,006
IPSCO, Inc	44,200		2,112,760
Novamerican Steel, Inc.*	45,800		2,571,670
Wheeling-Pittsburgh Corp.*	46,700		1,799,818

			11,781,476

Total Materials			16,862,692

Telecommunication Services (3.6%)
*Diversified Telecommunication Services (1.8%)*
Alaska Communications Systems Group, Inc.	194,600		1,679,398

*Wireless Telecommunication Services (1.8%)*
USA Mobility, Inc.*	48,200		1,701,942

Total Telecommunication Services			3,381,340

Total Common Stocks (96.2%) (Cost $87,414,886)			90,407,143

192

EQ ADVISORS TRUST

EQ/ENTERPRISE SMALL COMPANY GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Principal Amount		Value (Note 1)
SHORT-TERM DEBT SECURITIES:
Time Deposit (3.3%)
JPMorgan Chase Nassau, 1.74%, 1/3/05 (Amortized Cost $3,064,331)	$	3,064,331	$	3,064,331

Total Investments (99.5%) (Cost/Amortized Cost $90,479,217)				93,471,474
Other Assets Less Liabilities (0.5%)				492,200

Net Assets (100%)			$	93,963,674

*	Non-income producing.

(b)

Illiquid security.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	158,693,203
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		157,453,403

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	3,691,680
Aggregate gross unrealized depreciation		(900,461	)

Net unrealized appreciation	$	2,791,219

Federal income tax cost of investments	$	90,680,255

The Portfolio has a net capital loss carryforward of $200,911 which expires in the year 2011.

The Portfolio utilized net capital loss carryforward of $17,844,130 during 2004.

See Notes to Financial Statements.

193

EQ ADVISORS TRUST

EQ/ENTERPRISE SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (32.9%)
*Auto Components (5.4%)*
BorgWarner, Inc.	128,000	$	6,933,760
Federal-Mogul Corp.*	60,000		21,600
Midas, Inc.*	220,000		4,400,000
Modine Manufacturing Co.	191,500		6,466,955
Raytech Corp.*	59,100		108,744
Standard Motor Products, Inc.	225,000		3,555,000
Strattec Strategy Corp.*	23,000		1,440,260
Tenneco Automotive, Inc.*	110,000		1,896,400
Transpro, Inc.*	105,000		640,500

			25,463,219

*Automobiles (0.6%)*
Fleetwood Enterprises, Inc.*	112,000		1,507,520
Monaco Coach Corp.	50,000		1,028,500
Thor Industries, Inc.	4,000		148,200

			2,684,220

*Hotels, Restaurants & Leisure (5.7%)*
Aztar Corp.*	180,000		6,285,600
Churchill Downs, Inc.	67,000		2,994,900
Dover Downs Gaming & Entertainment, Inc.	72,369		948,034
Dover Motorsports, Inc.	120,000		687,600
Gaylord Entertainment Co.*	215,000		8,928,950
Kerzner International Ltd.*	35,000		2,101,750
La Quinta Corp.*	130,000		1,181,700
Magna Entertainment Corp., Class A*	110,000		662,200
Marcus Corp.	2,000		50,280
Six Flags, Inc.*	100,000		537,000
Steak n Shake Co.*	50,000		1,004,000
Triarc Cos., Inc., Class A	40,000		520,000
Triarc Cos., Inc., Class B	70,000		858,200
Wyndham International, Inc., Class A*	35,000		41,650

			26,801,864

*Household Durables (1.9%)*
Cavalier Homes, Inc.*	101,500		597,835
Cavco Industries, Inc.*	46,000		2,067,700
Champion Enterprises, Inc.*	200,000		2,364,000
Fedders Corp.	670,000		2,425,400
National Presto Industries, Inc.,	10,400		473,200
Skyline Corp.	25,000		1,020,000
Southern Energy Homes, Inc.*	20,000		93,000

			9,041,135

*Media (15.6%)*
Acme Communications, Inc.*	51,000		357,510
Beasley Broadcasting Group, Inc., Class A*	87,500		1,533,875
Belo Corp., Class A	105,000		2,755,200
Cablevision Systems New York Group, Class A*	185,000		4,606,500
Cumulus Media, Inc., Class A*	8,005		120,715
E.W. Scripps Co., Class A	40,000		1,931,200
Fisher Communications, Inc.*	60,000		2,932,800
Gemstar-TV Guide International, Inc.*	200,000		1,184,000
Gray Television, Inc.	250,000		3,875,000
Interactive Data Corp.*	140,000		3,043,600
Interep National Radio Sales, Inc., Class A*	48,000		36,000
Journal Register Co.*	41,000		792,530
Lakes Entertainment, Inc.*	120,000		1,954,800
Lee Enterprises, Inc .	58,000		2,672,640
Liberty Corp .	142,000		6,242,320
Liberty Media Corp., Class A*	150,000		1,647,000
Lin TV Corp., Class A*	90,000		1,719,000
McClatchy Co., Class A	96,000		6,893,760
MDC Partners, Inc., Class A*	20,000		215,800
Media General, Inc., Class A	134,000		8,684,540
Meredith Corp .	55,000		2,981,000
Nelson (Thomas), Inc.	57,000		1,288,200
Nexstar Broadcasting Group, Inc., Class A*	50,000		461,000
Paxson Communications Corp.*	310,000		427,800
Penton Media, Inc.*	100,000		9,000
Primedia, Inc.*	400,000		1,520,000
Pulitzer, Inc .	92,000		5,966,200
Rogers Communications, Inc., Class B	25,000		653,750
Salem Communications Corp., Class A*	115,000		2,869,250
Sinclair Broadcast Group, Inc., Class A	160,000		1,473,600
UnitedGlobalCom, Inc., Class A*	179,648		1,735,400
Young Broadcasting, Inc., Class A*	100,000		1,056,000

			73,639,990

*Multiline Retail (2.0%)*
Neiman-Marcus Group, Inc., Class B	140,000		9,352,000

*Specialty Retail (1.0%)*
Big 5 Sporting Goods Corp.	15,000		437,100
Bowlin Travel Centers, Inc.*	70,000		136,500
Burlington Coat Factory Warehouse Corp.	90,000		2,043,000
Earl Scheib, Inc.*‡	250,000		790,000
Gander Mountain Co.*	6,000		76,980
Pep Boys Manny, Moe & Jack	30,000		512,100
United Auto Group, Inc.	20,000		591,800

			4,587,480

*Textiles, Apparel & Luxury Goods (0.7%)*
Hartmarx Corp.*	230,000		1,787,100
Levcor International, Inc.*	50,000		102,500
Movado Group, Inc.	20,000		373,000
Wolverine World Wide, Inc.	34,000		1,068,280

			3,330,880

Total Consumer Discretionary			154,900,788

Consumer Staples (7.8%)
*Beverages (0.2%)*
Boston Beer Co., Inc., Class A*	34,000		723,180

*Food & Staples Retailing (1.0%)*
Ingles Markets, Inc.,Class A	145,000		1,796,550
Topps Co., Inc.	196,900		1,919,775
Weis Markets, Inc.	29,000		1,118,530

			4,834,855

*Food Products (3.9%)*
Corn Products International, Inc.	60,000		3,213,600
Del Monte Foods Co.*	40,000		440,800
Flowers Foods, Inc.	164,000		5,179,120
Griffin Land & Nurseries, Inc.*	112,000		2,884,000
Hain Celestial Group, Inc.*	12,000		248,040
J & J Snack Foods Corp.	2,000		98,060
John B. Sanfilippo & Son, Inc.*	1,000		25,780
Ralcorp Holdings, Inc.	65,000		2,725,450
Tootsie Roll Industries, Inc.	105,000		3,636,150

			18,451,000

*Household Products (2.2%)*
Church & Dwight Co., Inc.	75,000		2,521,500
Energizer Holdings, Inc.*	40,000		1,987,600
Katy Industries, Inc.*	180,000		932,400
Oil-Dri Corp. of America‡	240,000		4,370,400

194

EQ ADVISORS TRUST

EQ/ENTERPRISE SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
WD-40 Co.	15,000	$	426,150

			10,238,050

*Personal Products (0.5%)*
Del Laboratories, Inc.*	2,000		69,500
Elizabeth Arden, Inc.*	17,000		403,580
Revlon, Inc., Class A*	180,005		414,011
Weider Nutrition International, Inc.*	350,000		1,522,500

			2,409,591

Total Consumer Staples			36,656,676

Energy (0.2%)
*Energy Equipment & Services (0.2%)*
RPC, Inc.	30,000		753,600
W-H Energy Services, Inc.*	5,000		111,800

Total Energy			865,400

Financials (4.5%)
*Capital Markets (0.7%)*
BKF Capital Group, Inc.	44,000		1,667,600
Noel Group Liquidating Trust Units*†	135,000		—
SWS Group, Inc.	75,000		1,644,000

			3,311,600

*Commercial Banks (0.7%)*
Sterling Bancorp/New York	120,000		3,390,000

*Diversified Financial Services (1.1%)*
GATX Corp.	180,000		5,320,800
National Patent Development Corp.*	10,000		23,000

			5,343,800

*Insurance (1.8%)*
Argonaut Group, Inc.*	115,000		2,429,950
CNA Surety Corp.*	50,000		667,500
Danielson Holdings Corp.*	133,649		1,129,334
Midland Co	140,000		4,377,800

			8,604,584

*Real Estate (0.2%)*
Harbor Global Co., Ltd	70,000		651,000

Total Financials			21,300,984

Health Care (4.1%)
*Biotechnology (0.2%)*
Invitrogen Corp.*	15,000		1,006,950

*Health Care Equipment & Supplies (2.7%)*
Conmed Corp.*	12,000		341,040
Edwards Lifesciences Corp.*	30,000		1,237,800
Exactech, Inc.*	34,000		621,860
ICU Medical, Inc.*	25,000		683,500
Inamed Corp.*	19,000		1,201,750
Inverness Medical Innovations, Inc.*	33,000		828,300
Kensey Nash Corp.*	6,500		224,445
Matthews International Corp., Class A	10,000		368,000
Orthofix International N.V.*	10,000		394,790
Regeneration Technologies, Inc.*	35,000		366,800
Schick Technologies, Inc.*	3,400		53,550
Sola International, Inc.*	35,000		963,900
Sybron Dental Specialties, Inc.*	100,000		3,538,000
Thermo Electron Corp.*	40,000		1,207,600
Thoratec Corp.*	10,000		104,200
Young Innovations, Inc.	4,000		134,920

			12,270,455

*Health Care Providers & Services (1.2%)*
Chemed Corp.	72,000		4,831,920
Owens & Minor, Inc.	20,000		563,400
VitalWorks, Inc.*	110,000		489,500

			5,884,820

*Pharmaceuticals (0.0%)*
TL Administration Corp.*	85,000		595

Total Health Care			19,162,820

Industrials (27.8%)
*Aerospace & Defense (6.4%)*
AAR Corp.*	72,900		992,898
Aviall, Inc.*	95,000		2,182,150
Curtiss-Wright Corp., Class B	26,000		1,462,760
Empresa Brasileira de Aeronautica S.A. (ADR)	4,000		133,760
Fairchild Corp., Class A*	400,000		1,476,000
GenCorp, Inc.	255,000		4,735,350
Kaman Corp., Class A	200,000		2,530,000
Lockheed Martin Corp.	6,000		333,300
Moog, Inc., Class A*	50,000		2,267,500
Precision Castparts Corp.	110,000		7,224,800
Sequa Corp., Class A*	69,000		4,219,350
Sequa Corp., Class B*	43,000		2,623,000

			30,180,868

*Air Freight & Logistics (1.1%)*
Park-Ohio Holdings Corp.*	198,000		5,128,200

*Building Products (0.0%)*
Griffon Corp.*	1,000		27,000

*Commercial Services & Supplies (2.9%)*
Allied Waste Industries, Inc.*	150,000		1,392,000
Concorde Career Colleges, Inc.*	5,000		101,500
GP Strategies Corp.*	24,100		179,545
Nashua Corp.*	91,000		1,033,760
Republic Services, Inc.	95,000		3,186,300
Rollins, Inc.	300,000		7,896,000
School Specialty, Inc.*	2,000		77,120

			13,866,225

*Construction & Engineering (0.1%)*
Xanser Corp.*	170,000		476,000

*Electrical Equipment (5.1%)*
A.O. Smith Corp.	16,000		479,040
A.O. Smith Corp., Class A	12,000		360,000
Acuity Brands, Inc.	50,000		1,590,000
Ametek, Inc.	165,000		5,885,550
Baldor Electric Co.	82,000		2,257,460
C&D Technology, Inc.	15,000		255,600
Franklin Electric Co., Inc.	74,000		3,127,240
Lamson & Sessions Co.*	140,000		1,274,000
MagneTek, Inc.*	70,000		483,000
Roper Industries, Inc	20,000		1,215,400
SL Industries, Inc.*	5,000		70,750
Thomas & Betts Corp.*	220,000		6,765,000

			23,763,040

*Industrial Conglomerates (0.8%)*
Alleghany Corp.*	7,000		1,996,750
Standex International Corp.	55,000		1,566,950
Tredegar Corp.	10,000		202,100

			3,765,800

*Machinery (11.2%)*
Ampco-Pittsburgh Corp.	130,000		1,898,000
Baldwin Technology Co.*	239,500		718,500
Barnes Group, Inc.	36,000		954,360
CIRCOR International, Inc.	70,000		1,621,200
Clarcor, Inc.	195,000		10,680,150
CNH Global N.V.	10,000		193,700
Crane Co.	100,000		2,884,000

195

EQ ADVISORS TRUST

EQ/ENTERPRISE SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
CUNO, Inc.*	62,000	$	3,682,800
Donaldson Co., Inc.	40,000		1,303,200
Flowserve Corp.*	75,000		2,065,500
Gorman-Rupp Co.	25,625		589,375
Graco, Inc.	130,000		4,855,500
Idex Corp.	100,000		4,050,000
Navistar International Corp.*	35,000		1,539,300
Oshkosh Truck Corp.	6,000		410,280
Robbins & Myers, Inc.	30,000		714,900
Tennant Co.	36,000		1,427,400
Thomas Industries, Inc.	220,000		8,782,400
Watts Water Technologies, Inc., Class A	130,000		4,191,200

			52,561,765

*Trading Companies & Distributors (0.2%)*
Hughes Supply, Inc.	2,000		64,700
Huttig Building Products, Inc.*	45,444		474,890
Industrial Distribution Group, Inc.*	70,000		581,000

			1,120,590

Total Industrials			130,889,488

Information Technology (2.5%)
*Communications Equipment (0.7%)*
Andrew Corp.*	37,000		504,310
Belden CDT, Inc.	77,000		1,786,400
Communications Systems, Inc.	78,500		942,785
FalconStor Software, Inc.*	11,000		105,270
Plantronics, Inc.	5,000		207,350

			3,546,115

*Electronic Equipment & Instruments (1.2%)*
CTS Corp.	135,000		1,794,150
Gerber Scientific, Inc.*	32,700		248,847
Park Electrochemical Corp.	38,000		823,840
Paxar Corp.*	130,000		2,882,100

			5,748,937

*Internet Software & Services (0.1%)*
MarketWatch, Inc.*	30,000		540,000

*IT Services (0.3%)*
EdgewaterTechnology, Inc.*	220,000		1,078,000
Titan Corp.*	10,000		162,000
Tyler Technologies, Inc.*	25,000		209,000

			1,449,000

*Semiconductors & Semiconductor Equipment (0.1%)*
Monolithic System Technology, Inc.*	50,000		311,500

*Software (0.1%)*
Ascential Software Corp.*	10,000		163,100
Borland Software Corp.*	10,000		116,800
OpenTV Corp., Class A*	19,000		72,960

			352,860

Total Information Technology			11,948,412

Materials (6.2%)
*Chemicals (3.9%)*
Core Molding Technologies, Inc.*	170,000		467,500
Cytec Industries, Inc.	5,000		257,100
Ferro Corp.	110,000		2,550,900
Great Lakes Chemical Corp.	125,000		3,561,250
Hercules, Inc.*	130,000		1,930,500
MacDermid, Inc.	15,000		541,500
Material Sciences Corp.*	195,000		3,508,050
NewMarket Corp.*	18,000		358,200
Omnova Solutions, Inc.*	250,000		1,405,000
Scotts Co., Class A*	3,000		220,560
Sensient Technologies Corp.	140,000		3,358,600

			18,159,160

*Containers & Packaging (1.7%)*
Greif, Inc., Class A.	95,000		5,320,000
Myers Industries, Inc.	200,000		2,560,000

			7,880,000

*Metals & Mining (0.5%)*
Barrick Gold Corp.	35,000		847,700
GrafTech International Ltd.*	160,000		1,513,600
Kinross Gold Corp.*	28,167		198,296

			2,559,596

*Paper & Forest Products (0.1%)*
Schweitzer-Mauduit International, Inc.	20,000		679,000

Total Materials			29,277,756

Telecommunication Services (4.4%)
*Diversified Telecommunication Services (1.2%)*
ATX Communications, Inc.*	30,000		1,200
Cincinnati Bell, Inc.*	350,000		1,452,500
Commonwealth Telephone Enterprises, Inc.*	73,378		3,643,951
D&E Communications, Inc.	49,000		590,450

			5,688,101

*Wireless Telecommunication Services (3.2%)*
Centennial Communications Corp.*	55,000		436,150
Nextel Partners, Inc., Class A*	40,000		781,600
Price Communications Corp.*	168,000		3,123,120
Rogers Wireless Communications, Inc.*	82,600		3,766,560
Rural Cellular Corp., Class A*	55,000		342,595
United States Cellular Corp.*	24,000		1,074,240
Vimpel-Communications (ADR)*	80,000		2,891,200
Western Wireless Corp., Class A*	90,000		2,637,000

			15,052,465

Total Telecommunication Services			20,740,566

Utilities (2.7%)
*Electric Utilities (2.1%)*
Allegheny Energy, Inc.*	30,000		591,300
CH Energy Group, Inc.	46,000		2,210,300
Duquesne Light Holdings, Inc.	105,000		1,979,250
El Paso Electric Co.*	149,000		2,822,060
Westar Energy, Inc.	100,000		2,287,000

			9,889,910

*Gas Utilities (0.1%)*
AGL Resources, Inc.	10,000		332,400
SEMCO Energy, Inc.	50,000		267,000

			599,400

*Multi-Utilities & Unregulated Power (0.5%)*
AES Corp.*	25,000		341,750
Aquila, Inc.*	230,000		848,700
Oneok, Inc.	40,000		1,136,800

			2,327,250

Total Utilities			12,816,560

Total Common Stocks (93.1%) (Cost $283,053,052)			438,559,450

196

EQ ADVISORS TRUST

EQ/ENTERPRISE SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Principal Amount		Value (Note 1)
SHORT-TERM DEBT SECURITIES:
Time Deposit (7.1%)
JPMorgan Chase Nassau, 1.74%, 1/3/05 (Amortized Cost $33,157,642)	$	33,157,642	$	33,157,642

Total Investments (100.2%) (Cost/Amortized Cost $316,210,694)				471,717,092
Other Assets Less Liabilities (-0.2%)				(847,948	)

Net Assets (100%)			$	470,869,144

*	Non-income producing.

†	Securities (totaling $0 or 0.00% of net assets) valued at fair valued.

‡	Affiliated company as defined under the Investment Company Act of 1940.

Glossary:

ADR — American Depositary Receipt

Investments in companies which were affiliates for the year ended December 31, 2004, were as follows:


Securities	Market Value December 31, 2003		Purchases at Cost		Sales at Cost		Market Value December 31, 2004		Dividend Income		Realized Gain
Earl Scheib, Inc.	$	588,000	$	33,600	$	—	$	790,000	$	—	$	—
Oil-Dri Corp. of America		3,995,001		40,125		187,771		4,370,400		97,625		40,420

	$	4,583,001					$	5,160,400	$	97,625	$	40,420

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	38,308,552
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		62,642,764

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	169,128,956
Aggregate gross unrealized depreciation		(17,288,502	)

Net unrealized appreciation	$	151,840,454

Federal income tax cost of investments	$	319,876,638

For the year ended December 31, 2004, the Portfolio incurred approximately $165,020 as brokerage commissions with Gabelli & Co., Inc., an affiliated broker/dealer.

The Portfolio utilized net capital loss carryforward of $106,218 during 2004.

See Notes to Financial Statements.

197

EQ ADVISORS TRUST

EQ/ENTERPRISE TOTAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (4.8%)
*Asset-Backed Securities (1.5%)*
Amortizing Residential Collateral Trust,
Series 02-BC4 A 2.708%, 7/25/32 (l)	$	10,260	$	10,245
Bank One Issuance Trust,
Series 02-A2 A2 4.160%, 1/15/08		50,000		50,270
Carrington Mortgage Loan Trust,
Series 04-NC1 A2A 2.528%, 5/25/34		238,299		238,262
Centex Home Equity,
Series 04-A AV2 2.698%, 1/25/34 (l)		69,587		69,609
Countrywide Asset-Backed Certificates,
Series 04-3 3A1 2.508%, 6/25/22 (l)		207,612		207,580
Credit Suisse First Boston Mortgage Securities Corp.,
Series 02-9 2X 2.478%, 3/25/32§†		28,180		28,259
Series 02-P3 A 2.213%, 8/25/33 (l)§†		115,661		114,781
MASTR Asset Backed Securities Trust,
Series 04-WMC1 A4 2.518%, 2/25/34 (l)		7,251		7,251
Merrill Lynch Mortgage Investors, Inc.,
Series 02-AFC1 AV1 2.790%, 4/25/31 (l)		4,503		4,535
Morgan Stanley ABS Capital I,
Series 03-HE2 A2 2.758%, 8/25/33 (l)		64,773		64,879
Quest Trust,
Series 04-X2 A1 2.978%, 6/25/34 (l)§		92,530		92,436

				888,107

*Non-Agency CMO (3.3%)*
Bear Stearns Adjustable Rate Mortgage Trust,
Series 02-2 IIIA 6.936%, 6/25/31 (l)		2,118		2,228
Series 02-5 6A 5.938%, 6/25/32 (l)		6,591		6,683
Series 03-8 1A1 4.299%, 1/25/34 (l)		244,586		244,497
Series 03-8 2A1 4.905%, 1/25/34 (l)		60,424		60,301
Series 03-8 4A1 4.771%, 1/25/34 (l)		123,377		122,436
Countrywide Alternative Loan Trust,
Series 03-J1 4A1 6.000%, 10/25/32		16,472		16,514
Countrywide Home Loan Mortgage Pass Through Trust,
Series 02-1 5A1 5.613%, 3/19/32 (l)		29,038		29,433
Series 02-30 M 3.896%, 10/19/32 (l)		65,596		60,378
Series 02-HYB2 6A1 4.973%, 9/19/32 (l)		13,624		13,650
Series 04-7 5A2 2.688%, 5/25/34 (l)		21,498		21,320
Credit-Based Asset Servicing and Securitization,
Series 02-CB1 A2A 2.758%, 8/25/29 (l)		13,556		13,569
Series 02-CB6 2A1 2.918%, 1/25/33 (l)		3,643		3,646
First Horizon Asset Securities, Inc.,
7.000%, 9/25/30		3,754		3,745
Sequoia Mortgage Trust,
Series 10-2A1 2.790%, 10/20/27 (l)		215,890		216,440
Structured Asset Securities Corp.,
Series 02-9 A2 2.718%, 10/25/27 (l)		42,911		42,916
Series 02-HF1 A 2.708%, 1/25/33 (l)		6,367		6,365
Washington Mutual, Inc.,
Series 03-R1 A1 2.688%, 12/25/27 (l)		1,005,232		1,004,142
Series 02-AR10 A6 4.816%, 10/25/32 (l)		13,687		13,710
Series 02-AR2 A 3.181%, 2/27/34 (l)		29,563		29,612
Series 00-3A 3.095%, 12/25/40 (l)		82,315		82,127

				1,993,712

Total Asset-Backed and Mortgage-Backed Securities				2,881,819

Consumer Discretionary (1.3%)
*Auto Components (0.4%)*
Delphi Corp.
6.500%, 8/15/13		200,000		197,782
Dura Operating Corp.
8.625%, 4/15/12		60,000		62,400

				260,182

*Automobiles (0.3%)*
DaimlerChrysler NA Holdings Corp.
2.940%, 9/10/07 (l)		102,000		102,334
6.500%, 11/15/13		60,000		65,077

				167,411

*Hotels, Restaurants & Leisure (0.1%)*
Starwood Hotels & Resorts Worldwide, Inc.
7.875%, 5/1/12		50,000		57,125

*Media (0.5%)*
Continental Cablevision, Inc.
8.300%, 5/15/06		50,000		53,115
Rogers Cablesystems Ltd.
10.000%, 3/15/05		30,000		30,413
Time Warner Cos., Inc.
8.110%, 8/15/06		125,000		134,078
Time Warner, Inc.
6.875%, 5/1/12		100,000		113,886

				331,492

Total Consumer Discretionary				816,210

Consumer Staples (0.5%)
*Food & Staples Retailing (0.3%)*
Delhaize America, Inc.
7.375%, 4/15/06		200,000		209,995

*Food Products (0.2%)*
H.J. Heinz Co.
6.189%, 12/1/05(b)		100,000		102,455

Total Consumer Staples				312,450

Energy (0.7%)
*Oil & Gas (0.7%)*
Amerada Hess Corp.
6.650%, 8/15/11		150,000		164,951
Chesapeake Energy Corp.
8.125%, 4/1/11		4,999		5,411

198

EQ ADVISORS TRUST

EQ/ENTERPRISE TOTAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Principal Amount		Value (Note 1)
El Paso Corp.
7.750%, 1/15/32	$	25,000	$	23,938
El Paso Natural Gas Co.
8.375%, 6/15/32		50,000		55,687
Pemex Project Funding Master Trust
8.000%, 11/15/11		50,000		57,550
8.625%, 2/1/22		25,000		29,088
Ras Laffan Liquefied Natural Gas Co., Ltd.
3.437%, 9/15/09§		48,548		47,672
Vintage Petroleum, Inc.
7.875%, 5/15/11		60,000		63,900

Total Energy				448,197

Financials (3.9%)
*Commercial Banks (1.0%)*
HSBC Bank USA N.A.
4.625%, 4/1/14		40,000		39,225
HSBC Capital Funding LP
10.176%, 12/29/49 (l)§		100,000		154,828
HSBC Holdings plc
5.375%, 12/20/12	EUR	120,000		180,165
Rabobank Capital Funding II
5.260%, 12/31/49 (l)§	$	100,000		101,749
Rabobank Capital Funding Trust III
5.254%, 12/31/49 (l)§		120,000		119,348

				595,315

*Consumer Finance (1.4%)*
General Motors Acceptance Corp.
3.329%, 10/20/05 (l)		590,000		592,175
6.875%, 8/28/12		250,000		255,245

				847,420

*Diversified Financial Services (0.9%)*
CIT Group, Inc.
7.750%, 4/2/12		150,000		177,556
Eircom Funding
8.250%, 8/15/13		60,000		66,300
Principal Life Global Funding I
2.390%, 4/19/06 (l)§		130,000		130,523
Racers,
Series 97-R-8-3 2.590%, 8/15/07 (b)(l)†		200,000		192,959

				567,338

*Insurance (0.6%)*
AIG Sunamerica Institutional Funding II
1.200%, 1/26/05	JPY	13,000,000		126,954
Metropolitan Life Global Funding I
2.449%, 5/22/06 (l)§	$	100,000		99,986
Protective Life US Funding Trust
2.649%, 9/26/05 (l)§†		70,000		70,022
Prudential Financial, Inc.
4.104%, 11/15/06 (e)		83,000		83,909

				380,871

Total Financials				2,390,944

Government Securities (37.8%)
*Agency CMO (1.1%)*
Federal Home Loan Mortgage Corp.
6.000%, 12/15/07		10,191		10,249
6.500%, 3/15/29		16,186		16,441
6.500%, 4/15/29		131,337		136,936
2.753%, 12/15/29 (l)		20,068		20,114
6.500%, 7/25/43		42,883		44,840
Federal National Mortgage Association
3.000%, 8/25/09		100,000		99,649
Small Business Administration Participation Certificates
5.130%, 9/1/23		47,712		48,807
4.340%, 3/1/24		284,834		277,756

				654,792

*Foreign Governments (8.2%)*
Federative Republic of Brazil
3.063%, 4/15/06 (l)		84,000		84,101
11.500%, 3/12/08		204,000		240,139
3.125%, 4/15/09 (l)		69,357		68,545
8.299%, 6/29/09 (l)		250,000		295,912
11.000%, 1/11/12		250,000		303,500
3.125%, 4/15/12 (l)		50,295		47,906
8.000%, 4/15/14		612,772		626,927
Hong Kong Government International Bond
5.125%, 8/1/14§		250,000		257,193
Republic of Italy
3.800%, 3/27/08	JPY	64,000,000		694,194
Republic of Panama
8.250%, 4/22/08	$	30,000		33,300
9.625%, 2/8/11		75,000		88,500
Republic of Peru
9.125%, 1/15/08		250,000		284,375
Republic of South Africa
5.250%, 5/16/13	EUR	50,000		72,040
6.500%, 6/2/14	$	100,000		109,500
Russian Federation
8.750%, 7/24/05		228,000		234,247
8.250%, 3/31/10		550,000		610,115
5.000%, 3/31/30 (e)		573,000		592,711
Ukraine Government International Bond
11.000%, 3/15/07		116,670		125,152
United Mexican States
8.375%, 1/14/11		15,000		17,665
8.300%, 8/15/31		88,000		103,136
6.750%, 9/27/34		100,000		98,750

				4,987,908

*Municipal Bonds (1.6%)*
California State Economic Recovery,
Series A 5.250%, 1/1/10		10,000		11,089
5.250%, 1/1/11		10,000		11,157
5.000%, 7/1/11		10,000		11,103
5.000%, 7/1/12		20,000		22,296
5.250%, 7/1/12		20,000		22,484
5.250%, 7/1/13		40,000		44,977
Fairfax County, Virginia,
Series A 5.250%, 4/1/13		50,000		56,711
Golden State Tobacco Securitization Corp.
6.750%, 6/1/39		40,000		40,124
7.900%, 6/1/42		25,000		27,155
New York City Municipal Water Finance Authority
5.000%, 6/15/35		160,000		162,974
New York State Environmental Facilities Corp.
5.000%, 6/15/32		20,000		20,639
San Antonio/Texas Water,
Series A 5.000%, 5/15/32		150,000		153,045
South Carolina State Public Service Authority,
Series A 5.000%, 1/1/13		110,000		121,978
Tobacco Settlement Authority of Iowa,
Series B 5.600%, 6/1/35		100,000		86,239
Tobacco Settlement Financing Corp./New Jersey
6.375%, 6/1/32		95,000		91,832
6.000%, 6/1/37		70,000		63,886

				947,689

199

EQ ADVISORS TRUST

EQ/ENTERPRISE TOTAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Principal Amount		Value (Note 1)
*Supranational (0.3%)*
Export-Import Bank of China
5.250%, 7/29/14§	$	150,000	$	153,081

*U.S. Government Agencies (15.3%)*
Federal Home Loan Mortgage Corp.
4.240%, 11/1/23 (l)		68,759		71,641
Federal National Mortgage Association
5.000%, 1/1/17		85,551		86,963
5.000%, 2/1/18		448,072		455,465
5.000%, 8/1/18		437,859		445,084
5.000%, 9/1/18		230,218		234,017
5.156%, 4/1/33 (l)		27,820		28,420
5.500%, 7/1/34		491,175		498,921
5.000%, 10/1/34		998,753		991,887
5.000%, 1/25/20 TBA		1,550,000		1,574,219
5.500%, 1/25/35 TBA		3,700,000		3,755,500
Government National Mortgage Association
6.000%, 8/15/32		276,821		287,101
6.000%, 2/15/33		445,253		461,788
6.000%, 10/15/33		44,175		45,815
6.000%, 1/15/34		188,974		195,992
Small Business Administration
4.504%, 2/1/14		147,035		145,901

				9,278,714

*U.S. Treasuries (11.3%)*
U.S. Treasury Notes
4.875%, 2/15/12		1,800,000		1,902,515
Inflation Indexed
3.375%, 1/15/07		602,350		637,950
3.625%, 1/15/08		118,144		128,689
0.875%, 4/15/10		1,410,514		1,396,794
3.500%, 1/15/11		246,749		280,234
3.375%, 1/15/12		193,486		220,241
3.000%, 7/15/12		1,167,716		1,303,052
1.875%, 7/15/13		935,298		962,115

				6,831,590

Total Government Securities				22,853,774

Industrials (0.6%)
*Airlines (0.4%)*
Continental Airlines, Inc.
7.056%, 3/15/11		110,000		113,017
United Air Lines, Inc.
6.602%, 9/1/13 (h)		50,000		47,010
Series 00-2 7.186%, 4/1/11 (h)		49,079		44,594

				204,621

*Road & Rail (0.2%)*
Norfolk Southern Corp.
2.830%, 2/28/05 (l)		100,000		100,087
6.750%, 2/15/11		30,000		33,809

				133,896

Total Industrials				338,517

Materials (0.6%)
*Chemicals (0.4%)*
Nalco Co.
8.875%, 11/15/13		200,000		219,500

*Containers & Packaging (0.2%)*
Packaging Corp. of America
4.375%, 8/1/08		143,000		143,652

Total Materials				363,152

Telecommunication Services (2.8%)
*Diversified Telecommunication Services (2.5%)*
Cincinnati Bell, Inc.
8.375%, 1/15/14		200,000		202,500
Deutsche Telekom International Finance BV
8.250%, 6/15/05		65,000		66,515
8.125%, 5/29/12	EUR	76,000		130,983
France Telecom S.A.
7.500%, 3/14/08	EUR	139,000		211,534
SBC Communications, Inc.
4.206%, 6/5/05§	$	310,000		311,782
4.125%, 9/15/09		225,000		224,589
Verizon Global Funding Corp.
6.125%, 6/15/07		65,000		68,844
Verizon Maryland, Inc.
6.125%, 3/1/12		250,000		269,262

				1,486,009

*Wireless Telecommunication Services (0.3%)*
ACC Escrow Corp.
10.000%, 8/1/11		60,000		51,450
Cingular Wireless LLC
6.500%, 12/15/11		60,000		66,769
Nextel Communications, Inc.
7.375%, 8/1/15		60,000		66,000

				184,219

Total Telecommunication Services				1,670,228

Utilities (2.2%)
*Electric Utilities (1.3%)*
AEP Texas Central Co.
6.650%, 2/15/33		200,000		220,038
Florida Power Corp.
4.800%, 3/1/13		130,000		130,541
Nevada Power Co.
5.875%, 1/15/15§		150,000		151,125
Niagara Mohawk Power Corp.
7.750%, 10/1/08		100,000		112,498
Pacific Gas & Electric Co.
3.260%, 4/3/06 (l)		124,000		124,102
Progress Energy, Inc.
7.100%, 3/1/11		50,000		56,212

				794,516

*Gas Utilities (0.3%)*
Tennessee Gas Pipeline Co.
8.375%, 6/15/32		150,000		169,125

*Multi-Utilities & Unregulated Power (0.6%)*
El Paso Production Holding Co.
7.750%, 6/1/13		60,000		62,850
NRG Energy, Inc.
8.000%, 12/15/13§		210,000		228,900
PSEG Power LLC
6.950%, 6/1/12		62,000		69,864
Sonat, Inc.
7.625%, 7/15/11		35,000		36,225

				397,839

Total Utilities				1,361,480

Total Long-Term Debt Securities (55.2%) (Cost $32,755,324)				33,436,771

SHORT-TERM DEBT SECURITIES:
Commercial Paper (30.6%)
ANZ Delaware, Inc.
2.30%, 2/14/05		200,000		199,427
2.19%, 2/22/05		1,200,000		1,196,142
ASB Bank Ltd.
2.30%, 2/14/05§		300,000		299,141
Barclays U.S. Funding Corp.
2.27%, 3/7/05		1,100,000		1,095,446
BP Amoco Capital plc
2.10%, 1/3/05		1,600,000		1,599,720

200

EQ ADVISORS TRUST

EQ/ENTERPRISE TOTAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Principal Amount			Value (Note 1)
CBA (Delaware) Finance, Inc.
2.27%, 3/7/05	$	400,000		$	398,344
CDC Commercial Paper Corp.
2.19%, 2/22/05§		300,000			299,036
Danske Corp.
2.30%, 2/14/05		200,000			199,428
2.30%, 3/14/05		1,000,000			995,360
2.36%, 4/1/05		300,000			298,218
Dexia Delaware LLC
2.18%, 1/21/05		600,000			599,239
2.26%, 3/3/05		300,000			298,839
Fortis Funding
2.17%, 1/21/05§		1,000,000			998,733
General Electric Capital Corp.
2.23%, 2/23/05		200,000			199,333
2.27%, 2/24/05		1,400,000			1,395,153
General Motors Acceptance Corp.
2.63%, 3/22/05		140,000			139,177
2.68%, 4/5/05		350,000			347,547
HBOS Treasury Services plc
2.19%, 2/22/05		1,100,000			1,096,464
Nordea North America, Inc.
2.26%, 2/1/05		700,000			698,597
Pfizer, Inc.
2.31%, 3/18/05§		400,000			398,032
Rabobank USA Fin. Corp.
2.17%, 1/3/05		1,400,000			1,399,747
Shell Finance (UK) plc
2.10%, 1/7/05		1,600,000			1,599,350
Spintab AB
2.31%, 3/10/05		600,000			597,353
UBS Securities AG
2.30%, 3/15/05		900,000			895,761
Unicredit Delaware, Inc.
2.23%, 1/31/05		1,300,000			1,297,509

Total Commercial Paper					18,541,096

Government Securities (20.1%)
Federal Home Loan Bank
2.16%, 1/28/05 (o)		400,000			399,330
Federal Home Loan Mortgage Corp.
2.16%, 1/28/05 (o)		1,200,000			1,197,989
2.18%, 2/22/05 (o)		1,600,000			1,594,872
2.41%, 3/1/05 (o)		1,600,000			1,593,599
2.25%, 3/14/05 (o)		300,000			298,635
2.26%, 3/15/05 (o)		800,000			796,308
Federal National Mortgage Association
2.00%, 1/5/05 (o)		1,100,000			1,099,695
2.08%, 1/20/05 (o)		600,000			599,307
2.18%, 2/9/05 (o)		700,000			698,307
2.21%, 2/16/05 (o)		600,000			598,272
2.22%, 2/23/05 (o)		900,000			897,009
2.25%, 3/9/05 (o)		1,000,000			995,775
2.27%, 3/30/05 (o)		500,000			497,205
2.39%, 4/15/05 (o)		600,000			595,852
U.S. Treasury Bills
2.01%, 3/17/05#(a)(o)		280,000			278,812

Total Government Securities					12,140,967

Time Deposit (1.8%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		1,078,938			1,078,938

Total Short-Term Debt Securities (52.5%) (Amortized Cost $31,761,001)					31,761,001

Total Investments before Options Written(107.7%) (Cost/Amortized Cost $64,516,325)					65,197,772


	Number of Contracts(c)			Value (Note 1)
OPTIONS WRITTEN:
Call Options (0.0%)(d)*
U.S. Treasury 10 Year Futures
February-2005 @ $113.00		(1	)	$	(500	)
February-2005 @ $114.00		(40	)		(9,375	)

					(9,875	)

Put Options (0.0%)*
U.S. Treasury 10 Year Futures
February-2005 @ $108.00		(26	)		(2,438	)
February-2005 @ $109.00		(15	)		(2,578	)

					(5,016	)

Total Options Written (0.0%) (Premiums Received $27,495)					(14,891	)

Total Investments (107.7%) (Cost/Amortized Cost $64,488,830)					65,182,881
Other Assets Less Liabilities (-7.7%)					(4,671,495	)

Net Assets (100%)				$	60,511,386

*	Non-income producing.

†	Securities (totaling $406,021 or 0.67% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2004, the market vaue of these securities amounted to $4,056,627 or 6.70% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any security might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

#	All, or a portion of security held by broker as collateral for financial futures contracts.

(a)

Fully or partially pledged as collateral on outstanding written call options.

(b)

Illiquid security.

(c)

One contract relates to 100 shares.

(d)

Covered call option contracts written in connection with securities held.

(e)

Step Bond - Coupon rate increases in increments to maturity. Rate disclosed is as of December 31, 2004. Maturity date disclosed is the ultimate maturity date.

(h)

Security in default, non-income producing.

(l)

Floating rate security. Rate disclosed is as of December 31, 2004.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2004.

Glossary:

CMO — Collaterized Mortgage Obligation

EUR — European Currency Unit

JPY — Japanese Yen

TBA — Security is subject to delayed delivery.

201

EQ ADVISORS TRUST

EQ/ENTERPRISE TOTAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

At December 31, 2004 the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/04		Unrealized Appreciation/ (Depreciation)
EURO-BOBL	20	March-05	$	3,075,410	$	3,069,187	$	(6,223	)
EURO-BUND	4	March-05		642,479		644,774		2,295
U.S. Treasury Bonds	9	March-05		992,391		1,012,500		20,109
U.S. 10 Year Treasury Notes	99	March-05		10,943,406		11,081,812		138,406
EURODollar	14	June-05		3,404,450		3,388,875		(15,575	)
EURODollar	96	September-05		23,277,431		23,186,400		(91,031	)

							$	47,981

At December 31, 2004 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


	Local Contract Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
European Union, expiring 1/10/05	79	$	104,707	$	107,384	$	2,677
Japanese Yen, expiring 1/27/05	70,169		666,967		685,919		18,952

						$	21,629

Foreign Currency Sell Contracts
European Union, expiring 1/10/05	363	$	487,325	$	493,422	$	(6,097	)
Japanese Yen, expiring 1/27/05	77,468		744,684		757,269		(12,585	)

						$	(18,682	)

Options written for the year ended December 31, 2004, were as follows:


	Total Number of Contracts /Notional Amounts		Total Premiums Received
Options Outstanding—January 1, 2004	2,800,000		$	42,591
Options Written	218			130,562
Options Terminated in Closing Purchase Transactions	(1,200,006	)		(2,471	)
Options Expired	(1,600,130	)		(143,187	)
Options Exercised	—			—

Options Outstanding—December 31, 2004	82		$	27,495

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	107,861,960
U.S. Government securities		9,596,816
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		104,661,995
U.S. Government securities		5,969,713

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	735,292
Aggregate gross unrealized depreciation		(67,189	)

Net unrealized appreciation	$	668,103

Federal income tax cost of investments	$	64,529,669

See Notes to Financial Statements.

202

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (11.8%)
*Auto Components (0.2%)*
Cooper Tire & Rubber Co.	23,400	$	504,270
Dana Corp.	46,865		812,170
Delphi Corp.	176,191		1,589,243
Goodyear Tire & Rubber Co.*^	55,000		806,300
Johnson Controls, Inc.	59,800		3,793,712
Visteon Corp.^	40,640		397,053

			7,902,748

*Automobiles (0.6%)*
Ford Motor Co.	574,497		8,410,636
General Motors Corp.^	177,300		7,102,638
Harley-Davidson, Inc.	92,700		5,631,525

			21,144,799

*Distributors (0.1%)*
Genuine Parts Co.	54,900		2,418,894

*Hotels, Restaurants & Leisure (1.6%)*
Carnival Corp.^	198,800		11,456,844
Darden Restaurants, Inc.	49,550		1,374,517
Harrah’s Entertainment, Inc.^	35,200		2,354,528
Hilton Hotels Corp.	120,800		2,746,992
International Game Technology	108,200		3,719,916
Marriott International, Inc., Class A	71,850		4,525,113
McDonald’s Corp.	394,400		12,644,464
Starbucks Corp.*	124,800		7,782,528
Starwood Hotels & Resorts Worldwide, Inc.	65,400		3,819,360
Wendy’s International, Inc.^	35,600		1,397,656
Yum! Brands, Inc.*	91,240		4,304,703

			56,126,621

*Household Durables (0.5%)*
Black & Decker Corp.	25,200		2,225,916
Centex Corp.	38,800		2,311,704
Fortune Brands, Inc.	45,200		3,488,536
KB Home	14,600		1,524,240
Leggett & Platt, Inc.	60,200		1,711,486
Maytag Corp.^	24,700		521,170
Newell Rubbermaid, Inc.^	86,276		2,087,017
Pulte Homes, Inc.	39,900		2,545,620
Snap-On, Inc.	18,100		621,916
Stanley Works	25,700		1,259,043
Whirlpool Corp.	20,900		1,446,489

			19,743,137

*Internet & Catalog Retail (0.7%)*
eBay, Inc.*	207,600		24,139,728

*Leisure Equipment & Products (0.2%)*
Brunswick Corp.	30,000		1,485,000
Eastman Kodak Co.^	90,000		2,902,500
Hasbro, Inc.	55,508		1,075,745
Mattel, Inc.	130,000		2,533,700

			7,996,945

*Media (4.0%)*
Clear Channel Communications, Inc.	185,290		6,205,362
Comcast Corp., Class A*	701,700		23,352,576
Dow Jones & Co., Inc.	25,700		1,106,642
Gannett Co., Inc.	83,600		6,830,120
Interpublic Group of Cos., Inc.*	132,500		1,775,500
Knight Ridder, Inc.	24,300		1,626,642
McGraw-Hill Cos., Inc.	59,700		5,464,938
Meredith Corp.	15,800		856,360
New York Times Co., Class A	46,100		1,880,880
News Corp., Class A^	829,000		15,469,140
Omnicom Group, Inc.	58,800		4,958,016
Time Warner, Inc.*	1,435,750		27,910,980
Tribune Co.^	99,970		4,212,736
Univision Communications, Inc., Class A*	101,300		2,965,051
Viacom, Inc., Class B	544,800		19,825,272
Walt Disney Co.	645,100		17,933,780

			142,373,995

*Multiline Retail (1.1%)*
Big Lots, Inc.*^	36,100		437,893
Dillards, Inc., Class A^	26,200		703,994
Dollar General Corp.	103,090		2,141,179
Family Dollar Stores, Inc.	52,800		1,648,944
Federated Department Stores, Inc.	56,500		3,265,135
J.C. Penney Co., Inc.	90,500		3,746,700
Kohl’s Corp.*	107,300		5,275,941
May Department Stores Co.	91,500		2,690,100
Nordstrom, Inc.	44,100		2,060,793
Sears, Roebuck & Co.	66,600		3,398,598
Target Corp.	283,700		14,732,541

			40,101,818

*Specialty Retail (2.4%)*
Autonation, Inc.*	83,700		1,607,877
AutoZone, Inc.*	26,100		2,383,191
Bed Bath & Beyond, Inc.*	94,400		3,759,952
Best Buy Co., Inc.	102,050		6,063,811
Circuit City Stores, Inc.^	62,400		975,936
Gap, Inc.	283,775		5,993,328
Home Depot, Inc.	689,350		29,462,819
Limited Brands	130,657		3,007,724
Lowe’s Cos., Inc.^	244,800		14,098,032
Office Depot, Inc.*	98,300		1,706,488
OfficeMax, Inc.^	27,600		866,088
RadioShack Corp.	50,100		1,647,288
Sherwin-Williams Co.	44,700		1,994,961
Staples, Inc.	156,250		5,267,188
Tiffany & Co.	45,900		1,467,423
TJX Cos., Inc.	153,400		3,854,942
Toys R US, Inc.*	67,100		1,373,537

			85,530,585

*Textiles, Apparel & Luxury Goods (0.4%)*
Coach, Inc.*	59,100		3,333,240
Jones Apparel Group, Inc.	39,100		1,429,887
Liz Claiborne, Inc.	33,800		1,426,698
Nike, Inc., Class B	82,700		7,500,063
Reebok International Ltd.	18,600		818,400
V.F. Corp.	34,600		1,916,148

			16,424,436

Total Consumer Discretionary			423,903,706

Consumer Staples (10.4%)
*Beverages (2.2%)*
Adolph Coors Co., Class B^	11,800		892,906
Anheuser-Busch Cos., Inc.	251,500		12,758,595
Brown-Forman Corp., Class B	38,100		1,854,708
Coca-Cola Co.	761,900		31,717,897
Coca-Cola Enterprises, Inc.	147,200		3,069,120
Pepsi Bottling Group, Inc.^	79,800		2,157,792
PepsiCo, Inc.	531,960		27,768,312

			80,219,330

*Food & Staples Retailing (3.2%)*
Albertson’s, Inc.^	115,451		2,756,970
Costco Wholesale Corp.	144,800		7,009,768
CVS Corp.	125,400		5,651,778
Kroger Co.*	232,000		4,069,280
Safeway, Inc.*	140,300		2,769,522
SUPERVALU, Inc.	42,700		1,474,004
Sysco Corp.	200,800		7,664,536
Wal-Mart Stores, Inc.	1,332,200		70,366,804

203

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
Walgreen Co.	321,700	$	12,343,629

			114,106,291

*Food Products (1.3%)*
Archer-Daniels-Midland Co.	204,366		4,559,405
Campbell Soup Co.	128,900		3,852,821
ConAgra Foods, Inc.	165,900		4,885,755
General Mills, Inc.	119,400		5,935,374
H.J. Heinz Co.	109,750		4,279,153
Hershey Foods Corp.	77,300		4,293,242
Kellogg Co.	129,800		5,796,868
McCormick & Co., Inc. (Non-Voting).	43,000		1,659,800
Sara Lee Corp.	249,000		6,010,860
Wm. Wrigley Jr. Co.	70,600		4,884,814

			46,158,092

*Household Products (1.8%)*
Clorox Co.	48,100		2,834,533
Colgate-Palmolive Co.	166,800		8,533,488
Kimberly-Clark Corp.	155,344		10,223,188
Procter & Gamble Co.	798,300		43,970,364

			65,561,573

*Personal Products (0.6%)*
Alberto-Culver Co.	28,500		1,384,245
Avon Products, Inc.	148,500		5,746,950
Gillette Co.	314,600		14,087,788

			21,218,983

*Tobacco (1.3%)*
Altria Group, Inc.	644,300		39,366,730
Reynolds American, Inc.	46,500		3,654,900
UST, Inc.	51,900		2,496,909

			45,518,539

Total Consumer Staples			372,782,808

Energy (7.1%)
*Energy Equipment & Services (0.9%)*
Baker Hughes, Inc.	104,760		4,470,109
BJ Services Co.	50,700		2,359,578
Halliburton Co.	138,600		5,438,664
Nabors Industries Ltd.*	46,700		2,395,243
Noble Corp.*	42,000		2,089,080
Rowan Cos., Inc.*	33,500		867,650
Schlumberger Ltd.	185,400		12,412,530
Transocean, Inc.*	100,692		4,268,334

			34,301,188

*Oil & Gas (6.2%)*
Amerada Hess Corp.	28,600		2,356,068
Anadarko Petroleum Corp.	78,572		5,092,251
Apache Corp.	102,380		5,177,357
Ashland, Inc.	22,300		1,301,874
Burlington Resources, Inc.	123,960		5,392,260
ChevronTexaco Corp.	668,846		35,121,104
ConocoPhillips	216,280		18,779,592
Devon Energy Corp.	151,800		5,908,056
El Paso Corp.	201,196		2,092,438
EOG Resources, Inc.	37,000		2,640,320
Exxon Mobil Corp.	2,042,832		104,715,568
Kerr-McGee Corp.	47,464		2,742,945
Kinder Morgan, Inc.	38,800		2,837,444
Marathon Oil Corp.	108,700		4,088,207
Occidental Petroleum Corp.	123,000		7,178,280
Sunoco, Inc.	23,700		1,936,527
Unocal Corp.	83,100		3,593,244
Valero Energy Corp.	80,300		3,645,620
Williams Cos., Inc.	174,400		2,840,976
XTO Energy, Inc.	82,400		2,915,312

			220,355,443

Total Energy			254,656,631

Financials (20.4%)
*Capital Markets (2.8%)*
Bank of New York Co., Inc.	244,300		8,164,506
Bear Stearns Cos., Inc.^	32,353		3,310,036
Charles Schwab Corp.	429,025		5,131,139
ETrade Financial Corp.	117,200		1,752,140
Federated Investors, Inc., Class B	34,000		1,033,600
Franklin Resources, Inc.	78,300		5,453,595
Goldman Sachs Group, Inc.	152,600		15,876,504
Janus Capital Group, Inc.	75,100		1,262,431
Lehman Brothers Holdings, Inc.	85,200		7,453,296
Mellon Financial Corp.	133,100		4,140,741
Merrill Lynch & Co., Inc.	295,000		17,632,150
Morgan Stanley	344,910		19,149,403
Northern Trust Corp.	69,000		3,352,020
State Street Corp.	105,600		5,187,072
T. Rowe Price Group, Inc.	40,000		2,488,000

			101,386,633

*Commercial Banks (5.9%)*
AmSouth Bancorp.^	111,050		2,876,195
Bank of America Corp.	1,277,316		60,021,079
BB&T Corp.^	174,100		7,320,905
Comerica, Inc.	53,850		3,285,927
Compass Bancshares, Inc.	38,900		1,893,263
Fifth Third Bancorp.	178,967		8,461,560
First Horizon National Corp.^	38,800		1,672,668
Huntington Bancshares, Inc.	72,088		1,786,341
KeyCorp.	127,700		4,329,030
M&T Bank Corp.	36,800		3,968,512
Marshall & Ilsley Corp.	70,000		3,094,000
National City Corp.	208,100		7,814,155
North Fork Bancorp, Inc.	146,850		4,236,622
PNC Financial Services Group, Inc.	88,700		5,094,928
Regions Financial Corp.	145,084		5,163,539
SunTrust Banks, Inc.	112,500		8,311,500
Synovus Financial Corp.^	97,100		2,775,118
U.S. Bancorp.	590,045		18,480,209
Wachovia Corp.	504,168		26,519,237
Wells Fargo & Co.	530,300		32,958,145
Zions Bancorp.	28,100		1,911,643

			211,974,576

*Consumer Finance (1.4%)*
American Express Co.^	398,100		22,440,897
Capital One Financial Corp.	75,900		6,391,539
MBNA Corp.	401,198		11,309,772
Providian Financial Corp.*	91,900		1,513,593
SLM Corp.	136,900		7,309,091

			48,964,892

*Diversified Financial Services (3.7%)*
CIT Group, Inc.	66,200		3,033,284
Citigroup, Inc.	1,626,616		78,370,359
JPMorgan Chase & Co.	1,118,493		43,632,412
Moody’s Corp.	46,500		4,038,525
Principal Financial Group	98,400		4,028,496

			133,103,076

*Insurance (4.2%)*
ACE Ltd.^	89,200		3,813,300
Aflac, Inc.	159,200		6,342,528
Allstate Corp.	217,576		11,253,031
Ambac Financial Group, Inc.	34,100		2,800,633
American International Group, Inc.	818,157		53,728,370
Aon Corp.	99,125		2,365,122
Chubb Corp.	60,000		4,614,000
Cincinnati Financial Corp.	52,870		2,340,026

204

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
Hartford Financial Services Group, Inc.	92,100	$	6,383,451
Jefferson-Pilot Corp.	42,850		2,226,486
Lincoln National Corp.	55,300		2,581,404
Loews Corp.	58,300		4,098,490
Marsh & McLennan Cos., Inc.^	163,500		5,379,150
MBIA, Inc.	44,950		2,844,436
Metlife, Inc.	235,500		9,540,105
Progressive Corp.	62,900		5,336,436
Prudential Financial, Inc.	163,000		8,958,480
Safeco Corp.	39,500		2,063,480
St. Paul Travelers Cos., Inc.	210,024		7,785,590
Torchmark Corp.	34,400		1,965,616
UnumProvident Corp.^	93,020		1,668,779
XL Capital Ltd., Class A	43,500		3,377,775

			151,466,688

*Real Estate (0.6%)*
Apartment Investment & Management Co. (REIT)	29,700		1,144,638
Archstone-Smith Trust (REIT)	62,100		2,378,430
Equity Office Properties Trust (REIT)	126,500		3,683,680
Equity Residential Properties Trust (REIT)	88,100		3,187,458
Plum Creek Timber Co., Inc. (REIT)	57,600		2,214,144
Prologis Trust (REIT)	57,100		2,474,143
Simon Property Group, Inc. (REIT)	69,400		4,488,098

			19,570,591

*Thrifts & Mortgage Finance (1.8%)*
Countrywide Financial Corp.	176,798		6,543,294
Fannie Mae	303,900		21,640,719
Freddie Mac	215,700		15,897,090
Golden West Financial Corp.	96,000		5,896,320
MGIC Investment Corp.	31,000		2,136,210
Sovereign Bancorp, Inc.	107,700		2,428,635
Washington Mutual, Inc.	274,023		11,585,692

			66,127,960

Total Financials			732,594,416

Health Care (12.6%)
*Biotechnology (1.2%)*
Amgen, Inc.*	397,564		25,503,731
Biogen Idec, Inc.*	106,300		7,080,643
Chiron Corp.*	58,900		1,963,137
Genzyme Corp.*	71,600		4,157,812
Gilead Sciences, Inc.*	135,200		4,730,648
MedImmune, Inc.*	78,200		2,120,002

			45,555,973

*Health Care Equipment & Supplies (2.3%)*
Applied Biosystems Group	63,300		1,323,603
Bard (C.R.), Inc.	32,900		2,104,942
Bausch & Lomb, Inc.	16,700		1,076,482
Baxter International, Inc.	193,000		6,666,220
Becton, Dickinson & Co.	78,700		4,470,160
Biomet, Inc.	79,725		3,459,268
Boston Scientific Corp.*	264,400		9,399,420
Fisher Scientific International, Inc.*^	36,100		2,251,918
Guidant Corp.	98,800		7,123,480
Hospira, Inc.*.	48,960		1,640,160
Medtronic, Inc.	379,800		18,864,666
Millipore Corp.*	15,600		777,036
PerkinElmer, Inc.	40,200		904,098
St. Jude Medical, Inc.*	111,172		4,661,442
Stryker Corp.	126,000		6,079,500
Thermo Electron Corp.*	51,200		1,545,728
Waters Corp.*	37,100		1,735,909
Zimmer Holdings, Inc.*	77,000		6,169,240

			80,253,272

*Health Care Providers & Services (2.3%)*
Aetna, Inc.	48,243		6,018,314
AmerisourceBergen Corp.	35,300		2,071,404
Cardinal Health, Inc.	135,125		7,857,519
Caremark Rx, Inc.*	146,300		5,768,609
CIGNA Corp.	43,200		3,523,824
Express Scripts, Inc.*	24,400		1,865,136
HCA, Inc.^	151,600		6,057,936
Health Management Associates, Inc., Class A	76,400		1,735,808
Humana, Inc.*	50,000		1,484,500
IMS Health, Inc.	73,370		1,702,918
Laboratory Corp. of America Holdings*	43,900		2,187,098
Manor Care, Inc.	27,400		970,782
McKesson Corp.	92,181		2,900,014
Medco Health Solutions, Inc.*	85,436		3,554,137
Quest Diagnostics, Inc.	32,000		3,057,600
Tenet Healthcare Corp.*	146,300		1,606,374
UnitedHealth Group, Inc.	208,700		18,371,861
WellPoint, Inc.*	93,200		10,718,000

			81,451,834

*Pharmaceuticals (6.8%)*
Abbott Laboratories	490,200		22,867,830
Allergan, Inc.	41,400		3,356,298
Bristol-Myers Squibb Co.	610,800		15,648,696
Eli Lilly & Co.	355,000		20,146,250
Forest Laboratories, Inc.*	116,300		5,217,218
Johnson & Johnson	932,010		59,108,074
King Pharmaceuticals, Inc.*	75,810		940,044
Merck & Co., Inc.	696,700		22,391,938
Mylan Laboratories, Inc.^	84,300		1,490,424
Pfizer, Inc.	2,370,972		63,755,437
Schering-Plough Corp.	462,300		9,652,824
Watson Pharmaceuticals, Inc.*	34,300		1,125,383
Wyeth	418,800		17,836,692

			243,537,108

Total Health Care			450,798,187

Industrials (11.7%)
*Aerospace & Defense (2.0%)*
Boeing Co.	263,574		13,645,226
General Dynamics Corp.	62,800		6,568,880
Goodrich Corp.	37,300		1,217,472
Honeywell International, Inc.	269,912		9,557,584
L-3 Communications Holdings, Inc.	33,900		2,482,836
Lockheed Martin Corp.	139,708		7,760,780
Northrop Grumman Corp.	112,620		6,122,023
Raytheon Co.	141,600		5,498,328
Rockwell Collins, Inc.	55,600		2,192,864
United Technologies Corp.	160,700		16,608,345

			71,654,338

*Air Freight & Logistics (1.1%)*
FedEx Corp.	94,360		9,293,516
Ryder System, Inc.^.	20,200		964,954
United Parcel Service, Inc./Georgia, Class B	353,100		30,175,926

			40,434,396

*Airlines (0.1%)*
Delta Air Lines, Inc.*^	39,400		294,712
Southwest Airlines Co.	248,068		4,038,547

			4,333,259

205

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EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
*Building Products (0.2%)*
American Standard Cos., Inc.*	67,200	$	2,776,704
Masco Corp	136,000		4,968,080

			7,744,784

*Commercial Services & Supplies (1.0%)*
Allied Waste Industries, Inc.*^	99,900		927,072
Apollo Group, Inc., Class A*	60,600		4,891,026
Avery Dennison Corp .	34,700		2,080,959
Cendant Corp.	331,479		7,749,979
Cintas Corp.	53,800		2,359,668
Equifax, Inc.	42,700		1,199,870
H&R Block, Inc.	51,800		2,538,200
Monster Worldwide, Inc.*^	37,200		1,251,408
Pitney Bowes, Inc.	72,600		3,359,928
R.R. Donnelley & Sons Co.	68,800		2,427,952
Robert Half International, Inc.	54,100		1,592,163
Waste Management, Inc.	182,056		5,450,757

			35,828,982

*Construction & Engineering (0.1%)*
Fluor Corp.^	26,200		1,428,162

*Electrical Equipment (0.4%)*
American Power Conversion Corp.	62,900		1,346,060
Cooper Industries Ltd., Class A	29,700		2,016,333
Emerson Electric Co.	131,900		9,246,190
Power-One, Inc.*	26,300		234,596
Rockwell Automation, Inc.	57,900		2,868,945

			15,712,124

*Industrial Conglomerates (4.7%)*
3M Co.	245,800		20,172,806
General Electric Co.	3,315,400		121,012,100
Textron, Inc.	43,500		3,210,300
Tyco International Ltd.	630,752		22,543,077

			166,938,283

*Machinery (1.5%)*
Caterpillar, Inc.	107,600		10,492,076
Cummins, Inc.	13,900		1,164,681
Danaher Corp.	96,800		5,557,288
Deere & Co.	77,900		5,795,760
Dover Corp.	63,800		2,675,772
Eaton Corp.	47,600		3,444,336
Illinois Tool Works, Inc.	94,900		8,795,332
Ingersoll-Rand Co., Class A	54,450		4,372,335
ITT Industries, Inc.	29,000		2,449,050
Navistar International Corp.*^	21,900		963,162
PACCAR, Inc.	54,500		4,386,160
Pall Corp.	39,200		1,134,840
Parker-Hannifin Corp.	37,550		2,844,037

			54,074,829

*Road & Rail (0.5%)*
Burlington Northern Santa Fe Corp.	116,953		5,533,046
CSX Corp.	67,400		2,701,392
Norfolk Southern Corp.	123,600		4,473,084
Union Pacific Corp.	81,400		5,474,150

			18,181,672

*Trading Companies & Distributors (0.1%)*
Grainger (W.W.), Inc.	28,600		1,905,332

Total Industrials			418,236,161

Information Technology (15.9%)
*Communications Equipment (2.7%)*
ADC Telecommunications, Inc.*^	254,000		680,720
Andrew Corp.*^	50,400		686,952
Avaya, Inc.*	142,077		2,443,725
CIENA Corp.*	178,700		596,858
Cisco Systems, Inc.*	2,123,100		40,975,830
Comverse Technology, Inc.*	61,400		1,501,230
Corning, Inc.*	437,542		5,149,869
JDS Uniphase Corp.*	452,200		1,433,474
Lucent Technologies, Inc.*^	1,353,186		5,087,979
Motorola, Inc.^	741,802		12,758,995
QUALCOMM, Inc.	511,100		21,670,640
Scientific-Atlanta, Inc.	48,100		1,587,781
Tellabs, Inc.*	130,600		1,121,854

			95,695,907

*Computers & Peripherals (3.9%)*
Apple Computer, Inc.*	121,800		7,843,920
Dell, Inc.*	783,900		33,033,546
EMC Corp.*	755,050		11,227,593
Gateway, Inc.*	117,000		703,170
Hewlett-Packard Co.	948,272		19,885,264
International Business Machines Corp.	526,100		51,862,938
Lexmark International, Inc., Class A*	40,700		3,459,500
NCR Corp.*	29,600		2,049,208
Network Appliance, Inc.*^	112,300		3,730,606
QLogic Corp.*	29,000		1,065,170
Sun Microsystems, Inc.*	1,044,400		5,618,872

			140,479,787

*Electronic Equipment & Instruments (0.4%)*
Agilent Technologies, Inc.*	152,423		3,673,394
Jabil Circuit, Inc.*	63,100		1,614,098
Molex, Inc.^	59,550		1,786,500
Sanmina-SCI Corp.*	163,600		1,385,692
Solectron Corp.*	301,900		1,609,127
Symbol Technologies, Inc.	75,100		1,299,230
Tektronix, Inc.	28,800		870,048

			12,238,089

*Internet Software & Services (0.5%)*
Yahoo!, Inc.*	427,200		16,096,896

*IT Services (1.1%)*
Affiliated Computer Services, Inc., Class A*	40,200		2,419,638
Automatic Data Processing, Inc.	183,400		8,133,790
Computer Sciences Corp.*	59,300		3,342,741
Convergys Corp.*	44,700		670,053
Electronic Data Systems Corp.	160,800		3,714,480
First Data Corp.	269,249		11,453,852
Fiserv, Inc.*	61,300		2,463,647
Paychex, Inc.	118,675		4,044,444
Sabre Holdings Corp., Class A	43,042		953,811
Sungard Data Systems, Inc.*	90,500		2,563,865
Unisys Corp.*	105,100		1,069,918

			40,830,239

*Office Electronics (0.1%)*
Xerox Corp.*	263,400		4,480,434

*Semiconductors & Semiconductor Equipment (3.0%)*
Advanced Micro Devices, Inc.*	111,400		2,453,028
Altera Corp.*	116,700		2,415,690
Analog Devices, Inc.	118,800		4,386,096
Applied Materials, Inc.*	533,200		9,117,720
Applied Micro Circuits Corp.*^	98,300		413,843
Broadcom Corp., Class A*	101,100		3,263,508
Freescale Semiconductor, Inc., Class B*	126,900		2,329,884
Intel Corp.	2,014,300		47,114,477
KLA-Tencor Corp.*	61,700		2,873,986
Linear Technology Corp.	96,600		3,744,216
LSI Logic Corp.*^	120,800		661,984

206

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EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
Maxim Integrated Products, Inc.	102,000	$	4,323,780
Micron Technology, Inc.*	192,000		2,371,200
National Semiconductor Corp.	112,400		2,017,580
Novellus Systems, Inc.*^	44,800		1,249,472
NVIDIA Corp.*	52,200		1,229,832
PMC-Sierra, Inc.*^	55,500		624,375
Teradyne, Inc.*	60,900		1,039,563
Texas Instruments, Inc.	543,581		13,382,964
Xilinx, Inc.	109,000		3,231,850

			108,245,048

*Software (4.2%)*
Adobe Systems, Inc.	75,300		4,724,322
Autodesk, Inc.	71,200		2,702,040
BMC Software, Inc.*	70,000		1,302,000
Citrix Systems, Inc.*	53,100		1,302,543
Computer Associates International, Inc.	183,725		5,706,499
Compuware Corp.*	121,200		784,164
Electronic Arts, Inc.*	95,400		5,884,272
Intuit, Inc.*	60,200		2,649,402
Mercury Interactive Corp.*^	29,200		1,330,060
Microsoft Corp.	3,414,100		91,190,611
Novell, Inc.*	121,400		819,450
Oracle Corp.*	1,623,620		22,276,066
Parametric Technology Corp.*	84,500		497,705
Siebel Systems, Inc.*	158,700		1,666,350
Symantec Corp.*	198,000		5,100,480
VERITAS Software Corp.*	135,900		3,879,945

			151,815,909

Total Information Technology			569,882,309

Materials (3.1%)
*Chemicals (1.6%)*
Air Products & Chemicals, Inc.	71,400		4,139,058
Dow Chemical Co.	295,001		14,605,500
DuPont (E.I.) de Nemours & Co.	313,326		15,368,640
Eastman Chemical Co.	24,400		1,408,612
Ecolab, Inc.	80,800		2,838,504
Engelhard Corp.	39,000		1,196,130
Great Lakes Chemical Corp.^	15,900		452,991
Hercules, Inc.*	35,000		519,750
International Flavors & Fragrances, Inc.^	29,600		1,268,064
Monsanto Co.	83,799		4,655,035
PPG Industries, Inc.	54,000		3,680,640
Praxair, Inc.	102,000		4,503,300
Rohm & Haas Co.	70,406		3,114,057
Sigma-Aldrich Corp.^	21,700		1,311,982

			59,062,263

*Construction Materials (0.1%)*
Vulcan Materials Co.	32,100		1,752,981

*Containers & Packaging (0.2%)*
Ball Corp.	35,300		1,552,494
Bemis Co.	33,500		974,515
Pactiv Corp.*	47,100		1,191,159
Sealed Air Corp.*	26,417		1,407,233
Temple-Inland, Inc.	17,500		1,197,000

			6,322,401

*Metals & Mining (0.7%)*
Alcoa, Inc.	273,148		8,582,310
Allegheny Technologies, Inc.^	29,850		646,850
Freeport-McMoRan Copper & Gold, Inc., Class B^	55,600		2,125,588
Newmont Mining Corp.	139,200		6,181,872
Nucor Corp.	49,800		2,606,532
Phelps Dodge Corp.	29,548		2,922,888
United States Steel Corp.	35,600		1,824,500

			24,890,540

*Paper & Forest Products (0.5%)*
Georgia-Pacific Corp.	81,104		3,039,778
International Paper Co.	152,735		6,414,870
Louisiana-Pacific Corp.^	34,300		917,182
MeadWestvaco Corp.	63,329		2,146,220
Neenah Paper Inc.^	4,707		153,448
Weyerhaeuser Co.	75,200		5,054,944

			17,726,442

Total Materials			109,754,627

Telecommunication Services (3.2%)
*Diversified Telecommunication Services (2.9%)*
Alltel Corp.	96,800		5,687,968
AT&T Corp.	249,523		4,755,908
BellSouth Corp.	574,800		15,973,692
CenturyTel, Inc.	42,350		1,502,155
Citizens Communications Co.^ .	104,100		1,435,539
Qwest Communications International, Inc.*	569,943		2,530,547
SBC Communications, Inc.	1,040,433		26,811,958
Sprint Corp.^	456,100		11,334,085
Verizon Communications, Inc.	869,346		35,217,207

			105,249,059

*Wireless Telecommunication Services (0.3%)*
Nextel Communications, Inc., Class A*	349,600		10,488,000

Total Telecommunication Services			115,737,059

Utilities (2.9%)
*Electric Utilities (2.0%)*
Allegheny Energy, Inc.*	43,000		847,530
Ameren Corp.	61,000		3,058,540
American Electric Power Co., Inc.^	124,180		4,264,341
CenterPoint Energy, Inc.^	96,500		1,090,450
Cinergy Corp.	56,700		2,360,421
CMS Energy Corp.*^	59,500		621,775
Consolidated Edison, Inc.	75,800		3,316,250
DTE Energy Co.	54,600		2,354,898
Edison International, Inc.	102,300		3,276,669
Entergy Corp.	71,300		4,819,167
Exelon Corp.	207,300		9,135,711
FirstEnergy Corp.	103,601		4,093,276
FPL Group, Inc.^	58,200		4,350,450
PG&E Corp.*^	125,900		4,189,952
Pinnacle West Capital Corp.	28,700		1,274,567
PPL Corp.^	59,344		3,161,848
Progress Energy, Inc.^	77,500		3,506,100
Southern Co.^	231,800		7,769,936
TECO Energy, Inc.^	62,400		957,216
TXU Corp.	78,100		5,042,136
Xcel Energy, Inc.^	125,545		2,284,919

			71,776,152

*Gas Utilities (0.1%)*
KeySpan Corp.^	50,300		1,984,335
Nicor, Inc.^	13,800		509,772
NiSource, Inc.	82,659		1,882,972
Peoples Energy Corp.^	11,800		518,610

			4,895,689

*Multi-Utilities & Unregulated Power (0.8%)*
AES Corp.*	202,900		2,773,643
Calpine Corp.*^	167,300		659,162
Constellation Energy Group, Inc.	55,100		2,408,421
Dominion Resources, Inc.^	103,723		7,026,196
Duke Energy Corp.	294,460		7,458,672

207

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EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares		Value (Note 1)
Dynegy, Inc., Class A*^		119,113	$	550,302
Public Service Enterprise Group, Inc.^		74,500		3,856,865
Sempra Energy		72,722		2,667,443

				27,400,704

Total Utilities				104,072,545

Total Common Stocks (99.1%) (Cost $3,128,688,006)				3,552,418,449


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Government Securities (0.8%)
Federal Home Loan Bank
1.25%, 1/3/05 (o)	$	27,200,000		27,197,166
U.S. Treasury Bills
1.86%, 1/13/05 #		2,500,000		2,498,321

Total Government Securities				29,695,487


	Number of Shares
Short-Term Fund of Cash Collateral for Securities Loaned (0.2%)
Morgan Stanley Institutional Liquidity Fund
2.18%, 1/3/05		6,000,000		6,000,000


	Principal Amount
Short-Term Investments of Cash Collateral for Securities Loaned (2.9%)
Bank of America Corp.
2.39%, 1/7/05(l)	$	5,000,000		5,000,000
Bavaria Corp.
2.37%, 1/6/05		9,996,050		9,996,050
General Electric Capital Corp.
2.40, 3/29/06(l)		5,003,100		5,003,100
Giro Balance Funding Corp.
2.30%, 1/3/05		9,998,083		9,998,083
Govco, Inc.
2.10%, 1/05/05		4,982,003		4,982,003
ING USA
2.41%, 2/18/05		10,000,000		10,000,000
Landale Funding LLC
2.36%, 1/18/05		7,982,245		7,982,245
Liberty Street Funding Co.
2.35%, 1/31/05		9,979,764		9,979,764
Merrill Lynch Mortgage Capital
2.41%, 2/3/05(l)		10,000,000		10,000,000
New Center Asset Trust
2.32%, 1/27/05		2,555,092		2,555,092
Skandinaviska Enskilda Banken AB
2.29%, 2/1/05		8,964,090		8,964,090
Tango Finance Corp.
2.33%, 8/8/05(l)		10,000,000		10,000,000
UBS Finance, Inc.
2.23%, 1/3/05		1,617,266		1,617,266
Westdeutsche Landesbank N.Y.
2.34%, 6/22/05(l)		9,998,750		9,998,750

Total Short-Term Investments of Cash Collateral for Securities Loaned				106,076,443

Time Deposit (0.0%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		131,518		131,518

Total Short-Term Debt Securities (3.9%) (Amortized Cost $141,903,448)				141,903,448

Total Investments (103.0%) (Cost/Amortized Cost $3,270,591,454)				3,694,321,897
Other Assets Less Liabilities (-3.0%)				(109,595,376	)

Net Assets (100%)			$	3,584,726,521

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

#	All, or a portion of security held by broker as collateral for financial futures contracts.

(l)

Floating rate security. Rate disclosed is as of December 31, 2004.

(o)

Discount note security. Effective rate calculated as of December 31, 2004.

Glossary:

REIT — Real Estate Investment Trust

At December 31, 2004 the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/04		Unrealized Appreciation
S&P 500 Index	57	March-05	$	17,072,000	$	17,295,225	$	223,225

208

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EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	185,981,626
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		42,310,266

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	804,155,222
Aggregate gross unrealized depreciation		(385,145,124	)

Net unrealized appreciation	$	419,010,098

Federal income tax cost of investments	$	3,275,311,799

At December 31, 2004, the Portfolio had loaned securities with a total value $109,900,417. This was secured by collateral of $112,146,507 which $112,076,443 was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $70,064 was received in the form of short-term pooled securities, which the Portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

The Portfolio has a net capital loss carryforward of $35,934,237 which expires in the year 2010.

The Portfolio utilized net capital loss carryforward of $9,066,202 during 2004.

See Notes to Financial Statements.

209

EQ ADVISORS TRUST

EQ/EVERGREEN OMEGA PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (16.1%)
*Hotels, Restaurants & Leisure (3.1%)*
International Game Technology	95,200	$	3,272,976
Shuffle Master, Inc.*^	45,000		2,119,500
Starbucks Corp.*	9,500		592,420

			5,984,896

*Internet & Catalog Retail (6.3%)*
Amazon.com, Inc.*	120,000		5,314,800
eBay, Inc.*	59,200		6,883,776

			12,198,576

*Specialty Retail (3.9%)*
Best Buy Co., Inc.	59,400		3,529,548
Chico’s FAS, Inc.*^	87,800		3,997,534

			7,527,082

*Textiles, Apparel & Luxury Goods (2.8%)*
Coach, Inc.*	65,500		3,694,200
Deckers Outdoor Corp.*^	35,000		1,644,650

			5,338,850

Total Consumer Discretionary			31,049,404

Consumer Staples (5.0%)
*Beverages (0.7%)*
PepsiCo, Inc.	24,000		1,252,800

*Food & Staples Retailing (0.8%)*
BJ’s Wholesale Club, Inc.*	55,000		1,602,150

*Food Products (2.0%)*
McCormick & Co., Inc. (Non-Voting)	100,000		3,860,000

*Personal Products (1.5%)*
Estee Lauder Cos., Inc., Class A	65,000		2,975,050

Total Consumer Staples			9,690,000

Energy (5.5%)
*Energy Equipment & Services (2.0%)*
Rowan Cos., Inc.*	85,000		2,201,500
Weatherford International Ltd.*	33,000		1,692,900

			3,894,400

*Oil & Gas (3.5%)*
Apache Corp.	76,700		3,878,719
Teekay Shipping Corp.^	9,300		391,623
XTO Energy, Inc.	67,050		2,372,229

			6,642,571

Total Energy			10,536,971

Financials (2.4%)
*Consumer Finance (2.4%)*
American Express Co.	83,000		4,678,710

Total Financials			4,678,710

Health Care (14.3%)
*Health Care Equipment & Supplies (6.8%)*
Alcon, Inc.	27,000		2,176,200
Cooper Cos., Inc.^	33,500		2,364,765
Medtronic, Inc.	45,280		2,249,057
Millipore Corp.*	37,400		1,862,894
St. Jude Medical, Inc.*	82,800		3,471,804
Stryker Corp.	20,800		1,003,600

			13,128,320

*Health Care Providers & Services (5.7%)*
Aetna, Inc	27,500		3,430,625
American Healthways, Inc.*^	78,500		2,593,640
Caremark Rx, Inc.*	128,000		5,047,040

			11,071,305

*Pharmaceuticals (1.8%)*
Endo Pharmaceuticals Holdings, Inc.*	100,000		2,102,000
Mylan Laboratories, Inc.^	75,000		1,326,000

			3,428,000

Total Health Care			27,627,625

Industrials (12.2%)
*Aerospace & Defense (1.9%)*
L-3 Communications Holdings, Inc.	27,000		1,977,480
Lockheed Martin Corp.	32,000		1,777,600

			3,755,080

*Building Products (1.0%)*
Masco Corp.	50,000		1,826,500

*Commercial Services & Supplies (1.2%)*
Cendant Corp.	100,500		2,349,690

*Electrical Equipment (2.1%)*
Cooper Industries Ltd., Class A	60,900		4,134,501

*Industrial Conglomerates (4.3%)*
General Electric Co.	134,000		4,891,000
Tyco International Ltd.	95,000		3,395,300

			8,286,300

*Trading Companies & Distributors (1.7%)*
Fastenal Co.^	53,000		3,262,680

Total Industrials			23,614,751

Information Technology (35.5%)
*Communications Equipment (7.5%)*
Cisco Systems, Inc.*	93,300		1,800,690
Corning, Inc.*	225,000		2,648,250
Motorola, Inc.	250,000		4,300,000
QUALCOMM, Inc.	106,400		4,511,360
Research In Motion Ltd.*	15,000		1,236,300

			14,496,600

*Computers & Peripherals (5.6%)*
Apple Computer, Inc.*	45,000		2,898,000
Dell, Inc.*	90,000		3,792,600
EMC Corp.*	200,000		2,974,000
PalmOne, Inc.*^	37,500		1,183,125

			10,847,725

*Electronic Equipment & Instruments (1.1%)*
Flextronics International Ltd.*	155,000		2,142,100

*Internet Software & Services (6.8%)*
SINA Corp.*	83,000		2,660,980
VeriSign, Inc.*	165,000		5,530,800
Yahoo!, Inc.*	130,000		4,898,400

			13,090,180

*IT Services (5.2%)*
Affiliated Computer Services, Inc., Class A*	80,000		4,815,200
Cognizant Technology Solutions Corp., Class A*	125,000		5,291,250

			10,106,450

*Office Electronics (1.0%)*
Zebra Technologies Corp., Class A*	35,500		1,997,940

*Semiconductors & Semiconductor Equipment (5.6%)*
Altera Corp.*	100,000		2,070,000
Intel Corp.	121,500		2,841,885
Marvell Technology Group Ltd.*	88,000		3,121,360
Texas Instruments, Inc.	110,000		2,708,200

			10,741,445

210

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EQ/EVERGREEN OMEGA PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Number of Shares		Value (Note 1)
*Software (2.7%)*
Microsoft Corp.		192,000	$	5,128,320

Total Information Technology				68,550,760

Materials (2.7%)
*Chemicals (1.2%)*
Air Products & Chemicals, Inc.		41,000		2,376,770

*Metals & Mining (1.5%)*
Massey Energy Co.^		82,400		2,879,880

Total Materials				5,256,650

Total Common Stocks (93.7%) (Cost $159,157,297)				181,004,871


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Short-Term Investments of Cash Collateral for Securities Loaned (8.1%)
Nomura Securities
2.36%, 1/3/05	$	9,636,121		9,636,121
2.38%, 1/3/05		5,000,000		5,000,000
Washington Mutual Bank
2.28%, 2/15/05		1,000,000		1,000,000

Total Short-Term Investment of Cash Collateral for Securities Loaned				15,636,121

Time Deposit (2.9%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		5,638,862		5,638,862

Total Short-Term Debt Securities (11.0%) (Amortized Cost $21,274,983)				21,274,983

Total Investments (104.7%) (Cost/Amortized Cost $180,432,280)				202,279,854
Other Assets Less Liabilities (-4.7%)				(9,030,265	)

Net Assets (100%)			$	193,249,589

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	293,593,146
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		231,225,654

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	22,762,883
Aggregate gross unrealized depreciation		(1,516,674	)

Net unrealized appreciation	$	21,246,209

Federal income tax cost of investments	$	181,033,645

At December 31, 2004, the Portfolio had loaned securities with a total value $15,385,804. This was secured by collateral of $15,636,121 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2004, the Portfolio incurred approximately $1,120 as brokerage commissions with Bernstein (Sanford C.) & Co., and $312 with Wachovia Corp. affiliated broker/dealers.

The Portfolio utilized net capital loss carryforward of $1,294,158 during 2004.

See Notes to Financial Statements.

211

EQ ADVISORS TRUST

EQ/FI MID CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (22.1%)
*Commercial Services & Supplies (1.5%)*
Knoll, Inc.*	1,019,200	$	17,836,000

*Hotels, Restaurants & Leisure (5.8%)*
Royal Caribbean Cruises Ltd.^	868,100		47,259,364
Wendy’s International, Inc.	515,200		20,226,752

			67,486,116

*Household Durables (6.0%)*
Harman International Industries, Inc.	556,200		70,637,400

*Leisure Equipment & Products (0.6%)*
Eastman Kodak Co.	206,600		6,662,850

*Media (6.6%)*
Cumulus Media, Inc., Class A*^	130,295		1,964,849
Entercom Communications Corp.*	81,100		2,910,679
Lamar Advertising Co., Class A*^	115,300		4,932,534
NTL, Inc.*^	456,063		33,274,356
Omnicom Group, Inc .	359,600		30,321,472
Salem Communications Corp., Class A*^	133,204		3,323,440

			76,727,330

*Specialty Retail (1.6%)*
RadioShack Corp.	301,800		9,923,184
Tiffany & Co.	289,000		9,239,330

			19,162,514

Total Consumer Discretionary			258,512,210

Consumer Staples (6.0%)
*Beverages (1.6%)*
Adolph Coors Co., Class B	246,100		18,622,387

*Food & Staples Retailing (2.4%)*
Safeway, Inc.*	1,393,600		27,509,664

*Food Products (2.0%)*
Archer-Daniels-Midland Co.	438,400		9,780,704
Bunge Ltd.^	241,000		13,739,410

			23,520,114

Total Consumer Staples			69,652,165

Energy (8.5%)
*Energy Equipment & Services (8.5%)*
BJ Services Co.	147,900		6,883,266
ENSCO International, Inc.	264,400		8,392,056
Grant Prideco, Inc.*	579,700		11,622,985
National-Oilwell, Inc.*	333,207		11,758,875
Noble Corp.*	351,800		17,498,532
SEACOR Holdings, Inc.*	62,400		3,332,160
Tenaris S.A. (ADR)	113,000		5,525,700
Varco International, Inc.*	719,000		20,958,850
Weatherford International Ltd.*	261,970		13,439,061

Total Energy			99,411,485

Financials (4.5%)
*Diversified Financial Services (2.9%)*
Archipelago Holdings, Inc.*	275,800		5,786,284
Calamos Asset Management, Inc., Class A*	787,800		21,270,600
CapitalSource, Inc.*^	290,900		7,467,403

			34,524,287

*Insurance (1.1%)*
Ambac Financial Group, Inc.	151,300		12,426,269

*Real Estate (0.5%)*
Equity Residential Properties Trust (REIT)	147,700		5,343,786

Total Financials			52,294,342

Health Care (8.5%)
*Biotechnology (1.2%)*
Gen-Probe, Inc.*	12,200		551,562
ImClone Systems, Inc.*	128,000		5,898,240
Neurocrine Biosciences, Inc.*	149,100		7,350,630

			13,800,432

*Health Care Equipment & Supplies (6.6%)*
Baxter International, Inc.	592,800		20,475,312
Cytyc Corp.*	619,700		17,085,129
Fisher Scientific International, Inc.*^	558,268		34,824,758
Kinetic Concepts, Inc.*	62,500		4,768,750
Ventana Medical Systems, Inc.*^	8,500		543,915

			77,697,864

*Pharmaceuticals (0.7%)*
Watson Pharmaceuticals, Inc.*	239,600		7,861,276

Total Health Care			99,359,572

Industrials (14.2%)
*Aerospace & Defense (2.6%)*
Empresa Brasileira de Aeronautica S.A. (ADR)^	928,200		31,039,008

*Airlines (1.7%)*
Ryanair Holdings plc (ADR)*^	278,400		11,344,800
Westjet Airlines Ltd.*	899,600		9,002,382

			20,347,182

*Commercial Services & Supplies (5.2%)*
Career Education Corp.*	820,137		32,805,480
R.R. Donnelley & Sons Co. (New York Exchange)	416,261		14,689,850
R.R. Donnelley & Sons Co. (Toronto Exchange) .	77,301		2,716,164
Universal Technical Institute, Inc.*^	280,640		10,697,997

			60,909,491

*Construction & Engineering (1.3%)*
Dycom Industries, Inc.*	156,800		4,785,536
Fluor Corp.	186,200		10,149,762

			14,935,298

*Machinery (1.3%)*
Pentair, Inc.	337,400		14,697,144

*Road & Rail (2.1%)*
Burlington Northern Santa Fe Corp.	199,900		9,457,269
CSX Corp.	144,900		5,807,592
Norfolk Southern Corp.	248,900		9,007,691

			24,272,552

*Transportation Infrastructure (0.0%)*
Golden Ocean Group Ltd.*	14,800		9,286

Total Industrials			166,209,961

Information Technology (5.2%)
*Electronic Equipment & Instruments (1.6%)*
Symbol Technologies, Inc.	1,075,700		18,609,610

*IT Services (0.6%)*
BearingPoint, Inc.*	822,100		6,601,463

*Semiconductors & Semiconductor Equipment (0.7%)*
Atmel Corp.*	237,200		929,824

212

EQ ADVISORS TRUST

EQ/FI MID CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares		Value (Note 1)
Freescale Semiconductor, Inc., Class B*		372,700	$	6,842,772

				7,772,596

*Software (2.3%)*
Macrovision Corp.*		161,900		4,164,068
NAVTEQ Corp.*		135,900		6,300,324
Symantec Corp.*		657,200		16,929,472

				27,393,864

Total Information Technology				60,377,533

Materials (12.4%)
*Chemicals (8.9%)*
Agrium, Inc. (New York Exchange)^		430,800		7,258,980
Agrium, Inc. (Toronto Exchange)		700		11,831
Lyondell Chemical Co.^		490,300		14,179,476
Monsanto Co.		526,600		29,252,630
Mosaic Co.*^		696,600		11,368,512
Potash Corp. of Saskatchewan, Inc.		430,900		35,797,128
Syngenta AG (ADR)*		279,300		5,963,055

				103,831,612

*Containers & Packaging (0.5%)*
Pactiv Corp.*		232,900		5,890,041

*Metals & Mining (3.0%)*
Freeport-McMoRan Copper & Gold, Inc., Class B		188,500		7,206,355
Harmony Gold Mining Co., Ltd. (ADR)^		735,200		6,815,304
Newmont Mining Corp.		490,400		21,778,664

				35,800,323

Total Materials				145,521,976

Telecommunication Services (16.4%)
*Diversified Telecommunication Services (5.0%)*
Citizens Communications Co.		2,395,349		33,031,863
Philippine Long Distance Telephone Co. (ADR)*^		152,300		3,796,839
PT Indosat Tbk (ADR)^		350,900		10,941,062
Telewest Global, Inc.*		270,900		4,762,422
TELUS Corp. (Non-Voting)		228,200		6,616,590

				59,148,776

*Wireless Telecommunication Services (11.4%)*
American Tower Corp., Class A*		1,081,590		19,901,256
Nextel Communications, Inc., Class A*		3,131,300		93,939,000
Spectrasite, Inc.*^		333,300		19,298,070

				133,138,326

Total Telecommunication Services				192,287,102

Total Common Stocks (97.8%) (Cost $948,373,419)				1,143,626,346


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Repurchase Agreement (2.1%)
JPMorgan Securities, Inc., 0.75% dated 12/31/04, due 1/3/05, to be repurchased at $25,001,541, collateralized by $22,548,000 of Federal National Mortgage Association, 6.00% due 5/1/11	$	25,000,000		25,000,000

Short-Term Investments of Cash Collateral for Securities Loaned (11.3%)
Concord Minutemen C.C. LLC, Series A
2.37%, 4/14/05(l)	$	9,999,323	$	9,999,323
General Electric Capital Corp.
2.40%, 3/29/06(l)		7,004,341		7,004,341
2.42%, 5/12/06(l)		5,015,706		5,015,706
General Electric Co.
2.09%, 10/24/05(l)		5,003,097		5,003,097
ING USA
2.41%, 2/18/05		10,000,000		10,000,000
Merrill Lynch & Co., Inc.
2.13%, 10/19/06(l)		10,000,000		10,000,000
Metropolitan Life Global Funding
2.56%, 3/17/06(l)		4,997,387		4,997,387
Monumental Global Funding II
2.26%, 2/11/05(l)		10,003,474		10,003,474
2.05%, 7/6/05(l)		5,000,474		5,000,474
Morgan Stanley & Co.
2.49%, 1/2/06(l)		7,500,000		7,500,000
Nomura Securities
2.36%, 1/3/05		15,161,790		15,161,790
2.38%, 1/3/05		10,000,000		10,000,000
Nordeutsche Landesbank N.Y.
2.43%, 3/30/06(l)		19,982,908		19,982,908
Westdeutsche Landesbank N.Y.
2.34%, 7/13/05(l)		11,996,381		11,996,381

Total Short-Term Investments of Cash Collateral for Securities Loaned				131,664,881

Time Deposit (0.1%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		1,427,202		1,427,202

Total Short-Term Debt Securities (13.5%) (Amortized Cost $158,092,083)				158,092,083

Total Investments (111.3%) (Cost/Amortized Cost $1,106,465,502)				1,301,718,429
Other Assets Less Liabilities (-11.3%)				(132,102,158	)

Net Assets (100%)			$	1,169,616,271

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

213

EQ ADVISORS TRUST

EQ/FI MID CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,337,240,878
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		1,119,933,404

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	205,894,401
Aggregate gross unrealized depreciation		(14,058,825	)

Net unrealized appreciation	$	191,835,576

Federal income tax cost of investments	$	1,109,882,853

At December 31, 2004, the Portfolio had loaned securities with a total value $129,185,536. This was secured by collateral of $131,664,881 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

See Notes to Financial Statements.

214

EQ ADVISORS TRUST

EQ/FI SMALL/MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (13.1%)
*Auto Components (0.5%)*
Keystone Automotive Industries, Inc.*^	237,100	$	5,512,575
Noble International Ltd.	70,400		1,435,456

			6,948,031

*Distributors (0.5%)*
Advanced Marketing Services, Inc.^	149,600		1,504,976
Beacon Roofing Supply, Inc.*^	168,122		3,338,903
LKQ Corp.*^	142,598		2,861,942

			7,705,821

*Hotels, Restaurants & Leisure (3.3%)*
AFC Enterprises, Inc.*^	111,805		2,644,188
Ambassadors Group, Inc.^	101,483		3,613,810
Brinker International, Inc.*	119,160		4,178,941
Caesars Entertainment, Inc.*	90,400		1,820,656
CBRL Group, Inc.	4,500		188,325
Dominos Pizza, Inc.	157,900		2,810,620
Harrah’s Entertainment, Inc.	37,400		2,501,686
Hilton Hotels Corp.	95,600		2,173,944
Mandalay Resort Group	40,120		2,825,652
Outback Steakhouse, Inc.	113,800		5,209,764
Penn National Gaming, Inc.*^	89,800		5,437,390
Royal Caribbean Cruises Ltd.^	150,860		8,212,818
Wendy’s International, Inc.	95,000		3,729,700
Yum! Brands, Inc.*	40,020		1,888,144

			47,235,638

*Household Durables (1.5%)*
Blount International, Inc.*	184,600		3,215,732
Jarden Corp.*^	246,900		10,725,336
Lifetime Hoan Corp.	9,102		144,722
Newell Rubbermaid, Inc.	184,300		4,458,217
Yankee Candle Co., Inc.*	86,400		2,866,752

			21,410,759

*Internet & Catalog Retail (0.2%)*
Insight Enterprises, Inc.*^	139,900		2,870,748

*Leisure Equipment & Products (1.0%)*
Brunswick Corp.	102,400		5,068,800
Eastman Kodak Co.	186,300		6,008,175
K2, Inc.*^	119,700		1,900,836
RC2 Corp.*^	55,994		1,825,404

			14,803,215

*Media (1.2%)*
Clear Channel Communications, Inc.	75,280		2,521,127
E.W. Scripps Co., Class A	27,800		1,342,184
Emmis Communications Corp., Class A*^	114,326		2,193,916
New Frontier Media, Inc.*	70,500		558,290
Reader’s Digest Association, Inc. (Non-Voting)^	240,900		3,350,919
Time Warner, Inc.*	3,700		71,928
Tribune Co.	72,500		3,055,150
Viacom, Inc., Class B	100,843		3,669,677

			16,763,191

*Multiline Retail (0.8%)*
Big Lots, Inc.*^	282,520		3,426,967
Family Dollar Stores, Inc.	98,300		3,069,909
Nordstrom, Inc.	119,190		5,569,749

			12,066,625

*Specialty Retail (3.1%)*
Asbury Automotive Group, Inc.*	89,300		1,230,554
Autonation, Inc.*	102,400		1,967,104
Big 5 Sporting Goods Corp.	244,500		7,124,730
Blockbuster, Inc., Class A^	11,991		114,394
Blockbuster, Inc., Class B	11,991		105,641
Circuit City Stores, Inc.	82,100		1,284,044
Group 1 Automotive, Inc.*	21,500		677,250
Lithia Motors, Inc.^	114,647		3,074,832
Men’s Wearhouse, Inc.*^	86,600		2,767,736
Office Depot, Inc.*	93,400		1,621,424
OfficeMax, Inc.	50,500		1,584,690
Pep Boys Manny, Moe & Jack^	176,700		3,016,269
Pier 1 Imports, Inc.	140,900		2,775,730
Pomeroy IT Solutions, Inc.*	87,084		1,324,548
Regis Corp.	127,200		5,870,280
Select Comfort Corp.*^	7,900		141,726
Stage Stores, Inc.*^	38,900		1,615,128
TBC Corp.*	35,144		977,003
Tiffany & Co.	8,800		281,336
Toys R US, Inc.*	83,300		1,705,151
United Auto Group, Inc.^	103,200		3,053,688
Whitehall Jewelers, Inc.*	417,000		3,331,830

			45,645,088

*Textiles, Apparel & Luxury Goods (1.0%)*
Liz Claiborne, Inc.	144,600		6,103,566
Perry Ellis International, Inc.*	33,200		675,620
Polo Ralph Lauren Corp.	34,780		1,481,628
Timberland Co., Class A*	890		55,776
Warnaco Group, Inc.*^	296,890		6,412,824

			14,729,414

Total Consumer Discretionary			190,178,530

Consumer Staples (2.1%)
*Beverages (0.1%)*
Cott Corp. (New York Exchange)*^	34,900		863,077
Cott Corp. (Toronto Exchange)*	32,800		812,506

			1,675,583

*Food & Staples Retailing (1.2%)*
BJ’s Wholesale Club, Inc.*^	364,000		10,603,320
Safeway, Inc.*	314,140		6,201,124

			16,804,444

*Food Products (0.4%)*
Bunge Ltd.	29,600		1,687,496
Dean Foods Co.*	139,010		4,580,379

			6,267,875

*Household Products (0.4%)*
Colgate-Palmolive Co.	99,300		5,080,188

Total Consumer Staples			29,828,090

Energy (8.9%)
*Energy Equipment & Services (5.4%)*
Baker Hughes, Inc.	126,990		5,418,663
BJ Services Co.	87,000		4,048,980
Cooper Cameron Corp.*	111,810		6,016,496
ENSCO International, Inc.	99,400		3,154,956
FMC Technologies, Inc.*	95,300		3,068,660
GlobalSantaFe Corp.	89,900		2,976,589
Grant Prideco, Inc.*	192,100		3,851,605
Halliburton Co.	122,400		4,802,976
Helmerich & Payne, Inc.	127,100		4,326,484
Hydril Co.*^	30,200		1,374,402
Nabors Industries Ltd.*	61,200		3,138,948
National-Oilwell, Inc.*^	148,400		5,237,036
Noble Corp.*	104,200		5,182,908
Oceaneering International, Inc.*	88,600		3,306,552
Offshore Logistics, Inc.*	75,900		2,464,473
Oil States International, Inc.*	259,500		5,005,755
Pride International, Inc.*	95,400		1,959,516

215

EQ ADVISORS TRUST

EQ/FI SMALL/MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
Smith International, Inc.*	4,000	$	217,640
Superior Energy Services, Inc.*	137,000		2,111,170
Tenaris S.A. (ADR)^	26,600		1,300,740
Transocean, Inc.*	112,000		4,747,680
Unit Corp.*	98,600		3,767,506
Weatherford International Ltd.*	8,700		446,310

			77,926,045

*Oil & Gas (3.5%)*
Ashland, Inc.	88,400		5,160,792
Atlas America, Inc.*^	64,600		2,309,450
Denbury Resources, Inc.*^	102,600		2,816,370
Encore Acquisition Co.*^	120,000		4,189,200
Energy Partners Ltd.*^	73,200		1,483,764
Forest Oil Corp.*^	83,800		2,658,136
Patina Oil & Gas Corp.	159,300		5,973,750
Petroleum Development Corp.*	115,800		4,466,406
Plains Exploration & Production Co.*^	103,000		2,678,000
Premcor, Inc.	71,900		3,032,023
Range Resources Corp.^	69,300		1,417,878
Swift Energy Co.*^	95,700		2,769,558
Valero Energy Corp.	63,080		2,863,832
Vintage Petroleum, Inc.	118,200		2,681,958
Whiting Petroleum Corp.*^	43,100		1,303,775
World Fuel Services Corp.^	89,400		4,452,120

			50,257,012

Total Energy			128,183,057

Financials (15.5%)
*Capital Markets (1.5%)*
Charles Schwab Corp.	131,800		1,576,328
Janus Capital Group, Inc.	166,960		2,806,598
Lehman Brothers Holdings, Inc.	41,600		3,639,168
Merrill Lynch & Co., Inc.	75,400		4,506,658
Nuveen Investments, Inc., Class A^	94,000		3,710,180
State Street Corp.	55,900		2,745,808
Waddell & Reed Financial, Inc.	111,900		2,673,291

			21,658,031

*Commercial Banks (2.9%)*
Bank of America Corp.	75,198		3,533,554
Center Financial Corp.	108,100		2,164,162
EuroBancshares, Inc.*^	218,846		4,595,766
Hanmi Financial Corp.^	161,722		5,812,289
IBERIABANK Corp.^	26,792		1,777,917
Independent Bank Corp./Massachusetts^	53,035		1,789,931
Nara Bancorp, Inc.^	133,608		2,841,842
North Fork Bancorp, Inc.	25,200		727,020
Old Second Bancorp, Inc.	21,600		688,608
Prosperity Bancshares, Inc.^	70,989		2,073,589
Republic Bancorp, Inc., Class A^	40,618		1,043,882
Santander BanCorp^	21,200		639,392
Southwest Bancorp, Inc./Oklahoma^	53,500		1,309,680
Umpqua Holdings Corp.	124,400		3,136,124
UnionBanCal Corp.	59,960		3,866,221
Wachovia Corp.	113,530		5,971,678

			41,971,655

*Consumer Finance (0.5%)*
MBNA Corp.	139,100		3,921,229
Student Loan Corp.^	17,400		3,201,600

			7,122,829

*Diversified Financial Services (0.1%)*
Citigroup, Inc.	26,700		1,286,406

*Insurance (5.9%)*
Aflac, Inc.	121,020		4,821,437
Ambac Financial Group, Inc.	60,400		4,960,652
Berkshire Hathaway, Inc., Class A*	57		5,010,300
Fidelity National Financial, Inc.	287,800		13,143,826
IPC Holdings Ltd .	50,996		2,218,836
LandAmerica Financial Group, Inc.^	64,700		3,489,271
Marsh & McLennan Cos., Inc.	69,300		2,279,970
MBIA, Inc.	87,900		5,562,312
Metlife, Inc.	86,900		3,520,319
Montpelier Reinsurance Holdings Ltd.	120,800		4,644,760
Philadelphia Consolidated Holdings Corp.*^	169,700		11,223,958
Protective Life Corp.	67,700		2,890,113
Reinsurance Group of America, Inc	118,400		5,736,480
Scottish Annuity & Life Holdings Ltd.^	54,550		1,412,845
St. Paul Travelers Cos., Inc.	126,475		4,688,428
Stancorp Financial Group, Inc.	66,600		5,494,500
Universal American Financial Corp.*^	198,000		3,063,060
Willis Group Holdings Ltd .	36,800		1,515,056

			85,676,123

*Real Estate (2.1%)*
Alexandria Real Estate Equities, Inc. (REIT)	37,000		2,753,540
Apartment Investment & Management Co. (REIT)	5,640		217,366
Boston Properties, Inc. (REIT)	36,900		2,386,323
CenterPoint Properties Trust (REIT)	73,120		3,501,717
Cornerstone Realty Income Trust, Inc. (REIT)	34,800		347,304
Duke Realty Corp. (REIT)	79,020		2,697,743
Equity Residential Properties Trust (REIT)	64,500		2,333,610
General Growth Properties, Inc. (REIT)	87,360		3,158,937
Kimco Realty Corp. (REIT)	17,300		1,003,227
Public Storage, Inc. (REIT)	38,200		2,129,650
Reckson Associates Realty Corp. (REIT)	84,400		2,769,164
Simon Property Group, Inc. (REIT)	42,900		2,774,343
Trizec Properties, Inc. (REIT)	41,300		781,396
Vornado Realty Trust (REIT)	49,000		3,730,370

			30,584,690

*Thrifts & Mortgage Finance (2.5%)*
Bank Mutual Corp.	229,230		2,789,729
Countrywide Financial Corp.	144,330		5,341,653
Fannie Mae	30,900		2,200,389
Farmer Mac, Class C^	178,600		4,161,380
Flushing Financial Corp.^	8,300		166,498
Freddie Mac	21,300		1,569,810
Harbor Florida Bancshares, Inc.	81,200		2,810,332
KNBT Bancorp, Inc.^	87,924		1,485,916
NetBank, Inc.^	258,400		2,689,944
R&G Financial Corp., Class B	63,800		2,480,544
Sterling Financial Corp./Washington*^	93,000		3,651,180
W Holding Co., Inc.^	308,576		7,078,722

			36,426,097

Total Financials			224,725,831

216

EQ ADVISORS TRUST

EQ/FI SMALL/MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
Health Care (12.0%)
*Biotechnology (0.7%)*
CSL Ltd./Australia	81,799	$	1,875,575
Global Bio-Chem Technology Group Co., Ltd.	1,002,000		657,455
Invitrogen Corp.*^	70,000		4,699,100
Millennium Pharmaceuticals, Inc.*^	232,180		2,814,022

			10,046,152

*Health Care Equipment & Supplies (3.0%)*
Aspect Medical Systems, Inc.*^	9,000		220,140
Bausch & Lomb, Inc.	1,650		106,359
Baxter International, Inc.	285,270		9,853,226
Becton, Dickinson & Co.	41,940		2,382,192
Dade Behring Holdings, Inc.*	148,410		8,310,960
Fisher Scientific International, Inc.*	321,569		20,059,474
Nutraceutical International Corp.*	191,130		2,945,313
Thermo Electron Corp.*	2,450		73,966

			43,951,630

*Health Care Providers & Services (7.5%)*
Accredo Health, Inc.*	23,000		637,560
American Dental Partners, Inc.*	18,159		344,295
AMERIGROUP Corp.*^	40,900		3,094,494
AmerisourceBergen Corp.	101,000		5,926,680
Amsurg Corp.*^	115,800		3,420,732
Centene Corp.*^	106,200		3,010,770
Community Health Systems, Inc.*	214,000		5,966,320
Corvel Corp.*^	74,214		1,987,451
DaVita, Inc.*	159,100		6,289,223
Hanger Orthopedic Group, Inc.*^	67,927		550,209
HCA, Inc.	136,380		5,449,745
Humana, Inc.*	114,100		3,387,629
Laboratory Corp. of America Holdings*	49,320		2,457,122
McKesson Corp.	202,200		6,361,212
Molina Healthcare, Inc.*^	174,040		8,071,975
Omnicare, Inc.	145,700		5,044,134
PacifiCare Health Systems, Inc.*	25,500		1,441,260
Pediatrix Medical Group, Inc.*	51,200		3,279,360
Per-Se Technologies, Inc.*^	65,000		1,028,950
Pharmaceutical Product Development, Inc.*^	69,200		2,857,268
Quest Diagnostics, Inc.	51,960		4,964,778
Renal Care Group, Inc.*	280,035		10,078,460
Sierra Health Services, Inc.*^	51,400		2,832,654
Triad Hospitals, Inc.*	90,240		3,357,830
Universal Health Services, Inc., Class B	141,380		6,291,410
WebMD Corp.*^	272,700		2,225,232
WellChoice, Inc.*	137,400		7,337,160

			107,693,913

*Pharmaceuticals (0.8%)*
Connetics Corp.*^	24,900		604,821
Inkine Pharmaceutical Co.*^	583,300		3,167,319
Schering-Plough Corp.	335,460		7,004,405
Wyeth	18,000		766,620

			11,543,165

Total Health Care			173,234,860

Industrials (14.6%)
*Aerospace & Defense (3.6%)*
Alliant Techsystems, Inc.*	183,400		11,990,692
DRS Technologies, Inc.*^	147,200		6,286,912
Engineered Support Systems^	53,700		3,180,114
European Aeronautic Defence & Space Co.	121,380		3,529,046
GenCorp, Inc^	61,000		1,132,770
Goodrich Corp.	90,100		2,940,864
Honeywell International, Inc.	74,600		2,641,586
Lockheed Martin Corp.	32,620		1,812,041
Precision Castparts Corp.	157,605		10,351,496
Raytheon Co.	32,500		1,261,975
SI International, Inc.*^	176,829		5,439,260
United Defense Industries, Inc.*	47,000		2,220,750

			52,787,506

*Air Freight & Logistics (0.5%)*
CNF, Inc.	10,200		511,020
Hub Group, Inc., Class A*	39,023		2,037,781
Pacer International, Inc.*	219,272		4,661,723

			7,210,524

*Airlines (0.5%)*
ExpressJet Holdings, Inc.*^	93,600		1,205,568
Pinnacle Airlines Corp.*^	97,565		1,360,056
Ryanair Holdings plc (ADR)*^	81,590		3,324,793
Southwest Airlines Co.	55,200		898,656

			6,789,073

*Building Products (0.8%)*
Masco Corp.	183,000		6,684,990
Quixote Corp.^	63,000		1,280,790
Universal Forest Products, Inc.^	74,599		3,237,596

			11,203,376

*Commercial Services & Supplies (2.7%)*
ARAMARK Corp., Class B	116,800		3,096,368
Corrections Corp. of America*	284,500		11,508,025
Geo Group, Inc.*^	316,410		8,410,178
Jackson Hewitt Tax Service, Inc.	130,100		3,285,025
John H. Harland Co.	23,900		862,790
Manpower, Inc.	58,960		2,847,768
Standard Parking Corp.*	22,117		338,390
Steelcase, Inc., Class A^	149,900		2,074,616
Waste Connections, Inc.*^	103,425		3,542,306
West Corp.*^	92,019		3,046,749

			39,012,215

*Construction & Engineering (2.5%)*
Chicago Bridge & Iron Co., N.V. (N.Y. Shares)	166,950		6,678,000
Dycom Industries, Inc.*	101,940		3,111,209
EMCOR Group, Inc.*^	20,500		926,190
Fluor Corp.^	270,900		14,766,759
Granite Construction, Inc.^	17,900		476,140
Integrated Electrical Services, Inc.*^	586,200		2,837,208
Jacobs Engineering Group, Inc.*	65,200		3,115,908
URS Corp.*^	112,200		3,601,620

			35,513,034

*Electrical Equipment (0.3%)*
Smith (A.O.) Corp.^	6,830		204,490
Genlyte Group, Inc.*	42,400		3,632,832

			3,837,322

*Industrial Conglomerates (0.3%)*
Textron, Inc.	19,720		1,455,336
Tyco International Ltd.	97,560		3,486,794

			4,942,130

*Machinery (2.6%)*
AGCO Corp.*	181,000		3,962,090
Albany International Corp.	131,900		4,637,604
Crane Co.	65,100		1,877,484
Eaton Corp.	15,200		1,099,872
Gardner Denver, Inc.*	96,900		3,516,501
Harsco Corp.	80,200		4,470,348

217

EQ ADVISORS TRUST

EQ/FI SMALL/MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
JLG Industries, Inc.^	100,500	$	1,972,815
Kennametal, Inc.	129,400		6,440,238
Oshkosh Truck Corp.	50,800		3,473,704
SPX Corp.	62,230		2,492,934
Wabash National Corp.*	106,000		2,854,580
Watts Water Technologies, Inc., Class A	13,700		441,688

			37,239,858

*Marine (0.0%)*
Alexander & Baldwin, Inc.	4,500		190,890

*Road & Rail (0.6%)*
Canadian National Railway Co. (New York Exchange)	69,300		4,244,625
Canadian National Railway Co. (Toronto Exchange)	13,700		835,504
CSX Corp.	89,700		3,595,176
Laidlaw International, Inc.*	36,700		785,380

			9,460,685

*Trading Companies & Distributors (0.2%)*
Grainger (W.W.), Inc.	5,260		350,421
Interline Brands, Inc.*^	162,700		2,861,893

			3,212,314

Total Industrials			211,398,927

Information Technology (16.2%)
*Communications Equipment (0.8%)*
Alcatel S.A. (ADR)*^	283,400		4,429,542
Andrew Corp.*^	166,000		2,262,580
Motorola, Inc.	273,900		4,711,080
Powerwave Technologies, Inc.*^	78,700		667,376

			12,070,578

*Computers & Peripherals (2.5%)*
Dell, Inc.*	9,650		406,651
Maxtor Corp.*^	665,470		3,526,991
NCR Corp.*	50,360		3,486,423
Seagate Technology*	447,600		7,730,052
Storage Technology Corp.*	235,800		7,453,638
Unova, Inc.*^	185,000		4,678,650
Western Digital Corp.*	799,480		8,666,363

			35,948,768

*Electronic Equipment & Instruments (3.6%)*
Arrow Electronics, Inc.*	212,570		5,165,451
Avnet, Inc.*	359,480		6,556,915
Celestica, Inc.*	531,400		7,498,054
Flextronics International Ltd.*	756,370		10,453,033
Ingram Micro, Inc., Class A*	10,400		216,320
LoJack Corp.*	25,900		314,167
Measurement Specialties, Inc.*^	250,000		6,365,000
Mettler-Toledo International, Inc.*	115,535		5,928,101
Solectron Corp.*	549,700		2,929,901
Symbol Technologies, Inc.	386,260		6,682,298

			52,109,240

*Internet Software & Services (0.9%)*
Bankrate, Inc.*^	237,891		3,294,790
j2 Global Communications, Inc.*	181,800		6,272,100
McAfee, Inc.*	105,400		3,049,222

			12,616,112

*IT Services (3.5%)*
Affiliated Computer Services, Inc., Class A*^	297,070		17,880,644
Anteon International Corp.*	74,100		3,101,826
BearingPoint, Inc.*	364,240		2,924,847
BISYS Group, Inc.*	381,000		6,267,450
CACI International, Inc., Class A*	51,822		3,530,633
Ceridian Corp.*	399,440		7,301,763
Computer Sciences Corp.*	150,900		8,506,233
DST Systems, Inc.*	11,300		588,956

			50,102,352

*Office Electronics (0.9%)*
Xerox Corp.*	736,400		12,526,164

*Semiconductors & Semiconductor Equipment (2.2%)*
Agere Systems, Inc., Class A*^	379,300		519,641
Agere Systems, Inc., Class B*	713,100		962,685
AMIS Holdings, Inc.*^	66,780		1,103,206
Applied Materials, Inc.*	213,900		3,657,690
ASML Holding N.V. (N.Y. Shares)*	232,300		3,695,893
ATMI, Inc.*^	3,300		74,349
California Micro Devices CP*	152,800		1,083,352
ESS Technology, Inc.*	43,900		312,129
Fairchild Semiconductor International, Inc., Class A*	215,130		3,498,014
Freescale Semiconductor, Inc., Class B*	198,182		3,638,621
National Semiconductor Corp.	201,800		3,622,310
Novellus Systems, Inc.*	101,560		2,832,508
NVIDIA Corp.*	200,453		4,722,673
Staktek Holdings, Inc.*^	115,500		535,920
Zoran Corp.*	121,400		1,405,812

			31,664,803

*Software (1.8%)*
Blackbaud, Inc.*	273,100		3,998,184
Borland Software Corp.*	226,100		2,640,848
Cadence Design Systems, Inc.*	255,480		3,528,179
Pervasive Software, Inc.*^	401,868		1,949,060
Quest Software, Inc.*	128,900		2,055,955
Secure Computing Corp.*	80,523		803,619
Serena Software, Inc.*^	137,014		2,964,983
Siebel Systems, Inc.*	310,800		3,263,400
Sybase, Inc.*	79,000		1,576,050
Talx Corp.^	93,922		2,422,248
VERITAS Software Corp.*	60,200		1,718,710

			26,921,236

Total Information Technology			233,959,253

Materials (5.9%)
*Chemicals (2.0%)*
Albemarle Corp.	41,650		1,612,272
Cytec Industries, Inc.	22,600		1,162,092
Dow Chemical Co.	29,100		1,440,741
Ferro Corp.	119,700		2,775,843
Great Lakes Chemical Corp.^	106,580		3,036,464
Lyondell Chemical Co.	214,700		6,209,124
Nova Chemicals Corp.	64,700		3,060,310
Olin Corp.	39,900		878,598
Omnova Solutions, Inc.*^	220,000		1,236,400
PolyOne Corp.*^	314,900		2,852,994
UAP Holding Corp.*	223,800		3,865,026

			28,129,864

*Construction Materials (0.2%)*
Martin Marietta Materials, Inc.	16,500		885,390
Vulcan Materials Co.	45,500		2,484,755

			3,370,145

*Containers & Packaging (0.9%)*
Anchor Glass Container Corp.^	87,276		586,495
Owens-Illinois, Inc.*	365,300		8,274,045
Packaging Corp. of America	128,700		3,030,885
Smurfit-Stone Container Corp.*	44,400		829,392

			12,720,817

218

EQ ADVISORS TRUST

EQ/FI SMALL/MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares		Value (Note 1)
*Metals & Mining (2.4%)*
Agnico-Eagle Mines Ltd.^		137,000	$	1,883,750
Alcan, Inc. (New York Exchange)		160,640		7,877,786
Alcan, Inc. (Toronto Exchange)		6,490		318,501
Alcoa, Inc.		200,100		6,287,142
Gerdau S.A. (ADR)^		56,200		1,011,600
Grupo Mexico S.A. de C.V.*		80,616		406,804
IPSCO, Inc.		59,870		2,861,786
Newmont Mining Corp.		64,300		2,855,563
Nucor Corp.		136,460		7,142,316
Phelps Dodge Corp.		21,800		2,156,456
Steel Dynamics, Inc.^		61,200		2,318,256

				35,119,960

*Paper & Forest Products (0.4%)*
Aracruz Celulose S.A. (ADR)^		26,800		1,010,360
MeadWestvaco Corp.		78,000		2,643,420
Votorantim Celulose e Papel S.A. (ADR)^		109,250		1,769,850

				5,423,630

Total Materials				84,764,416

Telecommunication Services (2.5%)
*Diversified Telecommunication Services (1.1%)*
BellSouth Corp.		101,900		2,831,801
CenturyTel, Inc.		58,100		2,060,807
Citizens Communications Co.		256,600		3,538,514
Iowa Telecommunications Service, Inc.*^		101,600		2,191,512
SBC Communications, Inc.		96,400		2,484,228
Verizon Communications, Inc.		84,400		3,419,044

				16,525,906

*Wireless Telecommunication Services (1.4%)*
American Tower Corp., Class A*^		228,400		4,202,560
NII Holdings, Inc.*^		188,000		8,920,600
Spectrasite, Inc.*		78,400		4,539,360
Wireless Facilities, Inc.*^		290,800		2,745,152

				20,407,672

Total Telecommunication Services				36,933,578

Utilities (3.0%)
*Electric Utilities (2.6%)*
CMS Energy Corp.*		275,200		2,875,840
Edison International, Inc.		170,620		5,464,959
Entergy Corp.		70,880		4,790,779
Exelon Corp.		75,000		3,305,250
PG&E Corp.*		137,540		4,577,331
PPL Corp.		84,220		4,487,242
TXU Corp.		131,400		8,483,184
Westar Energy, Inc.		134,400		3,073,728

				37,058,313

*Multi-Utilities & Unregulated Power (0.4%)*
AES Corp.*		203,000		2,775,010
NRG Energy, Inc.*^		104,600		3,770,830

				6,545,840

Total Utilities				43,604,153

Total Common Stocks (93.8%) (Cost $1,142,786,151)				1,356,810,695

CONVERTIBLE PREFERRED STOCKS:
Consumer Discretionary (0.0%)
*Hotels, Restaurants & Leisure (0.0%)*
Six Flags, Inc., 7.25%, 8/15/09^		22,200		491,286

Total Consumer Discretionary				491,286

Financials (0.0%)
*Insurance (0.0%)*
Hartford Financial Services Group, Inc., 6.00%, 11/26/06		9,400		605,125

Total Financials				605,125

Health Care (0.1%)
*Health Care Equipment & Supplies (0.1%)*
Baxter International, Inc., 7.00%, 2/16/06^		36,200		2,043,852

Total Health Care				2,043,852

Materials (0.2%)
*Containers & Packaging (0.2%)*
Owens-Illinois, Inc., 4.75%, 12/31/49		61,300		2,452,000

Total Materials				2,452,000

Utilities (0.3%)
*Gas Utilities (0.1%)*
KeySpan Corp., 8.75%, 5/16/05		31,700		1,653,789

*Multi-Utilities and Unregulated Power (0.2%)*
Dominion Resources, Inc., 8.75%, 5/15/06		36,900		2,036,142

Total Utilities				3,689,931

Total Convertible Preferred Stocks (0.6%) (Cost $8,362,978)				9,282,194


	Principal Amount
LONG-TERM DEBT SECURITIES:
Consumer Discretionary (0.0%)
*Leisure Equipment & Products (0.0%)*
K2, Inc.
7.375%, 7/1/14(b)	$	20,000		21,900

Total Consumer Discretionary				21,900

Health Care (0.1%)
*Health Care Providers & Services (0.1%)*
Tenet Healthcare Corp.
5.375%, 11/15/06^		1,045,000		1,050,225
6.375%, 12/1/11^		1,455,000		1,349,513

Total Health Care				2,399,738

Information Technology (0.1%)
*Electronic Equipment & Instruments (0.1%)*
Celestica, Inc.
7.875%, 7/1/11		940,000		1,008,150

Total Information Technology				1,008,150

Total Long-Term Debt Securities (0.2%) (Cost $3,242,888)				3,429,788

SHORT-TERM DEBT SECURITIES:
Repurchase Agreement (3.5%)
JPMorgan Securities, Inc., 0.75% dated 12/31/04, due 1/3/05, to be repurchased at $ 51,003,144, collateralized by $ 45,998,000 of Federal National Mortgage Association, 6.00% due 5/1/11		51,000,000		51,000,000

219

EQ ADVISORS TRUST

EQ/FI SMALL/MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Principal Amount		Value (Note 1)
Short-Term Investments of Cash Collateral for Securities Loaned (13.9%)
Bank of Nova Scotia (New York)
2.41%, 5/30/06 (l)	$	14,989,407	$	14,989,407
Concord Minutemen C.C. LLC,
Series A 2.37%, 4/14/05 (l)		9,999,323		9,999,323
Deutsche Bank N.Y.
2.41%, 2/22/05 (l)		7,001,187		7,001,187
Fortis Bank
2.34%, 2/2/05		6,000,000		6,000,000
General Electric Capital Corp.
2.42%, 5/12/06 (l)		5,015,706		5,015,706
General Electric Co.
2.09%, 10/24/05 (l)		5,003,097		5,003,097
Morgan Stanley & Co.
2.49%, 1/2/06 (l)		13,000,000		13,000,000
National City Bank/Indiana
2.38%, 11/7/05 (l)		9,995,483		9,995,483
New York Life Insurance Co.
2.39%, 3/31/05 (l)		5,000,000		5,000,000
Nomura Securities
2.36%, 1/3/05		50,027,958		50,027,958
2.38%, 1/3/05		55,000,000		55,000,000
Washington Mutual Bank
2.28%, 2/15/05		10,000,000		10,000,000
Westdeutsche Landesbank N.Y.
2.34%, 7/13/05 (l)		9,996,984		9,996,984

				201,029,145

Time Deposit (0.1%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		476,700		476,700

Total Short-Term Debt Securities (17.5%) (Amortized Cost $252,505,845)				252,505,845

Total Investments (112.1%) (Cost/Amortized Cost $1,406,897,862)				1,622,028,522
Other Assets Less Liabilities (-12.1%)				(175,178,329	)

Net Assets (100%)			$	1,446,850,193

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	983,101,052
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		880,762,863

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	234,321,528
Aggregate gross unrealized depreciation		(24,758,128	)

Net unrealized appreciation	$	209,563,400

Federal income tax cost of investments	$	1,412,465,122

At December 31, 2004, the Portfolio had loaned securities with a total value $196,408,750. This was secured by collateral of $ 201,029,145 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

See Notes to Financial Statements.

220

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EQ/JANUS LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (18.9%)
*Hotels, Restaurants & Leisure (5.5%)*
Hilton Hotels Corp.		222,930	$	5,069,428
McDonald’s Corp.		166,510		5,338,310
Royal Caribbean Cruises Ltd.^		122,045		6,644,130

				17,051,868

*Media (3.7%)*
Gemstar-TV Guide International, Inc.*		378,160		2,238,707
Liberty Media Corp., Class A*		237,444		2,607,135
Time Warner, Inc.*		351,365		6,830,536

				11,676,378

*Multiline Retail (1.6%)*
Target Corp.		99,120		5,147,302

*Specialty Retail (6.4%)*
Best Buy Co., Inc.		101,635		6,039,152
Home Depot, Inc.		197,720		8,450,553
Staples, Inc.		160,505		5,410,623

				19,900,328

*Textiles, Apparel & Luxury Goods (1.7%)*
Nike, Inc., Class B		57,260		5,192,909

Total Consumer Discretionary				58,968,785

Consumer Staples (3.9%)
*Beverages (1.4%)*
PepsiCo, Inc.		86,825		4,532,265

*Household Products (2.5%)*
Procter & Gamble Co.		140,590		7,743,697

Total Consumer Staples				12,275,962

Energy (4.1%)
*Energy Equipment & Services (1.3%)*
Halliburton Co.		101,815		3,995,221

*Oil & Gas (2.8%)*
Exxon Mobil Corp.		170,655		8,747,775

Total Energy				12,742,996

Financials (9.7%)
*Capital Markets (1.7%)*
Morgan Stanley		94,255		5,233,038

*Consumer Finance (4.4%)*
American Express Co.		168,280		9,485,944
SLM Corp.		81,250		4,337,937

				13,823,881

*Insurance (2.3%)*
Allstate Corp.		34,220		1,769,858
American International Group, Inc.		80,435		5,282,167

				7,052,025

*Thrifts & Mortgage Finance (1.3%)*
Countrywide Financial Corp.		111,605		4,130,501

Total Financials				30,239,445

Health Care (18.9%)
*Biotechnology (5.1%)*
Amgen, Inc.*		64,730		4,152,430
Genentech, Inc.*		219,485		11,948,763

				16,101,193

*Health Care Equipment & Supplies (4.5%)*
Biomet, Inc.		95,540		4,145,481
Medtronic, Inc.		197,150		9,792,440

				13,937,921

*Health Care Providers & Services (6.1%)*
Caremark Rx, Inc.*		125,705		4,956,548
UnitedHealth Group, Inc.		161,885		14,250,736

				19,207,284

*Pharmaceuticals (3.2%)*
Eli Lilly & Co.		28,430		1,613,403
Sanofi-Aventis (ADR)		208,045		8,332,202

				9,945,605

Total Health Care				59,192,003

Industrials (12.2%)
*Aerospace & Defense (0.7%)*
Raytheon Co.		58,115		2,256,605

*Air Freight & Logistics (4.1%)*
FedEx Corp.		130,110		12,814,534

*Commercial Services & Supplies (1.9%)*
Apollo Group, Inc., Class A*		73,925		5,966,487

*Industrial Conglomerates (5.5%)*
General Electric Co.		253,865		9,266,073
Tyco International Ltd.		216,845		7,750,040

				17,016,113

Total Industrials				38,053,739

Information Technology (23.8%)
*Communications Equipment (4.9%)*
Cisco Systems, Inc.*		307,130		5,927,609
Motorola, Inc.		553,085		9,513,062

				15,440,671

*Computers & Peripherals (4.0%)*
Dell, Inc.*		99,925		4,210,840
Lexmark International, Inc., Class A*		95,890		8,150,650

				12,361,490

*Internet Software & Services (3.7%)*
Yahoo!, Inc.*		302,110		11,383,505

*Semiconductors & Semiconductor Equipment (6.1%)*
Applied Materials, Inc.*		174,473		2,983,488
Freescale Semiconductor, Inc., Class B*		61,068		1,121,209
Samsung Electronics Co., Ltd. (GDR)^§		18,218		3,964,069
Texas Instruments, Inc.		448,670		11,046,255

				19,115,021

*Software (5.1%)*
Intuit, Inc.*		61,575		2,709,916
Microsoft Corp.		497,715		13,293,967

				16,003,883

Total Information Technology				74,304,570

Materials (1.6%)
*Metals & Mining (1.6%)*
Rio Tinto plc (ADR)^		42,165		5,026,490

Total Materials				5,026,490

Total Common Stocks (93.1%) (Cost $239,005,648)				290,803,990

	Principal Amount
SHORT-TERM DEBT SECURITIES:
Government Securities (7.1%)
Federal National Mortgage Association
1.65%, 1/3/05 (o)	$	22,100,000		22,096,961

221

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EQ/JANUS LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Principal Amount		Value (Note 1)
Short-Term Investment of Cash Collateral for Securities Loaned (4.0%)
Nomura Securities
2.36%, 1/3/05	$	12,656,358	$	12,656,358

Time Deposit (0.0%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		26,389		26,389

Total Short-Term Debt Securities (11.1%) (Amortized Cost $34,779,708)				34,779,708

Total Investments (104.2%) (Cost/Amortized Cost $273,785,356)				325,583,698
Other Assets Less Liabilities (-4.2%)				(13,140,709	)

Net Assets (100%)			$	312,442,989

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2004, the market value of these securities amounted to $3,964,069 or 1.27% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any security might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	175,867,974
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		170,298,997

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	51,134,432
Aggregate gross unrealized depreciation		(1,416,551	)

Net unrealized appreciation	$	49,717,881

Federal income tax cost of investments	$	275,865,817

At December 31, 2004, the Portfolio had loaned securities with a total value $12,402,028. This was secured by collateral of $12,656,358 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

The Portfolio has a net capital loss carryforward of $56,722,871 of which $6,331,501 expires in the year 2009, $32,100,001 expires in the year 2010, and $18,291,369 expires in the year 2011.

The Portfolio utilized net capital loss carryforward of $7,453,682 during 2004.

See Notes to Financial Statements.

222

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EQ/J.P. MORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (45.7%)
*Asset Backed Securities (23.4%)*
American Express Credit Account Master Trust,
Series 02-1 A 2.513%, 9/15/09^(l)	$	3,335,000	$	3,342,698
Series 03-4 A 1.690%, 1/15/09		480,000		469,445
Series 04-C C 2.903%, 2/15/12 (l)§		5,250,000		5,264,766
AmeriCredit Automobile Receivables Trust,
Series 03-CF A3 2.750%, 10/9/07		1,110,000		1,107,197
Series 03-CF A4 3.480%, 5/6/10		1,770,000		1,771,660
Series 03-DM A3B 2.551%, 12/6/07 (l)		4,430,000		4,436,753
Series 03-DM A4 2.840%, 8/6/10		2,395,000		2,369,712
Series 04-BM A4 2.670%, 3/7/11		3,555,000		3,472,039
Series 04-DF A3 2.980%, 7/6/09		1,385,000		1,370,399
Capital Auto Receivables Asset Trust,
Series 03-1 A3A 2.750%, 4/16/07		1,500,000		1,494,836
Series 03-2 A3B 2.443%, 2/15/07 (l)		2,791,640		2,792,234
Series 03-2 A4A 1.960%, 1/15/09		3,175,000		3,092,974
Capital One Auto Finance Trust,
Series 03-B A4 3.180%, 9/15/10		1,400,000		1,387,369
Series 04-A A4 2.503%, 3/15/11 (l)		3,000,000		2,999,999
Series 04-B A3 2.960%, 4/15/09		4,500,000		4,465,548
Capital One Master Trust,
Series 00-4 C 3.203%, 8/15/08 (l)§		3,570,000		3,584,637
Capital One Multi-Asset Execution Trust,
Series 03-A 3.653%, 12/15/10 (l)§		10,240,000		10,585,600
Series 03-A4 A4 3.650%, 7/15/11		1,590,000		1,582,112
Carmax Auto Owner Trust,
Series 04-2 A3 3.000%, 9/15/08		3,375,000		3,352,853
Carss Finance LP,
Series 04-B1 2.683%, 1/15/11 (l)§		963,512		963,512
Series 04-B2 3.353%, 1/15/11 (l)§		1,601,472		1,601,472
Citibank Credit Card Issuance Trust,
Series 01-A6 A6 5.650%, 6/16/08		1,675,000		1,730,928
Series 03-A2 A2 2.700%, 1/15/08		8,000,000		7,964,413
Series 03-A5 A5 2.500%, 4/7/08		9,250,000		9,168,132
Series 03-A6 A6 2.900%, 5/17/10		5,500,000		5,354,820
Series 03-C2 C2 3.510%, 3/20/08 (l)		5,000,000		5,039,713
Series 04-A4 A4 3.200%, 8/24/09		4,000,000		3,961,947
Citibank Omni-S Master Trust,
Series 01-1 A 2.583%, 2/15/10 (l)		6,000,000		5,998,652
Citigroup Mortgage Loan Trust, Inc.,
Series 03-HE3 A 2.798%, 12/25/33 (l)		3,040,571		3,046,520
CNH Equipment Trust,
Series 04-A A3A 2.473%, 10/15/08 (l)		2,000,000		2,000,000
COMED Transitional Funding Trust,
Series 98-1 A6 5.630%, 6/25/09		2,370,000		2,448,744
Countrywide Asset-Backed Certificates,
Series 03-5 AF3 3.613%, 4/25/30		2,395,000		2,392,297
Series 03-5 MF1 5.413%, 1/25/34		2,170,000		2,209,634
Series 04-1 3A 2.698%, 4/25/34 (l)		1,233,558		1,235,001
Series 04-1 M1 2.918%, 3/25/34 (l)		1,570,000		1,575,303
Series 04-1 M2 2.968%, 3/25/34 (l)		1,190,000		1,193,434
Series 04-BC1 A1 2.648%, 4/25/34 (l)		4,953,407		4,953,497
Countrywide Home Equity Loan Trust,
Series 04-K 2A 2.703%, 2/15/34 (l)		4,143,537		4,148,069
DaimlerChrysler Auto Trust,
Series 03-A A4 2.880%, 10/8/09		1,235,000		1,226,279
DaimlerChrysler Master Owner Trust,
Series 03-A A 2.453%, 2/15/08 (l)		5,000,000		5,002,813
Discover Card Master Trust I,
Series 04-2 A1 2.339%, 5/15/10 (l)		3,300,000		3,300,000
Ford Credit Auto Owner Trust,
Series 02-A B 4.790%, 11/15/06		7,000,000		7,057,030
Series 03-B A4 2.410%, 8/15/07		11,750,000		11,616,978
GMAC Mortgage Corp. Loan Trust,
Series 04-HE1 A2 2.518%, 6/25/34 (l)		1,500,000		1,497,391
Gracechurch Card Funding PLC,
Series 7A 2.279%, 11/16/09 (l)		4,600,000		4,600,000
GS Mortgage Securities Corp. II,
Series 03-GSFL VI A1 2.553%, 11/15/15 ^(l)§		4,190,333		4,189,425
GSAMP Trust,
Series 04-OPT A1 2.758%, 11/25/34 (l)		3,325,000		3,325,000
Honda Auto Receivables Owner Trust,
Series 03-1 A4 2.480%, 7/18/08		2,000,000		1,983,340
Household Automotive Trust,
Series 03-1 A4 2.220%, 11/17/09		9,115,000		8,929,615
Household Mortgage Loan Trust,
Series 04-HC1 A 2.760%, 1/20/34 (l)		3,323,495		3,321,958
Impac CMB Trust,
Series 04-10 2A 2.480%, 3/25/35 (l)		1,988,612		1,987,369

223

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EQ/J.P. MORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Principal Amount		Value (Note 1)
Long Beach Mortgage Loan Trust,
Series 03-3 A 2.738%, 7/25/33 (l)	$	6,012,154	$	6,019,365
Series 03-4 AV3 2.758%, 8/25/33 (l)		1,054,625		1,056,016
Series 03-4 M1 3.098%, 8/25/33^(l)		5,500,000		5,521,097
Series 04-1 A3 2.718%, 2/25/34 (l)		5,189,517		5,190,297
Series 04-1 M1 2.918%, 2/25/34 (l)		2,200,000		2,207,686
Series 04-1 M2 2.968%, 2/25/34 (l)		1,475,000		1,479,447
Series 04-3 A3 2.678%, 7/25/34 (l)		1,750,000		1,750,031
Series 04-3 M1 2.988%, 7/25/34 (l)		1,750,000		1,752,734
Series 04-4 2A1 2.778%, 10/25/34 (l)		1,893,455		1,891,536
M&I Auto Loan Trust,
Series 03-1 A4 2.970%, 4/20/09		1,735,000		1,716,976
MBNA Credit Card Master Note Trust,
Series 01-C2 C2 3.553%, 12/15/10 (l)§		3,725,000		3,821,566
Metris Master Trust,
Series 04-1 A 2.690%, 4/20/11 (l)		3,100,000		3,100,012
Morgan Stanley Auto Loan Trust,
Series 03-HB1 A2 2.170%, 4/15/11		2,540,000		2,490,024
Onyx Acceptance Auto Trust,
Series 03-B A4 2.450%, 3/15/10		6,750,000		6,634,064
Series 03-C A4 2.660%, 5/17/10		2,455,000		2,418,462
Option One Mortgage Loan Trust,
Series 03-1 A2 2.838%, 2/25/33 (l)		2,176,618		2,182,253
Series 03-5 A2 2.738%, 8/25/33 (l)		1,436,109		1,436,394
Series 04-1 M1 3.018%, 1/25/34 (l)		4,700,000		4,703,299
PECO Energy Transition Trust,
Series 00-A A3 7.625%, 3/1/10^		1,300,000		1,477,371
Series 99-A A4 5.800%, 3/1/07		204,054		205,211
PSE&G Transition Funding LLC,
Series 01-1 A6 6.610%, 6/15/15		2,975,000		3,385,556
Residential Asset Securities Corp.,
Series 02-KS4 AIIB 2.668%, 7/25/32 (l)		924,523		922,949
Series 03-KS9 A2B 2.738%, 11/25/33 (l)		2,378,909		2,379,806
SLM Student Loan Trust,
Series 03-11 A5 2.990%, 12/15/22§		5,775,000		5,768,185
Series 03-12 A2 2.540%, 12/17/12 (l)		7,600,000		7,606,472
Triad Auto Receivables Owner Trust,
Series 03-B A4 3.200%, 12/13/10		2,200,000		2,180,363
Volkswagen Auto Lease Trust,
Series 04-A A3 2.840%, 7/20/07		2,500,000		2,485,548
Wachovia Asset Securitization, Inc.,
Series 02-HE2 A 2.848%, 12/25/32 (l)	$	2,198,689		2,203,614
Series 03-HE3 A 2.668%, 11/25/33 (l)		5,744,630		5,731,471
Wells Fargo Home Equity Trust,
Series 04-2 AI1B 2.940%, 2/25/18 (l)		4,638,586		4,608,870
WFS Financial Owner Trust,
Series 03-4 A4 3.150%, 5/20/11		2,200,000		2,189,710
Series 04-3 A2 2.550%, 10/17/07		2,750,000		2,741,397

				283,223,899

*Non-Agency CMO (22.3%)*
Adjustable Rate Mortgage Trust,
Series 04-1 9A2 2.818%, 1/25/35 (l)		5,928,021		5,928,021
Banc of America Commercial Mortgage, Inc.,
Series 03-2 A4 5.061%, 3/11/41		6,450,000		6,605,836
Bank of America Mortgage Securities,
Series 02-K 1A1 6.431%, 10/20/32 (l)		344,524		360,901
Bear Stearns Commercial Mortgage Securities,
Series 04-PWR6 A4 4.521%, 11/11/41		2,345,000		2,346,832
Series 04-PWR6 A6 4.825%, 11/11/41		12,410,000		12,406,122
Series 04-T16 A3 4.030%, 8/13/46		4,500,000		4,485,520
Calwest Industries Trust,
Series 02-CALW AFL 2.783%, 2/15/12 (l)§		1,500,000		1,503,929
Centre Reinsurance,
Series 00-ZC2 A4A 6.699%, 8/10/14§		2,493,903		2,680,946
Countrywide Alternative Loan Trust,
Series 04-28CB 3A1 6.000%, 1/25/35		15,340,676		15,823,142
Countrywide Home Loan Mortgage Pass Through Trust,
Series 04-25 2A3 2.788%, 2/25/35 (l)		8,100,000		8,098,734
Series 04-28R A1 5.500%, 8/25/33		23,783,519		24,106,737
Credit Suisse First Boston Mortgage Securities Corp.,
Series 01-CK1 A3 6.380%, 12/16/35		4,330,000		4,764,428
Series 02-CKN2 A3 6.133%, 4/15/37		3,000,000		3,273,205
Series 03-C4 A4 5.137%, 8/15/36^		5,870,000		6,035,998
Series 03-C5 A4 4.900%, 12/15/36		7,820,000		7,896,967
First Union - Lehman Brothers - Bank of America,
Series 98-C2 A2 6.560%, 11/18/35^		1,805,000		1,940,621
GE Capital Commercial Mortgage Corp.,
Series 02-1A A3 6.269%, 12/10/35		4,665,000		5,143,465
GE Corporate Aircraft Financing LLC,
Series 04-1A A1 2.508%, 8/25/11 (l)§		2,984,266		2,983,968

224

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EQ/J.P. MORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Principal Amount		Value (Note 1)
GMAC Commercial Mortgage Securities, Inc.,
Series 98-C2 A1 6.150%, 5/15/35	$	19,832	$	20,009
GMAC Residential Funding Corp.,
Series 04-NS1A A1B 2.580%, 12/12/20 (l)§		2,637,682		2,637,682
Granite Mortgages plc,
Series 04-3 1A3 2.610%, 9/20/44 (l)		5,000,000		5,001,000
Greenwich Capital Commercial Funding Corp.,
Series 02-C1 A4 4.948%, 1/11/35		5,230,000		5,351,989
Series 03-C1 A4 4.111%, 7/5/35		6,945,000		6,701,644
Impac Secured Assets Corp.,
Series 04-3 1A4 2.818%, 11/25/34 (l)		6,564,158		6,566,527
Indymac Index Mortgage Loan Trust,
Series 04-AR7 A1 2.858%, 9/25/34 (l)		6,518,482		6,518,482
LB-UBS Commercial Mortgage Trust,
Series 03-C5 A4 4.685%, 7/15/32 (l)		5,125,000		5,122,463
Series 04-C2 A2 3.246%, 3/15/29		3,095,000		3,011,513
Medallion Trust,
Series 04-1G A1 2.510%, 5/25/35 (l)		2,902,961		2,902,961
Morgan Stanley Capital I,
Series 04-HQ3 A2 4.050%, 1/13/41		1,000,000		992,547
Series 04-IQ8 A4 4.900%, 6/15/40		9,280,000		9,440,507
Series 04-T13 A2 3.940%, 9/13/45		1,250,000		1,233,741
Morgan Stanley Dean Witter Capital I,
Series 03-HQ2 A2 4.920%, 3/12/35		3,120,000		3,169,966
Nomura Asset Securities Corp.,
Series 98-D6 A1B 6.590%, 3/15/30^		2,690,000		2,909,667
Permanent Financing plc,
Series 2-4A 2.680%, 12/10/09 (l)		4,760,000		4,776,362
Series 4-2A 2.530%, 3/10/09 (l)		5,000,000		5,000,811
RESI Finance LP,
Series 03-B B3 3.920%, 7/10/35 (l)§		3,415,921		3,484,239
Series 03-C B3 3.770%, 9/10/35 (l)§		10,283,040		10,282,854
Series 03-C B4 3.970%, 9/10/35 (l)§		1,179,698		1,189,218
Series 03-D B3 3.670%, 12/10/35 (l)§		6,264,542		6,291,072
Series 03-D B4 3.870%, 12/10/35 (l)§		1,888,214		1,896,115
Residential Funding Mortgage Securities I,
Series 02-S1 A4 6.250%, 1/25/32		5,408,005		5,437,612
Wachovia Bank Commercial Mortgage Trust,
Series 02-C2 A4 4.980%, 11/15/34^		8,545,000		8,742,087
Series 03-C9 A2 3.958%, 12/15/35		6,230,000		6,222,467
Washington Mutual, Inc.,
Series 02-S8 1A1 5.750%, 1/25/33		2,278,344		2,281,010
Series 04-AR10 A1A 2.628%, 7/25/44 (l)		8,795,726		8,821,831
Series 05-AR1 2.740%, 1/25/45 (l)		4,050,000		4,050,000
Wells Fargo Mortgage Backed Securities Trust,
Series 02-7 2A6 6.000%, 4/25/32		7,800,000		7,785,210
Series 04-S A4 3.541%, 9/25/34 (l)		16,825,000		16,625,203

				270,852,161

Total Asset-Backed and Mortgage-Backed Securities				554,076,060

Consumer Discretionary (3.2%)
*Automobiles (1.7%)*
American Honda Finance Corp.
2.376%, 5/11/07 (l)§		2,495,000		2,494,930
DaimlerChrysler NA Holdings Corp.
2.960%, 5/24/06 (l)		2,000,000		2,009,826
7.200%, 9/1/09		1,000,000		1,113,016
Ford Motor Co.
7.450%, 7/16/31^		125,000		125,717
Ford Motor Credit Co.
7.375%, 10/28/09		4,395,000		4,740,746
7.875%, 6/15/10		1,675,000		1,845,448
7.000%, 10/1/13^		3,845,000		4,076,208
General Motors Corp.
7.200%, 1/15/11		845,000		866,668
8.250%, 7/15/23^		1,070,000		1,114,589
8.375%, 7/15/33^		2,620,000		2,714,537

				21,101,685

*Household Durables (0.2%)*
Pulte Homes, Inc.
5.250%, 1/15/14^		1,875,000		1,865,873

*Media (1.3%)*
AOL Time Warner, Inc.
7.625%, 4/15/31		825,000		998,053
Clear Channel Communications, Inc.
5.500%, 9/15/14^		1,965,000		1,972,591
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13		4,472,000		5,514,405
Comcast Corp.
5.300%, 1/15/14^		150,000		154,697
News America, Inc.
7.250%, 5/18/18^		825,000		951,168
6.200%, 12/15/34§		55,000		55,743
TCI Communications, Inc.
7.875%, 8/1/13		820,000		983,174
8.750%, 8/1/15		595,000		758,898
Time Warner Cos., Inc.
9.150%, 2/1/23		720,000		964,771
Time Warner Entertainment Co. LP
8.375%, 3/15/23		2,805,000		3,516,651

				15,870,151

Total Consumer Discretionary				38,837,709

Consumer Staples (0.3%)
*Beverages (0.1%)*
SABMiller plc
6.625%, 8/15/33§		735,000		833,732

*Food & Staples Retailing (0.2%)*
Safeway, Inc.
4.125%, 11/1/08^		3,030,000		3,012,208

Total Consumer Staples				3,845,940

225

EQ ADVISORS TRUST

EQ/J.P. MORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Principal Amount		Value (Note 1)
Energy (1.3%)
*Energy Equipment & Services (0.1%)*
Transocean, Inc.
6.625%, 4/15/11	$	545,000	$	609,321

*Oil & Gas (1.2%)*
BP Capital Markets plc
2.750%, 12/29/06		2,455,000		2,429,878
Canadian Natural Resources Ltd.
7.720%, 6/29/09		815,000		962,971
Kerr-McGee Corp.
6.950%, 7/1/24		1,515,000		1,675,341
Kinder Morgan Energy Partners LP
5.125%, 11/15/14		495,000		494,015
7.400%, 3/15/31		1,515,000		1,761,913
7.750%, 3/15/32		930,000		1,122,394
7.300%, 8/15/33^		490,000		567,590
Pemex Project Funding Master Trust
8.625%, 2/1/22		992,000		1,154,192
Pioneer Natural Resources Co.
5.875%, 7/15/16^		2,695,000		2,815,499
Valero Energy Corp.
7.500%, 4/15/32		1,490,000		1,797,210

				14,781,003

Total Energy				15,390,324

Financials (16.0%)
*Capital Markets (3.2%)*
Bear Stearns Cos., Inc.
2.230%, 1/16/07 (l)		7,120,000		7,125,461
Goldman Sachs Capital I
6.345%, 2/15/34^		4,405,000		4,586,944
Goldman Sachs Group, Inc.
2.539%, 2/21/06 (l)		1,625,000		1,627,894
2.259%, 7/28/06 (l)		4,650,000		4,651,860
2.480%, 8/18/06 (l)		500,000		501,162
2.685%, 7/2/07 (l)		1,500,000		1,500,000
5.700%, 9/1/12		390,000		413,407
Merrill Lynch & Co., Inc.
2.870%, 6/13/05 (l)		1,625,000		1,627,031
2.195%, 10/19/07 (l)		3,650,000		3,648,237
5.000%, 1/15/15		2,885,000		2,873,694
Morgan Stanley
2.200%, 1/12/07^(l)		7,095,000		7,105,125
2.415%, 2/15/07 (l)		2,000,000		2,000,878
2.401%, 11/9/07 (l)		900,000		899,334

				38,561,027

*Commercial Banks (5.5%)*
ABN Amro North American Holding Capital
6.523%, 12/29/49 (l)§		2,250,000		2,472,142
ANZ Capital Trust I
5.360%, 12/31/49§		3,510,000		3,560,425
Cadets Trust
4.800%, 7/15/13§		1,350,000		1,302,619
Den Norske Bank ASA
7.729%, 6/30/49 (l)§		510,000		590,320
HBOS Capital Funding LP
6.071%, 6/30/49 (l)§		540,000		578,749
HSBC Bank USA N.A.
2.590%, 9/21/07 (l)		2,000,000		2,000,848
HSBC Capital Funding LP
4.610%, 12/31/49 (l)§		3,635,000		3,508,742
9.547%, 12/31/49 (l)§		2,105,000		2,622,529
Industrial Bank of Korea
4.000%, 5/19/14^(l)§		2,215,000		2,166,494
KBC Bank Fund Trust III
9.860%, 11/30/49 (l)§		1,725,000		2,116,347
Keycorp
2.300%, 7/23/07 (l)		2,700,000		2,700,267
Mizuho Financial Group Cayman Ltd.
5.790%, 4/15/14^§		2,060,000		2,163,822
Nordbanken AB
8.950%, 12/31/49 (l)§		1,275,000		1,510,253
Northern Rock plc
2.205%, 10/19/07 (l)§		2,250,000		2,249,035
5.600%, 4/29/49 ^(l)§		1,055,000		1,089,280
Popular North America, Inc.
4.700%, 6/30/09		2,250,000		2,294,177
Rabobank Capital Funding Trust III
5.254%, 12/31/49 (l)§		2,765,000		2,749,972
RBS Capital Trust II
6.425%, 12/29/49 (l)		1,130,000		1,193,353
RBS Capital Trust III
7.730%, 7/1/10 (l)		4,205,000		4,298,397
Royal Bank of Scotland Plc
2.370%, 11/24/06 (l)§		2,350,000		2,348,888
Standard Chartered Bank
8.000%, 5/30/31§		1,495,000		1,902,769
SunTrust Banks, Inc.
2.500%, 11/1/06		3,325,000		3,271,584
Swedbank AB
9.000%, 12/31/49§		780,000		936,119
U.S. Bank NA
2.850%, 11/15/06^		4,360,000		4,323,289
United Overseas Bank Ltd.
5.375%, 9/3/19 (l)§		3,650,000		3,701,355
Wachovia Corp.
2.170%, 7/20/07 (l)		2,300,000		2,299,625
Wells Fargo & Co.
2.590%, 3/23/07 (l)		2,865,000		2,866,241
Westpac Banking Corp.
2.440%, 5/25/07 (l)§		2,000,000		2,000,522
Westpac Capital Trust III
5.819%, 12/31/49 (l)§		590,000		618,704
Westpac Capital Trust IV
5.256%, 12/29/49 (l)§		1,020,000		1,010,198

				66,447,065

*Consumer Finance (2.3%)*
American General Finance Corp.
3.000%, 11/15/06^		3,820,000		3,771,391
4.500%, 11/15/07		355,000		361,687
5.375%, 10/1/12		2,065,000		2,140,798
General Motors Acceptance Corp.
3.185%, 5/18/06 (l)		1,800,000		1,791,673
2.970%, 1/16/07 (l)		5,120,000		5,065,052
3.189%, 3/20/07 (l)		1,400,000		1,378,987
6.875%, 9/15/11		1,310,000		1,342,479
7.000%, 2/1/12		525,000		540,930
6.750%, 12/1/14^		2,015,000		2,017,755
8.000%, 11/1/31		310,000		318,644
HSBC Finance Corp.
2.370%, 2/9/07 (l)		6,285,000		6,292,303
John Deere Capital Corp.
2.570%, 3/16/06 (l)		3,150,000		3,151,972

				28,173,671

*Diversified Financial Services (2.8%)*
Capital One Bank
8.250%, 6/15/05		1,850,000		1,891,090
CIT Group, Inc.
2.170%, 4/19/06 (l)		2,250,000		2,250,749
2.730%, 6/19/06 (l)		2,350,000		2,355,139
2.530%, 5/18/07 (l)		1,000,000		1,000,004
Citigroup, Inc.
2.635%, 3/20/06 (l)		3,250,000		3,255,116

226

EQ ADVISORS TRUST

EQ/J.P. MORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Principal Amount		Value (Note 1)
General Electric Capital Corp.
5.875%, 2/15/12	$	2,735,000	$	2,959,317
5.450%, 1/15/13		2,400,000		2,533,111
6.750%, 3/15/32		1,110,000		1,299,200
OMX Timber Finance Investments LLC,
Series 1 5.420%, 1/29/20 (l)§		2,120,000		2,106,548
Series 2 5.540%, 1/29/20 (l)§		2,095,000		2,083,912
Pricoa Global Funding I
2.701%, 12/22/06 (l)§		5,375,000		5,380,031
3.900%, 12/15/08§		4,540,000		4,530,720
Prudential Holdings LLC
8.695%, 12/18/23§		945,000		1,200,008
UFJ Finance Aruba AEC
6.750%, 7/15/13		1,395,000		1,554,548

				34,399,493

*Insurance (1.4%)*
Arch Capital Group Ltd.
7.350%, 5/1/34		1,340,000		1,428,660
Aspen Insurance Holdings Ltd.
6.000%, 8/15/14§		2,980,000		2,998,780
CNA Financial Corp.
5.850%, 12/15/14^		2,545,000		2,539,717
ING Capital Funding Trust III
8.439%, 12/29/49 (l)		1,270,000		1,520,606
Liberty Mutual Group
7.000%, 3/15/34^§		1,460,000		1,476,193
Monumental Global Funding II
3.900%, 6/15/09§		2,735,000		2,700,821
Nationwide Financial Services, Inc.
6.250%, 11/15/11		175,000		190,799
5.900%, 7/1/12		485,000		512,141
North Front Pass-Through Trust
5.810%, 12/15/24§		2,710,000		2,742,547
Odyssey Reinsurance Holdings Corp.
7.650%, 11/1/13		1,095,000		1,207,741

				17,318,005

*Real Estate (0.3%)*
Socgen Real Estate Co. LLC
7.640%, 12/31/49 (l)§		1,250,000		1,371,122
Westfield Capital Corp., Ltd.
5.125%, 11/15/14§		2,090,000		2,079,958

				3,451,080

*Thrifts & Mortgage Finance (0.5%)*
Countrywide Home Loans, Inc.
2.450%, 2/17/06 (l)		5,525,000		5,523,552

Total Financials				193,873,893

Government Securities (55.2%)
*Agency CMO (0.5%)*
Federal Home Loan Mortgage Corp.
4.500%, 2/15/11 IO		5,950,000		352,948
5.000%, 10/15/23 IO		8,411,184		801,164
Federal National Mortgage Association
4.500%, 11/25/22		2,230,000		2,238,012
5.750%, 6/25/29		981,820		980,905
Government National Mortgage Association
5.500%, 4/20/25 IO		3,873,963		285,631
5.500%, 1/20/27 IO		5,930,006		535,629
5.500%, 10/20/27 IO		9,346,275		1,011,589

				6,205,878

*Foreign Governments (1.4%)*
Bundesrepublik Deutschland
4.750%, 7/4/34		6,600,000		9,667,506
United Mexican States
6.375%, 1/16/13		1,000,000		1,065,000
5.875%, 1/15/14		2,230,000		2,284,635
11.500%, 5/15/26		415,000		634,950
11.500%, 5/15/26		520,000		795,600
8.300%, 8/15/31		2,605,000		3,053,060

				17,500,751

*U.S. Government Agencies (41.7%)*
Federal Home Loan Bank
1.625%, 6/15/05^		1,085,000		1,080,409
Federal Home Loan Mortgage Corp.
1.500%, 8/15/05^		525,000		520,955
5.750%, 1/15/12^		27,150,000		29,577,699
6.750%, 3/15/31^		7,360,000		8,945,138
6.250%, 7/15/32^		1,635,000		1,875,646
Federal National Mortgage Association
3.250%, 8/15/08^		12,275,000		12,113,216
7.125%, 1/15/30		8,710,000		10,956,022
7.250%, 5/15/30^		85,000		108,675
5.000%, 1/25/20 TBA		28,550,000		28,996,094
5.500%, 1/25/20 TBA		62,900,000		64,983,562
5.000%, 1/25/35 TBA		140,350,000		139,209,659
5.500%, 1/25/35 TBA		101,300,000		102,819,500
6.000%, 1/25/35 TBA		30,800,000		31,839,500
5.500%, 2/25/35 TBA		39,300,000		39,791,250
Government National Mortgage Association
6.000%, 1/15/35 TBA		32,000,000		33,150,016

				505,967,341

*U.S. Treasuries (11.6%)*
U.S. Treasury Bonds
8.875%, 2/15/19		8,745,000		12,580,846
7.250%, 8/15/22^		3,000,000		3,866,367
6.375%, 8/15/27^		16,135,000		19,374,601
5.375%, 2/15/31^		4,855,000		5,249,847
U.S. Treasury Notes
1.875%, 1/31/06^		805,000		797,265
2.375%, 8/31/06^		33,190,000		32,859,394
2.625%, 11/15/06^		4,735,000		4,700,042
3.125%, 4/15/09^		48,905,000		48,163,796
4.000%, 6/15/09^		1,310,000		1,334,920
3.375%, 10/15/09^		1,550,000		1,534,742
4.750%, 5/15/14^		3,965,000		4,131,962
4.250%, 8/15/14^		2,730,000		2,736,080
4.250%, 11/15/14^		2,910,000		2,917,615

				140,247,477

Total Government Securities				669,921,447

Health Care (0.4%)
*Health Care Equipment & Supplies (0.1%)*
Hospira, Inc.
4.950%, 6/15/09		1,985,000		2,027,757

*Health Care Providers & Services (0.2%)*
UnitedHealth Group, Inc.
3.300%, 1/30/08		2,140,000		2,106,997

*Pharmaceuticals (0.1%)*
Wyeth
6.450%, 2/1/24		1,055,000		1,122,089

Total Health Care				5,256,843

Industrials (1.5%)
*Aerospace & Defense (0.2%)*
General Dynamics Corp.
2.125%, 5/15/06^		1,900,000		1,872,849

227

EQ ADVISORS TRUST

EQ/J.P. MORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Principal Amount		Value (Note 1)
*Commercial Services & Supplies (0.1%)*
Cendant Corp.
7.125%, 3/15/15	$	1,535,000	$	1,753,249

*Industrial Conglomerates (0.3%)*
General Electric Co.
5.000%, 2/1/13		1,310,000		1,344,014
Hutchison Whampoa International Ltd.
6.250%, 1/24/14^§		1,610,000		1,695,493

				3,039,507

*Machinery (0.3%)*
Caterpillar Financial Services Corp.
2.451%, 2/26/07 (l)		4,140,000		4,141,900

*Road & Rail (0.6%)*
CSX Corp.
2.480%, 8/3/06 (l)		5,100,000		5,101,331
Norfolk Southern Corp.
7.800%, 5/15/27		1,155,000		1,446,685
7.250%, 2/15/31		763,000		915,347
Union Pacific Corp.
6.625%, 2/1/29		230,000		255,485

				7,718,848

Total Industrials				18,526,353

Materials (0.4%)
*Chemicals (0.3%)*
Dow Chemical Co.
7.375%, 11/1/29^		1,185,000		1,437,741
ICI Wilmington, Inc.
5.625%, 12/1/13^		2,100,000		2,174,953

				3,612,694

*Paper & Forest Products (0.1%)*
International Paper Co.
5.850%, 10/30/12		795,000		847,090

Total Materials				4,459,784

Telecommunication Services (2.6%)
*Diversified Telecommunication Services (2.3%)*
BellSouth Corp.
6.000%, 11/15/34^		2,965,000		3,004,470
British Telecommunications plc
6.750%, 3/15/29		995,000		1,194,855
Deutsche Telekom International Finance BV
5.250%, 7/22/13		600,000		617,164
8.250%, 6/15/30		1,380,000		1,822,232
France Telecom S.A.
8.500%, 3/1/11		525,000		626,274
9.250%, 3/1/31		1,690,000		2,290,951
SBC Communications, Inc.
5.100%, 9/15/14		2,605,000		2,629,211
5.625%, 6/15/16		2,925,000		3,021,671
Sprint Capital Corp.
6.900%, 5/1/19		1,145,000		1,280,900
8.750%, 3/15/32		1,550,000		2,065,079
Telecom Italia Capital S.A.
4.000%, 11/15/08§		1,685,000		1,678,555
4.000%, 1/15/10§		3,435,000		3,367,976
Verizon Global Funding Corp.
7.375%, 9/1/12^		830,000		976,732
Verizon New York, Inc.
6.875%, 4/1/12^		1,445,000		1,621,981
7.375%, 4/1/32^		1,335,000		1,531,321

				27,729,372

*Wireless Telecommunication Services (0.3%)*
AT&T Wireless Services, Inc.
8.125%, 5/1/12		1,270,000		1,535,232
8.750%, 3/1/31		1,710,000		2,305,615

				3,840,847

Total Telecommunication Services				31,570,219

Utilities (2.2%)
*Electric Utilities (1.4%)*
Alabama Power Co.
2.800%, 12/1/06		1,580,000		1,560,498
Arizona Public Service Co.
4.650%, 5/15/15		915,000		888,071
Consolidated Edison, Inc.
5.625%, 7/1/12		905,000		966,332
DTE Energy Co.
6.375%, 4/15/33		1,675,000		1,749,504
Pacific Gas & Electric Co.
3.260%, 4/3/06 (l)		1,953,000		1,954,605
Pacificorp
4.300%, 9/15/08		1,550,000		1,565,375
Pepco Holdings, Inc.
6.450%, 8/15/12^		890,000		983,427
7.450%, 8/15/32^		1,000,000		1,190,647
Progress Energy, Inc.
6.850%, 4/15/12^		4,334,000		4,838,122
Virginia Electric & Power Co.
4.500%, 12/15/10		1,485,000		1,495,748

				17,192,329

*Gas Utilities (0.3%)*
NiSource Finance Corp.
6.150%, 3/1/13^		3,090,000		3,349,707

*Multi-Utilities & Unregulated Power (0.5%)*
Dominion Resources, Inc.
8.125%, 6/15/10		1,695,000		1,995,069
5.000%, 3/15/13^		10,000		10,061
6.750%, 12/15/32		50,000		55,093
6.300%, 3/15/33		1,805,000		1,877,000
PSEG Power LLC
5.500%, 12/1/15^		1,480,000		1,508,252
8.625%, 4/15/31^		960,000		1,274,668

				6,720,143

Total Utilities				27,262,179

Total Long-Term Debt Securities (128.8%) (Cost $1,552,049,282)				1,563,020,751

SHORT-TERM DEBT SECURITIES:
Commercial Paper (5.0%)
Atlantis One Funding
2.61%, 6/1/05(n)		1,149,000		1,136,487
Five Finance Corp.
2.36%, 2/18/05§		5,500,000		5,482,417
Galaxy Funding, Inc.
2.37%, 3/15/05§		2,000,000		1,990,300
ING U.S. Funding LLC
2.32%, 1/18/05		5,120,000		5,114,061
Irish Life & Permanent plc
2.56%, 6/2/05(n)		5,357,000		5,299,358
Mont Blanc Capital Corp.
2.30%, 3/14/05§		1,425,000		1,418,388
Network Rail CP Finance plc
2.26%, 2/7/05(n)		8,966,000		8,944,663
Public Service Enterprise Group, Inc.
2.81%, 2/14/05§		3,000,000		2,999,912

228

EQ ADVISORS TRUST

EQ/J.P. MORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Principal Amount		Value (Note 1)
Santander Hipano Finance Delaware, Inc.
2.56%, 6/1/05	$	13,042,000	$	12,902,711
Spintab-Swedmortgage AB
2.32%, 3/14/05		6,400,000		6,369,984
Tulip Funding Corp.
2.28%, 1/28/05		6,000,000		5,989,360
Yorktown Capital
2.35%, 1/19/05§		2,615,000		2,611,757

Total Commercial Paper				60,259,398

Government Securities (2.1%)
Federal Home Loan Bank
1.25%, 1/3/05 (o)		22,385,000		22,382,668
Federal Home Loan Mortgage Corp.
2.24%, 3/8/05 (o)		3,000,000		2,987,520

Total Government Securities				25,370,188

Short-Term Investments of Cash Collateral for Securities Loaned (6.5%)
Canadian Imperial Bank N.Y.
2.32%, 5/19/05 (l)		9,997,493		9,997,493
Fortis Bank
2.34%, 2/2/05 (l)		4,000,000		4,000,000
General Electric Capital Corp.
2.42%, 5/12/06 (l)		2,006,283		2,006,283
Monumental Global Funding II
2.26%, 2/11/05 (l)		5,301,841		5,301,841
Morgan Stanley & Co.
2.49%, 1/2/06 (l)		8,000,000		8,000,000
National City Bank/Indiana
2.38%, 11/7/05 (l)		4,997,741		4,997,741
New York Life Insurance Co.
2.39%, 3/31/05 (l)		5,500,000		5,500,000
Nomura Securities
2.36%, 1/3/05		14,685,393		14,685,393
2.38%, 1/3/05		20,000,000		20,000,000
Skandinaviska Enskilda Banken AB
2.29%, 2/1/05		4,980,050		4,980,050

Total Short-Term Investments of Cash Collateral for Securities Loaned				79,468,801

Total Short-Term Debt Securities (13.6%) (Amortized Cost $165,098,387)				165,098,387

Total Investments (142.4%) (Cost/Amortized Cost $1,717,147,669)				1,728,119,138
Other Assets Less Liabilities (-42.4%)				(514,328,223	)

Net Assets (100%)			$	1,213,790,915

^	All, or a portion of security out on loan (See Note 1).

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2004, the market value of these securities amounted to $163,228,313 or 13.45% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any security might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

(n)

Section 4(2) Commercial Paper. Private placement for non-current transactions. Notes are usually sold to accredited investors without the intent to freely re-sell their holding.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2004.

Glossary:

CMO — Collateralized Mortgage Obligation.

IO — Interest only

TBA — Security is subject to delayed delivery.

At December 31, 2004 the Portfolio had the following futures contracts open: (Note 1)


	Number of Contracts		Expiration Date	Original Value			Value at 12/31/04			Unrealized Appreciation/ (Depreciation)
Purchase
EURO-BOBL	615		March-05	$	94,754,507		$	94,377,485		$	(377,022	)
U.S. Treasury Bonds	121		March-05		13,588,740			13,612,500			23,760
U.S. 2 Year Treasury Notes	436		March-05		91,429,842			91,382,875			(46,967	)

										$	(400,229	)

Sales
EURO-BUND	(208	)	March-05	$	(33,507,129	)	$	(33,528,239	)	$	(21,110	)
U.S. 5 Year Treasury Notes	(880	)	March-05		(96,521,240	)		(96,387,500	)		133,740
U.S. 10 Year Treasury Notes	(834	)	March-05		(93,397,472	)		(93,355,875	)		41,597

										$	154,227

										$	(246,002	)

229

EQ ADVISORS TRUST

EQ/J.P. MORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

At December 31, 2004 the Portfolio had outstanding foreign currency contracts to sell foreign currencies as follows: (Note 1)


	Local Contract Amount (000’s)		Cost on Origination Date			U.S. $ Current Value			Unrealized Appreciation
Foreign Currency Sell Contracts
European Union, expiring 1/31/05	(7,113	)	$	(9,682,429	)	$	(9,669,626	)	$	12,803

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	7,095,924,316
U.S. Government securities		350,453,062
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		6,872,845,181
U.S. Government securities		317,783,898

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	15,028,065
Aggregate gross unrealized depreciation		(4,123,868	)

Net unrealized appreciation	$	10,904,197

Federal income tax cost of investments	$	1,717,214,941

At December 31, 2004, the Portfolio had loaned securities with a total value $242,018,461. This was secured by collateral of $246,234,241 of which $79,468,801 was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $166,765,440 was received in the form of short-term pooled securities, which the Portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

See Notes to Financial Statements.

230

EQ ADVISORS TRUST

EQ/JP MORGAN VALUE OPPORTUNITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.9%)
*Hotels, Restaurants & Leisure (1.4%)*
McDonald’s Corp.	280,700	$	8,999,242

*Household Durables (0.6%)*
Lennar Corp., Class A	61,000		3,457,480

*Leisure Equipment & Products (0.3%)*
Mattel, Inc.	99,700		1,943,153

*Media (5.6%)*
Dex Media, Inc.	173,000		4,318,080
Gannett Co., Inc.	43,600		3,562,120
Liberty Media Corp., Class A*	1,272,000		13,966,560
Viacom, Inc., Class B	383,100		13,941,009

			35,787,769

*Multiline Retail (1.5%)*
Dollar General Corp.	143,700		2,984,649
Federated Department Stores, Inc.	118,400		6,842,336

			9,826,985

*Textiles, Apparel & Luxury Goods (1.5%)*
Jones Apparel Group, Inc.	268,900		9,833,673

Total Consumer Discretionary			69,848,302

Consumer Staples (5.1%)
*Beverages (1.0%)*
Coca-Cola Co.	162,700		6,773,201

*Food & Staples Retailing (0.5%)*
CVS Corp.	68,000		3,064,760

*Food Products (0.4%)*
Kraft Foods, Inc., Class A	84,800		3,019,728

*Household Products (0.5%)*
Kimberly-Clark Corp.	46,100		3,033,841

*Tobacco (2.7%)*
Altria Group, Inc.	282,700		17,272,970

Total Consumer Staples			33,164,500

Energy (11.4%)
*Energy Equipment & Services (1.1%)*
GlobalSantaFe Corp.	100,900		3,340,799
Rowan Cos., Inc.*	134,300		3,478,370

			6,819,169

*Oil & Gas (10.3%)*
Anadarko Petroleum Corp.	94,200		6,105,102
ChevronTexaco Corp.	212,600		11,163,626
ConocoPhillips	96,000		8,335,680
Exxon Mobil Corp.	695,600		35,656,456
Unocal Corp.	115,700		5,002,868

			66,263,732

Total Energy			73,082,901

Financials (32.6%)
*Capital Markets (4.4%)*
Charles Schwab Corp.	239,500		2,864,420
Morgan Stanley	335,300		18,615,856
State Street Corp.	138,500		6,803,120

			28,283,396

*Commercial Banks (9.1%)*
Bank of America Corp.	498,200		23,410,418
BB&T Corp.	54,100		2,274,905
Comerica, Inc.	73,700		4,497,174
North Fork Bancorp, Inc.	131,400		3,790,890
SunTrust Banks, Inc.	81,200		5,999,056
U.S. Bancorp	300,500		9,411,660
Wachovia Corp.	120,700		6,348,820
Wells Fargo & Co.	47,000		2,921,050

			58,653,973

*Consumer Finance (1.0%)*
MBNA Corp.	215,600		6,077,764

*Diversified Financial Services (6.3%)*
CIT Group, Inc.	211,000		9,668,020
Citigroup, Inc.	639,100		30,791,838

			40,459,858

*Insurance (6.0%)*
Ambac Financial Group, Inc.	73,400		6,028,342
Assurant, Inc.	142,000		4,338,100
Hartford Financial Services Group, Inc.	32,400		2,245,644
RenaissanceReinsurance Holdings Ltd.	146,600		7,634,928
St. Paul Travelers Cos., Inc.	82,500		3,058,275
Willis Group Holdings Ltd.	371,900		15,311,123

			38,616,412

*Real Estate (2.5%)*
Equity Office Properties Trust (REIT)	171,200		4,985,344
Prologis Trust (REIT)	130,900		5,671,897
United Dominion Realty Trust, Inc. (REIT)	220,800		5,475,840

			16,133,081

*Thrifts & Mortgage Finance (3.3%)*
Fannie Mae	31,600		2,250,236
Freddie Mac	209,300		15,425,410
Washington Mutual, Inc.	87,700		3,707,956

			21,383,602

Total Financials			209,608,086

Health Care (4.1%)
*Health Care Equipment & Supplies (0.7%)*
Boston Scientific Corp.*	136,200		4,841,910

*Health Care Providers & Services (1.7%)*
AmerisourceBergen Corp.	41,600		2,441,088
HCA, Inc.	53,700		2,145,852
WellPoint, Inc.*	53,200		6,118,000

			10,704,940

*Pharmaceuticals (1.7%)*
Eli Lilly & Co.	43,500		2,468,625
Merck & Co., Inc.	151,700		4,875,638
Wyeth	86,900		3,701,071

			11,045,334

Total Health Care			26,592,184

Industrials (11.6%)
*Aerospace & Defense (2.1%)*
Honeywell International, Inc.	85,400		3,024,014
Lockheed Martin Corp.	185,800		10,321,190

			13,345,204

*Commercial Services & Supplies (1.0%)*
Cendant Corp.	81,100		1,896,118
Waste Management, Inc.	161,000		4,820,340

			6,716,458

*Industrial Conglomerates (7.1%)*
General Electric Co.	907,200		33,112,800
Tyco International Ltd.	341,400		12,201,636

			45,314,436

*Machinery (0.4%)*
Caterpillar, Inc.	23,200		2,262,232

*Road & Rail (1.0%)*
Union Pacific Corp.	99,500		6,691,375

Total Industrials			74,329,705

231

EQ ADVISORS TRUST

EQ/JP MORGAN VALUE OPPORTUNITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares		Value (Note 1)
Information Technology (5.2%)
*Computers & Peripherals (2.2%)*
Hewlett-Packard Co.		403,400	$	8,459,298
International Business Machines Corp.		54,900		5,412,042

				13,871,340

*IT Services (1.6%)*
Accenture Ltd., Class A*		169,900		4,587,300
Affiliated Computer Services, Inc., Class A*		57,500		3,460,925
Sabre Holdings Corp., Class A		106,000		2,348,960

				10,397,185

*Software (1.4%)*
Computer Associates International, Inc.		144,900		4,500,594
Microsoft Corp.		179,100		4,783,761

				9,284,355

Total Information Technology				33,552,880

Materials (4.3%)
*Chemicals (2.0%)*
Air Products & Chemicals, Inc.		42,000		2,434,740
Dow Chemical Co.		85,000		4,208,350
Praxair, Inc.		142,800		6,304,620

				12,947,710

*Metals & Mining (1.6%)*
Alcoa, Inc.		220,700		6,934,394
United States Steel Corp.		62,600		3,208,250

				10,142,644

*Paper & Forest Products (0.7%)*
International Paper Co.		102,500		4,305,000

Total Materials				27,395,354

Telecommunication Services (4.7%)
*Diversified Telecommunication Services (4.7%)*
SBC Communications, Inc.		222,700		5,738,979
Sprint Corp.		271,100		6,736,835
Verizon Communications, Inc.		446,600		18,091,766

Total Telecommunication Services				30,567,580

Utilities (5.2%)
*Electric Utilities (3.3%)*
FPL Group, Inc.		94,700		7,078,825
Pinnacle West Capital Corp.		140,500		6,239,605
PPL Corp.		146,900		7,826,832

				21,145,262

*Multi-Utilities & Unregulated Power (1.9%)*
Dominion Resources, Inc.		110,400		7,478,496
SCANA Corp.		125,900		4,960,460

				12,438,956

Total Utilities				33,584,218

Total Common Stocks (95.1%) (Cost $560,805,492)				611,725,710


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Government Security (3.7%)
Federal Home Loan Bank
1.25%, 1/3/05 (o)	$	23,863,000		23,860,514

Time Deposit (0.0%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		17,820		17,820

Total Short-Term Debt Securities (3.7%) (Cost/Amortized Cost $ 23,878,334)				23,878,334

Total Investments (98.8%) (Cost/Amortized Cost $ 584,683,826)				635,604,044
Other Assets Less Liabilities (1.2%)				7,517,201

Net Assets (100%)			$	643,121,245

*	Non-income producing.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2004.

Glossary:

REIT — Real Estate Investment Trust

Options written for the year ended December 31, 2004, were as follows:


	Total Number of Contracts		Total Premiums Received
Options Outstanding—January 1, 2004	—		$	—
Options Written	23,309			13,109
Options Terminated in Closing Purchase Transactions	—			—
Options Expired	(23,309	)		(13,109	)
Options Exercised	—			—

Options Outstanding—December 31, 2004	—		$	—

232

EQ ADVISORS TRUST

EQ/JP MORGAN VALUE OPPORTUNITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	550,030,942
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		600,047,563

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	41,449,053
Aggregate gross unrealized depreciation		(1,778,250	)

Net unrealized appreciation	$	39,670,803

Federal income tax cost of investments	$	595,933,241

The Portfolio has a net capital loss carryforward of $27,237,985 which expires in the year 2011.

The Portfolio utilized net capital loss carryforward of $60,322,985 during 2004.

See Notes to Financial Statements.

233

EQ ADVISORS TRUST

EQ/LAZARD SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (16.0%)
*Automobiles (0.5%)*
Winnebago Industries, Inc.^	164,800	$	6,437,088

*Hotels, Restaurants & Leisure (1.8%)*
Alliance Gaming Corp.*^	698,400		9,644,904
CBRL Group, Inc.	195,200		8,169,120
WMS Industries, Inc.*^	159,500		5,349,630

			23,163,654

*Household Durables (0.3%)*
Jarden Corp.*	97,400		4,231,056

*Leisure Equipment & Products (0.0%)*
Leapfrog Enterprises, Inc.*^	19,100		259,760

*Media (5.1%)*
ADVO, Inc.^	417,850		14,896,352
Journal Register Co.*	399,700		7,726,201
Liberty Corp.^	208,400		9,161,264
ProQuest Co.*	266,600		7,918,020
Arbitron, Inc.*	369,200		14,465,256
R.H. Donnelly Corp.*^	212,200		12,530,410

			66,697,503

*Multiline Retail (0.6%)*
99 Cents Only Stores*^	475,300		7,680,848

*Specialty Retail (5.6%)*
AnnTaylor Stores Corp.*	342,500		7,374,025
Cost Plus, Inc.*	144,000		4,626,720
CSK Auto Corp.*	530,400		8,878,896
Gymboree Corp.*^	592,900		7,600,978
HOT Topic, Inc.*^	719,000		12,359,610
Rush Enterprises, Inc., Class A*	307,300		4,987,479
Sports Authority, Inc.*^	368,000		9,476,000
TBC Corp.*	326,600		9,079,480
Tractor Supply Co.*	271,800		10,113,678

			74,496,866

*Textiles, Apparel & Luxury Goods (2.1%)*
K-Swiss, Inc., Class A	234,400		6,825,728
Timberland Co., Class A*	178,400		11,180,328
Warnaco Group, Inc.*	481,300		10,396,080

			28,402,136

Total Consumer Discretionary			211,368,911

Consumer Staples (1.8%)
*Commercial Services & Supplies (0.5%)*
DeVry, Inc.*	383,400		6,655,824

*Food & Staples Retailing (0.5%)*
Performance Food Group Co.*^	247,000		6,646,770

*Food Products (0.8%)*
Delta & Pine Land Co.	388,200		10,590,096

Total Consumer Staples			23,892,690

Energy (8.7%)
*Energy Equipment & Services (3.4%)*
Grey Wolf, Inc.*	1,272,800		6,707,656
Hanover Compressor Co.*^	716,200		10,119,906
Key Energy Services, Inc.*	1,320,700		15,584,260
Maverick Tube Corp.*^	141,300		4,281,390
Veritas DGC, Inc.*^	395,700		8,867,637

			45,560,849

*Oil & Gas (5.3%)*
Bill Barrett Corp.*	90,400		2,891,896
Denbury Resources, Inc.*	249,500		6,848,775
Energy Partners Ltd.*	255,500		5,178,985
Forest Oil Corp.*	255,400		8,101,288
General Maritime Corp.*^	220,700		8,816,965
Houston Exploration Co.*	102,100		5,749,251
Kinder Morgan Management LLC*	266,968		10,865,598
OMI Corp.	495,900		8,355,915
Range Resources Corp.	347,300		7,105,758
Whiting Petroleum Corp.*^	225,500		6,821,375

			70,735,806

Total Energy			116,296,655

Financials (24.2%)
*Capital Markets (0.7%)*
Knight Trading Group, Inc., Class A*	833,200		9,123,540

*Commercial Banks (9.9%)*
Bank of the Ozarks, Inc.	25,500		867,765
Citizens Banking Corp.^	119,515		4,105,340
First Community Bancorp, Inc./California^	150,876		6,442,405
First Midwest Bancorp, Inc.	251,325		9,120,585
First Republic Bank	192,800		10,218,400
Hudson United Bancorp	155,200		6,111,776
MB Financial, Inc.	166,600		7,022,190
Old National Bancorp/Indiana^	471,200		12,185,232
Provident Bankshares Corp.	308,200		11,209,234
Sandy Spring Bancorp, Inc.	76,600		2,936,078
South Financial Group, Inc.	438,600		14,267,658
Sterling Bancshares, Inc./Texas	696,900		9,944,763
Texas Regional Bancshares, Inc.	248,250		8,112,810
Umpqua Holdings Corp.^	224,348		5,655,813
United Bancshares, Inc.^	311,100		11,868,465
Westamerica Bancorp	198,000		11,545,380

			131,613,894

*Diversified Financial Services (2.2%)*
Calamos Asset Management, Inc., Class A*	281,300		7,595,100
eSpeed, Inc., Class A*	819,700		10,139,689
Financial Federal Corp.*^	279,600		10,960,320

			28,695,109

*Insurance (2.4%)*
Arch Capital Group Ltd.*	352,100		13,626,270
Assured Guaranty Ltd.	576,000		11,329,920
Bristol West Holdings, Inc.	95,500		1,910,000
Max Reinsurance Capital Ltd.	240,500		5,129,865

			31,996,055

*Real Estate (5.4%)*
Alexandria Real Estate Equities, Inc. (REIT)	118,400		8,811,328
BioMed Realty Trust, Inc. (REIT)	347,200		7,711,312
Brandywine Realty Trust (REIT)^	403,700		11,864,743
Capital Automotive Real Estate Investment Trust (REIT)	128,000		4,547,200
CarrAmerica Realty Corp. (REIT)	183,400		6,052,200
Healthcare Realty Trust, Inc. (REIT)^	114,600		4,664,220
Inland Real Estate Corp. (REIT)	177,100		2,824,745
Lexington Corp. Properties Trust (REIT)	322,500		7,282,050
Mills Corp. (REIT)	176,100		11,228,136
Mission West Properties, Inc. (REIT)	186,500		1,984,360
Prentiss Properties Trust (REIT)	100,600		3,842,920

			70,813,214

234

EQ ADVISORS TRUST

EQ/LAZARD SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
*Thrifts & Mortgage Finance (3.6%)*
Bank Atlantic Bancorp, Inc., Class A	351,300	$	6,990,870
Bankunited Financial Corp., Class A*^	356,400		11,386,980
IndyMac Bancorp, Inc.	157,200		5,415,540
MAF Bancorp, Inc.	279,200		12,513,744
W Holding Co., Inc.	503,026		11,539,422

			47,846,556

Total Financials			320,088,368

Health Care (9.5%)
*Biotechnology (0.6%)*
Charles River Laboratories International, Inc.*	75,552		3,476,148
Martek Biosciences Corp.*^	104,300		5,340,160

			8,816,308

*Health Care Equipment & Supplies (1.8%)*
Bio-Rad Laboratories, Inc., Class A*	9,600		550,752
Cutera, Inc.*	93,200		1,163,136
DJ Orthopedics, Inc.*	475,800		10,191,636
Inamed Corp.*	158,000		9,993,500
Respironics, Inc.*	10,400		565,344
Viasys Healthcare, Inc.*	49,800		946,200

			23,410,568

*Health Care Providers & Services (6.0%)*
Andrx Corp.*	495,000		10,805,850
Beverly Enterprises, Inc.*^	1,126,400		10,306,560
Hanger Orthopedic Group, Inc.*	152,700		1,236,870
Kindred Healthcare, Inc.*^	467,700		14,007,615
LifePoint Hospitals, Inc.*	375,900		13,088,838
MIM Corp.*^	917,300		5,824,855
PSS World Medical, Inc.*^	821,700		10,283,575
Select Medical Corp.	777,300		13,680,480

			79,234,643

*Pharmaceuticals (1.1%)*
Able Laboratories, Inc.*^	335,900		7,641,725
Taro Pharmaceuticals Industries Ltd.*	205,600		6,996,568

			14,638,293

Total Health Care			126,099,812

Industrials (12.4%)
*Aerospace & Defense (1.2%)*
DRS Technologies, Inc.*	248,100		10,596,351
Esterline Technologies Corp.*	145,600		4,753,840

			15,350,191

*Air Freight & Logistics (1.8%)*
Forward Air Corp.*	207,164		9,260,231
Pacer International, Inc.*	675,200		14,354,752

			23,614,983

*Airlines (0.6%)*
Airtran Holdings, Inc.*^	693,300		7,418,310

*Commercial Services & Supplies (4.5%)*
Corinthian Colleges, Inc.*	498,500		9,394,232
Herman Miller, Inc.^	338,500		9,352,755
Learning Tree International, Inc.*^	518,400		6,946,560
Tetra Tech, Inc.*	772,000		12,923,280
United Rentals, Inc.*^	305,800		5,779,620
Waste Connections, Inc.*^	191,399		6,555,416
Watson Wyatt & Co. Holdings^	300,800		8,106,560

			59,058,423

*Construction & Engineering (1.5%)*
Chicago Bridge & Iron Co., N.V. (N.Y. Shares)	242,100		9,684,000
Shaw Group, Inc.*^	592,300		10,572,555

			20,256,555

*Electrical Equipment (0.9%)*
General Cable Corp.*^	149,300		2,067,805
Roper Industries, Inc.	172,700		10,494,979

			12,562,784

*Machinery (0.9%)*
Tecumseh Products Co., Class A	254,959		12,187,040

*Road & Rail (1.0%)*
Overnite Corp.	223,500		8,323,140
Swift Transportation Co., Inc.*^	258,300		5,548,284

			13,871,424

Total Industrials			164,319,710

Information Technology (15.4%)
*Communications Equipment (3.4%)*
Avocent Corp.*	166,600		6,750,632
Black Box Corp.	19,100		917,182
C-COR, Inc.*	1,219,200		11,338,560
CommScope, Inc.*	645,000		12,190,500
Ditech Communications Corp.*	281,000		4,200,950
Foundry Networks, Inc.*	497,300		6,544,468
Oplink Communications, Inc.*	1,255,600		2,473,532

			44,415,824

*Computers & Peripherals (1.3%)*
Advanced Digital Information Corp.*	660,800		6,621,216
Komag, Inc.*	561,000		10,535,580

			17,156,796

*Electronic Equipment & Instruments (4.1%)*
Benchmark Electronics, Inc.*	251,300		8,569,330
Metrologic Instruments, Inc.*	411,600		8,746,500
Photon Dynamics, Inc.*	296,400		7,196,592
Plexus Corp.*	445,500		5,795,955
Rogers Corp.*^	252,600		10,887,060
TTM Technologies, Inc.*	1,103,100		13,016,580

			54,212,017

*IT Services (2.7%)*
BearingPoint, Inc.*	691,300		5,551,139
BISYS Group, Inc.*	537,900		8,848,455
MPS Group, Inc.*	926,900		11,363,794
Titan Corp.*	662,000		10,724,400

			36,487,788

*Semiconductors & Semiconductor Equipment (2.5%)*
AMIS Holdings, Inc.*^	393,000		6,492,360
Brooks Automation, Inc.*	395,900		6,817,398
ChipMOS TECHNOLOGIES Bermuda Ltd.*^	1,055,300		6,722,261
Exar Corp.*	604,500		8,577,855
Ultratech, Inc.*	274,315		5,170,838

			33,780,712

*Software (1.4%)*
JDA Software Group, Inc.*	379,500		5,168,790
Serena Software, Inc.*^	318,400		6,890,176
Verity, Inc.*	484,200		6,352,704

			18,411,670

Total Information Technology			204,464,807

Materials (5.6%)
*Chemicals (3.4%)*
Ferro Corp.	235,100		5,451,969
Olin Corp.^	509,400		11,216,988
PolyOne Corp.*	814,200		7,376,652
Scotts Co., Class A*	148,000		10,880,960

235

EQ ADVISORS TRUST

EQ/LAZARD SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares		Value (Note 1)
Spartech Corp.^		371,200	$	10,055,808

				44,982,377

*Containers & Packaging (0.4%)*
Packaging Corp. of America		228,100		5,371,755

*Metals & Mining (1.8%)*
Foundation Coal Holdings, Inc.*^		383,800		8,850,428
GrafTech International Ltd.*^		691,100		6,537,806
Schnitzer Steel Industries, Inc.^		113,400		3,847,662
Steel Dynamics, Inc.^		100,600		3,810,728

				23,046,624

Total Materials				73,400,756

Telecommunication Services (0.5%)
*Wireless Telecommunication Services (0.5%)*
Wireless Facilities, Inc.*^		688,908		6,503,292

Total Telecommunication Services				6,503,292

Utilities (2.5%)
*Electric Utilities (0.8%)*
Cleco Corp.		485,500		9,836,230

*Gas Utilities (1.3%)*
AGL Resources, Inc.		267,200		8,881,728
New Jersey Resources Corp.		197,500		8,559,650

				17,441,378

*Multi-Utilities & Unregulated Power (0.4%)*
Vectren Corp.^		196,600		5,268,880

Total Utilities				32,546,488

Total Common Stocks (96.6%) (Cost $1,105,901,288)				1,278,981,489


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Government Securities (3.2%)
U.S. Treasury Bills
1.92%, 1/6/05^	$	5,006,000		5,004,394
2.03%, 2/10/05^		37,306,000		37,221,970

Total Government Securities				42,226,364

Short-Term Investments of Cash Collateral for Securities Loaned (6.8%)
Bank of Nova Scotia (New York)
2.41%, 5/30/06 (l)		4,996,469		4,996,469
Concord Minutemen C.C. LLC, Series A
2.37%, 4/14/05 (l)		4,999,662		4,999,662
Fortis Bank
2.34%, 2/2/05 (l)		5,000,000		5,000,000
General Electric Capital Corp.
2.40%, 3/29/06 (l)		6,003,720		6,003,720
2.42%, 5/12/06 (l)		2,006,283		2,006,283
Merrill Lynch & Co., Inc.
2.13%, 10/19/06 (l)		5,000,000		5,000,000
Merrill Lynch Mortgage Capital
2.41%, 1/12/05 (l)		4,000,000		4,000,000
Monumental Global Funding II
2.26%, 2/11/05 (l)		7,002,431		7,002,431
Morgan Stanley & Co.
2.49%, 1/2/06 (l)		1,500,000		1,500,000
New York Life Insurance Co.
2.39%, 3/31/05 (l)		9,000,000		9,000,000
Nomura Securities
2.36%, 1/3/05		6,293,400		6,293,400
2.38%, 1/3/05		20,000,000		20,000,000
Nordeutsche Landesbank N.Y.
2.43%, 3/30/06 (l)		8,992,309		8,992,309
Washington Mutual Bank
2.28%, 2/15/05		6,000,000		6,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				90,794,274

Time Deposit (0.0%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		547		547

Total Short-Term Debt Securities (10.0%) (Amortized Cost $133,021,185)				133,021,185

Total Investments (106.6%) (Cost/Amortized Cost $1,238,922,473)				1,412,002,674
Other Assets Less Liabilities (-6.6%)				(87,764,136	)

Net Assets (100%)			$	1,324,238,538

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

Glossary:

REIT — Real Estate Investment Trust

236

EQ ADVISORS TRUST

EQ/LAZARD SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,233,876,995
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		971,797,800

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	192,886,233
Aggregate gross unrealized depreciation		(21,326,116	)

Net unrealized appreciation	$	171,560,117

Federal income tax cost of investments	$	1,240,442,557

At December 31, 2004, the Portfolio had loaned securities with a total value of $89,085,650. This was secured by collateral of $91,076,241 of which $90,794,274 was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $281,967 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

For the year ended December 31, 2004, the Portfolio incurred approximately $2,330 as brokerage commissions with Lazard Freres & Co., an affiliated broker/dealer.

See Notes to Financial Statements.

237

EQ ADVISORS TRUST

EQ/MARSICO FOCUS PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (22.9%)
*Hotels, Restaurants & Leisure (8.3%)*
Four Seasons Hotels, Inc.^		131,672	$	10,769,453
MGM Mirage, Inc.*^		474,000		34,478,760
Starbucks Corp.*		827,709		51,615,933
Wynn Resorts Ltd.*^		841,384		56,305,418

				153,169,564

*Household Durables (2.2%)*
Harman International Industries, Inc.		45,703		5,804,281
Lennar Corp., Class A		594,299		33,684,867

				39,489,148

*Internet & Catalog Retail (3.8%)*
eBay, Inc.*		597,203		69,442,765

*Multiline Retail (1.7%)*
Target Corp.		601,527		31,237,297

*Specialty Retail (4.0%)*
Lowe’s Cos., Inc.		1,280,134		73,722,917

*Textiles, Apparel & Luxury Goods (2.9%)*
Nike, Inc., Class B		586,973		53,232,581

Total Consumer Discretionary				420,294,272

Consumer Staples (5.4%)
*Food & Staples Retailing (1.3%)*
Whole Foods Market, Inc.^		251,129		23,945,150

*Household Products (4.1%)*
Procter & Gamble Co.		1,355,542		74,663,253

Total Consumer Staples				98,608,403

Financials (17.0%)
*Capital Markets (4.1%)*
Goldman Sachs Group, Inc.		722,205		75,138,208

*Consumer Finance (4.5%)*
SLM Corp.		1,536,287		82,022,363

*Diversified Financial Services (3.9%)*
Chicago Mercantile Exchange^		115,473		26,408,675
Citigroup, Inc.		947,735		45,661,872

				72,070,547

*Thrifts & Mortgage Finance (4.5%)*
Countrywide Financial Corp.		2,237,401		82,806,211

Total Financials				312,037,329

Health Care (21.6%)
*Biotechnology (5.0%)*
Genentech, Inc.*		1,690,771		92,045,573

*Health Care Equipment & Supplies (5.2%)*
Medtronic, Inc.		547,300		27,184,391
Zimmer Holdings, Inc.*		863,141		69,154,857

				96,339,248

*Health Care Providers & Services (8.4%)*
UnitedHealth Group, Inc.		1,749,133		153,976,178

*Pharmaceuticals (3.0%)*
Pfizer, Inc.		2,049,303		55,105,758

Total Health Care				397,466,757

Industrials (15.1%)
*Aerospace & Defense (1.7%)*
Lockheed Martin Corp.		555,194		30,841,027

*Air Freight & Logistics (4.0%)*
FedEx Corp.		742,480		73,126,855

*Industrial Conglomerates (6.1%)*
General Electric Co.		3,087,581		112,696,707

*Machinery (3.3%)*
Caterpillar, Inc.		619,865		60,443,036

Total Industrials				277,107,625

Information Technology (10.8%)
*Communications Equipment (4.9%)*
QUALCOMM, Inc.		2,138,151		90,657,602

*Computers & Peripherals (3.0%)*
Dell, Inc.*		1,304,899		54,988,444

*Software (2.9%)*
Electronic Arts, Inc.*		851,198		52,501,893

Total Information Technology				198,147,939

Utilities (2.4%)
*Electric Utilities (2.4%)*
TXU Corp.		690,307		44,566,220

Total Utilities				44,566,220

Total Common Stocks (95.2%) (Cost $1,431,645,662)				1,748,228,545


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Short-Term Investments of Cash Collateral for Securities Loaned (5.7%)
Bank of Nova Scotia (New York)
2.41%, 5/30/06 (l)	$	9,992,938		9,992,938
Fortis Bank
2.34%, 2/2/05		5,000,000		5,000,000
General Electric Capital Corp.
2.40%, 3/29/06 (l)		2,501,550		2,501,550
Nomura Securities
2.36%, 1/3/05		20,090,166		20,090,166
2.38%, 1/3/05		55,000,000		55,000,000
Washington Mutual Bank
2.28%, 2/15/05		12,000,000		12,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				104,584,654

Time Deposit (6.6%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		122,101,134		122,101,134

Total Short-Term Debt Securities (12.3%) (Amortized Cost $226,685,788)				226,685,788

Total Investments (107.5%) (Cost/Amortized Cost $1,658,331,450)				1,974,914,333
Other Assets Less Liabilities (-7.5%)				(137,849,453	)

Net Assets (100%)			$	1,837,064,880

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

238

EQ ADVISORS TRUST

EQ/MARSICO FOCUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,710,015,869
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		1,291,357,163

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	316,749,855
Aggregate gross unrealized depreciation		(746,791	)

Net unrealized appreciation	$	316,003,064

Federal income tax cost of investments	$	1,658,911,269

At December 31, 2004, the Portfolio had loaned securities with a total value $102,721,475. This was secured by collateral of $104,584,654 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2004, the Portfolio incurred approximately $56,960 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio utilized net capital loss carryforward of $3,549,088 during 2004.

See Notes to Financial Statements.

239

EQ ADVISORS TRUST

EQ/MERCURY BASIC VALUE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (14.3%)
*Hotels, Restaurants & Leisure (1.1%)*
McDonald’s Corp.	731,900	$	23,464,714

*Household Durables (1.3%)*
Koninklijke (Royal) Philips Electronics N.V. (N.Y. Shares)	1,037,200		27,485,800

*Media (9.2%)*
Comcast Corp., Special Class A*	1,126,700		37,000,828
Dow Jones & Co., Inc.	108,500		4,672,010
Liberty Media Corp., Class A*	3,788,220		41,594,655
Time Warner, Inc.*	2,111,900		41,055,336
Viacom, Inc., Class B	1,168,000		42,503,520
Walt Disney Co.^	934,200		25,970,760

			192,797,109

*Specialty Retail (2.7%)*
Foot Locker, Inc.	2,041,800		54,985,674

Total Consumer Discretionary			298,733,297

Consumer Staples (9.7%)
*Beverages (0.9%)*
Coca-Cola Enterprises, Inc.	886,300		18,479,355

*Food & Staples Retailing (0.8%)*
Albertson’s, Inc.^	733,800		17,523,144

*Food Products (4.0%)*
ConAgra Foods, Inc.	462,100		13,608,845
General Mills, Inc.	442,000		21,971,820
Sara Lee Corp.	503,700		12,159,318
Unilever N.V. (N.Y. Shares)	529,700		35,336,287

			83,076,270

*Household Products (2.4%)*
Kimberly-Clark Corp.	778,200		51,213,342

*Personal Products (1.6%)*
Gillette Co.	740,400		33,155,112

Total Consumer Staples			203,447,223

Energy (9.9%)
*Energy Equipment & Services (4.6%)*
Diamond Offshore Drilling, Inc.^	719,700		28,823,985
GlobalSantaFe Corp.^	1,304,200		43,182,062
Grant Prideco, Inc.*	1,289,300		25,850,465

			97,856,512

*Oil & Gas (5.3%)*
Anadarko Petroleum Corp.	337,400		21,866,894
Exxon Mobil Corp.	1,307,800		67,037,828
Royal Dutch Petroleum Co. (N.Y. Shares)^	378,800		21,735,544

			110,640,266

Total Energy			208,496,778

Financials (22.2%)
*Capital Markets (6.6%)*
Bank of New York Co., Inc.	1,013,800		33,881,196
Goldman Sachs Group, Inc.	201,800		20,995,272
Mellon Financial Corp.	1,091,300		33,950,343
Morgan Stanley	881,400		48,935,328

			137,762,139

*Commercial Banks (3.4%)*
Bank of America Corp.	832,100		39,100,379
Wachovia Corp.	594,900		31,291,740

			70,392,119

*Diversified Financial Services (5.3%)*
Citigroup, Inc.	1,538,157		74,108,404
JPMorgan Chase & Co.	953,472		37,194,943

			111,303,347

*Insurance (6.9%)*
ACE Ltd.	286,200		12,235,050
Allstate Corp.	440,200		22,767,144
American International Group, Inc.	699,500		45,936,165
Hartford Financial Services Group, Inc.	321,300		22,269,303
St. Paul Travelers Cos., Inc.	1,121,138		41,560,585

			144,768,247

Total Financials			464,225,852

Health Care (4.2%)
*Health Care Equipment & Supplies (1.3%)*
Baxter International, Inc.	814,900		28,146,646

*Health Care Providers & Services (0.6%)*
AmerisourceBergen Corp.^	213,100		12,504,708

*Pharmaceuticals (2.3%)*
GlaxoSmithKline plc (ADR)^	542,600		25,713,814
Schering-Plough Corp.	1,067,800		22,295,664

			48,009,478

Total Health Care			88,660,832

Industrials (10.7%)
*Aerospace & Defense (5.3%)*
Boeing Co.	268,700		13,910,599
Goodrich Corp.	663,000		21,640,320
Honeywell International, Inc.	812,900		28,784,789
Raytheon Co.	1,193,100		46,328,073

			110,663,781

*Industrial Conglomerates (2.3%)*
General Electric Co.	1,321,900		48,249,350

*Machinery (1.4%)*
Deere & Co.	397,100		29,544,240

*Road & Rail (1.7%)*
Norfolk Southern Corp.	984,600		35,632,674

Total Industrials			224,090,045

Information Technology (13.6%)
*Communications Equipment (2.1%)*
3Com Corp.*	4,258,600		17,758,362
Lucent Technologies, Inc.*^	3,361,930		12,640,857
Motorola, Inc.	807,520		13,889,344

			44,288,563

*Computers & Peripherals (5.3%)*
Hewlett-Packard Co.	2,436,457		51,092,503
International Business Machines Corp.	350,760		34,577,921
Seagate Technology*^	1,432,800		24,744,456

			110,414,880

*Electronic Equipment & Instruments (0.9%)*
Agilent Technologies, Inc.*	762,100		18,366,610

*IT Services (3.0%)*
Electronic Data Systems Corp.	461,800		10,667,580
Unisys Corp.*	5,083,100		51,745,958

			62,413,538

*Semiconductors & Semiconductor Equipment (1.6%)*
Advanced Micro Devices, Inc.*^	471,500		10,382,430
LSI Logic Corp.*^	4,212,100		23,082,308

			33,464,738

*Software (0.7%)*
Borland Software Corp.*^	1,296,700		15,145,456

Total Information Technology			284,093,785

240

EQ ADVISORS TRUST

EQ/MERCURY BASIC VALUE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares		Value (Note 1)
Materials (5.8%)
*Chemicals (1.8%)*
DuPont (E.I.) de Nemours & Co.		790,100	$	38,754,405

*Metals & Mining (1.6%)*
Alcoa, Inc.		1,054,200		33,122,964

*Paper & Forest Products (2.4%)*
International Paper Co.		609,100		25,582,200
Weyerhaeuser Co.		372,100		25,012,562

				50,594,762

Total Materials				122,472,131

Telecommunication Services (3.4%)
*Diversified Telecommunication Services (3.4%)*
SBC Communications, Inc.		950,600		24,496,962
Sprint Corp.		817,400		20,312,390
Verizon Communications, Inc.		647,000		26,209,970

Total Telecommunication Services				71,019,322

Utilities (0.3%)
*Electric Utilities (0.3%)*
Southern Co.		210,900		7,069,368

Total Utilities				7,069,368

Total Common Stocks (94.1%) (Cost $1,710,771,735)				1,972,308,633


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Short-Term Investments of Cash Collateral for Securities Loaned (5.5%)
Concord Minutemen C.C. LLC, Series A
2.37%, 4/14/05 (l)	$	9,999,323		9,999,323
Deutsche Bank N.Y.
2.41%, 2/22/05 (l)		5,000,847		5,000,847
General Electric Capital Corp.
2.40%, 3/29/06 (l)		13,008,061		13,008,061
2.42%, 5/12/06 (l)		4,012,565		4,012,565
Merrill Lynch & Co., Inc.
2.13%, 10/19/06 (l)		5,000,000		5,000,000
Metropolitan Life Global Funding
2.56%, 3/17/06 (l)		4,997,387		4,997,387
Monumental Global Funding II
2.05%, 7/6/05 (l)		3,000,284		3,000,284
Morgan Stanley & Co.
2.49%, 1/2/06 (l)		1,000,000		1,000,000
2.56%, 1/1/07 (l)		5,000,000		5,000,000
New York Life Insurance Co.
2.39%, 3/31/05 (l)		4,000,000		4,000,000
Nomura Securities
2.36%, 1/3/05		22,002,470		22,002,470
2.38%, 1/3/05		20,000,000		20,000,000
Skandinaviska Enskilda Banken AB
2.29%, 2/1/05		2,490,025		2,490,025
Washington Mutual Bank
2.28%, 2/15/05		9,000,000		9,000,000
Westdeutsche Landesbank N.Y.
2.34%, 7/13/05 (l)		5,998,191		5,998,191

Total Short-Term Investments of Cash Collateral for Securities Loaned				114,509,153

Time Deposit (7.1%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		149,582,876		149,582,876

Total Short-Term Debt Securities (12.6%) (Amortized Cost $264,092,029)				264,092,029

Total Investments (106.7%) (Cost/Amortized Cost $1,974,863,764)				2,236,400,662
Other Assets Less Liabilities (-6.7%)				(140,368,691	)

Net Assets (100%)			$	2,096,031,971

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

241

EQ ADVISORS TRUST

EQ/MERCURY BASIC VALUE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,209,109,397
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		795,790,628

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	268,557,247
Aggregate gross unrealized depreciation		(21,888,330	)

Net unrealized appreciation	$	246,668,917

Federal income tax cost of investments	$	1,989,731,745

At December 31, 2004, the Portfolio had loaned securities with a total value $112,067,956. This was secured by collateral of $114,509,153 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2004, the Portfolio incurred approximately $53,331 as brokerage commissions with Bernstein (Sanford C.) & Co., and $423,086 with Merrill Lynch & Co., affiliated broker/dealers.

The Portfolio utilized net capital loss carryforward of $8,514,993 during 2004.

See Notes to Financial Statements.

242

EQ ADVISORS TRUST

EQ/MERCURY INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Australia (1.8%)
Australia & New Zealand Banking Group Ltd.		561,401	$	9,061,293
Santos Ltd.		1,090,900		7,251,727

Total Australia				16,313,020

Japan (20.2%)
Asahi Breweries Ltd.^		1,164,500		14,421,299
Honda Motor Co., Ltd.		278,700		14,442,247
Japan Tobacco, Inc.		1,495		17,069,874
KDDI Corp.		900		4,848,248
Mitsubishi Securities Co., Ltd.^		861,000		9,427,559
Mitsubishi Tokyo Financial Group, Inc.		2,614		26,530,302
NAMCO Ltd.^		437,000		5,735,972
NTT DoCoMo, Inc.		10,661		19,663,599
Promise Co., Ltd.		210,300		15,022,894
Sekisui House Ltd.		881,000		10,265,580
Takeda Pharmaceutical Co., Ltd.		252,400		12,709,905
Toppan Printing Co., Ltd.^		660,000		7,323,314
Toyota Motor Corp.		398,100		16,200,615
Yamaha Corp.		556,000		8,486,230

Total Japan				182,147,638

Other European Countries (49.4%)
*Belgium (1.6%)*
Balgacom S.A.*		335,366		14,495,907

*France (12.7%)*
Accor S.A.		216,029		9,458,059
BNP Paribas S.A.^		256,714		18,598,418
Carrefour S.A.		91,162		4,341,874
Casino Guichard Perrachon S.A.^		55,293		4,419,231
Lafarge S.A.		127,080		12,264,075
Peugeot S.A.^		168,683		10,707,484
Societe BIC S.A.		212,549		10,689,565
Total S.A.^		137,828		30,105,967
Vinci S.A.^		105,450		14,161,289

				114,745,962

*Germany (7.9%)*
Adidas-Salomon AG		55,058		8,917,645
DaimlerChrysler AG		174,664		8,368,773
Deutsche Post AG		303,485		6,954,951
Deutsche Telekom AG (Registered)*		502,948		11,375,635
E.On AG		210,471		19,219,032
Hochtief AG		398,162		12,961,778
Linde AG		45,795		2,857,752

				70,655,566

*Ireland (1.3%)*
Allied Irish Banks plc		556,550		11,612,128

*Italy (9.2%)*
Banca Intesa S.p.A.		3,687,681		17,744,177
Capitalia S.p.A.		3,733,899		17,103,765
Enel S.p.A.^		1,134,478		11,148,941
ENI S.p.A.		733,468		18,364,116
Fondiaria-Sai S.p.A.^		444,604		11,983,821
Telecom Italia S.p.A.		1,561,391		6,388,184

				82,733,004

*Luxembourg (1.3%)*
Arcelor		519,618		11,985,752

*Netherlands (7.8%)*
Aegon N.V.		769,639		10,492,702
Buhrmann N.V.^		938,179		9,117,820
ING Groep N.V. (CVA)		388,935		11,767,967
Koninklijke (Royal) Philips Electronics N.V.		410,637		10,889,667
Koninklijke Ahold N.V.*		1,217,887		9,435,851
TPG N.V.		414,294		11,251,317
Vedior N.V. (CVA)		451,088		7,351,563

				70,306,887

*Portugal (1.5%)*
Energias de Portugal S.A.		4,306,837		13,054,569

*Switzerland (6.1%)*
ABB Ltd.*		800,220		4,468,734
Credit Suisse Group*		444,600		18,689,543
Holcim Ltd. (Registered)		189,072		11,389,879
Novartis AG (Registered)		238,527		12,019,697
Swiss Life Holdings*^		54,799		7,975,758

				54,543,611

Total Other European Countries				444,133,386

Scandanavia (5.0%)
*Finland (0.4%)*
Stora Enso OYJ		267,495		4,097,687

*Norway (2.2%)*
Statoil ASA		697,779		10,944,830
Telenor ASA		983,750		8,933,363

				19,878,193

*Sweden (2.4%)*
Investor AB, Class B		816,828		10,386,428
Volvo AB, Class B		277,035		10,984,850

				21,371,278

Total Scandanavia				45,347,158

Southeast Asia (2.0%)
*Singapore (1.1%)*
Neptune Orient Lines Ltd.		5,466,000		10,045,332

*South Korea (0.9%)*
KT Corp. (ADR)		383,800		8,370,678

Total Southeast Asia				18,416,010

United Kingdom (20.0%)
BAA plc		972,502		10,903,902
BAE Systems plc		1,962,185		8,683,394
Barclays plc		1,766,695		19,876,404
Boots Group plc		843,415		10,614,331
Cadbury Schweppes plc		893,890		8,323,470
GlaxoSmithKline plc		807,321		18,940,718
HBOS plc		593,759		9,666,843
Kesa Electricals plc		2,092,129		11,347,117
Prudential plc		1,412,562		12,285,270
Royal Bank of Scotland Group plc		631,143		21,229,554
Shell Transport & Trading Co. plc (Registered)		1,561,993		13,314,996
Smiths Group plc		883,327		13,940,306
Unilever plc		990,368		9,725,708
Vodafone Group plc		3,958,548		10,735,033

Total United Kingdom				179,587,046

Total Common Stocks (98.4%) (Cost $747,033,599)				885,944,258


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Short-Term Investments of Cash Collateral for Securities Loaned (10.8%)
Bank of Nova Scotia (New York)
2.41%, 5/30/06 (l)	$	9,992,938		9,992,938

243

EQ ADVISORS TRUST

EQ/MERCURY INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Principal Amount		Value (Note 1)
Fortis Bank
2.34%, 2/2/05	$	5,000,000	$	5,000,000
General Electric Capital Corp.
2.40%, 3/29/06 (l)		2,501,550		2,501,550
2.42%, 5/12/06 (l)		2,006,283		2,006,283
National City Bank/Indiana
2.38%, 11/7/05 (l)		9,995,483		9,995,483
Nomura Securities
2.36%, 1/3/05		22,851,239		22,851,239
2.38%, 1/3/05		20,000,000		20,000,000
Nordeutsche Landesbank N.Y.
2.37%, 6/12/06 (l)		4,996,625		4,996,625
Skandinaviska Enskilda Banken AB
2.29%, 2/1/05		9,960,100		9,960,100
Washington Mutual Bank
2.28%, 2/15/05		10,000,000		10,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				97,304,218

Time Deposit (0.0%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		107,860		107,860

Total Short-Term Debt Securities (10.8%) (Amortized Cost $97,412,078)				97,412,078

Total Investments (109.2%) (Cost/Amortized Cost $844,445,677)				983,356,336
Other Assets Less Liabilities (-9.2%)				(83,228,119	)

Net Assets (100%)			$	900,128,217


Market Sector Diversification
As a Percentage of Total Equity Investments



Consumer Discretionary		12.3	%
Consumer Staples		8.8
Energy		9.0
Financials
Capital Markets	3.2
Commercial Banks	17.1
Consumer Finance	1.7
Diversified Financial Services	2.5
Insurance	4.8

Total Financials		29.3
Health Care		4.9
Industrials		15.7
Information Technology		0.7
Materials		4.8
Telecommunication Services		9.6
Utilities		4.9

		100.0	%

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

CVA — Dutch Certification

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	523,464,351
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		439,963,493

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	137,776,977
Aggregate gross unrealized depreciation		(8,070,091	)

Net unrealized appreciation	$	129,706,886

Federal income tax cost of investments	$	853,649,450

At December 31, 2004, the Portfolio had loaned securities with a total value of $92,323,788. This was secured by collateral of $97,304,218 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2004, the Portfolio incurred approximately $12,264 as brokerage commissions with Bernstein (Sanford C.) & Co. and $16,293 with Merrill Lynch & Co., affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $83,478,750 of which $20,714,637 expires in the year 2009, and $62,764,113 expires in the year 2010.

The Portfolio utilized net capital loss carryforward of $51,116,747 during 2004.

Included in the capital loss carryforward amounts above are $15,110,254 of losses acquired from EQ/T. Rowe Price International Portfolio as a result of the reorganizations during the year ended 2003. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

See Notes to Financial Statements.

244

EQ ADVISORS TRUST

EQ/MFS EMERGING GROWTH COMPANIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (20.6%)
*Hotels, Restaurants & Leisure (4.2%)*
Carnival Corp.	229,680	$	13,236,458
Cheesecake Factory, Inc.*	70,985		2,304,883
Four Seasons Hotels, Inc.	30,420		2,488,052
International Game Technology	108,390		3,726,448
Royal Caribbean Cruises Ltd.^	230,920		12,571,285
Starbucks Corp.*	39,670		2,473,821
WMS Industries, Inc.*^	102,040		3,422,422

			40,223,369

*Household Durables (1.0%)*
Harman International Industries, Inc.	78,340		9,949,180

*Internet & Catalog Retail (2.5%)*
eBay, Inc.*	166,730		19,387,365
IAC/InterActiveCorp*^	149,076		4,117,479

			23,504,844

*Media (8.4%)*
Citadel Broadcasting Corp.*^	256,000		4,142,080
DreamWorks Animation SKG, Inc., Class A*	59,140		2,218,341
EchoStar Communications Corp., Class A	317,890		10,566,664
Getty Images, Inc.*^	269,720		18,570,222
Grupo Televisa S.A. (ADR)	126,830		7,673,215
News Corp., Class A	285,360		5,324,818
NTL, Inc.*^	190,563		13,903,477
Playboy Enterprises, Inc., Class B*^	120,590		1,482,051
Publishing & Broadcasting Ltd.	235,150		3,225,846
Walt Disney Co.	233,120		6,480,736
Westwood One, Inc.*	275,040		7,406,827

			80,994,277

*Multiline Retail (1.8%)*
Family Dollar Stores, Inc.	218,740		6,831,250
Target Corp.	193,200		10,032,876

			16,864,126

*Specialty Retail (1.6%)*
Home Depot, Inc.	196,890		8,415,078
Tiffany & Co.	217,780		6,962,427

			15,377,505

*Textiles, Apparel & Luxury Goods (1.1%)*
Coach, Inc.*	55,830		3,148,812
Nike, Inc., Class B	84,090		7,626,122

			10,774,934

Total Consumer Discretionary			197,688,235

Consumer Staples (3.0%)
*Beverages (1.2%)*
Anheuser-Busch Cos., Inc.	90,990		4,615,923
PepsiCo, Inc.	137,970		7,202,034

			11,817,957

*Food & Staples Retailing (1.8%)*
CVS Corp.	150,170		6,768,162
Wal-Mart de Mexico S.A. de C.V.,
Series V	683,520		2,348,508
Walgreen Co.	206,980		7,941,822

			17,058,492

Total Consumer Staples			28,876,449

Energy (2.2%)
*Energy Equipment & Services (2.2%)*
BJ Services Co.	166,160		7,733,086
GlobalSantaFe Corp.	240,870		7,975,206
Smith International, Inc.*	108,660		5,912,191

Total Energy			21,620,483

Financials (4.9%)
*Capital Markets (3.6%)*
Ameritrade Holding Corp.*	334,390		4,755,026
Goldman Sachs Group, Inc.	46,290		4,816,012
Investors Financial Services Corp.^	100,840		5,039,983
Legg Mason, Inc.	207,224		15,181,230
Lehman Brothers Holdings, Inc.	55,300		4,837,644

			34,629,895

*Consumer Finance (1.3%)*
American Express Co.	216,990		12,231,726

Total Financials			46,861,621

Health Care (24.5%)
*Biotechnology (6.2%)*
Amgen, Inc.*	112,950		7,245,743
Celgene Corp.*^	150,200		3,984,806
Gen-Probe, Inc.*	134,830		6,095,664
Genzyme Corp.*	265,148		15,397,144
Gilead Sciences, Inc.*	214,370		7,500,806
ImClone Systems, Inc.*^	174,820		8,055,706
MedImmune, Inc.*	263,150		7,133,997
Neurocrine Biosciences, Inc.*^	87,190		4,298,467

			59,712,333

*Health Care Equipment & Supplies (10.7%)*
Bard (C.R.), Inc.	63,550		4,065,929
Baxter International, Inc.	219,650		7,586,711
Cytyc Corp.*	877,370		24,189,091
Dentsply International, Inc.	84,180		4,730,916
Fisher Scientific International, Inc.*^	236,182		14,733,033
Guidant Corp.	134,300		9,683,030
Medtronic, Inc.	275,010		13,659,747
Millipore Corp.*	195,050		9,715,440
Synthes, Inc.*	21,340		2,392,797
Waters Corp.*	256,840		12,017,544

			102,774,238

*Health Care Providers & Services (1.3%)*
Community Health Systems, Inc.*	141,600		3,947,808
HCA, Inc.	216,270		8,642,149

			12,589,957

*Pharmaceuticals (6.3%)*
Allergan, Inc.	135,820		11,010,928
Endo Pharmaceuticals Holdings, Inc.*^	123,820		2,602,696
Johnson & Johnson	140,760		8,926,999
Medicis Pharmaceutical Corp., Class A	374,810		13,159,579
Novartis AG (Registered)	140,390		7,074,441
Roche Holding AG	80,630		9,281,916
Watson Pharmaceuticals, Inc.*	60,370		1,980,740
Wyeth	143,020		6,091,222

			60,128,521

Total Health Care			235,205,049

Industrials (5.6%)
*Air Freight & Logistics (0.4%)*
Expeditors International of Washington, Inc.	63,300		3,537,204

*Airlines (0.4%)*
JetBlue Airways Corp.*^	177,870		4,130,141

*Commercial Services & Supplies (2.9%)*
Apollo Group, Inc., Class A*	80,840		6,524,596
Career Education Corp.*	237,530		9,501,200
Corporate Executive Board Co.^	61,850		4,140,239

245

EQ ADVISORS TRUST

EQ/MFS EMERGING GROWTH COMPANIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares		Value (Note 1)
Manpower, Inc.		88,200	$	4,260,060
Strayer Education, Inc.^		32,320		3,548,413

				27,974,508

*Industrial Conglomerates (0.8%)*
Tyco International Ltd.		218,490		7,808,833

*Machinery (1.1%)*
Caterpillar, Inc.		17,130		1,670,347
Illinois Tool Works, Inc.		90,540		8,391,247

				10,061,594

Total Industrials				53,512,280

Information Technology (29.7%)
*Communications Equipment (3.6%)*
AudioCodes Ltd.*^		90,800		1,508,188
Cisco Systems, Inc.*		591,026		11,406,802
Comverse Technology, Inc.*		426,250		10,421,812
Harris Corp.		78,700		4,862,873
Juniper Networks, Inc.*		235,982		6,416,351

				34,616,026

*Computers & Peripherals (3.6%)*
Apple Computer, Inc.*		61,000		3,928,400
Dell, Inc.*		489,120		20,611,517
EMC Corp.*		364,730		5,423,535
Lexmark International, Inc., Class A*		60,300		5,125,500

				35,088,952

*Electronic Equipment & Instruments (0.5%)*
National Instruments Corp.^		98,670		2,688,757
Symbol Technologies, Inc.		156,080		2,700,184

				5,388,941

*Internet Software & Services (4.0%)*
Akamai Technologies, Inc.*^		202,340		2,636,490
Google, Inc., Class A*^		69,300		13,381,830
Softbank Corp.^		102,800		5,006,070
Yahoo!, Inc.*		451,980		17,030,607

				38,054,997

*IT Services (3.5%)*
Alliance Data Systems Corp.*		209,010		9,923,795
Ceridian Corp.*		230,970		4,222,131
DST Systems, Inc.*		253,410		13,207,729
Hewitt Associates, Inc., Class A*^		60,400		1,933,404
Paychex, Inc.		122,860		4,187,069

				33,474,128

*Semiconductors & Semiconductor Equipment (3.7%)*
Analog Devices, Inc.		171,390		6,327,719
Integrated Circuit Systems, Inc.*		80,030		1,674,228
Marvell Technology Group Ltd.*		159,330		5,651,435
PMC-Sierra, Inc.*^		327,410		3,683,362
Samsung Electronics Co., Ltd. (GDR) (b)		30,490		6,677,310
Silicon Laboratories, Inc.*		173,810		6,137,231
Xilinx, Inc.		185,660		5,504,819

				35,656,104

*Software (10.8%)*
Activision, Inc.*		172,220		3,475,400
Amdocs Ltd.*		570,740		14,981,925
Business Objects S.A. (ADR)*^		57,900		1,467,186
Check Point Software Technologies Ltd.*		232,720		5,731,894
Citrix Systems, Inc.*		209,740		5,144,922
Electronic Arts, Inc.*		227,770		14,048,853
Macromedia, Inc.*		112,910		3,513,759
Mercury Interactive Corp.*^		274,660		12,510,763
Nintendo Co., Ltd.		62,800		7,887,538
Oracle Corp.*		934,630		12,823,124
Red Hat, Inc.*^		185,760		2,479,896
Symantec Corp.*		227,570		5,862,203
VERITAS Software Corp.*		472,760		13,497,298

				103,424,761

Total Information Technology				285,703,909

Materials (0.7%)
*Chemicals (0.1%)*
Nalco Holding Co.*		80,400		1,569,408

*Metals & Mining (0.6%)*
Aber Diamond Corp.		30,500		1,080,603
Aber Diamond Corp (b)(n)		13,420		475,466
Cia Vale do Rio Doce (ADR)^		133,860		3,883,278

				5,439,347

Total Materials				7,008,755

Telecommunication Services (7.8%)
*Diversified Telecommunication Services (1.2%)*
Sprint Corp.		306,480		7,616,028
Telewest Global, Inc.*		207,290		3,644,158

				11,260,186

*Wireless Telecommunication Services (6.6%)*
America Movil S.A. de C.V. (ADR)		229,860		12,033,171
American Tower Corp., Class A*^		1,086,730		19,995,832
Crown Castle International Corp.*		353,630		5,884,403
Spectrasite, Inc.*		248,530		14,389,887
Vodafone Group plc (ADR)^		416,700		11,409,246

				63,712,539

Total Telecommunication Services				74,972,725

Total Common Stocks (99.0%) (Cost $796,975,570)				951,449,506


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Government Security (1.3%)
Federal National Mortgage Association
1.25%, 1/3/05 (o)	$	12,188,000		12,186,731

Short-Term Investments of Cash Collateral for Securities Loaned (12.8%)
Blue Heron Funding VII Ltd.
2.36%, 5/27/05(l)		10,000,000		10,000,000
Concord Minutemen C.C. LLC,
Series A
2.37%, 4/14/05(l)		4,999,662		4,999,662
Deutsche Bank N.Y.
2.41%, 2/22/05(l)		1,500,211		1,500,211
Fortis Bank
2.34%, 2/2/05		5,000,000		5,000,000
General Electric Capital Corp.
2.40%, 3/29/06(l)		7,004,341		7,004,341
2.42%, 5/12/06(l)		4,012,565		4,012,565
Merrill Lynch & Co., Inc.
2.13%, 10/19/06(l)		5,000,000		5,000,000
Metropolitan Life Global Funding
2.56%, 3/17/06(l)		4,997,387		4,997,387
Monumental Global Funding II
2.05%, 7/6/05(l)		2,000,189		2,000,189
Morgan Stanley & Co.
2.49%, 1/2/06(l)		10,000,000		10,000,000
National City Bank/Indiana
2.38%, 11/7/05(l)		9,995,483		9,995,483
Nomura Securities
2.36%, 1/3/05		12,585,234		12,585,234
2.38%, 1/3/05		20,000,000		20,000,000

246

EQ ADVISORS TRUST

EQ/MFS EMERGING GROWTH COMPANIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Principal Amount		Value (Note 1)
Nordeutsche Landesbank N.Y.	$	7,993,163	$	7,993,163
2.43%, 3/30/06(l)
Skandinaviska Enskilda Banken AB		2,490,025		2,490,025
2.29%, 2/1/05
Washington Mutual Bank		10,000,000		10,000,000
2.28%, 2/15/05
Westdeutsche Landesbank N.Y.		5,331,725		5,331,725
2.34%, 7/13/05(l)

Total Short-Term Investments of Cash Collateral for Securities Loaned				122,909,985

Time Deposit (0.0%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		30,589		30,589

Total Short-Term Debt Securities (14.1%) (Amortized Cost $135,127,305)				135,127,305

Total Investments (113.1%) (Cost/Amortized Cost $932,102,875)				1,086,576,811
Other Assets Less Liabilities (-13.1%)				(125,909,450	)

Net Assets (100%)			$	960,667,361

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

(n)

Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for the purposes of the Securities Act of 1933.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	933,226,058
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		1,048,447,965

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	161,508,588
Aggregate gross unrealized depreciation		(12,088,195	)

Net unrealized appreciation	$	149,420,393

Federal income tax cost of investments	$	937,156,418

At December 31, 2004, the Portfolio had loaned securities with a total value $120,177,194. This was secured by collateral of $122,909,985 which was received as cash and subsequently invested in short-term securities as reported in the portfolio of investments.

For the year ended December 31, 2004, the Portfolio incurred approximately $1,436 as brokerage commissions with Advest, Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $999,075,232 of which $517,312,146 expires in the year 2009, $430,153,032 expires in the year 2010, and $51,610,054 expires in the year 2011.

The Portfolio utilized net capital loss carryforward of $81,843,799 during 2004.

See Notes to Financial Statements.

247

EQ ADVISORS TRUST

EQ/MFS INVESTORS TRUST PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (9.5%)
*Automobiles (0.8%)*
Harley-Davidson, Inc.	47,040	$	2,857,680

*Hotels, Restaurants & Leisure (1.1%)*
Carnival Corp.	68,080		3,923,451

*Internet & Catalog Retail (1.0%)*
eBay, Inc.*	28,930		3,363,980

*Media (2.6%)*
Univision Communications, Inc., Class A*	55,900		1,636,193
Viacom, Inc., Class B	92,242		3,356,686
Walt Disney Co.	139,020		3,864,756

			8,857,635

*Multiline Retail (1.7%)*
Target Corp.	109,010		5,660,889

*Specialty Retail (2.3%)*
Gap, Inc.	145,860		3,080,563
Tiffany & Co.	30,100		962,297
TJX Cos., Inc.	153,140		3,848,409

			7,891,269

Total Consumer Discretionary			32,554,904

Consumer Staples (9.0%)
*Beverages (2.1%)*
Anheuser-Busch Cos., Inc.	47,270		2,398,007
PepsiCo, Inc.	92,193		4,812,475

			7,210,482

*Food & Staples Retailing (1.1%)*
CVS Corp.	81,880		3,690,332

*Food Products (1.1%)*
General Mills, Inc.	73,700		3,663,627

*Household Products (4.7%)*
Colgate-Palmolive Co.	108,600		5,555,976
Procter & Gamble Co.	98,180		5,407,754
Reckitt Benckiser plc	175,600		5,306,496

			16,270,226

Total Consumer Staples			30,834,667

Energy (7.7%)
*Energy Equipment & Services (2.3%)*
Halliburton Co.	112,790		4,425,880
Noble Corp.*	68,660		3,415,148

			7,841,028

*Oil & Gas (5.4%)*
BP plc (ADR)	158,454		9,253,713
EnCana Corp.	37,100		2,116,926
EOG Resources, Inc.	13,230		944,093
Total S.A. (ADR)^	55,240		6,067,562

			18,382,294

Total Energy			26,223,322

Financials (15.4%)
*Capital Markets (3.9%)*
Goldman Sachs Group, Inc.	51,500		5,358,060
Legg Mason, Inc.	45,490		3,332,598
Lehman Brothers Holdings, Inc.	27,100		2,370,708
Northern Trust Corp.	43,600		2,118,088

			13,179,454

*Commercial Banks (3.7%)*
Bank of America Corp.	139,970		6,577,190
Wells Fargo & Co.	96,710		6,010,527

			12,587,717

*Consumer Finance (1.6%)*
American Express Co.	95,820		5,401,373

*Diversified Financial Services (3.3%)*
Citigroup, Inc.	81,873		3,944,641
JPMorgan Chase & Co.	185,590		7,239,866

			11,184,507

*Insurance (1.6%)*
American International Group, Inc.	60,670		3,984,199
Hartford Financial Services Group, Inc.	23,120		1,602,447

			5,586,646

*Thrifts & Mortgage Finance (1.3%)*
Freddie Mac	61,040		4,498,648

Total Financials			52,438,345

Health Care (15.5%)
*Biotechnology (2.3%)*
Amgen, Inc.*	44,470		2,852,751
Biogen Idec, Inc.*	14,700		979,167
Genzyme Corp.*	70,790		4,110,775

			7,942,693

*Health Care Equipment & Supplies (4.1%)*
Baxter International, Inc.	103,840		3,586,634
Boston Scientific Corp.*	36,530		1,298,641
Guidant Corp.	46,080		3,322,368
Medtronic, Inc.	83,180		4,131,550
Synthes, Inc.*	15,720		1,762,642

			14,101,835

*Health Care Providers & Services (0.7%)*
HCA, Inc.^	58,170		2,324,473

*Pharmaceuticals (8.4%)*
Abbott Laboratories	120,380		5,615,727
Eli Lilly & Co.	63,730		3,616,677
Johnson & Johnson	192,698		12,220,907
Roche Holding AG	35,900		4,132,715
Wyeth	73,340		3,123,551

			28,709,577

Total Health Care			53,078,578

Industrials (15.1%)
*Aerospace & Defense (4.9%)*
Lockheed Martin Corp.	113,920		6,328,256
United Technologies Corp.	101,760		10,516,896

			16,845,152

*Air Freight & Logistics (2.3%)*
CNF, Inc.	15,000		751,500
FedEx Corp.	29,070		2,863,104
United Parcel Service, Inc./Georgia, Class B	50,050		4,277,273

			7,891,877

*Building Products (0.9%)*
Masco Corp.	82,970		3,030,894

*Industrial Conglomerates (4.0%)*
General Electric Co.	143,431		5,235,231
Tyco International Ltd.	235,840		8,428,922

			13,664,153

*Machinery (3.0%)*
Caterpillar, Inc.	56,280		5,487,863
Eaton Corp.	41,360		2,992,809
Illinois Tool Works, Inc.	16,620		1,540,342

			10,021,014

Total Industrials			51,453,090

248

EQ ADVISORS TRUST

EQ/MFS INVESTORS TRUST PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares		Value (Note 1)
Information Technology (15.5%)
*Communications Equipment (3.0%)*
Cisco Systems, Inc.*		372,088	$	7,181,298
Telefonaktiebolaget LM Ericsson (ADR)*^		96,230		3,030,283

				10,211,581

*Computers & Peripherals (4.7%)*
Apple Computer, Inc.*		52,060		3,352,664
Dell, Inc.*		141,100		5,945,954
EMC Corp.*		198,560		2,952,587
Lexmark International, Inc., Class A*		45,600		3,876,000

				16,127,205

*Internet Software & Services (0.8%)*
Yahoo!, Inc.*		76,220		2,871,970

*IT Services (1.0%)*
Accenture Ltd., Class A*		122,770		3,314,790

*Semiconductors & Semiconductor Equipment (1.3%)*
Analog Devices, Inc.		100,900		3,725,228
Xilinx, Inc.		27,200		806,480

				4,531,708

*Software (4.7%)*
Amdocs Ltd.*		79,190		2,078,738
Electronic Arts, Inc.*		31,950		1,970,676
Mercury Interactive Corp.*^		21,100		961,105
Nintendo Co., Ltd.		8,200		1,029,901
Nintendo Co., Ltd. (ADR)		51,200		803,840
Oracle Corp.*		482,230		6,616,196
VERITAS Software Corp.*		90,070		2,571,498

				16,031,954

Total Information Technology				53,089,208

Materials (5.2%)
*Chemicals (5.2%)*
Dow Chemical Co.		106,570		5,276,281
DuPont (E.I.) de Nemours & Co.		70,670		3,466,364
Monsanto Co.		63,170		3,509,093
PPG Industries, Inc.		29,760		2,028,442
Praxair, Inc.		79,830		3,524,494

Total Materials				17,804,674

Telecommunication Services (2.7%)
*Diversified Telecommunication Services (1.3%)*
Sprint Corp.		170,640		4,240,404

*Wireless Telecommunication Services (1.4%)*
Vodafone Group plc (ADR)^		177,449		4,858,554

Total Telecommunication Services				9,098,958

Utilities (1.7%)
*Electric Utilities (1.2%)*
Entergy Corp.		13,000		878,670
Exelon Corp.		70,600		3,111,342
FPL Group, Inc.		3,800		284,050

				4,274,062

*Multi-Utilities & Unregulated Power (0.5%)*
Dominion Resources, Inc.		23,740		1,608,148

Total Utilities				5,882,210

Total Common Stocks (97.3%) (Cost $284,172,479)				332,457,956


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Government Security (2.7%)
Federal National Mortgage Association
1.25%, 1/3/05 (o)	$	9,062,000		9,061,056

Short-Term Investments of Cash Collateral for Securities Loaned (4.8%)
Nomura Securities
2.36%, 1/3/05		15,454,767		15,454,767
Washington Mutual Bank
2.28%, 2/15/05		1,000,000		1,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				16,454,767

Time Deposit (0.0%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		121		121

Total Short-Term Debt Securities (7.5%) (Amortized Cost $25,515,944)				25,515,944

Total Investments (104.8%) (Cost/Amortized Cost $309,688,423)				357,973,900
Other Assets Less Liabilities (-4.8%)				(16,512,133	)

Net Assets (100%)			$	341,461,767

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(o)

Discount Note Security. Effective rate calculated as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

249

EQ ADVISORS TRUST

EQ/MFS INVESTORS TRUST PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	279,915,222
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		282,696,923

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	47,962,242
Aggregate gross unrealized depreciation		(2,555,321	)

Net unrealized appreciation	$	45,406,921

Federal income tax cost of investments	$	312,566,979

At December 31, 2004, the Portfolio had loaned securities with a total value $16,144,587. This was secured by collateral of $16,454,767 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

The Portfolio has a net capital loss carryforward of $53,848,129 of which $20,471,614 expires in the year 2009, $31,544,056 expires in the year 2010, and $1,832,459 expires in the year 2011.

The Portfolio utilized net capital loss carryforward of $9,896,765 during 2004.

See Notes to Financial Statements.

250

EQ ADVISORS TRUST

EQ/MONEY MARKET PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Principal Amount		Value (Note 1)
SHORT-TERM DEBT SECURITIES:
Certificates of Deposit (28.1%)
Banco Bilbao Vizcaya Argentina S.A.
2.22%, 1/21/05	$	8,000,000	$	8,000,000
BNP Paribas Finance, Inc.
2.11%, 2/2/05		40,000,000		40,000,177
2.20%, 2/10/05		25,000,000		25,000,000
Calyon NA Co.
2.41%, 3/2/05		20,000,000		20,000,000
Citibank N.A
2.08%, 1/28/05		15,000,000		15,000,000
Danske Bank A/S
2.00%, 1/18/05		18,000,000		18,000,000
HSBC Bank plc
2.23%, 2/10/05		20,000,000		20,000,000
HSH Nordbank AG
1.88%, 1/24/05		11,200,000		11,200,000
LandesBank Baden Wurttemberg
2.22%, 2/10/05		60,000,000		60,000,332
M&I Marshall & Ilsley Bank
2.02%, 1/18/05		20,000,000		20,000,000
Natexis Banques Populaires
2.23%, 2/10/05		10,000,000		10,000,000
2.32%, 2/10/05		10,000,000		10,000,000
Nordbanken AB
1.85%, 2/1/05		12,500,000		12,500,000
Nordea Bank of Finland L.C.
2.23%, 5/17/05		12,000,000		12,000,000
Regions Bank Corp.
2.13%, 2/11/05		20,000,000		20,000,000
Svenska Handelsbanken AB
2.25%, 2/9/05		24,000,000		24,000,000
Toronto Dominion Bank Ltd.
2.51%, 4/4/05		18,000,000		18,000,000
Washington Mutual Bank FA
2.28%, 2/9/05		20,000,000		20,000,000
World Savings Bank
1.97%, 1/3/05		22,000,000		21,999,976

Total Certificates of Deposit				385,700,485

Commercial Paper (55.6%)
American General Finance
2.34%, 2/25/05		45,000,000		44,837,063
ANZ Delaware, Inc.
2.00%, 2/10/05		22,000,000		21,945,012
Bank of America Corp.
2.26%, 3/16/05		30,000,000		29,859,400
Barclays U.S. Funding Corp.
2.31%, 2/17/05		10,000,000		9,969,319
2.30%, 2/22/05		5,000,000		44,847,900
CBA (Delaware) Finance, Inc.
2.34%, 3/3/05		24,000,000		23,903,620
Citigroup Global Markets Holdings, Inc.
1.83%, 1/6/05		25,000,000		24,992,361
2.07%, 2/2/05		22,900,000		22,856,643
Dexia Delaware LLC
2.35%, 3/8/05		24,000,000		23,895,280
DnB NOR Bank ASA
2.15%, 2/9/05		21,000,000		20,949,950
General Electric Capital Corp.
1.91%, 1/18/05		25,000,000		24,976,153
2.15%, 2/7/05		30,000,000		29,932,167
Goldman Sachs Group, Inc.
2.17%, 1/27/05		24,000,000		23,961,000
HBOS Treasury Services plc
2.07%, 2/2/05		23,000,000		22,956,453
2.33%, 3/1/05		8,000,000		7,969,058
2.34%, 3/8/05		30,000,000		29,869,650
HSBC USA N.A.
2.20%, 1/18/05		26,100,000		26,071,283
Lloyds TSB Bank plc
2.02%, 2/1/05		20,000,000		19,964,178
Morgan Stanley
2.34%, 1/26/05		24,000,000		23,961,167
Norddeutsche Landesbank NY
2.21%, 2/2/05		49,500,000		49,400,120
Royal Bank of Scotland
2.18%, 1/19/05		20,000,000		19,977,000
Santander Central Hipano Finance Delaware, Inc.
1.47%, 1/3/05		12,000,000		11,998,533
Societe Generale North America, Inc.
2.31%, 2/16/05		20,000,000		19,939,944
State Street Corp.
2.24%, 3/15/05		50,000,000		49,770,861
Swedbank AB
2.25%, 2/8/05		20,000,000		19,951,444
Toyota Motor Sales
2.25%, 1/31/05		60,000,000		59,884,000
UBS Finance (Del) LLC
1.49%, 1/3/05		13,300,000		13,298,352
Unicredit Delaware, Inc.
2.33%, 3/2/05		10,000,000		9,960,666
2.36%, 3/8/05		10,000,000		9,956,183
Westpac Capital Corp.
1.64%, 1/6/05		22,000,000		21,993,981

Total Commercial Paper				763,848,741

Government Securities (14.5%)
Banque & Caisse d’Epargne de L’Etat
1.89%, 1/28/05 (o)		25,000,000		24,963,250
2.23%, 2/7/05 (o)		10,000,000		9,976,464
2.25%, 2/8/05 (o)		16,000,000		15,961,156
2.31%, 2/22/05 (o)		10,000,000		9,966,055
Federal Home Loan Mortgage Corp.
2.43%, 5/17/05 (o)		14,300,000		14,168,726
2.48%, 5/24/05 (o)		25,000,000		24,754,219
Federal National Mortgage Association
2.01%, 1/19/05 (o)		50,000,000		49,947,000
2.43%, 5/18/05 (o)		49,500,000		49,042,249

Total Government Securities				198,779,119

Time Deposit (0.0%)
JPMorgan Chase Nassau,
1.74%, 1/3/05		127,259		127,259

Variable Rate Securities (1.8%)
Royal Bank of Scotland
2.34%, 6/20/05 (l)		8,000,000		7,998,860
U.S. Bank NA
2.27%, 1/4/05 (l)		17,500,000		17,499,976

Total Variable Rate Securities				25,498,836

Total Short-Term Debt Securities (100.0%) (Amortized Cost $1,373,954,440)				1,373,954,440
Other Assets Less Liabilities (-0.0%)				(611,375	)

Net Assets (100%)			$	1,373,343,065

Federal Income tax cost of investments			$	1,373,954,440

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2004.

The Portfolio has a net capital loss carryforward of $97,785 which expires in the year 2009.

See Notes to Financial Statements.

251

EQ ADVISORS TRUST

EQ/MONY DIVERSIFIED PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (14.7%)
*Automobiles (1.8%)*
Harley-Davidson, Inc.	250	$	15,188
Toyota Motor Corp. (ADR)	200		16,374

			31,562

*Hotels, Restaurants & Leisure (1.1%)*
Starwood Hotels & Resorts Worldwide, Inc.	350		20,440

*Household Durables (2.5%)*
D.R. Horton, Inc.	300		12,093
Fortune Brands, Inc.	175		13,506
Harman International Industries, Inc.	100		12,700
Lennar Corp., Class A	100		5,668

			43,967

*Media (1.6%)*
Reuters Group plc (ADR)	150		6,443
Time Warner, Inc.*	1,150		22,356

			28,799

*Multiline Retail (0.6%)*
J.C. Penney Co., Inc.	250		10,350

*Specialty Retail (7.1%)*
American Eagle Outfitters, Inc.	600		28,260
Barnes & Noble, Inc.*	325		10,488
Circuit City Stores, Inc.	1,200		18,768
Dick’s Sporting Goods, Inc.*	650		22,847
Limited Brands	700		16,114
Urban Outfitters, Inc.*	650		28,860

			125,337

Total Consumer Discretionary			260,455

Consumer Staples (7.5%)
*Food & Staples Retailing (1.8%)*
Costco Wholesale Corp.	300		14,523
CVS Corp.	375		16,901

			31,424

*Food Products (2.8%)*
Archer-Daniels-Midland Co.	1,150		25,656
Corn Products International, Inc.	450		24,102

			49,758

*Household Products (1.9%)*
Church & Dwight Co., Inc.	525		17,651
Procter & Gamble Co.	300		16,524

			34,175

*Personal Products (1.0%)*
Gillette Co.	400		17,912

Total Consumer Staples			133,269

Energy (8.2%)
*Energy Equipment & Services (0.5%)*
Transocean, Inc.*	200		8,478

*Oil & Gas (7.7%)*
Anadarko Petroleum Corp.	300		19,443
Apache Corp.	310		15,677
Burlington Resources, Inc.	500		21,750
Devon Energy Corp.	600		23,352
Exxon Mobil Corp.	350		17,941
Overseas Shipholding Group, Inc.	150		8,280
Royal Dutch Petroleum Co. (N.Y. Shares)	150		8,607
XTO Energy, Inc.	625		22,112

			137,162

Total Energy			145,640

Financials (16.6%)
*Capital Markets (2.4%)*
BlackRock, Inc., Class A	100		7,726
ETrade Financial Corp.	1,600		23,920
Investors Financial Services Corp.	200		9,996

			41,642

*Commercial Banks (0.5%)*
Bank of America Corp.	200		9,398

*Consumer Finance (2.4%)*
MBNA Corp.	600		16,914
Providian Financial Corp.*	1,500		24,705

			41,619

*Diversified Financial Services (2.5%)*
CIT Group, Inc.	550		25,201
Citigroup, Inc.	400		19,272

			44,473

*Insurance (6.6%)*
American International Group, Inc.	225		14,776
Hartford Financial Services Group, Inc.	250		17,328
Philadelphia Consolidated Holdings Corp.*	100		6,614
Prudential Financial, Inc.	450		24,732
Safeco Corp.	350		18,284
UnumProvident Corp.	800		14,352
W.R. Berkley Corp.	450		21,226

			117,312

*Real Estate (0.4%)*
Apartment Investment & Management Co. (REIT)	200		7,708

*Thrifts & Mortgage Finance (1.8%)*
Countrywide Financial Corp.	618		22,872
Doral Financial Corp.	200		9,850

			32,722

Total Financials			294,874

Health Care (10.9%)
*Biotechnology (1.2%)*
Biogen Idec, Inc.*	100		6,661
Invitrogen Corp.*	200		13,426

			20,087

*Health Care Equipment & Supplies (2.5%)*
Bard (C.R.), Inc.	300		19,194
Bausch & Lomb, Inc.	200		12,892
Waters Corp.*	275		12,867

			44,953

*Health Care Providers & Services (5.2%)*
Aetna, Inc.	150		18,713
DaVita, Inc.*	375		14,824
Laboratory Corp. of America Holdings*	350		17,437
Quest Diagnostics, Inc.	200		19,110
UnitedHealth Group, Inc.	250		22,007

			92,091

*Pharmaceuticals (2.0%)*
Johnson & Johnson	264		16,743
Pfizer, Inc.	700		18,823

			35,566

Total Health Care			192,697

Industrials (11.8%)
*Aerospace & Defense (2.8%)*
Boeing Co.	400		20,708
L-3 Communications Holdings, Inc.	400		29,296

			50,004

252

EQ ADVISORS TRUST

EQ/MONY DIVERSIFIED PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares		Value (Note 1)
*Air Freight & Logistics (0.5%)*
FedEx Corp.		100	$	9,849

*Commercial Services & Supplies (3.0%)*
Brink’s Co.		600		23,712
Cendant Corp.		850		19,873
Dun & Bradstreet Corp.*		150		8,947

				52,532

*Electrical Equipment (1.0%)*
Thomas & Betts Corp.*		600		18,450

*Industrial Conglomerates (2.8%)*
Textron, Inc.		350		25,830
Tyco International Ltd.		650		23,231

				49,061

*Machinery (0.4%)*
PACCAR, Inc.		100		8,048

*Road & Rail (1.3%)*
Hunt (J.B.) Transport Services, Inc.		500		22,425

Total Industrials				210,369

Information Technology (13.5%)
*Communications Equipment (3.1%)*
Cisco Systems, Inc.*		425		8,202
Harris Corp.		100		6,179
Motorola, Inc.		450		7,740
QUALCOMM, Inc.		600		25,440
Tellabs, Inc.*		900		7,731

				55,292

*Computers & Peripherals (1.5%)*
NCR Corp.*		400		27,692

*Internet Software & Services (1.1%)*
Yahoo!, Inc.*		500		18,840

*IT Services (3.7%)*
CheckFree Corp.*		650		24,752
Computer Sciences Corp.*		400		22,548
Fiserv, Inc.*		475		19,090

				66,390

*Office Electronics (1.6%)*
Xerox Corp.*		1,650		28,067

*Software (2.5%)*
Activision, Inc.*		1,050		21,189
Symantec Corp.*		900		23,184

				44,373

Total Information Technology				240,654

Materials (6.7%)
*Chemicals (2.2%)*
Eastman Chemical Co.		400		23,092
Monsanto Co.		300		16,665

				39,757

*Containers & Packaging (1.2%)*
Ball Corp.		500		21,990

*Metals & Mining (2.2%)*
Inco Ltd.*		450		16,551
Worthington Industries, Inc.		1,100		21,538

				38,089

*Paper & Forest Products (1.1%)*
Georgia-Pacific Corp.		525		19,677

Total Materials				119,513

Telecommunication Services (2.3%)
*Diversified Telecommunication Services (2.3%)*
Deutsche Telekom AG (ADR)*		600		13,608
Sprint Corp.		400		9,940
Telecom Corp. of New Zealand Ltd. (ADR)		500		17,730

Total Telecommunication Services				41,278

Utilities (5.2%)
*Electric Utilities (3.5%)*
Edison International, Inc.		700		22,421
TECO Energy, Inc.		1,150		17,641
TXU Corp.		350		22,596

				62,658

*Multi-Utilities & Unregulated Power (1.7%)*
Duke Energy Corp.		450		11,399
Energen Corp.		300		17,685

				29,084

Total Utilities				91,742

Total Common Stocks (97.4%) (Cost $1,423,124)				1,730,491


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Time Deposit (3.5%)
JPMorgan Chase Nassau, 1.74%, 1/3/05 (Amortized Cost $62,511)	$	62,511		62,511

Total Investments (100.9%) (Cost/Amortized Cost $1,485,635)				1,793,002
Other Assets Less Liabilities (-0.9%)				(15,302	)

Net Assets (100%)			$	1,777,700

*	Non-income producing.

Glossary:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

253

EQ ADVISORS TRUST

EQ/MONY DIVERSIFIED PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,762,191
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		1,831,337

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	321,514
Aggregate gross unrealized depreciation		(14,147	)

Net unrealized appreciation	$	307,367

Federal income tax cost of investments	$	1,485,635

The Portfolio utilized net capital loss carryforward of $92,385 during 2004.

See Notes to Financial Statements.

254

EQ ADVISORS TRUST

EQ/MONY EQUITY GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (14.1%)
*Automobiles (1.6%)*
Harley-Davidson, Inc.	200	$	12,150
Toyota Motor Corp. (ADR)	150		12,281

			24,431

*Hotels, Restaurants & Leisure (0.9%)*
Starwood Hotels & Resorts Worldwide, Inc.	250		14,600

*Household Durables (2.2%)*
D.R. Horton, Inc.	250		10,077
Fortune Brands, Inc.	150		11,577
Harman International Industries, Inc.	50		6,350
Lennar Corp., Class A	100		5,668

			33,672

*Media (1.7%)*
Reuters Group plc (ADR)	125		5,369
Time Warner, Inc.*	1,050		20,412

			25,781

*Multiline Retail (0.6%)*
J.C. Penney Co., Inc.	225		9,315

*Specialty Retail (7.1%)*
American Eagle Outfitters, Inc.	550		25,905
Barnes & Noble, Inc.*	300		9,681
Circuit City Stores, Inc.	1,050		16,422
Dick’s Sporting Goods, Inc.*	600		21,090
Limited Brands	600		13,812
Urban Outfitters, Inc.*	550		24,420

			111,330

Total Consumer Discretionary			219,129

Consumer Staples (7.5%)
*Food & Staples Retailing (1.6%)*
Costco Wholesale Corp.	250		12,102
CVS Corp.	300		13,521

			25,623

*Food Products (3.0%)*
Archer-Daniels-Midland Co.	1,025		22,868
Corn Products International, Inc.	450		24,102

			46,970

*Household Products (1.9%)*
Church & Dwight Co., Inc.	450		15,129
Procter & Gamble Co.	250		13,770

			28,899

*Personal Products (1.0%)*
Gillette Co.	350		15,673

Total Consumer Staples			117,165

Energy (8.0%)
*Energy Equipment & Services (0.4%)*
Transocean, Inc.*	150		6,359

*Oil & Gas (7.6%)*
Anadarko Petroleum Corp.	250		16,203
Apache Corp.	260		13,148
Burlington Resources, Inc.	400		17,400
Devon Energy Corp.	500		19,460
Exxon Mobil Corp.	300		15,378
Overseas Shipholding Group, Inc.	100		5,520
Royal Dutch Petroleum Co. (N.Y. Shares)	150		8,607
XTO Energy, Inc.	625		22,112

			117,828

Total Energy			124,187

Financials (18.5%)
*Capital Markets (2.5%)*
BlackRock, Inc., Class A	100		7,726
ETrade Financial Corp.	1,425		21,304
Investors Financial Services Corp.	200		9,996

			39,026

*Commercial Banks (0.5%)*
Bank of America Corp.	150		7,049

*Consumer Finance (2.6%)*
MBNA Corp.	600		16,914
Providian Financial Corp.*	1,450		23,881

			40,795

*Diversified Financial Services (3.2%)*
CIT Group, Inc.	475		21,764
Citigroup, Inc.	400		19,272
ING Groep N.V. (ADR)	300		9,075

			50,111

*Insurance (6.9%)*
American International Group, Inc.	200		13,134
Hartford Financial Services Group, Inc.	200		13,862
Philadelphia Consolidated Holdings Corp.*	150		9,921
Prudential Financial, Inc.	425		23,358
Safeco Corp.	300		15,672
UnumProvident Corp.	750		13,455
W.R. Berkley Corp.	400		18,868

			108,270

*Real Estate (0.8%)*
Apartment Investment & Management Co. (REIT)	300		11,562

*Thrifts & Mortgage Finance (2.0%)*
Countrywide Financial Corp.	578		21,392
Doral Financial Corp.	200		9,850

			31,242

Total Financials			288,055

Health Care (10.5%)
*Biotechnology (1.2%)*
Biogen Idec, Inc.*	100		6,661
Invitrogen Corp.*	175		11,748

			18,409

*Health Care Equipment & Supplies (2.4%)*
Bard (C.R.), Inc.	300		19,194
Bausch & Lomb, Inc.	150		9,669
Waters Corp.*	200		9,358

			38,221

*Health Care Providers & Services (5.0%)*
Aetna, Inc.	100		12,475
DaVita, Inc.*	350		13,836
Laboratory Corp. of America Holdings*	300		14,946
Quest Diagnostics, Inc.	150		14,332
UnitedHealth Group, Inc.	250		22,007

			77,596

*Pharmaceuticals (1.9%)*
Johnson & Johnson.	214		13,572
Pfizer, Inc.	600		16,134

			29,706

Total Health Care			163,932

Industrials (12.4%)
*Aerospace & Defense (2.8%)*
Boeing Co.	350		18,119

255

EQ ADVISORS TRUST

EQ/MONY EQUITY GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares		Value (Note 1)
L-3 Communications Holdings, Inc.		350	$	25,634

				43,753

*Air Freight & Logistics (0.6%)*
FedEx Corp.		100		9,849

*Commercial Services & Supplies (2.9%)*
Brink’s Co.		500		19,760
Cendant Corp.		750		17,535
Dun & Bradstreet Corp.*		125		7,456

				44,751

*Electrical Equipment (1.1%)*
Thomas & Betts Corp.*		550		16,913

*Industrial Conglomerates (2.7%)*
Textron, Inc.		300		22,140
Tyco International Ltd.		550		19,657

				41,797

*Machinery (1.0%)*
PACCAR, Inc.		200		16,096

*Road & Rail (1.3%)*
Hunt (J.B.) Transport Services, Inc.		450		20,183

Total Industrials				193,342

Information Technology (13.6%)
*Communications Equipment (3.1%)*
Cisco Systems, Inc.*		350		6,755
Harris Corp.		100		6,179
Motorola, Inc.		400		6,880
QUALCOMM, Inc.		500		21,200
Tellabs, Inc.*		800		6,872

				47,886

*Computers & Peripherals (1.5%)*
NCR Corp.*		350		24,231

*Internet Software & Services (1.0%)*
Yahoo!, Inc.*		400		15,072

*IT Services (3.9%)*
CheckFree Corp.*		550		20,944
Computer Sciences Corp.*		425		23,957
Fiserv, Inc.*		400		16,076

				60,977

*Office Electronics (1.6%)*
Xerox Corp.*		1,450		24,664

*Software (2.5%)*
Activision, Inc.*		950		19,171
Symantec Corp.*		800		20,608

				39,779

Total Information Technology				212,609

Materials (6.9%)
*Chemicals (2.4%)*
Eastman Chemical Co.		400		23,092
Monsanto Co.		250		13,888

				36,980

*Containers & Packaging (1.2%)*
Ball Corp		450		19,791

*Metals & Mining (2.2%)*
Inco Ltd.*		400		14,712
Worthington Industries, Inc.		1,000		19,580

				34,292

*Paper & Forest Products (1.1%)*
Georgia-Pacific Corp.		450		16,866

Total Materials				107,929

Telecommunication Services (2.4%)
*Diversified Telecommunication Services (2.4%)*
Deutsche Telekom AG (ADR)*		650		14,742
Sprint Corp.		300		7,455
Telecom Corp. of New Zealand Ltd. (ADR)		450		15,957

Total Telecommunication Services				38,154

Utilities (5.5%)
*Electric Utilities (3.8%)*
Edison International, Inc.		625		20,019
TECO Energy, Inc.		1,050		16,107
TXU Corp.		350		22,596

				58,722

*Multi-Utilities & Unregulated Power (1.7%)*
Duke Energy Corp.		500		12,665
Energen Corp.		250		14,737

				27,402

Total Utilities				86,124

Total Common Stocks (99.4%) (Cost $1,282,565)				1,550,626


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Time Deposit (1.6%)
JPMorgan Chase Nassau, 1.74%, 1/3/05 (Amortized Cost $25,705)	$	25,705		25,705

Total Investments (101.0%) (Cost/Amortized Cost $1,308,270)				1,576,331
Other Assets Less Liabilities (-1.0%)				(16,159	)

Net Assets (100%)			$	1,560,172

*	Non-income producing.

Glossary:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

256

EQ ADVISORS TRUST

EQ/MONY EQUITY GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,596,180
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		1,632,470

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	278,389
Aggregate gross unrealized depreciation		(12,915	)

Net unrealized appreciation	$	265,474

Federal income tax cost of investments	$	1,310,857

The Portfolio has a net capital loss carryforward of $50,458 which expires in the year 2011.

The Portfolio utilized net capital loss carryforward of $130,183 during 2004.

See Notes to Financial Statements.

257

EQ ADVISORS TRUST

EQ/MONY EQUITY INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.7%)
*Automobiles (1.9%)*
DaimlerChrysler AG	2,100	$	100,905
Ford Motor Co.	4,300		62,952
Nissan Motor Co., Ltd. (ADR)	3,600		78,984

			242,841

*Hotels, Restaurants & Leisure (2.5%)*
Harrah’s Entertainment, Inc.	1,800		120,402
Starwood Hotels & Resorts Worldwide, Inc.	3,300		192,720

			313,122

*Household Durables (2.0%)*
Leggett & Platt, Inc.	4,200		119,406
Stanley Works	2,800		137,172

			256,578

*Media (2.0%)*
Reuters Group plc (ADR)	2,850		122,408
Thomson Corp.	3,600		127,044

			249,452

*Specialty Retail (1.3%)*
Limited Brands	6,900		158,838

*Textiles, Apparel & Luxury Goods (1.0%)*
V.F. Corp.	2,200		121,836

Total Consumer Discretionary			1,342,667

Consumer Staples (6.0%)
*Food & Staples Retailing (1.3%)*
Albertson’s, Inc.	7,100		169,548

*Food Products (3.5%)*
Archer-Daniels-Midland Co.	8,200		182,942
Cadbury Schweppes plc (ADR)	3,700		139,490
Kellogg Co.	1,600		71,456
Sara Lee Corp.	1,700		41,038

			434,926

*Household Products (1.2%)*
Procter & Gamble Co.	2,800		154,224

Total Consumer Staples			758,698

Energy (14.1%)
*Oil & Gas (14.1%)*
BP plc (ADR)	2,700		157,680
ChevronTexaco Corp.	3,900		204,789
ConocoPhillips	2,700		234,441
El Paso Corp.	14,400		149,760
Exxon Mobil Corp.	2,500		128,150
Kerr-McGee Corp.	3,500		202,265
Marathon Oil Corp.	3,200		120,352
Occidental Petroleum Corp.	3,900		227,604
Sunoco, Inc.	1,550		126,650
Teekay Shipping Corp.	2,500		105,275
Unocal Corp.	2,800		121,072

Total Energy			1,778,038

Financials (25.6%)
*Commercial Banks (9.0%)*
ABN AMRO Holding N.V. (ADR)	2,000		53,200
Bank of America Corp.	4,300		202,057
Bank of Montreal	4,100		197,374
Comerica, Inc.	2,200		134,244
KeyCorp.	5,600		189,840
U.S. Bancorp	6,400		200,448
Wells Fargo & Co.	2,500		155,375

			1,132,538

*Consumer Finance (0.5%)*
MBNA Corp.	2,400		67,656

*Diversified Financial Services (2.4%)*
Citigroup, Inc.	3,850		185,493
GATX Corp.	3,900		115,284

			300,777

*Insurance (8.5%)*
ACE Ltd.	3,100		132,525
Allstate Corp.	2,000		103,440
Chubb Corp.	2,100		161,490
Lincoln National Corp.	3,700		172,716
Nationwide Financial Services, Inc.	4,120		157,508
PartnerReinsurance Ltd.	1,100		68,134
Sun Life Financial, Inc.	5,600		187,824
UnumProvident Corp.	4,900		87,906

			1,071,543

*Real Estate (3.0%)*
Friedman, Billings, Ramsey Group, Inc., Class A (REIT)	2,100		40,719
General Growth Properties, Inc. (REIT)	5,400		195,264
Trizec Properties, Inc. (REIT)	7,500		141,900

			377,883

*Thrifts & Mortgage Finance (2.2%)*
Fannie Mae	2,000		142,420
Independence Community Bank Corp.	3,100		131,998

			274,418

Total Financials			3,224,815

Health Care (4.8%)
*Pharmaceuticals (4.8%)*
Bristol-Myers Squibb Co.	4,000		102,480
GlaxoSmithKline plc (ADR)	2,700		127,953
Johnson & Johnson	3,300		209,286
Merck & Co., Inc.	1,800		57,852
Pfizer, Inc.	4,000		107,560

Total Health Care			605,131

Industrials (13.6%)
*Aerospace & Defense (3.2%)*
Goodrich Corp.	6,000		195,840
Northrop Grumman Corp.	1,100		59,796
Raytheon Co.	3,900		151,437

			407,073

*Building Products (1.5%)*
Masco Corp.	5,000		182,650

*Commercial Services & Supplies (1.3%)*
Waste Management, Inc.	5,600		167,664

*Electrical Equipment (1.3%)*
Rockwell Automation, Inc.	3,300		163,515

*Industrial Conglomerates (3.0%)*
General Electric Co.	4,400		160,600
Textron, Inc.	3,000		221,400

			382,000

*Machinery (3.3%)*
Cummins, Inc.	800		67,032
Eaton Corp.	2,700		195,372
Volvo AB (ADR)	3,700		146,705

			409,109

Total Industrials			1,712,011

258

EQ ADVISORS TRUST

EQ/MONY EQUITY INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Number of Shares		Value (Note 1)
Information Technology (2.2%)
*Communications Equipment (1.2%)*
Nokia OYJ (ADR)		9,800	$	153,566

*IT Services (1.0%)*
Electronic Data Systems Corp.		5,600		129,360

Total Information Technology				282,926

Materials (7.1%)
*Chemicals (5.6%)*
Air Products & Chemicals, Inc.		2,700		156,519
DuPont (E.I.) de Nemours & Co.		1,900		93,195
Eastman Chemical Co.		3,100		178,963
Monsanto Co.		2,000		111,100
PPG Industries, Inc.		1,400		95,424
RPM International, Inc.		3,300		64,878

				700,079

*Metals & Mining (1.0%)*
Worthington Industries, Inc.		6,600		129,228

*Paper & Forest Products (0.5%)*
Georgia-Pacific Corp.		1,700		63,716

Total Materials				893,023

Telecommunication Services (4.5%)
*Diversified Telecommunication Services (4.5%)*
Alltel Corp.		2,700		158,652
Cable & Wireless plc (ADR)		7,700		52,668
Sprint Corp.		2,200		54,670
Telecom Corp. of New Zealand Ltd. (ADR)		4,900		173,754
Verizon Communications, Inc.		3,000		121,530

Total Telecommunication Services				561,274

Utilities (10.2%)
*Electric Utilities (7.4%)*
Alliant Energy Corp.		6,200		177,320
Edison International, Inc.		5,800		185,774
TECO Energy, Inc.		10,200		156,468
TXU Corp.		2,597		167,662
Westar Energy, Inc.		2,700		61,749
Xcel Energy, Inc.		9,800		178,360

				927,333

*Multi-Utilities & Unregulated Power (2.8%)*
Duke Energy Corp.		7,700		195,041
Energen Corp.		2,800		165,060

				360,101

Total Utilities				1,287,434

Total Common Stocks (98.8%) (Cost $10,248,519)				12,446,017


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Time Deposit (1.2%)
JPMorgan Chase Nassau, 1.74%, 1/3/05 (Amortized Cost $149,095)	$	149,095		149,095

Total Investments (100.0%) (Cost/Amortized Cost $10,397,614)				12,595,112
Other Assets Less Liabilities (0.0%)				(1,564	)

Net Assets (100%)			$	12,593,548

Glossary:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	8,201,671
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		9,120,971

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	2,320,681
Aggregate gross unrealized depreciation		(127,403	)

Net unrealized appreciation	$	2,193,278

Federal income tax cost of investments	$	10,401,834

The Portfolio utilized net capital loss carryforward of $55,958 during 2004.

See Notes to Financial Statements.

259

EQ ADVISORS TRUST

EQ/MONY GOVERNMENT SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Financials (5.3%)
*Capital Markets (5.3%)*
Private Export Funding Corp.
5.250%, 5/15/05	$	2,500,000	$	2,523,715
7.650%, 5/15/06		1,000,000		1,059,963
3.400%, 2/15/08		3,000,000		2,989,416

Total Financials				6,573,094

Government Securities (73.5%)
*Agency ABS (1.3%)*
Federal National Mortgage Association
2.558%, 3/25/33 (l)		1,658,033		1,658,381

*Agency CMO (1.6%)*
Small Business Administration
4.754%,8/10/14		2,000,000		2,003,434

*U.S. Government Agencies (60.5%)*
Federal Farm Credit Bank
4.375%, 4/15/05		5,000,000		5,027,340
2.500%, 3/15/06		2,000,000		1,986,828
Federal Home Loan Bank
3.250%, 8/15/05		5,000,000		5,014,325
2.625%, 10/16/06		10,000,000		9,899,180
Federal Home Loan Mortgage Corp.
6.375%, 8/1/11		1,000,000		1,037,187
5.500%, 2/1/32		2,678,350		2,726,959
4.042%, 6/1/34 (l)		4,638,073		4,581,104
4.194%, 10/1/34 (l)		4,945,370		4,923,085
Federal National Mortgage Association
3.125%, 7/15/06		5,000,000		4,998,215
6.000%, 1/18/12		2,000,000		2,002,492
4.598%, 5/1/33 (l)		3,205,347		3,221,610
4.472%, 5/1/34 (l)		4,446,370		4,483,720
3.718%, 6/1/34 (l)		3,775,709		3,758,782
4.824%, 10/1/34 (l)		2,157,677		2,187,443
Government National Mortgage Association
7.500%, 10/15/24		9,769		10,491
7.000%, 9/20/28		139,793		148,077
6.000%, 12/15/31		2,753,564		2,855,823
Overseas Private Investment Corp.
5.140%, 8/15/06		2,323,460		2,410,961
7.050%, 11/15/13		1,928,571		2,068,547
Small Business Administration
5.886%, 9/1/11		992,209		1,031,920
5.136%, 8/10/13		4,825,025		4,901,655
Tennessee Valley Authority
6.375%, 6/15/05		500,000		507,951
5.375%, 11/13/08		2,000,000		2,121,018
6.000%, 3/15/13		1,000,000		1,107,049
4.750%, 8/1/13		2,000,000		2,045,602

				75,057,364

*U.S. Treasuries (10.1%)*
U.S. Treasury Bonds
6.125%, 8/15/29		1,000,000		1,174,062
U.S. Treasury Notes
6.500%, 10/15/06		6,000,000		6,359,532
3.125%, 9/15/08		3,000,000		2,970,117
4.000%, 11/15/12		2,000,000		1,996,640

				12,500,351

Total Government Securities				91,219,530

Industrials (2.3%)
*Machinery (2.3%)*
Amethyst
4.240%, 1/15/16		2,875,005		2,860,975

Total Industrials				2,860,975

Total Long-Term Debt Securities (81.1%) (Cost $99,795,378)				100,653,599

SHORT-TERM DEBT SECURITIES:
Government Securities (18.4%)
Federal Home Loan Bank
1.00%, 1/3/05 (o)		5,388,000		5,387,551
Federal Home Loan Mortgage Corp.
2.27%, 2/1/05 (o)		1,986,000		1,981,993
Federal National Mortgage Association
2.60%, 1/5/05 (o)		2,500,000		2,499,098
2.30%, 1/19/05 (o)		13,000,000		12,984,266

Total Government Securities				22,852,908

Time Deposit (0.0%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		568		568

Total Short-Term Debt Securities (18.4%) (Amortized Cost $22,853,476)				22,853,476

Total Investments (99.5%) (Cost/Amortized Cost $122,648,854)				123,507,075
Other Assets Less Liabilities (0.5%)				698,811

Net Assets (100%)			$	124,205,886

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2004.

Glossary:

ABS — Asset-Backed Security

CMO — Collateralized Mortgage Obligation

260

EQ ADVISORS TRUST

EQ/MONY GOVERNMENT SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	42,838,026
U.S. Government securities		2,909,883
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		17,262,569
U.S. Government securities		27,329,023

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	1,268,312
Aggregate gross unrealized depreciation		(379,571	)

Net unrealized appreciation	$	888,741

Federal income tax cost of investments	$	122,648,854

See Notes to Financial Statements.

261

EQ ADVISORS TRUST

EQ/MONY INTERMEDIATE TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (5.1%)
*Asset-Backed Securities (5.1%)*
Chemical Master Credit Card Trust I,
Series 96-2 A 5.980%, 9/15/08	$	1,000,000	$	1,025,740
COMED Transitional Funding Trust,
Series 98-1 A7 5.740%, 12/25/10		1,000,000		1,062,140
PECO Energy Transition Trust,
Series 99-A A7 6.130%, 3/1/09		1,000,000		1,069,346

Total Asset-Backed and Mortgage-Backed Securities				3,157,226

Consumer Discretionary (8.3%)
*Automobiles (3.3%)*
Ford Motor Credit Co.
3.379%, 9/28/07 (l)		1,000,000		992,756
5.625%, 10/1/08		1,000,000		1,022,167

				2,014,923

*Media (3.3%)*
Reed Elsevier Capital, Inc.
6.125%, 8/1/06		1,000,000		1,036,816
Time Warner, Inc.
5.625%, 5/1/05		1,000,000		1,009,209

				2,046,025

*Multiline Retail (1.7%)*
Target Corp.
5.375%, 6/15/09		1,000,000		1,058,533

Total Consumer Discretionary				5,119,481

Consumer Staples (4.8%)
*Beverages (3.2%)*
Bottling Group LLC
2.450%, 10/16/06		1,000,000		984,713
Diageo Capital plc
3.500%, 11/19/07		1,000,000		996,675

				1,981,388

*Food Products (1.6%)*
Kraft Foods, Inc.
4.125%, 11/12/09		1,000,000		994,528

Total Consumer Staples				2,975,916

Energy (2.0%)
*Oil & Gas (2.0%)*
ConocoPhillips
8.750%, 5/25/10		1,000,000		1,220,373

Total Energy				1,220,373

Financials (21.2%)
*Capital Markets (6.4%)*
Bear Stearns Cos., Inc.
3.250%, 3/25/09		1,000,000		970,995
Lehman Brothers Holdings, Inc.
3.600%, 3/13/09		1,000,000		984,484
Morgan Stanley
4.250%, 5/15/10		1,000,000		1,000,112
National Rural Utilities Cooperative Finance Corp.
3.875%, 2/15/08		1,000,000		1,003,987

				3,959,578

*Commercial Banks (4.7%)*
Bank of America Corp.
4.375%, 12/1/10		1,000,000		1,002,978
Chase Capital VI
2.785%, 8/1/28 (l)		1,000,000		953,957
Wells Fargo & Co.
3.120%, 8/15/08		1,000,000		973,146

				2,930,081

*Consumer Finance (5.0%)*
General Motors Acceptance Corp.
4.438%, 3/4/05 (l)		1,000,000		1,002,153
5.250%, 5/16/05		1,000,000		1,009,288
HSBC Finance Corp.
5.750%, 1/30/07		1,000,000		1,043,858

				3,055,299

*Diversified Financial Services (3.4%)*
Citigroup, Inc.
6.000%, 2/21/12		1,000,000		1,093,977
General Electric Capital Corp.
4.625%, 9/15/09		1,000,000		1,025,878

				2,119,855

*Thrifts & Mortgage Finance (1.7%)*
Countrywide Home Loans, Inc.
5.500%, 2/1/07		1,000,000		1,036,615

Total Financials				13,101,428

Government Securities (47.1%)
*Agency ABS (0.6%)*
SLM Student Loan Trust,
Series 97-3 A2 2.909%, 10/25/10 (l)		382,855		386,886

*Foreign Governments (5.5%)*
Province of British Columbia
7.250%, 9/1/36		1,000,000		1,298,702
Province of Ontario
5.125%, 7/17/12		1,000,000		1,044,935
Republic of Italy
5.625%, 6/15/12		1,000,000		1,079,193

				3,422,830

*U.S. Government Agencies (11.9%)*
Federal Home Loan Mortgage Corp.
3.250%, 3/14/08		1,000,000		987,875
3.375%, 4/15/09		500,000		493,344
4.250%, 7/15/09		500,000		508,690
6.000%, 6/15/11		1,000,000		1,102,349
5.500%, 9/15/11		1,000,000		1,074,368
Federal National Mortgage Association
3.500%, 1/28/08		1,000,000		996,491
3.250%, 2/15/09		500,000		490,278
6.625%, 11/15/10		500,000		565,056
6.000%, 5/15/11		1,000,000		1,100,197

				7,318,648

*U.S. Treasuries (29.1%)*
U.S. Treasury Bonds
8.750%, 8/15/20		500,000		722,735
U.S. Treasury Notes
6.500%, 10/15/06		500,000		529,961
4.375%, 5/15/07		1,000,000		1,027,773
3.250%, 8/15/07		2,500,000		2,503,710
3.000%, 11/15/07		500,000		496,914
6.000%, 8/15/09		1,500,000		1,654,336
6.500%, 2/15/10		7,500,000		8,491,110
5.000%, 2/15/11		1,000,000		1,063,789
3.625%, 5/15/13		1,500,000		1,453,534

				17,943,862

Total Government Securities				29,072,226

262

EQ ADVISORS TRUST

EQ/MONY INTERMEDIATE TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Principal Amount		Value (Note 1)
Health Care (1.7%)
*Pharmaceuticals (1.7%)*
Abbott Laboratories
5.625%, 7/1/06	$	1,000,000	$	1,033,873

Total Health Care				1,033,873

Industrials (1.7%)
*Industrial Conglomerates (1.7%)*
Tyco International Group S.A.
6.375%, 6/15/05		1,000,000		1,014,590

Total Industrials				1,014,590

Information Technology (1.6%)
*IT Services (1.6%)*
First Data Corp.
3.375%, 8/1/08		1,000,000		986,619

Total Information Technology				986,619

Materials (2.2%)
*Chemicals (1.7%)*
Potash Corp. of Saskatchewan, Inc.
7.125%, 6/15/07		1,000,000		1,079,414

*Paper & Forest Products (0.5%)*
Weyerhaeuser Co.
5.500%, 3/15/05		300,000		301,381

Total Materials				1,380,795

Telecommunication Services (1.7%)
*Wireless Telecommunication Services (1.7%)*
Cingular Wireless LLC
5.625%, 12/15/06		1,000,000		1,038,628

Total Telecommunication Services				1,038,628

Utilities (1.8%)
*Electric Utilities (1.8%)*
Peco Energy Co.
5.950%, 11/1/11		1,000,000		1,086,926

Total Utilities				1,086,926

Total Long-Term Debt Securities (99.2%) (Cost $59,205,245)				61,188,081

SHORT-TERM DEBT SECURITIES:
Time Deposit (0.5%)
JPMorgan Chase Nassau, 1.74%, 1/3/05 (Amortized Cost $317,528)		317,528		317,528

Total Investments (99.7%) (Cost/Amortized Cost $59,522,773)				61,505,609
Other Assets Less Liabilities (0.3%)				202,622

Net Assets (100%)			$	61,708,231

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

Glossary:

ABS — Asset Backed Security

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	8,559,097
U.S. Government securities		—
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		16,675,222
U.S. Government securities		2,175,176

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	2,201,132
Aggregate gross unrealized depreciation		(218,296	)

Net unrealized appreciation	$	1,982,836

Federal income tax cost of investments	$	59,522,773

The Portfolio utilized net capital loss carryforward of $341,070 during 2004.

See Notes to Financial Statements.

263

EQ ADVISORS TRUST

EQ/MONY LONG TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Principal Amount		V alue (Note 1)
LONG-TERM DEBT SECURITIES:
Consumer Discretionary (10.8%)
*Automobiles (1.8%)*
Ford Motor Co.
6.375%, 2/1/29	$	2,000,000	$	1,799,872

*Household Durables (1.1%)*
Legrand S.A.
8.500%, 2/15/25		1,000,000		1,180,000

*Internet & Catalog Retail (2.2%)*
IAC/InterActiveCorp
7.000%, 1/15/13		2,000,000		2,206,136

*Leisure Equipment & Products (1.0%)*
Brunswick Corp.
5.000%, 6/1/11		1,000,000		1,027,613

*Media (3.6%)*
Comcast Cable Communications, Inc.
7.125%, 6/15/13		1,000,000		1,158,545
Time Warner, Inc.
7.700%, 5/1/32		2,000,000		2,446,236

				3,604,781

*Multiline Retail (1.1%)*
Target Corp.
5.875%, 3/1/12		1,000,000		1,088,897

Total Consumer Discretionary				10,907,299

Consumer Staples (4.4%)
*Beverages (2.1%)*
Anheuser Busch Cos., Inc.
6.000%, 11/1/41		1,000,000		1,060,358
Bottling Group LLC
4.625%, 11/15/12		1,000,000		1,015,613

				2,075,971

*Food & Staples Retailing (1.2%)*
Albertson’s, Inc.
8.000%, 5/1/31		1,000,000		1,248,822

*Food Products (1.1%)*
Kraft Foods, Inc.
6.250%, 6/1/12		1,000,000		1,097,765

Total Consumer Staples				4,422,558

Energy (5.1%)
*Energy Equipment & Services (1.3%)*
Halliburton Co.
8.750%, 2/15/21		1,000,000		1,313,542

*Oil & Gas (3.8%)*
Anadarko Finance Co.
7.500%, 5/1/31		1,000,000		1,238,945
Kerr-McGee Corp.
6.950%, 7/1/24		1,000,000		1,105,836
Texaco Capital, Inc.
9.750%, 3/15/20		1,000,000		1,495,149

				3,839,930

Total Energy				5,153,472

Financials (12.5%)
*Capital Markets (1.1%)*
National Rural Utilities Cooperative Finance Corp.
5.700%, 1/15/10		1,000,000		1,069,908

*Commercial Banks (6.8%)*
BB&T Corp.
6.500%, 8/1/11		1,000,000		1,115,420
HSBC Holdings PLC
7.625%, 5/17/32§		1,000,000		1,237,277
Rabobank Capital Funding Trust III
5.254%, 12/31/49 (l)§		1,000,000		994,565
Suntrust Bank
5.450%, 12/1/17		1,000,000		1,025,832
UBS/New York
7.750%, 9/1/26		2,000,000		2,516,758

				6,889,852

*Consumer Finance (1.1%)*
HSBC Finance Corp.
6.375%, 10/15/11		1,000,000		1,104,396

*Diversified Financial Services (1.2%)*
Associates Corp. of North America
6.950%, 11/1/18		1,000,000		1,157,620

*Insurance (2.3%)*
Lion Connecticut Holdings, Inc.
7.625%, 8/15/26		1,000,000		1,199,883
MBIA, Inc.
7.150%, 7/15/27		1,000,000		1,164,243

				2,364,126

Total Financials				12,585,902

Government Securities (31.2%)
*Foreign Governments (1.3%)*
Province of British Columbia
7.250%, 9/1/36		1,000,000		1,298,702

*Supranational (1.2%)*
Inter-American Development Bank
6.800%, 10/15/25		1,000,000		1,194,556

*U.S. Government Agencies (6.7%)*
Federal Home Loan Mortgage Corp.
6.375%, 8/1/11		1,000,000		1,037,187
6.250%, 7/15/32		1,500,000		1,720,776
Federal National Mortgage Association
6.250%, 2/1/11		1,000,000		1,096,315
6.625%, 11/15/30		1,500,000		1,787,496
Tennessee Valley Authority
6.000%, 3/15/13		1,000,000		1,107,049

				6,748,823

*U.S. Treasuries (22.0%)*
U.S. Treasury Bonds
8.125%, 8/15/19		500,000		682,461
6.625%, 2/15/27		7,000,000		8,628,319
5.500%, 8/15/28		5,000,000		5,411,720
6.250%, 5/15/30		2,000,000		2,391,172
Inflation Indexed
3.625%, 4/15/28		1,180,090		1,549,052
U.S. Treasury Strip PO, 11/15/21		8,000,000		3,438,240

				22,100,964

Total Government Securities				31,343,045

Health Care (1.0%)
*Health Care Providers & Services (1.0%)*
HCA, Inc.
7.690%, 6/15/25		1,000,000		1,024,920

Total Health Care				1,024,920

Industrials (15.6%)
*Aerospace & Defense (3.8%)*
Boeing Co.
8.625%, 11/15/31		1,000,000		1,385,551
Goodrich Corp.
7.625%, 12/15/12		1,000,000		1,185,764
Lockheed Martin Corp.
7.650%, 5/1/16		1,000,000		1,225,233

				3,796,548

264

EQ ADVISORS TRUST

EQ/MONY LONG TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Principal Amount		Value (Note 1)
*Air Freight & Logistics (3.3%)*
FedEx Corp.
7.500%, 1/15/18	$	1,727,306	$	2,017,033
United Parcel Service, Inc./Georgia
8.375%, 4/1/20		1,000,000		1,341,346

				3,358,379

*Building Products (2.0%)*
CRH America, Inc.
5.300%, 10/15/13		2,000,000		2,059,222

*Commercial Services & Supplies (1.0%)*
Deluxe Corp.
5.000%, 12/15/12		1,000,000		972,830

*Industrial Conglomerates (3.3%)*
General Electric Co.
5.000%, 2/1/13		1,000,000		1,025,965
Tyco International Group S.A.
7.000%, 6/15/28		2,000,000		2,325,274

				3,351,239

*Road & Rail (2.2%)*
Burlington Northern Santa Fe Corp.
6.750%, 3/15/29		1,000,000		1,125,421
Union Pacific Corp.
5.375%, 5/1/14		1,000,000		1,035,881

				2,161,302

Total Industrials				15,699,520

Materials (3.3%)
*Chemicals (1.1%)*
Eastman Chemical Co.
6.300%, 11/15/18		1,000,000		1,081,849

*Containers & Packaging (1.2%)*
Temple-Inland, Inc.
7.875%, 5/1/12		1,000,000		1,183,548

*Metals & Mining (1.0%)*
BHP Billiton Finance USA Ltd.
4.800%, 4/15/13		1,000,000		1,013,139

Total Materials				3,278,536

Telecommunication Services (5.4%)
*Diversified Telecommunication Services (4.2%)*
GTE North, Inc.
7.625%, 5/15/26		1,000,000		1,056,067
Telecom Italia Capital S.A.
6.000%, 9/30/34§		2,000,000		1,955,310
Verizon Global Funding Corp.
7.750%, 12/1/30		1,000,000		1,243,326

				4,254,703

*Wireless Telecommunication Services (1.2%)*
Cingular Wireless LLC
7.125%, 12/15/31		1,000,000		1,141,965

Total Telecommunication Services				5,396,668

Utilities (5.9%)
*Electric Utilities (4.7%)*
Exelon Corp.
6.750%, 5/1/11		1,000,000		1,118,624
Hydro-Quebec
8.500%, 12/1/29		1,000,000		1,440,686
Pacific Gas & Electric Co.
6.050%, 3/1/34		1,000,000		1,038,616
Progress Energy, Inc.
7.100%, 3/1/11		1,000,000		1,124,243

				4,722,169

*Gas Utilities (1.2%)*
Plains All American Pipeline LP/ PAA Finance Corp.
7.750%, 10/15/12		1,000,000		1,169,746

Total Utilities				5,891,915

Total Long-Term Debt Securities (95.2%) (Cost $87,864,606)				95,703,835

SHORT-TERM DEBT SECURITIES:
Commercial Paper (3.3%)
DaimlerChrysler NA Holdings Corp.
2.45%, 1/10/05		350,000		349,762
2.50%, 1/13/05		1,000,000		999,097
Kellogg Co.
2.41%, 1/13/05§		2,000,000		1,998,259

Total Commercial Paper				3,347,118

Time Deposit (0.3%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		296,090		296,090

Total Short-Term Debt Securities (3.6%) (Amortized Cost $3,643,208)				3,643,208

Total Investments (98.8%) (Cost/Amortized Cost $91,507,814)				99,347,043
Other Assets Less Liabilities (1.2%)				1,213,664

Net Assets (100%)			$	100,560,707

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2004, the market value of these securities amounted to $6,185,411 or 6.15% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any security might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

Glossary:

PO — Principal only

265

EQ ADVISORS TRUST

EQ/MONY LONG TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	29,368,330
U.S. Government securities		5,318,906
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		19,911,609
U.S. Government securities		22,071,412

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	8,359,404
Aggregate gross unrealized depreciation		(627,996	)

Net unrealized appreciation	$	7,731,408

Federal income tax cost of investments.	$	91,615,635

See Notes to Financial Statements.

266

EQ ADVISORS TRUST

EQ/MONY MONEY MARKET PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Principal Amount		Value (Note 1)
SHORT-TERM DEBT SECURITIES:
Certificates of Deposit (11.1%)
Societe Generale
2.06%, 2/18/05	$	4,000,000	$	3,998,974
Suntrust Bank
2.06%, 2/17/05		6,000,000		6,000,000
Toronto Dominion Bank NY
2.51%, 4/4/05		7,500,000		7,500,000
Wells Fargo Bank N.A.
2.02%, 1/31/05		2,100,000		2,099,999

Total Certificates of Deposit				19,598,973

Commercial Paper (42.0%)
Bristol-Myers Squibb Co.
1.84%, 1/5/05§		5,245,000		5,243,659
Credit Suisse First Boston
1.49%, 1/4/05§		6,000,000		5,999,010
DaimlerChrysler NA Holdings Corp.
2.44%, 1/26/05		1,181,000		1,178,925
Dexia Delaware LLC
2.15%, 2/4/05		4,000,000		3,991,651
Dominion Resources, Inc.
2.20%, 1/12/05§		1,618,000		1,616,813
Golden Funding Corp.
2.22%, 1/18/05§		4,000,000		3,995,561
Household Finance Corp.
2.22%, 1/14/05§		4,654,000		4,649,983
John Deere Capital Corp.
1.79%, 1/4/05§		1,000,000		999,802
Kellogg Co.
2.20%, 1/12/05§		1,650,000		1,648,790
Lockhart Funding LLC
2.03%, 3/23/05§		8,000,000		7,963,100
National Rural Utilities Cooperative Finance Corp.
2.16%, 1/13/05		1,821,000		1,819,580
2.21%, 1/19/05		2,624,000		2,620,943
Net Jets, Inc.
2.20%, 1/26/05(b)		3,600,000		3,594,300
SBC Communications, Inc.
2.31%, 2/9/05§		5,000,000		4,987,217
Starbird Funding Corp.
2.11%, 3/9/05§		3,846,000		3,830,754
Tannehill Capital Co. LLC
2.27%, 1/18/05§		1,848,000		1,845,906
2.37%, 4/20/05§		3,000,000		2,999,818
Textron Financial Corp.
2.23%, 1/14/05		1,600,000		1,598,613
Three Pillars Funding
1.49%, 1/3/05§		5,636,000		5,635,299
Thunder Bay Funding LLC
2.29%, 2/1/05§		3,130,000		3,123,639
United Healthcare Corp.
2.13%, 1/10/05§		5,000,000		4,997,038

Total Commercial Paper				74,340,401

Fixed Rate Security (1.5%)
Vodafone Group plc
7.63%, 2/15/05		2,650,000		2,669,827

Government Securities (25.0%)
Federal Home Loan Bank
1.47%, 3/1/05		2,220,000		2,220,000
1.40%, 4/1/05		6,100,000		6,099,957
1.66%, 5/16/05		4,500,000		4,500,000
Federal Home Loan Mortgage Corp.
1.50%, 2/14/05 (l)		6,100,000		6,100,000
2.00%, 10/7/05 (l)		4,250,000		4,250,000
Federal National Mortgage Association
1.50%, 2/14/05 (l)		6,100,000		6,100,000
2.42%, 3/23/05 (o)		5,000,000		4,972,550
2.36%, 6/9/05 (l)		4,250,000		4,249,472
Government of Canada
1.23%, 1/11/05§(o)		5,800,000		5,797,825

Total Government Securities				44,289,804

Promissory Note (2.3%)
Goldman Sachs Group
2.44%, 7/18/05		4,000,000		4,000,000

Time Deposit (0.4%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		701,659		701,659

Variable Rate Securities (18.6%)
American Express Credit Corp.
2.47%, 1/5/06(l)		3,000,000		3,000,000
Bank of Montreal Chicago
2.34%, 1/31/05(l)		3,000,000		2,999,892
BNP Paribas/New York
2.37%, 6/9/05(l)		3,750,000		3,748,848
Caterpillar Financial Services Corp.
2.18%, 7/9/05(l)		6,000,000		6,000,000
General Electric Capital Corp.
2.51%, 1/17/06(l)		3,850,000		3,850,000
International Business Machines Corp.
2.32%, 1/6/06(l)§		2,000,000		2,000,000
Merrill Lynch & Co., Inc.
2.54%, 1/11/06(l)		4,000,000		4,000,000
Morgan Stanley
2.40%, 1/13/06(l)		2,250,000		2,250,000
SLM Corp.
2.31%, 2/2/06(l)§		5,000,000		4,998,320

Total Variable Rate Securities				32,847,060

Total Short-Term Debt Securities (100.9%) (Amortized Cost $178,447,724)				178,447,724
Other Assets Less Liabilities (-0.9%)				(1,566,558	)

Net Assets (100%)			$	176,881,166

Federal Income tax cost of investments			$	178,447,724

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2004, the market value of these securities amounted to $72,332,534 or 40.89% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any security might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2004.

See Notes to Financial Statements.

267

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (14.2%)
*Auto Components (1.1%)*
Aftermarket Technology Corp.*	6,800	$	109,480
ArvinMeritor, Inc.	28,000		626,360
Bandag, Inc.	6,300		313,803
Collins & Aikman Corp.*^	26,200		114,232
Commercial Vehicle Group, Inc.*	7,400		161,542
Cooper Tire & Rubber Co.	26,600		573,230
Drew Industries, Inc.*	3,400		122,978
Exide Technologies*^	9,400		129,532
Goodyear Tire & Rubber Co.*^	65,500		960,230
Hayes Lemmerz International, Inc.*^	15,100		133,333
Keystone Automotive Industries, Inc.*	6,300		146,475
Modine Manufacturing Co.	11,800		398,486
Sauer-Danfoss, Inc.	5,900		128,679
Sports Resorts International, Inc.*^	22,900		65,952
Standard Motor Products, Inc.^	8,400		132,720
Stoneridge, Inc.*	6,300		95,319
Strattec Strategy Corp.*	1,600		100,192
Superior Industries International, Inc.^	10,800		313,740
Tenneco Automotive, Inc.*	15,800		272,392
Tower Automotive, Inc.*^	19,300		46,127
Visteon Corp.	54,500		532,465

			5,477,267

*Automobiles (0.3%)*
Coachmen Industries, Inc.^	5,300		92,008
Fleetwood Enterprises, Inc.*^	20,900		281,314
Monaco Coach Corp.	12,750		262,268
Thor Industries, Inc.^	15,800		585,390
Winnebago Industries, Inc.^	12,600		492,156

			1,713,136

*Distributors (0.2%)*
Advanced Marketing Services, Inc.	7,900		79,474
Handleman Co.^	8,100		173,988
LKQ Corp.*^	13,000		260,910
Source Interlink Cos., Inc.*	18,829		250,049
Wesco International, Inc.*	11,700		346,788

			1,111,209

*Hotels, Restaurants & Leisure (3.3%)*
Alliance Gaming Corp.*^	20,500		283,105
Ambassadors Group, Inc.	2,325		82,793
Ameristar Casinos, Inc.	4,100		176,751
Argosy Gaming Co.*	11,500		537,050
Aztar Corp.*	14,700		513,324
BJ’s Restaurants, Inc.*^	6,300		88,200
Bob Evans Farms, Inc.	15,200		397,328
Boyd Gaming Corp.^	19,000		791,350
Buffalo Wild Wings, Inc.*	4,050		140,981
California Pizza Kitchen, Inc.*	5,600		128,800
CBRL Group, Inc.	19,900		832,815
CEC Entertainment, Inc.*	14,700		587,559
Churchill Downs, Inc.^	2,400		107,280
CKE Restaurants, Inc.*^	26,800		388,868
Dave and Busters, Inc.*	7,000		141,400
Dominos Pizza, Inc.	10,300		183,340
Empire Resorts, Inc.*^	16,100		179,515
Gaylord Entertainment Co.*	12,300		510,819
IHOP Corp.	9,800		410,522
International Speedway Corp., Class A	1		53
Isle of Capri Casinos, Inc.*^	5,089		130,533
Jack in the Box, Inc.*	16,300		600,981
Krispy Kreme Doughnuts, Inc.*^	22,100		278,460
La Quinta Corp.*	78,850		716,747
Landry’s Restaurants, Inc.^	9,400		273,164
Lone Star Steakhouse & Saloon, Inc.	5,200		145,600
Magna Entertainment Corp., Class A*^	18,200		109,564
Marcus Corp.	6,500		163,410
MTR Gaming Group, Inc.*	8,100		85,536
Multimedia Games, Inc.*^	9,900		156,024
Navigant International, Inc.*	6,200		75,454
O’Charley’s, Inc.*^	13,300		260,015
P.F. Chang’s China Bistro, Inc.*^	10,500		591,675
Panera Bread Co., Class A*^	12,100		487,872
Papa John’s International, Inc.*	3,800		130,872
Penn National Gaming, Inc.*	14,728		891,780
Pinnacle Entertainment, Inc.*	15,150		299,667
Rare Hospitality International, Inc.*	14,200		452,412
Red Robin Gourmet Burgers*	5,000		267,350
Ryan’s Restaurant Group, Inc.*	20,950		323,049
Scientific Games Corp., Class A*	32,000		762,880
Shuffle Master, Inc.*^	10,350		487,485
Six Flags, Inc.*^	45,900		246,483
Sonic Corp.*	24,187		737,703
Speedway Motorsports, Inc.	8,232		322,530
Steak n Shake Co.*	7,515		150,901
Triarc Cos., Inc., Class B^	11,350		139,151
Vail Resorts, Inc.*	6,400		143,488
WMS Industries, Inc.*^	9,600		321,984

			16,234,623

*Household Durables (1.7%)*
American Greetings Corp., Class A^	25,100		636,285
Beazer Homes USA, Inc.^	5,375		785,879
Blount International, Inc.*	12,300		214,266
Blyth, Inc.	11,800		348,808
Brookfield Homes Corp.	5,300		179,670
Champion Enterprises, Inc.*^	29,200		345,144
CSS Industries, Inc.	2,900		92,104
Department 56, Inc.*	8,100		134,865
Dominion Homes, Inc.*^	3,000		75,669
Ethan Allen Interiors, Inc.	13,200		528,264
Furniture Brands International, Inc.^	21,100		528,555
Hooker Furniture Corp.	4,200		95,340
Interface, Inc., Class A*^	29,000		289,130
Jarden Corp.*^	10,650		462,636
Kimball International, Inc., Class B	7,500		111,075
La-Z-Boy, Inc.^	21,100		324,307
Libbey, Inc.	4,200		93,282
M/I Homes, Inc.^	5,000		275,550
Meritage Homes Corp.*	4,600		518,420
National Presto Industries, Inc., Class A	2,500		113,750
Palm Harbor Homes, Inc.*^	5,800		97,904
Russ Berrie & Co., Inc.^	9,200		210,128
Skyline Corp.^	2,600		106,080
Technical Olympic USA, Inc.	4,950		125,631
Tempur-Pedic International, Inc.*^	9,600		203,520
Tupperware Corp.^	21,100		437,192
WCI Communities, Inc.*	13,700		402,780
William Lyon Homes, Inc.*	1,400		98,336
Yankee Candle Co., Inc.*	20,004		663,732

			8,498,302

268

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
*Internet & Catalog Retail (0.5%)*
1-800-Flowers.com, Inc., Class A*	23,700	$	199,317
Blue Nile, Inc.*^	4,600		127,052
Coldwater Creek, Inc.*^	9,300		287,091
Drugstore.com*^	41,500		141,100
GSI Commerce, Inc.*^	9,600		170,688
Insight Enterprises, Inc.*	18,800		385,776
J. Jill Group, Inc.*^	6,800		101,252
Overstock.com, Inc.*^	5,700		393,300
Priceline.com, Inc.*^	9,616		226,841
Provide Commerce, Inc.*^	3,900		144,885
Stamps.com, Inc.*	7,950		125,928
Systemax, Inc.*	13,200		96,888
Valuevision Media, Inc., Class A*^	5,700		79,287

			2,479,405

*Leisure Equipment & Products (0.6%)*
Action Performance Cos., Inc.	5,200		57,148
Arctic Cat, Inc.	5,000		132,600
Callaway Golf Co.^	27,900		376,650
JAKKS Pacific, Inc.*^	8,300		183,513
K2, Inc.*^	14,700		233,436
Leapfrog Enterprises, Inc.*^	11,100		150,960
Marine Products Corp.	9,000		234,990
MarineMax, Inc.*	4,500		133,920
Nautilus Group, Inc.^	9,712		234,739
Oakley, Inc.^	8,400		107,100
RC2 Corp.*	6,900		224,940
SCP Pool Corp.	21,412		683,043
Steinway Musical Instruments, Inc.*	3,900		112,866
Sturm Ruger & Co., Inc.	7,700		69,531

			2,935,436

*Media (2.3%)*
4Kids Entertainment, Inc.*^	4,100		86,182
ADVO, Inc.	13,400		477,710
Arbitron, Inc.*	12,900		505,422
Carmike Cinemas, Inc.^	2,600		94,900
Catalina Marketing Corp.^	22,200		657,786
Charter Communications, Inc., Class A*^	110,400		247,296
Courier Corp.	2,250		116,820
Crown Media Holdings, Inc., Class A*^	24,800		213,280
Cumulus Media, Inc., Class A*	19,600		295,568
Emmis Communications Corp., Class A*	18,500		355,015
Entravision Communications Corp.*	19,400		161,990
Fisher Communications, Inc.*^	1,800		87,984
Gray Television, Inc.	21,100		327,050
Grey Global Group, Inc.^	340		373,997
Harris Interactive, Inc.*^	14,400		113,760
Hollinger International, Inc., Class A	24,450		383,376
Insight Communications Co., Inc.*^	15,100		139,977
Interactive Data Corp.*^	14,900		323,926
Journal Communications, Inc., Class A	8,000		144,560
Journal Register Co.*	16,000		309,280
Lakes Entertainment, Inc.*^	11,700		190,593
Liberty Corp.	7,792		342,536
Lin TV Corp., Class A*^	14,000		267,400
Lodgenet Entertainment Corp.*	5,300		93,757
Martha Stewart Living Omnimedia, Class A*^	10,500		304,710
Mediacom Communications Corp., Class A*	26,500		165,625
Navarre Corp.*	9,000		158,400
Nelson (Thomas), Inc.	5,000		113,000
Opnet Technologies, Inc.*	5,500		46,310
Paxson Communications Corp.*^	37,300		51,474
Playboy Enterprises, Inc., Class B*^	14,100		173,289
Primedia, Inc.*	50,100		190,380
ProQuest Co.*	11,700		347,490
Pulitzer, Inc.	3,400		220,490
R.H. Donnelly Corp.*^	9,400		555,070
Reader’s Digest Association, Inc. (Non-Voting)	40,000		556,400
Regent Communications, Inc.*	14,300		75,790
Saga Communications, Inc., Class A*	4,800		80,880
Salem Communications Corp., Class A*	3,700		92,315
Scholastic Corp.*^	12,200		450,912
Sinclair Broadcast Group, Inc., Class A	12,908		118,883
Spanish Broadcasting System, Class A*	10,765		113,678
Tivo, Inc.*^	38,390		225,349
Valassis Communications, Inc.*	21,100		738,711
Value Line, Inc.	4,800		188,343
World Wrestling Entertainment, Inc.^	5,700		69,141
Young Broadcasting, Inc., Class A*	4,600		48,576

			11,395,381

*Multiline Retail (0.2%)*
99 Cents Only Stores*^	19,700		318,352
Conn’s, Inc.*	8,500		142,970
Fred’s, Inc.^	16,530		287,622
ShopKo Stores, Inc.*	9,300		173,724
Tuesday Morning Corp.*	10,400		318,552

			1,241,220

*Specialty Retail (3.0%)*
A.C. Moore Arts & Crafts, Inc.*^	4,300		123,883
Aaron Rents, Inc.	15,450		386,250
Aeropostale, Inc.*	22,250		654,817
America’s Car-Mart, Inc.*^	3,600		136,800
Asbury Automotive Group, Inc.*	5,300		73,034
Bebe Stores, Inc.	6,975		188,186
Big 5 Sporting Goods Corp.	8,200		238,948
Bombay Co., Inc.*^	11,400		63,042
Brookstone, Inc.*	6,075		118,766
Buckle, Inc.^	4,000		118,000
Building Material Holding Corp.	5,700		218,253
Burlington Coat Factory Warehouse Corp.	6,200		140,740
Casual Male Retail Group, Inc.*^	23,600		128,620
Cato Corp., Class A	5,700		164,274
Charlotte Russe Holding, Inc.*	5,900		59,590
Charming Shoppes, Inc.*^	50,300		471,311
Children’s Place, Inc.*^	7,100		262,913
Christopher & Banks Corp.	17,575		324,259
Cost Plus, Inc.*	10,300		330,939
CSK Auto Corp.*	18,700		313,038
Deb Shops, Inc.	4,500		112,680
Dick’s Sporting Goods, Inc.*^	12,800		449,920
Dress Barn, Inc.*	6,400		112,640
Electronics Boutique Holdings Corp.*^	4,500		193,230
Finish Line, Inc., Class A	19,000		347,700

269

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
Genesco, Inc.*	12,200	$	379,908
Goody’s Family Clothing, Inc.	8,600		78,604
Group 1 Automotive, Inc.*	8,700		274,050
Guess?, Inc.*	6,200		77,810
Guitar Center, Inc.*	9,800		516,362
Gymboree Corp.*^	10,000		128,200
Hancock Fabrics, Inc.	6,000		62,220
Haverty Furniture Cos., Inc.	5,400		99,900
Hibbett Sporting Goods, Inc.*	9,350		248,803
Hollywood Entertainment Corp.*	23,100		302,379
HOT Topic, Inc.*^	19,275		331,337
Jo-Ann Stores, Inc.*^	7,835		215,776
Jos. A. Bank Clothiers, Inc.*^	4,687		132,642
Kirkland’s, Inc.*^	12,000		147,480
Linens ‘N Things, Inc.*	18,200		451,360
Lithia Motors, Inc.	4,400		118,008
Men’s Wearhouse, Inc.*	16,143		515,930
Monro Muffler, Inc.*	4,250		107,525
Movie Gallery, Inc.^	8,250		157,328
Payless Shoesource, Inc.*^	27,600		339,480
Pep Boys Manny, Moe & Jack	23,300		397,731
Restoration Hardware, Inc.*^	31,200		179,088
Select Comfort Corp.*^	14,700		263,718
Sharper Image Corp.*^	3,200		60,320
Shoe Carnival, Inc.*^	5,400		70,200
Sonic Automotive, Inc.^	13,900		344,720
Sports Authority, Inc.*^	8,238		212,129
Stage Stores, Inc.*	7,900		328,008
Stein Mart, Inc.*	11,700		199,602
TBC Corp.*	8,200		227,960
Too, Inc.*	17,449		426,803
Tractor Supply Co.*	12,600		468,846
Trans World Entertainment Corp.*	14,300		178,321
United Auto Group, Inc.^	7,700		227,843
West Marine, Inc.*^	4,000		99,000
Zale Corp.*	21,120		630,854

			14,732,078

*Textiles, Apparel & Luxury Goods (1.0%)*
Brown Shoe Co., Inc.	9,100		271,453
Carter’s, Inc.*	4,050		137,659
Deckers Outdoor Corp.*^	3,900		183,261
DHB Industries, Inc.*	13,800		262,752
Hartmarx Corp.*	15,900		123,543
K-Swiss, Inc., Class A	11,000		320,320
Kellwood Co.^	11,200		386,400
Kenneth Cole Productions, Class A	3,100		95,666
Movado Group, Inc.	6,400		119,360
OshKosh B’Gosh, Inc., Class A^	3,920		83,888
Oxford Industries, Inc.^	7,300		301,490
Perry Ellis International, Inc.*	3,300		67,155
Phillips-Van Heusen Corp.	8,500		229,500
Quicksilver, Inc.*^	24,400		726,876
Russell Corp.	8,900		173,372
Skechers U.S.A., Inc., Class A*	8,900		115,344
Steven Madden Ltd.*^.	4,000		75,440
Stride Rite Corp.	12,500		139,625
Unifirst Corp.	4,200		118,776
Warnaco Group, Inc.*	17,900		386,640
Wolverine World Wide, Inc.	18,400		578,128

			4,896,648

Total Consumer Discretionary			70,714,705

Consumer Staples (2.7%)
*Beverages (0.1%)*
Boston Beer Co., Inc., Class A*	5,100		108,477
Coca Cola Bottling Co.	1,600		91,296
Hansen Natural Corp.*^	4,900		178,409
National Beverage Corp.*	11,600		96,512

			474,694

*Food & Staples Retailing (0.9%)*
Arden Group, Inc.	1,200		120,569
Casey’s General Stores, Inc.	21,700		393,855
Central European Distribution Corp.*	3,900		115,206
Great Atlantic & Pacific Tea Co., Inc.*^	12,600		129,150
Ingles Markets, Inc., Class A	10,300		127,617
Longs Drug Stores Corp.	16,096		443,767
Nash Finch Co.	5,250		198,240
NeighborCare, Inc.*	15,100		463,872
Pantry, Inc.*	6,100		183,549
Pathmark Stores, Inc.*	12,900		74,949
Performance Food Group Co.*	18,800		505,908
Ruddick Corp.	16,700		362,223
Smart & Final, Inc.*	9,800		141,022
Topps Co., Inc.^	10,600		103,350
United Natural Foods, Inc.*^	18,200		566,020
Weis Markets, Inc.	3,800		146,566
Wild Oats Markets, Inc.*^	8,400		74,004
Winn-Dixie Stores, Inc.^	33,100		150,605

			4,300,472

*Food Products (1.0%)*
Alico, Inc.*^	2,600		152,152
American Italian Pasta Co^	8,100		188,325
Cal-Maine Foods, Inc.^	8,500		102,765
Chiquita Brands International, Inc.	16,600		366,196
Corn Products International, Inc.	14,700		787,332
Delta & Pine Land Co.	16,400		447,392
Farmer Brothers Co.	3,000		72,720
Flowers Foods, Inc.	14,925		471,332
Hain Celestial Group, Inc.*^	13,400		276,978
J & J Snack Foods Corp.	2,400		117,672
John B. Sanfilippo & Son, Inc.*^	5,500		141,790
Lancaster Colony Corp.^	10,900		467,283
Lance, Inc.	8,400		159,852
M & F Worldwide Corp.*	6,300		85,806
Peet’s Coffee & Tea, Inc.*^	5,300		140,291
Ralcorp Holdings, Inc.	12,680		531,672
Sanderson Farms, Inc.^	3,600		155,808
Seaboard Corp.	200		199,600

			4,864,966

*Household Products (0.2%)*
Central Garden & Pet Co.*	8,500		354,790
Rayovac Corp.*	15,600		476,736
WD-40 Co.	9,400		267,054

			1,098,580

*Personal Products (0.3%)*
Chattem, Inc.*	5,400		178,740
Del Laboratories, Inc.*	3,700		128,575
Elizabeth Arden, Inc.*	10,400		246,896
Inter Parfums, Inc.^	5,900		93,810
Mannatech, Inc.^	6,200		118,048
Nature’s Sunshine Products, Inc.	7,500		152,700
NU Skin Enterprises, Inc., Class A	21,237		538,995
Playtex Products, Inc.*	13,400		107,066
Revlon, Inc., Class A*	58,700		135,010
USANA Health Sciences, Inc.*^	3,000		102,600

			1,802,440

*Tobacco (0.2%)*
Dimon, Inc.	14,100		94,752
Standard Commercial Corp.	4,600		89,516
Star Scientific, Inc.*^	26,900		136,786

270

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
Universal Corp.	10,100	$	483,184
Vector Group Ltd.^	8,287		137,813

			942,051

Total Consumer Staples			13,483,203

Energy (5.1%)
*Energy Equipment & Services (2.0%)*
Atwood Oceanics, Inc.*	5,000		260,500
Cal Dive International, Inc.*	16,278		663,328
Carbo Ceramics, Inc.	4,500		310,500
Dril-Quip, Inc.*	5,600		135,856
Global Industries Ltd.*^	33,900		281,031
Grey Wolf, Inc.*	84,700		446,369
Gulf Island Fabrication, Inc.	6,200		135,346
Gulfmark Offshore, Inc.*	6,000		133,620
Hanover Compressor Co.*^	30,800		435,204
Helmerich & Payne, Inc.	20,400		694,416
Hydril Co.*^	6,600		300,366
Input/Output, Inc.*^	21,000		185,640
Key Energy Services, Inc.*	52,600		620,680
Lone Star Technologies, Inc.*	14,100		471,786
Lufkin Industries, Inc.	3,400		135,687
Matrix Service Co.*^	17,000		137,020
Maverick Tube Corp.*^	19,900		602,970
Newpark Resources, Inc.*^	34,700		178,705
NS Group, Inc.*	7,600		211,280
Oceaneering International, Inc.*	11,200		417,984
Offshore Logistics, Inc.*	8,400		272,748
Oil States International, Inc.*	12,200		235,338
Parker Drilling Co.*	36,000		141,480
RPC, Inc.	8,500		213,520
SEACOR Holdings, Inc.*	8,450		451,230
Superior Energy Services, Inc.*	22,477		346,371
Tetra Technologies, Inc.*	9,200		260,360
Todco, Class A*	8,200		151,044
Unit Corp.*	18,972		724,920
Universal Compression Holdings, Inc.*	5,700		198,987
Veritas DGC, Inc.*	13,400		300,294
W-H Energy Services, Inc.*	7,600		169,936

			10,224,516

*Oil & Gas (3.1%)*
Atlas America, Inc.*^	6,739		240,919
Berry Petroleum Co., Class A	7,500		357,750
Cabot Oil & Gas Corp., Class A	13,600		601,800
Callon Petroleum Co.*	11,150		161,229
Cheniere Energy, Inc.*^	7,600		484,120
Cimarex Energy Co.*	18,200		689,780
Comstock Resources, Inc.*	14,401		317,542
Crosstex Energy, Inc	3,450		144,555
Delta Petroleum Corp.*^	9,000		141,120
Denbury Resources, Inc.*	22,000		603,900
Encore Acquisition Co.*^	9,100		317,681
Energy Partners Ltd.*	7,100		143,917
Forest Oil Corp.*	21,100		669,292
Frontier Oil Corp.	8,844		235,781
FX Energy, Inc.*^	13,600		158,848
Giant Industries, Inc.*	5,200		137,852
Harvest Natural Resources, Inc.*	12,100		208,967
Holly Corp	6,800		189,516
Houston Exploration Co.*	7,200		405,432
KCS Energy, Inc.*	21,500		317,770
Magnum Hunter Resources, Inc.*^	34,200		441,180
McMoRan Exploration Co.*^	5,300		99,110
Meridian Resource Corp.*	18,100		109,505
Overseas Shipholding Group, Inc.	10,800		596,160
Penn Virginia Corp.	7,300		296,161
Petroleum Development Corp.*	6,200		239,134
Plains Exploration & Production Co.*	34,485		896,610
Quicksilver Resources, Inc.*	13,200		485,496
Range Resources Corp.	27,300		558,558
Remington Oil & Gas Corp.*	7,100		193,475
Resource America, Inc., Class A	6,800		221,000
Southwestern Energy Co.*^	17,400		882,006
Spinnaker Exploration Co.*	10,064		352,945
St. Mary Land & Exploration Co.^	11,400		475,836
Stone Energy Corp.*	10,156		457,934
Swift Energy Co.*^	14,500		419,630
Syntroleum Corp.*	17,600		141,328
Tesoro Corp.*	26,600		847,476
Transmontaigne, Inc.*	14,600		89,498
Vintage Petroleum, Inc.	25,200		571,788
Whiting Petroleum Corp.*^	7,200		217,800
World Fuel Services Corp.	3,200		159,360

			15,279,761

Total Energy			25,504,277

Financials (21.3%)
*Capital Markets (0.8%)*
Affiliated Managers Group, Inc.*^	9,750		660,465
Apollo Investment Corp.*	24,900		375,990
Capital Southwest Corp.	2,098		164,735
Cohen & Steers Inc.	8,050		130,813
Gabelli Asset Management, Class A	2,500		121,300
Greenhill & Co., Inc.^	7,400		212,380
Investment Technology Group, Inc.*^	23,400		468,000
Knight Trading Group, Inc., Class A*	46,900		513,555
LaBranche & Co., Inc*	21,300		190,848
MCG Capital Corp.^	13,100		224,403
National Financial Partners Corp.	13,500		523,800
Piper Jaffray Cos.*^	8,000		383,600
Sanders Morris Harris Group, Inc.^	7,800		138,918
SWS Group, Inc.	4,782		104,821

			4,213,628

*Commercial Banks (7.8%)*
1st Source Corp.	4,251		108,443
Alabama National Bancorporation^	5,000		322,500
Amcore Financial, Inc.	12,400		399,032
AmericanWest Bancorp*	4,400		89,100
Arrow Financial Corp.	3,256		100,936
Associated Bank-Corp.	9,334		309,982
BancFirst Corp.	1,500		118,470
Bancorpsouth, Inc.	31,100		757,907
BancTrust Financial Group, Inc.	6,000		147,660
Bank of Granite Corp.	4,512		94,301
Bank of the Ozarks, Inc.^	4,000		136,120
Banner Corp	3,600		112,284
Boston Private Financial Holdings, Inc.^	10,900		307,053
Bryn Mawr Bank Corp.^	3,600		79,164
Camden National Corp.	2,800		110,348
Capital City Bank Group, Inc.^	2,987		124,857
Capital Corp. of the West	2,300		108,102
Capitol Bancorp Ltd.^	3,300		116,226
Cascade Bancorp^	5,500		111,210
Cathay General Bancorp	16,800		630,000
Central Coast Bancorp*^	5,390		124,455
Central Pacific Financial Corp.	11,700		423,189
Chemical Financial Corp.	10,941		469,588
Chittenden Corp.	17,737		509,584
Citizens Banking Corp.^	21,500		738,525

271

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
City Holdings Co.	8,900	$	322,536
CoBiz, Inc.	7,500		152,250
Columbia Bancorp/Maryland	3,000		102,570
Columbia Banking System, Inc.	4,714		117,803
Community Bank System, Inc.	12,600		355,950
Community Banks, Inc.^	3,502		98,616
Community Trust Bancorp, Inc.	4,985		161,315
CVB Financial Corp.^	17,879		474,866
East-West Bancorp, Inc.	20,800		872,768
EuroBancshares, Inc.*	6,900		144,900
Farmers Capital Bank Corp.^	2,500		103,000
First Bancorp/North Carolina	4,200		114,114
First Bancorp/Puerto Rico^	13,900		882,789
First Charter Corp.	15,516		406,054
First Citizens BancShares, Inc./North Carolina, Class A	3,000		444,750
First Commonwealth Financial Corp.	30,252		465,578
First Community Bancorp, Inc./California^	4,200		179,340
First Community Bancshares, Inc./Virginia	3,245		117,080
First Financial Bancorp.	17,083		298,952
First Financial Bankshares, Inc.^	7,533		337,554
First Financial Corp./Indiana	4,600		161,138
First Indiana Corp.	4,700		105,797
First Merchants Corp.	6,258		177,101
First Midwest Bancorp, Inc.	18,800		682,252
First National Bankshares of Florida, Inc.^	18,700		446,930
First OAK Brook Bancshares, Inc.	2,900		93,989
First of Long Island Corp.	2,000		100,900
First Republic Bank	5,300		280,900
First State Bancorp/New Mexico	2,600		95,576
FNB Corp./Pennsylvania^	18,600		378,696
FNB Corp./Virginia	3,300		93,588
Frontier Financial Corp.^	8,700		335,907
German American Bancorp.	4,935		79,454
Glacier Bancorp, Inc.	12,262		417,398
Gold Banc Corp., Inc.	18,800		274,856
Great Southern Bancorp, Inc.	4,400		154,000
Greater Bay Bancorp^	25,100		699,788
Hancock Holding Co.^	12,900		431,634
Hanmi Financial Corp.	6,250		224,625
Harleysville National Corp.	12,518		332,979
Heartland Financial USA, Inc.	4,650		93,512
IBERIABANK Corp.	2,300		152,628
Independent Bank Corp./Massachusetts	6,100		205,875
Independent Bank Corp./Michigan	11,467		342,061
Integra Bank Corp.^	5,156		119,155
Interchange Financial Services Corp.	3,800		98,496
Irwin Financial Corp.^	5,300		150,467
Lakeland Bancorp, Inc.^	5,410		94,946
Lakeland Financial Corp.^	2,400		95,280
Macatawa Bank Corp.^	3,360		108,494
Main Street Banks, Inc.^	4,500		157,185
MainSource Financial Group, Inc.^	4,961		118,469
MB Financial, Inc.	8,750		368,812
MBT Financial Corp.	2,072		48,215
Mercantile Bank Corp.	2,835		111,982
Mid-State Bancshares	13,300		381,045
Midwest Banc Holdings, Inc.	3,750		82,013
Nara Bancorp, Inc.	7,400		157,398
National Penn Bancshares, Inc.^	13,435		372,149
NBC Capital Corp.	3,300		87,681
NBT Bancorp, Inc.	16,048		412,755
Old National Bancorp/Indiana	26,800		693,048
Old Second Bancorp, Inc.	4,600		146,648
Omega Financial Corp.^	4,800		164,544
Oriental Financial Group, Inc.^	7,691		217,732
Pacific Capital Bancorp	18,844		640,508
Park National Corp.^	5,774		782,377
Peapack-Gladstone Financial Corp.	2,970		93,704
PennRock Financial Services Corp.	2,870		111,672
People Holding Co./Mississippi	2,850		94,335
Peoples Bancorp, Inc.	3,610		99,022
PrivateBancorp, Inc^.	6,800		219,164
Prosperity Bancshares, Inc.^	6,900		201,549
Provident Bankshares Corp.	16,759		609,525
Republic Bancorp, Inc., Class A/Kentucky	4,620		118,734
Republic Bancorp, Inc./Michigan	30,285		462,755
Riggs National Corp.	5,300		112,678
Royal Bancshares of Pennsylvania	3,433		92,760
S & T Bancorp, Inc.^	12,660		477,155
Sandy Spring Bancorp, Inc.^	8,100		310,473
Santander BanCorp^	3,740		112,798
SCBT Financial Corp.	2,835		95,171
Seacoast Banking Corp./Florida	4,980		110,805
Signature Bank*	6,248		202,185
Silicon Valley Bancshares*^	14,300		640,926
Simmons First National Corp., Class A	4,800		138,960
Southwest Bancorp, Inc./Oklahoma	5,200		127,296
Southwest Bancorporation of Texas, Inc.	27,600		642,804
State Financial Services Corp.	3,600		108,360
Sterling Bancorp/New York.	5,298		149,668
Sterling Bancshares, Inc./Texas	22,675		323,572
Sterling Financial Corp./Pennsylvania	11,625		333,289
Suffolk Bancorp^	3,700		128,871
Sun Bancorp, Inc./New Jersey*	4,095		102,293
Susquehanna Bancshares, Inc.	20,590		513,720
SY Bancorp, Inc.	3,800		91,580
Taylor Capital Group, Inc.	3,500		117,250
Texas Capital Bancshares, Inc.*	8,700		188,094
Texas Regional Bancshares, Inc.	16,114		526,606
Tompkins Trustco, Inc.^	2,770		148,167
TriCo Bancshares	5,200		121,680
Trustco Bank Corp./New York	33,183		457,594
Trustmark Corp.	18,900		587,223
UMB Financial Corp.	7,874		446,141
Umpqua Holdings Corp.	20,176		508,637
Union Bankshares Corp./Virginia^	2,700		103,761
United Bancshares, Inc.	15,100		576,065
United Community Banks, Inc.	14,100		379,713
Univest Corp. of Pennsylvania^	3,100		142,662
Unizan Financial Corp.	11,790		310,666
USB Holding Co., Inc.	4,657		115,959
Virginia Commerce Bancorp*^	3,875		109,740
Virginia Financial Group, Inc.	2,600		95,316
Washington Trust Bancorp^	4,400		128,964
WesBanco, Inc.	10,200		326,094
West Bancorp, Inc.	5,775		101,698
West Coast Bancorp/Oregon^	5,200		132,132
Westamerica BanCorp.	12,800		746,368
Western Sierra Bancorp, Class B*	3,000		115,065
Wilshire Bancorp, Inc.*	8,400		138,936
Wintrust Financial Corp.^	8,400		478,464

272

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
Yardville National Bancorp^	3,700	$	126,762

			38,728,385

*Consumer Finance (0.4%)*
ACE Cash Express, Inc.*	5,100		151,266
Advanta Corp.	7,200		174,744
Cash America International, Inc.	14,400		428,112
CompuCredit Corp.*	7,700		210,518
Credit Acceptance Corp.*^	6,300		160,335
Education Lending Group, Inc.*^	6,900		107,019
First Cash Financial Services, Inc.*	5,750		153,582
Metris Cos., Inc.*	17,900		228,225
Nelnet, Inc., Class A*	5,400		145,422
QC Holdings, Inc.*	8,300		159,028
Rewards Network, Inc.*^	8,000		56,000
United PanAm Financial Corp.*^	5,000		95,300
World Acceptance Corp.*	5,100		140,301

			2,209,852

*Diversified Financial Services (0.3%)*
Archipelago Holdings, Inc.*	8,050		168,889
Asset Acceptance Capital Corp.*	6,500		138,450
Collegiate Funding Services LLC*	10,350		145,832
Encore Capital Group, Inc.*	7,100		168,838
eSpeed, Inc., Class A*	8,000		98,960
Financial Federal Corp.*^	7,000		274,400
GATX Corp.^	20,400		603,024

			1,598,393

*Insurance (2.5%)*
21st Century Insurance Group^	7,800		106,080
Alfa Corp.	14,050		213,349
American Physicians Capital, Inc.*^	4,100		147,682
AmerUs Group Co.	15,900		720,270
Argonaut Group, Inc.*^	12,900		272,577
Baldwin & Lyons, Inc.	3,500		93,765
Bristol West Holdings, Inc.	7,000		140,000
Citizens, Inc./Texas, Class A*^	29,572		188,374
Clark, Inc.*^	5,300		82,256
CNA Surety Corp.*	9,400		125,490
Commerce Group, Inc.	10,350		631,764
Crawford & Co., Class B	34,700		260,250
Danielson Holdings Corp.*	19,550		165,198
Delphi Financial Group, Inc., Class A	10,513		485,175
Direct General Corp.^	6,400		205,440
EMC Insurance Group, Inc.	4,600		99,544
Enstar Group, Inc.*	2,000		125,000
FBL Financial Group, Inc., Class A	5,324		152,000
First Acceptance Corp.*	18,400		164,864
Great American Financial Resources, Inc.	5,900		102,483
Harleysville Group, Inc.	3,738		89,226
Hilb, Rogal & Hobbs Co.^	13,900		503,736
Horace Mann Educators Corp.	20,700		394,956
Infinity Property & Casualty Corp.	8,800		309,760
Kansas City Life Insurance Co.	4,900		231,770
LandAmerica Financial Group, Inc.^	8,050		434,136
Midland Co.	3,900		121,953
National Western Life Insurance Co., Class A*	700		116,627
Navigators Group, Inc.*^	2,600		78,286
NYMAGIC, Inc.	3,500		88,550
Ohio Casualty Corp.*^	26,150		606,941
Philadelphia Consolidated Holdings Corp.*	7,600		502,664
Phoenix Cos., Inc.^	40,300		503,750
Presidential Life Corp.	7,000		118,720
ProAssurance Corp.*^	11,664		456,179
RLI Corp.	9,550		396,994
Safety Insurance Group, Inc.	5,100		158,865
Selective Insurance Group, Inc.	11,800		522,032
State Auto Financial Corp.	5,750		148,638
Stewart Information Services Corp.	8,600		358,190
Triad Guaranty, Inc.*^	3,950		238,896
UICI	16,100		545,790
United Fire & Casualty Co.	6,100		205,631
Universal American Financial Corp.*	18,100		280,007
USI Holdings Corp.*^	15,000		173,550
Zenith National Insurance Corp.^	4,550		226,772

			12,294,180

*Mutual Funds (0.0%)*
Gladstone Capital Corp.^	4,100		97,170

*Real Estate (6.8%)*
Acadia Realty Trust (REIT)^	7,200		117,360
Affordable Residential Communities (REIT)^	9,900		142,065
Alexander’s, Inc. (REIT)*^	800		172,000
Alexandria Real Estate Equities, Inc. (REIT)	7,700		573,034
American Financial Realty Trust (REIT)	44,300		716,774
American Home Mortgage Investment Corp. (REIT)	12,964		444,017
AMLI Residential Properties Trust (REIT)^	10,300		329,600
Anthracite Capital, Inc. (REIT)	27,200		336,192
Anworth Mortgage Asset Corp. (REIT)^	20,800		222,768
Arbor Realty Trust, Inc. (REIT)	8,300		203,682
Avatar Holdings, Inc.*^	2,600		125,060
Bedford Property Investors, Inc. (REIT)^	4,500		127,845
BioMed Realty Trust, Inc. (REIT)	13,350		296,504
Brandywine Realty Trust (REIT)	20,450		601,026
Capital Automotive Real Estate Investment Trust (REIT)	14,050		499,126
Capital Lease Funding, Inc. (REIT)	12,200		152,500
Capital Trust, Inc./New York, Class A (REIT)	4,300		132,053
Capstead Mortgage Corp. (REIT)^	6,000		63,240
CarrAmerica Realty Corp. (REIT)	21,900		722,700
CB Richard Ellis Services, Inc., Class A*	10,750		360,663
Colonial Properties Trust (REIT)	8,800		345,576
Commercial Net Lease Realty (REIT)^	20,000		412,000
Cornerstone Realty Income Trust, Inc. (REIT)	30,400		303,392
Corporate Office Properties Trust (REIT)	12,800		375,680
Correctional Properties Trust (REIT)	3,500		101,080
Cousins Properties, Inc. (REIT)	14,400		435,888
CRT Properties, Inc. (REIT)	9,900		236,214
EastGroup Properties (REIT)^	8,400		321,888
Entertainment Properties Trust (REIT).	9,900		441,045
Equity Inns, Inc. (REIT)	27,500		322,850

273

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
Equity Lifestyle Properties, Inc. (REIT)	7,500	$	268,125
Equity One, Inc. (REIT)	16,870		400,325
Essex Property Trust, Inc. (REIT)	9,200		770,960
Extra Space Storage, Inc. (REIT)	9,800		130,634
FelCor Lodging Trust, Inc. (REIT)*	16,613		243,380
First Industrial Realty Trust, Inc. (REIT)^	17,800		724,994
Gables Residential Trust (REIT)	14,800		529,692
Getty Realty Corp. (REIT)	8,800		252,824
Glenborough Realty Trust, Inc. (REIT)	12,100		257,488
Glimcher Realty Trust (REIT)^	14,900		412,879
Global Signal, Inc. (REIT)	5,350		147,339
Government Properties Trust, Inc. (REIT)	9,600		94,656
Healthcare Realty Trust, Inc. (REIT)	19,900		809,930
Heritage Property Investment Trust (REIT)^	10,300		330,527
Highland Hospitality Corp. (REIT)	14,000		157,360
Highwoods Properties, Inc. (REIT)	24,800		686,960
Home Properties, Inc. (REIT)	14,100		606,300
HomeBanc Corp./Georgia (REIT)	15,850		153,428
Impac Mortgage Holdings, Inc. (REIT)	30,100		682,367
Innkeepers USA Trust (REIT)	9,900		140,580
Investors Real Estate Trust (REIT)	24,300		254,907
Jones Lang LaSalle, Inc.*	15,300		572,373
Kilroy Realty Corp. (REIT)	10,500		448,875
Kramont Realty Trust (REIT)^	7,200		168,480
LaSalle Hotel Properties (REIT)	11,300		359,679
Levitt Corp., Class A	4,575		139,858
Lexington Corp. Properties Trust (REIT)^	19,100		431,278
LNR Property Corp.	6,900		434,079
LTC Properties, Inc. (REIT)	7,100		141,361
Luminent Mortgage Capital, Inc. (REIT)	14,800		176,120
Maguire Properties, Inc. (REIT)	13,800		378,948
Meristar Hospitality Corp. (REIT)*^	34,978		292,066
MFA Mortgage Investments, Inc. (REIT)	33,700		297,234
Mid America Apartment Communities, Inc. (REIT)	7,100		292,662
Mission West Properties, Inc. (REIT)	6,700		71,288
National Health Investors, Inc. (REIT)	11,200		326,816
Nationwide Health Properties, Inc. (REIT)^	31,900		757,625
New Century Financial Corp. (REIT)	17,000		1,086,448
Newcastle Investment Corp. (REIT)^	14,100		448,098
Novastar Financial, Inc. (REIT)^	10,500		519,750
OMEGA Healthcare Investors, Inc. (REIT)	18,700		220,660
Origen Financial, Inc. (REIT).	1,262		9,440
Orleans Homebuilders, Inc.*^	8,000		158,800
Parkway Properties, Inc. (REIT)	4,500		228,375
Pennsylvania Real Estate Investment Trust (REIT)^	15,394		658,863
Post Properties, Inc. (REIT)^	16,900		589,810
Prentiss Properties Trust (REIT)	18,000		687,600
PS Business Parks, Inc., Class A (REIT)	6,400		288,640
RAIT Investment Trust (REIT)^	10,300		288,091
Ramco-Gershenson Properties Trust (REIT)	5,900		190,275
Realty Income Corp. (REIT)^	16,000		809,280
Redwood Trust, Inc. (REIT)^	6,600		409,794
Saul Centers, Inc. (REIT)^	3,700		141,525
Senior Housing Properties Trust (REIT)	20,100		380,694
Sovran Self Storage, Inc. (REIT)	7,200		303,408
Strategic Hotel Capital, Inc. (REIT).	9,450		155,925
Summit Properties, Inc. (REIT)	11,800		384,208
Sun Communities, Inc. (REIT)	6,400		257,600
Tanger Factory Outlet Centers (REIT)^	10,200		269,892
Tarragon Corp.*^	7,000		124,950
Taubman Centers, Inc. (REIT)	21,150		633,442
Tejon Ranch Co.*^	2,300		93,840
Town & Country Trust (REIT)^	7,400		204,462
Trammell Crow Co.*	8,900		161,179
U.S. Restaurant Properties, Inc. (REIT)^	7,600		137,256
Universal Health Realty Income Trust (REIT)	3,700		118,881
Urstadt Biddle Properties, Inc., Class A (REIT)	7,100		121,055
Washington Real Estate Investment Trust (REIT)	19,000		643,530
Winston Hotels, Inc. (REIT).	8,500		100,385

			33,804,375

*Thrifts & Mortgage Finance (2.7%)*
Accredited Home Lenders Holding Co.*	6,700		332,856
Anchor Bancorp Wisconsin, Inc.	7,000		204,050
Bank Atlantic Bancorp, Inc., Class A.	20,900		415,910
Bank Mutual Corp.	31,905		388,284
Bankunited Financial Corp., Class A*	13,800		440,910
Berkshire Hills Bancorp, Inc.	2,400		89,160
Brookline Bancorp, Inc.^	26,517		432,757
Charter Financial Corp.	2,600		114,062
CharterMac.	18,800		459,472
Citizens First Bancorp, Inc.	4,200		101,556
City Bank/Washington^	2,764		99,919
Clifton Savings Bancorp, Inc.	15,323		186,174
Coastal Financial Corp./South Carolina^	6,413		122,873
Commercial Capital Bancorp, Inc.	13,272		307,645
Commercial Federal Corp.	18,269		542,772
CORUS Bankshares, Inc.	8,200		393,682
Dime Community Bancshares, Inc.	15,850		283,873
Downey Financial Corp.	7,900		450,300
Farmer Mac, Class C.	2,900		67,570
Fidelity Bankshares, Inc.	4,500		192,420
First Busey Corp., Class A	4,650		97,046
First Financial Holdings, Inc	4,300		140,782
First Niagara Financial Group, Inc.	40,717		568,002
First Place Financial Corp./Ohio	4,700		105,233
FirstFed Financial Corp.*	8,400		435,708

274

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EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
Flagstar Bancorp, Inc.^	14,800	$	334,480
Flushing Financial Corp.	4,800		96,288
Franklin Bank Corp./Texas*^	7,200		131,400
Gibraltar Industries, Inc.	13,150		310,603
Harbor Florida Bancshares, Inc.	11,000		380,710
Horizon Financial Corp.	5,000		102,900
Hudson River Bancorp.	15,600		308,724
Itla Capital Corp.*	1,800		105,822
KNBT Bancorp, Inc.^	12,300		207,870
MAF Bancorp, Inc.^	11,704		524,573
NASB Financial, Inc.	2,200		87,912
NetBank, Inc.	25,500		265,455
Northwest Bancorp, Inc.	7,600		190,684
Ocwen Financial Corp.*^	15,800		151,048
Partners Trust Financial Group, Inc.^	14,798		172,397
Pennfed Financial Services, Inc.	5,200		83,616
PFF Bancorp, Inc.	4,300		199,219
Provident Bancorp, Inc.	16,077		212,056
Provident Financial Services, Inc.	36,456		706,153
R&G Financial Corp., Class B	11,200		435,456
Sterling Financial Corp./Washington*	8,096		317,849
TierOne Corp.	7,700		191,345
United Community Financial Corp.^	10,900		122,080
Waypoint Financial Corp.	14,730		417,595
Westfield Financial, Inc.^	3,600		92,952
WSFS Financial Corp.	2,000		120,640

			13,242,843

Total Financials			106,188,826

Health Care (12.4%)
*Biotechnology (3.2%)*
Abgenix, Inc.*	38,200		394,988
Albany Molecular Research, Inc.*	8,900		99,146
Alexion Pharmaceuticals, Inc.*^	11,180		281,736
Alkermes, Inc.*^	36,200		510,058
Applera Corp.- Celera Genomics Group*	31,600		434,500
Ariad Pharmaceuticals, Inc.*^	20,100		149,343
Axonyx, Inc.*^	23,100		143,220
Barrier Therapeutics, Inc.*	10,973		182,152
Bioenvision, Inc.*	14,100		126,336
BioMarin Pharmaceuticals, Inc.*^	21,468		137,181
Cell Genesys, Inc.*^	16,700		135,270
Cell Therapeutics, Inc.*^	19,661		160,041
Cepheid, Inc.*	11,200		111,328
Ciphergen Biosystems, Inc.*^	8,600		36,980
Corgentech, Inc.*^	8,800		72,864
Corixa Corp.*	15,304		55,707
Cubist Pharmaceuticals, Inc.*	13,149		155,553
CuraGen Corp.*^	14,500		103,820
CV Therapeutics, Inc.*^	13,656		314,088
Cytokinetics, Inc.*^	8,500		87,125
Decode Genetics, Inc.*^	15,500		121,055
Dendreon Corp.*^	23,400		252,252
Digene Corp.*	7,500		196,125
Diversa Corp.*^	10,900		95,266
Dov Pharmaceutical, Inc.*	8,300		149,815
Dyax Corp.*^	10,900		78,698
Encysive Pharmaceuticals, Inc.*	26,600		264,138
Enzo Biochem, Inc.*^	7,978		155,332
Enzon Pharmaceuticals, Inc.*	22,000		301,840
Exelixis, Inc.*	25,500		242,250
Genencor International, Inc.*^	5,700		93,480
Genta, Inc.*^	26,100		45,936
Genzyme Corp.*	8,175		474,722
Geron Corp.*^	20,700		164,979
GTx, Inc.*	11,300		152,437
Human Genome Sciences, Inc.*	52,100		626,242
Idenix Pharmaceuticals, Inc.*^	8,700		149,205
Immunogen, Inc.*	20,200		178,568
Immunomedics, Inc.*^	23,200		70,528
Incyte Corp.*^	25,500		254,745
Indevus Pharmaceuticals, Inc.*^	14,400		85,824
InterMune, Inc.*^	8,500		112,710
Isis Pharmaceuticals, Inc.*^	15,300		90,270
Isolagen, Inc.*^	12,300		96,801
Keryx Biopharmaceuticals, Inc.*^	9,600		111,072
Kosan Biosciences, Inc.*	9,100		63,063
Lexicon Genetics, Inc.*	25,280		196,046
Lifecell Corp.*	11,500		117,530
Ligand Pharmaceuticals, Inc., Class B*	29,800		346,872
Luminex Corp.*	10,300		91,464
Mannkind Corp.*	8,600		135,450
Marshall Edwards, Inc.*^	14,800		132,386
Maxim Pharmaceuticals, Inc.*	13,500		40,770
Maxygen, Inc.*	9,000		115,110
Medarex Inc.*^	37,700		406,406
Myriad Genetics, Inc.*^	13,050		293,755
Nabi Biopharmaceuticals*	21,157		309,950
Neopharm, Inc.*^	5,601		70,068
Neose Technologies, Inc.*^	10,500		70,560
Northfield Laboratories, Inc.*^	8,900		200,695
NPS Pharmaceuticals, Inc.*^	13,084		239,176
Nuvelo, Inc.*^	9,300		91,605
Onyx Pharmaceuticals, Inc.*^	14,200		459,938
OraSure Technologies, Inc.*	13,100		88,032
Oscient Pharmaceuticals Corp.*	24,600		89,790
Peregrine Pharmaceuticals, Inc.*	115,700		135,369
Pharmion Corp.*	6,200		261,702
Praecis Pharmaceuticals, Inc.*^	45,000		85,500
Progenics Pharmaceuticals, Inc.*	5,300		90,948
Regeneron Pharmaceuticals, Inc.*^	11,600		106,836
Renovis, Inc.*^	10,700		153,866
Rigel Pharmaceuticals, Inc.*	6,000		146,520
Sciclone Pharmaceuticals, Inc.*	15,000		55,500
Seattle Genetics, Inc.*^	11,300		73,789
Serologicals Corp.*^	10,400		230,048
Tanox, Inc.*^	8,100		123,120
Techne Corp.*	17,700		688,530
Telik, Inc.*	17,800		340,692
Third Wave Technologies, Inc.*	16,800		144,480
Transkaryotic Therapies, Inc.*^	10,000		253,900
Trimeris, Inc.*	15,432		218,671
United Therapeutics Corp.*^	7,780		351,267
Vertex Pharmaceuticals, Inc.*^	36,700		387,919
Vicuron Pharmaceuticals, Inc.*	20,200		351,682
Zymogenetics, Inc.*^	6,800		156,400

			16,171,131

*Health Care Equipment & Supplies (3.8%)*
1-800 Contacts, Inc.*^	4,200		92,400
Abaxis, Inc.*	7,100		102,879
Abiomed, Inc.*^	8,900		137,416
Advanced Medical Optics, Inc.*^	14,600		600,644
Advanced Neuromodulation Systems, Inc.*^	7,350		290,031
Aksys Ltd.*^	34,000		189,040
Align Technology, Inc.*	18,000		193,500
American Medical Systems Holdings, Inc.*	9,100		380,471
Analogic Corp.	4,600		206,034
Animas Corp.*^	6,600		103,158
Arrow International, Inc.	7,700		238,623

275

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
Arthrocare Corp.*^	8,600	$	275,716
Aspect Medical Systems, Inc.*	9,400		229,924
Bio-Rad Laboratories, Inc., Class A*	7,000		401,590
Biolase Technology, Inc.^	7,400		80,438
Biosite, Inc.*^	5,156		317,300
BioVeris Corp.*	7,800		57,018
Bruker BioSciences Corp.*	52,243		210,539
Candela Corp.*	10,600		120,416
Cardiac Science, Inc.*^	76,900		164,566
Cardiodynamics International Corp.*	15,600		80,652
Closure Medical Corp.*^	9,200		179,400
Conceptus, Inc.*^	16,100		130,652
Conmed Corp.*^	13,800		392,196
CTI Molecular Imaging, Inc.*	12,700		180,213
Cyberonics, Inc.*^	6,800		140,896
Datascope Corp.	3,600		142,884
Diagnostic Products Corp.	9,100		500,955
DJ Orthopedics, Inc.*	4,600		98,532
Encore Medical Corp.*^	20,400		138,516
Epix Pharmaceuticals, Inc.*^	9,700		173,727
Exactech, Inc.*	5,500		100,595
Haemonetics Corp.*	7,900		286,059
Hologic, Inc.*	6,700		184,049
I-Flow Corp.*^	9,700		176,831
ICU Medical, Inc.*^	3,600		98,424
Illumina, Inc.*	18,500		175,380
Immucor, Inc.*	19,012		446,972
Integra LifeSciences Holdings Corp.*^	8,100		299,133
Intermagnetics General Corp.*	11,892		302,176
Intuitive Surgical, Inc.*^	13,100		524,262
Invacare Corp.^	11,500		531,990
Inverness Medical Innovations, Inc.*^	4,000		100,400
Kensey Nash Corp.*^	4,100		141,573
Kyphon, Inc.*^	9,400		242,144
Laserscope*	7,000		251,370
Matthews International Corp., Class A	13,300		489,440
Medical Action Industries, Inc.*	5,200		102,440
Mentor Corp.	18,000		607,320
Merit Medical Systems, Inc.*	7,512		114,783
Mine Safety Appliances Co.^	10,500		532,350
Molecular Devices Corp.*	4,700		94,470
Nutraceutical International Corp.*	5,700		87,837
NuVasive, Inc.*	4,011		41,113
Ocular Sciences, Inc.*	8,200		401,882
Orthologic Corp.*	12,300		76,875
Palomar Medical Technologies, Inc.*^	6,800		177,276
PolyMedica Corp.^	10,630		396,393
Possis Medical, Inc.*	5,700		76,836
Quidel Corp.*	28,400		144,272
Regeneration Technologies, Inc.*^	7,900		82,792
Sola International, Inc.*	10,300		283,662
SonoSite, Inc.*^	4,780		162,281
Steris Corp.*	28,200		668,904
SurModics, Inc.*^	4,700		152,797
Sybron Dental Specialties, Inc.*	16,400		580,232
Thoratec Corp.*^	24,355		253,779
TriPath Imaging, Inc.*^	9,500		85,215
Varian, Inc.*	14,300		586,443
Ventana Medical Systems, Inc.*	6,600		422,334
Viasys Healthcare, Inc.*^	15,000		285,000
Visx, Inc.*	19,600		507,052
Vital Signs, Inc.	2,700		105,084
West Pharmaceutical Services, Inc.	11,914		298,207
Wilson Greatbatch Technologies, Inc.*	9,800		219,716
Wright Medical Group, Inc.*^	10,700		304,950
Young Innovations, Inc.	2,500		84,325
Zoll Medical Corp.*	2,900		99,760

			18,937,504

*Health Care Providers & Services (3.8%)*
Accelrys, Inc.*	8,000		62,400
Advisory Board Co.*	7,100		261,848
Alderwoods Group, Inc.*	12,600		143,388
Alliance Imaging, Inc.*^	24,800		279,000
Amedisys, Inc.*	4,300		139,277
America Service Group, Inc.*	5,400		144,558
American Healthways, Inc.*	12,900		426,216
AMERIGROUP Corp.*	10,700		809,562
AMN Healthcare Services, Inc.*^	6,106		97,146
Amsurg Corp.*^	13,650		403,221
Apria Healthcare Group, Inc.*	20,200		665,590
Beverly Enterprises, Inc.*^	45,300		414,495
Centene Corp.*	19,000		538,650
Cerner Corp.*^	12,400		659,308
Chemed Corp.	5,000		335,550
Computer Programs & Systems, Inc.^	4,800		111,120
Corvel Corp.*	7,350		196,833
Cross Country Healthcare, Inc.*^	6,500		117,520
Dendrite International, Inc.*	14,600		283,240
Eclipsys Corp.*	11,800		241,074
eResearch Technology, Inc.*^	19,125		303,131
First Health Group Corp.*	37,000		692,270
Genesis HealthCare Corp.*	8,000		280,240
Gentiva Health Services, Inc.*	8,500		142,120
Hanger Orthopedic Group, Inc.*^	7,000		56,700
HealthExtras, Inc.*	6,900		112,470
Hooper Holmes, Inc.	19,300		114,256
IDX Systems Corp.*^	8,300		286,018
Kindred Healthcare, Inc.*^	11,800		353,410
LabOne, Inc.*^	7,100		227,484
LCA Vision, Inc.^	6,450		150,866
Lifeline Systems, Inc.*^	4,600		118,496
LifePoint Hospitals, Inc.*^	16,300		567,566
Magellan Health Services, Inc.*	10,900		372,344
Matria Healthcare, Inc.*^	4,600		179,722
Medcath Corp.*^	6,200		152,768
Medical Staffing Network Holdings, Inc.*^	27,800		227,682
Molina Healthcare, Inc.*	4,200		194,796
National Healthcare Corp.	4,600		162,380
NDCHealth Corp.^	15,508		288,294
OCA, Inc.*^	17,100		108,585
Odyssey HealthCare, Inc.*	12,975		177,498
Omnicell, Inc.*^	6,400		70,400
Option Care, Inc.^	9,000		154,710
Owens & Minor, Inc.	17,600		495,792
Parexel International Corp.*	8,700		176,610
PDI, Inc.*	3,300		73,524
Pediatrix Medical Group, Inc.*	9,700		621,285
Per-Se Technologies, Inc.*^	9,066		143,515
Priority Healthcare Corp., Class B*^	15,800		343,966
Province Healthcare Co.*	22,800		509,580
PSS World Medical, Inc.*	32,300		404,234
Psychiatric Solutions, Inc.*	4,800		175,488
QLT, Inc.*	9,400		151,152
Radiation Therapy Services, Inc.*	9,450		160,650

276

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
RehabCare Group, Inc.*	5,400	$	151,146
Res-Care, Inc.*	9,900		150,678
Select Medical Corp.	37,000		651,200
SFBC International, Inc.*^	4,500		177,750
Sierra Health Services, Inc.*^	11,400		628,254
Specialty Laboratories, Inc.*	16,600		183,264
Stewart Enterprises, Inc.*	41,900		292,881
Sunrise Senior Living, Inc.*^	5,700		264,252
Symbion, Inc.*	7,200		158,976
Trizetto Group*	13,300		126,350
United Surgical Partners International, Inc.*	11,400		475,380
Ventiv Health, Inc.*	7,600		154,432
VistaCare, Inc., Class A*^	12,050		200,392

			18,694,953

*Pharmaceuticals (1.6%)*
Able Laboratories, Inc.*^	5,300		120,575
Adolor Corp.*	20,400		202,368
Alpharma, Inc., Class A	18,400		311,880
Antigenics, Inc.*^	27,500		278,300
Array Biopharma, Inc.*	14,500		138,040
AtheroGenics, Inc.*^	17,800		419,368
Bentley Pharmaceuticals, Inc.*^	6,200		66,650
Bone Care International, Inc.*	6,600		183,810
Bradley Pharmaceuticals, Inc.*^	7,400		143,560
Caraco Pharm Labs, Inc.*	12,000		114,600
Connetics Corp.*^	12,977		315,211
Cypress Bioscience, Inc.*	11,800		165,908
Discovery Laboratories, Inc.*^	18,700		148,291
First Horizon Pharmaceutical Corp.*^	11,200		256,368
Guilford Pharmaceuticals, Inc.*	13,100		64,845
Hollis-Eden Pharmaceuticals*^	10,500		98,910
Impax Laboratories, Inc.*^	19,600		311,248
Inspire Pharmaceuticals, Inc.*	15,900		266,643
Kos Pharmaceuticals, Inc.*^	7,600		286,064
KV Pharmaceutical Co.*^	13,100		288,855
Lannett Co., Inc.*	8,700		85,695
Medicines Co.*	20,000		576,000
NitroMed, Inc.*^	6,500		173,225
Noven Pharmaceuticals, Inc.*	7,100		121,126
Pain Therapeutics, Inc.*	13,900		100,219
Par Pharmaceutical Cos., Inc.*	13,800		571,044
Penwest Pharmaceuticals Co.*^	5,700		68,172
Perrigo Co.^	27,000		466,290
Pharmos Corp.*^	35,700		50,694
Pozen, Inc.*	7,700		55,979
Salix Pharmaceuticals Ltd.*	14,700		258,573
Santarus, Inc.*^	8,600		77,916
SuperGen, Inc.*^	32,200		227,010
Valeant Pharmaceuticals International	33,700		887,995

			7,901,432

Total Health Care			61,705,020

Industrials (13.8%)
*Aerospace & Defense (1.5%)*
AAR Corp.*	10,850		147,777
Applied Signal Technology, Inc.	4,200		148,050
Armor Holdings, Inc.*	10,704		503,302
Aviall, Inc.*	10,700		245,779
BE Aerospace, Inc.*	23,900		278,196
Ceradyne, Inc.*^	7,700		440,517
Cubic Corp.^	5,300		133,401
Curtiss-Wright Corp.	8,000		459,280
DRS Technologies, Inc.*	11,832		505,345
Ducommun, Inc.*	4,300		89,655
EDO Corp.	5,300		168,275
Engineered Support Systems	8,950		530,019
Esterline Technologies Corp.*	7,100		231,815
GenCorp, Inc.^	15,800		293,406
Heico Corp.	7,900		178,461
Herley Industries, Inc.*	4,600		93,564
Hexcel Corp.*	14,300		207,350
Innovative Solutions & Support, Inc.*^	5,000		166,800
Kaman Corp., Class A	7,400		93,610
KVH Industries, Inc. *	14,900		146,020
Mercury Computer Systems, Inc.*	7,200		213,696
Moog, Inc., Class A*	9,873		447,741
MTC Technologies, Inc.*	3,000		100,710
Orbital Sciences Corp.*^	24,600		291,018
Sequa Corp., Class A*	1,800		110,070
SI International, Inc.*^	8,200		252,232
Teledyne Technologies, Inc.*	14,268		419,907
Triumph Group, Inc.*	8,400		331,800
United Industrial Corp.	5,100		197,574

			7,425,370

*Air Freight & Logistics (0.3%)*
EGL, Inc.*^	16,900		505,141
Forward Air Corp.*	8,700		388,890
Hub Group, Inc., Class A*^	3,700		193,214
Pacer International, Inc.*	11,200		238,112

			1,325,357

*Airlines (0.6%)*
Airtran Holdings, Inc.*^	30,900		330,630
Alaska Air Group, Inc.*	10,800		361,692
America West Holdings Corp., Class B*^	10,100		66,458
Continental Airlines, Inc., Class B*	28,500		385,890
Delta Air Lines, Inc.*^	43,300		323,884
ExpressJet Holdings, Inc.*^	15,500		199,640
FLYi, Inc.*^	14,100		24,957
Frontier Airlines, Inc.*	11,800		134,638
Mesa Air Group, Inc.*	23,000		182,620
Northwest Airlines Corp.*	32,500		355,225
Pinnacle Airlines Corp.*	12,200		170,068
Republic Airways Holdings, Inc.*	9,000		119,430
Skywest, Inc.	25,600		513,536

			3,168,668

*Building Products (0.9%)*
Aaon, Inc.*	4,500		72,315
American Woodmark Corp.	3,800		165,984
Apogee Enterprises, Inc.	7,700		103,257
ElkCorp.^	10,800		369,576
Griffon Corp.*	13,200		356,400
Jacuzzi Brands, Inc.*	32,502		282,767
Lennox International, Inc.^	20,901		425,335
NCI Building Systems, Inc.*^	10,500		393,750
Quixote Corp.^	4,000		81,320
Simpson Manufacturing Co., Inc.	14,200		495,580
Trex Co., Inc.*^	4,300		225,492
Universal Forest Products, Inc.	8,950		388,430
USG Corp.*^	13,750		553,713
York International Corp.	19,400		670,076

			4,583,995

*Commercial Services & Supplies (3.3%)*
ABM Industries, Inc.	19,000		374,680
Administaff, Inc.*	6,700		84,487
Banta Corp.	10,500		469,980
Bowne & Co., Inc.^	18,500		300,810
Brady Corp., Class A	9,100		569,387
Bright Horizons Family Solutions, Inc.*	6,500		420,940

277

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
Casella Waste Systems, Inc.*	7,100	$	103,944
CDI Corp.	4,100		87,658
Central Parking Corp.^	6,200		93,930
Century Business Services, Inc.*	23,493		102,429
Charles River Associates, Inc.*^	2,700		126,279
Coinstar, Inc.*	7,400		198,542
Consolidated Graphics, Inc.*	3,800		174,420
Corrections Corp. of America*	15,519		627,744
CoStar Group, Inc.*^	6,800		314,024
Darling International, Inc.*	29,300		127,748
DiamondCluster International, Inc.*	8,214		117,707
Duratek, Inc.*	7,400		184,334
Electro Rent Corp.*	17,000		241,910
Ennis, Inc.	6,000		115,500
FTI Consulting, Inc.*^	17,875		376,626
G&K Services, Inc., Class A	7,400		321,308
General Binding Corp.*	5,400		70,956
Geo Group, Inc.*	4,200		111,636
Gevity HR, Inc.	9,600		197,376
Healthcare Services Group, Inc.	7,500		156,300
Heidrick & Struggles, Inc.*^	5,500		188,485
Hudson Highland Group, Inc.*^	4,000		115,200
Imagistics International, Inc.*^	8,000		269,280
Intersections, Inc.*	5,000		86,250
Ionics, Inc.*^	9,400		407,396
Jackson Hewitt Tax Service, Inc.	16,000		404,000
John H. Harland Co.	13,300		480,130
Kelly Services, Inc., Class A	5,700		172,026
Kforce, Inc.*	13,200		146,520
Korn/Ferry International*^	10,792		223,934
Labor Ready, Inc.*^	13,550		229,266
Learning Tree International, Inc.*	5,100		68,340
LECG Corp.*	6,800		126,820
McGrath Rentcorp.	3,000		130,830
Mobile Mini, Inc.*^	4,468		147,623
Navigant Consulting Co.*^	19,350		514,710
NCO Group, Inc.*	11,200		289,520
Portfolio Recovery Associates, Inc.*^	4,200		173,124
Prepaid Legal Services, Inc.^	5,300		199,015
PRG-Schultz International, Inc.*	18,500		93,055
Princeton Review, Inc.*	9,900		60,885
Resources Connection, Inc.*	9,900		537,669
Rollins, Inc.	11,450		301,364
Schawk, Inc.	6,600		119,988
School Specialty, Inc.*^	8,800		339,328
Sitel Corp.*	33,500		82,410
Sotheby’s Holdings, Inc., Class A*	23,996		435,767
SOURCECORP, Inc.*	5,200		99,372
Spherion Corp.*	32,080		269,472
Standard Register Co.	5,200		73,424
Strayer Education, Inc.^	6,200		680,698
TeleTech Holdings, Inc.*	11,800		114,342
Tetra Tech, Inc.*	20,915		350,117
TRC Cos., Inc.*	4,200		71,400
United Rentals, Inc.*^	23,100		436,590
United Stationers, Inc.*	14,400		665,280
Universal Technical Institute, Inc.*^	5,700		217,284
Vertrue, Inc.*^	3,000		113,310
Volt Information Sciences, Inc.*	4,200		123,438
Waste Connections, Inc.*	18,600		637,050
Watson Wyatt & Co. Holdings^	16,000		431,200

			16,696,567

*Construction & Engineering (0.8%)*
Comfort Systems USA, Inc.*	17,500		134,400
Dycom Industries, Inc.*	19,733		602,251
EMCOR Group, Inc.*	7,300		329,814
Granite Construction, Inc.^	15,900		422,940
Insituform Technologies, Inc., Class A*^	11,100		251,637
Integrated Electrical Services, Inc.*	11,800		57,112
MasTec, Inc.*^	21,400		216,354
Perini Corp.*	9,700		161,893
Quanta Services, Inc.*^	37,500		300,000
Shaw Group, Inc.*^	24,700		440,895
URS Corp.*	12,600		404,460
Washington Group International, Inc.*	11,300		466,125

			3,787,881

*Electrical Equipment (1.2%)*
Acuity Brands, Inc.	18,325		582,735
American Superconductor Corp.*^	9,700		144,433
Artesyn Technologies, Inc.*^	10,700		120,910
Baldor Electric Co.	14,800		407,444
C&D Technology, Inc.^	10,600		180,624
Encore Wire Corp.*	7,950		105,974
Energy Conversion Devices, Inc.*^	10,500		202,860
EnerSys*	9,900		150,975
Franklin Electric Co., Inc.	6,400		270,464
FuelCell Energy, Inc.*^	16,700		165,330
General Cable Corp.*^	16,750		231,987
Genlyte Group, Inc.*	5,900		505,512
Ii-Vi, Inc.*	3,700		157,213
LSI Industries, Inc.	7,350		84,158
Medis Technologies Ltd.*^	9,900		181,665
Penn Engineering & Manufacturing Corp.	5,100		92,310
Plug Power, Inc.*^	15,400		94,094
Powell Industries, Inc.*	5,400		99,846
Power-One, Inc.*	30,600		272,952
Regal Beloit Corp.^	8,000		228,800
Smith (A.O.) Corp.^	5,650		169,161
Thomas & Betts Corp.*	23,700		728,775
Valence Technology, Inc.*^	63,650		197,951
Vicor Corp.	7,900		103,569
Woodward Governor Co.	4,900		350,889

			5,830,631

*Industrial Conglomerates (0.2%)*
Raven Industries, Inc.	6,800		144,908
Standex International Corp.	3,700		105,413
Tredegar Corp.	10,376		209,699
Walter Industries, Inc.^	9,500		320,435

			780,455

*Machinery (3.1%)*
Actuant Corp., Class A*	8,600		448,490
Albany International Corp.	12,650		444,774
Astec Industries, Inc.*	6,900		118,749
ASV, Inc.*	2,600		124,540
Barnes Group, Inc.	4,200		111,342
Bucyrus International, Inc., Class A	5,250		213,360
Cascade Corp.	3,500		139,825
CIRCOR International, Inc.	4,200		97,272
Clarcor, Inc.	10,450		572,346
Cuno, Inc.*	6,400		380,160
EnPro Industries, Inc.*	7,500		221,775
ESCO Technologies, Inc.*	5,352		410,231
Federal Signal Corp.^	19,500		344,370
Flanders Corp.*^	14,800		142,080
Flowserve Corp.*	21,800		600,372
Gardner Denver, Inc.*	8,000		290,320
Gorman-Rupp Co.	4,625		106,375

278

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EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
Greenbrier Cos., Inc.^	6,600	$	223,410
Idex Corp.	20,250		820,125
JLG Industries, Inc.^	18,700		367,081
Joy Global, Inc.	21,200		920,716
Kadant, Inc.*	4,760		97,580
Kaydon Corp.	13,100		432,562
Kennametal, Inc.	15,100		751,527
Lincoln Electric Holdings, Inc.	15,500		535,370
Lindsay Manufacturing Co.	3,950		102,226
Manitowoc Co., Inc.	12,700		478,155
Middleby Corp.^	2,300		116,656
Mueller Industries, Inc.	14,300		460,460
Nacco Industries, Inc., Class A	1,600		168,640
Nordson Corp.	10,400		416,728
Reliance Steel & Aluminum Co.	11,700		455,832
Robbins & Myers, Inc.^	4,000		95,320
Stewart & Stevenson Services, Inc.	9,700		196,231
Tecumseh Products Co., Class A	7,856		375,517
Tennant Co.	2,900		114,985
Terex Corp.*	20,400		972,060
Thomas Industries, Inc.	5,800		231,536
Toro Co.	10,300		837,905
Trinity Industries, Inc.^	15,100		514,608
Valmont Industries, Inc.	5,000		125,550
Wabash National Corp.*	12,500		336,625
Watts Water Technologies, Inc., Class A	9,700		312,728
Westinghouse Air Brake Technologies Corp.	17,986		383,462

			15,609,976

*Marine (0.2%)*
Alexander & Baldwin, Inc.	20,400		865,368
Kirby Corp.*	7,975		353,930

			1,219,298

*Road & Rail (1.5%)*
Amerco, Inc.*	5,600		257,488
Arkansas Best Corp.	9,628		432,201
Covenant Transport, Inc., Class A*	5,100		106,182
Dollar Thrifty Automotive Group, Inc.*	12,100		365,420
Florida East Coast Industries, Inc., Class A	8,200		369,820
Genesee & Wyoming, Inc., Class A*^	6,150		172,999
Heartland Express, Inc.	23,034		517,574
Kansas City Southern Industries, Inc.*^	25,100		445,023
Knight Transportation, Inc.^	15,806		391,989
Laidlaw International, Inc.*	41,700		892,380
Landstar System, Inc.*^	12,700		935,228
Marten Transport Ltd.*	3,435		78,078
Old Dominion Freight Line*	5,700		198,360
Overnite Corp.	11,300		420,812
PAM Transportation Services, Inc.*	4,600		86,250
RailAmerica, Inc.*^	15,400		200,970
SCS Transportation, Inc.*	5,400		126,198
Swift Transportation Co., Inc.*^	19,900		427,452
U.S. Xpress Enterprises, Inc., Class A*	5,450		159,685
USF Corp.^	11,000		417,450
Werner Enterprises, Inc.	19,200		434,688

			7,436,247

*Trading Companies & Distributors (0.2%)*
Aceto Corp.	5,700		108,528
Applied Industrial Technologies, Inc.	8,700		238,380
Lawson Products, Inc.	2,700		136,161
Nuco2, Inc.*^	6,300		139,797
Watsco, Inc.	10,400		366,288

			989,154

Total Industrials			68,853,599

Information Technology (17.2%)
*Communications Equipment (2.1%)*
Anaren, Inc.*	7,508		97,304
Ariba, Inc.*^	23,412		388,639
Arris Group, Inc.*	25,600		180,224
Aspect Communications Corp.*	16,500		183,810
Atheros Communications, Inc.*	11,400		116,850
Audiovox Corp., Class A*^	6,100		96,258
Avanex Corp.*	57,400		189,994
Bel Fuse, Inc., Class B^	3,292		111,237
Belden CDT, Inc.	19,400		450,080
Black Box Corp.	6,500		312,130
C-COR, Inc.*	15,200		141,360
Carrier Access Corp.*^	10,200		108,936
CommScope, Inc.*^	21,000		396,900
Comtech Telecommunications Corp.^	4,750		178,647
Cyberguard Corp.*^	9,800		61,740
Digi International, Inc.*	10,300		177,057
Ditech Communications Corp.*	14,900		222,755
Echelon Corp.*	9,600		81,024
Emulex Corp.*^	33,100		557,404
Enterasys Networks, Inc.*	82,600		148,680
Extreme Networks, Inc.*	46,200		302,610
F5 Networks, Inc.*	14,700		716,184
FalconStor Software, Inc.*^	11,500		110,055
Finisar Corp.*^	46,800		106,704
Harmonic, Inc.*	33,800		281,892
Inter-Tel, Inc.	8,750		239,575
Interdigital Communications Corp.*	22,300		492,830
Ixia*^	15,344		257,933
MRV Communications, Inc.*	35,400		129,918
Netgear, Inc.*	10,400		189,176
Network Equipment Technologies, Inc.*^	24,300		238,626
NMS Communications Corp.*	19,000		119,890
Oplink Communications, Inc.*	34,600		68,162
Packeteer, Inc.*	13,200		190,740
Paradyne Networks Corp.*^	21,500		77,185
PC-Tel, Inc.*	9,100		72,163
Powerwave Technologies, Inc.*^	42,100		357,008
Redback Networks, Inc.*	22,600		121,136
Remec, Inc.*^	19,400		139,874
SafeNet, Inc.*^	9,629		353,769
SeaChange International, Inc.*^	8,100		141,264
Spectralink Corp.^	5,400		76,572
Stratex Networks, Inc.*	28,100		63,506
Sycamore Networks, Inc.*	79,600		323,176
Symmetricom, Inc.*^	12,800		124,288
Tekelec*	20,700		423,108
Terayon Corp.*^	22,200		60,162
Verso Technologies, Inc.*^	113,400		81,648
ViaSat, Inc.*	7,100		172,317
Westell Technologies, Inc.*	15,000		102,000
Zhone Technologies, Inc.*	33,000		85,470

			10,419,970

*Computers & Peripherals (1.6%)*
ActivCard Corp.*	11,900		105,910
Adaptec, Inc.*	46,900		355,971

279

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EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
Advanced Digital Information Corp.*	26,900	$	269,538
Applied Films Corp.*^	5,000		107,800
Brocade Communications Systems, Inc.*	104,500		798,380
Cray, Inc.*^	32,400		150,984
Dot Hill Systems Corp.*^	12,100		94,864
Electronics for Imaging, Inc.*	21,600		376,056
Gateway, Inc.*	108,700		653,287
Hutchinson Technology, Inc.*	12,500		432,125
Hypercom Corp.*	16,200		95,904
Imation Corp.	14,300		455,169
InFocus Corp.*	12,600		115,416
Intergraph Corp.*	15,600		420,108
Iomega Corp.*^	17,440		96,618
Komag, Inc.*	10,900		204,702
LaserCard Corp.*^	6,000		62,940
McData Corp., Class A*^	47,700		284,292
Novatel Wireless, Inc.*^	7,400		143,412
Overland Storage, Inc.*	5,100		85,119
PalmOne, Inc.*^	17,250		544,237
Pinnacle Systems, Inc.*	33,600		204,960
Presstek, Inc.*	11,300		109,384
Quantum Corp.*^	72,300		189,426
SBS Technologies, Inc.*	6,600		92,136
Silicon Graphics, Inc.*^	84,100		145,493
SimpleTech, Inc.*	29,600		136,160
Stratasys, Inc.*	3,550		119,138
Synaptics, Inc.*	9,350		285,923
Transact Technologies, Inc.*	4,300		91,848
Unova, Inc.*^	19,700		498,213
Xybernaut Corp.*^	71,600		88,068

			7,813,581

*Electronic Equipment & Instruments (2.6%)*
Aeroflex, Inc.*	32,650		395,718
Agilysis, Inc.^	9,500		162,830
Anixter International, Inc.*	12,700		457,073
BEI Technologies, Inc.	5,100		157,488
Benchmark Electronics, Inc.*	17,650		601,865
Brightpoint, Inc.*	7,850		153,389
Checkpoint Systems, Inc.*	15,900		286,995
Cognex Corp.	14,900		415,710
Coherent, Inc.*	11,900		362,236
CTS Corp.^	20,400		271,116
Cyberoptics Corp.*^	4,600		68,402
Daktronics, Inc.*	5,700		141,873
Digital Theater Systems, Inc.*^	6,800		136,884
Dionex Corp.*	6,800		385,356
Electro Scientific Industries, Inc.*	14,200		280,592
Excel Technology, Inc.*	3,092		80,392
Faro Technologies, Inc.*	4,800		149,664
Global Imaging Systems, Inc.*^	8,800		347,600
Identix Corp.*^	37,900		279,702
INTAC International*	9,700		126,100
Itron, Inc.*	6,900		164,979
Keithley Instruments, Inc.	5,100		100,470
KEMET Corp.*^	42,200		377,690
Landauer, Inc.	2,700		123,390
Lexar Media, Inc.*^	24,500		192,080
Littelfuse, Inc.*^	9,800		334,768
Measurement Specialties, Inc.*	5,900		150,214
Methode Electronics, Inc	11,300		145,205
Metrologic Instruments, Inc.*	10,900		231,625
MTS Systems Corp.	7,100		240,051
Multi-Fineline Electronix, Inc.*	7,650		139,536
Newport Corp.*	19,200		270,720
OSI Systems, Inc.*^	4,700		106,737
Park Electrochemical Corp.	5,800		125,744
Paxar Corp.*	13,900		308,163
Photon Dynamics, Inc.*^	9,104		221,045
Planar Systems, Inc.*	13,300		149,359
Plexus Corp.*	16,300		212,063
RadiSys Corp.*	6,050		118,278
RAE Systems, Inc.*^	21,300		155,490
Rofin-Sinar Technologies, Inc.*	6,000		254,700
Rogers Corp.*	6,500		280,150
Scansource, Inc.*	5,700		354,312
Spatialight, Inc.*^	18,350		164,232
SYNNEX Corp.*	7,600		182,856
Sypris Solutions, Inc.	6,000		91,860
Taser International, Inc.*^	19,400		612,846
Technitrol, Inc.*	19,500		354,900
Trimble Navigation Ltd.*^	20,400		674,016
TTM Technologies, Inc.*	16,600		195,880
Universal Display Corp.*^	20,500		184,500
Veeco Instruments, Inc.*^	11,200		235,984
Viisage Technology, Inc.*^	13,600		122,536
Woodhead Industries, Inc.	5,700		91,371
X-Rite, Inc.	7,700		123,277
Zygo Corp.*	5,900		69,561

			13,121,573

*Internet Software & Services (2.4%)*
Allscripts Healthcare Solutions, Inc.*^	18,200		194,194
aQuantive, Inc.*^	19,900		177,906
AsiaInfo Holdings, Inc.*^	36,800		219,328
Autobytel, Inc.*	11,200		67,648
Blue Coat Systems, Inc.*	3,700		68,857
Chordiant Software, Inc.*	29,000		66,120
CMGI, Inc.*	164,500		419,475
CNET Networks, Inc.*	53,400		599,682
Digital Insight Corp.*	13,068		240,451
Digital River, Inc.*	11,800		490,998
Digitas, Inc.*	30,200		288,410
DoubleClick, Inc.*	48,700		378,886
EarthLink, Inc.*	55,700		641,664
eCollege.com, Inc.*^	9,400		106,784
Entrust, Inc.*	20,200		76,558
Equinix, Inc.*^	4,000		170,960
FindWhat.com*^	10,700		189,711
Homestore.com, Inc.*^	89,750		271,942
InfoSpace, Inc.*^	12,900		613,395
Internap Network Services Corp.*	118,600		110,298
Internet Security Systems, Inc.*	18,900		439,425
Interwoven, Inc.*	15,225		165,648
Ipass, Inc.*	17,700		130,980
iVillage, Inc.*^	21,100		130,398
j2 Global Communications, Inc.*	7,900		272,550
Jupitermedia Corp.*	9,500		225,910
Keynote Systems, Inc.*	7,300		101,616
Marchex, Inc., Class B*^	10,900		228,900
MarketWatch, Inc.*	10,400		187,200
Matrixone, Inc.*^	15,900		104,145
Motive, Inc.*	9,550		108,679
Neoforma, Inc.*^	14,000		107,660
Net2Phone, Inc.*^	44,600		151,640
Netratings, Inc.*^	8,700		166,779
NIC Corp.* .	13,000		66,040
Openwave Systems, Inc.*^	24,467		378,260
Opsware, Inc.*	16,200		118,908
PEC Solutions, Inc.*	13,600		192,712
RealNetworks, Inc.*	45,500		301,210
Retek, Inc.*	18,300		112,545
S1 Corp.*	35,000		317,100
Seebeyond Technology Corp.*^	22,300		79,834
Sohu.com, Inc.*^	8,800		155,848

280

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
SonicWALL, Inc.*	17,500	$	110,600
Stellent, Inc.*^	9,500		83,790
SupportSoft, Inc.*^	15,700		104,562
Terremark Worldwide, Inc.*	131,100		83,904
TippingPoint Technologies, Inc.*	4,300		200,810
Travelzoo, Inc.*^	1,800		171,774
United Online, Inc.*	21,450		247,319
ValueClick, Inc.*	32,000		426,560
Vignette Corp.*	100,800		140,112
WebEx Communications, Inc.*^	10,500		249,690
webMethods, Inc.*	15,500		111,755
Websense, Inc.*	10,500		532,560

			12,100,690

*IT Services (1.8%)*
answerthink, Inc.*	21,500		100,190
Anteon International Corp.*	10,000		418,600
BISYS Group, Inc.*	48,600		799,470
CACI International, Inc., Class A*	11,600		790,308
Ciber, Inc.*^	17,200		165,808
Covansys Corp.*	11,800		180,540
CSG System International, Inc.*	25,600		478,720
eFunds Corp.*	22,600		542,626
Euronet Worldwide, Inc.*	9,100		236,782
Forrester Research, Inc.*	4,700		84,318
Gartner, Inc., Class A*^	25,089		312,609
iGate Capital Corp.*	15,100		61,155
Infocrossing, Inc.*^	8,500		143,905
infoUSA, Inc.*^	10,100		113,019
Intrado, Inc.*^	4,900		59,290
iPayment, Inc.*	3,200		158,464
Kanbay International, Inc.*	5,250		164,325
Keane, Inc.*	24,900		366,030
Lionbridge Technologies, Inc.*	19,300		129,696
ManTech International Corp., Class A*	4,500		106,830
MAXIMUS, Inc.*	8,400		261,408
MPS Group, Inc.*	44,767		548,843
Pegasus Solutions, Inc.*	8,450		106,470
Perot Systems Corp., Class A*	32,200		516,166
RightNow Technologies, Inc.*	6,950		112,243
Safeguard Scientifics, Inc.*	40,500		85,860
Sapient Corp.*	26,200		207,242
SRA International, Inc., Class A*	5,200		333,840
Startek, Inc.	3,600		102,420
SYKES Enterprises, Inc.*	29,000		201,550
Syntel, Inc.	12,100		212,234
Titan Corp.*	34,500		558,900
TNS, Inc.*	5,700		124,545
Tyler Technologies, Inc.*^	13,700		114,532

			8,898,938

*Semiconductors & Semiconductor Equipment (3.3%)*
Actel Corp.*	7,500		131,550
ADE Corp.*^	5,900		110,448
Advanced Energy Industries, Inc.*	17,600		160,688
Alliance Semiconductor Corp.*	30,800		113,960
AMIS Holdings, Inc.*	12,600		208,152
Asyst Technologies, Inc.*	16,300		82,967
ATMI, Inc.*^	13,200		297,396
August Technology Corp.*^	9,700		102,141
Axcelis Technologies, Inc.*	42,800		347,964
Brooks Automation, Inc.*	16,452		283,303
Cabot Microelectronics Corp.*^	10,300		412,515
California Micro Devices CP*	9,900		70,191
Cirrus Logic, Inc.*	39,300		216,543
Cohu, Inc.	7,100		131,776
Credence Systems Corp.*	38,930		356,210
Cymer, Inc.*	15,800		466,732
Diodes, Inc.*	4,500		101,835
DSP Group, Inc.*	13,600		303,688
DuPont Photomasks, Inc.*	4,000		105,640
Entegris, Inc.*	23,400		232,830
ESS Technology, Inc.*^	10,400		73,944
Exar Corp.*	19,300		273,867
FEI Co.*^	10,844		227,724
Formfactor, Inc.*	11,300		306,682
Genesis Microchip, Inc.*^	10,600		171,932
Helix Technology Corp.	15,000		260,850
Integrated Device Technology, Inc.*	42,400		490,144
Integrated Silicon Solutions, Inc.*^	14,300		117,260
IXYS Corp.*	9,600		99,072
Kopin Corp.*	23,600		91,332
Kulicke & Soffa Industries, Inc.*^	24,600		212,052
Lattice Semiconductor Corp.*^	43,600		248,520
Leadis Technology, Inc.*^	15,100		160,815
LTX Corp.*^	23,300		179,177
Mattson Technology, Inc.*	15,900		179,034
Micrel, Inc.*	28,600		315,172
Microsemi Corp.*	23,472		407,474
Microtune, Inc.*	22,400		136,864
Mindspeed Technologies, Inc.*^	42,000		116,760
MIPS Technologies, Inc.*	23,500		231,475
MKS Instruments, Inc.*^	13,400		248,570
Monolithic System Technology, Inc.*	11,200		69,776
Mykrolis Corp.*	16,500		233,805
OmniVision Technologies, Inc.*^	23,700		434,895
ON Semiconductor Corp.*	48,800		221,552
PDF Solutions, Inc.*	17,600		283,536
Pericom Semiconductor Corp.*	7,600		71,668
Photronics, Inc.*^	13,100		216,150
Pixelworks, Inc.*^	15,000		170,100
PLX Technology, Inc.*	8,000		83,200
Power Integrations, Inc.*	12,500		247,250
RF Micro Devices, Inc.*^	83,000		567,720
Rudolph Technologies, Inc.*^	11,200		192,304
Semitool, Inc.*^	7,500		69,600
Sigmatel, Inc.*	10,000		355,300
Silicon Image, Inc.*^	33,900		557,994
Silicon Storage Technology, Inc.*	32,300		192,185
Siliconix, Inc.*	2,000		72,980
Sipex Corp.*	26,300		123,084
Sirf Technology Holdings, Inc.*	9,700		123,384
Skyworks Solutions, Inc.*	61,700		581,831
Staktek Holdings, Inc.*	20,400		94,656
Standard Microsystems Corp.*^	7,500		133,725
Supertex, Inc.*	4,800		104,160
Tessera Technologies, Inc.*	9,700		360,937
Transmeta Corp.*^	59,400		96,822
Trident Microsystems, Inc.*^	9,600		160,512
Triquint Semiconductor, Inc.*	57,621		256,413
Ultratech, Inc.*	6,800		128,180
Varian Semiconductor Equipment Associates, Inc.*^	14,600		538,010
Vitesse Semiconductor Corp.*^	95,000		335,350
Volterra Semiconductor Corp.*	6,700		148,439
Zoran Corp.*	20,600		238,548

			16,249,315

*Software (3.4%)*
Advent Software, Inc.*	13,900		284,672
Agile Software Corp.*	14,700		120,099
Altiris, Inc.*^	8,300		294,069

281

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
Ansys, Inc.*	13,200	$	423,192
Ascential Software Corp.*	29,450		480,330
Aspen Technology, Inc.*	11,900		73,899
Atari, Inc.*	72,200		211,546
Authentidate Holding Corp.*^	11,800		73,042
Blackbaud, Inc.*	10,150		148,596
Blackboard, Inc.*^	8,200		121,442
Borland Software Corp.*	35,466		414,243
Catapult Communications Corp.*	4,638		112,054
CCC Information Services Group, Inc.*	9,701		215,459
Concord Communications, Inc.*	16,000		177,280
Concur Technologies, Inc.*^	8,800		78,408
Digimarc Corp.*^	16,100		150,052
E.piphany, Inc.*	18,900		91,287
Embarcadero Technologies, Inc.*	5,400		50,814
Epicor Software Corp.*	17,700		249,393
EPIQ Systems, Inc.*^	4,950		72,468
Factset Research Systems, Inc.^	8,200		479,208
Filenet Corp.*	15,200		391,552
Hyperion Solutions Corp.*	16,780		782,284
Informatica Corp.*^	37,400		303,688
InterVoice, Inc.*	11,600		154,860
JDA Software Group, Inc.*	9,650		131,433
KFX, Inc.*^	18,900		274,428
Kronos, Inc.*^	12,387		633,347
Lawson Software, Inc.*	23,000		158,010
Macrovision Corp.*	21,000		540,120
Magma Design Automation, Inc.*^	11,200		140,672
Manhattan Associates, Inc.*	11,600		277,008
Manugistics Group, Inc.*	34,900		100,163
MAPICS, Inc.*^	22,100		233,155
Mentor Graphics Corp.*^	29,200		446,468
Micromuse, Inc.*	31,300		173,715
Micros Systems, Inc.*	8,100		632,286
MicroStrategy, Inc., Class A*^	5,400		325,350
Midway Games, Inc.*^	24,900		261,450
MRO Software, Inc.*	6,500		84,630
MSC.Software Corp.*^	8,400		87,948
NetIQ Corp.*	26,480		323,321
NetScout Systems, Inc.*	12,700		88,646
Open Solutions, Inc.*^	5,100		132,396
PalmSource, Inc.*^	8,896		113,335
Parametric Technology Corp.*	108,100		636,709
Pegasystems, Inc.*^	11,600		98,948
Portal Software, Inc.*^	25,080		66,462
Progress Software Corp.*	11,500		268,525
QAD, Inc.	6,400		57,088
Quality Systems, Inc.*	1,900		113,620
Quest Software, Inc.*	20,100		320,595
Renaissance Learning, Inc.^	11,100		206,016
RSA Security, Inc.*	26,300		527,578
Salesforce.com, Inc.*^	6,700		113,498
ScanSoft, Inc.*^	48,834		204,614
Secure Computing Corp.*	11,525		115,020
Serena Software, Inc.*^	7,750		167,710
Sonic Solutions, Inc.*^	5,100		114,444
SPSS, Inc.*	4,700		73,508
SS&C Technologies, Inc.	4,500		92,925
Take-Two Interactive Software, Inc.*^	17,300		601,867
Talx Corp.	4,590		118,376
THQ, Inc.*^	19,350		443,889
TradeStation Group, Inc.*^	28,000		196,560
Transaction Systems Architechs, Inc., Class A*	16,700		331,495
Ulticom, Inc.*	8,500		136,255
Ultimate Software Group, Inc.*^	9,800		124,264
Verint Systems, Inc.*^	4,100		148,953
Verity, Inc.*	12,000		157,440
Wind River Systems, Inc.*	35,900		486,445
Witness Systems, Inc.*	9,700		169,362

			17,203,984

Total Information Technology			85,808,051

Materials (5.9%)
*Chemicals (2.8%)*
Airgas, Inc.	24,200		641,542
Albemarle Corp.	13,800		534,198
American Vanguard Corp.^	5,600		205,968
Arch Chemicals, Inc.	10,800		310,824
Calgon Carbon Corp.	14,200		128,936
Cambrex Corp.	10,500		284,550
Crompton Corp.	54,265		640,327
Cytec Industries, Inc.	15,700		807,294
Ferro Corp.	15,700		364,083
FMC Corp.*	14,700		710,010
Georgia Gulf Corp.	11,600		577,680
Great Lakes Chemical Corp.	20,400		581,196
H.B. Fuller Co.	13,700		390,587
Headwaters, Inc.*^	13,900		396,150
Hercules, Inc.*	44,300		657,855
Kronos Worlwide, Inc.^	3,912		159,414
Lyondell Chemical Co.	24,522		709,176
MacDermid, Inc.	11,000		397,100
Minerals Technologies, Inc.	8,300		553,610
Mosaic Co.*	46,600		760,512
NewMarket Corp.*	6,300		125,370
NL Industries, Inc.*^	6,750		149,175
Octel Corp.	4,800		99,888
Olin Corp.	26,632		586,437
OM Group, Inc.*	11,500		372,830
PolyOne Corp.*	39,800		360,588
Quaker Chemical Corp.	3,400		84,456
Schulman (A.), Inc.^	15,900		340,419
Sensient Technologies Corp.	18,700		448,613
Spartech Corp.	10,200		276,318
Symyx Technologies, Inc.*^	12,372		372,150
Terra Industries, Inc.*^	22,600		200,688
Valhi, Inc.	9,040		145,453
W.R. Grace & Co.*^	29,800		405,578
Wellman, Inc.	10,800		115,452
Westlake Chemical Corp.	5,000		167,000

			14,061,427

*Construction Materials (0.3%)*
Ameron International Corp.	2,600		98,540
Eagle Materials, Inc.^	7,500		647,625
Texas Industries, Inc.	9,900		617,562

			1,363,727

*Containers & Packaging (0.8%)*
Anchor Glass Container Corp.	13,900		93,408
AptarGroup, Inc.	14,800		781,144
Caraustar Industries, Inc.*	12,807		215,414
Chesapeake Corp.	7,400		200,984
Crown Holdings, Inc.*	66,700		916,458
Graphic Packaging Corp.*^	26,700		192,240
Greif, Inc., Class A^	4,400		246,400
Longview Fibre Co.	25,700		466,198
Myers Industries, Inc.	7,700		98,560
Rock-Tenn Co., Class A	16,000		242,560
Silgan Holdings, Inc.	6,300		384,048

			3,837,414

*Metals & Mining (1.7%)*
AK Steel Holding Corp.*^	45,000		651,150
Aleris International, Inc.*	11,200		189,504
Allegheny Technologies, Inc.	39,900		864,633

282

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004


	Number of Shares	Value (Note 1)
AMCOL International Corp.	6,500	$	130,585
Brush Engineered Materials, Inc.*	6,300		116,550
Carpenter Technology Corp.	10,400		607,984
Century Aluminum Co.*	8,200		215,332
Cleveland-Cliffs, Inc.	4,300		446,598
Coeur d’Alene Mines Corp.*	88,200		346,626
Commercial Metals Co.	12,300		621,888
Compass Minerals International, Inc.	6,700		162,341
GrafTech International Ltd.*	36,400		344,344
Hecla Mining Co.*^	44,500		259,435
Metal Management, Inc.	7,200		193,464
Metals USA, Inc.*^	8,200		152,110
NN, Inc.	7,000		92,470
Oregon Steel Mills, Inc.*^	10,700		217,103
Quanex Corp.^	7,800		534,846
Royal Gold, Inc.^	5,400		98,496
RTI International Metals, Inc.*	6,700		137,618
Ryerson Tull, Inc.	9,500		149,625
Schnitzer Steel Industries, Inc.^	9,050		307,066
Steel Dynamics, Inc.^	17,000		643,960
Steel Technologies, Inc.	5,100		140,301
Stillwater Mining Co.*	16,129		181,613
Titanium Metals Corp.*^	6,500		156,910
USEC, Inc.^	41,400		401,166
Wheeling-Pittsburgh Corp.*^	4,000		154,160

			8,517,878

*Paper & Forest Products (0.3%)*
Buckeye Technologies, Inc.*	9,100		118,391
Deltic Timber Corp.^	3,300		140,085
Glatfelter	9,700		148,216
Pope & Talbot, Inc.	6,300		107,793
Potlatch Corp.	11,800		596,844
Schweitzer-Mauduit International, Inc.	8,600		291,970
Wausau-Mosinee Paper Corp.	21,500		383,990

			1,787,289

Total Materials			29,567,735

Telecommunication Services (0.9%)
*Diversified Telecommunication Services (0.5%)*
Broadwing, Corp.*^	16,178		147,381
Cincinnati Bell, Inc.*	89,100		369,765
Commonwealth Telephone Enterprises, Inc.*^	8,900		441,974
CT Communications, Inc.^	6,100		75,030
D&E Communications, Inc.	6,000		72,300
General Communication, Inc. Class A*	15,000		165,600
Golden Telecom, Inc.^	4,240		112,021
Infonet Services Corp., Class B*	39,000		78,780
ITC Deltacom, Inc.*	23,300		39,843
North Pittsburgh Systems, Inc.	5,100		126,123
Primus Telecom Group*^	25,300		80,454
PTEK Holdings, Inc.*	20,700		221,697
Shenandoah Telecommunications Co.	3,800		113,810
SureWest Communications^	4,900		138,915
Talk America Holdings, Inc.*^	8,900		58,918
Time Warner Telecom, Inc. Class A*^	45,100		196,636

			2,439,247

*Wireless Telecommunication Services (0.4%)*
@Road, Inc.*	9,700		67,027
AirGate PCS, Inc.*	5,150		183,340
Alamosa Holdings, Inc.*	25,600		319,232
Centennial Communications Corp.*	17,600		139,568
Dobson Communications Corp.*	48,600		83,592
EMS Technologies, Inc.*	4,000		66,480
Price Communications Corp.*^	18,417		342,372
SBA Communications Corp., Class A*	18,250		169,360
Triton PCS Holdings, Inc., Class A*	58,100		198,702
Ubiquitel, Inc.*^	27,900		198,648
USA Mobility, Inc.*	9,948		351,264
Wireless Facilities, Inc.*^	16,900		159,536

			2,279,121

Total Telecommunication Services			4,718,368

Utilities (3.2%)
*Electric Utilities (1.1%)*
Black Hills Corp.	13,000		398,840
Central Vermont Public Service Corp.	4,000		93,040
CH Energy Group, Inc.^	7,200		345,960
Cleco Corp.^	21,100		427,486
CMS Energy Corp.*	68,400		714,780
Duquesne Light Holdings, Inc.^	30,700		578,695
El Paso Electric Co.*	21,300		403,422
Empire District Electric Co.^	10,500		238,140
Idacorp, Inc.^	16,400		501,348
MGE Energy, Inc.^	9,700		349,491
Otter Tail Corp.	12,900		329,337
PNM Resources Inc.	25,350		641,101
UIL Holdings Corp.	6,600		338,580
Unisource Energy Corp.^	12,400		298,964

			5,659,184

*Gas Utilities (1.3%)*
Atmos Energy Corp.	32,600		891,610
Cascade Natural Gas Corp.^	7,520		159,424
EnergySouth, Inc.	5,000		140,200
Laclede Group, Inc.^	8,700		271,005
New Jersey Resources Corp.	11,950		517,913
Nicor, Inc.^	17,700		653,838
Northwest Natural Gas Co.^	12,400		418,376
Peoples Energy Corp.^	15,100		663,645
Piedmont Natural Gas Co.^	30,600		711,144
South Jersey Industries, Inc.	5,900		310,104
Southern Union Co.*^	24,614		590,244
Southwest Gas Corp.	15,100		383,540
WGL Holdings, Inc.^	19,600		604,464

			6,315,507

*Multi-Utilities & Unregulated Power (0.6%)*
Aquila, Inc.*	89,400		329,886
Avista Corp.	19,600		346,332
Calpine Corp.*^	185,700		731,658
Energen Corp.	16,900		996,255
Sierra Pacific Resources*^	47,644		500,262

			2,904,393

*Water Utilities (0.2%)*
American States Water Co.	5,150		133,900
California Water Service Group^	5,300		199,545
Connecticut Water Service, Inc.	2,900		76,821
Middlesex Water Co.	4,266		80,798
SJW Corp.	4,730		172,172
Southwest Water Co.^	11,340		152,523

			815,759

Total Utilities			15,694,843

Total Common Stocks (96.7%) (Cost $386,231,398)			482,238,627

283

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Principal Amount		Value (Note 1)
SHORT-TERM DEBT SECURITIES:
Government Security (0.3%)
U.S. Treasury Bills
1.86%, 1/13/05#	$	1,640,000	$	1,638,898

Short-Term Investments of Cash Collateral for Securities Loaned (22.8%)
Bank of Nova Scotia (New York)
2.41%, 5/30/06 (l)		4,996,469		4,996,469
Blue Heron Funding VII Ltd.
2.36%, 5/27/05 (l)		5,000,100		5,000,100
Concord Minutemen C.C. LLC, Series A
2.37%, 4/14/05 (l)		9,999,323		9,999,323
Fortis Bank
2.34%, 2/2/05		4,000,000		4,000,000
General Electric Capital Corp.
2.40%, 3/29/06 (l)		7,004,341		7,004,341
2.42%, 5/12/06 (l)		2,006,283		2,006,283
General Electric Co.
2.09%, 10/24/05 (l)		2,001,239		2,001,239
ING USA
2.41%, 2/18/05		10,000,000		10,000,000
Merrill Lynch & Co., Inc.
2.13%, 10/19/06 (l)		5,000,000		5,000,000
Monumental Global Funding II
2.26%, 2/11/05 (l)		8,002,778		8,002,778
Morgan Stanley & Co.
2.49%, 1/2/06 (l)		3,000,000		3,000,000
New York Life Insurance Co.
2.39%, 3/31/05 (l)		2,300,000		2,300,000
Nomura Securities
2.36%, 1/3/05		20,159,973		20,159,973
2.38%, 1/3/05		20,000,000		20,000,000
Nordeutsche Landesbank N.Y.
2.43%, 3/30/06 (l)		9,991,454		9,991,454

Total Short-Term Investments of Cash Collateral for Securities Loaned				113,461,960

Time Deposit (2.8%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		14,025,747		14,025,747

Total Short-Term Debt Securities (25.9%) (Amortized Cost $129,126,605)				129,126,605

Total Investments (122.6%) (Cost/Amortized Cost $515,358,003)				611,365,232
Other Assets Less Liabilities (-22.6%)				(112,636,084	)

Net Assets (100%)			$	498,729,148

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

#	All, or a portion of security held by broker as collateral for financial futures contracts.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2004.

Glossary:

REIT — Real Estate Investment Trust

At December 31, 2004 the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/04		Unrealized Appreciation
Russell 2000 Index	42	March-05	$	13,499,800	$	13,732,950	$	233,150

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	183,926,456
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		82,136,401

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	115,620,177
Aggregate gross unrealized depreciation		(20,479,856	)

Net unrealized appreciation	$	95,140,321

Federal income tax cost of investments	$	516,224,911

At December 31, 2004, the Portfolio had loaned securities with a total value $110,590,554. This was secured by collateral of $ 113,461,960 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

The Portfolio utilized net capital loss carryforward of $727,037 during 2004.

See Notes to Financial Statements.

284

EQ ADVISORS TRUST

EQ/WELLS FARGO MONTGOMERY SMALL CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (12.8%)
*Distributors (0.8%)*
BlueLinx Holdings, Inc.*	2,000	$	28,940

*Hotels, Restaurants & Leisure (4.6%)*
Choice Hotels International, Inc.	314		18,212
Gaylord Entertainment Co.*	1,000		41,530
Penn National Gaming, Inc.*	400		24,220
Rare Hospitality International, Inc.*	800		25,488
Station Casinos, Inc.	800		43,744
WMS Industries, Inc.*	561		18,816

			172,010

*Internet & Catalog Retail (0.7%)*
Priceline.com, Inc.*	1,100		25,949

*Leisure Equipment & Products (3.5%)*
Marvel Enterprises, Inc.*	6,234		127,672

*Media (0.9%)*
Lions Gate Entertainment Corp.*	3,100		32,922

*Specialty Retail (2.3%)*
Children’s Place, Inc.*	900		33,327
Rush Enterprises, Inc., Class A*	1,334		21,651
West Marine, Inc.*	1,251		30,962

			85,940

Total Consumer Discretionary			473,433

Consumer Staples (1.6%)
*Household Products (0.8%)*
Rayovac Corp.*	900		27,504

*Personal Products (0.8%)*
USANA Health Sciences, Inc.*	900		30,780

Total Consumer Staples			58,284

Energy (0.6%)
*Oil & Gas (0.6%)*
Patina Oil & Gas Corp.	600		22,500

Total Energy			22,500

Financials (6.9%)
*Commercial Banks (1.2%)*
First Republic Bank	300		15,900
WestCorp.	600		27,558

			43,458

*Diversified Financial Services (0.6%)*
Primus Guaranty Ltd.*	1,491		24,438

*Real Estate (3.2%)*
CB Richard Ellis Services, Inc., Class A*	3,524		118,230

*Thrifts & Mortgage Finance (1.9%)*
Commercial Capital Bancorp, Inc.	1,100		25,498
E-LOAN, Inc.*	7,200		24,336
Fidelity Bankshares, Inc.	500		21,380

			71,214

Total Financials			257,340

Health Care (21.1%)
*Biotechnology (4.3%)*
Encysive Pharmaceuticals, Inc.*	82		814
Eyetech Pharmaceuticals, Inc.*	900		40,950
Martek Biosciences Corp.*	500		25,600
Neurocrine Biosciences, Inc.*	1,100		54,230
Rigel Pharmaceuticals, Inc.*	600		14,652
Tanox, Inc.*	1,500		22,800

			159,046

*Health Care Equipment & Supplies (5.9%)*
Advanced Medical Optics, Inc.*	1,800		74,052
DJ Orthopedics, Inc.*	2,200		47,124
Nektar Therapeutics*	1,300		26,312
PerkinElmer, Inc.	3,200		71,968

			219,456

*Health Care Providers & Services (6.4%)*
Andrx Corp.*	2,100		45,843
Covance, Inc.*	900		34,875
Kindred Healthcare, Inc.*	2,000		59,900
Matria Healthcare, Inc.*	748		29,225
PSS World Medical, Inc.*	1,878		23,503
VCA Antech, Inc.*	1,200		23,520
WellCare Health Plans, Inc.*	700		22,750

			239,616

*Pharmaceuticals (4.5%)*
Bone Care International, Inc.*	589		16,404
First Horizon Pharmaceutical Corp.*	1,100		25,179
Inspire Pharmaceuticals, Inc.*	2,333		39,124
Medicines Co.*	2,200		63,360
NitroMed, Inc.*	800		21,320

			165,387

Total Health Care			783,505

Industrials (23.1%)
*Aerospace & Defense (3.2%)*
Engineered Support Systems Inc.	653		38,671
Hexcel Corp.*	2,616		37,932
Mercury Computer Systems, Inc.*	600		17,808
SI International, Inc.*	788		24,239

			118,650

*Air Freight & Logistics (0.6%)*
Hub Group, Inc., Class A*	400		20,888

*Building Products (0.5%)*
Trex Co., Inc.*	369		19,350

*Commercial Services & Supplies (9.9%)*
Corporate Executive Board Co.	500		33,470
First Advantage Corp.*	397		8,099
Gevity HR, Inc.	2,695		55,409
Intersections, Inc.*	3,076		53,061
Jackson Hewitt Tax Service, Inc.	509		12,852
Labor Ready, Inc.*	1,900		32,148
Laureate Education, Inc.*	1,200		52,908
Navigant Consulting Co.*	3,474		92,409
Resources Connection, Inc.*	500		27,155

			367,511

*Construction & Engineering (1.3%)*
Dycom Industries, Inc.*	1,006		30,703
Quanta Services, Inc.*	2,200		17,600

			48,303

*Machinery (3.7%)*
Actuant Corp., Class A*	943		49,178
Gardner Denver, Inc.*	1,700		61,693
Oshkosh Truck Corp.	400		27,352

			138,223

*Road & Rail (2.0%)*
Genesee & Wyoming, Inc., Class A*	1,148		32,293
Sirva, Inc.*	2,119		40,727

			73,020

*Trading Companies & Distributors (1.9%)*
Hughes Supply, Inc.	2,200		71,170

Total Industrials			857,115

Information Technology (25.0%)
*Communications Equipment (1.2%)*
Alvarion Ltd.*	1,314		17,450

285

EQ ADVISORS TRUST

EQ/WELLS FARGO MONTGOMERY SMALL CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004


	Number of Shares		Value (Note 1)
Comtech Telecommunications Corp.*		374	$	14,066
NMS Communications Corp.*		2,077		13,106

				44,622

*Computers & Peripherals (2.0%)*
Cambridge Display Technology, Inc.*		490		5,576
Hypercom Corp.*		8,078		47,822
Transact Technologies, Inc.*		1,000		21,360

				74,758

*Electronic Equipment & Instruments (1.4%)*
Identix Corp.*		2,300		16,974
Photon Dynamics, Inc.*		800		19,424
Universal Display Corp.*		1,827		16,443

				52,841

*Internet Software & Services (8.1%)*
Autobytel.com, Inc.*		4,700		28,388
CNET Networks, Inc.*		5,999		67,369
FindWhat.com*		3,600		63,828
InfoSpace, Inc.*		1,000		47,550
iVillage, Inc.*		11,656		72,034
j2 Global Communications, Inc.*		600		20,700

				299,869

*IT Services (3.9%)*
Alliance Data Systems Corp.*		1,300		61,724
iPayment, Inc.*		400		19,808
Sapient Corp.*		3,600		28,476
TNS, Inc.*		1,600		34,960

				144,968

*Semiconductors & Semiconductor Equipment (1.2%)*
OmniVision Technologies, Inc.*		1,100		20,185
Pixelworks, Inc.*		2,168		24,585

				44,770

*Software (7.2%)*
Concur Technologies, Inc.*		1,400		12,474
Open Solutions, Inc.*		3,549		92,132
Quest Software, Inc.*		3,979		63,465
TIBCO Software, Inc.*		5,213		69,541
Transaction Systems Architechs, Inc., Class A*		1,500		29,775

				267,387

Total Information Technology				929,215

Materials (1.2%)
*Chemicals (1.2%)*
Airgas, Inc.		1,000		26,510
Olin Corp.		800		17,616

Total Materials				44,126

Telecommunication Services (4.3%)
*Wireless Telecommunication Services (4.3%)*
Alamosa Holdings, Inc.*		2,300		28,681
NII Holdings, Inc.*		1,500		71,175
Ubiquitel, Inc.*		8,643		61,538

Total Telecommunication Services				161,394

Total Common Stocks (96.6%) (Cost $3,200,335)				3,586,912


	Principal Amount
SHORT-TERM DEBT SECURITIES:
Time Deposit (4.5%)
JPMorgan Chase Nassau, 1.74%, 1/3/05 (Amortized Cost $166,774)	$	166,774		166,774

Total Investments (101.1%) (Cost/Amortized Cost $3,367,109)				3,753,686
Other Assets Less Liabilities (-1.1%)				(41,305	)

Net Assets (100%)			$	3,712,381

*	Non-income producing.

Investment security transactions for the year ended December 31, 2004 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	4,637,576
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		1,499,694

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	434,889
Aggregate gross unrealized depreciation		(50,794	)

Net unrealized appreciation	$	384,095

Federal income tax cost of investments	$	3,369,591

For the period ended December 31, 2004, the Portfolio incurred approximately $5 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

See Notes to Financial Statements.

286

EQ ADVISORS TRUST

EQ/ALLIANCE COMMON STOCK PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004


ASSETS
Investments at value (Securities on loan at market value $786,741,006):
Affiliated issuers (Cost $529,998,122)	$	507,382,419
Unaffiliated issuers (Cost $8,840,181,346)		10,507,112,946
Receivable for securities sold		16,947,627
Dividends, interest and other receivables		12,543,855
Receivable from Separate Accounts for Trust shares sold		1,475,269
Other assets		482

Total assets		11,045,462,598

LIABILITIES
Collateral held for loaned securities		802,641,219
Payable for securities purchased		58,516,388
Payable to Separate Accounts for Trust shares redeemed		9,772,270
Investment management fees payable		4,021,837
Distribution fees payable - Class IB		483,374
Trustees’ fees payable		467,746
Administrative fees payable		339,260
Accrued expenses		918,938

Total liabilities		877,161,032

NET ASSETS	$	10,168,301,566

Net assets were comprised of:
Paid in capital	$	11,421,989,379
Accumulated undistributed net investment income		171,636
Accumulated net realized loss		(2,898,175,346	)
Unrealized appreciation on investments		1,644,315,897

Net assets	$	10,168,301,566

Class IA
Net asset value, offering and redemption price per share, $7,847,618,304 / 448,783,502 shares outstanding (unlimited amount authorized: $0.01 par value)	$	17.49

Class IB
Net asset value, offering and redemption price per share, $ 2,320,683,262 / 133,473,766 shares outstanding (unlimited amount authorized: $0.01 par value)	$	17.39


*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2004*

INVESTMENT INCOME
Dividends (net of $167,510 foreign withholding tax)	$	156,656,552
Interest		512,714
Securities lending (net)		1,866,962

Total income		159,036,228

EXPENSES
Investment management fees		45,282,929
Distribution fees - Class IB		5,155,595
Administrative fees		2,651,022
Printing and mailing expenses		1,137,831
Trustees’ fees		186,712
Professional fees		168,035
Custodian fees		44,179
Miscellaneous		188,989

Gross expenses		54,815,292
Less: Fees paid indirectly		(8,089,290	)

Net expenses		46,726,002

NET INVESTMENT INCOME		112,310,226

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		754,285,794
Net change in unrealized appreciation on securities		428,249,672

NET REALIZED AND UNREALIZED GAIN		1,182,535,466

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,294,845,692

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	112,310,226		$	67,185,245
Net realized gain on investments		754,285,794			933,790,013
Net change in unrealized appreciation on investments		428,249,672			2,117,241,014

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		1,294,845,692			3,118,216,272

DIVIDENDS:
Dividends from net investment income
Class IA		(91,213,210	)		(110,895,374	)
Class IB		(21,062,451	)		(18,283,194	)

TOTAL DIVIDENDS		(112,275,661	)		(129,178,568	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 9,987,175 and 15,946,107 shares, respectively ]		161,782,506			205,123,046
Capital shares issued in reinvestment of dividends [ 5,303,629 and 7,910,470 shares, respectively ]		91,213,210			110,895,374
Capital shares repurchased [ (49,615,021) and (54,092,197) shares, respectively ]		(801,492,016	)		(658,031,668	)

Total Class IA transactions		(548,496,300	)		(342,013,248	)

Class IB
Capital shares sold [ 26,634,303 and 25,531,716 shares, respectively ]		427,512,637			335,524,292
Capital shares issued in reinvestment of dividends [ 1,231,677 and 1,308,474 shares, respectively ]		21,062,451			18,283,194
Capital shares repurchased [ (16,905,457) and (12,463,946) shares, respectively ]		(270,654,160	)		(151,871,010	)

Total Class IB transactions		177,920,928			201,936,476

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(370,575,372	)		(140,076,772	)

TOTAL INCREASE IN NET ASSETS		811,994,659			2,848,960,932
NET ASSETS:
Beginning of year		9,356,306,907			6,507,345,975

End of year (a)	$	10,168,301,566		$	9,356,306,907


(a) Includes accumulated undistributed net investment income of	$	171,636		$	137,071

See Notes to Financial Statements.

287

EQ ADVISORS TRUST

EQ/ALLIANCE GROWTH AND INCOME PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*

ASSETS
Investments at value (Cost $2,472,359,766) (Securities on loan at market value $76,414,425)	$	2,963,166,277
Receivable for securities sold		8,042,210
Dividends, interest and other receivables		3,862,662
Receivable from Separate Accounts for Trust shares sold		1,047,343
Other assets		281

Total assets		2,976,118,773

LIABILITIES
Collateral held for loaned securities		78,322,052
Payable for securities purchased		10,524,564
Payable to Separate Accounts for Trust shares redeemed		2,008,538
Investment management fees payable		1,346,260
Distribution fees payable - Class IB		292,660
Administrative fees payable		104,587
Trustees’ fees payable		69,805
Accrued expenses		207,530

Total liabilities		92,875,996

NET ASSETS	$	2,883,242,777

Net assets were comprised of:
Paid in capital	$	2,568,633,452
Accumulated overdistributed net investment income		(26,177	)
Accumulated net realized loss		(176,171,009	)
Unrealized appreciation on investments		490,806,511

Net assets	$	2,883,242,777

Class IA
Net asset value, offering and redemption price per share, $1,473,863,504 / 80,004,332 shares out-standing (unlimited amount authorized: $0.01 par value)	$	18.42

Class IB
Net asset value, offering and redemption price per share, $1,409,379,273 / 76,948,064 shares out-standing (unlimited amount authorized: $0.01 par value)	$	18.32


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*

INVESTMENT INCOME
Dividends (net of $14,222 foreign withholding tax)	$	57,975,850
Interest		806,572
Securities lending (net)		103,133

Total income		58,885,555

EXPENSES
Investment management fees		14,820,029
Distribution fees - Class IB		3,100,536
Administrative fees		758,375
Printing and mailing expenses		317,381
Professional fees		80,977
Trustees’ fees		45,970
Custodian fees		33,830
Miscellaneous		83,303

Gross expenses		19,240,401
Less: Fees paid indirectly		(1,685,640	)

Net expenses		17,554,761

NET INVESTMENT INCOME		41,330,794

REALIZED AND UNREALIZED GAIN
Realized gain on:
Securities		104,373,711
Options written		139,817

Net realized gain		104,513,528

Net change in unrealized appreciation on securities		173,008,307

NET REALIZED AND UNREALIZED GAIN		277,521,835

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	318,852,629

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	41,330,794		$	28,189,633
Net realized gain (loss) on investments		104,513,528			(79,181,494	)
Net change in unrealized appreciation on investments		173,008,307			614,112,346

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		318,852,629			563,120,485

DIVIDENDS:
Dividends from net investment income
Class IA		(23,690,527	)		(16,394,740	)
Class IB		(18,990,305	)		(10,539,308	)

TOTAL DIVIDENDS		(42,680,832	)		(26,934,048	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 4,697,361 and 5,837,308 shares, respectively ]		80,773,151			83,973,272
Capital shares issued in reinvestment of dividends [ 1,307,360 and 1,009,674 shares, respectively ]		23,690,527			16,394,740
Capital shares repurchased [ (9,159,989) and (11,243,898) shares, respectively ]		(157,123,509	)		(157,521,588	)

Total Class IA transactions		(52,659,831	)		(57,153,576	)

Class IB
Capital shares sold [ 15,849,287 and 22,822,861 shares, respectively ]		270,357,230			327,971,121
Capital shares issued in reinvestment of dividends [ 1,054,244 and 652,823 shares, respectively ]		18,990,305			10,539,308
Capital shares repurchased [ (8,026,095) and (6,508,148) shares, respectively ]		(136,616,746	)		(91,106,131	)

Total Class IB transactions		152,730,789			247,404,298

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		100,070,958			190,250,722

TOTAL INCREASE IN NET ASSETS		376,242,755			726,437,159
NET ASSETS:
Beginning of year		2,507,000,022			1,780,562,863

End of year (a)	$	2,883,242,777		$	2,507,000,022


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(26,177	)	$	1,292,235

See Notes to Financial Statements.

288

EQ ADVISORS TRUST

EQ/ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004



ASSETS
Investments at value (Cost $941,856,112) (Securities on loan at market value $443,255,809)	$	938,672,737
Repurchase agreements (Cost $147,000,000)		147,000,000
Dividends, interest and other receivables		6,513,467
Receivable from Separate Accounts for Trust shares sold		577,536

Total assets		1,092,763,740

LIABILITIES
Payable for forward commitments		139,228,961
Collateral held for loaned securities		51,179,747
Payable for securities purchased		9,122,564
Payable to Separate Accounts for Trust shares redeemed		703,619
Investment management fees payable		375,717
Distribution fees payable - Class IB		126,591
Administrative fees payable		37,760
Trustees’ fees payable		18,988
Accrued expenses		73,725

Total liabilities		200,867,672

NET ASSETS	$	891,896,068

Net assets were comprised of:
Paid in capital	$	903,702,748
Accumulated overdistributed net investment income		(19,619	)
Accumulated undistributed net realized loss		(8,603,686	)
Unrealized depreciation on investments		(3,183,375	)

Net assets	$	891,896,068

Class IA
Net asset value, offering and redemption price per share, $296,399,160 / 29,636,727 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.00

Class IB
Net asset value, offering and redemption price per share, $595,496,908 / 59,912,363 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.94


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*

INVESTMENT INCOME
Interest	$	31,948,899
Dividends		11,481
Securities lending (net)		528,767

Total income		32,489,147

EXPENSES
Investment management fees		4,588,905
Distribution fees - Class IB		1,528,102
Administrative fees		284,603
Printing and mailing expenses		108,589
Custodian fees		82,388
Professional fees		60,485
Trustees’ fees		15,709
Miscellaneous		20,086

Total expenses		6,688,867

NET INVESTMENT INCOME		25,800,280

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized loss on securities		(7,123,207	)
Net change in unrealized appreciation on securities		222,684

NET REALIZED AND UNREALIZED LOSS		(6,900,523	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	18,899,757

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	25,800,280		$	24,180,506
Net realized gain (loss) on investments		(7,123,207	)		12,722,427
Net change in unrealized appreciation (depreciation) on investments		222,684			(15,278,267	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		18,899,757			21,624,666

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(9,421,539	)		(10,748,035	)
Class IB		(17,489,532	)		(18,178,284	)

		(26,911,071	)		(28,926,319	)

Distributions from net realized capital gains
Class IA		(263,992	)		(3,660,194	)
Class IB		(515,599	)		(6,532,810	)

		(779,591	)		(10,193,004	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(27,690,662	)		(39,119,323	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 4,956,628 and 9,412,676 shares, respectively ]		50,674,723			97,611,584
Capital shares issued in reinvestment of dividends and distributions [ 968,697 and 1,417,866 shares, respectively ]		9,685,531			14,408,229
Capital shares repurchased [ (10,372,837) and (14,769,412) shares, respectively ]		(105,812,741	)		(153,777,595	)

Total Class IA transactions		(45,452,487	)		(41,757,782	)

Class IB
Capital shares sold [ 11,891,199 and 31,023,728 shares, respectively ]		120,548,975			320,051,351
Capital shares issued in reinvestment of dividends and distributions [ 1,811,836 and 2,447,437 shares, respectively ]		18,005,131			24,711,094
Capital shares repurchased [ (16,560,464) and (23,985,482) shares, respectively ]		(167,539,663	)		(247,645,176	)

Total Class IB transactions		(28,985,557	)		97,117,269

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(74,438,044	)		55,359,487

TOTAL INCREASE (DECREASE) IN NET ASSETS		(83,228,949	)		37,864,830
NET ASSETS:
Beginning of year		975,125,017			937,260,187

End of year (a)	$	891,896,068		$	975,125,017


(a) Includes accumulated overdistributed net investment income of	$	(19,619	)	$	(16,451	)

See Notes to Financial Statements.

289

EQ ADVISORS TRUST

EQ/ALLIANCE INTERNATIONAL PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004


ASSETS
Investments at value (Cost $1,695,382,936) (Securities on loan at market value $269,499,536)	$	2,148,029,780
Foreign cash (Cost $14,608,929)		14,748,130
Restricted cash held for futures		922,829
Receivable for securities sold		3,299,120
Dividends, interest and other receivables		2,080,365
Receivable from Separate Accounts for Trust shares sold		1,850,746
Other assets		2,311

Total assets		2,170,933,281

LIABILITIES
Overdraft payable		430
Collateral held for loaned securities		282,964,628
Payable for securities purchased		4,137,068
Payable to Separate Accounts for Trust shares redeemed		1,958,849
Investment management fees payable		1,100,064
Distribution fees payable - Class IB		136,195
Trustees’ fees payable		68,406
Administrative fees payable		65,136
Accrued expenses		366,074

Total liabilities		290,796,850

NET ASSETS	$	1,880,136,431

Net assets were comprised of:
Paid in capital	$	1,838,047,819
Accumulated overdistributed net investment income		(11,629,085	)
Accumulated undistributed net realized loss		(399,437,839	)
Unrealized appreciation on investments		453,155,536

Net assets	$	1,880,136,431

Class IA
Net asset value, offering and redemption price per share, $1,212,206,813 / 108,517,095 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.17

Class IB
Net asset value, offering and redemption price per share, $667,929,618 / 60,586,618 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.02


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*

INVESTMENT INCOME
Dividends (net of $4,040,091 foreign withholding tax)	$	33,917,895
Interest		134,460
Securities lending (net)		981,405

Total income		35,033,760

EXPENSES
Investment management fees		11,986,586
Distribution fees - Class IB		1,368,895
Custodian fees		1,194,478
Administrative fees		478,872
Printing and mailing expenses		197,864
Professional fees		87,988
Trustees’ fees		31,047
Miscellaneous		25,015

Gross expenses		15,370,745
Less: Waiver of investment management fees		(49,856	)
Fees paid indirectly		(284,203	)

Net expenses		15,036,686

NET INVESTMENT INCOME		19,997,074

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		142,053,337
Futures		1,085,316
Foreign currency transactions		2,108,263

Net realized gain		145,246,916

Change in unrealized appreciation (depreciation) on:
Securities		125,777,796
Futures		(170,746	)
Foreign currency translations		(4,115,312	)

Net change in unrealized appreciation		121,491,738

NET REALIZED AND UNREALIZED GAIN		266,738,654

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	286,735,728

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	19,997,074		$	15,232,545
Net realized gain (loss) on investments and foreign currency transactions		145,246,916			(31,627,482	)
Net change in unrealized appreciation on investments and foreign currency translations		121,491,738			420,953,798

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		286,735,728			404,558,861

DIVIDENDS:
Dividends from net investment income
Class IA		(23,580,463	)		(18,555,934	)
Class IB		(11,187,709	)		(6,704,896	)

TOTAL DIVIDENDS		(34,768,172	)		(25,260,830	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 5,274,172 and 15,552,275 shares, respectively ]		55,688,371			117,767,877
Capital shares issued in connection with the substitution [ 0 and 408,865 shares, respectively ]		—			3,057,994
Capital shares issued in reinvestment of dividends [ 2,207,312 and 2,037,090 shares, respectively ]		23,580,463			18,555,934
Capital shares repurchased [ (12,361,113) and (25,771,990) shares, respectively ]		(122,931,719	)		(197,114,036	)

Total Class IA transactions		(43,662,885	)		(57,732,231	)

Class IB
Capital shares sold [ 18,441,068 and 48,060,432 shares, respectively ]		182,349,395			368,048,838
Capital shares issued in connection with the substitution [ 0 and 12,213,646 shares, respectively ]		—			90,046,488
Capital shares issued in reinvestment of dividends [ 1,061,741 and 744,707 shares, respectively ]		11,187,709			6,704,896
Capital shares repurchased [ (10,357,140) and (38,379,939) shares, respectively ]		(101,594,493	)		(288,880,407	)

Total Class IB transactions		91,942,611			175,919,815

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		48,279,726			118,187,584

TOTAL INCREASE IN NET ASSETS		300,247,282			497,485,615
NET ASSETS:
Beginning of year		1,579,889,149			1,082,403,534

End of year (a)	$	1,880,136,431		$	1,579,889,149


(a) Includes accumulated overdistributed net investment income of	$	(11,629,085	)	$	(3,057,446	)

See Notes to Financial Statements.

290

EQ ADVISORS TRUST

EQ/ALLIANCE PREMIER GROWTH PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES* *December 31, 2004*

ASSETS
Investments at value (Cost $1,020,883,972) (Securities on loan at market value $72,696,857)	$	1,205,093,426
Receivable for securities sold		3,226,448
Dividends, interest and other receivables		431,594
Receivable from Separate Accounts for Trust shares sold		263,975
Other assets		577

Total assets		1,209,016,020

LIABILITIES
Collateral held for loaned securities		74,310,588
Investment management fees payable		744,921
Payable to Separate Accounts for Trust shares redeemed		463,701
Distribution fees payable - Class IB		153,247
Administrative fees payable		43,313
Trustees’ fees payable		18,558
Accrued expenses		102,544

Total liabilities		75,836,872

NET ASSETS	$	1,133,179,148

Net assets were comprised of:
Paid in capital	$	1,665,106,077
Accumulated overdistributed net investment income		(15,844	)
Accumulated net realized loss		(716,120,539	)
Unrealized appreciation on investments		184,209,454

Net assets	$	1,133,179,148

Class IA
Net asset value, offering and redemption price per share, $405,918,615 / 59,605,821 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.81

Class IB
Net asset value, offering and redemption price per share, $727,260,533 / 108,203,418 shares outstanding (unlimited amount authorized: $ 0.01 par value)	$	6.72


*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2004*

INVESTMENT INCOME
Dividends (net of $11,034 foreign withholding tax)	$	7,488,940
Interest		80,272
Securities lending (net)		47,604

Total income		7,616,816

EXPENSES
Investment management fees		9,783,293
Distribution fees - Class IB		1,763,156
Administrative fees		332,718
Printing and mailing expenses		130,285
Custodian fees		32,866
Professional fees		28,549
Trustees’ fees		18,063
Miscellaneous		23,056

Gross expenses		12,111,986
Less: Waiver of investment management fees		(1,062,486	)
Fees paid indirectly		(637,972	)

Net expenses		10,411,528

NET INVESTMENT LOSS		(2,794,712	)

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		39,453,331
Net change in unrealized appreciation on securities		53,378,942

NET REALIZED AND UNREALIZED GAIN		92,832,273

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	90,037,561

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(2,794,712	)	$	(2,351,013	)
Net realized gain (loss) on investments		39,453,331			(70,281,977	)
Net change in unrealized appreciation on investments		53,378,942			240,177,357

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		90,037,561			167,544,367

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 7,057,353 and 53,667,617 shares, respectively ]		44,520,888			308,961,294
Capital shares repurchased [ (4,125,789) and (1,202,424) shares, respectively ]		(27,629,655	)		(6,794,776	)

Total Class IA transactions		16,891,233			302,166,518

Class IB
Capital shares sold [ 9,816,390 and 18,966,712 shares, respectively ]		61,483,712			104,302,087
Capital shares repurchased [ (18,630,295) and (17,362,674) shares, respectively ]		(116,087,920	)		(95,494,311	)

Total Class IB transactions		(54,604,208	)		8,807,776

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(37,712,975	)		310,974,294

TOTAL INCREASE IN NET ASSETS		52,324,586			478,518,661
NET ASSETS:
Beginning of year		1,080,854,562			602,335,901

End of year (a)	$	1,133,179,148		$	1,080,854,562


(a) Includes accumulated overdistributed net investment income of	$	(15,844	)	$	(11,192	)

See Notes to Financial Statements.

291

EQ ADVISORS TRUST

EQ/ALLIANCE QUALITY BOND PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES* *December 31, 2004*

ASSETS
Investments at value (Cost $2,944,184,704) (Securities on loan at market value $764,789,552)	$	2,959,496,897
Foreign cash (Cost $483)		514
Receivable for forward commitments		50,246,887
Dividends, interest and other receivables		12,413,478
Receivable from Separate Accounts for Trust shares sold		1,430,543
Other assets		3,409

Total assets		3,023,591,728

LIABILITIES
Payable for forward commitments		808,036,865
Collateral held for loaned securities		161,707,144
Investment management fees payable		864,923
Payable to Separate Accounts for Trust shares redeemed		835,043
Payable for securities purchased		530,691
Distribution fees payable - Class IB		88,871
Administrative fees payable		53,998
Trustees’ fees payable		28,643
Accrued expenses		183,633

Total liabilities		972,329,811

NET ASSETS	$	2,051,261,917

Net assets were comprised of:
Paid in capital	$	2,031,146,471
Accumulated overdistributed net investment income		(29,551	)
Accumulated undistributed net realized gain.		4,832,773
Unrealized appreciation on investments		15,312,224

Net assets	$	2,051,261,917

Class IA
Net asset value, offering and redemption price per share, $1,627,105,943 / 159,457,159 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.20

Class IB
Net asset value, offering and redemption price per share, $424,155,974 / 41,801,469 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.15


*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2004*

INVESTMENT INCOME
Interest	$	59,155,507
Securities lending (net)		583,251
Dividends		12,861

Total income		59,751,619

EXPENSES
Investment management fees		9,678,105
Distribution fees - Class IB		992,004
Administrative fees		542,420
Printing and mailing expenses		231,927
Custodian fees		152,756
Professional fees		64,322
Trustees’ fees		32,182
Miscellaneous		28,403

Total expenses		11,722,119

NET INVESTMENT INCOME		48,029,500

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		38,236,039
Foreign currency transactions		(123,246	)

Net realized gain		38,112,793

Change in unrealized depreciation on:
Securities		(11,386,061	)
Foreign currency translations		(7	)

Net change in unrealized depreciation		(11,386,068	)

NET REALIZED AND UNREALIZED GAIN		26,726,725

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	74,756,225

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	48,029,500		$	24,105,971
Net realized gain on investments and foreign currency transactions		38,112,793			22,593,350
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(11,386,068	)		15,324,862

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		74,756,225			62,024,183

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(40,491,288	)		(20,997,754	)
Class IB		(9,472,959	)		(4,656,655	)

		(49,964,247	)		(25,654,409	)

Distributions from net realized capital gains
Class IA		(28,350,564	)		(15,222,325	)
Class IB		(7,447,331	)		(5,059,722	)

		(35,797,895	)		(20,282,047	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(85,762,142	)		(45,936,456	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 22,552,076 and 117,728,919 shares, respectively ]		234,561,637			1,193,797,196
Capital shares issued in reinvestment of dividends and distributions [ 6,760,157 and 3,519,244 shares, respectively ]		68,841,852			36,220,079
Capital shares repurchased [ (12,247,255) and (12,402,420) shares, respectively ]		(127,223,699	)		(128,103,310	)

Total Class IA transactions		176,179,790			1,101,913,965

Class IB
Capital shares sold [ 11,629,538 and 22,041,204 shares, respectively ]		120,190,338			226,380,988
Capital shares issued in reinvestment of dividends and distributions [ 1,670,926 and 945,343 shares, respectively ]		16,920,290			9,716,377
Capital shares repurchased [ (7,537,531) and (5,688,682) shares, respectively ]		(77,578,116	)		(58,432,472	)

Total Class IB transactions		59,532,512			177,664,893

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		235,712,302			1,279,578,858

TOTAL INCREASE IN NET ASSETS		224,706,385			1,295,666,585
NET ASSETS:
Beginning of year		1,826,555,532			530,888,947

End of year (a)	$	2,051,261,917		$	1,826,555,532


(a) Includes accumulated overdistributed net investment income of	$	(29,551	)	$	(23,034	)

See Notes to Financial Statements.

292

EQ ADVISORS TRUST

EQ/ALLIANCE SMALL CAP GROWTH PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES* *December 31, 2004*

ASSETS
Investments at value (Cost $886,068,584)	$	1,134,711,289
Receivable for securities sold		1,647,489
Receivable from Separate Accounts for Trust shares sold		1,024,470
Dividends, interest and other receivables		61,247
Other assets		310

Total assets		1,137,444,805

LIABILITIES
Payable for securities purchased		2,601,490
Payable to Separate Accounts for Trust shares redeemed		1,049,997
Investment management fees payable		703,119
Distribution fees payable - Class IB		133,195
Administrative fees payable		43,184
Trustees’ fees payable		26,785
Accrued expenses		96,348

Total liabilities		4,654,118

NET ASSETS	$	1,132,790,687

Net assets were comprised of:
Paid in capital	$	1,060,906,911
Accumulated overdistributed net investment income		(26,366	)
Accumulated net realized loss		(176,732,563	)
Unrealized appreciation on investments		248,642,705

Net assets	$	1,132,790,687

Class IA
Net asset value, offering and redemption price per share, $493,124,290 / 33,856,732 shares outstanding (unlimited amount authorized: $0.01 par value)	$	14.57

Class IB
Net asset value, offering and redemption price per share, $639,666,397 / 44,760,214 shares outstanding (unlimited amount authorized: $0.01 par value)	$	14.29


*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2004*

INVESTMENT INCOME
Dividends	$	2,453,976
Interest		170,025

Total income		2,624,001

EXPENSES
Investment management fees		7,675,861
Distribution fees - Class IB		1,427,736
Administrative fees		316,780
Printing and mailing expenses		123,509
Professional fees		61,767
Custodian fees		36,032
Trustees’ fees		18,025
Miscellaneous		22,444

Gross expenses		9,682,154
Less: Fees paid indirectly		(736,496	)

Net expenses		8,945,658

NET INVESTMENT LOSS		(6,321,657	)

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		80,172,269
Net change in unrealized appreciation on securities		65,524,357

NET REALIZED AND UNREALIZED GAIN		145,696,626

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	139,374,969

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(6,321,657	)	$	(2,705,906	)
Net realized gain on investments		80,172,269			67,028,205
Net change in unrealized appreciation on investments		65,524,357			213,044,857

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		139,374,969			277,367,156

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 3,946,799 and 6,979,477 shares, respectively ]		52,077,870			74,736,135
Capital shares repurchased [ (5,505,062) and (6,775,126) shares, respectively ]		(72,016,164	)		(71,656,727	)

Total Class IA transactions		(19,938,294	)		3,079,408

Class IB
Capital shares sold [ 8,938,911 and 42,991,648 shares, respectively ]		115,057,259			421,813,839
Capital shares repurchased [ (8,223,396) and (33,611,642) shares, respectively ]		(105,327,081	)		(324,721,773	)

Total Class IB transactions		9,730,178			97,092,066

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(10,208,116	)		100,171,474

TOTAL INCREASE IN NET ASSETS		129,166,853			377,538,630
NET ASSETS:
Beginning of year		1,003,623,834			626,085,204

End of year (a)	$	1,132,790,687		$	1,003,623,834


(a) Includes accumulated overdistributed net investment income of	$	(26,366	)	$	(23,924	)

See Notes to Financial Statements.

293

EQ ADVISORS TRUST

EQ/BERNSTEIN DIVERSIFIED VALUE PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES* *December 31, 2004*

ASSETS
Investments at value (Cost $1,831,699,303) (Securities on loan at market value $99,007,912)	$	2,187,730,373
Receivable for securities sold		5,613,526
Dividends, interest and other receivables		3,874,879
Receivable from Separate Accounts for Trust shares sold		1,561,419
Other assets		1,648

Total assets		2,198,781,845

LIABILITIES
Collateral held for loaned securities		100,762,816
Payable for securities purchased		40,196,146
Investment management fees payable		1,064,745
Payable to Separate Accounts for Trust shares redeemed		701,284
Distribution fees payable - Class IB		415,974
Recoupment fees payable		110,555
Administrative fees payable		59,943
Trustees’ fees payable		31,384
Accrued expenses		146,256

Total liabilities		143,489,103

NET ASSETS	$	2,055,292,742

Net assets were comprised of:
Paid in capital	$	1,683,685,141
Accumulated undistributed net investment income		775,317
Accumulated undistributed net realized gain		14,801,214
Unrealized appreciation on investments		356,031,070

Net assets	$	2,055,292,742

Class IA
Net asset value, offering and redemption price per share, $49,291,948 / 3,469,926 shares outstanding (unlimited amount authorized: $0.01 par value)	$	14.21

Class IB
Net asset value, offering and redemption price per share, $2,006,000,794 / 141,303,102 shares outstanding (unlimited amount authorized: $0.01 par value)	$	14.20


*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2004*

INVESTMENT INCOME
Dividends (net of $52,338 foreign withholding tax)	$	42,147,839
Interest		397,100
Securities lending (net)		121,533

Total income		42,666,472

EXPENSES
Investment management fees		11,009,420
Distribution fees - Class IB		4,280,282
Administrative fees		498,643
Recoupment fees		373,278
Printing and mailing expenses		216,321
Professional fees		55,578
Custodian fees		28,877
Trustees’ fees		28,424
Miscellaneous		24,087

Gross expenses		16,514,910
Fees paid indirectly		(38,527	)

Net expenses		16,476,383

NET INVESTMENT INCOME		26,190,089

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		60,593,842
Net change in unrealized appreciation on securities		146,421,344

NET REALIZED AND UNREALIZED GAIN		207,015,186

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	233,205,275

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	26,190,089		$	17,628,214
Net realized gain (loss) on investments		60,593,842			(10,473,902	)
Net change in unrealized appreciation on investments		146,421,344			299,564,443

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		233,205,275			306,718,755

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(725,166	)		(434,744	)
Class IB		(24,772,599	)		(17,151,004	)

		(25,497,765	)		(17,585,748	)

Distributions from net realized capital gains
Class IA		(310,233	)		—
Class IB		(12,748,639	)		—

		(13,058,872	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(38,556,637	)		(17,585,748	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 1,683,840 and 1,242,628 shares, respectively ]		22,347,337			13,900,854
Capital shares issued in reinvestment of dividends and distributions [ 74,170 and 34,849 shares, respectively ]		1,035,399			434,744
Capital shares repurchased [ (816,015) and (864,955) shares, respectively ]		(10,785,534	)		(9,618,308	)

Total Class IA transactions		12,597,202			4,717,290

Class IB
Capital shares sold [ 29,857,469 and 44,018,125 shares, respectively ]		395,261,289			483,543,708
Capital shares issued in reinvestment of dividends and distributions [ 2,689,380 and 1,375,687 shares, respectively ]		37,521,238			17,151,004
Capital shares repurchased [ (9,461,159) and (6,977,356) shares, respectively ]		(125,266,242	)		(75,440,440	)

Total Class IB transactions		307,516,285			425,254,272

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		320,113,487			429,971,562

TOTAL INCREASE IN NET ASSETS		514,762,125			719,104,569
NET ASSETS:
Beginning of year		1,540,530,617			821,426,048

End of year (a)	$	2,055,292,742		$	1,540,530,617


(a) Includes accumulated undistributed net investment income of	$	775,317		$	82,993

See Notes to Financial Statements.

294

EQ ADVISORS TRUST

EQ/CALVERT SOCIALLY RESPONSIBLE PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES* *December 31, 2004*

ASSETS
Investments at value (Cost $42,777,447)	$	48,859,855
Cash		870
Receivable from Separate Accounts for Trust shares sold		79,136
Dividends, interest and other receivables		12,301
Other assets		62

Total assets		48,952,224

LIABILITIES
Payable for securities purchased		1,507,653
Payable to Separate Accounts for Trust shares redeemed		58,509
Investment management fees payable		25,509
Distribution fees payable - Class IB		9,819
Administrative fees payable		7,275
Trustees’ fees payable		369
Accrued expenses		31,655

Total liabilities		1,640,789

NET ASSETS	$	47,311,435

Net assets were comprised of:
Paid in capital	$	43,484,129
Accumulated overdistributed net investment income		(288	)
Accumulated net realized loss		(2,254,814	)
Unrealized appreciation on investments		6,082,408

Net assets	$	47,311,435

Class IA
Net asset value, offering and redemption price per share, $67,724 / 8,642 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.84

Class IB
Net asset value, offering and redemption price per share, $47,243,711 / 6,062,190 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.79


*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2004*

INVESTMENT INCOME
Dividends	$	306,225
Interest		10,368

Total income		316,593

EXPENSES
Investment management fees		257,864
Distribution fees - Class IB		99,017
Professional fees		40,178
Administrative fees		40,084
Custodian fees		25,852
Printing and mailing expenses		4,901
Trustees’ fees		646
Miscellaneous		3,867

Gross expenses		472,409
Less: Waiver of investment management fees		(55,563	)
Fees paid indirectly		(19,717	)

Net expenses		397,129

NET INVESTMENT LOSS		(80,536	)

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		905,858
Net change in unrealized appreciation on securities		837,432

NET REALIZED AND UNREALIZED GAIN		1,743,290

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,662,754

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(80,536	)	$	(82,075	)
Net realized gain (loss) on investments		905,858			(258,645	)
Net change in unrealized appreciation on investments		837,432			5,756,929

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		1,662,754			5,416,209

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [ 2,807,617 and 3,130,221 shares, respectively ]		21,031,378			20,647,273
Capital shares repurchased [ (1,226,324) and (530,406) shares, respectively ]		(9,158,797	)		(3,401,739	)

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		11,872,581			17,245,534

TOTAL INCREASE IN NET ASSETS		13,535,335			22,661,743
NET ASSETS:
Beginning of year		33,776,100			11,114,357

End of year (a)	$	47,311,435		$	33,776,100


(a) Includes accumulated overdistributed net investment income of	$	(288	)	$	(122	)

See Notes to Financial Statements.

295

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN GROWTH PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*

ASSETS
Investments at value (Cost $ 241,412,158)	$	254,381,936
Receivable from Separate Accounts for Trust shares sold		905,159
Dividends, interest and other receivables		622,817

Total assets		255,909,912

LIABILITIES
Payable for securities purchased		1,191,252
Investment management fees payable		136,208
Distribution fees payable - Class IB		52,860
Payable to Separate Accounts for Trust shares redeemed		34,626
Administrative fees payable		14,440
Trustees’ fees payable		11,611
Accrued expenses		61,291

Total liabilities		1,502,288

NET ASSETS	$	254,407,624

Net assets were comprised of:
Paid in capital	$	352,057,464
Accumulated undistributed net investment income		509,588
Accumulated net realized loss		(111,129,206	)
Unrealized appreciation on investments		12,969,778

Net assets	$	254,407,624

Class IA
Net asset value, offering and redemption price per share, $125,531 / 10,099 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.43

Class IB
Net asset value, offering and redemption price per share, $254,282,093 / 20,413,272 shares outstanding (unlimited amount authorized: $ 0.01 par value)	$	12.46


*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2004*

INVESTMENT INCOME
Dividends (net of $466 foreign withholding tax)	$	3,497,970
Interest		26,253
Securities lending (net)		13,891

Total income		3,538,114

EXPENSES
Investment management fees		1,634,049
Distribution fees - Class IB		628,182
Administrative fees		102,037
Custodian fees		46,958
Professional fees		37,752
Printing and mailing expenses		29,383
Trustees’ fees		4,334
Miscellaneous		8,109

Gross expenses		2,490,804
Less: Waiver of investment management fees		(101,921	)
Fees paid indirectly		(670,877	)

Net expenses		1,718,006

NET INVESTMENT INCOME		1,820,108

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		29,817,482
Net change in unrealized depreciation on securities		(18,705,732	)

NET REALIZED AND UNREALIZED GAIN		11,111,750

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,931,858


*STATEMENT OF CHANGES IN NET ASSETS*

	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,820,108		$	284,312
Net realized gain (loss) on investments		29,817,482			(10,004,359	)
Net change in unrealized appreciation (depreciation) on investments		(18,705,732	)		59,896,494

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		12,931,858			50,176,447

DIVIDENDS:
Dividends from net investment income
Class IA		(959	)		(389	)
Class IB		(1,300,340	)		(297,806	)

TOTAL DIVIDENDS		(1,301,299	)		(298,195	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 241 and 4,633 shares, respectively ]		2,949			41,141
Capital shares issued in reinvestment of dividends [ 79 and 34 shares, respectively ]		959			389
Capital shares repurchased [ (108) and (90) shares, respectively ]		(1,275	)		(963	)

Total Class IA transactions		2,633			40,567

Class IB
Capital shares sold [ 1,775,271 and 5,756,849 shares, respectively ]		21,080,420			60,401,481
Capital shares issued in reinvestment of dividends [ 106,660 and 25,659 shares, respectively ]		1,300,340			297,806
Capital shares repurchased [ (3,693,041) and (4,370,268) shares, respectively ]		(43,438,326	)		(46,298,817	)

Total Class IB transactions		(21,057,566	)		14,400,470

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(21,054,933	)		14,441,037

TOTAL INCREASE (DECREASE) IN NET ASSETS		(9,424,374	)		64,319,289
NET ASSETS:
Beginning of year		263,831,998			199,512,709

End of year (a)	$	254,407,624		$	263,831,998


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	509,588		$	(9,221	)

See Notes to Financial Statements.

296

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*

ASSETS
Investments at value (Cost $657,064,173) (Securities on loan at market value $74,435,888)	$	763,773,807
Cash		23,716
Foreign cash (Cost $94,314)		94,983
Receivable from Separate Accounts for Trust shares sold		1,260,074
Dividends, interest and other receivables		707,957
Receivable for securities sold		186,537
Unrealized appreciation of forward foreign currency contracts		6,955
Other assets		671

Total assets		766,054,700

LIABILITIES
Collateral held for loaned securities		79,638,504
Payable for securities purchased		752,071
Investment management fees payable		405,839
Unrealized depreciation of forward foreign currency contracts		343,641
Distribution fees payable - Class IB		124,098
Payable to Separate Accounts for Trust shares redeemed		73,615
Administrative fees payable		18,317
Trustees’ fees payable		4,543
Accrued expenses		106,977

Total liabilities		81,467,605

NET ASSETS	$	684,587,095

Net assets were comprised of:
Paid in capital	$	601,758,190
Accumulated overdistributed net investment income		(6,391,938	)
Accumulated net realized loss		(17,179,149	)
Unrealized appreciation on investments		106,399,992

Net assets	$	684,587,095

Class IA
Net asset value, offering and redemption price per share, $74,741,476 / 6,919,884 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.80

Class IB
Net asset value, offering and redemption price per share, $609,845,619 / 56,429,652 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.81


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*

INVESTMENT INCOME
Dividends (net of $992,642 foreign withholding tax)	$	9,016,831
Interest		236,728
Securities lending (net)		249,998

Total income		9,503,557

EXPENSES
Investment management fees		4,188,853
Distribution fees - Class IB		1,164,683
Custodian fees		490,965
Administrative fees		160,837
Printing and mailing expenses		63,872
Professional fees		45,286
Trustees’ fees		7,732
Miscellaneous		8,539

Gross expenses		6,130,767
Less: Waiver of investment management fees		(283,075	)
Fees paid indirectly		(216,272	)

Net expenses		5,631,420

NET INVESTMENT INCOME		3,872,137

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		12,044,074
Foreign currency transactions		(956,820	)

Net realized gain		11,087,254

Change in unrealized appreciation (depreciation) on:
Securities		61,482,221
Foreign currency translations		(138,620	)

Net change in unrealized appreciation		61,343,601

NET REALIZED AND UNREALIZED GAIN		72,430,855

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	76,302,992

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	3,872,137		$	1,388,547
Net realized gain (loss) on investments and foreign currency transactions		11,087,254			(3,493,614	)
Net change in unrealized appreciation on investments and foreign currency translations		61,343,601			74,146,611

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		76,302,992			72,041,544

DIVIDENDS:
Dividends from net investment income
Class IA		(1,038,838	)		(3,823	)
Class IB		(7,764,503	)		(3,302,733	)

TOTAL DIVIDENDS		(8,803,341	)		(3,306,556	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 6,798,227 and 22,772 shares, respectively ]		67,117,064			177,301
Capital shares issued in reinvestment of dividends [ 100,127 and 415 shares, respectively ]		1,038,838			3,823
Capital shares repurchased [ (11,668) and (1,410) shares, respectively ]		(113,707	)		(12,471	)

Total Class IA transactions		68,042,195			168,653

Class IB
Capital shares sold [ 23,886,396 and 34,975,438 shares, respectively ]		235,371,518			277,894,965
Capital shares issued in reinvestment of dividends [ 749,769 and 358,912 shares, respectively ]		7,764,503			3,302,733
Capital shares repurchased [ (5,245,040) and (15,367,053) shares, respectively ]		(51,572,614	)		(118,224,605	)

Total Class IB transactions		191,563,407			162,973,093

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		259,605,602			163,141,746

TOTAL INCREASE IN NET ASSETS		327,105,253			231,876,734
NET ASSETS:
Beginning of year		357,481,842			125,605,108

End of year (a)	$	684,587,095		$	357,481,842


(a) Includes accumulated overdistributed net investment income of	$	(6,391,938	)	$	(1,220,378	)

See Notes to Financial Statements.

297

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN RESEARCH PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*

ASSETS
Investments at value (Cost $892,866,735) (Securities on loan at market value $60,140,167)	$	1,093,487,795
Dividends, interest and other receivables		1,095,601
Receivable from Separate Accounts for Trust shares sold		308,616
Other assets		1,947

Total assets		1,094,893,959

LIABILITIES
Collateral held for loaned securities		61,147,993
Payable to Separate Accounts for Trust shares redeemed		2,573,380
Payable for securities purchased		1,488,051
Investment management fees payable		563,749
Distribution fees payable - Class IB		214,895
Administrative fees payable		43,395
Trustees’ fees payable		27,840
Accrued expenses		90,309

Total liabilities		66,149,612

NET ASSETS	$	1,028,744,347

Net assets were comprised of:
Paid in capital	$	1,132,272,873
Accumulated undistributed net investment income		142,617
Accumulated net realized loss		(304,292,203	)
Unrealized appreciation on investments.		200,621,060

Net assets	$	1,028,744,347

Class IA
Net asset value, offering and redemption price per share, $523,084 / 44,122 shares outstanding (unlimited amount authorized: $0.01 par value).	$	11.86

Class IB
Net asset value, offering and redemption price per share, $1,028,221,263 / 86,667,711 shares outstanding (unlimited amount authorized: $0.01 par value).	$	11.86


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*

INVESTMENT INCOME
Dividends (net of $24,661 foreign withholding tax)	$	13,831,549
Interest		244,645
Securities lending (net)		107,398

Total income		14,183,592

EXPENSES
Investment management fees		6,060,254
Distribution fees - Class IB		2,329,547
Administrative fees		287,271
Printing and mailing expenses		112,506
Professional fees		47,960
Custodian fees		25,371
Trustees’ fees		15,445
Miscellaneous		13,960

Gross expenses		8,892,314
Less: Waiver of investment management fees		(32,181	)
Fees paid indirectly		(583,607	)

Net expenses		8,276,526

NET INVESTMENT INCOME		5,907,066

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		36,285,556
Foreign currency transactions		(2,121	)

Net realized gain		36,283,435

Change in unrealized appreciation (depreciation) on:
Securities		57,616,119
Foreign currency translations		(6,162	)

Net change in unrealized appreciation		57,609,957

NET REALIZED AND UNREALIZED GAIN		93,893,392

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	99,800,458

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	5,907,066		$	2,728,908
Net realized gain on investments and foreign currency transactions		36,283,435			537,542
Net change in unrealized appreciation on investments and foreign currency translations		57,609,957			191,576,315

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		99,800,458			194,842,765

DIVIDENDS:
Dividends from net investment income
Class IA		(4,335	)		(1,162	)
Class IB		(6,130,982	)		(3,199,743	)

TOTAL DIVIDENDS		(6,135,317	)		(3,200,905	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 26,428 and 10,091 shares, respectively ]		294,335			89,581
Capital shares issued in reinvestment of dividends [ 369 and 111 shares, respectively ]		4,335			1,162
Capital shares repurchased [ (2,158) and (630) shares, respectively ]		(23,898	)		(6,063	)

Total Class IA transactions		274,772			84,680

Class IB
Capital shares sold [ 14,302,939 and 19,666,019 shares, respectively ]		158,664,220			183,303,330
Capital shares issued in reinvestment of dividends [ 522,119 and 308,250 shares, respectively ]		6,130,982			3,199,743
Capital shares repurchased [ (9,683,493) and (7,012,811) shares, respectively ]		(107,603,919	)		(64,094,090	)

Total Class IB transactions		57,191,283			122,408,983

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		57,466,055			122,493,663

TOTAL INCREASE IN NET ASSETS		151,131,196			314,135,523
NET ASSETS:
Beginning of year		877,613,151			563,477,628

End of year (a)	$	1,028,744,347		$	877,613,151


(a) Includes accumulated undistributed net investment income of	$	142,617		$	45,142

See Notes to Financial Statements.

298

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES* *December 31, 2004*

ASSETS
Investments at value (Cost $958,951,681) (Securities on loan at market value $73,562,285)	$	1,124,725,651
Cash		9,075
Dividends, interest and other receivables		888,035
Receivable from Separate Accounts for Trust shares sold		772,154
Other assets		1,303

Total assets		1,126,396,218

LIABILITIES
Collateral held for loaned securities		74,966,970
Payable to Separate Accounts for Trust shares redeemed		2,862,671
Payable for securities purchased		2,516,197
Investment management fees payable		567,148
Distribution fees payable - Class IB		216,668
Administrative fees payable		29,828
Trustees’ fees payable		8,759
Accrued expenses		96,430

Total liabilities		81,264,671

NET ASSETS	$	1,045,131,547

Net assets were comprised of:
Paid in capital	$	875,808,227
Accumulated overdistributed net investment income		(107,299	)
Accumulated undistributed net realized gain		3,656,649
Unrealized appreciation on investments		165,773,970

Net assets	$	1,045,131,547

Class IA
Net asset value, offering and redemption price per share, $4,152,087 / 360,925 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.50

Class IB
Net asset value, offering and redemption price per share, $1,040,979,460 / 90,484,332 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.50


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*

INVESTMENT INCOME
Dividends (net of $60,949 foreign withholding tax)	$	12,304,227
Interest		420,892
Securities lending (net)		88,879

Total income		12,813,998

EXPENSES
Investment management fees		5,781,301
Distribution fees - Class IB		2,216,548
Administrative fees		269,087
Printing and mailing expenses		109,970
Professional fees		47,981
Custodian fees		31,371
Trustees’ fees		14,202
Miscellaneous		13,615

Gross expenses		8,484,075
Less: Waiver of investment management fees		(37,536	)
Fees paid indirectly		(263,039	)

Net expenses		8,183,500

NET INVESTMENT INCOME		4,630,498

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		30,436,876
Net change in unrealized appreciation on securities		49,496,129

NET REALIZED AND UNREALIZED GAIN		79,933,005

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	84,563,503

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	4,630,498		$	1,734,685
Net realized gain (loss) on investments		30,436,876			(9,412,613	)
Net change in unrealized appreciation on investments		49,496,129			160,585,690

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		84,563,503			152,907,762

DIVIDENDS:
Dividends from net investment income
Class IA		(28,260	)		(6,224	)
Class IB		(4,706,229	)		(1,790,402	)

TOTAL DIVIDENDS		(4,734,489	)		(1,796,626	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 246,196 and 122,175 shares, respectively ]		2,661,858			1,128,174
Capital shares issued in reinvestment of dividends [ 2,486 and 604 shares, respectively ]		28,260			6,224
Capital shares repurchased [ (16,281) and (6,117) shares, respectively ]		(173,971	)		(57,110	)

Total Class IA transactions		2,516,147			1,077,288

Class IB
Capital shares sold [ 26,014,541 and 39,414,522 shares, respectively ]		281,020,114			357,491,582
Capital shares issued in reinvestment of dividends [ 413,879 and 174,334 shares, respectively ]		4,706,229			1,790,402
Capital shares repurchased [ (7,170,168) and (3,535,495) shares, respectively ]		(77,281,329	)		(30,555,705	)

Total Class IB transactions		208,445,014			328,726,279

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		210,961,161			329,803,567

TOTAL INCREASE IN NET ASSETS		290,790,175			480,914,703
NET ASSETS:
Beginning of year		754,341,372			273,426,669

End of year (a)	$	1,045,131,547		$	754,341,372


(a) Includes accumulated overdistributed net investment income of	$	(107,299	)	$	(3,308	)

See Notes to Financial Statements.

299

EQ ADVISORS TRUST

EQ/EMERGING MARKETS EQUITY PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*

ASSETS
Investments at value (Cost $467,637,323) (Securities on loan at market value $13,917,091)	$	611,261,654
Cash		33,495,473
Foreign cash (Cost $193,143)		191,812
Receivable for securities sold		2,459,718
Dividends, interest and other receivables		1,622,617
Receivable from Separate Accounts for Trust shares sold		885,543
Other assets		386

Total assets		649,917,203

LIABILITIES
Collateral held for loaned securities		14,639,700
Payable for securities purchased		11,599,087
Unrealized depreciation of forward foreign currency contracts		2,285,356
Investment management fees payable		567,400
Payable to Separate Accounts for Trust shares redeemed		184,787
Payable for deferred India taxes		133,477
Distribution fees payable - Class IB		122,478
Administrative fees payable		17,743
Recoupment fees payable		10,139
Trustees’ fees payable		7,063
Accrued expenses		258,804

Total liabilities		29,826,034

NET ASSETS	$	620,091,169

Net assets were comprised of:
Paid in capital	$	522,477,937
Accumulated undistributed net investment income		86,427
Accumulated net realized loss		(43,670,510	)
Unrealized appreciation on investments (net of India tax of $133,476 on unrealized appreciation on investments)		141,197,315

Net assets	$	620,091,169

Class IA
Net asset value, offering and redemption price per share, $4,591,991 / 456,280 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.06

Class IB
Net asset value, offering and redemption price per share, $615,499,178 / 61,167,247 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.06


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*

INVESTMENT INCOME
Dividends (net of $801,403 foreign withholding tax)	$	10,975,548
Securities lending (net)		67,434
Interest		31,489

Total income		11,074,471

EXPENSES
Investment management fees		5,407,575
Custodian fees		1,318,398
Distribution fees - Class IB		1,169,180
Recoupment fees		277,029
Administrative fees		155,064
Printing and mailing expenses		57,937
Professional fees		46,387
Trustees’ fees		7,390
Miscellaneous		131,900

Gross expenses		8,570,860
Less: Fees paid indirectly		(247,415	)

Net expenses		8,323,445

NET INVESTMENT INCOME		2,751,026

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		62,664,522
Foreign currency transactions		(169,945	)

Net realized gain		62,494,577

Change in unrealized appreciation (depreciation) on:
Securities (net of India tax of $133,476 on unrealized appreciation on investments)		44,011,260
Foreign currency translations		(2,299,348	)

Net change in unrealized appreciation		41,711,912

NET REALIZED AND UNREALIZED GAIN		104,206,489

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	106,957,515

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,751,026		$	2,731,265
Net realized gain on investments and foreign currency transactions		62,494,577			13,688,253
Net change in unrealized appreciation on investments and foreign currency translations		41,711,912			102,382,612

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		106,957,515			118,802,130

DIVIDENDS:
Dividends from net investment income
Class IA		(33,742	)		(7,941	)
Class IB		(3,419,961	)		(2,309,721	)

TOTAL DIVIDENDS		(3,453,703	)		(2,317,662	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 342,945 and 115,123 shares, respectively ]		2,968,739			761,392
Capital shares issued in reinvestment of dividends [ 3,523 and 1,000 shares, respectively ]		33,742			7,941
Capital shares repurchased [ (11,574) and (6,393) shares, respectively ]		(94,929	)		(40,518	)

Total Class IA transactions		2,907,552			728,815

Class IB
Capital shares sold [ 33,673,010 and 35,023,487 shares, respectively ]		289,767,394			220,079,531
Capital shares issued in reinvestment of dividends [ 360,531 and 290,923 shares, respectively ]		3,419,961			2,309,721
Capital shares repurchased [ (20,450,657) and (24,276,841) shares, respectively ]		(170,395,448	)		(141,891,146	)

Total Class IB transactions		122,791,907			80,498,106

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		125,699,459			81,226,921

TOTAL INCREASE IN NET ASSETS		229,203,271			197,711,389
NET ASSETS:
Beginning of year		390,887,898			193,176,509

End of year (a)	$	620,091,169		$	390,887,898


(a) Includes accumulated undistributed net investment income of	$	86,427		$	195,358

See Notes to Financial Statements.

300

EQ ADVISORS TRUST

EQ/ENTERPRISE CAPITAL APPRECIATION PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $36,929,168)	$	55,176,346
Foreign cash (Cost $12,986)		14,358
Receivable for securities sold		1,144,477
Dividends, interest and other receivables		31,315
Other assets		24

Total assets		56,366,520

LIABILITIES
Overdraft payable		48,388
Payable for securities purchased		122,242
Payable to Separate Accounts for Trust shares redeemed		73,337
Investment management fees payable		35,161
Distribution fees payable - Class IB		11,720
Administrative fees payable		4,034
Trustees’ fees payable		85
Accrued expenses		36,744

Total liabilities		331,711

NET ASSETS	$	56,034,809

Net assets were comprised of:
Paid in capital	$	62,495,034
Accumulated overdistributed net investment income		(54	)
Accumulated net realized loss		(24,708,720	)
Unrealized appreciation on investments		18,248,549

Net assets	$	56,034,809

Class IB
Net asset value, offering and redemption price per share, $56,034,809 / 7,827,043 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.16

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Dividends (net of $1,738 foreign withholding tax)	$	532,754
Interest		2,119
Securities lending (net)		148

Total income		535,021

EXPENSES
Investment management fees		397,473
Sub-Transfer agent fees		84,619
Distribution fees - Class IB		61,924
Professional fees		39,458
Administrative fees		20,883
Custodian fees		4,438
Printing and mailing expenses		3,854
Transfer agent fees		1,287
Trustees’ fees		621
Miscellaneous		15,229

Total expenses		629,786

NET INVESTMENT LOSS		(94,765	)

REALIZED AND UNREALIZED GAIN
Realized gain on:
Securities		2,231,030
Foreign currency transactions		176,359

Net realized gain		2,407,389

Change in unrealized appreciation on:
Securities		4,579,891
Foreign currency translations		9,088

Net change in unrealized appreciation		4,588,979

NET REALIZED AND UNREALIZED GAIN		6,996,368

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,901,603

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(94,765	)	$	(121,799	)
Net realized gain on investments and foreign currency transactions		2,407,389			412,254
Net change in unrealized appreciation on investments and foreign currency translations		4,588,979			13,333,370

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		6,901,603			13,623,825

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [ 441,449 and 875,125 shares, respectively ]		2,795,063			4,814,225
Capital shares repurchased [ (1,304,894) and (1,412,643) shares, respectively ]		(8,298,992	)		(7,414,686	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(5,503,929	)		(2,600,461	)

TOTAL INCREASE IN NET ASSETS		1,397,674			11,023,364
NET ASSETS:
Beginning of year		54,637,135			43,613,771

End of year (a)	$	56,034,809		$	54,637,135


(a) Includes accumulated overdistributed net investment income of	$	(54	)	$	—

See Notes to Financial Statements.

301

EQ ADVISORS TRUST

EQ/ENTERPRISE DEEP VALUE PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $5,456,939)	$	6,211,100
Receivable from investment manager		19,072
Dividends, interest and other receivables		5,124
Other assets		23

Total assets		6,235,319

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		4,109
Administrative fees payable		2,715
Distribution fees payable - Class IB		1,293
Trustees’ fees payable		8
Accrued expenses		37,829

Total liabilities		45,954

NET ASSETS	$	6,189,365

Net assets were comprised of:
Paid in capital	$	5,454,807
Accumulated undistributed net investment income		3,743
Accumulated net realized loss		(23,346	)
Unrealized appreciation on investments		754,161

Net assets	$	6,189,365

Class IB
Net asset value, offering and redemption price per share, $6,189,365 / 484,969 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.76

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Dividends (net of $957 foreign withholding tax)	$	112,657
Interest		627

Total income		113,284

EXPENSES
Investment management fees		39,810
Professional fees		38,242
Administrative fees		15,067
Custodian fees		14,763
Distribution fees - Class IB		6,767
Printing and mailing expenses		419
Transfer agent fees		133
Trustees’ fees		63
Miscellaneous		5,635

Gross expenses		120,899
Less: Waiver of investment management fees		(39,810	)
Reimbursement from investment manager		(25,368	)

Net expenses		55,721

NET INVESTMENT INCOME		57,563

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		129,669
Net change in unrealized appreciation on securities		320,899

NET REALIZED AND UNREALIZED GAIN		450,568

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	508,131

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31, 2004			May 1, 2003* to December 31, 2003
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	57,563		$	17,272
Net realized gain on investments		129,669			57,104
Net change in unrealized appreciation on investments		320,899			433,262

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		508,131			507,638

DIVIDENDS AND DISTRIBUTIONS:
Class IB
Dividends from net investment income		(53,810	)		(17,982	)
Distributions from net realized capital gains		(184,305	)		(25,114	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(238,115	)		(43,096	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [ 139,034 and 463,649 shares, respectively ]		1,702,822			5,088,555
Capital shares issued in reinvestment of dividends and distributions [ 19,136 and 1,179 shares, respectively ]		238,115			14,066
Capital shares repurchased [ (31,187) and (106,842) shares, respectively ]		(387,359	)		(1,201,392	)

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,553,578			3,901,229

TOTAL INCREASE IN NET ASSETS		1,823,594			4,365,771
NET ASSETS:
Beginning of period		4,365,771			—

End of period (a)	$	6,189,365		$	4,365,771


(a) Includes accumulated undistributed net investment income of	$	3,743		$	—

*	Commencement of operations.

See Notes to Financial Statements.

302

EQ ADVISORS TRUST

EQ/ENTERPRISE EQUITY PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $196,575,764)	$	285,476,419
Receivable for securities sold		727,656
Receivable from Separate Accounts for Trust shares sold		195,693
Dividends, interest and other receivables		72,407
Other assets		119

Total assets		286,472,294

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		330,765
Investment management fees payable		217,180
Payable for securities purchased		103,162
Distribution fees payable - Class IB		60,140
Administrative fees payable		10,169
Trustees’ fees payable		416
Accrued expenses		68,236

Total liabilities		790,068

NET ASSETS	$	285,682,226

Net assets were comprised of:
Paid in capital	$	347,045,708
Accumulated overdistributed net investment income		(273	)
Accumulated net realized loss		(150,263,864	)
Unrealized appreciation on investments		88,900,655

Net assets	$	285,682,226

Class IB
Net asset value, offering and redemption price per share, $285,682,226 / 13,446,398 shares outstanding (unlimited amount authorized: $0.01 par value)	$	21.25

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Dividends	$	819,875
Interest		3,662
Securities lending (net)		2,587

Total income		826,124

EXPENSES
Investment management fees		2,178,997
Sub-Transfer agent fees		437,572
Distribution fees - Class IB		315,842
Custodian fees		54,121
Administrative fees		47,672
Professional fees		47,233
Printing and mailing expenses		19,796
Transfer agent fees		6,618
Trustees’ fees		3,183
Miscellaneous		77,455

Gross expenses		3,188,489
Less: Waiver of investment management fees		(56,526	)
Fees paid indirectly		(21,758	)

Net expenses		3,110,205

NET INVESTMENT LOSS		(2,284,081	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized loss on securities		(17,890,565	)
Net change in unrealized appreciation on securities		54,496,396

NET REALIZED AND UNREALIZED GAIN		36,605,831

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	34,321,750

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(2,284,081	)	$	(1,690,411	)
Net realized loss on investments		(17,890,565	)		(42,657,049	)
Net change in unrealized appreciation on investments		54,496,396			143,904,975

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		34,321,750			99,557,515

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [ 914,376 and 1,367,710 shares, respectively ]		17,936,071			21,220,780
Capital shares repurchased [ (2,585,995) and (2,553,176) shares, respectively ]		(49,520,774	)		(37,419,967	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(31,584,703	)		(16,199,187	)

TOTAL INCREASE IN NET ASSETS		2,737,047			83,358,328
NET ASSETS:
Beginning of year		282,945,179			199,586,851

End of year (a)	$	285,682,226		$	282,945,179


(a) Includes accumulated overdistributed net investment income of	$	(273	)	$	—

See Notes to Financial Statements.

303

EQ ADVISORS TRUST

EQ/ENTERPRISE EQUITY INCOME PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $200,043,972)	$	210,671,148
Cash		57
Receivable from Separate Accounts for Trust shares sold		525,641
Dividends, interest and other receivables		254,658
Other assets		18

Total assets		211,451,522

LIABILITIES
Payable for securities purchased		1,851,800
Payable to Separate Accounts for Trust shares redeemed		51,562
Investment management fees payable		37,716
Distribution fees payable - Class IB		17,401
Administrative fees payable		4,717
Trustees’ fees payable		80
Accrued expenses		43,410

Total liabilities		2,006,686

NET ASSETS	$	209,444,836

Net assets were comprised of:
Paid in capital	$	202,229,898
Accumulated overdistributed net investment income		(62	)
Accumulated net realized loss		(3,412,176	)
Unrealized appreciation on investments		10,627,176

Net assets	$	209,444,836

Class IA
Net asset value, offering and redemption price per share, $117,150,931 / 19,335,402 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.06

Class IB
Net asset value, offering and redemption price per share, $92,293,905 / 15,196,524 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.07

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Dividends (net of $16,476 foreign withholding tax)	$	1,495,910
Interest		63,130
Securities lending (net)		939

Total income		1,559,979

EXPENSES
Investment management fees		441,549
Sub-Transfer agent fees		83,100
Distribution fees - Class IB		76,837
Professional fees		40,194
Custodian fees		23,122
Administrative fees		22,494
Printing and mailing expenses		4,590
Transfer agent fees		1,469
Trustees’ fees		666
Miscellaneous		15,980

Gross expenses		710,001
Less: Waiver of investment management fees		(93,463	)
Fees paid indirectly		(3,043	)

Net expenses		613,495

NET INVESTMENT INCOME		946,484

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		4,937,418
Foreign currency transactions		132

Net realized gain		4,937,550

Change in unrealized appreciation (depreciation) on:
Securities		4,157,752
Foreign currency translations		(24	)

Net change in unrealized appreciation		4,157,728

NET REALIZED AND UNREALIZED GAIN		9,095,278

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	10,041,762

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	946,484		$	678,595
Net realized gain (loss) on investments and foreign currency transactions		4,937,550			(2,399,294	)
Net change in unrealized appreciation on investments and foreign currency translations		4,157,728			11,619,562

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		10,041,762			9,898,863

DIVIDENDS:
Dividends from net investment income
Class IA		(1,438	)		—
Class IB		(1,631,716	)		(589,422	)

TOTAL DIVIDENDS		(1,633,154	)		(589,422	)

CAPITAL SHARES TRANSACTIONS:
Class IA*
Capital shares sold [ 19,335,160 and 0 shares, respectively ]		117,214,151			—
Capital shares issued in reinvestment of dividends [ 242 and 0 shares, respectively ]		1,438			—

Total Class IA transactions		117,215,589			—

Class IB
Capital shares sold [ 6,845,494 and 1,989,756 shares, respectively ]		40,030,269			9,009,380
Capital shares issued in reinvestment of dividends [ 280,020 and 124,970 shares, respectively ]		1,631,716			586,108
Capital shares repurchased [ (1,056,466) and (1,914,027) shares, respectively ]		(5,934,978	)		(8,526,855	)

Total Class IB transactions		35,727,007			1,068,633

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		152,942,596			1,068,633

TOTAL INCREASE IN NET ASSETS		161,351,204			10,378,074
NET ASSETS:
Beginning of year		48,093,632			37,715,558

End of year (a)	$	209,444,836		$	48,093,632


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(62	)	$	663,089

*	Class IA commenced operations on December 13, 2004.

See Notes to Financial Statements.

304

EQ ADVISORS TRUST

EQ/ENTERPRISE GLOBAL SOCIALLY RESPONSIVE PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $4,434,185)	$	5,101,147
Cash		10,851
Receivable from investment manager		18,928
Dividends, interest and other receivables		3,841

Total assets		5,134,767

LIABILITIES
Overdraft payable of foreign cash (Cost $18,510)		18,568
Administrative fees payable		2,684
Payable to Separate Accounts for Trust shares redeemed		2,013
Distribution fees payable - Class IB		1,055
Trustees’ fees payable		7
Accrued expenses		38,881

Total liabilities		63,208

NET ASSETS	$	5,071,559

Net assets were comprised of:
Paid in capital	$	4,319,327
Accumulated overdistributed net investment income		(324	)
Accumulated undistributed net realized gain		85,586
Unrealized appreciation on investments		666,970

Net assets	$	5,071,559

Class IB
Net asset value, offering and redemption price per share, $5,071,559 / 431,461 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.75

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Dividends (net of $5,717 foreign withholding tax)	$	90,658
Interest		386

Total income		91,044

EXPENSES
Investment management fees		40,133
Professional fees		38,034
Custodian fees		15,635
Administrative fees		14,931
Distribution fees - Class IB		5,486
Printing and mailing expenses		343
Transfer agent fees		111
Trustees’ fees		53
Miscellaneous		4,490

Gross expenses		119,216
Less: Waiver of investment management fees		(40,133	)
Reimbursement from investment manager		(21,150	)

Net expenses		57,933

NET INVESTMENT INCOME		33,111

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		274,492
Foreign currency transactions		51,303

Net realized gain		325,795

Change in unrealized appreciation (depreciation) on:
Securities		205,896
Foreign currency translations		(95	)

Net change in unrealized appreciation		205,801

NET REALIZED AND UNREALIZED GAIN		531,596

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	564,707

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	33,111		$	7,947
Net realized gain on investments and foreign currency transactions		325,795			46,481
Net change in unrealized appreciation on investments and foreign currency translations		205,801			504,119

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		564,707			558,547

DIVIDENDS AND DISTRIBUTIONS:
Class IB
Dividends from net investment income		(37,135	)		(11,323	)
Distributions from net realized capital gains		(154,794	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(191,929	)		(11,323	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [ 73,633 and 369,613 shares, respectively ]		821,958			3,648,505
Capital shares issued in reinvestment of dividends and distributions [ 16,704 and 318 shares, respectively ]		191,929			3,378
Capital shares repurchased [ (36,154) and (135,390) shares, respectively ]		(400,366	)		(1,337,042	)

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		613,521			2,314,841

TOTAL INCREASE IN NET ASSETS		986,299			2,862,065
NET ASSETS:
Beginning of year		4,085,260			1,223,195

End of year (a)	$	5,071,559		$	4,085,260


(a) Includes accumulated overdistributed net investment income of	$	(324	)	$	—

See Notes to Financial Statements.

305

EQ ADVISORS TRUST

EQ/ENTERPRISE GROWTH PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $255,254,410)	$	286,488,496
Dividends, interest and other receivables		250,842
Receivable from Separate Accounts for Trust shares sold		8,731
Other assets		107

Total assets		286,748,176

LIABILITIES
Payable for securities purchased		13,527,658
Payable to Separate Accounts for Trust shares redeemed		225,843
Investment management fees payable		170,602
Distribution fees payable - Class IB		54,483
Administrative fees payable		9,607
Trustees’ fees payable		417
Accrued expenses		68,029

Total liabilities		14,056,639

NET ASSETS	$	272,691,537

Net assets were comprised of:
Paid in capital	$	336,963,254
Accumulated overdistributed net investment income		(271	)
Accumulated net realized loss		(95,505,532	)
Unrealized appreciation on investments		31,234,086

Net assets	$	272,691,537

Class IA
Net asset value, offering and redemption price per share, $13,837,387 / 2,884,017 shares outstanding (unlimited amount authorized: $0.01 par value)	$	4.80

Class IB
Net asset value, offering and redemption price per share, $258,854,150 / 53,824,519 shares outstanding (unlimited amount authorized: $0.01 par value)	$	4.81

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Dividends	$	3,157,985
Interest		62,448
Securities lending (net)		1,461

Total income		3,221,894

EXPENSES
Investment management fees		1,962,445
Sub-Transfer agent fees		419,345
Distribution fees - Class IB		304,124
Custodian fees		53,458
Administrative fees		46,477
Professional fees		46,171
Printing and mailing expenses		19,074
Transfer agent fees		6,273
Trustees’ fees		3,125
Miscellaneous		76,717

Total expenses		2,937,209

NET INVESTMENT INCOME		284,685

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		12,338,717
Net change in unrealized depreciation on securities		(2,390,103	)

NET REALIZED AND UNREALIZED GAIN		9,948,614

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	10,233,299

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	284,685		$	808,863
Net realized gain (loss) on investments		12,338,717			(8,059,516	)
Net change in unrealized appreciation (depreciation) on investments		(2,390,103	)		45,886,324

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		10,233,299			38,635,671

DIVIDENDS:
Dividends from net investment income
Class IA		(358	)		—
Class IB		(1,073,367	)		(1,021,049	)

TOTAL DIVIDENDS		(1,073,725	)		(1,021,049	)

CAPITAL SHARES TRANSACTIONS:
Class IA*
Capital shares sold [ 2,883,942 and 0 shares, respectively ]		13,871,549			—
Capital shares issued in reinvestment of dividends [ 75 and 0 shares, respectively ]		358			—

Total Class IA transactions		13,871,907			—

Class IB
Capital shares sold [ 4,783,798 and 8,007,031 shares, respectively ]		22,494,574			33,810,875
Capital shares issued in connection with the substitution [ 0 and 4,364,109 shares, respectively ]		—			16,758,178
Capital shares issued in reinvestment of dividends [ 228,519 and 230,804 shares, respectively ]		1,073,367			1,020,154
Capital shares repurchased [ (8,400,598) and (7,742,602) shares, respectively ]		(39,378,806	)		(32,342,999	)

Total Class IB transactions		(15,810,865	)		19,246,208

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(1,938,958	)		19,246,208

TOTAL INCREASE IN NET ASSETS		7,220,616			56,860,830
NET ASSETS:
Beginning of year		265,470,921			208,610,091

End of year (a)	$	272,691,537		$	265,470,921


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(271	)	$	808,846

*	Class IA commenced operations on December 13, 2004.

See Notes to Financial Statements.

306

EQ ADVISORS TRUST

EQ/ENTERPRISE GROWTH AND INCOME PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $111,118,823)	$	132,628,438
Receivable for securities sold		491,223
Dividends, interest and other receivables		107,973
Receivable from Separate Accounts for Trust shares sold		34,908
Other assets		38

Total assets		133,262,580

LIABILITIES
Payable for securities purchased		289,791
Payable to Separate Accounts for Trust shares redeemed		134,294
Investment management fees payable		65,464
Distribution fees payable - Class IB		27,610
Administrative fees payable		6,059
Trustees’ fees payable		191
Accrued expenses		56,678

Total liabilities		580,087

NET ASSETS	$	132,682,493

Net assets were comprised of:
Paid in capital	$	155,685,113
Accumulated overdistributed net investment income		(129	)
Accumulated net realized loss		(44,512,106	)
Unrealized appreciation on investments		21,509,615

Net assets	$	132,682,493

Class IB
Net asset value, offering and redemption price per share, $132,682,493 / 23,875,393 shares outstanding (unlimited amount authorized: $0.01 par value)	$	5.56

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Dividends	$	2,445,913
Interest		13,838
Securities lending (net)		874

Total income		2,460,625

EXPENSES
Investment management fees		941,021
Sub-Transfer agent fees		198,709
Distribution fees - Class IB		147,947
Custodian fees		44,834
Professional fees		41,441
Administrative fees		29,955
Printing and mailing expenses		9,213
Transfer agent fees		3,040
Trustees’ fees		1,470
Miscellaneous		35,229

Gross expenses		1,452,859
Less: Waiver of investment management fees		(135,263	)

Net expenses		1,317,596

NET INVESTMENT INCOME		1,143,029

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		10,000,469
Net change in unrealized appreciation on securities		4,593,932

NET REALIZED AND UNREALIZED GAIN		14,594,401

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,737,430

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,143,029		$	946,672
Net realized gain (loss) on investments		10,000,469			(16,774,206	)
Net change in unrealized appreciation on investments		4,593,932			43,723,486

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		15,737,430			27,895,952

DIVIDENDS:
Class IB
Dividends from net investment income		(2,093,047	)		(1,145,446	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [ 1,943,220 and 2,071,578 shares, respectively ]		10,014,311			8,956,733
Capital shares issued in reinvestment of dividends [ 395,562 and 250,159 shares, respectively ]		2,093,047			1,143,225
Capital shares repurchased [ (4,113,540) and (4,888,936) shares, respectively ]		(20,963,116	)		(20,385,556	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(8,855,758	)		(10,285,598	)

TOTAL INCREASE IN NET ASSETS		4,788,625			16,464,908
NET ASSETS:
Beginning of year		127,893,868			111,428,960

End of year (a)	$	132,682,493		$	127,893,868


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(129	)	$	946,674

See Notes to Financial Statements.

307

EQ ADVISORS TRUST

EQ/ENTERPRISE HIGH-YIELD BOND PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $80,911,528)	$	84,876,301
Dividends, interest and other receivables		1,535,703
Receivable for securities sold		449,299
Other assets		37

Total assets		86,861,340

LIABILITIES
Overdraft payable		2,321
Payable to Separate Accounts for Trust shares redeemed		82,418
Investment management fees payable		23,712
Distribution fees payable - Class IB		18,338
Administrative fees payable		4,918
Trustees’ fees payable		148
Accrued expenses		53,425

Total liabilities		185,280

NET ASSETS	$	86,676,060

Net assets were comprised of:
Paid in capital	$	108,300,499
Accumulated overdistributed net investment income		(27,542	)
Accumulated net realized loss		(25,561,670	)
Unrealized appreciation on investments		3,964,773

Net assets	$	86,676,060

Class IB
Net asset value, offering and redemption price per share, $86,676,060 / 18,455,888 shares outstanding (unlimited amount authorized: $0.01 par value)	$	4.70

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Interest	$	6,513,630
Securities lending (net)		1,797

Total income		6,515,427

EXPENSES
Investment management fees		524,124
Distribution fees - Class IB		103,409
Sub-Transfer agent fees		68,948
Custodian fees		53,961
Professional fees		39,808
Administrative fees		25,270
Printing and mailing expenses		6,334
Transfer agent fees		2,084
Trustees’ fees		1,031
Miscellaneous		24,898

Gross expenses		849,867
Less: Waiver of investment management fees		(107,381	)

Net expenses		742,486

NET INVESTMENT INCOME		5,772,941

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		1,418,953
Net change in unrealized appreciation on securities		821,730

NET REALIZED AND UNREALIZED GAIN		2,240,683

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,013,624

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	5,772,941		$	6,375,353
Net realized gain (loss) on investments		1,418,953			(2,011,195	)
Net change in unrealized appreciation on investments		821,730			12,723,046

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		8,013,624			17,087,204

DIVIDENDS:
Class IB
Dividends from net investment income		(9,913,773	)		(2,207,538	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [ 1,634,154 and 2,753,455 shares, respectively ]		7,996,868			11,976,394
Capital shares issued in reinvestment of dividends [ 2,095,998 and 529,961 shares, respectively ]		9,913,773			2,207,538
Capital shares repurchased [ (3,958,881) and (3,958,881) shares, respectively ]		(19,348,446	)		(16,179,218	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(1,437,805	)		(1,995,286	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(3,337,954	)		12,884,380
NET ASSETS:
Beginning of year		90,014,014			77,129,634

End of year (a)	$	86,676,060		$	90,014,014


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(27,542	)	$	4,113,290

See Notes to Financial Statements.

308

EQ ADVISORS TRUST

EQ/ENTERPRISE INTERNATIONAL GROWTH PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $46,708,245)	$	53,425,612
Cash		55,554
Foreign cash (Cost $36,188)		38,098
Dividends, interest and other receivables		65,139
Other assets		20

Total assets		53,584,423

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		63,334
Investment management fees payable		37,856
Distribution fees payable - Class IB		11,134
Administrative fees payable		4,079
Trustees’ fees payable		74
Accrued expenses		42,082

Total liabilities		158,559

NET ASSETS	$	53,425,864

Net assets were comprised of:
Paid in capital	$	70,564,822
Accumulated undistributed net investment income		147,782
Accumulated net realized loss		(24,013,639	)
Unrealized appreciation on investments		6,726,899

Net assets	$	53,425,864

Class IB
Net asset value, offering and redemption price per share, $53,425,864 / 11,420,485 shares outstanding (unlimited amount authorized: $0.01 par value)	$	4.68

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Dividends (net of $114,873 foreign withholding tax)	$	994,116
Securities lending (net)		1,149

Total income		995,265

EXPENSES
Investment management fees		449,661
Sub-Transfer agent fees		86,205
Distribution fees - Class IB		60,352
Professional fees		39,148
Administrative fees		20,712
Custodian fees		19,398
Printing and mailing expenses		3,784
Transfer agent fees		1,279
Trustees’ fees		624
Miscellaneous		15,165

Total expenses		696,328

NET INVESTMENT INCOME		298,937

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		3,395,806
Foreign currency transactions		2,994,590

Net realized gain		6,390,396

Change in unrealized appreciation (depreciation) on:
Securities		(4,187,933	)
Foreign currency translations		1,515

Net change in unrealized depreciation		(4,186,418	)

NET REALIZED AND UNREALIZED GAIN		2,203,978

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,502,915

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	298,937		$	396,823
Net realized gain (loss) on investments and foreign currency transactions		6,390,396			(6,226,789	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(4,186,418	)		19,265,059

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		2,502,915			13,435,093

DIVIDENDS AND DISTRIBUTIONS:
Class IB
Dividends from net investment income		(608,571	)		(229,092	)
Distributions from net realized capital gains		(108,181	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(716,752	)		(229,092	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [ 707,573 and 4,063,215 shares, respectively ]		3,147,749			14,497,197
Capital shares issued in connection with the substitution [ 0 and 622,543 shares, respectively ]		—			1,998,364
Capital shares issued in reinvestment of dividends and distributions [ 168,191 and 56,151 shares, respectively ]		716,752			227,975
Capital shares repurchased [ (1,787,099) and (5,178,342) shares, respectively ]		(7,869,808	)		(18,436,839	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(4,005,307	)		(1,713,303	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(2,219,144	)		11,492,698
NET ASSETS:
Beginning of year		55,645,008			44,152,310

End of year (a)	$	53,425,864		$	55,645,008


(a) Includes accumulated undistributed net investment income of	$	147,782		$	379,430

See Notes to Financial Statements.

309

EQ ADVISORS TRUST

EQ/ENTERPRISE MANAGED PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $582,060,895)	$	639,134,182
Dividends, interest and other receivables		2,016,259
Receivable for securities sold		1,370,083
Other assets		284

Total assets		642,520,808

LIABILITIES
Overdraft payable		71,714
Payable for securities purchased		1,317,990
Payable to Separate Accounts for Trust shares redeemed		817,259
Investment management fees payable		434,479
Distribution fees payable - Class IB		135,024
Administrative fees payable		19,930
Variation margin payable on futures contracts		7,809
Trustees’ fees payable		1,079
Accrued expenses		139,349

Total liabilities		2,944,633

NET ASSETS	$	639,576,175

Net assets were comprised of:
Paid in capital	$	708,033,441
Accumulated overdistributed net investment income		(665	)
Accumulated net realized loss		(125,587,227	)
Unrealized appreciation on investments		57,130,626

Net assets	$	639,576,175

Class IB
Net asset value, offering and redemption price per share, $639,576,175 / 33,181,431 shares outstanding (unlimited amount authorized: $0.01 par value)	$	19.28

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Dividends	$	13,402,614
Interest (net of $773 foreign withholding tax)		2,001,295
Securities lending (net)		1,928

Total income		15,405,837

EXPENSES
Investment management fees		5,092,526
Sub-Transfer agent fees		1,054,943
Distribution fees - Class IB		750,546
Custodian fees		210,803
Administrative fees		93,561
Professional fees		58,441
Printing and mailing expenses		46,660
Transfer agent fees		15,253
Trustees’ fees		7,650
Miscellaneous		189,569

Gross expenses		7,519,952
Less: Waiver of investment management fees		(671,271	)
Fees paid indirectly		(2,874	)

Net expenses		6,845,807

NET INVESTMENT INCOME		8,560,030

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		42,632,169
Futures		(1,548,733	)
Foreign currency transactions		(10,397	)

Net realized gain		41,073,039

Change in unrealized appreciation on:
Securities		1,627,108
Futures		809,282

Net change in unrealized appreciation		2,436,390

NET REALIZED AND UNREALIZED GAIN		43,509,429

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	52,069,459

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	8,560,030		$	7,505,481
Net realized gain on investments and foreign currency transactions		41,073,039			2,395,373
Net change in unrealized appreciation on investments		2,436,390			115,635,667

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		52,069,459			125,536,521

DIVIDENDS AND DISTRIBUTIONS:
Class IB
Dividends from net investment income		(17,863,456	)		(7,568,315	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [ 747,266 and 1,326,872 shares, respectively ]		13,780,912			21,855,592
Capital shares issued in connection with the substitution [ 0 and 188,735 shares, respectively ]		—			2,815,931
Capital shares issued in reinvestment of dividends and distributions [ 960,257 and 438,138 shares, respectively ]		17,863,456			7,566,636
Capital shares repurchased [ (6,496,168) and (7,404,472) shares, respectively ]		(120,118,457	)		(119,956,922	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(88,474,089	)		(87,718,763	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(54,268,086	)		30,249,443
NET ASSETS:
Beginning of year		693,844,261			663,594,818

End of year (a)	$	639,576,175		$	693,844,261


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(665	)	$	9,164,704

See Notes to Financial Statements.

310

EQ ADVISORS TRUST

EQ/ENTERPRISE MERGERS AND ACQUISITIONS PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $7,764,475)	$	8,106,924
Cash		47,832
Receivable from investment manager		14,912
Dividends, interest and other receivables		5,618
Other assets		8

Total assets		8,175,294

LIABILITIES
Overdraft payable of foreign cash (Cost $25,415)		25,536
Payable for securities purchased		17,018
Payable to Separate Accounts for Trust shares redeemed		10,696
Administrative fees payable		2,766
Distribution fees payable - Class IB		1,702
Trustees’ fees payable		7
Accrued expenses		37,573

Total liabilities		95,298

NET ASSETS	$	8,079,996

Net assets were comprised of:
Paid in capital	$	7,712,069
Accumulated overdistributed net investment income		(264	)
Accumulated undistributed net realized gain		25,863
Unrealized appreciation on investments		342,328

Net assets	$	8,079,996

Class IB
Net asset value, offering and redemption price per share, $8,079,996 / 710,526 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.37

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Dividends (net of $215 foreign withholding tax)	$	60,771
Interest		34,408

Total income		95,179

EXPENSES
Investment management fees		55,429
Professional fees		37,575
Custodian fees		16,552
Administrative fees		15,314
Distribution fees - Class IB		9,110
Sub-Transfer agent fees		7,615
Printing and mailing expenses		545
Transfer agent fees		159
Trustees’ fees		71
Miscellaneous		2,743

Gross expenses		145,113
Less: Waiver of investment management fees		(55,429	)
Reimbursement from investment manager		(383	)
Fees paid indirectly		(156	)

Net expenses		89,145

NET INVESTMENT INCOME		6,034

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		151,748
Foreign currency transactions		(256	)

Net realized gain		151,492

Change in unrealized appreciation (depreciation) on:
Securities		243,495
Foreign currency translations		(121	)

Net change in unrealized appreciation		243,374

NET REALIZED AND UNREALIZED GAIN		394,866

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	400,900

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31, 2004			May 1, 2003* to December 31, 2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	6,034		$	(3,398	)
Net realized gain on investments and foreign currency transactions		151,492			55,114
Net change in unrealized appreciation on investments and foreign currency translations		243,374			98,954

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		400,900			150,670

DIVIDENDS AND DISTRIBUTIONS:
Class IB
Dividends from net investment income		(5,265	)		—
Distributions from net realized capital gains		(164,857	)		(13,361	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(170,122	)		(13,361	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [ 557,765 and 374,496 shares, respectively ]		6,165,425			3,984,246
Capital shares issued in reinvestment of dividends and distributions [ 15,215 and 1,216 shares, respectively ]		170,122			13,361
Capital shares repurchased [ (163,958) and (74,208) shares, respectively ]		(1,811,100	)		(810,145	)

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		4,524,447			3,187,462

TOTAL INCREASE IN NET ASSETS		4,755,225			3,324,771
NET ASSETS:
Beginning of year		3,324,771			—

End of year (a)	$	8,079,996		$	3,324,771


(a) Includes accumulated overdistributed net investment income of	$	(264	)	$	—

*	Commencement of operations.

See Notes to Financial Statements.

311

EQ ADVISORS TRUST

EQ/ENTERPRISE MULTI-CAP GROWTH PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $61,963,002)	$	63,452,456
Cash		1,875
Dividends, interest and other receivables		170,210
Other assets		22

Total assets		63,624,563

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		54,118
Investment management fees payable		41,007
Distribution fees payable - Class IB		13,467
Administrative fees payable		4,267
Trustees’ fees payable		74
Accrued expenses		43,519

Total liabilities		156,452

NET ASSETS	$	63,468,111

Net assets were comprised of:
Paid in capital	$	143,447,682
Accumulated overdistributed net investment income		(63	)
Accumulated net realized loss		(81,468,962	)
Unrealized appreciation on investments		1,489,454

Net assets	$	63,468,111

Class IB
Net asset value, offering and redemption price per share, $63,468,111 / 7,963,644 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.97

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Dividends (net of $60 foreign withholding tax)	$	525,696
Interest		15,542
Securities lending (net)		2,555

Total income		543,793

EXPENSES
Investment management fees		653,782
Sub-Transfer agent fees		108,513
Distribution fees - Class IB		72,914
Professional fees		40,285
Custodian fees		26,342
Administrative fees		22,041
Printing and mailing expenses		4,582
Transfer agent fees		1,567
Trustees’ fees		764
Miscellaneous		18,915

Gross expenses		949,705
Less: Waiver of investment management fees		(34,077	)
Fees paid indirectly		(132,515	)

Net expenses		783,113

NET INVESTMENT LOSS		(239,320	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		12,980,569
Net change in unrealized depreciation on securities		(8,309,421	)

NET REALIZED AND UNREALIZED GAIN		4,671,148

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,431,828

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(239,320	)	$	(408,047	)
Net realized gain on investments		12,980,569			5,810,118
Net change in unrealized appreciation (depreciation) on investments		(8,309,421	)		12,032,737

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		4,431,828			17,434,808

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [ 616,350 and 1,265,403 shares, respectively ]		4,649,219			8,386,660
Capital shares repurchased [ (1,838,991) and (1,625,577) shares, respectively ]		(13,665,449	)		(10,355,196	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(9,016,230	)		(1,968,536	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(4,584,402	)		15,466,272
NET ASSETS:
Beginning of year		68,052,513			52,586,241

End of year (a)	$	63,468,111		$	68,052,513


(a) Includes accumulated overdistributed net investment income of	$	(63	)	$	—

See Notes to Financial Statements.

312

EQ ADVISORS TRUST

EQ/ENTERPRISE SHORT DURATION BOND PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $13,396,907)	$	13,231,671
Receivable for securities sold		188,000
Dividends, interest and other receivables		58,118
Receivable from investment manager		17,661

Total assets		13,495,450

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		10,541
Administrative fees payable		2,914
Distribution fees payable - Class IB		2,839
Trustees’ fees payable		24
Accrued expenses		36,992

Total liabilities		53,310

NET ASSETS	$	13,442,140

Net assets were comprised of:
Paid in capital	$	13,604,147
Accumulated undistributed net investment income		523
Accumulated undistributed net realized gain		2,706
Unrealized depreciation on investments		(165,236	)

Net assets	$	13,442,140

Class IB
Net asset value, offering and redemption price per share, $13,442,140 / 1,355,425 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.92

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Interest (net of $486 foreign withholding tax)	$	381,759

EXPENSES
Investment management fees		53,683
Professional fees		37,785
Administrative fees		16,006
Distribution fees - Class IB		15,660
Custodian fees		12,505
Printing and mailing expenses		934
Transfer agent fees		295
Trustees’ fees		143
Miscellaneous		8,781

Gross expenses		145,792
Less: Waiver of investment management fees		(53,683	)
Reimbursement from investment manager		(14,393	)

Net expenses		77,716

NET INVESTMENT INCOME		304,043

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		6,828
Net change in unrealized depreciation on securities		(117,779	)

NET REALIZED AND UNREALIZED LOSS		(110,951	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	193,092

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31, 2004			May 1, 2003* to December 31, 2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	304,043		$	126,511
Net realized gain on investments		6,828			1,728
Net change in unrealized depreciation on investments		(117,779	)		(47,457	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		193,092			80,782

DIVIDENDS:
Class IB
Dividends from net investment income		(303,520	)		(132,777	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [ 506,339 and 1,171,673 shares, respectively ]		5,087,446			11,763,908
Capital shares issued in reinvestment of dividends [ 30,628 and 13,304 shares, respectively ]		303,520			132,776
Capital shares repurchased [ (159,789) and (206,730) shares, respectively ]		(1,605,570	)		(2,077,517	)

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		3,785,396			9,819,167

TOTAL INCREASE IN NET ASSETS		3,674,968			9,767,172
NET ASSETS:
Beginning of period		9,767,172			—

End of period (a)	$	13,442,140		$	9,767,172


(a) Includes accumulated undistributed net investment income of	$	523		$	—

*	Commencement of operations.

See Notes to Financial Statements.

313

EQ ADVISORS TRUST

EQ/ENTERPRISE SMALL COMPANY GROWTH PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $90,479,217)	$	93,471,474
Receivable from Separate Accounts for Trust shares sold		1,051,590
Dividends, interest and other receivables		116,482
Other assets		33

Total assets		94,639,579

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		572,411
Investment management fees payable		33,132
Distribution fees payable - Class IB		19,145
Administrative fees payable		4,927
Trustees’ fees payable		120
Accrued expenses		46,170

Total liabilities		675,905

NET ASSETS	$	93,963,674

Net assets were comprised of:
Paid in capital	$	91,373,448
Accumulated overdistributed net investment income		(82	)
Accumulated net realized loss		(401,949	)
Unrealized appreciation on investments		2,992,257

Net assets	$	93,963,674

Class IB
Net asset value, offering and redemption price per share, $93,963,674 / 11,342,397 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.28

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Dividends (net of $4,645 foreign withholding tax)	$	253,739
Interest		82,422
Securities lending (net)		2,646

Total income		338,807

EXPENSES
Investment management fees		834,560
Sub-Transfer agent fees		133,965
Distribution fees - Class IB		96,915
Professional fees		40,874
Custodian fees		26,841
Administrative fees		24,551
Printing and mailing expenses		6,096
Transfer agent fees		2,070
Trustees’ fees		960
Miscellaneous		23,477

Gross expenses		1,190,309
Less: Waiver of investment management fees		(105,550	)
Fees paid indirectly		(726	)

Net expenses		1,084,033

NET INVESTMENT LOSS		(745,226	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		17,643,092
Foreign currency transactions		4,785

Net realized gain		17,647,877

Net change in unrealized depreciation on securities		(6,863,076	)

NET REALIZED AND UNREALIZED GAIN		10,784,801

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	10,039,575

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(745,226	)	$	(739,556	)
Net realized gain (loss) on investments and foreign currency transactions		17,647,877			(10,208,991	)
Net change in unrealized appreciation (depreciation) on investments		(6,863,076	)		26,244,280

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		10,039,575			15,295,733

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [ 1,905,869 and 2,528,730 shares, respectively ]		14,533,411			15,994,308
Capital shares repurchased [ (1,962,481) and (2,207,919) shares, respectively ]		(14,505,904	)		(13,596,652	)

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		27,507			2,397,656

TOTAL INCREASE IN NET ASSETS		10,067,082			17,693,389
NET ASSETS:
Beginning of year		83,896,592			66,203,203

End of year (a)	$	93,963,674		$	83,896,592


(a) Includes accumulated overdistributed net investment income of	$	(82	)	$	—

See Notes to Financial Statements.

314

EQ ADVISORS TRUST

EQ/ENTERPRISE SMALL COMPANY VALUE PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value:
Affiliated issuers (Cost $4,415,276)	$	5,160,400
Unaffiliated issuers (Cost $ 311,795,418)		466,556,692
Dividends, interest and other receivables		360,701
Receivable from Separate Accounts for Trust shares sold		344,801
Other assets		169

Total assets		472,422,763

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		789,942
Investment management fees payable		306,016
Payable for securities purchased		259,232
Distribution fees payable - Class IB		95,568
Administrative fees payable		14,491
Trustees’ fees payable		626
Accrued expenses		87,744

Total liabilities		1,553,619

NET ASSETS	$	470,869,144

Net assets were comprised of:
Paid in capital	$	315,995,088
Accumulated overdistributed net investment income		(420	)
Accumulated net realized loss		(631,922	)
Unrealized appreciation on investments		155,506,398

Net assets	$	470,869,144

Class IB
Net asset value, offering and redemption price per share, $470,869,144 / 16,966,148 shares outstanding (unlimited amount authorized: $0.01 par value)	$	27.75

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Dividends (Included dividend income of $97,625 from affiliates) (net of $587 foreign withholding tax)	$	4,854,937
Interest		116,800

Total income		4,971,737

EXPENSES
Investment management fees		3,259,171
Sub-Transfer agent fees		635,967
Distribution fees - Class IB		489,319
Custodian fees		91,137
Administrative fees		65,872
Professional fees		51,926
Printing and mailing expenses		30,270
Transfer agent fees		10,005
Trustees’ fees		4,754
Miscellaneous		115,323

Gross expenses		4,753,744
Less: Fees paid indirectly		(9,022	)

Net expenses		4,744,722

NET INVESTMENT INCOME		227,015

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		14,911,121
Foreign currency transactions		96

Net realized gain		14,911,217

Change in unrealized appreciation (depreciation) on:
Securities		64,280,995
Foreign currency translations		(7	)

Net change in unrealized appreciation		64,280,988

NET REALIZED AND UNREALIZED GAIN		79,192,205

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	79,419,220

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	227,015		$	47,321
Net realized gain on investments and foreign currency transactions		14,911,217			4,633,996
Net change in unrealized appreciation on investments and foreign currency translations		64,280,988			103,903,308

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		79,419,220			108,584,625

DIVIDENDS AND DISTRIBUTIONS:
Class IB
Dividends from net investment income		(71,646	)		(347,947	)
Distributions from net realized capital gains		(11,723,937	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(11,795,583	)		(347,947	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [ 1,966,349 and 1,616,741 shares, respectively ]		50,832,251			31,257,317
Capital shares issued in reinvestment of dividends and distributions [ 434,621 and 16,506 shares, respectively ]		11,795,583			347,947
Capital shares repurchased [ (2,278,509) and (2,651,871) shares, respectively ]		(56,296,472	)		(49,372,332	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		6,331,362			(17,767,068	)

TOTAL INCREASE IN NET ASSETS		73,954,999			90,469,610
NET ASSETS:
Beginning of year		396,914,145			306,444,535

End of year (a)	$	470,869,144		$	396,914,145


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(420	)	$	166,808

See Notes to Financial Statements.

315

EQ ADVISORS TRUST

EQ/ENTERPRISE TOTAL RETURN PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $64,516,325)	$	65,197,772
Foreign cash (Cost $135,293)		137,996
Dividends, interest and other receivables		341,498
Receivable for securities sold		269,121
Variation margin receivable on futures contracts		82,694
Unrealized appreciation of forward foreign currency contracts		21,629
Receivable from investment manager		2,481
Other assets		28

Total assets		66,053,219

LIABILITIES
Overdraft payable		88,832
Payable for forward commitments		5,328,320
Payable to Separate Accounts for Trust shares redeemed		24,127
Unrealized depreciation of forward foreign currency contracts		18,682
Options written, at value (Premiums received $ 27,495)		14,891
Distribution fees payable - Class IB		12,701
Administrative fees payable		4,176
Trustees’ fees payable		88
Accrued expenses		50,016

Total liabilities		5,541,833

NET ASSETS	$	60,511,386

Net assets were comprised of:
Paid in capital	$	59,743,828
Accumulated undistributed net investment income		169,801
Accumulated net realized loss		(151,795	)
Unrealized appreciation on investments		749,552

Net assets	$	60,511,386

Class IB
Net asset value, offering and redemption price per share, $60,511,386 / 5,869,999 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.31

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Interest	$	1,512,758
Dividends		691

Total income		1,513,449

EXPENSES
Investment management fees		309,167
Distribution fees - Class IB		69,778
Custodian fees		56,447
Sub-Transfer agent fees		42,652
Professional fees		38,963
Administrative fees		21,716
Printing and mailing expenses		4,257
Transfer agent fees		1,360
Trustees’ fees		671
Miscellaneous		16,203

Gross expenses		561,214
Less: Waiver of investment management fees		(195,439	)

Net expenses		365,775

NET INVESTMENT INCOME		1,147,674

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		492,556
Swaps		21,061
Options written		143,064
Futures		904,762
Foreign currency transactions		17,007

Net realized gain		1,578,450

Change in unrealized appreciation (depreciation) on:
Securities		10,184
Swaps		(31,946	)
Options written		(17,084	)
Futures		(108,670	)
Foreign currency translations		8,565

Net change in unrealized depreciation		(138,951	)

NET REALIZED AND UNREALIZED GAIN		1,439,499

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,587,173

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,147,674		$	1,039,801
Net realized gain on investments and foreign currency transactions		1,578,450			1,004,431
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(138,951	)		341,199

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		2,587,173			2,385,431

DIVIDENDS AND DISTRIBUTIONS:
Class IB
Dividends from net investment income		(1,208,085	)		(1,164,067	)
Distributions from net realized capital gains		(1,657,577	)		(796,071	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(2,865,662	)		(1,960,138	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [ 1,400,567 and 2,778,731 shares, respectively ]		14,666,111			28,817,694
Capital shares issued in reinvestment of dividends and distributions [ 278,032 and 184,636 shares, respectively ]		2,865,662			1,910,525
Capital shares repurchased [ (816,542) and (1,026,695) shares, respectively ]		(8,494,184	)		(10,700,955	)

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		9,037,589			20,027,264

TOTAL INCREASE IN NET ASSETS		8,759,100			20,452,557
NET ASSETS:
Beginning of year		51,752,286			31,299,729

End of year (a)	$	60,511,386		$	51,752,286


(a) Includes accumulated undistributed net investment income of	$	169,801		$	—

See Notes to Financial Statements.

316

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $3,270,591,454) (Securities on loan at market value $ 109,900,417)	$	3,694,321,897
Cash		6,570
Dividends, interest and other receivables		4,663,831
Receivable from Separate Accounts for Trust shares sold		1,689,242
Other assets		856

Total assets		3,700,682,396

LIABILITIES
Collateral held for loaned securities		112,076,443
Payable to Separate Accounts for Trust shares redeemed		2,176,854
Investment management fees payable		750,498
Distribution fees payable - Class IB		406,443
Administrative fees payable		147,027
Trustees’ fees payable		100,325
Variation margin payable on futures contracts		15,225
Accrued expenses		283,060

Total liabilities		115,955,875

NET ASSETS	$	3,584,726,521

Net assets were comprised of:
Paid in capital	$	3,201,494,694
Accumulated undistributed net investment income		155,962
Accumulated net realized loss		(40,877,803	)
Unrealized appreciation on investments		423,953,668

Net assets	$	3,584,726,521

Class IA
Net asset value, offering and redemption price per share, $1,633,378,433 / 70,281,081 share soutstanding (unlimited amount authorized: $0.01 par value)	$	23.24

Class IB
Net asset value, offering and redemption price per share, $1,951,348,088 / 84,359,570 sharesoutstanding (unlimited amount authorized: $0.01 par value)	$	23.13

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Dividends	$	66,805,974
Interest		332,788
Securities lending (net)		82,802

Total income		67,221,564

EXPENSES
Investment management fees		8,215,704
Distribution fees - Class IB		4,330,001
Administrative fees		945,508
Printing and mailing expenses		395,827
Professional fees		92,527
Custodian fees		85,159
Trustees’ fees		58,303
Miscellaneous		49,391

Total expenses		14,172,420

NET INVESTMENT INCOME		53,049,144

REALIZED AND UNREALIZED GAIN
Realized gain on
Securities		8,446,636
Futures		1,248,264

Net realized gain		9,694,900

Change in unrealized appreciation on:
Securities		270,833,404
Futures		198,025

Net change in unrealized appreciation		271,031,429

NET REALIZED AND UNREALIZED GAIN		280,726,329

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	333,775,473

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	53,049,144		$	34,565,964
Net realized gain on investments		9,694,900			1,935,112
Net change in unrealized appreciation on investments		271,031,429			612,739,486

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		333,775,473			649,240,562

DIVIDENDS:
Dividends from net investment income
Class IA		(26,269,443	)		(21,055,994	)
Class IB		(26,409,615	)		(17,092,908	)

TOTAL DIVIDENDS		(52,679,058	)		(38,148,902	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 5,483,699 and 6,089,788 shares, respectively ]		119,942,414			113,575,924
Capital shares issued in reinvestment of dividends [ 1,147,763 and 1,014,444 shares, respectively ]		26,269,443			21,055,994
Capital shares repurchased [ (9,343,997) and (8,373,738) shares, respectively ]		(204,462,464	)		(153,707,941	)

Total Class IA transactions		(58,250,607	)		(19,076,023	)

Class IB
Capital shares sold [ 19,104,038 and 29,087,055 shares, respectively ]		415,600,315			540,132,998
Capital shares issued in reinvestment of dividends [ 1,159,253 and 827,731 shares, respectively ]		26,409,615			17,092,908
Capital shares repurchased [ (10,585,982) and (6,314,587) shares, respectively ]		(229,747,105	)		(116,331,177	)

Total Class IB transactions		212,262,825			440,894,729

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		154,012,218			421,818,706

TOTAL INCREASE IN NET ASSETS		435,108,633			1,032,910,366
NET ASSETS:
Beginning of year		3,149,617,888			2,116,707,522

End of year (a)	$	3,584,726,521		$	3,149,617,888


(a) Includes accumulated undistributed net investment income of	$	155,962		$	75,633

See Notes to Financial Statements.

317

EQ ADVISORS TRUST

EQ/EVERGREEN OMEGA PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $180,432,280) (Securities on loan at market value $15,385,804)	$	202,279,854
Receivable for securities sold		6,793,205
Receivable from Separate Accounts for Trust shares sold		353,744
Dividends, interest and other receivables		140,387
Other assets		248

Total assets		209,567,438

LIABILITIES
Collateral held for loaned securities		15,636,121
Payable for securities purchased		497,857
Investment management fees payable		96,085
Distribution fees payable - Class IB		40,091
Administrative fees payable		8,304
Trustees’ fees payable		1,175
Payable to Separate Accounts for Trust shares redeemed		717
Accrued expenses		37,499

Total liabilities		16,317,849

NET ASSETS	$	193,249,589

Net assets were comprised of:
Paid in capital	$	170,622,849
Accumulated undistributed net investment income		67,070
Accumulated undistributed net realized gain		712,096
Unrealized appreciation on investments		21,847,574

Net assets	$	193,249,589

Class IA
Net asset value, offering and redemption price per share, $89,434 / 9,961 shares outstanding (unlim- ited amount authorized: $ 0.01 par value)	$	8.98

Class IB
Net asset value, offering and redemption price per share, $193,160,155 / 21,574,055 shares outstanding (unlimited amount authorized: $ 0.01 par value)	$	8.95

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Dividends	$	1,386,958
Interest		57,870
Securities lending (net)		24,927

Total income		1,469,755

EXPENSES
Investment management fees		982,286
Distribution fees - Class IB		377,600
Administrative fees		68,256
Professional fees		41,295
Custodian fees		28,835
Printing and mailing expenses		19,467
Trustees’ fees		2,383
Miscellaneous		5,701

Gross expenses		1,525,823
Less: Waiver of investment management fees		(91,070	)
Fees paid indirectly		(557,706	)

Net expenses		877,047

NET INVESTMENT INCOME		592,708

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		2,302,093
Net change in unrealized appreciation on securities		9,370,570

NET REALIZED AND UNREALIZED GAIN		11,672,663

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,265,371

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	592,708		$	(175,760	)
Net realized gain on investments		2,302,093			4,967,141
Net change in unrealized appreciation on investments		9,370,570			12,883,354

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		12,265,371			17,674,735

DIVIDENDS:
Dividends from net investment income
Class IA		(468	)		—
Class IB		(524,868	)		—

TOTAL DIVIDENDS		(525,336	)		—

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 1,111 and 768 shares, respectively ]		9,359			5,414
Capital shares issued in reinvestment of dividends [ 53 and 0 shares, respectively ]		468			—
Capital shares repurchased [ (66) and (120) shares, respectively ]		(556	)		(836	)

Total Class IA transactions		9,271			4,578

Class IB
Capital shares sold [ 11,751,557 and 10,234,420 shares, respectively ]		99,136,367			76,370,700
Capital shares issued in reinvestment of dividends [ 59,541 and 0 shares, respectively ]		524,868			—
Capital shares repurchased [ (3,310,709) and (1,300,792) shares, respectively ]		(27,895,039	)		(9,511,873	)

Total Class IB transactions		71,766,196			66,858,827

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		71,775,467			66,863,405

TOTAL INCREASE IN NET ASSETS		83,515,502			84,538,140
NET ASSETS:
Beginning of year		109,734,087			25,195,947

End of year (a)	$	193,249,589		$	109,734,087


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	67,070		$	(302	)

See Notes to Financial Statements.

318

EQ ADVISORS TRUST

EQ/FI MID CAP PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $1,106,465,502) (Securities on loan at market value $129,185,536)	$	1,301,718,429
Foreign cash (Cost $332,358)		340,950
Receivable for securities sold		8,954,832
Receivable from Separate Accounts for Trust shares sold		1,734,476
Dividends, interest and other receivables		878,888
Other assets		1,323

Total assets		1,313,628,898

LIABILITIES
Collateral held for loaned securities		131,664,881
Payable for securities purchased.		11,185,328
Investment management fees payable		658,360
Distribution fees payable - Class IB		237,115
Payable to Separate Accounts for Trust shares redeemed		107,750
Administrative fees payable		31,766
Trustees’ fees payable		8,583
Accrued expenses		118,844

Total liabilities		144,012,627

NET ASSETS	$	1,169,616,271

Net assets were comprised of:
Paid in capital	$	943,157,975
Accumulated overdistributed net investment income		(35,077	)
Accumulated undistributed net realized gain		31,231,249
Unrealized appreciation on investments		195,262,124

Net assets	$	1,169,616,271

Class IA
Net asset value, offering and redemption price per share, $7,930,925 / 712,253 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.13

Class IB
Net asset value, offering and redemption price per share, $1,161,685,346 / 104,850,759 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.08

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Dividends (net of $19,979 foreign withholding tax)	$	12,106,421
Interest		501,463
Securities lending (net)		333,043

Total income		12,940,927

EXPENSES
Investment management fees		6,590,398
Distribution fees - Class IB		2,340,998
Administrative fees		282,178
Custodian fees		133,581
Printing and mailing expenses		116,784
Professional fees		48,468
Trustees’ fees		14,906
Miscellaneous		14,269

Gross expenses		9,541,582
Less: Waiver of investment management fees		(133,611	)
Fees paid indirectly		(321,853	)

Net expenses		9,086,118

NET INVESTMENT INCOME		3,854,809

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		94,194,364
Foreign currency transactions		(104,167	)

Net realized gain		94,090,197

Change in unrealized appreciation on:
Securities		57,557,524
Foreign currency translations		8,471

Net change in unrealized appreciation		57,565,995

NET REALIZED AND UNREALIZED GAIN		151,656,192

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	155,511,001

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	3,854,809		$	(435,080	)
Net realized gain on investments and foreign currency transactions		94,090,197			47,959,292
Net change in unrealized appreciation on investments and foreign currency translations		57,565,995			142,964,387

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		155,511,001			190,488,599

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(44,552	)		—
Class IB		(3,799,468	)		—

		(3,844,020	)		—

Distributions from net realized capital gains
Class IA		(410,578	)		—
Class IB		(62,207,307	)		—

		(62,617,885	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(66,461,905	)		—

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 402,209 and 269,055 shares, respectively ]		4,170,965			2,323,228
Capital shares issued in reinvestment of dividends and distributions [ 41,899 and 0 shares, respectively ]		455,130			—
Capital shares repurchased [ (9,959) and (5,981) shares, respectively ]		(102,306	)		(49,077	)

Total Class IA transactions		4,523,789			2,274,151

Class IB
Capital shares sold [ 28,908,310 and 43,706,692 shares, respectively ]		299,211,645			364,744,569
Capital shares issued in reinvestment of dividends and distributions [ 6,111,158 and 0 shares, respectively ]		66,006,775			—
Capital shares repurchased [ (8,224,945) and (5,266,171) shares, respectively ]		(84,106,964	)		(42,628,831	)

Total Class IB transactions		281,111,456			322,115,738

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		285,635,245			324,389,889

TOTAL INCREASE IN NET ASSETS		374,684,341			514,878,488
NET ASSETS:
Beginning of year		794,931,930			280,053,442

End of year (a)	$	1,169,616,271		$	794,931,930


(a) Includes accumulated overdistributed net investment income of	$	(35,077	)	$	(200,887	)

See Notes to Financial Statements.

319

EQ ADVISORS TRUST

EQ/FI SMALL/MID CAP VALUE PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $1,406,897,862) (Securities on loan at market value $196,408,750)	$	1,622,028,522
Cash		24,611
Foreign cash (Cost $2)		2
Receivable for securities sold		30,352,973
Dividends, interest and other receivables		1,130,187
Receivable from Separate Accounts for Trust shares sold		808,844
Other assets		732

Total assets		1,654,345,871

LIABILITIES
Collateral held for loaned securities		201,029,145
Payable for securities purchased		4,202,914
Investment management fees payable		897,626
Payable to Separate Accounts for Trust shares redeemed		859,358
Distribution fees payable - Class IB		297,657
Administrative fees payable		47,084
Trustees’ fees payable		23,141
Accrued expenses		138,753

Total liabilities		207,495,678

NET ASSETS	$	1,446,850,193

Net assets were comprised of:
Paid in capital	$	1,204,154,802
Accumulated overdistributed net investment income		(203,827	)
Accumulated undistributed net realized gain		27,768,558
Unrealized appreciation on investments		215,130,660

Net assets	$	1,446,850,193

Class IA
Net asset value, offering and redemption price per share, $8,177,515 / 581,975 shares outstanding (unlimited amount authorized: $0.01 par value)	$	14.05

Class IB
Net asset value, offering and redemption price per share, $1,438,672,678 / 102,781,085 shares outstanding (unlimited amount authorized: $0.01 par value)	$	14.00

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Dividends (net of $46,222 foreign withholding tax)	$	11,589,208
Interest		996,805
Securities lending (net)		281,175

Total income		12,867,188

EXPENSES
Investment management fees		9,211,333
Distribution fees - Class IB		3,034,978
Administrative fees		370,232
Recoupment fees		253,796
Custodian fees		155,506
Printing and mailing expenses		153,328
Professional fees		50,813
Trustees’ fees		20,246
Miscellaneous		24,924

Gross expenses		13,275,156
Less: Fees paid indirectly		(242,765	)

Net expenses		13,032,391

NET INVESTMENT LOSS		(165,203	)

REALIZED AND UNREALIZED GAIN
Realized gain on:
Securities		59,349,616
Foreign currency transactions		2,208

Net realized gain		59,351,824

Change in unrealized appreciation on:
Securities		157,749,276
Foreign currency translations		7,076

Net change in unrealized appreciation		157,756,352

NET REALIZED AND UNREALIZED GAIN		217,108,176

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	216,942,973

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(165,203	)	$	4,810,224
Net realized gain on investments and foreign currency transactions		59,351,824			142,004,780
Net change in unrealized appreciation on investments and foreign currency translations		157,756,352			116,637,549

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		216,942,973			263,452,553

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		—			(133,233	)
Class IB		—			(3,485,779	)

		—			(3,619,012	)

Distributions from net realized capital gains
Class IA		(2,896,511	)		—
Class IB		(115,655,204	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(118,551,715	)		(3,619,012	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 1,124,309 and 866,418 shares, respectively ]		14,857,737			9,542,028
Capital shares issued in reinvestment of dividends and distributions [ 224,570 and 10,378 shares, respectively ]		2,896,511			133,233
Capital shares repurchased [ (2,792,962) and (757,472) shares, respectively ]		(38,753,899	)		(8,179,501	)

Total Class IA transactions		(20,999,651	)		1,495,760

Class IB
Capital shares sold [ 19,963,600 and 25,077,453 shares, respectively ]		262,741,578			270,759,189
Capital shares issued in reinvestment of dividends and distributions [ 9,003,841 and 271,794 shares, respectively ]		115,655,204			3,485,779
Capital shares repurchased [ (10,146,371) and (7,107,263) shares, respectively ]		(133,352,916	)		(76,896,594	)

Total Class IB transactions		245,043,866			197,348,374

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		224,044,215			198,844,134

TOTAL INCREASE IN NET ASSETS		322,435,473			458,677,675
NET ASSETS:
Beginning of year		1,124,414,720			665,737,045

End of year (a)	$	1,446,850,193		$	1,124,414,720


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(203,827	)	$	1,212,022

See Notes to Financial Statements.

320

EQ ADVISORS TRUST

EQ/JANUS LARGE CAP GROWTH PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $273,785,356) (Securities on loan at market value $ 12,402,028)	$	325,583,698
Receivable from Separate Accounts for Trust shares sold		257,693
Dividends, interest and other receivables		160,104
Other assets		180

Total assets		326,001,675

LIABILITIES
Collateral held for loaned securities		12,656,358
Payable to Separate Accounts for Trust shares redeemed		566,269
Investment management fees payable		211,583
Distribution fees payable - Class IB		64,854
Administrative fees payable		13,082
Trustees’ fees payable		3,530
Accrued expenses		43,010

Total liabilities		13,558,686

NET ASSETS	$	312,442,989

Net assets were comprised of:
Paid in capital	$	319,489,812
Accumulated undistributed net investment income		2,499
Accumulated net realized loss		(58,847,664	)
Unrealized appreciation on investments		51,798,342

Net assets	$	312,442,989

Class IA
Net asset value, offering and redemption price per share, $205,744 / 32,180 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.39

Class IB
Net asset value, offering and redemption price per share, $312,237,245 / 49,050,296 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.37

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Dividends (net of $28,053 foreign withholding tax)	$	3,704,484
Interest		179,697
Securities lending (net)		41,321

Total income		3,925,502

EXPENSES
Investment management fees		2,500,559
Distribution fees - Class IB		694,164
Administrative fees		106,279
Professional fees		42,240
Printing and mailing expenses		33,821
Custodian fees		28,355
Trustees’ fees		4,523
Miscellaneous		7,953

Gross expenses		3,417,894
Less: Waiver of investment management fees		(222,772	)

Net expenses		3,195,122

NET INVESTMENT INCOME		730,380

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		9,881,488
Net change in unrealized appreciation on securities		22,617,554

NET REALIZED AND UNREALIZED GAIN		32,499,042

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	33,229,422

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	730,380		$	(466,033	)
Net realized gain (loss) on investments		9,881,488			(15,678,136	)
Net change in unrealized appreciation on investments		22,617,554			65,310,799

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		33,229,422			49,166,630

DIVIDENDS:
Dividends from net investment income
Class IA		(991	)		—
Class IB		(725,167	)		—

TOTAL DIVIDENDS		(726,158	)		—

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 7,206 and 15,363 shares, respectively ]		42,237			73,153
Capital shares issued in reinvestment of dividends [ 157 and 0 shares, respectively ]		991			—
Capital shares repurchased [ (1,814) and (4,555) shares, respectively ]		(10,598	)		(21,692	)

Total Class IA transactions		32,630			51,461

Class IB
Capital shares sold [ 11,270,326 and 16,496,398 shares, respectively ]		65,909,642			81,747,676
Capital shares issued in reinvestment of dividends [ 115,761 and 0 shares, respectively ]		725,167			—
Capital shares repurchased [ (8,090,289) and (6,480,625) shares, respectively ]		(47,209,849	)		(32,121,953	)

Total Class IB transactions		19,424,960			49,625,723

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		19,457,590			49,677,184

TOTAL INCREASE IN NET ASSETS		51,960,854			98,843,814
NET ASSETS:
Beginning of year		260,482,135			161,638,321

End of year (a)	$	312,442,989		$	260,482,135


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	2,499		$	(1,723	)

See Notes to Financial Statements.

321

EQ ADVISORS TRUST

EQ/J.P. MORGAN CORE BOND PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $1,717,147,669) (Securities on loan at market value $242,018,461)	$	1,728,119,138
Cash		1,808,439
Receivable for forward commitments		249,106,531
Dividends, interest and other receivables		8,202,752
Receivable from Separate Accounts for Trust shares sold		1,000,106
Unrealized appreciation of forward foreign currency contracts		12,803
Other assets		23,959

Total assets		1,988,273,728

LIABILITIES
Overdraft payable of foreign cash (Cost $42,422)		42,422
Payable for forward commitments		689,509,168
Collateral held for loaned securities		79,468,801
Payable for securities purchased		4,050,000
Investment management fees payable		447,469
Payable to Separate Accounts for Trust shares redeemed		308,999
Distribution fees payable - Class IB		252,716
Variation margin payable on futures contracts		212,640
Administrative fees payable		51,520
Trustees’ fees payable		16,106
Accrued expenses		122,972

Total liabilities		774,482,813

NET ASSETS	$	1,213,790,915

Net assets were comprised of:
Paid in capital	$	1,206,513,039
Accumulated overdistributed net investment income		(347,750	)
Accumulated net realized loss		(3,117,085	)
Unrealized appreciation on investments		10,742,711

Net assets	$	1,213,790,915

Class IA
Net asset value, offering and redemption price per share, $5,714,545 / 512,984 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.14

Class IB
Net asset value, offering and redemption price per share, $1,208,076,370 / 108,358,931 shares outstand-ing (unlimited amount authorized: $0.01 par value)	$	11.15

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Interest (net of $4,510 foreign withholding tax)	$	38,708,331
Securities lending (net)		261,932

Total income		38,970,263

EXPENSES
Investment management fees		5,020,255
Distribution fees - Class IB		2,833,554
Administrative fees		350,107
Printing and mailing expenses		136,867
Custodian fees		85,067
Professional fees		50,763
Trustees’ fees		18,677
Miscellaneous		20,686

Total expenses		8,515,976

NET INVESTMENT INCOME		30,454,287

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		18,147,603
Futures		(152,739	)
Foreign currency transactions		(252,623	)

Net realized gain		17,742,241

Change in unrealized appreciation (depreciation) on:
Securities		(2,884,484	)
Futures		(152,718	)
Foreign currency translations		17,244

Net change in unrealized depreciation		(3,019,958	)

NET REALIZED AND UNREALIZED GAIN		14,722,283

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	45,176,570

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	30,454,287		$	27,050,582
Net realized gain on investments and foreign currency transactions		17,742,241			12,074,528
Net change in unrealized depreciation on investments and foreign currency translations		(3,019,958	)		(8,897,740	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		45,176,570			30,227,370

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(158,873	)		(57,909	)
Class IB		(30,232,019	)		(29,592,757	)

		(30,390,892	)		(29,650,666	)

Distributions from net realized capital gains
Class IA		(92,968	)		(10,851	)
Class IB		(20,281,407	)		(6,644,195	)

		(20,374,375	)		(6,655,046	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(50,765,267	)		(36,305,712	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 335,274 and 182,833 shares, respectively ]		3,814,618			2,083,775
Capital shares issued in reinvestment of dividends and distributions [ 22,656 and 6,136 shares, respectively ]		251,841			68,760
Capital shares repurchased [ (34,753) and (10,877) shares, respectively ]		(388,975	)		(124,095	)

Total Class IA transactions		3,677,484			2,028,440

Class IB
Capital shares sold [ 21,429,990 and 40,115,227 shares, respectively ]		243,478,348			456,539,615
Capital shares issued in reinvestment of dividends and distributions [ 4,540,988 and 3,227,921 shares, respectively ]		50,513,426			36,236,952
Capital shares repurchased [ (14,343,028) and (15,261,897) shares, respectively ]		(162,370,272	)		(173,237,744	)

Total Class IB transactions		131,621,502			319,538,823

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		135,298,986			321,567,263

TOTAL INCREASE IN NET ASSETS		129,710,289			315,488,921
NET ASSETS:
Beginning of year		1,084,080,626			768,591,705

End of year (a)	$	1,213,790,915		$	1,084,080,626


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(347,750	)	$	94,518

See Notes to Financial Statements.

322

EQ ADVISORS TRUST

EQ/JP MORGAN VALUE OPPORTUNITIES PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $584,683,826)	$	635,604,044
Cash		2,909
Receivable from Separate Accounts for Trust shares sold		5,522,317
Dividends, interest and other receivables		1,901,090
Receivable for securities sold		906,243

Total assets		643,936,603

LIABILITIES
Investment management fees payable		320,041
Payable to Separate Accounts for Trust shares redeemed		168,630
Distribution fees payable - Class IB		133,324
Recoupment fees payable		55,353
Administrative fees payable		29,615
Trustees’ fees payable		25,241
Accrued expenses		83,154

Total liabilities		815,358

NET ASSETS	$	643,121,245

Net assets were comprised of:
Paid in capital	$	629,594,201
Accumulated undistributed net investment income		1,094,224
Accumulated net realized loss		(38,487,398	)
Unrealized appreciation on investments		50,920,218

Net assets	$	643,121,245

Class IA
Net asset value, offering and redemption price per share, $128,644 / 10,460 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.30

Class IB
Net asset value, offering and redemption price per share, $642,992,601 / 52,174,467 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.32

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Dividends (net of $2,600 foreign withholding tax)	$	13,548,350
Interest		87,564
Securities lending (net)		15,953

Total income		13,651,867

EXPENSES
Investment management fees		3,673,106
Distribution fees - Class IB		1,530,177
Administrative fees		203,189
Recoupment fees		189,414
Custodian fees		78,887
Printing and mailing expenses		72,683
Professional fees		45,020
Trustees’ fees		10,422
Miscellaneous		13,194

Gross expenses		5,816,092
Less: Fees paid indirectly		(1,106,274	)

Net expenses		4,709,818

NET INVESTMENT INCOME		8,942,049

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		65,718,214
Options written		17,035

Net realized gain		65,735,249

Net change in unrealized depreciation on securities		(11,247,362	)

NET REALIZED AND UNREALIZED GAIN		54,487,887

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	63,429,936

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	8,942,049		$	7,544,975
Net realized gain (loss) on investments and foreign currency transactions		65,735,249			(36,707,947	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(11,247,362	)		159,055,502

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		63,429,936			129,892,530

DIVIDENDS:
Dividends from net investment income
Class IA		(1,881	)		(1,501	)
Class IB		(7,911,806	)		(7,401,117	)

TOTAL DIVIDENDS		(7,913,687	)		(7,402,618	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 796 and 3,672 shares, respectively ]		9,262			31,096
Capital shares issued in reinvestment of dividends [ 156 and 137 shares, respectively ]		1,881			1,501
Capital shares repurchased [ (107) and (77) shares, respectively ]		(1,238	)		(775	)

Total Class IA transactions		9,905			31,822

Class IB
Capital shares sold [ 5,325,646 and 10,193,401 shares, respectively ]		62,023,474			98,456,730
Capital shares issued in reinvestment of dividends [ 652,835 and 673,013 shares, respectively ]		7,911,806			7,401,117
Capital shares repurchased [ (8,330,045) and (8,722,354) shares, respectively ]		(96,223,845	)		(85,347,981	)

Total Class IB transactions		(26,288,565	)		20,509,866

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(26,278,660	)		20,541,688

TOTAL INCREASE IN NET ASSETS		29,237,589			143,031,600
NET ASSETS:
Beginning of year		613,883,656			470,852,056

End of year (a)	$	643,121,245		$	613,883,656


(a) Includes accumulated undistributed net investment income of	$	1,094,224		$	124,159

See Notes to Financial Statements.

323

EQ ADVISORS TRUST

EQ/LAZARD SMALL CAP VALUE PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $1,238,922,473) (Securities on loan at market value $89,085,650)	$	1,412,002,674
Receivable for securities sold		5,320,794
Receivable from Separate Accounts for Trust shares sold		1,369,233
Dividends, interest and other receivables		1,013,075
Other assets		1,471

Total assets		1,419,707,247

LIABILITIES
Collateral held for loaned securities		90,794,274
Payable for securities purchased		1,970,723
Payable to Separate Accounts for Trust shares redeemed		1,547,100
Investment management fees payable		801,814
Distribution fees payable - Class IB		213,882
Administrative fees payable		33,389
Trustees’ fees payable		10,461
Accrued expenses		97,066

Total liabilities		95,468,709

NET ASSETS	$	1,324,238,538

Net assets were comprised of:
Paid in capital	$	1,122,895,999
Accumulated undistributed net investment income		2,058,688
Accumulated undistributed net realized gain		26,203,650
Unrealized appreciation on investments		173,080,201

Net assets	$	1,324,238,538

Class IA
Net asset value, offering and redemption price per share, $281,509,248 / 20,084,982 shares outstanding (unlimited amount authorized: $0.01 par value)	$	14.02

Class IB
Net asset value, offering and redemption price per share, $1,042,729,290 / 74,348,070 shares outstanding (unlimited amount authorized: $0.01 par value)	$	14.02

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Dividends (net of $4,400 foreign withholding tax)	$	11,287,092
Interest		418,444
Securities lending (net)		495,401

Total income		12,200,937

EXPENSES
Investment management fees		7,776,521
Distribution fees - Class IB		2,061,901
Administrative fees		305,952
Printing and mailing expenses		131,048
Recoupment fees		70,811
Custodian fees		69,370
Professional fees		49,276
Trustees’ fees		16,559
Miscellaneous		13,318

Gross expenses		10,494,756
Less: Fees paid indirectly		(2,072,465	)

Net expenses		8,422,291

NET INVESTMENT INCOME		3,778,646

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		140,104,743
Net change in unrealized appreciation on securities		35,595,640

NET REALIZED AND UNREALIZED GAIN		175,700,383

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	179,479,029

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	3,778,646		$	2,932,675
Net realized gain on investments		140,104,743			25,253,256
Net change in unrealized appreciation on investments		35,595,640			154,950,474

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		179,479,029			183,136,405

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(903,347	)		(825,882	)
Class IB		(812,551	)		(2,061,759	)

		(1,715,898	)		(2,887,641	)

Distributions from net realized capital gains
Class IA		(26,347,738	)		(1,083,231	)
Class IB		(98,740,625	)		(4,189,535	)

		(125,088,363	)		(5,272,766	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(126,804,261	)		(8,160,407	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 4,851,515 and 13,258,825 shares, respectively ]		67,077,311			153,466,842
Capital shares issued in reinvestment of dividends and distributions [ 1,981,455 and 146,620 shares, respectively ]		27,251,085			1,909,113
Capital shares repurchased [ (119,088) and (40,215) shares, respectively ]		(1,653,925	)		(481,798	)

Total Class IA transactions		92,674,471			154,894,157

Class IB
Capital shares sold [ 21,367,990 and 24,994,422 shares, respectively ]		295,791,520			277,353,044
Capital shares issued in reinvestment of dividends and distributions [ 7,234,868 and 479,786 shares, respectively ]		99,553,176			6,251,294
Capital shares repurchased [ (6,103,424) and (4,119,642) shares, respectively ]		(83,719,014	)		(44,302,570	)

Total Class IB transactions		311,625,682			239,301,768

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		404,300,153			394,195,925

TOTAL INCREASE IN NET ASSETS		456,974,921			569,171,923
NET ASSETS:
Beginning of year		867,263,617			298,091,694

End of year (a)	$	1,324,238,538		$	867,263,617


(a) Includes accumulated undistributed net investment income of	$	2,058,688		$	659,587

See Notes to Financial Statements.

324

EQ ADVISORS TRUST

EQ/MARSICO FOCUS PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*
ASSETS
Investments at value (Cost $1,658,331,450)
(Securities on loan at market value $102,721,475)	$	1,974,914,333
Foreign cash (Cost $1,510)		1,603
Receivable for securities sold		9,782,664
Receivable from Separate Accounts for Trust shares sold		2,397,666
Dividends, interest and other receivables		1,572,800
Other assets		3,043

Total assets		1,988,672,109

LIABILITIES
Collateral held for loaned securities		104,584,654
Payable for securities purchased		44,899,527
Investment management fees payable		1,254,406
Payable to Separate Accounts for Trust shares redeemed		403,626
Distribution fees payable - Class IB		260,017
Administrative fees payable		47,465
Trustees’ fees payable		11,301
Accrued expenses		146,233

Total liabilities		151,607,229

NET ASSETS	$	1,837,064,880

Net assets were comprised of:
Paid in capital	$	1,499,021,186
Accumulated overdistributed net investment income		(8,298	)
Accumulated undistributed net realized gain		21,468,663
Unrealized appreciation on investments		316,583,329

Net assets	$	1,837,064,880

Class IA
Net asset value, offering and redemption price per share, $579,356,603 / 39,497,992 shares outstanding (unlimited amount authorized: $ 0.01 par value)	$	14.67

Class IB
Net asset value, offering and redemption price per share, $1,257,708,277 / 86,216,698 shares outstanding (unlimited amount authorized: $ 0.01 par value)	$	14.59

*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*
INVESTMENT INCOME
Dividends (net of $72,798 foreign withholding tax)	$	12,653,406
Interest		1,095,974
Securities lending (net).		34,125

Total income		13,783,505

EXPENSES
Investment management fees		12,878,542
Distribution fees - Class IB		2,610,102
Administrative fees		423,369
Printing and mailing expenses		181,782
Custodian fees		127,273
Professional fees		52,641
Trustees’ fees		23,152
Miscellaneous		19,723

Gross expenses		16,316,584
Less: Waiver of investment management fees		(599,124	)
Fees paid indirectly		(493,766	)

Net expenses		15,223,694

NET INVESTMENT LOSS		(1,440,189	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		27,431,708
Foreign currency transactions		(504,157	)

Net realized gain		26,927,551

Change in unrealized appreciation on:
Securities		149,090,031
Foreign currency translations		533,926

Net change in unrealized appreciation		149,623,957

NET REALIZED AND UNREALIZED GAIN		176,551,508

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	175,111,319

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(1,440,189	)	$	(1,496,165	)
Net realized gain on investments and foreign currency transactions		26,927,551			367,352
Net change in unrealized appreciation on investments and foreign currency translations		149,623,957			173,795,470

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		175,111,319			172,666,657

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 14,127,478 and 25,658,994 shares, respectively ]		187,038,150			308,655,345
Capital shares repurchased [ (186,132) and (110,002) shares, respectively ]		(2,469,344	)		(1,358,481	)

Total Class IA transactions		184,568,806			307,296,864

Class IB
Capital shares sold [ 25,528,114 and 51,277,357 shares, respectively ]		337,345,198			593,214,560
Capital shares repurchased [ (7,763,939) and (3,048,237) shares, respectively ]		(101,920,428	)		(34,891,238	)

Total Class IB transactions		235,424,770			558,323,322

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		419,993,576			865,620,186

TOTAL INCREASE IN NET ASSETS		595,104,895			1,038,286,843
NET ASSETS:
Beginning of year		1,241,959,985			203,673,142

End of year (a)	$	1,837,064,880		$	1,241,959,985


(a) Includes accumulated overdistributed net investment income of	$	(8,298	)	$	(5,856	)

See Notes to Financial Statements.

325

EQ ADVISORS TRUST

EQ/MERCURY BASIC VALUE EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004


ASSETS
Investments at value (Cost $1,974,863,764) (Securities on loan at market value $112,067,956)	$	2,236,400,662
Dividends, interest and other receivables.		2,884,707
Receivable for securities sold		2,775,858
Receivable from Separate Accounts for Trust shares sold		2,050,699
Other assets		1,948

Total assets		2,244,113,874

LIABILITIES
Collateral held for loaned securities		114,509,153
Payable for securities purchased		30,134,771
Payable to Separate Accounts for Trust shares redeemed		1,922,636
Investment management fees payable		992,198
Distribution fees payable - Class IB		303,082
Administrative fees payable		59,701
Trustees’ fees payable		17,307
Accrued expenses		143,055

Total liabilities		148,081,903

NET ASSETS	$	2,096,031,971

Net assets were comprised of:
Paid in capital	$	1,835,225,052
Accumulated undistributed net investment income		125,788
Accumulated net realized loss		(855,767	)
Unrealized appreciation on investments		261,536,898

Net assets	$	2,096,031,971

Class IA
Net asset value, offering and redemption price per share, $636,239,777 / 41,109,557 shares outstanding (unlimited amount authorized: $0.01 par value)	$	15.48

Class IB
Net asset value, offering and redemption price per share, $1,459,792,194 / 94,155,964 shares outstanding (unlimited amount authorized: $0.01 par value)	$	15.50


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*

INVESTMENT INCOME
Dividends (net of $141,711 foreign withholding tax)	$	28,736,320
Interest		1,024,745
Securities lending (net)		218,411

Total income		29,979,476

EXPENSES
Investment management fees		10,013,611
Distribution fees - Class IB		3,173,437
Administrative fees		495,302
Printing and mailing expenses		215,140
Professional fees		55,516
Custodian fees		33,777
Trustees’ fees		27,609
Miscellaneous		23,898

Gross expenses		14,038,290
Less: Fees paid indirectly		(322,407	)

Net expenses		13,715,883

NET INVESTMENT INCOME		16,263,593

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		109,655,837
Net change in unrealized appreciation on securities		63,838,560

NET REALIZED AND UNREALIZED GAIN		173,494,397

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	189,757,990

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	16,263,593		$	7,845,247
Net realized gain on investments		109,655,837			6,141,226
Net change in unrealized appreciation on investments		63,838,560			284,121,898

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		189,757,990			298,108,371

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(5,997,333	)		(2,430,210	)
Class IB		(10,482,292	)		(5,070,589	)

		(16,479,625	)		(7,500,799	)

Distributions from net realized capital gains
Class IA		(25,156,567	)		—
Class IB		(58,912,785	)		—

		(84,069,352	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(100,548,977	)		(7,500,799	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 15,013,491 and 24,075,977 shares, respectively ]		227,350,421			309,557,188
Capital shares issued in reinvestment of dividends and distributions [ 2,049,570 and 168,726 shares, respectively ]		31,153,900			2,430,210
Capital shares repurchased [ (124,396) and (80,077) shares, respectively ]		(1,883,973	)		(1,062,820	)

Total Class IA transactions		256,620,348			310,924,578

Class IB
Capital shares sold [ 20,213,042 and 24,434,325 shares, respectively ]		305,804,577			303,356,646
Capital shares issued in reinvestment of dividends and distributions [ 4,556,938 and 351,433 shares, respectively ]		69,395,077			5,070,589
Capital shares repurchased [ (7,821,924) and (7,883,597) shares, respectively ]		(118,447,948	)		(97,138,171	)

Total Class IB transactions		256,751,706			211,289,064

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		513,372,054			522,213,642

TOTAL INCREASE IN NET ASSETS		602,581,067			812,821,214
NET ASSETS:
Beginning of year		1,493,450,904			680,629,690

End of year (a)	$	2,096,031,971		$	1,493,450,904


(a) Includes accumulated undistributed net investment income of	$	125,788		$	341,820

See Notes to Financial Statements.

326

EQ ADVISORS TRUST

EQ/MERCURY INTERNATIONAL VALUE PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*

ASSETS
Investments at value (Cost $844,445,677) (Securities on loan at market value $92,323,788)	$	983,356,336
Cash		13,057,156
Foreign cash (Cost $239)		246
Receivable from Separate Accounts for Trust shares sold		1,874,438
Dividends, interest and other receivables		1,287,815
Other assets		225

Total assets		999,576,216

LIABILITIES
Collateral held for loaned securities		97,304,218
Payable to Separate Accounts for Trust shares redeemed		985,043
Investment management fees payable		622,287
Distribution fees payable - Class IB		181,245
Recoupment fees payable		106,456
Administrative fees payable		33,901
Trustees’ fees payable		25,278
Accrued expenses		189,571

Total liabilities		99,447,999

NET ASSETS	$	900,128,217

Net assets were comprised of:
Paid in capital	$	850,861,313
Accumulated overdistributed net investment income		(3,974,827	)
Accumulated net realized loss		(85,858,092	)
Unrealized appreciation on investments		139,099,823

Net assets	$	900,128,217

Class IA
Net asset value, offering and redemption price per share, $5,598,128 / 429,797 shares outstanding (unlimited amount authorized: $0.01 par value)	$	13.03

Class IB
Net asset value, offering and redemption price per share, $894,530,089 / 68,673,341 shares outstanding (unlimited amount authorized: $0.01 par value)	$	13.03


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*

INVESTMENT INCOME
Dividends (net of $2,240,078 foreign withholding tax)	$	16,950,456
Interest		28,355
Securities lending (net)		457,302

Total income		17,436,113

EXPENSES
Investment management fees		6,132,449
Distribution fees - Class IB		1,794,210
Custodian fees		581,112
Administrative fees		230,461
Recoupment fees		114,018
Printing and mailing expenses		88,009
Professional fees		47,238
Trustees’ fees		11,913
Miscellaneous		14,214

Gross expenses		9,013,624
Less: Fees paid indirectly		(582,525	)

Net expenses		8,431,099

NET INVESTMENT INCOME		9,005,014

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		53,439,250
Foreign currency transactions		(51,584	)

Net realized gain		53,387,666

Change in unrealized appreciation on:
Securities		90,682,714
Foreign currency translations		54,146

Net change in unrealized appreciation		90,736,860

NET REALIZED AND UNREALIZED GAIN		144,124,526

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	153,129,540

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	9,005,014		$	6,439,544
Net realized gain on investments and foreign currency transactions		53,387,666			28,983,098
Net change in unrealized appreciation on investments and foreign currency translations		90,736,860			114,219,786

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		153,129,540			149,642,428

DIVIDENDS:
Dividends from net investment income
Class IA		(87,269	)		(43,551	)
Class IB		(12,191,992	)		(13,412,533	)

TOTAL DIVIDENDS		(12,279,261	)		(13,456,084	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 234,847 and 188,076 shares, respectively ]		2,702,569			1,785,025
Capital shares issued in reinvestment of dividends [ 6,965 and 4,098 shares, respectively ]		87,269			43,551
Capital shares repurchased [ (11,098) and (5,544) shares, respectively ]		(126,908	)		(53,594	)

Total Class IA transactions		2,662,930			1,774,982

Class IB
Capital shares sold [ 16,143,259 and 34,466,584 shares, respectively ].		187,311,762			311,338,570
Capital shares issued in reinvestment of dividends [ 973,281 and 1,263,038 shares, respectively ]		12,191,992			13,412,533
Capital shares repurchased [ (10,596,745) and (26,079,709) shares, respectively ]		(120,298,003	)		(240,146,220	)

Total Class IB transactions		79,205,751			84,604,883

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		81,868,681			86,379,865

TOTAL INCREASE IN NET ASSETS		222,718,960			222,566,209
NET ASSETS:
Beginning of year		677,409,257			454,843,048

End of year (a)	$	900,128,217		$	677,409,257


(a) Includes accumulated overdistributed net investment income of	$	(3,974,827	)	$	(648,997	)

See Notes to Financial Statements.

327

EQ ADVISORS TRUST

EQ/MFS EMERGING GROWTH COMPANIES PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*

ASSETS
Investments at value (Cost $932,102,875) (Securities on loan at market value $120,177,194)	$	1,086,576,811
Receivable for securities sold		2,323,030
Dividends, interest and other receivables		587,007
Receivable from Separate Accounts for Trust shares sold		231,659

Total assets		1,089,718,507

LIABILITIES
Collateral held for loaned securities		122,909,985
Payable for securities purchased		3,638,558
Payable to Separate Accounts for Trust shares redeemed		1,569,386
Investment management fees payable		539,532
Distribution fees payable - Class IB		200,517
Administrative fees payable		48,071
Trustees’ fees payable		36,627
Accrued expenses		108,470

Total liabilities		129,051,146

NET ASSETS	$	960,667,361

Net assets were comprised of:
Paid in capital	$	1,810,347,049
Accumulated overdistributed net investment income		(29,772	)
Accumulated net realized loss		(1,004,128,768	)
Unrealized appreciation on investments		154,478,852

Net assets	$	960,667,361

Class IA
Net asset value, offering and redemption price per share, $1,987,809 / 149,180 shares outstanding (unlimited amount authorized: $0.01 par value)	$	13.32

Class IB
Net asset value, offering and redemption price per share, $958,679,552 / 73,150,257 shares outstanding (unlimited amount authorized: $0.01 par value)	$	13.11


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*

INVESTMENT INCOME
Dividends (net of $81,403 foreign withholding tax)	$	5,299,043
Interest		250,601
Securities lending (net)		218,896

Total income		5,768,540

EXPENSES
Investment management fees		6,162,494
Distribution fees - Class IB		2,299,036
Administrative fees		280,791
Printing and mailing expenses.		111,327
Custodian fees		107,170
Professional fees		31,935
Trustees’ fees		16,109
Miscellaneous		19,222

Gross expenses		9,028,084
Less: Fees paid indirectly		(372,575	)

Net expenses		8,655,509

NET INVESTMENT LOSS		(2,886,969	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		97,368,422
Foreign currency transactions		(40,998	)

Net realized gain		97,327,424

Change in unrealized appreciation on:
Securities		18,344,008
Foreign currency translations		1,602

Net change in unrealized appreciation		18,345,610

NET REALIZED AND UNREALIZED GAIN		115,673,034

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	112,786,065

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(2,886,969	)	$	(2,863,212	)
Net realized gain on investments and foreign currency transactions		97,327,424			4,921,087
Net change in unrealized appreciation on investments and foreign currency translations		18,345,610			218,864,427

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		112,786,065			220,922,302

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 462,600 and 977,568 shares, respectively ]		5,624,463			9,962,740
Capital shares repurchased [ (2,685,495) and (1,089,096) shares, respectively ]		(35,163,683	)		(11,080,129	)

Total Class IA transactions		(29,539,220	)		(1,117,389	)

Class IB
Capital shares sold [ 5,753,493 and 10,391,638 shares, respectively ]		68,971,200			105,591,784
Capital shares repurchased [ (13,029,454) and (14,197,821) shares, respectively ]		(155,466,193	)		(142,125,129	)

Total Class IB transactions		(86,494,993	)		(36,533,345	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(116,034,213	)		(37,650,734	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(3,248,148	)		183,271,568
NET ASSETS:
Beginning of year		963,915,509			780,643,941

End of year (a)	$	960,667,361		$	963,915,509


(a) Includes accumulated overdistributed net investment income of	$	(29,772	)	$	(33,907	)

See Notes to Financial Statements.

328

EQ ADVISORS TRUST

EQ/MFS INVESTORS TRUST PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*

ASSETS
Investments at value (Cost $309,688,423) (Securities on loan at market value $16,144,587)	$	357,973,900
Cash		3,153
Dividends, interest and other receivables		360,159
Receivable from Separate Accounts for Trust shares sold		119,409
Other assets		101

Total assets		358,456,722

LIABILITIES
Collateral held for loaned securities		16,454,767
Investment management fees payable		171,754
Payable for securities purchased		128,080
Payable to Separate Accounts for Trust shares redeemed		73,969
Distribution fees payable - Class IB		71,540
Recoupment fees payable		17,043
Administrative fees payable		14,730
Trustees’ fees payable		5,021
Accrued expenses		58,051

Total liabilities		16,994,955

NET ASSETS	$	341,461,767

Net assets were comprised of:
Paid in capital	$	349,879,092
Accumulated undistributed net investment income		18,831
Accumulated net realized loss		(56,726,687	)
Unrealized appreciation on investments		48,290,531

Net assets	$	341,461,767

Class IA
Net asset value, offering and redemption price per share, $115,591 / 12,216 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.46

Class IB
Net asset value, offering and redemption price per share, $341,346,176 / 36,043,616 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.47


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*

INVESTMENT INCOME
Dividends (net of $25,545 foreign withholding tax)	$	4,697,964
Interest		99,648
Securities lending (net)		16,251

Total income		4,813,863

EXPENSES
Investment management fees		1,920,258
Distribution fees - Class IB		799,853
Administrative fees		117,997
Custodian fees		60,882
Recoupment fees		47,012
Professional fees		42,568
Printing and mailing expenses		38,277
Trustees’ fees		5,236
Miscellaneous		8,415

Gross expenses		3,040,498
Less: Fees paid indirectly		(117,397	)

Net expenses		2,923,101

NET INVESTMENT INCOME		1,890,762

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		15,401,269
Foreign currency transactions		(21,327	)

Net realized gain		15,379,942

Change in unrealized appreciation on:
Securities		17,794,259
Foreign currency translations		6,355

Net change in unrealized appreciation		17,800,614

NET REALIZED AND UNREALIZED GAIN		33,180,556

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	35,071,318

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,890,762		$	1,688,019
Net realized gain (loss) on investments and foreign currency transactions		15,379,942			(365,905	)
Net change in unrealized appreciation on investments and foreign currency translations		17,800,614			50,040,085

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		35,071,318			51,362,199

DIVIDENDS:
Dividends from net investment income
Class IA		(914	)		(768	)
Class IB		(1,858,247	)		(1,679,906	)

TOTAL DIVIDENDS		(1,859,161	)		(1,680,674	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 769 and 190 shares, respectively ]		6,633			1,541
Capital shares issued in reinvestment of dividends [ 98 and 92 shares, respectively ]		914			768
Capital shares repurchased [ (106) and (24) shares, respectively ]		(918	)		(198	)

Total Class IA transactions		6,629			2,111

Class IB
Capital shares sold [ 5,294,568 and 11,336,873 shares, respectively ]		45,886,225			86,365,043
Capital shares issued in reinvestment of dividends [ 198,909 and 200,211 shares, respectively ]		1,858,247			1,679,906
Capital shares repurchased [ (5,946,972) and (3,597,946) shares, respectively ]		(51,589,896	)		(26,859,954	)

Total Class IB transactions		(3,845,424	)		61,184,995

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(3,838,795	)		61,187,106

TOTAL INCREASE IN NET ASSETS		29,373,362			110,868,631
NET ASSETS:
Beginning of year		312,088,405			201,219,774

End of year (a)	$	341,461,767		$	312,088,405


(a) Includes accumulated undistributed net investment income of	$	18,831		$	8,557

See Notes to Financial Statements.

329

EQ ADVISORS TRUST

EQ/MONEY MARKET PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004


ASSETS
Investments at value (Amortized Cost $1,373,954,440)	$	1,373,954,440
Receivable from Separate Accounts for Trust shares sold		4,181,895
Dividends, interest and other receivables		1,264,367

Total assets		1,379,400,702

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		5,134,457
Investment management fees payable		399,994
Distribution fees payable - Class IB		165,703
Administrative fees payable		79,846
Trustees’ fees payable		67,817
Accrued expenses		209,820

Total liabilities		6,057,637

NET ASSETS	$	1,373,343,065

Net assets were comprised of:
Paid in capital	$	1,373,424,242
Accumulated undistributed net investment income		16,798
Accumulated net realized loss		(97,975	)

Net assets	$	1,373,343,065

Class IA
Net asset value, offering and redemption price per share, $598,718,123 / 57,807,580 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.36

Class IB
Net asset value, offering and redemption price per share, $774,624,942 / 75,187,906 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.30


*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2004*

INVESTMENT INCOME
Interest	$	21,659,646

EXPENSES
Investment management fees		5,218,907
Distribution fees - Class IB		2,221,494
Administrative fees		477,388
Printing and mailing expenses		180,798
Professional fees		63,090
Trustees’ fees		28,890
Custodian fees		13,181
Miscellaneous		30,470

Total expenses		8,234,218

NET INVESTMENT INCOME		13,425,428

REALIZED GAIN
Net realized gain on securities		184

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	13,425,612

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	13,425,428		$	12,819,041
Net realized gain on investments		184			8,075

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		13,425,612			12,827,116

DIVIDENDS:
Dividends from net investment income
Class IA		(6,697,706	)		(6,518,879	)
Class IB		(6,679,800	)		(6,328,855	)

TOTAL DIVIDENDS		(13,377,506	)		(12,847,734	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 41,751,227 and 47,005,910 shares, respectively ]		434,310,836			489,468,312
Capital shares issued in reinvestment of dividends [ 647,136 and 629,008 shares, respectively ]		6,697,706			6,518,879
Capital shares repurchased [ (52,683,487) and (59,988,790) shares, respectively ]		(548,158,778	)		(624,819,639	)

Total Class IA transactions		(107,150,236	)		(128,832,448	)

Class IB
Capital shares sold [ 75,888,752 and 133,602,124 shares, respectively ]		784,272,474			1,382,453,650
Capital shares issued in reinvestment of dividends [ 648,763 and 613,863 shares, respectively ]		6,679,800			6,328,855
Capital shares repurchased [ (92,724,119) and (160,004,125) shares, respectively ]		(958,599,192	)		(1,655,970,678	)

Total Class IB transactions		(167,646,918	)		(267,188,173	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(274,797,154	)		(396,020,621	)

TOTAL DECREASE IN NET ASSETS		(274,749,048	)		(396,041,239	)
NET ASSETS:
Beginning of year		1,648,092,113			2,044,133,352

End of year (a)	$	1,373,343,065		$	1,648,092,113


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	16,798		$	(31,124	)

See Notes to Financial Statements.

330

EQ ADVISORS TRUST

EQ/MONY DIVERSIFIED PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*

ASSETS
Investments at value (Cost $1,485,635)	$	1,793,002
Receivable from investment manager		21,386
Dividends, interest and other receivables		2,693
Other assets		16

Total assets		1,817,097

LIABILITIES
Administrative fees payable		2,596
Payable to Separate Accounts for Trust shares redeemed		1,084
Trustees’ fees payable		10
Accrued expenses		35,707

Total liabilities		39,397

NET ASSETS	$	1,777,700

Net assets were comprised of:
Paid in capital	$	1,447,639
Accumulated undistributed net investment income		72
Accumulated undistributed net realized gain		22,622
Unrealized appreciation on investments		307,367

Net assets	$	1,777,700

Class IA
Net asset value, offering and redemption price per share, $1,777,700 / 148,821 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.95


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*

INVESTMENT INCOME
Dividends (net of $3 foreign withholding tax)	$	18,255
Interest		272

Total income		18,527

EXPENSES
Professional fees		38,310
Administrative fees		27,662
Custodian fees		14,057
Investment management fees		8,079
Printing and mailing expenses		210
Trustees’ fees		203
Transfer agent fees		52
Miscellaneous		1,837

Gross expenses		90,410
Less: Waiver of investment management fees		(8,079	)
Reimbursement from investment manager		(63,783	)
Fees paid indirectly		(93	)

Net expenses		18,455

NET INVESTMENT INCOME		72

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		151,973
Net change in unrealized appreciation on securities		118,419

NET REALIZED AND UNREALIZED GAIN		270,392

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	270,464

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	72		$	3,645
Net realized gain (loss) on investments		151,973			(22,072	)
Net change in unrealized appreciation on investments		118,419			396,627

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		270,464			378,200

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income		(3,645	)		(15,441	)
Distributions from net realized capital gains		(32,195	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(35,840	)		(15,441	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 3,519 and 5,561 shares, respectively ]		37,864			48,085
Capital shares issued in reinvestment of dividends and distributions [ 3,088 and 1,651 shares, respectively ]		35,840			15,441
Capital shares repurchased [ (11,048) and (29,233) shares, respectively ]		(119,284	)		(252,773	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(45,580	)		(189,247	)

TOTAL INCREASE IN NET ASSETS		189,044			173,512
NET ASSETS:
Beginning of year		1,588,656			1,415,144

End of year (a)	$	1,777,700		$	1,588,656


(a) Includes accumulated undistributed net investment income of	$	72		$	3,645

See Notes to Financial Statements.

331

EQ ADVISORS TRUST

EQ/MONY EQUITY GROWTH PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*

ASSETS
Investments at value (Cost $1,308,270)	$	1,576,331
Receivable from investment manager		22,300
Dividends, interest and other receivables		2,372
Other assets		16

Total assets		1,601,019

LIABILITIES
Administrative fees payable		2,591
Payable to Separate Accounts for Trust shares redeemed		1,046
Trustees’ fees payable		8
Accrued expenses		37,202

Total liabilities		40,847

NET ASSETS	$	1,560,172

Net assets were comprised of:
Paid in capital	$	1,345,156
Accumulated net realized loss		(53,045	)
Unrealized appreciation on investments		268,061

Net assets	$	1,560,172

Class IA
Net asset value, offering and redemption price per share, $1,560,172 / 81,805 shares outstanding (unlimited amount authorized: $0.01 par value)	$	19.07


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*

INVESTMENT INCOME
Dividends	$	15,682
Interest		311

Total income		15,993

EXPENSES
Professional fees		39,276
Administrative fees		27,638
Custodian fees		13,896
Investment management fees		7,080
Printing and mailing expenses		818
Trustees’ fees		177
Transfer agent fees		47
Miscellaneous		1,673

Gross expenses		90,605
Less: Waiver of investment management fees		(7,080	)
Reimbursement from investment manager		(67,273	)
Fees paid indirectly		(78	)

Net expenses		16,174

NET INVESTMENT LOSS		(181	)

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		130,399
Net change in unrealized appreciation on securities		109,766

NET REALIZED AND UNREALIZED GAIN		240,165

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	239,984

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(181	)	$	6,519
Net realized gain (loss) on investments		130,399			(73,962	)
Net change in unrealized appreciation on investments		109,766			419,349

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		239,984			351,906

DIVIDENDS:
Class IA
Dividends from net investment income		(6,519	)		(4,341	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 6,001 and 2,733 shares, respectively ]		101,274			37,699
Capital shares issued in reinvestment of dividends [ 391 and 298 shares, respectively ]		6,519			4,341
Capital shares repurchased [ (11,155) and (10,991) shares, respectively ]		(187,035	)		(154,149	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(79,242	)		(112,109	)

TOTAL INCREASE IN NET ASSETS		154,223			235,456
NET ASSETS:
Beginning of year		1,405,949			1,170,493

End of year (a)	$	1,560,172		$	1,405,949


(a) Includes accumulated undistributed net investment income of	$	—		$	6,519

See Notes to Financial Statements.

332

EQ ADVISORS TRUST

EQ/MONY EQUITY INCOME PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*

ASSETS
Investments at value (Cost $10,397,614)	$	12,595,112
Cash		8
Dividends, interest and other receivables		39,375
Receivable from investment manager		13,777
Other assets		128

Total assets		12,648,400

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		14,126
Administrative fees payable		2,886
Trustees’ fees payable		66
Accrued expenses		37,774

Total liabilities		54,852

NET ASSETS	$	12,593,548

Net assets were comprised of:
Paid in capital	$	10,127,959
Accumulated overdistributed net investment income		(13	)
Accumulated undistributed net realized gain		268,104
Unrealized appreciation on investments		2,197,498

Net assets	$	12,593,548

Class IA
Net asset value, offering and redemption price per share, $12,593,548 / 766,189 shares outstanding (unlimited amount authorized: $0.01 par value)	$	16.44


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*

INVESTMENT INCOME
Dividends (net of $4,642 foreign withholding tax)	$	323,094
Interest		481

Total income		323,575

EXPENSES
Investment management fees		59,376
Professional fees		39,264
Administrative fees		28,968
Custodian fees		14,277
Printing and mailing expenses		7,002
Trustees’ fees		1,490
Transfer agent fees		395
Miscellaneous		10,465

Gross expenses		161,237
Less: Waiver of investment management fees		(42,188	)
Fees paid indirectly		(323	)

Net expenses		118,726

NET INVESTMENT INCOME		204,849

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		1,445,946
Foreign currency transactions		32

Net realized gain		1,445,978

Change in unrealized appreciation (depreciation) on:
Securities		524,755
Foreign currency translations		(6	)

Net change in unrealized appreciation		524,749

NET REALIZED AND UNREALIZED GAIN		1,970,727

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,175,576

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	204,849		$	211,298
Net realized gain on investments and foreign currency transactions		1,445,978			121,321
Net change in unrealized appreciation on investments and foreign currency translations		524,749			2,198,954

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		2,175,576			2,531,573

DIVIDENDS AND DISTRIBUTIONS:
Class IA
Dividends from net investment income		(414,481	)		(184,636	)
Distributions from net realized capital gains		(1,103,158	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(1,517,639	)		(184,636	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 11,379 and 16,745 shares, respectively ]		187,478			226,354
Capital shares issued in reinvestment of dividends and distributions [ 93,671 and 13,707 shares, respectively ]		1,517,639			184,636
Capital shares repurchased [ (64,664) and (94,861) shares, respectively ]		(1,076,025	)		(1,271,557	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		629,092			(860,567	)

TOTAL INCREASE IN NET ASSETS		1,287,029			1,486,370
NET ASSETS:
Beginning of year		11,306,519			9,820,149

End of year (a)	$	12,593,548		$	11,306,519


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(13	)	$	209,353

See Notes to Financial Statements.

333

EQ ADVISORS TRUST

EQ/MONY GOVERNMENT SECURITIES PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*

ASSETS
Investments at value (Cost $122,648,854)	$	123,507,075
Dividends, interest and other receivables		915,236
Receivable for securities sold		9,535
Other assets		1,481

Total assets		124,433,327

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		85,174
Investment management fees payable		67,257
Administrative fees payable		5,983
Trustees’ fees payable		880
Accrued expenses		68,147

Total liabilities		227,441

NET ASSETS	$	124,205,886

Net assets were comprised of:
Paid in capital	$	123,184,596
Accumulated overdistributed net investment income		(138	)
Accumulated net realized undistributed gain		163,207
Unrealized appreciation on investments		858,221

Net assets	$	124,205,886

Class IA
Net asset value, offering and redemption price per share, $124,205,886 / 11,129,807 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.16


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*

INVESTMENT INCOME
Interest	$	4,407,309
Securities lending (net)		30,931

Total income		4,438,240

EXPENSES
Investment management fees		645,803
Administrative fees		78,394
Insurance fees		74,455
Professional fees		57,460
Custodian fees		36,003
Trustees’ fees		16,467
Printing and mailing expenses		16,279
Transfer agent fees		4,186
Miscellaneous		40,274

Total expenses		969,321

NET INVESTMENT INCOME		3,468,919

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		209,378
Net change in unrealized depreciation on securities		(1,732,342	)

NET REALIZED AND UNREALIZED LOSS		(1,522,964	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,945,955

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	3,468,919		$	3,707,851
Net realized gain on investments		209,378			741,052
Net change in unrealized depreciation on investments		(1,732,342	)		(2,143,631	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		1,945,955			2,305,272

DIVIDENDS AND DISTRIBUTIONS:
Class IA
Dividends from net investment income		(7,193,620	)		(3,692,028	)
Distributions from net realized capital gains		(546,833	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(7,740,453	)		(3,692,028	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 1,773,737 and 3,015,285 shares, respectively ]		20,726,352			35,726,121
Capital shares issued in reinvestment of dividends and distributions [ 684,322 and 316,098 shares, respectively ]		7,740,453			3,692,027
Capital shares repurchased [ (2,697,307) and (3,779,225) shares, respectively ]		(31,438,747	)		(44,749,389	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(2,971,942	)		(5,331,241	)

TOTAL DECREASE IN NET ASSETS		(8,766,440	)		(6,717,997	)
NET ASSETS:
Beginning of year		132,972,326			139,690,323

End of year (a)	$	124,205,886		$	132,972,326


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(138	)	$	3,710,958

See Notes to Financial Statements.

334

EQ ADVISORS TRUST

EQ/MONY INTERMEDIATE TERM BOND PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES*
*December 31, 2004*

ASSETS
Investments at value (Cost $59,522,773)	$	61,505,609
Dividends, interest and other receivables		758,607
Other assets		652

Total assets		62,264,868

LIABILITIES
Investment management fees payable		30,563
Payable to Separate Accounts for Trust shares redeemed		30,189
Administrative fees payable		4,276
Trustees’ fees payable		512
Accrued expenses		491,097

Total liabilities		556,637

NET ASSETS	$	61,708,231

Net assets were comprised of:
Paid in capital	$	59,676,277
Accumulated overdistributed net investment income		(69	)
Accumulated undistributed net realized gain		49,187
Unrealized appreciation on investments		1,982,836

Net assets	$	61,708,231

Class IA
Net asset value, offering and redemption price per share, $61,708,231 / 5,774,893 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.69


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*

INVESTMENT INCOME
Interest	$	3,133,519
Securities lending (net)		990

Total income		3,134,509

EXPENSES
Investment management fees		336,545
Administrative fees		48,054
Professional fees		38,684
Insurance fees		38,020
Custodian fees		24,017
Trustees’ fees		8,681
Printing and mailing expenses		8,327
Transfer agent fees		2,179
Miscellaneous		20,863

Gross expenses		525,370
Less: Waiver of investment management fees		(20,773	)

Net expenses		504,597

NET INVESTMENT INCOME		2,629,912

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		490,812
Net change in unrealized depreciation on securities		(1,652,248	)

NET REALIZED AND UNREALIZED LOSS		(1,161,436	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,468,476

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,629,912		$	3,520,127
Net realized gain on investments		490,812			713,509
Net change in unrealized depreciation on investments		(1,652,248	)		(1,934,421	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		1,468,476			2,299,215

DIVIDENDS AND DISTRIBUTIONS:
Class IA
Dividends from net investment income		(6,173,483	)		(3,870,899	)
Distributions from net realized capital gains		(95,150	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(6,268,633	)		(3,870,899	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 364,618 and 526,585 shares, respectively ]		4,214,876			6,265,621
Capital shares issued in reinvestment of dividends and distributions [ 574,703 and 334,274 shares, respectively ]		6,268,633			3,870,899
Capital shares repurchased [ (1,545,702) and (2,295,375) shares, respectively ]		(17,746,925	)		(27,292,416	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(7,263,416	)		(17,155,896	)

TOTAL DECREASE IN NET ASSETS		(12,063,573	)		(18,727,580	)
NET ASSETS:
Beginning of year		73,771,804			92,499,384

End of year (a)	$	61,708,231		$	73,771,804


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(69	)	$	3,538,203

See Notes to Financial Statements.

335

EQ ADVISORS TRUST

EQ/MONY LONG TERM BOND PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004


ASSETS
Investments at value (Cost $91,507,814)	$	99,347,043
Dividends, interest and other receivables		1,381,672
Other assets		929

Total assets		100,729,644

LIABILITIES
Overdraft payable		7,646
Investment management fees payable		59,597
Payable to Separate Accounts for Trust shares redeemed		45,037
Administrative fees payable		5,293
Trustees’ fees payable		703
Accrued expenses		50,661

Total liabilities		168,937

NET ASSETS	$	100,560,707

Net assets were comprised of:
Paid in capital	$	92,567,466
Accumulated overdistributed net investment income		(109	)
Accumulated undistributed net realized gain		154,121
Unrealized appreciation on investments		7,839,229

Net assets	$	100,560,707

Class IA
Net asset value, offering and redemption price per share, $100,560,707 / 7,428,618 shares outstanding (unlimited amount authorized: $0.01 par value)	$	13.54


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*

INVESTMENT INCOME
Interest	$	5,577,153
Dividends		34,000
Securities lending (net)		3,277

Total income		5,614,430

EXPENSES
Investment management fees		515,960
Administrative fees		65,516
Insurance fees		57,393
Professional fees		39,058
Custodian fees		36,236
Trustees’ fees		13,105
Printing and mailing expenses		13,029
Transfer agent fees		3,355
Miscellaneous		34,706

Gross expenses		778,358
Less: Waiver of investment management fees		(3,969	)

Net expenses		774,389

NET INVESTMENT INCOME		4,840,041

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		1,163,022
Net change in unrealized appreciation on securities		1,773,431

NET REALIZED AND UNREALIZED GAIN		2,936,453

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,776,494

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	4,840,041		$	5,503,477
Net realized gain on investments		1,163,022			1,907,857
Net change in unrealized appreciation (depreciation) on investments		1,773,431			(2,000,865	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		7,776,494			5,410,469

DIVIDENDS AND DISTRIBUTIONS:
Class IA
Dividends from net investment income		(10,349,349	)		(6,418,907	)
Distributions from net realized capital gains		(2,900,811	)		(44,410	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(13,250,160	)		(6,463,317	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 542,182 and 1,265,735 shares, respectively ]		7,833,045			18,722,822
Capital shares issued in reinvestment of dividends and distributions [ 969,120 and 454,204 shares, respectively ]		13,250,160			6,463,317
Capital shares repurchased [ (1,619,702) and (2,370,869) shares, respectively ]		(23,373,832	)		(34,740,864	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(2,290,627	)		(9,554,725	)

TOTAL DECREASE IN NET ASSETS		(7,764,293	)		(10,607,573	)
NET ASSETS:
Beginning of year		108,325,000			118,932,573

End of year (a)	$	100,560,707		$	108,325,000


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(109	)	$	5,493,253

See Notes to Financial Statements.

336

EQ ADVISORS TRUST

EQ/MONY MONEY MARKET PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004


ASSETS
Investments at value (Amortized Cost $178,447,724)	$	178,447,724
Cash		19
Dividends, interest and other receivables		319,937
Other assets		1,722

Total assets		178,769,402

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		309,330
Investment management fees payable		87,971
Administrative fees payable		8,219
Trustees’ fees payable		1,595
Accrued expenses		1,481,121

Total liabilities		1,888,236

NET ASSETS	$	176,881,166

Net assets were comprised of:
Paid in capital	$	176,881,606
Accumulated overdistributed net investment income		(208	)
Accumulated net realized loss		(232	)

Net assets	$	176,881,166

Class IA
Net asset value, offering and redemption price per share, $176,881,166 / 176,881,834 shares outstanding (unlimited amount authorized: $0.01 par value)	$	1.00


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*

INVESTMENT INCOME
Interest	$	2,955,303

EXPENSES
Investment management fees		826,232
Insurance fees		117,709
Administrative fees		85,157
Custodian fees		45,665
Professional fees		39,757
Trustees’ fees		27,046
Printing and mailing expenses		25,023
Transfer agent fees		6,781
Miscellaneous		72,626

Gross expenses		1,245,996
Less: Waiver of investment management fees		(211,112	)

Net expenses		1,034,884

NET INVESTMENT INCOME		1,920,419

REALIZED LOSS
Net realized loss on securities		(1,038	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,919,381

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,920,419		$	2,578,293
Net realized loss on investments		(1,038	)		(1,424,210	)
Net increase from payments by affiliate		—			1,424,210

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		1,919,381			2,578,293

DIVIDENDS:
Class IA
Dividends from net investment income		(1,920,049	)		(2,578,293	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 97,416,078 and 297,703,936 shares, respectively ]		97,416,078			297,703,936
Capital shares issued in reinvestment of dividends [ 1,920,049 and 2,578,293 shares, respectively ]		1,920,049			2,578,293
Capital shares repurchased [ (158,148,159) and (381,366,680) shares, respectively ]		(158,148,159	)		(381,366,680	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(58,812,032	)		(81,084,451	)

TOTAL DECREASE IN NET ASSETS		(58,812,700	)		(81,084,451	)
NET ASSETS:
Beginning of year		235,693,866			316,778,317

End of year (a)	$	176,881,166		$	235,693,866


(a) Includes accumulated overdistributed net investment income of	$	(208	)	$	—

See Notes to Financial Statements.

337

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004


ASSETS
Investments at value (Cost $515,358,003) (Securities on loan at market value $110,590,554)	$	611,365,232
Cash		341,408
Dividends, interest and other receivables		582,351
Receivable from Separate Accounts for Trust shares sold		438,688
Variation margin receivable on futures contracts		5,700
Other assets		637

Total assets		612,734,016

LIABILITIES
Collateral held for loaned securities		113,461,960
Payable to Separate Accounts for Trust shares redeemed		228,550
Investment management fees payable		103,251
Distribution fees payable - Class IB		99,428
Administrative fees payable		14,927
Trustees’ fees payable		4,749
Accrued expenses		92,003

Total liabilities		114,004,868

NET ASSETS	$	498,729,148

Net assets were comprised of:
Paid in capital	$	401,054,508
Accumulated undistributed net investment income		62,989
Accumulated undistributed net realized gain		1,371,272
Unrealized appreciation on investments		96,240,379

Net assets	$	498,729,148

Class IA
Net asset value, offering and redemption price per share, $18,361,339 / 1,547,237 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.87

Class IB
Net asset value, offering and redemption price per share, $480,367,809 / 40,483,389 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.87


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2004*

INVESTMENT INCOME
Dividends (net of $1,158 foreign withholding tax)	$	4,966,563
Interest		91,885
Securities lending (net)		294,375

Total income		5,352,823

EXPENSES
Investment management fees		1,019,205
Distribution fees - Class IB		986,223
Recoupment fees		175,694
Custodian fees		159,010
Administrative fees		135,854
Printing and mailing expenses		50,986
Professional fees		18,468
Trustees’ fees		6,502
Miscellaneous		8,421

Total expenses		2,560,363

NET INVESTMENT INCOME		2,792,460

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		18,398,508
Futures		272,011
Foreign currency transactions		(989	)

Net realized gain		18,669,530

Change in unrealized appreciation (depreciation) on:
Securities		48,117,964
Futures		166,200
Foreign currency translations		(33	)

Net change in unrealized appreciation		48,284,131

NET REALIZED AND UNREALIZED GAIN		66,953,661

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	69,746,121

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2004			2003
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,792,460		$	916,117
Net realized gain on investments and foreign currency transactions		18,669,530			1,622,140
Net change in unrealized appreciation on investments and foreign currency translations		48,284,131			69,852,093

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		69,746,121			72,390,350

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(138,263	)		(31,737	)
Class IB		(2,452,349	)		(680,026	)

		(2,590,612	)		(711,763	)

Distributions from net realized capital gains
Class IA		(558,787	)		—
Class IB		(14,741,257	)		—

		(15,300,044	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(17,890,656	)		(711,763	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 2,228,469 and 1,555,765 shares, respectively ]		24,549,551			14,806,791
Capital shares issued in reinvestment of dividends and distributions [ 59,645 and 3,085 shares, respectively ]		697,050			31,737
Capital shares repurchased [ (1,453,777) and (858,014) shares, respectively ]		(16,101,599	)		(8,122,086	)

Total Class IA transactions		9,145,002			6,716,442

Class IB
Capital shares sold [ 17,221,347 and 18,802,089 shares, respectively ]		188,677,225			167,084,437
Capital shares issued in reinvestment of dividends and distributions [ 1,471,245 and 66,100 shares, respectively ]		17,193,606			680,026
Capital shares repurchased [ (8,745,534) and (2,153,289) shares, respectively ]		(95,238,084	)		(18,540,892	)

Total Class IB transactions		110,632,747			149,223,571

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		119,777,749			155,940,013

TOTAL INCREASE IN NET ASSETS		171,633,214			227,618,600

NET ASSETS:
Beginning of year		327,095,934			99,477,334

End of year (a)	$	498,729,148		$	327,095,934


(a) Includes accumulated undistributed net investment income of	$	62,989		$	207,154

See Notes to Financial Statements.

338

EQ ADVISORS TRUST

EQ/WELLS FARGO MONTGOMERY SMALL CAP PORTFOLIO


*STATEMENT OF ASSETS AND LIABILITIES* *December 31, 2004*

ASSETS
Investments at value (Cost $3,367,109)	$	3,753,686
Receivable for securities sold		42,565
Receivable from investment manager		16,280
Receivable from Separate Accounts for Trust shares sold		10,824
Dividends, interest and other receivables		298

Total assets		3,823,653

LIABILITIES
Payable for securities purchased		90,618
Professional fees payable		13,059
Administrative fees payable		2,667
Distribution fees payable - Class IB		715
Trustees’ fees payable		2
Accrued expenses		4,211

Total liabilities		111,272

NET ASSETS	$	3,712,381

Net assets were comprised of:
Paid in capital	$	3,271,522
Accumulated net investment loss		(2	)
Accumulated undistributed net realized gain		54,284
Unrealized appreciation on investments		386,577

Net assets	$	3,712,381

Class IA
Net asset value, offering and redemption price per share, $114,403 / 10,000 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.44

Class IB
Net asset value, offering and redemption price per share, $3,597,978 / 314,695 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.43


*STATEMENT OF OPERATIONS* **For the Period October 1, 2004 to December 31, 2004***

INVESTMENT INCOME
Dividends	$	1,457
Interest		412

Total income		1,869

EXPENSES
Professional fees		37,001
Administrative fees		7,789
Investment management fees		6,700
Custodian fees		6,000
Distribution fees - Class IB		1,906
Printing and mailing expenses		123
Trustees’ fees		5
Miscellaneous		500

Gross expenses		60,024
Less: Waiver of investment management fees		(6,700	)
Reimbursement from investment manager		(43,126	)
Fees paid indirectly		(158	)

Net expenses		10,040

NET INVESTMENT LOSS		(8,171	)

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		62,453
Net change in unrealized appreciation on securities		386,577

NET REALIZED AND UNREALIZED GAIN		449,030

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	440,859

STATEMENT OF CHANGES IN NET ASSETS


	October 1, 2004* to December 31, 2004
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(8,171	)
Net realized gain on investments		62,453
Net change in unrealized appreciation on investments		386,577

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		440,859

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [ 24,695 shares ]		271,522

TOTAL INCREASE IN NET ASSETS		712,381
NET ASSETS:
Beginning of period		3,000,000

End of period (a)	$	3,712,381


(a) Includes accumulated net investment loss of	$	(2	)

* Commencement of operations.

See Notes to Financial Statements.

339

EQ ADVISORS TRUST

EQ/ALLIANCE COMMON STOCK PORTFOLIO

FINANCIAL HIGHLIGHTS


	Year Ended December 31,
Class IA	2004			2003			2002			2001(e)			2000(e)
Net asset value, beginning of year	$	15.47		$	10.49		$	15.70		$	17.98		$	26.17

Income from investment operations:
Net investment income		0.21			0.12			0.12			0.12			0.15
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.01			5.09			(5.32	)		(1.97	)		(3.82	)

Total from investment operations		2.22			5.21			(5.20	)		(1.85	)		(3.67	)

Less distributions:
Dividends from net investment income		(0.20	)		(0.23	)		(0.01	)		(0.11	)		(0.15	)
Distributions from realized gains		—			—			—			(0.32	)		(4.37	)

Total dividends and distributions		(0.20	)		(0.23	)		(0.01	)		(0.43	)		(4.52	)

Net asset value, end of year	$	17.49		$	15.47		$	10.49		$	15.70		$	17.98

Total return		14.40	%		49.89	%		(33.15	)%		(10.50	)%		(14.03	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	7,847,618		$	7,472,301		$	5,382,662		$	9,577,763		$	11,797,888
Ratio of expenses to average net assets:
After fees paid indirectly		0.43	%		0.52	%		0.49	%		N/A			N/A
Before fees paid indirectly		0.52	%		0.54	%		0.54	%		0.53	%		0.47	%
Ratio of net investment income to average net assets:
After fees paid indirectly		1.23	%		0.93	%		0.82	%		N/A			N/A
Before fees paid indirectly		1.14	%		0.91	%		0.77	%		0.67	%		0.61	%
Portfolio turnover rate		47	%		92	%		136	%		40	%		43	%

	Year Ended December 31,
Class IB	2004			2003			2002			2001(e)			2000(e)
Net asset value, beginning of year	$	15.38		$	10.40		$	15.61		$	17.88		$	26.05

Income from investment operations:
Net investment income		0.15			0.08			0.08			0.07			0.08
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.02			5.06			(5.28	)		(1.95	)		(3.78	)

Total from investment operations		2.17			5.14			(5.20	)		(1.88	)		(3.70	)

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

Total dividends and distributions		(0.16	)		(0.16	)		(0.01	)		(0.39	)		(4.47	)

Net asset value, end of year	$	17.39		$	15.38		$	10.40		$	15.61		$	17.88

Total return		14.12	%		49.58	%		(33.34	)%		(10.73	)%		(14.25	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	2,320,683		$	1,884,006		$	1,124,684		$	1,831,258		$	1,918,284
Ratio of expenses to average net assets:
After fees paid indirectly		0.68	%		0.77	%		0.74	%		N/A			N/A
Before fees paid indirectly		0.77	%		0.79	%		0.79	%		0.78	%		0.72	%
Ratio of net investment income to average net assets:
After fees paid indirectly		0.98	%		0.68	%		0.57	%		N/A			N/A
Before fees paid indirectly		0.89	%		0.66	%		0.52	%		0.43	%		0.35	%
Portfolio turnover rate		47	%		92	%		136	%		40	%		43	%

See Notes to Financial Statements.

340

EQ ADVISORS TRUST

EQ/ALLIANCE GROWTH AND INCOME PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2004			2003			2002			2001(e)			2000(e)
Net asset value, beginning of year	$	16.62		$	12.87		$	16.56		$	17.70		$	18.24

Income from investment operations:
Net investment income		0.30			0.22			0.22			0.19			0.17
Net realized and unrealized gain (loss) on investments		1.80			3.73			(3.70	)		(0.44	)		1.35

Total from investment operations		2.10			3.95			(3.48	)		(0.25	)		1.52

Less distributions:
Dividends from net investment income		(0.30	)		(0.20	)		(0.21	)		(0.17	)		(0.16	)
Distributions from realized gains		—			—			—			(0.72	)		(1.90	)

Total dividends and distributions		(0.30	)		(0.20	)		(0.21	)		(0.89	)		(2.06	)

Net asset value, end of year	$	18.42		$	16.62		$	12.87		$	16.56		$	17.70

Total return		12.67	%		30.72	%		(21.03	)%		(1.30	)%		8.95	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,473,864		$	1,382,192		$	1,126,754		$	1,568,312		$	1,418,245
Ratio of expenses to average net assets:
After fees paid indirectly		0.55	%		0.60	%		0.60	%		N/A			N/A
Before fees paid indirectly		0.61	%		0.63	%		0.64	%		0.63	%		0.61	%
Ratio of net investment income to average net assets:
After fees paid indirectly		1.69	%		1.48	%		1.38	%		N/A			N/A
Before fees paid indirectly		1.63	%		1.45	%		1.34	%		1.08	%		0.92	%
Portfolio turnover rate		41	%		49	%		75	%		81	%		57	%

	Year Ended December 31
Class IB	2004			2003			2002			2001(e)			2000(e)
Net asset value, beginning of year	$	16.52		$	12.79		$	16.47		$	17.61		$	18.16

Income from investment operations:
Net investment income		0.24			0.15			0.16			0.13			0.13
Net realized and unrealized gain (loss) on investments		1.81			3.74			(3.66	)		(0.42	)		1.34

Total from investment operations		2.05			3.89			(3.50	)		(0.29	)		1.47

Less distributions:
Dividends from net investment income		(0.25	)		(0.16	)		(0.18	)		(0.13	)		(0.12	)
Distributions from realized gains		—			—			—			(0.72	)		(1.90	)

Total dividends and distributions		(0.25	)		(0.16	)		(0.18	)		(0.85	)		(2.02	)

Net asset value, end of year	$	18.32		$	16.52		$	12.79		$	16.47		$	17.61

Total return		12.45	%		30.42	%		(21.28	)%		(1.52	)%		8.68	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,409,379		$	1,124,808		$	653,809		$	673,499		$	464,600
Ratio of expenses to average net assets:
After fees paid indirectly		0.80	%		0.85	%		0.85	%		N/A			N/A
Before fees paid indirectly		0.86	%		0.88	%		0.89	%		0.88	%		0.86	%
Ratio of net investment income to average net assets:
After fees paid indirectly		1.44	%		1.23	%		1.13	%		N/A			N/A
Before fees paid indirectly		1.38	%		1.20	%		1.09	%		0.83	%		0.71	%
Portfolio turnover rate		41	%		49	%		75	%		81	%		57	%

See Notes to Financial Statements.

341

EQ ADVISORS TRUST

EQ/ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2004			2003(e)			2002			2001(e)			2000(e)
Net asset value, beginning of year	$	10.11		$	10.30		$	9.88		$	9.46		$	9.18

Income from investment operations:
Net investment income		0.32			0.26			0.27			0.37			0.55
Net realized and unrealized gain (loss) on investments		(0.09	)		(0.02	)		0.60			0.41			0.30

Total from investment operations		0.23			0.24			0.87			0.78			0.85

Less distributions:
Dividends from net investment income		(0.33	)		(0.33	)		(0.24	)		(0.36	)		(0.56	)
Distributions from realized gains		(0.01	)		(0.10	)		(0.21	)		—			(0.01	)

Total dividends and distributions		(0.34	)		(0.43	)		(0.45	)		(0.36	)		(0.57	)

Net asset value, end of year	$	10.00		$	10.11		$	10.30		$	9.88		$	9.46

Total return		2.13	%		2.45	%		8.81	%		8.23	%		9.27	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	296,399		$	344,547		$	391,662		$	241,071		$	142,822
Ratio of expenses to average net assets		0.56	%		0.57	%		0.59	%		0.62	%		0.58	%
Ratio of net investment income to average net assets		2.95	%		2.51	%		3.20	%		4.84	%		5.83	%
Portfolio turnover rate		274	%		477	%		622	%		463	%		541	%

	Year Ended December 31,
Class IB	2004			2003(e)			2002			2001(e)			2000(e)
Net asset value, beginning of year	$	10.05		$	10.24		$	9.83		$	9.43		$	9.15

Income from investment operations:
Net investment income		0.28			0.23			0.21			0.35			0.52
Net realized and unrealized gain (loss) on investments		(0.08	)		(0.02	)		0.64			0.39			0.31

Total from investment operations		0.20			0.21			0.85			0.74			0.83

Less distributions:
Dividends from net investment income		(0.30	)		(0.30	)		(0.23	)		(0.34	)		(0.54	)
Distributions from realized gains		(0.01	)		(0.10	)		(0.21	)		—			(0.01	)

Total dividends and distributions		(0.31	)		(0.40	)		(0.44	)		(0.34	)		(0.55	)

Net asset value, end of year	$	9.94		$	10.05		$	10.24		$	9.83		$	9.43

Total return		1.97	%		2.10	%		8.58	%		7.98	%		8.99	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	595,497		$	630,578		$	545,598		$	204,870		$	71,267
Ratio of expenses to average net assets		0.81	%		0.82	%		0.84	%		0.87	%		0.83	%
Ratio of net investment income to average net assets		2.70	%		2.26	%		2.95	%		4.59	%		5.55	%
Portfolio turnover rate		274	%		477	%		622	%		463	%		541	%

See Notes to Financial Statements.

342

EQ ADVISORS TRUST

EQ/ALLIANCE INTERNATIONAL PORTFOLIO(h)(m)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2004			2003			2002			2001			2000(e)
Net asset value, beginning of year	$	9.62		$	7.24		$	8.03		$	10.62		$	15.03

Income (loss) from investment operations:
Net investment income (loss)		0.13			0.11			0.01			0.02			(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.64			2.43			(0.80	)		(2.42	)		(3.33	)

Total from investment operations		1.77			2.54			(0.79	)		(2.40	)		(3.34	)

Less distributions:
Dividends from net investment income		(0.22	)		(0.16	)		—			—			(0.05	)
Distributions from realized gains		—			—			—			(0.19	)		(1.02	)

Total dividends and distributions		(0.22	)		(0.16	)		—			(0.19	)		(1.07	)

Net asset value, end of year	$	11.17		$	9.62		$	7.24		$	8.03		$	10.62

Total return		18.51	%		35.28	%		(9.84	)%		(22.88	)%		(22.77	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,212,207		$	1,091,319		$	876,907		$	167,610		$	228,325
Ratio of expenses to average net assets:
After waivers		0.85	%		0.85	%		1.02	%		N/A			N/A
After waivers and fees paid indirectly		0.83	%		0.85	%		1.00	%		N/A			N/A
Before waivers and fees paid indirectly		0.85	%		0.87	%		1.04	%		1.10	%		1.16	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers		1.28	%		1.29	%		0.60	%		N/A			N/A
After waivers and fees paid indirectly		1.30	%		1.29	%		0.62	%		N/A			N/A
Before waivers and fees paid indirectly		1.28	%		1.27	%		0.58	%		0.17	%		(0.03	)%(c)
Portfolio turnover rate		60	%		59	%		47	%		77	%		80	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income (loss)	$	—	#	$	—	#		N/A			N/A			N/A

	Year Ended December 31,
Class IB	2004			2003			2002			2001			2000(e)
Net asset value, beginning of year	$	9.50		$	7.13		$	7.94		$	10.55		$	14.96

Income (loss) from investment operations:
Net investment income (loss)		0.10			0.07			0.01			—	#		(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.61			2.44			(0.82	)		(2.42	)		(3.33	)

Total from investment operations		1.71			2.51			(0.81	)		(2.42	)		(3.34	)

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

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

Net asset value, end of year	$	11.02		$	9.50		$	7.13		$	7.94		$	10.55

Total return		18.10	%		35.27	%		(10.20	)%		(23.23	)%		(22.86	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	667,930		$	488,571		$	205,496		$	36,054		$	37,171
Ratio of expenses to average net assets:
After waivers		1.10	%		1.10	%		1.27	%		N/A			N/A
After waivers and fees paid indirectly		1.08	%		1.10	%		1.25	%		N/A			N/A
Before waivers and fees paid indirectly		1.10	%		1.12	%		1.29	%		1.35	%		1.41	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers		1.03	%		1.04	%		0.35	%		N/A			N/A
After waivers and fees paid indirectly		1.05	%		1.04	%		0.37	%		N/A			N/A
Before waivers and fees paid indirectly		1.03	%		1.02	%		0.33	%		(0.08	)%		(0.28	)%(c)
Portfolio turnover rate		60	%		59	%		47	%		77	%		80	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income (loss)	$	—	#	$	—	#		N/A			N/A			N/A

See Notes to Financial Statements.

343

EQ ADVISORS TRUST

EQ/ALLIANCE PREMIER GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2004			2003			2002			2001			2000(e)
Net asset value, beginning of year	$	6.27		$	5.07		$	7.35		$	9.65		$	11.87

Income (loss) from investment operations:
Net investment loss		(0.01	)		—	#		(0.02	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss) on investments		0.55			1.20			(2.26	)		(2.29	)		(2.14	)

Total from investment operations		0.54			1.20			(2.28	)		(2.30	)		(2.15	)

Less distributions:
Distributions from realized gains		—			—			—			—	#		(0.07	)

Net asset value, end of year	$	6.81		$	6.27		$	5.07		$	7.35		$	9.65

Total return		8.61	%		23.67	%		(31.02	)%		(23.83	)%		(18.15	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	405,919		$	355,205		$	21,361		$	39,076		$	49,284
Ratio of expenses to average net assets:
After waivers		0.85	%		0.90	%		0.90	%		0.90	%		0.90	%
After waivers and fees paid indirectly		0.79	%		0.89	%		0.89	%		N/A			N/A
Before waivers and fees paid indirectly		0.95	%		0.95	%		0.99	%		0.96	%		0.94	%
Ratio of net investment loss to average net assets:
After waivers		(0.15	)%		(0.10	)%		(0.24	)%		(0.15	)%		(0.12	)%
After waivers and fees paid indirectly		(0.09	)%		(0.09	)%		(0.23	)%		N/A			N/A
Before waivers and fees paid indirectly		(0.25	)%		(0.15	)%		(0.33	)%		(0.21	)%		(0.16	)%
Portfolio turnover rate		77	%		77	%		99	%		140	%		127	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment loss	$	0.01		$	—	#	$	0.01		$	—	#	$	—

	Year Ended December 31,
Class IB	2004			2003			2002			2001			2000(e)
Net asset value, beginning of year	$	6.20		$	5.03		$	7.31		$	9.62		$	11.86

Income (loss) from investment operations:
Net investment loss		(0.02	)		(0.02	)		(0.03	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss) on investments		0.54			1.19			(2.25	)		(2.28	)		(2.14	)

Total from investment operations		0.52			1.17			(2.28	)		(2.31	)		(2.17	)

Less distributions:
Distributions from realized gains		—			—			—			—	#		(0.07	)

Net asset value, end of year	$	6.72		$	6.20		$	5.03		$	7.31		$	9.62

Total return		8.39	%		23.26	%		(31.19	)%		(24.01	)%		(18.34	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	727,261		$	725,650		$	580,975		$	924,331		$	1,341,788
Ratio of expenses to average net assets:
After waivers		1.10	%		1.15	%		1.15	%		1.15	%		1.15	%
After waivers and fees paid indirectly		1.04	%		1.14	%		1.14	%		N/A			N/A
Before waivers and fees paid indirectly		1.20	%		1.20	%		1.24	%		1.21	%		1.19	%
Ratio of net investment loss to average net assets:
After waivers		(0.40	)%		(0.35	)%		(0.49	)%		(0.40	)%		(0.37	)%
After waivers and fees paid indirectly		(0.34	)%		(0.34	)%		(0.48	)%		N/A			N/A
Before waivers and fees paid indirectly		(0.50	)%		(0.40	)%		(0.58	)%		(0.46	)%		(0.40	)%
Portfolio turnover rate		77	%		77	%		99	%		140	%		127	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment loss	$	0.01		$	—	#	$	0.01		$	—	#	$	—

See Notes to Financial Statements.

344

EQ ADVISORS TRUST

EQ/ALLIANCE QUALITY BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2004			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of year	$	10.25		$	10.17		$	9.81		$	9.55		$	9.11

Income from investment operations:
Net investment income		0.26			0.24			0.32			0.57			0.60
Net realized and unrealized gain on investments and foreign currency transactions		0.15			0.12			0.45			0.22			0.44

Total from investment operations		0.41			0.36			0.77			0.79			1.04

Less distributions:
Dividends from net investment income		(0.27	)		(0.15	)		(0.28	)		(0.53	)		(0.60	)
Distributions from realized gains		(0.19	)		(0.13	)		(0.13	)		—			—

Total dividends and distributions		(0.46	)		(0.28	)		(0.41	)		(0.53	)		(0.60	)

Net asset value, end of year	$	10.20		$	10.25		$	10.17		$	9.81		$	9.55

Total return		3.95	%		3.83	%		7.91	%		8.28	%		11.48	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,627,106		$	1,459,282		$	341,209		$	309,097		$	553,109
Ratio of expenses to average net assets		0.56	%		0.58	%		0.62	%		0.60	%		0.59	%
Ratio of net investment income to average net assets		2.55	%		2.35	%		3.16	%		5.31	%		6.34	%
Portfolio turnover rate		659	%		697	%		755	%		301	%		282	%

	Year Ended December 31,
Class IB	2004			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of year	$	10.19		$	10.12		$	9.77		$	9.52		$	9.09

Income from investment operations:
Net investment income		0.23			0.22			0.29			0.51			0.57
Net realized and unrealized gain on investments and foreign currency transactions		0.16			0.11			0.46			0.25			0.45

Total from investment operations		0.39			0.33			0.75			0.76			1.02

Less distributions:
Dividends from net investment income		(0.24	)		(0.13	)		(0.27	)		(0.51	)		(0.59	)
Distributions from realized gains		(0.19	)		(0.13	)		(0.13	)		—			—

Total dividends and distributions		(0.43	)		(0.26	)		(0.40	)		(0.51	)		(0.59	)

Net asset value, end of year	$	10.15		$	10.19		$	10.12		$	9.77		$	9.52

Total return		3.79	%		3.56	%		7.68	%		8.04	%		11.28	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	424,156		$	367,273		$	189,680		$	46,843		$	9,159
Ratio of expenses to average net assets		0.81	%		0.83	%		0.87	%		0.85	%		0.84	%
Ratio of net investment income to average net assets		2.30	%		2.10	%		2.91	%		4.97	%		5.98	%
Portfolio turnover rate		659	%		697	%		755	%		301	%		282	%

See Notes to Financial Statements.

345

EQ ADVISORS TRUST

EQ/ALLIANCE SMALL CAP GROWTH PORTFOLIO(k)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2004			2003			2002			2001(e)			2000(e)
Net asset value, beginning of year	$	12.75		$	9.02		$	12.90		$	15.06		$	15.11

Income (loss) from investment operations:
Net investment loss		(0.06	)		(0.02	)		(0.06	)		(0.06	)		(0.07	)
Net realized and unrealized gain (loss) on investments		1.88			3.75			(3.82	)		(1.89	)		1.99

Total from investment operations		1.82			3.73			(3.88	)		(1.95	)		1.92

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

Net asset value, end of year	$	14.57		$	12.75		$	9.02		$	12.90		$	15.06

Total return		14.27	%		41.35	%		(30.08	)%		(13.03	)%		14.12	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	493,124		$	451,408		$	317,679		$	461,312		$	501,596
Ratio of expenses to average net assets:
After fees paid indirectly		0.73	%		0.78	%		0.81	%		N/A			N/A
Before fees paid indirectly		0.81	%		0.82	%		0.83	%		0.81	%		0.84	%
Ratio of net investment loss to average net assets:
After fees paid indirectly		(0.48	)%		(0.21	)%		(0.55	)%		N/A			N/A
Before fees paid indirectly		(0.56	)%		(0.25	)%		(0.57	)%		(0.49	)%		(0.37	)%
Portfolio turnover rate		81	%		114	%		110	%		110	%		142	%

	Year Ended December 31,
Class IB	2004			2003			2002			2001(e)			2000(e)
Net asset value, beginning of year	$	12.54		$	8.90		$	12.75		$	14.92		$	15.03

Income (loss) from investment operations:
Net investment loss		(0.09	)		(0.04	)		(0.08	)		(0.08	)		(0.11	)
Net realized and unrealized gain (loss) on investments		1.84			3.68			(3.77	)		(1.88	)		1.97

Total from investment operations		1.75			3.64			(3.85	)		(1.96	)		1.86

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

Net asset value, end of year	$	14.29		$	12.54		$	8.90		$	12.75		$	14.92

Total return		13.96	%		40.90	%		(30.20	)%		(13.28	)%		13.78	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	639,666		$	552,216		$	308,406		$	387,833		$	360,635
Ratio of expenses to average net assets:
After fees paid indirectly		0.98	%		1.03	%		1.06	%		N/A			N/A
Before fees paid indirectly		1.06	%		1.07	%		1.08	%		1.06	%		1.09	%
Ratio of net investment loss to average net assets:
After fees paid indirectly		(0.73	)%		(0.46	)%		(0.80	)%		N/A			N/A
Before fees paid indirectly		(0.81	)%		(0.50	)%		(0.82	)%		(0.74	)%		(0.62	)%
Portfolio turnover rate		81	%		114	%		110	%		110	%		142	%

See Notes to Financial Statements.

346

EQ ADVISORS TRUST

EQ/BERNSTEIN DIVERSIFIED VALUE PORTFOLIO(g)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,									May 18, 2001* to December 31, 2001
Class IA	2004			2003			2002			May 18, 2001* to December 31, 2001
Net asset value, beginning of period	$	12.77		$	10.03		$	11.77		$	12.26

Income from investment operations:
Net investment income		0.20			0.18			0.18			0.11
Net realized and unrealized gain (loss) on investments		1.55			2.73			(1.76	)		(0.26	)

Total from investment operations		1.75			2.91			(1.58	)		(0.15	)

Less distributions:
Dividends from net investment income		(0.22	)		(0.17	)		(0.16	)		(0.13	)
Distributions from realized gains		(0.09	)		—			—			(0.21	)

Total dividends and distributions		(0.31	)		(0.17	)		(0.16	)		(0.34	)

Net asset value, end of period	$	14.21		$	12.77		$	10.03		$	11.77

Total return (b)		13.74	%		29.07	%		(13.42	)%		(1.21	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	49,292		$	32,274		$	21,214		$	18,000
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly (a)		0.70	%		0.70	%		0.69	%		N/A
Before waivers and fees paid indirectly (a)		0.70	%		0.70	%		0.73	%		0.73	%
Ratio of net investment income to average net assets:
After waivers (a)		1.74	%		1.82	%		1.77	%		1.69	%
After waivers and fees paid indirectly (a)		1.74	%		1.82	%		1.78	%		N/A
Before waivers and fees paid indirectly (a)		1.74	%		1.82	%		1.75	%		1.66	%
Portfolio turnover rate		28	%		21	%		13	%		90	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—		$	—	#	$	—	#	$	—	#


	Year Ended December 31,
Class IB	2004			2003			2002			2001			2000
Net asset value, beginning of year	$	12.76		$	10.03		$	11.77		$	11.73		$	12.06

Income from investment operations:
Net investment income		0.18			0.15			0.14			0.11			0.09
Net realized and unrealized gain (loss) on investments		1.53			2.73			(1.74	)		0.25			(0.33	)

Total from investment operations		1.71			2.88			(1.60	)		0.36			(0.24	)

Less distributions:
Dividends from net investment income		(0.18	)		(0.15	)		(0.14	)		(0.11	)		(0.09	)
Distributions from realized gains		(0.09	)		—			—			(0.21	)		—

Total dividends and distributions		(0.27	)		(0.15	)		(0.14	)		(0.32	)		(0.09	)

Net asset value, end of year	$	14.20		$	12.76		$	10.03		$	11.77		$	11.73

Total return		13.46	%		28.73	%		(13.61	)%		3.09	%		(1.94	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	2,006,001		$	1,508,256		$	800,212		$	608,741		$	176,049
Ratio of expenses to average net assets:
After waivers		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly		0.95	%		0.95	%		0.94	%		N/A			N/A
Before waivers and fees paid indirectly		0.95	%		0.95	%		0.98	%		0.98	%		0.95	%
Ratio of net investment income to average net assets:
After waivers		1.49	%		1.57	%		1.52	%		1.40	%		0.91	%
After waivers and fees paid indirectly		1.49	%		1.57	%		1.53	%		N/A			N/A
Before waivers and fees paid indirectly		1.49	%		1.57	%		1.50	%		1.37	%		0.91	%
Portfolio turnover rate		28	%		21	%		13	%		90	%		33	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—		$	—	#	$	—	#	$	—	#	$	—

See Notes to Financial Statements.

347

EQ ADVISORS TRUST

EQ/CALVERT SOCIALLY RESPONSIBLE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						October 2, 2002* to December 31, 2002
Class IA	2004			2003			October 2, 2002* to December 31, 2002
Net asset value, beginning of period	$	7.55		$	5.88		$	5.64

Income (loss) from investment operations:
Net investment loss		—	#		(0.01	)		—	#
Net realized and unrealized gain on investments		0.29			1.68			0.24

Total from investment operations		0.29			1.67			0.24

Net asset value, end of period	$	7.84		$	7.55		$	5.88

Total return (b)		3.84	%		28.40	%		4.26	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	68		$	65		$	51
Ratio of expenses to average net assets:
After waivers (a)		0.80	%		0.80	%		0.80	%
After waivers and fees paid indirectly (a)		0.75	%		0.75	%		0.70	%
Before waivers and fees paid indirectly (a)		0.94	%		1.20	%		1.82	%
Ratio of net investment loss to average net assets:
After waivers (a)		—	%‡‡		(0.20	)%		(0.13	)%
After waivers and fees paid indirectly (a)		0.05	%		(0.15	)%		(0.03	)%
Before waivers and fees paid indirectly (a)		(0.14	)%		(0.60	)%		(1.15	)%
Portfolio turnover rate		38	%		54	%		130	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.01		$	0.03		$	0.02


	Year Ended December 31,
Class IB	2004			2003			2002			2001			2000
Net asset value, beginning of year	$	7.52		$	5.88		$	7.99		$	9.64		$	10.76

Income (loss) from investment operations:
Net investment loss		(0.01	)		(0.02	)		(0.01	)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss) on investments		0.28			1.66			(2.10	)		(1.37	)		(0.34	)

Total from investment operations		0.27			1.64			(2.11	)		(1.39	)		(0.35	)

Less distributions:
Distributions from realized gains		—			—			—			(0.26	)		(0.77	)

Net asset value, end of year	$	7.79		$	7.52		$	5.88		$	7.99		$	9.64

Total return		3.59	%		27.89	%		(26.41	)%		(14.74	)%		(2.87	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	47,244		$	33,711		$	11,064		$	5,898		$	3,922
Ratio of expenses to average net assets:
After waivers		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
After waivers and fees paid indirectly		1.00	%		1.00	%		0.95	%		N/A			N/A
Before waivers and fees paid indirectly		1.19	%		1.45	%		2.07	%		2.36	%		2.37	%
Ratio of net investment loss to average net assets:
After waivers		(0.25	)%		(0.45	)%		(0.38	)%		(0.33	)%		(0.11	)%
After waivers and fees paid indirectly		(0.20	)%		(0.40	)%		(0.28	)%		N/A			N/A
Before waivers and fees paid indirectly		(0.39	)%		(0.85	)%		(1.40	)%		(1.64	)%		(1.43	)%
Portfolio turnover rate		38	%		54	%		130	%		46	%		81	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment loss	$	0.01		$	0.02		$	0.04		$	0.08		$	0.10

See Notes to Financial Statements.

348

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						October 2, 2002* to December 31, 2002
Class IA	2004			2003			October 2, 2002* to December 31, 2002
Net asset value, beginning of period	$	11.84		$	9.56		$	9.28

Income from investment operations:
Net investment income		0.12			0.04			0.01
Net realized and unrealized gain on investments and foreign currency transactions		0.57			2.28			0.31

Total from investment operations		0.69			2.32			0.32

Less distributions:
Dividends from net investment income		(0.10	)		(0.04	)		(0.04	)

Net asset value, end of period	$	12.43		$	11.84		$	9.56

Total return (b)		5.81	%		24.27	%		3.46	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	126		$	117		$	51
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly (a)		0.42	%		0.68	%		0.67	%
Before waivers and fees paid indirectly (a)		0.74	%		0.78	%		0.77	%
Ratio of net investment income to average net assets:
After waivers (a)		0.71	%		0.35	%		0.33	%
After waivers and fees paid indirectly (a)		0.99	%		0.37	%		0.36	%
Before waivers and fees paid indirectly (a)		0.67	%		0.27	%		0.26	%
Portfolio turnover rate		133	%		62	%		147	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	0.01		$	—	#


	Year Ended December 31,
Class IB	2004			2003			2002			2001			2000
Net asset value, beginning of year	$	11.87		$	9.58		$	13.03		$	17.24		$	21.41

Income (loss) from investment operations:
Net investment income (loss)		0.09			0.01			0.01			—	#		(0.04	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.56			2.29			(3.45	)		(4.21	)		(3.70	)

Total from investment operations		0.65			2.30			(3.44	)		(4.21	)		(3.74	)

Less distributions:
Dividends from net investment income		(0.06	)		(0.01	)		(0.01	)		—			—
Distributions from realized gains		—			—			—			—			(0.43	)

Total dividends and distributions		(0.06	)		(0.01	)		(0.01	)		—			(0.43	)

Net asset value, end of year	$	12.46		$	11.87		$	9.58		$	13.03		$	17.24

Total return		5.53	%		24.05	%		(26.39	)%		(24.42	)%		(17.79	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	254,282		$	263,715		$	199,462		$	299,380		$	397,968
Ratio of expenses to average net assets:
After waivers		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly		0.67	%		0.93	%		0.92	%		N/A			N/A
Before waivers and fees paid indirectly		0.99	%		1.03	%		1.02	%		0.98	%		0.97	%
Ratio of net investment income (loss) to average net assets:
After waivers		0.46	%		0.10	%		0.08	%		(0.02	)%		(0.25	)%
After waivers and fees paid indirectly		0.74	%		0.12	%		0.11	%		N/A			N/A
Before waivers and fees paid indirectly		0.42	%		0.02	%		0.01	%		(0.05	)%		(0.23	)%
Portfolio turnover rate		133	%		62	%		147	%		95	%		81	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income (loss)	$	—	#	$	0.01		$	0.01		$	0.01		$	—

See Notes to Financial Statements.

349

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						March 25, 2002* to December 31, 2002
Class IA	2004			2003			March 25, 2002* to December 31, 2002
Net asset value, beginning of period	$	9.64		$	7.35		$	8.77

Income from investment operations:
Net investment income		0.09			0.07			0.05
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.24			2.34			(1.35	)

Total from investment operations		1.33			2.41			(1.30	)

Less distributions:
Dividends from net investment income		(0.17	)		(0.12	)		(0.12	)

Net asset value, end of period	$	10.80		$	9.64		$	7.35

Total return (b)		13.86	%		33.05	%		(14.81	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	74,741		$	320		$	84
Ratio of expenses to average net assets:
After waivers (a)		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly (a)		0.92	%		0.93	%		0.92	%
Before waivers and fees paid indirectly (a)		1.02	%		1.06	%		1.14	%
Ratio of net investment income to average net assets:
After waivers (a)		0.98	%		0.90	%		0.76	%
After waivers and fees paid indirectly (a)		1.01	%		0.92	%		0.79	%
Before waivers and fees paid indirectly (a)		0.91	%		0.79	%		0.57	%
Portfolio turnover rate		19	%		12	%		23	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.01		$	0.01


	Year Ended December 31,
Class IB	2004			2003			2002			2001			2000
Net asset value, beginning of year	$	9.64		$	7.35		$	8.77		$	11.28		$	14.10

Income from investment operations:
Net investment income		0.08			0.05			0.06			0.04			0.10
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.23			2.34			(1.37	)		(2.38	)		(2.68	)

Total from investment operations		1.31			2.39			(1.31	)		(2.34	)		(2.58	)

Less distributions:
Dividends from net investment income		(0.14	)		(0.10	)		(0.11	)		(0.14	)		(0.07	)
Distributions from realized gains		—			—			—			(0.03	)		(0.17	)

Total dividends and distributions		(0.14	)		(0.10	)		(0.11	)		(0.17	)		(0.24	)

Net asset value, end of year	$	10.81		$	9.64		$	7.35		$	8.77		$	11.28

Total return		13.68	%		32.54	%		(15.00	)%		(20.89	)%		(19.19	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	609,846		$	357,162		$	125,521		$	101,683		$	110,486
Ratio of expenses to average net assets:
After waivers		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
After waivers and fees paid indirectly		1.17	%		1.18	%		1.17	%		N/A			N/A
Before waivers and fees paid indirectly		1.27	%		1.31	%		1.39	%		1.39	%		1.28	%
Ratio of net investment income to average net assets:
After waivers		0.73	%		0.65	%		0.51	%		0.39	%		0.37	%
After waivers and fees paid indirectly		0.76	%		0.67	%		0.54	%		N/A			N/A
Before waivers and fees paid indirectly		0.66	%		0.54	%		0.32	%		0.20	%		0.29	%
Portfolio turnover rate		19	%		12	%		23	%		38	%		26	%
Effect of voluntary expense limitation during the year
Per share benefit to net investment income	$	0.01		$	0.01		$	0.01		$	0.02		$	0.02

See Notes to Financial Statements.

350

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN RESEARCH PORTFOLIO(i)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						March 25, *2002 to December 31, 2002**
Class IA	2004(e)			2003			March 25, *2002 to December 31, 2002**
Net asset value, beginning of period	$	10.75		$	8.22		$	10.84

Income from investment operations:
Net investment income		0.10			0.05			0.11
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.11			2.54			(2.71	)

Total from investment operations		1.21			2.59			(2.60	)

Less distributions:
Dividends from net investment income		(0.10	)		(0.06	)		(0.02	)

Net asset value, end of period	$	11.86		$	10.75		$	8.22

Total return (b)		11.28	%		31.55	%		(23.94	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	523		$	210		$	82
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly (a)		0.65	%		0.68	%		0.18	%
Before waivers and fees paid indirectly (a)		0.70	%		0.72	%		0.81	%
Ratio of net investment income to average net assets:
After waivers (a)		0.82	%		0.63	%		0.75	%
After waivers and fees paid indirectly (a)		0.87	%		0.65	%		1.27	%
Before waivers and fees paid indirectly (a)		0.82	%		0.61	%		0.64	%
Portfolio turnover rate		20	%		24	%		222	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	—	#	$	0.01


	Year Ended December 31,
Class IB	2004(e)			2003			2002			2001			2000
Net asset value, beginning of year	$	10.76		$	8.22		$	10.93		$	11.18		$	10.69

Income from investment operations:
Net investment income		0.07			0.03			0.04			0.02			0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.10			2.55			(2.73	)		(0.25	)		0.59

Total from investment operations		1.17			2.58			(2.69	)		(0.23	)		0.63

Less distributions:
Dividends from net investment income		(0.07	)		(0.04	)		(0.02	)		(0.02	)		(0.04	)
Distributions from realized gains		—			—			—			—			(0.10	)

Total dividends and distributions		(0.07	)		(0.04	)		(0.02	)		(0.02	)		(0.14	)

Net asset value, end of year	$	11.86		$	10.76		$	8.22		$	10.93		$	11.18

Total return		10.89	%		31.41	%		(24.62	)%		(2.04	)%		5.92	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,028,221		$	877,404		$	563,396		$	111,944		$	77,959
Ratio of expenses to average net assets:
After waivers		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly		0.90	%		0.93	%		0.43	%		N/A			N/A
Before waivers and fees paid indirectly		0.95	%		0.97	%		1.06	%		1.05	%		1.06	%
Ratio of net investment income to average net assets:
After waivers		0.57	%		0.38	%		0.50	%		0.26	%		0.47	%
After waivers and fees paid indirectly		0.62	%		0.40	%		1.02	%		N/A			N/A
Before waivers and fees paid indirectly		0.57	%		0.36	%		0.39	%		0.16	%		0.37	%
Portfolio turnover rate		20	%		24	%		222	%		30	%		38	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	—	#	$	—	#	$	0.01		$	0.01

See Notes to Financial Statements.

351

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO(l)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						March 25, 2002* to December 31, 2002
Class IA	2004			2003			March 25, 2002* to December 31, 2002
Net asset value, beginning of period	$	10.57		$	7.77		$	10.12

Income from investment operations:
Net investment income		0.06			0.03			0.05
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.95			2.82			(2.35	)

Total from investment operations		1.01			2.85			(2.30	)

Less distributions:
Dividends from net investment income		(0.08	)		(0.05	)		(0.05	)

Net asset value, end of period	$	11.50		$	10.57		$	7.77

Total return (b)		9.58	%		36.72	%		(22.77	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,152		$	1,359		$	93
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly (a)		0.68	%		068	%		0.66	%
Before waivers and fees paid indirectly (a)		0.70	%		0.72	%		0.77	%
Ratio of net investment income to average net assets:
After waivers (a)		0.74	%		0.60	%		0.68	%
After waivers and fees paid indirectly (a)		0.76	%		0.62	%		0.72	%
Before waivers and fees paid indirectly (a)		0.74	%		0.58	%		0.61	%
Portfolio turnover rate		19	%		15	%		30	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	—	#	$	—	#


	Year Ended December 31,
Class IB	2004			2003			2002			2001			2000
Net asset value, beginning of year	$	10.57		$	7.77		$	10.22		$	10.46		$	10.32

Income from investment operations:
Net investment income		0.05			0.02			0.03			0.03			0.05
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.93			2.81			(2.45	)		(0.24	)		0.30

Total from investment operations		0.98			2.83			(2.42	)		(0.21	)		0.35

Less distributions:
Dividends from net investment income		(0.05	)		(0.03	)		(0.03	)		(0.03	)		(0.05	)
Distributions from realized gains		—			—			—			—	#		(0.16	)

Total dividends and distributions		(0.05	)		(0.03	)		(0.03	)		(0.03	)		(0.21	)

Net asset value, end of year	$	11.50		$	10.57		$	7.77		$	10.22		$	10.46

Total return		9.30	%		36.38	%		(23.68	)%		(2.01	)%		3.56	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,040,979		$	752,983		$	273,334		$	198,364		$	136,485
Ratio of expenses to average net assets:
After waivers		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly		0.93	%		0.93	%		0.91	%		N/A			N/A
Before waivers and fees paid indirectly		0.95	%		0.97	%		1.02	%		1.01	%		1.01	%
Ratio of net investment income to average net assets:
After waivers		0.49	%		0.35	%		0.43	%		0.32	%		0.60	%
After waivers and fees paid indirectly		0.51	%		0.37	%		0.47	%		N/A			N/A
Before waivers and fees paid indirectly		0.49	%		0.33	%		0.36	%		0.26	%		0.54	%
Portfolio turnover rate		19	%		15	%		30	%		36	%		43	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	—	#	$	—	#	$	—	#	$	0.01

See Notes to Financial Statements.

352

EQ ADVISORS TRUST

EQ/EMERGING MARKETS EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						October 2, 2002* to December 31, 2002
Class IA	2004			2003			October 2, 2002* to December 31, 2002
Net asset value, beginning of period	$	8.20		$	5.29		$	4.85

Income (loss) from investment operations:
Net investment income		0.05			0.07			—	#
Net realized and unrealized gain on investments and foreign currency transactions		1.89			2.91			0.44

Total from investment operations		1.94			2.98			0.44

Less distributions:
Total dividends and distributions		(0.08	)		(0.07	)		—

Net asset value, end of period	$	10.06		$	8.20		$	5.29

Total return (b)		24.01	%		56.18	%		9.07	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,592		$	995		$	62
Ratio of expenses to average net assets:
After waivers (a)		1.55	%		1.55	%		1.57	%
After waivers and fees paid indirectly (a)		1.50	%		1.53	%		1.56	%
Before waivers and fees paid indirectly (a)		1.55	%		1.55	%		1.62	%
Ratio of net investment income to average net assets:
After waivers (a)		0.75	%		1.33	%		0.13	%
After waivers and fees paid indirectly (a)		0.80	%		1.35	%		0.14	%
Before waivers and fees paid indirectly (a)		0.75	%		1.33	%		0.08	%
Portfolio turnover rate		57	%		81	%		78	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—		$	—	#	$	—	#


	Year Ended December 31,
Class IB	2004			2003			2002			2001			2000
Net asset value, beginning of year	$	8.19		$	5.28		$	5.61		$	5.93		$	11.22

Income (loss) from investment operations:
Net investment income (loss)		0.04			0.05			(0.01	)		0.02			(0.08	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.89			2.91			(0.32	)		(0.33	)		(4.37	)

Total from investment operations		1.93			2.96			(0.33	)		(0.31	)		(4.45	)

Less distributions:
Dividends from net investment income		(0.06	)		(0.05	)		—			—			—
Distributions from realized gains		—			—			—			(0.01	)		(0.84	)

Total dividends and distributions		(0.06	)		(0.05	)		—			(0.01	)		(0.84	)

Net asset value, end of year	$	10.06		$	8.19		$	5.28		$	5.61		$	5.93

Total return		23.58	%		56.09	%		(6.05	)%		(5.09	)%		(40.12	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	615,499		$	389,893		$	193,115		$	183,868		$	198,044
Ratio of expenses to average net assets:
After waivers		1.80	%		1.80	%		1.82	%		1.78	%		1.75	%
After waivers and fees paid indirectly		1.75	%		1.78	%		1.81	%		N/A			N/A
Before waivers and fees paid indirectly		1.80	%		1.80	%		1.87	%		2.13	%		1.92	%
Ratio of net investment income (loss) to average net assets:
After waivers		0.50	%		1.08	%		(0.12	)%		0.32	%		(0.86	)%
After waivers and fees paid indirectly		0.55	%		1.10	%		(0.11	)%		N/A			N/A
Before waivers and fees paid indirectly		0.50	%		1.08	%		(0.17	)%		(0.03	)%		(0.99	)%
Portfolio turnover rate		57	%		81	%		78	%		143	%		95	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income (loss)	$	—		$	—	#	$	—	#	$	0.02		$	0.01

See Notes to Financial Statements.

353

EQ ADVISORS TRUST

EQ/ENTERPRISE CAPITAL APPRECIATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IB	2004			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of year	$	6.29		$	4.73		$	5.69		$	7.09		$	8.65

Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		(0.01	)		(0.01	)		—	#		0.05
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.89			1.57			(0.95	)		(1.36	)		(1.20	)

Total from investment operations		0.87			1.56			(0.96	)		(1.36	)		(1.15	)

Less distributions:
Dividends from net investment income		—			—			—			(0.04	)		—
Distributions from realized gains		—			—			—			—			(0.41	)

Total dividends and distributions		—			—			—			(0.04	)		(0.41	)

Net asset value, end of year	$	7.16		$	6.29		$	4.73		$	5.69		$	7.09

Total return		13.83	%		32.98	%		(16.87	)%		(19.11	)%		(13.82	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	56,035		$	54,637		$	43,614		$	57,542		$	72,982
Ratio of expenses to average net assets:
After waivers		N/A			1.05	%		0.88	%		0.87	%		0.86	%
After waivers and fees paid indirectly		1.19	%		1.01	%		0.87	%		0.86	%		0.86	%
Before waivers and fees paid indirectly		N/A			1.05	%		0.88	%		0.87	%		0.86	%
Ratio of net investment income (loss) to average net assets:
After waivers		N/A			(0.26	)%		(0.15	)%		(0.04	)%		0.62	%
After waivers and fees paid indirectly		(0.18	)%		(0.21	)%		(0.14	)%		(0.03	)%		0.62	%
Before waivers and fees paid indirectly		N/A			(0.26	)%		(0.15	)%		(0.04	)%		0.62	%
Portfolio turnover rate		68	%		75	%		109	%		115	%		123	%

See Notes to Financial Statements.

354

EQ ADVISORS TRUST

EQ/ENTERPRISE DEEP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IB	Year Ended December 31, 2004			May 1, 2003* to December 31, 2003(e)
Net asset value, beginning of period	$	12.20		$	10.00

Income from investment operations:
Net investment income		0.12			0.07
Net realized and unrealized gain on investments and foreign currency transactions		0.94			2.25

Total from investment operations		1.06			2.32

Less distributions:
Dividends from net investment income		(0.11	)		(0.05	)
Distributions from realized gains		(0.39	)		(0.07	)

Total dividends and distributions		(0.50	)		(0.12	)

Net asset value, end of period	$	12.76		$	12.20

Total return (b)		8.90	%		23.27	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	6,189		$	4,366
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.05	%		1.05	%
Before waivers and reimbursements (a)		2.28	%		1.69	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.08	%		1.23	%
Before waivers and reimbursements (a)		(0.15	)%		0.59	%
Portfolio turnover rate		36	%		23	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.15		$	*	*

See Notes to Financial Statements.

355

EQ ADVISORS TRUST

EQ/ENTERPRISE EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IB	2004			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of year	$	18.72		$	12.24		$	17.34		$	27.92		$	38.62

Income (loss) from investment operations:
Net investment loss		(0.17	)		(0.11	)		(0.08	)		(0.14	)		(0.21	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.70			6.59			(5.02	)		(6.42	)		0.27

Total from investment operations		2.53			6.48			(5.10	)		(6.56	)		0.06

Less distributions:
Dividends from net investment income		—			—			—			—			(0.29	)
Distributions from realized gains		—			—			—			(4.02	)		(10.47	)

Total dividends and distributions		—			—			—			(4.02	)		(10.76	)

Net asset value, end of year	$	21.25		$	18.72		$	12.24		$	17.34		$	27.92

Total return		13.51	%		52.94	%		(29.41	)%		(18.81	)%		(5.18	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	285,682		$	282,945		$	199,587		$	347,320		$	487,915
Ratio of expenses to average net assets:
After waivers		1.15	%		1.08	%		0.90	%		0.88	%		0.87	%
After waivers and fees paid indirectly		1.14	%		1.06	%		0.89	%		0.88	%		0.87	%
Before waivers and fees paid indirectly		1.17	%		1.08	%		0.90	%		0.88	%		0.87	%
Ratio of net investment loss to average net assets:
After waivers		(0.85	)%		(0.72	)%		(0.59	)%		(0.65	)%		(0.55	)%
After waivers and fees paid indirectly		(0.84	)%		(0.70	)%		(0.58	)%		(0.65	)%		(0.55	)%
Before waivers and fees paid indirectly		(0.87	)%		(0.72	)%		(0.59	)%		(0.65	)%		(0.55	)%
Portfolio turnover rate		18	%		19	%		15	%		21	%		44	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment loss	$	—	#	$	*	*	$	*	*	$	*	*	$	*	*

See Notes to Financial Statements.

356

EQ ADVISORS TRUST

EQ/ENTERPRISE EQUITY INCOME PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	December 13, 2004* to December 31, 2004(e)
Net asset value, beginning of period	$	5.99

Income from investment operations:
Net investment income		0.01
Net realized and unrealized gain on investments and foreign currency transactions		0.15

Total from investment operations		0.16

Less distributions:
Dividends from net investment income		(0.09	)

Net asset value, end of period	$	6.06

Total return (b)		1.78	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	117,151
Ratio of expenses to average net assets:
After waivers (a)		0.80	%(c)
After waivers and fees paid indirectly (a)		0.80	%(c)
Before waivers and fees paid indirectly (a)		0.89	%(c)
Ratio of net investment income to average net assets:
After waivers (a)		1.85	%(c)
After waivers and fees paid indirectly (a)		1.85	%(c)
Before waivers and fees paid indirectly (a)		1.76	%(c)
Portfolio turnover rate		55	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—	#


	Year Ended December 31,
Class IB	2004(e)			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of year	$	5.27		$	4.22		$	5.02		$	5.69		$	5.37

Income from investment operations:
Net investment income		0.09			0.08			0.07			0.07			0.08
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.85			1.04			(0.81	)		(0.69	)		0.26

Total from investment operations		0.94			1.12			(0.74	)		(0.62	)		0.34

Less distributions:
Dividends from net investment income		(0.14	)		(0.07	)		(0.06	)		(0.05	)		(0.02	)

Net asset value, end of year	$	6.07		$	5.27		$	4.22		$	5.02		$	5.69

Total return		17.88	%		26.65	%		(14.76	)%		(10.75	)%		6.45	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	92,294		$	48,094		$	37,716		$	40,506		$	32,829
Ratio of expenses to average net assets:
After waivers		1.05	%		1.05	%		0.90	%		0.88	%		0.88	%
After waivers and fees paid indirectly		1.05	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly		1.21	%		1.06	%		0.90	%		0.88	%		0.88	%
Ratio of net investment income to average net assets:
After waivers		1.60	%		1.70	%		1.44	%		1.43	%		1.43	%
After waivers and fees paid indirectly		1.60	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly		1.44	%		1.69	%		1.44	%		1.43	%		1.43	%
Portfolio turnover rate		55	%		103	%		35	%		36	%		37	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	*	*	$	*	*	$	*	*	$	*	*

See Notes to Financial Statements.

357

EQ ADVISORS TRUST

EQ/ENTERPRISE GLOBAL SOCIALLY RESPONSIVE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	December 31,						January 24, 2002* to December 31, 2002(e)
Class IB	2004			2003(e)			January 24, 2002* to December 31, 2002(e)
Net asset value, beginning of period	$	10.83		$	8.57		$	10.00

Income from investment operations:
Net investment income		0.09			0.04			0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.29			2.25			(1.44	)

Total from investment operations		1.38			2.29			(1.40	)

Less distributions:
Dividends from net investment income		(0.09	)		(0.03	)		(0.03	)
Distributions from realized gains		(0.37	)		—			—

Total dividends and distributions		(0.46	)		(0.03	)		(0.03	)

Net asset value, end of period	$	11.75		$	10.83		$	8.57

Total return (b)		12.84	%		26.73	%		(13.98	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	5,072		$	4,085		$	1,223
Ratio of expenses to average net assets:
After waivers (a)		1.30	%		1.30	%		1.30	%
Before waivers (a)		2.67	%		1.56	%		2.84	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.74	%		0.41	%		0.42	%
Before waivers (a)		(0.63	)%		0.15	%		(1.12	)%
Portfolio turnover rate		45	%		34	%		46	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	0.15		$	*	*	$	*	*

See Notes to Financial Statements.

358

EQ ADVISORS TRUST

EQ/ENTERPRISE GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	December 13, 2004* to December 31, 2004(e)
Net asset value, beginning of period	$	4.73

Income from investment operations:
Net investment income		—	#
Net realized and unrealized gain on investments		0.09

Total from investment operations		0.09

Less distributions:
Dividends from net investment income		(0.02	)

Net asset value, end of period	$	4.80

Total return (b)		0.99	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	13,837
Ratio of expenses to average net assets
After waivers (a)		0.76	%(c)
Before waivers (a)		0.76	%(c)
Ratio of net investment income to average net assets
After waivers (a)		0.47	%(c)
Before waivers (a)		0.47	%(c)
Portfolio turnover rate		58	%


	Year Ended December 31,
Class IB	2004(e)			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of year	$	4.64		$	3.98		$	5.21		$	5.99		$	6.56

Income from investment operations:
Net investment income		0.01			0.01			0.02			0.02			0.03
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.18			0.67			(1.23	)		(0.78	)		(0.54	)

Total from investment operations		0.19			0.68			(1.21	)		(0.76	)		(0.51	)

Less distributions:
Dividends from net investment income		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.01	)
Distributions from realized gains		—			—			—			—			(0.05	)

Total dividends and distributions		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.06	)

Net asset value, end of year	$	4.81		$	4.64		$	3.98		$	5.21		$	5.99

Total return		4.10	%		17.05	%		(23.26	)%		(12.56	)%		(7.79	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	258,854		$	265,471		$	208,610		$	280,279		$	319,207
Ratio of expenses to average net assets
After waivers		1.12	%		1.03	%		0.86	%		0.84	%		0.83	%
Before waivers		1.12	%		1.03	%		0.86	%		0.84	%		0.83	%
Ratio of net investment income to average net assets
After waivers		0.11	%		0.34	%		0.42	%		0.34	%		0.45	%
Before waivers		0.11	%		0.34	%		0.42	%		0.34	%		0.45	%
Portfolio turnover rate		58	%		40	%		42	%		52	%		56	%

See Notes to Financial Statements.

359

EQ ADVISORS TRUST

EQ/ENTERPRISE GROWTH AND INCOME PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IB	2004			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of year	$	4.99		$	3.95		$	5.41		$	6.20		$	6.16

Income from investment operations:
Net investment income		0.05			0.04			0.04			0.05			0.07
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.61			1.04			(1.45	)		(0.79	)		(0.01	)

Total from investment operations		0.66			1.08			(1.41	)		(0.74	)		0.06

Less distributions:
Dividends from net investment income		(0.09	)		(0.04	)		(0.05	)		(0.05	)		(0.02	)
Distributions from realized gains		—			—			—			—			—	#

Total dividends and distributions		(0.09	)		(0.04	)		(0.05	)		(0.05	)		(0.02	)

Net asset value, end of year	$	5.56		$	4.99		$	3.95		$	5.41		$	6.20

Total return		13.28	%		27.56	%		(25.95	)%		(11.87	)%		0.91	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	132,682		$	127,894		$	111,429		$	172,531		$	171,353
Ratio of expenses to average net assets:
After waivers		1.05	%		1.03	%		0.86	%		0.85	%		0.85	%
Before waivers		1.16	%		1.03	%		0.86	%		0.85	%		0.85	%
Ratio of net investment income to average net assets:
After waivers		0.91	%		0.84	%		0.81	%		0.92	%		1.09	%
Before waivers		0.80	%		0.84	%		0.81	%		0.92	%		1.09	%
Portfolio turnover rate		40	%		119	%		19	%		2	%		6	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	*	*	$	*	*	$	*	*	$	*	*

See Notes to Financial Statements.

360

EQ ADVISORS TRUST

EQ/ENTERPRISE HIGH-YIELD BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IB	2004			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of year	$	4.82		$	4.04		$	4.34		$	4.48		$	5.06

Income from investment operations:
Net investment income		0.35			0.33			0.36			0.40			0.46
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.10			0.54			(0.30	)		(0.14	)		(0.58	)

Total from investment operations		0.45			0.87			0.06			0.26			(0.12	)

Less distributions:
Dividends from net investment income		(0.57	)		(0.09	)		(0.36	)		(0.40	)		(0.46	)

Net asset value, end of year	$	4.70		$	4.82		$	4.04		$	4.34		$	4.48

Total return		9.70	%		22.64	%		1.51	%		5.90	%		(2.52	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	86,676		$	90,014		$	77,130		$	107,686		$	88,336
Ratio of expenses to average net assets:
After waivers		0.85	%		0.79	%		0.79	%		0.77	%		0.75	%
Before waivers		0.97	%		0.79	%		0.79	%		0.77	%		0.75	%
Ratio of net investment income to average net assets:
After waivers		6.61	%		7.53	%		8.61	%		8.92	%		9.57	%
Before waivers		6.49	%		7.53	%		8.61	%		8.92	%		9.57	%
Portfolio turnover rate		66	%		60	%		81	%		73	%		54	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	*	*	$	*	*	$	*	*	$	*	*

See Notes to Financial Statements.

361

EQ ADVISORS TRUST

EQ/ENTERPRISE INTERNATIONAL GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IB	2004			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of year	$	4.51		$	3.46		$	4.33		$	6.94		$	9.29

Income (loss) from investment operations:
Net investment income (loss)		0.03			0.03			0.05			0.02			(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.20			1.04			(0.89	)		(2.02	)		(1.57	)

Total from investment operations		0.23			1.07			(0.84	)		(2.00	)		(1.58	)

Less distributions:
Dividends from net investment income		(0.05	)		(0.02	)		(0.03	)		(0.04	)		(0.02	)
Distributions from realized gains		(0.01	)		—			—			(0.57	)		(0.75	)

Total dividends and distributions		(0.06	)		(0.02	)		(0.03	)		(0.61	)		(0.77	)

Net asset value, end of year	$	4.68		$	4.51		$	3.46		$	4.33		$	6.94

Total return		5.27	%		30.94	%		(19.46	)%		(27.80	)%		(17.21	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	53,426		$	55,645		$	44,152		$	62,742		$	100,550
Ratio of expenses to average net assets:
After waivers		1.32	%		1.14	%		1.06	%		1.09	%		1.04	%
After waivers and fees paid indirectly		N/A			1.14	%		1.06	%		1.09	%		1.04	%
Before waivers and fees paid indirectly		1.32	%		1.14	%		1.06	%		1.09	%		1.04	%
Ratio of net investment income (loss) to average net assets:
After waivers		0.57	%		0.85	%		1.22	%		0.30	%		(0.06	)%
After waivers and fees paid indirectly		N/A			0.85	%		1.22	%		0.30	%		(0.06	)%
Before waivers and fees paid indirectly		0.57	%		0.85	%		1.22	%		0.30	%		(0.06	)%
Portfolio turnover rate		154	%		54	%		176	%		95	%		73	%

See Notes to Financial Statements.

362

EQ ADVISORS TRUST

EQ/ENTERPRISE MANAGED PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IB	2004			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of year	$	18.27		$	15.28		$	19.60		$	24.19		$	36.30

Income from investment operations:
Net investment income		0.29			0.19			0.14			0.13			0.45
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.25			2.99			(4.30	)		(3.10	)		(0.23	)

Total from investment operations		1.54			3.18			(4.16	)		(2.97	)		0.22

Less distributions:
Dividends from net investment income		(0.53	)		(0.19	)		(0.16	)		(0.48	)		(0.75	)
Distributions from realized gains		—			—			—			(1.14	)		(11.58	)

Total dividends and distributions		(0.53	)		(0.19	)		(0.16	)		(1.62	)		(12.33	)

Net asset value, end of year	$	19.28		$	18.27		$	15.28		$	19.60		$	24.19

Total return		8.57	%		20.91	%		(21.20	)%		(11.15	)%		1.46	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	639,576		$	693,844		$	663,595		$	1,074,983		$	1,452,864
Ratio of expenses to average net assets:
After waivers		1.05	%		1.05	%		0.88	%		0.88	%		0.82	%
After waivers and fees paid indirectly		1.05	%		1.04	%		0.85	%		0.84	%		0.82	%
Before waivers and fees paid indirectly		1.15	%		1.05	%		0.88	%		0.88	%		0.82	%
Ratio of net investment income to average net assets:
After waivers		1.31	%		1.13	%		0.82	%		0.56	%		1.44	%
After waivers and fees paid indirectly		1.31	%		1.14	%		0.85	%		0.60	%		1.44	%
Before waivers and fees paid indirectly		1.21	%		1.13	%		0.82	%		0.56	%		1.44	%
Portfolio turnover rate		67	%		71	%		109	%		141	%		19	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	0.02		$	*	*	$	*	*	$	*	*	$	*	*

See Notes to Financial Statements.

363

EQ ADVISORS TRUST

EQ/ENTERPRISE MERGERS AND ACQUISITIONS PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IB	Year Ended December 31, 2004			May 1, 2003* to December 31, 2003(e)
Net asset value, beginning of period	$	11.03		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.01			(0.02	)
Net realized and unrealized gain on investments and foreign currency transactions		0.58			1.10

Total from investment operations		0.59			1.08

Less distributions:
Dividends from net investment income		(0.01	)		—
Distributions from realized gains		(0.24	)		(0.05	)

Total dividends and distributions		(0.25	)		(0.05	)

Net asset value, end of period	$	11.37		$	11.03

Total return (b)		5.35	%		10.78	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	8,080		$	3,325
Ratio of expenses to average net assets:
After waivers (a)		1.45	%		1.45	%
After waivers and fees paid indirectly (a)		1.45	%		N/A
Before waivers and fees paid indirectly (a)		2.36	%		1.66	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.10	%		(0.29	)%
After waivers and fees paid indirectly (a)		0.10	%		N/A
Before waivers and fees paid indirectly (a)		(0.81	)%		(0.50	)%
Portfolio turnover rate		149	%		87	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.10		$	*	*

See Notes to Financial Statements.

364

EQ ADVISORS TRUST

EQ/ENTERPRISE MULTI-CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IB	2004			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of year	$	7.41		$	5.51		$	8.43		$	10.15		$	14.63

Income (loss) from investment operations:
Net investment loss		(0.03	)		(0.04	)		(0.05	)		(0.02	)		(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.59			1.94			(2.87	)		(1.70	)		(4.45	)

Total from investment operations		0.56			1.90			(2.92	)		(1.72	)		(4.47	)

Less distributions:
Distributions from realized gains		—			—			—			—			(0.01	)

Net asset value, end of year	$	7.97		$	7.41		$	5.51		$	8.43		$	10.15

Total return		7.56	%		34.48	%		(34.64	)%		(16.95	)%		(30.59	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	63,468		$	68,053		$	52,586		$	99,957		$	128,714
Ratio of expenses to average net assets:
After waivers		1.40	%		1.30	%		1.13	%		1.10	%		1.10	%
After waivers and fees paid indirectly		1.20	%		1.30	%		1.13	%		1.10	%		1.10	%
Before waivers and fees paid indirectly		1.45	%		1.30	%		1.13	%		1.10	%		1.10	%
Ratio of net investment loss to average net assets:
After waivers		(0.57	)%		(0.68	)%		(0.68	)%		(0.23	)%		(0.13	)%
After waivers and fees paid indirectly		(0.37	)%		(0.68	)%		(0.68	)%		(0.23	)%		(0.13	)%
Before waivers and fees paid indirectly		(0.62	)%		(0.68	)%		(0.68	)%		(0.23	)%		(0.13	)%
Portfolio turnover rate		257	%		164	%		192	%		107	%		128	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment loss	$	—	#	$	*	*	$	*	*	$	*	*	$	*	*

See Notes to Financial Statements.

365

EQ ADVISORS TRUST

EQ/ENTERPRISE SHORT DURATION BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IB	Year Ended December 31, 2004			May 1, 2003* to December 31, 2003 (e)
Net asset value, beginning of period	$	9.98		$	10.00

Income from investment operations:
Net investment income		0.23			0.15
Net realized and unrealized loss on investments and foreign currency transactions		(0.06	)		(0.04	)

Total from investment operations		0.17			0.11

Less distributions:
Dividends from net investment income		(0.23	)		(0.13	)

Net asset value, end of period	$	9.92		$	9.98

Total return (b)		1.70	%		1.15	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	13,442		$	9,767
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.65	%		0.65	%
Before waivers and reimbursements (a)		1.22	%		0.72	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		2.55	%		2.54	%
Before waivers and reimbursements (a)		1.98	%		2.47	%
Portfolio turnover rate		36	%		4	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	0.06		$	*	*

See Notes to Financial Statements.

366

EQ ADVISORS TRUST

EQ/ENTERPRISE SMALL COMPANY GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IB	2004			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of year	$	7.36		$	5.98		$	7.87		$	8.60		$	8.50

Income (loss) from investment operations:
Net investment loss		(0.07	)		(0.07	)		(0.05	)		(0.05	)		(0.03	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.99			1.45			(1.84	)		(0.38	)		0.20

Total from investment operations		0.92			1.38			(1.89	)		(0.43	)		0.17

Less distributions:
Distributions from realized gains		—			—			—			(0.30	)		(0.07	)

Net asset value, end of year	$	8.28		$	7.36		$	5.98		$	7.87		$	8.60

Total return		12.50	%		23.08	%		(24.02	)%		(3.80	)%		1.90	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	93,964		$	83,897		$	66,203		$	82,591		$	82,061
Ratio of expenses to average net assets:
After waivers		1.30	%		1.29	%		1.12	%		1.10	%		1.11	%
After waivers and fees paid indirectly		1.30	%		1.29	%		1.12	%		1.10	%		1.11	%
Before waivers and fees paid indirectly		1.43	%		1.29	%		1.12	%		1.10	%		1.11	%
Ratio of net investment income (loss) to average net assets:
After waivers		(0.89	)%		(1.03	)%		(0.79	)%		(0.62	)%		(0.32	)%
Before waivers and fees paid indirectly		(0.89	)%		(1.03	)%		(0.79	)%		(0.62	)%		(0.32	)%
Before waivers and fees paid indirectly		(1.02	)%		(1.03	)%		(0.79	)%		(0.62	)%		(0.32	)%
Portfolio turnover rate		199	%		85	%		37	%		40	%		47	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income (loss)	$	0.01		$	*	*	$	*	*	$	*	*	$	*	*

See Notes to Financial Statements.

367

EQ ADVISORS TRUST

EQ/ENTERPRISE SMALL COMPANY VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IB	2004			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of year	$	23.56		$	17.16		$	19.59		$	26.19		$	31.45

Income from investment operations:
Net investment income		0.01			—	#		0.03			0.08			0.07
Net realized and unrealized gain (loss) on investments and foreign currency transactions		4.90			6.42			(1.87	)		0.21			0.71

Total from investment operations		4.91			6.42			(1.84	)		0.29			0.78

Less distributions:
Dividends from net investment income		—	#		(0.02	)		(0.07	)		(0.07	)		(0.05	)
Distributions from realized gains		(0.72	)		—			(0.52	)		(6.82	)		(5.99	)

Total dividends and distributions		(0.72	)		(0.02	)		(0.59	)		(6.89	)		(6.04	)

Net asset value, end of year	$	27.75		$	23.56		$	17.16		$	19.59		$	26.19

Total return		20.93	%		37.43	%		(9.25	)%		5.25	%		2.52	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	470,869		$	396,914		$	306,445		$	359,270		$	351,270
Ratio of expenses to average net assets:
After waivers		1.17	%		1.08	%		0.92	%		0.90	%		0.89	%
After waivers and fees paid indirectly		1.16	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly		1.17	%		1.08	%		0.92	%		0.90	%		0.89	%
Ratio of net investment income to average net assets:
After waivers		0.05	%		0.01	%		0.14	%		0.35	%		0.23	%
After waivers and fees paid indirectly		0.06	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly		0.05	%		0.01	%		0.14	%		0.35	%		0.23	%
Portfolio turnover rate		10	%		8	%		10	%		29	%		41	%

See Notes to Financial Statements.

368

EQ ADVISORS TRUST

EQ/ENTERPRISE TOTAL RETURN PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						February 24, 2002* to December 31, 2002(e)
Class IB	2004			2003(e)			February 24, 2002* to December 31, 2002(e)
Net asset value, beginning of period	$	10.33		$	10.19		$	10.00

Income from investment operations:
Net investment income		0.20			0.24			0.34
Net realized and unrealized gain on investments and foreign currency transactions		0.29			0.31			0.35

Total from investment operations		0.49			0.55			0.69

Less distributions:
Dividends from net investment income		(0.21	)		(0.25	)		(0.34	)
Distributions from realized gains		(0.30	)		(0.16	)		(0.16	)

Total dividends and distributions		(0.51	)		(0.41	)		(0.50	)

Net asset value, end of period	$	10.31		$	10.33		$	10.19

Total return (b)		4.78	%		5.65	%		7.09	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	60,511		$	51,752		$	31,300
Ratio of expenses to average net assets:
After waivers (a)		0.65	%		0.65	%		0.65	%
Before waivers (a)		1.00	%		0.82	%		0.96	%
Ratio of net investment income to average net assets:
After waivers (a)		2.04	%		2.26	%		3.46	%
Before waivers (a)		1.69	%		2.09	%		3.15	%
Portfolio turnover rate		396	%		364	%		493	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income.	$	0.04		$	*	*	$	*	*

See Notes to Financial Statements.

369

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO(f)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2004			2003			2002			2001(e)			2000(e)
Net asset value, beginning of year	$	21.38		$	16.92		$	22.05		$	25.34		$	29.57

Income from investment operations:
Net investment income		0.39			0.28			0.26			0.26			0.25
Net realized and unrealized gain (loss) on investments		1.85			4.47			(5.15	)		(3.28	)		(3.13	)

Total from investment operations		2.24			4.75			(4.89	)		(3.02	)		(2.88	)

Less distributions:
Dividends from net investment income		(0.38	)		(0.29	)		(0.22	)		(0.25	)		(0.19	)
Distributions from realized gains		—			—			(0.02	)		(0.02	)		(1.16	)

Total dividends and distributions		(0.38	)		(0.29	)		(0.24	)		(0.27	)		(1.35	)

Net asset value, end of year	$	23.24		$	21.38		$	16.92		$	22.05		$	25.34

Total return		10.50	%		28.14	%		(22.19	)%		(11.95	)%		(9.58	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,633,378		$	1,560,563		$	1,256,522		$	1,775,556		$	2,106,901
Ratio of expenses to average net assets		0.30	%		0.31	%		0.32	%		0.31	%		0.32	%
Ratio of net investment income to average net assets		1.75	%		1.48	%		1.30	%		1.08	%		0.87	%
Portfolio turnover rate		1	%		—	‡%		8	%		3	%		17	%


	Year Ended December 31,
Class IB	2004			2003			2002			2001(e)			2000(e)
Net asset value, beginning of year	$	21.28		$	16.84		$	21.95		$	25.22		$	29.50

Income from investment operations:
Net investment income		0.31			0.19			0.18			0.20			0.16
Net realized and unrealized gain (loss) on investments		1.86			4.49			(5.09	)		(3.26	)		(3.11	)

Total from investment operations		2.17			4.68			(4.91	)		(3.06	)		(2.95	)

Less distributions:
Dividends from net investment income		(0.32	)		(0.24	)		(0.18	)		(0.19	)		(0.17	)
Distributions from realized gains		—			—			(0.02	)		(0.02	)		(1.16	)

Total dividends and distributions		(0.32	)		(0.24	)		(0.20	)		(0.21	)		(1.33	)

Net asset value, end of year	$	23.13		$	21.28		$	16.84		$	21.95		$	25.22

Total return		10.21	%		27.83	%		(22.39	)%		(12.15	)%		(9.81	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,951,348		$	1,589,054		$	860,185		$	925,533		$	928,578
Ratio of expenses to average net assets		0.55	%		0.56	%		0.57	%		0.56	%		0.57	%
Ratio of net investment income to average net assets		1.50	%		1.23	%		1.05	%		0.83	%		0.58	%
Portfolio turnover rate		1	%		—	‡%		8	%		3	%		17	%

See Notes to Financial Statements.

370

EQ ADVISORS TRUST

EQ/EVERGREEN OMEGA PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						October 2, 2002* to December 31, 2002
Class IA	2004			2003			October 2, 2002* to December 31, 2002
Net asset value, beginning of period	$	8.41		$	6.08		$	5.98

Income (loss) from investment operations:
Net investment income (loss)		0.05			—	#		0.01
Net realized and unrealized gain on investments		0.57			2.33			0.09

Total from investment operations		0.62			2.33			0.10

Less distributions:
Dividends from net investment income		(0.05	)		—			—

Net asset value, end of period	$	8.98		$	8.41		$	6.08

Total return (b)		7.35	%		38.55	%		1.51	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	89		$	75		$	50
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly (a)		0.32	%		0.59	%		0.51	%
Before waivers and fees paid indirectly (a)		0.76	%		0.90	%		1.29	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.27	%		(0.19	)%		(0.04	)%
After waivers and fees paid indirectly (a)		0.65	%		(0.08	)%		0.15	%
Before waivers and fees paid indirectly (a)		0.21	%		(0.39	)%		(0.64	)%
Portfolio turnover rate		160	%		161	%		177	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income (loss)	$	—	#	$	0.01		$	0.01


	Year Ended December 31,
Class IB	2004			2003			2002			2001			2000
Net asset value, beginning of year	$	8.39		$	6.07		$	7.99		$	9.63		$	10.93

Income (loss) from investment operations:
Net investment income (loss)		0.03			(0.01	)		—	#		(0.02	)		0.02
Net realized and unrealized gain (loss) on investments		0.55			2.33			(1.92	)		(1.62	)		(1.30	)

Total from investment operations		0.58			2.32			(1.92	)		(1.64	)		(1.28	)

Less distributions:
Dividends from net investment income		(0.02	)		—			—			—	#		(0.02	)

Net asset value, end of year	$	8.95		$	8.39		$	6.07		$	7.99		$	9.63

Total return		6.97	%		38.22	%		(24.03	)%		(17.02	)%		(11.66	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	193,160		$	109,660		$	25,146		$	13,506		$	8,676
Ratio of expenses to average net assets:
After waivers		0.95	%		0.95	%		0.95	%		0.95	%		0.98	%
After waivers and fees paid indirectly		0.57	%		0.84	%		0.76	%		N/A			N/A
Before waivers and fees paid indirectly		1.01	%		1.15	%		1.54	%		1.89	%		1.76	%
Ratio of net investment income (loss) to average net assets:
After waivers		0.02	%		(0.44	)%		(0.29	)%		(0.29	)%		0.31	%
After waivers and fees paid indirectly		0.40	%		(0.33	)%		(0.10	)%		N/A			N/A
Before waivers and fees paid indirectly		(0.04	)%		(0.64	)%		(0.89	)%		(1.23	)%		(0.47	)%
Portfolio turnover rate		160	%		161	%		177	%		227	%		115	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income (loss)	$	0.01		$	0.01		$	0.03		$	0.06		$	0.04

See Notes to Financial Statements.

371

EQ ADVISORS TRUST

EQ/FI MID CAP PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						March 25, 2002* to December 31, 2002
Class IA	2004			2003			March 25, 2002* to December 31, 2002
Net asset value, beginning of period	$	10.20		$	7.08		$	8.57

Income from investment operations:
Net investment income		0.05			0.01			0.01
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.59			3.11			(1.50	)

Total from investment operations		1.64			3.12			(1.49	)

Less distributions:
Dividends from net investment income		(0.07	)		—			—	#
Distributions from realized gains		(0.64	)		—			—

Total dividends and distributions		(0.71	)		—			—	#

Net asset value, end of period	$	11.13		$	10.20		$	7.08

Total return (b)		16.32	%		44.07	%		(17.37	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	7,931		$	2,835		$	106
Ratio of expenses to average net assets:
After waivers (a)		0.75	%		0.75	%		0.75	%
After waivers and fees paid indirectly (a)		0.71	%		0.63	%		0.66	%
Before waivers and fees paid indirectly (a)		0.76	%		0.78	%		0.83	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.62	%		0.04	%		0.02	%
After waivers and fees paid indirectly (a)		0.66	%		0.16	%		0.11	%
Before waivers and fees paid indirectly (a)		0.61	%		0.01	%		(0.06	)%
Portfolio turnover rate		123	%		159	%		214	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income (loss)	$	—	#	$	—	#	$	—	#


	Year Ended December 31,												September 1, *2000 to** December 31, 2000
Class IB	2004			2003			2002			2001			September 1, *2000 to** December 31, 2000
Net asset value, beginning of period	$	10.15		$	7.07		$	8.67		$	10.02		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.04			(0.01	)		—	#		0.01			0.01
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.57			3.09			(1.60	)		(1.35	)		0.03

Total from investment operations		1.61			3.08			(1.60	)		(1.34	)		0.04

Less distributions:
Dividends from net investment income		(0.04	)		—			—	#		(0.01	)		(0.02	)
Distributions from realized gains		(0.64	)		—			—			—			—

Total dividends and distributions		(0.68	)		—			—	#		(0.01	)		(0.02	)

Net asset value, end of period	$	11.08		$	10.15		$	7.07		$	8.67		$	10.02

Total return (b)		16.01	%		43.56	%		(18.44	)%		(13.42	)%		0.46	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,161,685		$	792,096		$	279,947		$	177,447		$	45,790
Ratio of expenses to average net assets:
After waivers (a)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
After waivers and fees paid indirectly (a)		0.96	%		0.88	%		0.91	%		N/A			N/A
Before waivers and fees paid indirectly (a)		1.01	%		1.03	%		1.08	%		1.22	%		1.23	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.37	%		(0.21	)%		(0.23	)%		0.26	%		1.17	%
After waivers and fees paid indirectly (a)		0.41	%		(0.09	)%		(0.14	)%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.36	%		(0.24	)%		(0.31	)%		0.04	%		0.94	%
Portfolio turnover rate		123	%		159	%		214	%		231	%		42	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income (loss)	$	—	#	$	—	#	$	—	#	$	0.01		$	—

See Notes to Financial Statements.

372

EQ ADVISORS TRUST

EQ/FI SMALL/MID CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2004(e)			2003			2002			2001			2000(e)
Net asset value, beginning of year.	$	13.09		$	9.85		$	11.61		$	11.21		$	10.76

Income from investment operations:
Net investment income		0.03			0.09			0.11			0.12			0.10
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.20			3.22			(1.79	)		0.36			0.48

Total from investment operations		2.23			3.31			(1.68	)		0.48			0.58

Less distributions:
Dividends from net investment income		—			(0.07	)		(0.08	)		(0.08	)		(0.13	)
Distributions from realized gains		(1.27	)		—			—			—			—

Total dividends and distributions		(1.27	)		(0.07	)		(0.08	)		(0.08	)		(0.13	)

Net asset value, end of year	$	14.05		$	13.09		$	9.85		$	11.61		$	11.21

Total return		18.14	%		33.58	%		(14.49	)%		4.29	%		5.48	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	8,178		$	26,522		$	18,779		$	18,087		$	7,269
Ratio of expenses to average net assets:
After waivers		0.82	%		0.85	%		0.85	%		0.85	%		0.82	%(c)
After waivers and fees paid indirectly		0.80	%		0.79	%		0.83	%		N/A			N/A
Before waivers and fees paid indirectly		0.82	%		0.85	%		0.85	%		0.86	%		0.87	%(c)
Ratio of net investment income to average net assets:
After waivers		0.21	%		0.75	%		1.00	%		1.28	%		1.42	%(c)
After waivers and fees paid indirectly		0.23	%		0.81	%		1.02	%		N/A			N/A
Before waivers and fees paid indirectly		0.21	%		0.75	%		1.00	%		1.27	%		1.37	%(c)
Portfolio turnover rate		74	%		160	%		98	%		106	%		196	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—	#	$	0.01


	Year Ended December 31,
Class IB	2004(e)			2003			2002			2001			2000(e)
Net asset value, beginning of year	$	13.08		$	9.84		$	11.61		$	11.22		$	10.78

Income from investment operations:
Net investment income (loss)		—	#		0.06			0.07			0.06			0.12
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.19			3.22			(1.78	)		0.39			0.43

Total from investment operations		2.19			3.28			(1.71	)		0.45			0.55

Less distributions:
Dividends from net investment income		—			(0.04	)		(0.06	)		(0.06	)		(0.11	)
Distributions from realized gains		(1.27	)		—			—			—			—

Total dividends and distributions		(1.27	)		(0.04	)		(0.06	)		(0.06	)		(0.11	)

Net asset value, end of year	$	14.00		$	13.08		$	9.84		$	11.61		$	11.22

Total return		17.84	%		33.36	%		(14.77	)%		4.04	%		5.13	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,438,673		$	1,097,892		$	646,958		$	429,560		$	153,232
Ratio of expenses to average net assets:
After waivers		1.07	%		1.10	%		1.10	%		1.10	%		1.07	%(c)
After waivers and fees paid indirectly		1.05	%		1.04	%		1.08	%		N/A			N/A
Before waivers and fees paid indirectly		1.07	%		1.10	%		1.10	%		1.11	%		1.12	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers		(0.04	)%		0.50	%		0.75	%		1.03	%		1.17	%(c)
After waivers and fees paid indirectly		(0.02	)%		0.56	%		0.77	%		N/A			N/A
Before waivers and fees paid indirectly		(0.04	)%		0.50	%		0.75	%		1.02	%		1.12	%(c)
Portfolio turnover rate		74	%		160	%		98	%		106	%		196	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—	#	$	—

See Notes to Financial Statements.

373

EQ ADVISORS TRUST

EQ/JANUS LARGE CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						March 25, 2002* to December 31, 2002
Class IA	2004			2003			March 25, 2002* to December 31, 2002
Net asset value, beginning of period	$	5.71		$	4.53		$	6.22

Income from investment operations:
Net investment income		0.03			—	#		—	#
Net realized and unrealized gain (loss) on investments		0.68			1.18			(1.69	)

Total from investment operations		0.71			1.18			(1.69	)

Less distributions:
Dividends from net investment income		(0.03	)		—			—

Net asset value, end of period	$	6.39		$	5.71		$	4.53

Total return (b)		12.46	%		26.05	%		(27.17	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	206		$	152		$	72
Ratio of expenses to average net assets:
After waivers (a)		0.90	%		0.90	%		0.90	%
Before waivers (a)		0.98	%		0.99	%		1.01	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.51	%		0.03	%		0.03	%
Before waivers (a)		0.43	%		(0.06	)%		(0.08	)%
Portfolio turnover rate		64	%		42	%		45	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income (loss)	$	—	#	$	—	#	$	—	#


	Year Ended December 31,												September 1, 2000* to December 31, 2000
Class IB	2004			2003			2002			2001			September 1, 2000* to December 31, 2000
Net asset value, beginning of period	$	5.69		$	4.52		$	6.49		$	8.42		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.01			—	#		(0.01	)		(0.01	)		—	#
Net realized and unrealized gain (loss) on investments		0.68			1.17			(1.96	)		(1.92	)		(1.57	)

Total from investment operations		0.69			1.17			(1.97	)		(1.93	)		(1.57	)

Less distributions:
Dividends from net investment income		(0.01	)		—			—			—	#		(0.01	)

Net asset value, end of period	$	6.37		$	5.69		$	4.52		$	6.49		$	8.42

Total return (b)		12.22	%		25.88	%		(30.35	)%		(22.91	)%		(15.70	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	312,237		$	260,330		$	161,566		$	163,096		$	55,402
Ratio of expenses to average net assets:
After waivers (a)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Before waivers (a)		1.23	%		1.24	%		1.26	%		1.29	%		1.37	%
Ratio of net investment income to average net assets:
After waivers (a)		0.26	%		(0.22	)%		(0.22	)%		(0.27	)%		0.65	%
Before waivers (a)		0.18	%		(0.31	)%		(0.33	)%		(0.41	)%		0.43	%
Portfolio turnover rate		64	%		42	%		45	%		27	%		0	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income (loss)	$	—	#	$	—	#	$	0.01		$	0.01		$	—	#

See Notes to Financial Statements.

374

EQ ADVISORS TRUST

EQ/J.P. MORGAN CORE BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						March 25, 2002* to December 31, 2002
Class IA	2004(e)			2003(e)			March 25, 2002* to December 31, 2002
Net asset value, beginning of period	$	11.18		$	11.19		$	10.77

Income from investment operations:
Net investment income		0.33			0.34			0.41
Net realized and unrealized gain on investments and foreign currency transactions		0.15			0.06			0.61

Total from investment operations		0.48			0.40			1.02

Less distributions:
Dividends from net investment income		(0.32	)		(0.34	)		(0.43	)
Distributions from realized gains		(0.20	)		(0.07	)		(0.17	)

Total dividends and distributions		(0.52	)		(0.41	)		(0.60	)

Net asset value, end of period	$	11.14		$	11.18		$	11.19

Total return (b)		4.31	%		3.62	%		9.53	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	5,715		$	2,122		$	131
Ratio of expenses to average net assets:
After waivers (a)		0.50	%		0.52	%		0.55	%
Before waivers (a)		0.50	%		0.52	%		0.55	%
Ratio of net investment income to average net assets:
After waivers (a)		2.93	%		2.98	%		4.77	%
Before waivers (a)		2.93	%		2.98	%		4.77	%
Portfolio turnover rate		560	%		464	%		166	%


	Year Ended December 31,
Class IB	2004(e)			2003(e)			2002			2001			2000
Net asset value, beginning of year	$	11.19		$	11.19		$	10.76		$	10.51		$	9.92

Income from investment operations:
Net investment income		0.30			0.31			0.40			0.46			0.54
Net realized and unrealized gain on investments and foreign currency transactions		0.15			0.08			0.61			0.45			0.61

Total from investment operations		0.45			0.39			1.01			0.91			1.15

Less distributions:
Dividends from net investment income		(0.29	)		(0.32	)		(0.41	)		(0.46	)		(0.56	)
Distributions from realized gains		(0.20	)		(0.07	)		(0.17	)		(0.20	)		—

Total dividends and distributions		(0.49	)		(0.39	)		(0.58	)		(0.66	)		(0.56	)

Net asset value, end of year	$	11.15		$	11.19		$	11.19		$	10.76		$	10.51

Total return		4.13	%		3.38	%		9.52	%		7.95	%		11.55	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,208,076		$	1,081,959		$	768,461		$	429,056		$	233,916
Ratio of expenses to average net assets:
After waivers		0.75	%		0.77	%		0.80	%		0.80	%		0.80	%
Before waivers		0.75	%		0.77	%		0.80	%		0.81	%		0.81	%
Ratio of net investment income to average net assets:
After waivers		2.68	%		2.73	%		4.52	%		5.18	%		5.92	%
Before waivers		2.68	%		2.73	%		4.52	%		5.17	%		5.91	%
Portfolio turnover rate.		560	%		464	%		166	%		211	%		185	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—	#	$	—

See Notes to Financial Statements.

375

EQ ADVISORS TRUST

EQ/JP MORGAN VALUE OPPORTUNITIES PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						October 2, 2002* to December 31, 2002
Class IA	2004			2003			October 2, 2002* to December 31, 2002
Net asset value, beginning of period	$	11.23		$	8.97		$	8.41

Income from investment operations:
Net investment income		0.19			0.15			0.04
Net realized and unrealized gain on investments and foreign currency transactions		1.07			2.27			0.68

Total from investment operations		1.26			2.42			0.72

Less distributions:
Dividends from net investment income		(0.19	)		(0.16	)		(0.16	)

Net asset value, end of period	$	12.30		$	11.23		$	8.97

Total return (b)		11.21	%		27.04	%		8.55	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	129		$	108		$	53
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly (a)		0.51	%		0.68	%		0.69	%
Before waivers and fees paid indirectly (a)		0.70	%		0.70	%		0.70	%
Ratio of net investment income to average net assets:
After waivers (a)		1.53	%		1.67	%		1.54	%
After waivers and fees paid indirectly (a)		1.72	%		1.69	%		1.55	%
Before waivers and fees paid indirectly (a)		1.53	%		1.67	%		1.54	%
Portfolio turnover rate		91	%		43	%		42	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—


	Year Ended December 31,
Class IB	2004			2003			2002			2001			2000
Net asset value, beginning of year	$	11.26		$	8.99		$	11.28		$	12.22		$	11.56

Income from investment operations:
Net investment income		0.17			0.14			0.13			0.11			0.12
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.04			2.27			(2.28	)		(0.94	)		0.66

Total from investment operations		1.21			2.41			(2.15	)		(0.83	)		0.78

Less distributions:
Dividends from net investment income		(0.15	)		(0.14	)		(0.14	)		(0.11	)		(0.12	)

Net asset value, end of year	$	12.32		$	11.26		$	8.99		$	11.28		$	12.22

Total return		10.81	%		26.81	%		(19.07	)%		(6.73	)%		6.69	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	642,993		$	613,776		$	470,799		$	589,382		$	564,610
Ratio of expenses to average net assets:
After waivers		0.95	%		0.95	%		0.95	%		0.95	%		0.92	%
After waivers and fees paid indirectly		0.76	%		0.93	%		0.94	%		N/A			N/A
Before waivers and fees paid indirectly		0.95	%		0.95	%		0.95	%		0.95	%		0.92	%
Ratio of net investment income to average net assets:
After waivers		1.28	%		1.42	%		1.29	%		1.01	%		1.05	%
After waivers and fees paid indirectly		1.47	%		1.44	%		1.30	%		N/A			N/A
Before waivers and fees paid indirectly		1.28	%		1.42	%		1.29	%		1.01	%		1.05	%
Portfolio turnover rate		91	%		43	%		42	%		89	%		87	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—	#	$	—	#	$	—

See Notes to Financial Statements.

376

EQ ADVISORS TRUST

EQ/LAZARD SMALL CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						October 2, 2002* to December 31, 2002
Class IA	2004			2003(e)			October 2, 2002* to December 31, 2002
Net asset value, beginning of period	$	13.29		$	9.76		$	9.25

Income from investment operations:
Net investment income		0.07			0.10			0.02
Net realized and unrealized gain on investments		2.20			3.55			0.53

Total from investment operations		2.27			3.65			0.55

Less distributions:
Dividends from net investment income		(0.05	)		(0.06	)		(0.04	)
Distributions from realized gains		(1.49	)		(0.06	)		—

Total dividends and distributions		(1.54	)		(0.12	)		(0.04	)

Net asset value, end of period	$	14.02		$	13.29		$	9.76

Total return (b)		17.45	%		37.69	%		5.97	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	281,509		$	177,723		$	57
Ratio of expenses to average net assets:
After waivers (a)		0.80	%		0.85	%		0.85	%
After waivers and fees paid indirectly (a)		0.61	%		0.75	%		0.81	%
Before waivers and fees paid indirectly (a)		0.80	%		0.85	%		0.86	%
Ratio of net investment income to average net assets:
After waivers (a)		0.37	%		0.70	%		0.64	%
After waivers and fees paid indirectly (a)		0.56	%		0.80	%		0.68	%
Before waivers and fees paid indirectly (a)		0.37	%		0.70	%		0.63	%
Portfolio turnover rate		96	%		69	%		86	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—	#


	Year Ended December 31,
Class IB	2004			2003(e)			2002			2001			2000
Net asset value, beginning of year	$	13.30		$	9.77		$	11.52		$	10.76		$	9.32

Income from investment operations:
Net investment income		0.03			0.06			0.03			0.05			0.03
Net realized and unrealized gain (loss) on investments		2.19			3.57			(1.61	)		1.82			1.68

Total from investment operations		2.22			3.63			(1.58	)		1.87			1.71

Less distributions:
Dividends from net investment income		(0.01	)		(0.04	)		(0.02	)		(0.04	)		(0.02	)
Distributions from realized gains		(1.49	)		(0.06	)		(0.15	)		(1.07	)		(0.25	)

Total dividends and distributions		(1.50	)		(0.10	)		(0.17	)		(1.11	)		(0.27	)

Net asset value, end of year	$	14.02		$	13.30		$	9.77		$	11.52		$	10.76

Total return		17.06	%		37.42	%		(13.87	)%		17.74	%		18.56	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,042,729		$	689,540		$	298,035		$	175,167		$	107,433
Ratio of expenses to average net assets:
After waivers		1.05	%		1.10	%		1.10	%		1.10	%		1.12	%
After waivers and fees paid indirectly		0.86	%		1.00	%		1.06	%		N/A			N/A
Before waivers and fees paid indirectly		1.05	%		1.10	%		1.11	%		1.13	%		1.15	%
Ratio of net investment income to average net assets:
After waivers		0.12	%		0.45	%		0.39	%		0.54	%		0.31	%
After waivers and fees paid indirectly		0.31	%		0.55	%		0.43	%		N/A			N/A
Before waivers and fees paid indirectly		0.12	%		0.45	%		0.38	%		0.51	%		0.28	%
Portfolio turnover rate		96	%		69	%		86	%		91	%		69	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—	#	$	—	#	$	—

See Notes to Financial Statements.

377

EQ ADVISORS TRUST

EQ/MARSICO FOCUS PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						October 2, 2002* to December 31, 2002
Class IA	2004			2003			October 2, 2002* to December 31, 2002
Net asset value, beginning of period	$	13.24		$	10.07		$	10.43

Income from investment operations:
Net investment income		0.01			—	#		—	#
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.42			3.17			(0.36	)

Total from investment operations		1.43			3.17			(0.36	)

Net asset value, end of period	$	14.67		$	13.24		$	10.07

Total return (b)		10.80	%		31.48	%		(3.45	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	579,357		$	338,365		$	77
Ratio of expenses to average net assets:
After waivers (a)		0.90	%		0.90	%		0.90	%
After waivers and fees paid indirectly (a)		0.87	%		0.85	%		0.85	%
Before waivers and fees paid indirectly (a)		0.94	%		0.97	%		1.08	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.05	%		(0.07	)%		(0.11	)%
After waivers and fees paid indirectly (a)		0.08	%		(0.02	)%		(0.06	)%
Before waivers and fees paid indirectly (a)		0.01	%		(0.14	)%		(0.29	)%
Portfolio turnover rate		96	%		72	%		140	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	—	#	$	—	#


	Year Ended December 31,									August 31, 2001* to December 31, 2001
Class IB	2004			2003			2002			August 31, 2001* to December 31, 2001
Net asset value, beginning of period	$	13.20		$	10.07		$	11.39		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		(0.02	)		(0.01	)		—	#
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.41			3.15			(1.30	)		1.39

Total from investment operations		1.39			3.13			(1.31	)		1.39

Less distributions:
Distributions from realized gains		—			—			(0.01	)		—

Net asset value, end of period	$	14.59		$	13.20		$	10.07		$	11.39

Total return (b)		10.53	%		31.08	%		(11.51	)%		13.90	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,257,708		$	903,595		$	203,596		$	9,292
Ratio of expenses to average net assets:
After waivers (a)		1.15	%		1.15	%		1.15	%		1.15	%
After waivers and fees paid indirectly (a)		1.12	%		1.10	%		1.10	%		N/A
Before waivers and fees paid indirectly (a)		1.19	%		1.22	%		1.33	%		3.59	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		(0.20	)%		(0.32	)%		(0.36	)%		(0.13	)%
After waivers and fees paid indirectly (a)		(0.17	)%		(0.27	)%		(0.31	)%		N/A
Before waivers and fees paid indirectly (a)		(0.24	)%		(0.39	)%		(0.54	)%		(2.57	)%
Portfolio turnover rate		96	%		72	%		140	%		22	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	—	#	$	0.02		$	—

See Notes to Financial Statements.

378

EQ ADVISORS TRUST

EQ/MERCURY BASIC VALUE EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						October 2, 2002* to December 31, 2002
Class IA	2004(e)			2003(e)			October 2, 2002* to December 31, 2002
Net asset value, beginning of period	$	14.71		$	11.27		$	10.10

Income from investment operations:
Net investment income		0.17			0.14			0.04
Net realized and unrealized gain on investments		1.42			3.40			1.24

Total from investment operations		1.59			3.54			1.28

Less distributions:
Dividends from net investment income		(0.16	)		(0.10	)		(0.11	)
Distributions from realized gains		(0.66	)		—			—

Total dividends and distributions		(0.82	)		(0.10	)		(0.11	)

Net asset value, end of period	$	15.48		$	14.71		$	11.27

Total return (b)		10.89	%		31.57	%		12.54	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	636,240		$	355,625		$	71
Ratio of expenses to average net assets:
After waivers (a)		N/A			0.67	%		0.70	%
After waivers and fees paid indirectly (a)		0.61	%		0.66	%		0.69	%
Before waivers and fees paid indirectly (a)		0.63	%		0.67	%		0.70	%
Ratio of net investment income to average net assets:
After waivers (a)		N/A			1.04	%		0.97	%
After waivers and fees paid indirectly (a)		1.12	%		1.05	%		0.98	%
Before waivers and fees paid indirectly (a)		1.10	%		1.04	%		0.97	%
Portfolio turnover rate		49	%		34	%		39	%


	Year Ended December 31,
Class IB	2004(e)			2003(e)			2002			2001			2000
Net asset value, beginning of year	$	14.74		$	11.29		$	13.77		$	13.85		$	13.76

Income from investment operations:
Net investment income		0.13			0.10			0.08			0.10			0.21
Net realized and unrealized gain (loss) on investments		1.41			3.42			(2.35	)		0.65			1.33

Total from investment operations		1.54			3.52			(2.27	)		0.75			1.54

Less distributions:
Dividends from net investment income		(0.12	)		(0.07	)		(0.08	)		(0.10	)		(0.21	)
Distributions from realized gains		(0.66	)		—			(0.13	)		(0.73	)		(1.24	)

Total dividends and distributions		(0.78	)		(0.07	)		(0.21	)		(0.83	)		(1.45	)

Net asset value, end of year	$	15.50		$	14.74		$	11.29		$	13.77		$	13.85

Total return		10.52	%		31.28	%		(16.68	)%		5.49	%		11.81	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,459,792		$	1,137,826		$	680,559		$	613,150		$	392,035
Ratio of expenses to average net assets:
After waivers		N/A			0.92	%		0.95	%		0.95	%		0.92	%
After waivers and fees paid indirectly		0.86	%		0.91	%		0.94	%		N/A			N/A
Before waivers and fees paid indirectly		0.88	%		0.92	%		0.95	%		0.95	%		0.93	%
Ratio of net investment income to average net assets:
After waivers		N/A			0.79	%		0.72	%		0.85	%		1.56	%
After waivers and fees paid indirectly		0.87	%		0.80	%		0.73	%		N/A			N/A
Before waivers and fees paid indirectly		0.85	%		0.79	%		0.72	%		0.85	%		1.55	%
Portfolio turnover rate		49	%		34	%		39	%		64	%		81	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—	#	$	—

See Notes to Financial Statements.

379

EQ ADVISORS TRUST

EQ/MERCURY INTERNATIONAL VALUE PORTFOLIO(j)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						March 25, 2002* to December 31, 2002
Class IA	2004(e)			2003(e)			March 25, 2002* to December 31, 2002
Net asset value, beginning of period	$	10.86		$	8.66		$	10.52

Income from investment operations:
Net investment income		0.17			0.14			0.07
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.21			2.30			(1.85	)

Total from investment operations		2.38			2.44			(1.78	)

Less distributions:
Dividends from net investment income		(0.21	)		(0.24	)		(0.08	)

Net asset value, end of period	$	13.03		$	10.86		$	8.66

Total return (b)		22.04	%		28.27	%		(16.90	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	5,598		$	2,163		$	108
Ratio of expenses to average net assets:
After waivers (a)		1.00	%		1.00	%		1.00	%
After waivers and fees paid indirectly (a)		0.93	%		0.93	%		0.99	%
Before waivers and fees paid indirectly (a)		1.00	%		1.01	%		1.05	%
Ratio of net investment income to average net assets:
After waivers (a)		1.42	%		1.35	%		1.00	%
After waivers and fees paid indirectly (a)		1.49	%		1.42	%		1.01	%
Before waivers and fees paid indirectly (a)		1.42	%		1.34	%		0.95	%
Portfolio turnover rate		63	%		163	%		55	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—	#


	Year Ended December 31,
Class IB	2004(e)			2003(e)			2002			2001			2000
Net asset value, beginning of year	$	10.86		$	8.66		$	10.46		$	13.44		$	19.35

Income from investment operations:
Net investment income		0.14			0.11			0.06			0.08			0.27
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.21			2.31			(1.80	)		(2.98	)		(2.71	)

Total from investment operations		2.35			2.42			(1.74	)		(2.90	)		(2.44	)

Less distributions:
Dividends from net investment income		(0.18	)		(0.22	)		(0.06	)		(0.06	)		(0.19	)
Distributions from realized gains		—			—			—			(0.02	)		(3.28	)

Total dividends and distributions		(0.18	)		(0.22	)		(0.06	)		(0.08	)		(3.47	)

Net asset value, end of year	$	13.03		$	10.86		$	8.66		$	10.46		$	13.44

Total return		21.73	%		28.01	%		(16.61	)%		(21.55	)%		(12.33	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	894,530		$	675,246		$	454,735		$	299,090		$	357,232
Ratio of expenses to average net assets:
After waivers		1.25	%		1.25	%		1.25	%		1.25	%		1.23	%
After waivers and fees paid indirectly		1.18	%		1.18	%		1.24	%		N/A			N/A
Before waivers and fees paid indirectly		1.25	%		1.26	%		1.30	%		1.39	%		1.27	%
Ratio of net investment income to average net assets:
After waivers		1.17	%		1.10	%		0.75	%		0.66	%		1.01	%
After waivers and fees paid indirectly		1.24	%		1.17	%		0.76	%		N/A			N/A
Before waivers and fees paid indirectly		1.17	%		1.09	%		0.70	%		0.52	%		0.98	%
Portfolio turnover rate		63	%		163	%		55	%		76	%		112	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—	#	$	0.02		$	0.01

See Notes to Financial Statements.

380

EQ ADVISORS TRUST

EQ/MFS EMERGING GROWTH COMPANIES PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2004(e)			2003			2002			2001			2000
Net asset value, beginning of year	$	11.80		$	9.10		$	13.82		$	20.91		$	27.40

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		(0.01	)		(0.02	)		0.07			0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.53			2.71			(4.70	)		(7.16	)		(5.13	)

Total from investment operations		1.52			2.70			(4.72	)		(7.09	)		(5.09	)

Less distributions:
Distributions from realized gains		—			—			—			—	#		(1.40	)

Net asset value, end of year	$	13.32		$	11.80		$	9.10		$	13.82		$	20.91

Total return		12.88	%		29.67	%		(34.15	)%		(33.89	)%		(18.56	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,988		$	27,996		$	22,611		$	43,918		$	72,889
Ratio of expenses to average net assets:
After waivers		N/A			N/A			N/A			N/A			0.70	%
After waivers and fees paid indirectly		0.66	%		0.71	%		0.72	%		N/A			N/A
Before waivers and fees paid indirectly		0.71	%		0.72	%		0.73	%		0.72	%		0.70	%
Ratio of net investment income (loss) to average net assets:
After waivers		N/A			N/A			N/A			N/A			0.15	%
After waivers and fees paid indirectly		(0.05	)%		(0.09	)%		(0.16	)%		N/A			N/A
Before waivers and fees paid indirectly		(0.10	)%		(0.10	)%		(0.17	)%		0.02	%		0.14	%
Portfolio turnover rate		101	%		105	%		110	%		278	%		203	%

	Year Ended December 31,
Class IB	2004(e)			2003			2002			2001			2000
Net asset value, beginning of year	$	11.64		$	9.00		$	13.70		$	20.78		$	27.33

Income (loss) from investment operations:
Net investment loss		(0.04	)		(0.04	)		(0.05	)		(0.04	)		(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.51			2.68			(4.65	)		(7.04	)		(5.13	)

Total from investment operations.		1.47			2.64			(4.70	)		(7.08	)		(5.15	)

Less distributions:
Distributions from realized gains		—			—			—			—	#		(1.40	)

Net asset value, end of year	$	13.11		$	11.64		$	9.00		$	13.70		$	20.78

Total return		12.63	%		29.33	%		(34.31	)%		(34.06	)%		(18.83	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	958,680		$	935,920		$	758,033		$	1,363,276		$	2,142,512
Ratio of expenses to average net assets:
After waivers		N/A			N/A			N/A			N/A			0.95	%
After waivers and fees paid indirectly		0.91	%		0.96	%		0.97	%		N/A			N/A
Before waivers and fees paid indirectly		0.96	%		0.97	%		0.98	%		0.97	%		0.95	%
Ratio of net investment loss to average net assets:
After waivers		N/A			N/A			N/A			N/A			(0.11	)%
After waivers and fees paid indirectly		(0.30	)%		(0.34	)%		(0.41	)%		N/A			N/A
Before waivers and fees paid indirectly		(0.35	)%		(0.35	)%		(0.42	)%		(0.23	)%		(0.11	)%
Portfolio turnover rate		101	%		105	%		110	%		278	%		203	%

See Notes to Financial Statements.

381

EQ ADVISORS TRUST

EQ/MFS INVESTORS TRUST PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						March 25, 2002* to December 31, 2002
Class IA	2004			2003			March 25, 2002* to December 31, 2002
Net asset value, beginning of period	$	8.54		$	7.04		$	8.89

Income from investment operations:
Net investment income		0.07			0.07			0.05
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.93			1.50			(1.84	)

Total from investment operations		1.00			1.57			(1.79	)

Less distributions:
Dividends from net investment income		(0.08	)		(0.07	)		(0.06	)

Net asset value, end of period	$	9.46		$	8.54		$	7.04

Total return (b)		11.67	%		22.28	%		(20.11	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	116		$	98		$	79
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly (a)		0.66	%		0.69	%		0.69	%
Before waivers and fees paid indirectly (a)		0.70	%		0.71	%		0.71	%
Ratio of net investment income to average net assets:
After waivers (a)		0.80	%		0.93	%		0.77	%
After waivers and fees paid indirectly (a)		0.84	%		0.94	%		0.78	%
Before waivers and fees paid indirectly (a)		0.80	%		0.92	%		0.76	%
Portfolio turnover rate		90	%		88	%		70	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—		$	—	#	$	—	#


	Year Ended December 31,
Class IB	2004			2003			2002			2001			2000
Net asset value, beginning of year	$	8.55		$	7.04		$	8.97		$	10.72		$	10.84

Income from investment operations:
Net investment income		0.05			0.05			0.04			0.04			0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.92			1.51			(1.93	)		(1.75	)		(0.12	)

Total from investment operations		0.97			1.56			(1.89	)		(1.71	)		(0.08	)

Less distributions:
Dividends from net investment income		(0.05	)		(0.05	)		(0.04	)		(0.04	)		(0.04	)

Net asset value, end of year	$	9.47		$	8.55		$	7.04		$	8.97		$	10.72

Total return		11.37	%		22.12	%		(21.04	)%		(15.97	)%		(0.77	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	341,346		$	311,991		$	201,141		$	244,038		$	223,078
Ratio of expenses to average net assets:
After waivers		0.95	%		0.95	%		0.95	%		0.95	%		0.93	%
After waivers and fees paid indirectly		0.91	%		0.94	%		0.94	%		N/A			N/A
Before waivers and fees paid indirectly		0.95	%		0.96	%		0.96	%		0.97	%		0.96	%
Ratio of net investment income to average net assets:
After waivers		0.55	%		0.68	%		0.52	%		0.48	%		0.45	%
After waivers and fees paid indirectly		0.59	%		0.69	%		0.53	%		N/A			N/A
Before waivers and fees paid indirectly		0.55	%		0.67	%		0.51	%		0.46	%		0.42	%
Portfolio turnover rate		90	%		88	%		70	%		84	%		65	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—		$	—	#	$	—	#	$	—	#	$	—

See Notes to Financial Statements.

382

EQ ADVISORS TRUST

EQ/MONEY MARKET PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2004			2003(e)			2002			2001(e)			2000(e)
Net asset value, beginning of year	$	10.37		$	10.38		$	10.37		$	10.33		$	10.28

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

Total from investment operations		0.11			0.09			0.16			0.39			0.64

Less distributions:
Dividends from net investment income		(0.12	)		(0.10	)		(0.15	)		(0.35	)		(0.59	)

Net asset value, end of year	$	10.36		$	10.37		$	10.38		$	10.37		$	10.33

Total return		1.02	%		0.82	%		1.54	%		3.82	%		6.24	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	598,718		$	705,877		$	834,792		$	860,719		$	893,097
Ratio of expenses to average net assets		0.39	%		0.39	%		0.39	%		0.40	%		0.40	%
Ratio of net investment income to average net assets		1.01	%		0.82	%		1.48	%		3.80	%		6.02	%


	Year Ended December 31,
Class IB	2004			2003(e)			2002			2001(e)			2000(e)
Net asset value, beginning of year	$	10.31		$	10.32		$	10.32		$	10.28		$	10.25

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

Total from investment operations		0.08			0.06			0.13			0.37			0.60

Less distributions:
Dividends from net investment income		(0.09	)		(0.07	)		(0.13	)		(0.33	)		(0.57	)

Net asset value, end of year	$	10.30		$	10.31		$	10.32		$	10.32		$	10.28

Total return		0.77	%		0.57	%		1.21	%		3.63	%		5.99	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	774,625		$	942,215		$	1,209,341		$	1,155,159		$	677,333
Ratio of expenses to average net assets		0.64	%		0.64	%		0.64	%		0.65	%		0.65	%
Ratio of net investment income to average net assets		0.76	%		0.57	%		1.23	%		3.38	%		5.78	%

See Notes to Financial Statements.

383

EQ ADVISORS TRUST

EQ/MONY DIVERSIFIED PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2004			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of year	$	10.37		$	8.07		$	11.09		$	17.92		$	22.93

Income from investment operations:
Net investment income		—	#		0.02			0.09			0.20			0.14
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.82			2.38			(1.66	)		(2.66	)		(1.33	)

Total from investment operations		1.82			2.40			(1.57	)		(2.46	)		(1.19	)

Less distributions:
Dividends from net investment income		(0.02	)		(0.10	)		(0.21	)		(0.20	)		(0.09	)
Distributions from realized gains		(0.22	)		—			(1.24	)		(4.17	)		(3.73	)

Total dividends and distributions		(0.24	)		(0.10	)		(1.45	)		(4.37	)		(3.82	)

Net asset value, end of year	$	11.95		$	10.37		$	8.07		$	11.09		$	17.92

Total return		17.67	%		29.87	%		(16.37	)%		(15.40	)%		(6.55	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,778		$	1,589		$	1,415		$	1,826		$	2,871
Ratio of expenses to average net assets:
After waivers		1.15	%		1.23	%		1.25	%		1.15	%		1.27	%
After waivers and fees paid indirectly		1.14	%		1.15	%		0.97	%		1.15	%		1.25	%
Before waivers and fees paid indirectly		5.59	%		2.28	%		1.25	%		1.26	%		1.27	%
Ratio of net investment income (loss) to average net assets:
After waivers		—	%‡‡		0.17	%		0.69	%		1.61	%		0.66	%
After waivers and fees paid indirectly		0.01	%		0.25	%		0.97	%		1.61	%		0.68	%
Before waivers and fees paid indirectly		(4.44	)%		(0.88	)%		0.69	%		1.50	%		0.66	%
Portfolio turnover rate		111	%		97	%		66	%		47	%		27	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	0.48		$	*	*	$	*	*	$	*	*	$	*	*

See Notes to Financial Statements.

384

EQ ADVISORS TRUST

EQ/MONY EQUITY GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2004			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of year	$	16.24		$	12.38		$	16.10		$	35.12		$	48.65

Income (loss) from investment operations:
Net investment income (loss)		—	#		0.07			0.04			0.09			(0.04	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.91			3.84			(3.67	)		(5.44	)		(3.03	)

Total from investment operations		2.91			3.91			(3.63	)		(5.35	)		(3.07	)

Less distributions:
Dividends from net investment income		(0.08	)		(0.05	)		(0.09	)		—			—
Distributions from realized gains		—			—			—			(13.67	)		(10.46	)

Total dividends and distributions		(0.08	)		(0.05	)		(0.09	)		(13.67	)		(10.46	)

Net asset value, end of year	$	19.07		$	16.24		$	12.38		$	16.10		$	35.12

Total return		17.98	%		31.63	%		(22.67	)%		(19.29	)%		(8.46	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,560		$	1,406		$	1,170		$	1,691		$	2,599
Ratio of expenses to average net assets:
After waivers and reimbursements		1.15	%		1.21	%		1.34	%		1.15	%		1.40	%
After waivers, reimbursements and fees paid indirectly		1.14	%		1.15	%		1.15	%		1.15	%		1.37	%
Before waivers, reimbursements and fees paid indirectly		6.40	%		2.51	%		1.35	%		1.32	%		1.40	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements		(0.02	)%		0.46	%		0.11	%		0.48	%		(0.13	)%
After waivers, reimbursements and fees paid indirectly		(0.01	)%		0.52	%		0.30	%		0.48	%		(0.10	)%
Before waivers, reimbursements and fees paid indirectly		(5.27	)%		(0.84	)%		0.10	%		0.31	%		(0.13	)%
Portfolio turnover rate		115	%		98	%		46	%		54	%		41	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income (loss)	$	0.89		$	*	*	$	*	*	$	*	*	$	*	*

See Notes to Financial Statements.

385

EQ ADVISORS TRUST

EQ/MONY EQUITY INCOME PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2004			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of year	$	15.58		$	12.43		$	16.36		$	20.78		$	23.42

Income from investment operations:
Net investment income		0.30			0.28			0.23			0.27			0.32
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.73			3.13			(2.36	)		(2.44	)		0.68

Total from investment operations		3.03			3.41			(2.13	)		(2.17	)		1.00

Less distributions:
Dividends from net investment income		(0.59	)		(0.26	)		(0.29	)		(0.33	)		(0.39	)
Distributions from realized gains		(1.58	)		—			(1.51	)		(1.92	)		(3.25	)

Total dividends and distributions		(2.17	)		(0.26	)		(1.80	)		(2.25	)		(3.64	)

Net asset value, end of year	$	16.44		$	15.58		$	12.43		$	16.36		$	20.78

Total return		19.86	%		27.72	%		(15.14	)%		(10.97	)%		6.07	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	12,594		$	11,307		$	9,820		$	12,971		$	16,993
Ratio of expenses to average net assets:
After waivers		1.00	%		0.84	%		0.73	%		0.71	%		0.73	%
After waivers and fees paid indirectly		1.00	%		0.81	%		0.67	%		0.71	%		0.72	%
Before waivers and fees paid indirectly		1.36	%		0.84	%		0.73	%		0.71	%		0.73	%
Ratio of net investment income to average net assets:
After waivers		1.72	%		2.09	%		1.57	%		1.56	%		1.57	%
After waivers and fees paid indirectly		1.72	%		2.12	%		1.63	%		1.56	%		1.58	%
Before waivers and fees paid indirectly		1.36	%		2.09	%		1.57	%		1.56	%		1.57	%
Portfolio turnover rate		69	%		100	%		41	%		36	%		31	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	0.06		$	*	*	$	*	*	$	*	*	$	*	*

See Notes to Financial Statements.

386

EQ ADVISORS TRUST

EQ/MONY GOVERNMENT SECURITIES PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2004			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of year	$	11.70		$	11.82		$	11.46		$	11.29		$	10.91

Income from investment operations:
Net investment income		0.33			0.31			0.38			0.51			0.58
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.16	)		(0.11	)		0.35			0.21			0.42

Total from investment operations		0.17			0.20			0.73			0.72			1.00

Less distributions:
Dividends from net investment income		(0.66	)		(0.32	)		(0.37	)		(0.55	)		(0.62	)
Distributions from realized gains		(0.05	)		—			—			—			—	#

Total dividends and distributions		(0.71	)		(0.32	)		(0.37	)		(0.55	)		(0.62	)

Net asset value, end of year	$	11.16		$	11.70		$	11.82		$	11.46		$	11.29

Total return		1.37	%		1.70	%		6.57	%		6.58	%		9.70	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	124,236		$	132,972		$	139,690		$	86,351		$	53,409
Ratio of expenses to average net assets:
After fees paid indirectly		N/A			0.66	%		0.65	%		0.62	%		0.61	%
Before fees paid indirectly		0.75	%		0.66	%		0.65	%		0.62	%		0.61	%
Ratio of net investment income to average net assets:
After fees paid indirectly		N/A			2.61	%		3.30	%		4.48	%		5.41	%
Before fees paid indirectly		2.64	%		2.61	%		3.30	%		4.48	%		5.41	%
Portfolio turnover rate		44	%		32	%		10	%		20	%		8	%

See Notes to Financial Statements.

387

EQ ADVISORS TRUST

EQ/MONY INTERMEDIATE TERM BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2004			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of year	$	11.56		$	11.83		$	11.27		$	10.97		$	10.82

Income from investment operations:
Net investment income		0.55			0.49			0.52			0.56			0.62
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.30	)		(0.17	)		0.49			0.34			0.19

Total from investment operations		0.25			0.32			1.01			0.90			0.81

Less distributions:
Dividends from net investment income		(1.10	)		(0.59	)		(0.45	)		(0.60	)		(0.66	)
Distributions from realized gains		(0.02	)		—			—			—			—

Total dividends and distributions		(1.12	)		(0.59	)		(0.45	)		(0.60	)		(0.66	)

Net asset value, end of year	$	10.69		$	11.56		$	11.83		$	11.27		$	10.97

Total return		2.24	%		2.67	%		9.34	%		8.51	%		7.94	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	61,708		$	73,772		$	92,499		$	73,368		$	52,812
Ratio of expenses to average net assets:
After waivers		0.75	%		0.66	%		0.65	%		0.62	%		0.61	%
Before waivers		0.78	%		0.66	%		0.65	%		0.62	%		0.61	%
Ratio of net investment income to average net assets:
After waivers		3.91	%		4.14	%		4.56	%		5.09	%		5.86	%
Before waivers		3.88	%		4.14	%		4.56	%		5.09	%		5.86	%
Portfolio turnover rate		13	%		14	%		10	%		19	%		30	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	*	*	$	*	*	$	*	*	$	*	*

See Notes to Financial Statements.

388

EQ ADVISORS TRUST

EQ/MONY LONG TERM BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2004			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of year	$	14.37		$	14.53		$	13.38		$	13.27		$	12.32

Income from investment operations:
Net investment income		0.77			0.69			0.68			0.70			0.74
Net realized and unrealized gain on investments and foreign currency transactions		0.32			—	#		1.10			0.12			1.08

Total from investment operations		1.09			0.69			1.78			0.82			1.82

Less distributions:
Dividends from net investment income		(1.50	)		(0.84	)		(0.63	)		(0.71	)		(0.87	)
Distributions from realized gains		(0.42	)		(0.01	)		—			—			—

Total dividends and distributions		(1.92	)		(0.85	)		(0.63	)		(0.71	)		(0.87	)

Net asset value, end of year	$	13.54		$	14.37		$	14.53		$	13.38		$	13.27

Total return		7.92	%		4.81	%		14.06	%		6.28	%		15.61	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	100,561		$	108,325		$	118,939		$	131,717		$	102,733
Ratio of expenses to average net assets:
After waivers		0.75	%		0.66	%		0.64	%		0.62	%		0.60	%
After waivers and fees paid indirectly		N/A			0.66	%		0.64	%		0.62	%		0.59	%
Before waivers and fees paid indirectly		0.75	%		0.66	%		0.64	%		0.62	%		0.60	%
Ratio of net investment income to average net assets:
After waivers		4.69	%		4.65	%		5.03	%		5.25	%		6.01	%
After waivers and fees paid indirectly		N/A			4.65	%		5.03	%		5.25	%		6.02	%
Before waivers and fees paid indirectly		4.69	%		4.65	%		5.03	%		5.25	%		6.01	%
Portfolio turnover rate		36	%		18	%		30	%		39	%		19	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	*	*	$	*	*	$	*	*	$	*	*

See Notes to Financial Statements.

389

EQ ADVISORS TRUST

EQ/MONY MONEY MARKET PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2004			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Income from investment operations:
Net investment income		0.01			0.01			0.01			0.04			0.06
Net realized and unrealized gain (loss) on investments		—			(0.01	)		—			—			—

Total from investment operations		0.01			—			0.01			0.04			0.06

Less distributions:
Dividends from net investment income		(0.01	)		(0.01	)		(0.01	)		(0.04	)		(0.06	)

Reimbursement by affiliate		—			0.01			—			—			—

Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return		0.95	%		0.89	%(d)		1.50	%		3.80	%		6.11	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	176,881		$	235,694		$	316,778		$	314,937		$	268,299
Ratio of expenses to average net assets:
After waivers		0.50	%		0.50	%		0.50	%		0.50	%		0.47	%
Before waivers		0.60	%		0.52	%		0.53	%		0.51	%		0.47	%
Ratio of net investment income to average net assets:
After waivers		0.93	%		0.90	%		1.49	%		3.65	%		5.93	%
Before waivers		0.83	%		0.88	%		1.46	%		3.64	%		5.93	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	*	*	$	*	*	$	*	*	$	*	*

See Notes to Financial Statements.

390

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						March 25, 2002* to December 31, 2002
Class IA	2004			2003(e)			March 25, 2002* to December 31, 2002
Net asset value, beginning of period	$	10.47		$	7.19		$	9.32

Income from investment operations:
Net investment income		0.08			0.07			0.05
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.79			3.26			(2.12	)

Total from investment operations		1.87			3.33			(2.07	)

Less distributions:
Dividends from net investment income		(0.09	)		(0.05	)		(0.06	)
Distributions from realized gains		(0.38	)		—			—

Total dividends and distributions		(0.47	)		(0.05	)		(0.06	)

Net asset value, end of period	$	11.87		$	10.47		$	7.19

Total return (b)		17.97	%		46.30	%		(22.23	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	18,361		$	7,462		$	87
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.38	%		0.60	%		0.60	%
Before waivers and reimbursements (a)		0.38	%		0.60	%		0.60	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.94	%		0.75	%		0.91	%
Before waivers and reimbursements (a)		0.94	%		0.75	%		0.91	%
Portfolio turnover rate		21	%		32	%		29	%


	Year Ended December 31,
Class IB	2004			2003(e)			2002			2001			2000
Net asset value, beginning of year	$	10.47		$	7.19		$	9.15		$	9.03		$	10.85

Income from investment operations:
Net investment income		0.07			0.04			0.04			0.06			0.09
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.77			3.26			(1.96	)		0.13			(0.55	)

Total from investment operations		1.84			3.30			(1.92	)		0.19			(0.46	)

Less distributions:
Dividends from net investment income		(0.06	)		(0.02	)		(0.04	)		(0.05	)		(0.08	)
Distributions from realized gains		(0.38	)		—			—			(0.02	)		(1.28	)

Total dividends and distributions		(0.44	)		(0.02	)		(0.04	)		(0.07	)		(1.36	)

Net asset value, end of year	$	11.87		$	10.47		$	7.19		$	9.15		$	9.03

Total return		17.67	%		45.94	%		(20.96	)%		2.12	%		(3.43	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	480,368		$	319,634		$	99,391		$	82,203		$	72,747
Ratio of expenses to average net assets:
After waivers and reimbursements		0.63	%		0.85	%		0.85	%		0.82	%		0.75	%
Before waivers and reimbursements		0.63	%		0.85	%		0.85	%		0.82	%		0.93	%
Ratio of net investment income to average net assets:
After waivers and reimbursements		0.69	%		0.50	%		0.66	%		0.74	%		0.73	%
Before waivers and reimbursements		0.69	%		0.50	%		0.66	%		0.73	%		0.55	%
Portfolio turnover rate		21	%		32	%		29	%		36	%		59	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—	#	$	0.02

See Notes to Financial Statements.

391

EQ ADVISORS TRUST

EQ/WELLS FARGO MONTGOMERY SMALL CAP PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	October 1, 2004* to December 31, 2004
Net asset value, beginning of period	$	10.00

Income (loss) from investment operations:
Net investment loss		(0.02	)
Net realized and unrealized gain on investments		1.46

Total from investment operations		1.44

Net asset value, end of period	$	11.44

Total return (b)		14.40	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	114
Ratio of expenses to average net assets:
After waivers (a)		1.03	%
After waivers and fees paid indirectly (a)		1.01	%
Before waivers and fees paid indirectly (a)		7.36	%
Ratio of net investment loss to average net assets:
After waivers (a)		(0.81	)%
After waivers and fees paid indirectly (a)		(0.79	)%
Before waivers and fees paid indirectly (a)		(7.14	)%
Portfolio turnover rate		47	%
Effect of voluntary expense limitation during the period:	$	0.65
Per share benefit to net investment loss

Class IB	October 1, 2004* to December 31, 2004
Net asset value, beginning of period	$	10.00

Income (loss) from investment operations:
Net investment loss		(0.03	)
Net realized and unrealized gain on investments		1.46

Total from investment operations		1.43

Net asset value, end of period	$	11.43

Total return (b)		14.30	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	3,598
Ratio of expenses to average net assets:
After waivers (a)		1.28	%
After waivers and fees paid indirectly (a)		1.26	%
Before waivers and fees paid indirectly (a)		7.61	%
Ratio of net investment loss to average net assets:
After waivers (a)		(1.06	)%
After waivers and fees paid indirectly (a)		(1.04	)%
Before waivers and fees paid indirectly (a)		(7.39	)%
Portfolio turnover rate		47	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment loss	$	0.65

See Notes to Financial Statements.

392

EQ ADVISORS TRUST

FINANCIAL HIGHLIGHTS — (Concluded)

*	Commencement of Operations.

**	Prior to December 31, 2004, these ratios and per share amounts were not provided.

†	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%.

‡‡	Amount is less than 0.01%.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(c)

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

(d)

In 2003, 1.01% of the EQ/MONY Money Market Portfolio’s total return consisted of a voluntary reimbursement by the adviser for a realized investment loss.

(e)

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

(f)

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.

(g)

On May 19, 2001, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/T. Rowe Price Equity Income Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2001 represents the results of operations of the EQ/Lazard Large Cap Value Portfolio.

(h)

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.

(i)

On November 22, 2002, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/MFS Research 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/Capital Guardian Research Portfolio.

(j)

On April 26, 2002, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/T. Rowe Price International 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/Mercury International Value Portfolio.

(k)

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.

(l)

On July 12, 2002, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/AXP New Dimensions 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/Capital Guardian U.S. Equity Portfolio.

(m)

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.

See Notes to Financial Statements.

393

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2004

Note 1 Organization and Selected Significant Accounting Policies

EQ Advisors Trust (the “Trust”) was organized as a Delaware business trust on October 31, 1996 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company with forty-nine diversified portfolios and four non-diversified portfolios (each a “Portfolio”). The non-diversified Portfolios are: EQ/Enterprise Mergers and Acquisitions Portfolio, EQ/Lazard Small Cap Value Portfolio, EQ/Marsico Focus Portfolio and EQ/ Emerging Markets Equity Portfolio.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with their vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust and management expect that risk of loss to be remote.

Each of the investment sub-advisers (each an “Adviser”) independently chooses and maintains a portfolio of securities for the Portfolio.

The Trust has the right to issue two classes of shares, Class IA and Class IB. Class IA shares were seeded for the EQ/Enterprise Equity Income and the EQ/Enterprise Growth Portfolios on December 13, 2004. As of and during the year ended December 31, 2004, the Trust had Class IB shares outstanding for each Portfolio except for the EQ/MONY Diversified Portfolio, EQ/MONY Equity Growth Portfolio, and the EQ/MONY Equity Income Portfolio, EQ/MONY Government Securities Portfolio, EQ/MONY Intermediate Term Bond Portfolio, EQ/MONY Long Term Bond Portfolio and EQ/MONY Money Market Portfolio (collectively “MONY Portfolios”). In addition, as of and during the year ended December 31, 2004, the Trust had Class IA shares outstanding for certain Portfolios as shown in the Statement of Assets and Liabilities. The Class IB shares are subject to distribution fees imposed under a distribution plan (“Distribution Plan”) adopted pursuant to Rule 12b-1 under the 1940 Act. Under the Trust’s multiple class distribution system, both classes of shares have identical voting, dividend, liquidation and other rights, other than the payment of distribution fees under the Distribution Plan. The Trust’s shares are currently sold only to insurance company separate accounts in connection with variable life insurance contracts and variable annuity certificates and contracts issued by AXA Equitable Life Insurance Company (formerly The Equitable Life Assurance Society of the United States) (“Equitable”), an indirect wholly-owned subsidiary of AXA, AXA Life and Annuity Company (“ALAC”), MONY Life Insurance Company (“MONY”) and MONY Life Insurance Company of America (“MONY America”), as well as insurance companies that are not affiliated with Equitable, ALAC, MONY or MONY America and to The Investment Plan for Employees, Managers and Agents. The Investment Plan for Employees, Managers and Agents is the primary shareholder of Class IA for EQ/Alliance Premier Growth Portfolio, EQ/Bernstein Diversified Value Portfolio, EQ/Enterprise Equity Income Portfolio, EQ/Enterprise Growth Portfolio, EQ/FI Small/Mid Cap Value Portfolio and EQ/MFS Emerging Growth Companies Portfolio. Equitable is the primary shareholder of Class IA shares for EQ/Calvert Socially Responsible Portfolio, and EQ/Evergreen Omega Portfolio.

The investment objectives of each Portfolio are as follows:

EQ/Alliance Common Stock Portfolio (advised by Alliance Capital Management L.P. (“Alliance”)(an affiliate of Equitable)) — Seeks to achieve long-term growth of capital.

EQ/Alliance Growth and Income Portfolio (advised by Alliance) — Seeks to provide a high total return.

EQ/Alliance Intermediate Government Securities Portfolio (advised by Alliance) — Seeks to achieve high current income consistent with relative stability of principal.

EQ/Alliance International Portfolio (advised by Alliance) — Seeks long-term growth of capital.

394

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004

EQ/Alliance Premier Growth Portfolio (advised by Alliance) — Seeks to achieve long-term growth of capital.

EQ/Alliance Quality Bond Portfolio (advised by Alliance) — Seeks to achieve high current income consistent with moderate risk to capital.

EQ/Alliance Small Cap Growth Portfolio (advised by Alliance) — Seeks to achieve long-term growth of capital.

EQ/Bernstein Diversified Value Portfolio (advised by Alliance through its Bernstein Investment Research and Management unit) — Seeks capital appreciation.

EQ/Calvert Socially Responsible Portfolio (advised by Calvert Asset Management Company, Inc. and Brown Capital Management, Inc.) — Seeks long-term capital appreciation.

EQ/Capital Guardian Growth Portfolio (advised by Capital Guardian Trust Company (“Capital Guardian”)) — Seeks to achieve long-term growth of capital. Effective December 13, 2004, Capital Guardian replaced Putnam Investment Management, LLC (“Putnam”) as the Adviser for the EQ/Capital Guardian Growth Portfolio.

EQ/Capital Guardian International Portfolio (advised by Capital Guardian) — Seeks to achieve long-term growth of capital.

EQ/Capital Guardian Research Portfolio (advised by Capital Guardian) — Seeks to achieve long-term growth of capital.

EQ/Capital Guardian U.S. Equity Portfolio (advised by Capital Guardian) — Seeks to achieve long-term growth of capital.

EQ/Emerging Markets Equity Portfolio (advised by Morgan Stanley Investment Management, Inc.) — Seeks long-term capital appreciation.

EQ/Enterprise Capital Appreciation Portfolio (advised by Marsico Capital Management, LLC (“Marsico”)) — Seeks to maximize capital appreciation.

EQ/Enterprise Deep Value Portfolio (advised by Wellington Management Company, LLP (“Wellington”)) — Seeks to achieve total return through capital appreciation with income as a secondary consideration.

EQ/Enterprise Equity Portfolio (advised by TCW Investment Management Company) — Seeks to achieve long-term capital appreciation.

EQ/Enterprise Equity Income Portfolio (advised by Boston Advisors, Inc. (“Boston Advisors”), an affiliate of Equitable) — Seeks a combination of growth and income to achieve an above-average and consistent total return.

EQ/Enterprise Global Socially Responsive Portfolio (advised by Rockefeller & Co., Inc.) — Seeks to achieve total return.

EQ/Enterprise Growth Portfolio (advised by Montag & Caldwell, Inc. (“Montag”)) — Seeks to achieve capital appreciation.

EQ/Enterprise Growth and Income Portfolio (advised by UBS Global Asset Management (Americas) Inc.) — Seeks to achieve total return through capital appreciation with income as a secondary consideration.

EQ/Enterprise High-Yield Bond Portfolio (advised by Caywood-Scholl Capital Management) — Seeks to maximize current income.

395

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004

EQ/Enterprise International Growth Portfolio (advised by SSgA Funds Management, Inc. (“SSgA”))— Seeks to achieve capital appreciation.

EQ/Enterprise Managed Portfolio (advised by Wellington) — Seeks to achieve growth of capital over time.

EQ/Enterprise Mergers and Acquisitions Portfolio (advised by Gabelli Asset Management Company (“GAMCO”))— Seeks to achieve capital appreciation.

EQ/Enterprise Multi-Cap Growth Portfolio (advised by Montag)— Seeks to achieve long-term capital appreciation. Effective December 13, 2004, Montag replaced Fred Alger Management, Inc. as Adviser for the EQ/Enterprise Multi-Cap Growth Portfolio.

EQ/Enterprise Short Duration Bond Portfolio (advised by Boston Advisors)— Seeks current income with reduced volatility of principal.

EQ/Enterprise Small Company Growth Portfolio (advised by Bear Stearns Asset Management Inc.)— Seeks to achieve capital appreciation. Effective December 13, 2004, Bear Stearns Asset Management Inc. replaced William D. Witter, Inc. as the Adviser for the EQ/Enterprise Small Company Growth Portfolio.

EQ/Enterprise Small Company Value Portfolio (advised by GAMCO)— Seeks to maximize capital appreciation.

EQ/Enterprise Total Return Portfolio (advised by Pacific Investment Management Company, LLC)— Seeks total return.

EQ/Equity 500 Index Portfolio (advised by Alliance) — 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.

EQ/Evergreen Omega Portfolio (advised by Evergreen Investment Management Company LLC) — Seeks long-term capital growth.

EQ/FI Mid Cap Portfolio (advised by Fidelity Management & Research Company (“Fidelity”)) — Seeks long-term growth of capital.

EQ/FI Small/Mid Cap Value Portfolio (advised by Fidelity) — Seeks long-term capital appreciation.

EQ/Janus Large Cap Growth Portfolio (advised by Janus Capital Management, LLC) — Seeks long-term growth of capital.

EQ/J.P. Morgan Core Bond Portfolio (advised by J.P. Morgan Investment Management Inc. (“JPMIM”)) — Seeks to provide a high total return consistent with moderate risk to capital and maintenance of liquidity.

EQ/JP Morgan Value Opportunities Portfolio (advised by JPMIM) — Seeks to achieve long-term capital appreciation. Effective December 13, 2004, JPMIM replaced Putnam as the Adviser for the EQ/JP Morgan Value Opportunities Portfolio.

EQ/Lazard Small Cap Value Portfolio (advised by Lazard Asset Management) — Seeks capital appreciation.

EQ/Marsico Focus Portfolio (advised by Marsico) — Seeks long-term growth of capital.

EQ/Mercury Basic Value Equity Portfolio (advised by Mercury Advisors) — Seeks capital appreciation and, secondarily, income.

EQ/Mercury International Value Portfolio (advised by Merrill Lynch Investment Managers International Limited) — Seeks capital appreciation.

396

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004

EQ/MFS Emerging Growth Companies Portfolio (advised by MFS Investment Management (“MFS”)) — Seeks to provide long-term capital growth.

EQ/MFS Investors Trust Portfolio (advised by MFS) — Seeks long-term growth of capital with a secondary objective to seek reasonable current income.

EQ/Money Market Portfolio (advised by Alliance) — Seeks to obtain a high level of current income, preserve its assets and maintain liquidity.

EQ/MONY Diversified Portfolio (advised by Boston Advisors) — Seeks to maximize income and capital appreciation.

EQ/MONY Equity Growth Portfolio (advised by Boston Advisors) — Seeks to achieve capital appreciation.

EQ/MONY Equity Income Portfolio (advised by Boston Advisors) — Seeks to achieve capital appreciation and a high level of current income.

EQ/MONY Government Securities Portfolio (advised by Boston Advisors) — Seeks to maximize income and capital appreciation through investment in the highest credit quality debt obligations.

EQ/MONY Intermediate Term Bond Portfolio (advised by Boston Advisors) — Seeks to maximize income and capital appreciation through investment in intermediate-maturity debt obligations.

EQ/MONY Long Term Bond Portfolio (advised by Boston Advisors) — Seeks to maximize income and capital appreciation through investment in long-maturity debt obligations.

EQ/MONY Money Market Portfolio (advised by Boston Advisors) — Seeks to maximize current income while preserving capital and maintaining liquidity.

EQ/Small Company Index Portfolio (advised by Alliance) — Seeks to replicate as closely as possible (before the deduction of Portfolio expenses) the total return of the Russell 2000 Index.

EQ/Wells Fargo Montgomery Small Cap Portfolio (advised by Wells Capital Management, Inc.) — Seeks long-term capital appreciation.

The following is a summary of the selected significant accounting policies of the Trust:

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.

Valuation:

Stocks listed on national securities exchanges are valued at the last sale price or official closing price on the date of valuation or, if there is no sale or official closing price, at the latest available bid price. Other unlisted stocks are valued at their last sale price or official closing price or, if no reported sale occurs during the day, at a bid price estimated by a broker. Securities listed on the NASDAQ exchange will be valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the security is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price.

Convertible preferred stocks listed on national securities exchanges or included on the NASDAQ stock market are valued as of their last sale price or, if there is no sale, at the latest available bid price. Convertible bonds and unlisted convertible preferred stocks are valued at bid prices obtained from one or more of the major dealers in such securities. Where there is a discrepancy between dealers, values may be adjusted based on recent premium spreads to the underlying common stocks. Convertible bonds may be matrix-priced based upon the conversion value to the underlying common stocks and market premiums.

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December 31, 2004

Mortgage-backed and asset-backed securities are valued at prices obtained from a bond pricing service where available, or at a bid price obtained from one or more of the major dealers in such securities. If a quoted price is unavailable, an equivalent yield or yield spread quote will be obtained from a broker and converted to a price.

Options, including options on futures that are traded on exchanges, are valued at their last sale price, and if the last sale price is not available then the previous day’s sale price is used. Options not traded on an exchange or actively traded are valued at fair value under the direction of the Board of Trustees (“Trustees”).

Long-term corporate bonds may be valued on the basis of prices provided by a pricing service when such prices are believed to reflect the fair market value of such securities. The prices provided by a pricing service take into account many factors, including institutional size, trading in similar groups of securities and any developments related to specific securities; however, when such prices are unavailable, such bonds will be valued using broker quotes. U.S. Treasury securities and other obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, are valued at representative quoted prices.

Foreign securities, including foreign government securities, not traded directly, or in American Depository Receipt (ADR) or similar form in the United States, are valued at representative quoted prices from the primary exchange in the currency of the country of origin.

Short-term debt securities, which mature in 60 days or less, are valued at amortized cost, which approximates market value. Short-term debt securities, which mature in more than 60 days are valued at representative quoted prices. The EQ/Money Market Portfolio and the EQ/MONY Money Market Portfolio value all short-term debt securities at amortized cost.

Futures contracts are valued at their last sale price or, if there is no sale, at the latest available bid price.

Forward foreign exchange contracts are valued by interpolating between the forward and spot currency rates as quoted by a pricing service as of a designated hour on the valuation date.

Other securities and assets for which market quotations are not readily available or for which valuation cannot be provided, are valued at fair value under the direction of the Trustees.

Pursuant to procedures approved by the Trustees, 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, as by a method approved by the Trustees, in the Trust’s calculation of net asset values for each applicable Portfolio when the Trust’s Manager deems that the particular event or circumstance would materially affect such Portfolio’s net asset value.

Securities transactions are recorded on the trade date net of brokerage fees, commissions, and transfer fees. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Interest income (including amortization of premium and accretion of discount on long-term securities using the effective yield method) is accrued daily. The Trust records gains and losses realized on prepayments received on mortgage-backed securities in interest income.

Realized gains and losses on the sale of investments are computed on the basis of the identified cost of the investments sold. Unrealized appreciation (depreciation) on investments and foreign currency denominated assets and liabilities are presented net of deferred taxes on unrealized gains in the Statement of Assets and Liabilities.

Expenses attributable to a single Portfolio or class are charged to that Portfolio or class. Expenses of the Trust not attributable to a single Portfolio or class are charged to each Portfolio or class in proportion to the average net assets of each Portfolio or other appropriate allocation methods. All income earned and expenses incurred by each Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the daily net assets of such class, except for distribution fees which are charged on a class specific basis.

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December 31, 2004

Foreign Currency Valuation:

The books and records of the Trust are kept in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at current exchange rates at the following dates:

(i) market value of investment securities, other assets and liabilities — at the valuation date.

(ii) purchases and sales of investment securities, income and expenses — at the date of such transactions.

The Portfolios do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on securities.

Net currency gains or losses realized and unrealized as a result of differences between interest or dividends, withholding taxes, security payables/receivables, forward foreign currency exchange contracts and foreign cash recorded on the Portfolio’s books and the U.S. dollar equivalent amount actually received or paid are presented under foreign currency transactions and foreign currency translations in the realized and unrealized gains and losses section, respectively, of the Statements of Operations. Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from forward foreign currency contracts, disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on a Portfolio’s books and the U.S. dollar equivalent of amounts actually received or paid.

Taxes:

The Trust intends to comply with the requirements of the Internal Revenue Code of 1986, as amended (“Code”) applicable to regulated investment companies and to distribute substantially all of its net investment income and net realized capital gains to shareholders of each Portfolio. Therefore, no Federal income tax provision is required. Dividends from net investment income are declared and distributed at least annually for all Portfolios. Dividends from net realized short-term and long-term capital gains are declared and distributed at least annually to the shareholders of the Portfolios to which such gains are attributable. All dividends are reinvested in additional full and fractional shares of the related Portfolios. All dividends are distributed on a tax basis and, as such, the amounts may differ from financial statement investment income and realized capital gains. Those differences are primarily due to differing book and tax treatments for forward foreign currency transactions, losses due to wash sales transactions, mark-to-market of forward contracts, mark-to-market of passive foreign investment companies, investments in Real Estate Investment Trusts, post-October losses, paydowns and mergers. In addition, short-term capital gains and foreign currency gains are treated as capital gains for accounting purposes but are considered ordinary income for tax purposes. Net capital and net currency losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Portfolio’s next taxable year.

Permanent book and tax basis differences relating to shareholder distributions resulted in reclassifications to undistributed net investment income (loss), accumulated net realized gain (loss) and paid-in capital at December 31, 2004 as follows:


Portfolios:	Undistributed Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)			Paid In Capital
EQ/Alliance Common Stock	$	—	$	—		$	—
EQ/Alliance Growth and Income		31,626		—			(31,626	)
EQ/Alliance Intermediate Government Securities		1,107,623		(1,097,246	)		(10,377	)

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December 31, 2004


Portfolios:	Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)			Paid In Capital
EQ/Alliance International	$	6,199,459		$	(3,507,862	)	$	(2,691,597	)
EQ/Alliance Premier Growth		2,790,060			—			(2,790,060	)
EQ/Alliance Quality Bond		1,928,230			(1,928,230	)		—
EQ/Alliance Small Cap Growth		6,319,215			—			(6,319,215	)
EQ/Bernstein Diversified Value		—			(49,106	)		49,106
EQ/Calvert Socially Responsible		80,370			—			(80,370	)
EQ/Capital Guardian Growth		—			1,432			(1,432	)
EQ/Capital Guardian International		(240,356	)		375,620			(135,264	)
EQ/Capital Guardian Research		325,726			(325,126	)		(600	)
EQ/Capital Guardian U.S. Equity		—			—			—
EQ/Emerging Markets Equity		593,746			169,945			(763,691	)
EQ/Enterprise Capital Appreciation		94,711			5,883			(100,594	)
EQ/Enterprise Deep Value		(10	)		10			—
EQ/Enterprise Equity		2,283,808			—			(2,283,808	)
EQ/Enterprise Equity Income		23,519			(132	)		(23,387	)
EQ/Enterprise Global Socially Responsive		3,700			(3,700	)		—
EQ/Enterprise Growth		(20,077	)		18,896			1,181
EQ/Enterprise Growth and Income		3,215			—			(3,215	)
EQ/Enterprise High-Yield Bond		—			(28,020	)		28,020
EQ/Enterprise International Growth		77,986			(77,986	)		—
EQ/Enterprise Managed		138,057			198,685			(336,742	)
EQ/Enterprise Mergers and Acquisitions		(1,033	)		873			160
EQ/Enterprise Multi-Cap Growth		239,257			—			(239,257	)
EQ/Enterprise Short Duration Bond		—			—			—
EQ/Enterprise Small Company Growth		745,144			(4,785	)		(740,359	)
EQ/Enterprise Small Company Value		(322,597	)		114,338			208,259
EQ/Enterprise Total Return		230,212			(230,212	)		—
EQ/Equity 500 Index		(289,757	)		289,757			—
EQ/Evergreen Omega		—			—			—
EQ/FI Mid Cap		155,021			(155,021	)		—
EQ/FI Small/Mid Cap Value		(1,250,646	)		1,193,131			57,515
EQ/Janus Large Cap Growth		—			—			—
EQ/J.P. Morgan Core Bond		(505,663	)		505,662			1
EQ/JP Morgan Value Opportunities		(58,297	)		69,999			(11,702	)
EQ/Lazard Small Cap Value		(663,647	)		550,944			112,703
EQ/Marsico Focus		1,437,747			504,158			(1,941,905	)
EQ/Mercury Basic Value Equity		—			—			—
EQ/Mercury International Value		(51,583	)		51,585			(2	)
EQ/MFS Emerging Growth Companies		2,891,104			40,997			(2,932,101	)
EQ/MFS Investors Trust		(21,327	)		21,327			—
EQ/Money Market		—			—			—
EQ/MONY Diversified		—			—			—
EQ/MONY Equity Growth		181			—			(181	)

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December 31, 2004


Portfolios:	Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)			Paid In Capital
EQ/MONY Equity Income	$	266		$	(266	)	$	—
EQ/MONY Government Securities		13,605			(13,605	)		—
EQ/MONY Intermediate Term Bond		5,299			(5,297	)		(2	)
EQ/MONY Long Term Bond		15,946			(15,946	)		—
EQ/MONY Money Market		(578	)		806			(228	)
EQ/Small Company Index		(346,013	)		377,241			(31,228	)
EQ/Wells Fargo Montgomery Small Cap		8,169			(8,169	)		—

Net capital and net currency losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Portfolio’s next taxable year. For the period from November 1, 2004 to December 31, 2004, the Portfolios elected to defer until January 1, 2005 for U.S. Federal income tax purposes net capital and net currency losses as stated below:


Portfolios:	Net Currency Loss		Net Capital Loss
EQ/Alliance Common Stock	$	—	$	—
EQ/Alliance Growth and Income		—		—
EQ/Alliance Intermediate Government Securities		—		17,651
EQ/Alliance International		—		—
EQ/Alliance Premier Growth		—		9,111,160
EQ/Alliance Quality Bond		—		225,554
EQ/Alliance Small Cap Growth		—		—
EQ/Bernstein Diversified Value		—		—
EQ/Calvert Socially Responsible		—		5,106
EQ/Capital Guardian Growth		—		—
EQ/Capital Guardian International		559,546		—
EQ/Capital Guardian Research		—		—
EQ/Capital Guardian U.S. Equity		—		—
EQ/Emerging Markets Equity		1,605,741		—
EQ/Enterprise Capital Appreciation		—		—
EQ/Enterprise Deep Value		—		19,913
EQ/Enterprise Equity		—		—
EQ/Enterprise Equity Income		—		—
EQ/Enterprise Global Socially Responsive		320		—
EQ/Enterprise Growth		—		—
EQ/Enterprise Growth and Income		—		—
EQ/Enterprise High-Yield Bond		—		—
EQ/Enterprise International Growth		—		—
EQ/Enterprise Managed		—		—
EQ/Enterprise Mergers and Acquisitions		256		—
EQ/Enterprise Multi-Cap Growth		—		—
EQ/Enterprise Short Duration Bond		—		—
EQ/Enterprise Small Company Growth		—		—
EQ/Enterprise Small Company Value		—		—
EQ/Enterprise Total Return		—		73,938

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December 31, 2004


Portfolios:	Net Currency Loss		Net Capital Loss
EQ/Equity 500 Index	$	—	$	—
EQ/Evergreen Omega		—		—
EQ/FI Mid Cap		31,270		—
EQ/FI Small/Mid Cap Value		3,515		—
EQ/Janus Large Cap Growth		—		44,332
EQ/J.P. Morgan Core Bond		406,225		790,263
EQ/JP Morgan Value Opportunities		—		—
EQ/Lazard Small Cap Value		—		—
EQ/Marsico Focus		—		—
EQ/Mercury Basic Value Equity		—		—
EQ/Mercury International Value		—		—
EQ/MFS Emerging Growth Companies		—		—
EQ/MFS Investors Trust		1,183		—
EQ/Money Market		—		190
EQ/MONY Diversified		—		—
EQ/MONY Equity Growth		—		—
EQ/MONY Equity Income		—		—
EQ/MONY Government Securities		—		—
EQ/MONY Intermediate Term Bond		—		—
EQ/MONY Long Term Bond		—		—
EQ/MONY Money Market		—		232
EQ/Small Company Index		—		—
EQ/Wells Fargo Montgomery Small Cap		—		—

Fees Paid Indirectly:

For all Portfolios, the Trustees have approved the payment of certain Trust expenses using brokerage recapture arrangements. These payments are reflected in the Statements of Operations. For the year ended December 31, 2004, several Portfolios reduced expenses under these arrangements as follows:


Portfolios:	Amount
EQ/Alliance Common Stock	$	3,179,650
EQ/Alliance Growth and Income		987,641
EQ/Alliance International		168,547
EQ/Alliance Premier Growth		457,471
EQ/Alliance Small Cap Growth		355,543
EQ/Bernstein Diversified Value		273
EQ/Calvert Socially Responsible		12,796
EQ/Capital Guardian Growth		573,620
EQ/Capital Guardian International		192,905
EQ/Capital Guardian Research		131,289
EQ/Capital Guardian U.S. Equity		176,095
EQ/Emerging Markets Equity		164,712
EQ/Enterprise Equity		21,758
EQ/Enterprise Equity Income		3,043
EQ/Enterprise Managed		2,874

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December 31, 2004


Portfolios:	Amount
EQ/Enterprise Mergers and Acquisitions	$	156
EQ/Enterprise Multi-Cap Growth		132,515
EQ/Enterprise Small Company Growth		726
EQ/Enterprise Small Company Value		9,022
EQ/Evergreen Omega		520,248
EQ/FI Mid Cap		321,853
EQ/FI Small/Mid Cap Value		242,765
EQ/JP Morgan Value Opportunities		1,009,149
EQ/Lazard Small Cap Value		1,786,687
EQ/Marsico Focus		355,416
EQ/Mercury Basic Value Equity		171,155
EQ/Mercury International Value		323,993
EQ/MFS Emerging Growth Companies		102,637
EQ/MFS Investors Trust		67,685
EQ/MONY Diversified		93
EQ/MONY Equity Growth		78
EQ/MONY Equity Income		323
EQ/Wells Fargo Montgomery Small Cap		158

In 2004, the Trust terminated its brokerage recognition payment program and amounts accrued and unpaid for brokerage recognition purposes were voluntarily credited to certain Portfolios of the Trust for expense reduction purposes. These non-recurring credits are included in “fees paid indirectly” on the Statements of Operations.


Portfolios:	Amount
EQ/Alliance Common Stock	$	4,909,640
EQ/Alliance Growth and Income		697,999
EQ/Alliance International		115,656
EQ/Alliance Premier Growth		180,501
EQ/Alliance Small Cap Growth		380,953
EQ/Bernstein Diversified Value		38,254
EQ/Calvert Socially Responsible		6,921
EQ/Capital Guardian Growth		97,257
EQ/Capital Guardian International		23,367
EQ/Capital Guardian Research		452,318
EQ/Capital Guardian U.S. Equity		86,944
EQ/Emerging Markets Equity		82,703
EQ/Evergreen Omega		37,458
EQ/JP Morgan Value Opportunities		97,125
EQ/Lazard Small Cap Value		285,778
EQ/Marsico Focus		138,350
EQ/Mercury Basic Value Equity		151,252
EQ/Mercury International Value		258,532
EQ/MFS Emerging Growth Companies		269,938
EQ/MFS Investors Trust		49,712

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NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004

Securities Lending:

For all Portfolios, the Trustees have approved the lending of portfolio securities, through its custodian bank, The JPMorgan Chase Bank (“JPMorgan”), acting as lending agent to certain approved broker-dealers, in exchange for negotiated lenders’ fees. Prior to September 13, 2004 State Street Bank acted as lending agent to certain approved broker-dealers for the EQ/Enterprise Capital Appreciation Portfolio, EQ/Enterprise Deep Value Portfolio, EQ/Enterprise Equity Portfolio, EQ/Enterprise Equity Income Portfolio, EQ/Enterprise Global Socially Responsive Portfolio, EQ/Enterprise Growth Portfolio, EQ/ Enterprise Growth and Income Portfolio, EQ/Enterprise High-Yield Portfolio, EQ/Enterprise International Growth Portfolio, EQ/Enterprise Managed Portfolio, EQ/Enterprise Mergers and Acquisitions Portfolio, EQ/Enterprise Multi-Cap Growth Portfolio, EQ/Enterprise Short Duration Bond Portfolio, EQ/Enterprise Small Company Growth Portfolio, EQ/Enterprise Small Company Value Portfolio, EQ/Enterprise Total Return Portfolio (collectively, “EAT Portfolios”) and the MONY Portfolios. By lending investment securities, a Portfolio attempts to increase its net investment income through the receipt of interest on the cash equivalents held as collateral on the loan. Any gain or loss in the market price of the securities loaned that might occur and any interest earned or dividends declared during the term of the loan would be for the account of the Portfolio. Risks of delay in recovery of the securities or even loss of rights in the collateral may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. Any such loan of Portfolio securities will be continuously secured by collateral in cash or high grade debt securities at least equal at all times to the market value of the security loaned. JPMorgan will indemnify each Portfolio from any loss resulting from a borrower’s failure to return a loaned security when due. JPMorgan invests the cash collateral on behalf of the Portfolios and retains a portion of the interest earned. The net amount of interest earned, after the interest rebate, is included in the Statements of Operations as securities lending income. At December 31, 2004, the cash collateral received by each Portfolio for securities loaned was invested by JPMorgan and is summarized in the Portfolio of Investments. Each Portfolio has an individual interest equal to the amount of cash collateral contributed.

Repurchase Agreements:

Certain Portfolios may enter into repurchase agreements with qualified and Manager-approved banks, broker-dealers or other financial institutions as a means of earning a fixed rate of return on their cash reserves for periods as short as overnight. A repurchase agreement is a contract pursuant to which a Portfolio, against receipt of securities of at least equal value including accrued interest, agrees to advance a specified sum to the financial institution which agrees to reacquire the securities at a mutually agreed upon time (usually one day) and price. Each repurchase agreement entered into by a Portfolio will provide that the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest. A Portfolio’s right to liquidate such securities in the event of a default by the seller could involve certain costs, losses or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase are less than the repurchase price, the Portfolio could suffer a loss.

Options Written:

Certain Portfolios may write (sell) covered options as a hedge to provide protection against adverse movements in the price of securities in the Portfolio or to enhance investment performance. Certain Portfolios may purchase and sell exchange traded options on foreign currencies. When a Portfolio writes an option, an amount equal to the premium received by the Portfolio is recorded as a liability and is subsequently adjusted on a daily basis to the current market price of the option written. Premiums received from writing options that expire unexercised, are recognized as gains on the expiration date. Premiums received from writing options that are exercised or are canceled in closing purchase transactions are offset against the cost of any securities purchased or added to the proceeds or netted against the amount paid on the transaction to determine the realized gain or loss. In writing options, a Portfolio must assume that the option may be exercised at any time prior to the expiration of its obligation

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December 31, 2004

as a writer, and that in such circumstances the net proceeds of the sale or cost of purchase of the underlying securities and currencies pursuant to the call or put option may be substantially below or above the prevailing market price. A Portfolio also has the additional risk of not being able to enter into a closing purchase transaction if a liquid secondary market does not exist and bears the risk of unfavorable changes in the price of the financial instruments underlying the options.

Short Sales Against the Box:

Certain Portfolios may enter into a “short sale” of securities in circumstances in which, at the time the short position is open, the Portfolio owns at least an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into at least an equal number of securities sold short. This kind of short sale, which is referred to as one “against the box,” may be entered into by the Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately. The Portfolio will designate the segregation, either on its records or with the Trust’s custodian, of the securities sold short or convertible or exchangeable preferred stocks or debt securities sold in connection with short sales against the box. Liabilities for securities sold short are reported at market value in the financial statements. Such liabilities are subject to off-balance sheet risk to the extent of any future increases in market value of the securities sold short. The ultimate liability for securities sold short could exceed the liabilities recorded in the Statement of Assets and Liabilities. The Portfolio bears the risk of potential inability of the brokers to meet their obligation to perform.

Futures Contracts, Forward Commitments and Foreign Currency Exchange Contracts:

The futures contracts used by the Portfolios are agreements to buy or sell a financial instrument for a set price in the future. Certain Portfolios may buy or sell futures contracts for the purpose of protecting their portfolio securities against future changes in interest rates and indices which might adversely affect the value of the Portfolios’ securities or the price of securities that they intend to purchase at a later date. Initial margin deposits are made upon entering into futures contracts and can be in cash, certain money market instruments, treasury securities or other liquid, high grade debt securities. During the period the futures contracts are open, changes in the market price of the contracts are recognized as unrealized gains or losses by “marking-to-market” at the end of each trading day. Variation margin payments on futures contracts are received or made, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Portfolio’s basis in the contract. Should interest rates or indices move unexpectedly, the Portfolio may not achieve the anticipated benefits of the futures contracts and may incur a loss. The use of futures contracts transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Use of long futures contracts subjects the Portfolios to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Portfolios to unlimited risk of loss. The Portfolios enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction, therefore, the Portfolio’s credit risk is limited to failure of the exchange or board of trade.

Certain Portfolios may make contracts to purchase or sell securities for a fixed price at a future date beyond customary settlement time (“forward commitments”) if they designate the segregation, either on their records or with the Trust’s custodian, of cash or other liquid securities in an amount sufficient to meet the purchase price, or if they enter into offsetting contracts for the forward sale of other securities they own. These commitments are reported at market value in the financial statements. Forward commitments may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines or if the value of the security to be sold increases prior to the settlement date, which is risk in addition to the risk of decline in value of the Portfolio’s other assets. Where such purchases or sales are made through dealers, a Portfolio relies on the dealer to consummate the sale. The dealer’s failure to do so may result in the loss to a Portfolio of an advantageous yield or price. Market risk exists on these commitments to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. However, during the commitment period, these investments earn no interest or dividends.

405

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NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004

Certain Portfolios may purchase foreign currency on a spot (or cash) basis. In addition, certain Portfolios may enter into contracts to purchase or sell foreign currencies at a future date (“forward contracts”). A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Daily fluctuations in the value of such contracts are recognized as unrealized appreciation or depreciation by “marking to market.” The gain or loss arising from the difference between the original contracts and the closing of such contracts is included in realized gains or losses from foreign currency transactions in the Statement of Operations. The Advisers may engage in these forward contracts to protect against uncertainty in the level of future exchange rates in connection with the purchase and sale of Portfolio securities (“transaction hedging”) and to protect the value of specific portfolio positions (“position hedging”). The Portfolios are subject to off-balance sheet risk to the extent of the value of the contracts for purchase of foreign currency and in an unlimited amount for sales of foreign currency.

Swaps:

Certain Portfolios may invest in swap contracts, which are derivatives in the form of a contract or other similar instrument which is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The payment streams are calculated by reference to a specified index and agreed upon notional amount. A Portfolio will usually enter into swaps on a net basis, i.e., the two return streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with the Portfolio receiving or paying, as the case may be, only the net amount of the two returns. A Portfolio’s obligations under a swap agreement will be accrued daily (offset against any amounts owed to the Portfolio) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by designating the segregation, either on its records or with the Trust’s custodian, of cash or other liquid obligations. A Portfolio will not enter into any swap agreement unless the counterparty meets the rating requirements set forth in guidelines established by the Trust’s Board of Trustees. Swap agreements are stated at market value on the Statement of Assets and Liabilities. Swaps are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as unrealized appreciation or depreciation in the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or termination of swap agreements. Notional principal amounts are used to express the extent of involvement in these transactions, but the amount potentially subject to credit risk is much smaller. None of the Portfolios had swap contracts outstanding at December 31, 2004.

Dollar Roll Transactions:

Certain Portfolios may enter into dollar roll transactions with financial institutions to take advantage of opportunities in the mortgage market. A dollar roll transaction involves a sale by a Portfolio of securities with a simultaneous agreement to repurchase substantially similar securities at an agreed-upon price at a future date. The securities repurchased will bear the same interest rates as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories. Dollar roll transactions involve the risk that the market value of the securities sold by the Portfolio may decline below the repurchase price of the similar securities. None of the Portfolios had dollar roll transactions outstanding at December 31, 2004.

Market and Credit Risk:

Written options, futures contracts, forward commitments, forward foreign currency exchange contracts and swaps involve elements of both market and credit risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The risk involved in writing an option on a security is that, if the option is exercised, the underlying security is then purchased or sold by the Portfolio at the contract price, which could be disadvantageous relative to the market price. The Portfolio bears the market risk, which arises from any changes in security values. The credit risk for futures contracts and exchange traded options is limited to failure of the exchange or board of trade which acts as the counterparty to the

406

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NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004

Portfolio’s futures transactions. Forward commitments, forward foreign currency exchange contracts, over-the-counter options and swaps are executed directly with the counterparty and not through an exchange and can be terminated only by agreement of both parties to such contracts. With respect to such transactions there is no daily margin settlement and the Portfolio is exposed to the risk of default by the counterparty.

Note 2 Management of the Trust

The Trust has entered into an investment management agreement (the “Management Agreement”) with Equitable (the “Manager”). Prior to July 9, 2004, Enterprise Capital Management, Inc. (“ECM”) and MONY America were the managers of EAT and MONY Portfolios, respectively. The Management Agreement states that the Manager will (i) have overall supervisory responsibility for the general management and investment of each Portfolio’s assets; (ii) select and contract with investment sub-advisers (“Advisers”) to manage the investment operations and composition of each and every Portfolio; (iii) monitor the Advisers’ investment programs and results; (iv) oversee compliance by the Trust with various federal and state statutes; and (v) carry out the directives of the Board of Trustees. For the year ended December 31, 2004, for its services under the Management Agreement, the Manager was entitled to receive an annual fee as a percentage of average daily net assets, for each of the following Portfolios, calculated daily and payable monthly as follows:


Portfolios:		Management Fee
EQ/Enterprise Capital Appreciation*		0.750% of average daily net assets
EQ/Enterprise Deep Value*		0.750% of average daily net assets
EQ/Enterprise Equity Income*		0.750% of average daily net assets
EQ/Enterprise Global Socially Responsive*		0.900% of average daily net assets
EQ/Enterprise Growth*		0.750% of average daily net assets
EQ/Enterprise Growth and Income*		0.750% of average daily net assets
EQ/Enterprise High-Yield Bond*		0.600% of average daily net assets
EQ/Enterprise International Growth*		0.850% of average daily net assets
EQ/Enterprise Mergers and Acquisitions*		0.900% of average daily net assets
EQ/Enterprise Multi-Cap Growth*		1.000% of average daily net assets
EQ/Enterprise Short Duration Bond*		0.450% of average daily net assets
EQ/Enterprise Small Company Growth*		1.000% of average daily net assets
EQ/Enterprise Total Return*		0.550% of average daily net assets
EQ/Equity 500 Index		0.250% of average daily net assets
EQ/Small Company Index		0.250% of average daily net assets


	(as a percentage of average daily net assets)
Portfolios:	First $400 Million		Next $400 Million		Thereafter
EQ/Enterprise Equity*	0.800	%	0.750	%	0.700	%
EQ/Enterprise Managed*	0.800	%	0.750	%	0.700	%
EQ/Enterprise Small Company Value*	0.800	%	0.750	%	0.700	%
EQ/MONY Diversified	0.500	%	0.350	%	0.300	%
EQ/MONY Equity Growth	0.500	%	0.350	%	0.300	%
EQ/MONY Equity Income	0.500	%	0.350	%	0.300	%
EQ/MONY Government Securities	0.500	%	0.350	%	0.300	%
EQ/MONY Intermediate Term Bond	0.500	%	0.350	%	0.300	%
EQ/MONY Long Term Bond	0.500	%	0.350	%	0.300	%
EQ/MONY Money Market	0.400	%	0.350	%	0.300	%

407

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004


	(as a percentage of average daily net assets)
Portfolios:	First $750 Million		Next $750 Million		Next $1 Billion		Next $2.5 Billion		Thereafter
EQ/Alliance Intermediate Government Securities	0.500	%	0.475	%	0.450	%	0.430	%	0.420	%
EQ/Alliance Quality Bond	0.525	%	0.500	%	0.475	%	0.455	%	0.445	%
EQ/J.P. Morgan Core Bond	0.450	%	0.425	%	0.400	%	0.380	%	0.370	%
EQ/Money Market	0.350	%	0.325	%	0.300	%	0.280	%	0.270	%


	(as a percentage of average daily net assets)
Portfolios:	First $1 Billion		Next $1 Billion		Next $3 Billion		Next $5 Billion		Thereafter
EQ/Alliance Common Stock	0.550	%	0.500	%	0.475	%	0.450	%	0.425	%
EQ/Alliance Growth and Income	0.600	%	0.550	%	0.525	%	0.500	%	0.475	%
EQ/Alliance International	0.750	%	0.700	%	0.675	%	0.650	%	0.625	%
EQ/Alliance Premier Growth	0.900	%	0.850	%	0.825	%	0.800	%	0.775	%
EQ/Alliance Small Cap Growth	0.750	%	0.700	%	0.675	%	0.650	%	0.625	%
EQ/Bernstein Diversified Value	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/Calvert Socially Responsible	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/Capital Guardian Growth	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/Capital Guardian International	0.850	%	0.800	%	0.775	%	0.750	%	0.725	%
EQ/Capital Guardian Research	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/Capital Guardian U.S. Equity	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/Emerging Markets Equity	1.150	%	1.100	%	1.075	%	1.050	%	1.025	%
EQ/Evergreen Omega	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/FI Mid Cap	0.700	%	0.650	%	0.625	%	0.600	%	0.575	%
EQ/FI Small/Mid Cap Value	0.750	%	0.700	%	0.675	%	0.650	%	0.625	%
EQ/Janus Large Cap Growth	0.900	%	0.850	%	0.825	%	0.800	%	0.775	%
EQ/JP Morgan Value Opportunities	0.600	%	0.550	%	0.525	%	0.500	%	0.475	%
EQ/Lazard Small Cap Value	0.750	%	0.700	%	0.675	%	0.650	%	0.625	%
EQ/Marsico Focus	0.900	%	0.850	%	0.825	%	0.800	%	0.775	%
Q/Mercury Basic Value Equity	0.600	%	0.550	%	0.525	%	0.500	%	0.475	%
Q/Mercury International Value	0.850	%	0.800	%	0.775	%	0.750	%	0.725	%
EQ/MFS Emerging Growth Companies	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/MFS Investors Trust	0.600	%	0.550	%	0.525	%	0.500	%	0.475	%
EQ/Wells Fargo Montgomery Small Cap	0.850	%	0.800	%	0.775	%	0.750	%	0.725	%

*	From January 1, 2004 through July 9, 2004, the Portfolio paid MONY a fee for sub-transfer agency, printing and other services. Effective July 9, 2004, there is no longer a fee for these services.

On behalf of the Trust, the Manager has entered into investment advisory agreements (“Advisory Agreements”) with each of the Advisers. Each of the Advisory Agreements obligates the Advisers for the respective Portfolios to: (i) continuously furnish investment programs for the Portfolios; (ii) place all orders for the purchase and sale of investments for the Portfolios with brokers or dealers selected by the Manager or the respective Advisers; and (iii) perform certain limited related administrative functions in connection therewith. The Manager pays the expenses of providing investment advisory services to the Portfolios, including the fees of the Advisers of each Portfolio.

Note 3 Administrative Fees

Equitable serves as Administrator to the Trust. As Administrator, Equitable provides the Trust with necessary administrative, fund accounting, and compliance services. Equitable may carry out its responsibilities either directly or through sub-contracting with third party providers. For these services, the Trust pays Equitable an annual fee payable monthly per the following fee schedule:

Fixed Charge

$30,000 for each Portfolio and for each portion of the Portfolio for which separate administrative services are provided, (e.g., portions of a Portfolio allocated to separate Advisers).

408

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004

Total Trust Average Net Asset Charge

0.0400 of 1% on the first $3.0 billion

0.0300 of 1% on the next $3.0 billion

0.0250 of 1% on the next $4.0 billion

0.0225 of 1% in excess of $10.0 billion

The above administration fee schedule for the following portfolios commenced July 9, 2004. Prior to July 9, 2004, all MONY Portfolios except EQ/MONY Money Market Portfolio paid Enterprise Capital Management, Inc. an administration fee payable monthly and computed at the annual rate of 0.07% of the first $250 million of the average daily net assets of each Portfolio; 0.05% of the next $250 million of the average daily net assets of each Portfolio; and 0.03% of the average daily net assets of each Portfolio in excess of $500 million. Prior to July 9, 2004, the EQ/MONY Money Market Portfolio paid Enterprise Capital Management, Inc. an administration fee payable monthly and computed at the annual rate of 0.04% of the first $250 million of the average daily net assets of each Portfolio; 0.035% of the next $250 million of the average daily net assets of each Portfolio; and 0.03% of the average daily net assets of each Portfolio in excess of $500 million.

Prior to July 9, 2004, EAT Portfolios did not accrue an administrative fee.

Pursuant to a sub-administration arrangement with Equitable, JPMorgan Investors Services Co. (“Sub-administrator”) provides the Trust with administrative services, including monitoring of portfolio compliance and portfolio accounting services.

Note 4 Custody Fees

The Trust has entered into a Custody Agreement with JPMorgan. Prior to September 13, 2004, State Street Bank was the custodian for the EAT and MONY Portfolios. The Custody Agreement provides for an annual fee based on the amount of assets under custody plus transaction charges. JPMorgan serves as custodian of the Trust’s portfolio securities and other assets. Under the terms of the Custody Agreement between the Trust and JPMorgan, JPMorgan maintains and deposits in separate accounts, cash, securities and other assets of the Portfolios. JPMorgan is also required, upon the order of the Trust, to deliver securities held by JPMorgan, and to make payments for securities purchased by the Trust. JPMorgan has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which portfolio securities purchased outside the United States are maintained in the custody of these entities.

Note 5 Distribution Plans

The Trust has entered into distribution agreements with AXA Advisors, LLC and AXA Distributors, LLC, both indirect wholly-owned subsidiaries of Equitable (collectively, the “Distributors”), pursuant to which the Distributors serve as the principal underwriters of the Class IA and Class IB shares of the Trust. Class IB shares are subject to distribution fees imposed pursuant to a distribution plan (“Distribution Plan”) adopted pursuant to Rule 12b-1 under the 1940 Act. The Distribution Plan provides that each Distributor will be entitled to receive a maximum distribution fee at the annual rate of 0.50% of the average net assets attributable to the Trust’s Class IB shares. The distribution agreements, however, limit payments for services provided under the Distribution Plan to an annual rate of 0.25% of the average daily net assets attributable to the Trust’s Class IB shares. The Trust’s Class IA shares are not subject to such fees.

Prior to July 9, 2004, the EAT Portfolios were not subject to a distribution fee. Effective July 9, 2004, the EAT Portfolios are subject to a 0.25% of average daily net assets attributable to Class IB shares.

409

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004

Note 6 Expense Limitation

In the interest of limiting expenses of certain Portfolios, the Manager has entered into an expense limitation agreement with the Trust, with respect to such Portfolios (“Expense Limitation Agreement”), pursuant to which the Manager has agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses (excluding the 0.25% annual fee under the Trust’s Class IB Distribution Plan) of such Portfolios are limited to:


0.50% of average daily net assets of the
		EQ/MONY Money Market Portfolio
0.55% of average daily net assets of the
		EQ/J.P. Morgan Core Bond Portfolio
0.60% of average daily net assets of the
		EQ/Small Company Index Portfolio
0.65% of average daily net assets of the
		EQ/Enterprise Short Duration Bond Portfolio
		EQ/Enterprise Total Return Portfolio
0.70% of average daily net assets of the
		EQ/Bernstein Diversified Value Portfolio
		EQ/Capital Guardian Growth Portfolio
		EQ/Capital Guardian Research Portfolio
		EQ/Capital Guardian U.S. Equity Portfolio
		EQ/Evergreen Omega Portfolio
		EQ/JP Morgan Value Opportunities Portfolio
		EQ/Mercury Basic Value Equity Portfolio
		EQ/MFS Investors Trust Portfolio
0.75% of average daily net assets of the
		EQ/FI Mid Cap Portfolio
		EQ/MONY Government Securities Portfolio
		EQ/MONY Intermediate Term Bond Portfolio
		EQ/MONY Long Term Bond Portfolio
0.80% of average daily net assets of the
		EQ/Alliance Premier Growth Portfolio**
		EQ/Calvert Socially Responsible Portfolio
0.85% of average daily net assets of the
		EQ/Alliance International Portfolio
		EQ/Enterprise High-Yield Bond Portfolio
		EQ/FI Small/Mid Cap Value Portfolio
		EQ/Lazard Small Cap Value Portfolio
0.90% of average daily net assets of the
		EQ/Janus Large Cap Growth Portfolio
		EQ/Marsico Focus Portfolio
0.95% of average daily net assets of the
		EQ/Capital Guardian International Portfolio
		EQ/MONY Equity Income Portfolio*
1.00% of average daily net assets of the
		EQ/Mercury International Value Portfolio
1.05% of average daily net assets of the
		EQ/Enterprise Deep Value Portfolio
		EQ/Enterprise Equity Income Portfolio
		EQ/Enterprise Growth and Income Portfolio
		EQ/Enterprise Managed Portfolio
		EQ/Wells Fargo Montgomery Small Cap Portfolio

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EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004


1.15% of average daily net assets of the
		EQ/Enterprise Equity Portfolio
		EQ/Enterprise Growth Portfolio
		EQ/MONY Diversified Portfolio
		EQ/MONY Equity Growth Portfolio
1.30% of average daily net assets of the
		EQ/Enterprise Capital Appreciation Portfolio
		EQ/Enterprise Global Socially Responsive Portfolio
		EQ/Enterprise Small Company Growth Portfolio
		EQ/Enterprise Small Company Value Portfolio
1.40% of average daily net assets of the
		EQ/Enterprise Multi-Cap Growth Portfolio
1.45% of average daily net assets of the
		EQ/Enterprise Mergers and Acquisitions Portfolio
1.55% of average daily net assets of the
		EQ/Emerging Markets Equity Portfolio
		EQ/Enterprise International Growth Portfolio

*	Effective September 10, 2004. Previous expense limitation was 1.05%.

**	Effective July 1, 2004. Previous expense limitation was 0.90%.

Prior to July 9, 2004, the expense limitations for the EAT and MONY Portfolios were implemented by ECM and MONY America.

Each Portfolio may at a later date reimburse to the Manager the management fees waived or other expenses assumed and paid for by the Manager pursuant to the Expense Limitation Agreement within the prior five fiscal years (prior three fiscal years for certain Portfolios, as indicated by a “†” in the following chart), provided such Portfolio has reached a sufficient asset size to permit such reimbursement to be made without causing the total annual expense ratio of each Portfolio to exceed the percentage limits mentioned above for the respective period. Consequently, no reimbursement by a Portfolio will be made unless: (i) the Portfolio’s total annual expense ratio is less than the respective percentages stated above for the respective period; and (ii) the payment of such reimbursement has been approved by the Trust’s Board of Trustees on a quarterly basis. Any reimbursement, called recoupment fees on the Statement of Operations, will be based on the earliest fees waived or assumed by the Manager. The EAT and MONY Portfolios were added to the recoupment program as of July 9, 2004. During the year ended December 31, 2004, the Manager received a total of $1,975,700 in reimbursement for all of the Portfolios within the Trust. At December 31, 2004, under the Expense Limitation Agreement, the amount that would be recoverable from each Portfolio is as follows:


	Amount Eligible through										Total Eligible for Reimbursement
Portfolios:	2005		2006		2007		2008		2009		Total Eligible for Reimbursement
EQ/Alliance International†	$	—	$	263,157	$	154,912	$	—	$	—	$	418,069
EQ/Alliance Premier Growth†		644,621		483,298		1,062,486		—		—		2,190,405
EQ/Calvert Socially Responsible†		81,850		78,504		55,563		—		—		215,917
EQ/Capital Guardian Growth		87,262		118,237		168,223		184,295		101,921		659,938
EQ/Capital Guardian International†		202,459		233,863		283,075		—		—		719,397
EQ/Capital Guardian Research†		178,544		126,882		36,209		—		—		341,635
EQ/Capital Guardian U.S. Equity†		152,523		118,339		40,043		—		—		310,905
EQ/Emerging Markets Equity		280,645		573,560		90,578		61,308		79,653		1,085,744
EQ/Enterprise Deep Value†		—		—		58,661		—		—		58,661
EQ/Enterprise Equity†		—		—		3,689		—		—		3,689
EQ/Enterprise Equity Income†		—		—		56,744		—		—		56,744
EQ/Enterprise Global Socially Responsive†		—		—		54,112		—		—		54,112
EQ/Enterprise Growth and Income†		—		—		59,101		—		—		59,101

411

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004


	Amount Eligible through										Total Eligible for Reimbursement
Portfolios:	2005		2006		2007		2008		2009		Total Eligible for Reimbursement
EQ/Enterprise High-Yield Bond†	$	—	$	—	$	87,447	$	—	$	—	$	87,447
EQ/Enterprise Managed†		—		—		296,620		—		—		296,620
EQ/Enterprise Mergers and Acquisitions†		—		—		50,928		—		—		50,928
EQ/Enterprise Multi-Cap Growth†		—		—		27,870		—		—		27,870
EQ/Enterprise Short Duration Bond†		—		—		62,932		—		—		62,932
EQ/Enterprise Small Company Growth†		—		—		53,919		—		—		53,919
EQ/Enterprise Total Return†		—		—		125,842		—		—		125,842
EQ/Evergreen Omega		57,964		94,038		104,124		106,256		91,070		453,452
EQ/FI Mid Cap†		171,926		176,252		133,611		—		—		481,789
EQ/Janus Large Cap Growth†		178,529		195,917		222,772		—		—		597,218
EQ/JP Morgan Value Opportunities†		27,696		8,070		2,938		—		—		38,704
EQ/Marsico Focus†		135,620		447,154		599,124		—		—		1,181,898
EQ/Mercury International Value		27,062		473,595		203,799		95,780		45,885		846,121
EQ/MFS Investors Trust		45,505		54,022		29,082		26,337		—		154,946
EQ/MONY Diversified†		—		—		55,503		—		—		55,503
EQ/MONY Equity Growth†		—		—		57,586		—		—		57,586
EQ/MONY Equity Income†		—		—		41,715		—		—		41,715
EQ/MONY Intermediate Term Bond†		—		—		20,375		—		—		20,375
EQ/MONY Long Term Bond†		—		—		7,951		—		—		7,951
EQ/MONY Money Market†		—		—		83,757		—		—		83,757
EQ/Wells Fargo Montgomery Small Cap†		—		—		49,825		—		—		49,825

Note 7 Trustees Deferred Compensation Plan

A deferred compensation plan (the “Plan”) for the benefit of the Independent Trustees has been adopted by the Trust. Under the Plan, each Trustee may defer payment of all or part of the fees payable for such Trustee’s services. Each Trustee may defer payment of such fees until their retirement as a Trustee or until the earlier attainment of a specified age. Fees deferred under the Plan, together with accrued interest thereon, will be disbursed to a participating Trustee in monthly installments over a five to twenty year period elected by such Trustee. At December 31, 2004, the total amount deferred by the Trustees participating in the Plan was $1,068,255.

Note 8 Percentage of Ownership by Affiliated Portfolios

Shares of some of the Portfolios are held by the AXA Allocation fund of funds of the AXA Premier VIP Trust, an entity also advised by Equitable. The following table represents the percentage of ownership that each AXA Allocation Portfolio has in the underlying investment companies net assets as of December 31, 2004.


Portfolios:	AXA Conservative Allocation		AXA Conservative Plus Allocation		AXA Moderate Allocation		AXA Moderate Plus Allocation		AXA Aggressive Allocation
EQ/Alliance Premier Growth	0.13	%	0.43	%	32.67	%	1.55	%	0.85	%
EQ/Alliance Quality Bond	0.93		1.27		61.61		2.03		0.28
EQ/Capital Guardian International	—		—		—		9.47		1.39
EQ/Lazard Small Cap Value	0.11		0.43		17.29		2.45		0.59
EQ/Marsico Focus	0.31		0.94		23.45		4.36		1.94
EQ/Mercury Basic Value Equity	—		0.53		20.63		7.16		1.73

412

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004

Note 9 Substitution and Reorganization Transactions

After the close of business on July 9, 2004, 23 portfolios of the former MONY Series Fund, Inc. and Enterprise Accumulation Trust were reorganized into their respective corresponding newly-created portfolios of the EQ Advisors Trust, a registered investment company managed by Equitable.

After the close of business on May 2, 2003, EQ/Alliance International Portfolio acquired the net assets of the EQ/International Equity Index Portfolio, pursuant to a Plan of Reorganization and Termination (the “Plan”). For accounting purposes, this transaction is treated as a merger. The reorganization was accomplished by a tax-free exchange of 408,865 Class IA shares and 12,213,646 Class IB shares of EQ/Alliance International Portfolio (valued at $3,057,994 and $90,046,488, respectively) for the 8,351 Class IA shares and 13,140,144 Class IB shares of EQ/International Equity Index Portfolio outstanding on May 2, 2003. EQ/International Equity Index Portfolio’s net assets at that date ($93,104,482), including $4,004,524 of unrealized depreciation, were combined with those of EQ/Alliance International Portfolio. The aggregate net assets of EQ/Alliance International Portfolio and EQ/International Equity Index Portfolio immediately before the substitutions were $1,092,895,733 and $93,104,482, respectively, resulting in combined net assets of $1,186,000,215.

Effective February 28, 2003 the Enterprise Growth Portfolio acquired all of the net assets of the Balanced Portfolio in a tax-free exchange of shares wherein the shareholders of the Enterprise Balanced Portfolio received for each share owned approximately 1.05 shares of the Enterprise Growth Portfolio. The aggregate net assets and unrealized appreciation/(depreciation) of the portfolios immediately before and after the merger were as follows:


	Net Assets				Unrealized Appreciation/(Depreciation)
Portfolios	Before Merger		After Merger		Before Merger			After Merger
EQ/Enterprise Growth	$	199,034,794	$	215,792,972	$	(17,240,287	)	$	(18,141,555	)
Enterprise Balanced		16,758,178				(901,268	)

Effective February 28, 2003 the Enterprise International Growth Portfolio acquired all of the net assets of the Enterprise Worldwide Growth and Emerging Countries Portfolios in a tax-free exchanges of shares wherein the shareholders of the Enterprise Worldwide Growth and Enterprise Emerging Countries Portfolios received for each share owned approximately 1.97 shares and 2.42 shares, respectively of the Enterprise International Growth Portfolio. The aggregate net assets and unrealized appreciation/(depreciation) of the portfolios immediately before and after the merger were as follows:


	Net Assets				Unrealized Appreciation/(Depreciation)
Portfolios	Before Merger		After Merger		Before Merger			After Merger
EQ/Enterprise International Growth	$	40,211,216	$	42,209,580	$	(11,305,050	)	$	(11,398,851	)
Enterprise Worldwide Growth		821,424				(58,381	)
Enterprise Emerging Countries		1,176,940				(35,420	)

Note 10 Estimated Loss Contingency on Security

During 2003, Enron Corp. bankruptcy court sought to recoup proceeds from the EQ/MONY Intermediate Term Bond Portfolio’s $599,178 and the EQ/MONY Money Market Portfolio’s $1,898,947 early disposition of Enron Corp. commercial paper in 2001. In 2003, based upon current available information, the EQ/MONY Intermediate Term Bond Portfolio and the EQ/MONY Money Market Portfolio recorded an estimated loss contingency of $449,384 and $1,424,210, respectively, which has been reflected in the Statement of Operations as a realized loss. The previous investment adviser, MONY America has reimbursed the Portfolio to cover the estimated loss. The net result had no effect to the Portfolio’s net assets or Net Asset Value. This matter may not be resolved for a period of time over one year. As of December 31, 2004, no cash disbursements have been required to be paid to the bankruptcy court.

413

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Concluded)

December 31, 2004

Note 11 Subsequent Events

On December 1, 2004, the Trustees approved the proposed mergers and reorganizations of the following portfolios:


Existing Portfolio:		Surviving Portfolio:
EQ/Enterprise Capital Appreciation Portfolio		EQ/Marsico Focus Portfolio
EQ/Enterprise Deep Value Portfolio		EQ/Mercury Basic Value Equity Portfolio
EQ/Enterprise Global Socially Responsive Portfolio		EQ/Calvert Socially Responsible Portfolio
EQ/Enterprise Multi-Cap Growth Portfolio		EQ/Enterprise Growth Portfolio
EQ/MONY Equity Income Portfolio		EQ/Enterprise Equity Income Portfolio
EQ/MONY Equity Growth Portfolio		EQ/Capital Guardian Research Portfolio
EQ/MONY Diversified Portfolio		EQ/Capital Guardian Research Portfolio
EQ/MONY Money Market Portfolio		EQ/Money Market Portfolio

The Board of Trustees has yet to set a date for the special shareholder meeting and effective date for these transactions.

On January 20, 2005, the Trustees also approved the proposed conversion of the EQ/Enterprise Managed Portfolio (“Portfolio”) to a “fund of funds” structure. When effected, the Portfolio will be renamed the EQ/Enterprise Moderate Allocation Portfolio.

414

Report of Independent Registered Public Accounting Firm

To the Trustees and Shareholders of

EQ Advisors Trust

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the 53 portfolios constituting EQ Advisors Trust (the “Trust”) at December 31, 2004, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2004 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 14, 2005

415

Federal Income Tax Information (Unaudited)

For the year ended December 31, 2004, the percentage of dividends paid that qualify for the 70% dividends received deductions for corporate shareholders, foreign taxes which are expected to be passed through to shareholders for foreign tax credits, gross income derived from sources within foreign countries, and long-term capital gain dividends for the purpose of the dividend paid deduction on its Federal income tax return were as follows


Portfolios	70% Dividend Received Deduction		Foreign Taxes		Foreign Source Income		Long Term Capital Gain
EQ/Alliance Common Stock	100.00	%	$	—	$	—	$	—
EQ/Alliance Growth and Income	100.00			—		—		—
EQ/Alliance Intermediate Government Securities	—			—		—		39,080
EQ/Alliance International	—			4,040,090		27,546,062		—
EQ/Alliance Premier Growth	—			—		—		—
EQ/Alliance Quality Bond	—			—		—		5,249,337
EQ/Alliance Small Cap Growth	—			—		—		—
EQ/Bernstein Diversified Value	100.00			—		—		13,058,872
EQ/Calvert Socially Responsible	—			—		—		—
EQ/Capital Guardian Growth	100.00			—		—		—
EQ/Capital Guardian International	—			450,351		10,009,473		—
EQ/Capital Guardian Research	100.00			—		—		—
EQ/Capital Guardian U.S. Equity	100.00			—		—		—
EQ/Emerging Markets Equity	0.79			908,683		11,812,813		—
EQ/Enterprise Capital Appreciation	—			—		—		—
EQ/Enterprise Deep Value	56.84			—		—		30,077
EQ/Enterprise Equity	—			—		—		—
EQ/Enterprise Equity Income	100.00			—		—		—
EQ/Enterprise Global Socially Responsive	72.96			—		—		150,042
EQ/Enterprise Growth	100.00			—		—		—
EQ/Enterprise Growth and Income	100.00			—		—		—
EQ/Enterprise High-Yield Bond	—			—		—		—
EQ/Enterprise International Growth	—			124,913		1,104,949		—
EQ/Enterprise Managed	81.49			—		—		—
EQ/Enterprise Mergers and Acquisitions	16.61			—		—		29,425
EQ/Enterprise Multi-Cap Growth	—			—		—		—
EQ/Enterprise Short Duration Bond	—			—		—		—
EQ/Enterprise Small Company Growth	—			—		—		—
EQ/Enterprise Small Company Value	100.00			—		—		11,235,440
EQ/Enterprise Total Return	—			—		—		793,920
EQ/Equity 500 Index	100.00			—		—		—
EQ/Evergreen Omega	100.00			—		—		—
EQ/FI Mid Cap	30.60			—		—		42,555,263
EQ/FI Small/Mid Cap Value	34.62			—		—		85,665,304
EQ/Janus Large Cap Growth	100.00			—		—		—
EQ/J.P. Morgan Core Bond	—			—		—		2,965,873
EQ/JP Morgan Value Opportunities	100.00			—		—		—
EQ/Lazard Small Cap Value	12.01			—		—		59,824,665
EQ/Marsico Focus	—			—		—		—
EQ/Mercury Basic Value Equity	49.89			—		—		58,138,083
EQ/Mercury International Value	—			1,131,995		19,191,201		—

416


Portfolios	70% Dividend Received Deduction		Foreign Taxes		Foreign Source Income		Long Term Capital Gain
EQ/MFS Emerging Growth Companies	—	%	$	—	$	—	$	—
EQ/MFS Investors Trust	100.00			—		—		—
EQ/Money Market	—			—		—		—
EQ/MONY Diversified	—			—		—		32,195
EQ/MONY Equity Growth	—			—		—		—
EQ/MONY Equity Income	23.17			—		—		393,675
EQ/MONY Government Securities	—			—		—		560,438
EQ/MONY Intermediate Term Bond	—			—		—		100,447
EQ/MONY Long Term Bond	—			—		—		2,667,550
EQ/MONY Money Market	—			—		—		—
EQ/Small Company Index	27.67			—		—		7,442,612
EQ/Wells Fargo Montgomery Small Cap	—			—		—		—

417

MANAGEMENT OF THE TRUST (UNAUDITED)

The Trust’s Board has the responsibility for the overall management of the Trust and the Portfolios, including general supervision and review of the investment activities and their conformity with Delaware law and the stated policies of the Portfolios. The Board elects the officers of the Trust who are responsible for administering the Trust’s day-to-day operations. The Trustees and officers of the Trust, together with information as to their principal business occupation during the last five years, and other information are shown below.

The Trustees and Officers


Name, Address and Age	Position(s) Held With Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Complex Overseen by Trustee	Other Directorships Held by Trustee
Interested Trustee

Steven M. Joenk* 1290 Avenue of the Americas, New York, New York (46)	Trustee, Chairman and President and Chief Executive Officer	From September 2004 to present	From July 1999 to present, Senior Vice President of AXA Financial; from September 2004 to present, President of AXA Financial’s Funds Management Group; since 2004, chairman and president of Enterprise Captial Management, Inc., co-chairman of Enterprise Fund Distributors, Inc. and a director of MONY Capital Management Inc., Matrix Private Equities, Inc., Matrix Capital Markets Group Inc., 1740 Advisers, Inc., MONY Asset Management Inc., MONY Financial Resources of the Americas Limited (Jamaica), MONY International Life Insurance Co. (Argentina), MONY Bank & Trust Company of the Americas Ltd. (Cayman Islands) and MONY Consultoria de Correlagem de Seguros Ltd. (Brazil).	127	None

Independent Trustees

Theodossios Athanassiades c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York 10036 (65)	Trustee	From March 2000 to present	Retired	72	From May 1994 to present, Director, Atlantic Bank of New York

Jettie M. Edwards c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York 10036 (58)	Trustee	From March 1997 to present	Retired. From 1986 to 2001, Partner and Consultant, Syrus Associates (business and marketing consulting firm)	72	From 1997 to present, Director, The PBHG Funds, Inc.

*	Affiliated with the Manager and Distributors.

**	Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

418


Name, Address and Age	Position(s) Held With Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Complex Overseen by Trustee	Other Directorships Held by Trustee
Independent Trustees (Continued)

David W. Fox c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York 10036 (73)	Trustee	From May 2000 to present	Retired.	72	From 1987 to present, Director of USG Corporation. From 2004 to present, Director of Miami Corporation.
William M. Kearns, Jr. c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York 10036 (69)	Trustee	From March 1997 to present	From 1994 to present, President, W.M. Kearns & Co., Inc. (private investment company); from 2002 to present, Chairman and from 1998 to present, Vice Chairman, Keefe Managers, Inc.	72	From 1975 to present, Director, Selective Insurance Group, Inc.; from 1991 to present, Director, Transistor Devices, Inc.; from 1999 to present, Advisory Director, Proudfoot PLC (N.A.) (consulting firm); from 2001 to present, Advisory Director, Gridley & Company LLC; from 2002 to present, Director, United States Shipping Corp.
Christopher P.A. Komisarjevsky c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York 10036 (59)	Trustee	From March 1997 to present	Retired; from 1998 to December 2004, President and Chief Executive Officer, Burson-Marsteller worldwide (public relations).	72	None
Harvey Rosenthal c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York 10036 (62)	Trustee	From March 1997 to present	From 1997 to present, Consultant/Director.	72	From 1997 to present, Director, LoJack Corporation
Gary S. Schpero c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York 10036 (51)	Trustee	From May 2000 to present	Retired.	72	None

*	Affiliated with the Manager and Distributors.

**	Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

419


Name, Address and Age	Position(s) Held With Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years
Officers
Steven M. Joenk 1290 Avenue of the Americas, New York, New York (46)	Trustee, Chairman, President and Chief Executive Officer	Trustee and Chairman from September 2004 to present; Chief Executive Officer from December 2002 to present; President from November 2001 to present	From July 1999 to present, Senior Vice President of AXA Financial; from September 2004 to present, President of AXA Financial’s Funds Management Group; since 2004, chairman and president of Enterprise Captial Management, Inc., co-chairman of Enterprise Fund Distributors, Inc. and a director of MONY Capital Management Inc., Matrix Private Equities, Inc., Matrix Capital Markets Group Inc., 1740 Advisers, Inc., MONY Asset Management Inc., MONY Financial Resources of the Americas Limited (Jamaica), MONY International Life Insurance Co. (Argentina), MONY Bank & Trust Company of the Americas Ltd. (Cayman Islands) and MONY Consultoria de Correlagem de Seguros Ltd. (Brazil).

Patricia Louie, Esq. 1290 Avenue of the Americas, New York, New York (49)	Vice President and Secretary	From July 1999 to present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and AXA Equitable; July 1999 to May 2003, Vice President and Counsel of AXA Financial and AXA Equitable.

Kenneth T. Kozlowski 1290 Avenue of the Americas, New York, New York (43)	Chief Financial Officer and Treasurer	From December 2002 to present	From February 2001 to present, Vice President of AXA Financial; from December 1999 to December 2002, Controller of the Trust; from October 1999 to February 2001, Assistant Vice President of AXA Financial.

Mary E. Cantwell 1290 Avenue of the Americas, New York, New York (43)	Vice President	From July 1999 to present	From February 2001 to present, Vice President of AXA Financial; from July 2004 to present, a director of Enterprise Capital Management, Inc.; from July 1999 to present, Vice President of AXA Equitable.

Kenneth B. Beitler 1290 Avenue of the Americas, New York, New York (47)	Vice President	From March 2002 to present	From February 2003 to present, Vice President of AXA Financial; from February 2002 to February 2003, Assistant Vice President of AXA Financial; from May 1999 to February 2002, Senior Investment Analyst and Assistant Vice President of AXA Financial.

Brian E. Walsh 1290 Avenue of the Americas, New York, New York (37)	Vice President and Controller	From December 2002 to present	From February 2003 to present, Vice President of AXA Equitable; from January 2001 to February 2003, Assistant Vice President of AXA Equitable; from December 1999 to January 2001, Senior Fund Administrator of AXA Equitable.

Andrew S. Novak, Esq. 1290 Avenue of the Americas, New York, New York (36)	Assistant Secretary	From September 2002 to present	From May 2003 to present, Vice President and Counsel of AXA Financial and AXA Equitable; from May 2002 to May 2003, Counsel of AXA Financial and AXA Equitable; from May 2001 to April 2002, Associate General Counsel and Chief Compliance Officer of Royce & Associates, Inc.; from August 1997 to August 2000, Vice President and Assistant General Counsel of Mitchell Hutchins Asset Management.

Joseph J. Paolo 1290 Avenue of the Americas, New York, New York (34)	Chief Compliance Officer	From September 2004 to present	From March 2004 to present, Vice President of AXA Financial and AXA Equitable and Chief Compliance Officer of AXA Funds Management Group; from May 2002 to March 2004, Assistant Vice President and Compliance Director of AXA Financial and AXA Equitable; from February 2001 to May 2002 , Compliance Officer of AXA Financial and AXA Equitable; from June 1998 to February 2001, Principal Consultant, PricewaterhouseCoopers LLP.

*	Affiliated with the Manager and Distributors.

**	Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

420

PROXY VOTING INFORMATION (UNAUDITED)

A description of the policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling a toll-free number at 1-888-292-4492 and (ii) on the Securities and Exchange Commission’s website at http://www.sec.gov.

Information regarding how the Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2004 is available (i) on the Trust’s proxy voting information website at http://www.axaonline.com (go to “Tools & Calculators: and click on “Proxy Voting” box under the “Investing Tools” column) and (ii) on the Securities and Exchange Commission’s website at http:// www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Portfolios file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Portfolios’ Forms N-Q are available on the Securities and Exchange Commission’s website at http://www.sec.gov and may also be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

421

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a “code of ethics,” as defined in Item 2, that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of the registrant’s code of ethics is filed as an exhibit pursuant to Item 10(a)(1).

Item 3. Audit Committee Financial Expert.

The registrant’s board of trustees has determined that Theodossios Athanassiades serves on its audit committee as an “audit committee financial expert” as defined in Item 3. Mr. Athanassiades is considered to be “independent” for purposes of Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

(a)	Audit Fees for fiscal year 2004: $1,051,889 and fiscal year 2003: $728,578

(b)	Audit-Related Fees for fiscal year 2004: $19,218 and fiscal year 2003: $4,015

Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements, including consultation on technical accounting or regulatory matters relating to the registrant’s financial statements, review of the registrant’s regulatory filings that include the registrant’s financial statements and issuance of consent, and additional audit procedures and subsequent event reviews performed in connection with certain portfolio reorganizations and substitutions.

(c)	Tax Fees for fiscal year 2004: $168,897 and fiscal year 2003: $298,975

Tax	fees include amounts related to tax compliance, tax advice and tax planning.

(d)	All Other Fees for fiscal year 2004: $98,930 and fiscal year 2003: $4,015

All other fees include amounts related to consultation on technical accounting or regulatory matters relating to certain portfolio reorganizations and substitutions, review of the registrant’s related regulatory filings and issuances of consent.

(e)(1)

The registrant’s audit committee has adopted policies and procedures relating to pre-approval of services performed by the registrant’s principal accountant for the registrant. Audit, audit-related and tax services provided to the registrant on an annual basis require pre-approval by the entire audit committee. In the event that the audit fees exceed the pre-approved estimated amount, the audit committee’s delegate, consisting of the audit committee chair, lead independent trustee, the registrant’s chief executive officer and chief financial officer, acting by at least three of such individuals, has the authority to increase the amount by up to 10% of the pre-approved amount. Any additional amount requires pre-approval by the entire audit committee. The audit committee chair or the lead independent trustee also has the authority to approve de minimis non-audit services (i.e., services in which the fee does not exceed $10,000 per engagement) to be provided by the registrant’s principal accountant for the registrant, provided that each such service is brought to the attention of the audit committee prior to the completion of the audit of the registrant’s financial statements.

(e)(2) None of the services include in (b) – (d) above was approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)	Not applicable.

(g)	For fiscal year 2004: $4,487,730

For fiscal year 2003: $2,104,275

(h)

The registrant’s audit committee has considered that the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable

Item 8. Portfolio Managers of Close-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Disclosures.

(a)

The registrant’s certifying officers have evaluated the registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this report and have determined such controls and procedures to be reasonably designed to achieve the purposes described in Rule 30a-3(c) under the Investment Company Act of 1940.

(b)

The registrant’s certifying officers are not aware of any changes in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)

The registrant’s code of ethics required by Item 2 is filed herewith.

(a)(2)

Certifications required by Item 12(a)(2) are filed herewith.

(a)(3)

Written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – not applicable.

(b)	Certifications required by Item 12(b) are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

EQ Advisors Trust

/s/ Steven M. Joenk

Steven M. Joenk

President and Chief Executive Officer

February 28, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ Steven M. Joenk

Steven M. Joenk

Chief Executive Officer

February 28, 2005

/s/ Kenneth T. Kozlowski

Kenneth T. Kozlowski

Chief Financial Officer

February 28, 2005