EQ Advisors Trust

Name of Director

Dollar Range
of Equity Securities in the Portfolios*

Aggregate Dollar Range of Equity
Securities in All Portfolios Overseen
in Family of Investment Companies:

Interested Trustee

Steven M. Joenk

EQ/Alliance Large Cap Growth

EQ/Bernstein Diversified Value

EQ/MFS Emerging Growth

$10,000 – $50,000

$10,000 – $50,000

$10,000 – $50,000

Over $100,000

485BXT 1 d485bxt.htm EQ ADVISORS TRUST EQ Advisors Trust

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON April 7, 2005

Registration Nos. 333-17217 and 811-07953

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-1A


REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933		x



Pre-Effective Amendment No.		¨

Post-Effective Amendment No. 37		¨



and/or



REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940		x


Amendment No. 39		¨

(Check appropriate box or boxes)

EQ ADVISORS TRUST

(formerly 787 Trust)

(Exact name of registrant as specified in charter)

1290 Avenue of the Americas

New York, New York 10104

(Address of principal executive offices)

Registrant’s Telephone Number, including area code: (212) 554-1234

Patricia Louie 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)

Please send copies of all communications to:

Arthur J. Brown, Esq.

Kirkpatrick & Lockhart Nicholson Graham LLP

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

Washington, D.C. 20036-1800

Approximate Date of Proposed Public Offering: Effective Date of this Post-Effective Amendment.

It is proposed that this filing will become effective:

¨	immediately upon filing pursuant to paragraph (b)

x	on April 29, 2005 pursuant to paragraph (b)

¨	60 days after filing pursuant to paragraph (a)

¨	on (date) pursuant to paragraph (a) of Rule 485

¨	75 days after filing pursuant to paragraph (a)

if appropriate, check the following box:

x	This post-effective amendment designates a new effective date for a previously filed post-effective amendment

C-1

EQ ADVISORS TRUST

CONTENTS OF REGISTRATION STATEMENT

This registration statement is comprised of the following:

Cover Sheet

Contents of Registration Statement

Class IA and Class IB Prospectuses of EQ Advisors Trust and Statement of Additional Information of EQ Advisors Trust

Part C – Other Information

Signature Page

Exhibits

EQ Advisors Trust^SM

Prospectus dated May 1, 2005

This Prospectus describes fifty-four (54) Portfolios* offered by EQ Advisors Trust and the Class IA shares offered by the Trust on behalf of each Portfolio that you can choose as investment alternatives. Each Portfolio has its own investment objective and strategies that are designed to meet different investment goals. This Prospectus contains information you should know before investing. Please read this Prospectus carefully before investing and keep it for future reference.

Domestic Stock Portfolios

EQ/Alliance Common Stock

EQ/Alliance Growth and Income

EQ/Alliance Large Cap Growth**

EQ/Alliance Small Cap Growth

EQ/Bear Stearns Small Company Growth**

EQ/Bernstein Diversified Value

EQ/Boston Advisors Equity Income**

EQ/Calvert Socially Responsible

EQ/Capital Guardian Growth

EQ/Capital Guardian Research

EQ/Capital Guardian U.S. Equity

EQ/Equity 500 Index

EQ/Evergreen Omega

EQ/FI Mid Cap

EQ/FI Small/Mid Cap Value

EQ/Janus Large Cap Growth

EQ/JP Morgan Value Opportunities

EQ/Lazard Small Cap Value

EQ/Lord Abbett Growth and Income

EQ/Lord Abbett Large Cap Core

EQ/Lord Abbett Mid Cap Value

EQ/Marsico Focus

EQ/Mercury Basic Value Equity

EQ/Mergers and Acquisitions**

EQ/MFS Emerging Growth Companies

EQ/MFS Investors Trust

EQ/Montag & Caldwell Growth**

EQ/MONY Equity Growth†

EQ/MONY Equity Income†

EQ/Small Company Index

EQ/Small Company Value**

EQ/TCW Equity**

EQ/UBS Growth and Income**

EQ/Van Kampen Comstock

EQ/Van Kampen Mid Cap Growth

EQ/Wells Fargo Montgomery Small Cap

International Stock Portfolios

EQ/Alliance International

EQ/Capital Guardian International

EQ/International Growth**

EQ/Mercury International Value

EQ/Van Kampen Emerging Markets Equity**

Fixed Income Portfolios

EQ/Alliance Intermediate Government Securities

EQ/Alliance Quality Bond

EQ/Caywood-Scholl High Yield Bond**

EQ/Government Securities**

EQ/Intermediate Term Bond**

EQ/J.P. Morgan Core Bond

EQ/Long Term Bond**

EQ/MONY Money Market†

EQ/Money Market

EQ/PIMCO Real Return**

EQ/Short Duration Bond**

Balanced/Hybrid Portfolios

EQ/MONY Diversified†

EQ/Enterprise Managed††

EQ Advisors Trust

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

Reflects the name of the Portfolio effective May 9, 2005. Please see next page “Overview” for name changes.

†

The Board of Trustees has approved proposals to reorganize these Portfolios into other Series of the Trust, subject to shareholder approval. Contractholders will receive proxy materials regarding these proposals. Please see next page “Overview” for additional information.

††

The Board of Trustees has approved a proposal to change the investment strategy of this Portfolio to that of a “fund of funds.” Please see the Supplement dated May 1, 2005 to this Prospectus for more information.

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

Class IA-Master

(29482)

Overview

EQ ADVISORS TRUST

EQ Advisors Trust (the “Trust”) consists of fifty-eight (58) distinct mutual funds, each with its own investment strategy and risk/reward profile. This Prospectus describes the Class IA shares of fifty-four (54) of the Trust’s Portfolios. Each Portfolio is a diversified Portfolio, except for the EQ/Lazard Small Cap Value Portfolio, the EQ/Van Kampen Emerging Markets Equity Portfolio, the EQ/Mergers and Acquisitions Portfolio and the EQ/Marsico Focus Portfolio, which are non-diversified Portfolios. Information on each Portfolio, including investment objectives, investment strategies and investment risks can be found on the pages following this Overview. In addition, a Glossary of Terms is provided at the back of this Prospectus.

The Trust’s shares are currently sold only to insurance company separate accounts in connection with variable life insurance contracts and variable annuity certificates and contracts (the “Contracts”) issued by AXA Equitable Life Insurance Company (“AXA Equitable”) (formerly known as “The Equitable Life Assurance Society of the United States” or “Equitable”), AXA Life and Annuity Company, MONY Life Insurance Company, MONY Life Insurance Company of America, other affiliated or unaffiliated insurance companies and to The Equitable Investment Plan for Employees, Managers and Agents (“Equitable Plan”). Shares also may be sold to other tax-qualified retirement plans. The Prospectus is designed to help you make informed decisions about the Portfolios that are available under your Contract or under the Equitable Plan or other retirement plan. You will find information about your Contract and how it works in the accompanying prospectus for the Contracts if you are a Contractholder or participant under a Contract. Please read that prospectus carefully and retain it for future reference.

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

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


Information on Name Changes
Portfolio Name Prior to May 9, 2005		Portfolio Name On May 9, 2005
EQ/Alliance Premier Growth		EQ/Alliance Large Cap Growth
EQ/Enterprise Mergers and Acquisitions		EQ/Mergers and Acquisitions
EQ/Enterprise Small Company Value		EQ/Small Company Value
EQ/Enterprise Growth		EQ/Montag & Caldwell Growth
EQ/Enterprise Equity		EQ/TCW Equity
EQ/Enterprise Growth and Income		EQ/UBS Growth and Income
EQ/Enterprise International Growth		EQ/International Growth
EQ/Emerging Markets Equity		EQ/Van Kampen Emerging Markets Equity
EQ/Enterprise High-Yield Bond		EQ/Caywood — Scholl High Yield Bond
EQ/MONY Government Securities		EQ/Government Securities
EQ/MONY Intermediate Term Bond		EQ/Intermediate Term Bond
EQ/MONY Long Term Bond		EQ/Long Term Bond
EQ/Enterprise Total Return		EQ/PIMCO Real Return
EQ/Enterprise Short Duration		EQ/Short Duration Bond
EQ/Enterprise Small Company Growth		EQ/Bear Stearns Small Company Growth
EQ/Enterprise Equity Income		EQ/Boston Advisors Equity Income


Information on Proposed Reorganizations
Existing Portfolio		Surviving Portfolio
EQ/MONY Equity Income		EQ/Boston Advisors Equity Income
EQ/MONY Equity Growth		EQ/Capital Guardian Research
EQ/MONY Diversified		EQ/Capital Guardian Research
EQ/MONY Money Market		EQ/Money Market


2		*Overview*		EQ Advisors Trust

Table of contents



1. About the Investment Portfolios		4
Domestic Stock Portfolios		5
EQ/Alliance Common Stock		5
EQ/Alliance Growth and Income		7
EQ/Alliance Large Cap Growth		9
EQ/Alliance Small Cap Growth		11
EQ/Bear Stearns Small Company Growth		13
EQ/Bernstein Diversified Value		15
EQ/Boston Advisors Equity Income		17
EQ/Calvert Socially Responsible		19
EQ/Capital Guardian Growth Portfolio		22
EQ/Capital Guardian Research		24
EQ/Capital Guardian U.S. Equity		26
EQ/Equity 500 Index		28
EQ/Evergreen Omega		30
EQ/FI Mid Cap		32
EQ/FI Small/Mid Cap Value		34
EQ/Janus Large Cap Growth		36
EQ/JP Morgan Value Opportunities		38
EQ/Lazard Small Cap Value		40
EQ/Lord Abbett Growth and Income		42
EQ/Lord Abbett Large Cap Core		44
EQ/Lord Abbett Mid Cap Value		46
EQ/Marsico Focus		48
EQ/Mercury Basic Value Equity		50
EQ/Mergers and Acquisitions		52
EQ/MFS Emerging Growth Companies		54
EQ/MFS Investors Trust		56
EQ/Montag & Caldwell Growth		58
EQ/MONY Equity Growth		60
EQ/MONY Equity Income		62
EQ/Small Company Index		64
EQ/Small Company Value		66
EQ/TCW Equity		68
EQ/UBS Growth and Income		70
EQ/Van Kampen Comstock		72
EQ/Van Kampen Mid Cap Growth		74
EQ/Wells Fargo Montgomery Small Cap		76
International Stock Portfolios		78
EQ/Alliance International		78
EQ/Capital Guardian International		80
EQ/International Growth		82
EQ/Mercury International Value		84
EQ/Van Kampen Emerging Markets Equity		86


Fixed Income Portfolios		88
EQ/Alliance Intermediate Government Securities		88
EQ/Alliance Quality Bond		91
EQ/Caywood-Scholl High Yield Bond		93
EQ/Government Securities		95
EQ/Intermediate Term Bond		97
EQ/J.P. Morgan Core Bond		99
EQ/Long Term Bond		101
EQ/MONY Money Market		103
EQ/Money Market		105
EQ/PIMCO Real Return		107
EQ/Short Duration Bond		109
Balanced/Hybrid Portfolios		111
EQ/MONY Diversified		111
EQ/Enterprise Managed		113

2. More Information on Principal Risks and Benchmarks		116
Principal Risks		116
Benchmarks		120

3. Management of the Trust		122
The Trust		122
The Manager		122
Management Fees		122
Expense Limitation Agreement		123
Legal Proceedings		124

4. Fund Distribution Arrangements		126

5. Buying and Selling Shares		127

6. How Portfolio Shares are Priced		129

7. Dividends and Other Distributions and Tax Consequences		130

8. Glossary of Terms		131

9. Financial Highlights		132


EQ Advisors Trust		*Table of contents*		3

1. About the investment portfolios

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

As described more fully on the following pages the EQ/Alliance Common Stock, EQ/Alliance Large Cap Growth, EQ/Alliance Small Cap Growth, EQ/Capital Guardian U.S. Equity, EQ/Bear Stearns Small Company Growth, EQ/Boston Advisors Equity Income, EQ/Equity 500 Index, EQ/FI Mid Cap, EQ/FI Small/Mid Cap Value, EQ/Janus Large Cap Growth, EQ/Lazard Small Cap Value, EQ/Lord Abbett Large Cap Core, EQ/Lord Abbett Mid Cap Value, EQ/Mercury Basic Value Equity, EQ/MONY Equity Growth, EQ/MONY Equity Income, EQ/Small Company Index, EQ/Small Company Value, EQ/TCW Equity, EQ/Van Kampen Emerging Markets Equity, EQ/Van Kampen MidCap Growth, EQ/Wells Fargo Montgomery Small Cap, EQ/Alliance Intermediate Government Securities, EQ/Alliance Quality Bond, EQ/Caywood-Scholl High-Yield Bond, EQ/Short Duration Bond, EQ/J.P. Morgan Core Bond, EQ/Government Securities, EQ/Intermediate Term Bond, EQ/Long Term Bond, and EQ/Money Market Portfolios each have a policy that it will invest 80% of its net assets in the particular type of investment suggested by its name. The EQ/Mercury International Value and EQ/Van Kampen Comstock Portfolios each have a policy that it will invest 80% of its net assets in a particular type of investment. This policy may not be changed without providing sixty (60) days’ written notice to the shareholders of the affected Portfolio.

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

Please note that:

•

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

•

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


4		*About the investment portfolios*		EQ Advisors Trust

Domestic Stock Portfolios

EQ/Alliance Common Stock Portfolio

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

THE INVESTMENT STRATEGY

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

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

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

THE PRINCIPAL RISKS

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

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

•

Convertible Securities Risk

•

Equity Risk

•

Foreign Securities Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total returns for each of the last ten calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one, five and ten years through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

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

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

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
28.39% (1998 4th Quarter)		–19.29% (2002 2nd Quarter)


Average Annual Total Returns
	One Year	Five Years	Ten Years
EQ/Alliance Common Stock Portfolio — Class IA Shares	14.40%	–2.47%	11.76%
S&P 500 Index*	10.88%	–2.30%	12.07%

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

PORTFOLIO FEES AND EXPENSES

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


EQ Advisors Trust		*About the investment portfolios*		5

Domestic Stock Portfolios (continued)

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Alliance Common Stock Portfolio		Class IA Shares
Management Fee		0.47%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.05%
Total Annual Portfolio Operating Expenses*		0.52%

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Total Annual Portfolio Operating Expenses for Class IA shares of the Portfolio for the fiscal year ended December 31, 2004 were 0.43%.

Example

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

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


	Class IA Shares
1 Year	$	53
3 Years	$	167
5 Years	$	291
10 Years	$	653

WHO MANAGES THE PORTFOLIO

Alliance Capital Management L.P. (“Alliance Capital”), 1345 Avenue of the Americas, New York, New York 10105. Alliance Capital has been the Adviser to the Portfolio and its predecessor registered investment company since the predecessor commenced operations. Alliance Capital manages investments for investment companies, endowment funds, insurance companies, foreign entities, qualified and non-tax qualified corporate funds, public and private pension and profit-sharing plans, foundations and tax-exempt organizations. As of December 31, 2004, Alliance Capital had approximately $539 billion in assets under management.

The management of and investment decisions for the Portfolio are made by the Blend Investment Policy Team, comprised of senior Blend portfolio managers. The Blend Investment Policy Team relies heavily on Alliance Capital’s growth, value and fixed-income investment teams and, in turn, the fundamental research of Alliance Capital’s large internal research staff. Day-to-day responsibilities for coordinating the portfolio’s investments resides with Seth Masters, the Chief Investment Officer (“CIO”) of the Blend Investment Policy Team.

Mr. Masters has served as CIO — Style Blend and Core Equity services and headed the US and global style blend teams since 2002. He serves on Alliance Capital’s Executive Committee, a group of key senior professionals responsible for managing the firm, enacting key strategic initiatives and allocating resources. From 1994-2002, Mr. Masters was CIO — Emerging Markets Value equities.

The Statement of Additional Information provides additional information about the Adviser, the Portfolio Manager(s)’ compensation, other accounts managed by the Portfolio Manager(s) and the Portfolio Manager(s)’ ownership of shares of the Portfolio to the extent applicable.


6		*About the investment portfolios*		EQ Advisors Trust

EQ/Alliance Growth and Income Portfolio

INVESTMENT OBJECTIVE: Seeks to provide a high total return.

THE INVESTMENT STRATEGY

The Portfolio invests primarily in dividend-paying common stocks of carefully selected high-quality, large capitalization companies (currently considered by the Adviser to mean companies with market capitalizations of at least $1 billion at the time of purchase). The Portfolio also may invest in fixed-income and convertible securities. The Portfolio seeks to maintain a portfolio yield above that of issuers comprising the S&P 500 and to achieve (in the long run) a rate of growth in Portfolio income that exceeds the rate of inflation.

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

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

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

THE PRINCIPAL RISKS

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

•

Convertible Securities Risk

•

Derivatives Risk

•

Equity Risk

•

Fixed Income Risk

Credit Risk

Interest Rate Risk

Investment Grade Securities Risk

Junk Bond and Lower Rated Securities Risk

•

Foreign Securities Risk

PORTFOLIO PERFORMANCE

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

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
26.29% (1998 4th Quarter)		–17.09% (2002 3rd Quarter)


EQ Advisors Trust		*About the investment portfolios*		7

Domestic Stock Portfolios (continued)


Average Annual Total Returns
	One Year	Five Years	Ten Years
EQ/Alliance Growth and Income Portfolio — Class IA Shares	12.67%	4.57%	12.97%
Russell 1000 Value Index*	16.49%	5.27%	13.83%

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

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Alliance Growth and Income Portfolio		Class IA Shares
Management Fee		0.56%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.05%
Total Annual Portfolio Operating Expenses*		0.61%

Example

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


	Class IA Shares
1 Year	$	62
3 Years	$	195
5 Years	$	340
10 Years	$	762

WHO MANAGES THE PORTFOLIO

The management of and investment decisions for the Portfolio are made by the Relative Value Investment Team. The Relative Value Investment Team relies heavily on the fundamental analysis and research of Alliance Capital’s large internal research staff. While all members of the team work jointly to determine the investment strategy, including security selection, Aryeh Glatter is responsible for day-to-day management of the Portfolio.

Mr. Glatter is Vice President and US Relative Value Portfolio Manager. He has had portfolio management responsibility for more than 5 years prior thereto. Mr. Glatter joined Alliance Capital in 1993 and served as an equity analyst in the small-cap area following consumer related industries, primarily the retailing, leisure, consumer products, apparel and lodging industries.


8		*About the investment portfolios*		EQ Advisors Trust

EQ/Alliance Large Cap Growth Portfolio

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

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of large capitalization companies (currently considered by the Adviser to mean companies with market capitalization within the range of companies in the Russell 1000 Growth Index at the time of initial investment). The market capitalization of companies included in this index fluctuates with the markets and was approximately $495 million to $385 billion as of December 31, 2004.

The Portfolio invests primarily in equity securities of a limited number of large, carefully selected high-quality United States companies that the Adviser believes are likely to achieve superior earnings growth. The Portfolio is diversified for purposes of the Investment Company Act of 1940 (“1940 Act”), however it may still be relatively concentrated. The Adviser selects the Portfolio’s investments from a research universe of more than 500 companies that the Adviser believes have strong management, superior industry positions, excellent balance sheets and superior earnings growth prospects. An emphasis is placed on identifying securities of companies whose substantially above-average prospective earnings growth is not fully reflected in current market valuations.

Normally, the Portfolio invests in about 40-60 companies, with the 25 most highly regarded of these companies usually constituting approximately 70% of the Portfolio’s net assets. In managing the Portfolio, the Adviser seeks to capitalize on apparently unwarranted price fluctuations both to purchase or increase positions on weakness and to sell or reduce overpriced holdings. The Portfolio normally remains nearly fully invested and does not take significant cash positions for market timing purposes. During market declines, while adding to positions in favored stocks, the Portfolio generally becomes somewhat more aggressive, gradually reducing the number of companies represented in its holdings. Conversely, in rising markets, while reducing or eliminating fully valued positions, the Portfolio generally becomes somewhat more conservative, gradually increasing the number of companies represented in its holdings. Through this approach, the Adviser seeks to gain positive returns in good markets while providing some measure of protection in poor markets.

The Adviser expects the average market capitalization of companies represented in the Portfolio normally to be in the range, or in excess, of the average market capitalization of companies included in the S&P 500.

The Portfolio may invest up to 20% of its net assets in convertible securities and 20% of its total assets in securities of foreign issuers.

The Portfolio may write covered exchange-traded call options on its securities of up to 15% of its total assets, and purchase and sell exchange-traded call and put options on common stocks written by others of up to, for all options, 10% of its total assets.

THE PRINCIPAL RISKS

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

•

Convertible Securities Risk

•

Derivatives Risk

•

Equity Risk

•

Focused Portfolio Risk

•

Foreign Securities Risk

•

Growth Investing Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total returns for each of the last five calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The commencement date for this Portfolio is May 1, 1999. The table below shows the Portfolio’s average annual total returns for the Portfolio for one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

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

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
11.62% (2003 2nd Quarter)		–19.69% (2001 3rd Quarter)


EQ Advisors Trust		*About the investment portfolios*		9

Domestic Stock Portfolios (continued)


Average Annual Total Returns
	One Year	Five Years	Since Inception
EQ/Alliance Large Cap Growth Portfolio — Class IA Shares	8.61%	–10.39%	–6.38%
Russell 1000 Growth Index*	6.30%	–9.29%	–4.55%

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

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Alliance Large Cap Growth Portfolio		Class IA Shares
Management Fee		0.90%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.05%
Total Annual Portfolio Operating Expenses		0.95%
Less Fee Waiver/Expense Reimbursement*		(0.10)%
Net Total Annual Portfolio Operating Expenses**		0.85%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IA shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Net Total Annual Portfolio Operating Expenses for Class IA shares of the Portfolio for the fiscal year ended December 31, 2004 were 0.79%.

Example

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

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


	Class IA Shares
1 Year	$	87
3 Years	$	293
5 Years	$	516
10 Years	$	1,157

WHO MANAGES THE PORTFOLIO

Alliance Capital Management L.P. (“Alliance Capital”), 1345 Avenue of the Americas, New York, New York 10105. Alliance Capital has been the Adviser to the Portfolio since the Portfolio commenced its operations. Alliance Capital manages investments for investment companies, endowment funds, insurance companies, foreign entities, qualified and non-tax qualified corporate funds, public and private pension and profit-sharing plans, foundations and tax-exempt organizations. As of December 31, 2004, Alliance Capital had approximately $539 billion in assets under management.

The management of and investment decisions for the Portfolio are made by Alliance Capital’s US Large Cap Growth Team, which is responsible for management of all of Alliance Capital’s US Large Cap Growth accounts. The US Large Cap Growth Investment Team relies heavily on the fundamental analysis and research of Alliance Capital’s large internal research staff. While all members of the team work jointly to determine the investment strategy, including security selection, Mr. Thomas G. Kamp is responsible for day-to-day management of the Portfolio.

Mr. Kamp is Senior Vice President and US Large Cap Growth Portfolio Manager. He joined Alliance Capital as a Portfolio Manager in 1993.


10		*About the investment portfolios*		EQ Advisors Trust

EQ/Alliance Small Cap Growth Portfolio

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

THE INVESTMENT STRATEGY

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

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

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

THE PRINCIPAL RISKS

•

Equity Risk

•

Growth Investing Risk

•

Liquidity Risk

•

Portfolio Turnover Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total returns for each of the last seven calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for one year, five years, and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

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

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
28.16% (1999 4th Quarter)		–28.07% (1998 3rd Quarter)


Average Annual Total Returns
	One Year	Five Years	Since Inception
EQ/Alliance Small Cap Growth Portfolio — Class IA Shares	14.27%	2.30%	7.46%
Russell 2500 Growth Index*	14.59%	–2.32%	7.62%

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

PORTFOLIO FEES AND EXPENSES

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


EQ Advisors Trust		*About the investment portfolios*		11

Domestic Stock Portfolios (continued)


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Alliance Small Cap Growth Portfolio		Class IA Shares
Management Fee		0.75%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.06%
Total Annual Portfolio Operating Expenses*		0.81%

Example

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


	Class IA Shares
1 Year	$	83
3 Years	$	259
5 Years	$	450
10 Years	$	1,002

WHO MANAGES THE PORTFOLIO

The management of and investment decisions for the Portfolio are made by Alliance Capital’s US Small/SMID Cap Growth Investment Team, which is responsible for management of all of Alliance Capital’s US Small/SMID Cap Growth accounts. The US Small/SMID Cap Growth Investment Team relies heavily on the fundamental analysis and research of the US Small/SMID Cap Growth Team. In addition, the team draws upon the research of Alliance Capital’s industry analysts as well as other portfolio management teams. The four members of the US Small/SMID Cap Growth Investment Team with the most significant responsibility for the day-to-day management of the Portfolio are: Bruce Aronow, Samantha Lau, Mark Attalienti and Kumar Kirpalani.

Bruce Aronow, Senior Vice President, Portfolio Manager/Research Analyst, serves as team leader for the Small/SMID Cap Growth product and is also responsible for research and portfolio management for the Small/SMID Cap Growth consumer/commercial sectors. Mr. Aronow joined Alliance Capital in 1999 and has had portfolio management responsibilities since that time.

Samantha Lau joined Alliance Capital as an Investment Professional in 1999 and is responsible for research and portfolio management for the Small Cap/SMID Growth technology sector.

Mark Attalienti joined Alliance Capital as an Investment Professional in 1999 and is responsible for research and portfolio management for the Small Cap/SMID Growth healthcare sector.

Kumar Kirpalani joined Alliance Capital as an Investment Professional in 1999 and is responsible for research and portfolio management for the Small Cap/SMID Growth industrials sector.


12		*About the investment portfolios*		EQ Advisors Trust

EQ/Bear Stearns Small Company Growth Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve capital appreciation.

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio will invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of U.S. small-capitalization companies. For these purposes, small-capitalization companies are companies with market capitalization within the range of companies in the Russell 2000 Growth Index at the time of investment. The market capitalization of companies included in this index fluctuates with the markets and was approximately $10 thousand to $6.2 billion as of December 31, 2004. It is anticipated that at the time of initial investment, the market capitalization of companies for the Portfolio will generally be between $200 million and $2 billion.

The Portfolio invests primarily in common stocks but also may invest in other types of equity securities, including convertible securities.

The Adviser employs a systematic approach to selecting portfolio securities. As part of its systematic approach, the Adviser screens the U.S. equity universe of stocks with market capitalizations between $200 million and $2 billion, low price-to-sales ratios, increasing earnings, and strong price appreciation.

Once a stock has been acquired for the Portfolio, the Adviser may purchase additional shares of such stock for the Portfolio even if the market capitalization of the company exceeds $2 billion, provided that the company’s market capitalization does not exceed the maximum market capitalization of companies included in the Russell 2000 Growth Index at the time of such additional investment.

THE PRINCIPAL RISKS

•

Equity Risk

•

Growth Investing Risk

•

Liquidity Risk

•

Small-Cap Company Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total returns for each of the last six calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance. This may be particularly true for this Portfolio because a different Adviser managed the Portfolio prior to December 13, 2004.

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (Enterprise Small Company Growth Portfolio, a series of Enterprise Accumulation Trust) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the Enterprise Small Company Growth Portfolio whose inception date is December 1, 1998, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
33.23% (1999 4th Quarter)		–23.21% (2001 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/Bear Stearns Small Company Growth Portfolio — Class IA Shares	12.50%	0.62%	9.67%
Russell 2000 Growth Index**,†	14.31%	–3.57%	4.42%
Russell 2000 Index**	18.33%	6.61%	9.83%

Performance information shown is the performance of Class IB shares which impose 12b-1 fees. Class IA shares do not pay any 12b-1 fees.

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

†

Effective May 1, 2005 this index replaced the Russell 2000 Index as the Portfolio’s benchmark because this index reflects more closely the sectors in which the Portfolio invests.


EQ Advisors Trust		*About the investment portfolios*		13

Domestic Stock Portfolios (continued)

PORTFOLIO FEES AND EXPENSES

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

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Bear Stearns Small Company Growth Portfolio		Class IA Shares
Management Fee		1.00%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.18%
Total Annual Portfolio Operating Expenses		1.18%
Less Fee Waiver/Expense Reimbursement**		(0.13)%
Net Total Annual Portfolio Operating Expenses***		1.05%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

***

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. This arrangement did not affect the Net Total Annual Portfolio Operating Expenses for Class IA Shares of the Portfolio for the fiscal year ended December 31, 2004.

Example

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

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same and that the expense limitation arrangement currently in place is not renewed after April 30, 2005. This Example should not be considered a representation of past or future expenses of the Portfolio. Actual expenses may be higher or lower than those shown. The costs in this Example would be the same whether or not you redeemed all of your shares at the end of these periods. This Example does not reflect any Contract-related fees and expenses, which would increase overall fees and expenses. Similarly, the annual rate of return assumed in the Example is not an estimate or guarantee of future investment performance. Based on these assumptions, your costs would be:


	Class IA Shares
1 Year	$	107
3 Years	$	362
5 Years	$	636
10 Years	$	1,420

WHO MANAGES THE PORTFOLIO

Bear Stearns Asset Management Inc. (“Bear Stearns”), 383 Madison Avenue, New York, New York 10179, is the Adviser to the Portfolio. Bear Stearns manages money for corporations, municipal governments, multi-employer endowments, foundations and family groups and has expertise spanning equity, fixed income and alternative investment strategies. Bear Stearns has been the Adviser to the Portfolio since December 13, 2004. As of December 31, 2004 total assets under management were $30.98 billion.

James P. O’Shaughnessy manages the Portfolio on a day-to-day basis. Mr. O’Shaughnessy is a Senior Managing Director and Director of Systematic Equity Investments at Bear Stearns. He joined Bear Stearns in 2001 as head of the Systematic Equity team. From 1988 to 2001 Mr. O’Shaughnessy was Chairman and CEO of Netfolio, Inc.


14		*About the investment portfolios*		EQ Advisors Trust

EQ/Bernstein Diversified Value Portfolio

INVESTMENT OBJECTIVE: Seeks capital appreciation.

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio invests at least 80% of its total assets in equity securities that are trading at a discount to their long term earnings power, usually because of a situation the Adviser’s research suggests will be temporary. The Adviser also may own securities if they reduce portfolio risk or are diversifying to the Portfolio. Equity securities include common stocks, preferred stocks and securities convertible into or exchangeable for common stocks.

In managing the Portfolio, the Adviser uses a value-oriented, “bottom-up” approach (individual stock selection) to find companies that have:

•

low price to earnings ratios;

•

high yield;

•

unrecognized assets;

•

the possibility of management change; and/or

•

the prospect of improved profitability.

The Portfolio may also invest up to 20% of its assets in U.S. Government securities and investment grade debt securities of domestic corporations rated BBB or better by S&P or Baa or better by Moody’s.

The Portfolio may also invest up to 10% of its assets in foreign equity or debt securities, or depositary receipts.

The Portfolio may also invest without limitation in high-quality short-term money market instruments. The Portfolio may engage in options transactions, including writing covered call options or foreign currencies to offset costs of hedging and writing and purchasing put and call options on securities. Although the portfolio will engage in options transactions primarily to hedge its Portfolio, it may use options to increase returns and there is the risk that these transactions sometimes may reduce returns or increase volatility.

THE PRINCIPAL RISKS

•

Derivatives Risk

•

Equity Risk

•

Fixed Income Risk

•

Foreign Securities Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last seven calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad based index. Past performance is not an indication of future performance. This may be particularly true for this Portfolio because Alliance Capital was not the Adviser to the Portfolio prior to March 1, 2001.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
23.25% (1998 4th Quarter)		–18.20% (2002 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/Bernstein Diversified Value Portfolio — Class IA Shares	13.74%	4.99%	6.80%
Russell 1000 Value Index**	16.49%	5.27%	6.99%

For periods prior to the inception of Class IA shares (May 18, 2001), performance information shown is the performance of Class IB shares which reflects the effect of 12b-1 fees paid by Class IB shares. Class IA shares do not pay any 12b-1 fees. The Class IB shares commenced operations on January 1, 1998.

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

PORTFOLIO FEES AND EXPENSES

The following table describes the fees and expenses that you may pay if you buy and hold Class IA shares of the Portfolio. The table below does


EQ Advisors Trust		*About the investment portfolios*		15

Domestic Stock Portfolios (continued)

not reflect any Contract-related fees and expenses, which would increase overall fees and expenses. See the Contract prospectus for a description of those fees and expenses.

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Bernstein Diversified Value Portfolio		Class IA Shares
Management Fee		0.63%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.07%
Total Annual Portfolio Operating Expenses		0.70%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses**		0.70%

Example

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


	Class IA Shares
1 Year	$	72
3 Years	$	224
5 Years	$	390
10 Years	$	871

WHO MANAGES THE PORTFOLIO

Alliance Capital Management L.P. (“Alliance Capital”), 1345 Avenue of the Americas, New York, NY 10105. Alliance Capital has been the Adviser to the Portfolio since March 1, 2001. Alliance Capital, through its Bernstein Investment Research and Management Unit (“Bernstein”) manages the Portfolio. As of December 31, 2004 Alliance Capital Had $539 billion in assets under management.

Bernstein’s field of expertise is the value style of investment management. Bernstein’s approach of equity investment for most of its equity services is value oriented, with value defined as the relationship between a security’s current price and its normal or long-term earnings power as determined by its investment research.

The management of and investment decisions for the Portfolio are made by the US Value Investment Policy Group, comprised of senior US Value Investment Team members. The US Value Investment Policy Group relies heavily on the fundamental analysis and research of Alliance Capital’s large internal research staff. No one person is principally responsible for making recommendations for the Portfolio. The members of the US Value Investment Policy Group with the most significant responsibility for the day-to-day management of the Portfolio are: Marilyn Fedak, John Mahedy, John Phillips and Chris Marx.

Marilyn Fedak has been Chief Investment Officer — US Value Equities and Chairman of the US Value Equity Investment Policy Group since 1993. In 2003, she became head of the Bernstein value equities business. She serves on Alliance Capital’s Executive Committee, a group of senior professionals responsible for managing the firm, enacting key strategic initiatives and allocating resources. Ms. Fedak had served on the board of directors of Sanford C. Bernstein & Co., Inc. from 1994 until the combination with Alliance Capital in 2000.

John Mahedy was named Co-Chief Investment Officer — US Value Equities in 2003. He continues to serve as Director of Research — US Value Equities, a position he has held since 2001. Previously, Mr. Mahedy was a senior research analyst in Bernstein’s institutional research and brokerage unit.

John Phillips is a senior portfolio manager and member of the US Value Equity Investment Policy Group. He is also chairman of Bernstein’s Proxy Voting Committee. Mr. Phillips joined Bernstein in 1994 and has had portfolio management responsibilities since that time.

Chris Marx is a senior portfolio manager and member of the US Value Equity Investment Policy Group. He joined Alliance Capital in 1997 as a research analyst and has covered a variety of industries both domestically and internationally, including chemicals, food, supermarkets, beverages and tobacco.


16		*About the investment portfolios*		EQ Advisors Trust

EQ/Boston Advisors Equity Income Portfolio

INVESTMENT OBJECTIVE: Seeks a combination of growth and income to achieve an above-average and consistent total return.

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. The Portfolio intends to invest primarily in dividend-paying common stocks of U.S. large capitalization companies. Large capitalization companies currently are treated as those companies with market capitalization in excess of $10 billion at the time of investment. The Portfolio also may invest in equity securities of small- and mid-capitalization companies.

The Portfolio invests primarily in common stocks, but it may also invest in other securities that the Adviser believes provide opportunities for capital growth and income, such as preferred stocks, warrants and securities convertible into common stock.

The Adviser focuses primarily on companies that offer the potential for capital appreciation combined with an above market level of dividend income. In choosing investments, the Adviser utilizes a process that involves researching and evaluating companies for potential investment. The Adviser generally uses the following guidelines in constructing the portfolio: (1) each individual stock holding will pay a dividend at least annually; (2) the overall portfolio yield will be greater than the dividend yield on the S&P 500 Index; and (3) at least 80% of the stocks (measured by net assets) will pay a dividend that exceeds the dividend yield on the S&P 500 Index. The Adviser may sell a security for a variety of reasons, such as to invest in a company offering superior investment opportunities.

THE PRINCIPAL RISKS

•

Equity Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (Enterprise Equity Income Portfolio, a series of Enterprise Accumulation Trust) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the Enterprise Equity Income Portfolio whose inception date is December 1, 1998, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
15.82% (2003 4th Quarter)		–17.49% (2002 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/Boston Advisors Equity Income Portfolio — Class IA Shares	17.88%	3.87%	4.42%
Russell 1000 Value Index**,†	16.49%	5.27%	6.12%
S&P 500 Index**	10.88%	–2.30%	2.01%

Performance information shown is the performance of Class IB shares which impose 12b-1 fees. Class IA shares do not pay any 12b-1 fees.

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

†

Effective May 1, 2005 this index replaced the S&P 500 Index as the Portfolio’s benchmark because this index reflects more closely the sectors in which the Portfolio invests.

PORTFOLIO FEES AND EXPENSES


EQ Advisors Trust		*About the investment portfolios*		17

Domestic Stock Portfolios (continued)

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Boston Advisors Equity Income Portfolio		Class IA Shares
Management Fee		0.75%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.14%
Total Annual Portfolio Operating Expenses		0.89%
Less Fee Waiver/Expense Reimbursement**		(0.09)%
Net Total Annual Portfolio Operating Expenses***		0.80%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

***

Example

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


	Class IA Shares
1 Year	$	82
3 Years	$	275
5 Years	$	484
10 Years	$	1,088

WHO MANAGES THE PORTFOLIO

Boston Advisors, Inc. (“Boston Advisors”), One Federal Street, 20th Floor, Boston, Massachusetts 02110, is the Adviser to the Portfolio. Boston Advisors has been providing investment counseling since 1971. Total assets under management for Boston Advisors as of December 31, 2004 were $4.9 billion.

The management of and investment decisions for the Portfolio are made by the Institutional Portfolio Management team of Boston Advisors. Each member of the investment team serves as Portfolio Manager and Analyst. The members of the Institutional Investment team are: Michael J. Vogelzang, CFA, Timothy E. Woolston, Douglas A. Riley, CFA, and Shakeel Dewji.

Michael J. Vogelzang, CFA, President and Chief Investment Officer of Boston Advisors heads the management team for the Portfolio. Mr. Vogelzang has been President and Chief Investment Officer of Boston Advisors since 1997.

Timothy E. Woolston, Senior Vice President and Portfolio Manager has been with Boston Advisors in that capacity since 1997.

Douglas A. Riley, CFA, Vice President and Portfolio Manager has been with Boston Advisors in that capacity since 2002. Prior to joining Boston Advisors, Mr. Riley was a Vice President and Portfolio Manager with Babson-United Investment Advisors since 1991.

Shakeel Dewji, Vice President and Portfolio Manager has been with Boston Advisors in that capacity since 2000. Prior to that time, Mr. Dewji was an Equity Analyst with Morgan Stanley Investment Management.


18		*About the investment portfolios*		EQ Advisors Trust

EQ/Calvert Socially Responsible Portfolio

INVESTMENT OBJECTIVE: Seeks long-term capital appreciation

THE INVESTMENT STRATEGY

The Portfolio invests primarily in common stocks of medium to large U.S. companies that meet both investment and social criteria. For purposes of this Portfolio, companies having market capitalizations greater than $1 billion are considered medium to large companies. The practical application of this strategy involves Calvert and Brown Capital using a rigorous and tandem two-step investment process for evaluating potential investments. Once identified as an attractive financial opportunity, a critical second evaluation of the company’s performance on a variety of social issues is performed. The financial analysis is done by Brown Capital’s Mid/Large Investment team. Calvert’s in-house Social Research Department conducts the analysis of each company’s societal impact.

The Portfolio invests in companies that are committed to meeting the challenges of the future with an expanded view of corporate responsibility. More than a matter of “doing the right thing,” it also makes good business sense.

Investment Criteria: Brown Capital’s investment process balances the growth potential of investments with the price or value of the investment in order to identify stocks that offer above average growth potential at reasonable prices. Brown Capital evaluates each stock in terms of its growth potential, the return on risk-free investments, and the specific risk features of the company to determine the reasonable price for the stock.

The Portfolio may invest up to 10% of its total assets in foreign securities. The Portfolio also may invest up to 15% of its net assets in illiquid securities, which are securities that cannot be readily sold because there is no active market for them.

The Portfolio may invest in derivative instruments, such as foreign currency contracts (up to 5% of its total assets), options on securities and indices (up to 5% of its total assets), and futures contracts (up to 5% of its net assets).

Social Criteria: Calvert analyzes investments from a social perspective. Calvert’s in-house Social Research Department, which includes specialists in the environment, labor, human rights, community relations and defense, conducts the social analysis.

The purpose of the research is to complement the financial analysis on a company with a full picture of what a company does, what it stands for, and what its operations and procedures are, as well as what it plans to do in the future and where it is heading.

The Portfolio seeks to invest in companies that:

•

deliver safe products and services in ways that sustain our natural environment. For example, the Portfolio looks for companies that produce energy from renewable resources, while avoiding consistent polluters;

•

manage with participation throughout the organization in defining and achieving objectives. For example, the Portfolio looks for companies that offer employee stock ownership or profit-sharing plans;

•

negotiate fairly with their workers, provide an environment supportive of their wellness, do not discriminate on the basis of race, gender, religion, age, disability, ethnic origin, or sexual orientation, do not consistently violate regulations of the U.S. Equal Employment Opportunity Commission, and provide opportunities for women, disadvantaged minorities, and others for whom equal opportunities have often been denied. For example, the Portfolio considers both unionized and non-union firms with good labor relations; and

•

foster awareness of a commitment to human goals, such as creativity, productivity, self-respect and responsibility, within the organization and the world, and continually recreates a context within which these goals can be realized. For example, the Portfolio looks for companies with an above average commitment to community affairs and charitable giving.

The Portfolio will not invest in companies that Calvert determines to be significantly engaged in:

•

production of or the manufacture of equipment to produce nuclear energy;

•

business activities in support of repressive regimes;

•

manufacture of weapon systems;

•

manufacture of alcoholic beverages or tobacco products;

•

operation of gambling casinos; or

•

a pattern and practice of violating the rights of indigenous people.

THE PRINCIPAL RISKS

•

Derivatives Risk

•

Equity Risk

•

Foreign Securities Risk

•

Growth Investing Risk

•

Liquidity Risk

•

Mid-Cap Company Risk


EQ Advisors Trust		*About the investment portfolios*		19

Domestic Stock Portfolios (continued)

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last five calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
16.09% (2001 4th Quarter)		–20.04% (2001 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/Calvert Socially Responsible Portfolio — Class IA Shares	3.84%	–4.19%	–2.58%
Russell 3000 Index**	11.95%	–1.16%	1.08%

For periods prior to the inception of Class IA shares (October 2, 2002), performance information shown is the performance of Class IB shares which reflects the effect of 12b-1 fees paid by Class IB shares. Class IA shares do not pay any 12b-1 fees. The Class IB shares commenced operations on September 1, 1999.

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

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Calvert Socially Responsible Portfolio		Class IA Shares
Management Fee		0.65%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.29%
Total Annual Portfolio Operating Expenses		0.94%
Less Fee Waiver/Expense Reimbursement*		(0.14)%
Net Total Annual Portfolio Operating Expenses**		0.80%

Example

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


	Class IA Shares
1 Year	$	82
3 Years	$	286
5 Years	$	506
10 Years	$	1,142

WHO MANAGES THE PORTFOLIO


20		*About the investment portfolios*		EQ Advisors Trust

the investment adviser for over 28 mutual fund portfolios, including the first and largest family of socially screened funds. Calvert provides the social investment research and screening of the Portfolio’s investments. As of December 31, 2004, Calvert had over $10 billion in assets under management.

Brown Capital Management, Inc. (“Brown Capital”), 1201 North Calvert Street, Baltimore, Maryland 21201. Brown Capital is an investment manager for other mutual fund portfolios as well. As of December 31, 2004, Brown Capital had over $5.3 billion in assets under management. Brown Capital initially identifies potential investments for the Portfolio, which are then promptly screened by Calvert using the Portfolio’s social criteria.

The management of and investment decisions for the Portfolio are made by the Large/mid cap team of Brown Capital. Each member of the investment team serves as both portfolio manager and analyst, generating investment ideas and conducting in house fundamental research in the security selection process. By design, every portfolio manager is a generalist as it relates to their investment research responsibilities. The team generally meets twice a week, in addition to informal daily discussions, to unearth new ideas, growth opportunities and evaluate existing investments. The well-defined process fosters consensus team decisions with no bureaucracy. The members of the Large/Mid Cap team are: Eddie Brown, Maurice Haywood, Cal Baker and Stephon Jackson.

Eddie C. Brown, founder and President of Brown Capital, heads the management team for the Portfolio. Mr. Brown founded Brown Capital in 1983. He has over 25 years of investment management experience, and has held positions with T. Rowe Price Associates, Inc. and Irwing Management Company.

Maurice L. Haywood, Vice President and Portfolio Manager/Analyst has been with Brown Capital in that capacity since 2000. Prior to joining Brown Capital, Mr. Haywood was a Partner and Investment Analyst with Holland Capital Management and First National Bank of Chicago.

Calvin H. Baker, Vice President and Portfolio Manager/Analyst has been with Brown Capital in that capacity since 2000. Prior to that time Mr. Baker was Chief Financial Officer and Treasurer with the Wisconsin Energy Corporation for more than 9 years.

Stephon A. Jackson, Vice President and Portfolio Manager/Analyst has been with Brown Capital in that capacity since 1997.


EQ Advisors Trust		*About the investment portfolios*		21

Domestic Stock Portfolios (continued)

EQ/Capital Guardian Growth Portfolio

INVESTMENT OBJECTIVE: Seeks long-term growth of capital.

THE INVESTMENT STRATEGY

The Adviser seeks to achieve the Portfolio’s investment objective by investing primarily in equity securities of U.S. issuers and securities whose principal markets are in the U.S., including American Depository Receipts (“ADRs”) and other U.S.-registered foreign securities. The Portfolio normally will be invested primarily in common stocks, or securities convertible or exchangeable into common stocks, of companies with market capitalization greater than $1.5 billion at the time of purchase.

The Adviser will seek to invest primarily in securities that at the time of purchase exhibit one or more “growth” characteristics relative to the U.S. market. The “growth” characteristics include securities exceeding the market’s rate of growth in at least one of the following categories: earnings, unit sales, revenue or cash flow.

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Equity Risk

•

Foreign Securities Risk

•

Growth Investing Risk

•

Small-Cap or Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last seven calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance. This may be particularly true for this Portfolio because a different Adviser managed the Portfolio prior to December 13, 2004.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
25.22% (1998 4th Quarter)		–19.96% (2001 1st Quarter)


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/Capital Guardian Growth Portfolio — Class IA Shares	5.81%	–9.75%	3.74%
Russell 1000 Growth Index**	6.30%	–9.29%	4.32%

For periods prior to the inception of Class IA shares (October 2, 2002) performance information shown is the performance of Class IB shares which reflects the effect of 12b-1 fees paid by Class IB shares. Class IA shares do not pay 12b-1 fees. The Class IB shares commenced operations on May 1, 1997.

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

PORTFOLIO FEES AND EXPENSES

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


22		*About the investment portfolios*		EQ Advisors Trust


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Capital Guardian Growth Portfolio		Class IA Shares
Management Fee		0.65%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.09%
Total Annual Portfolio Operating Expenses		0.74%
Less Fee Waiver/Expense Reimbursement*		(0.04)%
Net Total Annual Portfolio Operating Expenses**		0.70%

Example

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


	Class IA Shares
1 Year	$	72
3 Years	$	233
5 Years	$	408
10 Years	$	915

WHO MANAGES THE PORTFOLIO

Capital Guardian Trust Company (“Capital Guardian”), 333 South Hope Street, Los Angeles, CA 90071. Capital Guardian has been providing investment management services since 1968 and has been the Adviser to the Portfolio since December 13, 2004. As of December 31, 2004, Capital Guardian had $162 billion in assets under management.

Capital Guardian uses a multiple portfolio manager system in managing the Portfolio’s assets. Under this approach, the Portfolio is divided into segments managed by individual managers. Managers decide how their respective segments will be invested, within the limits provided by a fund’s objectives and policies and by Capital Guardian’s Investment Committee. In addition, Capital Guardian’s investment analysts may make investment decisions with respect to a portion of the Portfolio. The individual managers responsible for segments of the Portfolio are:

Michael Ericksen, President of Capital Guardian from October 2002. For more than five years prior thereto he was a Director of Capital Guardian. He is also President and a Director of Capital International Limited, an affiliate of Capital Guardian. He has been an investment professional at Capital Guardian for the past 18 years.

David Fisher, Chairman of the Board of Capital Guardian since December 1997. He has been an investment professional of Capital Guardian for the past 36 years.

James Kang, Senior Vice President of Capital Guardian since January 1999 and a Director from February 2001 through February 2004. He is also an Executive Vice President and U.S. Research Director for Capital International Research, Inc., an affiliate of Capital Guardian. Mr. Kang has been an investment professional with Capital Guardian for 17 years.


EQ Advisors Trust		*About the investment portfolios*		23

Domestic Stock Portfolios (continued)

EQ/Capital Guardian Research Portfolio

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

THE INVESTMENT STRATEGY

The Portfolio invests primarily in equity securities of United States issuers and securities whose principal markets are in the United States, including American Depositary Receipts and other United States registered foreign securities. The Portfolio invests primarily in common stocks of companies with a market capitalization greater than $1 billion at the time of purchase. The Portfolio seeks long-term growth of capital through investments in a portfolio comprised primarily of equity securities; the Adviser seeks to invest in stocks whose prices are not excessive relative to book value, or in companies whose asset values are understated.

The Portfolio may invest up to 15% of its total assets, at the time of purchase, in securities of issuers domiciled outside the United States and not included in the S&P 500 (i.e., foreign securities). In determining the domicile of an issuer, the Adviser takes into account where the company is legally organized, the location of its principal corporate offices, where it conducts its principal operations and the location of its primary listing.

THE PRINCIPAL RISKS

•

Equity Risk

•

Foreign Securities Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last five calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.


Calendar Year Annual Total Return*

LOGO


Best quarter:		Worst quarter:
16.14% (2003 2nd Quarter)		–18.26% (2002 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/Capital Guardian Research Portfolio — Class IA Shares	11.28%	2.65%	3.58%
S&P 500 Index**	10.88%	–2.30%	–0.21%

For periods prior to the inception of Class IA shares (March 25, 2002), performance information shown is the performance of Class IB shares which reflects the effect of 12b-1 fees paid by Class IB shares. Class IA shares do not pay any 12b-1 fees. The Class IB shares commenced operations on May 1, 1999.

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

PORTFOLIO FEES AND EXPENSES

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


24		*About the investment portfolios*		EQ Advisors Trust


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Capital Guardian Research Portfolio		Class IA Shares
Management Fee		0.65%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.05%
Total Annual Portfolio Operating Expenses		0.70%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses**		0.70%

Example

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


	Class IA Shares
1 Year	$	72
3 Years	$	224
5 Years	$	390
10 Years	$	871

WHO MANAGES THE PORTFOLIO

Capital Guardian Trust Company (“Capital Guardian”), 333 South Hope Street, Los Angeles, CA 90071. Capital Guardian has been providing investment management services since 1968 and has been the Adviser to the Portfolio since it commenced operations. As of December 31, 2004, Capital Guardian had $162 billion in assets under management.

Alan Wilson, Director and Senior Vice President of Capital Guardian since September 2004. He is primarily responsible for the day-to-day management of the Portfolio. Mr. Wilson was Vice President for more than five years prior to September 2004 and has had portfolio management responsibilities at Capital Guardian for 14 years.


EQ Advisors Trust		*About the investment portfolios*		25

Domestic Stock Portfolios (continued)

EQ/Capital Guardian U.S. Equity Portfolio

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

THE INVESTMENT STRATEGY

The Adviser seeks to accomplish the Portfolio’s investment objective through constant supervision, careful securities selection and broad diversification.

Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of United States issuers and other equity investments that are tied economically to the United States. The Portfolio invests primarily in equity securities of United States companies with market capitalization greater than $1 billion at the time of purchase. In selecting securities for investment, the Adviser focuses primarily on the potential for capital appreciation and to a lesser degree, income. The Adviser seeks to invest in stocks whose prices are not excessive relative to book value, or in companies whose asset values are understated.

The Portfolio may invest up to 15% of its total assets in securities of issuers domiciled outside the United States and not included in the S&P 500 (i.e., foreign securities). In determining the domicile of an issuer, the Adviser takes into account where the company is legally organized, the location of its principal corporate offices, where it conducts its principal operations and the location of its primary listing.

THE PRINCIPAL RISKS

•

Equity Risk

•

Foreign Securities Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last five calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.


Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
18.53% (2003 2nd Quarter)		–19.30% (2002 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/Capital Guardian U.S. Equity Portfolio — Class IA Shares	9.58%	2.92%	3.24%
S&P 500 Index**	10.88%	–2.30%	–0.21%

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

PORTFOLIO FEES AND EXPENSES

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


26		*About the investment portfolios*		EQ Advisors Trust


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Capital Guardian U.S. Equity Portfolio		Class IA Shares
Management Fee		0.65%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.05%
Total Annual Portfolio Operating Expenses		0.70%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses**		0.70%

Example

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


	Class IA Shares
1 Year	$	72
3 Years	$	224
5 Years	$	390
10 Years	$	871

WHO MANAGES THE PORTFOLIO

Capital Guardian Trust Company (“Capital Guardian”), 333 South Hope Street, Los Angeles, CA 90071. Capital Guardian has been providing investment management services since 1968 and has been the Adviser to the Portfolio since it commenced operations. As of December 31, 2004, Capital Guardian had $162 billion in assets under management.

Terry Berkemeier — Senior Vice President since September 2004 and for more than five years prior thereto a Vice President of Capital Guardian. He is also Vice President of Capital Guardian has been an Investment Professional with Capital Guardian for 13 years.

Michael Ericksen — President of Capital Guardian from October 2002 and for more than five years prior thereto he was a Director of Capital Guardian. He is also President and a Director of Capital International Limited, an affiliate of Capital Guardian. He has been an investment professional at Capital Guardian for the past 18 years.

David Fisher — Chairman of the Board of Capital Guardian since December 1997. He has been an investment professional of Capital Guardian for the past 36 years.

Karen A. Miller — Senior Vice President of Capital Guardian since October 1999. Prior thereto she served as a Director from February 2000 through February 2003. She is also Director and Senior Vice President of Capital International Research, Inc., and affiliate of Capital Guardian has been an Investment Professional at Capital Guardian for the past 15 years.

Theodore R. Samuels — Director and Senior Vice President of Capital Guardian since 1995. He has been an Investment Professional at Capital Guardian for the past 24 years.

Eugene P. Stein — Vice Chairman of Capital Guardian since September 2002. Prior thereto, he was an Executive Vice President since January 1994. He has been an investment Professional at Capital Guardian for the past 33 years.

Alan Wilson — Director and Senior Vice President of Capital Guardian since September 2004. Mr. Wilson was Vice President for more than five years prior to September 2004 and has been an Investment Professional at Capital Guardian for 14 years.


EQ Advisors Trust		*About the investment portfolios*		27

Domestic Stock Portfolios (continued)

EQ/Equity 500 Index Portfolio

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

THE INVESTMENT STRATEGY

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

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

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

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

THE PRINCIPAL RISKS

•

Derivatives Risk

•

Equity Risk

•

Index-Fund Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total returns for each of the last ten calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one year, five years and ten years through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

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

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
21.15% (1998 4th Quarter)		–17.26% (2002 3rd Quarter)


Average Annual Total Returns
	One Year	Five Years	Ten Years
EQ/Equity 500 Index Portfolio — Class IA Shares	10.50%	–2.58%	11.59%
S&P 500 Index*	10.88%	–2.30%	12.07%

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

PORTFOLIO FEES AND EXPENSES

The following table describes the fees and expenses that you may pay if you buy and hold Class IA shares of the Portfolio. The table below does


28		*About the investment portfolios*		EQ Advisors Trust

not reflect any Contract-related fees and expenses, which would increase overall fees and expenses. See the Contract prospectus for a description of those fees and expenses.

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Equity 500 Index Portfolio		Class IA Shares
Management Fee		0.25%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.05%
Total Annual Portfolio Operating Expenses		0.30%

Example

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


	Class IA Shares
1 Year	$	31
3 Years	$	97
5 Years	$	169
10 Years	$	381

WHO MANAGES THE PORTFOLIO

Alliance Capital Management L.P. (“Alliance Capital”), 1345 Avenue of the Americas, New York, New York 10105. Alliance Capital has been the Adviser to the Portfolio and its predecessor registered investment company since the predecessor commenced operations. Alliance manages investments for investment companies, endowment funds, insurance companies, foreign entities, qualified and non-tax qualified corporate funds, public and private pension and profit-sharing plans, foundations and tax-exempt organizations. As of December 31, 2004, Alliance Capital had $539 billion in assets under management.

The management of and investment decisions for the Portfolio are made by Alliance Capital’s Passive Equity Investment Team, which is responsible for management of all of Alliance Capital’s Passive Equity accounts. The Passive Equity Investment Team relies heavily on quantitative tools. Judith DeVivo is responsible for day-to-day management of the Portfolio.

Ms. DeVivo manages equity portfolios benchmarked to a variety of indexes including the S&P 500, S&P Midcap, S&P Small Cap and Russell 2000 in addition to several customized accounts. Ms. DeVivo, a Senior Vice President and Portfolio Manager, joined Alliance in 1971 and joined the Passive Management Group in 1984.


EQ Advisors Trust		*About the investment portfolios*		29

Domestic Stock Portfolios (continued)

EQ/Evergreen Omega Portfolio

INVESTMENT OBJECTIVE: Seeks long-term capital growth.

THE INVESTMENT STRATEGY

The Portfolio invests primarily in common stocks and securities convertible into common stocks of U.S. companies across all market capitalizations. The Adviser employs a growth style of equity management. “Growth” stocks are stocks of companies that the Adviser believes have anticipated earnings ranging from steady to accelerated growth. The Adviser’s active style of portfolio management may lead to a high portfolio turnover, but will not limit the Adviser’s investment decisions.

The Adviser generally intends to sell a portfolio investment when the value of the investment reaches or exceeds its estimated fair value, when the issuer’s fundamentals begin to deteriorate, or when the investment no longer appears to meet the Portfolio’s investment objective.

Although not a primary investment strategy, the Portfolio also may invest up to 25% of its total assets in foreign securities. Additionally, the Portfolio may utilize derivative instruments (such as options and futures contracts) and engage in short sales in order to: (i) maintain the Portfolio’s exposure to the market; (ii) manage cash; or (iii) attempt to increase income.

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

•

Equity Risk

•

Foreign Securities Risk

•

Growth Investing Risk

•

Portfolio Turnover Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last six calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
16.53% (2003 2nd Quarter)		–18.20% (2001 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/Evergreen Omega Portfolio — Class IA Shares	7.35%	–3.81%	–1.68%
Russell 1000 Growth Index**	6.30%	–9.29%	–3.30%

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


30		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Evergreen Omega Portfolio		Class IA Shares
Management Fee		0.65%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.11%
Total Annual Portfolio Operating Expenses		0.76%
Less Fee Waiver/Expense Reimbursement*		(0.06)%
Net Total Annual Portfolio Operating Expenses**		0.70%

Example

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


	Class IA Shares
1 Year	$	72
3 Years	$	237
5 Years	$	416
10 Years	$	937

WHO MANAGES THE PORTFOLIO

Evergreen Investment Management Company, LLC (“Evergreen”), 200 Berkeley Street, Boston, Massachusetts 02116-5034. Evergreen has been the Adviser to the Portfolio since it commenced operations. Evergreen offers a broad range of financial services to individuals and businesses throughout the United States. As of December 31, 2004, Evergreen had $167 billion in assets under management.

Maureen E. Cullinane is primarily responsible for the day-to-day management of the Portfolio. She has been a Managing Director at Evergreen since 2001 and a Senior Portfolio Manager since 1998. She has been managing the Portfolio since February 2001.


EQ Advisors Trust		*About the investment portfolios*		31

Domestic Stock Portfolios (continued)

EQ/FI Mid Cap Portfolio

INVESTMENT OBJECTIVE: Seeks long-term growth of capital.

THE INVESTMENT STRATEGY

The Adviser normally invests at least 80% of the Portfolio’s net assets, plus borrowings for investment purposes, in common stocks of companies with medium market capitalizations. Although a universal definition of medium market capitalization companies does not exist, for purposes of this Portfolio, the Adviser generally defines medium market capitalization companies as those whose market capitalization is similar to the market capitalization of companies in the S&P MidCap 400 Index or the Russell Midcap Index. A company’s market capitalization is based on its current market capitalization or its market capitalization at the time of the Portfolio’s investment. Companies whose capitalization no longer meets this definition after purchase continue to be considered to have a medium market capitalization for purposes of the 80% policy. The size of companies in each index changes with market conditions and the composition of the index. The Adviser may also invest the Portfolio’s assets in companies with smaller or larger market capitalizations.

The Adviser normally invests the Portfolio’s assets primarily in common stock. The Adviser may invest the Portfolio’s assets in securities of foreign issuers in addition to securities of domestic issuers.

The Adviser is not constrained by any particular investment style. At any given time, the Adviser may tend to buy “growth” stocks or “value” stocks, or a combination of both types. In buying and selling securities for the Portfolio, the Adviser relies on fundamental analysis of each issuer and its potential for success in light of its current financial condition, its industry position, and economic and market conditions. Factors considered include growth potential, earnings estimates and management.

The Adviser may use various techniques, such as buying and selling futures contracts and exchange traded funds, to increase or decrease the Portfolio’s exposure to changing security prices or other factors that affect security values. The Portfolio engages in active and frequent trading of portfolio securities in seeking to achieve its investment objectives. If the Adviser’s strategies do not work as intended, the Portfolio may not achieve its objective.

THE PRINCIPAL RISKS

•

Derivatives Risk

•

Equity Risk

•

Foreign Securities Risk

•

Growth Investing Risk

•

Portfolio Turnover Risk

•

Small-Cap and Mid-Cap Company Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last four calendar years of operations and the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table shows the Portfolio’s average annual total returns for the past one year and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
20.77% (2003 2nd Quarter)		–22.30% (2001 3rd Quarter)


Average Annual Total Returns*
	One Year	Since Inception
EQ/FI Mid Cap Portfolio — Class IA Shares	16.32%	3.92%
S&P MidCap 400 Index**	16.48%	5.64%

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


32		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/FI Mid Cap Portfolio		Class IA Shares
Management Fee		0.70%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.06%
Total Annual Portfolio Operating Expenses		0.76%
Less Fee Waiver/Expense Reimbursement*		(0.01)%
Net Total Annual Portfolio Operating Expenses**		0.75%

Example

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


	Class IA Shares
1 Year	$	77
3 Years	$	242
5 Years	$	421
10 Years	$	941

WHO MANAGES THE PORTFOLIO

Fidelity Management & Research Company (“FMR”), 82 Devon-shire Street, Boston, MA 02109. FMR has been the Portfolio’s Adviser since the Portfolio commenced operations. FMR may enter into agreements with its affiliates, including FMR Co., Inc., in providing services to the Portfolio. As of December 31, 2004, FMR and its affiliate FMR Co., Inc. managed over $932.8 billion in discretionary assets.

Peter Saperstone has been responsible for the day-to-day management of the Portfolio since June 2001. Mr. Saperstone has been a research analyst and Portfolio Manager with FMR since 1995.


EQ Advisors Trust		*About the investment portfolios*		33

Domestic Stock Portfolios (continued)

EQ/FI Small/Mid Cap Value Portfolio

INVESTMENT OBJECTIVE: Seeks long-term capital appreciation.

THE INVESTMENT STRATEGY

The Adviser normally invests at least 80% of the Portfolio’s net assets, plus borrowings for investment purposes, in securities of companies with small to medium market capitalizations. Although a universal definition of small and medium market capitalization companies does not exist, for purposes of this Portfolio, the Adviser generally defines small and medium market capitalization companies as those whose market capitalization is similar to the market capitalization of companies in the S&P Small Cap 600 Index or the Russell 2000 Index and the S&P Midcap 400 Index or the Russell MidCap Index. A company’s market capitalization is based on its current market capitalization or its market capitalization at the time of the Portfolio’s investment. Companies whose capitalization is above this level after purchase continue to be considered to have a small or medium market capitalization for purposes of the 80% policy. The size of companies in each index changes with market conditions, and the composition of each index. The Adviser may also invest the Portfolio’s assets in companies with larger market capitalizations.

The Adviser invests in companies that it believes are undervalued in the marketplace in relation to factors such as the company’s assets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry. Companies with these characteristics tend to have lower than average price/book, price/sale, or price/ earnings ratios. The stocks of these companies are often called “value” stocks. The Adviser may also invest in stocks that are not called value stocks.

In buying and selling securities for the Portfolio, the Adviser relies on fundamental analysis of each issuer and its potential success in light of its current financial condition, its industry position, and economic and market conditions. Factors considered include growth potential, earnings estimates, and management.

The Adviser may use various techniques, such as buying and selling futures contracts and exchange traded funds to increase or decrease the Portfolio’s exposure to changing security prices or other factors that affect security values. The Portfolio may engage in active and frequent trading of portfolio securities in seeking to achieve its investment objective. If the Adviser’s strategies do not work as intended, the Portfolio may not achieve its objective.

THE PRINCIPAL RISKS

•

Derivatives Risk

•

Equity Risk

•

Foreign Securities Risk

•

Liquidity Risk

•

Portfolio Turnover Risk

•

Small-Cap and Mid-Cap Company Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last seven calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The inception date for the Portfolio’s Class IA shares is November 24, 1998. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance. This may be particularly true for this Portfolio because a different Adviser managed the Portfolio prior to July 24, 2000.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
16.38% (2003 2nd Quarter)		–19.28% (2002 3rd Quarter)


34		*About the investment portfolios*		EQ Advisors Trust


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/FI Small/Mid Cap Value Portfolio — Class IA Shares	18.14%	8.22%	6.31%
Russell 2500 Value Index**	21.58%	16.05%	13.85%

For periods prior to the inception of Class IA shares (November 24, 1998), performance information shown is the performance of Class IB shares which reflects the effect of 12b-1 fees paid by Class IB shares. Class IA shares do not pay any 12b-1 fees. The Class IB shares commenced operations on May 1, 1997.

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

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/FI Small/Mid Cap Value Portfolio		Class IA Shares
Management Fee		0.74%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.08%
Total Annual Portfolio Operating Expenses		0.82%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses**		0.82%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IA shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) do not exceed 0.85%. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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


	Class IA Shares
1 Year	$	84
3 Years	$	262
5 Years	$	455
10 Years	$	1,014

WHO MANAGES THE PORTFOLIO

Fidelity Management & Research Company (“FMR”), 82 Devonshire Street, Boston, Massachusetts 02109, has been the Portfolio’s Adviser since July 24, 2000. As of December 31, 2004, FMR and its affiliate FMR Co., Inc. managed over $932.8 billion in discretionary assets.

Richard Fentin and James Harmon have been responsible for the day-to-day management of the Portfolio since December 2003. Mr. Fentin is a vice president and manager and has been associated with FMR as a portfolio manager, portfolio assistant and analyst since 1979. Mr. Harmon is a vice president and manager and has been associated with FMR as a portfolio manager, portfolio assistant and analyst since 1995.


EQ Advisors Trust		*About the investment portfolios*		35

Domestic Stock Portfolios (continued)

EQ/Janus Large Cap Growth Portfolio

INVESTMENT OBJECTIVE: Seeks long-term growth of capital.

THE INVESTMENT STRATEGY

The Portfolio invests in securities of growth-oriented companies. Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of growth-oriented companies with a large market capitalization. For purposes of this Portfolio, companies having a market capitalization within the range of companies in the Russell 1000 Index at the time of purchase are considered large capitalization companies.

The Adviser may invest substantially all of the Portfolio’s assets in equity securities if the Adviser believes equity securities will appreciate in value. The Portfolio is diversified for purposes of the 1940 Act, however, it may be invested in a limited number of companies.

The Adviser applies a “bottom-up” approach in choosing investments, focusing on the financial condition and competitiveness of individual companies. The Adviser seeks to identify companies with earnings growth potential that may not be recognized by the market at large. Although themes may emerge in the Portfolio, securities are generally selected without regard to any defined industry sector or other similarly defined selection procedure. If the Adviser is unable to find investments with earnings growth potential, a significant portion of the Portfolio’s assets may be in cash or similar investments.

The Portfolio may also invest without limit in foreign securities either indirectly (e.g., depositary receipts) or directly in foreign markets. The Adviser will seek companies that meet its selection criteria, regardless of where a company is located. Foreign securities are generally selected on a stock-by-stock basis without regard to any defined allocation among countries or geographic regions. In addition, the Portfolio may invest up to 20% of the Portfolio’s total assets in lower rated securities rated BB or lower by S&P or an equivalent rating by any other nationally recognized statistical rating organization (“NRSRO”) or unrated securities of similar quality (“junk bonds”).

THE PRINCIPAL RISKS

•

Equity Risk

•

Fixed Income Risk

Credit Risk

Interest Rate Risk

Junk Bond and Lower Rated Securities Risk

•

Focused Portfolio Risk

•

Foreign Securities Risk

•

Growth Investing Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last four calendar years of operations and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table shows the Portfolio’s average annual total returns for the past one year and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
14.84% (2001 4th Quarter)		–24.28% (2001 3rd Quarter)


Average Annual Total Returns*
	One Year	Since Inception
EQ/Janus Large Cap Growth Portfolio — Class IA Shares	12.46%	–9.81%
Russell 1000 Growth Index**	6.30%	–12.48%

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


36		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Janus Large Cap Growth Portfolio		Class IA Shares
Management Fee		0.90%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.08%
Total Annual Portfolio Operating Expenses		0.98%
Less Fee Waiver/Expense Reimbursement*		(0.08)%
Net Total Annual Portfolio Operating Expenses		0.90%

Example

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


	Class IA Shares
1 Year	$	92
3 Years	$	304
5 Years	$	534
10 Years	$	1,194

WHO MANAGES THE PORTFOLIO

Janus Capital Management LLC (“Janus”), 151 Detroit Street, Denver, Colorado 80206-4928. Janus has been the Adviser to the Portfolio since it commenced operations. Janus manages investment companies, private-label mutual funds and provides separate account advisory services for institutional accounts. As of December 31, 2004 Janus had $139.0 billion in assets under management.

Marc Pinto is primarily responsible for the day-to-day management of the Portfolio. Mr. Pinto manages institutional separate accounts in the Large Cap Growth discipline. Mr. Pinto has been a Portfolio Manager with Janus since 1994.


EQ Advisors Trust		*About the investment portfolios*		37

Domestic Stock Portfolios (continued)

EQ/JP Morgan Value Opportunities Portfolio

INVESTMENT OBJECTIVE: Long-term capital appreciation.

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio invests at least 80% of its net assets in equity securities of mid- and large-capitalization companies. Issuers with market capitalization between $2 billion and $5 billion are considered mid-capitalization while those above $5 billion are considered large-capitalization.

The Adviser employs a value-oriented investment approach that seeks to identify attractive companies through fundamental research and discounted cash flow analysis. The Adviser seeks to identify relative value within sectors by combining company analysis of its research and portfolio management teams with market sentiment and macro-insights of the portfolio manager.

The Portfolio may also invest in investment grade corporate bonds, notes and debentures, preferred stocks and convertible securities (both debt securities and preferred stocks) and U.S. Government securities. It may also invest a portion of its assets in debt securities rated below investment grade (so-called “junk bonds”), zero-coupon bonds and payment-in-kind bonds, and high quality U.S. and foreign dollar-denominated money market securities.

The Portfolio may invest up to 20% of its total assets in foreign securities, including transactions involving futures contracts, forward contracts and options and foreign currency exchange transactions.

There may be times when the Adviser will use additional investment strategies to achieve the Portfolio’s investment objectives. For example, the Portfolio may engage in a variety of investment management practices such as buying and selling derivatives, including stock index futures contracts and call and put options.

THE PRINCIPAL RISKS

•

Equity Risk

•

Fixed Income Risk

Junk Bonds or Lower Rated Securities Risk

•

Foreign Securities Risk

•

Mid-Cap Company Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last seven calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance. This may be particularly true for this Portfolio because a different Adviser managed the Portfolio prior to December 13, 2004.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
17.81% (2003 2nd Quarter)		–18.57% (2002 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/JP Morgan Value Opportunities Portfolio — Class IA Shares	11.21%	2.50%	5.10%
Russell 1000 Value Index**	16.49%	5.27%	9.71%

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


38		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/JP Morgan Value Opportunities Portfolio		Class IA Shares
Management Fee		0.60%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.10%
Total Annual Portfolio Operating Expenses		0.70%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses**		0.70%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IA shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, cap-italized expenses and extraordinary expenses) do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under cer-tain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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

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


	Class IA Shares
1 Year	$	72
3 Years	$	224
5 Years	$	390
10 Years	$	871

WHO MANAGES THE PORTFOLIO

J.P. Morgan Investment Management Inc. (“J.P. Morgan”) 522 Fifth Avenue, New York, New York 10036 has served as investment manager of the Portfolio since December 13, 2004. J.P. Morgan manages portfolios for corporations, governments, endowments, as well as many of the largest corporate retirement plans in the nation. As of December 31, 2004, J.P. Morgan had $791 billion in assets under management.

Alan Gutman, Vice President, and Bradford L. Frishberg, Managing Director, are primarily responsible for the day-to-day management of the Portfolio. Mr. Gutman is a Vice President and Portfolio Manager in the Large Cap Active Value Strategy Team and has been with J.P. Morgan since 2003. Prior to that time, he was a research analyst and portfolio manager at Oppenheimer Capital, First Manhattan and Neuberger and Berman. Mr. Frishberg, a Managing Director, leads the Large Cap Active Value Strategy Team. Prior thereto, he was a portfolio manager in J.P. Morgan’s London office and subsequently in their Tokyo office. He has been with J.P. Morgan as an investment professional since 1996.


EQ Advisors Trust		*About the investment portfolios*		39

Domestic Stock Portfolios (continued)

EQ/Lazard Small Cap Value Portfolio

INVESTMENT OBJECTIVE: Seeks capital appreciation.

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of United States companies with small market capitalizations (i.e., companies in the range of companies represented in the Russell 2000 Index) that the Adviser believes are inexpensively priced relative to the return on total capital or equity. The Portfolio is non-diversified, which means it may invest in a limited number of issuers.

The equity securities that the Portfolio may purchase include common stocks, preferred stocks, securities convertible into or exchangeable for common stocks, rights and warrants. The Portfolio will have characteristics similar to the Russell 2000 Value Index.

The Portfolio may also invest up to 20% of its assets in larger capitalization equity securities or investment grade debt securities.

In selecting investments for the Portfolio, the Adviser looks for equity securities of companies that have one or more of the following characteristics: (i) are undervalued relative to their earnings, cash flow or asset values; (ii) have an attractive price/value relationship with expectations that some catalyst will cause the perception of value to change within two years; (iii) are out of favor due to circumstances which are unlikely to harm the company’s franchise or earnings power; (iv) have low projected price to earnings or price-to-cash flow multiples; (v) have the potential to become a larger factor in the company’s business; (vi) have significant debt but have high levels of free cash flow; and (vii) have a relatively short corporate history with the expectation that the business may grow.

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Equity Risk

•

Fixed Income Securities

Interest Rate Risk

Investment Grade Securities Risk

•

Focused Portfolio Risk

•

Liquidity Risk

•

Non-Diversification Risk

•

Small-Cap Company Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
19.36% (1999 2nd Quarter)		–20.17% (1998 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/Lazard Small Cap Value Portfolio — Class IA Shares	17.45%	14.10%	9.00%
Russell 2000 Value Index**	22.25%	17.23%	10.73%

For periods prior to the inception of Class IA shares (October 2, 2002), performance information shown is the performance of Class IB shares which reflects the effect of 12b-1 fees paid by Class IB shareholders. Class IA shares do not pay any 12b-1 fees. The Class IB shares commenced operations on January 1, 1998.

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


40		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Lazard Small Cap Value Portfolio		Class IA Shares
Management Fee		0.75%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.05%
Total Annual Portfolio Operating Expenses		0.80%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses**		0.80%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IA shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) do not exceed 0.85%. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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


	Class IA Shares
1 Year	$	82
3 Years	$	255
5 Years	$	444
10 Years	$	990

WHO MANAGES THE PORTFOLIO

Lazard Asset Management LLC (“LAM”), 30 Rockefeller Plaza, New York, New York 10112. LAM has been the Adviser to the Portfolio since it commenced operations. LAM and its affiliates provide their clients with a wide variety of investment banking and related services, including investment management. As of December 31, 2004, Lazard had $76.5 billion in assets under management.

Andrew Lacey and Patrick Mullin are responsible for the day-to-day management of the Portfolio, Mr. Lacey, has been a Deputy Chairman of LAM since 2004, prior thereto he was a Managing Director of LAM and has been with LAM since 1995 with portfolio management responsibilities since that time. Mr. Mullin, a Director of LAM was a Senior Vice President and Portfolio Manager for more than five years prior thereto. He has been with LAM since 1998 and has been managing the Portfolio since January 2001.


EQ Advisors Trust		*About the investment portfolios*		41

Domestic Stock Portfolios (continued)

EQ/Lord Abbett Growth and Income Portfolio

INVESTMENT OBJECTIVE: Capital appreciation and growth of income without excessive fluctuation in market value.

THE INVESTMENT STRATEGY

The Portfolio primarily invests in the equity securities of large, seasoned, U.S. and multinational companies that the Adviser believes are undervalued. Under normal circumstances, the Portfolio invests at least 80% of its net assets in equity securities of large companies. A large company is defined as a company having a market capitalization at the time of purchase that falls within the market capitalization range of companies in the Russell 1000 Index. As of January 31, 2005, the market capitalization range of the Russell 1000 Index was $471 million to $382 billion. This range varies daily. Equity securities in which the Portfolio may invest may include common stocks, preferred stocks, convertible securities, warrants, and similar instruments. Common stocks, the most familiar type of equity security, represent an ownership interest in a company.

The Portfolio may invest, without limit, in ADRs and similar depositary receipts. The Portfolio limits its other investments in foreign securities that are primarily traded outside of the U.S. to 10% of its net assets.

In selecting investments, the Adviser attempts to invest in securities selling at reasonable prices in relation to its assessment of their potential value. The Adviser seeks to limit the Portfolio’s downside risk by investing in value stocks, which are stocks of companies that are believed to be underpriced, and in large, seasoned companies, which tend to be less volatile than the stocks of smaller companies. The Adviser generally will sell a stock when it thinks it seems less likely to benefit from the current market and economic environment, shows deteriorating fundamentals or has reached the Adviser’s valuation target.

The Portfolio may, but is not required to, use various strategies to change its investment exposure to adjust to changes in economic, social, political and general market conditions, which affect security prices, interest rates, currency exchange rates, commodity prices and other factors. In this connection, the Portfolio may purchase and write exchange-listed put and call options on securities or securities indices for hedging or cross-hedging purposes or to seek to increase total return. The Portfolio will not purchase an option if, as a result of such purchase, more than 10% of its total assets would be invested in premiums for such options. The Portfolio may only sell (write) covered put options to the extent that cover for such options does not exceed 15% of its net assets. The Portfolio may only sell (write) covered call options with respect to securities having an aggregate market value of less than 25% of its total assets at the time the option is written.

THE PRINCIPAL RISKS

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

•

Convertible Securities Risk

•

Derivatives Risk

Futures and Options Risk

•

Equity Risk

•

Fixed Income Risk

•

Foreign Securities Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The inception date for this Portfolio is May 1, 2005. Therefore, no historical performance information is available.

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Lord Abbett Growth and Income Portfolio		Class IA Shares
Management Fee		0.65%
Distribution and/or Service Fee (12b-1 fees)*		None
Other Expenses*		0.19%
Total Annual Portfolio Operating Expenses		0.84%
Less Fee Waiver/Expense Reimbursement**		(0.09)%
Net Total Annual Portfolio Operating Expenses		0.75%

Because the Portfolio has no operating history prior to the date of the Prospectus, “other expenses” are based on estimated amounts for the current fiscal period.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IA shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers within three years of such payments and waivers under certain conditions. For more information on Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”


42		*About the investment portfolios*		EQ Advisors Trust

Example

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

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


	Class IA Shares
1 Year	$	77
3 Years	$	259

WHO MANAGES THE PORTFOLIO

Lord, Abbett & Co. LLC (“Lord Abbett”), 90 Hudson Street, Jersey City, NJ 07302-3973. Lord Abbett has provided investment advisory services since 1929. As of December 31, 2004, Lord Abbett had approximately $93 billion in assets under management.

An investment management team is responsible for the day-to-day management of the Portfolio. The team is comprised of investment managers and analysts working together to manage the Portfolio’s investments. The senior members of the team include Sholom Dinsky, W. Thomas Hudson Jr., Robert G. Morris, Eli M. Salzmann and Kenneth G. Fuller. Messrs Dinsky, Hudson, Morris and Salzmann are Partners at Lord Abbett. Messrs. Hudson, Salzmann and Morris joined the company in 1982, 1997, and 1991, respectively. Mr. Hudson has been a partner of Lord Abbett since 1997. Mr. Salzmann has been a partner since 2000. Mr. Morris has been a partner since 2000. Mr. Dinsky joined Lord Abbott in 2000 from Prudential Investments, where he served as Managing Director of Prudential Asset Management. He became a partner in 2002. Mr. Fuller has been an Investment Manager-Large Cap Value since he joined Lord Abbett in 2002. He previously was a Portfolio Manager and Senior Vice President at Pioneer Investment Management, Inc. from 1999 to 2002.


EQ Advisors Trust		*About the investment portfolios*		43

Domestic Stock Portfolios (continued)

EQ/Lord Abbett Large Cap Core Portfolio

INVESTMENT OBJECTIVE: Capital appreciation and growth of income with reasonable risk.

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of large, seasoned U.S. and multinational companies. A large company is defined as a company having a market capitalization at the time of purchase that falls within the market capitalization range of companies in the Russell 1000 Index. As of January 31, 2005, the market capitalization range of the Russell 1000 Index was $471 million to $382 billion. This range varies daily. Equity securities in which the Portfolio may invest may include common stocks, preferred stocks, convertible securities, warrants, and similar instruments. Common stocks, the most familiar type of equity security, represent an ownership interest in a company.

The Adviser invests in the full spectrum of large companies, including those with value or growth characteristics. In selecting investments, the Adviser uses a bottom-up investment research approach that combines both value and growth investment styles. The Adviser attempts to identify individual stocks that are attractively priced and present strong long-term investment opportunities based on fundamental research and company characteristics. The Adviser focuses on securities that are selling at reasonable prices in relation to its assessment of their potential value and on securities that it believes have expected earnings growth potential and consistency that may not be recognized by the market at large. The Adviser will normally sell a stock when it thinks that it no longer offers significant capital appreciation potential due to an elevated valuation or has reached the Adviser’s valuation target, its fundamentals are falling short or the Adviser’s expectations seems less likely to benefit from the current market and economic environment.

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

Futures and Options Risk

•

Equity Risk

•

Fixed Income Risk

•

Foreign Securities Risk

•

Growth Investing Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The inception date for this Portfolio is May 1, 2005. Therefore, no historical performance information is available.

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Lord Abbett Large Cap Core Portfolio		Class IA Shares
Management Fee		0.65%
Distribution and/or Service Fee (12b-1 fees)*		None
Other Expenses*		0.19%
Total Annual Portfolio Operating Expenses		0.84%
Less Fee Waiver/Expense Reimbursement**		(0.09)%
Net Total Annual Portfolio Operating Expenses		0.75%

Because the Portfolio has no operating history prior to the date of the Prospectus, “other expenses” are based on estimated amounts for the current fiscal period.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IA shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers within three years of such payments and waivers under certain conditions. For more information on Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”


44		*About the investment portfolios*		EQ Advisors Trust

Example

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


	Class IA Shares
1 Year	$	77
3 Years	$	259

WHO MANAGES THE PORTFOLIO


EQ Advisors Trust		*About the investment portfolios*		45

Domestic Stock Portfolios (continued)

EQ/Lord Abbett Mid Cap Value Portfolio

INVESTMENT OBJECTIVE: Capital appreciation

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of mid-size companies. A mid-sized company is defined as a company having a market capitalization at the time of purchase that falls within the market capitalization range of companies in the Russell Mid Cap Index. As of January 31, 2005, the market capitalization range of the Russell Mid Cap Index was $606 million to $31.1 billion. This range varies daily. The Fund will provide shareholders with at least 60 days’ notice of any change in this policy. Equity securities in which the Portfolio may invest include common stocks, convertible securities, preferred stocks, warrants and similar instruments. Common stocks, the most familiar type of equity security, represent an ownership interest in a company.

In selecting investments, the Portfolio uses a value approach that seeks to identify stocks of companies that have the potential for significant market appreciation due to growing recognition of improvement in their financial results or increasing anticipation of such improvement. In trying to identify those companies, the Adviser looks for such factors as changes in economic and financial environment, new or improved products or services, new or rapidly expanding markets, changes in management or structure of the company, price increases for the company’s products or services, improved efficiencies resulting from new technologies or changes in distribution, and changes in government regulations, political climate or competitive conditions.

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

Futures and Options Risk

•

Equity Risk

•

Fixed Income Risk

•

Mid-Cap Company Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The inception date for this Portfolio is May 1, 2005. Therefore, no historical performance information is available.

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Lord Abbett Mid Cap Value Portfolio		Class IA Shares
Management Fee		0.70%
Distribution and/or Service Fee (12b-1 fees)*		None
Other Expenses*		0.19%
Total Annual Portfolio Operating Expenses		0.89%
Less Fee Waiver/Expense Reimbursement**		(0.09)%
Net Total Annual Portfolio Operating Expenses		0.80%

Because the Portfolio has no operating history prior to the date of the Prospectus, “other expenses” are based on estimated amounts for the current fiscal period.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IA shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers within three years of such payments and waivers under certain conditions. For more information on Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”


46		*About the investment portfolios*		EQ Advisors Trust

Example

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


	Class IA Shares
1 Year	$	82
3 Years	$	275

WHO MANAGES THE PORTFOLIO

An investment management team is responsible for the day-to-day management of the Portfolio. The team is comprised of investment managers and analysts working together to manage the Portfolio’s investments. Edward von der Linde, a Partner and Investment Manager at Lord Abbett, manages the team. Mr. von der Linde joined Lord Abbett in 1988. He has been a Portfolio Manager since 1995 and a Partner since 2001. The other senior members of the team are Eileen Banko, Howard E. Hansen and David Builder. Mr. Hansen is a Partner and Investment Manager at Lord Abbett since 2002. He joined the company in 1995 and has been a Portfolio Manager since that time. Ms. Banko is an equity analyst and has held that position since she joined Lord Abbett in 1990. Mr. Builder is also an Equity Analyst at Lord Abbett and has held that position since he joined the company in 1998.


EQ Advisors Trust		*About the investment portfolios*		47

Domestic Stock Portfolios (continued)

EQ/Marsico Focus Portfolio

INVESTMENT OBJECTIVE: Seeks long-term growth of capital.

THE INVESTMENT STRATEGY

The Portfolio invests primarily in the common stocks of large companies, normally a core position of 20-30 common stocks that are selected for their long-term growth potential. For purposes of this Portfolio, companies having a market capitalization of $5 billion or more generally are considered large companies. The Portfolio may hold a limited number of additional common stocks at times when the portfolio manager is accumulating new positions, phasing out existing positions, or responding to exceptional market conditions. The Portfolio is non-diversified, which means that it may invest in a limited number of issuers.

The Portfolio may invest up to 25% of its total assets in securities of foreign issuers, which may be publicly traded in the United States or on a foreign exchange, and may be denominated in a foreign currency.

In selecting investments for the Portfolio, the Adviser uses an approach that combines “top-down” economic analysis with “bottom-up” stock selection.

The “top-down” approach takes into consideration such macro-economic factors as interest rates, inflation, the regulatory environment and the global competitive landscape. In addition, the Adviser may also examine other factors that may include, without limitation, the most attractive global investment opportunities, industry consolidation, and the sustainability of economic trends. As a result of the “top-down” analysis, the Adviser seeks to identify sectors, industries and companies that may benefit from the overall trends the Adviser has observed.

The Adviser then looks for individual companies with earnings growth potential that may not be recognized by the market at large. In determining whether a particular company may be a suitable investment, The Adviser may focus on any of a number of different attributes that may include, without limitation, the company’s specific market expertise or dominance; its franchise durability and pricing power; solid fundamentals (e.g., a strong balance sheet, improving returns on equity, the ability to generate free cash flow, apparent use of conservative accounting standard, and transparent financial disclosure); strong and ethical management; commitment to shareholder interests; and reasonable valuations in the context of projected growth rates. This is called “bottom-up” stock selection.

As part of this fundamental, “bottom-up” research, the Adviser may visit with various levels of a company’s management, as well as with its customers, suppliers and competitors. The Adviser also may prepare detailed earnings and cash flow models of companies. These models may assist the Adviser in projecting potential earnings growth and other important characteristics under different scenarios. Each model is typically customized to follow a particular company and is generally intended to replicate and describe a company’s past, present and potential future performance. The models may include quantitative information and detailed narratives that reflect updated interpretations of corporate data.

The Adviser may reduce or sell investments in portfolio companies if, in the opinion of the Adviser, a company’s fundamentals change, its stock price appreciates excessively in relation to fundamental prospects, the company appears not to realize its growth potential, or there are more attractive opportunities elsewhere.

The Portfolio’s core investments generally are well-known growth companies. However, the Portfolio also may typically include more aggressive growth companies, and companies undergoing significant changes: e.g., the introduction of a new product line, the appointment of a new management team or an acquisition. As a result, the Portfolio may invest in certain companies for relatively short periods of time. Such short-term activity may cause the Portfolio to incur higher brokerage costs (which may adversely affect the Portfolio’s performance) and may increase taxable distributions.

THE PRINCIPAL RISKS

•

Equity Risk

•

Focused Portfolio Risk

•

Foreign Securities Risk

•

Growth Investing Risk

•

Non-Diversification Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last three calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table shows the Portfolio’s average annual total returns for the past one year and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

Both the bar chart and table assume reinvestment of dividends and distributions. The performance results presented below do not reflect any


48		*About the investment portfolios*		EQ Advisors Trust

insurance and Contract-related fees and expenses, which would reduce the performance results.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
12.17% (2003 2nd Quarter)		– 12.13% (2002 3rd Quarter)


Average Annual Total Returns*
	One Year	Since Inception
EQ/Marsico Focus Portfolio — Class IA Shares	10.80%	12.03%
Russell 1000 Growth Index**	6.30%	0.92%

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

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Marsico Focus Portfolio		Class IA Shares
Management Fee		0.88%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.06%
Total Annual Portfolio Operating Expenses		0.94%
Less Fee Waiver/Expense Reimbursement*		(0.04)%
Net Total Annual Portfolio Operating Expenses**		0.90%

Example

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


	Class IA Shares
1 Year	$	92
3 Years	$	296
5 Years	$	516
10 Years	$	1,151

WHO MANAGES THE PORTFOLIO

Marsico Capital Management, LLC (“Marsico”), 1200 17^thStreet, Suite 1600, Denver, Colorado 80202. Marsico has been the Adviser to the Portfolio since it commenced operations. Marsico is a registered investment adviser formed in 1997. Marsico provides investment advisory services to other mutual funds and private accounts. As of December 31, 2004, Marsico had $44 billion in assets under management.

Thomas F. Marsico is principally responsible for the day-to-day management of the Portfolio. Mr. Marsico has been Chief Executive Officer of Marsico since its inception in 1997. Mr. Marsico has 20 years of experience as a securities analyst and portfolio manager.


EQ Advisors Trust		*About the investment portfolios*		49

Domestic Stock Portfolios (continued)

EQ/Mercury Basic Value Equity Portfolio

INVESTMENT OBJECTIVE: Seeks capital appreciation and secondarily, income.

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. The Portfolio invests primarily in equity securities that the Adviser believes are undervalued and therefore represent basic investment value. The Portfolio chooses securities for capital appreciation that are expected to increase in value. In selecting securities, the Adviser emphasizes stocks that are undervalued, are selling at a discount, or seem capable of recovering from being temporarily out of favor. The Adviser places particular emphasis on securities with statistical characteristics associated with undervaluation.

The Adviser follows a contrary opinion/out-of-favor investment style. The Adviser believes that favorable changes in market prices are more likely to occur when:

•

stocks are out of favor;

•

company earnings are depressed;

•

price/earnings ratios are relatively low;

•

investment expectations are limited; and/or

•

there is no general interest in a security or industry.

On the other hand, the Adviser believes that negative developments are more likely to occur when:

•

investment expectations are high;

•

stock prices are advancing or have advanced rapidly;

•

price/earnings ratios have been inflated; and/or

•

an industry or security continues to become popular among investors.

In other words, the Adviser believes that stocks with relatively high price/earnings ratios are more vulnerable to price declines from unexpected adverse developments. At the same time, stocks with relatively low price/earnings ratios are more likely to benefit from favorable but generally unanticipated events. Thus, the Portfolio may invest a large part of its net assets in stocks that have weak research ratings.

The Portfolio may also invest a substantial portion of its assets in companies with market capitalizations below the largest companies. The Adviser believes that large institutional investors may overlook these companies, making them undervalued. The Portfolio also may invest, to a limited extent, in securities issued by foreign companies.

The Portfolio has no minimum holding period for investments, and will buy or sell securities whenever the Portfolio’s management sees an appropriate opportunity.

THE PRINCIPAL RISKS

•

Equity Risk

•

Foreign Securities Risk

•

Small-Cap and Mid-Cap Company Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last seven calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one year, five years, and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
18.10% (2003 2nd Quarter)		–20.46% (2002 3rd Quarter)


50		*About the investment portfolios*		EQ Advisors Trust


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/Mercury Basic Value Equity Portfolio — Class IA Shares	10.89%	7.35%	10.93%
Russell 1000 Value Index**	16.49%	5.27%	9.71%

For periods prior to the inception of Class IA Shares (October 2, 2002) performance information shown is the performance of Class IB shares which reflects the effect of 12b-1 fees paid by Class IB shares. Class IA shares do not pay 12b-1 fees. The Class IB shares commenced operations on May 1, 1997.

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

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Mercury Basic Value Equity Portfolio		Class IA Shares
Management Fee		0.58%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.05%
Total Annual Portfolio Operating Expenses		0.63%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses**		0.63

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IA shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) do not exceed 0.70%. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Total Portfolio Annual Operating Expenses for Class IA shares of the Portfolio for the fiscal year ended December 31, 2004 were 0.61%.

Example

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


	Class IA Shares
1 Year	$	64
3 Years	$	202
5 Years	$	351
10 Years	$	786

WHO MANAGES THE PORTFOLIO

Mercury Advisors (“Mercury”), a division of Fund Asset Management, L.P. (“FAM”), 800 Scudders Mill Road, Plainsboro, NJ 08543. Mercury, or its advisory affiliates have been the Adviser to the Portfolio since it commenced operations. Mercury, together with its investment advisory affiliates, is the world’s third-largest asset management firm, with total assets under management of $496 billion as of December 31, 2004. Mercury and its advisory affiliates serve as investment advisers to certain affiliated registered investment companies and provide investment advisory services for individuals and institutions.

Kevin Rendino and Robert J. Martorelli are jointly and primarily responsible for the day-to-day management of the Portfolio. Mr. Rendino has been a Managing Director of Mercury since 1997 and has had portfolio management responsibility since that time. Mr. Martorelli has been a Managing Director of Mercury since 1997 and has had portfolio management responsibility since that time.


EQ Advisors Trust		*About the investment portfolios*		51

Domestic Stock Portfolios (continued)

EQ/Mergers and Acquisitions Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve capital appreciation.

THE INVESTMENT STRATEGY

The Portfolio, which is a non-diversified Portfolio, invests primarily in shares of companies that the Adviser believes are likely acquisition targets within 12 to 18 months. In addition, the Adviser will engage in classic risk arbitrage by investing in equity securities of companies that are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. When a company agrees to be acquired by another company, its stock price often quickly rises to just below the stated acquisition price. If the Adviser, through extensive research, determines that the acquisition is likely to be consummated on schedule at the stated acquisition price, then the Portfolio may purchase the selling company’s securities, offering the Portfolio the possibility of generous returns relative to cash equivalents with a limited risk of excessive loss of capital. The Portfolio may hold a significant portion of its assets in cash in anticipation of arbitrage opportunities. At times, the stock of the acquiring company may also be purchased or shorted. The Adviser may invest in small, mid and large capitalization stocks. At times, the stock of the acquiring company may also be purchased or shorted. The Adviser expects a high portfolio turnover rate of 150% or more. The Portfolio is a non-diversified portfolio, which means that it may invest in a limited number of issuers.

A Portfolio is considered “non-diversified” for federal securities laws purposes if it invests in a limited number of issuers. In all cases, the Portfolio intends to be diversified for tax purposes so that it can qualify as a regulated investment company.

THE PRINCIPAL RISKS

•

Derivatives Risk

•

Equity Risk

•

Focused Portfolio Risk

•

Non-Diversification Risk

•

Portfolio Turnover Risk

•

Securities Lending Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total returns for 2004, the Portfolio’s first calendar year of operations. The table below shows the Portfolio’s average annual total returns for the past one year and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (Enterprise Mergers and Acquisitions Portfolio, a series of Enterprise Accumulation Trust) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the Enterprise Mergers and Acquisitions Portfolio whose inception date is May 1, 2003, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
5.47% (2004 4th Quarter)		–0.66% (2004 3rd Quarter)


Average Annual Total Returns*
	One Year	Since Inception
EQ/Mergers and Acquisitions Portfolio — Class IA Shares	5.35%	9.68%
S&P 500 Index**	10.88%	20.26%

Performance information shown is the performance of Class IB shares which impose 12b-1 fees. Class IA shares do not pay any 12b-1 fees.

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

PORTFOLIO FEES AND EXPENSES

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


52		*About the investment portfolios*		EQ Advisors Trust


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Mergers and Acquisitions Portfolio		Class IA Shares
Management Fee		0.90%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		1.21%
Total Annual Portfolio Operating Expenses		2.11%
Less Fee Waiver/Expense Reimbursement**		(0.91)%
Net Total Annual Portfolio Operating Expenses***		1.20%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

***

Example

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

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


	Class IA Shares
1 Year	$	122
3 Years	$	573
5 Years	$	1,050
10 Years	$	2,369

WHO MANAGES THE PORTFOLIO

GAMCO Investors, Inc. (“GAMCO”), One Corporate Center, Rye, New York 10580, is the Adviser to the Portfolio. GAMCO’s predecessor, Gabelli & Company, Inc., was founded in 1977. As of December 31, 2004, total assets under management for all clients were $28.7 billion.

Mario J. Gabelli is manager of the Portfolio. Mr. Gabelli has served as Chief Investment Officer of GAMCO since its inception in 1977. He has more than 36 years’ experience in the investment industry.


EQ Advisors Trust		*About the investment portfolios*		53

Domestic Stock Portfolios (continued)

EQ/MFS Emerging Growth Companies Portfolio

INVESTMENT OBJECTIVE: Seeks to provide long-term capital growth.

THE INVESTMENT STRATEGY

The Portfolio invests, under normal market conditions, primarily in common stocks and related securities, such as preferred stock, convertible securities and depositary receipts of emerging growth companies. Emerging growth companies are companies that the Adviser believes are either:

•

early in their life cycle but have the potential to become major enterprises; or

•

are major enterprises which the Adviser believes have above-average growth prospects, whose rates of earnings growth are expected to accelerate because of special factors such as rejuvenated management, new products, changes in customer demand or basic changes in the economic environment.

For purposes of this Portfolio, emerging growth companies may be of any size and the Adviser would expect these companies to have products, technologies, management, markets and opportunities that will facilitate earnings growth over time that is well above the growth rate of the overall economy and rate of inflation. The Portfolio’s investments may include securities traded in the over-the-counter markets.

The Adviser uses a “bottom-up” investment style in managing the Portfolio. This means the securities are selected based upon fundamental analysis (such as an analysis of earnings, cash flows, competitive position and management’s abilities) performed by the Adviser.

In addition, the Adviser may invest up to 25% of the Portfolio’s assets in foreign securities, including those in emerging markets, or in cash and cash equivalents.

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

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Equity Risk

•

Foreign Securities Risk

Emerging Market Risk

•

Growth Investing Risk

•

Portfolio Turnover Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last seven calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The inception date for the Portfolio’s Class IA shares is November 24, 1998. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
53.14% (1999 4th Quarter)		–28.43% (2001 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/MFS Emerging Growth Companies Portfolio — Class IA Shares	12.88%	–12.30%	5.10%
Russell 3000 Growth Index**	6.93%	–8.87%	4.37%

For periods prior to the inception of Class IA shares (November 24, 1998), performance information shown is the performance of Class IB shares which reflects the effect of 12b-1 fees paid by the Class IB shares. Class IA shares do not pay any 12b-1 fees. The Class IB shares commenced operations on May 1, 1997.

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


54		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/MFS Emerging Growth Companies Portfolio		Class IA Shares
Management Fee		0.65%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.06%
Total Annual Portfolio Operating Expenses*		0.71%

Example

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


	Class IA Shares
1 Year	$	73
3 Years	$	227
5 Years	$	395
10 Years	$	883

WHO MANAGES THE PORTFOLIO

MFS Investment Management (“MFS”), 500 Boylston Street, Boston, MA 02116. MFS has been the Adviser to the Portfolio since it commenced operations. MFS is America’s oldest mutual fund organization. MFS and its predecessor organizations have a history of money management dating from 1924 and the founding of the first mutual fund in the United States, Massachusetts Investors Trust. As of December 31, 2004, MFS had $146.2 billion in assets under management.

David Sette-Ducati and Eric B. Fishman are primarily responsible for the day-to-day management of the Portfolio. Mr. Sette-Ducati has been a Senior Vice President and Portfolio Manager at MFS since 2001. Prior to that time he served as Vice President and Portfolio Manager at MFS. Mr. Fishman has been Vice President and Portfolio Manager since April 2002. Prior to that time he was a research analyst with MFS since 2000.


EQ Advisors Trust		*About the investment portfolios*		55

Domestic Stock Portfolios (continued)

EQ/MFS Investors Trust Portfolio

INVESTMENT OBJECTIVE: Seeks long-term growth of capital with a secondary objective to seek reasonable current income. For purposes of this Portfolio, the words “reasonable current income” mean moderate income.

THE INVESTMENT STRATEGY

The Portfolio invests, under normal market conditions, primarily in equity securities, including common stocks, preferred stocks, convertible securities, warrants and depositary receipts for those securities. Equity securities may be listed on a securities exchange or traded in the over-the-counter markets. While the Portfolio may invest in companies of any size, the Portfolio generally focuses on companies with larger market capitalizations that the Adviser believes have sustainable growth prospects and attractive valuations based on current and expected earnings or cash flow. The Adviser considers the Portfolio’s overall prospects for appreciation as well as income in managing the Portfolio.

The Adviser uses a “bottom-up” investment style in managing the Portfolio. This means that securities are selected based upon fundamental analysis (such as an analysis of earnings, cash flows, competitive position and management’s abilities) performed by the Adviser’s large group of equity research analysts.

The Portfolio may invest up to, and including, 20% of its net assets in foreign securities, including those in emerging markets and depositary receipts, through which it may have exposure to foreign currencies.

THE PRINCIPAL RISKS

•

Equity Risk

•

Convertible Securities Risk

•

Foreign Securities Risk

Emerging Markets Risk

•

Growth Investing Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
13.47% (2003 2nd Quarter)		–15.36% (2002 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/MFS Investors Trust Portfolio — Class IA Shares	11.67%	–2.18%	–0.44%
S&P 500 Index**	10.88%	–2.30%	1.25%

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


56		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/MFS Investors Trust Portfolio		Class IA Shares
Management Fee		0.60%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.10%
Total Annual Portfolio Operating Expenses		0.70%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses**		0.70%

Example

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


	Class IA Shares
1 Year	$	72
3 Years	$	224
5 Years	$	390
10 Years	$	871

WHO MANAGES THE PORTFOLIO

MFS Investment Management (“MFS”), 500 Boylston Street, Bos-ton, MA 02116. MFS has been the Adviser to the Portfolio since it commenced operations. MFS is America’s oldest mutual fund organization. MFS and its predecessor organizations have a history of money management dating from 1924 and the founding of the first mutual fund in the United States, Massachusetts Investors Trust. As of December 31, 2004, MFS had $146.2 billion in assets under management.

The Portfolio is managed by a team of portfolio managers comprised of T. Kevin Beatty, a Vice President of MFS and Nicole M. Zatlyn, a Vice President of MFS. Mr. Beatty has been managing the Portfolio since 2004 and has been with MFS in the area of investment management since 2002. Prior to joining MFS, Mr. Beatty was an Equity Analyst and Sector Head at State Street Research Management Co. from 1999 to 2002. Ms. Zatlyn has been employed in the investment management area of MFS since 2001. Prior to joining MFS, Ms. Zatlyn was an Investment Analyst at Bowman Capital Management from 1999 to 2001.


EQ Advisors Trust		*About the investment portfolios*		57

Domestic Stock Portfolios (continued)

EQ/Montag & Caldwell Growth Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve capital appreciation.

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio intends to invest primarily in equity securities of U.S. large capitalization companies. Large capitalization companies include those companies with market capitalization in excess of $10 billion at the time of investment. The Portfolio also may invest in equity securities of small- and mid-capitalization companies.

The Portfolio intends to invest primarily in common stocks, but it may also invest in other securities that the Adviser believes provide opportunities for capital growth, such as warrants and securities convertible into common stock.

The Adviser utilizes a “growth at a reasonable price” investment approach that combines growth and value style investing. This means that the Portfolio generally invests in the stocks of companies with long-term earnings potential, but which are currently selling at a discount to their estimated long-term value. This approach is generally lower risk than a typical growth stock approach. In choosing investments, the Adviser utilizes a process that involves researching and evaluating companies for potential investment. Valuation is a key selection criterion. Also emphasized are growth characteristics to identify companies whose shares are attractively priced and may experience strong earnings growth relative to other companies. The Adviser may sell a security for a variety of reasons, such as to invest in a company offering superior investment opportunities.

For temporary defensive purposes, the Portfolio may invest, without limit, in cash, money market instruments or high quality short-term debt securities, including repurchase agreements. To the extent the Portfolio is invested in these instruments, the Portfolio will not be pursuing its investment objective.

THE PRINCIPAL RISKS

•

Convertible Securities

•

Equity Risk

•

Growth Investing Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (Enterprise Growth Portfolio, a series of Enterprise Accumulation Trust) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the Enterprise Growth Portfolio whose inception date is December 1, 1998, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
17.77% (1999 4th Quarter)		–15.53% (2001 1st Quarter)


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/Montag & Caldwell Growth Portfolio — Class IA Shares	4.10%	–5.49%	–0.18%
Russell 1000 Growth Index**,†	6.30%	–9.29%	–1.87%
S&P 500 Index*	10.88%	–2.30%	2.01%

Performance information shown is the performance of Class IB shares which impose 12b-1 fees. Class IA shares do not pay any 12b-1 fees.

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

†

Effective May 1, 2005 this index replaced the S&P 500 Index as the Portfolio’s benchmark because we feel that this index reflects more closely the sectors in which the Portfolio invests.


58		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Montag & Caldwell Growth Portfolio		Class IA Shares
Management Fee		0.75%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.01%
Total Annual Portfolio Operating Expenses		0.76%
Less Fee Waiver/Expense Reimbursement**		—%
Net Total Annual Portfolio Operating Expenses		0.76%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IA shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) do not exceed 0.90%. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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


	Class IA Shares
1 Year	$	78
3 Years	$	243
5 Years	$	422
10 Years	$	942

WHO MANAGES THE PORTFOLIO

Montag & Caldwell, Inc. (“Montag & Caldwell”), 3455 Peachtree Road, N.E., Suite 1200, Atlanta, Georgia 30326-3248, is the Adviser to the Portfolio. Montag & Caldwell and its predecessors have been engaged in the business of providing investment counseling to individuals and institutions since 1945. Total assets under management for all clients were approximately $28.27 billion as of December 31, 2004.

Ronald E. Canakaris, President and Chief Investment Officer of Montag & Caldwell, is responsible for the day-to-day investment management of the Portfolio and has more than 34 years’ experience in the investment industry. He has been President of Montag & Caldwell for more than 18 years.


EQ Advisors Trust		*About the investment portfolios*		59

Domestic Stock Portfolios (continued)

EQ/MONY Equity Growth Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve capital appreciation.

THE INVESTMENT STRATEGY

This is a stock Portfolio that invests in companies with above average earnings growth. Under normal market conditions, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. The primary consideration in stock selection is the rate of earnings growth relative to the price. The Portfolio seeks companies that have a specific advantage (products, patents, sales force, management, etc.) which enables them to grow at a superior pace. The Portfolio may invest in companies of any size. They generally achieve their sales growth by selling more units, rather than depending on price increases alone. As many of the fastest growing companies currently are traded over-the-counter, this Portfolio will have correspondingly larger holdings of over-the-counter stocks.

THE PRINCIPAL RISKS

•

Equity Risk

•

Small- and Mid-Cap Company Risk

•

Growth Investing Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (Equity Growth Portfolio, a series of the MONY Series Fund, Inc.) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the Equity Growth Portfolio whose inception date is March 4, 1985, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
22.27% (1999 4th Quarter)		–18.62% (2002 3rd Quarter)


Average Annual Total Returns
	One Year	Five Years	Ten Years
EQ/MONY Equity Growth Portfolio — Class IA Shares	17.98%	–2.37%	12.22%
S&P 500 Index*	10.88%	–2.30%	12.07%

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


60		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/MONY Equity Growth Portfolio		Class IA Shares
Management Fee		0.50%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		5.90%
Total Annual Portfolio Operating Expenses		6.40%
Less Fee Waiver/Expense Reimbursement**		(5.25)%
Net Total Annual Portfolio Operating Expenses***		1.15%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

***

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolios expenses. Including this reduction, the Net Total Annual Portfolio Operating Expenses for Class IA Shares of the Portfolio for the fiscal year ended December 31, 2004 were 1.14%.

Example

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

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


	Class IA Shares
1 Year	$	117
3 Years	$	1,428
5 Years	$	2,702
10 Years	$	5,735

WHO MANAGES THE PORTFOLIO

Boston Advisors, Inc. (“Boston Advisors”), One Federal Street, 26th Floor, Boston, MA 02110, is the Adviser to the Portfolio. Boston Advisors has been providing investment management services since 1986. Total assets under management for Boston Advisors as of December 31, 2004 were $4.9 billion.

Timothy E. Woolston, Senior Vice President and Portfolio Manager has been with Boston Advisors in that capacity since 1997.


EQ Advisors Trust		*About the investment portfolios*		61

Domestic Stock Portfolios (continued)

EQ/MONY Equity Income Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve capital appreciation and a high level of current income.

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. The Portfolio intends to invest primarily in dividend-paying common stocks of U.S. large capitalization companies. Large capitalization companies include those companies with market capitalization in excess of $10 billion at the time of investment. The Portfolio also may invest in equity securities of small- and mid-capitalization companies.

The Portfolio intends to invest primarily in common stocks, but it may also invest in other securities that the Adviser believes provide opportunities for capital growth and income, such as preferred stocks, warrants and securities convertible into common stock.

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Equity Risk

•

Small-Cap and/or Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (Equity Income Portfolio, a series of the MONY Series Fund, Inc.) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the Equity Income Portfolio whose inception date is March 4,1985, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
16.44% (2003 4th Quarter)		–17.84% (2002 3rd Quarter)


Average Annual Total Returns
	One Year	Five Years	Ten Years
EQ/MONY Equity Income Portfolio — Class IA Shares	19.86%	4.17%	12.07%
Russell 1000 Value Index*,†	16.49%	5.27%	13.83%
S&P 500 Index*	10.88%	–2.30%	12.07%

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

†

Effective May 1, 2005 this index replaced the S&P 500 Index as the Portfolio’s benchmark because we feel that this index reflects more closely the sectors in which the Portfolios invests.


62		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/MONY Equity Income Portfolio		Class IA Shares
Management Fee		0.50%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.86%
Total Annual Portfolio Operating Expenses		1.36%
Less Fee Waiver/Expense Reimbursement**		(0.36)%
Net Total Annual Portfolio Operating Expenses***		1.00%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IA shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) do not exceed 1.05%. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

***

Example

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

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


	Class IA Shares
1 Year	$	102
3 Years	$	395
5 Years	$	710
10 Years	$	1,604

WHO MANAGES THE PORTFOLIO

Boston Advisors, Inc. (“Boston Advisors”), One Federal Street, 26th Floor, Boston, MA 02110, is the Adviser to the Portfolio. Boston Advisors has been providing investment counseling since 1971. Total assets under management for Boston Advisors as of December 31, 2004 were $4.9 billion.

Timothy E. Woolston, Senior Vice President and Portfolio Manager has been with Boston Advisors in that capacity since 1997.


EQ Advisors Trust		*About the investment portfolios*		63

Domestic Stock Portfolios (continued)

EQ/Small Company Index Portfolio

INVESTMENT OBJECTIVE: Seeks to replicate as closely as possible (before the deduction of Portfolio expenses) the total return of the Russell 2000 Index (“Russell 2000”).

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of small-cap companies included in the Russell 2000. The Adviser seeks to match the returns of the Russell 2000. The Portfolio invests in a statistically selected sample of the securities found in the Russell 2000, using a process known as “optimization.” This process selects stocks for the Portfolio so that industry weightings, market capitalizations and fundamental characteristics (price to book ratios, price to earnings ratios, debt to asset ratios and dividend yields) closely match those of the securities included in the Russell 2000. This approach helps to increase the Portfolio’s liquidity and reduce costs. The securities held by the Portfolio are weighted to make the Portfolio’s total investment characteristics similar to those of the Russell 2000 as a whole.

Over time, the correlation between the performance of the Portfolio and the Russell 2000 is expected to be 95% or higher before the deduction of Portfolio expenses. The Portfolio’s ability to track the Russell 2000 may be affected by, among other things, transaction costs, administration and other expenses incurred by the Portfolio, changes in either the composition of the Russell 2000 or the assets of the Portfolio, and the timing and amount of Portfolio investor contributions and withdrawals, if any. The Portfolio seeks to track the Russell 2000, therefore, the Adviser generally will not attempt to judge the merits of any particular security as an investment.

Securities index futures contracts and related options, warrants and convertible securities may be used for a number of reasons, including: to simulate full investment in the Russell 2000 while retaining a cash balance for fund management purposes; to facilitate trading; to reduce transaction costs; or to seek higher investment returns when a futures contract, option, warrant or convertible security is priced more attractively than the underlying equity security or Russell 2000. These instruments are considered to be derivatives.

The Portfolio may invest to a lesser extent in short-term debt securities and money market securities to meet redemption requests or to facilitate investment in the securities included in the Russell 2000.

THE PRINCIPAL RISKS

•

Derivatives Risk

•

Equity Risk

•

Index-Fund Risk

•

Liquidity Risk

•

Small-Cap Company Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last seven calendar years and some of the risks of investing in the Portfolio by showing the yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad based index. Past performance is not an indication of future performance. This may be particularly true for this Portfolio because a different Adviser managed the Portfolio prior to January 2, 2004.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
22.92% (2003 2nd Quarter)		–21.49% (2002 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/Small Company Index Portfolio — Class IA Shares	17.97%	6.01%	6.74%
Russell 2000 Index**	18.33%	6.61%	7.21%

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


64		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Small Company Index Portfolio		Class IA Shares
Management Fee		0.25%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.13%
Total Annual Portfolio Operating Expenses		0.38%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses		0.38%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IA shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) do not exceed 0.60%. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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


	Class IA Shares
1 Year	$	39
3 Years	$	122
5 Years	$	213
10 Years	$	480

WHO MANAGES THE PORTFOLIO

Alliance Capital Management L.P. (“Alliance Capital”), 1345 Avenue of the Americas, New York, New York 10105. Alliance Capital has been the Adviser to the Portfolio since January 2, 2003. Alliance manages investments for investment companies, endowment funds, insurance companies, foreign entities, qualified and non-tax qualified corporate funds, public and private pension and profit-sharing plans, foundations and tax-exempt organizations. As of December 31, 2004, Alliance Capital had $539 billion in assets under management.


EQ Advisors Trust		*About the investment portfolios*		65

Domestic Stock Portfolios (continued)

EQ/Small Company Value Portfolio

INVESTMENT OBJECTIVE: Seeks to maximize capital appreciation.

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in stocks of small capitalization companies. Small capitalization companies are companies with market capitalization of $2.0 billion or less at the time of investment.

The Portfolio intends to invest primarily in common stocks, but it may also invest in other securities that the Adviser believes provide opportunities for capital growth, such as preferred stocks, warrants and securities convertible into common stocks.

The Adviser will utilize a value-oriented investment style that emphasizes companies deemed to be currently underpriced according to certain financial measurements, which may include price-to-earnings and price-to-book ratios and dividend income potential. In choosing investments, the Adviser utilizes a process of fundamental analysis that involves researching and evaluating individual companies for potential investment by the Portfolio. The Adviser uses a proprietary research technique to determine which stocks have a market price that is less than the “private market value” or what an investor would pay for the company. This approach will often lead the Portfolio to focus on “strong companies” in out-of-favor sectors or out-of-favor companies exhibiting a catalyst for change. The Adviser may sell a security for a variety of reasons, such as because it becomes overvalued or shows deteriorating fundamentals.

THE PRINCIPAL RISKS

•

Equity Risk

•

Liquidity Risk

•

Small-Cap Company Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (Enterprise Small Company Value Portfolio, a series of Enterprise Accumulation Trust) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the Enterprise Small Company Value Portfolio whose inception date is August 1, 1988, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
18.58% (1997 2nd Quarter)		–17.80% (1998 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Ten Years
EQ/Small Company Value Portfolio — Class IA Shares	20.93%	10.23%	14.83%
Russell 2000 Value Index**,†	22.25%	17.23%	15.17%
Russell 2000 Index**	18.33%	6.61%	11.54%

Performance information shown is the performance of Class IB shares which impose 12b-1 fees. Class IA shares do not pay any 12b-1 fees.

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

†

Effective May 1, 2005 this index replaced the Russell 2000 Index as the Portfolio’s benchmark because we feel that this index reflects more closely the sectors in which the Portfolio invests.


66		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Small Company Value Portfolio		Class IA Shares
Management Fee		0.80%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.12%
Total Annual Portfolio Operating Expenses		0.92%
Less Fee Waiver/Expense Reimbursement**		—%
Net Total Annual Portfolio Operating Expenses***		0.92%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IA shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) do not exceed 1.05%. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

***

Example

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


	Class IA Shares
1 Year	$	94
3 Years	$	293
5 Years	$	509
10 Years	$	1,131

WHO MANAGES THE PORTFOLIO

Mario J. Gabelli has served as Chief Investment Officer of GAMCO since its inception in 1977 and is responsible for the day-to-day management of the Portfolio. He has more than 36 years’ experience in the investment industry.


EQ Advisors Trust		*About the investment portfolios*		67

Domestic Stock Portfolios (continued)

EQ/TCW Equity Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve long-term capital appreciation.

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. The Portfolio intends to invest primarily in the equity securities of U.S. large capitalization companies that meet the Adviser’s criteria of high return on investment capital, strong positions within their industries, sound financial fundamentals and management committed to shareholder interests. Large capitalization companies are companies with market capitalization in excess of $10 billion at the time of investment.

The Portfolio also may invest in equity securities of small- and mid-capitalization companies. In addition, the Portfolio may invest up to 20% of its assets in foreign securities, provided that they are listed on a domestic or foreign securities exchange or represented by American Depositary Receipts (“ADRs”) or European Depositary Receipts (“EDRs”) listed on a domestic securities exchange or traded in the United States over-the-counter market.

The Portfolio intends to invest primarily in common stocks, but it may also invest in other securities that the Adviser believes provide opportunities for capital growth, such as preferred stocks, warrants and securities convertible into common stock.

The Adviser generally chooses investments that include either companies with above average growth prospects, companies selling at reasonable valuations, or both. In choosing investments, the Adviser utilizes a process that involves researching and evaluating companies for potential investment. The Adviser generally selects companies with one or more of the following characteristics: superior business practices that will benefit from long-term trends, superior growth, profitability and leading market share versus others in their industry, strong enduring business models, valuable consumer or commercial franchises, high return on capital, favorable price to intrinsic value and undervalued assets. The Adviser may sell a security for a variety or reasons, including to invest in a company offering superior investment opportunities.

THE PRINCIPAL RISKS

•

Equity Risk

•

Foreign Securities Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (Enterprise Equity Portfolio, a series of Enterprise Accumulation Trust) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the Enterprise Equity Portfolio whose inception date is August 1, 1988, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
26.57% (2001 4th Quarter)		–26.32% (2001 3rd Quarter)


68		*About the investment portfolios*		EQ Advisors Trust


Average Annual Total Returns*
	One Year	Five Years	Ten Years
EQ/TCW Equity Portfolio — Class IA Shares	13.51%	–1.16%	10.08%
Russell 1000 Growth Index**,†	6.30%	–9.29%	9.59%
S&P 500 Index**	10.88%	–2.30%	12.07%

Performance information shown is the performance of Class IB shares which impose 12b-1 fees. Class IA shares do not pay any 12b-1 fees.

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

†

Effective May 1, 2005 this index replaced the S&P 500 Index as the Portfolio’s benchmark because we feel that this index reflects more closely the sectors in which the Portfolio invests.

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/TCW Equity Portfolio		Class IA Shares
Management Fee		0.80%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.12%
Total Annual Portfolio Operating Expenses		0.92%
Less Fee Waiver/Expense Reimbursement**		(0.02)%
Net Total Annual Portfolio Operating Expenses***		0.90%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

***

Example

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


	Class IA Shares
1 Year	$	92
3 Years	$	291
5 Years	$	507
10 Years	$	1,129

WHO MANAGES THE PORTFOLIO

TCW Investment Management Company (“TCW”), 865 South Figueroa Street, Suite 1800, Los Angeles, California 90017, is the Adviser to the Portfolio. TCW was founded in 1971 and as of December 31, 2004, TCW and its affiliated companies had approximately $109 billion under management or committed to management.

Craig C. Blum, Managing Director, U.S. Equities and Stephen A. Burlingame, Managing Director, U.S. Equities are primarily responsible for the day-to-day management of the Portfolio. Mr. Blum previously served as a Managing Director, U.S. Equities, TCW Concentrated Core Equities. In 2003 he served as a Senior Vice President, U.S. TCW Concentrated Core Equities and from 2001 to 2002 he was Vice President, U.S. Equities, Central Research Analyst. Mr. Blum joined TCW in 1999 as a U.S. Equities, Central Research Analyst and in 2000 he became a Assistant Vice President, U.S. Equities, Central Research Analyst. Mr. Burlingame previously served as a Managing Director, U.S. Equities TCW Concentrated Core Equities and in 2003 he served as a Senior Vice President, U.S. Equities, TCW Concentrated Core Equities, from 2001 to 2002 he was Vice President, U.S. Equities, Central Research Analyst. Mr. Burlingame joined TCW in 2000 as an Assistant Vice President, U.S. Equities, Central Research Analyst.


EQ Advisors Trust		*About the investment portfolios*		69

Domestic Stock Portfolios (continued)

EQ/UBS Growth and Income Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve total return through capital appreciation with income as a secondary consideration.

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio intends to invest primarily in a broadly diversified group of equity securities of U.S. large capitalization companies that offer the opportunity for capital appreciation and, secondarily, income. Large capitalization companies include those companies with market capitalization in excess of $10 billion at the time of investment. The Portfolio also may invest in equity securities of small- and mid-capitalization companies. In seeking income, the Portfolio invests in stocks of dividend-paying companies.

The Adviser utilizes an investment style that focuses on identifying discrepancies between a security’s fundamental value (i.e., the Adviser’s assessment of what the security is worth) and its market price. In choosing investments, the Adviser utilizes a process that involves researching and evaluating companies for potential investment. The Adviser estimates the fundamental value of each stock under analysis based on economic, industry and company analysis and a company’s management ream, competitive advantage and core competencies. The Adviser then compares its assessment of a security’s value against the prevailing market prices, with the aim of constructing a portfolio of stocks with attractive price and value characteristics. The Adviser may sell a security for a variety of reasons, such as to invest in a company offering superior investment opportunities.

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Equity Risk

•

Growth Investing Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (Enterprise Growth and Income Portfolio, a series of Enterprise Accumulation Trust) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the Enterprise Growth and Income Portfolio whose inception date is December 1, 1998, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
14.86% (1999 2nd Quarter)		–18.59% (2002 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/UBS Growth and Income Portfolio — Class IA Shares	13.28%	–0.99%	2.65%
Russell 1000 Index**,†	11.40%	–1.76%	2.72%
S&P 500 Index**	10.88%	–2.30%	2.01%

Performance information shown is the performance of Class IB shares which impose 12b-1 fees. Class IA shares do not pay any 12b-1 fees.

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

†

On May 1, 2005 this index replaced the S&P 500 Index as the Portfolio’s benchmark because we feel that this index reflects more closely the sectors in which the Portfolio invests.


70		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/UBS Growth and Income Portfolio		Class IA Shares
Management Fee		0.75%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.16%
Total Annual Portfolio Operating Expenses		0.91%
Less Fee Waiver/Expense Reimbursement**		(0.11)%
Net Total Annual Portfolio Operating Expenses		0.80%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Example

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


	Class IA Shares
1 Year	$	82
3 Years	$	279
5 Years	$	493
10 Years	$	1,109

WHO MANAGES THE PORTFOLIO

UBS Global Asset Management (Americas) Inc. (“UBS Global AM”), One North Wacker Drive, Chicago, Illinois 60606, is the Adviser to the Portfolio. UBS Global AM was formerly known as Brinson Advisers, Inc., which has provided investment counseling for over 50 years. As of December 31, 2004, assets under management were $57.6 billion.

John Leonard, Thomas M. Cole, Thomas J. Digenan and Scott C. Hazen are the portfolio managers responsible for the day-to-day management of the Portfolio. John Leonard is Managing Director and Head of North American Equities, and is responsible for the construction of U.S. equity portfolios and the oversight of UBS Global AM’s Chicago-based strategy team. He has been with UBS Global AM as an investment professional since 1991. Mr. Leonard is the lead Portfolio Manager for the Portfolio and is responsible for allocating the Portfolio among the various managers and analysts. Thomas Cole is a Managing Director and Head of Research, North American Core Equities and has held that position for more than five years. He is responsible for the direction and oversight of the research group of the North American core equities team. Mr. Cole joined UBS Global AM as an Investment Professional in 1985. Mr. Digenan is an Executive Director and North American Equity Strategist and has held that position for more than five years. He participates in the analysis and development of U.S. equity portfolios. Mr. Digenan joined UBS Global AM as an Investment Professional in 1993. He has been a North American Equities Strategist since 2001 and prior thereto served as an Executive Director and President, Mutual Funds from 1993 to 2001. Mr. Hazen is an Executive Director and North American Equity Strategist since 2004, and he participates in the analysis and development of U.S. Equity Portfolios. He joined UBS Global AM in 1992 as Executive Director Client Service and Relationship Management.


EQ Advisors Trust		*About the investment portfolios*		71

Domestic Stock Portfolios (continued)

EQ/Van Kampen Comstock Portfolio

INVESTMENT OBJECTIVE: Capital growth and income.

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks. The Portfolio may invest in issuers of small, medium and large market capitalization. The Portfolio primarily invests in equity securities, but also may invest in preferred stocks and securities convertible into common and preferred stocks.

The Adviser emphasizes a value style of investing, seeking well established, undervalued companies believed by the Adviser to possess the potential for capital growth and income. The Adviser typically sells portfolio securities when its assessments of capital growth and income potential of such securities materially change.

The Portfolio may invest up to 25% of its total assets in securities of foreign issuers including emerging market securities and depositary receipts. The Portfolio generally holds up to 10% of its total assets in high-quality short-term debt securities and investment grade corporate debt securities as temporary investments. The Portfolio may also invest up to 5% of its net assets in convertible securities that are below investment grade. The Portfolio also may purchase and sell certain derivative instruments, such as options, futures contracts and options on futures contracts, for various portfolio management purposes, including to earn income, to facilitate portfolio management and to mitigate risks.

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

•

Equity Risk

•

Fixed Income Risk

•

Foreign Securities Risk

Currency Risk

Emerging Market Risk

Political/Economic Risk

Regulatory Risk

Transaction Costs Risk

•

Small-Cap and Mid-Cap Company Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The inception date for this Portfolio is May 1, 2005. Therefore, no historical performance information is available.

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Van Kampen Comstock Portfolio		Class IA Shares
Management Fee		0.65%
Distribution and/or Service Fee (12b-1 fees)*		None
Other Expenses*		0.19%
Total Annual Portfolio Operating Expenses		0.84%
Less Fee Waiver/Expense Reimbursement**		(0.09)%
Net Total Annual Portfolio Operating Expenses		0.75%

Because the Portfolio has no operating history prior to the date of the Prospectus, “other expenses” are based on estimated amounts for the current fiscal period.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IA shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers within three years of such payments and waivers under certain conditions. For more information on Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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


72		*About the investment portfolios*		EQ Advisors Trust

Similarly, the annual rate of return assumed in the Example is not an estimate or guarantee of future investment performance. Based on these assumptions your costs would be:


	Class IA Shares
1 Year	$	77
3 Years	$	259

WHO MANAGES THE PORTFOLIO

Morgan Stanley Investment Management Inc. (“MSIM Inc.”), 1221 Avenue of the Americas, New York, NY 10020. MSIM Inc. has been the Adviser to the Portfolio since the Portfolio commenced operations. MSIM Inc. conducts a worldwide portfolio management business and provides a broad range of portfolio management services to customers in the United States and abroad. MSIM Inc. (which does business in certain instances using the name Van Kampen) is a direct subsidiary of Morgan Stanley. As of December 31, 2004 MSIM Inc. had $431.4 billion in assets under management.

The Multi-Cap Value team is responsible for the day-to-day management of the Portfolio. The current members of the team include B. Robert Baker, Jr., Jason S. Leder and Kevin C. Holt. Mr. Baker, the lead portfolio manager, is a Managing Director with Van Kampen. He has had portfolio management responsibilities at Van Kampen since 1991. Mr. Leder and Mr. Holt are Executive Directors with Van Kampen. Mr. Leder, joined Van Kampen and has had portfolio management responsibilities with the firm since 1995. Mr. Holt joined Van Kampen in 1999 and has had portfolio management responsibilities since that time.


EQ Advisors Trust		*About the investment portfolios*		73

Domestic Stock Portfolios (continued)

EQ/Van Kampen Mid Cap Growth Portfolio

INVESTMENT OBJECTIVE: Capital growth

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of medium-sized companies at the time of investment. The Portfolio primarily invests in equity securities including common stocks, preferred stocks, convertible securities and rights and warrants to purchase common stock. Medium-sized companies are defined by reference to those companies represented in the Russell Midcap Index. The Portfolio also may invest in common stocks and other equity securities of small- and large-sized companies.

The Adviser focuses on companies it believes have consistent or rising earnings growth records, potential for strong free cash flow and compelling business strategies. In this regard, the Adviser studies company developments, including business strategy and financial results. Valuation is viewed in the context of prospects for sustainable earnings and cash flow growth. The Adviser generally considers selling a portfolio holding when it determines the holding no longer satisfies its investment criteria.

The Portfolio also may invest in debt securities of various maturities considered investment grade at the time of investment. Investment grade securities are rated BBB or higher by Standard & Poor’s or rated Baa or higher by Moody’s Investor Service, Inc. The Portfolio may also invest up to 5% of its net assets in convertible securities that are below in investment grade.

The Portfolio may invest up to 25% of its total assets in securities of foreign issuers including emerging market securities and depositary receipts. The Portfolio also may purchase and sell certain derivative instruments, such as options, futures contracts, options on futures contracts and currency transactions, for various portfolio management purposes, including to facilitate portfolio management and to mitigate risks.

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

•

Equity Risk

•

Fixed Income Risk

•

Foreign Securities Risk

Currency Risk

Emerging Market Risk

Political/Economic Risk

Regulatory Risk

Transaction Costs Risk

•

Growth Investing Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The inception date for this Portfolio is May 1, 2005. Therefore, no historical performance information is available.

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Van Kampen Mid Cap Growth Portfolio		Class IA Shares
Management Fee		0.70%
Distribution and/or Service Fee (12b-1 fees)*		None
Other Expenses*		0.19%
Total Annual Portfolio Operating Expenses		0.89%
Less Fee Waiver/Expense Reimbursement**		(0.09)%
Net Total Annual Portfolio Operating Expenses		0.80%

Because the Portfolio has no operating history prior to the date of the Prospectus, “other expenses” are based on estimated amounts for the current fiscal period.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IA shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers within three years of such payments and waivers under certain conditions. For more information on Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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


74		*About the investment portfolios*		EQ Advisors Trust


	Class IA Shares
1 Year	$	82
3 Years	$	275

WHO MANAGES THE PORTFOLIO

The U.S. Growth team is responsible for the day-to-day management of the Portfolio. The current members of the team include Dennis Lynch, David Cohen and Sam Chainani. Mr. Lynch is a Managing Director with Van Kampen. He joined the firm in 1997 and has had portfolio management responsibilities since that time. Mr. Cohen is an Executive Director with Van Kampen. He joined the firm in 1993 and has had portfolio management responsibilities for more than five years. Mr. Chainani is an Executive Director with Van Kampen. He joined the firm in 1997 and has had portfolio management responsibilities for more than five years.


EQ Advisors Trust		*About the investment portfolios*		75

Domestic Stock Portfolios (continued)

EQ/Wells Fargo Montgomery Small Cap Portfolio

INVESTMENT OBJECTIVE: Seeks long-term capital appreciation.

THE INVESTMENT STRATEGY

The Portfolio is an actively managed diversified Portfolio that invests primarily in the common stocks of U.S. companies that the Adviser believes have a potential for above-average growth. The Portfolio principally invests in small-sized companies that have a market capitalization of less than $2 billion at the time of purchase. Under normal circumstances, the Portfolio will invest at least 80% of its net assets, plus borrowings for investment purposes, in small capitalization securities.

The Adviser’s investment strategy is focused on identifying and investing in rapidly growing small-capitalization companies that are in an early or transitional stage of their development, before their potential is discovered by the market.

The Portfolio may engage in options transactions, including options on securities, options on a stock index and options on stock index futures to protect liquidity and portfolio value. The Portfolio also may invest in illiquid securities and privately issued securities. The Adviser engages in active and frequent trading of portfolio securities in seeking to achieve the Portfolio’s investment objective.

THE PRINCIPAL RISKS

•

Derivatives Risk

•

Equity Risk

•

Liquidity Risk

•

Growth Investing Risk

•

Portfolio Turnover Risk

•

Small-Cap Company Risk

PORTFOLIO PERFORMANCE

The inception date for this Portfolio is October 1, 2004. Therefore, no prior performance information is available.

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Wells Fargo Montgomery Small Cap Portfolio		Class IA Shares
Management Fee		0.85%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses*		6.51%
Total Annual Portfolio Operating Expenses		7.36%
Less Fee Waiver/Expense Reimbursement**		(6.33)%
Net Total Annual Portfolio Operating Expenses***		1.03%

Because the Portfolio has operating results for less than six months, “other expenses” are based on estimated amounts for the current fiscal period.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IA shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) do not exceed 1.05%. The Manager may be reimbursed the amount of any such payments and waivers within three years of such payments and waivers under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

***

Example

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


	Class IA Shares
1 Year	$	105
3 Years	$	1,600


76		*About the investment portfolios*		EQ Advisors Trust

WHO MANAGES THE PORTFOLIO

Wells Capital Management Inc. (“Wells Capital Management”), 525 Market Street, San Francisco, CA 94105. Wells Capital Management is the Adviser to the Portfolio. Wells Capital Management is a registered investment adviser that provides investment advisory services for registered mutual funds, company retirement plans, foundations, endowments, trust companies, and high net-worth individuals. As of December 31, 2004, Wells Capital Management managed assets aggregating in excess of $130.2 billion.

Jerome “Cam” Philpott and Stuart Roberts are primarily responsible for the day-to-day management of the Portfolio. Mr. Philpott joined Wells Capital Management in 2003 as a portfolio manager. Prior to joining Wells Capital Management, Mr. Philpott was a portfolio manager with Montgomery Asset Management, which he joined in 1991 as an analyst for the Small Cap Equity team.

Mr. Roberts joined Wells Capital Management in 2003 as a portfolio manager. Prior to joining Wells Capital Management, Mr. Roberts was a senior portfolio manager with Montgomery Asset Management, which he joined in 1990. He has specialized in small-cap growth investments since 1983.


EQ Advisors Trust		*About the investment portfolios*		77

International Stock Portfolios

EQ/Alliance International Portfolio

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

THE INVESTMENT STRATEGY

The Portfolio invests in both growth-oriented and value-oriented stocks of non-U.S. companies. These non-U.S. companies may have operations in the United States, in their country of incorporation and/or in other countries.

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

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

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

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

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

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

•

Equity Risk

•

Fixed Income Risk

•

Foreign Securities Risk

Currency Risk

Emerging Market Risk

•

Growth Investing Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total returns for each of the last nine calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

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


78		*About the investment portfolios*		EQ Advisors Trust

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
25.49% (1999 4th Quarter)		–20.46% (2002 3rd Quarter)


Average Annual Total Returns
	One Year	Five Years	Since Inception
EQ/Alliance International Portfolio — Class IA Shares	18.51%	–2.95%	4.59%
MSCI EAFE Index*	20.25%	–1.13%	5.56%

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

PORTFOLIO FEES AND EXPENSES

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

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Alliance International Portfolio		Class IA Shares
Management Fee		0.73%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.12%
Total Annual Portfolio Operating Expenses		0.85%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses**		0.85%

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Net Total Annual Portfolio Operating Expenses for Class IA Shares of the Portfolio for the fiscal year ended December 31, 2004 were 0.83%

Example

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


	Class IA Shares
1 Year	$	87
3 Years	$	271
5 Years	$	471
10 Years	$	1,049

WHO MANAGES THE PORTFOLIO


EQ Advisors Trust		*About the investment portfolios*		79

International Stock Portfolios (continued)

EQ/Capital Guardian International Portfolio

INVESTMENT OBJECTIVE: To achieve long-term growth of capital.

THE INVESTMENT STRATEGY

The Portfolio invests primarily (at least 80% of its net assets) in securities of non-U.S. issuers (including American Depositary Receipts and U.S. registered securities) and securities whose principal markets are outside of the U.S. The assets of the Portfolio can be invested with geographic flexibility, giving due consideration to economic, social, and political developments, currency risks and the liquidity of various national markets. In addition, the Portfolio may invest in securities of issuers domiciled in other countries including developing countries. In determining the domicile of an issuer, the Adviser takes into account where the company is legally organized, the location of its principal corporate offices, where it conducts its principal operations and the location of its primary listing.

The Portfolio primarily invests in common stocks, securities convertible into common stocks, warrants, rights, and non-convertible preferred stock. The Adviser emphasizes investments in companies with strong earnings growth. However, when the Adviser believes that market and economic conditions indicate that it is desirable to do so, the Portfolio may also purchase high-quality debt securities rated, at the time of purchase, within the top three quality categories by Moody’s or S&P (or unrated securities of equivalent quality), repurchase agreements, and short-term debt obligations denominated in U.S. dollars or foreign currencies.

Although the Portfolio does not intend to seek short-term profits, securities in the Portfolio will be sold whenever the Adviser believes it is appropriate to do so without regard to the length of time a particular security may have been held.

To the extent the Portfolio invests in non-U.S. dollar denominated securities or holds non-U.S. dollar assets, the Portfolio may hedge against possible variations in exchange rates between currencies by purchasing and selling currency futures or put and call options and may also enter into forward foreign currency exchange contracts to hedge against changes in currency exchange rates. The Portfolio may also cross-hedge between two non-U.S. currencies.

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

•

Equity Risk

•

Fixed Income Risk

•

Foreign Securities Risk

Currency Risk

Emerging Market Risk

•

Growth Investing Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total returns for each of the last five calendar years, and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
18.78% (2003 2nd Quarter)		–19.69% (2002 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Year	Since Inception
EQ/Capital Guardian International Portfolio — Class IA Shares	13.86%	–3.92%	2.56%
MSCI EAFE Index**	20.25%	–1.13%	2.29%

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


80		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Capital Guardian International Portfolio		Class IA Shares
Management Fee		0.85%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.17%
Total Annual Portfolio Operating Expenses		1.02%
Less Fee Waiver/Expense Reimbursement*		(0.07)%
Net Total Annual Portfolio Operating Expenses**		0.95%

Example

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


	Class IA Shares
1 Year	$	97
3 Years	$	318
5 Years	$	556
10 Years	$	1,241

WHO MANAGES THE PORTFOLIO

Capital Guardian Trust Company (“Capital Guardian”), 333 South Hope Street, Los Angeles, CA 90071. Capital Guardian has been the Adviser to the Portfolio since its inception. Capital Guardian has been providing investment management services since 1968. As of December 31, 2004, Capital Guardian had $162 billion in assets under management.

David Fischer Chairman of the Board of Capital Guardian for more than five years. He joined the Capital Guardian as an Investment Professional in 1969.

Arthur Gromadzki Director and Senior Vice President of Capital International Research, Inc. an affiliate of Capital Guardian. Mr. Gromadzki has been an Investment Professional with the Capital Guardian organization for 18 years.

Richard Havas Senior Vice President of Capital International, Inc. an affiliate of Capital Guardian. Mr. Havas has been with the Capital Guardian organization as an Investment Professional for 19 years.

Seung Kwak Senior Vice President for Capital International K.K, an affiliate of Capital Guardian for 3 years. She has been an Investment Professional with regional coverage responsibilities in Japan. Prior thereto she was an Investment Professional with Zurich Scudder Investments for 17 years.

Nancy Kyle Vice Chairman of Capital Guardian. She joined Capital Guardian as an Investment Professional in 1991.

John M.N. Mant Executive Vice President of Capital International Research, Inc., an affiliate of Capital Guardian. He is an Investment Professional with regional coverage responsibilities in Europe. Mr. Mant has been an Investment Professional with the Capital Guardian organization for 15 years.

Christopher A. Reed Vice President of Capital International Research, Inc., an affiliate of Capital Guardian. Mr. Reed has been an Investment Professional with the Capital Guardian organization for 12 years.

Lionel Sauvage Director and Senior Vice President of Capital Guardian. He joined Capital Guardian as an Investment Professional in 1987.

Nilly Sikorsky Chairman of Capital International L.A., an affiliate of Capital Guardian. She joined the Capital Guardian organization as an Investment Professional in 1962.

Rudolf Staehelin Senior Vice President of Capital International Research, Inc. an affiliate of Capital Guardian. Mr. Staehelin joined the Capital Guardian organization as an Investment Professional in 1981.


EQ Advisors Trust		*About the investment portfolios*		81

International Stock Portfolios (continued)

EQ/International Growth Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve capital appreciation.

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio intends to invest at least 80% of its net assets in the equity securities of foreign companies that the Adviser believes are undervalued. Foreign companies include those companies that are organized or headquartered outside of the U.S. Foreign securities include securities issued by companies in countries with either developed or developing economies. The Portfolio does not limit its investments to issuers within a specific market capitalization range but generally invests in large capitalization companies (i.e., those with market capitalization in excess of $10 billion at the time of investment). The Portfolio generally diversifies its investments among European, Australasian and Far East (“EAFE”) markets.

The Adviser uses a bottom-up stock selection process that seeks to identify companies that are good predictable businesses selling at attractive prices relative to an estimate of intrinsic value. In choosing investments, the Adviser utilizes a process that involves researching and evaluating companies for potential investment. The Adviser seeks to identify and invest in those foreign companies that it believes are and will remain globally dominant over the long term. These companies tend to be highly capitalized “blue chip” names and have established success relative to their global peers in sustained profitability. The Adviser may sell a security for a variety of reasons, such as to invest in a company offering superior investment opportunities.

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Equity Risk

•

Foreign Securities Risk

Currency Risk

Emerging Market Risk

Political/Economic Risk

Regulatory Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (Enterprise International Growth Portfolio, a series of Enterprise Accumulation Trust) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the Enterprise International Growth Portfolio whose inception date is November 18, 1994, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
32.15% (1999 4th Quarter)		–27.47% (2002 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Ten Years
EQ/International Growth Portfolio — Class IA Shares	5.27%	–7.87%	3.94%
MSCI EAFE Index**	20.25%	–1.13%	5.62%

Performance information shown is the performance of Class IB shares which impose 12b-1 fees. Class IA shares do not pay any 12b-1 fees.

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


82		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/International Growth Portfolio		Class IA Shares
Management Fee		0.85%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.22%
Total Annual Portfolio Operating Expenses		1.07%
Less Fee Waiver/Expense Reimbursement**		—%
Net Total Annual Portfolio Operating Expenses		1.07%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IA shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) do not exceed 1.30%. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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


	Class IA Shares
1 Year	$	109
3 Years	$	340
5 Years	$	590
10 Years	$	1,306

WHO MANAGES THE PORTFOLIO

SSgA Funds Management, Inc. (“SSgA”), One Lincoln Street, Boston, Massachusetts 02110, is the Adviser to the Portfolio. SSgA, established in 2001, is affiliated with State Street Global Advisers, which was established in 1978. As of December 31, 2004, SSgA had $98.8 billion in assets under management.

The Portfolio is managed by a team of investment professionals consisting of the following members:

Timothy Corbett is a Principal at SSgA FM and State Street Global Advisors and a Portfolio Manager for the International Growth Opportunities Strategy within the Global Fundamental Strategies Group. Mr. Corbett is responsible for managing European, Asian, and Far East equities. He joined GFS in August of 2000 and has had portfolio management responsibilities since that time.

Ivka Kalus-Bystricky is a Portfolio Manager for SSgA’s and SSgA FM’s Fundamental Team. Prior to joining SSgA in 2004, she was at Baring Asset Management from 2003 to 2004, where she worked as a Senior Portfolio Manager of international and global portfolios. Prior thereto, she spent three years managing international portfolios at Independence Investment and prior to that was an equity analyst at Putnam Investments.

Lindsey Richardson has been a Principal of State Street Global Advisors since 1998 and SSgA FM since 2001. She has worked as the product specialist within SSgA’s Global Fundamental Strategies Group responsible for the International Developed Markets product throughout her tenure at SSgA. In June 2004, Ms. Richardson also took on the role of the emerging markets equity product specialist for Rexiter Capital Management, a member of State Street Global Alliance, LLC.

Tom Moore is a Senior Principal at State Street Global Advisors and SSgA Funds Management , Inc. Mr. Moore joined SSgA in 2001 as a Portfolio Manager in the Global Fundamental Strategies Group and was named Head of the Global Fundamental Strategies Group in March 2004. Mr. Moore joined State Street Research in Boston and served as head of the International Equities group at that firm for seven years, and before that, held the title of Director of Research and was an energy sector analyst.


EQ Advisors Trust		*About the investment portfolios*		83

International Stock Portfolios (continued)

EQ/Mercury International Value Portfolio

INVESTMENT OBJECTIVE: Seeks capital appreciation.

THE INVESTMENT STRATEGY

The Portfolio invests primarily in securities of companies located in a number of different countries outside the United States. Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. Such equity securities normally include common stocks, preferred stocks, securities convertible into common or preferred stocks and warrants. The countries in which the Portfolio may invest include emerging market countries.

The Portfolio considers the following to be issuers of securities located in a country other than the U.S.:

•

companies organized under the laws of a country other than the U.S. with a principal office outside the U.S.;

•

companies that earn 50% or more of their total revenues from business outside the U.S.;

•

companies with 50% or more of their assets located in a country outside of the U.S.; and

•

companies whose securities are principally traded in foreign markets.

The Portfolio may engage in a variety of transactions using derivatives, such as futures, options, warrants, and forward and swap contracts on both securities and currencies.

The Portfolio will not limit its investments to any particular type of company. The Portfolio may invest in companies of any size although it generally will invest in large cap companies. In investing the Portfolio’s assets, the Adviser follows a value investing style, focusing on the stocks that the Adviser believes are currently undervalued by the market and thus have a lower price than their true worth. Typical value characteristics include a low price-to-earnings ratio relative to the cost of capital and other intrinsic characteristics, a high yield relative to the market and financial strength. Stocks may be “undervalued” because they are part of an industry that is out of favor with investors generally. Even in those industries, individual companies may have high rates of earnings growth of and be financially sound. At the same time, the price of their common stock may be depressed because investors associate the companies with their industries.

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

•

Equity Risk

•

Foreign Securities Risk

Currency Risk

Emerging Market Risk

•

Liquidity Risk

•

Small Cap and Mid Cap Company Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last seven calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance. This may be particularly true for this portfolio because a different Adviser managed the Portfolio prior to December 12, 2003.

Calendar Year Annual Total Return*

LOGO


Best quarter: (% and time period)		Worst quarter: (% and time period)
36.24% (1999 4th Quarter)		–20.55% (2002 3rd Quarter)


84		*About the investment portfolios*		EQ Advisors Trust


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/Mercury International Value Portfolio — Class IA Shares	22.04%	–2.22%	8.54%
MSCI EAFE Index**	20.25%	–1.13%	5.24%

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

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Mercury International Value Portfolio		Class IA Shares
Management Fee		0.85%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.15%
Total Annual Portfolio Operating Expenses		1.00%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses**		1.00%

Example

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


	Class IA Shares
1 Year	$	102
3 Years	$	318
5 Years	$	552
10 Years	$	1,225

WHO MANAGES THE PORTFOLIO

Merrill Lynch Investment Managers International Limited (“MLIM International”), an affiliate of Fund Asset Management, L.P., 33 King William Street, London EC4R 9AS, England, serves as the Adviser to the Portfolio. As of December 31, 2004, MLIM International and its investment advisory affiliates had approximately $496 billion in assets under management.

A team of investment professionals that includes James MacMillan, Hubert Aarts and Robert Weatherston is jointly and primarily responsible for the day-to-day management of the Portfolio.

Mr. MacMillan, the Portfolio’s senior portfolio manager, has been managing the Portfolio since December 2003. He has been a Managing Director of Merrill Lynch Investment Managers, L.P., (“MLIM”) an affiliate of Mercury since 2000 and was a Director from 1993 to 2000.

Mr. Aarts has been a portfolio manager of the Portfolio since December 2003. He has been a Director of MLIM since 2002 and a Vice President from 1995 to 2002. He has had portfolio management responsibilities with MLIM or its affiliates since 1995.

Mr. Weatherston has been a portfolio manager of the since December 2003. He has been a Director of MLIM since 2005 and was a Vice President thereof from 1999 to 2005. He has had portfolio management responsibilities with MLIM or its affiliates since 1995.


EQ Advisors Trust		*About the investment portfolios*		85

International Stock Portfolios (continued)

EQ/Van Kampen Emerging Markets Equity Portfolio

INVESTMENT OBJECTIVE: Seeks long-term capital appreciation.

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of companies located in emerging market countries or other equity investments that are tied economically to emerging market countries. Such equity securities may include common stocks, securities convertible into common stocks, preferred stocks, depositary receipts, rights and warrants.

The Portfolio is non-diversified which means that it may invest in a limited number of issuers. For purposes of this Portfolio, an emerging market country security is defined as a security of an issuer having one or more of the following characteristics:

•

its principal securities trading market is in an emerging market country;

•

alone or on a consolidated basis, at least 50% of its revenues are derived from goods produced, sales made or services performed in an emerging market country; or

•

it is organized under the laws of, or has a principal office in, an emerging market country.

The Adviser’s investment approach combines top-down country allocation with bottom-up stock selection. The Adviser focuses on growth-oriented companies that it believes have attractive growth characteristics, reasonable valuations and shareholder-oriented management. The Portfolio generally invests only in emerging market countries whose currencies are freely convertible into United States dollars. The Portfolio may engage in active and frequent trading of portfolio securities to achieve its investment objective.

The Portfolio may invest to a limited extent in corporate or government-issued or guaranteed debt securities of issuers in emerging market countries, including debt securities that are rated or considered to be below investment grade (so-called “junk bonds”). The Portfolio also may invest, to a lesser extent, in equity securities of corporate or governmental issuers located in industrialized countries, foreign currency or investment funds and supranational entities such as the World Bank. In addition, the Portfolio may utilize forward foreign currency contracts, options and futures contracts and swap transactions.

THE PRINCIPAL RISKS

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

•

Convertible Securities Risk

•

Derivatives Risk

•

Equity Risk

•

Fixed Income Risk

Junk Bonds and Lower Rated Securities Risk

•

Focused Portfolio Risk

•

Foreign Securities Risk

Currency Risk

Emerging Market Risk

•

Growth Investing Risk

•

Liquidity Risk

•

Non-Diversification Risk

•

Portfolio Turnover Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last seven calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.


Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
49.75% (1999 4th Quarter)		–22.32% (1998 2nd Quarter)


86		*About the investment portfolios*		EQ Advisors Trust


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/Van Kampen Emerging Markets Equity Portfolio — Class IA Shares	24.01%	0.59%	2.22%
MSCI EMF Index**	25.95%	4.62%	3.86%

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

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Van Kampen Emerging Markets Equity Portfolio		Class IA Shares
Management Fee		1.15%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.40%
Total Annual Portfolio Operating Expenses		1.55%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses**		1.55%

Example

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


	Class IA Shares
1 Year	$	158
3 Years	$	490
5 Years	$	845
10 Years	$	1,845

WHO MANAGES THE PORTFOLIO

The Portfolio is managed within the Subadviser’s Emerging Markets team. Current members of the team include Narayan Ramachandran, Ruchir Sharma, Ashutosh Sinha and Paul Psaila.

Narayan Ramachandran is a Managing Director of MSIM Inc., and is the Portfolio’s co-lead portfolio manager. He has been managing the Portfolio since 2001 and has been with MSIM, Inc. since 1996.

Ruchir Sharma is a Managing Director of MSIM Inc., and is the Portfolio’s co-lead portfolio manager. He has managed the Portfolio since 1996 and has been with MSIM Inc. as an Investment Professional since 1996.

Ashutosh Sinha, Managing Director of MSIM, Inc. has managed the Portfolio since 1996 and has been with MSIM Inc. as an Investment Professional since 1996.

Paul Psaila, an Executive director of MSIM Inc., has managed the Portfolio since 1994 and has been an Investment Professional with MSIM Inc. since 1994.


EQ Advisors Trust		*About the investment portfolios*		87

Fixed Income Portfolios

EQ/Alliance Intermediate Government Securities Portfolio

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

THE INVESTMENT STRATEGY

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

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

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

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

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

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

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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


88		*About the investment portfolios*		EQ Advisors Trust

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

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

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

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

THE PRINCIPAL RISKS

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

•

Derivatives Risk

•

Fixed Income Risk

Asset-Backed Securities Risk

Credit Risk

Interest Rate Risk

Investment Grade Securities Risk

Mortgage-Backed Securities Risk

Zero Coupon Risk

•

Portfolio Turnover Risk

•

Securities Lending Risk

PORTFOLIO PERFORMANCE

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

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
4.90% (2001 3rd Quarter)		–2.43% (2004 2nd Quarter)


Average Annual Total Returns
	One Year	Five Years	Ten Years
EQ/Alliance Intermediate Government Securities Portfolio — Class IA Shares	2.13%	6.12%	6.23%
Lehman Brothers Intermediate Government Bond Index*	2.33%	6.57%	6.75%

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

PORTFOLIO FEES AND EXPENSES


EQ Advisors Trust		*About the investment portfolios*		89

Fixed Income Portfolios (continued)

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Alliance Intermediate Government Securities Portfolio		Class IA Shares
Management Fee		0.50%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.06%
Total Annual Portfolio Operating Expenses		0.56%

Example

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


	Class IA Shares
1 Year	$	57
3 Years	$	179
5 Years	$	313
10 Years	$	701

WHO MANAGES THE PORTFOLIO

Kewjin Yuoh, Vice President and Portfolio Manager at Alliance Capital is responsible for day-to-day management of the Portfolio. Mr. Yuoh joined Alliance Capital in 1993 as a Vice President.


90		*About the investment portfolios*		EQ Advisors Trust

EQ/Alliance Quality Bond Portfolio

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

THE INVESTMENT STRATEGY

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

Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in debt securities. The Portfolio invests primarily in securities which are rated investment grade at the time of purchase (i.e., at least Baa by Moody’s or BBB by S&P), or in unrated fixed income securities that the Adviser determines to be of comparable quality. The Portfolio will also seek to maintain an average aggregate quality rating of its portfolio securities of at least A (Moody’s and S&P).

In the event that the credit rating of a security held by the Portfolio falls below investment grade (or, in the case of unrated securities, the Adviser determines that the quality of such security has deteriorated below investment grade), the Portfolio will not be obligated to dispose of such security and may continue to hold the obligation if the Adviser believes such an investment is appropriate under the circumstances.

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

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

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

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

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

THE PRINCIPAL RISKS

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

•

Convertible Securities Risk

•

Derivatives Risk

•

Fixed Income Risk

Asset-Backed Securities Risk

Credit Risk

Interest Rate Risk

Investment Grade Securities Risk

Mortgage-Backed Securities Risk

Zero Coupon and Pay-in Kind Securities Risk

•

Foreign Securities Risk

•

Currency Risk

•

Portfolio Turnover Risk

PORTFOLIO PERFORMANCE

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


EQ Advisors Trust		*About the investment portfolios*		91

Fixed Income Portfolios (continued)

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
6.11% (1995 2nd Quarter)		–2.37% (2004 2nd Quarter)


Average Annual Total Returns
	One Year	Five Years	Ten Years
EQ/Alliance Quality Bond Portfolio — Class IA Shares	3.95%	7.07%	7.26%
Lehman Brothers Aggregate Bond Index*	4.34%	7.71%	7.72%

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

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Alliance Quality Bond Portfolio		Class IA Shares
Management Fee		0.50%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.06%
Total Annual Portfolio Operating Expenses		0.56%

Example

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


	Class IA Shares
1 Year	$	57
3 Years	$	179
5 Years	$	313
10 Years	$	701

WHO MANAGES THE PORTFOLIO

Matthew Bloom, Senior Vice President and Portfolio Manager — U.S. Core Fixed Income, is responsible for the day-to-day management of the Portfolio. Mr. Bloom has served as a Senior Vice President and Portfolio Manager for more than five years and has been with Alliance Capital since 1989.


92		*About the investment portfolios*		EQ Advisors Trust

EQ/Caywood-Scholl High-Yield Bond Portfolio

INVESTMENT OBJECTIVE: Seeks to maximize current income.

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in bonds that are below investment grade. The Portfolio generally invests in high-yield, income producing US corporate bonds that are rated B3 to Ba1 by Moody’s Investors Service, Inc. (“Moody’s”) or B- to BB+ by Standard & Poor’s Corporation (“S&P”), which are commonly known as “junk bonds.”

The Portfolio generally does not purchase bonds in the lowest ratings categories (rated Ca or lower by Moody’s or CC or lower by S&P or which, if unrated, in the judgment of the Adviser have characteristics of such lower-grade bonds). If an investment is downgraded to Ca or lower or CC or lower after its purchase by the Portfolio, the Adviser has discretion to hold or liquidate the security. Subject to these restrictions, under normal circumstances, up to 20% of the Portfolio’s assets may include: (1) bonds rated Caa by Moody’s or CCC by S&P; (2) unrated debt securities which, in the judgment of the Adviser, have characteristics similar to those described above; (3) convertible debt securities; (4) puts, calls and futures as hedging devices; (5) foreign issuer debt securities; and (6) short-term money market instruments, including certificates of deposit, commercial paper, U.S. Government securities and other income-producing cash equivalents. The subadviser actively manages the Portfolio’s duration based on the subadviser’s view of the market and interest rates. The Portfolio may invest in securities of any maturity. The Portfolio may have a high portfolio turnover rate in excess of 100%.

The Adviser utilizes a top-down approach that seeks to identify industries and companies that appear favorable for investment. Industries going through a perceived decline generally are not candidates for selection. After the industries are selected, the Adviser identifies bonds of issuers within those industries based on their creditworthiness, their yields in relation to their credit and the relative value in relation to the high yield market. Companies near or in bankruptcy are not considered for investment. The Adviser may sell a security for a variety of reasons, such as to invest in a company offering superior investment opportunities.

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

•

Fixed Income Risk

Credit Risk

Interest Rate Risk

Junk Bonds or Lower Rated Securities Risk

•

Foreign Securities Risk

•

Portfolio Turnover Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (Enterprise High-Yield Portfolio, a series of Enterprise Accumulation Trust) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the Enterprise High-Yield Portfolio whose inception date is November 18, 1994, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.


EQ Advisors Trust		*About the investment portfolios*		93

Fixed Income Portfolios (continued)

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
7.66% (2003 2nd Quarter)		–5.16% (1998 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Ten Years
EQ/Caywood-Scholl High-Yield Bond Portfolio — Class IA Shares	9.70%	7.11%	8.54%
Merrill Lynch High Yield Master Cash Pay Corporate Index**,†	10.76%	7.32%	8.46%
Lehman Brothers U.S. Corporate High Yield Bond Index**	11.13%	6.97%	8.13%

Performance information shown is the performance of Class IB shares which impose 12b-1 fees. Class IA shares do not pay any 12b-1 fees.

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

†

On May 1, 2005 this index replaced the Lehman Brothers U.S. Corporate High Yield Bond Index as the Portfolio’s benchmark because this index reflects more closely the sectors in which the Portfolio invests.

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Caywood-Scholl High-Yield Bond Portfolio		Class IA Shares
Management Fee		0.60%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.12%
Total Annual Portfolio Operating Expenses		0.72%
Less Fee Waiver/Expense Reimbursement**		(0.12)%
Net Total Annual Portfolio Operating Expenses		0.60%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Example

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


	Class IA Shares
1 Year	$	61
3 Years	$	218
5 Years	$	389
10 Years	$	883

WHO MANAGES THE PORTFOLIO

Caywood-Scholl Capital Management (“Caywood-Scholl”) 4350 Executive Drive, Suite 125, San Diego, California 92121, is the Adviser to the Portfolio. Caywood-Scholl has provided investment advice with respect to high-yield, low grade fixed income instruments since 1986. As of December 31, 2004, assets under management for all clients approximated $1.9 billion.

James Caywood, Managing Director and Chief Executive Officer; Eric Scholl, Managing Director and President; and Tom Saake, Managing Director, are responsible for the day-to-day management of the Portfolio. Mr. Caywood has more than 30 years’ investment industry experience. He joined Caywood-Scholl in 1986 as Managing Director and Chief Executive Officer and has held those positions since then. Eric Scholl joined Caywood-Scholl in 1992 as partner and President. Tom Saake has served as a Portfolio Manager with Caywood-Scholl since 1996. He has over 14 years’ experience with the firm.


94		*About the investment portfolios*		EQ Advisors Trust

EQ/Government Securities Portfolio

INVESTMENT OBJECTIVE: Seeks to maximize income and capital appreciation through investment in the highest credit quality debt obligations.

THE INVESTMENT STRATEGY

The Portfolio invests in bonds, notes and other obligations either issued or guaranteed by the U.S. Government, its agencies or instrumentalities. Under normal market conditions, at least 80% of the Portfolio’s net assets, plus borrowings for investment purposes, will be invested in such securities. This may include obligations such as mortgage-backed securities that carry full agency or instrumentality guarantees. Specific securities in the Portfolio can have expected maturities as short as one day or as long as 30 years or more, but the Portfolio as a whole is expected to have an average maturity of four to eight years and an effective duration between 2 and 4 years. The Portfolio will not take temporary defensive positions inconsistent with its principal investment strategies.

THE PRINCIPAL RISKS

•

Fixed Income Risk

Interest Rate Risk

Mortgage-Backed Securities Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (MONY Government Securities Portfolio, a series of the MONY Series Fund, Inc.) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the Portfolio whose inception date is May 1, 1991, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
4.11% (1995 2nd Quarter)		–1.18% (2004 2nd Quarter)


Average Annual Total Returns
	One Year	Five Years	Ten Years
EQ/Government Securities Portfolio — Class IA Shares	1.37%	5.14%	5.46%
Lehman Brothers Intermediate U.S. Government Index*	2.33%	6.57%	6.75%

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

PORTFOLIO FEES AND EXPENSES


EQ Advisors Trust		*About the investment portfolios*		95

Fixed Income Portfolios (continued)

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Government Securities Portfolio		Class IA Shares
Management Fee		0.50%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.25%
Total Annual Portfolio Operating Expenses		0.75%
Less Fee Waiver/Expense Reimbursement**		—%
Net Total Annual Portfolio Operating Expenses		0.75%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IA shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, cap-italized expenses and extraordinary expenses) do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under cer-tain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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


	Class IA Shares
1 Year	$	77
3 Years	$	240
5 Years	$	417
10 Years	$	930

WHO MANAGES THE PORTFOLIO

Boston Advisors, Inc. (“Boston Advisors”), One Federal Street, 26th Floor, Boston, MA 02110, is the Adviser to the Portfolio. Boston Advisors was established in 1974 and manages fixed-income, balanced and equity portfolios. As of December 31, 2004, total assets under management in the accounts managed by Boston Advisors were approximately $4.9 billion.

The management of and investment decisions for the Portfolio are made by the Fixed Income Institutional Portfolio Management team of Boston Advisors comprised of Todd A. Finkelstein, CFA and David Wheeler, CFA. Each serves as Portfolio Manager and Analyst.

Todd A. Finkelstein, CFA, Senior Vice President and Director of Fixed-Income Investments has been with Boston Advisors in that capacity since 1997. Prior to that time, Mr. Finkelstein was with BankBoston’s Global Asset Management Group.

David Wheeler, CFA, Vice President and Portfolio Manager has been with Boston Advisors in that capacity since 2004. Prior to that time, Mr. Wheeler was with MONY Capital Management since 1993, most recently serving as Managing Director. Mr. Wheeler has 18 years’ investment industry experience.


96		*About the investment portfolios*		EQ Advisors Trust

EQ/Intermediate Term Bond Portfolio

INVESTMENT OBJECTIVE: Seeks to maximize income and capital appreciation through investment in intermediate-maturity debt obligations.

THE INVESTMENT STRATEGY

The Portfolio invests in investment-grade fixed-income securities issued by a diverse mix of corporations, the U.S. Government and its agencies or instrumentalities, as well as mortgage-backed and asset-backed securities. Under normal circumstances, at least 80% of the Portfolio’s net assets, plus borrowings for investment purposes, will be invested in such securities. The Portfolio is expected to have a dollar weighted average maturity between four and eight years under most circumstances and an effective duration between 2 and 4 years. All securities in the Portfolio will be investment-grade at the time of purchase. An investment-grade security carries a minimum rating of credit quality issued by an independent rating agency at the time of purchase. Specific securities in the Portfolio can have expected maturities as short as one day, or as long as 30 years or more, but the Portfolio as a whole is expected to have an average maturity of four to eight years. The Portfolio will not take temporary defensive positions inconsistent with its principal investment strategies.

THE PRINCIPAL RISKS

•

Fixed Income Risk

Asset-Backed Securities Risk

Credit Risk

Interest Rate Risk

Investment Grade Securities Risk

Mortgage-Backed Securities Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (MONY Intermediate Term Bond Portfolio, a series of the MONY Series Fund, Inc.) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the MONY Intermediate Term Bond Portfolio whose inception date is March 1, 1985, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
5.02% (1995 2nd Quarter)		–2.62% (2004 2nd Quarter)


Average Annual Total Returns
	One Year	Five Years	Ten Years
EQ/Intermediate Term Bond Portfolio — Class IA Shares	2.24%	6.10%	6.38%
Lehman Brothers Intermediate Government/Credit Index*	3.04%	7.21%	7.16%

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


EQ Advisors Trust		*About the investment portfolios*		97

Fixed Income Portfolios (continued)

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Intermediate Term Bond Portfolio		Class IA Shares
Management Fee		0.50%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.28%
Total Annual Portfolio Operating Expenses		0.78%
Less Fee Waiver/Expense Reimbursement**		(0.03)%
Net Total Annual Portfolio Operating Expenses		0.75%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Example

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

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


	Class IA Shares
1 Year	$	77
3 Years	$	246
5 Years	$	430
10 Years	$	963

WHO MANAGES THE PORTFOLIO


98		*About the investment portfolios*		EQ Advisors Trust

EQ/J.P. Morgan Core Bond Portfolio

INVESTMENT OBJECTIVE: Seeks to provide a high total return consistent with moderate risk to capital and maintenance of liquidity.

THE INVESTMENT STRATEGY

This Portfolio’s total return will consist of income plus realized and unrealized capital gains and losses. The Portfolio invests, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in investment grade debt securities rated BBB or better by S&P or Baa or better by Moody’s or unrated securities of similar quality. In the event the credit rating of a security held by the Portfolio falls below investment grade (or, in the case of unrated securities, the Adviser determines that the quality of such security has deteriorated below investment grade), the Portfolio will not be obligated to dispose of such security and may continue to hold the obligation if the Adviser believes such an investment is appropriate under the circumstances.

The Adviser actively manages the Portfolio’s duration, the allocation of securities across market sectors and the selection of specific securities within market sectors. Based on fundamental, economic and capital markets research, the Adviser adjusts the duration of the Portfolio based on the Adviser’s view of the market and interest rates. The Adviser also actively allocates the Portfolio’s assets among the broad sectors of the fixed income market. These securities principally include U.S. Government and agency securities, corporate securities, private placements, asset–backed securities, mortgage-related securities and direct mortgage obligations. The securities can be of any duration but will generally mature within one year of the Salomon Brothers Broad Investment Grade Bond Index (currently about 5 years). The Portfolio may also use futures contracts to change the duration of the Portfolio’s bond holdings.

The Portfolio may also invest up to 25% of its assets in securities of foreign issuers, including up to 20% of its assets in debt securities denominated in currencies of developed foreign countries. The Portfolio engages in active and frequent trading of portfolio securities in seeking to achieve its investment objective.

THE PRINCIPAL RISKS

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

•

Derivatives Risk

•

Fixed Income Risk

Asset-Backed Securities Risk

Credit Risk

Interest Rate Risk

Investment Grade Securities Risk

Mortgage-backed Securities Risk

•

Foreign Securities Risk

•

Liquidity Risk

•

Portfolio Turnover Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last seven calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

Calendar Year Annual Total Return*

LOGO


Best quarter: (% and time period)		Worst quarter: (% and time period)
4.66% (1998 3rd Quarter)		–2.58% (2004 2nd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/J.P. Morgan Core Bond Portfolio — Class IA Shares	4.31%	7.62%	6.19%
Lehman Brothers, Aggregate Bond Index**	4.34%	7.71%	6.59%

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


EQ Advisors Trust		*About the investment portfolios*		99

Fixed Income Portfolios (continued)

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/J.P. Morgan Core Bond Portfolio		Class IA Shares
Management Fee		0.44%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.06%
Total Annual Portfolio Operating Expenses		0.50%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses		0.50%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IA shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) do not exceed 0.55%. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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

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


	Class IA Shares
1 Year	$	51
3 Years	$	160
5 Years	$	280
10 Years	$	628

WHO MANAGES THE PORTFOLIO

J.P. Morgan Investment Management Inc. (“J.P. Morgan”), 522 Fifth Avenue, New York, New York 10036. J.P. Morgan has been the Adviser to the Portfolio since it commenced operations. J.P. Morgan manages portfolios for corporations, governments, endowments, as well as many of the largest corporate retirement plans in the nation. As of December 31, 2004, J.P. Morgan had $791 billion in assets under management.

The Portfolio is managed by a team of investment professionals comprised of the following:

Mark D. Settles, a Managing Director, of J.P. Morgan, is responsible for strategic aspects of the Portfolio. Mr. Settles is a client portfolio manager in the International and U.S. Fixed Income Group. Prior thereto he was a Vice President and Portfolio Manager in the U.S. Fixed Income Group. Mr. Settles joined J.P. Morgan in 1994.

Timothy N. Neumann, Managing Director, is the head of Portfolio Management and lead portfolio manager for Core Investment Grade and Core Plus strategies, he works with the Macro team and sector teams to deliver account-specific portfolio strategy. Mr. Neumann has been a portfolio manager with J.P. Morgan since 1994.

Ronald Arons, Vice President, is the lead portfolio manager for Core Investment grade strategies, and is responsible for formulating investment strategy and risk management for the Portfolio. He has been a portfolio manager with J.P. Morgan since 1994.

Jeffrey J. Jackman, Vice President, is a portfolio manager in the U.S. Fixed Income Portfolio Management Group. Mr. Jackman has been a portfolio manager with J. P. Morgan for more than five years.


*100*		*About the investment portfolios*		EQ Advisors Trust

EQ/Long Term Bond Portfolio

INVESTMENT OBJECTIVE: Seeks to maximize income and capital appreciation through investment in long-maturity debt obligations.

THE INVESTMENT STRATEGY

The Portfolio invests in investment-grade fixed-income securities issued by a diverse mix of corporations, the U.S. Government and its agencies or instrumentalities, as well as mortgage-backed and asset-backed securities. Under normal circumstances, at least 80% of the Portfolio’s net assets, plus borrowings for investment purposes, will be invested in such securities. The Portfolio is expected to have a dollar weighted average maturity of more than eight years under most circumstances and an effective duration between 8 and 15 years. All securities in the Portfolio will be investment-grade at the time of purchase. An investment-grade security carries a minimum rating of credit quality issued by an independent rating agency at the time of purchase. Specific securities in the Portfolio can have expected maturities as short as one day, or as long as 30 years or more, but the Portfolio as a whole is expected to have an average maturity of longer than eight years. The Portfolio will not take temporary defensive positions inconsistent with its principal investment strategy.

THE PRINCIPAL RISKS

•

Fixed Income Risk

Asset-Backed Securities Risk

Credit Risk

Interest Rate Risk

Investment Grade Securities Risk

Mortgage-Backed Securities Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (MONY Long Term Bond Portfolio, a series of the MONY Series Fund, Inc.) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the MONY Long Term Bond Portfolio whose inception date is March 20, 1985, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
10.85% (1995 2nd Quarter)		–6.29% (1996 1st Quarter)


Average Annual Total Returns
	One Year	Five Years	Ten Years
EQ/Long Term Bond Portfolio — Class IA Shares	7.92%	9.65%	9.02%
Lehman Brothers Long Government/Credit Index*	8.56%	10.46%	9.72%

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

PORTFOLIO FEES AND EXPENSES


EQ Advisors Trust		*About the investment portfolios*		*101*

Fixed Income Portfolios (continued)

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Long Term Bond Portfolio		Class IA Shares
Management Fee		0.50%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.25%
Total Annual Portfolio Operating Expenses		0.75%
Less Fee Waiver/Expense Reimbursement**		—%
Net Total Annual Portfolio Operating Expenses		0.75%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IA shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, cap-italized expenses and extraordinary expenses) do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under cer-tain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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

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


	Class IA Shares
1 Year	$	77
3 Years	$	240
5 Years	$	417
10 Years	$	930

WHO MANAGES THE PORTFOLIO


*102*		*About the investment portfolios*		EQ Advisors Trust

EQ/MONY Money Market Portfolio

INVESTMENT OBJECTIVE: Seeks to maximize current income while preserving capital and maintaining liquidity.

THE INVESTMENT STRATEGY

The Portfolio invests primarily in high quality short-term money market instruments. The Portfolio invests primarily in U.S. dollar-denominated issues of corporations, U.S. Government and agency obligations, and mortgage-backed and asset-backed securities with remaining maturities of 397 days or less. The dollar-weighted average life to maturity of the securities held in the Portfolio will be 90 days or less. These securities include commercial paper, bankers’ acceptances, certificates of deposit, time deposits, and other debt obligations. The Portfolio holds fixed and floating interest rate instruments. The Portfolio generally does not hold more than 5% of its assets in any one issuer.

THE PRINCIPAL RISKS

An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Portfolio seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Portfolio.

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

•

Fixed Income Risk

Asset-Backed Securities Risk

Credit Risk

Interest Rate Risk

Mortgage-Backed Securities Risk

•

Money Market Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (MONY Money Market Portfolio, a series of the MONY Series Fund, Inc.) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the MONY Money Market Portfolio whose inception date is July 29, 1985, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
1.58% (2000 3rd Quarter)		0.17% (2004 2nd Quarter)


Average Annual Total Returns
	One Year	Five Years	Ten Years
EQ/MONY Money Market Portfolio — Class IA Shares	0.95%	2.63%	3.93%
30-Day T-Bill*,†	1.33%	2.95%	4.14%
Prime Commercial Rate Paper 30-Day Index*	1.42%	2.80%	4.14%

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

†

Effective May 1, 2005 this index replaced the Prime Commercial Rate Paper 30-Day Index as the Portfolio’s benchmark because this index reflects more closely the sectors in which the Portfolio invests.

For the seven-day period ended December 31, 2004, the Money Market Portfolio’s yield was 1.66% and the effective yield was 1.68%.

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/MONY Money Market Portfolio		Class IA Shares
Management Fee		0.40%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.20%
Total Annual Portfolio Operating Expenses		0.60%
Less Fee Waiver/Expense Reimbursement**		(0.10)%
Net Total Annual Portfolio Operating Expenses		0.50%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.


EQ Advisors Trust		*About the investment portfolios*		*103*

Fixed Income Portfolios (continued)

Example

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


	Class IA Shares
1 Year	$	51
3 Years	$	182
5 Years	$	325
10 Years	$	740

WHO MANAGES THE PORTFOLIO


*104*		*About the investment portfolios*		EQ Advisors Trust

EQ/Money Market Portfolio

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

THE INVESTMENT STRATEGY

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

The instruments in which the Portfolio invests include:

•

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

•

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

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

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

•

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

•

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

•

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

•

floating rate or master demand notes; and

•

repurchase agreements covering U.S. Government securities.

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

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

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

THE PRINCIPAL RISKS

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

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

•

Fixed Income Risk

Asset-Backed Securities Risk

Credit Risk

Interest Rate Risk

Mortgage-Backed Securities Risk

•

Foreign Securities Risk

•

Money Market Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total returns for each of the last ten calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one, five and ten years through December 31, 2004 and compares the Portfolio’s performance to the returns on three-month U.S. Treasury bills. Past performance is not an indication of future performance.

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


EQ Advisors Trust		*About the investment portfolios*		*105*

Fixed Income Portfolios (continued)

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
1.62% (2000 4th Quarter)		0.10% (2004 1st Quarter)
The Portfolio’s 7-day yield for the quarter ended December 31, 2004 was 1.88% and the effective yield was 1.89%.


Average Annual Total Returns
	One Year	Five Years	Ten Years
EQ/Money Market Portfolio — Class IA Shares	1.02%	2.68%	4.01%
3-Month Treasury Bill	1.33%	2.95%	4.14%

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Money Market Portfolio		Class IA Shares
Management Fee		0.34%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.05%
Total Annual Portfolio Operating Expenses		0.39%

Example

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


	Class IA Shares
1 Year	$	40
3 Years	$	125
5 Years	$	219
10 Years	$	493

WHO MANAGES THE PORTFOLIO


*106*		*About the investment portfolios*		EQ Advisors Trust

EQ/PIMCO Real Return Portfolio

INVESTMENT OBJECTIVE: Seeks maximum real return consistent with preservation of real capital and prudent investment management.

THE INVESTMENT STRATEGY

The Portfolio invests at least 80% of its net assets in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities and corporations. Inflation-indexed bonds are fixed income securities that are structured to provide protection against inflation. The Portfolio invests primarily in investment grade securities, but may invest up to 10% of its total assets in high yield securities, known as “junk bonds” rated B or higher by Moody’s or S&P or, if unrated, determined by the Adviser to be of comparable quality.

The Portfolio may also invest up to 30% of its total assets in securities denominated in foreign currencies and may invest beyond this limit in U.S. dollar denominated securities of foreign issuers. The Portfolio will normally hedge at least 75% of its exposure to foreign currency to reduce the risk of loss due to fluctuations in currency exchange rates.

The Portfolio may invest all of its assets in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage or asset-backed securities. The Portfolio, may without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls).

THE PRINCIPAL RISKS

•

Derivatives Risk

•

Fixed Income Risk

Asset-Backed Securities Risk

Credit Risk

Interest Rate Risk

Investment Grade Securities Risk

Junk Bonds or Lower Rated Securities Risk

Mortgage-Backed Securities Risk

•

Foreign Securities Risk

Currency Risk

Emerging Markets Risk

•

Leveraging Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total returns for each of the last two calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one year and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance. This may be particularly true for this Portfolio because the Portfolio’s investment objective and investment strategy as of May 1, 2005 differs from that described above.

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (Enterprise Total Return Portfolio, a series of Enterprise Accumulation Trust) managed by the Adviser using investment objectives and strategy, which differ from the Portfolio. For these purposes, the Portfolio is considered to be the successor to the Enterprise Total Return Portfolio whose inception date is January 24, 2002, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
3.13% (2004 3rd Quarter)		–2.36% (2004 2nd Quarter)


Average Annual Total Returns*
	One Year	Since Inception
EQ/PIMCO Real Return Portfolio — Class IA Shares	4.78%	5.97%
Lehman U.S. Tips Index**,†	8.46%	11.16%
Lehman Brothers U.S. Universal Index**	4.97%	6.76%

Performance information shown is the performance of Class IB shares which impose 12b-1 fees. Class IA shares do not pay any 12b-1 fees.

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

†

Effective May 1, 2005, this index replaced Lehman Brothers U.S. Universal Index as the Portfolio’s benchmark because we feel that this Index reflects more closely the sectors in which the Portfolio invests.


EQ Advisors Trust		*About the investment portfolios*		*107*

Fixed Income Portfolios (continued)

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/PIMCO Real Return Portfolio		Class IA Shares
Management Fee		0.55%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.20%
Total Annual Portfolio Operating Expenses		0.75%
Less Fee Waiver/Expense Reimbursement**		(0.35)%
Net Total Annual Portfolio Operating Expenses		0.40%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Example

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


	Class IA Shares
1 Year	$	41
3 Years	$	205
5 Years	$	382
10 Years	$	898

WHO MANAGES THE PORTFOLIO

Pacific Investment Management Company, LLC (“PIMCO”), 840 Newport Center Drive, Suite 300, Newport Beach, California 92660, is the Adviser to the Portfolio. PIMCO has provided investment counseling since 1971. As of December 31, 2004, assets under management were $445.7 billion.

John B. Brynjolfsson is responsible for the day-to-day management of the Portfolio. He is a Managing Director and Portfolio Manager of PIMCO. He joined PIMCO as an investment professional in 1989 and has had portfolio management experience for more than five years.


*108*		*About the investment portfolios*		EQ Advisors Trust

EQ/Short Duration Bond Portfolio

INVESTMENT OBJECTIVE: Seeks current income with reduced volatility of principal.

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in bonds and other debt securities. These securities include U.S. Government bonds and notes, corporate bonds, municipal bonds, convertible securities, preferred stocks, asset-backed securities and mortgage related securities.

The Portfolio intends to invest only in investment grade fixed income securities and seeks to maintain a minimum average credit quality rating of “A” by Moody’s or S&P in its portfolio. The Portfolio will focus primarily on U.S. securities but may invest up to 20% of its total assets in U.S. dollar denominated fixed income securities of foreign issuers.

The Portfolio seeks to maintain a high level of share price stability by keeping the average duration of the overall portfolio between one year and three years. The Portfolio may invest in securities with effective or final maturities of any length at the time of purchase. It is anticipated that the average effective maturity of the Portfolio will range from one to four years. The Portfolio may adjust its holdings based on actual or anticipated changes in interest rates or credit quality. The Portfolio may also engage in risk management techniques, including futures contracts, swap agreements and other derivatives, in seeking to increase share price stability, increase income and otherwise manage the Portfolio’s exposure to investment risks.

In choosing investments, the Adviser searches for the best values on securities that meet the Portfolio’s credit and maturity requirements. The Adviser may sell a security for a variety of reasons, such as to invest in a company offering superior investment opportunities.

THE PRINCIPAL RISKS

•

Derivatives Risk

•

Fixed Income Risk

Credit Risk

Interest Rate Risk

Investment Grade Securities Risk

•

Foreign Securities Risk

•

Securities Lending Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (Enterprise Short Duration Portfolio, a series of Enterprise Accumulation Trust) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the Enterprise Short Duration Portfolio whose inception date is May 1, 2003, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
1.20% (2004 1st Quarter)		–0.79% (2004 2nd Quarter)


Average Annual Total Returns*
	One Year	Since Inception
EQ/Short Duration Bond Portfolio — Class IA Shares	1.70%	1.70%
Lehman 1-3 year Government Credit Index**	1.30%	1.69%

Performance information shown is the performance of Class IB shares which impose 12b-1 fees. Class IA shares do not pay any 12b-1 fees.

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


EQ Advisors Trust		*About the investment portfolios*		*109*

Fixed Income Portfolios (continued)

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Short Duration Bond Portfolio		Class IA Shares
Management Fee		0.45%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.52%
Total Annual Portfolio Operating Expenses		0.97%
Less Fee Waiver/Expense Reimbursement**		(0.57)%
Net Total Annual Portfolio Operating Expenses		0.40%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Example

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


	Class IA Shares
1 Year	$	41
3 Years	$	252
5 Years	$	481
10 Years	$	1,138

WHO MANAGES THE PORTFOLIO


*110*		*About the investment portfolios*		EQ Advisors Trust

Balanced/Hybrid Portfolios

EQ/MONY Diversified Portfolio

INVESTMENT OBJECTIVE: Seeks to maximize income and capital appreciation.

THE INVESTMENT STRATEGY

The Portfolio invests in a diversified mix of common stocks of U.S. and foreign companies, investment-grade corporate and government bonds, and money-market instruments. The mix of securities in the Portfolio will reflect the relative attractiveness of stocks, bonds, or money-market instruments as determined by the Adviser. The Portfolio will not take temporary defensive positions inconsistent with its principal investment strategies.

THE PRINCIPAL RISKS

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

•

Asset Allocation Risk

•

Equity Risk

•

Fixed Income Risk

Credit Risk

Interest Rate Risk

Investment Grade Securities Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (MONY Diversified Portfolio, a series of the MONY Series Fund, Inc.) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the MONY Diversified Portfolio whose inception date is April 3, 1985, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
17.47% (1999 4th Quarter)		–14.98% (2002 3rd Quarter)


Average Annual Total Returns
	One Year	Five Years	Ten Years
EQ/MONY Diversified Portfolio — Class IA Shares	17.67%	0.20%	11.41%
S&P 500 Index*	10.88%	–2.30%	12.07%

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


EQ Advisors Trust		*About the investment portfolios*		*111*

Balanced/Hybrid Portfolios (continued)

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/MONY Diversified Portfolio		Class IA Shares
Management Fee		0.50%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		5.09%
Total Annual Portfolio Operating Expenses		5.59%
Less Fee Waiver/Expense Reimbursement**		(4.44)%
Net Total Annual Portfolio Operating Expenses***		1.15%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

***

Example

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

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


	Class IA Shares
1 Year	$	117
3 Years	$	1,271
5 Years	$	2,412
10 Years	$	5,205

WHO MANAGES THE PORTFOLIO

Timothy E. Woolston, Senior Vice President and Portfolio Manager has been with Boston Advisors in that capacity since 1997.


*112*		*About the investment portfolios*		EQ Advisors Trust

EQ/Enterprise Managed Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve growth of capital over time.

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio generally invests at least 65% of its assets in equity securities, 30% in fixed income securities and 5% in cash and cash equivalents. The Portfolio generally invests in the securities of large-cap companies with market capitalization in excess of $10 billion, however, the Portfolio may invest in companies of any size.

Equity securities in which the Portfolio may invest may include common stocks, preferred stocks, warrants and securities convertible into common stock. The Adviser has discretion to increase or decrease the weighting in equity securities or fixed income securities by 15% and cash and cash equivalents by 5%. In addition, the Portfolio may also invest up to 20% of assets in foreign securities provided that they are listed on a domestic or foreign securities exchange or represented by ADRs or EDRs listed on a domestic securities exchange or traded in the United States over-the-counter market.

In choosing investments, the Adviser utilizes a process that involves researching and evaluating companies for potential investment. The strategy for the equity portion of the Portfolio is to identify through fundamental analysis market-leading companies in industry sectors with favorable growth prospects. Fundamental analysis of a company involves the assessment of such factors as its business environment, management, balance sheet, income statement, anticipated earnings, revenues, dividends, and other related measures of value. The key characteristics of high quality companies favored by the Portfolio include a leadership position within an industry, a strong balance sheet, a high return on equity, and a strong management team. The Adviser may sell a security for a variety or reasons, such as to invest in a company offering superior investment opportunities.

THE PRINCIPAL RISKS

•

Asset Allocation Risk

•

Convertible Securities Risk

•

Equity Risk

•

Fixed Income Risk

Credit Risk

Interest Rate Risk

Investment Grade Securities Risk

•

Foreign Securities Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (Enterprise Managed Portfolio, a series of the Enterprise Accumulation Trust) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the Enterprise Managed Portfolio whose inception date is August 1, 1988, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
14.64% (1995 2nd Quarter)		–16.42% (2001 3rd Quarter)


EQ Advisors Trust		*About the investment portfolios*		*113*

Balanced/Hybrid Portfolios (continued)


Average Annual Total Returns*
	One Year	Five Years	Ten Years
EQ/Enterprise Managed Portfolio — Class IA Shares	8.57%	–1.39%	9.52%
65% S&P 500 Index/30% Lehman Aggregate Bond/5% 3-Month T-Bill**,†	8.47%	1.23%	10.68%
S&P 500 Index**	10.88%	–2.30%	12.07%

Performance information shown is the performance of Class IB shares which impose 12b-1 fees. Class IA shares do not pay any 12b-1 fees.

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

†

Effective May 1, 2005 this index replaced the S&P 500 Index as the Portfolio’s benchmark because this index reflects more closely the sectors in which the Portfolio invests.

PORTFOLIO FEES AND EXPENSES

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

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Enterprise Managed Portfolio		Class IA Shares
Management Fee		0.78%
Distribution and/or Service Fees (12b-1 fees)		None
Other Expenses		0.12%
Total Annual Portfolio Operating Expenses		0.90%
Less Fee Waiver/Expense Reimbursement**		(0.10)%
Net Total Annual Portfolio Operating Expenses		0.80%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

***

Example

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

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


	Class IA Shares
1 Year	$	82
3 Years	$	277
5 Years	$	489
10 Years	$	1,099

WHO MANAGES THE PORTFOLIO

Wellington Management Company LLP (“Wellington Management”), 75 State Street, Boston, Massachusetts 02109, is the Adviser to the Portfolio. Wellington Management has provided investment counseling services since 1928. As of December 31, 2004, Wellington Management had assets under management for all clients of over $470 billion.

The Portfolio is managed by the team of investment professionals consisting of the following members:

Matthew E. Megargel, CFA a Senior Vice President and Partner of Wellington Management since 1995, joined the firm as an investment professional in 1983. Mr. Megargel has served as portfolio manager for the equity portion of the Portfolio since August 2002.

Maya K. Bittar, CFA joined Wellington Management as a Vice President in 1998 and has been involved in portfolio management and securities analysis for the equity portion of the Portfolio since August 2002.

Jeffrey L. Kripke joined Wellington Management as a Vice President in 2001 and has been involved in portfolio management and securities analysis for the equity portion of the Portfolio since August 2002. Prior to joining the firm, Mr. Kripke was an associate portfolio manager for Merrill Lynch Asset Management from 1999 to 2001.

Francis J. Boggan, CFA joined Wellington Management as a Vice President in 2001 and has been involved in portfolio management and securities analysis for the equity portion of the Portfolio since August 2002. Prior to joining the firm, Mr. Boggan was a Managing Director of Palladian Capital Management in Los Angeles, where he co-managed equity portfolios for pension trusts, foundations, endowments, insurance companies, and individuals from 1998-2000.

Thomas L. Pappas, CFA has been a Senior Vice President of Wellington Management since 1996. Mr. Pappas has served as the portfolio manager for the bond portion of the Portfolio since August 2002.


*114*		*About the investment portfolios*		EQ Advisors Trust

Scott M. Elliot. Mr. Elliott, a Senior Vice President of Wellington Management since 2002, joined the firm as an investment professional in 1994. Mr. Elliot has been involved in portfolio management and securities analysis for the Portfolio since August 2002 and is responsible for making the asset allocation decisions for the Portfolio.


EQ Advisors Trust		*About the investment portfolios*		*115*

2. More information on principal risks and benchmarks

Principal Risks

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

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

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

Adviser Selection Risk: The risk that AXA Equitable’s process for selecting or replacing an Adviser and its decision to select or replace an Adviser does not produce the intended result.

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

Market Risk: The risk that the securities markets will move down, sometimes rapidly and unpredictably based on overall economic conditions and other factors.

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

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

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

Asset Allocation Risk: In addition to the risks associated with the securities in which the Portfolio invests, the Portfolio is subject to the risk that the actual allocation of the Portfolio’s assets between debt and equity securities may adversely affect the Portfolio’s value.

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

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

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

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

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

Asset-Backed Securities Risk: Asset-backed securities represent interests in pools of consumer loans such as credit card receivables, automobile loans and leases, leases on equipment such as computers, and other financial instruments and are subject to certain additional risks. Rising interest rates tend to extend the duration of


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asset-backed securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, the Portfolio may exhibit additional volatility. When interest rates are declining, there are usually more prepayments of loans which will shorten the life of these securities. The reinvestment of cash received from prepayments will, therefore, usually be at a lower interest rate than the original investment, lowering the Portfolio’s yield. Prepayments also vary based on among other factors, general economic conditions and other demographic conditions.

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

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

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

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

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

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

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

Focused Portfolio Risk: Portfolios that invest in the securities of a limited number of companies may incur more risk because changes in the value of a single security may have a more significant effect, either positive or negative, on the Portfolio’s net asset value.

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


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

Emerging Market Risk: There are greater risks involved in investing in emerging market countries and/or their securities markets. Generally, economic structures in these countries are less diverse and mature than those in developed countries, and their political systems are less stable. Investments in emerging markets countries may be affected by national policies that restrict foreign investment in certain issuers or industries. The small size of their securities markets and low trading volumes can make investments illiquid and more volatile than investments in developed countries and such securities may be subject to abrupt and severe price declines. As a result, a Portfolio investing in emerging market countries may be required to establish special custody or other arrangements before investing.

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

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

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

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

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

Index-Fund Risk: The EQ/Equity 500 Index and EQ/Small Company Index Portfolios invest in the securities included in the relevant index or substantially identical securities regardless of market trends. The Portfolios cannot modify their investment strategies to respond to changes in the economy, which means they may be particularly susceptible to a general decline in the market segment relating to the relevant index.

Leveraging Risk: When a Portfolio borrows money or otherwise leverages its portfolio, the value of an investment in that Portfolio will be more volatile and all other risks will tend to be compounded. All of the Portfolios may take on leveraging risk by investing in collateral from securities loans and by borrowing money to meet redemption requests.

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

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

Non-Diversification Risk: The EQ/Mergers and Acquisitions Portfolio, the EQ/Lazard Small Cap Value Portfolio, the EQ/Van Kampen Emerging Markets Equity Portfolio and the EQ/Marsico Focus Portfolio are classified as “non-diversified” investment companies, which means that the proportion of each Portfolio’s assets that may be invested in the securities of a single issuer is not limited by the 1940 Act. Since a relatively high percentage of each non-diversified Portfolio’s assets may be invested in the securities of a limited number of issuers, some of which may be within the same industry, the securities of each Portfolio may be more sensitive to changes in the market value of a single issuer or industry. The use of such a focused investment strategy may increase the volatility of a Portfolio’s investment performance, as the Portfolio may be more susceptible to risks associated with a single economic, political or regulatory event than a diversified portfolio. If the securities in which the Portfolio invests perform poorly, the Portfolio could incur greater losses than it would have had it been invested in a greater number of securities.

Portfolio Turnover Risk: The Portfolios do not restrict the frequency of trading to limit expenses. The Portfolios may engage in active and


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frequent trading of portfolio securities to achieve their principal investment strategies. Frequent trading can result in a portfolio turnover in excess of 100% in any given fiscal year (high portfolio turnover). High portfolio turnover may result in increased transaction costs to a Portfolio and its shareholders, which would reduce investment returns.

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

Small-Cap and/or Mid-Cap Company Risk: A Portfolio’s investments in small-cap and mid-cap companies may involve greater risks than investments in larger, more established issuers. Smaller companies generally have narrower product lines, more limited financial resources and more limited trading markets for their stock, as compared with larger companies. Their securities may be less well-known and trade less frequently and in more limited volume than the securities of larger, more established companies. In addition, small-cap and mid-cap companies are typically subject to greater changes in earnings and business prospects than larger companies. Consequently, the prices of small company stocks tend to rise and fall in value more frequently than the stocks of larger companies. Although investing in small-cap and mid-cap companies offers potential for above-average returns, the companies may not succeed and the value of their stock could decline significantly.

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


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Benchmarks

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

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

The Lehman U.S. Tips Index is an unmanaged index consisting of the U.S. Treasury Inflation Protected Securities Market.

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

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

Lehman Brothers High Yield Index is an unmanaged index that includes fixed rate, public nonconvertible issues that are rated Ba1 or lower by Moody’s Investor Service. If a Moody’s rating is not available, the bonds must be rated BB+ or lower by S&P, or by Fitch if an S&P rating is not available.

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

The Lehman Brothers Intermediate Government/Credit Index is an unmanaged, market value weighted index of investment grade, fixed-rate debt including government and corporate securities with maturities between one and ten years.

The Lehman Brothers Long Government/Credit Bond Index is an unmanaged benchmark representing the long-term, investment- grade U.S. bond market.

The Lehman Brothers U.S. Universal Index is an unmanaged index representing a blend of the Lehman Aggregate, High Yield and Emerging Market Index.

The Lehman Brothers U.S. Corporate High Yield Bond Index is an unmanaged index that includes the universe of fixed rate, non-investment grade debt. Pay-in kind (PIK) bonds, Eurobonds, and debt issues from countries designated as emerging markets are excluded, but Canadian and global bonds (SEC registered) of issuers in non-emerging market countries are included. Original issue zeros, step-up coupon structures and Rule 144A securities are also included. The Index includes both corporate and non-corporate sectors.

Lehman 1-3 Year Government Credit Index is an unmanaged index that represents all U.S. Treasury and agency securities with maturities ranging from 1-3 years.

Prime Commercial Rate Paper — 30 Day Index is 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.

Merrill Lynch U.S. High Yield Master Cash Pay Only Index is an unmanaged index that measures the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market.

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

The MSCI EMF (Emerging Markets Free) Index^SM(“MSCI EMF”) is a market capitalization weighted equity index composed of companies that are representative of the market structure of the following 26 countries: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Jordan, Korea, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, Turkey and Venezuela. “Free” MSCI indices exclude those shares not purchasable by foreign investors.


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The MSCI World Index is an unmanaged index comprised of over 1,500 of publicly trade companies in 23 countries around the world based on market capitalization.

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

The Russell 3000^® Growth Index is an unmanaged index that measures the performance of those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values.

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

The Russell 1000^® Growth Index is an unmanaged index of common stocks that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

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

The Russell 2000^® Index (“Russell 2000”) is an unmanaged index which tracks the performance of the 2000 smallest companies in the Russell 3000, which represents approximately 8% of the total market capitalization of the Russell 3000.

Russell 2000^® Growth Index is an unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 2000^® Value Index is an unmanaged index which measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

The Russell 2500^™ Index (“Russell 2500”) is an unmanaged index that measures the performance of the 2,500 smallest companies in the Russell 3000, which represents approximately 16% of the total market capitalization of the Russell 3000.

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

The Russell 2500^™ Value Index is an unmanaged index which measures the performance of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.

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

The Russell MidCap^® Index (“Russell MidCap”) is an unmanaged index that measures the performance of the 800 smallest companies in the Russell 1000, which represents about 25% of the total market capitalization of the Russell 1000.

The Standard & Poor’s MidCap 400 Index (“S&P MidCap 400 Index”) is an unmanaged weighted index of 400 domestic stocks chosen for market size (median market capitalization as of December 31, 2004 of about $2.4 billion), liquidity, and industry group representation. The S&P MidCap 400 Index returns reflect the reinvestment of dividends.

65% S&P 500 Index/35% Lehman Aggregate Bond/5% 3-month T-Bill is made up 65% by the S&P 500 Index, which is an unmanaged weighted index containing common stocks of 500 industrial, transportation, utility and financial companies, regarded as generally representative of the larger capitalization portion or the United States stock market, 35% by the Lehman Aggregate Bond Index, which is an index comprised of the U.S. investment-grade fixed-income securities, including U.S. Treasury, mortgage-backed, corporate and “Yankee” bonds (U.S. dollar-denominated bonds issued outside the United States, and 5% 3-month T-Bill.

“Blended” performance numbers (e.g. 65% S&P 500 Index/35% Lehman Aggregate Bond/5% 3-month T-Bill) assume a static mix of the indices. We believe that these indices reflect more closely the market sectors in which certain Portfolios invest.

3-Month Treasury Bill. A negotiated debt obligation issued by the U.S. government and backed by its full faith and credit, having a maturity of three months.

30-Day T-Bill. A negotiable debt obligation issued by the United States government and backed by its full faith and credit, having a maturity of 30 days.


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3. Management of the Trust

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

The Trust

The Trust is organized as a Delaware statutory trust and is registered with the SEC as an open-end management investment company. The Trust’s Board of Trustees is responsible for the overall management of the Trust and the Portfolios. The Trust issues shares of beneficial interest that are currently divided among fifty-eight (58) Portfolios, each of which has authorized Class IA and Class IB shares. This Prospectus describes the Class IA shares of fifty-four (54) Portfolios. Each Portfolio has its own objectives, investment strategies and risks, which have been previously described in this Prospectus.

The Manager

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

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

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

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

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

A discussion of the basis for the decision by the Trust’s Board of Trustees to approve the investment management agreement with AXA Equitable and the investment advisory agreements with the Advisers is available in the Trust’s Statement of Additional Information

Management Fees

Each Portfolio pays a fee to the Manager for management services. The table below shows the annual rate of the management fees (as a percentage of each Portfolio’s average daily net assets) that the Manager received in 2004 for managing each of the Portfolios included in the table and the rate of the management fees waived by the Manager in 2004 in accordance with the provisions of the Expense Limitation Agreement, as defined directly below, between the Manager and the Trust with respect to certain of the Portfolios.

Management Fees Paid by the Portfolios in 2004


Portfolios	Annual Rate Received	Rate of Fees Waived and Expenses Reimbursed
EQ/Alliance Common Stock	0.47%	0.00%
EQ/Alliance Growth and Income	0.56%	0.00%
EQ/Alliance Intermediate Government Securities	0.50%	0.00%
EQ/Alliance International	0.73%	0.00%
EQ/Alliance Large Cap Growth	0.90%	0.10%
EQ/Alliance Quality Bond	0.50%	0.00%
EQ/Alliance Small Cap Growth	0.75%	0.00%
EQ/Bear Stearns Small Company Growth*	1.00%	0.13%
EQ/Bernstein Diversified Value	0.63%	0.00%
EQ/Boston Advisors Equity Income*	0.75%	0.09%
EQ/Calvert Socially Responsible	0.65%	0.14%
EQ/Capital Guardian Growth	0.65%	0.04%
EQ/Capital Guardian International	0.85%	0.07%
EQ/Capital Guardian Research	0.65%	0.00%
EQ/Capital Guardian U.S. Equity	0.65%	0.00%


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Portfolios	Annual Rate Received	Rate of Fees Waived and Expenses Reimbursed
EQ/Caywood-Scholl High-Yield Bond*	0.60%	0.12%
EQ/Enterprise Managed*	0.78%	0.10%
EQ/Equity 500 Index	0.25%	0.00%
EQ/Evergreen Omega	0.65%	0.06%
EQ/FI Mid Cap	0.70%	0.01%
EQ/FI Small/Mid Cap Value	0.74%	0.00%
EQ/Government Securities*	0.50%	0.00%
EQ/Intermediate Term Bond*	0.50%	0.03%
EQ/International Growth*	0.85%	0.00%
EQ/J.P. Morgan Core Bond	0.44%	0.00%
EQ/JP Morgan Value Opportunities	0.60%	0.00%
EQ/Janus Large Cap Growth	0.90%	0.08%
EQ/Lazard Small Cap Value	0.75%	0.00%
EQ/Long Term Bond*	0.50%	0.00%
EQ/Marsico Focus	0.88%	0.04%
EQ/Mercury Basic Value Equity	0.58%	0.00%
EQ/Mercury International Value	0.85%	0.00%
EQ/Mergers and Acquisitions*	0.90%	0.91%
EQ/MFS Emerging Growth Companies	0.65%	0.00%
EQ/MFS Investors Trust	0.60%	0.00%
EQ/Money Market	0.34%	0.00%
EQ/Montag & Caldwell Growth*	0.75%	0.00%
EQ/MONY Diversified*	0.50%	4.44%
EQ/MONY Equity Growth*	0.50%	5.25%
EQ/MONY Equity Income*	0.50%	0.36%
EQ/MONY Money Market*	0.40%	0.10%
EQ/PIMCO Real Return*	0.55%	0.35%
EQ/Short Duration Bond*	0.45%	0.57%
EQ/Small Company Index	0.25%	0.00%
EQ/Small Company Value*	0.80%	0.00%
EQ/TCW Equity*	0.80%	0.02%
EQ/UBS Growth and Income*	0.75%	0.11%
EQ/Van Kampen Emerging Markets Equity	1.15%	0.00%
EQ/Wells Fargo Montgomery Small Cap	0.85%	6.33%

Includes fees paid by Portfolio predecessor.

Each Portfolio in the table below is newly organized and has had no operations prior to the date of this prospectus. The table shows the annual rate of the management fees (as a percentage of each Portfolio’s average daily net assets) that each Portfolio pays the Manager.

Contractual Fee Under Management Agreement

(as a percentage of average daily net assets)


Portfolio	First $1 Billion	Next $1 Billion	Next $3 Billion	Next $5 Billion	Thereafter
EQ/Lord Abbett Growth and Income	0.650%	0.600%	0.575%	0.550%	0.525%
EQ/Lord Abbett Mid Cap Value	0.700%	0.650%	0.625%	0.600%	0.575%
EQ/Lord Abbett Large Cap Core	0.650%	0.600%	0.575%	0.550%	0.525%
EQ/Van Kampen Comstock	0.650%	0.600%	0.575%	0.550%	0.525%
EQ/Van Kampen Mid Cap Growth	0.700%	0.650%	0.625%	0.600%	0.575%

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

AXA Equitable also currently serves as the Administrator of the Trust. The administrative services provided to the Trust by AXA Equitable include, among others, coordination of the Trust’s audit, financial statements and tax returns; expense management and budgeting; legal administrative services and compliance monitoring; portfolio accounting services, including daily net asset value accounting; operational risk management; and oversight of the Trust’s proxy voting policies and procedures and anti-money laundering program. For administrative services, in addition to the management fee, each Portfolio pays AXA Equitable a fee at an annual rate of 0.04% of the first $3 billion of total Trust average daily net assets, 0.03% of the next $3 billion, 0.025% of the next $4 billion, and 0.0225% of the total Trust average daily net assets in excess of $10 billion, plus $30,000 for each Portfolio and an additional $30,000 for each portion of the Portfolio.

Expense Limitation Agreement

In the interest of limiting until April 30, 2006 the expenses of each Portfolio listed in the following table, the Manager has entered into an expense limitation agreement with the Trust with respect to those Portfolios (“Expense Limitation Agreement”). Pursuant to that Expense Limitation Agreement, the Manager has agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of each Portfolio (other than interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of each Portfolio’s business are limited to the following respective expense ratios:


EQ Advisors Trust		*Management of the Trust*		*123*

Expense Limitation Provisions


Portfolios		Total Expenses Limited to (% of daily net assets)
EQ/Alliance International^†		0.85%
EQ/Alliance Large Cap Growth^†		0.80%
EQ/Bernstein Diversified Value		0.70%
EQ/Bear Stearns Small Company Growth^†		1.05%
EQ/Boston Advisors Equity Income^†		0.80%
EQ/Calvert Socially Responsible^†		0.80%
EQ/Capital Guardian Growth		0.70%
EQ/Capital Guardian International^†		0.95%
EQ/Capital Guardian Research^†		0.70%
EQ/Capital Guardian U.S. Equity^†		0.70%
EQ/Caywood-Scholl High-Yield Bond^†		0.60%
EQ/Enterprise Managed^†		0.80%
EQ/Evergreen Omega		0.70%
EQ/FI Mid Cap^†		0.75%
EQ/FI Small/Mid Cap Value		0.85%
EQ/Government Securities^†		0.75%
EQ/Intermediate Term Bond^†		0.75%
EQ/International Growth^†		1.30%
EQ/J.P. Morgan Core Bond		0.55%
EQ/JP Morgan Value Opportunities		0.70%
EQ/Janus Large Cap Growth^†		0.90%
EQ/Lazard Small Cap Value		0.85%
EQ/Long Term Bond^†		0.75%
EQ/Lord Abbett Growth and Income^†		0.75%
EQ/Lord Abbett Large Cap Core^†		0.75%
EQ/Lord Abbett Mid Cap Value^†		0.80%
EQ/Marsico Focus^†		0.90%
EQ/Mercury Basic Value Equity		0.70%
EQ/Mercury International Value		1.00%
EQ/Mergers and Acquisitions^†		1.20%
EQ/MFS Investors Trust		0.70%
EQ/Montag & Caldwell Growth^†		0.90%
EQ/MONY Diversified^†		1.15%
EQ/MONY Equity Growth^†		1.15%
EQ/MONY Equity Income^†		0.95%
EQ/MONY Money Market^†		0.50%
EQ/PIMCO Real Return^†		0.40%
EQ/Short Duration Bond^†		0.40%
EQ/Small Company Index		0.60%
EQ/Small Company Value^†		1.05%
EQ/TCW Equity^†		0.90%
EQ/UBS Growth and Income^†		0.80%
EQ/Van Kampen Comstock^†		0.75%
EQ/Van Kampen Emerging Markets Equity		1.55%
EQ/Van Kampen Mid Cap Growth^†		0.80%
EQ/Wells Fargo Montgomery Small Cap^†		1.05%

The Manager may be reimbursed the amount of any such payments in the future provided that the payments are reimbursed within five years (or three years for certain Portfolios, as indicated by a “†” in the above table) of the payment being made and the combination of the Portfolio’s expense ratio and such reimbursements do not exceed the Portfolio’s expense cap. If the actual expense ratio is less than the expense cap and the Manager has recouped any eligible previous payments made, the Portfolio will be charged such lower expenses.

Legal Proceedings

Since September, 2003, governmental and self-regulatory authorities have instituted numerous ongoing investigations of various practices in the mutual fund industry, including investigations relating to revenue sharing, market-timing, late trading and record retention, among other things. The investigations cover investment advisors, distributors and transfer agents to mutual funds, as well as other firms. EIMC, Evergreen Investment Services, Inc. and Evergreen Service Company, LLC (collectively, “Evergreen”) have received subpoenas and other requests for documents and testimony relating to these investigations, are endeavoring to comply with those requests, and are cooperating with the investigations. Evergreen is continuing its own internal review of policies, practices, procedures and personnel, and is taking remedial action where appropriate.

In connection with one of these investigations, on July 28, 2004, the staff of the SEC informed Evergreen that the staff intends to recommend to the SEC that it institute an enforcement action against Evergreen. The SEC staff’s proposed allegations relate to (i) an arrangement pursuant to which a broker at one of EIMC’s affiliated broker-dealers had been authorized, apparently by an EIMC officer (no longer with EIMC), to engage in short-term trading, on behalf of a client, in Evergreen Mid Cap Growth Fund (formerly Evergreen Small Company Growth Fund and Evergreen Emerging Growth Fund) during the period December, 2000, through April, 2003, in excess of the limitations set forth in the fund’s prospectus, (ii) short-term trading from September, 2001, through January, 2003, by a former Evergreen portfolio manager, of Evergreen Precious Metals Fund, a fund he managed at the time, (iii) the sufficiency of systems for monitoring exchanges and enforcing exchange limitations as stated in the funds’ prospectuses, and (iv) the adequacy of e-mail retention practices. EIMC has reimbursed two funds for amounts representing what EIMC calculated to be the client’s or portfolio manager’s net gain and the fees earned by EIMC and the expenses incurred by the fund on the client’s or portfolio manager’s account. Evergreen is currently engaged in discussions with the staff of the SEC concerning its recommendation.


*124*		*Management of the Trust*		EQ Advisors Trust

Any resolution of these matters with regulatory authorities may include, but not be limited to, sanctions, penalties or injunctions regarding Evergreen, restitution to mutual fund shareholders and/or other financial penalties and structural changes in the governance or management of Evergreen’s mutual fund business. Any penalties or restitution will be paid by Evergreen and not by the Evergreen funds.

In addition, the Evergreen funds and EIMC and certain of its affiliates are involved in various legal actions, including private litigation and class action lawsuits. EIMC does not expect that any of such legal actions currently pending or threatened will have a material adverse impact on the financial position or operations of the EQ/Evergreen Omega Portfolio or on EIMC’s ability to provide services to the Portfolio.

Although Evergreen believes that neither the foregoing investigations nor any pending or threatened legal actions will have a material adverse impact on the EQ/Evergreen Omega Portfolio, there can be no assurance that these matters and any publicity surrounding or resulting from them will not result in reduced sales or increased redemptions of Portfolio shares, which could increase Portfolio transaction costs or operating expenses, or have other adverse consequences on the Portfolio.


EQ Advisors Trust		*Management of the Trust*		*125*

4. Fund distribution arrangements

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


*126*		*Fund distribution arrangements*		EQ Advisors Trust

5. Buying and selling shares

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

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

Frequent transfers or purchases and redemptions of Portfolio shares, including market timing and other program trading or short-term trading strategies, may be disruptive to the Portfolios. Excessive purchases and redemptions of shares of a Portfolio may adversely affect Portfolio performance and the interests of long-term investors by requiring it to maintain larger amounts of cash or to liquidate portfolio holdings at a disadvantageous time or price. For example, when market timing occurs, a Portfolio may have to sell its holdings to have the cash necessary to redeem the market timer’s shares. This can happen when it is not advantageous to sell any securities, so the Portfolio’s performance may be hurt. When large dollar amounts are involved, market timing can also make it difficult to use long-term investment strategies because a Portfolio cannot predict how much cash it will have to invest. In addition, disruptive transfers or purchases and redemptions of Portfolio shares may impede efficient portfolio management and impose increased transaction costs, such as brokerage costs, by requiring the portfolio manager to effect more frequent purchases and sales of portfolio securities. Similarly, a Portfolio may bear increased administrative costs as a result of the asset level and investment volatility that accompanies patterns of excessive or short-term trading. Portfolios that invest a significant portion of their assets in foreign securities or the securities of small- and mid-capitalization companies tend to be subject to the risks associated with market timing and short-term trading strategies to a greater extent than funds that do not. Securities trading in overseas markets present time zone arbitrage opportunities when events affecting portfolio securities values occur after the close of the overseas market but prior to the close of the U.S. market. Securities of small- and mid-capitalization companies present arbitrage opportunities because the market for such securities may be less liquid than the market for the securities of larger companies, which could result in pricing inefficiencies.

The Trust’s Board of Trustees has adopted policies and procedures with respect to frequent purchases and redemptions of Portfolio shares by Contractholders. The Trust and the Portfolios discourage frequent purchases and redemptions of portfolio shares by Contractholders and will not make special arrangements to accommodate such transactions in Portfolio shares. As a general matter, each Portfolio and the Trust reserve the right to refuse or limit any purchase or exchange order by a particular purchaser (or group of related purchasers) if the transaction is deemed harmful to the Portfolio’s other shareholders or would disrupt the management of the Portfolio.

The Trust’s polices and procedures seek to discourage what it considers to be disruptive trading activity. The Trust seeks to apply its policies and procedures to all shareholders uniformly. It should be recognized, however, that such policies and procedures are subject to limitations:

•

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

•

The design of such policies and procedures involves inherently subjective judgments, which AXA Equitable, on behalf of the Trust, seeks to make in a fair and reasonable manner consistent with the interests of all shareholders.

•

The limits on our ability to monitor certain potentially disruptive transfer activity means that some Contractholders may be treated differently than others, resulting in the risk that some Contractholders may be able to engage in frequent transfer activity while others will bear the effect of that frequent transfer activity.

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


EQ Advisors Trust		*Buying and selling shares*		*127*

policy against disruptive transfer activity and that if such activity continues, AXA Equitable may take the actions described above to restrict the availability of voice, fax and automated transaction services. If such Contractholder is identified a second time as engaging in potentially disruptive transfer activity, AXA Equitable currently restricts the availability of voice, fax and automated transaction services. AXA Equitable currently applies such action for the remaining life of each affected Contract. Although AXA Equitable currently provides a letter to Contractholders who have engaged in disruptive transfer activity of its intention to restrict access to communication services, AXA Equitable may not continue to provide such letters. Consistent with seeking to discourage potentially disruptive transfer activity, AXA Equitable may also, in its sole discretion and without further notice, change what it considers potentially disruptive transfer activity and its monitoring procedures and thresholds, as well as change its procedures to restrict this activity. You should consult the Contract prospectus that accompanies this Prospectus for information on other specific limitations on the transfer privilege.

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


*128*		*Buying and selling shares*		EQ Advisors Trust

6. How portfolio shares are priced

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


Net Asset Value =	Total market value of securities	+	Cash and other assets	—	Liabilities
Net Asset Value =
	Number of outstanding shares

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

•

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

•

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

•

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

Generally, Portfolio securities are valued as follows:

•

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

•

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

•

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

•

Securities traded on foreign exchanges – most recent sales or bid price on the foreign exchange or market, unless a significant event or circumstance occurs after the close of that market or exchange that may materially affect its value. In that case, fair value as determined by or under the direction of the Board of Trustees of the Trust at the close of regular trading on the Exchange. Foreign currency is converted into U.S. dollar equivalent daily at current exchange rates. Because foreign securities sometimes trade on days when a Portfolio’s shares are not priced, the value of a Portfolio’s investment that includes such securities may change on days when shares of the Portfolio cannot be purchased or redeemed.

•

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

•

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

•

Investment Company Securities – shares of open-end mutual funds held by a Portfolio will be valued at the net asset value of the shares of such funds as described in the funds’ prospectuses.

•

Other Securities – other securities and assets for which market quotations are not readily available or for which valuation cannot be provided are valued at their fair value under the direction of the Board of Trustees of the Trust. For example, a security whose trading has been halted during the trading day may be fair valued based on the available information at the time of the close of the trading market.

Events or circumstances affecting the values of portfolio securities that occur between the closing of their principal markets and the time the net asset value of fund shares is determined, such as foreign securities trading on foreign exchanges that close before the time the net asset value of fund shares is determined, may be reflected in the Trust’s calculations of net asset values for certain Portfolios when the Trust deems that the event or circumstance would materially affect such Portfolio’s net asset value. Such events or circumstances may be company specific, such as an earning report, country or region specific, such as a natural disaster, or global in nature. Such events or circumstances also may include price movements in the U.S. securities markets.

The effect of fair value pricing as described above is that securities may not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Trust’s Board of Trustees believes reflects fair value. As such, fair value pricing is based on subjective judgments and it is possible that the fair value may differ materially from the value realized on a sale. This policy is intended to assure that the Portfolio’s net asset value fairly reflects security values as of the time of pricing. Also, fair valuation of a Portfolio’s securities can serve to reduce arbitrage opportunities available to traders seeking to take advantage of information available to them that is not the basis of Trust valuation actions, but there is no assurance that fair value pricing policies will prevent dilution of the Portfolio’s NAV by those traders.


EQ Advisors Trust		*How portfolio shares are priced*		*129*

7. Dividends and other distributions and tax consequences

Dividends and Other Distributions

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

Tax Consequences

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

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

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


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

8. Glossary of Terms

Bid price — The price a prospective buyer is ready to pay. This term is used by traders who maintain firm bid and offer prices in a given security by standing ready to buy or sell security units at publicly quoted prices.

Capital gain distributions — Payments to a Portfolio’s shareholders of profits earned from selling securities in that Portfolio. Capital gain distributions are usually paid once a year.

Derivative — A financial instrument whose value and performance are based on the value and performance of another security or financial instrument.

Diversification — The strategy of investing in a wide range of companies to reduce the risk if an individual company suffers losses.

Duration — A measure of how much a bond’s price fluctuates with changes in comparable interest rates.

Earnings growth — A pattern of increasing rate of growth in earnings per share from one period to another, which usually causes a stock’s price to rise.

Fundamental analysis — An analysis of the balance sheet and income statements of a company in order to forecast its future stock price movements. Fundamental analysis considers past records of assets, earnings, sales, products, management and markets in predicting future trends in these indicators of a company’s success or failure. By appraising a company’s prospects, analysts using such an approach assess whether a particular stock or group of stocks is undervalued or overvalued at its current market price.

Growth investing — An investment style that emphasizes companies with strong earnings growth. Growth investing is generally considered more aggressive than “value” investing.

Interest rate — Rate of interest charged for the use of money, usually expressed as an annual rate.

Market capitalization — Market price of a company’s shares multiplied by number of shares outstanding. A common measure of the relative size of a company.

Net asset value (NAV) — The market value of one share of a Portfolio on any given day without taking into account any front-end sales charge or CDSC. It is determined by dividing a Portfolio’s total net assets by the number of shares outstanding.

Price-to-book value ratio — Current market price of a stock divided by its book value, or net asset value.

Price-to-earnings ratio — Current market price of a stock divided by its earnings per share. Also known as the “multiple,” the price-to-earnings ratio gives investors an idea of how much they are paying for a company’s earning power and is a useful tool for evaluating the costs of different securities.

Value investing — An investment style that focuses on companies that may be temporarily out of favor or have earnings or assets not fully reflected in their stock prices.

Volatility — The general variability of a Portfolio’s value resulting from price fluctuations of its investments. In most cases, the more diversified a Portfolio is, the less volatile it will be.

Yield — The rate at which a Portfolio earns income, expressed as a percentage. Mutual fund yield calculations are standardized, based upon a formula developed by the Securities and Exchange Commission.

Glossary of Terms


EQ Advisors Trust		*Glossary of Terms*		*131*

9. Financial Highlights

The financial highlights table is intended to help you understand the financial performance for the Trust’s Class IA and Class IB shares. The financial information in the table below is for the past five (5) years (or, if shorter, the period of the Portfolio’s operations). The information below for the Class IA and Class IB shares has been derived from the financial statements of the Trust, which have been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. PricewaterhouseCoopers LLP’s report on the Trust’s financial statements as of December 31, 2004 appears in the Trust’s Annual Report.

Certain information reflects financial results for a single Portfolio share. The total returns in the tables represent the rate that a shareholder would have earned (or lost) on an investment in the Portfolio (assuming reinvestment of all dividends and disbursements). The total return figures shown below do not reflect any separate account or Contract fees and charges. The total return figures would be lower if they did reflect such fees and charges. The information should be read in conjunction with the financial statements contained in the Trust’s Annual Report which are incorporated by reference into the Trust’s Statement of Additional Information (SAI) and available upon request.

EQ/Alliance Common Stock Portfolio


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2004			2003			2002			2001(e)			2000(e)			2004			2003			2002			2001(e)			2000(e)
Net asset value, beginning of year	$	15.47		$	10.49		$	15.70		$	17.98		$	26.17		$	15.38		$	10.40		$	15.61		$	17.88		$	26.05

Income from investment operations:
Net investment income		0.21			0.12			0.12			0.12			0.15			0.15			0.08			0.08			0.07			0.08
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.01			5.09			(5.32	)		(1.97	)		(3.82	)		2.02			5.06			(5.28	)		(1.95	)		(3.78	)

Total from investment operations		2.22			5.21			(5.20	)		(1.85	)		(3.67	)		2.17			5.14			(5.20	)		(1.88	)		(3.70	)

Less distributions:
Dividends from net investment income		(0.20	)		(0.23	)		(0.01	)		(0.11	)		(0.15	)		(0.16	)		(0.16	)		(0.01	)		(0.07	)		(0.10	)
Distributions from realized gains		—			—			—			(0.32	)		(4.37	)		—			—			—			(0.32	)		(4.37	)

Total dividends and distributions		(0.20	)		(0.23	)		(0.01	)		(0.43	)		(4.52	)		(0.16	)		(0.16	)		(0.01	)		(0.39	)		(4.47	)

Net asset value, end of year	$	17.49		$	15.47		$	10.49		$	15.70		$	17.98		$	17.39		$	15.38		$	10.40		$	15.61		$	17.88

Total return		14.40	%		49.89	%		(33.15	)%		(10.50	)%		(14.03	)%		14.12	%		49.58	%		(33.34	)%		(10.73	)%		(14.25	)%

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		$	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		0.43	%		0.52	%		0.49	%		N/A			N/A			0.68	%		0.77	%		0.74	%		N/A			N/A
Before fees paid indirectly		0.52	%		0.54	%		0.54	%		0.53	%		0.47	%		0.77	%		0.79	%		0.79	%		0.78	%		0.72	%
Ratio of net investment income to average net assets:
After fees paid indirectly		1.23	%		0.93	%		0.82	%		N/A			N/A			0.98	%		0.68	%		0.57	%		N/A			N/A
Before fees paid indirectly		1.14	%		0.91	%		0.77	%		0.67	%		0.61	%		0.89	%		0.66	%		0.52	%		0.43	%		0.35	%
Portfolio turnover rate		47	%		92	%		136	%		40	%		43	%		47	%		92	%		136	%		40	%		43	%


*132*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Alliance Growth and Income Portfolio


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2004			2003			2002			2001(e)			2000(e)			2004			2003			2002			2001(e)			2000(e)
Net asset value, beginning of year	$	16.62		$	12.87		$	16.56		$	17.70		$	18.24		$	16.52		$	12.79		$	16.47		$	17.61		$	18.16

Income from investment operations:
Net investment income		0.30			0.22			0.22			0.19			0.17			0.24			0.15			0.16			0.13			0.13
Net realized and unrealized gain (loss) on investments		1.80			3.73			(3.70	)		(0.44	)		1.35			1.81			3.74			(3.66	)		(0.42	)		1.34

Total from investment operations		2.10			3.95			(3.48	)		(0.25	)		1.52			2.05			3.89			(3.50	)		(0.29	)		1.47

Less distributions:
Dividends from net investment income		(0.30	)		(0.20	)		(0.21	)		(0.17	)		(0.16	)		(0.25	)		(0.16	)		(0.18	)		(0.13	)		(0.12	)
Distributions from realized gains		—			—			—			(0.72	)		(1.90	)		—			—			—			(0.72	)		(1.90	)

Total dividends and distributions		(0.30	)		(0.20	)		(0.21	)		(0.89	)		(2.06	)		(0.25	)		(0.16	)		(0.18	)		(0.85	)		(2.02	)

Net asset value, end of year	$	18.42		$	16.62		$	12.87		$	16.56		$	17.70		$	18.32		$	16.52		$	12.79		$	16.47		$	17.61

Total return		12.67	%		30.72	%		(21.03	)%		(1.30	)%		8.95	%		12.45	%		30.42	%		(21.28	)%		(1.52	)%		8.68	%

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		$	1,409,379		$	1,124,808		$	653,809		$	673,499		$	464,600
Ratio of expenses to average net assets:
After fees paid indirectly		0.55	%		0.60	%		0.60	%		N/A			N/A			0.80	%		0.85	%		0.85	%		N/A			N/A
Before fees paid indirectly		0.61	%		0.63	%		0.64	%		0.63	%		0.61	%		0.86	%		0.88	%		0.89	%		0.88	%		0.86	%
Ratio of net investment income to average net assets:
After fees paid indirectly		1.69	%		1.48	%		1.38	%		N/A			N/A			1.44	%		1.23	%		1.13	%		N/A			N/A
Before fees paid indirectly		1.63	%		1.45	%		1.34	%		1.08	%		0.92	%		1.38	%		1.20	%		1.09	%		0.83	%		0.71	%
Portfolio turnover rate		41	%		49	%		75	%		81	%		57	%		41	%		49	%		75	%		81	%		57	%


EQ Advisors Trust		*Financial Highlights*		*133*

Financial Highlights (cont’d)

EQ/Alliance Intermediate Government Securities Portfolio


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2004			2003(e)			2002			2001(e)			2000(e)			2004			2003(e)			2002			2001(e)			2000(e)
Net asset value, beginning of year	$	10.11		$	10.30		$	9.88		$	9.46		$	9.18		$	10.05		$	10.24		$	9.83		$	9.43		$	9.15

Income from investment operations:
Net investment income		0.32			0.26			0.27			0.37			0.55			0.28			0.23			0.21			0.35			0.52
Net realized and unrealized gain (loss) on investments		(0.09	)		(0.02	)		0.60			0.41			0.30			(0.08	)		(0.02	)		0.64			0.39			0.31

Total from investment operations		0.23			0.24			0.87			0.78			0.85			0.20			0.21			0.85			0.74			0.83

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

Total dividends and distributions		(0.34	)		(0.43	)		(0.45	)		(0.36	)		(0.57	)		(0.31	)		(0.40	)		(0.44	)		(0.34	)		(0.55	)

Net asset value, end of year	$	10.00		$	10.11		$	10.30		$	9.88		$	9.46		$	9.94		$	10.05		$	10.24		$	9.83		$	9.43

Total return		2.13	%		2.45	%		8.81	%		8.23	%		9.27	%		1.97	%		2.10	%		8.58	%		7.98	%		8.99	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	296,399		$	344,547		$	391,662		$	241,071		$	142,822		$	595,497		$	630,578		$	545,598		$	204,870		$	71,267
Ratio of expenses to average net assets		0.56	%		0.57	%		0.59	%		0.62	%		0.58	%		0.81	%		0.82	%		0.84	%		0.87	%		0.83	%
Ratio of net investment income to average net assets		2.95	%		2.51	%		3.20	%		4.84	%		5.83	%		2.70	%		2.26	%		2.95	%		4.59	%		5.55	%
Portfolio turnover rate		274	%		477	%		622	%		463	%		541	%		274	%		477	%		622	%		463	%		541	%


*134*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Alliance International Portfolio(h)(m)


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2004			2003			2002			2001			2000(e)			2004			2003			2002			2001			2000(e)
Net asset value, beginning of year	$	9.62		$	7.24		$	8.03		$	10.62		$	15.03		$	9.50		$	7.13		$	7.94		$	10.55		$	14.96

Income (loss) from investment operations:
Net investment income (loss)		0.13			0.11			0.01			0.02			(0.01	)		0.10			0.07			0.01			—	#		(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.64			2.43			(0.80	)		(2.42	)		(3.33	)		1.61			2.44			(0.82	)		(2.42	)		(3.33	)

Total from investment operations		1.77			2.54			(0.79	)		(2.40	)		(3.34	)		1.71			2.51			(0.81	)		(2.42	)		(3.34	)

Less distributions:
Dividends from net investment income		(0.22	)		(0.16	)		—			—			(0.05	)		(0.19	)		(0.14	)		—			—			(0.05	)
Distributions from realized gains		—			—			—			(0.19	)		(1.02	)		—			—			—			(0.19	)		(1.02	)

Total dividends and distributions		(0.22	)		(0.16	)		—			(0.19	)		(1.07	)		(0.19	)		(0.14	)		—			(0.19	)		(1.07	)

Net asset value, end of year	$	11.17		$	9.62		$	7.24		$	8.03		$	10.62		$	11.02		$	9.50		$	7.13		$	7.94		$	10.55

Total return		18.51	%		35.28	%		(9.84	)%		(22.88	)%		(22.77	)%		18.10	%		35.27	%		(10.20	)%		(23.23	)%		(22.86	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,212,207		$	1,091,319		$	876,907		$	167,610		$	228,325		$	667,930		$	488,571		$	205,496		$	36,054		$	37,171
Ratio of expenses to average net assets:
After waivers		0.85	%		0.85	%		1.02	%		N/A			N/A			1.10	%		1.10	%		1.27	%		N/A			N/A
After waivers and fees paid indirectly		0.83	%		0.85	%		1.00	%		N/A			N/A			1.08	%		1.10	%		1.25	%		N/A			N/A
Before waivers and fees paid indirectly		0.85	%		0.87	%		1.04	%		1.10	%		1.16	%(c)		1.10	%		1.12	%		1.29	%		1.35	%		1.41	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers		1.28	%		1.29	%		0.60	%		N/A			N/A			1.03	%		1.04	%		0.35	%		N/A			N/A
After waivers and fees paid indirectly		1.30	%		1.29	%		0.62	%		N/A			N/A			1.05	%		1.04	%		0.37	%		N/A			N/A
Before waivers and fees paid indirectly		1.28	%		1.27	%		0.58	%		0.17	%		(0.03	)%(c)		1.03	%		1.02	%		0.33	%		(0.08	)%		(0.28	)%(c)
Portfolio turnover rate		60	%		59	%		47	%		77	%		80	%		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		$	—	#	$	—	#		N/A			N/A			N/A


EQ Advisors Trust		*Financial Highlights*		*135*

Financial Highlights (cont’d)

EQ/Alliance Large Cap Growth Portfolio


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2004			2003			2002			2001			2000(e)			2004			2003			2002			2001			2000(e)
Net asset value, beginning of year	$	6.27		$	5.07		$	7.35		$	9.65		$	11.87		$	6.20		$	5.03		$	7.31		$	9.62		$	11.86

Income (loss) from investment operations:
Net investment loss		(0.01	)		—	#		(0.02	)		(0.01	)		(0.01	)		(0.02	)		(0.02	)		(0.03	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss) on investments		0.55			1.20			(2.26	)		(2.29	)		(2.14	)		0.54			1.19			(2.25	)		(2.28	)		(2.14	)

Total from investment operations		0.54			1.20			(2.28	)		(2.30	)		(2.15	)		0.52			1.17			(2.28	)		(2.31	)		(2.17	)

Less distributions:
Distributions from realized gains		—			—			—			—	#		(0.07	)		—			—			—			—	#		(0.07	)

Net asset value, end of year	$	6.81		$	6.27		$	5.07		$	7.35		$	9.65		$	6.72		$	6.20		$	5.03		$	7.31		$	9.62

Total return		8.61	%		23.67	%		(31.02	)%		(23.83	)%		(18.15	)%		8.39	%		23.26	%		(31.19	)%		(24.01	)%		(18.34	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	405,919		$	355,205		$	21,361		$	39,076		$	49,284		$	727,261		$	725,650		$	580,975		$	924,331		$	1,341,788
Ratio of expenses to average net assets:
After waivers		0.85	%		0.90	%		0.90	%		0.90	%		0.90	%		1.10	%		1.15	%		1.15	%		1.15	%		1.15	%
After waivers and fees paid indirectly		0.79	%		0.89	%		0.89	%		N/A			N/A			1.04	%		1.14	%		1.14	%		N/A			N/A
Before waivers and fees paid indirectly		0.95	%		0.95	%		0.99	%		0.96	%		0.94	%		1.20	%		1.20	%		1.24	%		1.21	%		1.19	%
Ratio of net investment loss to average net assets:
After waivers		(0.15	)%		(0.10	)%		(0.24	)%		(0.15	)%		(0.12	)%		(0.40	)%		(0.35	)%		(0.49	)%		(0.40	)%		(0.37	)%
After waivers and fees paid indirectly		(0.09	)%		(0.09	)%		(0.23	)%		N/A			N/A			(0.34	)%		(0.34	)%		(0.48	)%		N/A			N/A
Before waivers and fees paid indirectly		(0.25	)%		(0.15	)%		(0.33	)%		(0.21	)%		(0.16	)%		(0.50	)%		(0.40	)%		(0.58	)%		(0.46	)%		(0.40	)%
Portfolio turnover rate		77	%		77	%		99	%		140	%		127	%		77	%		77	%		99	%		140	%		127	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment loss	$	0.01		$	—	#	$	0.01		$	—	#	$	—		$	0.01		$	—	#	$	0.01		$	—	#	$	—


*136*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Alliance Quality Bond Portfolio


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2004			2003(e)			2002(e)			2001(e)			2000(e)			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		$	10.19		$	10.12		$	9.77		$	9.52		$	9.09

Income from investment operations:
Net investment income		0.26			0.24			0.32			0.57			0.60			0.23			0.22			0.29			0.51			0.57
Net realized and unrealized gain on investments and foreign currency transactions		0.15			0.12			0.45			0.22			0.44			0.16			0.11			0.46			0.25			0.45

Total from investment operations		0.41			0.36			0.77			0.79			1.04			0.39			0.33			0.75			0.76			1.02

Less distributions:
Dividends from net investment income		(0.27	)		(0.15	)		(0.28	)		(0.53	)		(0.60	)		(0.24	)		(0.13	)		(0.27	)		(0.51	)		(0.59	)
Distributions from realized gains		(0.19	)		(0.13	)		(0.13	)		—			—			(0.19	)		(0.13	)		(0.13	)		—			—

Total dividends and distributions		(0.46	)		(0.28	)		(0.41	)		(0.53	)		(0.60	)		(0.43	)		(0.26	)		(0.40	)		(0.51	)		(0.59	)

Net asset value, end of year	$	10.20		$	10.25		$	10.17		$	9.81		$	9.55		$	10.15		$	10.19		$	10.12		$	9.77		$	9.52

Total return		3.95	%		3.83	%		7.91	%		8.28	%		11.48	%		3.79	%		3.56	%		7.68	%		8.04	%		11.28	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,627,106		$	1,459,282		$	341,209		$	309,097		$	553,109		$	424,156		$	367,273		$	189,680		$	46,843		$	9,159
Ratio of expenses to average net assets		0.56	%		0.58	%		0.62	%		0.60	%		0.59	%		0.81	%		0.83	%		0.87	%		0.85	%		0.84	%
Ratio of net investment income to average net assets		2.55	%		2.35	%		3.16	%		5.31	%		6.34	%		2.30	%		2.10	%		2.91	%		4.97	%		5.98	%
Portfolio turnover rate		659	%		697	%		755	%		301	%		282	%		659	%		697	%		755	%		301	%		282	%


EQ Advisors Trust		*Financial Highlights*		*137*

Financial Highlights (cont’d)

EQ/Alliance Small Cap Growth Portfolio(k)


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2004			2003			2002			2001(e)			2000(e)			2004			2003			2002			2001(e)			2000(e)
Net asset value, beginning of year	$	12.75		$	9.02		$	12.90		$	15.06		$	15.11		$	12.54		$	8.90		$	12.75		$	14.92		$	15.03

Income (loss) from investment operations:
Net investment loss		(0.06	)		(0.02	)		(0.06	)		(0.06	)		(0.07	)		(0.09	)		(0.04	)		(0.08	)		(0.08	)		(0.11	)
Net realized and unrealized gain (loss) on investments		1.88			3.75			(3.82	)		(1.89	)		1.99			1.84			3.68			(3.77	)		(1.88	)		1.97

Total from investment operations		1.82			3.73			(3.88	)		(1.95	)		1.92			1.75			3.64			(3.85	)		(1.96	)		1.86

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

Net asset value, end of year	$	14.57		$	12.75		$	9.02		$	12.90		$	15.06		$	14.29		$	12.54		$	8.90		$	12.75		$	14.92

Total return		14.27	%		41.35	%		(30.08	)%		(13.03	)%		14.12	%		13.96	%		40.90	%		(30.20	)%		(13.28	)%		13.78	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	493,124		$	451,408		$	317,679		$	461,312		$	501,596		$	639,666		$	552,216		$	308,406		$	387,833		$	360,635
Ratio of expenses to average net assets:
After fees paid indirectly		0.73	%		0.78	%		0.81	%		N/A			N/A			0.98	%		1.03	%		1.06	%		N/A			N/A
Before fees paid indirectly		0.81	%		0.82	%		0.83	%		0.81	%		0.84	%		1.06	%		1.07	%		1.08	%		1.06	%		1.09	%
Ratio of net investment loss to average net assets:
After fees paid indirectly		(0.48	)%		(0.21	)%		(0.55	)%		N/A			N/A			(0.73	)%		(0.46	)%		(0.80	)%		N/A			N/A
Before fees paid indirectly		(0.56	)%		(0.25	)%		(0.57	)%		(0.49	)%		(0.37	)%		(0.81	)%		(0.50	)%		(0.82	)%		(0.74	)%		(0.62	)%
Portfolio turnover rate		81	%		114	%		110	%		110	%		142	%		81	%		114	%		110	%		110	%		142	%


*138*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Bears Stearns Small Company Growth Portfolio


	Class IB
	Year Ended December 31,
	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		$		**	$		**	$		**	$		**


EQ Advisors Trust		*Financial Highlights*		*139*

Financial Highlights (cont’d)

EQ/Bernstein Diversified Value Portfolio(g)


	Class IA												Class IB
	Year Ended December 31,									May 18, 2001* to December 31, 2001			Year Ended December 31,
	2004			2003			2002			May 18, 2001* to December 31, 2001			2004			2003			2002			2001			2000
Net asset value, beginning of period	$	12.77		$	10.03		$	11.77		$	12.26		$	12.76		$	10.03		$	11.77		$	11.73		$	12.06

Income from investment operations:
Net investment income		0.20			0.18			0.18			0.11			0.18			0.15			0.14			0.11			0.09
Net realized and unrealized gain (loss) on investments		1.55			2.73			(1.76	)		(0.26	)		1.53			2.73			(1.74	)		0.25			(0.33	)

Total from investment operations		1.75			2.91			(1.58	)		(0.15	)		1.71			2.88			(1.60	)		0.36			(0.24	)

Less distributions:
Dividends from net investment income		(0.22	)		(0.17	)		(0.16	)		(0.13	)		(0.18	)		(0.15	)		(0.14	)		(0.11	)		(0.09	)
Distributions from realized gains		(0.09	)		—			—			(0.21	)		(0.09	)		—			—			(0.21	)		—

Total dividends and distributions		(0.31	)		(0.17	)		(0.16	)		(0.34	)		(0.27	)		(0.15	)		(0.14	)		(0.32	)		(0.09	)

Net asset value, end of period	$	14.21		$	12.77		$	10.03		$	11.77		$	14.20		$	12.76		$	10.03		$	11.77		$	11.73

Total return (b)		13.74	%		29.07	%		(13.42	)%		(1.21	)%		13.46	%		28.73	%		(13.61	)%		3.09	%		(1.94	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	49,292		$	32,274		$	21,214		$	18,000		$	2,006,001		$	1,508,256		$	800,212		$	608,741		$	176,049
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%		0.70	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly (a)		0.70	%		0.70	%		0.69	%		N/A			0.95	%		0.95	%		0.94	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.70	%		0.70	%		0.73	%		0.73	%		0.95	%		0.95	%		0.98	%		0.98	%		0.95	%
Ratio of net investment income to average net assets:
After waivers (a)		1.74	%		1.82	%		1.77	%		1.69	%		1.49	%		1.57	%		1.52	%		1.40	%		0.91	%
After waivers and fees paid indirectly (a)		1.74	%		1.82	%		1.78	%		N/A			1.49	%		1.57	%		1.53	%		N/A			N/A
Before waivers and fees paid indirectly (a)		1.74	%		1.82	%		1.75	%		1.66	%		1.49	%		1.57	%		1.50	%		1.37	%		0.91	%
Portfolio turnover rate		28	%		21	%		13	%		90	%		28	%		21	%		13	%		90	%		33	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—		$	—	#	$	—	#	$	—	#	$	—		$	—	#	$	—	#	$	—	#	$	—


*140*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Boston Advisors Equity Income Portfolio


	Class IA			Class IB
	December 13,2004* to December 31, 2004(e)			Year Ended December 31,
	December 13,2004* to December 31, 2004(e)			2004(e)			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of period	$	5.99		$	5.27		$	4.22		$	5.02		$	5.69		$	5.37

Income from investment operations:
Net investment income		0.01			0.09			0.08			0.07			0.07			0.08
Net realized and unrealized gain (loss) on investments and foreign currency transactions .		0.15			0.85			1.04			(0.81	)		(0.69	)		0.26

Total from investment operations		0.16			0.94			1.12			(0.74	)		(0.62	)		0.34

Less distributions:
Dividends from net investment income		(0.09	)		(0.14	)		(0.07	)		(0.06	)		(0.05	)		(0.02	)

Net asset value, end of period	$	6.06		$	6.07		$	5.27		$	4.22		$	5.02		$	5.69

Total return (b)		1.78	%		17.88	%		26.65	%		(14.76	)%		(10.75	)%		6.45	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	117,151		$	92,294		$	48,094		$	37,716		$	40,506		$	32,829
Ratio of expenses to average net assets:
After waivers (a)		0.80	%(c)		1.05	%		1.05	%		0.90	%		0.88	%		0.88	%
After waivers and fees paid indirectly (a)		0.80	%(c)		1.05	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		0.89	%(c)		1.21	%		1.06	%		0.90	%		0.88	%		0.88	%
Ratio of net investment income to average net assets:
After waivers (a)		1.85	%(c)		1.60	%		1.70	%		1.44	%		1.43	%		1.43	%
After waivers and fees paid indirectly (a)		1.85	%(c)		1.60	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.76	%(c)		1.44	%		1.69	%		1.44	%		1.43	%		1.43	%
Portfolio turnover rate		55	%		55	%		103	%		35	%		36	%		37	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	0.01		$	*	*	$	*	*	$	*	*	$	*	*


EQ Advisors Trust		*Financial Highlights*		*141*

Financial Highlights (cont’d)

EQ/Calvert Socially Responsible Portfolio


	Class IA									Class IB
	Year Ended December 31,						October 2, 2002* to December 31, 2002			Year Ended December 31,
	2004			2003			October 2, 2002* to December 31, 2002			2004			2003			2002			2001			2000
Net asset value, beginning of period	$	7.55		$	5.88		$	5.64		$	7.52		$	5.88		$	7.99		$	9.64		$	10.76

Income (loss) from investment operations:
Net investment loss		—	#		(0.01	)		—	#		(0.01	)		(0.02	)		(0.01	)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss) on investments		0.29			1.68			0.24			0.28			1.66			(2.10	)		(1.37	)		(0.34	)

Total from investment operations		0.29			1.67			0.24			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 period	$	7.84		$	7.55		$	5.88		$	7.79		$	7.52		$	5.88		$	7.99		$	9.64

Total return (b)		3.84	%		28.40	%		4.26	%		3.59	%		27.89	%		(26.41	)%		(14.74	)%		(2.87	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	68		$	65		$	51		$	47,244		$	33,711		$	11,064		$	5,898		$	3,922
Ratio of expenses to average net assets:
After waivers (a)		0.80	%		0.80	%		0.80	%		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
After waivers and fees paid indirectly (a)		0.75	%		0.75	%		0.70	%		1.00	%		1.00	%		0.95	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.94	%		1.20	%		1.82	%		1.19	%		1.45	%		2.07	%		2.36	%		2.37	%
Ratio of net investment loss to average net assets:
After waivers (a)		—	%‡‡		(0.20	)%		(0.13	)%		(0.25	)%		(0.45	)%		(0.38	)%		(0.33	)%		(0.11	)%
After waivers and fees paid indirectly (a)		0.05	%		(0.15	)%		(0.03	)%		(0.20	)%		(0.40	)%		(0.28	)%		N/A			N/A
Before waivers and fees paid indirectly (a)		(0.14	)%		(0.60	)%		(1.15	)%		(0.39	)%		(0.85	)%		(1.40	)%		(1.64	)%		(1.43	)%
Portfolio turnover rate		38	%		54	%		130	%		38	%		54	%		130	%		46	%		81	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment loss	$	0.01		$	0.03		$	0.02		$	0.01		$	0.02		$	0.04		$	0.08		$	0.10


*142*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Capital Guardian Growth Portfolio


	Class IA									Class IB
	Year Ended December 31,						October 2, 2002* to December 31, 2002			Year Ended December 31,
	2004			2003			October 2, 2002* to December 31, 2002			2004			2003			2002			2001			2000
Net asset value, beginning of period	$	11.84		$	9.56		$	9.28		$	11.87		$	9.58		$	13.03		$	17.24		$	21.41

Income (loss) from investment operations:
Net investment income (loss)		0.12			0.04			0.01			0.09			0.01			0.01			—	#		(0.04	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.57			2.28			0.31			0.56			2.29			(3.45	)		(4.21	)		(3.70	)

Total from investment operations		0.69			2.32			0.32			0.65			2.30			(3.44	)		(4.21	)		(3.74	)

Less distributions:
Dividends from net investment income		(0.10	)		(0.04	)		(0.04	)		(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 period	$	12.43		$	11.84		$	9.56		$	12.46		$	11.87		$	9.58		$	13.03		$	17.24

Total return (b)		5.81	%		24.27	%		3.46	%		5.53	%		24.05	%		(26.39	)%		(24.42	)%		(17.79	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	126		$	117		$	51		$	254,282		$	263,715		$	199,462		$	299,380		$	397,968
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly (a)		0.42	%		0.68	%		0.67	%		0.67	%		0.93	%		0.92	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.74	%		0.78	%		0.77	%		0.99	%		1.03	%		1.02	%		0.98	%		0.97	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.71	%		0.35	%		0.33	%		0.46	%		0.10	%		0.08	%		(0.02	)%		(0.25	)%
After waivers and fees paid indirectly (a)		0.99	%		0.37	%		0.36	%		0.74	%		0.12	%		0.11	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.67	%		0.27	%		0.26	%		0.42	%		0.02	%		0.01	%		(0.05	)%		(0.23	)%
Portfolio turnover rate		133	%		62	%		147	%		133	%		62	%		147	%		95	%		81	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income (loss)	$	—	#	$	0.01		$	—	#	$	—	#	$	0.01		$	0.01		$	0.01		$	—


EQ Advisors Trust		*Financial Highlights*		*143*

Financial Highlights (cont’d)

EQ/Capital Guardian International Portfolio


	Class IA									Class IB
	Year Ended December 31,						March 25, 2002* to December 31, 2002			Year Ended December 31,
	2004			2003			March 25, 2002* to December 31, 2002			2004			2003			2002			2001			2000
Net asset value, beginning of period	$	9.64		$	7.35		$	8.77		$	9.64		$	7.35		$	8.77		$	11.28		$	14.10

Income from investment operations:
Net investment income		0.09			0.07			0.05			0.08			0.05			0.06			0.04			0.10
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.24			2.34			(1.35	)		1.23			2.34			(1.37	)		(2.38	)		(2.68	)

Total from investment operations		1.33			2.41			(1.30	)		1.31			2.39			(1.31	)		(2.34	)		(2.58	)

Less distributions:
Dividends from net investment income		(0.17	)		(0.12	)		(0.12	)		(0.14	)		(0.10	)		(0.11	)		(0.14	)		(0.07	)
Distributions from realized gains		—			—			—			—			—			—			(0.03	)		(0.17	)

Total dividends and distributions		(0.17	)		(0.12	)		(0.12	)		(0.14	)		(0.10	)		(0.11	)		(0.17	)		(0.24	)

Net asset value, end of period	$	10.80		$	9.64		$	7.35		$	10.81		$	9.64		$	7.35		$	8.77		$	11.28

Total return (b)		13.86	%		33.05	%		(14.81	)%		13.68	%		32.54	%		(15.00	)%		(20.89	)%		(19.19	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	74,741		$	320		$	84		$	609,846		$	357,162		$	125,521		$	101,683		$	110,486
Ratio of expenses to average net assets:
After waivers (a)		0.95	%		0.95	%		0.95	%		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
After waivers and fees paid indirectly (a)		0.92	%		0.93	%		0.92	%		1.17	%		1.18	%		1.17	%		N/A			N/A
Before waivers and fees paid indirectly (a)		1.02	%		1.06	%		1.14	%		1.27	%		1.31	%		1.39	%		1.39	%		1.28	%
Ratio of net investment income to average net assets:
After waivers (a)		0.98	%		0.90	%		0.76	%		0.73	%		0.65	%		0.51	%		0.39	%		0.37	%
After waivers and fees paid indirectly (a)		1.01	%		0.92	%		0.79	%		0.76	%		0.67	%		0.54	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.91	%		0.79	%		0.57	%		0.66	%		0.54	%		0.32	%		0.20	%		0.29	%
Portfolio turnover rate		19	%		12	%		23	%		19	%		12	%		23	%		38	%		26	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.01		$	0.01		$	0.01		$	0.01		$	0.01		$	0.02		$	0.02


*144*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Capital Guardian Research Portfolio(i)


	Class IA									Class IB
	Year Ended December 31,						March 25, 2002* to December 31, 2002			Year Ended December 31,
	2004(e)			2003			March 25, 2002* to December 31, 2002			2004(e)			2003			2002			2001			2000
Net asset value, beginning of period	$	10.75		$	8.22		$	10.84		$	10.76		$	8.22		$	10.93		$	11.18		$	10.69

Income from investment operations:
Net investment income		0.10			0.05			0.11			0.07			0.03			0.04			0.02			0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.11			2.54			(2.71	)		1.10			2.55			(2.73	)		(0.25	)		0.59

Total from investment operations		1.21			2.59			(2.60	)		1.17			2.58			(2.69	)		(0.23	)		0.63

Less distributions:
Dividends from net investment income		(0.10	)		(0.06	)		(0.02	)		(0.07	)		(0.04	)		(0.02	)		(0.02	)		(0.04	)
Distributions from realized gains		—			—			—			—			—			—			—			(0.10	)

Total dividends and distributions		(0.10	)		(0.06	)		(0.02	)		(0.07	)		(0.04	)		(0.02	)		(0.02	)		(0.14	)

Net asset value, end of period	$	11.86		$	10.75		$	8.22		$	11.86		$	10.76		$	8.22		$	10.93		$	11.18

Total return (b)		11.28	%		31.55	%		(23.94	)%		10.89	%		31.41	%		(24.62	)%		(2.04	)%		5.92	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	523		$	210		$	82		$	1,028,221		$	877,404		$	563,396		$	111,944		$	77,959
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly (a)		0.65	%		0.68	%		0.18	%		0.90	%		0.93	%		0.43	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.70	%		0.72	%		0.81	%		0.95	%		0.97	%		1.06	%		1.05	%		1.06	%
Ratio of net investment income to average net assets:
After waivers (a)		0.82	%		0.63	%		0.75	%		0.57	%		0.38	%		0.50	%		0.26	%		0.47	%
After waivers and fees paid indirectly (a)		0.87	%		0.65	%		1.27	%		0.62	%		0.40	%		1.02	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.82	%		0.61	%		0.64	%		0.57	%		0.36	%		0.39	%		0.16	%		0.37	%
Portfolio turnover rate		20	%		24	%		222	%		20	%		24	%		222	%		30	%		38	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	—	#	$	0.01		$	—	#	$	—	#	$	—	#	$	0.01		$	0.01


EQ Advisors Trust		*Financial Highlights*		*145*

Financial Highlights (cont’d)

EQ/Capital Guardian U.S. Equity Portfolio(l)


	Class IA									Class IB
	Year Ended December 31,						March 25, 2002* to December 31, 2002			Year Ended December 31,
	2004			2003			March 25, 2002* to December 31, 2002			2004			2003			2002			2001			2000
Net asset value, beginning of period	$	10.57		$	7.77		$	10.12		$	10.57		$	7.77		$	10.22		$	10.46		$	10.32

Income from investment operations:
Net investment income		0.06			0.03			0.05			0.05			0.02			0.03			0.03			0.05
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.95			2.82			(2.35	)		0.93			2.81			(2.45	)		(0.24	)		0.30

Total from investment operations		1.01			2.85			(2.30	)		0.98			2.83			(2.42	)		(0.21	)		0.35

Less distributions:
Dividends from net investment income		(0.08	)		(0.05	)		(0.05	)		(0.05	)		(0.03	)		(0.03	)		(0.03	)		(0.05	)
Distributions from realized gains		—			—			—			—			—			—			—	#		(0.16	)

Total dividends and distributions		(0.08	)		(0.05	)		(0.05	)		(0.05	)		(0.03	)		(0.03	)		(0.03	)		(0.21	)

Net asset value, end of period	$	11.50		$	10.57		$	7.77		$	11.50		$	10.57		$	7.77		$	10.22		$	10.46

Total return (b)		9.58	%		36.72	%		(22.77	)%		9.30	%		36.38	%		(23.68	)%		(2.01	)%		3.56	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,152		$	1,359		$	93		$	1,040,979		$	752,983		$	273,334		$	198,364		$	136,485
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly (a)		0.68	%		0.68	%		0.66	%		0.93	%		0.93	%		0.91	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.70	%		0.72	%		0.77	%		0.95	%		0.97	%		1.02	%		1.01	%		1.01	%
Ratio of net investment income to average net assets:
After waivers (a)		0.74	%		0.60	%		0.68	%		0.49	%		0.35	%		0.43	%		0.32	%		0.60	%
After waivers and fees paid indirectly (a)		0.76	%		0.62	%		0.72	%		0.51	%		0.37	%		0.47	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.74	%		0.58	%		0.61	%		0.49	%		0.33	%		0.36	%		0.26	%		0.54	%
Portfolio turnover rate		19	%		15	%		30	%		19	%		15	%		30	%		36	%		43	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	—	#	$	—	#	$	—	#	$	—	#	$	—	#	$	—	#	$	0.01


*146*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Caywood-Scholl High-Yield Bond Portfolio


	Class IB
	Year Ended December 31,
	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		$	*	*	$	*	*	$	*	*	$	*	*


EQ Advisors Trust		*Financial Highlights*		*147*

Financial Highlights (cont’d)

EQ/Enterprise Managed Portfolio


	Class IB
	Year Ended December 31,
	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		$		**	$		**	$		**	$		**


*148*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Equity 500 Index Portfolio(f)


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2004			2003			2002			2001(e)			2000(e)			2004			2003			2002			2001(e)			2000 (e)
Net asset value, beginning of year	$	21.38		$	16.92		$	22.05		$	25.34		$	29.57		$	21.28		$	16.84		$	21.95		$	25.22		$	29.50

Income from investment operations:
Net investment income		0.39			0.28			0.26			0.26			0.25			0.31			0.19			0.18			0.20			0.16
Net realized and unrealized gain (loss) on investments		1.85			4.47			(5.15	)		(3.28	)		(3.13	)		1.86			4.49			(5.09	)		(3.26	)		(3.11	)

Total from investment operations		2.24			4.75			(4.89	)		(3.02	)		(2.88	)		2.17			4.68			(4.91	)		(3.06	)		(2.95	)

Less distributions:
Dividends from net investment income		(0.38	)		(0.29	)		(0.22	)		(0.25	)		(0.19	)		(0.32	)		(0.24	)		(0.18	)		(0.19	)		(0.17	)
Distributions from realized gains		—			—			(0.02	)		(0.02	)		(1.16	)		—			—			(0.02	)		(0.02	)		(1.16	)

Total dividends and distributions		(0.38	)		(0.29	)		(0.24	)		(0.27	)		(1.35	)		(0.32	)		(0.24	)		(0.20	)		(0.21	)		(1.33	)

Net asset value, end of year	$	23.24		$	21.38		$	16.92		$	22.05		$	25.34		$	23.13		$	21.28		$	16.84		$	21.95		$	25.22

Total return		10.50	%		28.14	%		(22.19	)%		(11.95	)%		(9.58	)%		10.21	%		27.83	%		(22.39	)%		(12.15	)%		(9.81	)%

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		$	1,951,348		$	1,589,054		$	860,185		$	925,533		$	928,578
Ratio of expenses to average net assets		0.30	%		0.31	%		0.32	%		0.31	%		0.32	%		0.55	%		0.56	%		0.57	%		0.56	%		0.57	%
Ratio of net investment income to average net assets		1.75	%		1.48	%		1.30	%		1.08	%		0.87	%		1.50	%		1.23	%		1.05	%		0.83	%		0.58	%
Portfolio turnover rate		1	%		—	‡%		8	%		3	%		17	%		1	%		—	‡%		8	%		3	%		17	%


EQ Advisors Trust		*Financial Highlights*		*149*

Financial Highlights (cont’d)

EQ/Evergreen Omega Portfolio


	Class IA									Class IB
	Year Ended December 31,						October 2, 2002* to December 31,			Year Ended December 31,
	2004			2003			2002			2004			2003			2002			2001			2000
Net asset value, beginning of period	$	8.41		$	6.08		$	5.98		$	8.39		$	6.07		$	7.99		$	9.63		$	10.93

Income (loss) from investment operations:
Net investment income (loss)		0.05			—	#		0.01			0.03			(0.01	)		—	#		(0.02	)		0.02
Net realized and unrealized gain on investments		0.57			2.33			0.09			0.55			2.33			(1.92	)		(1.62	)		(1.30	)

Total from investment operations		0.62			2.33			0.10			0.58			2.32			(1.92	)		(1.64	)		(1.28	)

Less distributions:
Dividends from net investment income		(0.05	)		—			—			(0.02	)		—			—			—	#		(0.02	)

Net asset value, end of period	$	8.98		$	8.41		$	6.08		$	8.95		$	8.39		$	6.07		$	7.99		$	9.63

Total return (b)		7.35	%		38.55	%		1.51	%		6.97	%		38.22	%		(24.03	)%		(17.02	)%		(11.66	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	89		$	75		$	50		$	193,160		$	109,660		$	25,146		$	13,506		$	8,676
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%		0.95	%		0.95	%		0.95	%		0.95	%		0.98	%
After waivers and fees paid indirectly (a)		0.32	%		0.59	%		0.51	%		0.57	%		0.84	%		0.76	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.76	%		0.90	%		1.29	%		1.01	%		1.15	%		1.54	%		1.89	%		1.76	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.27	%		(0.19	)%		(0.04	)%		0.02	%		(0.44	)%		(0.29	)%		(0.29	)%		0.31	%
After waivers and fees paid indirectly (a)		0.65	%		(0.08	)%		0.15	%		0.40	%		(0.33	)%		(0.10	)%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.21	%		(0.39	)%		(0.64	)%		(0.04	)%		(0.64	)%		(0.89	)%		(1.23	)%		(0.47	)%
Portfolio turnover rate		160	%		161	%		177	%		160	%		161	%		177	%		227	%		115	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income (loss)	$	—	#	$	0.01		$	0.01		$	0.01		$	0.01		$	0.03		$	0.06		$	0.04


*150*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/FI Mid Cap Portfolio


	Class IA									Class IB
	Year Ended December 31,						March 25, *2002 to December 31, 2002**			Year Ended December 31,												September 1, 2000* to December 31, 2000
	2004			2003			March 25, *2002 to December 31, 2002**			2004			2003			2002			2001			September 1, 2000* to December 31, 2000
Net asset value, beginning of period	$	10.20		$	7.08		$	8.57		$	10.15		$	7.07		$	8.67		$	10.02		$	10.00

Income from investment operations:
Net investment income		0.05			0.01			0.01			0.04			(0.01	)		—	#		0.01			0.01
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.59			3.11			(1.50	)		1.57			3.09			(1.60	)		(1.35	)		0.03

Total from investment operations		1.64			3.12			(1.49	)		1.61			3.08			(1.60	)		(1.34	)		0.04

Less distributions:
Dividends from net investment income		(0.07	)		—			—	#		(0.04	)		—			—	#		(0.01	)		(0.02	)
Distributions from realized gains		(0.64	)		—			—			(0.64	)		—			—			—			—

Total dividends and distributions		(0.71	)		—			—	#		(0.68	)		—			—	#		(0.01	)		(0.02	)

Net asset value, end of period	$	11.13		$	10.20		$	7.08		$	11.08		$	10.15		$	7.07		$	8.67		$	10.02

Total return (b)		16.32	%		44.07	%		(17.37	)%		16.01	%		43.56	%		(18.44	)%		(13.42	)%		0.46	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	7,931		$	2,835		$	106		$	1,161,685		$	792,096		$	279,947		$	177,447		$	45,790
Ratio of expenses to average net assets:
After waivers (a)		0.75	%		0.75	%		0.75	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
After waivers and fees paid indirectly (a)		0.71	%		0.63	%		0.66	%		0.96	%		0.88	%		0.91	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.76	%		0.78	%		0.83	%		1.01	%		1.03	%		1.08	%		1.22	%		1.23	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.62	%		0.04	%		0.02	%		0.37	%		(0.21	)%		(0.23	)%		0.26	%		1.17	%
After waivers and fees paid indirectly (a)		0.66	%		0.16	%		0.11	%		0.41	%		(0.09	)%		(0.14	)%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.61	%		0.01	%		(0.06	)%		0.36	%		(0.24	)%		(0.31	)%		0.04	%		0.94	%
Portfolio turnover rate		123	%		159	%		214	%		123	%		159	%		214	%		231	%		42	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income (loss)	$	—	#	$	—	#	$	—	#	$	—	#	$	—	#	$	—	#	$	0.01		$	—


EQ Advisors Trust		*Financial Highlights*		*151*

Financial Highlights (cont’d)

EQ/FI Small/Mid Cap Value Portfolio


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2004(e)			2003			2002			2001			2000(e)			2004(e)			2003			2002			2001			2000(e)
Net asset value, beginning of year	$	13.09		$	9.85		$	11.61		$	11.21		$	10.76		$	13.08		$	9.84		$	11.61		$	11.22		$	10.78

Income from investment operations:
Net investment income		0.03			0.09			0.11			0.12			0.10			—	#		0.06			0.07			0.06			0.12
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.20			3.22			(1.79	)		0.36			0.48			2.19			3.22			(1.78	)		0.39			0.43

Total from investment operations		2.23			3.31			(1.68	)		0.48			0.58			2.19			3.28			(1.71	)		0.45			0.55

Less distributions:
Dividends from net investment income		—			(0.07	)		(0.08	)		(0.08	)		(0.13	)		—			(0.04	)		(0.06	)		(0.06	)		(0.11	)
Distributions from realized gains		(1.27	)		—			—			—			—			(1.27	)		—			—			—			—

Total dividends and distributions		(1.27	)		(0.07	)		(0.08	)		(0.08	)		(0.13	)		(1.27	)		(0.04	)		(0.06	)		(0.06	)		(0.11	)

Net asset value, end of year	$	14.05		$	13.09		$	9.85		$	11.61		$	11.21		$	14.00		$	13.08		$	9.84		$	11.61		$	11.22

Total return		18.14	%		33.58	%		(14.49	)%		4.29	%		5.48	%		17.84	%		33.36	%		(14.77	)%		4.04	%		5.13	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	8,178		$	26,522		$	18,779		$	18,087		$	7,269		$	1,438,673		$	1,097,892		$	646,958		$	429,560		$	153,232
Ratio of expenses to average net assets:
After waivers		0.82	%		0.85	%		0.85	%		0.85	%		0.82	%(c)		1.07	%		1.10	%		1.10	%		1.10	%		1.07	%(c)
After waivers and fees paid indirectly		0.80	%		0.79	%		0.83	%		N/A			N/A			1.05	%		1.04	%		1.08	%		N/A			N/A
Before waivers and fees paid indirectly		0.82	%		0.85	%		0.85	%		0.86	%		0.87	%(c)		1.07	%		1.10	%		1.10	%		1.11	%		1.12	%(c)
Ratio of net investment income to average net assets:
After waivers		0.21	%		0.75	%		1.00	%		1.28	%		1.42	%(c)		(0.04	)%		0.50	%		0.75	%		1.03	%		1.17	%(c)
After waivers and fees paid indirectly		0.23	%		0.81	%		1.02	%		N/A			N/A			(0.02	)%		0.56	%		0.77	%		N/A			N/A
Before waivers and fees paid indirectly		0.21	%		0.75	%		1.00	%		1.27	%		1.37	%(c)		(0.04	)%		0.50	%		0.75	%		1.02	%		1.12	%(c)
Portfolio turnover rate		74	%		160	%		98	%		106	%		196	%		74	%		160	%		98	%		106	%		196	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—	#	$	0.01		$	—		$	—		$	—		$	—	#	$	—


*152*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Government Securities Portfolio


	Class IA
	Year Ended December 31,
	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	%


EQ Advisors Trust		*Financial Highlights*		*153*

Financial Highlights (cont’d)

EQ/Intermediate Term Bond Portfolio


	Class IA
	Year Ended December 31,
	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	$	—	#	$	*	*	$	*	*	$	*	*	$	*	*


*154*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/International Growth Portfolio


	Class IB
	Year Ended December 31,
	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	%


EQ Advisors Trust		*Financial Highlights*		*155*

Financial Highlights (cont’d)

EQ/Janus Large Cap Growth Portfolio


	Class IA									Class IB
	Year Ended December 31,						March 25, 2002* to December 31, 2002			Year Ended December 31,												September 1, 2000* to December 31, 2000
	2004			2003			March 25, 2002* to December 31, 2002			2004			2003			2002			2001			September 1, 2000* to December 31, 2000
Net asset value, beginning of period	$	5.71		$	4.53		$	6.22		$	5.69		$	4.52		$	6.49		$	8.42		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.03			—	#		—	#		0.01			—	#		(0.01	)		(0.01	)		—	#
Net realized and unrealized gain (loss) on investments		0.68			1.18			(1.69	)		0.68			1.17			(1.96	)		(1.92	)		(1.57	)

Total from investment operations		0.71			1.18			(1.69	)		0.69			1.17			(1.97	)		(1.93	)		(1.57	)

Less distributions:
Dividends from net investment income		(0.03	)		—			—			(0.01	)		—			—			—	#		(0.01	)

Net asset value, end of period	$	6.39		$	5.71		$	4.53		$	6.37		$	5.69		$	4.52		$	6.49		$	8.42

Total return (b)		12.46	%		26.05	%		(27.17	)%		12.22	%		25.88	%		(30.35	)%		(22.91	)%		(15.70	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	206		$	152		$	72		$	312,237		$	260,330		$	161,566		$	163,096		$	55,402
Ratio of expenses to average net assets:
After waivers (a)		0.90	%		0.90	%		0.90	%		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Before waivers (a)		0.98	%		0.99	%		1.01	%		1.23	%		1.24	%		1.26	%		1.29	%		1.37	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.51	%		0.03	%		0.03	%		0.26	%		(0.22	)%		(0.22	)%		(0.27	)%		0.65	%
Before waivers (a)		0.43	%		(0.06	)%		(0.08	)%		0.18	%		(0.31	)%		(0.33	)%		(0.41	)%		0.43	%
Portfolio turnover rate		64	%		42	%		45	%		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		$	—	#


*156*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/J.P. Morgan Core Bond Portfolio


	Class IA									Class IB
	Year Ended December 31,						March 25, 2002* to December 31, 2002			Year Ended December 31,
	2004(e)			2003(e)			March 25, 2002* to December 31, 2002			2004(e)			2003(e)			2002			2001			2000
Net asset value, beginning of period	$	11.18		$	11.19		$	10.77		$	11.19		$	11.19		$	10.76		$	10.51		$	9.92

Income from investment operations:
Net investment income		0.33			0.34			0.41			0.30			0.31			0.40			0.46			0.54
Net realized and unrealized gain on investments and foreign currency transactions		0.15			0.06			0.61			0.15			0.08			0.61			0.45			0.61

Total from investment operations		0.48			0.40			1.02			0.45			0.39			1.01			0.91			1.15

Less distributions:
Dividends from net investment income		(0.32	)		(0.34	)		(0.43	)		(0.29	)		(0.32	)		(0.41	)		(0.46	)		(0.56	)
Distributions from realized gains		(0.20	)		(0.07	)		(0.17	)		(0.20	)		(0.07	)		(0.17	)		(0.20	)		—

Total dividends and distributions		(0.52	)		(0.41	)		(0.60	)		(0.49	)		(0.39	)		(0.58	)		(0.66	)		(0.56	)

Net asset value, end of period	$	11.14		$	11.18		$	11.19		$	11.15		$	11.19		$	11.19		$	10.76		$	10.51

Total return (b)		4.31	%		3.62	%		9.53	%		4.13	%		3.38	%		9.52	%		7.95	%		11.55	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	5,715		$	2,122		$	131		$	1,208,076		$	1,081,959		$	768,461		$	429,056		$	233,916
Ratio of expenses to average net assets:
After waivers (a)		0.50	%		0.52	%		0.55	%		0.75	%		0.77	%		0.80	%		0.80	%		0.80	%
Before waivers (a)		0.50	%		0.52	%		0.55	%		0.75	%		0.77	%		0.80	%		0.81	%		0.81	%
Ratio of net investment income to average net assets:
After waivers (a)		2.93	%		2.98	%		4.77	%		2.68	%		2.73	%		4.52	%		5.18	%		5.92	%
Before waivers (a)		2.93	%		2.98	%		4.77	%		2.68	%		2.73	%		4.52	%		5.17	%		5.91	%
Portfolio turnover rate		560	%		464	%		166	%		560	%		464	%		166	%		211	%		185	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	—		$	—		$	—	#	$	—


EQ Advisors Trust		*Financial Highlights*		*157*

Financial Highlights (cont’d)

EQ/JP Morgan Value Opportunities Portfolio


	Class IA									Class IB
	Year Ended December 31,						October 2, 2002* to December 31, 2002			Year Ended December 31,
	2004			2003			October 2, 2002* to December 31, 2002			2004			2003			2002			2001			2000
Net asset value, beginning of period	$	11.23		$	8.97		$	8.41		$	11.26		$	8.99		$	11.28		$	12.22		$	11.56

Income from investment operations:
Net investment income		0.19			0.15			0.04			0.17			0.14			0.13			0.11			0.12
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.07			2.27			0.68			1.04			2.27			(2.28	)		(0.94	)		0.66

Total from investment operations		1.26			2.42			0.72			1.21			2.41			(2.15	)		(0.83	)		0.78

Less distributions:
Dividends from net investment income		(0.19	)		(0.16	)		(0.16	)		(0.15	)		(0.14	)		(0.14	)		(0.11	)		(0.12	)

Net asset value, end of period	$	12.30		$	11.23		$	8.97		$	12.32		$	11.26		$	8.99		$	11.28		$	12.22

Total return (b)		11.21	%		27.04	%		8.55	%		10.81	%		26.81	%		(19.07	)%		(6.73	)%		6.69	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	129		$	108		$	53		$	642,993		$	613,776		$	470,799		$	589,382		$	564,610
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%		0.95	%		0.95	%		0.95	%		0.95	%		0.92	%
After waivers and fees paid indirectly (a)		0.51	%		0.68	%		0.69	%		0.76	%		0.93	%		0.94	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.70	%		0.70	%		0.70	%		0.95	%		0.95	%		0.95	%		0.95	%		0.92	%
Ratio of net investment income to average net assets:
After waivers (a)		1.53	%		1.67	%		1.54	%		1.28	%		1.42	%		1.29	%		1.01	%		1.05	%
After waivers and fees paid indirectly (a)		1.72	%		1.69	%		1.55	%		1.47	%		1.44	%		1.30	%		N/A			N/A
Before waivers and fees paid indirectly (a)		1.53	%		1.67	%		1.54	%		1.28	%		1.42	%		1.29	%		1.01	%		1.05	%
Portfolio turnover rate		91	%		43	%		42	%		91	%		43	%		42	%		89	%		87	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	—		$	—	#	$	—	#	$	—


*158*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Lazard Small Cap Value Portfolio


	Class IA									Class IB
	Year Ended December 31,						October 2, 2002* to December 31, 2002			Year Ended December 31,
	2004			2003(e)			October 2, 2002* to December 31, 2002			2004			2003(e)			2002			2001			2000
Net asset value, beginning of period	$	13.29		$	9.76		$	9.25		$	13.30		$	9.77		$	11.52		$	10.76		$	9.32

Income from investment operations:
Net investment income		0.07			0.10			0.02			0.03			0.06			0.03			0.05			0.03
Net realized and unrealized gain (loss) on investments		2.20			3.55			0.53			2.19			3.57			(1.61	)		1.82			1.68

Total from investment operations		2.27			3.65			0.55			2.22			3.63			(1.58	)		1.87			1.71

Less distributions:
Dividends from net investment income		(0.05	)		(0.06	)		(0.04	)		(0.01	)		(0.04	)		(0.02	)		(0.04	)		(0.02	)
Distributions from realized gains		(1.49	)		(0.06	)		—			(1.49	)		(0.06	)		(0.15	)		(1.07	)		(0.25	)

Total dividends and distributions		(1.54	)		(0.12	)		(0.04	)		(1.50	)		(0.10	)		(0.17	)		(1.11	)		(0.27	)

Net asset value, end of period	$	14.02		$	13.29		$	9.76		$	14.02		$	13.30		$	9.77		$	11.52		$	10.76

Total return (b)		17.45	%		37.69	%		5.97	%		17.06	%		37.42	%		(13.87	)%		17.74	%		18.56	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	281,509		$	177,723		$	57		$	1,042,729		$	689,540		$	298,035		$	175,167		$	107,433
Ratio of expenses to average net assets:
After waivers (a)		0.80	%		0.85	%		0.85	%		1.05	%		1.10	%		1.10	%		1.10	%		1.12	%
After waivers and fees paid indirectly (a)		0.61	%		0.75	%		0.81	%		0.86	%		1.00	%		1.06	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.80	%		0.85	%		0.86	%		1.05	%		1.10	%		1.11	%		1.13	%		1.15	%
Ratio of net investment income to average net assets:
After waivers (a)		0.37	%		0.70	%		0.64	%		0.12	%		0.45	%		0.39	%		0.54	%		0.31	%
After waivers and fees paid indirectly (a)		0.56	%		0.80	%		0.68	%		0.31	%		0.55	%		0.43	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.37	%		0.70	%		0.63	%		0.12	%		0.45	%		0.38	%		0.51	%		0.28	%
Portfolio turnover rate		96	%		69	%		86	%		96	%		69	%		86	%		91	%		69	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—	#	$	—		$	—		$	—	#	$	—	#	$	—


EQ Advisors Trust		*Financial Highlights*		*159*

Financial Highlights (cont’d)

EQ/Long Term Bond Portfolio


	Class IA
	Year Ended December 31,
	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	$	—	#	$	*	*	$	*	*	$	*	*	$	*	*


*160*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Marsico Focus Portfolio


	Class IA									Class IB
	Year Ended December 31,						October 2, 2002* to December 31, 2002			Year Ended December 31,									August 31, 2001* to December 31, 2001
	2004			2003			October 2, 2002* to December 31, 2002			2004			2003			2002			August 31, 2001* to December 31, 2001
Net asset value, beginning of period	$	13.24		$	10.07		$	10.43		$	13.20		$	10.07		$	11.39		$	10.00

Income from investment operations:
Net investment income (loss)		0.01			—	#		—	#		(0.02	)		(0.02	)		(0.01	)		—	#
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.42			3.17			(0.36	)		1.41			3.15			(1.30	)		1.39

Total from investment operations		1.43			3.17			(0.36	)		1.39			3.13			(1.31	)		1.39

Less distributions:
Distributions from realized gains		—			—			—			—			—			(0.01	)		—

Net asset value, end of period	$	14.67		$	13.24		$	10.07		$	14.59		$	13.20		$	10.07		$	11.39

Total return (b)		10.80	%		31.48	%		(3.45	)%		10.53	%		31.08	%		(11.51	)%		13.90	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	579,357		$	338,365		$	77		$	1,257,708		$	903,595		$	203,596		$	9,292
Ratio of expenses to average net assets:
After waivers (a)		0.90	%		0.90	%		0.90	%		1.15	%		1.15	%		1.15	%		1.15	%
After waivers and fees paid indirectly (a)		0.87	%		0.85	%		0.85	%		1.12	%		1.10	%		1.10	%		N/A
Before waivers and fees paid indirectly (a)		0.94	%		0.97	%		1.08	%		1.19	%		1.22	%		1.33	%		3.59	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.05	%		(0.07	)%		(0.11	)%		(0.20	)%		(0.32	)%		(0.36	)%		(0.13	)%
After waivers and fees paid indirectly (a)		0.08	%		(0.02	)%		(0.06	)%		(0.17	)%		(0.27	)%		(0.31	)%		N/A
Before waivers and fees paid indirectly (a)		0.01	%		(0.14	)%		(0.29	)%		(0.24	)%		(0.39	)%		(0.54	)%		(2.57	)%
Portfolio turnover rate		96	%		72	%		140	%		96	%		72	%		140	%		22	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	—	#	$	—	#	$	0.01		$	—	#	$	0.02		$	—


EQ Advisors Trust		*Financial Highlights*		*161*

Financial Highlights (cont’d)

EQ/Mercury Basic Value Equity Portfolio


	Class IA									Class IB
	Year Ended December 31,						October 2, 2002* to December 31, 2002			Year Ended December 31,
	2004(e)			2003(e)			October 2, 2002* to December 31, 2002			2004(e)			2003(e)			2002			2001			2000
Net asset value, beginning of period	$	14.71		$	11.27		$	10.10		$	14.74		$	11.29		$	13.77		$	13.85		$	13.76

Income from investment operations:
Net investment income		0.17			0.14			0.04			0.13			0.10			0.08			0.10			0.21
Net realized and unrealized gain (loss) on investments		1.42			3.40			1.24			1.41			3.42			(2.35	)		0.65			1.33

Total from investment operations		1.59			3.54			1.28			1.54			3.52			(2.27	)		0.75			1.54

Less distributions:
Dividends from net investment income		(0.16	)		(0.10	)		(0.11	)		(0.12	)		(0.07	)		(0.08	)		(0.10	)		(0.21	)
Distributions from realized gains		(0.66	)		—			—			(0.66	)		—			(0.13	)		(0.73	)		(1.24	)

Total dividends and distributions		(0.82	)		(0.10	)		(0.11	)		(0.78	)		(0.07	)		(0.21	)		(0.83	)		(1.45	)

Net asset value, end of period	$	15.48		$	14.71		$	11.27		$	15.50		$	14.74		$	11.29		$	13.77		$	13.85

Total return (b)		10.89	%		31.57	%		12.54	%		10.52	%		31.28	%		(16.68	)%		5.49	%		11.81	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	636,240		$	355,625		$	71		$	1,459,792		$	1,137,826		$	680,559		$	613,150		$	392,035
Ratio of expenses to average net assets:
After waivers (a)		N/A			0.67	%		0.70	%		N/A			0.92	%		0.95	%		0.95	%		0.92	%
After waivers and fees paid indirectly (a)		0.61	%		0.66	%		0.69	%		0.86	%		0.91	%		0.94	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.63	%		0.67	%		0.70	%		0.88	%		0.92	%		0.95	%		0.95	%		0.93	%
Ratio of net investment income to average net assets:
After waivers (a)		N/A			1.04	%		0.97	%		N/A			0.79	%		0.72	%		0.85	%		1.56	%
After waivers and fees paid indirectly (a)		1.12	%		1.05	%		0.98	%		0.87	%		0.80	%		0.73	%		N/A			N/A
Before waivers and fees paid indirectly (a)		1.10	%		1.04	%		0.97	%		0.85	%		0.79	%		0.72	%		0.85	%		1.55	%
Portfolio turnover rate		49	%		34	%		39	%		49	%		34	%		39	%		64	%		81	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	—		$	—		$	—	#	$	—


*162*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Mercury International Value Portfolio(j)


	Class IA									Class IB
	Year Ended December 31,						March 25, 2002* to December 31, 2002			Year Ended December 31,
	2004(e)			2003(e)			March 25, 2002* to December 31, 2002			2004(e)			2003(e)			2002			2001			2000
Net asset value, beginning of period	$	10.86		$	8.66		$	10.52		$	10.86		$	8.66		$	10.46		$	13.44		$	19.35

Income from investment operations:
Net investment income		0.17			0.14			0.07			0.14			0.11			0.06			0.08			0.27
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.21			2.30			(1.85	)		2.21			2.31			(1.80	)		(2.98	)		(2.71	)

Total from investment operations		2.38			2.44			(1.78	)		2.35			2.42			(1.74	)		(2.90	)		(2.44	)

Less distributions:
Dividends from net investment income		(0.21	)		(0.24	)		(0.08	)		(0.18	)		(0.22	)		(0.06	)		(0.06	)		(0.19	)
Distributions from realized gains		—			—			—			—			—			—			(0.02	)		(3.28	)

Total dividends and distributions		(0.21	)		(0.24	)		(0.08	)		(0.18	)		(0.22	)		(0.06	)		(0.08	)		(3.47	)

Net asset value, end of period	$	13.03		$	10.86		$	8.66		$	13.03		$	10.86		$	8.66		$	10.46		$	13.44

Total return (b)		22.04	%		28.27	%		(16.90	)%		21.73	%		28.01	%		(16.61	)%		(21.55	)%		(12.33	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	5,598		$	2,163		$	108		$	894,530		$	675,246		$	454,735		$	299,090		$	357,232
Ratio of expenses to average net assets:											—			—			—			—			—
After waivers (a)		1.00	%		1.00	%		1.00	%		1.25	%		1.25	%		1.25	%		1.25	%		1.23	%
After waivers and fees paid indirectly (a)		0.93	%		0.93	%		0.99	%		1.18	%		1.18	%		1.24	%		N/A			N/A
Before waivers and fees paid indirectly (a)		1.00	%		1.01	%		1.05	%		1.25	%		1.26	%		1.30	%		1.39	%		1.27	%
Ratio of net investment income to average net assets:
After waivers (a)		1.42	%		1.35	%		1.00	%		1.17	%		1.10	%		0.75	%		0.66	%		1.01	%
After waivers and fees paid indirectly (a)		1.49	%		1.42	%		1.01	%		1.24	%		1.17	%		0.76	%		N/A			N/A
Before waivers and fees paid indirectly (a)		1.42	%		1.34	%		0.95	%		1.17	%		1.09	%		0.70	%		0.52	%		0.98	%
Portfolio turnover rate		63	%		163	%		55	%		63	%		163	%		55	%		76	%		112	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—	#	$	—		$	—		$	—	#	$	0.02		$	0.01


EQ Advisors Trust		*Financial Highlights*		*163*

Financial Highlights (cont’d)

EQ/Mergers and Acquisitions Portfolio


	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		$	*	*


*164*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/MFS Emerging Growth Companies Portfolio


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2004(e)			2003			2002			2001			2000			2004(e)			2003			2002			2001			2000
Net asset value, beginning of year	$	11.80		$	9.10		$	13.82		$	20.91		$	27.40		$	11.64		$	9.00		$	13.70		$	20.78		$	27.33

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		(0.01	)		(0.02	)		0.07			0.04			(0.04	)		(0.04	)		(0.05	)		(0.04	)		(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.53			2.71			(4.70	)		(7.16	)		(5.13	)		1.51			2.68			(4.65	)		(7.04	)		(5.13	)

Total from investment operations		1.52			2.70			(4.72	)		(7.09	)		(5.09	)		1.47			2.64			(4.70	)		(7.08	)		(5.15	)

Less distributions:
Distributions from realized gains		—			—			—			—	#		(1.40	)		—			—			—			—	#		(1.40	)

Net asset value, end of year	$	13.32		$	11.80		$	9.10		$	13.82		$	20.91		$	13.11		$	11.64		$	9.00		$	13.70		$	20.78

Total return		12.88	%		29.67	%		(34.15	)%		(33.89	)%		(18.56	)%		12.63	%		29.33	%		(34.31	)%		(34.06	)%		(18.83	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,988		$	27,996		$	22,611		$	43,918		$	72,889		$	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			0.70	%		N/A			N/A			N/A			N/A			0.95	%
After waivers and fees paid indirectly		0.66	%		0.71	%		0.72	%		N/A			N/A			0.91	%		0.96	%		0.97	%		N/A			N/A
Before waivers and fees paid indirectly		0.71	%		0.72	%		0.73	%		0.72	%		0.70	%		0.96	%		0.97	%		0.98	%		0.97	%		0.95	%
Ratio of net investment income (loss) to average net assets:
After waivers		N/A			N/A			N/A			N/A			0.15	%		N/A			N/A			N/A			N/A			(0.11	)%
After waivers and fees paid indirectly		(0.05	)%		(0.09	)%		(0.16	)%		N/A			N/A			(0.30	)%		(0.34	)%		(0.41	)%		N/A			N/A
Before waivers and fees paid indirectly		(0.10	)%		(0.10	)%		(0.17	)%		0.02	%		0.14	%		(0.35	)%		(0.35	)%		(0.42	)%		(0.23	)%		(0.11	)%
Portfolio turnover rate		101	%		105	%		110	%		278	%		203	%		101	%		105	%		110	%		278	%		203	%


EQ Advisors Trust		*Financial Highlights*		*165*

Financial Highlights (cont’d)

EQ/MFS Investors Trust Portfolio


	Class IA									Class IB
	Year Ended December 31,						March 25, 2002* to December 31, 2002			Year Ended December 31,
	2004			2003			March 25, 2002* to December 31, 2002			2004			2003			2002			2001			2000
Net asset value, beginning of period	$	8.54		$	7.04		$	8.89		$	8.55		$	7.04		$	8.97		$	10.72		$	10.84

Income from investment operations:
Net investment income		0.07			0.07			0.05			0.05			0.05			0.04			0.04			0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.93			1.50			(1.84	)		0.92			1.51			(1.93	)		(1.75	)		(0.12	)

Total from investment operations		1.00			1.57			(1.79	)		0.97			1.56			(1.89	)		(1.71	)		(0.08	)

Less distributions:
Dividends from net investment income		(0.08	)		(0.07	)		(0.06	)		(0.05	)		(0.05	)		(0.04	)		(0.04	)		(0.04	)

Net asset value, end of period	$	9.46		$	8.54		$	7.04		$	9.47		$	8.55		$	7.04		$	8.97		$	10.72

Total return (b)		11.67	%		22.28	%		(20.11	)%		11.37	%		22.12	%		(21.04	)%		(15.97	)%		(0.77	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	116		$	98		$	79		$	341,346		$	311,991		$	201,141		$	244,038		$	223,078
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%		0.95	%		0.95	%		0.95	%		0.95	%		0.93	%
After waivers and fees paid indirectly (a)		0.66	%		0.69	%		0.69	%		0.91	%		0.94	%		0.94	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.70	%		0.71	%		0.71	%		0.95	%		0.96	%		0.96	%		0.97	%		0.96	%
Ratio of net investment income to average net assets:
After waivers (a)		0.80	%		0.93	%		0.77	%		0.55	%		0.68	%		0.52	%		0.48	%		0.45	%
After waivers and fees paid indirectly (a)		0.84	%		0.94	%		0.78	%		0.59	%		0.69	%		0.53	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.80	%		0.92	%		0.76	%		0.55	%		0.67	%		0.51	%		0.46	%		0.42	%
Portfolio turnover rate		90	%		88	%		70	%		90	%		88	%		70	%		84	%		65	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—		$	—	#	$	—	#	$	—		$	—	#	$	—	#	$	—	#	$	—


*166*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Money Market Portfolio


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2004			2003(e)			2002			2001(e)			2000(e)			2004			2003(e)			2002			2001(e)			2000(e)
Net asset value, beginning of year	$	10.37		$	10.38		$	10.37		$	10.33		$	10.28		$	10.31		$	10.32		$	10.32		$	10.28		$	10.25

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

Total from investment operations		0.11			0.09			0.16			0.39			0.64			0.08			0.06			0.13			0.37			0.60

Less distributions:
Dividends from net investment income		(0.12	)		(0.10	)		(0.15	)		(0.35	)		(0.59	)		(0.09	)		(0.07	)		(0.13	)		(0.33	)		(0.57	)

Net asset value, end of year	$	10.36		$	10.37		$	10.38		$	10.37		$	10.33		$	10.30		$	10.31		$	10.32		$	10.32		$	10.28

Total return		1.02	%		0.82	%		1.54	%		3.82	%		6.24	%		0.77	%		0.57	%		1.21	%		3.63	%		5.99	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	598,718		$	705,877		$	834,792		$	860,719		$	893,097		$	774,625		$	942,215		$	1,209,341		$	1,155,159		$	677,333
Ratio of expenses to average net assets		0.39	%		0.39	%		0.39	%		0.40	%		0.40	%		0.64	%		0.64	%		0.64	%		0.65	%		0.65	%
Ratio of net investment income to average net assets		1.01	%		0.82	%		1.48	%		3.80	%		6.02	%		0.76	%		0.57	%		1.23	%		3.38	%		5.78	%


EQ Advisors Trust		*Financial Highlights*		*167*

Financial Highlights (cont’d)

EQ/Montag & Caldwell Growth Portfolio


	Class IA			Class IB
	December 13, 2004* to December 31, 2004(e)			Year Ended December 31,
	December 13, 2004* to December 31, 2004(e)			2004(e)			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of period	$	4.73		$	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		0.09			0.18			0.67			(1.23	)		(0.78	)		(0.54	)

Total from investment operations		0.09			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	)		(0.02	)		(0.01	)
Distributions from realized gains		—			—			—			—			—			(0.05	)

Total dividends and distributions		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.06	)

Net asset value, end of period	$	4.80		$	4.81		$	4.64		$	3.98		$	5.21		$	5.99

Total return (b)		0.99	%		4.10	%		17.05	%		(23.26	)%		(12.56	)%		(7.79	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	13,837		$	258,854		$	265,471		$	208,610		$	280,279		$	319,207
Ratio of expenses to average net assets
After waivers (a)		0.76	%(c)		1.12	%		1.03	%		0.86	%		0.84	%		0.83	%
Before waivers (a)		0.76	%(c)		1.12	%		1.03	%		0.86	%		0.84	%		0.83	%
Ratio of net investment income to average net assets
After waivers (a)		0.47	%(c)		0.11	%		0.34	%		0.42	%		0.34	%		0.45	%
Before waivers (a)		0.47	%(c)		0.11	%		0.34	%		0.42	%		0.34	%		0.45	%
Portfolio turnover rate		58	%		58	%		40	%		42	%		52	%		56	%


*168*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/MONY Diversified Portfolio


	Class IA
	Year Ended December 31,
	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		$	*	*	$	*	*	$	*	*	$	*	*


EQ Advisors Trust		*Financial Highlights*		*169*

Financial Highlights (cont’d)

EQ/MONY Equity Growth Portfolio


	Class IA
	Year Ended December 31,
	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		$	*	*	$	*	*	$	*	*	$	*	*


*170*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/MONY Equity Income Portfolio


	Class IA
	Year Ended December 31,
	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		$	*	*	$	*	*	$	*	*	$	*	*


EQ Advisors Trust		*Financial Highlights*		*171*

Financial Highlights (cont’d)

EQ/MONY Money Market Portfolio


	Class IA
	Year Ended December 31,
	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	$	—	#	$	*	*	$	*	*	$	*	*	$	*	*


*172*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/PIMCO Real Return Portfolio


	Class IB
	Year Ended December31,						February 24, 2002* to December 31, 2002(e)
	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		$		**	$		**


EQ Advisors Trust		*Financial Highlights*		*173*

Financial Highlights (cont’d)

EQ/Short Duration Bond Portfolio


	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		$	*	*


*174*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Small Company Index Portfolio


	Class IA									Class IB
	Year Ended December 31,						March 25, 2002* to December 31, 2002			Year Ended December 31
	2004			2003(e)			March 25, 2002* to December 31, 2002			2004			2003 (e)			2002			2001			2000
Net asset value, beginning of period	$	10.47		$	7.19		$	9.32		$	10.47		$	7.19		$	9.15		$	9.03		$	10.85

Income from investment operations:
Net investment income		0.08			0.07			0.05			0.07			0.04			0.04			0.06			0.09
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.79			3.26			(2.12	)		1.77			3.26			(1.96	)		0.13			(0.55	)

Total from investment operations		1.87			3.33			(2.07	)		1.84			3.30			(1.92	)		0.19			(0.46	)

Less distributions:
Dividends from net investment income		(0.09	)		(0.05	)		(0.06	)		(0.06	)		(0.02	)		(0.04	)		(0.05	)		(0.08	)
Distributions from realized gains		(0.38	)		—			—			(0.38	)		—			—			(0.02	)		(1.28	)

Total dividends and distributions		(0.47	)		(0.05	)		(0.06	)		(0.44	)		(0.02	)		(0.04	)		(0.07	)		(1.36	)

Net asset value, end of period	$	11.87		$	10.47		$	7.19		$	11.87		$	10.47		$	7.19		$	9.15		$	9.03

Total return (b)		17.97	%		46.30	%		(22.23	)%		17.67	%		45.94	%		(20.96	)%		2.12	%		(3.43	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	18,361		$	7,462		$	87		$	480,368		$	319,634		$	99,391		$	82,203		$	72,747
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.38	%		0.60	%		0.60	%		0.63	%		0.85	%		0.85	%		0.82	%		0.75	%
Before waivers and reimbursements (a)		0.38	%		0.60	%		0.60	%		0.63	%		0.85	%		0.85	%		0.82	%		0.93	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.94	%		0.75	%		0.91	%		0.69	%		0.50	%		0.66	%		0.74	%		0.73	%
Before waivers and reimbursements (a)		0.94	%		0.75	%		0.91	%		0.69	%		0.50	%		0.66	%		0.73	%		0.55	%
Portfolio turnover rate		21	%		32	%		29	%		21	%		32	%		29	%		36	%		59	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	—		$	—		$	—	#	$	0.02


EQ Advisors Trust		*Financial Highlights*		*175*

Financial Highlights (cont’d)

EQ/Small Company Value Portfolio


	Class IB
	Year Ended December 31,
	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	%


*176*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/TCW Equity Portfolio


	Class IB
	Year Ended December 31,
	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	$	—	#	$	*	*	$	*	*	$	*	*	$	*	*


EQ Advisors Trust		*Financial Highlights*		*177*

Financial Highlights (cont’d)

EQ/UBS Growth and Income Portfolio


	Class IB
	Year Ended December 31,
	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		$	*	*	$	*	*	$	*	*	$	*	*


*178*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Van Kampen Emerging Markets Equity Portfolio


	Class IA									Class IB
	Year Ended December 31,						October 2, 2002* to December 31, 2002			Year Ended December 31,
	2004			2003			October 2, 2002* to December 31, 2002			2004			2003			2002			2001			2000
Net asset value, beginning of period	$	8.20		$	5.29		$	4.85		$	8.19		$	5.28		$	5.61		$	5.93		$	11.22

Income (loss) from investment operations:
Net investment income (loss)		0.05			0.07			—	#		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			0.44			1.89			2.91			(0.32	)		(0.33	)		(4.37	)

Total from investment operations		1.94			2.98			0.44			1.93			2.96			(0.33	)		(0.31	)		(4.45	)

Less distributions:
Dividends from net investment income		(0.08	)		(0.07	)		—			(0.06	)		(0.05	)		-—			—			-—
Distributions from realized gains		—			—			—			—			—			-—			(0.01	)		(0.84	)

Total dividends and distributions		(0.08	)		(0.07	)		—			(0.06	)		(0.05	)		-—			(0.01	)		(0.84	)

Net asset value, end of period	$	10.06		$	8.20		$	5.29		$	10.06		$	8.19		$	5.28		$	5.61		$	5.93

Total return (b)		24.01	%		56.18	%		9.07	%		23.58	%		56.09	%		(6.05	)%		(5.09	)%		(40.12	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,592		$	995		$	62		$	615,499		$	389,893		$	193,115		$	183,868		$	198,044
Ratio of expenses to average net assets:
After waivers (a)		1.55	%		1.55	%		1.57	%		1.80	%		1.80	%		1.82	%		1.78	%		1.75	%
After waivers and fees paid indirectly (a)		1.50	%		1.53	%		1.56	%		1.75	%		1.78	%		1.81	%		N/A			N/A
Before waivers and fees paid indirectly (a)		1.55	%		1.55	%		1.62	%		1.80	%		1.80	%		1.87	%		2.13	%		1.92	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.75	%		1.33	%		0.13	%		0.50	%		1.08	%		(0.12	)%		0.32	%		(0.86	)%
After waivers and fees paid indirectly (a)		0.80	%		1.35	%		0.14	%		0.55	%		1.10	%		(0.11	)%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.75	%		1.33	%		0.08	%		0.50	%		1.08	%		(0.17	)%		(0.03	)%		(0.99	)%
Portfolio turnover rate		57	%		81	%		78	%		57	%		81	%		78	%		143	%		95	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income (loss)	$	—		$	—	#	$	—	#	$	—		$	—	#	$	—	#	$	0.02		$	0.01


EQ Advisors Trust		*Financial Highlights*		*179*

Financial Highlights (cont’d)

EQ/Wells Fargo Montgomery Small Cap Portfolio


	Class IA			Class IB
	October 1, 2004* to December 31, 2004			October 1, 2004* to December 31, 2004
Net asset value, beginning of period	$	10.00		$	10.00

Income (loss) from investment operations:
Net investment loss		(0.02	)		(0.03	)
Net realized and unrealized gain on investments		1.46			1.46

Total from investment operations		1.44			1.43

Net asset value, end of period	$	11.44		$	11.43

Total return (b)		14.40	%		14.30	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	114		$	3,598
Ratio of expenses to average net assets:
After waivers (a)		1.03	%		1.28	%
After waivers and fees paid indirectly (a)		1.01	%		1.26	%
Before waivers and fees paid indirectly (a)		7.36	%		7.61	%
Ratio of net investment loss to average net assets:
After waivers (a)		(0.81	)%		(1.06	)%
After waivers and fees paid indirectly (a)		(0.79	)%		(1.04	)%
Before waivers and fees paid indirectly (a)		(7.14	)%		(7.39	)%
Portfolio turnover rate		47	%		47	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment loss	$	0.65		$	0.65


*180*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

*	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.


EQ Advisors Trust		*Financial Highlights*		*181*

If you would like more information about the Portfolios, the following documents are available free upon request. The Trust does not have a website available for accessing such information.

Annual and Semi-Annual Reports — Includes more information about the Portfolios’ performance. The reports usually include performance information, a discussion of market conditions and the investment strategies that affected the Portfolios’ performance during the last fiscal year.

Statement of Additional Information (SAI) — Provides more detailed information about the Portfolios, has been filed with the Securities and Exchange Commission and is incorporated into this Prospectus by reference.

Portfolio Holdings — A description of the Portfolios’ policies and procedures with respect to the disclosure of their portfolio securities holdings is available in the Portfolios’ SAI.

To order a free copy of a portfolio’s SAI and/or Annual and Semi-Annual Report, contact your financial professional, or the portfolios at:

EQ Advisors Trust

1290 Avenue of the Americas

New York, New York 10104

Telephone: 1-877-222-2144

Your financial professional or EQ Advisors Trust will also be happy to answer your questions or to provide any additional information that you may require.

Information about the Portfolios (including the SAI) can be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-202-942-8090. Reports and other information about the portfolios are available on the EDGAR database on the SEC’s Internet site at:

http://www.sec.gov.

Investors may also obtain this information, after paying a duplicating fee, by electronic request at the following E-mail address:

publicinfo@sec.gov or by writing the SEC’s

Public Reference Section,

Washington, D.C. 20549-0102.

EQ Advisors Trust

(Investment Company Act File No. 811-07953)

EQ Advisors Trust^SM

Prospectus dated May 1, 2005

This Prospectus describes fifty-four (54) Portfolios* offered by EQ Advisors Trust and the Class IB shares offered by the Trust on behalf of each Portfolio that you can choose as investment alternatives. Each Portfolio has its own investment objective and strategies that are designed to meet different investment goals. This Prospectus contains information you should know before investing. Please read this Prospectus carefully before investing and keep it for future reference.

Domestic Stock Portfolios

EQ/Alliance Common Stock

EQ/Alliance Growth and Income

EQ/Alliance Large Cap Growth**

EQ/Alliance Small Cap Growth

EQ/Bear Stearns Small Company Growth**

EQ/Bernstein Diversified Value

EQ/Boston Advisors Equity Income**

EQ/Calvert Socially Responsible

EQ/Capital Guardian Growth

EQ/Capital Guardian Research

EQ/Capital Guardian U.S. Equity

EQ/Enterprise Capital Appreciation†

EQ/Enterprise Deep Value†

EQ/Enterprise Global Socially Responsive†

EQ/Enterprise Multi-Cap Growth†

EQ/Equity 500 Index

EQ/Evergreen Omega

EQ/FI Mid Cap

EQ/FI Small/Mid Cap Value

EQ/Janus Large Cap Growth

EQ/JP Morgan Value Opportunities

EQ/Lazard Small Cap Value

EQ/Lord Abbett Growth and Income

EQ/Lord Abbett Large Cap Core

EQ/Lord Abbett Mid Cap Value

EQ/Marsico Focus

EQ/Mercury Basic Value Equity

EQ/Mergers and Acquisitions**

EQ/MFS Emerging Growth Companies

EQ/MFS Investors Trust

EQ/Montag & Caldwell Growth**

EQ/Small Company Index

EQ/Small Company Value**

EQ/TCW Equity**

EQ/UBS Growth and Income**

EQ/Van Kampen Comstock

EQ/Van Kampen Mid Cap Growth

EQ/Wells Fargo Montgomery Small Cap

International Stock Portfolios

EQ/Alliance International

EQ/Capital Guardian International

EQ/International Growth**

EQ/Mercury International Value

EQ/Van Kampen Emerging Markets Equity**

Fixed Income Portfolios

EQ/Alliance Intermediate Government Securities

EQ/Alliance Quality Bond

EQ/Caywood-Scholl High Yield Bond**

EQ/Government Securities**

EQ/Intermediate Term Bond**

EQ/J.P. Morgan Core Bond

EQ/Long Term Bond**

EQ/Money Market

EQ/PIMCO Real Return**

EQ/Short Duration Bond**

Balanced/Hybrid Portfolio

EQ/Enterprise Managed††

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

Reflects the name of the Portfolio effective May 9, 2005. Please see next page “Overview” for name changes.

†

The Board of Trustees has approved proposals to reorganize these Portfolios into other series of the Trust, subject to shareholder approval. Contractholders will receive proxy materials regarding these proposals. Please see next page “Overview” for additional information.

††The

Board of Trustees has approved a proposal to change the investment strategy of this Portfolio to that of a “fund of funds.” Please see the supplement dated May 1, 2005 to this Prospectus for more information.

Class IB-Master

(48507)

EQ Advisors Trust

Overview

EQ ADVISORS TRUST

EQ Advisors Trust (the “Trust”) consists of fifty-eight (58) distinct mutual funds, each with its own investment strategy and risk/reward profile. This Prospectus describes the Class IB shares of fifty-four (54) of the Trust’s Portfolios. Each Portfolio is a diversified Portfolio, except for the EQ/Lazard Small Cap Value Portfolio, the EQ/Van Kampen Emerging Markets Equity Portfolio, the EQ/Mergers and Acquisitions Portfolio and the EQ/Marsico Focus Portfolio, which are non-diversified Portfolios. Information on each Portfolio, including investment objectives, investment strategies and investment risks can be found on the pages following this Overview. In addition, a Glossary of Terms is provided at the back of this Prospectus.


Information on Name Changes
Portfolio Name Prior to May 9, 2005		Portfolio Name On May 9, 2005
EQ/Alliance Premier Growth		EQ/Alliance Large Cap Growth
EQ/Enterprise Mergers and Acquisitions		EQ/Mergers and Acquisitions
EQ/Enterprise Small Company Value		EQ/Small Company Value
EQ/Enterprise Growth		EQ/Montag & Caldwell Growth
EQ/Enterprise Equity		EQ/TCW Equity
EQ/Enterprise Growth and Income		EQ/UBS Growth and Income
EQ/Enterprise International Growth		EQ/International Growth
EQ/Emerging Markets Equity		EQ/Van Kampen Emerging Markets Equity
EQ/Enterprise High-Yield Bond		EQ/Caywood–Scholl High Yield Bond
EQ/MONY Government Securities		EQ/Government Securities
EQ/MONY Intermediate Term Bond		EQ/Intermediate Term Bond
EQ/MONY Long Term Bond		EQ/Long Term Bond
EQ/Enterprise Total Return		EQ/PIMCO Real Return
EQ/Enterprise Short Duration		EQ/Short Duration Bond
EQ/Enterprise Small Company Growth		EQ/Bear Stearns Small Company Growth
EQ/Enterprise Equity Income		EQ/Boston Advisors Equity Income


Information on Proposed Reorganizations
Existing Portfolio		Surviving Portfolio
EQ/Enterprise Capital Appreciation		EQ/Marsico Focus
EQ/Enterprise Deep Value		EQ/Mercury Basic Value Equity
EQ/Enterprise Global Socially Responsive		EQ/Calvert Socially Responsible
EQ/Enterprise Multi-Cap Growth		EQ/Montag & Caldwell Growth


2		*Overview*		EQ Advisors Trust

Table of contents



1. About the Investment Portfolios		4
Domestic Stock Portfolios		5
EQ/Alliance Common Stock		5
EQ/Alliance Growth and Income		7
EQ/Alliance Large Cap Growth		9
EQ/Alliance Small Cap Growth		11
EQ/Bear Stearns Small Company Growth		13
EQ/Bernstein Diversified Value		15
EQ/Boston Advisors Equity Income		17
EQ/Calvert Socially Responsible		19
EQ/Capital Guardian Growth Portfolio		22
EQ/Capital Guardian Research		24
EQ/Capital Guardian U.S. Equity		26
EQ/Enterprise Capital Appreciation		28
EQ/Enterprise Deep Value		30
EQ/Enterprise Global Socially Responsive		32
EQ/Enterprise Multi-Cap Growth		34
EQ/Equity 500 Index		36
EQ/Evergreen Omega		38
EQ/FI Mid Cap		40
EQ/FI Small/Mid Cap Value		42
EQ/Janus Large Cap Growth		44
EQ/JP Morgan Value Opportunities		46
EQ/Lazard Small Cap Value		48
EQ/Lord Abbett Growth and Income		50
EQ/Lord Abbett Large Cap Core		52
EQ/Lord Abbett Mid Cap Value		54
EQ/Marsico Focus		56
EQ/Mercury Basic Value Equity		58
EQ/Mergers and Acquisitions		60
EQ/MFS Emerging Growth Companies		62
EQ/MFS Investors Trust		64
EQ/Montag & Caldwell Growth		66
EQ/Small Company Index		68
EQ/Small Company Value		70
EQ/TCW Equity		72
EQ/UBS Growth and Income		74
EQ/Van Kampen Comstock		76
EQ/Van Kampen Mid Cap Growth		78
EQ/Wells Fargo Montgomery Small Cap		80
International Stock Portfolios		82
EQ/Alliance International		82
EQ/Capital Guardian International		84
EQ/International Growth		87
EQ/Mercury International Value		89
EQ/Van Kampen Emerging Markets Equity		91


Fixed Income Portfolios		94
EQ/Alliance Intermediate Government Securities		94
EQ/Alliance Quality Bond		97
EQ/Caywood-Scholl High Yield Bond		99
EQ/Government Securities		101
EQ/Intermediate Term Bond		103
EQ/J.P. Morgan Core Bond		105
EQ/Long Term Bond		107
EQ/Money Market		109
EQ/PIMCO Real Return		111
EQ/Short Duration Bond		113
Balanced/Hybrid Portfolio		115
EQ/Enterprise Managed		115

2. More Information on Principal Risks and Benchmarks		118
Principal Risks		118
Benchmarks		122

3. Management of the Trust		124
The Trust		124
The Manager		124
Management Fees		124
Expense Limitation Agreement		125
Legal Proceedings		126

4. Fund Distribution Arrangements		128

5. Buying and Selling Shares		129

6. How Portfolio Shares are Priced		131

7. Dividends and Other Distributions and Tax Consequences		132

8. Glossary of Terms		133

9. Financial Highlights		134


EQ Advisors Trust		*Table of contents*		3

1. About the investment portfolios

As described more fully on the following pages, the EQ/Alliance Common Stock, EQ/Alliance Large Cap Growth, EQ/Alliance Small Cap Growth, EQ/Capital Guardian U.S. Equity, EQ/Bear Stearns Small Company Growth, EQ/Boston Advisors Equity Income, EQ/Equity 500 Index, EQ/FI Mid Cap, EQ/FI Small/Mid Cap Value, EQ/Janus Large Cap Growth, EQ/Lazard Small Cap Value, EQ/Lord Abbett Large Cap Core, EQ/Lord Abbett Mid Cap Value EQ/Mercury Basic Value Equity, EQ/Small Company Index, EQ/Small Company Value, EQ/TCW Equity, EQ/Van Kampen Emerging Markets Equity, EQ/ Van Kampen Mid Cap Growth, EQ/Wells Fargo Montgomery Small Cap, EQ/Alliance Intermediate Government Securities, EQ/Alliance Quality Bond, EQ/Caywood-Scholl High-Yield Bond, EQ/J.P. Morgan Core Bond, EQ/Government Securities, EQ/Intermediate Term Bond, EQ/Long Term Bond, EQ/Money Market, EQ/Short Duration Bond Portfolios each have a policy that it will invest 80% of its net assets in the particular type of investment suggested by its name. The EQ/Mercury International Value and EQ/Van Kampen Comstock Portfolios each have a policy that it will invest 80% of its net assets in a particular type of investment. This policy may not be changed without providing sixty (60) days’ written notice to the shareholders of the affected Portfolio.

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

Please note that:

•

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


4		*About the investment portfolios*		EQ Advisors Trust

Domestic Stock Portfolios

EQ/Alliance Common Stock Portfolio

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

THE INVESTMENT STRATEGY

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

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Equity Risk

•

Foreign Securities Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
28.34% (1998 4th Quarter)		–19.34% (2002 2nd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Ten Years
EQ/Alliance Common Stock Portfolio — Class IB Shares	14.12%	–2.72%	11.58%
S&P 500 Index**	10.88%	–2.30%	12.07%

For periods prior to the commencement of Class IB Shares (October 2, 1996), performance information shown is the performance of Class IA shares adjusted to reflect the 12b-1 fees paid by Class IB shares.

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

PORTFOLIO FEES AND EXPENSES

The following table describes the fees and expenses that you may pay if you buy and hold Class IB shares of the Portfolio. The table below does


EQ Advisors Trust		*About the investment portfolios*		5

Domestic Stock Portfolios (continued)

not reflect any Contract-related fees and expenses, which would increase overall fees and expenses. See the Contract prospectus for a description of those fees and expenses.

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Alliance Common Stock Portfolio		Class IB Shares
Management Fee		0.47%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.05%
Total Annual Portfolio Operating Expenses*		0.77%

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Total Annual Portfolio Operating Expenses for Class IB shares of the Portfolio for the fiscal year ended December 31, 2004 were 0.68%.

Example

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


	Class IB Shares
1 Year	$	79
3 Years	$	246
5 Years	$	428
10 Years	$	882

WHO MANAGES THE PORTFOLIO


6		*About the investment portfolios*		EQ Advisors Trust

EQ/Alliance Growth and Income Portfolio

INVESTMENT OBJECTIVE: Seeks to provide a high total return.

THE INVESTMENT STRATEGY

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

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

•

Equity Risk

•

Fixed Income Risk

Credit Risk

Interest Rate Risk

Investment Grade Securities Risk

Junk Bond and Lower Rated Securities Risk

•

Foreign Securities Risk

PORTFOLIO PERFORMANCE


EQ Advisors Trust		*About the investment portfolios*		7

Domestic Stock Portfolios (continued)

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
26.21% (1998 4th Quarter)		–17.14% (2002 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Ten Years
EQ/Alliance Growth and Income Portfolio — Class IB Shares	12.45%	4.32%	12.69%
Russell 1000 Value Index**	16.49%	5.27%	13.38%

For periods prior to the inception of Class IB Shares (May 1, 1997), performance information shown is the performance of Class IA shares adjusted to reflect the 12b-1 fees paid by Class IB shares.

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

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Alliance Growth and Income Portfolio		Class IB Shares
Management Fee		0.56%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.05%
Total Annual Portfolio Operating Expenses*		0.86%

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Total Annual Portfolio Operating Expenses for Class IB shares of the Portfolio for the fiscal year ended December 31, 2004 were 0.80%.

Example

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


	Class IB Shares
1 Year	$	88
3 Years	$	274
5 Years	$	477
10 Years	$	989

WHO MANAGES THE PORTFOLIO


8		*About the investment portfolios*		EQ Advisors Trust

EQ/Alliance Large Cap Growth Portfolio

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

THE INVESTMENT STRATEGY

The Portfolio may invest up to 20% of its net assets in convertible securities and 20% of its total assets in securities of foreign issuers.

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

•

Equity Risk

•

Focused Portfolio Risk

•

Foreign Securities Risk

•

Growth Investing Risk

PORTFOLIO PERFORMANCE

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
11.52% (2003 2nd Quarter)		–19.76% (2001 3rd Quarter)


EQ Advisors Trust		*About the investment portfolios*		9

Domestic Stock Portfolios (continued)


Average Annual Total Returns
	One Year	Five Years	Since Inception
EQ/Alliance Large Cap Growth Portfolio — Class IB Shares	8.39%	–10.62%	–6.61%
Russell 1000 Growth Index*	6.30%	–9.29%	–4.55%

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

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Alliance Large Cap Growth Portfolio		Class IB Shares
Management Fee		0.90%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.05%
Total Annual Portfolio Operating Expenses		1.20%
Less Fee Waiver/Expense Reimbursement*		(0.10)%
Net Total Annual Portfolio Operating Expenses**		1.10%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Net Total Annual Portfolio Operating Expenses for Class IB shares of the Portfolio for the fiscal year ended December 31, 2004 were 1.04%.

Example

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


	Class IB Shares
1 Year	$	112
3 Years	$	371
5 Years	$	650
10 Years	$	1,376

WHO MANAGES THE PORTFOLIO

The management of and investment decisions for the Portfolio are made by Alliance Capital’s US Large Cap Growth Team, which is responsible for management of all of Alliance Capital’s US Large Cap Growth accounts. The US Large Cap Growth Investment Team relies heavily on the fundamental analysis and research of Alliance Capital’s large internal research staff. While all members of the team work jointly to determine the investment strategy, including security selection, Thomas G. Kamp is responsible for day-to-day management of the Portfolio.

Mr. Kamp is Senior Vice President and US Large Cap Growth Portfolio Manager. He joined Alliance Capital as a Portfolio Manager in 1993.


10		*About the investment portfolios*		EQ Advisors Trust

EQ/Alliance Small Cap Growth Portfolio

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

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Equity Risk

•

Growth Investing Risk

•

Liquidity Risk

•

Portfolio Turnover Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
28.02% (1999 4th Quarter)		–28.09% (1998 3rd Quarter)


Average Annual Total Returns
	One Year	Five Years	Since Inception
EQ/Alliance Small Cap Growth Portfolio — Class IB Shares	13.96%	2.04%	7.20%
Russell 2500 Growth Index*	14.59%	–2.32%	7.62%

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

PORTFOLIO FEES AND EXPENSES

The following table describes the fees and expenses that you may pay if you buy and hold Class IB shares of the Portfolio. The table below does


EQ Advisors Trust		*About the investment portfolios*		11

Domestic Stock Portfolios (continued)

not reflect any Contract-related fees and expenses, which would increase overall fees and expenses. See the Contract prospectus for a description of those fees and expenses.

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Alliance Small Cap Growth Portfolio		Class IB Shares
Management Fee		0.75%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.06%
Total Annual Portfolio Operating Expenses*		1.06%

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Total Annual Portfolio Operating Expenses for Class IB shares of the Portfolio for the fiscal year ended December 31, 2004 were 0.98%.

Example

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


	Class IB Shares
1 Year	$	108
3 Years	$	337
5 Years	$	585
10 Years	$	1,224

WHO MANAGES THE PORTFOLIO

Bruce Aronow Senior Vice President, Portfolio Manager/Research Analyst, serves as team leader for the Small/SMID Cap Growth product and is also responsible for research and portfolio management for the Small/SMID Cap Growth consumer/commercial sectors. Mr. Aronow joined Alliance Capital in 1999 and has had portfolio management responsibilities since that time.

Samantha Lau joined Alliance Capital as an Investment Professional in 1999 and is responsible for research and portfolio management for the Small Cap/SMID Growth technology sector.

Mark Attalienti joined Alliance Capital as an Investment Professional in 1999 and is responsible for research and portfolio management for the Small Cap/SMID Growth healthcare sector.

Kumar Kirpalani joined Alliance Capital as an Investment Professional in 1999 and is responsible for research and portfolio management for the Small Cap/SMID Growth industrials sector.


12		*About the investment portfolios*		EQ Advisors Trust

EQ/Bear Stearns Small Company Growth Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve capital appreciation.

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio will invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of U.S. small-capitalization companies. For these purposes, small-capitalization companies are companies with market capitalization within the range of companies in the Russell 2000 Growth Index at the time of initial investment. The market capitalization of companies included in this index fluctuates with the markets and was approximately $10 thousand to $6.2 billion as of December 31, 2004. It is anticipated that at the time of initial investment, the market capitalization of companies for the Portfolio will generally be between $200 million and $2 billion.

The Portfolio invests primarily in common stocks but also may invest in other types of equity securities, including convertible securities.

THE PRINCIPAL RISKS

•

Equity Risk

•

Growth Investing Risk

•

Liquidity Risk

•

Small-Cap Company Risk

PORTFOLIO PERFORMANCE

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
33.23% (1999 4th Quarter)		–23.21% (2001 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/Bear Stearns Small Company Growth Portfolio — Class IB Shares	12.50%	0.62%	9.67%
Russell 2000 Growth Index**,†	14.31%	–3.57%	4.42%
Russell 2000 Index**	18.33%	6.61%	9.83%

For periods prior to the commencement of Class IB Shares (July 9, 2004), performance information shown is the performance of the shares of the predecessor portfolio.


EQ Advisors Trust		*About the investment portfolios*		13

Domestic Stock Portfolios (continued)

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

†

Effective May 1, 2005 this index replaced the Russell 2000 Index as the Portfolio’s benchmark because we feel that this index reflects more closely the sectors in which the Portfolio invests.

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Bear Stearns Small Company Growth Portfolio		Class IB Shares
Management Fee		1.00%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.18%
Total Annual Portfolio Operating Expenses		1.43%
Less Fee Waiver/Expense Reimbursement**		(0.13)%
Net Total Annual Portfolio Operating Expenses***		1.30%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

***

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. This arrangement did not affect the Net Total Annual Portfolio Operating Expenses for Class IB Shares of the Portfolio for the fiscal year ended December 31, 2004.

Example

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


	Class IB Shares
1 Year	$	132
3 Years	$	440
5 Years	$	769
10 Years	$	1,702

WHO MANAGES THE PORTFOLIO


14		*About the investment portfolios*		EQ Advisors Trust

EQ/Bernstein Diversified Value Portfolio

INVESTMENT OBJECTIVE: Seeks capital appreciation.

THE INVESTMENT STRATEGY

In managing the Portfolio, the Adviser uses a value-oriented, “bottom-up” approach (individual stock selection) to find companies that have:

•

low price to earnings ratios;

•

high yield;

•

unrecognized assets;

•

the possibility of management change; and/or

•

the prospect of improved profitability.

The Portfolio may also invest up to 10% of its assets in foreign equity or debt securities, or depositary receipts.

The Portfolio may also invest without limitation in high-quality short-term money market instruments. The Portfolio may engage in options transactions, including writing covered call options or foreign currencies to offset costs of hedging and writing and purchasing put and call options on securities. Although the Portfolio will engage in options transactions primarily to hedge its portfolio, it may use options to increase returns and there is the risk that these transactions sometimes may reduce returns or increase volatility.

THE PRINCIPAL RISKS

•

Derivatives Risk

•

Equity Risk

•

Fixed Income Risk

•

Foreign Securities Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last seven calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The Portfolio’s commencement date was January 1, 1998. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad based index. Past performance is not an indication of future performance. This may be particularly true for this Portfolio because Alliance Capital was not the Adviser to the Portfolio prior to March 1, 2001.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
23.34% (1998 4th Quarter)		–18.23% (2002 3rd Quarter)


Average Annual Total Returns
	One Year	Five Years	Since Inception
EQ/Bernstein Diversified Value Portfolio — Class IB Shares	13.46%	4.99%	6.80%
Russell 1000 Value Index*	16.49%	5.27%	6.99%

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

PORTFOLIO FEES AND EXPENSES

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


EQ Advisors Trust		*About the investment portfolios*		15

Domestic Stock Portfolios (continued)


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Bernstein Diversified Value Portfolio		Class IB Shares
Management Fee		0.63%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.07%
Total Annual Portfolio Operating Expenses		0.95%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses**		0.95%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. This arrangement did not affect the Net Total Annual Portfolio Operating Expenses for Class IB Shares of the Portfolio for the fiscal year ended December 31, 2004.

Example

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


	Class IB Shares
1 Year	$	97
3 Years	$	303
5 Years	$	525
10 Years	$	1,166

WHO MANAGES THE PORTFOLIO

The management of and investment decisions for the Portfolio are made by the US Value Investment Policy Group, comprised of senior US Value Investment Team members. The US Value Investment Policy Group relies heavily on the fundamental analysis and research of Alliance Capital’s large internal research staff. No one person is principally responsible for making recommendations for the Portfolio. The members of the US Value Investment Policy Group with the most significant responsibility for the day-to-day management of the Portfolio are: Marilyn Fedak, John Mahedy, John Phillips and Chris Marx.


16		*About the investment portfolios*		EQ Advisors Trust

EQ/Boston Advisors Equity Income Portfolio

INVESTMENT OBJECTIVE: Seeks a combination of growth and income to achieve an above-average and consistent total return.

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Equity Risk

PORTFOLIO PERFORMANCE

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
15.82% (2003 4th Quarter)		–17.49% (2002 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/Boston Advisors Equity Income Portfolio — Class IB Shares	17.88%	3.87%	4.42%
Russell 1000 Value Index**,†	16.49%	5.27%	6.12%
S&P 500 Index**	10.88%	–2.30%	2.01%

For periods prior to the commencement of Class IB Shares (July 9, 2004), performance information shown is the performance of the shares of the predecessor portfolio.

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

†

Effective May 1, 2005 this index replaced the S&P 500 Index as the Portfolio’s benchmark because this index reflects more closely the sectors in which the Portfolio invests.


EQ Advisors Trust		*About the investment portfolios*		17

Domestic Stock Portfolios (continued)

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Boston Advisors Equity Income Portfolio		Class IB Shares
Management Fee		0.75%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.21%
Total Annual Portfolio Operating Expenses		1.21%
Less Fee Waiver/Expense Reimbursement**		(0.16)%
Net Total Annual Portfolio Operating Expenses***		1.05%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

***

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. This arrangement did not affect the Net Total Annual Portfolio Operating Expenses for Class IB Shares of the Portfolio for the fiscal year ended December 31, 2004.

Example

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


	Class IB Shares
1 Year	$	107
3 Years	$	368
5 Years	$	650
10 Years	$	1,452

WHO MANAGES THE PORTFOLIO

Michael J. Vogelzang, CFA, President and Chief Investment Officer of Boston Advisors heads the management team for the Portfolio. Mr. Vogelzang has been President and Chief Investment Officer of Boston Advisors since 1997. .

Timothy E. Woolston, Senior Vice President and Portfolio Manager has been with Boston Advisors in that capacity since 1997.

Douglas A. Riley, CFA, Vice President and Portfolio Manager has been with Boston Advisors in that capacity since 2002. Prior to joining Boston Advisors, Mr. Riley was a Vice President and Portfolio Manager with Babson-United Investment Advisors since 1991.

Shakeel Dewji, Vice President and Portfolio Manager has been with Boston Advisors in that capacity since 2000. Prior to that time, Mr. Dewji was an Equity Analyst with Morgan Stanley Investment Management.


18		*About the investment portfolios*		EQ Advisors Trust

EQ/Calvert Socially Responsible Portfolio

INVESTMENT OBJECTIVE: Seeks long-term capital appreciation

THE INVESTMENT STRATEGY

The Portfolio may invest up to 10% of its total assets in foreign securities. The Portfolio may also invest up to 15% of its net assets in illiquid securities, which are securities that cannot be readily sold because there is no active market for them.

The Portfolio seeks to invest in companies that:

•

manage with participation throughout the organization in defining and achieving objectives. For example, the Portfolio looks for companies that offer employee stock ownership or profit-sharing plans;

•

The Portfolio will not invest in companies that Calvert determines to be significantly engaged in:

•

production of or the manufacture of equipment to produce nuclear energy;

•

business activities in support of repressive regimes;

•

manufacture of weapon systems;

•

manufacture of alcoholic beverages or tobacco products;

•

operation of gambling casinos; or

•

a pattern and practice of violating the rights of indigenous people.

THE PRINCIPAL RISKS

•

Derivatives Risk

•

Equity Risk

•

Foreign Securities Risk

•

Growth Investing Risk

•

Liquidity Risk

•

Mid-Cap Company Risk


EQ Advisors Trust		*About the investment portfolios*		19

Domestic Stock Portfolios (continued)

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last five calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The inception date for this Portfolio is September 1, 1999. The table shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
16.47% (2001 4th Quarter)		–19.77% (2001 3rd Quarter)


Average Annual Total Returns
	One Year	Five Years	Since Inception
EQ/Calvert Socially Responsible Portfolio — Class IB Shares	3.59%	–4.19%	–2.58%
Russell 3000 Index*	11.95%	–1.16%	1.08%

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

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Calvert Socially Responsible Portfolio		Class IB Shares
Management Fee		0.65%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.29%
Total Annual Portfolio Operating Expenses		1.19%
Less Fee Waiver/Expense Reimbursement*		(0.14)%
Net Total Annual Portfolio Operating Expenses**		1.05%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, Rule 12b-1 fees, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Net Total Annual Portfolio Operating Expenses for Class IB shares of the Portfolio for the fiscal year ended December 31, 2004 were 1.00%.

Example

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


	Class IB Shares
1 Year	$	107
3 Years	$	364
5 Years	$	641
10 Years	$	1,431

WHO MANAGES THE PORTFOLIO

Calvert Asset Management Company, Inc. (“Calvert”), 4550 Montgomery Avenue, Suite 1000N, Bethesda, Maryland 20814. Calvert has been the Adviser to the Portfolio since the Portfolio commenced operations. It has been managing mutual funds since 1976. Calvert is the investment adviser for over 28 mutual fund portfolios, including the first and largest family of socially screened funds. Calvert provides the


20		*About the investment portfolios*		EQ Advisors Trust

social investment research and screening of the Portfolio’s investments. As of December 31, 2004, Calvert had over $10 billion in assets under management.

Calvin H. Baker, Vice President and Portfolio Manager/Analyst has been with Brown Capital in that capacity since 2000. Prior to that time Mr. Baker was Chief Financial Officer and Treasurer the Wisconsin Energy Corporation for more than 9 years.

Stephon A. Jackson, Vice President and Portfolio Manager/Analyst has been with Brown Capital in that capacity since 1997.


EQ Advisors Trust		*About the investment portfolios*		21

Domestic Stock Portfolios (continued)

EQ/Capital Guardian Growth Portfolio

INVESTMENT OBJECTIVE: Seeks long-term growth of capital.

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Equity Risk

•

Foreign Securities Risk

•

Growth Investing Risk

•

Small-Cap or Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last seven calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The inception date for the Portfolio is May 1, 1997. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance. This may be particularly true for this Portfolio because a different Adviser managed the Portfolio prior to December 13, 2004.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
25.29% (1998 4th Quarter)		–19.95% (2001 1st Quarter)


Average Annual Total Returns
	One Year	Five Years	Since Inception
EQ/Capital Guardian Growth Portfolio — Class IB Shares	5.53%	–9.75%	3.74%
Russell 1000 Growth Index*	6.30%	–9.29%	4.32%

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

PORTFOLIO FEES AND EXPENSES

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


22		*About the investment portfolios*		EQ Advisors Trust


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Capital Guardian Growth Portfolio		Class IB Shares
Management Fee		0.65%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.09%
Total Annual Portfolio Operating Expenses		0.99%
Less Fee Waiver/Expense Reimbursement*		(0.04)%
Net Total Annual Portfolio Operating Expenses**		0.95%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Net Total Annual Portfolio Operating Expenses for Class IB shares of the Portfolio for the fiscal year ended December 31, 2004 were 0.67%.

Example

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


	Class IB Shares
1 Year	$	97
3 Years	$	311
5 Years	$	543
10 Years	$	1,209

WHO MANAGES THE PORTFOLIO

Michael Ericksen President of Capital Guardian from October 2002. For more than five years prior thereto he was a Director of Capital Guardian. He is also President and a Director of Capital International Limited, an affiliate of Capital Guardian. He has been an investment professional at Capital Guardian for the past 18 years.

David Fisher Chairman of the Board of Capital Guardian since December 1997. He has been an investment professional of Capital Guardian for the past 36 years.

James Kang Senior Vice President of Capital Guardian since January 1999 and a Director from February 2001 through February 2004. He is also an Executive Vice President and U.S. Research Director for Capital International Research, Inc., an affiliate of Capital Guardian. Mr. Kang has been an investment professional with Capital Guardian for 17 years.


EQ Advisors Trust		*About the investment portfolios*		23

Domestic Stock Portfolios (continued)

EQ/Capital Guardian Research Portfolio

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

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Equity Risk

•

Foreign Securities Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last five calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The commencement date for this Portfolio is May 1, 1999. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.


Calendar Year Annual Total Return

LOGO


Best quarter:		Worst quarter:
16.00% (2003 2nd Quarter)		–18.37% (2002 3rd Quarter)


Average Annual Total Returns
	One Year	Five Years	Since Inception
EQ/Capital Guardian Research Portfolio — Class IB Shares	10.89%	2.65%	3.58%
S&P 500 Index*	10.88%	–2.30%	–0.21%

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

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Capital Guardian Research Portfolio		Class IB Shares
Management Fee		0.65%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.05%
Total Annual Portfolio Operating Expenses		0.95%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses**		0.95%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Net Total Annual Portfolio Operating Expenses for Class IB shares of the Portfolio for the fiscal year ended December 31, 2004 were 0.90%.


24		*About the investment portfolios*		EQ Advisors Trust

Example

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


	Class IB Shares
1 Year	$	97
3 Years	$	303
5 Years	$	525
10 Years	$	1,166

WHO MANAGES THE PORTFOLIO

Capital Guardian Trust Company (“Capital Guardian”), 333 South Hope Street, Los Angeles, CA 90071. Capital Guardian has been providing investment management services since 1968 and has been the Adviser to the Portfolio since it commenced operations. As of December 31, 2004, Capital Guardian had $162 billion in assets under management.


EQ Advisors Trust		*About the investment portfolios*		25

Domestic Stock Portfolios (continued)

EQ/Capital Guardian U.S. Equity Portfolio

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

THE INVESTMENT STRATEGY

The Adviser seeks to accomplish the Portfolio’s investment objective through constant supervision, careful securities selection and broad diversification.

THE PRINCIPAL RISKS

•

Equity Risk

•

Foreign Securities Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The commencement date for this Portfolio is May 1, 1999. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
18.40% (2003 2nd Quarter)		–19.20% (2002 3rd Quarter)


Average Annual Total Returns
	One Year	Five Years	Since Inception
EQ/Capital Guardian U.S. Equity Portfolio — Class IB Shares	9.30%	2.92%	3.24%
S&P 500 Index*	10.88%	2.30%	–0.21%

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

PORTFOLIO FEES AND EXPENSES

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


26		*About the investment portfolios*		EQ Advisors Trust


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Capital Guardian U.S. Equity Portfolio		Class IB Shares
Management Fee		0.65%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.05%
Total Annual Portfolio Operating Expenses		0.95%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses**		0.95%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Net Total Annual Portfolio Operating Expenses for Class IB shares of the Portfolio for the fiscal year ended December 31, 2004 were 0.93%.

Example

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


	Class IB Shares
1 Year	$	97
3 Years	$	303
5 Years	$	525
10 Years	$	1,166

WHO MANAGES THE PORTFOLIO

Capital Guardian Trust Company (“Capital Guardian”), 333 South Hope Street, Los Angeles, CA 90071. Capital Guardian has been providing investment management services since 1968 and has been the Adviser to the Portfolio since it commenced operations. As of December 31, 2004, Capital Guardian had $162 billion in assets under management.

David Fisher — Chairman of the Board of Capital Guardian since December 1997. He has been an investment professional of Capital Guardian for the past 36 years.

Theodore R. Samuels — Director and Senior Vice President of Capital Guardian since 1995. He has been an Investment Professional at Capital Guardian for the past 24 years.


EQ Advisors Trust		*About the investment portfolios*		27

Domestic Stock Portfolios (continued)

EQ/Enterprise Capital Appreciation Portfolio

INVESTMENT OBJECTIVE: Seeks to maximize capital appreciation.

THE INVESTMENT STRATEGY

The Portfolio invests primarily in the common stocks of large companies that are selected for their growth potential. The Portfolio may, however, invest in companies of any size. The Portfolio will normally hold a core position of between 35 and 50 common stocks. The Portfolio may hold a limited number of additional common stocks at times when the portfolio manager is accumulating new positions, phasing out existing positions, or responding to exceptional market conditions.

For purposes of this Portfolio, companies having a market capitalization of $5 billion or more generally are considered large companies.

In selecting investments for the Portfolio, the Adviser uses an approach that combines “top-down” economic analysis with “bottom-up” stock selection.

The Adviser then looks for individual companies with earnings growth potential that may not be recognized by the market at large. In determining whether a particular company may be a suitable investment, the Adviser may focus on any of a number of different attributes that may include, without limitation, the company’s specific market expertise or dominance; its franchise durability and pricing power; solid fundamentals (e.g., a strong balance sheet, improving returns on equity, the ability to generate free cash flow, apparent use of conservative accounting standards, and transparent financial disclosure); strong and ethical management; commitment to shareholder interests; and reasonable valuations in the context of projected growth rates. This is called bottom-up stock selection.

As part of this fundamental, bottom-up research, the Adviser may visit with various levels of a company’s management, as well as with its customers, suppliers and competitors. The Adviser also may prepare detailed earnings and cash flow models of companies. These models may assist the Adviser in projecting potential earnings growth and other important characteristics under different scenarios. Each model is typically customized to follow a particular company and is generally intended to replicate and describe a company’s past, present and potential future performance. The models may include quantitative information and detailed narratives that reflect updated interpretations of corporate data.

The Adviser may reduce or sell investments in portfolio companies if, in the opinion of the Adviser company’s fundamentals change, its stock price appreciates excessively in relation to fundamental prospects, the company appears not to realize its growth potential, or there are more attractive opportunities elsewhere.

THE PRINCIPAL RISKS

•

Equity Risk

•

Growth Investing

•

Foreign Securities Risk

•

Portfolio Turnover Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (Enterprise Capital Appreciation Portfolio, a series of Enterprise Accumulation Trust) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the Enterprise Capital Appreciation Portfolio whose inception date is December 1, 1998, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.


28		*About the investment portfolios*		EQ Advisors Trust

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
44.89% (1999 4th Quarter)		–17.45% (2001 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/Enterprise Capital Appreciation Portfolio — Class IB Shares	13.83%	–2.59%	7.10%
Russell 1000 Growth Index**,†	6.30%	–9.29%	–1.87%
S&P 500 Index**	10.88%	–2.30%	2.01%

For periods prior to the commencement of Class IB Shares (July 9, 2004), performance information shown is the performance of the shares of the predecessor portfolio.

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

†

Effective May 1, 2005 this index replaced the S&P 500 Index as the Portfolio’s benchmark because this index reflects more closely the sectors in which the Portfolio invests.

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Enterprise Capital Appreciation Portfolio		Class IB Shares
Management Fee		0.75%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.19%
Total Annual Portfolio Operating Expenses		1.19%
Less Fee Waiver/Expense Reimbursement**		—%
Net Total Annual Portfolio Operating Expenses***		1.19%

Expenses of the Portfolio are based on the expenses of the Portfolio’s predecessor for the last fiscal year restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed 1.30%. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust - Expense Limitation Agreement.”

***

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. This arrangement did not affect the Net Total Annual Portfolio Operating Expenses for Class IB Shares of the Portfolio for the fiscal year ended December 31, 2004.

Example

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


	Class IB Shares
1 Year	$	121
3 Years	$	378
5 Years	$	654
10 Years	$	1,443

WHO MANAGES THE PORTFOLIO

Marsico Capital Management, LLC (“Marsico”), 1200 17th Street, Suite 1600, Denver, Colorado 80202, is the Adviser to the Portfolio. Marsico is a registered investment adviser formed in 1997. Marsico provides investment management services to other mutual funds and private accounts. As of December 31, 2004, total assets under management for all clients were approximately $44 billion.


EQ Advisors Trust		*About the investment portfolios*		29

Domestic Stock Portfolios (continued)

EQ/Enterprise Deep Value Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve total return through capital appreciation with income as a secondary consideration.

THE INVESTMENT STRATEGY

The Portfolio invests primarily in large capitalization companies whose stocks the Adviser considers to be undervalued. The Portfolio may also invest in companies with mid-sized or small market capitalizations and may invest up to 20% in foreign securities.

Undervalued or “deep value” stocks are generally those that are out of favor with investors and presently trading at prices that the Adviser feels are below what the stocks are worth in relation to their earnings. These stocks are typically those of companies possessing sound fundamentals but which have been overlooked or misunderstood by the market, with below average price/earnings ratios based on projected normalized earnings. Holdings are frequently in viable, growing businesses with good financial strength in industries that are currently out of favor and under-researched by institutions. Common characteristics of the stocks typically include a strong balance sheet, excess cash flow, hidden or undervalued assets, and strong potential for a dividend increase in the year ahead.

The Adviser’s bottom-up process includes ranking current holdings and purchase candidates on appreciation potential through a disciplined system of stock selection that is price driven on the basis of relative return/appreciation potential. It is expected that the average price/earnings ratio of the Portfolio’s stocks will be lower than the average of the Russell 1000 Value Index. Existing holdings are sold as they approach their target price reflecting a diminishing opportunity for incremental relative return.

THE PRINCIPAL RISKS

•

Equity Risk

•

Foreign Securities Risk

•

Small-Cap and Mid-Cap Company Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (Enterprise Deep Value Portfolio, a series of Enterprise Accumulation Trust) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the Enterprise Deep Value Portfolio whose inception date is May 1, 2003, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
9.27% (2004 4th Quarter)		–2.42% (2004 3rd Quarter)


Average Annual Total Returns*
	One Year	Since Inception
EQ/Enterprise Deep Value Portfolio — Class IB Shares	8.90%	19.26%
Russell 1000 Value Index**	16.49%	25.59%

For periods prior to the commencement of Class IB Shares (July 9, 2004), performance information shown is the performance of the shares of the predecessor portfolio.

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


30		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Enterprise Deep Value Portfolio		Class IB Shares
Management Fee		0.75%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		1.28%
Total Annual Portfolio Operating Expenses		2.28%
Less Fee Waiver/Expense Reimbursement**		(1.23)%
Net Total Annual Portfolio Operating Expenses		1.05%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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


	Class IB Shares
1 Year	$	107
3 Years	$	549
5 Years	$	1,108
10 Years	$	2,520

WHO MANAGES THE PORTFOLIO

Wellington Management Company, LLP (“Wellington Management”), 75 State Street, Boston, Massachusetts 02019, is the Adviser to the Portfolio. Wellington Management has provided investment counseling services since 1928, and as of December 31, 2004, had assets under management for all clients of over $470 billion.

John R. Ryan is primarily responsible for the day-to-day management of the Portfolio. Mr. Ryan, a Senior Vice President since 1987 and a Managing Partner of Wellington since 1995, joined the firm as an investment professional in 1981. He has served as Portfolio Manager of the Portfolio and its predecessor since its inception.


EQ Advisors Trust		*About the investment portfolios*		31

Domestic Stock Portfolios (continued)

EQ/Enterprise Global Socially Responsive Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve total return.

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio invests primarily in equity securities of companies that the Adviser believes are socially responsive and which are located in countries that are included in the MSCI World Index, including the U.S., Canada and Australia, and certain developed markets located in Europe and the Far East. The Portfolio intends to invest primarily in common stocks, but it may also invest in other securities that the Adviser believes provide opportunities for capital growth and income, such as preferred stocks, warrants and securities convertible into common stock. Under normal circumstances, the Portfolio will invest a significant portion of its assets in the securities of companies located outside the U.S.

The term “responsive” is used to distinguish between absolute and relative standards of corporate social responsibility. The Adviser believes that no company is perfect on any of the relevant social criteria, but looks for companies that demonstrate a commitment to progress. To find companies that are socially responsive, the Adviser actively looks for companies that are demonstrating leadership in one or more of the following areas: human rights, public health, governance, products, services and marketing, workplace environment, environmental stewardship and community. These companies also may show a commitment to improving the quality of communication to shareholders and stakeholders and to developing solution-oriented policies and practices. Like other socially responsive investment vehicles, the Portfolio does not invest in companies that are known to ignore human rights issues, violate environmental laws and regulations, have significant and continuing records of discrimination or unfair labor practices, or companies that have a history of poor governance. The Portfolio also does not invest in companies that derive more than 2% of their revenue from alcohol, tobacco, gambling, weapons or weapons systems. The Portfolio avoids companies that produce, own or operate nuclear power plants, and companies that conduct unnecessary product testing on animals for personal care products or that do not subscribe to and rigorously enforce appropriate care standards for legally required animal testing. The Adviser believes that good corporate citizenship has the potential to create good investment opportunities; wherever possible, the Portfolio seeks to invest in companies that the Adviser believes derive a competitive advantage from the socially responsive products, policies and practices developed by such companies.

The Adviser uses an investment approach that seeks to combine social criteria with the investment management criteria of potentially high return on investment capital, strong quality of management, sound financial resources and good overall business prospects. In choosing investments, the Adviser utilizes a process that involves researching and evaluating companies for potential investment. The Adviser uses its own valuation models to determine fair value and looks for securities that are selling at discounts to their fair value, independent of region or style bias. The Adviser will select growth and/or value stocks depending on their relative attractiveness. The Adviser may sell a security for a variety of reasons, such as to invest in a company offering superior investment opportunities.

THE PRINCIPAL RISKS

•

Equity Risk

•

Foreign Securities Risk

Currency Risk

Geographic Risk

Political/Economic Risk

Regulatory Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (Enterprise Global Socially Responsive Portfolio, a series of Enterprise Accumulation Trust) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the Enterprise Global Socially Responsive Portfolio whose inception date is January 24, 2002, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.


32		*About the investment portfolios*		EQ Advisors Trust

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
13.65% (2003 2nd Quarter)		–3.38% (2003 1st Quarter)


Average Annual Total Returns*
	One Year	Since Inception
EQ/Enterprise Global Socially Responsive Portfolio — Class IB Shares	12.84%	7.31%
MSCI World Index**	14.72%	7.89%

For periods prior to the commencement of Class IB Shares (July 9, 2004), performance information shown is the performance of the shares of the predecessor portfolio.

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

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Enterprise Global Socially Responsive Portfolio		Class IB Shares
Management Fee		0.90%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		1.52%
Total Annual Portfolio Operating Expenses		2.67%
Less Fee Waiver/Expense Reimbursement**		(1.37)%
Net Total Annual Portfolio Operating Expenses		1.30%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses, which would increase overall fees and expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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


	Class IB Shares
1 Year	$	132
3 Years	$	699
5 Years	$	1,293
10 Years	$	2,902

WHO MANAGES THE PORTFOLIO

Rockefeller & Co., Inc. (“Rockefeller”), 30 Rockefeller Plaza, 54th Floor, New York, New York 10112, is the Adviser to the Portfolio. Rockefeller was incorporated in 1979 and, as of December 31, 2004, had $4.93 billion under management.

Farha-Joyce Haboucha, Director of Socially Responsive Investments, is responsible for the day-to-day management of the Portfolio. Ms. Haboucha has been employed by Rockefeller since 1997 as a Senior Portfolio Manager. She previously served for 10 years as a Senior Portfolio Manager and Co-director of Socially Responsive Investment Services at Neuberger & Berman and has more than 24 years’ experience in the investment industry.


EQ Advisors Trust		*About the investment portfolios*		33

Domestic Stock Portfolios (continued)

EQ/Enterprise Multi-Cap Growth Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve long-term capital appreciation.

THE INVESTMENT STRATEGY

The Portfolio invests primarily in U.S. common stocks in order to achieve its investment objective. The Portfolio may invest in securities of companies of any size. While the Portfolio invests primarily in common stocks, it may also invest in other securities that the Adviser believes provide opportunities for capital appreciation, such as preferred stocks, warrants, and securities convertible into common stocks.

The Adviser employs a disciplined process that combines earnings growth and value style investing. In particular, the Portfolio invests in stocks of companies with long-term earnings potential, but which are currently selling at a discount to their estimated long-term value. The Portfolio engages in active and frequent trading of portfolio securities in seeking to achieve its investment objective.

THE PRINCIPAL RISKS

•

Equity Risk

•

Growth Investing Risk

•

Portfolio Turnover Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total returns for each of the last five calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance. This may be particularly true for this Portfolio because a different Adviser managed the Portfolio prior to December 13, 2004.

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (Enterprise Multi-Cap Growth Portfolio, a series of Enterprise Accumulation Trust) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the Enterprise Multi-Cap Growth Portfolio whose inception date is July 15, 1999, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
16.70% (2003 2nd Quarter)		–22.04% (2000 4th Quarter)


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/Enterprise Multi-Cap Growth Portfolio — Class IB Shares	7.56%	–11.43%	8.92%
Russell 3000 Growth Index**,†	6.93%	–8.87%	–5.61%
S&P 500 Index**	10.88%	–2.30%	–1.26%

For periods prior to the commencement of Class IB Shares (July 9, 2004), performance information shown is the performance of the shares of the predecessor portfolio.

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

†

Effective May 1, 2005 this index replaced the S&P 500 Index as the Portfolio’s benchmark because we feel that this index reflects more closely the sectors in which the Portfolios invests.

PORTFOLIO FEES AND EXPENSES

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


34		*About the investment portfolios*		EQ Advisors Trust


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Enterprise Multi-Cap Growth Portfolio		Class IB Shares
Management Fee		1.00%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.20%
Total Annual Portfolio Operating Expenses		1.45%
Less Fee Waiver/Expense Reimbursement**		(0.05)%
Net Total Annual Portfolio Operating Expenses***		1.40%

Expenses of the Portfolio are based on the expenses of the Portfolio’s predecessor for the last fiscal year restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

***

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolios expenses. Including this reduction, the Net Total Annual Portfolio Operating Expenses for Class IB Shares of the Portfolio for the fiscal year ended December 31, 2004 were 1.20%.

Example

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


	Class IB Shares
1 Year	$	143
3 Years	$	454
5 Years	$	787
10 Years	$	1,731

WHO MANAGES THE PORTFOLIO

Montag & Caldwell, Inc. (“Montag”), 3455 Peachtree Road, N.E., Suite 1200, Atlanta, Georgia 30326. Montag has been engaged in the business of providing investment counseling to individuals and institutions since 1945 and has been the Adviser to the Portfolio since December 13, 2004. As of December 31, 2004 total assets under management were $28.27 billion.

Ronald E. Canakaris, President and Chief Executive Officer of Montag since 1997, is responsible for the day-to-day investment management of the Portfolio and has more than 34 years experience in the investment industry. He has been President of Montag since 1984.


EQ Advisors Trust		*About the investment portfolios*		35

Domestic Stock Portfolios (continued)

EQ/Equity 500 Index Portfolio

THE INVESTMENT STRATEGY

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

THE PRINCIPAL RISKS

•

Derivatives Risk

•

Equity Risk

•

Index-Fund Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total returns for each of the last ten calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one year, five years and ten years through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
21.05% (1998 4th Quarter)		–17.32% (2002 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Ten Years
EQ/Equity 500 Index Portfolio — Class IB Shares	10.21%	–2.83%	11.32%
S&P 500 Index**	10.88%	–2.30%	12.07%

For periods prior to the inception of Class IB Shares (May 1, 1997), performance information shown is the performance of Class IA shares adjusted to reflect the 12b-1 fees paid by Class IB shares.

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


36		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Equity 500 Index Portfolio		Class IB Shares
Management Fee		0.25%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.05%
Total Annual Portfolio Operating Expenses		0.55%

Example

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


	Class IB Shares
1 Year	$	56
3 Years	$	176
5 Years	$	307
10 Years	$	689

WHO MANAGES THE PORTFOLIO

Alliance Capital Management L.P. (“Alliance Capital”), 1345 Avenue of the Americas, New York, New York 10105. Alliance Capital has been the Adviser to the Portfolio and its predecessor registered investment company since the predecessor commenced operations. Alliance manages investments for investment companies, endowment funds, insurance companies, foreign entities, qualified and non-tax qualified corporate funds, public and private pension and profit-sharing plans, foundations and tax-exempt organizations. As of December 31, 2004, Alliance Capital had $539 billion in assets under management.

The Statement of Additional Information provides additional information about the Portfolio Manager(s)’ compensation, other accounts managed by the Portfolio Manager(s) and the Portfolio Manager(s)’ ownership of shares of the Portfolio to the extent applicable.


EQ Advisors Trust		*About the investment portfolios*		37

Domestic Stock Portfolios (continued)

EQ/Evergreen Omega Portfolio

INVESTMENT OBJECTIVE: Seeks long-term capital growth.

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

•

Equity Risk

•

Foreign Securities Risk

•

Growth Investing Risk

•

Portfolio Turnover Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last six calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The commencement date for this Portfolio is January 1, 1999. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
16.56% (2003 2nd Quarter)		–18.11% (2001 3rd Quarter)


Average Annual Total Returns
	One Year	Five Years	Since Inception
EQ/Evergreen Omega Portfolio — Class IB Shares	6.97%	–3.81%	–1.68%
Russell 1000 Growth Index*	6.30%	–9.29%	–3.30%

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

PORTFOLIO FEES AND EXPENSES

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


38		*About the investment portfolios*		EQ Advisors Trust


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Evergreen Omega Portfolio		Class IB Shares
Management Fee		0.65%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.11%
Total Annual Portfolio Operating Expenses		1.01%
Less Fee Waiver/Expense Reimbursement*		(0.06)%
Net Total Annual Portfolio Operating Expenses**		0.95%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Net Total Annual Portfolio Operating Expenses for Class IB shares of the Portfolio for the fiscal year ended December 31, 2004 were 0.57%.

Example

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


	Class IB Shares
1 Year	$	97
3 Years	$	316
5 Years	$	552
10 Years	$	1,231

WHO MANAGES THE PORTFOLIO


EQ Advisors Trust		*About the investment portfolios*		39

Domestic Stock Portfolios (continued)

EQ/FI Mid Cap Portfolio

INVESTMENT OBJECTIVE: Seeks long-term growth of capital.

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Derivatives Risk

•

Equity Risk

•

Foreign Securities Risk

•

Growth Investing Risk

•

Portfolio Turnover Risk

•

Small-Cap and Mid-Cap Company Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last four calendar years of operations and the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The inception date for this Portfolio is September 1, 2000. The table shows the Portfolio’s average annual total returns for the past one year and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
20.69% (2003 2nd Quarter)		–22.26% (2001 3rd Quarter)


Average Annual Total Returns
	One Year	Since Inception
EQ/FI Mid Cap Portfolio — Class IB Shares	16.01%	3.92%
S&P MidCap 400 Index*	16.48%	5.64%

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


40		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/FI Mid Cap Portfolio		Class IB Shares
Management Fee		0.70%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.06%
Total Annual Portfolio Operating Expenses		1.01%
Less Fee Waiver/Expense Reimbursement*		(0.01)%
Net Total Annual Portfolio Operating Expenses**		1.00%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Net Total Annual Portfolio Operating Expenses for Class IB shares of the Portfolio for the fiscal year ended December 31, 2004 were 0.96%.

Example

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


	Class IB Shares
1 Year	$	102
3 Years	$	321
5 Years	$	557
10 Years	$	1,235

WHO MANAGES THE PORTFOLIO

Peter Saperstone has been responsible for the day-to-day management of the Portfolio since June 2001. Mr. Saperstone has been a research analyst and portfolio manager with FMR since 1995.


EQ Advisors Trust		*About the investment portfolios*		41

Domestic Stock Portfolios (continued)

EQ/FI Small/Mid Cap Value Portfolio

INVESTMENT OBJECTIVE: Seeks long-term capital appreciation.

THE INVESTMENT STRATEGY

The Adviser normally invests at least 80% of the Portfolio’s net assets, plus borrowings for investment purposes, in securities of companies with small to medium market capitalizations. Although a universal definition of small and medium market capitalization companies does not exist, for purposes of this Portfolio, the Adviser generally defines small and medium market capitalization companies as those whose market capitalization is similar to the market capitalization of companies in the S&P Small Cap 600 Index or the Russell 2000 Index and the S&P MidCap 400 Index or the Russell Midcap Index. A company’s market capitalization is based on its current market capitalization or its market capitalization at the time of the Portfolio’s investment. Companies whose capitalization is above this level after purchase continue to be considered to have a small or medium market capitalization for purposes of the 80% policy. The size of companies in each index changes with market conditions, and the composition of each index. The Adviser may also invest the Portfolio’s assets in companies with larger market capitalizations.

THE PRINCIPAL RISKS

•

Derivatives Risk

•

Equity Risk

•

Foreign Securities Risk

•

Liquidity Risk

•

Portfolio Turnover Risk

•

Small-Cap and Mid-Cap Company Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last seven calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The inception date for the Portfolio is May 1, 1997. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance. This may be particularly true for this Portfolio because a different Adviser managed the Portfolio prior to July 24, 2000.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
16.29% (2003 2nd Quarter)		–20.25% (1998 3rd Quarter)


42		*About the investment portfolios*		EQ Advisors Trust


Average Annual Total Returns
	One Year	Five Years	Since Inception
EQ/FI Small/Mid Cap Value Portfolio — Class IB Shares	17.84%	7.94%	6.31%
Russell 2500 Value Index*	21.58%	16.05%	13.85%

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

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/FI Small/Mid Cap Value Portfolio		Class IB Shares
Management Fee		0.74%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.08%
Total Annual Portfolio Operating Expenses		1.07%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses**		1.07%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed 1.10%. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust — Expense Limitation Agreement.”

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Total Annual Portfolio Operating Expenses for Class IB shares of the Portfolio for the fiscal year ended December 31, 2004 were 1.05%.

Example

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


	Class IB Shares
1 Year	$	109
3 Years	$	340
5 Years	$	590
10 Years	$	1,306

WHO MANAGES THE PORTFOLIO


EQ Advisors Trust		*About the investment portfolios*		43

Domestic Stock Portfolios (continued)

EQ/Janus Large Cap Growth Portfolio

INVESTMENT OBJECTIVE: Seeks long-term growth of capital.

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Equity Risk

•

Fixed Income Risk

Credit Risk

Interest Rate Risk

Junk Bond and Lower Rated Securities Risk

•

Focused Portfolio Risk

•

Foreign Securities Risk

•

Growth Investing Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last four calendar years of operations and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The inception date for this Portfolio is September 1, 2000. The table shows the Portfolio’s average annual total returns for the past one year and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
14.87% (2001 4th Quarter)		–24.26% (2001 3rd Quarter)


Average Annual Total Returns
	One Year	Since Inception
EQ/Janus Large Cap Growth Portfolio — Class IB Shares	12.22%	–9.81%
Russell 1000 Growth Index*	6.30%	–2.48%

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


44		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Janus Large Cap Growth Portfolio		Class IB Shares
Management Fee		0.90%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.08%
Total Annual Portfolio Operating Expenses		1.23%
Less Fee Waiver/Expense Reimbursement*		(0.08)%
Net Total Annual Portfolio Operating Expenses		1.15%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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


	Class IB Shares
1 Year	$	117
3 Years	$	382
5 Years	$	668
10 Years	$	1,482

WHO MANAGES THE PORTFOLIO

Marc Pinto is primarily responsible for day-to-day management of the Portfolio. Mr. Pinto manages institutional separate accounts in the Large Cap Growth discipline. Mr. Pinto has been a portfolio manager with Janus since 1994.


EQ Advisors Trust		*About the investment portfolios*		45

Domestic Stock Portfolios (continued)

EQ/JP Morgan Value Opportunities Portfolio

INVESTMENT OBJECTIVE: Long-term capital appreciation.

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Equity Risk

•

Fixed Income Risk

Junk Bonds or Lower Rated Securities Risk

•

Foreign Securities Risk

•

Mid-Cap Company Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last seven calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The inception date for the Portfolio is May 1, 1997. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance. This may be particularly true for this Portfolio because a different Adviser managed the Portfolio prior to December 13, 2004.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
17.79% (2003 2nd Quarter)		–18.57% (2002 3rd Quarter)


Average Annual Total Returns
	One Year	Five Years	Since Inception
EQ/JP Morgan Value Opportunities — Class IB Shares	10.81%	2.50%	5.10%
Russell 1000 Value Index*	16.49%	5.27%	9.71%

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


46		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/JP Morgan Value Opportunities Portfolio		Class IB Shares
Management Fee		0.60%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.10%
Total Annual Portfolio Operating Expenses		0.95%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses**		0.95%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Total Annual Portfolio Operating Expenses for Class IB shares of the Portfolio for the fiscal year ended December 31, 2004 were 0.76%.

Example

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

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


	Class IB Shares
1 Year	$	97
3 Years	$	303
5 Years	$	525
10 Years	$	1,166

WHO MANAGES THE PORTFOLIO

Alan Gutman, Vice President, and Bradford L. Frishberg, Managing Director, are primarily responsible for the day-to-day management of the Portfolio. Mr. Gutman is a Vice President and Portfolio Manager in the Large Cap Active Value Strategy Team and has been with J.P. Morgan since 2003. Prior to that time, he was a research analyst and portfolio manager at Oppenheimer Capital, First Manhattan and Neuberger and Berman. Mr. Frishberg, a Managing Director, leads the Large Cap Active Value Strategy Team. Prior thereto, he was a portfolio manager in J.P. Morgan’s London office and subsequently in their Tokyo office. He has been with J.P. Morgan as an investment professional since 1996.


EQ Advisors Trust		*About the investment portfolios*		47

Domestic Stock Portfolios (continued)

EQ/Lazard Small Cap Value Portfolio

INVESTMENT OBJECTIVE: Seeks capital appreciation.

THE INVESTMENT STRATEGY

The Portfolio may also invest up to 20% of its assets in larger capitalization equity securities or investment grade debt securities.

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Equity Risk

•

Fixed Income Securities

Interest Rate Risk

Investment Grade Securities Risk

•

Focused Portfolio Risk

•

Liquidity Risk

•

Non-Diversification Risk

•

Small-Cap Company Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last seven calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The Portfolio’s inception date was January 1, 1998. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad based index. Past performance is not an indication of future performance.


Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
19.39% (1999 2nd Quarter)		–20.10% (1998 3rd Quarter)


Average Annual Total Returns
	One Year	Five Years	Since Inception
EQ/Lazard Small Cap Value Portfolio — Class IB Shares	17.06%	14.10%	9.00%
Russell 2000 Value Index*	22.25%	17.23%	10.73%

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


48		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Lazard Small Cap Value Portfolio		Class IB Shares
Management Fee		0.75%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.05%
Total Annual Portfolio Operating Expenses		1.05%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses**		1.05%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed 1.10%. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Net Total Annual Portfolio Operating Expenses for Class IB shares of the Portfolio for the fiscal year ended December 31, 2004 were 0.86%.

Example

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


	Class IB Shares
1 Year	$	107
3 Years	$	334
5 Years	$	579
10 Years	$	1,283

WHO MANAGES THE PORTFOLIO

Andrew Lacey and Patrick Mullin are responsible for the day-to-day management of the Portfolio. Mr. Lacey has been a Deputy Chairman of LAM since 2004, prior thereto he was a Managing Director of LAM and has been with LAM since 1995. Mr. Mullin a Director of LAM was a Senior Vice President and Portfolio Manager for more five years prior thereto. He has been with LAM since 1998 and has been managing the Portfolio since January 2001.


EQ Advisors Trust		*About the investment portfolios*		49

Domestic Stock Portfolios (continued)

EQ/Lord Abbett Growth and Income Portfolio

INVESTMENT OBJECTIVE: Capital appreciation and growth of income without excessive fluctuation in market value.

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

Futures

and Options Risk

•

Equity Risk

•

Fixed Income Risk

•

Foreign Securities Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The inception date for this Portfolio is May 1, 2005. Therefore, no historical performance information is available.

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Lord Abbett Growth and Income Portfolio		Class IB Shares
Management Fee		0.65%
Distribution and/or Service Fees (12b-1 fees)*		0.25%
Other Expenses*		0.19%
Total Annual Portfolio Operating Expenses		1.09%
Less Fee Waiver/Expense Reimbursement**		(0.09)%
Net Total Annual Operating Expenses		1.00%

Because the Portfolio has no operating history prior to the date of the Prospectus, “other expenses” are based on estimated amounts for the current fiscal period.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers within three years of such payments and waivers under certain conditions. For more information on Expense Limitation Agreement, see “Management of the Trust - Expense Limitation Agreement.”


50		*About the investment portfolios*		EQ Advisors Trust

Example

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


	Class IB Shares
1 Year	$	102
3 Years	$	338

WHO MANAGES THE PORTFOLIO

An investment management team is responsible for the day-to-day management of the Portfolio. The team is comprised of investment managers and analysts working together to manage the Portfolio’s investments. The senior members of the team include Sholom Dinsky, W. Thomas Hudson Jr., Robert G. Morris, Eli M. Salzmann and Kenneth G. Fuller. Messrs Dinsky, Hudson, Morris and Salzmann are Partners at Lord Abbett. Messrs. Hudson, Salzmann and Morris joined the company in 1982, 1997, and 1991, respectively. Mr. Hudson has been a Partner of Lord Abbett since 1997. Mr. Salzmann has been a Partner since 2000, Mr. Morris has been a Partner since 2000. Mr. Dinsky joined Lord Abbott in 2000 from Prudential Investments, where he served as Managing Director of Prudential Asset Management. He became a Partner in 2002. Mr. Fuller has been an Investment Manager-Large Cap Value since he joined Lord Abbett in 2002. He previously was a Portfolio Manager and Senior Vice President at Pioneer Investment Management, Inc. from 1999 to 2002.

The Statement of Additional Information provides addition information about the Adviser, the Portfolio Manager(s)’ compensation, other accounts managed by the Portfolio Manager(s) and the Portfolio Manager(s)’ ownership of shares of the Portfolio to the extent applicable.


EQ Advisors Trust		*About the investment portfolios*		51

Domestic Stock Portfolios (continued)

EQ/Lord Abbett Large Cap Core Portfolio

INVESTMENT OBJECTIVE: Capital appreciation and growth of income with reasonable risk.

THE INVESTMENT STRATEGY

The Adviser invests in the full spectrum of large companies, including those with value or growth characteristics. In selecting investments, the Adviser uses a bottom-up investment research approach that combines both value and growth investment styles. The Adviser attempts to identify individual stocks that are attractively priced and present strong long-term investment opportunities based on fundamental research and company characteristics. The Adviser focuses on securities that are selling at reasonable prices in relation to its assessment of their potential value and on securities that it believes have expected earnings growth potential and consistency that may not be recognized by the market at large. The Adviser will normally sell a stock when it thinks that it no longer offers significant capital appreciation potential due to an elevated valuation or has reached the Adviser’s valuation target, its fundamentals are falling short of the Adviser’s expectations or it seems less likely to benefit from the current market and economic environment.

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

Futures and Options Risk

•

Equity Risk

•

Fixed Income Risk

•

Foreign Securities Risk

•

Growth Investing Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The inception date for this Portfolio is May 1, 2005. Therefore, no historical performance information is available.

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Lord Abbett Large Cap Core Portfolio		Class IB Shares
Management Fee		0.65%
Distribution and/or Service Fees (12b-1 fees)*		0.25%
Other Expenses*		0.19%
Total Annual Portfolio Operating Expenses		1.09%
Less Fee Waiver/Expense Reimbursement**		(0.09)%
Net Total Annual Portfolio Operating Expenses		1.00%

Because the Portfolio has no operating history prior to the date of the Prospectus, “other expenses” are based on estimated amounts for the current fiscal period.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers within three years of such payments and waivers under certain conditions. For more information on Expense Limitation Agreement, see “Management of the Trust - Expense Limitation Agreement.”


52		*About the investment portfolios*		EQ Advisors Trust

Example

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

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


	Class IB Shares
1 Year	$	102
3 Years	$	338

WHO MANAGES THE PORTFOLIO


EQ Advisors Trust		*About the investment portfolios*		53

Domestic Stock Portfolios (continued)

EQ/Lord Abbett Mid Cap Value Portfolio

INVESTMENT OBJECTIVE: Capital appreciation

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

Futures and Options Risk

•

Equity Risk

•

Fixed Income Risk

•

Mid-Cap Company Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The inception date for this Portfolio is May 1, 2005. Therefore, no historical performance information is available.

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Lord Abbett Mid-Cap Value Portfolio		Class IB Shares
Management Fee		0.70%
Distribution and/or Service Fees (12b-1 fees)*		0.25%
Other Expenses*		0.19%
Total Annual Portfolio Operating Expenses		1.14%
Less Fee Waiver/Expense Reimbursement**		(0.09)%
Net Total Annual Operating Expenses		1.05%

Because the Portfolio has no operating history prior to the date of the Prospectus, “other expenses” are based on estimated amounts for the current fiscal period.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers within three years of such payments and waivers under certain conditions. For more information on Expense Limitation Agreement, see “Management of the Trust - Expense Limitation Agreement.”


54		*About the investment portfolios*		EQ Advisors Trust

EXAMPLE

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


	Class IB Shares
1 Year	$	107
3 Years	$	353

WHO MANAGES THE PORTFOLIO

An investment management team is responsible for the day-to-day management of the Portfolio. The team is comprised of investment managers and analysts working together to manage the Portfolio’s investments. Edward von der Linde, a Partner and Investment Manager at Lord Abbett, manages the team. Mr. von der Linde joined Lord Abbett in 1988. He has been a Portfolio Manager since 1995 and a Partner since 2001. The other senior members of the team are Eileen Banko, Howard E. Hansen and David Builder. Mr. Hansen is a Partner and Investment Manager at Lord Abbett since 2002. He joined the company in 1995 and has been a Portfolio Manager since that time. Ms. Banko is an equity analyst and has held that position since she joined Lord Abbett in 1990. Mr. Builder is also an Equity Analyst at Lord Abbett and has held that position since he joined the company in 1998.


EQ Advisors Trust		*About the investment portfolios*		55

Domestic Stock Portfolios (continued)

EQ/Marsico Focus Portfolio

INVESTMENT OBJECTIVE: Seeks long-term growth of capital.

THE INVESTMENT STRATEGY

In selecting investments for the Portfolio(s), the Adviser uses an approach that combines “top-down” economic analysis with “bottom-up” stock selection.

THE PRINCIPAL RISKS

•

Equity Risk

•

Focused Portfolio Risk

•

Foreign Securities Risk

•

Growth Investing Risk

•

Non-Diversification Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last three calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The inception date for this Portfolio is September 1, 2001. The table shows the Portfolio’s average annual total returns for the past one year and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

Both the bar chart and table assume reinvestment of dividends and distributions. The performance results presented below do not reflect any


56		*About the investment portfolios*		EQ Advisors Trust

insurance and Contract-related fees and expenses, which would reduce the performance results.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
12.09% (2003 2nd Quarter)		–12.09% (2002 3rd Quarter)


Average Annual Total Returns
	One Year	Since Inception
EQ/Marsico Focus Portfolio — Class IB Shares	10.53%	12.03%
Russell 1000 Growth Index*	6.30%	0.92%

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

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Marsico Focus Portfolio		Class IB Shares
Management Fee		0.88%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.06%
Total Annual Portfolio Operating Expenses		1.19%
Less Fee Waiver/Expense Reimbursement*		(0.04)%
Net Total Annual Portfolio Operating Expenses**		1.15%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Net Total Annual Portfolio Operating Expenses for Class IB shares of the Portfolio for the fiscal year ended December 31, 2004 were 1.12%.

Example

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


	Class IB Shares
1 Year	$	117
3 Years	$	374
5 Years	$	650
10 Years	$	1,440

WHO MANAGES THE PORTFOLIO


EQ Advisors Trust		*About the investment portfolios*		57

Domestic Stock Portfolios (continued)

EQ/Mercury Basic Value Equity Portfolio

INVESTMENT OBJECTIVE: Seeks capital appreciation and secondarily, income.

THE INVESTMENT STRATEGY

The Adviser follows a contrary opinion/out-of-favor investment style. The Adviser believes that favorable changes in market prices are more likely to occur when:

•

stocks are out of favor;

•

company earnings are depressed;

•

price/earnings ratios are relatively low;

•

investment expectations are limited; and/or

•

there is no general interest in a security or industry.

On the other hand, the Adviser believes that negative developments are more likely to occur when:

•

investment expectations are high;

•

stock prices are advancing or have advanced rapidly;

•

price/earnings ratios have been inflated; and/or

•

an industry or security continues to become popular among investors.

The Portfolio has no minimum holding period for investments, and will buy or sell securities whenever the Portfolio’s management sees an appropriate opportunity.

THE PRINCIPAL RISKS

•

Equity Risk

•

Foreign Securities Risk

•

Small-Cap and Mid-Cap Company Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last seven calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The inception date for the Portfolio is May 1, 1997. The table below shows the Portfolio’s average annual total returns for the past one year, five years, and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
18.08% (2003 2nd Quarter)		–20.46% (2002 3rd Quarter)


Average Annual Total Returns
	One Year	Five Years	Since Inception
EQ/Mercury Basic Value Equity Portfolio — Class IB Shares	10.52%	7.35%	10.93%
Russell 1000 Value Index*	16.49%	5.27%	9.71%

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


58		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Mercury Basic Value Equity Portfolio		Class IB Shares
Management Fee		0.58%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.05%
Total Annual Portfolio Operating Expenses		0.88%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses**		0.88%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed 0.95%. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Total Portfolio Annual Operating Expenses for Class IB shares of the Portfolio for the fiscal year ended December 31, 2004 were 0.86%.

Example

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


	Class IB Shares
1 Year	$	90
3 Years	$	281
5 Years	$	488
10 Years	$	1,084

WHO MANAGES THE PORTFOLIO


EQ Advisors Trust		*About the investment portfolios*		59

Domestic Stock Portfolios (continued)

EQ/Mergers and Acquisitions Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve capital appreciation.

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Derivatives Risk

•

Equity Risk

•

Focused Portfolio Risk

•

Non-Diversification Risk

•

Portfolio Turnover Risk

•

Securities Lending Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
5.47% (2004 4th Quarter)		–0.66% (2004 3rd Quarter)


Average Annual Total Returns*
	One Year	Since Inception
EQ/Mergers and Acquisitions Portfolio — Class IB Shares	5.35%	9.68%
S&P 500 Index**	10.88%	20.26%

For periods prior to the commencement of Class IB Shares (July 9, 2004), performance information shown is the performance of the shares of the predecessor.

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


60		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Mergers and Acquisitions Portfolio		Class IB Shares
Management Fee		0.90%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		1.21%
Total Annual Portfolio Operating Expenses		2.36%
Less Fee Waiver/Expense Reimbursement**		(0.91)%
Net Total Annual Portfolio Operating Expenses***		1.45%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

***

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. This arrangement did not affect the Net Total Annual Portfolio Operating Expenses for Class IB Shares of the Portfolio for the fiscal year ended December 31, 2004.

Example

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

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


	Class IB Shares
1 Year	$	148
3 Years	$	649
5 Years	$	1,178
10 Years	$	2,626

WHO MANAGES THE PORTFOLIO


EQ Advisors Trust		*About the investment portfolios*		61

Domestic Stock Portfolios (continued)

EQ/MFS Emerging Growth Companies Portfolio

INVESTMENT OBJECTIVE: Seeks to provide long-term capital growth.

THE INVESTMENT STRATEGY

•

early in their life cycle but have the potential to become major enterprises; or

•

are major enterprises which the Adviser believes have above-average growth prospects whose rates of earnings growth are expected to accelerate because of special factors such as rejuvenated management, new products, changes in customer demand or basic changes in the economic environment.

In addition, the Adviser may invest up to 25% of the Portfolio’s assets in foreign securities, including those in emerging markets, or in cash and cash equivalents.

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

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Equity Risk

•

Foreign Securities Risk

Emerging Market Risk

•

Growth Investing Risk

•

Portfolio Turnover Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last seven calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The inception date for the Portfolio is May 1, 1997. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
53.01% (1999 4th Quarter)		–28.50% (2001 3rd Quarter)


Average Annual Total Returns
	One Year	Five Years	Since Inception
EQ/MFS Emerging Growth Companies Portfolio — Class IB Shares	12.63%	–12.52%	5.10%
Russell 3000 Growth Index*	6.93%	–8.87%	4.37%

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

PORTFOLIO FEES AND EXPENSES


62		*About the investment portfolios*		EQ Advisors Trust

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/MFS Emerging Growth Companies Portfolio		Class IB Shares
Management Fee		0.65%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.06%
Total Annual Portfolio Operating Expenses*		0.96%

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Total Annual Portfolio Operating Expenses for Class IB shares of the Portfolio for the fiscal year ended December 31, 2004 were 0.91%.

Example

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


	Class IB Shares
1 Year	$	98
3 Years	$	306
5 Years	$	531
10 Years	$	1,178

WHO MANAGES THE PORTFOLIO


EQ Advisors Trust		*About the investment portfolios*		63

Domestic Stock Portfolios (continued)

EQ/MFS Investors Trust Portfolio

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Equity Risk

•

Convertible Securities Risk

•

Foreign Securities Risk

Emerging Markets Risk

•

Growth Investing Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last six calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The commencement date for this Portfolio is January 1, 1999. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
13.47% (2003 2nd Quarter)		–15.37% (2002 3rd Quarter)


Average Annual Total Returns
	One Year	Five Years	Since Inception
EQ/MFS Investors Trust Portfolio — Class IB Shares	11.37%	–2.18%	–0.44%
S&P 500 Index*	10.88%	–2.30%	1.25%

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

PORTFOLIO FEES AND EXPENSES

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


64		*About the investment portfolios*		EQ Advisors Trust


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/MFS Investors Trust Portfolio		Class IB Shares
Management Fee		0.60%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.10%
Total Annual Portfolio Operating Expenses		0.95%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses**		0.95%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Net Total Annual Portfolio Operating Expenses for Class IB shares of the Portfolio for the fiscal year ended December 31, 2004 were 0.91%.

Example

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


	Class IB Shares
1 Year	$	97
3 Years	$	303
5 Years	$	525
10 Years	$	1,166

WHO MANAGES THE PORTFOLIO


EQ Advisors Trust		*About the investment portfolios*		65

Domestic Stock Portfolios (continued)

EQ/Montag & Caldwell Growth Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve capital appreciation.

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Convertible Securities

•

Equity Risk

•

Growth Investing Risk

•

Small Cap and Mid Cap Company Risk

PORTFOLIO PERFORMANCE

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
17.77% (1999 4th Quarter)		–15.53% (2001 1st Quarter)


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/Montag & Caldwell Growth Portfolio — Class IB Shares	4.10%	–5.49%	–0.18%
Russell 1000 Growth Index**,†	6.30%	–9.29%	–1.87%
S&P 500 Index**	10.88%	–2.30%	2.01%

For periods prior to the commencement of Class IB Shares (July 9, 2004), performance information shown is the performance of the predecessor portfolio.


66		*About the investment portfolios*		EQ Advisors Trust

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

†

Effective May 1, 2005 this index replaced the S&P 500 Index as the Portfolio’s benchmark because we feel that this index reflects more closely the sectors in which the Portfolio invests.

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Montag & Caldwell Growth Portfolio		Class IB Shares
Management Fee		0.75%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.12%
Total Annual Portfolio Operating Expenses		1.12%
Less Fee Waiver/Expense Reimbursement**		—%
Net Total Annual Operating Expenses		1.12%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed 1.15%. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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


	Class IB Shares
1 Year	$	114
3 Years	$	356
5 Years	$	617
10 Years	$	1,363

WHO MANAGES THE PORTFOLIO

Ronald E. Canakaris, President and Chief Investment Officer of Montag & Caldwell, is responsible for the day-to-day investment management of the Portfolio and has more than 34 years’ experience in the investment industry. He has been President of Montag & Caldwell for more than 18 years.


EQ Advisors Trust		*About the investment portfolios*		67

Domestic Stock Portfolios (continued)

EQ/Small Company Index Portfolio

INVESTMENT OBJECTIVE: Seeks to replicate as closely as possible (before the deduction of Portfolio expenses) the total return of the Russell 2000 Index (“Russell 2000”).

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Derivatives Risk

•

Equity Risk

•

Index-Fund Risk

•

Liquidity Risk

•

Small-Cap Company Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last seven calendar years and some of the risks of investing in the Portfolio by showing the yearly changes in the Portfolio’s performance. The inception date for the Portfolio is January 1, 1998. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad based index. Past performance is not an indication of future performance. This may be particularly true for this Portfolio because a different Adviser managed the Portfolio prior to January 2, 2003.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
22.95% (2003 2nd Quarter)		–21.52% (2002 3rd Quarter)


Average Annual Total Returns
	One Year	Five Years	Since Inception
EQ/Small Company Index Portfolio — Class IB Shares	17.67%	6.01%	6.74%
Russell 2000 Index*	18.33%	6.61%	7.21%

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


68		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Small Company Index Portfolio		Class IB Shares
Management Fee		0.25%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.13%
Total Annual Portfolio Operating Expenses		0.63%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses		0.63%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed 0.85%. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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


	Class IB Shares
1 Year	$	64
3 Years	$	202
5 Years	$	351
10 Years	$	786

WHO MANAGES THE PORTFOLIO

The management of and investment decisions for the Portfolio are made by Alliance Capital’s Passive Equity Investment Team, which is responsible for management of all of Alliance Capital’s Passive Equity accounts. The Passive Equity Investment Team relies heavily on quantitative. Judith DeVivo is responsible for day-to-day management of the Portfolio.


EQ Advisors Trust		*About the investment portfolios*		69

Domestic Stock Portfolios (continued)

EQ/Small Company Value Portfolio

INVESTMENT OBJECTIVE: Seeks to maximize capital appreciation.

THE INVESTMENT STRATEGY

The Portfolio intends to invest primarily in common stocks, but it may also invest in other securities that the Adviser believes provide opportunities for capital growth, such as preferred stocks, warrants and securities convertible into common stocks.

THE PRINCIPAL RISKS

•

Equity Risk

•

Liquidity Risk

•

Small-Cap Company Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
18.58% (1997 2nd Quarter)		–17.80% (1998 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Ten Years
EQ/Small Company Value Portfolio — Class IB Shares	20.93%	10.23%	14.83%
Russell 2000 Value Index**,†	22.25%	17.23%	15.17%
Russell 2000 Index**	18.33%	6.61%	11.54%


70		*About the investment portfolios*		EQ Advisors Trust

For periods prior to the commencement of Class IB Shares (July 9, 2004), performance information shown is the performance of the shares of the predecessor portfolio.

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

†

Effective May 1, 2005 this index replaced the Russell 2000 Index as the Portfolio’s benchmark because we feel that this index reflects more closely the sectors in which the Portfolio invests.

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Small Company Value Portfolio		Class IB Shares
Management Fee		0.80%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.12%
Total Annual Portfolio Operating Expenses		1.17%
Less Fee Waiver/Expense Reimbursement**		—%
Net Total Annual Portfolio Operating Expenses***		1.17%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed 1.30%. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

***

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolios expenses. Including this reduction, the Net Total Annual Portfolio Operating Expenses for Class IB Shares of the Portfolio for the fiscal year ended December 31, 2004 were 1.16%.

Example

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


	Class IB Shares
1 Year	$	119
3 Years	$	372
5 Years	$	644
10 Years	$	1,420

WHO MANAGES THE PORTFOLIO

GAMCO Investors, Inc. (“GAMCO”), One Corporate Center, Rye, New York 10580, is the Adviser to the Portfolio. GAMCO’S predecessor, Gabelli & Company, Inc., was founded in 1977. As of December 31, 2004, total assets under management for all clients were $28.7 billion.


EQ Advisors Trust		*About the investment portfolios*		71

Domestic Stock Portfolios (continued)

EQ/TCW Equity Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve long-term capital appreciation.

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. The Portfolio intends to invest primarily in the equity securities of U.S. large capitalization companies that meet the Adviser’s criteria of high return on investment capital, strong positions within their industries, sound financial fundamentals and management committed to shareholder interests. Large capitalization companies are companies with market capitalization in excess of $10 billion at the time of investment.

The Portfolio intends to invest primarily in common stocks, but it may also invest in other securities that the Adviser believes provide opportunities for capital growth, such as preferred stocks, warrants and securities convertible into common stock.

The Adviser generally chooses investments that include either companies with above average growth prospects, companies selling at reasonable valuations, or both. In choosing investments, the Adviser utilizes a process that involves researching and evaluating companies for potential investment. The Adviser generally selects companies with one or more of the following characteristics: superior business practices that will benefit from long-term trends, superior growth, profitability and leading market share versus others in their industry, strong enduring business models, valuable consumer or commercial franchises, high return on capital, favorable price to intrinsic value and undervalued assets. The Adviser may sell a security for a variety of reasons, including to invest in a company offering superior investment opportunities.

THE PRINCIPAL RISKS

•

Equity Risk

•

Foreign Securities Risk

•

Small Cap and Mid Cap Company Risk

PORTFOLIO PERFORMANCE

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
26.57% (2001 4th Quarter)		–26.32% (2001 3rd Quarter)


72		*About the investment portfolios*		EQ Advisors Trust


Average Annual Total Returns*
	One Year	Five Years	Ten Years
EQ/TCW Equity Portfolio — Class IB Shares	13.51%	–1.16%	10.08%
Russell 1000 Growth Index**,†	6.30%	–9.29%	9.59%
S&P 500 Index**	10.88%	–2.30%	12.07%

For periods prior to the commencement of Class IB Shares (July 9, 2004), performance information shown is the performance of the shares of the predecessor portfolio.

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

†

Effective May 1, 2005 this index replaced the S&P 500 Index as the Portfolio’s benchmark because we feel that this index reflects more closely the sectors in which the Portfolio invests.

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/TCW Equity Portfolio		Class IB Shares
Management Fee		0.80%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.12%
Total Annual Portfolio Operating Expenses		1.17%
Less Fee Waiver/Expense Reimbursement**		(0.02)%
Net Total Annual Operating Expenses***		1.15%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

***

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolios expenses. Including this reduction, the Net Total Annual Portfolio Operating Expenses for Class IB Shares of the Portfolio for the fiscal year ended December 31, 2004 were 1.14%.

Example

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


	Class IB Shares
1 Year	$	117
3 Years	$	370
5 Years	$	642
10 Years	$	1,419

WHO MANAGES THE PORTFOLIO

Craig C. Blum, Managing Director, U.S. Equities and Stephen A. Burlingame, Managing Director, U.S. Equities are primarily responsible for the day-to-day management of the Portfolio. Mr. Blum previously served as a Managing Director, U.S. Equities, TCW Concentrated Core Equities. In 2003 he served as a Senior Vice President, U.S. TCW Concentrated Core Equities and from 2001 to 2002 he was Vice President, U.S. Equities, Central Research Analyst. Mr. Blum joined TCW in 1999 as a U.S. Equities Central Research Analyst and in 2000 he became Assistant Vice President, U.S. Equities, Central Research Analyst. Mr. Burlingame previously served as a Managing Director, U.S. Equities TCW Concentrated Core Equities and in 2003 he served as a Senior Vice President, U.S. Equities, TCW Concentrated Core Equities, from 2001 to 2002 he was Vice President, U.S. Equities, Central Research Analyst. Mr. Burlingame joined TCW in 2000 as an Assistant Vice President, U.S. Equities, Central Research Analyst.


EQ Advisors Trust		*About the investment portfolios*		73

Domestic Stock Portfolios (continued)

EQ/UBS Growth and Income Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve total return through capital appreciation with income as a secondary consideration.

THE INVESTMENT STRATEGY

The Adviser utilizes an investment style that focuses on identifying discrepancies between a security’s fundamental value (i.e., the Adviser’s assessment of what the security is worth) and its market price. In choosing investments, the Adviser utilizes a process that involves researching and evaluating companies for potential investment. The Adviser estimates the fundamental value of each stock under analysis based on economic, industry and company analysis and a company’s management ream, competitive advantage and core competencies. The Adviser then compares its assessment of a security’s value against the prevailing market prices, with the aim of constructing a portfolio of stocks with attractive price and value characteristics. The Adviser may sell a security for a variety of reasons, such as to invest in a company offering superior investment opportunities.

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Equity Risk

•

Growth Investing Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (Enterprise Growth and Income Portfolio, a series of Enterprise Accumulation Trust) managed by the Advisor using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the Enterprise Growth and Income Portfolio whose inception date is December 1, 1998, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
14.86% (1999 2nd Quarter)		–18.59% (2002 3rd Quarter)


74		*About the investment portfolios*		EQ Advisors Trust


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/UBS Growth and Income Portfolio — Class IB Shares	13.28%	–0.99%	2.65%
Russell 1000 Index**,†	11.40%	–1.76%	2.72%
S&P 500 Index**	10.88%	–2.30%	2.01%

For periods prior to the commencement of Class IB Shares (July 9, 2004), performance information shown is the performance of the shares of the predecessor portfolio.

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

†

On May 1, 2005 this index replaced the S&P 500 Index as the Portfolio’s benchmark because this index reflects more closely the sectors in which the Portfolio invests.

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/UBS Growth and Income Portfolio		Class IB Shares
Management Fee		0.75%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.16%
Total Annual Portfolio Operating Expenses		1.16%
Less Fee Waiver/Expense Reimbursement**		(0.11)%
Net Total Annual Portfolio Operating Expenses		1.05%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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


	Class IB Shares
1 Year	$	107
3 Years	$	358
5 Years	$	628
10 Years	$	1,399

WHO MANAGES THE PORTFOLIO

John Leonard, Thomas M. Cole, Thomas J. Digenan and Scott C. Hazen are the portfolio managers responsible for the day-to-day management of the Portfolio. John Leonard is a Managing Director and Head of North American Equities and is responsible for the construction of U.S. equity portfolios and the oversight of UBS Global AM’s Chicago-based strategy team. He has been with UBS Global AM as an investment professional since 1991. Mr. Leonard is the lead Portfolio Manager for the Portfolio and is responsible for allocating the Portfolio among the various managers and analysts. Thomas Cole is a Managing Director and Head of Research, North American Core Equities Managing Director and has held that position for more than five years. He is responsible for the direction and oversight of the research group of the North American core equities team. Mr. Cole joined UBS Global AM as an Investment Professional in 1985. Mr. Digenan is an Executive Director and North American Equity Strategist and has held that position for more than five years. He participates in the analysis and development of U.S. equity portfolios. Mr. Digenan joined UBS Global AM as an Investment Professional in 1993. He has been a North American Equities Strategist since 2001 and prior thereto served as an Executive Director and President, Mutual Funds from 1993 to 2001. Mr. Hazen an Executive Director and North American Equity Strategist since 2004, participates in the analysis and development of U.S. Equity Portfolios. He joined UBS Global AM in 1992 as Executive Director Client Service and Relationship Management.


EQ Advisors Trust		*About the investment portfolios*		75

Domestic Stock Portfolios (continued)

EQ/Van Kampen Comstock Portfolio

INVESTMENT OBJECTIVE: Capital growth and income.

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

•

Equity Risk

•

Fixed Income Risk

•

Foreign Securities Risk

Currency Risk

Emerging Market Risk

Political/Economic Risk

Regulatory Risk

Transaction Cost Risk

•

Small Cap and Mid Cap Company Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The inception date for this Portfolio is May 1, 2005. Therefore, no historical performance information is available.

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Van Kampen Comstock Portfolio		Class IB Shares
Management Fee		0.65%
Distribution and/or Service Fee (12b-1 fees)*		0.25%
Other Expenses*		0.19%
Total Annual Portfolio Operating Expenses		1.09%
Less Fee Waiver/Expense Reimbursement**		(0.09)%
Net Total Annual Operating Expenses		1.00%

Because the Portfolio has no operating history prior to the date of the Prospectus, “other expenses” are based on estimated amounts for the current fiscal period.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers within three years of such payments and waivers under certain conditions. For more information on Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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


76		*About the investment portfolios*		EQ Advisors Trust

fees and expenses. Similarly, the annual rate of return assumed in the Example is not an estimate or guarantee of future investment performance. Based on these assumptions your costs would be:


	Class IB Shares
1 Year	$	102
3 Years	$	338

Who Manages the Portfolio

The Multi-Cap Value team is responsible for the day-to-day management of the Portfolio. The current members of the team include B. Robert Baker, Jr., Jason S. Leder and Kevin C. Holt. Mr. Baker, the lead portfolio manager, is a Managing Director with Van Kampen. He has had portfolio management responsibilities at Van Kampen since 1991. Mr. Leder and Mr. Holt are Executive Directors with Van Kampen. Mr. Leder joined Van Kampen and has had portfolio management responsibilities with the firm since 1995. Mr. Holt joined Van Kampen in 1999 and has had portfolio management responsibilities since that time.


EQ Advisors Trust		*About the investment portfolios*		77

Domestic Stock Portfolios (continued)

EQ/Van Kampen Mid Cap Growth Portfolio

INVESTMENT OBJECTIVE: Capital growth

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

•

Equity Risk

•

Fixed Income Risk

•

Foreign Securities Risk

Currency Risk

Emerging Market Risk

Political/Economic Risk

Regulatory Risk

Transaction Costs Risk

•

Growth Investing Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The inception date for this Portfolio is May 1, 2005. Therefore, no historical performance information is available.

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Van Kampen Mid Cap Growth Portfolio		Class IB Shares
Management Fee		0.70%
Distribution and/or Service Fee (12b-1 fees)*		0.25%
Other Expenses*		0.19%
Total Annual Portfolio Operating Expenses		1.14%
Less Fee Waiver/Expense Reimbursement**		(0.09)%
Net Total Annual Operating Expenses		1.05%

Because the Portfolio has no operating history prior to the date of the Prospectus, “other expenses” are based on estimated amounts for the current fiscal period.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers within three years of such payments and waivers under certain conditions. For more information on Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”


78		*About the investment portfolios*		EQ Advisors Trust

Example

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


	Class IB Shares
1 Year	$	107
3 Years	$	353

WHO MANAGES THE PORTFOLIO


EQ Advisors Trust		*About the investment portfolios*		79

Domestic Stock Portfolios (continued)

EQ/Wells Fargo Montgomery Small Cap Portfolio

INVESTMENT OBJECTIVE: Seeks long-term capital appreciation.

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Derivatives Risk

•

Equity Risk

•

Liquidity Risk

•

Growth Investing Risk

•

Portfolio Turnover Risk

•

Small-Cap Company Risk

PORTFOLIO PERFORMANCE

The inception date for this Portfolio is October 1, 2004. Therefore, no prior performance information is available.

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Wells Fargo Montgomery Small Cap Portfolio		Class IB Shares
Management Fee		0.85%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses*		6.51%
Total Annual Portfolio Operating Expenses		7.61%
Less Fee Waiver/Expense Reimbursement**		(6.33)%
Net Total Annual Portfolio Operating Expenses***		1.28%

Because the Portfolio has operating results for less than six months, “other expenses” are based on estimated amounts for the current fiscal period.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed 1.30%. The Manager may be reimbursed the amount of any such payments and waivers within three years of such payments and waivers under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

***

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolios expenses. Including this reduction, the Net Total Annual Portfolio Operating Expenses for Class IB Shares of the Portfolio for the fiscal year ended December 31, 2004 were 1.26%.

Example

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

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


	Class IB Shares
1 Year	$	130
3 Years	$	1,668

WHO MANAGES THE PORTFOLIO


80		*About the investment portfolios*		EQ Advisors Trust

registered mutual funds, company retirement plans, foundations, endowments, trust companies, and high net-worth individuals. As of December 31, 2004, Wells Capital Management managed assets aggregating in excess of $130.2 billion.


EQ Advisors Trust		*About the investment portfolios*		81

International Stock Portfolios

EQ/Alliance International Portfolio

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

THE INVESTMENT STRATEGY

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

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

•

Equity Risk

•

Fixed Income Risk

•

Foreign Securities Risk

Currency Risk

Emerging Market Risk

•

Growth Investing Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE


82		*About the investment portfolios*		EQ Advisors Trust

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
25.32% (1999 4th Quarter)		–20.49% (2002 3rd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Since Inception
EQ/Alliance International Portfolio — Class IB Shares	18.10%	–3.21%	4.30%
MSCI EAFE Index**	20.25%	–1.13%	5.56%

For periods prior to the inception of Class IB Shares (May 1, 1997), performance information shown is the performance of Class IA shares adjusted to reflect the 12b-1 fees paid by Class IB shares.

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

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Alliance International Portfolio		Class IB Shares
Management Fee		0.73%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.12%
Total Annual Portfolio Operating Expenses		1.10%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses**		1.10%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Net Total Annual Portfolio Operating Expenses for Class IB Shares of the Portfolio for the fiscal year ended December 31, 2004 were 1.08%.

Example

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


	Class IB Shares
1 Year	$	112
3 Years	$	350
5 Years	$	606
10 Years	$	1,340

WHO MANAGES THE PORTFOLIO


EQ Advisors Trust		*About the investment portfolios*		83

International Stock Portfolios (continued)

EQ/Capital Guardian International Portfolio

INVESTMENT OBJECTIVE: To achieve long-term growth of capital.

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

•

Equity Risk

•

Fixed Income Risk

•

Foreign Securities Risk

Currency Risk

Emerging Market Risk

•

Growth Investing Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total returns for each of the last five calendar years, and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The inception date for this Portfolio is May 1, 1999. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
18.63% (2003 2nd Quarter)		–19.81% (2002 3rd Quarter)


Average Annual Total Returns
	One Year	Five Years	Since Inception
EQ/Capital Guardian International Portfolio — Class IB Shares	13.68%	–3.92%	2.56%
MSCI EAFE Index*	20.25%	–1.13%	2.29%

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


84		*About the investment portfolios*		EQ Advisors Trust

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Capital Guardian International Portfolio		Class IB Shares
Management Fee		0.85%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.17%
Total Annual Portfolio Operating Expenses		1.27%
Less Fee Waiver/Expense Reimbursement*		(0.07)%
Net Total Annual Portfolio Operating Expenses**		1.20%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Net Total Annual Portfolio Operating Expenses for Class IB shares of the Portfolio for the fiscal year ended December 31, 2004 were 1.17%.

Example

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


	Class IB Shares
1 Year	$	122
3 Years	$	396
5 Years	$	690
10 Years	$	1,528

WHO MANAGES THE PORTFOLIO

David Fischer Chairman of the Board of Capital Guardian for more than five years. He joined the Capital Guardian as an Investment Professional in 1969.

Seung Kwak Senior Vice President for Capital International K.K, an affiliate of Capital Guardian for 3 years. She is an Investment Professional with regional coverage responsibilities in Japan. Prior there to she was an Investment Professional with Zurich Scudder Investments for 17 years.

Nancy Kyle Vice Chairman of Capital Guardian. She joined Capital Guardian as an Investment Professional in 1991.

Lionel Sauvage Director and Senior Vice President of Capital Guardian. He joined Capital Guardian as an Investment Professional in 1987.


EQ Advisors Trust		*About the investment portfolios*		85

International Stock Portfolios (continued)

Nilly Sikorsky Chairman of Capital International L.A., an affiliate of Capital Guardian. She joined the Capital Guardian organization as an Investment Professional in 1962.


86		*About the investment portfolios*		EQ Advisors Trust

EQ/International Growth Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve capital appreciation.

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio intends to invest at least 80% of its net assets in the equity securities of foreign companies that the Adviser believes are undervalued. Foreign companies include those companies that are organized or headquartered outside of the U.S. Foreign securities include securities issued by companies in countries with either developed or developing economies. The Portfolio does not limit its investments to issuers within a specific market capitalization range but generally invests in large capitalization companies (i.e., those with market capitalization in excess of $10 billion at the time of investment). The Portfolio generally diversifies its investments among European, Australasian and Far East (“EAFE”) markets.

THE PRINCIPAL RISKS

•

Convertible Securities

•

Equity Risk

•

Foreign Securities Risk

Currency Risk

Emerging Market Risk

Political/Economic Risk

Regulatory Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
32.15% (1999 4th Quarter)		–27.47% (2002 3rd Quarter)


EQ Advisors Trust		*About the investment portfolios*		87

International Stock Portfolios (continued)


Average Annual Total Returns*
	One Year	Five Years	Ten Years
EQ/International Growth Portfolio — Class IB Shares	5.27%	–7.87%	3.94%
MSCI EAFE Index**	20.25%	–1.13%	5.62%

For periods prior to the commencement of Class IB Shares (July 9, 2004), performance information shown is the performance of the shares of the predecessor portfolio.

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

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/International Growth Portfolio		Class IB Shares
Management Fee		0.85%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.22%
Total Annual Portfolio Operating Expenses		1.32%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses		1.32%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed 1.55%. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

***

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. This arrangement did not affect the Net Total Annual Portfolio Operating Expenses for Class IB Shares of the Portfolio for the fiscal year ended December 31, 2004.

Example

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


	Class IB Shares
1 Year	$	134
3 Years	$	418
5 Years	$	723
10 Years	$	1,590

WHO MANAGES THE PORTFOLIO

The Portfolio is managed by a team of investment professionals consisting of the following members.


88		*About the investment portfolios*		EQ Advisors Trust

EQ/Mercury International Value Portfolio

INVESTMENT OBJECTIVE: Seeks capital appreciation.

THE INVESTMENT STRATEGY

The Portfolio considers the following to be issuers of securities located in a country other than the U.S.:

•

companies organized under the laws of a country other than the U.S. with a principal office outside the U.S.;

•

companies that earn 50% or more of their total revenues from business outside the U.S.;

•

companies with 50% or more of their assets located in a country outside of the U.S.; and

•

companies whose securities are principally traded in foreign markets.

The Portfolio may engage in a variety of transactions using derivatives, such as futures, options, warrants, and forward and swap contracts on both securities and currencies.

The Portfolio will not limit its investments to any particular type of company. The Portfolio may invest in companies of any size although it generally will invest in large cap companies. In investing the Portfolio’s assets, the Adviser follows a value investing style, focusing on the stocks that the Adviser believes are currently undervalued by the market and thus have a lower price than their true worth. Typical value characteristics include a low price-to-earnings ratio relative to the cost of capital and other intrinsic characteristics, a high yield relative to the market and financial strength. Stocks may be “undervalued” because they are part of an industry that is out of favor with investors generally. Even in those industries, individual companies may have high rates of earnings growth and be financially sound. At the same time, the price of their common stock may be depressed because investors associate the companies with their industries.

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

•

Equity Risk

•

Foreign Securities Risk

Currency Risk

Emerging Market Risk

•

Liquidity Risk

•

Small Cap and Mid Cap Company Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last seven calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The inception date for the Portfolio is May 1, 1997. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance. This may be particularly true for this portfolio because a different Adviser managed the Portfolio prior to December 12, 2003.

Calendar Year Annual Total Return

LOGO


Best quarter: (% and time period)		Worst quarter: (% and time period)
36.26% (1999 4th Quarter)		–20.57% (2002 3rd Quarter)


EQ Advisors Trust		*About the investment portfolios*		89

International Stock Portfolios (continued)


Average Annual Total Returns
	One Year	Five Years	Since Inception
EQ/Mercury International Value Portfolio — Class IB Shares	21.73%	–2.22%	8.54%
MSCI EAFE Index*	20.25%	–1.13%	5.24%

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

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Mercury International Value Portfolio		Class IB Shares
Management Fee		0.85%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.15%
Total Annual Portfolio Operating Expenses		1.25%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses**		1.25%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Net Total Annual Portfolio Operating Expenses for Class IB shares of the Portfolio for the fiscal year ended December 31, 2004 were 1.18%.

Example

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


	Class IB Shares
1 Year	$	127
3 Years	$	397
5 Years	$	686
10 Years	$	1,511

WHO MANAGES THE PORTFOLIO

A team of investment professionals that includes James MacMillan, Hubert Aarts and Robert Weatherston is jointly and primarily responsible for the day-to-day management of the Portfolio.


90		*About the investment portfolios*		EQ Advisors Trust

EQ/Van Kampen Emerging Markets Equity Portfolio

INVESTMENT OBJECTIVE: Seeks long-term capital appreciation.

THE INVESTMENT STRATEGY

•

its principal securities trading market is in an emerging market country;

•

alone or on a consolidated basis, at least 50% of its revenues are derived from goods produced, sales made or services performed in an emerging market country; or

•

it is organized under the laws of, or has a principal office in, an emerging market country.

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

•

Equity Risk

•

Fixed Income Risk

Junk Bonds and Lower Rated Securities Risk

•

Focused Portfolio Risk

•

Foreign Securities Risk

Currency Risk

Emerging Market Risk

•

Growth Investing Risk

•

Liquidity Risk

•

Non-Diversification Risk

•

Portfolio Turnover Risk


EQ Advisors Trust		*About the investment portfolios*		91

International Stock Portfolios (continued)

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last seven calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The inception date for the Portfolio is August 20, 1997. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

Calendar Year Annual Total Return

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
49.97% (1999 4th Quarter)		–22.24% (2001 3rd Quarter)


Average Annual Total Returns
	One Year	Five Years	Since Inception
EQ/Van Kampen Emerging Markets Equity Portfolio —Class IB Shares	23.58%	0.59%	2.22%
MSCI EMF Index*	25.95%	4.62%	3.86%

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

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Van Kampen Emerging Markets Equity Portfolio		Class IB Shares
Management Fee		1.15%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.40%
Total Annual Portfolio Operating Expenses		1.80%
Less Fee Waiver/Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses**		1.80%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Net Total Annual Portfolio Operating Expenses for Class IB shares of the Portfolio for the fiscal year ended December 31, 2004 were 1.75%.

Example

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


	Class IB Shares
1 Year	$	183
3 Years	$	566
5 Years	$	975
10 Years	$	2,116


92		*About the investment portfolios*		EQ Advisors Trust

WHO MANAGES THE PORTFOLIO

The Portfolio is managed within the Subadviser’s Emerging Markets team. Current members of the team include Narayan Ramachandran, Ruchir Sharma, Ashutosh Sinha and Paul Psaila.

Narayan Ramachandran is a Managing Director of MSIM Inc., and is the Portfolio’s co-lead portfolio manager. He has been managing the Portfolio since 2001 and has been with MSIM, Inc. as an Investment Professional since 1996.

Ashutosh Sinha, Managing Director of MSIM, Inc. has managed the Portfolio since 1996 and has been with MSIM Inc. as an Investment Professional since its inception.

Paul Psaila, an Executive director of MSIM Inc., has managed the Portfolio since 1994 and has been an Investment Professional with MSIM Inc. since 1994.


EQ Advisors Trust		*About the investment portfolios*		93

Fixed Income Portfolios

EQ/Alliance Intermediate Government Securities Portfolio

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

THE INVESTMENT STRATEGY

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

•

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

•

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

•

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

•


94		*About the investment portfolios*		EQ Advisors Trust

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

THE PRINCIPAL RISKS

•

Derivatives Risk

•

Fixed Income Risk

Asset-Backed Securities Risk

Credit Risk

Interest Rate Risk

Investment Grade Securities Risk

Mortgage-Backed Securities Risk

Zero Coupon Risk

•

Portfolio Turnover Risk

•

Securities Lending Risk

PORTFOLIO PERFORMANCE

The table below shows the Portfolio’s average annual total returns for the past one, five and ten years through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
4.83% (2001 3rd Quarter)		–2.35% (2004 2nd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Ten Years
EQ/Alliance Intermediate Government Securities Portfolio — Class IB Shares	1.97%	5.87%	5.97%
Lehman Brothers Intermediate Government Bond Index**	2.33%	6.57%	6.75%

For periods prior to the inception of Class IB Shares (May 1, 1997), performance information shown is the performance of Class IA shares adjusted to reflect the 12b-1 fees paid by Class IB shares.

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


EQ Advisors Trust		*About the investment portfolios*		95

Fixed Income Portfolios (continued)

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Alliance Intermediate Government Securities Portfolio		Class IB Shares
Management Fee		0.50%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.06%
Total Annual Portfolio Operating Expenses		0.81%

Example

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


	Class IB Shares
1 Year	$	83
3 Years	$	259
5 Years	$	450
10 Years	$	1,002

WHO MANAGES THE PORTFOLIO

Kewjin Yuoh, Vice President and Portfolio Manager at Alliance Capital is responsible for day-to-day management of the Portfolio. Mr. Yuoh joined Alliance Capital in 1993 as a Vice President.


96		*About the investment portfolios*		EQ Advisors Trust

EQ/Alliance Quality Bond Portfolio

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

THE INVESTMENT STRATEGY

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

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

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

•

Fixed Income Risk

Asset-Backed Securities Risk

Credit Risk

Interest Rate Risk

Investment Grade Securities Risk

Mortgage-Backed Securities Risk

Zero Coupon and Pay-in Kind Securities Risk

•

Foreign Securities Risk

Currency Risk

•

Portfolio Turnover Risk

PORTFOLIO PERFORMANCE


EQ Advisors Trust		*About the investment portfolios*		97

Fixed Income Portfolios (continued)

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
6.05% (1995 2nd Quarter)		–2.39% (2004 2nd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Ten Years
EQ/Alliance Quality Bond Portfolio — Class IB Shares	3.79%	6.82%	7.01%
Lehman Brothers Aggregate Bond Index**	4.34%	7.71%	7.72%

For periods prior to the inception of Class IB Shares (July 8, 1998), performance information shown is the performance of Class IA shares adjusted to reflect the 12b-1 fees paid by Class IB shares.

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

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Alliance Quality Bond Portfolio		Class IB Shares
Management Fee		0.50%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.06%
Total Annual Portfolio Operating Expenses		0.81%

Example

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


	Class IB Shares
1 Year	$	83
3 Years	$	259
5 Years	$	450
10 Years	$	1,002

WHO MANAGES THE PORTFOLIO

Matthew Bloom, Senior Vice President and Portfolio Manager — U.S. Core Fixed Income, is responsible for the day-to-day management of the Portfolio. Mr. Bloom has served as Senior Vice President and Portfolio Manager for more than five years and has been with Alliance Capital since 1989.


98		*About the investment portfolios*		EQ Advisors Trust

EQ/Caywood-Scholl High-Yield Bond Portfolio

INVESTMENT OBJECTIVE: Seeks to maximize current income.

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

•

Fixed Income Risk

Credit Risk

Interest Rate Risk

Junk Bonds or Lower Rated Securities Risk

•

Foreign Securities Risk

•

Portfolio Turnover Risk

PORTFOLIO PERFORMANCE

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
7.66% (2003 2nd Quarter)		–5.16% (1998 3rd Quarter)


EQ Advisors Trust		*About the investment portfolios*		99

Fixed Income Portfolios (continued)


Average Annual Total Returns*
	One Year	Five Years	Ten Years
EQ/Caywood-Scholl High-Yield Bond Portfolio — Class IB Shares	9.70%	7.11%	8.54%
Merrill Lynch High Yield Master Cash Pay Corporate Index**, †	10.76%	7.32%	8.46%
Lehman Brothers U.S. Corporate High Yield Bond Index**	11.13%	6.97%	8.13%

For periods prior to the commencement of Class IB Shares (July 9, 2004), performance information shown is the performance of the shares of the predecessor portfolio.

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

†

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Caywood-Scholl High-Yield Bond Portfolio		Class IB Shares
Management Fee		0.60%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.12%
Total Annual Portfolio Operating Expenses		0.97%
Less Fee Waiver/Expense Reimbursement**		(0.12)%
Net Total Annual Portfolio Operating Expenses		0.85%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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


	Class IB Shares
1 Year	$	87
3 Years	$	297
5 Years	$	525
10 Years	$	1,179

WHO MANAGES THE PORTFOLIO


*100*		*About the investment portfolios*		EQ Advisors Trust

EQ/Government Securities Portfolio

INVESTMENT OBJECTIVE: Seeks to maximize income and capital appreciation through investment in the highest credit quality debt obligations.

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Fixed Income Risk

Interest Rate Risk

Mortgage-Backed Securities Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (MONY Government Securities Portfolio, a series of the MONY Series Fund, Inc.) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the MONY Government Securities Portfolio whose inception date is May 1, 1991, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
4.00% (1995 2nd Quarter)		–1.26% (2004 2nd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Ten Years
EQ/Government Securities Portfolio — Class IB Shares	1.12%	4.78%	5.05%
Lehman Brothers Intermediate U.S. Government Index**	2.33%	6.57%	6.75%

For periods prior to the commencement of Class IB Shares (July 9, 2004), performance information shown is the performance of the shares of the predecessor portfolio adjusted to reflect the 12b-1 fees paid by Class IB Shares.

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

PORTFOLIO FEES AND EXPENSES


EQ Advisors Trust		*About the investment portfolios*		*101*

Fixed Income Portfolios (continued)

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Government Securities Portfolio		Class IB Shares
Management Fee		0.50%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.25%
Total Annual Portfolio Operating Expenses		1.00%
Less Fee Waiver/Expense Reimbursement**		—%
Net Total Annual Portfolio Operating Expenses		1.00%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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


	Class IB Shares
1 Year	$	102
3 Years	$	318
5 Years	$	552
10 Years	$	1,225

WHO MANAGES THE PORTFOLIO

Todd A. Finkelstein, CFA, Senior Vice President and Director of Fixed-Income Investments has been with Boston Advisors in that capacity since 1997. Prior to that time, Mr. Finkelstein was with BankBoston’s Global Asset Management Group.

David Wheeler, CFA, Vice President and Portfolio Manager has been with Boston Advisors in that capacity since 2004. Prior to that time, Mr. Wheeler was with MONY Capital Management since 1993, most recently serving as Managing Director. Mr. Wheeler has 18 years’ investment industry experience.


*102*		*About the investment portfolios*		EQ Advisors Trust

EQ/Intermediate Term Bond Portfolio

INVESTMENT OBJECTIVE: Seeks to maximize income and capital appreciation through investment in intermediate-maturity debt obligations.

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Fixed Income Risk

Asset-Backed Securities Risk

Credit Risk

Interest Rate Risk

Investment Grade Securities Risk

Mortgage-Backed Securities Risk

PORTFOLIO PERFORMANCE

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
4.91% (1995 2nd Quarter)		–2.70% (2004 2nd Quarter)


Average Annual Total Returns*
	One Year	Five Years	Ten Years
EQ/Intermediate Term Bond Portfolio — Class IB Shares	1.99%	5.74%	5.97%
Lehman Brothers Intermediate Government/Credit Index**	3.04%	7.21%	7.16%

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


EQ Advisors Trust		*About the investment portfolios*		*103*

Fixed Income Portfolios (continued)

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Intermediate Term Bond Portfolio		Class IB Shares
Management Fee		0.50%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.28%
Total Annual Portfolio Operating Expenses		1.03%
Less Fee Waiver/Expense Reimbursement**		(0.03)%
Net Total Annual Portfolio Operating Expenses		1.00%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, cap-italized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under cer-tain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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


	Class IB Shares
1 Year	$	102
3 Years	$	325
5 Years	$	566
10 Years	$	1,257

WHO MANAGES THE PORTFOLIO


*104*		*About the investment portfolios*		EQ Advisors Trust

EQ/J.P. Morgan Core Bond Portfolio

INVESTMENT OBJECTIVE: Seeks to provide a high total return consistent with moderate risk to capital and maintenance of liquidity.

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Derivatives Risk

•

Fixed Income Risk

Asset-Backed Securities Risk

Credit Risk

Interest Rate Risk

Investment Grade Securities Risk

Mortgage-backed Securities Risk

•

Foreign Securities Risk

•

Liquidity Risk

•

Portfolio Turnover Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total return for each of the last seven calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The inception date for the Portfolio is January 1, 1998. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2004 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

Calendar Year Annual Total Return

LOGO


Best quarter: (% and time period)		Worst quarter: (% and time period)
4.72% (1998 3rd Quarter)		–2.58% (2004 2nd Quarter)


EQ Advisors Trust		*About the investment portfolios*		*105*

Fixed Income Portfolios (continued)


Average Annual Total Returns
	One Year	Five Years	Since Inception
EQ/J.P. Morgan Core Bond Portfolio — Class IB Shares	4.13%	7.26%	6.19%
Lehman Brothers Aggregate Bond Index*	4.34%	7.71%	6.59%

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

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/J.P. Morgan Core Bond Portfolio		Class IB Shares
Management Fee		0.44%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.06%
Total Annual Portfolio Operating Expenses		0.75%
Less Fee Waiver Expense Reimbursement*		—%
Net Total Annual Portfolio Operating Expenses		0.75%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed 0.80%. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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

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


	Class IB Shares
1 Year	$	77
3 Years	$	240
5 Years	$	417
10 Years	$	930

WHO MANAGES THE PORTFOLIO

The Portfolio is managed by a team of investment professionals comprised of the following:

Mark D. Settles, a Managing Director of J.P. Morgan, is responsible for strategic aspects of the Portfolio. Mr. Settles is a client portfolio manager in the International and U.S. Fixed Income Group. Prior thereto he was a vice president and portfolio manager in the U.S. Fixed Income Group. Mr. Settles joined J.P. Morgan in 1994.

Timothy N. Neumann, Managing Director, is the head of Portfolio Management and lead portfolio manager for Core Investment Grade and Core Plus strategies, he works with the Macro team and sector teams to deliver account-specific portfolio strategy. Mr. Neumann has been a portfolio manager with J.P. Morgan since 1994.

Ronald Arons, Vice President, is the lead portfolio manager for Core Investment grade strategies, and is responsible for formulating investment strategy and risk management for the Portfolio. He has been a portfolio manager with J.P. Morgan since 1994.

Jeffrey J. Jackman, Vice President, is a portfolio manager in the U.S. Fixed Income Portfolio Management Group. Mr. Jackman has been a portfolio manager with J. P. Morgan for more than five years.


*106*		*About the investment portfolios*		EQ Advisors Trust

EQ/Long Term Bond Portfolio

INVESTMENT OBJECTIVE: Seeks to maximize income and capital appreciation through investment in long-maturity debt obligations.

THE INVESTMENT STRATEGY

The Portfolio invests in investment-grade fixed-income securities issued by a diverse mix of corporations, the U.S. Government and its agencies or instrumentalities, as well as mortgage-backed and asset-backed securities. Under normal circumstances, at least 80% of the Portfolio’s net assets, plus borrowings for investment purposes, will be invested in such securities. The Portfolio is expected to have a dollar weighted average maturity of more than eight years under most circumstances and an effective duration between 8 and 15 years. All securities in the Portfolio will be investment-grade at the time of purchase. An investment-grade security carries a minimum rating of credit quality issued by an independent rating agency at the time of purchase. Specific securities in the Portfolio can have expected maturities as short as one day, or as long as 30 years or more, but the Portfolio as a whole is expected to have an average maturity of longer than eight years. The Portfolio will not take temporary defensive positions inconsistent with its principal investment strategy.

THE PRINCIPAL RISKS

•

Fixed Income Risk

Asset-Backed Securities Risk

Credit Risk

Interest Rate Risk

Investment Grade Securities Risk

Mortgage-Backed Securities Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (MONY Long Term Bond Portfolio, a series of The MONY Series Fund, Inc.) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor to the Enterprise MONY Long Term Bond Portfolio whose inception date is March 20, 1985, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on July 9, 2004) and its predecessor have been linked.

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
10.73% (1995 2nd Quarter)		–6.39% (1996 1st Quarter)


Average Annual Total Returns*
	One Year	Five Years	Ten Years
EQ/Long Term Bond Portfolio — Class IB Shares	7.65%	9.27%	8.59%
Lehman Brothers Long Government/Credit Index**	8.56%	10.46%	9.72%

For periods prior to the commencement of Class IB Shares (July 9, 2004), performance information shown is that of the predecessor portfolio adjusted to reflect the 12b-1 fees paid by Class IB Shares.

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


EQ Advisors Trust		*About the investment portfolios*		*107*

Fixed Income Portfolios (continued)

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Long Term Bond Portfolio		Class IB Shares
Management Fee		0.50%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.25%
Total Annual Portfolio Operating Expenses		1.00%
Less Fee Waiver/Expense Reimbursement**		—%
Net Annual Portfolio Operating Expenses		1.00%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, cap-italized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under cer-tain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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

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


	Class IB Shares
1 Year	$	102
3 Years	$	318
5 Years	$	552
10 Years	$	1,255

WHO MANAGES THE PORTFOLIO


*108*		*About the investment portfolios*		EQ Advisors Trust

EQ/Money Market Portfolio

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

THE INVESTMENT STRATEGY

The instruments in which the Portfolio invests include:

•

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

•

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

•

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

•

floating rate or master demand notes; and

•

repurchase agreements covering U.S. Government securities.

THE PRINCIPAL RISKS

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

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

•

Fixed Income Risk

Asset-Backed Securities Risk

Credit Risk

Interest Rate Risk

Mortgage-Backed Securities Risk

•

Foreign Securities Risk

•

Money Market Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total returns for each of the last ten calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one, five and ten years through December 31, 2004 and compares the Portfolio’s performance to the returns on three-month U.S. Treasury bills. Past performance is not an indication of future performance.


EQ Advisors Trust		*About the investment portfolios*		*109*

Fixed Income Portfolios (continued)

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
1.52% (2000 3rd Quarter)		0.08% (2003 4th Quarter)
The Portfolio’s 7-day yield for the quarter ended December 31, 2004 was 1.63% and the effective yield was 1.64%.


Average Annual Total Returns*
	One Year	Five Years	Ten Years
EQ/Money Market Portfolio — Class IB Shares	0.77%	2.41%	3.74%
3-Month Treasury Bill	1.33%	2.95%	4.14%

For periods prior to the inception of Class IB Shares (October 2, 1996), performance information shown is the performance of Class IA shares adjusted to reflect the 12b-1 fees paid by Class IB shares.

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)
EQ/Money Market Portfolio		Class IB Shares
Management Fee		0.34%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.05%
Total Annual Portfolio Operating Expenses		0.64%

Example

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


	Class IB Shares
1 Year	$	65
3 Years	$	205
5 Years	$	357
10 Years	$	798

WHO MANAGES THE PORTFOLIO


*110*		*About the investment portfolios*		EQ Advisors Trust

EQ/PIMCO Real Return Portfolio

INVESTMENT OBJECTIVE: Seeks maximum real return consistent with preservation of real capital and prudent investment management.

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Derivatives Risk

•

Fixed Income Risk

Asset-Backed Securities Risk

Credit Risk

Interest Rate Risk

Investment Grade Securities Risk

Junk Bonds or Lower Rated Securities Risk

Mortgage-Backed Securities Risk

•

Foreign Securities Risk

Currency Risk

Emerging Markets Risk

•

Leveraging Risk

PORTFOLIO PERFORMANCE

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
3.13% (2004 3rd Quarter)		–2.36% (2004 2nd Quarter)


EQ Advisors Trust		*About the investment portfolios*		*111*

Fixed Income Portfolios (continued)


Average Annual Total Returns*
	One Year	Since Inception
EQ/PIMCO Real Return Portfolio — Class IB Shares	4.78%	5.97%
Lehman U.S. Tips Index**,†	8.46%	11.16%
Lehman Brothers U.S. Universal Index**	4.97%	6.76%

For periods prior to the commencement of Class IB Shares (July 9, 2004), performance information shown is the performance of the shares of the predecessor portfolio.

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

†

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/PIMCO Real Return Portfolio		Class IB Shares
Management Fee		0.55%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.20%
Total Annual Portfolio Operating Expenses		1.00%
Less Fee Waiver/Expense Reimbursement**		(0.35)%
Net Total Annual Portfolio Operating Expenses		0.65%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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


	Class IB Shares
1 Year	$	66
3 Years	$	284
5 Years	$	518
10 Years	$	1,193

WHO MANAGES THE PORTFOLIO

John B. Brynjolfsson is responsible for the day-to-day management of the Portfolio. He is a Managing Director and a Portfolio Manager of PIMCO. He joined PIMCO as an investment professional in 1989 and has had portfolio management experience for more than five years.


*112*		*About the investment portfolios*		EQ Advisors Trust

EQ/Short Duration Bond Portfolio

INVESTMENT OBJECTIVE: Seeks current income with reduced volatility of principal.

THE INVESTMENT STRATEGY

THE PRINCIPAL RISKS

•

Derivatives Risk

•

Fixed Income Risk

Credit Risk

Interest Rate Risk

Investment Grade Securities Risk

•

Foreign Securities Risk

•

Securities Lending Risk

PORTFOLIO PERFORMANCE

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
1.20% (2004 1st Quarter)		–0.79% (2004 2nd Quarter)


EQ Advisors Trust		*About the investment portfolios*		*113*

Fixed Income Portfolios (continued)


Average Annual Total Returns*
	One Year	Since Inception
EQ/Short Duration Bond Portfolio — Class IB Shares	1.70%	1.70%
Lehman 1-3 year Government Credit Index**	1.30%	1.69%

For periods prior to the commencement of Class IB Shares (July 9, 2004), performance information shown is the performance of the shares of the predecessor portfolio.

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

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Short Duration Bond Portfolio		Class IB Shares
Management Fee		0.45%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.52%
Total Annual Portfolio Operating Expenses		1.22%
Less Fee Waiver/Expense Reimbursement**		(0.57)%
Net Total Annual Portfolio Operating Expenses		0.65%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

Example

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


	Class IB Shares
1 Year	$	66
3 Years	$	331
5 Years	$	615
10 Years	$	1,427

WHO MANAGES THE PORTFOLIO


*114*		*About the investment portfolios*		EQ Advisors Trust

Balanced/Hybrid Portfolio

EQ/Enterprise Managed Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve growth of capital over time.

THE INVESTMENT STRATEGY

Equity securities in which the Portfolio may invest include common stocks, preferred stocks, warrants and securities convertible into common stock. The Adviser has discretion to increase or decrease the weighting in equity securities or fixed income securities by 15% and cash and cash equivalents by 5%. In addition, the Portfolio may also invest up to 20% of assets in foreign securities provided that they are listed on a domestic or foreign securities exchange or represented by ADRs or EDRs listed on a domestic securities exchange or traded in the United States over-the-counter market.

The Adviser will utilize an investment style that emphasizes common stocks, bonds and cash equivalents. In choosing investments, the Adviser utilizes a process that involves researching and evaluating companies for potential investment. The strategy for the equity portion of the Portfolio is to identify through fundamental analysis market-leading companies in industry sectors with favorable growth prospects. Fundamental analysis of a company involves the assessment of such factors as its business environment, management, balance sheet, income statement, anticipated earnings, revenues, dividends, and other related measures of value. The key characteristics of high quality companies favored by the Portfolio include a leadership position within an industry, a strong balance sheet, a high return on equity, and a strong management team. The Adviser may sell a security for a variety or reasons, such as to invest in a company offering superior investment opportunities.

THE PRINCIPAL RISKS

•

Asset Allocation Risk

•

Convertible Securities Risk

•

Equity Risk

•

Fixed Income Risk

Credit Risk

Interest Rate Risk

Investment Grade Securities Risk

•

Foreign Securities Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

Calendar Year Annual Total Return*

LOGO


Best quarter (% and time period)		Worst quarter (% and time period)
14.64% (1995 2nd Quarter)		–16.42% (2001 3rd Quarter)


EQ Advisors Trust		*About the investment portfolios*		*115*

Balanced/Hybrid Portfolio (continued)


Average Annual Total Returns*
	One Year	Five Years	Ten Years
EQ/Enterprise Managed Portfolio — Class IB Shares	8.57%	–1.39%	9.52%
65% S&P 500 Index/30% Lehman Aggregate Bond/5% 3-Month T-Bill**,†	8.47%	1.23%	10.68%
S&P 500 Index**	10.88%	–2.30%	12.07%

For periods prior to the commencement of Class IB Shares (July 9, 2004), performance information shown is the performance of the of the predecessor portfolio.

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

†

Effective May 1, 2005 this index replaced the S&P 500 Index as the Portfolio’s benchmark because this index reflects more closely the sectors in which the Portfolios invests.

PORTFOLIO FEES AND EXPENSES

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


Annual Portfolio Operating Expenses* (expenses that are deducted from Portfolio assets)
EQ/Enterprise Managed Portfolio		Class IB Shares
Management Fee		0.78%
Distribution and/or Service Fees (12b-1 fees)		0.25%
Other Expenses		0.12%
Total Annual Portfolio Operating Expenses		1.15%
Less Fee Waiver/Expense Reimbursement**		(0.10)%
Net Total Annual Portfolio Operating Expenses***		1.05%

Expenses of the Portfolio for the last fiscal year include the expenses of the Portfolio’s predecessor restated to reflect current fees.

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2006 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IB shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act do not exceed the amount shown above under Net Total Annual Portfolio Operating Expenses. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

***

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolios expenses. This arrangement did not affect the Net Total Annual Portfolio Operating Expenses for Class IB Shares of the Portfolio for the fiscal year ended December 31, 2004.

Example

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

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


	Class IB Shares
1 Year	$	107
3 Years	$	355
5 Years	$	623
10 Years	$	1,389

WHO MANAGES THE PORTFOLIO

The Portfolio is managed by the team of investment professionals consisting of the following members:

Matthew E. Megargel, CFA is a Senior Vice President and Partner of Wellington Management since 1995, joined the firm as an investment professional in 1983. Mr. Megargel has served as portfolio manager for the equity portion of the Portfolio since August 2002.


*116*		*About the investment portfolios*		EQ Advisors Trust

Thomas L. Pappas, CFA has been a Senior Vice President of Wellington Management since 1996. Mr. Pappas has served as the portfolio manager for the bond portion of the Portfolio since August 2002.


EQ Advisors Trust		*About the investment portfolios*		*117*

2. More information on principal risks and benchmarks

Principal Risks

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

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

Adviser Selection Risk: The risk that AXA Equitable’s process for selecting or replacing an Adviser and its decision to select or replace an Adviser does not produce the intended results.

Market Risk: The risk that the securities markets will move down, sometimes rapidly and unpredictably based on overall economic conditions and other factors.

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

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

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


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

interest rates. As a result, in a period of rising interest rates, the Portfolio may exhibit additional volatility. When interest rates are declining, there are usually more prepayments of loans which will shorten the life of these securities. The reinvestment of cash received from prepayments will, therefore, usually be at a lower interest rate than the original investment, lowering the Portfolio’s yield. Prepayments also vary based on among other factors, general economic conditions and other demographic conditions.

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

Currency Risk: The risk that fluctuations in currency exchange rates will negatively affect securities denominated in, and/or


EQ Advisors Trust		*More information on principal risks and benchmarks*		*119*

receiving revenues in, foreign currencies. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from a Portfolio’s investment in securities denominated in a foreign currency or may widen existing losses.

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

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

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


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

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


EQ Advisors Trust		*More information on principal risks and benchmarks*		*121*

Benchmarks

The Lehman U.S. Tips Index is an unmanaged index consisting of the U.S. Treasury Inflation Protected Securities Market.

The Lehman Brothers Long Government/Credit Bond Index is an unmanaged benchmark representing the long-term, investment- grade U.S. bond market.

The Lehman Brothers Universal Index is an unmanaged index representing a blend of the Lehman Aggregate, High Yield and Emerging Market Index.

Lehman 1-3 Year Government Credit Index is an unmanaged index that represents all U.S. Treasury and agency securities with maturities ranging from 1-3 years.


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

The MSCI World Index is an unmanaged index comprised of over 1,500 publicly trade companies in 23 countries around the world based on market capitalization.

The Russell 3000^® Growth Index is an unmanaged index that measures the performance of those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000^® Growth Index is an unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 2000^® Value Index is an unmanaged index which measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

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

The Russell 2500^™ Value Index is an unmanaged index which measures the performance of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.

The Russell Mid Cap^® Index (“Russell Mid Cap”) is an unmanaged index that measures the performance of the 800 smallest companies in the Russell 1000, which represents about 25% of the total market capitalization of the Russell 1000.

3-Month Treasury Bill. A negotiable debt obligation issued by the U.S. government and backed by its full faith and credit, having a maturity of three months.

30-Day T-Bill. A negotiable debt obligation issued by the United States government and backed by its full faith and credit, having a maturity of 30 days.


EQ Advisors Trust		*More information on principal risks and benchmarks*		*123*

3. Management of the Trust

The Trust

The Trust is organized as a Delaware statutory trust and is registered with the SEC as an open-end management investment company. The Trust’s Board of Trustees is responsible for the overall management of the Trust and the Portfolios. The Trust issues shares of beneficial interest that are currently divided among fifty-eight (58) Portfolios, each of which has authorized Class IA and Class IB shares. This Prospectus describes the Class IB shares of fifty-four (54) Portfolios. Each Portfolio has its own objectives, investment strategies and risks, which have been previously described in this Prospectus.

The Manager

Management Fees

Management Fees Paid by the Portfolios in 2004


Portfolios	Annual Rate Received	Rate of Fees Waived and Expenses Reimbursed
EQ/Alliance Common Stock	0.47%	0.00%
EQ/Alliance Growth and Income	0.56%	0.00%
EQ/Alliance Intermediate Government Securities	0.50%	0.00%
EQ/Alliance International	0.73%	0.00%
EQ/Alliance Large Cap Growth	0.90%	0.10%
EQ/Alliance Quality Bond	0.50%	0.00%
EQ/Alliance Small Cap Growth	0.75%	0.00%
EQ/Bear Stearns Small Company Growth*	1.00%	0.13%
EQ/Bernstein Diversified Value	0.63%	0.00%
EQ/Boston Advisors Equity Income*	0.75%	0.16%
EQ/Calvert Socially Responsible	0.65%	0.14%
EQ/Capital Guardian Growth	0.65%	0.04%
EQ/Capital Guardian International	0.85%	0.07%
EQ/Capital Guardian Research	0.65%	0.00%


*124*		*Management of the Trust*		EQ Advisors Trust


Portfolios	Annual Rate Received	Rate of Fees Waived and Expenses Reimbursed
EQ/Capital Guardian U.S. Equity	0.65%	0.00%
EQ/Caywood-Scholl High-Yield Bond*	0.60%	0.12%
EQ/Enterprise Capital Appreciation*	0.75%	0.00%
EQ/Enterprise Deep Value*	0.75%	1.23%
EQ/Enterprise Global Socially Responsive*	0.90%	1.37%
EQ/Enterprise Managed*	0.78%	0.10%
EQ/Enterprise Multi-Cap Growth*	1.00%	0.05%
EQ/Equity 500 Index	0.25%	0.00%
EQ/Evergreen Omega	0.65%	0.06%
EQ/FI Mid Cap	0.70%	0.01%
EQ/FI Small/Mid Cap Value	0.74%	0.00%
EQ/Government Securities*	0.50%	0.00%
EQ/Intermediate Term Bond*	0.50%	0.03%
EQ/International Growth*	0.85%	0.00%
EQ/J.P. Morgan Core Bond	0.44%	0.00%
EQ/JP Morgan Value Opportunities	0.60%	0.00%
EQ/Janus Large Cap Growth	0.90%	0.08%
EQ/Lazard Small Cap Value	0.75%	0.00%
EQ/Long Term Bond*	0.50%	0.00%
EQ/Marsico Focus	0.88%	0.04%
EQ/Mercury Basic Value Equity	0.58%	0.00%
EQ/Mercury International Value	0.85%	0.00%
EQ/Mergers and Acquisitions*	0.90%	0.91%
EQ/MFS Emerging Growth Companies	0.65%	0.00%
EQ/MFS Investors Trust	0.60%	0.00%
EQ/Money Market	0.34%	0.00%
EQ/Montag & Caldwell Growth*	0.75%	0.00%
EQ/PIMCO Real Return*	0.55%	0.35%
EQ/Short Duration Bond*	0.45%	0.57%
EQ/Small Company Index	0.25%	0.00%
EQ/Small Company Value*	0.80%	0.00%
EQ/TCW Equity*	0.80%	0.02%
EQ/UBS Growth and Income*	0.75%	0.11%
EQ/Van Kampen Emerging Markets Equity	1.15%	0.00%
EQ/Wells Fargo Montgomery Small Cap	0.85%	6.33%

Includes fees paid by Portfolio’s predecessor.

Contractual Fee Under Management Agreement

(as a percentage of average daily net assets)


Portfolio	First $1 Billion	Next $1 Billion	Next $3 Billion	Next $5 Billion	Thereafter
EQ/Lord Abbett Growth and Income	0.650%	0.600%	0.575%	0.550%	0.525%
EQ/Lord Abbett Mid Cap Value	0.700%	0.650%	0.625%	0.600%	0.575%
EQ/Lord Abbett Large Cap Core	0.650%	0.600%	0.575%	0.550%	0.525%
EQ/Van Kampen Comstock	0.650%	0.600%	0.575%	0.550%	0.525%
EQ/Van Kampen Mid Cap Growth	0.700%	0.650%	0.625%	0.600%	0.575%

Expense Limitation Agreement

In the interest of limiting until April 30, 2006 the expenses of each Portfolio listed in the following table, the Manager has entered into an expense limitation agreement with the Trust with respect to those Portfolios (“Expense Limitation Agreement”). Pursuant to that Expense Limitation Agreement, the Manager has agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of each Portfolio (other than interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of each Portfolio’s business and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) are limited to the following respective expense ratios:


EQ Advisors Trust		*Management of the Trust*		*125*

Expense Limitation Provisions


Portfolios		Total Expenses Limited to (% of daily net assets)
EQ/Alliance International^†		1.10%
EQ/Alliance Large Cap Growth^†		1.05%
EQ/Bernstein Diversified Value		0.95%
EQ/Bear Stearns Small Company Growth^†		1.30%
EQ/Boston Advisors Equity Income^†		1.05%
EQ/Calvert Socially Responsible^†		1.05%
EQ/Capital Guardian Growth		0.95%
EQ/Capital Guardian International^†		1.20%
EQ/Capital Guardian Research^†		0.95%
EQ/Capital Guardian U.S. Equity^†		0.95%
EQ/Caywood-Scholl High-Yield Bond^†		0.85%
EQ/Enterprise Capital Appreciation^†		1.30%
EQ/Enterprise Deep Value^†		1.05%
EQ/Enterprise Global Socially Responsive^†		1.30%
EQ/Enterprise Managed^†		1.05%
EQ/Enterprise Multi-Cap Growth^†		1.40%
EQ/Evergreen Omega		0.95%
EQ/FI Mid Cap^†		1.00%
EQ/FI Small/Mid Cap Value		1.10%
EQ/Government Securities^†		1.00%
EQ/Intermediate Term Bond^†		1.00%
EQ/International Growth^†		1.55%
EQ/J.P. Morgan Core Bond		0.80%
EQ/JP Morgan Value Opportunities		0.95%
EQ/Janus Large Cap Growth^†		1.15%
EQ/Lazard Small Cap Value		1.10%
EQ/Long Term Bond^†		1.00%
EQ/Lord Abbett Growth and Income^†		1.00%
EQ/Lord Abbett Large Cap Core^†		1.00%
EQ/Lord Abbett Mid Cap Value^†		1.05%
EQ/Marsico Focus^†		1.15%
EQ/Mercury Basic Value Equity		0.95%
EQ/Mercury International Value		1.25%
EQ/Mergers and Acquisitions^†		1.45%
EQ/MFS Investors Trust		0.95%
EQ/Montag & Caldwell Growth^†		1.15%
EQ/PIMCO Real Return^†		0.65%
EQ/Short Duration Bond^†		0.65%
EQ/Small Company Index		0.85%
EQ/Small Company Value^†		1.30%
EQ/TCW Equity^†		1.15%
EQ/UBS Growth and Income^†		1.05%
EQ/Van Kampen Comstock^†		1.00%
EQ/Van Kampen Emerging Markets Equity		1.80%
EQ/Van Kampen MidCap Growth^†		1.05%
EQ/Wells Fargo Montgomery Small Cap†		1.30%

Legal Proceedings


*126*		*Management of the Trust*		EQ Advisors Trust

tions currently pending or threatened will have a material adverse impact on the financial position or operations of the EQ/Evergreen Omega Portfolio or on EIMC’s ability to provide services to the Portfolio.


EQ Advisors Trust		*Management of the Trust*		*127*

4. Fund distribution arrangements

The Trust has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act for the Trust’s Class IB shares. Under the Class IB Distribution Plan, the Class IB shares of the Trust pay each of the distributors an annual fee to compensate them for promoting, selling and servicing shares of the Portfolios. The annual fees equal 0.25% of each Portfolio’s average daily net assets. Over time, the fees will increase your cost of investing and may cost you more than other types of charges.


*128*		*Fund distribution arrangements*		EQ Advisors Trust

5. Buying and selling shares

•

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

•

AXA Equitable currently considers transfers into and out of (or vice versa) a Portfolio within a five-business day period as potentially disruptive transfer activity. In order to reduce disruptive activity, it monitors the frequency of transfers, including the size of transfers in relation to portfolio assets, in each Portfolio. When a potentially disruptive transfer into or out of a Portfolio occurs on a day when the Portfolio’s aggregate deposits or aggregate redemptions exceed a certain threshold, AXA Equitable sends a letter to the Contractholder explaining that there is a policy against disruptive transfer activity and that if such activity continues, AXA Equitable may take the actions described above to restrict the availability of voice, fax and automated transaction services. If such Contractholder is identified a second time as engaging in potentially disruptive transfer activity, AXA Equitable currently restricts the availability of voice, fax and automated transaction services. AXA Equitable currently applies such action for the remaining life of each affected Contract. Although AXA Equitable currently provides a letter to Con -


EQ Advisors Trust		*Buying and selling shares*		*129*

tractholders who have engaged in disruptive transfer activity of its intention to restrict access to communication services, AXA Equitable may not continue to provide such letters. Consistent with seeking to discourage potentially disruptive transfer activity, AXA Equitable may also, in its sole discretion and without further notice, change what it considers potentially disruptive transfer activity and its monitoring procedures and thresholds, as well as change its procedures to restrict this activity. You should consult the Contract prospectus that accompanies this Prospectus for information on other specific limitations on the transfer privilege.


*130*		*Buying and selling shares*		EQ Advisors Trust

6. How portfolio shares are priced

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


Net Asset Value =	Total market value of securities	+	Cash and other assets	—	Liabilities
Net Asset Value =
	Number of outstanding shares

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

•

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

•

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

Generally, Portfolio securities are valued as follows:

•

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

•

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

•

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

•

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

•

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

•

Investment Company Securities – shares of open-end mutual funds held by a Portfolio will be valued at the net asset value of the shares of such funds as described in the funds’ prospectuses.

•


EQ Advisors Trust		*How portfolio shares are priced*		*131*

7. Dividends and other distributions and tax consequences

Dividends and Other Distributions

Tax Consequences

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


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

8. Glossary of Terms

Bid price – The price a prospective buyer is ready to pay. This term is used by traders who maintain firm bid and offer prices in a given security by standing ready to buy or sell security units at publicly quoted prices.

Capital gain distributions – Payments to a Portfolio’s shareholders of profits earned from selling securities in that Portfolio. Capital gain distributions are usually paid once a year.

Derivative – A financial instrument whose value and performance are based on the value and performance of another security or financial instrument.

Diversification – The strategy of investing in a wide range of companies to reduce the risk if an individual company suffers losses.

Duration – A measure of how much a bond’s price fluctuates with changes in comparable interest rates.

Earnings growth – A pattern of increasing rate of growth in earnings per share from one period to another, which usually causes a stock’s price to rise.

Fundamental analysis – An analysis of the balance sheet and income statements of a company in order to forecast its future stock price movements. Fundamental analysis considers past records of assets, earnings, sales, products, management and markets in predicting future trends in these indicators of a company’s success or failure. By appraising a company’s prospects, analysts using such an approach assess whether a particular stock or group of stocks is undervalued or overvalued at its current market price.

Growth investing – An investment style that emphasizes companies with strong earnings growth. Growth investing is generally considered more aggressive than “value” investing.

Interest rate – Rate of interest charged for the use of money, usually expressed as an annual rate.

Market capitalization – Market price of a company’s shares multiplied by number of shares outstanding. A common measure of the relative size of a company.

Net asset value (NAV) – The market value of one share of a Portfolio on any given day without taking into account any front-end sales charge or CDSC. It is determined by dividing a Portfolio’s total net assets by the number of shares outstanding.

Price-to-book value ratio – Current market price of a stock divided by its book value, or net asset value.

Price-to-earnings ratio – Current market price of a stock divided by its earnings per share. Also known as the “multiple,” the price-to- earnings ratio gives investors an idea of how much they are paying for a company’s earning power and is a useful tool for evaluating the costs of different securities.

Value investing – An investment style that focuses on companies that may be temporarily out of favor or have earnings or assets not fully reflected in their stock prices.

Volatility – The general variability of a Portfolio’s value resulting from price fluctuations of its investments. In most cases, the more diversified a Portfolio is, the less volatile it will be.

Yield – The rate at which a Portfolio earns income, expressed as a percentage. Mutual fund yield calculations are standardized, based upon a formula developed by the Securities and Exchange Commission.


EQ Advisors Trust		*Glossary of terms*		*133*

9. Financial Highlights

The financial highlights table is intended to help you understand the financial performance for the Trust’s Class IA and Class IB shares. The financial information in the table below is for the past five (5) years (or, if shorter, the period of the Portfolio’s operations). The information below for the Class IA and Class IB shares has been derived from the financial statements of the Trust, which have been audited by PricewaterhouseCoopers LLP, registered independent public accounting firm. PricewaterhouseCoopers LLP’s report on the Trust’s financial statements as of December 31, 2004 appears in the Trust’s Annual Report.

EQ/Alliance Common Stock Portfolio


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2004			2003			2002			2001(e)			2000(e)			2004			2003			2002			2001(e)			2000(e)
Net asset value, beginning of year	$	15.47		$	10.49		$	15.70		$	17.98		$	26.17		$	15.38		$	10.40		$	15.61		$	17.88		$	26.05

Income from investment operations:
Net investment income		0.21			0.12			0.12			0.12			0.15			0.15			0.08			0.08			0.07			0.08
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.01			5.09			(5.32	)		(1.97	)		(3.82	)		2.02			5.06			(5.28	)		(1.95	)		(3.78	)

Total from investment operations		2.22			5.21			(5.20	)		(1.85	)		(3.67	)		2.17			5.14			(5.20	)		(1.88	)		(3.70	)

Less distributions:
Dividends from net investment income		(0.20	)		(0.23	)		(0.01	)		(0.11	)		(0.15	)		(0.16	)		(0.16	)		(0.01	)		(0.07	)		(0.10	)
Distributions from realized gains		—			—			—			(0.32	)		(4.37	)		—			—			—			(0.32	)		(4.37	)

Total dividends and distributions		(0.20	)		(0.23	)		(0.01	)		(0.43	)		(4.52	)		(0.16	)		(0.16	)		(0.01	)		(0.39	)		(4.47	)

Net asset value, end of year	$	17.49		$	15.47		$	10.49		$	15.70		$	17.98		$	17.39		$	15.38		$	10.40		$	15.61		$	17.88

Total return		14.40	%		49.89	%		(33.15	)%		(10.50	)%		(14.03	)%		14.12	%		49.58	%		(33.34	)%		(10.73	)%		(14.25	)%

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		$	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		0.43	%		0.52	%		0.49	%		N/A			N/A			0.68	%		0.77	%		0.74	%		N/A			N/A
Before fees paid indirectly		0.52	%		0.54	%		0.54	%		0.53	%		0.47	%		0.77	%		0.79	%		0.79	%		0.78	%		0.72	%
Ratio of net investment income to average net assets:
After fees paid indirectly		1.23	%		0.93	%		0.82	%		N/A			N/A			0.98	%		0.68	%		0.57	%		N/A			N/A
Before fees paid indirectly		1.14	%		0.91	%		0.77	%		0.67	%		0.61	%		0.89	%		0.66	%		0.52	%		0.43	%		0.35	%
Portfolio turnover rate		47	%		92	%		136	%		40	%		43	%		47	%		92	%		136	%		40	%		43	%


*134*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Alliance Growth and Income Portfolio


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2004			2003			2002			2001(e)			2000(e)			2004			2003			2002			2001(e)			2000(e)
Net asset value, beginning of year	$	16.62		$	12.87		$	16.56		$	17.70		$	18.24		$	16.52		$	12.79		$	16.47		$	17.61		$	18.16

Income from investment operations:
Net investment income		0.30			0.22			0.22			0.19			0.17			0.24			0.15			0.16			0.13			0.13
Net realized and unrealized gain (loss) on investments		1.80			3.73			(3.70	)		(0.44	)		1.35			1.81			3.74			(3.66	)		(0.42	)		1.34

Total from investment operations		2.10			3.95			(3.48	)		(0.25	)		1.52			2.05			3.89			(3.50	)		(0.29	)		1.47

Less distributions:
Dividends from net investment income		(0.30	)		(0.20	)		(0.21	)		(0.17	)		(0.16	)		(0.25	)		(0.16	)		(0.18	)		(0.13	)		(0.12	)
Distributions from realized gains		—			—			—			(0.72	)		(1.90	)		—			—			—			(0.72	)		(1.90	)

Total dividends and distributions		(0.30	)		(0.20	)		(0.21	)		(0.89	)		(2.06	)		(0.25	)		(0.16	)		(0.18	)		(0.85	)		(2.02	)

Net asset value, end of year	$	18.42		$	16.62		$	12.87		$	16.56		$	17.70		$	18.32		$	16.52		$	12.79		$	16.47		$	17.61

Total return		12.67	%		30.72	%		(21.03	)%		(1.30	)%		8.95	%		12.45	%		30.42	%		(21.28	)%		(1.52	)%		8.68	%

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		$	1,409,379		$	1,124,808		$	653,809		$	673,499		$	464,600
Ratio of expenses to average net assets:
After fees paid indirectly		0.55	%		0.60	%		0.60	%		N/A			N/A			0.80	%		0.85	%		0.85	%		N/A			N/A
Before fees paid indirectly		0.61	%		0.63	%		0.64	%		0.63	%		0.61	%		0.86	%		0.88	%		0.89	%		0.88	%		0.86	%
Ratio of net investment income to average net assets:
After fees paid indirectly		1.69	%		1.48	%		1.38	%		N/A			N/A			1.44	%		1.23	%		1.13	%		N/A			N/A
Before fees paid indirectly		1.63	%		1.45	%		1.34	%		1.08	%		0.92	%		1.38	%		1.20	%		1.09	%		0.83	%		0.71	%
Portfolio turnover rate		41	%		49	%		75	%		81	%		57	%		41	%		49	%		75	%		81	%		57	%


EQ Advisors Trust		*Financial Highlights*		*135*

Financial Highlights (cont’d)

EQ/Alliance Intermediate Government Securities Portfolio


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2004			2003(e)			2002			2001(e)			2000(e)			2004			2003(e)			2002			2001(e)			2000(e)
Net asset value, beginning of year	$	10.11		$	10.30		$	9.88		$	9.46		$	9.18		$	10.05		$	10.24		$	9.83		$	9.43		$	9.15

Income from investment operations:
Net investment income		0.32			0.26			0.27			0.37			0.55			0.28			0.23			0.21			0.35			0.52
Net realized and unrealized gain (loss) on investments		(0.09	)		(0.02	)		0.60			0.41			0.30			(0.08	)		(0.02	)		0.64			0.39			0.31

Total from investment operations		0.23			0.24			0.87			0.78			0.85			0.20			0.21			0.85			0.74			0.83

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

Total dividends and distributions		(0.34	)		(0.43	)		(0.45	)		(0.36	)		(0.57	)		(0.31	)		(0.40	)		(0.44	)		(0.34	)		(0.55	)

Net asset value, end of year	$	10.00		$	10.11		$	10.30		$	9.88		$	9.46		$	9.94		$	10.05		$	10.24		$	9.83		$	9.43

Total return		2.13	%		2.45	%		8.81	%		8.23	%		9.27	%		1.97	%		2.10	%		8.58	%		7.98	%		8.99	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	296,399		$	344,547		$	391,662		$	241,071		$	142,822		$	595,497		$	630,578		$	545,598		$	204,870		$	71,267
Ratio of expenses to average net assets		0.56	%		0.57	%		0.59	%		0.62	%		0.58	%		0.81	%		0.82	%		0.84	%		0.87	%		0.83	%
Ratio of net investment income to average net assets		2.95	%		2.51	%		3.20	%		4.84	%		5.83	%		2.70	%		2.26	%		2.95	%		4.59	%		5.55	%
Portfolio turnover rate		274	%		477	%		622	%		463	%		541	%		274	%		477	%		622	%		463	%		541	%


*136*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Alliance International Portfolio(h)(m)


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2004			2003			2002			2001			2000(e)			2004			2003			2002			2001			2000(e)
Net asset value, beginning of year	$	9.62		$	7.24		$	8.03		$	10.62		$	15.03		$	9.50		$	7.13		$	7.94		$	10.55		$	14.96

Income (loss) from investment operations:
Net investment income (loss)		0.13			0.11			0.01			0.02			(0.01	)		0.10			0.07			0.01			—	#		(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.64			2.43			(0.80	)		(2.42	)		(3.33	)		1.61			2.44			(0.82	)		(2.42	)		(3.33	)

Total from investment operations		1.77			2.54			(0.79	)		(2.40	)		(3.34	)		1.71			2.51			(0.81	)		(2.42	)		(3.34	)

Less distributions:
Dividends from net investment income		(0.22	)		(0.16	)		—			—			(0.05	)		(0.19	)		(0.14	)		—			—			(0.05	)
Distributions from realized gains		—			—			—			(0.19	)		(1.02	)		—			—			—			(0.19	)		(1.02	)

Total dividends and distributions		(0.22	)		(0.16	)		—			(0.19	)		(1.07	)		(0.19	)		(0.14	)		—			(0.19	)		(1.07	)

Net asset value, end of year	$	11.17		$	9.62		$	7.24		$	8.03		$	10.62		$	11.02		$	9.50		$	7.13		$	7.94		$	10.55

Total return		18.51	%		35.28	%		(9.84	)%		(22.88	)%		(22.77	)%		18.10	%		35.27	%		(10.20	)%		(23.23	)%		(22.86	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,212,207		$	1,091,319		$	876,907		$	167,610		$	228,325		$	667,930		$	488,571		$	205,496		$	36,054		$	37,171
Ratio of expenses to average net assets:
After waivers		0.85	%		0.85	%		1.02	%		N/A			N/A			1.10	%		1.10	%		1.27	%		N/A			N/A
After waivers and fees paid indirectly		0.83	%		0.85	%		1.00	%		N/A			N/A			1.08	%		1.10	%		1.25	%		N/A			N/A
Before waivers and fees paid indirectly		0.85	%		0.87	%		1.04	%		1.10	%		1.16	%(c)		1.10	%		1.12	%		1.29	%		1.35	%		1.41	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers		1.28	%		1.29	%		0.60	%		N/A			N/A			1.03	%		1.04	%		0.35	%		N/A			N/A
After waivers and fees paid indirectly		1.30	%		1.29	%		0.62	%		N/A			N/A			1.05	%		1.04	%		0.37	%		N/A			N/A
Before waivers and fees paid indirectly		1.28	%		1.27	%		0.58	%		0.17	%		(0.03	)%(c)		1.03	%		1.02	%		0.33	%		(0.08	)%		(0.28	)%(c)
Portfolio turnover rate		60	%		59	%		47	%		77	%		80	%		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		$	—	#	$	—	#		N/A			N/A			N/A


EQ Advisors Trust		*Financial Highlights*		*137*

Financial Highlights (cont’d)

EQ/Alliance Large Cap Growth Portfolio


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2004			2003			2002			2001			2000(e)			2004			2003			2002			2001			2000(e)
Net asset value, beginning of year	$	6.27		$	5.07		$	7.35		$	9.65		$	11.87		$	6.20		$	5.03		$	7.31		$	9.62		$	11.86

Income (loss) from investment operations:
Net investment loss		(0.01	)		—	#		(0.02	)		(0.01	)		(0.01	)		(0.02	)		(0.02	)		(0.03	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss) on investments		0.55			1.20			(2.26	)		(2.29	)		(2.14	)		0.54			1.19			(2.25	)		(2.28	)		(2.14	)

Total from investment operations		0.54			1.20			(2.28	)		(2.30	)		(2.15	)		0.52			1.17			(2.28	)		(2.31	)		(2.17	)

Less distributions:
Distributions from realized gains		—			—			—			—	#		(0.07	)		—			—			—			—	#		(0.07	)

Net asset value, end of year	$	6.81		$	6.27		$	5.07		$	7.35		$	9.65		$	6.72		$	6.20		$	5.03		$	7.31		$	9.62

Total return		8.61	%		23.67	%		(31.02	)%		(23.83	)%		(18.15	)%		8.39	%		23.26	%		(31.19	)%		(24.01	)%		(18.34	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	405,919		$	355,205		$	21,361		$	39,076		$	49,284		$	727,261		$	725,650		$	580,975		$	924,331		$	1,341,788
Ratio of expenses to average net assets:
After waivers		0.85	%		0.90	%		0.90	%		0.90	%		0.90	%		1.10	%		1.15	%		1.15	%		1.15	%		1.15	%
After waivers and fees paid indirectly		0.79	%		0.89	%		0.89	%		N/A			N/A			1.04	%		1.14	%		1.14	%		N/A			N/A
Before waivers and fees paid indirectly		0.95	%		0.95	%		0.99	%		0.96	%		0.94	%		1.20	%		1.20	%		1.24	%		1.21	%		1.19	%
Ratio of net investment loss to average net assets:
After waivers		(0.15	)%		(0.10	)%		(0.24	)%		(0.15	)%		(0.12	)%		(0.40	)%		(0.35	)%		(0.49	)%		(0.40	)%		(0.37	)%
After waivers and fees paid indirectly		(0.09	)%		(0.09	)%		(0.23	)%		N/A			N/A			(0.34	)%		(0.34	)%		(0.48	)%		N/A			N/A
Before waivers and fees paid indirectly		(0.25	)%		(0.15	)%		(0.33	)%		(0.21	)%		(0.16	)%		(0.50	)%		(0.40	)%		(0.58	)%		(0.46	)%		(0.40	)%
Portfolio turnover rate		77	%		77	%		99	%		140	%		127	%		77	%		77	%		99	%		140	%		127	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment loss	$	0.01		$	—	#	$	0.01		$	—	#	$	—		$	0.01		$	—	#	$	0.01		$	—	#	$	—


*138*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Alliance Quality Bond Portfolio


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2004			2003(e)			2002(e)			2001(e)			2000(e)			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		$	10.19		$	10.12		$	9.77		$	9.52		$	9.09

Income from investment operations:
Net investment income		0.26			0.24			0.32			0.57			0.60			0.23			0.22			0.29			0.51			0.57
Net realized and unrealized gain on investments and foreign currency transactions		0.15			0.12			0.45			0.22			0.44			0.16			0.11			0.46			0.25			0.45

Total from investment operations		0.41			0.36			0.77			0.79			1.04			0.39			0.33			0.75			0.76			1.02

Less distributions:
Dividends from net investment income		(0.27	)		(0.15	)		(0.28	)		(0.53	)		(0.60	)		(0.24	)		(0.13	)		(0.27	)		(0.51	)		(0.59	)
Distributions from realized gains		(0.19	)		(0.13	)		(0.13	)		—			—			(0.19	)		(0.13	)		(0.13	)		—			—

Total dividends and distributions		(0.46	)		(0.28	)		(0.41	)		(0.53	)		(0.60	)		(0.43	)		(0.26	)		(0.40	)		(0.51	)		(0.59	)

Net asset value, end of year	$	10.20		$	10.25		$	10.17		$	9.81		$	9.55		$	10.15		$	10.19		$	10.12		$	9.77		$	9.52

Total return		3.95	%		3.83	%		7.91	%		8.28	%		11.48	%		3.79	%		3.56	%		7.68	%		8.04	%		11.28	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,627,106		$	1,459,282		$	341,209		$	309,097		$	553,109		$	424,156		$	367,273		$	189,680		$	46,843		$	9,159
Ratio of expenses to average net assets		0.56	%		0.58	%		0.62	%		0.60	%		0.59	%		0.81	%		0.83	%		0.87	%		0.85	%		0.84	%
Ratio of net investment income to average net assets		2.55	%		2.35	%		3.16	%		5.31	%		6.34	%		2.30	%		2.10	%		2.91	%		4.97	%		5.98	%
Portfolio turnover rate		659	%		697	%		755	%		301	%		282	%		659	%		697	%		755	%		301	%		282	%


EQ Advisors Trust		*Financial Highlights*		*139*

Financial Highlights (cont’d)

EQ/Alliance Small Cap Growth Portfolio(k)


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2004			2003			2002			2001(e)			2000(e)			2004			2003			2002			2001(e)			2000(e)
Net asset value, beginning of year	$	12.75		$	9.02		$	12.90		$	15.06		$	15.11		$	12.54		$	8.90		$	12.75		$	14.92		$	15.03

Income (loss) from investment operations:
Net investment loss		(0.06	)		(0.02	)		(0.06	)		(0.06	)		(0.07	)		(0.09	)		(0.04	)		(0.08	)		(0.08	)		(0.11	)
Net realized and unrealized gain (loss) on investments		1.88			3.75			(3.82	)		(1.89	)		1.99			1.84			3.68			(3.77	)		(1.88	)		1.97

Total from investment operations		1.82			3.73			(3.88	)		(1.95	)		1.92			1.75			3.64			(3.85	)		(1.96	)		1.86

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

Net asset value, end of year	$	14.57		$	12.75		$	9.02		$	12.90		$	15.06		$	14.29		$	12.54		$	8.90		$	12.75		$	14.92

Total return		14.27	%		41.35	%		(30.08	)%		(13.03	)%		14.12	%		13.96	%		40.90	%		(30.20	)%		(13.28	)%		13.78	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	493,124		$	451,408		$	317,679		$	461,312		$	501,596		$	639,666		$	552,216		$	308,406		$	387,833		$	360,635
Ratio of expenses to average net assets:
After fees paid indirectly		0.73	%		0.78	%		0.81	%		N/A			N/A			0.98	%		1.03	%		1.06	%		N/A			N/A
Before fees paid indirectly		0.81	%		0.82	%		0.83	%		0.81	%		0.84	%		1.06	%		1.07	%		1.08	%		1.06	%		1.09	%
Ratio of net investment loss to average net assets:
After fees paid indirectly		(0.48	)%		(0.21	)%		(0.55	)%		N/A			N/A			(0.73	)%		(0.46	)%		(0.80	)%		N/A			N/A
Before fees paid indirectly		(0.56	)%		(0.25	)%		(0.57	)%		(0.49	)%		(0.37	)%		(0.81	)%		(0.50	)%		(0.82	)%		(0.74	)%		(0.62	)%
Portfolio turnover rate		81	%		114	%		110	%		110	%		142	%		81	%		114	%		110	%		110	%		142	%


*140*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Bear Stearns Small Company Growth Portfolio


	Class IB
	Year Ended December 31,
	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		$		**	$		**	$		**	$		**


EQ Advisors Trust		*Financial Highlights*		*141*

Financial Highlights (cont’d)

EQ/Bernstein Diversified Value Portfolio(g)


	Class IA												Class IB
	Year Ended December 31,									May 18, 2001* to December 31, 2001			Year Ended December 31,
	2004			2003			2002			May 18, 2001* to December 31, 2001			2004			2003			2002			2001			2000
Net asset value, beginning of period	$	12.77		$	10.03		$	11.77		$	12.26		$	12.76		$	10.03		$	11.77		$	11.73		$	12.06

Income from investment operations:
Net investment income		0.20			0.18			0.18			0.11			0.18			0.15			0.14			0.11			0.09
Net realized and unrealized gain (loss) on investments		1.55			2.73			(1.76	)		(0.26	)		1.53			2.73			(1.74	)		0.25			(0.33	)

Total from investment operations		1.75			2.91			(1.58	)		(0.15	)		1.71			2.88			(1.60	)		0.36			(0.24	)

Less distributions:
Dividends from net investment income		(0.22	)		(0.17	)		(0.16	)		(0.13	)		(0.18	)		(0.15	)		(0.14	)		(0.11	)		(0.09	)
Distributions from realized gains		(0.09	)		—			—			(0.21	)		(0.09	)		—			—			(0.21	)		—

Total dividends and distributions		(0.31	)		(0.17	)		(0.16	)		(0.34	)		(0.27	)		(0.15	)		(0.14	)		(0.32	)		(0.09	)

Net asset value, end of period	$	14.21		$	12.77		$	10.03		$	11.77		$	14.20		$	12.76		$	10.03		$	11.77		$	11.73

Total return (b)		13.74	%		29.07	%		(13.42	)%		(1.21	)%		13.46	%		28.73	%		(13.61	)%		3.09	%		(1.94	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	49,292		$	32,274		$	21,214		$	18,000		$	2,006,001		$	1,508,256		$	800,212		$	608,741		$	176,049
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%		0.70	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly (a)		0.70	%		0.70	%		0.69	%		N/A			0.95	%		0.95	%		0.94	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.70	%		0.70	%		0.73	%		0.73	%		0.95	%		0.95	%		0.98	%		0.98	%		0.95	%
Ratio of net investment income to average net assets:
After waivers (a)		1.74	%		1.82	%		1.77	%		1.69	%		1.49	%		1.57	%		1.52	%		1.40	%		0.91	%
After waivers and fees paid indirectly (a)		1.74	%		1.82	%		1.78	%		N/A			1.49	%		1.57	%		1.53	%		N/A			N/A
Before waivers and fees paid indirectly (a)		1.74	%		1.82	%		1.75	%		1.66	%		1.49	%		1.57	%		1.50	%		1.37	%		0.91	%
Portfolio turnover rate		28	%		21	%		13	%		90	%		28	%		21	%		13	%		90	%		33	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—		$	—	#	$	—	#	$	—	#	$	—		$	—	#	$	—	#	$	—	#	$	—


*142*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Boston Advisors Equity Income Portfolio


	Class IA			Class IB
	December 13,2004* to December 31, 2004(e)			Year Ended December 31,
	December 13,2004* to December 31, 2004(e)			2004(e)			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of period	$	5.99		$	5.27		$	4.22		$	5.02		$	5.69		$	5.37

Income from investment operations:
Net investment income		0.01			0.09			0.08			0.07			0.07			0.08
Net realized and unrealized gain (loss) on investments and foreign currency transactions .		0.15			0.85			1.04			(0.81	)		(0.69	)		0.26

Total from investment operations		0.16			0.94			1.12			(0.74	)		(0.62	)		0.34

Less distributions:
Dividends from net investment income		(0.09	)		(0.14	)		(0.07	)		(0.06	)		(0.05	)		(0.02	)

Net asset value, end of period	$	6.06		$	6.07		$	5.27		$	4.22		$	5.02		$	5.69

Total return (b)		1.78	%		17.88	%		26.65	%		(14.76	)%		(10.75	)%		6.45	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	117,151		$	92,294		$	48,094		$	37,716		$	40,506		$	32,829
Ratio of expenses to average net assets:
After waivers (a)		0.80	%(c)		1.05	%		1.05	%		0.90	%		0.88	%		0.88	%
After waivers and fees paid indirectly (a)		0.80	%(c)		1.05	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		0.89	%(c)		1.21	%		1.06	%		0.90	%		0.88	%		0.88	%
Ratio of net investment income to average net assets:
After waivers (a)		1.85	%(c)		1.60	%		1.70	%		1.44	%		1.43	%		1.43	%
After waivers and fees paid indirectly (a)		1.85	%(c)		1.60	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		1.76	%(c)		1.44	%		1.69	%		1.44	%		1.43	%		1.43	%
Portfolio turnover rate		55	%		55	%		103	%		35	%		36	%		37	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	0.01		$	*	*	$	*	*	$	*	*	$	*	*


EQ Advisors Trust		*Financial Highlights*		*143*

Financial Highlights (cont’d)

EQ/Calvert Socially Responsible Portfolio


	Class IA									Class IB
	Year Ended December 31,						October 2, 2002* to December 31, 2002			Year Ended December 31,
	2004			2003			October 2, 2002* to December 31, 2002			2004			2003			2002			2001			2000
Net asset value, beginning of period	$	7.55		$	5.88		$	5.64		$	7.52		$	5.88		$	7.99		$	9.64		$	10.76

Income (loss) from investment operations:
Net investment loss		—	#		(0.01	)		—	#		(0.01	)		(0.02	)		(0.01	)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss) on investments		0.29			1.68			0.24			0.28			1.66			(2.10	)		(1.37	)		(0.34	)

Total from investment operations		0.29			1.67			0.24			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 period	$	7.84		$	7.55		$	5.88		$	7.79		$	7.52		$	5.88		$	7.99		$	9.64

Total return (b)		3.84	%		28.40	%		4.26	%		3.59	%		27.89	%		(26.41	)%		(14.74	)%		(2.87	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	68		$	65		$	51		$	47,244		$	33,711		$	11,064		$	5,898		$	3,922
Ratio of expenses to average net assets:
After waivers (a)		0.80	%		0.80	%		0.80	%		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
After waivers and fees paid indirectly (a)		0.75	%		0.75	%		0.70	%		1.00	%		1.00	%		0.95	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.94	%		1.20	%		1.82	%		1.19	%		1.45	%		2.07	%		2.36	%		2.37	%
Ratio of net investment loss to average net assets:
After waivers (a)		—	%‡‡		(0.20	)%		(0.13	)%		(0.25	)%		(0.45	)%		(0.38	)%		(0.33	)%		(0.11	)%
After waivers and fees paid indirectly (a)		0.05	%		(0.15	)%		(0.03	)%		(0.20	)%		(0.40	)%		(0.28	)%		N/A			N/A
Before waivers and fees paid indirectly (a)		(0.14	)%		(0.60	)%		(1.15	)%		(0.39	)%		(0.85	)%		(1.40	)%		(1.64	)%		(1.43	)%
Portfolio turnover rate		38	%		54	%		130	%		38	%		54	%		130	%		46	%		81	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment loss	$	0.01		$	0.03		$	0.02		$	0.01		$	0.02		$	0.04		$	0.08		$	0.10


*144*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Capital Guardian Growth Portfolio


	Class IA									Class IB
	Year Ended December 31,						October 2, 2002* to December 31, 2002			Year Ended December 31,
	2004			2003			October 2, 2002* to December 31, 2002			2004			2003			2002			2001			2000
Net asset value, beginning of period	$	11.84		$	9.56		$	9.28		$	11.87		$	9.58		$	13.03		$	17.24		$	21.41

Income (loss) from investment operations:
Net investment income (loss)		0.12			0.04			0.01			0.09			0.01			0.01			—	#		(0.04	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.57			2.28			0.31			0.56			2.29			(3.45	)		(4.21	)		(3.70	)

Total from investment operations		0.69			2.32			0.32			0.65			2.30			(3.44	)		(4.21	)		(3.74	)

Less distributions:
Dividends from net investment income		(0.10	)		(0.04	)		(0.04	)		(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 period	$	12.43		$	11.84		$	9.56		$	12.46		$	11.87		$	9.58		$	13.03		$	17.24

Total return (b)		5.81	%		24.27	%		3.46	%		5.53	%		24.05	%		(26.39	)%		(24.42	)%		(17.79	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	126		$	117		$	51		$	254,282		$	263,715		$	199,462		$	299,380		$	397,968
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly (a)		0.42	%		0.68	%		0.67	%		0.67	%		0.93	%		0.92	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.74	%		0.78	%		0.77	%		0.99	%		1.03	%		1.02	%		0.98	%		0.97	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.71	%		0.35	%		0.33	%		0.46	%		0.10	%		0.08	%		(0.02	)%		(0.25	)%
After waivers and fees paid indirectly (a)		0.99	%		0.37	%		0.36	%		0.74	%		0.12	%		0.11	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.67	%		0.27	%		0.26	%		0.42	%		0.02	%		0.01	%		(0.05	)%		(0.23	)%
Portfolio turnover rate		133	%		62	%		147	%		133	%		62	%		147	%		95	%		81	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income (loss)	$	—	#	$	0.01		$	—	#	$	—	#	$	0.01		$	0.01		$	0.01		$	—


EQ Advisors Trust		*Financial Highlights*		*145*

Financial Highlights (cont’d)

EQ/Capital Guardian International Portfolio


	Class IA									Class IB
	Year Ended December 31,						March 25, 2002* to December 31, 2002			Year Ended December 31,
	2004			2003			March 25, 2002* to December 31, 2002			2004			2003			2002			2001			2000
Net asset value, beginning of period	$	9.64		$	7.35		$	8.77		$	9.64		$	7.35		$	8.77		$	11.28		$	14.10

Income from investment operations:
Net investment income		0.09			0.07			0.05			0.08			0.05			0.06			0.04			0.10
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.24			2.34			(1.35	)		1.23			2.34			(1.37	)		(2.38	)		(2.68	)

Total from investment operations		1.33			2.41			(1.30	)		1.31			2.39			(1.31	)		(2.34	)		(2.58	)

Less distributions:
Dividends from net investment income		(0.17	)		(0.12	)		(0.12	)		(0.14	)		(0.10	)		(0.11	)		(0.14	)		(0.07	)
Distributions from realized gains		—			—			—			—			—			—			(0.03	)		(0.17	)

Total dividends and distributions		(0.17	)		(0.12	)		(0.12	)		(0.14	)		(0.10	)		(0.11	)		(0.17	)		(0.24	)

Net asset value, end of period	$	10.80		$	9.64		$	7.35		$	10.81		$	9.64		$	7.35		$	8.77		$	11.28

Total return (b)		13.86	%		33.05	%		(14.81	)%		13.68	%		32.54	%		(15.00	)%		(20.89	)%		(19.19	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	74,741		$	320		$	84		$	609,846		$	357,162		$	125,521		$	101,683		$	110,486
Ratio of expenses to average net assets:
After waivers (a)		0.95	%		0.95	%		0.95	%		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
After waivers and fees paid indirectly (a)		0.92	%		0.93	%		0.92	%		1.17	%		1.18	%		1.17	%		N/A			N/A
Before waivers and fees paid indirectly (a)		1.02	%		1.06	%		1.14	%		1.27	%		1.31	%		1.39	%		1.39	%		1.28	%
Ratio of net investment income to average net assets:
After waivers (a)		0.98	%		0.90	%		0.76	%		0.73	%		0.65	%		0.51	%		0.39	%		0.37	%
After waivers and fees paid indirectly (a)		1.01	%		0.92	%		0.79	%		0.76	%		0.67	%		0.54	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.91	%		0.79	%		0.57	%		0.66	%		0.54	%		0.32	%		0.20	%		0.29	%
Portfolio turnover rate		19	%		12	%		23	%		19	%		12	%		23	%		38	%		26	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.01		$	0.01		$	0.01		$	0.01		$	0.01		$	0.02		$	0.02


*146*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Capital Guardian Research Portfolio(i)


	Class IA									Class IB
	Year Ended December 31,						March 25, 2002* to December 31, 2002			Year Ended December 31,
	2004(e)			2003			March 25, 2002* to December 31, 2002			2004(e)			2003			2002			2001			2000
Net asset value, beginning of period	$	10.75		$	8.22		$	10.84		$	10.76		$	8.22		$	10.93		$	11.18		$	10.69

Income from investment operations:
Net investment income		0.10			0.05			0.11			0.07			0.03			0.04			0.02			0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.11			2.54			(2.71	)		1.10			2.55			(2.73	)		(0.25	)		0.59

Total from investment operations		1.21			2.59			(2.60	)		1.17			2.58			(2.69	)		(0.23	)		0.63

Less distributions:
Dividends from net investment income		(0.10	)		(0.06	)		(0.02	)		(0.07	)		(0.04	)		(0.02	)		(0.02	)		(0.04	)
Distributions from realized gains		—			—			—			—			—			—			—			(0.10	)

Total dividends and distributions		(0.10	)		(0.06	)		(0.02	)		(0.07	)		(0.04	)		(0.02	)		(0.02	)		(0.14	)

Net asset value, end of period	$	11.86		$	10.75		$	8.22		$	11.86		$	10.76		$	8.22		$	10.93		$	11.18

Total return (b)		11.28	%		31.55	%		(23.94	)%		10.89	%		31.41	%		(24.62	)%		(2.04	)%		5.92	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	523		$	210		$	82		$	1,028,221		$	877,404		$	563,396		$	111,944		$	77,959
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly (a)		0.65	%		0.68	%		0.18	%		0.90	%		0.93	%		0.43	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.70	%		0.72	%		0.81	%		0.95	%		0.97	%		1.06	%		1.05	%		1.06	%
Ratio of net investment income to average net assets:
After waivers (a)		0.82	%		0.63	%		0.75	%		0.57	%		0.38	%		0.50	%		0.26	%		0.47	%
After waivers and fees paid indirectly (a)		0.87	%		0.65	%		1.27	%		0.62	%		0.40	%		1.02	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.82	%		0.61	%		0.64	%		0.57	%		0.36	%		0.39	%		0.16	%		0.37	%
Portfolio turnover rate		20	%		24	%		222	%		20	%		24	%		222	%		30	%		38	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	—	#	$	0.01		$	—	#	$	—	#	$	—	#	$	0.01		$	0.01


EQ Advisors Trust		*Financial Highlights*		*147*

Financial Highlights (cont’d)

EQ/Capital Guardian U.S. Equity Portfolio(l)


	Class IA									Class IB
	Year Ended December 31,						March 25, 2002* to December 31, 2002			Year Ended December 31,
	2004			2003			March 25, 2002* to December 31, 2002			2004			2003			2002			2001			2000
Net asset value, beginning of period	$	10.57		$	7.77		$	10.12		$	10.57		$	7.77		$	10.22		$	10.46		$	10.32

Income from investment operations:
Net investment income		0.06			0.03			0.05			0.05			0.02			0.03			0.03			0.05
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.95			2.82			(2.35	)		0.93			2.81			(2.45	)		(0.24	)		0.30

Total from investment operations		1.01			2.85			(2.30	)		0.98			2.83			(2.42	)		(0.21	)		0.35

Less distributions:
Dividends from net investment income		(0.08	)		(0.05	)		(0.05	)		(0.05	)		(0.03	)		(0.03	)		(0.03	)		(0.05	)
Distributions from realized gains		—			—			—			—			—			—			—	#		(0.16	)

Total dividends and distributions		(0.08	)		(0.05	)		(0.05	)		(0.05	)		(0.03	)		(0.03	)		(0.03	)		(0.21	)

Net asset value, end of period	$	11.50		$	10.57		$	7.77		$	11.50		$	10.57		$	7.77		$	10.22		$	10.46

Total return (b)		9.58	%		36.72	%		(22.77	)%		9.30	%		36.38	%		(23.68	)%		(2.01	)%		3.56	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,152		$	1,359		$	93		$	1,040,979		$	752,983		$	273,334		$	198,364		$	136,485
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly (a)		0.68	%		0.68	%		0.66	%		0.93	%		0.93	%		0.91	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.70	%		0.72	%		0.77	%		0.95	%		0.97	%		1.02	%		1.01	%		1.01	%
Ratio of net investment income to average net assets:
After waivers (a)		0.74	%		0.60	%		0.68	%		0.49	%		0.35	%		0.43	%		0.32	%		0.60	%
After waivers and fees paid indirectly (a)		0.76	%		0.62	%		0.72	%		0.51	%		0.37	%		0.47	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.74	%		0.58	%		0.61	%		0.49	%		0.33	%		0.36	%		0.26	%		0.54	%
Portfolio turnover rate		19	%		15	%		30	%		19	%		15	%		30	%		36	%		43	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	—	#	$	—	#	$	—	#	$	—	#	$	—	#	$	—	#	$	0.01


*148*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Caywood-Scholl High-Yield Bond Portfolio


	Class IB
	Year Ended December 31,
	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		$	*	*	$	*	*	$	*	*	$	*	*


EQ Advisors Trust		*Financial Highlights*		*149*

Financial Highlights (cont’d)

EQ/Enterprise Capital Appreciation Portfolio


	Class IB
	Year Ended December 31,
	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	%


*150*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Enterprise Deep Value Portfolio


	Class IB
	Year Ended December 31, 2004			May 1,2003* to December 31, 2003(e)
	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		$	*	*


EQ Advisors Trust		*Financial Highlights*		*151*

Financial Highlights (cont’d)

EQ/Enterprise Global Socially Responsive Portfolio


	Class IB
	December 31,						January 24, 2002* to December 31, 2002(e)
	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		$	*	*	$	*	*


*152*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Enterprise Managed Portfolio


	Class IB
	Year Ended December 31,
	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		$		**	$		**	$		**	$		**


EQ Advisors Trust		*Financial Highlights*		*153*

Financial Highlights (cont’d)

EQ/Enterprise Multi-Cap Growth Portfolio


	Class IB
	Year Ended December 31,
	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	$	—	#	$	*	*	$	*	*	$	*	*	$	*	*


*154*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Equity 500 Index Portfolio(f)


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2004			2003			2002			2001(e)			2000(e)			2004			2003			2002			2001(e)			2000 (e)
Net asset value, beginning of year	$	21.38		$	16.92		$	22.05		$	25.34		$	29.57		$	21.28		$	16.84		$	21.95		$	25.22		$	29.50

Income from investment operations:
Net investment income		0.39			0.28			0.26			0.26			0.25			0.31			0.19			0.18			0.20			0.16
Net realized and unrealized gain (loss) on investments		1.85			4.47			(5.15	)		(3.28	)		(3.13	)		1.86			4.49			(5.09	)		(3.26	)		(3.11	)

Total from investment operations		2.24			4.75			(4.89	)		(3.02	)		(2.88	)		2.17			4.68			(4.91	)		(3.06	)		(2.95	)

Less distributions:
Dividends from net investment income		(0.38	)		(0.29	)		(0.22	)		(0.25	)		(0.19	)		(0.32	)		(0.24	)		(0.18	)		(0.19	)		(0.17	)
Distributions from realized gains		—			—			(0.02	)		(0.02	)		(1.16	)		—			—			(0.02	)		(0.02	)		(1.16	)

Total dividends and distributions		(0.38	)		(0.29	)		(0.24	)		(0.27	)		(1.35	)		(0.32	)		(0.24	)		(0.20	)		(0.21	)		(1.33	)

Net asset value, end of year	$	23.24		$	21.38		$	16.92		$	22.05		$	25.34		$	23.13		$	21.28		$	16.84		$	21.95		$	25.22

Total return		10.50	%		28.14	%		(22.19	)%		(11.95	)%		(9.58	)%		10.21	%		27.83	%		(22.39	)%		(12.15	)%		(9.81	)%

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		$	1,951,348		$	1,589,054		$	860,185		$	925,533		$	928,578
Ratio of expenses to average net assets		0.30	%		0.31	%		0.32	%		0.31	%		0.32	%		0.55	%		0.56	%		0.57	%		0.56	%		0.57	%
Ratio of net investment income to average net assets		1.75	%		1.48	%		1.30	%		1.08	%		0.87	%		1.50	%		1.23	%		1.05	%		0.83	%		0.58	%
Portfolio turnover rate		1	%		—	‡%		8	%		3	%		17	%		1	%		—	‡%		8	%		3	%		17	%


EQ Advisors Trust		*Financial Highlights*		*155*

Financial Highlights (cont’d)

EQ/Evergreen Omega Portfolio


	Class IA									Class IB
	Year Ended December 31,						October 2, 2002* to December 31,			Year Ended December 31,
	2004			2003			2002			2004			2003			2002			2001			2000
Net asset value, beginning of period	$	8.41		$	6.08		$	5.98		$	8.39		$	6.07		$	7.99		$	9.63		$	10.93

Income (loss) from investment operations:
Net investment income (loss)		0.05			—	#		0.01			0.03			(0.01	)		—	#		(0.02	)		0.02
Net realized and unrealized gain on investments		0.57			2.33			0.09			0.55			2.33			(1.92	)		(1.62	)		(1.30	)

Total from investment operations		0.62			2.33			0.10			0.58			2.32			(1.92	)		(1.64	)		(1.28	)

Less distributions:
Dividends from net investment income		(0.05	)		—			—			(0.02	)		—			—			—	#		(0.02	)

Net asset value, end of period	$	8.98		$	8.41		$	6.08		$	8.95		$	8.39		$	6.07		$	7.99		$	9.63

Total return (b)		7.35	%		38.55	%		1.51	%		6.97	%		38.22	%		(24.03	)%		(17.02	)%		(11.66	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	89		$	75		$	50		$	193,160		$	109,660		$	25,146		$	13,506		$	8,676
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%		0.95	%		0.95	%		0.95	%		0.95	%		0.98	%
After waivers and fees paid indirectly (a)		0.32	%		0.59	%		0.51	%		0.57	%		0.84	%		0.76	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.76	%		0.90	%		1.29	%		1.01	%		1.15	%		1.54	%		1.89	%		1.76	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.27	%		(0.19	)%		(0.04	)%		0.02	%		(0.44	)%		(0.29	)%		(0.29	)%		0.31	%
After waivers and fees paid indirectly (a)		0.65	%		(0.08	)%		0.15	%		0.40	%		(0.33	)%		(0.10	)%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.21	%		(0.39	)%		(0.64	)%		(0.04	)%		(0.64	)%		(0.89	)%		(1.23	)%		(0.47	)%
Portfolio turnover rate		160	%		161	%		177	%		160	%		161	%		177	%		227	%		115	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income (loss)	$	—	#	$	0.01		$	0.01		$	0.01		$	0.01		$	0.03		$	0.06		$	0.04


*156*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/FI Mid Cap Portfolio


	Class IA									Class IB
	Year Ended December 31,						March 25, *2002 to December 31, 2002**			Year Ended December 31,												September 1, 2000* to December 31, 2000
	2004			2003			March 25, *2002 to December 31, 2002**			2004			2003			2002			2001			September 1, 2000* to December 31, 2000
Net asset value, beginning of period	$	10.20		$	7.08		$	8.57		$	10.15		$	7.07		$	8.67		$	10.02		$	10.00

Income from investment operations:
Net investment income		0.05			0.01			0.01			0.04			(0.01	)		—	#		0.01			0.01
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.59			3.11			(1.50	)		1.57			3.09			(1.60	)		(1.35	)		0.03

Total from investment operations		1.64			3.12			(1.49	)		1.61			3.08			(1.60	)		(1.34	)		0.04

Less distributions:
Dividends from net investment income		(0.07	)		—			—	#		(0.04	)		—			—	#		(0.01	)		(0.02	)
Distributions from realized gains		(0.64	)		—			—			(0.64	)		—			—			—			—

Total dividends and distributions		(0.71	)		—			—	#		(0.68	)		—			—	#		(0.01	)		(0.02	)

Net asset value, end of period	$	11.13		$	10.20		$	7.08		$	11.08		$	10.15		$	7.07		$	8.67		$	10.02

Total return (b)		16.32	%		44.07	%		(17.37	)%		16.01	%		43.56	%		(18.44	)%		(13.42	)%		0.46	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	7,931		$	2,835		$	106		$	1,161,685		$	792,096		$	279,947		$	177,447		$	45,790
Ratio of expenses to average net assets:
After waivers (a)		0.75	%		0.75	%		0.75	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
After waivers and fees paid indirectly (a)		0.71	%		0.63	%		0.66	%		0.96	%		0.88	%		0.91	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.76	%		0.78	%		0.83	%		1.01	%		1.03	%		1.08	%		1.22	%		1.23	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.62	%		0.04	%		0.02	%		0.37	%		(0.21	)%		(0.23	)%		0.26	%		1.17	%
After waivers and fees paid indirectly (a)		0.66	%		0.16	%		0.11	%		0.41	%		(0.09	)%		(0.14	)%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.61	%		0.01	%		(0.06	)%		0.36	%		(0.24	)%		(0.31	)%		0.04	%		0.94	%
Portfolio turnover rate		123	%		159	%		214	%		123	%		159	%		214	%		231	%		42	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income (loss)	$	—	#	$	—	#	$	—	#	$	—	#	$	—	#	$	—	#	$	0.01		$	—


EQ Advisors Trust		*Financial Highlights*		*157*

Financial Highlights (cont’d)

EQ/FI Small/Mid Cap Value Portfolio


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2004(e)			2003			2002			2001			2000(e)			2004(e)			2003			2002			2001			2000(e)
Net asset value, beginning of year	$	13.09		$	9.85		$	11.61		$	11.21		$	10.76		$	13.08		$	9.84		$	11.61		$	11.22		$	10.78

Income from investment operations:
Net investment income		0.03			0.09			0.11			0.12			0.10			—	#		0.06			0.07			0.06			0.12
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.20			3.22			(1.79	)		0.36			0.48			2.19			3.22			(1.78	)		0.39			0.43

Total from investment operations		2.23			3.31			(1.68	)		0.48			0.58			2.19			3.28			(1.71	)		0.45			0.55

Less distributions:
Dividends from net investment income		—			(0.07	)		(0.08	)		(0.08	)		(0.13	)		—			(0.04	)		(0.06	)		(0.06	)		(0.11	)
Distributions from realized gains		(1.27	)		—			—			—			—			(1.27	)		—			—			—			—

Total dividends and distributions		(1.27	)		(0.07	)		(0.08	)		(0.08	)		(0.13	)		(1.27	)		(0.04	)		(0.06	)		(0.06	)		(0.11	)

Net asset value, end of year	$	14.05		$	13.09		$	9.85		$	11.61		$	11.21		$	14.00		$	13.08		$	9.84		$	11.61		$	11.22

Total return		18.14	%		33.58	%		(14.49	)%		4.29	%		5.48	%		17.84	%		33.36	%		(14.77	)%		4.04	%		5.13	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	8,178		$	26,522		$	18,779		$	18,087		$	7,269		$	1,438,673		$	1,097,892		$	646,958		$	429,560		$	153,232
Ratio of expenses to average net assets:
After waivers		0.82	%		0.85	%		0.85	%		0.85	%		0.82	%(c)		1.07	%		1.10	%		1.10	%		1.10	%		1.07	%(c)
After waivers and fees paid indirectly		0.80	%		0.79	%		0.83	%		N/A			N/A			1.05	%		1.04	%		1.08	%		N/A			N/A
Before waivers and fees paid indirectly		0.82	%		0.85	%		0.85	%		0.86	%		0.87	%(c)		1.07	%		1.10	%		1.10	%		1.11	%		1.12	%(c)
Ratio of net investment income to average net assets:
After waivers		0.21	%		0.75	%		1.00	%		1.28	%		1.42	%(c)		(0.04	)%		0.50	%		0.75	%		1.03	%		1.17	%(c)
After waivers and fees paid indirectly		0.23	%		0.81	%		1.02	%		N/A			N/A			(0.02	)%		0.56	%		0.77	%		N/A			N/A
Before waivers and fees paid indirectly		0.21	%		0.75	%		1.00	%		1.27	%		1.37	%(c)		(0.04	)%		0.50	%		0.75	%		1.02	%		1.12	%(c)
Portfolio turnover rate		74	%		160	%		98	%		106	%		196	%		74	%		160	%		98	%		106	%		196	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—	#	$	0.01		$	—		$	—		$	—		$	—	#	$	—


*158*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Government Securities Portfolio


	Class IA
	Year Ended December 31,
	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	%


EQ Advisors Trust		*Financial Highlights*		*159*

Financial Highlights (cont’d)

EQ/Intermediate Term Bond Portfolio


	Class IA
	Year Ended December 31,
	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	$	—	#	$	*	*	$	*	*	$	*	*	$	*	*


*160*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/International Growth Portfolio


	Class IB
	Year Ended December 31,
	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	%


EQ Advisors Trust		*Financial Highlights*		*161*

Financial Highlights (cont’d)

EQ/Janus Large Cap Growth Portfolio


	Class IA									Class IB
	Year Ended December 31,						March 25, 2002* to December 31, 2002			Year Ended December 31,												September 1, 2000* to December 31, 2000
	2004			2003			March 25, 2002* to December 31, 2002			2004			2003			2002			2001			September 1, 2000* to December 31, 2000
Net asset value, beginning of period	$	5.71		$	4.53		$	6.22		$	5.69		$	4.52		$	6.49		$	8.42		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.03			—	#		—	#		0.01			—	#		(0.01	)		(0.01	)		—	#
Net realized and unrealized gain (loss) on investments		0.68			1.18			(1.69	)		0.68			1.17			(1.96	)		(1.92	)		(1.57	)

Total from investment operations		0.71			1.18			(1.69	)		0.69			1.17			(1.97	)		(1.93	)		(1.57	)

Less distributions:
Dividends from net investment income		(0.03	)		—			—			(0.01	)		—			—			—	#		(0.01	)

Net asset value, end of period	$	6.39		$	5.71		$	4.53		$	6.37		$	5.69		$	4.52		$	6.49		$	8.42

Total return (b)		12.46	%		26.05	%		(27.17	)%		12.22	%		25.88	%		(30.35	)%		(22.91	)%		(15.70	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	206		$	152		$	72		$	312,237		$	260,330		$	161,566		$	163,096		$	55,402
Ratio of expenses to average net assets:
After waivers (a)		0.90	%		0.90	%		0.90	%		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Before waivers (a)		0.98	%		0.99	%		1.01	%		1.23	%		1.24	%		1.26	%		1.29	%		1.37	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.51	%		0.03	%		0.03	%		0.26	%		(0.22	)%		(0.22	)%		(0.27	)%		0.65	%
Before waivers (a)		0.43	%		(0.06	)%		(0.08	)%		0.18	%		(0.31	)%		(0.33	)%		(0.41	)%		0.43	%
Portfolio turnover rate		64	%		42	%		45	%		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		$	—	#


*162*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/J.P. Morgan Core Bond Portfolio


	Class IA									Class IB
	Year Ended December 31,						March 25, 2002* to December 31, 2002			Year Ended December 31,
	2004(e)			2003(e)			March 25, 2002* to December 31, 2002			2004(e)			2003(e)			2002			2001			2000
Net asset value, beginning of period	$	11.18		$	11.19		$	10.77		$	11.19		$	11.19		$	10.76		$	10.51		$	9.92

Income from investment operations:
Net investment income		0.33			0.34			0.41			0.30			0.31			0.40			0.46			0.54
Net realized and unrealized gain on investments and foreign currency transactions		0.15			0.06			0.61			0.15			0.08			0.61			0.45			0.61

Total from investment operations		0.48			0.40			1.02			0.45			0.39			1.01			0.91			1.15

Less distributions:
Dividends from net investment income		(0.32	)		(0.34	)		(0.43	)		(0.29	)		(0.32	)		(0.41	)		(0.46	)		(0.56	)
Distributions from realized gains		(0.20	)		(0.07	)		(0.17	)		(0.20	)		(0.07	)		(0.17	)		(0.20	)		—

Total dividends and distributions		(0.52	)		(0.41	)		(0.60	)		(0.49	)		(0.39	)		(0.58	)		(0.66	)		(0.56	)

Net asset value, end of period	$	11.14		$	11.18		$	11.19		$	11.15		$	11.19		$	11.19		$	10.76		$	10.51

Total return (b)		4.31	%		3.62	%		9.53	%		4.13	%		3.38	%		9.52	%		7.95	%		11.55	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	5,715		$	2,122		$	131		$	1,208,076		$	1,081,959		$	768,461		$	429,056		$	233,916
Ratio of expenses to average net assets:
After waivers (a)		0.50	%		0.52	%		0.55	%		0.75	%		0.77	%		0.80	%		0.80	%		0.80	%
Before waivers (a)		0.50	%		0.52	%		0.55	%		0.75	%		0.77	%		0.80	%		0.81	%		0.81	%
Ratio of net investment income to average net assets:
After waivers (a)		2.93	%		2.98	%		4.77	%		2.68	%		2.73	%		4.52	%		5.18	%		5.92	%
Before waivers (a)		2.93	%		2.98	%		4.77	%		2.68	%		2.73	%		4.52	%		5.17	%		5.91	%
Portfolio turnover rate		560	%		464	%		166	%		560	%		464	%		166	%		211	%		185	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	—		$	—		$	—	#	$	—


EQ Advisors Trust		*Financial Highlights*		*163*

Financial Highlights (cont’d)

EQ/JP Morgan Value Opportunities Portfolio


	Class IA									Class IB
	Year Ended December 31,						October 2, 2002* to December 31, 2002			Year Ended December 31,
	2004			2003			October 2, 2002* to December 31, 2002			2004			2003			2002			2001			2000
Net asset value, beginning of period	$	11.23		$	8.97		$	8.41		$	11.26		$	8.99		$	11.28		$	12.22		$	11.56

Income from investment operations:
Net investment income		0.19			0.15			0.04			0.17			0.14			0.13			0.11			0.12
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.07			2.27			0.68			1.04			2.27			(2.28	)		(0.94	)		0.66

Total from investment operations		1.26			2.42			0.72			1.21			2.41			(2.15	)		(0.83	)		0.78

Less distributions:
Dividends from net investment income		(0.19	)		(0.16	)		(0.16	)		(0.15	)		(0.14	)		(0.14	)		(0.11	)		(0.12	)

Net asset value, end of period	$	12.30		$	11.23		$	8.97		$	12.32		$	11.26		$	8.99		$	11.28		$	12.22

Total return (b)		11.21	%		27.04	%		8.55	%		10.81	%		26.81	%		(19.07	)%		(6.73	)%		6.69	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	129		$	108		$	53		$	642,993		$	613,776		$	470,799		$	589,382		$	564,610
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%		0.95	%		0.95	%		0.95	%		0.95	%		0.92	%
After waivers and fees paid indirectly (a)		0.51	%		0.68	%		0.69	%		0.76	%		0.93	%		0.94	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.70	%		0.70	%		0.70	%		0.95	%		0.95	%		0.95	%		0.95	%		0.92	%
Ratio of net investment income to average net assets:
After waivers (a)		1.53	%		1.67	%		1.54	%		1.28	%		1.42	%		1.29	%		1.01	%		1.05	%
After waivers and fees paid indirectly (a)		1.72	%		1.69	%		1.55	%		1.47	%		1.44	%		1.30	%		N/A			N/A
Before waivers and fees paid indirectly (a)		1.53	%		1.67	%		1.54	%		1.28	%		1.42	%		1.29	%		1.01	%		1.05	%
Portfolio turnover rate		91	%		43	%		42	%		91	%		43	%		42	%		89	%		87	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	—		$	—	#	$	—	#	$	—


*164*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Lazard Small Cap Value Portfolio


	Class IA									Class IB
	Year Ended December 31,						October 2, 2002* to December 31, 2002			Year Ended December 31,
	2004			2003(e)			October 2, 2002* to December 31, 2002			2004			2003(e)			2002			2001			2000
Net asset value, beginning of period	$	13.29		$	9.76		$	9.25		$	13.30		$	9.77		$	11.52		$	10.76		$	9.32

Income from investment operations:
Net investment income		0.07			0.10			0.02			0.03			0.06			0.03			0.05			0.03
Net realized and unrealized gain (loss) on investments		2.20			3.55			0.53			2.19			3.57			(1.61	)		1.82			1.68

Total from investment operations		2.27			3.65			0.55			2.22			3.63			(1.58	)		1.87			1.71

Less distributions:
Dividends from net investment income		(0.05	)		(0.06	)		(0.04	)		(0.01	)		(0.04	)		(0.02	)		(0.04	)		(0.02	)
Distributions from realized gains		(1.49	)		(0.06	)		—			(1.49	)		(0.06	)		(0.15	)		(1.07	)		(0.25	)

Total dividends and distributions		(1.54	)		(0.12	)		(0.04	)		(1.50	)		(0.10	)		(0.17	)		(1.11	)		(0.27	)

Net asset value, end of period	$	14.02		$	13.29		$	9.76		$	14.02		$	13.30		$	9.77		$	11.52		$	10.76

Total return (b)		17.45	%		37.69	%		5.97	%		17.06	%		37.42	%		(13.87	)%		17.74	%		18.56	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	281,509		$	177,723		$	57		$	1,042,729		$	689,540		$	298,035		$	175,167		$	107,433
Ratio of expenses to average net assets:
After waivers (a)		0.80	%		0.85	%		0.85	%		1.05	%		1.10	%		1.10	%		1.10	%		1.12	%
After waivers and fees paid indirectly (a)		0.61	%		0.75	%		0.81	%		0.86	%		1.00	%		1.06	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.80	%		0.85	%		0.86	%		1.05	%		1.10	%		1.11	%		1.13	%		1.15	%
Ratio of net investment income to average net assets:
After waivers (a)		0.37	%		0.70	%		0.64	%		0.12	%		0.45	%		0.39	%		0.54	%		0.31	%
After waivers and fees paid indirectly (a)		0.56	%		0.80	%		0.68	%		0.31	%		0.55	%		0.43	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.37	%		0.70	%		0.63	%		0.12	%		0.45	%		0.38	%		0.51	%		0.28	%
Portfolio turnover rate		96	%		69	%		86	%		96	%		69	%		86	%		91	%		69	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—	#	$	—		$	—		$	—	#	$	—	#	$	—


EQ Advisors Trust		*Financial Highlights*		*165*

Financial Highlights (cont’d)

EQ/Long Term Bond Portfolio


	Class IA
	Year Ended December 31,
	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	$	—	#	$	*	*	$	*	*	$	*	*	$	*	*


*166*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Marsico Focus Portfolio


	Class IA									Class IB
	Year Ended December 31,						October 2, 2002* to December 31, 2002			Year Ended December 31,									August 31, 2001* to December 31, 2001
	2004			2003			October 2, 2002* to December 31, 2002			2004			2003			2002			August 31, 2001* to December 31, 2001
Net asset value, beginning of period	$	13.24		$	10.07		$	10.43		$	13.20		$	10.07		$	11.39		$	10.00

Income from investment operations:
Net investment income (loss)		0.01			—	#		—	#		(0.02	)		(0.02	)		(0.01	)		—	#
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.42			3.17			(0.36	)		1.41			3.15			(1.30	)		1.39

Total from investment operations		1.43			3.17			(0.36	)		1.39			3.13			(1.31	)		1.39

Less distributions:
Distributions from realized gains		—			—			—			—			—			(0.01	)		—

Net asset value, end of period	$	14.67		$	13.24		$	10.07		$	14.59		$	13.20		$	10.07		$	11.39

Total return (b)		10.80	%		31.48	%		(3.45	)%		10.53	%		31.08	%		(11.51	)%		13.90	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	579,357		$	338,365		$	77		$	1,257,708		$	903,595		$	203,596		$	9,292
Ratio of expenses to average net assets:
After waivers (a)		0.90	%		0.90	%		0.90	%		1.15	%		1.15	%		1.15	%		1.15	%
After waivers and fees paid indirectly (a)		0.87	%		0.85	%		0.85	%		1.12	%		1.10	%		1.10	%		N/A
Before waivers and fees paid indirectly (a)		0.94	%		0.97	%		1.08	%		1.19	%		1.22	%		1.33	%		3.59	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.05	%		(0.07	)%		(0.11	)%		(0.20	)%		(0.32	)%		(0.36	)%		(0.13	)%
After waivers and fees paid indirectly (a)		0.08	%		(0.02	)%		(0.06	)%		(0.17	)%		(0.27	)%		(0.31	)%		N/A
Before waivers and fees paid indirectly (a)		0.01	%		(0.14	)%		(0.29	)%		(0.24	)%		(0.39	)%		(0.54	)%		(2.57	)%
Portfolio turnover rate		96	%		72	%		140	%		96	%		72	%		140	%		22	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	—	#	$	—	#	$	0.01		$	—	#	$	0.02		$	—


EQ Advisors Trust		*Financial Highlights*		*167*

Financial Highlights (cont’d)

EQ/Mercury Basic Value Equity Portfolio


	Class IA									Class IB
	Year Ended December 31,						October 2, 2002* to December 31, 2002			Year Ended December 31,
	2004(e)			2003(e)			October 2, 2002* to December 31, 2002			2004(e)			2003(e)			2002			2001			2000
Net asset value, beginning of period	$	14.71		$	11.27		$	10.10		$	14.74		$	11.29		$	13.77		$	13.85		$	13.76

Income from investment operations:
Net investment income		0.17			0.14			0.04			0.13			0.10			0.08			0.10			0.21
Net realized and unrealized gain (loss) on investments		1.42			3.40			1.24			1.41			3.42			(2.35	)		0.65			1.33

Total from investment operations		1.59			3.54			1.28			1.54			3.52			(2.27	)		0.75			1.54

Less distributions:
Dividends from net investment income		(0.16	)		(0.10	)		(0.11	)		(0.12	)		(0.07	)		(0.08	)		(0.10	)		(0.21	)
Distributions from realized gains		(0.66	)		—			—			(0.66	)		—			(0.13	)		(0.73	)		(1.24	)

Total dividends and distributions		(0.82	)		(0.10	)		(0.11	)		(0.78	)		(0.07	)		(0.21	)		(0.83	)		(1.45	)

Net asset value, end of period	$	15.48		$	14.71		$	11.27		$	15.50		$	14.74		$	11.29		$	13.77		$	13.85

Total return (b)		10.89	%		31.57	%		12.54	%		10.52	%		31.28	%		(16.68	)%		5.49	%		11.81	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	636,240		$	355,625		$	71		$	1,459,792		$	1,137,826		$	680,559		$	613,150		$	392,035
Ratio of expenses to average net assets:
After waivers (a)		N/A			0.67	%		0.70	%		N/A			0.92	%		0.95	%		0.95	%		0.92	%
After waivers and fees paid indirectly (a)		0.61	%		0.66	%		0.69	%		0.86	%		0.91	%		0.94	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.63	%		0.67	%		0.70	%		0.88	%		0.92	%		0.95	%		0.95	%		0.93	%
Ratio of net investment income to average net assets:
After waivers (a)		N/A			1.04	%		0.97	%		N/A			0.79	%		0.72	%		0.85	%		1.56	%
After waivers and fees paid indirectly (a)		1.12	%		1.05	%		0.98	%		0.87	%		0.80	%		0.73	%		N/A			N/A
Before waivers and fees paid indirectly (a)		1.10	%		1.04	%		0.97	%		0.85	%		0.79	%		0.72	%		0.85	%		1.55	%
Portfolio turnover rate		49	%		34	%		39	%		49	%		34	%		39	%		64	%		81	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	—		$	—		$	—	#	$	—


*168*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Mercury International Value Portfolio(j)


	Class IA									Class IB
	Year Ended December 31,						March 25, 2002* to December 31, 2002			Year Ended December 31,
	2004(e)			2003(e)			March 25, 2002* to December 31, 2002			2004(e)			2003(e)			2002			2001			2000
Net asset value, beginning of period	$	10.86		$	8.66		$	10.52		$	10.86		$	8.66		$	10.46		$	13.44		$	19.35

Income from investment operations:
Net investment income		0.17			0.14			0.07			0.14			0.11			0.06			0.08			0.27
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.21			2.30			(1.85	)		2.21			2.31			(1.80	)		(2.98	)		(2.71	)

Total from investment operations		2.38			2.44			(1.78	)		2.35			2.42			(1.74	)		(2.90	)		(2.44	)

Less distributions:
Dividends from net investment income		(0.21	)		(0.24	)		(0.08	)		(0.18	)		(0.22	)		(0.06	)		(0.06	)		(0.19	)
Distributions from realized gains		—			—			—			—			—			—			(0.02	)		(3.28	)

Total dividends and distributions		(0.21	)		(0.24	)		(0.08	)		(0.18	)		(0.22	)		(0.06	)		(0.08	)		(3.47	)

Net asset value, end of period	$	13.03		$	10.86		$	8.66		$	13.03		$	10.86		$	8.66		$	10.46		$	13.44

Total return (b)		22.04	%		28.27	%		(16.90	)%		21.73	%		28.01	%		(16.61	)%		(21.55	)%		(12.33	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	5,598		$	2,163		$	108		$	894,530		$	675,246		$	454,735		$	299,090		$	357,232
Ratio of expenses to average net assets:											—			—			—			—			—
After waivers (a)		1.00	%		1.00	%		1.00	%		1.25	%		1.25	%		1.25	%		1.25	%		1.23	%
After waivers and fees paid indirectly (a)		0.93	%		0.93	%		0.99	%		1.18	%		1.18	%		1.24	%		N/A			N/A
Before waivers and fees paid indirectly (a)		1.00	%		1.01	%		1.05	%		1.25	%		1.26	%		1.30	%		1.39	%		1.27	%
Ratio of net investment income to average net assets:
After waivers (a)		1.42	%		1.35	%		1.00	%		1.17	%		1.10	%		0.75	%		0.66	%		1.01	%
After waivers and fees paid indirectly (a)		1.49	%		1.42	%		1.01	%		1.24	%		1.17	%		0.76	%		N/A			N/A
Before waivers and fees paid indirectly (a)		1.42	%		1.34	%		0.95	%		1.17	%		1.09	%		0.70	%		0.52	%		0.98	%
Portfolio turnover rate		63	%		163	%		55	%		63	%		163	%		55	%		76	%		112	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—	#	$	—		$	—		$	—	#	$	0.02		$	0.01


EQ Advisors Trust		*Financial Highlights*		*169*

Financial Highlights (cont’d)

EQ/Mergers and Acquisitions Portfolio


	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		$	*	*


*170*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/MFS Emerging Growth Companies Portfolio


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2004(e)			2003			2002			2001			2000			2004(e)			2003			2002			2001			2000
Net asset value, beginning of year	$	11.80		$	9.10		$	13.82		$	20.91		$	27.40		$	11.64		$	9.00		$	13.70		$	20.78		$	27.33

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		(0.01	)		(0.02	)		0.07			0.04			(0.04	)		(0.04	)		(0.05	)		(0.04	)		(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.53			2.71			(4.70	)		(7.16	)		(5.13	)		1.51			2.68			(4.65	)		(7.04	)		(5.13	)

Total from investment operations		1.52			2.70			(4.72	)		(7.09	)		(5.09	)		1.47			2.64			(4.70	)		(7.08	)		(5.15	)

Less distributions:
Distributions from realized gains		—			—			—			—	#		(1.40	)		—			—			—			—	#		(1.40	)

Net asset value, end of year	$	13.32		$	11.80		$	9.10		$	13.82		$	20.91		$	13.11		$	11.64		$	9.00		$	13.70		$	20.78

Total return		12.88	%		29.67	%		(34.15	)%		(33.89	)%		(18.56	)%		12.63	%		29.33	%		(34.31	)%		(34.06	)%		(18.83	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,988		$	27,996		$	22,611		$	43,918		$	72,889		$	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			0.70	%		N/A			N/A			N/A			N/A			0.95	%
After waivers and fees paid indirectly		0.66	%		0.71	%		0.72	%		N/A			N/A			0.91	%		0.96	%		0.97	%		N/A			N/A
Before waivers and fees paid indirectly		0.71	%		0.72	%		0.73	%		0.72	%		0.70	%		0.96	%		0.97	%		0.98	%		0.97	%		0.95	%
Ratio of net investment income (loss) to average net assets:
After waivers		N/A			N/A			N/A			N/A			0.15	%		N/A			N/A			N/A			N/A			(0.11	)%
After waivers and fees paid indirectly		(0.05	)%		(0.09	)%		(0.16	)%		N/A			N/A			(0.30	)%		(0.34	)%		(0.41	)%		N/A			N/A
Before waivers and fees paid indirectly		(0.10	)%		(0.10	)%		(0.17	)%		0.02	%		0.14	%		(0.35	)%		(0.35	)%		(0.42	)%		(0.23	)%		(0.11	)%
Portfolio turnover rate		101	%		105	%		110	%		278	%		203	%		101	%		105	%		110	%		278	%		203	%


EQ Advisors Trust		*Financial Highlights*		*171*

Financial Highlights (cont’d)

EQ/MFS Investors Trust Portfolio


	Class IA									Class IB
	Year Ended December 31,						March 25, 2002* to December 31, 2002			Year Ended December 31,
	2004			2003			March 25, 2002* to December 31, 2002			2004			2003			2002			2001			2000
Net asset value, beginning of period	$	8.54		$	7.04		$	8.89		$	8.55		$	7.04		$	8.97		$	10.72		$	10.84

Income from investment operations:
Net investment income		0.07			0.07			0.05			0.05			0.05			0.04			0.04			0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.93			1.50			(1.84	)		0.92			1.51			(1.93	)		(1.75	)		(0.12	)

Total from investment operations		1.00			1.57			(1.79	)		0.97			1.56			(1.89	)		(1.71	)		(0.08	)

Less distributions:
Dividends from net investment income		(0.08	)		(0.07	)		(0.06	)		(0.05	)		(0.05	)		(0.04	)		(0.04	)		(0.04	)

Net asset value, end of period	$	9.46		$	8.54		$	7.04		$	9.47		$	8.55		$	7.04		$	8.97		$	10.72

Total return (b)		11.67	%		22.28	%		(20.11	)%		11.37	%		22.12	%		(21.04	)%		(15.97	)%		(0.77	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	116		$	98		$	79		$	341,346		$	311,991		$	201,141		$	244,038		$	223,078
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%		0.95	%		0.95	%		0.95	%		0.95	%		0.93	%
After waivers and fees paid indirectly (a)		0.66	%		0.69	%		0.69	%		0.91	%		0.94	%		0.94	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.70	%		0.71	%		0.71	%		0.95	%		0.96	%		0.96	%		0.97	%		0.96	%
Ratio of net investment income to average net assets:
After waivers (a)		0.80	%		0.93	%		0.77	%		0.55	%		0.68	%		0.52	%		0.48	%		0.45	%
After waivers and fees paid indirectly (a)		0.84	%		0.94	%		0.78	%		0.59	%		0.69	%		0.53	%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.80	%		0.92	%		0.76	%		0.55	%		0.67	%		0.51	%		0.46	%		0.42	%
Portfolio turnover rate		90	%		88	%		70	%		90	%		88	%		70	%		84	%		65	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	—		$	—	#	$	—	#	$	—		$	—	#	$	—	#	$	—	#	$	—


*172*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Money Market Portfolio


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2004			2003(e)			2002			2001(e)			2000(e)			2004			2003(e)			2002			2001(e)			2000(e)
Net asset value, beginning of year	$	10.37		$	10.38		$	10.37		$	10.33		$	10.28		$	10.31		$	10.32		$	10.32		$	10.28		$	10.25

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

Total from investment operations		0.11			0.09			0.16			0.39			0.64			0.08			0.06			0.13			0.37			0.60

Less distributions:
Dividends from net investment income		(0.12	)		(0.10	)		(0.15	)		(0.35	)		(0.59	)		(0.09	)		(0.07	)		(0.13	)		(0.33	)		(0.57	)

Net asset value, end of year	$	10.36		$	10.37		$	10.38		$	10.37		$	10.33		$	10.30		$	10.31		$	10.32		$	10.32		$	10.28

Total return		1.02	%		0.82	%		1.54	%		3.82	%		6.24	%		0.77	%		0.57	%		1.21	%		3.63	%		5.99	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	598,718		$	705,877		$	834,792		$	860,719		$	893,097		$	774,625		$	942,215		$	1,209,341		$	1,155,159		$	677,333
Ratio of expenses to average net assets		0.39	%		0.39	%		0.39	%		0.40	%		0.40	%		0.64	%		0.64	%		0.64	%		0.65	%		0.65	%
Ratio of net investment income to average net assets		1.01	%		0.82	%		1.48	%		3.80	%		6.02	%		0.76	%		0.57	%		1.23	%		3.38	%		5.78	%


EQ Advisors Trust		*Financial Highlights*		*173*

Financial Highlights (cont’d)

EQ/Montag & Caldwell Growth Portfolio


	Class IA			Class IB
	December 13, 2004* to December 31, 2004(e)			Year Ended December 31,
	December 13, 2004* to December 31, 2004(e)			2004(e)			2003(e)			2002(e)			2001(e)			2000(e)
Net asset value, beginning of period	$	4.73		$	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		0.09			0.18			0.67			(1.23	)		(0.78	)		(0.54	)

Total from investment operations		0.09			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	)		(0.02	)		(0.01	)
Distributions from realized gains		—			—			—			—			—			(0.05	)

Total dividends and distributions		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.06	)

Net asset value, end of period	$	4.80		$	4.81		$	4.64		$	3.98		$	5.21		$	5.99

Total return (b)		0.99	%		4.10	%		17.05	%		(23.26	)%		(12.56	)%		(7.79	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	13,837		$	258,854		$	265,471		$	208,610		$	280,279		$	319,207
Ratio of expenses to average net assets
After waivers (a)		0.76	%(c)		1.12	%		1.03	%		0.86	%		0.84	%		0.83	%
Before waivers (a)		0.76	%(c)		1.12	%		1.03	%		0.86	%		0.84	%		0.83	%
Ratio of net investment income to average net assets
After waivers (a)		0.47	%(c)		0.11	%		0.34	%		0.42	%		0.34	%		0.45	%
Before waivers (a)		0.47	%(c)		0.11	%		0.34	%		0.42	%		0.34	%		0.45	%
Portfolio turnover rate		58	%		58	%		40	%		42	%		52	%		56	%


*174*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/PIMCO Real Return Portfolio


	Class IB
	Year Ended December31,						February 24, 2002* to December 31, 2002(e)
	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		$		**	$		**


EQ Advisors Trust		*Financial Highlights*		*175*

Financial Highlights (cont’d)

EQ/Short Duration Bond Portfolio


	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		$	*	*


*176*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Small Company Index Portfolio


	Class IA									Class IB
	Year Ended December 31,						March 25, 2002* to December 31, 2002			Year Ended December 31
	2004			2003(e)			March 25, 2002* to December 31, 2002			2004			2003 (e)			2002			2001			2000
Net asset value, beginning of period	$	10.47		$	7.19		$	9.32		$	10.47		$	7.19		$	9.15		$	9.03		$	10.85

Income from investment operations:
Net investment income		0.08			0.07			0.05			0.07			0.04			0.04			0.06			0.09
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.79			3.26			(2.12	)		1.77			3.26			(1.96	)		0.13			(0.55	)

Total from investment operations		1.87			3.33			(2.07	)		1.84			3.30			(1.92	)		0.19			(0.46	)

Less distributions:
Dividends from net investment income		(0.09	)		(0.05	)		(0.06	)		(0.06	)		(0.02	)		(0.04	)		(0.05	)		(0.08	)
Distributions from realized gains		(0.38	)		—			—			(0.38	)		—			—			(0.02	)		(1.28	)

Total dividends and distributions		(0.47	)		(0.05	)		(0.06	)		(0.44	)		(0.02	)		(0.04	)		(0.07	)		(1.36	)

Net asset value, end of period	$	11.87		$	10.47		$	7.19		$	11.87		$	10.47		$	7.19		$	9.15		$	9.03

Total return (b)		17.97	%		46.30	%		(22.23	)%		17.67	%		45.94	%		(20.96	)%		2.12	%		(3.43	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	18,361		$	7,462		$	87		$	480,368		$	319,634		$	99,391		$	82,203		$	72,747
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.38	%		0.60	%		0.60	%		0.63	%		0.85	%		0.85	%		0.82	%		0.75	%
Before waivers and reimbursements (a)		0.38	%		0.60	%		0.60	%		0.63	%		0.85	%		0.85	%		0.82	%		0.93	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.94	%		0.75	%		0.91	%		0.69	%		0.50	%		0.66	%		0.74	%		0.73	%
Before waivers and reimbursements (a)		0.94	%		0.75	%		0.91	%		0.69	%		0.50	%		0.66	%		0.73	%		0.55	%
Portfolio turnover rate		21	%		32	%		29	%		21	%		32	%		29	%		36	%		59	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	—		$	—		$	—	#	$	0.02


EQ Advisors Trust		*Financial Highlights*		*177*

Financial Highlights (cont’d)

EQ/Small Company Value Portfolio


	Class IB
	Year Ended December 31,
	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	%


*178*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/TCW Equity Portfolio


	Class IB
	Year Ended December 31,
	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	$	—	#	$	*	*	$	*	*	$	*	*	$	*	*


EQ Advisors Trust		*Financial Highlights*		*179*

Financial Highlights (cont’d)

EQ/UBS Growth and Income Portfolio


	Class IB
	Year Ended December 31,
	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		$	*	*	$	*	*	$	*	*	$	*	*


*180*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

EQ/Van Kampen Emerging Markets Equity Portfolio


	Class IA									Class IB
	Year Ended December 31,						October 2, 2002* to December 31, 2002			Year Ended December 31,
	2004			2003			October 2, 2002* to December 31, 2002			2004			2003			2002			2001			2000
Net asset value, beginning of period	$	8.20		$	5.29		$	4.85		$	8.19		$	5.28		$	5.61		$	5.93		$	11.22

Income (loss) from investment operations:
Net investment income (loss)		0.05			0.07			—	#		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			0.44			1.89			2.91			(0.32	)		(0.33	)		(4.37	)

Total from investment operations		1.94			2.98			0.44			1.93			2.96			(0.33	)		(0.31	)		(4.45	)

Less distributions:
Dividends from net investment income		(0.08	)		(0.07	)		—			(0.06	)		(0.05	)		-—			—			-—
Distributions from realized gains		—			—			—			—			—			-—			(0.01	)		(0.84	)

Total dividends and distributions		(0.08	)		(0.07	)		—			(0.06	)		(0.05	)		-—			(0.01	)		(0.84	)

Net asset value, end of period	$	10.06		$	8.20		$	5.29		$	10.06		$	8.19		$	5.28		$	5.61		$	5.93

Total return (b)		24.01	%		56.18	%		9.07	%		23.58	%		56.09	%		(6.05	)%		(5.09	)%		(40.12	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,592		$	995		$	62		$	615,499		$	389,893		$	193,115		$	183,868		$	198,044
Ratio of expenses to average net assets:
After waivers (a)		1.55	%		1.55	%		1.57	%		1.80	%		1.80	%		1.82	%		1.78	%		1.75	%
After waivers and fees paid indirectly (a)		1.50	%		1.53	%		1.56	%		1.75	%		1.78	%		1.81	%		N/A			N/A
Before waivers and fees paid indirectly (a)		1.55	%		1.55	%		1.62	%		1.80	%		1.80	%		1.87	%		2.13	%		1.92	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.75	%		1.33	%		0.13	%		0.50	%		1.08	%		(0.12	)%		0.32	%		(0.86	)%
After waivers and fees paid indirectly (a)		0.80	%		1.35	%		0.14	%		0.55	%		1.10	%		(0.11	)%		N/A			N/A
Before waivers and fees paid indirectly (a)		0.75	%		1.33	%		0.08	%		0.50	%		1.08	%		(0.17	)%		(0.03	)%		(0.99	)%
Portfolio turnover rate		57	%		81	%		78	%		57	%		81	%		78	%		143	%		95	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income (loss)	$	—		$	—	#	$	—	#	$	—		$	—	#	$	—	#	$	0.02		$	0.01


EQ Advisors Trust		*Financial Highlights*		*181*

Financial Highlights (cont’d)

EQ/Wells Fargo Montgomery Small Cap Portfolio


	Class IA			Class 1B
	October 1, 2004* to December 31, 2004			October 1, 2004* to December 31, 2004
Net asset value, beginning of period	$	10.00		$	10.00

Income (loss) from investment operations:
Net investment loss		(0.02	)		(0.03	)
Net realized and unrealized gain on investments		1.46			1.46

Total from investment operations		1.44			1.43

Net asset value, end of period	$	11.44		$	11.43

Total return (b)		14.40	%		14.30	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	114		$	3,598
Ratio of expenses to average net assets:
After waivers (a)		1.03	%		1.28	%
After waivers and fees paid indirectly (a)		1.01	%		1.26	%
Before waivers and fees paid indirectly (a)		7.36	%		7.61	%
Ratio of net investment loss to average net assets:
After waivers (a)		(0.81	)%		(1.06	)%
After waivers and fees paid indirectly (a)		(0.79	)%		(1.04	)%
Before waivers and fees paid indirectly (a)		(7.14	)%		(7.39	)%
Portfolio turnover rate		47	%		47	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment loss	$	0.65		$	0.65


*182*		*Financial Highlights*		EQ Advisors Trust

Financial Highlights (cont’d)

*	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.

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

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)


EQ Advisors Trust		*Financial Highlights*		*183*

If you would like more information about the Portfolios, the following documents are available free upon request. The Trust does not have a website available for accessing such information.

Annual and Semi-Annual Reports – Includes more information about the Portfolios’ performance. The reports usually include performance information, a discussion of market conditions and the investment strategies that affected the Portfolios’ performance during the last fiscal year.

Statement of Additional Information (SAI) – Provides more detailed information about the Portfolios, has been filed with the Securities and Exchange Commission and is incorporated into this Prospectus by reference.

Portfolio Holdings – A description of the Portfolios’ policies and procedures with respect to the disclosure of their portfolio securities holdings is available in the Portfolios’ SAI.

To order a free copy of a portfolio’s SAI and/or Annual and Semi-Annual Report,

contact your financial professional, or the portfolios at:

EQ Advisors Trust

1290 Avenue of the Americas

New York, New York 10104

Telephone: 1-877-222-2144

Your financial professional or EQ Advisors Trust will also be happy to answer your questions or

to provide any additional information that you may require.

http://www.sec.gov.

Investors may also obtain this information, after paying a duplicating fee, by electronic request at the following

E-mail address:

publicinfo@sec.gov or by writing the SEC’s

Public Reference Section,

Washington, D.C. 20549-0102.

EQ Advisors Trust

(Investment Company Act File No. 811-07953)

EQ ADVISORS TRUST^SM

STATEMENT OF ADDITIONAL INFORMATION

May 1, 2005

This Statement of Additional Information (“SAI”) is not a prospectus. It should be read in conjunction with the Prospectus for the EQ Advisors Trust (“Trust”) dated May 1, 2005, which may be obtained without charge by calling AXA Equitable Life Insurance Company (“AXA Equitable”) toll-free at 1-877-222-2144 or writing to the Trust at 1290 Avenue of the Americas, New York, New York 10104. Unless otherwise defined herein, capitalized terms have the meanings given to them in the Prospectus.

The audited financial statements for the period ended December 31, 2004, including the financial highlights, appearing in the Trust’s Annual Report to Shareholders, filed electronically with the SEC on March 10, 2005 (File No. 811-07953), are incorporated by reference and made a part of this document.

TABLE OF CONTENTS


		Page
Description of the Trust		2
Trust Investment Policies		4
Additional Investment Strategies and Risks		11
Portfolio Holdings Disclosure Policy		43
Management of the Trust		44
Investment Management and Other Services		50
Brokerage Allocation and Other Strategies		76
Proxy Voting Policies and Procedures		85
Purchase and Pricing of Shares		85
Taxation		88
Other Information		91
Other Services		92
Financial Statements		92
Appendix A — Investment Strategies Summary		A-1
Appendix B — Ratings of Corporate Debt Securities		B-1
Appendix C — Portfolio Manager Information		C-1
Appendix D — Proxy Voting Policies		D-1

MASTER

DESCRIPTION OF THE TRUST

EQ Advisors Trust is an open-end management investment company and is registered as such under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust was organized as a Delaware business trust on October 31, 1996 under the name “787 Trust.” The Trust changed its name to “EQ Advisors Trust” effective November 25, 1996. (See “Other Information”).

AXA Equitable, through its AXA Funds Management Group unit (the “Manager” or “FMG”), currently serves as the investment manager for the Trust.

The Trust currently offers two classes of shares on behalf of fifty-eight (58) portfolios. The Board of Trustees is permitted to create additional portfolios. The assets of the Trust received for the issue or sale of sleeves of each of its portfolios and all income, earnings, profits and proceeds thereof, subject to the rights of creditors, are allocated to such portfolio, and constitute the underlying assets of such portfolio. The underlying assets of each portfolio of the Trust shall be charged with the liabilities and expenses attributable to such portfolio, except that liabilities and expenses may be allocated to a particular class. Any general expenses of the Trust shall be allocated between or among any one or more of its portfolios or classes.

This SAI relates to the following fifty-eight (58) portfolios: the EQ/Alliance Common Stock Portfolio, EQ/Alliance Growth and Income Portfolio, EQ/Alliance Intermediate Government Securities Portfolio, EQ/Alliance International Portfolio, EQ/Equity 500 Index Portfolio, EQ/Money Market Portfolio, EQ/Alliance Quality Bond Portfolio and EQ/Alliance Small Cap Growth Portfolio (collectively, the “Alliance Portfolios”), EQ/Enterprise Capital Appreciation Portfolio, EQ/Enterprise Deep Value Portfolio, EQ/Boston Advisors Equity Income Portfolio (formerly, EQ/Enterprise Equity Income Portfolio), EQ/TCW Equity Portfolio (formerly, EQ/Enterprise Equity Portfolio), EQ/Enterprise Global Socially Responsive Portfolio, EQ/UBS Growth and Income Portfolio (formerly EQ/Enterprise Growth and Income Portfolio), EQ/Montag & Caldwell Growth Portfolio (formerly, EQ/Enterprise Growth Portfolio), EQ/Caywood-Scholl High-Yield Bond Portfolio (EQ/Enterprise High Yield Bond Portfolio), EQ/International Growth Portfolio (formerly EQ/Enterprise International Growth Portfolio), EQ/Enterprise Managed Portfolio, EQ/Mergers and Acquisitions Portfolio (formerly, EQ/Enterprise Mergers and Acquisitions Portfolio), EQ/Enterprise Multi-Cap Growth Portfolio, EQ/Short Duration Bond Portfolio (formerly, EQ/Enterprise Short Duration Bond Portfolio), EQ/Bear Stearns Small Company Growth Portfolio (formerly, EQ/Enterprise Small Company Growth Portfolio), EQ/Small Company Value Portfolio (formerly, EQ/Enterprise Small Company Value Portfolio), EQ/PIMCO Real Return Portfolio (formerly, EQ/Enterprise Total Return Portfolio), EQ/MONY Diversified Portfolio, EQ/MONY Equity Growth Portfolio, EQ/MONY Equity Income Portfolio, EQ/Government Securities Portfolio (formerly, EQ/MONY Government Securities Portfolio), EQ/Intermediate Term Bond Portfolio (formerly, EQ/MONY Intermediate Term Bond Portfolio), EQ/Long Term Bond Portfolio (formerly, EQ/MONY Long Term Bond Portfolio), EQ/MONY Money Market Portfolio (“Enterprise and MONY Portfolios”), EQ/MFS Emerging Growth Companies Portfolio, EQ/MFS Investors Trust Portfolio, EQ/Van Kampen Comstock Portfolio, EQ/Van Kampen Emerging Markets Equity Portfolio (formerly EQ/Emerging Markets Equity Portfolio), EQ/Van Kampen Mid Cap Growth Portfolio, EQ/FI Small/Mid Cap Value Portfolio, EQ/Mercury Basic Value Equity Portfolio, EQ/Mercury International Value Portfolio, EQ/Bernstein Diversified Value Portfolio, EQ/Lazard Small Cap Value Portfolio, EQ/Lord Abbett Growth and Income Portfolio, EQ/Lord Abbett Large Cap Core Portfolio, EQ/Lord Abbett Mid Cap Value Portfolio, EQ/J.P. Morgan Core Bond Portfolio, EQ/J.P. Morgan Value Opportunities Portfolio (formerly, EQ/Putnam Growth & Income Value Portfolio), EQ/Small Company Index Portfolio, EQ/Evergreen Omega Portfolio, EQ/Alliance Large Cap Growth Portfolio (formerly EQ/Alliance Premier Growth Portfolio), EQ/Capital Guardian Growth Portfolio (formerly, EQ/Putnam Voyager Portfolio), EQ/Capital Guardian Research Portfolio, EQ/Capital Guardian U.S. Equity Portfolio, EQ/Capital Guardian International Portfolio, EQ/Calvert Socially Responsible Portfolio, EQ/Janus Large Cap Growth Portfolio, EQ/FI Mid Cap Portfolio, EQ/Marsico Focus Portfolio, and EQ/Wells Fargo Montgomery Small Cap Portfolio (collectively, together with the Alliance Portfolios, and the Enterprise and MONY Portfolios, the “Portfolios”). Class IA shares are offered at net asset value and are not subject to distribution fees imposed pursuant to a distribution

plan. Class IB shares are offered at net asset value and are subject to fees imposed under a distribution plan (“Class IB Distribution Plan”) adopted pursuant to Rule 12b-1 under the 1940 Act.

Both classes of shares are offered under the Trust’s multi-class distribution system, which is designed to allow promotion of insurance products investing in the Trust through alternative distribution channels. Under the Trust’s multi-class distribution system, shares of each class of a Portfolio represent an equal pro rata interest in that Portfolio and, generally, will have identical voting, dividend, liquidation, and other rights, preferences, powers, restrictions, limitations, qualifications and terms and conditions, except that: (a) each class shall have a different designation; (b) each class of shares shall bear its “Class Expenses”; (c) each class shall have exclusive voting rights on any matter submitted to shareholders that relates solely to its distribution arrangements; (d) each class shall have separate voting rights on any matter submitted to shareholders in which the interests of one class differ from the interests of any other class; (e) each class may have separate exchange privileges, although exchange privileges are not currently contemplated; and (f) each class may have different conversion features, although a conversion feature is not currently contemplated. Expenses currently designated as “Class Expenses” by the Trust’s Board of Trustees under the plan pursuant to Rule 18f-3 under the 1940 Act are currently limited to payments made to the Distributors for the Class IB shares pursuant to the Class IB Distribution Plan adopted pursuant to Rule 12b-1 under the 1940 Act.

The Trust’s shares are currently sold only to: (i) insurance company separate accounts in connection with variable life insurance contracts and variable annuity certificates and contracts (the “Contracts”) issued by AXA Equitable, AXA Life and Annuity Company, MONY Life Insurance Company, and MONY Life Insurance Company of America, as well as insurance company separate accounts of: Integrity Life Insurance Company, National Integrity Life Insurance Company, American General Life Insurance Company, The Prudential Insurance Company of America, and Transamerica Occidental Life Insurance Company, each of which is unaffiliated with AXA Equitable; and (ii) The Equitable Investment Plan for Employees, Managers and Agents (“Equitable Plan”). Shares also may be sold to other tax-qualified retirement plans.

The Trust does not currently foresee any disadvantage to Contract owners arising from offering the Trust’s shares to separate accounts of insurance companies that are unaffiliated with one another or the Equitable Plan or other tax-qualified retirement plans. However, it is theoretically possible that the interests of owners of various contracts participating in the Trust through separate accounts or of Equitable Plan or other retirement plan participants might at some time be in conflict. In the case of a material irreconcilable conflict, one or more separate accounts or the Equitable Plan or other retirement plan might withdraw their investments in the Trust, which might force the Trust to sell portfolio securities at disadvantageous prices. The Trust’s Board of Trustees will monitor events for the existence of any material irreconcilable conflicts between or among such separate accounts, the Equitable Plan and tax-qualified retirement plans and will take whatever remedial action may be necessary.

Legal Considerations

Under Delaware law, annual election of Trustees is not required, and, in the normal course, the Trust does not expect to hold annual meetings of shareholders. There will normally be no meetings of shareholders for the purpose of electing Trustees unless and until such time as less than a majority of the Trustees holding office have been elected by shareholders, at which time the Trustees then in office will call a shareholders’ meeting for the election of Trustees. Pursuant to the procedures set forth in Section 16(c) of the 1940 Act, shareholders of record of not less than two-thirds of the outstanding shares of the Trust may remove a Trustee by a vote cast in person or by proxy at any meeting.

Except as set forth above, the Trustees will continue to hold office and may appoint successor Trustees. Voting rights are not cumulative, so that the holders of more than 50% of the shares voting in the election of Trustees can, if they choose to do so, elect all the Trustees of the Trust, in which event the holders of the remaining shares will be unable to elect any person as a Trustee. The Trust’s Amended and Restated Declaration of Trust requires the affirmative vote of a plurality of the shares voted to elect a Trustee for the Trust.

The shares of each Portfolio, when issued, will be fully paid and non-assessable and will have no preference, preemptive, conversion, exchange or similar rights.

TRUST INVESTMENT POLICIES

Fundamental Restrictions

Each Portfolio has also adopted certain investment restrictions that are fundamental and may not be changed without approval by a “majority” vote of each Portfolio’s shareholders. Such majority is defined in the 1940 Act as the lesser of: (i) 67% or more of the voting securities of such Portfolio present in person or by proxy at a meeting, if the holders of more than 50% of the outstanding voting securities are present or represented by proxy; or (ii) more than 50% of the outstanding voting securities of such Portfolio.

Set forth below are each of the fundamental restrictions adopted by each of the Portfolios (other than the Enterprise and MONY Portfolios). Fundamental policies (5) and (6) below shall not apply to the EQ/Van Kampen Emerging Markets Equity Portfolio, the EQ/Lazard Small Cap Value Portfolio and the EQ/Marsico Focus Portfolio. Certain non-fundamental operating policies are also described in this section because of their relevance to the fundamental restrictions adopted by the Portfolios.

Each Portfolio (other than the Enterprise and MONY Portfolios), except as described directly above, may not as a matter of fundamental policy:

(1)	Borrow money, except that:

each Portfolio may (i) borrow for non-leveraging, temporary or emergency purposes (except the EQ/Bernstein Diversified Value Portfolio and the EQ/Wells Fargo Montgomery Small Cap Portfolio, which may also borrow for leveraging purposes) and (ii) engage in reverse repurchase agreements, make other investments or engage in other transactions, which may involve a borrowing, in a manner consistent with the Portfolios’ respective investment objective and program, provided that the combination of (i) and (ii) shall not exceed 33¹/3% of the value of the Portfolios’ respective total assets (including the amount borrowed) less liabilities (other than borrowings) or such other percentage permitted by law (except that the EQ/Mercury Basic Value Equity Portfolio may purchase securities on margin to the extent permitted by applicable law). Any borrowings which come to exceed this amount will be reduced in accordance with applicable law. Each Portfolio may borrow from banks or other persons to the extent permitted by applicable law. In addition, the EQ/Bernstein Diversified Value Portfolio and EQ/Wells Fargo Montgomery Small Cap Portfolio may borrow for leveraging purposes (in order to increase its investment in portfolio securities) to the extent that the amount so borrowed does not exceed 33¹/3% of the Portfolio’s total assets (including the amount borrowed) less liabilities (other than borrowings);

as a matter of non-fundamental operating policy, no Portfolio, except the EQ/Bernstein Diversified Value Portfolio, the EQ/FI Small/Mid Cap Value Portfolio, the EQ/FI Mid Cap Portfolio, and the EQ/Wells Fargo Montgomery Small Cap Portfolio will purchase additional securities when money borrowed exceeds 5% of its total assets;

the EQ/JP Morgan Value Opportunities Portfolio, EQ/Capital Guardian Growth Portfolio, EQ/Mercury International Value Portfolio and EQ/Bernstein Diversified Value Portfolio each, as a matter of non-fundamental operating policy, may borrow only from banks (i) as a temporary measure to facilitate the meeting of redemption requests (not for leverage) which might otherwise require the untimely disposition of portfolio investments or (ii) for extraordinary or emergency purposes, provided that the combination of (i) and (ii) shall not exceed 10% of the applicable Portfolio’s net assets (taken at lower of cost or current value), not including the amount borrowed, at the time the borrowing is made. Each Portfolio will repay borrowings made for the purposes specified above before any additional investments are purchased;

the EQ/Mercury Basic Value Equity Portfolio, as a matter of non-fundamental operating policy, may, to the extent permitted by applicable law, borrow up to an additional 5% of its total assets for temporary purposes;

the EQ/Lazard Small Cap Value Portfolio, as a matter of non-fundamental operating policy, may borrow only from banks (i) as a temporary measure to facilitate the meeting of redemption requests (not for leverage) which might otherwise require the untimely disposition of portfolio investments or (ii) for extraordinary or emergency purposes, provided that the combination of (i) and (ii) shall not exceed 15% of the Portfolio’s net assets, not including the amount borrowed, at the time the borrowing is made. The EQ/Lazard Small Cap Value Portfolio will repay borrowings before any additional investments are purchased;

the EQ/J.P. Morgan Core Bond Portfolio, as a matter of non-fundamental operating policy, may borrow only from banks for extraordinary or emergency purposes, provided such amount shall not exceed 30% of the Portfolio’s total assets, not including the amount borrowed, at the time the borrowing is made;

EQ/Evergreen Omega Portfolio as a matter of non-fundamental operating policy, may, in addition to the amount specified above, also borrow up to an additional 5% of its total assets from banks or other lenders;

the EQ/MFS Investors Trust Portfolio, as a matter of non-fundamental operating policy, may borrow up to 10% of its total assets (taken at cost), or its net assets (taken at market value), whichever is less, but only as a temporary measure for extraordinary or emergency purposes;

the EQ/Alliance Large Cap Growth Portfolio, EQ/Capital Guardian Research Portfolio, EQ/Capital Guardian U.S. Equity Portfolio, and EQ/Capital Guardian International Portfolio as a matter of non-fundamental operating policy, may only borrow for temporary or emergency purposes, provided such amount does not exceed 5% of the Portfolio’s total assets at the time the borrowing is made;

the Alliance Portfolios, as a matter of non-fundamental operating policy, may borrow money only from banks: (i) for temporary purposes; (ii) to pledge assets to banks in order to transfer funds for various purposes as required without interfering with the orderly liquidation of securities in a Portfolio (but not for leveraging purposes); (iii) to make margin payments or pledges in connection with options, futures contracts, options on futures contracts, forward contracts or options on foreign currencies; or (iv) with respect to EQ/Alliance Quality Bond Portfolio, in connection with transactions in interest rate swaps, caps and floors;

the EQ/Janus Large Cap Growth Portfolio, as a matter of non-fundamental operating policy, may only borrow for temporary or emergency purposes, provided such amount does not exceed 25% of the Portfolio’s total assets at the time the borrowing is made. If borrowings come to exceed this amount by reason of a decline in net assets, the Portfolio will reduce its borrowings within three business days to the extent necessary to comply with the 25% limitation; and

as a matter of non-fundamental operating policy, any borrowings that come to exceed 33¹/3% of the value of the EQ/FI Mid Cap Portfolio’s or the EQ/FI Small/Mid Cap Value Portfolio’s total assets (including the amount borrowed) less liabilities (other than borrowings) will be reduced within three days (not including Sundays and holidays) to the extent necessary to comply with the 33¹/3% limitation. As a matter of non-fundamental operating policy, the EQ/FI Mid Cap Portfolio and EQ/FI Small/Mid Cap Portfolio may borrow money only (a) from a bank; or (b) by engaging in reverse repurchase agreements with any party (reverse repurchase agreements are treated as borrowings for purposes of the fundamental investment limitation);

(2)	Purchase or sell physical commodities, except that it may (i) enter into futures contracts and options thereon in accordance with applicable law and (ii) purchase or sell physical commodities if acquired as a

result of ownership of securities or other instruments. No Portfolio will consider stock index futures contracts, currency contracts, hybrid investments, swaps or other similar instruments to be commodities;

(3)

Purchase the securities of any issuer if, as a result, more than 25% of the value of the Portfolio’s total assets would be invested in the securities of issuers having their principal business activities in the same industry. This restriction does not apply to investments by the EQ/Money Market Portfolio in certificates of deposit or securities issued and guaranteed by domestic banks. In addition, the United States, state or local governments, or related agencies or instrumentalities are not considered an industry. As a matter of operating policy, this restriction shall not apply to investments in securities of other investment companies. Industries are determined by reference to the classifications of industries set forth in each Portfolio’s semi-annual and annual reports;

(4)	Make loans, except that:

This restriction shall not apply to the EQ/Alliance Intermediate Government Securities Portfolio, which may make secured loans, including lending cash or portfolio securities with limitation;

each other Portfolio may: (i) lend portfolio securities provided that no such loan may be made if, as a result, the aggregate of such loans would exceed 33¹/3% of the value of the Portfolio’s total assets (50% in the case of each of the other Alliance Portfolios); (ii) purchase money market securities and enter into repurchase agreements; and (iii) acquire publicly-distributed or privately-placed debt securities and purchase debt securities. For purposes of this restriction, each Portfolio will treat purchases of loan participations and other direct indebtedness, including investments in mortgages, as not subject to this limitation;

the EQ/JP Morgan Value Opportunities Portfolio and EQ/Mercury International Value Portfolio, as a matter of non-fundamental operating policy, may purchase debt obligations consistent with the respective investment objectives and policies of each of those Portfolios: (i) by entering into repurchase agreements with respect to not more than 25% of the Portfolios’ respective total assets (taken at current value) or (ii) through the lending of the Portfolios’ portfolio securities with respect to not more than 25% of the Portfolios’ respective total assets (taken at current value);

the EQ/MFS Emerging Growth Companies Portfolio and EQ/Small Company Index Portfolio as a matter of non-fundamental operating policy, may each lend its portfolio securities provided that no such loan may be made if, as a result, the aggregate of such loans would exceed 30% of such Portfolio’s total assets (taken at market value);

the EQ/Mercury Basic Value Equity Portfolio, as a matter of non-fundamental operating policy, may lend its portfolio securities provided that no such loan may be made if, as a result, the aggregate of such loans would exceed 20% of such Portfolio’s total assets (taken at market value);

the EQ/Bernstein Diversified Value Portfolio and the EQ/Lazard Small Cap Value Portfolio, as a matter of non-fundamental operating policy, may each lend its portfolio securities provided that no such loan may be made if, as a result, the aggregate of such loans would exceed 10% of such Portfolio’s total assets (taken at market value);

EQ/MFS Investors Trust Portfolio, as a matter of non-fundamental operating policy, may lend its portfolio securities provided that no such loan may be made if, as a result, the aggregate of such loans would exceed 25% of its net assets (taken at market value);

the EQ/Alliance Large Cap Growth Portfolio, as a matter of non-fundamental operating policy, may not make loans of its assets, which will not be considered as including the purchase of publicly-distributed debt obligations in accordance with its investment objectives, except that the Portfolio may lend its portfolio securities to the extent permitted in (4)(b) above;

the EQ/Capital Guardian Research Portfolio, EQ/Capital Guardian U.S. Equity Portfolio and EQ/Capital Guardian International Portfolio, as a matter of non-fundamental operating policy, will not make loans but each may lend its portfolio securities to the extent permitted in (4)(b) above;

the Alliance Portfolios, as a matter of non-fundamental operating policy, will also treat this restriction as not preventing any such Portfolio from purchasing debt obligations as consistent with its investment policies, government obligations, short-term commercial paper, or publicly-traded debt, including bonds, notes, debentures, certificates of deposit, and equipment trust certificates and loans made under insurance policies;

the EQ/Janus Large Cap Growth Portfolio and the EQ/Marsico Focus Portfolio, as a matter of non-fundamental operating policy, may each lend its portfolio securities or make other loans provided that no such loan may be made if, as a result, the aggregate amount of such loans would exceed 25% of the Portfolio’s total assets (taken at market value); and

the EQ/FI Mid Cap Portfolio and the EQ/FI Small/Mid Cap Value Portfolio, as a matter of non-fundamental operating policy, do not currently intend to lend assets other than securities to other parties, except by acquiring loans, loan participations, or other forms of direct debt instruments and, in connection therewith, assuming any associated unfunded commitments of the sellers. (This limitation does not apply to purchases of debt securities or to repurchase agreements.)

(5)

Purchase a security if, as a result, with respect to 75% of the value of its total assets, more than 5% of the value of the Portfolio’s total assets would be invested in the securities of a single issuer, except (i) securities issued or guaranteed by the United States Government, its agencies or instrumentalities and (ii) securities of other investment companies.*

As a matter of operating policy, each Portfolio will not consider repurchase agreements to be subject to the above stated 5% limitation if the collateral underlying the repurchase agreements consists exclusively of obligations issued or guaranteed by the United States Government, its agencies or instrumentalities; and

the EQ/Money Market Portfolio, as a matter of non-fundamental operating policy, will not invest more than 5% of its total assets in securities of any one issuer, other than U.S. Government securities, except that it may invest up to 25% of its total assets in First Tier Securities (as defined in Rule 2a-7 of the 1940 Act) of a single issuer for a period of up to three business days after the purchase of such security. Further, as a matter of operating policy, the EQ/Money Market Portfolio will not invest more than (i) the greater of 1% of its total assets or $1,000,000 in Second Tier Securities (as defined in Rule 2a-7 under the 1940 Act) of a single issuer and (ii) 5% of its total assets, at the time a Second Tier Security is acquired, in Second Tier Securities;

(6)

Purchase a security if, as a result, with respect to 75% of the value of the Portfolio’s total assets, more than 10% of the outstanding voting securities of any issuer would be held by the Portfolio (other than (i) obligations issued or guaranteed by the United States Government, its agencies or instrumentalities and (ii) securities of other investment companies;*

(7)	Purchase or sell real estate, except that:

each Portfolio, except the EQ/J.P. Morgan Core Bond Portfolio, may purchase securities of issuers which deal in real estate, securities which are directly or indirectly secured by interests

*	As noted above, the EQ/Van Kampen Emerging Markets Equity, EQ/Lazard Small Cap Value and EQ/Marsico Focus Portfolios are classified as non-diversified investment companies under the 1940 Act and therefore, these restrictions are not applicable to these Portfolios.

in real estate, and securities which represent interests in real estate, and each Portfolio may acquire and dispose of real estate or interests in real estate acquired through the exercise of its rights as a holder of debt obligations secured by real estate or interests therein; and

the EQ/J.P. Morgan Core Bond Portfolio may (i) invest in securities of issuers that invest in real estate or interests therein, (ii) invest in securities that are secured by real estate or interests therein (iii) make direct investments in mortgages, (iv) purchase and sell mortgage-related securities and (v) hold and sell real estate acquired by the Portfolio as a result of the ownership of securities including mortgages;

(8)	Issue senior securities except in compliance with the 1940 Act; or

(9)

Underwrite securities issued by other persons, except to the extent that the Portfolio may be deemed to be an underwriter within the meaning of the Securities Act of 1933, as amended (the “1933 Act”), in connection with the purchase and sale of its portfolio securities in the ordinary course of pursuing its investment objective, policies and program.

Set forth below are each of the fundamental restrictions adopted by each of the Enterprise and MONY Portfolios.

Each Enterprise and MONY Portfolio, except the EQ/Mergers and Acquisitions Portfolio, will not:

(1)

purchase securities of any one issuer if, as a result, more than 5% of the Portfolio’s total assets would be invested in securities of that issuer or the Portfolio would own or hold more than 10% of the outstanding voting securities of that issuer, except that up to 25% of the Portfolio’s total assets may be invested without regard to this limitation, and except that this limitation does not apply to securities issued or guaranteed by the U.S. government, its agencies and instrumentalities or to securities issued by other investment companies.

The following interpretation applies to, but is not a part of, this fundamental restriction: mortgage- and asset-backed securities will not be considered to have been issued by the same issuer by reason of the securities having the same sponsor, and mortgage- and asset-backed securities issued by a finance or other special purpose subsidiary that are not guaranteed by the parent company will be considered to be issued by a separate issuer from the parent company.

Each Enterprise and MONY Portfolio will not:

(2)

purchase any security if, as a result of that purchase, 25% or more of the Portfolio’s total assets would be invested in securities of issuers having their principal business activities in the same industry, except that this limitation does not apply to securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or to municipal securities.

(3)

issue senior securities or borrow money, except as permitted under the 1940 Act, and then not in excess of 33¹/3% of the Portfolio’s total assets (including the amount of the senior securities issued but reduced by any liabilities not constituting senior securities) at the time of the issuance or borrowing, except that each Portfolio may borrow up to an additional 5% of its total assets (not including the amount borrowed) for temporary purposes such as clearance of portfolio transactions and share redemptions. For purposes of these restrictions, the purchase or sale of securities on a “when-issued,” delayed delivery or forward commitment basis, the purchase and sale of options and futures contracts and collateral arrangements with respect thereto are not deemed to be the issuance of a senior security, a borrowing or a pledge of assets.

(4)

make loans, except loans of portfolio securities or cash or through repurchase agreements, provided that for purposes of this restriction, the acquisition of bonds, debentures, other debt securities or instruments, or participations or other interests therein and investments in government obligations, commercial paper, certificates of deposit, bankers’ acceptances or similar instruments will not be considered the making of a loan.

(5)	engage in the business of underwriting securities of other issuers, except to the extent that the Portfolio might be considered an underwriter under the federal securities laws in connection with its disposition of portfolio securities.

(6)

purchase or sell real estate, except that investments in securities of issuers that invest in real estate and investments in mortgage-backed securities, mortgage participations or other instruments supported by interests in real estate are not subject to this limitation, and except that each Portfolio may exercise rights under agreements relating to such securities, including the right to enforce security interests and to hold real estate acquired by reason of such enforcement until that real estate can be liquidated in an orderly manner.

(7)

purchase or sell physical commodities unless acquired as a result of owning securities or other instruments, but each Portfolio may purchase, sell or enter into financial options and futures, forward and spot currency contracts, swap transactions and other financial contracts or derivative instruments.

Non-Fundamental Restrictions

The following investment restrictions generally apply to each Portfolio (other than the Enterprise and MONY Portfolios), but are not fundamental. They may be changed for any Portfolio without a vote of that Portfolio’s shareholders.

Each (other than the Enterprise and MONY Portfolios) Portfolio may not:

(1)

Purchase a futures contract or an option thereon except in compliance with Commodity Exchange Act Rule 4.5. As a matter of operating policy, the EQ/Money Market Portfolio, the EQ/Bernstein Diversified Value Portfolio, the EQ/Lazard Small Cap Value Portfolio, the EQ/Capital Guardian Growth Portfolio, the EQ/Capital Guardian Research Portfolio, the EQ/Capital Guardian U.S. Equity Portfolio, the EQ/Capital Guardian International Portfolio, and the EQ/Janus Large Cap Growth Portfolio may not invest in commodities or commodity contracts including futures contracts. As a matter of operating policy, each Alliance Portfolio (other than EQ/Money Market Portfolio), the EQ/FI Mid Cap Portfolio, EQ/FI Small/Mid Cap Value Portfolio, and EQ/Alliance Large Cap Growth Portfolio may purchase and sell exchange-traded index options and stock index futures contracts; the EQ/Small Company Index Portfolio may not at any time commit more than 20% of its assets to options and futures contracts. EQ/Marsico Focus Portfolio may purchase and sell futures contracts and options on futures. The EQ/MFS Emerging Growth Companies Portfolio and EQ/Van Kampen Emerging Markets Equity Portfolio will not enter into a futures contract if the obligations underlying all such futures contracts would exceed 50% of the value of each such Portfolio’s total assets.

(2)

Except for the EQ/FI Mid Cap Portfolio and the EQ/FI Small/Mid Cap Value Portfolio, purchase: (a) illiquid securities, (b) securities restricted as to resale (excluding securities determined by the Board of Trustees to be readily marketable), and (c) repurchase agreements maturing in more than seven days if, as a result, more than 15% of each Portfolio’s net assets (10% for the EQ/Money Market Portfolio, EQ/Bernstein Diversified Value Portfolio, and the EQ/Lazard Small Cap Value Portfolio) would be invested in such securities. Securities purchased in accordance with Rule 144A under the 1933 Act and determined to be liquid under procedures adopted by the Trust’s Board are not subject to the limitations set forth in this investment restriction. The EQ/FI Mid Cap Portfolio and the EQ/FI Small/Mid Cap Value Portfolio do not currently intend to purchase any security if, as a result, more than 15% of its net assets would be invested in securities that are deemed to be illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be resold or disposed of in the ordinary course of business at approximately the prices at which they are valued.

(3)

Purchase securities on margin, except that each Portfolio may: (a) make use of any short-term credit necessary for clearance of purchases and sales of portfolio securities and (b) make initial or variation margin deposits in connection with futures contracts, options, currencies, or other permissible investments;

(4)

Mortgage, pledge, hypothecate or, in any manner, transfer any security owned by the Portfolio as security for indebtedness, except in compliance with the 1940 Act. The deposit of underlying securities and other assets in escrow and collateral arrangements with respect to margin accounts for futures contracts, options, currencies or other permissible investments are not deemed to be mortgages, pledges, or hypothecations for these purposes;

(5)

Purchase participations or other direct interests in or enter into leases with respect to, oil, gas, or other mineral exploration or development programs, except that the EQ/MFS Emerging Growth Companies Portfolio, EQ/FI Small/Mid Cap Value Portfolio, EQ/Mercury Basic Value Equity Portfolio, EQ/J.P. Morgan Core Bond Portfolio, EQ/Evergreen Omega Portfolio, EQ/Alliance Large Cap Growth Portfolio, EQ/Capital Guardian Research Portfolio, EQ/Capital Guardian U.S. Equity Portfolio, EQ/Capital Guardian International Portfolio, EQ/FI Mid Cap Portfolio, EQ/FI Small/Mid Cap Value Portfolio, and EQ/Marsico Focus Portfolio may invest in securities issued by companies that engage in oil, gas or other mineral exploration or development activities or hold mineral leases acquired as a result of its ownership of securities;

(6)	Invest in puts, calls, straddles, spreads, swaps or any combination thereof, except to the extent permitted by the Portfolio’s Prospectus and Statement of Additional Information, as may be amended from time to time; or

(7)

Except for the EQ/FI Mid Cap Portfolio, EQ/FI Small/Mid Cap Value Portfolio, and EQ/Marsico Focus Portfolio, effect short sales of securities unless at all times when a short position is open the Portfolio owns an equal amount of such securities or owns securities which, without payment of any further consideration, are convertible into or exchangeable for securities of the same issue as, and at least equal in amount to, the securities sold short. Permissible futures contracts, options, or currency transactions will not be deemed to constitute selling securities short. With respect to the EQ/FI Mid Cap Portfolio, EQ/FI Small/Mid Cap Value Portfolio, and EQ/Marsico Focus Portfolio, these Portfolios do not currently intend to sell securities short, unless they own or have the right to obtain securities equivalent in kind and amount to the securities sold short, and provided that transactions in futures contracts and options are not deemed to constitute selling securities short. As a matter of operating policy, the EQ/Capital Guardian Growth Portfolio, the EQ/Capital Guardian Research Portfolio, EQ/Capital Guardian U.S. Equity Portfolio, and EQ/Capital Guardian International Portfolio will not effect short sales of securities or property.

(8)

purchase securities of other investment companies, except to the extent permitted by the 1940 Act and the rules and orders thereunder and except that (i) this limitation does not apply to securities received or acquired as dividends, through offers of exchange, or as a result of reorganization, consolidation, or merger and (ii) each portfolio may not acquire any securities of registered open-end investment companies or registered unit investment trusts in reliance on Sections 12(d)(1)(F) or (G) of the 1940 Act.

The following investment restrictions apply to each Enterprise and MONY Portfolio, but are not fundamental. They may be changed for any Enterprise and MONY Portfolio by the Board of Trustees of the Trust and without a vote of that Portfolio’s shareholders.

Each Enterprise and MONY Portfolio, except the EQ/MONY Money Market Portfolio, will not invest more than 15% of its net assets in illiquid securities. The EQ/MONY Money Market Portfolio will not invest more than 10% of its net assets in illiquid securities.

Each Enterprise and MONY Portfolio will not:

(1)

purchase securities on margin, except for short-term credit necessary for clearance of portfolio transactions and except that each Portfolio may make margin deposits in connection with its use of financial options and futures, forward and spot currency contracts, swap transactions and other financial contracts or derivative instruments.

(2)

engage in short sales of securities or maintain a short position, except that each Portfolio may (a) sell short “against the box” and (b) maintain short positions in connection with its use of financial options and futures, forward and spot currency contracts, swap transactions and other financial contracts or derivative instruments.

(3)

purchase securities of other investment companies, except to the extent permitted by the 1940 Act and the rules and orders thereunder and except that (i) this limitation does not apply to securities received or acquired as dividends, through offers of exchange, or as a result of reorganization, consolidation, or merger and (ii) each portfolio, except the EQ/Enterprise Managed Portfolio, may not acquire any securities of registered open-end investment companies or registered unit investment trusts in reliance on Sections 12(d)(1)(F) or (G) of the 1940 Act.

(4)	purchase portfolio securities while borrowings in excess of 5% of its total assets are outstanding.

For purposes of normally investing at least 80% of EQ/FI Mid Cap Portfolio’s assets in common stocks of companies of medium market capitalizations and normally investing at least 80% of EQ/FI Small/Mid Cap Value Portfolio’s assets in common stocks of companies of small and medium market capitalizations, the Portfolios intend to measure the capitalization range of the S&P MidCap 400 and the Russell MidCap and the S&P Small Cap 600 and the Russell 2000 Index no less frequently than once a month.

The EQ/Alliance Common Stock Portfolio, EQ/Alliance Intermediate Government Securities Portfolio, EQ/Alliance Large Cap Growth Portfolio, EQ/Alliance Small Cap Growth Portfolio, EQ/Alliance Quality Bond Portfolio, EQ/Capital Guardian U.S. Equity Portfolio, EQ/Boston Advisors Equity Income Portfolio, EQ/TCW Equity Portfolio, EQ/Caywood-Scholl High Yield Bond Portfolio, EQ/Short Duration Bond Portfolio, EQ/Bear Stearns Small Company Growth Portfolio, EQ/Small Company Value Portfolio, EQ/Van Kampen Comstock Portfolio, EQ/Van Kampen Emerging Markets Equity Portfolio, EQ/Van Kampen Mid Cap Growth Portfolio, EQ/Equity 500 Index Portfolio, EQ/FI Mid Cap Portfolio, EQ/FI Small/Mid Cap Value Portfolio, EQ/Janus Large Cap Growth Portfolio, EQ/J.P. Morgan Core Bond Portfolio, EQ/Lazard Small Cap Value Portfolio, EQ/Lord Abbett Large Cap Core Portfolio, EQ/Lord Abbett Mid Cap Value Portfolio, EQ/Mercury Basic Value Equity Portfolio, EQ/Mercury International Value Portfolio, EQ/MONY Equity Growth Portfolio, EQ/MONY Equity Income Portfolio, EQ/Government Securities Portfolio, EQ/Intermediate Term Bond Portfolio, EQ/Long Term Bond Portfolio, EQ/Small Company Index Portfolio and the EQ/Wells Fargo Montgomery Small Cap Portfolio each has a policy that it will invest 80% of its net assets in a particular type of investment suggested by its name as more fully set forth in the Prospectus. These policies may not be changed without giving sixty (60) days’ written notice to the shareholders of the affected Portfolio.

INVESTMENT STRATEGIES AND RISKS

In addition to the Portfolios’ principal investment strategies discussed in the Prospectus, each Portfolio may engage in other types of investment strategies as further described below and as indicated in Appendix A. Each Portfolio may invest in or utilize any of these investment strategies and instruments or engage in any of these practices except where otherwise prohibited by law or the Portfolio’s own investment restrictions.

Asset-Backed Securities. As indicated in Appendix A, certain of the Portfolios may invest in asset-backed securities. Asset-backed securities, issued by trusts and special purpose corporations, are collateralized by a pool of assets, such as credit card or automobile loans, home equity loans or computer leases, and represent the obligations of a number of different parties. Asset-backed securities present certain risks. For instance, in the case of credit card receivables, these securities are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. In the case of automobile loans, most issuers of automobile receivables permit the servicers to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the related automobile receivables. In addition, because of the large number of vehicles involved in a typical issuance and technical requirements under state laws, the trustee for the holders of the automobile receivables may not have a proper security interest in all of the obligations backing such receivables.

Therefore, there is the possibility that recoveries on repossessed collateral may not, in some cases, be available to support payments on these securities.

To lessen the effect of failures by obligors on underlying assets to make payments, the securities may contain elements of credit support which fall into two categories: (i) liquidity protection and (ii) protection against losses resulting from ultimate default by an obligor on the underlying assets. Liquidity protection refers to the provision of advances, generally by the entity administering the pool of assets, to ensure that the receipt of payments on the underlying pool occurs in a timely fashion. Protection against losses resulting from ultimate default ensures payment through insurance policies or letters of credit obtained by the issuer or sponsor from third parties. A Portfolio will not pay any additional or separate fees for credit support. The degree of credit support provided for each issue is generally based on historical information respecting the level of credit risk associated with the underlying assets. Delinquency or loss in excess of that anticipated or failure of the credit support could adversely affect the return on an investment in such a security.

Due to the possibility that prepayments (on automobile loans and other collateral) will alter the cash flow on asset-backed securities, it is not possible to determine in advance the actual final maturity date or average life. Faster prepayment will shorten the average life and slower prepayments will lengthen it. However, it is possible to determine what the range of that movement could be and to calculate the effect that it will have on the price of the security. In selecting these securities, the Adviser will look for those securities that offer a higher yield to compensate for any variation in average maturity.

Bonds. As discussed in Appendix A, certain of the Portfolios may invest in one or more types of bonds. Bonds are fixed or variable rate debt obligations, including bills, notes, debentures, money market instruments and similar instruments and securities. Mortgage- and asset-backed securities are types of bonds, and certain types of income-producing, non-convertible preferred stocks may be treated as bonds for investment purposes. Bonds generally are used by corporations, governments and other issuers to borrow money from investors. The issuer pays the investor a fixed or variable rate of interest and normally must repay the amount borrowed on or before maturity. Many preferred stocks and some bonds are “perpetual” in that they have no maturity date.

Bonds are subject to interest rate risk and credit risk. Interest rate risk is the risk that interest rates will rise and that, as a result, bond prices will fall, lowering the value of a Portfolio’s investments in bonds. In general, bonds having longer durations are more sensitive to interest rate changes than are bonds with shorter durations. Credit risk is the risk that an issuer may be unable or unwilling to pay interest and/or principal on the bond. Credit risk can be affected by many factors, including adverse changes in the issuer’s own financial condition or in economic conditions.

Brady Bonds. As indicated in Appendix A, certain of the Portfolios may invest in Brady Bonds. Brady Bonds are fixed income securities created through the exchange of existing commercial bank loans to foreign entities for new obligations in connection with debt restructuring under a plan introduced by Nicholas F. Brady when he was the United States Secretary of the Treasury. Brady Bonds have been issued only recently, and, accordingly, do not have a long payment history. They may be collateralized or uncollateralized and issued in various currencies (although most are U.S. dollar-denominated) and they are actively traded in the over the counter secondary market. Each Portfolio will invest in Brady Bonds only if they are consistent with quality specifications established from time to time by the Advisers to that Portfolio.

Convertible Securities. As indicated in Appendix A, certain of the Portfolios may invest in convertible securities, including both convertible debt and convertible preferred stock. Such securities may be converted into shares of the underlying common stock at either a stated price or stated rate, which enable an investor to benefit from increases in the market price of the underlying common stock. Convertible securities provide higher yields than the underlying common stocks, but generally offer lower yields than nonconvertible securities of similar quality. The value of convertible securities fluctuates in relation to changes in interest rates and, in addition, fluctuates in relation to the underlying common stock.

Subsequent to purchase by a Portfolio, convertible securities may cease to be rated or a rating may be reduced below the minimum required for purchase by that Portfolio. Neither event will require sale of such securities, although each Adviser will consider such event in its determination of whether a Portfolio should continue to hold the securities.

Depositary Receipts. As indicated in Appendix A, certain of the Portfolios may invest in depositary receipts. Depositary receipts exist for many foreign securities and are securities representing ownership interests in securities of foreign companies (an “underlying issuer”) and are deposited with a securities depositary. Depositary receipts are not necessarily denominated in the same currency as the underlying securities. Depositary receipts include American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and other types of depositary receipts (which, together with ADRs and GDRs, are hereinafter collectively referred to as “Depositary Receipts”). ADRs are dollar-denominated Depositary Receipts typically issued by a United States financial institution which evidence ownership interests in a security or pool of securities issued by a foreign issuer. ADRs are listed and traded in the United States. GDRs and other types of Depositary Receipts are typically issued by foreign banks or trust companies, although they also may be issued by U.S. financial institutions, and evidence ownership interests in a security or pool of securities issued by either a foreign or a United States corporation. Generally, Depositary Receipts in registered form are designed for use in the U.S. securities market and Depositary Receipts in bearer form are designed for use in securities markets outside the United States. Although there may be more reliable information available regarding issuers of certain ADRs that are issued under so-called “sponsored” programs and ADRs do not involve foreign currency risks, ADRs and other Depositary Receipts are subject to the risks of other investments in foreign securities, as described below.

Depositary Receipts may be “sponsored” or “unsponsored.” Sponsored Depositary Receipts are established jointly by a depositary and the underlying issuer, whereas unsponsored Depositary Receipts may be established by a depositary without participation by the underlying issuer. Holders of an unsponsored Depositary Receipt generally bear all the costs associated with establishing the unsponsored Depositary Receipt. In addition, the issuers of the securities underlying unsponsored Depositary Receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the Depositary Receipts. For purposes of a Portfolio’s investment policies, the Portfolio’s investment in Depositary Receipts will be deemed to be investments in the underlying securities except as noted.

Derivatives. Derivatives are financial products or instruments that derive their value from the value of one or more underlying assets, reference rates or indices. Derivatives include, but are not limited to, the following: asset-backed securities, floaters and inverse floaters, hybrid instruments, mortgage-backed securities, options and future transactions, stripped mortgage-backed securities, structured notes and swaps. Further information about these instruments and the risks involved in their use are contained under the description of each of these instruments in this section.

Equity Securities. As indicated in Appendix A, certain of the Portfolios may invest in one or more types of equity securities. Equity securities include common stocks, most preferred stocks and securities that are convertible into them, including common stock purchase warrants and rights, equity interests in trusts, partnerships, joint ventures or similar enterprises and depositary receipts. Common stocks, the most familiar type, represent an equity (ownership) interest in a corporation.

Preferred stock has certain fixed income features, like a bond, but actually it is an equity security that is senior to a company’s common stock. Convertible bonds may include debentures and notes that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. Some preferred stock also may be converted into or exchanged for common stock. Depositary receipts typically are issued by banks or trust companies and evidence ownership of underlying equity securities.

While past performance does not guarantee future results, equity securities historically have provided the greatest long-term growth potential in a company. However, their prices generally fluctuate more

than other securities and reflect changes in a company’s financial condition and in overall market and economic conditions. Common stocks generally represent the riskiest investment in a company. It is possible that a Portfolio may experience a substantial or complete loss on an individual equity investment. While this is possible with bonds, it is less likely.

Eurodollar and Yankee Dollar Obligations. As indicated in Appendix A, certain of the Portfolios may invest in Eurodollar and Yankee dollar obligations. Eurodollar bank obligations are U.S. dollar-denominated certificates of deposit and time deposits issued outside the U.S. capital markets by foreign branches of U.S. banks and by foreign banks. Yankee dollar bank obligations are U.S. dollar-denominated obligations issued in the U.S. capital markets by foreign banks.

Eurodollar and Yankee dollar obligations are subject to the same risks that pertain to domestic issues; notably credit risk, market risk and liquidity risk. Additionally, Eurodollar (and to a limited extent, Yankee dollar) obligations are subject to certain sovereign risks. One such risk is the possibility that a sovereign country might prevent capital, in the form of dollars, from flowing across its borders. Other risks include adverse political and economic developments; the extent and quality of government regulation of financial markets and institutions; the imposition of foreign withholding taxes; and the expropriation or nationalization of foreign issuers.

Event-Linked Bonds. As indicated in Appendix A, certain of the Portfolios may invest in event-linked bonds. Event-linked bonds are fixed income securities, for which the return of principal and payment of interest is contingent on the non-occurrence of a specific “trigger” event, such as a hurricane, earthquake, or other physical or weather-related phenomenon. They may be issued by government agencies, insurance companies, reinsurers, special purpose corporations or other on-shore or off-shore entities. If a trigger event causes losses exceeding a specific amount in the geographic region and time period specified in a bond, a Portfolio investing in the bond may lose a portion or all of its principal invested in the bond. If no trigger event occurs, the Portfolio will recover its principal plus interest. For some event-linked bonds, the trigger event or losses may be based on company-wide losses, index-fund losses, industry indices, or readings of scientific instruments rather than specified actual losses. Often the event-linked bonds provide for extensions of maturity that are mandatory, or optional at the discretion of the issuer, in order to process and audit loss claims in those cases where a trigger event has, or possibly has, occurred. In addition to the specified trigger events, event-linked bonds may also expose the portfolio to certain unanticipated risks including but not limited to issuer (credit) default, adverse regulatory or jurisdictional interpretations, and adverse tax consequences.

Event-linked bonds are a relatively new type of financial instrument. As such, there is no significant trading history of these securities, and there can be no assurance that a liquid market in these instruments will develop. See “Illiquid Securities or Non-Publicly Traded Securities” below. Lack of a liquid market may impose the risk of higher transaction costs and the possibility that a Portfolio may be forced to liquidate positions when it would not be advantageous to do so. Event-linked bonds are typically rated, and a Portfolio will only invest in catastrophe bonds that meet the credit quality requirements for the Portfolio.

Floaters and Inverse Floaters. As indicated in Appendix A, certain of the Portfolios may invest in floaters and inverse floaters, which are fixed income securities with a floating or variable rate of interest, i.e., the rate of interest varies with changes in specified market rates or indices, such as the prime rate, or at specified intervals. Certain floaters may carry a demand feature that permits the holder to tender them back to the issuer of the underlying instrument, or to a third party, at par value prior to maturity. When the demand feature of certain floaters represents an obligation of a foreign entity, the demand feature will be subject to certain risks discussed under “Foreign Securities.”

In addition, the EQ/Van Kampen Emerging Markets Equity Portfolio may invest in inverse floating rate obligations which are fixed income securities that have coupon rates that vary inversely at a multiple of a designated floating rate, such as London Inter-Bank Offered Rate (“LIBOR”). Any rise in the reference rate of an inverse floater (as a consequence of an increase in interest rates) causes a drop in the coupon

rate while any drop in the reference rate of an inverse floater causes an increase in the coupon rate. Inverse floaters may exhibit substantially greater price volatility than fixed rate obligations having similar credit quality, redemption provisions and maturity, and inverse floater collateralized mortgage obligations (“CMOs”) exhibit greater price volatility than the majority of mortgage-related securities. In addition, some inverse floater CMOs exhibit extreme sensitivity to changes in prepayments. As a result, the yield to maturity of an inverse floater CMO is sensitive not only to changes in interest rates but also to changes in prepayment rates on the related underlying mortgage assets.

Foreign Currency. As indicated in Appendix A, certain of the Portfolios may purchase securities denominated in foreign currencies, including the purchase of foreign currency on a spot (or cash) basis. A change in the value of any such currency against the U.S. dollar will result in a change in the U.S. dollar value of a Portfolio’s assets and income. In addition, although a portion of a Portfolio’s investment income may be received or realized in such currencies, the Portfolio will be required to compute and distribute its income in U.S. dollars. Therefore, if the exchange rate for any such currency declines after a Portfolio’s income has been earned and computed in U.S. dollars but before conversion and payment, the Portfolio could be required to liquidate portfolio securities to make such distributions.

Currency exchange rates may be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks, by currency controls or political developments in the United States or abroad. Foreign currencies in which a Portfolio’s assets are denominated may be devalued against the U.S. dollar, resulting in a loss to the Portfolio. Certain Portfolios may also invest in the following types of foreign currency transactions:

Forward Foreign Currency Transactions. As indicated in Appendix A, certain of the Portfolios may engage in forward foreign currency exchange transactions. A forward foreign currency exchange contract (“forward contract”) involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are principally traded in the interbank market conducted directly between currency traders (usually large, commercial banks) and their customers. A forward contract generally has no margin deposit requirement, and no commissions are charged at any stage for trades.

A Portfolio may enter into forward contracts for a variety of purposes in connection with the management of the foreign securities portion of its portfolio. A Portfolio’s use of such contracts will include, but not be limited to, the following situations.

First, when the Portfolio enters into a contract for the purchase or sale of a security denominated in or exposed to a foreign currency, it may desire to “lock in” the U.S. dollar price of the security. By entering into a forward contract for the purchase or sale, for a fixed amount of dollars, of the amount of foreign currency involved in the underlying security transactions, the Portfolio will be able to protect itself against a possible loss resulting from an adverse change in the relationship between the U.S. dollar and the subject foreign currency during the period between the date the security is purchased or sold and the date on which payment is made or received.

Second, when a Portfolio’s Adviser believes that one currency may experience a substantial movement against another currency, including the U.S. dollar, it may enter into a forward contract to sell or buy the amount of the former foreign currency, approximating the value of some or all of the Portfolio’s portfolio securities denominated in or exposed to such foreign currency. Alternatively, where appropriate, the Portfolio may hedge all or part of its foreign currency exposure through the use of a basket of currencies, multinational currency units, or a proxy currency where such currency or currencies act as an effective proxy for other currencies. In such a case, the Portfolio may enter into a forward contract where the amount of the foreign currency to be sold exceeds the value of the securities denominated in or exposed to such currency. The use of this basket hedging technique may be more efficient and economical than entering into separate forward contracts for each currency held in the Portfolio.

The precise matching of the forward contract amounts and the value of the securities involved will not generally be possible since the future value of such securities in foreign currencies will change as a

consequence of market movements in the value of those securities between the date the forward contract is entered into and the date it matures. The projection of short-term currency market movement is extremely difficult, and the successful execution of a short-term hedging strategy is highly uncertain. Under normal circumstances, consideration of the prospect for currency parities will be incorporated into the diversification strategies. However, the Advisers to the Portfolios believe that it is important to have the flexibility to enter into such forward contracts when they determine that the best interests of the Portfolios will be served.

A Portfolio may enter into forward contracts for any other purpose consistent with the Portfolio’s investment objective and program. However, the Portfolio will not enter into a forward contract, or maintain exposure to any such contract(s), if the amount of foreign currency required to be delivered thereunder would exceed the Portfolio’s holdings of liquid, securities and currency available for cover of the forward contract(s). In determining the amount to be delivered under a contract, the Portfolio may net offsetting positions.

At the maturity of a forward contract, a Portfolio may sell the portfolio security and make delivery of the foreign currency, or it may retain the security and either extend the maturity of the forward contract (by “rolling” that contract forward) or may initiate a new forward contract. If a Portfolio retains the portfolio security and engages in an offsetting transaction, the Portfolio will incur a gain or a loss (as described below) to the extent that there has been movement in forward contract prices. If the Portfolio engages in an offsetting transaction, it may subsequently enter into a new forward contract to sell the foreign currency.

Should forward prices decline during the period between the Portfolio’s entering into a forward contract for the sale of a foreign currency and the date it enters into an offsetting contract for the purchase of the foreign currency, the Portfolio will realize a gain to the extent the price of the currency it has agreed to sell exceeds the price of the currency it has agreed to purchase. Should forward prices increase, the Portfolio will suffer a loss to the extent the price of the currency it has agreed to purchase exceeds the price of the currency it has agreed to sell.

Although each Portfolio values its assets daily in terms of U.S. dollars, it does not intend to convert its holdings of foreign currencies into U.S. dollars on a daily basis. The Portfolio will convert foreign currencies to U.S. dollars and vice versa from time to time, and investors should be aware of the costs of currency conversion. Although foreign exchange dealers do not charge a fee for conversion, they do realize a profit based on the difference (“spread”) between the prices at which they are buying and selling various currencies. Thus, a dealer may offer to sell a foreign currency to a Portfolio at one rate, while offering a lesser rate of exchange should the Portfolio desire to resell that currency to the dealer.

Foreign Currency Options, Foreign Currency Futures Contracts and Options on Futures. As indicated in Appendix A, certain of the Portfolios may also purchase and sell foreign currency futures contracts and may purchase and write exchange-traded call and put options on foreign currency futures contracts and on foreign currencies. Those Portfolios may purchase or sell exchange-traded foreign currency options, foreign currency futures contracts and related options on foreign currency futures contracts as a hedge against possible variations in foreign exchange rates. The Portfolios will write options on foreign currency or on foreign currency futures contracts only if they are “covered,” except as described below. A put on a foreign currency or on a foreign currency futures contract written by a Portfolio will be considered “covered” if, so long as the Portfolio is obligated as the writer of the put, it segregates, either on its records or with the Portfolio’s custodian, cash or other liquid securities equal at all times to the aggregate exercise price of the put. A call on a foreign currency or on a foreign currency futures contract written by the Portfolio will be considered “covered” only if the Portfolio segregates, either on its records or with the Portfolio’s custodian, cash or other liquid securities with a value equal to the face amount of the option contract and denominated in the currency upon which the call is written. EQ/Marsico Focus Portfolio may also write uncovered call options on foreign currencies for cross-hedging purposes. The Portfolio will collateralize the option by segregating cash or other liquid assets in an amount not less than the value of the underlying foreign currency in U.S. dollars marked-to-market daily. A call option on a foreign currency is for cross-hedging purposes if it is designed to provide a hedge against a decline due to an adverse change in the

exchange rate in the U.S. dollar value of a security which a Portfolio owns or has the right to acquire and which is denominated in the currency underlying the option.

Option transactions may be effected to hedge the currency risk on non-U.S. dollar-denominated securities owned by a Portfolio, sold by a Portfolio but not yet delivered or anticipated to be purchased by a Portfolio. As an illustration, a Portfolio may use such techniques to hedge the stated value in U.S. dollars of an investment in a Japanese yen-denominated security. In these circumstances, a Portfolio may purchase a foreign currency put option enabling it to sell a specified amount of yen for dollars at a specified price by a future date. To the extent the hedge is successful, a loss in the value of the dollar relative to the yen will tend to be offset by an increase in the value of the put option.

Over the Counter Options on Foreign Currency Transactions. As indicated in Appendix A, certain of the Portfolios may engage in over the counter options on foreign currency transactions. Each Alliance Portfolio (other than EQ/Alliance Intermediate Government Securities Portfolio, EQ/Equity 500 Index Portfolio and EQ/Money Market Portfolio) and EQ/Marsico Focus Portfolio will engage in over the counter options on foreign currency transactions only with financial institutions that have capital of at least $50 million or whose obligations are guaranteed by an entity having capital of at least $50 million. The EQ/MFS Emerging Growth Companies Portfolio may only enter into forward contracts on currencies in the over the counter market. The Advisers may engage in these transactions 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”). Certain differences exist between foreign currency hedging instruments. Foreign currency options provide the holder the right to buy or to sell a currency at a fixed price on or before a future date. Listed options are third-party contracts (performance is guaranteed by an exchange or clearing corporation) which are issued by a clearing corporation, traded on an exchange and have standardized prices and expiration dates. Over the counter options are two-party contracts and have negotiated prices and expiration dates. A futures contract on a foreign currency is an agreement between two parties to buy and sell a specified amount of the currency for a set price on a future date. Futures contracts and listed options on futures contracts are traded on boards of trade or futures exchanges. Options traded in the over the counter market may not be as actively traded as those on an exchange, so it may be more difficult to value such options. In addition, it may be difficult to enter into closing transactions with respect to options traded over the counter.

Hedging transactions involve costs and may result in losses. As indicated in Appendix A, certain of the Portfolios may also write covered call options on foreign currencies to offset some of the costs of hedging those currencies. A Portfolio will engage in over the counter options transactions on foreign currencies only when appropriate exchange traded transactions are unavailable and when, in the Adviser’s opinion, the pricing mechanism and liquidity are satisfactory and the participants are responsible parties likely to meet their contractual obligations. A Portfolio’s ability to engage in hedging and related option transactions may be limited by tax considerations.

Transactions and position hedging do not eliminate fluctuations in the underlying prices of the securities which the Portfolios own or intend to purchase or sell. They simply establish a rate of exchange which one can achieve at some future point in time. Additionally, although these techniques tend to minimize the risk of loss due to a decline in the value of the hedged currency, they tend to limit any potential gain which might result from the increase in the value of such currency.

A Portfolio will not speculate in foreign currency options, futures or related options. Accordingly, a Portfolio will not hedge a currency substantially in excess of the market value of the securities denominated in that currency which it owns or the expected acquisition price of securities which it anticipates purchasing.

Foreign Securities. As indicated in Appendix A, certain of the Portfolios may also invest in other types of foreign securities or engage in certain types of transactions related to foreign securities, such as Brady Bonds, Depositary Receipts, Eurodollar and Yankee Dollar Obligations and Foreign Currency Transactions, including forward foreign currency transactions, foreign currency options and foreign

currency futures contracts and options on futures. Further information about these instruments and the risks involved in their use are contained under the description of each of these instruments in this section.

Foreign investments involve certain risks that are not present in domestic securities. For example, foreign securities may be subject to currency risks or to foreign government taxes which reduce their attractiveness. There may be less information publicly available about a foreign issuer than about a U.S. issuer, and a foreign issuer is not generally subject to uniform accounting, auditing and financial reporting standards and practices comparable to those in the United States. Other risks of investing in such securities include political or economic instability in the country involved, the difficulty of predicting international trade patterns and the possibility of imposition of exchange controls. The prices of such securities may be more volatile than those of domestic securities. With respect to certain foreign countries, there is a possibility of expropriation of assets or nationalization, imposition of withholding taxes on dividend or interest payments, difficulty in obtaining and enforcing judgments against foreign entities or diplomatic developments which could affect investment in these countries. Losses and other expenses may be incurred in converting between various currencies in connection with purchases and sales of foreign securities.

Foreign stock markets are generally not as developed or efficient as, and may be more volatile than, those in the United States. While growing in volume, they usually have substantially less volume than U.S. markets and a Portfolio’s investment securities may be less liquid and subject to more rapid and erratic price movements than securities of comparable U.S. companies. Equity securities may trade at price/earnings multiples higher than comparable U.S. securities and such levels may not be sustainable. There is generally less government supervision and regulation of foreign stock exchanges, brokers, banks and listed companies abroad than in the United States. Moreover, settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences may include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a “failed settlement,” which can result in losses to a Portfolio.

The value of foreign investments and the investment income derived from them may also be affected unfavorably by changes in currency exchange control regulations. Although the Portfolios will invest only in securities denominated in foreign currencies that are fully exchangeable into U.S. dollars without legal restriction at the time of investment, there can be no assurance that currency controls will not be imposed subsequently. In addition, the value of foreign fixed income investments may fluctuate in response to changes in U.S. and foreign interest rates.

Foreign brokerage commissions, custodial expenses and other fees are also generally higher than for securities traded in the United States. Consequently, the overall expense ratios of international or global funds are usually somewhat higher than those of typical domestic stock funds.

Moreover, investments in foreign government debt securities, particularly those of emerging market country governments, involve special risks. Certain emerging market countries have historically experienced, and may continue to experience, high rates of inflation, high interest rates, exchange rate fluctuations, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment. See “Emerging Markets Securities” below for additional risks.

Fluctuations in exchange rates may also affect the earning power and asset value of the foreign entity issuing a security, even one denominated in U.S. dollars. Dividend and interest payments will be repatriated based on the exchange rate at the time of disbursement, and restrictions on capital flows may be imposed.

In less liquid and well developed stock markets, such as those in some Eastern European, Southeast Asian, and Latin American countries, volatility may be heightened by actions of a few major investors. For example, substantial increases or decreases in cash flows of mutual funds investing in these markets could significantly affect stock prices and, therefore, share prices. Additionally, investments in emerging market regions or the following geographic regions are subject to more specific risks, as discussed below:

Emerging Market Securities. As indicated in Appendix A, certain of the Portfolios may invest in emerging market securities. Investments in emerging market country securities involve special risks. The

economies, markets and political structures of a number of the emerging market countries in which the Portfolios can invest do not compare favorably with the United States and other mature economies in terms of wealth and stability. Therefore, investments in these countries may be riskier, and will be subject to erratic and abrupt price movements. Some economies are less well developed and less diverse (for example, Latin America, Eastern Europe and certain Asian countries), and more vulnerable to the ebb and flow of international trade, trade barriers and other protectionist or retaliatory measures. Similarly, many of these countries, particularly in Southeast Asia, Latin America, and Eastern Europe, are grappling with severe inflation or recession, high levels of national debt, currency exchange problems and government instability. Investments in countries that have recently begun moving away from central planning and state-owned industries toward free markets, such as the Eastern European or Chinese economies, should be regarded as speculative.

Certain emerging market countries have historically experienced, and may continue to experience, high rates of inflation, high interest rates, exchange rate fluctuations, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment. The issuer or governmental authority that controls the repayment of an emerging market country’s debt may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt. A debtor’s willingness or ability to repay principal and interest due in a timely manner may be affected by, among other factors, its cash flow situation, and, in the case of a government debtor, the extent of its foreign reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole and the political constraints to which a government debtor may be subject. Government debtors may default on their debt and may also be dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce principal and interest arrearages on their debt. Holders of government debt may be requested to participate in the rescheduling of such debt and to extend further loans to government debtors.

If such an event occurs, a Portfolio may have limited legal recourse against the issuer and/or guarantor. Remedies must, in some cases, be pursued in the courts of the defaulting party itself, and the ability of the holder of foreign government fixed income securities to obtain recourse may be subject to the political climate in the relevant country. In addition, no assurance can be given that the holders of commercial bank debt will not contest payments to the holders of other foreign government debt obligations in the event of default under their commercial bank loan agreements.

The economies of individual emerging market countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, currency depreciation, capital reinvestment, resource self-sufficiency and balance of payments position. Further, the economies of developing countries generally are heavily dependent upon international trade and, accordingly, have been, and may continue to be, adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also have been, and may continue to be, adversely affected by economic conditions in the countries with which they trade.

Investing in emerging market countries may entail purchasing securities issued by or on behalf of entities that are insolvent, bankrupt, in default or otherwise engaged in an attempt to reorganize or reschedule their obligations, and in entities that have little or no proven credit rating or credit history. In any such case, the issuer’s poor or deteriorating financial condition may increase the likelihood that the investing Portfolio will experience losses or diminution in available gains due to bankruptcy, insolvency or fraud.

Eastern European and Russian Securities. The economies of Eastern European countries are currently suffering both from the stagnation resulting from centralized economic planning and control and the higher prices and unemployment associated with the transition to market economics. Unstable economic and political conditions may adversely affect security values. Upon the accession to power of Communist regimes approximately 50 years ago, the governments of a number of Eastern European countries expropriated a large amount of property. The claims of many property owners against those governments were never finally settled. In the event of the return to power of the Communist Party, there can be no

assurance that a Portfolio’s investments in Eastern Europe would not be expropriated, nationalized or otherwise confiscated.

The registration, clearing and settlement of securities transactions involving Russian issuers are subject to significant risks not normally associated with securities transactions in the United States and other more developed markets. Ownership of equity securities in Russian companies is evidenced by entries in a company’s share register (except where shares are held through depositories that meet the requirements of the 1940 Act) and the issuance of extracts from the register or, in certain limited cases, by formal share certificates. However, Russian share registers are frequently unreliable and a Portfolio could possibly lose its registration through oversight, negligence or fraud. Moreover, Russia lacks a centralized registry to record shares and companies themselves maintain share registers. Registrars are under no obligation to provide extracts to potential purchasers in a timely manner or at all and are not necessarily subject to effective state supervision. In addition, while registrars are liable under law for losses resulting from their errors, it may be difficult for a Portfolio to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration. For example, although Russian companies with more than 1,000 shareholders are required by law to employ an independent company to maintain share registers, in practice, such companies have not always followed this law. Because of this lack of independence of registrars, management of a Russian company may be able to exert considerable influence over who can purchase and sell the company’s shares by illegally instructing the registrar to refuse to record transactions on the share register. Furthermore, these practices could cause a delay in the sale of Russian securities by a Portfolio if the company deems a purchaser unsuitable, which may expose a Portfolio to potential loss on its investment.

In light of the risks described above, the Board of Trustees of the Trust has approved certain procedures concerning a Portfolio’s investments in Russian securities. Among these procedures is a requirement that a Portfolio will not invest in the securities of a Russian company unless that issuer’s registrar has entered into a contract with a Portfolio’s custodian containing certain protective conditions, including, among other things, the custodian’s right to conduct regular share confirmations on behalf of a Portfolio. This requirement will likely have the effect of precluding investments in certain Russian companies that a Portfolio would otherwise make.

Latin America

Inflation. Most Latin American countries have experienced, at one time or another, severe and persistent levels of inflation, including, in some cases, hyperinflation. This has, in turn, led to high interest rates, extreme measures by governments to keep inflation in check, and a generally debilitating effect on economic growth. Although inflation in many countries has lessened, there is no guarantee it will remain at lower levels.

Political Instability. The political history of certain Latin American countries has been characterized by political uncertainty, intervention by the military in civilian and economic spheres, and political corruption. Such developments, if they were to reoccur, could reverse favorable trends toward market and economic reform, privatization, and removal of trade barriers, and result in significant disruption in securities markets.

Foreign Currency. Certain Latin American countries may have managed currencies which are maintained at artificial levels to the U.S. dollar rather than at levels determined by the market. This type of system can lead to sudden and large adjustments in the currency which, in turn, can have a disruptive and negative effect on foreign investors. For example, in late 1994 the value of the Mexican peso lost more than one-third of its value relative to the dollar. Certain Latin American countries also restrict the free conversion of their currency into foreign currencies, including the U.S. dollar. There is no significant foreign exchange market for many currencies and it would, as a result, be difficult for the Fund to engage in foreign currency transactions designed to protect the value of the Fund’s interests in securities denominated in such currencies.

Sovereign Debt. A number of Latin American countries are among the largest debtors of developing countries. There have been moratoria on, and reschedulings of, repayment with respect to these debts.

Such events can restrict the flexibility of these debtor nations in the international markets and result in the imposition of onerous conditions on their economies.

Pacific Basin Region. Many Asian countries may be subject to a greater degree of social, political and economic instability than is the case in the U.S. and European countries. Such instability may result from (i) authoritarian governments or military involvement in political and economic decision-making; (ii) popular unrest associated with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations with neighboring countries; and (v) ethnic, religious and racial disaffection.

The economies of most of the Asian countries are heavily dependent on international trade and are accordingly affected by protective trade barriers and the economic conditions of their trading partners, principally, the U.S., Japan, China and the European Community. The enactment by the U.S. or other principal trading partners of protectionist trade legislation, reduction of foreign investment in the local economies and general declines in the international securities markets could have a significant adverse effect upon the securities markets of the Asian countries.

The securities markets in Asia are substantially smaller, less liquid and more volatile than the major securities markets in the U.S. A high proportion of the shares of many issuers may be held by a limited number of persons and financial institutions, which may limit the number of shares available for investment by a Portfolio. Similarly, volume and liquidity in the bond markets in Asia are less than in the U.S. and, at times, price volatility can be greater than in the U.S. A limited number of issuers in Asian securities markets may represent a disproportionately large percentage of market capitalization and trading value. The limited liquidity of securities markets in Asia may also affect a Portfolio’s ability to acquire or dispose of securities at the price and time it wishes to do so. In addition, the Asian securities markets are susceptible to being influenced by large investors trading significant blocks of securities.

Many stock markets are undergoing a period of growth and change which may result in trading volatility and difficulties in the settlement and recording of transactions, and in interpreting and applying the relevant law and regulations. With respect to investments in the currencies of Asian countries, changes in the value of those currencies against the U.S. dollar will result in corresponding changes in the U.S. dollar value of a Portfolio’s assets denominated in those currencies.

China Companies. Investing in China, Hong Kong and Taiwan involves a high degree of risk and special considerations not typically associated with investing in other more established economies or securities markets. Such risks may include: (a) the risk of nationalization or expropriation of assets or confiscatory taxation; (b) greater social, economic and political uncertainty (including the risk of war); (c) dependency on exports and the corresponding importance of international trade; (d) the increasing competition from Asia’s other low-cost emerging economies; (e) greater price volatility, substantially less liquidity and significantly smaller market capitalization of securities markets, particularly in China; (f) currency exchange rate fluctuations and the lack of available currency hedging instruments; (g) higher rates of inflation; (h) controls on foreign investment and limitations on repatriation of invested capital and on the portfolio’s ability to exchange local currencies for U.S. dollars; (i) greater governmental involvement in and control over the economy; (j) the risk that the Chinese government may decide not to continue to support the economic reform programs implemented since 1978 and could return to the prior, completely centrally planned, economy; (k) the fact that China companies, particularly those located in China, may be smaller, less seasoned and newly-organized companies; (1) the difference in, or lack of auditing and financial reporting standards which may result in unavailability of material information about issuers, particularly in China; (m) the fact that statistical information regarding the economy China may be inaccurate or not comparable to statistical information regarding the U.S. or other economies; (n) the less extensive, and still developing, regulation of the securities markets, business entities and commercial transactions; (o) the fact that the settlement period of securities transactions in foreign markets may be longer (p) the willingness and ability of the Chinese government to support the Chinese and Hong Kong economies and markets is uncertain; (q) the risk that it may be more difficult or impossible, to obtain and/or enforce a judgment than in other countries; (r) the rapidity and erratic nature of growth, particularly in China, resulting in

inefficiencies and dislocations; and (s) the risk that, because of the degree of interconnectivity between the economies and financial markets of China, Hong Kong Taiwan, any sizable reduction in the demand for goods from China, or an economic downturn in China could negatively affect the economies and financial markets of Hong Kong and Taiwan, as well. Investment in China, Hong Kong and Taiwan is subject to certain political risks. Following the establishment of the People’s Republic of China by the Communist Party in 1949, the Chinese government renounced various debt obligations incurred by China’s predecessor governments, which obligations remain in default, and expropriated assets without compensation. There can be no assurance that the Chinese government will not take similar action in the future. An investment in the portfolio involves risk of a total loss. The political reunification of China and Taiwan is a highly problematic issue and is unlikely to be settled in the near future. This situation poses a threat to Taiwan’s economy and could negatively affect its stock market. China has committed by treaty to preserve Hong Kong’s autonomy and its economic, political and social freedoms for fifty years from the July 1, 1997 transfer of sovereignty from Great Britain to China. However, if China would exert its authority so as to alter the economic, political or legal structures or the existing social policy of Hong Kong, investor and business confidence in Hong Kong could be negatively affected, which in turn could negatively affect markets and business performance.

Forward Commitments, When-Issued and Delayed Delivery Securities. As indicated in Appendix A, certain of the Portfolios may invest in forward commitments, when-issued and delayed delivery securities. Forward commitments, when-issued and delayed delivery transactions arise when securities are purchased by a Portfolio with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price or yield to the Portfolio at the time of entering into the transaction. However, the price of or yield on a comparable security available when delivery takes place may vary from the price of or yield on the security at the time that the forward commitment or when-issued or delayed delivery transaction was entered into. Agreements for such purchases might be entered into, for example, when a Portfolio anticipates a decline in interest rates and is able to obtain a more advantageous price or yield by committing currently to purchase securities to be issued later. When a Portfolio purchases securities on a forward commitment, when-issued or delayed delivery basis it does not pay for the securities until they are received, and the Portfolio is required to designate the segregation, either on its records or with the Trust’s custodian, of cash or other liquid securities in an amount equal to or greater than, on a daily basis, the amount of the Portfolio’s forward commitments, when-issued or delayed delivery commitments or to enter into offsetting contracts for the forward sale of other securities it owns. Forward commitments may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines prior to the settlement date, which risk is in addition to the risk of decline in value of the Portfolio’s other assets. Where such purchases are made through dealers, a Portfolio relies on the dealer to consummate the sale. The dealer’s failure to do so may result in the loss to a Portfolio of an advantageous yield or price.

A Portfolio will only enter into forward commitments and make commitments to purchase securities on a when-issued or delayed delivery basis with the intention of actually acquiring the securities. However, the Portfolio may sell these securities before the settlement date if it is deemed advisable as a matter of investment strategy. Forward commitments and when-issued and delayed delivery transactions are generally expected to settle within three months from the date the transactions are entered into, although the Portfolio may close out its position prior to the settlement date by entering into a matching sales transaction.

Although none of the Portfolios intends to make such purchases for speculative purposes and each Portfolio intends to adhere to the policies of the SEC, purchases of securities on such a basis may involve more risk than other types of purchases. For example, by committing to purchase securities in the future, a Portfolio subjects itself to a risk of loss on such commitments as well as on its portfolio securities. Also, a Portfolio may have to sell assets which have been set aside in order to meet redemptions. In addition, if a Portfolio determines it is advisable as a matter of investment strategy to sell the forward commitment or when-issued or delayed delivery securities before delivery, that Portfolio may incur a gain or loss because

of market fluctuations since the time the commitment to purchase such securities was made. Any such gain or loss would be treated as a capital gain or loss and would be treated for tax purposes as such. When the time comes to pay for the securities to be purchased under a forward commitment or on a when-issued or delayed delivery basis, a Portfolio will meet its obligations from the then available cash flow or the sale of securities, or, although it would not normally expect to do so, from the sale of the forward commitment or when-issued or delayed delivery securities themselves (which may have a value greater or less than a Portfolio’s payment obligation).

Hybrid Instruments. As indicated in Appendix A, certain of the Portfolios may invest in hybrid instruments (a type of potentially high-risk derivative). Hybrid instruments have recently been developed and combine the elements of futures contracts or options with those of debt, preferred equity or a depositary instrument. Generally, a hybrid instrument will be a debt security, preferred stock, depositary share, trust certificate, certificate of deposit or other evidence of indebtedness on which a portion of or all interest payments, and/or the principal or stated amount payable at maturity, redemption or retirement, is determined by reference to prices, changes in prices, or differences between prices, of securities, currencies, intangibles, goods, articles or commodities (collectively “Underlying Assets”) or by another objective index, economic factor or other measure, such as interest rates, currency exchange rates, commodity indices, and securities indices (collectively “Benchmarks”). Thus, hybrid instruments may take a variety of forms, including, but not limited to, debt instruments with interest or principal payments or redemption terms determined by reference to the value of a currency or commodity or securities index at a future point in time, preferred stock with dividend rates determined by reference to the value of a currency, or convertible securities with the conversion terms related to a particular commodity rates. Under certain conditions, the redemption value of such an instrument could be zero. Hybrid instruments can have volatile prices and limited liquidity and their use by a Portfolio may not be successful.

Hybrid instruments may bear interest or pay preferred dividends at below market (or even relatively nominal) rates. Alternatively, hybrid instruments may bear interest at above market rates but bear an increased risk of principal loss (or gain). The latter scenario may result if “leverage” is used to structure the hybrid instrument. Leverage risk occurs when the hybrid instrument is structured so that a given change in a Benchmark or Underlying Asset is multiplied to produce a greater value change in the hybrid instrument, thereby magnifying the risk of loss as well as the potential for gain.

Hybrid instruments can be an efficient means of creating exposure to a particular market, or segment of a market, with the objective of enhancing total return. For example, a Portfolio may wish to take advantage of expected declines in interest rates in several European countries, but avoid the transaction costs associated with buying and currency-hedging the foreign bond positions. One solution would be to purchase a U.S. dollar-denominated hybrid instrument whose redemption price is linked to the average three year interest rate in a designated group of countries. The redemption price formula would provide for payoffs of greater than par if the average interest rate was lower than a specified level, and payoffs of less than par if rates were above the specified level. Furthermore, a Portfolio could limit the downside risk of the security by establishing a minimum redemption price so that the principal paid at maturity could not be below a predetermined minimum level if interest rates were to rise significantly. The purpose of this arrangement, known as a structured security with an embedded put option, would be to give the Portfolio the desired European bond exposure while avoiding currency risk, limiting downside market risk, and lowering transaction costs. Of course, there is no guarantee that the strategy will be successful and a Portfolio could lose money if, for example, interest rates do not move as anticipated or credit problems develop with the issuer of the hybrid instrument.

Although the risks of investing in hybrid instruments reflect a combination of the risks of investing in securities, options, futures and currencies, hybrid instruments are potentially more volatile and carry greater market risks than traditional debt instruments. The risks of a particular hybrid instrument will, of course, depend upon the terms of the instrument, but may include, without limitation, the possibility of significant changes in the Benchmarks or the prices of Underlying Assets to which the instrument is linked. Such risks generally depend upon factors which are unrelated to the operations or credit quality of the

issuer of the hybrid instrument and which may not be readily foreseen by the purchaser, such as economic and political events, the supply and demand for the Underlying Assets and interest rate movements. In recent years, various Benchmarks and prices for Underlying Assets have been highly volatile, and such volatility may be expected in the future.

Hybrid instruments may also carry liquidity risk since the instruments are often “customized” to meet the portfolio needs of a particular investor, and therefore, the number of investors that are willing and able to buy such instruments in the secondary market may be smaller than that for more traditional debt securities. In addition, because the purchase and sale of hybrid instruments could take place in an over the counter market without the guarantee of a central clearing organization or in a transaction between the portfolio and the issuer of the hybrid instrument, the creditworthiness of the counter party or issuer of the hybrid instrument would be an additional risk factor which the Portfolio would have to consider and monitor. Hybrid instruments also may not be subject to regulation of the CFTC, which generally regulates the trading of commodity futures by persons in the United States, the SEC, which regulates the offer and sale of securities by and to persons in the United States, or any other governmental regulatory authority. The various risks discussed above, particularly the market risk of such instruments, may in turn cause significant fluctuations in the net asset value of the Portfolio.

Illiquid Securities or Non-Publicly Traded Securities. As indicated in Appendix A, certain of the Portfolios may invest in illiquid securities or non-publicly traded securities. The inability of a Portfolio to dispose of illiquid or not readily marketable investments readily or at a reasonable price could impair a Portfolio’s ability to raise cash for redemptions or other purposes. The liquidity of securities purchased by a Portfolio which are eligible for resale pursuant to Rule 144A and that have been determined to be liquid by the Board or its delegates will be monitored by each Portfolio’s Adviser on an ongoing basis, subject to the oversight of the Manager. In the event that such a security is deemed to be no longer liquid, a Portfolio’s holdings will be reviewed to determine what action, if any, is required to ensure that the retention of such security does not result in a Portfolio’s having more than 10% or 15% of its assets invested in illiquid or not readily marketable securities.

Rule 144A Securities will be considered illiquid and therefore subject to a Portfolio’s limit on the purchase of illiquid securities unless the Board or its delegates determines that the Rule 144A Securities are liquid. In reaching liquidity decisions, the Board of Trustees and its delegates may consider, among other things, the following factors: (i) the unregistered nature of the security; (ii) the frequency of trades and quotes for the security; (iii) the number of dealers wishing to purchase or sell the security and the number of other potential purchasers; (iv) dealer undertakings to make a market in the security; and (v) the nature of the security and the nature of the marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers and the mechanics of the transfer).

Historically, illiquid securities have included securities subject to contractual or legal restrictions on resale because they have not been registered under the 1933 Act, securities which are otherwise not readily marketable and repurchase agreements having a maturity of longer than seven days. Securities which have not been registered under the 1933 Act are referred to as private placements or restricted securities and are purchased directly from the issuer or in the secondary market. Mutual funds do not typically hold a significant amount of these restricted or other illiquid securities because of the potential for delays on resale and uncertainty in valuation. Limitations on resale may have an adverse effect on the marketability of portfolio securities and a mutual fund might be unable to dispose of restricted or other illiquid securities promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven days. A mutual fund might also have to register such restricted securities in order to dispose of them resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities.

In recent years, however, a large institutional market has developed for certain securities that are not registered under the 1933 Act including repurchase agreements, commercial paper, foreign securities, municipal securities and corporate bonds and notes. Institutional investors depend on an efficient

institutional market in which the unregistered security can be readily resold or on an issuer’s ability to honor a demand for repayment. The fact that there are contractual or legal restrictions on resale to the general public or to certain institutions may not be indicative of the liquidity of such investments.

Investment Company Securities. As indicated in Appendix A, certain of the Portfolios may invest in investment company securities. Investment company securities are securities of other open-end or closed-end investment companies. Except for so-called fund-of-funds, the 1940 Act generally prohibits a Portfolio from acquiring more than 3% of the outstanding voting shares of an investment company and limits such investments to no more than 5% of the Portfolio’s total assets in any investment company and no more than 10% in any combination of unaffiliated investment companies. The 1940 Act further prohibits a Portfolio from acquiring in the aggregate more than 10% of the outstanding voting shares of any registered closed-end investment company. Investing in other investment companies involves substantially the same risks as investing directly in the underlying instruments, but the total return on such investments at the investment company level may be reduced by the operating expenses and fees of such other investment companies, including advisory fees.

Passive Foreign Investment Companies. As indicated in Appendix A, certain of the Portfolios may purchase the securities of certain foreign investment corporations called passive foreign investment companies (“PFICs”). Such entities have been the only or primary way to invest in certain countries because some foreign countries limit, or prohibit, all direct foreign investment in the securities of companies domiciled therein. However, the governments of some countries have authorized the organization of investment funds to permit indirect foreign investment in such securities. In addition to bearing their proportionate share of a Portfolio’s expenses (management fees and operating expenses), shareholders will also indirectly bear similar expenses of such entities. Like other foreign securities, interests in PFICs also involve the risk of foreign securities, as described above.

Exchange Traded Funds (ETFs). As indicated in Appendix A, certain of the Portfolios may invest in ETFs. These are a type of investment company bought and sold on a securities exchange. An ETF represents a portfolio of securities designed to track a particular market index. A Portfolio could purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in an ETF could result in it being more volatile and ETFs have management fees which increase their costs.

Investment Grade Securities. As indicated in Appendix A, certain of the Portfolios may invest in or hold investment grade securities. Investment grade securities are securities rated Baa or higher by Moody’s Investors Service Inc. (“Moody’s”) or BBB or higher by Standard & Poor’s Rating Services, a division of McGraw-Hill Companies, Inc. (“Standard & Poor’s”) or comparable quality unrated securities. Investment grade securities rated BBB or below by Moody’s or Standard & Poor’s while normally exhibiting adequate protection parameters, have speculative characteristics, and, consequently, changes in economic conditions or other circumstances are more likely to lead to a weakened capacity of such issuers to make principal and interest payments than is the case for higher grade fixed income securities.

Junk Bonds or Lower Rated Securities. As indicated in Appendix A, certain of the Portfolios may invest in or hold Junk Bonds or Lower Rated Securities (“lower quality securities”). Lower quality fixed income securities are securities that are rated in the lower categories by nationally recognized statistical rating organizations (“NRSRO”) (i.e., Ba or lower by Moody’s and BB or lower by Standard & Poor’s) or comparable quality unrated securities. Such lower quality securities are known as “junk bonds” and are regarded as predominantly speculative with respect to the issuer’s continuing ability to meet principal and interest payments. (Each NRSRO’s descriptions of these bond ratings are set forth in the Appendix to this Statement of Additional Information.) Because investment in lower quality securities involves greater investment risk, achievement of a Portfolio’s investment objective will be more dependent on the Adviser’s analysis than would be the case if that Portfolio were investing in higher quality bonds. In addition, lower quality securities may be more susceptible to real or perceived adverse economic and individual corporate developments than would investment grade bonds. Moreover, the secondary trading market for lower

quality securities may be less liquid than the market for investment grade bonds. This potential lack of liquidity may make it more difficult for an Adviser to value accurately certain portfolio securities.

It is the policy of each Portfolio’s Adviser(s) to not rely exclusively on ratings issued by credit rating agencies but to supplement such ratings with the Adviser’s own independent and ongoing review of credit quality. Junk bonds may be issued as a consequence of corporate restructuring, such as leveraged buyouts, mergers, acquisitions, debt recapitalizations, or similar events or by smaller or highly leveraged companies. When economic conditions appear to be deteriorating, junk bonds may decline in market value due to investors’ heightened concern over credit quality, regardless of prevailing interest rates. It should be recognized that an economic downturn or increase in interest rates is likely to have a negative effect on: (i) the high yield bond market; (ii) the value of high yield securities; and (iii) the ability of the securities’ issuers to service their principal and interest payment obligations, to meet their projected business goals or to obtain additional financing. The market for junk bonds, especially during periods of deteriorating economic conditions, may be less liquid than the market for investment grade bonds. In periods of reduced market liquidity, junk bond prices may become more volatile and may experience sudden and substantial price declines. Also, there may be significant disparities in the prices quoted for junk bonds by various dealers. Under such conditions, a Portfolio may find it difficult to value its junk bonds accurately. Under such conditions, a Portfolio may have to use subjective rather than objective criteria to value its junk bond investments accurately and rely more heavily on the judgment of the Trust’s Board of Trustees. Prices for junk bonds also may be affected by legislative and regulatory developments. For example, federal rules require that savings and loans gradually reduce their holdings of high-yield securities. Also, from time to time, Congress has considered legislation to restrict or eliminate the corporate tax deduction for interest payments or to regulate corporate restructuring such as takeovers, mergers or leveraged buyouts. Such legislation, if enacted, could depress the prices of outstanding junk bonds.

Credit Ratings. Moody’s, S&P and other rating agencies are private services that provide ratings of the credit quality of bonds, including municipal bonds, and certain other securities. A description of the ratings assigned to commercial paper and corporate bonds by Moody’s and S&P is included in Appendix B to this Statement of Additional Information (“SAI”). The process by which Moody’s and S&P determine ratings for mortgage-backed securities includes consideration of the likelihood of the receipt by security holders of all distributions, the nature of the underlying assets, the credit quality of the guarantor, if any, and the structural, legal and tax aspects associated with these securities. Not even the highest such rating represents an assessment of the likelihood that principal prepayments will be made by obligors on the underlying assets or the degree to which such prepayments may differ from that originally anticipated, nor do such ratings address the possibility that investors may suffer a lower than anticipated yield or that investors in such securities may fail to recoup fully their initial investment due to prepayments.

Credit ratings attempt to evaluate the safety of principal and interest payments, but they do not evaluate the volatility of a bond’s value or its liquidity and do not guarantee the performance of the issuer. Rating agencies may fail to make timely changes in credit ratings in response to subsequent events, so that an issuer’s current financial condition may be better or worse than the rating indicates. There is a risk that rating agencies may downgrade a bond’s rating. Subsequent to a bond’s purchase by a portfolio, it may cease to be rated or its rating may be reduced below the minimum rating required for purchase by the portfolio. The Portfolios may use these ratings in determining whether to purchase, sell or hold a security. It should be emphasized, however, that ratings are general and are not absolute standards of quality. Consequently, bonds with the same maturity, interest rate and rating may have different market prices.

In addition to ratings assigned to individual bond issues, the applicable Adviser will analyze interest rate trends and developments that may affect individual issuers, including factors such as liquidity, profitability and asset quality. The yields on bonds are dependent on a variety of factors, including general money market conditions, general conditions in the bond market, the financial condition of the issuer, the size of the offering, the maturity of the obligation and its rating. There is a wide variation in the quality of bonds, both within a particular classification and between classifications. An issuer’s obligations under its bonds are subject to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of

bond holders or other creditors of an issuer; litigation or other conditions may also adversely affect the power or ability of issuers to meet their obligations for the payment of interest and principal on their bonds.

Loan Participations and Other Direct Indebtedness. As indicated in Appendix A, certain of the Portfolios may invest a portion of their assets in loan participations and other direct indebtedness. These loans are made generally to finance internal growth, mergers, acquisitions, stock repurchases, leveraged buy-outs and other corporate activities. In purchasing a loan participation, a Portfolio acquires some or all of the interest of a bank or other lending institution in a loan to a corporate borrower. Many such loans are secured, although some may be unsecured. Such loans may be in default at the time of purchase. Loans and other direct indebtedness that are fully secured offer a Portfolio more protection than an unsecured loan in the event of non-payment of scheduled interest or principal. However, there is no assurance that the liquidation of collateral from a secured loan or other direct indebtedness would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated.

Certain of the loans and other direct indebtedness acquired by the Portfolio may involve revolving credit facilities or other standby financing commitments which obligate the Portfolio to pay additional cash on a certain date or on demand. The highly leveraged nature of many such loans and other direct indebtedness may make such loans especially vulnerable to adverse changes in economic or market conditions. Loans and other direct indebtedness may not be in the form of securities or may be subject to restrictions on transfer, and only limited opportunities may exist to resell such instruments. As a result, the Portfolio may be unable to sell such investments at an opportune time or may have to resell them at less than fair market value. These commitments may have the effect of requiring a Portfolio to increase its investment in a company at a time when a Portfolio might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that a Portfolio is committed to advance additional funds, it will at all times hold and maintain in a segregated account cash or assets in an amount sufficient to meet such commitments.

Such loans and other direct indebtedness loans are typically made by a syndicate of lending institutions, represented by an agent lending institution which has negotiated and structured the loan and is responsible for collecting interest, principal and other amounts due on its own behalf and on behalf of the others in the syndicate, and for enforcing its rights and the rights of other loan participants against the borrower. Alternatively, such loans and other direct indebtedness may be structured as a “novation” (i.e., a new loan) pursuant to which a Portfolio would assume all of the rights of the lending institution in a loan, or as an assignment, pursuant to which a Portfolio would purchase an assignment of a portion of a lender’s interest in a loan or other direct indebtedness either directly from the lender or through an intermediary. A Portfolio may also purchase trade or other claims against companies, which generally represent money owed by the company to a supplier of goods or services. These claims may also be purchased at a time when the company is in default.

A Portfolio’s ability to receive payment of principal, interest and other amounts due in connection with these investments will depend primarily on the financial condition of the borrower. In selecting the loans and other direct indebtedness that a Portfolio will purchase, the Adviser will rely upon its own credit analysis of the borrower. As a Portfolio may be required to rely upon another lending institution to collect and pass on to a Portfolio amounts payable with respect to the loan and to enforce a Portfolio’s rights under the loan and other direct indebtedness, an insolvency, bankruptcy or reorganization of the lending institution may delay or prevent a Portfolio from receiving such amounts. In such cases, a Portfolio will also evaluate the creditworthiness of the lending institution and will treat both the borrower and the lending institutions as an “issuer” of the loan for purposes of certain investment restrictions pertaining to the diversification of a Portfolio’s portfolio investments.

Investments in such loans and other direct indebtedness may involve additional risks to a Portfolio. For example, if a loan or other direct indebtedness is foreclosed, a Portfolio could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral. In addition, it is conceivable that under emerging legal theories of lender liability, a Portfolio could be held liable. It is unclear whether loans and other forms of direct indebtedness offer securities law protections

against fraud and misrepresentation. In the absence of definitive regulatory guidance, a Portfolio relies on the Adviser’s research in an attempt to avoid situations where fraud and misrepresentation could adversely affect a Portfolio. In addition, loans and other direct investments may not be in the form of securities or may be subject to restrictions on transfer, and only limited opportunities may exist to resell such instruments. As a result, a Portfolio may be unable to sell such investments at an opportune time or may have to resell them at less than fair market value. To the extent that the Adviser determines that any such investments are illiquid, a Portfolio will include them in the investment limitations described above.

Mortgage-Backed or Mortgage-Related Securities. As indicated in Appendix A, certain of the Portfolios may invest in mortgage-related securities (i.e., mortgage-backed securities). A mortgage-backed security may be an obligation of the issuer backed by a mortgage or pool of mortgages or a direct interest in an underlying pool of mortgages. Certain Portfolios may invest in collateralized mortgage obligations (“CMOs”) and stripped mortgage-backed securities that represent a participation in, or are secured by, mortgage loans. Some mortgage-backed securities, such as CMOs, make payments of both principal and interest at a variety of intervals; others make semiannual interest payments at a predetermined rate and repay principal at maturity (like a typical bond). Mortgage-backed securities are based on different types of mortgages including those on commercial real estate or residential properties.

CMOs may be issued by a U.S. Government agency or instrumentality or by a private issuer. Although payment of the principal of, and interest on, the underlying collateral securing privately issued CMOs may be guaranteed by the U.S. Government or its agencies or instrumentalities, these CMOs represent obligations solely of the private issuer and are not insured or guaranteed by the U.S. Government, its agencies or instrumentalities or any other person or entity. Prepayments could cause early retirement of CMOs. CMOs are designed to reduce the risk of prepayment for investors by issuing multiple classes of securities (or “tranches”), each having different maturities, interest rates and payment schedules, and with the principal and interest on the underlying mortgages allocated among the several classes in various ways. Payment of interest or principal on some classes or series of CMOs may be subject to contingencies or some classes or series may bear some or all of the risk of default on the underlying mortgages. CMOs of different classes or series are generally retired in sequence as the underlying mortgage loans in the mortgage pool are repaid. If enough mortgages are repaid ahead of schedule, the classes or series of a CMO with the earliest maturities generally will be retired prior to their maturities. Thus, the early retirement of particular classes or series of a CMO held by a Portfolio would have the same effect as the prepayment of mortgages underlying other mortgage-backed securities. Conversely, slower than anticipated prepayments can extend the effective maturities of CMOs, subjecting them to a greater risk of decline in market value in response to rising interest rates than traditional debt securities, and, therefore, potentially increasing the volatility of a Portfolio that invests in CMOs.

The value of mortgage-backed securities may change due to shifts in the market’s perception of issuers. In addition, regulatory or tax changes may adversely affect the mortgage securities market as a whole. Non-government mortgage-backed securities may offer higher yields than those issued by government entities, but also may be subject to greater price changes than government issues. Mortgage-backed securities have yield and maturity characteristics corresponding to the underlying assets. Unlike traditional debt securities, which may pay a fixed rate of interest until maturity, when the entire principal amount comes due, payments on certain mortgage-backed securities include both interest and a partial repayment of principal. Besides the scheduled repayment of principal, repayments of principal may result from the voluntary prepayment, refinancing, or foreclosure of the underlying mortgage loans.

Mortgage-backed securities are subject to prepayment risk. Prepayment, which occurs when unscheduled or early payments are made on the underlying mortgages, may shorten the effective maturities of these securities and may lower their returns. If property owners make unscheduled prepayments of their mortgage loans, these prepayments will result in early payment of the applicable mortgage-related securities. In that event, the Portfolios may be unable to invest the proceeds from the early payment of the mortgage-related securities in an investment that provides as high a yield as the mortgage-related securities. Consequently, early payment associated with mortgage-related securities may cause these

securities to experience significantly greater price and yield volatility than that experienced by traditional fixed-income securities. The occurrence of mortgage prepayments is affected by factors including the level of interest rates, general economic conditions, the location and age of the mortgage and other social and demographic conditions. During periods of falling interest rates, the rate of mortgage prepayments tends to increase, thereby tending to decrease the life of mortgage-related securities. During periods of rising interest rates, the rate of mortgage prepayments usually decreases, thereby tending to increase the life of mortgage-related securities. If the life of a mortgage-related security is inaccurately predicted, a Portfolio may not be liable to realize the rate of return it expected.

Mortgage-backed securities are less effective than other types of securities as a means of “locking in” attractive long-term interest rates. One reason is the need to reinvest prepayments of principal; another is the possibility of significant unscheduled prepayments resulting from declines in interest rates. Prepayments may cause losses on securities purchased at a premium. At times, some of the mortgage-backed securities in which a Portfolio may invest will have higher than market interest rates and, therefore, will be purchased at a premium above their par value. Unscheduled prepayments, which are made at par, will cause a Portfolio to experience a loss equal to any unamortized premium.

Stripped mortgage-backed securities are created when a U.S. government agency or a financial institution separates the interest and principal components of a mortgage-backed security and sells them as individual securities. The securities may be issued by agencies or instrumentalities of the U.S. Government and private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose entities of the foregoing. Stripped mortgage-backed securities are usually structured with two classes that receive different portions of the interest and principal distributions on a pool of mortgage loans. The holder of the “principal-only” security (“PO”) receives the principal payments made by the underlying mortgage-backed security, while the holder of the “interest-only” security (“IO”) receives interest payments from the same underlying security. The Portfolios may invest in both the IO class and the PO class. The prices of stripped mortgage-backed securities may be particularly affected by changes in interest rates. The yield to maturity on an IO class of stripped mortgage-backed securities is extremely sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the underlying assets. As interest rates fall, prepayment rates tend to increase, which tends to reduce prices of IOs and increase prices of POs. Rising interest rates can have the opposite effect.

Prepayments may also result in losses on stripped mortgage-backed securities. A rapid rate of principal prepayments may have a measurable adverse effect on a Portfolio’s yield to maturity to the extent it invests in IOs. If the assets underlying the IO experience greater than anticipated prepayments of principal, a Portfolio may fail to recoup fully its initial investments in these securities. Conversely, POs tend to increase in value if prepayments are greater than anticipated and decline if prepayments are slower than anticipated. The secondary market for stripped mortgage-backed securities may be more volatile and less liquid than that for other mortgage-backed securities, potentially limiting the Portfolios’ ability to buy or sell those securities at any particular time.

The EQ/Alliance Quality Bond Portfolio EQ/J.P. Morgan Core Bond Portfolio and EQ/PIMCO Real Return Portfolio may also invest in directly placed mortgages including residential mortgages, multifamily mortgages, mortgages on cooperative apartment buildings, commercial mortgages, and sale-leasebacks. These investments are backed by assets such as office buildings, shopping centers, retail stores, warehouses, apartment buildings and single-family dwellings. In the event that the Portfolio forecloses on any non-performing mortgage, it could end up acquiring a direct interest in the underlying real property and the Portfolio would then be subject to the risks generally associated with the ownership of real property. There may be fluctuations in the market value of the foreclosed property and its occupancy rates, rent schedules and operating expenses. Investment in direct mortgages involve many of the same risks as investments in mortgage-related securities. There may also be adverse changes in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, increased real property taxes, rising

interest rates, reduced availability and increased cost of mortgage borrowings, the need for anticipated renovations, unexpected increases in the cost of energy, environmental factors, acts of God and other factors which are beyond the control of the Portfolio or the Adviser. Hazardous or toxic substances may be present on, at or under the mortgaged property and adversely affect the value of the property. In addition, the owners of the property containing such substances may be held responsible, under various laws, for containing, monitoring, removing or cleaning up such substances. The presence of such substances may also provide a basis for other claims by third parties. Costs of clean-up or of liabilities to third parties may exceed the value of the property. In addition, these risks may be uninsurable. In light of these and similar risks, it may be impossible to dispose profitably of properties in foreclosure.

Mortgage Dollar Rolls. The EQ/J.P. Morgan Core Bond Portfolio may enter into mortgage dollar rolls in which the Portfolio sells securities for delivery in the current month and simultaneously contracts with the same counter-party to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, the Portfolio loses the right to receive principal (including prepayments of principal) and interest paid on the securities sold. However, the Portfolio would benefit to the extent of any difference between the price received for the securities sold and the lower forward price for the future purchase (often referred to as the “drop”) or fee income plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. Unless such benefits exceed the income, capital appreciation and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique will diminish the investment performance of the Portfolio compared with what such performance would have been without the use of mortgage dollar rolls. Accordingly, the benefits derived from the use of mortgage dollar rolls depend upon the Adviser’s ability to manage mortgage prepayments. There is no assurance that mortgage dollar rolls can be successfully employed. All cash proceeds will be invested in instruments that are permissible investments for the Portfolio. The Portfolio will maintain until the settlement date the segregation, either on its records or with the Trust’s custodian, of cash or other liquid securities in an amount equal to the forward purchase price.

Municipal Securities. As indicated in Appendix A, certain of the Portfolios may invest in municipal securities (“municipals”), which are debt obligations issued by local, state and regional governments that provide interest income that is exempt from federal income tax. Municipals include both municipal bonds (those securities with maturities of five years or more) and municipal notes (those with maturities of less than five years). Municipal bonds are issued for a wide variety of reasons: to construct public facilities, such as airports, highways, bridges, schools, hospitals, mass transportation, streets, water and sewer works; to obtain funds for operating expenses; to refund outstanding municipal obligations; and to loan funds to various public institutions and facilities. Certain private activity bonds are also considered municipal bonds if their interest is exempt from federal income tax. Private activity bonds are issued by or on behalf of public authorities to obtain funds for various privately-operated manufacturing facilities, housing, sports arenas, convention centers, airports, mass transportation systems and water, gas or sewer works. Private activity bonds are ordinarily dependent on the credit quality of a private user, not the public issuer.

Preferred Securities. As indicated in Appendix A, certain of the Portfolios may invest in preferred securities. Preferred securities have the right to receive specified dividends or distributions before the payment of dividends or distributions on common stock. Cumulative preferred stock requires the issuer to pay stockholders all prior unpaid dividends before the issuer can pay dividends on common stock. Non-cumulative preferred stock does not require the issuer to pay all prior unpaid dividends before the issuer can pay dividends on common stock. Some preferred stocks also participate in dividends and distributions paid on common stock. Preferred stocks may provide for the issuer to redeem the stock on a specified date. A Portfolio may treat such redeemable preferred stock as a fixed income security.

Options and Futures Transactions. As indicated in Appendix A, certain of the Portfolios may buy and sell futures and options contracts for any number of reasons, including: to manage its exposure to changes in securities prices and foreign currencies; as an efficient means of adjusting its overall exposure to certain markets; in an effort to enhance income; to protect the value of portfolio securities and to adjust the

duration of fixed income investments. Each Portfolio may purchase, sell, or write call and put options and futures contracts on securities, financial indices, and foreign currencies and options on futures contracts.

The risk of loss in trading futures contracts can be substantial because of the low margin deposits required and the extremely high degree of leveraging involved in futures pricing. As a result, a relatively small price movement in a futures contract may cause an immediate and substantial loss or gain. The primary risks associated with the use of futures contracts and options are: (i) imperfect correlation between the change in market value of the stocks held by a Portfolio and the prices of futures contracts and options; and (ii) possible lack of a liquid secondary market for a futures contract or an over the counter option and the resulting inability to close a futures position or over the counter option prior to its maturity date.

Following is a description of specific Options and Futures Transactions, followed by a discussion concerning the risks associated with utilizing options, futures contracts, and forward foreign currency exchange contracts.

Futures Transactions. As indicated in Appendix A, certain of the Portfolios may utilize futures contracts. Futures contracts (a type of potentially high-risk investment) enable the investor to buy or sell an asset in the future at an agreed upon price. A futures contract is a bilateral agreement to buy or sell a security (or deliver a cash settlement price, in the case of a contract relating to an index or otherwise not calling for physical delivery at the end of trading in the contracts) for a set price in the future. Futures contracts are designated by boards of trade which have been designated “contracts markets” by the Commodities Futures Trading Commission (“CFTC”).

No purchase price is paid or received when the contract is entered into. Instead, a Portfolio upon entering into a futures contract (and to maintain the Portfolio’s open positions in futures contracts) would be required to deposit with its custodian in a segregated account in the name of the futures broker an amount of cash, United States Government securities, suitable money market instruments, or liquid, high-grade debt securities, known as “initial margin.” The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margin that may range upward from less than 5% of the value of the contract being traded. By using futures contracts as a risk management technique, given the greater liquidity in the futures market than in the cash market, it may be possible to accomplish certain results more quickly and with lower transaction costs.

If the price of an open futures contract changes (by increase in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to the Portfolio. These subsequent payments called “variation margin,” to and from the futures broker, are made on a daily basis as the price of the underlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as “marking to the market.” The Portfolios expect to earn interest income on their initial and variation margin deposits.

A Portfolio will incur brokerage fees when it purchases and sells futures contracts. Positions taken in the futures markets are not normally held until delivery or cash settlement is required, but are instead liquidated through offsetting transactions which may result in a gain or a loss. While futures positions taken by a Portfolio will usually be liquidated in this manner, the Portfolio may instead make or take delivery of underlying securities whenever it appears economically advantageous for the Portfolio to do so. A clearing organization associated with the exchange on which futures are traded assumes responsibility for closing out transactions and guarantees that as between the clearing members of an exchange, the sale and purchase obligations will be performed with regard to all positions that remain open at the termination of the contract.

Options on Futures Contracts. As indicated in Appendix A, certain of the Portfolios may purchase and write exchange-traded call and put options on futures contracts of the type which the particular Portfolio is

authorized to enter into. These options are traded on exchanges that are licensed and regulated by the CFTC for the purpose of options trading. A call option on a futures contract gives the purchaser the right, in return for the premium paid, to purchase a futures contract (assume a “long” position) at a specified exercise price at any time before the option expires. A put option gives the purchaser the right, in return for the premium paid, to sell a futures contract (assume a “short” position), for a specified exercise price, at any time before the option expires.

Options on futures contracts can be used by a Portfolio to hedge substantially the same risks as might be addressed by the direct purchase or sale of the underlying futures contracts. If the Portfolio purchases an option on a futures contract, it may obtain benefits similar to those that would result if it held the futures position itself. Purchases of options on futures contracts may present less risk in hedging than the purchase and sale of the underlying futures contracts since the potential loss is limited to the amount of the premium plus related transaction costs.

The Portfolios will write only options on futures contracts which are “covered.” A Portfolio will be considered “covered” with respect to a put option it has written if, so long as it is obligated as a writer of the put, the Portfolio segregates, either on its records or with its custodian, cash or other liquid securities at all times equal to or greater than the aggregate exercise price of the puts it has written (less any related margin deposited with the futures broker). A Portfolio will be considered “covered” with respect to a call option it has written on a debt security future if, so long as it is obligated as a writer of the call, the Portfolio owns a security deliverable under the futures contract. A Portfolio will be considered “covered” with respect to a call option it has written on a securities index future if the Portfolio owns, so long as the Portfolio is obligated as the writer of the call, a portfolio of securities the price changes of which are, in the opinion of its Adviser, expected to replicate substantially the movement of the index upon which the futures contract is based.

Upon the exercise of a call option, the writer of the option is obligated to sell the futures contract (to deliver a “long” position to the option holder) at the option exercise price, which will presumably be lower than the current market price of the contract in the futures market. Upon exercise of a put, the writer of the option is obligated to purchase the futures contract (deliver a “short” position to the option holder) at the option exercise price which will presumably be higher than the current market price of the contract in the futures market. When the holder of an option exercises it and assumes a long futures position, in the case of a call, or a short futures position, in the case of a put, its gain will be credited to its futures margin account, while the loss suffered by the writer of the option will be debited to its account and must be immediately paid by the writer. However, as with the trading of futures, most participants in the options markets do not seek to realize their gains or losses by exercise of their option rights. Instead, the holder of an option will usually realize a gain or loss by buying or selling an offsetting option at a market price that will reflect an increase or a decrease from the premium originally paid.

If a Portfolio writes options on futures contracts, the Portfolio will receive a premium but will assume a risk of adverse movement in the price of the underlying futures contract comparable to that involved in holding a futures position. If the option is not exercised, the Portfolio will realize a gain in the amount of the premium, which may partially offset unfavorable changes in the value of securities held in or to be acquired for the Portfolio. If the option is exercised, the Portfolio will incur a loss in the option transaction, which will be reduced by the amount of the premium it has received, but which will offset any favorable changes in the value of its portfolio securities or, in the case of a put, lower prices of securities it intends to acquire.

Limitations on Purchase and Sale of Futures Contracts and Options on Futures Contracts. The Portfolios will not engage in transactions in futures contracts and related options for speculation. In instances involving the purchase of futures contracts or the writing of put options thereon by a Portfolio, an amount of cash and cash equivalents, equal to the cost of such futures contracts or options written (less any related margin deposits), will be deposited in a segregated account with its custodian, thereby insuring that the use of such futures contracts and options is unleveraged. In instances involving the sale of futures contracts or the writing of call options thereon by a Portfolio, the securities underlying such futures contracts or options will at all times be maintained by the Portfolio or, in the case of index futures and

related options, the Portfolio will own securities the price changes of which are, in the opinion of its Adviser, expected to replicate substantially the movement of the index upon which the futures contract or option is based.

For information concerning the risks associated with utilizing options, futures contracts, and forward foreign currency exchange contracts, please see “Risks of Transactions in Options, Futures Contracts and Forward Currency Contracts.”

As indicated in Appendix A, certain of the Portfolios may also write and purchase put and call options. Options (another type of potentially high-risk security) give the purchaser of an option the right, but not the obligation, to buy or sell in the future an asset at a predetermined price during the term of the option. (The writer of a put or call option would be obligated to buy or sell the underlying asset at a predetermined price during the term of the option.) Each Portfolio will write put and call options only if such options are considered to be “covered,” except as described below. A call option on a security is covered, for example, when the writer of the call option owns throughout the option period the security on which the option is written (or a security convertible into such a security without the payment of additional consideration). A put option on a security is covered, for example, when the writer of the put maintains throughout the option period the segregation, either on its records or with its custodian, of cash or other liquid assets in an amount equal to or greater than the exercise price of the put option. EQ/Marsico Focus Portfolio may write call options that are not covered for cross-hedging purposes. The Portfolio collateralizes its obligation under a written call option for cross-hedging purposes by segregating, either on its records or with its custodian, cash or other liquid assets in an amount not less than the market value of the underlying security, marked-to-market daily. The Portfolio would write a call option for cross-hedging purposes, instead of writing a covered call option, when the premium to be received from the cross-hedge transaction would exceed that which would be received from writing a covered call option and its Adviser believes that writing the option would achieve the desired hedge.

Certain of the Portfolios will not commit more than 5% of their total assets to premiums when purchasing call or put options. In addition, the total market value of securities against which a Portfolio (except the EQ/Janus Large Cap Growth Portfolio) has written call or put options generally will not exceed 25% of its total assets. These limitations do not apply to options attached to or acquired or traded together with their underlying securities, and do not apply to securities that incorporate features similar to options.

In addition, the EQ/FI Mid Cap Portfolio and the EQ/FI Small/Mid Cap Value Portfolio will not (a) sell futures contracts, purchase put options, or write call options if, as a result, more than 25% of the Portfolio’s total assets would be hedged with futures and options under normal conditions; (b) purchase futures contracts or write put options if, as a result, the Portfolio’s total obligations upon settlement or exercise of purchased futures contracts and written put options would exceed 25% of the Portfolio’s total assets under normal conditions; or (c) purchase call options if, as a result, the current value of option premiums for call options purchased by the Portfolio would exceed 5% of the Portfolio’s total assets. These limitations do not apply to options attached to or acquired or traded together with their underlying securities, and do not apply to securities that incorporate features similar to options.

Writing Call Options. A call option is a contract which gives the purchaser of the option (in return for a premium paid) the right to buy, and the writer of the option (in return for a premium received) the obligation to sell, the underlying security at the exercise price at any time prior to the expiration of the option, regardless of the market price of the security during the option period. A call option on a security is covered, for example, when the writer of the call option owns the security on which the option is written (or on a security convertible into such a security without additional consideration) throughout the option period.

The writing of a call option on a futures contract constitutes a partial hedge against declining prices of the underlying securities. If the futures price at expiration is below the exercise price, the Portfolio will retain the full amount of the option premium, which provides a partial hedge against any decline that may have occurred in the value of the Portfolio’s holdings of securities. The writing of a put option on a futures contract is analogous to the purchase of a futures contract in that it hedges against an increase in the price

of securities the Portfolio intends to acquire. However, the hedge is limited to the amount of premium received for writing the put.

A Portfolio will write covered call options both to reduce the risks associated with certain of its investments and to increase total investment return through the receipt of premiums. In return for the premium income, the Portfolio will give up the opportunity to profit from an increase in the market price of the underlying security above the exercise price so long as its obligations under the contract continue, except insofar as the premium represents a profit. Moreover, in writing the call option, the Portfolio will retain the risk of loss should the price of the security decline. The premium is intended to offset that loss in whole or in part. Unlike the situation in which the Portfolio owns securities not subject to a call option, the Portfolio, in writing call options, must assume that the call may be exercised at any time prior to the expiration of its obligation as a writer, and that in such circumstances the net proceeds realized from the sale of the underlying securities pursuant to the call may be substantially below the prevailing market price.

A Portfolio may terminate its obligation under an option it has written by buying an identical option. Such a transaction is called a “closing purchase transaction.” The Portfolio will realize a gain or loss from a closing purchase transaction if the amount paid to purchase a call option is less or more than the amount received from the sale of the corresponding call option. Also, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from the exercise or closing out of a call option is likely to be offset in whole or part by unrealized appreciation of the underlying security owned by the Portfolio. When an underlying security is sold from the Portfolio’s securities portfolio, the Portfolio will effect a closing purchase transaction so as to close out any existing covered call option on that underlying security.

Writing Put Options. The writer of a put option becomes obligated to purchase the underlying security at a specified price during the option period if the buyer elects to exercise the option before its expiration date. A Portfolio which writes a put option will be required to “cover” it, for example, by maintaining the segregation, either on its records or with the Portfolio’s custodian, of cash or other liquid securities having a value equal to or greater than the exercise price of the option.

The Portfolios may write put options either to earn additional income in the form of option premiums (anticipating that the price of the underlying security will remain stable or rise during the option period and the option will therefore not be exercised) or to acquire the underlying security at a net cost below the current value (e.g., the option is exercised because of a decline in the price of the underlying security, but the amount paid by the Portfolio, offset by the option premium, is less than the current price). The risk of either strategy is that the price of the underlying security may decline by an amount greater than the premium received. The premium which a Portfolio receives from writing a put option will reflect, among other things, the current market price of the underlying security, the relationship of the exercise price to that market price, the historical price volatility of the underlying security, the option period, supply and demand and interest rates.

A Portfolio may effect a closing purchase transaction to realize a profit on an outstanding put option or to prevent an outstanding put option from being exercised.

Purchasing Put and Call Options. A Portfolio may purchase put options on securities to protect their holdings against a substantial decline in market value. The purchase of put options on securities will enable a Portfolio to preserve, at least partially, unrealized gains in an appreciated security in its portfolio without actually selling the security. In addition, the Portfolio will continue to receive interest or dividend income on the security. The Portfolios may also purchase call options on securities to protect against substantial increases in prices of securities that Portfolios intend to purchase pending their ability to invest in an orderly manner in those securities. The Portfolios may sell put or call options they have previously purchased, which could result in a net gain or loss depending on whether the amount received on the sale is more or less than the premium and other transaction costs paid on the put or call option which was bought.

Securities Index Futures Contracts. Purchases or sales of securities index futures contracts may be used in an attempt to protect a Portfolio’s current or intended investments from broad fluctuations in securities

prices. A securities index futures contract does not require the physical delivery of securities, but merely provides for profits and losses resulting from changes in the market value of the contract to be credited or debited at the close of each trading day to the respective accounts of the parties to the contract. On the contract’s expiration date a final cash settlement occurs and the futures positions are simply closed out. Changes in the market value of a particular index futures contract reflect changes in the specified index of securities on which the future is based.

By establishing an appropriate “short” position in index futures, a Portfolio may also seek to protect the value of its portfolio against an overall decline in the market for such securities. Alternatively, in anticipation of a generally rising market, a Portfolio can seek to avoid losing the benefit of apparently low current prices by establishing a “long” position in securities index futures and later liquidating that position as particular securities are in fact acquired. To the extent that these hedging strategies are successful, the Portfolio will be affected to a lesser degree by adverse overall market price movements than would otherwise be the case.

Securities Index Options. A Portfolio may write covered put and call options and purchase call and put options on securities indexes for the purpose of hedging against the risk of unfavorable price movements adversely affecting the value of a Portfolio’s securities or securities it intends to purchase. Each Portfolio writes only “covered” options. A call option on a securities index is considered covered, for example, if, so long as the Portfolio is obligated as the writer of the call, it holds securities the price changes of which are, in the opinion of a Portfolio’s Adviser, expected to replicate substantially the movement of the index or indexes upon which the options written by the Portfolio are based. A put on a securities index written by a Portfolio will be considered covered if, so long as it is obligated as the writer of the put, the Portfolio segregates, either on its records or with its custodian, cash or other liquid obligations having a value equal to or greater than the exercise price of the option. Unlike a stock option, which gives the holder the right to purchase or sell a specified stock at a specified price, an option on a securities index gives the holder the right to receive a cash “exercise settlement amount” equal to (i) the difference between the exercise price of the option and the value of the underlying stock index on the exercise date, multiplied by (ii) a fixed “index multiplier.”

A securities index fluctuates with changes in the market value of the securities so included. For example, some securities index options are based on a broad market index such as the Standard & Poor’s 500 or the NYSE Composite Index, or a narrower market index such as the Standard & Poor’s 100. Indexes may also be based on an industry or market segment such as the AMEX Oil and Gas Index or the Computer and Business Equipment Index.

Over the Counter Options. As indicated in Appendix A, certain of the Portfolios may engage in over the counter put and call option transactions. Options traded in the over the counter market may not be as actively traded as those on an exchange, so it may be more difficult to value such options. In addition, it may be difficult to enter into closing transactions with respect to such options. Such over the counter options, and the securities used as “cover” for such options, may be considered illiquid securities. Certain Portfolios may enter into contracts (or amend existing contracts) with primary dealers with whom they write over the counter options. The contracts will provide that each Portfolio has the absolute right to repurchase an option it writes at any time at a repurchase price which represents the fair market value, as determined in good faith through negotiation between the parties, but which in no event will exceed a price determined pursuant to a formula contained in the contract. Although the specific details of the formula may vary between contracts with different primary dealers, the formula will generally be based on a multiple of the premium received by each Portfolio for writing the option, plus the amount, if any, of the option’s intrinsic value (i.e., the amount the option is “in-the-money”). The formula will also include a factor to account for the difference between the price of the security and the strike price of the option if the option is written “out-of-the-money.” Although the specific details of the formula may vary with different primary dealers, each contract will provide a formula to determine the maximum price at which each Portfolio can repurchase the option at any time. The Portfolios have established standards of creditworthiness for these primary dealers, although the Portfolios may still be subject to the risk that firms

participating in such transactions will fail to meet their obligations. In instances in which a Portfolio has entered into agreements with respect to the over the counter options it has written, and such agreements would enable the Portfolio to have an absolute right to repurchase at a pre-established formula price the over the counter option written by it, the Portfolio would treat as illiquid only securities equal in amount to the formula price described above less the amount by which the option is “in-the-money,” i.e., the amount by which the price of the option exceeds the exercise price.

Risks of Transactions in Options, Futures Contracts and Forward Currency Contracts

Options. A closing purchase transaction for exchange-traded options may be made only on a national securities exchange (“exchange”). There is no assurance that a liquid secondary market on an exchange will exist for any particular option, or at any particular time, and for some options, such as over the counter options, no secondary market on an exchange may exist. If a Portfolio is unable to effect a closing purchase transaction, the Portfolio will not sell the underlying security until the option expires or the Portfolio delivers the underlying security upon exercise.

Options traded in the over the counter market may not be as actively traded as those on an exchange. Accordingly, it may be more difficult to value such options. In addition, it may be difficult to enter into closing transactions with respect to options traded over the counter. The Portfolios will engage in such transactions only with firms of sufficient credit so as to minimize these risks. Such options and the securities used as “cover” for such options may be considered illiquid securities.

The effectiveness of hedging through the purchase of securities index options will depend upon the extent to which price movements in the portion of the securities portfolio being hedged correlate with price movements in the selected securities index. Perfect correlation is not possible because the securities held or to be acquired by a Portfolio will not exactly match the composition of the securities indexes on which options are written. In the purchase of securities index options the principal risk is that the premium and transaction costs paid by a Portfolio in purchasing an option will be lost if the changes (increase in the case of a call, decrease in the case of a put) in the level of the index do not exceed the cost of the option.

Futures. The prices of futures contracts are volatile and are influenced, among other things, by actual and anticipated changes in the market and interest rates, which in turn are affected by fiscal and monetary policies and national and international political and economic events.

Most United States futures exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day. The daily limit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day’s settlement price at the end of a trading session. Once the daily limit has been reached in a particular type of futures contract, no trades may be made on that day at a price beyond that limit. The daily limit governs only price movement during a particular trading day and therefore does not limit potential losses, because the limit may prevent the liquidation of unfavorable positions. Futures contract prices have occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and subjecting some futures traders to substantial losses.

Because of the low margin deposits required, futures trading involves an extremely high degree of leverage. As a result, a relatively small price movement in a futures contract may result in immediate and substantial loss, as well as gain, to the investor. For example, if at the time of purchase, 10% of the value of the futures contract is deposited as margin, a subsequent 10% decrease in the value of the futures contract would result in a total loss of the margin deposit, before any deduction for the transaction costs, if the account were then closed out. A 15% decrease would result in a loss equal to 150% of the original margin deposit, if the contract were closed out. Thus, a purchase or sale of a futures contract may result in losses in excess of the amount invested in the futures contract.

A decision of whether, when, and how to hedge involves skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of unexpected market behavior, market trends or interest rate trends. There are several risks in connection with the use by a Portfolio of futures contracts as

a hedging device. One risk arises because of the imperfect correlation between movements in the prices of the futures contracts and movements in the prices of the underlying instruments which are the subject of the hedge. A Portfolio’s Adviser will, however, attempt to reduce this risk by entering into futures contracts whose movements, in its judgment, will have a significant correlation with movements in the prices of the Portfolio’s underlying instruments sought to be hedged.

Successful use of futures contracts by a Portfolio for hedging purposes is also subject to a Portfolio’s ability to correctly predict movements in the direction of the market. It is possible that, when a Portfolio has sold futures to hedge its portfolio against a decline in the market, the index, indices, or instruments underlying futures might advance and the value of the underlying instruments held in the Portfolio’s portfolio might decline. If this were to occur, the Portfolio would lose money on the futures and also would experience a decline in value in its underlying instruments.

Positions in futures contracts may be closed out only on an exchange or a board of trade which provides the market for such futures. Although the Portfolios, specified in the Prospectus, intend to purchase or sell futures only on exchanges or boards of trade where there appears to be an active market, there is no guarantee that such will exist for any particular contract or at any particular time. If there is not a liquid market at a particular time, it may not be possible to close a futures position at such time, and, in the event of adverse price movements, a Portfolio would continue to be required to make daily cash payments of variation margin. However, in the event futures positions are used to hedge portfolio securities, the securities will not be sold until the futures positions can be liquidated. In such circumstances, an increase in the price of securities, if any, may partially or completely offset losses on the futures contracts.

Foreign Options and Futures. Participation in foreign futures and foreign options transactions involves the execution and clearing of trades on or subject to the rules of a foreign board of trade. Neither the National Futures Association nor any domestic exchange regulates activities of any foreign boards of trade, including the execution, delivery and clearing of transactions, or has the power to compel enforcement of the rules of a foreign board of trade or any applicable foreign law. This is true even if the exchange is formally linked to a domestic market so that a position taken on the market may be liquidated by a transaction on another market. Moreover, such laws or regulations will vary depending on the foreign country in which the foreign futures or foreign options transaction occurs. For these reasons, when a Portfolio trades foreign futures or foreign options contracts, it may not be afforded certain of the protective measures provided by the Commodity Exchange Act, the CFTC’s regulations and the rules of the National Futures Association and any domestic exchange, including the right to use reparations proceedings before the CFTC and arbitration proceedings provided by the National Futures Association or any domestic futures exchange. In particular, funds received from a Portfolio for foreign futures or foreign options transactions may not be provided the same protections as funds received in respect of transactions on U.S. futures exchanges. In addition, the price of any foreign futures or foreign options contract and, therefore, the potential profit and loss thereon, may be affected by any variance in the foreign exchange rate between the time the Portfolio’s order is placed and the time it is liquidated, offset or exercised.

Foreign Currency Contracts. Hedging against a decline in the value of a currency does not eliminate fluctuations in the prices of portfolio securities or prevent losses if the prices of such securities decline. These hedging transactions also preclude the opportunity for gain if the value of the hedged currency should rise. Whether a currency hedge benefits a Portfolio will depend on the ability of a Portfolio’s Adviser to predict future currency exchange rates.

The writing of an option on foreign currency will constitute only a partial hedge, up to the amount of the premium received, and a Portfolio could be required to purchase or sell foreign currencies at disadvantageous exchange rates, thereby incurring losses. The purchase of an option on foreign currency may constitute an effective hedge against fluctuations in exchange rates although, in the event of rate movements adverse to a Portfolio’s position, it may forfeit the entire amount of the premium plus related transaction costs.

Payment-In-Kind Bonds. As indicated in Appendix A, certain of the Portfolios may invest in payment-in-kind bonds. Payment-in-kind bonds allow the issuer, at its option, to make current interest payments on

the bonds either in cash or in additional bonds. The value of payment-in-kind bonds is subject to greater fluctuation in response to changes in market interest rates than bonds which pay interest in cash currently. Payment-in-kind bonds allow an issuer to avoid the need to generate cash to meet current interest payments. Accordingly, such bonds may involve greater credit risks than bonds paying interest currently. Even though such bonds do not pay current interest in cash, the Portfolios are nonetheless required to accrue interest income on such investments and to distribute such amounts at least annually to shareholders. Thus, the Portfolios could be required, at times, to liquidate other investments in order to satisfy its distribution requirements.

Repurchase Agreements. As indicated in Appendix A, certain of the Portfolios may invest in repurchase agreements. Each Portfolio, other than the EQ/Equity 500 Index Portfolio, may enter into repurchase agreements with qualified banks, broker-dealers or other financial institutions as a means of earning a fixed rate of return on its cash reserves for periods as short as overnight. A repurchase agreement is a contract pursuant to which a Portfolio, against receipt of securities of at least equal value including accrued interest, agrees to advance a specified sum to the financial institution which agrees to reacquire the securities at a mutually agreed upon time (usually one day) and price. Each repurchase agreement entered into by a Portfolio will provide that the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest. A Portfolio’s right to liquidate such securities in the event of a default by the seller could involve certain costs, losses or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase are less than the repurchase price, the Portfolio could suffer a loss.

Under a repurchase agreement, underlying debt instruments are acquired for a relatively short period (usually not more than one week and never more than a year) subject to an obligation of the seller to repurchase and the Portfolio to resell the instrument at a fixed price and time, thereby determining the yield during the Portfolio’s holding period. This results in a fixed rate of return insulated from market fluctuation during that holding period.

Repurchase agreements may have the characteristics of loans by a Portfolio. During the term of the repurchase agreement, a Portfolio retains the security subject to the repurchase agreement as collateral securing the seller’s repurchase obligation, continually monitors on a daily basis the market value of the security subject to the agreement and requires the seller to deposit with the Portfolio collateral equal to any amount by which the market value of the security subject to the repurchase agreements falls below the resale amount provided under the repurchase agreement. A Portfolio will enter into repurchase agreements with registered brokers-dealers, United States Government securities dealers or domestic banks whose creditworthiness is determined to be satisfactory by the Portfolio’s Adviser, pursuant to guidelines adopted by the Manager. Generally, a Portfolio does not invest in repurchase agreements maturing in more than seven days. The staff of the SEC currently takes the position that repurchase agreements maturing in more than seven days are illiquid securities.

If a seller under a repurchase agreement were to default on the agreement and be unable to repurchase the security subject to the repurchase agreement, the Portfolio would look to the collateral underlying the seller’s repurchase agreement, including the security subject to the repurchase agreement, for satisfaction of the seller’s obligation to the Portfolio. In the event a repurchase agreement is considered a loan and the seller defaults, the Portfolio might incur a loss if the value of the collateral declines and may incur disposition costs in liquidating the collateral. In addition, if bankruptcy proceedings are commenced with respect to the seller, realization of the collateral may be delayed or limited and a loss may be incurred.

Real Estate Investment Trusts. As indicated in Appendix A, certain of the Portfolios may each invest up to 15% of its respective net assets in investments related to real estate, including real estate investment trusts (“REITs”). Risks associated with investments in securities of companies in the real estate industry include: decline in the value of real estate; risks related to general and local economic conditions; overbuilding and increased competition; increases in property taxes and operating expenses; changes in zoning laws; casualty or condemnation losses; variations in rental income; changes in neighborhood values; the appeal of properties to tenants; and increases in interest rates. In addition, equity REITs may be

affected by changes in the values of the underlying property owned by the trusts, while mortgage real estate investment trusts may be affected by the quality of credit extended. REITs are dependent upon management skills, may not be diversified and are subject to the risks of financing projects. Such REITs are also subject to heavy cash flow dependency, defaults by borrowers, self liquidation and the possibility of failing to qualify for tax-free pass-through of income and net gains under the Internal Revenue Code of 1986, as amended (the “Code”), and to maintain exemption from the 1940 Act. If an issuer of debt securities collateralized by real estate defaults, it is conceivable that the REITs could end up holding the underlying real estate.

Reverse Repurchase Agreements and Dollar Rolls. As indicated in Appendix A, certain of the Portfolios may each enter into reverse repurchase agreements with brokers, dealers, domestic and foreign banks or other financial institutions. In a reverse repurchase agreement, the Portfolio sells a security and agrees to repurchase it at a mutually agreed upon date and price, reflecting the interest rate effective for the term of the agreement. It may also be viewed as the borrowing of money by the Portfolio. The Portfolio’s investment of the proceeds of a reverse repurchase agreement is the speculative factor known as leverage. The Portfolio may enter into a reverse repurchase agreement only if the interest income from investment of the proceeds is greater than the interest expense of the transaction and the proceeds are invested for a period no longer than the term of the agreement. At the time a Portfolio enters into a reverse repurchase agreement, it will maintain the segregation, either on its records or with its custodian, of cash or other liquid securities having a value not less than the repurchase price (including accrued interest). If interest rates rise during a reverse repurchase agreement, it may adversely affect the Portfolio’s net asset value. See “Fundamental Restrictions” for more information concerning restrictions on borrowing by each Portfolio. Reverse repurchase agreements are considered to be borrowings under the 1940 Act.

The assets contained in the segregated account will be marked-to-market daily and additional assets will be placed in such account on any day in which the assets fall below the repurchase price (plus accrued interest). A Portfolio’s liquidity and ability to manage its assets might be affected when it sets aside cash or portfolio securities to cover such commitments. Reverse repurchase agreements involve the risk that the market value of the securities retained in lieu of sale may decline below the price of the securities a Portfolio has sold but is obligated to repurchase. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce a Portfolio’s obligation to repurchase the securities, and a Portfolio’s use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision.

In “dollar roll” transactions, a Portfolio sells fixed-income securities for delivery in the current month and simultaneously contracts to repurchase similar but not identical (same type, coupon and maturity) securities on a specified future date. During the roll period, a Portfolio would forego principal and interest paid on such securities. A Portfolio would be compensated by the difference between the current sales price and the forward price for the future purchase, as well as by the interest earned on the cash proceeds of the initial sale. At the time a Portfolio enters into a dollar roll transaction, it will maintain the segregation, either on its records or with its custodian, of cash or other liquid securities having a value not less than the repurchase price (including accrued interest) and will subsequently monitor the account to ensure that its value is maintained.

Securities Loans. As indicated in Appendix A, certain of the Portfolios may lend securities. All securities loans will be made pursuant to agreements requiring the loans to be continuously secured by collateral in cash or high grade debt obligations at least equal at all times to the market value of the loaned securities. The borrower pays to the Portfolios an amount equal to any dividends or interest received on loaned securities. The Portfolios retain all or a portion of the interest received on investment of cash collateral or receive a fee from the borrower. Lending portfolio securities involves risks of delay in recovery of the loaned securities or in some cases loss of rights in the collateral should the borrower fail financially.

Securities loans are made to broker-dealers or institutional investors or other persons, pursuant to agreements requiring that the loans be continuously secured by collateral at least equal at all times to the

value of the loaned securities marked to market on a daily basis. The collateral received will consist of cash, United States Government securities, letters of credit or such other collateral as may be permitted under a Portfolio’s investment program. While the securities are being loaned, a Portfolio will continue to receive the equivalent of the interest or dividends paid by the issuer on the securities, as well as interest on the investment of the collateral or a fee from the borrower. A Portfolio has a right to call each loan and obtain the securities on five business days’ notice or, in connection with securities trading on foreign markets, within such longer period for purchases and sales of such securities in such foreign markets. A Portfolio will generally not have the right to vote securities while they are being loaned, but its Manager or Adviser will call a loan in anticipation of any important vote. The risks in lending portfolio securities, as with other extensions of secured credit, consist of possible delay in receiving additional collateral or in the recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. Loans will only be made to firms deemed by the Manager to be of good standing and will not be made unless, in the judgment of the Adviser, the consideration to be earned from such loans would justify the risk.

Short Sales Against the Box. As indicated in Appendix A, certain of the Portfolios may enter into a “short sale” of securities in circumstances in which, at the time the short position is open, the Portfolio owns an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into 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 each Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately. Each Portfolio will designate the segregation, either on its records or with its custodian, the securities sold short or convertible or exchangeable preferred stocks or debt securities sold in connection with short sales against the box. Each Portfolio will endeavor to offset transaction costs associated with short sales against the box with the income from the investment of the cash proceeds. Not more than 10% of a Portfolio’s net assets (taken at current value) may be held as collateral for short sales against the box at any one time.

Small Company Securities. As indicated in Appendix A, certain of the Portfolios may invest in the securities of smaller capitalization companies. Investing in securities of small companies may involve greater risks since these securities may have limited marketability and, thus, may be more volatile. Because smaller companies normally have fewer shares outstanding than larger companies, it may be more difficult for a Portfolio to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. In addition, small companies often have limited product lines, markets or financial resources and are typically subject to greater changes in earnings and business prospects than are larger, more established companies. There is typically less publicly available information concerning smaller companies than for larger, more established ones and smaller companies may be dependent for management on one or a few key persons. Therefore, an investment in these Portfolios may involve a greater degree of risk than an investment in other Portfolios that seek capital appreciation by investing in better known, larger companies.

Structured Notes. As indicated in Appendix A, certain of the Portfolios may invest in structured notes, which are derivatives on which the amount of principal repayment and/or interest payments is based upon the movement of one or more factors. Structured notes are interests in entities organized and operated solely for the purpose of restructuring the investment characteristics of debt obligations. This type of restructuring involves the deposit with or purchase by an entity, such as a corporation or trust, of specified instruments (such as commercial bank loans) and the issuance by that entity of one or more classes of securities backed by, or representing interests in, the underlying instruments. The cash flow on the underlying instruments may be apportioned among the newly issued structured notes to create securities with different investment characteristics such as varying maturities, payment priorities and interest rate provisions, and the extent of the payment made with respect to structured notes is dependent on the extent of the cash flow on the underlying instruments. Because structured notes of the type in which the EQ/Van Kampen Emerging Markets Equity Portfolio may invest typically involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments. The EQ/Van Kampen Emerging Markets Equity Portfolio may invest in a class of structured notes that is either subordinated or unsubordinated to the right of payment of another class. Subordinated structured notes typically have

higher yields and present greater risks than unsubordinated structured notes. Certain issuers of structured notes may be deemed to be “investment companies” as defined in the 1940 Act. As a result, the EQ/Van Kampen Emerging Markets Equity Portfolio’s investment in these structured notes may be limited by restrictions contained in the 1940 Act. Structured notes are typically sold in private placement transactions, and there currently is no active trading market for structured notes.

Swaps. As indicated in Appendix A, 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. The term “specified index” includes, but is not limited to, currencies, fixed interest rates, prices and total return on interest rate indices, fixed income indices, stock indices and commodity indices (as well as amounts derived from arithmetic operations on these indices). For example, a Portfolio may agree to swap the return generated by a fixed income index for the return generated by a second fixed income index. The currency swaps in which a Portfolio may enter will generally involve an agreement to pay interest streams in one currency based on a specified index in exchange for receiving interest streams denominated in another currency. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount.

A Portfolio will usually enter into swaps on a net basis, i.e., the two payment 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 payments. A Portfolio’s obligations under a swap agreement will be accrued daily (offset against any amounts owing to the Portfolio) and any accrued but unpaid net amounts owed to a swap counter-party will be covered by designating the segregation, either on its records or with the Trust’s custodian, of cash or other liquid securities, to avoid any potential leveraging of a Portfolio. To the extent that the net amounts owed to a swap counterparty are covered with such liquid assets, the Advisers believe such obligations do not constitute “senior securities” under the 1940 Act and, accordingly, the Adviser will not treat them as being subject to the Portfolio’s borrowing restrictions. A Portfolio may enter into OTC swap transactions with counterparties that are approved by the Advisers in accordance with guidelines established by the Manager. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings.

The swaps in which a Portfolio may engage may include instruments under which one party pays a single or periodic fixed amount(s) (or premium), and the other party pays periodic amounts based on the movement of a specified index. Swaps do not involve the delivery of securities, other underlying assets, or principal. Accordingly, the risk of loss with respect to swaps is limited to the net amount of payments the Portfolio is contractually obligated to make. If the other party to a swap defaults, the Portfolio’s risk of loss consists of the net amount of payments that the Portfolio contractually is entitled to receive. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counter-party, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction. The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid. Certain swap transactions involve more recent innovations for which standardized documentation has not yet been fully developed and, accordingly, they are less liquid than traditional swap transactions.

The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If an Adviser is incorrect in its forecasts of market values, interest rates, and currency exchange rates, the investment performance of the portfolio would be less favorable than it would have been if this investment technique were not used.

Technology Sector Risk. The value of securities issued by companies in the technology sector are particularly vulnerable to factors affecting the technology sector, such as dependency on consumer and business acceptance as new technologies evolve, large and rapid price movements resulting from competition, rapid obsolescence of products and services, short product cycles and aggressive pricing. For a portfolio investing in the technology sector, it should be noted that many technology companies are small and at an earlier state of development and, therefore, may be subject to risks such as those arising out of limited product lines, markets and financial and managerial resources.

U.S. Government Securities. As indicated in Appendix A, certain of the Portfolios may invest in U.S. Government securities. Each Portfolio may invest in debt obligations of varying maturities issued or guaranteed by the U.S. Government, its agencies or instrumentalities (“U.S. Government securities”). Direct obligations of the U.S. Treasury include a variety of securities that differ in their interest rates, maturities and dates of issuance. U.S. Government securities also include securities issued or guaranteed by government agencies that are supported by the full faith and credit of the U.S. (e.g., securities issued by the Federal Housing Administration, Export-Import Bank of the U.S., Small Business Administration, and Government National — Mortgage Association); securities issued or guaranteed by government agencies that are supported by the ability to borrow from the U.S. Treasury (e.g., securities issued by the Federal National Mortgage Association); and securities issued or guaranteed by government agencies that are only supported by the credit of the particular agency (e.g., Interamerican Development Bank, the International Bank for Reconstruction and Development, and the Tennessee Valley Authority).

Warrants. As indicated in Appendix A, certain of the Portfolios may purchase warrants and similar rights. Warrants are securities that give the holder the right, but not the obligation to purchase equity issues of the company issuing the warrants, or a related company, at a fixed price either on a date certain or during a set period. At the time of issue, the cost of a warrant is substantially less than the cost of the underlying security itself, and price movements in the underlying security are generally magnified in the price movements of the warrant. This effect enables the investor to gain exposure to the underlying security with a relatively low capital investment but increases an investor’s risk in the event of a decline in the value of the underlying security and can result in a complete loss of the amount invested in the warrant. In addition, the price of a warrant tends to be more volatile than, and may not correlate exactly to, the price of the underlying security. If the market price of the underlying security is below the exercise price of the warrant on its expiration date, the warrant will generally expire without value.

The equity security underlying a warrant is authorized at the time the warrant is issued or is issued together with the warrant. Investing in warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security, and, thus, can be a speculative investment. The value of a warrant may decline because of a decline in the value of the underlying security, the passage of time, changes in interest rates or in the dividend or other policies of the company whose equity underlies the warrant or a change in the perception as to the future price of the underlying security, or any combination thereof. Warrants generally pay no dividends and confer no voting or other rights other than to purchase the underlying security.

Zero Coupon Bonds. As indicated in Appendix A, certain of the Portfolios may invest in zero-coupon bonds. Zero-coupon bonds are issued at a significant discount from their principal amount and pay interest only at maturity rather than at intervals during the life of the security. The value of zero-coupon bonds is subject to greater fluctuation in response to changes in market interest rates than bonds which pay interest in cash currently. Zero-coupon bonds allow an issuer to avoid the need to generate cash to meet current interest payments. Accordingly, such bonds may involve greater credit risks than bonds paying interest currently. Even though such bonds do not pay current interest in cash, a Portfolio is nonetheless required to accrue interest income on such investments and to distribute such amounts at least annually to its shareholders. Thus, each Portfolio could be required, at times, to liquidate other investments in order to satisfy its distribution requirements.

Portfolio Turnover. The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio

turnover.” High portfolio turnover may result from the strategies of the Advisers or when one Adviser replaces another, necessitating changes in the Portfolio it manages. A high turnover rate (100% or more) increases transaction costs (e.g., brokerage commissions) which must be borne by the Portfolio and shareholders. A Portfolio’s annual portfolio turnover rate will not be a factor preventing a sale or purchase when an Adviser believes investment considerations warrant such sale or purchase. Portfolio turnover may vary greatly from year to year as well as within a particular year.

PORTFOLIO HOLDINGS DISCLOSURE POLICY

It is the policy of the Trust to safeguard against misuse of the Portfolios’ portfolio holdings information and to prevent the selective disclosure of such information. Each Portfolio will publicly disclose its holdings in accordance with regulatory requirements, such as periodic portfolio disclosure in filings with the SEC. The Trust generally discloses top portfolio holdings (typically the Portfolios’ top ten holdings) on a monthly basis. All such information generally is released with a 30-day lag time, meaning top ten portfolio holdings information as of the end of the month generally is not released until the 30th day of the following month. Top ten portfolio holdings are typically contained in a Portfolio’s “fact sheet” and are available to AXA Financial, Inc. personnel and the general public upon request or on the Manager’s website at http://www.axa.com. Portfolio holdings information less than 30 days stale and all trade information is generally restricted to employees responsible for fund administration, fund analysis and legal or compliance matters.

The Trust may provide portfolio holdings data to certain third-parties prior to the 30th day of the subsequent month following purchase or sale. The Manager has ongoing arrangements with certain third-party data services including Vestek, mutual fund evaluation services including Lipper Analytical Services and Morningstar and consultants including Evaluation Associates LLC, Rocaton Investment Advisors, LLC and Standard & Poor’s Investment Advisory Services LLC. Each of these third parties may receive portfolio holdings data prior to the release of such information to the public as described above, but these services will be bound to treat them confidentially until they have become public and will not be permitted to trade on such information. Each of these third parties receives portfolio holdings information at month ends, with the exception of Vestek, which receives such information daily.

On a case-by-case “need to know” basis, the Trust’s Chief Financial Officer or Vice President, subject to the approval of FMG’s Legal and Compliance Group and the Trust’s Chief Compliance Officer, may approve the disclosure of additional portfolio holdings information in appropriate circumstances. In all cases, the approval of release of portfolio holdings information by FMG’s Legal and Compliance Group must require a duty of confidentiality and must be based on such information not being used for the purpose of making an investment decision with respect to the Portfolio in question. The Trust does not disclose its portfolio holdings to the media and will not release portfolio trades information.

In addition, non-public portfolio holdings information may be provided as part of the legitimate business activities of each Portfolio to the following service providers and other organizations: auditors; the custodian; the administrator; the transfer agent; counsel to the Portfolios or the non-interested trustees; regulatory authorities; pricing services; financial printers; and proxy voting services. The entities to whom each Portfolio voluntarily provides holdings information, either by explicit agreement or by virtue of their respective duties to each Portfolio, are required to maintain the confidentiality of the information disclosed and will not be permitted to trade on such information.

FMG is responsible for administering the release of portfolio holdings information with respect to the Trust’s Portfolios. Until particular portfolio holdings information has been released to the public, and except with regards to the third parties described above, no such information may be provided to any party without the approval of FMG’s Legal and Compliance Group or the execution by such party of an agreement containing appropriate confidentiality language which has been approved by FMG’s Legal and Compliance Group. FMG’s Legal and Compliance Group will monitor and review any potential conflicts of interests between the shareholders and the Trust and its affiliates that may arise from the potential release of portfolio holdings information. FMG’s Legal and Compliance Group will not release portfolio

holdings information unless it determines the disclosure is in the best interests of shareholders and there is a legitimate business purpose for such disclosure. On a quarterly basis, the Trust’s Chief Compliance Officer will report to the Trust’s Board of Trustees any exceptions to the Trust’s policy that were granted by FMG’s Legal and Compliance Group. The Trust’s Board of Trustees approved this policy and determined it was in the best interest of shareholders. No compensation is received by the Trust, the Manager or any other person in connection with their disclosure of portfolio holdings information.

MANAGEMENT OF THE TRUST

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 occupations during the last five years, and other information are shown below.

The Trustees


Name, Address and Age	Position(s) Held With Fund	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 or Nominee for Trustee
Interested Trustee
Steven M. Joenk* 1290 Avenue of the Americas, New York, New York (46)	Trustee, Chairman, President and Chief Executive Officer	From September 2004 to present.	From July 1999 to present, Senior Vice President AXA Financial. 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 Capital Management, Inc., co-chairman of Enterprise Funds Distributor, 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 (66)	Trustee	From March 2000 to present	Retired. 1996, Vice Chairman, Metropolitan Life Insurance Company; From 1993 to 1995, President and Chief Operating Officer Metropolitan Life Insurance Company.	75	From May 1994 to present, Director, Atlantic Bank of New York.


Name, Address and Age	Position(s) Held With Fund	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 or Nominee for Trustee
Independent Trustees
Jettie M. Edwards c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York (58)	Trustee	From March 1997 to present	Retired. From 1986 to 2001, Partner and Consultant, Syrus Associates (business and marketing consulting firm).	75	From 1997 to present, Director, PBHG Funds; from 1997 to present, Director, PBHG Insurance Series Fund.
David W. Fox c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York (73)	Lead Independent Trustee	From May 2000 to present	Retired. From 1989 to 2000, Public Governor and from 1996-2000 Chairman of the Chicago Stock Exchange. From 1990-1995, Chairman and Chief Executive Officer, Northern Trust Company.	75	From 2004 to present, Director, Miami Corporation; 1987 to present, Director of USG Corporation.
William M. Kearns, Jr c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York (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 2002, Vice Chairman, Keefe Managers, Inc.	75	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 (60)	Trustee	From March 1997 to present	Retired. From 1998 to December 2004, President and Chief Executive Officer, Burson-Marsteller Worldwide (public relations). From 1996 to 1998, President and Chief Executive Officer of Burson-Marsteller U.S.A.	75	None
Harvey Rosenthal c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York (62)	Trustee	From March 1997 to present	From 1997-present, Consultant/Director. From 1994 to 1996, President and Chief Operating Officer of Melville Corporation (now CVS Corporation).	75	From 1997 to present, Director, LoJack Corporation.
Gary S. Schpero c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York (51)	Trustee	From May 2000 to present	Retired. Prior to January 1, 2000, Partner of Simpson Thacher & Bartlett (law firm) and Managing Partner of the Investment Management and Investment Company Practice Group.	75	None

*	Affiliated with the Manager and Distributor.

**	Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

Committees of the Board

The Trust has a standing Audit Committee consisting of all of the Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (“Independent Trustees”). The Audit Committee’s function is to oversee the Trust’s accounting and financial reporting policies and practices and its internal controls; oversee the quality and objectivity of the Trust’s financial statements and the independent audit thereof; and act as a liaison between the Trust’s independent accountants and the Board. To carry out its function, the Audit Committee, among other things, selects, retains or terminates the Trust’s independent accountants and evaluates their independence; meets with the Trust’s independent accountants as necessary to review and approve the arrangements for and scope of the audit and to discuss and consider any matters of concern relating to the Trust’s financial statements and the Trust’s financial reporting and controls; and approves the fees charged by the independent accountants for audit and non-audit services and, to the extent required by applicable law, any non-audit services proposed to be performed for the Trust by the independent accountants. The Audit Committee held three meetings during the fiscal year ended December 31, 2004.

The Trust has a Nominating and Compensation Committee consisting of all of the Independent Trustees. The Nominating and Compensation Committee’s function is principally to nominate and evaluate Independent Trustee candidates and review the compensation arrangements for each of the Trustees. The Nominating and Compensation Committee will not consider nominees recommended by Contract owners. The Nominating and Compensation Committee held three meetings during the fiscal year ended December 31, 2004.

The Trust has a Valuation Committee consisting of Steven M. Joenk, Kenneth T. Kozlowski, Kenneth B. Beitler and Andrew S. Novak and such other officers of the Trust and the Manager, as well as such officers of any Adviser to any Portfolio as are deemed necessary by the officers of the Trust from time to time, each of whom shall serve at the pleasure of the Board of Trustees as members of the Valuation Committee. This committee determines the value of any of the Trust’s securities and assets for which market quotations are not readily available or deemed reliable or for which valuation cannot otherwise be provided. The Valuation Committee held 35 meetings during the fiscal year ended December 31, 2004.

Compensation of the Trustees

Each Independent Trustee currently receives from the Trust an annual fee of $60,000 plus (i) an additional fee of $5,000 for each regularly scheduled Board meeting attended, (ii) $2,000 for each in-person special Board meeting attended, (iii) $1,000 for each telephone or committee meeting attended, $2,000 per Audit Committee Committee Meeting attended and $1,000 per Nominating and Compensation Committee Meeting attended, plus reimbursement for expenses in attending in-person meetings. A supplemental retainer of $10,000 per year is paid to the lead Independent Trustee. A retainer of $5,000 per year is paid to the Chair of the Audit Committee and a retainer of $2,500 is paid to the Chair of the Nominating and Compensation Committee.

Trustee Compensation Table

for the Year Ended December 31, 2004*


Trustee	Aggregate Compensation from the Trust		Pension or Retirement Benefits Accrued As Part of Trust Expenses		Estimated Annual Benefits Upon Retirement		Total Compensation from Trust and Trust Complex Paid to Trustees
Steven M. Joenk	$	-0-	$	-0-	$	-0-	$	-0-
Ted Athanassiades	$	84,000	$	-0-	$	-0-	$	84,000
Jettie M. Edwards	$	89,000	$	-0-	$	-0-	$	89,000
David W. Fox	$	93,000	$	-0-	$	-0-	$	93,000
William M. Kearns, Jr.	$	83,000	$	-0-	$	-0-	$	83,000
Christopher P.A. Komisarjevsky	$	84,500	$	-0-	$	-0-	$	84,500
Harvey Rosenthal	$	84,000	$	-0-	$	-0-	$	84,000
Gary S. Schpero	$	84,000	$	-0-	$	-0-	$	84,000

A deferred compensation plan for the benefit of the Independent Trustees has been adopted by the Trust. Under the deferred compensation plan, each Trustee may defer payment of all or part of the fees payable for such Trustee’s services until his or her retirement as a Trustee or until the earlier attainment of a specified age. Fees deferred under the deferred compensation plan, together with accrued interest thereon, will be disbursed to a participating Trustee in monthly installments over a five to 20 year period elected by such Trustee. Messrs. Komisarjevsky and Athanassiades have elected to participate in the Trust’s deferred compensation plan. As of December 31, 2004, Mr. Komisarjevsky and Mr. Athanassiades had accrued $540,523.71 and $254,327.61, respectively (including interest).

As of December 31, 2004, no Independent Trustee or members of his or her immediate family beneficially owned securities representing interests in the Manager, Advisers or Distributors of the Trust, or any person controlling, controlled by or under common control with such persons. For this purpose, “immediate family member” includes the Trustee’s spouse, children residing in the Trustee’s household and dependents of the Trustee. In addition, the Trustees of the Trust did not beneficially own shares of any Portfolio of the Trust or of portfolios overseen in the same family of investment companies, except as set forth in the following table:

Trustee Ownership of Equity Securities


Name of Director	Dollar Range of Equity Securities in the Portfolios*	Aggregate Dollar Range of Equity Securities in All Portfolios Overseen in Family of Investment Companies:
Independent Trustees
Ted Athanassiades	$0	$0
Jettie M. Edwards	$0	$0
David W. Fox	$0	$0
William M. Kearns, Jr.	$0	$0
Christopher P.A. Komisarjevsky	$0	$0
Harvey Rosenthal	$0	$0
Gary S. Schpero	$0	$0

*	As of December 31, 2004.

The Trust’s Officers

No officer of the Trust receives any compensation paid by the Trust. Each officer of the Trust is an employee of AXA Equitable, AXA Advisors, LLC (“AXA Advisors”) or AXA Distributors, LLC. (“AXA Distributors”). The Trust’s principal officers are:


Name, Address and Age	Position(s) Held With Fund*	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years
Steven M. Joenk 1290 Avenue of the Americas, New York, New York (46)	Trustee, Chairman, President and Chief Executive Officer	Trustee, 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 Capital Management, Inc., co-chairman of Enterprise Funds Distributor, 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, Secretary and Anti-Money Laundering Compliance Officer	From July 1999 to Present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and AXA Equitable; from July 1999 to May 2003, Vice President and Counsel, 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, AXA Financial; from December 1999 to December 2002, Controller of the Trust; from October 1999 to February 2001, Assistant Vice President, AXA Financial.
Kenneth B. Beitler 1290 Avenue of the Americas, New York, New York (46)	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.


Name, Address and Age	Position(s) Held With Fund*	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years
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, AXA Financial; from July 2004 to present, a director of Enterprise Capital Management; from July 1999 to present, Vice President AXA Equitable.
Brian E. Walsh 1290 Avenue of the Americas, New York, New York (37)	Vice President and Controller	December 2002 to present	From February 2003 to present, Vice President of AXA Financial and AXA Equitable; from January 2001 to February 2003, Assistant Vice President of AXA Financial and AXA Equitable; from December 1999 to January 2001, Senior Fund Administrator of AXA Equitable.
Andrew S. Novak 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, AXA Financial and AXA Equitable; from May 2001 to April 2002, Associate General Counsel and Chief Compliance Officer, Royce & Associates, Inc.; from August 1997 to August 2000, Vice President and Assistant General Counsel, Mitchell Hutchins Asset Management.
Joseph J. Paolo 1290 Avenue of the Americas, New York, New York (34)	Chief Compliance Officer and Anti-Money Laundering 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; May 2002 to March 2004, Compliance Director and Assistant Vice President 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.
Anthony Dasrath 1290 Avenue of the Americas New York, New York	Assistant Anti-Money Laundering Officer	From March 2005 to present	From June 2004 to present, Compliance Manager and Assistant Anti-Money Laundering Compliance Officer, AXA Financial; from December 2001 to June 2004, Senior Accountant Separate Accounts, AXA Financial; from November 2001 to December 2001, Consultant Lord Abbett & Co.; and prior thereto Mutual Fund Product Controller, J.P. Morgan Chase & Co. Incorporated.
Mona Bhalla 1290 Avenue of the Americas New York, NY (36)	Assistant Secretary	From March 2005 to present	From February 2004 to present, Vice President and Counsel, AXA Financial and AXA Equitable; from November 2001 to February 2004, Assistant Vice President and Counsel AXA Financial and AXA Equitable; from October 2000 to November 2001, Counsel, AXA Financial and AXA Equitable; and from September 1999 - October 2000 an Associate in the law firm of Wilkie Farr & Gallagher.

*	Each officer holds a similar position with other funds in the complex.

**	Each officer is elected on an annual basis.

Control Person and Principal Holders of Securities

The Trust continuously offers its shares to separate accounts of insurance companies in connection with the Contracts and to tax-qualified retirement plans. AXA Equitable may be deemed to be a control person with respect to the Trust by virtue of its ownership of more than 95% of the Trust’s shares as of March 11, 2005. Shareholders owning 25% or more of the outstanding shares of a Portfolio may take actions without the approval of other investors in the Portfolio.

As a “series” type of mutual fund, the Trust issues separate series of shares of beneficial interest with respect to each Portfolio. Each Portfolio resembles a separate fund issuing a separate class of stock. Because of current federal securities law requirements, the Trust expects that its shareholders will offer Contract owners the opportunity to instruct shareholders as to how shares allocable to Contracts will be voted with respect to certain matters, such as approval of investment advisory agreements. To the Trust’s knowledge, as of March 11, 2005, the following persons owned Contracts entitling such persons to give voting instructions regarding more than 5% of the outstanding shares of any Portfolio:


Portfolio	Contract Owner	Shares Beneficially Owned	Percentage of Ownership
EQ/Alliance Premier Growth Portfolio Class IA	AXA Moderate Allocation Portfolio 1290 Avenue of the Americas New York, New York 10104	345,846,340	32.92%

EQ/Alliance Quality Bond Portfolio Class IA	AXA Moderate Allocation Portfolio 1290 Avenue of the Americas New York, New York 10104	1,275,538,746	61.29%

EQ/Capital Guardian International Portfolio Class IA	AXA Moderate Plus Allocation Portfolio 1290 Avenue of the Americas New York, New York 10104	84,661,818	11.40%

EQ/Lazard Small Cap Value Portfolio Class IA	AXA Moderate Allocation Portfolio 1290 Avenue of the Americas New York, New York 10104	231,356,849	16.93%

EQ/Marsico Focus Portfolio Class IA	AXA Moderate Plus Allocation Portfolio 1290 Avenue of the Americas New York, New York 10104	101,117,005	5.38%

EQ/Mercury Basic Value Equity Portfolio Class IA	AXA Moderate Allocation Portfolio 1290 Avenue of the Americas New York, New York 10104	438,294,061	20.30%

EQ/Mercury Basic Value Equity Portfolio Class IA	AXA Moderate Plus Allocation Portfolio 1290 Avenue of the Americas New York, New York 10104	191,982,050	8.89%

EQ/Money Market Portfolio — Class IA	AXA Equitable c/o Chryssa Kasparian Karr Barth Associates 40 Monument Road Bala Cynwyd, PA 19004	11,274,552.520	8.43%

EQ/Wells Fargo Montgomery Small Cap Portfolio — Class IB	Paul Petryszak Reisterstown MD 21136	9,518,416	11.45%

As of March 11, 2005, the Trustees and officers, as a group, owned less than 1% of the outstanding shares of any class of any Portfolio of the Trust.

INVESTMENT MANAGEMENT AND OTHER SERVICES

The Manager

AXA Equitable, through its AXA Funds Management Group unit (“Manager”), currently serves as the investment manager for each Portfolio. MFS Investment Management (“MFS”), Morgan Stanley Investment Management Inc. (“MSIM Inc.”), Mercury Advisors (“Mercury”), Merrill Lynch Investment Managers International Limited (“MLIM International”), Lazard Asset Management LLC (“LAM”), J.P. Morgan Investment Management Inc. (“J.P. Morgan”), Evergreen Investment Management Company,

LLC (“Evergreen”), Alliance Capital Management, L.P. (“Alliance Capital”), Capital Guardian Trust Company (“Capital Guardian”), Calvert Asset Management Company, Inc. (“Calvert”), Brown Capital Management, Inc. (“Brown Capital”), Fidelity Management & Research Company (“FMR”), Janus Capital Management LLC (“Janus”), Marsico Capital Management, LLC (“Marsico”), and Wells Capital Management, Inc. (“Wells Capital Management”) Boston Advisors, Inc. (“Boston Advisors”), Caywood-Scholl Capital Management (“Caywood-Scholl”), GAMCO Investors, Inc. (“GAMCO”), Montag & Caldwell, Inc. (“Montag & Caldwell”), MONY America, MONY Capital Management, Inc. (“MONY Capital”), Pacific Investment Management Company, LLC (“PIMCO”), Rockefeller & Co., Inc. (“Rockefeller”), SsgA Funds Management, Inc. (“SSgA”), TCW Investment Management Company (“TCW”), UBS Global Asset Management (Americas) Inc. (“UBS Global AM”), Van Kampen Asset Management (“Van Kampen”), Wellington Management Company, LLP (“Wellington Management”), Bear Stearns Asset Management, Inc. (“Bear Stearns”) and Lord Abbett & Co. LLC (“Lord Abbett”) (each an “Adviser,” and together the “Advisers”) serve as investment advisers to one or more of the Portfolios, as described more fully in the Prospectus.

AXA Equitable, which is a New York life insurance company and one of the largest life insurance companies in the U.S. and a wholly-owned subsidiary of AXA Financial, Inc. (“AXA Financial”), a subsidiary of AXA, a French insurance holding company. The principal offices of AXA Equitable and AXA Financial are located at 1290 Avenue of the Americas, New York, New York 10104.

AXA Financial is a wholly-owned affiliate of AXA. AXA is the holding company for an international group of insurance and related financial services companies. AXA insurance operations include activities in life insurance, property and casualty insurance and reinsurance. The insurance operations are diverse geographically, with activities principally in Western Europe, North America, and the Asia/Pacific area and, to a lesser extent, in Africa and South America. AXA is also engaged in asset management, investment banking, securities trading, brokerage, real estate and other financial services activities principally in the U.S., as well as in Western Europe and the Asia/Pacific area.

The Trust and the Manager have entered into an Amended and Restated Management Agreement with respect to the Portfolios (“Management Agreement”), which was initially approved by the Board of Trustees on January 28, 2000 and by shareholders on April 14, 2000. The Management Agreement was most recently renewed on July 8, 2004 with respect to each Portfolio (other than the Enterprise and MONY Portfolios, the EQ/Wells Fargo Montgomery Small Cap Portfolio, the EQ/Lord Abbett Growth and Income Portfolio, EQ/Lord Abbett Large Cap Core Portfolio, EQ/Lord Abbett Mid Cap Value Portfolio, EQ/Van Kampen Comstock Portfolio and EQ/Van Kampen Mid Cap Growth Portfolio). The Management Agreement was approved with respect to the Enterprise and MONY Portfolios on December 11, 2003. The Management Agreement was approved by the Board of Trustees with respect to the EQ/Wells Fargo Montgomery Small Cap Portfolio on September 8, 2004. The Management Agreement was approved by the Board of Trustees with respect to the EQ/Lord Abbett Growth and Income, EQ/Lord Abbett Large Cap Core, EQ/Lord Abbett Mid Cap Value, EQ/Van Kampen Comstock and EQ/Van Kampen Mid Cap Growth Portfolios on March 11, 2005.

In re-approving the Management Agreement with AXA Equitable, the Board reviewed and analyzed the factors it deemed relevant, including: (1) the nature, quality, and extent of the services to be provided to the Portfolios by AXA Equitable; (2) the performance of each portfolio as compared to a peer group and an appropriate index; (3) AXA Equitable’s personnel and operations; (4) AXA Equitable’s financial condition; (5) the level and method of computing each portfolio’s management fee; (6) the profitability of AXA Equitable under the Management Agreement; (7) “fall-out” benefits to AXA Equitable and its affiliates (i.e., ancillary benefits realized by AXA Equitable or its affiliates from AXA Equitable’s relationship with the Trust); (8) the effect of growth and size on each Portfolio’s performance and expenses; and (9) possible conflicts of interest. The Board also considered the nature, quality, and extent of the services to be provided to the portfolios by AXA Equitable’s affiliates, including distribution services.

The Board, in examining the nature and quality of the services to be provided by AXA Equitable to the Portfolios, recognized AXA Equitable’s experience in serving as an investment manager and noted that

AXA Equitable currently provides investment management services to two other registered open-end investment companies. The Board also noted the extensive responsibilities that AXA Equitable has as investment manager to the Portfolios, including the provision of investment advice to the Portfolios, selection of the Portfolios’ advisers and oversight of the advisers’ compliance with portfolio policies and objectives, review of brokerage matters, oversight of general portfolio compliance with federal and state laws, and the implementation of Board directives as they relate to the Portfolios. Based on its consideration and review of the foregoing information, the Board determined that the Portfolios were likely to benefit from the nature and quality of these services, as well as AXA Equitable’s ability to render such services based on its experience, operations and resources.

The Board also evaluated the performance of each Portfolio in comparison to funds with similar objectives and policies, the expertise and performance of the personnel overseeing the advisers, and compliance with each Portfolio’s investment restrictions, tax and other requirements. After comparing the Portfolios’ performance with that of similar funds, the Board determined that each Portfolio was likely to benefit from AXA Equitable serving as the investment manager.

The Board gave substantial consideration to the fees payable under the Management Agreement. In this connection, the Board evaluated AXA Equitable’s costs and profitability in serving as investment manager to the portfolios, including the costs associated with the personnel, systems and equipment necessary to manage the portfolios and the costs associated with compensating the subadvisers. The Board also examined the fees paid by each Portfolio in light of fees paid to other investment managers by comparable funds and the method of computing each Portfolio’s fee. The Board also noted AXA Equitable’s commitment to expense limitation agreements with the Portfolios. After comparing the fees with those of comparable funds and in light of the quality and extent of services to be provided, and the costs to be incurred, by AXA Equitable, the Board concluded that the level of the fees paid to AXA Equitable with respect to each Portfolio is fair and reasonable.

The Board also noted that AXA Equitable serves as the Trust’s administrator, receiving compensation for acting in this capacity, and is responsible for, among other things, coordinating the Trust’s audits, financial statements and tax returns and managing expenses and budgeting for the Trust. The Board also recognized that AXA Equitable’s affiliates, AXA Advisors, LLC and AXA Distributors, LLC, serve as underwriters to the Portfolios, and as such, receive Rule 12b-1 payments from the Portfolios. The Board noted, however, that such payments are used to provide valuable shareholder services and to finance activities that are intended to result in the sale of Trust shares, which potentially could lead to growth in Trust assets and the corresponding benefits of that growth, including economies of scale and greater portfolio diversification. Further, the Board recognized that Sanford C. Bernstein & Co., LLC (“Bernstein”), a registered broker-dealer, is an affiliate of AXA Equitable and from time to time may receive brokerage commissions from the Portfolios in connection with the purchase and sale of portfolio securities. The Board noted, however, that transactions with Bernstein must meet the Trust’s requirements for best execution. As such, the Board concluded that the benefits accruing to AXA Equitable and its affiliates by virtue of their relationship to the Trust are reasonable and fair in comparison with the costs of providing the relevant services.

Based on these considerations and the overall high quality of the personnel, operations, financial condition, investment advisory capabilities, methodologies, and performance of AXA Equitable, the Board determined approval of the Management Agreement was in the best interests of each Portfolio. After full consideration of these and other factors, the Board, including a majority of the Independent Trustees, with the assistance of independent counsel, approved the Management Agreement.

Subject always to the direction and control of the Trustees of the Trust, under the Management Agreement, the Manager will have (i) overall supervisory responsibility for the general management and investment of each Portfolio’s assets; (ii) full discretion to select new or additional Advisers for each Portfolio; (iii) full discretion to enter into and materially modify existing Advisory Agreements with Advisers; (iv) full discretion to terminate and replace any Adviser; and (v) full investment discretion to make all determinations with respect to the investment of a Portfolio’s assets not then managed by an Adviser. In connection with the Manager’s responsibilities under the Management Agreement, the

Manager will assess each Portfolio’s investment focus and will seek to implement decisions with respect to the allocation and reallocation of each Portfolio’s assets among one or more current or additional Advisers from time to time, as the Manager deems appropriate, to enable each Portfolio to achieve its investment goals. In addition, the Manager will monitor compliance of each Adviser with the investment objectives, policies and restrictions of any Portfolio or Portfolios (or portions of any Portfolio) under the management of such Adviser, and review and report to the Trustees of the Trust on the performance of each Adviser. The Manager will furnish, or cause the appropriate Adviser(s) to furnish, to the Trust such statistical information, with respect to the investments that a Portfolio (or portions of any Portfolio) may hold or contemplate purchasing, as the Trust may reasonably request. On the Manager’s own initiative, the Manager will apprise, or cause the appropriate Adviser(s) to apprise, the Trust of important developments materially affecting each Portfolio (or any portion of a Portfolio that they advise) and will furnish the Trust, from time to time, with such information as may be appropriate for this purpose. Further, the Manager agrees to furnish, or cause the appropriate Adviser(s) to furnish, to the Trustees of the Trust such periodic and special reports as the Trustees of the Trust may reasonably request. In addition, the Manager agrees to cause the appropriate Adviser(s) to furnish to third-party data reporting services all currently available standardized performance information and other customary data.

Under the Management Agreement, the Manager also is required to furnish to the Trust, at its own expense and without remuneration from or other cost to the Trust, the following:

•

Office space, all necessary office facilities and equipment.

•

Necessary executive and other personnel, including personnel for the performance of clerical and other office functions, other than those functions:

•

related to and to be performed under the Trust’s contract or contracts for administration, custodial, accounting, bookkeeping, transfer and dividend disbursing agency or similar services by the entity selected to perform such services; or

•

related to the investment advisory services to be provided by any Adviser pursuant to an advisory agreement with the Trust (“Advisory Agreement”).

•

Information and services, other than services of outside counsel or independent accountants or investment advisory services to be provided by any Adviser under an Advisory Agreement, required in connection with the preparation of all registration statements, prospectuses and statements of additional information, any supplements thereto, annual, semi-annual, and periodic reports to Trust Shareholders, regulatory authorities, or others, and all notices and proxy solicitation materials, furnished to Shareholders or regulatory authorities, and all tax returns.

The Management Agreement also requires the Manager (or its affiliates) to pay all salaries, expenses, and fees of the Trustees and officers of the Trust who are affiliated with the Manager or its affiliates. The Manager has also entered into a Consulting Agreement with an investment consulting firm to provide research to assist the Manager in allocating Portfolio assets among Advisers and in making recommendations to the Trustees about hiring and changing Advisers. The Manager is responsible for paying the consulting fees.

The continuance of the Management Agreement, with respect to each Portfolio, must be specifically approved at least annually (i) by the Trust’s Board of Trustees or by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of such Portfolio and (ii) by the affirmative vote of a majority of the Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the 1940 Act) of any such party by votes cast in person at a meeting called for such purpose. The Management Agreement with respect to each Portfolio may be terminated (i) at any time, without the payment of any penalty, by the Trust upon the vote of a majority of the Trustees or by vote of the majority of the outstanding voting securities (as defined in the 1940 Act) of such Portfolio upon sixty (60) days’ written notice to the Manager or (ii) by the Manager at any time without penalty upon sixty (60) days’ written notice to the Trust. The Management Agreement will also terminate automatically in the event of its assignment (as defined in the 1940 Act).

Each Portfolio pays a fee to the Manager as set forth in the Prospectus. The Manager and the Trust have also entered into an expense limitation agreement with respect to each Portfolio as set forth in the Prospectus (“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 (with certain exceptions as set forth in the Prospectus) of each Portfolio are limited to the extent described in the “Management of the Trust-Expense Limitation Agreement” section of the Prospectus.

In addition to the management fees, the Trust pays all expenses not assumed by the Manager, including without limitation: fees and expenses of its independent accountants and of legal counsel for itself and the Trust’s independent Trustees; the costs of preparing, setting in type, printing and mailing to shareholders annual and semi-annual reports, proxy statements, prospectuses, prospectus supplements and statements of additional information; the costs of printing registration statements; custodian’s fees; any proxy solicitors’ fees and expenses; filing fees; Trustee expenses (including any special counsel to Trustees); transfer agent fees; advisory and administration fees; any federal, state or local income or other taxes; any interest; any membership fees of the Investment Company Institute and similar organizations; fidelity bond and Trustees’ liability insurance premiums; and any extraordinary expenses, such as indemnification payments or damages awarded in litigation or settlements made. All general Trust expenses are allocated among and charged to the assets of the Portfolios on a basis that the Trustees deem fair and equitable, which may be on the basis of relative net assets of each Portfolio or the nature of the services performed and relative applicability to each Portfolio. As discussed in greater detail below under “Distribution of the Trust’s Shares,” the Class IB shares of each Portfolio may pay for certain distribution-related expenses in connection with activities primarily intended to result in the sale of its shares.

The tables below show the fees paid by each Portfolio to the Manager during the years ended December 31, 2002, 2003 and 2004, respectively. Each Enterprise and MONY Portfolio is newly organized and had no investment operations of its own prior to July 9, 2004 but is the successor to a substantially similar investment company, as discussed in the Prospectus. With respect to the Enterprise and MONY Portfolios, the tables below include the fees paid by each Portfolio’s predecessor to the predecessor’s investment manager. The first column shows each fee without fee waivers, the second column shows the fees actually paid to the Manager after fee waivers and the third column shows the total amount of fees waived by the Manager and other expenses of each Portfolio assumed by the Manager pursuant to the Expense Limitation Agreement. During the years ended December 31, 2002, December 31, 2003 and December 31, 2004, the Manager received $953,135, $1,094,783, and $1,975,750 respectively in reimbursement for the 34, 30 and 53 portfolios respectively comprising the Trust.

CALENDAR YEAR ENDED DECEMBER 31, 2002


Portfolio**	Management Fee		Management Fee Paid To Manager After Fee Waiver		Total Amount Of Fees Waived And Other Expenses Assumed by Manager
EQ/Aggressive Stock*	$	11,932,509	$	11,932,509	$	0
EQ/Alliance Common Stock	$	39,407,013	$	39,407,013	$	0
EQ/Alliance Global*	$	7,040,971	$	7,040,971	$	0
EQ/Alliance Growth and Income	$	11,546,051	$	11,546,051	$	0
EQ/Alliance Growth Investors*	$	9,542,360	$	9,542,360	$	0
EQ/Alliance Intermediate Government Securities	$	3,267,158	$	3,267,158	$	0
EQ/Alliance International	$	2,441,439	$	2,308,722	$	132,717
EQ/Alliance Large Cap Growth	$	6,767,780	$	6,123,159	$	644,621
EQ/Alliance Quality Bond	$	2,261,575	$	2,261,575	$	0
EQ/Alliance Small Cap Growth	$	5,404,510	$	5,404,510	$	0
EQ/AXP New Dimensions*	$	71,455	$	13,318	$	58,137
EQ/AXP Strategy Aggressive*	$	68,418	$	7,910	$	60,508


Portfolio**	Management Fee		Management Fee Paid To Manager After Fee Waiver		Total Amount Of Fees Waived And Other Expenses Assumed by Manager
EQ/Balanced*	$	13,423,267	$	13,294,525	$	128,742
EQ/Bear Stearns Small Company Growth	$	774,027	$	774,027	$	0
EQ/Bernstein Diversified Value	$	4,676,569	$	4,479,813	$	196,756
EQ/Boston Advisors Equity Income	$	310,249	$	310,249	$	0
EQ/Calvert Socially Responsible	$	52,202	$	0	$	81,850
EQ/Capital Guardian Growth	$	1,565,499	$	1,397,276	$	168,223
EQ/Capital Guardian International	$	904,679	$	702,220	$	202,459
EQ/Capital Guardian Research	$	1,057,542	$	878,998	$	178,544
EQ/Capital Guardian U.S. Equity	$	1,407,586	$	1,255,063	$	152,523
EQ/Caywood-Scholl High-Yield Bond	$	582,503	$	582,503	$	0
EQ/Enterprise Capital Appreciation	$	399,867	$	399,867	$	0
EQ/Enterprise Global Socially Responsive	$	9,205	$	0	$	15,732
EQ/Enterprise Managed	$	6,502,537	$	6,502,537	$	0
EQ/Enterprise Multi-Cap Growth	$	750,106	$	750,106	$	0
EQ/Equity 500 Index	$	5,884,114	$	5,884,114	$	0
EQ/Evergreen Omega	$	114,146	$	10,022	$	104,124
EQ/FI Mid Cap	$	1,598,662	$	1,426,736	$	171,926
EQ/FI Small/Mid Cap Value	$	4,510,636	$	4,510,636	$	0
EQ/Government Securities	$	558,154	$	558,154	$	0
EQ/High Yield*	$	3,197,964	$	3,197,964	$	0
EQ/Intermediate Term Bond	$	424,269	$	424,269	$	0
EQ/International Equity Index*	$	272,730	$	272,730	$	0
EQ/International Growth	$	461,787	$	461,787	$	0
EQ/J.P. Morgan Core Bond	$	2,545,293	$	2,545,293	$	0
EQ/J.P. Morgan Value Opportunities	$	3,166,810	$	3,166,810	$	0
EQ/Janus Large Cap Growth	$	1,426,942	$	1,248,413	$	178,529
EQ/Lazard Small Cap Value	$	1,807,344	$	1,794,735	$	12,609
EQ/Long Term Bond	$	637,376	$	637,376	$	0
EQ/Marsico Focus	$	695,167	$	559,547	$	135,620
EQ/Mercury Basic Value Equity	$	3,888,716	$	3,888,716	$	0
EQ/Mercury International Value	$	3,493,017	$	3,296,016	$	197,001
EQ/MFS Emerging Growth Companies	$	6,685,837	$	6,685,837	$	0
EQ/MFS Investors Trust	$	1,311,668	$	1,287,062	$	24,606
EQ/MFS Research*	$	3,227,554	$	3,070,049	$	157,505
EQ/Money Market	$	6,480,024	$	6,480,024	$	0
EQ/Montag & Caldwell Growth	$	1,837,189	$	1,837,189	$	0
EQ/MONY Diversified	$	7,973	$	7,973	$	0
EQ/MONY Equity Growth	$	7,120	$	7,004	$	116
EQ/MONY Equity Income	$	57,047	$	57,047	$	0
EQ/MONY Money Market	$	1,270,885	$	1,179,302	$	91,583
EQ/PIMCO Real Return	$	77,970	$	34,191	$	43,779
EQ/Small Company Index	$	214,096	$	214,096	$	0
EQ/Small Company Value	$	2,781,676	$	2,781,676	$	0
EQ/TCW Equity	$	2,111,410	$	2,111,410	$	0
EQ/T. Rowe Price International Stock*	$	477,033	$	477,033	$	0
EQ/Technology*	$	2,349,006	$	2,088,700	$	260,306
EQ/UBS Growth and Income	$	1,062,852	$	1,062,852	$	0
EQ/Van Kampen Emerging Markets Equity	$	2,338,087	$	2,249,538	$	88,549

EQ/T. Rowe Price International Stock was discontinued on April 26, 2002. EQ/AXP New Dimensions and EQ/AXP Strategy Aggressive were discontinued on July 12, 2002. EQ/Alliance Global, EQ/Alliance Growth Investors and EQ/MFS Research were discontinued on November 22, 2002. EQ/International Equity Index Portfolio was discontinued on May 2, 2003. EQ/Aggressive Stock, EQ/Balanced and EQ/High Yield were discontinued on August 15, 2003. The EQ/Technology Portfolio was discontinued on May 14, 2004.

The predecessor portfolios to EQ/Enterprise Global Socially Responsive Portfolio and EQ/PIMCO Real Return Portfolio commenced operations on January 24, 2002. The EQ/Enterprise Deep Value Portfolio, EQ/Mergers and Acquisitions Portfolio, EQ/Lord Abbett Growth and Income Portfolio, EQ/Lord Abbett Large Cap Core Portfolio, EQ/Lord Abbett Mid Cap Value Portfolio, EQ/Short Duration Bond Portfolio, EQ/Van Kampen Comstock Portfolio, EQ/Van Kampen Mid Cap Growth Portfolio and EQ/Wells Fargo Montgomery Small Cap Portfolio are not included in the table above because they had no operations during 2002.

CALENDAR YEAR ENDED DECEMBER 31, 2003


Portfolio**	Management Fee		Management Fee Paid To Manager After Fee Waiver		Total Amount Of Fees Waived And Other Expenses Assumed by Manager
EQ/Aggressive Stock*	$	6,122,217	$	6,122,217	$	—
EQ/Alliance Common Stock	$	36,619,508	$	36,619,508	$	—
EQ/Alliance Growth and Income	$	11,733,623	$	11,733,623	$	—
EQ/Alliance Intermediate Government Securities	$	5,070,064	$	5,070,064	$	—
EQ/Alliance International	$	9,269,798	$	9,034,304	$	235,494
EQ/Alliance Large Cap Growth	$	7,089,810	$	6,606,512	$	483,298
EQ/Alliance Quality Bond	$	5,477,483	$	5,477,483	$	—
EQ/Alliance Small Cap Growth	$	5,858,598	$	5,858,598	$	—
EQ/Balanced*	$	12,694,835	$	12,694,835	$	—
EQ/Bear Stearns Small Company Growth	$	715,600	$	715,600	$	0
EQ/Bernstein Diversified Value	$	7,220,078	$	7,187,799	$	32,279
EQ/Boston Advisors Equity Income	$	299,291	$	296,154	$	3,137
EQ/Calvert Socially Responsible	$	131,365	$	52,861	$	78,504
EQ/Capital Guardian Growth	$	1,506,060	$	1,321,765	$	184,295
EQ/Capital Guardian International	$	1,786,333	$	1,552,470	$	233,863
EQ/Capital Guardian Research	$	4,513,404	$	4,395,452	$	117,952
EQ/Capital Guardian U.S. Equity	$	3,050,697	$	2,932,358	$	118,339
EQ/Caywood-Scholl High-Yield Bond	$	507,818	$	507,818	$	0
EQ/Enterprise Capital Appreciation	$	357,970	$	357,970	$	0
EQ/Enterprise Deep Value*	$	10,500	$	1,479	$	9,021
EQ/Enterprise Global Socially Responsive	$	17,299	$	12,211	$	5,088
EQ/Enterprise Managed	$	5,151,890	$	5,151,890	$	0
EQ/Enterprise Multi-Cap Growth	$	601,964	$	601,964	$	0
EQ/Equity 500 Index	$	6,308,055	$	6,308,055	$	—
EQ/Evergreen Omega	$	348,892	$	242,636	$	106,256
EQ/FI Mid Cap	$	3,316,076	$	3,139,824	$	176,252
EQ/FI Small/Mid Cap Value	$	6,306,092	$	6,306,092	$	—
EQ/Government Securities	$	710,795	$	710,795	$	0
EQ/High Yield*	$	2,732,644	$	2,732,644	$	—
EQ/Intermediate Term Bond	$	425,167	$	425,167	$	0
EQ/International Equity Index*	$	94,234	$	94,234	$	—


Portfolio**	Management Fee		Management Fee Paid To Manager After Fee Waiver		Total Amount Of Fees Waived And Other Expenses Assumed by Manager
EQ/International Growth	$	398,487	$	398,487	$	0
EQ/J.P. Morgan Core Bond	$	4,394,269	$	4,394,269	$	—
EQ/J.P. Morgan Value Opportunities	$	3,153,901	$	3,153,901	$	—
EQ/Janus Large Cap Growth	$	1,870,035	$	1,674,118	$	195,917
EQ/Lazard Small Cap Value	$	3,858,853	$	3,858,853	$	—
EQ/Long Term Bond	$	591,448	$	591,448	$	0
EQ/Marsico Focus	$	5,765,114	$	5,317,960	$	447,154
EQ/Mercury Basic Value Equity	$	5,801,775	$	5,801,775	$	—
EQ/Mercury International Value	$	4,698,239	$	4,659,607	$	38,632
EQ/Mergers and Acquisitions*	$	10,536	$	8,041	$	2,495
EQ/MFS Emerging Growth Companies	$	5,614,946	$	5,614,946	$	—
EQ/MFS Investors Trust	$	1,462,470	$	1,438,458	$	24,012
EQ/Money Market	$	6,279,775	$	6,279,775	$	—
EQ/Montag & Caldwell Growth	$	1,781,493	$	1,781,493	$	0
EQ/MONY Diversified	$	7,237	$	0	$	15,265
EQ/MONY Equity Growth	$	6,286	$	0	$	16,268
EQ/MONY Equity Income	$	49,746	$	49,746	$	0
EQ/MONY Money Market	$	1,143,969	$	1,091,677	$	52,292
EQ/PIMCO Real Return	$	252,663	$	176,824	$	75,839
EQ/Short Duration Bond*	$	22,422	$	19,176	$	3,246
EQ/Small Company Index	$	455,998	$	455,998	$	—
EQ/Small Company Value	$	2,637,120	$	2,637,120	$	0
EQ/TCW Equity	$	1,918,476	$	1,918,476	$	0
EQ/Technology	$	2,424,288	$	2,173,965	$	250,323
EQ/UBS Growth and Income	$	849,230	$	849,230	$	0
EQ/Van Kampen Emerging Markets Equity	$	2,856,913	$	2,856,913	$	—

EQ/Enterprise Deep Value Portfolio, EQ/Mergers and Acquisitions Portfolio and EQ/Short Duration Bond Portfolio commenced operations on May 1, 2003. EQ/International Equity Index Portfolio was discontinued on May 2, 2003. EQ/Aggressive Stock, EQ/Balanced and EQ/High Yield were discontinued on August 15, 2003. The EQ/Technology Portfolio was discontinued on May 14, 2004.

The EQ/Lord Abbett Growth and Income Portfolio, EQ/Lord Abbett Large Cap Core Portfolio, EQ/Lord Abbett Mid Cap Value Portfolio, EQ/Van Kampen Comstock Portfolio, EQ/Van Kampen Mid Cap Growth Portfolio and EQ/Wells Fargo Montgomery Small Cap Portfolio are not included in the table because they had no operations during 2003.

CALENDAR YEAR ENDED DECEMBER 31, 2004


Portfolio***	Management Fee		Management Fee Paid To Manager After Fee Waiver		Total Amount Of Fees Waived And Other Expenses Assumed by Manager
EQ/Alliance Common Stock	$	45,282,929	$	45,282,929	$	—
EQ/Alliance Growth and Income	$	14,820,029	$	14,820,029	$	—
EQ/Alliance Intermediate Government Securities	$	4,588,905	$	4,588,905	$	—
EQ/Alliance International	$	11,986,586	$	11,936,729	$	49,856
EQ/Alliance Large Cap Growth	$	9,783,293	$	8,720,807	$	1,062,486
EQ/Alliance Quality Bond	$	9,678,105	$	9,678,105	$	—


Portfolio***	Management Fee		Management Fee Paid To Manager After Fee Waiver		Total Amount Of Fees Waived And Other Expenses Assumed by Manager
EQ/Alliance Small Cap Growth	$	7,675,861	$	7,675,861	$	—
EQ/Bear Stearns Small Company Growth	$	834,560	$	729,010	$	105,550
EQ/Bernstein Diversified Value	$	11,009,420	$	11,009,420	$	—
EQ/Boston Advisors Equity Income	$	441,549	$	348,086	$	93,463
EQ/Calvert Socially Responsible	$	257,864	$	202,300	$	55,563
EQ/Capital Guardian Growth	$	1,634,049	$	1,532,127	$	101,921
EQ/Capital Guardian International	$	4,188,853	$	3,905,778	$	283,075
EQ/Capital Guardian Research	$	6,060,254	$	6,028,073	$	32,181
EQ/Capital Guardian U.S. Equity	$	5,781,301	$	5,743,765	$	37,536
EQ/Caywood-Scholl High-Yield Bond	$	524,124	$	416,743	$	107,381
EQ/Enterprise Capital Appreciation	$	397,473	$	397,473	$	—
EQ/Enterprise Deep Value	$	39,810	$	0	$	65,178
EQ/Enterprise Global Socially Responsive	$	40,133	$	0	$	61,283
EQ/Enterprise Managed	$	5,092,526	$	4,421,255	$	671,271
EQ/Enterprise Multi-Cap Growth	$	653,782	$	619,705	$	34,077
EQ/Equity 500 Index	$	8,215,704	$	8,215,704	$	—
EQ/Evergreen Omega	$	982,286	$	891,216	$	91,070
EQ/FI Mid Cap	$	6,590,398	$	6,456,788	$	133,611
EQ/FI Small/Mid Cap Value	$	9,211,333	$	9,211,333	$	—
EQ/Government Securities	$	645,803	$	645,803	$	—
EQ/Intermediate Term Bond	$	336,545	$	315,772	$	20,773
EQ/International Growth	$	449,661	$	449,661	$	—
EQ/J.P. Morgan Core Bond	$	5,020,255	$	5,020,255	$	—
EQ/J.P. Morgan Value Opportunities	$	3,673,106	$	3,673,106	$	—
EQ/Janus Large Cap Growth	$	2,500,559	$	2,277,787	$	222,772
EQ/Lazard Small Cap Value	$	7,776,521	$	7,776,521	$	—
EQ/Long Term Bond	$	515,960	$	511,991	$	3,969
EQ/Marsico Focus	$	12,878,542	$	12,279,418	$	599,124
EQ/Mercury Basic Value Equity	$	10,013,611	$	10,013,611	$	—
EQ/Mercury International Value	$	6,132,449	$	613,449	$	—
EQ/Mergers and Acquisitions	$	55,429	$	0	$	55,812
EQ/MFS Emerging Growth Companies	$	6,162,494	$	6,162,494	$	—
EQ/MFS Investors Trust	$	1,920,258	$	1,920,258	$	—
EQ/Money Market	$	5,218,907	$	5,218,907	$	—
EQ/Montag & Caldwell Growth	$	1,962,445	$	1,962,445	$	—
EQ/MONY Diversified	$	8,079	$	0	$	71,862
EQ/MONY Equity Growth	$	7,080	$	0	$	74,353
EQ/MONY Equity Income	$	59,376	$	17,188	$	42,188
EQ/MONY Money Market	$	826,232	$	615,120	$	211,112
EQ/PIMCO Real Return	$	309,167	$	113,728	$	195,439
EQ/Short Duration Bond	$	53,683	$	0	$	68,076
EQ/Small Company Index	$	1,019,205	$	1,019,205	$	—
EQ/Small Company Value	$	3,259,171	$	3,259,171	$	—
EQ/TCW Equity	$	2,178,997	$	2,122,471	$	56,526
EQ/Technology*	$	1,166,687	$	1,066,182	$	100,505
EQ/UBS Growth and Income	$	941,021	$	805,758	$	135,263
EQ/Van Kampen Emerging Markets Equity	$	5,407,575	$	5,407,575	$	—
EQ/Wells Fargo Montgomery Small Cap**	$	6,700	$	0	$	49,826

*	The EQ/Technology Portfolio was discontinued on May 14, 2004.

**	The EQ/Wells Fargo Montgomery Small Cap Portfolio commenced operations on October 1, 2004.

***	The EQ/Lord Abbett Growth and Income, EQ/Lord Abbett Large Cap Core, EQ/Lord Abbett Mid Cap Value, EQ/Van Kampen Comstock and EQ/Van Kampen Mid Cap Growth Portfolios commenced operations on March 1, 2005. Therefore, they are not included in the table because they had no operations in 2004.

The Advisers

The Manager has entered into an Advisory Agreement on behalf of EQ/MFS Emerging Growth Companies Portfolio and EQ/MFS Investors Trust Portfolio with MFS. The Manager has entered into an Advisory Agreement on behalf of EQ/Van Kampen Emerging Markets Equity Portfolio, EQ/Van Kampen Comstock Portfolio and EQ/Van Kampen Mid Cap Growth Portfolio with MSIM Inc. The Manager has entered into an Advisory Agreement on behalf of EQ/Mercury Basic Value Equity Portfolio with Mercury. The Manager has entered into an Advisory Agreement on behalf of EQ/Mercury International Value Portfolio with MLIM International. The Manager has entered into an Advisory Agreement on behalf of EQ/Lazard Small Cap Value Portfolio with LAM. The Manager has entered into an Advisory Agreement on behalf of the EQ/J.P. Morgan Core Bond Portfolio and EQ/JP Morgan Value Opportunities Portfolio with J.P. Morgan. The Manager has entered into an Advisory Agreement on behalf of EQ/Evergreen Omega Portfolio with Evergreen. The Manager has entered into an Advisory Agreement on behalf of EQ/Alliance Large Cap Growth Portfolio, Alliance Portfolios, EQ/Small Company Index Portfolio and EQ/Bernstein Diversified Value Portfolio with Alliance Capital. The Manager has entered into an Advisory Agreement on behalf of EQ/Capital Guardian Growth Portfolio, EQ/Capital Guardian Research Portfolio, EQ/Capital Guardian U.S. Equity Portfolio and EQ/Capital Guardian International Portfolio with Capital Guardian. The Manager has entered into Advisory Agreements on behalf of EQ/Calvert Socially Responsible Portfolio with Calvert and Brown Capital. The Manager has entered into an Advisory Agreement on behalf of EQ/Janus Large Cap Growth Portfolio with Janus. The Manager has entered into an Advisory Agreement on behalf on EQ/FI Small/Mid Cap Value Portfolio and EQ/FI Mid Cap Portfolio with FMR. The Manager has entered into an Advisory Agreement on behalf EQ/Marsico Focus Portfolio and EQ/Enterprise Capital Appreciation Portfolio with Marsico. The Manager has entered into an Advisory Agreement on behalf of EQ/Enterprise Deep Value Portfolio and EQ/Enterprise Managed Portfolio with Wellington Management. The Manager has entered into an Advisory Agreement on behalf of EQ/MONY Diversified Portfolio, EQ/MONY Equity Growth Portfolio, EQ/Boston Advisors Equity Income Portfolio, EQ/MONY Equity Income Portfolio, EQ/Government Securities Portfolio, EQ/Intermediate Term Bond Portfolio, EQ/Long Term Bond Portfolio, EQ/MONY Money Market Portfolio and EQ/Short Duration Bond Portfolio with Boston Advisors. The Manager has entered into an Advisory Agreement on behalf of EQ/TCW Equity Portfolio with TCW. The Manager has entered into an Advisory Agreement on behalf of EQ/Enterprise Global Socially Responsive Portfolio with Rockefeller. The Manager has entered into an Advisory Agreement on behalf of EQ/UBS Growth and Income Portfolio with UBS Global AM. The Manager has entered into an Advisory Agreement on behalf of EQ/Montag & Caldwell Growth Portfolio and EQ/Enterprise Multi-Cap Growth Portfolio with Montag & Caldwell. The Manager has entered into an Advisory Agreement on behalf of EQ/Caywood-Scholl High Yield Bond Portfolio with Caywood-Scholl. The Manager has entered into an Advisory Agreement on behalf of EQ/International Growth Portfolio with SSgAFM. The Manager has entered into an Advisory Agreement on behalf of EQ/Mergers and Acquisitions Portfolio and EQ/Small Company Value Portfolio with GAMCO. The Manager has entered into an Advisory Agreement on behalf of EQ/Bear Stearns Small Company Growth Portfolio with Bear Stearns. The Manager has entered into an Advisory Agreement on behalf of EQ/PIMCO Real Return Portfolio with PIMCO. The Manager has entered into an Advisory Agreement on behalf of EQ/Lord Abbett Growth and Income Portfolio, EQ/Lord Abbett Large Cap Core Portfolio and EQ/Lord Abbett Mid Cap Value Portfolio with Lord Abbett. The Manager has entered into an Advisory Agreement on behalf of the EQ/Wells Fargo Montgomery Small Cap Portfolio with Wells Capital Management.

The Board considered and approved the Subadvisory Agreements for the portfolios with the Sub-advisers based on a review of the factors it deemed relevant with respect to each Sub-adviser, including: (1) the nature, quality, and extent of the services to be provided to the Portfolio by the Sub-adviser; (2) the Sub-adviser’s management style; (3) the Sub-adviser’s performance record; (4) the qualifications and experience of the persons responsible for the day-to-day management of the Portfolio; (5) the Sub-adviser’s current and proposed level of staffing and its overall resources; and (6) “fall-out” benefits to the Sub-adviser and its affiliates (i.e., ancillary benefits realized by the Sub-adviser or its affiliates from its relationship with the Trust).

The Board, in examining the nature, quality and extent of the services to be provided by the Sub-advisers to the Portfolios, reviewed the experience of each Sub-adviser in serving as a sub-adviser to comparable funds. The Board also noted the extensive responsibilities that each Sub-adviser has as a sub-adviser to the Portfolios, including the responsibility (1) to make investment decisions on behalf of its portfolio, (2) to place all orders for the purchase and sale of investments for its portfolio with brokers or dealers selected by AXA Equitable and/or the Sub-adviser, and (3) to perform certain limited related administrative functions in connection therewith. The Board examined the backgrounds of each Sub-adviser’s portfolio managers with responsibility for the Portfolios and concluded that each Portfolio benefits from the quality and experience of the sub-adviser’s portfolio managers. Based on its consideration and review of the foregoing information, the Board determined that the Portfolios were likely to benefit from the nature and quality of these services, as well as each Sub-adviser’s ability to render such services based on its experience, operations and resources.

The Board also evaluated the performance of each Sub-adviser with respect to the Portfolio it advises in comparison to funds with similar objectives and policies, the expertise and performance of the sub-adviser’s personnel, and compliance with each portfolio’s investment restrictions, tax and other requirements. Based on this evaluation, the Board determined that each Sub-adviser’s historical performance record compared reasonably to its peer group and/or benchmark.

The Board gave substantial consideration to the fees payable under each Subadvisory Agreement. In this connection, the Board evaluated each Sub-adviser’s costs and profitability (to the extent practicable) in serving as a sub-adviser to the Portfolios, including the costs associated with the personnel, systems and equipment necessary to perform its functions. The Board also examined the current fees paid to each Sub-adviser in light of fees paid to other sub-advisers by comparable funds and the method of computing the Sub-adviser’s fee. After comparing the fees with those of comparable funds and in light of the quality and extent of services to be provided, and the costs to be incurred, by each Sub-adviser, the Board concluded the fee paid to each Sub-adviser with respect to its Portfolio is fair and reasonable.

The Board also noted that each Sub-adviser, through its relationship as a sub-adviser to a Portfolio, may engage in soft dollar transactions. While each Sub-adviser selects brokers primarily on the basis of their execution capabilities, the direction of transactions may at times be based on the quality and amount of research such brokers provide. Further, the Board recognized that many Sub-advisers to the portfolios are affiliated with registered broker-dealers and these broker-dealers may from time to time execute transactions on behalf of the Portfolios. The Board noted, however, that all Sub-advisers must select brokers who meet the Trust’s requirements for best execution. The Board concluded that the benefits accruing to each Sub-adviser and its affiliates by virtue of the Sub-adviser’s relationship to the Portfolio are fair and reasonable.

Based on these considerations and the overall high quality of the personnel, operations, financial condition, investment management capabilities, methodologies, and performance of each Sub-adviser, the Board determined approval of each Subadvisory Agreement with respect to the relevant Portfolio was in the best interests of that Portfolio. After full consideration of these and other factors, the Board, including a majority of the Independent Trustees, with the assistance of independent counsel, approved each Subadvisory Agreement.

The tables below show the fees paid by the Manager to each Adviser during the years ended December 31, 2002, 2003 and 2004. Each Enterprise and MONY Portfolio is newly organized and had no investment operations of its own prior to July 9, 2004 but is the successor to a substantially similar investment company, as discussed in the Prospectus. With respect to the Enterprise and MONY Portfolios the tables below show the fees paid by Enterprise Capital Management, Inc. or MONY Life Insurance Company of America to the predecessor portfolio’s adviser. During the years ended December 31, 2002, 2003 and 2004, respectively, the respective Manager paid the following fees to each Adviser with respect to the Portfolios listed below pursuant to the Investment Advisory Agreements:

CALENDAR YEAR ENDED DECEMBER 31, 2002


Portfolio***	Advisory Fee Paid
EQ/Aggressive Stock**	$	5,520,857
EQ/Alliance Common Stock	$	21,031,319
EQ/Alliance Global**	$	4,808,443
EQ/Alliance Growth and Income	$	6,026,574
EQ/Alliance Growth Investors**	$	3,937,296
EQ/Alliance Intermediate Government Securities	$	1,332,024
EQ/Alliance International	$	1,534,786
EQ/Alliance Large Cap Growth	$	3,845,643
EQ/Alliance Quality Bond	$	879,825
EQ/Alliance Small Cap Growth	$	3,687,412
EQ/AXP New Dimensions**	$	54,909
EQ/AXP Strategy Aggressive**	$	48,797
EQ/Balanced**	$	6,448,000
EQ/Bear Stearns Small Company Growth	$	459,215
EQ/Bernstein Diversified Value	$	1,847,848
EQ/Boston Advisors Equity Income	$	124,100
EQ/Calvert Socially Responsible	$	28,109
EQ/Capital Guardian Growth	$	1,147,252
EQ/Capital Guardian International	$	691,835
EQ/Capital Guardian Research	$	765,354
EQ/Capital Guardian U.S. Equity	$	1,049,482
EQ/Caywood-Scholl High-Yield Bond	$	288,188
EQ/Enterprise Capital Appreciation	$	239,920
EQ/Enterprise Global Socially Responsive	$	4,091
EQ/Enterprise Managed	$	2,172,581
EQ/Enterprise Multi-Cap Growth	$	300,043
EQ/Equity 500 Index	$	906,103
EQ/Evergreen Omega	$	96,587
EQ/FI Mid Cap	$	1,139,358
EQ/FI Small/Mid Cap Value	$	2,952,158
EQ/High Yield**	$	1,349,933
EQ/International Equity Index,*	$	116,888
EQ/International Growth	$	217,312
EQ/J.P. Morgan Core Bond	$	1,215,935
EQ/J.P. Morgan Value Opportunities	$	2,187,599
EQ/Janus Large Cap Growth	$	839,312
EQ/Lazard Small Cap Value	$	1,321,561
EQ/Marsico Focus	$	347,579
EQ/Mercury Basic Value Equity	$	2,337,691


Portfolio***	Advisory Fee Paid
EQ/Mercury International Value*	$	2,298,615
EQ/MFS Emerging Growth Companies	$	3,223,829
EQ/MFS Investors Trust	$	765,146
EQ/MFS Research**	$	1,704,208
EQ/Money Market	$	2,137,501
EQ/Montag & Caldwell Growth	$	734,876
EQ/PIMCO Real Return	$	35,440
EQ/Small Company Index*	$	42,818
EQ/Small Company Value	$	1,390,935
EQ/TCW Equity Portfolio	$	1,055,705
EQ/Technology**	$	1,331,789
EQ/T. Rowe Price International Stock**	$	330,943
EQ/UBS Growth and Income	$	404,284
EQ/Van Kampen Emerging Markets Equity	$	1,826,513

No advisory fees were paid to Alliance, on behalf of EQ/Small Company Index Portfolio or EQ/International Equity Index Portfolio, during the year ended December 31, 2002. No advisory fees were paid to MLIM International on behalf of EQ/Mercury International Value Portfolio. No advisory fees were paid to Wells Capital Management, Lord Abbett or Van Kampen during the year ended December 31, 2002. No Advisory Fees were paid on behalf of EQ/MONY Equity Income Portfolio, EQ/MONY Equity Growth Portfolio, EQ/MONY Diversified Portfolio, EQ/Intermediate Term Bond Portfolio, EQ/Long Term Bond Portfolio, EQ/Government Securities Portfolio or EQ/MONY Money Market Portfolio prior to June 1, 2003. No advisory fees were paid to Boston Advisors on behalf of EQ/Short Duration Bond Portfolio during the year ended December 31, 2002. No advisory fees were paid to Bear Stearns on behalf of EQ/Bear Stearns Small Company Growth Portfolio, Capital Guardian on behalf of EQ/Capital Guardian Growth Portfolio, Montag & Caldwell on behalf of EQ/Enterprise Multi-Cap Growth Portfolio or J.P. Morgan on behalf of EQ/JP Morgan Value Opportunities Portfolio during the year ended December 31, 2002.

***

The predecessor portfolios to EQ/Enterprise Global Socially Responsive Portfolio and EQ/PIMCO Real Return Portfolio commenced operations on January 24, 2002. The EQ/Enterprise Deep Value Portfolio, EQ/Mergers and Acquisitions Portfolio, EQ/Lord Abbett Growth and Income Portfolio, EQ/Lord-Abbett Large Cap Core Portfolio, EQ/Lord Abbett Mid Cap Value Portfolio, EQ/Short Duration Bond Portfolio, EQ/Van Kampen Comstock Portfolio, EQ/Van Kampen Mid Cap Growth Portfolio and EQ/Wells Fargo Montgomery Small Cap Portfolio are not included in the table above because they had no operations during 2002.

CALENDAR YEAR ENDED DECEMBER 31, 2003


Portfolio***	Advisory Fee Paid
EQ/Aggressive Stock**	$	2,842,504
EQ/Alliance Common Stock	$	19,768,801
EQ/Alliance Growth and Income	$	6,134,737
EQ/Alliance Intermediate Government Securities	$	2,035,581
EQ/Alliance International	$	6,367,158
EQ/Alliance Large Cap Growth	$	3,988,325
EQ/Alliance Quality Bond	$	2,119,202
EQ/Alliance Small Cap Growth	$	3,964,996
EQ/Balanced**	$	5,699,850
EQ/Bear Stearns Small Company Growth	$	333,641
EQ/Bernstein Diversified Value	$	2,895,880
EQ/Boston Advisors Equity Income	$	119,716
EQ/Calvert Socially Responsible	$	70,787
EQ/Capital Guardian Growth	$	994,487
EQ/Capital Guardian International	$	1,299,847
EQ/Capital Guardian Research	$	2,709,615
EQ/Capital Guardian U.S. Equity	$	1,992,404
EQ/Caywood-Scholl High-Yield Bond	$	253,909
EQ/Enterprise Capital Appreciation	$	214,782
EQ/Enterprise Deep Value**	$	5,589
EQ/Enterprise Global Socially Responsive	$	7,688
EQ/Enterprise Managed	$	1,638,579
EQ/Enterprise Multi-Cap Growth	$	240,785
EQ/Equity 500 Index	$	957,039
EQ/Evergreen Omega	$	295,483
EQ/FI Mid Cap	$	2,145,038
EQ/FI Small/Mid Cap Value	$	3,913,641
EQ/Government Securities*	$	122,911
EQ/High Yield**	$	1,164,828
EQ/Intermediate Term Bond*	$	71,172
EQ/International Equity Index, *	$	40,387
EQ/International Growth	$	187,523
EQ/J.P. Morgan Core Bond	$	1,852,144
EQ/J.P. Morgan Value Opportunities	$	1,812,081
EQ/Janus Large Cap Growth	$	1,083,002
EQ/Lazard Small Cap Value	$	2,604,776
EQ/Long Term Bond*	$	101,985
EQ/Marsico Focus	$	2,752,316
EQ/Mercury Basic Value Equity	$	3,469,351
EQ/Mercury International Value*	$	2,378,154
EQ/Mergers and Acquisitions**	$	5,262
EQ/MFS Emerging Growth Companies	$	2,770,075
EQ/MFS Investors Trust	$	853,677
EQ/Money Market	$	2,083,840
EQ/Montag & Caldwell Growth	$	712,597
EQ/MONY Diversified*	$	1,314
EQ/MONY Equity Growth*	$	1,158
EQ/MONY Equity Income*	$	9,091
EQ/MONY Money Market*	$	156,013


Portfolio***	Advisory Fee Paid
EQ/PIMCO Real Return	$	114,847
EQ/Short Duration Bond**	$	4,969
EQ/Small Company Index*	$	91,298
EQ/Small Company Value	$	1,318,561
EQ/TCW Equity Portfolio	$	959,238
EQ/Technology**	$	1,395,172
EQ/UBS Growth and Income	$	333,069
EQ/Van Kampen Emerging Markets Equity	$	2,180,431

No advisory fees were paid to Alliance on behalf of EQ/Small Company Index Portfolio or EQ/International Equity Index Portfolio prior to January 2, 2003. No advisory fees were paid to MLIM International (on behalf of EQ/Mercury International Value Portfolio) prior to December 12, 2003. No advisory fees were paid to Wells Capital Management, Lord Abbett or Van Kampen during the year ended December 31, 2003. No Advisory Fees were paid MONY Capital Management on behalf of EQ/MONY Equity Income Portfolio, EQ/MONY Equity Growth Portfolio, EQ/MONY Diversified Portfolio, EQ/Intermediate Term Bond Portfolio, EQ/Long Term Bond Portfolio, EQ/Government Securities Portfolio or EQ/MONY Money Market Portfolio prior to June 1, 2003. No advisory fees were paid to Boston Advisors on behalf of EQ/Short Duration Bond Portfolio during the year ended December 31, 2003. No advisory fees were paid to Bear Stearns on behalf of EQ/Bear Stearns Small Company Growth Portfolio, Capital Guardian on behalf of EQ/Capital Guardian Growth Portfolio, Montag & Caldwell on behalf of EQ/Enterprise Multi-Cap Growth Portfolio or J.P. Morgan on behalf of EQ/JP Morgan Value Opportunities Portfolio during the year ended December 31, 2003.

EQ/Enterprise Deep Value Portfolio, EQ/Enterprise Mergers and Acquisitions Portfolio and EQ/ Short Duration Bond Portfolio commenced operations on May 1, 2003. EQ/International Equity Index Portfolio was discontinued on May 2, 2003. EQ/Aggressive Stock, EQ/Balanced and EQ/High Yield were discontinued on August 15, 2003. The EQ/Technology Portfolio was discontinued on May 14, 2004.

***

CALENDAR YEAR ENDED DECEMBER 31, 2004


Portfolio****	Advisory Fee Paid
EQ/Alliance Common Stock	$	23,772,599
EQ/Alliance Growth and Income	$	7,897,665
EQ/Alliance Intermediate Government Securities	$	1,878,561
EQ/Alliance International	$	7,959,282
EQ/Alliance Large Cap Growth	$	5,297,594
EQ/Alliance Quality Bond	$	3,889,885
EQ/Alliance Small Cap Growth	$	4,972,391
EQ/Bear Stearns Small Company Growth*	$	118,593
EQ/Bernstein Diversified Value	$	4,354,112
EQ/Boston Advisors Equity Income	$	68,568
EQ/Calvert Socially Responsible	$	138,866
EQ/Capital Guardian Growth*	$	987,784
EQ/Capital Guardian International	$	2,628,305
EQ/Capital Guardian Research	$	3,421,751
EQ/Capital Guardian U.S. Equity	$	3,292,787


Portfolio****	Advisory Fee Paid
EQ/Caywood-Scholl High-Yield Bond	$	86,848
EQ/Enterprise Capital Appreciation	$	79,106
EQ/Enterprise Deep Value	$	7,761
EQ/Enterprise Global Socially Responsive	$	7,026
EQ/Enterprise Managed	$	522,300
EQ/Enterprise Multi-Cap Growth*	$	78,589
EQ/Equity 500 Index	$	1,185,864
EQ/Evergreen Omega	$	831,342
EQ/FI Mid Cap	$	4,016,384
EQ/FI Small/Mid Cap Value	$	5,459,765
EQ/Government Securities	$	62,467
EQ/Intermediate Term Bond	$	31,825
EQ/International Growth	$	68,064
EQ/J.P. Morgan Core Bond	$	2,073,155
EQ/J.P. Morgan Value Opportunities*	$	1,780,977
EQ/Janus Large Cap Growth	$	1,431,239
EQ/Lazard Small Cap Value	$	4,926,977
EQ/Long Term Bond	$	50,486
EQ/Marsico Focus	$	5,900,459
EQ/Mercury Basic Value Equity	$	6,154,433
EQ/Mercury International Value	$	2,945,897
EQ/Mergers and Acquisitions	$	11,699
EQ/MFS Emerging Growth Companies	$	3,011,452
EQ/MFS Investors Trust	$	1,120,471
EQ/Money Market	$	1,797,426
EQ/Montag & Caldwell Growth	$	254,812
EQ/MONY Diversified	$	826
EQ/MONY Equity Growth	$	726
EQ/MONY Equity Income	$	6,085
EQ/MONY Money Market	$	62,487
EQ/PIMCO Real Return	$	49,140
EQ/Short Duration Bond*	$	4,438
EQ/Small Company Index	$	203,912
EQ/Small Company Value	$	558,227
EQ/TCW Equity	$	359,500
EQ/Technology**	$	787,570
EQ/UBS Growth and Income	$	117,880
EQ/Van Kampen Emerging Markets Equity	$	3,801,057
EQ/Wells Fargo Montgomery Small Cap^, **	$	4,736

No advisory fees were paid to Lord Abbett, or Van Kampen on behalf of EQ/Van Kampen Comstock or EQ/Van Kampen Mid Cap Growth for the year ending December 31, 2004. No advisory fees were paid to Wells Capital Management prior to October 1, 2004 or Bear Stearns prior to December 13, 2004. No advisory fees were paid to J.P. Morgan on behalf of EQ/J.P. Morgan Value Opportunities Portfolio prior to December 13, 2004. No advisory fees were paid to Capital Guardian on behalf of EQ/Capital Guardian Growth Portfolio prior to December 13, 2004. No advisory fees were paid to Montag & Caldwell on behalf of EQ/Multi-Cap Growth Portfolio prior to December 13, 2004. No advisory fees were paid to Boston Advisors on behalf of the EQ/Short Duration Bond Portfolio prior to December 1, 2004.

**	The EQ/Technology Portfolio was discontinued on May 14, 2004.

***	The EQ/Wells Fargo Montgomery Small Cap Portfolio commenced operations on October 1, 2004.

****

The EQ/Lord Abbett Growth and Income Portfolio, EQ/Lord Abbett Large-Cap Core Portfolio, EQ/Lord Abbett Mid Cap Value Portfolio, EQ/Van Kampen Comstock Portfolio and EQ/Van Kampen Mid Cap Growth Portfolio commenced operations on May 1, 2005. Therefore, these Portfolios are not included in the table above because they had no operations in 2004.

The Manager recommends Advisers for each Portfolio to the Trustees based upon its continuing quantitative and qualitative evaluation of each Adviser’s skills in managing assets pursuant to specific investment styles and strategies. Unlike many other mutual funds, the Portfolios are not associated with any one portfolio manager, and benefit from independent specialists selected from the investment management industry. Short-term investment performance, by itself, is not a significant factor in selecting or terminating an Adviser, and the Manager does not expect to recommend frequent changes of Advisers. The Trust has received an exemptive order from the SEC (“Multi-Manager Order”) that permits the Manager, subject to certain conditions, to enter into Advisory Agreements with Advisers approved by the Trustees, but without the requirement of shareholder approval. Pursuant to the terms of the Multi-Manager Order, the Manager is able, subject to the approval of the Trustees, but without shareholder approval, to employ new Advisers for new or existing funds, change the terms of particular Advisory Agreements or continue the employment of existing Advisers after events that under the 1940 Act and the Advisory Agreements would cause an automatic termination of the agreement. However, the Manager may not enter into an advisory agreement with an “affiliated person” of the Manager (as that term is defined in Section 2(a)(3) of the 1940 Act) (“Affiliated Adviser”), such as Alliance Capital and Boston Advisors, unless the advisory agreement with the Affiliated Adviser, including compensation thereunder, is approved by the affected portfolio’s shareholders, including, in instances in which the advisory agreement pertains to a newly formed portfolio, the portfolio’s initial shareholder. Although shareholder approval would not be required for the termination of Advisory Agreements, shareholders of a portfolio would continue to have the right to terminate such agreements for the portfolio at any time by a vote of a majority of outstanding voting securities of the portfolio.


Portfolio		Name and Control Persons of the Sub-adviser
EQ/Alliance Common Stock EQ/Alliance Growth and Income EQ/Alliance Intermediate Government Securities EQ/Alliance International EQ/Alliance Large Cap Growth EQ/Alliance Quality Bond EQ/Alliance Small Cap Growth EQ/Bernstein Diversified Value EQ/Equity 500 Index EQ/Money Market EQ/Small Company Index		Alliance Capital, a limited partnership, is indirectly majority owned by, and therefore controlled by and affiliated with, AXA Equitable.
EQ/Bear Stearns Small Company Growth		Bear Stearns is a wholly owned subsidiary of the Bear Stearns Companies, Inc.
EQ/Calvert Socially responsible		Brown Capital
		Calvert is a subsidiary of Calvert Group Ltd., which is a subsidiary of Ameritas Acacia Mutual Holding Company.
EQ/Capital Guardian Growth EQ/Capital Guardian International EQ/Capital Guardian Research EQ/Capital Guardian U.S. Equity		Capital Guardian is a wholly owned subsidiary of Capital Group International, Inc., which itself is a wholly owned subsidiary of The Capital Group Companies, Inc.
EQ/Caywood-Scholl High-Yield Bond		Caywood-Scholl is a wholly owned subsidiary of RCM US Holdings LLC (“US Holdings”) and an affiliate of RCM Capital Management LLC. US Holdings is an indirect subsidiary of Allianz AG, a public company.
EQ/Enterprise Deep Value		Wellington Management is owned by its partners.
EQ/Enterprise Managed		Wellington Management is owned by its partners.


Portfolio		Name and Control Persons of the Sub-adviser
EQ/Enterprise Global Socially Responsive		Rockefeller is a subsidiary of Rockefeller Financial Services, Inc., which is owned by members of the Rockefeller family, directly and through a trust created for their benefit, and by senior professionals who share in ownership of Rockefeller through an equity participation plan.
EQ/Evergreen Omega		Evergreen is a registered investment adviser and a wholly owned subsidiary of Wachovia Corporation (formerly First Union Corporation), a publicly held company
EQ/FI Mid Cap EQ/FI Small/Mid Cap Value		FMR Corp., organized in 1972, is the ultimate parent company of FMR. The voting common stock of FMR Corp. is divided into two classes. Class B is held predominantly by members of the Edward C. Johnson 3d family and is entitled to 49% of the vote on any matter acted upon by the voting common stock.¹
EQ/FI Mid Cap EQ/FI Small/Mid Cap Value
EQ/International Growth		SSgAFM is a wholly owned subsidiary of State Street Corporation, a public company.
EQ/J.P. Morgan Core Bond EQ/JP Morgan Value Opportunities		J.P. Morgan is a registered investment adviser and is a wholly owned subsidiary of J.P. Morgan Fleming Asset Management Holdings, Inc. and an indirect wholly owned subsidiary of J.P. Morgan Chase & Co., a bank holding company.
EQ/Janus Large Cap Growth		Janus is a direct subsidiary of Janus Capital Group Inc., a publicly traded company with principal operations in the financial asset management business.
EQ/Lazard Small Cap Value		LAM is a subsidiary of Lazard Freres & Co. LLC (“Lazard Freres”) a New York limited liability company, which is registered as an investment adviser with the SEC.
EQ/Lord Abbett Growth and Income EQ/Lord Abbett Large Cap Core EQ/Lord Abbett Mid Cap Value		Lord Abbett is owned by its partners.
EQ/Marsico Focus EQ/Enterprise Capital Appreciation		Marsico is a wholly owned indirect subsidiary of Bank of America Corporation.
EQ/Mercury Basic Value Equity		Mercury, a Delaware limited partnership, is jointly owned by a general partner, Princeton Services, Inc., and a limited partner, Merrill Lynch & Co., Inc.
EQ/Mercury International Value		MLIM International is a company organized under the laws of England and Wales and is an indirect wholly owned subsidiary of Merrill Lynch & Co., Inc.
EQ/Mergers and Acquisitions EQ/Small Company Value		GAMCO is a wholly owned subsidiary of Gabelli Asset Management Inc.
EQ/MFS Emerging Growth Companies EQ/MFS Investors Trust		MFS is a subsidiary of Sun Life of Canada (U.S.) Financial Services Holdings Inc., which, in turn is an indirect wholly owned subsidiary of Sun Life Financial Services of Canada, a diversified financial services organization.
EQ/Montag & Caldwell Growth EQ/Enterprise Multi-Cap Growth		Montag & Caldwell is a subsidiary of ABN AMRO Asset Management Holdings, Inc., which is a wholly owned subsidiary of ABN AMRO North America Holding Company.
EQ/MONY Diversified EQ/MONY Equity Growth EQ/Boston Advisors Equity Income EQ/MONY Equity Income EQ/Government Securities EQ/Intermediate Term Bond EQ/Long Term Bond EQ/MONY Money Market EQ/Short Duration Bond		Boston Advisors is an affiliate of AXA Equitable and an indirect wholly-owned subsidiary of AXA Financial.



EQ/PIMCO Real Return		PIMCO, a Delaware limited liability company, is a majority-owned subsidiary of Allianz Global Investors of America L.P., (“AGI LP”). Allianz Aktiengesellschaft (“Allianz AG”) is the indirect majority owner of AGI LP. Allianz AG is a European-based, multinational insurance and financial services holding company. Pacific Life Insurance Company holds an indirect minority interest in AGI LP.
EQ/TCW Equity		TCW is a majority owned subsidiary of SG Asset Management, a wholly owned subsidiary of Societe Generale Group.
EQ/UBS Growth and Income		UBS Global AM is an indirect, wholly owned subsidiary of UBS AG.
EQ/Van Kampen Emerging Markets Equity EQ/Van Kampen Comstock EQ/Van Kampen Mid Cap Growth		MSIM Inc. (which in certain instances does business as “Van Kampen”) is a direct subsidiary of Morgan Stanley, a publicly held company.


Portfolio		Name and Control Persons of the Sub-adviser
EQ/Wells Fargo Montgomery Small Cap		Wells Capital Management is an indirect wholly-owned subsidiary of Wells Fargo & Company.

The Johnson family group and all other Class B shareholders have entered into a shareholders’ voting agreement under which all Class B shares will be voted in accordance with the majority vote of Class B shares. Under the 1940 Act, control of a company is presumed where one individual or group of individuals owns more than 25% of the voting stock of that company. Therefore, through their ownership of voting common stock and the execution of the shareholders’ voting agreement, members of the Johnson family may be deemed, under the 1940 Act, to form a controlling group with respect to FMR Corp.

Information regarding the Portfolio Managers’ compensation, other accounts managed by the Portfolio Managers’ and the Portfolio Managers’ ownership of shares of the Portfolios to the extent applicable is attached in Appendix C.

When a Portfolio has more than one Adviser, the assets of each Portfolio are allocated by the Manager among the Advisers selected for the Portfolio. Each Adviser has discretion, subject to oversight by the Trustees and the Manager, to purchase and sell portfolio assets, consistent with each Portfolio’s investment objectives, policies and restrictions and specific investment strategies developed by the Manager.

Generally, no Adviser provides any services to any Portfolio except asset management and related administrative and recordkeeping services. However, an Adviser or its affiliated broker-dealer may execute portfolio transactions for a Portfolio and receive brokerage commissions in connection therewith as permitted by Section 17(e) of the 1940 Act.

Personal Trading Policies

The Portfolios, the Manager and the Distributors each have adopted a code of ethics pursuant to rule 17j-1 under the 1940 Act, which permits personnel covered by the rule to invest in securities that may be purchased or held by a Portfolio but prohibits fraudulent, deceptive or manipulative conduct in connection with that personal investing. Each Adviser also has adopted a code of ethics under rule 17j-1. The Trust’s Board of Trustees reviews the administration of the codes of ethics at least annually and receives certification from each Adviser regarding compliance with the codes of ethics annually. The Codes of Ethics of the Trust, AXA Equitable, the Distributors and the Advisers have been filed as exhibits to the Trust’s Registration Statement.

The Administrator

Pursuant to an administrative agreement (“Mutual Funds Services Agreement”), AXA Equitable (“Administrator”) provides each Portfolio of the Trust with necessary administrative services. In addition, the Administrator makes available the office space, equipment, personnel and facilities required to provide such administrative services to the Trust. Pursuant to a sub-administration arrangement, the Manager relies on J.P. Morgan Investors Services Co. (“J.P. Morgan Services”) to provide the Trust with administrative services, including monitoring of portfolio compliance and portfolio accounting services.

The tables below show the fees paid by the Trust for administrative services during the years ended December 31, 2002, 2003 and 2004. Each Enterprise and MONY Portfolio is newly organized and had no investment operations of its own prior to July 9, 2004 but is the successor to a substantially similar investment company, as discussed in the Prospectus. During the years ended, December 31, 2002, 2003 and 2004, respectively, the Trust, paid the following fees to AXA Equitable for administrative services.

CALENDAR YEAR ENDED DECEMBER 31, 2002


Portfolio**	Administration Fee
EQ/Aggressive Stock*	$	810,263
EQ/Alliance Common Stock	$	2,675,269
EQ/Alliance Global*	$	300,095
EQ/Alliance Growth and Income	$	609,095
EQ/Alliance Growth Investors*	$	505,109
EQ/Alliance Intermediate Government Securities	$	201,339
EQ/Alliance International	$	134,026
EQ/Alliance Large Cap Growth	$	280,148
EQ/Alliance Quality Bond	$	158,454
EQ/Alliance Small Cap Growth	$	242,462
EQ/AXP New Dimensions*	$	20,008
EQ/AXP Strategy Aggressive*	$	19,781
EQ/Balanced*	$	881,182
EQ/Bernstein Diversified Value	$	230,228
EQ/Calvert Socially Responsible	$	32,914
EQ/Capital Guardian Growth	$	107,533
EQ/Capital Guardian International	$	58,433
EQ/Capital Guardian Research	$	73,409
EQ/Capital Guardian U.S. Equity	$	91,238
EQ/Equity 500 Index	$	734,593
EQ/Evergreen Omega	$	35,182
EQ/FI Mid Cap	$	93,643
EQ/FI Small/Mid Cap Value	$	187,408
EQ/Government Securities†	$	33,489
EQ/High Yield*	$	210,353
EQ/Intermediate Term Bond†	$	25,456
EQ/International Equity Index*	$	50,140
EQ/J.P. Morgan Core Bond	$	182,767
EQ/J.P. Morgan Value Opportunities	$	188,120
EQ/Janus Large Cap Growth	$	71,878
EQ/Lazard Small Cap Value	$	93,799
EQ/Long Term Bond†	$	38,243
EQ/Marsico Focus	$	50,350
EQ/Mercury Basic Value Equity	$	209,366
EQ/Mercury International Value	$	141,035
EQ/MFS Emerging Growth Companies	$	387,015
EQ/MFS Investors Trust	$	91,117
EQ/MFS Research*	$	182,391
EQ/Money Market	$	588,885
EQ/MONY Diversified†	$	478
EQ/MONY Equity Growth†	$	427
EQ/MONY Equity Income†	$	3,423
EQ/MONY Money Market†	$	95,316
EQ/Small Company Index	$	52,170


Portfolio**	Administration Fee
EQ/T. Rowe Price International Stock*	$	26,075
EQ/Technology*	$	105,006
EQ/Van Kampen Emerging Markets Equity	$	83,862

†	Reflects fees paid by predecessor portfolio to Enterprise Capital Management, Inc.

EQ/T. Rowe Price International Stock was discontinued on April 26, 2002. EQ/AXP New Dimensions and EQ/AXP Strategy Aggressive were discontinued on July 12, 2002. EQ/Alliance Global, EQ/Alliance Growth Investors and EQ/MFS Research Portfolios were discontinued on November 22, 2002. EQ/International Equity Index Portfolio was discontinued on May 2, 2003. EQ/Aggressive Stock, EQ/Balanced and EQ/High Yield were discontinued on August 15, 2003. The EQ/Technology Portfolio was discontinued on May 14, 2004.

CALENDAR YEAR ENDED DECEMBER 31, 2003


Portfolio**	Administration Fee
EQ/Aggressive Stock*	$	346,994
EQ/Alliance Common Stock	$	2,260,251
EQ/Alliance Growth and Income	$	640,803
EQ/Alliance Intermediate Government Securities	$	320,792
EQ/Alliance International	$	384,236
EQ/Alliance Large Cap Growth	$	252,001
EQ/Alliance Quality Bond	$	311,353
EQ/Alliance Small Cap Growth	$	255,709
EQ/Balanced*	$	727,787
EQ/Bernstein Diversified Value	$	331,761
EQ/Calvert Socially Responsible	$	35,071
EQ/Capital Guardian Growth	$	94,994
EQ/Capital Guardian International	$	90,506
EQ/Capital Guardian Research	$	238,070
EQ/Capital Guardian U.S. Equity	$	161,960
EQ/Equity 500 Index	$	784,700
EQ/Evergreen Omega	$	43,462
EQ/FI Mid Cap	$	163,984
EQ/FI Small/Mid Cap Value	$	275,498
EQ/Government Securities†	$	99,511
EQ/High Yield*	$	170,515
EQ/Intermediate Term Bond†	$	59,523
EQ/International Equity Index*	$	16,852
EQ/J.P. Morgan Core Bond	$	318,368
EQ/J.P. Morgan Value Opportunities	$	185,732
EQ/Janus Large Cap Growth	$	89,570
EQ/Lazard Small Cap Value	$	171,516
EQ/Long Term Bond†	$	82,803
EQ/Marsico Focus	$	203,574


Portfolio**	Administration Fee
EQ/Mercury Basic Value Equity	$	300,902
EQ/Mercury International Value	$	193,026
EQ/MFS Emerging Growth Companies	$	273,310
EQ/MFS Investors Trust	$	99,728
EQ/Money Market	$	612,200
EQ/MONY Diversified†	$	12,706
EQ/MONY Equity Growth†	$	12,677
EQ/MONY Equity Income†	$	13,919
EQ/MONY Money Market†	$	112,549
EQ/Small Company Index	$	75,757
EQ/Technology*	$	109,385
EQ/Van Kampen Emerging Markets Equity	$	101,591

†	Reflects fees paid by predecessor portfolio to Enterprise Capital Management, Inc.

*	EQ/International Equity Index Portfolio was discontinued on May 2, 2003. EQ/Aggressive Stock, EQ/Balanced and EQ/High Yield were discontinued on August 15, 2003. The EQ/Technology Portfolio was discontinued on May 14, 2004.

CALENDAR YEAR ENDED DECEMBER 31, 2004


Portfolio***	Administration Fee
EQ/Alliance Common Stock	$	2,651,022
EQ/Alliance Growth and Income	$	758,375
EQ/Alliance Intermediate Government Securities	$	284,603
EQ/Alliance International	$	478,872
EQ/Alliance Large Cap Growth	$	332,718
EQ/Alliance Quality Bond	$	542,420
EQ/Alliance Small Cap Growth	$	316,780
EQ/Bear Stearns Small Company Growth†	$	24,551
EQ/Bernstein Diversified Value	$	498,643
EQ/Boston Advisors Equity Income†	$	22,494
EQ/Calvert Socially Responsible	$	40,084
EQ/Capital Guardian Growth	$	102,037
EQ/Capital Guardian International	$	160,837
EQ/Capital Guardian Research	$	287,271
EQ/Capital Guardian U.S. Equity	$	269,087
EQ/Caywood-Scholl High-Yield Bond†	$	25,270
EQ/Enterprise Capital Appreciation†	$	20,883
EQ/Enterprise Deep Value†	$	15,067
EQ/Enterprise Global Socially Responsive†	$	14,931
EQ/Enterprise Managed†	$	93,561
EQ/Enterprise Multi-Cap Growth†	$	22,041
EQ/Equity 500 Index	$	945,508
EQ/Evergreen Omega	$	68,256
EQ/FI Mid Cap	$	282,178
EQ/FI Small/Mid Cap Value	$	370,232
EQ/Government Securities†	$	78,394
EQ/Intermediate Term Bond†	$	48,054


Portfolio***	Administration Fee
EQ/International Growth†	$	20,712
EQ/J.P. Morgan Core Bond	$	350,107
EQ/J.P. Morgan Value Opportunities	$	203,189
EQ/Janus Large Cap Growth	$	106,279
EQ/Lazard Small Cap Value	$	305,952
EQ/Long Term Bond†	$	65,516
EQ/Marsico Focus	$	423,369
EQ/Mercury Basic Value Equity	$	495,302
EQ/Mercury International Value	$	230,461
EQ/Mergers and Acquisitions†	$	15,314
EQ/MFS Emerging Growth Companies	$	280,791
EQ/MFS Investors Trust	$	117,997
EQ/Money Market	$	477,388
EQ/Montag & Caldwell Growth†	$	46,477
EQ/MONY Diversified†	$	27,662
EQ/MONY Equity Growth†	$	27,638
EQ/MONY Equity Income†	$	28,968
EQ/MONY Money Market†	$	85,157
EQ/PIMCO Real Return†	$	21,716
EQ/Short Duration Bond†	$	16,006
EQ/Small Company Index	$	135,854
EQ/Small Company Value†	$	65,872
EQ/TCW Equity†	$	47,672
EQ/Technology*	$	43,051
EQ/UBS Growth and Income†	$	29,955
EQ/Van Kampen Emerging Markets Equity	$	155,064
EQ/Wells Fargo Montgomery Small Cap**	$	7,789

†	Prior to July 9, 2004, reflects fees paid by predecessor portfolio to Enterprise Capital Management.

*	The EQ/Technology Portfolio was discontinued on May 14, 2004.

**	The EQ/Wells Fargo Montgomery Small Cap Portfolio commenced operations on October 1, 2004.

***

The EQ/Lord Abbett Growth and Income Portfolio, EQ/Lord Abbett Large-Cap Core Portfolio, EQ/Lord Abbett Mid-Cap Value Portfolio, EQ/Van Kampen Comstock Portfolio and EQ/Van Kampen Mid Cap Growth Portfolio commenced operations on May 1, 2005. Therefore, these Portfolios are not included in the table above because they had no operations in 2004.

The Distributors

The Trust has distribution agreements with AXA Advisors, LLC (“AXA Advisors”) and AXA Distributors, LLC (“AXA Distributors”) (each also referred to as a “Distributor,” and together “Distributors”), in which AXA Advisors and AXA Distributors serve as Distributors for the Trust’s Class IA shares and Class IB shares. AXA Advisors and AXA Distributors are each an indirect wholly-owned subsidiary of AXA Equitable and the address for each is 1290 Avenue of the Americas, New York, New York 10104.

The Trust’s distribution agreements with respect to the Class IA shares and Class IB shares of the Portfolios (“Distribution Agreements”) were reapproved by the Board of Trustees on July 8, 2004 with respect to each Portfolio (other than the EQ/Lord Abbett Growth and Income Portfolio, EQ/Lord Abbett Large Cap Core Portfolio, EQ/Lord Abbett Mid Cap Value Portfolio, EQ/Van Kampen Comstock Portfolio, EQ/Van Kampen Mid Cap Growth Portfolio and EQ/Wells Fargo Montgomery Small Cap Portfolio). The Distribution Agreements were approved by the Board of Trustees with respect to the EQ/Wells Fargo Small Company Growth Portfolio on September 8, 2004. The Distribution Agreements were approved by the Board of Trustees with respect to the EQ/Lord Abbett Growth and Income, EQ/Lord

Abbett Large Cap Core, EQ/Lord Abbett Mid Cap Value, EQ/Van Kampen Comstock and EQ/Van Kampen Mid Cap Growth Portfolios on March 11, 2005, 2005. The Distribution Agreements will remain in effect from year to year provided each Distribution Agreement’s continuance is approved annually by (i) a majority of the Trustees who are not parties to such agreement or “interested persons” (as defined in the 1940 Act) of the Trust or a Portfolio and, if applicable, who have no direct or indirect financial interest in the operation of the Class IB Distribution Plan or any such related agreement (“Independent Trustees”) and (ii) either by vote of a majority of the Trustees or a majority of the outstanding voting securities (as defined in the 1940 Act) of the Trust.

The Trust has adopted in the manner prescribed under Rule 12b-1 under the 1940 Act a plan of distribution pertaining to the Class IB shares of the Portfolios (“Class IB Distribution Plan”). The Trust’s Class IB shares may pay an annual distribution fee of up to 0.50% of their average daily net assets. However, under the Distribution Agreements, payments to the Distributors under the Class IB Distribution Plan are limited to payments at an annual rate equal to 0.25% of average daily net assets of a Portfolio attributable to its Class IB shares. There is no distribution plan with respect to Class IA shares and the Portfolios pay no distribution fees with respect to those shares. The Distributors or their affiliates for the Class IA shares will pay for printing and distributing prospectuses or reports prepared for their use in connection with the offering of the Class IA shares to prospective Contract owners and preparing, printing and mailing any other literature or advertising in connection with the offering of the Class IA shares to prospective Contract owners.

The Board of Trustees of the Trust, including the Independent Trustees, considered the reapproval of the Class IB Distribution Plan with respect to each Portfolio (other than the EQ/Lord Abbett Growth and Income Portfolio, EQ/Lord Abbett Large Cap Core Portfolio, EQ/Lord Abbett Mid Cap Value Portfolio, EQ/Van Kampen Comstock Portfolio, EQ/Van Kampen Mid Cap Growth Portfolio and EQ/Wells Fargo Montgomery Small Cap Portfolio) at a meeting on July 8, 2004, the approval of the Plan with respect to the EQ/Wells Fargo Small Cap Growth Portfolio at a meeting on September 8, 2004 and the approval of the Plan with respect to the EQ/Lord Abbett Growth and Income Portfolio, EQ/Lord Abbett Large Cap Core Portfolio, EQ/Lord Abbett Mid Cap Value Portfolio, EQ/Van Kampen Comstock Portfolio, EQ/Van Kampen Mid Cap Growth Portfolio at a meeting held on March 11, 2005. In connection with its consideration of the Class IB Distribution Plan, the Board of Trustees was furnished with a copy of the Class IB Distribution Plan and the related materials, including information related to the advantages and disadvantages of the Class IB Distribution Plan. Legal counsel for the Independent Trustees discussed the legal and regulatory considerations in readopting the Class IB Distribution Plan.

The Board of Trustees considered various factors in connection with its decision as to whether to approve or reapprove the Class IB Distribution Plan, including: (i) the nature and causes of the circumstances which make approval or continuation of the Class IB Distribution Plan, necessary and appropriate; (ii) the way in which the Class IB Distribution Plan would address those circumstances, including the nature and potential amount of expenditures; (iii) the nature of the anticipated benefits; (iv) the possible benefits of the Class IB Distribution Plan to any other person relative to those of the Trust; (v) the effect of the Class IB Distribution Plan on existing Contract owners; (vi) the merits of possible alternative plans or pricing structures; (vii) competitive conditions in the variable products industry; and (viii) the relationship of the Class IB Distribution Plan to other distribution efforts of the Trust.

Based upon its review of the foregoing factors and the materials presented to it, and in light of its fiduciary duties under the 1940 Act, the Board of Trustees, including the Independent Trustees, unanimously determined, in the exercise of its business judgment, that the Class IB Distribution Plan is reasonably likely to benefit the Trust and the shareholders of the Portfolios by among other things, providing broker-dealers with an incentive to sell additional shares of the Trust, thereby helping to satisfy the Trust’s liquidity needs and helping to increase the Trust’s investment flexibility. As such, the Trustees, including the Independent Trustees, approved the Plan and its continuance.

Pursuant to the Class IB Distribution Plan, the Trust compensates the Distributors from assets attributable to the Class IB shares for services rendered and expenses borne in connection with activities primarily

intended to result in the sale of that class of shares. Generally, the 12b-1 fees are paid to the Distributors on a monthly basis. A portion of the amounts received by the Distributors will be used to defray various costs incurred or paid by the Distributors in connection with the printing and mailing of Trust prospectuses, statements of additional information, and any supplements thereto and shareholder reports, and holding seminars and sales meetings with wholesale and retail sales personnel designed to promote the distribution of Class IB shares. The Distributors may also use a portion of the amounts received to provide compensation to financial intermediaries and third-party broker-dealers for their services in connection with the distribution of Class IB shares.

The Class IB Distribution Plan is of a type known as a “compensation” plan because payments are made for services rendered to the Trust with respect to a class of shares regardless of the level of expenditures by the Distributors. The Trustees, however, take into account such expenditures for purposes of reviewing operations under the Class IB Distribution Plan and in connection with their annual consideration of the Class IB Distribution Plan’s renewal. The Distributors’ expenditures include, without limitation: (a) the printing and mailing of Trust prospectuses, statements of additional information, any supplements thereto and shareholder reports for prospective Contract owners with respect to the Class IB shares of the Trust; (b) those relating to the development, preparation, printing and mailing of advertisements, sales literature and other promotional materials describing and/or relating to the Class IB shares of the Trust; (c) holding seminars and sales meetings designed to promote the distribution of Trust Class IB shares; (d) obtaining information and providing explanations to wholesale and retail distributors of Contracts regarding Trust investment objectives and policies and other information about the Trust and its Portfolios, including the performance of the Portfolios; (e) training sales personnel regarding the Class IB shares of the Trust; and (f) financing any other activity that the Distributors determine is primarily intended to result in the sale of Class IB shares.

AXA Equitable and the Distributors may use their respective past profits or other resources to pay for expenses incurred in connection with providing services intended to result in the sale of shares of the Trust and/or support services that benefit Contract owners, including payments of significant amounts made to intermediaries that provide those services. These services may include sales personnel training, prospectus review, marketing and related services.

The Distributors pay all fees and expenses in connection with their respective qualification and registration as a broker or dealer under federal and state laws. In the capacity of agent, each Distributor currently offers shares of each Portfolio on a continuous basis to the separate accounts of insurance companies offering the Contracts in all states in which the Portfolio or the Trust may from time to time be registered or where permitted by applicable law. AXA Advisors also serves as the Distributor for shares of the Trust to the Equitable Plan. Each Distribution Agreement provides that the Distributors shall accept orders for shares at net asset value without sales commissions or loads being charged. The Distributors have made no firm commitment to acquire shares of any Portfolio.

The Class IB Distribution Plan and any Rule 12b-1 related agreement that is entered into by the Trust or the Distributors of the Class IB shares in connection with the Class IB Distribution Plan will continue in effect for a period of more than one year only so long as continuance is specifically approved at least annually by a vote of a majority of the Trust’s Board of Trustees, and of a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on the Class IB Distribution Plan or any Rule 12b-1 related agreement, as applicable. In addition, the Class IB Distribution Plan and any Rule 12b-1 related agreement may be terminated as to Class IB shares of a Portfolio at any time, without penalty, by vote of a majority of the outstanding Class IB shares of the Portfolio or by vote of a majority of the Independent Trustees. The Class IB Distribution Plan also provides that it may not be amended to increase materially the amount (up to 0.50% of average daily net assets annually) that may be spent for distribution of Class IB shares of any Portfolio without the approval of Class IB shareholders of that Portfolio.

The table below shows the amount paid by each Portfolio (other than Enterprise and MONY Portfolios) to each of the Distributors pursuant to the Distribution Plan for the year ended December 31, 2004. Each Enterprise and MONY Portfolio is newly organized and has no investment operations of its own prior to July 9, 2004 but is the successor to a substantially similar investment company, as discussed in the Prospectus. The predecessor portfolios did not pay any fees pursuant to a Rule 12b-1 distribution plan.


Portfolio***	Distribution Fee Paid to AXA Advisors		Distribution Fee Paid to AXA Distributors		Total Distribution Fees
EQ/Alliance Common Stock	$	3,016,008	$	2,139,587	$	5,155,595
EQ/Alliance Growth and Income	$	2,101,187	$	999,349	$	3,100,536
EQ/Alliance Intermediate Government Securities	$	960,887	$	567,216	$	1,528,102
EQ/Alliance International	$	824,141	$	544,753	$	1,368,895
EQ/Alliance Large Cap Growth	$	985,106	$	778,050	$	1,763,156
EQ/Alliance Quality Bond	$	448,011	$	543,993	$	992,004
EQ/Alliance Small Cap Growth	$	706,782	$	720,954	$	1,427,736
EQ/Bear Stearns Small Company Growth	$	96,915	$	—	$	96,915
EQ/Bernstein Diversified Value	$	2,095,272	$	2,185,009	$	4,280,282
EQ/Boston Advisors Equity Income	$	76,837	$	—	$	76,837
EQ/Calvert Socially Responsible	$	43,014	$	56,002	$	99,017
EQ/Capital Guardian Growth	$	39,477	$	588,704	$	628,182
EQ/Capital Guardian International	$	214,994	$	949,689	$	1,164,683
EQ/Capital Guardian Research	$	1,065,530	$	1,264,017	$	2,329,547
EQ/Capital Guardian U.S. Equity	$	639,752	$	1,576,796	$	2,216,548
EQ/Caywood-Scholl High-Yield Bond	$	103,409	$	—	$	103,409
EQ/Enterprise Capital Appreciation	$	61,924	$	—	$	61,924
EQ/Enterprise Deep Value	$	6,767	$	—	$	6,767
EQ/Enterprise Global Socially Responsive	$	5,486	$	—	$	5,486
EQ/Enterprise Managed	$	750,546	$	—	$	750,546
EQ/Enterprise Multi-Cap Growth	$	72,914	$	—	$	72,914
EQ/Equity 500 Index	$	1,415,555	$	2,914,446	$	4,330,001
EQ/Evergreen Omega	$	139,791	$	237,809	$	377,600
EQ/FI Mid Cap	$	1,185,941	$	1,155,058	$	2,340,998
EQ/FI Small/Mid Cap Value	$	2,086,661	$	948,317	$	3,034,978
EQ/Government Securities	$	—	$	—	$	—
EQ/Intermediate Term Bond	$	—	$	—	$	—
EQ/International Growth	$	60,352	$	—	$	60,352
EQ/J.P. Morgan Core Bond	$	656,204	$	2,177,350	$	2,833,554
EQ/J.P. Morgan Value Opportunities	$	380,182	$	1,149,995	$	1,530,177
EQ/Janus Large Cap Growth	$	319,449	$	374,715	$	694,164
EQ/Lazard Small Cap Value	$	717,882	$	1,344,019	$	2,061,901
EQ/Long Term Bond	$	—	$	—	$	—
EQ/Marsico Focus	$	1,140,205	$	1,469,897	$	2,610,102
EQ/Mercury Basic Value Equity	$	2,053,247	$	1,120,190	$	3,173,437
EQ/Mercury International Value	$	820,866	$	973,344	$	1,794,210
EQ/Mergers and Acquisitions	$	9,110	$	—	$	9,110
EQ/MFS Emerging Growth Companies	$	1,686,202	$	612,834	$	2,299,036
EQ/MFS Investors Trust	$	128,165	$	671,688	$	799,853
EQ/Money Market	$	908,030	$	1,313,464	$	2,221,494
EQ/Montag & Caldwell Growth	$	304,124	$	—	$	304,124
EQ/MONY Diversified	$	—	$	—	$	—
EQ/MONY Equity Growth	$	—	$	—	$	—
EQ/MONY Equity Income	$	—	$	—	$	—


Portfolio***	Distribution Fee Paid to AXA Advisors		Distribution Fee Paid to AXA Distributors		Total Distribution Fees
EQ/MONY Money Market	$	—	$	—	$	—
EQ/PIMCO Real Return	$	69,778	$	—	$	69,778
EQ/Short Duration Bond	$	15,660	$	—	$	15,660
EQ/Small Company Index	$	432,337	$	553,887	$	986,223
EQ/Small Company Value	$	489,319	$	—	$	489,319
EQ/TCW Equity	$	315,842	$	—	$	315,842
EQ/Technology*	$	99,132	$	209,827	$	308,959
EQ/UBS Growth and Income	$	147,947	$	—	$	147,947
EQ/Van Kampen Emerging Markets Equity	$	750,433	$	418,746	$	1,169,180
EQ/Wells Fargo Montgomery Small Cap**	$	—	$	1,906	$	1,906

*	The EQ/Technology Portfolio was discontinued on May 14, 2004.

**	The EQ/Wells Fargo Montgomery Small Cap Portfolio commenced operations on October 1, 2004.

***

The EQ/Lord Abbett Growth and Income Portfolio, EQ/Lord Abbett Large Cap Core Portfolio, EQ/Lord Abbett Mid Cap Value Portfolio, EQ/Van Kampen Comstock Portfolio and EQ/Van Kampen Growth Portfolio commenced operations on May 1, 2005. Because they had no operations in 2004 these Portfolios are not included in the table above.

BROKERAGE ALLOCATION AND OTHER STRATEGIES

Brokerage Commissions

The Portfolios are charged for securities brokers’ commissions, transfer taxes and similar fees relating to securities transactions. The Manager and each of the Advisers, as appropriate, seek to obtain the best net price and execution on all orders placed for the Portfolios, considering all the circumstances except to the extent they may be permitted to pay higher commissions as described below.

It is expected that securities will ordinarily be purchased in the primary markets, whether over the counter or listed, and that listed securities may be purchased in the over the counter market if that market is deemed the primary market.

Transactions on stock exchanges involve the payment of brokerage commissions. In transactions on stock exchanges in the United States, these commissions are negotiated, whereas on many foreign stock exchanges these commissions are fixed. However, brokerage commission rates in certain countries in which the Portfolios may invest may be discounted for certain large domestic and foreign investors such as the Portfolios. A number of foreign banks and brokers will be used for execution of each Portfolio’s portfolio transactions. In underwritten offerings, the price generally includes a disclosed fixed commission or discount.

The research services include economic, market, industry and company research material. Based upon an assessment of the value of research and other brokerage services provided, proposed allocations of brokerage for commission transactions are periodically prepared internally.

The Board of Trustees has approved a Statement of Directed Brokerage Policies and Procedures for the Trust pursuant to which the Trust may direct the Manager to cause Advisers to effect securities transactions through broker-dealers in a manner that would help to generate resources to pay the cost of certain expenses which the Trust is required to pay or for which the Trust is required to arrange payment pursuant to the Management Agreement (“Directed Brokerage”). The Trustees will review the levels of Directed Brokerage for each Portfolio on a quarterly basis. A Portfolio may seek to recapture only soliciting broker-dealer fees on the tender of portfolio securities. From time to time, the Trustees will review whether the recapture for the benefit of the Portfolios of some portion of the brokerage commissions or similar fees paid by the Portfolios on portfolio transactions is legally permissible and advisable.

Commissions charged by brokers that provide research services may be somewhat higher than commissions charged by brokers that do not provide research services. As permitted by Section 28(e) of the Securities Exchange Act of 1934 (“1934 Act”) and by policies adopted by the Trustees, the Manager and Advisers may cause the Trust to pay a broker-dealer that provides brokerage and research services to the Manager and Advisers an amount of commission for effecting a securities transaction for the Trust in excess of the commission another broker-dealer would have charged for effecting that transaction. To obtain the benefit of Section 28(e), the Manager or the relevant Adviser must make a good faith determination that the commissions paid are reasonable in relation to the value of the brokerage and research services provided viewed in terms of either that particular transaction or its overall responsibilities with respect to the accounts as to which it exercises investment discretion and that the services provided by a broker provide the Manager or the Adviser with lawful and appropriate assistance in the performance of its investment decision-making responsibilities. Accordingly, the price to a Portfolio in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the portfolio execution services offered.

Certain Advisers may also receive research or research credits from brokers which are generated from underwriting commissions when purchasing new issues of fixed income securities or other assets for a portfolio in underwritten fixed price offerings. In these situations, the underwriter or selling group member may provide an Adviser with research in addition to selling the securities (at the fixed public offering price) to the portfolio. Because the offerings are conducted at a fixed price, the ability to obtain research from a broker-dealer in this situation provides knowledge that may benefit the portfolio, Adviser’s other clients and the Adviser without incurring additional costs. These arrangements may not fall within the safe harbor of Section 28(e) because the broker-dealer is considered to be acting in a principal capacity in underwritten transactions. However, the NASD has adopted rules expressly permitting broker-dealers to provide bona fide research to advisers in connection with fixed price offerings under certain circumstances.

The overall reasonableness of commissions paid will be evaluated by rating brokers on such general factors as execution capabilities, anonymity, quality of research (that is, quantity and quality of information provided, diversity of sources utilized, nature and frequency of communication, professional experience, analytical ability and professional stature of the broker) and financial standing, as well as the net results of specific transactions, taking into account such factors as price, promptness, confidentiality, size of order and difficulty of execution. The research services obtained will, in general, be used by the Manager and Advisers for the benefit of all accounts for which the responsible party makes investment decisions. The receipt of research services from brokers will tend to reduce the Manager’s and Advisers’ expenses in managing the Portfolios. For the fiscal year ended December 31, 2004, certain of the Advisers allocated a substantial portion of their applicable Portfolio’s brokerage business to brokers that provided such research services.

During the years ended December 31, 2002, 2003 and 2004, respectively, the Portfolios paid the amounts indicated in brokerage commissions:

CALENDAR YEAR ENDED DECEMBER 31, 2002


Portfolio**	Brokerage Commissions Paid
EQ/Aggressive Stock*	$	6,325,893
EQ/Alliance Common Stock	$	39,763,974
EQ/Alliance Global*	$	2,475,831
EQ/Alliance Growth and Income	$	5,223,002
EQ/Alliance Growth Investors*	$	1,832,712
EQ/Alliance Intermediate Government Securities	$	25,164
EQ/Alliance International	$	1,163,710
EQ/Alliance Large Cap Growth	$	2,728,875
EQ/Alliance Quality Bond	$	—
EQ/Alliance Small Cap Growth	$	3,054,920
EQ/AXP New Dimensions*	$	10,170
EQ/AXP Strategy Aggressive*	$	25,485
EQ/Balanced*	$	3,470,583
EQ/Bear Stearns Small Company Growth	$	109,669
EQ/Bernstein Diversified Value	$	939,778
EQ/Boston Advisors Equity Income	$	50,856
EQ/Calvert Socially Responsible	$	31,675
EQ/Capital Guardian Growth	$	821,752
EQ/Capital Guardian International	$	130,059
EQ/Capital Guardian Research	$	1,463,172
EQ/Capital Guardian U.S. Equity	$	433,628
EQ/Caywood-Scholl High Yield Bond	$	—
EQ/Enterprise Capital Appreciation	$	127,895
EQ/Enterprise Global Socially Responsive**	$	4,458
EQ/Enterprise Managed	$	1,607,196
EQ/Enterprise Multi-Cap Growth	$	421,687
EQ/Equity 500 Index	$	160,168
EQ/Evergreen Omega	$	104,251
EQ/FI Mid Cap	$	2,164,611
EQ/FI Small/Mid Cap Value	$	1,783,996
EQ/Government Securities	$	—
EQ/High Yield*	$	7,261
EQ/Intermediate Term Bond	$	—
EQ/International Equity Index*	$	44,667
EQ/International Growth	$	251,425
EQ/J.P. Morgan Core Bond	$	190,826
EQ/J.P. Morgan Value Opportunities	$	690,349
EQ/Janus Large Cap Growth	$	269,652
EQ/Lazard Small Cap Value	$	1,210,615
EQ/Long Term Bond	$	—
EQ/Marsico Focus	$	328,864
EQ/Mercury Basic Value Equity	$	1,758,338
EQ/Mercury International Value	$	955,861
EQ/MFS Emerging Growth Companies	$	3,897,507
EQ/MFS Investors Trust	$	437,274
EQ/MFS Research*	$	1,807,297


Portfolio**	Brokerage Commissions Paid
EQ/Money Market	$	—
EQ/Montag & Caldwell Growth	$	291,251
EQ/MONY Diversified	$	1,967
EQ/MONY Equity Growth	$	1,708
EQ/MONY Equity Income	$	13,892
EQ/MONY Money Market	$	—
EQ/PIMCO Real Return	$	—
EQ/Small Company Index	$	64,287
EQ/Small Company Value	$	169,571
EQ/TCW Equity	$	187,781
EQ/T. Rowe Price International Stock*	$	134,953
EQ/Technology*	$	961,317
EQ/UBS Growth and Income	$	86,483
EQ/Van Kampen Emerging Markets Equity	$	755,402

EQ/T. Rowe Price International Stock was discontinued on April 26, 2002. EQ/AXP New Dimensions and EQ/AXP Strategy Aggressive were discontinued on July 12, 2002. EQ/Alliance Global, EQ/Alliance Growth Investors and EQ/MFS Research Portfolios were discontinued on November 22, 2002. EQ/International Equity Index Portfolio was discontinued on May 2, 2003. EQ/Aggressive Stock, EQ/Balanced and EQ/High Yield were discontinued on August 15, 2003. The EQ/Technology Portfolio was discontinued on May 14, 2004.

The predecessor portfolio to EQ/Enterprise Global Socially Responsive Portfolio and EQ/PIMCO Real Return Portfolio commenced operations on January 24, 2002. The EQ/Enterprise Deep Value Portfolio, EQ/Mergers and Acquisitions Portfolio, EQ/Lord Abbett Growth and Income Portfolio, EQ/Lord Abbett Large Cap Core Portfolio, EQ/Lord Abbett Mid Cap Value Portfolio, EQ/Short Duration Bond Portfolio, EQ/Van Kampen Comstock Portfolio, EQ/Van Kampen Mid Cap Growth Portfolio and EQ/Wells Fargo Montgomery Small Cap Portfolio are not included in the table above because they had no operations during 2002.

CALENDAR YEAR ENDED DECEMBER 31, 2003


Portfolio**	Brokerage Commissions Paid
EQ/Aggressive Stock*	$	7,055,777
EQ/Alliance Common Stock	$	25,341,176
EQ/Alliance Growth and Income	$	3,507,629
EQ/Alliance Intermediate Government Securities	$	—
EQ/Alliance International	$	2,541,330
EQ/Alliance Large Cap Growth	$	2,053,338
EQ/Alliance Quality Bond	$	—
EQ/Alliance Small Cap Growth	$	3,150,193
EQ/Balanced*	$	4,225,582
EQ/Bear Stearns Small Company Growth Portfolio	$	311,745
EQ/Bernstein Diversified Value	$	1,577,654
EQ/Boston Advisors Equity Income Portfolio	$	104,128
EQ/Calvert Socially Responsible	$	58,331
EQ/Capital Guardian Growth	$	430,403
EQ/Capital Guardian International	$	357,931
EQ/Capital Guardian Research	$	703,480
EQ/Capital Guardian U.S. Equity	$	659,530
EQ Caywood-Scholl High Yield Bond	$	—
EQ/Enterprise Capital Appreciation	$	105,584


Portfolio**	Brokerage Commissions Paid
EQ/Enterprise Deep Value**	$	2,530
EQ/Enterprise Global Socially Responsive	$	6,451
EQ/Enterprise Managed	$	999,460
EQ/Enterprise Multi-Cap Growth	$	340,965
EQ/Equity 500 Index	$	253,288
EQ/Evergreen Omega	$	361,921
EQ/FI Mid Cap	$	3,454,535
EQ/FI Small/Mid Cap Value	$	3,711,988
EQ/Government Securities	$	—
EQ/High Yield*	$	22,030
EQ/Intermediate Term Bond	$	—
EQ/International Equity Index*	$	92,128
EQ/International Growth	$	44,314
EQ/J.P. Morgan Core Bond	$	195,295
EQ/J.P. Morgan Value Opportunities	$	661,490
EQ/Janus Large Cap Growth	$	265,135
EQ/Lazard Small Cap Value	$	2,380,313
EQ/Long Term Bond	$	—
EQ/Marsico Focus	$	1,720,608
EQ/Mercury Basic Value Equity	$	1,676,199
EQ/Mercury International Value	$	2,329,445
EQ/Mergers and Acquisitions**	$	3,585
EQ/MFS Emerging Growth Companies	$	2,859,835
EQ/MFS Investors Trust	$	631,208
EQ/Money Market	$	—
EQ/Montag & Caldwell Growth	$	243,062
EQ/MONY Diversified	$	2,613
EQ/MONY Equity Growth	$	2,328
EQ/MONY Equity Income	$	26,105
EQ/MONY Money Market	$	—
EQ/PIMCO Real Return	$	—
EQ/Short Duration Bond**	$	—
EQ/Small Company Index	$	360,405
EQ/Small Company Value	$	145,158
EQ/TCW Equity	$	203,666
EQ/Technology*	$	1,637,275
EQ/UBS Growth and Income	$	217,958
EQ/Van Kampen Emerging Markets Equity	$	1,116,255

*	EQ/International Equity Index Portfolio was discontinued on May 2, 2003. EQ/Aggressive Stock, EQ/Balanced and EQ/High Yield were discontinued on August 15, 2003. The EQ/Technology Portfolio was discontinued on May 14, 2004.

The predecessor portfolios to EQ/Enterprise Deep Value Portfolio, EQ/Mergers and Acquisitions Portfolio, and EQ/Short Duration Bond Portfolio commenced operations on May 1, 2003. The EQ/Lord Abbett Growth and Income Portfolio, EQ/Lord Abbett Large Cap Core Portfolio, EQ/Lord Abbett Mid Cap Value Portfolio, EQ/Van Kampen Comstock Portfolio, EQ/Van Kampen Mid Cap Growth Portfolio and EQ/Wells Fargo Montgomery Small Cap Portfolio are not included in the table above because they had no operations during 2003.

CALENDAR YEAR ENDED DECEMBER 31, 2004


Portfolio***	Brokerage Commissions Paid
EQ/Alliance Common Stock	$	18,571,487
EQ/Alliance Growth and Income	$	2,752,521
EQ/Alliance Intermediate Government Securities	$	—
EQ/Alliance International	$	3,159,357
EQ/Alliance Large Cap Growth	$	2,259,525
EQ/Alliance Quality Bond	$	—
EQ/Alliance Small Cap Growth	$	2,653,331
EQ/Bear Stearns Small Company Growth	$	544,055
EQ/Bernstein Diversified Value	$	2,025,292
EQ/Boston Advisors Equity Income	$	120,689
EQ/Calvert Socially Responsible	$	46,795
EQ/Capital Guardian Growth	$	823,997
EQ/Capital Guardian International	$	616,915
EQ/Capital Guardian Research	$	447,013
EQ/Capital Guardian U.S. Equity	$	509,225
EQ/Caywood-Scholl High Yield	$	3,735
EQ/Equity 500 Index	$	82,828
EQ/Enterprise Capital Appreciation	$	94,881
EQ/Enterprise Deep Value	$	4,954
EQ/Enterprise Global Socially Responsive	$	7,242
EQ/Enterprise Managed	$	922,913
EQ/Enterprise Multi-Cap Growth	$	490,340
EQ/Evergreen Omega	$	629,453
EQ/FI Mid Cap	$	4,384,284
EQ/FI Small/Mid Cap Value	$	3,248,373
EQ/Government Securities	$	—
EQ/Intermediate Term Bond	$	—
EQ/International Growth	$	169,865
EQ/J.P. Morgan Core Bond	$	192,636
EQ/J.P. Morgan Value Opportunities	$	1,490,939
EQ/Janus Large Cap Growth	$	342,073
EQ/Lazard Small Cap Value	$	4,543,192
EQ/Long Term Bond	$	—
EQ/Marsico Focus	$	3,289,871
EQ/Mercury Basic Value Equity	$	3,425,742
EQ/Mercury International Value	$	1,381,308
EQ/Mergers and Acquisitions	$	16,793
EQ/MFS Emerging Growth Companies	$	2,865,910
EQ/MFS Investors Trust	$	665,831
EQ/Money Market	$	—
EQ/Montag & Caldwell Growth	$	292,797
EQ/MONY Diversified	$	4,189
EQ/MONY Equity Growth	$	3,939
EQ/MONY Equity Income	$	20,390
EQ/MONY Money Market	$	—
EQ/PIMCO Real Return	$	5,334
EQ/Short Duration Bond	$	—
EQ/Small Company Index	$	274,699
EQ/Small Company Value	$	244,815


Portfolio***	Brokerage Commissions Paid
EQ/TCW Equity	$	207,412
EQ/Technology*	$
EQ/UBS Growth and Income	$	135,494
EQ/Van Kampen Emerging Markets Equity	$	1,444,070
EQ/Wells Fargo Montgomery Small Cap**	$	12,780

*	The EQ/Technology Portfolio was discontinued on May 14, 2004.

**	EQ/Wells Fargo Montgomery Small Cap Portfolio commenced operations on October 1, 2004.

***

The EQ/Lord Abbett Growth and Income Portfolio, EQ/Lord Abbett Large Cap Core Portfolio, EQ/Lord Abbett Mid Cap Value Portfolio, EQ/Van Kampen Comstock Portfolio and EQ/Van Kampen Mid Cap Growth Portfolio commenced operations May 1, 2005. Therefore, these Portfolios are not included in the table above because they had no operations in 2004.

Brokerage Transactions with Affiliates

To the extent permitted by law and in accordance with procedures established by the Trust’s Board of Trustees, the Trust may engage in brokerage transactions with brokers that are affiliates of the Manager, including Sanford C. Bernstein & Co., LLC (“Bernstein”), and Advest Inc., or Advisers, with brokers who are affiliates of such brokers, or with unaffiliated brokers who trade or clear through affiliates of the Manager or Advisers. The 1940 Act generally prohibits the Trust from engaging in principal securities transactions with brokers that are affiliates of the Manager and Advisers or affiliates of such brokers, unless pursuant to an exemptive order from the SEC. The Trust relies on exemptive relief from the SEC that permits mutual funds managed by the Manager and advised by multiple advisers to engage in principal and brokerage transactions with a broker dealer affiliated with an adviser to the same Portfolio. The Trust has adopted procedures, prescribed by the 1940 Act, which are reasonably designed to provide that any commissions or other remuneration it pays to brokers that are affiliates of the Manager and brokers that are affiliates of an Adviser to a Portfolio for which that Adviser provides investment advice do not exceed the usual and customary broker’s commission. In addition, the Trust will adhere to the requirements under the 1934 Act governing floor trading. Also, because of securities law limitations, the Trust will limit purchases of securities in a public offering, if such securities are underwritten by brokers that are affiliates of the Manager and Advisers or their affiliates.

During the years ended December 31, 2002, 2003 and 2004, respectively, the following Portfolios paid the amounts indicated to the affiliated broker-dealers of the Manager or affiliates of the Advisers to each Portfolio.

CALENDAR YEAR ENDED DECEMBER 31, 2002


Portfolio**	Affiliated Broker-Dealer	Aggregate Brokerage Commissions Paid		Percentage of Total Brokerage Commissions	Percentage of Transactions (Based On Dollar Amounts)

EQ/Aggressive Stock*	Bernstein	$	45,549	0.72%	0.30%

	Bank of America Corp.	$	315	0.00%	0.00%

EQ/Alliance Common Stock	Bernstein	$	4,051,810	10.19%	2.51%

EQ/Alliance Growth and Income	Bernstein	$	274,243	5.25%	0.81%

EQ/Alliance Growth Investors*	Bernstein	$	251,817	13.74%	14.77%

EQ/Alliance Large Cap Growth	Bernstein	$	1,640	0.06%	0.02%

EQ/Alliance Small Cap Growth	Bernstein	$	18,895	0.62%	0.25%

EQ/Balanced*	Bernstein	$	92,022	2.65%	0.05%

	Merrill Lynch & Co., Inc.	$	93,974	2.71%	0.75%


Portfolio**	Affiliated Broker-Dealer	Aggregate Brokerage Commissions Paid		Percentage of Total Brokerage Commissions	Percentage of Transactions (Based On Dollar Amounts)

EQ/Bernstein Diversified Value	Bernstein	$	487,258	51.85%	25.03%

EQ/Capital Guardian Growth	Bernstein	$	281	0.03%	0.01%

EQ/Enterprise Capital Appreciation	Bank of America Securities	$	6,737	5.3%	0.01%

EQ/Enterprise Multi-Cap Growth	Fred Alger & Co.	$	300,063	72.73%	0.41%

EQ/Evergreen Omega	Bernstein	$	735	0.71%	0.78%

	Wachovia Bank	$	1,220	1.17%	1.12%

EQ/Marsico Focus	Bernstein	$	1,229	0.37%	0.38%

	Bank of America Corp.	$	13,579	4.13%	3.02%

EQ/Mercury Basic Value Equity	Bernstein	$	58,891	3.35%	0.08%

	Merrill Lynch	$	270,873	15.41%	0.89%

EQ/Small Company Value	Gabelli & Co., Inc.	$	138,014	81.40%	0.04%

EQ/Technology*	Bernstein	$	24,408	2.54%	1.11%

EQ/Van Kampen Emerging Markets Equity	Morgan Stanley	$	7,151	0.95%	0.82%

*	EQ/Alliance Growth Investors was discontinued on November 22, 2002. EQ/Aggressive Stock and EQ/Balanced were discontinued on August 15, 2003. The EQ/Technology Portfolio was discontinued on May 14, 2004.

The EQ/Enterprise Deep Value Portfolio, EQ/Mergers and Acquisitions Portfolio, EQ/Lord Abbett Growth and Income Portfolio, EQ/Lord Abbett Large Cap Core Portfolio, EQ/Lord Abbett Mid Cap Value Portfolio, EQ/Short Duration Bond Portfolio, EQ/Van Kampen Comstock Portfolio, EQ/Van Kampen Mid Cap Growth Portfolio and EQ/Wells Fargo Montgomery Small Cap Portfolio are not included in the table above because they had no operations during 2002.

CALENDAR YEAR ENDED DECEMBER 31, 2003


Portfolio**	Affiliated Broker-Dealer	Aggregate Brokerage Commissions Paid		Percentage of Total Brokerage Commissions	Percentage of Transactions (Based On Dollar Amounts)

EQ/Aggressive Stock*	Bernstein	$	9,908	0.14%	0.48%

EQ/Alliance Common Stock	Bernstein	$	3,428,519	13.53%	12.15%

EQ/Alliance Growth and Income	Bernstein	$	103,095	2.94%	3.00%

EQ/Alliance Large Cap Growth	Bernstein	$	62,044	3.02%	4.24%

EQ/Alliance Small Cap Growth	Bernstein	$	3,355	0.11%	0.12%

EQ/Balanced*	Bernstein	$	200,798	4.75%	0.93%

	Merrill Lynch & Co., Inc.	$	25,725	0.61%	0.16%

EQ/Bernstein Diversified Value	Bernstein	$	772,261	48.95%	53.45%

EQ/Enterprise Multi-Cap Growth	Fred Alger & Co.	$	172,566	50.61%	0.09%

EQ/Evergreen Omega	Bernstein	$	1,775	0.49%	0.58%

	Wachovia Bank	$	1,243	0.34%	0.29%

EQ/FI Small/Mid Cap Value	Fidelity Investments	$	294	0.01%	0.02%


Portfolio**	Affiliated Broker-Dealer	Aggregate Brokerage Commissions Paid		Percentage of Total Brokerage Commissions	Percentage of Transactions (Based On Dollar Amounts)

EQ/International Growth	State Street Securities Global Markets, LLC	$	2,073	4.68%	0.00%

EQ/Marsico Focus	Bernstein	$	22,246	1.29%	1.11%

EQ/Mercury Basic Value Equity	Bernstein	$	79,310	4.73%	2.35%

	Merrill Lynch	$	214,443	12.79%	10.55%

EQ/Small Company Value	Gabelli & Co., Inc.	$	119,220	82.13%	0.26%

EQ/Technology*	Bernstein	$	30,509	1.86%	1.64%

EQ/UBS Growth and Income	UBS Securities	$	3,295	1.51%	0.00%

EQ/Van Kampen Emerging Markets Equity	Morgan Stanley	$	9,891	0.86%	0.20%

*	EQ/Aggressive Stock and EQ/Balanced were discontinued on August 15, 2003. The EQ/Technology Portfolio was discontinued on May 14, 2004.

CALENDAR YEAR ENDED DECEMBER 31, 2004


Portfolio***	Affiliated Broker-Dealer	Aggregate Brokerage Commissions Paid		Percentage of Total Brokerage Commissions	Percentage of Transactions (Based On Dollar Amounts)

EQ/Alliance Common Stock	Sanford C. Bernstein	$	1,664,569	1.78%	10.79%

EQ/Alliance Growth and Income	Sanford C. Bernstein	$	153,210	1.96%	5.28%

EQ/Alliance International	Sanford C. Bernstein	$	25,127	0.73%	0.45%

EQ/Alliance Large Cap Growth	Sanford C. Bernstein	$	122,491	0.72%	4.04%

EQ/Alliance Small Cap Growth	Sanford C. Bernstein	$	65,907	0.11%	1.06%

EQ/Bernstein Diversified Value	Sanford C. Bernstein	$	879,801	9.51%	46.77%

EQ/Calvert Socially Responsible	Sanford C. Bernstein	$	124	0.00%	0.40%

EQ/Capital Guardian International	Sanford C. Bernstein	$	704	0.00%	0.00%

EQ/Enterprise Capital Appreciation	Sanford C. Bernstein	$	330	0.35%	0.20%

EQ/Enterprise Deep Value	Sanford C. Bernstein	$	18	0.36%	0.05%

EQ/Enterprise Global Socially Responsive	Sanford C. Bernstein	$	16	0.22%	0.09%

EQ/Enterprise Managed	Sanford C. Bernstein	$	2,467	0.27%	0.03%

EQ/Enterprise Multi-Cap Growth	Fred Alger & Co.	$	139,448	28.44%	3.93%

	Sanford C. Bernstein	$	944	0.19%	0.08%

EQ/Evergreen Omega	Sanford C. Bernstein	$	1,120	0.00%	0.21%

	Wachovia Bank	$	312	0.00%	0.02%


Portfolio***	Affiliated Broker-Dealer	Aggregate Brokerage Commissions Paid		Percentage of Total Brokerage Commissions	Percentage of Transactions (Based On Dollar Amounts)

EQ/International Growth	State Street Bank & Trust	$	18,724	11.02%	13.29%

EQ/International Growth	State Street Securities	$	18,724	11.02%	13.29%

EQ/Lazard Small Cap Value	Lazard Freres	$	2,330	0.00%	0.09%

EQ/Marsico Focus	Sanford C. Bernstein	$	56,960	0.00%	1.91%

EQ/Mercury Basic Value Equity	Sanford C. Bernstein	$	53,331	0.17%	1.68%

	Merrill Lynch	$	423,086	3.77%	10.71%

EQ/Mercury International	Merrill Lynch & Co.	$	16,293	1.18%	1.05%

	Sanford C. Bernstein	$	12,264	0.36%	0.66%

EQ/Mergers & Acquisition	Gabelli	$	7,358	43.81%	4.08%

EQ/MFS Emerging Growth Companies	Advest Inc.†	$	1,436	0.00%	0.06%

EQ/Montag & Caldwell Growth	Sanford C. Bernstein	$	5,860	2.00%	0.29%

EQ/Small Company Value	Gabelli & Co., Inc.	$	165,020	67.41%	1.37%

EQ/TCW Equity	Sanford C. Bernstein	$	1,935	0.93%	0.36%

EQ/Technology*	Sanford C. Bernstein	$		%	%

EQ/UBS Growth & Income	UBS AG	$	6,401	4.72%	0.96%

	Sanford C. Bernstein	$	529	0.39%	0.10%

EQ/Van Kampen Emerging Markets Equity	Morgan Stanley	$	2,877	0.00%	0.01%

EQ/Wells Fargo Montgomery Small Cap**	Sanford C. Bernstein	$	5	0.00%	0.08%

*	The EQ/Technology Portfolio was discontinued on May 14, 2004.

**	The EQ/Wells Fargo Montgomery Small Cap Portfolio commenced operations on October 1, 2004.

***

The EQ/Lord Abbett Growth and Income Portfolio, EQ/Lord Abbett Large Cap Core Portfolio, EQ/Lord Abbett Mid Cap Value Portfolio, EQ/Van Kampen Comstock Portfolio and EQ/Van Kampen Mid Cap Growth Portfolio commenced operations on May 1, 2005. Because they had no operations in 2004 these Portfolios are not included in the table above.

†	As of July 8, 2004 Advest, Inc. became an affiliate of the Manager as a result of the acquisition of The MONY Group, Inc. by AXA Financial.

PROXY VOTING POLICIES AND PROCEDURES

Pursuant to the Trust’s Proxy Voting Policies and Procedures, the Trust has delegated the proxy voting responsibilities with respect to each Portfolio to the Manager as its investment manager. Because the Manager views proxy voting as a function that is incidental and integral to portfolio management, it has in turn delegated the proxy voting responsibilities with respect to each Portfolio to the applicable Advisers. A description of the proxy voting policies and procedures that each Adviser uses to determine how to vote proxies relating to the Portfolio’s portfolio securities are included in Appendix D to this SAI. The information regarding how the Portfolios’ voted proxies relating to Portfolio securities during the most recent 12-month period ended June 30 is available (1) 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 (2) on the SEC’s website at http://www.sec.gov.

PURCHASE AND PRICING OF SHARES

The Trust will offer and sell its shares based on each Portfolio’s net asset value per share, which will be determined in the manner set forth below.

The net asset value of the shares of each class of each Portfolio will be determined once daily, immediately after the declaration of dividends, if any, at the close of business on each business day as defined below. The net asset value per share of each class of a Portfolio will be computed by dividing the sum of the investments held by that Portfolio applicable to that class plus any cash or other assets, minus all liabilities, by the total number of outstanding shares of that class of the Portfolio at such time. All expenses borne by the Trust and each of its Classes will be accrued daily.

The net asset value per share of each Portfolio will be determined and computed as follows, in accordance with generally accepted accounting principles and consistent with the 1940 Act:

•

The assets belonging to each Portfolio will include (i) all consideration received by the Trust for the issue or sale of shares of that particular Portfolio, together with all assets in which such consideration is invested or reinvested, (ii) all income, earnings, profits, and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, (iii) any portfolios or payments derived from any reinvestment of such proceeds in whatever form the same may be, and (iv) “General Items,” if any, allocated to that Portfolio. “General Items” include any assets, income, earnings, profits, and proceeds thereof, funds, or payments which are not readily identifiable as belonging to any particular Portfolio. General Items will be allocated as the Trust’s Board of Trustees considers fair and equitable.

•

The liabilities belonging to each Portfolio will include (i) the liabilities of the Trust in respect of that Portfolio, (ii) all expenses, costs, changes and reserves attributable to that Portfolio, and (iii) any general liabilities, expenses, costs, charges or reserves of the Trust which are not readily identifiable as belonging to any particular Portfolio which have been allocated as the Trust’s Board of Trustees considers fair and equitable.

The value of each Portfolio will be determined at the close of business on each “business day.” Normally, this would be each day that the New York Stock Exchange (“NYSE”) is open and would include some federal holidays. The New York Stock Exchange is closed on New Year’s Day, Martin Luther King, Jr. Day, Washington’s Birthday, Good Friday, Memorial Day, Independence Day (observed), Labor Day, Thanksgiving Day and Christmas (observed). For stocks and options, the close of trading is 4:00 p.m. and 4:15 p.m. Eastern Time, respectively; for bonds it is the close of business in New York City, and for foreign securities (other than ADRs), it is the close of business in the applicable foreign country, with exchange rates determined at 12:00 p.m. Eastern Time.

Values are determined according to accepted accounting practices and all laws and regulations that apply. The assets of each Portfolio are valued as follows:

•

Stocks listed on national securities exchanges are valued at the last sale price or official closing price, 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 there is no reported sale during the day or official closing price, 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.

•

Foreign securities not traded directly, or in ADRs or similar form, in the U.S. are valued at representative quoted prices from the primary exchange in the currency of the country of origin. Foreign currency is converted into U.S. dollar equivalent at current exchange rates. Because foreign securities sometimes trade on days when a Portfolio’s shares are not priced, the value of the Portfolio’s investment that includes such securities may change on days when shares of the Portfolio cannot be purchased or redeemed.

•

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.

•

Long-term corporate bonds may be valued on the basis of prices provided by a pricing service when such prices are believed to reflect the fair market value of such securities. The prices provided by a pricing service take into account many factors, including institutional size, trading in similar groups of securities and any developments related to specific securities. However, when such prices are not available, such bonds are valued at a bid price estimated by a broker.

•

Short-term debt securities that mature in 60 days or less are valued at amortized cost, which approximates market value. Short-term debt securities that mature in more than 60 days are valued at representative quoted prices. All securities held in the EQ/Money Market Portfolio and the EQ/MONY Money Market Portfolio are valued at amortized cost.

•

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 bonds or stocks. 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.

•

Mortgage-backed and asset-backed securities are valued at prices obtained from a bond pricing service where available, or at a bid price obtained from one or more of the major dealers in such securities. If a quoted price is unavailable, an equivalent yield or yield spread quotes will be obtained from a broker and converted to a price.

•

Options are valued at their last sales price or, if not available, previous day’s sales price. Options not traded on an exchange or actively traded are valued according to fair value methods. The market value of a put or call option will usually reflect, among other factors, the market price of the underlying security.

•

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 interrupting between the forward and spot currency notes as quoted by a pricing service as of a designated hour on the valuation date.

•

Shares of open end mutual funds held by a Portfolio will be valued at the net asset value of the shares of such funds as described in the funds’ prospectus.

•

Other securities and assets for which market quotations are not readily available or for which valuation cannot be provided are valued in good faith by the valuation committee of the Board of Trustees using its best judgment. For example, a security whose trading has been halted during the trading day may be fair valued based on the available information at the time of the close of trading market.

that the Trust’s Board of Trustees believes reflects fair value. As such, fair value pricing is based on subjective judgments and it is possible that the fair value may differ materially from the value realized on a sale. This policy is intended to assure that the Portfolio’s net asset value fairly reflects security values as of the time of pricing. Also, fair valuation of a Portfolio’s securities can serve to reduce arbitrage opportunities available to traders seeking to take advantage of information available to them that is not the basis of Trust valuation actions, but there is no assurance that fair value pricing policies will prevent dilution of the Portfolio’s NAV by those traders.

When the Trust writes a call option, an amount equal to the premium received by the Trust is included in the Trust’s financial statements as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires on its stipulated expiration date or the Trust enters into a closing purchase or sale transaction, the Trust realizes a gain (or loss) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. When an option is exercised, the Trust realizes a gain or loss from the sale of the underlying security, and the proceeds of sale are increased by the premium originally received, or reduced by the price paid for the option.

The Manager and Advisers may, from time to time, under the general supervision of the Board of Trustees or its valuation committee, utilize the services of one or more pricing services available in valuing the assets of the Trust. In addition, there may be occasions when a different pricing provider or methodology is used. The Manager and Advisers will continuously monitor the performance of these services.

TAXATION

Each Portfolio is treated for federal income tax purposes as a separate entity. The Trust intends that each Portfolio will elect to be and will qualify each year to be treated as a regulated investment company under Subchapter M of the Code. Such qualification does not involve supervision of management or investment practices or policies by any governmental agency or bureau.

To qualify for treatment as a regulated investment company, a Portfolio must, among other things, derive in each taxable year at least 90% of its gross income from dividends, interest, payments with respect to securities loans, gains from the sale or other disposition of stock or securities or foreign currencies, or other income derived with respect to its business of investing. For purposes of this test, gross income is determined without regard to losses from the sale or other dispositions of stock, securities or those currencies.

If a Portfolio failed to qualify for treatment as a regulated investment company for any taxable year, (1) it would be taxed as an ordinary corporation on its taxable income for that year without being able to deduct the distributions it makes to its shareholders, (2) each insurance company separate account invested in the Portfolio would fail to satisfy the diversification requirements described below, with the result that the Contracts supported by that account would no longer be eligible for tax deferral and (3) all distributions out of the Portfolio’s earnings and profits, including distributions of net capital gain (excess of net long-term capital gain over net short-term capital loss), would be taxable to its shareholders as dividends (i.e., ordinary income). In addition, the Portfolio could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before requalifying for regulated investment company treatment.

As a regulated investment company, each Portfolio will not be subject to federal income tax on any of its net investment income or net realized capital gains that are timely distributed to shareholders under the Code. A number of technical rules are prescribed for computing net investment income and net capital gains. For example, dividends are generally treated as received on the ex-dividend date. Also, certain foreign currency losses and capital losses arising after October 31 of a given year may be treated as if they arise on the first day of the next taxable year.

A Portfolio investing in foreign securities or currencies may be subject to foreign taxes that could reduce the investment performance of such Portfolio.

Because the Trust is used to fund Contracts, each Portfolio must meet the diversification requirements imposed by Subchapter L of the Code or these Contracts will fail to qualify as life insurance policies or annuity contracts. In general, for a Portfolio to meet the investment diversification requirements of Subchapter L, Treasury regulations require that no more than 55% of the total value of the assets of the Portfolio may be represented by any one investment, no more than 70% by any two investments, no more than 80% by any three investments and no more than 90% by any four investments. Generally, for purposes of the regulations, all securities of the same issuer are treated as a single investment. Furthermore, the Code provides that each U.S. Government agency or instrumentality is treated as a separate issuer. Compliance with the regulations is tested on the last day of each calendar year quarter. There is a 30 day period after the end of each quarter in which to cure any non-compliance.

Each Portfolio may invest in the stock of PFICs if that stock is a permissible investment. A PFIC is any foreign corporation (with certain exceptions) that, in general, meets either of the following tests: (1) at least 75% of its gross income is passive or (2) an average of at least 50% of its assets produce, or are held for the production of, passive income. Under certain circumstances, a Portfolio will be subject to federal income tax on a portion of any “excess distribution” received on the stock of a PFIC or of any gain from disposition of that stock (collectively “PFIC income”), plus interest thereon, even if the portfolio distributes the PFIC income as a taxable dividend to its shareholders. The balance of the PFIC income will be included in the Portfolio’s investment company taxable income and, accordingly, will not be taxable to it to the extent it distributes that income to its shareholders.

If a Portfolio invests in a PFIC and elects to treat the PFIC as a “qualified electing fund” (“QEF”), then in lieu of the foregoing tax and interest obligation, the Portfolio will be required to include in income each year its pro rata share of the QEF’s annual ordinary earnings and net capital gain (which it may have to distribute to satisfy the distribution requirement under Subchapter M (“Distribution Requirement”), even if the QEF does not distribute those earnings and gain to the Portfolio. In most instances it will be very difficult, if not impossible, to make this election because of certain of its requirements.

Each Portfolio may elect to “mark to market” its stock in any PFIC. “Marking-to-market,” in this context, means including in ordinary income each taxable year the excess, if any, of the fair market value of a PFIC’s stock over a Portfolio’s adjusted basis therein as of the end of that year. Pursuant to the election, a Portfolio also would be allowed to deduct (as an ordinary, not capital, loss) the excess, if any, of its adjusted basis in PFIC stock over the fair value thereof as of the taxable year-end, but only to the extent of any net mark-to-market gains with respect to that stock included by the Portfolio for prior taxable years under the election. A Portfolio’s adjusted basis in each PFIC’s stock with respect to which it has made this election will be adjusted to reflect the amounts of income included and deductions taken thereunder.

The use of hedging strategies, such as writing (selling) and purchasing options and futures contracts and entering into forward currency contracts, involves complex rules that will determine for income tax purposes the amount, character and timing of recognition of the gains and losses a Portfolio realizes in connection therewith. Gains from the disposition of foreign currencies (except certain gains that may be excluded by future regulations), and gains from options, futures and forward currency contracts a Portfolio derives with respect to its business of investing in securities or foreign currencies, will be treated as qualifying income under the income requirement under Subchapter M.

A Portfolio may invest in certain futures and listed nonequity options (such as those on a stock index)—and certain foreign currency options and forward contracts with respect to which it makes a particular election—that will be “Section 1256 contracts.” Any Section 1256 contracts a Portfolio holds at the end of each taxable year generally must be “marked-to-market” (that is, treated as having been sold at that time for their fair market value) for federal income tax purposes, with the result that unrealized gains or losses will be treated as though they were realized. Sixty percent of any net gain or loss recognized on these deemed sales, and 60% of any net realized gain or loss from any actual sales of Section 1256 contracts, will be treated as long-term capital gain or loss, and the balance will be treated as short-term capital gain or loss. These rules may operate to increase the amount that a Portfolio must distribute to satisfy the

Distribution Requirement (i.e., with respect to the portion treated as short-term capital gain), which will be taxable to the shareholders as ordinary income, and to increase the net capital gain a Portfolio recognizes, without in either case increasing the cash available to the Portfolio. A Portfolio may elect not to have the foregoing rules apply to any “mixed straddle” (that is, a straddle, clearly identified by the Portfolio in accordance with the regulations, at least one (but not all) of the positions of which are Section 1256 contracts), although doing so may have the effect of increasing the relative proportion of net short-term capital gain (taxable as ordinary income) and thus increasing the amount of dividends that must be distributed.

Gains or losses (1) from the disposition of foreign currencies, including forward currency contracts, (2) on the disposition of each foreign-currency-denominated debt security that are attributable to fluctuations in the value of the foreign currency between the dates of acquisition and disposition of the security and (3) that are attributable to exchange rate fluctuations between the time a Portfolio accrues interest, dividends or other receivables, or expenses or other liabilities, denominated in a foreign currency and the time the Portfolio actually collects the receivables or pays the liabilities, generally will be treated as ordinary income or loss. These gains, referred to under the Code as “section 988” gains or losses, will increase or decrease the amount of a Portfolio’s investment company taxable income available to be distributed to its shareholders as ordinary income, rather than increasing or decreasing the amount of its net capital gain. If section 988 losses exceed other investment company taxable income during a taxable year, a Portfolio would not be able to distribute any dividends, and any distributions made during that year before the losses were realized would be recharacterized as a return of capital to shareholders, rather than as a dividend, thereby reducing each shareholder’s basis in his or her Portfolio shares.

Offsetting positions in any actively traded security, option, futures or forward contract entered into or held by a Portfolio may constitute a “straddle” for federal income tax purposes. Straddles are subject to certain rules that may affect the amount, character and timing of a Portfolio’s gains and losses with respect to positions of the straddle by requiring, among other things, that (1) loss realized on disposition of one position of a straddle be deferred to the extent of any unrealized gain in an offsetting position until the latter position is disposed of, (2) the Portfolio’s holding period in certain straddle positions not begin until the straddle is terminated (possibly resulting in gain being treated as short-term rather than long-term capital gain) and (3) losses recognized with respect to certain straddle positions, that otherwise would constitute short-term capital losses, be treated as long-term capital losses. Applicable regulations also provide certain “wash sale” rules, which apply to transactions where a position is sold at a loss and a new offsetting position is acquired within a prescribed period, and “short sale” rules applicable to straddles. Different elections are available to the Portfolios, which may mitigate the effects of the straddle rules, particularly with respect to “mixed straddles” (i.e., a straddle of which at least one, but not all, positions are section 1256 contracts).

When a covered call option written (sold) by a Portfolio expires, it will realize a short-term capital gain equal to the amount of the premium it received for writing the option. When a Portfolio terminates its obligations under such an option by entering into a closing transaction, it will realize a short-term capital gain (or loss), depending on whether the cost of the closing transaction is less (or more) than the premium it received when it wrote the option. When a covered call option written by a Portfolio is exercised, the Portfolio will be treated as having sold the underlying security, producing long-term or short-term capital gain or loss, depending on the holding period of the underlying security and whether the sum of the option price received on the exercise plus the premium received when it wrote the option is more or less than the underlying security’s basis.

If a Portfolio has an “appreciated financial position”—generally, an interest (including an interest through an option, futures or forward currency contract or short sale) with respect to any stock, debt instrument (other than “straight debt”) or partnership interest the fair market value of which exceeds its adjusted basis—and enters into a “constructive sale” of the position, the Portfolio will be treated as having made an actual sale thereof, with the result that gain will be recognized at that time. A constructive sale generally consists of a short sale, an offsetting notional principal contract or a futures or forward currency contract

entered into by a Portfolio or a related person with respect to the same or substantially identical property. In addition, if the appreciated financial position is itself a short sale or such a contract, acquisition of the underlying property or substantially identical property will be deemed a constructive sale. The foregoing will not apply, however, to a Portfolio’s transaction during any taxable year that otherwise would be treated as a constructive sale if the transaction is closed within 30 days after the end of that year and the Portfolio holds the appreciated financial position unhedged for 60 days after that closing (i.e., at no time during that 60-day period is the Portfolio’s risk of loss regarding that position reduced by reason of certain specified transactions with respect to substantially identical or related property, such as having an option to sell, being contractually obligated to sell, making a short sale or granting an option to buy substantially identical stock or securities).

A Portfolio that acquires zero coupon or other securities issued with original issue discount (“OID”) and/or Treasury inflation-indexed securities (“TIIS”), on which principal is adjusted based on changes in the Consumer Price Index, must include in its gross income the OID that accrues on those securities, and the amount of any principal increases on TIIS, during the taxable year, even if the Portfolio receives no corresponding payment on them during the year. Similarly, a Portfolio that invests in payment-in-kind (“PIK”) securities must include in its gross income securities it receives as “interest” on those securities. Each Portfolio has elected similar treatment with respect to securities purchased at a discount from their face value (“market discount”). Because a Portfolio annually must distribute substantially all of its investment company taxable income, including any accrued OID, market discount and other non-cash income, to satisfy the Distribution Requirement and avoid imposition of the Excise Tax, it may be required in a particular year to distribute as a dividend an amount that is greater than the total amount of cash it actually receives. Those distributions would have to be made from the Portfolio’s cash assets or from the proceeds of sales of portfolio securities, if necessary. The Portfolio might realize capital gains or losses from those sales, which would increase or decrease its investment company taxable income and/or net capital gain.

OTHER INFORMATION

Delaware Statutory Trust. The Trust is an entity of the type commonly known as a Delaware statutory trust. Although Delaware law statutorily limits the potential liabilities of a Delaware statutory trust’s shareholders to the same extent as it limits the potential liabilities of a Delaware corporation, shareholders of a Portfolio could, under certain conflicts of laws jurisprudence in various states, be held personally liable for the obligations of the Trust or a Portfolio. However, the trust instrument of the Trust disclaims shareholder liability for acts or obligations of the Trust or its series (the Portfolios) and requires that notice of such disclaimer be given in each written obligation made or issued by the trustees or by any officers or officer by or on behalf of the Trust, a series, the trustees or any of them in connection with the Trust. The trust instrument provides for indemnification from a Portfolio’s property for all losses and expenses of any Portfolio shareholder held personally liable for the obligations of the Portfolio. Thus, the risk of a shareholder’s incurring financial loss on account of shareholder liability is limited to circumstances in which a Portfolio itself would be unable to meet its obligations, a possibility that AXA Equitable believes is remote and not material. Upon payment of any liability incurred by a shareholder solely by reason of being or having been a shareholder of a Portfolio, the shareholder paying such liability will be entitled to reimbursement from the general assets of the Portfolio. The Trustees intend to conduct the operations of the Portfolios in such a way as to avoid, as far as possible, ultimate liability of the shareholders for liabilities of the Portfolios.

Classes of Shares. Each portfolio consists of Class IA shares and Class IB shares. A share of each class of a portfolio represents an identical interest in that portfolio’s investment portfolio and has the same rights, privileges and preferences. However, each class may differ with respect to sales charges, if any, distribution and/or service fees, if any, other expenses allocable exclusively to each class, voting rights on matters exclusively affecting that class, and its exchange privilege, if any. The different sales charges and other expenses applicable to the different classes of shares of the Portfolios will affect the performance of those classes. Each share of a portfolio is entitled to participate equally in dividends, other distributions and the

proceeds of any liquidation of that portfolio. However, due to the differing expenses of the classes, dividends and liquidation proceeds on Class IA and Class IB shares will differ.

Voting Rights. Shareholders of each portfolio are entitled to one vote for each full share held and fractional votes for fractional shares held. Voting rights are not cumulative and, as a result, the holders of more than 50% of all the shares of the Portfolios as a group may elect all of the Trustees of the Trust. The shares of each series of the Trust will be voted separately, except when an aggregate vote of all the series of the Trust is required by law. In accordance with current laws, it is anticipated that an insurance company issuing a Contract that participates in a Portfolio will request voting instructions from Contract owners and will vote shares or other voting interests in the insurance company’s separate account in proportion to the voting instructions received.

Shareholder Meetings. The Trust does not hold annual meetings. Shareholders of record of no less than two-thirds of the outstanding shares of the Trust may remove a Trustee through a declaration in writing or by vote cast in person or by proxy at a meeting called for that purpose. A meeting will be called to vote on the removal of a Trustee at the written request of holders of 10% of the outstanding shares of the Trust.

Class-Specific Expenses. Each portfolio may determine to allocate certain of its expenses (in addition to service and distribution fees) to the specific classes of its shares to which those expenses are attributable.

OTHER SERVICES

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP (“PwC”), 300 Madison Avenue, New York, New York 10017, serves as the Trust’s independent registered public accounting firm. PwC is responsible for auditing the annual financial statements of the Trust.

Custodian

JPMorgan Chase Bank, 4 Chase MetroTech Center, Brooklyn, New York 11245 serves as custodian of the Trust’s portfolio securities and other assets. Under the terms of the custody agreement between the Trust and JPMorgan Chase Bank, JPMorgan Chase Bank maintains cash, securities and other assets of the Portfolios. JPMorgan Chase Bank is also required, upon the order of the Trust, to deliver securities held by JPMorgan Chase Bank, and to make payments for securities purchased by the Trust. JPMorgan Chase Bank 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.

Transfer Agent

AXA Equitable serves as the transfer agent and dividend disbursing agent for the Trust. AXA Equitable receives no additional compensation for providing such services for the Trust.

Counsel

Kirkpatrick & Lockhart Nicholson Graham LLP, 1800 Massachusetts Avenue, N.W., Second Floor, Washington, D.C. 20036-1221, serves as counsel to the Trust.

Sullivan & Worcester, LLP, 1666 K Street, N.W., Suite 700, Washington, D.C. 20006, serves as counsel to the Independent Trustees of the Trust.

FINANCIAL STATEMENTS

APPENDIX A

EQ ADVISORS TRUST

INVESTMENT STRATEGIES SUMMARY

Portfolio

Asset-backed
Securities

Bonds

Borrowings
(emergencies,
redemptions)

Borrowings
(leveraging
purposes)

Convertible
Securities

Credit &
Liquidity
Enhancements

Floaters^(A)

Inverse
Floaters^(A)

Brady
Bonds^(B)

Depositary
Receipts^(B)

Dollar
Rolls

Equity
Securities

Eurodollar
& Yankee
Dollar
Obligations

Event-
Linked
Bonds

Foreign
Currency
Spot Trans.

Foreign
Currency
Forward
Trans.

Foreign
Currency
Futures
Trans.^(A)

Options
(exchange
traded)

EQ/Alliance Common Stock

EQ/Alliance Growth and Income

EQ/Alliance Intermediate Government Securities

EQ/Alliance International

EQ/Alliance Large Cap Growth

Y-5.0%

Y-20.0%

EQ/Alliance Quality Bond

EQ/Alliance Small Cap Growth

EQ/Bear Stearns Small Company Growth

EQ/Bernstein Diversified Value

Y-10.0%

Y-33.3%

Y-10.0%

EQ/Boston Advisors Equity Income

EQ/Calvert Socially Responsible

Y-33.3%

EQ/Capital Guardian Growth

Y-10.0%

EQ/Capital Guardian International

Y-5.0%

EQ/Capital Guardian Research

Y-5.0%

EQ/Capital Guardian U.S. Equity

Y-5.0%

EQ/Caywood-Scholl High- Yield Bond

EQ/Enterprise Capital Appreciation

EQ/Enterprise Deep Value

EQ/Enterprise Global Socially Responsive

EQ/Enterprise International Growth

EQ/Enterprise Managed

EQ/Enterprise Multi-Cap Growth

A-1

Portfolio

Asset-backed
Securities

Bonds

Borrowings
(emergencies,
redemptions)

Borrowings
(leveraging
purposes)

Convertible
Securities

Credit &
Liquidity
Enhancements

Floaters^(A)

Inverse
Floaters^(A)

Brady
Bonds^(B)

Depositary
Receipts^(B)

Dollar
Rolls

Equity
Securities

Eurodollar
& Yankee
Dollar
Obligations

Event-
Linked
Bonds

Foreign
Currency
Spot Trans.

Foreign
Currency
Forward
Trans.

Foreign
Currency
Futures
Trans.^(A)

Options
(exchange
traded)

EQ/Equity 500 Index

EQ/Evergreen Omega

Y-33.3%

EQ/FI Mid Cap

Y-33.3%

EQ/FI Small/Mid Cap Value

Y-33.3%

EQ/Government Securities

EQ/Intermediate Term Bond

EQ/Janus Large Cap Growth Portfolio

Y-25.0%

EQ/J. P. Morgan Core Bond

Y-30.0%

EQ/J. P. Morgan Value Opportunities

Y-10.0%

EQ/Lazard Small Cap Value

Y-15.0%^(E)

EQ/Long Term Bond

EQ/Lord Abbett Growth & Income

EQ/Lord Abbett Large Cap Core

EQ/Lord Abbett Mid Cap Value

EQ/Marsico Focus Portfolio

Y-5.0%

Y-33.3%

Y-5.0%

EQ/Mercury Basic Value Equity

Y-33.3%

Y-10.0%

EQ/Mercury International Value

Y-10.0%

EQ/Mergers and Acquisitions

EQ/MFS Emerging Growth Companies

Y-33.3%

EQ/MFS Investors Trust

Y-10.0%

EQ/Money Market

EQ/Montag & Caldwell Growth

EQ/MONY Diversified

EQ/MONY Equity Growth

EQ/MONY Equity Income

EQ/MONY Money Market

EQ/PIMCO Real Return

EQ/Short Duration Bond

EQ/Small Company Index

Y-33.3%

EQ/Small Company Value

A-2

EQ ADVISORS TRUST

INVESTMENT STRATEGIES SUMMARY (Continued)

Portfolio

Asset-backed
Securities

Bonds

Borrowings
(emergencies,
redemptions)

Borrowings
(leveraging
purposes)

Convertible
Securities

Credit &
Liquidity
Enhancements

Floaters^(A)

Inverse
Floaters^(A)

Brady
Bonds^(B)

Depositary
Receipts^(B)

Dollar
Rolls

Equity
Securities

Eurodollar
& Yankee
Dollar
Obligations

Event-
Linked
Bonds

Foreign
Currency
Spot Trans.

Foreign
Currency
Forward
Trans.

Foreign
Currency
Futures
Trans.^(A)

Options
(exchange
traded)

EQ/TCW Equity

EQ/UBS Growth and Income

EQ/Van Kampen Comstock

EQ/Van Kampen Emerging Markets Equity

Y-33.3%

EQ/Van Kampen Mid Cap Growth

Y-33.3%

EQ/Wells Fargo Small Company Growth

Y-33.3%

(A)	Considered a derivative security; not intended to include short-term floating rate securities that reset to par.

(B)	Considered a foreign security.

(C)	Written options must be “covered.”

(D)	Certain mortgages are considered derivatives.

(E)	May not exceed 15% for temporary or emergency purposes, including to meet redemptions (otherwise such borrowings may not exceed 5% of total assets).

A-3

Portfolio

Foreign
Options
(OTC)

Foreign Currency

Emerging
Markets
Securities

Forward
Commitments
when-Issued
and Delayed
Delivery
Securities

Hybrid
Instruments^(A)

Illiquid
Securities

Investment
Company
Securities

Exchange-
Traded
Funds
(ETFs)

Investment
Grade
Fixed
Income

Non-Inv.

Grade
Fixed
Income

Loan
Participations
and
Assignments

Mortgage
Backed or
Related^(D)

Direct
Mortgages

Municipal
Securities

Security
Futures
Trans.^(A)

Security
Options
Trans.^(C)

(Written,
call options)

Foreign
Securities

EQ/Alliance Common Stock

Y-15%

EQ/Alliance Growth and Income

Y-15%

Y-30%

EQ/Alliance Intermediate Government Securities

Y-15%

EQ/Alliance International

Y-15%

EQ/Alliance Large Cap Growth

Y-20%

Y-15%

EQ/Alliance Quality Bond

Y-15%

EQ/Alliance Small Cap Growth

Y-20%

Y-15%

EQ/Bear Stearns Small Company Growth

Y-15%

EQ/Bernstein Diversified Value

Y-10%

EQ/Boston Advisors Equity Income

Y-15%

EQ/Calvert Socially Responsible

Y-10%

Y-5%

Y-15%

Y-20%

EQ/Capital Guardian Growth

Y-15%

EQ/Capital Guardian International

Y-10%

Y-15%

EQ/Capital Guardian Research

Y-15%

Y-10%

Y-15%

EQ/Capital Guardian U.S. Equity

Y-10%

Y-15%

EQ/Caywood-Scholl High Yield Bond

Y-15%

EQ/Enterprise Capital Appreciation

Y-15%

EQ/Enterprise Deep Value

Y-15%

EQ/Enterprise Global Socially Responsive

Y-15%

EQ/Enterprise International Growth

Y-15%

A-4

Portfolio

Foreign
Options
(OTC)

Foreign Currency

Emerging
Markets
Securities

Forward
Commitments
when-Issued
and Delayed
Delivery
Securities

Hybrid
Instruments^(A)

Illiquid
Securities

Investment
Company
Securities

Exchange-
Traded
Funds
(ETFs)

Investment
Grade
Fixed
Income

Non-Inv.

Grade
Fixed
Income

Loan
Participations
and
Assignments

Mortgage
Backed or
Related^(D)

Direct
Mortgages

Municipal
Securities

Security
Futures
Trans.^(A)

Security
Options
Trans.^(C)

(Written,
call options)

Foreign
Securities

EQ/Enterprise Managed

Y-15%

EQ/Enterprise Multi-Cap Growth

Y-15%

EQ/Equity 500 Index

Y-15%

EQ/Evergreen Omega

Y-25%

Y-15%

EQ/FI Mid Cap

Y-15%

EQ/FI Small/Mid Cap Value

Y-15%

EQ/Government Securities

Y-15%

EQ/Intermediate Term Bond

Y-15%

EQ/Janus Large Cap Growth Portfolio

Y-15%

EQ/J. P. Morgan Core Bond

Y-25%

Y-15%

EQ/J. P. Morgan Value Opportunities

Y-20%

Y-15%

EQ/Lazard Small Cap Value

Y-10%

EQ/Lord Abbett Growth & Income

EQ/Lord Abbett Large Cap Core

EQ/Lord Abbett Mid Cap Value

EQ/Long Term Bond

EQ/Marsico Focus Portfolio

Y-25%

Y-15%

Y-5%

EQ/Mercury Basic Value Equity

Y-15%

EQ/Mercury International Value

Y-15%

EQ/ Mergers and Acquisitions

Y-5%

Y-15%

EQ/MFS Emerging Growth Companies

Y-20%

Y-15%

Y-5%

EQ/MFS Investors Trust

Y-20%

Y-15%

EQ/Money Market

Y-20%

Y-10%

EQ/Montag & Caldwell Growth

Y-15%

A-5

EQ ADVISORS TRUST

INVESTMENT STRATEGIES SUMMARY (Concluded)

Portfolio

Foreign
Options
(OTC)

Foreign Currency

Emerging
Markets
Securities

Forward
Commitments
when-Issued
and Delayed
Delivery
Securities

Hybrid
Instruments^(A)

Illiquid
Securities

Investment
Company
Securities

Exchange-
Traded
Funds
(ETFs)

Investment
Grade
Fixed
Income

Non-Inv.

Grade
Fixed
Income

Loan
Participations
and
Assignments

Mortgage
Backed or
Related^(D)

Direct
Mortgages

Municipal
Securities

Security
Futures
Trans.^(A)

Security
Options
Trans.^(C)

(Written,
call options)

Foreign
Securities

EQ/MONY Diversified

Y-15%

EQ/MONY Equity Growth

Y-15%

EQ/MONY Equity Income

Y-15%

EQ/MONY Money Market

Y-10%

EQ/ PIMCO Real Return

Y-15%

EQ/Short Duration Bond

Y-15%

EQ/Small Company Index

Y-15%

EQ/ Small Company Value

Y-15%

EQ/TCW Equity

Y-15%

EQ/UBS Growth and Income

Y-15%

EQ/Van Kampen Comstock

Y-10%

EQ/Van Kampen Emerging Markets Equity

Y-15%

EQ/Van Kampen Mid Cap Growth

Y-15%

EQ/Wells Fargo Small Company Growth

Y-15%

(A)	Considered a derivative security; not intended to include short-term floating rate securities that reset to par.

(B)	Considered a foreign security.

(C)	Written options must be “covered.”

(D)	Certain mortgages are considered derivatives.

(E)	May not exceed 15% for temporary or emergency purposes, including to meet redemptions (otherwise such borrowings may not exceed 5% of total assets)

A-6

Portfolio

Passive
Foreign
Inv. Comp.

Payment
In-Kind
Bonds

Preferred
Stocks

Real
Estate
Investment
Trusts

Repurchase
Agreements

Reverse
Repurchase
Agreements

Securities
Lending

Short Sales
Against-

the-box

Small
Company
Securities

Structured
Notes^(A)

Swap
Trans.^(A)

U.S. Gov’t
Securities

Warrants

Zero
Coupon
Bonds

EQ/Alliance Common Stock

Y-50.0%

EQ/Alliance Growth and Income

Y-50.0%

EQ/Alliance Intermediate Government Securities

EQ/Alliance International

Y-50.0%

EQ/Alliance Large Cap Growth

Y-33.3%

EQ/Alliance Quality Bond

Y-50.0%

EQ/Alliance Small Cap Growth

Y-50.0%

EQ/Bear Stearns Small Company Growth

EQ/Bernstein Diversified Value

Y-10.0%

EQ/Boston Advisors Equity Income

EQ/Calvert Socially Responsible

Y-33.3%

EQ/Capital Guardian Growth

Y-25%

EQ/Capital Guardian International

Y-33.3%

EQ/Capital Guardian Research

Y-33.3%

EQ/Capital Guardian U.S. Equity

Y-33.3%

EQ/Caywood-Scholl High Yield Bond

EQ/Enterprise Capital Appreciation

EQ/Enterprise Deep Value

EQ/Enterprise International Growth

EQ/Enterprise Managed

EQ/Enterprise Multi-Cap Growth

EQ/Enterprise Global Socially Responsive

EQ/Equity 500 Index

Y-50.0%

EQ/Evergreen Omega

Y-33.3%

EQ/FI Mid Cap

Y-33.3%

EQ/FI Small/Mid Cap Value

Y-33.3%

EQ/Government Securities

EQ/Intermediate Term Bond

EQ/Janus Large Cap Growth Portfolio

Y-10%

Y-25.0%

Y-10%

EQ/J.P. Morgan Core Bond

Y-33.3%

EQ/J.P. Morgan Value Opportunities

Y-25%

EQ/Lazard Small Cap Value

Y-10.0%

EQ/Long Term Bond

A-7

Portfolio

Passive
Foreign
Inv. Comp.

Payment
In-Kind
Bonds

Preferred
Stocks

Real
Estate
Investment
Trusts

Repurchase
Agreements

Reverse
Repurchase
Agreements

Securities
Lending

Short Sales
Against-

the-box

Small
Company
Securities

Structured
Notes^(A)

Swap
Trans.^(A)

U.S. Gov’t
Securities

Warrants

Zero
Coupon
Bonds

EQ/Lord Abbett Growth & Income

Y-20.0%

Y-30.0%

EQ/Lord Abbett Large Cap Core

Y-20.0%

Y-30.0%

EQ/Lord Abbett Mid Cap Value

Y-20.0%

Y-30.0%

EQ/Marsico Focus Portfolio

Y-5%

Y-25.0%

Y-5%

EQ/Mercury Basic Value Equity

Y-20.0%

EQ/Mercury International Value

Y-25.0%

EQ/Mergers and Acquisitions

EQ/MFS Emerging Growth Companies

Y-30.0%

EQ/MFS Investors Trust

Y-25.0%

EQ/Money Market

Y-50.0%

EQ/Montag & Caldwell Growth

Y-33.3%

EQ/MONY Diversified

EQ/MONY Equity Growth

EQ/MONY Equity Income

EQ/MONY Money Market

EQ/PIMCO Real Return

Y-33.3%

EQ/Short Duration Bond

Y-33.3%

EQ/Small Company Index

Y-30.0%

EQ/Small Company Value

EQ/TCW Equity

Y-33.3%

EQ/UBS Growth and Income

Y-33.3%

EQ/Van Kampen Comstock

EQ/Van Kampen Emerging Markets Equity

Y-33.3%

EQ/Van Kampen Mid Cap Growth

Y-33.3%

EQ/Wells Fargo Small Company Growth

Y-33.3%

(A)	Considered a derivative security; not intended to include short-term floating rate securities that reset to par.

(B)	Considered a foreign security.

(C)	Written options must be “covered.”

(D)	Certain mortgages are considered derivatives.

(E)	May not exceed 15% for temporary or emergency purposes, including to meet redemptions (otherwise such borrowings may not exceed 5% of total assets)

A-8

APPENDIX B

DESCRIPTION OF COMMERCIAL PAPER RATINGS

A-1 and Prime-1 Commercial Paper Ratings

The rating A-1 (including A-1+) is the highest commercial paper rating assigned by Standard & Poor’s. Commercial paper rated A-1 by Standard & Poor’s has the following characteristics:

•

liquidity ratios are adequate to meet cash requirements;

•

long-term senior debt is rated “A” or better;

•

the issuer has access to at least two additional channels of borrowing;

•

basic earnings and cash flow have an upward trend with allowance made for unusual circumstances;

•

typically, the issuer’s industry is well established and the issuer has a strong position within the industry; and

•

the reliability and quality of management are unquestioned.

Relative strength or weakness of the above factors determines whether the issuer’s commercial paper is rated A-1, A-2 or A-3. Issues rated A-1 that are determined by Standard & Poor’s to have overwhelming safety characteristics are designated A-1+.

The rating Prime-1 is the highest commercial paper rating assigned by Moody’s. Among the factors considered by Moody’s in assigning ratings are the following:

•

evaluation of the management of the issuer;

•

economic evaluation of the issuer’s industry or industries and an appraisal of speculative-type risks which may be inherent in certain areas;

•

evaluation of the issuer’s products in relation to competition and customer acceptance;

•

liquidity;

•

amount and quality of long-term debt;

•

trend of earnings over a period of ten years;

•

financial strength of parent company and the relationships which exist with the issuer; and

•

recognition by the management of obligations which may be present or may arise as a result of public interest questions and preparations to meet such obligations.

DESCRIPTION OF BOND RATINGS

Bonds are considered to be “investment grade” if they are in one of the top four ratings.

Standard & Poor’s ratings are as follows:

•

Bonds rated AAA have the highest rating assigned by Standard & Poor’s. Capacity to pay interest and repay principal is extremely strong.

•

Bonds rated AA have a very strong capacity to pay interest and repay principal although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than bonds in higher rated categories.

•

Bonds rated A have a strong capacity to pay interest and repay principal although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than bonds in higher rated categories.

B-1

•

Bonds rated BBB are regarded as having an adequate capacity to pay interest and repay principal. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for bonds in this category than in higher rated categories.

•

Debt rated BB, B, CCC, CC or C is regarded, on balance, as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal in accordance with the terms of the obligation. While such debt will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse debt conditions.

•

The rating C1 is reserved for income bonds on which no interest is being paid.

•

Debt rated D is in default and payment of interest and/or repayment of principal is in arrears.

The ratings from AA to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

Moody’s ratings are as follows:

•

Bonds which are rated Aaa are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as “gilt-edged.” Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.

•

Bonds which are rated Aa are judged to be of high quality by all standards. Together with the Aaa group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in Aaa securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long term risks appear somewhat larger than the Aaa securities.

•

Bonds which are rated A possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate but elements may be present which suggest a susceptibility to impairment some time in the future.

•

Bonds which are rated Baa are considered as medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.

•

Bonds which are rated Ba are judged to have speculative elements; their future cannot be considered as well assured. Often the protection of interest and principal payments may be very moderate and thereby not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this class.

•

Bonds which are rated B generally lack characteristics of the desirable investment. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.

•

Bonds which are rated Caa are of poor standing. Such issues may be in default or there may be present elements of danger with respect to principal or interest.

•

Bonds which are rated Ca represent obligations which are speculative to a high degree. Such issues are often in default or have other marked shortcomings.

•

Bonds which are rated C are the lowest class of bonds and issues so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing.

B-2

Moody’s applies modifiers to each rating classification from Aa through B to indicate relative ranking within its rating categories. The modifier “1” indicates that a security ranks in the higher end of its rating category; the modifier “2” indicates a mid-range ranking and the modifier “3” indicates that the issue ranks in the lower end of its rating category.

B-3

APPENDIX C

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION


Alliance Capital Management L.P. (“Adviser”)
Portfolio manager	Presented below for each portfolio manager is the number of other accounts of the Adviser managed by the portfolio manager and the total assets in the accounts managed within each category as of December 31, 2004						Presented below for each of the categories is the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account
	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts		Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Total Assets ($m)	Number of Accounts	Total Assets	Number of Accounts	Total Assets ($m)	Number of Accounts	Total Assets	Number of Accounts	Total Assets	Number of Accounts	Total Assets

EQ/Small Company Index

Judith DeVivo	2	$4,084	3	$568	39	$17,534	0	N/A	0	N/A	0	N/A

EQ/Alliance Common Stock

Seth Masters	3	$10,357	0	0	17	$3,513	0	N/A	0	N/A	2	$119

EQ/Alliance Growth and Income

Aryeh Glatter	3	$3,004	0	0	15	$740	0	N/A	0	N/A	0	N/A

EQ/Alliance Intermediate Government Securities

Kewjin Yuoh	4	$3,380	2	$407	10	$785	0	N/A	0	N/A	0	N/A

EQ/Alliance International

Seth Masters	5	$9,633	2	$107	22	$5,083	0	N/A	0	N/A	0	N/A

EQ/Alliance Large Cap Growth

Thomas Kamp	6	$7,645	2	$342	13	$1,820	0	N/A	0	N/A	0	N/A

EQ/Alliance Quality Bond

Matthew Bloom	9	$7,027	2	$56	60	$2,387	0	N/A	0	N/A	0	N/A

EQ/Equity 500 Index

Judith DeVivo	2	$4,084	3	$568	39	$17,534	0	N/A	0	N/A	0	N/A

EQ/Money Market

Ray Papera	14	$27,522	0	N/A	21	$28	0	N/A	0	N/A	0	N/A

EQ/Alliance Small Cap Growth

Bruce Aronow	8	$2,325	2	$78	24	$1,602	0	N/A	0	N/A	1	$201

Samantha Lau

Mark Attalienti

Kumar Kirpalani

EQ/Bernstein Diversified Value

Marilyn Fedak	19	$17,821	0	N/A	197	$9,391	1	$5,813	0	N/A	4	$809

John Mahedy

John Phillips

Chris Marx

C-1

Description of Any Material Conflicts

Investment Professional Conflict of Interest Disclosure

As an investment adviser and fiduciary, Alliance owes our clients and shareholders an undivided duty of loyalty. We recognize that conflicts of interest are inherent in our business and accordingly have developed policies, procedures and disclosures reasonably designed to detect, manage and mitigate the effects of potential conflicts of interest in the area of employee personal trading, managing multiple accounts for multiple clients, including Funds (hereinafter “Clients”) and allocating investment opportunities. Investment professionals, including portfolio managers and research analysts, are subject to the above-mentioned policies and oversight to help ensure that all clients are treated equitably. As stated in these conflicts-related policies, we place the interests of our clients first and expect all of our employees to live up to our fiduciary duty.

Employee Personal Trading and the Code of Business Conduct and Ethics. Alliance has policies to avoid conflicts of interest when investment professionals and other personnel of Alliance own, buy or sell securities also owned by, or bought or sold for clients. Alliance permits its employees to engage in personal securities transactions, and also allows them to allocate investments in the AllianceBernstein Mutual Funds through direct purchase, 401K/profit sharing plan investment and/or deferred incentive compensation awards. Personal securities transactions by an employee may raise a potential conflict of interest when an employee owns or trades in a security that is owned or considered for purchase or sale by a client, or recommended for purchase or sale by an employee to a client. Alliance has adopted a Code of Business Conduct and Ethics (“Code”) that is designed to detect and prevent such conflicts of interest.

Managing Multiple Accounts for Multiple Clients. The investment professional or investment professional teams for each Fund have responsibilities for managing all or a portion of the investments of multiple accounts with a common investment strategy, including other registered investment companies, unregistered investment vehicles, such as hedge funds, pension plans, separate accounts, collective trusts and charitable foundations. Potential conflicts of interest may arise when an investment professional has responsibilities for the investments of more than one account because the investment professional may be unable to devote equal time and attention to each account. Accordingly, Alliance has compliance policies and oversight to manage these conflicts.

Allocating Investment Opportunities. In addition, the investment professionals may have to decide how to select and allocate investment opportunities among accounts. Portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar accounts, which minimizes the potential for conflicts of interest. Nevertheless, investment opportunities may be allocated differently among accounts due to the particular characteristics of an account, such as cash position, tax status, risk tolerance and investment restrictions or for other reasons. Potential conflicts of interest may also occur where Alliance would have an incentive, such a performance-based management fee, relating to an account. An investment professional may devote more time to developing and analyzing investment strategies and opportunities or allocating securities preferentially to the account for which Alliance could share in investment gains. As referenced above, Alliance has procedures designed to ensure that information relevant to investment decisions are disseminated fairly and investment opportunities are allocated equitably among different clients.

Compensation for the fiscal year completed December 31, 2004

Alliance’s compensation program for investment professionals¹ is designed to be competitive and appropriate to attract and retain the highest caliber employees. Compensation of investment professionals

¹	Investment professionals at Alliance include portfolio managers and research analysts. Investment professionals are part of investment groups (or teams) that service individual fund portfolios. The number of investment professionals assigned to a particular fund will vary from fund to fund.

C-2

primarily reflects their ability to generate long-term investment success for our clients, including shareholders of the AllianceBernstein Mutual Funds.

Investment professionals are compensated on an annual basis through a combination of the following: (i) fixed base salary; (ii) discretionary incentive compensation in the form of an annual cash bonus; (iii) discretionary incentive compensation in the form of awards under Alliance’s Partners Compensation Plan (“deferred awards”); (iv) discretionary long-term incentive compensation in the form of option and restricted unit grants (granted prior to 2002) and (v) Contributions under Alliance’s Profit Sharing/401(k) Plan. Alliance’s overall profitability determines the total amount of incentive compensation available to investment professionals. Deferred awards, for which there are various investment options, vest over a four-year period and are generally forfeited if the employee resigns or Alliance terminates his/her employment. Investment options under the deferred awards plan include many of the same AllianceBernstein Mutual Funds offered to mutual fund investors, thereby creating a closer alignment between the investment professionals and Alliance’s clients and mutual fund shareholders. Alliance also permits deferred award recipients to allocate up to 50% of their award to investments in Alliance’s publicly traded equity securities.

An investment professional’s total compensation is determined through a subjective process that evaluates numerous quantitative and qualitative factors, including the investment success of the portfolios managed by the individual. Investment professionals do not receive any direct compensation based upon the investment returns of any individual client account. Not all factors apply to each investment professional and there is no particular weighting or formula for considering certain factors.

Among the factors included in this annual assessment of investment professional compensation are: relative investment performance of portfolios (although there are no specific benchmarks or periods of time used in measuring performance); complexity of investment strategies and contribution to the investment team/discipline’s dialogue. An investment professional’s contribution to business results and overall business strategy; success of marketing/business development efforts and client servicing are also taken into consideration. Furthermore, an investment professional’s seniority/length of service with the firm; management and supervisory responsibilities and fulfillment of Alliance’s leadership criteria are relevant to compensation decision-making.

C-3

Ownership of Securities of the Funds as of December 31, 2004

Portfolio Manager

None

$1-
$10,000

$10,001-
$50,000

$50,001-
$100,000

$100,001-
$500,000

$500,001-
$1,000,000

over
$1,000,000

EQ/Small Company Index

Judith DeVivo

EQ/Alliance Common Stock

Seth Masters

EQ/Alliance Growth and Income

Aryeh Glatter

EQ/Alliance Intermediate Government Securities

Kewjin Yuoh

EQ/Alliance International

Seth Masters

EQ/Alliance Large Cap Growth

Thomas Kamp

EQ/Alliance Quality Bond

Mathew Bloom

EQ/Equity 500 Index

Judith DeVivo

EQ/Money Market

Ray Papera

EQ/Alliance Small Cap Growth

Bruce Aronow

Samantha Lau

Mark Attalienti

Kumar Kirpalani

EQ/Bernstein Diversified Value

Marilyn Fedak

John Mahedy

John Phillips

Chris Marx

C-4

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION

EQ/Bear Stearns Small Cap Growth (“Fund”)

Bear Stearns Asset Management, Inc. (“Adviser”)

Portfolio manager

Presented below for each portfolio manager is the number of
other accounts of the Adviser managed by the portfolio manager
and the total assets in the accounts managed within each
category as of December 31, 2004

Presented below for each of the categories is the number of

accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account

Registered Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Number of
Accounts

Total
Assets
$m

Number of
Accounts

Total
Assets
$m

Number of
Accounts

Total
Assets
$m

Number of Accounts

Total
Assets

Number of
Accounts

Total
Assets

Number of
Accounts

Total
Assets

James O’ Shaughnessy

$540

N/A

864

$577

N/A

$10

N/A

Description of Any Material Conflicts

We are not aware of any material conflicts at this time.

Compensation for the fiscal year completed December 31, 2004

Portfolio managers and research analysts are compensated with an annual salary and incentive bonus. The salary generally accounts for less than half of their total income. In addition to product performance, they are paid based upon teamwork, asset growth, and contribution to the franchise. Product performance is examined relative to the appropriate benchmarks and to the appropriate peer groups on both one-year and three-year trailing time periods. All officers of the firm who meet a total minimum compensation level participate in a restricted stock plan and a stock options plan. In addition, Senior Managing Directors are required to participate in the firm’s Capital Accumulation Plan through which they defer a significant portion of their annual compensation in exchange for company stock. These compensation plans are all subject to vesting schedules between three and five years aligning the employee’s interest with the firm’s and strengthening their commitment. In addition, Jim O’Shaughnessy, is under employment contract with the firm.

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

James O’Shaughnessy	X

C-5

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION


Boston Advisors, Inc. (“Adviser”)
Portfolio manager	Presented below for each portfolio manager is the number of other accounts of the Adviser managed by the portfolio manager and the total assets in the accounts managed within each category as of December 31, 2004						Presented below for each of the categories is the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account
	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts		Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Total Assets $m	Number of Accounts	Total Assets $m	Number of Accounts	Total Assets $m	Number of Accounts	Total Assets	Number of Accounts	Total Assets	Number of Accounts	Total Assets

EQ/Boston Advisers Equity Income

Michael J. Vogelzang	4	$367	0	N/A	93	$232	0	N/A	0	N/A	0	N/A

Timothy Woolsten	4	$367	0	N/A	100	$230	0	N/A	0	N/A	0	N/A

Shakeel Dewji	4	$367	0	N/A	80	$125	0	N/A	0	N/A	0	N/A

Douglas Riley	4	$367	2	$192	7	$82.5	0	N/A	0	N/A	0	N/A

EQ/MONY Diversified

Michael J. Vogelzang	4	$378	0	N/A	93	$232	0	N/A	0	N/A	0	N/A

Timothy Woolsten	4	$378	0	N/A	100	$230	0	N/A	0	N/A	0	N/A

Shakeel Dewji	4	$378	0	N/A	80	$125	0	N/A	0	N/A	0	N/A

Douglas Riley	4	$378	2	$192	7	$82.5	0	N/A	0	N/A	0	N/A

EQ/MONY Equity Growth

Michael J. Vogelzang	4	$378	0	N/A	93	$232	0	N/A	0	N/A	0	N/A

Timothy Woolsten	4	$378	0	N/A	100	$230	0	N/A	0	N/A	0	N/A

Shakeel Dewji	4	$378	0	N/A	80	$125	0	N/A	0	N/A	0	N/A

Douglas Riley	4	$378	2	$192	7	$82.5	0	N/A	0	N/A	0	N/A

EQ/MONY Equity Income

Michael J. Vogelzang	4	$380	0	N/A	93	$232	0	N/A	0	N/A	0	N/A

Timothy Woolsten	4	$380	0	N/A	100	$230	0	N/A	0	N/A	0	N/A

Shakeel Dewji	4	$380	0	N/A	80	$125	0	N/A	0	N/A	0	N/A

Douglas Riley	4	$380	2	$192	7	$82.5	0	N/A	0	N/A	0	N/A

EQ/Intermediate Term Bond

Gisella Bello	0	N/A	0	N/A	0	N/A	0	N/A	0	N/A	0	N/A

EQ/Long Term Bond

Michael Dineen	0	N/A	0	N/A	0	N/A	0	N/A	0	N/A	0	N/A

EQ/Short Duration Bond

Gregory Staples	2	$150	5	$375	0	N/A	0	N/A	0	N/A	0	N/A

EQ/MONY Government Securities

Gregory Staples	2	$4.5	5	$375	0	N/A	0	N/A	0	N/A	0	N/A

EQ/MONY Money Market

David E. Wheeler	2	$1,400	0	N/A	0	N/A	0	N/A	0	N/A	0	N/A

Description of Any Material Conflicts

Boston Advisors, Inc. (the “Adviser”) does not perceive any conflicts of interest that are material to the Fund. The Adviser has adopted a trade aggregation policy which requires that all clients be treated equitably. The Adviser does not receive performance based fees on any account it manages, as such there is less incentive for the Adviser to favor other accounts over the Fund. The Adviser does not manage hedge funds which greatly limits the conflicts of interest that arise through side by side management of mutual and hedge funds.

C-6

Compensation for the fiscal year completed December 31, 2004

All of Boston Advisors, Inc. portfolio managers, with the exception of Michael J. Vogelzang, are compensated with a base salary that is based on industry standards and a bonus that is based on overall investment performance. Discretionary bonuses may also be given. The method used to determine the portfolio manager’s compensation does not differ with respect to the Fund and other accounts. Regarding the compensation of Michael J. Vogelzang, his compensation is based on the ability of the firm to meet established corporate goals and profitability guidelines. His compensation is not linked directly to the performance of the Fund or other accounts.

Ownership of Securities of the Fund as of December 31, 2004

Portfolio Manager

None

$1-
$10,000

$10,001-
$50,000

$50,001-
$100,000

$100,001-
$500,000

$500,001-
$1,000,000

over
$1,000,000

EQ/Boston Advisers Equity Income

Michael J. Vogelzang

Timothy Woolsten

Shakeel Dewji

Douglas Riley

EQ/MONY Diversified

Michael J. Vogelzang

Timothy Woolsten

Shakeel Dewji

Douglas Riley

EQ/MONY Equity Growth

Michael J. Vogelzang

Timothy Woolsten

Shakeel Dewji

Douglas Riley

EQ/MONY Equity Income

Michael J. Vogelzang

Timothy Woolsten

Shakeel Dewji

Douglas Riley

EQ/Intermediate Term Bond

Gisella Bello

EQ/Long Term Bond

Michael Dineen

EQ/Short Duration Bond

Gregory Staples

EQ/MONY Government Securities

Gregory Staples

EQ/MONY Money Market

David E. Wheeler

C-7

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION

EQ/Calvert Socially Responsible (“Fund”)

Brown Capital Management, Inc. (“Adviser”)

Portfolio

manager

Presented below for each portfolio manager is the number of other
accounts of the Adviser managed by the portfolio manager and the
total assets in the accounts managed within each category as of
December 31, 2004

Presented below for each of the categories is the number of
accounts and the total assets in the accounts with respect to
which the advisory fee is based on the performance of the account

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Number of
Accounts

Total
Assets
$m

Number of
Accounts

Total
Assets
$m

Number of
Accounts

Total
Assets
$m

Number of
Accounts

Total
Assets

Number of
Accounts

Total
Assets

Number of
Accounts

Total
Assets

Large/

Mid

Portfolio

Team*

Eddie C.

Brown,

Maurice

Haywood,

Calvin

Baker,

Stephon

Jackson

$33.6

$1,006

$2,037

N/A

The Large/Mid Cap team is managed, as each member of the investment team serves as both portfolio manager and analyst, generating investment ideas and conducting in house fundamental research in the security selection process. By design, every portfolio manager is a generalist as it relates to their investment research responsibilities. The team generally meets twice a week, in addition to informal daily discussions to unearth new ideas, growth opportunities and evaluate existing investments. The well-deferred process fosters consensus team decisions with no bureaucracy.

Description of Any Material Conflicts

Brown Capital does not feel that any material conflicts exist as all accounts are managed the same.

Compensation for the fiscal year completed December 31, 2004

The investment team’s compensation is incentive-based, i.e. 100% of their compensation is a participation in the revenues of the particular service to which they devote their efforts. The compensation structure described is not fund or client specific, but rather is based on all revenues derived from a specific service. The level of participation (i.e. reward) is based on the President’s perception of their value and contribution to the specific service where they expend their efforts. Thus, as the clients do well, everyone does well. Income is not limited or capped. As the firm’s assets continue to increase through cash in-flows by existing clients, capital appreciation and/or new clients, everyone participates financially in the growth. Similarly, if assets decline, the compensation of our investment professionals would decline as well. We engaged McLagan Partners, compensation experts, to provide industry compensation data, which are used to determine appropriate income levels. We endeavor to have compensation levels, based on employees’ experience and responsibilities, within the top 10% of the industry. In addition, all employees have industry leading benefits including a defined contribution plan and health care coverage both of which are fully funded by Brown Capital Management.

Since December 2000, investment team members can acquire equity in Brown Capital Management through a compensation redirection program. Since Brown Capital Management is an S Corporation, in addition to the incentive based compensation mentioned above, shareholders receive a distribution of net income pro rata to their ownership.

C-8

Ownership of Securities of the Fund as of December 31, 2004

Portfolio Manager

None

$1-
$10,000

$10,001-
$50,000

$50,001-
$100,000

$100,001-
$500,000

$500,001-
$1,000,000

over
$1,000,000

Eddie Brown

Maurice Haywood

Calvin Baker

Stephon Jackson

C-9

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION

EQ/Caywood-Scholl High Yield Bond (“Fund”)

Caywood-Scholl Capital Management (“Adviser”)

Portfolio

manager

Presented below for each portfolio manager is the number
of other accounts of the Adviser managed by the portfolio
manager and the total assets in the accounts managed
within each category as of December 31, 2004

Presented below for each of the categories is the number of

accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other
Accounts

Registered
Investment
Companies

Other Pooled
Investment
Vehicles

Other
Accounts

Number
of
Accounts

Total
Assets
$m

Number
of
Accounts

Total
Assets
$m

Number
of
Accounts

Total
Assets
$m

Number of Accounts

Total
Assets

Number
of
Accounts

Total
Assets

Number
of
Accounts

Total
Assets

Team

Managed

Eric

Scholl,

Thomas

Sanke

and

James

Caywood,

CFA

$250

$13

$1,540

N/A

Description of Any Material Conflicts

There are no material conflicts.

Compensation for the fiscal year completed December 31, 2004

The portfolio management team’s compensation structure is based on the same structure for each member. The salary is fixed annually for each portfolio manager, the bonus is tied to overall profitability of the firm at a fixed percent, and the profit sharing contribution is up to 15% of salary and bonus limited to IRS guidelines.

Ownership of Securities of the Fund as of December 31, 2004

Portfolio Manager

None

$1-
$10,000

$10,001-
$50,000

$50,001-
$100,000

$100,001-
$500,000

$500,001-
$1,000,000

over
$1,000,000

Eric Scholl

Thomas Sanke

James Caywood, CFA

C-10

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION


EQ/Capital Guardian Growth (“Fund”) Capital Guardian Trust Company (“Adviser”)
Portfolio manager	Presented below for each portfolio manager is the number of other accounts of the Adviser managed by the portfolio manager and the total assets in the accounts managed within each category as of December 31, 2004						Presented below for each of the categories is the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account
	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts		Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Total Assets (in billions)	Number of Accounts	Total Assets (in billions)	Number of Accounts	Total Assets (in billions)	Number of Accounts	Total Assets (in billions)	Number of Accounts	Total Assets (in billions)	Number of Accounts	Total Assets (in billions)

Michael Ericksen	13	$6.43	23	$18.24	408	$103.86	0	$—	0	$—	61	$24.71

David Fisher	24	$26.32	36	$47.66	379	$110.30	1	$0.62	4	$0.43	14	$9.25

James Kang	11	$5.62	11	$2.66	96	$22.12	0	$—	0	$—	3	$2.60

Description of Any Material Conflicts

None

Compensation for the fiscal year completed December 31, 2004

The Adviser uses a system of multiple portfolio managers in managing mutual fund assets (In addition, the Adviser’s investment analysts may make investment decisions with respect to a portion of a fund’s portfolio within their research coverage). Portfolio managers are paid competitive salaries. In addition, they receive bonuses based on their individual portfolio results. In order to encourage a long-term focus, bonuses based on investment results are calculated by comparing pretax total returns over a four-year period to relevant benchmarks. For portfolio managers, benchmarks include both measures of the marketplaces in which the relevant fund invests and measures of the results of comparable mutual funds. The benchmarks used to measure performance of the portfolio managers for the EQ/Capital Guardian Growth Equity Portfolio include the Russell 1000 Growth Index and a customized Growth index based on the Lipper Growth Funds Index. Portfolio managers may also participate in profit-sharing plans and ownership of The Capital Group Companies, the ultimate parent company.

Ownership of Securities of the Fund as of December 31, 2004

Portfolio Manager

None

$1-
$10,000

$10,001-
$50,000

$50,001-
$100,000

$100,001-
$500,000

$500,001-
$1,000,000

over
$1,000,000

Michael Ericksen

David Fisher

James Kang

C-11

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION


EQ/Capital Guardian International (“Fund”) Capital Guardian Trust Company (“Adviser”)
Portfolio manager	Presented below for each portfolio manager is the number of other accounts of the Adviser managed by the portfolio manager and the total assets in the accounts managed within each category as of December 31, 2004						Presented below for each of the categories is the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account
	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts		Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Total Assets (in billions)	Number of Accounts	Total Assets (in billions)	Number of Accounts	Total Assets (in billions)	Number of Accounts	Total Assets (in billions)	Number of Accounts	Total Assets (in billions)	Number of Accounts	Total Assets (in billions)

David Fisher	24	$26.32	36	$47.66	379	$110.30	1	$0.62	4	$0.43	14	$9.25

Arthur Gromadzki	13	$4.72	10	$28.34	195	$51.46	1	$0.62	0	$—	15	$6.01

Richard Havas	15	$5.53	23	$36.20	278	$83.48	1	$0.62	0	$—	12	$6.82

Seung Kwak	13	$4.72	11	$28.44	187	$49.69	1	$0.62	0	$—	9	$6.62

Nancy Kyle	16	$21.61	30	$44.34	230	$66.12	1	$0.62	0	$—	11	$6.66

John Mant	13	$4.72	14	$33.04	265	$68.01	1	$0.62	0	$—	15	$6.07

Chris Reed	15	$5.53	15	$32.10	284	$70.99	1	$0.62	0	$—	31	$12.40

Lionel Sauvage	15	$5.53	21	$37.75	308	$94.71	1	$0.62	0	$—	19	$9.40

Nilly Sikorsky	15	$5.53	28	$42.12	548	$142.33	1	$0.62	4	$0.43	80	$34.19

Rudolf Staehelin	15	$5.53	22	$41.49	413	$104.62	1	$0.62	0	$—	39	$16.74

Description of Any Material Conflicts

None

Compensation for the fiscal year completed December 31, 2004

The Adviser uses a system of multiple portfolio managers in managing mutual fund assets (In addition, the Adviser’s investment analysts may make investment decisions with respect to a portion of a fund’s portfolio within their research coverage). Portfolio managers are paid competitive salaries. In addition, they receive bonuses based on their individual portfolio results. In order to encourage a long-term focus, bonuses based on investment results are calculated by comparing pretax total returns over a four-year period to relevant benchmarks. For portfolio managers, benchmarks include both measures of the marketplaces in which the relevant fund invests and measures of the results of comparable mutual funds. The benchmarks used to measure performance of the portfolio managers for the EQ/Capital Guardian International Portfolio include an adjusted MSCI EAFE Index, an adjusted Lipper International Index, an adjusted MSCI Europe Index, a customized index based on the median results from Callan Associates, Evaluation Associates and Frank Russell, an adjusted MSCI Japan Index and a customized index based on the median results from InterSEC. Portfolio managers may also participate in profit-sharing plans and ownership of The Capital Group Companies, the ultimate parent company.

Ownership of Securities of the Fund as of December 31, 2004

Portfolio Manager

None

$1-
$10,000

$10,001-
$50,000

$50,001-
$100,000

$100,001-
$500,000

$500,001-
$1,000,000

over
$1,000,000

David Fisher

Arthur Gromadzki

Richard Havas

Seung Kwak

Nancy Kyle

John Mant

Chris Reed

Lionel Sauvage

Nilly Sikorsky

Rudolf Staehelin

C-12

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION

EQ/Capital Guardian Research (“Fund”)

Capital Guardian Trust Company (“Adviser”)

Portfolio manager

Presented below for each portfolio manager is the number of other
accounts of the Adviser managed by the portfolio manager and the
total assets in the accounts managed within each category as of
December 31, 2004

Presented below for each of the categories is the number of

accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account

Registered Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Number
of
Accounts

Total
Assets
(in billions)

Number
of
Accounts

Total
Assets
(in billions)

Number
of
Accounts

Total
Assets
(in billions)

Number
of Accounts

Total
Assets
(in billions)

Number
of
Accounts

Total
Assets
(in billions)

Number
of
Accounts

Total
Assets
(in billions)

Alan Wilson

$12.68

238

$66.6

N/A

$9.4

Description of Any Material Conflicts

None

Compensation for the fiscal year completed December 31, 2004

RP coordinators are paid competitive salaries. In addition, they receive bonuses based on their individual portfolio results. In order to encourage a long-term focus, bonuses based on investment results are calculated by comparing pretax total returns over a four-year period to relevant benchmarks. For RP coordinators, benchmarks may include both relevant market measures and appropriate industry indexes reflecting their areas of expertise. The benchmarks used to measure the performance of the RP coordinator for the EQ/Capital Guardian U.S. Research Portfolio include the S&P 500 Index and a customized Growth and Income index based on the Lipper Growth and Income Index. CGTC also separately compensates analysts for the quality of their research efforts. Investment professionals also may participate in profit-sharing plans and ownership of The Capital Group Companies, the ultimate parent company.

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

Alan Wilson	X

C-13

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION


EQ/Capital Guardian U.S. Equity (“Fund”) Capital Guardian Trust Company (“Adviser”)
Portfolio manager	Presented below for each portfolio manager is the number of other accounts of the Adviser managed by the portfolio manager and the total assets in the accounts managed within each category as of December 31, 2004						Presented below for each of the categories is the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account
	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts		Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Total Assets (in billions)	Number of Accounts	Total Assets (in billions)	Number of Accounts	Total Assets (in billions)	Number of Accounts	Total Assets (in billions)	Number of Accounts	Total Assets (in billions)	Number of Accounts	Total Assets (in billions)

Terry Berkemeier	9	$5.27	9	$5.11	166	$47.88	0	$—	0	$—	11	$6.58

Michael Ericksen	13	$6.43	23	$18.24	408	$103.86	0	$—	0	$—	61	$24.71

David Fisher	24	$26.32	36	$47.66	379	$110.30	1	$0.62	4	$0.43	14	$9.25

Karen Miller	12	$6.37	15	$2.91	102	$23.56	0	$—	0	$—	3	$2.60

Ted Samuels	9	$5.46	8	$1.61	460	$27.06	0	$—	0	$—	3	$2.60

Gene Stein	11	$6.27	14	$6.26	142	$39.83	0	$—	0	$—	8	$6.21

Alan Wilson	22	$12.68	23	$9.00	238	$66.63	0	$—	0	$—	14	$9.46

Description of Any Material Conflicts

None

Compensation for the fiscal year completed December 31, 2004

The Adviser uses a system of multiple portfolio managers in managing mutual fund assets (In addition, the Adviser’s investment analysts may make investment decisions with respect to a portion of a fund’s portfolio within their research coverage). Portfolio managers are paid competitive salaries. In addition, they receive bonuses based on their individual portfolio results. In order to encourage a long-term focus, bonuses based on investment results are calculated by comparing pretax total returns over a four-year period to relevant benchmarks. For portfolio managers, benchmarks include both measures of the marketplaces in which the relevant fund invests and measures of the results of comparable mutual funds. The benchmarks used to measure performance of the portfolio managers for the EQ/Capital Guardian U.S. Equity Portfolio include the S&P 500 Index and a customized Growth and Income index based on the Lipper Growth and Income Index. Portfolio managers may also participate in profit-sharing plans and ownership of The Capital Group Companies, the ultimate parent company.

Ownership of Securities of the Fund as of December 31, 2004

Portfolio Manager

None

$1-
$10,000

$10,001-
$50,000

$50,001-
$100,000

$100,001-
$500,000

$500,001-
$1,000,000

over
$1,000,000

Terry Berkemeier

Michael Ericksen

David Fisher

Karen Miller

Ted Samuels

Gene Stein

Alan Wilson

C-14

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION

EQ/Evergreen Omega (“Fund”)

Evergreen Investment Management Company, LLC (“Adviser”)

Portfolio manager

Presented below for each of the categories is the number of

accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account

Registered Investment
Companies*

Other Pooled
Investment Vehicles

Other Accounts

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Number of
Accounts

Total
Assets
($m)

Number
of
Accounts

Total
Assets
($m)

Number of
Accounts

Total
Assets
($m)

Number of Accounts

Total
Assets

Number of
Accounts

Total
Assets

Number of
Accounts

Total
Assets

Maureen E. Cullinane

$3,682

N/A

*	Includes EQ/Evergreen Omega ($192.9 million in assets)

Description of Any Material Conflicts

The Fund’s portfolio manager may experience certain conflicts of interest in managing the Fund’s investments, on the one hand, and the investments of other accounts, including other Evergreen funds, on the other. EIMC has strict policies and procedures, enforced through diligent monitoring by EIMC’s compliance department, to address potential conflicts of interest relating to the allocation of investment opportunities. One potential conflict arises from the weighting scheme used in determining bonuses, as described below, which may give a portfolio manager an incentive to allocate a particular investment opportunity to a product that has a greater weighting in determining his or her bonus. Another potential conflict may arise if a portfolio manager were to have a larger personal investment in one fund than he or she does in another, giving the portfolio manager an incentive to allocate a particular investment opportunity to the fund in which he or she holds a larger stake. EIMC’s policies and procedures relating to the allocation of investment opportunities address these potential conflicts by limiting portfolio manager discretion and are intended to result in fair and equitable allocations among all products managed by that portfolio manager or team that might be eligible for a particular investment. Similarly, EIMC has adopted policies and procedures in accordance with Rule 17a-7 relating to transfers effected without a broker-dealer between a registered investment company client and another advisory client, to ensure compliance with the rule and fair and equitable treatment of both clients involved in such transactions. In addition, EIMC’s Code of Ethics addresses potential conflicts of interest that may arise in connection with a portfolio manager’s activities outside EIMC by prohibiting, without prior written approval from the Code of Ethics Compliance Officer, portfolio managers from participating in investment clubs and from providing investment advice to, or managing, any account or portfolio in which the portfolio manager does not have a beneficial interest and that is not a client of EIMC

Compensation for the fiscal year completed December 31, 2004

Compensation. Compensation for EIMC portfolio managers consists primarily of a base salary and an annual bonus. Each portfolio manager’s base salary is reviewed annually and adjusted based on consideration of various factors, including, among others, experience, quality of performance record and breadth of management responsibility.

The annual bonus has an investment performance component and a subjective evaluation component. The amount of the investment performance component is based on the investment performance of the funds and accounts managed by the individual (or one or more appropriate composites of such funds and accounts) over the prior three years compared to the performance over the same time period of an

C-15

appropriate benchmark (typically a broad-based index or universe of external funds or managers with similar characteristics). See the information below relating to other funds and accounts managed by the portfolio managers for the specific benchmarks used in evaluating performance. In calculating the amount of the investment performance component, performance for the most recent year is weighted 25%, performance for the most recent three-year period is weighted 50% and performance for the most recent five-year period is weighted 25%. The investment performance component is determined using a weighted average of investment performance of each product managed by the portfolio manager, with the weighting done based on the amount of assets the portfolio manager is responsible for in each such product. For example, if a portfolio manager were to manage a mutual fund with $400 million in assets and separate accounts totaling $100 million in assets, performance with respect to the mutual fund would be weighted 80% and performance with respect to the separate accounts would be weighted 20%. In determining the subjective evaluation component of the bonus, each manager is measured against predetermined objectives and evaluated in light of other discretionary considerations. Objectives are set in several categories, including teamwork, participation in various assignments, leadership, and development of staff.

The investment performance component of Ms. Cullinane’s bonus is determined based on comparisons to Lipper MultiCap Growth, Lipper Large Cap Growth and Lipper Large Cap Core composites.

EIMC portfolio managers may also receive equity incentive awards (non-qualified stock options and/or restricted stock) in Wachovia Corporation, EIMC’s publicly traded parent company, based on their performance and/or positions held with EIMC.

In addition, EIMC portfolio managers may participate, at their election, in various benefits programs, including the following:

•

medical, dental, vision and prescription benefits,

•

life, disability and long-term care insurance,

•

before-tax spending accounts relating to dependent care, health care, transportation and parking, and

•

various other services, such as family counseling and employee assistance programs, prepaid or discounted legal services, health care advisory programs and access to discount retail services.

These benefits are broadly available to EIMC employees. Senior level employees in EIMC, including many portfolio managers but also including many other senior level executives, may pay more or less than employees that are not senior level for certain benefits, or be eligible for, or required to participate in, certain benefits programs not available to employees who are not senior level. For example, only senior level employees above a certain compensation level are eligible to participate in the Wachovia Corporation deferred compensation plan, and certain senior level employees are required to participate in the deferred compensation plan.

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

Maureen E. Cullinane	X

C-16

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION

EQ/FI Mid Cap (“Fund”)

Fidelity Management & Research Company (“Adviser”)

Portfolio manager

Presented below for each of the categories is the number of

accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account

Registered Investment
Companies*

Other Pooled
Investment Vehicles

Other Accounts

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Number of
Accounts

Total
Assets
$m

Number
of
Accounts

Total
Assets
$m

Number of
Accounts

Total
Assets
$m

Number of Accounts

Total
Assets

Number of
Accounts

Total
Assets

Number of
Accounts

Total
Assets

Peter Saperstone

$11,191

N/A

$153

N/A

*	Includes EQ/FI Mid Cap Portfolio ($1,169 million in assets).

Description of Any Material Conflicts

The portfolio manager’s compensation plan may give rise to potential conflicts of interest. The portfolio manager’s base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his time and investment ideas across multiple funds and accounts. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by the fund. Securities selected for funds or accounts other than the fund may outperform the securities selected for the fund. The management of personal accounts may give rise to potential conflicts of interest; there is no assurance that the fund’s code of ethics will adequately address such conflicts.

Compensation for the fiscal year completed December 31, 2004

As of December 31, 2004, portfolio manager compensation generally consists of a base salary, a bonus and, in certain cases, participation in several types of equity-based compensation plans. A portion of the portfolio manager’s compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

The portfolio manager’s base salary is determined annually by level of responsibility and tenure at FMR or its affiliates. A substantial portion of the portfolio manager’s bonus is linked to the pre-tax investment performance of the equity assets of the fund measured against the S&P MidCap 400 Index and the pre-tax investment performance of the equity assets of the fund within the Lipper Mid-Cap Value Funds Classification. The portfolio manager’s bonus is based on several components calculated separately over his tenure over multiple measurement periods that eventually encompass periods of up to five years. The primary components of the portfolio manager’s bonus are based on (i) the pre-tax investment performance of the portfolio manager’s fund(s) and account(s) relative to a defined peer group and relative to a benchmark index assigned to each fund or account, and (ii) the investment performance of a broad range of other FMR equity funds and accounts. A smaller, subjective component of the portfolio manager’s bonus is based on the portfolio manager’s overall contribution to management of FMR. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in

C-17

the net asset value of the stock of FMR Corp., FMR’s parent company. FMR Corp. is a diverse financial services company engaged in various activities that include fund management, brokerage, and employer administrative services.

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

Peter Saperstone	X

C-18

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION

EQ/FI Small/Mid Cap Value (“Fund”)

Fidelity Management & Research Company (“Adviser”)

Portfolio manager

Presented below for each of the categories is the number of

accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account

Registered Investment
Companies*

Other Pooled
Investment Vehicles

Other Accounts

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Number of
Accounts

Total
Assets
$m

Number
of
Accounts

Total
Assets
$m

Number of
Accounts

Total
Assets
$m

Number of Accounts

Total
Assets
$m

Number of
Accounts

Total
Assets
$m

Number of
Accounts

Total
Assets
$m

James Harmon

$1,214

N/A

$918

$1,214

N/A

Richard Fentin

$10,303

N/A

$874

$10,279

N/A

*	Includes EQ/FI Small Mid Cap Value Portfolio ($1,448 million in assets).

Description of Any Material Conflicts

A portfolio manager’s compensation plan may give rise to potential conflicts of interest. A portfolio manager’s base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as a portfolio manager must allocate his time and investment ideas across multiple funds and accounts. A portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by the fund. Securities selected for funds or accounts other than the fund may outperform the securities selected for the fund. The management of personal accounts may give rise to potential conflicts of interest; there is no assurance that the fund’s code of ethics will adequately address such conflicts.

Compensation for the fiscal year completed December 31, 2004

As of December 31, 2004, portfolio manager compensation generally consists of a base salary, a bonus and, in certain cases, participation in several types of equity-based compensation plans. A portion of each portfolio manager’s compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

Each portfolio manager’s base salary is determined annually by level of responsibility and tenure at FMR or its affiliates. A substantial portion of Mr. Harmon’s bonus is linked to the pre-tax investment performance of the equity small cap assets of the fund measured against the Russell 2000 Index and the pre-tax investment performance of the equity small cap assets of the fund within the Lipper Small Cap Objective. A substantial portion of Mr. Fentin’s bonus is linked to the pre-tax investment performance of the equity mid cap assets of the fund measured against the Russell MidCap Value Index and the pre-tax investment performance of the equity mid cap assets of the fund within the Lipper Mid-Cap Value Funds Classification. Each portfolio manager’s bonus is based on several components calculated separately over his tenure over multiple measurement periods that eventually encompass periods of up to five years. The primary components of each portfolio manager’s bonus are based on (i) the pre-tax investment performance of the portfolio manager’s fund(s) and account(s) relative to a defined peer group and relative

C-19

to a benchmark index assigned to each fund or account, and (ii) the investment performance of a broad range of other FMR equity funds and accounts. A smaller, subjective component of each portfolio manager’s bonus is based on the portfolio manager’s overall contribution to management of FMR. Each portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR Corp., FMR’s parent company. FMR Corp. is a diverse financial services company engaged in various activities that include fund management, brokerage, and employer administrative services.

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

James Harmon	X

Richard Fentin	X

C-20

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION

EQ/Mergers and Acquisitions (“Fund”)

GAMCO Investors, Inc. (“Adviser”)

Portfolio manager

Presented below for each portfolio manager is the number of other accounts
of the Adviser managed by the portfolio manager and the total assets in the
accounts managed within each category as of December 31, 2004

Presented below for each of the categories is the number of

accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account

Registered Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Number
of
Accounts

Total
Assets
(in billion)

Number
of
Accounts

Total
Assets
(in billion)

Number of
Accounts

Total
Assets
(in billion)

Number of Accounts

Total
Assets
in million

Number of
Accounts

Total
Assets
in million

Number of
Accounts

Total
Assets
(billion)

Mario Gabelli

$12.7

114

$707.7

1,747

$9.9

$39.6

$707.7

$1.2

Description of Any Material Conflicts

Actual or apparent conflicts of interest may arise when the portfolio manager also has day-to-day management responsibilities with respect to one or more other accounts. These potential conflicts include:

Allocation of Limited Time and Attention Because the portfolio manager manages many accounts, he may not be able to formulate as complete a strategy or identify equally attractive investment opportunities for each of those accounts as if he were to devote substantially more attention to the management of only a few accounts.

Allocation of Limited Investment Opportunities. If the portfolio manager identifies an investment opportunity that may be suitable for multiple accounts, The Fund may not be able to take full advantage of that opportunity because the opportunity may need to be allocated among all or many of these accounts.

Pursuit of Differing Strategies. At times, the portfolio manager may determine that an investment opportunity may be appropriate for only some of the accounts for which he exercises investment responsibility, or may decide that certain of these accounts should take differing positions with respect to a particular security. In these cases, the portfolio manager may execute differing or opposite transactions for one or more accounts which may affect the market price of the security or the execution of the transactions, or both, to the detriment of one or more of his accounts.

Selection of Broker/Dealers. Because of the portfolio manager’s position with the Distributor and his indirect majority ownership interest in the Distributor, he may have an incentive to use the Distributor to execute portfolio transactions for the Fund even if using the Distributor is not in the best interest of the Fund.

Variation in Compensation. A conflict of interest may arise where the financial or other benefits available to the portfolio manager differ among the accounts that he manages. If the structure of the Adviser’s management fee or the portfolio manager’s compensation differs among accounts (such as where certain funds or accounts pay higher management fees or performance-based management fees), the portfolio manager may be motivated to favor certain accounts over others. The portfolio manager also may be motivated to favor funds or accounts in which he has an investment interest, or in which the Adviser or its affiliates have investment interests. In Mr. Gabelli’s case, the Adviser’s compensation (and expenses) for the Fund are marginally greater as a percentage of assets than for certain other accounts and are less than for certain other accounts managed by Mr. Gabelli, while his personal compensation structure varies with near-term performance to a greater degree in certain performance fee based accounts than with non-performance based accounts. In addition he has investment interests in several of the funds managed by the Adviser and its affiliates.

C-21

The Adviser and the Fund have adopted compliance policies and procedures that are designed to address the various conflicts of interest that may arise for the Adviser and its staff members. However, there is no guarantee that such policies and procedures will be able to identify and address every situation in which an actual or potential conflict may arise.

Compensation for the fiscal year completed December 31, 2004

Mr. Gabelli receives incentive-based variable compensation based on a percentage of net revenues received by the Adviser for managing the Fund. Net revenues are determined by deducting from gross investment management fees the firm’s expenses (other than Mr. Gabelli’s compensation) allocable to the Fund. Additionally, he receives similar incentive-based variable compensation for managing other registered investment companies, other accounts within the firm. This method of compensation is based on the premise that superior long-term performance in managing a portfolio should be rewarded with higher compensation as a result of growth of assets through appreciation and net investment activity. One of the other registered investment companies managed by Mr. Gabelli has a performance (fulcrum) fee arrangement for which his compensation is adjusted up or down based on the performance of the investment company relative to an index. Mr. Gabelli manages other accounts with a performance fee. Compensation for managing these accounts that have performance-based fees has two components. One component is based on a percentage of net revenues received by the Adviser for managing the account. The second component is based on absolute performance of the account, with respect to which a percentage of such performance fee is paid to Mr. Gabelli. As an executive officer of the Adviser’s parent company, Gabelli Asset Management Inc., Mr. Gabelli also receives ten percent of the net operating profits of the parent company. He receives no base salary, no annual bonus and no stock options.

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

Mario Gabelli	X

C-22

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION

EQ/Small Company Value (“Fund”)

GAMCO Investors, Inc. (“Adviser”)

Portfolio manager

Presented below for each portfolio manager is the number of other
accounts of the Adviser managed by the portfolio manager and the
total assets in the accounts managed within each category as of
December 31, 2004

Presented below for each of the categories is the number of

accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account

Registered Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Number
of
Accounts

Total
Assets
(in billion)

Number
of
Accounts

Total
Assets
(in billion)

Number of
Accounts

Total
Assets
in billion

Number of Accounts

Total
Assets
in million

Number of
Accounts

Total
Assets
in million

Number of
Accounts

Total
Assets
(billion)

Mario Gabelli

$13.2

114

$707.7

1747

$9.9

$39.6

$707.7

$1.2

Description of Any Material Conflicts

Allocation of Limited Time and Attention Because the portfolio manager manages many accounts, he may not be able to formulate as complete a strategy or identify equally attractive investment opportunities for each of those accounts as if he were to devote substantially more attention to the management of only a few accounts.

Allocation of Limited Investment Opportunities. If the portfolio manager identifies an investment opportunity that may be suitable for multiple accounts, The Fund may not be able to take full advantage of that opportunity because the opportunity may need to be allocated among all or many of these accounts.

Pursuit of Differing Strategies. At times, the portfolio manager may determine that an investment opportunity may be appropriate for only some of the accounts for which he exercises investment responsibility, or may decide that certain of these accounts should take differing positions with respect to a particular security. In these cases, the portfolio manager may execute differing or opposite transactions for one or more accounts which may affect the market price of the security or the execution of the transactions, or both, to the detriment of one or more of his accounts.

Selection of Broker/Dealers. Because of the portfolio manager’s position with the Distributor and his indirect majority ownership interest in the Distributor, he may have an incentive to use the Distributor to execute portfolio transactions for the Fund even if using the Distributor is not in the best interest of the Fund.

Variation in Compensation. A conflict of interest may arise where the financial or other benefits available to the portfolio manager differ among the accounts that he manages. If the structure of the Adviser’s management fee or the portfolio manager’s compensation differs among accounts (such as where certain funds or accounts pay higher management fees or performance-based management fees), the portfolio manager may be motivated to favor certain accounts over others. The portfolio manager also may be motivated to favor funds or accounts in which he has an investment interest, or in which the Adviser or its affiliates have investment interests. In Mr. Gabelli’s case, the Adviser’s compensation (and expenses) for the Fund are marginally greater as a percentage of assets than for certain other accounts and are less than for certain other accounts managed by Mr. Gabelli, while his personal compensation structure varies with near-term performance to a greater degree in certain performance fee based accounts than with non-performance based accounts. In addition he has investment interests in several of the funds managed by the Adviser and its affiliates.

C-23

Compensation for the fiscal year completed December 31, 2004

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

Mario Gabelli	X

C-24

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION

EQ/Janus Large Cap Growth (“Fund”)

Janus Capital Management LLC (“Adviser”)

Portfolio manager

Presented below for each portfolio manager is the number of other accounts of the
Adviser managed by the portfolio manager and the total assets in the accounts
managed within each category as of December 31, 2004

Presented below for each of the categories is the number of

accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account

Registered Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Number
of
Accounts

Total
Assets
(in millions)

Number
of
Accounts

Total
Assets
(in millions)

Number of
Accounts

Total
Assets
(in millions)

Number of Accounts

Total
Assets

Number of
Accounts

Total
Assets

Number of
Accounts

Total
Assets
(in millions)

Marc Pinto

$1,067

$89.8

$666

N/A

$251

Description of Any Material Conflicts

As shown in the accompanying table, the portfolio manager may manage other accounts with investment strategies similar to the Fund. Fees may vary among these accounts and the portfolio manager may personally invest in some but not all of these accounts. These factors could create conflicts of interest because a portfolio manager may have incentives to favor certain accounts over others, resulting in other accounts outperforming the Fund. A conflict may also exist if a portfolio manager identified a limited investment opportunity that may be appropriate for more than one account, but the Fund is not able to take full advantage of that opportunity due to the need to allocate that opportunity among multiple accounts. In addition, the portfolio manager may execute transactions for another account that may adversely impact the value of securities held by the Fund. However, these risks may be mitigated by the fact that accounts with like investment strategies managed by a particular portfolio manager may be generally managed in a similar fashion, subject to exceptions to account for particular investment restrictions or policies applicable only to certain accounts, portfolio holdings that may be transferred in-kind when an account is opened, differences in cash flows and account sizes, and similar factors.

Compensation for the fiscal year completed December 31, 2004

The following describes the structure and method of calculating the portfolio manager’s compensation as of January 1, 2005.

The portfolio manager is compensated by Janus Capital for managing the Fund and any other funds, portfolios or accounts managed by the portfolio manager (collectively, the “Managed Funds”) through two components: fixed compensation and variable compensation.

Fixed Compensation: Fixed compensation is paid in cash and is comprised of an annual base salary and an additional amount calculated based on factors such as the complexity of managing funds and other accounts, scope of responsibility (including assets under management), tenure and long-term performance as a portfolio manager.

Variable Compensation: Variable compensation is paid in the form of cash and long-term incentive awards (consisting of Janus Capital Group Inc. restricted stock, stock options and a cash deferred award aligned with Janus fund shares). Variable compensation is structured to pay the portfolio manager primarily on individual performance, with additional compensation available for team performance and a lesser component based on net asset flows in the Managed Funds. Variable compensation is based on pre-tax performance of the Managed Funds.

C-25

The portfolio manager’s individual performance compensation is determined by applying a multiplier tied to the Managed Funds’ aggregate asset-weighted Lipper peer group performance ranking for one- and three-year performance periods, if applicable, with a greater emphasis on three year results. The multiplier is applied against the portfolio manager’s fixed compensation. The portfolio manager is also eligible to receive additional individual performance compensation if the Managed Funds achieve a certain rank in their Lipper peer performance groups in each of three, four, or five consecutive years. The portfolio manager’s compensation is also subject to reduction in the event that the Managed Funds incur material negative absolute performance, and the portfolio manager will not be eligible to earn any individual performance compensation if the Managed Funds’ performance does not meet or exceed a certain ranking in their Lipper peer performance group.

The portfolio manager is also eligible to participate with other Janus equity portfolio managers in a team performance compensation pool which is derived from a formula tied to the team’s aggregate asset-weighted Lipper peer group performance ranking for the one-year performance period. Such compensation is then allocated among eligible individual equity portfolio managers at the discretion of Janus Capital. No team performance compensation is paid to any equity portfolio manager if the aggregate asset-weighted team performance for the one-year period does not meet or exceed a certain rank in the relevant Lipper peer group.

The Portfolio manager may elect to defer payment of a designated percentage of fixed compensation and/or up to all variable compensation in accordance with the Janus Executive Income Deferral Program.

The Fund’s Lipper peer group for compensation purposes is the Large-Cap Growth Funds.

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

Marc Pinto	X

C-26

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION

EQ/J.P. Morgan Value Opportunities (“Fund”)

J.P. Morgan Investment Management, Inc. (“Adviser”)

Portfolio

manager

Presented below for each portfolio manager is the number of other
accounts of the Adviser managed by the portfolio manager and the
total assets in the accounts managed within each category as of
December 31, 2004

Presented below for each of the categories is the number of

accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Number
of
Accounts

Total
Assets
(in billions)

Number
of
Accounts

Total
Assets
in millions

Number
of
Accounts

Total
Assets
(in billions)

Number

of Accounts

Total
Assets

Number
of
Accounts

Total
Assets

Number
of
Accounts

Total
Assets

Alan H. Gutman

$1.7

$64.9

$1.1

N/A

Bradford L. Frishberg

$1.7

$64.9

$1.1

N/A

Description of Any Material Conflicts

As shown in the above tables, the portfolio managers may manage accounts in addition to the identified registered investment companies (each a “Fund”). The potential for conflicts of interest exists when portfolio managers manage other accounts with similar investment objectives and strategies as the Fund (“Similar Accounts”). Potential conflicts may include, for example, conflicts between investment strategies and conflicts in the allocation of investment opportunities.

Responsibility for managing the Adviser’s clients’ portfolios is organized according to investment strategies within asset classes. Generally, client portfolios with similar strategies are managed by portfolio managers in the same portfolio management group using the same objectives, approach and philosophy. Therefore, portfolio holdings, relative position sizes and industry and sector exposures tend to be similar across similar portfolios, which minimizes the potential for conflicts of interest.

The Adviser may receive more compensation with respect to certain Similar Accounts than that received with respect to the Fund or may receive compensation based in part on the performance of certain Similar Accounts. This may create a potential conflict of interest for the Adviser or its portfolio managers by providing an incentive to favor these Similar Accounts when, for example, placing securities transactions. In addition, the Adviser could be viewed as having a conflict of interest to the extent that the Adviser or an affiliate has a proprietary investment in Similar Accounts, the portfolio managers have personal investments in Similar Accounts or the Similar Accounts are investment options in the Adviser’s employee benefit plans. Potential conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of limited investment opportunities. Allocations of aggregated trades, particularly trade orders that were only partially completed due to limited availability, and allocation of investment opportunities generally, could raise a potential conflict of interest, as the Adviser may have an incentive to allocate securities that are expected to increase in value to favored accounts. Initial public offerings, in particular, are frequently of very limited availability. The Adviser may be perceived as causing accounts it manages to participate in an offering to increase the Adviser’s overall allocation of securities in that offering. A potential conflict of interest also may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a purchase increases the value of securities previously purchased by another account, or when a sale in one account lowers the sale price received in a sale by a second account. If the Adviser manages accounts that engage in short sales of securities of the type in which the Fund invests, the Adviser could be seen as harming the performance of the Fund for the benefit of the accounts engaging in short sales if the short sales cause the market value of the securities to fall.

C-27

The Adviser has policies and procedures designed to manage these conflicts described above such as allocation of investment opportunities to achieve fair and equitable allocation of investment opportunities among its clients over time. For example:

Orders for the same equity security are aggregated on a continual basis throughout each trading day consistent with the Adviser’s duty of best execution for its clients. If aggregated trades are fully executed, accounts participating in the trade will be allocated their pro rata share on an average price basis. Partially completed orders generally will be allocated among the participating accounts on a pro-rata average price basis, subject to certain limited exceptions. For example, accounts that would receive a de minimis allocation relative to their size may be excluded from the order. Another exception may occur when thin markets or price volatility require that an aggregated order be completed in multiple executions over several days. If partial completion of the order would result in an uneconomic allocation to an account due to fixed transaction or custody costs, the adviser may exclude small orders until 50% of the total order is completed. Then the small orders will be executed. Following this procedure, small orders will lag in the early execution of the order, but will be completed before completion of the total order.

Purchases of money market instruments and fixed income securities cannot always be allocated pro-rata across the accounts with the same investment strategy and objective. However, the Adviser attempts to mitigate any potential unfairness by basing non-pro rata allocations upon an objective predetermined criteria for the selection of investments and a disciplined process for allocating securities with similar duration, credit quality and liquidity in the good faith judgment of the Adviser so that fair and equitable allocation will occur over time.

Compensation for the fiscal year completed December 31, 2004

The Adviser’s portfolio managers participate in a highly competitive compensation program that is designed to attract and retain outstanding people and closely link the performance of investment professionals to client investment objectives. The total compensation program includes base salary, fixed from year to year and a variable performance bonus consisting of cash incentives and restricted stock, and, in some cases, mandatory deferred compensation. These elements reflect individual performance and the performance of the business as a whole.

Each portfolio manager’s performance is formally evaluated annually based on a variety of factors including the aggregate size and blended performance of the portfolios such portfolio manager manages. Individual contribution relative to client goals carries the highest impact. Portfolio manager compensation is primarily driven by meeting or exceeding clients’ risk and return objectives, relative performance to competitors or competitive indices and compliance with firm policies and regulatory requirements. In evaluating each portfolio manager’s performance with respect to the mutual funds he or she manages, the funds’ pre-tax performance is compared to the appropriate market peer group and to each fund’s benchmark index listed in the fund’s prospectus over one, three and five year periods (or such shorter time as the portfolio manager has managed the fund). Investment performance is generally more heavily weighted to the long-term.

Stock awards are granted as part of an employee’s annual performance bonus and comprise from 0% to 35% of a portfolio manager’s total award. As the level of incentive compensation increases, the percentage of compensation awarded in restricted stock also increases. Certain investment professionals may also be subject to a mandatory deferral of a portion of their compensation into proprietary mutual funds based on long-term sustained investment performance.

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

Alan H. Gutman	X

Bradford L. Frishberg	X

C-28

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION


EQ/J.P. Morgan Core Bond (“Fund”) J.P. Morgan Investment Management, Inc. (“Adviser”)
Portfolio manager	Presented below for each portfolio manager is the number of other accounts of the Adviser managed by the portfolio manager and the total assets in the accounts managed within each category as of December 31, 2004						Presented below for each of the categories is the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account
	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts		Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Total Assets in billions	Number of Accounts	Total Assets in millions	Number of Accounts	Total Assets in billions	Number of Accounts	Total Assets	Number of Accounts	Total Assets	Number of Accounts	Total Assets

Mark Settles*

Timothy N. Neumann,	3	$1	1	$719	8	$2.9	0	N/A	0	N/A	0	N/A

Ronald Arons,	0	N/A	2	$380	23	$3.7	0	N/A	0	N/A	0	N/A

Jeffery J. Jackman,	0	N/A	2	$380	23	$3.7	0	N/A	0	N/A	0	N/A

*	Mr. Settles is responsible for providing servicing attribution and market specific updates to the Fund.

Description of Any Material Conflicts

C-29

that offering. A potential conflict of interest also may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a purchase increases the value of securities previously purchased by another account, or when a sale in one account lowers the sale price received in a sale by a second account. If the Adviser manages accounts that engage in short sales of securities of the type in which the Fund invests, the Adviser could be seen as harming the performance of the Fund for the benefit of the accounts engaging in short sales if the short sales cause the market value of the securities to fall.

Compensation for the fiscal year completed December 31, 2004

The Adviser’s portfolio managers participate in a competitive compensation program that is designed to attract and retain outstanding people and closely link the performance of investment professionals to client investment objectives. The total compensation program includes a base salary fixed from year to year and a variable performance bonus consisting of cash incentives and restricted stock and, in some cases, mandatory deferred compensation. These elements reflect individual performance and the performance of the Adviser’s business as a whole.

C-30

Ownership of Securities of the Fund as of December 31, 2004

Portfolio Manager

None

$1-
$10,000

$10,001-
$50,000

$50,001-
$100,000

$100,001-
$500,000

$500,001-
$1,000,000

over
$1,000,000

Mark Settles

Timothy N. Neuman

Ronald Arons

Jeffry Jackman

C-31

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION

EQ/Lazard Small Cap Value (“Fund”)

Lazard Asset Management (“Adviser”)

Portfolio

manager

Presented below for each portfolio manager is the number of other accounts of the
Adviser managed by the portfolio manager and the total assets in the accounts
managed within each category as of December 31, 2004

Presented below for each of the categories is the number of

accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account

Registered Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Number of
Accounts

Total
Assets
(in billions)

Number of
Accounts

Total
Assets
(in billions)

Number of
Accounts

Total
Assets
(in billions)

Number of Accounts

Total
Assets

Number of
Accounts

Total
Assets

Number of
Accounts

Total
Assets

Andrew Lacey

$4,260

$590

18,189

$17,105

N/A

Patrick Mullin

$2,109

N/A

$1,315

N/A

Description of Any Material Conflicts

Material Conflicts Related to Management of Similar Accounts. Although the potential for conflicts of interest exist when an investment adviser and portfolio managers manage other accounts with similar investment objectives and strategies as the Fund (“Similar Accounts”), the Adviser has procedures in place that are designed to ensure that all accounts are treated fairly and that the Fund is not disadvantaged, including procedures regarding trade allocations and “conflicting trades” (e.g., long and short positions in the same security, as described below). In addition, the Fund, as a registered investment company, is subject to different regulations than certain of the Similar Accounts, and, consequently, may not be permitted to engage in all the investment techniques or transactions, or to engage in such techniques or transactions to the same degree, as the Similar Accounts.

Potential conflicts of interest may arise because of the Adviser’s management of the Fund and Similar Accounts. For example, conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of limited investment opportunities, as the Adviser may be perceived as causing accounts it manages to participate in an offering to increase Lazard’s overall allocation of securities in that offering, or to increase the Adviser’s ability to participate in future offerings by the same underwriter or issuer. Allocations of bunched trades, particularly trade orders that were only partially filled due to limited availability, and allocation of investment opportunities generally, could raise a potential conflict of interest, as the Adviser may have an incentive to allocate securities that are expected to increase in value to preferred accounts. Initial public offerings, in particular, are frequently of very limited availability. Additionally, portfolio managers may be perceived to have a conflict of interest because of the large number of Similar Accounts, in addition to the Fund, that they are managing on behalf of the Adviser. Although the Adviser does not track each individual portfolio manager’s time dedicated to each account, the Adviser periodically reviews each portfolio manager’s overall responsibilities to ensure that they are able to allocate the necessary time and resources to effectively manage the Fund. In addition, the Adviser could be viewed as having a conflict of interest to the extent that the Adviser and/or portfolios managers have a materially larger investment in a Similar Account than their investment in the Fund.

A potential conflict of interest may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a purchase increases the value of securities previously purchase by the other account, or when a sale in one account lowers the sale price received in a sale by a second account. The Adviser manages hedge funds that are subject to performance/incentive fees. Certain hedge funds managed by the Adviser may also be permitted to sell securities short. When Lazard engages in short sales of securities of the type in which the Fund invests, the Adviser could be seen as harming the performance of the Fund for the benefit of the account engaging in short sales if the short sales

C-32

cause the market value of the securities to fall. As described above, the Adviser has procedures in place to address these conflicts. Additionally, the Adviser currently does not have any portfolio managers that manage both hedge funds that engage in short sales and long-only accounts, including open-end and closed-end registered investment companies.

Compensation for the fiscal year completed December 31, 2004

The Adviser’s portfolio managers are generally responsible for managing multiple types of accounts that may, or may not, have similar investment objectives, strategies, risks and fees to those managed on behalf of the Fund. Portfolio managers responsible for managing the Fund may also manage sub-advised registered investment companies, collective investment trusts, unregistered funds and/or other pooled investment vehicles, separate accounts, separately managed account programs (often referred to as “wrap accounts”) and model portfolios.

The Adviser compensates portfolio managers by a competitive salary and bonus structure, which is determined both quantitatively and qualitatively. Salary and bonus are paid in cash. Portfolio managers are compensated on the performance of the aggregate group of portfolios managed by them rather than for a specific fund or account. Various factors are considered in the determination of a portfolio manager’s compensation. All of the portfolios managed by a portfolio manager are comprehensively evaluated to determine his or her positive and consistent performance contribution over time. Further factors include the amount of assets in the portfolios as well as qualitative aspects that reinforce the Adviser’s investment philosophy such as leadership, teamwork and commitment.

Total compensation is not fixed, but rather is based on the following factors: (i) maintenance of current knowledge and opinions on companies owned in the portfolio; (ii) generation and development of new investment ideas, including the quality of security analysis and identification of appreciation catalysts; (iii) ability and willingness to develop and share ideas on a team basis; and (iv) the performance results of the portfolios managed by the investment team.

Variable bonus is based on the portfolio manager’s quantitative performance as measured by his or her ability to make investment decisions that contribute to the pre-tax absolute and relative returns of the accounts managed by them, by comparison of each account to a predetermined benchmark (as set forth in the prospectus) over the current fiscal year and the longer-term performance (3-, 5- or 10-year, if applicable) of such account, as well as performance of the account relative to peers. In addition, the portfolio manager’s bonus can be influenced by subjective measurement of the manager’s ability to help others make investment decisions.

Portfolio managers also have an interest in the Lazard Asset Management LLC Equity Plan, an equity based incentive program for Lazard Asset Management. The plan offers permanent equity in the Adviser to a significant number of its professionals, including portfolio managers, as determined by the Board of Directors of the Adviser, from time to time. This plan gives certain the Adviser employees a permanent equity interest in the Adviser and an opportunity to participate in the future growth of the Adviser.

The chart below includes information regarding the members of the portfolio management team responsible for managing the Fund. Specifically, it shows the number of other portfolios and assets (as of the most recent fiscal year end) managed by each team member, as well as the amount (within certain specified ranges) of money invested by each team member in shares of the Fund. As noted in the chart, the portfolio managers managing the Fund may also individually be members of management teams that are responsible for managing Similar Accounts. A significant proportion of these Similar Accounts may be within separately managed account programs, where the third party program sponsor is responsible for applying specific client objectives, guidelines and limitations against the model portfolio managed by the

C-33

portfolio management team. Regardless of the number of accounts, the portfolio management team still manages each account based on a model portfolio as described above.

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

Andrew Lacey	X

Patrick Mullin	X

C-34

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION


EQ/Lord Abbett Growth and Income (“Fund”) Lord Abbett & Co. LLC (“Adviser”)
Portfolio manager	Presented below for each portfolio manager is the number of other accounts of the Adviser managed by the portfolio manager and the total assets in the accounts managed within each category as of December 31, 2004						Presented below for each of the categories is the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account
	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts		Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets	Number of Accounts	Total Assets	Number of Accounts	Total Assets (in millions)

Eli M. Salzmann	15	$25,051	11	$739	49,832	$17,850	0	N/A	0	N/A	1	$207

Howard Hansen	14	$24,976	11	$739	49,832	$17,850	0	N/A	0	N/A	1	$207

Description of Any Material Conflicts

To address potential conflicts of interest that may arise in connection with the investment managers’ management of the investments of the Fund and the investments of the other accounts included in the table above, the Adviser has adopted and implemented a number of policies and procedures. The Adviser has adopted Policies and Procedures for Evaluating Best Execution of Equity Transactions, as well as Trading Practices/Best Execution Procedures. The objective of these policies and procedures is to ensure the fair and equitable treatment of transactions and allocation of investment opportunities on behalf of all accounts managed by the Adviser. The Adviser’s Code of Ethics sets forth general principles for the conduct of employee personal securities transactions in a manner that avoids any actual or potential conflicts of interest. Moreover, the Adviser’s Statement of Policy and Procedures on Receipt and Use of Inside Information sets forth procedures for personnel to follow when they have inside information. The Adviser is not affiliated with a full service broker-dealer and therefore does not execute any portfolio transactions through such an entity. The Adviser does not conduct any investment bank functions and does not manage any hedge funds. The Adviser does not believe that any material conflicts of interest exist in connection with the investment managers’ management of the investments of the Portfolios and the investments of the other accounts referenced in the table above.

Compensation for the fiscal year completed December 31, 2004

The Adviser compensates its investment managers on the basis of salary, bonus and profit sharing plan contributions. Base salaries are assigned at a level that takes into account the investment manager’s experience, reputation and competitive market rates.

Fiscal year-end bonuses, which can be a multiple of base salaries, are determined after an evaluation of the investment manager’s investment results. Investment results are evaluated based on an assessment of the investment manager’s three- and five-year investment returns vs. both the appropriate style benchmarks and the appropriate peer group rankings. In addition to investment returns, other factors that are taken into consideration are: style consistency, dispersion among portfolios with similar objectives and the risk taken to achieve the portfolio returns. Finally, there is a component of that bonus that reflects leadership and management of the investment team. No part of the bonus payment is based on the investment manager’s assets under management, the revenues generated by those assets, or the profitability of the investment manager’s unit. The Adviser may designate a bonus payment of a manager who is not a partner of the Adviser for participation in the firm’s senior incentive compensation plan, which provides for a deferred payout over a five-year period. The plan’s earnings are based on the overall asset growth of the firm as a whole. The Adviser believes this incentive focuses investment managers on the impact their fund’s performance has on the overall reputation of the firm as a whole and encourages exchanges of investment ideas among investment professionals managing different mandates.

C-35

The Adviser provides a 401(k) profit-sharing plan for all eligible employees. Contributions to an investment manager’s profit-sharing account are based on a percentage of the investment manager’s total base and bonus paid during the fiscal year, subject to a specified maximum amount. The assets of this profit-sharing plan are entirely invested in the Adviser’s-sponsored funds.

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

Eli M. Salzmann	X

Howard Hansen	X

C-36

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION

EQ/Lord Abbett Large Cap Core (“Fund”)

Lord Abbett & Co. LLC (“Adviser”)

Portfolio manager

Presented below for each portfolio manager is the number of other accounts of the
Adviser managed by the portfolio manager and the total assets in the accounts
managed within each category as of December 31, 2004

Presented below for each of the categories is the number of

accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account

Registered Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Number
of
Accounts

Total
Assets
(in millions)

Number
of
Accounts

Total
Assets
(in millions)

Number of
Accounts

Total
Assets
(in millions)

Number of Accounts

Total
Assets

Number of
Accounts

Total
Assets

Number of
Accounts

Total
Assets

Robert G. Morris

$1,618

N/A

Paul J. Volovich

$481

N/A

Description of Any Material Conflicts

Compensation for the fiscal year completed December 31, 2004

C-37

firm as a whole. The Adviser believes this incentive focuses investment managers on the impact their fund’s performance has on the overall reputation of the firm as a whole and encourages exchanges of investment ideas among investment professionals managing different mandates.

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

Robert G. Morris	X

Paul J. Volovich	X

C-38

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION


EQ/Lord Abbett Mid Cap Value (“Fund”) Lord Abbett & Co. LLC (“Adviser”)
Portfolio manager	Presented below for each portfolio manager is the number of other accounts of the Adviser managed by the portfolio manager and the total assets in the accounts managed within each category as of December 31, 2004						Presented below for each of the categories is the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account
	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts		Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets	Number of Accounts	Total Assets	Number of Accounts	Total Assets

Edward K. von der Linde	11	$12,228	1	$32	6,169	$2,895	0	N/A	0	N/A	1	$427

Howard Hansen	11	$14,145	2	$139	6,177	$3,525	0	N/A	0	N/A	1	$427

Description of Any Material Conflicts

Compensation for the fiscal year completed December 31, 2004

C-39

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

Edward K. von der Linde	X

Howard Hansen	X

C-40

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION

EQ/Enterprise Capital Appreciation (“Fund”)

Marsico Capital Management LLC (“Adviser”)

Portfolio manager

Presented below for each portfolio manager is the number of other accounts of
the Adviser managed by the portfolio manager and the total assets in the
accounts managed within each category as of December 31, 2004

Presented below for each of the categories is the number of

accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account

Registered Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Number
of
Accounts

Total
Assets
(in millions)

Number
of
Accounts

Total
Assets
(in millions)

Number of
Accounts

Total
Assets
(in millions)

Number of Accounts

Total
Assets

Number of
Accounts

Total
Assets

Number of
Accounts

Total
Assets

Thomas F. Marsico

$21,966

$1,045

167

$16,997

N/A

Description of Any Material Conflicts

Portfolio managers at Marsico typically manage multiple accounts. These accounts may include, among others, mutual funds, separate accounts (assets managed on behalf of institutions such as pension funds, colleges and universities, foundations, and accounts managed on behalf of individuals), and commingled trust accounts. Portfolio managers make investment decisions for each portfolio, including the EQ/Enterprise Capital Appreciation Portfolio, based on the investment objectives, policies, practices and other relevant investment considerations that the managers believe are applicable to that portfolio. Consequently, portfolio managers may purchase (or sell) securities for one portfolio and not another portfolio, or may take similar actions for different portfolios at different times. Consequently, the mix of securities purchased in one portfolio may perform better than the mix of securities purchased for another portfolio. Similarly, the sale of securities from one portfolio may cause that portfolio to perform better than others if the value of those securities decline.

Potential conflicts of interest may also arise when allocating and/or aggregating trades. Marsico often aggregates into a single trade order several individual contemporaneous client trade orders in a single security. Under Marsico’s trade management policy and procedures, when trades are aggregated on behalf of more than one account, such transactions will be allocated to all participating client accounts in a fair and equitable manner. With respect to IPOs and other syndicated or limited offerings, it is Marsico’s policy to seek to assure that over the long term, accounts with the same or similar investment objectives will receive an equitable opportunity to participate meaningfully and will not be unfairly disadvantaged. To deal with such situations, Marsico has adopted policies and procedures for allocating such transactions across multiple accounts. Marsico’s policies also seek to ensure that portfolio managers do not systematically allocate other types of trades in a manner that would be more beneficial to one account than another. Marsico’s compliance department monitors transactions made on behalf of multiple clients to seek to assure adherence to its policies.

As discussed above, Marsico has adopted and implemented policies and procedures that seek to minimize potential conflicts of interest that may arise as a result of a portfolio manager advising multiple accounts. In addition, Marsico monitors a variety of areas, including compliance with primary Fund guidelines, the allocation of securities, and compliance with its Code of Ethics.

Compensation for the fiscal year completed December 31, 2004

Marsico’s portfolio managers are generally subject to the compensation structure applicable to all Marsico employees. As such, Mr. Marsico’s compensation consists of a base salary (reevaluated at least annually), and periodic cash bonuses. Bonuses are typically based on two primary factors: (1) Marsico’s overall profitability for the period, and (2) individual achievement and contribution.

C-41

Portfolio manager compensation takes into account, among other factors, the overall performance of all accounts for which the manager provides investment advisory services. Portfolio managers do not receive special consideration based on the performance of particular accounts. Exceptional individual efforts are rewarded through greater participation in the bonus pool. Portfolio manager compensation comes solely from Marsico.

Although Marsico may compare account performance with relevant benchmark indices , portfolio manager compensation is not directly tied to achieving any pre-determined or specified level of performance. In order to encourage a long-term time horizon for managing portfolios, Marsico seeks to evaluate the portfolio manager’s individual performance over periods longer than the immediate compensation period. In addition, portfolio managers are compensated based on other criteria, including effectiveness of leadership within Marsico’s Investment Team, contributions to Marsico’s overall investment performance, discrete securities analysis, and other factors.

In addition to his salary and bonus, Mr. Marsico may participate in other Marsico benefits to the same extent and on the same basis as other MARSICO employees.

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

Thomas F. Marsico	X

C-42

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION

EQ/Marsico Focus (“Fund”)

Marsico Capital Management LLC (“Adviser”)

Portfolio manager

Presented below for each portfolio manager is the number of other accounts of
the Adviser managed by the portfolio manager and the total assets in the
accounts managed within each category as of December 31, 2004

Presented below for each of the categories is the number of

accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account

Registered Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Number
of
Accounts

Total
Assets
(in millions)

Number
of
Accounts

Total
Assets
(in millions)

Number of
Accounts

Total
Assets
(in millions)

Number of Accounts

Total
Assets

Number of
Accounts

Total
Assets

Number of
Accounts

Total
Assets

Thomas F. Marsico

$20,187

$1,045

167

$16,997

N/A

Description of Any Material Conflicts

Portfolio managers at Marsico typically manage multiple accounts. These accounts may include, among others, mutual funds, separate accounts (assets managed on behalf of institutions such as pension funds, colleges and universities, foundations, and accounts managed on behalf of individuals), and commingled trust accounts. Portfolio managers make investment decisions for each portfolio, including the EQ/Marisco Focus Portfolio, based on the investment objectives, policies, practices and other relevant investment considerations that the managers believe are applicable to that portfolio. Consequently, portfolio managers may purchase (or sell) securities for one portfolio and not another portfolio, or may take similar actions for different portfolios at different times. Consequently, the mix of securities purchased in one portfolio may perform better than the mix of securities purchased for another portfolio. Similarly, the sale of securities from one portfolio may cause that portfolio to perform better than others if the value of those securities decline.

Compensation for the fiscal year completed December 31, 2004

C-43

and periodic cash bonuses. Bonuses are typically based on two primary factors: (1) Marsico’s overall profitability for the period, and (2) individual achievement and contribution.

In addition to his salary and bonus, Mr. Marsico may participate in other Marsico benefits to the same extent and on the same basis as other MARSICO employees.

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

Thomas F. Marsico	X

C-44

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION


EQ/Mercury International Value (“Fund”) Merrill Lynch Investment Managers International Limited (“Adviser”)
Portfolio manager	Presented below for each portfolio manager is the number of other accounts of the Adviser managed by the portfolio manager and the total assets in the accounts managed within each category as of December 31, 2004						Presented below for each of the categories is the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account
	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts		Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets	Number of Accounts	Total Assets	Number of Accounts	Total Assets
James Macmillan	3	$1,619	3	$732	1	$53.4	0	N/A	0	N/A	0	N/A
Hubert Aarts	1	$792	3	$879	0	N/A	0	N/A	0	N/A	0	N/A
Robert Weatherston	0	N/A	1	$2.5	2	$30	0	N/A	0	N/A	0	N/A

Description of any material conflicts [For each Portfolio Manager managing other accounts]

Real, potential or apparent conflicts of interest may arise when a portfolio manager has day-today portfolio management responsibilities with respect to more than one fund or account, including the following:

Certain investments may be appropriate for the Portfolios and also for other clients advised by the Adviser and its affiliates, including other client accounts managed by a Portfolio’s portfolio management team. Investment decisions for a Portfolio and other clients are made with a view to achieving their respective investment objectives and after consideration of such factors as their current holdings, availability of cash for investment and the size of their investments generally. Frequently, a particular security may be bought or sold for only one client or in different amounts and at different times for more than one but less than all clients. Likewise, because clients of the Adviser and its affiliates may have differing investment strategies, a particular security may be bought for one or more clients when one or more other clients are selling the security. The investment results for a Portfolio may differ from the results achieved by other clients of the Adviser and its affiliates and results among clients may differ. In addition, purchases or sales of the same security may be made for two or more clients on the same day. In such event, such transactions will be allocated among the clients in a manner believed by the Adviser to be equitable to each. The Adviser will not determine allocations based on whether it receives a performance based fee from the client. In some cases, the allocation procedure could have an adverse effect on the price or amount of the securities purchased or sold by a Portfolio. Purchase and sale orders for a Portfolio may be combined with those of other clients of the Adviser and its affiliates in the interest of achieving the most favorable net results to the Portfolio.

To the extent that each Portfolio’s portfolio management team has responsibilities for managing accounts in addition to the Portfolios, a portfolio manager will need to divide his time and attention among relevant accounts.

In some cases, a real, potential or apparent conflict may also arise where (i) the Adviser may have an incentive, such as a performance based fee, in managing one account and not with respect to other accounts it manages or (ii) where a member of a Portfolio’s portfolio management team owns an interest in one fund or account he or she manages and not another.

Compensation for the fiscal year completed December 31, 2004

The Merrill Lynch Investment Manager (MLIM) Portfolio Manager compensation program is critical to MLIM’s ability to attract and retain the most talented asset management professionals. This program ensures that compensation is aligned with maximizing investment returns and it provides a competitive pay opportunity for competitive performance.

C-45

Policies and Procedures

Compensation Program. The elements of total compensation for MLIM portfolio managers are base salary, annual performance-based cash and stock compensation (cash and stock bonus) and other benefits. MLIM has balanced these components of pay to provide portfolio managers with a powerful incentive to achieve consistently superior investment performance. By design, portfolio manager compensation levels fluctuate — both up and down — with the relative investment performance of the portfolios that they manage.

Base Salary. Under the MLIM approach, like that of many asset management firms, base salaries represent a relatively small portion of a portfolio manager’s total compensation. This approach serves to enhance the motivational value of the performance-based (and therefore variable) compensation elements of the compensation program.

Performance-Based Compensation. MLIM believes that the best interests of investors are served by recruiting and retaining exceptional asset management talent and managing their compensation within a consistent and disciplined framework that emphasizes pay for performance in the context of an intensely competitive market for talent. To that end, the portfolio manager incentive compensation is based on a formulaic compensation program.

MLIM’s formulaic portfolio manager compensation program include: investment performance relative to appropriate competitors or benchmarks over 1-, 3- and 5-year performance periods and a measure of operational efficiency. If a portfolio manager’s tenure is less than 5-years, performance periods will reflect time in position. Portfolio managers are compensated based on products they manage. A smaller discretionary element of portfolio manager compensation may include consideration of: financial results, expense control, profit margins, strategic planning and implementation, quality of client service, market share, corporate reputation, capital allocation, compliance and risk control, leadership, workforce diversity, technology and innovation. MLIM also considers the extent to which individuals exemplify and foster Merrill Lynch’s principles of Client Focus, Respect for the Individual, Teamwork, Responsible Citizenship and Integrity. All factors are considered collectively by MLIM management.

Cash Bonus. Performance-based compensation is distributed to portfolio managers in a combination of cash and stock. Typically, the cash bonus, when combined with base salary, represents more than 60% of total compensation for portfolio managers.

Stock Bonus. A portion of the dollar value of the total annual performance-based bonus is paid in restricted shares of Merrill Lynch stock. Paying a portion of annual bonuses in stock puts compensation earned by a PM for a given year “at risk” based on the Company’s ability to sustain and improve its performance over future periods.

The ultimate value of stock bonuses is dependent on future ML stock price performance. As such, the stock bonus aligns each portfolio manager’s financial interests with those of the Merrill Lynch shareholders and encourages a balance between short-term goals and long-term strategic objectives.

Management strongly believes that providing a significant portion of competitive performance-based compensation in stock is in the best interests of investors and shareholders. This approach ensures that portfolio managers participate as shareholders in both the “downside risk” and “upside opportunity” of the Company’s performance. PMs therefore have a direct incentive to protect ML’s reputation for integrity.

Other Compensation Programs. PMs who meet relative investment performance and expense management objectives during a performance year are eligible to participant in a deferred cash program. Awards under this program are in the form of deferred cash that may be benchmarked to a menu of MLIM mutual funds (including their own fund) during a five-year vesting period. The deferred cash program aligns the interests of participating PMs with the investment results of MLIM products and promotes continuity of successful portfolio management teams.

C-46

Other Benefits. Portfolio managers are also eligible to participate in broad-based plans offered generally to Company employees, including broad-based retirement, 401(k), health, and other employee benefit plans.

Ownership of Securities as of December 31, 2004

Portfolio Manager

None

$1-
$10,000

$10,001-
$50,000

$50,001-
$100,000

$100,001-
$500,000

$500,001-
$1,000,000

over
$1,000,000

James Macmillan

Hubert Aarts

Robert Weatherston

C-47

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION

EQ/Mercury Basic Value Equity (“Fund”)

Mercury Advisors (“Adviser”)

Portfolio manager

Presented below for each portfolio manager is the number of other accounts of
the Adviser managed by the portfolio manager and the total assets in the
accounts managed within each category as of December 31, 2004

Presented below for each of the categories is the number of

accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account

Registered Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Number
of
Accounts

Total
Assets
(in billions)

Number
of
Accounts

Total
Assets
(in billions)

Number of
Accounts

Total
Assets
(in billions)

Number of Accounts

Total
Assets

Number of
Accounts

Total
Assets

Number of
Accounts

Total
Assets

Kevin Rendino

$11,459

$4,539

N/A

Robert Martarelli

$11,459

$4,539

N/A

Description of Any Material Conflicts

Compensation for the fiscal year completed December 31, 2004

C-48

Policies and Procedures

C-49

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

Kevin Rendino	X

Robert Martarelli	X

C-50

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION

EQ/MFS Emerging Growth Companies (“Fund”)

MFS Investment Management (“Adviser”)

Portfolio manager

Presented below for each portfolio manager is the number of other accounts of
the Adviser managed by the portfolio manager and the total assets in the
accounts managed within each category as of December 31, 2004

Presented below for each of the categories is the number of

accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account

Registered Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Number
of
Accounts

Total
Assets
(in billions)

Number
of
Accounts

Total
Assets
(in billions)

Number of
Accounts

Total
Assets
(in billions)

Number of Accounts

Total
Assets

Number of
Accounts

Total
Assets

Number of
Accounts

Total
Assets

David Sette-Ducati

$11,692

N/A

$119

N/A

Eric B. Fishman

$11,326

N/A

$35

N/A

Description of Any Material Conflicts

Compensation. Portfolio manager total cash compensation is a combination of base salary and performance bonus:

Base Salary — Base salary represents a relatively smaller percentage of portfolio manager total cash compensation (generally below 33%) than incentive compensation.

Performance Bonus — Generally, incentive compensation represents a majority of portfolio manager total cash compensation. The performance bonus is based on a combination of quantitative and qualitative factors.

The quantitative portion is based on pre-tax performance of all of the accounts managed by the portfolio manager (which includes the Fund and any other accounts managed by the portfolio manager) over a one-, three- and five-year period relative to the appropriate Lipper peer group universe and/or one or more benchmark indices with respect to each account. The primary weight is given to portfolio performance over a three-year time period with lesser consideration given to portfolio performance over one- and five-year periods (adjusted as appropriate if the portfolio manager has served for shorter periods).

The qualitative portion is based on the results of an annual internal peer review process (conducted by other portfolio managers, analysts and traders) and management’s assessment of overall portfolio manager contributions to the investment process (distinct from portfolio performance).

Portfolio managers also typically benefit from the opportunity to participate in the MFS Equity Plan. Equity interests in MFS or its parent company are awarded by management, on a discretionary basis, taking into account tenure at MFS, contribution to the investment process and other factors.

Finally, portfolio managers are provided with a benefits package including a defined contribution plan, health coverage and other insurance, which are available to other employees of MFS on substantially similar terms. The percentage of compensation provided by these benefits depends upon the length of the individual’s tenure at MFS and salary level as well as other factors.

C-51

Compensation for the fiscal year completed December 31, 2004

Potential Conflicts of Interest. MFS seek to identify potential conflicts of interest resulting from a portfolio manager’s management of both the Fund and other accounts and has adopted policies and procedures designed to address such potential conflicts.

In certain instances there may be securities which are suitable for the Fund’s portfolio as well as for accounts with similar investment objectives of the Adviser or subsidiary of the Adviser. Securities transactions for the Fund and other accounts with similar investment objectives are generally executed on the same day, or the next day. Nevertheless, it may develop that a particular security is bought or sold for only one client even though it might be held by, or bought or sold for, other clients. Likewise, a particular security may be bought for one or more clients when one or more other clients are selling that same security.

When two or more clients are simultaneously engaged in the purchase or sale of the same security, the securities are allocated among clients in a manner believed by MFS to be fair and equitable to each. It is recognized that in some cases this system could have a detrimental effect on the price or volume of the security as far as the Fund is concerned. In most cases, however, MFS believes that the Fund’s ability to participate in volume transactions will produce better executions for the Fund.

MFS does not receive a performance fee for its management of the Fund. MFS and/or a portfolio manager may have an incentive to allocate favorable or limited opportunity investments or structure the timing of investments to favor accounts other than the Fund — for instance, those that pay a higher advisory fee and/or have a performance fee.

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

David Sette-Ducati	X

Eric B. Fishman	X

C-52

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION

EQ/MFS Investors Trust (“Fund”)

MFS Investment Management (“Adviser”)

Portfolio manager

Presented below for each portfolio manager is the number of other
accounts of the Adviser managed by the portfolio manager and the
total assets in the accounts managed within each category as of
December 31, 2004

Presented below for each of the categories is the number of

accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account

Registered Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Number of
Accounts

Total
Assets

Number
of
Accounts

Total
Assets

Number of
Accounts

Total
Assets

Number of Accounts

Total
Assets

Number of
Accounts

Total
Assets

Number of
Accounts

Total
Assets

J. Kevin Beatty

$8,817

$336

$326

N/A

Nicole Zatlyn*

N/A

*	Information is as of February 28, 2005.

Description of Any Material Conflicts

Compensation. Portfolio manager total cash compensation is a combination of base salary and performance bonus:

Base Salary — Base salary represents a relatively smaller percentage of portfolio manager total cash compensation (generally below 33%) than incentive compensation.

C-53

Compensation for the fiscal year completed December 31, 2004

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

J. Kevin Beatty	X

Nicole Zatlyn	X

C-54

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION


EQ/Van Kampen Mid Cap Growth (“Fund”) Morgan Stanley Investment Management, Inc. (“Adviser”)
Portfolio manager	Presented below for each portfolio manager is the number of other accounts of the Adviser managed by the portfolio manager and the total assets in the accounts managed within each category as of December 31, 2004						Presented below for each of the categories is the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account
	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts		Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Total Assets (in billions)	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets (in billions)	Number of Accounts	Total Assets	Number of Accounts	Total Assets	Number of Accounts	Total Assets
Dennis P. Lynch	34	$14.9	2	$351	316	$1,394	0	N/A	0	N/A	0	N/A
David S. Cohen	34	$14.9	2	$351	316	$1,394	0	N/A	0	N/A	0	N/A

Sam Chaini	34	$14.9	2	$351	316	$1,394	0	N/A	0	N/A	0	N/A

Description of Any Material Conflicts

Because the portfolio managers manage assets for other investment companies, pooled investment vehicles, and/or other accounts (including institutional clients, pension plans and certain high net worth individuals), there may be an incentive to favor one client over another resulting in conflicts of interest. For instance, the Investment Adviser may receive fees from certain accounts that are higher than the fee it receives from the Fund, or it may receive a performance-based fee on certain accounts. In those instances, the portfolio managers may have an incentive to favor the higher and/or performance-based fee accounts over the Fund. The Investment Adviser has adopted trade allocation and other policies and procedures that it believes are reasonably designed to address these and other conflicts of interest.

Compensation for the fiscal year completed December 31, 2004

Portfolio managers receive a combination of base compensation and discretionary compensation, comprising a cash bonus and several deferred compensation programs described below. The methodology used to determine portfolio manager compensation is applied across all accounts managed by the portfolio manager.

Base salary compensation. Generally, portfolio managers receive base salary compensation based on the level of their position with the Investment Adviser.

Discretionary compensation. In addition to base compensation, portfolio managers may receive discretionary compensation.

Discretionary compensation can include:

•

Cash Bonus;

•

Morgan Stanley’s Equity Incentive Compensation Program (EICP) awards — a mandatory program that defers a portion of discretionary year-end compensation into restricted stock units or other awards based on Morgan Stanley common stock that are subject to vesting and other conditions;

•

Investment Management Deferred Compensation Plan (IMDCP) awards — a mandatory program that defers a portion of discretionary year-end compensation and notionally invests it in designated funds advised by the Investment Adviser or its affiliates. The award is subject to vesting and other conditions. Portfolio Managers must notionally invest a minimum of 25% to a maximum of 50% of the IMDCP deferral into a combination of the designated funds they manage that are included in the IMDCP fund menu, which may or may not include the Fund;

C-55

•

Select Employees’ Capital Accumulation Program (SECAP) awards — a voluntary program that permits employees to elect to defer a portion of their discretionary compensation and notionally invest the deferred amount across a range of designated investment funds, including funds advised by the Investment Adviser or its affiliates; and

•

Voluntary Equity Incentive Compensation Program (VEICP) awards — a voluntary program that permits employees to elect to defer a portion of their discretionary compensation to invest in Morgan Stanley stock units.

Several factors determine discretionary compensation, which can vary by portfolio management team and circumstances. In order of relative importance, these factors include:

•

Investment performance. The majority of a portfolio manager’s compensation is linked to the pre-tax investment performance of the accounts managed by the portfolio manager. Investment performance is calculated for one-, three- and five-year periods measured against a fund’s primary benchmark (as set forth in the fund’s prospectus), indices and/or peer groups. Generally, the greatest weight is placed on the three- and five-year periods.

•

Revenues generated by the investment companies, pooled investment vehicles and other accounts managed by the portfolio manager.

•

Contribution to the business objectives of the Investment Adviser.

•

The dollar amount of assets managed by the portfolio manager.

•

Market compensation survey research by independent third parties.

•

Other qualitative factors, such as contributions to client objectives.

•

Performance of Morgan Stanley and Morgan Stanley Investment Management, and the overall performance of the Global Investor Group, a department within Morgan Stanley Investment Management that includes all investment professionals.

Occasionally, to attract new hires or to retain key employees, the total amount of compensation will be guaranteed in advance of the fiscal year end based on current market levels. In limited circumstances, the guarantee may continue for more than one year. The guaranteed compensation is based on the same factors as those comprising overall compensation described above.

Ownership of Securities of the Fund as of December 31, 2004

Portfolio Manager

None

$1-
$10,000

$10,001-
$50,000

$50,001-
$100,000

$100,001-
$500,000

$500,001-
$1,000,000

over
$1,000,000

Dennis P. Lynch

David S. Cohen

Sam Chainani

C-56

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION


EQ/Van Kampen Comstock (“Fund”) Morgan Stanley Investment Management, Inc. (“Adviser”)
Portfolio manager	Presented below for each portfolio manager is the number of other accounts of the Adviser managed by the portfolio manager and the total assets in the accounts managed within each category as of December 31, 2004						Presented below for each of the categories is the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account
	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts		Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Total Assets (in billions)	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets (in billions)	Number of Accounts	Total Assets	Number of Accounts	Total Assets	Number of Accounts	Total Assets

B. Robert Baker	10	$20.1	1	$32.1	3	$1,716	0	N/A	0	N/A	0	N/A

Jason Leder	10	$20.1	1	$32.1	3	$1,716	0	N/A	0	N/A	0	N/A

Kevin Holt	10	$20.1	1	$32.1	3	$1,716	0	N/A	0	N/A	0	N/A

Description of Any Material Conflicts

Compensation for the fiscal year completed December 31, 2004

Base salary compensation. Generally, portfolio managers receive base salary compensation based on the level of their position with the Investment Adviser.

Discretionary compensation. In addition to base compensation, portfolio managers may receive discretionary compensation.

Discretionary compensation can include:

•

Cash Bonus;

•

Investment Management Deferred Compensation Plan (IMDCP) awards — a mandatory program that defers a portion of discretionary year-end compensation and notionally invests it in designated funds advised by the Investment Adviser or its affiliates. The award is subject to vesting and other conditions. Portfolio Managers must notionally invest a minimum of 25% to a maximum of 50% of the IMDCP deferral into a combination of the designated funds they manage that are included in the IMDCP fund menu, which may or may not include the Fund;

C-57

•

Several factors determine discretionary compensation, which can vary by portfolio management team and circumstances. In order of relative importance, these factors include:

•

Revenues generated by the investment companies, pooled investment vehicles and other accounts managed by the portfolio manager.

•

Contribution to the business objectives of the Investment Adviser.

•

The dollar amount of assets managed by the portfolio manager.

•

Market compensation survey research by independent third parties.

•

Other qualitative factors, such as contributions to client objectives.

•

Ownership of Securities of the Fund as of December 31, 2004

Portfolio Manager

None

$1-
$10,000

$10,001-
$50,000

$50,001-
$100,000

$100,001-
$500,000

$500,001-
$1,000,000

over
$1,000,000

B. Robert Baker

Jason Leder

Kevin Holt

C-58

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION


EQ/Van Kampen Emerging Markets Equity (“Fund”) Morgan Stanley Investment Management Inc. (“Adviser”)
Portfolio manager	Presented below for each portfolio manager is the number of other accounts of the Adviser managed by the portfolio manager and the total assets in the accounts managed within each category as of December 31, 2004						Presented below for each of the categories is the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account
	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts		Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Total Assets (in billions)	Number of Accounts	Total Assets (in billions)	Number of Accounts	Total Assets (in billions)	Number of Accounts	Total Assets	Number of Accounts	Total Assets	Number of Accounts	Total Assets (in billions)

Narayan Ramachandran	15	$4.5	10	$4.2	13	$4.7	0	N/A	0	N/A	5	$2.7

Ruchir Sharma	15	$4.5	10	$4.2	13	$4.7	0	N/A	0	N/A	5	$2.7

Ashutosh Sinha	15	$4.5	10	$4.2	13	$4.7	0	N/A	0	N/A	5	$2.7

Paul Psaila	15	$4.5	10	$4.2	13	$4.7	0	N/A	0	N/A	5	$2.7

Description of Any Material Conflicts

Compensation for the fiscal year completed December 31, 2004

Base salary compensation. Generally, portfolio managers receive base salary compensation based on the level of their position with the Investment Adviser.

Discretionary compensation. In addition to base compensation, portfolio managers may receive discretionary compensation.

Discretionary compensation can include:

•

Cash Bonus;

•

C-59

•

Several factors determine discretionary compensation, which can vary by portfolio management team and circumstances. In order of relative importance, these factors include:

•

Revenues generated by the investment companies, pooled investment vehicles and other accounts managed by the portfolio manager.

•

Contribution to the business objectives of the Investment Adviser.

•

The dollar amount of assets managed by the portfolio manager.

•

Market compensation survey research by independent third parties.

•

Other qualitative factors, such as contributions to client objectives.

•

Ownership of Securities of the Fund as of December 31, 2004

Portfolio Manager

None

$1-
$10,000

$10,001-
$50,000

$50,001-
$100,000

$100,001-
$500,000

$500,001-
$1,000,000

over
$1,000,000

Narayan Ramachandran

Ruchir Sharma

Ashutosh Sinha

Paul Psaila

C-60

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION

EQ/Montag & Caldwell Growth (“Fund”)

Montag & Caldwell, Inc. (“Adviser”)

Portfolio manager

Presented below for each portfolio manager is the number of other accounts of
the Adviser managed by the portfolio manager and the total assets in the
accounts managed within each category as of December 31, 2004

Presented below for each of the categories is the number of

accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account

Registered Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Number
of
Accounts

Total
Assets
(in billions)

Number
of
Accounts

Total
Assets
(in billions)

Number of
Accounts

Total
Assets
(in billions)

Number of Accounts

Total
Assets

Number of
Accounts

Total
Assets

Number of
Accounts

Total
Assets

Ronald E. Canakaris

$5.14

N/A

$4.26

N/A

Description of Any Material Conflicts

Since Montag & Caldwell has one product and all portfolios are managed in like manner, there does not exist a material conflict in the manager’s management of the Fund’s investments and those of other accounts.

Compensation for the fiscal year completed December 31, 2004

The Executive Committee of Montag & Caldwell, consisting of Solon P. Patterson — Chairman, Ronald E. Canakaris — President and Chief Executive Officer and William A. Vogel — Executive Vice President, determines the compensation levels of the Firm’s officer team. Overall compensation which includes salary and bonus is based on the success of the Firm in achieving Clients’ investment objectives and providing excellent client service. The compensation levels for individual officers are subjectively determined by the Executive Committee which strives to be very fair to all officers and which is reflected in the long-term continuity of the team.

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

Ronald E. Canakaris	X

C-61

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION

EQ/Enterprise Multi-Cap Growth (“Fund”)

Montag & Caldwell, Inc. (“Adviser”)

Portfolio manager

Presented below for each portfolio manager is the number of other accounts of
the Adviser managed by the portfolio manager and the total assets in the
accounts managed within each category as of December 31, 2004

Presented below for each of the categories is the number of

accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account

Registered Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Number
of
Accounts

Total
Assets
(in billions)

Number
of
Accounts

Total
Assets
(in billions)

Number of
Accounts

Total
Assets
(in billions)

Number of Accounts

Total
Assets

Number of
Accounts

Total
Assets

Number of
Accounts

Total
Assets

Ronald E. Canakaris

$5.35

N/A

$4.26

N/A

Description of Any Material Conflicts

Compensation for the fiscal year completed December 31, 2004

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

Ronald E. Canakaris	X

C-62

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION

EQ/PIMCO Real Return (“Fund”)

Pacific Investment Management Company, Inc. (“Adviser”)

Portfolio manager

Presented below for each portfolio manager is the number of other accounts of
the Adviser managed by the portfolio manager and the total assets in the
accounts managed within each category as of December 31, 2004

Presented below for each of the categories is the number of

accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account

Registered Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Number
of
Accounts

Total
Assets
(in millions)

Number
of
Accounts

Total
Assets
(in millions)

Number of
Accounts

Total
Assets
(in millions)

Number of Accounts

Total
Assets

Number of
Accounts

Total
Assets

Number of
Accounts

Total
Assets
(in millions)

John Brynjolfsson

$26,573

$1,516

$5,540

N/A

$2,003

Description of Any Material Conflicts

From time to time, potential conflicts of interest may arise between a portfolio manager’s management of the investments of a Fund, on the one hand, and the management of other accounts, on the other. The other accounts might have similar investment objectives or strategies as the Funds, track the same index a Fund tracks or otherwise hold, purchase, or sell securities that are eligible to be held, purchased or sold by the Funds. The other accounts might also have different investment objectives or strategies than the Funds.

Knowledge and Timing of Fund Trades. A potential conflict of interest may arise as a result of the portfolio manager’s day-to-day management of a Fund. Because of their positions with the Funds, the portfolio managers know the size, timing and possible market impact of a Fund’s trades. It is theoretically possible that the portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of a Fund.

Investment Opportunities. A potential conflict of interest may arise as result of the portfolio manager’s management of a number of accounts with varying investment guidelines. Often, an investment opportunity may be suitable for both a Fund and other accounts managed by the portfolio manager, but may not be available in sufficient quantities for both the Fund and the other accounts to participate fully. Similarly, there may be limited opportunity to sell an investment held by a Fund and another account. PIMCO has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

Under PIMCO’s allocation procedures, investment opportunities are allocated among various investment strategies based on individual account investment guidelines and PIMCO’s investment outlook. PIMCO has also adopted additional procedures to complement the general trade allocation policy that are designed to address potential conflicts of interest due to the side-by-side management of the Funds and certain pooled investment vehicles, including investment opportunity allocation issues.

Performance Fees. A portfolio manager may advise certain accounts with respect to which the advisory fee is based entirely or partially on performance. Performance fee arrangements may create a conflict of interest for the portfolio manager in that the portfolio manager may have an incentive to allocate the investment opportunities that he or she believes might be the most profitable to such other accounts instead of allocating them to a Fund. PIMCO has adopted policies and procedures reasonably designed to allocate investment opportunities between such other accounts and the Funds on a fair and equitable basis over time.

C-63

Compensation for the fiscal year completed December 31, 2004

PIMCO has adopted a “Total Compensation Plan” for its professional level employees, including its portfolio managers, that is designed to pay competitive compensation and reward performance, integrity and teamwork consistent with the firm’s mission statement. The Total Compensation Plan includes a significant incentive component that rewards high performance standards, work ethic and consistent individual and team contributions to the firm. The compensation of portfolio managers consists of a base salary, a bonus, and may include a retention bonus. Portfolio managers who are Managing Directors of PIMCO also receive compensation from PIMCO’s profits. Certain employees of PIMCO, including portfolio managers, may elect to defer compensation through PIMCO’s deferred compensation plan. PIMCO also offers its employees a non-contributory defined contribution plan through which PIMCO makes a contribution based on the employee’s compensation. PIMCO’s contribution rate increases at a specified compensation level, which is a level that would include portfolio managers.

Salary and Bonus. Base salaries are determined by considering an individual portfolio manager’s experience and expertise and may be reviewed for adjustment annually. Portfolio managers are entitled to receive bonuses, which may be significantly more than their base salary, upon attaining certain performance objectives based on predetermined measures of group or department success. These goals are specific to individual portfolio managers and are mutually agreed upon annually by each portfolio manager and his or her manager. Achievement of these goals is an important, but not exclusive, element of the bonus decision process.

In addition, the following non-exclusive list of qualitative criteria (collectively, the “Bonus Factors”) may be considered when determining the bonus for portfolio managers:

•

3-year, 2-year and 1-year dollar-weighted and account-weighted investment performance as judged against benchmarks and relative to applicable industry peer groups;

•

Appropriate risk positioning that is consistent with PIMCO’s investment philosophy and the Investment Committee/CIO approach to the generation of alpha;

•

Amount and nature of assets managed by the portfolio manager;

•

Consistency of investment performance across portfolios of similar mandate and guidelines (reward low dispersion);

•

Generation and contribution of investment ideas in the context of PIMCO’s secular and cyclical forums, portfolio strategy meetings, Investment Committee meetings, and on a day-to-day basis;

•

Absence of defaults and price defaults for issues in the portfolios managed by the portfolio manager;

•

Contributions to asset retention, gathering and client satisfaction;

•

Contributions to mentoring, coaching and/or supervising; and

•

Personal growth and skills added.

Final award amounts are determined by the PIMCO Compensation Committee.

Retention Bonuses. Certain portfolio managers may receive a discretionary, fixed amount retention bonus, based upon the Bonus Factors and continued employment with PIMCO. Each portfolio manager who is a Senior Vice President or Executive Vice President of PIMCO receives a variable amount retention bonus, based upon the Bonus Factors and continued employment with PIMCO.

C-64

Investment professionals, including portfolio managers, are eligible to participate in a Long Term Cash Bonus Plan (“Cash Bonus Plan”), which provides cash awards that appreciate or depreciate based upon the performance of PIMCO’s parent company, Allianz Global Investors of America L.P. (“AGI”), and PIMCO over a three-year period. The aggregate amount available for distribution to participants is based upon AGI’s profit growth and PIMCO’s profit growth. Participation in the Cash Bonus Plan is based upon the Bonus Factors, and the payment of benefits from the Cash Bonus Plan, is contingent upon continued employment at PIMCO.

Profit Sharing Plan. Instead of a bonus, portfolio managers who are Managing Directors of PIMCO receive compensation from a non-qualified profit sharing plan consisting of a portion of PIMCO’s net profits. Portfolio managers who are Managing Directors receive an amount determined by the Managing Director Compensation Committee, based upon an individual’s overall contribution to the firm and the Bonus Factors. Under his employment agreement, William Gross receives a fixed percentage of the profit sharing plan.

Allianz Transaction Related Compensation. In May 2000, a majority interest in the predecessor holding company of PIMCO was acquired by a subsidiary of Allianz AG (“Allianz”). In connection with the transaction, Mr. Gross received a grant of restricted stock of Allianz, the last of which vests on May 5, 2005.

From time to time, under the PIMCO Class B Unit Purchase Plan, Managing Directors and certain executive management (including Executive Vice Presidents) of PIMCO may become eligible to purchase Class B Units of PIMCO. Upon their purchase, the Class B Units are immediately exchanged for Class A Units of PIMCO Partners, LLC, a California limited liability company that holds a minority interest in PIMCO and is owned by the Managing Directors and certain executive management of PIMCO. The Class A Units of PIMCO Partners, LLC entitle their holders to distributions of a portion of the profits of PIMCO. The PIMCO Compensation Committee determines which Managing Directors and executive management may purchase Class B Units and the number of Class B Units that each may purchase. The Class B Units are purchased pursuant to full recourse notes issued to the holder. The base compensation of each Class B Unit holder is increased in an amount equal to the principal amortization applicable to the notes given by the Managing Director or member of executive management.

Portfolio managers who are Managing Directors also have long-term employment contracts, which guarantee severance payments in the event of involuntary termination of a Managing Director’s employment with PIMCO.

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

John Brynjolfsson	X

C-65

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION

EQ/Enterprise Global Socially Responsive (“Fund”)

Rockefeller & Co. Inc. (“Adviser”)

Portfolio manager

Presented below for each portfolio manager is the number of other accounts of
the Adviser managed by the portfolio manager and the total assets in the
accounts managed within each category as of December 31, 2004

Presented below for each of the categories is the number of

accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account

Registered Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Number
of
Accounts

Total
Assets
(in millions)

Number
of
Accounts

Total
Assets
(in millions)

Number of
Accounts

Total
Assets
(in millions)

Number of Accounts

Total
Assets

Number of
Accounts

Total
Assets

Number of
Accounts

Total
Assets

Farha-Joyce Haboucha

$41.9

$100.5

$621

N/A

Description of Any Material Conflicts

Not applicable.

Compensation for the fiscal year completed December 31, 2004

The Portfolio Manager’s compensation is a combination of base salary and bonus. Any compensation received by the Portfolio Manager from the Adviser for her management of the Fund and any other accounts noted above is based on her ability to (i) meet or exceed client goals and objectives, (ii) consistency and competency in executing her professional assignments, and (iii) make contributions to the teams to which she has been assigned and to the organization as a whole. The Portfolio Manager does not receive any compensation from any other source with respect to her management of the Fund or any other accounts included above.

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

Farha-Joyce Haboucha	X

C-66

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION


EQ/International Growth (“Fund”) SSgA Funds Management, Inc. (“Adviser”)
Portfolio manager	Presented below for each portfolio manager is the number of other accounts of the Adviser managed by the portfolio manager and the total assets in the accounts managed within each category as of December 31, 2004						Presented below for each of the categories is the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account
	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts		Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets	Number of Accounts	Total Assets	Number of Accounts	Total Assets

Timothy Corbett	3	$122	2	$222	7/8	$1,056	0	N/A	0	N/A	0	N/A

Juka Kalus-Brystricky	3	$122	2	$222	7/8	$1,056	0	N/A	0	N/A	0	N/A

Lindsey Richardson	3	$122	2	$222	7/8	$1,056	0	N/A	0	N/A	0	N/A

Tom Moore	3	$122	2	$222	7/8	$1,056	0	N/A	0	N/A	0	N/A

Description of Any Material Conflicts

None. SSgA FM and its advisory affiliates utilize a system for allocating investment opportunities among portfolios that is designed to provide a fair and equitable allocation.

Compensation for the fiscal year completed December 31, 2004

The compensation of SSgA FM’s investment professionals is based on a number of factors. The first factor considered is external market. Through extensive compensation survey process, SSgA FM seeks to understand what its competitors are paying people to perform similar roles. This data is then used to determine a competitive baseline in the areas of base pay, bonus, and long term incentive (i.e. equity). The second factor taken into consideration is the size of the pool available for this compensation. SSgA FM is a part of State Street Corporation, and therefore works within its corporate environment on determining the overall level of its incentive compensation pool. Once determined, this pool is then allocated to the various locations and departments of SSgA and SSgA FM. The determination of the allocation amounts to these locations and departments is influenced by the competitive market data, as well as the overall performance of the group. The pool is then allocated to individual employees based on their individual performance. There is no fixed formula for determining these amounts, nor is anyone’s compensation directly tied to the investment performance or asset value of a product or strategy. The same process is followed in determining equity allocations.

Ownership of Securities of the Fund as of December 31, 2004

Portfolio Manager

None

$1-
$10,000

$10,001-
$50,000

$50,001-
$100,000

$100,001-
$500,000

$500,001-
$1,000,000

over
$1,000,000

Timothy Corbett

Juka Kalus-Brystricky

Lindsey Richardson

Tom Moore

C-67

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION


EQ/TCW Equity (“Fund”) TCW Investment Management Company (“Adviser”)
Portfolio manager	Presented below for each portfolio manager is the number of other accounts of the Adviser managed by the portfolio manager and the total assets in the accounts managed within each category as of December 31, 2004						Presented below for each of the categories is the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account
	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts		Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets (in millions)

Craig Blum	9	$5,908	9	$2,575	218	$17,293	0	N/A	1	$57.2	6	$1,712

Stephen Burlingame	9	$5,908	9	$2,575	218	$17,293	0	N/A	1	$57.2	6	$1,712

Description of Any Material Conflicts

Actual or potential conflicts of interest may arise when a portfolio manager has management responsibilities to more than one account (including a Fund), such as devotion of unequal time and attention to the management of the accounts, inability to allocate limited investment opportunities across a broad band of accounts and incentive to allocate opportunities to an account where the portfolio manager or Adviser has a greater financial incentive, such as a performance fee account. The Adviser has adopted policies and procedures reasonably designed to address these types of conflicts and that serve to operate in a manner that is fair and equitable among its clients, including the Funds.

Compensation for the fiscal year completed December 31, 2004

Portfolio managers are generally compensated through a combination of base salary and fee sharing based compensation (“fee sharing”). Fee sharing generally represents most of the portfolio managers’ total compensation and is linked quantitatively to a fixed percentage of fee revenues of accounts in the investment strategy area for which the managers are responsible. Fee sharing applies to all accounts of the Adviser and its affiliates (collectively, “TCW”) and is paid quarterly.

In some cases, the fee sharing percentage is subject to increase based on the relative pre-tax performance of the investment strategy composite, net of fees and expenses, to that of a benchmark. The benchmark varies from strategy to strategy but, within a given strategy, it applies to all accounts, including the Funds. The measurement of performance can be based on single year or multiple year metrics, or a combination thereof.

Fee sharing for portfolio managers may be determined on a gross basis, without the deduction of expenses. In other cases, fee sharing revenues are allocated to a pool and fee sharing compensation is paid out after the deduction of group expenses. Fee sharing revenues added to a pool will include those from the products managed by the portfolio manager, but may include those of products managed by other portfolio managers in the group. The fee sharing percentage used to compensate the portfolio managers for management of the Fund is the same as that used to compensate them for all other TCW client accounts they manage. In general, portfolio managers do not receive discretionary bonuses.

Certain accounts of TCW have a performance fee in addition to or in lieu of a flat asset-based fee. These performance fees can be (a) asset-based fees, the percentage of which is tied to the performance of the account relative to a benchmark or (b) a percentage of the net gains of the account over a threshold gain

C-68

tied to a benchmark. For these accounts, the portfolio managers’ fee sharing compensation will apply to such performance fees. The fee sharing percentage in the case of performance fees is generally the same as it is for the fee sharing compensation applicable to the Fund; however, in the case of certain alternative investment products managed by a portfolio manager, the fee sharing percentage may be higher.

Portfolio managers also participate in deferred compensation programs, the amount of which is tied to their tenure at TCW and is payable upon the reaching of certain time-based milestones. In addition, certain portfolio managers participate or are eligible to participate in stock option or stock appreciation plans of TCW and/or TCW’s parent, Société Générale. Certain portfolio managers participate in compensation plans that are allocated a portion of management fees, incentive fees or performance fees payable to TCW in its products, including those not managed by the portfolio managers. Some portfolio managers are stockholders of the parent company of the Adviser as well.

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

Craig Blum	X

Stephen Burlingame	X

C-69

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION


EQ/UBS Growth and Income (“Fund”) UBS Global Asset Management (Americas) Inc. (“Adviser”)
Portfolio manager	Presented below for each portfolio manager is the number of other accounts of the Adviser managed by the portfolio manager and the total assets in the accounts managed within each category as of December 31, 2004						Presented below for each of the categories is the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account
	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts		Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets	Number of Accounts	Total Assets	Number of Accounts	Total Assets

John Leonard	21	$10,893	10	$2,100	59	$8,559	0	N/A	0	N/A	0	N/A

Thomas Cole	21	$10,893	10	$2,100	59	$8,559	0	N/A	0	N/A	0	N/A

Thomas Digenan	21	$10,893	10	$2,100	59	$8,559	0	N/A	0	N/A	0	N/A

Scott Hazen	21	$10,893	10	$2,100	59	$8,559	0	N/A	0	N/A	0	N/A

Description of Any Material Conflicts

The Portfolio Management Team manages accounts utilizing a model portfolio approach that groups similar accounts within a model portfolio. The number of model portfolios under management may change from time to time. The team manages accounts to their respective models, including where possible, those accounts that have specific investment restrictions. There are no perceived conflicts between accounts. Dispersion between accounts within a model portfolio is small due to the use of models and the intention to aggregate transactions where possible. The models developed by the portfolio managers may, from time to time, also be used by other managed asset allocation or balanced accounts and funds to gain exposure to the asset class.

Compensation for the fiscal year completed December 31, 2004

The portfolio managers receive a base salary and incentive compensation based on their personal performance.

The Adviser’s compensation and benefits programs are designed to provide investment professionals with incentives to excel, and to promote an entrepreneurial, performance-oriented culture. They also align the interests of its investment professionals with the interests of its clients. Overall compensation can be grouped into four categories:

•

Competitive salary, benchmarked to maintain competitive compensation opportunities.

•

Annual bonus, tied to individual contributions and investment performance.

•

UBS equity awards, promoting company-wide success and employee retention.

•

Partnership Incentive Program (PIP), a phantom-equity-like program for key senior staff.

Base salary is used to recognize the experience, skills and knowledge that investment professionals bring to their roles. Salary levels are monitored and adjusted periodically in order to remain competitive within the investment management industry.

Annual bonuses are strictly and rigorously correlated with performance. As such, annual incentives can be highly variable, and are based on three components: 1) the Adviser’s overall business success; 2) the performance of the respective asset class and/or investment mandate; and 3) an individual’s specific contribution to the firm’s results. The Adviser strongly believes that tying bonuses to both long-term (3-year) and shorter-term (1-year) portfolio performance closely our investment professionals’ interests with those of the clients.

C-70

Analyst Incentives. Because the Adviser values its proprietary research, a compensation system has been designed that has made investment analysis a highly regarded career within the firm. Grouped into 12 global sector teams, analysts manage model portfolios in global and local sectors, which are used by the portfolio management teams to construct client portfolios. Analyst incentives are tied to the performance of the model portfolios, which the Adviser evaluates over rolling three-year periods. One-third of each analyst’s rating is based upon the performance of the model global sector portfolio; one-third on the model local sector portfolio; and one-third is a qualitative assessment of their contribution. The Adviser believes that this system closely aligns analysts’ incentives with those of the clients.

UBS AG equity. Many of the Adviser’s senior investment professionals receive a portion of their annual performance-based incentive in the form of deferred or restricted UBS AG shares or employee stock options. Not only does this reinforce the critical importance of creating long-term business value, it also serves as an effective retention tool as the equity shares typically vest over a number of years.

Broader equity share ownership is encouraged for all employees through “Equity Plus”. This long-term incentive program gives employees the opportunity to purchase UBS stock with after-tax funds from their bonus or salary. Two UBS AG stock options are given for each share acquired and held for two years. The Adviser feels this engages employees as partners in the firm’s success, and helps to maximize the integrated business strategy.

Partnership Incentive Program (PIP). Designed to promote an entrepreneurial culture and drive long-term thinking, the PIP is a phantom-equity-like program for key senior staff (approximately top 2%). By tying compensation to overall firm performance over the mid-to longer-term, the program offers significant compensation opportunities for the senior staff.

Ownership of Securities of the Fund as of December 31, 2004

Portfolio Manager

None

$1-
$10,000

$10,001-
$50,000

$50,001-
$100,000

$100,001-
$500,000

$500,001-
$1,000,000

over
$1,000,000

John Leonard

Thomas Cole

Thomas Digenan

Scott Hazen

C-71

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION


EQ/Enterprise Managed (“Fund”) Wellington Management Company LLP. (“Adviser”)
Portfolio manager	Presented below for each portfolio manager is the number of other accounts of the Adviser managed by the portfolio manager and the total assets in the accounts managed within each category as of December 31, 2004						Presented below for each of the categories is the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account
	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts		Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets	Number of Accounts	Total Assets	Number of Accounts	Total Assets (in millions)

Matthew E. Megargel	19	$5,122	15	$1,036	33	$2,824	0	N/A	0	N/A	4	$358

Maya K. Bittar	17	$5,049	15	$1,036	34	$2,824	0	N/A	0	N/A	4	$358

Jeffrey L. Kripke	17	$5,049	15	$1,036	42	$2,822	0	N/A	0	N/A	4	$358

Francis J. Boggan	9	$1,042	7	$359	13	$588	0	N/A	0	N/A	0	N/A

Thomas L. Pappas	2	$473	4	$826	42	$9,086	0	N/A	0	N/A	0	N/A

Scott M. Elliot	3	$778	9	$114	10	$38.7	0	N/A	0	N/A	1	$8.1

Description of Any Material Conflicts

Individual investment professionals at Wellington Management manage multiple portfolios for multiple clients. These accounts may include mutual funds, separate accounts (assets managed on behalf of institutions such as pension funds, insurance companies, foundations), bank common trust accounts, and hedge funds. Each Fund’s investment professionals listed in the prospectus who are primarily responsible for the day-to-day management of the Fund (“Investment Professionals”) generally manage portfolios in several different investment styles. These portfolios may have investment objectives, strategies and risk profiles that differ from those of the Fund. The Investment Professionals make investment decisions for each portfolio, including the Fund, based on the investment objectives, policies, practices, benchmarks, cash flows, tax and other relevant investment considerations applicable to that portfolio. Consequently, the Investment Professionals may purchase or sell securities, including IPOs, for one portfolio and not another portfolio, and the performance of securities purchased for one portfolio may vary from the performance of securities purchased for other portfolios. An Investment Professional or other investment professionals at Wellington Management may place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of a Fund, or make investment decisions that are similar to those made for the Fund, both of which have the potential to adversely impact the Fund depending on market conditions. For example, an Investment Professional may purchase a security in one portfolio while appropriately selling that same security in another portfolio. In addition, some of these portfolios have fee structures, including performance fees, that are or have the potential to be higher, in some cases significantly higher, than the fees paid by the Fund to Wellington Management. Because incentive payments are tied to revenues earned by Wellington Management, the incentives associated with any given Fund may be significantly higher or lower than those associated with other accounts managed by a given Investment Professional.

C-72

primary Fund guidelines, the allocation of IPOs, and compliance with the firm’s Code of Ethics, and places additional investment restrictions on Investment Professionals who manage hedge funds and certain other accounts. Furthermore, senior investment and business personnel at Wellington Management periodically review the performance of Wellington Management’s Investment Professionals. Although Wellington Management does not track the time an Investment Professional spends on a single portfolio, Wellington Management does periodically assess whether an Investment Professional has adequate time and resources to effectively manage the Investment Professional’s overall book of business.

Compensation for the fiscal year completed December 31, 2004

The Fund pays Wellington Management a fee based on the assets under management of the Fund as set forth in a Investment Advisory Agreement dated July 9, 2004 between Wellington Management and The Equitable Life Assurance Society of the United States with respect to the Fund. Wellington Management pays its investment professionals out of its total revenues and other resources, including the advisory fees earned with respect to the Fund. The following information relates to the period ended December 31, 2004.

Wellington Management’s compensation structure is designed to attract and retain high-caliber investment professionals necessary to deliver high quality investment management services to our clients. Wellington Management’s compensation of its Investment Professionals includes a base salary and incentive components. The base salary for each Investment Professional who is a partner of Wellington Management is determined by the Managing Partners of the firm. A partner’s base salary is generally a fixed amount that may change as a result of an annual review. The Base Salaries for all other Investment Professionals are determined by the Investment Professional’s experience and performance in their respective roles. Base salaries are reviewed annually and may be adjusted based on the recommendation of the Investment Professional’s Business Manager, using guidelines established by Wellington Management’s Compensation Committee, which has final oversight responsibility for base salaries. Each Investment Professional is eligible to receive an incentive payment based on the revenues earned by Wellington Management from the relevant Fund and generally each other portfolio managed by such Investment Professional. Each equity Investment Professional’s incentive payment relating to the Fund is linked to the gross pre-tax performance of the portion of the Fund managed by that Investment Professional compared to the benchmark index and/or peer group identified below over one and three year periods, with an emphasis on three year results. Wellington Management applies similar incentive compensation structures (although the benchmarks may differ) to other portfolios managed by these Investment Professionals, including portfolios with performance fees. The performance-based incentive compensation component across all portfolios managed by an Investment Professional can, and typically does, represent a significant portion of an Investment Professional’s overall compensation; performance-based incentive compensation varies significantly by individual and can vary significantly from year to year. Some Investment Professionals are also eligible for bonus payments based on their overall contribution to Wellington Management’s business operations. Senior management at Wellington Management may reward individuals as it deems appropriate based on factors other than performance. Each partner of Wellington Management is also eligible participate in a supplemental retirement plan as a partner of the firm. Messrs. Megargel, Pappas, and Elliott are all partners of the firm.


Portfolio Manager		Benchmark/Peer Group

Matthew E. Megargel		Russell 1000 Index

Maya K. Bittar		Russell 1000 Index

Jeffrey L. Kripke		Russell 1000 Index

Francis J. Boggan		Target Mid Cap 750

Thomas L. Pappas		N/A

Scott M. Elliot		Enterprise Managed Fund Alpha

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Ownership of Securities as of December 31, 2004

Portfolio Manager

None

$1-
$10,000

$10,001-
$50,000

$50,001-
$100,000

$100,001-
$500,000

$500,001-
$1,000,000

over
$1,000,000

Matthew E. Megargel

Maya K. Bittar

Jeffrey L. Kripke

Francis J. Boggan

Thomas L. Pappas

Scott M. Elliot

C-74

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION

EQ/Enterprise Deep Value (“Fund”)

Wellington Management Company LLP (“Adviser”)

Portfolio manager

Presented below for each portfolio manager is the number of other accounts of the
Adviser managed by the portfolio manager and the total assets in the accounts
managed within each category as of December 31, 2004

Presented below for each of the categories is the number of

accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account

Registered Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Registered
Investment
Companies

Other Pooled
Investment Vehicles

Other Accounts

Number
of
Accounts

Total
Assets
(in millions)

Number
of
Accounts

Total
Assets
(in millions)

Number of
Accounts

Total
Assets
(in millions)

Number of Accounts

Total
Assets
(in millions)

Number of
Accounts

Total
Assets

Number of
Accounts

Total
Assets

John R. Ryan

$8,643

$235

$3,247

$6,254

N/A

Description of Any Material Conflicts

Wellington Management’s goal is to meet its fiduciary obligation to treat all clients fairly while at the same time providing high quality investment services to all of its clients. Wellington Management has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, that it believes address the conflicts associated with managing multiple accounts for multiple clients. In addition, Wellington Management monitors a variety of areas, including compliance with primary Fund guidelines, the allocation of IPOs, and compliance with the firm’s Code of Ethics, and places additional investment restrictions on Investment Professionals who manage hedge funds and certain other accounts. Furthermore, senior investment and business personnel at Wellington Management periodically review the performance of Wellington Management’s Investment Professionals. Although Wellington Management does not track the time an Investment Professional spends on a single portfolio, Wellington Management does periodically assess whether an Investment Professional has adequate time and resources to effectively manage the Investment Professional’s overall book of business.

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Compensation for the fiscal year completed December 31, 2004

Wellington Management’s compensation structure is designed to attract and retain high-caliber investment professionals necessary to deliver high quality investment management services to our clients. Wellington Management’s compensation of its Investment Professionals includes a base salary and incentive components. The base salary for each Investment Professional who is a partner of Wellington Management is determined by the Managing Partners of the firm. A partner’s base salary is generally a fixed amount that may change as a result of an annual review. The Base Salaries for all other Investment Professionals are determined by the Investment Professional’s experience and performance in their respective roles. Base salaries are reviewed annually and may be adjusted based on the recommendation of the Investment Professional’s Business Manager, using guidelines established by Wellington Management’s Compensation Committee, which has final oversight responsibility for base salaries. Each Investment Professional is eligible to receive an incentive payment based on the revenues earned by Wellington Management from the relevant Fund and generally each other portfolio managed by such Investment Professional. Mr. Ryan’s incentive payment relating to the Fund is linked to the gross pre-tax performance of the Fund compared to the benchmark index and/or peer group identified below over one and three year periods, with an emphasis on three year results. Wellington Management applies similar incentive compensation structures (although the benchmarks may differ) to other portfolios managed by Mr. Ryan, including portfolios with performance fees. The performance-based incentive compensation component across all portfolios managed by an Investment Professional can, and typically does, represent a significant portion of an Investment Professional’s overall compensation; performance-based incentive compensation varies significantly by individual and can vary significantly from year to year. Some Investment Professionals are also eligible for bonus payments based on their overall contribution to Wellington Management’s business operations. Senior management at Wellington Management may reward individuals as it deems appropriate based on factors other than performance. Each partner of Wellington Management is also eligible participate in a supplemental retirement plan as a partner of the firm. Mr. Ryan is a managing partner of the firm.


Portfolio Manager		Benchmark
John R. Ryan		Russell 1000 Value Index

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

John R. Ryan	X

C-76

EQ ADVISORS TRUST

PORTFOLIO MANAGER INFORMATION


EQ/Wells Fargo Montgomery Small Cap (“Fund”) Wells Capital Management (“Adviser”)
Portfolio manager	Presented below for each portfolio manager is the number of other accounts of the Adviser managed by the portfolio manager and the total assets in the accounts managed within each category as of December 31, 2004						Presented below for each of the categories is the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on the performance of the account
	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts		Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets (in millions)	Number of Accounts	Total Assets	Number of Accounts	Total Assets (in millions)

Stuart Roberts	6	$591	2	$110.5	7	$928	1	$194	0	N/A	2	$119

Cam Philpott	6	$591	2	$110.5	7	$928	1	$194	0	N/A	2	$119

Description of Any Material Conflicts

No material conflicts to report.

Compensation for the fiscal year completed December 31, 2004

We believe that the quality of an investment firm is derived from the intelligence, experience and leadership capabilities of its people. Recruitment and retention are therefore key components of a firm’s success.

Wells Capital Management has designed compensation programs to be competitive with those offered by our key competitors in the investment industry.

Compensation for portfolio managers is focused on annual and historical portfolio performance as compared to the portfolio’s objectives, and by contribution to client retention, asset growth and business relationships. Research analysts are also evaluated based on the performance of the sectors that they cover in the portfolio and their security recommendations. Investment team compensation structure is directly linked to the value added to clients’ portfolios as measured by the performance metrics described here.

Long-tenured investment professionals with proven success may also participate in a revenue sharing program that is tied to the success of their respective investment portfolios, which we believe provides direct participation in the growth and success of the company and its clients. Revenue sharing is one example of a powerful incentive program which helps retain and attract the caliber of investment talent that we believe characterizes Wells Capital’s investment teams.

Wells Capital Management encourages professional development of all its employees to enhance their knowledge and expertise and further their value to our firm. We encourage our professionals to pursue their Masters in Business Administration, the Chartered financial Analyst designation and other recognized industry programs, where employees may be rewarded for their achievements and reimbursed for their educational fees. Executives also participate in executive/management training seminars and conferences.

Ownership of Securities of the Fund as of December 31, 2004


Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	over $1,000,000

Stuart Roberts	X

Cam Philpott	X

C-77

APPENDIX D

PROXY VOTING POLICIES AND PROCEDURES

MORGAN STANLEY INVESTMENT MANAGEMENT INC.

Proxy Voting Policy and Procedures

I.	POLICY STATEMENT

Introduction — Morgan Stanley Investment Management’s (“MSIM”) policies and procedures for voting proxies with respect to securities held in the accounts of clients applies to those MSIM entities that provide discretionary Investment Management services and for which a MSIM entity has the authority to vote their proxies. The policies and procedures and general guidelines in this section will be reviewed and, as necessary, updated periodically to address new or revised proxy voting issues. The MSIM entities covered by these policies and procedures currently include the following: Morgan Stanley Investment Advisors Inc., Morgan Stanley Alternative Investment Partners, L.P., Morgan Stanley AIP GP LP, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Group Inc., Morgan Stanley Investment Management Limited, Morgan Stanley Investment Management Company, Morgan Stanley Asset & Investment Trust Management Co., Limited, Morgan Stanley Investment Management Private Limited, Morgan Stanley Investments LP, Morgan Stanley Hedge Fund Partners GP LP, Morgan Stanley Hedge Fund Partners LP, Van Kampen Investment Advisory Corp., Van Kampen Asset Management Inc., and Van Kampen Advisors Inc. (each a “MSIM Affiliate” and collectively referred to as the “MSIM Affiliates”).

Each MSIM Affiliate will vote proxies as part of its authority to manage, acquire and dispose of account assets. With respect to the MSIM registered management investment companies (Van Kampen, Institutional and Advisor Funds)(collectively referred to as the “MSIM Funds”), each MSIM Fund will vote proxies pursuant to authority granted under its applicable investment advisory agreement or, in the absence of such authority, as authorized by its Board of Directors or Trustees. A MSIM Affiliate will not vote proxies if the “named fiduciary” for an ERISA account has reserved the authority for itself, or in the case of an account not governed by ERISA, the Investment Management Agreement does not authorize the MSIM Affiliate to vote proxies. MSIM Affiliates will, in a prudent and diligent manner, vote proxies in the best interests of clients, including beneficiaries of and participants in a client’s benefit plan(s) for which we manage assets, consistent with the objective of maximizing long-term investment returns (“Client Proxy Standard”). In certain situations, a client or its fiduciary may provide a MSIM Affiliate with a statement of proxy voting policy. In these situations, the MSIM Affiliate will comply with the client’s policy unless to do so would be inconsistent with applicable laws or regulations or the MSIM Affiliate’s fiduciary responsibility.

Proxy Research Services — To assist the MSIM Affiliates in their responsibility for voting proxies and the overall global proxy voting process, Institutional Shareholder Services (“ISS”) and the Investor Responsibility Research Center (“IRRC”) have been retained as experts in the proxy voting and corporate governance area. ISS and IRRC are independent advisers that specialize in providing a variety of fiduciary-level proxy-related services to institutional investment managers, plan sponsors, custodians, consultants, and other institutional investors. The services provided to MSIM Affiliates include in-depth research, global issuer analysis, and voting recommendations. In addition to research, ISS provides vote execution, reporting, and recordkeeping. MSIM’s Proxy Review Committee (see Section IV.A. below) will carefully monitor and supervise the services provided by the proxy research services.

Voting Proxies for certain Non-US Companies — While the proxy voting process is well established in the United States and other developed markets with a number of tools and services available to assist an investment manager, voting proxies of non-US companies located in certain jurisdictions, particularly emerging markets, may involve a number of problems that may restrict or prevent a MSIM Affiliate’s

D-1

ability to vote such proxies. These problems include, but are not limited to: (i) proxy statements and ballots being written in a language other than English; (ii) untimely and/or inadequate notice of shareholder meetings; (iii) restrictions on the ability of holders outside the issuer’s jurisdiction of organization to exercise votes; (iv) requirements to vote proxies in person, (v) the imposition of restrictions on the sale of the securities for a period of time in proximity to the shareholder meeting; and (vi) requirements to provide local agents with power of attorney to facilitate the MSIM Affiliate’s voting instructions. As a result, clients’ non-U.S. proxies will be voted on a best efforts basis only, consistent with the Client Proxy Standard. ISS has been retained to provide assistance to the MSIM Affiliates in connection with voting their clients’ non-US proxies.

II.

GENERAL PROXY VOTING GUIDELINES

To ensure consistency in voting proxies on behalf of its clients, MSIM Affiliates will follow (subject to any exception set forth herein) these Proxy Voting Policies and Procedures, including the guidelines set forth below. These guidelines address a broad range of issues, including board size and composition, executive compensation, anti-takeover proposals, capital structure proposals and social responsibility issues and are meant to be general voting parameters on issues that arise most frequently. The MSIM Affiliates, however, may vote in a manner that is contrary to the following general guidelines, pursuant to the procedures set forth in Section IV. below, provided the vote is consistent with the Client Proxy Standard.

III.

GUIDELINES

A.	Management Proposals

When voting on routine ballot items the following proposals are generally voted in support of management, subject to the review and approval of the Proxy Review Committee, as appropriate.

•

Selection or ratification of auditors.

•

Approval of financial statements, director and auditor reports.

•

Election of Directors.

•

Limiting Directors’ liability and broadening indemnification of Directors.

•

Requirement that a certain percentage (up to 66²/3%) of its Board’s members be comprised of independent and unaffiliated Directors.

•

Requirement that members of the company’s compensation, nominating and audit committees be comprised of independent or unaffiliated Directors.

•

Recommendations to set retirement ages or require specific levels of stock ownership by Directors.

•

General updating/corrective amendments to the charter.

•

Elimination of cumulative voting.

•

Elimination of preemptive rights.

•

Provisions for confidential voting and independent tabulation of voting results.

•

Proposals related to the conduct of the annual meeting except those proposals that relate to the “transaction of such other business which may come before the meeting.”

D-2

The following non-routine proposals, which potentially may have a substantive financial or best interest impact on a shareholder, are generally voted in support of management, subject to the review and approval of the Proxy Review Committee, as appropriate.

Capitalization changes

•

Capitalization changes that eliminate other classes of stock and voting rights.

•

Proposals to increase the authorization of existing classes of common stock (or securities convertible into common stock) if: (i) a clear and legitimate business purpose is stated; (ii) the number of shares requested is reasonable in relation to the purpose for which authorization is requested; and (iii) the authorization does not exceed 100% of shares currently authorized and at least 30% of the new authorization will be outstanding.

•

Proposals to create a new class of preferred stock or for issuances of preferred stock up to 50% of issued capital.

•

Proposals for share repurchase plans.

•

Proposals to reduce the number of authorized shares of common or preferred stock, or to eliminate classes of preferred stock.

•

Proposals to effect stock splits.

•

Proposals to effect reverse stock splits if management proportionately reduces the authorized share amount set forth in the corporate charter. Reverse stock splits that do not adjust proportionately to the authorized share amount will generally be approved if the resulting increase in authorized shares coincides with the proxy guidelines set forth above for common stock increases.

Compensation

•

Director fees, provided the amounts are not excessive relative to other companies in the country or industry.

•

Employee stock purchase plans that permit discounts up to 15%, but only for grants that are part of a broad based employee plan, including all non-executive employees.

•

Establishment of Employee Stock Option Plans and other employee ownership plans.

Anti-Takeover Matters

•

Modify or rescind existing supermajority vote requirements to amend the charters or bylaws.

•

Adoption of anti-greenmail provisions provided that the proposal: (i) defines greenmail; (ii) prohibits buyback offers to large block holders not made to all shareholders or not approved by disinterested shareholders; and (iii) contains no anti-takeover measures or other provisions restricting the rights of shareholders.

The following non-routine proposals, which potentially may have a substantive financial or best interest impact on the shareholder, are generally voted against (notwithstanding management support), subject to the review and approval of the Proxy Review Committee, as appropriate.

•

Capitalization changes that add classes of stock which substantially dilute the voting interests of existing shareholders.

•

Proposals to increase the authorized number of shares of existing classes of stock that carry preemptive rights or supervoting rights.

•

Creation of “blank check” preferred stock.

•

Changes in capitalization by 100% or more.

D-3

•

Compensation proposals that allow for discounted stock options that have not been offered to employees in general.

•

Amendments to bylaws that would require a supermajority shareholder vote to pass or repeal certain provisions.

•

Proposals to indemnify auditors.

The following types of non-routine proposals, which potentially may have a potential financial or best interest impact on an issuer, are voted as determined by the Proxy Review Committee.

Corporate Transactions

•

Mergers, acquisitions and other special corporate transactions (i.e., takeovers, spin-offs, sales of assets, reorganizations, restructurings and recapitalizations) will be examined on a case-by-case basis. In all cases, ISS and IRRC research and analysis will be used along with MSIM Affiliates’ research and analysis, based on, among other things, MSIM internal company-specific knowledge.

•

Change-in-control provisions in non-salary compensation plans, employment contracts, and severance agreements that benefit management and would be costly to shareholders if triggered.

•

Shareholders rights plans that allow appropriate offers to shareholders to be blocked by the board or trigger provisions that prevent legitimate offers from proceeding.

•

Executive/Director stock option plans. Generally, stock option plans should meet the following criteria:

(i)

Whether the stock option plan is incentive based;

(ii)

For mature companies, should be no more than 5% of the issued capital at the time of approval;

(iii)

For growth companies, should be no more than 10% of the issued capital at the time of approval.

Anti-Takeover Provisions

•

Proposals requiring shareholder ratification of poison pills.

•

Anti-takeover and related provisions that serve to prevent the majority of shareholders from exercising their rights or effectively deter the appropriate tender offers and other offers.

B.	Shareholder Proposals

The following shareholder proposals are generally supported, subject to the review and approval of the Proxy Review Committee, as appropriate:

•

Requiring auditors to attend the annual meeting of shareholders.

•

Requirement that members of the company’s compensation, nominating and audit committees be comprised of independent or unaffiliated Directors.

•

Requirement that a certain percentage of its Board’s members be comprised of independent and unaffiliated Directors.

•

Confidential voting.

•

Reduction or elimination of supermajority vote requirements.

D-4

The following shareholder proposals will be voted as determined by the Proxy Review Committee.

•

Proposals that limit tenure of directors.

•

Proposals to limit golden parachutes.

•

Proposals requiring directors to own large amounts of stock to be eligible for election.

•

Restoring cumulative voting in the election of directors.

•

Proposals that request or require disclosure of executive compensation in addition to the disclosure required by the Securities and Exchange Commission (“SEC”) regulations.

•

Proposals that limit retirement benefits or executive compensation.

•

Requiring shareholder approval for bylaw or charter amendments.

•

Requiring shareholder approval for shareholder rights plan or poison pill.

•

Requiring shareholder approval of golden parachutes.

•

Elimination of certain anti-takeover related provisions.

•

Prohibit payment of greenmail.

The following shareholder proposals are generally not supported, subject to the review and approval of the Committee, as appropriate.

•

Requirements that the issuer prepare reports that are costly to provide or that would require duplicative efforts or expenditures that are of a non-business nature or would provide no pertinent information from the perspective of institutional shareholders.

•

Restrictions related to social, political or special interest issues that impact the ability of the company to do business or be competitive and that have a significant financial or best interest impact to the shareholders.

•

Proposals that require inappropriate endorsements or corporate actions.

IV.

ADMINISTRATION OF PROXY POLICIES AND PROCEDURES

A.	Proxy Review Committee

The MSIM Proxy Review Committee (“Committee”) is responsible for creating and implementing MSIM’s Proxy Voting Policy and Procedures and, in this regard, has expressly adopted them. Following are some of the functions and responsibilities of the Committee.

(a)

The Committee, which will consist of members designated by MSIM’s Chief Investment Officer, is responsible for establishing MSIM’s proxy voting policies and guidelines and determining how MSIM will vote proxies on an ongoing basis.

(b)

The Committee will periodically review and have the authority to amend as necessary MSIM’s proxy voting policies and guidelines (as expressed in these Proxy Voting Policy and Procedures) and establish and direct voting positions consistent with the Client Proxy Standard.

(c)

The Committee will meet at least monthly to (among other matters): (1) address any outstanding issues relating to MSIM’s Proxy Voting Policy and Procedures; and (2) generally review proposals at upcoming shareholder meetings of MSIM portfolio companies in accordance with this Policy and Procedures including, as appropriate, the voting results of prior shareholder meetings of the same issuer where a similar proposal was presented to shareholders. The Committee, or its designee, will timely communicate to ISS MSIM’s Proxy Voting Policy and Procedures (and any amendments to them and/or any additional guidelines or procedures it may adopt).

D-5

(d)

The Committee will meet on an ad hoc basis to (among other matters): (1) authorize “split voting” (i.e., allowing certain shares of the same issuer that are the subject of the same proxy solicitation and held by one or more MSIM portfolios to be voted differently than other shares) and/or “override voting” (i.e., voting all MSIM portfolio shares in a manner contrary to the Procedures); (2) review and approve upcoming votes, as appropriate, for matters for which specific direction has been provided in Sections I, II, and III above; and (3) determine how to vote matters for which specific direction has not been provided in Sections I, II and III above. Split votes will generally not be approved within a single Global Investor Group team. The Committee may take into account ISS recommendations and the research provided by IRRC as well as any other relevant information they may request or receive.

(e)

In addition to the procedures discussed above, if the Committee determines that an issue raises a potential material conflict of interest, or gives rise to the appearance of a potential material conflict of interest, the Committee will designate a special committee to review, and recommend a course of action with respect to, the conflict(s) in question (“Special Committee”). The Special Committee may request the assistance of the Law and Compliance Departments and will have sole discretion to cast a vote. In addition to the research provided by ISS and IRRC, the Special Committee may request analysis from MSIM Affiliate investment professionals and outside sources to the extent it deems appropriate.

(f)

The Committee and the Special Committee, or their designee(s), will document in writing all of their decisions and actions, which documentation will be maintained by the Committee and the Special Committee, or their designee(s) for a period of at least 6 years. To the extent these decisions relate to a security held by a MSIM U.S. registered investment company, the Committee and Special Committee, or their designee(s), will report their decisions to each applicable Board of Trustees/Directors of those investment companies at each Board’s next regularly Scheduled Board meeting. The report will contain information concerning decisions made by the Committee and Special Committee during the most recently ended calendar quarter immediately preceding the Board meeting.

(g)

The Committee and Special Committee, or their designee(s), will timely communicate to applicable PMs, the Compliance Departments and, as necessary to ISS, decisions of the Committee and Special Committee so that, among other things, ISS will vote proxies consistent with their decisions.

MERCURY ADVISORS

Proxy Voting Policies and Procedures

Mercury Advisors has adopted policies and procedures (“Proxy Voting Procedures”) with respect to the voting of proxies related to the portfolio securities held in the account of one or more of its clients, including a Fund for which it acts as a subadviser. Pursuant to these Proxy Voting Procedures, Mercury’s primary objective when voting proxies is to make proxy voting decisions solely in the best interests of each Fund and its shareholders, and to act in a manner that Mercury believes is most likely to enhance the economic value of the securities held by the Fund. The Proxy Voting Procedures are designed to ensure that that Mercury considers the interests of its clients, including the Funds, and not the interests of Mercury, when voting proxies and that real (or perceived) material conflicts that may arise between Mercury’s interest and those of its clients are properly addressed and resolved.

In order to implement the Proxy Voting Procedures, Mercury has formed a Proxy Voting Committee (the “Committee”). The Committee is comprised of Mercury’s Chief Investment Officer (the “CIO”), one or more other senior investment professionals appointed by the CIO, portfolio managers and investment

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analysts appointed by the CIO and any other personnel the CIO deems appropriate. The Committee will also include two non-voting representatives from Mercury’s Legal department appointed by Mercury’s General Counsel. The Committee’s membership shall be limited to full-time employees of Mercury. No person with any investment banking, trading, retail brokerage or research responsibilities for Mercury’s affiliates may serve as a member of the Committee or participate in its decision making (except to the extent such person is asked by the Committee to present information to the Committee, on the same basis as other interested knowledgeable parties not affiliated with Mercury might be asked to do so). The Committee determines how to vote the proxies of all clients, including a Fund, that have delegated proxy voting authority to Mercury and seeks to ensure that all votes are consistent with the best interests of those clients and are free from unwarranted and inappropriate influences. The Committee establishes general proxy voting policies for Mercury and is responsible for determining how those policies are applied to specific proxy votes, in light of each issuer’s unique structure, management, strategic options and, in certain circumstances, probable economic and other anticipated consequences of alternate actions. In so doing, the Committee may determine to vote a particular proxy in a manner contrary to its generally stated policies. In addition, the Committee will be responsible for ensuring that all reporting and recordkeeping requirements related to proxy voting are fulfilled.

The Committee may determine that the subject matter of a recurring proxy issue is not suitable for general voting policies and requires a case-by-case determination. In such cases, the Committee may elect not to adopt a specific voting policy applicable to that issue. Mercury believes that certain proxy voting issues require investment analysis — such as approval of mergers and other significant corporate transactions — akin to investment decisions, and are, therefore, not suitable for general guidelines. The Committee may elect to adopt a common position for Mercury on certain proxy votes that are akin to investment decisions, or determine to permit the portfolio manager to make individual decisions on how best to maximize economic value for a Fund (similar to normal buy/sell investment decisions made by such portfolio managers). While it is expected that Mercury will generally seek to vote proxies over which it exercises voting authority in a uniform manner for all Mercury’s clients, the Committee, in conjunction with a Fund’s portfolio manager, may determine that the Fund’s specific circumstances require that its proxies be voted differently.

To assist Mercury in voting proxies, the Committee has retained Institutional Shareholder Services (“ISS”). ISS is an independent adviser that specializes in providing a variety of fiduciary-level proxy-related services to institutional investment managers, plan sponsors, custodians, consultants, and other institutional investors. The services provided to Mercury by ISS include in-depth research, voting recommendations (although Mercury is not obligated to follow such recommendations), vote execution, and recordkeeping. ISS will also assist the Fund in fulfilling its reporting and recordkeeping obligations under the Investment Company Act.

Mercury’s Proxy Voting Procedures also address special circumstances that can arise in connection with proxy voting. For instance, under the Proxy Voting Procedures, Mercury generally will not seek to vote proxies related to portfolio securities that are on loan, although it may do so under certain circumstances. In addition, Mercury will vote proxies related to securities of foreign issuers only on a best efforts basis and may elect not to vote at all in certain countries where the Committee determines that the costs associated with voting generally outweigh the benefits. The Committee may at any time override these general policies if it determines that such action is in the best interests of a Fund.

From time to time, Mercury may be required to vote proxies in respect of an issuer where an affiliate of Mercury (each, an “Affiliate”), or a money management or other client of Mercury (each, a “Client”) is involved. The Proxy Voting Procedures and Mercury’s adherence to those procedures are designed to address such conflicts of interest. The Committee intends to strictly adhere to the Proxy Voting Procedures in all proxy matters, including matters involving Affiliates and Clients. If, however, an issue representing a non-routine matter that is material to an Affiliate or a widely known Client is involved such that the

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Committee does not reasonably believe it is able to follow its guidelines (or if the particular proxy matter is not addressed by the guidelines) and vote impartially, the Committee may, in its discretion for the purposes of ensuring that an independent determination is reached, retain an independent fiduciary to advise the Committee on how to vote or to cast votes on behalf of Mercury’s clients.

In the event that the Committee determines not to retain an independent fiduciary, or it does not follow the advice of such an independent fiduciary, the powers of the Committee shall pass to a subcommittee, appointed by the CIO (with advice from the Secretary of the Committee), consisting solely of Committee members selected by the CIO. The CIO shall appoint to the subcommittee, where appropriate, only persons whose job responsibilities do not include contact with the Client and whose job evaluations would not be affected by Mercury’s relationship with the Client (or failure to retain such relationship). The subcommittee shall determine whether and how to vote all proxies on behalf of Mercury’s clients or, if the proxy matter is, in their judgment, akin to an investment decision, to defer to the applicable portfolio managers, provided that, if the subcommittee determines to alter Mercury’s normal voting guidelines or, on matters where Mercury’s policy is case-by-case, does not follow the voting recommendation of any proxy voting service or other independent fiduciary that may be retained to provide research or advice to Mercury on that matter, no proxies relating to the Client may be voted unless the Secretary, or in the Secretary’s absence, the Assistant Secretary of the Committee concurs that the subcommittee’s determination is consistent with Mercury’s fiduciary duties

In addition to the general principles outlined above, Mercury has adopted voting guidelines with respect to certain recurring proxy issues that are not expected to involve unusual circumstances. These policies are guidelines only, and Mercury may elect to vote differently from the recommendation set forth in a voting guideline if the Committee determines that it is in a Fund’s best interest to do so. In addition, the guidelines may be reviewed at any time upon the request of a Committee member and may be amended or deleted upon the vote of a majority of Committee members present at a Committee meeting at which there is a quorum.

Mercury has adopted specific voting guidelines with respect to the following proxy issues:

•

Proposals related to the composition of the Board of Directors of issuers other than investment companies. As a general matter, the Committee believes that a company’s Board of Directors (rather than shareholders) is most likely to have access to important, nonpublic information regarding a company’s business and prospects, and is therefore best-positioned to set corporate policy and oversee management. The Committee, therefore, believes that the foundation of good corporate governance is the election of qualified, independent corporate directors who are likely to diligently represent the interests of shareholders and oversee management of the corporation in a manner that will seek to maximize shareholder value over time. In individual cases, the Committee may look at a nominee’s history of representing shareholder interests as a director of other companies or other factors, to the extent the Committee deems relevant.

•

Proposals related to the selection of an issuer’s independent auditors. As a general matter, the Committee believes that corporate auditors have a responsibility to represent the interests of shareholders and provide an independent view on the propriety of financial reporting decisions of corporate management. While the Committee will generally defer to a corporation’s choice of auditor, in individual cases, the Committee may look at an auditors’ history of representing shareholder interests as auditor of other companies, to the extent the Committee deems relevant.

•

Proposals related to management compensation and employee benefits. As a general matter, the Committee favors disclosure of an issuer’s compensation and benefit policies and opposes excessive compensation, but believes that compensation matters are normally best determined by an issuer’s board of directors, rather than shareholders. Proposals to “micro-manage” an issuer’s compensation practices or to set arbitrary restrictions on compensation or benefits will, therefore, generally not be supported.

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•

Proposals related to requests, principally from management, for approval of amendments that would alter an issuer’s capital structure. As a general matter, the Committee will support requests that enhance the rights of common shareholders and oppose requests that appear to be unreasonably dilutive.

•

Proposals related to requests for approval of amendments to an issuer’s charter or by-laws. As a general matter, the Committee opposes poison pill provisions.

•

Routine proposals related to requests regarding the formalities of corporate meetings.

•

Proposals related to proxy issues associated solely with holdings of investment company shares. As with other types of companies, the Committee believes that a fund’s Board of Directors (rather than its shareholders) is best-positioned to set fund policy and oversee management. However, the Committee opposes granting Boards of Directors authority over certain matters, such as changes to a fund’s investment objective, that the Investment Company Act envisions will be approved directly by shareholders.

•

Proposals related to limiting corporate conduct in some manner that relates to the shareholder’s environmental or social concerns. The Committee generally believes that annual shareholder meetings are inappropriate forums for discussion of larger social issues, and opposes shareholder resolutions “micromanaging” corporate conduct or requesting release of information that would not help a shareholder evaluate an investment in the corporation as an economic matter. While the Committee is generally supportive of proposals to require corporate disclosure of matters that seem relevant and material to the economic interests of shareholders, the Committee is generally not supportive of proposals to require disclosure of corporate matters for other purposes.

LAZARD ASSET MANAGEMENT LLC

Information Regarding Lazard’s Proxy Voting Policies

A. Introduction

As a fiduciary, Lazard Asset Management LLC (“Lazard”) is obligated to vote proxies in the best interests of its clients. Lazard has adopted a written policy (the “Policy”) that is designed to ensure that it satisfies its fiduciary obligation. Lazard has developed a structure to attempt to ensure that proxy voting is conducted in an appropriate manner, consistent with clients’ best interest, and within the framework of that Policy.

Lazard manages assets for a variety of clients, including individuals, Taft-Hartley plans, governmental plans, foundations and endowments, corporations, investment companies and other collective investment vehicles. Absent specific guidelines provided by a client, Lazard’s policy is to vote proxies on a given issue the same for all of its clients. The Policy is based on the view that, in its role as investment adviser, Lazard must vote proxies based on what it believes will maximize shareholder value as a long-term investor, and that the votes it casts on behalf of all its clients are intended to accomplish that objective.

B. Administration and Implementation of Proxy Voting Process

Lazard’s proxy-voting process is administered by its Proxy Operations Department (“ProxyOps”), which reports to Lazard’s Chief Operations Officer. Oversight of the process is provided by Lazard’s Legal and Compliance Department and by a Proxy Committee consisting of senior Lazard officers. To assist it in its proxy-voting responsibilities, Lazard currently subscribes to several research and other proxy-related services offered by Institutional Shareholder Services, Inc. (“ISS”), one of the world’s largest providers of proxy-voting services. ISS provides Lazard with its independent analysis and recommendation regarding virtually every proxy proposal that Lazard votes on behalf of its clients, with respect to both U.S. and non-U.S. securities.

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Lazard’s Proxy Committee has approved specific proxy voting guidelines regarding the most common proxy proposals (the “Approved Guidelines”). These Approved Guidelines provide that Lazard should vote for or against the proposal, or that the proposal should be considered on a case-by-case basis. Lazard believes that its portfolio managers and global research analysts with knowledge of the company (“Portfolio Management”) are in the best position to evaluate the impact that the outcome of a given proposal will have on long-term shareholder value. Therefore, ProxyOps seeks Portfolio Management’s recommendation on all proposals to be considered on a case-by-case basis. Portfolio Management is also given the opportunity to review all proposals (other than routine proposals) where the Approved Guideline is to vote for or against, and, in compelling circumstances, to overrule the Approved Guideline, subject to the Proxy Committee’s final determination. The Manager of ProxyOps may also consult with Lazard’s Chief Compliance Officer or the Proxy Committee concerning any proxy agenda or proposal.

C. Types of Proposals

Shareholders receive proxies involving many different proposals. Many proposals are routine in nature, such as a non-controversial election of Directors or a change in a company’s name. Other proposals are more complicated, such as items regarding corporate governance and shareholder rights, changes to capital structure, stock option plans and other executive compensation issues, mergers and other significant transactions and social or political issues. Lazard’s Proxy Committee has developed Approved Guidelines for the most common proposals. New or unusual proposals may be presented from time to time. Such proposals will be presented to Portfolio Management and discussed with the Proxy Committee to determine how they should be voted and an Approved Guideline will be adopted if appropriate.

D. Conflicts of Interest

Lazard’s Policy recognizes that there may be times when meeting agendas or proposals create the appearance of a material conflict of interest for Lazard. Should the appearance of such a conflict exist, Lazard will seek to alleviate the conflict by voting consistent with pre-approved guidelines (to vote for or against), or, in situations where the pre-approved guideline is to vote case-by-case, with the recommendation of an independent source. Currently, when a material conflict, or the appearance of a material conflict, arises regarding a proposal, and the Approved Guideline is to vote case-by-case, Lazard defers to the recommendation provided by an independent source, Institutional Shareholder Services (“ISS”). This allows Lazard to ensure that a vote is not influenced by a material conflict of interest, and nevertheless receive the benefit of ISS’s thorough analysis and recommendation designed to further long-term shareholder value. If the recommendations of the two services offered by ISS, the Proxy Advisor Service and the Proxy Voter Service, are not the same, Lazard will obtain a recommendation from a third independent source that provides proxy voting advisory services, and will defer to the majority recommendation.

E. How to Obtain Information

A copy of Lazard’s Proxy Voting Policy is available on request. If you would like to receive a copy of the Proxy Voting Policy, or information about how Lazard voted securities held in your account, you should contact your Lazard representative, or, alternatively, you can call Richard Kowal, Lazard’s Proxy Administrator, at (212) 632-6985. If Lazard manages your account through a wrap or similar program, you should contact your account representative, who will be able to obtain the information for you.

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J.P. MORGAN INVESTMENT MANAGEMENT INC.

Summary

The investment adviser entities that comprise JPMorgan Fleming Asset Management (“JPMFAM”), including J.P. Morgan Investment Management Inc. (“JPMIM”), may be granted by their clients the authority to vote the proxies of the securities held in client portfolios. To ensure that the proxies are voted in the best interests of its clients, JPMFAM has adopted detailed proxy voting procedures (“Procedures”) that incorporate detailed proxy guidelines (“Guidelines”) for voting proxies on specific types of issues. The JPMorgan Funds, with the exception of JPMorgan Value Opportunities Fund, JPMorgan Multi-Manager Small Cap Growth Fund and the portion of the JPMorgan Multi-Manager Small Cap Value Fund not sub-advised by JPMIM, have granted JPMIM the authority to vote proxies for the Funds in accordance with these Procedures and Guidelines.* The JPMorgan Value Opportunities Fund votes proxies in accordance with its own voting policies. The JPMorgan Multi-Manager Small Cap Growth Fund and the portion of the JPMorgan Multi-Manager Small Cap Value Fund that is not sub-advised by JPMIM, vote proxies in accordance with the voting policies of their subadvisers.

JPMFAM currently has separate guidelines for each of the following regions: (1) North America, (2) Europe, Middle East, Africa, Central America and South America, (3) Asia (ex-Japan) and (4) Japan. As a general rule, in voting proxies of a particular security, each JPMFAM Entity will apply the guidelines of the region in which the issuer of such security is organized.

Pursuant to the Procedures, most routine proxy matters will be voted in accordance with the Guidelines, which have been developed with the objective of encouraging corporate action that enhances shareholder value. For proxy matters that are not covered by the Guidelines, matters that require a case-by-case determination or where a vote contrary to the Guidelines is considered appropriate, the Procedures require a certification and review process to be completed before the vote is cast. That process is designed to identify actual or potential material conflicts of interest and ensure that the proxy vote is cast in the best interests of clients.

To oversee and monitor the proxy-voting process, each JPMFAM advisory entity has established a proxy committee and appointed a proxy administrator in each global location where proxies are voted. Each proxy committee will meet periodically to review general proxy-voting matters, review and approve the Guidelines annually, and provide advice and recommendations on general proxy-voting matters as well as on specific voting issues implemented by the relevant JPMFAM entity. The procedures permit an independent proxy voting service to perform certain services otherwise carried out or coordinated by the proxy administrator.

A copy of the JPMFAM Global Proxy Voting Procedures and Guidelines, the JPMorgan Value Opportunities Fund Proxy Voting Procedures and Policy and the policies of the subadvisers to the JPMorgan Multi-Manager Small Cap Growth Fund and the JPMorgan Multi-Manager Small Cap Value Fund are available upon request by contacting our Service Center at 1-800-348-4782.

*	The JPMorgan Multi-Manager Funds are only available through JPMorgan Private Bank.

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EVERGREEN INVESTMENT MANAGEMENT COMPANY, LLC

Proxy Voting Guidelines

Evergreen Investments follows the proxy voting standards set out by ISS who is contracted to handles Evergreen’s proxy voting. The following is a condensed version of all proxy voting recommendations contained in The ISS Proxy Voting Manual.

I.	The Board of Directors

Voting

on Director Nominees in Uncontested Elections

Votes on director nominees should be made on a case-by-case basis, examining the following factors: composition of the board and key board committees, attendance at board meetings, corporate governance

provisions and takeover activity, long-term company performance relative to a market index, directors’ investment in the company, whether the chairman is also serving as CEO, and whether a retired CEO sits on the board. However, there are some actions by directors that should result in votes being withheld. These instances include directors who:

•

Attend less than 75 percent of the board and committee meetings without a valid excuse

•

Implement or renew a dead-hand or modified dead-hand poison pill

•

Ignore a shareholder proposal that is approved by a majority of the shares outstanding

•

Ignore a shareholder proposal that is approved by a majority of the votes cast for two consecutive years

•

Have failed to act on takeover offers where the majority of the shareholders have tendered their shares

•

Are inside directors and sit on the audit, compensation, or nominating committees

•

Are inside directors and the full board serves as the audit, compensation, or nominating committee or the company does not have one of these committees

In addition, directors who enacted egregious corporate governance policies or failed to replace management as appropriate would be subject to recommendations to withhold votes.

Separating Chairman and CEO

Vote on a case-by-case basis on shareholder proposals requiring that the positions of chairman and CEO be held separately.

Proposals Seeking a Majority of Independent Directors

Shareholder proposals asking that a majority of directors be independent should be evaluated on a case-by-case basis. Vote for shareholder proposals asking that board audit, compensation, and/or nominating committees be composed exclusively of independent directors.

Stock Ownership Requirements

Vote against shareholder proposals requiring directors to own a minimum amount of company stock in order to qualify as a director or to remain on the board.

Term of Office

Vote against shareholder proposals to limit the tenure of outside directors.

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Age Limits

Vote against shareholder proposals to impose a mandatory retirement age for outside directors.

Director and Officer Indemnification and Liability Protection

Proposals on director and officer indemnification and liability protection should be evaluated on a case-by-case basis, using Delaware law as the standard. Vote against proposals to eliminate entirely directors’ and officers’ liability for monetary damages for violating the duty of care. Vote against indemnification proposals that would expand coverage beyond just legal expenses to acts, such as negligence, that are more serious violations of fiduciary obligation than mere carelessness. Vote for only those proposals providing such expanded coverage in cases when a director’s or officer’s legal defense was unsuccessful if: (1) the director was found to have acted in good faith and in a manner that he reasonably believed was in the best interests of the company, and (2) only if the director’s legal expenses would be covered.

Charitable Contributions

Vote against proposals regarding charitable contributions.

II.

Proxy Contests

Voting for Director Nominees in Contested Elections

Votes in a contested election of directors must be evaluated on a case-by-case basis, considering the following factors: long-term financial performance of the target company relative to its industry; management’s track record; background to the proxy contest; qualifications of director nominees (both slates); evaluation of what each side is offering shareholders as well as the likelihood that the proposed objectives and goals can be met; and stock ownership positions.

Reimburse Proxy Solicitation Expenses

Voting to reimburse proxy solicitation expenses should be analyzed on a case-by-case basis. In cases where Evergreen recommends in favor of the dissidents, we also recommend voting for reimbursing proxy solicitation expenses.

III.

Auditors

Ratifying Auditors

Vote for proposals to ratify auditors, unless: an auditor has a financial interest in or association with the company, and is therefore not independent; or there is reason to believe that the independent auditor has rendered an opinion which is neither accurate nor indicative of the company’s financial position.

IV.

Proxy Contest Defenses

Board Structure: Staggered vs. Annual Elections

Vote against proposals to classify the board.

Vote for proposals to repeal classified boards and to elect all directors annually.

Shareholder Ability to Remove Directors

Vote against proposals that provide that directors may be removed only for cause.

Vote for proposals to restore shareholder ability to remove directors with or without cause.

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Vote against proposals that provide that only continuing directors may elect replacements to fill board vacancies.

Vote for proposals that permit shareholders to elect directors to fill board vacancies.

Cumulative Voting

Vote against proposals to eliminate cumulative voting.

Vote proposals to restore or permit cumulative voting on a case-by-case basis relative to the company’s other governance provisions.

Shareholder Ability to Call Special Meetings

Vote against proposals to restrict or prohibit shareholder ability to call special meetings.

Vote for proposals that remove restrictions on the right of shareholders to act independently of management.

Shareholder Ability to Act by Written Consent

Vote against proposals to restrict or prohibit shareholder ability to take action by written consent.

Vote for proposals to allow or make easier shareholder action by written consent.

Shareholder Ability to Alter the Size of the Board

Vote for proposals that seek to fix the size of the board.

Vote against proposals that give management the ability to alter the size of the board without shareholder approval.

V.	Tender Offer Defenses

Poison Pills

Vote for shareholder proposals that ask a company to submit its poison pill for shareholder ratification.

Review on a case-by-case basis shareholder proposals to redeem a company’s poison pill.

Review on a case-by-case basis management proposals to ratify a poison pill.

Fair Price Provisions

Vote proposals to adopt fair price provisions on a case-by-case basis, evaluating factors such as the vote required to approve the proposed acquisition, the vote required to repeal the fair price provision, and the mechanism for determining the fair price.

Generally, vote against fair price provisions with shareholder vote requirements greater than a majority of disinterested shares.

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Greenmail

Vote for proposals to adopt antigreenmail charter or bylaw amendments or otherwise restrict a company’s ability to make greenmail payments.

Review on a case-by-case basis antigreenmail proposals when they are bundled with other charter or bylaw amendments.

Pale Greenmail

Review on a case-by-case basis restructuring plans that involve the payment of pale greenmail.

Unequal Voting Rights

Vote against dual-class exchange offers.

Vote against dual-class recapitalizations.

Supermajority Shareholder Vote Requirement to Amend the Charter or Bylaws

Vote against management proposals to require a supermajority shareholder vote to approve charter and bylaw amendments.

Vote for shareholder proposals to lower supermajority shareholder vote requirements for charter and bylaw amendments.

Supermajority Shareholder Vote Requirement to Approve Mergers

Vote against management proposals to require a supermajority shareholder vote to approve mergers and other significant business combinations.

Vote for shareholder proposals to lower supermajority shareholder vote requirements for mergers and other significant business combinations.

White Squire Placements

Vote for shareholder proposals to require approval of blank check preferred stock Issues for other than general corporate purposes.

VI.

Miscellaneous Governance Provisions

Confidential Voting

Vote for shareholder proposals that request companies to adopt confidential voting, use independent tabulators, and use independent inspectors of election as long as the proposals include clauses for proxy contests as follows: In the case of a contested election, management should be permitted to request that the dissident group honor its confidential voting policy. If the dissidents agree, the policy remains in place. If the dissidents do not agree, the confidential voting policy is waived.

Vote for management proposals to adopt confidential voting.

Equal Access

Vote for shareholder proposals that would allow significant company shareholders equal access to management’s proxy material in order to evaluate and propose voting recommendations on proxy proposals and director nominees, and in order to nominate their own candidates to the board.

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Bundled Proposals

Review on a case-by-case basis bundled or “conditioned” proxy proposals. In the case of items that are conditioned upon each other, examine the benefits and costs of the packaged items. In instances when the joint effect of the conditioned items is not in shareholders’ best interests, vote against the proposals. If the combined effect is positive, support such proposals.

Shareholder Advisory Committees

Review on a case-by-case basis proposals to establish a shareholder advisory committee.

VII.

Capital Structure

Common Stock Authorization

Review proposals to increase the number of shares of common stock authorized for issue on a case-by-case basis.

Vote against proposals to increase the number of authorized shares of the class of stock that has superior voting rights in companies that have dual-class capitalization structures.

Stock Distributions: Splits and Dividends

Vote for management proposals to increase common share authorization for a stock split, provided that the increase in authorized shares would not result in an excessive number of shares available for issuance given a company’s industry and performance in terms of shareholder returns.

Reverse Stock Splits

Vote for management proposals to implement a reverse stock split when the number of shares will be proportionately reduced to avoid delisting. Review on a case-by-case basis on proposals to implement a reverse stock split that do not proportionately reduce the number of shares authorized for Issue.

Preferred Stock

Vote against proposals authorizing the creation of new classes of preferred stock with unspecified voting, conversion, dividend distribution, and other rights (“blank check” preferred stock).

Vote for proposals to create blank check preferred stock in cases when the company expressly states that the stock will not be used as a takeover defense.

Vote for proposals to authorize preferred stock in cases where the company specifies the voting, dividend, conversion, and other rights of such stock and the terms of the preferred stock appear reasonable.

Vote case-by-case on proposals to increase the number of blank check preferred shares after analyzing the number of preferred shares available for Issue given a company’s industry and performance in terms of shareholder returns.

Shareholder Proposals Regarding Blank Check Preferred Stock

Vote for shareholder proposals to have blank check preferred stock placements, other than those shares issued for the purpose of raising capital or making acquisitions in the normal course of business, submitted for shareholder ratification.

Adjustments to Par Value of Common Stock

Vote for management proposals to reduce the par value of common stock.

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Preemptive Rights

Review on a case-by-case basis shareholder proposals that seek preemptive rights. In evaluating proposals on preemptive rights, consider the size of a company and the characteristics of its shareholder base.

Debt Restructurings

Review on a case-by-case basis proposals to increase common and/or preferred shares and to Issue shares as part of a debt restructuring plan. Consider the following Issues: Dilution — How much will ownership interest of existing shareholders be reduced, and how extreme will dilution to any future earnings be? Change in Control — Will the transaction result in a change in control of the company? Bankruptcy — Generally, approve proposals that facilitate debt restructurings unless there are clear signs of self-dealing or other abuses.

Share Repurchase Programs

Vote for management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms.

Tracking Stock

Votes on the creation of tracking stock are determined on a case-by-case basis, weighing the strategic value of the transaction against such factors as:

•

adverse governance changes

•

excessive increases in authorized capital stock

•

unfair method of distribution

•

diminution of voting rights

•

adverse conversion features

•

negative impact on stock option plans

•

other alternatives such as spinoff

VIII.

Executive and Director Compensation

Votes with respect to compensation plans should be determined on a case-by-case basis.

Our new methodology for reviewing compensation plans primarily focuses on the transfer of shareholder wealth (the dollar cost of pay plans to shareholders instead of simply focusing on voting power dilution). Using the expanded compensation data disclosed under the SEC’s new rules, Evergreen will value every award type. Evergreen will include in its analyses an estimated dollar cost for the proposed plan and all continuing plans. This cost, dilution to shareholders’ equity, will also be expressed as a percentage figure for the transfer of shareholder wealth, and will be considered along with dilution to voting power. Once Evergreen determines the estimated cost of the plan, we compare it to a company-specific dilution cap.

Our model determines a company-specific allowable pool of shareholder wealth that may be transferred from the company to executives, adjusted for (1) long-term corporate performance (on an absolute basis and relative to a standard industry peer group and an appropriate market index), (2) cash compensation, and (3) categorization of the company as emerging, growth, or mature. These adjustments are pegged to market capitalization. Evergreen will continue to examine other features of proposed pay plans such as administration, payment terms, plan duration, and whether the administering committee is permitted to reprice underwater stock options without shareholder approval.

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Management Proposals Seeking Approval to Reprice Options

Vote on management proposals seeking approval to reprice options on a case-by-case basis.

Director Compensation

Votes on stock-based plans for directors are made on a case-by-case basis.

Employee Stock Purchase Plans

Votes on employee stock purchase plans should be made on a case-by-case basis.

OBRA-Related Compensation Proposals:

•

Amendments that Place a Cap on Annual Grants or Amend Administrative Features

Vote for plans that simply amend shareholder-approved plans to include administrative features or place a cap on the annual grants any one participant may receive to comply with the provisions of Section 162(m) of OBRA.

•

Amendments to Added Performance-Based Goals

Vote for amendments to add performance goals to existing compensation plans to comply with the provisions of Section 162(m) of OBRA.

•

Amendments to Increase Shares and Retain Tax Deductions Under OBRA

Votes on amendments to existing plans to increase shares reserved and to qualify the plan for favorable tax treatment under the provisions of Section 162(m) should be evaluated on a case-by-case basis.

•

Approval of Cash or Cash-and-Stock Bonus Plans

Vote for cash or cash-and-stock bonus plans to exempt the compensation from taxes under the provisions of Section 162(m) of OBRA.

Shareholder Proposals to Limit Executive and Director Pay

Generally, vote for shareholder proposals that seek additional disclosure of executive and director pay information.

Review on a case-by-case basis all other shareholder proposals that seek to limit executive and director pay.

Golden and Tin Parachutes

Vote for shareholder proposals to have golden and tin parachutes submitted for shareholder ratification.

Review on a case-by-case basis all proposals to ratify or cancel golden or tin parachutes.

Employee Stock Ownership Plans (ESOPs)

Vote for proposals that request shareholder approval in order to implement an ESOP or to increase authorized shares for existing ESOPs, except in cases when the number of shares allocated to the ESOP is “excessive” (i.e., generally greater than five percent of outstanding shares).

401(k) Employee Benefit Plans

Vote for proposals to implement a 401(k) savings plan for employees.

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IX.

State of Incorporation

Voting on State Takeover Statutes

Review on a case-by-case basis proposals to opt in or out of state takeover statutes (including control share acquisition statutes, control share cash-out statutes, freezeout provisions, fair price provisions, stakeholder laws, poison pill endorsements, severance pay and labor contract provisions, antigreenmail provisions, and disgorgement provisions).

Voting on Reincorporation Proposals

Proposals to change a company’s state of incorporation should be examined on a case-by-case basis.

X.	Mergers and Corporate Restructurings

Mergers and Acquisitions

Votes on mergers and acquisitions should be considered on a case-by-case basis, taking into account at least the following: anticipated financial and operating benefits; offer price (cost vs. premium); prospects of the combined companies; how the deal was negotiated; and changes in corporate governance and their impact on shareholder rights.

Corporate Restructuring

Votes on corporate restructuring proposals, including minority squeezeouts, leveraged buyouts, spinoffs, liquidations, and asset sales should be considered on a case-by-case basis.

Spinoffs

Votes on spinoffs should be considered on a case-by-case basis depending on the tax and regulatory advantages, planned use of sale proceeds, market focus, and managerial incentives.

Asset Sales

Votes on asset sales should be made on a case-by-case basis after considering the impact on the balance sheet/working capital, value received for the asset, and potential elimination of diseconomies.

Liquidations

Votes on liquidations should be made on a case-by-case basis after reviewing management’s efforts to pursue other alternatives, appraisal value of assets, and the compensation plan for executives managing the liquidation.

Appraisal Rights

Vote for proposals to restore, or provide shareholders with, rights of appraisal.

Changing Corporate Name

Vote for changing the corporate name.

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XI.

Mutual Fund Proxies

Election of Directors

Vote the election of directors on a case-by-case basis, considering the following factors: board structure; director independence and qualifications; and compensation of directors within the fund and the family of funds attendance at board and committee meetings.

Votes should be withheld from directors who:

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attend less than 75 percent of the board and committee meetings without a valid excuse for the absences. Valid reasons include illness or absence due to company business. Participation via telephone is acceptable. In addition, if the director missed only one meeting or one day’s meetings, votes should not be withheld even if such absence dropped the director’s attendance below 75 percent.

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ignore a shareholder proposal that is approved by a majority of shares outstanding

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ignore a shareholder proposal that is approved by a majority of the votes cast for two consecutive years

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are interested directors and sit on the audit or nominating committee

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are interested directors and the full board serves as the audit or nominating committee or the company does not have one of these committees.

Converting Closed-end Fund to Open-end Fund

Vote conversion proposals on a case-by-case basis, considering the following factors: past performance as a closed-end fund; market in which the fund invests; measures taken by the board to address the discount; and past shareholder activism, board activity, and votes on related proposals.

Proxy Contests

Vote proxy contests on a case-by-case basis, considering the following factors: past performance; market in which fund invests; and measures taken by the board to address the Issues past shareholder activism, board activity, and votes on related proposals.

Investment Advisory Agreements

Vote the investment advisory agreements on a case-by-case basis, considering the following factors: proposed and current fee schedules; fund category/investment objective; performance benchmarks; share price performance as compared with peers; and the magnitude of any fee increase.

Approving New Classes or Series of Shares

Vote for the establishment of new classes or series of shares.

Preferred Stock Proposals

Vote the authorization for or increase in preferred shares on a case-by-case basis, considering the following factors: stated specific financing purpose and other reasons management gives possible dilution for common shares.

1940 Act Policies

Vote these proposals on a case-by-case basis, considering the following factors: potential competitiveness; regulatory developments; current and potential returns; and current and potential risk.

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Changing a Fundamental Restriction to a Nonfundamental Restriction

Vote these proposals on a case-by-case basis, considering the following factors: fund’s target investments; reasons given by fund for change; and the projected impact of change on portfolio.

Change Fundamental Investment Objective to Nonfundamental

Vote against proposals to change a fund’s fundamental investment objective to nonfundamental.

Name Rule Proposals

Vote these proposals on a case-by-case basis, considering the following factors: political/economic changes in target market; bundling with quorum requirements; bundling with asset allocation changes; and consolidation in the fund’s target market.

Disposition of Assets/Termination/Liquidation

Vote this proposal on a case-by-case basis, considering the following factors: strategies employed to salvage the company; company’s past performance; and terms of the liquidation.

Changes to the Charter Document

Vote changes to the charter document on a case-by-case basis, considering the following factors: degree of change implied by the proposal; efficiencies that could result; state of incorporation; and regulatory standards and implications.

Changing the Domicile of a Fund

Vote reincorporations on a case-by-case basis, considering the following factors: state regulations of both states; required fundamental policies of both states; and the increased flexibility available.

Change in Fund’s Subclassification

Vote these proposals on a case-by-case basis, considering the following factors: potential competitiveness; current and potential returns; risk of concentration; and consolidation in the target industry.

Authorizing the Board to Hire and Terminate Subadvisors Without Shareholder Approval

Vote against these proposals.

Distribution Agreements

Vote these proposals on a case-by-case basis, considering the following factors: fees charged to comparably sized funds with similar objectives; proposed distributor’s reputation and past performance; and competitiveness of fund in industry.

Master-Feeder Structure

Vote for the establishment of a master-feeder structure.

Changes to the Charter Document

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Mergers

Vote merger proposals on a case-by-case basis, considering the following factors: resulting fee structure; performance of both funds; and continuity of management personnel.

Shareholder Proposals

Establish Director Ownership Requirement

Vote against the establishment of a director ownership requirement.

Reimburse Shareholder for Expenses Incurred

Terminate the Investment Advisor

Vote to terminate the investment advisor on a case-by-case basis, considering the following factors: performance of the fund’s NAV and the history of shareholder relations.

XII.

Social and Environmental Issues

Energy and Environment

In most cases, Evergreen refrains from providing a vote recommendation on proposals that request companies to file the CERES Principles.

Generally, vote for disclosure reports that seek additional information, particularly when it appears companies have not adequately addressed shareholders’ environmental concerns.

South Africa

In most cases, Evergreen refrains from providing a vote recommendation on proposals pertaining to South Africa.

Generally, vote for disclosure reports that seek additional information such as the amount of business that could be lost by conducting business in South Africa.

Northern Ireland

In most cases, Evergreen refrains from providing a vote recommendation on proposals pertaining to the MacBride Principles.

Generally, vote for disclosure reports that seek additional information about progress being made toward eliminating employment discrimination, particularly when it appears companies have not adequately addressed shareholder concerns.

Military Business

In most cases, Evergreen refrains from providing a vote recommendation on defense Issue proposals.

Generally, vote for disclosure reports that seek additional information on military related operations, particularly when the company has been unresponsive to shareholder requests.

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Maquiladora Standards and International Operations Policies

In most cases, Evergreen refrains from providing a vote recommendation on proposals relating to the Maquiladora Standards and international operating policies.

Generally, vote for disclosure reports on these Issues, particularly when it appears companies have not adequately addressed shareholder concerns.

World Debt Crisis

In most cases, Evergreen refrains from providing a vote recommendation on proposals dealing with third world debt.

Generally, vote for disclosure reports on these Issues, particularly when it appears companies have not adequately addressed shareholder concerns.

Equal Employment Opportunity and Discrimination

In most cases, Evergreen refrains from providing a vote recommendation on proposals regarding equal employment opportunities and discrimination.

Generally, vote for disclosure reports that seek additional information about affirmative action efforts, particularly when it appears companies have been unresponsive to shareholder requests.

Animal Rights

In most cases, Evergreen refrains from providing a vote recommendation on proposals that deal with animal rights.

Product Integrity and Marketing

In most cases, Evergreen refrains from providing a vote recommendation on proposals that ask companies to end their production of legal, but socially questionable, products.

Generally, vote for disclosure reports that seek additional information regarding product integrity and marketing Issues, particularly when it appears companies have been unresponsive to shareholder requests.

Human Resources issues

In most cases, Evergreen refrains from providing a vote recommendation on proposals regarding human resources Issues.

Generally, vote for disclosure reports that seek additional information regarding human resources Issues, particularly when it appears companies have been unresponsive to shareholder requests.

CAPITAL GUARDIAN TRUST COMPANY

Proxy Voting Policy and Procedures

Policy

Capital Guardian Trust Company (“CGTC”) provides investment management services to clients that include, among others, corporate and public pension plans, foundations and endowments and unaffiliated registered investment companies. CGTC’s Personal Investment Management Division (“PIM”) provides

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investment management and fiduciary services, including trust and estate administration, primarily to high net-worth individuals and families. CGTC considers proxy voting an important part of those management services, and as such, CGTC seeks to vote the proxies of securities held by clients in accounts for which it has proxy voting authority in the best interest of those clients. The procedures that govern this activity are reasonably designed to ensure that proxies are voted in the best interest of CGTC’s clients.

Fiduciary Responsibility and Long-term Shareholder Value

CGTC’s fiduciary obligation to manage its accounts in the best interest of its clients extends to proxy voting. When voting proxies, CGTC considers those factors which would affect the value of its clients’ investment and acts solely in the interest of, and for the exclusive purpose of providing benefits to, its clients. As required by ERISA, CGTC votes proxies solely in the interest of the participants and beneficiaries of retirement plans and does not subordinate the interest of participants and beneficiaries in their retirement income to unrelated objectives.

CGTC believes the best interests of clients are served by voting proxies in a way that maximizes long-term shareholder value. Therefore, the investment professionals responsible for voting proxies have the discretion to make the best decision given the individual facts and circumstances of each issue. Proxy issues are evaluated on their merits and considered in the context of the analyst’s knowledge of a company, its current management, management’s past record, and CGTC’s general position on the issue. In addition, many proxy issues are reviewed and voted on by a proxy voting committee comprised primarily of investment professionals, bringing a wide range of experience and views to bear on each decision.

As the management of a portfolio company is responsible for its day to day operations, CGTC believes that management, subject to the oversight of its board of directors, is often in the best position to make decisions that serve the interests of shareholders. However, CGTC votes against management on proposals where it perceives a conflict may exist between management and client interests, such as those that may insulate management or diminish shareholder rights. CGTC also votes against management in other cases where the facts and circumstances indicate that the proposal is not in its clients’ best interests.

Special Review

From time to time CGTC may vote a) on proxies of portfolio companies that are also clients of CGTC or its affiliates, b) on shareholder proposals submitted by clients, or c) on proxies for which clients have publicly supported or actively solicited CGTC or its affiliates to support a particular position. When voting these proxies, CGTC analyzes the issues on their merits and does not consider any client relationship in a way that interferes with its responsibility to vote proxies in the best interest of its clients. The CGTC Special Review Committee reviews certain of these proxy decisions for improper influences on the decision-making process and takes appropriate action, if necessary.

Procedures

Proxy Review Process

Associates in CGTC’s proxy voting department, along with compliance associates from the legal department, are responsible for coordinating the voting of proxies. These associates work with outside proxy voting service providers and custodian banks and are responsible for coordinating and documenting the internal review of proxies.

The proxy voting department reviews each proxy ballot for standard and non-standard items. Standard proxy items are typically voted with management unless the research analyst who follows the company or a member of an investment or proxy voting committee requests additional review. Standard items currently include the uncontested election of directors, ratifying auditors, adopting reports and accounts, setting dividends and allocating profits for the prior year and certain other administrative items.

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All other items are sent by the proxy voting department to the research analyst who follows the company. The analyst reviews the proxy statement and makes a recommendation about how to vote on the issues based on his or her in-depth knowledge of the company. Recommendations to vote with management on certain limited issues are voted accordingly. All other non-standard issues receive further consideration by a proxy voting committee, which reviews the issue and the analyst’s recommendation, and decides how to vote. A proxy voting committee may escalate to the full investment committee(s) those issues for which it believes a broader review is warranted. Four proxy voting committees specialize in regional mandates and review the proxies of portfolio companies within their mandates. The proxy voting committees are comprised primarily of members of CGTC’s and its affiliates’ investment committees and their activity is subject to oversight by those committees.

For securities held only in PIM accounts, non-standard items are sent to those associates to whom the CGTC Investment Committee has delegated the review and voting of proxies. These associates may forward certain proposals to the appropriate investment committee for discussion and a formal vote if they believe a broader review is warranted.

CGTC seeks to vote all of its clients’ proxies. In certain circumstances, CGTC may decide not to vote a proxy because the costs of voting outweigh the benefits to its clients (e.g., when voting could lead to share blocking where CGTC wishes to retain flexibility to trade shares). In addition, proxies with respect to securities on loan through client directed lending programs are not available to CGTC to vote and therefore are not voted.

Proxy Voting Guidelines

CGTC has developed proxy voting guidelines that reflect its general position and practice on various issues. To preserve the ability of decision makers to make the best decision in each case, these guidelines are intended only to provide context and are not intended to dictate how the issue must be voted. The guidelines are reviewed and updated as necessary, but at least annually, by the appropriate proxy voting and investment committees.

CGTC’s general positions related to corporate governance, capital structure, stock option and compensation plans and social and corporate responsibility issues are reflected below.

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Corporate governance. CGTC supports strong corporate governance practices. It generally votes against proposals that serve as anti-takeover devices or diminish shareholder rights, such as poison pill plans and supermajority vote requirements, and generally supports proposals that encourage responsiveness to shareholders, such as initiatives to declassify the board. Mergers and acquisitions, reincorporations and other corporate restructurings are considered on a case-by-case basis, based on the investment merits of the proposal.

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Capital structure. CGTC generally supports increases to capital stock for legitimate financing needs. It generally does not support changes in capital stock that can be used as anti-takeover devices, such as the creation of or increase in blank-check preferred stock or of a dual class capital structure with different voting rights.

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Stock option compensation plans. CGTC supports the concept of stock-related compensation plans as a way to align employee and shareholder interests. However, plans that include features which undermine the connection between employee and shareholder interests generally are not supported. CGTC considers the following factors when voting on proposals related to new plans or changes to existing plans: the exercise price of the options, the size of the overall plan and/or the size of the increase, the historical dilution rate, whether the plan permits option repricing, the duration of the plan, and the needs of the company. Additionally, CGTC supports option expensing in theory and will generally support shareholder proposals on option expensing if such proposal language is non-binding and does not require the company to adopt a specific expensing methodology.

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Social and corporate responsibility. CGTC votes on these issues based on the potential impact to the value of its clients’ investment in the portfolio company.

Special Review Procedures

If a research analyst has a personal conflict in making a voting recommendation on a proxy issue, he or she must disclose such conflict, along with his or her recommendation. If a member of the proxy voting committee has a personal conflict in voting the proxy, he or she must disclose such conflict to the appropriate proxy voting committee and must not vote on the issue.

Clients representing 0.0025 or more of assets under investment management across all affiliates owned by The Capital Group Companies, Inc. (CGTC’s parent company), are deemed to be “Interested Clients”. Each proxy is reviewed to determine whether the portfolio company, a proponent of a shareholder proposal, or a known supporter of a particular proposal is an Interested Client. If the voting decision for a proxy involving an Interested Client is against such client, then it is presumed that there was no undue influence in favor of the Interested Client. If the decision is in favor of the Interested Client, then the decision, the rationale for such decision, information about the client relationship and all other relevant information is reviewed by the Special Review Committee (“SRC”). The SRC determines whether the decision was in the best interest of CGTC’s clients and may accept or override the decision, or determine another course of action. The SRC is comprised of senior representatives from CGTC’s and its affiliates’ investment and legal groups and does not include representatives from the marketing department.

Any other proxy will be referred to the SRC if facts or circumstances warrant further review.

CGTC’s Proxy Voting Record

Upon client request, CGTC will provide reports of its proxy voting record as it relates to the securities held in the client’s account(s) for which CGTC has proxy voting authority.

Annual Assessment

CGTC will conduct an annual assessment of this proxy voting policy and related procedures.

Effective Date

This policy is effective as of August 1, 2003.

BROWN CAPITAL MANAGEMENT, INC.

Proxy Voting Policy

It is the intent of Brown Capital Management (“BCM”) to vote proxies in the best interests of the firm’s clients. In order to facilitate this proxy voting process, BCM has retained Institutional Shareholder Services (“ISS”) an expert in the proxy voting and corporate governance area to assist in the due diligence process related to making appropriate proxy voting decisions related to client accounts. Corporate actions are monitored by BCM Administration and Investment staff through information received from ISS regarding upcoming issues. Clients with separately managed accounts may request a copy of this policy or how proxies relating to their securities were voted by contacting BCM directly. Investors in the Brown Capital Management Family of Funds (individually “Fund” or collectively “Funds”) may request a copy of this policy or the Fund’s proxy voting record upon request, without charge, by calling NC Shareholder Services at 1-800-773-3863, by reviewing the Fund’s website, if applicable, or by reviewing filings available on the SEC’s website at http://www.sec.gov.

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Institutional Shareholder Services (ISS)

ISS is an independent investment advisor that specializes in providing a variety of fiduciary level proxy related services to institutional investment managers, plan sponsors, custodians, consultants, and other institutional investors. BCM subscribes to the ISS Standard Voting Policy. These services, provided to BCM, include in-depth research, analysis, and voting recommendations. Designated members of BCM’s investment staff (“Investment Staff”) individually determine how each proxy ballot will be voted using ISS’s research, analysis, and voting recommendations as a guideline only. When specifically directed by a client with a separately managed account, we will vote as requested.

Conflicts of Interest

The Investment Staff’s review is intended to determine if a material conflict of interest exists that should be considered in the vote decision. The Investment Staff examines business, personal and familial relationships with the subject company and/or interested parties. If a conflict of interest is believed to exist, the Investment Staff will direct that the proxy issue must be voted in accordance with ISS recommendations. In the event ISS is unable to make a recommendation on a proxy vote regarding an investment held by a Fund, the Investment Staff will defer the decision to the Fund’s Proxy Voting Committee, which is made up of independent trustees. Decisions made by the Fund’s Proxy Voting Committee will be used to vote proxies for the Fund. For Securities not held by a Fund, if ISS is unable to make a recommendation then BCM will either disclose the conflict to the client and obtain its consent before voting or suggest that the client engage another party to determine how the proxies should be voted.

Voting Procedures

The physical voting process and recordkeeping of votes is carried out by BCM Administrative Staff at both the broader company and individual account levels through the Institutional Shareholders Services Inc. Proxy Master System. BCM votes most proxies for clients where voting authority has been given to BCM by the client. However, in some circumstances BCM may not vote some proxies. For example, the BCM may not vote if shares would need to be recalled in a stock loan program. BCM also will not vote:

Proxies for securities held in an unsupervised portion of a client’s account,

Proxies that are subject to blocking restrictions,

Proxies that require BCM to travel overseas in order to vote, or

Proxies that are written in a language other than English.

Record Retention

BCM retains records relating to:

Proxy voting policies and procedures,

Proxy statements received for client securities,

Records of votes cast on behalf of clients,

Records of client requests for proxy voting information and written responses by BCM to such requests, and

Documents prepared by BCM that were material to making a proxy voting decision or memorialized the basis for the decisions.

All such records will be maintained as required by applicable laws and regulations.

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Voting Guidelines

While BCM’s policy is to review each proxy proposal on its individual merits, BCM has adopted guidelines for certain types of matters to assist the Investment Staff in the review and voting of proxies. These guidelines are set forth below:

A.	Corporate Governance

1.	Election of Directors and Similar Matters

In an uncontested election, BCM will generally vote in favor of management’s proposed directors. In a contested election, BCM will evaluate proposed directors on a case-by-case basis. With respect to proposals regarding the structure of a company’s Board of Directors, BCM will review any contested proposal on its merits.

2.	Audit Committee Approvals

BCM generally supports proposals that help ensure that a company’s auditors are independent and capable of delivering a fair and accurate opinion of a company’s finances. BCM will generally vote to ratify management’s recommendation and selection of auditors.

3.	Shareholder Rights

BCM may consider all proposals that will have a material effect on shareholder rights on a case-by-case basis.

4.	Anti-Takeover Measures, Corporate Restructurings and Similar Matters

BCM may review any proposal to adopt an anti-takeover measure, to undergo a corporate restructuring (e.g., change of entity form or state of incorporation, mergers or acquisitions) or to take similar action by reviewing the potential short and long-term effects of the proposal on the company. These effects may include, without limitation, the economic and financial impact the proposal may have on the company, and the market impact that the proposal may have on the company stock.

5.	Capital Structure Proposals

BCM will seek to evaluate capital structure proposals on their own merits on a case-by-case basis.

B.	Compensation

1.	General

BCM generally supports proposals that encourage the disclosure of a company’s compensation policies. In addition, BCM generally supports proposals that fairly compensate executives, particularly those proposals that link executive compensation to performance. BCM may consider any contested proposal related to a company’s compensation policies on a case-by-case basis.

2.	Stock Option Plans

BCM evaluates proposed stock option plans and issuances on a case-by-case basis. In reviewing proposals regarding stock option plans and issuances, BCM may consider, without limitation, the potential dilutive effect on shareholders’ shares, the potential short and long-term economic effects on the company and shareholders and the actual terms of the proposed options.

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C.	Corporate Responsibility and Social Issues

BCM may vote against corporate responsibility and social issue proposals that BCM believes will have substantial adverse economic or other effects on a company, and BCM may vote for corporate responsibility and social issue proposals that BCM believes will have substantial positive economic or other effects on a company. BCM reserves the right to amend and revise this policy without notice at any time. This policy is dated July 1, 2003.

FIDELITY MANAGEMENT & RESEARCH COMPANY

The following Proxy Voting Guidelines were established by the fidelity Board of Trustees of the funds, after consultation with Fidelity Management & Research company (FMR), the Adviser to the EQ/FI Mid Cap Portfolio and EQ/FI Small/Mid Cap Value Portfolio. (The Guidelines are reviewed periodically by FMR and by the non-interested Trustees of the Fidelity funds, and, accordingly, are subject to change.)

I.	General Principles

Except as set forth herein, portfolio securities should generally be voted in favor of incumbent directors and in favor of routine management proposals. In general, FMR will oppose shareholder proposals that do not appear reasonably likely to enhance the economic returns or profitability of the portfolio company or to maximize shareholder value.

Non-routine proposals covered by the following guidelines should generally be voted in accordance with the guidelines.

Non-routine proposals not covered by the following guidelines or other special circumstances should be evaluated by the appropriate FMR analyst or portfolio manager, subject to review by the President or General Counsel of FMR or the General Counsel of FMR Corp. A significant pattern of such non-routine proposals or other special circumstances should be referred to the Operations Committee or its designee.

II.	Portfolio shares should generally be voted against anti-takeover proposals, including:

Fair Price Amendments, except those that consider only a two year price history and are not accompanied by other anti-takeover measures.

Classified Boards. FMR will generally vote in favor of proposals to declassify a board of directors. FMR will consider voting against such a proposal if the issuer’s Articles of Incorporation or applicable statute includes a provision whereby a majority of directors may be removed at any time, with or without cause, by written consent, or other reasonable procedures, by a majority of shareholders entitled to vote for the election of directors.

Authorization of “Blank Check” Preferred Stock.

Golden Parachutes:

Accelerated options and/or employment contracts that will result in a lump sum payment of more than three times annual compensation (salary and bonus) in the event of termination.

Compensation contracts for outside directors.

Tin Parachutes that cover a group beyond officers and directors and permit employees to voluntarily terminate employment and receive payment.

Adoption of a Golden or Tin Parachute will result in our withholding authority in the concurrent or next following vote on the election of directors.

Supermajority Provisions.

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Poison Pills:

Introduction of a Poison Pill without shareholder approval will result in FMR withholding authority in the concurrent or next following vote on the election of directors. In addition, extension of an existing Poison Pill or the adoption of a new Poison Pill without shareholder approval upon the expiration of an existing Pill will result in FMR withholding authority in the concurrent or next following vote on the election of directors.

FMR will consider not withholding its authority on the election of directors if (a) the board has adopted a Poison Pill with a sunset provision; (b) the Pill is linked to a business strategy that will result in greater value for the shareholders; (c) the term is less than 5 years; and (d) shareholder approval is required to reinstate the expired Pill. In addition, the Funds will consider not withholding authority on the election of directors if company management indicates that the board is willing to strongly consider seeking shareholder ratification of, or adding a sunset provision meeting the above conditions to, an existing Pill. In such a case, if the company does not take appropriate action prior to the next annual shareholder meeting, the Funds would withhold their vote from the election of directors at that next meeting.

FMR will generally withhold authority on the election of directors if a company refuses, upon request by FMR, to amend a Poison Pill Plan to allow the Fidelity funds to hold an aggregate position of up to 20% of a company’s total voting securities and of any class of voting securities. On a case-by-case basis, FMR may determine not to withhold authority on the election of directors if a company’s Poison Pill Plan, although imposing an aggregate ownership position limit of less than 20%, in the judgment of FMR provides the funds with sufficient investment flexibility.

Portfolio shares will be voted for shareholder proposals requiring or recommending that shareholders be given an opportunity to vote on the adoption of poison pills.

If shareholders are requested to approve adoption of a Poison Pill plan, the Funds will, in general, consider voting in favor of the Poison Pill plan if: (a) the board has adopted a Poison Pill with a sunset provision; (b) the Pill is determined to be linked to a business strategy that will result in greater value for the shareholders; (c) the term is generally not longer than 5 years; (d) shareholder approval is required to reinstate an expired Pill; (e) the Pill contains a provision suspending its application, by shareholder referendum, in the event a potential acquirer announces a bona fide offer, made for all outstanding shares; and (f) the Pill allows the Fidelity funds to hold an aggregate position of up to 20% of a company’s total voting securities and of any class of voting securities. On a case-by-case basis, FMR may determine to vote in favor of a company’s Poison Pill Plan if the Plan, although imposing an aggregate ownership position limit of less than 20%, in the judgment of FMR provides the funds with sufficient investment flexibility.

Elimination of, or limitation on, shareholder rights (e.g., action by written consent, ability to call meetings, or remove directors).

Transfer of authority from shareholders to directors.

Reincorporation in another state (when accompanied by anti-takeover provisions).

III.	Stock Option Plans

Stock Option plans should be evaluated on a case-by-case basis. Portfolio shares should generally be voted against Stock Option Plan adoptions or amendments to authorize additional shares if:

The dilution effect of the shares authorized under the plan, plus the shares reserved for issuance pursuant to all other stock plans, is greater than 10%. However, for companies with a smaller market capitalization, the dilution effect may not be greater than 15%. If the plan fails this test, the dilution effect may be evaluated relative to any unusual factor involving the company.

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The offering price of options is less than 100% of fair market value on the date of grant, except that the offering price may be as low as 85% of fair market value if the discount is expressly granted in lieu of salary or cash bonus.

The Board may, without shareholder approval, (i) materially increase the benefits accruing to participants under the plan, (ii) materially increase the number of securities which may be issued under the plan, or (iii) materially modify the requirements for participation in the plan.

The granting of options to non-employee directors is subject to management discretion, the plan is administered by a compensation committee not comprised entirely of non-employee directors or the plan is administered by a board of directors not comprised of a majority of non-employee directors, versus non-discretionary grants specified by the plan’s terms.

However, a modest number of shares may be available for grant to employees and non-employee directors without complying with Guidelines 2, 3 and 4 immediately above if such shares meet both of two conditions:

They are granted by a compensation committee composed entirely of independent directors.

They are limited to 5% (large capitalization company) and 10% (small capitalization company) of the shares authorized for grant under the plan.

The plan’s terms allow repricing of underwater options, or the Board/Committee has repriced options outstanding under the plan in the past 2 years. However, option repricing may be acceptable if all of the following conditions, as specified by the plan’s express terms, or board resolution, are met:

The repricing is authorized by a compensation committee composed entirely of independent directors to fulfill a legitimate corporate purpose such as retention of a key employee;

The repricing is rarely used and then only to maintain option value due to extreme circumstances beyond management’s control; and

The repricing is limited to no more than 5% (large capitalization company) or 10% (small capitalization company) of the shares currently authorized for grant under the plan.

Furthermore, if a compensation committee composed entirely of independent directors determines that options need to be granted to employees other than the company’s executive officers, that no shares are currently available for such options under the company’s existing plans, and that such options need to be granted before the company’s next shareholder meeting, then the company may reprice options in an amount not to exceed an additional 5% or 10%, as applicable, if such company seeks authorization of at least that amount at the very next shareholders’ meeting.

For purposes of this Guideline III, a large capitalization company generally means a company in the Russell 1000; the small capitalization company category generally includes all companies outside the Russell 1000.

FMR will generally withhold its authority on the election of directors if, within the last year and without shareholder approval, the company’s board of directors or compensation committee has repriced outstanding options held by officers or directors which, together with all other options repriced under the same stock option plan (whether held by officers, directors or other employees) exceed 5% (for a large capitalization company) or 10% (for a small capitalization company) of the shares authorized for grant under the plan.

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Proposals to reprice outstanding stock options should be evaluated on a case-by-case basis. FMR will consider supporting a management proposal to reprice outstanding options based upon whether the proposed repricing is consistent with the interests of shareholders, taking into account such factors as:

Whether the repricing proposal excludes senior management and directors;

Whether the options proposed to be repriced exceeded FMR’s dilution thresholds when initially granted;

Whether the repricing proposal is value neutral to shareholders based upon an acceptable options pricing model;

The company’s relative performance compared to other companies within the relevant industry or industries;

Economic and other conditions affecting the relevant industry or industries in which the company competes; and

Any other facts or circumstances relevant to determining whether a repricing proposal is consistent with the interests of shareholders.

IV.	Restricted Stock Awards (“RSA”) should be evaluated on a case-by-case basis. Portfolio shares should generally be voted against RSA adoptions or amendments to authorize additional shares if:

The Board may materially alter the RSA without shareholder approval, including a provision that allows the Board to lapse or waive restrictions at its discretion.

The granting of RSAs to non-employee directors is subject to management discretion, versus non-discretionary grants specified by the plan’s terms.

The restriction period is less than 3 years. RSAs with a restriction period of less than 3 years but at least 1 year are acceptable if the RSA is performance based.

However, a modest number of shares may be available for grant to employees and non-employee directors without complying with Guidelines B, C and D immediately above if such shares meet both of two conditions:

They are granted by a compensation committee composed entirely of independent directors.

They are limited to 5% (large capitalization company) and 10% (small capitalization company) of the shares authorized for grant under the plan.

For purposes of this Guideline IV, a large capitalization company generally means a company in the Russell 1000; the small capitalization company category generally includes all companies outside the Russell 1000.

Proposals to grant restricted stock in exchange for options should be evaluated on a case-by-case basis. FMR will consider supporting a management proposal to grant restricted stock awards in exchange for options based upon whether the proposed exchange is consistent with the interests of shareholders, taking into account such factors as:

Whether the restricted stock award exchange proposal excludes senior management and directors;

Whether the options proposed to be exchanged exceeded FMR’s dilution thresholds when initially granted;

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Whether the restricted stock award exchange proposal is value neutral to shareholders based upon an acceptable stock award pricing model;

The company’s relative performance compared to other companies within the relevant industry or industries;

Economic and other conditions affecting the relevant industry or industries in which the company competes; and

Any other facts or circumstances relevant to determining whether a restricted stock award exchange proposal is consistent with the interests of shareholders.

V.	Other Stock-Related Plans should be evaluated on a case-by-case basis:

Omnibus Stock Plans — vote against entire plan if one or more component violates any of the criteria in parts III or IV above, except if the component is de minimus. In the case of an omnibus stock plan, the 5% and 10% limits in Guidelines III and IV will be measured against the total number of shares under all components of such plan.

Employee Stock Purchase Plans — vote against if the plan violates any of the criteria in parts III and IV above, except that the minimum stock purchase price may be equal to or greater than 85% of the stock’s fair market value if the plan constitutes a reasonable effort to encourage broad based participation in the company’s equity. In the case of non-U.S. company stock purchase plans, the minimum stock purchase price may be equal to the prevailing “best practices,” as articulated by the research or recommendations of the relevant proxy research or corporate governance services, provided that the minimum stock purchase price must be at least 75% of the stock’s fair market value.

Stock Awards (other than stock options and RSAs) — generally vote against unless they are identified as being granted to officers/directors in lieu of salary or cash bonus, subject to number of shares being reasonable.

VI.	Unusual Increases in Common Stock:

An increase of up to 3 times outstanding and scheduled to be issued, including stock options, is acceptable; any increase in excess of 3 times would be voted against except in the case of real estate investment trusts, where an increase of 5 times is, in general, acceptable.

Measured as follows: requested increased authorization plus stock authorized to be issued under Poison Pill divided by current stock outstanding plus any stock scheduled to be issued (not including Poison Pill authority). (If the result is greater than 3, Portfolio shares should be voted against.)

VII.	Portfolio shares should, in general, be voted against the introduction of new classes of Stock with Differential Voting Rights.

VIII.

With regard to Cumulative Voting Rights, Portfolio shares should be voted in favor of introduction or against elimination on a case-by-case basis where this is determined to enhance Portfolio interests as minority shareholders.

IX.	Greenmail — Portfolio shares should be voted for anti-greenmail proposals so long as they are not part of anti-takeover provisions.

X.	Portfolio shares should be voted in favor of charter by-law amendments expanding the Indemnification of Directors and/or limiting their liability for Breaches of Care.

Portfolio shares should be voted against such proposals if FMR is otherwise dissatisfied with the performance of management or the proposal is accompanied by anti-takeover measures.

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XI.	Portfolio shares should be voted in favor of proposals to adopt Confidential Voting and Independent Vote Tabulation practices.

XII.	Portfolio shares should be voted in favor of proposed amendments to a company’s certificate of incorporation or by-laws that enable the company to Opt Out of the Control Shares Acquisition Statutes.

XIII.

Employee Stock Ownership Plans (“ESOPs”) should be evaluated on a case-by-case basis. Portfolio shares should usually be voted for non-leveraged ESOPs. For leveraged ESOPs, FMR may examine the company’s state of incorporation, existence of supermajority vote rules in the charter, number of shares authorized for the ESOP, and number of shares held by insiders. FMR may also examine where the ESOP shares are purchased and the dilution effect of the purchase. Portfolio shares should be voted against leveraged ESOPs if all outstanding loans are due immediately upon change in control.

XIV.

Voting of shares in securities of any U.S. banking organization shall be conducted in a manner consistent with conditions that may be specified by the Federal Reserve Board for a determination under federal banking law that no Fund or group of Funds has acquired control of such banking organization.

XV.	Avoidance of Potential Conflicts of Interest

Voting of shares shall be conducted in a manner consistent with the best interests of mutual fund shareholders as follows: (i) securities of a portfolio company shall be voted solely in a manner consistent with the Proxy Voting Guidelines; and (ii) voting shall be done without regard to any other Fidelity Companies’ relationship, business or otherwise, with that portfolio company.

FMR applies the following policies and follows the procedures set forth below:

FMR has placed responsibility for the Funds’ proxy voting in the FMR Legal Department.

The FMR Legal Department votes proxies according to the Proxy Voting Guidelines that are approved by the Funds’ Board of Trustees.

The FMR Legal Department consults with the appropriate analysts or portfolio managers regarding the voting decisions of non-routine proposals that are not addressed by the Proxy Voting Guidelines. Each of the President or General Counsel of FMR or the General Counsel of FMR Corp is authorized to take a final decision.

When a Fidelity Fund invests in an underlying fund in reliance on any one of Sections 12(d)(1)(E), (F) or (G) of the Investment Company Act of 1940, as amended, or to the extent disclosed in the Fund’s registration statement, FMR will use pass through voting or echo voting procedures.

XVI.	Executive Compensation

FMR will consider withholding authority for the election of directors and voting against management proposals on stock-based compensation plans or other compensation plans based on whether the proposals are consistent with the interests of shareholders, taking into account such factors as: (i) whether the company has an independent compensation committee; and (ii) whether the compensation committee has authority to engage independent compensation consultants.

XVII.

Portfolio shares should generally be voted against shareholder proposals calling for or recommending the appointment of a non-executive or independent chairperson. However, FMR will consider supporting such proposals in limited cases if, based upon particular facts and

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circumstances, appointment of a non-executive or independent chairperson appears likely to further the interests of shareholders and to promote effective oversight of management by the board of directors.

XVIII.

Auditors

Portfolio shares should generally be voted against shareholder proposals calling for or recommending periodic rotation of a portfolio company’s auditor. FMR will consider voting for such proposals in limited cases if, based upon particular facts and circumstances, a company’s board of directors and audit committee appear to have clearly failed to exercise reasonable business judgment in the selection of the company’s auditor.

Portfolio shares should generally be voted against shareholder proposals calling for or recommending the prohibition or limitation of the performance of non-audit services by a portfolio company’s auditor. Portfolio shares should also generally be voted against shareholder proposals calling for or recommending removal of a company’s auditor due to, among other reasons, the performance of non-audit work by the auditor. FMR will consider voting for such proposals in limited cases if, based upon particular facts and circumstances, a company’s board of directors and audit committee appear to have clearly failed to exercise reasonable business judgment in the oversight of the performance of the auditor of audit or non-audit services for the company.

XIX.	Incorporation or Reincorporation in Another State or Country

Portfolio shares should generally be voted against shareholder proposals calling for or recommending that a portfolio company reincorporate in the United States and voted in favor of management proposals to reincorporate in a jurisdiction outside the United States if (i) it is lawful under United States, state and other applicable law for the company to be incorporated under the laws of the relevant foreign jurisdiction and to conduct its business and (ii) reincorporating or maintaining a domicile in the United States would likely give rise to adverse tax or other economic consequences detrimental to the interests of the company and its shareholders. However, FMR will consider supporting such shareholder proposals and opposing such management proposals in limited cases if, based upon particular facts and circumstances, reincorporating in or maintaining a domicile in the relevant foreign jurisdiction gives rise to significant risks or other potential adverse consequences that appear reasonably likely to be detrimental to the interests of the company or its shareholders.

ALLIANCE CAPITAL MANAGEMENT L.P.

Statement of Policies and Procedures for Proxy Voting

INTRODUCTION

As a registered investment adviser, Alliance Capital Management L.P. (“Alliance Capital”, “we” or “us”) has a fiduciary duty to act solely in the best interests of our clients. We recognize that this duty requires us to vote client securities in a timely manner and make voting decisions that are in the best interests of our clients. Consistent with these obligations, we will disclose our clients’ voting records only to them and as required by mutual fund vote disclosure regulations. In addition, the proxy committees may, after careful consideration, choose to respond to surveys regarding past votes.

This statement is intended to comply with Rule 206(4)-6 of the Investment Advisers Act of 1940. It sets forth our policies and procedures for voting proxies for our discretionary investment advisory clients, including investment companies registered under the Investment Company Act of 1940. This statement is applicable to Alliance Capital’s growth and value investment groups investing on behalf of clients in both US and global securities.

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PROXY POLICIES

This statement is designed to be responsive to the wide range of subjects that can have a significant effect on the investment value of the securities held in our clients’ accounts. These policies are not exhaustive due to the variety of proxy voting issues that we may be required to consider. Alliance Capital reserves the right to depart from these guidelines in order to avoid voting decisions that we believe may be contrary to our clients’ best interests. In reviewing proxy issues, we will apply the following general policies:

Corporate Governance: Alliance Capital’s proxy voting policies recognize the importance of good corporate governance in ensuring that management and the board of directors fulfill their obligations to the shareholders. We favor proposals promoting transparency and accountability within a company. We will vote for proposals providing for equal access to the proxy materials so that shareholders can express their views on various proxy issues. We also support the appointment of a majority of independent directors on key committees and separating the positions of chairman and chief executive officer.

Elections of Directors: Unless there is a proxy fight for seats on the Board or we determine that there are other compelling reasons for withholding votes for directors, we will vote in favor of the management proposed slate of directors. That said, we believe that directors have a duty to respond to shareholder actions that have received significant shareholder support. We may withhold votes for directors that fail to act on key issues such as failure to implement proposals to declassify boards, failure to implement a majority vote requirement, failure to submit a rights plan to a shareholder vote and failure to act on tender offers where a majority of shareholders have tendered their shares. In addition, we will withhold votes for directors who fail to attend at least seventy-five percent of board meetings within a given year without a reasonable excuse. Finally, we may withhold votes for directors of non-U.S. issuers where there is insufficient information about the nominees disclosed in the proxy statement.

Appointment of Auditors: Alliance Capital believes that the company remains in the best position to choose the auditors and will generally support management’s recommendation. However, we recognize that there may be inherent conflicts when a company’s independent auditor performs substantial non-audit related services for the company. While we recognize that there may be special circumstances that could lead to high non-audit fees in some years, we would normally consider non-audit fees in excess of 70% to be disproportionate. Therefore, we may vote against the appointment of auditors if the fees for non-audit related services exceed 70% of the total audit fees paid by the company or there are other reasons to question the independence of the company’s auditors.

Changes in Capital Structure: Changes in a company’s charter, articles of incorporation or by-laws are often technical and administrative in nature. Absent a compelling reason to the contrary, Alliance Capital will cast its votes in accordance with the company’s management on such proposals. However, we will review and analyze on a case-by-case basis any non-routine proposals that are likely to affect the structure and operation of the company or have a material economic effect on the company. For example, we will generally support proposals to increase authorized common stock when it is necessary to implement a stock split, aid in a restructuring or acquisition or provide a sufficient number of shares for an employee savings plan, stock option or executive compensation plan. However, a satisfactory explanation of a company’s intentions must be disclosed in the proxy statement for proposals requesting an increase of greater than one hundred percent of the shares outstanding. We will oppose increases in authorized common stock where there is evidence that the shares will be used to implement a poison pill or another form of anti-takeover device, or if the issuance of new shares could excessively dilute the value of the outstanding shares upon issuance.

Corporate Restructurings, Mergers and Acquisitions: Alliance Capital believes proxy votes dealing with corporate reorganizations are an extension of the investment decision. Accordingly, we will analyze such proposals on a case-by-case basis, weighing heavily the views of the research analysts that cover the company and the investment professionals managing the portfolios in which the stock is held.

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Proposals Affecting Shareholder Rights: Alliance Capital believes that certain fundamental rights of shareholders must be protected. We will generally vote in favor of proposals that give shareholders a greater voice in the affairs of the company and oppose any measure that seeks to limit those rights. However, when analyzing such proposals we will weigh the financial impact of the proposal against the impairment of shareholder rights.

Anti-Takeover Measures: Alliance Capital believes that measures that impede takeovers or entrench management not only infringe on the rights of shareholders but may also have a detrimental effect on the value of the company. We will generally oppose proposals, regardless of whether they are advanced by management or shareholders, the purpose or effect of which is to entrench management or dilute shareholder ownership. Conversely, we support proposals that would restrict or otherwise eliminate anti-takeover measures that have already been adopted by corporate issuers. For example, we will support shareholder proposals that seek to require the company to submit a shareholder rights plan to a shareholder vote. We will evaluate, on a case-by-case basis, proposals to completely redeem or eliminate such plans. Furthermore, we will generally oppose proposals put forward by management (including blank check preferred stock, classified boards and supermajority vote requirements) that appear to be intended as management entrenchment mechanisms.

Executive Compensation: Alliance Capital believes that company management and the compensation committee of the board of directors should, within reason, be given latitude to determine the types and mix of compensation and benefit awards offered. Whether proposed by a shareholder or management, we will review proposals relating to executive compensation plans on a case-by-case basis to ensure that the long-term interests of management and shareholders are properly aligned. We will analyze the proposed plans to ensure that shareholder equity will not be excessively diluted, the option exercise price is not below market price on the date of grant and an acceptable number of employees are eligible to participate in such programs. We will generally oppose plans that permit repricing of underwater stock options without shareholder approval. Other factors such as the company’s performance and industry practice will generally be factored into our analysis. We will support proposals to submit severance packages that do not exceed 2.99 times the sum of an executive officer’s base salary plus bonus that are triggered by a change in control to a shareholder vote. Finally, we will support shareholder proposals requiring companies to expense stock options because we view them as a large corporate expense.

Social and Corporate Responsibility: Alliance Capital will review and analyze on a case-by-case basis proposals relating to social, political and environmental issues to determine whether they will have a financial impact on shareholder value. We will vote against proposals that are unduly burdensome or result in unnecessary and excessive costs to the company. We may abstain from voting on social proposals that do not have a readily determinable financial impact on shareholder value.

PROXY VOTING PROCEDURES

Proxy Voting Committees

Our growth and value investment groups have formed separate proxy voting committees to establish general proxy policies for Alliance Capital and consider specific proxy voting matters as necessary. These committees periodically review these policies and new types of corporate governance issues, and decide how we should vote on proposals not covered by these policies. When a proxy vote cannot clearly be decided by an application of our stated policy, the proxy committee will evaluate the proposal. In addition, the committees, in conjunction with the analyst that covers the company, may contact corporate management and interested shareholder groups and others as necessary to discuss proxy issues. Members of the committee include senior investment personnel and representatives of the Legal and Compliance Department. The committees may also evaluate proxies where we face a potential conflict of interest (as discussed below). Finally, the committees monitor adherence to these policies.

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Conflicts of Interest

Alliance Capital recognizes that there may be a potential conflict of interest when we vote a proxy solicited by an issuer whose retirement plan we manage, or we administer, who distributes Alliance Capital sponsored mutual funds, or with whom we or an employee has another business or personal relationship that may affect how we vote on the issuer’s proxy. Similarly, Alliance may have a potential material conflict of interest when deciding how to vote on a proposal sponsored or supported by a shareholder group that is a client. We believe that centralized management of proxy voting, oversight by the proxy voting committees and adherence to these policies ensures that proxies are voted with only our clients’ best interests in mind. That said, we have implemented additional procedures to ensure that our votes are not the product of a material conflict of interests, including: (i) on an annual basis, the proxy committees will take reasonable steps to evaluate the nature of Alliance Capital’s and our employees’ material business and personal relationships (and those of our affiliates) with any company whose equity securities are held in client accounts and any client that has sponsored or has material interest in a proposal upon which we will be eligible to vote; (ii) requiring anyone involved in the decision making process to disclose to the chairman of the appropriate proxy committee any potential conflict that they are aware of (including personal relationships) and any contact that they have had with any interested party regarding a proxy vote; (iii) prohibiting employees involved in the decision making process or vote administration from revealing how we intend to vote on a proposal in order to reduce any attempted influence from interested parties; and (iv) where a material conflict of interests exists, reviewing our proposed vote by applying a series of objective tests and, where necessary, considering the views of a third party research service to ensure that our voting decision is consistent with our clients’ best interests. Because under certain circumstances Alliance Capital considers the recommendation of third party research services, the proxy committees will take reasonable steps to verify that any third party research service is in fact independent based on all of the relevant facts and circumstances. This includes reviewing the third party research service’s conflict management procedures and ascertaining, among other things, whether the third party research service (i) has the capacity and competency to adequately analyze proxy issues; and (ii) can make such recommendations in an impartial manner and in the best interests of our clients.

Proxies of Certain Non-US Issuers

Proxy voting in certain countries requires “share blocking.” Shareholders wishing to vote their proxies must deposit their shares shortly before the date of the meeting (usually one-week) with a designated depositary. During this blocking period, shares that will be voted at the meeting cannot be sold until the meeting has taken place and the shares are returned to the clients’ custodian banks. Alliance Capital may determine that the benefit to the client of exercising the vote does not outweigh the cost of voting, which is not being able to transact in the shares during this period. Accordingly, if share blocking is required we may abstain from voting those shares.

In addition, voting proxies of issuers in non-US markets may give rise to a number of administrative issues that may prevent Alliance Capital from voting such proxies. For example, Alliance Capital may receive meeting notices without enough time to fully consider the proxy or after the cut-off date for voting. Other markets require Alliance Capital to provide local agents with power of attorney prior to implementing Alliance Capital’s voting instructions. Although it is Alliance Capital’s policy to seek to vote all proxies for securities held in client accounts for which we have proxy voting authority, in the case of non-US issuers, we vote proxies on a best efforts basis.

Proxy Voting Records

Clients may obtain information about how we voted proxies on their behalf by contacting their Alliance Capital administrative representative. Alternatively, clients may make a written request for proxy voting information to: Mark R. Manley, Senior Vice President & Chief Compliance Officer, Alliance Capital Management L.P., 1345 Avenue of the Americas, New York, NY 10105.

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JANUS CAPITAL MANAGEMENT LLC

Proxy Voting

December 2004

Janus seeks to vote proxies in the best interests of if its clients. For any mutual fund advised or subadvised by Janus and for which Janus has proxy voting authority, Janus will vote all proxies pursuant to the Janus Proxy Voting Guidelines (the “Janus Guidelines”). With respect to Janus’ non-mutual fund clients, Janus will not accept direction as to how to vote individual proxies for which it has voting responsibility from any other person or organization (other than the research and information provided by the Proxy Voting Service). Janus will only accept direction from its non-mutual fund clients to vote proxies for a client’s account pursuant to 1) Janus’ Proxy Voting Guidelines (the “Janus Guidelines”) 2) the recommendations of Institutional Shareholder Services or 3) the recommendations of Institutional Shareholder Services under their Proxy Voter Services program.

Proxy Voting Procedures

Janus developed the Janus Guidelines to influence how Janus portfolio managers vote proxies on securities held by the portfolios Janus manages. The Janus Guidelines, which include recommendations on most major corporate issues, have been developed by the Janus Proxy Voting Committee (the “Proxy Voting Committee”) in consultation with Janus portfolio managers and Janus Capital’s Office of the Chief Investment Officer. In creating proxy voting recommendations, the Proxy Voting Committee analyzes proxy proposals from the prior year and evaluates whether those proposals would adversely affect shareholders’ interests. Once the Proxy Voting Committee establishes its recommendations, they are distributed to Janus’ portfolio managers and Janus Capital’s Chief Investment Officer for input. Once agreed upon, the recommendations are implemented as the Janus Guidelines. Janus portfolio managers are responsible for proxy votes on securities they own in the portfolios they manage. Most portfolio managers vote consistently with the Janus Guidelines, however, a portfolio manager may choose to vote differently than the Janus Guidelines.

The role of the Proxy Voting Committee is to work with Janus portfolio management and Janus Capital’s Chief Investment Officer to develop the Janus Guidelines. The Proxy Voting Committee also serves as a resource to portfolio management with respect to proxy voting and oversees the proxy voting process. The Proxy Voting Committee’s oversight responsibilities include monitoring for and resolving material conflicts of interest with respect to proxy voting. Janus believes that application of the Janus Guidelines to vote mutual fund proxies should, in most cases, adequately address any possible conflicts of interest since the Janus Guidelines are pre-determined. However, for proxy votes that are inconsistent with the Janus Guidelines, the Proxy Voting Committee will review the proxy votes in order to determine whether the portfolio manager’s voting rationale appears reasonable and no material conflicts exist. If the Proxy Voting Committee does not agree that the portfolio manager’s rationale is reasonable, the Proxy Voting Committee will refer the matter to the Chief Investment Officer (or the Director of Research) to vote the proxy.

Janus has engaged an independent Proxy Voting Service to assist in the voting of proxies. The Proxy Voting Service also provides research and recommendations on proxy issues. Currently, the Proxy Voting Service is Institutional Shareholder Services (ISS), an industry expert in proxy voting issues and corporate governance matters. While Janus attempts to apply the Janus Guidelines to proxy proposals, Janus reserves the right to use ISS’ in-depth analysis on more complex issues, including: executive compensation, foreign issuer proxies, and proposals that may not otherwise be addressed by the Guidelines. ISS is instructed to vote all proxies relating to portfolio securities in accordance with the Janus Guidelines, except as otherwise instructed by Janus.

Each Janus fund’s proxy voting record for the one-year period ending each June 30th is provided through Janus Capital’s website. The proxy voting record for any mutual funds which are subadvised by Janus may

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be obtained from that fund’s adviser. The proxy voting record for non-mutual fund clients is available on an annual basis and only upon request from a client’s account representative. Copies of the complete Janus Guidelines and Procedures are also available upon request from a client’s account representative and as otherwise displayed on Janus Capital’s website (Janus.com).

PROXY VOTING POLICY SUMMARY

As discussed above, the Proxy Voting Committee has developed the Janus Guidelines for use in voting proxies. Below is a summary of some of the more significant Janus Guidelines.

Board of Directors Issues

Janus will generally vote in favor of slates of director candidates that are comprised of a majority of independent directors. Janus will generally vote in favor of proposals to increase the minimum number of independent directors. Janus will generally oppose non-independent directors who serve on the audit, compensation and/or nominating committees of the board.

Auditor Issues

Janus will generally oppose proposals asking for approval of auditors which have a substantial non-audit relationship with a company.

Executive Compensation Issues

Janus reviews executive compensation plans on a case by case basis using research provided by the Proxy Voting Service Provider. Janus will generally oppose proposed equity-based compensation plans which contain stock option plans that are excessively dilutive. In addition, Janus will generally oppose proposals regarding the issuance of options with an exercise price below market price and the issuance of reload options (stock option that is automatically granted if an outstanding stock option is exercised during a window period). Janus will also generally oppose proposals regarding the repricing of underwater options.

General Corporate Issues

Janus will generally oppose proposals regarding supermajority voting rights. Janus will generally oppose proposals for different classes of stock with different voting rights. Janus will generally oppose proposals seeking to implement measures designed to prevent or obstruct corporate takeovers. Janus will also review proposals relating to mergers, acquisitions, tender offers and other similar actions on a case by case basis.

Shareholder Proposals

If a shareholder proposal is specifically addressed by the Janus Guidelines, Janus will generally vote pursuant to that Janus Guideline. Otherwise, Janus will generally oppose the shareholder proposal. (Revised December 2004)

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MASSACHUSETTS FINANCIAL SERVICES COMPANY

PROXY VOTING POLICIES AND PROCEDURES

Massachusetts Financial Services Company, MFS Institutional Advisors, Inc. and MFS’ other investment adviser subsidiaries (collectively, “MFS”) have adopted proxy voting policies and procedures (“Proxy Voting Policies”) with respect to securities owned by the clients for which MFS serves as investment adviser and has the power to vote proxies, including the registered investment companies sponsored by MFS (the “MFS Funds”).

A.	VOTING GUIDELINES

General Policy; Potential Conflicts of Interest

MFS’ policy is that proxy voting decisions are made in what MFS believes to be the best long-term economic interests of MFS’ clients, and not in the interests of any other party or in MFS’ corporate interests, including interests such as the distribution of MFS Fund shares, administration of 401(k) plans, and institutional relationships.

MFS has carefully reviewed matters that in recent years have been presented for shareholder vote by either management or shareholders of public companies. Based on the guiding principle that all votes made by MFS on behalf of its clients must be in what MFS believes to be the best long-term economic interests of such clients, MFS has adopted proxy voting guidelines that govern how MFS generally plans to vote on specific matters presented for shareholder vote. In all cases, MFS will exercise its discretion to vote these items in accordance with this guiding principle. These underlying guidelines are simply that — guidelines. Each proxy item is considered on a case-by-case basis, in light of all relevant facts and circumstances, and there may be instances in which MFS may vote proxies in a manner different from these guidelines.

As a general matter, MFS maintains a consistent voting position with respect to similar proxy proposals made by various issuers. In addition, MFS generally votes consistently on the same matter when securities of an issuer are held by multiple client accounts. However, MFS recognizes that there are gradations in certain types of proposals that might result in different voting positions being taken with respect to the different proxy statements. There also may be situations involving matters presented for shareholder vote that are not clearly governed by the guidelines, such as proposed mergers and acquisitions. Some items that otherwise would be acceptable will be voted against the proponent when it is seeking extremely broad flexibility without offering a valid explanation. MFS reserves the right to override the guidelines with respect to a particular shareholder vote when such an override is, in MFS’ best judgment, consistent with the guiding principle of voting proxies in the best long-term economic interests of MFS’ clients.

From time to time, MFS receives comments on the proxy voting guidelines and regarding particular voting issues from its clients. Those comments are reviewed and considered periodically, and the guidelines are reviewed each year with MFS Equity Research Department management, the MFS Proxy Review Group and the MFS Proxy Consultant and are revised as appropriate.

The Proxy Voting Policies are intended to address any potential material conflicts of interest on the part of MFS or its affiliates that could arise in connection with the voting of proxies on behalf of MFS’ clients. MFS shall be mindful of any and all potential material conflicts of interest that could arise in the voting of these proxies, shall identify, analyze, document and report on any such potential conflicts, and shall ultimately vote these proxies in what MFS believes to be the best long-term economic interests of its clients. The MFS Proxy Review Group is responsible for monitoring and reporting on all potential conflicts of interest.

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B.	ADMINISTRATIVE PROCEDURES

1.	MFS Proxy Review Group

The administration of the Proxy Voting Policies is overseen by the MFS Proxy Review Group, which includes senior MFS Legal Department officers and MFS’ Proxy Consultant. The MFS Proxy Review Group:

Reviews the Proxy Voting Policies at least annually and recommends any amendments considered to be necessary or advisable;

Determines whether any material conflicts of interest exist with respect to instances in which (i) MFS seeks to override the proxy voting guidelines and (ii) votes not clearly governed by the guidelines; and

Considers special proxy issues as they may arise from time to time.

The current MFS Proxy Consultant is an independent proxy consultant who performs these services exclusively for MFS.

2.	Potential Conflicts of Interest

The MFS Proxy Review Group is responsible for monitoring potential material conflicts of interest on the part of MFS or its affiliates that could arise in connection with the voting of proxies on behalf of MFS’ clients. Any attempt to influence MFS’ voting on a particular proxy matter should be reported to the MFS Proxy Review Group. The MFS Proxy Consultant will assist the MFS Proxy Review Group in carrying out these responsibilities.

In cases where proxies are voted in accordance with the Proxy Voting Policies and the proxy voting guidelines, no conflict of interest will be deemed to exist. In cases where (i) MFS is considering overriding the Proxy Voting Policies and the proxy voting guidelines, or (ii) matters presented for vote are not clearly governed by the Proxy Voting Policies and the proxy voting guidelines, the MFS Proxy Review Group and the MFS Proxy Consultant will follow these procedures:

Compare the name of the issuer of such proxy against a list of significant current and potential (i) distributors of MFS Fund shares, (ii) retirement plans administered by MFS, and (iii) MFS institutional clients (the “MFS Significant Client List”);

If the name of the issuer does not appear on the MFS Significant Client List, then no material conflict of interest will be deemed to exist, and the proxy will be voted as otherwise determined by the MFS Proxy Review Group;

If the name of the issuer appears on the MFS Significant Client List, then the MFS Proxy Review Group will carefully evaluate the proposed votes in order to ensure that the proxy ultimately is voted in what MFS believes to be the best long-term economic interests of MFS’ clients, and not in MFS’ corporate interests; and

For all potential material conflicts of interest identified under clause (c) above, the MFS Proxy Review Group will document: the name of the issuer, the issuer’s relationship to MFS, the analysis of the matters submitted for proxy vote, and the basis for the determination that the votes ultimately were cast in what MFS believes to be the best long-term economic interests of MFS’ clients, and not in MFS’ corporate interests.

The MFS Proxy Review Group is responsible for creating and maintaining the MFS Significant Client List, in consultation with MFS’ distribution, retirement plan administration and institutional business units. The MFS Significant Client List will be reviewed and updated as necessary, but no less frequently than quarterly.

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3.	Gathering Proxies

Nearly all proxies received by MFS originate at Automatic Data Processing Corp. (“ADP”). ADP and issuers send proxies and related material directly to the record holders of the shares beneficially owned by MFS’ clients, usually to the client’s custodian or, less commonly, to the client itself. Each client’s custodian is responsible for forwarding all proxy solicitation materials to MFS (except in the case of certain institutional clients for which MFS does not vote proxies). This material will include proxy cards, reflecting the proper shareholdings of Funds and of clients on the record dates for such shareholder meetings, and proxy statements, the issuer’s explanation of the items to be voted upon.

MFS, on behalf of itself and the Funds, has entered into an agreement with an independent proxy administration firm, Institutional Shareholder Services, Inc. (the “Proxy Administrator”), pursuant to which the Proxy Administrator performs various proxy vote processing and recordkeeping functions for MFS’ Fund and institutional client accounts. The Proxy Administrator does not make recommendations to MFS as to how to vote any particular item. The Proxy Administrator receives proxy statements and proxy cards directly from various custodians, logs these materials into its database and matches upcoming meetings with MFS Fund and client portfolio holdings, which are input into the Proxy Administrator’s system by an MFS holdings datafeed. Through the use of the Proxy Administrator system, ballots and proxy material summaries for the upcoming shareholders’ meetings of over 10,000 corporations are available on-line to certain MFS employees, the MFS Proxy Consultant and the MFS Proxy Review Group and most proxies can be voted electronically. In addition to receiving the hard copies of materials relating to meetings of shareholders of issuers whose securities are held by the Funds and/or clients, the ballots and proxy statements can be printed from the Proxy Administrator’s system and forwarded for review.

4.	Analyzing Proxies

After input into the Proxy Administrator system, proxies which are deemed to be completely routine (e.g., those involving only uncontested elections of directors, appointments of auditors, and/or employee stock purchase plans)¹ are automatically voted in favor by the Proxy Administrator without being sent to either the MFS Proxy Consultant or the MFS Proxy Review Group for further review. Proxies that pertain only to merger and acquisition proposals are forwarded initially to an appropriate MFS portfolio manager or research analyst for his or her recommendation. All proxies that are reviewed by either the MFS Proxy Consultant or a portfolio manager or analyst are then forwarded with the corresponding recommendation to the MFS Proxy Review Group.²

Recommendations with respect to voting on non-routine issues are generally made by the MFS Proxy Consultant in accordance with the policies referred to above and all other relevant materials. His or her recommendation as to how each proxy proposal should be voted is indicated on copies of proxy cards, including his or her rationale on significant items. These cards are then forwarded to the MFS Proxy Review Group.

Proxies for foreign companies often contain significantly more voting items than those of U.S. companies. Many of these items on foreign proxies involve repetitive, non-controversial matters that are mandated by local law. Accordingly, there is an expanded list of items that are deemed routine (and therefore automatically voted in favor) for foreign issuers, including the following: (i) receiving financial statements or other reports from the board; (ii) approval of declarations of dividends; (iii) appointment of shareholders to sign board meeting minutes; (iv) the discharge of management and supervisory boards; and (v) approval of share repurchase programs.

From time to time, due to travel schedules and other commitments, an appropriate portfolio manager or research analyst is not available to provide a recommendation on a merger or acquisition proposal. If such a recommendation cannot be obtained within a few business days prior to the shareholder meeting, the MFS Proxy Review Group will determine the vote in what MFS believes to be the best long-term economic interests of its clients.

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As a general matter, portfolio managers and investment analysts are consulted and involved in developing MFS’ substantive proxy voting guidelines, but have little or no involvement in or knowledge of proxy proposals or voting positions taken by MFS. This is designed to promote consistency in the application of MFS’ voting guidelines, to promote consistency in voting on the same or similar issues (for the same or for multiple issuers) across all client accounts, and to minimize or remove the potential that proxy solicitors, issuers, and third parties might attempt to exert influence on the vote or might create a conflict of interest that is not in what MFS believes to be the best long-term economic interests of our clients. In limited, specific instances (e.g., mergers), the MFS Proxy Consultant or the MFS Proxy Review Group may consult with or seek recommendations from portfolio managers or analysts. The MFS Proxy Review Group would ultimately determine the manner in which all proxies are voted.

As noted above, MFS reserves the right to override the guidelines when such an override is, in MFS’ best judgment, consistent with the guiding principle of voting proxies in the best long-term economic interests of MFS’ clients. Any such override of the guidelines shall be examined, explained and reported in accordance with the procedures set forth in the Proxy Voting Policies.

5.	Voting Proxies

After the proxy card copies are reviewed, they are voted electronically through the Proxy Administrator’s system. In accordance with its contract with MFS, the Proxy Administrator also generates a variety of reports for the MFS Proxy Consultant and the MFS Proxy Review Group, and makes available on-line various other types of information so that the MFS Proxy Review Group and the MFS Proxy Consultant may monitor the votes cast by the Proxy Administrator on behalf of MFS’ clients.

C.	MONITORING SYSTEM

It is the responsibility of the Proxy Administrator and MFS’ Proxy Consultant to monitor the proxy voting process. As noted above, when proxy materials for clients are received, they are forwarded to the Proxy Administrator and are input into the Proxy Administrator’s system. Additionally, through an interface with the portfolio holdings database of MFS, the Proxy Administrator matches a list of all MFS Funds and clients who hold shares of a company’s stock and the number of shares held on the record date with the Proxy Administrator’s listing of any upcoming shareholder’s meeting of that company.

When the Proxy Administrator’s system “tickler” shows that the date of a shareholders’ meeting is approaching, a Proxy Administrator representative checks that the vote for MFS Funds and clients holding that security has been recorded in the computer system. If a proxy card has not been received from the client’s custodian, the Proxy Administrator calls the custodian requesting that the materials be forward immediately. If it is not possible to receive the proxy card from the custodian in time to be voted at the meeting, MFS may instruct the custodian to cast the vote in the manner specified and to mail the proxy directly to the issuer.

D.	RECORDS RETENTION

MFS will retain copies of the Proxy Voting Policies in effect from time to time. Proxy solicitation materials, including electronic versions of the proxy cards completed by the MFS Proxy Consultant and the MFS Proxy Review Group, together with their respective notes and comments, are maintained in an electronic format by the Proxy Administrator and are accessible on-line by the MFS Proxy Consultant and the MFS Proxy Review Group. All proxy voting materials and supporting documentation, including records generated by the Proxy Administrator’s system as to proxies processed, the dates when proxies were received and returned, and the votes on each company’s proxy issues, are retained for six years.

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E.	REPORTS

At any time, a report can be printed by MFS for each client who has requested that MFS furnish a record of votes cast. The report specifies the proxy issues which have been voted for the client during the year and the position taken with respect to each issue.

Generally, MFS will not divulge actual voting practices to any party other than the client or its representatives (unless required by applicable law) because we consider that information to be confidential and proprietary to the client.

MARSICO CAPITAL MANAGEMENT, LLC

Summary of Proxy Voting Policy

Marsico Capital Management, LLC (“MCM”) adopted a revised proxy voting policy effective March 31, 2003. The revised policy generally provides that:

•

MCM votes client proxies in the best economic interest of clients. Because MCM generally believes in the managements of companies we invest in, we think that voting in clients’ best economic interest generally means voting with management.

•

Although MCM will generally vote with management, our analysts will review proxy proposals as part of our normal monitoring of portfolio companies and their managements. In rare cases, we might decide to vote a proxy against a management recommendation. This would require notice to every affected MCM client.

•

MCM generally will abstain from voting (or take no action on) proxies issued by companies we have decided to sell, or proxies issued by foreign companies that impose burdensome voting requirements. MCM will not notify clients of these routine abstentions (or decisions not to take action).

•

In unusual circumstances when there may be an apparent material conflict of interest between MCM’s interests and clients’ interests in how proxies are voted (such as when MCM knows that a proxy issuer is also an MCM client), MCM generally will resolve any appearance concerns by causing those proxies to be “echo voted” or “mirror voted” in the same proportion as other votes, or by voting the proxies as recommended by an independent service provider. MCM will not notify clients if it uses these routine procedures to resolve an apparent conflict. In rare cases, MCM might use other procedures to resolve an apparent conflict and give notice to clients.

•

MCM generally uses an independent service provider to help vote proxies, keep voting records, and disclose voting information to clients. MCM’s full proxy voting policy and information about the voting of a particular client’s proxies are available to the client on request.

WELLS CAPITAL MANAGEMENT

PROXY VOTING POLICIES AND PROCEDURES

1. Scope of Policies and Procedures. These Proxy Voting Policies and Procedures (“Procedures”) are used to determine how to vote proxies relating to portfolio securities held in accounts managed by Wells Capital Management and whose voting authority has been delegated to Wells Capital Management. Wells Capital Management believes that the Procedures are reasonably designed to ensure that proxy matters are conducted in the best interest of clients, in accordance with its fiduciary duties.

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2. Voting Philosophy. Wells Capital Management exercises its voting responsibility, as a fiduciary, with the goal of maximizing value to shareholders consistent with the governing laws and investment policies of each portfolio. While securities are not purchased to exercise control or to seek to effect corporate change through share ownership, Wells Capital Management supports sound corporate governance practices within companies in which they invest.

Wells Capital Management utilizes Institutional Shareholders Services (ISS), a proxy-voting agent, for voting proxies and proxy voting analysis and research. ISS votes proxies in accordance with the Wells Fargo Proxy Guidelines established by Wells Fargo Proxy Committee.

3.	Responsibilities

(A)

Proxy Administrator

Wells Capital Management has designated a Proxy Administrator who is responsible for administering and overseeing the proxy voting process to ensure the implementation of the Procedures. The Proxy Administrator monitors ISS to determine that ISS is accurately applying the Procedures as set forth herein and that proxies are voted in a timely and responsible manner. The Proxy Administrator reviews the continuing appropriateness of the Procedures set forth herein, recommends revisions as necessary and provides an annual update on the proxy voting process.

(i)

Voting Guidelines. Wells Fargo Proxy Guidelines set forth Wells Fargo’s proxy policy statement and guidelines regarding how proxies will be voted on the issues specified. ISS will vote proxies for or against as directed by the guidelines. Where the guidelines specify a “case by case” determination for a particular issue, ISS will evaluate the proxies based on thresholds established in the proxy guidelines. In addition, proxies relating to issues not addressed in the guidelines, especially foreign securities, Wells Capital Management will defer to ISS Proxy Guidelines. Finally, with respect to issues for which a vote for or against is specified by the Procedures, the Proxy Administrator shall have the authority to direct ISS to forward the proxy to him or her for a discretionary vote, in consultation with the Proxy Committee or the portfolio manager covering the subject security if the Proxy Committee or the portfolio manager determines that a case-by-case review of such matter is warranted, provided however, that such authority to deviate from the Procedures shall not be exercised if the Proxy Administrator is aware of any conflict of interest as described further below with respect to such matter.

(ii)

Voting Discretion. In all cases, the Proxy Administrator will exercise its voting discretion in accordance with the voting philosophy of the Wells Fargo Proxy Guidelines. In cases where a proxy is forwarded by ISS to the Proxy Administrator, the Proxy Administrator may be assisted in its voting decision through receipt of: (i) independent research and voting recommendations provided by ISS or other independent sources; or (ii) information provided by company managements and shareholder groups. In the event that the Proxy Administrator is aware of a material conflict of interest involving Wells Fargo/Wells Capital Management or any of its affiliates regarding a proxy that has been forwarded to him or her, the Proxy Administrator will return the proxy to ISS to be voted in conformance with the voting guidelines of ISS.

Voting decisions made by the Proxy Administrator will be reported to ISS to ensure that the vote is registered in a timely manner.

(iii)

Securities on Loan. As a general matter, securities on loan will not be recalled to facilitate proxy voting (in which case the borrower of the security shall be entitled to vote the proxy).

(iv)

Conflicts of Interest. Wells Capital Management has obtained a copy of ISS policies, procedures and practices regarding potential conflicts of interest that could arise in ISS proxy

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voting services to Wells Capital Management as a result of business conducted by ISS. Wells Capital Management believes that potential conflicts of interest by ISS are minimized by these policies, procedures and practices. In addition, Wells Fargo and/or Wells Capital Management may have a conflict of interest regarding a proxy to be voted upon if, for example, Wells Fargo and/or Wells Capital Management or its affiliates have other relationships with the issuer of the proxy. Wells Capital Management believes that, in most instances, any material conflicts of interest will be minimized through a strict and objective application by ISS of the voting guidelines. However, when the Proxy Administrator is aware of a material conflict of interest regarding a matter that would otherwise require a vote by Wells Capital Management, the Proxy Administrator shall defer to ISS to vote in conformance with the voting guidelines of ISS In addition, the Proxy Administrator will seek to avoid any undue influence as a result of any material conflict of interest that exists between the interest of a client and Wells Capital Management or any of its affiliates. To this end, an independent fiduciary engaged by Wells Fargo will direct the Proxy Administrator on voting instructions for the Wells Fargo proxy.

(B)

ISS

ISS has been delegated with the following responsibilities:

(i)

Research and make voting determinations in accordance with the Wells Fargo Proxy Guidelines;

(ii)

Vote and submit proxies in a timely manner;

(iii)

Handle other administrative functions of proxy voting;

(iv)

Maintain records of proxy statements received in connection with proxy votes and provide copies of such proxy statements promptly upon request;

(v)

Maintain records of votes cast; and

(vi)

Provide recommendations with respect to proxy voting matters in general.

(C)

Except in instances where clients have retained voting authority, Wells Capital Management will instruct custodians of client accounts to forward all proxy statements and materials received in respect of client accounts to ISS.

(D)

Notwithstanding the foregoing, Wells Capital Management retains final authority and fiduciary responsibility for proxy voting.

4. Record Retention. Wells Capital Management will maintain the following records relating to the implementation of the Procedures:

(i)

A copy of these proxy voting polices and procedures;

(ii)

Proxy statements received for client securities (which will be satisfied by relying on EDGAR or ISS);

(iii)

Records of votes cast on behalf of clients (which ISS maintains on behalf of Wells Capital Management);

(iv)

Records of each written client request for proxy voting records and Wells Capital Management’s written response to any client request (written or oral) for such records; and

(v)

Any documents prepared by Wells Capital Management or ISS that were material to making a proxy voting decision.

Such proxy voting books and records shall be maintained at an office of Wells Capital Management in an easily accessible place for a period of five years.

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5. Disclosure of Policies and Procedures. Wells Capital Management will disclose to its clients a summary description of its proxy voting policy and procedures via mail. A detail copy of the policy and procedures will be provided to clients upon request by calling 1-800-736-2316. It is also posted on Wells Capital Management website at www.wellscap.com.

Except as otherwise required by law, Wells Capital Management has a general policy of not disclosing to any issuer or third party how its client proxies are voted.

July 29, 2003

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WELLINGTON MANAGEMENT COMPANY, LLP

PROXY POLICIES AND PROCEDURES

DATED: APRIL 30, 2004

Introduction

Wellington Management Company, LLP (“Wellington Management”) has adopted and implemented policies and procedures that it believes are reasonably designed to ensure that proxies are voted in the best interests of its clients around the world.

Wellington Management’s Proxy Voting Guidelines, attached as Exhibit A to these Proxy Policies and Procedures, set forth the guidelines that Wellington Management uses in voting specific proposals presented by the boards of directors or shareholders of companies whose securities are held in client portfolios for which Wellington Management has voting discretion. While the Proxy Voting Guidelines set forth general guidelines for voting proxies, each proposal is evaluated on its merits. The vote entered on a client’s behalf with respect to a particular proposal may differ from the Proxy Voting Guidelines.

Statement of Policies

As a matter of policy, Wellington Management:

Takes responsibility for voting client proxies only upon a client’s written request.

Votes all proxies in the best interests of its clients as shareholders, i.e., to maximize economic value.

Develops and maintains broad guidelines setting out positions on common proxy issues, but also considers each proposal in the context of the issuer, industry, and country in which it is involved.

Evaluates all factors it deems relevant when considering a vote, and may determine in certain instances that it is in the best interest of one or more clients to refrain from voting a given proxy ballot.

Identifies and resolves all material proxy-related conflicts of interest between the firm and its clients in the best interests of the client.

Believes that sound corporate governance practices can enhance shareholder value and therefore encourages consideration of an issuer’s corporate governance as part of the investment process.

Believes that proxy voting is a valuable tool that can be used to promote sound corporate governance to the ultimate benefit of the client as shareholder.

Provides all clients, upon request, with copies of these Proxy Policies and Procedures, the Proxy Voting Guidelines, and

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related reports, with such frequency as required to fulfill obligations under applicable law or as reasonably requested by clients.

Reviews regularly the voting record to ensure that proxies are voted in accordance with these Proxy Policies and Procedures and the Proxy Voting Guidelines; and ensures that procedures, documentation, and reports relating to the voting of proxies are promptly and properly prepared and disseminated.

Responsibility and Oversight

Wellington Management has a Proxy Committee, established by action of the firm’s Executive Committee, that is responsible for the review and approval of the firm’s written Proxy Policies and Procedures and its Proxy Voting Guidelines, and for providing advice and guidance on specific proxy votes for individual issuers. The firm’s Legal Services Department monitors regulatory requirements with respect to proxy voting on a global basis and works with the Proxy Committee to develop policies that implement those requirements. Day-to-day administration of the proxy voting process at Wellington Management is the responsibility of the Proxy Group within the Corporate Operations Department. In addition, the Proxy Group acts as a resource for portfolio managers and research analysts on proxy matters, as needed.

Statement of Procedures

Wellington Management has in place certain procedures for implementing its proxy voting policies.

General Proxy Voting

Authorization to Vote. Wellington Management will vote only those proxies for which its clients have affirmatively delegated proxy-voting authority.

Receipt of Proxy. Proxy materials from an issuer or its information agent are forwarded to registered owners of record, typically the client’s custodian bank. If a client requests that Wellington Management vote proxies on its behalf, the client must instruct its custodian bank to deliver all relevant voting material to Wellington Management. Wellington Management may receive this voting information by mail, fax, or other electronic means.

Reconciliation

To the extent reasonably practicable, each proxy received is matched to the securities eligible to be voted and a reminder is sent to any custodian or trustee that has not forwarded the proxies as due.

Research

In addition to proprietary investment research undertaken by Wellington Management investment professionals, the firm conducts proxy research internally, and uses the resources of a number of external sources to keep abreast of developments in corporate governance around the world and of current practices of specific companies.

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Proxy Voting

Following the reconciliation process, each proxy is compared against Wellington Management’s Proxy Voting Guidelines, and handled as follows:

• Generally, issues for which explicit proxy voting guidance is provided in the Proxy Voting Guidelines (i.e., “For”, “Against”, “Abstain”) are reviewed by the Proxy Group and voted in accordance with the Proxy Voting Guidelines.

• Issues identified as “case-by-case” in the Proxy Voting Guidelines are further reviewed by the Proxy Group. In certain circumstances, further input is needed, so the issues are forwarded to the relevant research analyst and/or portfolio manager(s) for their input.

• Absent a material conflict of interest, the portfolio manager has the authority to decide the final vote. Different portfolio managers holding the same securities may arrive at different voting conclusions for their clients’ proxies.

Material Conflict of Interest Identification and Resolution Processes.

Wellington Management’s broadly diversified client base and functional lines of responsibility serve to minimize the number of, but not prevent, material conflicts of interest it faces in voting proxies. Annually, the Proxy Committee sets standards for identifying material conflicts based on client, vendor, and lender relationships and publishes those to individuals involved in the proxy voting process. In addition, the Proxy Committee encourages all personnel to contact the Proxy Group about apparent conflicts of interest, even if the apparent conflict does not meet the published materiality criteria. Apparent conflicts are reviewed by designated members of the Proxy Committee to determine if there is a conflict, and if so whether the conflict is material.

If a proxy is identified as presenting a material conflict of interest, the matter must be reviewed by the designated members of the Proxy Committee, who will resolve the conflict and direct the vote. In certain circumstances, the designated members may determine that the full Proxy Committee should convene. Any Proxy Committee member who is himself or herself subject to the identified conflict will not participate in the decision on whether and how to vote the proxy in question.

Other Considerations

In certain instances, Wellington Management may be unable to vote or may determine not to vote a proxy on behalf of one or more clients. While not exhaustive, the following list of considerations highlights some potential instances in which a proxy vote might not be entered.

Securities Lending. Wellington Management may be unable to vote proxies when the underlying securities have been lent out pursuant to a client’s securities lending program. In general,

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Wellington Management does not know when securities have been lent out and are therefore unavailable to be voted. Efforts to recall loaned securities are not always effective, but, in rare circumstances, Wellington Management may recommend that a client attempt to have its custodian recall the security to permit voting of related proxies.

Share Blocking and Re-registration. Certain countries require shareholders to stop trading securities for a period of time prior to and/or after a shareholder meeting in that country (i.e., share blocking). When reviewing proxies in share blocking countries, Wellington Management evaluates each proposal in light of the trading restrictions imposed and determines whether a proxy issue is sufficiently important that Wellington Management would consider the possibility of blocking shares. The portfolio manager retains the final authority to determine whether to block the shares in the client’s portfolio or to pass on voting the meeting.

In certain countries, re-registration of shares is required to enter a proxy vote. As with share blocking, re-registration can prevent Wellington Management from exercising its investment discretion to sell shares held in a client’s portfolio for a substantial period of time. The decision process in blocking countries as discussed above is also employed in instances where re-registration is necessary.

Lack of Adequate Information, Untimely Receipt of Proxy, Immaterial Impact, or Excessive Costs. Wellington Management may be unable to enter an informed vote in certain circumstances due to the lack of information provided in the proxy statement or by the issuer or other resolution sponsor, and may abstain from voting in those instances. Proxy materials not delivered in a timely fashion may prevent analysis or entry of a vote by voting deadlines. In instances where the aggregate shareholding to be voted on behalf of clients is less than 1% of shares outstanding, or the proxy matters are deemed not material to shareholders or the issuer, Wellington Management may determine not to enter a vote. Wellington Management’s practice is to abstain from voting a proxy in circumstances where, in its judgment, the costs exceed the expected benefits to clients.

Additional Information

Wellington Management maintains records of proxies voted pursuant to Section 204-2 of the Investment Advisers Act of 1940 (the “Advisers Act”), the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and other applicable laws.

Wellington Management’s Proxy Policies and Procedures may be amended from time to time by Wellington Management. Wellington Management provides clients with a copy of its Proxy Policies and Procedures, including the Proxy Voting Guidelines, upon written request. In addition, Wellington Management will make specific client information relating to proxy voting available to a client upon reasonable written request.

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Proxy Voting Guidelines Exhibit A

Dated: April 30, 2004

Introduction Upon a client’s written request, Wellington Management Company, llp (“Wellington Management”) votes securities that are held in the client’s account in response to proxies solicited by the issuers of such securities. Wellington Management established these Proxy Voting Guidelines to document positions generally taken on common proxy issues voted on behalf of clients.

These Guidelines are based on Wellington Management’s fiduciary obligation to act in the best interest of its clients as shareholders. Hence, Wellington Management examines and votes each proposal so that the long-term effect of the vote will ultimately increase shareholder value for our clients. Wellington Management’s experience in voting proposals has shown that similar proposals often have different consequences for different companies. Moreover, while these Proxy Voting Guidelines are written to apply globally, differences in local practice and law make universal application impractical. Therefore, each proposal is evaluated on its merits, taking into account its effects on the specific company in question, and on the company within its industry.

Following is a list of common proposals and the guidelines on how Wellington Management anticipates voting on these proposals. The “(SP)” after a proposal indicates that the proposal is usually presented as a Shareholder Proposal.


Voting Guidelines	Composition and Role of the Board of Directors

	• Election of Directors:	For

	• Repeal Classified Board (SP):	For

	• Adopt Director Tenure/Retirement Age (SP):	Against

	• Minimum Stock Ownership by Directors (SP):	Case-by-Case

	• Adopt Director & Officer Indemnification:	For

	• Allow Special Interest Representation to Board (SP):	Against

	• Require Board Independence (SP):	For

	• Require Board Committees to be Independent (SP):	For

	• Require a Separation of Chair and CEO or Require a Lead Director (SP):	Case-by-Case

	• Boards not Amending Policies That are Supported by a Majority of Shareholders:	Withhold vote*

	* on all Directors seeking election the following year

	• Approve Directors’ Fees:	For

	• Approve Bonuses for Retiring Directors:	For

	• Elect Supervisory Board/Corporate Assembly:	For

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		Management Compensation

		• Adopt/Amend Stock Option Plans:		Case-by-Case

		• Adopt/Amend Employee Stock Purchase Plans:		For

		• Eliminate Golden Parachutes (SP):		For

		• Expense Future Stock Options (SP):		For

		• Shareholder Approval of All Stock Option Plans (SP):		For

		• Shareholder Approval of Future Severance Agreements Covering Senior Executives (SP):		For
				For

		• Recommend Senior Executives Own and Hold Company Stock, not Including Options (SP):		For
				For

		• Disclose All Executive Compensation (SP):		For
		Reporting of Results

		• Approve Financial Statements		For

		• Set Dividends and Allocate Profits:		For

		• Limit Non-Audit Services Provided by Auditors (SP):		For

		• Ratify Selection of Auditors and Set Their Fees:		For

		• Elect Statutory Auditors:		For
		Shareholder Voting Rights

		• Adopt Cumulative Voting (SP):		Against

		• Redeem or Vote on Poison Pill (SP):		For

		• Authorize Blank Check Preferred Stock:		Against

		• Eliminate Right to Call a Special Meeting:		Against

		• Increase Supermajority Vote Requirement:		Against

		• Adopt Anti-Greenmail Provision:		For

		• Restore Preemptive Rights:		Case-by-Case

		• Adopt Confidential Voting (SP):		For

		• Approve Unequal Voting Rights:		Against

		• Remove Right to Act by Written Consent:		Against

		• Approve Binding Shareholder Proposals:		Case-by-Case

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		Capital Structure

		• Increase Authorized Common Stock:		Case-by-Case

		• Approve Merger or Acquisition:		Case-by-Case

		• Approve Technical Amendments to Charter:		Case-by-Case

		• Opt Out of State Takeover Statutes:		For

		• Consider Non-Financial Effects of Mergers:		Against

		• Authorize Share Repurchase:		For

		• Authorize Trade in Company Stock:		For

		• Issue Debt Instruments		For


		Social Issues

		• Endorse the Ceres Principles (SP):		Case-by-Case

		• Disclose Political and PAC Gifts (SP):		For

		• Require Adoption of International Labor Organization’s Fair Labor Principles (SP):		Case-by-Case


		Miscellaneous

		• Approve Other Business:		Abstain

		• Approve Reincorporation:		Case-by-Case

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BOSTON ADVISORS, INC.

PROXY VOTING POLICIES AND PROCEDURES

I.	INTRODUCTION

Under the investment management contracts between Boston Advisors, Inc. (“BAI”) and most of our clients, the client retains exclusive voting authority over the securities in the client’s portfolio and we do not have any role in proxy voting. BAI assumes responsibility for voting proxies when requested by a client, with respect to clients subject to the Employee Retirement Income Security Act of 1974 (“ERISA”) and under the Advest Managed Account Consulting Program.

II.

STATEMENTS OF POLICIES AND PROCEDURES

Policy Statement. The Investment Advisers Act of 1940, as amended (the “Advisers Act”), requires us to, at all times, act solely in the best interest of our clients. We have adopted and implemented these Proxy Voting Policies and Procedures, which we believe, are reasonably designed to ensure that proxies are voted in the best interest of clients, in accordance with our fiduciary duties and Rule 206(4)-6 under the Advisers Act.

While retaining final authority to determine how each proxy is voted, BAI has reviewed and determined to follow in most instances the proxy voting policies and recommendations (the “Guidelines”) of Egan-Jones Proxy Services, a proxy research and consulting firm (“Egan-Jones”). Egan-Jones will track each proxy that BAI is authorized to vote on behalf of our clients and will make a recommendation to management of BAI as how it would vote such proxy in accordance with the Guidelines. Unless otherwise directed by BAI, Egan-Jones will instruct Proxy-Edge, a proxy voting firm (“Proxy-Edge”) to vote on such matters on our behalf in accordance with its recommendations. BAI will monitor the recommendations from Egan-Jones and may override specific recommendations or may modify the Guidelines in the future.

We have established these Proxy Voting Policies and Procedures in a manner that is generally intended to result in us voting proxies with a view to enhance the value of the securities held in a client’s account. The financial interest of our clients is the primary consideration in determining how proxies should be voted. In the case of social and political responsibility issues that we believe do not primarily involve financial considerations, we shall abstain from voting or vote against such proposals since it is not possible to represent the diverse views of our clients in a fair and impartial manner. However, all proxy votes are ultimately cast on a case-by-case basis, taking into account the foregoing principal and all other relevant facts and circumstances at the time of the vote.

Conflicts of Interest. If there is determined to be a material conflict between the interests of our clients on the one hand and our interests (including those of our affiliates, directors, officers, employees and other similar persons) on the other hand (a “potential conflict”) the matter shall be considered by management.

Proxy proposals that are “routine,” such as uncontested elections of directors, meeting formalities, and approval of an annual report/financial statements are presumed not to involve a material conflict of interest. Non-routine proxy proposals are presumed to involve a material conflict of interest, unless the Proxy Committee determines that neither BAI nor its personnel have such a conflict of interest. Non-routine proposals would typically include any contested matter, including a contested election of directors, a merger or sale of substantial assets, a change in the articles of incorporation that materially affects the rights of shareholders, and compensation matters for management (e.g., stock option plans and retirement plans).

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If BAI management determines that BAI has a material conflict of interest then we shall vote the proxy according to the recommendation of Egan-Jones or, if applicable, the client’s proxy voting policies. BAI management also reserves the right to vote a proxy using the following methods:

•

We may obtain instructions from the client on how to vote the proxy.

•

If we are able to disclose the conflict to the client, we may do so and obtain the client’s consent as to how we will vote on the proposal (or otherwise obtain instructions from the client on how the proxy should be voted).

We use commercially reasonable efforts to determine whether a potential conflict may exist, and a potential conflict shall be deemed to exist if and only if one or more of our senior investment staff actually knew or reasonably should have known of the potential conflict.

Limitations on Our Responsibilities

Limited Value. We may abstain from voting a client proxy if we conclude that the effect on client’s economic interests or the value of the portfolio holding is indeterminable or insignificant.

Unjustifiable Costs. We may abstain from voting a client proxy for cost reasons (e.g., costs associated with voting proxies of non-U.S. securities). In accordance with our fiduciary duties, we weigh the costs and benefits of voting proxy proposals relating to foreign securities and make an informed decision with respect to whether voting a given proxy proposal is prudent. Our decision takes into account the effect that the vote of our clients, either by itself or together with other votes, is expected to have on the value of our client’s investment and whether this expected effect would outweigh the cost of voting.

Special Client Considerations.

Mutual Funds. We vote proxies of our mutual fund clients subject to the funds’ applicable investment restrictions.

ERISA Accounts. With respect our ERISA clients, we vote proxies in accordance with our duty of loyalty and prudence, compliance with the plan documents, as well as our duty to avoid prohibited transactions.

Client Direction. If a client has a proxy-voting policy and instructs us to follow it, we will comply with that policy upon receipt except when doing so would be contrary to the client’s economic interests or otherwise imprudent or unlawful. As a fiduciary to ERISA clients, we are required to discharge our duties in accordance with the documents governing the plan (insofar as they are consistent with ERISA), including statements of proxy voting policy. We will, on a best efforts basis, comply with each client’s proxy voting policy. If client policies conflict, we may vote proxies to reflect each policy in proportion to the respective client’s interest in any pooled account (unless voting in such a manner would be imprudent or otherwise inconsistent with applicable law).

Disclosure. A client for which we are responsible for voting proxies may obtain information from us, via Egan-Jones and Proxy Edge Records, regarding how we voted the client’s proxies. Clients should contact their account manager to make such a request.

Review and Changes. We shall from time to time review these Proxy Voting Policies and Procedures and may adopt changes based upon our experience, evolving industry practices and developments in applicable laws and regulations. Unless otherwise agreed to with a client, we may change these Proxy Voting Policies and Procedures from time to time without notice to, or approval by, any client. Clients may request a current version of our Proxy Voting Policies and Procedures from their account manager.

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Delegation. We may delegate our responsibilities under these Proxy Voting Policies and Procedures to a third party, provided that we retain final authority and fiduciary responsibility for proxy voting. If we so delegate our responsibilities, we shall monitor the delegate’s compliance with these Proxy Voting Policies and Procedures.

Maintenance of Records. We maintain at our principal place of business the records required to be maintained by us with respect to proxies in accordance with the requirements of the Advisers Act and, with respect to our fund clients, the Investment Company Act of 1940. We may, but need not, maintain proxy statements that we receive regarding client securities to the extent that such proxy statements are available on the SEC’s EDGAR system. We may also rely upon a third party, such as Egan-Jones or Proxy Edge to maintain certain records required to be maintained by the Advisers Act.

III.

PROXY ISSUES

The full text of Egan-Jones’ Proxy Voting Principles and Guidelines may be obtained by calling 1-800-523-5903 or via our website at www.bostonadvisors.com.

THE TCW GROUP

PROXY VOTING GUIDELINES AND PROCEDURES

(JANUARY 2004)

INTRODUCTION

Certain affiliates of The TCW Group, Inc. (these affiliates are collectively referred to as “TCW”) act as investment advisors for a variety of clients, including mutual funds. In connection with these investment advisory duties, TCW exercises voting responsibilities for its clients through the corporate proxy voting process. TCW believes that the right to vote proxies is a significant asset of its clients’ holdings. In order to provide a basis for making decisions in the voting of proxies for its clients, TCW has established a proxy voting committee (the “PROXY COMMITTEE”) and adopted these proxy voting guidelines and procedures (the “GUIDELINES”). The Proxy Committee meets quarterly (or at such other frequency as determined by the Proxy Committee) to review the Guidelines and other proxy voting issues. The members of the Proxy Committee include TCW personnel from the investment, legal and marketing departments. TCW also uses an outside proxy voting service (the “OUTSIDE SERVICE”) to help manage the proxy voting process. The Outside Service facilitates TCW’s voting according to the Guidelines (or, if applicable, according to guidelines submitted by TCW’s clients) and helps maintain TCW’s proxy voting records. Under specified circumstances described below involving potential conflicts of interest, the Outside Service may also be requested to help decide certain proxy votes.

PHILOSOPHY

The Guidelines provide a basis for making decisions in the voting of proxies for clients of TCW. When voting proxies, TCW’s utmost concern is that all decisions be made solely in the interests of the client and with the goal of maximizing the value of the client’s investments. With this goal in mind, the Guidelines cover various categories of voting decisions and generally specify whether TCW will vote for or against a particular type of proposal. TCW’s underlying philosophy, however, is that its portfolio managers, who are primarily responsible for evaluating the individual holdings of TCW’s clients, are best able to determine how best to further client interests and goals. The portfolio managers may, in their discretion, take into account the recommendations of TCW management, the Proxy Committee, and the Outside Service.

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GUIDELINES

The proxy voting decisions set forth below describe only a few of the more significant decisions covered by the Guidelines for a complete list, the Guidelines themselves must be consulted.

GOVERNANCE

•

For uncontested director nominees and management nominees in contested elections

•

For ratification of auditors, unless the previous auditor was dismissed because of a disagreement with management or if the non-audit services exceed 51% of fees

CAPITAL STRUCTURE

•

Against authorization of preferred stock if the board has unlimited rights to set the terms and conditions

•

Against issuance or conversion of preferred stock if the shares have voting rights superior to those of other shareholders

•

Against a reverse stock split if no proportional reduction in the number of authorized shares

MERGERS AND RESTRUCTURING

•

For mergers, acquisitions, recapitalizations and restructurings

BOARD OF DIRECTORS

•

For proposals to limit the liability of directors and against proposals to indemnify directors and officers

•

Against proposals to give the board the authority to set the size of the board without shareholder approval

•

Against proposals to eliminate or limit shareholders’ right to act by written consent

•

Against proposals to establish or increase super majority vote requirements

•

Against mandatory retirement or tenure for directors

ANTI-TAKEOVER PROVISIONS

•

Against a classified board

•

Against amending a classified board

•

For proposals to repeal classified boards and against proposals to adopt classified boards

•

For proposals to provide equal access to proxy materials for shareholders

•

Against proposals to ratify or adopt poison pill plans

•

Against proposals establishing fair price provisions

•

Against proposals to adopt advance notice requirements

•

Against greenmail and golden parachute payments

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COMPENSATION

•

Decide on a case-by-case basis the adoption of any stock option plan if the plan dilution is more than 15% of outstanding common stock or if the potential dilution for all company plans, including the one proposed, is more than 20% of outstanding common stock

•

Decide on a case-by-case basis the approval of any one-time stock option or stock award if the proposed dilution, is more than 15% of outstanding common equity

•

Decide on a case-by-case dilution, is more than 15% of outstanding common equity

•

Against an employee stock purchase plan if the proposed plan allows employees to purchase stock at prices of less than 75% of the stock’s fair market value

•

Decide on a case-by-case basis the adoption of a director stock option plan if the plan dilution is more than 5% of outstanding common equity or the potential dilution of all plans, including the one proposed, is more than 10% of the outstanding common equity

•

Against establishing a policy of expensing the costs of all future stock options issued by the company in the company’s annual income statement

•

Against requesting that future executive compensation be determined without regard to any pension fund income

•

For creating a compensation committee

•

Against requiring that the compensation committee hire its own independent compensation consultants-separate from the compensation consultants working with corporate management-to assist with executive compensation issues

•

For increasing the independence of the compensation committee

•

For increasing the independence of the audit committee

•

For increasing the independence of key committees

MISCELLANEOUS ISSUES

•

For studies and reports on certain human rights, forced labor, political spending, environmental, and affirmative action issues

•

Against required corporate action or changes in policy with respect to social issues

CONFLICT RESOLUTION

Individual portfolio managers, in the exercise of their best judgment and discretion, may from time to time override the Guidelines and vote proxies in a manner that they believe will enhance the economic value of clients’ assets, keeping in mind the best interests of the beneficial owners. A portfolio manager choosing to override the Guidelines must deliver a written rationale for each such decision to TCW’s Proxy Specialist (the “PROXY SPECIALIST”), who will maintain such documentation in TCW’s proxy voting records and deliver a quarterly report to the Proxy Committee of all votes cast other than in accordance with the Guidelines. If the Proxy Specialist believes there is a question regarding a portfolio manager’s vote, she will obtain the approval of TCW’s Director of Research (the “DIRECTOR OF RESEARCH”) for the vote before submitting it. The Director of Research will review the portfolio manager’s vote and make a determination. If the Director of Research believes it appropriate, she may elect to convene the Proxy Committee.

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It is unlikely that serious conflicts of interest will arise in the context of TCW’s proxy voting, because TCW does not engage in investment banking or the managing or advising of public companies. In the event a potential conflict of interest arises in the context of voting proxies for TCW’s clients, the primary means by which TCW will avoid a conflict is by casting such votes solely in the interests of its clients and in the interests of maximizing the value of their portfolio holdings. In this regard, if a potential conflict of interest arises, but the proxy vote to be decided is predetermined under the Guidelines to be cast either in favor or against, then TCW will vote accordingly. On the other hand, if a potential conflict of interest arises and either there is no predetermined vote or such vote is to be decided on a case-by-case basis, then TCW will undertake the following analysis.

First, if a potential conflict of interest is identified because the issuer soliciting proxy votes is itself a client of TCW’s (or because an affiliate of such issuer, such as a pension or profit sharing plan sponsored by such issuer, is a client of TCW’s), then the Proxy Committee will determine whether such relationship is material to TCW. In making this determination, a conflict of interest will usually not be deemed to be material unless the assets managed for that client by TCW exceed, in the aggregate, 0.25% (25 basis points) or more of TCW’s total assets under management. If such a material conflict is deemed to have arisen, then TCW will refrain completely from exercising its discretion with respect to voting the proxy with respect to such vote and will, instead, refer that vote to an outside service for its independent consideration as to how the vote should be cast. Second, a potential conflict of interest may arise because an employee of TCW sits on the Board of a public company. The Proxy Specialist is on the distribution list for an internal chart that shows any Board seats in public companies held by TCW personnel. If there is a vote regarding such a company, and the portfolio manager wants to vote other than in accordance with the Guidelines, the Proxy Specialist will confirm that the portfolio manager has not spoken with the particular Board member and will provide the Proxy Committee with the facts and vote rationale so that it can vote the securities. The vote by the Proxy Committee will be documented.

Finally, if a portfolio manager conflict is identified with respect to a given proxy vote, the Proxy Committee will remove such vote from the conflicted portfolio manager and, as a group, the Proxy Committee will consider and cast the vote.

PROXY VOTING INFORMATION AND RECORDKEEPING

Upon request, TCW provides proxy voting records to its clients. These records state how votes were cast on behalf of client accounts, whether a particular matter was proposed by the company or a shareholder, and whether or not TCW voted in line with management recommendations. TCW is prepared to explain to clients the rationale for votes cast on behalf of client accounts. To obtain proxy voting records, a client should contact the Proxy Specialist.

TCW or an outside service will keep records of the following items: (i) the Guidelines and any other proxy voting procedures; (ii) proxy statements received regarding client securities (unless such statements are available on the SEC’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system); (iii) records of votes cast on behalf of clients (if maintained by an outside service, that outside service will provide copies of those records promptly upon request); (iv) records of written requests for proxy voting information and TCW’s response (whether a client’s request was oral or in writing); and (v) any documents prepared by TCW that were material to making a decision how to vote, or that memorialized the basis for the decision. Additionally, TCW or an outside service will maintain any documentation related to an identified material conflict of interest.

TCW or an outside service will maintain these records in an easily accessible place for at least five years from the end of the fiscal year during which the last entry was made on such record. For the first two years, TCW or an outside service will store such records at its principal office.

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INTERNATIONAL PROXY VOTING

While TCW utilizes the Guidelines for both international and domestic portfolios and clients, there are some significant differences between voting U.S. company proxies and voting non-U.S. company proxies. For U.S. companies, it is relatively easy to vote proxies, as the proxies are automatically received and may be voted by mail or electronically. In most cases, the officers of a U.S. company soliciting a proxy act as proxies for the company’s shareholders.

For proxies of non-U.S. companies, however, it is typically both difficult and costly to vote proxies. The major difficulties and costs may include: (i) appointing a proxy; (ii) knowing when a meeting is taking place; (iii) obtaining relevant information about proxies, voting procedures for foreign shareholders, and restrictions on trading securities that are subject to proxy votes; (iv) arranging for a proxy to vote; and (v) evaluating the cost of voting. Also, proxy votes against management rarely succeed. Furthermore, the operational hurdles to voting proxies vary by country. As a result, TCW considers international proxy voting on a case-by-case basis. However, when TCW believes that an issue to be voted is likely to affect the economic value of the portfolio securities, that its vote may influence the ultimate outcome of the contest, and that the benefits of voting the proxy exceed the expected costs, TCW will make every reasonable effort to vote such proxies. In addition, TCW will attempt to implement, to the extent appropriate, uniform voting procedures across countries.

ROCKEFELLER & CO., INC.

PROXY VOTING POLICY SUMMARY

I.	GENERAL

Rockefeller & Co., Inc. (“R&Co.”) seeks to vote proxies in the best interest of its clients.

A client may, at any time, retain the right to vote proxies or take action relating to securities held in the client’s account, provided the client advises R&Co. of such decision in advance of any proxy vote(s). Upon reasonable notice, R&Co. will also adhere to any specific client direction and/or guidelines with respect to proxy voting, even if such direction or guidelines conflict with R&Co.’s proxy voting guidelines.

Upon request, R&Co. will promptly provide clients with a copy of these policies and procedures as well as information on how R&Co. voted proxies of securities held in their accounts.

II.

PROXY VOTING ADMINISTRATION

R&Co. has established a Proxy Committee that, among other things, establishes guidelines and generally oversees the proxy voting process. The Committee consists of senior R&Co. personnel and is chaired by the Chief Investment Officer. The Committee has designated those who are responsible for the day-to-day administration of the policies and procedures.

R&Co. has engaged Glass, Lewis & Co. LLC (“GL”) and the Investor Responsibility Research Center, Inc. (“IRRC”), each an organization unaffiliated with R&Co., to assist with proxy voting. In addition to the execution of proxy votes in accordance with R&Co. guidelines, GL also provides R&Co. with corporate governance information, due diligence related to making appropriate proxy voting decisions, and voting recommendations. IRRC provides R&Co. with record-keeping services.

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OVERVIEW OF PROXY VOTING GUIDELINES

R&Co. has established two sets of proxy voting guidelines: (1) a general set that governs the voting for clients not making a contrary election; and (2) a socially responsive set to be applied upon client request. Both guidelines share the same philosophy with respect to corporate governance issues and consider the future appreciation of the investment as a primary concern. The guidelines, however, differ somewhat on social issues. For example, the general guidelines set forth specific governance preferences and a more detached approach to social issues. The socially responsive guidelines take a more specific and proactive stance on social issues.

R&Co. does not automatically vote for or against any class of resolutions, but rather follows a list of preferences. On governance issues, the two sets of guidelines share a preference for resolutions that increase disclosure and reporting and that enhance the transparency of decision-making without placing an undue burden on the company or requiring the disclosure of proprietary or competitive information. In addition, both guidelines favor proposals that:

•

Preserve and enhance the rights of minority shareholders;

•

Increase the Board’s skill base; and

•

Increase the accountability of both the Board and management.

The socially responsive voting guidelines seek to encourage progress and leadership from companies in areas such as corporate governance, workplace and equality issues, energy and the environment, global corporate accountability, and international and public health. These guidelines are based on the assumption that good citizenship is good business and that encouraging companies to improve their social responsiveness can lead to improved financial performance.

PROXY VOTING LIMITATIONS

R&Co. will not vote proxies in countries that engage in “share blocking” — the practice of prohibiting investors who have exercised voting rights from disposing of their shares for a defined period of time. R&Co. will also not vote in cases where a proxy is received after the requisite voting date or with respect to specific proposals that are incoherent or that would entail extensive and uneconomic investigation or research.

CONFLICTS OF INTEREST

Due to the nature of R&Co.’s business and structure, it is unlikely that a material conflict of interest will arise in voting the proxies of public companies, because R&Co. does not engage in investment banking, or manage or advise public companies. However, R&Co. does act as sub-advisor to certain registered mutual fund portfolios and has a few affiliated persons who sit on the board of directors of public companies. In the event a material conflict of interest does arise, it will be resolved in the best interest of clients. In such a case, the Proxy Committee will generally vote the proxy based upon the recommendation of GL. If the Committee determines to resolve the conflict in a different manner, that approach will be documented.

IV.

PROXY VOTING PROCEDURES

The current procedures for voting client proxies are attached as Exhibit C.

RECORDKEEPING

R&Co. must maintain the following proxy voting records pursuant to the Advisers Act: (1) a copy of its proxy voting policies and procedures; (2) proxy statements received regarding client securities; (3) a record

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of each vote cast; (4) a copy of any document created by R&Co. that was material to making a decision on how to vote proxies on behalf of a client or that memorializes the basis for that decision; and (5) each written client request for proxy voting records and R&Co.’s written response to any (written or oral) client request for such records. R&Co. relies on ISS for the records specified in (2) and (3) above. Proxy voting records will be maintained by the Proxy Administrator for a period of five years.

MONTAG & CALDWELL, INC.

PROXY VOTING POLICIES

If directed by Client, decisions on voting of proxies will be made by Montag & Caldwell, Inc. (“M&C”) in accordance with these guidelines (as amended from time to time). M&C will consider proxies as a client asset and will vote consistently across all client portfolios for which we have voting authority in the manner we believe is most likely to enhance shareholder value.

If M&C is authorized to make decisions on voting of proxies, we will have no obligation to furnish Client any proxies, notices of shareholder’s meetings, annual reports or other literature customarily mailed to shareholders.

Once voting authority has been delegated to M&C, Client may not at a later date direct how to vote the proxies. Clients who wish to adhere to a proprietary set of voting guidelines should exercise their right to reserve voting authority rather than delegating this responsibility to M&C.

Should the situation arise where M&C is an investment adviser to a company whose proxy we are authorized to vote, any vote in favor of existing management will be supported by an economic analysis of the impact of the vote on the value of the company’s shares.

It is against M&C’s policy for employees to serve on the board of directors of a company whose stock could be purchased for M&C’s advisory clients.

If M&C is solicited to vote proxies on behalf of clients that are invested in shares of a mutual fund where M&C is the investment adviser or sub-adviser, M&C will, on an issue that could present a conflict of interest, fully disclose its conflict to the investment company’s board of directors or a committee of the board and obtain the board’s or committee’s consent or direction to vote the proxies.

The following guidelines establish our position on the most common issues addressed in proxy solicitations and represent how we will generally vote such issues; however, all proxy proposals will be reviewed by an investment professional to determine if shareholder interests warrant any deviation from these guidelines or if a proposal addresses an issue not covered in the guidelines.

ROUTINE MATTERS

Routine proxy proposals are most commonly defined as those which do not change the structure, bylaws, or operation of the corporation to the detriment of the shareholders.

M&C will generally support management on routine matters and will vote FOR the following proposals:

•

Increase in authorized common shares.

•

Increase in authorized preferred shares as long as there are not disproportionate voting rights per preferred share.

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•

Routine election or re-election of directors.

•

Appointment or election of auditors.

•

Directors’ liability and indemnification.

•

Time and location of annual meeting.

COMPENSATION ISSUES

M&C will review on a case by case basis the following issues:

•

Compensation or salary levels.

•

Incentive plans.

•

Stock option plans.

•

Employee stock purchase or ownership plans.

SOCIAL ISSUES

Shareholders often submit proposals to change lawful corporate activities in order to meet the goals of certain groups or private interests that they represent.

We will support management in instances where we feel acceptable efforts are made on behalf of special interests of social conscience. The burden of social responsibility rests with management. We will generally vote AGAINST shareholder proposals regarding the following social concerns:

•

Enforcing restrictive energy policies.

•

Placing arbitrary restrictions on military contracting.

•

Barring or placing arbitrary restrictions on trade with communist countries.

•

Barring or placing arbitrary restrictions on conducting business in certain geographic locations.

•

Restricting the marketing of controversial products.

•

Limiting corporate political activities.

•

Barring or restricting charitable contributions.

•

Enforcing general policy regarding employment practices based on arbitrary parameters.

•

Enforcing a general policy regarding human rights based on arbitrary parameters.

•

Enforcing a general policy regarding animal rights based on arbitrary parameters.

•

Placing arbitrary restrictions on environmental practices.

BUSINESS PROPOSALS

Business proposals are resolutions which change the status of the corporation, its individual securities, or the ownership status of these securities. We believe it is in the best interest of the shareholders to support managements who propose actions or measures that are supported by existing corporate laws, or have legal precedence as common practice in corporate America.

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We will generally vote FOR the following proposals as long as the current shareholder position is either enhanced or preserved:

•

Changing the state of incorporation.

•

Mergers, acquisitions, dissolvement.

•

Indenture changes.

•

Changes in Capitalization.

SHAREHOLDER GOVERNANCE

These are issues that address the status of existing rights of shareholders and proposals which tend to transfer those rights to or from another party.

We will generally vote FOR the following management proposals:

•

Majority approval of shareholders in acquisitions of a controlling share in the corporation.

•

Provisions which require 66²/3% shareholder approval or less to rescind a proposed change to the corporation or amend the corporation’s by-laws.

We will generally vote AGAINST the following management proposals:

•

Super-majority provisions which require greater than 66²/3% shareholder approval to rescind a proposed change to the corporation or to amend the corporation’s by-laws.

•

Fair-price amendments which do not permit a takeover unless an arbitrary fair price is offered to all shareholders that is derived from a fixed formula.

•

The authorization of a new class of common stock or preferred stock which may have more votes per share than the existing common stock.

•

Proposals which do not allow replacements of existing members of the board of directors

We will generally vote FOR shareholder proposals which:

•

Propose or support a majority of independent directors and or independent audit, compensation, and nominating committees

•

Rescind share purchase rights or require that they are submitted for shareholder approval to 66²/3% or less.

•

Eliminate pension and benefit programs for outside directors.

•

Eliminate a staggered board of directors.

PROXY CONTESTS

Proxy contests develop when discontented shareholders submit a proxy card in opposition to the board of directors, frequently seeking to elect a different slate of directors, often in an effort to effect a decided change in the corporation. Our voting decision in a proxy contest will be in favor of the best interests of the majority of shareholders, our clients, and beneficiaries of the assets which we manage.

ADMINISTRATIVE ISSUES

Proxy voting guidelines will be reviewed annually and approved by the Investment Policy Committee.

M&C will maintain a record of proxy voting guidelines and the annual updates electronically.

M&C has established a Proxy Committee that consists of at least three members of the Investment Policy Committee and includes at least one research analyst and two portfolio managers.

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Proxy voting decisions will be made by at least one member of the Proxy Committee within the framework established by these guidelines that are designed to vote in the best interests of all clients.

M&C will maintain a record of any document created by M&C or procured from an outside party that was material to making a decision how to vote proxies on behalf of a client or that memorializes the basis of that decision.

M&C will maintain records detailing receipt of proxies, number of shares voted, date voted and how each issue was voted. These records will be available upon request to those clients for whom we have proxy voting responsibility.

M&C will maintain records of all written client requests for information on how M&C voted proxies on behalf of the client and M&C’s response to the client’s written or verbal requests. The proxy voting process will be monitored for accuracy. A voting history report is generated by the Supervisor of Information Processing on a monthly basis. This report is provided to the Director of Operations to verify against ballot copies.

The Supervisor of Information Processing will provide the Director of Operations with a quarterly statement that all ballots were received or reasonable steps, under the circumstances, have been taken to obtain the ballots.

REVISED FEBRUARY 2004

CAYWOOD-SCHOLL CAPITAL MANAGEMENT, LLC

PROXY VOTING POLICIES

POLICY STATEMENT

Caywood-Scholl Capital Management LLC (“Caywood-Scholl”) exercises our voting responsibilities as a fiduciary. As a result, in the cases where we have voting authority of our client proxies, we intend to vote such proxies in a manner consistent with the best interest of our clients. Our guidelines are designed to meet applicable fiduciary standards. All votes submitted by Caywood-Scholl on behalf of its clients are not biased by other clients of Caywood-Scholl. Proxy voting proposals are voted with regard to enhancing shareholder wealth and voting power.

A Proxy Committee, consisting of investment, compliance and operations personnel, is responsible for establishing our proxy voting policies and procedures. These guidelines summarize our positions on various issues and give general indication as to how we will vote shares on each issue. However, this listing is not exhaustive and does not include all potential voting issues and for that reason, there may be instances when we may not vote proxies in strict adherence to these guidelines. These guidelines also apply to any voting rights and/or consent rights of Caywood-Scholl, on behalf of its clients, with respect to debt securities, including but not limited to, plans of reorganization. To the extent that these guideline policies and procedures do not cover potential voting issues or a case arises of a material conflict between our interest and those of a client with respect to proxy voting, our Proxy Committee will make a final vote decision.

VOTING PROCEDURE

The voting of all proxies is conducted by the Proxy Coordinator, a senior portfolio manager of Caywood-Scholl, in accordance with these guidelines. In situations where these guidelines do not give clear guidance on an issue, the Proxy Coordinator will, at his or her discretion, consult the Proxy Committee or Legal Counsel for a final vote decision.

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RESOLVING CONFLICTS OF INTEREST

Caywood-Scholl may have conflicts that can affect how it votes its clients’ proxies. For example, Caywood-Scholl may manage a pension plan whose management is sponsoring a proxy proposal. In the example, failure to vote in favor of management may harm our or our affiliate’s relationship with the company. Given the value of the relationship to us or our affiliate a material conflict of interest may exist in this example even in the absence of efforts by management to persuade us how to vote. Caywood-Scholl may also be faced with clients having conflicting views on the appropriate manner of exercising shareholder voting rights in general or in specific situations. Accordingly, Caywood-Scholl may reach different voting decisions for different clients. Regardless, votes shall only be cast in the best interest of the client affected by the shareholder right. For this reason, Caywood-Scholl shall not vote shares held in one client’s account in a manner designed to benefit or accommodate any other client.

In order to ensure that all material conflicts of interest are addressed appropriately while carrying out its obligation to vote proxies, the Proxy Committee shall be responsible for addressing how Caywood-Scholl resolves such material conflicts of interest with its clients.

COST-BENEFIT ANALYSIS INVOLVING VOTING PROXIES

Caywood-Scholl shall review various criteria to determine whether the costs associated with voting the proxy exceeds the expected benefit to its clients and may conduct a cost-benefit analysis in determining whether it is in the best economic interest to vote client proxies. Given the outcome of the cost-benefit analysis, Caywood-Scholl may refrain from voting a proxy on behalf of its clients’ accounts. Caywood-Scholl may also refrain from voting a proxy when the economic effect on shareholder’s interests or the value of the portfolio holding is indeterminable or insignificant.

In addition, Caywood-Scholl may refrain from voting a proxy due to logistical considerations that may have a detrimental effect on Caywood-Scholl’s ability to vote such a proxy. These issues may include, but are not limited to: 1) proxy statements and ballots being written in a foreign language, 2) untimely notice of a shareholder meeting, 3) requirements to vote proxies in person, 4) restrictions on foreigner’s ability to exercise votes, 5) restrictions on the sale of securities for a period of time in proximity to the shareholder meeting, or 6) requirements to provide local agents with power of attorney to facilitate the voting instructions. Such proxies are voted on a best-efforts basis.

PROXY VOTING GUIDELINES

ORDINARY BUSINESS

ORDINARY BUSINESS MATTERS: CASE-BY-CASE

Caywood-Scholl votes FOR management proposals covering routine business matters such as changing the name of the company, routine bylaw amendments, and changing the date, time, or location of the annual meeting.

Routine items that are bundled with non-routine items will be evaluated on a case-by-case basis. Proposals that are not clearly defined other than to transact “other business,” will be voted AGAINST, to prevent the passage of significant measures without our express oversight.

AUDITORS

RATIFICATION OF AUDITORS: CASE-BY-CASE

Caywood-Scholl generally votes FOR proposals to ratify auditors, unless there is reason to believe that there is a conflict of interest, or if the auditor has rendered an opinion that is neither accurate nor indicative of the company’s financial position.

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SHAREHOLDER PROPOSALS REGARDING ROTATION OF AUDITORS: GENERALLY FOR

Caywood-Scholl generally will support shareholder proposals asking for audit firm rotation, unless the rotation period is less than five years, which would be unduly burdensome to the company.

SHAREHOLDER PROPOSALS REGARDING AUDITOR INDEPENDENCE: CASE-BY-CASE

Caywood-Scholl will evaluate on a case-by-case basis, shareholder proposals asking companies to prohibit their auditors from engaging in non-audit services or to cap the level of non-audit services.

BOARD OF DIRECTORS

ELECTION OF DIRECTORS: CASE-BY-CASE

Votes on director nominees are made on a case-by-case basis. Caywood-Scholl favors boards that consist of a substantial majority of independent directors who demonstrate a commitment to creating shareholder value. Caywood-Scholl also believes that key board committees (audit, compensation, and nominating) should include only independent directors to assure that shareholder interests will be adequately addressed. When available information demonstrates a conflict of interest or a poor performance record for specific candidates, Caywood-Scholl may withhold votes from director nominees.

CLASSIFIED BOARDS: AGAINST

Classified (or staggered) boards provide for the directors to be divided into three groups, serving a staggered three-year term. Each year one of the groups of directors is nominated for re-election and serves a three-year term. Caywood-Scholl generally opposes classified board structures, as we prefer annual election of directors to discourage entrenchment. Caywood-Scholl will vote FOR shareholder proposals to de-classify the board of directors.

CHANGING SIZE OF BOARD: CASE-BY-CASE

Caywood-Scholl votes FOR proposals to change the size of the board of directors, if the proposed number falls between 6 to 15 members. We generally vote AGAINST proposals to increase the number of directors to more than 15, because very large boards may experience difficulty achieving consensus and acting quickly on important items.

MAJORITY OF INDEPENDENT DIRECTORS ON BOARD: CASE-BY-CASE

Caywood-Scholl considers how board structure impacts the value of the company and evaluates shareholder proposals for a majority of independent directors on a case-by-case basis. Caywood-Scholl generally votes FOR proposals requiring the board to consist of, at least, a substantial (2/3) majority of independent directors. Exceptions are made for companies with a controlling shareholder and for boards with very long term track records of adding shareholder value based on 3, 5 and 10-year stock performance.

MINIMUM SHARE OWNERSHIP BY THE BOARD: AGAINST

Although stockholders may benefit from directors owning stock in a company and having a stake in the profitability and well-being of a company, Caywood-Scholl does not support resolutions that would require directors to make a substantial investment which would effectively exclude them from accepting directorships for purely financial reasons.

ESTABLISH INDEPENDENT NOMINATING COMMITTEE: FOR

Caywood-Scholl votes FOR proposals to establish entirely independent nominating committees. We believe that having an independent Nominating Committee is one way to assure that shareholder interests will be adequately addressed.

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LIMIT TENURE OF DIRECTORS: AGAINST

Caywood-Scholl does not support shareholder proposals for term limits, as limiting tenure may force valuable, experienced directors to leave the board solely because of their length of service. We prefer to retain the ability to evaluate director performance, and vote on all director nominees once a year.

DIRECTOR INDEMNIFICATION AND LIABILITY PROTECTION: CASE-BY-CASE

Caywood-Scholl votes AGAINST proposals that would limit or eliminate all liability for monetary damages, for directors and officers who violate the duty of care. Caywood-Scholl will also vote AGAINST proposals that would expand indemnification to cover acts, such as negligence, that are more serious violations of fiduciary obligations than mere carelessness. If, however, a director was found to have acted in good faith and in a manner that he reasonably believed was in the best interest of the company, and if only the director’s legal expenses would be covered, Caywood-Scholl may vote FOR expanded coverage.

SEPARATE CHAIRMAN/CHIEF EXECUTIVE OFFICER: CASE-BY-CASE

Caywood-Scholl votes shareholder proposals to separate Chairman and CEO positions on a case-by-case basis, and considers the impact on management credibility and thus the value of the company. Caywood-Scholl generally votes FOR shareholder proposals requiring the position of Chairman to be filled by an independent director, because a combined title can make it difficult for the board to remove a CEO that has under performed, and harder to challenge a CEO’s decisions. We are, however, willing to accept a combined title for companies whose outside directors hold regularly-scheduled non-management meetings with a powerful and independent Lead Director.

DIVERSITY OF THE BOARD OF DIRECTORS: CASE-BY-CASE

Caywood-Scholl reviews shareholder proposals that request a company to increase the representation of women and minorities on the board, on a case-by-case basis. Caywood-Scholl generally votes FOR requests for reports on the company’s efforts to diversify the board, unless the board composition is reasonably inclusive of women and minorities in relation to companies of similar size and business, and if the board already reports on its nominating procedures and diversity initiatives.

EXECUTIVE AND DIRECTOR COMPENSATION

STOCK INCENTIVE PLANS: CASE-BY-CASE

Caywood-Scholl reviews stock incentive plan proposals on a case-by-case basis, to determine whether the plan is in the best interest of shareholders. We generally support stock incentive plans that are designed to attract, retain or encourage executives and employees, while aligning their financial interests with those of investors. We also prefer plans that limit the transfer of shareholder wealth to insiders, and favor stock compensation in the form of performance-based restricted stock over fixed price option plans.

Unless there is evidence that a plan would have a positive economic impact on shareholder value, we generally vote against plans that result in excessive dilution, and vote against plans that contain negative provisions, such as repricing or replacing underwater options without shareholder approval.

SHAREHOLDER PROPOSALS REGARDING OPTIONS EXPENSING: FOR

Caywood-Scholl generally votes FOR shareholder proposals requesting companies to disclose the cost of stock options as an expense on their income statement, to clarify the company’s earnings and profitability to shareholders.

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ELIMINATE NON-EMPLOYEE DIRECTOR RETIREMENT PLANS: FOR

Caywood-Scholl generally supports proposals to eliminate retirement benefits for non-employee directors, as such plans can create conflicts of interest by their high value. Additionally, such benefits are often redundant, since many directors receive pension benefits from their primary employer.

SHAREHOLDER PROPOSALS REGARDING EXECUTIVE PAY: CASE-BY-CASE

Caywood-Scholl generally votes FOR shareholder proposals that request additional disclosure of executive and director pay information, provided the information requested is relevant to shareholders’ needs, would not put the company at a competitive disadvantage relative to its industry, and is not unduly burdensome to the company.

We also vote FOR proposals to require option repricings to be put to a shareholder vote, and FOR proposals to require shareholder votes on compensation plans.

Caywood-Scholl votes AGAINST shareholder proposals that seek to set absolute levels on compensation or otherwise dictate the amount or form of compensation, and AGAINST shareholder proposals requiring director fees to be paid in stock only.

All other shareholder proposals regarding executive and director pay are voted on a case-by-case basis, taking into account company performance, pay level versus peers, pay level versus industry, and long term corporate outlook.

CAPITAL STRUCTURE

CAPITAL STOCK AUTHORIZATIONS: CASE-BY-CASE

Caywood-Scholl votes proposals for an increase in authorized shares of common or preferred stock on a case-by-case basis, after analyzing the company’s industry and performance in terms of shareholder returns. We generally vote AGAINST stock increases that are greater than 100 percent, unless the company has provided a specific reason for the increase. We will also vote AGAINST proposals for increases in which the stated purpose is to reserve additional shares to implement a poison pill. (Note: see page 10, for more on preferred stock).

STOCK SPLITS AND DIVIDENDS: CASE-BY-CASE

Caywood-Scholl generally votes FOR management proposals to increase common share authorization for a stock split or share dividend, provided that the increase in shares is not excessive. We also generally vote in favor shareholder proposals to initiate a dividend, particularly in the case of poor performing large cap companies with stock option plans result in excessive dilution.

MERGERS AND CORPORATE RESTRUCTURING

MERGERS AND RESTRUCTURINGS: CASE-BY-CASE

A merger, restructuring, or spin-off in some way affects a change in control of the company’s assets. In evaluating the merit such transactions, Caywood-Scholl will consider the terms of each proposal and will analyze the potential long-term value of the investment. Caywood-Scholl will support management proposals for a merger or restructuring if the transaction appears to offer fair value, but may oppose them if they include significant changes to corporate governance and takeover defenses that are not in the best interest of shareholders.

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PREVENT A COMPANY FROM PAYING GREENMAIL: FOR

Greenmail is the payment a corporate raider receives for his/her shares. This payment is usually at a premium to the market price, so while greenmail can ensure the continued independence of the company, it discriminates against other shareholders. Caywood-Scholl will generally vote FOR anti-greenmail provisions.

GOLDEN PARACHUTES: CASE-BY-CASE

Caywood-Scholl votes FOR shareholder proposals to require golden and tin parachutes (executive severance agreements) to be submitted for shareholder ratification, unless the proposal requires shareholder approval prior to entering into employment contracts. Proposals to ratify or cancel golden or tin parachutes are evaluated on a case-by-case basis. Caywood-Scholl will vote AGAINST parachute proposals, when the amount exceeds three times base salary plus guaranteed benefits.

FAIR PRICE PROVISION: AGAINST

Standard fair price provisions require that, absent board or shareholder approval of the acquisition, the bidder must pay the remaining shareholders the same price for their shares as was paid to buy the control shares (usually between five and twenty percent of the outstanding shares) that triggered the provision. An acquirer may avoid such a pricing requirement by obtaining the support of holders of at least a majority of disinterested shares. Such provisions may be viewed as marginally favorable to the remaining disinterested shareholders, since achieving a simple majority vote in favor of an attractive offer may not be difficult.

Caywood-Scholl will vote AGAINST fair price provisions, if the shareholder vote requirement, imbedded in the provision, is greater than a majority of disinterested shares.

Caywood-Scholl will vote FOR shareholder proposals to lower the shareholder vote requirements imbedded in existing fair price provisions.

STATE ANTITAKEOVER STATUTES: CASE-BY-CASE

Caywood-Scholl evaluates the specific statutes at issue, including their effect on shareholder rights and votes proposals to opt out-of-state takeover statutes on a case-by-case basis.

CORPORATE RESTRUCTURINGS: CASE-BY-CASE

Caywood-Scholl evaluates corporate restructuring management proposals on a case-by-case basis. With respect to a proxy proposal that includes a spin-off, Caywood-Scholl may consider the tax and regulatory advantages, planned use of sale proceeds, market focus, and managerial incentives. With respect to a proxy proposal that includes an asset sale, Caywood-Scholl may consider the impact on the balance sheet or working capital and the value received for the asset. With respect to a proxy proposal that includes a liquidation, Caywood-Scholl may consider management’s efforts to pursue alternatives, the appraisal value of assets, and the compensation plan for executives managing the liquidation.

ANTI-TAKEOVER DEFENSES AND VOTING RELATED ISSUES

POISON PILLS: CASE-BY-CASE

Caywood-Scholl votes AGAINST poison pills or (or shareholder rights plans) proposed by a company’s management. Poison pills are triggered by an unwanted takeover attempt and cause a variety of events to occur which may make the company financially less attractive to the suitor. Typically, directors have enacted these plans without shareholder approval.

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Caywood-Scholl will always vote FOR shareholder proposals requesting boards to submit their pills to a shareholder vote or redeem them, as poison pills may lead to management entrenchment and can discourage legitimate tender offers.

DUAL CLASS CAPITALIZATION WITH UNEQUAL VOTING RIGHTS: CASE-BY-CASE

Caywood-Scholl will vote AGAINST dual class exchange offers and dual class capitalizations with unequal voting rights as they can contribute to the entrenchment of management and allow for voting power to be concentrated in the hands of management and other insiders. Caywood-Scholl will vote FOR proposals to create a new class of nonvoting or subvoting common stock if intended for purposes with minimal or no dilution to current shareholders or not designed to preserve voting power of insiders or significant shareholders.

BLANK CHECK PREFERRED STOCK: CASE-BY-CASE

Blank check proposals authorize a class of preferred stock for which voting rights are not established in advance, but are left to the discretion of the Board of Directors when issued. Such proposals may give management needed flexibility to accomplish acquisitions, mergers or financings. On the other hand, such proposals also give the board the ability to place a block of stock with a shareholder sympathetic to management, thereby entrenching management or making takeovers more difficult.

Caywood-Scholl generally votes AGAINST proposals authorizing the creation of new classes of preferred stock, unless the company expressly states that the stock that will not be used as a takeover defense. We also vote AGAINST proposals to increase the number of authorized preferred stock shares, when no shares have been issued or reserved for a specific purpose.

Caywood-Scholl will vote FOR proposals to authorize preferred stock, in cases where the company specifies the voting, dividend, conversion, and other rights of such stock and the terms of the preferred stock appear reasonable.

SUPERMAJORITY VOTING PROVISIONS: AGAINST

Supermajority vote requirements in a company’s charter or bylaws require a level of voting approval in excess of a simple majority. Generally supermajority provisions require at least 2/3 affirmative vote for passage of issues.

Caywood-Scholl votes AGAINST supermajority voting provisions, as this requirement can make it difficult for shareholders to effect a change regarding a company and its corporate governance provisions. Requiring more than a simple majority voting shares, for mergers or changes to the charter or bylaws, may permit managements to entrench themselves by blocking amendments that are in the best interests of shareholders.

CUMULATIVE VOTING: CASE-BY-CASE

Cumulative voting allows shareholders to “stack” their votes behind one or a few directors running for the board, thereby enabling minority shareholders to secure board representation. Caywood-Scholl evaluates proposals to restore or provide for cumulative voting on a case-by-case. We will generally vote FOR shareholder proposals to restore or provide for cumulative voting, in the absence of good corporate governance provisions such as an annually elected board, confidential voting and so forth.

SHAREHOLDER ACTION BY WRITTEN CONSENT: CASE-BY-CASE

Written consent allows shareholders to initiate and carry out a shareholder action without waiting until the annual meeting or by calling a special meeting. It permits action to be taken by the written consent of the same percentage of outstanding shares that would be required to effect the proposed action at a shareholder meeting.

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Caywood-Scholl will vote FOR shareholder proposals to allow shareholder action by written consent, and we will oppose management proposals that restrict or prohibit shareholder ability to take action by written consent.

SHAREHOLDER’S RIGHT TO CALL SPECIAL MEETING: FOR

Caywood-Scholl votes FOR proposals to restore or expand shareholder rights to call special meetings. We vote AGAINST management proposals requiring higher vote requirements in order to call special meetings, and AGAINST proposals that prohibit the right to call meetings.

CONFIDENTIAL VOTING: FOR

Caywood-Scholl votes for shareholder proposals requesting companies to adopt confidential voting because confidential voting may eliminate undue pressure from company management. Furthermore, Caywood-Scholl maintains records which allow our clients to have access to our voting decisions.

SOCIAL AND ENVIRONMENTAL ISSUES

SHAREHOLDER PROPOSALS REGARDING SOCIAL AND ENVIRONMENTAL ISSUES: CASE-BY-CASE

In evaluating social and environmental proposals, Caywood-Scholl first determines whether the issue should be addressed on a company-specific basis. Many social and environmental proposals are beyond the scope of any one company and are more properly the province of government and broader regulatory action. If this is the case, Caywood-Scholl recommends voting against the proposal. Most proposals raising issues of public concern require shareholders to apply subjective criteria in determining their voting decisions. While broad social and environmental issues are of concern to everyone, institutional shareholders acting as representatives of their beneficiaries must consider only the economic impact of the proposal on the target company, which in many cases cannot be clearly demonstrated.

Caywood-Scholl generally supports proposals that encourage corporate social responsibility. However, Caywood-Scholl does not support proposals that require a company to cease particular operations, monitor the affairs of other companies with whom it does business, impose quotas, or otherwise interfere with the day-to-day management of a company. In the absence of compelling evidence that a proposal will have a positive economic impact, Caywood-Scholl believes that these matters are best left to the judgment of management.

ENVIRONMENTAL REPORTING: FOR

Caywood-Scholl generally supports shareholder requests for reports seeking additional information on activities regarding environmental programs, particularly when it appears that companies have not adequately addressed shareholder’s environmental concerns.

PROXY VOTING POLICY

SSgA FUNDS MANAGEMENT, INC.

INTRODUCTION

SSgA Funds Management, Inc. (“FM”) seeks to vote proxies in the best interests of its clients. In the ordinary course, this entails voting proxies in a way which FM believes will maximize the monetary value of each portfolio’s holdings. FM takes the view that this will benefit our direct clients (e.g. investment funds) and, indirectly, the ultimate owners and beneficiaries of those clients (e.g. fund shareholders).

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Oversight of the proxy voting process is the responsibility of the State Street Global Advisors (SSgA) Investment Committee. The SSgA Investment Committee reviews and approves amendments to the FM Proxy Voting Policy and delegates authority to vote in accordance with this policy to Proxy Voting Services. FM retains the final authority and responsibility for voting. In addition to voting proxies, FM:

describes its proxy voting procedures to its clients in Part II of its Form ADV;

provides the client with this written proxy policy, upon request;

discloses to its clients how they may obtain information on how FM voted the client’s proxies;

matches proxies received with holdings as of record date;

reconciles holdings as of record date and rectifies any discrepancies;

generally applies its proxy voting policy consistently and keeps records of votes for each client;

documents the reason(s) for voting for all non-routine items; and

keeps records of such proxy voting available for inspection by the client or governmental agencies.

PROCESS

The SSgA FM Principal — Manager of Corporate Actions is responsible for monitoring corporate actions. As stated above, oversight of the proxy voting process is the responsibility of the SSgA Investment Committee, which retains oversight responsibility for all investment activities of all State Street Corporation investment firms.

In order to facilitate our proxy voting process, FM retains a firm with expertise in the proxy voting and corporate governance fields to assist in the due diligence process. The Manager of Corporate Actions is responsible, working with this firm, for ensuring that proxies are submitted in a timely manner.

All proxies received on behalf of FM clients are forwarded to our proxy voting firm. If (i) the request falls within one of the guidelines listed below, and (ii) there are no special circumstances relating to that company or proxy which come to our attention (as discussed below), the proxy is voted according to our guidelines.

However, from time to time, proxy votes will be solicited which (i) involve special circumstances and require additional research and discussion or (ii) are not directly addressed by our policies. These proxies are identified through a number of methods, including but not limited to notification from our third party proxy voting specialist, concerns of clients, review by internal proxy specialists, and questions from consultants.

In instances of special circumstances or issues not directly addressed by our policies, the Chairman of the Investment Committee is consulted for a determination of the proxy vote. The first determination is whether there is a material conflict of interest between the interests of our client and those of FM. If the Manager of Corporate Actions and the Chairman of the Investment Committee determine that there is a material conflict, the process detailed below under “Potential Conflicts” is followed. If there is no material conflict, we examine each of the issuer’s proposals in detail in seeking to determine what vote would be in the best interests of our clients. At this point, the Chairman of the Investment Committee makes a voting decision based on maximizing the monetary value of each portfolios’ holdings. However, the Chairman of the Investment Committee may determine that a proxy involves the consideration of particularly significant issues and present the proxy to the entire Investment Committee for a decision on voting the proxy.

FM also endeavors to show sensitivity to local market practices when voting proxies of non-U.S. issuers. SSgA votes in all markets where it is feasible to do so. Note that certain custodians utilized by our clients do not offer proxy voting in every jurisdiction. In such case, FM will be unable to vote such a proxy.

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VOTING

For most issues and in most circumstances, we abide by the following general guidelines. However, as discussed above, in certain circumstances, we may determine that it would be in the best interests of our clients to deviate from these guidelines.

Management Proposals

Generally, FM votes IN SUPPORT OF management on the following ballot items, which are fairly common management sponsored initiatives.

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Elections of directors who do not appear to have been remiss in the performance of their oversight responsibilities and who do not simultaneously serve on an unreasonable (as determined by SSgA) (other than those affiliated with the issues) number of other boards

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Approval of auditors

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Directors’ and auditors’ compensation

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Directors’ liability and indemnification

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Discharge of board members and auditors

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Financial statements and allocation of income

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Dividend payouts that are greater than or equal to country and industry standards

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Authorization of share repurchase programs

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General updating of or corrective amendments to charter

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Change in Corporation Name

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Elimination of cumulative voting

II.

Generally, FM votes in support of management on the following items, which have potentially substantial financial or best-interest impact:

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Capitalization changes which eliminate other classes of stock and voting rights

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Changes in capitalization authorization for stock splits, stock dividends, and other specified needs which are no more than 50% of the existing authorization for U.S. companies and no more than 100% of existing authorization for non-U.S. companies

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Elimination of pre-emptive rights for share issuance of less than a given percentage (country specific — ranging from 5% to 20%) of the outstanding shares

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Elimination of “poison pill” rights

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Stock purchase plans with an exercise price of not less than 85% of fair market value

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Stock option plans which are incentive based and not excessive

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Other stock-based plans which are appropriately structured

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Reductions in super-majority vote requirements

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Adoption of anti-“greenmail” provisions

III.

Generally, FM votes AGAINST management on the following items, which have potentially substantial financial or best interest impact:

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Capitalization changes that add “blank check” classes of stock or classes that dilute the voting interests of existing shareholders

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Changes in capitalization authorization where management does not offer an appropriate rationale or which are contrary to the best interest of existing shareholders

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•

Anti-takeover and related provisions that serve to prevent the majority of shareholders from exercising their rights or effectively deter appropriate tender offers and other offers

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Amendments to bylaws which would require super-majority shareholder votes to pass or repeal certain provisions

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Elimination of Shareholders’ Right to Call Special Meetings

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Establishment of classified boards of directors

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Reincorporation in a state which has more stringent anti-takeover and related provisions

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Shareholder rights plans that allow the board of directors to block appropriate offers to shareholders or which trigger provisions preventing legitimate offers from proceeding

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Excessive compensation

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Change-in-control provisions in non-salary compensation plans, employment contracts, and severance agreements which benefit management and would be costly to shareholders if triggered

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Adjournment of Meeting to Solicit Additional Votes

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“Other business as properly comes before the meeting” proposals which extend “blank check” powers to those acting as proxy

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Proposals requesting re-election of insiders or affiliated directors who serve on audit, compensation, and nominating committees.

IV.

FM evaluates Mergers and Acquisitions on a case-by-case basis. Consistent with our proxy policy, we support management in seeking to achieve their objectives for shareholders. However, in all cases, FM uses its discretion in order to maximize shareholder value. FM, generally votes, as follows:

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Against offers with potentially damaging consequences for minority shareholders because of illiquid stock, especially in some non-US markets

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For offers that concur with index calculators treatment and our ability to meet our clients return objectives for passive funds

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Against offers when there are prospects for an enhanced bid or other bidders

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For proposals to restructure or liquidate closed end investment funds in which the secondary market price is substantially lower than the net asset value

Shareholder Proposals

Traditionally, shareholder proposals have been used to encourage management and other shareholders to address socio-political issues. FM believes that it is inappropriate to use client assets to attempt to affect such issues. Thus, we examine shareholder proposals primarily to determine their economic impact on shareholders.

Generally, FM votes IN SUPPORT OF shareholders on the following ballot items, which are fairly common shareholder-sponsored initiatives:

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Requirements that auditors attend the annual meeting of shareholders

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The establishment of an annual election of the board of directors unless the board is composed by a majority of independent directors, the board’s key committees (auditing, nominating and compensation) are composed of independent directors, and there are no other material governance issues or performance issues

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•

Mandates requiring a majority of independent directors on the Board of Directors and the audit, nominating, and compensation committees

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Mandates that amendments to bylaws or charters have shareholder approval

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Mandates that shareholder-rights plans be put to a vote or repealed

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Establishment of confidential voting

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Expansions to reporting of financial or compensation-related information, within reason

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Repeals of various anti-takeover related provisions

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Reduction or elimination of super-majority vote requirements

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Repeals or prohibitions of “greenmail” provisions

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“Opting-out” of business combination provisions

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Proposals requiring the disclosure of executive retirement benefits if the issuer does not have an independent compensation committee

II.

In light of recent events surrounding corporate auditors and taking into account corporate governance provisions released by the SEC, NYSE, and NASDAQ, FM votes in support of shareholders on the following ballot items, which are fairly common shareholder-sponsored initiatives:

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Disclosure of Auditor and Consulting relationships when the same or related entities are conducting both activities

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Establishment of selection committee responsible for the final approval of significant management consultant contract awards where existing firms are already acting in an auditing function

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Mandates that Audit, Compensation and Nominating Committee members should all be independent directors

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Mandates giving the Audit Committee the sole responsibility for the selection and dismissal of the auditing firm and any subsequent result of audits are reported to the audit committee

III.

FM votes AGAINST shareholders on the following initiatives, which are fairly common shareholder-sponsored initiatives:

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Limits to tenure of directors

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Requirements that candidates for directorships own large amounts of stock before being eligible to be elected

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Restoration of cumulative voting in the election of directors

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Requirements that the company provide costly, duplicative, or redundant reports; or reports of a non-business nature

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Restrictions related to social, political, or special interest issues which affect the ability of the company to do business or be competitive and which have significant financial or best-interest impact

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Proposals which require inappropriate endorsements or corporate actions

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Requiring the company to expense stock options unless already mandated by FASB (or similar body) under regulations that supply a common valuation model.

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Proposal asking companies to adopt full tenure holding periods for their executives.

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Proposals requiring the disclosure of executive retirement benefits if the issuer has an independent compensation committee

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Shareholder Activism

We at FM agree entirely with the United States Department of Labor’s position that “where proxy voting decisions may have an effect on the economic value of the plan’s underlying investment, plan fiduciaries should make proxy voting decisions with a view to enhancing the value of the shares of stock” (IB 94-2). Our proxy voting policy and procedures are designed to ensure that our clients receive the best possible returns on their investments. We meet directly with corporation representatives and participate in conference calls and third-party inquiries in order to ensure our processes are as fully informed as possible.

Through our membership in the Council of Institutional Investors as well as our contact with corporate pension plans, public funds, and unions, we are also able to communicate extensively with other shareholders regarding events and issues relevant to individual corporations, general industry, and current shareholder concerns.

In addition, FM monitors “target” lists of under performing companies prepared by various shareholder groups, including: California Public Employee Retirement System, The City of New York — Office of the Comptroller, International Brotherhood of Teamsters, and Council of Institutional Investors. Companies, so identified, receive an individual, systematic review by the Corporate Governance Subcommittee of SSgA’s Investment Committee.

As an active shareholder, FM’s role is to ensure that corporate policies serve the best interests of the corporation’s investor-owners. Though we do not seek involvement in the day-to-day operations of an organization, we recognize the need for conscientious oversight of and input into management decisions that may affect a company’s value. To that end, our monitoring of corporate management and industry events is substantially more detailed than that of the typical voter. We have demonstrated our willingness to vote against management-sponsored initiatives and to support shareholder proposals when appropriate. To date we have not filed proposals or initiated letter-writing or other campaigns, but have used our active participation in the corporate governance process — especially the proxy voting process — as the most effective means by which to communicate our and our clients’ legitimate shareholder concerns. Should an issue arise in conjunction with a specific corporation that cannot be satisfactorily resolved through these means, we shall consider other approaches.

Through the consistent, conscientious execution of our responsibilities as both fiduciary and shareholder, FM is able to promote the best interests of its fellow shareholders and its clients. The SSgA Funds Management, Inc. Proxy Voting Policy provides for this active, informed participation in the management of those corporations in which we hold shares.

POTENTIAL CONFLICTS

As discussed above under Process, from time to time, FM will review a proxy which presents a potential material conflict. For example, FM or its affiliates may provide services to a company whose management is soliciting proxies, or to another entity which is a proponent of a particular proxy proposal. Another example could arise when FM has business or other relationships with participants involved in proxy contests, such as a candidate for a corporate directorship.

As a fiduciary to its clients, FM takes these potential conflicts very seriously. While FM’s only goal in addressing any such potential conflict is to ensure that proxy votes are cast in the clients’ best interests and are not affected by FM’s potential conflict, there are a number of courses FM may take. The final decision as to which course to follow shall be made by the Investment Committee.

When the matter falls clearly within one of the proposals enumerated above, casting a vote which simply follows FM’s pre-determined policy would eliminate FM’s discretion on the particular issue and hence avoid the conflict.

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In other cases, where the matter presents a potential material conflict and is not clearly within one of the enumerated proposals, or is of such a nature that FM believes more active involvement is necessary, the Chairman of the Investment Committee shall present the proxy to the Investment Committee, who will follow one of two courses of action. First, FM may employ the services of a third party, wholly independent of FM, its affiliates and those parties involved in the proxy issue, to determine the appropriate vote.

Second, in certain situations the Investment Committee may determine that the employment of a third party is unfeasible, impractical or unnecessary. In such situations, the Investment Committee shall make a decision as to the voting of the proxy. The basis for the voting decision, including the basis for the determination that the decision is in the best interests of FM’s clients, shall be formalized in writing as a part of the minutes to the Investment Committee. As stated above, which action is appropriate in any given scenario would be the decision of the Investment Committee in carrying out its duty to ensure that the proxies are voted in the clients’, and not FM’s, best interests.

RECORDKEEPING

In accordance with applicable law, FM shall retain the following documents for not less than five years from the end of the year in which the proxies were voted, the first two years in FM’s office:

FM’s Proxy Voting Policy and any additional procedures created pursuant to such Policy;

a copy of each proxy statement FM receives regarding securities held by its clients (note: this requirement may be satisfied by a third party who has agreed in writing to do so or by obtaining a copy of the proxy statement from the EDGAR database);

a record of each vote cast by FM (note: this requirement may be satisfied by a third party who has agreed in writing to do so);

a copy of any document created by FM that was material in making its voting decision or that memorializes the basis for such decision; and

a copy of each written request from a client, and response to the client, for information on how FM voted the client’s proxies.

DISCLOSURE OF CLIENT VOTING INFORMATION

Any client who wishes to receive information on how its proxies were voted should contact its FM client service officer.

GABELLI ASSET MANAGEMENT INC. AND AFFILIATES

THE VOTING OF PROXIES ON BEHALF OF CLIENTS

Rules 204(4)-2 and 204-2 under the Investment Advisers Act of 1940 and Rule 30b1-4 under the Investment Company Act of 1940 require investment advisers to adopt written policies and procedures governing the voting of proxies on behalf of their clients.

These procedures will be used by GAMCO Investors, Inc., Gabelli Funds, LLC and Gabelli Advisers, Inc. (collectively, the “Advisers”) to determine how to vote proxies relating to portfolio securities held by their clients, including the procedures that the Advisers use when a vote presents a conflict between the interests of the shareholders of an investment company managed by one of the Advisers, on the one hand, and those of the Advisers; the principal underwriter; or any affiliated person of the investment company, the Advisers, or the principal underwriter. These procedures will not apply where the Advisers do not have voting discretion or where the Advisers have agreed to with a client to vote the client’s proxies in accordance with specific guidelines or procedures supplied by the client (to the extent permitted by ERISA).

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I.	PROXY VOTING COMMITTEE

The Proxy Voting Committee was originally formed in April 1989 for the purpose of formulating guidelines and reviewing proxy statements within the parameters set by the substantive proxy voting guidelines originally published by GAMCO Investors, Inc. in 1988 and updated periodically, a copy of which are appended as Exhibit A. The Committee will include representatives of Research, Administration, Legal, and the Advisers. Additional or replacement members of the Committee will be nominated by the Chairman and voted upon by the entire Committee. As of June 30, 2003, the members are:

Bruce N. Alpert, Chief Operating Officer of Gabelli Funds, LLC

Ivan Arteaga, Research Analyst

Caesar M. P. Bryan, Portfolio Manager

Stephen DeTore, Deputy General Counsel

Joshua Fenton, Director of Research

Douglas R. Jamieson, Chief Operating Officer of GAMCO

James E. McKee, General Counsel

Karyn M. Nappi, Director of Proxy Voting Services

William S. Selby, Managing Director of GAMCO

Howard F. Ward, Portfolio Manager

Peter D. Zaglio, Senior Vice President

Peter D. Zaglio currently chairs the Committee. In his absence, the Director of Research will chair the Committee. Meetings are held as needed basis to form views on the manner in which the Advisers should vote proxies on behalf of their clients.

In general, the Director of Proxy Voting Services, using the Proxy Guidelines, recommendations of Institutional Shareholder Corporate Governance Service (“ISS”), other third-party services and the analysts of Gabelli & Company, Inc., will determine how to vote on each issue. For non-controversial matters, the Director of Proxy Voting Services may vote the proxy if the vote is (1) consistent with the recommendations of the issuer’s Board of Directors and not contrary to the Proxy Guidelines; (2) consistent with the recommendations of the issuer’s Board of Directors and is a non-controversial issue not covered by the Proxy Guidelines; or (3) the vote is contrary to the recommendations of the Board of Directors but is consistent with the Proxy Guidelines. In those instances, the Director of Proxy Voting Services or the Chairman of the Committee may sign and date the proxy statement indicating how each issue will be voted.

All matters identified by the Chairman of the Committee, the Director of Proxy Voting Services or the Legal Department as controversial, taking into account the recommendations of ISS or other third party services and the analysts of Gabelli & Company, Inc., will be presented to the Proxy Voting Committee. If the Chairman of the Committee, the Director of Proxy Voting Services or the Legal Department has identified the matter as one that (1) is controversial; (2) would benefit from deliberation by the Proxy Voting Committee; or (3) may give rise to a conflict of interest between the Advisers and their clients, the Chairman of the Committee will initially determine what vote to recommend that the Advisers should cast and the matter will go before the Committee.

For matters submitted to the Committee, each member of the Committee will receive, prior to the meeting, a copy of the proxy statement, any relevant third party research, a summary of any views provided by the Chief Investment Officer and any recommendations by Gabelli & Company, Inc. analysts. The Chief Investment Officer or the Gabelli & Company, Inc. analysts may be invited to present their viewpoints. If

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the Legal Department believes that the matter before the committee is one with respect to which a conflict of interest may exist between the Advisers and their clients, counsel will provide an opinion to the Committee concerning the conflict. If the matter is one in which the interests of the clients of one or more of Advisers may diverge, counsel will so advise and the Committee may make different recommendations as to different clients. For any matters where the recommendation may trigger appraisal rights, counsel will provide an opinion concerning the likely risks and merits of such an appraisal action.

Each matter submitted to the Committee will be determined by the vote of a majority of the members present at the meeting. Should the vote concerning one or more recommendations be tied in a vote of the Committee, the Chairman of the Committee will cast the deciding vote. The Committee will notify the proxy department of its decisions and the proxies will be voted accordingly.

Although the Proxy Guidelines express the normal preferences for the voting of any shares not covered by a contrary investment guideline provided by the client, the Committee is not bound by the preferences set forth in the Proxy Guidelines and will review each matter on its own merits. Written minutes of all Proxy Voting Committee meetings will be maintained. The Advisers subscribe to ISS, which supplies current information on companies, matters being voted on, regulations, trends in proxy voting and information on corporate governance issues.

If the vote cast either by the analyst or as a result of the deliberations of the Proxy Voting Committee runs contrary to the recommendation of the Board of Directors of the issuer, the matter will be referred to legal counsel to determine whether an amendment to the most recently filed Schedule 13D is appropriate.

II.

SOCIAL ISSUES AND OTHER CLIENT GUIDELINES

If a client has provided special instructions relating to the voting of proxies, they should be noted in the client’s account file and forwarded to the proxy department. This is the responsibility of the investment professional or sales assistant for the client. In accordance with Department of Labor guidelines, the Advisers’ policy is to vote on behalf of ERISA accounts in the best interest of the plan participants with regard to social issues that carry an economic impact. Where an account is not governed by ERISA, the Advisers will vote shares held on behalf of the client in a manner consistent with any individual investment/voting guidelines provided by the client. Otherwise the Advisers will abstain with respect to those shares.

III.

CLIENT RETENTION OF VOTING RIGHTS

If a client chooses to retain the right to vote proxies or if there is any change in voting authority, the following should be notified by the investment professional or sales assistant for the client.

•

Operations

•

Legal Department

•

Proxy Department

•

Investment professional assigned to the account

In the event that the Board of Directors (or a Committee thereof) of one or more of the investment companies managed by one of the Advisers has retained direct voting control over any security, the Proxy Voting Department will provide each Board Member (or Committee member) with a copy of the proxy statement together with any other relevant information including recommendations of ISS or other third-party services.

IV.

VOTING RECORDS

The Proxy Voting Department will retain a record of matters voted upon by the Advisers for their clients. The Advisers’ staff may request proxy-voting records for use in presentations to current or prospective clients. Requests for proxy voting records should be made at least ten days prior to client meetings.

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If a client wishes to receive a proxy voting record on a quarterly, semi-annual or annual basis, please notify the Proxy Voting Department. The reports will be available for mailing approximately ten days after the quarter end of the period. First quarter reports may be delayed since the end of the quarter falls during the height of the proxy season.

A letter is sent to the custodians for all clients for which the Advisers have voting responsibility instructing them to forward all proxy materials to:

[Adviser name]

Attn: Proxy Voting Department

One Corporate Center

Rye, New York 10580-1433

The sales assistant sends the letters to the custodians along with the trading/DTC instructions. Proxy voting records will be retained in compliance with Rule 204-2 under the Investment Advisers Act.

V.	VOTING PROCEDURES

Custodian banks, outside brokerage firms and Wexford Clearing Services Corporation are responsible for forwarding proxies directly to GAMCO. Proxies are received in one of two forms:

•

Shareholder Vote Authorization Forms (VAFs) — Issued by ADP. VAFs must be voted through the issuing institution causing a time lag. ADP is an outside service contracted by the various institutions to issue proxy materials.

•

Proxy cards which may be voted directly.

Upon receipt of the proxy, the number of shares each form represents is logged into the proxy system according to security.

In the case of a discrepancy such as an incorrect number of shares, an improperly signed or dated card, wrong class of security, etc., the issuing custodian is notified by phone. A corrected proxy is requested. Any arrangements are made to insure that a proper proxy is received in time to be voted (overnight delivery, fax, etc.). When securities are out on loan on record date, the custodian is requested to supply written verification.

Upon receipt of instructions from the proxy committee (see Administrative), the votes are cast and recorded for each account on an individual basis.

Since January 1, 1992, records have been maintained on the Proxy Edge system. The system is backed up regularly. From 1990 through 1991, records were maintained on the PROXY VOTER system and in hardcopy format. Prior to 1990, records were maintained on diskette and in hardcopy format.

PROXY EDGE records include:

Security Name and Cusip Number

Date and Type of Meeting (Annual, Special, Contest)

Client Name

Adviser or Fund Account Number

Directors’ Recommendation

How GAMCO voted for the client on each issue

The rationale for the vote when it appropriate

Records prior to the institution of the PROXY EDGE system include:

Security name

Type of Meeting (Annual, Special, Contest)

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Date of Meeting

Name of Custodian

Name of Client

Custodian Account Number

Adviser or Fund Account Number

Directors’ recommendation

How the Adviser voted for the client on each issue

Date the proxy statement was received and by whom

Name of person posting the vote

Date and method by which the vote was cast

•

From these records individual client proxy voting records are compiled. It is our policy to provide institutional clients with a proxy voting record during client reviews. In addition, we will supply a proxy voting record at the request of the client on a quarterly, semi-annual or annual basis.

VAFs are kept alphabetically by security. Records for the current proxy season are located in the Proxy Voting Department office. In preparation for the upcoming season, files are transferred to an offsite storage facility during January/February.

Shareholder Vote Authorization Forms issued by ADP are always sent directly to a specific individual at ADP.

If a proxy card or VAF is received too late to be voted in the conventional matter, every attempt is made to vote on one of the following manners:

•

VAFs can be faxed to ADP up until the time of the meeting. This is followed up by mailing the original form.

•

When a solicitor has been retained, the solicitor is called. At the solicitor’s direction, the proxy is faxed.

In the case of a proxy contest, records are maintained for each opposing entity.

Voting in Person

At times it may be necessary to vote the shares in person. In this case, a “legal proxy” is obtained in the following manner:

•

Banks and brokerage firms using the services at ADP:

The back of the VAF is stamped indicating that we wish to vote in person. The forms are then sent overnight to ADP. ADP issues individual legal proxies and sends them back via overnight (or the Adviser can pay messenger charges). A lead-time of at least two weeks prior to the meeting is needed to do this. Alternatively, the procedures detailed below for banks not using ADP may be implemented.

•

Banks and brokerage firms issuing proxies directly:

The bank is called and/or faxed and a legal proxy is requested.

All legal proxies should appoint:

“REPRESENTATIVE OF [ADVISER NAME] WITH FULL POWER OF SUBSTITUTION.”

The legal proxies are given to the person attending the meeting along with the following supplemental material:

•

A limited Power of Attorney appointing the attendee an Adviser representative.

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•

A list of all shares being voted by custodian only. Client names and account numbers are not included. This list must be presented, along with the proxies, to the Inspectors of Elections and/or tabulator at least one-half hour prior to the scheduled start of the meeting. The tabulator must “qualify” the votes (i.e. determine if the vote have previously been cast, if the votes have been rescinded, etc. vote have previously been cast, etc.).

•

A sample ERISA and Individual contract.

•

A sample of the annual authorization to vote proxies form.

A copy of our most recent Schedule 13D filing (if applicable).

PACIFIC INVESTMENT MANAGEMENT COMPANY LLC

PROXY VOTING POLICIES AND PROCEDURES

The following are general proxy voting policies and procedures (“Policies and Procedures”) adopted by Pacific Investment Management Company LLC (“PIMCO”), an investment adviser registered under the Investment Advisers Act of 1940, as amended (“Advisers Act”).² PIMCO serves as the investment adviser to a wide range of domestic and international clients, including investment companies registered under the Investment Company Act of 1940, as amended (“1940 Act”) and separate investment accounts for other clients.³ These Policies and Procedures are adopted to ensure compliance with Rule 206(4)-6 under the Advisers Act, other applicable fiduciary obligations of PIMCO and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) and interpretations of its staff. In addition to SEC requirements governing advisers, PIMCO’s Policies and Procedures reflect the long-standing fiduciary standards and responsibilities applicable to investment advisers with respect to accounts subject to the Employee Retirement Income Security Act of 1974 (“ERISA”), as set forth in the Department of Labor’s rules and regulations.⁴

PIMCO will implement these Policies and Procedures for each of its respective clients as required under applicable law, unless expressly directed by a client in writing to refrain from voting that client’s proxies. PIMCO’s authority to vote proxies on behalf of its clients is established by its advisory contracts, comparable documents or by an overall delegation of discretionary authority over its client’s assets. Recognizing that proxy voting is a rare event in the realm of fixed income investing and is typically limited to solicitation of consent to changes in features of debt securities, these Policies and Procedures also apply to any voting rights and/or consent rights of PIMCO, on behalf of its clients, with respect to debt securities, including but not limited to, plans of reorganization, and waivers and consents under applicable indentures.⁵

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²	These Policies and Procedures are adopted by PIMCO pursuant to Rule206(4)-6 under the Advisers Act, effective August 6, 2003. SEE PROXY VOTING BY INVESTMENT ADVISERS, IA Release No. 2106 (January 31, 2003).

³	These Policies and Procedures address proxy voting considerations under U.S. law and regulations and do not address the laws or requirements of other jurisdictions.

⁴

Department of Labor Bulletin 94-2, 29 C.F.R. 2509.94-2 (July 29, 1994). If a client is subject to ERISA, PIMCO will be responsible for voting proxies with respect to the client’s account, unless the client has expressly retained the right and obligation to vote the proxies, and provided prior written notice to PIMCO of this retention.

⁵	For purposes of these Policies and Procedures, proxy voting includes any voting rights, consent rights or other voting authority of PIMCO on behalf of its clients. 5 Any committee must be comprised of personnel who have no direct interest in the outcome of the potential conflict.

Set forth below are PIMCO’s Policies and Procedures with respect to any voting or consent rights of advisory clients over which PIMCO has discretionary voting authority. These Policies and Procedures may be revised from time to time.

GENERAL STATEMENTS OF POLICY

These Policies and Procedures are designed and implemented in a manner reasonably expected to ensure that voting and consent rights are exercised in the best interests of PIMCO’s clients. Each proxy is voted on a case-by-case basis taking into consideration any relevant contractual obligations as well as other relevant facts and circumstances.

PIMCO may abstain from voting a client proxy under the following circumstances:

(1) when the economic effect on shareholders’ interests or the value of the portfolio holding is indeterminable or insignificant; or (2) when the cost of voting the proxies outweighs the benefits.

CONFLICTS OF INTEREST

PIMCO seeks to resolve any material conflicts of interest by voting in good faith in the best interest of its clients. If a material conflict of interest should arise, PIMCO will seek to resolve such conflict in the client’s best interest by pursuing any one of the following courses of action.

convening an ad-hoc committee to assess and resolve the conflict;⁶

voting in accordance with the instructions/consent of a client after providing notice of and disclosing the conflict to that client;

voting the proxy in accordance with the recommendation of an independent third party service provider;

suggesting that the client engage another party to determine how the proxies should be voted;

delegating the vote to an independent third-party service provider; or

voting in accordance with the factors discussed in these Policies and Procedures.

PIMCO will document the process of resolving any identified material conflict of interest.

REPORTING REQUIREMENTS AND THE AVAILABILITY OF PROXY VOTING RECORDS

Except to the extent required by applicable law or otherwise approved by PIMCO, PIMCO will not disclose to third parties how it voted a proxy on behalf of a client. However, upon request from an appropriately authorized individual, PIMCO will disclose to its clients or the entity delegating the voting authority to PIMCO for such clients (e.g., trustees or consultants retained by the client), how PIMCO voted such client’s proxy. In addition, PIMCO provides its clients with a copy of these Policies and Procedures or a concise summary of these Policies and Procedures: (i) in Part II of Form ADV; (ii) together with a periodic account statement in a separate mailing; or (iii) any other means as determined by PIMCO. The summary will state that these Policies and Procedures are available upon request and will inform clients that information about how PIMCO voted that client’s proxies is available upon request.

PIMCO RECORD KEEPING

PIMCO or its agent maintains proxy voting records as required by Rule 204-2(c) of the Advisers Act. These records include: (1) a copy of all proxy voting policies and procedures; (2) proxy statements (or other disclosures accompanying requests for client consent) received regarding client securities (which may

⁶	Any committee must be comprised of personnel who have no direct interest in the outcome of the potential conflict.

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be satisfied by relying on obtaining a copy of a proxy statement from the SEC’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system or a third party provided that the third party undertakes to provide a copy promptly upon request); (3) a record of each vote cast by PIMCO on behalf of a client; (4) a copy of any document created by PIMCO that was material to making a decision on how to vote proxies on behalf of a client or that memorializes the basis for that decision; and (5) a copy of each written client request for proxy voting records and any written response from PIMCO to any (written or oral) client request for such records. Additionally, PIMCO or its agent maintains any documentation related to an identified material conflict of interest.

Proxy voting books and records are maintained by PIMCO or its agent in an easily accessible place for a period of five years from the end of the fiscal year during which the last entry was made on such record, the first two years in the offices of PIMCO or its agent.

REVIEW AND OVERSIGHT

PIMCO’s proxy voting procedures are described below. PIMCO’s Compliance Group will provide for the supervision and periodic review, no less than on a quarterly basis, of its proxy voting activities and the implementation of these Policies and Procedures.

Because PIMCO has contracted with State Street Investment Manager Solutions, LLC (“IMS West”) to perform portfolio accounting, securities processing and settlement processing on behalf of PIMCO, certain of the following procedures involve IMS West in administering and implementing the proxy voting process. IMS West will review and monitor the proxy voting process to ensure that proxies are voted on a timely basis.

1.	TRANSMIT PROXY TO PIMCO. IMS West will forward to PIMCO’s Middle Office Group each proxy received from registered owners of record (e.g., custodian bank or other third party service providers).

CONFLICTS OF INTEREST. PIMCO’s Middle Office Group will review each proxy to determine whether there may be a material conflict between PIMCO and its client. As part of this review, the group will determine whether the issuer of the security or proponent of the proposal is a client of PIMCO, or if a client has actively solicited PIMCO to support a particular position. If no conflict exists, this group will forward each proxy to the appropriate portfolio manager for consideration. However, if a conflict does exist, PIMCO’s Middle Office Group will seek to resolve any such conflict in accordance with these Policies and Procedures.

3.	VOTE. The portfolio manager will review the information, will vote the proxy in accordance with these Policies and Procedures and will return the voted proxy to PIMCO’s Middle Office Group.

4.	REVIEW. PIMCO’s Middle Office Group will review each proxy that was submitted to and completed by the appropriate portfolio manager. PIMCO’s Middle Office Group will forward the voted proxy back to IMS West with the portfolio manager’s decision as to how it should be voted.

TRANSMITTAL TO THIRD PARTIES. IMS West will document the portfolio manager’s decision for each proxy received from PIMCO’s Middle Office Group in a format designated by the custodian bank or other third party service provider. IMS West will maintain a log of all corporate actions, including proxy voting, which indicates, among other things, the date the notice was received and verified, PIMCO’s response, the date and time the custodian bank or other third party service provider was notified, the expiration date and any action taken.

INFORMATION BARRIERS. Certain entities controlling, controlled by, or under common control with PIMCO (“Affiliates”) may be engaged in banking, investment advisory, broker dealer and investment banking activities. PIMCO personnel and PIMCO’s agents are prohibited from disclosing information regarding PIMCO’s voting intentions to any Affiliate. Any PIMCO personnel involved in the proxy voting process who are contacted by an Affiliate regarding the manner in which PIMCO or its delegate intend to vote on a specific issue must terminate the contact and notify the Compliance Group immediately.

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CATEGORIES OF PROXY VOTING ISSUES

In general, PIMCO reviews and considers corporate governance issues related to proxy matters and generally supports proposals that foster good corporate governance practices. PIMCO considers each proposal on a case-by-case basis, taking into consideration various factors and all relevant facts and circumstances at the time of the vote. PIMCO may vote proxies as recommended by management on routine matters related to the operation of the issuer and on matters not expected to have a significant economic impact on the issuer and/or shareholders, because PIMCO believes the recommendations by the issuer generally are in shareholders’ best interests, and therefore in the best economic interest of PIMCO’s clients. The following is a non-exhaustive list of issues that may be included in proxy materials submitted to clients of PIMCO, and a non-exhaustive list of factors that PIMCO may consider in determining how to vote the client’s proxies.

BOARD OF DIRECTORS

INDEPENDENCE. PIMCO may consider the following factors when voting on director independence issues: (i) majority requirements for the board and the audit, nominating, compensation and/or other board committees; and (ii) whether the issuer adheres to and/or is subject to legal and regulatory requirements.

DIRECTOR TENURE AND RETIREMENT. PIMCO may consider the following factors when voting on limiting the term of outside directors: (i) the introduction of new viewpoints on the board; (ii) a reasonable retirement age for the outside directors; and (iii) the impact on the board’s stability and continuity.

NOMINATIONS IN ELECTIONS. PIMCO may consider the following factors when voting on uncontested elections: (i) composition of the board; (ii) nominee availability and attendance at meetings; (iii) any investment made by the nominee in the issuer; and (iv) long-term corporate performance and the price of the issuer’s securities.

SEPARATION OF CHAIRMAN AND CEO POSITIONS. PIMCO may consider the following factors when voting on proposals requiring that the positions of chairman of the board and the chief executive officer not be filled by the same person: (i) any potential conflict of interest with respect to the board’s ability to review and oversee management’s actions; and (ii) any potential effect on the issuer’s productivity and efficiency.

D&O INDEMNIFICATION AND LIABILITY PROTECTION. PIMCO may consider the following factors when voting on proposals that include director and officer indemnification and liability protection: (i) indemnifying directors for conduct in the normal course of business; (ii) limiting liability for monetary damages for violating the duty of care; (iii) expanding coverage beyond legal expenses to acts that represent more serious violations of fiduciary obligation than carelessness (e.g. negligence); and (iv) providing expanded coverage in cases where a director’s legal defense was unsuccessful if the director was found to have acted in good faith and in a manner that he or she reasonably believed was in the best interests of the company.

STOCK OWNERSHIP. PIMCO may consider the following factors when voting on proposals on mandatory share ownership requirements for directors: (i) the benefits of additional vested interest in the issuer’s stock; (ii) the ability of a director to fulfill his duties to the issuer regardless of the extent of his stock ownership; and (iii) the impact of limiting the number of persons qualified to be directors.

PROXY CONTESTS AND PROXY CONTEST DEFENSES

1.	CONTESTED DIRECTOR NOMINATIONS. PIMCO may consider the following factors when voting on proposals for director nominees in a contested election: (i) background and reason for the proxy contest; (ii) qualifications of the director nominees; (iii) management’s track record; (iv) the

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issuer’s long-term financial performance within its industry; (v) assessment of what each side is offering shareholders; (vi) the likelihood that the proposed objectives and goals can be met; and (vii) stock ownership positions of the director nominees.

REIMBURSEMENT FOR PROXY SOLICITATION EXPENSES. PIMCO may consider the following factors when voting on reimbursement for proxy solicitation expenses: (i) identity of the persons who will pay the expenses; (ii) estimated total cost of solicitation; (iii) total expenditures to date; (iv) fees to be paid to proxy solicitation firms; and (v) when applicable, terms of a proxy contest settlement.

3.	ABILITY TO ALTER THE SIZE OF THE BOARD BY SHAREHOLDERS. PIMCO may consider whether the proposal seeks to fix the size of the board and/or require shareholder approval to alter the size of the board.

4.	ABILITY TO REMOVE DIRECTORS BY SHAREHOLDERS. PIMCO may consider whether the proposal allows shareholders to remove directors with or without cause and/or allow shareholders to elect directors and fill board vacancies.

CUMULATIVE VOTING. PIMCO may consider the following factors when voting on cumulative voting proposals: (i) the ability of significant stockholders to elect a director of their choosing; (ii) the ability of minority shareholders to concentrate their support in favor of a director(s) of their choosing; and (iii) any potential limitation placed on the director’s ability to work for all shareholders.

SUPERMAJORITY SHAREHOLDER REQUIREMENTS. PIMCO may consider all relevant factors, including but not limited to limiting the ability of shareholders to effect change when voting on supermajority requirements to approve an issuer’s charter or bylaws, or to approve a merger or other significant business combination that would require a level of voting approval in excess of a simple majority.

TENDER OFFER DEFENSES

1.	CLASSIFIED BOARDS. PIMCO may consider the following factors when voting on classified boards: (i) providing continuity to the issuer; (ii) promoting long-term planning for the issuer; and (iii) guarding against unsolicited takeovers.

POISON PILLS. PIMCO may consider the following factors when voting on poison pills: (i) supporting proposals to require a shareholder vote on other shareholder rights plans; (ii) ratifying or redeeming a poison pill in the interest of protecting the value of the issuer; and (iii) other alternatives to prevent a takeover at a price clearly below the true value of the issuer.

FAIR PRICE PROVISIONS. PIMCO may consider the following factors when voting on proposals with respect to fair price provisions: (i) the vote required to approve the proposed acquisition; (ii) the vote required to repeal the fair price provision; (iii) the mechanism for determining fair price; and (iv) whether these provisions are bundled with other anti-takeover measures (e.g., supermajority voting requirements) that may entrench management and discourage attractive tender offers.

CAPITAL STRUCTURE

STOCK AUTHORIZATIONS. PIMCO may consider the following factors to help distinguish between legitimate proposals to authorize increases in common stock for expansion and other corporate purchases and those proposals designed primarily as an anti-takeover device: (i) the purpose and need for the stock increase; (ii) the percentage increase with respect to the authorization currently in place; (iii) voting rights of the stock; and (iv) overall capitalization structure of the issuer.

2.	ISSUANCE OF PREFERRED STOCK. PIMCO may consider the following factors when voting on the issuance of preferred stock: (i) whether the new class of preferred stock has unspecified voting, conversion, dividend distribution, and other rights; (ii) whether the issuer expressly states that the

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stock will not be used as a takeover defense or carry superior voting rights; (iii) whether the issuer specifies the voting, dividend, conversion, and other rights of such stock and the terms of the preferred stock appear reasonable; and (iv) whether the stated purpose is to raise capital or make acquisitions in the normal course of business.

3.	STOCK SPLITS. PIMCO may consider the following factors when voting on stock splits: (i) the percentage increase in the number of shares with respect to the issuer’s existing authorized shares; and (ii) the industry that the issuer is in and the issuer’s performance in that industry.

4.	REVERSED STOCK SPLITS. PIMCO may consider the following factors when voting on reverse stock splits: (i) the percentage increase in the shares with respect to the issuer’s existing authorized stock; and (ii) issues related to delisting the issuer’s stock.

EXECUTIVE AND DIRECTOR COMPENSATION

STOCK OPTION PLANS. PIMCO may consider the following factors when voting on stock option plans: (i) whether the stock option plan expressly permits the repricing of options; (ii) whether the plan could result in earnings dilution of greater than a specified percentage of shares outstanding; (iii) whether the plan has an option exercise price below the market price on the day of the grant; (iv) whether the proposal relates to an amendment to extend the term of options for persons leaving the firm voluntarily or for cause; and (v) whether the stock option plan has certain other embedded features.

DIRECTOR COMPENSATION. PIMCO may consider the following factors when voting on director compensation: (i) whether director shares are at the same market risk as those of the issuer’s shareholders; and (ii) how stock option programs for outside directors compare with the standards of internal stock option programs.

3.	GOLDEN AND TIN PARACHUTES. PIMCO may consider the following factors when voting on golden and/or tin parachutes: (i) whether they will be submitted for shareholder approval; and (ii) the employees covered by the plan and the quality of management.

STATE OF INCORPORATION

STATE TAKEOVER STATUTES. PIMCO may consider the following factors when voting on proposals to opt out of a state takeover statute: (i) the power the statute vests with the issuer’s board; (ii) the potential of the statute to stifle bids; and (iii) the potential for the statute to empower the board to negotiate a better deal for shareholders.

MERGERS AND RESTRUCTURINGS

MERGERS AND ACQUISITIONS. PIMCO may consider the following factors when voting on a merger and/or acquisition: (i) anticipated financial and operating benefits as a result of the merger or acquisition; (ii) offer price; (iii) prospects of the combined companies; (iv) how the deal was negotiated; and (v) changes in corporate governance and the potential impact on shareholder rights. PIMCO may also consider what impact the merger or acquisition may have on groups/organizations other than the issuer’s shareholders.

CORPORATE RESTRUCTURINGS. With respect to a proxy proposal that includes a spinoff, PIMCO may consider the tax and regulatory advantages, planned use of sale proceeds, market focus, and managerial incentives. With respect to a proxy proposal that includes an asset sale, PIMCO may consider the impact on the balance sheet or working capital and the value received for the asset. With respect to a proxy proposal that includes a liquidation, PIMCO may consider management’s efforts to pursue alternatives, the appraisal value of assets, and the compensation plan for executives managing the liquidation.

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INVESTMENT COMPANY PROXIES

For a client that is invested in an investment company, PIMCO votes each proxy of the investment company on a case-by-case basis and takes all reasonable steps to ensure that proxies are voted consistent with all applicable investment policies of the client and in accordance with any resolutions or other instructions approved by authorized persons of the client. For a client that is invested in an investment company that is advised by PIMCO or its affiliates, if there is a conflict of interest which may be presented when voting for the client (e.g., a proposal to approve a contract between PIMCO and the investment company), PIMCO will resolve the conflict by doing any one of the following: (i) voting in accordance with the instructions/consent of the client after providing notice of and disclosing the conflict to that client; (ii) voting the proxy in accordance with the recommendation of an independent third party service provider; or (iii) delegating the vote to an independent third-party service provider.

ELECTION OF DIRECTORS OR TRUSTEES. PIMCO may consider the following factors when voting on the director or trustee nominees of a mutual fund: (i) board structure, director independence and qualifications, and compensation paid by the fund and the family of funds; (ii) availability and attendance at board and committee meetings; (iii) investments made by the nominees in the fund; and (iv) the fund’s performance.

CONVERTING CLOSED-END FUND TO OPEN-END FUND. PIMCO may consider the following factors when voting on converting a closed-end fund to an open-end fund: (i) past performance as a closed-end fund; (ii) the market in which the fund invests; (iii) measures taken by the board to address any discount of the fund’s shares; (iv) past shareholder activism; (v) board activity; and (vi) votes on related proposals.

3.	PROXY CONTESTS. PIMCO may consider the following factors related to a proxy contest: (i) past performance of the fund; (ii) the market in which the fund invests; (iii) measures taken by the board to address past shareholder activism; (iv) board activity; and (v) votes on related proposals.

INVESTMENT ADVISORY AGREEMENTS. PIMCO may consider the following factors related to approval of an investment advisory agreement: (i) proposed and current fee arrangements/schedules; (ii) fund category/investment objective; (iii) performance benchmarks; (iv) share price performance as compared with peers; and (v) the magnitude of any fee increase and the reasons for such fee increase.

POLICIES ESTABLISHED IN ACCORDANCE WITH THE 1940 ACT. PIMCO may consider the following factors: (i) the extent to which the proposed changes fundamentally alter the investment focus of the fund and comply with SEC interpretation; (ii) potential competitiveness; (iii) regulatory developments; and (iv) current and potential returns and risks.

CHANGING A FUNDAMENTAL RESTRICTION TO A NON-FUNDAMENTAL RESTRICTION. PIMCO may consider the following when voting on a proposal to change a fundamental restriction to a non-fundamental restriction: (i) reasons given by the board and management for the change; and (ii) the projected impact of the change on the fund’s portfolio.

DISTRIBUTION AGREEMENTS. PIMCO may consider the following when voting on a proposal to approve a distribution agreement: (i) fees charged to comparably sized funds with similar investment objectives; (ii) the distributor’s reputation and past performance; and (iii) competitiveness of the fund among other similar funds in the industry.

NAMES RULE PROPOSALS. PIMCO may consider the following factors when voting on a proposal to change a fund name, consistent with Rule 35d-1 of the 1940 Act: (i) whether the fund invests a minimum of 80% of its assets in the type of investments suggested by the proposed name; (ii) the political and economic changes in the target market; and (iii) current asset composition.

9.	DISPOSITION OF ASSETS/TERMINATION/LIQUIDATION. PIMCO may consider the following when voting on a proposal to dispose of fund assets, terminate, or liquidate the fund: (i) strategies employed to salvage the fund; (ii) the fund’s past performance; and (iii) the terms of the liquidation.

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10.	CHANGES TO CHARTER DOCUMENTS. PIMCO may consider the following when voting on a proposal to change a fund’s charter documents: (i) degree of change implied by the proposal; (ii) efficiencies that could result; (iii) state of incorporation; and (iv) regulatory standards and implications.

11.	CHANGING THE DOMICILE OF A FUND. PIMCO may consider the following when voting on a proposal to change the domicile of a fund: (i) regulations of both states; (ii) required fundamental policies of both states; and (iii) the increased flexibility available.

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CHANGE IN FUND’S SUBCLASSIFICATION. PIMCO may consider the following when voting on a change in a fund’s sub classification from diversified to non-diversified or to permit concentration in an industry: (i) potential competitiveness; (ii) current and potential returns; (iii) risk of concentration; and (iv) consolidation in the target industry.

DISTRESSED AND DEFAULTED SECURITIES

WAIVERS AND CONSENTS. PIMCO may consider the following when determining whether to support a waiver or consent to changes in provisions of indentures governing debt securities which are held on behalf of clients: (i) likelihood that the granting of such waiver or consent will potentially increase recovery to clients; (ii) potential for avoiding cross-defaults under other agreements; and (iii) likelihood that deferral of default will give the obligor an opportunity to improve its business operations.

VOTING ON CHAPTER 11 PLANS OF LIQUIDATION OR REORGANIZATION. PIMCO may consider the following when determining whether to vote for or against a Chapter 11 plan in a case pending with respect to an obligor under debt securities which are held on behalf of clients: (i) other alternatives to the proposed plan; (ii) whether clients are treated appropriately and in accordance with applicable law with respect to their distributions; (iii) whether the vote is likely to increase or decrease recoveries to clients.

MISCELLANEOUS PROVISIONS

SUCH OTHER BUSINESS. Proxy ballots sometimes contain a proposal granting the board authority to “transact such other business as may properly come before the meeting.” PIMCO may consider the following factors when developing a position on proxy ballots that contain a proposal granting the board authority to “transact such other business as may properly come before the meeting”: (i) whether the board is limited in what actions it may legally take within such authority; and (ii) PIMCO’s responsibility to consider actions before supporting them.

EQUAL ACCESS. PIMCO may consider the following factors when voting on equal access: (i) the opportunity for significant company shareholders to evaluate and propose voting recommendations on proxy proposals and director nominees, and to nominate candidates to the board; and (ii) the added complexity and burden of providing shareholders with access to proxy materials.

3.	CHARITABLE CONTRIBUTIONS. PIMCO may consider the following factors when voting on charitable contributions: (i) the potential benefits to shareholders; and (ii) the potential impact on the issuer’s resources that could have been used to increase shareholder value.

SPECIAL INTEREST ISSUES. PIMCO may consider the following factors when voting on special interest issues: (i) the long-term benefit to shareholders of promoting corporate accountability and responsibility on social issues; (ii) management’s responsibility with respect to special interest issues; (iii) any economic costs and restrictions on management; (iv) a client’s instruction to vote proxies in a specific manner and/or in a manner different from these Policies and Procedures; and (v) the responsibility to vote proxies for the greatest long-term shareholder value.

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UBS Global Asset Management

Global Voting and Corporate Governance Guidelines and Policy

Version 2.0

GLOBAL VOTING AND CORPORATE GOVERNANCE POLICY

Our philosophy, guidelines and policy are based on our active investment style and structure whereby we have detailed knowledge of the investments we make on behalf of our clients and therefore are in a position to judge what is in the best interests of our clients as shareholders. We believe voting rights have economic value and must be treated accordingly. Proxy votes that impact the economic value of client investments involve the exercise of fiduciary responsibility. Good corporate governance should, in the long term, lead toward both better corporate performance and improved shareholder value. Thus, we expect board members of companies we have invested in (the “company” or “companies”) to act in the service of the shareholders, view themselves as stewards of the financial assets of the company, exercise good judgment and practice diligent oversight with the management of the company. Underlying our voting and corporate governance policies we have three fundamental objectives:

We seek to act in the best financial interests of our clients to protect and enhance the long-term value of their investments.

In order to do this effectively, we aim to utilize the full weight of our clients’ shareholdings in making our views felt.

As investors, we have a strong commercial interest in ensuring that the companies in which we invest are successful. We actively pursue this interest by promoting best practice in the boardroom.

To achieve these objectives, we have implemented this Policy, which we believe is reasonably designed to guide our exercise of voting rights and the taking of other appropriate actions, within our ability, and to support and encourage sound corporate governance practice. This Policy is being implemented globally to harmonize our philosophies across UBS Global Asset Management offices worldwide and thereby maximize our ability to influence the companies we invest in. However, this Policy is also supplemented by the UBS Global Asset Management Local Proxy and Corporate Governance Guidelines to permit individual regions or countries within UBS Global Asset Management the flexibility to vote or take other actions consistent with their local laws or standards where necessary.

A. GENERAL CORPORATE GOVERNANCE BENCHMARKS

UBS Global Asset Management will evaluate issues that may have an impact on the economic value of client investments during the time period it expects to hold the investment. While there is no absolute set of rules that determine appropriate governance under all circumstances and no set of rules will guarantee ethical behavior, there are certain benchmarks, which, if substantial progress is made toward, give evidence of good corporate governance. Therefore, we will generally exercise voting rights on behalf of clients in accordance with this policy.

Principle

1: Independence of Board from Company Management

Guidelines:

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Board exercises judgment independently of management.

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Separate Chairman and Chief Executive.

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Board has access to senior management members.

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Board is comprised of a significant number of independent outsiders.


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Outside directors meet independently.

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CEO performance standards are in place.

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CEO performance is reviewed annually by the full board.

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CEO succession plan is in place.

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Board involvement in ratifying major strategic initiatives.

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Compensation, audit and nominating committees are led by a majority of outside directors.

Principle 2: Quality of Board Membership

Guidelines:

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Board determines necessary board member skills, knowledge and experience.

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Board conducts the screening and selection process for new directors.

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Shareholders should have the ability to nominate directors.

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Directors whose present job responsibilities change are reviewed as to the appropriateness of continued directorship.

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Directors are reviewed every 3-5 years to determine appropriateness of continued directorship.

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Board meets regularly (at least four times annually).

Principle 3: Appropriate Management of Change in Control

Guidelines:

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Protocols should ensure that all bid approaches and material proposals by management are brought forward for board consideration.

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Any contracts or structures, which impose financial constraints on changes in control, should require prior shareholder approval.

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Employment contracts should not entrench management.

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Management should not receive substantial rewards when employment contracts are terminated for performance reasons.

Principle 4: Remuneration Policies are Aligned with Shareholder Interests

Guidelines:

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Executive remuneration should be commensurate with responsibilities and performance.

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Incentive schemes should align management with shareholder objectives.

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Employment policies should encourage significant shareholding by management and board members.

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Incentive rewards should be proportionate to the successful achievement of pre-determined financial targets.


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Long-term incentives should be linked to transparent long-term performance criteria.

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Dilution of shareholders’ interests by share issuance arising from egregious employee share schemes and management incentives should be limited by shareholder resolution.

Principle 5: Auditors are Independent

Guidelines:

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Auditors are approved by shareholders at the annual meeting.

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Audit, consulting and other fees to the auditor are explicitly disclosed.

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The Audit Committee should affirm the integrity of the audit has not been compromised by other services provided by the auditor firm.

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Periodic (every 5 years) tender of the audit firm or audit partner.

B. PROXY VOTING GUIDELINES — MACRO RATIONALES

Macro Rationales are used to explain why we vote on each proxy issue. The Macro Rationales reflect our guidelines enabling voting consistency between offices yet allowing for flexibility so the local office can reflect specific knowledge of the company as it relates to a proposal.

1.	GENERAL GUIDELINES

When our view of the issuer’s management is favorable, we generally support current management initiatives. When our view is that changes to the management structure would probably increase shareholder value, we may not support existing management proposals.

If management’s performance has been questionable we may abstain or vote against specific proxy proposals.

Where there is a clear conflict between management and shareholder interests, even in those cases where management has been doing a good job, we may elect to vote against management.

In general, we oppose proposals, which in our view, act to entrench management.

In some instances, even though we strongly support management, there are some corporate governance issues that, in spite of management objections, we believe should be subject to shareholder approval.

We will vote in favor of shareholder resolutions for confidential voting.

2.	BOARD OF DIRECTORS & AUDITORS

Unless our objection to management’s recommendation is strenuous, if we believe auditors to be competent and professional, we support continuity in the appointed auditing firm subject to regular review.

We generally vote for proposals that seek to fix the size of the board and/or require shareholder approval to alter the size of the board and that allow shareholders to remove directors with or without cause.

We generally vote for proposals that permit shareholders to act by written consent and/or give the right to shareholders to call a special meeting.


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We generally oppose proposals to limit or restrict shareholder ability to call special meetings.

We will vote for separation of Chairman and CEO if we believe it will lead to better company management, otherwise, we will support an outside lead director board structure.

3.	COMPENSATION

We will not try to micro-manage compensation schemes, however, we believe remuneration should not be excessive, and we will not support compensation plans that are poorly structured or otherwise egregious.

Senior management compensation should be set by independent directors according to industry standards, taking advice from benefits consultants where appropriate.

All senior management and board compensation should be disclosed within annual financial statements, including the value of fringe benefits, company pension contributions, deferred compensation and any company loans.

We may vote against a compensation or incentive program if it is not adequately tied to a company’s fundamental financial performance;, is vague;, is not in line with market practices;, allows for option re-pricing;, does not have adequate performance hurdles; or is highly dilutive.

Where company and management’s performance has been poor, we may object to the issuance of additional shares for option purposes such that management is rewarded for poor performance or further entrenches its position.

Given the increased level of responsibility and oversight required of directors, it is reasonable to expect that compensation should increase commensurably. We consider that there should be an appropriate balance between fixed and variable elements of compensation and between short and long term incentives.

4.	GOVERNANCE PROVISIONS

We believe that votes at company meetings should be determined on the basis of one share one vote. We will vote against cumulative voting proposals.

We believe that “poison pill” proposals, which dilute an issuer’s stock when triggered by particular events, such as take over bids or buy-outs, should be voted on by the shareholders and will support attempts to bring them before the shareholders.

Any substantial new share issuance should require prior shareholder approval.

We believe proposals that authorize the issuance of new stock without defined terms or conditions and are intended to thwart a take-over or restrict effective control by shareholders should be discouraged.

We will support directives to increase the independence of the board of directors when we believe that the measures will improve shareholder value.

We generally do not oppose management’s recommendation to implement a staggered board and generally support the regular re-election of directors on a rotational basis as it may provide some continuity of oversight.

We will support proposals that enable shareholders to directly nominate directors.

5.	CAPITAL STRUCTURE AND CORPORATE RESTRUCTURING

It is difficult to direct where a company should incorporate, however, in instances where a move is motivated solely to entrench management or restrict effective corporate governance, we will vote accordingly.


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In general we will oppose management initiatives to create dual classes of stock, which serves to insulate company management from shareholder opinion and action. We support shareholder proposals to eliminate dual class schemes.

6.	MERGERS, TENDER OFFERS & PROXY CONTESTS

Based on our analysis and research we will support proposals that increase shareholder value and vote against proposals that do not.

7.	SOCIAL, ENVIRONMENTAL, POLITICAL & CULTURAL

Depending on the situation, we do not typically vote to prohibit a company from doing business anywhere in the world.

There are occasional issues, we support, that encourage management to make changes or adopt more constructive policies with respect to social, environmental, political and other special interest issues, but in many cases we believe that the shareholder proposal may be too binding or restrict management’s ability to find an optimal solution. While we wish to remain sensitive to these issues, we believe there are better ways to resolve them than through a proxy proposal. We prefer to address these issues through engagement.

Unless directed by clients to vote in favor of social, environmental, political and other special interest proposals, we are generally opposed to special interest proposals that involve an economic cost to the company or that restrict the freedom of management to operate in the best interest of the company and its shareholders.

8.	ADMINISTRATIVE & OPERATIONS

Occasionally, stockholder proposals, such as asking for reports and donations to the poor, are presented in a way that appear to be honest attempts at bringing up a worthwhile issue. Nevertheless, judgment must be exercised with care, as we do not expect our shareholder companies to be charitable institutions.

We are sympathetic to shareholders who are long-term holders of a company’s stock, who desire to make concise statements about the long-term operations of the company in the proxy statement. However, because regulatory agencies do not require such actions, we may abstain unless we believe there are compelling reasons to vote for or against.

9.	MISCELLANEOUS

Where a client has given specific direction as to how to exercise voting rights on its behalf, we will vote in accordance with a client’s direction.

Where we have determined that the voting of a particular proxy is of limited benefit to clients or where the costs of voting a proxy outweigh the benefit to clients, we may abstain or choose not to vote. Among others, such costs may include the cost of translating a proxy, a requirement to vote in person at a shareholders meeting or if the process of voting restricts our ability to sell for a period of time (an opportunity cost).

For holdings managed pursuant to quantitative, index or index-like strategies, we may delegate the authority to exercise voting rights for such strategies to an independent proxy voting and research service with the direction that the votes be exercised in accordance with this Policy. If such holdings are also held in an actively managed strategy, we will exercise the voting rights for the passive holdings according to the active strategy.

In certain instances when we do not have enough information we may choose to abstain or vote against a particular proposal.


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C. PROXY VOTING DISCLOSURE GUIDELINES

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Upon request or as required by law or regulation, UBS Global Asset Management will disclose to a client or a client’s fiduciaries, the manner in which we exercised voting rights on behalf of the client.

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Upon request, we will inform a client of our intended vote. Note, however, in some cases, because of the controversial nature of a particular proxy, our intended vote may not be available until just prior to the deadline. If the request involves a conflict due to the client’s relationship with the company that has issued the proxy, the Legal and Compliance Department should be contacted immediately to ensure adherence to UBS Global AM Corporate Governance principles. (See Proxy Voting Conflict Guidelines below.)

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Other than as described herein, we will not disclose our voting intentions or make public statements to any third party (except electronically to our proxy vote processor or regulatory agencies) including but not limited to proxy solicitors, non-clients, the media, or other UBS divisions, but we may inform such parties of the provisions of our Policy. We may communicate with other shareholders regarding a specific proposal but will not disclose our voting intentions or agree to vote in concert with another shareholder without approval from the Chairman of the Global Corporate Governance Committee and regional Legal & Compliance representative.

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Any employee, officer or director of UBS Global Asset Management receiving an inquiry directly from a company will notify the appropriate industry analyst and persons responsible for voting the company’s proxies.

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Proxy solicitors and company agents will not be provided with either our votes or the number of shares we own in a particular company.

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In response to a proxy solicitor or company agent, we will acknowledge receipt of the proxy materials, inform them of our intent to vote or that we have voted, but not the result of the vote itself.

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We may inform the company (not their agent) where we have decided to vote against any material resolution at their company.

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The Chairman of the Global Corporate Governance Committee and the applicable Chair of the Local Corporate Governance Committee must approve exceptions to this disclosure policy.

Nothing in this policy should be interpreted as to prevent dialogue with the company and its advisers by the industry analyst, proxy voting delegate or other appropriate senior investment personnel when a company approaches us to discuss governance issues or resolutions they wish to include in their proxy statement.

D. PROXY VOTING CONFLICT GUIDELINES

In addition to the Proxy Voting Disclosure Guidelines above, UBS Global Asset Management has implemented the following guidelines to address conflicts of interests that arise in connection with our exercise of voting rights on behalf of clients:

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Under no circumstances will general business, sales or marketing issues influence our proxy votes.

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UBS Global Asset Management and its affiliates engaged in banking, broker-dealer and investment banking activities (“Affiliates”) have policies in place prohibiting the sharing of certain sensitive information. These policies prohibit our personnel from disclosing information regarding our voting intentions to any Affiliate. Any of our personnel involved in the proxy voting process who are contacted by an Affiliate regarding the manner in which we intend to vote on a specific issue, must terminate the contact and notify the Legal & Compliance Department immediately. [Note: Legal & Compliance personnel may have contact with their counterparts working for an Affiliate on matters involving information barriers.] In the event of any issue arising in relation to Affiliates, the Chair of the Global Corporate Governance Committee must be advised, who will in turn advise the Chief Risk Officer.


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BEAR STEARNS ASSET MANAGEMENT INC.

Proxy-Voting Policies and Procedures

Bear Stearns Asset Management Inc. (“BSAM”) has been authorized by the vast majority of its clients to vote proxies relating to the securities held in their portfolios. This authority carries with it the responsibility on BSAM’s part to analyze the issues connected with shareholder votes, evaluate the probable impact on share prices and vote proxies in what it views to be the best interests of its clients. This duty arises from the fact that an investment adviser’s proxy votes can affect the outcome of a shareholder vote and, consequently, the value of the securities held by its clients. Proxy-voting is therefore integral to an adviser’s investment management process.

At BSAM, the duty to monitor corporate developments and vote proxies falls upon its portfolio managers. Since BSAM’s portfolio managers acquire an enormously diverse and substantial number of securities, BSAM has determined to augment its internal research on corporate governance with the services of Institutional Shareholder Services, Inc. (“ISS”), an independent firm that specializes in analyzing shareholder voting matters, issuing research reports on such matters and making objective voting recommendations intended to maximize shareholder value. ISS currently covers more than 10,000 domestic and 12,000 foreign shareholder votes each year.

Voting Procedures

Authority to Vote. As part of its fiduciary duty as an investment adviser, BSAM votes proxies for all clients who have not expressly reserved proxy-voting responsibility to themselves. Employee benefit plan clients covered by ERISA may reserve the right to vote proxies to themselves only if their governing instruments expressly provide therefor.

Independent Proxy Research. All proxies received by BSAM from issuers of securities held in BSAM’s managed accounts are initially referred to ISS for its analysis and recommendation as to each matter being submitted for a vote. ISS’s recommendations are reported to the relevant BSAM portfolio managers who may or may not follow such recommendations depending upon the results of their own research and their familiarity with the companies and issues in question. Where and to the extent BSAM’s portfolio managers agree with an ISS recommendation regarding a specific vote, ISS will vote the proxies reflecting its recommendation on behalf of BSAM’s clients. Given the depth and breadth of ISS’s corporate governance research, and given its single-minded focus on the objective pursuit of shareholder value, it is expected that BSAM’s proxies will generally be voted in accordance with ISS’s recommendations.

Portfolio Manager Election/Proxy Committee. In certain circumstances, one or more BSAM portfolio managers may disagree with an ISS recommendation and elect to vote one or more of its clients’ proxies differently. It is also possible that, with respect to a particular vote, a BSAM portfolio manager may wish to vote proxies in accordance with ISS’s recommendations for certain of its clients and differently for other clients with different investment objectives, risk profiles or time horizons. In each such case, the portfolio manager in question must notify BSAM’s Proxy Committee of such an election before instructing ISS to vote any proxies. The Proxy Committee is responsible for determining whether any of the portfolio managers involved in the election or BSAM has a conflict of interest which would affect the proxies being voted. BSAM’s Compliance Director will conduct the conflict investigation on behalf of the Proxy Committee and report his findings to the other members. If a conflict is found to exist, the portfolio manager challenging the ISS recommendation in question will not be permitted to vote the proxies and the proxies will be voted in accordance with ISS’s recommendation. Where ISS does not cover a company or otherwise cannot recommend a vote, BSAM’s portfolio managers will vote the proxies solely in accordance with their own views unless the Proxy Committee determines that a conflict of interest exists. If the Proxy Committee determines that a conflict of interest exists, the portfolio manager will refer the matter to his or her clients and recommend that they vote the proxies themselves. In any such case, the referral of a voting

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matter to clients will be undertaken jointly by the relevant portfolio managers and a member of BSAM’s Legal & Compliance group in order to make certain that the voting issue and its implications for the company in question are described and discussed in an even-handed manner, with full disclosure of the relevant conflict of interest.

Conflicts of Interest. Any circumstance or relationship which would compromise a portfolio manager’s objectivity in voting proxies in the best interests of his/her clients would constitute a conflict of interest. Whether any such conflict exists for proxy-voting purposes will be determined by the Proxy Committee. The Proxy Committee is comprised of BSAM’s General Counsel, Compliance Director, Chief Financial Officer, Chief Administrative Officer, Head of Operations and Chief Investment Officers (or their respective designees). The Proxy Committee will deem a conflict to exist whenever BSAM or one of its portfolio managers has a personal or business interest in the outcome of a particular matter before shareholders. A conflict would arise, for example, in any case where BSAM has a business or financial relationship with a company whose management or shareholders are soliciting proxies. Another example of a conflict of interest would be where BSAM or one of its portfolio managers is related to an incumbent director or a candidate seeking a seat on the board. Putative conflicts of interest deemed by the Proxy Committee to be immaterial to a shareholder vote will not disable BSAM’s portfolio managers from voting proxies where they disagree with ISS or ISS has given no voting recommendation. In addition, the existence of an issue with respect to which BSAM is determined to have a conflict of interest will not prevent its portfolio managers from voting on other issues on the same proxy with respect to which BSAM does not have a conflict of interest.

In this regard, it should be noted that BSAM is a subsidiary of a world-wide, full-service investment banking and brokerage firm. As such, BSAM could be subject to a much wider array of potential conflicts of interest affecting its proxy votes on behalf of clients than if it were a stand-alone investment advisor. In order to minimize such conflicts with affiliated business units, however, BSAM has erected a Chinese Wall around itself which is designed to prevent BSAM and its affiliates from influencing each other’s businesses and which has the consequential effect of minimizing inter-unit conflicts.

As a matter of policy, BSAM’s Proxy Committee will presume the existence of a conflict of interest for proxy-voting purposes whenever:

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a current BSAM client is affiliated with a company soliciting proxies or has communicated its view to BSAM on an impending proxy vote; or

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the portfolio manager responsible for voting a proxy has identified a personal or business interest either in a company soliciting proxies or in the outcome of a shareholder vote; or

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a third-party with an interest in the outcome of a shareholder vote has attempted to influence either BSAM or the portfolio manager responsible for voting a proxy; or

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a company with respect to which proxies are being solicited is on the Bear Stearns Corporate Finance Restricted List.

Client Elections. If a BSAM client who has authorized BSAM to vote proxies on its behalf nevertheless instructs BSAM to vote its proxy in a fashion different from ISS’s recommendation with respect to such vote, BSAM will vote the proxy in accordance with the client’s written instructions.

Securities on Loan. When a security held in an account managed by BSAM is loaned to a third party, the loan agreement normally provides for the borrower to vote any proxies on shareholder matters that arise during the term of the loan. If, in the opinion of BSAM’s portfolio manager responsible for the account, it is important for any such proxy to be voted on behalf of client accounts notwithstanding the economic benefits attributable to the loan, the portfolio manager will arrange to terminate the loan prior to the date on which the proxy is to be voted. If the portfolio manager in question is uncertain as to whether a loan should be terminated in order to vote a proxy, he or she may refer the matter to the Proxy Committee for its determination.

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Record-Keeping. BSAM will, for a period of at least five years, maintain or have ready access to the following documents:

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a copy of BSAM’s current Proxy-Voting Policies and Procedures.

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a copy of each proxy statement received by BSAM regarding securities held on behalf of its clients (which may be obtained from the SEC’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system and maintained by ISS).

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a record of each vote cast by BSAM on behalf of its clients (maintained by ISS).

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a copy of any document created by BSAM that was material to a proxy vote on behalf of clients.

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a copy of each written request received from a client as to how BSAM voted proxies on its behalf and a copy of any written response from BSAM to any oral or written client request for information as to how BSAM voted proxies on its behalf.

Where BSAM relies upon ISS to maintain any of the above records, it has obtained an undertaking from ISS to provide copies of such records promptly upon BSAM’s request.

Disclosure to Clients. BSAM will include a summary of its Proxy-Voting Policies and Procedures in Part II of its Form ADV. A copy of BSAM’s Proxy-Voting Policies and Procedures will also be made available to any client upon request. All BSAM clients will be provided with a contact at BSAM from whom they may obtain the proxy-voting records with respect to the securities held in their accounts.

ISS Performance Review. Since BSAM is relying to a large extent on the corporate governance research and proxy-voting recommendations of ISS, its Proxy Committee will annually review the effectiveness of ISS’s services from both substantive and administrative viewpoints. Substantive review will focus on evaluations by BSAM’s portfolio managers as to whether ISS’s voting recommendations were consistent with the maximization of shareholder value. Administrative review will focus on the timeliness and completeness of ISS’s proxy-voting procedures.

ISS Recommendations

Following are BSAM’s voting policies with respect to the most common matters submitted for shareholder votes. These policies are based on ISS’s current voting recommendations.

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OPERATIONAL MATTERS
Vote For:	Vote Against:	Vote Case-By-Case:

Minor By-Law or Charter Amendments	Adjournment of Meeting (absent compelling reasons to support the proposal)	Shareholder Proposals to Prohibit or Limit Auditors from Engaging in Non-Audit Services

Change of Corporate Name	Reduction of Quorum Requirements for Shareholder Meetings below a Majority (absent compelling reasons to support the proposal)	Audit Firm Rotation (taking into account the tenure of the audit firm, the length of rotation specified in the proposal, any significant audit-related issues at the company, and whether the company has a periodic renewal process where the auditor is evaluated for both audit quality and competitive price.)

Management Proposals to Change Date, Time or Location of Annual Meeting (unless the proposed change is unreasonable)	Shareholder Proposals to Change Date, Time or Location of Annual Meeting (unless the current scheduling or location is unreasonable)

Ratification of Auditors (unless an auditor has a financial interest in or association with the company and is therefore not independent; fees for non-audit services are excessive; or there is reason to believe that the independent auditor has rendered an opinion which is neither accurate nor indicative of the company’s financial position)	Transaction of Other Business



BOARD OF DIRECTORS
Vote For:	Vote Against:	Vote Case-By-Case:

Restoring Shareholder Ability to Remove Directors With or Without Cause	Proposals to Enable Management to Alter the Size of the Board Outside of a Specified Range Without Shareholder Approval	Proposals to Establish or Amend Director Qualifications (based on how reasonable the criteria are and to what degree they may preclude dissident nominees from joining the board)

Proposals Permitting Shareholders to Elect Directors to Fill Board Vacancies	Shareholder Proposals Requiring Two Candidates per Board Seat	Shareholder Proposals Requiring Positions of Chairman and CEO to be Held Separately (because some companies have governance structures in place that counterbalance a combined position, the following factors should be taken into account in determining whether the proposal warrants support: designated lead director appointed from the ranks of the independent board members with clearly delineated duties; majority of independent directors on board; all-independent key committees; committee chairpersons nominated by the independent directors; CEO performance reviewed annually by a committee of outside directors; established governance guidelines; and company performance)

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BOARD OF DIRECTORS
Vote For:	Vote Against:	Vote Case-By-Case:

Shareholder Proposals Requiring a Majority or More of Directors to be Independent (unless the board composition already meets the proposed threshold by ISS’s definition of independence)	Classification or Declassification of the Board	Permission or Restoration of Cumulative Voting (relative to the company’s other governance provisions)

Proposals seeking to fix the board size or designate a range for the board size	Proposals Providing that Directors be Removed Only for Cause	Voting on Director Nominees in Uncontested Elections (examining the following factors: composition of the board & key board committees, attendance at board meetings, corporate governance provisions and takeover activity, long-term company performance relative to a market index, directors’ investment in the company, whether the chairman is also serving as CEO, and whether a retired CEO sits on the board)

Proposals to repeal classified boards and to elect all directors annually	Proposals Providing that Only Continuing Directors May Elect Replacements to Fill Board Vacancies	Proposals on Director and Officer Indemnification and Liability Protection (using Delaware law as a standard)

Proposals providing such expanded coverage in cases when a director’s or officer’s legal defense was unsuccessful (if both of the following apply: the director was found to have acted in good faith and in a manner that he reasonably believed was in the best interest of the company and only if the director’s legal expenses would be covered)	Shareholder Proposals Mandating a Minimum Amount of Stock that Directors Must Own in Order to Qualify as Directors or to Remain on the Board	Shareholder Proposals asking for Open Access (taking into account the ownership threshold specified in the proposal and the proponent’s rationale for targeting the company in terms of bard and director conduct)

Shareholder proposals asking that board audit, compensation, and/or nominating committees be composed exclusively of independent directors (if they currently do not meet that standard)	Shareholder Proposals to Limit the Tenure of Outside Directors	Shareholder Proposal asking for Adoption of holding or retention period for Executives (taking into account any stock ownership requirements or holding period/retention ratio already in place and the actual ownership level of executives)

	Proposals to eliminate cumulative voting

	Proposals to eliminate entirely directors’ and officers’ liability for monetary damages for violating the duty of care

	Indemnification proposals that would expand coverage beyond just legal expenses to actions, such as negligence, that are more serious violations of fiduciary obligation than mere carelessness

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PROXY CONTESTS
Vote For:	Vote Against:	Vote Case-By-Case:

Shareholder Proposals to Adopt Confidential Voting, Independent Vote Tabulators and Independent Inspectors of Election (as long as the proposal includes a provision for proxy contests as follows: in the case of a contested election, management should be permitted to request that the dissident group honor its confidential voting policy. If the dissidents agree, the policy remains in place; if the dissidents will not agree, the confidential voting policy is waived)		Director Nominees in Contested Elections (considering the following factors: long-term financial performance of the target company relative to its industry; management’s track record; background to the proxy contest; qualifications of director nominees (both slates); evaluation of what each side is offering shareholders as well as the likelihood that the proposed objectives and goals can be met; and stock ownership positions)

Management Proposals to Adopt Confidential Voting		Reimbursement of Proxy Solicitation Expenses



ANTI-TAKEOVER DEFENSES AND VOTING-RELATED ISSUES
Vote For:	Vote Against:	Vote Case-By-Case:

Shareholder Proposals Requiring Shareholder Ratification of Poison Pills	Bylaw Amendments without Shareholder Consent	Shareholder Proposals to Redeem Poison Pills

Proposals to Allow or Simplify Shareholder Action by Written Consent	Proposals to Restrict or Prohibit Shareholder Actions by Written Consent	Management Proposals to Ratify Poison Pills

Proposals Removing Restrictions on the Right of Shareholders to Act Independently of Management	Proposals to Restrict or Prohibit Shareholder Ability to Call Special Meetings

Proposals to Restore Shareholder Ability to Remove Directors With or Without Cause	Proposals Providing that Directors May be Removed Only for Cause

Proposals Permitting Shareholders to Elect Directors to Fill Board Vacancies	Proposals Providing that Only Continuing Directors May Elect Replacements to Fill Board Vacancies

Amendment of Bylaws without Shareholder Consent (proposals giving the board the ability to amend the bylaws in addition to shareholders)	Shareholder Proposals Mandating a Minimum Amount of Stock that Directors Must Own in Order to Qualify as Director s or to Remain on the Board	Advance Notice Requirements for Shareholder Proposals/Nominations (giving support to those proposals that allow shareholders to submit proposals as close to the meeting date as reasonably possible and within the broadest window possible)

	Shareholder Proposals to Limit the Tenure of Outside Directors

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MERGERS AND CORPORATE RESTRUCTURINGS
Vote For:	Vote Against:	Vote Case-By-Case:

Proposals to Provide Shareholders with Appraisal Rights.	Forming a Holding Company if the Transaction Involves an Adverse Change in Shareholder Rights (absent compelling financial reasons to recommend the transaction)	Purchases of Assets (considering the following factors: purchase price; fairness opinion; financial and strategic benefits; how the deal was negotiated; conflicts of interest; other alternatives for the business; and non-completion risk)

Proposals to Restructure Debt if Disapproval is Likely to Result in a Bankruptcy Filing		Sales of Assets (considering the following factors: impact on the balance sheet/working capital; potential elimination of diseconomies; anticipated financial and operating benefits; anticipated use of funds; value received for the asset; fairness opinion; how the deal was negotiated; and conflicts of interest)

Conversion of Securities if Disapproval would Result in Either Onerous Penalties or a Bankruptcy Filing		Bundled or Conditioned Proposals (in the case of items that are conditioned upon each other, examine the benefits and costs of the packaged items. In instances when the joint effect of the conditioned items is not in shareholders’ best interests, vote against the proposals. If the combined effect is positive, support such proposals)

Proposals to Liquidate if Disapproval would Result in a Bankruptcy Filing		Conversion of Securities (when evaluating these proposals, the investor should review the dilution to existing shareholders, the conversion price relative to market value, financial issues, control issues, termination penalties and conflicts of interest)

Private Placements if Disapproval is Likely to Result in a Bankruptcy Filing		Issuances of New Common or Preferred Shares in Connection with Corporate Reorganizations, Debt Restructuring, Prepackaged Bankruptcy Plans, Reverse Leveraged Buyouts or Wrap Plans (considering the following factors: dilution to existing shareholders’ position; terms of the offer; financial issues; management’s efforts to pursue other alternatives; control issues; and conflicts of interest)

		Formation of Holding Companies (considering the following factors: the reasons for the change; any financial or tax benefits; regulatory benefits; increases in capital structure; changes to the articles of incorporation or bylaws of the company)

		Going Private Transactions (LBOs and Minority Squeezeouts) (considering the following factors: offer price/premium, fairness opinion, how the deal was negotiated, conflicts of interest, other alternatives/offers considered and non-completion risk)

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MERGERS AND CORPORATE RESTRUCTURINGS
Vote For:	Vote Against:	Vote Case-By-Case:

		Joint Ventures (considering the following factors: percentage of assets/business contributed, percentage ownership, financial and strategic benefits, governance structure, conflicts of interest, other alternatives and non-completion risk)

		Liquidations (considering the following factors: management’s efforts to pursue other alternatives, appraisal value of assets and the compensation plan for executives managing the liquidation)

		Mergers and Acquisitions (determining whether the transaction enhances shareholder value by giving consideration to the following: prospects of the combined company; anticipated financial and operating benefits; offer price; fairness opinion; how the deal was negotiated; changes in corporate governance; change in the capital structure and conflicts of interest)

		Private Placements/Warrants/Convertible Debentures (when evaluating these proposals, the investor should review: dilution to existing shareholders’ position, terms of the offer, financial issues, management’s efforts to pursue other alternatives, control issues and conflicts of interest)

		Spinoffs (depending on: tax and regulatory advantages; planned use of the sale proceeds; valuation of spinoff; fairness opinion; benefits to the parent company; conflicts of interest; managerial incentives; corporate governance changes and changes in the capital structure).

		Shareholder Proposals Seeking to Maximize Shareholder Value by Hiring a Financial Advisor to Explore Strategic Alternatives, Selling the Company or Liquidating the Company and Distributing the Proceeds to Shareholders (considering the following factors: prolonged poor performance with no turnaround in sight, signs of entrenched board and management, strategic plan in place for improving value, likelihood of receiving reasonable value in a sale or dissolution and whether company is actively exploring its strategic options, including retaining a financial advisor)

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STATE OF INCORPORATION
Vote For:	Vote Against:	Vote Case-By-Case:

Opting Out of Control Share Acquisition Statutes (unless doing so would enable the completion of a takeover that would be detrimental to shareholders)	Proposals to Amend Charters to Include Control Share Acquisition Provisions	Adoption of Fair Price Provisions (evaluating factors such as the vote required to approve the proposed acquisition, the vote required to repeal the fair price provision and the mechanism for determining the fair price)

Proposals to Restore Voting Rights to Control Shares	Fair Price Provisions with Shareholder Vote Requirements Greater than a Majority of Disinterested Shares.	Anti-Greenmail Proposals (when they are bundled with other charter or by-law amendments)

Opting Out of Control Share Cashout Statutes	Proposals Requesting Board Consideration of Non-shareholder Constituencies or other Non-Financial Effects When Evaluating a Merger or Business Combination	Reincorporation (considering both financial and corporate governance concerns, including the reasons for reincorporating, a comparison of the governance provisions and a comparison of the jurisdictional laws)

Reincorporation (when the economic factors outweigh any neutral or negative governance changes)		Opting In or Out of State Anti-Takeover Statutes (including control share acquisition statutes, control share cash-out statutes, freeze-out provisions, fair price provisions, stakeholder laws, poison pill endorsements, severance pay and labor contract provisions, anti-greenmail provisions, and disgorgement provisions)

Opting Out of Disgorgement Statutes

Opting Out of Freeze-Out Statutes

Adoption of Anti-Greenmail Charter or By-Law Amendments (or other restrictions on a company’s ability to make greenmail payments)



CAPITAL STRUCTURE
Vote For:	Vote Against:	Vote Case-By-Case:

Management Proposals to Reduce the Par Value of Common Stock	Proposals at Companies with Dual-Class Capital Structures to Increase the Number of Authorized Shares of Stock Classes with Superior Voting Rights	Proposals to Increase the Number of Shares of Common Stock Authorized for Issuance

Proposals to Approve Increases in Authorized Shares Beyond the Allowable Increases When Shares are in Danger of Being Delisted or a Company’s Ability to Operate as a Going Concern is Uncertain	Proposals to Create a New Class of Common Stock with Superior Voting Rights.	Shareholder Proposal Seeking Preemptive Rights (considering the size of a company, the characteristics of its shareholder base and the liquidity of the stock)

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CAPITAL STRUCTURE
Vote For:	Vote Against:	Vote Case-By-Case:

Proposals to Create New Classes of Non-Voting or Sub-Voting Common Stock (if it is intended for financing purposes with minimal or no dilution to current shareholders and it is not designed to preserve the voting power of an insider or significant shareholder)	Proposals that Increase Authorized Common Stock for the Explicit Purpose of Implementing Shareholder Rights Plans (Poison Pills)	Proposals to Increase the Number of Blank Check Preferred Shares (after analyzing the number of preferred shares available)

Proposals to Create “Declawed” Blank Check Preferred Stock (stock that cannot be used as a takeover defense)	Proposals Authorizing the Creation of New Classes of Preferred Stock with Unspecified Voting, Conversion, Dividend Distribution and Other Rights (“blank check” preferred stock)	Recapitalizations/Reclassifications of Securities (considering the following factors: more simplified capital structure, enhanced liquidity, fairness of conversion terms, impact on voting power and dividends, reasons for the reclassification and conflicts of interest)

Proposals to Authorize the Issuance of Preferred Stock (in cases where the company specifies the voting, dividend, conversion and other rights of such stock and the terms of the preferred stock appear reasonable)	Proposals to Increase the Number of Blank Check Preferred Stock Authorized for Issuance (when no shares have been issued or reserved for specific purposes)	Proposals to Implement Reverse Stock Splits that Do Not Proportionately Reduce the Number of Authorized Shares

Management Proposals to Implement Reverse Stock Splits When the Number of Authorized Shares Will be Proportionately Reduced		Tracking Stock (weighing the strategic value of the transaction against such factors as: adverse governance changes, excessive increases in authorized capital stock, unfair method of distribution, diminution of voting rights, adverse conversion features, negative impact on stock option plans and other alternatives such as spinoff)

Management Proposals to Implement Reverse Stock Splits to Avoid Delisting

Management Proposals to Institute Open-Market Share Repurchase Plans in which All Shareholders Participate on Equal Terms

Management Proposals to Increase the Common Share Authorization for a Stock Split or Share Dividend (provided that the increase in authorized shares would not result in an excessive number of shares available for issuance)

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SOCIAL AND CORPORATE RESPONSIBILITY ISSUES
Vote For:	Vote Against:	Vote Case-By-Case:

Requests For Reports Disclosing The Company’s Environmental Policies (unless it already has well-documented environmental management systems that are available to the public)	Proposals Seeking Stronger Product Warnings (such decisions are better left to public health authorities)	Advertising to youth (considering the following factors: whether the company complies with federal, state, and local laws on the marketing of tobacco or if it has been fined for violations; whether the company has gone as far as peers in restricting advertising; whether the company entered into the Master Settlement Agreement which restricts marketing of tobacco to youth and whether restrictions on marketing to youth extend to foreign countries)

	Proposals Prohibiting Investment In Tobacco Stocks (such decisions are better left to portfolio managers)	Ceasing the Production of Tobacco-Related Products or Selling Products to Tobacco Companies (considering the percentage of the company’s business affected and the economic loss of eliminating the business versus any potential tobacco-related liabilities)

	Proposals Asking Companies to Affirm Political Non-Partisanship in the Workplace (so long as the company is in compliance with laws governing corporate political activities and the company has procedures in place to ensure that employee contributions to company-sponsored political action committees (PACs) are strictly voluntary and not coercive)	Spinning-Off Tobacco-Related Businesses (considering the percentage of the company’s business affected, the feasibility of a spinoff and potential future liabilities related to the company’s tobacco business)

	Proposals Requiring Reporting or Newspaper Publication of Political Contributions (federal and state laws restrict the amount of corporate contributions and include reporting requirements)	Proposals to Adopt the CERES Principles (considering the following factors: the company’s current environmental disclosure beyond legal requirements, including environmental health and safety (EHS) audits and reports that may duplicate CERES; the company’s environmental performance record, including violations of federal and state regulations, level of toxic emissions and accidental spills; environmentally-conscious practices of peer companies, including endorsement of CERES, and the costs of membership and implementation)

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SOCIAL AND CORPORATE RESPONSIBILITY ISSUES
Vote For:	Vote Against:	Vote Case-By-Case:

	Proposals Disallowing Political Contributions (businesses are affected by legislation at the federal, state, and local levels and barring contributions can put the company at a competitive disadvantage)	Proposals to Link Executive Compensation to Social Performance (such as corporate downsizings, customer or employee satisfaction, community involvement, human rights, environmental performance, predatory lending and executive/employee pay disparities. Such resolutions should be evaluated in the context of: the relevance of the issue to be linked to pay; the degree that social performance is already included in the company’s pay structure and disclosed; the degree that social performance is used by peer companies in setting pay; violations or complaints filed against the company relating to the particular social performance measure; artificial limits sought by the proposal, such as freezing or capping executive pay; independence of the compensation committee and current company pay levels)

	Proposals Restricting Charitable Contributions. (charitable contributions are generally useful for assisting worthwhile causes and for creating goodwill in the community. In the absence of bad faith, self-dealing or gross negligence, management should determine which contributions are in the best interests of the company)	Tobacco-Related Proposals (considering the following factors: second-hand smoke: whether the company complies with all local ordinances and regulations; the degree that voluntary restrictions beyond those mandated by law might hurt the company’s competitiveness and the risk of any health-related liabilities)

	Proposals Seeking Lists of Company Executives, Directors, Consultants, Legal Counsel, Lobbyists or Investment Bankers Who Served in Government and Whether Such Service Had a Bearing on the Business of the Company (such a list would be burdensome to prepare without providing any meaningful information to shareholders)

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LORD, ABBETT & CO. LLC

Proxy-Voting Policies and Procedures

December 31, 2004

INTRODUCTION

Lord Abbett has a Proxy Committee responsible for establishing voting policies and for the oversight of its proxy voting process. Lord Abbett’s Proxy Committee consists of the portfolio managers of each investment team and certain members of those teams, the Director of Equity Investments, the Firm’s Managing Member and its General Counsel. Once policy is established, it is the responsibility of each investment team leader to assure that each proxy for that team’s portfolio is voted in a timely manner in accordance with those policies. A written file memo is delivered to the proxy administrator in each case where an investment team declines to follow a recommendation of a company’s management. Lord Abbett has retained Institutional Shareholder Services (“ISS”) to analyze proxy issues and recommend voting on those issues, and to provide assistance in the administration of the proxy process, including maintaining complete proxy voting records.

The Boards of Directors of each of the Lord Abbett Mutual Funds established several years ago a Proxy Committee, composed solely of independent directors. The Funds’ Proxy Committee Charter provides that the Committee shall (i) monitor the actions of Lord Abbett in voting securities owned by the Funds; (ii) evaluate the policies of Lord Abbett in voting securities; (iii) meet with Lord Abbett to review the policies in voting securities, the sources of information used in determining how to vote on particular matters, and the procedures used to determine the votes in any situation where there may be a conflict of interest.

Lord Abbett is a privately-held firm, and we conduct only one business: we manage the investment portfolios of our clients. We are not part of a larger group of companies conducting diverse financial operations. We would therefore expect, based on our past experience, that the incidence of an actual conflict of interest involving Lord Abbett’s proxy voting process would be limited. Nevertheless, if a potential conflict of interest were to arise, involving one or more of the Lord Abbett Funds, where practicable we would disclose this potential conflict to the affected Funds’ Proxy Committees and seek voting instructions from those Committees in accordance with the procedures described below under “Specific Procedures for Potential Conflict Situations”. If it were not practicable to seek instructions from those Committees, Lord Abbett would simply follow its proxy voting policies or, if the particular issue were not covered by those policies, we would follow a recommendation of ISS. If such a conflict arose with any other client, Lord Abbett would simply follow its proxy voting policies or, if the particular issue were not covered by those policies, we would follow the recommendation of ISS.

SPECIFIC PROCEDURES FOR POTENTIAL CONFLICT SITUATIONS

Situation 1. Fund Independent Board Member on Board (or Nominee for Election to Board) of Publicly Held Company Owned by a Lord Abbett Fund.

Lord Abbett will compile a list of all publicly held companies where an Independent Board Member serves on the board of directors, or has indicated to Lord Abbett that he is a nominee for election to the board of directors (a “Fund Director Company”). If a Lord Abbett Fund owns stock in a Fund Director Company, and if Lord Abbett has decided not to follow the proxy voting recommendation of ISS, then Lord Abbett shall bring that issue to the Fund’s Proxy Committee for instructions on how to vote that proxy issue.

The Independent Directors have decided that the Director on the board of the Fund Director Company will not participate in any discussion by the Fund’s Proxy Committee of any proxy issue for that Fund Director Company or in the voting instruction given to Lord Abbett.

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Situation 2. Lord Abbett has a Significant Business Relationship with a Company.

Lord Abbett will compile a list of all publicly held companies (or which are a subsidiary of a publicly held firm) that have a significant business relationship with Lord Abbett (a “Relationship Firm”). A “significant business relationship” for this purpose means: (a) a broker dealer firm which sells one percent or more of the Lord Abbett Funds’ total shares for the last 12 months; (b) a firm which is a sponsor firm with respect to Lord Abbett’s Private Advisory Services business; (c) an institutional client which has an investment management agreement with Lord Abbett; (d) an institutional investor having at least $5 million in Class Y shares of the Lord Abbett Funds; and (e) a large plan 401(k) client with at least $5 million under management with Lord Abbett.

For each proxy issue involving a Relationship Firm, Lord Abbett shall notify the Fund’s Proxy Committee and shall seek voting instructions from the Fund’s Proxy Committee only in those situations where Lord Abbett has proposed not to follow the recommendations of ISS.

SUMMARY OF PROXY-VOTING GUIDELINES

Lord Abbett generally votes in accordance with management’s recommendations on the election of directors, appointment of independent auditors, changes to the authorized capitalization (barring excessive increases) and most shareholder proposals. This policy is based on the premise that a broad vote of confidence on such matters is due the management of any company whose shares we are willing to hold.

Election of Directors

Lord Abbett will generally vote in accordance with management’s recommendations on the election of directors. However, votes on director nominees are made on a case-by-case basis. Factors that are considered include current composition of the board and key-board nominees, long-term company performance relative to a market index, and the directors’ investment in the company. We also consider whether the Chairman of the board is also serving as CEO, and whether a retired CEO sits on the board, as these situations may create inherent conflicts of interest.

There are some actions by directors that may result in votes being withheld. These actions include:

Attending less than 75% of board and committee meetings without a valid excuse.

Ignoring shareholder proposals that are approved by a majority of votes for two consecutive years.

Failing to act on takeover offers where a majority of shareholders tendered their shares.

Serving as inside directors and sit on an audit, compensation, stock option or nomination committee.

Failing to replace management as appropriate.

We will generally approve proposals to elect directors annually. The ability to elect directors is the single most important use of the shareholder franchise, and all directors should be accountable on an annual basis. The basic premise of the staggered election of directors is to provide a continuity of experience on the board and to prevent a precipitous change in the composition of the board. Although shareholders need some form of protection from hostile takeover attempts, and boards need tools and leverage in order to negotiate effectively with potential acquirers, a classified board tips the balance of power too much toward incumbent management at the price of potentially ignoring shareholder interests.

Incentive Compensation Plans

We usually vote with management regarding employee incentive plans and changes in such plans, but these issues are looked at very closely on a case by case basis. We use ISS for guidance on appropriate

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compensation ranges for various industries and company sizes. In addition to considering the individual expertise of management and the value they bring to the company, we also consider the costs associated with stock-based incentive packages including shareholder value transfer and voting power dilution.

We scrutinize very closely the approval of repricing or replacing underwater stock options, taking into consideration the following:

The stock’s volatility, to ensure the stock price will not be back in the money over the near term.

Management’s rationale for why the repricing is necessary.

The new exercise price, which must be set at a premium to market price to ensure proper employee motivation.

Other factors, such as the number of participants, term of option, and the value for value exchange.

In large-cap companies we would generally vote against plans that promoted short-term performance at the expense of longer-term objectives. Dilution, either actual or potential, is, of course, a major consideration in reviewing all incentive plans. Team leaders in small- and mid-cap companies often view option plans and other employee incentive plans as a critical component of such companies’ compensation structure, and have discretion to approve such plans, notwithstanding dilution concerns.

Shareholder Rights

Cumulative Voting

We generally oppose cumulative voting proposals on the ground that a shareowner or special group electing a director by cumulative voting may seek to have that director represent a narrow special interest rather than the interests of the shareholders as a whole.

Confidential Voting

There are both advantages and disadvantages to a confidential ballot. Under the open voting system, any shareholder that desires anonymity may register the shares in the name of a bank, a broker or some other nominee. A confidential ballot may tend to preclude any opportunity for the board to communicate with those who oppose management proposals.

On balance we believe shareholder proposals regarding confidential balloting should generally be approved, unless in a specific case, countervailing arguments appear compelling.

Supermajority Voting

Supermajority provisions violate the principle that a simple majority of voting shares should be all that is necessary to effect change regarding a company and its corporate governance provisions. Requiring more than this may permit management to entrench themselves by blocking amendments that are in the best interest of shareholders.

Takeover Issues

Votes on mergers and acquisitions must be considered on a case by case basis. The voting decision should depend on a number of factors, including: anticipated financial and operating benefits, the offer price, prospects of the combined companies, changes in corporate governance and their impact on shareholder rights. It is our policy to vote against management proposals to require supermajority shareholder vote to

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approve mergers and other significant business combinations, and to vote for shareholder proposals to lower supermajority vote requirements for mergers and acquisitions. We are also opposed to amendments that attempt to eliminate shareholder approval for acquisitions involving the issuance of more that 10% of the company’s voting stock. Restructuring proposals will also be evaluated on a case by case basis following the same guidelines as those used for mergers.

Among the more important issues that we support, as long as they are not tied in with other measures that clearly entrench management, are:

Anti-greenmail provisions, which prohibit management from buying back shares at above market prices from potential suitors without shareholder approval.

Fair Price Amendments, to protect shareholders from inequitable two-tier stock acquisition offers.

Shareholder Rights Plans (so-called “Poison Pills”), usually “blank check” preferred and other classes of voting securities that can be issued without further shareholder approval. However, we look at these proposals on a case by case 2) basis, and we only approve these devices when proposed by companies with strong, effective managements to force corporate raiders to negotiate with management and assure a degree of stability that will support good long-range corporate goals. We vote for shareholder proposals asking that a company submit its poison pill for shareholder ratification.

“Chewable Pill” provisions, are the preferred form of Shareholder Rights Plan. These provisions allow the shareholders a secondary option when the Board refuses to withdraw a poison pill against a majority shareholder vote. To strike a balance of power between management and the shareholder, ideally “Chewable Pill” provisions should embody the following attributes, allowing sufficient flexibility to maximize shareholder wealth when employing a poison pill in negotiations:

•

Redemption Clause allowing the board to rescind a pill after a potential acquirer has surpassed the ownership threshold.

•

No dead-hand or no-hand pills.

•

Sunset Provisions which allow the shareholders to review, and reaffirm or redeem a pill after a predetermined time frame.

•

Qualifying Offer Clause which gives shareholders the ability to redeem a poison pill when faced with a bona fide takeover offer.

Social Issues

It is our general policy to vote as management recommends on social issues, unless we feel that voting otherwise will enhance the value of our holdings. We recognize that highly ethical and competent managements occasionally differ on such matters, and so we review the more controversial issues closely.

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PART C: OTHER INFORMATION

Item 23.

Exhibits



(a	)(1)	Agreement and Declaration of Trust.¹

(a	)(2)	Amended and Restated Agreement and Declaration of Trust.²

(a	)(2)(i)	Amendment No. 1 to the Amended and Restated Agreement and Declaration of Trust.¹⁷

(a	)(2)(ii)	Amendment No. 2 to the Amended and Restated Agreement and Declaration of Trust.²³

(a	)(3)	Certificate of Trust.¹

(a	)(4)	Certificate of Amendment to the Certificate of Trust.²

(b	)(1)(i)	By-Laws.¹

(c	)(1)(ii)	None, other than Exhibits (a)(2) and (b)(1)(i).

(d	)	Investment Advisory Contracts

(d	)(1)(i)	Investment Management Agreement between EQ Advisors Trust (“Trust”) and EQ Financial Consultants, Inc. (“EQFC”) dated April 14, 1997.⁴

(d	)(1)(ii)	Amendment No. 1, dated December 9, 1997, to Investment Management Agreement between the Trust and EQFC dated April 14, 1997.⁷

(d	)(1)(iii)	Amendment No. 2, dated as of December 31, 1998, to Investment Management Agreement between the Trust and EQFC dated April 14, 1997.¹¹

(d	)(1)(iv)	Form of Amendment No. 3, dated as of April 30, 1999, to Investment Management Agreement between the Trust and EQFC.¹¹

(d	)(1)(v)	Form of Amendment No. 4, dated as of August 30, 1999, to Investment Management Agreement between the Trust and EQFC.¹²

(d	)(1)(vi)	Amended and Restated Investment Management Agreement, dated as of May 1, 2000, between the Trust and The Equitable Life Assurance Society of the United States (“Equitable”).¹⁵

(d	)(1)(vii)	Revised Amendment No. 1, dated as of September 1, 2000, to the Amended and Restated Investment Management Agreement between the Trust and Equitable dated May 1, 2000.¹⁷

(d	)(1)(viii)	Amendment No. 2, dated as of September 1, 2001, to the Amended and Restated Investment Management Agreement between the Trust and Equitable dated May 1, 2000.²⁰

(d	)(1)(ix)	Amendment No. 3, dated as of November 22, 2002 to the Amended and Restated Investment Management Agreement between the Trust and Equitable dated May 1, 2000.²³

(d	)(1)(x)	Amendment No. 4, dated as of May 2, 2003 to the Amended and Restated Investment Management Agreement between the Trust and Equitable dated May 1, 2000.²⁶

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(d	)(1)(xi)	Investment Management Agreement between the Trust and Equitable with respect to the EQ/Enterprise Capital Appreciation Portfolio, EQ/Enterprise Deep Value Portfolio, EQ/MONY Equity Growth Portfolio, EQ/Enterprise Equity Income Portfolio, EQ/MONY Equity Income Portfolio, EQ/Enterprise Equity Portfolio, EQ/Enterprise Global Socially Responsive Portfolio, EQ/Enterprise Growth and Income Portfolio, EQ/Enterprise Growth Portfolio, EQ/Enterprise Mergers and Acquisitions Portfolio, EQ/Enterprise Multi-Cap Growth Portfolio, EQ/Enterprise Small Company Growth Portfolio, EQ/Enterprise Small Company Value Portfolio, EQ/Enterprise International Growth Portfolio, EQ/MONY Government Securities Portfolio, EQ/Enterprise High-Yield Bond Portfolio, EQ/MONY Intermediate Term Bond Portfolio, EQ/MONY Long Term Bond Portfolio, EQ/MONY Money Market Portfolio, EQ/Enterprise Short Duration Bond Portfolio, EQ/Enterprise Total Return Portfolio, EQ/MONY Diversified Portfolio and EQ/Enterprise Managed Portfolio (collectively, the “MONY Portfolios”). ²⁹

(d	)(1)(xii)	Amendment No. 5 dated July 8, 2004 to the Investment Management Agreement between the Trust and Equitable dated May 1, 2000.³¹

(d	)(1)(xiii)	Amendment No. 6 dated October 25, 2004 to the Investment Management Agreement between the Trust and Equitabledated May 1, 2000. ³¹

(d	)(1)(xiv)	Amendment No. 7 to the Investment Management Agreement between the Trust and Equitable dated May 1, 2000. (filed herewith)

(d	)(2)	Investment Advisory Agreement between EQFC and T. Rowe Price Associates, Inc. dated April 1997.⁴

(d	)(3)	Investment Advisory Agreement between EQFC and Rowe Price-Fleming International, Inc. dated April 1997.⁴

(d	)(3)(i)	Investment Advisory Agreement between Equitable and T. Rowe Price International, Inc. dated August 8, 2000.¹⁷

(d	)(4)	Investment Advisory Agreement between EQFC and Putnam Investment Management, Inc. dated April 28, 1997.⁴

(d	)(4)(i)	Amendment No. 1, dated as of May 21, 2001, to Investment Advisory Agreement between Equitable and Putnam Investment Management, Inc. dated April 28, 1997.²⁰

(d	)(4)(ii)	Amended and Restated Investment Advisory Agreement between Equitable and Putnam Investment Management, Inc. dated August 1, 2002.²³

(d	)(4)(iii)	Amended and Restated Investment Advisory Agreement between Equitable and Putnam Investment Management, LLC (“Putnam”) dated July 31, 2003.²⁶

(d	)(4)(iv)	Amendment No. 1, dated as of December 12, 2003, to Investment Advisory Agreement between Equitable and Putnam dated July 31, 2003.²⁶

(d	)(5)(i)	Investment Advisory Agreement between EQFC and Massachusetts Financial Services Company (“MFS”) dated April 1997.⁴

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(d	)(5)(ii)	Amendment No. 1, dated as of December 31, 1998, to Investment Advisory Agreement by and between EQFC and MFS dated April 1997.¹¹

(d	)(5)(iii)	Amendment No. 2, dated as of May 1, 2000, to Investment Advisory Agreement between Equitable and MFS dated April 1997.¹⁴

(d	)(5)(iv)	Amended and Restated Investment Advisory Agreement between Equitable and MFS (dba MFS Investment Management) (“MFSIM”) dated July 10, 2002.²³

(d	)(5)(v)	Amendment No. 1 dated November 22, 2002, to the Amended and Restated Investment Advisory Agreement between Equitable and MFSIM dated July 10, 2002.²³

(d	)(5)(vi)	Amendment No. 2, dated August 18, 2003, to the Amended and Restated Investment Advisory Agreement between Equitable and MFSIM dated July 10, 2002.²⁶

(d	)(6)	Investment Advisory Agreement between EQFC and Morgan Stanley Asset Management Inc. (“Morgan Stanley”) dated April 1997.⁴

(d	)(6)(i)	Amendment No. 1, dated as of April 1, 2001, to Investment Advisory Agreement between Equitable and Morgan Stanley dated April 1997.²⁰

(d	)(6)(ii)	Amended and Restated Investment Advisory Agreement between Equitable and Morgan Stanley Investment Management (“MSIM”) dated July 10, 2002.²³

(d	)(6)(iii)	Amended and Restated Investment Advisory Agreement between Equitable and MSIM dated July 31, 2003.²⁶

(d	)(6)(iv)	Form of Amendment No. 1 to the Amended and Restated Investment Advisory Agreement between Equitable and MSIM dated July 31, 2003. (filed herewith)

(d	)(7)	Investment Advisory Agreement between EQFC and Merrill Lynch Asset Management, L.P. dated April 1997.⁴

(d	)(7)(i)	Investment Advisory Agreement between EQFC and Fund Asset Management (“FAM”) dated May 1, 2000.¹⁷

(d	)(7)(ii)	Form of Amendment No. 1, dated as of May 21, 2001, to Investment Advisory Agreement between Equitable and FAM dated May 1, 2000.²⁰

(d	)(7)(iii)	Amendment No. 2 dated as of December 6, 2001, to Investment Advisory Agreement between Equitable and FAM dated May 1, 2000.²¹

(d	)(7)(iv)	Amendment No. 3, dated as of August 18, 2003, to Investment Advisory Agreement between Equitable and FAM dated December 6, 2001.²⁶

(d	)(7)(v)	Investment Advisory Agreement between Equitable and Merrill Lynch Investment Managers International Limited dated December 12, 2003 with respect to the EQ/Mercury International Value Portfolio.²⁶

(d	)(8)	Investment Advisory Agreement between EQFC and Lazard Frères & Co. LLC (“Lazard”) dated December 9, 1997.⁷

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(d	)(8)(i)	Amendment No. 1, dated as of March 1, 2001, to Investment Advisory Agreement between Equitable and Lazard dated December 9, 1997.²⁰

(d	)(8)(ii)	Amended and Restated Investment Advisory Agreement between Equitable and Lazard (dba Lazard Asset Management) dated July 10, 2002.²³

(d	)(8)(iii)	Amended and Restated Investment Advisory Agreement between Equitable and Lazard dated July 31, 2003.²⁶

(d	)(8)(iv)	Amended and Restated Investment Advisory Agreement between Equitable and Lazard Asset Management LLC. dated August 18, 2003.²⁶

(d	)(9)	Investment Advisory Agreement between EQFC and J.P. Morgan Investment Management, Inc. (“J. P. Morgan”) dated December 9, 1997.⁷

(d	)(9)(i)	Amended and Restated Investment Advisory Agreement between Equitable and J.P. Morgan dated July 10, 2002.²³

(d	)(9)(ii)	Amended and Restated Investment Advisory Agreement between Equitable and J.P. Morgan dated July 31, 2003.²⁶

(d	)(9)(iii)	Amendment No. 1, dated December 13, 2004 to the Amended and Restated Investment Advisory Agreement between Equitable and J.P. Morgan dated July 31, 2004. ³²

(d	)(10)	Investment Advisory Agreement between EQFC and Credit Suisse Asset Management, LLC dated as of July 1, 1999.¹²

(d	)(11)	Investment Advisory Agreement between EQFC and Evergreen Asset Management Corp. dated as of December 31, 1998.¹¹

(d	)(11)(i)	Amendment No. 1, dated as of May 21, 2001, to Investment Advisory Agreement between Equitable and Evergreen Asset Management Corp. dated as of December 31, 1998.²¹

(d	)(11)(ii)	Amended and Restated Investment Advisory Agreement between Equitable and Evergreen Investment Management Company (“Evergreen”) dated as of July 31, 2003.²⁶

(d	)(12)(i)	Form of Investment Advisory Agreement between EQFC and Alliance Capital Management L.P. (“Alliance”) dated as of May 1, 1999.¹¹

(d	)(12)(ii)	Amendment No. 1, dated as of October 18, 1999, to Investment Advisory Agreement by and between EQFC and Alliance dated as of May 1, 1999.¹⁴

(d	)(12)(iii)	Amendment No. 2, dated as of May 1, 2000, to Investment Advisory Agreement by and between Equitable and Alliance dated as of May 1, 1999.¹⁵

(d	)(12)(iv)	Amendment No. 3, dated as of March 1, 2001, to Investment Advisory Agreement by and between Equitable and Alliance dated as of May 1, 1999.²⁰

(d	)(12)(v)	Amendment No. 4, dated as of May 21, 2001, to Investment Advisory Agreement by and between Equitable and Alliance dated May 1, 1999.²⁰

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(d	)(12)(vi)	Amended and Restated Investment Advisory Agreement between Equitable and Alliance dated as of December 5, 2001.²¹

(d	)(12)(vii)	Amendment No. 1 dated November 22, 2002 to the Amended and Restated Investment Advisory Agreement between Equitable and Alliance dated December 5, 2001.²³

(d	)(12)(viii)	Interim Investment Advisory Agreement between Equitable and Alliance with respect to EQ/Small Company Index Portfolio and EQ/International Equity Index Portfolio dated January 2, 2003.²³

(d	)(12)(ix)	Investment Advisory Agreement between Equitable and Alliance dated May 1, 2003 with respect to the EQ/Small Company Index Portfolio.²⁶

(d	)(12)(x)	Amendment No. 2, dated August 18, 2003, to the Amended and Restated Investment Advisory Agreement between Equitable and Alliance dated December 5, 2001.²⁶

(d	)(12)(xi)	Amendment No. 3, dated December 12, 2003, to the Amended and Restated Investment Advisory Agreement between Equitable and Alliance dated December 5, 2001.²⁶

(d	)(13)	Investment Advisory Agreement between EQFC and Capital Guardian Trust Company (“Capital Guardian”) dated as of May 1, 1999.¹¹

(d	)(13)(i)	Amendment No. 1, dated as of May 1, 2000, to Investment Advisory Agreement between Equitable and Capital Guardian dated May 1, 1999.¹⁵

(d	)(13)(ii)	Amended and Restated Investment Advisory Agreement between Equitable and Capital Guardian dated November 22, 2002.²³

(d	)(13)(iii)	Amendment No. 1, dated as of August 18, 2003, to the Amended and Restated Investment Advisory Agreement between Equitable and Capital Guardian dated as of November 22, 2002.²⁶

(d	)(13)(iv)	Form of Amendment No. 2, dated as of July 1, 2004, to the Amended and Restated Investment Advisory Agreement between Equitable and Capital Guardian dated as of November 22, 2002.³¹

(d	)(13)(v)	Amendment No. 3 dated December 13, 2004 to the Amended and Restated Investment Advisory Agreement between Equitable and Capital Guardian dated as of November 22, 2002. ³²

(d	)(14)	Investment Advisory Agreement between EQFC and Calvert Asset Management Company, Inc. (“Calvert”) dated as of August 30, 1999.¹²

(d	)(14)(i)	Amended and Restated Investment Advisory Agreement between Equitable and Calvert dated July 10, 2002.²³

(d	)(14)(ii)	Amended and Restated Investment Advisory Agreement between Equitable and Calvert dated as of July 31, 2003.²⁶

(d	)(15)	Investment Advisory Agreement between EQFC and Brown Capital Management (“Brown”) dated as of August 30, 1999.¹²

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(d	)(15)(i)	Amended and Restated Investment Advisory Agreement between Equitable and Brown dated as of July 10, 2002.²³

(d	)(15)(ii)	Amended and Restated Investment Advisory Agreement between Equitable and Brown dated as of July 31, 2003.²⁶

(d	)(16)	Investment Advisory Agreement between EQFC and Bankers Trust Company dated as of December 9, 1997.⁷

(d	)(16)(i)	Amended and Restated Investment Advisory Agreement between Equitable and Deutsche Asset Management, Inc. (“Deutsche”) dated as of July 10, 2002.²³

(d	)(17)	Investment Advisory Agreement among Equitable, Prudential Investments Fund Management LLC (“Prudential Investments”) and Jennison Associates LLC (“Jennison”) dated as of May 12, 2000.¹⁶

(d	)(17)(i)	Investment Advisory Agreement between Equitable and Jennison dated as of July 10, 2002.²³

(d	)(18)	Investment Advisory Agreement between Equitable and American Express Financial Corporation (“American Express”) dated as of September 1, 2000.¹⁷

(d	)(19)	Investment Advisory Agreement between Equitable and Fidelity Management & Research Company (“Fidelity”) dated as of July 24, 2000.¹⁷

(d	)(19)(i)	Amendment No. 1 dated as of November 1, 2002, to Investment Advisory Agreement between Equitable and Fidelity dated July 24, 2000.²³

(d	)(19)(ii)	Amendment No. 2 dated as of March 1, 2004 to Investment Advisory Agreement between Equitable and Fidelity dated July 24, 2000.²⁷

(d	)(20)	Investment Advisory Agreement between Equitable and Janus Capital Corporation dated as of September 1, 2000.¹⁷

(d	)(20)(i)	Amendment No. 1 dated as of January 2, 2002 to Investment Advisory Agreement between Equitable and Janus Capital Corporation dated as of September 1, 2000.²¹

(d	)(20)(ii)	Investment Advisory Agreement between Equitable and Janus Capital Management LLC (“Janus”) dated as of April 3, 2002.²²(d)(21) Investment Advisory Agreement between Equitable and Provident Investment Counsel (“Provident”) dated as of February 1, 2001.¹⁸

(d	)(22)	Investment Advisory Agreement between Equitable and Marsico Capital Management, LLC, (“Marsico”) dated as of February 1, 2001.¹⁸

(d	)(22)(i)	Amendment No. 1, dated as of September 1, 2001, to the Investment Advisory Agreement between Equitable and Marsico dated as of February 1, 2001.²⁰

(d	)(22)(ii)	Amendment No. 2, dated as of August 18, 2003, dated as of August 18, 2003, to the Investment Advisory Agreement between Equitable and Marsico dated September 1, 2001.²⁶

(d	)(22)(iii)	Amended and Restated Investment Advisory Agreement between Equitable and Marsico dated July 9, 2004.³¹

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(d	)(23)	Investment Advisory Agreement between Equitable and Pacific Investment Management Company LLC (“PIMCO”) dated July 15, 2002.²³

(d	)(23)(i)	Amended and Restated Investment Advisory Agreement between Equitable and PIMCO dated July 9, 2004.³¹

(d	)(24)	Investment Advisory Agreement between Equitable and Dresdner RCM Global Investors LLC (“Dresdner”) dated December 12, 2003.²⁶

(d	)(25)	Investment Advisory Agreement between Equitable and Firsthand Capital Management, Inc. (“Firsthand”) dated December 12, 2003.²⁶

(d	)(26)	Investment Advisory Agreement between Equitable and Wellington Management Company, LLP (“Wellington Management”) dated December 12, 2003.²⁶

(d	)(26)(ii)	Investment Advisory Agreement between Equitable and Wellington Management dated July 9, 2004.³¹

(d	)(27)	Investment Advisory Investment Advisory Agreement between Equitable and Boston Advisors, Inc. (“Boston Advisors”) dated July 9, 2004. ³¹

(d	)(28)	Investment Advisory Agreement between Equitable and Caywood-Scholl Capital Management (“Caywood-Scholl”) dated July 9, 2004. ³¹

(d	)(29)	Investment Advisory Agreement between Equitable and Fred Alger Management, Inc. (“Alger Management”) dated July 9, 2004. ³¹

(d	)(30)	Investment Advisory Agreement between Equitable and GAMCO Investors, Inc. (“GAMCO”) dated July 9, 2004. ³¹

(d	)(31)	Investment Advisory Agreement between Equitable and MONY Capital, Inc. (“MONY Capital”) dated July 9, 2004. ³¹

(d	)(32)	Investment Advisory Agreement between Equitable and Montag & Caldwell, Inc. (“Montag”) dated July 9, 2004. ³¹

(d	)(32)(i)	Amendment No. 1 dated as of December 13, 2004 to the Amended and Restated Investment Advisory Agreement between Equitable and Montag. ³²

(d	)(33)	Investment Advisory Agreement between Equitable and Rockefeller & Co., Inc. (“Rockefeller”) dated July 9, 2004. ³¹

(d	)(34)	Investment Advisory Agreement between Equitable and SsgA Funds Management, Inc. (“SsgA Funds Management”) dated July 9, 2004. ³¹

(d	)(35)	Investment Advisory Agreement between Equitable and TCW Investment Management Company (“TCW”) dated July 9, 2004. ³¹

(d	)(36)	Investment Advisory Agreement between Equitable and UBS Global Asset Management (Americas) Inc. (“UBS”) dated July 9, 2004. ³¹

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(d	)(37)	Investment Advisory Agreement between Equitable and William D. Witter, Inc. (“William Witter”) dated July 9, 2004.³¹

(d	)(38)	Investment Advisory Agreement between AXA Equitable Life Insurance Company (“AXA Equitable”) and Wells Capital Management (“Wells Capital”) dated October 1, 2004.³¹

(d	)(39)	Investment Advisory Agreement between AXA Equitable and Bear Stearns Asset Management, Inc. (“Bear Stearns”) dated December 10, 2004. ³²

(d	)(40)	Form of Investment Advisory Agreement between AXA Equitable and Lord, Abbett & Co. LLC (“Lord Abbett”) dated May 1, 2005. (filed herewith)

(e	)	Underwriting Contracts

(e	)(1)(i)	Distribution Agreement between the Trust and EQFC with respect to the Class IA shares dated April 14, 1997.⁴

(e	)(1)(ii)	Amendment No. 1, dated December 9, 1997, to the Distribution Agreement between the Trust and EQFC with respect to the Class IA shares dated April 14, 1997.⁷

(e	)(1)(iii)	Amendment No. 2, dated as of December 31, 1998, to the Distribution Agreement between the Trust and EQFC with respect to the Class IA shares dated April 14, 1997.¹¹

(e	)(1)(iv)	Form of Amendment No. 3, dated as of April 14, 1999, to the Distribution Agreement between the Trust and EQFC with respect to the Class IA shares dated April 14, 1997.¹¹

(e	)(1)(v)	Amendment No. 4, dated as of August 30, 1999, to the Distribution Agreement between the Trust and EQFC with respect to the Class IA shares dated April 14, 1997.¹⁴

(e	)(1)(vi)	Amendment No. 5, dated as of May 1, 2000, to the Distribution Agreement between the Trust and AXA Advisors, LLC (“AXA Advisors”) with respect to the Class IA shares dated April 14, 1997.¹⁴

(e	)(1)(vii)	Revised Amendment No. 6, dated as of September 1, 2000, to the Distribution Agreement between the Trust and AXA Advisors with respect to the Class IA shares, dated as of April 14, 1997.¹⁷

(e	)(1)(viii)	Amendment No. 7, dated as of September 1, 2001, to the Distribution Agreement between the Trust and AXA Advisors with respect to the Class IA shares, dated as of April 14, 1997.²⁰

(e	)(2)(i)	Distribution Agreement between the Trust and EQFC with respect to the Class IB shares dated April 14, 1997.⁴

(e	)(2)(ii)	Amendment No. 1, dated December 9, 1997, to the Distribution Agreement between the Trust and EQFC with respect to the Class IB shares dated April 14, 1997.⁷

(e	)(2)(iii)	Amendment No. 2, dated as of December 31, 1998, to the Distribution Agreement between the Trust and EQFC with respect to the Class IB shares dated April 14, 1997.¹¹

(e	)(2)(iv)	Form of Amendment No. 3, dated as of April 14, 1999, to the Distribution Agreement between the Trust and EQFC with respect to the Class IB shares dated April 14, 1997.¹¹

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(e	)(2)(v)	Amendment No. 4, dated as of August 30, 1999, to the Distribution Agreement between the Trust and EQFC with respect to the Class IB shares dated April 14, 1997.¹⁴

(e	)(2)(vi)	Amendment No. 5, dated as of May 1, 2000, to the Distribution Agreement between the Trust and AXA Advisors with respect to the Class IB shares dated April 14, 1997.¹⁴

(e	)(2)(vii)	Revised Amendment No. 6, dated as of September 1, 2000, to the Distribution Agreement between the Trust and AXA Advisors with respect to the Class IB shares dated April 14, 1997.¹⁷

(e	)(2)(viii)	Amendment No. 7, dated as of September 1, 2001, to the Distribution Agreement between the Trust and AXA Advisors with respect to the Class IB shares dated April 14, 1997.²⁰

(e	)(3)(i)	Distribution Agreement between the Trust and Equitable Distributors, Inc. (“EDI”) with respect to the Class IA shares dated April 14, 1997.⁴

(e	)(3)(ii)	Amendment No. 1, dated December 9, 1997, to the Distribution Agreement between the Trust and EDI with respect to the Class IA shares dated April 14, 1997.⁷

(e	)(3)(iii)	Amendment No. 2, dated as of December 31, 1998, to the Distribution Agreement between the Trust and EDI with respect to the Class IA shares dated April 14, 1997.¹¹

(e	)(3)(iv)	Form of Amendment No. 3, dated as of April 14, 1999, to the Distribution Agreement between the Trust and EDI with respect to the Class IA shares dated April 14, 1997.¹¹

(e	)(3)(v)	Amendment No. 4, dated as of August 30, 1999, to the Distribution Agreement between the Trust and EDI with respect to the Class IA shares dated April 14, 1997.¹⁴

(e	)(3)(vi)	Amendment No. 5, dated as of May 1, 2000, to the Distribution Agreement between the Trust and EDI with respect to the Class IA shares dated April 14, 1997.¹⁴

(e	)(3)(vii)	Revised Amendment No. 6, dated as of September 1, 2000, to the Distribution Agreement between the Trust and EDI with respect to the Class IA shares dated April 14, 1997.¹⁷

(e	)(3)(viii)	Amendment No. 7, dated as of September 1, 2001, to the Distribution Agreement between the Trust and EDI with respect to the Class IA shares dated April 14, 1997.²⁰

(e	)(4)(i)	Distribution Agreement between the Trust and EDI with respect to the Class IB shares dated April 14, 1997.⁴

(e	)(4)(ii)	Amendment No. 1, dated December 9, 1997, to the Distribution Agreement between the Trust and EDI with respect to the Class IB shares dated April 14, 1997.⁷

(e	)(4)(iii)	Amendment No. 2, dated as of December 31, 1998, to the Distribution Agreement between the Trust and EDI with respect to the Class IB shares dated April 14, 1997.¹¹

(e	)(4)(iv)	Form of Amendment No. 3, dated as of April 14, 1999, to the Distribution Agreement between the Trust and EDI with respect to the Class IB shares dated April 14, 1997.¹¹

(e	)(4)(v)	Amendment No. 4, dated as of August 30, 1999, to the Distribution Agreement between the Trust and EDI with respect to the Class IB shares dated April 14, 1997.¹⁴

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(e	)(4)(vi)	Amendment No. 5, dated as of May 1, 2000, to the Distribution Agreement between the Trust and EDI with respect to the Class IB shares dated April 14, 1997.¹⁴

(e	)(4)(vii)	Revised Amendment No. 6, dated as of September 1, 2000, to the Distribution Agreement between the Trust and EDI with respect to Class IB shares dated as of April 14, 1997.¹⁷

(e	)(4)(viii)	Amendment No. 7, dated as of September 1, 2001, to the Distribution Agreement between the Trust and EDI with respect to Class IB shares dated as of April 14, 1997.²⁰

(e	)(5)(i)	Distribution Agreement dated as of January 2, 2002, between the Trust and AXA Distributors, LLC (“AXA Distributors”) with respect to the Class IA shares.²¹

(e	)(5)(ii)	Amended and Restated Distribution Agreement between the Trust and AXA Distributors dated as July 15, 2002 with respect to Class IA shares.²³

(e	)(5)(iii)	Amendment No. 1, dated May 2, 2003, to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors, dated as of July 15, 2002 with respect to Class IA shares.²⁶

(e	)(5)(iv)	Amendment No. 2, dated July 8, 2004, to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors, dated as of July 15, 2002 with respect to Class IA shares.³¹

(e	)(5)(v)	Amendment No. 3, dated October 1, 2004 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors, dated as of July 15, 2002 with respect to Class IA shares.³¹

(e	)(5)(vi)	Amendment No. 4 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors dated as of July 15, 2002 with respect to Class IA shares. (filed herewith).

(e	)(6)(i)	Distribution Agreement dated as of January 2, 2002, between the Trust and AXA Distributors with respect to the Class IB shares.²¹

(e	)(6)(ii)	Amended and Restated Distribution Agreement between the Trust and AXA Distributors dated as of July 15, 2002 with respect to Class IB shares.²³

(e	)(6)(iii)	Amendment No. 1, dated May 2, 2003, to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors, dated as of July 15, 2002 with respect to Class IB shares.²⁶

(e	)(6)(iv)	Amendment No. 2, dated July 8, 2004, to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors, dated as of July 15, 2002 with respect to Class IB shares. ³¹

(e	)(6)(v)	Amendment No. 3, dated October 1, 2004to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors, dated as of July 15, 2002 with respect to Class IB shares ³¹

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(e	)(6)(vi)	Amendment No. 4 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors dated as of July 15, 2002 with respect to Class IB shares. (filed herewith)

(e	)(7)(i)	Distribution Agreement between the Trust and AXA Advisors, dated as of July 15, 2002, with respect to Class IA shares.²³

(e	)(7)(ii)	Amendment No. 1, dated May 2, 2003, to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors, dated as of July 15, 2002 with respect to Class IA shares.²⁶

(e	)(7)(iii)	Amendment No. 2, dated July 8, 2004 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors, dated July 15, 2002 with respect to Class IA shares ³¹

(e	)(7)(iv)	Amendment No. 3, dated October 1, 2004, to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors, dated July 15, 2002 with respect to Class IA shares ³¹

(e	)(7)(v)	Amendment No. 4 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors dated July 15, 2002 with respect to Class IA shares. (filed herewith)

(e	)(8)(i)	Distribution Agreement between the Trust and AXA Advisors dated as of July 15, 2002, with respect to Class IB shares.²³

(e	)(8)(ii)	Amendment No. 1, dated May 2, 2003, to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors, dated as of July 15, 2002 with respect to Class IB shares.²⁶

(e	)(8)(iii)	Amendment No. 2, dated July 8, 2004 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors, dated July 15, 2002 with respect to Class IB shares ³¹

(e	)(8)(iv)	Amendment No. 3, dated October 1, 2004, to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors, dated July 15, 2002 with respect to Class IB shares³¹

(e	)(8)(v)	Amendment No. 4 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors dated July 15, 2002 with respect to Class IB shares. (filed herewith)

(e	)(9)(i)	Distribution Agreement between the Trust and AXA Advisors, dated as of July 1, 2004 with respect to the Class IA shares of the MONY Portfolios ³¹

(e	)(10)(i)	Distribution Agreement between the Trust and AXA Advisors, dated as of July 1, 2004 with respect to the Class IB shares of the MONY Portfolios ³¹

(e	)(11)(i)	Distribution Agreement between the Trust and AXA Distributors, dated as of July 1, 2004 with respect to the Class IA shares of the MONY Portfolios ³¹

(e	)(12)(i)	Distribution Agreement between the Trust and AXA Distributors, dated as of July 1, 2004 with respect to the Class IB shares of the MONY Portfolios ³¹

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(f	)	Form of Deferred Compensation Plan.³

(g	)	Custodian Agreements

(g	)(1)(i)	Custodian Agreement between the Trust and The Chase Manhattan Bank dated April 17, 1997 and Global Custody Rider.⁴

(g	)(1)(ii)	Amendment No. 1, dated December 9, 1997, to the Custodian Agreement between the Trust and The Chase Manhattan Bank dated April 17, 1997.⁷

(g	)(1)(iii)	Amendment No. 2, dated as of December 31, 1998, to the Custodian Agreement between the Trust and The Chase Manhattan Bank dated April 17, 1997.¹¹

(g	)(1)(iv)	Form of Amendment No. 3, dated as of April 30, 1999, to the Custodian Agreement between the Trust and The Chase Manhattan Bank dated April 17, 1997.¹¹

(g	)(1)(v)	Form of Amendment No. 4, dated as of August 30, 1999, to the Custodian Agreement between the Trust and The Chase Manhattan Bank dated April 17, 1997.¹⁴

(g	)(1)(vi)	Form of Amendment No. 5, dated as of May 1, 2000, to the Custodian Agreement between the Trust and The Chase Manhattan Bank dated April 17, 1997.¹⁴

(g	)(1)(vii)	Revised Amendment No. 6, dated as of September 1, 2000, to the Custodian Agreement between the Trust and The Chase Manhattan Bank dated April 14, 1997.¹⁷

(g	)(1)(viii)	Global Custody Agreement between the Trust and The Chase Manhattan Bank dated May 1, 2001.²⁰

(g	)(1)(ix)	Amendment No. 1, dated as of September 1, 2001, to the Global Custody Agreement between the Trust and The Chase Manhattan Bank dated May 1, 2001.²¹

(g	)(2)(i)	Amended and Restated Global Custody Rider to the Domestic Custody Agreement for Mutual Funds between The Chase Manhattan Bank and the Trust dated August 31, 1998.¹¹

(g	)(3)(i)	Amended and Restated Global Custody Agreement between the Trust and JPMorgan Chase Bank dated February 1, 2002.²²

(g	)(3)(ii)	Amendment No. 1, dated May 2, 2003, to the Amended and Restated Global Custody Agreement between the Trust and JP Morgan Chase Bank dated February 1, 2002.²⁶

(g	)(3)(iii)	Amendment No. 2, dated July 8, 2004, to the Amended and Restated Global Custody Agreement between the Trust and JP Morgan Chase Bank dated February 1, 2002. ³¹

(g	)(3)(iv)	Amendment No. 3, dated September 13, 2004, to the Amended and Restated Global Custody Agreement between the Trust and JP Morgan Chase Bank dated February 1, 2002.³¹

(g	)(3)(v)	Amendment No. 4 to the Amended and Restated Global Custody Agreement between the Trust and JP Morgan Chase Bank dated February 1, 2002. (filed herewith)

(g	)(4)(i)	Form of Custody Agreement between the Trust and State Street Bank and Trust Company with respect to the MONY Portfolios. ²⁹

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(h	)	Other Material Contracts

(h	)(1)(i)	Mutual Fund Services Agreement between the Trust and Chase Global Funds Services Company dated April 25, 1997.⁴

(h	)(1)(ii)	Form of Mutual Fund Services Agreement between the Trust and Equitable dated May 1, 2000.¹⁴

(h	)(2)(i)	Amended and Restated Expense Limitation Agreement between the Trust and EQFC dated March 3, 1998.⁸

(h	)(2)(ii)	Amended and Restated Expense Limitation Agreement by and between EQFC and the Trust dated as of December 31, 1998.¹¹

(h	)(2)(iii)	Amended and Restated Expense Limitation Agreement between EQFC and the Trust dated as of May 1, 1999.¹¹

(h	)(2)(iv)	Amendment No. 1, dated as of August 30, 1999, to the Amended and Restated Expense Limitation Agreement between EQFC and the Trust dated as of May 1, 1999.¹⁴

(h	)(2)(v)	Second Amended and Restated Expense Limitation Agreement between Equitable and the Trust dated as of May 1, 2000.¹⁴

(h	)(2)(vi)	Revised Amendment No. 1 to the Second Amended and Restated Expense Limitation Agreement between Equitable and the Trust dated as of September 1, 2000.¹⁷

(h	)(2)(vii)	Third Amended and Restated Expense Limitation Agreement between Equitable and the Trust dated as of May 1, 2001.¹⁹

(h	)(2)(viii)	Amendment No. 1, dated as of September 1, 2001, to the Third Amended and Restated Expense Limitation Agreement between Equitable and the Trust dated as of May 1, 2001.²⁰

(h	)(2)(ix)	Fourth Amended and Restated Expense Limitation Agreement between Equitable and the Trust, dated as of May 1, 2002.²³

(h	)(2)(x)	Amendment No. 1, dated as of May 1, 2003 to the Fourth Amended and Restated Expense Limitation Agreement between Equitable and the Trust dated as of May 1, 2002.²⁶

(h	)(2)(xi)	Expense Limitation Agreement between Equitable and the Trust, dated as of April 1, 2004, with respect to the MONY Portfolios. ³¹

(h	)(2)(xii)	Amendment No. 2 dated as of May 1, 2004 to the Fourth Amended and Restated Expense Limitation Agreement between Equitable and the Trust dated as of May 1, 2002.²⁷

(h	)(2)(xiii)	Amendment No. 3 to the Fourth Amended and Restated Expense Limitation Agreement between Equitable and the Trust dated as of May 1, 2002³¹

(h	)(2)(xiv)	Amendment No. 4 to the Fourth Amended and Restated Expense Limitation Agreement between AXA Equitable and the Trust dated May 1, 2002. (filed herewith)

(h	)(3)(i)	Organizational Expense Reimbursement Agreement by and between EQFC and the Trust, on behalf of each series of the Trust except for the Lazard Large Cap Value Portfolio, Lazard

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		Small Cap Value Portfolio, the JPM Core Bond Portfolio, BT Small Company Index Portfolio, BT International Equity Index Portfolio and BT Equity 500 Index Portfolio dated April 14, 1997.⁴

(h	)(3)(ii)	Organizational Expense Reimbursement Agreement by and between EQFC and the Trust, on behalf of the Lazard Large Cap Value Portfolio, Lazard Small Cap Value Portfolio, JPM Core Bond Portfolio, BT Small Company Index Portfolio, BT International Equity Index Portfolio, and BT Equity 500 Index Portfolio dated December 9, 1997.⁷

(h	)(3)(iii)	Organizational Expense Reimbursement Agreement by and between EQFC and the Trust, on behalf of the MFS Income with Growth Portfolio, EQ/Evergreen Foundation Portfolio and EQ/Evergreen Portfolio dated December 31, 1998.¹¹

(h	)(4)(i)	Participation Agreement by and among the Trust, Equitable, EDI and EQFC dated April 14, 1997.⁴

(h	)(4)(ii)	Amendment No. 1, dated December 9, 1997, to the Participation Agreement by and among the Trust, Equitable, EDI, and EQFC dated April 14, 1997.⁷

(h	)(4)(iii)	Amendment No. 2, dated as of December 31, 1998, to the Participation Agreement by and among the Trust, Equitable, EDI, and EQFC dated April 14, 1997.¹¹

(h	)(4)(iv)	Form of Amendment No. 3, dated as of April 30, 1999, to the Participation Agreement among the Trust, Equitable, EDI, and EQFC dated April 14, 1997.¹¹

(h	)(4)(v)	Form of Amendment No. 4, dated as of October 18, 1999, to the Participation Agreement among the Trust, Equitable, EDI, and AXA Advisors dated April 14, 1997.¹⁴

(h	)(4)(vi)	Form of Amendment No. 5, dated as of May 1, 2000, to the Participation Agreement among the Trust, Equitable, EDI, and AXA Advisors dated April 14, 1997.¹⁵

(h	)(4)(vii)	Revised Amendment No. 6, dated as of September 1, 2000, to the Participation Agreement among the Trust, Equitable, EDI, and AXA Advisors dated April 14, 1997.¹⁷

(h	)(4)(viii)	Amendment No. 7, dated September 1, 2001, to the Participation Agreement among the Trust, Equitable, EDI, and AXA Advisors dated April 14, 1997.²⁰

(h	)(4)(ix)	Amended and Restated Participation Agreement among the Trust, Equitable, AXA Distributors and AXA Advisors dated as of July 15, 2002.²³

(h	)(4)(x)	Amendment No. 1, dated May 2, 2003, to the Amended and Restated Participation Agreement among the Trust, Equitable, AXA Distributors and AXA Advisors dated July 15, 2002.²⁶

(h	)(4)(xi)	Amendment No. 2, dated July 9, 2004, to the Amended and Restated Participation Agreement among the Trust, Equitable, AXA Distributors and AXA Advisors dated July 15, 2002.³¹

(h	)(4)(xii)	Amendment No. 3, dated October 1, 2004, to the Amended and Restated Participation Agreement among the Trust, Equitable, AXA Distributors and AXA Advisors dated July 15, 2002.³¹

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(h	)(4)(xiii)	Amendment No. 4 to the Amended and Restated Participation Agreement among the Trust, Equitable, AXA Distributors and AXA Advisors dated July 15, 2002. (filed herewith)

(h	)(5)	Retirement Plan Participation Agreement dated December 1, 1998 among the Trust, EQFC, The Equitable Investment Plan for Employees, Managers and Agents and Equitable.¹¹

(h	)(5)(i)	Form of Amendment No. 1, dated April 30, 1999, to the Retirement Plan Participation Agreement among the Trust, EQFC, The Equitable Investment Plan for Employees, Managers and Agents and Equitable.¹¹

(h	)(5)(ii)	Amended and Restated Retirement Plan Participation Agreement among the Trust, AXA Advisors, the Investment Plan for Employees, Managers and Agents, and Equitable dated as of July 10, 2002.²³

(h	)(6)	License Agreement Relating to Use of Name between Merrill Lynch & Co., Inc., and the Trust dated April 28, 1997.⁴

(h	)(7)	Form of Participation Agreement among the Trust, Equitable, AXA Distributors and AXA Advisors with respect to the MONY Portfolios.²⁵

(h	)(8)	Form of Transfer Agency Agreement by and between the Trust and State Street Bank and Trust Company for the MONY Portfolios. ²⁹

(i	)	Legal Opinion

(i	)(1)	Opinion and Consent of Katten Muchin & Zavis regarding the legality of the securities being registered.¹

(i	)(2)	Opinion and Consent of Dechert Price & Rhoads regarding the legality of the securities being registered with respect to the Lazard Large Cap Value Portfolio, Lazard Small Cap Value Portfolio, and JPM Core Bond Portfolio.⁵

(i	)(3)	Opinion and Consent of Dechert Price & Rhoads regarding the legality of the securities being registered with respect to the BT Small Company Index Portfolio, BT International Equity Index Portfolio, and BT Equity 500 Index Portfolio.⁶

(i	)(4)	Opinion and Consent of Dechert Price & Rhoads regarding the legality of the securities being registered with respect to the EQ/Evergreen Foundation Portfolio, EQ/Evergreen Portfolio, and MFS Growth with Income Portfolio.⁹

(i	)(5)	Opinion and Consent of Dechert Price & Rhoads regarding the legality of the securities being registered with respect to the EQ/Alliance Large Cap Growth Portfolio, EQ/Capital Research Portfolio, EQ/Capital U.S. Equities Portfolio and EQ/Capital International Equities Portfolio.¹⁰

(i	)(6)	Opinion and Consent of Dechert Price & Rhoads regarding the legality of the securities being registered with respect to the Alliance Money Market Portfolio, Alliance Intermediate Government Securities Portfolio, Alliance Quality Bond Portfolio, Alliance High Yield Portfolio, Alliance Balanced Portfolio, Alliance Conservative Investors Portfolio, Alliance Growth Investors Portfolio, Alliance Common Stock Portfolio, Alliance Equity Index Portfolio, Alliance Growth and Income Portfolio, Alliance Aggressive Stock Portfolio,

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		Alliance Small Cap Growth Portfolio, Alliance Global Portfolio, Alliance International Portfolio and the Calvert Socially Responsible Portfolio.¹²

(i	)(7)	Opinion and Consent of Dechert Price & Rhoads regarding the legality of the securities being registered with respect to the Alliance Technology Portfolio.¹⁵

(i	)(8)	Opinion and Consent of Dechert Price & Rhoads regarding the legality of the securities registered with respect to the EQ/Putnam Investors Growth Portfolio, the EQ/Putnam Balanced Portfolio, the MFS Emerging Growth Companies Portfolio, the Morgan Stanley Emerging Markets Equity Portfolio, the Warburg Pincus Small Company Value Portfolio, the Merrill Lynch Global Allocation Portfolio and the Merrill Lynch Basic Value Portfolio.¹⁷

(i	)(9)	Opinion and Consent of Dechert Price & Rhoads regarding the legality of the securities being registered with respect to the EQ/AXP New Dimensions Portfolio, EQ/AXP Strategy Aggressive Portfolio, EQ/Janus Large Cap Growth Portfolio and FI Mid Cap Portfolio.¹⁷

(i	)(10)	Opinion and Consent of Kirkpatrick & Lockhart LLP regarding the legality of the securities being registered with respect to the EQ/Marsico Focus Portfolio.²⁰

(i	)(11)	Opinion and Consent of Kirkpatrick & Lockhart LLP regarding the legality of the securities being registered with respect to the MONY Portfolios. ³⁰

(i	)(12)	Opinion and Consent of Kirkpatrick & Lockhart LLP regarding the legality of the securities being registered with respect to the portfolios of the Trust other than the MONY Portfolios.²⁷

(i	)(13)	Opinion and Consent of Kirkpatrick & Lockhart LLP regarding the legality of the securities being registered with respect to the EQ/Wells Fargo Small Company Growth Portfolio.³¹

(i	)(14)	Opinion and Consent of Kirkpatrick & Lockhart Nicholson Graham LLP regarding the legality of the securities being registered with respect to the EQ/Lord Abbett Growth and Income Portfolio, EQ/Lord Abbett Large-Cap Core Portfolio, EQ/Lord Abbett Mid-Cap Value Portfolio, EQ/Van Kampen Comstock Portfolio, and EQ/Van Kampen Mid Cap Growth Portfolio. (filed herewith)

(j	)	Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accountants. (filed herewith)

(k	)	None

(l	)	Stock Subscription Agreement between the Trust, on behalf of the T. Rowe Price Equity Income Portfolio, and Separate Account FP.³

(m	)	Distribution Plans

(m	)(1)	Distribution Plan Pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) for the Trust’s Class IB shares adopted March 31, 1997.⁴

(m	)(2)	Distribution Plan Pursuant to Rule 12b-1 for the Trust’s Class IB shares of the MONY Portfolios.²⁸

(n	)	Multiple Class Plan

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(n	)(1)	Plan Pursuant to Rule 18f-3 under the 1940 Act.⁴

(p	)	Codes of Ethics

(p	)(1)	Code of Ethics of the Trust, AXA Advisors and EDI.¹⁵

(p	)(1)(i)	Code of Ethics of the Trust, Equitable, AXA Advisors and AXA Distributors dated March 31, 1997 and amended and restated on July 11, 2000.¹⁷

(p	)(1)(ii)	Revised Code of Ethics of Trust, Equitable, AXA Advisors and AXA Distributors dated March 31, 1997 as revised December 10, 2003.²⁷

(p	)(1)(iii)	Revised Code of Ethics of the Trust, AXA Equitable, AXA Advisors and AXA Distributors dated March 31, 1997 as revised December 9, 2004.³²

(p	)(1)(iv)	Revised Code of Ethics of the Trust, AXA Equitable, AXA Advisors and AXA Distributors dated March 31, 1997. (filed herewith)

(p	)(2)	Code of Ethics of Alliance dated August 1999.¹⁵

(p	)(2)(i)	Code of Ethics of Alliance dated as of February 2000, as amended and restated.¹⁷

(p	)(2)(ii)	Revised Code of Ethics of Alliance dated January 1, 2001.¹⁸

(p	)(2)(iii)	Code of Ethics and Statement of Policy and Procedures Regarding Personal Securities Transactions of Alliance dated April 2002.²³

(p	)(2)(iv)	Revised Code of Ethics of Alliance effective June 30, 2003.²⁶

(p	)(2)(v)	Revised Code of Ethics of Alliance effective October 2004. ³²

(p	)(3)	Code of Ethics of Bankers Trust/Deutsche Bank.¹⁵

(p	)(3)(i)	Code of Ethics of Deutsche effective as of May 26, 2000.¹⁷

(p	)(3)(ii)	Revised Code of Ethics of Deutsche dated May 2000 revised November 2001.²¹

(p	)(4)	Code of Ethics of Brown, Inc. dated February 10, 1994.¹⁵

(p	)(4)(i)	Revised Code of Ethics of Brown.¹⁷

(p	)(5)	Code of Ethics of Calvert.¹⁵

(p	)(5)(i)	Code of Ethics and Insider Trading Policy and Procedures of Calvert.²³

(p	)(5)(ii)	Revised Code of Ethics of Calvert effective June 4, 2003.²⁶

(p	)(5)(iii)	Revised Code of Ethics of Calvert effective October 22, 2003.²⁷

(p	)(5)(iv)	Revised Code of Ethics of Calvert effective October 2004. ³²

(p	)(6)	Code of Ethics of Capital Guardian.¹⁵

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(p	)(6)(i)	Code of Ethics of Capital Guardian effective October 1, 2002.²⁶

(p	)(7)	Code of Ethics of Evergreen dated December 17, 1999.¹⁵

(p	)(7)(i)	Revised Code of Ethics of Evergreen effective September 1, 2003.²⁶

(p	)(7)(ii)	Revised Code of Ethics of Evergreen effective January 2, 2004.²⁷

(p	)(7)(iii)	Revised Code of Ethics of Evergreen, effective February 1, 2005. (filed herewith)

(p	)(8)	Code of Ethics of J.P. Morgan.¹⁵

(p	)(8)(i)	Revised Code of Ethics of J.P. Morgan, effective October 25, 2001.²¹

(p	)(9)	Code of Ethics of Lazard, as revised September 27, 1999.¹⁵

(p	)(9)(i)	Code of Ethics of Lazard, revised as of April 26, 2000.¹⁷

(p	)(9)(ii)	Code of Ethics of Lazard, as revised.²⁰

(p	)(9)(iii)	Revised Code of Ethics of Lazard, effective September 18, 2001.²¹

(p	)(9)(iv)	Revised Code of Ethics of Lazard, revised February 2003.²⁶

(p	)(10)	Code of Ethics of MFS, dated March 1, 2000.¹⁵

(p	)(10)(i)	Revised Code of Ethics of MFS, effective September 1, 2000.¹⁷

(p	)(11)	Code of Ethics of Merrill Lynch Asset Management Group.¹⁵

(p	)(11)(i)	Revised Code of Ethics of Merrill Lynch Asset Management Group.²⁷

(p	)(12)	Code of Ethics of Morgan Stanley.¹⁵

(p	)(12)(i)	Revised Code of Ethics of Morgan Stanley, effective January 29, 2001.¹⁸

(p	)(12)(ii)	Revised Code of Ethics of MSIM, effective August 16, 2002.²³

(p	)(12)(iii)	Revised Code of Ethics of MSIM, effective June 15, 2004. ³¹

(p	)(12)(iv)	Revised Code of Ethics of MSIM, effective December 32, 2004. (filed herewith)

(p	)(13)	Code of Ethics of Putnam.¹⁵

(p	)(13)(i)	Revised Code of Ethics of Putnam, revised April 2000.¹⁷

(p	)(13)(ii)	Revised Code of Ethics of Putnam, effective May 2002.²³

(p	)(13)(iii)	Revised Code of Ethics of Putnam, effective September 30, 2003.²⁶

(p	)(13)(iv)	Revised Code of Ethics of Putnam, effective August, 2004. ³¹

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(p	)(14)(i)	Code of Ethics of Rowe Price Fleming International, dated March 1999.¹⁵

(p	)(14)(ii)	Code of Ethics of T. Rowe Price Associates, Inc., effective March 1, 2000.¹⁵

(p	)(14)(iii)	Revised Code of Ethics of Rowe Price-Fleming International, Inc. effective March 1, 2000.¹⁷

(p	)(14)(iv)	Code of Ethics of T. Rowe Price International, Inc., effective August 8, 2000.¹⁷

(p	)(15)	Code of Ethics of Warburg Pincus Asset Management/Credit Suisse Asset Management, dated March 1, 2000.¹⁵

(p	)(16)(i)	Code of Ethics of Prudential Investments.¹⁵

(p	)(16)(ii)	Code of Ethics of Jennison, as amended December 6, 1999.¹⁵

(p	)(16)(iii)	Revised Code of Ethics of Prudential Investments, dated February 29, 2000.¹⁷

(p	)(16)(iv)	Revised Code of Ethics of Prudential Investments, effective August 9, 2001.²¹

(p	)(16)(v)	Revised Code of Ethics of Jennison, effective April 25, 2002.²³

(p	)(17)	Code of Ethics of Fidelity dated January 1, 2000.¹⁷

(p	)(17)(i)	Revised Code of Ethics of Fidelity, dated January 1, 2001.¹⁸

(p	)(17)(ii)	Revised Code of Ethics of Fidelity, dated March 14, 2002.²³

(p	)(17)(iii)	Revised Code of Ethics of Fidelity, dated January 1, 2003.²⁶

(p	)(17)(iv)	Revised Code of Ethics of Fidelity, dated February 5, 2004. ³¹

(p	)(17)(v)	Revised Code of Ethics of Fidelity, dated January 1, 2005. (filed herewith)

(p	)(18)	Code of Ethics of American Express dated March 2000.¹⁷

(p	)(19)	Code of Ethics of Janus Capital Corporation as revised March 1, 2000.¹⁷

(p	)(19)(i)	Code of Ethics of Janus Capital Corporation as revised June 1, 2001.²⁰

(p	)(19)(ii)	Reivsed Code of Ethics of Janus, revised April 1, 2002.²³

(p	)(19)(iii)	Revised Code of Ethics of Janus, dated June 9, 2003.²⁶

(p	)(19)(iv)	Revised Code of Ethics of Janus, dated April 20, 2004. ³¹

(p	)(19)(v)	Revised Code of Ethics of Janus, dated September 14, 2004.³²

(p	)(20)	Code of Ethics of Provident.¹⁷

(p	)(20)(i)	Revised Code of Ethics of Provident, effective February 15, 2002.²³

(p	)(20)(ii)	Revised Code of Ethics of Provident, effective April 1, 2003.²⁶

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(p	)(21)	Code of Ethics of Marsico.¹⁷

(p	)(21)(i)	Revised Code of Ethics of Marsico, effective November 15, 2001.²¹

(p	)(21)(ii)	Revised Code of Ethics of Marsico, effective March 31, 2003.²⁶

(p	)(21)(iii)	Revised Code of Ethics of Marsico, effective November 20, 2003.²⁷

(p	)(21)(iv)	Revised Code of Ethics of Marsico, effective October 1, 2004. (filed herewith)

(p	)(22)	Code of Ethics of PIMCO effective December 31, 2001.²³

(p	)(23)	Code of Ethics of Dresdner effective May 2001.²⁶

(p	)(23)(i)	Revised Code of Ethics of RCM Capital Management LLC (formerly Dresdner) effective January 1, 2004.²⁷

(p	)(24)	Code of Ethics of Firsthand dated May 12, 2001.²⁶

(p	)(25)	Code of Ethics of Wellington Management revised March 1, 2000.²⁵

(p	)(25)(i)	Revised Code of Ethics of Wellington Management, revised July 1, 2004.³¹

(p	)(26)	Code of Ethics of Boston Advisors.²⁵

(p	)(26)(i)	Revised Code of Ethics of Boston Advisors, effective December 21, 2004. (filed herewith)

(p	)(27)	Code of Ethics of Caywood-Scholl.²⁵

(p	)(28)	Code of Ethics of Alger Management.²⁵

(p	)(29)	Code of Ethics of GAMCO.²⁵

(p	)(29)(i)	Revised Code of Ethics of GAMCO, effective October 1, 2004. (filed herewith)

(p	)(30)	Code of Ethics of Montag & Caldwell.²⁵

(p	)(30)(i)	Revised Code of Ethics of Montag, effective December 29, 2004. (filed herewith)

(p	)(31)	Code of Ethics of MONY Capital.²⁵

(p	)(32)	Code of Ethics of Rockefeller.²⁵

(p	)(33)	Code of Ethics of SSgA Funds Management.²⁵

(p	)(34)	Code of Ethics of TCW.²⁵

(p	)(35)	Code of Ethics of UBS.²⁵

(p	)(36)	Code of Ethics of William Witter. ²⁹

(p	)(37)	Code of Ethics of Wells Capital ³¹

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(p	)(37)(i)	Revised Code of Ethics of Wells Capital. (filed herewith)

(p	)(38)	Code of Ethics of Bear Stearns.³²

(p	)(39)	Code of Ethics of Lord Abbett (filed herewith).

Other Exhibits:

Powers of Attorney.³

Power of Attorney for Steven M. Joenk.¹²

Power of Attorney for Theodossios (Ted) Athanassiades.¹⁵

Power of Attorney for David W. Fox and Gary S. Schpero.¹⁶

Revised Powers of Attorney.²⁰

Amended Powers of Attorney, dated December 6, 2002.²³

Amended Power of Attorney for Steven M. Joenk (filed herewith)

1.	Incorporated herein by reference to Registrant’s Registration Statement on Form N-1A filed on December 3, 1996 (File No. 333-17217).

2.	Incorporated herein by reference to Pre-Effective Amendment No. 1 to Registrant’s Registration Statement on Form N-1A filed on January 23, 1997 (File No. 333-17217).

3.	Incorporated herein by reference to Pre-Effective Amendment No. 2 to Registrant’s Registration Statement on Form N-1A filed on April 7, 1997 (File No. 333-17217).

4.	Incorporated herein by reference to Post-Effective Amendment No. 1 to Registrant’s Registration Statement on Form N-1A filed on August 28, 1997 (File No. 333-17217).

5.	Incorporated herein by reference to Post-Effective Amendment No. 2 to Registrant’s Registration Statement on Form N-1A filed on October 15, 1997 (File No. 333-17217).

6.	Incorporated herein by reference to Post-Effective Amendment No. 3 to Registrant’s Registration Statement on Form N-1A filed on October 31, 1997 (File No. 333-17217).

7.	Incorporated herein by reference to Post-Effective Amendment No. 4 to Registrant’s Registration Statement on Form N-1A filed on December 29, 1997 (File No. 333-17217).

8.	Incorporated herein by reference to Post-Effective Amendment No. 5 to Registrant’s Registration Statement on Form N-1A filed on March 5, 1998 (File No. 333-17217).

9.	Incorporated herein by reference to Post-Effective Amendment No. 7 to Registrant’s Registration Statement on Form N-1A filed on October 15, 1998 (File No. 333-17217).

10.	Incorporated herein by reference to Post-Effective Amendment No. 8 to Registrant’s Registration Statement on Form N-1A filed on February 16, 1999 (File No. 333-17217).

11.	Incorporated herein by reference to Post-Effective Amendment No. 10 to Registrant’s Registration Statement on Form N-1A filed on April 30, 1999 (File No. 333-17217).

12.	Incorporated herein by reference to Post-Effective Amendment No. 13 to Registrant’s Registration Statement on Form N-1A filed on August 30, 1999 (File No. 333-17217).

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13.	Incorporated herein by reference to Post-Effective Amendment No. 14 to Registrant’s Registration Statement on Form N-1A filed on February 1, 2000 (File No. 333-17217).

14.	Incorporated herein by reference to Post-Effective Amendment No. 15 to Registrant’s Registration Statement on Form N-1A filed on February 16, 2000 (File No. 333-17217).

15.	Incorporated by reference to Post-Effective Amendment No. 16 to Registrant’s Registration Statement on Form N-1A filed on April 21, 2000 (File No. 333-17217).

16.	Incorporated by reference to Post-Effective Amendment No. 17 to Registrant’s Registration Statement on Form N-1A filed on May 30, 2000 (File No. 333-17217).

17.	Incorporated by reference to Post-Effective Amendment No. 18 to Registrant’s Registration Statement on Form N-1A filed on January 23, 2001 (File No. 333-17217).

18.	Incorporated by reference to Post-Effective Amendment No. 19 to Registrant’s Registration Statement on Form N-1A filed on March 22, 2001 (File No. 333-17217).

19.	Incorporated by reference to Post-Effective Amendment No. 20 to Registrant’s Registration Statement on Form N-1A filed on April 3, 2001 (File No. 333-17217)

20.	Incorporated by reference to Post-Effective Amendment No. 22 to Registrant’s Registration Statement on Form N-1A filed on August 13, 2001 (File No. 333-17217)

21.	Incorporated by reference to Post-Effective Amendment No. 23 to Registrant’s Registration Statement on Form N-1A filed on February 4, 2002. (File No. 333-17217)

22.	Incorporated by reference to Post-Effective Amendment No. 24 to Registrant’s Registration Statement on Form N-1A filed on April 3, 2002. (File No. 333-17217)

23.	Incorporated by reference to Post-Effective Amendment No. 25 to Registrant’s Registration Statement on Form N-1A filed on February 7, 2003. (File No. 333-17217)

24.	Incorporated by reference to Post-Effective Amendment No. 26 to Registrant’s Registration Statement on Form N-1A filed on March 31, 2003. (File No. 333-17217)

25.	Incorporated by reference to Post-Effective Amendment No. 27 to Registrant’s Registration Statement on Form N-1A filed on January 15, 2004. (File No. 333-17217)

26.	Incorporated by reference to Post-Effective Amendment No. 28 to Registrant’s Registration Statement on Form N-1A filed on February 10, 2004. (File No. 333-17217)

27.	Incorporated by reference to Post-Effective Amendment No. 30 to Registrant’s Registration Statement on Form N-1A filed on April 7, 2004. (File No. 333-17217)

28.	Incorporated by reference to Post-Effective Amendment No. 31 to Registrant’s Registration Statement on Form N-1A filed on April 28, 2004 (File No. 333-17217)

29.	Incorporated by reference to Post-Effective Amendment No. 32 to Registrant’s Registration Statement on Form N-1A filed on July 12, 2004. (File No. 333-17217)

30.	Incorporated by reference to Post-Effective Amendment No. 33 to Registrant’s Registration Statement on Form N-1A filed on July 13, 2004 (File No. 333-17217)

31.	Incorporated by reference to Post-Effective Amendment No. 35 to Registrant’s Registration Statement on Form N-1A filed on October 15, 2004 (File No. 333-17217)

32.	Incorporated by reference to Post-Effective Amendment No. 36 to Registrant’s Registration Statement on Form N-1A filed on February 8, 2005.

Item 24.

Persons Controlled by or Under Common Control with the Trust

AXA Equitable Life Insurance Company (“AXA Equitable”) controls the Trust by virtue of its ownership of more than 99% of the Trust’s shares as of March 11, 2005. All shareholders

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of the Trust are required to solicit instructions from their respective contract owners as to certain matters. The Trust may in the future offer its shares to insurance companies unaffiliated with Equitable.

On July 22, 1992, Equitable converted from a New York mutual life insurance company to a publicly-owned New York stock life insurance company. At that time Equitable became a wholly-owned subsidiary of AXA Financial, Inc. (“AXA Financial”). AXA Financial continues to own 100% of Equitable’s common stock. On September 7, 2004 the name “The Equitable Life Assurance Society of the United States” was changed to “AXA Equitable Life Insurance Company” (“AXA Equitable”).

AXA owns, directly or indirectly through its affiliates, 100% of the outstanding common stock of AXA Financial. AXA is the holding company for an international group of insurance and related financial services companies. AXA’s insurance operations include activities in life insurance, property and casualty insurance and reinsurance. The insurance operations are diverse geographically, with activities principally in Western Europe, North America, and the Asia/Pacific area and, to a lesser extent, in Africa and South America. AXA is also engaged in asset management, investing banking, securities trading, brokerage, real estate and other financial services activities principally in the United States, as well as in Western Europe and the Asia/Pacific area.

Item 25.

Indemnification

Amended and Restated Agreement and Declaration of Trust (“Declaration of Trust”) and By-Laws.

Article VII, Section 2 of the Trust’s Declaration of Trust of the Trust (“Trust”) states, in relevant part, that a “Trustee, when acting in such capacity, shall not be personally liable to any Person, other than the Trust or a Shareholder to the extent provided in this Article VII, for any act, omission or obligation of the Trust, of such Trustee or of any other Trustee. The Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, Manager, or Principal Underwriter of the Trust. The Trust shall indemnify each Person who is serving or has served at the Trust’s request as a director, officer, trustee, employee, or agent of another organization in which the Trust has any interest as a shareholder, creditor, or otherwise to the extent and in the manner provided in the By-Laws.” Article VII, Section 4 of the Trust’s Declaration of Trust further states, in relevant part, that the “Trustees shall be entitled and empowered to the fullest extent permitted by law to purchase with Trust assets insurance for liability and for all expenses reasonably incurred or paid or expected to be paid by a Trustee, officer, employee, or agent of the Trust in connection with any claim, action, suit, or proceeding in which he or she may become involved by virtue of his or her capacity or former capacity as a Trustee of the Trust.”

Article VI, Section 2 of the Trust’s By-Laws states, in relevant part, that “[s]ubject to the exceptions and limitations contained in Section 3 of this Article VI, every [Trustee, officer, employee or other agent of the Trust] shall be indemnified by the Trust to the fullest extent permitted by law against all liabilities and against all expenses reasonably incurred or paid by him or her in connection with any proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been an agent.” Article VI, Section 3 of the Trust’s By-Laws further states, in relevant part, that “[n]o indemnification shall be provided hereunder to [a Trustee, officer, employee or other agent of the Trust]: (a) who shall have been adjudicated, by the court or other body before which the proceeding was brought, to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office (collectively, “disabling conduct”); or (b) with respect to any proceeding disposed of (whether by settlement, pursuant to a consent decree or otherwise) without an adjudication by the court or other body before which the proceeding was brought that such [Trustee, officer, employee or other agent of the Trust] was liable to the Trust or its Shareholders by reason of disabling conduct, unless there has been a determination that such [Trustee, officer, employee or other agent of the Trust] did not engage in disabling conduct: (i) by the court or other body before which the proceeding was

C-23

brought; (ii) by at least a majority of those Trustees who are neither Interested Persons of the Trust nor are parties to the proceeding based upon a review of readily available facts (as opposed to a full trial-type inquiry); or (iii) by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry); provided, however, that indemnification shall be provided hereunder to [a Trustee, officer, employee or other agent of the Trust] with respect to any proceeding in the event of (1) a final decision on the merits by the court or other body before which the proceeding was brought that the [Trustee, officer, employee or other agent of the Trust] was not liable by reason of disabling conduct, or (2) the dismissal of the proceeding by the court or other body before which it was brought for insufficiency of evidence of any disabling conduct with which such [Trustee, officer, employee or other agent of the Trust] has been charged.” Article VI, Section 4 of the Trust’s By-Laws also states that the “rights of indemnification herein provided (i) may be insured against by policies maintained by the Trust on behalf of any [Trustee, officer, employee or other agent of the Trust], (ii) shall be severable, (iii) shall not be exclusive of or affect any other rights to which any [Trustee, officer, employee or other agent of the Trust] may now or hereafter be entitled and (iv) shall inure to the benefit of [such party’s] heirs, executors and administrators.”

Amended and Restated Investment Management Agreement states:

Limitations on Liability. Manager will exercise its best judgment in rendering its services to the Trust, and the Trust agrees, as an inducement to Manager’s undertaking to do so, that the Manager will not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which this Agreement relates, but will be liable only for willful misconduct, bad faith, gross negligence, reckless disregard of its duties or its failure to exercise due care in rendering its services to the Trust as specified in this Agreement. Any person, even though an officer, director, employee or agent of Manager, who may be or become an officer, Trustee, employee or agent of the Trust, shall be deemed, when rendering services to the Trust or when acting on any business of the Trust, to be rendering such services to or to be acting solely for the Trust and not as an officer, director, employee or agent, or one under the control or direction of Manager, even though paid by it.

Sections 4(a) and 4(b) of certain of the Registrant’s Investment Advisory Agreement state:

4. LIABILITY AND INDEMNIFICATION

(a) Except as may otherwise be provided by the Investment Company Act or any other federal securities law, the Adviser shall not be liable for any losses, claims, damages, liabilities or litigation (including legal and other expenses) incurred or suffered by the Manager or the Trust as a result of any error of judgment or mistake of law by the Adviser with respect to the services provided to the Jennison Allocated Portion of the Portfolio hereunder, except that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Adviser for its own actions, and the Adviser shall indemnify and hold harmless the Trust, the Manager, all affiliated persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and all controlling persons (as described in Section 15 of the Securities Act of 1933, as amended (“1933 Act”)) (collectively, “Manager Indemnitees”) against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Manager Indemnities may become subject under the 1933 Act, the Investment Company Act, the Advisers Act, the Exchange Act, or under any other statute, at common law or otherwise arising out of or based on (a) any willful misconduct, bad faith, reckless disregard or gross negligence of the Adviser in the performance of any of its duties or obligations hereunder or (b) any untrue statement of a material fact contained in the Prospectus and SAI, proxy materials, reports, advertisements, sales literature, or other materials pertaining to the Portfolio or the omission to state therein a material fact known to the Adviser, which was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in

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reliance upon information furnished to the Manager or the Trust by an Adviser Indemnitee (as defined below) for use therein; provided, that the applicable Adviser Indemnitee has had an opportunity to review such information as included in such Prospectus and SAI, proxy materials, reports, advertisements, sales literature, or other materials pertaining to the Portfolio.

(b) Except as may otherwise be provided by the Investment Company Act or any other federal securities law, the Manager and the Trust shall not be liable for any losses, claims, damages, liabilities or litigation (including legal and other expenses) incurred or suffered by the Adviser as a result of any error of judgment or mistake of law by the Manager with respect to the Portfolio, except that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Manager for, and the Manager shall indemnify and hold harmless the Adviser, all affiliated persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and all controlling persons (as described in Section 15 of the 1933 Act) (collectively, “Adviser Indemnitees”) against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Adviser Indemnities may become subject under the 1933 Act, the Investment Company Act, the Advisers Act, the Exchange Act or under any other statute, at common law or otherwise arising out of or based on (a) any willful misconduct, bad faith, reckless disregard or gross negligence of the Manager in the performance of any of its duties or obligations hereunder or (b) any untrue statement of a material fact contained in the Prospectus and SAI, proxy materials, reports, advertisements, sales literature, or other materials pertaining to the Portfolio or the omission to state therein a material fact known to the Manager which was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reliance upon information furnished to the Manager or the Trust by an Adviser Indemnitee for use therein.

Section 4 of certain of the Registrant’s Investment Advisory Agreements states:

Neither the Adviser nor any of its directors, officers, or employees shall be liable to the Manager for any loss suffered by the Manager resulting from its acts or omissions as Adviser to the Portfolio, except for losses to the Manager or the Trust resulting from willful misconduct, bad faith, or gross negligence in the performance of, or from reckless disregard of, the duties of the Adviser or any of its directors, officers or employees. The Adviser, its directors, officers or employees shall not be liable to the Manager or the Trust for any loss suffered as a consequence of any action or inaction of other service providers to the Trust in failing to observe the instructions of the Adviser, provided such action or inaction of such other service providers to the Trust is not a result of the willful misconduct, bad faith or gross negligence in the performance of, or from reckless disregard of, the duties of the Adviser under this Agreement. Notwithstanding the foregoing, nothing herein shall be deemed to waive any rights against the Adviser under federal or state securities laws.

Section 14 of each of the Registrant’s Distribution Agreements states:

The Trust shall indemnify and hold harmless the Distributor from any and all losses, claims, damages or liabilities (or actions in respect thereof) to which the Distributor may be subject, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or result from negligent, improper, fraudulent or unauthorized acts or omissions by the Trust or its officers, trustees, agents or representatives, other than acts or omissions caused directly or indirectly by the Distributor.

The Distributor will indemnify and hold harmless the Trust, its officers, trustees, agents and representatives against any losses, claims, damages or liabilities, to which the Trust its officers, trustees, agents and representatives may become subject, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of any material fact contained in the Trust Prospectus and/or SAI or any supplements thereto;

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(ii) the omission or alleged omission to state any material fact required to be stated in the Trust Prospectus and/or SAI or any supplements thereto or necessary to make the statements therein not misleading; or (iii) other misconduct or negligence of AXA Advisors in its capacity as a principal underwriter of the Trust’s Class IA shares and will reimburse the Trust, its officers, Trustees, agents and representatives for any legal or other expenses reasonably incurred by any of them in connection with investigating or defending against such loss, claim, damage, liability or action; provided, however, that the Distributor shall not be liable in any such instance to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Trust Prospectus and/or SAI or any supplement in good faith reliance upon and in conformity with written information furnished by the Preparing Parties specifically for use in the preparation of the Trust Prospectus and/or SAI.

Section 6 of the Registrant’s Mutual Funds Service Agreement states:

(a) Equitable shall not be liable for any error of judgment or mistake of law or for any loss or expense suffered by the Trust, in connection with the matters to which this Agreement relates, except for a loss or expense caused by or resulting from or attributable to willful misfeasance, bad faith or negligence on Equitable’s part (or on the part of any third party to whom Equitable has delegated any of its duties and obligations pursuant to Section 4(c) hereunder) in the performance of its (or such third party’s) duties or from reckless disregard by Equitable (or by such third party) of its obligations and duties under this Agreement (in the case of Equitable) or under an agreement with Equitable (in the case of such third party) or, subject to Section 10 below, Equitable’s (or such third party’s) refusal or failure to comply with the terms of this Agreement (in the case of Equitable) or an agreement with Equitable (in the case of such third party) or its breach of any representation or warranty under this Agreement (in the case of Equitable) or under an agreement with Equitable (in the case of such third party). In no event shall Equitable (or such third party) be liable for any indirect, incidental special or consequential losses or damages of any kind whatsoever (including but not limited to lost profits), even if Equitable (or such third party) has been advised of the likelihood of such loss or damage and regardless of the form of action.

(b) Except to the extent that Equitable may be held liable pursuant to Section 6(a) above, Equitable shall not be responsible for, and the Trust shall indemnify and hold Equitable harmless from and against any and all losses, damages, costs, reasonable attorneys’ fees and expenses, payments, expenses and liabilities, including but not limited to those arising out of or attributable to:

(i) any and all actions of Equitable or its officers or agents required to be taken pursuant to this Agreement;

(ii) the reliance on or use by Equitable or its officers or agents of information, records, or documents which are received by Equitable or its officers or agents and furnished to it or them by or on behalf of the Trust, and which have been prepared or maintained by the Trust or any third party on behalf of the Trust;

(iii) the Trust’s refusal or failure to comply with the terms of this Agreement or the Trust’s lack of good faith, or its actions, or lack thereof, involving negligence or willful misfeasance;

(iv) the breach of any representation or warranty of the Trust hereunder;

(v) the reliance on or the carrying out by Equitable or its officers or agents of any proper instructions reasonably believed to be duly authorized, or requests of the Trust;

(vi) any delays, inaccuracies, errors in or omissions from information or data provided to

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Equitable by data services, including data services providing information in connection with any third party computer system licensed to Equitable, and by any corporate action services, pricing services or securities brokers and dealers;

(vii) the offer or sale of shares by the Trust in violation of any requirement under the Federal securities laws or regulations or the securities laws or regulations of any state, or in violation of any stop order or other determination or ruling by any Federal agency or any state agency with respect to the offer or sale of such shares in such state (1) resulting from activities, actions, or omissions by the Trust or its other service providers and agents, or (2) existing or arising out of activities, actions or omissions by or on behalf of the Trust prior to the effective date of this Agreement;

(viii) any failure of the Trust’s registration statement to comply with the 1933 Act and the 1940 Act (including the rules and regulations thereunder) and any other applicable laws, or any untrue statement of a material fact or omission of a material fact necessary to make any statement therein not misleading in a Trust’s prospectus;

(ix) except as provided for in Schedule B.III, the actions taken by the Trust, its Manager, its investment advisers, and its distributor in compliance with applicable securities, tax, commodities and other laws, rules and regulations, or the failure to so comply, and

(x) all actions, inactions, omissions, or errors caused by third parties to whom Equitable or the Trust has assigned any rights and/or delegated any duties under this Agreement at the specific request of or as required by the Trust, its Funds, investment advisers, or Trust distributors.

The Trust shall not be liable for any indirect, incidental, special or consequential losses or damages of any kind whatsoever (including but not limited to lost profits) even if the Trust has been advised of the likelihood of such loss or damage and regardless of the form of action, except when the Trust is required to indemnify Equitable pursuant to this Agreement.

Section 12(a)(iv) of the Registrant’s Global Custody Agreement states:

(A) Customer shall indemnify and hold Bank and its directors, officers, agents and employees (collectively the “Indemnitees”) harmless from and against any and all claims, liabilities, losses, damages, fines, penalties, and expenses, including out-of-pocket and incidental expenses and legal fees (“Losses”) that may be incurred by, or asserted against, the Indemnitees or any of them for following any instructions or other directions upon which Bank is authorized to rely pursuant to the terms of this Agreement. (B) In addition to and not in limitation of the preceding subparagraph, Customer shall also indemnify and hold the Indemnitees and each of them harmless from and against any and all Losses that may be incurred by, or asserted against, the Indemnitees or any of them in connection with or arising out of Bank’s performance under this Agreement, provided the Indemnitees have not acted with negligence or engaged in willful misconduct. (C) In performing its obligations hereunder, Bank may rely on the genuineness of any document which it reasonably believes in good faith to have been validly executed.

UNDERTAKING

Insofar as indemnification for liability arising under the Securities Act of 1933 (the “Act”) may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful

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defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 26.

Business and Other Connections of the Manager and Advisers

AXA Equitable is a registered investment adviser and serves as manager for all funds of the Registrant. The descriptions of Equitable and each of the advisers under the caption “Management of the Trust” in the Prospectus and under the caption “Investment Management and Other Services” in the Statement of Additional Information constituting Parts A and B, respectively, of this Registration Statement are incorporated herein by reference.

The information as to the directors and officers of AXA Equitable is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-07000) and is incorporated herein by reference.

AXA Equitable, with the approval of the Registrant’s board of trustees, selects advisers for each portfolio of the Registrant. The following companies, all of which are registered investment advisers, serve as advisers for the portfolios.

The information as to the directors and officers of Putnam Investment Management LLC is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-07974) and is incorporated herein by reference.

The information as to the directors and officers of MFS Investment Management is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-17352) and is incorporated herein by reference.

The information as to the directors and officers of Morgan Stanley Asset Management is set forth in Morgan Stanley Dean Witter Investment Management Inc.’s Form ADV filed with the Securities and Exchange Commission (File No. 801-15757) and is incorporated herein by reference.

The information as to the directors and officers of Fund Asset Management, L.P. is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-12485) and is incorporated herein by reference.

The information as to the directors and officers of Lazard Asset Management is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-6568) and is incorporated herein by reference.

The information as to the directors and officers of J. P. Morgan Investment Management Inc. is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-21011) and is incorporated herein by reference.

The information as to the directors and officers of Evergreen Investment Management Co. is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-8327) and is incorporated herein by reference.

The information as to the directors and officers of Alliance is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-56720) and is incorporated herein by reference.

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The information as to the directors and officers of Capital Guardian Trust Company is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-60145) and is incorporated herein by reference.

The information as to the directors and officers of Calvert Asset Management Company, Inc. is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-17044) and is incorporated herein by reference.

The information as to the directors and officers of Brown Capital Management is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-19287) and is incorporated herein by reference.

The information as to the directors and officers of Fidelity Management & Research Company is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-7884) and is incorporated herein by reference.

The information as to the directors and officers of Janus Capital Corporation is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-13991) and is incorporated herein by reference.

The information as to the directors and officers of Marsico Capital Management, LLC is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-54914) and is incorporated herein by reference.

The information as to the directors and officers of Boston Advisors is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-18130) and is incorporated herein by reference.

The information as to the directors and officers of Caywood-Scholl is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-57906) and is incorporated herein by reference.

The information as to the directors and officers of Alger Management, is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-6709) and is incorporated herein by reference.

The information as to the directors and officers of GAMCO is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-14132) and is incorporated herein by reference.

The information as to the directors and officers of Montag & Caldwell is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-15398) and is incorporated herein by reference.

The information as to the directors and officers of MONY Capital is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-61066) and is incorporated herein by reference.

The information as to the directors and officers of Rockefeller is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-15106) and is incorporated herein by reference.

The information as to the directors and officers of SSgA is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-60103) and is incorporated herein by reference.

The information as to the directors and officers of TCW is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-29075) and is incorporated herein by reference.

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The information as to the directors and officers of UBS GAM is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-34910) and is incorporated herein by reference.

The information as to the directors and officers of Wellington Management is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-15908) and is incorporated herein by reference.

The information as to the directors and officers of Witter is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-12695) and is incorporated herein by reference.

The information as to the directors and officers of Firsthand is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-45534) and is incorporated herein by reference.

The information as to the directors and officers of Dresdner is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-56308) and is incorporated herein by reference.

The information as to the directors and officers of Wells Fargo is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-21122) and is incorporated herein by reference.

The information as to the directors and officers of Bear Stearns is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-29562) and is incorporated herein by reference.

The information as to directors and officers of Lord Abbett is set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-6997) and is incorporated herein by reference.

Item 27.

Principal Underwriters.

(a) AXA Advisors and AXA Distributors are the principal underwriters of the Trust’s Class IA shares and Class IB shares. AXA Advisors also serves as a principal underwriter for the following entities: AXA Premier Funds Trust; AXA Premier VIP Trust; Separate Account Nos. 45, 66 and 301 of Equitable; and Separate Accounts A, I and FP of Equitable. AXA Distributors also serves as a principal underwriter for AXA Premier Funds Trust, AXA Premier VIP Trust and Separate Account No. 49 of Equitable.

(b) Set forth below is certain information regarding the directors and officers of AXA Advisors and AXA Distributors, the principal underwriters of the Trust’s Class IA and Class IB shares. The business address of each person listed below is 1290 Avenue of the Americas, New York, New York 10104.

AXA Advisors LLC


NAME AND PRINCIPAL BUSINESS ADDRESS	POSITIONS AND OFFICES WITH AXA ADVISORS LLC	POSITIONS AND OFFICES WITH THE TRUST
DIRECTORS

Harvey E. Blitz	Director
Jerald E. Hampton	Director
Robert S. Jones	Director
Richard Dziadzio	Director
Ned Dane	Director
Jill Cooley	Director
Robert Wright	Director

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AXA Advisors LLC


NAME AND PRINCIPAL BUSINESS ADDRESS	POSITIONS AND OFFICES WITH AXA ADVISORS LLC	POSITIONS AND OFFICES WITH THE TRUST
OFFICERS

Robert S. Jones Ned Dane Jill Cooley Edward J. Hayes Mark Wutt Stuart Abrams	Chairman of the Board President Chief Operating Officer Executive Vice President Executive Vice President Senior Vice President and General Counsel

Kevin Bryne Stephen T. Burnthall Janell Chan Mark D. Godofsky James Goodwin Jeffrey Green David Cerza Donna M. Dazzo Amy Franceschini Peter Mastrantuono Patricia Roy	Senior Vice President and Treasurer Senior Vice President Senior Vice President Senior Vice President and Controller Senior Vice President Senior Vice President First Vice President First Vice President First Vice President First Vice President Vice President and Chief Compliance Officer

David Mahler Beth Andreozzi	Vice President and Compliance Officer Vice President and Deputy General Counsel

Janet Friedman Raymond T. Barry Michael Brzozowski Claire A. Comerford Gary Gordon Michael V. Higgins Gisela Jackson Frank Massa Carolann Matthews Jose Montenegro Roger Pacheco Edna Russo Michael Ryniker Francesca Divone Frank Acierno Harvey E. Blitz Irina Gyula Ruth Shorter	Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Secretary Assistant Vice President Assistant Vice President Assistant Vice President Assistant Vice President

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AXA Distributors, LLC


NAME AND PRINCIPAL BUSINESS ADDRESS	POSITIONS AND OFFICES WITH EQUITABLE DISTRIBUTORS, INC.	POSITIONS AND OFFICES WITH THE TRUST
DIRECTORS

Jerald Hampton James Mullery Laura Pantaleo	Director Director Director

OFFICERS

Jerald Hampton	Chairman of the Board, President and Chief Executive Officer
Hunter Allen	Executive Vice President and National Sales Director
Michael Brandreit	Executive Vice President and National Sales Manager, Financial Institutions
Michael McDaniel	Executive Vice President and National Sales Manager, Broker Dealer
James Mullery	Executive Vice President & Chief Sales Director
Laura Pantaleo	Executive Vice President, Head of Strategic Business Development
Bryan Tutor	Executive Vice President and Chief Administrative Officer
Kristen Brown	Senior Vice President
Megan Condron	Senior Vice President and National Accounts Director, Broker Dealer
Nelida Garcia	Senior Vice President
Jeff Herman	Senior Vice President
Harry Johnson	Senior Vice President
Anthea Perkinson	Senior Vice President and National Accounts Director, Financial Institutions

Daniel Roebuck	Senior Vice President
Norman J. Abrams Kurt Auleta Raymond T. Barry Jeffrey Coomes Nahulan Ethirveerasingan Daniel Faller Carol Fracasso Linda Galasso Michael Gass David Halstead Page Long Dimas Nunez Patrick O’Shea	Vice President and General Counsel Vice President Vice President Vice President Vice President Vice President Vice President Vice President and Secretary Vice President Vice President Vice President Vice President Vice President and Chief Financial Officer
Ronald R. Quist Alice Stout Mary Toumpas Steve Carapella Rhonda Clayton	Vice President and Treasurer Vice President Vice President and Compliance Officer Assistant Vice President Assistant Vice President

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AXA Distributors, LLC


NAME AND PRINCIPAL BUSINESS ADDRESS	POSITIONS AND OFFICES WITH EQUITABLE DISTRIBUTORS, INC.	POSITIONS AND OFFICES WITH THE TRUST

Sandra Ferantello Elizabeth Hafez Evan Hirsh Kelly Ridell John Zaleo Francesca Divone	Assistant Vice President Assistant Vice President Assistant Vice President Assistant Vice President Assistant Vice President Assistant Secretary

Item 28.

Location of Accounts and Records

Books or other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, and the Rules promulgated thereunder, are maintained as follows:

(a)	With respect to Rules 31a-1(a); 31a-1(b)(1); (2)(a) and (b); (3); (6); (8); (12); and 31a-1(d), the required books and records are maintained at the offices of Registrant’s Custodian:

JPMorgan Chase Bank

4 Chase MetroTech Center

Brooklyn, New York 11245

(b)	With respect to Rules 31a-1(a); 31a-1(b)(1), (4); (2)(C) and (D); (4); (5); (6); (8); (9); (10); (11) and 31a-1(f), the required books and records are currently maintained at the offices of the Registrant’s Manager or Sub-Administrator:


J. P. Morgan Investors Services Co.		AXA Equitable Life
73 Tremont Street		Insurance Company
Boston, MA 02108		1290 Avenue of the Americas
		New York, New York 10104

(c)	With respect to Rules 31a-1(b)(5), (6), (9) and (10) and 31a-1(f), the required books and records are maintained at the principal offices of the Registrant’s Manager or Advisers:


AXA Equitable Life Insurance Company 1290 Avenue of the Americas New York, NY 10104		Putnam Investment Management, Inc. One Post Office Square Boston, MA 02109

MFS Investment Management 500 Boylston Street Boston, MA 02116		Morgan Stanley Asset Management Inc. 1221 Avenue of the Americas New York, NY 10020

Fund Asset Management, L.P. 800 Scudders Mill Road Plainsboro, NJ 08543-9011		Lazard Asset Management 30 Rockefeller Plaza New York, NY 10112

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J.P. Morgan Investment Management Inc. 522 Fifth Avenue New York, NY 10036		Evergreen Investment Management Company, LLC 200 Berkely Street—Suite 9000 Boston, MA 02116

Alliance Capital Management, L.P. 1345 Avenue of the Americas New York, NY 10105		Capital Guardian Trust Company 11100 Santa Monica Boulevard 17^th Floor Los Angeles, CA 90025

Calvert Asset Management Company, Inc. 4550 Montgomery Avenue Suite 1000N Bethesda, MD 20814		Brown Capital Management, Inc. 1201 North Calvert Street Baltimore, MD 21202

Fidelity Management & Research Company 82 Devonshire Street Boston, MA 02109		Janus Capital Corporation 100 Fillmore Street Denver, CO 80206-4928

RCM Capital Management LLC Four Embarcadero Center San Francisco, CA 94111-41		Marsico Capital Management, LLC 1200 17^th Street Denver, CO 80202

Wells Capital Management, Incorporated 525 Market Street San Francisco, CA 94105		Firsthand Capital Management, Inc. 125 South Market Suite 1200 San Jose, CA 95113

Boston Advisors, Inc. One Federal Street 26^th Floor Boston, MA 02110		Caywood-Scholl Capital Management 4350 Executive Drive Suite 125 San Diego, CA 92121

Fred Alger Management, Inc. 111 Fifth Avenue 2^nd Floor New York, NY 10003		Gabelli Asset Management Company One corporate Center Rye, NY 10580

Montag & Caldwell, Inc. 3455 Peachtree Road, N.W. Suite 1200 Atlanta, GA 30326-3249		MONY Capital Management, Inc. 1740 Broadway New York, NY 10019

Rockefeller & Co., Inc. 30 Rockefeller Plaza 54^th Floor New York, NY 10122		SSgA Funds Asset Management, Inc. Two International Place Boston, MA 02110

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TCW Investment Management Company 865 South Figueroa Street Suite 1800 Los Angeles, CA 90017		UBS Global Asset Management (Americas) Inc. One North Wacker Drive Chicago, IL 60606

William D. Witter, Inc. One Citicorp Center 153 East 53^rd Street New York, NY 10022		Wellington Management Company, LLP 75 State Street Boston, MA 02109

Bear Stearns Asset Management, Inc. 383 Madison Avenue New York, New York 10179		Lord Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302

Item 29.

Management Services:

None.

Item 30.

Undertakings

Inapplicable.

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SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended (“1933 Act”), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 37 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and the State of New York on the 7th day of April 2005.


EQ ADVISORS TRUST

By:		/s/ Steven M. Joenk
Name:		Steven M. Joenk
Title:		President

Pursuant to the requirements of the 1933 Act, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.


Signature	Title	Date

/s/ Steven M. Joenk Steven M. Joenk	Trustee, President and Chief Executive Officer	April 7, 2005

/s/ Jettie M. Edwards* Jettie M. Edwards	Trustee	April 7, 2005

/s/ William M. Kearns* William M. Kearns, Jr.	Trustee	April 7, 2005

/s/ Christopher P.A. Komisarjevsky* Christopher P.A. Komisarjevsky	Trustee	April 7, 2005

/s/ Theodossios Athanassiades* Theodossios (Ted) Athanassiades	Trustee	April 7, 2005

/s/ David W. Fox* David W. Fox	Trustee	April 7, 2005

/s/ Gary S. Schpero* Gary S. Schpero	Trustee	April 7, 2005

/s/ Harvey Rosenthal* Harvey Rosenthal	Trustee	April 7, 2005

/s/ Kenneth T. Kozlowski* Kenneth T. Kozlowski	Treasurer and Chief Financial Officer	April 7, 2005



* By:		/s/ Steven M. Joenk
		Steven M. Joenk (Attorney-in-Fact)

EQ Advisors Trust

Post Effective Amendment No. 37

Exhibit Index


(d)(1)(xiv)		Amendment No. 7 to the Investment Management Agreement between the Trust and AXA Equitable

(d)(6)(iv)		Form of Amendment No. 1 to the Amended and Restated Investment Advisory Agreement between Equitable and MSIM.

(d)(40)		Form of Investment Advisory Agreement between AXA Equitable and Lord, Abbett & Co. LLC.

(e)(5)(vi)		Amendment No. 4 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors with respect to Class IA shares.

(e)(6)(vi)		Amendment No. 4 to the Amended and Restated Distribution Agreement between the Trust and AXA Distributors with respect to Class IB shares.

(e)(7)(v)		Amendment No. 4 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors with respect to Class IA shares.

(e)(8)(v)		Amendment No. 4 to the Amended and Restated Distribution Agreement between the Trust and AXA Advisors with respect to Class IB shares.

(g)(3)(v)		Amendment No. 4 to the Amended and Restated Global Custody Agreement between the Trust and JP Morgan Chase Bank.

(h)(2)(xiv)		Amendment No. 4 to the Fourth Amended and Restated Expense Limitation Agreement between AXA Equitable and the Trust.

(h)(4)(xiii)		Amendment No. 4 to the Amended and Restated Participation Agreement among the Trust, Equitable, AXA Distributors and AXA Advisors.

(i)(14)		Opinion and Consent of Kirkpatrick & Lockhart Nicholson Graham LLP

(j)		Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accountants.

(p)(1)(iv)		Revised Code of Ethics of the Trust, AXA Equitable, AXA Advisors and AXA Distributors.

(p)(7)(iii)		Revised Code of Ethics of Evergreen.

(p)(12)(iv)		Revised Code of Ethics of MSIM

(p)(17)(v)		Revised Code of Ethics of Fidelity.


(p)(21)(iv)		Revised Code of Ethics of Marsico.

(p)(26)(i)		Revised Code of Ethics of Boston Advisors.

(p)(29)(i)		Revised Code of Ethics of GAMCO.

(p)(30)(i)		Revised Code of Ethics of Montag.

(p)(37)(i)		Revised Code of Ethics of Wells Capital.

(p)(39)		Code of Ethics of Lord Abbett.

Other Exhibits

Power of Attorney for Steven M. Joenk.