EQ Advisors Trust

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-07953

EQ ADVISORS TRUST

(Exact name of registrant as specified in charter)

1290 Avenue of the Americas

New York, New York 10104

(Address of principal executive offices)

PATRICIA LOUIE, ESQ.

Vice President and Associate General Counsel

AXA Equitable Life Insurance Company

1290 Avenue of the Americas

New York, New York 10104

(Name and Address of Agent for Service)

Copies to:

CLIFFORD J. ALEXANDER, ESQ.

MARK C. AMOROSI, ESQ.

Kirkpatrick & Lockhart Preston Gates Ellis LLP

1601 K Street., N.W.

Washington, D.C. 20006

Telephone: (202) 778-9000

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2007- December 31, 2007

Item 1.

Reports to Stockholders.

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

EQ Advisors Trust

2007 Annual Report

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

EQ Advisors Trust Annual Report

December 31, 2007

Table of Contents


Notes on Performance (Unaudited)		2
Portfolio Results and Commentary (Unaudited)
All Asset Allocation		4
EQ/Franklin Templeton Founding Strategy		6
EQ/International ETF		8
EQ/AllianceBernstein Common Stock		10
EQ/AllianceBernstein Intermediate Government Securities		12
EQ/AllianceBernstein International		14
EQ/AllianceBernstein Large Cap Growth		16
EQ/AllianceBernstein Quality Bond		18
EQ/AllianceBernstein Small Cap Growth		20
EQ/AllianceBernstein Value		22
EQ/Ariel Appreciation II		24
EQ/AXA Rosenberg Value Long/Short Equity		26
EQ/BlackRock Basic Value Equity		28
EQ/BlackRock International Value		30
EQ/Bond Index		32
EQ/Boston Advisors Equity Income		34
EQ/Calvert Socially Responsible		36
EQ/Capital Guardian Growth		38
EQ/Capital Guardian Research		40
EQ/Caywood-Scholl High Yield Bond		42
EQ/Davis New York Venture		44
EQ/Equity 500 Index		46
EQ/Evergreen International Bond		48
EQ/Evergreen Omega		50
EQ/FI Mid Cap		52
EQ/Franklin Income		54
EQ/Franklin Small Cap Value		56
EQ/GAMCO Mergers and Acquisitions		58
EQ/GAMCO Small Company Value		60
EQ/Government Securities		62
EQ/International Growth		64
EQ/JPMorgan Core Bond		66
EQ/JPMorgan Value Opportunities		68
EQ/Legg Mason Value Equity		70
EQ/Long Term Bond		72
EQ/Lord Abbett Growth and Income		74
EQ/Lord Abbett Large Cap Core		76
EQ/Lord Abbett Mid Cap Value		78
EQ/Marsico Focus		80
EQ/Money Market		82
EQ/Montag & Caldwell Growth		84
EQ/Mutual Shares		86
EQ/Oppenheimer Global		88
EQ/Oppenheimer Main Street Opportunity		90
EQ/Oppenheimer Main Street Small Cap		92
EQ/PIMCO Real Return		94
EQ/Short Duration Bond		96
EQ/Small Company Index		98
EQ/T. Rowe Price Growth Stock		100
EQ/Templeton Growth		102
EQ/UBS Growth and Income		104
EQ/Van Kampen Comstock		106
EQ/Van Kampen Emerging Markets Equity		108
EQ/Van Kampen Mid Cap Growth		110
EQ/Van Kampen Real Estate		112
MarketPLUS International Core		114
MarketPLUS Large Cap Core		116
MarketPLUS Large Cap Growth		118
MarketPLUS Mid Cap Value		120
Portfolio of Investments		122
Financial Statements		380
Notes to Financial Statements		540
Report of Independent Registered Public Accounting Firm		570
Approvals of Investment Manager and Investment Advisory Agreements (Unaudited)		571
Federal Income Tax Information (Unaudited)		591
Proxy Vote Results (Unaudited)		593
Management of the Trust (Unaudited)		594
Proxy Voting and Quarterly Portfolio Holdings Information (Unaudited)		599

NOTES ON PERFORMANCE

Total Returns

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

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

Growth of $10,000 Investment

The charts shown on the following pages illustrate the total value of an assumed investment in Class IA and/or Class IB shares of each Portfolio of the EQ Advisors Trust. The periods illustrated are from the inception dates shown, or for a ten year period if the inception date is prior to December 31, 1997, through December 31, 2007. These results assume reinvestment of dividends and capital gains. The total value shown for each Portfolio reflects management fees and operating expenses of the Portfolios and 12b-1 fees which are applicable to Class IB shares. They have not been adjusted for insurance-related charges and expenses associated with life insurance policies or annuity contracts, which would lower the total values shown. Results should not be considered representative of future gains or losses.

The Benchmarks

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

Moderate Allocation Index

The Moderate Allocation Index is a hypothetical combination of unmanaged indices. The composite index combines the total return of the S&P 500 and the Lehman Brothers Aggregate Bond Index at a weighting of 50% and 50%, respectively.

Lehman Brothers Aggregate Bond Index

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

Lehman Brothers Intermediate Government Bond Index

An unmanaged index of securities consisting of all U.S. Treasury and agency securities with remaining maturities of from one to ten years and issue amounts of at least $100 million outstanding.

Lehman Brothers Long Government/Credit Bond Index

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

Lehman Brothers 1-3 Year Government/Credit Index

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

Lehman Brothers U.S. Treasury Inflation-Protected Securities (TIPS) Index

An unmanaged index consisting of the U.S. Treasury Inflation-Protected Securities Market.

Merrill Lynch Global Broad Market ex U.S. Index

Index tracks the performance of investment grade public debt issued in the major domestic and eurobond markets, excluding U.S. dollar.

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

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

Morgan Stanley Capital International (MSCI) EAFE Index

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

Morgan Stanley Capital International (MSCI) EAFE Growth Index

An unmanaged index compromised of 21 MSCI country indices representing stocks from companies in developed markets outside of North America (i.e. Europe, Australasia and the Far East) having growth investment style characteristics.

Morgan Stanley Capital International (MSCI) Emerging Markets Free Index

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

MSCI AC World Index ex. U.S. Growth

A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the 22 developed and the 25 emerging markets and has growth investment style characteristics.

MSCI World Index

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

NAREIT Equity REIT Index

Provides investors with a comprehensive family of REIT performance indices that spans the commercial real estate space across the US economy.

Russell 1000® Index

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

Russell 1000® Growth Index

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

Russell 1000® Value Index

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

NOTES ON PERFORMANCE

Russell 2000® Index

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

Russell 2000® Value Index

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

Russell 2500™ Growth Index

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

Russell 2500™ Value Index

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

Russell 3000® Index

An unmanaged index which measures the performance of the 3,000 largest U.S. companies, based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

Russell Mid Cap Growth Index

An unmanaged index that measures the performance of those companies among the smallest 800 securities in the Russell 1000 index with higher price-to-book ratios and higher forecasted growth values.

Russell Mid Cap Value Index

An unmanaged index that measures the performance of those companies among the smallest 800 securities in the Russell 1000 index with a less-than-average growth orientation.

Standard & Poor’s (S&P) 500 Index

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

Standard & Poor’s (S&P) Mid Cap 400 Index

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

3-Month Treasury Bill Index

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

ALL ASSET ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.*
	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IB Shares	4.52	%	9.71	%	2.90	%	11.20	%
Moderate Allocation Index	6.38		8.67		6.28		9.78

*	Date of inception 8/1/88

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

On September 9, 2005, the EQ/Enterprise Managed Portfolio was reorganized into the EQ/Enterprise Moderate Allocation Portfolio (now known as the All Asset Allocation Portfolio). Prior to September 9, 2005, the Portfolio invested directly in securities, rather than pursuing a “Fund of Funds” strategy.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 4.52% for the year ended December 31, 2007. The Portfolio’s benchmark, the Moderate Allocation Index, returned 6.38% over the same period.

Portfolio Adviser

A team of professionals within the AXA Funds Management Group, a unit of AXA Equitable Life Insurance Company, determines the strategic asset class and underlying fund allocations for the Portfolio. The team is also responsible for the ongoing evaluation and selection of underlying funds and monitoring the overall investment process and performance for the Portfolio.

Portfolio Highlights

For the year ended December 31, 2007

•

As of December 31, 2007, the Portfolio was invested in 27 underlying EQ Advisors Trust and AXA Premier VIP Trust funds. These included 19 equity funds and 8 fixed income funds. The Portfolio was also invested in 5 ETFs.

•

The Portfolio’s fixed income allocation consisted of investment grade bonds (22.7%), international bonds (1.8%) and high yield bonds (0.9%).

•

The Portfolio’s equity allocation consisted of large cap growth stocks (10.6%), large cap value stocks (11.2%), international stocks (23.5%) and small and mid cap stocks (14.4%).

•

The Portfolio also had alternative investments of 11.0% and real estate investments of 3.9%.

•

Allocation to the International, Emerging Markets and Large Cap Growth asset classes contributed to performance

•

The Precious Metals, Energy and Commodities sectors all added value to the Portfolio.

•

On the fixed income side, the Portfolio benefitted from its exposure to TIPs.

•

Exposure to the Real Estate, Large Cap Value and Small Cap Value asset classes detracted from performance.

Since this Portfolio invests directly in underlying Portfolios, all risks associated with the eligible underlying Portfolios apply to the Portfolio. Investing in the All Asset Allocation Portfolio will involve a higher overall cost than if you were to invest directly in their underlying Portfolios.

ALL ASSET ALLOCATION PORTFOLIO


Portfolio Allocation (as a percentage of Total Investment Companies) As of December 31, 2007
MarketPLUS International Core Portfolio	10.4	%
EQ/BlackRock Basic Value Equity Portfolio	7.6
EQ/Marsico Focus Portfolio	7.1
EQ/BlackRock International Value Portfolio	5.1
Multimanager Large Cap Core Equity Portfolio	4.9
EQ/AllianceBernstein Value Portfolio	4.6
EQ/Van Kampen Emerging Markets Portfolio	4.4
EQ/Short Duration Bond Portfolio	4.2
EQ/AXA Rosenberg Long/Short Value Portfolio	4.0
EQ/Long Term Bond Portfolio	3.8
EQ/Franklin Small Cap Value Portfolio	3.7
Multimanager Core Bond Portfolio	3.7
EQ/AllianceBernstein Quality Bond Portfolio	3.4
EQ/Van Kampen Real Estate Portfolio	3.3
EQ/PIMCO Real Return Portfolio	3.2
EQ/GAMCO Small Company Value Portfolio	3.2
iShares S&P GSSI Natural Resources Index Fund	2.9
EQ/GAMCO Mergers & Acquisitions Portfolio	2.4
Multimanager Aggressive Equity Portfolio	2.3
Multimanager International Equity Portfolio	2.2
EQ/Evergreen International Bond Portfolio	2.0
Multimanager Large Cap Value Portfolio	1.8
EQ/Davis New York Venture Portfolio	1.8
Multimanager Mid Cap Value Portfolio	1.7
iShares COMEX Gold Trust	1.2
Multimanager High Yield Portfolio	1.0
iShares S&P Global Energy Sector Index Fund	0.8
Multimanager Mid Cap Growth Portfolio	0.8
Multimanager Small Cap Value Portfolio	0.8
EQ/JPMorgan Core Bond Portfolio	0.7
iShares Cohen & Steers Realty Majors Index Fund	0.7
iShares Silver Trust	0.3

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IB
Actual	$	1,000.00	$	1,006.10	$	1.77
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79

*	Expenses are equal to the Portfolio’s Class IB shares annualized expense ratio of 0.35% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/FRANKLIN TEMPLETON FOUNDING STRATEGY PORTFOLIO

PERFORMANCE RESULTS

LOGO

Total Returns as of 12/31/07


	Since Incept.*
Portfolio – IA Shares	(2.54	)%
Portfolio – IB Shares	(2.71	)
MSCI World Composite Index	0.88

*	Date of inception 4/30/07. Returns for periods less than one year are not annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned (2.54)% for the period April 30, 2007 through December 31, 2007. The Portfolio’s benchmark, the MSCI World Composite Index, returned 0.88% over the same period.

Portfolio Adviser

Portfolio Highlights

•

The EQ/Mutual Shares Portfolio was the largest detractor from performance, as value stocks underperformed the S&P 500 Index during the period.

•

The EQ/Templeton Growth Portfolio underperformed its benchmark (the MSCI World Index) during the period.

•

The EQ/Franklin Income Portfolio also underperformed its benchmark, the S&P 500 Index.

Since this Portfolio invests directly in underlying Portfolios, all risks associated with the eligible underlying Portfolios apply to the Portfolio. Investing in the EQ/Franklin Templeton Founding Strategy Portfolio will involve a higher overall cost than if you were to invest directly in their underlying Portfolios.

EQ/FRANKLIN TEMPLETON FOUNDING STRATEGY PORTFOLIO

UNDERSTANDING YOUR EXPENSES:


Portfolio Allocation (as a percentage of Total Investment Companies) As of December 31, 2007
EQ/Franklin Income	33.5	%
EQ/Mutual Shares Portfolio	33.3
EQ/Templeton Growth Portfolio	33.2

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period 7/1/07 - 12/31/07*
Class IA
Actual	$	1,000.00	$	958.30	$	0.00
Hypothetical (5% average annual return before expenses)		1,000.00		1,025.21		0.00
Class IB
Actual		1,000.00		957.60		1.23
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.95		1.28

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.00% and 0.25%, respectively, multiplied by 184/365 (to reflect the one-half year period for the hypothetical example).

EQ/INTERNATIONAL ETF PORTFOLIO

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Incept.*
Portfolio – IA Shares	10.93	%	17.05	%
Portfolio – IB Shares	10.63		16.73
MSCI EAFE Index	11.17		17.68

*	Date of inception 8/25/06

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 10.93% for the year ended December 31, 2007. The Portfolio’s benchmark, the MSCI EAFE Index, returned 11.17% over the same period.

Portfolio Adviser

A team of professionals within the AXA Funds Management Group, a unit of AXA Equitable Life Insurance Company, determines the strategic asset class and underlying Portfolio allocations for the Portfolio. The team is also responsible for the ongoing evaluation and selection of underlying Exchange Traded Portfolios (“ETFs”) and monitoring the overall investment process and performance for the Portfolio.

Portfolio Highlights

For the year ended December 31, 2007

•

Exposure to Latin America and Pacific-Asian (excluding Japan) equities contributed positively to performance relative to benchmark.

•

An allocation to iShares Japan detracted from performance for the year.

EQ/INTERNATIONAL ETF PORTFOLIO


Portfolio Allocation (as a percentage of Total Investment Companies) As of December 31, 2007
iShares MSCI EAFE Index Fund	34.2	%
iShares S&P Europe 350 Index Fund	19.7
iShares MSCI EAFE Growth Index Fund	10.9
iShares MSCI Pacific ex-Japan Index Fund	6.8
iShares MSCI Japan Index Fund	5.7
iShares MSCI EAFE Value Index Fund	5.3
iShares MSCI EAFE Emerging Markets Index Fund	3.0
iShares MSCI EAFE Germany Index Fund	2.3
iShares S&P Latin America 40 Index Fund	2.3
iShares MSCI EAFE Australia Index Fund	2.2
iShares MSCI EAFE United Kingdom Index Fund	2.0
iShares MSCI EAFE Canada Index Fund	2.0
iShares MSCI EAFE France Index Fund	1.5
iShares MSCI EAFE Spain Index Fund	1.1
iShares MSCI EAFE Hong Kong Index Fund	1.0

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period Ended 12/31/07*
Class IA
Actual	$	1,000.00	$	1,006.70	$	2.02
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.19		2.04
Class IB
Actual		1,000.00		1,005.60		3.29
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.93		3.31

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.40% and 0.65%, respectively, multiplied by 184/365 (to reflect the one-half year period for the hypothetical example).

EQ/ALLIANCEBERNSTEIN COMMON STOCK PORTFOLIO

PORTFOLIO ADVISER

•

AllianceBernstein L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.**
Portfolio – IA Shares	3.73	%	15.59	%	5.58	%	12.51	%
Portfolio – IB Shares*	3.48		15.32		5.31		12.26
S&P 500 Index	5.49		12.83		5.91		12.60

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

**	Date of inception 1/13/76

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 3.73% for the year ended December 31, 2007. The Portfolio’s benchmark, the S&P 500 Index, returned 5.49% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

In the growth component of the Portfolio:

•

From a sector basis, the Portfolio was most positively impacted by an overweight position in Information Technology as well as an underweight position in Consumer Discretionary stocks.

•

On a stock specific level, NAVTEQ was a positive contributor based on strong sales of mapping data for personal navigation devices and on speculation of a takeover by Nokia.

•

Juniper Networks was another strong performer as the communications equipment firm benefited from spending by telecommunication firms as they upgraded their networks to support increasing use of video on the Internet.

In the value component of the Portfolio:

•

The Portfolio holdings in paper manufacturer Owens-Illinois, industrial product manufacturer SPX, and global steel producer Arcelor-Mittal contributed positively to the Portfolio’s performance.

What hurt performance during the year

In the growth component of the Portfolio:

•

An underweight position relative to the benchmark in the Energy sector had the most negative impact on performance, and to a lesser extent an underweight position in the Materials sector.

•

On a stock specific basis, the largest detractor was Advanced Micro Devices, which faced a variety of headwinds during the year including aggressive pricing by its main competitor, Intel, and the mishandled launch of its Barcelona chipset.

•

JDS Uniphase was also an underperformer as the strength in its test and measurement business was not enough to offset the weak demand for its optical communications products.

In the value component of the Portfolio:

•

Financials sector positions detracted from performance, particularly holdings in Citigroup, KeyCorp and Freddie Mac.

•

An underweight position relative to the benchmark in the Energy and Utilities sectors also detracted from performance.

Portfolio Positioning and Outlook

Market volatility has surged recently, but is still only modestly above long-term norms. Recent market anxieties are also evident in our measure of the value opportunity, the discount to fair value, which we believe has widened to an average level from unusually low levels of the last several years. From our perspective as a value manager, anxiety ultimately creates opportunity. If stock valuation spreads continue to widen, we may adopt more concentrated positions in undervalued industries and companies whose share prices have fallen further than is justified by our forecasts of their cash flows. At year-end, the Portfolio maintained a relatively neutral risk exposure, as our timing tools and judgment suggest that caution is warranted.

EQ/ALLIANCEBERNSTEIN COMMON STOCK PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Information Technology	26.1	%
Financials	19.1
Health Care	11.6
Energy	10.4
Industrials	9.1
Consumer Discretionary	8.2
Consumer Staples	7.6
Telecommunication Services	4.2
Materials	2.3
Utilities	0.8
Cash and Other	0.6

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	995.10	$	3.02
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.18		3.06
Class IB
Actual		1,000.00		993.90		4.27
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.92		4.33

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.60% and 0.85%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/ALLIANCEBERNSTEIN INTERMEDIATE GOVERNMENT SECURITIES

PORTFOLIO ADVISER

•

AllianceBernstein L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.**
Portfolio – IA Shares	7.13	%	3.29	%	5.01	%	5.81	%
Portfolio – IB Shares*	6.97		3.05		4.74		5.55
Lehman Brothers Intermediate Government Bond Index	8.47		3.69		5.55		6.32

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

**	Date of inception 4/1/91

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 7.13% for the year ended December 31, 2007. The Portfolio’s benchmark, the Lehman Brothers Intermediate Government Bond Index, returned 8.47% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

A reduced exposure to non-agency spread products during the second half of the year contributed positively to the Portfolio’s performance.

•

Owning agency interest-only STRIPS (Separate Trading of Registered Interest and Principal of Securities) was also a positive for the Portfolio.

What hurt performance during the year

•

An overweight position in agency MBS (mortgage backed securities) and other non-agency spread products was detrimental to performance.

•

Subprime CDO (collateralized debt obligations) holdings also pulled down the Portfolio’s performance.

Portfolio Positioning and Outlook

In our opinion, the housing downturn has not yet run its course. We believe volatility in the fixed income markets – especially in the subprime arena – may remain elevated as liquidity gradually rebuilds. We do not view the recent spread widening as a sign of underlying fundamental credit problems outside the subprime arena. We believe that continued global growth may help the U.S. avert recession.

This Portfolio is neither guaranteed nor insured by the U.S. Government, the Federal Deposit Insurance Corporation or any other government agency.


Portfolio Characteristics As of December 31, 2007
Weighted Average Life (Years)		4.4
Weighted Average Coupon (%)		4.8
Weighted Average Modified Duration (Years)*		3.4
Weighted Average Rating		AAA

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

EQ/ALLIANCEBERNSTEIN INTERMEDIATE GOVERNMENT SECURITIES


Distribution of Assets by Sector as of 12/31/07	% of Net Assets
U.S. Government and Agency	83.0	%
Asset Backed Securities	7.2
Cash and Other	9.8

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,058.10	$	3.27
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.03		3.21
Class IB
Actual		1,000.00		1,057.60		4.56
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.77		4.48

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.63 and 0.88, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/ALLIANCEBERNSTEIN INTERNATIONAL PORTFOLIO

PORTFOLIO ADVISER

•

AllianceBernstein L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.**
Portfolio – IA Shares	11.98	%	20.77	%	7.68	%	7.39	%
Portfolio – IB Shares*	11.69		20.52		7.39		7.07
MSCI EAFE Index	11.17		21.59		8.66		8.11

**	Date of inception 4/3/95

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 11.98% for the year ended December 31, 2007. The Portfolio’s benchmark, the MSCI EAFE Index, returned 11.17% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Owning mining firms Rio Tinto, Companhia Vale do Rio Doce (CVRD) and Xstrata benefited the Portfolio due to strong commodity prices and further industry consolidation.

•

Within the Energy sector, holding China Shenhua Energy contributed positively to the Portfolio’s performance as it reached record highs after announcing its initial public offering.

•

A relative overweight position in the Materials sector also contributed to performance.

What hurt performance during the year

•

Stock selection in the Financials sector negatively impacted returns, including such diversified firms as Credit Suisse, Anglo Irish Bank and ORIX. Although the Japanese leasing company ORIX is not substantially exposed to either the subprime market or depressed Japanese consumer spending, the company’s high degree of foreign ownership caused these two negative news threads to pressure the stock price.

•

The Portfolio’s underweight positions in the defensive Consumer Staples and Utilities sectors also detracted from returns.

Portfolio Positioning and Outlook

At year’s end, our growth managers perceive outsized opportunity in what they believe is an unusually low valuation premium for growth indices and the large under-appreciated growth potential their research has identified. Although they perceive the value opportunity as rising, our value managers remain cautious.


Sector Weightings as of 12/31/07	% of Net Assets
Financials	22.2	%
Materials	13.9
Industrials	11.1
Energy	10.1
Consumer Discretionary	10.0
Consumer Staples	6.9
Telecommunication Services	6.8
Health Care	5.6
Information Technology	5.5
Utilities	5.4
Cash and Other	2.5

Total	100.0	%

EQ/ALLIANCEBERNSTEIN INTERNATIONAL PORTFOLIO

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,008.00	$	4.30
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.92		4.33
Class IB
Actual		1,000.00		1,007.20		5.57
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.66		5.60

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.85% and 1.10%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/ALLIANCEBERNSTEIN LARGE CAP GROWTH PORTFOLIO

PORTFOLIO ADVISER

•

AllianceBernstein L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Incept.*
Portfolio – IA Shares	14.32	%	12.01	%	(1.16	)%
Portfolio – IB Shares	14.06		11.73		(1.40	)
Russell 1000 Growth Index	11.81		12.11		(0.17	)

*	Date of inception 5/1/99

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 14.32% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 11.81% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Excellent stock selection in the Consumer Discretionary and Materials & Processing sectors contributed the most to positive performance.

•

Strong stock selection in both the Producer Durables and Health Care sectors was also a positive for performance.

•

Underweighting relative to the benchmark in the underperforming Consumer Discretionary sector was a plus for the Portfolio.

•

On an individual stock basis, positions in Apple, Google, Monsanto and Deere were the leading contributors to performance.

What hurt performance during the year

•

Stock selection in the Financial Services sector detracted the most from performance.

•

Subpar stock selection in both the Energy and Utilities sectors put a drag on performance.

•

An overweight position in the underperforming Financial Services sector inhibited the Portfolio’s returns.

•

On an individual stock basis, positions in Merrill Lynch, Comcast, Kohl’s and Broadcom were the leading detractors from performance.

Portfolio Positioning and Outlook

Our large capitalization growth investment style has faced intense headwinds over the past several years from both the unprecedented positive performance of value stocks and the positive performance of small capitalization stocks. Performance returns for the year ending 2007 indicate that these cyclical trends may have reversed. During 2007, large cap growth stocks materially outperformed large cap value and small cap stocks. We believe a growth investment opportunity is just beginning to be tapped.

EQ/ALLIANCEBERNSTEIN LARGE CAP GROWTH PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Information Technology	33.8	%
Health Care	17.9
Industrials	13.3
Financials	9.6
Energy	8.8
Consumer Staples	6.4
Materials	4.7
Consumer Discretionary	3.2
Telecommunication Services	0.8
Cash and Other	1.5

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,077.10	$	4.19
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.17		4.08
Class IB
Actual		1,000.00		1,076.20		5.49
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.80% and 1.05%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/ALLIANCEBERNSTEIN QUALITY BOND PORTFOLIO

PORTFOLIO ADVISERS

•

AllianceBernstein L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.**
Portfolio – IA Shares	4.78	%	3.79	%	5.27	%	5.43	%
Portfolio – IB Shares*	4.60		3.53		5.02		5.18
Lehman Brothers Aggregate Bond Index	6.97		4.42		5.97		6.11

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

**	Date of inception 10/1/93

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 4.78% for the year ended December 31, 2007. The Portfolio’s benchmark, the Lehman Brothers Aggregate Bond Index, returned 6.97% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

An underweight position relative to the Portfolio’s benchmark in longer maturity corporate bonds was a positive for the Portfolio.

What hurt performance during the year

•

An underweight position in U.S. Government instruments was detrimental to the Portfolio’s performance.

•

Exposure to subprime-related ABSs (asset-backed securities) and Alt-A mortgage securities also inhibited performance.

•

An overweight position in CMBS (commercial mortgage-backed securities) had a negative impact on the Portfolio’s performance.

Portfolio Positioning and Outlook

We believe the housing downturn has not yet run its course. Delinquencies on subprime loans issued in the past two years continue to rise at an unprecedented rate, and rising defaults and foreclosures may put further downward pressure on home prices. In our opinion, volatility in the fixed income markets – especially in the subprime arena – may remain elevated as liquidity gradually rebuilds. We do not view the recent spread widening as a sign of underlying fundamental credit problems outside the subprime arena. We believe that global growth may help the U.S. avert recession. At year’s end, we decreased our allocation to mortgage-backed securities in order to increase exposures to corporate bonds (especially short- and intermediate-term financials) and had exposure to hedged non-U.S. government positions in Japan, Mexico and Sweden.


Portfolio Characteristics As of December 31, 2007
Weighted Average Life (Years)		6.9
Weighted Average Coupon (%)		5.2
Weighted Average Modified Duration (Years)*		4.6
Weighted Average Rating		AA

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

EQ/ALLIANCEBERNSTEIN QUALITY BOND PORTFOLIO


Distribution of Assets by Sector as of 12/31/07	% of Net Assets
U.S. Government and Agency	39.0	%
Corporate Bonds	30.8
Asset Backed Securities	16.7
Foreign Government Securities	8.5
Preferred Stocks	0.2
Cash and Other	4.8

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,040.50	$	3.29
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.98		3.26
Class IB
Actual		1,000.00		1,038.70		4.57
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.72		4.53

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.64% and 0.89%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO

PORTFOLIO ADVISER

•

AllianceBernstein L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IA Shares	17.00	%	18.21	%	6.96	%	8.89	%
Portfolio – IB Shares	16.70		17.90		6.69		8.63
Russell 2500 Growth Index	9.69		17.43		6.62		8.29

*	Date of inception 5/1/97

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 17.00% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 2500 Growth Index, returned 9.69% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Stock selection was a positive in the Consumer/Commercial Services, Health Care and Energy sectors.

•

An underweight position relative to the benchmark in the poorly performing Financials sector and an overweight position in the strongly performing Health Care and Energy sectors were positive contributors to the Portfolio’s performance.

•

On an individual stock basis, top contributors were aQuantive, LKQ Corp. and GameStop.

What hurt performance during the year

•

Stock selection in the Technology and Financials sectors was a negative for the Portfolio.

•

A relative overweight position in the poorly performing Consumer/Commercial Services sector and an underweight position in the strongly performing Industrials sector were negative contributors to performance during the year.

•

The largest negative stock contributors included Coldwater Creek, Resources Connection and PeopleStart.

Portfolio Positioning and Outlook

Although the U.S. was the source of the global credit concerns during the year, in general economic forecasts call for continued modest growth in the U.S. Demand for U.S. exports, which stand to gain market share because of the weak dollar, may mitigate the drag from the weak housing market. At years end, growth in emerging markets appeared solid. Until recently, growth in emerging markets largely reflected rising demand from developed countries. However, industrialized economies increasingly benefit from orders from developing nations. In aggregate, we believe that slowing global economic growth is a broadly positive trend for growth stocks. In times of uncertainty, investors may tend to gravitate toward larger companies thought to be more stable.

EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Information Technology	24.7	%
Industrials	18.7
Health Care	18.7
Consumer Discretionary	15.8
Energy	10.5
Financials	6.7
Telecommunication Services	3.2
Cash and Other	1.7

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,034.80	$	4.46
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.82		4.43
Class IB
Actual		1,000.00		1,033.50		5.74
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.56		5.70

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.87% and 1.12%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/ALLIANCEBERNSTEIN VALUE PORTFOLIO

PORTFOLIO ADVISER

•

AllianceBernstein L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	(4.30	)%	12.56	%	7.01	%
Portfolio – IB Shares	(4.55	)	12.28		6.83
Russell 1000 Value Index	(0.17	)	14.63		7.69

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

*	Date of inception 1/1/98

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned (4.30)% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 1000 Value Index, returned (0.17)% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Relative performance was helped by positions in paper manufacturer Owens Illinois, global steel producer Arcelor-Mittal, and mobile phone manufacturer Nokia.

•

An underweight position in the Financials sector also contributed to performance.

What hurt performance during the year

•

Relative returns were hurt by several of the Portfolio’s Financials holdings amid ongoing turmoil in the global credit markets. Ambac Financial Group, Washington Mutual and Freddie Mac all contributed negatively to performance.

•

The Portfolio’s holding in Office Depot also detracted from performance.

•

An underweight position in the Utilities sector and an overweight position in the Consumer Discretionary sector detracted from relative returns.

Portfolio Positioning and Outlook

Amid the year’s market turmoil, our measure of the value opportunity widened to its historical average from the unusually compressed levels of recent years. At the end of the year, we believe our research indicated near-term caution, though overall portfolio risk remained muted. At year-end, our research efforts were focused on determining the appropriate time for larger investments in undervalued industries and companies. We believe a value opportunity may be emerging in Financials. For now, our investments in the sector remain broadly diversified.

EQ/ALLIANCEBERNSTEIN VALUE PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Financials	27.5	%
Energy	16.5
Consumer Discretionary	10.3
Industrials	9.5
Consumer Staples	9.2
Telecommunication Services	8.5
Health Care	8.3
Materials	4.7
Information Technology	3.8
Utilities	1.3
Cash and Other	0.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	905.60	$	3.36
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.68		3.57
Class IB
Actual		1,000.00		904.20		4.56
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.42		4.84

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.70% and 0.95%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/ARIEL APPRECIATION II PORTFOLIO

PORTFOLIO ADVISER

•

Ariel Capital Management, LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Incept.*
Portfolio – IA Shares	(0.95	)%	5.46	%
Portfolio – IB Shares	(1.20	)	5.19
Russell Mid Cap Value Index	(1.42	)	8.33

*	Date of inception 10/3/05.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned (0.95)% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell Mid Cap Value Index, returned (1.42)% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Strong stock-picking, especially within the hard-hit Financial Services area, was a boost to performance.

•

On an individual stock selection basis, asset manager Janus Capital Group, Inc. rose in 2007 due to good portfolio performance, strengthening asset flows, and aggressive share buy-backs.

•

Energizer Holdings, Inc., which makes Schick razors and batteries, gained in 2007. During the year, the company capitalized on the growth of high-performance batteries by raising prices. Late in the year, it bought Playtex, the personal care company.

What hurt performance during the year

•

The Portfolio’s worst performing stocks in 2007 came from the Media sector – the newspaper industry specifically.

•

On an individual stock basis, the stock of McClatchy Co., the second largest newspaper company, declined more than many of its newspaper peers. Revenues were weak across the board, largely because of the firm’s significant presence in California and Florida. Those two states continue to feel disproportionate pain from the housing downturn, thus McClatchy’s real estate advertising revenues continue to drop.

•

U.S.A Today publisher Gannett Co., Inc. also declined in 2007. As the firm’s newspaper revenues continue to drop, investors also seem concerned that the company will seek to turn things around by acquiring dilutive Internet firms—as it recently acquired Schedule Star, which covers high school sports on the Internet.

Portfolio Positioning and Outlook

Investors have become accustomed to seeing long bull markets end with brief sell-offs. Many have lost historical perspective and have gained a false sense of security. We believe that the past remains instructive. On February 9, 1966 the Dow Jones Industrial Average peaked at 995.2, but the Index did not reach 1,000 until six-and-a-half years later on November 14, 1972. And even crossing that milestone did not portend good times. The wrenching 1972-1974 bear market debuted in December and two years later the Dow closed at 577.6. It did not climb back to 1,000 for good until 1982. While some may think that the 1970s is ancient history, we believe that investors may experience tough markets longer than they expect. One reason the Portfolio seeks to hold what we believe are high-quality companies with sturdy finances, steady cash flows, and a strong brand is that, in our opinion, they hold up well during difficult times.

EQ/ARIEL APPRECIATION II PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Financials	28.1	%
Consumer Discretionary	26.4
Industrials	13.2
Health Care	10.2
Consumer Staples	9.5
Information Technology	9.2
Cash and Other	3.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	900.40	$	4.31
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.67		4.58
Class IB
Actual		1,000.00		899.00		5.50
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.41		5.85

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.90% and 1.15%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/AXA ROSENBERG VALUE LONG/SHORT EQUITY PORTFOLIO

PORTFOLIO ADVISER

•

AXA Rosenberg Investment Management LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Incept.**
Portfolio – IA Shares*	3.45	%	2.60	%
Portfolio – IB Shares	3.29		2.56
3-Month Treasury Bill Index	5.03		3.20

Investment operations commenced with respect to Class IA shares on June 15, 2007. Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees. Returns for periods greater than one year are annualized

**	Date of inception 5/01/03

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 3.29% for the year ended December 31, 2007. The Portfolio’s benchmark, the 3-Month Treasury Bill Index, returned 5.03% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Stock selection was particularly strong in the Consumer Discretionary sector. Short positions in homebuilders including Centex, KB Home and Toll Bros, were among the best performing holdings. Net of industries, the Portfolio was rewarded for its hallmark value characteristics – long biases toward Book to Price and Earnings to Price ratios added to active return.

•

The Materials sector was also beneficial, particularly among long positions in metal stocks (Southern Copper and U.S. Steel).

•

There was a clear preference for stocks with strong trailing price momentum. With a consistent net long position along this dimension, the Portfolio benefited from this trend as well - in particular from holdings in Materials and Information Technology sectors.

What hurt performance during the year

•

The Health Care sector was the weakest contributor to performance-particularly among medical instruments and the biotech industries. Weak contributors included short positions in Intuitive Surgical and Imclone Systems.

•

The Information Technology sector was also modestly weak including short positions in NAVTEQ Corp and Verisign Inc.

•

Net of industries, the Portfolio’s bias toward value stocks also hurt performance in a very strong growth year.

Portfolio Positioning and Outlook

At year end, the Portfolio was net short in Health Care and Financials and net long in Information Technology and Industrials. Within Financials, the Portfolio was net long in Insurance but net short in REIT’s and Banks. In Health Care, the portfolio has maintained consistent short positions in Drugs and Biotech. In Information Technology, the Portfolio remained net long in both IT Hardware and Software while in Industrials, holdings in Metal Products and Technology related Industrials accounted for a good portion of the net long bias. Net of industries, the Portfolio had a strong bias towards value and towards lower debt.

EQ/AXA ROSENBERG VALUE LONG/SHORT EQUITY PORTFOLIO


Sector Weightings (Long Positions) as of 12/31/07	% of Net Assets
Financials	21.9	%
Information Technology	19.5
Consumer Discretionary	12.5
Industrials	12.0
Health Care	8.1
Energy	7.2
Materials	4.9
Consumer Staples	3.0
Utilities	2.9
Telecommunication Services	1.2
Cash and Other	6.8

Total	100.0	%


Sector Weightings (Short Positions) as of 12/31/07	% of Investments
Financials	31.5	%
Health Care	15.9
Information Technology	15.0
Consumer Discretionary	14.5
Industrials	7.7
Energy	6.6
Materials	3.5
Consumer Staples	3.1
Utilities	1.5
Telecommunication Services	0.7

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,012.50	$	17.80
Hypothetical (5% average annual return before expenses)		1,000.00		1,007.51		17.76
Class IB
Actual		1,000.00		1,010.90		17.79
Hypothetical (5% average annual return before expenses)		1,000.00		1,007.51		17.76

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratio of 3.51% and 3.51, respectively, (which includes dividend expense) multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/BLACKROCK BASIC VALUE EQUITY PORTFOLIO

PORTFOLIO ADVISER

•

BlackRock Investment Management LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.**
Portfolio – IA Shares*	1.43	%	13.10	%	9.22	%	10.23	%
Portfolio – IB Shares	1.17		12.82		9.08		10.10
Russell 1000 Value Index	(0.17	)	14.63		7.68		9.60

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

**	Date of inception 5/1/97

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 1.43% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 1000 Value Index, returned (0.17)% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Favorable stock selection, particularly in the capital markets and diversified Financial Services, enhanced performance in the Financials sector.

•

Stock selection in Energy, Industrials (particularly Machinery) and Health Care (Equipment and Supplies) also benefited performance.

•

On an individual stock basis, the largest contributors to performance were Global SantaFe, Peabody Energy, Consol Energy, Anadarko Petroleum, Honeywell International and Deere & Co.

•

Not owning Wachovia also enhanced performance as this security did not perform well in the benchmark.

•

On the allocation side, the Portfolio benefited from an underweighting in Financials and an overweighting in Industrials, Health Care and Consumer Staples.

What hurt performance during the year

•

Performance was hindered by the combination of an overweight position and stock selection within the Information Technology sector, particularly within the Semiconductor industry.

•

On an individual stock basis, the largest detractors overall to performance were Comcast, Unisys, Alcatel-Lucent, Micron Technology and LSI Corp.

•

Underweighting in the Energy and Utilities sectors did not produce positive results.

Portfolio Positioning and Outlook

At year-end, as compared to the benchmark, the Portfolio was overweight in the Information Technology, Health Care, Industrials and Consumer Staples sectors and underweight in Financials, Utilities, Consumer Discretionary and Materials. In our opinion, we believe 2008 may show a slower rate of growth for the economy if earnings slow and credit worsens. There are indications within cyclical industries such as housing, financials, semiconductors, retail and autos that point to a possible recession. The question that should be considered is how long and deep might it be.

EQ/BLACKROCK BASIC VALUE EQUITY PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Financials	17.8	%
Energy	15.3
Information Technology	14.5
Health Care	11.2
Industrials	9.6
Consumer Staples	9.4
Consumer Discretionary	6.3
Telecommunication Services	6.1
Materials	3.1
Utilities	2.2
Cash and Other	4.5

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	936.70	$	3.32
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.78		3.47
Class IB
Actual		1,000.00		936.00		4.54
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.52		4.74

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.68% and 0.93%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/BLACKROCK INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO ADVISER

•

BlackRock Investment Management International Limited

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.**
Portfolio – IA Shares*	10.45	%	19.33	%	10.29	%	10.56	%
Portfolio – IB Shares	10.22		19.05		10.14		10.41
MSCI EAFE Index	11.17		21.59		8.66		8.38

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

**	Date of inception 5/1/97

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 10.45% for the year ended December 31, 2007. The Portfolio’s benchmark, the MSCI EAFE Index, returned 11.17% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

The Portfolio’s performance versus its benchmark benefited most notably from stock selection in the Utilities, Materials and Real Estate (primarily in Hong Kong) sectors.

•

An overweight in Energy and an underweight in Real Estate along with the absence of a position in Consumer Durables and Apparel within the Consumer Discretionary sector had a somewhat positive effect on the relative return.

What hurt performance during the year

•

The Portfolio’s relative return was hindered by stock selection in the Diversified Financials, Banks, Automobiles & Components, and Energy sectors.

•

An underweight in Semiconductors & Semiconductor Equipment and an overweight in Insurance along with the lack of exposure to Food and Staples Retailing also detracted from the comparative performance.

Portfolio Positioning and Outlook

At the end of the year, the Portfolio’s largest overweight positions relative to the benchmark were in the Food, Beverage & Tobacco, Energy and Materials sectors. The most notable underweights were in Banks, Pharmaceuticals, and Consumer Durables and Apparel (to which the Portfolio had no exposure).

EQ/BLACKROCK INTERNATIONAL VALUE PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Financials	25.2	%
Materials	12.6
Industrials	11.8
Energy	11.6
Consumer Staples	9.7
Telecommunication Services	7.7
Consumer Discretionary	7.6
Utilities	5.9
Information Technology	3.7
Health Care	2.6
Cash and Other	1.6

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,000.10	$	5.04
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.16		5.09
Class IB
Actual		1,000.00		999.10		6.30
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.90		6.36

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 1.00% and 1.25%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/BOND INDEX PORTFOLIO

PORTFOLIO ADVISERS

•

Standish Mellon Asset Management Company LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.**
Portfolio – IA Shares	6.66	%	3.24	%	4.93	%	6.96	%
Portfolio – IB Shares *	6.38		2.98		4.59		6.34
Lehman Brothers Aggregate Bond Index	6.97		4.42		5.97		8.32

*	Date of inception 6/20/05. Returns shown for Class IB shares prior to this period are *derived from th*e historical performance of Class IA shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

**	Date of inception 3/1/85

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 6.66% for the year ended December 31, 2007. The Portfolio’s benchmark, the Lehman Brothers Aggregate Bond Index, returned 6.97% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Maintaining the structure as closely as possible to the benchmark aided performance.

•

Statistics within the Portfolio show that triple A securities performed the best for the period.

•

Looking at sector performance, Treasuries outperformed all other sectors.

What hurt performance during the year

•

Single A securities were the worst performers in the Portfolio for the period.

•

On a sector basis, Corporate bonds were underperformers.

•

Within the corporate sector, Financial Institutions performed the worst.

Portfolio Positioning and Outlook

We will continue to structure this index portfolio to deliver as closely as possible the return of the benchmark, without taking on the additional risk typical of an actively managed account.

It is not possible to invest directly in an unmanaged index such as the Lehman Aggregate Bond Index.

EQ/BOND INDEX PORTFOLIO


Portfolio Characteristics As of December 31, 2007
Weighted Average Life (Years)		6.9
Weighted Average Coupon (%)		5.4
Weighted Average Modified Duration (Years)*		4.4
Weighted Average Rating		AA+

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


Distribution of Assets by Sector as of 12/31/07	% of Net Assets
U.S. Government and Agency	68.3	%
Corporate Bonds	21.1
Asset-Backed and Mortgage-Backed Securities	6.6
Foreign Government Securities	1.8
Cash and Other	2.2

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,059.20	$	2.34
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.94		2.29
Class IB
Actual		1,000.00		1,057.50		3.63
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.68		3.57

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.45% and 0.70%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/BOSTON ADVISORS EQUITY INCOME PORTFOLIO

PORTFOLIO ADVISER

•

Boston Advisors, LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Incept.*
Portfolio – IA Shares**	3.89	%	13.94	%	5.83	%
Portfolio – IB Shares	3.61		13.76		5.74
Russell 1000 Value Index	(0.17	)	14.63		7.15

*	Date of inception 12/1/98

**	Date of inception 12/13/04. Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 3.89% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 1000 Value Index, returned (0.17)% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

The Portfolio’s underweight position in the Financials sector added significant value relative to the benchmark.

•

The Portfolio’s investment in insurance companies and foreign financial companies with very little or no exposure to the U.S. subprime problems added greatly to performance.

•

The Portfolio maintained a market weight in Energy through most of the year and added value through the out-of-benchmark holding of PetroChina.

•

In a difficult sector, one holding - McDonald’s - rose in price during the year on success overseas and wide acceptance of the new menu items.

•

Shipping and defense stocks both added to the Portfolio’s strong year in the Industrials sector. Diana Shipping, Northrop Grumman and Raytheon had strong years in the market.

•

Microsoft Corp. was added during the year just before a significant price increase. This large, non-benchmark security selection helped the Technology sector.

What hurt performance during the year

•

The Portfolio’s dividend requirement produced a significant drag on the total return. The market’s highest yielding stocks (top decile) underperformed those companies which don’t pay a dividend.

•

In the Consumer Discretionary sector, media companies suffered many challenges. CBS was held during the year producing negative returns as the writers’ strike and Internet-based competition hurt the firm. Mattel’s stock price fell as the company became the focal point for Chinese manufactured toys with lead paint contamination.

•

Pfizer, while performing well from a sales and profit perspective, continued to fall in value as the market wrestles with the company’s diminished research pipeline.

Portfolio Positioning and Outlook

The quantitative models used at Boston Advisors emphasize companies which we believe have good valuation characteristics and strong business momentum. In our opinion, this is the long-term key to outperforming the broader market. At year-end, financial stocks were underweight relative to the benchmark, waiting for the credit crisis to reach its conclusion.

EQ/BOSTON ADVISORS EQUITY INCOME PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Financials	26.6	%
Energy	15.8
Consumer Staples	9.1
Industrials	8.4
Health Care	8.3
Consumer Discretionary	7.5
Telecommunication Services	7.3
Utilities	5.8
Information Technology	5.4
Materials	3.1
Cash and Other	2.7

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	967.50	$	3.97
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.17		4.08
Class IB
Actual		1,000.00		966.40		5.20
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.80% and 1.05%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/CALVERT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO ADVISERS

•

Calvert Asset Management Company, Inc.

•

Bridgeway Capital Management, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	12.38	%	11.48	%	1.49	%
Portfolio – IB Shares	12.10		11.20		1.33
Russell 1000 Growth Index	11.81		12.11		(0.51	)

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

**	Date of inception 9/1/99

Returns for periods greater than one year are annualized

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 12.38% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 11.81% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Stock selection contributed to the Portfolio’s strong performance.

•

A variety of industries comprise the list of best performers for 2007. Three names topping our best performers list include: Research in Motion Ltd. (Computers industry), Apple Inc. (Computers industry), and Express Scripts Inc. (Pharmaceuticals industry).

What hurt performance during the year

•

Sector allocation was a slight detractor from performance.

•

The Portfolio’s worst performers represent a variety of sectors with a skew toward Financials.

•

On an individual stock basis, the worst performer was Washington Mutual Inc. (Savings & Loans).

Portfolio Positioning and Outlook

With all the talk about this particular year, it is easy to lose sight of the long-term focus of our investment process and investment objective. Our focus is on the longer term as we adhere to the discipline of our quantitative process.


Sector Weightings as of 12/31/07	% of Net Assets
Information Technology	36.7	%
Health Care	21.5
Financials	20.5
Consumer Discretionary	10.3
Industrials	4.8
Energy	3.2
Telecommunication Services	2.0
Cash and Other	1.0

Total	100.0	%

EQ/CALVERT SOCIALLY RESPONSIBLE PORTFOLIO

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,040.50	$	4.11
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.17		4.08
Class IB
Actual		1,000.00		1,039.40		5.40
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.80% and 1.05%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/CAPITAL GUARDIAN GROWTH PORTFOLIO

PORTFOLIO ADVISER

•

Capital Guardian Trust Company

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.**
Portfolio – IA Shares*	5.78	%	9.55	%	2.51	%	4.49	%
Portfolio – IB Shares	5.50		9.28		2.38		4.37
Russell 1000 Growth Index	11.81		12.11		3.83		5.53

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

**	Date of inception 5/1/97

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 5.78% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 11.81% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

The impact of stock selection was positive. Schlumberger and Weatherford International were particularly good holdings for the Portfolio.

•

Selection in the Consumer Discretionary sector was beneficial, though gains were outweighed by the Portfolio’s overweight position in the sector.

•

The portfolio’s overweight position in Information Technology was additive with Google being the biggest positive contributor to results.

What hurt performance during the year

•

An underweight position in the strong Energy sector detracted from relative returns.

•

Rising concerns about the U.S. economy and capital spending negatively impacted some of the Portfolio’s technology holdings, including contract manufacturers and semiconductor memory companies. SanDisk, and Jabil Circuit were hurt by announcements of new manufacturing capacity and slight reductions of demand.

•

Though a small portion of the Portfolio, Financial stocks made a negative impact. Throughout November and December concerns about the housing market, subprime mortgages, and default rates negatively affected several of holdings in the Financials section, including Wachovia. In addition, Sallie Mae dropped after a proposed takeover collapsed, which also weighed on returns.

•

Stock selection in the Health Care sector was negative. Sepracor was the biggest drag in the Portfolio and Genentech declined after a regulatory panel rejected the company’s Avastin treatment for breast cancer.

•

An underweight position in Materials also hurt relative returns.

Portfolio Positioning and Outlook

At year-end, we believe a U.S. economic slowdown is underway. While we do not yet know the full scope of the credit market crisis, we believe it will take time for all its ramifications to work through the financial system and the economy. This credit crunch is wider in scope, more opaque and more complex than past credit crises. In our opinion, the U.S. economy has shown some signs of slowing but not of a serious breakdown. Employment and economic growth have deteriorated somewhat amid modest inflation. However, the Federal Reserve has shown that it is willing to act to ensure stability, and while there are pockets of weakness, there are also pockets of strength.

EQ/CAPITAL GUARDIAN GROWTH PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Information Technology	33.9	%
Health Care	18.9
Consumer Discretionary	14.3
Industrials	11.1
Financials	6.9
Consumer Staples	6.6
Energy	4.4
Telecommunication Services	1.2
Materials	0.5
Utilities	0.4
Exchange Traded Fund	0.3
Cash and Other	1.5

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	994.60	$	3.52
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.68		3.57
Class IB
Actual		1,000.00		993.30		4.77
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.42		4.84

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.70% and 0.95%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/CAPITAL GUARDIAN RESEARCH PORTFOLIO

PORTFOLIO ADVISER

•

Capital Guardian Trust Company

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	1.89	%	12.24	%	4.73	%
Portfolio – IB Shares	1.63		11.98		4.59
S&P 500 Index	5.49		12.83		2.76

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

**	Date of inception 5/1/99

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 1.89% for the year ended December 31, 2007. The Portfolio’s benchmark, the S&P 500 Index, returned 5.49% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Stock selection in the Materials sector was the top contributor for the year.

•

Holding Potash Corp. of Saskatchewan was the biggest contributor to Portfolio returns. The company, which is the world’s largest supplier of potash, a major ingredient in some fertilizers, benefited from an increase in global demand.

•

Holding Barrick Gold and Nucor also benefited Portfolio returns.

•

Stock selection in Consumer Discretionary stocks helped returns. Holding companies like Las Vegas Sands, McDonald’s and Urban Outfitters was additive. In August, Las Vegas Sands opened its newest casino in Asia, the Venetian Macau, which could benefit from the growing gaming market.

•

Stock selection in the Industrials sector aided results. Fluor, Trane and Illinois Tool Works were among the top contributors in this area.

What hurt performance during the year

•

Stock selection in Information Technology stocks, particularly among the Portfolio’s computer and semiconductor-related holdings, was the leading detractor from returns. Qimonda, Jabil Circuit and Verifone Holdings had weak results.

•

Health Care stocks also weighed on results. Large holdings Forest Laboratories and AstraZeneca were detrimental, as was Sepracor, which was hurt by softer-than-expected growth for its sleep maintenance medication Lunesta.

•

Four out of the top five stock detractors from absolute returns were in the Financials sector, specifically the Consumer Finance and Thrifts & Mortgage areas. Sallie Mae dropped after a proposed takeover collapsed. Washington Mutual, Wachovia and AmeriCredit also felt the impact of ongoing turmoil in the credit markets.

Portfolio Positioning and Outlook

At year-end, we believe a U.S. economic slowdown is underway. While we do not yet know the full scope of the credit market crisis, we believe it will take time for all its ramifications to work through the financial system and the economy. In our opinion, the U.S. economy has shown some signs of slowing but not of a serious breakdown. Employment and economic growth have deteriorated somewhat amid modest inflation. The Federal Reserve has shown that it is willing to act to ensure market stability.

EQ/CAPITAL GUARDIAN RESEARCH PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Information Technology	16.8	%
Financials	16.3
Health Care	15.0
Industrials	12.1
Consumer Discretionary	10.2
Energy	9.1
Consumer Staples	8.3
Telecommunication Services	4.1
Materials	3.4
Utilities	2.6
Cash and Other	2.1

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	959.00	$	3.46
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.68		3.57
Class IB
Actual		1,000.00		957.90		4.69
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.42		4.84

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.70% and 0.95%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/CAYWOOD-SCHOLL HIGH YIELD BOND PORTFOLIO

PORTFOLIO ADVISERS

•

Caywood-Scholl Capital Management

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IB Shares	2.81	%	8.94	%	5.63	%	7.55	%
Merrill Lynch U.S. High Yield Master Cash Pay Only Index	2.21		10.57		5.80		7.74

*	Date of inception 11/18/94.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 2.81% for the year ended December 31, 2007. The Portfolio’s benchmark, the Merrill Lynch U.S. High Yield Master Cash Pay Only Index, returned 2.21% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

An underweight position in the triple C sector of the market benefited the Portfolio. Throughout 2007, the Portfolio had a higher quality bias with respect to sector allocation.

•

Avoidance of the Homebuilding, Newspaper, and Building Products sectors added to relative performance. Consistent with this theme, the Portfolio was underweight Automotive OEMs and Auto Parts Manufacturers. These two industries underperformed the broader market.

•

Large positions in securities that were acquired and who subsequently tendered for their bonds, including Dobson Communications, Intelsat, and Lyondell Chemical, were a benefit for the Portfolio.

•

There were no defaults in the Portfolio over the past twelve months. The lack of defaults had a positive impact toward maintaining principal value in the Portfolio.

What hurt performance during the year

•

The most significant negative was the Portfolio’s investment in the Cable sector.

•

The Portfolio’s holdings in the directory industry have come under more pressure than expected given the stability of their cashflows. The market sentiment has turned negative on these issues.

Portfolio Positioning and Outlook

The Portfolio seeks the best value in higher quality high yield bonds. In our opinion, the current spreads for the entire high yield market have closed the valuation gap significantly as the recent widening has anticipated higher default rates and the possibility of a recessionary environment. The excesses of easy credit in the mortgage, structured finance and credit markets are in the “cleansing” process and all risk is being re-priced. We believe default rates may creep higher as lower quality companies that issued bonds/loans during the easy credit era of 2005 and 2006 will begin to face a more challenging business environment. We believe the lowest quality portion of the high yield market (generally CCC and below) may still be overpriced versus solid single B and BB companies.

EQ/CAYWOOD-SCHOLL HIGH YIELD BOND PORTFOLIO


Portfolio Characteristics As of December 31, 2007
Weighted Average Life (Years)		8.0
Weighted Average Coupon (%)		7.7
Weighted Average Modified Duration (Years)*		5.4
Weighted Average Rating		B+

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


Distribution of Assets by Sector as of 12/31/07	% of Net Assets
Corporate Bonds	91.6	%
U.S. Government and Agency	1.9
Equities & Warrants	0.2
Cash and Other	6.3

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IB
Actual	$	1,000.00	$	1,006.40	$	5.06
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.16		5.09

*	Expenses are equal to the Portfolio’s Class IB shares annualized expense ratio of 1.00% multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period).

EQ/DAVIS NEW YORK VENTURE PORTFOLIO

PORTFOLIO ADVISER

•

Davis Selected Advisers, L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Incept.*
Portfolio – IA Shares	4.09	%	9.39	%
Portfolio – IB Shares	3.81		9.11
S&P 500 Index	5.49		11.38

*	Date of inception 8/31/06.

Returns for periods greater than one year are annualized

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 4.09% for the year ended December 31, 2007. The Portfolio’s benchmark, the S&P 500 Index, returned 5.49% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Energy companies were the most important contributor to the Portfolio’s performance over the year. The Portfolio’s Energy companies outperformed the corresponding sector within the benchmark. The Portfolio also benefited from a higher relative average weighting in this sector.

•

ConocoPhillips, Occidental Petroleum, China Coal Energy, Devon Energy, and EOG Resources were among the top contributors to performance.

•

The Portfolio’s Consumer Staples companies were the second most important contributor to performance. The Portfolio’s Consumer Staples companies outperformed the corresponding sector within the benchmark. The Portfolio benefited from a higher relative weighting in this sector.

•

Altria and Costco were among the top contributors to performance.

What hurt performance during the year

•

The most important detractors from performance relative to the benchmark over the year were the Portfolio’s higher weighting in Financials companies, which was a poorly performing sector, and a lower weighting in Information Technology companies, which was a strongly performing sector, as well as poor stock selection among Materials companies.

•

The Financials sector was the worst performing sector in the benchmark. The Portfolio’s Financial companies outperformed the corresponding sector within the benchmark but were still the largest detractor from performance. A higher relative average weighting in this sector detracted from both absolute and relative performance.

•

On an individual stock basis, American International Group, Wachovia, American Express, Moodys, Ambac Financial Group, and E*Trade Financial Group were among the leading detractors from performance in the Financials sector. Comcast and Harley Davidson were among the top detractors from performance in the Consumer Discretionary Sector.

•

The weak performance of the Portfolio’s Consumer Discretionary companies along with a higher relative average weighting in this sector detracted from both absolute and relative performance.

EQ/DAVIS NEW YORK VENTURE PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Financials	34.2	%
Energy	15.0
Consumer Staples	14.6
Consumer Discretionary	9.6
Information Technology	9.0
Health Care	4.1
Industrials	3.5
Materials	3.5
Telecommunication Services	1.1
Cash and Other	5.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period 7/1/07 - 12/31/07*
Class IA
Actual	$	1,000.00	$	977.50	$	5.13
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.01		5.24
Class IB
Actual		1,000.00		975.80		6.37
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.75		6.51

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 1.03% and 1.28%, respectively, multiplied by 184/365 (to reflect the one-half year period for the hypothetical example).

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO ADVISER

•

AllianceBernstein L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.**
Portfolio – IA Shares	5.22	%	12.47	%	5.57	%	10.23	%
Portfolio – IB Shares*	4.97		12.18		5.30		9.96
S&P 500 Index	5.49		12.83		5.91		10.65

**	Date of inception 3/1/94

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 5.22% for the year ended December 31, 2007. The Portfolio’s benchmark, the S&P 500 Index, returned 5.49% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

The most positive sector contributors for the year were Energy, Information Technology, Consumer Staples, Industrials and Health Care.

•

The top five stocks that provided the most positive impact to performance for the year were Exxon Mobil Corp., Apple Computer, Inc., Google, Inc., Microsoft Corp. and Chevron Corp.

What hurt performance during the year

•

The most negative sector contributors for the year were Financials, Consumer Discretionary, Telecom Services, Materials and Utilities.

•

The five stocks that provided the most negative impact to performance for the year were Citigroup, Inc., Bank of America Corp., Merrill Lynch & Co., American International Group and Wachovia Corp.

Portfolio Positioning and Outlook

The Portfolio will continue to attempt to meet its performance objective by approximating the investment return of the underlying benchmark.

It is not possible to invest directly in an unmanaged index such as the S&P 500.

EQ/EQUITY 500 INDEX PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Financials	17.6	%
Information Technology	16.7
Energy	12.9
Health Care	12.0
Industrials	11.5
Consumer Staples	10.2
Consumer Discretionary	8.5
Telecommunication Services	3.6
Utilities	3.6
Materials	3.3
Cash and Other	0.1

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	985.70	$	1.90
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.29		1.94
Class IB
Actual		1,000.00		984.40		3.15
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.03		3.21

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.38% and 0.63%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/EVERGREEN INTERNATIONAL BOND PORTFOLIO

PORTFOLIO ADVISER

•

Evergreen Investment Management Company, LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Incept.*
Portfolio – IA Shares	9.54	%	4.75	%
Portfolio – IB Shares	9.26		4.51
Merrill Lynch Global Broad Market ex U.S. Index	11.33		8.02

*	Date of inception 10/3/05

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 9.54% for the year ended December 31, 2007. The Portfolio’s benchmark, the Merrill Lynch Global Broad Market ex U.S. Index, returned 11.33% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Market selection tended to help the Portfolio’s performance while overweighting positions in Australia, Canada, Denmark, Hong Kong, Mexico, New Zealand, Norway and the United Kingdom helped the Portfolio.

•

The underweighting of the Euro-zone and Japan benefited the Portfolio.

•

The Portfolio’s shorter than benchmark duration also helped performance over the year.

•

Security and credit selection, which had erred on the side of quality, was also a small addition to performance.

•

Sector allocation was broadly neutral.

What hurt performance during the year

•

Foreign exchange volatility, particularly in July, August and November, had a detrimental effect on performance.

•

The cost of maintaining a benchmark weighting to the Japanese Yen was detrimental to the Portfolio’s performance.

Portfolio Positioning and Outlook

At the end of the year, it appears that while growth in the global economy may decelerate somewhat in the months ahead, the overall rate of growth will still be reasonable. Although inflationary pressures continue to increase, the overall inflationary outlook appears to us to be muted. However, significant problems could arise if either the growth outlook deteriorates further or inflationary pressures intensify. Overall, we believe the financial positions of governments remain healthy, with the exceptions of Japan, the U.K. and India. In fact, the improvement of the U.S. government deficit situation is noticeable. Nevertheless, the current account deficits of the U.S. and the U.K. remain troublesome. In our opinion, currency markets may likely remain quite volatile. At the end of 2007, our currency positioning was close to that of the benchmark.

EQ/EVERGREEN INTERNATIONAL BOND PORTFOLIO


Portfolio Characteristics As of December 31, 2007
Weighted Average Life (Years)		6.6
Weighted Average Coupon		5.0
Weighted Average Modified Duration (Years)*		4.9
Weighted Average Rating		AA+

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


Distribution of Assets by Sector as of 12/31/07	% of Net Assets
Foreign Government Securities	56.1	%
Corporate Bonds	36.2
Cash and Other	7.7

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,092.20	$	4.59
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.82		4.43
Class IB
Actual		1,000.00		1,090.40		5.90
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.56		5.70

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.87% and 1.12%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/EVERGREEN OMEGA PORTFOLIO

PORTFOLIO ADVISER

•

Evergreen Investment Management Company, LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	11.65	%	12.92	%	1.28	%
Portfolio – IB Shares	11.28		12.63		1.14
Russell 1000 Growth Index	11.81		12.11		0.54

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

**	Date of inception 1/1/99

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 11.65% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 11.81% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Contrary to 2006 where stock selection in Consumer Discretionary was one of the major detractors to performance, in 2007 the reverse has occurred and stock selection in Consumer Discretionary has been the best contributor to performance.

•

Amazon and Apollo Group (Consumer Discretionary sector) were the best performing stocks for the year.

•

Other sectors that contributed positively to performance were Information Technology and Consumer Staples.

What hurt performance during the year

•

On an individual stock basis, Amgen Inc., was the major stock performance detractor.

•

The major sector performance detractor was the Financials sector. Holdings in the Financials sector were comprised of Marsh & McLennan, Legg Mason Inc. and Citigroup.

•

A lack of exposure in the Materials sector and an underweight position in Energy were major detractors from performance.

Portfolio Positioning and Outlook

The Portfolio’s focus remains on bottom-up company fundamentals rather than top-down macro variables. We refrain from trying to determine macro variables such as interest rates, employment growth and inflation. Our bottom-up analysis currently leads us to large capitalization stocks and overweights in Technology, Health Care and select consumer names. At year’s end, we were underweight in Energy, Materials and Industrials. In our opinion, commodities prices are well above our estimate of the marginal cost of production.

EQ/EVERGREEN OMEGA PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Information Technology	34.9	%
Health Care	19.2
Consumer Discretionary	17.4
Consumer Staples	10.3
Financials	8.6
Industrials	6.9
Energy	1.4
Cash and Other	1.3

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,012.70	$	4.57
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.67		4.58
Class IB
Actual		1,000.00		1,011.70		5.83
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.41		5.85

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.90% and 1.15%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/FI MID CAP PORTFOLIO

PORTFOLIO ADVISER

•

Fidelity Management & Research Company

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	8.25	%	16.68	%	6.01	%
Portfolio – IB Shares	8.05		16.38		5.82
S&P Mid Cap 400 Index	7.98		16.20		7.51

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

**	Date of inception 9/1/00

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 8.25% for the year ended December 31, 2007. The Portfolio’s benchmark, the S&P Mid Cap 400 Index, returned 7.98% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

The Portfolio’s underweighted position, at year end, in the Financials sector helped performance the most. Concerns about rising mortgage default rates, falling home prices and tightening credit standards hurt many Financial stocks.

•

An overweight position in companies benefiting from differentiated products and services contributed to performance. Owning DeVry, a provider of education services, added positively to the Portfolio’s performance. Its strong brand and sound service model, coupled with higher enrollment numbers, benefited the stock.

•

Owning Flowserve, which builds pumps and valves used by nuclear power plants, cooling systems, and boilers among other equipment used by a variety of industries benefited the Portfolio’s performance.

What hurt performance during the year

•

On an individual stock basis, Harman International, a manufacturer of audio and electronic systems, continued to suffer from weak investor sentiment against a backdrop of uncertainty due to the cancelled acquisition of the company, senior level management changes, and weaker-than-expected results. Weight Watchers underperformed due to slowing enrollment in their weight loss programs. Nexans, a maker of cables, declined on concerns of a slowing global economy, which would reduce demand for its cables primarily used in infrastructure.

•

Underweighting Energy stocks hurt relative performance. Higher oil prices driven by strong global demand and constrained supplies benefited the sector. At year end, the Portfolio had an underweighted position in the Energy sector in favor of higher growth opportunities that are less sensitive to unpredictable commodity prices and the performance of the overall economy.

•

Also detracting from performance were holdings among transportation stocks, including Hertz Global and Delta Air. The shares of these companies were pressured by weakening pricing power for rental cars and rising fuel costs, respectively.

Portfolio Positioning and Outlook

At year end, the Portfolio was focused on stocks with above-average growth potential. It was overweighted in the Information Technology, Consumer Discretionary, Industrials and Telecommunication Services sectors. Conversely, the Portfolio was underweighted in Financials, which we believe may be negatively impacted by the current economic backdrop—credit, housing and consumer spending concerns. The Health Care, Energy and Materials sectors were also underweighted.

Many of the investment choices and consequent themes in the Portfolio shared several characteristics, including: strong pricing power, beneficial

EQ/FI MID CAP PORTFOLIO

product cycles, globally-driven expansion and above-average earnings growth.


Sector Weightings as of 12/31/07	% of Net Assets
Industrials	25.4	%
Consumer Discretionary	23.0
Information Technology	22.0
Telecommunication Services	9.9
Financials	7.3
Consumer Staples	5.0
Energy	4.5
Health Care	0.5
Cash and Other	2.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	973.80	$	3.73
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.42		3.82
Class IB
Actual		1,000.00		973.50		4.97
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.16		5.09

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.75% and 1.00%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/FRANKLIN INCOME PORTFOLIO

PORTFOLIO ADVISER

•

Franklin Advisors, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Incept.*
Portfolio – IA Shares	2.36	%	5.59	%
Portfolio – IB Shares	2.07		5.30
S&P 500 Index	5.49		10.65
Lehman Brothers Aggregate Bond Index	6.97		7.10

*	Date of inception 9/15/06

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 2.36% for the year ended December 31, 2007. The Portfolio’s benchmarks, the S&P 500 Index and the Lehman Brothers Aggregate Bond Index, returned 5.49% and 6.97%, respectively, over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Several of the Portfolio’s Electric Utility equity holdings performed well, including Public Service Enterprise Group (PSEG), TXU and FirstEnergy. PSEG benefited from improving power markets in its core areas of operations as well as attractive growth opportunities in the regulated utility business. TXU’s share price surged as it was successfully acquired by private equity partners KKR and TPG.

•

Energy and Basic Materials equity holdings also contributed to the Portfolio’s performance, partly driven by strong prices for oil, copper and gold. Shares of integrated oil companies Chevron and ConocoPhillips appreciated as crude oil prices increased and approached $100 per barrel at period-end. Domestic energy producer Chesapeake Energy benefited from strong natural gas prices and solid production performance. Freeport McMoran Copper & Gold and Barrick Gold stocks rose due to continued strong global demand for metals.

What hurt performance during the year

•

Turmoil in housing-related sectors, including financial companies exposed to subprime mortgages and related structured credit products, negatively impacted some Portfolio holdings. Financial firms including Washington Mutual, Citigroup and E*TRADE Financial, along with home builders D.R. Horton and KB Home, were significant detractors from performance during the period.

•

Corporate bond holdings negatively impacted Portfolio performance as widening spreads more than offset the rally in U.S. Treasury securities. Specific holdings that hurt results included GMAC Financial Services and Charter Communications. GMAC was weighed down by mortgage lending exposure via its Residential Capital subsidiary. Despite attractive revenue and cash flow growth, Charter Communications declined as the cable sector weakened partly due to fears of elevated competition from telecommunication services providers and satellite broadcast companies.

Portfolio Positioning and Outlook

The Portfolio’s strategy is to invest in bonds and stocks of companies we consider undervalued or out-of-favor. We continue to focus on identifying individual companies that we believe have the potential for income today and significant growth tomorrow. Additionally, we continued to believe select opportunities in corporate bonds offer a compelling opportunity to earn attractive yields and total returns.

EQ/FRANKLIN INCOME PORTFOLIO


Distribution of Assets by Sector as of 12/31/07	% of Net Assets
Corporate Bonds	50.0	%
Common Stocks	18.8
Preferred Stocks	8.4
U.S. Government and Agency	4.9
Cash and Other	17.9

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period 7/1/07 - 12/31/07*
Class IA
Actual	$	1,000.00	$	978.50	$	5.24
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35
Class IB
Actual		1,000.00		976.60		6.48
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.65		6.61

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 1.05% and 1.30%, respectively, multiplied by 184/365 (to reflect the one-half year period for the hypothetical example).

EQ/FRANKLIN SMALL CAP VALUE PORTFOLIO

PORTFOLIO ADVISER

•

Franklin Advisory Services, LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Incept.*
Portfolio – IA Shares	(8.39	)%	(0.29	)%
Portfolio – IB Shares	(8.63	)	(0.55	)
Russell 2500 Value Index	(7.27	)	0.77

*	Date of inception 9/15/06

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned (8.39)% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 2500 Value Index, returned (7.27)% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

The Energy sector was a top contributor to performance.

•

Energy-related Portfolio holdings Atwood Oceanics, Global Industries and Bristow Group helped performance as they benefited from rising crude oil prices, which approached $100 per barrel near period-end.

•

The Materials sector helped performance, as steel holdings Steel Dynamics, Gerdau AmeriSteel, and Reliance Steel & Aluminum appreciated significantly.

What hurt performance during the year

•

Consumer Discretionary holdings M/I Homes, Tuesday Morning and West Marine hindered results as they fell in value during the year.

•

Several Financials sector holdings also hurt performance, including Security Capital Assurance and PMI Group, which declined mostly due to the subprime mortgage crisis.

Portfolio Positioning and Outlook

The Portfolio’s strategy is to invest in small cap companies that we believe are selling below their underlying worth. Our strategy is for the Portfolio to hold fundamentally sound companies purchased at what we consider attractive prices, often when they are out of favor with other investors. We select securities without regard to benchmark comparisons, and we aim for long-term results. We are confident that the market will provide opportunities for us to execute our strategy with success.

EQ/FRANKLIN SMALL CAP VALUE PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Industrials	29.1	%
Consumer Discretionary	21.3
Financials	17.9
Materials	10.3
Energy	6.9
Information Technology	5.9
Health Care	2.6
Consumer Staples	1.6
Utilities	0.9
Cash and Other	3.5

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period 7/1/07 - 12/31/07*
Class IA
Actual	$	1,000.00	$	836.70	$	4.86
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35
Class IB
Actual		1,000.00		835.20		6.01
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.65		6.61

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 1.05% and 1.30%, respectively, multiplied by 184/365 (to reflect the one-half year period for the hypothetical example).

EQ/GAMCO MERGERS AND ACQUISITIONS PORTFOLIO

PORTFOLIO ADVISER

•

GAMCO Asset Management, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Incept.**
Portfolio – IA Shares*	(2.87	)%	7.76	%
Portfolio – IB Shares	3.42		7.72
S&P 500 Index	5.49		12.67

Investment operations commenced with respect to Class IA shares on June 8, 2007. Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

**	Date of inception 5/1/03

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 3.42% for the year ended December 31, 2007. The Portfolio’s benchmark, the S&P 500 Index, returned 5.49% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

The year 2007 set a record for mergers and acquisitions with $4.5 trillion of announced transactions.

•

Aztar, Hilton Hotels and Sequa Corp. were successful purchases, initially as potential targets that were acquired during the year.

•

The Portfolio was significantly underweight in the Financials sector, which contributed positively to performance.

•

A pickup in global deals caused by the weak dollar made U.S. assets particularly attractive.

What hurt performance during the year

•

Relative to its benchmark, the Portfolio had underweight positions in the Energy and Information Technology sectors, which detracted from performance.

•

On an individual security basis, SLM Corp., Apple Inc. and ExxonMobil Corp. were among the leading detractors from performance.

Portfolio Positioning and Outlook

The subprime downturn caused a liquidity crunch, which impacted private equity and leveraged deals. Spreads on deals widened, causing a short-term dislocation in performance. For the two-thirds of the Portfolio invested in announced deals, our focus has been on high quality, cash deals. At year’s end, the Portfolio’s investments were more heavily focused on corporate deals with less need for outside financing. Credit for corporate deals remains available. These worked well for the Portfolio in 2007. Stock selection will remain crucial for the remainder of the Portfolio where our focus is on companies that could be taken over. Strategic buyers could surface for several of our holdings in industrial and consumer stocks.

EQ/GAMCO MERGERS AND ACQUISITIONS PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Health Care	15.9	%
Consumer Discretionary	12.6
Industrials	11.0
Telecommunication Services	8.3
Utilities	8.1
Financials	6.8
Information Technology	5.9
Consumer Staples	4.1
Materials	2.6
Energy	1.8
Cash and Other	22.9

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	971.30	$	5.42
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.71		5.55
Class IB
Actual		1,000.00		969.50		6.65
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.45		6.82

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 1.09% and 1.34%, respectively, multiplied by 184/365 (to reflect the one-half year period for the hypothetical example).

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO ADVISER

•

GAMCO Asset Management, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.**
Portfolio – IA Shares*	(6.86	)%	17.66	%	11.62	%	13.97	%
Portfolio – IB Shares	9.32		17.63		11.60		13.96
Russell 2000 Value Index	(9.78	)	15.80		9.06		12.25

Investment operations commenced with respect to Class IA shares on July 13, 2007. Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IA shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IB shares are not subject to any 12b-1 fees.

**	Date of inception 8/1/88

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 9.32% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 2000 Value Index, returned (9.78)% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Significant underweights in Financials, Retailers and Homebuilders sectors (the worst performing areas of the market) helped from a sector allocation perspective.

•

Among the Portfolio’s best performers were companies that were taken over during the year, including Aztar, Sequa, Lamson & Sessions and Biomet.

•

Industrial holdings were strong, fuelled by surging growth in developing economies. On an individual stock basis these included Flowserve, Precision Castparts, and Ametek.

What hurt performance during the year

•

Cablevision’s fourth attempt to take the company private was rejected. This bodes well for its long-term prospects, but had a short-term negative impact on the stock.

•

A deal to acquire Myers Industries was called off by Goldman Sachs Capital Partners due to credit challenges.

•

Small broadcasters and newspaper stocks performed poorly, primarily due to concerns that a weak macroeconomic picture will translate into weaker advertising spending.

Portfolio Positioning and Outlook

The world economy appears to be slowing. The question now is whether the correction in the financial markets and the cyclical downturn in housing will lead to a recession. Consumers are feeling the pain of lower home values, while faced with higher energy and food prices. Consumer spending may deteriorate, which may cause businesses to pull back in spending and hiring. In our opinion, the corporate sector is in good shape to weather the downturn. It appears to us that inventories are under control and balance sheets are healthy.

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Industrials	22.5	%
Consumer Discretionary	15.9
Health Care	7.7
Consumer Staples	6.8
Information Technology	6.4
Materials	6.4
Financials	5.6
Utilities	4.5
Telecommunication Services	4.0
Energy	1.3
Cash and Other	18.9

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

Please note that while Class IA commenced operations on July 13, 2007, the ‘Hypothetical Expenses Paid During the Period’ reflect projected activity for the full six months for the purposes of comparability.

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* Ended 12/31/07
Class IA
Actual	$	1,000.00	$	1,139.70	$	4.75
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.77		4.48
Class IB
Actual		1,000.00		970.20		5.66
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.46		5.80

Expenses are equal to the Portfolio’s Class IA and IB shares annualized expense ratios of 0.88% and 1.14%, respectively, multiplied by the average account value over the period, multiplied by 171/365 for Class IA (to reflect the actual days in the period for the actual example) and multiplied by 184/365 (to reflect the one-half year period for the hypothetical example and Class IB).

EQ/GOVERNMENT SECURITIES PORTFOLIO

PORTFOLIO ADVISER

•

BlackRock Financial Management, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IA Shares	6.70	%	2.92	%	4.46	%	5.34	%
Lehman Brothers Intermediate Government Bond Index	8.47		3.69		5.55		6.29

*	Date of inception 5/1/91

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 6.70% for the year ended December 31, 2007. The Portfolio’s benchmark, the Lehman Brothers Intermediate Government Bond Index, returned 8.47% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

The Portfolio’s exposure to U.S. Treasury securities benefited its absolute performance for the period. As the subprime mortgage turmoil took hold of the markets during the third and fourth quarters, investors moved away from virtually all segments of the fixed income markets in favor of high-quality U.S Treasuries. In fact, during 2007, all of the sectors within the broad-based Lehman Aggregate Bond Index posted negative excess returns versus U.S. Treasury securities.

•

The Portfolio held an underweight position in U.S. Agency securities for most of the year, aiding performance as even these high-quality issues were affected by the market volatility.

What hurt performance during the year

•

Exposure to non-indexed spread product, particularly adjustable rate mortgages (ARMs), fixed rate mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS) detracted from performance as the returns of these sectors lagged that of U.S. Treasuries in 2007.

•

The Portfolio’s small exposure to investment-grade corporate debt also hindered performance as this sector also underperformed U.S. Treasuries.

Portfolio Positioning and Outlook

We remain cautious about the effects of the subprime mortgage woes on the prime mortgage market and the ongoing deceleration in the housing market. At year end, the Portfolio was positioned with exposure to both U.S. Treasuries and agencies, although our exposure to both sectors is underweight relative to the benchmark. We have maintained our exposure to high-quality, short-duration assets, including CMBS, collateralized mortgage obligations and ARMs. Regarding high-quality CMBS (AAA-rated issues), we believe that fundamentals remain strong, and short- to mid-term supply technicals look positive as origination has come to a halt. We also have a tactical position in investment-grade corporate securities as yield spreads on high-quality corporate issues have now reached levels not seen since 2003, creating attractive relative value opportunities. At the end of the year on December 31, 2007, the Portfolio was positioned with a slightly short duration versus the benchmark.

This Portfolio is neither guaranteed nor insured by the U.S. Government, the Federal Deposit Insurance Corporation or any other government agency.

EQ/GOVERNMENT SECURITIES PORTFOLIO


Portfolio Characteristics As of December 31, 2007
Weighted Average Life (Years)		4.6
Weighted Average Coupon (%)		4.9
Weighted Average Modified Duration (Years)*		3.3
Weighted Average Rating		AAA

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


Distribution of Assets by Sector as of 12/31/07	% of Net Assets
U.S. Government and Agency	95.3	%
Asset-Backed Securities	17.2
Corporate Bonds	10.7
Cash and Other	(23.2	)

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,053.30	$	3.73
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.58		3.67

*	Expenses are equal to the Portfolio’s Class IA shares annualized expense ratio of 0.72% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO ADVISER

•

MFS Investment Management (“MFS”)

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IB Shares	16.14	%	17.84	%	5.97	%	6.91	%
MSCI AC World Index ex. U.S. Growth †	21.03		22.33		—	**	—	**
MSCI EAFE Growth Index	16.45		19.85		6.46		6.32

*	Date of inception 11/18/94

**	Date of inception 12/31/98

†	In 2007, the Investment Manager revised the Portfolio’s benchmark index to be the MSCI AC World Index ex. U.S. Growth , which more closely reflects the market sectors in which the Portfolio invests.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 16.14% for the year ended December 31, 2007. The Portfolio’s benchmark, the MSCI EAFE Growth Index, returned 16.45% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Stock selection in the Financial Services, Utilities and Communications sectors boosted performance relative to the benchmark. In the Financial Services sector, the Portfolio’s holdings in home financier Housing Development Finance Corp. (India) and wealth management firm Julius Baer (Switzerland) delivered strong appreciation. Not owning the poor-performing financial services firm Mizuho Financial (Japan) also enhanced relative returns.

•

In the Utilities and Communications sectors, holdings in electric utility company CEZ (Czech Republic) and wireless communications company China Mobile (Hong Kong) aided relative performance.

•

Overweighting the Energy sector also benefited relative results. Oil and gas exploration and production company Petroleo Brasileiro (Brazil) was among the top contributors.

•

Stocks in other sectors that contributed to relative returns included chemical producer Wacker Chemie AG (Germany), mining giant BHP Billiton (U.K.), and global food company Nestle (Switzerland). Not owning the poor-performing pharmaceutical firm AstraZeneca (U.K.) also enhanced relative returns.

What hurt performance during the year

•

Stock selection in the Technology sector was the primary factor detracting from performance relative to the benchmark. The Portfolio’s positioning in mobile phone maker Nokia (Finland) and microchip and electronics manufacturer Samsung Electronics (South Korea) weighed on results. Not owning strong performing video game console maker Nintendo (Japan) also hindered relative performance.

•

Several financial securities detracted from relative results including investment management and banking firm UBS (Switzerland), banking firm HSBC (U.K.), consumer finance firm Aeon Credit Services (Japan), and securities firm Daiwa Securities (Japan).

•

The Portfolio’s positioning in car manufacturer Toyota (Japan) held back relative results. Not owning benchmark constituent mining operator Rio Tinto (Australia) was also a negative factor.

•

During the reporting period, currency exposure was a detractor from relative performance.

EQ/INTERNATIONAL GROWTH PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Financials	18.1	%
Information Technology	13.5
Consumer Staples	12.8
Consumer Discretionary	11.1
Materials	10.3
Industrials	9.0
Health Care	8.1
Energy	6.8
Telecommunication Services	6.1
Utilities	1.0
Cash and Other	3.2

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

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

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IB
Actual	$	1,000.00	$	1,036.90	$	6.93
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.40		6.87

*	Expenses are equal to the Portfolio’s Class IB shares annualized expense ratio of 1.35% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/JPMORGAN CORE BOND PORTFOLIO

PORTFOLIO ADVISER

•

J.P. Morgan Investment Management Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	3.35	%	3.61	%	5.41	%
Portfolio – IB Shares	3.08		3.37		5.26
Lehman Brothers Aggregate Bond Index	6.97		4.42		5.98

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

**	Date of inception 1/1/98

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 3.35% for the year ended December 31, 2007. The Portfolio’s benchmark, the Lehman Brothers Aggregate Bond Index, returned 6.97% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

The Portfolio’s AAA-rated holdings remain a positive, given the Portfolio’s sector specialists’ analysis, which has included re-underwriting each position, stressing housing weakness, defaults and recoveries.

What hurt performance during the year

•

Prepayment-sensitive mortgage spreads widened due to liquidity concerns around year-end, funding agency selling and higher volatility, which hurt the Portfolio’s overweight position and detracted from performance.

Portfolio Positioning and Outlook

At the end of the year, we believe the Fed may lower the fed funds rate, maintaining friendly language until either growth prospects pick up or labor market data change materially. With weaker-than-expected labor market conditions, the Fed may be able to reasonably forecast a tempering of inflation in the intermediate term. We believe that fourth-quarter 2007 gross domestic product (GDP) may come in at 2.5%, boosted by still solid growth in consumer spending, continued strength in net exports and strong government spending. Residential investment is expected to fall significantly further and business investment may soften, with a slower pace of inventory rebuilding.


Distribution of Assets by Sector as of 12/31/07	% of Net Assets
U.S. Government and Agency	56.2	%
Asset Backed Securities	32.9
Corporate Bonds	28.7
Commercial Paper	21.8
Foreign Government Securities	1.6
Cash and Other	(41.2	)

Total	100.0	%


Portfolio Characteristics As of December 31, 2007
Weighted Average Life (Years)		8.0
Weighted Average Coupon (%)		6.7
Weighted Average Modified Duration (Years)*		4.3
Weighted Average Rating		AA+

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

EQ/JPMORGAN CORE BOND PORTFOLIO

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,025.10	$	2.86
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.38		2.85
Class IB
Actual		1,000.00		1,023.30		4.13
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.12		4.13

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.56% and 0.81%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

PORTFOLIO ADVISER

•

J.P. Morgan Investment Management Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.**
Portfolio – IA Shares*	(0.93	)%	11.97	%	4.67	%	5.85	%
Portfolio – IB Shares	(1.18	)	11.68		4.53		5.72
Russell 1000 Value Index	(0.17	)	14.63		7.68		9.60

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

**	Date of inception 5/1/97

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned (0.93)% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 1000 Value Index, returned (0.17)% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Stock selection in the Consumer Staples and Technology sectors contributed positively to the Portfolio’s performance.

•

On an individual stock basis, TD Ameritrade Inc., an Internet broker, helped performance, as the company’s shares benefited from healthy account activity levels and increased market share.

•

Canadian aluminum producer Alcan Inc. was a positive contributor to performance. The company was in a dominant position to benefit from a worldwide tightening in aluminum supplies and rapid growth in Asia.

What hurt performance during the year

•

Stock selection in the Insurance and Financial sectors detracted from performance.

•

On an individual stock basis, MGIC Investment Corp hurt performance. The company’s shares plunged following disappointing second-quarter earnings due to accelerating credit losses in a few key states.

•

Ambac Financial, an insurer of asset-backed securities, also detracted from performance due to continued credit market turmoil and concerns about exposure to sub-prime mortgages.

Portfolio Positioning and Outlook

It is reasonably clear that the fallout from last summer’s turn in the credit cycle is not yet over. We believe prospects for growth in U.S. corporate profits are quite gloomy. However, every cloud has a silver lining. While corporate cost-cutting may cut into economic growth, we believe it is a vital tool in reducing inflationary pressure and maintaining corporate profitability. Though we cannot rule out material weakness in U.S. equity markets as events run their course, a meaningful recovery may only be a matter of time.

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Financials	26.8	%
Energy	14.2
Industrials	10.6
Consumer Staples	8.2
Health Care	7.3
Consumer Discretionary	7.1
Utilities	6.9
Information Technology	6.2
Telecommunication Services	5.4
Materials	4.4
Cash and Other	2.9

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	918.10	$	3.38
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.68		3.57
Class IB
Actual		1,000.00		917.10		4.59
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.42		4.84

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.70% and 0.95%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/LEGG MASON VALUE EQUITY PORTFOLIO

PORTFOLIO ADVISER

•

Legg Mason Capital Management, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Incept.*
Portfolio – IA Shares	(5.70	)%	2.57	%
Portfolio – IB Shares	(5.88	)	2.32
S&P 500 Index	5.49		10.42

*	Date of inception 10/3/05

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned (5.70)% for the year ended December 31, 2007. The Portfolio’s benchmark, the S&P 500 Index, returned 5.49% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Strong security selection in the underperforming Consumer Discretionary sector helped the Portfolio avoid larger declines.

•

An overweight position and strong security selection in the outperforming Health Care sector contributed to returns.

•

From an individual security perspective, the most significant contributors included Amazon.com, Google, Aetna, Expedia, and UnitedHealth Group.

What hurt performance during the year

•

Negative contribution from security selection was the primary driver of underperformance for the year. The Portfolio was hurt most dramatically by stock choices in the Telecommunications and Financials sectors, and to a smaller extent by investments in the Industrials sector. An underweight position in the Energy sector was also a significant detractor for the period.

•

From an individual security perspective, the most significant detractors included Countrywide, Sears Holding Company, Sprint Nextel, Citigroup, and Pulte Homes.

Portfolio Positioning and Outlook

While the Portfolio’s performance in 2007 was disappointing, we believe the current market dislocation presents an opportunity to take advantage of new investment opportunities, as we have during similar periods in the past. We see investment opportunities in stocks that benefit from a steeper yield curve, a more normal credit environment, slower growth, and benign inflation.

EQ/LEGG MASON VALUE EQUITY PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Consumer Discretionary	23.3	%
Information Technology	22.3
Financials	18.6
Health Care	14.8
Telecommunication Services	7.7
Utilities	6.0
Industrials	4.4
Materials	0.6
Energy	0.3
Cash and Other	2.0

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	897.30	$	3.59
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.42		3.82
Class IB
Actual		1,000.00		896.30		4.78
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.16		5.09

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.75% and 1.00%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/LONG TERM BOND PORTFOLIO

PORTFOLIO ADVISERS

•

BlackRock Financial Management, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.**
Portfolio – IA Shares*	7.72	%	5.08	%	6.21	%	8.94	%
Portfolio – IB Shares	7.35		4.84		5.95		8.42
Lehman Brothers Long Government/Credit Bond Index	6.60		5.80		6.95		9.93

*	Date of inception 4/29/05. Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

**	Date of inception 3/20/85

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 7.72% for the year ended December 31, 2007. The Portfolio’s benchmark, the Lehman Brothers Long Government/Credit Bond Index, returned 6.60% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

During 2007, the Portfolio’s performance versus its benchmark benefited from both an underweight exposure and successful security selection in corporate bonds.

•

The Portfolio’s exposure to U.S. Treasuries, an overweight position versus the benchmark for much of the year, bolstered performance.

•

Finally, an underweight position in U.S. agency debentures benefited Portfolio results as the sector underperformed versus U.S. Treasuries during the year.

What hurt performance during the year

•

Detractors from the Portfolio’s performance for the year 2007 included non-indexed exposure to high-quality spread assets, particularly AAA-rated commercial mortgage-backed securities (CMBS), as well as collateralized mortgage obligations (CMOs), asset-backed securities (ABS) and other mortgage-related products. Despite their high quality, these assets suffered amid fallout from the subprime mortgage market turmoil and each sector underperformed versus U.S. Treasuries for the year.

Portfolio Positioning and Outlook

At December 31, 2007, the Portfolio was underweight versus the benchmark in both U.S. Treasury and U.S. agency securities. Yield spreads on high-quality corporate paper have now reached levels not seen since 2003. At year-end, we had increased the Portfolio’s exposure to the sector, reducing the Portfolio’s underweight versus the benchmark. The Portfolio maintained its holdings in high-quality, short-duration spread product, including CMBS and CMOs, which are not represented in the benchmark. Specific to CMBS, fundamentals remain strong and we believe that short- to mid-term supply technicals look positive as origination has come to a halt. The Portfolio’s duration at the end of the year was modestly short versus the benchmark. This is primarily attributable to the 10-year portion of the yield curve.

EQ/LONG TERM BOND PORTFOLIO


Distribution of Assets by Sector as of 12/31/07	% of Net Assets
U.S. Government and Agency	51.4	%
Corporate Bonds	37.3
Asset Backed Securities	25.6
Foreign Government and Supranational Securities	0.1
Cash and Other	(14.4	)

Total	100.0	%


Portfolio Characteristics As of December 31, 2007
Weighted Average Life (Years)		19.2
Weighted Average Coupon (%)		5.2
Weighted Average Modified Duration (Years)*		10.7
Weighted Average Rating		AA

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

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,091.10	$	2.74
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.58		2.65
Class IB
Actual		1,000.00		1,089.10		4.05
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.32		3.92

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.52% and 0.77%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/LORD ABBETT GROWTH AND INCOME PORTFOLIO

PORTFOLIO ADVISERS

•

Lord, Abbett & Co. LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Incept.*
Portfolio – IA Shares	3.79	%	10.67	%
Portfolio – IB Shares	3.43		10.38
Russell 1000 Value Index	(0.17	)	11.23

*	Date of inception 4/29/05

Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio's Class IA shares returned 3.79% for the year ended December 31, 2007. The Portfolio's benchmark, the Russell 1000 Value Index, returned (0.17)% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

The Portfolio’s underweight position in the slumping Financial Services sector was the largest contributor to relative performance during 2007. The sector underperformed as turmoil in the sub-prime mortgage market sent the broader sector down.

•

Stock selection within the Financial Services sector also aided relative performance, with Bank of New York Mellon outperforming its peers. The pre-eminent provider of fiduciary and securities services advanced this year owing to the positive synergies resulting from its July merger and its lack of exposure to sub-prime mortgages.

•

Stock selection within the Materials sector contributed positively to performance, as Monsanto benefited from strong demand for corn seed, at least partially due to an increased interest in corn-based ethanol.

What hurt performance during the year

•

The Portfolio’s underweight position in the Integrated Oils sector detracted from relative performance, as crude oil prices climbed towards $100 per barrel for the first time.

•

Stock selection within the Consumer Discretionary sector also hurt relatively, as Internet services provider IAC/InterActive experienced weakness in two major business segments.

•

The underweight within the Utilities sector detracted, as this more defensive sector held up well in the broad market decline during the second half of the year.

Portfolio Positioning and Outlook

Because of their sheer size, strong balance sheets, and experienced management, large cap stocks tend to be less volatile than small or mid cap stocks. After several years of relative underperformance, we believe large caps are likely to do well going forward. At year’s end the Portfolio continued to overweight the Consumer Staples sector, with a focus on stable earners in areas such as soft drinks, grocery stores, and foods, which can grow earnings in a slowing economic environment through new products and/or restructuring. At year end, the Financial Services sector was the Portfolio’s most significant underweight, as issues within the sub-prime mortgage market continue to burden the sector. Because loan problems are still working their way through the system, we have added only to select positions on significant price weakness. Also, at year’s end, the Portfolio was underweight the Integrated Oils sector, as crude oil prices remain above long-term normalized levels and current earnings levels are not sustainable, in our opinion. At the end of the year, the Portfolio was underweight in Utilities.

EQ/LORD ABBETT GROWTH AND INCOME PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Financials	22.5	%
Consumer Staples	16.6
Information Technology	11.7
Industrials	10.8
Energy	9.8
Health Care	8.8
Consumer Discretionary	6.0
Materials	5.3
Utilities	4.4
Telecommunication Services	3.2
Cash and Other	0.9

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	983.00	$	3.75
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.42		3.82
Class IB
Actual		1,000.00		981.20		4.99
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.16		5.09

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.75% and 1.00%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/LORD ABBETT LARGE CAP CORE PORTFOLIO

PORTFOLIO ADVISERS

•

Lord, Abbett & Co. LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Incept.*
Portfolio – IA Shares	10.99	%	11.81	%
Portfolio – IB Shares	10.69		11.52
Russell 1000 Index	5.77		11.81

*	Date of inception 4/29/05.

Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 10.99% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 1000 Index, returned 5.77% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

The greatest contributor to relative performance was stock selection within the Materials sector. Monsanto Co. continued to benefit from market share gains in corn seed. In addition, the 2007 energy bill that increases the renewable fuel standards mandating an increase in ethanol use was passed into law.

•

Within the Health Care sector, Express Scripts, a pharmacy management service, helped performance after issuing 2008 guidance above expectations due to generics, mail prescription growth and improved performance from the special pharmacy business.

•

Retailer GameStop Corp. announced revenues and earnings above expectation for 2007 driven by new software sales, such as Guitar Hero II, Madden NFL 08, and Halo 3.

What hurt performance during the year

•

On an individual security basis, Citigroup, Inc. weighed on performance with shares falling as the company faced an estimated $15 billion write-off due to sub-prime turmoil and laid off 10% of its workforce.

•

An underweight within both the other Energy and Integrated Oils sectors were the largest detractors from a sector allocation perspective.

•

Owning Kohl’s Corp. hindered performance as shares declined due to lower than expected same store sales as consumer spending slowed down.

Portfolio Positioning and Outlook

At year’s end, the Portfolio had an overweight position in the Health Care sector due to what we believe are attractive valuations, favorable growth prospects, and improving new drug product pipelines. In our opinion, the demographic trends are excellent for demand not only in the U.S. but in most major industrial countries. We look for companies that display stability of earnings growth as we believe the economy will moderate. In a moderating economic environment, we believe the market will pay a premium for stable growth companies and cyclical stocks will tend to disappoint.

EQ/LORD ABBETT LARGE CAP CORE PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Information Technology	17.2	%
Consumer Staples	16.2
Health Care	15.2
Financials	11.4
Industrials	9.1
Energy	7.6
Materials	5.9
Consumer Discretionary	4.5
Utilities	3.8
Telecommunication Services	3.0
Cash and Other	6.1

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,032.50	$	3.84
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.42		3.82
Class IB
Actual		1,000.00		1,031.50		5.12
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.16		5.09

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.75% and 1.00%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/LORD ABBETT MID CAP VALUE PORTFOLIO

PORTFOLIO ADVISERS

•

Lord, Abbett & Co. LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Incept.*
Portfolio – IA Shares	0.81	%	10.08	%
Portfolio – IB Shares	0.64		9.83
Russell Mid Cap Value Index	(1.42	)	12.20

*	Date of inception 4/29/05

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 0.81% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell Mid Cap Value Index, returned (1.42)% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

The largest contributor to performance was the Portfolio’s underweight within the Financial Services sector, which continues to suffer from housing and credit related troubles.

•

Within the Materials sector, the Portfolio’s relative overweight and positive stock selection were drivers of performance.

•

On an individual security basis, Mosaic, the world’s largest phosphate producer, was a stellar performer throughout the year.

•

Stock selection within the Producer Durables sector was another contributor to performance. Cummins, a leading diesel engine manufacturer, has seen its share price rise as a result of improved pricing and growing market share.

What hurt performance during the year

•

The Consumer Discretionary sector was the largest detractor from performance, hurt by negative stock selection as well as a relative overweight in this weak sector. Shares of OfficeMax fell through the year as the result of disappointment within the retail sector.

•

Stock selection within the Utilities sector was another significant detractor during the year. Qwest Communications sold off as investors were concerned that the new CEO would increase spending on capital expenditures.

•

Within the Integrated Oils sector, the Portfolio’s underweight position was another detractor as this sector benefited as oil prices surged toward $100 per barrel.

Portfolio Positioning and Outlook

The year 2007 ended with extreme volatility as investors dealt with a continuous flow of bad news from financial companies and struggled to find sectors with earnings growth in what has clearly become an “end of cycle” environment. Global commodities in the Agricultural Products and Energy sectors have been the clear leaders in the earnings growth department and, with the market narrowing, momentum has pushed these stocks higher while Financials and Consumer stocks declined. This wide divergence in performance appears to be taking valuations to extremes on both the high and low side. Over the past year, the Portfolio reduced its positions in Materials and Producer Durables, although strong performance from individual stocks kept the sector weights stable. During the past year, exposure to Consumer Discretionary stocks also declined as several holdings were involved in merger and acquisition activity and others were sold as their catalysts were realized. The chaos currently seen in the financial markets is nothing new. The trail of fallout from investors and companies stretching to make just a little bit more helps to keep us

EQ/LORD ABBETT MID CAP VALUE PORTFOLIO

solidly rooted in our conviction that fundamental research, a value orientation and patience are the best tools when investing.


Sector Weightings as of 12/31/07	% of Net Assets
Consumer Discretionary	16.3	%
Materials	11.7
Information Technology	11.6
Utilities	10.5
Industrials	10.0
Telecommunication Services	8.9
Consumer Staples	7.6
Energy	7.2
Health Care	6.6
Financials	6.2
Cash and Other	3.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	905.10	$	3.84
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.17		4.08
Class IB
Actual		1,000.00		904.20		5.04
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.80% and 1.05%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/MARSICO FOCUS PORTFOLIO

PORTFOLIO ADVISER

•

Marsico Capital Management, LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	14.33	%	15.16	%	11.92	%
Portfolio – IB Shares	14.08		14.87		11.70
Russell 1000 Growth Index	11.81		12.11		4.52

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

**	Date of inception 8/31/01

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 14.33% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 11.81% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year:

•

Stock selection in the Consumer Services industry benefited the Portfolio. MGM Mirage, Wynn Resorts Ltd., Las Vegas Sands, and McDonald’s Corp. each posted strong gains for the period.

•

Information Technology companies Apple Inc., Google Inc., and Intel Corp. were among the top individual contributors to performance.

•

Stock selection and an emphasis in the Materials sector had a positive effect on the Portfolio. Monsanto Co. and Air Products & Chemicals Inc. also performed well.

•

Energy positions Petroleo Brasileiro SA, Schlumberger Ltd., and Transocean Inc. contributed positively to performance.

What hurt performance during the year:

•

The Portfolio’s Health Care position in Genentech Inc. was among the largest individual detractors from performance for the period.

•

An emphasis in the Consumer Discretionary sector hurt performance. In addition, certain Consumer Discretionary holdings were detractors from performance including Comcast Corp., Toyota Motor Corp., Lowe’s Cos., and Starbucks.

•

The Portfolio’s emphasis in the weak-performing Banks industry detracted from performance results.

•

The Information Technology sector was an area of strength for the benchmark and the Portfolio’s underweighted posture in the sector proved to be an opportunity cost for the period.

Portfolio Positioning and Outlook

The Portfolio’s sector allocations as of December 31, 2007 emphasized Consumer Discretionary, Information Technology, Financials, and Health Care. Relative to the benchmark, the Portfolio was significantly overweighted in the Consumer Discretionary and Financials sectors and underweighted in the Information Technology and Consumer Staples sectors. The Portfolio had little or no exposure to areas such as Utilities.

EQ/MARSICO FOCUS PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Consumer Discretionary	19.3	%
Information Technology	18.1
Health Care	11.5
Financials	11.4
Energy	11.1
Industrials	7.5
Materials	5.9
Telecommunication Services	3.5
Consumer Staples	2.9
Cash and Other	8.8

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,112.40	$	4.79
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.67		4.58
Class IB
Actual		1,000.00		1,111.60		6.12
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.41		5.85

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.90% and 1.15%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/MONEY MARKET PORTFOLIO

PORTFOLIO ADVISER

•

The Dreyfus Corporation

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.**
Portfolio – IA Shares	4.97	%	2.86	%	3.62	%	5.81	%
Portfolio – IB Shares*	4.71		2.61		3.35		5.56
3-Month Treasury Bill Index	5.03		3.07		3.77		6.01

**	Date of inception 7/13/81

Returns

for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 4.97% for the year ended December 31, 2007. The Portfolio’s benchmark, the 3-Month Treasury Bill Index, returned 5.03% over the same period.

Portfolio Highlights

For the year ended December 31, 2007.

For the first half of 2007, the Federal Reserve kept the overnight federal funds rate at 5.25%. While acknowledging the downturn in the housing market, the Fed indicated that they expected moderate growth to continue throughout 2007. Indeed, at the FOMC meeting on August 7th, the Fed continued to cite inflation as their predominant policy concern.

This scenario quickly changed as a series of events caused unprecedented turmoil in the fixed income markets. The deterioration in the subprime mortgage market quickly spread throughout the financial markets leading to concerted action by central banks around the world to supply liquidity. By the end of the year, the Fed had cut overnight rates by 100 basis points to 4.25%.

In this environment, the Portfolio’s weighted average maturity was near to or above the industry average. This allowed the lock in of higher rates as the Fed reduced its target rate during the latter half of the year. Both fixed and floating rate instruments were held in order to provide a competitive yield while maintaining prudent levels of liquidity and high credit quality.

Portfolio Positioning and Outlook

The Federal Reserve has made it clear that they stand ready to take further actions to provide the liquidity necessary for the credit markets to remain orderly. The ultimate outcome of the credit crisis on consumer and business spending remains to be seen. We believe that the Fed must factor in surging commodity prices and the effects of a declining dollar on the overall inflation rate.

This Portfolio is neither guaranteed nor insured by the U.S. Government, the Federal Deposit Insurance Corporation or any other government agency. There is no assurance that the Portfolio will be able to maintain a stable net asset value of $1.00 per share. It is possible to lose money by investing in this Portfolio.


Maturity Weightings As of December 31, 2007
1-30 days	44.1	%
31-60 days	25.9
61-90 days	10.9
91-120 days	3.8
>120 days	15.3

	100.0	%

EQ/MONEY MARKET PORTFOLIO


Distribution of Assets by Sector as of 12/31/07	% of Net Assets
Commercial Paper	63.0	%
Certificates of Deposit	22.5
Time Deposit	8.1
Variable Rate Securities	6.2
Cash and Other	0.2

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,024.40	$	2.30
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.94		2.29
Class IB
Actual		1,000.00		1,023.10		3.57
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.68		3.57

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.45% and 0.70%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/MONTAG & CALDWELL GROWTH PORTFOLIO

PORTFOLIO ADVISER

•

Montag & Caldwell, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	21.13	%	11.05	%	3.54	%
Portfolio – IB Shares	20.77		10.86		3.44
Russell 1000 Growth Index	11.81		12.11		1.32

Investment operations commenced with respect to Class IA shares on December 13, 2004. Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

**	Date of inception 12/1/98

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 21.13% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 11.81% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Stock selection was particularly strong in the Information Technology sector with the most positive contributions from Research in Motion, Apple and Google.

•

Stock selection in the Consumer Discretionary sector was a positive contributor to performance, particularly McDonald’s and Nike. An underweight allocation in the sector was also additive to performance.

•

Stock selection and a significant overweight in Consumer Staples also benefited the Portfolio, with particularly strong performance from Coca Cola, Costco, and PepsiCo.

What hurt performance during the year

•

Not owning stocks from the Materials sector detracted from performance.

•

Stock selection in the Financials sector detracted from performance with American Express and American International Group having the most impact.

Portfolio Positioning and Outlook

We would note that 2008 is an important year on the political calendar, so we believe we may see steady government spending in the year ahead. High energy and food prices have caused inflation (as measured by the Consumer Price Index) to push toward the upper end of an estimated 2.5-3.0% range for 2007.


Sector Weightings as of 12/31/07	% of Net Assets
Information Technology	26.2	%
Consumer Staples	21.2
Health Care	19.4
Energy	15.9
Industrials	8.1
Consumer Discretionary	5.4
Financials	2.3
Cash and Other	1.5

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

EQ/MONTAG & CALDWELL GROWTH PORTFOLIO

expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,128.30	$	4.83
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.67		4.58
Class IB
Actual		1,000.00		1,127.10		6.17
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.41		5.85

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.90% and 1.15%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/MUTUAL SHARES PORTFOLIO

PORTFOLIO ADVISER

•

Franklin Mutual Advisers, LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Incept.*
Portfolio – IA Shares	1.97	%	7.43	%
Portfolio – IB Shares	1.69		7.14
S&P 500 Index	5.49		10.65

*	Date of inception 9/15/06.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 1.97% for the year ended December 31, 2007. The Portfolio’s benchmark, the S&P 500 Index, returned 5.49% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Strong gains in many of the Portfolio’s international holdings, particularly from among the Tobacco, Energy and Industrial sectors, contributed to performance.

•

Three long-held investments that performed particularly well were Orkla, Berkshire Hathaway and British American Tobacco (BAT). Shares of Orkla, one of Norway’s largest conglomerates, rose partly due to its increased ownership of Renewable Energy Corp., which performed well. Berkshire Hathaway’s stock appreciated strongly as the company benefited from a favorable pricing environment for U.S. property insurers and a lack of catastrophe losses in 2007. Shares of U.K.-based BAT benefited from strong operations as well as tobacco’s traditional role as a defensive stock.

•

Investments in merger arbitrage situations were also profitable, particularly as the Portfolio sought to take advantage of lower prices in late summer amid concerns that deals would fall apart due to “buyer’s remorse” or unavailability of financing.

•

Portfolio investors also benefited from the fact that international holdings were less than fully hedged back into U.S. dollars.

What hurt performance during the year

•

While the Portfolio had limited direct exposure to the subprime mortgage originators, the ensuing credit crisis hurt valuations of most financial institutions, including some domestic and European banks owned by the Portfolio. Notable detractors from the group included Citigroup, Fortis, Sovereign Bancorp and Danske Bank.

•

Direct or indirect exposure to the residential construction industries hindered Portfolio performance. One example was Temple-Inland, a forest products company which restructured in 2007 by selling some of its timber assets and splitting into a packaging company, a savings bank and a real estate development company.

Portfolio Positioning and Outlook

While somewhat painful in the short term, technical pressures often offer a chance to take advantage of temporary market dislocations to increase ownership in attractively valued companies. We believe the extended credit crisis and investor risk aversion have created a number of opportunities. We believe that if we adhere to our strategy of buying good businesses at cheap valuations, we can limit our downside risk and generate consistent returns over the long term.

EQ/MUTUAL SHARES PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Financials	20.7	%
Consumer Staples	19.3
Consumer Discretionary	13.4
Industrials	8.3
Information Technology	8.2
Materials	6.5
Health Care	5.9
Utilities	3.7
Energy	3.1
Telecommunication Services	1.8
Cash and Other	9.1

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period Ended 12/31/07*
Class IA
Actual	$	1,000.00	$	940.00	$	5.13
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35
Class IB
Actual		1,000.00		939.00		6.35
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.65		6.61

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 1.05% and 1.30%, respectively, multiplied by 184/365 (to reflect the one-half year period for the hypothetical example).

EQ/OPPENHEIMER GLOBAL PORTFOLIO

PORTFOLIO ADVISER

•

OppenheimerFunds, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Incept.*
Portfolio – IA Shares	5.94	%	12.20	%
Portfolio – IB Shares	5.66		11.94
MSCI World Index	9.04		14.33

*	Date of inception 8/31/06.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 5.94% for the year ended December 31, 2007. The Portfolio’s benchmark, the MSCI World Index, returned 9.04% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

The Portfolio’s relative underweight in the Financials sector, especially U.S.-based companies, helped returns.

•

The Portfolio had some success in the past year from investments in Siemens AG, the German conglomerate, where restructuring continues to deliver value.

•

Nintendo Co. Ltd., which had a blockbuster release of its new Wii gaming platform and continued its dominance of the handheld electronic games business, more than doubled in the past year.

•

Juniper Networks, Inc., one of the world’s leading network equipment providers, gained as evidence of the need to increase network capacity in telecommunications networks mounted.

•

Lack of oil orientation notwithstanding, investments in the increased complexity of the oil business also proved to be excellent selections. Transocean, Inc., the world’s largest driller and Hyundai Heavy Industries, the world’s largest shipbuilder, both had stellar years.

What hurt performance during the year

•

The most significant contributor to underperformance was the lack of holdings in the Metals and Materials sectors and a relative underweight in the Energy and Utilities sectors. A substantial position in the Technology sector also hurt relative performance.

•

Among the largest holdings, Telefonaktiebolaget LM Ericsson, the leading wireless network equipment producer in the world, had a bad year.

•

Japan was the location of many of the Portfolio’s poor performers. The lack of growth in the Japanese domestic economy hurt holdings of Japanese banks. A dramatic reduction in the maximum interest chargeable by finance companies in Japan through a change in regulation hurt the Portfolio’s holding in Credit Saison Co. Ltd. Regulatory changes in gaming laws affected the sales of pachinko and pachislot machines, which substantially reduced Sega Sammy Holdings, Inc.’s profit and stock price.

•

One of the Portfolio’s most trying holdings has been Advanced Micro Devices, Inc., which declined sharply as a result of missteps and delays.

Portfolio Positioning and Outlook

The Portfolio’s investment strategy is to be focused on identifying long term structural growth stocks – companies we believe have durable long-term earnings and cash flow growth characteristics, strong economic returns on invested capital, and healthy balance sheets.

EQ/OPPENHEIMER GLOBAL PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Information Technology	25.4	%
Consumer Discretionary	17.7
Industrials	13.8
Financials	13.4
Consumer Staples	7.8
Health Care	6.5
Energy	6.0
Telecommunication Services	4.4
Utilities	1.0
Materials	0.3
Cash and Other	3.7

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period Ended 12/31/07*
Class IA
Actual	$	1,000.00	$	976.00	$	5.48
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.66		5.60
Class IB
Actual		1,000.00		975.00		6.72
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.40		6.87

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 1.10% and 1.35%, respectively, multiplied by 184/365 (to reflect the one-half year period for the hypothetical example).

EQ/OPPENHEIMER MAIN STREET OPPORTUNITY PORTFOLIO

PORTFOLIO ADVISER

•

OppenheimerFunds, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Incept.*
Portfolio – IA Shares	3.69	%	9.55	%
Portfolio – IB Shares	3.42		9.26
Russell 3000 Index	5.14		11.15

*	Date of inception 8/31/06.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 3.69% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 3000 Index, returned 5.14% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

In this changing market environment, the Portfolio benefited from its relatively heavy exposure to “mega-cap” and large-cap companies compared to the benchmark. The Portfolio also achieved positive results from its relatively light holdings of small- and mid-cap stocks.

•

The Portfolio’s “bottom-up” security selection strategies worked well over the first three quarters of 2007.

•

From a market sector perspective, the Portfolio achieved particularly strong returns from Information Technology and Energy companies, which benefited from positive product cycles and rising commodity prices, respectively. The Portfolio received particularly good results from large, well established technology companies with strong cash flows and a robust presence in international markets.

What hurt performance during the year

•

Financial stocks ranked among the primary detractors from the Portfolio’s relative performance in 2007, as a slightly underweighted position in the sector for most of the reporting period was not enough to offset shortfalls in security selection.

Portfolio Positioning and Outlook

At the end of the year, the Portfolio was positioned with an active overweight to mega-cap stocks. Statistical patterns including momentum and long-term reversals, relative valuations and investors risk tolerance as measured by credit spreads all point to the continued outperformance of mega- and large-cap stocks, in our opinion.

EQ/OPPENHEIMER MAIN STREET OPPORTUNITY PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Information Technology	28.0	%
Financials	22.0
Energy	10.2
Industrials	10.1
Health Care	10.1
Consumer Discretionary	8.4
Consumer Staples	4.0
Telecommunication Services	3.2
Materials	3.1
Utilities	0.2
Cash and Other	0.7

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period Ended 12/31/07*
Class IA
Actual	$	1,000.00	$	967.10	$	5.21
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35
Class IB
Actual		1,000.00		965.50		6.44
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.65		6.61

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 1.05% and 1.30%, respectively, multiplied by 184/365 (to reflect the one-half year period for the hypothetical example).

EQ/OPPENHEIMER MAIN STREET SMALL CAP PORTFOLIO

PORTFOLIO ADVISER

•

OppenheimerFunds, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Incept.*
Portfolio – IA Shares	(1.51	)%	5.72	%
Portfolio – IB Shares	(1.78	)	5.43
Russell 2000 Index	(1.57	)	6.00

*	Date of inception 8/31/06.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned (1.51)% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 2000 Index, returned (1.57)% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

The Portfolio’s sector allocation strategy had a mildly positive impact on performance. A light position compared to the benchmark in the Financials sector helped the Portfolio avoid the full brunt of weakness among banks and broker-dealers, while relatively heavy exposure to Materials stocks helped it participate more fully in their gains.

•

Of the various factors considered, only price momentum proved to have good predictive power during the second half of the reporting period. Stocks that had done well in previous months tended to continue to do so.

•

What hurt performance during the year

•

Security selection during the fourth quarter of 2007 was primarily responsible for the Portfolio’s underperformance. Stock selection emphasized relatively speculative stocks that historically have tended to do well toward year-end but proved to be sensitive to intensifying economic and credit concerns.

•

Positive results were offset to a degree by an overweighted position in lagging consumer-oriented stocks and underweighted position in the better-performing Health Care sector.

•

Unfortunately, disappointing results from the Portfolio’s “bottom-up” security selection strategy offset most of the benefits derived from its market capitalization and sector allocation strategies.

•

Measures, most notably valuations, were much less effective, as stocks that were inexpensive compared to historical norms continued to lose value. Earnings quality, another key factor considered by the Portfolio’s security selection model, also proved to be relatively ineffective.

•

While the Portfolio achieved positive absolute returns in the Health Care area, returns in the sector lagged the benchmark as richly valued stocks produced higher returns.

•

In the Technology sector, unfortunate timing in the purchase of some stocks detracted from relative performance.

Portfolio Positioning and Outlook

As quantitative managers, we do not manage the Portfolio according to subjective views of the market or economy. However, at year-end 2007, the results of our quantitative models have caused us to increase the Portfolio’s weightings in the Information Technology and Health Care areas and decrease its exposure to the Financials, Materials and Consumer Discretionary sectors. Finally, the Portfolio ended 2007 broadly diversified across approximately 1,100 stocks, a strategy designed to help ensure that setbacks in any individual stocks do not have a disproportionate impact on the overall portfolio.

EQ/OPPENHEIMER MAIN STREET SMALL CAP PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Information Technology	30.6	%
Industrials	16.4
Consumer Discretionary	15.1
Health Care	11.1
Financials	8.3
Materials	7.7
Energy	4.0
Consumer Staples	2.7
Telecommunication Services	2.5
Utilities	1.1
Cash and Other	0.5

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period Ended 12/31/07*
Class IA
Actual	$	1,000.00	$	897.60	$	5.02
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35
Class IB
Actual		1,000.00		896.50		6.21
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.65		6.61

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 1.05% and 1.30%, respectively, multiplied by 184/365 (to reflect the one-half year period for the hypothetical example).

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO ADVISERS

•

Pacific Investment Management Company, LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares *	8.72	%	4.57	%	5.05	%
Portfolio – IB Shares	11.43		4.54		5.02
Lehman Brothers U.S. Treasury Inflation-Protected Securities (TIPS) Index	11.64		6.27		7.93

Investment operations commenced with respect to Class IA shares on March 30, 2007. Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

**	Date of inception 1/24/02

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 11.43% for the year ended December 31, 2007. The Portfolio’s benchmark, the Lehman Brothers U.S. TIPS Index, returned 11.64% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Above-benchmark total duration helped performance as global interest rates fell was a positive for the Portfolio.

•

Favoring TIPS (Treasury-Inflation Protected Securities) over U.S. nominal bonds assisted performance. TIPS outpaced nominal bonds on strong inflation accruals driven by increasing food and energy prices.

•

Positions in short maturity nominal bonds in the U.S., U.K., and Eurozone with these yield curves steepening aided returns.

•

Exposure to short maturities via Eurodollar futures, which gained amid heightened expectations of Fed easing, contributed positively to the Portfolio’s performance.

•

Holdings of ILBs (inflation linked bonds) versus nominal bonds in Japan, where ILBs outperformed their nominal counterparts, contributed to performance.

What hurt performance during the year

•

Modest holdings of U.S. corporate bonds weighed on results as credit spreads widened following tighter U.S. lending conditions.

•

Modest exposure to mortgages, where spreads widened amid increased volatility across financial markets, was detrimental to returns. Higher yielding coupons mitigated this impact.

Portfolio Positioning and Outlook

We continue to witness the importance of global financial market linkages to the U.S. and other economies. Self-feeding global risk aversion in the wake of the subprime debacle has resulted in less decoupling of growth from the U.S. than would otherwise have been the case. On the positive side, it is now apparent that the Federal Reserve and other central banks, as well as fiscal policymakers in the U.S., understand the gravity of these risks and should respond to them. Even so, heightened risk aversion and the subprime-induced squeeze on credit have increased the probability of a U.S. recession in our opinion.

EQ/PIMCO REAL RETURN PORTFOLIO


Portfolio Characteristics As of December 31, 2007
Weighted Average Life (Years)		8.0
Weighted Average Coupon (%)		5.2
Weighted Average Modified Duration (Years)*		7.0
Weighted Average Rating		AAA

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


Distribution of Assets by Sector as of 12/31/07	% of Net Assets
U.S. Government and Agency	129.7	%
Commercial Paper	28.0
Asset-Backed and Mortgage-Backed Securities	13.7
Corporate Bonds	6.4
Foreign Government Securities	0.9
Municipal Securities	0.5
Cash and Other	(79.2	)

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,099.30	$	3.44
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.93		3.31
Class IB
Actual		1,000.00		1,098.60		4.76
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.67		4.58

**	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.65% and 0.90%, respectively, multiplied by 184/365 (to reflect the one-half year period for the hypothetical example).

EQ/SHORT DURATION BOND PORTFOLIO

PORTFOLIO ADVISER

•

BlackRock Financial Management, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Incept.**
Portfolio – IA Shares*	5.56	%	3.02	%
Portfolio – IB Shares	5.28		2.87
Lehman Brothers 1-3 Year Government/ Credit Index	6.83		3.33

*	Date of inception 6/9/05. Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

**	Date of inception 5/1/03

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 5.56% for the year ended December 31, 2007. The Portfolio’s benchmark, the Lehman Brothers 1-3 Year Government/Credit Index, returned 6.83% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

During the 12-month period, the Portfolio’s performance versus the benchmark benefited from an underweight exposure to corporate bonds (the credit sector) as yield spreads widened.

•

Security selection within the corporate sector also enhanced performance.

What hurt performance during the year

•

The Portfolio’s performance was hindered by an overweight versus the benchmark to high-quality spread assets, particularly AAA-rated commercial mortgage-backed securities (CMBS), as well as agency mortgage pass-throughs, asset-backed securities (ABS) and other mortgage-related products. Despite their high quality, these assets suffered amid fallout from the subprime mortgage market turmoil. Generalized concerns over the mortgage market, coupled with lack of liquidity and the liquidation by investors of all mortgage-related assets, caused the underperformance.

Portfolio Positioning and Outlook

At December 31, 2007, the Portfolio was positioned with underweights versus the benchmark in U.S. Treasury issues and U.S. agency securities. The Portfolio’s notable overweight positions were in high-quality, short-duration spread products, including mortgage-backed securities, with a focus on hybrid adjustable rate mortgages, CMBS and ABS. At the end of the year, the Portfolio’s duration was modestly short versus the benchmark.

EQ/SHORT DURATION BOND PORTFOLIO


Portfolio Characteristics As of December 31, 2007
Weighted Average Life (Years)		2.0
Weighted Average Coupon (%)		5.0
Weighted Average Modified Duration (Years)*		1.6
Weighted Average Rating		AAA

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


Distribution of Assets by Sector as of 12/31/07	% of Net Assets
Asset Backed Securities	59.7	%
U.S. Government and Agency	29.8
Corporate Bonds	9.0
Cash and Other	1.5

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/06 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,036.90	$	2.88
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.38		2.85
Class IB
Actual		1,000.00		1,035.20		4.16
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.12		4.13

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.56% and 0.81%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO ADVISER

•

AllianceBernstein L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	(1.55	)%	15.94	%	6.80	%
Portfolio – IB Shares	(1.82	)	15.64		6.64
Russell 2000 Index	(1.57	)	16.25		7.08

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

**	Date of inception 1/1/98

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned (1.55)% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 2000 Index, returned (1.57)% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

The most positive sector contributors for the quarter were Health Care, Energy, Utilities, Materials, and Consumer Staples.

•

On an individual security basis, CF Industries Holdings, Inc., Terra Industries, Inc., Perrigo Co., Biomarin Pharmaceutical and MGI Pharmaceutical, Inc. were amongst the most positive contributors to performance.

What hurt performance during the year

•

The sectors that contributed the least for the quarter were Financials, Consumer Discretionary, Information Technology, Industrials and Telecommunications Services.

•

On an individual security basis, Men’s Wearhouse, Inc., Force Protection, Inc. ON Semiconductor Corp., Ceradyne, Inc. and Tempur-Pedic International, Inc. were amongst the poorest contributors to performance.

Portfolio Positioning and Outlook

The Portfolio will continue to attempt to meet its performance objective by approximating the investment return of the underlying benchmark.

It is not possible to invest directly in an unmanaged index such as Russell 2000 Index.

EQ/SMALL COMPANY INDEX PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Financials	18.7	%
Information Technology	18.3
Industrials	15.4
Health Care	14.2
Consumer Discretionary	12.9
Energy	6.6
Materials	5.4
Consumer Staples	3.2
Utilities	3.1
Telecommunication Services	1.4
Cash and Other	0.8

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	928.80	$	1.90
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.24		1.99
Class IB
Actual		1,000.00		927.60		3.16
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.93		3.31

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.39% and 0.65%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/T. ROWE PRICE GROWTH STOCK PORTFOLIO

PORTFOLIO ADVISER

•

T. Rowe Price Associates, Inc.***

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.**
Portfolio – IA Shares*	7.56	%	13.26	%	2.55	%	9.61	%
Portfolio – IB Shares	7.19		13.18		2.52		9.59
Russell 1000 Growth Index	11.81		12.11		3.83		10.61

*	Date of inception 5/7/07. Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

**	Date of inception 8/1/88

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 7.19% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 11.81% over the same period.

***	Effective July 6, 2007, T. Rowe Price Associates, Inc. replaced TCW Investment Management Company as subadvisor of the Portfolio.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year:

•

Stock selection in the Industrials and Business Services sectors was the greatest contributor to relative performance of the Portfolio. This was particularly so in the machinery and the construction & engineering industries with holdings such as Danaher and Foster Wheeler.

•

Materials outperformed the benchmark on stock selection. Monsanto, the agricultural products producer, demonstrated strength in international markets and growth in herbicide sales.

•

Underweighting the weak Consumer Discretionary sector against the benchmark proved beneficial to the Portfolio’s relative results.

What hurt performance during the year:

•

Negative group weightings were the primary drivers of relative underperformance in the period since inception.

•

Stock selection and a significant overweight to the Financials sector was a primary detractor from relative results, notably in diversified financial services and capital markets industries. Disappointing UBS and Citigroup suffered from problems tied to the mortgage lending decline.

•

Stock selection weighed down relative results in Information Technology.

•

The Energy sector detracted from relative results on stock selection and a detrimental underweight relative to the benchmark.

Portfolio Positioning and Outlook

While economic growth rates may moderate, we believe that investors will reward quality companies producing consistent earnings growth. Strength in the U.S. and global economies and the resilience of corporate earnings are underappreciated, in our opinion. At year’s end, the Portfolio was still overweight in the Financials sector and favored capital markets stocks. Holdings in Industrials and Business Services and in Materials increased over the period. Energy equipment and services stocks may benefit from the rise in oil prices.

100

EQ/T. ROWE PRICE GROWTH STOCK PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Information Technology	23.3	%
Health Care	16.4
Industrials	11.8
Financials	10.5
Consumer Discretionary	10.0
Consumer Staples	8.9
Energy	6.9
Materials	3.3
Telecommunication Services	5.5
Utilities	0.7
Cash and Other	2.7

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07	Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	995.40	$	4.53
Hypothetical (5% average annual return before expenses)		1,000.00	1,020.67		4.58
Class IB
Actual	$	1,000.00	993.60		5.78
Hypothetical (5% average annual return before expenses)		1,000.00	1,019.41		5.85

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.90% and 1.15%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

101

EQ/TEMPLETON GROWTH PORTFOLIO

PORTFOLIO ADVISER

•

Templeton Global Advisors Limited

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Incept.*
Portfolio – IA Shares	2.36	%	8.15	%
Portfolio – IB Shares	2.09		7.87
MSCI World Index	9.04		15.03

*	Date of inception 9/15/06.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 2.36% for the year ended December 31, 2007. The Portfolio’s benchmark, the MSCI World Index, returned 9.04% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Relative to its benchmark, the Portfolio’s underweighted exposure to the struggling Financials sector aided returns.

•

Stock selection in the Industrials Conglomerates industry was also beneficial with above-benchmark weightings in well-performing industrial companies such as Germany’s Siemens and Deutsche Post, Netherlands-based Koninklijke Philips Electronics and U.S.-based Trane boosting results.

•

The Portfolio’s U.S.-based software holdings Microsoft and Oracle also performed well.

•

The Portfolio’s overweighted allocation in Germany and exposure to Russia (not in the benchmark) aided relative results.

•

Stock selection in France, particularly auto manufacturer Peugeot and Total, helped the Portfolio.

•

Telecommunication Services holdings France Telecom and U.K.-based Vodafone Group contributed to the Portfolio’s relative returns.

•

The U.S. dollar depreciated versus most foreign currencies, which also contributed to the Portfolio’s performance because investments in securities with non-U.S. currency exposure gained value as the dollar weakened.

What hurt performance during the year

•

The Portfolio’s stock selection and underweighting in the Materials sector, notably its lack of exposure to outperforming Metals & Mining and Chemicals companies, hurt relative returns for the year.

•

A lack of holdings in the strongly performing Energy Equipment & Services industry weighed on relative returns.

•

The Portfolio suffered from stock selection in the U.S., particularly Sprint Nextel, media holdings such as Time Warner, Comcast and Interpublic Group of Companies, as well as from declines in Health Care stocks such as Amgen and Boston Scientific.

•

Stock selection in Japan and Finland also detracted from relative performance.

•

Lack of exposure to the Canadian and Australian markets, which delivered double-digit returns, also hindered Portfolio performance.

Portfolio Positioning and Outlook

We view the recent uptick in equity market volatility as a return to normalcy – a feature of the markets for some time. In such an environment, we see opportunities to find bargains and our value investment discipline generally finds us sorting through the rubble in

102

EQ/TEMPLETON GROWTH PORTFOLIO

search of hidden gems. Equity markets have performed exceedingly well in recent years and it would not be realistic to expect the consistent double-digit returns experienced since 2002. The rise in volatility and risk aversion means that many investors have moved back into more conservative investments. We believe that astute investors will be rewarded over the long term for investing in areas that are currently distressed.


Sector Weightings as of 12/31/07	% of Net Assets
Consumer Discretionary	18.3	%
Information Technology	16.7
Financials	16.7
Industrials	12.8
Health Care	12.7
Energy	7.8
Telecommunication Services	7.1
Consumer Staples	1.4
Materials	1.4
Cash and Other	5.1

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period Ended 12/31/07*
Class IA
Actual	$	1,000.00	$	952.90	$	5.41
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.66		5.60
Class IB
Actual		1,000.00		952.10		6.64
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.40		6.87

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 1.10% and 1.35%, respectively, multiplied by 184/365 (to reflect the one-half year period for the hypothetical example).

103

EQ/UBS GROWTH AND INCOME PORTFOLIO

PORTFOLIO ADVISER

•

UBS Global Asset Management (Americas) Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Incept.*
Portfolio – IB Shares	1.14	%	12.69	%	4.37	%
Russell 1000 Index	5.77		13.43		4.67

*	Date of inception 12/1/98

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 1.14% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 1000 Index, returned 5.77% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

During the year, the Portfolio had positive contributions from outperformers such as Bank of New York Mellon, Exxon Mobil and pharmaceutical benefit manager Medco Health Solutions.

•

The Portfolio’s holding in Amazon.com benefited performance as its shares moved sharply higher during the reporting period.

•

The Portfolio’s exposure to Costco enhanced results as it outperformed the overall market in 2007.

What hurt performance during the year

•

Industry factors and stock selection detracted from results, with the primary culprits at the stock level being the Portfolio’s exposure to weak-performing Sprint and not owning Apple.

•

Other stocks the Portfolio owned that generated disappointing performance included Symantec Corp., Sysco Corp. and FedEx Corp.

•

From an industry perspective, aspects of the Portfolio that detracted from results included an overweight position to the Financials sector and underweight positions to Energy, Materials and Industrial sectors such as aerospace and defense.

Portfolio Positioning and Outlook

In our view, the overall U.S. market appears under-priced. That said, there are some sectors that are more attractive than others. In our opinion, the valuation spread between under-priced and over-priced stocks in the market has not been as high as it is today since the aftermath of the information technology bubble in the late 1990s. Over time, we believe there will be a contraction in the valuation spread between over- and under-priced stocks.


Sector Weightings as of 12/31/07	% of Net Assets
Financials	19.1	%
Health Care	17.5
Consumer Discretionary	14.1
Information Technology	13.6
Industrials	12.7
Energy	8.5
Utilities	6.4
Consumer Staples	3.8
Telecommunication Services	3.3
Cash and Other	1.0

Total	100.0	%

104

EQ/UBS GROWTH AND INCOME PORTFOLIO

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IB
Actual	$	1,000.00	$	943.60	$	5.14
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35

*	Expenses are equal to the Portfolio’s Class IB shares annualized expense ratio of 1.05% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

105

EQ/VAN KAMPEN COMSTOCK PORTFOLIO

PORTFOLIO ADVISER

•

Morgan Stanley Investment Management, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Incept.*
Portfolio – IA Shares	(2.32	)%	6.95	%
Portfolio – IB Shares	(2.57	)	6.68
Russell 1000 Value Index	(0.17	)	11.23

*	Date of inception 4/29/05.

Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned (2.32)% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 1000 Value Index, returned (0.17)% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Stock selection and the resulting underweight allocation in the Financials sector was the largest positive contributor to performance. Within the sector, the Portfolio owned holdings in banks, brokerages, insurers, and government-sponsored enterprises.

•

Stock selection and a resulting overweight allocation in the Consumer Staples sector were chief contributors to performance during the period.

•

Stock selection in the Telecommunication Services sector also added to relative performance.

What hurt performance during the year

•

An underweight allocation in the Energy sector was the primary detractor from relative performance. The Portfolio did not own any Energy stocks during the period.

•

Other notable detractors included the Utilities and Industrials sectors. The Portfolio had minimal exposure to Utilities stocks but the sector performed well amid high energy prices. The Portfolio also had minimal exposure to the Industrials sector on a valuation basis. Industrials stocks have benefited from strong economic growth over the past several years.

•

An overweight allocation in the Financials sector also dampened relative performance, as the sector was among the weakest performing groups in the benchmark during the period.

•

The Health Care sector was another area of relative weakness. Two pharmaceutical holdings declined after the FDA did not approve their late-stage drugs.

Portfolio Positioning and Outlook

There were no significant changes to the Portfolio’s positioning during the period. We have yet to see a sustainable change in stock market leadership that would prompt us to reconsider our underlying reasons for maintaining the Portfolio’s positioning in its relatively unchanged state. Although at two points in the second half of 2007 the market came close to shifting away from the cyclicals-dominated trend that has persisted for the past several years, neither rotation showed any traction.

106

EQ/VAN KAMPEN COMSTOCK PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Financials	25.8	%
Consumer Staples	19.3
Health Care	17.4
Consumer Discretionary	13.3
Materials	8.0
Information Technology	6.5
Telecommunication Services	4.6
Industrials	2.0
Cash and Other	3.1

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	919.70	$	3.63
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.42		3.82
Class IB
Actual		1,000.00		918.90		4.84
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.16		5.09

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.75% and 1.00%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

107

EQ/VAN KAMPEN EMERGING MARKETS EQUITY PORTFOLIO

PORTFOLIO ADVISER

•

Morgan Stanley Investment Management, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.**
Portfolio – IA Shares*	42.42	%	38.21	%	14.45	%	11.46	%
Portfolio – IB Shares	41.98		37.90		14.31		11.32
MSCI Emerging Markets Free (Gross Dividends) Index	39.78		37.46		14.53		12.22

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

**	Date of inception 8/20/97

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 42.42% for the year ended December 31, 2007. The Portfolio’s benchmark, the MSCI Emerging Markets Free (Gross Dividends) Index, returned 39.78% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Relative to the benchmark, overall country allocation and stock selection contributed favorably to performance.

•

Stock selection in China and Russia was the strongest contributor to relative performance.

•

Other significant contributors to relative performance included stock selection in South Africa, Morocco and Korea.

•

An underweight allocation to Taiwan and an overweight allocation to China and Turkey also helped relative results.

What hurt performance during the year

•

An overweight allocation to Mexico and stock selection within the country hurt relative performance.

•

Stock selection in Brazil, Egypt and the Czech Republic also detracted from relative returns.

Portfolio Positioning and Outlook

Even with the credit difficulties and consumer slowdown in the U.S., we believe there are reasons to be positive on the long-term economic outlook for emerging markets. In our opinion, their base of growth is becoming more solidly supported by local consumer expansion and increased investment and government infrastructure spending. Though it appears that earnings growth may be weakening globally, in our view it remains relatively strong in many emerging markets. Inflation is beginning to climb in certain emerging market economies, as energy costs, higher food prices and rising domestic demand place upward pressure on overall inflation. We believe the key to maintaining outperformance is to make strong country allocation decisions and to select companies with long-term growth potential that tend to do best in the latter stages of a bull market. Broadly speaking, we believe emerging markets should continue to rally, but more volatility is likely. Possible risks to emerging market equities include a resurgence of sustained inflation-particularly in China-a recession in the U.S., a sharp fall in commodities prices or a major rise in risk aversion.

108

EQ/VAN KAMPEN EMERGING MARKETS EQUITY PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Financials	22.3	%
Energy	16.0
Industrials	14.1
Telecommunication Services	12.3
Materials	11.9
Consumer Discretionary	9.0
Information Technology	7.4
Consumer Staples	2.6
Utilities	1.8
Health Care	0.6
Cash and Other	2.0

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,212.80	$	7.53
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.40		6.87
Class IB
Actual		1,000.00		1,210.90		8.92
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.14		8.13

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 1.35% and 1.60%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

109

EQ/VAN KAMPEN MID CAP GROWTH PORTFOLIO

PORTFOLIO ADVISER

•

Morgan Stanley Investment Management, Inc.

PERFORMANCE RESULTS

LOGO

Total Returns as of 12/31/07


	1 Year		Since Incept.*
Portfolio – IA Shares	22.74	%	21.45	%
Portfolio – IB Shares	22.38		21.13
Russell Mid Cap Growth Index	11.43		15.31

*	Date of inception 4/29/05.

Returns for periods less than one year are not annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 22.74% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell Mid Cap Growth Index, returned 11.43% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

The top contributing sector to performance relative to the benchmark was Technology. A sector underweight and security selection, particularly within the Computer Services Software & Systems segment, added to relative returns.

•

Security selection in the Consumer Discretionary sector also provided a significant boost to performance, and mitigated the modestly negative effect caused by an overweight allocation.

•

Investment in medical and dental instruments in the Health Care sector was advantageous to performance.

What hurt performance during the year

•

The Materials and Processing sector was the biggest area of weakness for the period. Here, a modest underweight allocation together with investments in real estate companies and an engineering and contracting services firm, and a lack of exposure to the metal fabricating industry all detracted from performance.

•

In the Other Energy sector, an underweight allocation and an avoidance of oil well equipment firms and coal and offshore drilling companies also hindered performance, offsetting the gains made through our stock selection in crude oil producers.

•

Security selection and an underweight allocation in the Multi-industry sector (which includes conglomerates) further diminished relative returns.

Portfolio Positioning and Outlook

At year’s end, the Consumer Discretionary sector represented the largest sector weight and overweight in the Portfolio. We use intensive fundamental research to seek high-quality growth companies. Our investment discipline favors companies that have sustainable competitive advantages, business visibility, rising return on invested capital, free cash flow and a favorable risk/reward profile. Because we emphasize secular growth, short-term market events are not as meaningful in the stock selection process.

110

EQ/VAN KAMPEN MID CAP GROWTH PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Consumer Discretionary	33.0	%
Information Technology	16.0
Industrials	14.7
Financials	9.6
Energy	8.3
Health Care	5.8
Materials	5.5
Telecommunication Services	2.9
Utilities	1.4
Cash and Other	2.8

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,090.10	$	4.21
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.17		4.08
Class IB
Actual		1,000.00		1,088.20		5.53
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.80% and 1.05%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

111

EQ/VAN KAMPEN REAL ESTATE PORTFOLIO

PORTFOLIO ADVISER

•

Morgan Stanley Investment Management, Inc.

•

The Portfolio commenced operations on July 2, 2007.

PERFORMANCE RESULTS

LOGO

Total Returns as of 12/31/07


	Since Incept.*
Portfolio – IA Shares	(16.41	)%
Portfolio – IB Shares	(16.52	)
NAREIT Equity REIT Index	(12.41	)

*	Date of inception 7/2/07.

Returns for periods less than one year are not annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned (16.41)% for the period July 2, 2007 through December 31, 2007. The Portfolio’s benchmark, the NAREIT Equity REIT Index, returned (12.41)% over the same period.

Portfolio Highlights

For the period July 2, 2007 - December 31, 2007

What helped performance during the year

•

Bottom-up stock selection was a modest contributor to performance during the period.

•

Stock selection was strong in the mall, hotel, shopping center and apartment sectors.

•

From a top-down perspective, the Portfolio benefited from an underweight to the diversified REITs.

What hurt performance during the year

•

Aside from the diversified REIT underweight, sector weightings generally detracted from returns.

•

An underweight to the Health Care and Industrial sectors, as well as an overweight to the Hotel sector, hampered returns.

•

Stock selection in the Office and Health Care sectors also had a negative impact.

Portfolio Positioning and Outlook

We have maintained our core investment philosophy as a real estate value investor. We believe that over the medium and long-term, the best indicator for REIT valuations is private real estate values, although there may be periods when the performance of the equity or debt markets may influence short-term fund flows to the sector. This philosophy results in the ownership of stocks whose share prices we believe provide real estate exposure at the best valuation relative to their underlying real estate values. Given the continued shift in investor sentiment toward sectors perceived as more defensive, we believe that valuations for a number of stocks in sectors perceived as less defensive have become even more attractive on a relative basis versus other sectors as well as versus underlying asset values, as share prices for these stocks appear to us to have more than priced in any prospective decline in underlying fundamentals and asset values. Our company specific research leads us at year end to an overweighting in the Portfolio to a group of companies that are focused in the ownership of upscale urban hotels, apartments, and office properties and an underweighting to companies concentrated in the ownership of strip shopping centers, industrial properties and health care assets.

112

EQ/VAN KAMPEN REAL ESTATE PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Financials	90.0	%
Consumer Discretionary	6.3
Health Care	0.8
Cash and Other	2.9

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/06		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	835.90	$	4.67
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.11		5.14
Class IB
Actual		1,000.00		834.80		5.83
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.85		6.41

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 1.01% and 1.26%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

113

MARKETPLUS INTERNATIONAL CORE PORTFOLIO

PORTFOLIO ADVISER

•

AXA Equitable Life Insurance Company***

•

Mellon Equity Associates LLC***

•

Wentworth Hauser and Violich, Inc.***

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	15.54	%	19.70	%	7.58	%
Portfolio – IB Shares	15.20		19.38		7.40
MSCI EAFE Index	11.17		21.59		12.92

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

**	Date of inception 5/1/99

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

***	Effective May 25, 2007, AXA Equitable Life Insurance Company, Mellon Equity Associates LLC, and Wentworth Hauser and Violich, Inc. replaced Capital Guardian Trust Company as subadvisors of the Portfolio.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 15.54% for the year ended December 31, 2007. The Portfolio’s benchmark, the MSCI EAFE Index, returned 11.17% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Energy and Materials sector investments generated substantially superior performance during the period.

•

Underexposure to the weak Financials and Consumer Discretionary sectors also added to positive relative performance.

•

Securities tied to commodity prices such as basic materials and energy stocks rose sharply due to supply concerns and increased demand.

•

Wireless telephone companies did well during the period due to strong demand from emerging markets.

•

Individual stock performance was led by Potash Corp. of Saskatchewan and Rio Tinto.

What hurt performance during the year

•

Underexposure to the superior performing Telecommunications Services and Utilities sectors generated negative relative performance during the period.

•

Industrials stock selection detracted from relative performance.

•

Consumer cyclical stocks were hurt by a housing slowdown in Europe and consumer spending in Japan.

114

MARKETPLUS INTERNATIONAL CORE PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Financials	25.6	%
Energy	16.9
Materials	15.6
Industrials	10.7
Consumer Staples	7.8
Consumer Discretionary	6.6
Health Care	3.8
Utilities	3.8
Telecommunication Services	3.7
Information Technology	3.2
Cash and Other	2.3

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,043.40	$	4.38
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.92		4.33
Class IB
Actual		1,000.00		1,041.90		5.66
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.66		5.60

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.85% and 1.10%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

115

MARKETPLUS LARGE CAP CORE PORTFOLIO

PORTFOLIO ADVISER

•

AXA Equitable Life Insurance Company***

•

Institutional Capital LLC***

•

Mellon Equity Associates LLC***

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	4.17	%	11.59	%	2.45	%
Portfolio – IB Shares	3.90		11.33		2.28
S&P 500 Index	5.49		12.83		3.65

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

**	Date of inception 1/1/99

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

***	Effective May 25, 2007, AXA Equitable Life Insurance Company, Institutional Capital LLC, and Mellon Equity Associates LLC replaced MFS Investment Management as subadvisors of the Portfolio.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 4.17% for the year ended December 31, 2007. The Portfolio’s benchmark, the S&P 500 Index, returned 5.49% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Financial stock selection contributed to relative performance.

•

Energy stock selection was also additive, led by Occidental Petroleum Corp.

What hurt performance during the year

•

Health Care stocks had the worst relative performance, led by Amgen Inc.

•

Consumer Discretionary stocks were poor performers as department stores and home retailers were hurt by a slowdown in consumer spending. Intercontinental Hotels was a notable detractor.

•

Stock selection was also poor in the Materials, Industrials and Information Technology sectors.

•

Relative underweight positions in the Information Technology and Telecommunications sectors were also detrimental to performance.

116

MARKETPLUS LARGE CAP CORE PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Financials	15.1	%
Information Technology	13.8
Health Care	12.2
Energy	11.0
Industrials	10.8
Consumer Staples	9.6
Consumer Discretionary	6.3
Telecommunication Services	4.7
Materials	3.1
Utilities	2.1
Cash and Other	11.3

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	981.00	$	3.50
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.68		3.57
Class IB
Actual		1,000.00		979.30		4.74
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.42		4.84

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.70% and 0.95%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

117

MARKETPLUS LARGE CAP GROWTH PORTFOLIO

PORTFOLIO ADVISER

•

AXA Equitable Life Insurance Company***

•

Marsico Capital Management, LLC***

•

Mellon Equity Associates LLC***

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.**
Portfolio – IA Shares*	15.81	%	14.91	%	5.22	%	6.89	%
Portfolio – IB Shares	15.66		14.63		4.98		6.66
Russell 1000 Growth Index	11.81		12.11		3.83		5.53

*	Date of inception 11/28/98

**	Date of inception 5/1/97

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

***	Effective May 25, 2007, AXA Equitable Life Insurance Company, Marsico Capital Management, LLC, and Mellon Equity Associates LLC replaced MFS Investment Management as subadvisors of the Portfolio.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 15.81% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 11.81% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Stock selection in the Consumer Discretionary and Telecommunications sectors benefited the Portfolio.

•

Energy stocks also performed well as a result of strength in energy equipment and services due to increased drilling by oil and gas producers.

•

Information Technology stocks were also notable contributors to performance.

•

A select holding in the Telecommunication Services sector, China Mobile, Ltd., emerged as the largest contributor to performance.

What hurt performance during the year

•

Financials had a difficult period due to low returns from consumer finance companies and investment banks.

•

An overweight posture in the weak-performing Consumer Discretionary sector hurt performance.

•

The Portfolio’s overweight allocation to the weak-performing Telecommunication Services sector detracted from performance results.

118

MARKETPLUS LARGE CAP GROWTH PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Information Technology	23.1	%
Health Care	12.6
Consumer Discretionary	11.7
Industrials	10.7
Energy	8.6
Consumer Staples	7.1
Financials	6.4
Materials	4.0
Telecommunication Services	2.5
Utilities	0.8
Cash and Other	12.5

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	1,057.40	$	3.63
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.68		3.57
Class IB
Actual		1,000.00		1,057.70		4.93
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.42		4.84

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.70% and 0.95%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

119

MARKETPLUS MID CAP VALUE PORTFOLIO

PORTFOLIO ADVISER

•

AXA Equitable Life Insurance Company***

•

Mellon Equity Associates LLC***

•

Wellington Management Company, LLP***

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.**
Portfolio – IA Shares*	(1.29	)%	14.42	%	5.42	%	6.81	%
Portfolio – IB Shares	(1.62	)	14.11		5.15		6.56
Russell Mid Cap Value Index	(1.42	)	17.92		10.18		12.16

*	Date of inception 11/24/98. Returns shown for Class IA shares prior to this period are derived from the historical performance of Class IB shares adjusted to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are not subject to any 12b-1 fees.

**	Date of inception 5/1/97

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

***	Effective May 25, 2007, AXA Equitable Life Insurance Company, Mellon Equity Associates LLC, and Wellington Management Company, LLP replaced Fidelity Management & Research Company as subadvisors of the Portfolio.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned (1.29)% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell Mid Cap Value Index, returned (1.42)% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Sector allocation contributed to relative results, led by an underweight to the weaker Financials sector, as well as an overweight to the Industrials sectors.

•

Stock selection was strong in the Materials and Utilities sectors.

•

Materials company Owens-Illinois increased on the back of continued progress made towards improving pricing and reducing costs.

What hurt performance during the year

•

An underweight to the Utilities sector detracted from results.

•

Security selection was weak in the Health Care sector.

•

Financial companies such as real estate investment trusts, banks and insurance companies were the worst performing industry as a result of the struggling housing market and deteriorating credit quality.

•

Exposure to weak economies in Las Vegas and Florida caused a small negative impact on revenue growth for R.H. Donnelley. Economic weakness, on top of meaningful financial leverage, fed the bear thesis on print yellow pages, resulting in massive valuation compression.

•

E*Trade began to suffer in the third quarter as a result of a difficult credit market that increased the company’s credit costs, due to both higher provisioning and higher securities impairment.

•

Circuit City, the consumer electronics retailer, was disrupted by the lingering effects of its labor management initiatives implemented earlier this year. The company is the midst of executing a multiyear turnaround and execution has so far disappointed.

120

MARKETPLUS MID CAP VALUE PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Financials	20.6	%
Industrials	11.9
Utilities	10.7
Consumer Discretionary	10.5
Information Technology	8.5
Materials	7.9
Energy	7.4
Consumer Staples	6.0
Health Care	3.9
Telecommunication Services	1.5
Cash and Other	11.1

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class IA
Actual	$	1,000.00	$	900.10	$	3.59
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.42		3.82
Class IB
Actual		1,000.00		897.80		4.78
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.16		5.09

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.75% and 1.00%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

121

EQ ADVISORS TRUST

ALL ASSET ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡		1,456,378	$	14,478,269
EQ/AllianceBernstein Value Portfolio‡		1,398,687		19,953,181
EQ/AXA Rosenberg Long/Short Value Portfolio‡		1,628,365		17,456,068
EQ/BlackRock Basic Value Equity Portfolio‡		2,101,651		32,918,983
EQ/BlackRock International Value Portfolio‡		1,365,101		22,010,523
EQ/Davis New York Venture Portfolio‡		705,871		7,854,668
EQ/Evergreen International Bond Portfolio‡		796,526		8,573,901
EQ/Franklin Small Cap Value Portfolio‡		1,611,820		15,855,511
EQ/GAMCO Mergers & Acquisitions Portfolio‡		857,906		10,482,116
EQ/GAMCO Small Company Value Portfolio‡		434,515		13,705,209
EQ/JPMorgan Core Bond Portfolio‡		268,289		2,896,992
EQ/Long Term Bond Portfolio‡		1,184,716		16,214,536
EQ/Marsico Focus Portfolio‡		1,738,979		30,786,863
EQ/PIMCO Real Return Portfolio‡		1,308,194		13,779,647
EQ/Short Duration Bond Portfolio‡		1,817,226		18,340,048
EQ/Van Kampen Emerging Markets Equity Portfolio‡		1,015,944		19,187,311
EQ/Van Kampen Real Estate Portfolio‡		1,738,980		14,287,213
iShares Cohen & Steers Realty Majors Index Fund		35,710		2,828,946
iShares COMEX Gold Trust*		61,800		5,094,792
iShares S&P Global Energy Sector Index Fund		25,420		3,614,470
iShares S&P GSSI Natural Resources Index Fund		93,720		12,594,094
iShares Silver Trust*		9,100		1,337,427
MarketPLUS International Core Portfolio‡		3,521,283		44,919,278
Multimanager Aggressive Equity Portfolio‡		304,689		9,782,244
Multimanager Core Bond Portfolio‡		1,520,494		15,788,140
Multimanager High Yield Portfolio‡		773,708		4,134,785
Multimanager International Equity Portfolio‡		578,523		9,477,811
Multimanager Large Cap Core Equity Portfolio‡		1,807,069		21,075,320
Multimanager Large Cap Value Portfolio‡		675,556		7,965,005
Multimanager Mid Cap Growth Portfolio‡		359,711		3,283,849
Multimanager Mid Cap Value Portfolio‡		776,882		7,139,292
Multimanager Small Cap Value Portfolio‡		290,361		3,261,125

Total Investment Companies (100.0%) (Cost $443,186,513)				431,077,617


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.3%)
JPMorgan Chase Nassau
3.51%, 1/2/08 (Amortized Cost $1,465,276)	$	1,465,276		1,465,276

Total Investments (100.3%) (Cost/Amortized Cost $444,651,789)				432,542,893
Other Assets Less Liabilities (-0.3%)				(1,447,529	)

Net Assets (100%)			$	431,095,364

*	Non-income producing.

‡	Affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class A shares for AXA Premier VIP Trust Portfolios and Class IA shares for EQ Advisors Trust Portfolios.

122

EQ ADVISORS TRUST

ALL ASSET ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007

Investments in companies which were affiliates for the year ended December 31, 2007, were as follows:


Securities	Market Value December 31, 2006		Purchases at Cost		Sales at Cost		Market Value December 31, 2007		Dividend Income		Realized Gain/ (Loss)
EQ/AllianceBernstein Quality Bond Portfolio	$	60,024,355	$	790,334	$	48,227,447	$	14,478,269	$	747,622	$	(1,466,103	)
EQ/AllianceBernstein Value Portfolio		61,982,610		1,925,055		37,240,021		19,953,181		341,753		7,818,431
EQ/AXA Rosenberg Value Long/Short Equity Portfolio		—		18,631,355		1,130,682		17,456,068		364,255		(20,459	)
EQ/BlackRock Basic Value Equity Portfolio		64,086,404		3,145,685		28,944,954		32,918,983		460,819		7,678,170
EQ/BlackRock International Value Portfolio		—		26,692,614		2,163,866		22,010,523		464,121		2,151,541
EQ/Davis New York Venture Portfolio		—		9,089,015		818,230		7,854,668		53,372		12,427
EQ/Evergreen International Bond Portfolio		—		10,227,948		2,187,535		8,573,901		211,685		70,080
EQ/Franklin Small Cap Value Portfolio		40,184		21,186,296		1,947,456		15,855,511		105,543		(77,920	)
EQ/GAMCO Mergers & Acquisitions Portfolio		—		12,570,894		1,138,157		10,482,116		100,398		425,484
EQ/GAMCO Small Company Value Portfolio		—		14,684,942		—		13,705,209		93,158		473,988
EQ/JPMorgan Core Bond Portfolio		—		3,137,390		197,825		2,896,992		134,280		4,038
EQ/Long Term Bond Portfolio		18,000,627		2,690,583		5,282,044		16,214,536		661,253		(254,797	)
EQ/Marsico Focus Portfolio		43,992,768		2,602,497		15,480,045		30,786,863		130,102		4,927,106
EQ/PIMCO Real Return Portfolio		—		13,989,203		782,603		13,779,647		362,128		137,827
EQ/Short Duration Bond Portfolio		56,819,385		821,538		39,735,248		18,340,048		777,564		556,731
EQ/Small Company Index Portfolio		11,591,593		11,871		11,965,527		—		—		161,838
EQ/Van Kampen Emerging Markets Equity Portfolio		—		19,889,557		1,168,074		19,187,311		—		3,513,382
EQ/Van Kampen Real Estate Portfolio		—		18,757,802		1,751,444		14,287,213		141,685		(45,297	)
MarketPLUS International Core Portfolio		—		56,024,751		4,239,822		44,919,278		289,105		8,669,651
Multimanager Aggressive Equity Portfolio		14,965,128		1,528,132		6,830,259		9,782,244		9,923		1,329,501
Multimanager Core Bond Portfolio		79,567,882		2,019,771		67,523,102		15,788,140		1,978,194		(2,616,556	)
Multimanager High Yield Portfolio		20,392,812		6,745,282		23,478,454		4,134,785		327,761		(203,500	)
Multimanager International Equity Portfolio		—		10,644,780		907,781		9,477,811		88,544		542,846
Multimanager Large Cap Core Equity Portfolio		34,446,272		1,622,710		13,171,173		21,075,320		139,825		3,943,183
Multimanager Large Cap Value Portfolio		9,710,034		4,893,677		5,694,173		7,965,005		108,134		1,557,852
Multimanager Mid Cap Growth Portfolio		3,471,911		326,975		638,350		3,283,849		—		277,717
Multimanager Mid Cap Value Portfolio		8,666,890		639,650		1,732,946		7,139,292		—		544,115
Multimanager Small Cap Value Portfolio		20,171,709		693,870		17,800,981		3,261,125		20,345		(746,775	)

	$	507,930,564	$	265,984,177	$	342,178,199	$	405,607,888	$	8,111,569	$	39,364,501

123

EQ ADVISORS TRUST

ALL ASSET ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Investment Companies	$	291,832,629
Net Proceeds of Sales and Redemptions:
Investment Companies	$	357,494,631

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	10,952,398
Aggregate gross unrealized depreciation		(24,132,121	)

Net unrealized depreciation	$	(13,179,723	)

Federal income tax cost of investments	$	445,722,616

The Portfolio has a net capital loss carryforward of $392,823 of which $383,617 expires in the year 2009, and $9,206 expires in the year 2010.

The Portfolio utilized net capital loss carryforward of $ 29,425,415 during 2007.

See Notes to Financial Statements.

124

EQ ADVISORS TRUST

EQ/FRANKLIN TEMPLETON FOUNDING STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Franklin Income Portfolio‡		26,689,563	$	274,276,544
EQ/Mutual Shares Portfolio‡		24,912,947		272,728,867
EQ/Templeton Growth Portfolio‡		24,942,959		272,576,317

Total Investment Companies (99.3%) (Cost $848,660,315)				819,581,728


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau
3.51%, 1/2/08 (Amortized Cost $945,663)	$	945,663		945,663

Total Investments (99.4%) (Cost/Amortized Cost $849,605,978)				820,527,391
Other Assets Less Liabilities (0.6%)				5,200,454

Net Assets (100%)			$	825,727,845

‡	Affiliated company as defined under the Investment Company Act of 1940.

The holdings in Investment Companies are all Class IA shares for EQ Advisors Trust Portfolios.

Investments in companies which were affiliates for the period ended December 31, 2007, were as follows:


Securities	Market Value April 30, 2007*		Purchases at Cost		Sales at Cost		Market Value December 31, 2007		Dividend Income		Realized Gain
EQ/Franklin Income Portfolio	$	—	$	288,012,879	$	—	$	274,276,544	$	8,442,803	$	560,718
EQ/Mutual Shares Portfolio		—		279,016,081		—		272,728,867		—		6,725
EQ/Templeton Growth Portfolio		—		281,631,355		—		272,576,317		1,906,110		707,518

	$	—	$	848,660,315	$	—	$	819,581,728	$	10,348,913	$	1,274,961

*	The Portfolio commenced operations on April 30, 2007.

Investment security transactions for the period ended December 31, 2007 were as follows:


Cost of Purchases:
Investment Companies	$	848,660,315
Net Proceeds of Sales and Redemptions:
Investment Companies	$	—

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	—
Aggregate gross unrealized depreciation		(29,078,587	)

Net unrealized depreciation	$	(29,078,587	)

Federal income tax cost of investments	$	849,605,978

See Notes to Financial Statements.

125

EQ ADVISORS TRUST

EQ/INTERNATIONAL ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
iShares MSCI Australia Index Fund		9,980	$	287,623
iShares MSCI Canada Index Fund		7,940		255,033
iShares MSCI EAFE Growth Index Fund		18,270		1,419,762
iShares MSCI EAFE Index Fund		56,640		4,446,240
iShares MSCI EAFE Value Index Fund		9,660		695,037
iShares MSCI Emerging Markets Index Fund		2,630		395,289
iShares MSCI France Index Fund		5,290		201,179
iShares MSCI Germany Index Fund		8,360		296,278
iShares MSCI Hong Kong Index Fund		5,720		125,440
iShares MSCI Japan Index Fund		55,780		741,316
iShares MSCI Pacific ex-Japan Index Fund		5,760		888,653
iShares MSCI Spain Index Fund		2,360		150,214
iShares MSCI United Kingdom Index Fun		10,770		259,341
iShares S&P Europe 350 Index Fund		22,370		2,557,786
iShares S&P Latin America 40 Index Fund		1,180		293,714

Total Investment Companies (96.9%) (Cost $12,330,822)				13,012,905


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (1.7%)
JPMorgan Chase Nassau
3.51%, 1/2/08 (Amortized Cost $228,477)	$	228,477		228,477

Total Investments (98.6%) (Cost/Amortized Cost $12,559,299)				13,241,382
Other Assets Less Liabilities (1.4%)				185,311

Net Assets (100%)			$	13,426,693

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	8,286,955
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	690,682

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	749,998
Aggregate gross unrealized depreciation		(67,915	)

Net unrealized appreciation	$	682,083

Federal income tax cost of investments	$	12,559,299

See Notes to Financial Statements.

126

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN COMMON STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (8.2%)
*Auto Components (0.6%)*
Autoliv, Inc.	324,100	$	17,083,311
BorgWarner, Inc.^	437,800		21,193,898
Lear Corp.*^	28,810		796,885
Magna International, Inc., Class A	116,300		9,354,009

			48,428,103

*Automobiles (0.2%)*
General Motors Corp.^	806,600		20,076,274

*Diversified Consumer Services (0.5%)*
Apollo Group, Inc., Class A*	601,729		42,211,289

*Hotels, Restaurants & Leisure (1.8%)*
Ctrip.com International Ltd. (ADR)^	155,300		8,925,091
McDonald’s Corp.	410,000		24,153,100
Wyndham Worldwide Corp.	838,200		19,747,992
Wynn Resorts Ltd.^	885,285		99,267,007

			152,093,190

*Household Durables (0.2%)*
Centex Corp.	306,800		7,749,768
KB Home^	297,300		6,421,680
Pulte Homes, Inc.^	562,500		5,928,750

			20,100,198

*Internet & Catalog Retail (1.0%)*
Amazon.com, Inc.*^	905,570		83,892,005

*Leisure Equipment & Products (0.2%)*
Brunswick Corp.^	276,600		4,716,030
Mattel, Inc.	567,000		10,795,680

			15,511,710

*Media (2.5%)*
CBS Corp., Class B	1,381,000		37,632,250
Citadel Broadcasting Corp.^	63,200		130,192
Comcast Corp., Class A*^	1,331,400		24,311,364
Gannett Co., Inc.	556,600		21,707,400
Idearc, Inc.^	528,800		9,285,728
Interpublic Group of Cos., Inc.*^	1,079,300		8,753,123
Time Warner, Inc.	2,930,400		48,380,904
Viacom, Inc., Class B*^	732,400		32,167,008
Walt Disney Co.	821,400		26,514,792

			208,882,761

*Multiline Retail (0.2%)*
Macy’s, Inc.	705,300		18,246,111

*Specialty Retail (0.8%)*
Gap, Inc.	987,000		21,003,360
Home Depot, Inc.	1,676,400		45,162,216
Limited Brands, Inc.	22,449		424,959
Office Depot, Inc.*	339,500		4,722,445

			71,312,980

*Textiles, Apparel & Luxury Goods (0.2%)*
Jones Apparel Group, Inc.	681,900		10,903,581
VF Corp.	102,100		7,010,186

			17,913,767

Total Consumer Discretionary			698,668,388

Consumer Staples (7.6%)
*Beverages (1.3%)*
Coca-Cola Co.^	909,200		55,797,604
PepsiCo, Inc.	673,100		51,088,290

			106,885,894

*Food & Staples Retailing (1.5%)*
Kroger Co.	1,128,600		30,144,906
Safeway, Inc.^	452,800		15,490,288
SUPERVALU, Inc.^	424,800		15,938,496
Wal-Mart Stores, Inc.^	1,484,400		70,553,532

			132,127,222

*Food Products (0.9%)*
ConAgra Foods, Inc.^	1,041,000		24,765,390
General Mills, Inc.^	278,500		15,874,500
Kellogg Co.	62,800		3,292,604
Kraft Foods, Inc., Class A	203,600		6,643,468
Sara Lee Corp.	1,108,000		17,794,480
Tyson Foods, Inc., Class A	677,300		10,383,009

			78,753,451

*Household Products (2.2%)*
Clorox Co.	63,800		4,157,846
Colgate-Palmolive Co.	117,900		9,191,484
Procter & Gamble Co.	2,398,500		176,097,870

			189,447,200

*Personal Products (0.3%)*
Estee Lauder Cos., Inc., Class A	556,210		24,256,318

*Tobacco (1.4%)*
Altria Group, Inc.	1,550,000		117,149,000

Total Consumer Staples			648,619,085

Energy (10.4%)
*Oil, Gas & Consumable Fuels (10.4%)*
BP plc (ADR)^	253,000		18,512,010
Chevron Corp.	2,073,300		193,501,089
ConocoPhillips	1,600,000		141,280,000
El Paso Corp.	1,667,925		28,755,027
Exxon Mobil Corp.	4,615,200		432,398,088
Marathon Oil Corp.	571,100		34,757,146
Occidental Petroleum Corp.^	82,200		6,328,578
Royal Dutch Shell plc (ADR)	192,800		16,233,760
Total S.A. (Sponsored ADR)	204,400		16,883,440

			888,649,138

Total Energy			888,649,138

Financials (19.1%)
*Capital Markets (3.2%)*
Ameriprise Financial, Inc.	94,100		5,185,851
Deutsche Bank AG (Registered)	112,500		14,558,625
Goldman Sachs Group, Inc.	43,600		9,376,180
Lehman Brothers Holdings, Inc.	1,182,940		77,411,594
Merrill Lynch & Co., Inc.	764,200		41,022,256
Morgan Stanley	1,112,200		59,068,942
TD Ameritrade Holding Corp.*	3,155,733		63,304,004

			269,927,452

*Commercial Banks (2.3%)*
Comerica, Inc.	443,700		19,314,261
KeyCorp^	912,900		21,407,505
National City Corp.^	321,800		5,296,828
SunTrust Banks, Inc.	79,900		4,992,951
U.S. Bancorp^	1,094,600		34,742,604
Wachovia Corp.^	1,174,400		44,662,432
Wells Fargo & Co.	2,287,200		69,050,568

			199,467,149

*Consumer Finance (0.4%)*
American Express Co.	470,700		24,485,814
Discover Financial Services	657,900		9,921,132

			34,406,946

*Diversified Financial Services (7.8%)*
Bank of America Corp.	3,794,500		156,561,070
Citigroup, Inc.	4,656,200		137,078,528
CME Group, Inc.	119,900		82,251,400
Interactive Brokers Group, Inc.*^	1,213,415		39,217,573
JPMorgan Chase & Co.	3,367,000		146,969,550
NASDAQ Stock Market, Inc.*^	2,084,135		103,143,841

			665,221,962

127

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN COMMON STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
*Insurance (4.6%)*
ACE Ltd.	396,100	$	24,471,058
Allstate Corp.^	533,700		27,875,151
American International Group, Inc.	2,298,800		134,020,040
Genworth Financial, Inc., Class A	837,300		21,309,285
Hartford Financial Services Group, Inc.^	407,400		35,521,206
MetLife, Inc.	602,400		37,119,888
Old Republic International Corp.	566,900		8,735,929
PartnerReinsurance Ltd.^	120,300		9,928,359
RenaissanceReinsurance Holdings Ltd.	335,400		20,204,496
Travelers Cos., Inc.	730,400		39,295,520
Unum Group	778,600		18,522,894
XL Capital Ltd., Class A	232,700		11,707,137

			388,710,963

*Thrifts & Mortgage Finance (0.8%)*
Fannie Mae	1,129,300		45,149,414
Freddie Mac	426,400		14,527,448
Washington Mutual, Inc.^	548,100		7,459,641

			67,136,503

Total Financials			1,624,870,975

Health Care (11.6%)
*Biotechnology (2.6%)*
Alnylam Pharmaceuticals, Inc.*^	948,550		27,583,834
Amgen, Inc.*	502,600		23,340,744
Applera Corp.- Celera Group*^‡	3,902,993		61,940,499
Celgene Corp.*^	1,157,890		53,506,097
Genentech, Inc.*	442,483		29,677,335
Myriad Genetics, Inc.*^	593,120		27,532,630

			223,581,139

*Health Care Equipment & Supplies (1.6%)*
Covidien Ltd.	326,900		14,478,401
Given Imaging Ltd.*^	1,027,052		23,878,959
Hologic, Inc.*^	997,500		68,468,400
Medtronic, Inc.^	485,400		24,401,058

			131,226,818

*Health Care Providers & Services (0.6%)*
AmerisourceBergen Corp.	386,200		17,328,794
UnitedHealth Group, Inc.	514,800		29,961,360

			47,290,154

*Life Sciences Tools & Services (1.0%)*
Affymetrix, Inc.*^‡	1,722,949		39,869,040
Illumina, Inc.*^	566,400		33,564,864
Qiagen N.V.*^	714,565		15,041,593

			88,475,497

*Pharmaceuticals (5.8%)*
Abbott Laboratories^	1,209,315		67,903,037
Eli Lilly & Co.	454,500		24,265,755
Johnson & Johnson	1,693,100		112,929,770
Merck & Co., Inc.	1,524,800		88,606,128
Pfizer, Inc.	6,992,100		158,930,433
Schering-Plough Corp.	763,015		20,326,720
Wyeth	536,300		23,699,097

			496,660,940

Total Health Care			987,234,548

Industrials (9.1%)
*Aerospace & Defense (1.1%)*
Boeing Co.	578,800		50,621,848
Northrop Grumman Corp.	200,800		15,790,912
United Technologies Corp.	411,100		31,465,594

			97,878,354

*Air Freight & Logistics (0.4%)*
United Parcel Service, Inc., Class B^	449,100		31,760,352

*Airlines (1.0%)*
Continental Airlines, Inc., Class B*^	2,274,900		50,616,525
Delta Air Lines, Inc.*^	2,529,900		37,670,211

			88,286,736

*Commercial Services & Supplies (0.1%)*
Allied Waste Industries, Inc.*	546,500		6,022,430

*Construction & Engineering (0.4%)*
Quanta Services, Inc.*^	1,405,790		36,887,929

*Electrical Equipment (0.7%)*
Baldor Electric Co.^	1,051,400		35,390,124
Thomas & Betts Corp.*^	543,750		26,665,500

			62,055,624

*Industrial Conglomerates (4.0%)*
3M Co.	309,900		26,130,768
General Electric Co.	7,634,200		282,999,794
Textron, Inc.	145,200		10,352,760
Tyco International Ltd.	445,675		17,671,014

			337,154,336

*Machinery (1.3%)*
Caterpillar, Inc.	205,800		14,932,848
Eaton Corp.	226,800		21,988,260
Flowserve Corp.	257,925		24,812,385
Ingersoll-Rand Co., Ltd., Class A	365,100		16,966,197
SPX Corp.	280,000		28,798,000

			107,497,690

*Road & Rail (0.1%)*
Avis Budget Group, Inc.*	387,100		5,032,300

Total Industrials			772,575,751

Information Technology (26.1%)
*Communications Equipment (6.3%)*
Ciena Corp.*	891,560		30,411,112
Cisco Systems, Inc.*	2,593,500		70,206,045
Infinera Corp.*^	1,465,440		21,747,130
JDS Uniphase Corp.*^	10,053,960		133,717,668
Juniper Networks, Inc.*^	3,594,132		119,325,182
Nokia Oyj (ADR)	144,400		5,543,516
QUALCOMM, Inc.	2,458,080		96,725,448
Research In Motion Ltd.*	519,910		58,957,794

			536,633,895

*Computers & Peripherals (4.9%)*
Apple, Inc.*	150,250		29,761,520
Dell, Inc.*	1,394,300		34,174,293
Hewlett-Packard Co.	1,196,200		60,384,176
International Business Machines Corp.	785,700		84,934,170
Network Appliance, Inc.*	5,040,298		125,805,838
SanDisk Corp.*	2,426,890		80,499,941

			415,559,938

*Electronic Equipment & Instruments (1.9%)*
Arrow Electronics, Inc.*	389,200		15,287,776
Avnet, Inc.*	426,200		14,904,214
Flextronics International Ltd.*	2,330,705		28,108,302
Itron, Inc.*^	864,180		82,935,355
Sanmina-SCI Corp.*	1,685,450		3,067,519
Tyco Electronics Ltd.	326,900		12,137,797

			156,440,963

*Internet Software & Services (1.1%)*
Google, Inc., Class A*	87,850		60,746,518
Move, Inc.*^‡	12,862,660		31,513,517

			92,260,035

128

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN COMMON STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
*IT Services (0.4%)*
Accenture Ltd., Class A		139,300	$	5,018,979
Electronic Data Systems Corp.		246,300		5,105,799
VeriFone Holdings, Inc.*^		1,095,200		25,463,400

				35,588,178

*Semiconductors & Semiconductor Equipment (5.5%)*
Advanced Micro Devices, Inc.*		14,674,416		110,058,120
Intel Corp.		2,498,500		66,610,010
International Rectifier Corp.*^		974,510		33,104,105
KLA-Tencor Corp.^		1,378,674		66,396,940
Lam Research Corp.*		1,821,620		78,748,633
MEMC Electronic Materials, Inc.*		749,550		66,327,679
Silicon Laboratories, Inc.*		1,341,324		50,205,757

				471,451,244

*Software (6.0%)*
Electronic Arts, Inc.*		506,800		29,602,188
Microsoft Corp.^		3,735,100		132,969,560
Nuance Communications, Inc.*^		2,379,570		44,450,368
Oracle Corp.*		1,802,700		40,704,966
Red Hat, Inc.*^		6,741,790		140,498,903
Salesforce.com, Inc.*		1,378,085		86,392,149
VMware, Inc., Class A*^		432,700		36,775,173

				511,393,307

Total Information Technology				2,219,327,560

Materials (2.3%)
*Chemicals (1.1%)*
Ashland, Inc.		234,300		11,112,849
Dow Chemical Co.		165,700		6,531,894
E.I. du Pont de Nemours & Co.		635,300		28,010,377
Lubrizol Corp.		307,700		16,665,032
Monsanto Co.		294,838		32,930,456

				95,250,608

*Containers & Packaging (0.6%)*
Ball Corp.		342,500		15,412,500
Owens-Illinois, Inc.*		371,100		18,369,450
Smurfit-Stone Container Corp.*		833,300		8,799,648
Sonoco Products Co.		284,550		9,299,094

				51,880,692

*Metals & Mining (0.6%)*
Alcoa, Inc.		682,600		24,949,030
ArcelorMittal^		316,900		24,512,215
Cleveland-Cliffs, Inc.		16,540		1,667,232

				51,128,477

Total Materials				198,259,777

Telecommunication Services (4.2%)
*Diversified Telecommunication Services (3.6%)*
AT&T, Inc.		4,278,600		177,818,616
Embarq Corp.		98,193		4,863,499
Verizon Communications, Inc.		2,917,300		127,456,837

				310,138,952

*Wireless Telecommunication Services (0.6%)*
Sprint Nextel Corp.		2,260,100		29,675,113
Vodafone Group plc (ADR)		461,400		17,219,448

				46,894,561

Total Telecommunication Services				357,033,513

Utilities (0.8%)
*Electric Utilities (0.2%)*
Entergy Corp.		140,735		16,820,647

*Independent Power Producers & Energy Traders (0.6%)*
AES Corp.*		1,406,485		30,084,714
Constellation Energy Group, Inc.^		203,900		20,905,867

				50,990,581

*Multi-Utilities (0.0%)*
CMS Energy Corp.^		41,525		721,705

Total Utilities				68,532,933

Total Common Stocks (99.4%) (Cost $7,580,440,706)				8,463,771,668


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (14.6%)
Allstate Life Global Funding Trusts
4.90%, 8/27/08 (l)	$	4,000,000		4,000,000
ANZ National Bank Ltd.
4.36%, 3/6/09 (l)		9,996,720		9,996,720
Bancaja U.S. Debt S.A.U.
5.40%, 1/23/08 (l)		20,000,000		20,000,000
5.37%, 7/10/09 (l)		20,006,529		20,006,529
Banco de Sabadell S.A.
5.19%, 4/23/09 (l)		15,000,000		15,000,000
Bank of Ireland
4.38%, 12/29/08 (l)		19,999,054		19,999,054
Bank of Montreal/Chicago
5.14%, 3/12/09 (l)		15,000,000		15,000,000
Bayerische Landesbank, New York
4.95%, 1/30/09 (l)		50,000,000		50,000,000
BCP Finance Bank Ltd.
5.28%, 9/2/08 (l)		30,000,000		30,000,000
Bear Stearns Cos., Inc.
5.63%, 3/31/08 (l)		40,000,000		40,000,000
Beta Finance, Inc.
4.37%, 1/15/08 (l)		20,000,000		20,000,000
4.38%, 2/17/09 (l)		9,995,539		9,995,539
4.37%, 5/11/09 (l)		29,989,309		29,989,309
BNP Paribas N.Y.
4.35%, 2/22/08 (l)		17,000,000		17,000,000
Calyon/New York
4.37%, 10/14/08 (l)		24,994,909		24,994,909
4.37%, 10/14/08		9,998,084		9,998,084
4.41%, 7/2/10 (l)		19,989,721		19,989,721
CAM U.S. Finance S.A.
4.96%, 2/2/09 (l)		20,000,000		20,000,000
CC USA, Inc.
4.37%, 1/14/08 (l)		12,000,000		12,000,000
4.37%, 1/25/08 (l)		10,000,000		10,000,000
4.38%, 2/15/08		19,998,992		19,998,992
4.37%, 3/10/08 (l)		14,998,988		14,998,988
CDC Financial Products, Inc.
4.65%, 2/29/08 (l)		2,000,000		2,000,000
Citigroup Funding, Inc.
4.36%, 3/16/09 (l)		25,000,000		25,000,000
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		2,500,000		2,500,000
Comerica Bank
5.27%, 1/12/09 (l)		9,002,566		9,002,566
5.05%, 3/16/09 (l)		19,998,499		19,998,499
5.00%, 6/19/09 (l)		10,001,400		10,001,400
5.02%, 6/19/09 (l)		11,999,103		11,999,103
Commonwealth Bank of Australia
4.92%, 8/22/08 (l)		15,000,000		15,000,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.59%, 1/2/08 (r)		35,000,000		35,000,000
4.75%, 1/2/08 (r)		74,306,578		74,306,578

129

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN COMMON STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Dorada Finance, Inc.
4.37%, 1/14/08 (l)	$	30,000,000	$	30,000,000
Fifth Third Bancorp
4.91%, 8/22/08 (l)		1,999,982		1,999,982
Five Finance, Inc.
4.38%, 6/19/08 (l)		19,998,080		19,998,080
General Electric Capital Corp.
5.07%, 1/30/09 (l)		25,000,000		25,000,000
4.40%, 3/12/10 (l)		26,000,000		26,000,000
Goldman Sachs Group, Inc.
4.65%, 2/1/08 (l)		15,000,000		15,000,000
4.62%, 8/18/08 (l)		29,000,000		29,000,000
5.10%, 9/12/08 (l)		10,000,000		10,000,000
4.60%, 12/23/08 (l)		5,000,953		5,000,953
4.41%, 3/27/09 (l)		7,000,000		7,000,000
HBOS Treasury Services plc
4.37%, 7/17/08 (l)		5,000,000		5,000,000
K2 (USA) LLC
4.37%, 1/24/08 (l)		11,999,854		11,999,854
4.38%, 2/15/08 (l)		15,998,992		15,998,992
Lehman Brothers Holdings, Inc.
5.22%, 4/2/08 (l)		9,251,767		9,251,767
4.62%, 8/24/09 (l)		10,000,000		10,000,000
Links Finance LLC
4.37%, 6/22/09 (l)		14,994,372		14,994,372
MassMutual Global Funding II
4.40%, 3/26/10 (l)		10,000,000		10,000,000
MBIA Global Funding LLC
4.36%, 1/23/09 (l)		15,000,000		15,000,000
Merrill Lynch & Co., Inc.
5.30%, 5/8/09 (l)		11,000,000		11,000,000
4.42%, 6/29/09 (l)		10,000,000		10,000,000
Monumental Global Funding II
4.36%, 4/25/08 (l)		50,000,000		50,000,000
4.40%, 3/26/10 (l)		3,000,000		3,000,000
4.43%, 5/26/10 (l)		4,000,000		4,000,000
Monumental Global Funding Ltd.
5.07%, 5/24/10 (l)		7,000,000		7,000,000
Morgan Stanley
5.40%, 2/9/09 (l)		34,835,432		34,835,432
Natexis Banques Populaires N.Y.
4.37%, 1/28/08 (l)		44,000,000		44,000,000
New York Life Global Funding
4.88%, 3/30/09		25,000,000		25,000,000
Pricoa Global Funding I
4.36%, 5/23/08 (l)		5,000,000		5,000,000
4.37%, 9/22/08 (l)		35,000,000		35,000,000
4.40%, 6/25/10 (l)		8,997,751		8,997,751
Santander U.S. Debt S.A. Unipersonal
4.90%, 2/6/08		9,999,397		9,999,397
Tango Finance Corp.
4.38%, 6/25/09 (l)		6,996,202		6,996,202
Transamerica Occidental Life Insurance Co.
5.18%, 12/31/08 (l)		30,000,000		30,000,000
Ulster Bank Ireland Ltd.
4.35%, 2/20/08 (l)		15,000,000		15,000,000
United Of Omaha Life Insurance Co.
5.31%, 6/2/08 (l)		12,500,000		12,500,000
Wachovia Bank N.A.
4.37%, 6/27/08 (l)		16,999,182		16,999,182
Wells Fargo & Co.
4.62%, 2/2/09		15,000,000		15,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				1,243,347,955

Time Deposit (1.0%)
JPMorgan Chase Nassau
3.51%, 1/2/08		81,911,150		81,911,150

Total Short-Term Investments (15.6%) (Amortized Cost $1,325,259,105)				1,325,259,105

Total Investments (115.0%) (Cost/Amortized Cost $8,905,699,811)				9,789,030,773
Other Assets Less Liabilities (-15.0%)				(1,273,205,268	)

Net Assets (100%)			$	8,515,825,505

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

‡	Affiliated company as defined under the Investment Company Act of 1940.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:


ADR		—		American Depositary Receipt

130

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN COMMON STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

At December 31, 2007 the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/07		Unrealized Depreciation
S&P 500 Index	58	March-08	$	21,589,500	$	21,419,400	$	(170,100	)

Investments in companies which were affiliates for the year ended December 31, 2007, were as follows:


Securities	Market Value December 31, 2006		Purchases at Cost		Sales at Cost		Market Value December 31, 2007		Dividend Income		Realized Gain/ (Loss)
Affymetrix, Inc.	$	129,168,722	$	18,646,233	$	163,633,392	$	39,869,040	$	—	$	(51,049,510	)
Applera Corp.- Celera Group		58,368,476		14,626,546		18,872,688		61,940,499		—		493,768
Move, Inc.		32,597,491		28,192,592		649,704		31,513,517		—		(324,404	)

	$	220,134,689	$	61,465,371	$	183,155,784	$	133,323,056	$	—	$	(50,880,146	)

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	3,981,707,506
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	5,117,601,892

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	1,574,351,212
Aggregate gross unrealized depreciation		(765,692,559	)

Net unrealized appreciation	$	808,658,653

Federal income tax cost of investments	$	8,980,372,120

At December 31, 2007, the Portfolio had loaned securities with a total value of $1,220,453,095. This was secured by collateral of $1,243,347,955 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $38,362,368 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $178,800, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the year ended December 31, 2007, the Portfolio incurred approximately $86,653 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $669,460,381 which expires in the year 2010.

The Portfolio utilized capital loss carryforward of $707,100,107 during 2007.

See Notes to Financial Statements.

131

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (7.2%)
*Asset-Backed Securities (0.2%)*
DB Master Finance LLC,
Series 06-1 A2
5.779%, 6/20/31 §	$	1,605,000	$	1,546,890
Libertas Preferred Funding Ltd.,
Series 07-3A 2
5.193%, 4/9/47 † (b)(l)		1,650,000		165,000

				1,711,890

*Non-Agency CMO (7.0%)*
Adjustable Rate Mortgage Trust,
Series 05-4 3A1
4.964%, 8/25/35 (l)		2,833,256		2,834,677
Bear Stearns Alt-A Trust,
Series 06-3 22A1
6.218%, 5/25/36 (l)		2,532,516		2,530,362
Series 07-1 21A1
5.728%, 1/25/47 (l)		3,136,132		3,080,232
Citigroup Mortgage Loan Trust, Inc.,
Series 05-2 1A4
5.110%, 5/25/35 (l)		2,952,459		2,936,623
Deutsche Mortgage Securities, Inc.,
Series 05-WF1 1A1
5.084%, 6/26/35 § (l)		1,582,433		1,571,513
GreenPoint Mortgage Funding Trust,
Series 05-AR5 4X1
1.044%, 11/25/45 † IO		12,018,536		199,057
Series 05-AR5 4X2
0.794%, 11/25/45 † IO		5,653,228		70,665
Series 06-AR2 4A1
6.788%, 3/25/36 (l)		2,907,363		2,859,669
Indymac INDA Mortgage Loan Trust,
Series 06-AR2 1A1
5.989%, 9/25/36 (l)		4,065,815		4,115,314
Indymac Index Mortgage Loan Trust,
Series 06-AR7 4A1
6.228%, 5/25/36 (l)		1,904,384		1,883,121
J.P. Morgan Alternative Loan Trust,
Series 06-A2 4A1
6.316%, 5/25/36 (l)		2,621,498		2,596,954
Series 06-A3 2A1
6.066%, 7/25/36 (l)		2,715,225		2,705,016
Series 06-A4 A1
5.950%, 9/25/36 (l)		2,723,993		2,669,743
Merrill Lynch Mortgage Investors, Inc.,
Series 05-A9 2A1A
5.134%, 12/25/35 (l)		2,629,224		2,617,415
Morgan Stanley Mortgage Loan Trust,
Series 06-11 1A2
6.354%, 8/25/36 (l)		2,010,000		1,927,550
RESI Finance LP,
Series 03-C B3
6.643%, 9/10/35 § (l)		7,476,974		6,904,854
Residential Accredit Loans, Inc.,
Series 07-QS1 1A1
6.000%, 1/25/37		3,207,145		3,305,169
Residential Funding Mortgage Securities I, Inc.,
Series 05-SA3 3A
5.235%, 8/25/35 (l)		2,959,398		2,941,040
Structured Asset Mortgage Investments, Inc.,
Series 05-AR7 5X1
1.479%, 3/25/46 † IO		3,878,541		111,508
Structured Asset Securities Corp.,
Series 06-RM1 AIO
5.000%, 8/25/46 †§ IO		4,942,358		986,694

				48,847,176

Total Asset-Backed and Mortgage-Backed Securities				50,559,066

Government Securities (83.0%)
*Agency CMO (0.0%)*
Government National Mortgage Association
0.843%, 11/16/45 IO (l)		2,628,894		102,588

*U.S. Government Agencies (35.2%)*
Federal Home Loan Bank
5.000%, 7/16/08		10,000,000		10,031,960
3.875%, 8/22/08		17,000,000		16,953,233
5.000%, 9/12/08		10,000,000		10,049,120
5.000%, 11/21/08		7,000,000		7,049,091
4.750%, 4/24/09		12,000,000		12,148,656
5.375%, 7/17/09^		11,000,000		11,287,628
4.250%, 11/20/09^		11,000,000		11,133,683
5.375%, 8/19/11^		10,000,000		10,551,440
Federal Home Loan Mortgage Corp.
5.500%, 9/15/11^		10,000,000		10,596,950
4.332%, 4/1/35 (l)		3,265,896		3,270,046
4.533%, 4/1/35 (l)		525,024		531,742
6.146%, 8/1/36 (l)		3,376,138		3,446,001
5.760%, 12/1/36 (l)		4,391,391		4,463,080
5.946%, 1/1/37 (l)		17,896,708		18,209,034
5.790%, 2/1/37 (l)		4,103,498		4,171,027
7.000%, 2/1/37		10,208,530		10,610,647
5.903%, 3/1/37 (l)		6,085,637		6,190,738
6.232%, 4/1/37 (l)		2,679,348		2,753,192
6.031%, 10/1/37 (l)		3,471,251		3,528,231
Federal National Mortgage Association
4.875%, 1/11/08		4,000,000		4,000,166
2.875%, 5/19/08		15,080,000		14,981,256
5.375%, 7/15/16^		7,500,000		8,011,237
5.375%, 6/12/17^		9,000,000		9,560,466
6.500%, 7/1/31		202,716		209,625
4.527%, 8/1/34 (l)		620,798		633,053
5.500%, 2/1/35		8,544,287		8,544,758
4.685%, 5/1/35 (l)		854,520		857,901
4.806%, 7/1/35 (l)		1,544,279		1,544,968
5.380%, 9/1/35 (l)		331,300		338,676
5.126%, 1/1/36 (l)		674,713		689,884
6.774%, 1/1/36 (l)		1,107,765		1,122,961
5.798%, 3/1/36 (l)		2,399,388		2,452,671
5.564%, 4/1/36 (l)		1,082,963		1,097,146
5.914%, 6/1/36 (l)		318,410		324,775
5.917%, 6/1/36 (l)		5,017,591		5,119,864
5.694%, 12/1/36(l)		7,804,525		7,920,102
5.526%, 3/1/37 (l)		3,168,752		3,202,772
5.843%, 4/1/37 (l)		3,132,899		3,189,439
5.787%, 8/1/37 (l)		6,809,438		6,950,374
Government National Mortgage Association
9.000%, 12/15/09		298,511		303,740
5.500%, 7/15/33		7,690,665		7,753,550

				245,784,883

*U.S. Treasuries (47.8%)*
U.S. Treasury Bonds
7.250%, 5/15/16^		20,000,000		24,593,760
8.750%, 5/15/17^		17,000,000		23,127,973
8.875%, 8/15/17^		21,500,000		29,582,667
U.S. Treasury Notes
5.750%, 8/15/10^		17,000,000		18,139,527
4.625%, 8/31/11^		11,300,000		11,829,687
4.375%, 8/15/12^		45,300,000		47,274,808
4.125%, 8/31/12^		12,500,000		12,870,112
3.625%, 5/15/13^		23,105,000		23,263,847
4.000%, 2/15/14^		10,259,000		10,481,015
4.750%, 5/15/14^		10,520,000		11,186,537

132

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
4.250%, 8/15/15^	$	25,110,000	$	25,773,055
4.500%, 11/15/15^		24,560,000		25,590,366
5.125%, 5/15/16^		6,740,000		7,294,999
4.875%, 8/15/16^		15,370,000		16,366,652
4.750%, 8/15/17^		29,500,000		31,157,074
Inflation Indexed
2.375%, 4/15/11^		14,662,300		15,283,161

				333,815,240

Total Government Securities				579,702,711

Total Long-Term Debt Securities (90.2%)
(Cost $618,513,033)				630,261,777

SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (22.3%)
Barclays Capital, Repurchase Agreement
4.65%, 1/2/08 (r)		12,000,000		12,000,000
Bear Stearns Cos., Inc.
5.63%, 3/31/08 (l)		5,000,000		5,000,000
Calyon/New York
4.37%, 10/14/08 (l)		9,997,964		9,997,964
CAM U.S. Finance S.A.
4.96%, 2/2/09 (l)		5,000,000		5,000,000
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		11,000,000		11,000,000
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		15,000,000		15,000,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		45,439,798		45,439,798
Goldman Sachs Group, Inc.
4.64%, 6/23/08 (l)		10,000,000		10,000,000
4.62%, 8/18/08 (l)		5,000,000		5,000,000
Lehman Brothers Holdings, Inc.
4.62%, 8/24/09 (l)		10,000,000		10,000,000
Monumental Global Funding II
4.40%, 3/26/10 (l)		5,000,000		5,000,000
Nomura Securities Co., Ltd., Repurchase Agreement
4.65%, 1/2/08 (r)		20,000,000		20,000,000
Tango Finance Corp.
4.38%, 6/25/09 (l)		1,998,915		1,998,915

Total Short-Term Investments of Cash Collateral for Securities Loaned				155,436,677

Total Short-Term Investments (22.3%)
(Amortized Cost $155,436,677)				155,436,677

Total Investments (112.5%)
(Cost/Amortized Cost $773,949,710)				785,698,454
Other Assets Less Liabilities (-12.5%)				(87,095,374	)

Net Assets (100%)			$	698,603,080

^	All, or a portion of security out on loan (See Note 1).

†	Securities (totaling $1,532,924 or 0.22% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2007, the market value of these securities amounted to $11,009,951 or 1.58% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:


CMO	—	Collateralized Mortgage Obligation
IO	—	Interest only

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	794,681,732
Long-term U.S. Treasury securities		324,899,781

	$	1,119,581,513

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	889,231,762
Long-term U.S. Treasury securities		371,934,485

	$	1,261,166,247

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	14,526,926
Aggregate gross unrealized depreciation		(2,778,182	)

Net unrealized appreciation	$	11,748,744

Federal income tax cost of investments	$	773,949,710

133

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

At December 31, 2007, the Portfolio had loaned securities with a total value of $334,782,216. This was secured by collateral of $155,436,677 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $185,060,996 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

The Portfolio has a net capital loss carryforward of $30,109,668 of which $8,292,448 expires in the year 2012, $5,673,454 expires in the year 2013, and $16,143,766 expires in the year 2014.

The Portfolio utilized capital loss carryforwards of $327,308 during 2007.

See Notes to Financial Statements.

134

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN INTERNATIONAL PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Australia (3.7%)
BHP Billiton Ltd.^	443,300	$	15,624,076
CSL Ltd.	322,866		10,307,787
Macquarie Airports Ltd.	2,729,745		9,707,253
Macquarie Group Ltd.^	478,775		32,033,595
National Australia Bank Ltd.^	361,921		12,009,085
QBE Insurance Group Ltd.	1,273,910		37,282,912
Suncorp-Metway Ltd.^	141,285		2,099,016
Zinifex Ltd.	892,500		9,717,379

			128,781,103

Belgium (0.6%)
Fortis^	841,500		22,157,975

Brazil (1.8%)
Cia Vale do Rio Doce (ADR)^	902,300		29,478,141
Petroleo Brasileiro S.A. (ADR)^	282,100		32,509,204

			61,987,345

Canada (2.1%)
Gerdau Ameristeel Corp.	1,037,100		14,826,973
ING Canada, Inc.	124,800		5,009,956
Nexen, Inc.	362,749		11,798,209
Petro-Canada	120,900		6,523,051
Sun Life Financial, Inc.^	266,900		15,065,605
Teck Cominco Ltd., Class B	261,400		9,383,861
TELUS Corp. (Non-Voting)	210,300		10,230,005

			72,837,660

China (1.1%)
China Construction Bank Corp., Class H^	16,118,000		13,663,526
China Shenhua Energy Co., Ltd., Class H	4,316,500		25,796,920

			39,460,446

Denmark (0.3%)
Carlsberg A/S, Class B^	71,075		8,598,597

Finland (2.9%)
Nokia Oyj	2,200,123		85,306,614
Stora Enso Oyj, Class R^	1,035,900		15,508,865

			100,815,479

France (10.7%)
Air France-KLM^	74,700		2,626,624
BNP Paribas S.A.	243,400		26,412,149
Cie Generale d’Optique Essilor International S.A.^	404,642		25,823,638
Compagnie Generale des Etablissements Michelin, Class B	154,900		17,778,016
Credit Agricole S.A.^	449,628		15,165,725
France Telecom S.A.	418,400		15,060,589
L’Oreal S.A.^	167,477		23,991,358
Lagardere SCA^	169,900		12,740,554
Renault S.A.^	250,200		35,486,734
Sanofi-Aventis S.A.^	276,555		25,465,159
Societe Generale^	163,695		23,676,944
Suez S.A.	405,787		27,629,091
Technip S.A.	203,775		16,237,143
Total S.A.^	879,158		73,047,745
Veolia Environnement	291,639		26,628,105

			367,769,574

Germany (12.2%)
Allianz SE (Registered)	134,600		29,115,366
BASF AG	231,300		34,294,039
Bayer AG	604,210		55,238,078
Deutsche Bank AG (Registered)^	176,100		23,017,550
Deutsche Boerse AG	300,183		59,578,307
Deutsche Lufthansa AG (Registered)	769,200		20,490,373
Deutsche Telekom AG (Registered)	506,900		11,131,519
E.ON AG	213,300		45,403,008
Epcos AG^	270,900		4,701,343
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)	135,600		26,355,884
Porsche Automobil Holding SE (Preference)	12,245		24,811,315
RWE AG	200,710		28,171,013
Siemens AG (Registered)	313,658		49,921,419
TUI AG*^	317,000		8,866,178

			421,095,392

Hong Kong (0.7%)
Esprit Holdings Ltd.	1,700,500		25,297,920

Israel (0.6%)
Teva Pharmaceutical Industries Ltd. (ADR)^	407,800		18,954,544

Italy (2.8%)
Assicurazioni Generali S.p.A.	279,435		12,664,986
Banco Popolare S.c.a.r.l.*	315,000		6,981,873
Buzzi Unicem S.p.A.	237,667		6,577,816
ENI S.p.A.	808,992		29,628,808
Fiat S.p.A.^	885,510		22,915,480
Fondiaria-Sai S.p.A.	232,200		9,573,562
Italcementi S.p.A.^	365,200		7,811,552

			96,154,077

Japan (15.9%)
Aisin Seiki Co., Ltd.	338,600		14,124,119
All Nippon Airways Co., Ltd.^	2,773,000		10,251,524
Canon, Inc.	325,600		15,155,709
Denso Corp.	417,800		17,128,622
EDION Corp.^	416,000		4,524,370
Fujitsu Ltd.	2,194,000		14,788,363
Hitachi Ltd.^	382,000		2,848,373
Honda Motor Co., Ltd.	339,800		11,406,257
Isuzu Motors Ltd.	2,600,000		11,822,942
Itochu Corp.	1,381,000		13,499,100
JFE Holdings, Inc.	446,100		22,601,495
Komatsu Ltd.	593,000		16,136,777
Konica Minolta Holdings, Inc.	535,500		9,486,233
Kyushu Electric Power Co., Inc.	402,700		9,912,948
Leopalace21 Corp.	145,300		3,914,900
Mitsubishi Chemical Holdings Corp.^	345,500		2,653,529
Mitsubishi Corp.	834,300		22,852,419
Mitsubishi UFJ Financial Group, Inc.	2,657,000		24,901,571
Mitsui & Co., Ltd.	3,086,000		65,330,439
Mitsui Chemicals, Inc.	1,705,000		11,202,345
Mitsui O.S.K. Lines Ltd.^	1,323,000		16,887,598
Namco Bandai Holdings, Inc.^	490,300		7,667,315
NGK Insulators Ltd.^	905,000		24,545,943
Nintendo Co., Ltd.	36,800		22,037,506
Nippon Mining Holdings, Inc.	682,500		4,374,256
Nippon Telegraph & Telephone Corp.	3,870		19,364,723
Nippon Yusen KK	710,000		5,643,647
Nissan Motor Co., Ltd.	2,151,500		23,688,359
ORIX Corp.	90,880		15,529,689
Rengo Co., Ltd.^	461,000		3,008,271
Secom Co., Ltd.	100		5,469

135

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EQ/ALLIANCEBERNSTEIN INTERNATIONAL PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
Sharp Corp.^		903,000	$	16,246,968
Sony Corp.		146,200		8,113,861
Sumitomo Mitsui Financial Group, Inc.^		2,756		20,648,722
Tokyo Electric Power Co., Inc.^		674,100		17,438,562
Toshiba Corp.^		2,013,000		15,081,959
Toyota Motor Corp.		440,200		23,799,919

				548,624,802

Luxembourg (0.8%)
ArcelorMittal		365,446		28,419,434

Mexico (0.3%)
America Movil S.A.B. de C.V., Series L (ADR)		150,800		9,257,612

Netherlands (4.2%)
ING Groep N.V. (CVA)		856,595		33,501,291
Koninklijke Ahold N.V.*		1,056,320		14,718,062
Royal Dutch Shell plc, Class A (Amsterdam Exchange)		865,300		36,371,966
Royal Dutch Shell plc, Class A (London Exchange)		984,662		41,377,039
Royal Dutch Shell plc, Class B		184,368		7,670,362
Wolters Kluwer N.V.		360,300		11,841,938

				145,480,658

Norway (0.3%)
Renewable Energy Corp. ASA*^		193,608		9,841,121

Russia (0.7%)
Gazprom OAO (Sponsored ADR)		451,675		25,293,800

Singapore (0.3%)
Flextronics International Ltd.*		608,400		7,337,304
Neptune Orient Lines Ltd.		1,431,000		3,887,047

				11,224,351

Spain (3.6%)
Banco Santander S.A.		728,867		15,760,816
Iberdrola Renovables*		1,352,149		11,169,538
Inditex S.A.^		396,949		24,386,697
Repsol YPF S.A.^		598,100		21,319,142
Telefonica S.A.		1,615,634		52,486,699

				125,122,892

Sweden (0.9%)
Svenska Cellulosa AB, Class B		729,300		12,920,048
TeliaSonera AB		1,745,145		16,335,758

				29,255,806

Switzerland (9.6%)
ABB Ltd. (Registered)		1,929,764		55,601,203
Alcon, Inc.		127,700		18,266,208
Credit Suisse Group (Registered)		685,343		41,224,094
Julius Baer Holding AG (Registered)		563,120		46,555,697
Nestle S.A. (Registered)		130,501		59,939,513
Novartis AG (Registered)		360,610		19,779,959
Roche Holding AG		116,230		20,080,898
Xstrata plc		986,078		69,682,483

				331,130,055

Taiwan (0.2%)
Hon Hai Precision Industry Co., Ltd.		903,600		5,627,563

United Kingdom (21.0%)
3i Group plc		1,037,851		20,721,440
Anglo American plc		260,718		15,984,746
AstraZeneca plc		476,400		20,521,685
Aviva plc		1,393,964		18,674,570
BAE Systems plc		4,947,778		49,048,253
Barclays plc		1,899,800		19,059,979
BHP Billiton plc		879,335		27,061,250
BP plc		1,440,736		17,637,764
British American Tobacco plc		886,227		34,665,026
Capita Group plc		554,938		7,710,524
GlaxoSmithKline plc		1,351,600		34,411,430
HBOS plc		1,441,310		21,087,677
Home Retail Group plc		1,418,100		9,259,013
International Power plc		2,094,533		18,908,126
Kazakhmys plc		350,300		9,560,081
Man Group plc		4,271,734		48,383,858
Marston’s plc		1,066,000		7,029,057
Persimmon plc		299,000		4,761,515
Punch Taverns plc		385,250		5,862,787
Reckitt Benckiser Group plc		524,876		30,446,001
Rio Tinto plc		736,344		77,934,797
Royal & Sun Alliance Insurance Group plc		647,896		1,911,338
Royal Bank of Scotland Group plc		3,393,945		29,996,582
Standard Chartered plc		920,904		33,803,314
Taylor Wimpey plc		1,044,361		4,225,374
Tesco plc		2,039,839		19,378,753
Unilever plc		967,522		36,400,442
Vodafone Group plc		26,840,235		100,338,106

				724,783,488

Total Common Stocks (97.3%)
(Cost $2,770,038,180)				3,357,971,694


	Number of Warrants
WARRANTS:
Luxembourg (0.2%)
InnoLux Display Corp., expiring 4/12/12§ (Cost $7,168,562)*		1,863,807		6,320,169


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (13.5%)
Allstate Life Global Funding Trusts
4.90%, 8/27/08 (l)	$	4,000,000		4,000,000
Allstate Life Insurance Co.
4.90%, 8/27/08 (l)		20,000,000		20,000,000
Banco de Sabadell S.A.
5.19%, 4/23/09 (l)		25,000,000		25,000,000
Bank of America Corp.
4.37%, 8/8/08 (l)		9,000,000		9,000,000
Bank of Ireland
4.38%, 12/29/08 (l)		29,998,581		29,998,581
BCP Finance Bank Ltd.
5.28%, 9/2/08 (l)		20,000,000		20,000,000
Beta Finance, Inc.
4.37%, 5/11/09 (l)		9,996,436		9,996,436
Calyon/New York
4.37%, 10/14/08 (l)		24,994,909		24,994,909
Citigroup Funding, Inc.
4.36%, 3/16/09 (l)		6,000,000		6,000,000
Comerica Bank
5.27%, 1/12/09 (l)		18,005,132		18,005,132
5.05%, 3/16/09 (l)		9,999,250		9,999,250
5.00%, 6/19/09 (l)		10,001,400		10,001,400
5.02%, 6/19/09 (l)		11,999,103		11,999,103
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		2,358,228		2,358,228

136

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN INTERNATIONAL PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Fifth Third Bancorp
4.91%, 8/22/08 (l)	$	3,999,964	$	3,999,964
Goldman Sachs Group, Inc.
4.64%, 6/23/08 (l)		10,000,000		10,000,000
4.62%, 8/18/08 (l)		20,000,000		20,000,000
5.10%, 9/12/08 (l)		7,000,000		7,000,000
4.60%, 12/23/08 (l)		5,000,953		5,000,953
4.41%, 3/27/09 (l)		5,000,000		5,000,000
Lehman Brothers Holdings, Inc.
5.22%, 4/2/08 (l)		17,003,248		17,003,248
4.62%, 8/24/09 (l)		10,000,000		10,000,000
MassMutual Global Funding II
4.40%, 3/26/10 (l)		10,000,000		10,000,000
MBIA Global Funding LLC
4.37%, 9/25/08 (l)		17,500,000		17,500,000
4.36%, 1/23/09 (l)		5,000,000		5,000,000
Merrill Lynch & Co., Inc.
5.30%, 5/8/09 (l)		12,000,000		12,000,000
4.42%, 6/29/09 (l)		10,000,000		10,000,000
Monumental Global Funding II
4.40%, 3/26/10 (l)		24,000,000		24,000,000
Pricoa Global Funding I
4.37%, 9/22/08 (l)		25,000,000		25,000,000
UniCredito Italiano Bank (Ireland) plc
5.26%, 8/8/08 (l)		10,000,000		10,000,000
5.05%, 8/14/08 (l)		20,000,000		20,000,000
Wachovia Bank N.A.
4.37%, 10/2/08 (l)		11,000,000		11,000,000
Wells Fargo & Co.
4.62%, 2/2/09 (l)		42,500,000		42,500,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				466,357,204

Time Deposit (2.0%)
JPMorgan Chase Nassau
3.51%, 1/2/08		69,876,201		69,876,201

Total Short-Term Investments (15.5%)
(Amortized Cost $536,233,405)				536,233,405

Total Investments (113.0%)
(Cost/Amortized Cost $3,313,440,147)				3,900,525,268
Other Assets Less Liabilities (-13.0%)				(447,596,483	)

Net Assets (100%)			$	3,452,928,785

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2007, the market value of these securities amounted to $6,320,169 or 0.18% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

CVA — Dutch Certification

At December 31, 2007, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/07		Unrealized Appreciation
Dow Jones Euro Stoxx 50 Index	497	March-08	$	31,831,450	$	32,226,433	$	394,983

137

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EQ/ALLIANCEBERNSTEIN INTERNATIONAL PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,880,368,533
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,652,655,786

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	666,141,659
Aggregate gross unrealized depreciation		(80,020,316	)

Net unrealized appreciation	$	586,121,343

Federal income tax cost of investments	$	3,314,403,925

At December 31, 2007, the Portfolio had loaned securities with a total value of $442,566,502. This was secured by collateral of $466,357,204 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2007, the Portfolio incurred approximately $6,802 as brokerage commissions with Exane S.A., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $12,792,555 which expires in the year 2010. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

The Portfolio utilized capital loss carryforward of $13,985,481 during 2007.

See Notes to Financial Statements.

138

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (3.2%)
*Hotels, Restaurants & Leisure (1.3%)*
Las Vegas Sands Corp.*^	26,700	$	2,751,435
McDonald’s Corp.	29,800		1,755,518
Yum! Brands, Inc.	147,400		5,640,998

			10,147,951

*Media (0.4%)*
Comcast Corp., Special Class A*	148,000		2,681,760

*Multiline Retail (1.5%)*
Kohl’s Corp.*^	129,000		5,908,200
Target Corp.	116,400		5,820,000

			11,728,200

Total Consumer Discretionary			24,557,911

Consumer Staples (6.4%)
*Beverages (2.0%)*
Coca-Cola Co.	49,600		3,043,952
PepsiCo, Inc.	163,150		12,383,085

			15,427,037

*Food Products (1.4%)*
Wm. Wrigley Jr. Co.^	185,200		10,843,460

*Household Products (3.0%)*
Colgate-Palmolive Co.	126,350		9,850,246
Procter & Gamble Co.	172,850		12,690,647

			22,540,893

Total Consumer Staples			48,811,390

Energy (8.8%)
*Energy Equipment & Services (7.2%)*
Baker Hughes, Inc.	265,450		21,527,995
Cameron International Corp.*^	118,800		5,717,844
Schlumberger Ltd.	279,700		27,514,089

			54,759,928

*Oil, Gas & Consumable Fuels (1.6%)*
EOG Resources, Inc.	133,700		11,932,725

Total Energy			66,692,653

Financials (9.6%)
*Capital Markets (5.3%)*
Franklin Resources, Inc.	178,100		20,379,983
Goldman Sachs Group, Inc.^	73,875		15,886,819
Lehman Brothers Holdings, Inc.	72,000		4,711,680

			40,978,482

*Consumer Finance (0.4%)*
American Express Co.	56,600		2,944,332

*Diversified Financial Services (3.9%)*
CME Group, Inc.^	31,630		21,698,180
Moody’s Corp.^	46,100		1,645,770
NYSE Euronext, Inc.	71,100		6,240,447

			29,584,397

Total Financials			73,507,211

Health Care (17.9%)
*Biotechnology (5.7%)*
Celgene Corp.*^	235,400		10,877,834
Genentech, Inc.*	144,150		9,668,140
Gilead Sciences, Inc.*	506,000		23,281,060

			43,827,034

*Health Care Equipment & Supplies (3.4%)*
Alcon, Inc.	114,650		16,399,536
Hologic, Inc.*^	138,700		9,520,368

			25,919,904

*Health Care Providers & Services (4.2%)*
Medco Health Solutions, Inc.*	127,750		12,953,850
WellPoint, Inc.*	213,950		18,769,834

			31,723,684

*Pharmaceuticals (4.6%)*
Abbott Laboratories	403,100		22,634,065
Merck & Co., Inc.	24,850		1,444,033
Teva Pharmaceutical Industries Ltd. (ADR)^	228,900		10,639,272

			34,717,370

Total Health Care			136,187,992

Industrials (13.3%)
*Aerospace & Defense (5.0%)*
Boeing Co.	17,200		1,504,312
Honeywell International, Inc.	363,500		22,380,695
Spirit Aerosystems Holdings, Inc., Class A*^	302,900		10,450,050
United Technologies Corp.	46,900		3,589,726

			37,924,783

*Construction & Engineering (1.8%)*
Fluor Corp.	94,000		13,697,680

*Electrical Equipment (2.4%)*
ABB Ltd. (ADR)	361,600		10,414,080
Emerson Electric Co.	140,100		7,938,066

			18,352,146

*Industrial Conglomerates (1.6%)*
McDermott International, Inc.*	42,000		2,479,260
Textron, Inc.	137,500		9,803,750

			12,283,010

*Machinery (2.5%)*
Deere & Co.	208,650		19,429,488

Total Industrials			101,687,107

Information Technology (33.8%)
*Communications Equipment (8.5%)*
Cisco Systems, Inc.*	1,152,400		31,195,468
Nokia Oyj (ADR)	373,100		14,323,309
Research In Motion Ltd.*^	171,700		19,470,780

			64,989,557

*Computers & Peripherals (10.3%)*
Apple, Inc.*	235,860		46,719,149
EMC Corp.*	296,700		5,497,851
Hewlett-Packard Co.	521,250		26,312,700

			78,529,700

*Internet Software & Services (6.7%)*
Google, Inc., Class A*	73,730		50,982,820

*Semiconductors & Semiconductor Equipment (5.0%)*
Broadcom Corp., Class A*	477,800		12,489,692
Intel Corp.	364,500		9,717,570
NVIDIA Corp.*	461,050		15,684,921

			37,892,183

*Software (3.3%)*
Adobe Systems, Inc.*	278,150		11,885,350
Microsoft Corp.^	292,900		10,427,240
Oracle Corp.*	108,000		2,438,640

			24,751,230

Total Information Technology			257,145,490

Materials (4.7%)
*Chemicals (4.7%)*
Air Products & Chemicals, Inc.	138,100		13,620,803
Monsanto Co.^	198,550		22,176,049

			35,796,852

Total Materials			35,796,852

139

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EQ/ALLIANCEBERNSTEIN LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Number of Shares		Value (Note 1)
Telecommunication Services (0.8%)
*Wireless Telecommunication Services (0.8%)*
America Movil S.A.B. de C.V.,
Series L (ADR)^		99,250	$	6,092,958

Total Telecommunication Services				6,092,958

Total Common Stocks (98.5%)
(Cost $642,037,358)				750,479,564


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (8.7%)
Beta Finance, Inc.
4.38%, 2/17/09 (l)	$	1,999,108		1,999,108
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		63,945,924		63,945,924

Total Short-Term Investments of Cash Collateral for Securities Loaned				65,945,032

Time Deposit (1.9%)
JPMorgan Chase Nassau
3.51%, 1/2/08		14,727,171		14,727,171

Total Short-Term Investments (10.6%)
(Amortized Cost $80,672,203)				80,672,203

Total Investments (109.1%)
(Cost/Amortized Cost $722,709,561)				831,151,767
Other Assets Less Liabilities (-9.1%)				(69,231,901	)

Net Assets (100%)			$	761,919,866

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	660,938,250
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	843,339,499

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	126,736,907
Aggregate gross unrealized depreciation		(18,991,201	)

Net unrealized appreciation	$	107,745,706

Federal income tax cost of investments	$	723,406,061

At December 31, 2007, the Portfolio had loaned securities with a total value of $63,809,566 This was secured by collateral of $65,945,032 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2007, the Portfolio incurred approximately $6,440 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $407,213,345 of which $44,749,118 expires in the year 2009, $258,581,589 expires in the year 2010, and $103,882,638 expires in the year 2011.

The Portfolio utilized net capital loss carryforward of $79,199,479 during 2007.

See Notes to Financial Statements.

140

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN QUALITY BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (16.7%)
*Asset-Backed Securities (2.0%)*
Bayview Financial Acquisition Trust,
Series 05-D AF2
5.402%, 12/28/35 (l)	$	7,075,000	$	6,982,141
Citifinancial Mortgage Securities, Inc.,
Series 03-1 AFPT
3.360%, 1/25/33 (e)		2,010,967		1,943,954
Credit-Based Asset Servicing and Securitization LLC,
Series 05-CB7 AF2
5.147%, 11/25/35 (e)		2,388,822		2,373,687
DB Master Finance LLC,
Series 06-1 A2
5.779%, 6/20/31 §		2,000,000		1,927,588
Halcyon Securitized Products Investors CDO Ltd.,
Series 07-1A A2
5.879%, 5/13/46 †§(b)(l)		1,280,000		153,600
Home Equity Mortgage Trust,
Series 05-4 A3
4.742%, 1/25/36 (e)		1,851,913		1,790,902
Series 06-1 A2
5.367%, 5/25/36 (e)		2,335,000		1,655,946
IXIS Real Estate Capital Trust,
Series 06-HE3 A2
4.965%, 1/25/37 (l)		10,075,000		9,623,667
Libertas Preferred Funding Ltd.,
Series 07-3A 2
5.893%, 4/9/47 †(b)(l)		7,510,000		751,000
MBNA Credit Card Master Note Trust,
Series 03-A6 A6
2.750%, 10/15/10		4,510,000		4,477,542
Neapolitan Segregated Portfolio,
Series 07-1A I
5.845%, 3/30/46 †(b)(l)		2,695,000		539,000
Option One Mortgage Loan Trust,
Series 06-3 M1
5.095%, 2/25/37 (l)		2,915,000		1,672,956
Series 07-2 M1
5.225%, 3/25/37 (l)		3,660,000		2,058,518
Petra CRE CDO Ltd.,
Series 07-1AC
5.965%, 2/25/47 †§(l)		3,300,000		2,881,827
Residential Asset Securities Corp.,
Series 03-KS3 A2
5.465%, 5/25/33 (l)		267,577		262,943
Residential Funding Mortgage Securities II, Inc.,
Series 05-HI2 A3
4.460%, 5/25/35		2,133,493		2,118,614

				41,213,885

*Non-Agency CMO(14.7%)*
Banc of America Commercial Mortgage, Inc.,
Series 01-PB1 A2
5.787%, 5/11/35		5,103,497		5,256,246
Series 04-3 A5
5.316%, 6/10/39 (l)		6,965,000		7,164,788
Series 04-4 A3
4.128%, 7/10/42		6,190,000		6,140,020
Series 04-6 A2
4.161%, 12/10/42		8,270,000		8,207,395
Bear Stearns Alt-A Trust,
Series 06-1 22A1
5.400%, 2/25/36		8,478,086		8,375,124
Series 06-3 22A1
6.218%, 5/25/36(l)		3,781,089		3,777,872
Bear Stearns Commercial Mortgage Securities, Inc.,
Series 02-TOP6 A2
6.460%, 10/15/36		13,190,000		13,950,149
Series 05-PWR7 A3
5.116%, 2/11/41 (l)		19,680,000		19,299,603
Series 06-PW11 A4
5.457%, 3/11/39 (l)		6,770,000		6,870,909
Series 06-PW12 A4
5.711%, 9/11/38 (l)		4,125,000		4,260,636
Citigroup Mortgage Loan Trust, Inc.,
Series 05-2 1A4
5.110%, 5/25/35 (l)		7,868,228		7,826,025
Series 06-AR1 3A1
5.500%, 3/25/36 (l)		11,490,630		11,471,344
Credit Suisse Mortgage Capital Certificates,
Series 06-C3 A3
5.827%, 6/15/38 (l)		3,775,000		3,921,756
Series 06-C4 A3
5.467%, 9/15/39		11,725,000		11,816,617
CS First Boston Mortgage Securities Corp.,
Series 03-CK2 A2
3.861%, 3/15/36		3,896,953		3,865,653
Series 04-C1 A4
4.750%, 1/15/37 (l)		3,280,000		3,242,078
Deutsche Mortgage Securities, Inc.,
Series 05-WF1 1A1
5.084%, 6/26/35 §(l)		4,969,209		4,934,918
GE Capital Commercial Mortgage Corp.,
Series 05-C3 A3FX
4.863%, 7/10/45		7,710,000		7,678,818
Greenwich Capital Commercial Funding Corp.,
Series 03-C1 A4
4.111%, 7/5/35		6,385,000		6,153,249
Series 03-C2 A3
4.533%, 1/5/36		8,390,000		8,349,593
Series 05-GG3 A2
4.305%, 8/10/42		9,040,000		8,927,847
Indymac Index Mortgage Loan Trust,
Series 06-AR7 4A1
6.228%, 5/25/36 (l)		4,860,562		4,806,291
JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 05-CB11 A4
5.335%, 8/12/37 (l)		5,860,000		5,803,231
Series 05-LDP3 A2
4.851%, 8/15/42		6,780,000		6,744,228
Series 05-LDP4 A2
4.790%, 10/15/42		5,590,000		5,552,566
Series 06-CB14 A4
5.481%, 12/12/44 (l)		3,790,000		3,833,830
Series 06-CB15 A4
5.814%, 6/12/43 (l)		5,940,000		6,140,740
LB-UBS Commercial Mortgage Trust,
Series 03-C3 A4
4.166%, 5/15/32		9,370,000		9,041,930
Series 04-C2 A4
4.367%, 3/15/36		2,885,000		2,795,107
Series 04-C4 A4
5.126%, 6/15/29 (l)		2,985,000		3,066,608
Series 04-C8 A2
4.201%, 12/15/29		6,525,000		6,481,783
Series 05-C1 A4
4.742%, 2/15/30		5,930,000		5,691,076
Series 05-C7 A4
5.197%, 11/15/30 (l)		6,090,000		6,014,419

141

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN QUALITY BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Series 06-C3 A4
5.661%, 3/15/39 (l)	$	10,365,000	$	10,615,442
Series 06-C6 A4
5.372%, 9/15/39		11,165,000		11,203,461
Lehman XS Trust,
Series 07-4N M1
5.315%, 3/25/47 (l)		10,880,000		8,836,196
Merrill Lynch Mortgage Investors, Inc.,
Series 05-A8 A1C1
5.250%, 8/25/36 (l)		5,337,200		5,312,054
Merrill Lynch Mortgage Trust,
Series 05-CKI1 A6
5.244%, 11/12/37 (l)		2,575,000		2,566,673
Series 05-MKB2 A2
4.806%, 9/12/42		11,020,000		10,975,226
Merrill Lynch/Countrywide Commercial Mortgage Trust,
Series 06-2 A4
5.909%, 6/12/46 (l)		805,000		840,181
Morgan Stanley Capital I,
Series 05-T17 A5
4.780%, 12/13/41		9,300,000		8,940,983
Residential Funding Mortgage Securities I, Inc.,
Series 05-SA3 3A
5.235%, 8/25/35 (l)		6,154,466		6,116,289
WaMu Mortgage Pass-Through Certificates,
Series 07-OA1 A1A
5.488%, 2/25/47 (l)		8,647,557		8,072,167

				300,941,121

Total Asset-Backed and Mortgage-Backed Securities				342,155,006

Consumer Discretionary (2.4%)
*Automobiles (0.3%)*
Daimler Finance N.A. LLC
4.875%, 6/15/10		1,970,000		1,961,245
7.750%, 1/18/11		2,965,000		3,186,023

				5,147,268

*Hotels, Restaurants & Leisure (0.4%)*
Starwood Hotels & Resorts Worldwide, Inc.
7.875%, 5/1/12^		3,969,000		4,217,472
7.375%, 11/15/15		3,799,000		3,921,981

				8,139,453

*Household Durables (0.2%)*
Centex Corp.
5.450%, 8/15/12		5,625,000		4,947,508

*Media (1.5%)*
BSkyB Finance UK plc
5.625%, 10/15/15 §		3,910,000		3,847,108
Comcast Cable Communications Holdings, Inc.
9.455%, 11/15/22		2,905,000		3,694,123
Comcast Cable Communications LLC
6.200%, 11/15/08		1,172,000		1,181,537
6.875%, 6/15/09		3,930,000		4,042,284
Comcast Corp.
5.500%, 3/15/11		4,290,000		4,330,999
5.300%, 1/15/14		3,365,000		3,299,729
News America, Inc.
6.550%, 3/15/33^		2,310,000		2,307,454
Time Warner Entertainment Co. LP
8.375%, 3/15/23		5,360,000		6,313,517
WPP Finance UK Corp.
5.875%, 6/15/14		2,445,000		2,602,079

				31,618,830

Total Consumer Discretionary				49,853,059

Consumer Staples (2.3%)
*Food & Staples Retailing (0.2%)*
Kroger Co.
6.800%, 12/15/18		1,650,000		1,754,745
Safeway, Inc.
4.125%, 11/1/08		1,496,000		1,479,914

				3,234,659

*Food Products (1.4%)*
Bunge Ltd. Finance Corp.
5.100%, 7/15/15		2,355,000		2,230,493
Cadbury Schweppes U.S. Finance LLC
5.125%, 10/1/13 §		5,675,000		5,671,686
ConAgra Foods, Inc.
7.875%, 9/15/10		1,587,000		1,703,410
Kraft Foods, Inc.
4.125%, 11/12/09		9,040,000		8,962,021
5.250%, 10/1/13		4,695,000		4,615,913
Tyson Foods, Inc.
6.850%, 4/1/16		5,210,000		5,346,267

				28,529,790

*Tobacco (0.7%)*
Altria Group, Inc.
7.750%, 1/15/27^		3,570,000		4,599,549
Reynolds American, Inc.
7.250%, 6/1/13		5,135,000		5,431,464
7.625%, 6/1/16		5,030,000		5,346,870

				15,377,883

Total Consumer Staples				47,142,332

Energy (1.6%)
*Oil, Gas & Consumable Fuels (1.6%)*
ConocoPhillips
6.375%, 3/30/09		2,231,000		2,280,263
Enterprise Products Operating LP,
Series B
5.600%, 10/15/14		2,145,000		2,140,697
Gaz Capital S.A. (Gazprom OAO)
6.212%, 11/22/16^(m)		10,935,000		10,609,137
Hess Corp.
7.875%, 10/1/29		3,815,000		4,515,491
StatoilHydro ASA
6.360%, 1/15/09		1,534,000		1,558,291
TransCanada Pipelines Ltd.
6.350%, 5/15/67 (l)		5,625,000		5,272,200
Valero Energy Corp.
6.875%, 4/15/12		4,135,000		4,412,264
Williams Cos., Inc.
7.125%, 9/1/11^		2,750,000		2,904,688

Total Energy				33,693,031

Financials (14.0%)
*Capital Markets (2.8%)*
Bear Stearns Cos., Inc.
7.625%, 12/7/09		5,006,000		5,146,043
5.550%, 1/22/17^		5,680,000		5,090,490
Deutsche Bank AG/London
5.000%, 10/12/10		5,085,000		5,187,514
Goldman Sachs Group, Inc.
3.875%, 1/15/09		4,298,000		4,253,980
4.750%, 7/15/13		3,590,000		3,516,380
5.125%, 1/15/15		2,490,000		2,446,051
JP Morgan & Co., Inc.
6.250%, 1/15/09^		4,620,000		4,675,782
Lehman Brothers Holdings, Inc.
7.875%, 11/1/09		2,161,000		2,252,300
4.800%, 3/13/14		1,447,000		1,346,718
5.750%, 1/3/17		1,921,000		1,845,399

142

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN QUALITY BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
6.500%, 7/19/17	$	1,787,000	$	1,808,188
Merrill Lynch & Co., Inc.
4.125%, 1/15/09		1,533,000		1,513,022
4.125%, 9/10/09		1,905,000		1,874,448
6.000%, 2/17/09		1,602,000		1,615,080
6.050%, 5/16/16		1,928,000		1,894,397
Morgan Stanley
5.050%, 1/21/11		5,270,000		5,269,410
6.750%, 4/15/11		4,975,000		5,214,506
UBS Preferred Funding Trust I
8.622%, 10/29/49(l)		3,535,000		3,809,228

				58,758,936

*Commercial Banks (5.3%)*
American Express Centurion Bank
4.375%, 7/30/09		3,079,000		3,065,526
Bank of Tokyo-Mitsubishi UFJ Ltd./New York
7.400%, 6/15/11^		975,000		1,054,504
Barclays Bank plc
8.550%, 9/29/49 §(l)		4,180,000		4,402,773
Huntington National Bank
4.375%, 1/15/10		3,135,000		3,116,140
Key Bank N.A.
7.000%, 2/1/11		3,780,000		4,031,741
Korea Development Bank
4.625%, 9/16/10		3,000,000		2,974,317
Kreditanstalt fuer Wiederaufbau
1.750%, 3/23/10^	JPY	4,940,000,000		45,114,628
5.125%, 3/14/16	$	3,435,000		3,596,373
Landwirtschaftliche Rentenbank
5.125%, 2/1/17		3,315,000		3,471,882
Marshall & Ilsley Corp.
4.375%, 8/1/09		4,103,000		4,063,242
5.626%, 8/17/09		2,454,000		2,478,405
National City Bank/Ohio
6.200%, 12/15/11		5,090,000		5,224,956
National City Bank/Pennsylvania
6.250%, 3/15/11		5,110,000		5,254,715
Resona Bank Ltd.
5.850%, 9/29/49 §(l)		860,000		799,501
Royal Bank Of Scotland Group plc
6.400%, 4/1/09		3,401,000		3,462,993
SouthTrust Corp.
5.800%, 6/15/14		3,990,000		4,120,270
U.S. Bancorp
5.300%, 4/28/09		5,130,000		5,181,408
Wachovia Bank N.A./North Carolina
5.625%, 12/15/08		1,596,000		1,592,899
Wachovia Capital Trust III
5.800%, 12/31/49 (l)		3,395,000		3,033,602
Zions Bancorp
5.500%, 11/16/15		2,390,000		2,241,337

				108,281,212

*Consumer Finance (1.8%)*
American Express Co.
4.750%, 6/17/09		2,333,000		2,333,697
American General Finance Corp.
4.625%, 5/15/09		7,590,000		7,569,598
5.375%, 9/1/09		2,050,000		2,080,359
Capital One Bank
4.250%, 12/1/08		2,033,000		1,989,404
5.000%, 6/15/09		5,255,000		5,206,654
6.500%, 6/13/13		3,160,000		3,099,631
Capital One Financial Corp.
5.500%, 6/1/15^		661,000		609,686
6.750%, 9/15/17		468,000		448,869
HSBC Finance Corp.
4.125%, 12/15/08		1,875,000		1,857,831
7.000%, 5/15/12		2,850,000		2,986,122
International Lease Finance Corp.
6.375%, 3/15/09		5,150,000		5,208,226
SLM Corp.
5.375%, 5/15/14		4,200,000		3,734,107

				37,124,184

*Diversified Financial Services (2.4%)*
Allstate Life Global Funding Trusts
4.500%, 5/29/09		2,268,000		2,275,117
Bank of America Corp.
3.375%, 2/17/09		2,380,000		2,349,193
Caterpillar Financial Services Corp.
4.500%, 6/15/09		2,727,000		2,727,990
CIT Group, Inc.
3.375%, 4/1/09^		4,485,000		4,321,715
5.125%, 9/30/14		2,190,000		1,929,105
5.850%, 9/15/16		5,215,000		4,604,224
Citicorp
6.375%, 11/15/08		984,000		997,354
Citigroup, Inc.
3.625%, 2/9/09		5,340,000		5,268,417
Countrywide Home Loans, Inc.
4.000%, 3/22/11		105,000		75,816
Eksportfinans A/S
5.500%, 5/25/16		4,910,000		5,202,597
General Electric Capital Corp.
4.375%, 11/21/11		3,800,000		3,770,136
6.750%, 3/15/32		1,230,000		1,396,521
JP Morgan Chase Capital XXV
6.800%, 10/1/37		882,000		848,017
JPMorgan Chase & Co.
6.750%, 2/1/11		6,680,000		7,013,953
MUFG Capital Finance 1 Ltd.
6.346%, 7/29/49 (l)		1,690,000		1,600,657
Resona Preferred Global Securities Cayman Ltd.
7.191%, 12/29/49 §(l)		1,590,000		1,577,659
UFJ Finance Aruba AEC
6.750%, 7/15/13		2,520,000		2,737,652

				48,696,123

*Insurance (0.6%)*
Allstate Corp.
6.125%, 5/15/37^ (l)		5,135,000		4,954,340
Assurant, Inc.
5.625%, 2/15/14		1,645,000		1,609,751
Liberty Mutual Group, Inc.
5.750%, 3/15/14^§		2,795,000		2,846,476
XL Capital Ltd.
5.250%, 9/15/14^		2,450,000		2,382,439

				11,793,006

*Real Estate Investment Trusts (REITs) (0.5%)*
iStar Financial, Inc. (REIT)
5.650%, 9/15/11		3,210,000		2,868,530
5.150%, 3/1/12^		2,645,000		2,285,854
Simon Property Group LP
5.000%, 3/1/12		5,220,000		5,091,645

				10,246,029

*Specialized Finance (0.1%)*
Toll Brothers Finance Corp.
6.875%, 11/15/12		2,005,000		1,958,424
5.150%, 5/15/15^		550,000		499,103

				2,457,527

143

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN QUALITY BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
*Thrifts & Mortgage Finance (0.5%)*
Countrywide Financial Corp.
5.800%, 6/7/12	$	2,306,000	$	1,684,531
6.250%, 5/15/16^		4,282,000		2,464,582
Washington Mutual, Inc.
4.000%, 1/15/09		5,270,000		4,962,479
4.200%, 1/15/10		439,000		392,186

				9,503,778

Total Financials				286,860,795

Government Securities (47.5%)
*Foreign Governments (7.4%)*
Development Bank of Japan
1.750%, 6/21/10^	JPY	7,375,000,000		67,506,848
Republic of South Africa
5.875%, 5/30/22	$	10,895,000		11,073,896
Russian Federation
7.500%, 3/31/30 (m) (e)		28,422,900		32,561,274
United Mexican States
8.000%, 12/19/13	MXN	446,645,000		40,906,548

				152,048,566

*Supranational (1.1%)*
Asia Development Bank
5.500%, 6/27/16	$	4,590,000		4,946,138
European Investment Bank
4.875%, 2/15/36		2,420,000		2,380,927
Inter-American Development Bank
5.125%, 9/13/16^		5,140,000		5,404,026
International Bank for Reconstruction & Development
9.250%, 7/15/17		2,880,000		3,858,659
Nordic Investment Bank
5.000%, 2/1/17^		5,135,000		5,326,715

				21,916,465

*U.S. Government Agencies (31.8%)*
Federal Home Loan Bank
5.000%, 11/17/17^		78,330,000		81,215,442
Federal Home Loan Mortgage Corp.
5.125%, 11/17/17		77,890,000		81,273,620
5.500%, 7/1/35		8,122,752		8,129,187
4.500%, 8/1/35		9,027,053		8,537,808
4.500%, 9/1/35		8,033,692		7,598,284
4.500%, 10/1/35		25,928,070		24,522,833
6.000%, 9/1/36		19,304		19,594
6.000%, 10/1/36		458,290		465,181
6.000%, 11/1/36		352,198		358,509
5.787%, 12/1/36 (l)		8,418,087		8,549,102
5.850%, 12/1/36 (l)		10,976,132		11,170,931
7.000%, 2/1/37		23,660,472		24,592,465
6.053%, 4/1/37 (l)		9,672,819		9,833,514
6.000%, 8/1/37		298,379		302,835
6.032%, 10/1/37 (l)		10,548,015		10,721,159
Federal National Mortgage Association
9.000%, 8/1/26		5,513		6,006
5.500%, 4/1/33		12,678,204		12,687,605
5.500%, 7/1/33		15,671,137		15,682,757
5.000%, 11/1/33		11,886,331		11,615,370
5.500%, 4/1/34		7,003,705		7,008,898
5.500%, 5/1/34		4,212,046		4,215,169
5.500%, 11/1/34		20,878,562		20,879,715
5.500%, 2/1/35		34,236,907		34,262,294
6.000%, 4/1/35		18,002,571		18,317,442
4.500%, 8/1/35		25,016,274		23,689,621
4.500%, 9/1/35		23,290,874		22,066,296
5.000%, 2/1/36		51,904,415		50,672,851
5.799%, 3/1/36 (l)		9,042,593		9,243,399
5.000%, 7/1/36		8,995,983		8,787,414
6.500%, 9/1/36		76,127,492		78,262,300
5.979%, 11/1/36 (l)		9,196,325		9,390,800
6.025%, 11/1/36 (l)		3,802,368		3,872,241
5.648%, 1/1/37 (l)		8,887,486		9,027,962
5.925%, 2/1/37 (l)		15,766,578		16,025,574
6.027%, 2/1/37 (l)		9,806,130		9,961,334
6.087%, 3/1/37 (l)		10,556,878		10,785,656
6.000%, 7/1/37		26,226		26,634
6.000%, 8/1/37		342,385		347,712
Government National Mortgage Association
8.500%, 10/15/17		2,817		3,037
8.500%, 11/15/17		9,992		10,771
8.000%, 7/15/26		703		760

				654,140,082

*U.S. Treasuries (7.2%)*
U.S. Treasury Bonds
8.750%, 5/15/17^		1,663,000		2,262,460
4.500%, 2/15/36^		114,955,000		115,538,741
U.S. Treasury Notes
4.250%, 11/15/17^		29,075,000		29,581,545

				147,382,746

Total Government Securities				975,487,859

Health Care (1.5%)
*Health Care Equipment & Supplies (0.2%)*
Baxter FinCo B.V.
4.750%, 10/15/10		4,556,000		4,579,486

*Health Care Providers & Services (0.6%)*
UnitedHealth Group, Inc.
4.125%, 8/15/09		1,930,000		1,918,553
5.250%, 3/15/11		5,220,000		5,278,396
WellPoint, Inc.
4.250%, 12/15/09		5,276,000		5,214,756

				12,411,705

*Life Sciences Tools & Services (0.4%)*
Fisher Scientific International, Inc.
6.750%, 8/15/14		1,747,000		1,790,602
6.125%, 7/1/15		5,351,000		5,315,325

				7,105,927

*Pharmaceuticals (0.3%)*
Abbott Laboratories
3.500%, 2/17/09		2,557,000		2,523,465
Wyeth
5.500%, 2/1/14		3,187,000		3,236,924

				5,760,389

Total Health Care				29,857,507

Industrials (0.9%)
*Commercial Services & Supplies (0.2%)*
R.R. Donnelley & Sons Co.
4.950%, 4/1/14^		1,315,000		1,239,782
Waste Management, Inc.
6.875%, 5/15/09		3,550,000		3,644,661

				4,884,443

*Industrial Conglomerates (0.5%)*
Hutchison Whampoa International Ltd.
7.450%, 11/24/33^§		3,445,000		3,928,909
Textron, Inc.
6.375%, 11/15/08		2,085,000		2,115,604
Tyco International Group S.A.
6.000%, 11/15/13		2,865,000		2,944,761

				8,989,274

*Machinery (0.1%)*
Illinois Tool Works, Inc.
5.750%, 3/1/09		2,097,000		2,132,351

144

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN QUALITY BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
*Road & Rail (0.1%)*
Norfolk Southern Corp.
6.200%, 4/15/09	$	2,125,000	$	2,169,765

Total Industrials				18,175,833

Information Technology (1.0%)
*Communications Equipment (0.2%)*
Motorola, Inc.
7.625%, 11/15/10		402,000		430,595
7.500%, 5/15/25		475,000		505,418
6.500%, 9/1/25		2,980,000		2,893,902

				3,829,915

*Computers & Peripherals (0.2%)*
International Business Machines Corp.
5.375%, 2/1/09^		2,278,000		2,310,232
4.375%, 6/1/09		1,215,000		1,226,112

				3,536,344

*IT Services (0.4%)*
Electronic Data Systems Corp.
7.450%, 10/15/29		2,215,000		2,272,607
Series B
6.500%, 8/1/13		6,379,000		6,450,158

				8,722,765

*Office Electronics (0.2%)*
Xerox Corp.
9.750%, 1/15/09		3,542,000		3,702,846
7.625%, 6/15/13		980,000		1,022,669

				4,725,515

Total Information Technology				20,814,539

Materials (0.8%)
*Chemicals (0.1%)*
Dow Chemical Co.
7.375%, 11/1/29		360,000		395,969
Lubrizol Corp.
4.625%, 10/1/09		1,955,000		1,963,316

				2,359,285

*Containers & Packaging (0.1%)*
Packaging Corp. of America
5.750%, 8/1/13		2,675,000		2,733,807

*Metals & Mining (0.1%)*
Ispat Inland ULC
9.750%, 4/1/14		1,695,000		1,836,472

*Paper & Forest Products (0.5%)*
Celulosa Arauco y Constitucion S.A.
8.625%, 8/15/10		1,204,000		1,314,377
International Paper Co.
5.300%, 4/1/15		4,415,000		4,309,093
Westvaco Corp.
8.200%, 1/15/30		1,130,000		1,208,171
Weyerhaeuser Co.
5.950%, 11/1/08		2,805,000		2,827,734

				9,659,375

Total Materials				16,588,939

Telecommunication Services (4.4%)
*Diversified Telecommunication Services (3.6%)*
AT&T Corp.
8.000%, 11/15/31		500,000		614,037
AT&T, Inc.
4.125%, 9/15/09		2,570,000		2,553,657
British Telecommunications plc
8.625%, 12/15/10		7,320,000		8,032,595
Embarq Corp.
6.738%, 6/1/13		435,000		449,954
7.082%, 6/1/16		8,570,000		8,830,365
Pacific Bell
6.625%, 10/15/34		6,570,000		6,555,789
Qwest Corp.
7.875%, 9/1/11^		5,140,000		5,345,600
8.875%, 3/15/12		3,815,000		4,082,050
Sprint Capital Corp.
7.625%, 1/30/11		3,205,000		3,339,927
8.375%, 3/15/12		8,920,000		9,660,574
8.750%, 3/15/32		1,784,000		2,010,921
Telecom Italia Capital S.A.
4.000%, 11/15/08		2,195,000		2,166,656
4.000%, 1/15/10^		8,010,000		7,845,266
6.375%, 11/15/33		900,000		901,386
Telefonos de Mexico S.A.B. de C.V.
4.500%, 11/19/08		4,705,000		4,681,946
Verizon Communications, Inc.
4.900%, 9/15/15		2,670,000		2,597,464
Verizon New Jersey, Inc.,
Series A
5.875%, 1/17/12		3,230,000		3,326,248

				72,994,435

*Wireless Telecommunication Services (0.8%)*
New Cingular Wireless Services, Inc.
7.875%, 3/1/11		4,080,000		4,418,501
8.750%, 3/1/31		2,405,000		3,116,839
Vodafone Group plc
7.750%, 2/15/10		4,910,000		5,179,505
5.500%, 6/15/11		4,485,000		4,532,591

				17,247,436

Total Telecommunication Services				90,241,871

Utilities (1.9%)
*Electric Utilities (1.6%)*
Carolina Power & Light Co.
6.500%, 7/15/12		4,940,000		5,257,766
Consumers Energy Co.,
Series C
4.250%, 4/15/08		1,955,000		1,948,433
Exelon Corp.
6.750%, 5/1/11		2,190,000		2,288,889
FirstEnergy Corp.,
Series B
6.450%, 11/15/11		2,195,000		2,266,592
Series C
7.375%, 11/15/31		2,415,000		2,649,830
FPL Group Capital Corp.
5.625%, 9/1/11		3,435,000		3,517,351
MidAmerican Energy Holdings Co.
5.875%, 10/1/12		2,760,000		2,860,704
Pacific Gas & Electric Co.
4.800%, 3/1/14		5,440,000		5,288,833
Progress Energy, Inc.
7.100%, 3/1/11		1,571,000		1,671,849
Public Service Co. of Colorado
7.875%, 10/1/12		1,925,000		2,160,248
SPI Electricity & Gas Australia Holdings Pty Ltd.
6.150%, 11/15/13 §		3,950,000		4,030,521

				33,941,016

*Multi-Utilities (0.3%)*
DCP Midstream LLC
7.875%, 8/16/10		1,340,000		1,437,430
NiSource Finance Corp.
7.875%, 11/15/10		2,205,000		2,339,108

145

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN QUALITY BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
Wisconsin Energy Corp.
6.250%, 5/15/67 (l)	$	2,550,000	$	2,364,822

				6,141,360

Total Utilities				40,082,376

Total Long-Term Debt Securities (95.0%)
(Cost $1,954,732,470)				1,950,953,147


	Number of Shares
PREFERRED STOCKS:
Financials (0.2%)
*Thrifts & Mortgage Finance (0.2%)*
Fannie Mae
8.250%		112,375		2,893,656
Freddie Mac
8.375%		74,725		1,954,059

Total Preferred Stocks (0.2%)
(Cost $4,677,500)				4,847,715


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Security (0.3%)
Federal Home Loan Bank
2.38%, 1/2/08 (o)(p)	$	5,700,000		5,699,248

Short-Term Investments of Cash Collateral for Securities Loaned (16.3%)
Banco de Sabadell S.A.
5.19%, 4/23/09 (l)		10,000,000		10,000,000
Bear Stearns Cos., Inc.
5.63%, 3/31/08 (l)		5,000,000		5,000,000
Beta Finance, Inc.
4.37%, 5/11/09		9,999,436		9,999,436
BNP Paribas N.Y.
4.35%, 2/22/08 (l)		14,000,000		14,000,000
Calyon/New York
4.41%, 7/2/10 (l)		4,997,430		4,997,430
Comerica Bank
5.27%, 1/12/09 (l)		9,002,566		9,002,566
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		20,000,000		20,000,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.59%, 1/2/08 (r)		20,000,000		20,000,000
4.75%, 1/2/08 (r)		142,953,249		142,953,249
Five Finance, Inc.
4.38%, 6/19/08 (l)		9,999,040		9,999,040
Goldman Sachs Group, Inc.
4.60%, 12/23/08 (l)		5,501,049		5,501,049
4.41%, 3/27/09 (l)		5,000,000		5,000,000
Merrill Lynch & Co., Inc.
5.30%, 5/8/09 (l)		7,000,000		7,000,000
Monumental Global Funding II
4.36%, 4/25/08 (l)		11,000,000		11,000,000
New York Life Global Funding
4.88%, 3/30/09 (l)		5,000,000		5,000,000
Nomura Securities Co., Ltd., Repurchase Agreement
4.65%, 1/2/08 (r)		20,000,000		20,000,000
Pricoa Global Funding I
4.40%, 6/25/10 (l)		4,998,751		4,998,751
SLM Corp.
5.08%, 12/15/08 (l)		8,253,855		8,253,855
Tango Finance Corp.
4.38%, 6/25/09 (l)		4,997,287		4,997,287
Wachovia Bank N.A.
4.37%, 6/27/08 (l)		11,999,422		11,999,422
Wells Fargo & Co.
4.62%, 2/2/09 (l)		5,000,000		5,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				334,702,085

Time Deposit (0.1%)
JPMorgan Chase Nassau
3.51%, 1/2/08		1,905,297		1,905,297

Total Short-Term Investments (16.7%)
(Cost/Amortized Cost $342,307,006)				342,306,630

Total Investments (111.9%)
(Cost/Amortized Cost $2,301,716,976)				2,298,107,492
Other Assets Less Liabilities (-11.9%)				(244,671,440	)

Net Assets (100%)			$	2,053,436,052

^	All, or a portion of security out on loan (See Note 1).

†	Securities (totaling $4,325,427 or 0.21% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2007, the market value of these securities amounted to $36,848,966 or 1.79% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

(e)

Step Bond - Coupon rate increases in increments to maturity. Rate disclosed is as of December 31, 2007. Maturity date disclosed is the ultimate maturity date.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(m)

Regulation S is an exemption for securities offering that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2007.

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:


CMO	—	Collateralized Mortgage Obligation
JPY	—	Japanese Yen
MXN	—	Mexican Peso

146

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN QUALITY BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

At December 31, 2007 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


	Local Contract Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
Swedish Krona, expiring 1/17/08	160,485	$	24,543,088	$	24,834,135	$	291,047

Foreign Currency Sell Contracts
Japanese Yen, expiring 1/8/08	12,622,330	$	115,232,432	$	113,051,660	$	2,180,772
Mexican Peso, expiring 1/28/08	457,504		41,670,827		41,843,757		(172,930	)
Swedish Krona, expiring 1/17/08	160,485		25,059,305		24,834,135		225,170

						$	2,233,012

						$	2,524,059

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	2,968,648,176
Long-term U.S. Treasury securities		492,139,790

	$	3,460,787,966

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	3,031,061,257
Long-term U.S. Treasury securities		554,507,179

	$	3,585,568,436

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	23,462,080
Aggregate gross unrealized depreciation		(28,051,098	)

Net unrealized depreciation	$	(4,589,018	)

Federal income tax cost of investments	$	2,302,696,510

At December 31, 2007, the Portfolio had loaned securities with a total value of $393,248,280. This was secured by collateral of $334,702,085 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $65,238,064 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

The Portfolio has a net capital loss carryforward of $20,587,041 of which $395,663 expires in the year 2013 and $20,191,378 expires in the year 2014.

The Portfolio utilized capital loss carryforward of $839,244 during 2007.

See Notes to Financial Statements.

147

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (15.8%)
*Distributors (1.9%)*
LKQ Corp.*^	1,172,300	$	24,641,746

*Diversified Consumer Services (1.5%)*
Strayer Education, Inc.^	115,200		19,650,816

*Hotels, Restaurants & Leisure (5.6%)*
Chipotle Mexican Grill, Inc., Class A*^	65,500		9,633,085
Gaylord Entertainment Co.*^	261,000		10,562,670
Life Time Fitness, Inc.*^	403,900		20,065,752
Orient-Express Hotels Ltd.^	255,900		14,719,368
Red Robin Gourmet Burgers, Inc.*^	427,900		13,688,521
Sonic Corp.*^	249,100		5,455,290

			74,124,686

*Internet & Catalog Retail (0.7%)*
Netflix, Inc.*^	337,500		8,984,250

*Media (1.3%)*
National CineMedia, Inc.^	692,100		17,447,841

*Specialty Retail (2.8%)*
Dick’s Sporting Goods, Inc.*^	623,000		17,294,480
GameStop Corp., Class A*	319,300		19,831,723

			37,126,203

*Textiles, Apparel & Luxury Goods (2.0%)*
Lululemon Athletica, Inc.*^	288,000		13,642,560
Under Armour, Inc., Class A*^	209,300		9,140,131
Volcom, Inc.*^	141,100		3,108,433

			25,891,124

Total Consumer Discretionary			207,866,666

Energy (10.5%)
*Energy Equipment & Services (5.3%)*
Complete Production Services, Inc.*^	700,800		12,593,376
Dril-Quip, Inc.*	309,300		17,215,638
Grant Prideco, Inc.*	335,300		18,612,503
Oceaneering International, Inc.*	124,400		8,378,340
Superior Energy Services, Inc.*	383,300		13,193,186

			69,993,043

*Oil, Gas & Consumable Fuels (5.2%)*
Bill Barrett Corp.*^	439,390		18,397,259
Forest Oil Corp.*	251,300		12,776,092
Newfield Exploration Co.*	291,100		15,340,970
Penn Virginia Corp.	193,300		8,433,679
Range Resources Corp.	262,500		13,482,000

			68,430,000

Total Energy			138,423,043

Financials (6.7%)
*Capital Markets (5.9%)*
Affiliated Managers Group, Inc.*^	126,200		14,823,452
Greenhill & Co., Inc.^	248,300		16,506,984
Lazard Ltd., Class A^	393,200		15,995,376
MF Global Ltd.*	476,800		15,004,896
optionsXpress Holdings, Inc.^	443,390		14,995,450

			77,326,158

*Commercial Banks (0.7%)*
Boston Private Financial Holdings, Inc.^	26,600		720,328
Western Alliance Bancorp*^	412,300		7,738,871

			8,459,199

*Diversified Financial Services (0.1%)*
Primus Guaranty Ltd.*^	236,590		1,658,496

Total Financials			87,443,853

Health Care (18.7%)
*Biotechnology (2.3%)*
Alexion Pharmaceuticals, Inc.*^	202,800		15,216,084
OSI Pharmaceuticals, Inc.*^	156,400		7,586,964
Pharmion Corp.*^	100,300		6,304,858
Savient Pharmaceuticals, Inc.*^	44,700		1,026,759

			30,134,665

*Health Care Equipment & Supplies (8.0%)*
ArthroCare Corp.*^	316,340		15,200,137
Hansen Medical, Inc.*^	508,600		15,227,484
Hologic, Inc.*^	349,400		23,982,816
Masimo Corp.*^	96,400		3,802,980
Meridian Bioscience, Inc.^	614,950		18,497,696
NuVasive, Inc.*^	342,800		13,547,456
TomoTherapy, Inc.*^	782,500		15,305,700

			105,564,269

*Health Care Providers & Services (1.7%)*
HealthExtras, Inc.*^	468,900		12,228,912
Psychiatric Solutions, Inc.*^	291,000		9,457,500

			21,686,412

*Health Care Technology (1.6%)*
MedAssets, Inc.*^	240,100		5,747,994
TriZetto Group, Inc.*^	873,100		15,165,747

			20,913,741

*Life Sciences Tools & Services (3.7%)*
AMAG Pharmaceuticals, Inc.*^	228,400		13,733,692
ICON plc (ADR)*	309,600		19,151,856
Ventana Medical Systems, Inc.*^	94,430		8,237,129
WuXi PharmaTech Cayman, Inc. (ADR)*^	267,300		7,815,852

			48,938,529

*Pharmaceuticals (1.4%)*
Auxilium Pharmaceuticals, Inc.*^	39,200		1,175,608
Jazz Pharmaceuticals, Inc.*^	240,300		3,532,410
MGI Pharma, Inc.*	243,900		9,885,267
XenoPort, Inc.*	71,000		3,967,480

			18,560,765

Total Health Care			245,798,381

Industrials (18.7%)
*Aerospace & Defense (1.5%)*
Hexcel Corp.*^	806,400		19,579,392

*Commercial Services & Supplies (2.5%)*
Duff & Phelps Corp., Class A*	163,500		3,217,680
Knoll, Inc.^	641,500		10,539,845
Stericycle, Inc.*	330,080		19,606,752

			33,364,277

*Construction & Engineering (1.7%)*
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)	149,700		9,047,868
Granite Construction, Inc.^	380,200		13,755,636

			22,803,504

*Electrical Equipment (3.8%)*
Ametek, Inc.	515,050		24,124,942
Baldor Electric Co.^	531,200		17,880,192
EnerSys*	308,300		7,695,168

			49,700,302

148

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
*Machinery (7.9%)*
Astec Industries, Inc.*^		352,000	$	13,090,880
Bucyrus International, Inc., Class A^		32,900		3,269,931
Chart Industries, Inc.*^		296,100		9,149,490
IDEX Corp.^		550,150		19,876,919
Joy Global, Inc.		314,800		20,720,136
Kaydon Corp.^		243,300		13,269,582
Lincoln Electric Holdings, Inc.		304,000		21,638,720
Valmont Industries, Inc.^		35,300		3,145,936

				104,161,594

*Trading Companies & Distributors (1.3%)*
MSC Industrial Direct Co.^		412,600		16,697,922

Total Industrials				246,306,991

Information Technology (24.7%)
*Communications Equipment (3.1%)*
Foundry Networks, Inc.*^		1,261,600		22,103,232
NETGEAR, Inc.*^		518,700		18,502,029

				40,605,261

*Computers & Peripherals (0.8%)*
Synaptics, Inc.*^		241,500		9,940,140

*Electronic Equipment & Instruments (1.8%)*
Amphenol Corp., Class A		499,340		23,154,396

*Internet Software & Services (5.3%)*
comScore, Inc.*^		338,100		11,032,203
DealerTrack Holdings, Inc.*^		606,300		20,292,861
Omniture, Inc.*^		366,600		12,204,114
VistaPrint Ltd.*^		613,310		26,280,333

				69,809,511

*IT Services (2.1%)*
Iron Mountain, Inc.*^		555,257		20,555,614
VeriFone Holdings, Inc.*^		310,100		7,209,825

				27,765,439

*Semiconductors & Semiconductor Equipment (5.1%)*
FormFactor, Inc.*^		292,900		9,694,990
Hittite Microwave Corp.*^		456,500		21,802,440
Integrated Device Technology, Inc.*		506,600		5,729,646
Intersil Corp., Class A		26,846		657,190
Microsemi Corp.*^		715,300		15,836,742
ON Semiconductor Corp.*^		1,546,170		13,729,990

				67,450,998

*Software (6.5%)*
Activision, Inc.*		655,377		19,464,697
Commvault Systems, Inc.*^		844,300		17,882,274
Informatica Corp.*^		1,054,800		19,007,496
Quest Software, Inc.*^		332,540		6,132,038
SuccessFactors, Inc.*^		700,700		8,282,274
Synchronoss Technologies, Inc.*^		430,260		15,248,414

				86,017,193

Total Information Technology				324,742,938

Telecommunication Services (3.2%)
*Diversified Telecommunication Services (1.5%)*
Cbeyond, Inc.*^		408,300		15,919,617
Time Warner Telecom, Inc., Class A*		198,300		4,023,507

				19,943,124

*Wireless Telecommunication Services (1.7%)*
SBA Communications Corp., Class A*^		642,800		21,752,352

Total Telecommunication Services				41,695,476

Total Common Stocks (98.3%)
(Cost $1,070,731,699)				1,292,277,348


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (45.5%)
American Honda Finance Corp.
5.16%, 9/11/08 (l)	$	5,000,000		5,000,000
ANZ National Bank Ltd.
4.36%, 3/6/09 (l)		17,994,096		17,994,096
Bancaja U.S. Debt S.A.U.
5.40%, 1/23/08		10,000,000		10,000,000
Banco de Sabadell S.A.
5.19%, 4/23/09 (l)		10,000,000		10,000,000
Bank of Montreal/Chicago
5.14%, 3/12/09 (l)		10,000,000		10,000,000
Barclays Capital, Repurchase Agreement
4.65%, 1/2/08 (r)		20,000,000		20,000,000
BBVA Senior Finance S.A.
5.18%, 3/12/10 (l)		15,000,000		15,000,000
BCP Finance Bank Ltd.
5.28%, 9/2/08 (l)		15,000,000		15,000,000
Bear Stearns Cos., Inc.
5.63%, 3/31/08 (l)		5,000,000		5,000,000
4.63%, 3/23/09 (l)		10,000,000		10,000,000
Beta Finance, Inc.
4.38%, 2/17/09 (l)		14,993,308		14,993,308
Caixa d’Estalvis i Pensions de Barcelona/Catalonia
5.18%, 6/30/08 (l)		18,500,000		18,500,000
Calyon/New York
4.37%, 10/14/08 (l)		9,998,084		9,998,084
4.41%, 7/2/10 (l)		4,997,430		4,997,430
CAM U.S. Finance S.A.
4.96%, 2/2/09 (l)		10,000,000		10,000,000
CC USA, Inc.
4.38%, 2/20/08 (l)		2,999,849		2,999,849
Citigroup Funding, Inc.
4.36%, 3/16/09 (l)		12,000,000		12,000,000
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		4,500,000		4,500,000
Comerica Bank
4.37%, 8/7/08 (l)		10,997,211		10,997,211
5.05%, 3/16/09 (l)		9,999,249		9,999,249
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		40,000,000		40,000,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		189,693,403		189,693,403
Five Finance, Inc.
4.38%, 2/23/09 (l)		14,992,841		14,992,841
General Electric Capital Corp.
4.40%, 3/12/10 (l)		15,000,000		15,000,000
Glitnir banki hf
5.09%, 1/15/08 (l)		15,000,000		15,000,000
Goldman Sachs Group, Inc.
4.41%, 3/27/09 (l)		18,000,000		18,000,000

149

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Principal Amount		Value (Note 1)
HBOS Treasury Services plc
4.37%, 7/17/08 (l)	$	5,000,000	$	5,000,000
Lehman Brothers Holdings, Inc.
5.22%, 4/2/08 (l)		14,252,723		14,252,723
MassMutual Global Funding II
4.40%, 3/26/10 (l)		14,000,000		14,000,000
MBIA Global Funding LLC
4.36%, 1/23/09 (l)		7,500,000		7,500,000
Merrill Lynch & Co., Inc.
5.30%, 5/8/09 (l)		6,000,000		6,000,000
Monumental Global Funding II
4.40%, 3/26/10 (l)		10,000,000		10,000,000
Monumental Global Funding Ltd.
5.07%, 5/24/10 (l)		5,500,000		5,500,000
Pricoa Global Funding I
4.40%, 12/15/09 (l)		11,000,000		11,000,000
4.40%, 6/25/10 (l)		4,998,751		4,998,751
Tango Finance Corp.
4.38%, 6/25/09 (l)		9,994,575		9,994,575

Total Short-Term Investments of Cash Collateral for Securities Loaned				597,911,520

Time Deposit (2.2%)
JPMorgan Chase Nassau
3.51%, 1/2/08		28,786,914		28,786,914

Total Short-Term Investments (47.7%)
(Amortized Cost $626,698,434)				626,698,434

Total Investments (146.0%)
(Cost/Amortized Cost $1,697,430,133)				1,918,975,782
Other Assets Less Liabilities (-46.0%)				(604,441,962	)

Net Assets (100%)			$	1,314,533,820

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,061,814,913
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,189,147,219

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	266,187,654
Aggregate gross unrealized depreciation		(48,097,512	)

Net unrealized appreciation	$	218,090,142

Federal income tax cost of investments	$	1,700,885,640

At December 31, 2007, the Portfolio had loaned securities with a total value of $579,820,139. This was secured by collateral of $597,911,520 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $6,164, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the year ended December 31, 2007, the Portfolio incurred approximately $3,700 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carry forward of $1,353,060 which expires in the year 2009.

The Portfolio utilized capital loss carryforward of $676,530 during 2007.

See Notes to Financial Statements.

150

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.3%)
*Auto Components (0.9%)*
Autoliv, Inc.^	330,700	$	17,431,197
BorgWarner, Inc.^	524,200		25,376,522
Lear Corp.*^	36,700		1,015,122
Magna International, Inc., Class A	240,200		19,319,286

			63,142,127

*Automobiles (0.6%)*
General Motors Corp.^	1,821,100		45,327,179

*Hotels, Restaurants & Leisure (0.9%)*
McDonald’s Corp.	1,103,900		65,030,749

*Household Durables (1.0%)*
Black & Decker Corp.^	255,900		17,823,435
Centex Corp.^	894,000		22,582,440
KB Home^	439,100		9,484,560
Newell Rubbermaid, Inc.^	7,020		181,677
Pulte Homes, Inc.^	1,793,068		18,898,937

			68,971,049

*Leisure Equipment & Products (0.4%)*
Brunswick Corp.^	692,500		11,807,125
Mattel, Inc.	680,000		12,947,200

			24,754,325

*Media (3.1%)*
CBS Corp., Class B^	1,954,450		53,258,762
Gannett Co., Inc.^	1,085,500		42,334,500
Idearc, Inc.^	1,259,300		22,113,308
Interpublic Group of Cos., Inc.*^	1,177,500		9,549,525
Time Warner, Inc.	2,999,700		49,525,047
Viacom, Inc., Class B*	1,023,700		44,960,904

			221,742,046

*Multiline Retail (0.9%)*
Dillard’s, Inc., Class A^	201,625		3,786,518
Family Dollar Stores, Inc.^	741,300		14,255,199
Macy’s, Inc.	1,710,200		44,242,874

			62,284,591

*Specialty Retail (1.9%)*
Gap, Inc.	2,152,700		45,809,456
Home Depot, Inc.	2,032,600		54,758,244
Limited Brands, Inc.^	55,100		1,043,043
Lowe’s Cos., Inc.^	1,099,600		24,872,952
Office Depot, Inc.*	693,400		9,645,194

			136,128,889

*Textiles, Apparel & Luxury Goods (0.6%)*
Jones Apparel Group, Inc.^	1,590,425		25,430,896
VF Corp.^	210,200		14,432,332

			39,863,228

Total Consumer Discretionary			727,244,183

Consumer Staples (9.2%)
*Beverages (0.3%)*
Molson Coors Brewing Co., Class B^	464,000		23,951,680

*Food & Staples Retailing (1.9%)*
Kroger Co.	1,012,600		27,046,546
Safeway, Inc.^	1,568,400		53,654,964
SUPERVALU, Inc.	1,188,000		44,573,760
Wal-Mart Stores, Inc.	200,000		9,506,000

			134,781,270

*Food Products (2.2%)*
ConAgra Foods, Inc.	1,009,600		24,018,384
General Mills, Inc.	412,800		23,529,600
Kellogg Co.	468,795		24,578,922
Kraft Foods, Inc., Class A	488,500		15,939,755
Sara Lee Corp.	2,746,100		44,102,366
Tyson Foods, Inc., Class A	1,718,200		26,340,006

			158,509,033

*Household Products (3.1%)*
Colgate-Palmolive Co.	415,300		32,376,788
Procter & Gamble Co.	2,563,200		188,190,144

			220,566,932

*Tobacco (1.7%)*
Altria Group, Inc.	1,541,700		116,521,686

Total Consumer Staples			654,330,601

Energy (16.5%)
*Oil, Gas & Consumable Fuels (16.5%)*
BP plc (ADR)^	590,100		43,177,617
Chevron Corp.^	2,687,800		250,852,374
ConocoPhillips	2,197,300		194,021,590
Exxon Mobil Corp.	4,584,482		429,520,119
Marathon Oil Corp.	1,423,500		86,634,210
Occidental Petroleum Corp.	1,035,600		79,730,844
Royal Dutch Shell plc (ADR)	521,200		43,885,040
Total S.A. (Sponsored ADR)^	506,400		41,828,640

			1,169,650,434

Total Energy			1,169,650,434

Financials (27.5%)
*Capital Markets (3.9%)*
Deutsche Bank AG (Registered)^	308,600		39,935,926
Goldman Sachs Group, Inc.	400,600		86,149,030
Merrill Lynch & Co., Inc.	1,222,500		65,623,800
Morgan Stanley	1,615,900		85,820,449

			277,529,205

*Commercial Banks (3.2%)*
Comerica, Inc.^	888,200		38,663,346
Fifth Third Bancorp^	499,600		12,554,948
KeyCorp	601,700		14,109,865
SunTrust Banks, Inc.	234,700		14,666,403
U.S. Bancorp	897,100		28,473,954
Wachovia Corp.^	1,186,600		45,126,398
Wells Fargo & Co.^	2,358,900		71,215,191

			224,810,105

*Consumer Finance (0.1%)*
Discover Financial Services^	683,900		10,313,212

*Diversified Financial Services (8.2%)*
Bank of America Corp.	5,336,700		220,192,242
CIT Group, Inc.^	1,294,300		31,102,029
Citigroup, Inc.	4,612,700		135,797,888
JPMorgan Chase & Co.	4,395,800		191,876,670

			578,968,829

*Insurance (10.4%)*
ACE Ltd.	977,600		60,396,128
Allstate Corp.	1,363,000		71,189,490
Ambac Financial Group, Inc.^	742,400		19,131,648
American International Group, Inc.	2,725,500		158,896,650
Chubb Corp.	312,800		17,072,624
Everest Reinsurance Group Ltd.	470,600		47,248,240
Fidelity National Financial, Inc., Class A^	676,500		9,883,665
Genworth Financial, Inc., Class A	1,760,700		44,809,815
Hartford Financial Services Group, Inc.	363,700		31,711,003
MBIA, Inc.^	393,300		7,327,179
MetLife, Inc.	1,121,000		69,076,020
Old Republic International Corp.^	1,999,300		30,809,213
PartnerReinsurance Ltd.^	108,600		8,962,758
RenaissanceReinsurance Holdings Ltd.^	281,300		16,945,512
Torchmark Corp.	80,200		4,854,506

151

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
Travelers Cos., Inc.		1,476,200	$	79,419,560
Unum Group		1,935,900		46,055,061
XL Capital Ltd., Class A		257,500		12,954,825

				736,743,897

*Thrifts & Mortgage Finance (1.7%)*
Fannie Mae		1,606,150		64,213,877
Freddie Mac		1,052,500		35,858,675
Washington Mutual, Inc.^		1,347,300		18,336,753

				118,409,305

Total Financials				1,946,774,553

Health Care (8.3%)
*Health Care Equipment & Supplies (0.1%)*
Covidien Ltd.		181,250		8,027,562

*Health Care Providers & Services (2.2%)*
Aetna, Inc.		784,800		45,306,504
AmerisourceBergen Corp.		964,100		43,259,167
Cardinal Health, Inc.		561,700		32,438,175
McKesson Corp.		453,200		29,689,132

				150,692,978

*Pharmaceuticals (6.0%)*
Eli Lilly & Co.		1,232,000		65,776,480
Johnson & Johnson		1,333,400		88,937,780
Merck & Co., Inc.		1,167,500		67,843,425
Pfizer, Inc.		8,967,500		203,831,275

				426,388,960

Total Health Care				585,109,500

Industrials (9.5%)
*Aerospace & Defense (1.2%)*
Boeing Co.		260,800		22,809,568
Northrop Grumman Corp.		844,100		66,380,024

				89,189,592

*Commercial Services & Supplies (1.0%)*
Allied Waste Industries, Inc.*^		3,272,500		36,062,950
Pitney Bowes, Inc.		907,700		34,528,908

				70,591,858

*Industrial Conglomerates (4.8%)*
General Electric Co.		8,558,000		317,245,060
Tyco International Ltd.		548,512		21,748,501

				338,993,561

*Machinery (2.3%)*
Caterpillar, Inc.^		512,300		37,172,488
Cummins, Inc.		30,300		3,859,311
Eaton Corp.		303,800		29,453,410
Ingersoll-Rand Co., Ltd., Class A		700,300		32,542,941
PACCAR, Inc.^		562,950		30,669,516
SPX Corp.		278,900		28,684,865

				162,382,531

*Road & Rail (0.2%)*
Avis Budget Group, Inc.*^		911,200		11,845,600

Total Industrials				673,003,142

Information Technology (3.8%)
*Communications Equipment (0.5%)*
Nokia Oyj (ADR)^		951,600		36,531,924

*Computers & Peripherals (1.3%)*
Dell, Inc.*		459,400		11,259,894
International Business Machines Corp.		634,600		68,600,260
Lexmark International, Inc., Class A*		342,300		11,932,578

				91,792,732

*Electronic Equipment & Instruments (1.6%)*
Arrow Electronics, Inc.*		970,500		38,121,240
Avnet, Inc.*		850,000		29,724,500
Flextronics International Ltd.*		2,689,055		32,430,003
Sanmina-SCI Corp.*^		1,589,400		2,892,708
Tech Data Corp.*		179,700		6,778,284
Tyco Electronics Ltd.		181,250		6,729,813

				116,676,548

*IT Services (0.4%)*
Electronic Data Systems Corp.		1,343,100		27,842,463

Total Information Technology				272,843,667

Materials (4.7%)
*Chemicals (2.7%)*
Ashland, Inc.		547,600		25,972,668
Dow Chemical Co.		1,950,400		76,884,768
E.I. du Pont de Nemours & Co.		1,663,400		73,339,306
Lubrizol Corp.		264,800		14,341,568

				190,538,310

*Containers & Packaging (1.4%)*
Ball Corp.		765,500		34,447,500
Crown Holdings, Inc.*		771,100		19,778,715
Owens-Illinois, Inc.*		714,900		35,387,550
Smurfit-Stone Container Corp.*^		719,500		7,597,920
Sonoco Products Co.		123,700		4,042,516

				101,254,201

*Metals & Mining (0.6%)*
ArcelorMittal (N.Y. Shares)^		515,900		39,904,865

Total Materials				331,697,376

Telecommunication Services (8.5%)
*Diversified Telecommunication Services (6.8%)*
AT&T, Inc.		7,386,100		306,966,316
Verizon Communications, Inc.		3,973,200		173,589,108

				480,555,424

*Wireless Telecommunication Services (1.7%)*
Sprint Nextel Corp.		5,605,400		73,598,902
Vodafone Group plc (ADR)^		1,216,200		45,388,584

				118,987,486

Total Telecommunication Services				599,542,910

Utilities (1.3%)
*Electric Utilities (0.3%)*
Entergy Corp.		57,148		6,830,329
Pinnacle West Capital Corp.^		368,300		15,619,603

				22,449,932

*Independent Power Producers & Energy* *Traders (0.2%)*
Constellation Energy Group, Inc.		138,900		14,241,417

*Multi-Utilities (0.8%)*
Ameren Corp.^		1,002,800		54,361,788
Wisconsin Energy Corp.^		45,400		2,211,434

				56,573,222

Total Utilities				93,264,571

Total Common Stocks (99.6%)
(Cost $6,653,843,323)				7,053,460,937


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (5.5%)
Banco de Sabadell S.A.
5.19%, 4/23/09 (l)	$	12,000,000		12,000,000
Bank of Montreal/Chicago
5.14%, 3/12/09 (l)		10,000,000		10,000,000
BCP Finance Bank Ltd.
5.28%, 9/2/08 (l)		10,000,000		10,000,000

152

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Principal Amount		Value (Note 1)
Calyon/New York
4.37%, 10/14/08 (l)	$	14,996,946	$	14,996,946
CC USA, Inc.
4.38%, 2/12/09 (l)		9,995,534		9,995,534
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		14,100,000		14,100,000
Comerica Bank
5.05%, 3/16/09 (l)		9,999,249		9,999,249
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		30,000,000		30,000,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		94,000,875		94,000,875
Goldman Sachs Group, Inc.
4.62%, 8/18/08 (l)		10,000,000		10,000,000
Lehman Brothers Holdings, Inc.
4.62%, 8/24/09 (l)		10,000,000		10,000,000
MBIA Global Funding LLC
4.37%, 9/25/08 (l)		7,500,000		7,500,000
Merrill Lynch & Co., Inc.
4.42%, 6/29/09 (l)		5,000,000		5,000,000
Monumental Global Funding II
4.36%, 4/25/08 (l)		15,000,000		15,000,000
4.40%, 3/26/10 (l)		1,000,000		1,000,000
Morgan Stanley, Repurchase Agreement
4.70%, 1/2/08 (r)		92,066,349		92,066,349
National Bank of Canada/New York
5.16%, 4/16/08 (l)		2,000,000		2,000,000
Pricoa Global Funding I
4.37%, 9/22/08 (l)		5,000,000		5,000,000
SLM Corp.
5.08%, 12/15/08 (l)		5,002,336		5,002,336
Swedbank AB/New York
5.15%, 4/16/08 (l)		4,500,000		4,500,000
Tango Finance Corp.
4.38%, 6/25/09 (l)		9,994,575		9,994,575
Wachovia Bank N.A.
4.37%, 6/27/08 (l)		13,499,350		13,499,350
Wells Fargo & Co.
4.62%, 2/2/09 (l)		7,500,000		7,500,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				393,155,214

Time Deposit (0.4%)
JPMorgan Chase Nassau
3.51%, 1/2/08		25,304,123		25,304,123

Total Short-Term Investments (5.9%)
(Amortized Cost $418,459,337)				418,459,337

Total Investments (105.5%)
(Cost/Amortized Cost $7,072,302,660)				7,471,920,274
Other Assets Less Liabilities (-5.5%)				(390,504,327	)

Net Assets (100%)			$	7,081,415,947

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	5,552,119,727
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	2,805,808,932

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	1,080,325,243
Aggregate gross unrealized depreciation		(683,953,057	)

Net unrealized appreciation	$	396,372,186

Federal income tax cost of investments	$	7,075,548,088

At December 31, 2007, the Portfolio had loaned securities with a total value of $383,750,327. This was secured by collateral of $393,155,214 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $42,850, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

See Notes to Financial Statements.

153

EQ ADVISORS TRUST

EQ/ARIEL APPRECIATION II PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (26.4%)
*Diversified Consumer Services (3.6%)*
H&R Block, Inc.^		87,075	$	1,616,983
Sotheby’s, Inc.^		15,900		605,790

				2,222,773

*Hotels, Restaurants & Leisure (7.1%)*
Carnival Corp.		44,100		1,962,009
Yum! Brands, Inc.		63,400		2,426,318

				4,388,327

*Household Durables (5.2%)*
Black & Decker Corp.^		22,300		1,553,195
Mohawk Industries, Inc.*^		22,100		1,644,240

				3,197,435

*Media (10.5%)*
CBS Corp., Class B		59,600		1,624,100
Gannett Co., Inc.		48,400		1,887,600
Interpublic Group of Cos., Inc.*^		72,900		591,219
McClatchy Co., Class A^		55,800		698,616
Omnicom Group, Inc.		34,000		1,616,020

				6,417,555

Total Consumer Discretionary				16,226,090

Consumer Staples (9.5%)
*Beverages (3.7%)*
Constellation Brands, Inc., Class A*		94,800		2,241,072

*Household Products (5.8%)*
Clorox Co.		30,600		1,994,202
Energizer Holdings, Inc.*		14,200		1,592,246

				3,586,448

Total Consumer Staples				5,827,520

Financials (28.1%)
*Capital Markets (13.0%)*
Franklin Resources, Inc.		11,500		1,315,945
Janus Capital Group, Inc.^		71,000		2,332,350
Northern Trust Corp.		32,200		2,465,876
T. Rowe Price Group, Inc.		31,100		1,893,368

				8,007,539

*Commercial Banks (3.2%)*
City National Corp./California^		32,700		1,947,285

*Diversified Financial Services (2.1%)*
Moody’s Corp.^		36,000		1,285,200

*Insurance (5.6%)*
Aflac, Inc.		33,000		2,066,790
HCC Insurance Holdings, Inc.		48,700		1,396,716

				3,463,506

*Real Estate Management & Development (4.2%)*
CB Richard Ellis Group, Inc., Class A*^		62,700		1,351,185
Jones Lang LaSalle, Inc.^		17,100		1,216,836

				2,568,021

Total Financials				17,271,551

Health Care (10.2%)
*Health Care Equipment & Supplies (3.6%)*
Baxter International, Inc.		38,100		2,211,705

*Health Care Technology (3.2%)*
IMS Health, Inc.		86,700		1,997,568

*Life Sciences Tools & Services (3.4%)*
Thermo Fisher Scientific, Inc.*		35,900		2,070,712

Total Health Care				6,279,985

Industrials (13.2%)
*Building Products (2.3%)*
USG Corp.*^		39,600		1,417,284

*Commercial Services & Supplies (9.2%)*
Dun & Bradstreet Corp.^		18,800		1,666,244
Equifax, Inc.^		51,000		1,854,360
Pitney Bowes, Inc.		56,200		2,137,848

				5,658,452

*Machinery (1.7%)*
Illinois Tool Works, Inc.		18,700		1,001,198

Total Industrials				8,076,934

Information Technology (9.2%)
*Electronic Equipment & Instruments (2.0%)*
Anixter International, Inc.*^		19,100		1,189,357

*IT Services (7.2%)*
Accenture Ltd., Class A		68,200		2,457,246
Hewitt Associates, Inc., Class A*		51,500		1,971,935

				4,429,181

Total Information Technology				5,618,538

Total Common Stocks (96.6%)
(Cost $59,273,284)				59,300,618


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (21.9%)
CDC Financial Products, Inc.
4.65%, 2/29/08 (l)	$	250,000		250,000
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		10,000,000		10,000,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		3,198,659		3,198,659

Total Short-Term Investments of Cash Collateral for Securities Loaned				13,448,659

Time Deposit (3.3%)
JPMorgan Chase Nassau
3.51%, 1/2/08		1,995,641		1,995,641

Total Short-Term Investments (25.2%)
(Amortized Cost $15,444,300)				15,444,300

Total Investments (121.8%)
(Cost/Amortized Cost $74,717,584)				74,744,918
Other Assets Less Liabilities (-21.8%)				(13,402,441	)

Net Assets (100%)			$	61,342,477

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

154

EQ ADVISORS TRUST

EQ/ARIEL APPRECIATION II PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	38,470,596
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	13,896,797

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	5,919,842
Aggregate gross unrealized depreciation		(5,901,964	)

Net unrealized appreciation	$	17,878

Federal income tax cost of investments	$	74,727,040

At December 31, 2007, the Portfolio had loaned securities with a total value of $13,139,403. This was secured by collateral of $13,448,659 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

See Notes to Financial Statements.

155

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PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS: (A)
Automobiles & Components (0.5%)
Aftermarket Technology Corp.*	10,142	$	276,471
American Axle & Manufacturing Holdings, Inc.	120		2,234
Standard Motor Products, Inc.	4,250		34,680
Superior Industries International, Inc.	2,900		52,693
Thor Industries, Inc.	2,594		98,598
TRW Automotive Holdings Corp.*	20,090		419,881

			884,557

Banks (3.3%)
1st Constitution Bancorp*	115		1,840
1st Independence Financial Group, Inc.	40		385
Alliance Financial Corp./New York	348		9,048
BancFirst Corp.	1,900		81,415
Banco Latinoamericano de Exportaciones S.A., Class E	13,000		212,030
Bank Holdings*	2,996		29,331
Bank of Granite Corp.	7,964		84,179
Bank of Marin Bancorp/California	800		22,680
Banner Corp.	3,083		88,575
Berkshire Hills Bancorp, Inc.	5,040		131,040
Beverly Hills Bancorp, Inc.	11,625		59,287
BOE Financial Services of Virginia, Inc.	300		9,510
Britton & Koontz Capital Corp.	700		11,998
Camco Financial Corp.	645		7,127
Carolina Bank Holdings, Inc.*	1,500		16,830
Carrollton Bancorp	300		4,179
Carver Bancorp, Inc.	1,700		23,273
Cascade Financial Corp.	2,870		39,032
CCF Holding Co.	490		5,145
Central Bancorp, Inc.	200		4,030
Central Pacific Financial Corp.	402		7,421
Central Virginia Bankshares, Inc.	1,600		29,120
Centrue Financial Corp.	140		3,114
CFS Bancorp, Inc.	6,351		92,979
Citizens South Banking Corp.	94		952
Codorus Valley Bancorp, Inc.	659		11,252
Community Bankshares, Inc./South Carolina	2,790		37,525
Community Capital Corp.	2,398		35,922
Community Financial Corp./Virginia	1,200		10,788
Crescent Banking Co.	560		7,157
Epic bancorp	820		9,077
EuroBancshares, Inc.*	6,405		25,620
Farmer Mac, Class C	5,250		138,180
Farmers Capital Bank Corp.	4,700		126,900
Fidelity Southern Corp.	3,687		34,400
Financial Institutions, Inc.	1,570		27,977
First Bancorp of Indiana, Inc.	1,200		13,500
First Bancshares, Inc./Missouri*	100		1,649
First BancTrust Corp.	20		212
First Busey Corp.	96		1,907
First California Financial Group, Inc.*	3,673		33,241
First Capital, Inc.	110		1,815
First Citizens Banc Corp.	1,800		25,074
First Defiance Financial Corp.	3,767		82,949
First Federal Bancshares of Arkansas, Inc.	1,000		14,500
First Federal Bankshares, Inc.	1,450		20,445
First Financial Bancorp	520		5,928
First Franklin Corp.	400		4,000
First M&F Corp.	600		9,480
First Merchants Corp.	9,576		209,140
First National Lincoln Corp.	1,500		21,960
First Niagara Financial Group, Inc.	53,399		642,936
First PacTrust Bancorp, Inc.	975		17,550
First Place Financial Corp./Ohio	9,193		128,610
First United Corp.	3,640		73,200
First West Virginia Bancorp, Inc.	100		1,465
FNB United Corp.	2,827		34,376
Franklin Bank Corp./Texas*	13,159		56,715
Gateway Financial Holdings, Inc.	7,500		89,475
Greene Bancshares, Inc.	148		2,842
GS Financial Corp.	900		17,046
Guaranty Federal Bancshares, Inc.	1,710		49,111
Habersham Bancorp	1,900		29,497
Harrington West Financial Group, Inc.	740		8,325
Hawthorn Bancshares, Inc.	280		7,000
HF Financial Corp.	980		14,847
HMN Financial, Inc.	2,700		65,205
Home Federal Bancorp/Indiana	220		5,058
Horizon Bancorp/Indiana	100		2,565
Independent Bank Corp./Michigan	7,000		66,500
Integra Bank Corp.	11,436		161,362
Jefferson Bancshares, Inc./Tennessee	3,000		30,300
Leesport Financial Corp.	374		6,676
MASSBANK Corp.	200		7,284
Monarch Community Bancorp, Inc.	1,690		19,401
Monroe Bancorp.	400		6,400
MutualFirst Financial, Inc.	1,100		15,070
Nara Bancorp, Inc.	41		478
National Bankshares, Inc.	570		9,747
New Hampshire Thrift Bancshares, Inc.	1,864		23,244
NewBridge Bancorp	1,520		16,401
North Central Bancshares, Inc.	100		3,263
Northrim BanCorp, Inc.	3,799		80,995
OceanFirst Financial Corp.	7,118		112,536
Pacific Premier Bancorp, Inc.*	3,391		23,432
Park Bancorp, Inc.	100		2,450
Parkvale Financial Corp.	1,070		29,692
Peoples Bancorp of North Carolina, Inc.	1,134		17,010
Peoples Bancorp/Indiana	100		1,485
Peoples Bancorp, Inc.	6,100		151,829
Pinnacle Bancshares, Inc.	300		3,375
Premier Financial Bancorp, Inc.	300		3,834
Princeton National Bancorp, Inc.	100		2,425
Provident Community Bancshares, Inc.	510		10,197
Provident Financial Holdings, Inc.	2,106		34,665
QCR Holdings, Inc.	460		6,555
Republic First Bancorp, Inc.*	3,100		21,390
Royal Bancshares of Pennsylvania, Inc., Class A	2,250		24,750
Rurban Financial Corp.	985		12,303
Severn Bancorp, Inc.	6,560		63,763

156

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EQ/AXA ROSENBERG VALUE LONG/SHORT EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Shore Financial Corp.	380	$	4,636
Simmons First National Corp., Class A	8,100		214,650
Southern First Bancshares, Inc.*	1,020		14,015
Southern Missouri Bancorp, Inc.	340		4,757
Southwest Bancorp, Inc./Oklahoma	8,481		155,457
Synovus Financial Corp.	379		9,126
Team Financial, Inc.	400		5,932
Texas Capital Bancshares, Inc.*	9,510		173,557
TF Financial Corp.	1,700		41,888
UnionBanCal Corp.	13,500		660,285
United Bancshares, Inc./Ohio	10		139
United Community Financial Corp./Ohio	16,000		88,320
United Western Bancorp, Inc.	930		18,600
Unity Bancorp, Inc.	1		5
Univest Corp. of Pennsylvania	577		12,180
Virginia Financial Group, Inc.	5,795		86,056
Wainwright Bank & Trust Co.	115		1,523
Wayne Savings Bancshares, Inc.	200		2,174
Wilber Corp.	1,040		9,100
WSFS Financial Corp.	3,560		178,712

			5,780,865

Capital Goods (8.1%)
AAR Corp.*	4,110		156,303
Aecom Technology Corp.*	4,000		114,280
AGCO Corp.*	35,500		2,413,290
Applied Industrial Technologies, Inc.	2,260		65,585
Baldwin Technology Co. Inc., Class A*	9,620		45,406
Chase Corp.	1,400		35,350
Chicago Rivet & Machine Co.	230		4,623
Ducommun, Inc.*	6,940		263,720
Eastern Co.	600		11,004
Espey Manufacturing & Electronics Corp.	120		2,254
Gardner Denver, Inc.*	260		8,580
Granite Construction, Inc.	3,180		115,052
Hardinge, Inc.	1,280		21,478
Harsco Corp.	18,786		1,203,619
Herley Industries, Inc.*	7,410		101,888
Hurco Cos., Inc.*	2,990		130,514
Huttig Building Products, Inc.*	13,010		45,405
II-VI, Inc.*	10,684		326,396
Industrial Distribution Group, Inc.*	2,527		28,934
Jacobs Engineering Group, Inc.*	11,100		1,061,271
K-Tron International, Inc.*	600		71,550
Kadant, Inc.*	9,280		275,338
Kaman Corp.	230		8,466
Kennametal, Inc.	33,660		1,274,368
Key Technology, Inc.*	100		3,450
L.S. Starrett Co., Class A	4,298		72,679
Lawson Products, Inc.	718		27,227
Lydall, Inc.*	10,180		107,094
Meadow Valley Corp.*	2,930		37,299
Middleby Corp.*	468		35,858
Mueller Industries, Inc.	1,000		28,990
NACCO Industries, Inc., Class A	2,800		279,132
Nortech Systems, Inc.*	503		3,247
Northwest Pipe Co.*	310		12,133
Orbital Sciences Corp.*	6,800		166,736
Perini Corp.*	12,400		513,608
Precision Castparts Corp.	2,490		345,363
Preformed Line Products Co.	700		41,650
Regal-Beloit Corp.	4,044		181,778
Robbins & Myers, Inc.	4,510		341,091
Rush Enterprises, Inc., Class A*	4,141		75,283
Rush Enterprises, Inc., Class B*	9,924		176,647
SL Industries, Inc.*	400		8,048
SPX Corp.	5,580		573,903
Standex International Corp.	6,690		116,741
Supreme Industries, Inc., Class A	6,500		37,700
Sypris Solutions, Inc.	3,522		21,484
Teledyne Technologies, Inc.*	15,200		810,616
Teleflex, Inc.	5,770		363,568
Tennant Co.	4,660		206,391
Tredegar Corp.	7,170		115,294
Twin Disc, Inc.	1,220		86,339
URS Corp.*	27,150		1,475,060
W.W. Grainger, Inc.	1,570		137,406
Willis Lease Finance Corp.*	5,100		63,954

			14,250,443

Commercial Services & Supplies (1.7%)
A.T. Cross Co., Class A*	300		2,994
Allied Waste Industries, Inc.*	10		110
Avalon Holdings Corp., Class A*	850		4,548
Bowne & Co., Inc.	13,840		243,584
CBIZ, Inc.*	1,611		15,804
CDI Corp.	8,680		210,577
Champion Industries, Inc.	2,560		11,571
Comfort Systems USA, Inc.	22,730		290,489
Deluxe Corp.	1,930		63,478
Ecology and Environment, Inc., Class A	682		7,563
Exponent, Inc.*	2,400		64,896
GeoEye, Inc.*	5,154		173,432
GP Strategies Corp.*	6,365		67,787
Interface, Inc., Class A	11,003		179,569
Kelly Services, Inc., Class A	12,300		229,518
Kforce, Inc.*	20,100		195,975
Nashua Corp.*	900		10,458
National Technical Systems, Inc.*	5,200		36,296
North American Galvanizing & Coatings, Inc.*	195		1,184
RCM Technologies, Inc.*	8,400		49,392
Spherion Corp.*	32,280		234,998
Steelcase, Inc., Class A	39,595		628,373
Tufco Technologies, Inc.*	470		3,055
United Stationers, Inc.*	535		24,722
Volt Information Sciences, Inc.*	7,676		140,164
VSE Corp.	2,800		136,752
Westaff, Inc.*	9,394		37,576

			3,064,865

Consumer Durables & Apparel (2.9%)
American Biltrite, Inc.*	420		2,100
American Greetings Corp., Class A	27,510		558,453
Blyth, Inc.	13,080		286,975
Callaway Golf Co.	13,030		227,113
Cavco Industries, Inc.*	1,420		48,053
Craftmade International, Inc.	100		825
CSS Industries, Inc.	3,600		132,120
Culp, Inc.*	8,050		56,109
Deckers Outdoor Corp.*	5,500		852,830
Decorator Industries, Inc.	430		1,828

157

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EQ/AXA ROSENBERG VALUE LONG/SHORT EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Dixie Group, Inc.*	7,900	$	65,254
Ethan Allen Interiors, Inc.	10,280		292,980
G-III Apparel Group Ltd.*	480		7,090
Hasbro, Inc.	29,465		753,715
Hooker Furniture Corp.	2,845		57,184
Jaclyn, Inc.*	930		6,417
JAKKS Pacific, Inc.*	16,109		380,333
LaCrosse Footwear, Inc.	151		2,649
Man Sang Holdings, Inc.*	3,430		30,904
Movado Group, Inc.	9,490		240,002
National Presto Industries, Inc.	940		49,500
P&F Industries, Inc., Class A*	200		1,186
Q.E.P. Co., Inc.*	1,580		16,511
Snap-On, Inc.	3,760		181,382
Syntax-Brillian Corp.*	21,145		65,127
Tupperware Brands Corp.	5,034		166,273
Universal Electronics, Inc.*	7,933		265,280
Warnaco Group, Inc.*	9,854		342,919
Weyco Group, Inc.	2,487		68,392

			5,159,504

Consumer Services (3.4%)
Ark Restaurants Corp.	145		5,337
Bally Technologies, Inc.*	18,330		911,368
Bob Evans Farms, Inc.	15,089		406,347
Bowl America, Inc.	2,800		44,548
Burger King Holdings, Inc.	32,800		935,128
Canterbury Park Holding Corp.	1,700		20,400
Carriage Services, Inc.*	1,570		13,816
CBRL Group, Inc.	14,826		480,214
Churchill Downs, Inc.	500		26,985
Darden Restaurants, Inc.	39,400		1,091,774
DeVry, Inc.	20		1,039
Frisch’s Restaurants, Inc.	3,500		81,900
ILX Resorts, Inc.	930		3,348
J. Alexander’s Corp.	850		8,925
Lodgian, Inc.*	460		5,180
Morton’s Restaurant Group, Inc.*	6,620		61,765
Nathan’s Famous, Inc.*	1,120		19,566
Nobel Learning Communities, Inc.*	920		13,193
Red Lion Hotels Corp.*	10,000		99,500
Royal Caribbean Cruises Ltd.	10,640		451,562
Rubio’s Restaurants, Inc.*	5,640		46,530
Service Corp. International	5,740		80,647
Silverleaf Resorts, Inc.*	22,000		91,300
Speedway Motorsports, Inc.	3,830		119,036
Stewart Enterprises, Inc., Class A	37,085		330,056
WMS Industries, Inc.*	19,030		697,259

			6,046,723

Diversified Financials (6.2%)
Affiliated Managers Group, Inc.*	8,330		978,442
American Physicians Service Group, Inc.	2,298		46,075
Eaton Vance Corp.	9,068		411,778
Federated Investors, Inc., Class B	25,531		1,050,856
First Marblehead Corp.	13,320		203,796
GFI Group, Inc.*	600		57,432
Greenhill & Co., Inc.	8,900		591,672
Interactive Brokers Group, Inc., Class A*	19,266		622,677
Intercontinental Exchange, Inc.*	12,880		2,479,400
Janus Capital Group, Inc.	26,307		864,185
Knight Capital Group, Inc., Class A*	44,803		645,163
Lazard Ltd., Class A	17,444		709,622
Nasdaq Stock Market, Inc.*	36,000		1,781,640
Paulson Capital Corp.*	1,811		8,693
QC Holdings, Inc.	4,200		47,250
Raymond James Financial, Inc.	559		18,257
Stifel Financial Corp.*	5,335		280,461
SWS Group, Inc.	12,204		154,624
United PanAm Financial Corp.*	553		2,831

			10,954,854

Energy (7.2%)
Adams Resources & Energy, Inc.	190		4,883
ATP Oil & Gas Corp.*	2,000		101,080
Bois d’Arc Energy, Inc.*	6,530		129,620
Bronco Drilling Co., Inc.*	2,000		29,700
Cal Dive International, Inc.*	3,200		42,368
Cimarex Energy Co.	550		23,392
Dawson Geophysical Co.*	690		49,307
Diamond Offshore Drilling, Inc.	1,790		254,180
ENSCO International, Inc.	31,020		1,849,412
EXCO Resources, Inc.*	1,789		27,694
Forest Oil Corp.*	2,190		111,340
GulfMark Offshore, Inc.*	10,660		498,781
Helmerich & Payne, Inc.	12,870		515,701
Hornbeck Offshore Services, Inc.*	11,440		514,228
ION Geophysical Corp.*	12,940		204,193
Mariner Energy, Inc.*	40,400		924,352
Massey Energy Co.	14,061		502,681
Matrix Service Co.*	13,130		286,497
Oil States International, Inc.*	3,098		105,704
Penn Virginia Corp.	16,804		733,159
Pride International, Inc.*	19,860		673,254
Rowan Cos., Inc.	16,846		664,743
SEACOR Holdings, Inc.*	12,200		1,131,428
Superior Energy Services, Inc.*	23,725		816,614
Swift Energy Co.*	9,424		414,939
T-3 Energy Services, Inc.*	1,300		61,113
Tidewater, Inc.	21,900		1,201,434
Trico Marine Services, Inc.*	5,900		218,418
Whiting Petroleum Corp.*	2,709		156,201
Willbros Group, Inc.*	13,710		524,956

			12,771,372

Food & Staples Retailing (0.7%)
Arden Group, Inc., Class A	583		90,184
Ingles Markets, Inc., Class A	3,570		90,642
Longs Drug Stores Corp.	14,073		661,431
Nash Finch Co.	7,991		281,923
Weis Markets, Inc.	3,310		132,201

			1,256,381

Food, Beverage & Tobacco (1.7%)
Cal-Maine Foods, Inc.	7,400		196,322
Corn Products International, Inc.	32,060		1,178,205
Darling International, Inc.*	21,190		244,956
Diamond Foods, Inc.	9,300		199,299
Flowers Foods, Inc.	8,030		187,982
Fresh Del Monte Produce, Inc.*	13,555		455,177
Omega Protein Corp.*	3,300		30,657
Seaboard Corp.	300		441,000
Seneca Foods Corp., Class A*	530		12,588
Seneca Foods Corp., Class B*	300		6,648
Tasty Baking Co.	5,580		46,426

			2,999,260

Health Care Equipment & Services (3.3%)
A.D.A.M., Inc.*	300		2,511

158

EQ ADVISORS TRUST

EQ/AXA ROSENBERG VALUE LONG/SHORT EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Air Methods Corp.*	4,845	$	240,651
Align Technology, Inc.*	3,180		53,042
Allied Healthcare Products, Inc.*	2,738		19,851
Amedisys, Inc.*	12,655		614,021
American Shared Hospital Services	1,200		2,520
Analogic Corp.	607		41,106
AngioDynamics, Inc.*	8,193		155,995
Anika Therapeutics, Inc.*	6,900		100,188
Atrion Corp.	220		28,050
Cardiac Science Corp.*	1,470		11,892
Chemed Corp.	300		16,764
Cross Country Healthcare, Inc.*	2,700		38,448
Datascope Corp.	5,380		195,832
Gentiva Health Services, Inc.*	6,200		118,048
Hanger Orthopedic Group, Inc.*	10,280		113,183
Hologic, Inc.*	5,560		381,638
Humana, Inc.*	21,300		1,604,103
IntegraMed America, Inc.*	1,384		15,916
Kewaunee Scientific Corp.	1,370		26,975
Kindred Healthcare, Inc.*	6,900		172,362
Lincare Holdings, Inc.*	1,730		60,827
MedCath Corp.*	6,001		147,385
National Dentex Corp.*	3,210		51,745
National Healthcare Corp.	300		15,510
Orthofix International N.V.*	6,420		372,167
RehabCare Group, Inc.*	9,546		215,358
Res-Care, Inc.*	11,761		295,907
Skilled Healthcare Group, Inc., Class A*	10,010		146,446
Sonic Innovations, Inc.*	13,634		105,254
Span-America Medical Systems, Inc.	1,700		19,227
SunLink Health Systems, Inc.*	3,470		20,994
Theragenics Corp.*	19,300		69,094
Zoll Medical Corp.*	10,400		277,888

			5,750,898

Household & Personal Products (0.6%)
American Oriental Bioengineering, Inc.*	16,191		179,396
Elizabeth Arden, Inc.*	2,899		58,995
Estee Lauder Cos., Inc., Class A	7,020		306,142
Geopharma, Inc.*	1,341		4,439
Inter Parfums, Inc.	1,975		35,491
Natural Alternatives International, Inc.*	4,400		37,972
Nu Skin Enterprises, Inc., Class A	16,450		270,273
Nutraceutical International Corp.*	6,830		90,498
Oil-Dri Corp. of America	2,362		51,822
Schiff Nutrition International, Inc.	1,700		9,758

			1,044,786

Insurance (6.7%)
Alleghany Corp.*	1,927		774,654
Allied World Assurance Co. Holdings Ltd./Bermuda	19,130		959,752
American Financial Group, Inc./Ohio	21,660		625,541
American National Insurance Co.	2,444		296,311
American Safety Insurance Holdings Ltd.*	700		13,755
Aspen Insurance Holdings Ltd.	18,612		536,770
Axis Capital Holdings Ltd.	35,779		1,394,308
CNA Financial Corp.	21,960		740,491
Crawford & Co., Class B*	2,470		10,250
Delphi Financial Group, Inc., Class A	1,450		51,156
Flagstone Reinsurance Holdings Ltd.	4,050		56,295
Hanover Insurance Group, Inc.	23,500		1,076,300
HCC Insurance Holdings, Inc.	10,000		286,800
Horace Mann Educators Corp.	9,090		172,165
IPC Holdings Ltd.	27,884		805,011
Kansas City Life Insurance Co.	10		436
Max Capital Group Ltd.	5,448		152,490
Montpelier Reinsurance Holdings Ltd.	52,600		894,726
National Western Life Insurance Co., Class A	1,105		229,144
NYMAGIC, Inc.	986		22,806
PartnerReinsurance Ltd.	11,565		954,459
Platinum Underwriters Holdings Ltd.	29,000		1,031,240
Presidential Life Corp.	11,940		209,069
RAM Holdings Ltd.*	11,655		57,576
Unico American Corp.*	2,560		26,240
United America Indemnity Ltd., Class A*	12,740		253,781
Universal Insurance Holdings, Inc.	20,500		151,905
Unum Group	1,160		27,596
Wesco Financial Corp.	200		81,400

			11,892,427

Materials (4.9%)
Airgas, Inc.	80		4,169
AK Steel Holding Corp.*	32,630		1,508,811
Buckeye Technologies, Inc.*	17,027		212,838
CF Industries Holdings, Inc.	4,800		528,288
FMC Corp.	28,000		1,527,400
Friedman Industries, Inc.	450		2,858
Greif, Inc., Class A	16,100		1,052,457
Innospec, Inc.	11,820		202,831
Material Sciences Corp.*	600		4,458
Mod-Pac Corp.*	100		749
Packaging Corp. of America	42,200		1,190,040
Penford Corp.	658		16,838
Rock of Ages Corp.*	4,400		22,000
Schnitzer Steel Industries, Inc., Class A	10,200		705,126
Schweitzer-Mauduit International, Inc.	2,570		66,589
Scotts Miracle-Gro Co., Class A	6,751		252,622
Southern Copper Corp.	12,300		1,293,099
Stepan Co.	3,259		106,015
U.S. Energy Corp. Wyoming	3,020		12,835

			8,710,023

Media (1.5%)
Alloy, Inc.*	8,767		82,585
DG Fastchannel, Inc.*	354		9,077
Discovery Holding Co., Class A*	2		50
Gannett Co., Inc.	45,100		1,758,900
Media General, Inc., Class A	10,860		230,775
Meredith Corp.	276		15,174
New Frontier Media, Inc.	7,300		40,150
Saga Communications, Inc., Class A*	2,100		12,369
Scholastic Corp.*	14,977		522,548
Value Line, Inc.	100		4,026

			2,675,654

159

EQ ADVISORS TRUST

EQ/AXA ROSENBERG VALUE LONG/SHORT EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Pharmaceuticals & Biotechnology (4.8%)
Albany Molecular Research, Inc.*	13,087	$	188,191
Bio-Rad Laboratories, Inc., Class A*	5,280		547,114
Cambrex Corp.	17,100		143,298
Caraco Pharmaceutical Laboratories Ltd.*	5,700		97,755
Emergent Biosolutions, Inc.*	326		1,650
Harvard Bioscience, Inc.*	19,638		89,942
Illumina, Inc.*	2,640		156,446
Invitrogen Corp.*	15,252		1,424,689
Kendle International, Inc.*	6,700		327,764
NPS Pharmaceuticals, Inc.*	27,079		103,713
PAREXEL International Corp.*	16,340		789,222
PerkinElmer, Inc.	48,200		1,254,164
Perrigo Co.	33,868		1,185,719
Replidyne, Inc.*	2,605		8,075
Sciele Pharma, Inc.*	17,824		364,501
Varian, Inc.*	6,380		416,614
Waters Corp.*	17,615		1,392,818

			8,491,675

Real Estate (5.7%)
AmREIT, Inc., Class A (REIT)	3,960		28,354
Ashford Hospitality Trust, Inc. (REIT)	48,886		351,490
DCT Industrial Trust, Inc. (REIT)	71,029		661,280
DiamondRock Hospitality Co. (REIT)	42,043		629,804
Douglas Emmett, Inc. (REIT)	42,915		970,308
Extra Space Storage, Inc. (REIT)	30,650		437,988
Gladstone Commercial Corp. (REIT)	2,790		48,937
GMH Communities Trust (REIT)	20,169		111,333
Hersha Hospitality Trust (REIT)	21,130		200,735
Hospitality Properties Trust (REIT)	39,640		1,277,201
Income Opportunity Realty Investors (REIT)*	610		3,294
Intergroup Corp.*	100		1,821
Investors Real Estate Trust (REIT)	1,000		8,970
iStar Financial, Inc. (REIT)	7,943		206,915
J.W. Mays, Inc.*	200		4,585
LTC Properties, Inc. (REIT)	10,600		265,530
Medical Properties Trust, Inc. (REIT)	24,080		245,375
MHI Hospitality Corp. (REIT)	4,300		30,745
Mission West Properties, Inc. (REIT)	11,340		107,843
Monmouth Reit, Class A (REIT)	11,700		94,770
National Retail Properties, Inc. (REIT)	34,500		806,610
Nationwide Health Properties, Inc. (REIT)	38,300		1,201,471
One Liberty Properties, Inc. (REIT)	5,600		102,872
Potlatch Corp. (REIT)	12,940		575,054
Ramco-Gershenson Properties Trust (REIT)	9,960		212,845
Roberts Realty Investors, Inc. (REIT)*	840		5,561
Strategic Hotels & Resorts, Inc. (REIT)	35,476		593,513
Sunstone Hotel Investors, Inc. (REIT)	27,200		497,488
Supertel Hospitality, Inc. (REIT)	9,916		60,884
United Capital Corp.*	600		14,400
Urstadt Biddle Properties, Inc. (REIT)	400		6,064
Urstadt Biddle Properties, Inc., Class A (REIT)	15,530		240,715
Winthrop Realty Trust (REIT)	28,450		150,501

			10,155,256

Retailing (4.2%)
1-800-FLOWERS.COM, Inc., Class A*	17,146		149,685
Aaron Rents, Inc., Class A	3,210		55,405
Aeropostale, Inc.*	19,760		523,640
Aristotle Corp.*	50		674
AutoZone, Inc.*	800		95,928
Big 5 Sporting Goods Corp.	13,300		191,786
Books-A-Million, Inc.	3,680		43,866
Buckle, Inc.	4,000		132,000
Dollar Tree Stores, Inc.*	11,529		298,832
Duckwall-ALCO Stores, Inc.*	540		17,237
Educational Development Corp.	1,090		5,668
Franklin Covey Co.*	12,800		101,632
GameStop Corp., Class A*	9,930		616,752
Hastings Entertainment, Inc.*	5,828		54,375
IAC/InterActiveCorp*	53,100		1,429,452
Jennifer Convertibles, Inc.*	910		4,322
Lithia Motors, Inc., Class A	4,700		64,531
Monro Muffler Brake, Inc.	8,993		175,274
Priceline.com, Inc.*	14,600		1,676,956
REX Stores Corp.*	6,200		97,774
Sherwin-Williams Co.	24,480		1,420,819
Sport Supply Group, Inc.	1,370		10,891
Stage Stores, Inc.	3,481		51,519
Systemax, Inc.	6,713		136,408
Trans World Entertainment Corp.*	4,287		21,006
West Marine, Inc.*	300		2,694

			7,379,126

Semiconductors & Semiconductor Equipment (4.6%)
AMIS Holdings, Inc.*	22,117		221,612
Cirrus Logic, Inc.*	45,300		239,184
Fairchild Semiconductor International, Inc.*	63,297		913,376
FEI Co.*	16,700		414,661
International Rectifier Corp.*	23,720		805,768
Mattson Technology, Inc.*	28,100		240,536
MEMC Electronic Materials, Inc.*	20,117		1,780,153
Microtune, Inc.*	2,190		14,301
MIPS Technologies, Inc.*	1,712		8,492
OmniVision Technologies, Inc.*	23,780		372,157
Pericom Semiconductor Corp.*	13,690		256,003
Sigma Designs, Inc.*	5,910		326,232
Skyworks Solutions, Inc.*	78,300		665,550
Standard Microsystems Corp.*	10,000		390,700
Trio-Tech International*	2,300		21,045
TriQuint Semiconductor, Inc.*	17,592		116,635
Varian Semiconductor Equipment Associates, Inc.*	23,576		872,312
Zoran Corp.*	23,294		524,348

			8,183,065

160

EQ ADVISORS TRUST

EQ/AXA ROSENBERG VALUE LONG/SHORT EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Software & Services (7.9%)
Astea International, Inc.*	1,290	$	7,224
Cadence Design Systems, Inc.*	88,896		1,512,121
Chordiant Software, Inc.*	17,982		153,746
CIBER, Inc.*	32,270		197,170
Computer Task Group, Inc.*	7,913		43,759
Convergys Corp.*	61,542		1,012,981
CSP, Inc.*	2,600		17,342
DST Systems, Inc.*	13,815		1,140,428
Dynamics Research Corp.*	3,880		41,982
Edgewater Technology, Inc.*	8,290		60,517
Electronic Data Systems Corp.	9,740		201,910
Hewitt Associates, Inc., Class A*	3,013		115,368
Interwoven, Inc.*	21,590		307,010
JDA Software Group, Inc.*	13,610		278,461
Lawson Software, Inc.*	56,853		582,175
Manhattan Associates, Inc.*	4,331		114,165
MAXIMUS, Inc.	1,086		41,930
McAfee, Inc.*	25,100		941,250
Mentor Graphics Corp.*	799		8,613
Moldflow Corp.*	734		11,825
MPS Group, Inc.*	39,701		434,329
Ness Technologies, Inc.*	17,911		165,319
NetScout Systems, Inc.*	14,660		187,208
Novell, Inc.*	159,077		1,092,859
Perot Systems Corp., Class A*	13,174		177,849
Sapient Corp.*	37,723		332,340
SonicWALL, Inc.*	30,741		329,544
SPSS, Inc.*	9,239		331,772
Sybase, Inc.*	48,440		1,263,800
Synopsys, Inc.*	54,800		1,420,964
TechTeam Global, Inc.*	1,510		19,026
United Online, Inc.	36,425		430,543
VeriSign, Inc.*	14,950		562,269
Versant Corp.*	470		13,672
Vignette Corp.*	14,320		209,215
Wind River Systems, Inc.*	30,097		268,766

			14,029,452

Technology Hardware & Equipment (6.9%)
Allied Motion Technologies, Inc.*	4,700		21,855
Anixter International, Inc.*	200		12,454
Arrow Electronics, Inc.*	37,418		1,469,779
Astro-Med, Inc.	4,700		46,342
Avici Systems, Inc.	2,410		19,111
Avnet, Inc.*	41,010		1,434,120
Avocent Corp.*	11,700		272,727
AVX Corp.	24,560		329,595
Black Box Corp.	8,810		318,658
Brocade Communications Systems, Inc.*	158,534		1,163,640
Communications Systems, Inc.	5,230		62,185
CTS Corp.	19,780		196,415
DDi Corp.*	706		3,975
Digi International, Inc.*	14,000		198,660
Dycom Industries, Inc.*	19,750		526,337
Electro Scientific Industries, Inc.*	13,890		275,716
Electronics for Imaging, Inc.*	24,574		552,424
Emulex Corp.*	41,500		677,280
Gerber Scientific, Inc.*	14,050		151,740
Harmonic, Inc.*	36,600		383,568
Hauppauge Digital, Inc.*	1,028		4,914
Insight Enterprises, Inc.*	24,464		446,223
IntriCon Corp.*	3,000		37,350
KEMET Corp.*	41,053		272,181
Key Tronic Corp.*	3,505		14,616
Loral Space & Communications, Inc.*	470		16,097
MasTec, Inc.*	20,060		204,010
Mesa Laboratories, Inc.	400		10,130
Methode Electronics, Inc.	2,440		40,114
Mettler-Toledo International, Inc.*	10		1,138
MOCON, Inc.	180		2,047
NETGEAR, Inc.*	11,410		406,995
Novatel Wireless, Inc.*	5,183		83,965
O.I. Corp.	700		8,365
Oplink Communications, Inc.*	10,480		160,868
Optical Cable Corp.*	200		798
OSI Systems, Inc.*	7,633		202,045
PC Connection, Inc.*	200		2,270
Spectrum Control, Inc.*	5,990		92,246
SYNNEX Corp.*	5,050		98,980
Technitrol, Inc.	16,430		469,569
Tollgrade Communications, Inc.*	8,824		70,768
Trimble Navigation Ltd.*	2,291		69,280
TTM Technologies, Inc.*	19,413		226,356
Vicon Industries, Inc.*	2,110		20,256
Vishay Intertechnology, Inc.*	84,100		959,581
Western Digital Corp.*	900		27,189
Zygo Corp.*	11,811		147,165

			12,212,097

Telecommunication Services (1.3%)
Atlantic Tele-Network, Inc.	250		8,445
CenturyTel, Inc.	37,600		1,558,896
D&E Communications, Inc.	4,038		58,349
Gilat Satellite Networks Ltd.*	18,547		190,849
HickoryTech Corp.	720		6,739
Premiere Global Services, Inc.*	13,675		203,074
USA Mobility, Inc.*	12,700		181,610

			2,207,962

Transportation (2.2%)
Air T., Inc.	1,610		14,651
B&H Ocean Carriers Ltd.*	2,000		30,400
C.H. Robinson Worldwide, Inc.	17,436		943,636
Genco Shipping & Trading Ltd.	2,570		140,733
International Shipholding Corp.*	430		9,374
Kansas City Southern*	5,400		185,382
Park-Ohio Holdings Corp.*	100		2,510
Pinnacle Airlines Corp.*	2,528		38,552
Republic Airways Holdings, Inc.*	9,416		184,460
SkyWest, Inc.	31,541		846,876
UAL Corp.*	41,240		1,470,618

			3,867,192

Utilities (2.9%)
ALLETE, Inc.	9,707		384,203
Alliant Energy Corp.	36,106		1,469,153
Artesian Resources Corp., Class A	1,021		19,297
CH Energy Group, Inc.	163		7,260
CMS Energy Corp.	19,486		338,667
Delta Natural Gas Co., Inc.	100		2,525
Energy West, Inc.	200		2,900
Florida Public Utilities Co.	1,050		12,337
Laclede Group, Inc.	150		5,136
MDU Resources Group, Inc.	54,100		1,493,701
Portland General Electric Co.	1,430		39,725
Questar Corp.	22,706		1,228,395
RGC Resources, Inc.	500		15,125

161

EQ ADVISORS TRUST

EQ/AXA ROSENBERG VALUE LONG/SHORT EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares			Value (Note 1)
WGL Holdings, Inc.		2,013		$	65,946

					5,084,370

Total Common Stocks (93.2%)
(Cost $151,847,099)					164,852,807


	Principal Amount
SHORT-TERM INVESTMENTS:
Repurchase Agreement (5.1%)
Custodian Trust Co., dated 12/31/07, due 1/2/08 at 1.50% with a maturity value of $8,950,677 (fully collateralized by the U.S. Government Agency Securities with a value of $9,212,865.)
(Amortized Cost $8,950,677)	$	8,950,677			8,950,677

Collateral for Securities Sold Short (94.2%)
Custodian Trust Company Sweep,
4.14%, 1/2/08		166,740,544			166,740,544

Total Short-Term Investments (99.3%)
(Amortized Cost $175,691,221)					175,691,221

Total Investments before Securities Sold Short (192.5%)
(Cost/Amortized Cost $327,538,320)					340,544,028


	Number of Shares
SECURITIES SOLD SHORT:
Automobiles & Components (-0.1%)
ArvinMeritor, Inc.		(16,690	)		(195,774	)
Coachmen Industries, Inc.		(100	)		(595	)
Proliance International, Inc.*		(3,170	)		(5,706	)
SORL Auto Parts, Inc.*		(760	)		(5,563	)

					(207,638	)

Banks (-4.5%)
Astoria Financial Corp.		(43,500	)		(1,012,245	)
Atlantic Coast Federal Corp.		(310	)		(3,683	)
BNCCORP, Inc.*		(498	)		(6,469	)
Capitol Federal Financial		(10,245	)		(317,595	)
Citizens Republic Bancorp, Inc.		(37,679	)		(546,722	)
Cullen/Frost Bankers, Inc.		(24,344	)		(1,233,267	)
ESB Financial Corp.		(300	)		(3,000	)
First Bancorp/Puerto Rico		(44,151	)		(321,861	)
First Mariner Bancorp*		(3,050	)		(17,293	)
First Regional Bancorp/California*		(2,100	)		(39,669	)
Flagstar Bancorp, Inc.		(11,750	)		(81,898	)
Hancock Holding Co.		(12,224	)		(466,957	)
Investors Bancorp, Inc.*		(17,400	)		(246,036	)
Kearny Financial Corp.		(6,951	)		(82,786	)
MGIC Investment Corp.		(419	)		(9,398	)
Municipal Mortgage & Equity LLC		(12,190	)		(180,900	)
New York Community Bancorp, Inc.		(85,920	)		(1,510,474	)
Popular, Inc.		(3,200	)		(33,920	)
TIB Financial Corp.		(1,391	)		(11,851	)
Trustmark Corp.		(24,838	)		(629,892	)
Wauwatosa Holdings, Inc.*		(5,883	)		(75,420	)
Wilmington Trust Corp.		(32,100	)		(1,129,920	)

					(7,961,256	)

Capital Goods (-2.0%)
Accuride Corp.*		(14,640	)		(115,070	)
Allied Defense Group, Inc.*		(5,200	)		(30,004	)
Blount International, Inc.*		(23,700	)		(291,747	)
Builders FirstSource, Inc.*		(1,320	)		(9,530	)
Commercial Vehicle Group, Inc.*		(11,700	)		(169,650	)
Energy Focus, Inc.*		(8,000	)		(58,000	)
Environmental Tectonics Corp.*		(1,800	)		(3,348	)
ESCO Technologies, Inc.*		(11,350	)		(453,319	)
Flanders Corp.*		(16,700	)		(93,854	)
Flow International Corp.*		(20,900	)		(194,788	)
FreightCar America, Inc.		(5,600	)		(196,000	)
GenCorp, Inc.*		(18,318	)		(213,588	)
Graco, Inc.		(8,600	)		(320,436	)
H&E Equipment Services, Inc.*		(4,710	)		(88,925	)
Hexcel Corp.*		(200	)		(4,856	)
Insteel Industries, Inc.		(8,255	)		(96,831	)
Merrimac Industries, Inc.*		(2,100	)		(20,853	)
Omega Flex, Inc.		(6,133	)		(100,459	)
Plug Power, Inc.*		(25,000	)		(98,750	)
Power-One, Inc.*		(16,797	)		(67,020	)
Sparton Corp.*		(6,170	)		(30,480	)
WESCO International, Inc.*		(21,200	)		(840,368	)

					(3,497,876	)

Commercial Services & Supplies (-2.2%)
ACCO Brands Corp.*		(11,890	)		(190,716	)
American Reprographics Co.*		(11,700	)		(192,816	)
Cenveo, Inc.*		(26,900	)		(469,943	)
ChoicePoint, Inc.*		(28,537	)		(1,039,317	)
Corporate Executive Board Co.		(16,737	)		(1,005,894	)
Mac-Gray Corp.*		(2,940	)		(33,104	)
PeopleSupport, Inc.*		(40	)		(547	)
Robert Half International, Inc.		(25,800	)		(697,632	)
TeleTech Holdings, Inc.*		(6,300	)		(134,001	)
TRC Cos., Inc.*		(9,962	)		(79,696	)
WCA Waste Corp.*		(2,237	)		(14,451	)

					(3,858,117	)

Consumer Durables & Apparel (-4.6%)
Ashworth, Inc.*		(8,598	)		(24,504	)
Brunswick Corp.		(17,130	)		(292,067	)
California Coastal Communities, Inc.*		(2,629	)		(15,459	)
Centex Corp.		(47,085	)		(1,189,367	)
Chromcraft Revington, Inc.*		(4,300	)		(21,070	)
D.R. Horton, Inc.		(38,065	)		(501,316	)
Furniture Brands International, Inc.		(9,974	)		(100,338	)
K-Swiss, Inc., Class A		(13,480	)		(243,988	)
KB Home		(29,400	)		(635,040	)
Lazare Kaplan International, Inc.*		(5,300	)		(43,089	)
Lennar Corp., Class A		(23,230	)		(415,585	)
M.D.C. Holdings, Inc .		(22,330	)		(829,113	)
MarineMax, Inc.*		(1,300	)		(20,150	)
Oxford Industries, Inc.		(5,940	)		(153,074	)
Polo Ralph Lauren Corp.		(1,300	)		(80,327	)
Pulte Homes, Inc.		(87,238	)		(919,489	)
Quiksilver, Inc.*		(60,600	)		(519,948	)
R.G. Barry Corp.*		(6,650	)		(46,882	)
Ryland Group, Inc.		(19,600	)		(539,980	)
Steven Madden Ltd.*		(5,410	)		(108,200	)
Tandy Brands Accessories, Inc.		(473	)		(4,612	)
Timberland Co., Class A*		(22,803	)		(412,278	)

162

EQ ADVISORS TRUST

EQ/AXA ROSENBERG VALUE LONG/SHORT EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
Toll Brothers, Inc.*	(53,240	)	$	(1,067,994	)

				(8,183,870	)

Consumer Services (-3.3%)
BJ’s Restaurants, Inc.*	(3,565	)		(57,967	)
Boyd Gaming Corp.	(27,000	)		(919,890	)
Century Casinos, Inc.*	(1,050	)		(6,762	)
Cheesecake Factory, Inc.*	(14,835	)		(351,738	)
Choice Hotels International, Inc.	(17,600	)		(584,320	)
Coinstar, Inc.*	(4,780	)		(134,557	)
Domino’s Pizza, Inc.	(21,320	)		(282,064	)
Gaming Partners International Corp.*	(1,080	)		(7,581	)
Gaylord Entertainment Co.*	(210	)		(8,499	)
O’Charley’s, Inc.	(3,522	)		(52,759	)
Panera Bread Co., Class A*	(100	)		(3,582	)
Papa John’s International, Inc.*	(11,100	)		(251,970	)
Pinnacle Entertainment, Inc.*	(25,700	)		(605,492	)
Red Robin Gourmet Burgers, Inc.*	(100	)		(3,199	)
Ruth’s Chris Steak House, Inc.*	(4,200	)		(37,548	)
Scientific Games Corp., Class A*	(31,600	)		(1,050,700	)
Texas Roadhouse, Inc., Class A*	(24,731	)		(273,525	)
Universal Technical Institute, Inc.*	(12,252	)		(208,284	)
Wendy’s International, Inc.	(34,129	)		(881,893	)
Wynn Resorts Ltd.	(600	)		(67,278	)

				(5,789,608	)

Diversified Financials (-2.0%)
Asset Acceptance Capital Corp.	(8,912	)		(92,774	)
Calamos Asset Management, Inc., Class A	(14,500	)		(431,810	)
Cash Systems, Inc.*	(4,890	)		(21,614	)
Cohen & Steers, Inc.	(2,300	)		(68,931	)
ETRADE Financial Corp.	(111,663	)		(396,403	)
Jefferies Group, Inc.	(53,500	)		(1,233,175	)
KBW, Inc.*	(14,800	)		(378,732	)
LaBranche & Co., Inc.*	(29,924	)		(150,817	)
Moody’s Corp.	(9,690	)		(345,933	)
Resource America, Inc., Class A	(4,343	)		(63,712	)
Student Loan Corp.	(1,686	)		(185,460	)
Thomas Weisel Partners Group, Inc.*	(9,819	)		(134,815	)

				(3,504,176	)

Energy (-6.2%)
Alon USA Energy, Inc.	(6,880	)		(186,998	)
Alpha Natural Resources, Inc.*	(24,580	)		(798,358	)
Arch Coal, Inc.	(27,150	)		(1,219,850	)
BJ Services Co.	(70,200	)		(1,703,052	)
CREDO Petroleum Corp.*	(4,655	)		(46,178	)
Delta Petroleum Corp.*	(33,100	)		(623,935	)
Energy Partners Ltd.*	(15,460	)		(182,583	)
Grey Wolf, Inc.*	(92,725	)		(494,224	)
Kinder Morgan Management LLC*	(37	)		(1,978	)
Nabors Industries Ltd.*	(57,980	)		(1,588,072	)
Overseas Shipholding Group, Inc.	(6,390	)		(475,608	)
Parallel Petroleum Corp.*	(19,353	)		(341,193	)
Patterson-UTI Energy, Inc.	(63,210	)		(1,233,859	)
Pioneer Drilling Co.*	(24,715	)		(293,614	)
Quest Resource Corp.*	(200	)		(1,434	)
RPC, Inc.	(14,840	)		(173,776	)
TETRA Technologies, Inc.*	(35,240	)		(548,687	)
TXCO Resources, Inc.*	(4,660	)		(56,200	)
Ultra Petroleum Corp.*	(4,100	)		(293,150	)
Venoco, Inc.*	(1,310	)		(26,108	)
Western Refining, Inc.	(13,264	)		(321,122	)
World Fuel Services Corp.	(11,200	)		(325,136	)

				(10,935,115	)

Food & Staples Retailing (-0.8%)
Pantry, Inc.*	(11,300	)		(295,269	)
Whole Foods Market, Inc.	(26,985	)		(1,100,988	)

				(1,396,257	)

Food, Beverage & Tobacco (-1.6%)
B&G Foods, Inc.	(3,660	)		(37,369	)
Cuisine Solutions, Inc.*	(7,520	)		(32,336	)
Dean Foods Co.	(51,212	)		(1,324,342	)
Hershey Co.	(32,640	)		(1,286,016	)
Smithfield Foods, Inc.*	(2,500	)		(72,300	)

				(2,752,363	)

Health Care Equipment & Services (-7.1%)
Advocat, Inc.*	(2,300	)		(25,346	)
Allscripts Healthcare Solutions, Inc.*	(23,407	)		(454,564	)
AmerisourceBergen Corp.	(6,200	)		(278,194	)
AMN Healthcare Services, Inc.*	(6,291	)		(108,016	)
Community Health Systems, Inc.*	(34,740	)		(1,280,516	)
Computer Programs and Systems, Inc.	(5,360	)		(121,886	)
Conceptus, Inc.*	(9,000	)		(173,160	)
Cooper Cos., Inc.	(9,640	)		(366,320	)
DexCom, Inc.*	(4,005	)		(35,364	)
Emeritus Corp.*	(6,940	)		(174,541	)
Endologix, Inc.*	(16,302	)		(45,646	)
Health Management Associates, Inc., Class A	(107,038	)		(640,087	)
Hospira, Inc.*	(26,480	)		(1,129,107	)
Kensey Nash Corp.*	(6,400	)		(191,488	)
LHC Group, Inc.*	(7,920	)		(197,842	)
Micrus Endovascular Corp.*	(3,900	)		(76,752	)
NMT Medical, Inc.*	(430	)		(2,417	)
Northstar Neuroscience, Inc.*	(11,900	)		(110,670	)
NxStage Medical, Inc.*	(3,630	)		(55,067	)
Omnicare, Inc.	(49,055	)		(1,118,945	)
Palomar Medical Technologies, Inc.*	(9,360	)		(143,395	)
Patterson Cos., Inc.*	(46,265	)		(1,570,697	)
PDI, Inc.*	(8,600	)		(80,582	)
PSS World Medical, Inc.*	(2,528	)		(49,473	)
Psychiatric Solutions, Inc.*	(860	)		(27,950	)
ResMed, Inc.*	(10,600	)		(556,818	)
Rockwell Medical Technologies, Inc.*	(7,070	)		(50,763	)
Somanetics Corp.*	(5,865	)		(138,707	)
STAAR Surgical Co.*	(4,100	)		(10,824	)
Synergetics USA, Inc.*	(1,942	)		(4,739	)
Tenet Healthcare Corp.*	(198,044	)		(1,006,064	)
TriZetto Group, Inc.*	(18,360	)		(318,913	)
Varian Medical Systems, Inc.*	(33,640	)		(1,754,662	)
Vital Images, Inc.*	(9,870	)		(178,351	)

				(12,477,866	)

Household & Personal Products (-0.5%)
Bare Escentuals, Inc.*	(16,461	)		(399,179	)
Central Garden & Pet Co.*	(46,131	)		(265,715	)
Physicians Formula Holdings, Inc.*	(6,930	)		(82,328	)

163

EQ ADVISORS TRUST

EQ/AXA ROSENBERG VALUE LONG/SHORT EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
Reliv International, Inc.	(9,654	)	$	(79,066	)
Spectrum Brands, Inc.*	(20,100	)		(107,133	)

				(933,421	)

Insurance (-5.3%)
Ambac Financial Group, Inc.	(852	)		(21,956	)
American Equity Investment Life Holding Co.	(29,076	)		(241,040	)
Brown & Brown, Inc.	(47,300	)		(1,111,550	)
Cincinnati Financial Corp.	(41,744	)		(1,650,558	)
Conseco, Inc.*	(85,600	)		(1,075,136	)
First Acceptance Corp.*	(1,140	)		(4,811	)
Independence Holding Co.	(1,300	)		(16,445	)
LandAmerica Financial Group, Inc.	(8,700	)		(291,015	)
Markel Corp.*	(3,400	)		(1,669,740	)
Old Republic International Corp.	(86,655	)		(1,335,353	)
PMA Capital Corp., Class A*	(18,445	)		(151,618	)
State Auto Financial Corp.	(2,200	)		(57,860	)
Stewart Information Services Corp.	(9,100	)		(237,419	)
White Mountains Insurance Group Ltd.	(2,900	)		(1,490,745	)

				(9,355,246	)

Materials (-3.3%)
Apex Silver Mines Ltd.*	(26,502	)		(403,890	)
Brush Engineered Materials, Inc.*	(2,200	)		(81,444	)
Century Aluminum Co.*	(7,522	)		(405,737	)
Deltic Timber Corp.	(5,300	)		(272,897	)
Eagle Materials, Inc.	(3,700	)		(131,276	)
Headwaters, Inc.*	(19,920	)		(233,861	)
Kronos Worldwide, Inc.	(1,700	)		(29,665	)
Louisiana-Pacific Corp.	(65,000	)		(889,200	)
Omnova Solutions, Inc.*	(23,040	)		(101,606	)
Pactiv Corp.*	(32,870	)		(875,328	)
PolyOne Corp.*	(10,202	)		(67,129	)
Royal Gold, Inc.	(9,990	)		(304,895	)
Smurfit-Stone Container Corp.*	(109,105	)		(1,152,149	)
Titanium Metals Corp.	(32,880	)		(869,676	)

				(5,818,753	)

Media (-3.2%)
4Kids Entertainment, Inc.*	(8,350	)		(109,803	)
Arbitron, Inc.	(14,630	)		(608,169	)
Beasley Broadcasting Group, Inc., Class A	(2,010	)		(10,452	)
CKX, Inc.*	(13,200	)		(158,400	)
Clear Channel Outdoor Holdings, Inc., Class A*	(100	)		(2,766	)
CTC Media, Inc.*	(22,800	)		(688,560	)
E.W. Scripps Co., Class A	(16,900	)		(760,669	)
Getty Images, Inc.*	(11,590	)		(336,110	)
Lamar Advertising Co., Class A	(27,988	)		(1,345,383	)
LodgeNet Entertainment Corp.*	(11,480	)		(200,211	)
R.H. Donnelley Corp.*	(19,650	)		(716,832	)
TiVo, Inc.*	(46,830	)		(390,562	)
Valassis Communications, Inc.*	(23,000	)		(268,870	)

				(5,596,787	)

Pharmaceuticals & Biotechnology (-7.8%)
Acadia Pharmaceuticals, Inc.*	(15,930	)		(176,345	)
Affymetrix, Inc.*	(34,000	)		(786,760	)
Alkermes, Inc.*	(46,700	)		(728,053	)
Altus Pharmaceuticals, Inc.*	(12,671	)		(65,636	)
Amylin Pharmaceuticals, Inc.*	(39,600	)		(1,465,200	)
APP Pharmaceuticals, Inc.*	(11,300	)		(116,051	)
Arena Pharmaceuticals, Inc.*	(30,300	)		(237,249	)
ARIAD Pharmaceuticals, Inc.*	(23,200	)		(98,600	)
Array BioPharma, Inc.*	(22,730	)		(191,387	)
Avigen, Inc.*	(970	)		(4,122	)
Barr Pharmaceuticals, Inc.*	(7,899	)		(419,437	)
BioSphere Medical, Inc.*	(10,993	)		(56,394	)
Caliper Life Sciences, Inc.*	(2,700	)		(14,931	)
Cepheid, Inc.*	(27,500	)		(724,625	)
CV Therapeutics, Inc.*	(26,200	)		(237,110	)
Dyax Corp.*	(18,933	)		(69,295	)
Enzo Biochem, Inc.*	(15,926	)		(202,897	)
Exelixis, Inc.*	(52,400	)		(452,212	)
Geron Corp.*	(5,980	)		(33,966	)
Human Genome Sciences, Inc.*	(78,700	)		(821,628	)
ImClone Systems, Inc.*	(15,997	)		(687,871	)
Inspire Pharmaceuticals, Inc.*	(1,137	)		(6,799	)
InterMune, Inc.*	(14,770	)		(196,884	)
Keryx Biopharmaceuticals, Inc.*	(23,780	)		(199,752	)
Luminex Corp.*	(17,551	)		(285,028	)
Maxygen, Inc.*	(15,020	)		(120,611	)
Medarex, Inc.*	(62,100	)		(647,082	)
Momenta Pharmaceuticals, Inc.*	(73	)		(521	)
Nektar Therapeutics*	(4,380	)		(29,390	)
Neurocrine Biosciences, Inc.*	(23,300	)		(105,782	)
OSI Pharmaceuticals, Inc.*	(25,412	)		(1,232,736	)
OXiGENE, Inc.*	(800	)		(1,992	)
PDL BioPharma, Inc.*	(41,855	)		(733,300	)
Penwest Pharmaceuticals Co.*	(14,500	)		(84,825	)
Progenics Pharmaceuticals, Inc.*	(13,070	)		(236,175	)
Regeneron Pharmaceuticals, Inc.*	(28,252	)		(682,286	)
Seattle Genetics, Inc.*	(3,900	)		(44,460	)
Senomyx, Inc.*	(16,340	)		(122,387	)
Vertex Pharmaceuticals, Inc.*	(52,010	)		(1,208,192	)
ZymoGenetics, Inc.*	(21,157	)		(246,902	)

				(13,774,873	)

Real Estate (-17.5%)
Alexandria Real Estate Equities, Inc. (REIT)	(12,300	)		(1,250,541	)
Apartment Investment & Management Co. (REIT)	(37,770	)		(1,311,752	)
AvalonBay Communities, Inc. (REIT)	(15,900	)		(1,496,826	)
Boston Properties, Inc. (REIT)	(17,953	)		(1,648,265	)
Brandywine Realty Trust (REIT)	(37,800	)		(677,754	)
BRE Properties, Inc. (REIT)	(23,407	)		(948,686	)
Camden Property Trust (REIT)	(24,200	)		(1,165,230	)
CB Richard Ellis Group, Inc., Class A*	(51,577	)		(1,111,484	)
Corporate Office Properties Trust SBI/Maryland (REIT)	(19,500	)		(614,250	)
Cousins Properties, Inc. (REIT)	(20,300	)		(448,630	)
Developers Diversified Realty Corp. (REIT)	(25,210	)		(965,291	)
Duke Realty Corp. (REIT)	(57,000	)		(1,486,560	)
EastGroup Properties, Inc. (REIT)	(11,300	)		(472,905	)
Education Realty Trust, Inc. (REIT)	(15,696	)		(176,423	)
Equity Lifestyle Properties, Inc. (REIT)	(9,698	)		(442,908	)
Essex Property Trust, Inc. (REIT)	(10,546	)		(1,028,130	)
Federal Realty Investment Trust (REIT)	(17,896	)		(1,470,156	)

164

EQ ADVISORS TRUST

EQ/AXA ROSENBERG VALUE LONG/SHORT EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
First Industrial Realty Trust, Inc. (REIT)	(21,854	)	$	(756,148	)
General Growth Properties, Inc. (REIT)	(1,500	)		(61,770	)
Glimcher Realty Trust (REIT)	(13,045	)		(186,413	)
Healthcare Realty Trust, Inc. (REIT)	(23,888	)		(606,516	)
Jones Lang LaSalle, Inc.	(9,300	)		(661,788	)
Kilroy Realty Corp. (REIT)	(14,154	)		(777,904	)
Kimco Realty Corp. (REIT)	(3,700	)		(134,680	)
Liberty Property Trust (REIT)	(37,973	)		(1,094,002	)
Macerich Co. (REIT)	(2,790	)		(198,257	)
Mack-Cali Realty Corp. (REIT)	(16,028	)		(544,952	)
Maguire Properties, Inc. (REIT)	(17,700	)		(521,619	)
Mid-America Apartment Communities, Inc. (REIT)	(4,300	)		(183,825	)
Plum Creek Timber Co., Inc. (REIT)	(47,600	)		(2,191,504	)
Post Properties, Inc. (REIT)	(21,200	)		(744,544	)
Regency Centers Corp. (REIT)	(21,979	)		(1,417,426	)
Sovran Self Storage, Inc. (REIT)	(4,300	)		(172,430	)
Tejon Ranch Co.*	(1,400	)		(57,190	)
Thomas Properties Group, Inc.	(13,380	)		(144,237	)
U-Store-It Trust (REIT)	(100	)		(916	)
UDR, Inc. (REIT)	(54,400	)		(1,079,840	)
Ventas, Inc. (REIT)	(47,600	)		(2,153,900	)
Washington Real Estate Investment Trust (REIT)	(19,800	)		(621,918	)

				(31,027,570	)

Retailing (-2.3%)
Borders Group, Inc.	(30,600	)		(325,890	)
Casual Male Retail Group, Inc.*	(21,703	)		(112,422	)
Celebrate Express, Inc.	(4,600	)		(36,432	)
Chico’s FAS, Inc.*	(13,900	)		(125,517	)
Childrens Place Retail Stores, Inc.*	(10,020	)		(259,819	)
Coldwater Creek, Inc.*	(30,300	)		(202,707	)
Core-Mark Holding Co., Inc.*	(5,500	)		(157,960	)
dELiAs, Inc.	(18,350	)		(49,728	)
Dillard’s, Inc., Class A	(25,933	)		(487,022	)
Eddie Bauer Holdings, Inc.*	(1,180	)		(7,493	)
Foot Locker, Inc.	(65,900	)		(900,194	)
GSI Commerce, Inc.*	(8,041	)		(156,799	)
Pacific Sunwear of California, Inc.*	(29,900	)		(421,889	)
Pier 1 Imports, Inc.*	(41,210	)		(215,528	)
Pomeroy IT Solutions, Inc.*	(800	)		(5,544	)
Sally Beauty Holdings, Inc.*	(3,480	)		(31,494	)
Tractor Supply Co.*	(16,200	)		(582,228	)
Winmark Corp.*	(3,043	)		(63,447	)

				(4,142,113	)

Semiconductors & Semiconductor Equipment (-4.3%)
Advanced Energy Industries, Inc.*	(17,310	)		(226,415	)
Advanced Micro Devices, Inc.*	(120,970	)		(907,275	)
Altera Corp.	(37,220	)		(719,090	)
Brooks Automation, Inc.*	(35,460	)		(468,427	)
FormFactor, Inc.*	(22,000	)		(728,200	)
Ikanos Communications, Inc.*	(17,100	)		(91,998	)
Leadis Technology, Inc.*	(11,700	)		(33,462	)
Marvell Technology Group Ltd.*	(1,524	)		(21,305	)
Microchip Technology, Inc.	(11,321	)		(355,706	)
National Semiconductor Corp.	(13,160	)		(297,942	)
Photronics, Inc.*	(19,700	)		(245,659	)
Rambus, Inc.*	(55,100	)		(1,153,794	)
Sigmatel, Inc.*	(4,600	)		(9,706	)
Silicon Laboratories, Inc.*	(26,000	)		(973,180	)
Spansion, Inc., Class A*	(42,300	)		(166,239	)
Tessera Technologies, Inc.*	(22,800	)		(948,480	)
Ultratech, Inc.*	(7,534	)		(85,436	)
Xilinx, Inc.	(11,488	)		(251,243	)

				(7,683,557	)

Software & Services (-5.3%)
ACI Worldwide, Inc.*	(18,700	)		(356,048	)
BearingPoint, Inc.*	(88,990	)		(251,842	)
Bitstream, Inc.*	(5,800	)		(37,120	)
Blackboard, Inc.*	(630	)		(25,357	)
Callidus Software*	(9,650	)		(49,890	)
Catapult Communications Corp.*	(4,453	)		(33,620	)
CNET Networks, Inc.*	(40,900	)		(373,826	)
Digital River, Inc.*	(15,100	)		(499,357	)
eLoyalty Corp.*	(5,690	)		(75,961	)
Global Cash Access Holdings, Inc.*	(9,420	)		(57,085	)
Global Payments, Inc.	(32,104	)		(1,493,478	)
Internet Capital Group, Inc.*	(20,485	)		(240,494	)
Iron Mountain, Inc.*	(11,600	)		(429,432	)
Knot, Inc.*	(14,452	)		(230,365	)
Liquidity Services, Inc.*	(6,500	)		(83,850	)
LoopNet, Inc.*	(12,500	)		(175,625	)
MSC.Software Corp.*	(21,830	)		(283,572	)
NeuStar, Inc., Class A*	(15,600	)		(447,408	)
Parametric Technology Corp.*	(34,177	)		(610,059	)
Rainmaker Systems, Inc.*	(5,850	)		(37,791	)
RealNetworks, Inc.*	(48,778	)		(297,058	)
Red Hat, Inc.*	(65,952	)		(1,374,440	)
SAVVIS, Inc.*	(14,061	)		(392,443	)
Secure Computing Corp.*	(5	)		(48	)
Sonic Solutions, Inc.*	(13,345	)		(138,655	)
SupportSoft, Inc.*	(5,200	)		(23,140	)
THQ, Inc.*	(32,900	)		(927,451	)
VeriFone Holdings, Inc.*	(22,280	)		(518,010	)
Xata Corp.*	(900	)		(2,754	)

				(9,466,179	)

Technology Hardware & Equipment (-4.2%)
Acacia Research-Acacia Technologies*	(16,425	)		(147,496	)
Acme Packet, Inc.*	(6,580	)		(82,842	)
ADTRAN, Inc.	(10,300	)		(220,214	)
Arris Group, Inc.*	(54,917	)		(548,072	)
Avid Technology, Inc.*	(18,930	)		(536,476	)
Brightpoint, Inc.*	(25,400	)		(390,144	)
Ciprico, Inc.	(800	)		(3,752	)
Cogent, Inc.*	(25,820	)		(287,893	)
Comtech Group, Inc.*	(10,143	)		(163,404	)
Cray, Inc.*	(1,200	)		(7,188	)
Datalink Corp.*	(1,700	)		(6,273	)
F5 Networks, Inc.*	(25,336	)		(722,583	)
InterDigital, Inc.*	(16,511	)		(385,202	)
Intevac, Inc.*	(11,222	)		(163,168	)
Lexmark International, Inc., Class A*	(35,800	)		(1,247,988	)
LoJack Corp.*	(10,137	)		(170,403	)
Merix Corp.*	(12,900	)		(59,985	)
Metalink Ltd.*	(3,100	)		(14,012	)
Napco Security Systems, Inc.*	(9,440	)		(59,000	)
NumereX Corp., Class A*	(7,955	)		(65,629	)
Occam Networks, Inc.*	(8,339	)		(29,687	)
Packeteer, Inc.*	(18,284	)		(112,629	)
Photon Dynamics, Inc.*	(3,881	)		(32,212	)
Planar Systems, Inc.*	(10,900	)		(69,760	)
Powerwave Technologies, Inc.*	(62,100	)		(250,263	)
RAE Systems, Inc.*	(3,900	)		(10,530	)
Riverbed Technology, Inc.*	(1,350	)		(36,099	)

165

EQ ADVISORS TRUST

EQ/AXA ROSENBERG VALUE LONG/SHORT EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Number of Shares		Value (Note 1)
Rogers Corp.*	(9,100	)	$	(394,667	)
Tellabs, Inc.*	(80,568	)		(526,915	)
Transact Technologies, Inc.*	(5,260	)		(25,195	)
Vyyo, Inc.*	(11,460	)		(35,984	)
Zebra Technologies Corp., Class A*	(20,000	)		(694,000	)

				(7,499,665	)

Telecommunication Services (-0.6%)
Arbinet-thexchange, Inc.*	(2,600	)		(15,730	)
Crown Castle International Corp.*	(2,070	)		(86,112	)
Syniverse Holdings, Inc.*	(12,600	)		(196,308	)
Time Warner Telecom, Inc., Class A*	(17,260	)		(350,205	)
Windstream Corp.	(32,180	)		(418,984	)

				(1,067,339	)

Transportation (-3.0%)
AirTran Holdings, Inc.*	(43,530	)		(311,675	)
AMR Corp.*	(46,671	)		(654,794	)
Celadon Group, Inc.*	(13,980	)		(128,057	)
Con-way, Inc.	(20,610	)		(856,139	)
Covenant Transport Group, Inc., Class A*	(8,370	)		(56,246	)
Expeditors International of Washington, Inc.	(20,171	)		(901,240	)
Frozen Food Express Industries, Inc.	(10,800	)		(63,720	)
JetBlue Airways Corp.*	(63,730	)		(376,007	)
Landstar System, Inc.	(19,400	)		(817,710	)
Marten Transport Ltd.*	(7,730	)		(107,834	)
P.A.M. Transportation Services, Inc.*	(6,400	)		(99,456	)
Southwest Airlines Co.	(36,940	)		(450,668	)
U.S. Airways Group, Inc.*	(100	)		(1,471	)
YRC Worldwide, Inc.*	(27,400	)		(468,266	)

				(5,293,283	)

Utilities (-1.4%)
Atmos Energy Corp.	(31,500	)		(883,260	)
Environmental Power Corp.*	(6,700	)		(30,619	)
Equitable Resources, Inc.	(30,352	)		(1,617,155	)

				(2,531,034	)

Total Securities Sold Short (-93.1%)
(Proceeds Received $191,265,689)				(164,753,962	)

Total Investments (99.4%)
(Cost/Amortized Cost $136,272,631)				175,790,066
Other Assets Less Liabilities (0.6%)				1,108,635

Net Assets (100%)			$	176,898,701

*	Non-income producing.

(A)

All long positions are pledged as collateral for securities sold short.

Glossary:

REIT — Real Estate Investment Trust

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	251,082,644
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	242,507,002

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	20,756,479
Aggregate gross unrealized depreciation		(8,475,790	)

Net unrealized appreciation	$	12,280,689

Federal income tax cost of investments	$	161,522,795

The Portfolio has a net capital loss carryforward of $30,199,955 of which $617,013 expires in the year 2011, $2,527,100 expires in the year 2012, $3,508,597 expires in the year 2013, $11,523,152 expires in the year 2014, and $12,024,093 expires in the year 2015.

See Notes to Financial Statements.

166

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PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (6.3%)
*Automobiles (1.2%)*
Harley-Davidson, Inc.^	89,000	$	4,157,190
Honda Motor Co., Ltd. (ADR)^	1,391,900		46,127,566

			50,284,756

*Industrial Conglomerates (1.2%)*
Koninklijke Philips Electronics N.V. (N.Y. Shares)	1,082,500		46,276,875

*Leisure Equipment & Products (0.2%)*
Mattel, Inc.^	430,000		8,187,200

*Media (3.5%)*
CBS Corp., Class B^	233,500		6,362,875
Time Warner, Inc.	5,808,710		95,901,802
Walt Disney Co.^	1,295,800		41,828,424

			144,093,101

*Multiline Retail (0.1%)*
Macy’s, Inc.^	140,100		3,624,387

*Specialty Retail (0.1%)*
Gap, Inc.	237,400		5,051,872

Total Consumer Discretionary			257,518,191

Consumer Staples (9.4%)
*Food & Staples Retailing (0.2%)*
Kroger Co.	312,800		8,354,888

*Food Products (7.1%)*
Archer-Daniels-Midland Co.^	472,839		21,953,915
General Mills, Inc.	1,432,800		81,669,600
Kraft Foods, Inc., Class A	2,482,700		81,010,501
Unilever N.V. (N.Y. Shares)	2,985,500		108,851,330

			293,485,346

*Household Products (2.1%)*
Kimberly-Clark Corp.	1,221,820		84,720,999

Total Consumer Staples			386,561,233

Energy (15.3%)
*Energy Equipment & Services (4.3%)*
BJ Services Co.^	2,240,200		54,347,252
Halliburton Co.	1,821,100		69,037,901
Nabors Industries Ltd.*	156,200		4,278,318
Transocean, Inc.*^	320,151		45,829,616

			173,493,087

*Oil, Gas & Consumable Fuels (11.0%)*
Anadarko Petroleum Corp.	1,079,800		70,932,062
Chevron Corp.^	904,000		84,370,320
Consol Energy, Inc.^	523,000		37,404,960
Exxon Mobil Corp.	2,220,990		208,084,553
Peabody Energy Corp.^	833,400		51,370,776

			452,162,671

Total Energy			625,655,758

Financials (17.8%)
*Capital Markets (4.3%)*
Bank of New York Mellon Corp.	2,037,978		99,371,807
Morgan Stanley^	1,467,800		77,954,858

			177,326,665

*Diversified Financial Services (6.5%)*
Bank of America Corp.	1,594,280		65,779,993
Citigroup, Inc.^	2,840,917		83,636,596
JPMorgan Chase & Co.^	2,680,290		116,994,659

			266,411,248

*Insurance (7.0%)*
American International Group, Inc.	2,770,900		161,543,470
Hartford Financial Services Group, Inc.	411,500		35,878,685
Travelers Cos., Inc.	1,670,638		89,880,325

			287,302,480

Total Financials			731,040,393

Health Care (11.2%)
*Health Care Equipment & Supplies (2.6%)*
Baxter International, Inc.	1,035,550		60,113,677
Covidien Ltd.^	1,062,350		47,051,482

			107,165,159

*Pharmaceuticals (8.6%)*
Bristol-Myers Squibb Co.	3,035,200		80,493,504
GlaxoSmithKline plc (ADR)^	898,400		45,270,376
Johnson & Johnson	819,600		54,667,320
Pfizer, Inc.	2,801,070		63,668,321
Schering-Plough Corp.	2,620,000		69,796,800
Wyeth	851,400		37,623,366

			351,519,687

Total Health Care			458,684,846

Industrials (9.6%)
*Aerospace & Defense (4.6%)*
Honeywell International, Inc.	749,900		46,171,343
Northrop Grumman Corp.	730,800		57,470,112
Raytheon Co.	1,396,377		84,760,084

			188,401,539

*Industrial Conglomerates (3.5%)*
General Electric Co.^	2,583,200		95,759,224
Tyco International Ltd.^	1,204,250		47,748,512

			143,507,736

*Machinery (1.5%)*
Deere & Co.^	642,500		59,829,600

Total Industrials			391,738,875

Information Technology (14.5%)
*Communications Equipment (0.9%)*
Alcatel-Lucent (ADR)	5,236,129		38,328,464

*Computers & Peripherals (4.7%)*
Hewlett-Packard Co.	1,171,457		59,135,150
International Business Machines Corp.	944,260		102,074,506
Sun Microsystems, Inc.*	1,633,125		29,608,556

			190,818,212

*IT Services (1.1%)*
Unisys Corp.*^	9,149,700		43,278,081

*Office Electronics (2.3%)*
Xerox Corp.	5,830,887		94,402,060

*Semiconductors & Semiconductor Equipment (5.4%)*
Fairchild Semiconductor International, Inc.*^	1,730,100		24,965,343
Intel Corp.	2,221,000		59,211,860
LSI Corp.*^	14,964,200		79,459,902
Micron Technology, Inc.*^	8,275,100		59,994,475

			223,631,580

*Software (0.1%)*
Borland Software Corp.*^	1,493,700		4,496,037

Total Information Technology			594,954,434

Materials (3.1%)
*Chemicals (1.6%)*
E.I. du Pont de Nemours & Co.	1,449,850		63,923,886

167

EQ ADVISORS TRUST

EQ/BLACKROCK BASIC VALUE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares			Value (Note 1)
*Metals & Mining (1.5%)*
Alcoa, Inc.		1,716,907		$	62,752,951

Total Materials					126,676,837

Telecommunication Services (6.1%)
*Diversified Telecommunication Services (6.1%)*
AT&T, Inc.		2,097,058			87,153,731
Qwest Communications International, Inc.*^		9,328,600			65,393,486
Verizon Communications, Inc.		2,240,100			97,869,969

Total Telecommunication Services					250,417,186

Utilities (2.2%)
*Electric Utilities (1.1%)*
Southern Co.^		1,185,800			45,949,750

*Multi-Utilities (1.1%)*
Consolidated Edison, Inc.^		95,000			4,640,750
Dominion Resources, Inc.		871,920			41,372,604

					46,013,354

Total Utilities					91,963,104

Total Common Stocks (95.5%)
(Cost $3,681,299,514)					3,915,210,857


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (5.3%)
Beta Finance, Inc.
4.37%, 3/10/08 (l)	$	24,998,807			24,998,807
CAM U.S. Finance S.A.
4.96%, 2/2/09 (l)		8,000,000			8,000,000
Comerica Bank
5.00%, 6/19/09 (l)		4,000,560			4,000,560
Goldman Sachs Group, Inc.
4.41%, 3/27/09 (l)		3,000,000			3,000,000
K2 (USA) LLC
4.38%, 6/10/08 (l)		9,998,745			9,998,745
Monumental Global Funding II
4.40%, 3/26/10 (l)		4,000,000			4,000,000
Morgan Stanley, Repurchase Agreement
4.70%, 1/2/08 (r)		159,386,574			159,386,574
New York Life Insurance Co.
5.29%, 03/31/08 (l)		5,000,000			5,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned					218,384,686

Time Deposit (4.5%)
JPMorgan Chase Nassau
3.51%, 1/2/08		181,643,571			181,643,571

Total Short-Term Investments (9.8%)
(Amortized Cost $400,028,257)					400,028,257


	Number of Contracts (c)
OPTIONS PURCHASED:
Call Options Purchased (0.0%)
SPDR Trust
January 2008 @ $25.00*		2,000			840,000
March 2008 @ $33.00*		2,000			100,000

Total Options Purchased (0.0%)
(Cost $1,653,470)					940,000

Total Investments before Options Written (105.3%)
(Amortized Cost $4,082,981,241)					4,316,179,114

OPTIONS WRITTEN:
Call Options Written (-0.0%)
Chevron Corp.
January 2008 @ $90.00* (d)		(1,500	)		(679,500	)
Exxon Mobil Corp.
March 2008 @ $100.00* (d)		(4,976	)		(99,520	)

Total Call Options Written (-0.0%)
(Premiums Received $1,472,348)					(779,020	)

Total Investments after Options Written (105.3%)
(Cost/Amortized Cost $4,081,508,893)					4,315,400,094
Other Assets Less Liabilities (-5.3%)					(214,595,294	)

Net Assets (100%)				$	4,100,804,800

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(c)

One contract relates to 100 shares.

(d)

Covered call option contracts written in connection with securities held.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

168

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EQ/BLACKROCK BASIC VALUE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Options written for the year ended December 31, 2007 were as follows:


	Total Number of Contracts	Total Premiums Received
Options Outstanding—January 1, 2007	—	$	—
Options Written	6,476		1,472,348
Options Terminated in Closing Purchase Transactions	—		—
Options Expired	—		—
Options Exercised	—		—

Options Outstanding—December 31, 2007	6,476	$	1,472,348

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	2,361,580,136
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,884,097,417

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	483,027,472
Aggregate gross unrealized depreciation		(284,219,956	)

Net unrealized appreciation	$	198,807,516

Federal income tax cost of investments	$	4,117,371,598

At December 31, 2007, the Portfolio had loaned securities with a total value of $209,670,349. This was secured by collateral of $218,384,686 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $873,473 which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the year ended December 31, 2007, the Portfolio incurred approximately $664,654 as brokerage commissions with Merrill Lynch & Co., Inc., and $144,477 with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

See Notes to Financial Statements.

169

EQ ADVISORS TRUST

EQ/BLACKROCK INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares		Value (Note 1)
COMMON STOCKS
Australia (4.5%)
BHP Billiton Ltd.^		1,393,076	$	49,098,862
MFS Ltd.^		6,866,213		26,527,064
Rio Tinto Ltd.^		200,529		23,585,178
United Group Ltd.^		2,265,357		38,111,093

Total Australia				137,322,197

Japan (15.4%)
Asahi Breweries Ltd.		1,884,000		31,907,336
Canon, Inc.^		827,000		38,494,383
Honda Motor Co., Ltd.		1,206,000		40,482,478
ITOCHU Corp.		3,557,000		34,769,225
KDDI Corp.		4,230		31,503,021
Mazda Motor Corp.^		2,034,000		10,159,531
Nippon Mining Holdings, Inc.		4,183,000		26,809,542
Nippon Sheet Glass Co., Ltd.^		5,583,000		28,535,944
NOK Corp.^		1,198,900		25,487,960
ORIX Corp.^§		157,000		26,828,358
Ricoh Co., Ltd.		1,310,000		24,214,743
Sekisui House Ltd.^		1,238,000		13,386,779
Sojitz Corp.		7,868,000		28,523,833
Sumitomo Metal Industries Ltd.		5,928,000		27,540,008
Sumitomo Mitsui Financial Group, Inc.		2,567		19,232,681
Toyota Motor Corp.		1,042,000		56,336,929

Total Japan				464,212,751

Other European Countries (55.7%)
*Belgium (1.7%)*
Fortis		1,892,732		50,032,220

*Finland (0.4%)*
Fortum Oyj		258,511		11,644,824

*France (7.2%)*
Electricite de France^		445,808		53,108,141
Societe Generale^		340,847		49,300,317
Total S.A.^		961,486		79,888,238
Vallourec^		124,920		33,815,664

				216,112,360

*Germany (16.3%)*
Allianz SE (Registered)		244,572		52,903,442
Bayer AG^		705,352		64,484,681
Bayerische Motoren Werke (BMW) AG		925,956		57,333,174
Deutsche Post AG (Registered)		1,300,619		44,705,911
Deutsche Telekom AG (Registered)^		2,923,514		64,200,341
E.ON AG		289,383		61,598,024
RWE AG		375,547		52,710,575
Siemens AG (Registered)		585,471		93,182,839

				491,118,987

*Ireland (1.3%)*
CRH plc		1,129,312		39,378,988

*Italy (6.4%)*
ENI S.p.A.		2,241,139		82,080,265
Intesa Sanpaolo S.p.A.		7,268,610		57,492,455
UniCredito Italiano S.p.A.		6,561,947		54,493,321

				194,066,041

*Luxembourg (2.1%)*
ArcelorMittal^		795,707		61,681,528

*Netherlands (4.6%)*
Akzo Nobel N.V.		703,155		56,326,737
Royal Dutch Shell plc, Class B		1,999,525		83,187,318

				139,514,055

*Spain (2.7%)*
Banco Santander S.A.		3,701,611		80,042,598

*Switzerland (13.0%)*
Credit Suisse Group (Registered)		666,736		40,104,864
Nestle S.A. (Registered)		220,342		101,203,763
Novartis AG (Registered)		1,422,493		78,025,717
Swiss Reinsurance (Registered)		613,179		43,572,186
Swisscom AG (Registered)		122,868		47,968,605
UBS AG (Registered)		743,946		34,432,513
Zurich Financial Services AG (Registered)		161,267		47,362,344

				392,669,992

Total Other European Countries				1,676,261,593

Scandanavia (1.1%)
*Sweden (1.1%)*
Investor AB, Class B		1,479,877		33,658,547

Total Scandanavia				33,658,547

Southeast Asia (4.8%)
*Hong Kong (2.1%)*
Kerry Properties Ltd.^		4,250,000		34,147,601
New World Development Ltd.		7,920,000		28,084,746

				62,232,347

*South Korea (1.1%)*
Dongbu Insurance Co., Ltd.		590,948		34,533,257

*Taiwan (1.6%)*
Chi Mei Optoelectronics Corp.		13,949,000		19,568,037
Vanguard International Semiconductor Corp.		37,210,692		27,878,334

				47,446,371

Total Southeast Asia				144,211,975

United Kingdom (16.9%)
Anglo American plc		942,856		57,806,954
BAE Systems plc		5,427,887		53,807,664
BP plc		6,411,499		78,490,788
British American Tobacco plc		1,672,862		65,434,482
HBOS plc		2,363,400		34,578,692
Prudential plc		2,627,735		37,243,077
Unilever plc		2,480,494		93,321,988
Vodafone Group plc		23,454,289		87,680,266

Total United Kingdom				508,363,911

Total Common Stocks (98.4%)
(Cost $2,688,114,494)				2,964,030,974


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (9.2%)
Allstate Life Insurance Co.
4.90%, 8/27/08 (l)	$	25,000,000		25,000,000
Bancaja U.S. Debt S.A.U.
5.40%, 1/23/08		10,000,000		10,000,000
Banco de Sabadell S.A.
5.19%, 4/23/09 (l)		25,000,000		25,000,000
Bank of Montreal/Chicago
5.14%, 3/12/09 (l)		15,000,000		15,000,000
Calyon/New York
4.41%, 7/2/10 (l)		4,997,430		4,997,430

170

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EQ/BLACKROCK INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Principal Amount		Value (Note 1)
CAM U.S. Finance S.A.
4.96%, 2/2/09 (l)	$	10,000,000	$	10,000,000
Comerica Bank
5.05%, 3/16/09 (l)		7,999,400		7,999,400
5.00%, 6/19/09 (l)		15,002,100		15,002,100
5.02%, 6/19/09 (l)		11,999,103		11,999,103
Commonwealth Bank of Australia
4.92%, 8/22/08		10,000,000		10,000,000
Glitnir banki hf
5.09%, 1/15/08		10,000,000		10,000,000
Goldman Sachs Group, Inc.
4.60%, 12/23/08		5,000,953		5,000,953
4.41%, 3/27/09		5,000,000		5,000,000
Lehman Brothers Holdings, Inc.
4.62%, 8/24/09		10,000,000		10,000,000
Links Finance LLC
4.37%, 6/22/09		14,994,372		14,994,372
MassMutual Global Funding II
4.40%, 3/26/10		15,000,000		15,000,000
Monumental Global Funding II
4.40%, 3/26/10		7,000,000		7,000,000
4.43%, 5/26/10		1,000,000		1,000,000
Morgan Stanley, Repurchase Agreement
4.70%, 1/2/08 (r)		48,657,265		48,657,266
Pricoa Global Funding I
4.40%, 6/25/10		10,997,252		10,997,252
SLM Corp.
5.08%, 12/15/08		6,002,804		6,002,804
Tango Finance Corp.
4.38%, 6/25/09		4,997,287		4,997,287
Wachovia Bank N.A.
4.37%, 10/2/08		4,000,000		4,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				277,647,967

Time Deposit (1.6%)
JPMorgan Chase Nassau
3.51%, 1/2/08		47,608,440		47,608,440

Total Short-Term Investments (10.8%)
(Amortized Cost $325,256,407)				325,256,407

Total Investments (109.2%)
(Cost/Amortized Cost $3,013,370,901)				3,289,287,381
Other Assets Less Liabilities (-9.2%)				(278,360,885	)

Net Assets (100%)			$	3,010,926,496

^	All, or a portion of security out on loan (See Note 1).

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2007, the market value of these securities amounted to $26,828,358 or 0.89% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	2,655,991,741
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	2,059,488,706

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	373,043,267
Aggregate gross unrealized depreciation		(108,474,749	)

Net unrealized appreciation	$	264,568,518

Federal income tax cost of investments	$	3,024,490,455

At December 31, 2007, the Portfolio had loaned securities with a total value of $263,754,740. This was secured by collateral of $277,647,967 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2007, the Portfolio incurred approximately $29,123 as brokerage commissions with Merrill Lynch & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

171

EQ ADVISORS TRUST

EQ/BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (6.6%)
*Asset-Backed Securities (0.8%)*
Capital One Multi-Asset Execution Trust,
Series 06-A10 A10
5.150%, 6/16/14	$	100,000	$	102,555
Chase Issuance Trust,
Series 05-A4 A4
4.230%, 1/15/13		125,000		125,112
Countrywide Asset-Backed Certificates,
Series 06-9 1AF6
5.989%, 10/25/46		100,000		93,230

				320,897

*Non-Agency CMO (5.8%)*
Banc of America Commercial Mortgage, Inc.,
Series 05-4 A2
4.764%, 7/10/45		325,000		322,830
Series 06-4 A4
5.634%, 7/10/46		50,000		51,054
Bear Stearns Commercial Mortgage Securities, Inc.,
Series 05-PW10 A4
5.405%, 12/11/40 (l)		175,000		175,038
Citigroup/Deutsche Bank Commercial Mortgage Trust,
Series 07-CD4 A4
5.322%, 12/11/49^		100,000		99,705
Credit Suisse Mortgage Capital Certificates,
Series 06-C3 A3
5.827%, 6/15/38 (l)		100,000		103,888
CW Capital Cobalt Ltd.,
Series 07-C3 A4
5.820%, 5/15/46 (l)		50,000		51,775
Greenwich Capital Commercial Funding Corp.,
Series 06-GG7 A4
6.109%, 7/10/38 (l)		165,000		172,431
GS Mortgage Securities Corp. II,
Series 06-GG8 A4
5.560%, 11/10/39		65,000		66,014
JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 05-LDP2 A3
4.697%, 7/15/42		200,000		195,335
JP Morgan Commercial Mortgage Finance Corp.,
Series 00-C10 A2
7.371%, 8/15/32 (l)		229,914		240,094
LB-UBS Commercial Mortgage Trust,
Series 05-C3 A5
4.739%, 7/15/30		200,000		191,780
Merrill Lynch Mortgage Trust,
Series 05-MCP1 A4
4.747%, 6/12/43 (l)		130,000		124,487
Merrill Lynch/Countrywide Commercial Mortgage Trust,
Series 06-4 A3
5.172%, 12/12/49 (l)		100,000		98,744
Morgan Stanley Capital I,
Series 03-T11 A4
5.150%, 6/13/41		200,000		201,797
Series 07-IQ14 A4
5.692%, 4/15/49 (l)		85,000		86,639
Wachovia Bank Commercial Mortgage Trust,
Series 06-C27 A3
5.765%, 7/15/45 (l)		85,000		87,221

				2,268,832

Total Asset-Backed and Mortgage-Backed Securities				2,589,729

Consumer Discretionary (1.5%)
*Automobiles (0.1%)*
Daimler Finance N.A. LLC
8.500%, 1/18/31		30,000		37,836

*Media (1.1%)*
CBS Corp.
4.625%, 5/15/18		45,000		39,543
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13		70,000		78,532
Comcast Corp.
5.900%, 3/15/16		60,000		60,365
COX Communications, Inc.
5.450%, 12/15/14		45,000		44,101
News America, Inc.
6.200%, 12/15/34		35,000		34,503
Time Warner, Inc.
7.700%, 5/1/32		65,000		72,219
Viacom, Inc.
6.250%, 4/30/16		40,000		40,243
Walt Disney Co.
6.375%, 3/1/12		60,000		63,705

				433,211

*Multiline Retail (0.1%)*
Macy’s Retail Holdings, Inc.
6.700%, 7/15/34		30,000		27,063
Target Corp.
6.350%, 11/1/32		25,000		24,664

				51,727

*Specialty Retail (0.2%)*
Home Depot, Inc.
5.200%, 3/1/11		55,000		54,713
Lowe’s Cos., Inc.
5.400%, 10/15/16		20,000		19,599

				74,312

Total Consumer Discretionary				597,086

Consumer Staples (1.1%)
*Beverages (0.2%)*
Anheuser-Busch Cos., Inc.
5.750%, 4/1/36		30,000		29,382
Coca-Cola Enterprises, Inc.
6.950%, 11/15/26^		35,000		39,017

				68,399

*Food & Staples Retailing (0.2%)*
CVS Caremark Corp.
5.750%, 6/1/17		65,000		65,418
Wal-Mart Stores, Inc.
5.250%, 9/1/35		45,000		39,916

				105,334

*Food Products (0.5%)*
Archer-Daniels-Midland Co.
5.375%, 9/15/35		35,000		30,904
ConAgra Foods, Inc.
6.750%, 9/15/11^		60,000		63,090
Kellogg Co.,
Series B
7.450%, 4/1/31		25,000		28,750
Kraft Foods, Inc.
5.625%, 11/1/11		60,000		61,360

				184,104

*Household Products (0.2%)*
Clorox Co.
5.950%, 10/15/17^		50,000		49,811

172

EQ ADVISORS TRUST

EQ/BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Proctor & Gamble Co.
4.950%, 8/15/14^	$	25,000	$	25,334

				75,145

Total Consumer Staples				432,982

Energy (1.5%)
*Energy Equipment & Services (0.1%)*
Weatherford International Ltd.
5.500%, 2/15/16		60,000		59,110

*Oil, Gas & Consumable Fuels (1.4%)*
ConocoPhillips Holding Co.
6.950%, 4/15/29		40,000		45,684
Devon Financing Corp. ULC
7.875%, 9/30/31		60,000		72,567
Enterprise Products Operating LP,
Series B
5.600%, 10/15/14		55,000		54,889
Kerr McGee Corp.
6.950%, 7/1/24		40,000		42,728
Kinder Morgan Energy Partners LP
7.125%, 3/15/12		60,000		64,136
6.000%, 2/1/17		35,000		34,998
Marathon Oil Corp.
6.125%, 3/15/12		100,000		106,066
Pemex Project Funding Master Trust
5.750%, 12/15/15		30,000		30,369
StatoilHydro ASA
7.750%, 6/15/23		25,000		29,611
Tennessee Gas Pipeline Co.
7.625%, 4/1/37		25,000		26,890
TransCanada Pipelines Ltd.
5.600%, 3/31/34		25,000		23,029

				530,967

Total Energy				590,077

Financials (9.8%)
*Capital Markets (1.7%)*
Bear Stearns Cos., Inc.
5.550%, 1/22/17^		40,000		35,848
Goldman Sachs Capital I
6.345%, 2/15/34		25,000		22,578
Goldman Sachs Group, Inc.
5.250%, 10/15/13		75,000		75,025
Jefferies Group, Inc.
7.750%, 3/15/12		105,000		114,013
Lehman Brothers Holdings, Inc.
4.500%, 7/26/10		100,000		98,880
6.875%, 7/17/37		35,000		34,219
Merrill Lynch & Co., Inc.
6.875%, 11/15/18		65,000		67,954
Morgan Stanley
4.250%, 5/15/10		125,000		123,056
4.750%, 4/1/14		70,000		65,580
7.250%, 4/1/32		25,000		27,221

				664,374

*Commercial Banks (2.1%)*
Abbey National plc
7.950%, 10/26/29		40,000		47,431
BAC Capital Trust XI
6.625%, 5/23/36		45,000		43,780
BB&T Corp.
5.200%, 12/23/15		35,000		33,429
Deutsche Bank AG/London
5.375%, 10/12/12		100,000		102,466
HSBC Holdings plc
5.250%, 12/12/12		40,000		40,033
Korea Development Bank
5.750%, 9/10/13		70,000		70,944
Kreditanstalt fuer Wiederaufbau
4.125%, 10/15/14		15,000		14,974
4.875%, 1/17/17		40,000		41,211
Landesbank Baden-Wuerttemberg/New York
5.050%, 12/30/15		100,000		103,734
PNC Funding Corp.
5.625%, 2/1/17		45,000		43,796
Royal Bank of Scotland Group plc
7.648%, 8/29/49 (l)		40,000		41,269
Wachovia Corp.
5.250%, 8/1/14		55,000		53,775
5.750%, 6/15/17		110,000		109,327
Wells Fargo & Co.
5.125%, 9/15/16		55,000		53,380
Zions Bancorp
5.500%, 11/16/15		25,000		23,445

				822,994

*Consumer Finance (1.5%)*
American Express Co.
5.500%, 9/12/16		30,000		29,824
American General Finance Corp.
4.625%, 9/1/10^		90,000		89,277
HSBC Finance Corp.
5.875%, 2/1/09		250,000		252,112
SLM Corp.
4.500%, 7/26/10		80,000		73,376
Toyota Motor Credit Corp.
4.250%, 3/15/10		125,000		124,232

				568,821

*Diversified Financial Services (3.3%)*
Bank of America Corp.
4.375%, 12/1/10		175,000		174,679
6.000%, 9/1/17^		60,000		61,300
CIT Group, Inc.
5.000%, 2/1/15		75,000		65,195
Citigroup, Inc.
6.000%, 2/21/12		135,000		139,690
5.000%, 9/15/14		65,000		61,935
5.850%, 12/11/34		35,000		32,248
Credit Suisse First Boston USA, Inc.
5.125%, 8/15/15		80,000		79,458
General Electric Capital Corp.
4.625%, 9/15/09		110,000		110,546
6.000%, 6/15/12		70,000		73,384
5.625%, 9/15/17		50,000		51,299
6.750%, 3/15/32		15,000		17,031
John Deere Capital Corp.
5.400%, 4/7/10		100,000		102,430
JPMorgan Chase & Co.
6.750%, 2/1/11		100,000		104,999
6.625%, 3/15/12		55,000		57,996
5.750%, 1/2/13		100,000		101,905
JPMorgan Chase Capital XXII
6.450%, 2/2/37		35,000		31,157
National Rural Utilities Cooperative Finance Corp.
8.000%, 3/1/32		25,000		30,192

				1,295,444

*Insurance (0.8%)*
Allstate Corp.
5.950%, 4/1/36		35,000		32,842
American International Group, Inc.
5.375%, 10/18/11		25,000		25,399
5.450%, 5/18/17		75,000		73,443
Berkshire Hathaway Finance Corp.
4.850%, 1/15/15		30,000		30,044

173

EQ ADVISORS TRUST

EQ/BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Marsh & McLennan Cos., Inc.
5.875%, 8/1/33	$	35,000	$	30,490
MetLife, Inc.
5.700%, 6/15/35		40,000		36,526
Prudential Financial, Inc.
5.100%, 9/20/14		55,000		54,290
Travelers Cos., Inc.
5.500%, 12/1/15		40,000		39,725

				322,759

*Real Estate Investment Trusts (REITs) (0.4%)*
iStar Financial, Inc. (REIT)
5.650%, 9/15/11		50,000		44,681
ProLogis (REIT)
5.625%, 11/15/16		55,000		51,004
Simon Property Group LP (REIT)
5.750%, 12/1/15		35,000		33,994

				129,679

Total Financials				3,804,071

Government Securities (70.1%)
*Foreign Governments (1.1%)*
Province of Ontario
5.125%, 7/17/12		75,000		78,407
5.450%, 4/27/16^		30,000		31,862
Province of Quebec
5.125%, 11/14/16		20,000		20,677
7.500%, 9/15/29		35,000		45,767
Republic of Italy
5.625%, 6/15/12		50,000		53,386
6.875%, 9/27/23		25,000		29,843
5.375%, 6/15/33		25,000		25,641
Republic of Korea
4.875%, 9/22/14		45,000		45,191
Republic of South Africa
5.875%, 5/30/22		105,000		106,724

				437,498

*Supranational (0.7%)*
European Investment Bank
4.875%, 2/16/16		75,000		77,230
4.875%, 1/17/17^		55,000		56,377
Inter-American Development Bank
7.375%, 1/15/10		105,000		112,789
International Bank for Reconstruction & Development
4.750%, 2/15/35^		40,000		39,339

				285,735

*U.S. Government Agencies (47.1%)*
Federal Farm Credit Bank
4.875%, 2/18/11		105,000		108,800
4.875%, 1/17/17^		70,000		71,811
Federal Home Loan Bank
4.750%, 4/24/09^		270,000		273,345
5.250%, 6/12/09		150,000		153,277
5.000%, 9/18/09^		195,000		199,565
4.375%, 9/17/10^		115,000		117,232
4.625%, 2/18/11^		160,000		164,619
5.375%, 8/19/11^		35,000		36,930
5.750%, 5/15/12		100,000		107,357
5.375%, 5/18/16		30,000		32,106
4.750%, 12/16/16^		25,000		25,524
4.875%, 5/17/17^		55,000		56,576
Federal Home Loan Mortgage Corp.
7.000%, 3/15/10^		250,000		267,936
5.750%, 1/15/12^		75,000		80,264
5.125%, 7/15/12		75,000		78,834
4.500%, 7/15/13^		95,000		97,249
4.500%, 1/15/14^		170,000		173,920
5.250%, 4/18/16		130,000		137,947
4.000%, 12/1/20		196,429		188,263
5.500%, 3/1/21		148,936		150,759
5.000%, 7/1/21		318,793		319,138
4.500%, 8/1/21		297,906		292,751
6.000%, 9/1/21		80,794		82,652
5.000%, 8/1/26		135,052		133,324
5.500%, 8/1/26		114,360		114,776
6.250%, 7/15/32^		45,000		53,617
4.649%, 2/1/34 (l)		220,779		219,375
4.130%, 2/1/35 (l)		267,553		267,131
4.673%, 8/1/35 (l)		138,266		139,437
5.000%, 3/1/36		967,287		943,998
4.500%, 5/1/36		147,031		138,964
5.000%, 8/1/36		97,369		95,025
6.500%, 8/1/36		325,738		334,898
5.500%, 9/1/36		1,313,547		1,311,001
6.000%, 9/1/36		662,876		672,843
6.500%, 12/1/36		99,959		102,770
6.000%, 4/1/37		64,592		65,557
6.000%, 8/1/37		223,979		227,324
5.500%, 9/1/37		158,739		158,411
Federal National Mortgage Association
5.250%, 1/15/09^		210,000		212,666
6.375%, 6/15/09		125,000		129,766
7.250%, 1/15/10^		300,000		321,525
6.000%, 5/15/11		185,000		198,525
4.375%, 3/15/13		115,000		117,053
5.125%, 1/2/14		90,000		93,212
5.000%, 4/15/15^		70,000		73,440
5.000%, 2/13/17^		135,000		139,997
4.500%, 8/1/20		286,133		281,344
4.000%, 9/1/20		130,639		125,102
5.500%, 1/1/21		176,142		178,492
5.000%, 6/1/21		298,815		299,108
6.000%, 10/1/21		131,829		134,990
5.500%, 4/1/26		107,019		107,500
5.000%, 5/1/26		134,415		132,519
6.625%, 11/15/30^		75,000		92,552
4.390%, 6/1/34 (l)		95,088		93,557
4.331%, 1/1/35 (l)		176,523		177,138
4.862%, 9/1/35 (l)		357,887		357,157
4.500%, 10/1/35		158,650		150,237
5.000%, 11/1/35		110,803		108,174
6.500%, 1/1/36		386,471		397,309
5.000%, 6/1/36		1,347,614		1,315,193
6.147%, 6/1/36 (l)		181,227		185,055
5.500%, 7/1/36		1,788,217		1,786,285
7.000%, 7/1/36		72,714		75,640
6.000%, 9/1/36		84,435		85,760
6.000%, 10/1/36		857,824		871,286
6.500%, 8/1/37		286,281		294,278
6.000%, 9/1/37		297,589		302,219
Government National Mortgage Association
5.000%, 8/15/21		70,772		70,985
4.500%, 8/15/33		49,206		47,123
5.500%, 4/15/35		345,945		348,579
6.000%, 5/15/36		262,380		268,680
5.000%, 6/15/36		282,459		278,352
6.500%, 8/15/36		181,123		187,100
5.500%, 7/15/37		139,232		140,260

				18,373,464

*U.S. Treasuries (21.2%)*
U.S. Treasury Bonds
8.125%, 8/15/19^		195,000		262,854
8.750%, 8/15/20^		175,000		249,170
8.000%, 11/15/21^		220,000		301,091

174

EQ ADVISORS TRUST

EQ/BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
7.125%, 2/15/23^	$	85,000	$	109,690
6.250%, 8/15/23^		165,000		197,549
6.125%, 11/15/27^		160,000		193,763
5.500%, 8/15/28		50,000		56,617
6.125%, 8/15/29^		50,000		61,168
6.250%, 5/15/30^		70,000		87,358
5.375%, 2/15/31^		140,000		157,730
4.500%, 2/15/36^		155,000		155,787
4.750%, 2/15/37^		65,000		68,027
U.S. Treasury Notes
4.500%, 2/15/09^		410,000		416,182
4.875%, 5/15/09^		490,000		501,561
6.000%, 8/15/09^		175,000		182,998
4.625%, 11/15/09^		410,000		421,819
6.500%, 2/15/10		240,000		256,631
5.750%, 8/15/10^		260,000		277,428
5.000%, 2/15/11^		790,000		834,253
4.875%, 4/30/11^		140,000		147,459
4.875%, 7/31/11^		115,000		121,361
5.000%, 8/15/11^		295,000		312,516
4.500%, 9/30/11^		105,000		109,544
4.625%, 10/31/11^		235,000		246,273
4.750%, 1/31/12^		150,000		158,109
4.875%, 2/15/12^		150,000		159,117
4.375%, 8/15/12^		150,000		156,539
3.875%, 2/15/13^		275,000		280,500
4.250%, 8/15/13^		235,000		243,574
4.000%, 2/15/14^		110,000		112,380
4.250%, 8/15/15^		535,000		549,127
4.500%, 2/15/16^		195,000		202,967
5.125%, 5/15/16^		120,000		129,881
4.875%, 8/15/16		140,000		149,078
4.625%, 11/15/16^		100,000		104,727
4.625%, 2/15/17^		270,000		282,277

				8,257,105

Total Government Securities				27,353,802

Health Care (0.8%)
*Health Care Providers & Services (0.3%)*
Cardinal Health, Inc.
5.850%, 12/15/17		45,000		45,065
CIGNA Corp.
5.375%, 3/15/17		25,000		23,932
UnitedHealth Group, Inc.
5.800%, 3/15/36		25,000		22,868
WellPoint, Inc.
5.000%, 12/15/14		40,000		38,317

				130,182

*Pharmaceuticals (0.5%)*
Abbott Laboratories
5.875%, 5/15/16		55,000		57,450
Eli Lilly & Co.
5.200%, 3/15/17		35,000		34,972
Johnson & Johnson
5.950%, 8/15/37		20,000		21,584
Wyeth
5.500%, 2/1/14		70,000		71,097

				185,103

Total Health Care				315,285

Industrials (1.5%)
*Aerospace & Defense (0.4%)*
Boeing Co.
5.125%, 2/15/13^		35,000		35,759
Lockheed Martin Corp.
8.500%, 12/1/29		25,000		32,895
United Technologies Corp.
7.125%, 11/15/10		100,000		107,194

				175,848

*Building Products (0.2%)*
CRH America, Inc.
6.000%, 9/30/16		35,000		34,230
Masco Corp.
6.500%, 8/15/32		35,000		32,204

				66,434

*Industrial Conglomerates (0.1%)*
General Electric Co.
5.000%, 2/1/13		25,000		25,318
Tyco International Group S.A.
6.875%, 1/15/29		25,000		25,320

				50,638

*Machinery (0.2%)*
Illinois Tool Works, Inc.
5.750%, 3/1/09		75,000		76,264

*Road & Rail (0.6%)*
Burlington North Santa Fe Corp.
6.750%, 7/15/11		70,000		73,943
Canadian National Railway Co.
6.200%, 6/1/36		25,000		25,025
CSX Corp.
6.300%, 3/15/12		100,000		102,388
Norfolk Southern Corp.
7.050%, 5/1/37		25,000		27,094

				228,450

Total Industrials				597,634

Information Technology (0.4%)
*Communications Equipment (0.2%)*
Cisco Systems, Inc.
5.500%, 2/22/16		75,000		76,273

*Computers & Peripherals (0.1%)*
International Business Machines Corp.
5.875%, 11/29/32		25,000		25,310

*IT Services (0.1%)*
Electronic Data Systems Corp.,
Series B
6.500%, 8/1/13		40,000		40,446

Total Information Technology				142,029

Materials (0.7%)
*Chemicals (0.3%)*
Dow Chemical Co.
7.375%, 11/1/29		25,000		27,498
Lubrizol Corp.
4.625%, 10/1/09		100,000		100,425

				127,923

*Metals & Mining (0.3%)*
Alcan, Inc.
6.125%, 12/15/33		40,000		38,811
BHP Finance USA Ltd.
4.800%, 4/15/13		40,000		38,983
Vale Overseas Ltd.
6.875%, 11/21/36		35,000		35,407

				113,201

*Paper & Forest Products (0.1%)*
Weyerhaeuser Co.
7.375%, 3/15/32		40,000		40,142

Total Materials				281,266

175

EQ ADVISORS TRUST

EQ/BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Telecommunication Services (1.9%)
*Diversified Telecommunication Services (1.7%)*
AT&T Corp.
8.000%, 11/15/31	$	40,000	$	49,123
AT&T, Inc.
4.125%, 9/15/09		100,000		99,364
BellSouth Corp.
6.000%, 11/15/34^		25,000		24,309
British Telecommunications plc
9.125%, 12/15/30		25,000		33,091
Embarq Corp.
7.082%, 6/1/16		25,000		25,760
France Telecom S.A.
8.500%, 3/1/31		25,000		32,416
Sprint Capital Corp.
6.900%, 5/1/19		60,000		59,602
8.750%, 3/15/32		30,000		33,816
Telecom Italia Capital S.A.
5.250%, 11/15/13		50,000		49,417
Telefonica Europe B.V.
7.750%, 9/15/10		75,000		80,276
Verizon Communications, Inc.
7.250%, 12/1/10		75,000		80,395
7.375%, 9/1/12		55,000		60,726
5.850%, 9/15/35		25,000		24,454

				652,749

*Wireless Telecommunication Services (0.2%)*
New Cingular Wireless Services, Inc.
8.750%, 3/1/31		35,000		45,359
Vodafone Group plc
4.625%, 7/15/18		40,000		36,529

				81,888

Total Telecommunication Services				734,637

Utilities (1.9%)
*Electric Utilities (1.7%)*
Alabama Power Co.,
Series Q
5.500%, 10/15/17		35,000		35,435
Consolidated Edison Co. of New York, Inc.,
Series B
7.500%, 9/1/10		50,000		53,678
Duke Energy Indiana, Inc.
5.000%, 9/15/13		50,000		48,945
Exelon Corp.
4.900%, 6/15/15		35,000		32,946
FirstEnergy Corp.,
Series C
7.375%, 11/15/31		50,000		54,862
Florida Power & Light Co.
5.650%, 2/1/37		15,000		14,558
Florida Power Corp.
4.800%, 3/1/13		55,000		54,664
Hydro-Quebec
6.300%, 5/11/11		100,000		107,082
Oncor Electric Delivery Co.
7.000%, 9/1/22		40,000		41,438
Pacific Gas & Electric Co.
3.600%, 3/1/09		150,000		148,378
PacifiCorp
5.750%, 4/1/37		30,000		28,921
Virginia Electric & Power Co.,
Series B
6.000%, 1/15/36		55,000		53,817

				674,724

*Gas Utilities (0.1%)*
Oneok, Inc.
6.000%, 6/15/35		25,000		22,493

*Independent Power Producers & Energy Traders (0.1%)*
Tennessee Valley Authority
5.880%, 4/1/36		35,000		40,201

Total Utilities				737,418

Total Long-Term Debt Securities (97.8%)
(Cost $37,477,576)				38,176,016

SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (10.9%)
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		2,000,000		2,000,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		2,260,490		2,260,490

Total Short-Term Investments of Cash Collateral for Securities Loaned				4,260,490

Time Deposit (1.8%)
JPMorgan Chase Nassau
3.51%, 1/2/08		699,983		699,983

Total Short-Term Investments (12.7%)
(Amortized Cost $4,960,473)				4,960,473

Total Investments (110.5%)
(Cost/Amortized Cost $42,438,049)				43,136,489
Other Assets Less Liabilities (-10.5%)				(4,102,669	)

Net Assets (100%)			$	39,033,820

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

CMO — Collateralized Mortgage Obligation

176

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EQ/BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	6,965,793
Long-term U.S. Treasury securities		6,684,795

	$	13,650,588

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	8,192,976
Long-term U.S. Treasury securities		8,439,509

	$	16,632,485

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	812,264
Aggregate gross unrealized depreciation		(120,542	)

Net unrealized appreciation	$	691,722

Federal income tax cost of investments	$	42,444,767

At December 31, 2007, the Portfolio had loaned securities with a total value of $10,654,909. This was secured by collateral of $4,260,490 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $6,586,481 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

The Portfolio has a net capital loss carryforward of $998,798 which expires in the year 2014.

The Portfolio utilized net capital loss carryforward of $34,869 during 2007.

See Notes to Financial Statements.

177

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EQ/BOSTON ADVISORS EQUITY INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (7.5%)
*Automobiles (0.3%)*
General Motors Corp.	64,700	$	1,610,383

*Hotels, Restaurants & Leisure (2.6%)*
Carnival Corp.	69,500		3,092,055
McDonald’s Corp.	149,700		8,818,827

			11,910,882

*Household Durables (1.4%)*
Newell Rubbermaid, Inc.	71,800		1,858,184
Tupperware Brands Corp.^	148,400		4,901,652

			6,759,836

*Leisure Equipment & Products (0.8%)*
Mattel, Inc.	192,600		3,667,104

*Media (1.7%)*
CBS Corp., Class B	200,800		5,471,800
Shaw Communications, Inc., Class B	97,500		2,308,800

			7,780,600

*Specialty Retail (0.7%)*
Sherwin-Williams Co.^	55,600		3,227,024

Total Consumer Discretionary			34,955,829

Consumer Staples (9.1%)
*Beverages (2.3%)*
Coca-Cola Co.	134,300		8,241,991
Molson Coors Brewing Co., Class B	48,700		2,513,894

			10,755,885

*Food & Staples Retailing (0.5%)*
SYSCO Corp.	71,000		2,215,910

*Food Products (1.5%)*
ConAgra Foods, Inc.	92,800		2,207,712
General Mills, Inc.	24,800		1,413,600
JM Smucker Co.	68,400		3,518,496

			7,139,808

*Household Products (3.3%)*
Colgate-Palmolive Co.	35,200		2,744,192
Kimberly-Clark Corp.	69,800		4,839,932
Procter & Gamble Co.	104,600		7,679,732

			15,263,856

*Tobacco (1.5%)*
Loews Corp.- Carolina Group	82,400		7,028,720

Total Consumer Staples			42,404,179

Energy (15.8%)
*Oil, Gas & Consumable Fuels (15.8%)*
Chevron Corp.	157,300		14,680,809
ConocoPhillips	150,500		13,289,150
Exxon Mobil Corp.	258,900		24,256,341
Marathon Oil Corp.	98,500		5,994,710
PetroChina Co., Ltd. (ADR)^	9,600		1,684,512
Plains All American Pipeline LP	76,000		3,952,000
Royal Dutch Shell plc (ADR)	28,200		2,374,440
Sasol Ltd. (Sponsored ADR)^	68,300		3,378,801
StatoilHydro ASA (ADR)^	136,101		4,153,803

			73,764,566

Total Energy			73,764,566

Financials (26.6%)
*Capital Markets (2.0%)*
Bank of New York Mellon Corp.	51,000		2,486,760
Blackstone Group LP	71,800		1,588,934
Morgan Stanley	100,000		5,311,000

			9,386,694

*Commercial Banks (5.2%)*
Banco Santander Central S.A. (Sponsored ADR)^	184,000		3,963,360
Barclays plc (ADR)	64,500		2,603,865
Canadian Imperial Bank of Commerce^	30,100		2,150,043
HSBC Holdings plc (ADR)^	26,613		2,227,774
KeyCorp	80,400		1,885,380
Pacific Capital Bancorp N.A.^	55,800		1,123,254
Wachovia Corp.	59,800		2,274,194
Webster Financial Corp.^	111,500		3,564,655
Wells Fargo & Co.	151,300		4,567,747

			24,360,272

*Consumer Finance (0.2%)*
Discover Financial Services	50,050		754,754

*Diversified Financial Services (7.0%)*
Bank of America Corp.	204,900		8,454,174
Citigroup, Inc.	309,950		9,124,928
JPMorgan Chase & Co.	338,000		14,753,700

			32,332,802

*Insurance (9.9%)*
Aegon N.V. (N.Y. Shares)	105,792		1,854,534
Allianz SE (ADR)^	216,800		4,607,000
American International Group, Inc.	48,800		2,845,040
Chubb Corp.	68,600		3,744,188
Endurance Specialty Holdings Ltd.^	41,700		1,740,141
Lincoln National Corp.	39,400		2,293,868
Manulife Financial Corp.^	75,000		3,056,250
Nationwide Financial Services, Inc.	83,520		3,759,235
PartnerReinsurance Ltd.^	65,800		5,430,474
Sun Life Financial, Inc.^	83,900		4,693,366
Travelers Cos., Inc.	161,100		8,667,180
XL Capital Ltd., Class A	70,400		3,541,824

			46,233,100

*Real Estate Investment Trusts (REITs) (1.8%)*
First Industrial Realty Trust, Inc. (REIT)^	108,700		3,761,020
Host Hotels & Resorts, Inc. (REIT)^	98,300		1,675,032
ProLogis (REIT)	46,900		2,972,522

			8,408,574

*Thrifts & Mortgage Finance (0.5%)*
Fannie Mae	61,300		2,450,774

Total Financials			123,926,970

Health Care (8.3%)
*Pharmaceuticals (8.3%)*
Abbott Laboratories	40,900		2,296,535
Eli Lilly & Co.	93,900		5,013,321
Johnson & Johnson	101,000		6,736,700
Merck & Co., Inc.	184,700		10,732,917
Pfizer, Inc.	445,800		10,133,034
Wyeth	86,800		3,835,692

			38,748,199

Total Health Care			38,748,199

Industrials (8.4%)
*Aerospace & Defense (2.7%)*
Northrop Grumman Corp.	79,500		6,251,880
Raytheon Co.	107,900		6,549,530

			12,801,410

*Commercial Services & Supplies (2.0%)*
Deluxe Corp.^	71,500		2,351,635
R.R. Donnelley & Sons Co.	63,500		2,396,490
Steelcase, Inc., Class A	144,900		2,299,563

178

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EQ/BOSTON ADVISORS EQUITY INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
Waste Management, Inc.		62,400	$	2,038,608

				9,086,296

*Electrical Equipment (1.3%)*
Emerson Electric Co.		103,900		5,886,974

*Industrial Conglomerates (2.1%)*
General Electric Co.		267,400		9,912,518

*Marine (0.3%)*
Diana Shipping, Inc.^		48,000		1,510,080

Total Industrials				39,197,278

Information Technology (5.4%)
*Communications Equipment (0.5%)*
Nokia Oyj (ADR)		63,300		2,430,087

*Internet Software & Services (0.4%)*
United Online, Inc.^		144,000		1,702,080

*Semiconductors & Semiconductor Equipment (2.7%)*
Applied Materials, Inc.		228,100		4,051,056
Intel Corp.		139,100		3,708,406
Siliconware Precision Industries Co. (ADR)^		277,900		2,470,531
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		232,882		2,319,505

				12,549,498

*Software (1.8%)*
Microsoft Corp.		239,600		8,529,760

Total Information Technology				25,211,425

Materials (3.1%)
*Chemicals (1.9%)*
BASF AG (ADR)		20,500		3,003,250
Dow Chemical Co.		54,200		2,136,564
E.I. du Pont de Nemours & Co.		47,400		2,089,866
Sensient Technologies Corp.^		55,800		1,578,024

				8,807,704

*Containers & Packaging (0.4%)*
Sonoco Products Co.		57,600		1,882,368

*Metals & Mining (0.8%)*
Southern Copper Corp.^		33,800		3,553,394

Total Materials				14,243,466

Telecommunication Services (7.3%)
*Diversified Telecommunication Services (7.3%)*
AT&T, Inc.		421,647		17,523,649
Embarq Corp.		78,400		3,883,152
Royal KPN N.V. (Sponsored ADR)		125,600		2,279,640
Verizon Communications, Inc.		242,150		10,579,534

				34,265,975

Total Telecommunication Services				34,265,975

Utilities (5.8%)
*Electric Utilities (3.7%)*
American Electric Power Co., Inc.		28,400		1,322,304
Duke Energy Corp.		259,100		5,226,047
Exelon Corp.		71,800		5,861,752
FirstEnergy Corp.		69,100		4,998,694

				17,408,797

*Multi-Utilities (1.3%)*
MDU Resources Group, Inc.		143,450		3,960,654
Suez S.A. (ADR)		33,300		2,266,398

				6,227,052

*Water Utilities (0.8%)*
Basico do Estado de Sao Paulo S.A. (ADR)^		74,800		3,515,600

Total Utilities				27,151,449

Total Common Stocks (97.3%)
(Cost $428,866,916)				453,869,336

INVESTMENT COMPANY:
Exchange Traded Fund (1.4%)
iShares Russell 1000 Value Index Fund^
(Cost $6,411,186)		80,930		6,494,633


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (10.8%)
Barclays Capital, Repurchase Agreement
4.65%, 1/2/08 (r)	$	14,000,000		14,000,000
BBVA Senior Finance S.A.
5.18%, 3/12/10 (l)		1,000,000		1,000,000
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		10,000,000		10,000,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		20,355,998		20,355,998
General Electric Capital Corp.
4.40%, 3/12/10 (l)		3,000,000		3,000,000
Goldman Sachs Group, Inc.
4.41%, 3/27/09 (l)		2,000,000		2,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				50,355,998

Time Deposit (0.8%)
JPMorgan Chase Nassau
3.51%, 1/2/08		3,920,264		3,920,264

Total Short-Term Investments (11.6%)
(Amortized Cost $54,276,262)				54,276,262

Total Investments (110.3%)
(Cost/Amortized Cost $489,554,364)				514,640,231
Other Assets Less Liabilities (-10.3%)				(47,865,668	)

Net Assets (100%)			$	466,774,563

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

179

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EQ/BOSTON ADVISORS EQUITY INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	308,877,296
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	294,786,111

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	52,706,673
Aggregate gross unrealized depreciation		(27,148,481	)

Net unrealized appreciation	$	25,558,192

Federal income tax cost of investments	$	489,082,039

At December 31, 2007, the Portfolio had loaned securities with a total value of $48,997,489. This was secured by collateral of $50,355,998 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

See Notes to Financial Statements.

180

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EQ/CALVERT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.3%)
*Household Durables (1.9%)*
Garmin Ltd.	19,600	$	1,901,200

*Internet & Catalog Retail (2.8%)*
Amazon.com, Inc.*	30,500		2,825,520

*Media (1.8%)*
Liberty Global, Inc., Class A*^	16,700		654,473
Omnicom Group, Inc.	24,200		1,150,226

			1,804,699

*Specialty Retail (3.8%)*
Bed Bath & Beyond, Inc.*	22,500		661,275
Best Buy Co., Inc.	19,300		1,016,145
GameStop Corp., Class A*	17,200		1,068,292
Staples, Inc.	47,000		1,084,290

			3,830,002

Total Consumer Discretionary			10,361,421

Energy (3.2%)
*Energy Equipment & Services (3.2%)*
Cameron International Corp.*	21,000		1,010,730
Noble Corp.	19,200		1,084,992
Smith International, Inc.	15,800		1,166,830

Total Energy			3,262,552

Financials (20.5%)
*Capital Markets (7.0%)*
Charles Schwab Corp.	94,200		2,406,810
Goldman Sachs Group, Inc.	8,000		1,720,400
State Street Corp.	23,600		1,916,320
TD Ameritrade Holding Corp.*	50,000		1,003,000

			7,046,530

*Commercial Banks (2.3%)*
U.S. Bancorp	49,400		1,567,956
Wachovia Corp.	20,100		764,403

			2,332,359

*Diversified Financial Services (2.9%)*
Bank of America Corp.	27,900		1,151,154
JPMorgan Chase & Co.	39,400		1,719,810

			2,870,964

*Insurance (8.3%)*
Aflac, Inc.	19,700		1,233,811
Aon Corp.	22,500		1,073,025
Chubb Corp	30,000		1,637,400
Hartford Financial Services Group, Inc.	15,300		1,334,007
Prudential Financial, Inc.	8,500		790,840
Travelers Cos., Inc.	30,300		1,630,140
W.R. Berkley Corp.	22,050		657,311

			8,356,534

Total Financials			20,606,387

Health Care (21.5%)
*Biotechnology (5.7%)*
Amgen, Inc.*	16,700		775,548
Biogen Idec, Inc.*	27,900		1,588,068
Gilead Sciences, Inc.*	52,000		2,392,520
Onyx Pharmaceuticals, Inc.*^	16,600		923,292

			5,679,428

*Health Care Equipment & Supplies (5.0%)*
Intuitive Surgical, Inc.*	4,100		1,330,450
St. Jude Medical, Inc.*	34,600		1,406,144
Stryker Corp.	31,000		2,316,320

			5,052,914

*Health Care Providers & Services (4.7%)*
CIGNA Corp.	34,200		1,837,566
Express Scripts, Inc.*	40,200		2,934,600

			4,772,166

*Pharmaceuticals (6.1%)*
Bristol-Myers Squibb Co.	76,600		2,031,432
Forest Laboratories, Inc.*	35,400		1,290,330
Johnson & Johnson	22,600		1,507,420
Pfizer, Inc.	55,750		1,267,197

			6,096,379

Total Health Care			21,600,887

Industrials (4.8%)
*Electrical Equipment (0.8%)*
SunPower Corp., Class A*^	6,700		873,613

*Machinery (4.0%)*
AGCO Corp.*	14,600		992,508
Danaher Corp.	9,900		868,626
Deere & Co.	23,000		2,141,760

			4,002,894

Total Industrials			4,876,507

Information Technology (36.7%)
*Communications Equipment (7.2%)*
Cisco Systems, Inc.*	64,185		1,737,488
Juniper Networks, Inc.*	40,800		1,354,560
Nokia Oyj (ADR)	47,900		1,838,881
Research In Motion Ltd.*	20,100		2,279,340

			7,210,269

*Computers & Peripherals (11.2%)*
Apple, Inc.*	21,600		4,278,528
EMC Corp.*	91,400		1,693,642
Hewlett-Packard Co.	46,900		2,367,512
International Business Machines Corp.	16,898		1,826,674
Sun Microsystems, Inc.*	63,550		1,152,161

			11,318,517

*Internet Software & Services (3.8%)*
eBay, Inc.*	54,100		1,795,579
Google, Inc., Class A*	3,000		2,074,440

			3,870,019

*IT Services (2.8%)*
Infosys Technologies Ltd. (ADR)	32,600		1,478,736
Paychex, Inc.	36,000		1,303,920

			2,782,656

*Office Electronics (0.8%)*
Xerox Corp.	50,800		822,452

*Semiconductors & Semiconductor Equipment (9.0%)*
Intel Corp.	58,300		1,554,278
KLA-Tencor Corp.	16,600		799,456
Lam Research Corp.*	16,600		717,618
MEMC Electronic Materials, Inc.*	16,700		1,477,783
NVIDIA Corp.*	72,750		2,474,955
Texas Instruments, Inc.	59,400		1,983,960

			9,008,050

*Software (1.9%)*
Microsoft Corp.	54,400		1,936,640

Total Information Technology			36,948,603

Telecommunication Services (2.0%)
*Diversified Telecommunication Services (0.7%)*
BCE, Inc.	17,200		683,528

*Wireless Telecommunication Services (1.3%)*
Mobile Telesystems OJSC (ADR)^	7,000		712,530

181

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PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Number of Shares		Value (Note 1)
U.S. Cellular Corp.*^		7,000	$	588,700

				1,301,230

Total Telecommunication Services				1,984,758

Total Common Stocks (99.0%)
(Cost $83,904,292)				99,641,115


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investment of Cash Collateral for Securities Loaned (2.3%)
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)	$	2,271,345		2,271,345

Time Deposit (1.2%)
JPMorgan Chase Nassau
3.51%, 1/2/08		1,254,180		1,254,180

Total Short-Term Investments (3.5%)
(Amortized Cost $3,525,525)				3,525,525

Total Investments (102.5%)
(Cost/Amortized Cost $87,429,817)				103,166,640
Other Assets Less Liabilities (-2.5%)				(2,471,127	)

Net Assets (100%)			$	100,695,513

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	57,355,930
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	53,121,446

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	19,300,509
Aggregate gross unrealized depreciation		(3,607,273	)

Net unrealized appreciation	$	15,693,236

Federal income tax cost of investments	$	87,473,404

At December 31, 2007, the Portfolio had loaned securities with a total value of $2,214,164. This was secured by collateral of $2,271,345 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

See Notes to Financial Statements.

182

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PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (14.3%)
*Hotels, Restaurants & Leisure (3.4%)*
Las Vegas Sands Corp.*	147,400	$	15,189,570
Starbucks Corp.*	58,200		1,191,354

			16,380,924

*Household Durables (0.4%)*
Jarden Corp.*^	92,200		2,176,842

*Internet & Catalog Retail (0.2%)*
IAC/InterActiveCorp*	36,600		985,272

*Media (3.3%)*
Gannett Co., Inc.	25,000		975,000
Omnicom Group, Inc.	40,400		1,920,212
Time Warner Cable, Inc., Class A*^	172,900		4,772,040
Time Warner, Inc.	372,500		6,149,975
Walt Disney Co.	61,200		1,975,536

			15,792,763

*Multiline Retail (2.7%)*
Target Corp.	263,000		13,150,000

*Specialty Retail (4.1%)*
Best Buy Co., Inc.	93,700		4,933,305
Home Depot, Inc.	35,300		950,982
Lowe’s Cos., Inc.	426,800		9,654,216
Urban Outfitters, Inc.*^	159,200		4,339,792

			19,878,295

*Textiles, Apparel & Luxury Goods (0.2%)*
Coach, Inc.*	33,000		1,009,140

Total Consumer Discretionary			69,373,236

Consumer Staples (6.6%)
*Beverages (3.3%)*
Coca-Cola Co.	35,600		2,184,772
PepsiCo, Inc.	182,800		13,874,520

			16,059,292

*Food & Staples Retailing (0.3%)*
Walgreen Co.	35,500		1,351,840

*Household Products (1.2%)*
Energizer Holdings, Inc.*^	53,000		5,942,890

*Personal Products (1.8%)*
Avon Products, Inc.	71,700		2,834,301
Bare Escentuals, Inc.*^	147,600		3,579,300
Estee Lauder Cos., Inc., Class A	51,800		2,258,998

			8,672,599

Total Consumer Staples			32,026,621

Energy (4.4%)
*Energy Equipment & Services (3.6%)*
Baker Hughes, Inc.	39,700		3,219,670
Schlumberger Ltd.	106,900		10,515,753
Weatherford International Ltd.*	54,800		3,759,280

			17,494,703

*Oil, Gas & Consumable Fuels (0.8%)*
EOG Resources, Inc.	40,600		3,623,550

Total Energy			21,118,253

Financials (6.5%)
*Capital Markets (1.1%)*
American Capital Strategies Ltd.^	22,000		725,120
Goldman Sachs Group, Inc.	21,300		4,580,565

			5,305,685

*Commercial Banks (1.1%)*
Wachovia Corp.	140,100		5,328,003

*Consumer Finance (1.2%)*
AmeriCredit Corp.*^	65,400		836,466
Capital One Financial Corp.	23,200		1,096,432
SLM Corp.	208,100		4,191,134

			6,124,032

*Diversified Financial Services (0.2%)*
JPMorgan Chase & Co.	21,400		934,110

*Insurance (2.8%)*
Aflac, Inc.	65,600		4,108,528
Ambac Financial Group, Inc.^	36,700		945,759
American International Group, Inc.	131,000		7,637,300
Progressive Corp.	42,300		810,468

			13,502,055

*Thrifts & Mortgage Finance (0.1%)*
Hudson City Bancorp, Inc.	33,600		504,672

Total Financials			31,698,557

Health Care (18.9%)
*Biotechnology (6.7%)*
Amylin Pharmaceuticals, Inc.*^	33,500		1,239,500
Genentech, Inc.*	220,800		14,809,056
ImClone Systems, Inc.*	201,200		8,651,600
Millennium Pharmaceuticals, Inc.*^	500,900		7,503,482

			32,203,638

*Health Care Equipment & Supplies (3.7%)*
Baxter International, Inc.	156,700		9,096,435
Medtronic, Inc.	178,800		8,988,276

			18,084,711

*Health Care Providers & Services (2.0%)*
DaVita, Inc.*	35,900		2,022,965
UnitedHealth Group, Inc.	133,100		7,746,420

			9,769,385

*Health Care Technology (1.7%)*
Cerner Corp.*^	147,300		8,307,720

*Pharmaceuticals (4.8%)*
Allergan, Inc.	125,800		8,081,392
AstraZeneca plc (Sponsored ADR)	86,300		3,695,366
Forest Laboratories, Inc.*	88,200		3,214,890
Sepracor, Inc.*	196,300		5,152,875
Teva Pharmaceutical Industries Ltd. (ADR)^	68,384		3,178,489

			23,323,012

Total Health Care			91,688,466

Industrials (11.1%)
*Aerospace & Defense (1.1%)*
Boeing Co.	36,900		3,227,274
United Technologies Corp.	26,400		2,020,656

			5,247,930

*Air Freight & Logistics (2.0%)*
FedEx Corp.	23,200		2,068,744
United Parcel Service, Inc., Class B	110,600		7,821,632

			9,890,376

*Airlines (0.6%)*
Southwest Airlines Co.	238,100		2,904,820

*Commercial Services & Supplies (0.2%)*
Monster Worldwide, Inc.*	35,500		1,150,200

*Construction & Engineering (1.5%)*
Fluor Corp.	50,200		7,315,144

183

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
*Industrial Conglomerates (2.0%)*
General Electric Co.		260,800	$	9,667,856

*Machinery (3.7%)*
Danaher Corp.		81,500		7,150,810
Illinois Tool Works, Inc.		196,600		10,525,964

				17,676,774

Total Industrials				53,853,100

Information Technology (33.9%)
*Communications Equipment (7.3%)*
Ciena Corp.*^		101,200		3,451,932
Cisco Systems, Inc.*		543,500		14,712,545
Corning, Inc.		146,400		3,512,136
Polycom, Inc.*		109,300		3,036,354
QUALCOMM, Inc.		277,700		10,927,495

				35,640,462

*Computers & Peripherals (2.9%)*
Apple, Inc.*		12,000		2,376,960
Brocade Communications Systems, Inc.*		1,030,700		7,565,338
Dell, Inc.*		26,800		656,868
SanDisk Corp.*		52,800		1,751,376
Seagate Technology		70,200		1,790,100

				14,140,642

*Electronic Equipment & Instruments (2.0%)*
Agilent Technologies, Inc.*		93,723		3,443,383
Flextronics International Ltd.*		164,300		1,981,458
Jabil Circuit, Inc.		263,900		4,029,753

				9,454,594

*Internet Software & Services (11.4%)*
eBay, Inc.*		382,900		12,708,451
Google, Inc., Class A*		46,200		31,946,376
Yahoo!, Inc.*		451,700		10,506,542

				55,161,369

*IT Services (3.7%)*
Affiliated Computer Services, Inc., Class A*		73,600		3,319,360
Paychex, Inc.		173,500		6,284,170
VeriFone Holdings, Inc.*^		367,100		8,535,075

				18,138,605

*Semiconductors & Semiconductor Equipment (3.4%)*
Altera Corp.		350,100		6,763,932
KLA-Tencor Corp.		91,000		4,382,560
Linear Technology Corp.^		65,200		2,075,316
Maxim Integrated Products, Inc.		23,000		609,040
Silicon Laboratories, Inc.*^		36,200		1,354,966
Xilinx, Inc.		61,700		1,349,379

				16,535,193

*Software (3.2%)*
Microsoft Corp.		349,300		12,435,080
Oracle Corp.*		76,400		1,725,112
SAP AG (Sponsored ADR)^		27,000		1,378,350

				15,538,542

Total Information Technology				164,609,407

Materials (0.5%)
*Chemicals (0.3%)*
Monsanto Co.		10,600		1,183,914

*Metals & Mining (0.2%)*
Cleveland-Cliffs, Inc.		9,800		987,840

Total Materials				2,171,754

Telecommunication Services (1.2%)
*Diversified Telecommunication Services (0.8%)*
Time Warner Telecom, Inc., Class A*^		185,200		3,757,708

*Wireless Telecommunication Services (0.4%)*
American Tower Corp., Class A*		50,600		2,155,560

Total Telecommunication Service				5,913,268

Utilities (0.4%)
*Electric Utilities (0.4%)*
Allegheny Energy, Inc.		32,300		2,054,603

*Independent Power Producers & Energy Traders (0.0%)*
Dynegy, Inc., Class A*		2,838		20,263

Total Utilities				2,074,866

Total Common Stocks (97.8%)
(Cost $442,442,504)
				474,527,528

CONVERTIBLE PREFERRED STOCKS:
Financials (0.4%)
*Consumer Finance (0.3%)*
SLM Corp.
7.25%		1,390		1,445,530

*Thrifts & Mortgage Finance (0.1%)*
Washington Mutual, Inc.
7.75%^		570		504,450

Total Convertible Preferred Stocks (0.4%)
(Cost $1,956,057)				1,949,980

INVESTMENT COMPANY:
Exchange Traded Fund (0.3%)
iShares Russell 1000 Growth Index Fund
(Cost $1,207,364)		20,000		1,215,600


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (8.8%)
CDC Financial Products, Inc.
4.65%, 2/29/08 (l)	$	1,000,000		1,000,000
Goldman Sachs Group, Inc.
4.62%, 8/18/08 (l)		1,000,000		1,000,000
Morgan Stanley, Repurchase Agreement
4.70%, 1/2/08 (r)		38,806,996		38,806,996
Wachovia Bank N.A.
4.37%, 6/27/08 (l)		1,999,904		1,999,904

Total Short-Term Investments of Cash Collateral for Securities Loaned				42,806,900

Time Deposit (2.0%)
JPMorgan Chase Nassau
3.51%, 1/2/08		9,758,306		9,758,306

Total Short-Term Investments (10.8%)
(Amortized Cost $52,565,206)				52,565,206

Total Investments (109.3%)
(Cost/Amortized Cost $498,171,131)				530,258,314
Other Assets Less Liabilities (-9.3%)				(45,185,303	)

Net Assets (100%)			$	485,073,011

184

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PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	239,089,450
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	172,018,465

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	73,598,143
Aggregate gross unrealized depreciation		(42,435,766	)

Net unrealized appreciation	$	31,162,377

Federal income tax cost of investments	$	499,095,937

At December 31, 2007, the Portfolio had loaned securities with a total value of $41,466,377. This was secured by collateral of $42,806,900 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

The Portfolio has a net capital loss carryforward of $68,927,112 of which $15,778,664 expires in 2009, $36,146,108 expires in the year 2010, and $17,002,340 expires in the year 2011.

The Portfolio utilized capital loss carryforward of $29,707,709 during 2007.

See Notes to Financial Statements.

185

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PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.2%)
*Auto Components (0.7%)*
Johnson Controls, Inc.	265,500	$	9,568,620
WABCO Holdings, Inc.	106,533		5,336,238

			14,904,858

*Hotels, Restaurants & Leisure (1.7%)*
Las Vegas Sands Corp.*	136,700		14,086,935
McDonald’s Corp.	271,600		15,999,956
Starwood Hotels & Resorts Worldwide, Inc.	78,000		3,434,340

			33,521,231

*Household Durables (1.1%)*
Fortune Brands, Inc.^	123,000		8,900,280
Jarden Corp.*^	462,200		10,912,542
Leggett & Platt, Inc.^	194,300		3,388,592

			23,201,414

*Media (1.9%)*
Gannett Co., Inc.	97,400		3,798,600
Omnicom Group, Inc.	168,800		8,023,064
Time Warner Cable, Inc., Class A*^	167,600		4,625,760
Time Warner, Inc.	485,650		8,018,081
Walt Disney Co.	430,600		13,899,768

			38,365,273

*Multiline Retail (1.4%)*
Nordstrom, Inc.^	180,200		6,618,746
Target Corp.	453,100		22,655,000

			29,273,746

*Specialty Retail (2.2%)*
Best Buy Co., Inc.	218,000		11,477,700
Lowe’s Cos., Inc.	475,800		10,762,596
Urban Outfitters, Inc.*^	782,000		21,317,320

			43,557,616

*Textiles, Apparel & Luxury Goods (1.2%)*
Coach, Inc.*	202,900		6,204,682
Hanesbrands, Inc.*	671,087		18,233,434

			24,438,116

Total Consumer Discretionary			207,262,254

Consumer Staples (8.3%)
*Beverages (2.9%)*
Coca-Cola Co.	198,600		12,188,082
Pepsi Bottling Group, Inc.	181,542		7,163,647
PepsiCo, Inc.	521,000		39,543,900

			58,895,629

*Food & Staples Retailing (0.6%)*
Costco Wholesale Corp.	178,300		12,438,208

*Food Products (2.4%)*
Campbell Soup Co.	86,600		3,094,218
Kraft Foods, Inc., Class A	689,314		22,492,316
Sara Lee Corp.	1,458,800		23,428,328

			49,014,862

*Household Products (0.7%)*
Energizer Holdings, Inc.*^	127,400		14,285,362

*Personal Products (0.9%)*
Avon Products, Inc.	97,100		3,838,363
Bare Escentuals, Inc.*^	294,300		7,136,775
Estee Lauder Cos., Inc., Class A	159,200		6,942,712

			17,917,850

*Tobacco (0.8%)*
Altria Group, Inc.	218,372		16,504,556

Total Consumer Staples			169,056,467

Energy (9.1%)
*Energy Equipment & Services (3.0%)*
Baker Hughes, Inc.	131,000		10,624,100
BJ Services Co.	476,500		11,559,890
Schlumberger Ltd.	169,248		16,648,926
Transocean, Inc.	42,290		6,053,813
Weatherford International Ltd.*	217,648		14,930,653

			59,817,382

*Oil, Gas & Consumable Fuels (6.1%)*
Arch Coal, Inc.^	221,400		9,947,502
Chevron Corp.	177,612		16,576,528
ConocoPhillips	110,800		9,783,640
EOG Resources, Inc.	124,200		11,084,850
Exxon Mobil Corp.	235,148		22,031,016
Kinder Morgan Management LLC*^	142,227		7,529,498
Royal Dutch Shell plc (ADR)	419,850		35,351,370
Royal Dutch Shell plc, Class B (ADR)	113,947		9,457,601
Williams Cos., Inc.	82,000		2,933,960

			124,695,965

Total Energy			184,513,347

Financials (15.7%)
*Capital Markets (4.0%)*
American Capital Strategies Ltd.^	261,500		8,619,040
Goldman Sachs Group, Inc.	228,900		49,224,945
Lehman Brothers Holdings, Inc.	370,500		24,245,520

			82,089,505

*Commercial Banks (3.5%)*
SunTrust Banks, Inc.	234,000		14,622,660
Wachovia Corp.	956,749		36,385,164
Wells Fargo & Co.	684,000		20,649,960

			71,657,784

*Consumer Finance (3.0%)*
AmeriCredit Corp.*^	964,200		12,332,118
Capital One Financial Corp	190,500		9,003,030
SLM Corp.	1,961,469		39,503,986

			60,839,134

*Diversified Financial Services (1.8%)*
JPMorgan Chase & Co.	811,636		35,427,911

*Insurance (2.9%)*
Aflac, Inc.	213,600		13,377,768
Ambac Financial Group, Inc.^	178,200		4,592,214
American International Group, Inc.	356,600		20,789,780
Marsh & McLennan Cos., Inc.	370,600		9,809,782
MBIA, Inc.^	65,000		1,210,950
Progressive Corp.	311,900		5,976,004
XL Capital Ltd., Class A	77,100		3,878,901

			59,635,399

*Real Estate Investment Trusts (REITs) (0.5%)*
Douglas Emmett, Inc. (REIT)^	183,200		4,142,152
General Growth Properties, Inc. (REIT)^	91,100		3,751,498
Host Hotels & Resorts, Inc. (REIT)	63,974		1,090,117

			8,983,767

*Thrifts & Mortgage Finance (0.0%)*
IndyMac Bancorp, Inc.^	99,800		593,810

Total Financials			319,227,310

Health Care (15.0%)
*Biotechnology (2.2%)*
Genentech, Inc.*	281,500		18,880,205

186

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
ImClone Systems, Inc.*	261,800	$	11,257,400
Millennium Pharmaceuticals, Inc.*	911,100		13,648,278

			43,785,883

*Health Care Equipment & Supplies (1.7%)*
Baxter International, Inc.	394,200		22,883,310
Medtronic, Inc.	239,600		12,044,692

			34,928,002

*Health Care Providers & Services (2.8%)*
DaVita, Inc.*	239,475		13,494,416
UnitedHealth Group, Inc.	762,210		44,360,622

			57,855,038

*Health Care Technology (0.4%)*
Cerner Corp.*^	152,600		8,606,640

*Life Sciences Tools & Services (0.3%)*
Thermo Fisher Scientific, Inc.*	89,000		5,133,520

*Pharmaceuticals (7.6%)*
Allergan, Inc.	778,112		49,985,915
AstraZeneca plc (Sponsored ADR)	931,200		39,873,984
Forest Laboratories, Inc.*	1,284,346		46,814,412
Sepracor, Inc.*	231,600		6,079,500
Teva Pharmaceutical Industries Ltd. (ADR)^	250,825		11,658,346

			154,412,157

Total Health Care			304,721,240

Industrials (12.1%)
*Aerospace & Defense (1.3%)*
Boeing Co.	147,700		12,917,842
United Technologies Corp.	179,462		13,736,021

			26,653,863

*Air Freight & Logistics (2.0%)*
FedEx Corp.	115,600		10,308,052
United Parcel Service, Inc., Class B^	438,800		31,031,936

			41,339,988

*Building Products (0.3%)*
Owens Corning, Inc.*^	281,100		5,683,842

*Commercial Services & Supplies (0.3%)*
Monster Worldwide, Inc.*	190,300		6,165,720

*Construction & Engineering (1.1%)*
Fluor Corp.	147,700		21,522,844

*Electrical Equipment (0.4%)*
Cooper Industries Ltd., Class A	130,400		6,895,552

*Industrial Conglomerates (4.1%)*
General Electric Co.	1,961,628		72,717,550
Tyco International Ltd.	284,137		11,266,032

			83,983,582

*Machinery (2.6%)*
Caterpillar, Inc.	131,100		9,512,616
Danaher Corp.	216,300		18,978,162
Illinois Tool Works, Inc.	373,600		20,002,544
Parker Hannifin Corp.	62,950		4,740,765

			53,234,087

Total Industrials			245,479,478

Information Technology (16.8%)
*Communications Equipment (2.9%)*
Ciena Corp.*^	157,200		5,362,092
Cisco Systems, Inc.*	960,287		25,994,969
Polycom, Inc.*^	187,800		5,217,084
QUALCOMM, Inc.	593,200		23,342,420

			59,916,565

*Computers & Peripherals (3.2%)*
Brocade Communications Systems, Inc.*	775,300		5,690,702
Dell, Inc.*	847,850		20,780,804
Network Appliance, Inc.*	319,700		7,979,712
SanDisk Corp.*	278,600		9,241,162
Seagate Technology^	825,300		21,045,150

			64,737,530

*Electronic Equipment & Instruments (2.8%)*
Agilent Technologies, Inc.*	169,800		6,238,452
Flextronics International Ltd.*	2,492,400		30,058,344
Jabil Circuit, Inc.	1,295,800		19,786,866

			56,083,662

*Internet Software & Services (2.6%)*
eBay, Inc.*	150,684		5,001,202
Google, Inc., Class A*	62,080		42,927,078
Yahoo!, Inc.*	236,100		5,491,686

			53,419,966

*IT Services (1.8%)*
Affiliated Computer Services, Inc., Class A*	283,200		12,772,320
Cognizant Technology Solutions Corp., Class A*	172,600		5,858,044
Paychex, Inc.	155,500		5,632,210
VeriFone Holdings, Inc.*^	534,100		12,417,825

			36,680,399

*Semiconductors & Semiconductor Equipment (0.6%)*
Qimonda AG (Sponsored ADR)*^	1,407,500		10,063,625
Silicon Laboratories, Inc.*^	83,000		3,106,690

			13,170,315

*Software (2.9%)*
Microsoft Corp.	809,652		28,823,611
Oracle Corp.*	574,300		12,967,694
SAP AG (Sponsored ADR)^	234,300		11,961,015
Symantec Corp.*	268,700		4,336,818

			58,089,138

Total Information Technology			342,097,575

Materials (3.4%)
*Chemicals (1.9%)*
Celanese Corp., Class A	141,900		6,005,208
Potash Corp. of Saskatchewan, Inc.	227,100		32,693,316

			38,698,524

*Construction Materials (0.3%)*
Vulcan Materials Co.^	78,400		6,200,656

*Metals & Mining (1.2%)*
Barrick Gold Corp.	290,200		12,202,910
Cleveland-Cliffs, Inc.^	66,300		6,683,040
Nucor Corp.	113,200		6,703,704

			25,589,654

Total Materials			70,488,834

Telecommunication Services (4.1%)
*Diversified Telecommunication Services (2.7%)*
AT&T, Inc.	1,082,500		44,988,700
Time Warner Telecom, Inc., Class A*	462,500		9,384,125

			54,372,825

*Wireless Telecommunication Services (1.4%)*
American Tower Corp., Class A*	694,800		29,598,480

Total Telecommunication Services			83,971,305

Utilities (2.6%)
*Electric Utilities (1.1%)*
Allegheny Energy, Inc.	108,800		6,920,768

187

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EQ/CAPITAL GUARDIAN RESEARCH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
Edison International		153,800	$	8,208,306
Pinnacle West Capital Corp.		179,900		7,629,559

				22,758,633

*Independent Power Producers & Energy Traders (0.7%)*
AES Corp.*		635,400		13,591,206

*Multi-Utilities (0.8%)*
CMS Energy Corp.		594,600		10,334,148
MDU Resources Group, Inc.		220,800		6,096,288

				16,430,436

Total Utilities				52,780,275

Total Common Stocks (97.3%)
(Cost $1,803,056,241)				1,979,598,085

CONVERTIBLE PREFERRED STOCKS:
Financials (0.6%)
*Thrifts & Mortgage Finance (0.6%)*
Washington Mutual, Inc., 7.75%
(Cost $12,991,854)		13,200		11,682,000


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (10.4%)
ANZ National Bank Ltd.
4.36%, 3/6/09 (l)	$	8,997,048		8,997,048
BNP Paribas N.Y.
4.35%, 2/22/08 (l)		2,000,000		2,000,000
Calyon/New York
4.37%, 10/14/08 (l)		4,998,982		4,998,982
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		5,000,000		5,000,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		29,106,554		29,106,554
Goldman Sachs Group, Inc.
4.41%, 3/27/09		2,000,000		2,000,000
Monumental Global Funding II
4.40%, 3/26/10 (l)		1,000,000		1,000,000
Morgan Stanley, Repurchase Agreement
4.70%, 1/2/08 (r)		121,805,482		121,805,482
National Bank of Canada/New York
5.16%, 4/16/08 (l)		7,000,000		7,000,000
Pricoa Global Funding I
4.37%, 9/22/08 (l)		5,000,000		5,000,000
Swedbank AB/New York
5.15%, 4/16/08 (l)		7,000,000		7,000,000
Tango Finance Corp.
4.38%, 6/25/09 (l)		1,998,915		1,998,915
Ulster Bank Ireland Ltd.
4.72%, 4/18/08 (l)		5,000,000		5,000,000
Unicredito Italiano Bank (Ireland) plc
5.05%, 8/14/08 (l)		5,000,000		5,000,000
Wachovia Bank N.A.
4.37%, 6/27/08 (l)		4,999,759		4,999,759

Total Short-Term Investments of Cash Collateral for Securities Loaned				210,906,740

Time Deposit (2.4%)
JPMorgan Chase Nassau
3.51%, 1/2/08		49,911,702		49,911,702

Total Short-Term Investments (12.8%)
(Amortized Cost $260,818,442)				260,818,442

Total Investments (110.7%)
(Cost/Amortized Cost $2,076,866,537)				2,252,098,527
Other Assets Less Liabilities (-10.7%)				(218,069,012	)

Net Assets (100%)			$	2,034,029,515

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,813,173,907
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,052,304,726

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	347,836,194
Aggregate gross unrealized depreciation		(175,236,343	)

Net unrealized appreciation	$	172,599,851

Federal income tax cost of investments	$	2,079,498,676

188

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EQ/CAPITAL GUARDIAN RESEARCH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

At December 31, 2007, the Portfolio had loaned securities with a total value of $204,700,218. This was secured by collateral of $210,906,740 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $6,259, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

The Portfolio utilized capital loss carryforward of $173,350,599 during 2007.

See Notes to Financial Statements.

189

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EQ/CAYWOOD-SCHOLL HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Consumer Discretionary (21.7%)
*Auto Components (1.2%)*
Alison Bank, Bank Loan
8.000%, 8/7/14	$	1,175,000	$	1,096,317
Allison Transmission, Inc.
11.000%, 11/1/15^§		1,785,000		1,624,350

				2,720,667

*Distributors (0.2%)*
Buhrmann U.S., Inc.
8.250%, 7/1/14		600,000		573,000

*Diversified Consumer Services (2.2%)*
Carriage Services, Inc.
7.875%, 1/15/15		915,000		901,275
Education Management LLC/Education Management Corp.
8.750%, 6/1/14		1,770,000		1,776,638
Service Corp. International
7.375%, 10/1/14		250,000		252,813
6.750%, 4/1/16		2,235,000		2,151,187

				5,081,913

*Hotels, Restaurants & Leisure (5.0%)*
American Casino & Entertainment Properties LLC
7.850%, 2/1/12		595,000		613,296
Boyd Gaming Corp.
7.750%, 12/15/12		625,000		632,812
Caesars Entertainment, Inc.
8.125%, 5/15/11^		375,000		348,750
Harrahs Operating Co., Inc.
6.500%, 6/1/16		2,180,000		1,624,100
Landry’s Restaurants, Inc.
9.500%, 12/15/14^		785,000		777,150
Mashantucket Western Pequot Tribe
8.500%, 11/15/15^§		1,390,000		1,396,950
MGM MIRAGE
6.750%, 9/1/12		400,000		389,500
6.625%, 7/15/15		1,180,000		1,106,250
7.625%, 1/15/17^		1,040,000		1,027,000
Mohegan Tribal Gaming Authority
7.125%, 8/15/14		840,000		812,700
Seminole Hard Rock Entertainment, Inc.
7.491%, 3/15/14 § (l)		760,000		725,800
Seneca Gaming Corp.
7.250%, 5/1/12		285,000		287,138
Speedway Motorsports, Inc.
6.750%, 6/1/13		1,035,000		1,019,475
Station Casinos, Inc.
6.875%, 3/1/16^		1,315,000		959,950

				11,720,871

*Household Durables (0.1%)*
American Greetings Corp.
7.375%, 6/1/16		150,000		145,875

*Internet & Catalog Retail (0.5%)*
FTD, Inc.
7.750%, 2/15/14		1,304,000		1,225,760

*Leisure Equipment & Products (0.4%)*
Steinway Musical Instruments, Inc.
7.000%, 3/1/14 §		1,145,000		1,047,675

*Media (10.3%)*
Allbritton Communications Co.
7.750%, 12/15/12^		935,000		925,650
CCH I Holdings LLC/ CCH I Holdings Capital Corp.
11.000%, 10/1/15^		2,115,000		1,723,725
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.
8.375%, 4/30/14^ §		1,925,000		1,862,437
Citadel Communications Corp.
6.455%, 6/12/14		663,909		600,423
6.475%, 6/12/14		521,091		471,262
CSC Holdings, Inc.,
Series B
8.125%, 7/15/09^		210,000		213,413
Dex Media West LLC/Dex Media Finance Co.,
Series B
8.500%, 8/15/10		820,000		831,275
9.875%, 8/15/13		240,000		249,600
Echostar DBS Corp.
6.375%, 10/1/11		250,000		247,000
7.125%, 2/1/16		575,000		586,500
Idearc, Inc.
8.000%, 11/15/16		1,585,000		1,454,237
Inmarsat Finance plc
7.625%, 6/30/12		575,000		592,250
Intelsat Bermuda Ltd.
10.829%, 6/15/13 (l)		1,375,000		1,409,375
Intelsat Corp.
9.000%, 8/15/14		406,000		408,030
Intelsat Intermediate Holding Co., Ltd.
0.000%, 2/1/15 (e)		2,250,000		1,839,375
Intelsat Subsidiary Holding Co., Ltd.
8.625%, 1/15/15^		2,435,000		2,447,175
Liberty Media LLC
8.250%, 2/1/30		500,000		479,820
Mediacom Broadband LLC
8.500%, 10/15/15^		447,000		396,154
Mediacom LLC/Mediacom Capital Corp.
9.500%, 1/15/13		1,060,000		984,475
Quebecor Media, Inc.
7.750%, 3/15/16 §		400,000		384,000
7.750%, 3/15/16^		900,000		864,000
R.H. Donnelley Corp.,
Series A-1
6.875%, 1/15/13		1,425,000		1,275,375
Series A-2
6.875%, 1/15/13^		960,000		859,200
Sinclair Broadcast Group, Inc.
8.000%, 3/15/12^		400,000		407,500
Univision Communications, Inc., Term Loan
7.095%, 12/31/49		64,430		58,658
7.210%, 12/31/49 (l)		2,255,034		2,053,021
7.605%, 12/31/49 (l)		80,537		73,322
Videotron Ltd.
6.875%, 1/15/14		350,000		342,563

				24,039,815

*Multiline Retail (0.6%)*
Bon-Ton Stores, Inc.
10.250%, 3/15/14		670,000		505,850
Neiman Marcus Group, Inc. (PIK)
9.000%, 10/15/15		750,000		773,438
Saks, Inc.
8.250%, 11/15/08		57,000		57,570

				1,336,858

*Specialty Retail (0.2%)*
AutoNation, Inc.
7.000%, 4/15/14^		550,000		521,125

*Textiles, Apparel & Luxury Goods (1.0%)*
Invista
9.250%, 5/1/12 §		450,000		465,750

190

EQ ADVISORS TRUST

EQ/CAYWOOD-SCHOLL HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Levi Strauss & Co.
8.875%, 4/1/16^	$	725,000	$	701,437
Perry Ellis International, Inc.,
Series B
8.875%, 9/15/13		680,000		656,200
Phillips-Van Heusen Corp.
7.250%, 2/15/11^		450,000		452,813
8.125%, 5/1/13		125,000		128,125

				2,404,325

Total Consumer Discretionary				50,817,884

Consumer Staples (4.8%)
*Beverages (1.0%)*
Constellation Brands, Inc.
7.250%, 9/1/16^		950,000		890,625
Series B
8.125%, 1/15/12^		400,000		401,000
Cott Beverages USA, Inc.
8.000%, 12/15/11		1,225,000		1,139,250

				2,430,875

*Food & Staples Retailing (1.6%)*
Albertson’s, Inc.
7.450%, 8/1/29		215,000		206,924
Ingles Markets, Inc.
8.875%, 12/1/11		750,000		761,250
Pantry, Inc.
7.750%, 2/15/14		1,635,000		1,504,200
SUPERVALU, Inc.
7.500%, 11/15/14		1,210,000		1,240,250

				3,712,624

*Food Products (1.7%)*
Dole Foods Co., Inc.
8.625%, 5/1/09		832,000		802,880
Pilgrim’s Pride Corp.
7.625%, 5/1/15		1,000,000		982,500
Smithfield Foods, Inc.
7.625%, 2/15/08		350,000		350,000
7.750%, 7/1/17^		565,000		546,637
Series B
7.750%, 5/15/13^		1,205,000		1,186,925

				3,868,942

*Household Products (0.4%)*
Central Garden & Pet Co.
9.125%, 2/1/13^		1,165,000		998,988

*Personal Products (0.1%)*
Elizabeth Arden, Inc.
7.750%, 1/15/14^		215,000		210,700

Total Consumer Staples				11,222,129

Energy (9.7%)
*Energy Equipment & Services (1.2%)*
Complete Production Services, Inc.
8.000%, 12/15/16		750,000		725,625
Dresser-Rand Group, Inc.
7.375%, 11/1/14		938,000		935,655
Key Energy Services, Inc.
8.375%, 12/1/14^§		1,270,000		1,298,575

				2,959,855

*Oil, Gas & Consumable Fuels (8.5%)*
Atlas Pipeline Partners LP
8.125%, 12/15/15^		1,992,000		1,972,080
Chesapeake Energy Corp.
6.625%, 1/15/16		2,225,000		2,174,937
Compton Petroleum Finance Corp.
7.625%, 12/1/13		1,925,000		1,790,250
Denbury Resources, Inc.
7.500%, 12/15/15		375,000		378,750
Ferrellgas Escrow LLC/Ferrellgas Finance Escrow Corp.
6.750%, 5/1/14		600,000		588,750
Forest Oil Corp.
7.250%, 6/15/19 §		135,000		135,675
Foundation PA Coal Co.
7.250%, 8/1/14^		1,265,000		1,249,187
Inergy LP/Inergy Finance Corp.
6.875%, 12/15/14^		200,000		194,500
Kinder Morgan Finance Co. ULC
6.400%, 1/5/36		1,830,000		1,511,307
Kinder Morgan, Inc., Bank Loan
6.350%, 5/22/14		2,330,945		2,314,193
OPTI Canada, Inc.
7.875%, 12/15/14 §		745,000		728,237
8.250%, 12/15/14^§		490,000		485,100
Plains Exploration & Production Co.
7.000%, 3/15/17^		1,215,000		1,161,844
Sabine Pass LNG LP
7.250%, 11/30/13		350,000		334,250
7.500%, 11/30/16		1,790,000		1,709,450
Teekay Corp.
8.875%, 7/15/11		525,000		550,594
Williams Cos, Inc.
7.125%, 9/1/11^		650,000		686,563
7.750%, 6/15/31		1,240,000		1,357,800
Williams Partners LP/Williams Partners Finance Corp.
7.250%, 2/1/17		475,000		489,250

				19,812,717

Total Energy				22,772,572

Financials (8.1%)
*Capital Markets (0.8%)*
Arch Western Finance LLC
6.750%, 7/1/13		1,800,000		1,746,000

*Consumer Finance (4.0%)*
Ford Motor Credit Co. LLC
7.875%, 6/15/10		7,865,000		7,256,776
GMAC LLC
6.875%, 9/15/11		1,025,000		876,881
8.000%, 11/1/31		1,455,000		1,220,563

				9,354,220

*Diversified Financial Services (2.5%)*
American Real Estate Partners LP/American Real Estate Finance Corp.
7.125%, 2/15/13^		200,000		188,000
Hawker Beechcraft Acquisition Co. LLC/Hawker Beechcraft Notes Co. (PIK)
8.875%, 4/1/15^§		1,930,000		1,910,700
KAR Holdings, Inc.
8.750%, 5/1/14^§		1,405,000		1,292,600
NSG Holdings LLC/NSG Holdings, Inc.
7.750%, 12/15/25^§		635,000		636,588
Rainbow National Services LLC
10.375%, 9/1/14 §		680,000		736,950
Regency Energy Partners LP/Regency Energy Finance Corp.
8.375%, 12/15/13		972,000		1,001,160

				5,765,998

*Real Estate Investment Trusts (REITs) (0.8%)*
Felcor Lodging LP (REIT)
8.500%, 6/1/11		1,349,000		1,406,332
Host Marriott LP (REIT)
7.125%, 11/1/13^		125,000		125,938

191

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EQ/CAYWOOD-SCHOLL HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Series M (REIT)
7.000%, 8/15/12^	$	125,000	$	125,000
Ventas Realty LP/Ventas Capital Corp. (REIT)
7.125%, 6/1/15		275,000		277,750

				1,935,020

Total Financials				18,801,238

Government Securities (1.9%)
*U.S. Treasuries (1.9%)*
U.S. Treasury Bonds
5.000%, 5/15/37^		1,180,000		1,286,108
U.S. Treasury Notes
4.750%, 8/15/17^		585,000		617,861
4.250%, 11/15/17^		2,500,000		2,543,555

Total Government Securities				4,447,524

Health Care (8.2%)
*Health Care Equipment & Supplies (2.9%)*
Advanced Medical Optics, Inc.
7.500%, 5/1/17^		1,945,000		1,789,400
Bausch & Lomb, Inc.
9.875%, 11/1/15^§		3,045,000		3,090,675
Boston Scientific Corp.
6.400%, 6/15/16^		1,920,000		1,804,800

				6,684,875

*Health Care Providers & Services (5.3%)*
Community Health Systems, Inc., Term Loan
8.875%, 7/15/15		1,805,000		1,838,843
0.000%, 12/31/49		127,610		122,652
7.331%, 12/31/49		2,543,766		2,444,929
HCA, Inc.
6.950%, 5/1/12		3,170,000		2,948,100
6.300%, 10/1/12^		1,215,000		1,081,350
9.250%, 11/15/16		740,000		777,000
(PIK)
9.625%, 11/15/16		825,000		872,438
Tenet Healthcare Corp.
9.250%, 2/1/15^		1,830,000		1,692,750
U.S. Oncology, Inc.
9.000%, 8/15/12		600,000		591,750

				12,369,812

*Life Sciences Tools & Services (0.0%)*
Fisher Scientific International, Inc.
6.125%, 7/1/15		75,000		74,500

Total Health Care				19,129,187

Industrials (8.4%)
*Aerospace & Defense (2.9%)*
Alion Science and Technology Corp.
10.250%, 2/1/15		1,270,000		1,082,675
Alliant Techsystems, Inc.
6.750%, 4/1/16^		200,000		200,000
Bombardier, Inc.
6.750%, 5/1/12 §		1,200,000		1,215,000
DRS Technologies, Inc.
6.625%, 2/1/16		750,000		740,625
Esterline Technologies Corp.
7.750%, 6/15/13^		1,365,000		1,399,125
L-3 Communications Corp.
6.125%, 7/15/13^		75,000		73,688
Moog, Inc.
6.250%, 1/15/15		450,000		437,625
TransDigm, Inc.
7.750%, 7/15/14		1,590,000		1,613,850

				6,762,588

*Building Products (0.7%)*
Goodman Global Holdings, Inc.,
Series B
7.993%, 6/15/12 (l)		1,660,000		1,651,700

*Commercial Services & Supplies (2.1%)*
Allied Waste Industries, Inc.
7.400%, 9/15/35		758,000		704,940
Allied Waste North America, Inc.
7.250%, 3/15/15		1,025,000		1,019,875
ARAMARK Services, Inc.
8.500%, 2/1/15^		1,975,000		1,999,687
Browning-Ferris Industries, Inc.
6.375%, 1/15/08^		150,000		150,000
Corrections Corp. of America
7.500%, 5/1/11		195,000		197,438
6.750%, 1/31/14^		375,000		376,406
Di Finance LLC/ DynCorp International,
Series B
9.500%, 2/15/13		531,000		555,559

				5,003,905

*Electrical Equipment (0.7%)*
Baldor Electric Co.
8.625%, 2/15/17^		1,430,000		1,472,900
General Cable Corp.
7.125%, 4/1/17^		50,000		49,000
Thomas & Betts Corp.
7.250%, 6/1/13		120,000		124,793

				1,646,693

*Machinery (0.5%)*
Douglas Dynamics LLC
7.750%, 1/15/12 §		350,000		302,750
Terex Corp.
8.000%, 11/15/17		870,000		880,875

				1,183,625

*Road & Rail (1.5%)*
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
7.625%, 5/15/14^		705,000		673,275
Hertz Corp.
8.875%, 1/1/14		1,285,000		1,302,669
RSC Equipment Rental, Inc.
9.500%, 12/1/14^		900,000		805,500
United Rentals North America, Inc.
6.500%, 2/15/12		725,000		657,937

				3,439,381

Total Industrials				19,687,892

Information Technology (1.0%)
*Electronic Equipment & Instruments (0.2%)*
NXP B.V./NXP Funding LLC
7.993%, 10/15/13 (l)		565,000		519,800

*IT Services (0.6%)*
SunGard Data Systems, Inc.
9.125%, 8/15/13		971,000		987,992
4.875%, 1/15/14^		495,000		434,363

				1,422,355

*Semiconductors & Semiconductor Equipment (0.2%)*
Sensata Technologies B.V.
8.000%, 5/1/14^		455,000		427,700

Total Information Technology				2,369,855

192

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EQ/CAYWOOD-SCHOLL HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Materials (9.0%)
*Chemicals (2.5%)*
Airgas, Inc.
6.250%, 7/15/14	$	340,000	$	324,700
Basell AF SCA
8.375%, 8/15/15^§		1,630,000		1,316,225
ISP Chemco, Inc., Bank Loan
6.975%, 5/31/14		1,521,188		1,444,747
Mosaic Co.
7.875%, 12/1/16 §		1,200,000		1,296,000
Nalco Co.
7.750%, 11/15/11^		315,000		318,938
PolyOne Corp.
8.875%, 5/1/12^		299,000		304,233
Rockwood Specialties Group, Inc.
7.500%, 11/15/14^		750,000		742,500

				5,747,343

*Construction Materials (0.4%)*
Texas Industries, Inc.
7.250%, 7/15/13^		450,000		441,000
U.S. Concrete, Inc.
8.375%, 4/1/14^		560,000		490,000

				931,000

*Containers & Packaging (1.7%)*
Ball Corp.
6.625%, 3/15/18		1,010,000		1,002,425
Crown Americas LLC/Crown Americas Capital Corp.
7.750%, 11/15/15^		1,760,000		1,812,800
Owens-Illinois, Inc.
7.350%, 5/15/08		1,260,000		1,263,150

				4,078,375

*Metals & Mining (3.5%)*
AK Steel Corp.
7.750%, 6/15/12		860,000		864,300
California Steel Industries, Inc.
6.125%, 3/15/14		425,000		374,000
Freeport-McMoRan Copper & Gold, Inc.
8.250%, 4/1/15		195,000		206,700
8.375%, 4/1/17		3,865,000		4,145,212
Novelis, Inc.
7.250%, 2/15/15		700,000		658,000
Steel Dynamics, Inc.
7.375%, 11/1/12 §		805,000		809,025
6.750%, 4/1/15^§		1,080,000		1,042,200

				8,099,437

*Paper & Forest Products (0.9%)*
Buckeye Technologies, Inc.
8.500%, 10/1/13^		300,000		305,250
Georgia-Pacific LLC
8.125%, 5/15/11		515,000		522,725
9.500%, 12/1/11		155,000		162,750
Newark Group, Inc.
9.750%, 3/15/14		1,150,000		1,104,000

				2,094,725

Total Materials				20,950,880

Telecommunication Services (8.5%)
*Diversified Telecommunication Services (6.4%)*
Citizens Communications Co.
6.250%, 1/15/13		900,000		871,875
9.000%, 8/15/31		1,845,000		1,840,387
Level 3 Financing, Inc.
9.250%, 11/1/14^		1,355,000		1,226,275
Qwest Communications International, Inc.
7.500%, 2/15/14		675,000		673,313
Series B
7.500%, 2/15/14^		1,453,000		1,449,368
Qwest Corp.
8.875%, 3/15/12		800,000		856,000
7.500%, 10/1/14		250,000		253,750
Telesat Canada Corp., Bank Loan
5.320%, 10/15/14		1,900,000		1,851,362
Time Warner Telecom Holdings, Inc.
9.250%, 2/15/14		2,140,000		2,188,150
Williams Communications Group, Inc.
11.700%, 8/1/08†(h)		575,000		—
Windstream Corp.
8.625%, 8/1/16		2,630,000		2,761,500
7.000%, 3/15/19		980,000		933,450

				14,905,430

*Wireless Telecommunication Services (2.1%)*
Crown Castle International Corp., Term Loan
6.644%, 12/31/49		2,605,313		2,479,700
Nextel Communications, Inc.,
Series D
7.375%, 8/1/15		345,000		339,694
Rogers Communications, Inc.
9.625%, 5/1/11		825,000		939,123
Vodafone Group plc
6.150%, 2/27/37		1,175,000		1,160,454

				4,918,971

Total Telecommunication Services				19,824,401

Utilities (11.1%)
*Electric Utilities (4.2%)*
Edison Mission Energy
7.500%, 6/15/13		200,000		205,000
7.750%, 6/15/16^		895,000		921,850
Intergen N.V.
9.000%, 6/30/17 §		3,910,000		4,115,275
Reliant Energy, Inc.
7.875%, 6/15/17^		1,565,000		1,549,350
Tenaska Alabama Partners LP
7.000%, 6/30/21 §		630,094		628,873
Texas Competitive Electric Holdings Co. LLC
8.550%, 10/31/14		2,560,000		2,516,909

				9,937,257

*Gas Utilities (1.1%)*
AmeriGas Partners LP
7.250%, 5/20/15		690,000		676,200
AmeriGas Partners LP/AmeriGas Eagle Finance Corp.
7.125%, 5/20/16^		850,000		824,500
Suburban Propane Partners LP/Suburban Energy Finance Corp.
6.875%, 12/15/13		1,105,000		1,071,850

				2,572,550

*Independent Power Producers & Energy Traders (5.8%)*
AES Corp.
8.875%, 2/15/11		475,000		495,188
8.750%, 5/15/13 §		125,000		130,469
8.000%, 10/15/17 §		2,270,000		2,321,075
Dynegy Holdings, Inc.
8.375%, 5/1/16		1,955,000		1,911,012
7.750%, 6/1/19		2,090,000		1,928,025
Energy Future Holdings Corp.
10.875%, 11/1/17 §		4,615,000		4,638,075
Mirant North America LLC
7.375%, 12/31/13^		420,000		421,050
NRG Energy, Inc.
7.375%, 2/1/16		1,095,000		1,067,625

193

EQ ADVISORS TRUST

EQ/CAYWOOD-SCHOLL HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
7.375%, 1/15/17	$	600,000	$	585,000

				13,497,519

Total Utilities				26,007,326

Total Long-Term Debt Securities (92.4%)
(Cost $221,137,145)				216,030,888

CONVERTIBLE BONDS:
Consumer Discretionary (0.7%)
*Automobiles (0.7%)*
Ford Motor Co.
4.250%, 12/15/36		1,535,000		1,525,406

Total Consumer Discretionary				1,525,406

Energy (0.4%)
*Oil, Gas & Consumable Fuels (0.4%)*
Peabody Energy Corp.
4.750%, 12/15/41^		775,000		982,313

Total Energy				982,313

Total Convertible Bonds (1.1%)
(Cost $2,454,043)				2,507,719


	Number of Shares
COMMON STOCKS:
Financials (0.2%)
*Diversified Financial Services (0.2%)*
Leucadia National Corp.^		7,818		368,228

Total Financials				368,228

Information Technology (0.0%)
*Computers & Peripherals (0.0%)*
Axiohm Transaction Solutions, Inc.*†		4,056		—

Total Information Technology				—

Total Common Stocks (0.2%)
(Cost $1,114,533)				368,228


	Number of Warrants
WARRANTS:
Health Care (0.0%)
*Life Sciences Tools & Services (0.0%)*
Charles River Laboratories International, Inc.,
$5.19, expiring 10/1/09*†		250		115,174

Total Health Care				115,174

Information Technology (0.0%)
*Internet Software & Services (0.0%)*
Verado Holdings, Inc., Class B,
$0.01, expiring 4/15/08*†		300		—

Total Information Technology				—

Telecommunication Services (0.0%)
*Diversified Telecommunication Services (0.0%)*
Pathnet, Inc.,
$0.01, expiring 4/15/08*†		250		—

Total Telecommunication Services				—

Total Warrants (0.0%)
(Cost $—)				115,174

SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (21.1%)
Barclays Capital, Repurchase Agreement
4.65%, 1/2/08 (r)		10,000,000		10,000,000
BBVA Senior Finance S.A.
5.18%, 3/12/10 (l)		1,000,000		1,000,000
Beta Finance, Inc.
4.38%, 2/17/09 (l)		1,999,108		1,999,108
Caixa d’Estalvis i Pensions de Barcelona/Catalonia
5.18%, 6/30/08 (l)		2,100,000		2,100,000
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		2,000,000		2,000,000
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		10,000,000		10,000,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		17,221,457		17,221,457
General Electric Capital Corp.
4.40%, 3/12/10 (l)		2,000,000		2,000,000
Goldman Sachs Group, Inc.
4.41%, 3/27/09 (l)		2,000,000		2,000,000
Monumental Global Funding II
4.40%, 3/26/10 (l)		1,000,000		1,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				49,320,565

Time Deposit (5.2%)
JPMorgan Chase Nassau
3.51%, 1/2/08		12,315,422		12,315,422

Total Short-Term Investments (26.3%)
(Amortized Cost $61,635,987)				61,635,987

Total Investments (120.0%)
(Cost/Amortized Cost $286,341,708)				280,657,996
Other Assets Less Liabilities (-20.0%)				(46,772,444	)

Net Assets (100%)			$	233,885,552

194

EQ ADVISORS TRUST

EQ/CAYWOOD-SCHOLL HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

†	Securities (totaling $115,174 or 0.05% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2007, the market value of these securities amounted to $35,637,029 or 15.24% of net assets. Securities denoted with “§” but without “(b)”have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(e)

Step Bond - Coupon rate increases in increments to maturity. Rate disclosed is as of December 31, 2007. Maturity date disclosed is the ultimate maturity date.

(h)

Security in default.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

PIK — Payment-in-Kind Security

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	204,100,848
Long-term U.S. Treasury securities		4,388,632

	$	208,489,480

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	161,843,993

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	1,438,081
Aggregate gross unrealized depreciation		(7,651,080	)

Net unrealized depreciation	$	(6,212,999	)

Federal income tax cost of investments	$	286,870,995

At December 31, 2007, the Portfolio had loaned securities with a total value of $52,086,241. This was secured by collateral of $49,320,565 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $4,033,124 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $5,225, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

The Portfolio has a net capital loss carryforward of $24,465,989 of which $4,139,621 expires in the year 2008, $6,348,144 expires in the year 2009, $10,736,475 expires in the year 2010, $2,157,878 expires in the year 2011, $35,502 expires in the year 2014, and $1,048,369 expires in the year 2015.

See Notes to Financial Statements.

195

EQ ADVISORS TRUST

EQ/DAVIS NEW YORK VENTURE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (9.6%)
*Automobiles (0.7%)*
Harley-Davidson, Inc.	83,620	$	3,905,890

*Diversified Consumer Services (0.9%)*
H&R Block, Inc.^	257,590		4,783,446

*Household Durables (0.2%)*
Hunter Douglas N.V.	13,000		963,257

*Internet & Catalog Retail (0.6%)*
Amazon.com, Inc.*	19,030		1,762,940
Liberty Media Corp., Interactive, Class A*	69,790		1,331,593

			3,094,533

*Media (5.3%)*
Comcast Corp., Special Class A*^	510,850		9,256,602
Grupo Televisa S.A. (Sponsored ADR)^	79,700		1,894,469
Lagardere SCA	33,900		2,542,112
Liberty Media Corp., Capital Series, Class A*	13,610		1,585,429
News Corp., Class A	386,700		7,923,483
Virgin Media, Inc.^	84,520		1,448,673
WPP Group plc (ADR)	61,020		3,922,976

			28,573,744

*Multiline Retail (0.3%)*
Sears Holdings Corp.*^	16,460		1,679,743

*Specialty Retail (1.6%)*
Bed Bath & Beyond, Inc.*	112,330		3,301,379
CarMax, Inc.*^	192,960		3,810,960
Lowe’s Cos., Inc.	75,280		1,702,833

			8,815,172

Total Consumer Discretionary			51,815,785

Consumer Staples (14.6%)
*Beverages (2.3%)*
Diageo plc (Sponsored ADR)	87,470		7,507,550
Heineken Holding N.V.	89,200		5,050,968

			12,558,518

*Food & Staples Retailing (6.6%)*
Costco Wholesale Corp.	298,400		20,816,384
CVS Caremark Corp.	190,156		7,558,701
Wal-Mart Stores, Inc.	146,900		6,982,157

			35,357,242

*Food Products (0.2%)*
Hershey Co.^	25,630		1,009,822

*Household Products (1.3%)*
Procter & Gamble Co.	97,200		7,136,424

*Personal Products (0.4%)*
Avon Products, Inc.	58,630		2,317,644

*Tobacco (3.8%)*
Altria Group, Inc.	273,780		20,692,292

Total Consumer Staples			79,071,942

Energy (15.0%)
*Energy Equipment & Services (0.9%)*
Transocean, Inc.	33,869		4,848,347

*Oil, Gas & Consumable Fuels (14.1%)*
Canadian Natural Resources Ltd.	127,920		9,356,069
China Coal Energy Co.	1,273,600		4,001,744
ConocoPhillips	279,300		24,662,189
Devon Energy Corp.	164,000		14,581,240
EOG Resources, Inc.	131,030		11,694,427
Occidental Petroleum Corp.	150,440		11,582,376

			75,878,045

Total Energy			80,726,392

Financials (34.2%)
*Capital Markets (5.0%)*
Ameriprise Financial, Inc.	80,450		4,433,600
Bank of New York Mellon Corp.	228,870		11,159,701
ETRADE Financial Corp.^	98,400		349,320
Merrill Lynch & Co., Inc. (Private Placement)§†(b)	150,200		6,967,816
Morgan Stanley	42,600		2,262,486
State Street Corp.	22,030		1,788,836

			26,961,759

*Commercial Banks (4.9%)*
Commerce Bancorp, Inc./New Jersey	99,800		3,806,372
HSBC Holdings plc	253,506		4,248,978
Wachovia Corp.	198,792		7,560,060
Wells Fargo & Co.	362,670		10,949,007

			26,564,417

*Consumer Finance (4.1%)*
American Express Co.	419,940		21,845,279
Discover Financial Services	32,330		487,536

			22,332,815

*Diversified Financial Services (4.9%)*
Citigroup, Inc.	223,580		6,582,195
JPMorgan Chase & Co.	377,900		16,495,335
Moody’s Corp.^	101,420		3,620,694

			26,698,224

*Insurance (15.0%)*
Ambac Financial Group, Inc.^	74,860		1,929,142
American International Group, Inc.	323,600		18,865,880
Aon Corp.	96,460		4,600,177
Berkshire Hathaway, Inc., Class B*	3,919		18,560,384
Everest Reinsurance Group Ltd.	6,860		688,744
Loews Corp.	254,460		12,809,516
Markel Corp.*^	957		469,983
MBIA, Inc.^	37,300		694,899
Millea Holdings, Inc.	100,300		3,384,783
Nipponkoa Insurance Co., Ltd.	232,500		2,116,569
Principal Financial Group, Inc.	28,650		1,972,266
Progressive Corp.	449,370		8,609,929
Sun Life Financial, Inc.	16,270		910,144
Transatlantic Holdings, Inc.^	71,265		5,178,828

			80,791,244

*Real Estate Management & Development (0.3%)*
Hang Lung Group Ltd.	284,000		1,551,594

Total Financials			184,900,053

Health Care (4.1%)
*Health Care Equipment & Supplies (1.2%)*
Covidien Ltd.	146,712		6,497,875

*Health Care Providers & Services (2.9%)*
Cardinal Health, Inc.	57,460		3,318,315
Express Scripts, Inc.*	67,400		4,920,200
UnitedHealth Group, Inc.	123,460		7,185,372

			15,423,887

Total Health Care			21,921,762

Industrials (3.5%)
*Air Freight & Logistics (0.5%)*
Toll Holdings Ltd.	67,497		678,593

196

EQ ADVISORS TRUST

EQ/DAVIS NEW YORK VENTURE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
United Parcel Service, Inc., Class B		30,980	$	2,190,905

				2,869,498

*Industrial Conglomerates (1.3%)*
Siemens AG (Registered)		8,500		1,352,850
Tyco International Ltd.		149,282		5,919,031

				7,271,881

*Machinery (0.0%)*
PACCAR, Inc.		600		32,688

*Marine (0.7%)*
China Shipping Development Co., Ltd., Class H^		590,000		1,558,725
Kuehne & Nagel International AG (Registered)		20,438		1,958,683

				3,517,408

*Road & Rail (0.1%)*
Asciano Group		48,800		299,942

*Transportation Infrastructure (0.9%)*
China Merchants Holdings International Co., Ltd.^		642,785		3,998,137
COSCO Pacific Ltd.		422,900		1,128,109

				5,126,246

Total Industrials				19,117,663

Information Technology (9.0%)
*Computers & Peripherals (1.8%)*
Dell, Inc.*		211,960		5,195,140
Hewlett-Packard Co.		86,780		4,380,654

				9,575,794

*Electronic Equipment & Instruments (1.6%)*
Agilent Technologies, Inc.*		83,700		3,075,138
Tyco Electronics Ltd.		146,712		5,447,417

				8,522,555

*Internet Software & Services (0.9%)*
Google, Inc., Class A*		7,480		5,172,270

*IT Services (1.5%)*
Iron Mountain, Inc.*^		213,760		7,913,395

*Semiconductors & Semiconductor Equipment (0.9%)*
Texas Instruments, Inc.		142,500		4,759,500

*Software (2.3%)*
Microsoft Corp.		355,700		12,662,920

Total Information Technology				48,606,434

Materials (3.5%)
*Construction Materials (1.1%)*
Martin Marietta Materials, Inc.^		14,520		1,925,352
Vulcan Materials Co.^		49,850		3,942,636

				5,867,988

*Containers & Packaging (1.3%)*
Sealed Air Corp.		308,340		7,134,988

*Metals & Mining (0.7%)*
BHP Billiton plc		51,150		1,574,125
Rio Tinto plc		21,630		2,289,324

				3,863,449

*Paper & Forest Products (0.4%)*
Sino-Forest Corp.*		90,200		1,959,459

Total Materials				18,825,884

Telecommunication Services (1.1%)
*Wireless Telecommunication Services (1.1%)*
SK Telecom Co., Ltd. (ADR)^		92,640		2,764,378
Sprint Nextel Corp.		256,250		3,364,562

Total Telecommunication Services				6,128,940

Total Common Stocks (94.6%)
(Cost $514,088,757)				511,114,855


	Principal Amount
SHORT-TERM INVESTMENTS:
Commercial Paper (5.2%)
San Paolo IMI U.S. Financial Co.
4.53%, 1/2/08 (p)	$	16,000,000		15,995,973
UBS Finance (Delaware) LLC
4.00%, 1/2/08 (p)		12,218,000		12,215,284

Total Commercial Paper				28,211,257

Short-Term Investments of Cash Collateral for Securities Loaned (5.9%)
Barclays Capital, Repurchase Agreement
4.65%, 1/2/08 (r)		2,000,000		2,000,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		29,820,325		29,820,325

Total Short-Term Investments of Cash Collateral for Securities Loaned				31,820,325

Total Short-Term Investments (11.1%)
(Cost/Amortized Cost $60,034,954)				60,031,582

Total Investments (105.7%)
(Cost/Amortized Cost $574,123,711)				571,146,437
Other Assets Less Liabilities (-5.7%)				(30,994,582	)

Net Assets (100%)			$	540,151,855

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

†	Securities (totaling $6,967,816 or 1.29% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2007, the market value of these securities amounted to $6,967,816 or 1.29% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

197

EQ ADVISORS TRUST

EQ/DAVIS NEW YORK VENTURE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	479,537,142
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	24,968,102

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	44,504,911
Aggregate gross unrealized depreciation		(47,829,729	)

Net unrealized depreciation	$	(3,324,818	)

Federal income tax cost of investments	$	574,471,255

At December 31, 2007, the Portfolio had loaned securities with a total value of $31,160,862. This was secured by collateral of $31,820,325 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2007, the Portfolio incurred approximately $12,532 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

198

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (8.5%)
*Auto Components (0.2%)*
Goodyear Tire & Rubber Co.*	59,650	$	1,683,323
Johnson Controls, Inc.	168,000		6,054,720

			7,738,043

*Automobiles (0.3%)*
Ford Motor Co.*^	593,847		3,996,590
General Motors Corp.^	160,050		3,983,644
Harley-Davidson, Inc.	71,050		3,318,746

			11,298,980

*Distributors (0.1%)*
Genuine Parts Co.	48,100		2,227,030

*Diversified Consumer Services (0.1%)*
Apollo Group, Inc., Class A*	40,250		2,823,537
H&R Block, Inc.^	91,750		1,703,798

			4,527,335

*Hotels, Restaurants & Leisure (1.4%)*
Carnival Corp.	123,400		5,490,066
Darden Restaurants, Inc.	40,050		1,109,785
Harrah’s Entertainment, Inc.	53,000		4,703,750
International Game Technology^	89,200		3,918,556
Marriott International, Inc., Class A	90,350		3,088,163
McDonald’s Corp.	337,100		19,858,561
Starbucks Corp.*^	210,800		4,315,076
Starwood Hotels & Resorts Worldwide, Inc.	56,300		2,478,889
Wendy’s International, Inc.	24,650		636,956
Wyndham Worldwide Corp.	50,445		1,188,484
Yum! Brands, Inc.^	147,080		5,628,752

			52,417,038

*Household Durables (0.4%)*
Black & Decker Corp.	18,650		1,298,972
Centex Corp.^	33,900		856,314
D.R. Horton, Inc.^	77,250		1,017,383
Fortune Brands, Inc.	43,350		3,136,806
Harman International Industries, Inc.	17,100		1,260,441
KB Home^	21,750		469,800
Leggett & Platt, Inc.^	49,350		860,664
Lennar Corp., Class A^	39,400		704,866
Newell Rubbermaid, Inc.	78,076		2,020,607
Pulte Homes, Inc.	60,000		632,400
Snap-On, Inc.	16,400		791,136
Stanley Works^	23,250		1,127,160
Whirlpool Corp.^	22,066		1,801,248

			15,977,797

*Internet & Catalog Retail (0.3%)*
Amazon.com, Inc.*^	86,450		8,008,728
Expedia, Inc.*^	57,719		1,825,075
IAC/InterActiveCorp*^	53,950		1,452,334

			11,286,137

*Leisure Equipment & Products (0.2%)*
Brunswick Corp.^	25,050		427,102
Eastman Kodak Co.^	81,100		1,773,657
Hasbro, Inc.^	41,508		1,061,775
Mattel, Inc.	103,750		1,975,400

			5,237,934

*Media (2.8%)*
CBS Corp., Class B	193,700		5,278,325
Clear Channel Communications, Inc.	140,840		4,861,797
Comcast Corp., Class A*	874,150		15,961,979
DIRECTV Group, Inc.*^	203,010		4,693,591
E.W. Scripps Co., Class A^	25,400		1,143,254
Gannett Co., Inc.	65,850		2,568,150
Interpublic Group of Cos., Inc.*^	132,900		1,077,819
McGraw-Hill Cos., Inc.	95,800		4,196,998
Meredith Corp.^	10,850		596,533
New York Times Co., Class A^	40,650		712,595
News Corp., Class A	654,800		13,416,852
Omnicom Group, Inc.	92,900		4,415,537
Time Warner, Inc.	1,054,800		17,414,748
Viacom, Inc., Class B*	194,200		8,529,264
Walt Disney Co.	549,000		17,721,720
Washington Post Co., Class B	1,650		1,305,859

			103,895,021

*Multiline Retail (0.8%)*
Big Lots, Inc.*^	28,750		459,713
Dillard’s, Inc., Class A^	17,150		322,077
Family Dollar Stores, Inc.	41,150		791,314
J.C. Penney Co., Inc.	62,650		2,755,973
Kohl’s Corp.*	89,900		4,117,420
Macy’s, Inc.	122,672		3,173,525
Nordstrom, Inc.^	55,900		2,053,207
Sears Holdings Corp.*^	21,462		2,190,197
Target Corp.	239,500		11,975,000

			27,838,426

*Specialty Retail (1.5%)*
Abercrombie & Fitch Co.	24,534		1,961,984
AutoNation, Inc.*^	38,939		609,785
AutoZone, Inc.*^	13,000		1,558,830
Bed Bath & Beyond, Inc.*^	76,750		2,255,682
Best Buy Co., Inc.	99,275		5,226,829
Circuit City Stores, Inc.^	47,650		200,130
GameStop Corp., Class A*	45,113		2,801,968
Gap, Inc.	139,975		2,978,668
Home Depot, Inc.	477,608		12,866,760
Limited Brands, Inc.^	90,107		1,705,726
Lowe’s Cos., Inc.	418,150		9,458,553
Office Depot, Inc.*	77,150		1,073,156
OfficeMax, Inc.	21,300		440,058
RadioShack Corp.^	38,950		656,697
Sherwin-Williams Co.^	30,750		1,784,730
Staples, Inc.	201,925		4,658,410
Tiffany & Co.	38,700		1,781,361
TJX Cos., Inc.^	125,700		3,611,361

			55,630,688

*Textiles, Apparel & Luxury Goods (0.4%)*
Coach, Inc.*	105,450		3,224,661
Jones Apparel Group, Inc.	24,050		384,560
Liz Claiborne, Inc.^	28,900		588,115
NIKE, Inc., Class B	109,350		7,024,644
Polo Ralph Lauren Corp.	16,950		1,047,340
VF Corp.	25,100		1,723,366

			13,992,686

Total Consumer Discretionary			312,067,115

Consumer Staples (10.2%)
*Beverages (2.4%)*
Anheuser-Busch Cos., Inc.	212,000		11,096,080
Brown-Forman Corp., Class B^	24,500		1,815,695
Coca-Cola Co.	562,800		34,539,036
Coca-Cola Enterprises, Inc.^	80,550		2,096,716
Constellation Brands, Inc., Class A*^	54,850		1,296,654
Molson Coors Brewing Co., Class B	38,500		1,987,370
Pepsi Bottling Group, Inc.	39,600		1,562,616
PepsiCo, Inc.	457,010		34,687,059

			89,081,226

199

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
*Food & Staples Retailing (2.4%)*
Costco Wholesale Corp.	123,850	$	8,639,776
CVS Caremark Corp.	418,845		16,649,089
Kroger Co.	200,100		5,344,671
Safeway, Inc.	124,150		4,247,171
SUPERVALU, Inc.	59,379		2,227,900
SYSCO Corp.	172,500		5,383,725
Wal-Mart Stores, Inc.	678,900		32,268,117
Walgreen Co.	281,050		10,702,384
Whole Foods Market, Inc.^	39,250		1,601,400

			87,064,233

*Food Products (1.5%)*
Archer-Daniels-Midland Co.	182,016		8,451,003
Campbell Soup Co.	63,500		2,268,855
ConAgra Foods, Inc.	138,450		3,293,725
Dean Foods Co.	36,560		945,442
General Mills, Inc.	93,350		5,320,950
H.J. Heinz Co.	90,300		4,215,204
Hershey Co.^	47,800		1,883,320
Kellogg Co.	75,000		3,932,250
Kraft Foods, Inc., Class A	445,931		14,550,729
McCormick & Co., Inc. (Non-Voting)^	36,700		1,391,297
Sara Lee Corp.	204,900		3,290,694
Tyson Foods, Inc., Class A	77,750		1,191,907
Wm. Wrigley Jr. Co.	61,425		3,596,434

			54,331,810

*Household Products (2.4%)*
Clorox Co.	39,150		2,551,406
Colgate-Palmolive Co.	144,300		11,249,628
Kimberly-Clark Corp.	120,394		8,348,120
Procter & Gamble Co.	882,760		64,812,239

			86,961,393

*Personal Products (0.1%)*
Avon Products, Inc.	122,350		4,836,496
Estee Lauder Cos., Inc., Class A	32,400		1,412,964

			6,249,460

*Tobacco (1.4%)*
Altria Group, Inc.	595,500		45,007,890
Reynolds American, Inc.^	48,400		3,192,464
UST, Inc.^	45,050		2,468,740

			50,669,094

Total Consumer Staples			374,357,216

Energy (12.9%)
*Energy Equipment & Services (2.6%)*
Baker Hughes, Inc.	90,410		7,332,251
BJ Services Co.	82,400		1,999,024
ENSCO International, Inc.	41,850		2,495,097
Halliburton Co.	251,750		9,543,842
Nabors Industries Ltd.*	79,500		2,177,505
National Oilwell Varco, Inc.*^	100,800		7,404,768
Noble Corp.	75,900		4,289,109
Rowan Cos., Inc.	31,200		1,231,152
Schlumberger Ltd.	337,200		33,170,364
Smith International, Inc.^	56,760		4,191,726
Transocean, Inc.	87,617		12,542,374
Weatherford International Ltd.*	95,300		6,537,580

			92,914,792

*Oil, Gas & Consumable Fuels (10.3%)*
Anadarko Petroleum Corp.	131,194		8,618,134
Apache Corp.	93,930		10,101,232
Chesapeake Energy Corp.^	125,200		4,907,840
Chevron Corp.	603,034		56,281,163
ConocoPhillips	460,284		40,643,077
Consol Energy, Inc.	51,600		3,690,432
Devon Energy Corp.	126,200		11,220,442
El Paso Corp.	198,096		3,415,175
EOG Resources, Inc.	69,300		6,185,025
Exxon Mobil Corp.	1,568,808		146,981,622
Hess Corp.	78,250		7,892,295
Marathon Oil Corp.	202,314		12,312,830
Murphy Oil Corp.	53,300		4,521,972
Noble Energy, Inc.	48,453		3,852,983
Occidental Petroleum Corp.	235,000		18,092,650
Peabody Energy Corp.^	75,050		4,626,082
Range Resources Corp.	42,269		2,170,936
Spectra Energy Corp.	178,756		4,615,480
Sunoco, Inc.	34,000		2,462,960
Tesoro Corp.	38,654		1,843,796
Valero Energy Corp.	156,635		10,969,149
Williams Cos., Inc.	169,700		6,071,866
XTO Energy, Inc.	136,395		7,005,247

			378,482,388

Total Energy			471,397,180

Financials (17.6%)
*Capital Markets (3.4%)*
American Capital Strategies Ltd.^	53,139		1,751,461
Ameriprise Financial, Inc.	66,590		3,669,775
Bank of New York Mellon Corp.	321,819		15,691,894
Bear Stearns Cos., Inc.^	32,903		2,903,690
Charles Schwab Corp.	268,025		6,848,039
ETRADE Financial Corp.^	120,200		426,710
Federated Investors, Inc., Class B^	24,700		1,016,652
Franklin Resources, Inc.	45,900		5,252,337
Goldman Sachs Group, Inc.	114,750		24,676,987
Janus Capital Group, Inc.^	44,600		1,465,110
Legg Mason, Inc.	37,600		2,750,440
Lehman Brothers Holdings, Inc.	150,100		9,822,544
Merrill Lynch & Co., Inc.	243,800		13,087,184
Morgan Stanley	297,760		15,814,034
Northern Trust Corp.	54,200		4,150,636
State Street Corp.	110,220		8,949,864
T. Rowe Price Group, Inc.^	75,050		4,569,044

			122,846,401

*Commercial Banks (3.0%)*
BB&T Corp.^	156,050		4,786,053
Comerica, Inc.	43,250		1,882,673
Commerce Bancorp, Inc./ New Jersey	54,350		2,072,909
Fifth Third Bancorp	151,517		3,807,622
First Horizon National Corp.^	35,650		647,048
Huntington Bancshares, Inc./Ohio^	103,488		1,527,483
KeyCorp	110,050		2,580,673
M&T Bank Corp.	21,250		1,733,363
Marshall & IIsley Corp.^	75,350		1,995,268
National City Corp.^	179,050		2,947,163
PNC Financial Services Group, Inc.	96,727		6,350,128
Regions Financial Corp.	199,102		4,708,762
SunTrust Banks, Inc.	98,700		6,167,763
Synovus Financial Corp.	92,600		2,229,808
U.S. Bancorp	488,295		15,498,483
Wachovia Corp.	538,280		20,470,788
Wells Fargo & Co.	945,450		28,543,135
Zions Bancorp	30,400		1,419,376

			109,368,498

*Consumer Finance (0.8%)*
American Express Co.	334,600		17,405,892
Capital One Financial Corp.	110,498		5,222,136
Discover Financial Services^	134,980		2,035,498

200

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
SLM Corp.	116,700	$	2,350,338

			27,013,864

*Diversified Financial Services (4.4%)*
Bank of America Corp.	1,255,122		51,786,334
CIT Group, Inc.	53,950		1,296,419
Citigroup, Inc.	1,407,066		41,424,023
CME Group, Inc.	15,101		10,359,286
IntercontinentalExchange, Inc.*^	19,652		3,783,010
JPMorgan Chase & Co.	957,193		41,781,474
Leucadia National Corp.^	46,517		2,190,951
Moody’s Corp.^	62,600		2,234,820
NYSE Euronext, Inc.	74,669		6,553,698

			161,410,015

*Insurance (4.3%)*
ACE Ltd.	93,050		5,748,629
Aflac, Inc.	138,200		8,655,466
Allstate Corp.	165,476		8,642,811
AMBAC Financial Group, Inc.^	28,700		739,599
American International Group, Inc.	725,407		42,291,228
Aon Corp.	82,825		3,949,924
Assurant, Inc.^	27,280		1,825,032
Chubb Corp.	111,200		6,069,296
Cincinnati Financial Corp.^	48,663		1,924,135
Genworth Financial, Inc., Class A	125,170		3,185,577
Hartford Financial Services Group, Inc.	89,900		7,838,381
Lincoln National Corp.	76,528		4,455,460
Loews Corp.	125,750		6,330,255
Marsh & McLennan Cos., Inc.	153,250		4,056,528
MBIA, Inc.^	35,800		666,954
MetLife, Inc.	210,150		12,949,443
Principal Financial Group, Inc.	75,100		5,169,884
Progressive Corp.	204,750		3,923,010
Prudential Financial, Inc.	129,900		12,085,896
Safeco Corp.	26,700		1,486,656
Torchmark Corp.	27,050		1,637,337
Travelers Cos., Inc.	185,674		9,989,261
Unum Group	101,970		2,425,866
XL Capital Ltd., Class A	51,500		2,590,965

			158,637,593

*Real Estate Investment Trusts (REITs) (1.0%)*
Apartment Investment & Management Co. (REIT)^	27,300		948,129
AvalonBay Communities, Inc. (REIT)^	22,563		2,124,081
Boston Properties, Inc. (REIT)^	33,700		3,093,997
Developers Diversified Realty Corp. (REIT)^	35,132		1,345,204
Equity Residential (REIT)	78,400		2,859,248
General Growth Properties, Inc. (REIT)^	69,402		2,857,974
Host Hotels & Resorts, Inc. (REIT)	147,659		2,516,109
Kimco Realty Corp. (REIT)^	71,270		2,594,228
Plum Creek Timber Co., Inc. (REIT)^	49,350		2,272,074
ProLogis (REIT)^	72,650		4,604,557
Public Storage, Inc. (REIT)	35,200		2,584,032
Simon Property Group, Inc. (REIT)^	63,200		5,489,552
Vornado Realty Trust (REIT)	37,850		3,328,908

			36,618,093

*Real Estate Management & Development (0.0%)*
CB Richard Ellis Group, Inc., Class A*^	55,750		1,201,412

*Thrifts & Mortgage Finance (0.7%)*
Countrywide Financial Corp.^	162,898		1,456,308
Fannie Mae	275,350		11,008,493
Freddie Mac	183,850		6,263,770
Hudson City Bancorp, Inc.^	150,414		2,259,218
MGIC Investment Corp.^	23,150		519,255
Sovereign Bancorp, Inc.	101,635		1,158,639
Washington Mutual, Inc.^	247,640		3,370,380

			26,036,063

Total Financials			643,131,939

Health Care (12.0%)
*Biotechnology (1.1%)*
Amgen, Inc.*	307,354		14,273,520
Biogen Idec, Inc.*	81,489		4,638,354
Celgene Corp.*	108,200		4,999,922
Genzyme Corp.*	74,550		5,549,502
Gilead Sciences, Inc.*	262,000		12,054,620

			41,515,918

*Health Care Equipment & Supplies (1.7%)*
Baxter International, Inc.	182,400		10,588,320
Becton, Dickinson & Co.	68,900		5,758,662
Boston Scientific Corp.*^	377,356		4,388,650
C.R. Bard, Inc.	29,250		2,772,900
Covidien Ltd.	140,638		6,228,857
Hospira, Inc.*	44,410		1,893,642
Medtronic, Inc.	320,800		16,126,616
St. Jude Medical, Inc.*	96,422		3,918,590
Stryker Corp.	67,150		5,017,448
Varian Medical Systems, Inc.*	35,738		1,864,094
Zimmer Holdings, Inc.*	66,850		4,422,128

			62,979,907

*Health Care Providers & Services (2.4%)*
Aetna, Inc.	144,622		8,349,028
AmerisourceBergen Corp.	47,450		2,129,082
Cardinal Health, Inc.	103,075		5,952,581
CIGNA Corp.	80,050		4,301,086
Coventry Health Care, Inc.*	44,250		2,621,813
Express Scripts, Inc.*	72,900		5,321,700
Humana, Inc.*	47,650		3,588,522
Laboratory Corp. of America Holdings*^	33,200		2,507,596
McKesson Corp.	83,731		5,485,218
Medco Health Solutions, Inc.*	76,636		7,770,890
Patterson Cos., Inc.*	39,500		1,341,025
Quest Diagnostics, Inc.^	44,250		2,340,825
Tenet Healthcare Corp.*^	134,000		680,720
UnitedHealth Group, Inc.	374,800		21,813,360
WellPoint, Inc.*	161,650		14,181,554

			88,385,000

*Health Care Technology (0.1%)*
IMS Health, Inc.	55,120		1,269,965

*Life Sciences Tools & Services (0.4%)*
Applera Corp.- Applied Biosystems Group	51,800		1,757,056
Millipore Corp.*	15,250		1,115,995
PerkinElmer, Inc.	34,300		892,486
Thermo Fisher Scientific, Inc.*	120,700		6,961,976
Waters Corp.*	28,200		2,229,774

			12,957,287

*Pharmaceuticals (6.3%)*
Abbott Laboratories	437,150		24,545,973

201

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Allergan, Inc.	87,000	$	5,588,880
Barr Pharmaceuticals, Inc.*	30,350		1,611,585
Bristol-Myers Squibb Co.	559,400		14,835,288
Eli Lilly & Co.	279,160		14,904,352
Forest Laboratories, Inc.*	89,400		3,258,630
Johnson & Johnson	818,760		54,611,292
King Pharmaceuticals, Inc.*	69,010		706,662
Merck & Co., Inc.	615,650		35,775,421
Mylan, Inc.^	85,450		1,201,427
Pfizer, Inc.	1,959,372		44,536,526
Schering-Plough Corp.	458,050		12,202,452
Watson Pharmaceuticals, Inc.*^	28,950		785,703
Wyeth	380,300		16,805,457

			231,369,648

Total Health Care			438,477,725

Industrials (11.5%)
*Aerospace & Defense (2.8%)*
Boeing Co.	221,674		19,387,608
General Dynamics Corp.	114,800		10,216,052
Goodrich Corp.	35,450		2,503,125
Honeywell International, Inc.	211,712		13,035,108
L-3 Communications Holdings, Inc.	35,700		3,782,058
Lockheed Martin Corp.	98,208		10,337,374
Northrop Grumman Corp.	97,270		7,649,313
Precision Castparts Corp.^	39,050		5,416,235
Raytheon Co.	123,750		7,511,625
Rockwell Collins, Inc.	47,150		3,393,385
United Technologies Corp.	280,500		21,469,470

			104,701,353

*Air Freight & Logistics (0.9%)*
C.H. Robinson Worldwide, Inc.	48,852		2,643,870
Expeditors International of Washington, Inc.	60,248		2,691,881
FedEx Corp.^	87,310		7,785,433
United Parcel Service, Inc., Class B	296,950		21,000,304

			34,121,488

*Airlines (0.1%)*
Southwest Airlines Co.	211,318		2,578,080

*Building Products (0.1%)*
Masco Corp.^	103,750		2,242,037
Trane, Inc.	48,400		2,260,764

			4,502,801

*Commercial Services & Supplies (0.5%)*
Allied Waste Industries, Inc.*^	81,550		898,681
Avery Dennison Corp.	30,100		1,599,514
Cintas Corp.	38,150		1,282,603
Equifax, Inc.^	37,300		1,356,228
Monster Worldwide, Inc.*	37,350		1,210,140
Pitney Bowes, Inc.	62,200		2,366,088
R.R. Donnelley & Sons Co.	62,750		2,368,185
Robert Half International, Inc.	46,300		1,251,952
Waste Management, Inc.	146,806		4,796,152

			17,129,543

*Construction & Engineering (0.2%)*
Fluor Corp.	25,050		3,650,286
Jacobs Engineering Group, Inc.*^	33,914		3,242,517

			6,892,803

*Electrical Equipment (0.5%)*
Cooper Industries Ltd., Class A	51,950		2,747,116
Emerson Electric Co.	224,000		12,691,840
Rockwell Automation, Inc.	43,150		2,975,624

			18,414,580

*Industrial Conglomerates (3.7%)*
3M Co.	202,500		17,074,800
General Electric Co.	2,898,250		107,438,127
Textron, Inc.	70,600		5,033,780
Tyco International Ltd.	140,638		5,576,297

			135,123,004

*Machinery (1.9%)*
Caterpillar, Inc.	180,800		13,118,848
Cummins, Inc.	29,450		3,751,047
Danaher Corp.^	69,750		6,119,865
Deere & Co.	125,500		11,686,560
Dover Corp.	57,800		2,664,002
Eaton Corp.	41,250		3,999,187
Illinois Tool Works, Inc.	118,650		6,352,521
Ingersoll-Rand Co., Ltd., Class A	81,050		3,766,394
ITT Corp.	51,200		3,381,248
Manitowoc Co., Inc.^	35,456		1,731,316
PACCAR, Inc.^	105,450		5,744,916
Pall Corp.	34,650		1,397,088
Parker Hannifin Corp.	49,300		3,712,783
Terex Corp.*	28,800		1,888,416

			69,314,191

*Road & Rail (0.8%)*
Burlington Northern Santa Fe Corp.^	84,953		7,070,638
CSX Corp.	124,200		5,462,316
Norfolk Southern Corp.	111,350		5,616,494
Ryder System, Inc.^	16,900		794,469
Union Pacific Corp.	75,350		9,465,467

			28,409,384

*Trading Companies & Distributors (0.0%)*
W.W. Grainger, Inc.	19,100		1,671,632

Total Industrials			422,858,859

Information Technology (16.7%)
*Communications Equipment (2.6%)*
Ciena Corp.*	24,314		829,351
Cisco Systems, Inc.*	1,722,850		46,637,549
Corning, Inc.	444,892		10,672,959
JDS Uniphase Corp.*^	59,850		796,005
Juniper Networks, Inc.*	145,400		4,827,280
Motorola, Inc.	654,702		10,501,420
QUALCOMM, Inc.	473,500		18,632,225
Tellabs, Inc.*^	123,950		810,633

			93,707,422

*Computers & Peripherals (4.5%)*
Apple, Inc.*	246,000		48,727,680
Dell, Inc.*	642,500		15,747,675
EMC Corp.*	593,200		10,991,996
Hewlett-Packard Co.	729,222		36,811,127
International Business Machines Corp.	384,801		41,596,988
Lexmark International, Inc., Class A*	26,650		929,019
Network Appliance, Inc.*	100,600		2,510,976
QLogic Corp.*	38,700		549,540
SanDisk Corp.*	64,450		2,137,806
Sun Microsystems, Inc.*	234,350		4,248,765
Teradata Corp.*	51,055		1,399,418

			165,650,990

*Electronic Equipment & Instruments (0.3%)*
Agilent Technologies, Inc.*	109,323		4,016,527
Jabil Circuit, Inc.^	58,650		895,585
Molex, Inc.	40,600		1,108,380
Tyco Electronics Ltd.	140,638		5,221,889

			11,242,381

202

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EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
*Internet Software & Services (1.9%)*
Akamai Technologies, Inc.*^	46,858	$	1,621,287
eBay, Inc.*	322,650		10,708,753
Google, Inc., Class A*	65,428		45,242,153
VeriSign, Inc.*^	62,450		2,348,745
Yahoo!, Inc.*	381,050		8,863,223

			68,784,161

*IT Services (0.9%)*
Affiliated Computer Services, Inc., Class A*^	28,180		1,270,918
Automatic Data Processing, Inc.	150,150		6,686,179
Cognizant Technology Solutions Corp., Class A*	81,800		2,776,292
Computer Sciences Corp.*	49,200		2,433,924
Convergys Corp.*	38,350		631,241
Electronic Data Systems Corp.	143,950		2,984,083
Fidelity National Information Services, Inc.	48,050		1,998,400
Fiserv, Inc.*	47,150		2,616,354
Paychex, Inc.	96,175		3,483,458
Total System Services, Inc.	11,514		322,392
Unisys Corp.*	98,900		467,797
Western Union Co.	218,549		5,306,370

			30,977,408

*Office Electronics (0.1%)*
Xerox Corp.	264,650		4,284,684

*Semiconductors & Semiconductor Equipment (2.7%)*
Advanced Micro Devices, Inc.*^	169,400		1,270,500
Altera Corp.	95,000		1,835,400
Analog Devices, Inc.	87,950		2,788,015
Applied Materials, Inc.	389,800		6,922,848
Broadcom Corp., Class A*	132,650		3,467,471
Intel Corp.	1,651,850		44,038,321
KLA-Tencor Corp.	51,550		2,482,648
Linear Technology Corp.^	62,750		1,997,332
LSI Corp.*^	202,500		1,075,275
MEMC Electronic Materials, Inc.*	63,671		5,634,247
Microchip Technology, Inc.^	61,436		1,930,319
Micron Technology, Inc.*^	214,050		1,551,863
National Semiconductor Corp.	68,000		1,539,520
Novellus Systems, Inc.*	32,800		904,296
NVIDIA Corp.*	155,150		5,278,203
Teradyne, Inc.*	49,050		507,177
Texas Instruments, Inc.	404,231		13,501,315
Xilinx, Inc.	83,650		1,829,426

			98,554,176

*Software (3.7%)*
Adobe Systems, Inc.*	166,450		7,112,408
Autodesk, Inc.*	65,050		3,236,888
BMC Software, Inc.*	56,850		2,026,134
CA, Inc.	109,925		2,742,629
Citrix Systems, Inc.*	53,650		2,039,237
Compuware Corp.*	80,950		718,836
Electronic Arts, Inc.*	87,950		5,137,159
Intuit, Inc.*	95,800		3,028,238
Microsoft Corp.	2,280,650		81,191,140
Novell, Inc.*^	98,950		679,787
Oracle Corp.*	1,113,597		25,145,020
Symantec Corp.*	254,390		4,105,855

			137,163,331

Total Information Technology			610,364,553

Materials (3.3%)
*Chemicals (1.8%)*
Air Products & Chemicals, Inc.	61,150		6,031,225
Ashland, Inc.	15,800		749,394
Dow Chemical Co.	268,751		10,594,164
E.I. du Pont de Nemours & Co.	260,400		11,481,036
Eastman Chemical Co.	23,750		1,450,888
Ecolab, Inc.	49,300		2,524,653
Hercules, Inc.	32,800		634,680
International Flavors & Fragrances, Inc.	23,000		1,106,990
Monsanto Co.	154,348		17,239,128
PPG Industries, Inc.	46,400		3,258,672
Praxair, Inc.	90,450		8,023,819
Rohm & Haas Co.	35,906		1,905,531
Sigma-Aldrich Corp.^	37,150		2,028,390

			67,028,570

*Construction Materials (0.1%)*
Vulcan Materials Co.^	30,600		2,420,154

*Containers & Packaging (0.1%)*
Ball Corp.	29,000		1,305,000
Bemis Co., Inc.^	29,550		809,079
Pactiv Corp.*	36,950		983,978
Sealed Air Corp.	45,634		1,055,971

			4,154,028

*Metals & Mining (1.0%)*
Alcoa, Inc.	249,998		9,137,427
Allegheny Technologies, Inc.	28,950		2,501,280
Freeport-McMoRan Copper & Gold, Inc.^	107,994		11,062,906
Newmont Mining Corp.	127,700		6,235,591
Nucor Corp.	81,450		4,823,469
Titanium Metals Corp.^	24,683		652,865
United States Steel Corp.	33,500		4,050,485

			38,464,023

*Paper & Forest Products (0.3%)*
International Paper Co.	121,435		3,932,065
MeadWestvaco Corp.	51,859		1,623,187
Weyerhaeuser Co.^	61,050		4,501,827

			10,057,079

Total Materials			122,123,854

Telecommunication Services (3.6%)
*Diversified Telecommunication Services (3.2%)*
AT&T, Inc.	1,725,100		71,695,156
CenturyTel, Inc.	31,650		1,312,209
Citizens Communications Co.	96,150		1,223,990
Embarq Corp.	43,159		2,137,665
Qwest Communications International, Inc.*^	451,893		3,167,770
Verizon Communications, Inc.	820,996		35,869,315
Windstream Corp.	134,986		1,757,518

			117,163,623

*Wireless Telecommunication Services (0.4%)*
American Tower Corp., Class A*	116,142		4,947,649
Sprint Nextel Corp.	805,191		10,572,158

			15,519,807

Total Telecommunication Services			132,683,430

Utilities (3.6%)
*Electric Utilities (2.1%)*
Allegheny Energy, Inc.	46,950		2,986,490
American Electric Power Co., Inc.	112,930		5,258,021
Duke Energy Corp.	356,462		7,189,839
Edison International	92,200		4,920,714
Entergy Corp.	55,350		6,615,432
Exelon Corp.	190,750		15,572,830
FirstEnergy Corp.	86,251		6,239,397
FPL Group, Inc.	115,050		7,798,089
Pepco Holdings, Inc.	54,655		1,603,031

203

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
Pinnacle West Capital Corp.^		28,400	$	1,204,444
PPL Corp.		108,388		5,645,931
Progress Energy, Inc.		73,250		3,547,497
Southern Co.^		213,950		8,290,562

				76,872,277

*Gas Utilities (0.1%)*
Nicor, Inc.^		12,750		539,963
Questar Corp.		48,800		2,640,080

				3,180,043

*Independent Power Producers & Energy Traders (0.3%)*
AES Corp.*		189,100		4,044,849
Constellation Energy Group, Inc.		51,100		5,239,283
Dynegy, Inc., Class A*		140,115		1,000,421

				10,284,553

*Multi-Utilities (1.1%)*
Ameren Corp.^		58,750		3,184,837
CenterPoint Energy, Inc.^		90,750		1,554,547
CMS Energy Corp.^		63,500		1,103,630
Consolidated Edison, Inc.		76,650		3,744,352
Dominion Resources, Inc.		164,646		7,812,453
DTE Energy Co.^		48,250		2,121,070
Integrys Energy Group, Inc.		21,524		1,112,576
NiSource, Inc.		77,459		1,463,201
PG&E Corp.^		99,900		4,304,691
Public Service Enterprise Group, Inc.		71,950		7,068,368
Sempra Energy		74,722		4,623,797
TECO Energy, Inc.		59,500		1,023,995
Xcel Energy, Inc.^		118,745		2,680,075

				41,797,592

Total Utilities				132,134,465

Total Common Stocks (99.9%)
(Cost $2,850,441,422)				3,659,596,336


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (4.9%)
Australia & New Zealand Bank/London
6.25%, 1/2/08	$	2,995,255		2,995,255
Bank of Montreal/Chicago
5.14%, 3/12/09 (l)		15,000,000		15,000,000
BCP Finance Bank Ltd.
5.28%, 9/2/08 (l)		5,000,000		5,000,000
Calyon/New York
4.37%, 10/14/08 (l)		4,999,042		4,999,042
CIT Group Holdings, Inc.
5.00%, 2/21/08 (l)		15,001,959		15,001,959
Citigroup Funding, Inc.
4.36%, 3/16/09 (l)		10,000,000		10,000,000
Credit Industriel et Commercial/London
4.80%, 2/1/08		7,000,000		7,000,000
Dexia Bank
6.50%, 1/2/08		7,000,000		7,000,000
Goldman Sachs Group, Inc.
4.41%, 3/27/09 (l)		10,000,000		10,000,000
ING Bank N.V./Grand Cayman
6.00%, 1/2/08		5,000,000		5,000,000
IXIS Corporate & Investment Bank
6.25%, 1/2/08		7,000,000		7,000,000
Landesbank Hessen-Thueringen/New York
5.40%, 1/10/08		12,000,103		12,000,103
Lehman Brothers Holdings, Inc.
5.22%, 4/2/08 (l)		6,001,146		6,001,146
Lloyds Bank plc/London
5.50%, 1/2/08		7,000,000		7,000,000
MBIA Global Funding LLC
4.37%, 3/13/09 (l)		11,000,000		11,000,000
Mitsubishi UFJ Trust and Banking Corp. N.Y.
4.90%, 2/1/08		5,000,000		5,000,000
Monumental Global Funding II
4.40%, 3/26/10 (l)		10,000,000		10,000,000
National Bank of Canada/New York
5.16%, 4/16/08 (l)		11,000,000		11,000,000
Royal Bank of Canada/New York
4.99%, 4/22/08 (l)		10,000,000		10,000,000
Societe Generale
6.50%, 1/2/08		7,377,117		7,377,117
Swedbank AB/New York
5.15%, 4/16/08 (l)		10,000,000		10,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				178,374,622

Time Deposit (0.1%)
JPMorgan Chase Nassau
3.51%, 1/2/08		4,664,973		4,664,973

Total Short-Term Investments (5.0%)
(Amortized Cost $183,039,595)				183,039,595

Total Investments (104.9%)
(Cost/Amortized Cost $3,033,481,017)				3,842,635,931
Other Assets Less Liabilities (-4.9%)				(178,947,540	)

Net Assets (100%)			$	3,663,688,391

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

204

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

At December 31, 2007 the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/07		Unrealized Appreciation
S&P 500 Index	7	March-08	$	2,566,445	$	2,585,100	$	18,655


Investment security transactions for the year ended December 31, 2007 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities							$	150,954,021
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities							$	368,785,414

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation							$	1,105,053,800
Aggregate gross unrealized depreciation								(314,523,489	)

Net unrealized appreciation							$	790,530,311

Federal income tax cost of investments							$	3,052,105,620

At December 31, 2007, the Portfolio had loaned securities with a total value of $175,166,064. This was secured by collateral of $178,374,622 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $1,540,202 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

See Notes to Financial Statements.

205

EQ ADVISORS TRUST

EQ/EVERGREEN INTERNATIONAL BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Australia (5.2%)
Australia & New Zealand Banking Group Ltd.
6.000%, 3/1/11	AUD	8,500,000	$	7,112,852
General Electric Capital Australia Funding Pty Ltd.
5.750%, 1/18/11		1,200,000		984,839
6.000%, 6/15/11		1,360,000		1,116,076
New South Wales Treasury Corp.
7.000%, 12/1/10		21,850,000		19,046,989
7.000%, 12/1/10		12,350,000		10,765,689
Toyota Finance Australia Ltd.
6.500%, 5/31/10		5,700,000		4,883,777

Total Australia				43,910,222

Austria (0.1%)
Republic of Austria International Bond
6.000%, 9/26/08	NZD	820,000		618,196

Bermuda (0.4%)
Central European Media Enterprises Ltd.
8.250%, 5/15/12 (m)	EUR	2,050,000		3,012,190

Canada (4.0%)
Bombardier, Inc.
7.250%, 11/15/16 (m)		2,040,000		2,982,581
Canadian Government Bond
5.000%, 6/1/14	CAD	15,675,000		16,850,446
Province of Ontario
5.750%, 3/3/08	NZD	3,474,000		2,658,165
6.250%, 6/16/15		11,400,000		7,974,320
Province of Quebec
5.125%, 6/3/14	CAD	2,800,000		2,935,930

Total Canada				33,401,442

Cayman Islands (0.5%)
ASIF II
5.375%, 12/7/09	GBP	100,000		196,474
Dubai Holding Commercial Operations MTN Ltd.
6.000%, 2/1/17		2,000,000		3,773,540

Total Cayman Islands				3,970,014

Denmark (9.8%)
Kingdom of Denmark
4.000%, 11/15/17	DKK	207,605,000		39,245,305
Nordea Bank Danmark AB
4.000%, 10/1/35		27,586,323		4,781,582
Nordic Telephone Co. Holdings ApS
8.250%, 5/1/16 (b)(m)	EUR	2,085,000		3,078,858
Nykredit Realkredit A/S
4.000%, 10/1/25	DKK	12,476,834		2,266,603
5.000%, 7/1/35		38,350,530		7,215,093
5.000%, 10/1/38		50,092,754		9,306,357
Realkredit Danmark A/S
5.000%, 10/1/35		16,671,756		3,142,432
Totalkredit A/S
5.358%, 1/1/15 (l)		67,449,762		13,444,589

Total Denmark				82,480,819

France (12.1%)
Caisse d’Amortissement de la Dette Sociale
3.250%, 4/25/13	EUR	16,000,000		22,217,475
Carrefour S.A.
3.625%, 5/6/13		2,400,000		3,281,706
Dexia Municipal Agency
5.750%, 2/7/12	AUD	5,000,000		4,110,969
France Government Bond OAT
3.750%, 4/25/17	EUR	6,000,000		8,349,221
4.250%, 4/25/19		22,260,000		31,970,061
France Telecom S.A.
7.500%, 3/14/11	GBP	2,570,000		5,388,414
Societe National des Chemins de Fer Francais
4.625%, 1/14/15	CAD	1,000,000		1,020,612
Total Capital S.A.
4.875%, 12/23/10	GBP	4,100,000		8,109,577
4.875%, 9/22/11	CAD	5,900,000		6,070,780
Veolia Environnement
4.875%, 5/28/13	EUR	7,600,000		10,845,769

Total France				101,364,584

Germany (13.6%)
Bundesobligation
3.500%, 10/14/11	EUR	15,300,000		21,902,516
Bundesrepublik Deutschland
3.750%, 1/4/17		20,700,000		29,060,818
Kreditanstalt fuer Wiederaufbau
6.000%, 7/15/09	NZD	4,800,000		3,560,470
5.375%, 1/29/14	GBP	9,113,000		18,564,913
4.950%, 10/14/14	CAD	9,600,000		10,040,611
Landwirtschaftliche Rentenbank
5.750%, 6/15/11	AUD	10,810,000		9,007,671
4.250%, 11/16/12	CAD	13,160,000		13,216,136
4.300%, 1/24/16	$	8,620,000		8,650,552

Total Germany				114,003,687

Hong Kong (2.8%)
Hong Kong Government Bond
4.230%, 3/21/11	HKD	175,400,000		23,458,035

Ireland (1.0%)
GE Capital European Funding
4.125%, 10/27/16	EUR	6,365,000		8,547,151

Italy (0.3%)
Telecom Italia S.p.A.
5.625%, 12/29/15	GBP	1,400,000		2,626,290

Liberia (0.4%)
Royal Caribbean Cruises Ltd.
7.250%, 6/15/16	$	3,050,000		2,998,254

Luxembourg (1.7%)
Gaz Capital S.A. (Gazprom OAO)
5.364%, 10/31/14	EUR	2,800,000		3,768,402
Kuznetski Capital S.A. (Bank of Moscow)
7.335%, 5/13/13	$	1,935,000		1,899,203
Lighthouse International Co. S.A.
8.000%, 4/30/14 (b)(m)	EUR	1,930,000		2,828,811
UBS Luxembourg S.A. (Vimpel Communications OJSC)
8.250%, 5/23/16 (m)	$	3,075,000		3,075,000
VTB Capital S.A.
6.332%, 3/15/10	GBP	1,500,000		2,898,413

Total Luxembourg				14,469,829

Mexico (2.8%)
United Mexican States
10.000%, 12/5/24	MXN	217,660,000		23,177,341

Netherlands (8.8%)
Bank Nederlandse Gemeenten N.V.
4.875%, 4/21/10	GBP	9,600,000		19,111,002
5.000%, 7/16/10	AUD	6,950,000		5,757,006
BMW Finance N.V.
4.125%, 1/24/12	EUR	8,750,000		12,313,035

206

EQ ADVISORS TRUST

EQ/EVERGREEN INTERNATIONAL BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Netherlands Government Bond
4.000%, 7/15/16	EUR	19,430,000	$	27,685,879
4.000%, 1/15/37		3,520,000		4,611,631
OI European Group B.V.
6.875%, 3/31/17 (m)		500,000		698,129
RWE Finance B.V.
4.625%, 8/17/10	GBP	2,000,000		3,898,395

Total Netherlands				74,075,077

New Zealand (1.6%)
New Zealand Government Bond
6.000%, 7/15/08	NZD	17,370,000		13,259,412

Norway (5.3%)
Kommunalbanken A/S
4.125%, 6/3/13	CAD	5,000,000		4,996,854
Norwegian Government Bond
6.500%, 5/15/13	NOK	91,735,000		18,355,988
4.250%, 5/19/17		117,895,000		21,011,944

Total Norway				44,364,786

South Africa (0.2%)
Savcio Holdings Pty Ltd.
8.000%, 2/15/13 (m)	EUR	1,150,000		1,698,171

South Korea (2.8%)
Korea Treasury Bond
4.750%, 6/10/09	KRW	22,400,000,000		23,588,812

Supranational (2.0%)
Eurofima
5.500%, 9/15/09	AUD	480,000		409,238
6.500%, 8/22/11		8,300,000		7,078,458
6.250%, 12/28/18		10,000,000		8,262,003
European Investment Bank
6.500%, 9/10/14	NZD	2,000,000		1,428,346

Total Supranational				17,178,045

Sweden (9.3%)
Swedish Government Bond
5.250%, 3/15/11	SEK	204,295,000		32,606,755
5.500%, 10/8/12		281,350,000		45,901,248

Total Sweden				78,508,003

United Kingdom (4.0%)
ABB International Finance Ltd.
6.500%, 11/30/11	EUR	3,000,000		4,574,140
BAT International Finance plc
5.750%, 12/9/13	GBP	3,450,000		6,823,617
Centrica plc
5.875%, 11/2/12		3,000,000		6,015,382
Marks & Spencer plc
5.625%, 3/24/14		6,370,000		12,206,776
National Grid Gas plc
7.000%, 12/15/08	AUD	150,000		130,942
Tesco plc
4.750%, 4/13/10	EUR	1,500,000		2,192,597
Virgin Media Finance plc
9.125%, 8/15/16	$	1,800,000		1,782,000

Total United Kingdom				33,725,454

United States (3.5%)
Ahold Finance USA, Inc.
5.875%, 3/14/12	EUR	750,000		1,102,020
6.500%, 3/14/17	GBP	850,000		1,653,940
ARAMARK Services, Inc.
8.500%, 2/1/15	$	1,000,000		1,012,500
Constellation Brands, Inc.
8.500%, 11/15/09	GBP	950,000		1,891,070
Daimler Finance N.A. LLC
4.875%, 6/15/10	$	2,000,000		1,998,600
General Electric Capital Corp.
6.625%, 2/4/10	NZD	4,800,000		3,551,930
6.125%, 5/17/12	GBP	1,500,000		3,034,717
Merrill Lynch & Co., Inc.
5.125%, 9/24/10		130,000		247,329
Morgan Stanley
5.375%, 11/14/13		3,100,000		5,892,122
5.125%, 11/30/15		2,780,000		5,041,736
Nestle Holdings, Inc.
5.500%, 11/18/09	AUD	500,000		425,043
SLM Corp.
6.500%, 6/15/10	NZD	2,650,000		1,838,615
Wal-Mart Stores, Inc.
4.750%, 1/29/13	GBP	850,000		1,648,170

Total United States				29,337,792

Total Investments (92.2%)
(Cost/Amortized Cost $731,121,672)				773,773,606
Other Assets Less Liabilities (7.8%)				65,246,112

Net Assets (100%)			$	839,019,718

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(m)

Glossary:


AUD	—	Australian Dollar
CAD	—	Canadian Dollar
DKK	—	Danish Krone
EUR	—	European Currency Unit
GBP	—	British Pound
HKD	—	Hong Kong Dollar
KRW	—	South Korean Won
MXN	—	Mexican Peso
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
SEK	—	Swedish Krone

207

EQ ADVISORS TRUST

EQ/EVERGREEN INTERNATIONAL BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

At December 31, 2007 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


	Local Contract Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
Japanese Yen, expiring 1/15/08	4,139,000	$	35,705,369	$	37,100,618	$	1,395,249
Japanese Yen, expiring 1/22/08	4,115,820		35,675,233		36,922,409		1,247,176
Japanese Yen, expiring 1/22/08	614,964		5,624,621		5,516,751		(107,870	)
Japanese Yen, expiring 2/4/08	2,530,000		22,170,906		22,729,598		558,692
Japanese Yen, expiring 2/4/08	167,195		1,533,885		1,502,085		(31,800	)
Japanese Yen, expiring 2/4/08	1,550,000		13,596,491		13,925,248		328,757
Japanese Yen, expiring 2/13/08	4,753,909		43,137,592		42,749,668		(387,924	)
Japanese Yen, expiring 2/13/08	2,067,686		18,875,206		18,593,732		(281,474	)
Japanese Yen, expiring 2/13/08	78,862		723,126		709,166		(13,960	)
Japanese Yen, expiring 2/19/08	3,912,960		35,841,573		35,209,575		(631,998	)
Japanese Yen, expiring 3/12/08	7,765,400		70,274,556		70,037,432		(237,124	)
Japanese Yen, expiring 3/12/08	1,834,818		16,548,525		16,548,525		—
Japanese Yen, expiring 3/12/08	1,527,500		13,823,420		13,776,776		(46,644	)

						$	1,791,080

Foreign Currency Sell Contracts
Australian Dollar, expiring 2/13/08	20,710	$	18,875,206	$	18,141,960	$	733,246
Australian Dollar, expiring 2/13/08	48,345		43,137,592		42,350,220		787,372
Australian Dollar, expiring 2/13/08	826		723,126		723,138		(12	)
British Pound, expiring 1/15/08	17,554		35,705,369		34,931,680		773,689
British Pound, expiring 3/12/08	34,447		70,274,556		68,443,546		1,831,010
Canadian Dollar, expiring 1/22/08	34,668		35,675,233		35,135,420		539,813
Canadian Dollar, expiring 1/22/08	5,600		5,624,621		5,675,503		(50,882	)
European Union, expiring 3/12/08	9,377		13,823,420		13,718,901		104,519
European Union, expiring 3/12/08	11,200		16,548,525		16,386,160		162,365
European Union, expiring 3/18/08	27,998		40,515,000		40,962,124		(447,124	)
Hong Kong Dollar, expiring 2/4/08	172,109		22,170,906		22,101,393		69,513
Hong Kong Dollar, expiring 2/4/08	11,900		1,533,885		1,528,141		5,744
New Zealand Dollar, expiring 2/19/08	47,855		35,841,573		36,625,027		(783,454	)

						$	3,725,799

						$	5,516,879


Investment security transactions for the year ended December 31, 2007 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	818,727,868
Long-term U.S. Treasury securities		10,073,456

	$	828,801,324

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	420,071,689
Long-term U.S. Treasury securities		31,905,944

	$	451,977,633


As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	43,870,414
Aggregate gross unrealized depreciation		(1,314,746	)

Net unrealized appreciation	$	42,555,668

Federal income tax cost of investments	$	731,217,938

The Portfolio has a net capital loss carryforward of $1,647,669 which expires in the year 2015.

See Notes to Financial Statements.

208

EQ ADVISORS TRUST

EQ/EVERGREEN OMEGA PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (17.4%)
*Diversified Consumer Services (1.2%)*
Apollo Group, Inc., Class A*		38,779	$	2,720,347

*Hotels, Restaurants & Leisure (1.0%)*
Carnival Corp.		49,647		2,208,795

*Internet & Catalog Retail (6.9%)*
Amazon.com, Inc.*^		171,223		15,862,099

*Media (2.3%)*
Omnicom Group, Inc.		113,738		5,405,967

*Multiline Retail (1.1%)*
Target Corp.		49,592		2,479,600

*Specialty Retail (2.2%)*
Best Buy Co., Inc.		58,247		3,066,704
Home Depot, Inc.		79,000		2,128,260

				5,194,964

*Textiles, Apparel & Luxury Goods (2.7%)*
Timberland Co., Class A*^		344,100		6,221,328

Total Consumer Discretionary				40,093,100

Consumer Staples (10.3%)
*Beverages (3.1%)*
Coca-Cola Co.		115,981		7,117,754

*Food & Staples Retailing (2.5%)*
Wal-Mart Stores, Inc.		96,608		4,591,778
Whole Foods Market, Inc.^		26,800		1,093,440

				5,685,218

*Food Products (1.0%)*
McCormick & Co., Inc. (Non-Voting)^		62,700		2,376,957

*Household Products (3.7%)*
Clorox Co.		48,100		3,134,677
Procter & Gamble Co.		73,588		5,402,831

				8,537,508

Total Consumer Staples				23,717,437

Energy (1.4%)
*Oil, Gas & Consumable Fuels (1.4%)*
Chevron Corp.		16,800		1,567,944
ConocoPhillips		17,911		1,581,541

Total Energy				3,149,485

Financials (8.6%)
*Capital Markets (3.5%)*
Legg Mason, Inc.		107,900		7,892,885

*Diversified Financial Services (1.3%)*
Citigroup, Inc.		103,726		3,053,694

*Insurance (3.8%)*
Marsh & McLennan Cos., Inc.		332,007		8,788,225

Total Financials				19,734,804

Health Care (19.2%)
*Biotechnology (5.1%)*
Amgen, Inc.*		223,785		10,392,576
Biogen Idec, Inc.*		22,336		1,271,365

				11,663,941

*Health Care Equipment & Supplies (6.5%)*
Medtronic, Inc.		146,972		7,388,282
St. Jude Medical, Inc.*		46,664		1,896,425
Zimmer Holdings, Inc.*		84,818		5,610,711

				14,895,418

*Health Care Providers & Services (0.9%)*
WellPoint, Inc.*		25,100		2,202,023

*Pharmaceuticals (6.7%)*
Bristol-Myers Squibb Co.		111,175		2,948,361
Novartis AG (ADR)		192,100		10,432,951
Pfizer, Inc.		93,534		2,126,028

				15,507,340

Total Health Care				44,268,722

Industrials (6.9%)
*Air Freight & Logistics (2.9%)*
Expeditors International of Washington, Inc.		124,100		5,544,788
United Parcel Service, Inc., Class B		14,700		1,039,584

				6,584,372

*Commercial Services & Supplies (3.1%)*
Cintas Corp.		211,200		7,100,544

*Industrial Conglomerates (0.9%)*
Tyco International Ltd.		53,895		2,136,937

Total Industrials				15,821,853

Information Technology (34.9%)
*Communications Equipment (6.5%)*
Cisco Systems, Inc.*		245,825		6,654,482
QUALCOMM, Inc.		210,891		8,298,561

				14,953,043

*Computers & Peripherals (3.2%)*
Avid Technology, Inc.*^		48,500		1,374,490
Dell, Inc.*		249,129		6,106,152

				7,480,642

*Internet Software & Services (7.3%)*
eBay, Inc.*		232,103		7,703,499
Google, Inc., Class A*		13,263		9,171,099

				16,874,598

*IT Services (0.8%)*
Automatic Data Processing, Inc.		44,072		1,962,526

*Semiconductors & Semiconductor Equipment (8.7%)*
Altera Corp.		545,403		10,537,186
Intel Corp.		224,836		5,994,128
KLA-Tencor Corp.		25,151		1,211,272
Texas Instruments, Inc.		65,862		2,199,791

				19,942,377

*Software (8.4%)*
Microsoft Corp.		256,268		9,123,141
Oracle Corp.*		448,176		10,119,814

				19,242,955

Total Information Technology				80,456,141

Total Common Stocks (98.7%)
(Cost $206,812,868)				227,241,542


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (6.2%)
CDC Financial Products, Inc.
4.65%, 2/29/08 (l)	$	500,000		500,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		13,766,753		13,766,753

Total Short-Term Investments of Cash Collateral for Securities Loaned				14,266,753

209

EQ ADVISORS TRUST

EQ/EVERGREEN OMEGA PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Principal Amount		Value (Note 1)
Time Deposit (1.3%)
JPMorgan Chase Nassau
3.51%, 1/2/08	$	3,017,102	$	3,017,102

Total Short-Term Investments (7.5%)
(Amortized Cost $17,283,855)				17,283,855

Total Investments (106.2%)
(Cost/Amortized Cost $224,096,723)				244,525,397
Other Assets Less Liabilities (-6.2%)				(14,276,214	)

Net Assets (100%)			$	230,249,183

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt


Investment security transactions for the year ended December 31, 2007 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	100,888,997
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	75,167,011

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	30,689,679
Aggregate gross unrealized depreciation		(10,430,444	)

Net unrealized appreciation	$	20,259,235

Federal income tax cost of investments	$	224,266,162

At December 31, 2007, the Portfolio had loaned securities with a total value of $13,756,913. This was secured by collateral of $14,266,753 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

See Notes to Financial Statements.

210

EQ ADVISORS TRUST

EQ/FI MID CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (23.0%)
*Auto Components (1.7%)*
WABCO Holdings, Inc.^	576,200	$	28,861,858

*Diversified Consumer Services (8.2%)*
DeVry, Inc.^	1,372,195		71,299,252
Service Corp. International	856,700		12,036,635
Weight Watchers International, Inc.^	1,172,806		52,987,375

			136,323,262

*Hotels, Restaurants & Leisure (0.6%)*
Starbucks Corp.*	491,921		10,069,623

*Household Durables (5.1%)*
Harman International Industries, Inc.^	1,152,131		84,923,576

*Media (6.2%)*
Time Warner, Inc.	3,279,420		54,143,224
Walt Disney Co.	1,546,738		49,928,703

			104,071,927

*Textiles, Apparel & Luxury Goods (1.2%)*
Phillips-Van Heusen Corp.^	558,460		20,584,836

Total Consumer Discretionary			384,835,082

Consumer Staples (5.0%)
*Beverages (5.0%)*
Coca Cola Hellenic Bottling Co. S.A. (ADR)^	498,250		21,295,205
Molson Coors Brewing Co., Class B	1,217,562		62,850,550

			84,145,755

Total Consumer Staples			84,145,755

Energy (4.5%)
*Energy Equipment & Services (1.4%)*
Diamond Offshore Drilling, Inc.^	19,300		2,740,600
SEACOR Holdings, Inc.*^	214,200		19,864,908

			22,605,508

*Oil, Gas & Consumable Fuels (3.1%)*
Chesapeake Energy Corp.	319,876		12,539,139
EOG Resources, Inc.	251,548		22,450,659
EXCO Resources, Inc.*	933,000		14,442,840
Goodrich Petroleum Corp.*^	118,436		2,679,022
Sunoco, Inc.	5,500		398,420

			52,510,080

Total Energy			75,115,588

Financials (7.3%)
*Capital Markets (3.6%)*
Ashmore Group plc	5,401,372		28,922,802
EFG International (Registered)^	748,163		30,067,939

			58,990,741

*Commercial Banks (0.8%)*
East West Bancorp, Inc.^	563,271		13,648,056

*Diversified Financial Services (2.9%)*
Bolsa de Mercadorias e Futuros—BM&F	2,571,700		36,119,382
Bovespa Holding S.A.	653,000		12,583,090

			48,702,472

Total Financials			121,341,269

Health Care (0.5%)
*Health Care Equipment & Supplies (0.5%)*
Advanced Medical Optics, Inc.*^	339,618		8,330,829

*Life Sciences Tools & Services (0.0%)*
Pharmaceutical Product Development, Inc.	4,100		165,517

Total Health Care			8,496,346

Industrials (25.4%)
*Airlines (1.3%)*
AirAsia Bhd*	15,260,400		7,383,320
Delta Air Lines, Inc.*^	915,700		13,634,773

			21,018,093

*Commercial Services & Supplies (3.2%)*
Agrenco Ltd. (ADR)*	516,500		2,791,421
Knoll, Inc.^	1,611,002		26,468,763
Waste Management, Inc.	749,000		24,469,830

			53,730,014

*Construction & Engineering (0.9%)*
Quanta Services, Inc.*^	575,750		15,107,680

*Electrical Equipment (10.9%)*
ABB Ltd. (ADR)	1,460,253		42,055,286
Alstom S.A.	295,400		63,487,767
Nexans S.A.^	289,693		36,213,153
Prysmian S.p.A.*	1,672,041		41,289,421

			183,045,627

*Machinery (5.8%)*
Flowserve Corp.	789,498		75,949,708
Sulzer AG (Registered)	14,541		21,384,768

			97,334,476

*Road & Rail (3.3%)*
Hertz Global Holdings, Inc.*^	3,507,900		55,740,531

Total Industrials			425,976,421

Information Technology (22.0%)
*Communications Equipment (6.7%)*
Harris Corp.	132,404		8,299,083
Juniper Networks, Inc.*	2,569,238		85,298,701
Research In Motion Ltd.*	167,885		19,038,159

			112,635,943

*Electronic Equipment & Instruments (3.8%)*
Agilent Technologies, Inc.*	1,731,200		63,604,288

*Internet Software & Services (3.0%)*
Akamai Technologies, Inc.*^	1,429,353		49,455,614

*IT Services (2.6%)*
Fiserv, Inc.*	611,135		33,911,881
Global Cash Access Holdings, Inc.*^	1,542,395		9,346,914

			43,258,795

*Semiconductors & Semiconductor Equipment (2.5%)*
Marvell Technology Group Ltd.*	1,020,148		14,261,669
SiRF Technology Holdings, Inc.*^	1,126,655		28,312,840

			42,574,509

*Software (3.4%)*
Electronic Arts, Inc.*	975,568		56,982,927

Total Information Technology			368,512,076

Telecommunication Services (9.9%)
*Diversified Telecommunication Services (5.8%)*
AT&T, Inc.	1,856,783		77,167,902
Time Warner Telecom, Inc., Class A*	1,018,591		20,667,211

			97,835,113

*Wireless Telecommunication Services (4.1%)*
American Tower Corp., Class A*	1,091,971		46,517,965

211

EQ ADVISORS TRUST

EQ/FI MID CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Number of Shares		Value (Note 1)
NII Holdings, Inc.*		457,644	$	22,113,358

				68,631,323

Total Telecommunication Services				166,466,436

Total Common Stocks (97.6%)
(Cost $1,552,698,111)				1,634,888,973


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (16.0%)
Allstate Life Global Funding Trusts
4.90%, 8/27/08 (l)	$	2,000,000		2,000,000
Barclays Capital, Repurchase Agreement
4.65%, 1/2/08 (r)		20,000,000		20,000,000
Bear Stearns Cos., Inc.
5.63%, 3/31/08 (l)		10,000,000		10,000,000
Beta Finance, Inc.
4.37%, 1/15/08 (l)		5,000,000		5,000,000
BNP Paribas N.Y.
4.35%, 2/22/08 (l)		2,000,000		2,000,000
Citigroup Global Markets, Inc.
4.65%, 1/7/08		10,000,000		10,000,000
Comerica Bank
5.27%, 1/12/09 (l)		5,001,426		5,001,426
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		25,000,000		25,000,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		10,837,125		10,837,125
Dorada Finance, Inc.
4.37%, 1/14/08 (l)		10,000,000		10,000,000
Goldman Sachs Group, Inc.
4.64%, 6/23/08		10,000,000		10,000,000
5.10%, 9/12/08 (l)		2,000,000		2,000,000
MassMutual Global Funding II
4.40%, 3/26/10 (l)		12,000,000		12,000,000
MBIA Global Funding LLC
4.36%, 1/23/09 (l)		7,500,000		7,500,000
Merrill Lynch & Co., Inc.
5.30%, 5/8/09 (l)		7,000,000		7,000,000
Morgan Stanley, Repurchase Agreement
4.70%, 1/2/08 (r)		100,000,000		100,000,000
National Bank of Canada/New York
5.16%, 4/16/08 (l)		3,000,000		3,000,000
New York Life Insurance Co.
5.29%, 3/31/08 (l)		10,000,000		10,000,000
Tango Finance Corp.
4.38%, 6/25/09 (l)		4,997,287		4,997,287
Wells Fargo & Co.
4.62%, 2/2/09		5,000,000		5,000,000
Western Corporate Federal Credit Union
4.38%, 9/25/08 (l)		6,000,000		6,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				267,335,838

Time Deposit (2.6%)
JPMorgan Chase Nassau
3.51%, 1/2/08		43,443,655		43,443,655

Total Short-Term Investments (18.6%)
(Amortized Cost $310,779,493)				310,779,493

Total Investments (116.2%)
(Cost/Amortized Cost $1,863,477,604)				1,945,668,466
Other Assets Less Liabilities (-16.2%)				(271,049,101	)

Net Assets (100%)			$	1,674,619,365

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt


Investment security transactions for the year ended December 31, 2007 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,802,370,803
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,809,257,646

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	186,970,969
Aggregate gross unrealized depreciation		(114,450,833	)

Net unrealized appreciation	$	72,520,136

Federal income tax cost of investments	$	1,873,148,330

At December 31, 2007, the Portfolio had loaned securities with a total value of $259,480,287. This was secured by collateral of $267,335,838 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $4,878, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the year ended December 31, 2007, the Portfolio incurred approximately $23,178 as brokerage commissions with Exane S.A., an affiliated broker/dealer.

See Notes to Financial Statements.

212

EQ ADVISORS TRUST

EQ/FRANKLIN INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Consumer Discretionary (8.9%)
*Auto Components (0.6%)*
Allison Transmission, Inc., Term Loan
6.500%, 8/7/14	$	5,000,000	$	4,665,180
TRW Automotive, Inc.
7.250%, 3/15/17 §		1,200,000		1,077,000

				5,742,180

*Automobiles (0.4%)*
Ford Motor Co.
7.450%, 7/16/31^		3,500,000		2,598,750
General Motors Corp.
8.375%, 7/15/33^		1,700,000		1,368,500

				3,967,250

*Hotels, Restaurants & Leisure (0.4%)*
MGM MIRAGE
6.750%, 4/1/13		2,000,000		1,940,000
6.625%, 7/15/15		450,000		421,875
7.625%, 1/15/17^		2,000,000		1,975,000

				4,336,875

*Household Durables (1.0%)*
Beazer Homes USA, Inc.
6.875%, 7/15/15		1,750,000		1,260,000
8.125%, 6/15/16^		1,250,000		931,250
D.R. Horton, Inc.
5.625%, 1/15/16^		2,350,000		1,949,205
6.500%, 4/15/16		1,000,000		867,623
KB Home
6.375%, 8/15/11		1,950,000		1,784,250
5.750%, 2/1/14		4,000,000		3,450,000

				10,242,328

*Media (5.3%)*
Cablevision Systems Corp.,
Series B
8.000%, 4/15/12^		4,000,000		3,880,000
CanWest Media, Inc.
8.000%, 9/15/12^		10,000,000		9,437,500
CCH I Holdings LLC
13.500%, 1/15/14^(e)		13,500,000		9,669,375
11.750%, 5/15/14^ (e)		10,000,000		6,325,000
CCH I Holdings LLC/ CCH I Holdings Capital Corp.
11.000%, 10/1/15^		2,300,000		1,874,500
Charter Communications Holdings II LLC/ Charter Communications Holdings II Capital Corp.
10.250%, 9/15/10		5,200,000		5,096,000
Clear Channel Communications, Inc.
5.750%, 1/15/13		2,500,000		2,070,095
Echostar DBS Corp.
7.125%, 2/1/16		100,000		102,000
Lamar Media Corp.
6.625%, 8/15/15		1,400,000		1,361,500
Quebecor Media, Inc.
7.750%, 3/15/16 §		2,900,000		2,784,000
R.H. Donnelley Corp.
8.875%, 10/15/17 §		3,900,000		3,607,500
Series A-2
6.875%, 1/15/13		400,000		358,000
Series A-3
8.875%, 1/15/16		2,000,000		1,870,000
Univision Communications, Inc. (PIK)
9.750%, 3/15/15^§		4,000,000		3,645,000
XM Satellite Radio, Inc.
9.750%, 5/1/14^		100,000		96,750

				52,177,220

*Multiline Retail (1.2%)*
Dollar General Corp.
10.625%, 7/15/15^§		10,000,000		9,175,000
(PIK)
11.875%, 7/15/17^§		3,000,000		2,362,500

				11,537,500

Total Consumer Discretionary				88,003,353

Consumer Staples (1.0%)
*Food Products (0.7%)*
Dole Foods Co., Inc.
8.625%, 5/1/09		1,900,000		1,833,500
Smithfield Foods, Inc.
7.750%, 7/1/17^		5,500,000		5,321,250

				7,154,750

*Household Products (0.3%)*
Johnsondiversey Holdings, Inc.
10.670%, 5/15/13 (e)		2,500,000		2,525,000

Total Consumer Staples				9,679,750

Energy (5.3%)
*Energy Equipment & Services (0.6%)*
Cie Generale de Geophysique-Veritas
7.500%, 5/15/15		700,000		708,750
7.750%, 5/15/17^		1,000,000		1,010,000
SESI LLC
6.875%, 6/1/14		5,000,000		4,825,000

				6,543,750

*Oil, Gas & Consumable Fuels (4.7%)*
Callon Petroleum Co.,
Series B
9.750%, 12/8/10^		1,300,000		1,261,000
Chesapeake Energy Corp.
6.500%, 8/15/17^		3,900,000		3,763,500
6.250%, 1/15/18^		2,900,000		2,784,000
6.875%, 11/15/20		1,300,000		1,248,000
El Paso Corp.
6.750%, 5/15/09		3,000,000		3,028,833
7.750%, 1/15/32		1,700,000		1,725,631
Mariner Energy, Inc.
7.500%, 4/15/13		3,950,000		3,801,875
Massey Energy Co.
6.875%, 12/15/13		1,250,000		1,178,125
Newfield Exploration Co.
6.625%, 4/15/16		1,800,000		1,764,000
OPTI Canada, Inc.
7.875%, 12/15/14 §		4,000,000		3,910,000
Peabody Energy Corp.
7.375%, 11/1/16^		1,100,000		1,127,500
Pioneer Natural Resources Co.
6.875%, 5/1/18		4,000,000		3,868,100
Plains Exploration & Production Co.
7.750%, 6/15/15		5,000,000		5,000,000
Sabine Pass LNG LP
7.250%, 11/30/13		1,500,000		1,432,500
7.500%, 11/30/16		3,000,000		2,865,000
Tesoro Corp.
6.500%, 6/1/17		4,000,000		3,960,000
W&T Offshore, Inc.
8.250%, 6/15/14^§		4,000,000		3,750,000

				46,468,064

Total Energy				53,011,814

Financials (10.4%)
*Capital Markets (1.6%)*
E*TRADE Financial Corp.
8.000%, 6/15/11^		600,000		520,500
7.375%, 9/15/13^		3,000,000		2,310,000

213

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EQ/FRANKLIN INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
7.875%, 12/1/15^	$	3,500,000	$	2,668,750
Lehman Brothers Holdings, Inc.
6.200%, 9/26/14		10,000,000		10,184,680

				15,683,930

*Consumer Finance (6.2%)*
Ford Motor Credit Co. LLC
7.375%, 10/28/09		20,000,000		18,824,920
7.875%, 6/15/10		9,000,000		8,304,003
7.375%, 2/1/11		6,000,000		5,373,036
7.250%, 10/25/11		2,000,000		1,732,318
GMAC LLC
5.625%, 5/15/09		7,500,000		7,075,995
7.750%, 1/19/10		15,000,000		13,992,300
6.875%, 9/15/11		5,000,000		4,277,470
6.875%, 8/28/12		2,000,000		1,675,928

				61,255,970

*Diversified Financial Services (1.3%)*
CEVA Group plc
10.000%, 9/1/14^§		10,000,000		10,275,000
Hawker Beechcraft Acquisition Co. LLC/ Hawker Beechcraft Notes Co.
8.500%, 4/1/15^§		200,000		200,000
Rexnord Holdings, Inc., Term Loan
11.350%, 2/20/13		2,129,696		1,852,836
Vanguard Health Holding Co. I, LLC
0.000%, 10/1/15^ (e)		1,445,000		1,069,300

				13,397,136

*Real Estate Investment Trusts (REITs) (0.4%)*
Host Hotels & Resorts LP (REIT)
6.875%, 11/1/14		1,800,000		1,791,000
Host Marriott LP,
Series O (REIT)
6.375%, 3/15/15		1,750,000		1,706,250
Series Q (REIT)
6.750%, 6/1/16		1,000,000		985,000

				4,482,250

*Thrifts & Mortgage Finance (0.9%)*
Residential Capital LLC
7.875%, 6/30/10		6,000,000		3,840,000
Washington Mutual Preferred Funding II
9.750%, 12/31/49 (l)§		2,500,000		2,000,000
Washington Mutual, Inc.
4.000%, 1/15/09		3,000,000		2,824,941

				8,664,941

Total Financials				103,484,227

Government Securities (4.9%)
*U.S. Government Agencies (4.9%)*
Federal Home Loan Mortgage Corp.
5.000%, 10/1/36		1,846,389		1,801,934
5.500%, 5/1/37		9,768,539		9,748,372
5.500%, 6/1/37		9,907,307		9,886,854
Federal National Mortgage Association
5.000%, 2/1/37		4,839,011		4,719,710
5.500%, 7/1/37		9,863,915		9,852,799
6.000%, 7/1/37		12,289,281		12,480,486

Total Government Securities				48,490,155

Health Care (5.5%)
*Biotechnology (0.2%)*
Amgen, Inc.
5.850%, 6/1/17 §		2,000,000		2,030,220

*Health Care Equipment & Supplies (0.9%)*
Bausch & Lomb, Inc.
9.875%, 11/1/15^§		6,000,000		6,090,000

Term Loan
6.500%, 4/26/15^§		2,900,000		2,885,500

				8,975,500

*Health Care Providers & Services (4.4%)*
Community Health Systems, Inc.
8.875%, 7/15/15		4,000,000		4,075,000
DaVita, Inc.
6.625%, 3/15/13		5,286,000		5,259,570
7.250%, 3/15/15^		3,000,000		3,007,500
HCA, Inc.
6.500%, 2/15/16^		6,000,000		5,070,000
9.250%, 11/15/16		900,000		945,000
Tenet Healthcare Corp.
6.375%, 12/1/11^		12,400,000		11,284,000
7.375%, 2/1/13		2,500,000		2,187,500
9.250%, 2/1/15^		6,500,000		6,012,500
U.S. Oncology Holdings, Inc. (PIK)
10.759%, 3/15/12		4,500,000		3,735,000
United Surgical Partners International, Inc.
8.875%, 5/1/17^		2,000,000		1,975,000

				43,551,070

Total Health Care				54,556,790

Industrials (4.3%)
*Aerospace & Defense (0.5%)*
DRS Technologies, Inc.
6.625%, 2/1/16		200,000		197,500
L-3 Communications Corp.
5.875%, 1/15/15		2,400,000		2,316,000
Series B
6.375%, 10/15/15		2,000,000		1,970,000

				4,483,500

*Commercial Services & Supplies (1.0%)*
Allied Waste North America, Inc.
6.375%, 4/15/11^		1,500,000		1,485,000
6.125%, 2/15/14		1,000,000		961,250
6.875%, 6/1/17		2,500,000		2,437,500
Series B
7.375%, 4/15/14^		2,700,000		2,693,250
7.125%, 5/15/16^		2,100,000		2,084,250

				9,661,250

*Industrial Conglomerates (1.0%)*
RBS Global, Inc. & Rexnord Corp.
8.875%, 9/1/16		1,000,000		950,000
U.S. Investigations Services, Term Loan
6.500%, 4/1/15		10,000,000		9,412,500

				10,362,500

*Machinery (1.3%)*
Case New Holland, Inc.
7.125%, 3/1/14		600,000		598,500
Terex Corp.
8.000%, 11/15/17		12,500,000		12,656,250

				13,254,750

*Road & Rail (0.5%)*
Hertz Corp.
8.875%, 1/1/14		4,000,000		4,055,000
RSC Equipment Rental, Inc.
9.500%, 12/1/14^		500,000		447,500

				4,502,500

Total Industrials				42,264,500

Information Technology (7.8%)
*Computers & Peripherals (0.4%)*
Seagate Technology HDD Holdings
6.375%, 10/1/11^		4,500,000		4,438,125

214

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EQ/FRANKLIN INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
*Electronic Equipment & Instruments (1.1%)*
Flextronics International Ltd.
6.250%, 11/15/14^	$	4,000,000	$	3,810,000
NXP B.V./NXP Funding LLC
9.500%, 10/15/15^		750,000		687,188
Sanmina-SCI Corp.
6.750%, 3/1/13^		2,000,000		1,740,000
7.741%, 6/15/14 (l)§		2,900,000		2,794,875
8.125%, 3/1/16^		2,000,000		1,772,500

				10,804,563

*IT Services (3.9%)*
Ceridian Corp.
11.250%, 11/15/15^§		11,500,000		10,666,250
First Data Corp.
9.875%, 9/24/15^§		8,600,000		7,998,000
First Data Corp., Term Loan
6.500%, 10/1/14		10,000,000		9,497,730
Fiserv, Inc.
6.125%, 11/20/12		10,000,000		10,178,900
SunGard Data Systems, Inc.
9.125%, 8/15/13		200,000		203,500

				38,544,380

*Semiconductors & Semiconductor Equipment (2.4%)*
Advanced Micro Devices, Inc.
5.750%, 8/15/12 §		10,000,000		7,950,000
Freescale Semiconductor, Inc.
8.875%, 12/15/14		8,000,000		7,140,000
10.125%, 12/15/16^		10,000,000		8,250,000

				23,340,000

Total Information Technology				77,127,068

Materials (1.2%)
*Chemicals (0.3%)*
Ineos Group Holdings plc
7.875%, 2/15/16^§		2,000,000		2,441,624

*Containers & Packaging (0.6%)*
Berry Plastics Holding Corp., Term Loan
6.500%, 6/15/14		3,031,800		2,827,996
BPC Holding Corp.
8.875%, 9/15/14^		2,500,000		2,375,000
Jefferson Smurfit Corp.
8.250%, 10/1/12^		1,000,000		985,000

				6,187,996

*Metals & Mining (0.3%)*
Freeport-McMoRan Copper & Gold, Inc.
8.375%, 4/1/17		1,300,000		1,394,250
Novelis, Inc.
7.250%, 2/15/15		1,750,000		1,645,000

				3,039,250

Total Materials				11,668,870

Telecommunication Services (0.5%)
*Diversified Telecommunication Services (0.3%)*
Digicel Group Ltd.
8.875%, 1/15/15^§		3,000,000		2,745,000

*Wireless Telecommunication Services (0.2%)*
MetroPCS Wireless, Inc.
9.250%, 11/1/14		2,000,000		1,880,000

Total Telecommunication Services				4,625,000

Utilities (6.1%)
*Electric Utilities (3.5%)*
Intergen N.V.
9.000%, 6/30/17 §		5,000,000		5,262,500
Reliant Energy, Inc.
7.625%, 6/15/14		2,900,000		2,871,000
7.875%, 6/15/17^		1,800,000		1,782,000
Texas Competitive Electric Holdings Co. LLC
10.250%, 11/1/15 §		7,800,000		7,722,000
(PIK)
10.500%, 11/1/16 §		10,000,000		9,875,000
Term Loan
6.500%, 10/10/14 §		7,400,000		7,261,257

				34,773,757

*Independent Power Producers & Energy Traders (2.6%)*
Dynegy Holdings, Inc.
6.875%, 4/1/11		4,500,000		4,342,500
8.750%, 2/15/12		2,600,000		2,626,000
8.375%, 5/1/16		2,500,000		2,443,750
7.750%, 6/1/19		3,500,000		3,228,750
Energy Future Holdings Corp. (PIK)
11.250%, 11/1/17 §		12,200,000		12,322,000
NRG Energy, Inc.
7.250%, 2/1/14		130,000		126,750
TXU Corp.,
Series P
5.550%, 11/15/14		300,000		239,455

				25,329,205

Total Utilities				60,102,962

Total Long-Term Debt Securities (55.9%)
(Cost $574,534,869)				553,014,489

CONVERTIBLE BONDS:
Financials (0.7%)
*Real Estate Investment Trusts (REITs) (0.7%)*
iStar Financial, Inc. (REIT)
5.229%, 10/1/12 (l)		7,500,000		6,637,500

Total Financials				6,637,500

Health Care (0.3%)
*Biotechnology (0.3%)*
Amgen, Inc.
0.375%, 2/1/13		3,500,000		3,075,625

Total Health Care				3,075,625

Information Technology (0.1%)
*Communications Equipment (0.1%)*
Nortel Networks Corp.
4.250%, 9/1/08		1,500,000		1,471,875

Total Information Technology				1,471,875

Total Convertible Bonds (1.1%)
(Cost $12,057,473)				11,185,000


	Number of Shares
COMMON STOCKS:
Consumer Discretionary (0.8%)
*Household Durables (0.1%)*
KB Home^		75,000		1,620,000

*Specialty Retail (0.7%)*
Home Depot, Inc.		250,000		6,735,000

Total Consumer Discretionary				8,355,000

Consumer Staples (0.3%)
*Food & Staples Retailing (0.3%)*
CVS Caremark Corp.		66,800		2,655,300

Total Consumer Staples				2,655,300

Energy (3.6%)
*Energy Equipment & Services (0.6%)*
Halliburton Co.		150,000		5,686,500

215

EQ ADVISORS TRUST

EQ/FRANKLIN INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
*Oil, Gas & Consumable Fuels (3.0%)*
BP plc (ADR)	20,000	$	1,463,400
Canadian Oil Sands Trust	40,000		1,568,874
Chevron Corp.	80,000		7,466,400
ConocoPhillips	80,000		7,064,000
Spectra Energy Corp.	163,900		4,231,898
TransCanada Corp.^	200,000		8,215,208

			30,009,780

Total Energy			35,696,280

Financials (5.2%)
*Commercial Banks (2.3%)*
HSBC Holdings plc	350,000		5,866,300
Wachovia Corp.	200,000		7,606,000
Wells Fargo & Co.	300,000		9,057,000

			22,529,300

*Diversified Financial Services (1.9%)*
Bank of America Corp.	300,000		12,378,000
JPMorgan Chase & Co.	150,000		6,547,500

			18,925,500

*Real Estate Investment Trusts (REITs) (0.7%)*
CapitalSource, Inc. (REIT)^	180,000		3,166,200
iStar Financial, Inc. (REIT)^	156,800		4,084,640

			7,250,840

*Thrifts & Mortgage Finance (0.3%)*
Washington Mutual, Inc.^	200,000		2,722,000

Total Financials			51,427,640

Health Care (3.8%)
*Pharmaceuticals (3.8%)*
Johnson & Johnson	225,000		15,007,500
Merck & Co., Inc.	50,000		2,905,500
Pfizer, Inc.	850,000		19,320,500
Schering-Plough Corp.	30,000		799,200

Total Health Care			38,032,700

Industrials (1.1%)
*Air Freight & Logistics (0.3%)*
United Parcel Service, Inc., Class B	45,000		3,182,400

*Industrial Conglomerates (0.8%)*
3M Co.	90,000		7,588,800

Total Industrials			10,771,200

Information Technology (1.0%)
*Semiconductors & Semiconductor Equipment (1.0%)*
Maxim Integrated Products, Inc.	300,000		7,944,000
Microchip Technology, Inc.^	61,400		1,929,188

Total Information Technology			9,873,188

Materials (0.9%)
*Chemicals (0.6%)*
Dow Chemical Co.	150,000		5,913,000

*Metals & Mining (0.3%)*
Barrick Gold Corp.	80,000		3,364,000

Total Materials			9,277,000

Telecommunication Services (2.7%)
*Diversified Telecommunication Services (2.6%)*
AT&T, Inc.	450,000		18,702,000
Verizon Communications, Inc.	170,000		7,427,300

			26,129,300

*Wireless Telecommunication Services (0.1%)*
Vodafone Group plc (ADR)	15,000		559,800

Total Telecommunication Services			26,689,100

Utilities (6.7%)
*Electric Utilities (3.3%)*
American Electric Power Co., Inc.	17,000		791,520
Duke Energy Corp.	400,000		8,068,000
Exelon Corp.	20,000		1,632,800
FirstEnergy Corp.	50,000		3,617,000
Pinnacle West Capital Corp.^	100,000		4,241,000
Portland General Electric Co.^	250,000		6,945,000
Progress Energy, Inc.	20,000		968,600
Southern Co.	152,500		5,909,375

			32,173,295

*Gas Utilities (0.5%)*
AGL Resources, Inc.	65,000		2,446,600
Atmos Energy Corp.^	85,000		2,383,400

			4,830,000

*Multi-Utilities (2.9%)*
Ameren Corp.	60,000		3,252,600
Consolidated Edison, Inc.^	150,000		7,327,500
Dominion Resources, Inc.	53,400		2,533,830
PG&E Corp.	200,000		8,618,000
Public Service Enterprise Group, Inc.	25,000		2,456,000
TECO Energy, Inc.^	265,000		4,560,650

			28,748,580

Total Utilities			65,751,875

Total Common Stocks (26.1%)
(Cost $262,308,165)			258,529,283

PREFERRED STOCKS:
Financials (3.4%)
*Thrifts & Mortgage Finance (3.4%)*
Fannie Mae
6.750%	200,000		4,750,000
7.625%	320,000		8,160,000
8.250%	393,000		10,119,750
Freddie Mac
8.375%	386,400		10,104,360

Total Financials			33,134,110

Utilities (0.6%)
*Electric Utilities (0.6%)*
CMS Energy Trust I
7.750%	125,000		6,093,750

Total Utilities			6,093,750

Total Preferred Stocks (4.0%)
(Cost $38,572,500)			39,227,860

CONVERTIBLE PREFERRED STOCKS:
Financials (3.3%)
*Capital Markets (2.0%)*
E*TRADE Financial Corp.
6.125%	150,000		850,500
Goldman Sachs Group, Inc.
9.000% §	400,000		5,245,200
Lehman Brothers Holdings, Inc.
7.500% §	120,000		6,306,000
8.000% §	60,000		3,427,620
Morgan Stanley
7.000% §	88,000		1,842,720
7.300% §	70,000		1,698,200

			19,370,240

216

EQ ADVISORS TRUST

EQ/FRANKLIN INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
*Commercial Banks (0.2%)*
Credit Suisse/New York
8.000%		30,000	$	2,186,700

*Diversified Financials (0.6%)*
Citigroup Funding, Inc.
8.500%		300,000		5,608,920

*Thrifts & Mortgage Finance (0.5%)*
Washington Mutual, Inc.*
7.75%		6,100		5,398,500

Total Financials				32,564,360

Health Care (0.7%)
*Pharmaceuticals (0.7%)*
Schering-Plough Corp.
6.000%		30,000		7,278,750

Total Health Care				7,278,750

Materials (0.2%)
*Chemicals (0.2%)*
Huntsman Corp.
5.000%		35,000		1,728,125

Total Materials				1,728,125

Utilities (0.2%)
*Multi-Utilities (0.2%)*
PNM Resources, Inc.
6.750%		35,000		1,413,125

Total Utilities				1,413,125

Total Convertible Preferred Stocks (4.4%)
(Cost $49,143,560)				42,984,360


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Security (8.1%)
Federal Home Loan Bank
3.15%, 1/2/08 (o)(p)	$	80,700,000		80,685,877

Short-Term Investments of Cash Collateral for Securities Loaned (14.7%)
Barclays Capital, Repurchase Agreement
4.65%, 1/2/08 (r)		40,000,000		40,000,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		44,368,464		44,368,464
Morgan Stanley, Repurchase Agreement
4.70%, 1/2/08 (r)		49,688,339		49,688,339
National Bank of Canada/New York
5.16%, 4/16/08 (l)		3,000,000		3,000,000
Pricoa Global Funding I
4.37%, 9/22/08 (l)		2,000,000		2,000,000
Swedbank AB/New York
5.15%, 4/16/08 (l)		3,000,000		3,000,000
Ulster Bank Ireland Ltd.
4.72%, 4/18/08 (l)		3,000,000		3,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				145,056,803

Time Deposit (0.0%)
JPMorgan Chase Nassau
3.51%, 1/2/08		24,487		24,487

Total Short-Term Investments (22.8%)
(Cost/Amortized Cost $225,774,229)				225,767,167

Total Investments (114.3%)
(Cost/Amortized Cost $1,162,390,796)				1,130,708,159
Other Assets Less Liabilities (-14.3%)				(141,301,154	)

Net Assets (100%)			$	989,407,005

^	All, or a portion of security out on loan (See Note 1).

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2007, the market value of these securities amounted to $149,349,966 or 15.09% of net assets. Securities denoted with “§” but without “(b)”have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(e)

Step Bond—Coupon rate increases in increments to maturity. Rate disclosed is as of December 31, 2007. Maturity date disclosed is the ultimate maturity date.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2007.

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:


ADR	—	American Depositary Receipt
PIK	—	Payment-in-Kind Security

217

EQ ADVISORS TRUST

EQ/FRANKLIN INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	927,558,187
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	105,300,019

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	22,927,740
Aggregate gross unrealized depreciation		(54,610,377	)

Net unrealized depreciation	$	(31,682,637	)

Federal income tax cost of investments	$	1,162,390,796

At December 31, 2007, the Portfolio had loaned securities with a total value of $140,144,684. This was secured by collateral of $145,056,803 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $17,111, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

See Notes to Financial Statements.

218

EQ ADVISORS TRUST

EQ/FRANKLIN SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (21.3%)
*Auto Components (0.4%)*
Gentex Corp.^	78,700	$	1,398,499

*Automobiles (3.6%)*
Monaco Coach Corp.^	252,200		2,239,536
Thor Industries, Inc.^	147,900		5,621,679
Winnebago Industries, Inc.^	171,000		3,594,420

			11,455,635

*Diversified Consumer Services (1.9%)*
Regis Corp.	214,500		5,997,420

*Household Durables (5.7%)*
Bassett Furniture Industries, Inc.^	2,000		18,680
D.R. Horton, Inc.	61,900		815,223
Ethan Allen Interiors, Inc.^	130,700		3,724,950
Hooker Furniture Corp.^	181,800		3,654,180
La-Z-Boy, Inc.^	347,900		2,758,847
M.D.C. Holdings, Inc.^	94,000		3,490,220
M/I Homes, Inc.^	308,000		3,234,000
Russ Berrie & Co., Inc.*^	3,500		57,260

			17,753,360

*Leisure Equipment & Products (1.0%)*
Brunswick Corp.^	182,900		3,118,445

*Multiline Retail (1.3%)*
Fred’s, Inc., Class A^	216,500		2,084,895
Tuesday Morning Corp.^	407,200		2,064,504

			4,149,399

*Specialty Retail (5.4%)*
Brown Shoe Co., Inc.^	154,550		2,344,523
Christopher & Banks Corp.^	244,500		2,799,525
Group 1 Automotive, Inc.^	111,600		2,650,500
HOT Topic, Inc.*^	235,800		1,372,356
Men’s Wearhouse, Inc.	60,000		1,618,800
Pier 1 Imports, Inc.*^	289,500		1,514,085
West Marine, Inc.*^	261,600		2,349,168
Zale Corp.*^	147,800		2,373,668

			17,022,625

*Textiles, Apparel & Luxury Goods (2.0%)*
Timberland Co., Class A*^	103,300		1,867,664
Warnaco Group, Inc.*	123,000		4,280,400

			6,148,064

Total Consumer Discretionary			67,043,447

Consumer Staples (1.6%)
*Food & Staples Retailing (1.6%)*
Casey’s General Stores, Inc.^	173,900		5,149,179

Total Consumer Staples			5,149,179

Energy (6.9%)
*Energy Equipment & Services (5.4%)*
Atwood Oceanics, Inc.*^	35,000		3,508,400
Bristow Group, Inc.*^	60,000		3,399,000
Global Industries Ltd.*	29,800		638,316
Helix Energy Solutions Group, Inc.*^	32,800		1,361,200
Oil States International, Inc.*^	96,100		3,278,932
Rowan Cos., Inc.	14,400		568,224
Tidewater, Inc.^	33,000		1,810,380
Unit Corp.*	46,900		2,169,125

			16,733,577

*Oil, Gas & Consumable Fuels (1.5%)*
General Maritime Corp.^	10,200		249,390
Overseas Shipholding Group, Inc.^	55,200		4,108,536
Teekay Corp.^	8,100		431,001

			4,788,927

Total Energy			21,522,504

Financials (17.9%)
*Commercial Banks (1.9%)*
Chemical Financial Corp.^	143,100		3,404,349
First Indiana Corp.	56,700		1,814,400
Peoples Bancorp, Inc./Ohio^	28,300		704,387

			5,923,136

*Insurance (12.7%)*
American National Insurance Co.	19,500		2,364,180
Arthur J. Gallagher & Co.^	99,100		2,397,229
Aspen Insurance Holdings Ltd.	253,700		7,316,708
Erie Indemnity Co., Class A	16,500		856,185
IPC Holdings Ltd.^	166,800		4,815,516
Montpelier Reinsurance Holdings Ltd.^	272,000		4,626,720
Old Republic International Corp.	357,600		5,510,616
Protective Life Corp.	96,400		3,954,328
RLI Corp.^	51,100		2,901,969
Security Capital Assurance Ltd.^	406,500		1,581,285
StanCorp Financial Group, Inc.	68,000		3,425,840

			39,750,576

*Real Estate Investment Trusts (REITs) (0.5%)*
Arbor Realty Trust, Inc. (REIT)^	97,100		1,564,281

*Thrifts & Mortgage Finance (2.8%)*
Corus Bankshares, Inc.^	200,100		2,135,067
PMI Group, Inc.^	178,800		2,374,464
Trustco Bank Corp./New York^	437,800		4,342,976

			8,852,507

Total Financials			56,090,500

Health Care (2.6%)
*Health Care Equipment & Supplies (2.6%)*
Hillenbrand Industries, Inc.	42,400		2,362,952
STERIS Corp.	117,700		3,394,468
West Pharmaceutical Services, Inc.^	61,100		2,480,049

			8,237,469

Total Health Care			8,237,469

Industrials (29.1%)
*Airlines (1.3%)*
SkyWest, Inc.^	146,100		3,922,785

*Building Products (6.4%)*
American Woodmark Corp.^	107,500		1,954,350
Apogee Enterprises, Inc.	225,500		3,858,305
Gibraltar Industries, Inc.^	375,800		5,794,836
Simpson Manufacturing Co., Inc.^	110,000		2,924,900
Universal Forest Products, Inc.^	194,400		5,727,024

			20,259,415

*Commercial Services & Supplies (2.3%)*
ABM Industries, Inc.^	70,300		1,433,417
Mine Safety Appliances Co.^	114,100		5,918,367

			7,351,784

*Electrical Equipment (5.0%)*
A.O. Smith Corp.^	44,800		1,570,240
Baldor Electric Co.^	17,500		589,050
Brady Corp., Class A^	139,600		4,898,564
Franklin Electric Co., Inc.^	79,097		3,027,042
Genlyte Group, Inc.*	39,700		3,779,440
Powell Industries, Inc.*^	43,400		1,912,638

			15,776,974

*Industrial Conglomerates (1.3%)*
Carlisle Cos., Inc.	93,700		3,469,711
Teleflex, Inc.	12,000		756,120

			4,225,831

219

EQ ADVISORS TRUST

EQ/FRANKLIN SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
*Machinery (10.6%)*
Briggs & Stratton Corp.^		113,600	$	2,574,176
CIRCOR International, Inc.		77,010		3,570,184
Graco, Inc.		115,800		4,314,708
Kennametal, Inc.		124,100		4,698,426
Mueller Industries, Inc.		203,900		5,911,061
Nordson Corp.^		45,100		2,613,996
Timken Co.		12,200		400,770
Trinity Industries, Inc.^		80,500		2,234,680
Wabash National Corp.^		500,000		3,845,000
Watts Water Technologies, Inc., Class A^		101,300		3,018,740

				33,181,741

*Road & Rail (2.2%)*
Dollar Thrifty Automotive Group, Inc.*		55,500		1,314,240
Genesee & Wyoming, Inc., Class A*^		146,100		3,531,237
Kansas City Southern, Inc.*^		56,400		1,936,212

				6,781,689

Total Industrials				91,500,219

Information Technology (5.9%)
*Communications Equipment (1.6%)*
Avocent Corp.*		217,300		5,065,263

*Computers & Peripherals (0.4%)*
Diebold, Inc.		41,300		1,196,874

*Electronic Equipment & Instruments (2.6%)*
Benchmark Electronics, Inc.*^		205,600		3,645,288
Mettler-Toledo International, Inc.*		40,400		4,597,520

				8,242,808

*Semiconductors & Semiconductor Equipment (1.3%)*
Cohu, Inc.^		185,500		2,838,150
OmniVision Technologies, Inc.*^		77,400		1,211,310

				4,049,460

Total Information Technology				18,554,405

Materials (10.3%)
*Chemicals (4.4%)*
Airgas, Inc.		43,200		2,251,152
Cabot Corp.		88,700		2,957,258
RPM International, Inc.		209,900		4,260,970
Westlake Chemical Corp.^		229,000		4,348,710

				13,818,090

*Containers & Packaging (1.8%)*
AptarGroup, Inc.		91,200		3,730,992
Bemis Co., Inc.		67,800		1,856,364

				5,587,356

*Metals & Mining (2.0%)*
Gerdau Ameristeel Corp.		210,100		2,987,622
Reliance Steel & Aluminum Co.		22,400		1,214,080
Steel Dynamics, Inc.		33,800		2,013,466

				6,215,168

*Paper & Forest Products (2.1%)*
AbitibiBowater, Inc.^		83,875		1,728,664
Glatfelter^		234,100		3,584,071
Mercer International, Inc.*^		190,100		1,488,483

				6,801,218

Total Materials				32,421,832

Utilities (0.9%)
*Electric Utilities (0.0%)*
Sierra Pacific Resources		6,400		108,672

*Gas Utilities (0.9%)*
Atmos Energy Corp.		64,500		1,808,580
Energen Corp.		14,700		944,181

				2,752,761

Total Utilities				2,861,433

Total Common Stocks (96.5%)
(Cost $351,434,633)				303,380,988


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Security (6.8%)
Federal Home Loan Bank
3.15%, 1/2/08 (o)(p)	$	21,290,000		21,286,275

Short-Term Investments of Cash Collateral for Securities Loaned (31.6%)
Barclays Capital, Repurchase Agreement
4.65%, 1/2/08 (r)		10,000,000		10,000,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		31,250,788		31,250,788
Morgan Stanley, Repurchase Agreement
4.70%, 1/2/08 (r)		50,000,000		50,000,000
National Bank of Canada/New York
5.16%, 4/16/08 (l)		2,500,000		2,500,000
Pricoa Global Funding I
4.37%, 9/22/08 (l)		1,000,000		1,000,000
Swedbank AB/New York
5.15%, 4/16/08 (l)		2,500,000		2,500,000
Ulster Bank Ireland Ltd.
4.72%, 4/18/08 (l)		2,000,000		2,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				99,250,788

Total Short-Term Investments (38.4%)
(Cost/Amortized Cost $120,538,926)				120,537,063

Total Investments (134.9%)
(Cost/Amortized Cost $471,973,559)				423,918,051
Other Assets Less Liabilities (-34.9%)				(109,580,797	)

Net Assets (100%)			$	314,337,254

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2007.

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

220

EQ ADVISORS TRUST

EQ/FRANKLIN SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	336,241,348
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	5,203,353

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	13,053,161
Aggregate gross unrealized depreciation		(61,108,669	)

Net unrealized depreciation	$	(48,055,508	)

Federal income tax cost of investments	$	471,973,559

At December 31, 2007, the Portfolio had loaned securities with a total value of $95,600,251. This was secured by collateral of $99,250,788 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $28,050, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

See Notes to Financial Statements.

221

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EQ/GAMCO MERGERS AND ACQUISITIONS PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (12.6%)
*Hotels, Restaurants & Leisure (3.9%)*
Boyd Gaming Corp.^	15,000	$	511,050
Churchill Downs, Inc.^	10,000		539,700
Dover Motorsports, Inc.	20,000		131,000
Harrah’s Entertainment, Inc.	60,000		5,325,000
Ladbrokes plc	50,000		321,731
Penn National Gaming, Inc.*	1,000		59,550

			6,888,031

*Household Durables (0.5%)*
Fortune Brands, Inc.	3,500		253,260
Harman International Industries, Inc.	5,000		368,550
Lenox Group, Inc.*^	5,000		13,200
Nobility Homes, Inc.	500		9,125
Skyline Corp.^	5,000		146,750

			790,885

*Internet & Catalog Retail (0.1%)*
Liberty Media Corp., Interactive, Class A*	5,000		95,400

*Leisure Equipment & Products (0.1%)*
Fairchild Corp., Class A*	60,000		156,000

*Media (7.5%)*
Acme Communications, Inc.^	4,000		10,920
Beasley Broadcasting Group, Inc., Class A	12,000		62,400
Cablevision Systems Corp.—New York Group, Class A*	145,000		3,552,500
CBS Corp., Class A	14,000		374,500
Clear Channel Communications, Inc.	108,000		3,728,160
Clear Channel Outdoor Holdings, Inc., Class A*^	11,400		315,324
Crown Media Holdings, Inc., Class A*^	10,000		65,000
Discovery Holding Co., Class A*	3,000		75,420
Emmis Communications Corp., Class A*^	22,000		84,700
Fisher Communications, Inc.*^	12,000		455,520
Interep National Radio Sales, Inc., Class A*	3,000		540
Liberty Global, Inc., Class A*	1,080		42,325
Liberty Media Corp., Capital Series, Class A*	11,000		1,281,390
Lin TV Corp., Class A*^	130,000		1,582,100
McClatchy Co., Class A^	30,000		375,600
Media General, Inc., Class A^	25,000		531,250
Primedia, Inc.^	4,000		34,000
PT Multimedia-Servicos de Telecomunicacoes e Multimedia SGPS S.A.	8,451		117,998
Salem Communications Corp., Class A^	30,000		197,700
Shaw Communications, Inc., Class B	3,000		71,040
Triple Crown Media, Inc.*	3,000		14,190
Vivendi S.A.	2,000		91,758
Warner Music Group Corp.^	20,000		121,200
Young Broadcasting, Inc., Class A*^	30,000		31,500

			13,217,035

*Multiline Retail (0.1%)*
Macy’s, Inc.	9,000		232,830
Saks, Inc.*	200		4,152

			236,982

*Specialty Retail (0.4%)*
CSK Auto Corp.*^	40,000		200,400
Genesco, Inc.*	1,500		56,700
Midas, Inc.*^	20,000		293,200
Pier 1 Imports, Inc.*	10,000		52,300
Sally Beauty Holdings, Inc.*^	15,000		135,750

			738,350

Total Consumer Discretionary			22,122,683

Consumer Staples (4.1%)
*Beverages (0.1%)*
Pernod-Ricard S.A.	602		139,152

*Food & Staples Retailing (0.7%)*
BJ’s Wholesale Club, Inc.*	500		16,915
CVS Caremark Corp.	10,000		397,500
Great Atlantic & Pacific Tea Co., Inc.*	19,444		609,180
SUPERVALU, Inc.	8,000		300,160

			1,323,755

*Food Products (2.9%)*
Cadbury Schweppes plc (ADR)	35,000		1,727,950
Flowers Foods, Inc.^	500		11,705
Groupe Danone S.A. (ADR)	10,000		179,540
H.J. Heinz Co.	8,000		373,440
Hershey Co.^	18,000		709,200
Reddy Ice Holdings, Inc.	4,000		101,240
Sara Lee Corp.	65,000		1,043,900
Tootsie Roll Industries, Inc.^	33,040		905,957

			5,052,932

*Personal Products (0.2%)*
Alberto-Culver Co.	16,000		392,640

*Tobacco (0.2%)*
Altadis S.A.	5,000		363,393

Total Consumer Staples			7,271,872

Energy (1.8%)
*Energy Equipment & Services (1.2%)*
Grant Prideco, Inc.*	25,000		1,387,750
Rowan Cos., Inc.	11,000		434,060
RPC, Inc.^	20,000		234,200

			2,056,010

*Oil, Gas & Consumable Fuels (0.6%)*
Anadarko Petroleum Corp.	6,500		426,985
James River Coal Co.*^	65,000		726,700
WesternZagros Resources Ltd.*	25,000		60,793

			1,214,478

Total Energy			3,270,488

Financials (6.8%)
*Capital Markets (0.7%)*
BKF Capital Group, Inc.*	12,000		26,640
Deutsche Bank AG (Registered)	1,000		129,410
SWS Group, Inc.^	84,000		1,064,280

			1,220,330

*Commercial Banks (2.1%)*
Commerce Bancorp, Inc./ New Jersey	45,000		1,716,300
PNC Financial Services Group, Inc.	11,000		722,150

222

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EQ/GAMCO MERGERS AND ACQUISITIONS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Wachovia Corp.	33,000	$	1,254,990

			3,693,440

*Consumer Finance (1.4%)*
American Express Co.	4,000		208,080
SLM Corp.	110,000		2,215,400

			2,423,480

*Insurance (2.1%)*
Alfa Corp.	2,000		43,340
CNA Surety Corp.*^	5,000		98,950
Marsh & McLennan Cos., Inc.	65,000		1,720,550
Midland Co.^	27,000		1,746,630

			3,609,470

*Thrifts & Mortgage Finance (0.5%)*
Flushing Financial Corp.^	14,200		227,910
New York Community Bancorp, Inc.^	2,000		35,160
NewAlliance Bancshares, Inc.^	60,000		691,200
Sovereign Bancorp, Inc.	1		11

			954,281

Total Financials			11,901,001

Health Care (15.9%)
*Biotechnology (2.9%)*
Biogen Idec, Inc.*	1,000		56,920
Coley Pharmaceutical Group, Inc.*^	150,000		1,200,000
Pharmion Corp.*^	60,000		3,771,600

			5,028,520

*Health Care Equipment & Supplies (4.3%)*
Advanced Medical Optics, Inc.*^	40,000		981,200
AngioDynamics, Inc.*	5,000		95,200
CONMED Corp.*^	10,000		231,100
E-Z-Em, Inc.*	2,000		41,460
Exactech, Inc.*	3,500		72,625
Kensey Nash Corp.*^	5,000		149,600
Lifecore Biomedical, Inc.*^	30,000		433,500
Orthofix International N.V.*^	1,500		86,955
Osteotech, Inc.*	1,500		11,730
Regeneration Technologies, Inc.*^	18,000		156,240
Respironics, Inc.*	80,000		5,238,400
Tutogen Medical, Inc.*	3,000		30,960

			7,528,970

*Health Care Providers & Services (3.0%)*
Chemed Corp.^	1,000		55,880
Sierra Health Services, Inc.*	125,000		5,245,000

			5,300,880

*Health Care Technology (0.2%)*
AMICAS, Inc.*	44,000		117,040
IMS Health, Inc.	10,000		230,400

			347,440

*Life Sciences Tools & Services (0.1%)*
Ventana Medical Systems, Inc.*^	2,000		174,460

*Pharmaceuticals (5.4%)*
Adams Respiratory Therapeutics, Inc.*	80,000		4,779,200
Allergan, Inc.	2,808		180,386
Aspreva Pharmaceuticals Corp.	5,000		130,000
Bradley Pharmaceuticals, Inc.*	200		3,940
Bristol-Myers Squibb Co.	2,000		53,040
Collagenex Pharmaceuticals, Inc.*^	500		4,775
MGI Pharma, Inc.*^	104,000		4,215,120
Taro Pharmaceuticals Industries Ltd.*	1,000		7,700
UCB S.A.	3,057		139,046

			9,513,207

Total Health Care			27,893,477

Industrials (11.0%)
*Aerospace & Defense (0.5%)*
Herley Industries, Inc.*^	48,000		660,000
Honeywell International, Inc.	5,000		307,850

			967,850

*Building Products (1.8%)*
Goodman Global, Inc.*	3,500		85,890
Griffon Corp.*^	65,000		809,250
Trane, Inc.	50,000		2,335,500

			3,230,640

*Commercial Services & Supplies (0.9%)*
First Consulting Group, Inc.*	2,500		32,325
PHH Corp.*	20,000		352,800
R.R. Donnelley & Sons Co.	2,000		75,480
Republic Services, Inc.	10,000		313,500
Waste Industries USA, Inc.^	20,000		726,000

			1,500,105

*Electrical Equipment (3.1%)*
Acuity Brands, Inc.	1,000		45,000
Belden, Inc.^	1,000		44,500
Cooper Industries Ltd., Class A	4,000		211,520
Genlyte Group, Inc.*^	50,000		4,760,000
SL Industries, Inc.*	12,000		241,440
Thomas & Betts Corp.*	3,000		147,120

			5,449,580


*Machinery (1.1%)*
Ampco-Pittsburgh Corp.^	1,000		38,130
Baldwin Technology Co. Inc., Class A*	20,000		94,400
CIRCOR International, Inc.^	1,000		46,360
Flowserve Corp.	2,000		192,400
ITT Corp.	1,500		99,060
Navistar International Corp.*	20,000		1,084,000
Tennant Co.	6,000		265,740
Watts Water Technologies, Inc., Class A^	2,000		59,600

			1,879,690

*Trading Companies & Distributors (3.6%)*
Kaman Corp.^	15,000		552,150
UAP Holding Corp.^	150,000		5,790,000

			6,342,150

Total Industrials			19,370,015

Information Technology (5.9%)
*Communications Equipment (0.0%)*
CommScope, Inc.*	1		7

*Electronic Equipment & Instruments (0.3%)*
Excel Technology, Inc.*^	20,000		542,000
Park Electrochemical Corp.	2,000		56,480

			598,480

*IT Services (0.4%)*
Acxiom Corp.	5,000		58,650
Affiliated Computer Services, Inc., Class A*	3,000		135,300
Alliance Data Systems Corp.*	3,000		224,970

223

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EQ/GAMCO MERGERS AND ACQUISITIONS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
TNS, Inc.		13,000	$	230,750

				649,670

*Semiconductors & Semiconductor Equipment (1.1%)*
Nextest Systems Corp.*		100,000		1,989,000

*Software (4.1%)*
BEA Systems, Inc.*		160,000		2,524,800
Borland Software Corp.*^		8,000		24,080
Cognos, Inc.*		70,000		4,029,900
FalconStor Software, Inc.*^		4,000		45,040
GSE Systems, Inc.*		424		4,342
NAVTEQ Corp.*		8,000		604,800

				7,232,962

Total Information Technology				10,470,119

Materials (2.6%)
*Chemicals (1.7%)*
Ashland, Inc.		5,000		237,150
Chemtura Corp.^		170,000		1,326,000
Ferro Corp.		30,000		621,900
Hercules, Inc.		12,000		232,200
Sensient Technologies Corp.		19,700		557,116

				2,974,366


*Containers & Packaging (0.5%)*
Greif, Inc., Class A^		1,500		98,055
Myers Industries, Inc.^		50,000		723,500

				821,555

*Metals & Mining (0.4%)*
Barrick Gold Corp.		7,000		294,350
Claymont Steel Holdings, Inc.*		15,000		350,250
Gold Fields Ltd. (ADR)^		4,000		56,800
WHX Corp.*		4,000		15,200

				716,600

Total Materials				4,512,521

Telecommunication Services (8.3%)
*Diversified Telecommunication Services (0.6%)*
Asia Satellite Telecommunications Holdings Ltd. (ADR)		10,000		186,000
Cincinnati Bell, Inc.*		50,000		237,500
Portugal Telecom SGPS S.A. (Registered)		45,000		587,525
Qwest Communications International, Inc.*		6,000		42,060

				1,053,085

*Wireless Telecommunication Services (7.7%)*
Centennial Communications Corp.*		8,000		74,320
Millicom International Cellular S.A.*		2,000		235,880
Rogers Communications, Inc., Class B		2,000		90,500
Rural Cellular Corp., Class A*^		125,000		5,511,250
Sprint Nextel Corp.		75,000		984,750
SunCom Wireless Holdings, Inc., Class A*		200,000		5,336,000
U.S. Cellular Corp.*		15,000		1,261,500

				13,494,200

Total Telecommunication Services				14,547,285

Utilities (8.1%)
*Electric Utilities (0.5%)*
American Electric Power Co., Inc.		2,000		93,120
DPL, Inc.^		20,000		593,000
Westar Energy, Inc		6,000		155,640

				841,760

*Gas Utilities (0.0%)*
Laclede Group, Inc.^		1,000		34,240
Southwest Gas Corp.		500		14,885

				49,125


*Independent Power Producers & Energy Traders (0.2%)*
NRG Energy, Inc.*		10,000		433,400

*Multi-Utilities (7.4%)*
Aquila, Inc.*^		1,200,000		4,476,000
Energy East Corp.		110,000		2,993,100
Integrys Energy Group, Inc.		4,000		206,760
NorthWestern Corp.		55,000		1,622,500
NSTAR		6,000		217,320
Puget Energy, Inc.		125,000		3,428,750
Suez S.A. (VVPR)*		4,000		59

				12,944,489

Total Utilities				14,268,774

Total Common Stocks (77.1%)
(Cost $138,942,440)				135,628,235


	Number of Warrants
WARRANT:
Energy (0.0%)
*Oil, Gas & Consumable Fuels (0.0%)*
WesternZagros Resources Ltd., expiring 1/18/08*
(Cost $—)		2,500		380


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Securities (19.6%)
U.S. Treasury Bills
3.28%, 6/12/08 (p)^	$	25,000,000		24,632,125
3.23%, 5/8/08 (p)^		10,000,000		9,885,700

Total Government Securities				34,517,825

Short-Term Investments of Cash Collateral for Securities Loaned (14.1%)
Barclays Capital, Repurchase Agreement
4.65%, 1/2/08 (r)		1,000,000		1,000,000
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		10,000,000		10,000,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		13,743,656		13,743,656

Total Short-Term Investments of Cash Collateral for Securities Loaned				24,743,656

Time Deposit (4.2%)
JPMorgan Chase Nassau
3.51%, 1/2/08		7,342,965		7,342,965

Total Short-Term Investments (37.9%)
(Cost/Amortized Cost $ 66,600,752)				66,604,446

Total Investments (115.0%)
(Cost/Amortized Cost $ 205,543,192)				202,233,061
Other Assets Less Liabilities (-15.0%)				(26,391,992	)

Net Assets (100%)			$	175,841,069

224

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EQ/GAMCO MERGERS AND ACQUISITIONS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.


Glossary:

ADR	—	American Depositary Receipt
VVPR	—	Verlaagde Vooheffing Precompte Reduit (Belgium dividend coupon)

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	377,538,323
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	345,368,615

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	5,371,201
Aggregate gross unrealized depreciation		(9,155,060	)

Net unrealized depreciation	$	(3,783,859	)

Federal income tax cost of investments	$	206,016,920

At December 31, 2007, the Portfolio had loaned securities with a total value of $34,058,167. This was secured by collateral of $24,743,656 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $10,083,414 was received in the form of short-term pooled securities, which the Portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

For the year ended December 31, 2007, the Portfolio incurred approximately $250,419 as brokerage commissions with Gabelli & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

225

EQ ADVISORS TRUST

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (15.9%)
*Auto Components (2.6%)*
Beru AG	10,000	$	1,098,000
BorgWarner, Inc.	194,000		9,391,540
Dana Corp.*	230,000		5,520
Federal-Mogul Corp.*^	60,000		27,000
Hawk Corp., Class A*	52,000		937,040
Modine Manufacturing Co.^	530,000		8,750,300
Proliance International, Inc.*	170,000		306,000
Spartan Motors, Inc.^	290,000		2,215,600
Standard Motor Products, Inc.^	527,000		4,300,320
Stoneridge, Inc.*^	210,000		1,688,400
Strattec Security Corp.	21,000		870,030
Superior Industries International, Inc.^	140,000		2,543,800
Tenneco, Inc.*	90,000		2,346,300

			34,479,850

*Automobiles (0.1%)*
Coachmen Industries, Inc.	40,000		238,000
Fleetwood Enterprises, Inc.*^	140,000		837,200
Monaco Coach Corp.^	30,000		266,400
Thor Industries, Inc.^	4,000		152,040

			1,493,640

*Diversified Consumer Services (0.2%)*
Matthews International Corp., Class A^	15,000		703,050
Universal Technical Institute, Inc.*^	100,000		1,700,000

			2,403,050

*Hotels, Restaurants & Leisure (3.0%)*
Boyd Gaming Corp.^	2,500		85,175
Canterbury Park Holding Corp.	105,000		1,260,000
Churchill Downs, Inc.^	158,000		8,527,260
Denny’s Corp.*^	8,000		30,000
Dover Downs Gaming & Entertainment, Inc.^	80,000		900,000
Dover Motorsports, Inc.^	290,000		1,899,500
Gaylord Entertainment Co.*^	250,000		10,117,500
International Speedway Corp., Class A	10,000		411,800
Marcus Corp.^	25,000		386,250
Nathan’s Famous, Inc.*^	2,100		36,687
Orient-Express Hotels Ltd., Class A^	65,000		3,738,800
Pinnacle Entertainment, Inc.*^	200,000		4,712,000
Six Flags, Inc.*^	60,000		121,800
Sonesta International Hotels Corp.^	90,000		3,150,000
Steak n Shake Co.*^	350,000		3,815,000
Triarc Cos., Inc., Class A	40,000		349,200
Triarc Cos., Inc., Class B^	70,000		613,200

			40,154,172

*Household Durables (0.9%)*
Cavalier Homes, Inc.*	720,000		1,404,000
Cavco Industries, Inc.*^	94,500		3,197,880
Champion Enterprises, Inc.*^	400,000		3,768,000
Lenox Group, Inc.*^	40,000		105,600
Nobility Homes, Inc.	33,200		605,900
Palm Harbor Homes, Inc.*^	30,000		316,500
Skyline Corp.^	96,400		2,829,340

			12,227,220

*Internet & Catalog Retail (0.2%)*
1-800-FLOWERS.COM, Inc., Class A*^	190,000		1,658,700
Audible, Inc.*^	27,000		240,840
Liberty Media Corp., Interactive, Class A*	12,500		238,500
NutriSystem, Inc.*^	4,000		107,920

			2,245,960


*Leisure Equipment & Products (0.2%)*
Aruze Corp.	40,000		1,518,149
Fairchild Corp., Class A*	525,000		1,365,000
Marine Products Corp.^	45,000		315,450

			3,198,599

*Media (6.2%)*
Acme Communications, Inc.	65,000		177,450
Beasley Broadcasting Group, Inc., Class A^	289,300		1,504,360
Belo Corp., Class A	140,000		2,441,600
Cablevision Systems Corp.—New York Group, Class A*^	350,000		8,575,000
Carmike Cinemas, Inc.^	70,000		508,200
Charter Communications, Inc., Class A*^	48,000		56,160
Citadel Broadcasting Corp.^	300,000		618,000
Crown Media Holdings, Inc., Class A*^	110,000		715,000
Cumulus Media, Inc., Class A*	2,011		16,168
Discovery Holding Co., Class A*	25,000		628,500
E.W. Scripps Co., Class A	45,000		2,025,450
Emmis Communications Corp., Class A*^	285,000		1,097,250
Fisher Communications, Inc.*^	197,300		7,489,508
Gemstar-TV Guide International, Inc.*^	600,059		2,856,281
Getty Images, Inc.*^	110,000		3,190,000
Gray Television, Inc.^	382,000		3,063,640
Gray Television, Inc., Class A	37,700		320,450
Grupo Televisa S.A. (Sponsored ADR)^	70,000		1,663,900
Hearst-Argyle Television, Inc.^	45,000		994,950
Il Sole 24 Ore*	40,000		333,055
Imax Corp.*^	18,000		122,760
Interactive Data Corp.^	135,000		4,456,350
Interep National Radio Sales, Inc., Class A*	65,000		11,700
Journal Communications, Inc., Class A^	520,000		4,648,800
Journal Register Co.^	160,000		281,600
Lakes Entertainment, Inc.*^	95,000		658,350
Lee Enterprises, Inc.^	210,000		3,076,500
Liberty Global, Inc., Class A*	15,000		587,850
Liberty Media Corp., Capital Series, Class A*	2,500		291,225
Lin TV Corp., Class A*^	600,000		7,302,000
Martha Stewart Living Omnimedia, Class A*^	280,000		2,595,600
McClatchy Co., Class A^	160,000		2,003,200
MDC Partners, Inc., Class A*^	5,000		48,700
Media General, Inc., Class A^	225,000		4,781,250
Meredith Corp.	43,000		2,364,140
Nexstar Broadcasting Group, Inc., Class A*^	20,000		182,800
Primedia, Inc.^	120,000		1,020,000
Salem Communications Corp., Class A	400,000		2,636,000
Sinclair Broadcast Group, Inc., Class A^	270,000		2,216,700
Triple Crown Media, Inc.*	150,000		709,500
Voyager Learning Co.*	400,000		2,860,000
Warner Music Group Corp.^	200,000		1,212,000

226

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EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Young Broadcasting, Inc., Class A*	800,866	$	840,909

			83,182,856

*Multiline Retail (0.1%)*
Bon-Ton Stores, Inc.^	180,000		1,708,200

*Specialty Retail (1.9%)*
AutoNation, Inc.*	30,100		471,366
Bed Bath & Beyond, Inc.*	5,000		146,950
Big 5 Sporting Goods Corp.^	30,000		432,600
Bowlin Travel Centers, Inc.*	70,000		119,000
Coldwater Creek, Inc.*^	260,000		1,739,400
Collective Brands, Inc.*^	60,000		1,043,400
CSK Auto Corp.*^	350,000		1,753,500
Earl Scheib, Inc.*‡	280,000		980,000
Midas, Inc.*^	415,000		6,083,900
Penske Auto Group, Inc.^	100,000		1,746,000
Pep Boys—Manny, Moe & Jack^	450,000		5,166,000
Sally Beauty Holdings, Inc.*^	160,000		1,448,000
Tractor Supply Co.*^	135,000		4,851,900

			25,982,016

*Textiles, Apparel & Luxury Goods (0.5%)*
Ashworth, Inc.*	2,000		5,700
Escada AG*	45,000		1,252,027
Hanesbrands, Inc.*	60,600		1,646,502
Hartmarx Corp.*^	380,000		1,295,800
Levcor International, Inc.*	150,000		45,000
Movado Group, Inc.^	50,000		1,264,500
Wolverine World Wide, Inc.^	18,000		441,360

			5,950,889

Total Consumer Discretionary			213,026,452

Consumer Staples (6.8%)
*Beverages (0.7%)*
Boston Beer Co., Inc., Class A*^	150,000		5,647,500
Brown-Forman Corp., Class A^	1,500		112,260
Davide Campari Milano S.p.A.	55,000		526,704
PepsiAmericas, Inc.	90,000		2,998,800

			9,285,264

*Food & Staples Retailing (2.0%)*
Great Atlantic & Pacific Tea Co., Inc.*^	520,644		16,311,777
Ingles Markets, Inc., Class A	220,000		5,585,800
Village Super Market, Inc., Class A^	10,000		508,900
Weis Markets, Inc.^	27,000		1,078,380
Winn-Dixie Stores, Inc.*	233,400		3,937,458

			27,422,315

*Food Products (2.3%)*
Bull-Dog Sauce Co., Ltd.	40,000		78,772
Corn Products International, Inc.	64,000		2,352,000
Del Monte Foods Co.	535,800		5,068,668
Flowers Foods, Inc.^	80,000		1,872,800
Griffin Land & Nurseries, Inc.	141,600		5,168,400
Hain Celestial Group, Inc.*^	30,000		960,000
J & J Snack Foods Corp.^	5,000		156,400
John B. Sanfilippo & Son, Inc.*^	1,000		8,420
Nissin Food Products Co., Ltd.	120,000		3,877,724
Ralcorp Holdings, Inc.*	51,000		3,100,290
Rock Field Co., Ltd.	150,000		2,164,436
Smart Balance, Inc.*^	65,000		710,450
Tootsie Roll Industries, Inc.^	209,280		5,738,458

			31,256,818

*Household Products (1.3%)*
Church & Dwight Co., Inc.	75,000		4,055,250
Energizer Holdings, Inc.*	20,000		2,242,600
Katy Industries, Inc.*^	525,000		1,050,000
Oil-Dri Corp. of America‡	400,625		8,789,712
Spectrum Brands, Inc.*^	5,000		26,650
WD-40 Co.^	23,000		873,310

			17,037,522

*Personal Products (0.5%)*
Elizabeth Arden, Inc.*^	10,000		203,500
Revlon, Inc., Class A*^	215,000		253,700
Schiff Nutrition International, Inc.‡	898,100		5,155,094
United-Guardian, Inc.	110,000		1,145,100

			6,757,394

Total Consumer Staples			91,759,313

Energy (1.3%)
*Energy Equipment & Services (1.2%)*
Oceaneering International, Inc.*	50,000		3,367,500
Rowan Cos., Inc.	110,000		4,340,600
RPC, Inc.^	550,000		6,440,500
Union Drilling, Inc.*^	115,000		1,813,550
W-H Energy Services, Inc.*	5,000		281,050

			16,243,200


*Oil, Gas & Consumable Fuels (0.1%)*
Callon Petroleum Co.*^	1,000		16,450
Genesis Energy LP	30,000		705,000
James River Coal Co.*^	50,000		559,000

			1,280,450

Total Energy			17,523,650

Financials (5.6%)
*Capital Markets (2.8%)*
BKF Capital Group, Inc.*	50,000		111,000
Epoch Holding Corp.^	415,000		6,225,000
Janus Capital Group, Inc.^	260,000		8,541,000
Pzena Investment Management, Inc.^	30,000		342,000
SWS Group, Inc.^	470,000		5,954,900
Waddell & Reed Financial, Inc.^	460,000		16,601,400

			37,775,300

*Commercial Banks (0.5%)*
Nara Bancorp, Inc.^	300,000		3,501,000
Sterling Bancorp/New York^	220,000		3,000,800

			6,501,800

*Diversified Financial Services (0.2%)*
Highlands Acquisition Corp.*^	65,000		630,500
Ideation Acquisition Corp.*	115,000		902,750
SP Acquisition Holdings, Inc.*	15,000		153,000

			1,686,250

*Insurance (1.6%)*
Alleghany Corp.*	3,770		1,515,540
Argo Group International Holdings Ltd.*^	77,807		3,278,009
CNA Surety Corp.*^	270,000		5,343,300
Midland Co.^	175,000		11,320,750

			21,457,599

*Real Estate Management & Development (0.0%)*
Gyrodyne Co. of America, Inc.	2,000		84,720

*Thrifts & Mortgage Finance (0.5%)*
Crazy Woman Creek Bancorp, Inc.	10,000		202,500
Flushing Financial Corp.^	120,000		1,926,000
Franklin Bank Corp./Texas*^	60,000		258,600
NewAlliance Bancshares, Inc.^	370,000		4,262,400
Sovereign Bancorp, Inc.	30,000		342,000

			6,991,500

Total Financials			74,497,169

227

EQ ADVISORS TRUST

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Health Care (7.7%)
*Biotechnology (0.2%)*
Coley Pharmaceutical Group, Inc.*^	50,000	$	400,000
Crucell N.V. (ADR)*^	150,000		2,481,000
Vanda Pharmaceuticals, Inc.*^	20,000		137,600

			3,018,600

*Health Care Equipment & Supplies (4.8%)*
Advanced Medical Optics, Inc.*^	530,000		13,000,900
Align Technology, Inc.*^	190,000		3,169,200
AngioDynamics, Inc.*^	125,000		2,380,000
Anika Therapeutics, Inc.*^	2,400		34,848
Biolase Technology, Inc.*	90,000		212,400
CONMED Corp.*^	135,000		3,119,850
Cooper Cos., Inc.^	40,000		1,520,000
Cutera, Inc.*^	160,000		2,512,000
Del Global Technologies Corp.*	30,000		87,000
Dentsply International, Inc.	6,000		270,120
DexCom, Inc.*^	60,000		529,800
Edwards Lifesciences Corp.*^	75,000		3,449,250
Exactech, Inc.*	165,000		3,423,750
Greatbatch, Inc.*^	450,000		8,995,500
ICU Medical, Inc.*^	20,000		720,200
Inverness Medical Innovations, Inc.*	10,000		561,800
Kensey Nash Corp.*^	100,000		2,992,000
Lifecore Biomedical, Inc.*	230,000		3,323,500
Mentor Corp.^	100,000		3,910,000
Micrus Endovascular Corp.*^	70,150		1,380,552
National Dentex Corp.*	31,000		499,720
Orthofix International N.V.*^	9,000		521,730
Possis Medical, Inc.*^	91,000		1,326,780
Quidel Corp.*^	50,000		973,500
Regeneration Technologies, Inc.*^	120,000		1,041,600
SSL International plc	85,000		905,225
Syneron Medical Ltd.*^	10,000		133,700
Thoratec Corp.*^	100,000		1,819,000
Vascular Solutions, Inc.*^	200,000		1,300,000
Young Innovations, Inc.	20,000		478,200

			64,592,125

*Health Care Providers & Services (1.4%)*
American Dental Partners, Inc.*^	70,000		702,100
Animal Health International, Inc.*^	150,000		1,845,000
Chemed Corp.^	78,000		4,358,640
Henry Schein, Inc.*^	7,000		429,800
MWI Veterinary Supply, Inc.*^	14,000		560,000
Odyssey HealthCare, Inc.*^	300,000		3,318,000
Owens & Minor, Inc.^	140,000		5,940,200
Patterson Cos., Inc.*	15,000		509,250
PSS World Medical, Inc.*^	70,000		1,369,900

			19,032,890

*Health Care Technology (0.3%)*
AMICAS, Inc.*^	220,000		585,200
IMS Health, Inc.	140,000		3,225,600

			3,810,800

*Life Sciences Tools & Services (0.1%)*
Invitrogen Corp.*	13,000		1,214,330

*Pharmaceuticals (0.9%)*
Allergan, Inc.	32,000		2,055,680
Alpharma, Inc., Class A*^	281,000		5,662,150
Heska Corp.*	150,000		274,500
Matrixx Initiatives, Inc.*^	100,000		1,391,000
Pain Therapeutics, Inc.*^	200,000		2,120,000
TL Administration Corp.*†	85,000		340
			11,503,670

Total Health Care			103,172,415

Industrials (22.5%)
*Aerospace & Defense (2.3%)*
AAR Corp.*^	73,000		2,776,190
Curtiss-Wright Corp.^	54,000		2,710,800
Empresa Brasileira de Aeronautica S.A. (ADR)^	4,000		182,360
GenCorp, Inc.*^	220,000		2,565,200
Heico Corp.^	13,000		708,240
Herley Industries, Inc.*	350,000		4,812,500
Innovative Solutions & Support, Inc.*^	15,000		145,350
Moog, Inc., Class A*^	60,000		2,748,600
Precision Castparts Corp.	99,000		13,731,300

			30,380,540

*Air Freight & Logistics (0.5%)*
Park-Ohio Holdings Corp.*^	256,000		6,425,600

*Building Products (0.1%)*
Griffon Corp.*	160,000		1,992,000

*Commercial Services & Supplies (2.6%)*
ACCO Brands Corp.*^	100,000		1,604,000
Allied Waste Industries, Inc.*	260,000		2,865,200
American Ecology Corp.	2,000		46,960
Brink’s Co.	55,000		3,285,700
Casella Waste Systems, Inc.*^	10,000		130,400
Copart, Inc.*	70,000		2,978,500
Covanta Holding Corp.*	150,000		4,149,000
Duff & Phelps Corp., Class A*	2,000		39,360
Layne Christensen Co.*^	39,000		1,919,190
Nashua Corp.*	150,000		1,743,000
Republic Services, Inc.	150,000		4,702,500
Rollins, Inc.	472,500		9,072,000
Waste Connections, Inc.*	1,000		30,900
Waste Industries USA, Inc.^	40,000		1,452,000
Waste Services, Inc.*^	10,000		85,700
WCA Waste Corp.*	20,000		129,200

			34,233,610

*Construction & Engineering (0.4%)*
Furmanite Corp.*^	390,000		4,602,000
Insituform Technologies, Inc., Class A*^	70,000		1,036,000

			5,638,000

*Electrical Equipment (3.9%)*
A.O. Smith Corp.^	7,000		245,350
A.O. Smith Corp., Class A	8,000		278,000
Acuity Brands, Inc.^	2,000		90,000
Ametek, Inc.	200,000		9,368,000
Baldor Electric Co.^	170,000		5,722,200
Belden, Inc.^	54,000		2,403,000
C&D Technologies, Inc.*^	16,000		105,760
Franklin Electric Co., Inc.^	110,000		4,209,700
Genlyte Group, Inc.*^	40,000		3,808,000
GrafTech International Ltd.*^	360,000		6,390,000
MagneTek, Inc.*^	420,000		1,797,600
Roper Industries, Inc.^	37,000		2,313,980
SL Industries, Inc.*	123,400		2,482,808
Tech/Ops Sevcon, Inc.	159,700		1,197,750
Thomas & Betts Corp.*^	210,000		10,298,400
Woodward Governor Co.^	33,000		2,242,350

			52,952,898

*Industrial Conglomerates (0.7%)*
Standex International Corp.^	72,000		1,256,400
Tredegar Corp.^	499,100		8,025,528

			9,281,928

228

EQ ADVISORS TRUST

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
*Machinery (9.7%)*
Ampco-Pittsburgh Corp.^	222,600	$	8,487,738
Badger Meter, Inc.^	88,000		3,955,600
Baldwin Technology Co. Inc., Class A*^	390,000		1,840,800
Barnes Group, Inc.^	3,500		116,865
Basin Water, Inc.*^	20,000		165,400
CIRCOR International, Inc.^	205,000		9,503,800
Clarcor, Inc.^	380,000		14,428,600
CNH Global N.V.	335,000		22,049,700
Crane Co.	275,000		11,797,500
Donaldson Co., Inc.	40,000		1,855,200
Flowserve Corp.	160,000		15,392,000
Gehl Co.*^	45,000		721,800
Gorman-Rupp Co.^	70,312		2,193,734
Graco, Inc.	122,000		4,545,720
IDEX Corp.	130,000		4,696,900
L.S. Starrett Co., Class A	50,000		845,500
Mueller Water Products, Inc., Class A^	50,000		476,000
Navistar International Corp.*	90,000		4,878,000
Oshkosh Truck Corp.	12,000		567,120
Robbins & Myers, Inc.^	90,000		6,806,700
Tennant Co.^	185,000		8,193,650
Watts Water Technologies, Inc., Class A^	210,000		6,258,000

			129,776,327

*Trading Companies & Distributors (2.3%)*
GATX Corp.	310,000		11,370,800
Huttig Building Products, Inc.*	44,000		153,560
Industrial Distribution Group, Inc.*^	167,500		1,917,875
Kaman Corp.^	450,000		16,564,500
National Patent Development Corp.*^	10,000		26,900
Rush Enterprises, Inc., Class B*	15,000		267,000

			30,300,635

Total Industrials			300,981,538

Information Technology (6.4%)
*Communications Equipment (0.9%)*
3Com Corp.*	100,000		452,000
Bel Fuse, Inc., Class A^	198,700		6,853,163
Communications Systems, Inc.	94,300		1,121,227
Nextwave Wireless, Inc.*^	115,000		618,700
Nortel Networks Corp.*^	100,000		1,509,000
Plantronics, Inc.	45,000		1,170,000

			11,724,090

*Computers & Peripherals (1.2%)*
Intermec, Inc.*	780,000		15,841,800
Transact Technologies, Inc.*	100,000		479,000

			16,320,800

*Electronic Equipment & Instruments (1.8%)*
Anixter International, Inc.*^	2,000		124,540
CTS Corp.^	430,000		4,269,900
Excel Technology, Inc.*^	45,000		1,219,500
Gerber Scientific, Inc.*^	400,000		4,320,000
KEMET Corp.*^	350,000		2,320,500
Littelfuse, Inc.*^	76,000		2,504,960
Methode Electronics, Inc.	145,000		2,383,800
Park Electrochemical Corp.^	210,000		5,930,400
Trans-Lux Corp.*	79,900		511,360

			23,584,960

*Internet Software & Services (0.4%)*
ValueClick, Inc.*	250,000		5,475,000

*IT Services (0.2%)*
Edgewater Technology, Inc.*	441,800		3,225,140

*Semiconductors & Semiconductor Equipment (0.3%)*
California Micro Devices Corp.*^	650,000		3,016,000
Cypress Semiconductor Corp.*	40,000		1,441,200
MoSys, Inc.*^	32,000	$	155,200

			4,612,400

*Software (1.6%)*
Borland Software Corp.*^	84,000		252,840
Cognos, Inc.*	300,000		17,271,000
FalconStor Software, Inc.*^	75,000		844,500
GSE Systems, Inc.*^	11,323		115,947
Stamford Industrial Group, Inc.*	440,000		550,000
Take-Two Interactive Software, Inc.*^	90,000		1,660,500
Tyler Technologies, Inc.*^	60,000		773,400

			21,468,187

Total Information Technology			86,410,577

Materials (6.4%)
*Chemicals (4.7%)*
Albemarle Corp.	4,000		165,000
Arch Chemicals, Inc.^	60,000		2,205,000
Chemtura Corp.	1,400,000		10,920,000
Core Molding Technologies, Inc.*	250,000		1,767,500
Cytec Industries, Inc.	5,000		307,900
Ferro Corp.	505,000		10,468,650
Hawkins, Inc.^	150,000		2,250,000
Hercules, Inc.	500,000		9,675,000
Material Sciences Corp.*^	154,300		1,146,449
NewMarket Corp.^	24,000		1,336,560
Omnova Solutions, Inc.*^	675,000		2,976,750
Scotts Miracle-Gro Co., Class A	19,000		710,980
Sensient Technologies Corp.	400,000		11,312,000
Zep, Inc.*^	515,000		7,143,050

			62,384,839

*Containers & Packaging (1.5%)*
Chesapeake Corp.^	15,000		77,850
Greif, Inc., Class A	160,000		10,459,200
Myers Industries, Inc.	650,000		9,405,500

			19,942,550

*Metals & Mining (0.2%)*
Barrick Gold Corp.^	35,000		1,471,750
Kinross Gold Corp.*^	28,167		518,273
WHX Corp.*	43,000		163,400

			2,153,423

*Paper & Forest Products (0.0%)*
Schweitzer-Mauduit International, Inc.^	30,000		777,300

Total Materials			85,258,112

Telecommunication Services (4.0%)
*Diversified Telecommunication Services (1.2%)*
ATX Communications, Inc.*†	30,000		342
Cincinnati Bell, Inc.*^	2,000,000		9,500,000
Citizens Communications Co.	45,000		572,850
D&E Communications, Inc.	90,000		1,300,500
Verizon Communications, Inc.	90,000		3,932,100
Windstream Corp.	27,000		351,540

			15,657,332

*Wireless Telecommunication Services (2.8%)*
Centennial Communications Corp.*^	100,000		929,000
Clearwire Corp., Class A*^	100,000		1,371,000
Rogers Communications, Inc., Class B	200,000		9,050,000
Rural Cellular Corp., Class A*	260,000		11,463,400

229

EQ ADVISORS TRUST

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
U.S. Cellular Corp.*		66,000	$	5,550,600
Vimpel-Communications (Sponsored ADR)^		218,000		9,068,800

				37,432,800

Total Telecommunication Services				53,090,132

Utilities (4.5%)
*Electric Utilities (0.9%)*
Allegheny Energy, Inc.		24,000		1,526,640
El Paso Electric Co.*^		210,000		5,369,700
Unisource Energy Corp.		10,000		315,500
Westar Energy, Inc.^		210,000		5,447,400

				12,659,240

*Gas Utilities (1.2%)*
AGL Resources, Inc.		4,000		150,560
National Fuel Gas Co.^		65,000		3,034,200
ONEOK, Inc.		80,000		3,581,600
Southwest Gas Corp.		279,400		8,317,738

				15,084,098

*Independent Power Producers & Energy Traders (0.0%)*
AES Corp.*		25,000		534,750

*Multi-Utilities (2.2%)*
Aquila, Inc.*		4,500,000		16,785,000
CH Energy Group, Inc.^		125,000		5,567,500
NorthWestern Corp.^		230,000		6,785,000

				29,137,500

*Water Utilities (0.2%)*
Pennichuck Corp.		57,700		1,541,167
SJW Corp.^		22,000		762,740

				2,303,907

Total Utilities				59,719,495

Total Common Stocks (81.1%)
(Cost $891,065,744)				1,085,438,853


	Principal Amount
SHORT TERM INVESTMENTS:
Government Securities (18.3%)
U.S. Treasury Bills
2.71%, 2/21/08^ (p)	$	40,000,000		39,843,931
3.01%, 3/13/08^ (p)		78,500,000		78,023,897
3.23%, 5/8/08^#(p)		50,000,000		49,428,500
3.28%, 6/12/08 (p)		78,500,000		77,344,872

Total Government Securities				244,641,200

Short-Term Investments of Cash Collateral for Securities Loaned (26.8%)
Bancaja U.S. Debt S.A.U.
5.37%, 7/10/09 (l)		5,001,632		5,001,632
Barclays Capital, Repurchase Agreement
4.65%, 1/2/08 (r)		70,000,000		70,000,000
Beta Finance, Inc.
4.37%, 5/11/09 (l)		9,993,436		9,993,436
Caixa d’Estalvis i Pensions de Barcelona/Catalonia
5.18%, 6/30/08 (l)		6,950,000		6,950,000
Calyon/New York
4.37%, 10/14/08 (l)		9,998,084		9,998,084
CC USA, Inc.
4.38%, 2/20/08 (l)		6,499,672		6,499,672
Citigroup Global Markets, Inc.
4.65%, 1/7/08(l)		10,000,000		10,000,000
Comerica Bank
5.00%, 6/19/09(l)		10,001,400		10,001,400
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		177,481,253		177,481,253
Goldman Sachs Group, Inc.
4.62%, 8/18/08 (l)		5,000,000		5,000,000
4.41%, 3/27/09 (l)		2,000,000		2,000,000
Monumental Global Funding II
4.36%, 4/25/08 (l)		10,000,000		10,000,000
4.40%, 3/26/10 (l)		1,000,000		1,000,000
National Bank of Canada/New York
5.16%, 4/16/08 (l)		6,000,000		6,000,000
New York Life Insurance Co.
5.29%, 3/31/08 (l)		12,000,000		12,000,000
Pricoa Global Funding I
4.37%, 9/22/08 (l)		2,000,000		2,000,000
4.40%, 6/25/10 (l)		9,997,501		9,997,501
Ulster Bank Ireland Ltd.
4.72%, 4/18/08 (l)		5,000,000		5,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned			$	358,922,978

Time Deposit (2.0%)
JPMorgan Chase Nassau
3.51%, 1/2/08		26,925,959		26,925,959

Total Short-Term Investments (47.1%)
(Cost/Amortized Cost $630,445,638)				630,490,137

Total Investments (128.2%)
(Cost/Amortized Cost $1,521,511,382)				1,715,928,990
Other Assets Less Liabilities (-28.2%)				(377,051,107	)

Net Assets (100%)			$	1,338,877,883

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

†	Securities (totaling $682 or 0% of net assets) valued at fair value.

‡	Affiliated company as defined under the Investment Company Act of 1940.

#	All, or a portion of security held by broker as collateral for financial futures contracts.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

230

EQ ADVISORS TRUST

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

At December 31, 2007 the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/07		Unrealized Appreciation
Russell 2000 Index	35	March-08	$	13,229,550	$	13,513,500	$	283,950

Investments in companies which were affiliates for the year ended December 31, 2007, were as follows:


Securities	Market Value December 31, 2006		Purchases at Cost		Sales at Cost		Market Value December 31, 2007		Dividend Income		Realized Gain/(Loss)
Earl Scheib, Inc.	$	991,200	$	—	$	—	$	980,000	$	—	$	—
Oil-Dri Corp of America		4,905,750		1,870,000		—		8,789,712		173,913		—
Schiff Nutrition International Inc.		3,059,000		2,512,485		—		5,155,094		1,050,000		—

	$	8,955,950	$	4,382,485	$	—	$	14,924,806	$	1,223,913	$	—

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	716,899,878
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	352,156,403

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	271,697,462
Aggregate gross unrealized depreciation		(83,447,063	)

Net unrealized appreciation	$	188,250,399

Federal income tax cost of investments	$	1,527,678,591

At December 31, 2007, the Portfolio had loaned securities with a total value of $389,129,642. This was secured by collateral of $358,922,978 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $40,136,595 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

For the year ended December 31, 2007, the Portfolio incurred approximately $433 as brokerage commissions with Exane S.A., and $652,620 with Gabelli & Co., Inc., affiliated broker/dealers.

See Notes to Financial Statements.

231

EQ ADVISORS TRUST

EQ/GOVERNMENT SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (17.2%)
*Asset-Backed Securities (12.5%)*
ACE Securities Corp.,
Series 06-NC3 A2A
4.915%, 12/25/36 (b)(l)	$	461,611	$	448,227
Bear Stearns Asset Backed Securities Trust,
Series 06-HE10 21A1
4.935%, 12/25/36 (b)(l)		361,746		354,342
Capital Auto Receivables Asset Trust,
Series 07-4A A4
5.300%, 5/15/14		415,000		419,904
Carrington Mortgage Loan Trust,
Series 06-NC5 A1
4.915%, 1/25/37 (b)(l)		455,830		445,947
Chase Issuance Trust,
Series 07-A17 A
5.120%, 10/15/14		500,000		512,093
Citibank Omni Master Trust,
Series 07-A9
5.650%, 12/23/13 (l)		560,000		560,000
Countrywide Asset-Backed Certificates,
Series 06-22 2A1
4.915%, 5/25/37 (b)(l)		389,229		383,738
Daimler Chrysler Auto Trust,
Series 04-C A4
3.280%, 12/8/09		414,846		412,103
Series 06-B A3
5.330%, 8/8/10		794,921		797,466
Ford Credit Auto Owner Trust,
Series 07-A A2A
5.420%, 4/15/10		535,000		537,557
Honda Auto Receivables Owner Trust,
Series 06-2 A3
5.300%, 7/21/10		515,000		516,994
Series 07-2 A2
5.410%, 11/23/09		495,000		496,779
Indymac Residential Asset Backed Trust,
Series 06-E 2A1
4.925%, 4/25/37 (b)(l)		455,232		445,401

MBNA Credit Card Master Note Trust,
Series 05-A7 A7
4.300%, 2/15/11		950,000		948,800
Morgan Stanley ABS Capital I,
Series 06-HE8 A2A
4.915%, 10/25/36 (b)(l)		382,127		365,066
Nissan Auto Receivables Owner Trust,
Series 05-C A3
4.190%, 7/15/09		393,467		392,566
Residential Asset Mortgage Products, Inc.,
Series 06-EFC2 A1
4.925%, 12/25/36 (b)(l)		346,230		338,228
Structured Asset Securities Corp.,
Series 06-BC6 A2
4.945%, 1/25/37 (l)		449,976		434,542
Series 07-WF2 A2
5.565%, 8/25/37 (l)		521,240		512,525

				9,322,278

*Non-Agency CMO (4.7%)*
Bear Stearns Adjustable Rate Mortgage Trust,
Series 06-1 A1
4.625%, 2/25/36 (l)		498,872		491,362
Citigroup/Deutsche Bank Commercial Mortgage Trust,
Series 07-CD5 A4
5.886%, 11/15/44 (l)		150,000		154,250
Countrywide Alternative Loan Trust,
Series 06-OC9 A1
4.940%, 12/25/36 (l)		451,197		445,094
Series 06-OC10 2A1
4.955%, 11/25/36 (l)		348,369		342,579
Harborview Mortgage Loan Trust,
Series 06-11 A1A
5.135%, 12/19/36 (l)		548,158		516,964
LB Commercial Conduit Mortgage Trust,
Series 98-C4 A2
6.300%, 10/15/35		632,839		636,398
LB-UBS Commercial Mortgage Trust,
Series 07-C7 A3
5.866%, 9/15/45 (l)		425,000		439,616
Morgan Stanley Capital I,
Series 07-IQ16 A4
5.809%, 12/12/49		255,000		262,432
Wachovia Bank Commercial Mortgage Trust,
Series 05-C22 A4
5.266%, 12/15/44 (l)		225,000		225,191

				3,513,886

Total Asset-Backed and Mortgage-Backed Securities				12,836,164

Energy (0.5%)
*Oil, Gas & Consumable Fuels (0.5%)*
Anadarko Petroleum Corp.
5.950%, 9/15/16		350,000		356,381

Total Energy				356,381

Financials (10.2%)
*Capital Markets (8.1%)*
Bear Stearns Cos., Inc.
5.500%, 8/15/11		150,000		148,109
6.950%, 8/10/12		280,000		287,896
Goldman Sachs Group, Inc.
5.250%, 10/15/13		110,000		110,038
Lehman Brothers Holdings, Inc.
6.000%, 7/19/12		235,000		239,285
Morgan Stanley
5.493%, 1/9/12 (l)		1,275,000		1,232,146
Private Export Funding Corp.
5.750%, 1/15/08		1,000,000		1,000,596
3.400%, 2/15/08		3,000,000		2,996,380

				6,014,450

*Commercial Banks (0.8%)*
Royal Bank of Scotland Group plc
6.990%, 12/31/49 (l)§		225,000		224,323
UBS AG/Connecticut
5.875%, 12/20/17		365,000		367,571

				591,894

*Diversified Financial Services (1.3%)*
Bank of America Corp.
6.000%, 9/1/17		300,000		306,502
Citigroup, Inc.
5.300%, 10/17/12		500,000		506,535
JP Morgan Chase Capital XXV
6.800%, 10/1/37		200,000		192,294

				1,005,331

Total Financials				7,611,675

232

EQ ADVISORS TRUST

EQ/GOVERNMENT SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount			Value (Note 1)
Government Securities (95.3%)
*Agency ABS (2.1%)*
Federal National Mortgage Association Grantor Trust
5.145%, 3/25/33 (b)(l)	$	197,413		$	196,872
Small Business Administration,
Series 04-P10B 1
4.754%, 8/10/14		1,379,093			1,367,835

					1,564,707

*Agency CMO (3.9%)*
Federal Home Loan Mortgage Corp.
5.500%, 11/15/26		427,470			432,934
6.000%, 4/15/36		447,353			461,161
Federal National Mortgage Association
5.500%, 7/25/28		1,386,415			1,402,858
5.500%, 11/25/30		411,221			415,345
Federal National Mortgage Association STRIPs
5.000%, 6/1/35 IO		940,632			201,064

					2,913,362

*U.S. Government Agencies (49.1%)*
Federal Home Loan Bank
5.400%, 10/27/11		1,325,000			1,341,283
Federal Home Loan Mortgage Corp.
5.500%, 2/1/32		1,641,410			1,642,554
4.067%, 6/1/34 (l)		2,599,658			2,576,019
4.192%, 10/1/34 (l)		2,854,392			2,855,625
Federal National Mortgage Association
5.010%, 1/1/12		1,825,000			1,861,040
5.065%, 2/1/12		1,000,000			1,021,611
5.240%, 4/1/12		2,000,000			2,055,318
5.500%, 1/25/23 TBA		400,000			405,125
5.500%, 12/1/32		89,323			89,482
4.487%, 5/1/33 (l)		1,676,338			1,673,178
4.486%, 5/1/34 (l)		1,129,514			1,121,704
5.684%, 6/1/34 (l)		833,817			839,513
4.775%, 10/1/34 (l)		1,110,431			1,109,836
5.592%, 12/1/34 (l)		2,142,107			2,153,095
5.500%, 2/1/35		572,502			572,927
4.905%, 6/1/35 (l)		1,305,750			1,303,811
5.000%, 10/1/35		1,307,223			1,276,206
6.000%, 12/1/35		281,263			285,779
6.000%, 3/1/36		420,330			426,926
6.000%, 6/1/36		51,104			51,906
6.000%, 11/1/36		51,100			51,902
6.000%, 6/1/37		1,094,044			1,111,066
Government National Mortgage Association
7.500%, 10/15/24		1,966			2,098
7.000%, 9/20/28		52,937			56,013
6.000%, 12/15/31		1,471,880			1,510,488
Overseas Private Investment Corp.
7.050%, 11/15/13		1,285,714			1,385,434
Small Business Administration
5.886%, 9/1/11		306,646			312,590
5.136%, 8/10/13		2,377,681			2,395,579
Tennessee Valley Authority
5.375%, 11/13/08		2,000,000			2,019,076
6.000%, 3/15/13^		1,000,000			1,087,129
4.750%, 8/1/13		2,000,000			2,054,208

					36,648,521

*U.S. Treasuries (40.2%)*
U.S. Treasury Bonds
8.750%, 5/15/17^		2,040,000			2,775,357
5.000%, 5/15/37		200,000			217,984
U.S. Treasury Notes
3.625%, 10/31/09		5,250,000			5,301,681
4.750%, 2/15/10^		4,975,000			5,146,792
4.625%, 2/29/12^		2,765,000			2,901,522
4.125%, 8/31/12^		305,000			314,031
4.250%, 9/30/12		2,890,000			2,991,375
3.375%, 11/30/12		5,090,000			5,072,903
4.250%, 11/15/17		5,230,000			5,321,117

					30,042,762

Total Government Securities					71,169,352

Total Long-Term Debt Securities (123.2%) (Cost $ 91,305,365)					91,973,572

SHORT-TERM INVESTMENTS:
Commercial Paper (0.5%)
Chariot Funding
5.830%, 1/28/08 (n)(p)		375,000			373,309

Short-Term Investment of Cash Collateral for Securities Loaned (13.3%)
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		9,930,207			9,930,207

Time Deposit (1.4%)
JPMorgan Chase Nassau
3.51%, 1/2/08		1,069,700			1,069,700

Total Short-Term Investments (15.2%) (Cost/Amortized Cost $ 11,373,276)					11,373,216

Total Investments Before Securities Sold Short (138.4%) (Cost/Amortized Cost $ 102,678,641)					103,346,788

SECURITIES SOLD SHORT:
U.S. Government Agencies (-4.9%)
Federal National Mortgage Association
6.000%, 1/25/38 TBA		(1,800,000	)		(1,827,562	)
5.000%, 2/25/38 TBA		(1,300,000	)		(1,267,500	)
5.500%, 2/25/38 TBA		(600,000	)		(598,875	)

Total Securities Sold Short (-4.9%) (Proceeds Received $ 3,662,438)					(3,693,937	)

Total Investments (133.5%) (Cost/Amortized Cost $ 99,016,203)					99,652,851
Other Assets Less Liabilities (-33.5%)					(24,974,901	)

Net Assets (100%)				$	74,677,950

^	All, or a portion of security out on loan (See Note 1).

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2007, the market value of these securities amounted to $224,323 or 0.30% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(n)

Section 4(2) Commercial Paper. Private placement for non-current transactions. Notes are usually sold to accredited investors without the intent to freely re-sell their holding.

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

233

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EQ/GOVERNMENT SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Glossary:


ABS	—	Asset-Backed Security
CMO	—	Collateralized Mortgage Obligation
IO	—	Interest only
STRIPs	—	Separate Trading of Registered Interest and Principal of Securities.
TBA	—	Security is subject to delayed delivery.

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	60,560,990
Long-term US Treasury securities		598,115,661

	$	658,676,651

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	84,848,575
Long-term US Treasury securities		576,334,448

	$	661,183,023

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	875,573
Aggregate gross unrealized depreciation		(471,654	)

Net unrealized appreciation	$	403,919

Federal income tax cost of investments	$	102,942,869

At December 31, 2007, the Portfolio had loaned securities with a total value of $11,357,830. This was secured by collateral of $9,930,207 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $1,583,066 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

The Portfolio has a net capital loss carryforward of $955,428 which expires in the year 2014.

The Portfolio utilized net capital loss carryforward of $704,166 during 2007.

See Notes to Financial Statements.

234

EQ ADVISORS TRUST

EQ/INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Australia (0.6%)
Billabong International Ltd.	155,586	$	2,024,594

Austria (2.8%)
Erste Bank der Oesterreichischen Sparkassen AG	71,640		5,079,951
Raiffeisen International Bank Holding AG	15,681		2,375,176
Wienerberger AG	50,252		2,786,753

			10,241,880

Bermuda (0.6%)
Accenture Ltd., Class A	59,960		2,160,359

Brazil (3.6%)
Bolsa de Mercadorias e Futuros - BM&F	166,000		2,331,461
Cia Vale do Rio Doce (ADR)	113,770		3,716,866
Petroleo Brasileiro S.A. (ADR)	37,540		4,326,109
Unibanco-Uniao de Bancos Brasileiros S.A. (GDR)	17,770		2,481,403

			12,855,839

Canada (0.6%)
Research In Motion Ltd.*	19,500		2,211,300

Cyprus (0.8%)
Bank of Cyprus Public Co., Ltd.	149,500		2,743,599

Czech Republic (1.0%)
CEZ A/S	47,080		3,525,932

Denmark (1.2%)
Novo Nordisk A/S, Class B	67,270		4,418,672

Egypt (1.1%)
Orascom Telecom Holding SAE
(GDR)(London Exchange)^ (m)	4,490		371,772
Orascom Telecom Holding SAE
(GDR)(OTC Exchange) (m)	42,680		3,534,327

			3,906,099

Finland (1.0%)
Nokia Oyj	93,500		3,625,328

France (11.5%)
Air Liquide	27,695		4,121,627
Groupe Danone S.A.	27,330		2,453,411
L’Oreal S.A.	20,460		2,930,929
LVMH Moet Hennessy Louis Vuitton S.A.	74,540		9,010,566
Pernod-Ricard S.A.	18,072		4,177,344
Schneider Electric S.A.	32,640		4,422,811
Societe Generale	20,519		2,967,881
Societe Television Francaise 1	82,914		2,218,407
Total S.A.	109,680		9,113,124

			41,416,100

Germany (7.7%)
Adidas AG	30,350		2,274,571
Bayer AG	42,820		3,914,689
Continental AG	19,037		2,476,863
GEA Group AG*	75,180		2,616,023
Linde AG^	29,660		3,922,310
SAP AG	51,610		2,680,967
Siemens AG (Registered)	24,320		3,870,741
Symrise AG*	127,001		3,579,945
Wacker Chemie AG	9,130		2,639,002

			27,975,111

Hong Kong (1.5%)
Dairy Farm International Holdings Ltd.	445,500	$	1,942,380
Li & Fung Ltd.	894,000		3,611,589

			5,553,969

Israel (1.2%)
Makhteshim-Agan Industries Ltd.*	291,940		2,679,720
Nice Systems Ltd. (ADR)*	52,320		1,795,622

			4,475,342

Italy (1.2%)
UniCredito Italiano S.p.A.	501,670		4,166,090

Japan (15.5%)
Aeon Credit Service Co., Ltd.^	186,500		2,771,248
Astellas Pharma, Inc.	71,500		3,116,905
Canon, Inc.	60,200		2,802,130
Daiwa Securities Group, Inc.	380,000		3,455,937
Fanuc Ltd.	16,400		1,597,207
Fujitsu Ltd.	451,000		3,039,905
Hirose Electric Co., Ltd.^	36,500		4,221,277
Hisamitsu Pharmaceutical Co., Inc.	59,000		1,795,641
Inpex Holdings, Inc.	351		3,801,728
Kao Corp.	117,000		3,518,955
Keyence Corp.^	9,800		2,418,529
Kose Corp.^	76,800		2,045,204
Nippon Electric Glass Co., Ltd.^	126,000		2,059,491
Omron Corp.	104,100		2,483,342
Ricoh Co., Ltd.	95,000		1,756,031
Sumco Corp.	103,600		2,986,099
Toyota Industries Corp.	98,600		4,033,496
Trend Micro, Inc.	43,000		1,539,632
Uni-Charm Corp.^	41,200		2,607,385
Ushio, Inc.^	101,500		2,235,062
Yamaha Motor Co., Ltd.^	67,700		1,639,247

			55,924,451

Mexico (2.8%)
America Movil S.A.B. de C.V., Series L (ADR)	60,170		3,693,836
Grupo Televisa S.A. (Sponsored ADR)	149,120		3,544,582
Kimberly-Clark de Mexico S.A.B. de C.V., Class A	689,780		3,012,096

			10,250,514

Netherlands (1.5%)
Koninklijke Philips Electronics N.V.	123,460		5,328,498

Norway (0.9%)
Telenor ASA*	138,070		3,299,278

Russia (2.2%)
Gazprom OAO (Sponsored ADR)	80,760		4,522,560
Sistema JSFC (GDR)	83,880		3,491,924

			8,014,484

Singapore (0.5%)
Venture Corp., Ltd.	186,400		1,657,522

South Africa (1.4%)
ABSA Group Ltd.^	203,540		3,305,792
Massmart Holdings Ltd.	182,680		1,924,537

			5,230,329

South Korea (1.7%)
Amorepacific Corp.	1,875		1,422,200
Samsung Electronics Co., Ltd.	7,814		4,641,401

			6,063,601

235

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EQ/INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
Spain (2.1%)
Telefonica S.A		230,760	$	7,496,643

Sweden (0.9%)
KappAhl Holding AB*^		147,670		1,930,641
Telefonaktiebolaget LM Ericsson, Class B		640,840		1,505,129

				3,435,770

Switzerland (10.9%)
Actelion Ltd. (Registered)*^		41,921		1,927,296
Julius Baer Holding AG (Registered)		73,387		6,067,238
Nestle S.A. (Registered)		19,547		8,977,998
Novartis AG (Registered)		101,920		5,590,453
Roche Holding AG		51,730		8,937,321
Synthes, Inc.		27,630		3,431,328
UBS AG (Registered)		96,156		4,450,448

				39,382,082

Taiwan (1.0%)
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		358,221		3,567,881

Turkey (0.6%)
Akbank TAS		316,150		2,346,347

United Kingdom (15.0%)
Acergy S.A.^		119,030		2,657,972
Anglo American plc		76,039		4,661,989
ARM Holdings plc		605,650		1,494,953
BHP Billiton plc		254,210		7,823,230
Capita Group plc		117,385		1,630,993
HSBC Holdings plc		213,698		3,581,761
ICAP plc		152,150		2,200,349
IG Group Holdings plc		293,850		2,368,998
Intertek Group plc		126,960		2,501,993
Reckitt Benckiser Group plc		131,190		7,609,818
Smiths Group plc		91,870		1,852,538
Standard Chartered plc		125,720		4,614,762
Tesco plc		382,350		3,632,377
WPP Group plc		576,990		7,431,159

				54,062,892

United States (1.0%)
Bucyrus International, Inc., Class A^		37,890		3,765,887

Total Common Stocks (94.4%)
(Cost $315,389,500)				341,126,393


	Number of Warrants
WARRANTS:
Luxembourg (2.4%)
HCL Technologies Ltd., expiring 9/1/10*		299,413		2,524,950
Housing Development Finance Corp., expiring 1/18/11*		85,695		6,263,447

Total Warrants (2.4%)
(Cost $5,367,594)				8,788,397


	Principal Amount
SHORT-TERM INVESTMENTS:
Commercial Paper (2.8%)
Goldman Sachs Group, Inc.
4.00%, 1/2/08 (p)	$	4,320,000		4,319,040
Societe Generale North America, Inc.
3.65%, 1/2/08 (p)		5,579,000		5,577,884

Total Commercial Paper				9,896,924

Short-Term Investments of Cash Collateral for Securities Loaned (7.5%)
Barclays Capital, Repurchase Agreement
4.65%, 1/2/08 (r)		2,000,000		2,000,000
CDC Financial Products, Inc.
4.65%, 2/29/08 (l)		100,000		100,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		25,059,716		25,059,716

Total Short-Term Investments of Cash Collateral for Securities Loaned				27,159,716

Time Deposit (0.0%)
JPMorgan Chase Nassau
3.51%, 1/2/08		9,818		9,818

Total Short-Term Investments (10.3%)
(Cost/Amortized Cost $37,067,497)				37,066,458

Total Investments (107.1%)
(Cost/Amortized Cost $357,824,591)				386,981,248
Other Assets Less Liabilities (-7.1%)				(25,697,126	)

Net Assets (100.0%)			$	361,284,122

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(m)

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.


Glossary:

ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt

236

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EQ/INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	300,555,083
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	141,437,779

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	38,623,952
Aggregate gross unrealized depreciation		(10,916,404	)

Net unrealized appreciation	$	27,707,548

Federal income tax cost of investments	$	359,273,700

At December 31, 2007, the Portfolio had loaned securities with a total value of $25,952,410. This was secured by collateral of $27,159,716 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2007, the Portfolio incurred approximately $1,813 as brokerage commissions with Exane S.A., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $114,588 of which $88,235 expires in the year 2009, and $26,353 expires in the year 2010.

The Portfolio utilized capital loss carryforward of $7,823,669 during 2007.

See Notes to Financial Statements.

237

EQ ADVISORS TRUST

EQ/JPMORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (32.9%)
*Asset-Backed Securities (9.7%)*
American Express Credit Account Master Trust,
Series 04-C C
5.528%, 2/15/12 §(l)	$	1,359,485	$	1,359,156
AmeriCredit Automobile Receivables Trust,
Series 04-BM A4
2.670%, 3/7/11		1,636,578		1,631,204
Asset Backed Funding Certificates,
Series 05-HE1 M2
5.305%, 12/25/34 (b)(l)		1,625,000		1,487,986
Series 05-HE1 M3
5.355%, 12/25/34 (b)(l)		1,625,000		1,444,985
Series 05-OPT1 M2
5.415%, 7/25/35 (b)(l)		1,000,000		871,322
Series 05-WF1 A2B
5.045%, 1/25/35 (b)(l)		108,874		108,819
Series 05-WMC1 A2C
5.145%, 6/25/35 (b)(l)		923,905		921,267
Bank of America Credit Card Trust,
Series 06-C4 C4
5.258%, 11/15/11 (l)		2,500,000		2,446,269
Bear Stearns Asset Backed Securities Trust,
Series 05-HE3 M1
5.295%, 3/25/35 (b)(l)		2,042,017		1,837,703
Capital One Auto Finance Trust,
Series 04-A A4
5.128%, 3/15/11 (l)		1,313,558		1,313,029
Series 05-D A3
4.810%, 3/15/10		3,021,224		3,022,454
Capital One Multi-Asset Execution Trust,
Series 03-A
6.278%, 12/15/10 §(l)		10,240,000		10,227,200
Series 07-A9 A9
4.950%, 8/15/12		32,315,000		32,739,134
Capital One Prime Auto Receivables Trust,
Series 07-1 A2
5.430%, 2/15/10		5,000,000		5,016,410
Carmax Auto Owner Trust,
Series 07-1 A3
5.240%, 7/15/11		5,000,000		5,039,055
Citibank Credit Card Issuance Trust,
Series 06-C4 C4
4.760%, 1/9/12 (l)		7,825,000		7,559,555
Citigroup Mortgage Loan Trust, Inc.,
Series 03-HE3 A
5.245%, 12/25/33 (b)(l)		1,290,301		1,187,836
Series 06-WF2 A2A
5.906%, 5/25/36 (b)(e)		26,630		26,552
CNH Equipment Trust,
Series 05-B A3
4.270%, 1/15/10		1,221,002		1,216,430
Countrywide Asset-Backed Certificates,
Series 03-5 MF1
5.413%, 1/25/34 (b)(l)		2,015,201		1,964,551
Series 04-1 3A
5.145%, 4/25/34 (b)(l)		7,039		6,450
Series 04-1 M1
5.365%, 3/25/34 (b)(l)		1,570,000		1,424,516
Series 04-1 M2
5.415%, 3/25/34 (b)(l)		1,190,000		1,031,595
Countrywide Home Equity Loan Trust,
Series 04-I A
5.318%, 2/15/34 (b)(l)		1,542,403		1,468,122
Series 04-K 2A
5.328%, 2/15/34 (b)(l)		481,368		474,827
Series 05-B 2A
5.208%, 5/15/35 (b)(l)		601,492		552,904
Credit-Based Asset Servicing and Securitization LLC,
Series 07-CB2 A2A
5.891%, 2/25/37 (b)(e)		5,939,082		5,907,192
Daimler Chrysler Auto Trust,
Series 06-C A2
5.250%, 5/8/09		1,221,168		1,222,208
First Franklin Mortgage Loan Asset Backed Certificates,
Series 05-FF2 M2
5.305%, 3/25/35 (b)(l)		400,000		352,844
Series 05-FF5 M1
5.315%, 3/25/35 (b)(l)		1,500,000		1,349,086
Ford Credit Auto Owner Trust,
Series 06-B A2A
5.420%, 7/15/09		2,642,030		2,645,281
Series 07-A A2A
5.420%, 4/15/10		4,000,000		4,019,116
GE Equipment Small Ticket LLC,
Series 05-1A A3
4.380%, 7/22/09 §		718,925		718,369
GSAMP Trust,
Series 04-OPT A1
5.205%, 11/25/34 (b)(l)		23,399		22,060
Series 05-WMC2 M1
5.295%, 11/25/35 (b)(l)		2,000,000		1,746,711
Harley-Davidson Motorcycle Trust,
Series 06-2 A2
5.350%, 3/15/13		12,500,000		12,627,770
Home Equity Asset Trust,
Series 05-8 M2
5.315%, 2/25/36 (b)(l)		3,325,000		2,741,253
Series 05-9 M1
5.275%, 4/25/36 (b)(l)		1,250,000		1,112,558
Series 05-9 M2
5.305%, 4/25/36 (b)(l)		750,000		663,984
Series 06-1 M2
5.325%, 4/25/36 †(b)(l)		1,500,000		1,064,433
Lehman XS Trust,
Series 05-7N 1A1A
5.135%, 12/25/35 (l)		1,926,320		1,808,087
Series 06-12N A1A1
4.945%, 8/25/46 (l)		4,384,358		4,354,419
Series 06-2N 1A1
5.125%, 2/25/46 (l)		2,871,044		2,723,874
Long Beach Mortgage Loan Trust,
Series 03-4 M1
5.545%, 8/25/33 (b)(l)		5,500,000		5,030,929
Series 04-1 M1
5.365%, 2/25/34 (b)(l)		2,200,000		1,995,463
Series 04-1 M2
5.415%, 2/25/34 †(b)(l)		1,475,000		1,291,965
Series 04-3 M1
5.435%, 7/25/34 (b)(l)		1,750,000		1,620,899
MASTR Asset Backed Securities Trust,
Series 05-OPT1 M2
5.285%, 3/25/35 (b)(l)		1,823,000		1,553,888
MBNA Credit Card Master Note Trust,
Series 01-C2 C2
6.178%, 12/15/10 §(l)		3,725,000		3,739,091
Nationstar Home Equity Loan Trust,
Series 07-C 2AV2
4.995%, 6/25/37 (b)(l)		10,000,000		9,139,060
New Century Home Equity Loan Trust,
Series 05-1 M1
5.315%, 3/25/35 (b)(l)		2,000,000		1,802,435

238

EQ ADVISORS TRUST

EQ/JPMORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Onyx Acceptance Owner Trust,
Series 05-A A4
3.910%, 9/15/11	$	4,821,155	$	4,800,104
Option One Mortgage Loan Trust,
Series 03-1 A2
5.705%, 2/25/33 (b)(l)		458,576		430,821
Series 03-5 A2
5.185%, 8/25/33 (b)(l)		255,326		241,220
Series 04-1 M1
5.465%, 1/25/34 (b)(l)		4,472,490		4,185,300
Series 05-2 M1
5.305%, 5/25/35 (b)(l)		1,700,000		1,555,770
PECO Energy Transition Trust,
Series 00-A A3
7.625%, 3/1/10		1,300,000		1,339,418
PSE&G Transition Funding LLC,
Series 01-1 A6
6.610%, 6/15/15		2,975,000		3,183,995
Residential Asset Mortgage Products, Inc.,
Series 06-RS1 AI2
5.095%, 1/25/36 (b)(l)		2,921,674		2,770,583
Residential Asset Securities Corp.,
Series 02-KS4 AIIB
5.365%, 7/25/32 (b)(l)		125,738		117,338
Series 03-KS9 A2B
5.505%, 11/25/33 (b)(l)		222,237		212,552
Series 05-KS10 M1
5.275%, 11/25/35 (b)(l)		1,274,000		1,174,425
Series 05-KS11 M1
5.265%, 12/25/35 (b)(l)		2,000,000		1,739,846
Series 05-KS11 M2
5.285%, 12/25/35 (b)(l)		1,250,000		1,028,168
SLM Student Loan Trust,
Series 05-4 A1
5.094%, 10/26/15 (l)		482,613		482,038
Soundview Home Equity Loan Trust,
Series 07-NS1 M2
5.315%, 1/25/37 (b)(l)		6,250,000		3,230,990
Specialty Underwriting & Residential Finance Trust,
Series 06-BC4 M1
5.155%, 9/25/37 (b)(l)		6,500,000		3,905,979
Triad Auto Receivables Owner Trust,
Series 06-C A3
5.260%, 11/14/11		6,000,000		6,001,305
Volkswagen Auto Lease Trust,
Series 06-A A3
5.500%, 9/21/09		11,000,000		11,050,215
Wachovia Asset Securitization, Inc.,
Series 02-HE2 A
5.295%, 12/25/32 (b)(l)		319,078		314,905
Series 03-HE3 A
5.115%, 11/25/33 (b)(l)		1,124,557		1,083,307
Wachovia Auto Loan Owner Trust,
Series 06-2A A2
5.350%, 5/20/10 §		2,554,251		2,556,904

				209,037,489

*Non-Agency CMO (23.2%)*
Adjustable Rate Mortgage Trust,
Series 04-1 9A2
5.265%, 1/25/35 (l)		478,767		469,668
Series 05-4 7A2
5.095%, 8/25/35 (l)		415,591		399,154
Series 05-5 6A21
5.095%, 9/25/35 (l)		2,193,088		2,072,108
Series 05-6A 2A1
5.175%, 11/25/35 (l)		787,625		747,936
Series 06-2 6A1
5.035%, 5/25/36 (l)		2,600,881		2,408,216
Series 07-1 5A31
5.005%, 3/25/37 (l)		14,276,199		13,566,366
American Home Mortgage Assets,
Series 06-2 2A1
5.055%, 9/25/46 (l)		4,049,738		3,777,996
Banc of America Commercial Mortgage, Inc.,
Series 07-2 A4
5.688%, 4/10/49 (l)		10,000,000		10,261,835
Series 02-K 1A1
6.399%, 10/20/32 (l)		124,363		125,969
Series 04-F 2A5
4.146%, 7/25/34 (l)		11,206,000		11,142,268
Bear Stearns Commercial Mortgage Securities, Inc.,
Series 04-PWR6 A4
4.521%, 11/11/41		2,345,000		2,322,750
Series 05-PWR7 A3
5.116%, 2/11/41 (l)		3,565,000		3,496,092
Series 05-PWR8 A4
4.674%, 6/11/41		2,000,000		1,911,214
Series 06-PW14 A4
5.201%, 12/11/38		6,000,000		5,939,813
Series 07-PW16 A4
5.713%, 6/11/40 (l)		20,480,000		21,073,635
Citicorp Mortgage Securities, Inc.,
Series 03-11 2A1
5.500%, 12/25/33		2,204,510		2,191,443
Citigroup/Deutsche Bank Commercial Mortgage Trust,
Series 05-CD1 A4
5.225%, 7/15/44 (l)		5,775,000		5,758,157
Series 07-CD4 A4
5.322%, 12/11/49^		13,115,000		13,076,277
Countrywide Alternative Loan Trust,
Series 04-28CB 3A1
6.000%, 1/25/35		6,431,060		6,489,342
Series 05-51 1A1
5.269%, 11/20/35 (l)		2,372,999		2,244,865
Series 06-29T1 2A5
6.000%, 10/25/36		7,768,623		7,748,670
Series 06-J5 1A1
6.500%, 9/25/36		13,486,495		13,473,423
Series 06-OA2 A1
5.159%, 5/20/46 (l)		11,109,864		10,494,226
Series 07-OA10 2A1
5.115%, 9/25/47 (l)		12,084,890		11,680,858
Credit Suisse Mortgage Capital Certificates,
Series 06-C1 A3
5.555%, 2/15/39 (l)		7,500,000		7,589,542
Series 07-C4 A3
5.811%, 9/15/39 (l)		13,050,000		13,345,515
CS First Boston Mortgage Securities Corp.,
Series 01-CK1 A3
6.380%, 12/18/35		4,299,353		4,463,755
Series 01-CP4 A4
6.180%, 12/15/35		5,325,000		5,549,173
Series 03-C4 A4
5.137%, 8/15/36^ (l)		5,870,000		5,921,024
Downey Savings & Loan Association Mortgage Loan Trust,
Series 05-AR6 2A1A
5.255%, 10/19/45 (l)		6,530,432		6,200,171
First Horizon Alternative Mortgage Securities Trust,
Series 06-FA4 1A1
6.000%, 8/25/36		9,096,775		9,048,688

239

EQ ADVISORS TRUST

EQ/JPMORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
First Union - Lehman Brothers - Bank of America,
Series 98-C2 A2
6.560%, 11/18/35	$	1,013,845	$	1,013,096
GE Capital Commercial Mortgage Corp.,
Series 02-1A A3
6.269%, 12/10/35		4,665,000		4,912,013
Greenpoint Mortgage Funding Trust,
Series 05-AR4 4A1A
5.175%, 10/25/45 (l)		4,593,769		4,381,466
Series 06-OH1 A1
5.045%, 1/25/37 (l)		9,643,828		8,999,672
Greenwich Capital Commercial Funding Corp.,
Series 07-GG9 A4
5.444%, 3/10/39		7,500,000		7,544,279
Harborview Mortgage Loan Trust,
Series 05-3 2A1A
5.205%, 6/19/35 (l)		5,746,741		5,487,990
Series 05-8 1A2A
5.295%, 9/19/35 (l)		2,939,886		2,779,782
Series 05-9 2A1A
5.289%, 6/20/35 (l)		2,135,810		2,055,016
Series 06-4 2A1A
5.165%, 5/19/47 (l)		3,478,087		3,218,805
Series 07-1 2A1A
4.995%, 4/19/38 (l)		5,065,938		4,739,755
Indymac Index Mortgage Loan Trust,
Series 04-AR7 A1
5.305%, 9/25/34 (l)		930,328		912,854
Series 05-AR14 2A1A
5.165%, 8/25/35 (l)		3,957,901		3,749,923
Series 06-AR2 1A1A
5.085%, 4/25/46 (l)		3,654,691		3,430,136
Series 06-AR41 A3
5.045%, 2/25/37 (l)		9,506,504		8,228,483
LB-UBS Commercial Mortgage Trust,
Series 05-C1 A4
4.742%, 2/15/30		9,250,000		8,877,310
Series 06-C4 A4
5.883%, 6/15/38 (l)		3,360,000		3,506,414
Series 07-C1 A4
5.424%, 2/15/40		16,500,000		16,571,549
Lehman Brothers Floating Rate Commercial Mortgage Trust,
Series 06-LLFA A2
5.148%, 9/15/21 §(l)		5,072,362		4,998,561
Lehman Mortgage Trust,
Series 05-3 2A3
5.500%, 1/25/36		5,203,422		5,187,284
Series 07-4 4A1
6.000%, 5/25/37		3,569,978		3,518,151
Medallion Trust,
Series 04-1G A1
5.160%, 5/25/35 (l)		1,120,597		1,109,097
Merrill Lynch Mortgage Trust,
Series 06-C1 A4
5.659%, 5/12/39 (l)		2,140,000		2,203,383
Morgan Stanley Capital I,
Series 04-HQ3 A2
4.050%, 1/13/41		1,000,000		989,987
Series 04-T13 A2
3.940%, 9/13/45		973,427		961,992
Series 05-IQ9 A5
4.700%, 7/15/56		7,225,000		6,908,494
Series 06-HQ9 A4
5.731%, 7/12/44 (l)		7,500,000		7,707,160
Series 07-IQ13 A4
5.364%, 3/15/44		11,650,000		11,636,658
Morgan Stanley Dean Witter Capital I,
Series 03-HQ2 A2
4.920%, 3/12/35		3,120,000		3,117,795
Nomura Asset Securities Corp.,
Series 98-D6 A1B
6.590%, 3/15/30		1,241,482		1,244,364
Permanent Master Issuer plc,
Series 06-1 2A
5.283%, 10/15/15 (l)		11,000,000		10,962,027
Series 07-1 2A1
5.293%, 1/15/16 (l)		10,000,000		9,856,300
RESI Finance LP,
Series 03-C B3
6.643%, 9/10/35 §(l)		9,776,144		9,028,097
Series 03-C B4
6.843%, 9/10/35 §(l)		1,635,588		1,685,330
Series 03-D B3
6.543%, 12/10/35 §(l)		5,880,013		5,898,661
Series 03-D B4
6.743%, 12/10/35 §(l)		1,772,311		1,777,881
Series 05-A B3
5.823%, 3/10/37 §(l)		3,473,548		2,709,367
Series 05-A B4
5.923%, 3/10/37 §(l)		1,135,491		834,941
Series 05-B B3
5.823%, 6/10/37 §(l)		950,690		743,321
Series 05-B B4
5.913%, 6/10/37 §(l)		1,663,708		1,225,945
Series 05-D B4
5.728%, 12/15/37 §(l)		2,399,793		1,736,850
Residential Accredit Loans, Inc.,
Series 05-QO4 2A1
5.145%, 12/25/45 (l)		2,858,458		2,684,592
Series 06-QO3 A1
5.075%, 4/25/46 (l)		2,043,273		1,921,061
Series 07-QH2 A1
5.005%, 3/25/37 (l)		15,348,847		14,338,428
Residential Funding Mortgage Securities I,
Series 07-S8 1A1
6.000%, 9/25/37		23,910,988		23,836,266
Sequoia Mortgage Trust,
Series 07-3 1A1
5.149%, 7/20/36 (l)		13,422,535		13,073,352
Structured Asset Mortgage Investments, Inc.,
Series 05-AR2 2A1
5.095%, 5/25/45 (l)		1,120,882		1,061,854
Series 06-AR1 3A1
5.095%, 2/25/36 (l)		1,874,779		1,726,008
Series 06-AR4 4A1
5.045%, 6/25/36 (l)		3,672,843		3,575,471
Wachovia Bank Commercial Mortgage Trust,
Series 02-C2 A4
4.980%, 11/15/34		8,545,000		8,576,745
Series 03-C9 A2
3.958%, 12/15/35		6,230,000		6,171,429
WaMu Mortgage Pass-Through Certificates,
Series 05-AR1 A2A1
5.205%, 1/25/45 (l)		993,341		942,577
Series 05-AR2 2A21
5.195%, 1/25/45 (l)		1,044,821		989,282
Series 05-AR9 A1A
5.185%, 7/25/45 (l)		3,657,766		3,466,382
Series 05-AR15 A1A1
5.125%, 11/25/45 (l)		2,384,010		2,249,988
Series 05-AR17 A1A1
5.135%, 12/25/45 (l)		2,387,379		2,260,425

240

EQ ADVISORS TRUST

EQ/JPMORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
WaMu Alternative Mortgage Pass-Through Certificates,
Series 06-5 2CB1
6.000%, 7/25/36	$	5,829,309	$	5,780,841
Wells Fargo Mortgage Backed
Series 07-5 2A3
5.500%, 5/25/22		6,720,908		6,723,496
Series 07-11 A96
6.000%, 8/25/37		11,290,663		11,216,032

				502,034,567

Total Asset-Backed and Mortgage-Backed Securities				711,072,056


Consumer Discretionary (2.5%)
*Automobiles (0.8%)*
Daimler Finance NA LLC
5.441%, 10/31/08 (l)		7,934,000		7,918,743
5.875%, 3/15/11		10,425,000		10,578,237

				18,496,980

*Hotels, Restaurants & Leisure (0.1%)*
McDonald’s Corp.
6.300%, 10/15/37		1,615,000		1,674,815

*Media (1.3%)*
Comcast Corp.
5.543%, 7/14/09 (l)		6,425,000		6,401,613
5.300%, 1/15/14		150,000		147,090
6.950%, 8/15/37		7,485,000		8,078,351
News America, Inc.
7.250%, 5/18/18		825,000		907,719
6.200%, 12/15/34		1,535,000		1,513,188
Time Warner Cable, Inc.
6.550%, 5/1/37		1,685,000		1,719,873
Time Warner Entertainment Co. LP
8.375%, 7/15/33		1,940,000		2,336,939
Time Warner, Inc.
5.875%, 11/15/16		2,735,000		2,718,196
Viacom, Inc.
5.341%, 6/16/09 (l)		3,950,000		3,902,766

				27,725,735

*Multiline Retail (0.2%)*
Kohl’s Corp.
6.875%, 12/15/37		2,500,000		2,426,295
Target Corp.
6.500%, 10/15/37		1,895,000		1,904,666

				4,330,961

*Specialty Retail (0.1%)*
Home Depot, Inc.
5.875%, 12/16/36		2,740,000		2,312,289

Total Consumer Discretionary				54,540,780

Consumer Staples (1.5%)
*Beverages (0.2%)*
Diageo Capital plc
5.750%, 10/23/17^		4,690,000		4,716,635

*Food & Staples Retailing (1.0%)*
CVS Caremark Corp.
5.441%, 6/1/10 (l)		7,000,000		6,924,918
CVS Lease Pass Through Trust
6.036%, 12/10/28 §		2,263,673		2,173,488
Kroger Co.
6.400%, 8/15/17		2,455,000		2,567,716
Safeway, Inc.
6.350%, 8/15/17		2,665,000		2,777,639
Wal-Mart Stores, Inc.
5.375%, 4/5/17		3,920,000		4,001,779
5.250%, 9/1/35		2,650,000		2,350,587
6.500%, 8/15/37^		1,365,000		1,437,366

				22,233,493

*Food Products (0.3%)*
Kraft Foods, Inc.
6.000%, 2/11/13^		5,850,000		6,014,414

Total Consumer Staples				32,964,542

Energy (1.6%)
*Energy Equipment & Services (0.1%)*
Transocean, Inc.
6.800%, 3/15/38		2,055,000		2,096,815

*Oil, Gas & Consumable Fuels (1.5%)*
Canadian Natural Resources Ltd.
6.250%, 3/15/38^		1,655,000		1,617,051
EnCana Corp.
6.625%, 8/15/37		1,500,000		1,562,437
Enterprise Products Partners LP
6.300%, 9/15/17		4,715,000		4,846,313
Gaz Capital S.A. (Gazprom OAO)
7.288%, 8/16/37^§		3,730,000		3,764,689
Kinder Morgan Energy Partners LP
5.850%, 9/15/12		2,790,000		2,872,589
6.500%, 2/1/37		1,545,000		1,526,999
Nexen, Inc.
6.400%, 5/15/37		2,710,000		2,705,453
ONEOK Partners LP
5.900%, 4/1/12		2,620,000		2,693,879
Pemex Project Funding Master Trust
6.291%, 6/15/10 §(l)		2,675,000		2,712,450
6.291%, 6/15/10 (m)(l)		2,250,000		2,281,500
Ras Laffan Liquefied Natural Gas Co., Ltd. III
5.832%, 9/30/16 §		2,495,000		2,535,369
Valero Energy Corp.
6.625%, 6/15/37		2,835,000		2,855,052

				31,973,781

Total Energy				34,070,596

Financials (19.0%)
*Capital Markets (3.6%)*
Bear Stearns Cos., Inc.
5.161%, 4/29/08^ (l)		2,480,000		2,455,111
5.025%, 5/18/10 (l)		12,075,000		11,410,271
Goldman Sachs Capital II
5.793%, 12/31/49 (l)		4,115,000		3,663,687
Goldman Sachs Group, Inc.
4.974%, 6/23/09 (l)		5,500,000		5,411,632
5.625%, 1/15/17		2,595,000		2,534,215
5.950%, 1/15/27^		3,875,000		3,518,527
6.750%, 10/1/37		1,840,000		1,802,791
Lehman Brothers Holdings, Inc.
4.934%, 12/23/08 (l)		3,000,000		2,948,886
5.129%, 11/10/09 (l)		4,300,000		4,174,625
5.250%, 2/6/12^		3,455,000		3,418,681
5.750%, 1/3/17		2,955,000		2,838,706
Merrill Lynch & Co., Inc.
5.105%, 8/22/08 (l)		4,000,000		3,977,676
5.101%, 10/27/08 (l)		4,000,000		3,985,808
6.050%, 8/15/12		2,720,000		2,772,210
6.110%, 1/29/37		2,040,000		1,801,708
Mizuho Capital Investment 1 Ltd.
6.686%, 3/29/49 §(l)		3,040,000		2,844,315
Mizuho JGB Investment LLC
9.870%, 12/29/49 §(l)		2,530,000		2,553,104
Mizuho Preferred Capital Co. LLC
8.790%, 12/29/49 §(l)		725,000		731,394

241

EQ ADVISORS TRUST

EQ/JPMORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Morgan Stanley
5.006%, 2/9/09 (l)	$	2,000,000	$	1,975,258
4.975%, 5/7/10^ (l)		5,000,000		4,862,460
5.625%, 1/9/12		1,400,000		1,424,146
5.450%, 1/9/17		5,940,000		5,762,222

				76,867,433

*Commercial Banks (6.2%)*
Bancaja U.S. Debt S.A.U.
5.403%, 7/10/09^§(l)		2,000,000		1,938,922
Banco Sabadell S.A.
5.251%, 4/23/10 §(l)		5,700,000		5,436,860
Bank of Scotland plc
5.250%, 2/21/17 §		6,370,000		6,492,482
Barclays Bank plc
5.926%, 9/29/49 §(l)		3,165,000		2,944,979
7.434%, 9/29/49 §(l)		2,715,000		2,821,295
CAM U.S. Finance S.A.
5.506%, 2/1/10 §(l)		5,000,000		4,795,060
Commonwealth Bank of Australia
6.024%, 12/31/49 §(l)		4,745,000		4,422,591
Credit Agricole S.A./London
5.103%, 5/28/10 §(l)		5,000,000		4,998,550
6.637%, 5/29/49 §(l)		4,675,000		4,337,236
Depfa ACS Bank
5.125%, 3/16/37 §		7,035,000		6,953,556
Deutsche Bank AG/London
5.375%, 10/12/12		4,850,000		4,969,591
Glitnir banki hf
5.403%, 10/15/08^ §(l)		4,650,000		4,645,982
5.440%, 4/20/10 §(l)		3,000,000		2,935,710
5.620%, 1/21/11 §(l)		5,195,000		5,044,813
HBOS plc
6.657%, 5/29/49 §(l)		1,800,000		1,491,181
5.920%, 9/29/49 §(l)		5,200,000		4,535,565
Industrial Bank of Korea
4.000%, 5/19/14 §(l)		2,215,000		2,192,750
Korea Development Bank
4.843%, 4/3/10 (l)		5,000,000		4,984,085
Landsbanki Islands hf
6.100%, 8/25/11 §		3,115,000		3,070,016
Royal Bank of Scotland Group plc
7.640%, 3/31/49 (l)		3,900,000		4,009,563
6.990%, 10/29/49 §(l)		5,000,000		4,984,960
Shinsei Finance II
7.160%, 7/29/49 §(l)		8,465,000		7,144,993
Societe Generale
5.922%, 4/29/49 §(l)		4,065,000		3,761,556
Standard Chartered plc
6.409%, 12/31/49 §(l)		5,500,000		4,981,367
VTB 24 Capital plc
5.971%, 12/7/09 (l)		5,000,000		4,849,750
VTB Capital S.A. (Vneshtorgbank)
5.494%, 8/1/08 §(l)		10,700,000		10,593,000
Wachovia Bank NA
6.600%, 1/15/38		2,145,000		2,155,768
Wachovia Capital Trust III
5.800%, 3/15/42 (l)		6,227,000		5,564,136
Woori Bank
5.750%, 3/13/14^ §(l)		4,160,000		4,165,046
6.208%, 5/2/37^ §(l)		3,530,000		3,064,322

				134,285,685

*Consumer Finance (1.4%)*
American General Finance Corp.
4.988%, 6/27/08 (l)		5,000,000		5,000,360
5.375%, 10/1/12		2,065,000		2,040,043
6.900%, 12/15/17		7,725,000		7,732,725
Discover Financial Services
5.663%, 6/11/10 §(l)		6,950,000		6,614,593
International Lease Finance Corp.
5.250%, 5/24/10 (l)		2,715,000		2,677,978
4.875%, 9/1/10		1,210,000		1,205,610
SLM Corp.
5.164%, 1/25/08 (l)		2,780,000		2,778,448
5.224%, 7/27/09 (l)		2,750,000		2,586,845

				30,636,602

*Diversified Financial Services (5.2%)*
Caterpillar Financial Services Corp.
4.929%, 8/11/09 (l)		3,250,000		3,231,891
CIT Group, Inc.
5.019%, 8/15/08^ (l)		4,125,000		4,092,668
5.134%, 1/30/09^ (l)		4,065,000		3,818,836
Citigroup Capital XXI
8.300%, 12/21/57 (l)		2,975,000		3,106,468
Citigroup, Inc.
6.000%, 8/15/17		3,845,000		3,922,815
6.125%, 11/21/17		3,805,000		3,908,473
Credit Suisse First Boston USA, Inc.,
Series 1
5.234%, 6/2/08 (l)		3,365,000		3,365,835
Credit Suisse USA, Inc.
5.500%, 8/16/11		1,415,000		1,453,946
Series 1
5.231%, 6/5/09^ (l)		5,250,000		5,247,317
General Electric Capital Corp.
4.955%, 5/19/08 (l)		1,500,000		1,499,926
6.150%, 8/7/37		1,225,000		1,301,475
IBM International Group Capital LLC
5.050%, 10/22/12		3,250,000		3,310,726
John Deere Capital Corp.
5.304%, 7/16/10^ (l)		12,000,000		11,895,924
K2 Corp.
4.905%, 2/15/09 †(b)(l)		8,500,000		4,074,900
5.356%, 2/15/10 †(b)(l)		5,000,000		2,397,000
Kaupthing Bank hf
5.943%, 1/15/10 §(l)		7,575,000		7,549,692
5.750%, 10/4/11 §		5,540,000		5,210,376
Lehman Brothers Holdings Capital Trust V
5.857%, 11/29/49 (l)		5,475,000		4,879,594
Links Finance LLC
5.241%, 9/15/08 †§(b)(l)		7,100,000		4,859,950
MUFG Capital Finance 1 Ltd.
6.346%, 7/29/49 (l)		2,625,000		2,486,227
Pemex Finance Ltd.
8.875%, 11/15/10		4,012,000		4,212,600
Pricoa Global Funding I
3.900%, 12/15/08 §		4,540,000		4,491,159
QBE Capital Funding II LP
6.797%, 6/29/49 §(l)		2,970,000		2,843,974
Santander Perpetual S.A. Unipersonal
6.671%, 10/29/49 §(l)		6,000,000		6,016,128
SMFG Preferred Capital 1 Ltd.
6.078%, 1/29/49 §(l)		3,175,000		2,924,874
Swiss Reinsurance Capital I LP
6.854%, 5/29/49 §(l)		6,380,000		6,268,873
TIAA Global Markets, Inc.
5.348%, 1/12/11 §(l)		2,000,000		2,002,448
ZFS Finance USA Trust II
6.450%, 12/15/65 §(l)		2,575,000		2,399,689

				112,773,784

242

EQ ADVISORS TRUST

EQ/JPMORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
*Insurance (2.0%)*
Financial Security Assurance Holdings Ltd.
6.400%, 12/15/66 §(l)	$	1,180,000	$	1,007,625
Liberty Mutual Group, Inc.
7.500%, 8/15/36 §		2,480,000		2,419,895
Lincoln National Corp.
7.000%, 5/17/66 (l)		5,180,000		5,200,839
Metlife Capital Trust IV
7.875%, 12/15/37 §		3,800,000		3,871,721
Monumental Global Funding II
3.900%, 6/15/09 §		2,735,000		2,724,681
Nationwide Financial Services, Inc.
6.750%, 5/15/37^		3,215,000		2,961,346
Nationwide Life Global Funding I
5.293%, 10/9/09 §(l)		6,000,000		5,990,646
Protective Life Secured Trusts, Series 05-A
5.323%, 1/14/08 (l)		1,820,000		1,820,202
Reinsurance Group of America, Inc.
6.750%, 12/15/65 (l)		3,035,000		2,726,905
Stingray Pass-Through Trust
5.902%, 1/12/15 §		4,000,000		2,769,936
Travelers Cos., Inc.
6.250%, 3/15/37 (l)		3,075,000		2,883,695
XL Capital Ltd., Series E
6.500%, 12/31/49 (l)		9,075,000		7,934,826

				42,312,317

*Thrifts & Mortgage Finance (0.6%)*
Countrywide Financial Corp.
5.104%, 3/24/09^ (l)		390,000		300,418
5.800%, 6/7/12		3,215,000		2,348,554
Sovereign Bancorp, Inc.
5.404%, 3/1/09 (l)		2,100,000		2,071,077
Washington Mutual Preferred Funding Delaware
6.534%, 3/29/49 §(l)		4,500,000		2,778,435
Washington Mutual Preferred Funding II
6.665%, 12/31/49 §(l)		1,100,000		649,000
Washington Mutual Preferred Funding III
6.895%, 6/29/49 §(l)		4,000,000		2,360,000
Washington Mutual, Inc.
5.170%, 8/24/09 (l)		3,060,000		2,732,525

				13,240,009

Total Financials				410,115,830

Government Securities (57.8%)
*Agency CMO (4.0%)*
Federal Home Loan Mortgage Corp.
5.000%, 10/15/23 IO		2,705,392		80,565
5.500%, 10/15/26		27,767,103		28,006,114
5.000%, 11/15/28		10,508,304		10,562,587
5.000%, 11/15/34		12,200,000		11,525,311
6.500%, 5/15/35		3,201,527		3,352,533
5.500%, 7/15/37		8,050,000		7,887,530
Federal National Mortgage Association
6.500%, 9/25/33		5,078,793		5,184,248
6.500%, 10/25/33		9,582,437		9,815,489
6.500%, 12/25/33		4,708,895		4,822,769
6.500%, 1/25/34		4,563,910		4,681,005
Government National Mortgage Association
5.500%, 1/20/27 IO		570,847		8,495
5.500%, 10/20/27 IO		3,199,686		80,869

				86,007,515

*Foreign Governments (1.6%)*
Egypt Government AID Bonds
4.450%, 9/15/15	$	10,020,000		9,967,796
Russian Federation
12.750%, 6/24/28 (m)		2,005,000		3,639,075
Trinidad & Tobago Government International Bond
5.875%, 5/17/27		3,000,000		2,958,300
United Kingdom Gilt
4.500%, 12/7/42	GBP	3,465,000		7,166,428
United Mexican States
5.943%, 1/13/09 (l)	$	7,125,000		7,139,250
8.000%, 9/24/22		3,985,000		4,897,565

				35,768,414

*U.S. Government Agencies (49.7%)*
Federal Home Loan Mortgage Corp.
6.750%, 3/15/31^		6,560,000		8,219,975
6.000%, 2/1/35		1,655,327		1,681,284
5.841%, 11/1/36 (l)		2,947,247		2,996,463
5.418%, 6/1/37 (l)		1,609,495		1,607,922
5.542%, 6/1/37 (l)		15,334,185		15,420,685
5.576%, 6/1/37 (l)		2,009,400		2,024,227
5.453%, 7/1/37 (l)		2,995,106		2,998,155
5.500%, 10/1/37		10,443,422		10,421,863
5.000%, 1/15/38 TBA		10,750,000		10,487,969
5.500%, 1/15/38 TBA		154,453,000		154,115,057
6.000%, 1/15/38 TBA		70,600,000		71,636,973
5.000%, 2/15/38 TBA		8,700,000		8,482,500
5.500%, 2/15/38 TBA		26,900,000		26,824,357
Federal National Mortgage Association
4.750%, 3/12/10^		17,400,000		17,821,584
6.500%, 2/1/35		1,567,955		1,613,688
7.000%, 7/1/35		165,522		172,803
7.000%, 8/1/36		110,053		114,895
7.000%, 4/1/37		67,173,903		69,877,368
7.000%, 5/1/37		573,961		597,061
4.500%, 1/25/23 TBA		18,600,000		18,303,553
5.000%, 1/25/23 TBA		42,250,000		42,289,631
5.500%, 1/25/23 TBA		50,320,000		50,964,700
6.000%, 1/25/23 TBA		91,340,000		93,452,238
5.000%, 1/25/38 TBA		103,025,000		100,513,766
5.500%, 1/25/38 TBA		26,725,000		26,691,594
6.000%, 1/25/38 TBA		216,160,000		219,469,842
6.500%, 1/25/38 TBA		13,098,000		13,462,281
6.000%, 2/25/38 TBA		32,000,000		32,460,000
Government National Mortgage Association
6.000%, 1/15/38 TBA		37,215,000		38,098,856
6.500%, 1/15/38 TBA		30,775,000		31,775,188

				1,074,596,478

*U.S. Treasuries (2.5%)*
U.S. Treasury Bonds
8.875%, 2/15/19 #(a)		1,010,000		1,420,391
7.250%, 8/15/22^#(a)		225,000		292,148
6.625%, 2/15/27^		10,875,000		13,801,908
6.375%, 8/15/27 #(a)		5,445,000		6,758,182
6.125%, 11/15/27^		1,147,000		1,389,035
6.250%, 5/15/30^		8,850,000		11,044,526
U.S. Treasury Notes
5.125%, 6/30/08^		2,880,000		2,903,849
4.625%, 7/31/09^ #(a)		885,000		905,604
3.500%, 2/15/10 #(a)		70,000		70,607
4.500%, 5/15/10 #(a)		925,000		955,857
Inflation Indexed
2.625%, 7/15/17^		14,122,500		15,237,952

				54,780,059

Total Government Securities				1,251,152,466

243

EQ ADVISORS TRUST

EQ/JPMORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Health Care (0.3%)
*Health Care Providers & Services (0.3%)*
UnitedHealth Group, Inc.
5.090%, 6/21/10 §(l)	$	5,900,000	$	5,743,290

Total Health Care				5,743,290

Industrials (0.4%)
*Building Products (0.1%)*
Owens Corning, Inc.
7.000%, 12/1/36		2,350,000		2,120,323

*Industrial Conglomerates (0.3%)*
General Electric Co.
5.250%, 12/6/17		7,580,000		7,563,824

Total Industrials				9,684,147

Telecommunication Services (1.8%)
*Diversified Telecommunication Services (1.2%)*
AT&T, Inc.
6.300%, 1/15/38		6,965,000		7,076,391
Telefonica Emisiones S.A.U.
5.226%, 6/19/09 (l)		7,500,000		7,444,958
5.855%, 2/4/13^		8,135,000		8,370,297
Verizon Communications, Inc.
5.350%, 2/15/11^		2,260,000		2,315,187

				25,206,833

*Wireless Telecommunication Services (0.6%)*
America Movil S.A.B. de C.V.
4.958%, 6/27/08 (l)		4,000,000		3,980,000
New Cingular Wireless Services, Inc.
8.125%, 5/1/12		1,270,000		1,412,137
8.750%, 3/1/31		1,710,000		2,216,131
Sprint Nextel Corp.
6.000%, 12/1/16		6,380,000		6,110,719

				13,718,987

Total Telecommunication Services				38,925,820

Utilities (1.6%)
*Electric Utilities (1.4%)*
Abu Dhabi National Energy Co.
5.620%, 10/25/12 §		9,625,000		9,766,584
Detroit Edison Co., Series A
6.625%, 6/1/36		1,295,000		1,369,444
MidAmerican Energy Holdings Co.
6.125%, 4/1/36		3,295,000		3,287,151
6.500%, 9/15/37		2,745,000		2,866,565
Ohio Power Co.
4.826%, 4/5/10 (l)		5,550,000		5,501,365
PacifiCorp
4.300%, 9/15/08		1,550,000		1,546,071
6.250%, 10/15/37		2,560,000		2,643,687
Virginia Electric & Power Co.
4.500%, 12/15/10		1,485,000		1,479,783
6.350%, 11/30/37		1,970,000		2,020,172

				30,480,822

*Gas Utilities (0.1%)*
Nakilat, Inc.
6.067%, 12/31/33 §		2,700,000		2,463,615

*Multi-Utilities (0.1%)*
Dominion Resources, Inc.
6.300%, 3/15/33		1,805,000		1,757,711

Total Utilities				34,702,148

Total Long-Term Debt Securities (119.4%) (Cost $2,626,345,973)				2,582,971,675

SHORT-TERM INVESTMENTS:
Commercial Paper (21.8%)
Alpine Securitization Corp.
5.80%, 1/3/08 (n)(p)		44,750,000		44,728,379
Amstel Funding Corp.
6.19%, 1/17/08 (n)(p)		37,500,000		37,390,676
Amsterdam Funding Corp.
5.27%, 1/7/08 (n)(p)		27,500,000		27,471,847
Atlantic Asset Securitization Corp.
5.59%, 1/7/08 (n)(p)		25,000,000		24,972,871
Barton Capital Corp.
5.23%, 1/8/08 (n)(p)		35,750,000		35,708,508
Charta Corp.
5.40%, 1/7/08 (n)(p)		33,000,000		32,965,404
Ciesco LLC
0.82%, 1/1/08 (n)(p)		28,000,000		27,995,518
Corporate Receivable Corp.
5.28%, 1/11/08 (n)(p)		35,500,000		35,442,786
Fairway Finance Corp.
5.70%, 1/11/08 (n)(p)		36,250,000		36,186,956
Gotham Funding Corp.
5.56%, 1/11/08 (n)(p)		28,750,000		28,701,245
Govco, Inc.
4.97%, 1/10/08 (n)(p)		30,250,000		30,208,296
Ranger Funding Co. LLC
5.05%, 1/8/08 (n)(p)		26,750,000		26,720,011
Thames Asset Global Securitization No. 1, Inc.
4.97%, 1/18/08 (n)(p)		39,250,000		39,152,751
Three Pillars Funding Corp.
5.60%, 1/15/08 (n)(p)		15,500,000		15,463,929
Windmill Funding Corp.
5.25%, 1/17/08 (n)(p)		28,750,000		28,678,931

Total Commercial Paper				471,788,108

Government Securities (1.7%)
Federal Home Loan Bank
3.27%, 1/2/08 (o)(p)		17,574,000		17,570,807
Federal National Mortgage Association
3.25%, 1/2/08 (o)(p)		17,600,000		17,596,822

Total Government Securities				35,167,629

Short-Term Investments of Cash Collateral for Securities Loaned (4.0%)
Beta Finance, Inc.
4.37%, 1/15/08 (l)		5,000,000		5,000,000
CAM U.S. Finance S.A.
4.96%, 2/2/09 (l)		5,000,000		5,000,000
CC USA, Inc.
4.38%, 2/20/08 (l)		9,499,520		9,499,520
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		14,520,855		14,520,855
Dorada Finance, Inc.
4.37%, 1/14/08 (l)		8,000,000		8,000,000
Goldman Sachs Group, Inc.
4.62%, 8/18/08 (l)		10,000,000		10,000,000
K2 (USA) LLC
4.38%, 6/10/08 (l)		9,998,745		9,998,745
Merrill Lynch & Co., Inc.
5.30%, 5/8/09 (l)		4,000,000		4,000,000
Monumental Global Funding II
4.40%, 3/26/10 (l)		3,000,000		3,000,000
Tango Finance Corp.
4.38%, 6/25/09 (l)		1,998,915		1,998,915
Unicredito Italiano Bank (Ireland) plc
5.26%, 8/8/08 (l)		5,000,000		5,000,000

244

EQ ADVISORS TRUST

EQ/JPMORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount			Value (Note 1)
5.05%, 8/14/08 (l)	$	11,000,000		$	11,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned					87,018,035

Total Short-Term Investments (27.5%) (Cost/Amortized Cost $594,028,109)					593,973,772


	Number of Contracts
OPTIONS PURCHASED
Call Options Purchased (0.1%)
U.S. 10 Year Treasury Note Futures
January 2008@ $113.50*		652			601,062
February 2008@ $115.00*		352			280,500
February 2008@ $116.00*		738			403,594
February 2008@ $116.50*		575			260,547

					1,545,703

Put Options Purchased (0.0%)
Brazil Real vs USD
January 2008@ $110.00*		308			173,250
U.S. 10 Year Treasury Note Futures
February 2008@ $108.00*		355			22,187
February 2008@ $109.00*		305			42,891
February 2008@ $111.00*		969			439,078

					677,406

Total Options Purchased (0.1%) (Cost $2,285,109)					2,223,109

Total Investments Before Options Written and Securities Sold Short (147.0%) (Cost/Amortized Cost $3,222,659,191)					3,179,168,556

OPTIONS WRITTEN:
Call Options Written (-0.2%)
U.S. 10 Year Treasury Note Futures
February 2008@ $111.00*		(143	)		(406,656	)
February 2008@ $112.00*		(356	)		(762,063	)
February 2008@ $113.00*		(495	)		(773,437	)
February 2008@ $114.00*		(999	)		(1,123,875	)
February 2008@ $114.50*		(575	)		(548,047	)

					(3,614,078	)

Put Options Written (-0.0%)
U.S. 10 Year Treasury Note Futures
February 2008@ $112.00*		(390	)		(292,500	)
February 2008@ $113.00*		(376	)		(440,625	)
February 2008@ $114.00*		(191	)		(331,266	)

					(1,064,391	)

Total Options Written (-0.2%) (Premiums Received $3,941,753)					(4,678,469	)

Total Investments Before Securities Sold Short (146.8%) (Cost/Amortized Cost $3,218,717,438)					3,174,490,087


	Principal Amount
SECURITIES SOLD SHORT:
U.S. Government Agency (-0.6%)
Federal National Mortgage Association 7.000%, 1/25/38 TBA (Proceeds Received $12,027,750)	$	(11,600,000	)		(12,064,000	)

Total Investments after Options Written and Securities Sold Short (146.2%) (Cost/Amortized Cost $3,206,689,688)					3,162,426,087
Other Assets Less Liabilities (-46.2%)					(999,219,901	)

Net Assets (100%)				$	2,163,206,186

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

†	Securities (totaling $13,688,248 or 0.63% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2007, the market value of these securities amounted to $268,034,459 or 12.39% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

#	All, or a portion of security held by broker as collateral for financial futures contracts.

(a)

Fully or partially pledged as collateral on outstanding written call options.

(b)

Illiquid security.

(e)

Step Bond - Coupon rate increases in increments to maturity. Rate disclosed is as of December 31, 2007. Maturity date disclosed is the ultimate maturity date.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(m)

(n)

Section 4(2) Commercial Paper. Private placement for non-current transactions. Notes are usually sold to accredited investors without the intent to freely re-sell their holding.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2007.

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.


Glossary:
CMO	—	Collateralized Mortgage Obligation
GBP	—	British Pound
IO	—	Interest only
TBA	—	Security is subject to delayed delivery.

245

EQ ADVISORS TRUST

EQ/JPMORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007

At December 31, 2007 the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/07		Unrealized Appreciation/ (Depreciation)
EURO-BUND Futures	101	March-08	$	17,096,197	$	16,702,620	$	(393,577	)
U.S. Long Bonds	333	March-08		38,949,753		38,752,875		(196,878	)
U.S. 2 Year Treasury Notes	983	March-08		206,236,987		206,675,750		438,763
U.S. 5 Year Treasury Notes	218	March-08		23,804,079		24,041,312		237,233
U.S. 10 Year Treasury Notes	382	March-08		43,274,070		43,315,219		41,149

							$	126,690

Sales
Long Gilt Futures	83	March-08	$	18,162,643	$	18,212,178	$	(49,535	)
U.S. 5 Year Swap Futures	134	March-08		14,297,844		14,484,563		(186,719	)
U.S. 10 Year Swap Futures	585	March-08		63,443,440		64,624,218		(1,180,778	)

							$	(1,417,032	)

							$	(1,290,342	)

At December 31, 2007 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


	Local Contract Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
Canadian Dollar, expiring 1/11/08	8,220	$	8,425,342	$	8,329,589	$	(95,753	)

Foreign Currency Sell Contracts
British Pound, expiring 1/11/08	3,593	$	7,553,801	$	7,149,801	$	404,000
Canadian Dollar, expiring 1/11/08	8,220		8,732,511		8,329,590		402,921

						$	806,921

						$	711,168

Options written for the year ended December 31, 2007 were as follows:


	Total Number of Contracts		Total Premiums Received
Options Outstanding—January 1, 2007	39		$	28,327
Options Written	18,242			9,132,687
Options Terminated in Closing Purchase Transactions	(11,566	)		(4,905,842	)
Options Expired	(3,190	)		(313,419	)
Options Exercised	—			—

Options Outstanding—December 31, 2007	3,525		$	3,941,753

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	12,241,298,828
Long-term U.S. Treasury securities		297,092,773

	$	12,538,391,601

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	11,630,665,755
Long-term U.S. Treasury securities		387,246,925

	$	12,017,912,680

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	16,507,866
Aggregate gross unrealized depreciation		(60,798,855	)

Net unrealized depreciation	$	(44,290,989	)

Federal income tax cost of investments	$	3,223,459,545

246

EQ ADVISORS TRUST

EQ/JPMORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

At December 31, 2007, the Portfolio had loaned securities with a total value of $126,532,331. This was secured by collateral of $87,018,035 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $41,546,612 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

The Portfolio has a net capital loss carryforward of $6,549,439 which expires in the year 2014.

The Portfolio utilized capital loss carryforward of $7,350,361 during 2007.

See Notes to Financial Statements.

247

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PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (7.1%)
*Auto Components (0.5%)*
TRW Automotive Holdings Corp.*	133,500	$	2,790,150

*Hotels, Restaurants & Leisure (0.6%)*
Royal Caribbean Cruises Ltd.^	79,700		3,382,468

*Media (4.5%)*
Comcast Corp., Class A*	173,300		3,164,458
New York Times Co., Class A^	103,600		1,816,108
News Corp., Class A	348,700		7,144,863
R.H. Donnelley Corp.*^	87,254		3,183,026
Time Warner Cable, Inc., Class A*^	177,300		4,893,480
Walt Disney Co.	152,300		4,916,244

			25,118,179

*Multiline Retail (0.5%)*
Kohl’s Corp.*	60,800		2,784,640

*Specialty Retail (1.0%)*
Advance Auto Parts, Inc.	43,100		1,637,369
Staples, Inc.	179,400		4,138,758

			5,776,127

Total Consumer Discretionary			39,851,564

Consumer Staples (8.2%)
*Beverages (0.4%)*
Constellation Brands, Inc., Class A*^	110,604		2,614,679

*Food & Staples Retailing (1.3%)*
Safeway, Inc.	219,200		7,498,832

*Food Products (1.7%)*
General Mills, Inc.	63,800		3,636,600
Kraft Foods, Inc., Class A	176,300		5,752,669

			9,389,269

*Household Products (3.6%)*
Colgate-Palmolive Co.	27,900		2,175,084
Procter & Gamble Co.	243,100		17,848,402

			20,023,486

*Tobacco (1.2%)*
Altria Group, Inc.	87,700		6,628,366

Total Consumer Staples			46,154,632

Energy (14.2%)
*Energy Equipment & Services (0.8%)*
Halliburton Co.	42,342		1,605,185
Nabors Industries Ltd.*	100,600		2,755,434

			4,360,619

*Oil, Gas & Consumable Fuels (13.4%)*
Chevron Corp.	103,600		9,668,988
ConocoPhillips	149,400		13,192,020
EOG Resources, Inc.	28,900		2,579,325
Exxon Mobil Corp.	320,300		30,008,907
Marathon Oil Corp.	85,700		5,215,702
Occidental Petroleum Corp.	111,600		8,592,084
Sunoco, Inc.	22,900		1,658,876
XTO Energy, Inc.	85,875		4,410,540

			75,326,442

Total Energy			79,687,061

Financials (26.8%)
*Capital Markets (3.2%)*
Lazard Ltd., Class A^	48,800		1,985,184
Lehman Brothers Holdings, Inc.	60,800		3,978,752
Merrill Lynch & Co., Inc.	52,800		2,834,304
Morgan Stanley	95,600		5,077,316
TD Ameritrade Holding Corp.*	219,500		4,403,170

			18,278,726

*Commercial Banks (4.1%)*
BB&T Corp.^	100,600		3,085,402
Huntington Bancshares, Inc./Ohio^	154,400		2,278,944
TCF Financial Corp.^	103,600		1,857,548
U.S. Bancorp	68,600		2,177,364
Wachovia Corp.	221,200		8,412,236
Wells Fargo & Co.	175,700		5,304,383

			23,115,877

*Consumer Finance (1.0%)*
Capital One Financial Corp.	101,800		4,811,068
Discover Financial Services	48,300		728,364

			5,539,432

*Diversified Financial Services (6.5%)*
Bank of America Corp.	465,579		19,209,789
CIT Group, Inc.	95,500		2,294,865
Citigroup, Inc.	504,300		14,846,592

			36,351,246

*Insurance (6.6%)*
Ambac Financial Group, Inc.^	76,700		1,976,559
American International Group, Inc.	105,600		6,156,480
Assurant, Inc.^	25,900		1,732,710
Cincinnati Financial Corp.	59,800		2,364,492
Genworth Financial, Inc., Class A	526,400		13,396,880
Hartford Financial Services Group, Inc.	68,700		5,989,953
MetLife, Inc.	63,800		3,931,356
Prudential Financial, Inc.	15,900		1,479,336

			37,027,766

*Real Estate Investment Trusts (REITs) (1.7%)*
Alexandria Real Estate Equities, Inc. (REIT)^	22,900		2,328,243
Apartment Investment & Management Co. (REIT)^	86,700		3,011,091
Public Storage, Inc. (REIT)	54,800		4,022,868

			9,362,202

*Thrifts & Mortgage Finance (3.7%)*
Countrywide Financial Corp.^	151,400		1,353,516
Fannie Mae	78,700		3,146,426
Freddie Mac	347,600		11,842,732
MGIC Investment Corp.^	202,100		4,533,103

			20,875,777

Total Financials			150,551,026

Health Care (7.3%)
*Health Care Providers & Services (1.1%)*
Cardinal Health, Inc.	25,900		1,495,725
WellPoint, Inc.*	50,200		4,404,046

			5,899,771

*Pharmaceuticals (6.2%)*
Abbott Laboratories	71,200		3,997,880
Merck & Co., Inc.	165,400		9,611,394
Pfizer, Inc.	350,400		7,964,592
Schering-Plough Corp.	283,900		7,563,096
Sepracor, Inc.*^	63,800		1,674,750
Wyeth	96,100		4,246,659

			35,058,371

Total Health Care			40,958,142

Industrials (10.6%)
*Aerospace & Defense (1.3%)*
Spirit Aerosystems Holdings, Inc., Class A*	137,500		4,743,750

248

EQ ADVISORS TRUST

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
United Technologies Corp.		37,900	$	2,900,866

				7,644,616

*Industrial Conglomerates (4.2%)*
General Electric Co.		534,300		19,806,501
Tyco International Ltd.		92,100		3,651,765

				23,458,266

*Machinery (2.7%)*
Caterpillar, Inc.		19,900		1,443,944
Dover Corp.		131,500		6,060,835
Joy Global, Inc.		63,100		4,153,242
Kennametal, Inc.		89,600		3,392,256

				15,050,277

*Road & Rail (2.4%)*
Burlington Northern Santa Fe Corp.		43,800		3,645,474
Hertz Global Holdings, Inc.*^		132,200		2,100,658
Norfolk Southern Corp.		155,400		7,838,376

				13,584,508

Total Industrials				59,737,667

Information Technology (6.2%)
*Communications Equipment (1.6%)*
Corning, Inc.		217,900		5,227,421
Motorola, Inc.		239,100		3,835,164

				9,062,585

*Computers & Peripherals (0.4%)*
International Business Machines Corp.		21,900		2,367,390

*Electronic Equipment & Instruments (1.3%)*
Arrow Electronics, Inc.*		73,700		2,894,936
Tyco Electronics Ltd.		108,100		4,013,753

				6,908,689

*Internet Software & Services (0.7%)*
Yahoo!, Inc.*		173,300		4,030,958

*IT Services (0.5%)*
Western Union Co.		121,500		2,950,020

*Semiconductors & Semiconductor Equipment (0.6%)*
Xilinx, Inc.		144,500		3,160,215

*Software (1.1%)*
Microsoft Corp.		78,700		2,801,720
Symantec Corp.*		200,200		3,231,228

				6,032,948

Total Information Technology				34,512,805

Materials (4.4%)
*Chemicals (1.5%)*
Rohm & Haas Co.		158,400		8,406,288

*Containers & Packaging (0.6%)*
Pactiv Corp.*		130,500		3,475,215

*Metals & Mining (1.3%)*
Alcoa, Inc.		58,800		2,149,140
United States Steel Corp.		40,200		4,860,582

				7,009,722

*Paper & Forest Products (1.0%)*
Domtar Corp.*		742,368		5,708,810

Total Materials				24,600,035

Telecommunication Services (5.4%)
*Diversified Telecommunication Services (5.0%)*
AT&T, Inc.		67,700		2,813,612
Verizon Communications, Inc.		583,700		25,501,853

				28,315,465

*Wireless Telecommunication Services (0.4%)*
Sprint Nextel Corp.		157,900		2,073,227

Total Telecommunication Services				30,388,692

Utilities (6.9%)
*Electric Utilities (4.0%)*
American Electric Power Co., Inc.		110,600		5,149,536
Edison International		151,400		8,080,218
FirstEnergy Corp.		69,700		5,042,098
Sierra Pacific Resources		262,000		4,448,760

				22,720,612

*Multi-Utilities (2.9%)*
CMS Energy Corp.^		314,800		5,471,224
Consolidated Edison, Inc.		78,100		3,815,185
SCANA Corp.^		68,300		2,878,845
Xcel Energy, Inc.^		171,300		3,866,241

				16,031,495

Total Utilities				38,752,107

Total Common Stocks (97.1%)
(Cost $551,645,090)				545,193,731


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Securities (2.5%)
Federal Home Loan Bank
3.27%, 1/2/08 (o)(p)	$	7,154,000		7,152,700
Federal National Mortgage Association
4.75%, 1/2/08 (o)(p)		7,150,000		7,148,709

Total Government Securities				14,301,409

Short-Term Investments of Cash Collateral for Securities Loaned (7.0%)
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		2,000,000		2,000,000
Morgan Stanley, Repurchase Agreement
4.70%, 1/2/08 (r)		37,222,159		37,222,159

Total Short-Term Investments of Cash Collateral for Securities Loaned				39,222,159

Total Short-Term Investments (9.5%)
(Cost/Amortized Cost $53,524,863)				53,523,568

Total Investments (106.6%)
(Cost/Amortized Cost $605,169,953)				598,717,299
Other Assets Less Liabilities (-6.6%)				(37,308,151	)

Net Assets (100%)			$	561,409,148

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2007.

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

249

EQ ADVISORS TRUST

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	490,268,983
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	559,767,351

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	50,639,037
Aggregate gross unrealized depreciation		(59,777,584	)

Net unrealized depreciation	$	(9,138,547	)

Federal income tax cost of investments	$	607,855,846

At December 31, 2007, the Portfolio had loaned securities with a total value of $38,304,777. This was secured by collateral of $39,222,159 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $9,108, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the year ended December 31, 2007, the Portfolio incurred approximately $980 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

250

EQ ADVISORS TRUST

EQ/LEGG MASON VALUE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (23.3%)
*Automobiles (0.9%)*
General Motors Corp.		80,400	$	2,001,156

*Household Durables (1.7%)*
Beazer Homes USA, Inc.^		17,800		132,254
Centex Corp.		61,100		1,543,386
Pulte Homes, Inc.^		106,400		1,121,456
Ryland Group, Inc.^		34,400		947,720

				3,744,816

*Internet & Catalog Retail (10.5%)*
Amazon.com, Inc.*		159,000		14,729,760
Expedia, Inc.*^		136,200		4,306,644
IAC/InterActiveCorp*^		130,600		3,515,752

				22,552,156

*Leisure Equipment & Products (2.8%)*
Eastman Kodak Co.^		271,000		5,926,770

*Media (3.0%)*
DIRECTV Group, Inc.*		56,000		1,294,720
Time Warner, Inc.		304,500		5,027,295

				6,322,015

*Multiline Retail (4.0%)*
J.C. Penney Co., Inc.		53,900		2,371,061
Sears Holdings Corp.*^		60,900		6,214,845

				8,585,906

*Specialty Retail (0.4%)*
Best Buy Co., Inc.		14,800		779,220

Total Consumer Discretionary				49,912,039

Energy (0.3%)
*Oil, Gas & Consumable Fuels (0.3%)*
Exxon Mobil Corp.		6,200		580,878

Total Energy				580,878

Financials (18.6%)
*Capital Markets (3.2%)*
Bear Stearns Cos., Inc.		29,800		2,629,850
Goldman Sachs Group, Inc.		6,400		1,376,320
Merrill Lynch & Co., Inc.		54,000		2,898,720

				6,904,890

*Commercial Banks (0.5%)*
Wachovia Corp.		27,600		1,049,628

*Consumer Finance (1.3%)*
Capital One Financial Corp.		60,100		2,840,326

*Diversified Financial Services (7.9%)*
Citigroup, Inc.		217,000		6,388,480
JPMorgan Chase & Co.		227,200		9,917,280
NYSE Euronext, Inc.		7,600		667,052

				16,972,812

*Insurance (3.0%)*
American International Group, Inc.		109,500		6,383,850

*Thrifts & Mortgage Finance (2.7%)*
Countrywide Financial Corp.^		270,000		2,413,800
Freddie Mac		76,300		2,599,541
Washington Mutual, Inc.^		49,500		673,695

				5,687,036

Total Financials				39,838,542

Health Care (14.8%)
*Biotechnology (1.5%)*
Amgen, Inc.*		67,100		3,116,124

*Health Care Equipment & Supplies (0.6%)*
Covidien Ltd.		30,650		1,357,488

*Health Care Providers & Services (11.2%)*
Aetna, Inc.		185,000		10,680,050
Health Net, Inc.*		24,600		1,188,180
UnitedHealth Group, Inc.		209,800		12,210,360

				24,078,590

*Pharmaceuticals (1.5%)*
Pfizer, Inc.		143,100		3,252,663

Total Health Care				31,804,865

Industrials (4.4%)
*Industrial Conglomerates (4.4%)*
General Electric Co.		170,200		6,309,314
Tyco International Ltd.		81,350		3,225,528

				9,534,842

Total Industrials				9,534,842

Information Technology (22.3%)
*Communications Equipment (2.7%)*
Cisco Systems, Inc.*		146,100		3,954,927
Motorola, Inc.		111,100		1,782,044

				5,736,971

*Computers & Peripherals (4.5%)*
Hewlett-Packard Co.		108,800		5,492,224
International Business Machines Corp.		38,000		4,107,800

				9,600,024

*Internet Software & Services (9.9%)*
eBay, Inc.*		220,000		7,301,800
Google, Inc., Class A*		9,575		6,620,921
Yahoo!, Inc.*		314,300		7,310,618

				21,233,339

*Semiconductors & Semiconductor Equipment (1.5%)*
Texas Instruments, Inc.		100,700		3,363,380

*Software (3.7%)*
CA, Inc.		131,500		3,280,925
Electronic Arts, Inc.*		78,800		4,602,708

				7,883,633

Total Information Technology				47,817,347

Materials (0.6%)
*Metals & Mining (0.6%)*
Nucor Corp.		20,000		1,184,400

Total Materials				1,184,400

Telecommunication Services (7.7%)
*Diversified Telecommunication Services (3.9%)*
Qwest Communications International, Inc.*		1,207,000		8,461,070

*Wireless Telecommunication Services (3.8%)*
Sprint Nextel Corp.		615,100		8,076,263

Total Telecommunication Services				16,537,333

Utilities (6.0%)
*Independent Power Producers & Energy Traders (6.0%)*
AES Corp.*		602,900		12,896,031

Total Utilities				12,896,031

Total Common Stocks (98.0%)
(Cost $216,723,399).				210,106,277


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (10.1%)
Barclays Capital, Repurchase Agreement
4.65%, 1/2/08 (r)	$	2,000,000		2,000,000

251

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EQ/LEGG MASON VALUE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Principal Amount		Value (Note 1)
CDC Financial Products, Inc.
4.65%, 2/29/08 (l)	$	250,000	$	250,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		19,435,580		19,435,580

Total Short-Term Investments of Cash Collateral for Securities Loaned				21,685,580

Time Deposit (2.7%)
JPMorgan Chase Nassau
3.51%, 1/2/08		5,680,572		5,680,572

Total Short-Term Investments (12.8%)
(Amortized Cost $27,366,152)				27,366,152

Total Investments (110.8%)
(Cost/Amortized Cost $244,089,551)				237,472,429
Other Assets Less Liabilities (-10.8%)				(23,161,973	)

Net Assets (100%)			$	214,310,456

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	81,518,771
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	60,650,966

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	25,433,573
Aggregate gross unrealized depreciation		(32,422,502	)

Net unrealized depreciation	$	(6,988,929	)

Federal income tax cost of investments	$	244,461,358

At December 31, 2007, the Portfolio had loaned securities with a total value of $21,106,903. This was secured by collateral of $ 21,685,580 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

See Notes to Financial Statements.

252

EQ ADVISORS TRUST

EQ/LONG TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (25.6%)
*Asset-Backed Securities (14.5%)*
Accredited Mortgage Loan Trust,
Series 07-1 A1
4.915%, 2/25/37 (b)(l)	$	5,781,088	$	5,590,013
ACE Securities Corp.,
Series 06-NC3 A2A
4.915%, 12/25/36 (b)(l)		4,027,156		3,910,396
American Express Credit Account Master Trust,
Series 01-5 A
5.208%, 11/15/10 (l)		7,740,000		7,744,069
Series 03-2 A
5.138%, 10/15/10 (l)		6,810,000		6,812,207
Bank One Issuance Trust,
Series 03-A3 A3
5.138%, 12/15/10 (l)		7,130,000		7,132,292
Series 03-A6 A6
5.138%, 2/15/11 (l)		13,685,000		13,688,655
Bear Stearns Asset Backed Securities Trust,
Series 05-HE12 1A1
4.965%, 12/25/35 (b)(l)		504,589		504,181
Series 06-HE10 21A1
4.935%, 12/25/36 (b)(l)		3,183,363		3,118,210
BNC Mortgage Loan Trust,
Series 07-3 A2
4.925%, 7/25/37 (b)(l)		5,789,631		5,471,639
Carrington Mortgage Loan Trust,
Series 06-NC5 A1
4.915%, 1/25/37 (b)(l)		3,992,441		3,905,878
Series 07-RFC1 A1
4.915%, 12/25/36 (b)(l)		5,027,517		4,912,474
Chase Issuance Trust,
Series 05-A1 A1
5.038%, 12/15/10 (l)		6,685,000		6,685,198
Countrywide Asset-Backed Certificates,
Series 06-19 2A1
4.925%, 3/25/37 (b)(l)		1,038,353		1,010,349
Series 06-22 2A1
4.915%, 5/25/37 (b)(l)		3,396,905		3,348,987
Series 06-25 2A1
4.935%, 6/25/37 (b)(l)		5,007,839		4,883,614
Series 06-26 2A1
4.945%, 6/25/37 (b)(l)		2,986,682		2,913,909
Series 07-6 2A1
4.965%, 9/25/37 (b)(l)		5,870,492		5,742,986
Series 07-7 2A1
4.945%, 10/25/37 (b)(l)		5,386,525		5,232,691
Discover Card Master Trust I,
Series 01-1 A
5.248%, 1/15/08 (l)		8,485,000		8,485,585
Series 03-2 A
5.158%, 8/15/10 (l)		6,785,000		6,786,882
Ford Credit Auto Owner Trust,
Series 06-A A3
5.050%, 3/15/10		10,560,184		10,577,428
Series 06-B A2A
5.420%, 7/15/09		2,179,675		2,182,357
Honda Auto Receivables Owner Trust,
Series 06-2 A3
5.300%, 7/21/10		6,945,000		6,971,886
Series 07-2 A2
5.410%, 11/23/09		6,675,000		6,698,985
MBNA Master Credit Card Trust,
Series 98-E A
5.388%, 9/15/10 (l)		7,735,000		7,738,543
Morgan Stanley ABS Capital I,
Series 06-HE8 A2A
4.915%, 10/25/36 (b)(l)		3,233,383		3,089,023
Series 07-HE4 A2A
4.975%, 2/25/37 (b)(l)		7,400,060		7,230,975
Series 07-NC1 A2A
4.915%, 11/25/36 (l)		3,934,676		3,817,441
Nationstar Home Equity Loan Trust,
Series 06-B AV1
4.935%, 9/25/36 (b)(l)		1,564,789		1,547,961
Option One Mortgage Loan Trust,
Series 07-5 2A1
4.955%, 5/25/37 (b)(l)		6,023,846		5,911,798
Residential Asset Mortgage Products, Inc.,
Series 06-EFC2 A1
4.925%, 12/25/36 (b)(l)		2,962,190		2,893,731
Structured Asset Securities Corp.,
Series 06-BC6 A2
4.945%, 1/25/37 (b)(l)		4,084,397		3,944,306
Series 07-WF2 A2
5.565%, 8/25/37 (l)		7,921,986		7,789,538
World Omni Auto Receivable Trust,
Series 06-A A3
5.010%, 10/15/10		5,096,776		5,104,054

				183,378,241

*Non-Agency CMO (11.1%)*
Banc of America Commercial Mortgage, Inc.,
Series 07-2 A4
5.688%, 4/10/49 (l)		6,100,000		6,259,719
Series 07-3 A4
5.659%, 6/10/49 (l)		8,200,000		8,383,248
Series 07-PW17 A4
5.694%, 6/11/50 (l)		5,175,000		5,284,043
Citigroup Commercial Mortgage Trust,
Series 06-C4 A3
5.723%, 3/15/49 (l)		5,000,000		5,162,354
Citigroup/Deutsche Bank Commercial Mortgage Trust,
Series 07-CD5 A4
5.886%, 11/15/44 (l)		7,100,000		7,301,159
Countrywide Alternative Loan Trust,
Series 05-64CB 1A15
5.500%, 12/25/35		4,500,000		4,168,377
Series 06-OC8 2A1A
4.955%, 11/25/36 (l)		4,088,729		4,001,209
Series 06-OC10 2A1
4.955%, 11/25/36 (l)		2,995,971		2,946,175
Series 06-OC11 2A1
4.965%, 1/25/37 (l)		4,003,833		3,955,863
CW Capital Cobalt Ltd.,
Series 07-C3 A4
5.820%, 5/15/46 (l)		4,050,000		4,193,802
GS Mortgage Securities Corp. II,
Series 07-GG10 A4
5.799%, 8/10/45 (l)		6,350,000		6,567,620
LB Commercial Conduit Mortgage Trust,
Series 98-C4 A2
6.300%, 10/15/35		8,590,784		8,639,105
LB-UBS Commercial Mortgage Trust,
Series 05-C3 A5
4.739%, 7/15/30^		10,165,000		9,747,205
Series 07-C1 AM
5.455%, 2/15/40		1,600,000		1,565,989
Series 07-C7 A3
5.866%, 9/15/45 (l)		8,725,000		9,025,069
Morgan Stanley Capital I,
Series 07-IQ15 A4
5.882%, 6/11/49 (l)		7,675,000		7,994,384

253

EQ ADVISORS TRUST

EQ/LONG TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Series 07-IQ16 A4
5.809%, 12/12/49	$	3,955,000	$	4,070,270
TIAA Retail Commercial Trust,
Series 07-C4 A3
6.097%, 8/15/39 (l)		10,380,000		10,689,508
Wachovia Bank Commercial Mortgage Trust,
Series 04-C15 A4
4.803%, 10/15/41		7,975,000		7,877,960
Series 05-C22 A4
5.266%, 12/15/44 (l)		3,525,000		3,527,989
Series 06-C25 A4
5.742%, 5/15/43 (l)		3,925,000		4,052,512
Series 07-C32 A3
5.741%, 6/15/49 (l)		6,175,000		6,339,826
Series 07-C33 A4
5.903%, 2/15/51 (l)		3,100,000		3,236,790
Wells Fargo Mortgage Backed Securities Trust,
Series 07-8 2A2
6.000%, 7/25/37		5,660,000		5,639,149

				140,629,325

Total Asset-Backed and Mortgage-Backed Securities				324,007,566

Consumer Discretionary (2.5%)
*Media (2.5%)*
Comcast Corp.
7.050%, 3/15/33		3,500,000		3,823,274
6.950%, 8/15/37		5,175,000		5,585,233
Historic TW, Inc.
6.625%, 5/15/29		8,500,000		8,368,454
News America Holdings, Inc.
7.700%, 10/30/25^		3,500,000		3,931,686
News America, Inc.
6.400%, 12/15/35^		4,975,000		5,032,939
TCI Communications, Inc.
7.875%, 2/15/26		4,000,000		4,520,212

Total Consumer Discretionary				31,261,798

Consumer Staples (1.7%)
*Food & Staples Retailing (0.7%)*
CVS Caremark Corp.
6.250%, 6/1/27^		3,475,000		3,482,516
Tesco plc
6.150%, 11/15/37 §		4,125,000		4,029,873
Wal-Mart Stores, Inc.
5.250%, 9/1/35		1,900,000		1,685,327

				9,197,716

*Food Products (0.7%)*
Kraft Foods, Inc.
7.000%, 8/11/37		4,370,000		4,589,833
6.875%, 2/1/38		4,000,000		4,187,760

				8,777,593

*Household Products (0.3%)*
Kimberly Clark Corp.
6.625%, 8/1/37^		2,475,000		2,739,404
Proctor & Gamble Co.
5.550%, 3/5/37		1,200,000		1,206,826

				3,946,230

Total Consumer Staples				21,921,539

Energy (3.4%)
*Energy Equipment & Services (0.6%)*
Halliburton Co.
8.750%, 2/15/21		2,800,000		3,571,946
Transocean, Inc.
6.800%, 3/15/38		3,600,000		3,673,253

				7,245,199

*Oil, Gas & Consumable Fuels (2.8%)*
Anadarko Finance Co.,
Series B
7.500%, 5/1/31		2,750,000		3,091,872
Anadarko Petroleum Corp.
6.450%, 9/15/36		6,500,000		6,619,184
Burlington Resources Finance Co.
7.400%, 12/1/31		2,475,000		2,922,383
Canadian Natural Resources Ltd.
6.250%, 3/15/38		1,200,000		1,172,484
Conoco Funding Co.
7.250%, 10/15/31^		425,000		497,187
ConocoPhillips Canada Funding Co.
5.950%, 10/15/36		1,920,000		1,965,316
ConocoPhillips Holding Co.
6.950%, 4/15/29		1,800,000		2,055,769
Devon Energy Corp.
7.950%, 4/15/32		325,000		397,745
EnCana Corp.
6.500%, 8/15/34		1,445,000		1,479,677
6.625%, 8/15/37		2,000,000		2,083,250
6.500%, 2/1/38		1,050,000		1,085,044
Nexen, Inc.
6.400%, 5/15/37		1,625,000		1,622,273
Suncor Energy, Inc.
6.500%, 6/15/38		1,100,000		1,176,142
Valero Energy Corp.
6.625%, 6/15/37		2,625,000		2,643,566
XTO Energy, Inc.
6.750%, 8/1/37		6,065,000		6,505,501

				35,317,393

Total Energy				42,562,592

Financials (16.1%)
*Capital Markets (3.0%)*
Goldman Sachs Group, Inc.
5.450%, 11/1/12^		7,920,000		8,146,195
6.250%, 9/1/17		1,275,000		1,326,382
6.125%, 2/15/33		3,000,000		2,948,337
6.750%, 10/1/37		8,425,000		8,254,630
Lehman Brothers Holdings, Inc.
6.691%, 9/15/22 (l)		1,550,000		1,531,456
7.000%, 9/27/27		3,150,000		3,197,102
6.875%, 7/17/37		4,630,000		4,526,682
Morgan Stanley
5.550%, 4/27/17		4,500,000		4,388,256
6.250%, 8/9/26^		4,500,000		4,392,657

				38,711,697

*Commercial Banks (4.2%)*
Barclays Bank plc
5.926%, 9/29/49 §(l)		1,880,000		1,749,308
7.434%, 9/29/49 §(l)		4,950,000		5,143,798
Depfa ACS Bank
5.125%, 3/16/37 §		9,625,000		9,513,571
First Union National Bank of Florida
6.180%, 2/15/36		5,000,000		5,077,910
FleetBoston Financial Corp.
6.875%, 1/15/28		750,000		784,532
HSBC Holdings plc
7.625%, 5/17/32		1,000,000		1,088,585
Royal Bank of Scotland Group plc
6.990%, 10/29/49 §(l)		3,250,000		3,240,224
Societe Generale
5.922%, 4/29/49 §(l)		3,700,000		3,423,802
UBS AG/Connecticut
5.875%, 12/20/17		5,775,000		5,815,685
UBS AG/New York
7.750%, 9/1/26		2,000,000		2,287,412

254

EQ ADVISORS TRUST

EQ/LONG TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Wachovia Bank N.A./North Carolina
6.600%, 1/15/38	$	10,650,000	$	10,703,463
Wells Fargo Bank N.A.
5.950%, 8/26/36		4,300,000		4,039,992

				52,868,282

*Consumer Finance (0.1%)*
SLM Corp.
5.384%, 1/27/14 (l)		1,575,000		1,346,420

*Diversified Financial Services (5.8%)*
Bank of America Corp.
6.000%, 9/1/17		8,525,000		8,709,754
5.750%, 12/1/17		12,345,000		12,373,319
Bank of America N.A.
5.300%, 3/15/17		5,275,000		5,129,283
6.100%, 6/15/17		3,650,000		3,730,260
Citigroup, Inc.
5.875%, 2/22/33		2,500,000		2,281,690
5.850%, 12/11/34		7,425,000		6,841,128
6.125%, 8/25/36		1,700,000		1,609,033
5.875%, 5/29/37		3,450,000		3,219,757
General Electric Capital Corp.
6.150%, 8/7/37		5,000,000		5,312,145
JPMorgan Chase & Co.
6.000%, 1/15/18		1,575,000		1,602,380
JPMorgan Chase Bank N.A.
6.000%, 10/1/17		5,800,000		5,898,722
JPMorgan Chase Capital XXII
6.450%, 2/2/37		925,000		823,425
JP Morgan Chase Capital XXV
6.800%, 10/1/37		13,525,000		13,003,895
ZFS Finance USA Trust I
6.500%, 5/9/37 §(l)		2,775,000		2,561,847

				73,096,638

*Insurance (3.0%)*
Allstate Corp.
6.500%, 5/15/57^ (l)		7,075,000		6,584,540
Chubb Corp.
6.000%, 5/11/37		3,275,000		3,093,951
Lincoln National Corp.
6.300%, 10/9/37		1,250,000		1,215,511
6.050%, 4/20/67 (l)		4,420,000		4,126,331
MetLife, Inc.
5.700%, 6/15/35		4,000,000		3,652,604
6.400%, 12/15/36		4,115,000		3,771,361
Progressive Corp.
6.700%, 6/15/37 (l)		1,600,000		1,485,390
Prudential Financial, Inc.
5.900%, 3/17/36		3,000,000		2,728,902
5.700%, 12/14/36^		1,125,000		997,592
6.625%, 12/1/37		4,280,000		4,315,956
Travelers Cos., Inc.
6.250%, 3/15/37 (l)		3,950,000		3,704,259
6.250%, 6/15/37		2,450,000		2,373,099

				38,049,496

Total Financials				204,072,533

Government Securities (51.5%)
*Agency CMO (6.3%)*
Federal Home Loan Mortgage Corp.
4.500%, 4/15/19		4,850,000		4,681,919
5.500%, 4/15/34		10,000,000		9,896,184
5.500%, 10/15/34		5,340,000		5,352,761
5.500%, 6/15/35		13,340,000		13,188,303
5.500%, 12/15/35		5,430,000		5,344,113
5.000%, 1/15/36		15,077,250		13,630,303
5.500%, 7/15/37		6,456,260		6,370,650
Federal National Mortgage Association
5.500%, 6/25/18		1,579,169		1,578,543
4.500%, 9/25/18		5,340,000		5,181,035
5.500%, 5/25/35		13,212,000		13,337,995
5.000%, 7/1/36 IO		9,249,711		1,977,584

				80,539,390

*Foreign Governments (0.1%)*
Province of British Columbia
7.250%, 9/1/36		1,000,000		1,338,354

*Municipal Bonds (0.6%)*
Illinois State
5.100%, 6/1/33		7,625,000		7,406,086

U.S. Government Agencies (9.3%)
Federal Farm Credit Bank
6.890%, 9/12/25		10,750,000		13,338,374
Federal National Mortgage Association
6.250%, 5/15/29		23,900,000		28,050,307
6.625%, 11/15/30^		16,850,000		20,793,271
5.000%, 2/1/36		15,376,752		15,011,899
6.000%, 10/1/36		18,674,034		18,967,098
6.000%, 7/1/37		13,785,713		14,000,201
5.500%, 1/25/38 TBA		100,000		99,875
Tennessee Valley Authority STRIPs
4.927%, 11/1/25 PO		17,750,000		7,344,613

				117,605,638

U.S. Treasuries (35.2%)
U.S. Treasury Bonds
8.750%, 8/15/20^		23,380,000		33,289,099
6.250%, 8/15/23		166,930,000		199,859,613
6.250%, 5/15/30^		2,900,000		3,619,110
4.500%, 2/15/36^		19,740,000		19,840,240
4.750%, 2/15/37^		4,860,000		5,086,291
5.000%, 5/15/37^		89,440,000		97,482,624
Inflation Indexed
2.375%, 1/15/27^		21,595,212		22,836,937
U.S. Treasury Notes
4.250%, 11/15/17		3,800,000		3,866,204
U.S. Treasury STRIPS
8/15/21^ IO		23,525,000		12,527,015
11/15/27^ PO		115,925,000		46,500,531

				444,907,664

Total Government Securities				651,797,132

Health Care (2.9%)
*Health Care Equipment & Supplies (0.4%)*
Covidien International Finance S.A.
6.550%, 10/15/37 §		5,075,000		5,270,570

*Health Care Providers & Services (0.2%)*
UnitedHealth Group, Inc.
5.800%, 3/15/36		2,225,000		2,035,283

*Pharmaceuticals (2.3%)*
Bristol-Myers Squibb Co.
5.875%, 11/15/36		3,660,000		3,637,034
Eli Lilly & Co.
5.550%, 3/15/37		5,385,000		5,216,665
Johnson & Johnson
5.950%, 8/15/37		3,375,000		3,642,313
Schering-Plough Corp.
6.550%, 9/15/37		6,700,000		7,099,018
Teva Pharmaceutical Finance LLC
6.150%, 2/1/36		2,000,000		1,986,130
Wyeth
6.000%, 2/15/36^		4,530,000		4,529,647

255

EQ ADVISORS TRUST

EQ/LONG TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
5.950%, 4/1/37	$	3,225,000	$	3,233,556

				29,344,363

Total Health Care				36,650,216

Industrials (0.7%)
*Aerospace & Defense (0.4%)*
Honeywell International, Inc.
5.700%, 3/15/37		2,010,000		1,984,463
United Technologies Corp.
6.700%, 8/1/28		1,725,000		1,872,945
6.050%, 6/1/36		1,300,000		1,337,552

				5,194,960

*Industrial Conglomerates (0.3%)*
3M Co.
5.700%, 3/15/37^		4,125,000		4,207,537

Total Industrials				9,402,497

Information Technology (0.9%)
*Computers & Peripherals (0.9%)*
International Business Machines Corp.
5.700%, 9/14/17		10,850,000		11,216,318

Total Information Technology				11,216,318

Materials (0.6%)
*Metals & Mining (0.6%)*
Alcoa, Inc.
5.870%, 2/23/22		1,425,000		1,377,123
Teck Cominco Ltd.
6.125%, 10/1/35		3,500,000		3,234,256
Xstrata Canada Corp.
6.200%, 6/15/35^		3,500,000		3,255,822

Total Materials				7,867,201

Telecommunication Services (4.9%)
*Diversified Telecommunication Services (4.1%)*
AT&T Corp.
8.000%, 11/15/31		3,000,000		3,684,219
AT&T, Inc.
6.800%, 5/15/36^		3,025,000		3,273,316
6.500%, 9/1/37		11,875,000		12,417,426
6.300%, 1/15/38		3,025,000		3,073,379
British Telecommunications plc
9.125%, 12/15/30		1,725,000		2,283,253
Embarq Corp.
7.995%, 6/1/36		3,100,000		3,266,892
Sprint Capital Corp.
6.875%, 11/15/28		2,000,000		1,896,726
8.750%, 3/15/32		2,500,000		2,817,995
Telecom Italia Capital S.A.
6.000%, 9/30/34		4,500,000		4,375,827
Telefonica Emisiones S.A.U.
7.045%, 6/20/36		4,500,000		5,030,037
Verizon Communications, Inc.
6.250%, 4/1/37^		4,600,000		4,717,240
Verizon Global Funding Corp.
7.750%, 12/1/30^		3,500,000		4,105,017

				50,941,327

*Wireless Telecommunication Services (0.8%)*
Vodafone Group plc
7.875%, 2/15/30		2,500,000		2,945,440
6.150%, 2/27/37		7,525,000		7,431,841

				10,377,281

Total Telecommunication Services				61,318,608

Utilities (3.6%)
*Electric Utilities (3.2%)*
Cleveland Electric Illuminating Co.
5.950%, 12/15/36^		2,500,000		2,287,663
Consolidated Edison Co. of New York, Inc.
6.200%, 6/15/36		1,325,000		1,349,589
EDP Finance B.V.
6.000%, 2/2/18 §		3,575,000		3,486,826
Florida Power & Light Co.
5.400%, 9/1/35		2,500,000		2,342,615
Florida Power Corp.
6.350%, 9/15/37		4,750,000		5,004,590
MidAmerican Energy Co.
5.800%, 10/15/36		1,550,000		1,505,117
MidAmerican Energy Holdings Co.
5.950%, 5/15/37		3,950,000		3,831,413
6.500%, 9/15/37		5,625,000		5,874,109
PacifiCorp
6.250%, 10/15/37		1,800,000		1,858,842
Public Service Co. of Colorado
6.250%, 9/1/37		3,550,000		3,681,002
Southern California Edison Co.
5.625%, 2/1/36		1,750,000		1,674,587
Series 05-E
5.350%, 7/15/35		2,125,000		1,963,568
Tampa Electric Co.
6.150%, 5/15/37		1,825,000		1,785,542
Virginia Electric & Power Co.
6.000%, 5/15/37		3,700,000		3,618,763

				40,264,226

*Multi-Utilities (0.4%)*
Dominion Resources, Inc.
5.950%, 6/15/35		2,000,000		1,869,104
Energy East Corp.
6.750%, 7/15/36		3,500,000		3,538,993

				5,408,097

Total Utilities				45,672,323

Total Long-Term Debt Securities (114.4%)
(Cost $1,424,915,633)				1,447,750,323

PREFERRED STOCKS:
Financials (2.3%)
*Commercial Banks (1.0%)*
Wachovia Corp.
8.000%		490,000		12,397,000

*Thrifts & Mortgage Finance (1.3%)*
Fannie Mae
8.250%		370,100		9,530,075
Freddie Mac
8.375%,		263,700		6,895,755

				16,425,830

Total Preferred Stocks (2.3%)
(Cost $28,095,000)				28,822,830

SHORT-TERM INVESTMENTS:
Commercial Paper (0.4%)
Abbott Laboratories
6.15%, 11/30/37		5,200,000		5,486,879

Short-Term Investments of Cash Collateral for Securities Loaned (11.1%)
Bancaja U.S. Debt S.A.U.
5.37%, 7/10/09		3,301,077		3,301,077
Banco de Sabadell S.A.
5.19%, 4/23/09 (l)		7,000,000		7,000,000
Bank of Montreal/Chicago
5.14%, 3/12/09 (l)		7,000,000		7,000,000

256

EQ ADVISORS TRUST

EQ/LONG TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount			Value (Note 1)
Barclays Capital, Repurchase Agreement
4.65%, 1/2/08 (r)	$	2,000,000		$	2,000,000
BBVA Senior Finance S.A.
5.18%, 3/12/10 (l)		6,000,000			6,000,000
BCP Finance Bank Ltd.
5.28%, 9/2/08 (l)		10,000,000			10,000,000
Bear Stearns Cos., Inc.
5.63%, 3/31/08 (l)		5,000,000			5,000,000
Beta Finance, Inc.
4.38%, 2/17/09 (l)		4,997,769			4,997,769
Comerica Bank
5.00%, 6/19/09 (l)		5,000,700			5,000,700
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		20,000,000			20,000,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		23,649,334			23,649,334
Goldman Sachs Group, Inc.
4.41%, 3/27/09 (l)		10,000,000			10,000,000
Monumental Global Funding II
4.40%, 3/26/10 (l)		3,000,000			3,000,000
Morgan Stanley, Repurchase Agreement
4.70%, 1/2/08 (r)		24,884,333			24,884,333
National Bank of Canada/New York
5.16%, 4/16/08 (l)		2,000,000			2,000,000
Pricoa Global Funding I
4.41%, 12/15/09 (l)		2,000,000			2,000,000
Principal Life Income Fund Trust 29
4.40%, 3/22/10 (l)		4,000,000			4,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned					139,833,213

Time Deposit (3.4%)
JPMorgan Chase Nassau
3.51%, 1/2/08		42,584,011			42,584,011

Total Short-Term Investments (14.9%)
(Cost/Amortized Cost $187,596,458)					187,904,103

Total Investments Before Securities Sold Short (131.6%)
(Cost/Amortized Cost $1,640,607,091)					1,664,477,256

SECURITIES SOLD SHORT:
U.S. Government Agency (-3.8%)
Federal National Mortgage Association
5.000%, 2/25/37 TBA		(15,300,000	)		(14,917,500	)
6.000%, 1/25/38 TBA		(32,400,000	)		(32,896,109	)

Total Securities Sold Short (-3.8%)
(Proceeds Received $47,541,707)					(47,813,609	)

Total Investments (127.8%)
(Cost/Amortized Cost $1,593,065,384)					1,616,663,647
Other Assets Less Liabilities (-27.8%)					(351,736,664	)

Net Assets (100%)				$	1,264,926,983

^	All, or a portion of security out on loan (See Note 1).

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2007, the market value of these securities amounted to $38,419,819 or 3.04% of net assets. Securities denoted with “§” but without “(b)”have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:


CMO	—	Collateralized Mortgage Obligation
IO	—	Interest only
PO	—	Principal only
STRIPs	—	Separate Trading of Registered Interest and Principal of Securities
TBA	—	Security is subject to delayed delivery.

257

EQ ADVISORS TRUST

EQ/LONG TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	815,061,498
Long-term U.S. Treasury securities		5,826,059,997

	$	6,641,121,495

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	235,624,384
Long-term U.S. Treasury securities		5,790,164,287

	$	6,025,788,671

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	29,130,025
Aggregate gross unrealized depreciation		(11,198,283	)

Net unrealized appreciation	$	17,931,742

Federal income tax cost of investments	$	1,646,545,514

At December 31, 2007, the Portfolio had loaned securities with a total value of $207,460,485. This was secured by collateral of $139,833,213 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $70,176,854 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $107,745, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

The Portfolio has a net capital loss carryforward of $4,444,480 which expires in the year 2014.

The Portfolio utilized net capital loss carryforward of $15,365,655 during 2007.

See Notes to Financial Statements.

258

EQ ADVISORS TRUST

EQ/LORD ABBETT GROWTH AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (6.0%)
*Automobiles (0.2%)*
General Motors Corp.	14,810	$	368,621

*Hotels, Restaurants & Leisure (0.2%)*
Carnival Corp.	10,900		484,941

*Internet & Catalog Retail (2.7%)*
IAC/InterActiveCorp*^	236,456		6,365,395

*Media (1.1%)*
News Corp., Class B	46,946		997,602
Time Warner, Inc.	104,560		1,726,286

			2,723,888

*Multiline Retail (0.7%)*
Kohl’s Corp.*	35,510		1,626,358

*Specialty Retail (1.1%)*
J. Crew Group, Inc.*^	56,760		2,736,400

Total Consumer Discretionary			14,305,603

Consumer Staples (16.6%)
*Beverages (4.3%)*
Coca-Cola Co.	78,563		4,821,411
Coca-Cola Enterprises, Inc.^	211,908		5,515,965

			10,337,376

*Food & Staples Retailing (4.8%)*
CVS Caremark Corp.	86,670		3,445,132
Kroger Co.	73,776		1,970,557
Safeway, Inc.	13,320		455,677
SUPERVALU, Inc.	91,786		3,443,811
Wal-Mart Stores, Inc.	43,056		2,046,452

			11,361,629

*Food Products (4.7%)*
Archer-Daniels-Midland Co.	80,380		3,732,044
General Mills, Inc.	12,740		726,180
Kraft Foods, Inc., Class A	175,259		5,718,701
Wm. Wrigley Jr. Co.	15,580		912,209

			11,089,134

*Household Products (2.5%)*
Colgate-Palmolive Co.	15,200		1,184,992
Procter & Gamble Co.	66,107		4,853,576

			6,038,568

*Tobacco (0.3%)*
Altria Group, Inc.	8,450		638,651

Total Consumer Staples			39,465,358

Energy (9.8%)
*Energy Equipment & Services (1.2%)*
Schlumberger Ltd.	21,669		2,131,580
Smith International, Inc.	10,350		764,347

			2,895,927

*Oil, Gas & Consumable Fuels (8.6%)*
Chevron Corp.	15,470		1,443,815
Devon Energy Corp.	16,320		1,451,011
Exxon Mobil Corp.	128,136		12,005,062
Marathon Oil Corp.	13,690		833,174
Occidental Petroleum Corp.	20,870		1,606,781
Spectra Energy Corp.	66,765		1,723,872
Valero Energy Corp.	6,840		479,005
XTO Energy, Inc.	17,400		893,664

			20,436,384

Total Energy			23,332,311

Financials (22.5%)
*Capital Markets (7.9%)*
Bank of New York Mellon Corp.	218,987		10,677,806
Charles Schwab Corp.	109,860		2,806,923
Merrill Lynch & Co., Inc.	52,970		2,843,430
Morgan Stanley	48,180		2,558,840

			18,886,999

*Commercial Banks (3.4%)*
Marshall & Ilsley Corp.	18,731		495,997
PNC Financial Services Group, Inc.	36,080		2,368,652
SunTrust Banks, Inc.	22,314		1,394,402
Wells Fargo & Co.	125,590		3,791,562

			8,050,613

*Consumer Finance (0.3%)*
American Express Co.	10,620		552,452

*Diversified Financial Services (4.4%)*
Citigroup, Inc.	145,459		4,282,313
JPMorgan Chase & Co.	141,063		6,157,400

			10,439,713

*Insurance (3.9%)*
American International Group, Inc.	33,784		1,969,607
Aon Corp.	77,970		3,718,389
Hartford Financial Services Group, Inc.	10,540		918,983
MetLife, Inc.	18,868		1,162,646
Prudential Financial, Inc.	16,800		1,563,072

			9,332,697

*Thrifts & Mortgage Finance (2.6%)*
Fannie Mae	156,513		6,257,390

Total Financials			53,519,864

Health Care (8.5%)
*Biotechnology (0.8%)*
Amgen, Inc.*	39,840		1,850,170

*Pharmaceuticals (7.7%)*
Abbott Laboratories	106,717		5,992,160
Bristol-Myers Squibb Co.	92,360		2,449,387
Eli Lilly & Co.	43,260		2,309,651
Schering-Plough Corp.	29,020		773,093
Teva Pharmaceutical Industries Ltd. (ADR)^	107,850		5,012,868
Wyeth	42,108		1,860,752

			18,397,911

Total Health Care			20,248,081

Industrials (10.8%)
*Aerospace & Defense (0.6%)*
Rockwell Collins, Inc.	18,409		1,324,896

*Air Freight & Logistics (0.7%)*
United Parcel Service, Inc., Class B	23,360		1,652,019

*Airlines (1.0%)*
Delta Air Lines, Inc.*	162,640		2,421,710

*Commercial Services & Supplies (0.4%)*
Waste Management, Inc.	25,246		824,787

*Electrical Equipment (1.9%)*
Emerson Electric Co.	79,502		4,504,583

*Industrial Conglomerates (4.3%)*
3M Co.	4,880		411,482
General Electric Co.	267,819		9,928,050

			10,339,532

*Machinery (0.8%)*
Caterpillar, Inc.	8,086		586,720
Eaton Corp.	13,116		1,271,596

			1,858,316

259

EQ ADVISORS TRUST

EQ/LORD ABBETT GROWTH AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
*Road & Rail (1.1%)*
Hertz Global Holdings, Inc.*^		171,470	$	2,724,658

Total Industrials				25,650,501

Information Technology (11.7%)
*Communications Equipment (2.2%)*
Cisco Systems, Inc.*		16,200		438,534
Corning, Inc.		38,780		930,332
Juniper Networks, Inc.*		60,430		2,006,276
QUALCOMM, Inc.		45,820		1,803,017

				5,178,159

*Computers & Peripherals (4.0%)*
Hewlett-Packard Co.		90,890		4,588,127
Sun Microsystems, Inc.*		268,438		4,866,781

				9,454,908

*Electronic Equipment & Instruments (0.1%)*
Avnet, Inc.*		6,840		239,195

*Internet Software & Services (0.4%)*
Yahoo!, Inc.*		39,420		916,909

*IT Services (0.4%)*
Paychex, Inc.		4,760		172,407
Western Union Co.		33,660		817,265

				989,672

*Semiconductors & Semiconductor Equipment (0.6%)*
Altera Corp.		46,550		899,346
NVIDIA Corp.*		18,245		620,695

				1,520,041

*Software (4.0%)*
Microsoft Corp.		156,420		5,568,552
Oracle Corp.*		182,370		4,117,915

				9,686,467

Total Information Technology				27,985,351

Materials (5.3%)
*Chemicals (2.5%)*
Monsanto Co.		36,113		4,033,461
Praxair, Inc.		21,100		1,871,781

				5,905,242

*Metals & Mining (2.8%)*
Barrick Gold Corp.		92,351		3,883,360
Cia Vale do Rio Doce (ADR)^		17,830		582,506
Freeport-McMoRan Copper & Gold, Inc.		23,300		2,386,852

				6,852,718

Total Materials				12,757,960

Telecommunication Services (3.2%)
*Diversified Telecommunication Services (3.2%)*
AT&T, Inc.		148,387		6,166,964
Verizon Communications, Inc.		33,430		1,460,556

				7,627,520

Total Telecommunication Services				7,627,520

Utilities (4.4%)
*Electric Utilities (3.0%)*
FPL Group, Inc.		28,738		1,947,862
PPL Corp.		49,366		2,571,475
Progress Energy, Inc.		53,226		2,577,735

				7,097,072

*Multi-Utilities (1.4%)*
PG&E Corp.		55,490		2,391,064
Sempra Energy		17,750		1,098,370

				3,489,434

Total Utilities				10,586,506

Total Common Stocks (98.8%)
(Cost $222,993,611)				235,479,055

CONVERTIBLE PREFERRED STOCK:
Health Care (0.3%)
*Pharmaceuticals (0.3%)*
Mylan, Inc., 6.500%
(Cost $758,000)		758		770,318


	Principal Amount
SHORT-TERM INVESTMENT:
Short-Term Investments of Cash Collateral for Securities Loaned (7.0%)
CDC Financial Products, Inc.
4.65%, 2/29/08 (l)	$	500,000		500,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		16,160,647		16,160,647

Total Short-Term Investments of Cash Collateral for Securities Loaned				16,660,647

Time Deposit (1.6%)
JPMorgan Chase Nassau
3.51%, 1/2/08		3,789,696		3,789,696

Total Short-Term Investments (8.6%)
(Amortized Cost $20,450,343)				20,450,343

Total Investments (107.7%)
(Cost/Amortized Cost $244,201,954)				256,699,716
Other Assets Less Liabilities (-7.7%)				(18,395,955	)

Net Assets (100%)			$	238,303,761

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

260

EQ ADVISORS TRUST

EQ/LORD ABBETT GROWTH AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	209,483,271
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	200,845,006

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	25,826,326
Aggregate gross unrealized depreciation		(13,498,169	)

Net unrealized appreciation	$	12,328,157

Federal income tax cost of investments	$	244,371,559

At December 31, 2007, the Portfolio had loaned securities with a total value of $16,171,239. This was secured by collateral of $16,660,647 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2007, the Portfolio incurred approximately $63 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

261

EQ ADVISORS TRUST

EQ/LORD ABBETT LARGE CAP CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (4.5%)
*Media (0.8%)*
Comcast Corp., Special Class A*	10,216	$	185,114
Time Warner, Inc.	14,025		231,552
Walt Disney Co.	9,542		308,016

			724,682

*Multiline Retail (1.3%)*
Kohl’s Corp.*^	12,055		552,119
Macy’s, Inc.	6,097		157,729
Target Corp.	10,386		519,300

			1,229,148

*Specialty Retail (2.0%)*
Best Buy Co., Inc.	12,544		660,442
GameStop Corp., Class A*	17,858		1,109,160
Tiffany & Co.	1,821		83,821

			1,853,423

*Textiles, Apparel & Luxury Goods (0.4%)*
Coach, Inc.*	9,170		280,419
Polo Ralph Lauren Corp.	1,414		87,371

			367,790

Total Consumer Discretionary			4,175,043

Consumer Staples (16.2%)
*Beverages (4.1%)*
Anheuser-Busch Cos., Inc.	6,195		324,246
Coca-Cola Co.	30,501		1,871,846
Diageo plc (Sponsored ADR)	5,408		464,169
PepsiCo, Inc.	14,752		1,119,677

			3,779,938

*Food & Staples Retailing (2.6%)*
CVS Caremark Corp.	35,086		1,394,668
Kroger Co.	13,670		365,126
Wal-Mart Stores, Inc.	10,851		515,748
Walgreen Co.	3,970		151,178

			2,426,720

*Food Products (4.7%)*
Archer-Daniels-Midland Co.	30,756		1,428,001
Campbell Soup Co.	17,047		609,089
Kellogg Co.	13,074		685,470
Kraft Foods, Inc., Class A	34,292		1,118,948
Wm. Wrigley Jr. Co.	9,027		528,531

			4,370,039

*Household Products (4.1%)*
Colgate-Palmolive Co.	15,440		1,203,702
Procter & Gamble Co.	35,925		2,637,614

			3,841,316

*Tobacco (0.7%)*
Altria Group, Inc.	8,858		669,488

Total Consumer Staples			15,087,501

Energy (7.6%)
*Energy Equipment & Services (2.0%)*
Baker Hughes, Inc.	5,949		482,464
Schlumberger Ltd.	13,551		1,333,012

			1,815,476

*Oil, Gas & Consumable Fuels (5.6%)*
Chevron Corp.	14,586		1,361,311
ConocoPhillips	4,822		425,783
Exxon Mobil Corp.	28,384		2,659,297
Marathon Oil Corp.	749		45,584
Occidental Petroleum Corp.	603		46,425
Valero Energy Corp.	7,758		543,293
XTO Energy, Inc.	3,093		158,856

			5,240,549

Total Energy			7,056,025

Financials (11.4%)
*Capital Markets (2.7%)*
Bank of New York Mellon Corp.	30,102		1,467,773
Merrill Lynch & Co., Inc.	8,595		461,380
Morgan Stanley	11,032		585,909

			2,515,062

*Commercial Banks (2.9%)*
Marshall & Ilsley Corp.	5,789		153,293
PNC Financial Services Group, Inc.^	13,929		914,439
SunTrust Banks, Inc.	4,415		275,893
U.S. Bancorp	14,954		474,640
Wachovia Corp.	5,687		216,277
Wells Fargo & Co.	21,792		657,900

			2,692,442

*Consumer Finance (0.2%)*
American Express Co.	4,174		217,131

*Diversified Financial Services (2.3%)*
Bank of America Corp.	16,860		695,644
Citigroup, Inc.	17,610		518,438
JPMorgan Chase & Co.	20,672		902,333

			2,116,415

*Insurance (2.6%)*
American International Group, Inc.	10,915		636,344
Aon Corp.	18,579		886,033
Hartford Financial Services Group, Inc.	5,069		441,966
MetLife, Inc.	6,321		389,500
Safeco Corp.	1,429		79,567

			2,433,410

*Thrifts & Mortgage Finance (0.7%)*
Fannie Mae	16,365		654,273

Total Financials			10,628,733

Health Care (15.2%)
*Biotechnology (4.2%)*
Amgen, Inc.*	15,843		735,749
Amylin Pharmaceuticals, Inc.*^	7,738		286,306
Celgene Corp.*^	18,219		841,900
Genzyme Corp.*	9,894		736,509
Gilead Sciences, Inc.*^	19,752		908,790
ImClone Systems, Inc.*^	10,331		444,233

			3,953,487

*Health Care Equipment & Supplies (2.0%)*
Baxter International, Inc.	12,199		708,152
Medtronic, Inc.	8,812		442,979
St. Jude Medical, Inc.*	17,087		694,416

			1,845,547

*Health Care Providers & Services (2.6%)*
Express Scripts, Inc.*	17,780		1,297,940
Medco Health Solutions, Inc.*	4,705		477,087
Quest Diagnostics, Inc.	12,217		646,279

			2,421,306

*Pharmaceuticals (6.4%)*
Abbott Laboratories	34,369		1,929,819
Bristol-Myers Squibb Co.	15,807		419,202
Eli Lilly & Co.	13,236		706,670
Johnson & Johnson	10,623		708,554
Merck & Co., Inc.	23,242		1,350,593
Pfizer, Inc.	21,037		478,171
Schering-Plough Corp.	12,592		335,451

			5,928,460

Total Health Care			14,148,800

Industrials (9.1%)
*Aerospace & Defense (5.3%)*
Boeing Co.	11,241		983,138
General Dynamics Corp.	6,979		621,061

262

EQ ADVISORS TRUST

EQ/LORD ABBETT LARGE CAP CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
Honeywell International, Inc.		8,524	$	524,823
Lockheed Martin Corp.		8,185		861,553
Raytheon Co.		13,087		794,381
United Technologies Corp.		15,515		1,187,518

				4,972,474

*Air Freight & Logistics (0.6%)*
United Parcel Service, Inc., Class B		7,674		542,705

*Electrical Equipment (0.9%)*
Emerson Electric Co.		14,249		807,348

*Industrial Conglomerates (2.0%)*
General Electric Co.		49,963		1,852,128

*Machinery (0.3%)*
Caterpillar, Inc.		3,374		244,818

Total Industrials				8,419,473

Information Technology (17.2%)
*Communications Equipment (5.4%)*
Cisco Systems, Inc.*		48,428		1,310,946
Corning, Inc.		31,282		750,455
Harris Corp.^		3,639		228,092
Nokia Oyj (ADR)		39,081		1,500,320
QUALCOMM, Inc.		32,388		1,274,468

				5,064,281

*Computers & Peripherals (2.8%)*
Hewlett-Packard Co.		30,071		1,517,984
International Business Machines Corp.		9,959		1,076,568

				2,594,552

*Electronic Equipment & Instruments (0.7%)*
Agilent Technologies, Inc.*		16,630		610,986

*Internet Software & Services (0.3%)*
WebMD Health Corp., Class A*^		356		14,621
Yahoo!, Inc.*		12,288		285,819

				300,440

*IT Services (0.3%)*
Western Union Co.		11,383		276,379

*Semiconductors & Semiconductor Equipment (2.3%)*
Advanced Micro Devices, Inc.*^		3,663		27,472
Intel Corp.		52,535		1,400,583
NVIDIA Corp.*		9,278		315,638
Texas Instruments, Inc.		10,339		345,323

				2,089,016

*Software (5.4%)*
Activision, Inc.*		16,124		478,883
Adobe Systems, Inc.*		16,536		706,583
Electronic Arts, Inc.*^		26,066		1,522,515
Microsoft Corp.		40,750		1,450,700
Oracle Corp.*		39,045		881,636

				5,040,317

Total Information Technology				15,975,971

Materials (5.9%)
*Chemicals (3.9%)*
Monsanto Co.		21,771		2,431,603
Praxair, Inc.		13,018		1,154,827

				3,586,430

*Metals & Mining (2.0%)*
Barrick Gold Corp.		41,315		1,737,296
Freeport-McMoRan Copper & Gold, Inc.		1,523		156,016

				1,893,312

Total Materials				5,479,742

Telecommunication Services (3.0%)
*Diversified Telecommunication Services (2.9%)*
AT&T, Inc.		56,188		2,335,173
Verizon Communications, Inc.		7,463		326,059

				2,661,232

*Wireless Telecommunication Services (0.1%)*
Sprint Nextel Corp.		7,245		95,127

Total Telecommunication Services				2,756,359

Utilities (3.8%)
*Electric Utilities (2.0%)*
FPL Group, Inc.		11,020		746,936
Northeast Utilities		14,051		439,937
Progress Energy, Inc.		14,861		719,718

				1,906,591

*Multi-Utilities (1.8%)*
Dominion Resources, Inc.		19,124		907,433
PG&E Corp.		17,820		767,864

				1,675,297

Total Utilities				3,581,888

Total Common Stocks (93.9%)
(Cost $79,229,619)				87,309,535


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investment of Cash Collateral for Securities Loaned (4.6%)
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)	$	4,252,444		4,252,444

Time Deposit (5.3%)
JPMorgan Chase Nassau
3.51%, 1/2/08		4,954,764		4,954,764

Total Short-Term Investments (9.9%)
(Amortized Cost $9,207,208)				9,207,208

Total Investments (103.8%)
(Cost/Amortized Cost $88,436,827)				96,516,743
Other Assets Less Liabilities (-3.8%)				(3,503,578	)

Net Assets (100%)			$	93,013,165

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

263

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EQ/LORD ABBETT LARGE CAP CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	53,249,316
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	29,093,977

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	11,167,258
Aggregate gross unrealized depreciation		(3,308,493	)

Net unrealized appreciation	$	7,858,765

Federal income tax cost of investments	$	88,657,978

At December 31, 2007, the Portfolio had loaned securities with a total value of $4,150,696. This was secured by collateral of $4,252,444 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $2,614, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

See Notes to Financial Statements.

264

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EQ/LORD ABBETT MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (16.3%)
*Auto Components (1.4%)*
ArvinMeritor, Inc.^	131,300	$	1,540,149
Goodyear Tire & Rubber Co.*	156,400		4,413,608

			5,953,757

*Distributors (1.8%)*
Genuine Parts Co.	162,026		7,501,804

*Hotels, Restaurants & Leisure (1.0%)*
Brinker International, Inc.^	213,784		4,181,615

*Household Durables (2.7%)*
Newell Rubbermaid, Inc.^	186,791		4,834,151
Snap-On, Inc.	141,544		6,828,083

			11,662,234

*Media (6.3%)*
Arbitron, Inc.^	86,600		3,599,962
Gannett Co., Inc.	12,200		475,800
Idearc, Inc.^	158,200		2,777,992
Interpublic Group of Cos., Inc.*^	1,245,684		10,102,497
R.H. Donnelley Corp.*^	266,381		9,717,579

			26,673,830

*Multiline Retail (0.9%)*
Macy's, Inc.	151,078		3,908,388

*Specialty Retail (2.2%)*
Foot Locker, Inc.	261,264		3,568,866
OfficeMax, Inc.^	283,694		5,861,118

			9,429,984

Total Consumer Discretionary			69,311,612

Consumer Staples (7.6%)
*Beverages (2.3%)*
Coca-Cola Enterprises, Inc.^	372,955		9,708,019

*Food & Staples Retailing (2.8%)*
Kroger Co.	205,092		5,478,007
Safeway, Inc.	185,453		6,344,347

			11,822,354

*Food Products (2.5%)*
Dean Foods Co.	176,100		4,553,946
Smithfield Foods, Inc.*^	211,800		6,125,256

			10,679,202

Total Consumer Staples			32,209,575

Energy (7.2%)
*Energy Equipment & Services (3.6%)*
Halliburton Co.	222,889		8,449,722
Transocean, Inc.	47,308		6,772,140

			15,221,862

*Oil, Gas & Consumable Fuels (3.6%)*
EOG Resources, Inc.	103,646		9,250,406
Range Resources Corp.	120,200		6,173,472

			15,423,878

Total Energy			30,645,740

Financials (6.2%)
*Insurance (6.2%)*
ACE Ltd.	83,893		5,182,910
Conseco, Inc.*	498,639		6,262,906
PartnerReinsurance Ltd.^	95,340		7,868,410
Safeco Corp.	47,608		2,650,813
XL Capital Ltd., Class A	88,188		4,436,738

Total Financials			26,401,777

Health Care (6.6%)
*Health Care Equipment & Supplies (0.9%)*
Covidien Ltd.	84,800		3,755,792

*Health Care Providers & Services (1.6%)*
Aetna, Inc.	54,948	$	3,172,148
HealthSouth Corp.*^	173,400		3,641,400

			6,813,548

*Pharmaceuticals (4.1%)*
King Pharmaceuticals, Inc.*	750,858		7,688,786
Mylan, Inc.^	708,257		9,958,093

			17,646,879

Total Health Care			28,216,219

Industrials (10.0%)
*Building Products (0.3%)*
Owens Corning, Inc.*^	54,400		1,099,968

*Commercial Services & Supplies (3.6%)*
Allied Waste Industries, Inc.*	402,544		4,436,035
R.R. Donnelley & Sons Co.	283,643		10,704,687

			15,140,722

*Construction & Engineering (0.9%)*
KBR, Inc.*	99,831		3,873,443

*Electrical Equipment (1.2%)*
Hubbell, Inc., Class B	103,334		5,332,034

*Machinery (3.1%)*
Cummins, Inc.	35,270		4,492,340
Pentair, Inc.^	38,200		1,329,742
Timken Co.^	220,590		7,246,381

			13,068,463

*Trading Companies & Distributors (0.9%)*
W.W. Grainger, Inc.	44,753		3,916,783

Total Industrials			42,431,413

Information Technology (11.6%)
*Communications Equipment (5.3%)*
ADC Telecommunications, Inc.*^	361,616		5,623,129
JDS Uniphase Corp.*^	851,805		11,329,007
Tellabs, Inc.*^	838,049		5,480,840

			22,432,976

*Internet Software & Services (0.2%)*
Openwave Systems, Inc.^	313,847		816,002

*Software (6.1%)*
Cadence Design Systems, Inc.*	494,695		8,414,762
McAfee, Inc.*	305,804		11,467,650
Sybase, Inc.*^	233,742		6,098,329

			25,980,741

Total Information Technology			49,229,719

Materials (11.7%)
*Chemicals (6.2%)*
Chemtura Corp.^	594,866		4,639,955
Eastman Chemical Co.	127,252		7,773,825
Monsanto Co.	29,208		3,262,241
Mosaic Co.*	101,293		9,555,982
Valspar Corp.^	51,200		1,154,048

			26,386,051

*Containers & Packaging (3.3%)*
Ball Corp.	162,173		7,297,785
Pativ Corp.*	257,932		6,868,729

			14,166,514

*Paper & Forest Products (2.2%)*
AbitibiBowater, Inc.^	230,463		4,749,842
MeadWestvaco Corp.	148,670		4,653,371

			9,403,213

			49,955,778

Total Materials
Telecommunication Services (8.9%)
*Diversified Telecommunication Services (8.9%)*
CenturyTel, Inc.^	133,797		5,547,223

265

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EQ/LORD ABBETT MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Number of Shares		Value (Note 1)
Embarq Corp.		225,083	$	11,148,361
Qwest Communications International, Inc.*^		2,033,593		14,255,487
Windstream Corp.^		521,900		6,795,138

				37,746,209

Total Telecommunication Services				37,746,209

Utilities (10.5%)
*Electric Utilities (2.5%)*
Northeast Utilities		343,202		10,745,655

*Gas Utilities (0.4%)*
Southwest Gas Corp.^		59,296		1,765,242

*Multi-Utilities (7.6%)*
Ameren Corp.		194,258		10,530,726
CMS Energy Corp.		535,081		9,299,708
NiSource, Inc.		513,343		9,697,049
Puget Energy, Inc.^		97,809		2,682,901

				32,210,384

Total Utilities				44,721,281

Total Common Stocks (96.6%)
(Cost $425,608,568)				410,869,323


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (24.3%)
Barclays Capital, Repurchase Agreement
4.65%, 1/2/08 (r)	$	10,000,000		10,000,000
Caixa d’Estalvis i Pensions de Barcelona/Catalonia
5.18%, 6/30/08 (l)		2,100,000		2,100,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		84,327,336		84,327,336
Goldman Sachs Group, Inc.
4.41%, 3/27/09 (l)		2,000,000		2,000,000
National Bank of Canada/New York
5.16%, 4/16/08 (l)		2,000,000		2,000,000
Pricoa Global Funding I
4.37%, 9/22/08 (l)		1,000,000		1,000,000
Swedbank AB/New York
5.15%, 4/16/08 (l)		2,000,000		2,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				103,427,336

Time Deposit (3.5%)
JPMorgan Chase Nassau
3.51%, 1/2/08		14,917,334		14,917,334

Total Short-Term Investments (27.8%)
(Amortized Cost $118,344,670)				118,344,670

Total Investments (124.4%)
(Cost/Amortized Cost $543,953,238)				529,213,993
Other Assets Less Liabilities (-24.4%)				(103,923,367	)

Net Assets (100%)			$	425,290,626

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	231,014,207
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	123,332,655

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	37,968,361
Aggregate gross unrealized depreciation		(55,644,825	)

Net unrealized depreciation	$	(17,676,464	)

Federal income tax cost of investments	$	546,890,457

At December 31, 2007, the Portfolio had loaned securities with a total value of $99,970,941. This was secured by collateral of $103,427,336 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $3,376, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

See Notes to Financial Statements.

266

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EQ/MARSICO FOCUS PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (19.3%)
*Auto Components (0.9%)*
Continental AG		331,091	$	43,077,531

*Automobiles (2.3%)*
Toyota Motor Corp. (ADR)^		1,005,075		106,708,813

*Hotels, Restaurants & Leisure (13.8%)*
Las Vegas Sands Corp.*^		1,728,917		178,164,897
McDonald’s Corp.		3,920,669		230,966,611
MGM MIRAGE*^		1,156,193		97,143,336
Wynn Resorts Ltd.^		1,121,944		125,803,580

				632,078,424

*Specialty Retail (2.3%)*
Lowe’s Cos., Inc.		4,619,521		104,493,565

Total Consumer Discretionary				886,358,333

Consumer Staples (2.9%)
*Food & Staples Retailing (2.9%)*
CVS Caremark Corp.		3,304,496		131,353,716

Total Consumer Staples				131,353,716

Energy (11.1%)
*Energy Equipment & Services (7.6%)*
Schlumberger Ltd.		1,582,103		155,631,472
Transocean, Inc.^		1,345,844		192,657,569

				348,289,041

*Oil, Gas & Consumable Fuels (3.5%)*
Petroleo Brasileiro S.A. (ADR)^		1,411,859		162,702,631

Total Energy				510,991,672

Financials (11.4%)
*Capital Markets (5.3%)*
Goldman Sachs Group, Inc.		881,805		189,632,166
Merrill Lynch & Co., Inc.		982,687		52,750,638

				242,382,804

*Commercial Banks (4.0%)*
Industrial & Commercial Bank of China Ltd., Class H		255,982,250		183,843,409

*Real Estate Investment Trusts (REITs) (2.1%)*
ProLogis (REIT)^		1,529,372		96,931,597

Total Financials				523,157,810

Health Care (11.5%)
*Biotechnology (3.1%)*
Genentech, Inc.*^		2,094,439		140,474,024

*Health Care Providers & Services (4.7%)*
UnitedHealth Group, Inc.		3,745,403		217,982,455

*Pharmaceuticals (3.7%)*
Merck & Co., Inc.		2,966,613		172,389,881

Total Health Care				530,846,360

Industrials (7.5%)
*Aerospace & Defense (5.3%)*
General Dynamics Corp.		1,023,853		91,112,678
Lockheed Martin Corp.		1,425,187		150,015,184

				241,127,862

*Road & Rail (2.2%)*
Union Pacific Corp.		816,143		102,523,884

Total Industrials				343,651,746

Information Technology (18.1%)
*Computers & Peripherals (6.5%)*
Apple, Inc.*		1,057,807		209,530,411
Hewlett-Packard Co.		1,737,778		87,723,033

				297,253,444

*Internet Software & Services (4.8%)*
Google, Inc., Class A*		315,476		218,145,344

*Semiconductors & Semiconductor Equipment (2.8%)*
Intel Corp.		4,902,798		130,708,595

*Software (4.0%)*
Microsoft Corp.		5,213,367		185,595,865

Total Information Technology				831,703,248

Materials (5.9%)
*Chemicals (5.9%)*
Air Products & Chemicals, Inc.		687,342		67,792,542
Monsanto Co.^		1,833,180		204,747,874

Total Materials				272,540,416

Telecommunication Services (3.5%)
*Diversified Telecommunication Services (3.5%)*
AT&T, Inc.		3,908,506		162,437,509

Total Telecommunication Services				162,437,509

Total Common Stocks (91.2%)
(Cost $3,312,673,900)				4,193,040,810


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Securities (1.1%)
U.S. Treasury Bills
3.40%, 1/3/08^	$	12,151,000		12,147,560
3.00%, 1/10/08^		20,690,000		20,672,760
2.91%, 1/31/08^		8,497,000		8,475,768
2.87%, 2/7/08^		8,072,000		8,047,582

Total Government Securities				49,343,670

Short-Term Investments of Cash Collateral for Securities Loaned (10.5%)
Allstate Life Insurance Co.
4.90%, 8/27/08 (l)		10,000,000		10,000,000
Bancaja U.S. Debt S.A.U.
5.37%, 7/10/09 (l)		5,001,632		5,001,632
Banco de Sabadell S.A.
5.19%, 4/23/09 (l)		5,000,000		5,000,000
Beta Finance, Inc.
4.37%, 1/31/08 (l)		5,000,000		5,000,000
4.37%, 3/10/08 (l)		9,999,523		9,999,523
BNP Paribas N.Y.
4.35%, 2/22/08 (l)		8,000,000		8,000,000
Calyon/New York
4.37%, 10/14/08 (l)		9,997,964		9,997,964
4.41%, 7/2/10 (l)		4,997,430		4,997,430
CC USA, Inc.
4.37%, 1/25/08 (l)		10,000,000		10,000,000
CDC Financial Products, Inc.
4.65%, 2/29/08 (l)		5,950,000		5,950,000
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		15,000,000		15,000,000
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		50,000,000		50,000,000
Goldman Sachs Group, Inc.
4.62%, 8/18/08 (l)		3,000,000		3,000,000
HBOS Treasury Services plc.
4.37%, 7/17/08 (l)		5,000,000		5,000,000

267

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EQ/MARSICO FOCUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Principal Amount		Value (Note 1)
K2 (USA) LLC
4.38%, 2/15/08 (l)	$	9,999,370	$	9,999,370
4.37%, 4/14/08 (l)		13,998,248		13,998,248
Merrill Lynch & Co., Inc.
5.30%, 5/8/09 (l)		5,000,000		5,000,000
4.42%, 6/29/09 (l)		5,000,000		5,000,000
Metropolitan Life Insurance Co.
5.28%, 2/1/08 (l)		8,000,000		8,000,000
Monumental Global Funding II
4.36%, 4/25/08 (l)		15,000,000		15,000,000
Morgan Stanley, Repurchase Agreement
4.70%, 1/2/08 (r)		266,201,844		266,201,843
New York Life Global Funding
4.88%, 3/30/09		5,000,000		5,000,000
Pricoa Global Funding I
4.40%, 6/25/10 (l)		4,998,751		4,998,751
Swedbank AB/New York
5.15%, 4/16/08 (l)		5,000,000		5,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				485,144,761

Time Deposit (6.3%)
JPMorgan Chase Nassau
3.51%, 1/2/08		289,780,995		289,780,995

Total Short-Term Investments (17.9%)
(Cost/Amortized Cost $824,256,401)				824,269,426

Total Investments (109.1%)
(Cost/Amortized Cost $4,136,930,301)				5,017,310,236
Other Assets Less Liabilities (-9.1%)				(420,065,398	)

Net Assets (100%)			$	4,597,244,838

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:


ADR		—		American Depositary Receipt

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	2,944,098,536
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	2,753,890,213

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	915,055,771
Aggregate gross unrealized depreciation		(43,051,552	)

Net unrealized appreciation	$	872,004,219

Federal income tax cost of investments	$	4,145,306,017

At December 31, 2007, the Portfolio had loaned securities with a total value of $497,596,601. This was secured by collateral of $485,144,761 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $28,538,397 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $35,239, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the year ended December 31, 2007, the Portfolio incurred approximately $7,784 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $2,212,323 which expires in the year 2009.

Included in the capital carryforward amounts are $2,212,323 of losses acquired from EQ/Enterprise Capital Appreciation as a result of a tax free reorganization that occurred during the year 2005. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S.Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

The Portfolio utilized net capital loss carryforward of $7,308,502 during 2007.

See Notes to Financial Statements.

268

EQ ADVISORS TRUST

EQ/MONEY MARKET PORTFOLIO

PORTFOLIO OF INVESTMENTS

DECEMBER 31, 2007


	Principal Amount		Value (Note 1)
SHORT-TERM DEBT SECURITIES:
Certificates of Deposit (22.5%)
American Express Centurion Bank
4.96%, 2/19/08	$	50,000,000	$	50,000,000
4.93%, 6/3/08		25,000,000		25,000,000
Banco Bilbao Vizcaya Argentaria S.A./New York
5.25%, 1/7/08		40,000,000		40,000,329
Bank of Montreal/Chicago
5.15%, 3/3/08		50,000,000		50,000,850
Bank of Tokyo-Mitsubishi UFJ/New York
4.73%, 3/31/08		50,000,000		50,000,000
Comerica Bank
4.72%, 5/5/08		50,000,000		50,000,000
HBOS Treasury Services plc
5.31%, 1/25/08		30,000,000		29,999,610
5.34%, 1/25/08		20,000,000		20,000,128
Royal Bank of Scotland plc/New York
5.19%, 1/10/08		50,000,000		50,000,000
UniCredito Italiano S.p.A./New York
5.30%, 1/14/08		50,000,000		50,000,000
Wachovia Bank N.A.
4.80%, 5/23/08		50,000,000		50,000,000

Total Certificates of Deposit				465,000,917

Commercial Paper (63.0%)
Abbey National North America LLC
2.19%, 1/9/08 (p)		35,000,000		34,995,746
ANZ National International Ltd.
4.68%, 1/11/08 (n)(p)		50,000,000		49,928,611
ASB Finance Ltd./London
4.72%, 1/11/08 (n)(p)		50,000,000		49,928,056
Bank of Scotland plc.
5.05%, 3/4/08 (p)		50,000,000		49,555,500
Barclays U.S. Funding LLC
5.07%, 2/29/08 (p)		30,000,000		29,748,758
4.73%, 4/8/08 (p)		50,000,000		49,358,236
Calyon North America, Inc.
4.66%, 1/24/08 (p)		50,000,000		49,845,229
Canadian Imperial Holdings, Inc.
4.69%, 2/8/08 (p)		50,000,000		49,747,194
4.72%, 2/15/08 (p)		30,000,000		29,820,337
Danske Corp.
4.63%, 1/24/08 (p)		50,000,000		49,846,028
Deutsche Bank Financial LLC
2.00%, 1/2/08 (p)		85,000,000		84,990,556
Dexia Delaware LLC
4.25%, 1/9/08 (p)		50,000,000		49,946,944
DnB NOR Bank ASA
4.72%, 1/16/08 (p)		50,000,000		49,895,417
Goldman Sachs Group, Inc.
4.42%, 1/8/08 (p)		50,000,000		49,950,903
Intesa Funding LLC
4.61%, 1/22/08 (p)		50,000,000		49,859,417
Natixis Commercial Paper Corp.
4.64%, 1/22/08 (p)		50,000,000		49,858,542
Prudential Funding LLC
2.13%, 1/2/08 (p)		85,000,000		84,989,965
Rabobank USA Finance Corp.
2.00%, 1/2/08 (p)		85,000,000		84,990,556
Santander Central Hispano Finance
Delaware, Inc.
4.79%, 6/3/08 (p)		50,000,000		48,990,444
Skandinaviska Enskilda Banken AB
5.05%, 4/11/08 (n)(p)		50,000,000		49,294,403
Societe Generale North America, Inc.
4.71%, 2/15/08 (p)		50,000,000		49,700,625
Stadshypotek Delaware, Inc.
4.70%, 2/15/08 (n)(p)		50,000,000		49,701,250
Swedbank AB
3.86%, 1/4/08 (p)		60,000,000		59,974,250
UBS Finance Delaware LLC
4.96%, 4/11/08 (p)		50,000,000		49,307,028
Westpac Banking Corp.
4.61%, 1/22/08 (p)		50,000,000		49,859,417

Total Commercial Paper				1,304,083,412

Time Deposits (8.1%)
JPMorgan Chase Nassau
3.51%, 1/2/08		1,369,518		1,369,518
Key Bank N.A.
2.50%, 1/2/08		82,000,000		82,000,000
Manufactures & Traders Trust Co.
4.00%, 1/2/08		85,000,000		85,000,000

Total Time Deposits				168,369,518

Variable Rate Securities (6.2%)
American Express Credit Corp.
5.35%, 3/5/08 (l)		3,000,000		3,000,000
International Business Machines Corp.
5.27%, 2/6/09 §(l)		2,000,000		2,000,000
Lehman Brothers Holdings, Inc.
4.62%, 5/29/08 (l)		70,000,000		70,017,473
Morgan Stanley Group
5.33%, 1/18/08 (l)		50,000,000		50,003,488
5.15%, 8/13/09 (l)		2,250,000		2,250,000

Total Variable Rate Securities				127,270,961

Total Investments (99.8%)
(Amortized Cost $ 2,064,724,808)				2,064,724,808
Other Assets Less Liabilities (0.2%)				3,952,114

Net Assets (100%)			$	2,068,676,922

Federal Income tax cost of investments			$	2,064,724,808

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2007, the market value of these securities amounted to $2,000,000 or 0.10% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(l)

Floating Rate Security. Rate disclosed is as of September 30, 2007.

(n)

Section 4(2) Commercial Paper. Private placement for non-current transactions. Notes are usually sold to accredited investors without the intent to freely re-sell their holding.

(p)

Yield to maturity.

The Portfolio has a net capital loss carryforward of $68,289 which expires in the year 2009.

The Portfolio utilized capital loss carryforward of $28,449 during 2007.

See Notes to Financial Statements.

269

EQ ADVISORS TRUST

EQ/MONTAG & CALDWELL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (5.4%)
*Hotels, Restaurants & Leisure (2.9%)*
McDonald’s Corp.		175,608	$	10,345,067

*Textiles, Apparel & Luxury Goods (2.5%)*
NIKE, Inc., Class B		144,000		9,250,560

Total Consumer Discretionary				19,595,627

Consumer Staples (21.2%)
*Beverages (8.4%)*
Coca-Cola Co.		268,200		16,459,434
PepsiCo, Inc.		182,040		13,816,836

				30,276,270

*Food & Staples Retailing (6.8%)*
Costco Wholesale Corp.		153,700		10,722,112
CVS Caremark Corp.^		344,200		13,681,950

				24,404,062

*Household Products (6.0%)*
Colgate-Palmolive Co.		71,753		5,593,864
Procter & Gamble Co.		221,596		16,269,578

				21,863,442

Total Consumer Staples				76,543,774

Energy (15.9%)
*Energy Equipment & Services (12.0%)*
Baker Hughes, Inc.		133,200		10,802,520
Cameron International Corp.*^		96,800		4,658,984
Halliburton Co.		277,200		10,508,652
Schlumberger Ltd.		176,952		17,406,768

				43,376,924

*Oil, Gas & Consumable Fuels (3.9%)*
Devon Energy Corp.		102,300		9,095,493
Occidental Petroleum Corp.		62,800		4,834,972

				13,930,465

Total Energy				57,307,389

Financials (2.3%)
*Consumer Finance (2.3%)*
American Express Co.		161,222		8,386,769

Total Financials				8,386,769

Health Care (19.4%)
*Biotechnology (2.3%)*
Gilead Sciences, Inc.*		179,500		8,258,795

*Health Care Equipment & Supplies (3.4%)*
Stryker Corp.		166,200		12,418,464

*Pharmaceuticals (13.7%)*
Abbott Laboratories		213,600		11,993,640
Allergan, Inc.		172,300		11,068,552
Merck & Co., Inc.		276,800		16,084,848
Schering-Plough Corp.		389,800		10,384,272

				49,531,312

Total Health Care				70,208,571

Industrials (8.1%)
*Electrical Equipment (4.3%)*
Emerson Electric Co.		274,600		15,558,836

*Industrial Conglomerates (3.8%)*
General Electric Co.		371,231		13,761,533

Total Industrials				29,320,369

Information Technology (26.2%)
*Communications Equipment (7.9%)*
Cisco Systems, Inc.*^		186,000		5,035,020
QUALCOMM, Inc.		295,434		11,625,328
Research In Motion Ltd.*		103,800		11,770,920

				28,431,268

*Computers & Peripherals (7.1%)*
Apple, Inc.*		66,400		13,152,512
Hewlett-Packard Co.		243,400		12,286,832

				25,439,344

*Internet Software & Services (4.7%)*
Google, Inc., Class A*		24,770		17,127,959

*IT Services (1.3%)*
Paychex, Inc.^		132,094		4,784,445

*Semiconductors & Semiconductor Equipment (3.2%)*
Intel Corp.		437,600		11,666,416

*Software (2.0%)*
Electronic Arts, Inc.*^		120,700		7,050,087

Total Information Technology				94,499,519

Total Common Stocks (98.5%)
(Cost $288,815,659)				355,862,018


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (4.3%)
Caixa d’Estalvis i Pensions de Barcelona/Catalonia
5.18%, 6/30/08 (l)	$	750,000		750,000
Morgan Stanley, Repurchase Agreement
4.70%, 1/2/08 (r)		14,650,900		14,650,900

Total Short-Term Investments of Cash Collateral for securities Loaned				15,400,900

Time Deposit (1.3%)
JPMorgan Chase Nassau
3.51%, 1/2/08		4,733,898		4,733,898

Total Short-Term Investments (5.6%)
(Amortized Cost $20,134,798)				20,134,798

Total Investments (104.1%)
(Cost/Amortized Cost $308,950,457)				375,996,816
Other Assets Less Liabilities (-4.1%)				(14,869,202	)

Net Assets (100%)			$	361,127,614

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

270

EQ ADVISORS TRUST

EQ/MONTAG & CALDWELL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	227,611,586
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	204,566,284

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	68,056,076
Aggregate gross unrealized depreciation		(1,547,421	)

Net unrealized appreciation	$	66,508,655

Federal income tax cost of investments	$	309,488,161

At December 31, 2007, the Portfolio had loaned securities with a total value of $14,825,860. This was secured by collateral of $15,400,900 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2007, the Portfolio incurred approximately $9,634 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $48,893,668 of which $2,496,503 expires in the year 2008, $2,496,503 expires in the year 2009, $33,312,699 expires in the year 2010, $10,247,355 expires in the year 2011, and $340,608 expires in the year 2012.

Included in the capital loss carryforward is $5,333,614 of losses acquired from the EQ/Enterprise Multi-Cap Growth portfolio, as a result of tax-free reorganizations during the years ended 2003 and 2005. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible that not all of these capital losses will be available to use.

The Portfolio utilized capital loss carryforward of $27,603,800 during 2007. Included in the utilized capital loss carryforward was $2,496,503 from EQ/Enterprise Multi-Cap Growth portfolio and $1,718,952 from the Enterprise Balanced Portfolio.

See Notes to Financial Statements.

271

EQ ADVISORS TRUST

EQ/MUTUAL SHARES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (13.4%)
*Auto Components (0.9%)*
Dana Holding Corp.*(b)†	2,484	$	223,560
Goodyear Tire & Rubber Co.*	130,272		3,676,276
International Automotive Components Group (ADR)*(b)†	1,598		14,304
International Automotive Components Group North America LLC*(b)†	89,176		100,947
Lear Corp.*^	74,611		2,063,740

			6,078,827

*Automobiles (1.7%)*
Daimler AG	40,938		3,980,251
General Motors Corp.	212,239		5,282,629
Harley-Davidson, Inc.	49,569		2,315,368

			11,578,248

*Diversified Consumer Services (0.3%)*
H&R Block, Inc.	124,221		2,306,784

*Hotels, Restaurants & Leisure (0.2%)*
Wyndham Worldwide Corp.	55,719		1,312,739

*Household Durables (0.0%)*
Beazer Homes USA, Inc.^	59,262		440,317

*Leisure Equipment & Products (0.8%)*
Mattel, Inc.	301,626		5,742,959

*Media (8.0%)*
Cablevision Systems Corp. - New York Group, Class A*^	73,637		1,804,107
Clear Channel Communications, Inc.	68,041		2,348,775
Comcast Corp., Special Class A*	597,080		10,819,090
Liberty Media Corp., Capital Series, Class A*	37,243		4,338,437
News Corp., Class A	640,266		13,119,050
Sun-Times Media Group, Inc., Class A*^	17,302		38,064
Time Warner Cable, Inc., Class A*	63,858		1,762,481
Time Warner, Inc.	454,073		7,496,745
Viacom, Inc., Class B*	145,503		6,390,492
Virgin Media, Inc.	264,299		4,530,085
WPP Group plc.	196,126		2,525,942

			55,173,268

*Multiline Retail (0.5%)*
Sears Holdings Corp.*^	31,643		3,229,168

*Specialty Retail (1.0%)*
Home Depot, Inc.	251,088		6,764,311

Total Consumer Discretionary			92,626,621

Consumer Staples (19.3%)
*Beverages (2.1%)*
Brown-Forman Corp., Class B	20,071		1,487,462
Coca-Cola Enterprises, Inc.^	239,955		6,246,028
Pernod-Ricard S.A.	29,898		6,910,926

			14,644,416

*Food & Staples Retailing (4.0%)*
Carrefour S.A.	80,847		6,299,004
CVS Caremark Corp.	205,064		8,151,294
Kroger Co.	191,413		5,112,641
Wal-Mart Stores, Inc.	161,271		7,665,211

			27,228,150

*Food Products (4.0%)*
Cadbury Schweppes plc.	601,714		7,438,163
General Mills, Inc.	29,209		1,664,913
Groupe Danone S.A.	39,605		3,555,337
Kraft Foods, Inc., Class A	190,553		6,217,744
Nestle S.A. (Registered)	19,531		8,970,649

			27,846,806

*Tobacco (9.2%)*
Altadis S.A.	95,807		6,963,110
Altria Group, Inc.	155,049		11,718,603
British American Tobacco plc.	361,259		14,130,750
Imperial Tobacco Group plc.	205,718		11,105,701
Japan Tobacco, Inc.^	919		5,495,161
KT&G Corp.*	61,645		5,248,765
Reynolds American, Inc.^	135,805		8,957,698

			63,619,788

Total Consumer Staples			133,339,160

Energy (3.1%)
*Energy Equipment & Services (1.0%)*
Seadrill Ltd.*^	168,615		4,114,568
Transocean, Inc.*	21,283		3,046,662

			7,161,230

*Oil, Gas & Consumable Fuels (2.1%)*
BP plc.	272,153		3,331,749
Royal Dutch Shell plc, Class A	176,764		7,430,087
Total S.A.	43,693		3,630,377

			14,392,213

Total Energy			21,553,443

Financials (20.5%)
*Capital Markets (0.7%)*
Cerberus Capital Management LP (b)†	3,684,500		3,117,105
Legg Mason, Inc.	21,190		1,550,049

			4,667,154

*Commercial Banks (5.5%)*
Banco Popolare S.c.a.r.l.*	116,506		2,582,318
Centennial Bank Holdings, Inc.*^	91,672		529,864
Danske Bank A/S	150,869		5,908,978
Intesa Sanpaolo S.p.A.	589,964		4,666,433
Mitsubishi UFJ Financial Group, Inc.	146,224		1,370,420
Societe Generale	27,738		4,012,041
Sumitomo Mitsui Financial Group, Inc.	124		929,043
Swedbank AB, Class A^	64,772		1,833,964
U.S. Bancorp	392,066		12,444,175
UnionBanCal Corp.	30,970		1,514,743
Wachovia Corp.	54,094		2,057,195

			37,849,174

*Consumer Finance (0.8%)*
SLM Corp.	279,067		5,620,410

*Diversified Financial Services (2.2%)*
Citigroup, Inc.	140,931		4,149,009
Fortis	391,080		10,337,755
Guaranty Financial Group, Inc.*	37,624		601,978

			15,088,742

*Insurance (9.2%)*
Alleghany Corp.*	10,268		4,127,736
Allianz SE (Registered)	18,885		4,085,020
American International Group, Inc.	81,372		4,743,988
Berkshire Hathaway, Inc., Class B*	5,336		25,271,296
Conseco, Inc.*	130,683		1,641,378
Hartford Financial Services Group, Inc.	18,727		1,632,807
Old Republic International Corp.	185,511		2,858,724
Prudential Financial, Inc.	28,034		2,608,283
Travelers Cos., Inc.	40,292		2,167,710

272

EQ ADVISORS TRUST

EQ/MUTUAL SHARES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
White Mountains Insurance Group Ltd.	22,204	$	11,413,966
Zurich Financial Services AG (Registered)	10,233		3,005,320

			63,556,228

*Real Estate Investment Trusts (REITs) (0.8%)*
Alexander’s, Inc. (REIT)*^	9,473		3,346,337
Link REIT (REIT)	460,097		996,029
Ventas, Inc. (REIT)	30,680		1,388,270

			5,730,636

*Real Estate Management & Development (0.3%)*
Forestar Real Estate Group, Inc.*	37,624		887,542
St. Joe Co.^	31,361		1,113,629

			2,001,171

*Thrifts & Mortgage Finance (1.0%)*
Hudson City Bancorp, Inc.	293,741		4,411,990
Sovereign Bancorp, Inc.^	209,736		2,390,990

			6,802,980

Total Financials			141,316,495

Health Care (5.9%)
*Health Care Equipment & Supplies (1.1%)*
Covidien Ltd.	118,906		5,266,347
Hillenbrand Industries, Inc.^	43,256		2,410,657

			7,677,004

*Health Care Providers & Services (1.8%)*
Community Health Systems, Inc.*	120,018		4,423,863
Quest Diagnostics, Inc.	78,463		4,150,693
Tenet Healthcare Corp.*^	756,039		3,840,678

			12,415,234

*Life Sciences Tools & Services (0.2%)*
MDS, Inc.*	61,486		1,195,518

*Pharmaceuticals (2.8%)*
Bristol-Myers Squibb Co.	115,337		3,058,737
Novartis AG (Registered)	72,236		3,962,245
Pfizer, Inc.	346,574		7,877,627
Sanofi-Aventis S.A.	38,247		3,521,780
Valeant Pharmaceuticals International*	106,723		1,277,474
Watson Pharmaceuticals, Inc.*	300		8,142

			19,706,005

Total Health Care			40,993,761

Industrials (8.3%)
*Aerospace & Defense (0.1%)*
GenCorp, Inc.*^	61,276		714,478

*Air Freight & Logistics (1.2%)*
Deutsche Post AG (Registered)	192,987		6,633,503
TNT N.V.	42,308		1,747,444

			8,380,947

*Airlines (0.5%)*
ACE Aviation Holdings, Inc., Class A*	76,385		2,194,148
Northwest Airlines Corp.*^	87,261		1,266,157

			3,460,305

*Building Products (0.3%)*
Owens Corning, Inc. (Registered)*†(b)	2,232		42,875
Owens Corning, Inc.*^	96,515		1,951,533

			1,994,408

*Industrial Conglomerates (5.3%)*
Keppel Corp., Ltd.	471,211		4,255,614
Koninklijke Philips Electronics N.V.	128,747		5,556,684
Orkla ASA	726,473		14,081,657
Siemens AG (Registered)	61,895		9,851,131
Tyco International Ltd.	74,194		2,941,792

			36,686,878

*Machinery (0.2%)*
Federal Signal Corp.^	102,854		1,154,022

*Marine (0.7%)*
A.P. Moller - Maersk A/S, Class B	455		4,853,286

Total Industrials			57,244,324

Information Technology (8.2%)
*Communications Equipment (1.7%)*
Motorola, Inc.	576,172		9,241,799
Telefonaktiebolaget LM Ericsson (Sponsored ADR)	4,399		102,717
Telefonaktiebolaget LM Ericsson, Class B	1,013,504		2,380,398

			11,724,914

*Computers & Peripherals (1.5%)*
Dell, Inc.*	342,527		8,395,337
Lexmark International, Inc., Class A*	55,804		1,945,327

			10,340,664

*Electronic Equipment & Instruments (0.8%)*
Tyco Electronics Ltd.	151,807		5,636,594

*IT Services (0.6%)*
Alliance Data Systems Corp.*^	57,739		4,329,847

*Semiconductors & Semiconductor Equipment (1.1%)*
LSI Corp.*	728,031		3,865,845
Maxim Integrated Products, Inc.	131,392		3,479,260

			7,345,105

*Software (2.5%)*
BEA Systems, Inc.*	239,673		3,782,040
Microsoft Corp.	326,294		11,616,067
NAVTEQ Corp.*	20,149		1,523,264

			16,921,371

Total Information Technology			56,298,495

Materials (6.5%)
*Chemicals (0.9%)*
Koninklijke DSM N.V.	31,614		1,494,331
Linde AG	35,738		4,726,080

			6,220,411

*Containers & Packaging (0.3%)*
Temple-Inland, Inc.	119,271		2,486,800

*Metals & Mining (1.8%)*
Alcoa, Inc.	104,067		3,803,649
Anglo American plc.	55,125		3,379,740
ArcelorMittal	65,848		5,104,398

			12,287,787

*Paper & Forest Products (3.5%)*
Domtar Corp.*	375,686		2,889,025
International Paper Co.	288,264		9,333,988
MeadWestvaco Corp.	86,338		2,702,379
Mondi Ltd.	4,151		40,076
Mondi plc.	2,773		23,460
Weyerhaeuser Co.	122,700		9,047,898

			24,036,826

Total Materials			45,031,824

Telecommunication Services (1.8%)
*Diversified Telecommunication Services (1.8%)*
Embarq Corp.	44,859		2,221,866
Royal KPN N.V.	105,264		1,914,532
Telefonica S.A.	123,395		4,008,703
Verizon Communications, Inc.	93,698		4,093,666

Total Telecommunication Services			12,238,767

273

EQ ADVISORS TRUST

EQ/MUTUAL SHARES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares			Value (Note 1)
Utilities (3.7%)
*Electric Utilities (0.8%)*
E.ON AG		18,004		$	3,832,329
Exelon Corp.		17,187			1,403,146

					5,235,475

*Independent Power Producers & Energy Traders (1.5%)*
Constellation Energy Group, Inc.		100,474			10,301,599

*Multi-Utilities (1.4%)*
Energy East Corp.		113,639			3,092,117
NorthWestern Corp.^		16,712			493,004
RWE AG		38,033			5,338,190
Suez S.A.		16,682			1,135,839

					10,059,150

Total Utilities					25,596,224

Total Common Stocks (90.7%)
(Cost $631,472,379)					626,239,114

CONVERTIBLE PREFERRED STOCKS:
Financials (0.2%)
*Thrifts & Mortgage Finance (0.2%)*
Washington Mutual, Inc. 7.750%*^		2,040			1,805,400

Total Convertible Preferred Stocks (0.2%)
(Cost $1,987,267)					1,805,400


	Principal Amount
LONG-TERM DEBT SECURITIES:
Consumer Discretionary (0.1%)
*Auto Components (0.1%)*
Dana Corp.
6.500%, 3/1/09 (h)	$	281,000			210,750
5.850%, 1/15/15 (h)		40,000			29,200
7.000%, 3/15/28 (h)		361,000			263,530
International Automotive Components Group North America LLC, Term Loan
9.000%, 12/31/49 (b)†		26,900			26,900

					530,380

*Hotels, Restaurants & Leisure (0.0%)*
Trump Entertainment Resorts, Inc.
8.500%, 6/1/15		510,000			388,237

Total Consumer Discretionary					918,617

Financials (0.6%)
*Capital Markets (0.4%)*
Cerberus Capital Management Investor I LLC
12.000%, 7/31/12 (b)†		1,473,800			1,246,842
Cerberus Capital Management Investor II LLC
12.000%, 7/31/12 (b)†		1,473,800			1,246,842
Cerberus Capital Management Investor III LLC
12.000%, 7/31/12 (b)†		736,900			623,421

					3,117,105

*Diversified Financial Services (0.2%)*
Tropicana Entertainment LLC
9.625%, 12/15/14*^		2,014,000			1,278,890

Total Financials					4,395,995

Industrials (0.0%)
*Airlines (0.0%)*
Northwest Airlines, Inc., Trade Claim Escrows (Zero Coupon), 12/31/49		1,510,000			45,300

Total Industrials					45,300

Utilities (0.1%)
*Electric Utilities (0.1%)*
Calpine Corp.
8.500%, 7/15/10		188,000			201,160
9.875%, 12/1/11		66,000			68,970
8.750%, 7/15/13		97,000			104,275

Total Utilities					374,405

Total Long-Term Debt Securities (0.8%)
(Cost $6,584,824)					5,734,317

SHORT-TERM INVESTMENTS:
Government Securities (8.8%)
Federal Home Loan Bank
3.58%, 1/2/08 (o)(p)		10,700,000			10,697,872
4.28%, 1/4/08 (o)(p)		11,500,000			11,494,533
4.09%, 1/23/08 (o)(p)		3,000,000			2,992,181
4.13%, 1/31/08 (o)(p)		4,000,000			3,985,841
4.15%, 2/15/08 (o)(p)		2,000,000			1,989,443
4.22%, 2/19/08 (o)(p)		3,000,000			2,982,499
4.03%, 3/14/08 (o)(p)		3,000,000			2,975,340
4.05%, 3/25/08 (o)(p)		3,000,000			2,971,572
4.07%, 4/11/08 (o)(p)		5,764,000			5,698,354
4.08%, 5/16/08 (o)(p)		3,000,000			2,954,100
3.98%, 6/4/08 (o)(p)		3,000,000			2,949,180
3.87%, 8/15/08 (o)(p)		3,000,000			2,928,246
3.48%, 12/4/08 (o)(p)		2,000,000			1,936,532
U.S. Treasury Bills 3.21%, 5/1/08^(p)		3,900,000			3,858,009

Total Government Securities					60,413,702

Short-Term Investments of Cash Collateral for Securities Loaned (6.7%)
Barclays Capital, Repurchase Agreement
4.65%, 1/2/08 (r)		2,000,000			2,000,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		44,511,355			44,511,355

Total Short-Term Investments of Cash Collateral for Securities Loaned					46,511,355

Total Short-Term Investments (15.5%)
(Cost/Amortized Cost $106,893,403)					106,925,057


	Number of Contracts (c)
OPTIONS PURCHASED:
Put Options Purchased (0.2%)
S&P 500 Index
June 2008 @ $1,375.00*		158			837,400
June 2008 @ $1,250.00*		76			182,400
DJ Euro Stoxx
June 2008 @ $88.00*		2,818			374,547

Total Options Purchased (0.2%)
(Cost $1,256,907)					1,394,347

Total Investments Before Options Written (107.4%)
(Cost/Amortized Cost $ 748,194,780)					742,098,235

OPTIONS WRITTEN:
Call Options Written (-0.0%)
Anglo American plc March 2008 @ $3,400.00*(d)		(5,200	)		(12,318	)

274

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EQ/MUTUAL SHARES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Contracts (c)		Value (Note 1)
Transocean, Inc.
February 2008 @ $130.00*(d)	(24	)	$	(39,360	)

Total Options Written (-0.0%)
(Premiums Received $53,759)				(51,678	)

Total Investments After Options Written (107.4%)
(Cost/Amortized Cost $748,141,021)				742,046,557
Other Assets Less Liabilities (-7.4%)				(51,331,058	)

Net Assets (100%)			$	690,715,499

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

†	Securities (totaling $6,642,796 or 0.96% of net assets) valued at fair value.

(b)

Illiquid security.

(c)

One contract relates to 100 shares.

(d)

Covered call option contracts written in connection with securities held.

(h)

Security in default.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2007.

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

At December 31, 2007 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


	Local Contract Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
Japanese Yen, expiring 3/19/08	24,527	$	217,519	$	221,381	$	3,862
Japanese Yen, expiring 3/19/08	51,234		454,503		462,433		7,930
Japanese Yen, expiring 3/19/08	48,891		433,369		441,283		7,914
Japanese Yen, expiring 3/19/08	12,175		109,803		109,889		86

						$	19,792

Foreign Currency Sell Contracts
British Pound, expiring 1/10/08	8,675	$	17,639,723	$	17,265,841	$	373,882
British Pound, expiring 1/10/08	90		183,072		179,443		3,629
British Pound, expiring 1/10/08	178		362,310		354,962		7,348
British Pound, expiring 1/10/08	91		184,252		180,189		4,063
British Pound, expiring 1/10/08	91		184,560		181,695		2,865
British Pound, expiring 1/10/08	182		372,674		363,121		9,553
British Pound, expiring 1/10/08	180		366,868		357,363		9,505
British Pound, expiring 1/10/08	92		187,240		182,125		5,115
British Pound, expiring 1/10/08	91		189,408		181,779		7,629
British Pound, expiring 1/10/08	91		189,080		180,690		8,390
British Pound, expiring 1/10/08	92		193,414		183,273		10,141
British Pound, expiring 1/10/08	91		191,114		180,596		10,518
British Pound, expiring 1/10/08	101		202,699		200,143		2,556
British Pound, expiring 1/10/08	166		331,639		330,350		1,289
Canadian Dollar, expiring 3/26/08	2,239		2,240,382		2,270,654		(30,272	)
Canadian Dollar, expiring 3/26/08	525		535,190		532,003		3,187
Canadian Dollar, expiring 3/26/08	203		200,796		205,800		(5,004	)
Danish Krone, expiring 4/23/08	24,708		4,694,461		4,847,329		(152,868	)
Danish Krone, expiring 4/23/08	1,012		196,547		198,535		(1,988	)
European Union, expiring 3/13/08	318		444,240		464,765		(20,525	)
European Union, expiring 3/13/08	276		386,311		404,038		(17,727	)
European Union, expiring 3/13/08	356		502,536		520,650		(18,114	)
European Union, expiring 3/13/08	151		213,107		220,943		(7,836	)
European Union, expiring 3/13/08	49,171		69,405,523		71,940,312		(2,534,789	)
European Union, expiring 3/13/08	125		176,673		183,275		(6,602	)
European Union, expiring 3/13/08	118		166,929		173,051		(6,122	)
European Union, expiring 3/13/08	469		664,062		686,234		(22,172	)
European Union, expiring 3/13/08	102		145,267		149,851		(4,584	)
European Union, expiring 3/13/08	199		283,817		291,365		(7,548	)
European Union, expiring 3/13/08	600		855,252		877,830		(22,578	)

275

EQ ADVISORS TRUST

EQ/MUTUAL SHARES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Local Contract Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation/ (Depreciation)
European Union, expiring 3/13/08	600	$	854,115	$	877,830	$	(23,715	)
European Union, expiring 3/13/08	211		298,619		308,814		(10,195	)
European Union, expiring 3/13/08	200		284,462		293,102		(8,640	)
European Union, expiring 3/13/08	230		326,987		337,188		(10,201	)
European Union, expiring 3/13/08	1,829		2,606,019		2,675,604		(69,585	)
European Union, expiring 3/13/08	329		468,992		481,228		(12,236	)
European Union, expiring 3/13/08	126		179,086		183,762		(4,676	)
European Union, expiring 3/13/08	172		244,125		251,340		(7,215	)
European Union, expiring 3/13/08	89		126,369		130,092		(3,723	)
European Union, expiring 3/13/08	131		186,519		191,518		(4,999	)
European Union, expiring 3/13/08	191		271,454		279,794		(8,340	)
European Union, expiring 3/13/08	273		389,428		400,040		(10,612	)
European Union, expiring 3/13/08	340		488,019		497,572		(9,553	)
European Union, expiring 3/13/08	642		920,959		938,614		(17,655	)
European Union, expiring 3/13/08	423		608,705		619,451		(10,746	)
European Union, expiring 3/13/08	138		198,864		201,865		(3,001	)
European Union, expiring 3/13/08	3,000		4,416,540		4,389,150		27,390
European Union, expiring 3/13/08	261		377,178		381,130		(3,952	)
European Union, expiring 3/13/08	261		376,880		381,876		(4,996	)
European Union, expiring 3/13/08	396		571,929		579,671		(7,742	)
European Union, expiring 3/13/08	130		189,768		190,404		(636	)
European Union, expiring 3/13/08	261		380,285		381,686		(1,401	)
European Union, expiring 3/13/08	645		947,907		942,976		4,931
European Union, expiring 3/13/08	616		916,743		900,960		15,783
European Union, expiring 3/13/08	139		203,719		202,993		726
European Union, expiring 3/13/08	68		100,364		99,902		462
European Union, expiring 3/13/08	283		415,623		414,323		1,300
European Union, expiring 3/13/08	446		650,850		652,290		(1,440	)
Japanese Yen, expiring 3/19/08	772,845		6,863,628		6,975,641		(112,013	)
Japanese Yen, expiring 3/19/08	21,323		184,368		192,457		(8,089	)
Japanese Yen, expiring 3/19/08	20,943		191,782		189,026		2,756
Korean Won, expiring 3/27/08	320,285		350,000		343,894		6,106
Korean Won, expiring 3/27/08	641,900		700,000		689,215		10,785
Korean Won, expiring 3/27/08	45,763		50,000		49,136		864
Korean Won, expiring 3/27/08	73,248		80,000		78,647		1,353
Korean Won, expiring 3/27/08	59,450		65,000		63,832		1,168
Korean Won, expiring 3/27/08	82,920		91,000		89,032		1,968
Korean Won, expiring 3/27/08	29,578		32,500		31,758		742
Korean Won, expiring 3/27/08	35,490		39,000		38,106		894
Korean Won, expiring 3/27/08	29,616		32,500		31,799		701
Korean Won, expiring 3/27/08	29,582		32,500		31,762		738
Korean Won, expiring 3/27/08	82,901		91,000		89,012		1,988
Korean Won, expiring 3/27/08	29,599		32,500		31,781		719
Korean Won, expiring 3/27/08	36,470		40,000		39,158		842
Korean Won, expiring 3/27/08	45,525		50,000		48,881		1,119
Korean Won, expiring 3/27/08	34,664		38,000		37,219		781
Korean Won, expiring 3/27/08	42,983		47,500		46,151		1,349
Korean Won, expiring 3/27/08	43,002		47,500		46,171		1,329
Korean Won, expiring 3/27/08	29,559		32,500		31,738		762
Korean Won, expiring 3/27/08	137,363		150,000		147,488		2,512
Norwegian Krone, expiring 2/19/08	1,119		206,682		205,902		780
Norwegian Krone, expiring 2/19/08	1,575		290,181		289,678		503
Norwegian Krone, expiring 2/19/08	53,183		9,812,217		9,782,205		30,012
Norwegian Krone, expiring 2/19/08	1,055		194,223		193,987		236
Singapore Dollar, expiring 1/24/08	1,331		892,152		926,209		(34,057	)
Singapore Dollar, expiring 1/24/08	200		133,309		139,344		(6,035	)
Singapore Dollar, expiring 1/24/08	222		147,207		154,363		(7,156	)
Singapore Dollar, expiring 1/24/08	235		155,866		163,324		(7,458	)
Singapore Dollar, expiring 1/24/08	620		414,799		431,413		(16,614	)

276

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EQ/MUTUAL SHARES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Local Contract Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation/ (Depreciation)
Singapore Dollar, expiring 1/24/08	247	$	166,727	$	171,746	$	(5,019	)
Singapore Dollar, expiring 1/24/08	269		184,945		187,159		(2,214	)
Swedish Krona, expiring 1/15/08	8,885		1,391,250		1,374,888		16,362
Swedish Krona, expiring 1/15/08	4,552		707,058		704,356		2,702
Swedish Krona, expiring 1/15/08	2,797		436,790		432,762		4,028
Swedish Krona, expiring 1/15/08	3,467		543,684		536,550		7,134
Swedish Krona, expiring 1/15/08	1,503		235,854		232,637		3,217
Swedish Krona, expiring 1/15/08	1,579		251,052		244,331		6,721
Swedish Krona, expiring 1/15/08	1,263		197,494		195,456		2,038
Swiss Franc, expiring 3/7/08	222		193,107		196,703		(3,596	)
Swiss Franc, expiring 3/7/08	559		497,967		495,970		1,997
Swiss Franc, expiring 3/7/08	1,750		1,565,953		1,551,524		14,429
Swiss Franc, expiring 3/7/08	1,750		1,566,696		1,551,524		15,172
Swiss Franc, expiring 3/7/08	1,750		1,565,400		1,551,524		13,876
Swiss Franc, expiring 3/7/08	2,986		2,670,754		2,647,139		23,615
Swiss Franc, expiring 3/7/08	577		514,900		511,931		2,969
Swiss Franc, expiring 3/7/08	374		326,035		331,474		(5,439	)
Swiss Franc, expiring 3/7/08	226		197,100		200,392		(3,292	)

						$	(2,609,441	)

						$	(2,589,649	)

Options written for the year ended December 31, 2007 were as follows:


	Total Number of Contracts		Total Premiums Received
Options Outstanding—January 1, 2007	10		$	1,018
Options Written	25,915			135,908
Options Terminated in Closing Purchase Transactions	(11	)		(3,428	)
Options Expired	(20,690	)		(79,739	)
Options Exercised	—			—

Options Outstanding—December 31, 2007	5,224		$	53,759

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	659,268,144
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	115,306,735

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	47,360,016
Aggregate gross unrealized depreciation		(53,788,533	)

Net unrealized depreciation	$	(6,428,517	)

Federal income tax cost of investments	$	748,526,752

At December 31, 2007, the Portfolio had loaned securities with a total value of $45,360,426. This was secured by collateral of $46,511,355 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $2,800, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the year ended December 31, 2007, the Portfolio incurred approximately $2,425 as brokerage commissions with Exane S.A., and $13,730 with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

See Notes to Financial Statements.

277

EQ ADVISORS TRUST

EQ/OPPENHEIMER GLOBAL PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Australia (0.1%)
Aristocrat Leisure Ltd.	10,600	$	104,707

Bermuda (1.1%)
ACE Ltd.	14,300		883,454
XL Capital Ltd., Class A	11,660		586,615

Total Bermuda			1,470,069

Brazil (1.7%)
Cia de Bebidas das Americas (Preference ADR)^	14,170		1,006,495
Empresa Brasileira de Aeronautica S.A. (ADR)^	29,590		1,349,008

Total Brazil			2,355,503

Canada (1.3%)
Husky Energy, Inc.^	39,760		1,796,341

Finland (1.0%)
Fortum Oyj	29,810		1,342,814

France (5.5%)
BNP Paribas S.A	4,590		498,077
LVMH Moet Hennessy Louis Vuitton S.A.	16,910		2,044,120
NicOx S.A.*	7,534		121,166
Sanofi-Aventis S.A.	16,280		1,499,061
Societe Generale	8,103		1,172,023
Technip S.A.	18,240		1,453,395
Total S.A.	10,220		849,161

Total France			7,637,003

Germany (7.1%)
Allianz SE (Registered)	8,406		1,818,303
Bayerische Motoren Werke (BMW) AG	22,541		1,395,690
Bayerische Motoren Werke (BMW) AG (Preference)	7,109		377,292
Porsche Automobil Holding SE (Preference)	524		1,061,750
SAP AG	32,458		1,686,084
Siemens AG (Registered)	22,109		3,518,841

Total Germany			9,857,960

India (1.6%)
ICICI Bank Ltd. (ADR)^	8,560		526,440
Infosys Technologies Ltd. (ADR)^	37,000		1,678,320

Total India			2,204,760

Ireland (0.3%)
Experian Group Ltd.	43,570		344,320

Italy (0.9%)
Bulgari S.p.A.^	47,410		662,659
Tod’s S.p.A.^	8,500		594,031

Total Italy			1,256,690

Japan (11.2%)
Chugai Pharmaceutical Co., Ltd.^	23,450		335,855
Credit Saison Co., Ltd.^	24,840		680,396
Fanuc Ltd.	3,900		379,824
Hoya Corp.^	30,350		967,157
KDDI Corp.	194		1,444,819
Keyence Corp.	3,000		740,366
Kyocera Corp.	7,420		658,212
Mitsubishi Electric Corp.	52,000		543,669
Murata Manufacturing Co., Ltd.	18,420		1,068,447
Nidec Corp.	5,060		375,033
Nintendo Co., Ltd.^	1,340		802,453
Secom Co., Ltd.	15,000		820,391
Sega Sammy Holdings, Inc.^	18,000		224,446
Seven & I Holdings Co., Ltd.^	15,413		449,773
Shionogi & Co., Ltd.	61,300		1,083,718
Sony Corp.^	42,450		2,355,906
Sony Financial Holdings, Inc.*^	53		202,578
Square Enix Co., Ltd.^	19,790		605,843
Sumitomo Mitsui Financial Group, Inc.^	107		801,674
Toyota Motor Corp.	16,250		878,575

Total Japan			15,419,135

Mexico (2.1%)
Fomento Economico Mexicano S.A.B. de C.V.	265,520		1,015,925
Grupo Modelo S.A.B. de C.V., Series C	122,310		582,621
Grupo Televisa S.A. (Sponsored ADR)^	55,130		1,310,440

Total Mexico			2,908,986

Netherlands (2.9%)
European Aeronautic Defence and Space Co. N.V.^	45,620		1,456,033
Koninklijke Philips Electronics N.V.	41,840		1,805,803
TNT N.V.	17,500		722,801

Total Netherlands			3,984,637

Norway (0.5%)
Tandberg ASA	36,180		756,270

South Korea (1.5%)
Samsung Electronics Co., Ltd.	1,194		709,219
SK Telecom Co., Ltd. (ADR)^	43,810		1,307,290

Total South Korea			2,016,509

Spain (1.0%)
Inditex S.A.^	21,860		1,342,977

Sweden (6.4%)
Assa Abloy AB, Class B^	73,200		1,469,504
Hennes & Mauritz AB, Class B	40,690		2,477,336
Investor AB, Class B	46,463		1,056,761
Telefonaktiebolaget LM Ericsson, Class B	1,649,790		3,874,832

Total Sweden			8,878,433

Switzerland (2.7%)
Basilea Pharmaceutical Ltd. (Registered)*	765		148,993
Credit Suisse Group (Registered)	32,545		1,957,615
Roche Holding AG	9,566		1,652,705

Total Switzerland			3,759,313

Taiwan (1.8%)
MediaTek, Inc.	99,236		1,288,084
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)	120,000		1,195,200

Total Taiwan			2,483,284

United Kingdom (11.9%)
3i Group plc.	16,400		327,438
BP plc (ADR)	15,730		1,150,964
Burberry Group plc.	47,850		542,450
Cadbury Schweppes plc.	112,390		1,389,323
Diageo plc.	33,466		719,468
HSBC Holdings plc.	75,286		1,271,599
Pearson plc.	39,030		568,714
Prudential plc.	88,510		1,254,459
Reckitt Benckiser Group plc.	30,970		1,796,447
Royal Bank of Scotland Group plc.	171,470		1,515,498
Smith & Nephew plc.	59,260		684,185

278

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EQ/OPPENHEIMER GLOBAL PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
Tesco plc.		143,045	$	1,358,947
Vodafone Group plc.		879,170		3,286,641
WPP Group plc.		49,520		637,777

Total United Kingdom				16,503,910

United States (33.6%)
3M Co.		16,610		1,400,555
ACADIA Pharmaceuticals, Inc.*^		10,300		114,021
Adobe Systems, Inc.*		39,130		1,672,025
Advanced Micro Devices, Inc.*^		85,090		638,175
Aflac, Inc.		17,000		1,064,710
Altera Corp.		42,680		824,578
American International Group, Inc.		22,500		1,311,750
Automatic Data Processing, Inc.		35,110		1,563,448
Boeing Co.		7,440		650,702
Carnival Corp.		37,020		1,647,020
Chevron Corp.		12,760		1,190,891
Cisco Systems, Inc.*		22,660		613,406
Coach, Inc.*		10,550		322,619
Colgate-Palmolive Co.		16,000		1,247,360
Corning, Inc.		65,780		1,578,062
Cree, Inc.*^		29,420		808,167
eBay, Inc.*		65,560		2,175,937
Emerson Electric Co.		30,780		1,743,995
Genentech, Inc.*		6,820		457,417
Gilead Sciences, Inc.*		29,540		1,359,135
Hospira, Inc.*		3,500		149,240
InterMune, Inc.*^		9,300		123,969
International Game Technology		20,350		893,976
Intuit, Inc.*		49,040		1,550,154
Johnson & Johnson		5,270		351,509
Juniper Networks, Inc.*		73,060		2,425,592
Linear Technology Corp.^		17,630		561,163
Lockheed Martin Corp.		8,350		878,921
Maxim Integrated Products, Inc.		39,340		1,041,723
McDonald’s Corp.		19,900		1,172,309
Microsoft Corp.		72,080		2,566,048
Nektar Therapeutics*^		8,910		59,786
Northern Trust Corp.		20,750		1,589,035
Northrop Grumman Corp.		9,230		725,847
Pharmion Corp.*^		3,100		194,866
Praxair, Inc.		5,300		470,163
Raytheon Co.		15,380		933,566
Regeneron Pharmaceuticals, Inc.*^		6,200		149,730
Seattle Genetics, Inc.*^		14,200		161,880
Shuffle Master, Inc.*^		10,000		119,900
Sirius Satellite Radio, Inc.*^		333,820		1,011,475
Theravance, Inc.*^		14,810		288,795
Tiffany & Co.		27,720		1,275,952
Transocean, Inc.*		12,563		1,798,394
United Parcel Service, Inc., Class B		4,600		325,312
Wal-Mart Stores, Inc.		26,730		1,270,477
Walt Disney Co.		42,900		1,384,812
Xilinx, Inc.		28,490		623,076

Total United States				46,481,643

Total Common Stocks (96.2%)
(Cost $132,115,099)				132,905,264

INVESTMENT COMPANY:
Exchange Traded Fund (1.4%)
iShares MSCI Emerging Markets
Index Fund^ (Cost $1,569,660)		13,000		1,953,900


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investment of Cash Collateral for Securities Loaned (13.7%)
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)	$	18,983,055		18,983,055

Time Deposit (1.8%)
JPMorgan Chase Nassau
3.51%, 1/2/08		2,474,225		2,474,225

Total Short-Term Investments (15.5%)
(Amortized Cost $21,457,280)				21,457,280

Total Investments (113.1%)
(Cost/Amortized Cost $155,142,039)				156,316,444
Other Assets Less Liabilities (-13.1%)				(18,152,990	)

Net Assets (100.0%)			$	138,163,454

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

279

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EQ/OPPENHEIMER GLOBAL PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	121,490,418
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	17,846,329

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	8,494,726
Aggregate gross unrealized depreciation		(7,461,388	)

Net unrealized appreciation	$	1,033,338

Federal income tax cost of investments	$	155,283,106

At December 31, 2007, the Portfolio had loaned securities with a total value of $19,459,685. This was secured by collateral of $18,983,055 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $1,416,033 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $175 which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the year ended December 31, 2007, the Portfolio incurred approximately $2,428 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

280

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EQ/OPPENHEIMER MAIN STREET OPPORTUNITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (8.4%)
*Auto Components (0.4%)*
American Axle & Manufacturing Holdings, Inc.	1,650	$	30,723
Cooper Tire & Rubber Co.^	2,140		35,481
Goodyear Tire & Rubber Co.*	770		21,730
Johnson Controls, Inc.	410		14,776
Lear Corp.*^	1,520		42,043
Tenneco, Inc.*	1,280		33,370

			178,123

*Automobiles (0.0%)*
Thor Industries, Inc.^	440		16,725

*Diversified Consumer Services (0.2%)*
Apollo Group, Inc., Class A*	600		42,090
Capella Education Co.*^	440		28,802
Career Education Corp.*	240		6,034
Coinstar, Inc.*^	300		8,445
ITT Educational Services, Inc.*^	210		17,907
Weight Watchers International, Inc.^	40		1,807

			105,085

*Hotels, Restaurants & Leisure (0.2%)*
Bally Technologies, Inc.*^	1,050		52,206
Bob Evans Farms, Inc.^	630		16,966
Chipotle Mexican Grill, Inc., Class B*	36		4,430
IHOP Corp.^	810		29,630
Vail Resorts, Inc.*^	60		3,229
Wendy’s International, Inc.	240		6,201
WMS Industries, Inc.*	100		3,664
Yum! Brands, Inc.	120		4,592

			120,918

*Household Durables (0.4%)*
American Greetings Corp., Class A^	1,540		31,262
Black & Decker Corp.	250		17,412
Blyth, Inc.^	90		1,975
Ethan Allen Interiors, Inc.^	100		2,850
Lennar Corp., Class A^	1,000		17,890
NVR, Inc.*^	40		20,960
Pulte Homes, Inc.	1,670		17,602
Stanley Works	380		18,422
Tempur-Pedic International, Inc.^	1,430		37,137
Toll Brothers, Inc.*^	860		17,252
Tupperware Brands Corp.^	1,300		42,939

			225,701

*Internet & Catalog Retail (0.6%)*
Amazon.com, Inc.*	1,990		184,353
Blue Nile, Inc.*^	460		31,308
IAC/InterActiveCorp*	400		10,768
Netflix, Inc.*^	1,470		39,131
NutriSystem, Inc.*	920		24,822

			290,382

*Leisure Equipment & Products (0.2%)*
Callaway Golf Co.^	2,320		40,438
Polaris Industries, Inc.^	920		43,948

			84,386

*Media (4.8%)*
CBS Corp., Class B	1,340		36,515
Clear Channel Communications, Inc.	8,040		277,541
Comcast Corp., Class A*	11,700		213,642
EchoStar Communications Corp., Class A*	1,360		51,299
Entravision Communications Corp., Class A*	1,830		14,329
Getty Images, Inc.*	320		9,280
Global Sources Ltd.*^	1,017		28,700
Liberty Global, Inc., Class A*	1,140		44,677
Liberty Media Corp., Capital Series, Class A*	170		19,803
Marvel Entertainment, Inc.*^	140		3,739
News Corp., Class A	8,640		177,034
Scholastic Corp.*^	970		33,843
Sinclair Broadcast Group, Inc., Class A	1,410		11,576
Time Warner, Inc.	52,350		864,299
Viacom, Inc., Class B*	4,320		189,734
Walt Disney Co.	14,710		474,839
Warner Music Group Corp.^	3,690		22,361

			2,473,211

*Multiline Retail (0.7%)*
Big Lots, Inc.*^	2,420		38,696
Dollar Tree Stores, Inc.*	660		17,107
Family Dollar Stores, Inc.	930		17,884
Macy’s, Inc.	5,470		141,509
Sears Holdings Corp.*^	1,550		158,177

			373,373

*Specialty Retail (0.7%)*
Advance Auto Parts, Inc.	190		7,218
Aeropostale, Inc.*^	1,990		52,735
AutoNation, Inc.*	1,130		17,696
AutoZone, Inc.*	190		22,783
Barnes & Noble, Inc.	1,170		40,306
Best Buy Co., Inc.	230		12,109
Brown Shoe Co., Inc.	480		7,282
Buckle, Inc.	805		26,565
Dress Barn, Inc.*^	2,230		27,897
Gap, Inc.	120		2,554
Home Depot, Inc.	3,320		89,441
Men’s Wearhouse, Inc.	1,310		35,344
RadioShack Corp.	1,090		18,377
Sally Beauty Holdings, Inc.*^	310		2,806

			363,113

*Textiles, Apparel & Luxury Goods (0.2%)*
Fossil, Inc.*^	500		20,990
Liz Claiborne, Inc.	280		5,698
Polo Ralph Lauren Corp.	260		16,065
Warnaco Group, Inc.*^	1,100		38,280
Wolverine World Wide, Inc.^	1,440		35,309

			116,342

Total Consumer Discretionary			4,347,359

Consumer Staples (4.0%)
*Beverages (0.9%)*
Coca-Cola Co.	4,600		282,302
PepsiCo, Inc.	2,550		193,545

			475,847

*Food & Staples Retailing (0.6%)*
BJ’s Wholesale Club, Inc.*^	1,330		44,994
Casey’s General Stores, Inc.^	1,030		30,498
Costco Wholesale Corp.	900		62,784
Kroger Co.	1,420		37,928
Wal-Mart Stores, Inc.	2,320		110,270

			286,474

*Food Products (0.1%)*
Darling International, Inc.*	1,510		17,456
Flowers Foods, Inc.^	1,930		45,181

			62,637

*Household Products (1.3%)*
Procter & Gamble Co.	9,360		687,211

281

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
*Personal Products (0.2%)*
American Oriental Bioengineering, Inc.*	1,940	$	21,495
Herbalife Ltd.^	410		16,515
NBTY, Inc.*	1,370		37,538

			75,548

*Tobacco (0.9%)*
Altria Group, Inc.	5,060		382,435
Universal Corp.	740		37,903
Vector Group Ltd.^	1,250		25,075

			445,413

Total Consumer Staples			2,033,130

Energy (10.2%)
*Energy Equipment & Services (1.5%)*
Dresser-Rand Group, Inc.*	510		19,916
Global Industries Ltd.*	800		17,136
NATCO Group, Inc.*^	310		16,787
National Oilwell Varco, Inc.*	600		44,076
Oil States International, Inc.*^	1,170		39,920
Schlumberger Ltd.	5,270		518,410
Transocean, Inc.*	700		100,205
Willbros Group, Inc.*^	260		9,955

			766,405

*Oil, Gas & Consumable Fuels (8.7%)*
Alon USA Energy, Inc.	320		8,698
Alpha Natural Resources, Inc.*^	1,730		56,190
Bois d’Arc Energy, Inc.*	50		992
Chevron Corp.	9,690		904,368
ConocoPhillips.	7,390		652,537
Exxon Mobil Corp.	23,800		2,229,822
Foundation Coal Holdings, Inc.	1,060		55,650
Mariner Energy, Inc.*	190		4,347
Occidental Petroleum Corp.	3,390		260,996
Stone Energy Corp.*	890		41,750
Tesoro Corp.	580		27,666
TUSK Energy Corp.*	1,500		2,158
Valero Energy Corp.	3,510		245,805
W&T Offshore, Inc.^	360		10,786

			4,501,765

Total Energy			5,268,170

Financials (22.0%)
*Capital Markets (5.3%)*
Ameriprise Financial, Inc.	1,380		76,052
Charles Schwab Corp.	900		22,995
GAMCO Investors, Inc., Class A^	460		31,832
Goldman Sachs Group, Inc.	4,710		1,012,886
Janus Capital Group, Inc.	950		31,208
Lehman Brothers Holdings, Inc.	1,880		123,027
Merrill Lynch & Co., Inc.	9,080		487,414
Morgan Stanley	16,620		882,688
optionsXpress Holdings, Inc.^	1,210		40,922

			2,709,024

*Commercial Banks (2.9%)*
U.S. Bancorp.	7,220		229,163
Wachovia Corp.	21,584		820,839
Wells Fargo & Co.	15,190		458,586

			1,508,588

*Consumer Finance (0.5%)*
American Express Co.	3,830		199,237
Capital One Financial Corp.	390		18,431
Discover Financial Services	760		11,461
Student Loan Corp.	60		6,600

			235,729

*Diversified Financial Services (7.6%)*
Bank of America Corp.	33,190		1,369,419
CIT Group, Inc.	810		19,464
Citigroup, Inc.	41,740		1,228,826
JPMorgan Chase & Co.	30,350		1,324,778

			3,942,487

*Insurance (4.9%)*
Allstate Corp.	2,960		154,601
Ambac Financial Group, Inc.^	680		17,524
American International Group, Inc.	20,560		1,198,648
Amtrust Financial Services, Inc.	370		5,095
Aon Corp.	2,480		118,271
Assurant, Inc.^	560		37,464
Berkshire Hathaway, Inc., Class B*	40		189,440
Chubb Corp.	4,000		218,320
CNA Surety Corp.*	60		1,187
Delphi Financial Group, Inc., Class A^	470		16,582
FBL Financial Group, Inc., Class A^	260		8,978
First American Corp.^	550		18,766
Genworth Financial, Inc., Class A	2,660		67,697
Lincoln National Corp.	360		20,959
Loews Corp.	350		17,619
Max Capital Group Ltd.^	1,400		39,186
MBIA, Inc.^	900		16,767
MetLife, Inc.	1,330		81,954
Midland Co.	200		12,938
Montpelier Reinsurance Holdings Ltd.^	870		14,799
Navigators Group, Inc.*	350		22,750
Platinum Underwriters Holdings Ltd.	150		5,334
ProAssurance Corp.*^	250		13,730
Progressive Corp.	280		5,365
RLI Corp.^	260		14,765
Safeco Corp.	190		10,579
Torchmark Corp.	170		10,290
Travelers Cos., Inc.	3,700		199,060

			2,538,668

*Thrifts & Mortgage Finance (0.8%)*
Fannie Mae	7,270		290,655
Freddie Mac	820		27,937
Washington Mutual, Inc.^	6,220		84,654

			403,246

Total Financials			11,337,742

Health Care (10.1%)
*Biotechnology (1.2%)*
Alnylam Pharmaceuticals, Inc.*^	490		14,249
Amgen, Inc.*	4,540		210,838
Applera Corp.- Celera Group*^	430		6,824
Biogen Idec, Inc.*^	2,980		169,622
Cubist Pharmaceuticals, Inc.*	1,670		34,252
Genentech, Inc.*	1,650		110,665
OSI Pharmaceuticals, Inc.*^	1,020		49,480

			595,930

*Health Care Equipment & Supplies (0.9%)*
Analogic Corp.	450		30,474
Baxter International, Inc.	1,290		74,885
Intuitive Surgical, Inc.*^	90		29,205
Invacare Corp.^	50		1,260
Medtronic, Inc.	4,600		231,242
Meridian Bioscience, Inc.	1,150		34,592
STERIS Corp.^	1,480		42,683

			444,341

*Health Care Providers & Services (3.8%)*
Aetna, Inc.	4,170		240,734
AMERIGROUP Corp.*	1,270		46,291
AmerisourceBergen Corp.	540		24,230

282

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EQ/OPPENHEIMER MAIN STREET OPPORTUNITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Apria Healthcare Group, Inc.*	1,580	$	34,081
Centene Corp.*^	1,450		39,788
Chemed Corp.^	660		36,881
Coventry Health Care, Inc.*	430		25,478
Emergency Medical Services Corp., Class A*	490		14,347
Express Scripts, Inc.*	2,630		191,990
Health Net, Inc.*	430		20,769
Healthspring, Inc.*	1,760		33,528
Humana, Inc.*	510		38,408
Lincare Holdings, Inc.*^	520		18,283
McKesson Corp.	2,080		136,261
Medco Health Solutions, Inc.*	2,270		230,178
Molina Healthcare, Inc.*^	840		32,508
Omnicare, Inc.	740		16,879
UnitedHealth Group, Inc.	4,600		267,720
Universal American Corp.*^	460		11,771
WellCare Health Plans, Inc.*	950		40,290
WellPoint, Inc.*	5,410		474,619

			1,975,034

*Health Care Technology (0.0%)*
Omnicell, Inc.*^	580		15,619
Phase Forward, Inc.*^	340		7,395

			23,014

*Life Sciences Tools & Services (0.3%)*
Applera Corp.- Applied Biosystems Group	600		20,352
Dionex Corp.*^	490		40,602
Invitrogen Corp.*^	330		30,825
PAREXEL International Corp.*^	470		22,701
Varian, Inc.*	670		43,751

			158,231

*Pharmaceuticals (3.9%)*
Abbott Laboratories	400		22,460
Endo Pharmaceuticals Holdings, Inc.*	690		18,402
Forest Laboratories, Inc.*	1,570		57,226
Johnson & Johnson	12,900		860,430
King Pharmaceuticals, Inc.*	1,820		18,637
Medicis Pharmaceutical Corp., Class A^	1,430		37,137
Merck & Co., Inc.	3,510		203,966
MGI Pharma, Inc.*^	1,520		61,606
Pfizer, Inc.	16,720		380,046
Sepracor, Inc.*	680		17,850
Valeant Pharmaceuticals International*^	2,870		34,354
Wyeth	5,490		242,603
XenoPort, Inc.*^	640		35,763

			1,990,480

Total Health Care			5,187,030

Industrials (10.1%)
*Aerospace & Defense (2.7%)*
Boeing Co.	3,300		288,618
Ceradyne, Inc.*^	750		35,197
Cubic Corp.^	830		32,536
DRS Technologies, Inc.^	830		45,044
DynCorp International, Inc., Class A*	1,350		36,288
Heico Corp.^	310		16,889
Honeywell International, Inc.	1,930		118,830
L-3 Communications Holdings, Inc.	1,340		141,960
Lockheed Martin Corp.	700		73,682
Northrop Grumman Corp.	1,450		114,028
Raytheon Co.	3,610		219,127
Teledyne Technologies, Inc.*	30		1,600
United Technologies Corp.	3,780		289,321

			1,413,120

*Air Freight & Logistics (0.1%)*
Atlas Air Worldwide Holdings, Inc.*^	490		26,568

*Airlines (0.3%)*
AMR Corp.*^	1,210		16,976
Continental Airlines, Inc., Class B*	740		16,465
Copa Holdings S.A., Class A^	780		29,305
Northwest Airlines Corp.*^	620		8,996
Republic Airways Holdings, Inc.*^	380		7,444
SkyWest, Inc.^	1,000		26,850
U.S. Airways Group, Inc.*^	2,250		33,098
UAL Corp.*^	490		17,473

			156,607

*Building Products (0.1%)*
Goodman Global, Inc.*	1,010		24,785
Lennox International, Inc.	680		28,166
USG Corp.*^	420		15,032

			67,983

*Commercial Services & Supplies (0.9%)*
Administaff, Inc.^	990		27,997
Advisory Board Co.*^	470		30,169
ChoicePoint, Inc.*^	480		17,482
Corporate Executive Board Co.^	240		14,424
Deluxe Corp.^	1,250		41,112
Herman Miller, Inc.	1,420		45,994
HNI Corp.^	1,080		37,865
IKON Office Solutions, Inc.	161		2,096
Interface, Inc., Class A^	1,880		30,681
Knoll, Inc.^	1,900		31,217
Korn/Ferry International*	780		14,680
Layne Christensen Co.*^	630		31,002
Resources Connection, Inc.^	1,630		29,601
Rollins, Inc.^	1,185		22,752
Steelcase, Inc., Class A	1,770		28,090
TeleTech Holdings, Inc.*	560		11,911
TrueBlue, Inc.*	260		3,765
United Stationers, Inc.*^	470		21,719
Waste Connections, Inc.*^	900		27,810

			470,367

*Construction & Engineering (0.1%)*
Fluor Corp.	100		14,572
Perini Corp.*	860		35,621
Shaw Group, Inc.*	310		18,737

			68,930

*Electrical Equipment (0.5%)*
A.O. Smith Corp.^	600		21,030
Acuity Brands, Inc.^	1,050		47,250
Belden, Inc.	130		5,785
Genlyte Group, Inc.*^	463		44,078
GrafTech International Ltd.*^	2,480		44,020
Rockwell Automation, Inc.	380		26,205
Thomas & Betts Corp.*^	460		22,558
Woodward Governor Co.^	270		18,346

			229,272

*Industrial Conglomerates (4.3%)*
3M Co.	2,940		247,901
General Electric Co.	47,910		1,776,024
Teleflex, Inc.	110		6,931
Tyco International Ltd.	3,960		157,014
Walter Industries, Inc.	240		8,623

			2,196,493

283

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EQ/OPPENHEIMER MAIN STREET OPPORTUNITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
*Machinery (0.9%)*
Actuant Corp., Class A	290	$	9,863
Astec Industries, Inc.*^	480		17,851
Deere & Co.	890		82,877
Eaton Corp.	290		28,115
EnPro Industries, Inc.*	290		8,889
Gardner Denver, Inc.*	1,210		39,930
Ingersoll-Rand Co., Ltd., Class A	860		39,964
Mueller Industries, Inc.^	1,060		30,729
Parker Hannifin Corp.	1,370		103,175
Robbins & Myers, Inc.^	570		43,109
SPX Corp.	230		23,655
Tennant Co.^	310		13,730
Toro Co.^	790		43,008

			484,895

*Marine (0.1%)*
Excel Maritime Carriers Ltd.^	600		24,114
TBS International Ltd., Class A*	710		23,473

			47,587

*Trading Companies & Distributors (0.1%)*
Applied Industrial Technologies, Inc.^	570		16,542
United Rentals, Inc.*	2,070		38,005

			54,547

Total Industrials			5,216,369

Information Technology (28.0%)
*Communications Equipment (5.0%)*
ADC Telecommunications, Inc.*^	2,550		39,653
ADTRAN, Inc.^	1,720		36,774
Avocent Corp.*^	720		16,783
Blue Coat Systems, Inc.*^	1,010		33,199
Cisco Systems, Inc.*	33,090		895,746
CommScope, Inc.*^	430		21,160
Comtech Telecommunications Corp.*^	700		37,807
Dycom Industries, Inc.*^	1,340		35,711
Foundry Networks, Inc.*	1,030		18,046
InterDigital, Inc.*^	1,260		29,396
Juniper Networks, Inc.*	6,510		216,132
MasTec, Inc.*	220		2,237
Motorola, Inc.	13,110		210,284
NETGEAR, Inc.*^	920		32,816
Plantronics, Inc.^	1,360		35,360
QUALCOMM, Inc.	22,730		894,425
Tellabs, Inc.*	1,890		12,361
ViaSat, Inc.*^	940		32,364

			2,600,254

*Computers & Peripherals (8.0%)*
Apple, Inc.*	3,850		762,608
Brocade Communications Systems, Inc.*	2,510		18,423
Dell, Inc.*	22,030		539,955
Electronics for Imaging, Inc.*^	820		18,434
EMC Corp.*	12,760		236,443
Emulex Corp.*	2,170		35,414
Hewlett-Packard Co.	25,030		1,263,515
International Business Machines Corp.	8,850		956,685
Lexmark International, Inc., Class A*	540		18,824
NCR Corp.*	790		19,829
Network Appliance, Inc.*	950		23,712
QLogic Corp.*	3,350		47,570
Seagate Technology	3,510		89,505
Sun Microsystems, Inc.*	2,200		39,886
Synaptics, Inc.*^	800		32,928
Teradata Corp.*	360		9,868

			4,113,599

*Electronic Equipment & Instruments (0.8%)*
Agilent Technologies, Inc.*	6,420		235,871
Arrow Electronics, Inc.*	540		21,211
Avnet, Inc.*	580		20,283
Checkpoint Systems, Inc.*^	1,480		38,450
Dolby Laboratories, Inc., Class A*	170		8,452
National Instruments Corp.^	540		17,998
Rofin-Sinar Technologies, Inc.*	940		45,224
Sanmina-SCI Corp.*	1,350		2,457
Technitrol, Inc.^	510		14,576

			404,522

*Internet Software & Services (2.1%)*
CNET Networks, Inc.*	1,360		12,430
Digital River, Inc.*^	1,080		35,716
eBay, Inc.*	5,670		188,187
Google, Inc., Class A*	1,020		705,310
j2 Global Communications, Inc.*^	1,550		32,814
Open Text Corp.*^	840		26,418
United Online, Inc.^	2,620		30,968
ValueClick, Inc.*	240		5,256
VeriSign, Inc.*^	720		27,079

			1,064,178

*IT Services (1.7%)*
Accenture Ltd., Class A	5,920		213,298
Alliance Data Systems Corp.*^	270		20,247
Automatic Data Processing, Inc.	4,650		207,064
Broadridge Financial Solutions, Inc.	1,330		29,832
CACI International, Inc., Class A*^	790		35,368
Computer Sciences Corp.*	570		28,198
DST Systems, Inc.*^	260		21,463
Electronic Data Systems Corp.	2,950		61,153
Gartner, Inc.*^	1,810		31,784
Heartland Payment Systems, Inc.^	1,160		31,088
Hewitt Associates, Inc., Class A*	540		20,677
ManTech International Corp., Class A*^	610		26,730
MAXIMUS, Inc.^	830		32,046
MPS Group, Inc.*^	1,410		15,425
NeuStar, Inc., Class A*^	430		12,332
SAIC, Inc.*	530		10,664
Sapient Corp.*^	1,250		11,013
SRA International, Inc., Class A*^	260		7,657
Syntel, Inc.^	390		15,023
Unisys Corp.*	7,950		37,604
Western Union Co.	590		14,325

			882,991

*Office Electronics (0.2%)*
Xerox Corp.	5,840		94,550
Zebra Technologies Corp., Class A*	490		17,003

			111,553

*Semiconductors & Semiconductor Equipment (4.3%)*
Amkor Technology, Inc.*	3,750		31,988
Analog Devices, Inc.	1,290		40,893
Applied Materials, Inc.	11,700		207,792
Atmel Corp.*^	1,480		6,394
ATMI, Inc.*^	1,130		36,443
Brooks Automation, Inc.*^	1,340		17,701
Cabot Microelectronics Corp.*^	860		30,883
Cymer, Inc.*^	950		36,983
Entegris, Inc.*	3,770		32,535
FEI Co.*^	1,330		33,024
Integrated Device Technology, Inc.*	3,900		44,109
Intel Corp.	26,290		700,891
Intersil Corp., Class A	720		17,626
Lam Research Corp.*^	450		19,454

284

EQ ADVISORS TRUST

EQ/OPPENHEIMER MAIN STREET OPPORTUNITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Linear Technology Corp.^	710	$	22,599
MEMC Electronic Materials, Inc.*	140		12,389
MKS Instruments, Inc.*^	1,800		34,452
National Semiconductor Corp.	1,110		25,130
Novellus Systems, Inc.*	730		20,126
NVIDIA Corp.*	4,970		169,079
ON Semiconductor Corp.*^	2,090		18,559
PMC-Sierra, Inc.*^	5,540		36,232
Rambus, Inc.*^	2,110		44,183
RF Micro Devices, Inc.*^	6,750		38,542
Semtech Corp.*^	2,090		32,437
Sigma Designs, Inc.*^	680		37,536
Skyworks Solutions, Inc.*^	4,440		37,740
Standard Microsystems Corp.*^	420		16,409
Tessera Technologies, Inc.*^	420		17,472
Texas Instruments, Inc.	8,260		275,884
TriQuint Semiconductor, Inc.*	190		1,260
Varian Semiconductor Equipment Associates, Inc.*	480		17,760
Verigy Ltd.*	1,160		31,517
Xilinx, Inc.	1,150		25,151
Zoran Corp.*	1,740		39,167

			2,210,340

*Software (5.9%)*
Activision, Inc.*	1,020		30,294
Adobe Systems, Inc.*	2,330		99,561
Advent Software, Inc.*^	680		36,788
ANSYS, Inc.*^	500		20,730
Aspen Technology, Inc.*^	2,490		40,388
Autodesk, Inc.*	560		27,866
BEA Systems, Inc.*	1,170		18,463
Blackbaud, Inc.	1,120		31,405
Blackboard, Inc.*^	860		34,615
BMC Software, Inc.*	740		26,374
CA, Inc.	2,000		49,900
Cadence Design Systems, Inc.*	1,220		20,752
Check Point Software Technologies Ltd.*	720		15,811
Citrix Systems, Inc.*	580		22,046
Cognos, Inc.*	330		18,998
Compuware Corp.*	2,350		20,868
Concur Technologies, Inc.*^	1,150		41,641
Fair Isaac Corp.^	1,210		38,901
Informatica Corp.*^	2,310		41,626
Intuit, Inc.*	840		26,552
Jack Henry & Associates, Inc.^	1,120		27,261
Lawson Software, Inc.*^	3,650		37,376
McAfee, Inc.*	580		21,750
Micros Systems, Inc.*	270		18,943
Microsoft Corp.	43,980		1,565,688
MicroStrategy, Inc., Class A*^	400		38,040
Net 1 UEPS Technologies, Inc.*	1,060		31,121
Novell, Inc.*	2,610		17,931
Oracle Corp.*	16,710		377,312
Progress Software Corp.*	810		27,281
Red Hat, Inc.*^	970		20,215
Salesforce.com, Inc.*	360		22,568
Sybase, Inc.*	330		8,610
Symantec Corp.*	8,230		132,832
Synchronoss Technologies, Inc.*^	320		11,341
Synopsys, Inc.*	980		25,411
Ultimate Software Group, Inc.*^	30		944
Wind River Systems, Inc.*^	2,930		26,165

			3,074,368

Total Information Technology			14,461,805

Materials (3.1%)
*Chemicals (1.4%)*
Arch Chemicals, Inc.^	820		30,135
Cabot Corp.^	590		19,671
Celanese Corp., Class A	750		31,740
Dow Chemical Co.	1,890		74,504
Eastman Chemical Co.	320		19,549
H.B. Fuller Co.	1,450		32,553
Monsanto Co.	2,180		243,484
Mosaic Co.*	1,170		110,378
OM Group, Inc.*^	760		43,730
Scotts Miracle-Gro Co., Class A	430		16,091
Sensient Technologies Corp.	730		20,644
Terra Industries, Inc.*	520		24,835
W.R. Grace & Co.*^	1,580		41,364
Zep, Inc.^	200		2,774

			711,452

*Containers & Packaging (0.1%)*
Owens-Illinois, Inc.*	530		26,235
Packaging Corp. of America^	660		18,612
Rock-Tenn Co., Class A^	1,240		31,509

			76,356

*Metals & Mining (1.5%)*
AK Steel Holding Corp.*	450		20,808
Brush Engineered Materials, Inc.*^	570		21,101
Carpenter Technology Corp.	310		23,303
Century Aluminum Co.*^	740		39,916
Commercial Metals Co.	620		18,259
Compass Minerals International, Inc.^	640		26,240
Freeport-McMoRan Copper & Gold, Inc.	830		85,025
Hecla Mining Co.*^	4,110		38,429
Metal Management, Inc.^	200		9,106
Nucor Corp.	2,770		164,039
Quanex Corp.^	980		50,862
Reliance Steel & Aluminum Co.	360		19,512
Schnitzer Steel Industries, Inc., Class A^	560		38,713
Southern Copper Corp.^	1,070		112,489
Steel Dynamics, Inc.^	390		23,232
United States Steel Corp.	430		51,991
Worthington Industries, Inc.^	1,750		31,290

			774,315

*Paper & Forest Products (0.1%)*
International Paper Co.	1,130		36,589

Total Materials			1,598,712

Telecommunication Services (3.2%)
*Diversified Telecommunication Services (2.9%)*
AT&T, Inc.	21,834		907,421
Cbeyond, Inc.*^	820		31,972
CenturyTel, Inc.	580		24,047
Cincinnati Bell, Inc.*^	7,470		35,483
Cogent Communications Group, Inc.*^	1,520		36,039
Embarq Corp.	440		21,793
NTELOS Holdings Corp.^	1,180		35,034
Premiere Global Services, Inc.*^	1,260		18,711
Qwest Communications International, Inc.*	26,610		186,536
Verizon Communications, Inc.	4,860		212,333

			1,509,369

*Wireless Telecommunication Services (0.3%)*
American Tower Corp., Class A*	330		14,058
Centennial Communications Corp.*^	3,090		28,706

285

EQ ADVISORS TRUST

EQ/OPPENHEIMER MAIN STREET OPPORTUNITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Number of Shares		Value (Note 1)
Sprint Nextel Corp.		3,860	$	50,682
Syniverse Holdings, Inc.*		1,890		29,446
Telephone & Data Systems, Inc.		360		22,536

				145,428

Total Telecommunication Services				1,654,797

Utilities (0.2%)
*Electric Utilities (0.1%)*
Duke Energy Corp.		920		18,556
Reliant Energy, Inc.*		850		22,304

				40,860

*Gas Utilities (0.1%)*
Northwest Natural Gas Co.^		800		38,928
WGL Holdings, Inc.^		740		24,243

				63,171

*Independent Power Producers & Energy Traders (0.0%)*
Canadian Hydro Developers, Inc.*		700		4,539

Total Utilities				108,570

Total Common Stocks (99.3%)
(Cost $52,310,107)				51,213,684


	Principal Amount
	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investment of Cash Collateral for Securities Loaned (9.5%)
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)	$	4,920,550		4,920,550

Time Deposit (1.8%)
JPMorgan Chase Nassau
3.51%, 1/2/08		925,369		925,369

Total Short-Term Investments (11.3%)
(Amortized Cost $5,845,919)				5,845,919

Total Investments (110.6%)
(Cost/Amortized Cost $58,156,026)				57,059,603
Other Assets Less Liabilities (-10.6%)				(5,473,020	)

Net Assets (100%)			$	51,586,583

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.


Investment security transactions for the year ended December 31, 2007 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	95,013,512
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	62,608,719

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	2,690,578
Aggregate gross unrealized depreciation		(4,079,084	)

Net unrealized depreciation	$	(1,388,506	)

Federal income tax cost of investments	$	58,448,109

At December 31, 2007, the Portfolio had loaned securities with a total value of $4,834,791. This was secured by collateral of $4,920,550 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $86,415 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $662, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the year ended December 31, 2007, the Portfolio incurred approximately $1,205 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

286

EQ ADVISORS TRUST

EQ/OPPENHEIMER MAIN STREET SMALL CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (15.1%)
*Auto Components (1.5%)*
Aftermarket Technology Corp.*	2,460	$	67,060
American Axle & Manufacturing Holdings, Inc.	8,370		155,849
Amerigon, Inc.*^	2,480		52,427
Cooper Tire & Rubber Co.	10,870		180,225
Drew Industries, Inc.*^	3,780		103,572
Fuel Systems Solutions, Inc.*^	200		2,858
Goodyear Tire & Rubber Co.*	5,890		166,216
Hayes Lemmerz International, Inc.*	2,720		12,430
Lear Corp.*	5,410		149,641
Sauer-Danfoss, Inc.^	990		24,799
Shiloh Industries, Inc.*	200		1,970
Tenneco, Inc.*	8,340		217,424
TRW Automotive Holdings Corp.*	1,450		30,305

			1,164,776

*Automobiles (0.2%)*
Fleetwood Enterprises, Inc.*^	5,270		31,514
Monaco Coach Corp.^	2,320		20,602
Thor Industries, Inc.^	2,570		97,686
Winnebago Industries, Inc.	300		6,306

			156,108

*Distributors (0.0%)*
Core-Mark Holding Co., Inc.*^	550		15,796

*Diversified Consumer Services (1.4%)*
Apollo Group, Inc., Class A*	2,880		202,032
Capella Education Co.*^	1,500		98,190
Career Education Corp.*^	980		24,637
Coinstar, Inc.*	4,370		123,016
DeVry, Inc.^	2,920		151,723
ITT Educational Services, Inc.*	1,760		150,075
K12, Inc.*	630		16,304
Matthews International Corp., Class A^	280		13,124
Noah Education Holdings Ltd. (ADR)*	2,080		16,765
Pre-Paid Legal Services, Inc.*	1,200		66,420
Regis Corp.	1,370		38,305
Sotheby’s, Inc.^	800		30,480
Steiner Leisure Ltd.*^	1,400		61,824
Stewart Enterprises, Inc., Class A^	1,720		15,308
Strayer Education, Inc.	620		105,760
Weight Watchers International, Inc.^	740		33,433

			1,147,396

*Hotels, Restaurants & Leisure (1.0%)*
AFC Enterprises, Inc.*^	820		9,282
Ambassadors Group, Inc.	830		15,197
Bally Technologies, Inc.*^	1,280		63,642
Bob Evans Farms, Inc.^	6,200		166,966
Buffalo Wild Wings, Inc.*^	1,880		43,654
CBRL Group, Inc.^	1,291		41,816
CEC Entertainment, Inc.*	1,090		28,296
Chipotle Mexican Grill, Inc., Class A*^	360		52,945
Denny’s Corp.*^	11,100		41,625
Domino’s Pizza, Inc.	3,460		45,776
IHOP Corp.^	2,480		90,718
Luby’s, Inc.*	200		2,032
Monarch Casino & Resort, Inc.*^	1,850		44,548
Premier Exhibitions, Inc.*^	3,710		40,587
Vail Resorts, Inc.*	350		18,834
Wendy’s International, Inc.	1,410		36,434
WMS Industries, Inc.*^	940		34,442
Wyndham Worldwide Corp.	2,560		60,314

			837,108

*Household Durables (2.6%)*
American Greetings Corp., Class A^	9,890		200,767
Black & Decker Corp.	2,460		171,339
Blyth, Inc.^	5,080		111,455
Centex Corp.	260		6,568
Champion Enterprises, Inc.*^	5,670		53,411
CSS Industries, Inc.^	1,280		46,976
Ethan Allen Interiors, Inc.^	1,220		34,770
Helen of Troy Ltd.*	1,450		24,853
Hooker Furniture Corp.^	970		19,497
KB Home^	5,200		112,320
Lennar Corp., Class A^	8,290		148,308
Mohawk Industries, Inc.*^	1,350		100,440
NVR, Inc.*^	290		151,960
Russ Berrie & Co., Inc.*	40		654
Stanley Works	3,500		169,680
Tempur-Pedic International, Inc.^	7,910		205,423
Toll Brothers, Inc.*^	7,580		152,055
Tupperware Brands Corp.	8,780		290,003
Universal Electronics, Inc.*^	1,740		58,186
Whirlpool Corp.	450		36,734

			2,095,399

*Internet & Catalog Retail (1.2%)*
1-800-FLOWERS.COM, Inc., Class A*	4,180		36,492
Audible, Inc.*^	1,610		14,361
Blue Nile, Inc.*^	2,180		148,371
Expedia, Inc.*	5,390		170,432
Gaiam, Inc., Class A*^	2,520		74,794
IAC/InterActiveCorp*	1,260		33,919
Netflix, Inc.*^	7,250		192,995
NutriSystem, Inc.*	730		19,695
Overstock.com, Inc.*^	2,710		42,086
PetMed Express, Inc.*^	3,000		36,300
Priceline.com, Inc.*^	1,170		134,386
Shutterfly, Inc.*^	960		24,595
Stamps.com, Inc.*^	640		7,795
Systemax, Inc.	2,470		50,191
ValueVision Media, Inc., Class A*	880		5,535

			991,947

*Leisure Equipment & Products (0.8%)*
Arctic Cat, Inc.^	190		2,269
Brunswick Corp.^	6,240		106,392
Callaway Golf Co.	10,680		186,152
Eastman Kodak Co.^	330		7,217
JAKKS Pacific, Inc.*^	2,570		60,678
Polaris Industries, Inc.^	4,630		221,175
RC2 Corp.*^	1,440		40,421
Sturm Ruger & Co., Inc.*^	2,250		18,630

			642,934

*Media (1.3%)*
Charter Communications, Inc., Class A*	55,100		64,467
Cox Radio, Inc., Class A*^	4,120		50,058
Cumulus Media, Inc., Class A*	1,700		13,668
DG FastChannel, Inc.*^	500		12,820
Entravision Communications Corp., Class A*	15,090		118,155
Getty Images, Inc.*	3,010		87,290
Global Sources Ltd.*^	4,312		121,685
Gray Television, Inc.^	210		1,684
Harte-Hanks, Inc.	400		6,920
Idearc, Inc.^	2,120		37,227
Journal Communications, Inc., Class A^	730		6,526

287

EQ ADVISORS TRUST

EQ/OPPENHEIMER MAIN STREET SMALL CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Lin TV Corp., Class A*	4,140	$	50,384
Marvel Entertainment, Inc.*^	6,090		162,664
Mediacom Communications Corp., Class A*^	1,640		7,527
Scholastic Corp.*^	4,890		170,612
Sinclair Broadcast Group, Inc., Class A	12,030		98,766
Warner Music Group Corp.^	8,230		49,874

			1,060,327

*Multiline Retail (0.6%)*
Big Lots, Inc.*^	10,870		173,811
Dollar Tree Stores, Inc.*	5,950		154,224
Family Dollar Stores, Inc.	8,300		159,609

			487,644

*Specialty Retail (3.2%)*
A.C. Moore Arts & Crafts, Inc.*	2,550		35,063
Abercrombie & Fitch Co.	1,750		139,947
Advance Auto Parts, Inc.	1,200		45,588
Aeropostale, Inc.*^	10,530		279,045
AnnTaylor Stores Corp.*	2,410		61,600
AutoNation, Inc.*	7,350		115,101
AutoZone, Inc.*	1,430		171,471
Barnes & Noble, Inc.	4,180		144,001
Big 5 Sporting Goods Corp.^	1,100		15,862
Blockbuster, Inc., Class A*^	31,170		121,563
Books-A-Million, Inc.^	1,120		13,350
Brown Shoe Co., Inc.	6,980		105,887
Buckle, Inc.^	5,500		181,500
Build-A-Bear Workshop, Inc.*	200		2,790
Cato Corp., Class A^	1,810		28,345
Chico’s FAS, Inc.*	4,170		37,655
Christopher & Banks Corp.^	2,540		29,083
Conn’s, Inc.*^	1,950		33,365
Dress Barn, Inc.*^	9,770		122,223
Hibbett Sports, Inc.*^	2,790		55,744
HOT Topic, Inc.*^	3,960		23,047
Jo-Ann Stores, Inc.*	1,340		17,527
Jos. A. Bank Clothiers, Inc.*^	1,840		52,348
Men’s Wearhouse, Inc.	6,810		183,734
Midas, Inc.*^	430		6,304
Monro Muffler, Inc.	290		5,652
Office Depot, Inc.*	3,820		53,136
Pacific Sunwear of California, Inc.*	940		13,263
Pep Boys - Manny, Moe & Jack^	2,060		23,649
Pier 1 Imports, Inc.*^	5,690		29,759
RadioShack Corp.^	8,940		150,728
Rent-A-Center, Inc.*^	3,340		48,497
Sally Beauty Holdings, Inc.*^	11,590		104,889
Select Comfort Corp.*	3,860		27,059
Sherwin-Williams Co.^	880		51,075
Sonic Automotive, Inc., Class A^	840		16,262
Stage Stores, Inc.^	900		13,320
Talbots, Inc.^	660		7,801
Ulta Salon Cosmetics & Fragrance, Inc.	210		3,602
West Marine, Inc.*^	130		1,167

			2,572,002

*Textiles, Apparel & Luxury Goods (1.3%)*
Cherokee, Inc.^	470		15,167
Deckers Outdoor Corp.*^	1,110		172,117
Fossil, Inc.*^	4,840		203,183
Kellwood Co.^	1,500		24,960
Maidenform Brands, Inc.*	140		1,894
Movado Group, Inc.	2,370		59,937
Perry Ellis International, Inc.*^	1,240		19,071
Polo Ralph Lauren Corp.	1,980		122,344
Steven Madden Ltd.^	2,060		41,200
Warnaco Group, Inc.*^	5,680		197,664
Wolverine World Wide, Inc.	7,800		191,256

			1,048,793

Total Consumer Discretionary			12,220,230

Consumer Staples (2.7%)
*Beverages (0.1%)*
Boston Beer Co., Inc., Class A*	710		26,732
Hansen Natural Corp.*^	790		34,989

			61,721

*Food & Staples Retailing (0.7%)*
Arden Group, Inc., Class A^	100		15,469
BJ’s Wholesale Club, Inc.*	6,630		224,293
Casey’s General Stores, Inc.^	4,840		143,312
China Nepstar Chain Drugstore Ltd. (ADR)*^	700		12,306
Ingles Markets, Inc., Class A	1,950		49,510
Nash Finch Co.^	1,470		51,862
Performance Food Group Co.*	3,110		83,566
Pricesmart, Inc.^	860		25,852
SUPERVALU, Inc.	250		9,380

			615,550

*Food Products (0.7%)*
Agria Corp. (ADR)*	1,400		14,546
Cal-Maine Foods, Inc.^	2,170		57,570
Chiquita Brands International, Inc.*	2,500		45,975
Darling International, Inc.*	7,840		90,630
Flowers Foods, Inc.^	10,000		234,100
Fresh Del Monte Produce, Inc.*	120		4,030
Green Mountain Coffee Roasters, Inc.*	2,080		84,656
Imperial Sugar Co.^	1,820		34,161
Reddy Ice Holdings, Inc.	900		22,779

			588,447

*Household Products (0.2%)*
Energizer Holdings, Inc.*	670		75,127
WD-40 Co.	1,730		65,688

			140,815

*Personal Products (0.5%)*
American Oriental Bioengineering, Inc.*^	10,890		120,661
Elizabeth Arden, Inc.*	2,070		42,125
Estee Lauder Cos., Inc., Class A	500		21,805
Herbalife Ltd.	1,690		68,073
NBTY, Inc.*	5,400		147,960
Nu Skin Enterprises, Inc., Class A	860		14,130

			414,754

*Tobacco (0.5%)*
Alliance One International, Inc.*	2,960		12,047
Universal Corp.	3,790		194,124
UST, Inc.^	1,770		96,996
Vector Group Ltd.^	4,623		92,737

			395,904

Total Consumer Staples			2,217,191

Energy (4.0%)
*Energy Equipment & Services (2.0%)*
Atwood Oceanics, Inc.*^	180		18,043
Dawson Geophysical Co.*^	670		47,878
Dresser-Rand Group, Inc.*	3,750		146,437
Dril-Quip, Inc.*	730		40,632
ENGlobal Corp.*^	900		10,224
Exterran Holdings, Inc.*	700		57,260
Global Industries Ltd.*	6,220		133,232
Grey Wolf, Inc.*	19,080		101,696
Gulf Island Fabrication, Inc.	1,150		36,467
GulfMark Offshore, Inc.*^	3,330		155,811
Matrix Service Co.*	1,870		40,803

288

EQ ADVISORS TRUST

EQ/OPPENHEIMER MAIN STREET SMALL CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
NATCO Group, Inc.*^	3,200	$	173,280
Newpark Resources, Inc.*^	4,550		24,798
Oil States International, Inc.*^	5,710		194,825
Patterson-UTI Energy, Inc.	390		7,613
SEACOR Holdings, Inc.*^	1,570		145,602
T-3 Energy Services, Inc.*^	1,040		48,890
Technicoil Corp.*	3,300		1,505
Tidewater, Inc.^	860		47,180
Trican Well Service Ltd.	400		7,794
Trico Marine Services, Inc.*	130		4,813
Willbros Group, Inc.*	4,270		163,498

			1,608,281

*Oil, Gas & Consumable Fuels (2.0%)*
Alberta Clipper Energy, Inc.*	100		196
Alpha Natural Resources, Inc.*^	9,140		296,867
Berry Petroleum Co., Class A	1,410		62,674
Bois d’Arc Energy, Inc.*	340		6,749
Celtic Exploration Ltd.*	100		1,135
Foundation Coal Holdings, Inc.^	5,250		275,625
Galleon Energy, Inc., Class A*	500		7,852
Jura Energy Corp.*	6,900		2,587
Knightsbridge Tankers Ltd.	360		8,694
Mariner Energy, Inc.*^	4,620		105,706
Markwest Hydrocarbon, Inc.	200		12,530
Massey Energy Co.	7,870		281,352
Midnight Oil Exploration Ltd.*	1,400		1,532
Paramount Resources Ltd., Class A*	400		5,552
PetroHawk Energy Corp.*	800		13,848
Redstar Oil & Gas, Inc.*	700		426
Rosetta Resources, Inc.*^	2,710		53,739
Stone Energy Corp.*	4,050		189,985
Tesoro Corp.	3,990		190,323
TriStar Oil and Gas Ltd.*	100		1,271
TUSK Energy Corp.*	2,516		3,620
USEC, Inc.*^	7,160		64,440
VAALCO Energy, Inc.*	650		3,023
W&T Offshore, Inc.^	670		20,073

			1,609,799

Total Energy			3,218,080

Financials (8.3%)
*Capital Markets (1.1%)*
Calamos Asset Management, Inc., Class A^	2,300		68,494
FCStone Group, Inc.*	610		28,078
GAMCO Investors, Inc., Class A^	1,600		110,720
GFI Group, Inc.*^	780		74,662
Greenhill & Co., Inc.^	200		13,296
Janus Capital Group, Inc.^	5,520		181,332
Knight Capital Group, Inc., Class A*	1,250		18,000
optionsXpress Holdings, Inc.^	5,920		200,214
Pzena Investment Management, Inc.^	500		5,700
SWS Group, Inc.	2,780		35,223
TradeStation Group, Inc.*^	3,860		54,851
U.S. Global Investors, Inc., Class A^	2,270		37,818
W.P. Carey & Co. LLC	350		11,620
Waddell & Reed Financial, Inc.	1,180		42,586

			882,594

*Commercial Banks (0.2%)*
AMCORE Financial, Inc.^	320		7,264
BancFirst Corp.	70		3,000
Capital City Bank Group, Inc.^	30		847
Cascade Bancorp^	650		9,048
Chemical Financial Corp.^	70		1,665
City Holding Co.	890		30,118
Columbia Banking System, Inc.^	570		16,946
First Security Group, Inc./Tennessee	300		2,691
FNB Corp./Pennsylvania^	170		2,499
Independent Bank Corp./Massachusetts^	260		7,077
National City Corp.	1		17
NBT Bancorp, Inc.^	970		22,135
Park National Corp.	60		3,870
S&T Bancorp, Inc.^	60		1,658
Southwest Bancorp, Inc./Oklahoma	40		733
Sterling Bancorp/New York	130		1,773
Sterling Financial Corp./Pennsylvania^	10		164
SVB Financial Group*^	1,150		57,960
WesBanco, Inc.^	1,180		24,308

			193,773

*Consumer Finance (0.3%)*
Advance America Cash Advance Centers, Inc.	330		3,353
Advanta Corp., Class B^	7,000		56,490
AmeriCredit Corp.*^	5,160		65,997
Discover Financial Services	3,940		59,415
Student Loan Corp.	40		4,400
World Acceptance Corp.*^	1,630		43,977

			233,632

*Diversified Financial Services (0.4%)*
Asset Acceptance Capital Corp.^	2,740		28,523
Asta Funding, Inc.^	260		6,874
CIT Group, Inc.	5,230		125,677
Financial Federal Corp.^	1,100		24,519
MarketAxess Holdings, Inc.*^	2,660		34,128
NASDAQ Stock Market, Inc.*	210		10,393
Portfolio Recovery Associates, Inc.^	2,000		79,340

			309,454

*Insurance (3.8%)*
Alfa Corp.	460		9,968
Alleghany Corp.*	10		4,020
Ambac Financial Group, Inc.^	3,740		96,380
American Equity Investment Life Holding Co.^	40		332
American Physicians Capital, Inc.	1,350		55,971
Amerisafe, Inc.*	2,570		39,861
Amtrust Financial Services, Inc.	3,450		47,506
Argo Group International Holdings Ltd.*	1,696		71,452
Aspen Insurance Holdings Ltd.	120		3,461
Assurant, Inc.^	2,980		199,362
Assured Guaranty Ltd.^	1,690		44,853
CNA Surety Corp.*^	2,380		47,100
CNinsure, Inc. (ADR)*	570		8,977
Commerce Group, Inc.	1,890		68,002
Darwin Professional Underwriters, Inc.*^	390		9,426
Delphi Financial Group, Inc., Class A	4,900		172,872
Donegal Group, Inc., Class A^	140		2,404
EMC Insurance Group, Inc.	230		5,444
FBL Financial Group, Inc., Class A	2,390		82,527
Fidelity National Financial, Inc., Class A	3,750		54,787
First American Corp.	4,090		139,551
FPIC Insurance Group, Inc.*^	660		28,367
Genworth Financial, Inc., Class A	1,580		40,211
Hallmark Financial Services*^	150		2,379
Harleysville Group, Inc.	860		30,427
HCC Insurance Holdings, Inc.	1,990		57,073

289

EQ ADVISORS TRUST

EQ/OPPENHEIMER MAIN STREET SMALL CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Hilb, Rogal & Hobbs Co.^	730	$	29,616
Horace Mann Educators Corp.	2,620		49,623
Infinity Property & Casualty Corp.	2,070		74,789
IPC Holdings Ltd.^	1,710		49,368
LandAmerica Financial Group, Inc.^	450		15,052
Max Capital Group Ltd.^	6,320		176,897
MBIA, Inc.^	4,520		84,208
Meadowbrook Insurance Group, Inc.*^	550		5,175
Midland Co.	760		49,164
Montpelier Reinsurance Holdings Ltd.^	2,130		36,231
National Interstate Corp.^	540		17,874
National Western Life Insurance Co., Class A^	60		12,442
Navigators Group, Inc.*^	1,010		65,650
Phoenix Cos., Inc.	8,090		96,028
Platinum Underwriters Holdings Ltd.	2,820		100,279
Presidential Life Corp.^	60		1,051
ProAssurance Corp.*^	1,580		86,774
ProCentury Corp.	1,000		15,350
RAM Holdings Ltd.*	800		3,952
RLI Corp.^	3,220		182,864
Safeco Corp.	2,450		136,416
Safety Insurance Group, Inc.	30		1,099
SeaBright Insurance Holdings, Inc.*	2,160		32,573
Selective Insurance Group, Inc.	2,220		51,038
StanCorp Financial Group, Inc.	870		43,831
State Auto Financial Corp.	480		12,624
Torchmark Corp.	1,910		115,612
Transatlantic Holdings, Inc.	300		21,801
United America Indemnity Ltd., Class A*^	3,970		79,082
United Fire & Casualty Co.^	1,310		38,108
Universal Insurance Holdings, Inc.	160		1,186
W.R. Berkley Corp.	1,470		43,821
Zenith National Insurance Corp.	670		29,969

			3,082,260

*Real Estate Investment Trusts (REITs) (2.1%)*
Acadia Realty Trust (REIT)	100		2,561
Agree Realty Corp. (REIT)^	500		15,050
Alexandria Real Estate Equities, Inc. (REIT)^	500		50,835
Arbor Realty Trust, Inc. (REIT)^	500		8,055
Ashford Hospitality Trust, Inc. (REIT)^	3,000		21,570
Associated Estates Realty Corp. (REIT)^	300		2,832
BioMed Realty Trust, Inc. (REIT)	100		2,317
Brandywine Realty Trust (REIT)	1,100		19,723
Capital Trust, Inc./New York, Class A (REIT)^	500		15,325
CBL & Associates Properties, Inc. (REIT)	1,300		31,083
Cedar Shopping Centers, Inc. (REIT)^	600		6,138
Colonial Properties Trust (REIT)	300		6,789
Corporate Office Properties Trust SBI/Maryland (REIT)^	500		15,750
DiamondRock Hospitality Co. (REIT)	3,100		46,438
Digital Realty Trust, Inc. (REIT)	2,200		84,414
DuPont Fabros Technology, Inc.^	500		9,800
EastGroup Properties, Inc. (REIT)	400		16,740
Entertainment Properties Trust (REIT)^	1,000		47,000
Equity Lifestyle Properties, Inc. (REIT)	500		22,835
Equity One, Inc. (REIT)^	1,600		36,848
FelCor Lodging Trust, Inc. (REIT)	3,400		53,006
First Industrial Realty Trust, Inc. (REIT)^	2,700		93,420
Glimcher Realty Trust (REIT)^	300		4,287
Gramercy Capital Corp./ New York (REIT)^	600		14,586
Hersha Hospitality Trust (REIT)	500		4,750
Highwoods Properties, Inc. (REIT)	1,600		47,008
Home Properties, Inc. (REIT)^	400		17,940
Inland Real Estate Corp. (REIT)^	3,200		45,312
Kite Realty Group Trust (REIT)	700		10,689
LaSalle Hotel Properties (REIT)^	700		22,330
Lexington Realty Trust (REIT)^	1,400		20,356
LTC Properties, Inc. (REIT)	800		20,040
Medical Properties Trust, Inc. (REIT)	300		3,057
Mid-America Apartment Communities, Inc. (REIT)	500		21,375
National Health Investors, Inc. (REIT)^	400		11,160
National Retail Properties, Inc. (REIT)	2,700		63,126
Nationwide Health Properties, Inc. (REIT)	4,500		141,165
Newcastle Investment Corp. (REIT)^	1,300		16,848
Omega Healthcare Investors, Inc. (REIT)	2,300		36,915
Parkway Properties, Inc./ Maryland (REIT)^	700		25,886
Pennsylvania Real Estate Investment Trust (REIT)^	1,700		50,456
PS Business Parks, Inc. (REIT)	600		31,530
RAIT Financial Trust (REIT)^	1,300		11,206
Ramco-Gershenson Properties Trust (REIT)	600		12,822
Realty Income Corp. (REIT)^	3,200		86,464
Redwood Trust, Inc. (REIT)^	400		13,696
Resource Capital Corp. (REIT)^	100		931
Saul Centers, Inc. (REIT)	300		16,029
Senior Housing Properties Trust (REIT)	3,700		83,916
Sovran Self Storage, Inc. (REIT)	300		12,030
Strategic Hotels & Resorts, Inc. (REIT)^	1,700		28,441
Sunstone Hotel Investors, Inc. (REIT)	2,100		38,409
Tanger Factory Outlet Centers (REIT)^	1,800		67,878
Taubman Centers, Inc. (REIT)	700		34,433
Washington Real Estate Investment Trust (REIT)^	800		25,128

			1,648,728

*Thrifts & Mortgage Finance (0.4%)*
Dime Community Bancshares, Inc.^	240		3,065
Downey Financial Corp.^	1,630		50,709
Encore Bancshares, Inc.*^	600		11,994
Farmer Mac, Class C	780		20,530
First Niagara Financial Group, Inc.^	9,760		117,510
FirstFed Financial Corp.*^	1,950		69,849
KNBT Bancorp, Inc.	100		1,542
PMI Group, Inc.^	1,150		15,272
Radian Group, Inc.^	1,450		16,936
TierOne Corp.	730		16,169
ViewPoint Financial Group^	50		827

290

EQ ADVISORS TRUST

EQ/OPPENHEIMER MAIN STREET SMALL CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
WSFS Financial Corp.	300	$	15,060

			339,463

Total Financials			6,689,904

Health Care (11.1%)
*Biotechnology (1.0%)*
Acorda Therapeutics, Inc.*	410		9,004
Alexion Pharmaceuticals, Inc.*^	300		22,509
Alnylam Pharmaceuticals, Inc.*	1,920		55,834
Applera Corp.- Celera Group*	980		15,553
Cubist Pharmaceuticals, Inc.*	8,450		173,309
CytRx Corp.*^	8,440		23,970
Enzon Pharmaceuticals, Inc.*	1,100		10,483
Halozyme Therapeutics, Inc.*^	2,740		19,481
Isis Pharmaceuticals, Inc.*^	600		9,450
Onyx Pharmaceuticals, Inc.*^	700		38,934
OSI Pharmaceuticals, Inc.*^	5,670		275,052
Regeneron Pharmaceuticals, Inc.*	1,650		39,847
Savient Pharmaceuticals, Inc.*^	2,800		64,316
Seattle Genetics, Inc.*^	3,530		40,242
XOMA Ltd.*^	8,490		28,781

			826,765

*Health Care Equipment & Supplies (1.9%)*
Abaxis, Inc.*^	1,260		45,184
Align Technology, Inc.*^	3,090		51,541
Analogic Corp.	1,880		127,314
ArthroCare Corp.*^	1,050		50,453
CONMED Corp.*	3,550		82,040
Cynosure, Inc., Class A*^	1,350		35,721
Datascope Corp.	1,070		38,948
Hansen Medical, Inc.*^	1,050		31,437
Hologic, Inc.*^	840		57,658
Immucor, Inc.*	580		19,714
Intuitive Surgical, Inc.*	760		246,620
Invacare Corp.^	1,110		27,972
Inverness Medical Innovations, Inc.*	174		9,775
IRIS International, Inc.*	1,240		24,329
Kinetic Concepts, Inc.*	2,320		124,259
Meridian Bioscience, Inc.^	5,520		166,042
Merit Medical Systems, Inc.*	200		2,780
OraSure Technologies, Inc.*^	990		8,801
Quidel Corp.*^	3,190		62,109
Regeneration Technologies, Inc.*^	760		6,597
Somanetics Corp.*	180		4,257
SonoSite, Inc.*^	920		30,976
STERIS Corp.	7,630		220,049
Trans1, Inc.*	790		13,011

			1,487,587

*Health Care Providers & Services (3.8%)*
Air Methods Corp.*^	1,270		63,081
Alliance Imaging, Inc.*^	4,530		43,579
American Dental Partners, Inc.*^	870		8,726
AMERIGROUP Corp.*^	5,960		217,242
AmerisourceBergen Corp.	3,930		176,339
Apria Healthcare Group, Inc.*	8,460		182,482
BioScrip, Inc.*	790		6,107
Centene Corp.*^	7,330		201,135
Chemed Corp.^	4,370		244,196
Corvel Corp.*	150		3,453
Coventry Health Care, Inc.*	3,300		195,525
Emergency Medical Services Corp., Class A*	3,590		105,115
Health Net, Inc.*	3,420		165,186
Healthspring, Inc.*	9,170		174,688
HMS Holdings Corp.*	100		3,321
Humana, Inc.*	2,510		189,028
Kindred Healthcare, Inc.*	3,490		87,180
Landauer, Inc.^	550		28,517
LCA-Vision, Inc.^	2,310		46,131
Lincare Holdings, Inc.*^	3,520		123,763
MedCath Corp.*^	730		17,929
Molina Healthcare, Inc.*^	4,710		182,277
MWI Veterinary Supply, Inc.*	150		6,000
National Healthcare Corp.^	20		1,034
Omnicare, Inc.	3,570		81,432
PharMerica Corp.*^	1,402		19,460
Providence Service Corp.*^	750		21,105
PSS World Medical, Inc.*^	690		13,503
RehabCare Group, Inc.*	2,230		50,309
Res-Care, Inc.*	1,830		46,043
Sierra Health Services, Inc.*	220		9,231
Skilled Healthcare Group, Inc.*^	850		12,436
Tenet Healthcare Corp.*^	55,740		283,159
Universal American Corp.*	580		14,842
WellCare Health Plans, Inc.*^	1,410		59,798

			3,083,352

*Health Care Technology (0.4%)*
Computer Programs & Systems, Inc.	250		5,685
Eclipsys Corp.*	1,910		48,342
Omnicell, Inc.*	5,640		151,885
Phase Forward, Inc.*	5,100		110,925

			316,837

*Life Sciences Tools & Services (1.5%)*
Albany Molecular Research, Inc.*	1,510		21,714
Applera Corp.- Applied Biosystems Group	1,670		56,646
Bio-Rad Laboratories, Inc., Class A*	110		11,398
Bruker BioSciences Corp.*	310		4,123
Dionex Corp.*^	2,500		207,150
eResearchTechnology, Inc.*	4,590		54,254
Illumina, Inc.*	300		17,778
Invitrogen Corp.*	1,910		178,413
Kendle International, Inc.*^	1,330		65,064
Nektar Therapeutics*	540		3,623
PAREXEL International Corp.*	3,580		172,914
PharmaNet Development Group, Inc.*^	1,840		72,146
Varian, Inc.*	4,630		302,339
Ventana Medical Systems, Inc.*	550		47,977

			1,215,539

*Pharmaceuticals (2.5%)*
Auxilium Pharmaceuticals, Inc.*	1,020		30,590
BioMimetic Therapeutics, Inc.*	530		9,206
Bradley Pharmaceuticals, Inc.*^	1,090		21,473
Cypress Bioscience, Inc.*^	590		6,508
Durect Corp.*	520		3,344
Endo Pharmaceuticals Holdings, Inc.*	4,940		131,750
Forest Laboratories, Inc.*	6,400		233,280
King Pharmaceuticals, Inc.*	18,180		186,163
KV Pharmaceutical Co., Class A*^	3,090		88,189
Medicis Pharmaceutical Corp., Class A^	7,390		191,918
MGI Pharma, Inc.*	7,850		318,160
Noven Pharmaceuticals, Inc.*	1,070		14,852
Obagi Medical Products, Inc.*^	2,820		51,578
Pain Therapeutics, Inc.*	1,620		17,172
Par Pharmaceutical Cos., Inc.*	650		15,600
Perrigo Co.^	3,990		139,690
Pozen, Inc.*^	3,120		37,440
Salix Pharmaceuticals Ltd.*	300		2,364
Sciele Pharma, Inc.*^	7,100		145,195
Sepracor, Inc.*	5,950		156,187
Valeant Pharmaceuticals International*	5,210		62,364

291

EQ ADVISORS TRUST

EQ/OPPENHEIMER MAIN STREET SMALL CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Vivus, Inc.*^	410	$	2,124
XenoPort, Inc.*	2,720		151,993

			2,017,140

Total Health Care			8,947,220

Industrials (16.4%)
*Aerospace & Defense (1.6%)*
Aerovironment, Inc.*^	1,030		24,926
American Science & Engineering, Inc.^	930		52,778
Ceradyne, Inc.*^	3,850		180,680
Cubic Corp.	3,650		143,080
Curtiss-Wright Corp.^	4,190		210,338
DRS Technologies, Inc.	3,970		215,452
Ducommun, Inc.*	1,000		38,000
DynCorp International, Inc., Class A*	6,410		172,301
Heico Corp.^	1,740		94,795
Orbital Sciences Corp.*^	3,940		96,609
Stanley, Inc.*	860		27,537
Teledyne Technologies, Inc.*	300		15,999

			1,272,495

*Air Freight & Logistics (0.3%)*
ABX Holdings, Inc.*^	2,000		8,360
Atlas Air Worldwide Holdings, Inc.*^	1,970		106,813
Dynamex, Inc.*^	20		541
Hub Group, Inc., Class A*	2,570		68,311
Pacer International, Inc.	2,800		40,880

			224,905

*Airlines (1.2%)*
Allegiant Travel Co.*^	830		26,676
AMR Corp.*^	10,430		146,333
Continental Airlines, Inc., Class B*^	6,660		148,185
Copa Holdings S.A., Class A	1,950		73,261
Delta Air Lines, Inc.*	2,550		37,970
Northwest Airlines Corp.*	8,330		120,868
Pinnacle Airlines Corp.*^	3,080		46,970
Republic Airways Holdings, Inc.*	4,240		83,062
SkyWest, Inc.	1,620		43,497
U.S. Airways Group, Inc.*	7,760		114,150
UAL Corp.*^	4,600		164,036

			1,005,008

*Building Products (0.5%)*
AAON, Inc.	560		11,099
Ameron International Corp.	50		4,608
Apogee Enterprises, Inc.	2,640		45,170
Builders FirstSource, Inc.*^	740		5,343
Goodman Global, Inc.*	2,830		69,448
Lennox International, Inc.	3,940		163,195
Simpson Manufacturing Co., Inc.^	1,790		47,596
USG Corp.*^	2,360		84,464

			430,923

*Commercial Services & Supplies (5.3%)*
ABM Industries, Inc.^	3,950		80,541
ACCO Brands Corp.*^	3,180		51,007
Administaff, Inc.	5,350		151,298
Advisory Board Co.*	1,240		79,596
American Ecology Corp.	1,010		23,715
American Reprographics Co.*	250		4,120
Barrett Business Services, Inc.^	20		360
Bowne & Co., Inc.^	3,370		59,312
Casella Waste Systems, Inc.*	1,260		16,430
CBIZ, Inc.*^	3,220		31,588
CDI Corp.^	1,980		48,035
ChoicePoint, Inc.*	3,680		134,026
Comfort Systems USA, Inc.^	4,190		53,548
COMSYS IT Partners, Inc.*	2,530		39,923
Consolidated Graphics, Inc.*	1,200		57,384
Cornell Cos., Inc.*^	2,160		50,371
Corporate Executive Board Co.	1,960		117,796
CRA International, Inc.*^	780		37,136
Deluxe Corp.	7,670		252,266
Diamond Management & Technology Consultants, Inc.^	3,100		22,537
EnergySolutions, Inc.*	3,200		86,368
Ennis, Inc.^	2,110		37,980
Exponent, Inc.*	1,860		50,294
FTI Consulting, Inc.*	110		6,780
Fuel Tech, Inc.*^	890		20,159
GeoEye, Inc.*	2,020		67,973
Heidrick & Struggles International, Inc.^	2,750		102,053
Herman Miller, Inc.	3,770		122,110
HNI Corp.^	3,040		106,582
Hudson Highland Group, Inc.*	2,740		23,043
ICF International, Inc.*^	1,510		38,143
IKON Office Solutions, Inc.	912		11,874
Innerworkings, Inc.*^	1,020		17,605
Interface, Inc., Class A^	8,540		139,373
Kimball International, Inc., Class B	3,000		41,100
Knoll, Inc.^	10,370		170,379
Korn/Ferry International*	8,280		155,830
Layne Christensen Co.*^	2,440		120,072
Learning Tree International, Inc.*^	250		5,740
LECG Corp.*	180		2,711
Manpower, Inc.	470		26,743
PHH Corp.*	1,200		21,168
Pike Electric Corp.*^	1,970		33,017
R.R. Donnelley & Sons Co.	1,080		40,759
Resources Connection, Inc.^	3,880		70,461
Robert Half International, Inc.	5,130		138,715
Rollins, Inc.^	6,825		131,040
School Specialty, Inc.*	1,180		40,769
Spherion Corp.*	6,770		49,286
Steelcase, Inc., Class A	7,590		120,453
Team, Inc.*^	1,410		51,578
TeleTech Holdings, Inc.*	5,870		124,855
Tetra Tech, Inc.*	3,650		78,475
TrueBlue, Inc.*^	9,440		136,691
United Stationers, Inc.*	2,800		129,388
Viad Corp.	4,150		131,057
Volt Information Sciences, Inc.*	650		11,869
VSE Corp.^	40		1,954
Waste Connections, Inc.*	6,070		187,563
Waste Industries USA, Inc.	470		17,061
Watson Wyatt Worldwide, Inc., Class A	2,360		109,528

			4,289,588

*Construction & Engineering (0.7%)*
EMCOR Group, Inc.*	4,230		99,955
Integrated Electrical Services, Inc.*^	1,690		31,755
Michael Baker Corp.*	1,330		54,663
Perini Corp.*	4,420		183,076
Shaw Group, Inc.*	2,590		156,540
URS Corp.*	397		21,569

			547,558

*Electrical Equipment (2.2%)*
A.O. Smith Corp.^	1,430		50,121
Acuity Brands, Inc.^	5,140		231,300
AZZ, Inc.*^	190		5,386
Belden, Inc.^	1,690		75,205
Day4 Energy, Inc.*	7,000		48,868
Encore Wire Corp.^	2,000		31,840
FuelCell Energy, Inc.*	680		6,746

292

EQ ADVISORS TRUST

EQ/OPPENHEIMER MAIN STREET SMALL CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Genlyte Group, Inc.*^	1,190	$	113,288
GrafTech International Ltd.*^	15,640		277,610
II-VI, Inc.*	110		3,361
LSI Industries, Inc.^	2,840		51,688
Orion Energy Systems, Inc.*	500		9,330
Plug Power, Inc.*	530		2,094
Powell Industries, Inc.*^	470		20,713
Power-One, Inc.*^	600		2,394
Regal-Beloit Corp.^	2,350		105,632
Rockwell Automation, Inc.	3,000		206,880
Roper Industries, Inc.	200		12,508
Superior Essex, Inc.*	1,630		39,120
Thomas & Betts Corp.*	2,800		137,312
Vicor Corp.^	1,380		21,514
Woodward Governor Co.	4,230		287,428

			1,740,338

*Industrial Conglomerates (0.3%)*
Raven Industries, Inc.^	990		38,006
Teleflex, Inc.	2,210		139,252
Tredegar Corp.^	1,430		22,994
Walter Industries, Inc.	1,450		52,099

			252,351

*Machinery (3.3%)*
Accuride Corp.*^	1,380		10,847
Actuant Corp., Class A	4,580		155,766
AGCO Corp.*	780		53,024
Ampco-Pittsburgh Corp.	1,390		53,001
Astec Industries, Inc.*^	2,630		97,810
Axsys Technologies, Inc.*^	870		31,886
Badger Meter, Inc.^	1,450		65,177
Barnes Group, Inc.^	3,520		117,533
Blount International, Inc.*^	3,010		37,053
Briggs & Stratton Corp.	200		4,532
Bucyrus International, Inc., Class A^	200		19,878
Cascade Corp.^	480		22,301
CIRCOR International, Inc.	1,440		66,758
Columbus McKinnon Corp.*	1,760		57,411
Crane Co.	50		2,145
EnPro Industries, Inc.*^	4,120		126,278
FreightCar America, Inc.^	430		15,050
Gardner Denver, Inc.*	5,970		197,010
Gorman-Rupp Co.	645		20,124
Hardinge, Inc.^	780		13,088
Hurco Cos., Inc.*^	1,060		46,269
Kadant, Inc.*	1,730		51,329
Kaydon Corp.^	320		17,453
L.B. Foster Co., Class A*	1,280		66,214
McCoy Corp.	3,100		9,580
Middleby Corp.*^	2,480		190,018
Mueller Industries, Inc.	4,310		124,947
NACCO Industries, Inc., Class A	640		63,802
RBC Bearings, Inc.*^	1,790		77,793
Robbins & Myers, Inc.	2,860		216,302
SPX Corp.	1,830		188,215
Sun Hydraulics Corp.^	1,740		43,900
Tecumseh Products Co., Class A*^	2,210		51,736
Tennant Co.	1,850		81,936
Titan International, Inc.	1,070		33,448
Toro Co.	3,320		180,741
TurboChef Technologies, Inc.*^	790		13,035
Twin Disc, Inc.	150		10,616
Valmont Industries, Inc.^	290		25,845
Wabtec Corp.	550		18,942

			2,678,793

*Marine (0.2%)*
Excel Maritime Carriers Ltd.^	2,580		103,690
Genco Shipping & Trading Ltd.^	570		31,213
Horizon Lines, Inc., Class A	640		11,930
Star Bulk Carriers Corp.*^	1,710		21,974
TBS International Ltd., Class A*	500		16,530

			185,337

*Road & Rail (0.3%)*
Avis Budget Group, Inc.*	1,560		20,280
Con-way, Inc.	1,350		56,079
Dollar Thrifty Automotive Group, Inc.*	1,210		28,653
Landstar System, Inc.	3,340		140,781

			245,793

*Trading Companies & Distributors (0.5%)*
Applied Industrial Technologies, Inc.^	5,880		170,638
Houston Wire & Cable Co.^	510		7,211
Kaman Corp.	570		20,982
Nuco2, Inc.*	530		13,197
UAP Holding Corp.	3,690		142,434
W.W. Grainger, Inc.	160		14,003

			368,465

*Transportation Infrastructure (0.0%)*
CAI International, Inc.*	1,900		19,988

Total Industrials			13,261,542

Information Technology (30.6%)
*Communications Equipment (3.0%)*
ADC Telecommunications, Inc.*^	13,550		210,703
ADTRAN, Inc.^	10,090		215,724
Anaren, Inc.*	30		495
Arris Group, Inc.*	1,019		10,170
Avocent Corp.*	2,360		55,012
Bel Fuse, Inc., Class A	100		3,449
Blue Coat Systems, Inc.*	5,590		183,743
CommScope, Inc.*	2,870		141,251
Comtech Group, Inc.*	2,520		40,597
Comtech Telecommunications Corp.*	4,750		256,547
Digi International, Inc.*	160		2,270
Dycom Industries, Inc.*^	7,180		191,347
EMS Technologies, Inc.*	2,000		60,480
Extreme Networks, Inc.*	12,710		44,993
F5 Networks, Inc.*	3,480		99,250
Foundry Networks, Inc.*	8,820		154,526
Globecomm Systems, Inc.*	600		7,020
Harmonic, Inc.*	10,440		109,411
InterDigital, Inc.*^	3,890		90,754
Ixia*	2,630		24,932
Loral Space & Communications, Inc.*	450		15,413
MasTec, Inc.*^	4,240		43,121
NETGEAR, Inc.*	700		24,969
Network Equipment Technologies, Inc.*	4,640		39,069
Performance Technologies, Inc.*	200		1,100
Plantronics, Inc.	6,850		178,100
ShoreTel, Inc.*^	2,690		37,579
Tellabs, Inc.*	8,960		58,598
Utstarcom, Inc.*^	1,500		4,125
ViaSat, Inc.*	3,350		115,341

			2,420,089

*Computers & Peripherals (2.3%)*
Brocade Communications Systems, Inc.*	21,530		158,030
Diebold, Inc.	300		8,694

293

EQ ADVISORS TRUST

EQ/OPPENHEIMER MAIN STREET SMALL CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Electronics for Imaging, Inc.*	5,300	$	119,144
Emulex Corp.*	9,220		150,470
Hypercom Corp.*	170		847
Intevac, Inc.*	960		13,958
Iomega Corp.*	3,950		13,707
Lexmark International, Inc., Class A*	4,690		163,493
NCR Corp.*	6,010		150,851
Network Appliance, Inc.*	8,490		211,910
Novatel Wireless, Inc.*^	3,420		55,404
Palm, Inc.^	11,910		75,509
QLogic Corp.*	15,910		225,922
Quantum Corp.*	2,430		6,537
Stratasys, Inc.*	2,240		57,882
Synaptics, Inc.*^	4,100		168,756
Teradata Corp.*	2,380		65,236
Western Digital Corp.*	6,710		202,709

			1,849,059

*Electronic Equipment & Instruments (2.6%)*
Acacia Research-Acacia Technologies*^	3,260		29,275
Anixter International, Inc.*^	300		18,681
Arrow Electronics, Inc.*	4,310		169,297
Avnet, Inc.*	4,640		162,261
Checkpoint Systems, Inc.*^	6,530		169,649
Cognex Corp.	1,150		23,172
CPI International, Inc.*^	500		8,550
CTS Corp.	3,580		35,549
Dolby Laboratories, Inc., Class A*	2,180		108,390
Electro Scientific Industries, Inc.*^	1,900		37,715
Excel Technology, Inc.*	110		2,981
FARO Technologies, Inc.*	1,420		38,596
Flir Systems, Inc.*	1,800		56,340
Gerber Scientific, Inc.*^	280		3,024
Insight Enterprises, Inc.*	1,580		28,819
Littelfuse, Inc.*^	2,990		98,550
LoJack Corp.*^	1,210		20,340
Measurement Specialties, Inc.*^	920		20,332
Mercury Computer Systems, Inc.*	690		11,116
Methode Electronics, Inc.	4,200		69,048
Mettler-Toledo International, Inc.*	560		63,728
MTS Systems Corp.	1,640		69,979
NAM TAI Electronics, Inc.	1,770		19,948
National Instruments Corp.	3,340		111,322
OSI Systems, Inc.*	100		2,647
Park Electrochemical Corp.^	2,170		61,281
PC Connection, Inc.*^	1,260		14,301
RadiSys Corp.*	300		4,020
Rofin-Sinar Technologies, Inc.*	6,830		328,591
Sanmina-SCI Corp.*	33,780		61,480
Scansource, Inc.*^	120		3,882
SMART Modular Technologies (WWH), Inc.*	2,840		28,911
Tech Data Corp.*	4,030		152,012
Technitrol, Inc.	1,960		56,017
TTM Technologies, Inc.*	720		8,395

			2,098,199

*Internet Software & Services (2.7%)*
Ariba, Inc.*	1,250		13,938
Art Technology Group, Inc.*^	2,830		12,226
AsiaInfo Holdings, Inc.*^	4,930		54,230
Bankrate, Inc.*^	1,560		75,020
Chordiant Software, Inc.*	4,940		42,237
CMGI, Inc.*^	6,350		83,121
CNET Networks, Inc.*^	1,860		17,000
Digital River, Inc.*	5,610		185,523
DivX, Inc.*^	2,700		37,800
EarthLink, Inc.*^	5,320		37,612
Equinix, Inc.*^	300		30,321
Greenfield Online, Inc.*	2,870		41,931
iBasis, Inc.^	130		667
Imergent, Inc.^	1,840		19,486
Internet Capital Group, Inc.*^	20		235
Interwoven, Inc.*	2,870		40,811
j2 Global Communications, Inc.*^	7,900		167,243
Keynote Systems, Inc.*^	200		2,810
LoopNet, Inc.*^	1,130		15,877
NaviSite, Inc.*	2,220		11,233
NIC, Inc.^	510		4,304
Omniture, Inc.*^	5,030		167,449
Open Text Corp.*^	4,920		154,734
S1 Corp.*	7,420		54,166
SonicWALL, Inc.*	7,000		75,040
Soundbite Communications, Inc.*	1,400		9,660
Switch & Data Facilities Co., Inc.*	600		9,612
TechTarget, Inc.*	50		739
TheStreet.com, Inc.^	3,490		55,561
Travelzoo, Inc.*	1,430		19,562
United Online, Inc.^	15,930		188,293
ValueClick, Inc.*	8,770		192,063
VeriSign, Inc.*^	5,800		218,138
Vignette Corp.*	2,790		40,762
Vocus, Inc.*	1,770		61,118
Websense, Inc.*	1,290		21,904

			2,162,426

*IT Services (3.8%)*
Acxiom Corp.	4,200		49,266
Affiliated Computer Services, Inc., Class A*	3,620		163,262
Alliance Data Systems Corp.*	700		52,493
BearingPoint, Inc.*^	10,030		28,385
Broadridge Financial Solutions, Inc.	4,390		98,468
CACI International, Inc., Class A*	3,420		153,113
CIBER, Inc.*	5,260		32,139
Computer Sciences Corp.*	3,750		185,512
Convergys Corp.*	4,360		71,766
CSG Systems International, Inc.*^	4,510		66,387
Cybersource Corp.*	6,703		119,112
DST Systems, Inc.*	2,020		166,751
Electronic Data Systems Corp.	10,750		222,847
ExlService Holdings, Inc.*^	270		6,232
Fidelity National Information Services, Inc.	1,630		67,792
Forrester Research, Inc.*	90		2,522
Gartner, Inc.*^	6,860		120,462
Global Cash Access Holdings, Inc.*	550		3,333
Heartland Payment Systems, Inc.^	5,320		142,576
Hewitt Associates, Inc., Class A*^	4,280		163,881
ManTech International Corp., Class A*	4,810		210,774
MAXIMUS, Inc.^	4,080		157,529
MPS Group, Inc.*^	9,360		102,398
NCI, Inc., Class A*	200		3,422
NeuStar, Inc., Class A*	3,270		93,784
Perot Systems Corp., Class A*	1,020		13,770
RightNow Technologies, Inc.*^	2,110		33,444
SAIC, Inc.*	5,070		102,008
Sapient Corp.*	10,630		93,650
SRA International, Inc., Class A*^	3,620		106,609
SYKES Enterprises, Inc.*	3,300		59,400
Syntel, Inc.^	3,200		123,264
Unisys Corp.*	14,340		67,828

			3,084,179

294

EQ ADVISORS TRUST

EQ/OPPENHEIMER MAIN STREET SMALL CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
*Office Electronics (0.1%)*
Zebra Technologies Corp., Class A*	2,280	$	79,116

*Semiconductors & Semiconductor Equipment (7.9%)*
Actel Corp.*^	1,400		19,124
Advanced Analogic Technologies, Inc.*	2,950		33,276
Advanced Energy Industries, Inc.*	7,470		97,708
AMIS Holdings, Inc.*	8,090		81,062
Amkor Technology, Inc.*^	18,300		156,099
Analog Devices, Inc.	5,250		166,425
Asyst Technologies, Inc.*^	1,630		5,314
Atheros Communications, Inc.*^	1,380		42,145
Atmel Corp.*	27,220		117,590
ATMI, Inc.*^	5,420		174,795
AuthenTec, Inc.*^	870		12,641
Brooks Automation, Inc.*^	12,130		160,237
Cabot Microelectronics Corp.*^	4,340		155,849
Cohu, Inc.^	1,880		28,764
Credence Systems Corp.*^	9,350		22,627
Cymer, Inc.*^	5,790		225,405
DSP Group, Inc.*	340		4,148
Emcore Corp.*^	3,900		59,670
Entegris, Inc.*	19,010		164,056
FEI Co.*^	7,040		174,803
Hittite Microwave Corp.*^	210		10,030
Integrated Device Technology, Inc.*	12,620		142,732
Intellon Corp.*	1,500		11,310
Intersil Corp., Class A	6,570		160,834
IXYS Corp.*	220		1,764
KLA-Tencor Corp.	3,880		186,861
Kulicke & Soffa Industries, Inc.*^	5,880		40,337
Lam Research Corp.*	3,400		146,982
Linear Technology Corp.	6,120		194,800
LTX Corp.*^	2,720		8,650
Mattson Technology, Inc.*^	5,550		47,508
Micrel, Inc.^	15,650		132,242
Microtune, Inc.*	4,040		26,381
MIPS Technologies, Inc.*^	2,280		11,309
MKS Instruments, Inc.*^	8,600		164,604
Monolithic Power Systems, Inc.*	2,880		61,834
National Semiconductor Corp.	7,530		170,479
Netlogic Microsystems, Inc.*^	1,730		55,706
Novellus Systems, Inc.*	5,920		163,214
ON Semiconductor Corp.*^	16,980		150,782
Pericom Semiconductor Corp.*	1,250		23,375
Photronics, Inc.*	260		3,242
PMC-Sierra, Inc.*^	28,060		183,512
Rambus, Inc.*^	4,290		89,833
RF Micro Devices, Inc.*^	33,580		191,742
Rubicon Technology, Inc.*^	2,600		61,750
Rudolph Technologies, Inc.*^	2,630		29,772
Semtech Corp.*	10,690		165,909
Sigma Designs, Inc.*^	3,350		184,920
Silicon Laboratories, Inc.*	3,950		147,848
Silicon Storage Technology, Inc.*^	3,370		10,076
SiRF Technology Holdings, Inc.*	1,940		48,752
Skyworks Solutions, Inc.*	23,150		196,775
Standard Microsystems Corp.*^	2,750		107,442
Supertex, Inc.*^	1,300		40,677
Techwell, Inc.*	860		9,469
Teradyne, Inc.*	15,090		156,031
Tessera Technologies, Inc.*^	1,600		66,560
TriQuint Semiconductor, Inc.*	2,790		18,498
Ultra Clean Holdings, Inc.*^	1,540		18,788
Ultratech, Inc.*	140		1,588
Varian Semiconductor Equipment Associates, Inc.*	4,310		159,470
Veeco Instruments, Inc.*^	2,500		41,750
Verigy Ltd.*	7,410		201,330
Volterra Semiconductor Corp.*^	1,940		21,398
Xilinx, Inc.	8,620		188,519
Zoran Corp.*	9,200		207,092

			6,366,215

*Software (8.2%)*
Activision, Inc.*	7,330		217,701
Actuate Corp.*	7,910		61,461
Advent Software, Inc.*^	3,170		171,497
Ansoft Corp.*	2,060		53,251
ANSYS, Inc.*	3,670		152,158
Aspen Technology, Inc.*^	14,450		234,379
Autodesk, Inc.*	4,590		228,398
BEA Systems, Inc.*	10,640		167,899
Blackbaud, Inc.	5,620		157,585
Blackboard, Inc.*^	3,690		148,522
BMC Software, Inc.*	5,620		200,297
Cadence Design Systems, Inc.*	10,290		175,033
Check Point Software Technologies Ltd.*	4,690		102,992
Citrix Systems, Inc.*	4,770		181,308
Cognos, Inc.*	2,480		142,774
Commvault Systems, Inc.*	3,190		67,564
Compuware Corp.*	17,450		154,956
Concur Technologies, Inc.*^	5,060		183,223
Deltek, Inc.*^	900		13,707
Double-Take Software, Inc.*	2,500		54,300
EPIQ Systems, Inc.*^	2,120		36,909
Fair Isaac Corp.^	4,340		139,531
FalconStor Software, Inc.*^	5,180		58,327
i2 Technologies, Inc.*	520		6,552
Informatica Corp.*	11,980		215,880
Interactive Intelligence, Inc.*^	2,270		59,815
InterVoice, Inc.*^	2,830		22,612
Intuit, Inc.*	6,450		203,884
Jack Henry & Associates, Inc.	7,610		185,227
JDA Software Group, Inc.*	2,810		57,493
Lawson Software, Inc.*^	19,500		199,680
Magma Design Automation, Inc.*^	1,020		12,454
Manhattan Associates, Inc.*	2,430		64,055
McAfee, Inc.*	4,540		170,250
Mentor Graphics Corp.*	130		1,401
Micros Systems, Inc.*	2,030		142,425
MicroStrategy, Inc., Class A*	2,260		214,926
NAVTEQ Corp.*	570		43,092
Net 1 UEPS Technologies, Inc.*^	1,150		33,764
NetScout Systems, Inc.*	1,190		15,196
Novell, Inc.*	22,510		154,644
Nuance Communications, Inc.*	2,600		48,568
Parametric Technology Corp.*	1,500		26,775
Progress Software Corp.*	2,270		76,454
PROS Holdings, Inc.*	2,400		47,088
Quality Systems, Inc.^	240		7,318
Quest Software, Inc.*^	5,930		109,349
Radiant Systems, Inc.*^	3,540		60,994
Red Hat, Inc.*^	7,630		159,009
Salesforce.com, Inc.*	1,910		119,738
Secure Computing Corp.*	700		6,720
Sonic Solutions, Inc.*^	1,520		15,793
SPSS, Inc.*	2,360		84,748
Sybase, Inc.*	4,550		118,709
Synchronoss Technologies, Inc.*^	2,900		102,776
Synopsys, Inc.*	6,120		158,692
Taleo Corp., Class A*	2,200		65,516
The9 Ltd. (ADR)*^	2,300		49,036
THQ, Inc.*^	2,980		84,006
TIBCO Software, Inc.*^	17,820		143,807

295

EQ ADVISORS TRUST

EQ/OPPENHEIMER MAIN STREET SMALL CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Tyler Technologies, Inc.*	4,070	$	52,462
Ultimate Software Group, Inc.*^	1,830		57,590
Vasco Data Security International, Inc.*^	940		26,245
Wind River Systems, Inc.*	8,810		78,673

			6,607,188

Total Information Technology			24,666,471

Materials (7.7%)
*Chemicals (3.3%)*
American Vanguard Corp.^	210		3,644
Arch Chemicals, Inc.^	3,910		143,692
Ashland, Inc.	2,680		127,112
Cabot Corp.	1,940		64,680
Calgon Carbon Corp.*^	4,250		67,532
Celanese Corp., Class A	4,060		171,819
CF Industries Holdings, Inc.	2,060		226,724
Eastman Chemical Co.	1,280		78,195
Ferro Corp.	3,590		74,421
GenTek, Inc.*^	400		11,708
H.B. Fuller Co.	7,230		162,313
ICO, Inc.*	3,230		41,473
Innophos Holdings, Inc.^	1,290		19,195
Innospec, Inc.	2,090		35,864
Koppers Holdings, Inc.^	2,220		95,993
Landec Corp.*^	3,440		46,096
LSB Industries, Inc.*	1,100		31,042
Minerals Technologies, Inc.^	210		14,060
NewMarket Corp.	290		16,150
Olin Corp.	6,860		132,604
OM Group, Inc.*	3,870		222,680
PolyOne Corp.*^	540		3,553
Rockwood Holdings, Inc.*	1,350		44,847
Schulman (A.), Inc.^	1,960		42,238
Scotts Miracle-Gro Co., Class A	2,770		103,653
Sensient Technologies Corp.	6,440		182,123
Spartech Corp.	1,830		25,803
Stepan Co.^	550		17,892
Terra Industries, Inc.*^	4,830		230,681
Tronox, Inc., Class A^	400		3,560
Valhi, Inc.^	140		2,232
W.R. Grace & Co.*^	7,910		207,084
Zep, Inc.*^	2,455		34,051

			2,684,714

*Containers & Packaging (1.0%)*
AptarGroup, Inc.	710		29,046
Crown Holdings, Inc.*	2,590		66,434
Graphic Packaging Corp.*^	570		2,103
Myers Industries, Inc.	1,460		21,126
Owens-Illinois, Inc.*	4,230		209,385
Packaging Corp. of America	5,290		149,178
Rock-Tenn Co., Class A	7,390		187,780
Silgan Holdings, Inc.	1,980		102,841

			767,893

*Metals & Mining (3.2%)*
AK Steel Holding Corp.*	3,350		154,904
Amerigo Resources Ltd.	8,800		20,508
Brush Engineered Materials, Inc.*^	720		26,654
Carpenter Technology Corp.	2,260		169,884
Century Aluminum Co.*^	4,640		250,282
Claymont Steel Holdings, Inc.*	430		10,040
Cleveland-Cliffs, Inc.^	430		43,344
Commercial Metals Co.	1,360		40,052
Compass Minerals International, Inc.^	4,530		185,730
Esmark, Inc.*^	546		7,715
Farallon Resources Ltd.*	9,900		7,022
Haynes International, Inc.*	490		34,055
Hecla Mining Co.*^	23,180		216,733
Metal Management, Inc.^	4,600		209,438
Olympic Steel, Inc.	160		5,074
Quanex Corp.	4,470		231,993
Redcorp Ventures Ltd.*	46,400		12,458
Reliance Steel & Aluminum Co.	2,340		126,828
Schnitzer Steel Industries, Inc., Class A^	2,480		171,442
Steel Dynamics, Inc.	3,190		190,028
United States Steel Corp.	2,260		273,257
Universal Stainless & Alloy Products, Inc.*^	510		18,141
Worthington Industries, Inc.^	10,160		181,661

			2,587,243

*Paper & Forest Products (0.2%)*
AbitibiBowater, Inc.^	865		17,828
Buckeye Technologies, Inc.*	4,010		50,125
Glatfelter	590		9,033
Schweitzer-Mauduit International, Inc.^	1,400		36,274
Wausau Paper Corp.^	2,710		24,363

			137,623

Total Materials			6,177,473

Telecommunication Services (2.5%)
*Diversified Telecommunication Services (2.0%)*
Alaska Communications Systems Group, Inc.	4,360		65,400
Atlantic Tele-Network, Inc.^	1,350		45,603
Cbeyond, Inc.*^	4,650		181,304
CenturyTel, Inc.	2,970		123,136
Cincinnati Bell, Inc.*	46,460		220,685
Cogent Communications Group, Inc.*^	6,730		159,568
Consolidated Communications Holdings, Inc.	1,820		36,218
Embarq Corp.	4,040		200,101
FairPoint Communications, Inc.^	1,050		13,671
Iowa Telecommunications Services, Inc.^	2,700		43,902
North Pittsburgh Systems, Inc.	100		2,269
NTELOS Holdings Corp.	5,250		155,873
PAETEC Holding Corp.*^	1,700		16,575
Premiere Global Services, Inc.*^	12,680		188,298
Qwest Communications International, Inc.*	6,070		42,551
Shenandoah Telecommunications Co.^	90		2,158
SureWest Communications^	60		1,026
Time Warner Telecom, Inc., Class A*	1,000		20,290
Vonage Holdings Corp.*	560		1,288
Windstream Corp.	5,790		75,386

			1,595,302

*Wireless Telecommunication Services (0.5%)*
Centennial Communications Corp.*	7,970		74,041
Rural Cellular Corp., Class A*^	400		17,636
Syniverse Holdings, Inc.*	10,560		164,525
Telephone & Data Systems, Inc.	2,690		168,394
USA Mobility, Inc.*	510		7,293

			431,889

Total Telecommunication Services			2,027,191

Utilities (1.1%)
*Electric Utilities (0.3%)*
El Paso Electric Co.*^	4,520		115,577
Otter Tail Corp.^	1,160		40,136
Reliant Energy, Inc.*	1,480		38,835

296

EQ ADVISORS TRUST

EQ/OPPENHEIMER MAIN STREET SMALL CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Number of Shares		Value (Note 1)
Unisource Energy Corp.		2,400	$	75,720

				270,268

*Gas Utilities (0.6%)*
New Jersey Resources Corp.^		1,650		82,533
Northwest Natural Gas Co.^		3,860		187,827
South Jersey Industries, Inc.^		60		2,165
Southwest Gas Corp.		740		22,030
WGL Holdings, Inc.^		5,660		185,422

				479,977

*Independent Power Producers & Energy Traders (0.0%)*
Canadian Hydro Developers, Inc.*		900		5,836

*Multi-Utilities (0.2%)*
Avista Corp.		1,380		29,725
Black Hills Corp.^		720		31,752
Energy East Corp.		670		18,231
Vectren Corp.		1,120		32,491

				112,199

Total Utilities				868,280

Total Common Stocks (99.5%)
(Cost $84,091,385)				80,293,582


	Number of Warrants
WARRANT:
Materials (0.0%)
*Metals & Mining (0.0%)*
Redcorp Ventures Ltd., expiring 7/10/09* (Cost $—)		23,200		1,508


	Principal Amount
SHORT-TERM INVESTMENT:
Short-Term Investment of Cash Collateral for Securities Loaned (27.6%)
Morgan Stanley, Repurchase Agreement
4.70%, 1/2/08 (r)	$	22,275,567		22,275,567

Time Deposit (1.3%)
JPMorgan Chase Nassau
3.51%, 1/2/08		1,057,949		1,057,949

Total Short-Term Investments (28.9%)
(Amortized Cost $23,333,516)				23,333,516

Total Investments (128.4%)
(Cost/Amortized Cost $107,424,901)				103,628,606
Other Assets Less Liabilities (-28.4%)				(22,931,571	)

Net Assets (100%)			$	80,697,035

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	139,849,891
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	77,133,385

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	4,920,547
Aggregate gross unrealized depreciation		(8,935,778	)

Net unrealized depreciation	$	(4,015,231	)

Federal income tax cost of investments	$	107,643,837

At December 31, 2007, the Portfolio had loaned securities with a total value of $21,434,649. This was secured by collateral of $22,275,567 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2007, the Portfolio incurred approximately $910 as brokerage commissions with Sanford C. Bernstein & Co. Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

297

EQ ADVISORS TRUST

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (13.7%)
*Asset-Backed Securities (6.4%)*
Aames Mortgage Investment Trust,
Series 06-1 A1
4.925%, 4/25/36 (b)(l)	$	4,760	$	4,750
ACE Securities Corp.,
Series 06-NC3 A2A
4.915%, 12/25/36 (b)(l)		63,670		61,823
Series 07-ASP2 A2A
4.955%, 6/25/37 (b)(l)		1,064,649		1,039,808
AmeriCredit Automobile Receivables Trust,
Series 07-CM A1
5.318%, 8/6/08		1,045,250		1,045,841
Amortizing Residential Collateral Trust,
Series 02-BC4 A
5.155%, 7/25/32 (b)(l)		1,269		1,240
Argent Securities, Inc.,
Series 06-M3 A2A
4.915%, 10/25/36 (b)(l)		212,044		208,128
Series 06-W1 A2A
4.945%, 3/25/36 (b)(l)		18,469		18,438
Series 06-W3 A2A
4.935%, 4/25/36 (b)(l)		33,961		33,889
Series 06-W5 A2A
4.905%, 6/25/36 (b)(l)		313,504		312,386
Asset Backed Funding Certificates,
Series 04-OPT5 A1
5.215%, 6/25/34 (b)(l)		258,634		248,903
Series 06-OPT3 A3A
4.925%, 11/25/36 (b)(l)		60,459		58,564
Bank One Issuance Trust,
Series 03-A3 A3
5.138%, 12/15/10 (l)		200,000		200,064
Bear Stearns Asset Backed Securities Trust,
Series 02-2 A1
5.195%, 10/25/32 (b)(l)		16,460		16,093
Series 04-BO1 1A1
5.065%, 9/25/34 (b)(l)		17,416		17,373
Series 05-4A
5.195%, 1/25/36 (b)(l)		22,554		22,105
Carrington Mortgage Loan Trust,
Series 06-NC5 A1
4.915%, 1/25/37 (b)(l)		1,194,589		1,168,688
Centex Home Equity,
Series 06-A AV1
4.915%, 6/25/36 (b)(l)		94,711		94,351
Chase Credit Card Master Trust,
Series 02-3 A
5.198%, 9/15/11 (l)		5,300,000		5,296,649
Series 03-3 A
5.138%, 10/15/10 (l)		200,000		200,053
Series 03-6 A
5.138%, 2/15/11 (l)		300,000		299,935
Chase Issuance Trust,
Series 05-A1 A1
5.038%, 12/15/10 (l)		100,000		100,002
Citibank Credit Card Issuance Trust,
Series 03-A1 A1
5.343%, 1/15/10 (l)		100,000		100,024
Series 03-A6 A6
2.900%, 5/17/10		2,600,000		2,582,374
Citigroup Mortgage Loan Trust, Inc.,
Series 06-WFH4 A1
4.915%, 11/25/36 (b)(l)		75,594		75,017
Series 07-AHL3 A3A
4.925%, 5/25/37 (b)(l)		2,274,757		2,158,723
Series 07-AMC2 A3A
4.945%, 1/25/37 (l)		842,443		800,574
Series 07-AMC4 A2A
4.925%, 5/25/37 (b)(l)		2,309,579		2,203,297
Countrywide Asset-Backed Certificates,
Series 06-1 AF1
4.995%, 7/25/36 (b)(l)		11,950		11,933
Series 06-4 2A1
4.935%, 7/25/36 (b)(l)		23,138		23,035
Series 06-6 2A2
5.045%, 9/25/36 (b)(l)		2,411,304		2,338,581
Series 06-8 2A1
4.895%, 1/25/46 (b)(l)		205,909		203,279
Series 06-11 3AV1
4.925%, 9/25/46 (b)(l)		62,178		61,471
Series 06-13 3AV1
4.915%, 1/25/37 (b)(l)		113,418		111,958
Series 06-15 A1
4.975%, 10/25/46 (b)(l)		191,911		187,729
Series 06-18 2A1
4.915%, 3/25/37 (b)(l)		658,780		642,854
Series 06-21 2A1
4.915%, 5/25/37 (b)(l)		66,560		64,963
Series 06-22 2A1
4.915%, 5/25/37 (b)(l)		70,769		69,771
Series 06-23 2A1
4.915%, 5/25/37 (b)(l)		1,228,313		1,196,331
Series 06-24 2A1
4.915%, 5/25/37 (b)(l)		1,347,837		1,321,582
Series 07-6 2A1
4.965%, 9/25/37 (b)(l)		731,554		715,664
Credit-Based Asset Servicing and Securitization LLC,
Series 07-CB6 A1
4.985%, 7/25/37 §(b)(l)		3,044,803		2,890,420
First Franklin Mortgage Loan Asset Backed Certificates,
Series 06-FF1 2A1
4.955%, 1/25/36 (b)(l)		85,769		85,338
Series 06-FF15 A3
4.915%, 11/25/36 (b)(l)		1,516,758		1,476,179
Series 06-FF16 2A1
4.915%, 12/25/36 (b)(l)		57,827		56,460
First NLC Trust,
Series 07-1 A1
4.935%, 8/25/37 §(b)(l)		2,355,390		2,309,754
First USA Credit Card Master Trust,
Series 98-6 A
5.156%, 4/18/11 (l)		2,100,000		2,100,781
Fremont Home Loan Trust,
Series 06-C 2A1
4.915%, 10/25/36 (b)(l)		55,085		53,547
Series 06-E 2A1
4.925%, 1/25/37 (b)(l)		141,982		138,414
GS Auto Loan Trust,
Series 07-1 A1
5.344%, 7/15/08		722,991		723,767
GSAMP Trust,
Series 06-HE7 A2A
4.905%, 10/25/46 (b)(l)		56,187		54,961
Series 06-S6 A1A
4.935%, 10/25/36 (b)(l)		13,805		12,999
HFC Household Home Equity Loan Asset Backed Certificates,
Series 06-4 A1V
5.019%, 3/20/36 (b)(l)		809,722		797,805
Home Equity Asset Trust,
Series 06-2 2A1
4.945%, 5/25/36 §(b)(l)		31,560		31,294

298

EQ ADVISORS TRUST

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
HSI Asset Securitization Corp. Trust,
Series 06-HE1 2A1
4.915%, 10/25/36 (b)(l)	$	69,696	$	66,509
Series 06-HE2 2A1
4.915%, 12/25/36 (b)(l)		1,313,081		1,264,540
Series 06-OPT1 2A1
4.945%, 12/25/35 (b)(l)		30,881		30,620
Series 07-WF1 2A1
4.925%, 5/25/37 (b)(l)		2,347,429		2,242,529
Indymac Residential Asset Backed Trust,
Series 06-A A1
4.955%, 3/25/36 (b)(l)		45,121		45,024
Series 06-D 2A1
4.915%, 11/25/36 (b)(l)		80,113		79,097
Series 06-E 2A1
4.925%, 4/25/37 (b)(l)		1,130,232		1,105,824
Series 07-A 2A1
4.995%, 4/25/37 (b)(l)		1,889,111		1,833,064
Series 07-B 2A1
4.945%, 7/25/37 (b)(l)		1,126,627		1,103,688
JP Morgan Mortgage Acquisition Corp.,
Series 06-CH1 A2
4.915%, 7/25/36 (b)(l)		95,189		93,468
Series 06-CW2 AV2
4.905%, 8/25/36 (b)(l)		34,028		33,459
Series 06-HE3 A2
4.935%, 11/25/36 (b)(l)		52,403		51,465
Series 06-WMC3 A2
4.915%, 8/25/36 (b)(l)		198,221		194,805
Series 07-CH4 A2
4.925%, 5/25/37 (b)(l)		1,343,789		1,301,101
Lehman ABS Mortgage Loan Trust,
Series 07-1 2A1
4.955%, 6/25/37 §(b)(l)		792,499		777,888
Lehman XS Trust,
Series 06-4N A1A
4.945%, 4/25/46 (l)		147,366		146,116
Series 06-9 A1A
4.935%, 5/25/46 (l)		89,387		88,710
Series 06-10N 1A1A
4.945%, 7/25/46 (l)		115,086		114,131
Series 06-16N A1A
4.945%, 11/25/46 (b)(l)		288,971		276,618
Long Beach Mortgage Loan Trust,
Series 05-WL2 3A1
5.045%, 8/25/35 (b)(l)		35,585		35,006
Series 06-3 2A1
4.925%, 5/25/46 (b)(l)		7,554		7,538
Series 06-10 2A1
4.905%, 11/25/36 (b)(l)		62,137		61,073
MASTR Asset Backed Securities Trust,
Series 06-HE5 A1
4.925%, 11/25/36 (b)(l)		1,213,928		1,181,777
Series 07-HE1 A1
4.945%, 5/25/37 (b)(l)		1,886,444		1,803,262
MBNA Master Credit Card Trust,
Series 98-E A
5.388%, 9/15/10 (l)		100,000		100,046
Merrill Lynch First Franklin Mortgage Loan Trust,
Series 07-4 2A1
4.925%, 7/25/37 (b)(l)		2,198,262		2,121,922
Merrill Lynch Mortgage Investors, Inc.,
Series 06-AHL1 A2A
4.915%, 5/25/37 (b)(l)		132,335		130,510
Series 06-FF1 A2A
4.935%, 8/25/36 (b)(l)		508,193		501,096
Series 06-MLN1 A2A
4.935%, 7/25/37 (b)(l)		183,335		178,163
Series 06-RM3 A2A
4.895%, 6/25/37 (b)(l)		77,306		76,423
Morgan Stanley ABS Capital I,
Series 06-HE4 A1
4.905%, 6/25/36 (b)(l)		26,872		26,502
Series 06-HE7 A2A
4.915%, 9/25/36 (b)(l)		165,610		161,278
Series 06-HE8 A2A
4.915%, 10/25/36 (b)(l)		117,578		112,329
Series 06-NC5 A2A
4.905%, 10/25/36 (b)(l)		170,568		165,274
Series 06-WMC2 A2A
4.905%, 7/25/36 (b)(l)		497,553		489,109
Series 07-HE6 A1
4.925%, 5/25/37 (b)(l)		1,588,191		1,549,103
Series 07-NC3 A2A
4.925%, 5/25/37 (b)(l)		1,632,834		1,575,685
Morgan Stanley IXIS Real Estate Capital Trust,
Series 06-2 A1
4.915%, 11/25/36 (b)(l)		56,772		55,222
Nationstar Home Equity Loan Trust,
Series 07-C 2AV1
4.925%, 6/25/37 (b)(l)		1,981,089		1,960,743
Nelnet Student Loan Trust,
Series 04-3 A3
5.174%, 7/25/16 (l)		54,440		54,483
Series 04-4 A3
5.174%, 10/25/16 (l)		16,026		16,032
Newcastle Mortgage Securities Trust,
Series 06-1 A1
4.935%, 3/25/36 (b)(l)		24,498		24,313
Nomura Asset Acceptance Corp.,
Series 06-S1 A1
5.005%, 1/25/36 §(b)(l)		29,095		27,469
Option One Mortgage Loan Trust,
Series 06-2 2A1
4.915%, 7/25/36 (b)(l)		24,197		23,981
Park Place Securities, Inc.,
Series 05-WCW1 A1B
5.125%, 9/25/35 (b)(l)		17,021		16,691
Quest Trust,
Series 04-X2 A1
5.425%, 6/25/34 (b)(l)		84		84
Residential Asset Mortgage Products, Inc.,
Series 06-RS6 A1
4.935%, 11/25/36 (b)(l)		40,726		40,019
Residential Asset Securities Corp.,
Series 06-EMX4 A1
4.905%, 6/25/36 (b)(l)		148,227		146,141
Series 06-KS4 A1
4.905%, 6/25/36 (b)(l)		181,644		180,421
Series 06-KS9 AI1
4.935%, 11/25/36 (b)(l)		336,647		328,855
Series 07-KS3 AI1
4.975%, 4/25/37 (b)(l)		993,466		953,312
Securitized Asset Backed Receivables LLC Trust,
Series 06-NC3 A2A
4.915%, 9/25/36 (b)(l)		54,341		52,651
Series 07-BR5 A2A
4.995%, 5/25/37 (b)(l)		2,637,868		2,556,752
Series 07-HE1 A2A
4.925%, 12/25/36 (b)(l)		1,585,365		1,488,112
SLC Student Loan Trust,
Series 07-1 A1
4.849%, 2/15/15 (l)		2,124,143		2,120,293
SLM Student Loan Trust,
Series 06-5 A2
5.074%, 7/25/17 (l)		626,604		626,461

299

EQ ADVISORS TRUST

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Series 06-9 A2
5.084%, 4/25/17 (l)	$	2,466,412	$	2,452,923
Series 07-1 A1
5.054%, 4/25/12 (l)		260,344		260,426
Series 07-2 A1
5.064%, 4/25/14 (l)		3,054,876		3,050,975
Series 07-5 A1
5.074%, 7/25/13 (l)		2,666,599		2,664,931
Soundview Home Equity Loan Trust,
Series 06-EQ1 A1
4.915%, 10/25/36 (b)(l)		154,176		151,207
Series 06-WF1 A1A
4.965%, 10/25/36 (b)(l)		33,734		33,262
Structured Asset Investment Loan Trust,
Series 06-4 A3
4.915%, 7/25/36 (b)(l)		46,323		45,419
Structured Asset Securities Corp.,
Series 02-HF1 A
5.155%, 1/25/33 (b)(l)		2,155		2,115
Series 05-7XS 2A1A
4.900%, 4/25/35 (b)(l)		198,589		194,018
Series 05-S7 A1
4.995%, 12/25/35 §(b)(l)		27,882		27,850
Series 06-BC3 A2
4.915%, 10/25/36 (b)(l)		242,563		233,462
Series 06-OPT1 A3
4.975%, 4/25/36 (b)(l)		2,500,000		2,466,169
Wachovia Auto Owner Trust,
Series 07-A A1
5.340%, 7/18/08		571,881		572,458
WaMu Mortgage Pass-Through Certificates,
Series 06-HE5 2A1
4.925%, 9/15/08 (b)(l)		1,586,336		1,514,070
Wells Fargo Home Equity Trust,
Series 06-3 A1
4.915%, 1/25/37 (b)(l)		1,105,145		1,085,054

				82,601,088

*Non-Agency CMO (7.3%)*
American Home Mortgage Investment Trust,
Series 05-2 5A2
5.015%, 9/25/35 (l)		25,113		25,089
Banc of America Commercial Mortgage, Inc.,
Series 06-3 A4
5.889%, 7/10/44 (l)		5,900,000		6,130,189
Banc of America Funding Corp.,
Series 06-A 1A1
4.621%, 2/20/36 (l)		645,696		642,571
Series 06-J 4A1
6.144%, 1/20/47 (l)		890,921		877,232
Bear Stearns Adjustable Rate Mortgage Trust,
Series 03-8 2A1
4.779%, 1/25/34 (l)		23,241		22,920
Series 03-8 4A1
4.609%, 1/25/34 (l)		53,098		52,522
Series 04-10 21A1
4.876%, 1/25/35 (l)		5,776,838		5,773,897
Series 05-5 A2
4.550%, 8/25/35 (l)		1,693,015		1,661,100
Bear Stearns Alt-A Trust,
Series 05-7 22A1
5.527%, 9/25/35 (l)		3,991,359		3,930,730
Bear Stearns Asset Backed Securities Trust,
Series 06-IM1 A4
4.955%, 4/25/36 (b)(l)		35,887		35,616
Bear Stearns Commercial Mortgage Securities, Inc.,
Series 98-C1 A2
6.440%, 6/16/30		181,491		181,672
Bear Stearns Structured Products, Inc.,
Series 07-R7 A1
5.065%, 1/25/37 †§(l)		3,510,937		3,474,802
Chevy Chase Mortgage Funding Corp.,
Series 07-2A A1
4.995%, 5/25/48 §(l)		2,349,907		2,122,976
Citigroup Commercial Mortgage Trust,
Series 06-FL2 A1
5.098%, 8/15/21 §(l)		48,005		46,414
Citigroup Mortgage Loan Trust, Inc.,
Series 05-6 A2
4.248%, 8/25/35 (l)		624,728		612,249
Series 05-6 A3
4.098%, 8/25/35 (l)		82,432		80,475
Series 05-11 A1A
4.900%, 12/25/35 (l)		66,645		65,723
Series 05-11 A2A
4.700%, 12/25/35 (l)		796,361		781,535
Commercial Mortgage Pass-Through Certificates,
Series 99-1 A2
6.455%, 5/15/32		160,022		160,489
Countrywide Alternative Loan Trust,
Series 03-J1 4A1
6.000%, 10/25/32		6,003		6,021
Series 05-61 2A1
5.145%, 12/25/35 (l)		47,898		46,467
Series 06-OA12 A1A
5.029%, 9/20/46 (l)		107,866		107,544
Series 06-OA22 A1
5.025%, 2/25/47 (l)		1,166,523		1,093,519
Series 07-OA7 A1A
5.045%, 2/25/47 (l)		173,153		163,382
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 02-30 M
7.214%, 10/19/32 (l)		12,138		12,119
Series 03-HYB3 7A1
3.777%, 11/19/33 (l)		63,241		61,778
Series 04-7 5A2
5.135%, 5/25/34 (l)		352		351
Series 05-R2 1AF1
5.205%, 6/25/35 §(l)		57,241		55,966
CS First Boston Mortgage Securities Corp.,
Series 02-P1A A
5.758%, 3/25/32 §(l)		3,538		3,412
Series 05-C6 A1
4.938%, 12/15/40		135,481		135,034
Deutsche ALT-A Securities, Inc., Alternate Loan Trust,
Series 07-1 1A1
4.955%, 8/25/37 (l)		2,273,705		2,251,354
First Horizon Alternative Mortgage Securities Trust,
Series 04-AA1 A1
4.728%, 6/25/34 (l)		126,421		125,215
First Horizon Mortgage Pass-Through Trust,
Series 05-AR3 2A1
5.372%, 8/25/35 (l)		708,251		705,201
GMAC Commercial Mortgage Securities, Inc.,
Series 06-C1 A4
5.238%, 11/10/45 (l)		5,900,000		5,860,145
Greenpoint Mortgage Funding Trust,
Series 05-AR5 1A1
5.135%, 11/25/45 (l)		88,639		83,251
Series 06-AR6 A1A
4.945%, 10/25/46 (l)		144,840		141,825
Greenwich Capital Commercial Funding Corp.,
Series 07-GG9 A4
5.444%, 3/10/39		11,800,000		11,869,666

300

EQ ADVISORS TRUST

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
GS Mortgage Securities Corp. II,
Series 06-FL8A A1
5.352%, 6/6/20 §(l)	$	14,007	$	14,002
Series 07-EOP A1
4.630%, 3/6/20 §(l)		856,665		818,927
Harborview Mortgage Loan Trust,
Series 05-2 2A1A
5.185%, 5/19/35 (l)		60,350		57,070
Series 06-1 2A1A
5.205%, 3/19/37 (l)		195,506		183,571
Series 06-12 2A11
5.055%, 1/19/38 (l)		103,705		102,474
Impac Secured Assets Corp.,
Series 06-4 A2A
4.945%, 1/25/37 (b)(l)		114,875		112,713
Indymac Index Mortgage Loan Trust,
Series 04-AR11 2A
5.047%, 12/25/34 (l)		415,988		411,511
JPMorgan Mortgage Trust,
Series 05-A1 6T1
5.023%, 2/25/35 (l)		2,457,591		2,407,080
MASTR Adjustable Rate Mortgages Trust,
Series 04-13 3A7
3.786%, 11/21/34 (l)		100,000		98,860
Series 07-3 22A1
4.975%, 5/25/47 (l)		321,091		318,795
Mellon Residential Funding Corp.,
Series 00-TBC3 A1
5.468%, 12/15/30 (l)		61,245		59,993
Series 01-TBC1 A1
5.378%, 11/15/31 (l)		244,723		237,894
Merrill Lynch Floating Trust,
Series 06-1 A1
5.098%, 6/15/22 §(l)		84,182		81,671
Merrill Lynch Mortgage Investors, Inc.,
Series 05-A10 A
5.075%, 2/25/36 (l)		1,750,559		1,684,704
MLCC Mortgage Investors, Inc.,
Series 05-2 1A
4.250%, 10/25/35 (l)		3,350,140		3,227,596
Series 05-2 2A
4.250%, 10/25/35 (l)		3,178,903		3,114,473
Series 05-2 3A
5.865%, 10/25/35 (l)		494,802		493,637
Series 05-3 4A
5.115%, 11/25/35 (l)		432,581		417,994
Series 05-3 5A
5.115%, 11/25/35 (l)		364,092		333,187
Residential Accredit Loans, Inc.,
Series 05-QO1 A1
5.165%, 8/25/35 (l)		92,741		87,577
Securitized Asset Sales, Inc.,
Series 93-6 A5
7.511%, 11/26/23 (l)		3,276		3,267
Sequoia Mortgage Trust,
Series 10 2A1
5.329%, 10/20/27 (l)		34,742		33,126
Structured Adjustable Rate Mortgage Loan Trust,
Series 04-1 4A2
4.580%, 2/25/34 (l)		137,539		136,651
Series 04-19 2A1
6.188%, 1/25/35 (l)		72,688		70,474
Series 05-17 3A1
5.535%, 8/25/35 (l)		358,113		355,403
Structured Asset Mortgage Investments, Inc.,
Series 04-AR5 1A1
5.295%, 10/19/34 (l)		145,487		142,753
Series 05-AR5 A1
5.215%, 7/19/35 (l)		281,219		279,175
Series 05-AR5 A2
5.215%, 7/19/35 (l)		643,037		635,704
Series 05-AR5 A3
5.215%, 7/19/35 (l)		1,225,391		1,179,297
Series 06-AR4 2A1
5.055%, 6/25/36 (l)		58,163		55,249
Series 06-AR7 A8
4.935%, 8/25/36 (l)		127,859		127,240
Series 07-AR3 1A1
4.965%, 9/25/47 (l)		1,263,610		1,253,254
Structured Asset Securities Corp.,
Series 06-11 A1
5.331%, 10/25/35 †§(l)		185,058		183,385
TBW Mortgage Backed Pass Through Certificates,
Series 06-4 A1B
4.965%, 9/25/36 (l)		28,528		28,203
Thornburg Mortgage Securities Trust,
Series 06-5 A1
4.985%, 9/25/46 (l)		625,978		611,774
Series 07-2 A2A
4.995%, 6/25/37 (l)		3,682,578		3,640,752
Wachovia Bank Commercial Mortgage Trust,
Series 06-WL7A A1
5.118%, 9/15/21 §(l)		3,214,899		3,165,997
Series 07-WHL8 A1
5.108%, 6/15/20 §(l)		2,257,173		2,266,066
WaMu Mortgage Pass-Through Certificate,
Series 02-AR2 A
5.483%, 2/27/34 (l)		16,693		16,333
Series 02-AR17 1A
5.988%, 11/25/42 (l)		25,204		24,418
Series 03-AR1 A5
4.551%, 3/25/33 (l)		5,058,793		4,963,435
Series 03-R1 A1
5.405%, 12/25/27 (l)		516,786		493,962
Series 04-AR1 A
4.229%, 3/25/34 (l)		6,030,708		5,964,865
Series 05-AR11 A1B1
5.155%, 8/25/45 (l)		11,738		11,655
Series 05-AR13 A1A1
5.155%, 10/25/45 (l)		421,299		395,857
Series 05-AR15 A1A1
5.125%, 11/25/45 (l)		95,361		90,000
Series 06-AR3 A1A
5.788%, 2/25/46 (l)		146,419		142,451
Series 06-AR7 3A
5.883%, 7/25/46		397,539		379,757
Series 06-AR9 1A
5.788%, 8/25/46 (l)		3,928,535		3,856,594
Series 06-AR15 2A
6.288%, 11/25/46 (l)		83,523		82,365
Wells Fargo Mortgage Backed Securities Trust,
Series 04-S A1
3.541%, 9/25/34 (l)		145,564		143,302
Series 05-AR10 2A12
4.109%, 6/25/35 (l)		111,459		111,041

				94,507,985

Total Asset-Backed and Mortgage-Backed Securities				177,109,073

Consumer Discretionary (0.0%)
*Hotels, Restaurants & Leisure (0.0%)*
Harrah’s Operating Co., Inc.
7.500%, 1/15/09		100,000		103,857

Total Consumer Discretionary				103,857

301

EQ ADVISORS TRUST

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Consumer Staples (0.2%)
*Food & Staples Retailing (0.1%)*
Wal-Mart Stores, Inc.
4.891%, 6/16/08 (l)	$	1,100,000	$	1,100,281

*Food Products (0.0%)*
Kraft Foods, Inc.
6.000%, 2/11/13		700,000		719,673

*Tobacco (0.1%)*
Reynolds American, Inc.
5.691%, 6/15/11 (l)		1,200,000		1,170,000

Total Consumer Staples				2,989,954

Energy (0.4%)
*Oil, Gas & Consumable Fuels (0.4%)*
Chesapeake Energy Corp.
2.500%, 5/15/37		4,400,000		4,889,500
El Paso Natural Gas Co.
8.375%, 6/15/32		50,000		58,570
Ras Laffan Liquefied Natural Gas Co., Ltd.
3.437%, 9/15/09 §		20,564		20,531
Tennessee Gas Pipeline Co.
8.375%, 6/15/32		150,000		173,739

Total Energy				5,142,340

Financials (5.1%)
*Capital Markets (0.7%)*
Bear Stearns Cos., Inc.
6.950%, 8/10/12		2,200,000		2,262,040
Goldman Sachs Group, Inc.
4.924%, 12/23/08 (l)		1,800,000		1,794,755
Lehman Brothers Holdings, Inc.
4.905%, 11/24/08 (l)		100,000		98,449
4.934%, 12/23/08 (l)		1,800,000		1,769,331
Merrill Lynch & Co., Inc.
5.191%, 10/23/08 (l)		800,000		789,214
Morgan Stanley
4.972%, 11/21/08 (l)		300,000		297,805
4.925%, 5/7/09 (l)		2,200,000		2,172,742

				9,184,336

*Commercial Banks (1.5%)*
American Express Bank FSB/Utah
5.252%, 6/12/09 (l)		2,400,000		2,391,290
4.956%, 6/22/09 (l)		1,600,000		1,595,032
Bank of Ireland
4.951%, 12/19/08 (l)		2,500,000		2,498,485
5.016%, 12/18/09 (l)		400,000		398,848
Charter One Bank N.A.
5.115%, 4/24/09 (l)		2,100,000		2,091,358
Commonwealth Bank of Australia
4.555%, 6/8/09 §(l)		100,000		99,952
Credit Agricole S.A./London
5.053%, 5/28/09 §(l)		2,300,000		2,300,911
DnB NOR Bank ASA
5.313%, 10/13/09 §(l)		400,000		400,192
HSBC Capital Funding LP
10.176%, 12/29/49 §(l)		100,000		126,249
HSBC Holdings plc
5.375%, 12/20/12	EUR	120,000		177,067
Rabobank Capital Funding II
5.260%, 12/29/49 §(l)	$	100,000		93,168
Rabobank Capital Funding Trust III
5.254%, 12/29/49 §(l)		120,000		107,404
Rabobank
5.263%, 1/15/09 §(l)		200,000		199,726
Royal Bank of Scotland Group plc
7.092%, 10/29/49 (l)	EUR	400,000		580,177
Royal Bank of Scotland plc
5.230%, 7/21/08 §(l)	$	100,000		99,969
Santander U.S. Debt S.A. Unipersonal
4.970%, 9/19/08 §(l)		100,000		99,657
5.201%, 11/20/09 §(l)		1,800,000		1,777,862
UBS AG/Connecticut
5.875%, 12/20/17		1,100,000		1,107,749
UniCredito Luxembourg Finance S.A.
5.143%, 10/24/08 §(l)		500,000		499,012
Wachovia Bank N.A./North Carolina
5.194%, 12/2/10 (l)		600,000		595,340
5.015%, 2/23/09 (l)		800,000		798,034
Westpac Banking Corp./New York
4.500%, 6/6/08 (l)		1,800,000		1,799,053

				19,836,535

*Consumer Finance (0.3%)*
Ford Motor Credit Co. LLC
7.875%, 6/15/10		700,000		645,867
7.250%, 10/25/11		1,600,000		1,385,854
7.800%, 6/1/12		100,000		87,666
GMAC LLC
6.034%, 9/23/08 (l)		2,300,000		2,221,959

				4,341,346

*Diversified Financial Services (2.6%)*
Atlantic & Western Reinsurance Ltd.,
Series B
10.979%, 1/9/09 (b)(l)		300,000		302,760
Atlas Reinsurance plc
8.690%, 1/10/10 †(b)(l)	EUR	3,400,000		5,044,790
Bank of America N.A.
4.966%, 12/18/08 (l)	$	300,000		299,799
5.133%, 6/12/09 (l)		2,400,000		2,394,393
C10 Capital SPV Ltd.
6.722%, 12/31/49 §(l)		200,000		184,072
Citigroup Capital XXI
8.300%, 12/21/57 (l)		1,300,000		1,357,448
Citigroup Funding, Inc.
4.896%, 4/23/09 (l)		2,100,000		2,087,234
Citigroup, Inc.
4.944%, 5/2/08 (l)		200,000		199,936
4.898%, 12/26/08 (l)		400,000		398,319
5.024%, 1/30/09 (l)		200,000		198,355
4.873%, 12/28/09 (l)		1,800,000		1,767,218
General Electric Capital Corp.
5.065%, 10/24/08 (l)		300,000		299,470
5.173%, 12/12/08 (l)		200,000		199,910
5.095%, 10/26/09 (l)		300,000		299,267
6.375%, 11/15/67 (l)		10,900,000		11,254,054
Green Valley Ltd.
4.770%, 1/10/12 †		1,500,000		2,197,462
JPMorgan Chase & Co.
4.915%, 6/26/09 (l)		200,000		199,091
Petroleum Export Ltd.
5.265%, 6/15/11 §		75,484		74,623
Rockies Express Pipeline LLC
5.776%, 8/20/09 §(l)		3,900,000		3,901,061
Vita Capital III Ltd.
5.849%, 1/1/12 †(b)(l)		300,000		295,617

				32,954,879

Total Financials				66,317,096

302

EQ ADVISORS TRUST

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Government Securities (131.1%)
*Agency ABS (0.0%)*
Federal Home Loan Mortgage Corp.
5.125%, 8/25/31 (b)(l)	$	18,450	$	18,462
Small Business Administration Participation Certificates,
Series 03-20I 1
5.130%, 9/1/23		35,672		35,991
Series 04-20C 1
4.340%, 3/1/24		224,421		215,352
Series 05-20B 1
4.625%, 2/1/25		246,793		243,086

				512,891

*Agency CMO (3.1%)*
Federal Home Loan Mortgage Corp.
4.500%, 11/15/13		781,890		780,210
5.500%, 5/15/16		2,135,659		2,155,082
4.500%, 5/15/17		123,198		123,141
5.000%, 1/15/18		243,531		244,537
5.258%, 2/15/19 (l)		9,861,556		9,806,036
5.178%, 7/15/19 (l)		4,627,511		4,606,550
5.000%, 2/15/20		1,490,889		1,496,484
5.000%, 8/15/20		1,506,694		1,517,284
5.178%, 10/15/20 (l)		4,636,205		4,615,810
4.000%, 3/15/23		48,371		48,187
4.000%, 10/15/23		92,277		91,689
5.000%, 5/15/27		3,130,222		3,149,920
6.500%, 4/15/29		62,533		65,392
5.378%, 12/15/29 (l)		8,018		8,017
5.378%, 12/15/30 (l)		87,797		87,719
6.500%, 7/25/43		17,899		18,397
6.063%, 10/25/44 (l)		29,924		29,983
6.063%, 2/25/45 (l)		535,914		534,540
Federal National Mortgage Association
4.669%, 5/25/35 (l)		600,000		604,845
6.000%, 10/1/36		1,317,589		1,338,267
4.925%, 12/25/36 (l)		146,938		144,126
5.500%, 6/1/37		7,999,995		7,990,980
5.215%, 5/25/42 (l)		67,772		66,660
5.950%, 2/25/44		231,487		233,086

				39,756,942

*Foreign Governments (0.9%)*
Export-Import Bank of China
5.250%, 7/29/14 §		150,000		149,961
Export-Import Bank of Korea
5.214%, 6/1/09 (l)		2,300,000		2,303,487
France Government Bond OAT
4.000%, 4/25/55	EUR	200,000		258,250
Hong Kong Government International Bond
5.125%, 8/1/14 §	$	250,000		255,742
Kingdom of Spain
4.200%, 1/31/37	EUR	100,000		134,086
Republic of Italy
3.800%, 3/27/08	JPY	64,000,000		576,471
Republic of Panama
9.625%, 2/8/11	$	75,000		84,975
Republic of South Africa
5.250%, 5/16/13	EUR	50,000		72,189
6.500%, 6/2/14	$	100,000		105,750
Sweden Government Bond
3.500%, 12/1/28	SEK	20,000,000		4,573,645
United Kingdom Gilt Inflation Linked
2.500%, 5/20/09	GBP	400,000		2,110,036
United Mexican States
6.750%, 9/27/34	$	186,000		205,437

				10,830,029

*Municipal Bonds (0.5%)*
Buckeye Tobacco Settlement Financing Authority
5.750%, 6/1/34		500,000		475,265
6.000%, 6/1/42		800,000		782,984
5.875%, 6/1/47		400,000		381,524
Golden State Tobacco Securitization Corp.
5.125%, 6/1/47		300,000		251,901
5.750%, 6/1/47		2,100,000		1,958,565
New York City Municipal Water Finance Authority
4.750%, 6/15/38		100,000		100,759
5.000%, 6/15/38		1,300,000		1,350,557
Tobacco Settlement Finance Authority of West Virginia
7.467%, 6/1/47		1,400,000		1,344,560

				6,646,115

*U.S. Government Agencies (36.1%)*
Federal Home Loan Mortgage Corp.
7.046%, 11/1/23 (l)		28,542		28,873
4.539%, 1/1/34 (l)		124,703		127,035
6.000%, 8/1/36		994,803		1,009,761
6.757%, 7/1/36 (l)		6,721,362		6,865,954
6.700%, 9/1/36 (l)		7,463,640		7,617,038
6.681%, 10/1/36 (l)		8,172,233		8,389,174
6.000%, 11/1/36		24,193,821		24,557,597
5.500%, 12/1/36		1,985,479		1,981,630
6.000%, 2/1/37		985,519		1,000,337
6.000%, 3/1/37		790,711		802,519
5.500%, 4/1/37		75,124,710		74,969,622
6.000%, 4/1/37		995,755		1,010,625
5.000%, 5/1/37		560,372		546,782
6.000%, 5/1/37		12,116,432		12,298,411
6.000%, 6/1/37		986,573		1,001,407
6.000%, 7/1/37		1,988,966		2,018,669
6.000%, 8/1/37		21,783,975		22,111,212
6.000%, 9/1/37		10,857,215		11,019,353
5.500%, 10/1/37		1,982,446		1,978,353
6.000%, 10/1/37		4,976,680		5,051,000
5.500%, 11/1/37		298,771		298,154
6.000%, 11/1/37		3,097,598		3,143,856
Federal National Mortgage Association
5.000%, 1/1/17		42,387		42,480
5.000%, 2/1/18		244,162		244,772
5.000%, 8/1/18		298,286		299,032
5.000%, 9/1/18		150,811		151,188
5.000%, 10/1/18		108,555		108,826
5.000%, 8/1/19		32,914		32,975
6.000%, 10/1/21		2,114,121		2,164,818
6.000%, 7/1/22		1,826,196		1,869,016
6.000%, 9/1/22		7,461,660		7,636,618
6.000%, 6/1/31		50,832		51,848
6.000%, 2/1/32		38,031		38,791
5.500%, 7/1/34		332,864		332,882
4.186%, 11/1/34 (l)		688,070		694,518
4.678%, 1/1/35 (l)		102,256		101,874
4.535%, 7/1/35 (l)		648,683		649,550
5.500%, 9/1/35		146,076		145,987
6.000%, 12/1/35		4,901,440		4,980,133
6.000%, 1/1/36		548,123		556,923
6.000%, 2/1/36		4,299,886		4,367,367
5.000%, 3/1/36		945,740		923,300
5.000%, 5/1/36		3,724,859		3,636,477
6.000%, 8/1/36		448,697		455,739
6.000%, 9/1/36		561,586		570,399
5.500%, 10/1/36		960,215		959,178
6.000%, 10/1/36		1,579,266		1,604,050
5.500%, 11/1/36		3,114,478		3,111,113
6.000%, 11/1/36		455,564		462,713
5.000%, 12/1/36		24,975		24,374

303

EQ ADVISORS TRUST

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
5.500%, 12/1/36	$	1,121,151	$	1,119,939
6.000%, 12/1/36		1,585,537		1,610,420
5.000%, 1/1/37		253,796		247,690
5.500%, 1/1/37		479,901		479,382
6.000%, 1/1/37		988,934		1,004,454
5.500%, 2/1/37		33,682,570		33,644,660
6.000%, 2/1/37		1,804,183		1,832,311
5.500%, 3/1/37		2,040,753		2,038,453
6.000%, 3/1/37		497,528		505,269
5.000%, 4/1/37		1,701,833		1,660,560
5.500%, 4/1/37		4,977,249		4,971,640
6.000%, 4/1/37		554,328		562,953
5.500%, 5/1/37		36,042,349		36,001,734
6.000%, 5/1/37		4,936,930		5,013,742
5.500%, 6/1/37		25,196,760		25,168,367
6.000%, 6/1/37		646,586		656,646
5.500%, 7/1/37		24,703,763		24,675,925
6.000%, 7/1/37		21,725,535		22,063,557
6.000%, 8/1/37		3,851,094		3,911,013
5.500%, 9/1/37		36,467,381		36,426,286
6.000%, 10/1/37		6,572,593		6,674,853
5.500%, 11/1/37		90		90
6.000%, 11/1/37		8,719,536		8,855,200
5.500%, 12/1/37		999,960		998,833
6.063%, 3/1/44 (l)		1,061,658		1,063,073
6.063%, 7/1/44 (l)		25,527		25,608
6.063%, 10/1/44 (l)		59,326		59,550
5.500%, 1/15/38 TBA		7,200,000		7,191,000
6.000%, 1/15/38 TBA		100,000		101,531
Government National Mortgage Association
6.000%, 8/15/32		134,528		137,979
6.000%, 2/15/33		148,673		152,400
6.000%, 10/15/33		17,456		17,894
6.000%, 1/15/34		56,994		58,410
6.500%, 6/15/36		336,828		347,944
6.500%, 7/15/36		1,525,838		1,578,253
6.500%, 10/15/36		27,678		28,591
6.500%, 11/15/36		83,128		85,871
6.500%, 12/15/36		1,176,089		1,214,901
6.500%, 1/15/37		27,384		28,285
6.500%, 6/15/37		734,469		758,623
6.500%, 7/15/37		413,753		427,359
5.500%, 8/15/37		977,644		984,859
6.500%, 8/15/37		6,981,911		7,211,518
6.500%, 9/15/37		332,811		343,756
Small Business Administration,
Series P10A
4.504%, 2/1/14		94,025		91,148

				466,076,833

*U.S. Treasuries (90.5%)*
U.S. Treasury Bonds Inflation Indexed
2.375%, 1/15/25		99,663,120		104,630,729
2.000%, 1/15/26		66,382,998		66,113,350
2.375%, 1/15/27		65,555,430		69,324,867
3.625%, 4/15/28		78,343,569		99,251,509
3.875%, 4/15/29		49,340,836		65,284,094
U.S. Treasury Notes Inflation Indexed
3.625%, 1/15/08		777,900		778,090
3.875%, 1/15/09		14,091,880		14,508,027
4.250%, 1/15/10		14,797,688		15,789,592
0.875%, 4/15/10		75,856,284		75,601,483
3.500%, 1/15/11		25,953,510		27,912,195
2.375%, 4/15/11		18,946,971		19,749,262
2.000%, 4/15/12		102,086,496		105,803,057
3.000%, 7/15/12		128,173,650		138,818,087
1.875%, 7/15/13		93,933,073		96,795,120
2.000%, 1/15/14		19,560,872		20,204,249
2.000%, 7/15/14		34,558,800		35,706,256
1.875%, 7/15/15		43,429,668		44,267,730
2.000%, 1/15/16		33,032,688		33,899,796
2.500%, 7/15/16		13,526,890		14,425,157
2.375%, 1/15/17		60,540,781		63,884,690
2.625%, 7/15/17		50,695,000		54,699,094

				1,167,446,434

Total Government Securities				1,691,269,244

Industrials (0.0%)
*Airlines (0.0%)*
United Air Lines, Inc.,
Series 01-1
6.602%, 9/1/13		19,460		19,363

Total Industrials				19,363

Materials (0.2%)
*Chemicals (0.0%)*
Nalco Co.
8.875%, 11/15/13^		200,000		208,500

*Containers & Packaging (0.0%)*
Packaging Corp. of America
4.375%, 8/1/08		143,000		141,685

*Paper & Forest Products (0.2%)*
Weyerhaeuser Co.
5.884%, 9/24/09 (l)		1,900,000		1,900,722

Total Materials				2,250,907

Telecommunication Services (0.5%)
*Diversified Telecommunication Services (0.3%)*
AT&T, Inc.
4.978%, 2/5/10 (l)		3,600,000		3,567,819
Deutsche Telekom International Finance B.V.
8.125%, 5/29/12	EUR	76,000		122,123
France Telecom S.A.
6.750%, 3/14/08 (b)		139,000		203,822

				3,893,764

*Wireless Telecommunication Services (0.2%)*
America Movil S.A.B. de C.V.
4.958%, 6/27/08 (l)	$	1,800,000		1,791,000

Total Telecommunication Services				5,684,764

Utilities (0.0%)
*Electric Utilities (0.0%)*
Nevada Power Co., Series L
5.875%, 1/15/15		150,000		149,069

*Gas Utilities (0.0%)*
Sonat, Inc.
7.625%, 7/15/11		35,000		35,783

*Multi-Utilities (0.0%)*
NiSource Finance Corp.
5.585%, 11/23/09 (l)		100,000		99,034

Total Utilities				283,886

Total Long-Term Debt Securities (151.2%)
(Cost $1,933,868,368)				1,951,170,484

SHORT-TERM INVESTMENTS:
Commercial Paper (28.0%)
Abbey National North America LLC
4.25%, 1/7/08 (p)		26,900,000		26,877,770
ABN-AMRO North America Financial, Inc.
4.68%, 3/10/08 (p)		600,000		594,594

304

EQ ADVISORS TRUST

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount			Value (Note 1)
Bank of Scotland plc
4.76%, 3/19/08 (p)	$	26,800,000		$	26,522,888
Bank of Scotland plc/Australia
5.43%, 1/23/08 (p)		9,050,000			9,018,731
Barclays U.S. Funding Corp.
5.09%, 1/25/08 (p)		455,000			453,397
4.72%, 3/17/08 (p)		32,800,000			32,472,328
CBA Delaware Finance, Inc.
4.65%, 3/6/08 (p)		24,200,000			23,995,268
Citibank Omni Master
5.92%, 1/25/08 §(p)		6,100,000			6,075,007
DnB NOR Bank ASA
5.12%, 1/25/08 (n)(p)		10,500,000			10,462,776
4.82%, 2/1/08 §(p)		24,200,000			24,096,746
General Electric Capital Corp.
3.75%, 1/2/08 (p)		26,400,000			26,394,500
Intesa Funding LLC
4.57%, 2/1/08 (p)		22,700,000			22,608,191
Royal Bank of Scotland plc
5.00%, 1/28/08 (p)		27,000,000			26,895,399
Skandinaviska Enskilda Banken AB
4.77%, 3/20/08 §(p)		33,600,000			33,247,872
UBS Finance Delaware LLC
5.00%, 1/28/08 (p)		25,000,000			24,903,147
Unicredito Italiano Bank/Ireland
4.76%, 3/19/08 §(p)		33,200,000			32,856,712
Westpac Securities NZ Ltd.
5.09%, 1/25/08 (n)(p)		8,600,000			8,569,688
4.74%, 3/20/08 §(p)		26,300,000			26,025,954

Total Commercial Paper					362,070,968

Government Securities (9.2%)
Federal Home Loan Bank
4.48%, 1/4/08 (o)(p)		72,300,000			72,264,019
Federal National Mortgage Association
4.28%, 1/11/08 (o)(p)		46,100,000			46,039,852

Total Government Securities					118,303,871

Short-Term Investment of Cash Collateral for Security Loaned (0.0%)
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		215,000			215,000

Time Deposit (0.3%)
JPMorgan Chase Nassau
3.51%, 1/2/08		3,926,830			3,926,830

Total Short-Term Investments (37.5%)
(Cost/Amortized Cost $484,509,755)					484,516,669


	Number of Contracts
OPTIONS PURCHASED:
Call Options Purchased (0.0%)
EURO vs USD
June 2008 @ $1.35*		2,700,000			21,329
July 2008 @ $ 1.39*		3,900,000			356,449
Federal Home Loan Mortgage Corp.
February 2008 @ $104.00*		340,000			—
U.S. 10 Year Treasury Note Futures
March 2008 @ $134.00*		781			12,203
U.S. Long Bond
March 2008 @ $140.00*		300			4,687
U.S. Treasury Bill Futures
February 2008 @ $137.00*		1,050			16,406
February 2008 @ $138.00*		78			1,219
USD vs BRL
February 2008 @ $124.00*		350			5,469

					417,762

Put Options Purchased (0.1%)
3 Month EURO EURIBOR
December 2008 @ $ 93.5*		214		$	—
March 2009 @ $93.25*		150			—
90 Day EURODollar Futures
March 2008 @ $93.00*		366			2,287
September 2008 @ $ 92.25*		13			81
December 2008 @ $ 92.00*		1,065			6,656
December 2008 @ $ 92.50*		607			3,794
December 2008 @ $ 92.75*		1,092			6,825
EURO vs USD
June 2008 @ $1.35*		2,700,000			302,863
July 2008 @ $1.39*		3,900,000			182,008
European ULSD Rotterdam Swap Futures
March 2008 @ $93.00*		470			—
June 2008 @ $92.38*		217			—
June 2008 @ $92.75*		110			—
Federal National Mortgage Association
March 2008 @ $86.00*		7,000,000			154
U.S. Treasury Notes Inflation Indexed
January 2008 @ $69.00*		10,000,000			—
January 2008 @ $89.00*		60,000,000			—
January 2008 @ $89.50*		17,000,000			—
January 2008 @ $90.50*		50,000,000			—
January 2008 @ $92.00*		55,000,000			—
January 2008 @ $92.00*		75,000,000			—
February 2008 @ $85.00*		75,000,000			—
February 2008 @ $94.50*		60,000,000			—
February 2008 @ $99.50*		30,000,000			6,300

					510,968

Total Options Purchased (0.1%)
(Cost $777,105)					928,730

Total Investments before Options Written (188.8%)
(Cost/Amortized Cost $ 2,419,155,228)					2,436,615,883

OPTIONS WRITTEN:
Call Options Written (-0.1%)
U.S. 10 Year Treasury Note Futures
March 2008 @ $111.00*		(310	)		(881,562	)
March 2008 @ $113.00*		(429	)		(670,313	)
March 2008 @ $115.00*		(276	)		(219,937	)

					(1,771,812	)

Put Options Written (-0.0%)
U.S. 10 Year Treasury Note Futures
March 2008 @ $106.00*		(253	)		(3,953	)
March 2008 @ $108.00*		(429	)		(26,813	)
March 2008 @ $110.00*		(556	)		(139,000	)

					(169,766	)

Total Options Written (-0.1%)
(Premium Received $ 1,104,966)					(1,941,578	)

Total Investments before Securities Sold Short (188.7%)
(Cost /Amortized Cost $ 2,418,050,262)					2,434,674,305


	Principal Amount
SECURITIES SOLD SHORT:
U.S. Government Agencies (-12.5%)
Federal Home Loan Mortgage Corp.
5.000%, 1/15/38 TBA	$	(490,938	)		(487,813	)
5.500%, 1/15/38 TBA		(44,068,750	)		(43,903,728	)
6.000%, 1/15/38 TBA		(86,138,250	)		(86,045,542	)
Federal National Mortgage Association
5.000%, 1/1/23 TBA		(5,713,000	)		(5,658,625	)
6.000%, 1/1/38 TBA		(11,817,500	)		(11,868,250	)
Government National Mortgage Association
5.500%, 1/15/38 TBA		(898,875	)		(906,469	)

305

EQ ADVISORS TRUST

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount			Value (Note 1)
6.500%, 1/15/38 TBA	$	(11,884,531	)	$	(11,873,750	)

Total Securities Sold Short (-12.5%)
(Proceeds Received $ 161,011,844)					(160,744,177	)

Total Investments (176.2%)
(Cost/Amortized Cost $ 2,257,038,418)					2,273,930,128
Other Assets Less Liabilities (-76.2%)					(983,642,786	)

Net Assets (100%)				$	1,290,287,342

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

†	Securities (totaling $11,196,056 or 0.87% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2007, the market value of these securities amounted to $150,990,676 or 11.70% of net assets. Securities denoted with “§” but without “(b)”have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(n)

Section 4(2) Commercial Paper. Private placement for non-current transactions. Notes are usually sold to accredited investors without the intent to freely re-sell their holding.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2007.

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:


ABS	—	Asset-Backed Security
CMO	—	Collateralized Mortgage Obligation
EUR	—	European Currency Unit
GBP	—	British Pound
JPY	—	Japanese Yen
SEK	—	Swedish Krona
TBA	—	Security is subject to delayed delivery.

At December 31, 2007 the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/07		Unrealized Appreciation/ (Depreciation)
3 Month EURO EURIBOR	56	September-08	$	19,624,833	$	19,578,312	$	(46,521	)
3 Month EURO EURIBOR	434	December-08		151,860,137		151,842,956		(17,181	)
3 Month EURO EURIBOR	288	March-09		100,845,025		100,841,097		(3,928	)
3 Month EURO EURIBOR	288	June-09		100,916,890		100,877,940		(38,950	)
3 Month EURO EURIBOR	225	September-09		78,870,818		78,810,891		(59,927	)
3 Month EURO EURIBOR	100	December-09		34,985,029		35,012,442		27,413
90 Day Sterling	432	March-08		101,547,900		101,494,323		(53,577	)
90 Day Sterling	148	June-08		34,805,781		34,885,364		79,583
90 Day Sterling	295	September-08		69,326,237		69,711,185		384,948
90 Day Sterling	203	December-08		47,903,044		48,056,617		153,573
90 Day Sterling	118	March-09		27,869,842		27,960,813		90,971
90 Day Sterling	177	June-09		41,809,257		41,936,816		127,559
EURODollar	43	March-08		10,212,500		10,294,737		82,237
EURODollar	156	June-08		37,163,812		37,539,450		375,638
EURODollar	772	December-08		185,021,587		186,495,900		1,474,313
EURODollar	1,379	March-09		329,750,550		333,131,925		3,381,375
EURODollar	772	June-09		184,661,012		186,264,300		1,603,288
EURODollar	772	September-09		184,445,850		185,955,500		1,509,650
JPY 10 Year Bonds	5	March-08		6,120,369		6,123,171		2,802

							$	9,073,266


Sales
EURO-BUND	113	March-08	$	19,066,139	$	18,687,090	$	379,049
U.S. 5 Year Treasury Notes	362	March-08		39,728,047		39,921,813		(193,766	)
U.S. 10 Year Treasury Notes	156	March-08		17,649,938		17,688,938		(39,000	)
U.S. Long Bonds	1,500	March-08		174,830,609		174,562,500		268,109

							$	414,392

							$	9,487,658

306

EQ ADVISORS TRUST

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007

At December 31, 2007 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


	Local Contract Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
European Union, expiring 1/17/08	80,000	$	115,103,600	$	116,993,866	$	1,890,266
European Union, expiring 1/17/08	2,800		4,032,310		4,094,785		62,475
Mexican Peso, expiring 3/13/08	8,863		811,137		808,143		(2,994	)
Mexican Peso, expiring 3/13/08	8,040		736,000		733,048		(2,952	)
Mexican Peso, expiring 3/13/08	8,961		820,000		817,010		(2,990	)
Mexican Peso, expiring 3/13/08	8,982		821,000		818,958		(2,042	)
Mexican Peso, expiring 3/13/08	8,960		820,000		816,951		(3,049	)
Mexican Peso, expiring 3/13/08	5,437		498,000		495,708		(2,292	)
Mexican Peso, expiring 3/13/08	5,720		524,000		521,497		(2,503	)
Mexican Peso, expiring 3/13/08	5,632		516,000		513,531		(2,469	)
Mexican Peso, expiring 3/13/08	10,337		947,000		942,477		(4,523	)
Mexican Peso, expiring 7/10/08	238,896		21,278,692		21,544,173		265,481
Mexican Peso, expiring 7/10/08	11,084		1,000,000		999,597		(403	)
Mexican Peso, expiring 7/10/08	51,881		4,717,000		4,678,777		(38,223	)
Malaysian Ringgit, expiring 5/21/08	2,942		872,000		892,992		20,992

						$	2,174,774

Foreign Currency Sell Contracts
British Pound, expiring 1/31/08	4,425	$	8,933,964	$	8,801,384	$	132,580
British Pound, expiring 1/31/08	5,200		10,451,428		10,342,869		108,559
European Union, expiring 1/17/08	2,201		3,157,889		3,218,794		(60,905	)
European Union, expiring 1/17/08	1,500		2,156,106		2,193,635		(37,529	)
European Union, expiring 1/17/08	88,895		130,300,958		130,002,122		298,836
Mexican Peso, expiring 3/13/08	85,953		7,795,000		7,837,086		(42,086	)
Mexican Peso, expiring 3/13/08	224,740		20,600,000		20,491,463		108,537
Japanese Yen, expiring 2/7/08	85,379		769,187		767,289		1,898
Swedish Krona, expiring 3/06/08	30,089		4,707,732		4,657,805		49,927
Swiss Franc, expiring 3/6/08	427		380,655		378,553		2,102

						$	561,919

						$	2,736,693

Options written for the year ended December 31, 2007 were as follows:


	Total Number of Contracts		Total Premiums Received
Options Outstanding—January 1, 2007	230		$	123,237
Options Written	3,869			1,542,631
Options Terminated in Closing Purchase Transactions	(1,297	)		(369,401	)
Options Expired	(549	)		(191,501	)
Options Exercised	—			—

Options Outstanding—December 31, 2007	2,253		$	1,104,966

307

EQ ADVISORS TRUST

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,645,396,631
Long-term U.S. Treasury securities		11,053,635,155

	$	12,699,031,786

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,174,859,284
Long-term U.S. Treasury securities		10,360,444,385

	$	11,535,303,669


As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	10,047,731
Aggregate gross unrealized depreciation		(7,332,006	)

Net unrealized appreciation	$	2,715,725

Federal income tax cost of investments	$	2,433,900,158

At December 31, 2007, the Portfolio had loaned securities with a total value of $210,817. This was secured by collateral of $215,000 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

The Portfolio utilized capital loss carryforward of $3,716,976 during 2007.

See Notes to Financial Statements.

308

EQ ADVISORS TRUST

EQ/SHORT DURATION BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (59.7%)
*Asset-Backed Securities (24.4%)*
Advanta Business Card Master Trust,
Series 05-A3 A3
4.700%, 10/20/11	$	15,000,000	$	15,038,769
Aegis Asset Backed Securities Trust,
Series 06-1 A1
4.945%, 1/25/37 (b)(l)		7,836,159		7,629,852
American Express Credit Account Master Trust,
Series 03-2 A
5.138%, 10/15/10 (l)		15,000,000		15,004,860
AmeriCredit Automobile Receivables Trust,
Series 05-DA A3
4.870%, 12/6/10		7,419,219		7,414,624
Amresco Residential Securities Mortgage Loan Trust,
Series 98-2 M1F
6.745%, 6/25/28 (b)(l)		44,368		39,743
Asset Backed Funding Certificates,
Series 01-AQ1 M1
6.863%, 5/20/32 (b)(l)		83,193		79,613
Banc of America Securities Auto Trust,
Series 06-G1 A3
5.180%, 6/18/10		17,850,000		17,913,653
Capital Auto Receivables Asset Trust,
Series 04-2 C
4.160%, 1/15/10		3,665,000		3,654,487
Series 07-4A A4
5.300%, 5/15/14		11,620,000		11,757,302
Capital One Multi-Asset Execution Trust,
Series 03-C1 C1
7.578%, 3/15/11 (l)		250,000		251,442
Carmax Auto Owner Trust,
Series 05-2 A3
4.210%, 1/15/10		4,336,699		4,326,545
Centex Home Equity,
Series 04-D MV3
5.865%, 9/25/34 (b)(l)		250,000		230,747
Chase Issuance Trust,
Series 05-A7 A7
4.550%, 3/15/13		20,600,000		20,752,141
Series 07-A15 A
4.960%, 9/17/12		18,035,000		18,327,643
Chase Manhattan Auto Owner Trust,
Series 05-B A3
4.840%, 7/15/09		1,912,321		1,911,905
Series 05-B A4
4.880%, 6/15/12		9,500,000		9,512,874
Citibank Credit Card Issuance Trust,
Series 03-A3 A3
3.100%, 3/10/10		11,375,000		11,341,540
Series 05-B1 B1
4.400%, 9/15/10		17,750,000		17,695,898
Series 05-C5 C5
4.950%, 10/25/10		15,400,000		15,315,465
CIT Equipment Collateral,
Series 05-EF1 A3
4.420%, 5/20/09		1,311,608		1,311,399
CNH Equipment Trust,
Series 06-A A3
5.200%, 8/16/10		16,707,381		16,726,289
Countrywide Asset-Backed Certificates,
Series 06-20 2A1
4.915%, 4/25/37 (b)(l)		10,154,971		9,942,475
Daimler Chrysler Auto Trust,
Series 05-B A4
4.200%, 7/8/10		14,475,000		14,428,838
Series 06-B A3
5.330%, 8/8/10		10,731,427		10,765,780
Series 06-C A3
5.020%, 7/8/10		17,300,000		17,345,205
Series 06-C A4
4.980%, 11/8/11		18,087,000		18,241,447
Series 06-D A3
4.980%, 2/8/11		18,275,000		18,337,574
DVI Receivables Corp.,
Series 03-1 D1†
7.182%, 3/14/11 (l)		160,268		—
Ford Credit Auto Owner Trust,
Series 05-A A4
3.720%, 10/15/09		3,517,156		3,499,323
Series 05-C A3
4.300%, 8/15/09		6,201,205		6,190,869
Series 06-C A4A
5.150%, 2/15/12		14,995,000		15,151,018
Series 07-B A3A
5.150%, 11/15/11		16,910,000		17,077,034
Fremont Home Loan Trust,
Series 05-E 2A2
5.035%, 1/25/36 (b)(l)		4,025,976		4,018,566
GCO Slims Trust,
Series 06-1A
5.720%, 3/1/22 (b)		7,762,200		7,684,578
Harley-Davidson Motorcycle Trust,
Series 06-2 A2
5.350%, 3/15/13		24,000,000		24,245,318
Honda Auto Receivables Owner Trust,
Series 07-1 A3
5.100%, 3/18/11		20,820,000		20,964,676
Household Automotive Trust,
Series 05-2 A3
4.370%, 5/17/10		2,643,749		2,638,515
Lehman ABS Manufactured Housing Contract,
Series 02-A A
5.478%, 6/15/33 (l)		42,335		41,723
Long Beach Auto Receivables Trust,
Series 05-A A3
4.080%, 6/15/10		5,062,019		5,043,069
Morgan Stanley ABS Capital I,
Series 04-HE4 M3
6.365%, 5/25/34 †(b)(l)		159,287		148,137
National City Auto Receivables Trust,
Series 04-A A4
2.880%, 5/15/11		13,942,628		13,827,586
Nissan Auto Receivables Owner Trust,
Series 06-B A3
5.160%, 2/15/10		9,705,072		9,724,334
Series 06-C A4
5.450%, 6/15/12		14,505,000		14,755,265
Onyx Acceptance Owner Trust,
Series 05-B A3
4.180%, 3/15/10		1,547,209		1,543,671
SLM Student Loan Trust,
Series 05-8 A4
4.250%, 1/25/28		34,225,000		33,937,510
Triad Auto Receivables Owner Trust,
Series 04-A A4
2.500%, 9/13/10		4,271,871		4,223,516
USAA Auto Owner Trust,
Series 07-1 A3
5.430%, 10/17/11		20,410,000		20,690,217
WFS Financial Owner Trust,
Series 04-1 A4
2.810%, 8/22/11		5,507,082		5,501,344

309

EQ ADVISORS TRUST

EQ/SHORT DURATION BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
World Omni Auto Receivables Trust,
Series 05-A A4
3.820%, 11/14/11	$	19,450,000	$	19,343,745
Series 07-A A3
5.230%, 2/15/11		15,000,000		15,089,979
Series 07-B A3A
5.280%, 1/17/12		16,385,000		16,531,987

				547,170,090

*Non-Agency CMO (35.3%)*
Banc of America Commercial Mortgage, Inc.,
Series 04-5 A2
4.176%, 11/10/41		11,723,916		11,639,482
Banc of America Funding Corp.,
Series 04-B 5A1
5.219%, 11/20/34 (l)		22,309,974		22,132,181
Series 06-I 1A1
4.583%, 12/20/36 (l)		11,749,039		11,694,294
Banc of America Mortgage Securities, Inc.,
Series 03-I 1A1
7.409%, 10/25/33 (l)		36,797		37,531
Series 04-C 2A1
3.705%, 4/25/34 (l)		19,597,552		19,313,625
Bear Stearns Adjustable Rate Mortgage Trust,
Series 05-11 2A1
4.760%, 12/25/35 (l)		19,269,576		19,161,663
Chase Commercial Mortgage Securities Corp.,
Series 00-1 A2
7.757%, 4/15/32^		12,540,957		13,125,080
Chase Manhattan Bank-First Union National Bank,
Series 99-1 A2
7.439%, 8/15/31 (l)		17,296,854		17,890,152
Commercial Mortgage Acceptance Corp.,
Series 99-C1 A2
7.030%, 6/15/31		9,299,330		9,498,103
Countrywide Alternative Loan Trust,
Series 06-OC9 A1
4.940%, 12/25/36 (l)		8,915,033		8,794,446
Series 07-2CB 1A1
5.750%, 3/25/37		13,915,139		13,873,342
Credit Suisse Mortgage Capital Certificates,
Series 06-2 5A6
6.000%, 3/25/36		17,526,194		17,426,538
Series 06-C3 A1
4.991%, 6/15/38		14,225,465		14,206,326
CS First Boston Mortgage Securities Corp.,
Series 99-C1 A2
7.290%, 9/15/41		11,796,111		12,151,516
Series 00-C1 A2
7.545%, 4/15/62		15,000,000		15,677,271
DLJ Commercial Mortgage Corp.,
Series 98-CG1 A1B
6.410%, 6/10/31		4,145,805		4,146,979
Series 00-CKP1 A1B
7.180%, 11/10/33		18,780,423		19,784,533
First Horizon Mortgage Pass-Through Trust,
Series 03-AR4 2A1
4.402%, 12/25/33 (l)		13,537,723		13,453,996
First Union National Bank Commercial Mortgage Trust,
Series 00-C2 A2
7.202%, 10/15/32		16,152,237		17,039,111
GE Capital Commercial Mortgage Corp.,
Series 01-2 A2
5.850%, 8/11/33		8,208,844		8,315,213
GMAC Commercial Mortgage Securities, Inc.,
Series 98-C2 A2
6.420%, 5/15/35		11,188,253		11,218,409
Series 99-C1 A2
6.175%, 5/15/33 (l)		10,849,073		10,929,346
Series 99-C3 A2
7.179%, 8/15/36 (l)		14,674,803		15,126,049
GMAC Mortgage Corp. Loan Trust,
Series 03-J10 A1
4.750%, 1/25/19		20,627,566		20,260,486
GS Mortgage Securities Corp. II,
Series 05-GG4 A1P
5.285%, 7/10/39		7,398,847		7,402,327
GSR Mortgage Loan Trust,
Series 07-AR1 2A1
6.002%, 3/25/37 (l)		20,524,898		20,539,206
JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 01-CIBC A3
6.260%, 3/15/33		11,186,338		11,603,803
JP Morgan Mortgage Trust,
Series 07-A1 2A1
4.753%, 7/25/35 (l)		24,237,771		24,194,931
Series 07-A1 5A1
4.766%, 7/25/35 (l)		22,246,066		22,193,952
LB-UBS Commercial Mortgage Trust,
Series 00-C3 B
7.950%, 3/15/32 (l)		12,000,000		12,781,912
Series 05-C2 A2
4.821%, 4/15/30		20,230,903		20,170,500
MASTR Asset Securitization Trust,
Series 06-1 4A1
5.750%, 2/25/21		18,325,677		18,592,981
Nomura Asset Securities Corp.,
Series 98-D6 A1B
6.590%, 3/15/30		7,615,040		7,632,715
Paine Webber Mortgage Acceptance Corp.,
Series 99-C1 A2
6.820%, 6/15/32		10,139,672		10,247,420
PNC Mortgage Acceptance Corp.,
Series 99-CM1 A1B
7.330%, 12/10/32 (l)		9,028,229		9,366,098
Residential Accredit Loans, Inc.,
Series 04-QS13 CB
5.000%, 9/25/19		22,689,416		22,128,323
Series 04-QS16 2A1
5.000%, 12/25/19		21,046,469		20,960,978
Series 06-QA9 A1
5.045%, 11/25/36 (l)		11,222,229		10,217,903
Residential Funding Mortgage Securities I, Inc.,
Series 05-SA2 1A
4.698%, 6/25/35 (l)		11,070,685		11,407,294
Series 05-SA5 2A
5.332%, 11/25/35 (l)		13,736,200		13,763,019
SunTrust Adjustable Rate Mortgage Loan Trust,
Series 07-2 3A3
5.718%, 4/25/37 (l)		19,421,135		19,151,255
TIAA Seasoned Commercial Mortgage Trust,
Series 07-C4 A1
5.694%, 8/15/39 (l)		19,392,034		19,689,657
Wachovia Bank Commercial Mortgage Trust,
Series 06-C23 A1
5.203%, 1/15/45		19,391,571		19,401,521
WaMu Mortgage Pass Through Certificates,
Series 03-AR5 A6
3.695%, 6/25/33 (l)		13,855,221		13,810,949
Series 03-AR10 A4
4.056%, 10/25/33 (l)		774,374		772,986
Series 04-AR1 A
4.229%, 3/25/34 (l)		10,320,291		10,207,614

310

EQ ADVISORS TRUST

EQ/SHORT DURATION BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Series 06-AR12 1A4
6.072%, 10/25/36 (l)	$	19,997,984	$	20,261,901
Series 07-HY3 4A1
5.350%, 3/25/37 (l)		23,626,323		23,517,408
Wells Fargo Mortgage Backed Securities Trust,
Series 05-AR2 2A1
4.544%, 3/25/35^ (l)		19,439,718		19,331,639
Series 05-AR16 6A3
5.000%, 10/25/35 (l)		20,215,921		20,154,794
Series 06-AR10 2A1
5.648%, 7/25/36 (l)		29,670,762		29,877,624
Series 07-8 2A7
6.000%, 7/25/37		24,694,146		24,965,868

				791,242,250

Total Asset-Backed and Mortgage-Backed Securities				1,338,412,340

Consumer Discretionary (1.0%)
*Automobiles (0.3%)*
Daimler Finance N.A. LLC
4.050%, 6/4/08		6,300,000		6,275,745

*Media (0.7%)*
British Sky Broadcasting Group plc
8.200%, 7/15/09		8,117,000		8,491,908
Time Warner Cable, Inc.
5.400%, 7/2/12^§		8,300,000		8,316,683

				16,808,591

Total Consumer Discretionary				23,084,336

Consumer Staples (0.2%)
*Food Products (0.2%)*
Kraft Foods, Inc.
5.625%, 8/11/10		3,290,000		3,382,245

Total Consumer Staples				3,382,245

Energy (1.0%)
*Energy Equipment & Services (0.2%)*
Transocean, Inc.
5.250%, 3/15/13		4,260,000		4,269,440

*Oil, Gas & Consumable Fuels (0.8%)*
Anadarko Petroleum Corp.
3.250%, 5/1/08		6,925,000		6,878,852
Conoco Funding Co.
6.350%, 10/15/11		11,525,000		12,241,060

				19,119,912

Total Energy				23,389,352

Financials (4.5%)
*Capital Markets (2.3%)*
Goldman Sachs Group, Inc.
5.300%, 2/14/12		23,075,000		23,337,801
Lehman Brothers Holdings, Inc.
5.250%, 2/6/12^		12,000,000		11,873,856
Morgan Stanley
5.625%, 1/9/12		17,556,000		17,858,788

				53,070,445

*Commercial Banks (0.4%)*
Wachovia Bank N.A./North Carolina
5.800%, 12/1/08		8,250,000		8,334,694

*Diversified Financial Services (1.4%)*
Citigroup, Inc.
5.250%, 2/27/12^		11,950,000		12,042,194
General Electric Capital Corp.
4.125%, 9/1/09		19,585,000		19,535,842

				31,578,036

*Insurance (0.4%)*
Protective Life Secured Trusts
3.700%, 11/24/08		9,650,000		9,519,069

Total Financials				102,502,244

Government Securities (29.8%)
*Agency CMO (5.4%)*
Federal Home Loan Mortgage Corp.
5.500%, 6/15/26		30,700,000		31,144,413
6.000%, 4/15/27		21,488,347		21,799,571
5.500%, 6/15/27		15,000,082		15,203,413
5.500%, 10/15/27		15,953,230		16,167,605
5.500%, 11/15/29		13,218,685		13,405,193
Federal National Mortgage Association
5.500%, 6/25/30		23,036,705		23,346,933

				121,067,128

*U.S. Government Agencies (7.7%)*
Federal Home Loan Mortgage Corp.
4.772%, 5/1/35 (l)		14,112,664		14,283,770
4.767%, 9/1/35 (l)		12,817,102		12,812,114
5.775%, 6/1/37 (l)		16,933,078		17,215,980
Federal National Mortgage Association
6.500%, 4/1/21		12,907,768		13,383,741
4.487%, 5/1/33 (l)		310,546		309,961
5.684%, 6/1/34 (l)		51,467		51,818
4.285%, 7/1/34 (l)		204,626		204,109
4.595%, 12/1/34 (l)		7,551,309		7,505,315
4.500%, 1/1/35 (l)		7,282,773		7,241,430
4.519%, 4/1/35 (l)		8,442,394		8,381,625
4.631%, 5/1/35 (l)		13,517,467		13,448,010
4.654%, 5/1/35 (l)		6,199,960		6,141,108
4.905%, 6/1/35 (l)		17,643,991		17,617,789
4.732%, 7/1/35 (l)		14,266,021		14,235,123
4.752%, 7/1/35 (l)		9,297,836		9,285,844
5.159%, 7/1/35 (l)		11,228,519		11,238,564
4.821%, 12/1/35 (l)		19,305,292		19,316,752

				172,673,053

*U.S. Treasuries (16.7%)*
U.S. Treasury Notes
3.875%, 5/15/09^		99,065,000		100,102,116
4.000%, 8/31/09^		79,675,000		80,845,266
4.000%, 9/30/09^		59,890,000		60,844,527
3.625%, 10/31/09^		38,475,000		38,853,748
4.875%, 5/31/11		36,015,000		37,956,425
3.375%, 11/30/12		55,975,000		55,786,980

				374,389,062

Total Government Securities				668,129,243

Industrials (0.5%)
*Aerospace & Defense (0.5%)*
Goodrich Corp.
7.500%, 4/15/08^		11,525,000		11,592,133

Total Industrials				11,592,133

Telecommunication Services (1.1%)
*Diversified Telecommunication Services (0.7%)*
Deutsche Telekom
International Finance B.V.
3.875%, 7/22/08^		11,600,000		11,515,297
Telefonica Europe B.V.
7.750%, 9/15/10		3,975,000		4,254,653

				15,769,950

*Wireless Telecommunication Services (0.4%)*
Vodafone Group plc
5.350%, 2/27/12		8,150,000		8,206,879

Total Telecommunication Services				23,976,829

311

EQ ADVISORS TRUST

EQ/SHORT DURATION BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Utilities (0.7%)
*Electric Utilities (0.3%)*
Ohio Edison Co.
4.000%, 5/1/08	$	6,650,000	$	6,622,336

*Multi-Utilities (0.4%)*
Energy East Corp.
6.750%, 6/15/12		7,641,000		8,105,894

Total Utilities				14,728,230

Total Long-Term Debt Securities (98.5%)
(Cost $2,194,668,483)				2,209,196,952

SHORT-TERM INVESTMENTS:
Commercial Paper (0.7%)
Jupiter Securitization Corp.
6.01%, 1/10/08 (n)(p)		16,039,000		16,012,268

Short-Term Investments of Cash Collateral for Securities Loaned (10.0%)
Banco de Sabadell S.A.
5.19%, 4/23/09 (l)		3,000,000		3,000,000
Barclays Capital, Repurchase Agreement
4.65%, 1/2/08 (r)		40,000,000		40,000,000
Bear Stearns Cos., Inc.
4.63%, 3/23/09 (l)		10,000,000		10,000,000
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		20,000,000		20,000,000
MassMutual Global Funding II
4.40%, 3/26/10 (l)		13,000,000		13,000,000
Monumental Global Funding Ltd.
5.07%, 5/24/10 (l)		13,000,000		13,000,000
Morgan Stanley, Repurchase Agreement
4.70%, 1/2/08 (r)		104,713,534		104,713,534
Pricoa Global Funding I
4.37%, 9/22/08 (l)		2,000,000		2,000,000
Principal Life Income Fund Trust 29
4.40%, 3/22/10 (l)		4,000,000		4,000,000
Swedbank AB/New York
5.15%, 4/16/08 (l)		4,000,000		4,000,000
Tango Finance Corp.
4.38%, 6/25/09 (l)		9,994,575		9,994,575

Total Short-Term Investments of Cash Collateral for Securities Loaned				223,708,109

Time Deposit (2.7%)
JPMorgan Chase Nassau
3.51%, 1/2/08		59,386,002		59,386,002

Total Short-Term Investments (13.4%)
(Cost/Amortized Cost $299,109,053)				299,106,379

Total Investments (111.9%)
(Cost/Amortized Cost $2,493,777,536)				2,508,303,331
Other Assets Less Liabilities (-11.9%)				(266,080,414	)

Net Assets (100%)			$	2,242,222,917

†	Securities (totaling $148,137 or 0.01% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2007, the market value of these securities amounted to $8,316,683 or 0.37% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

^	All, or a portion of security out on loan (See Note 1).

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(n)

Section 4(2) Commercial Paper. Private placement for non-current transactions. Notes are usually sold to accredited investors without the intent to freely re-sell their holding.

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

CMO — Collateralized Mortgage Obligation

312

EQ ADVISORS TRUST

EQ/SHORT DURATION BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,591,793,254
Long-term U.S. Treasury securities		1,547,092,445

	$	3,138,885,699

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,228,908,343
Long-term U.S. Treasury securities		1,457,059,940

	$	2,685,968,283


As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	17,969,651
Aggregate gross unrealized depreciation		(3,866,311	)

Net unrealized appreciation	$	14,103,340

Federal income tax cost of investments	$	2,494,199,991

At December 31, 2007, the Portfolio had loaned securities with a total value of $343,352,015. This was secured by collateral of $223,708,109 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $125,485,326 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

The Portfolio has a net capital loss carryforward of $4,546,511 which expires in the year 2014.

The Portfolio utilized capital loss carryforward of $ 916,950 during 2007.

See Notes to Financial Statements.

313

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (12.9%)
*Auto Components (0.9%)*
Aftermarket Technology Corp.*	15,500	$	422,530
American Axle & Manufacturing Holdings, Inc.	43,800		815,556
ArvinMeritor, Inc.^	55,600		652,188
Cooper Tire & Rubber Co.	37,600		623,408
Drew Industries, Inc.*^	13,100		358,940
Exide Technologies, Inc.*^	48,600		388,800
Hayes Lemmerz International, Inc.*^	76,100		347,777
Lear Corp.*	55,300		1,529,598
Modine Manufacturing Co.	25,300		417,703
Spartan Motors, Inc.^	25,800		197,112
Superior Industries International, Inc.^	16,500		299,805
Tenneco, Inc.*	39,000		1,016,730
Visteon Corp.*^	86,500		379,735

			7,449,882

*Automobiles (0.1%)*
Monaco Coach Corp.^	14,050		124,764
Winnebago Industries, Inc.^	23,300		489,766

			614,530

*Distributors (0.2%)*
LKQ Corp.*^	64,000		1,345,280
Source Interlink Cos., Inc.*^	18,829		54,227

			1,399,507

*Diversified Consumer Services (1.6%)*
Bright Horizons Family Solutions, Inc.*^	18,400		635,536
Capella Education Co.*	6,800		445,128
Coinstar, Inc.*	24,000		675,600
Corinthian Colleges, Inc.*^	71,200		1,096,480
DeVry, Inc.	37,300		1,938,108
INVESTools, Inc.*	34,900		619,126
Jackson Hewitt Tax Service, Inc.^	21,000		666,750
Matthews International Corp., Class A	23,000		1,078,010
Pre-Paid Legal Services, Inc.*	7,250		401,287
Regis Corp	32,700		914,292
Sotheby’s, Inc.	44,196		1,683,868
Steiner Leisure Ltd.*	13,700		604,992
Stewart Enterprises, Inc., Class A^	85,200		758,280
Strayer Education, Inc.	9,200		1,569,336

			13,086,793

*Hotels, Restaurants & Leisure (2.6%)*
Ambassadors Group, Inc.^	8,850		162,043
Ameristar Casinos, Inc.	21,300		586,602
Bally Technologies, Inc.*	42,300		2,103,156
Bob Evans Farms, Inc.	28,300		762,119
CBRL Group, Inc.	17,600		570,064
CEC Entertainment, Inc.*	27,500		713,900
Chipotle Mexican Grill, Inc., Class B*	22,000		2,707,100
Churchill Downs, Inc.^	7,200		388,584
CKE Restaurants, Inc.^	55,400		731,280
Gaylord Entertainment Co.*	34,400		1,392,168
IHOP Corp.^	15,200		556,016
Jack in the Box, Inc.*	48,400		1,247,268
Jamba, Inc.*^	41,600		153,920
Landry’s Restaurants, Inc.^	9,400		185,180
Life Time Fitness, Inc.*^	24,000		1,192,320
Morgans Hotel Group Co.*^	16,300		314,264
Morton’s Restaurant Group, Inc.*^	12,600		117,558
MTR Gaming Group, Inc.*^	27,300		185,367
P.F. Chang’s China Bistro, Inc.*	19,000		433,960
Pinnacle Entertainment, Inc.*	50,550		1,190,958
Red Robin Gourmet Burgers, Inc.*	10,500		335,895
Ruby Tuesday, Inc.	45,400		442,650
Sonic Corp.*^	52,400		1,147,560
Speedway Motorsports, Inc.	8,232		255,851
Texas Roadhouse, Inc., Class A*^	34,600		382,676
Vail Resorts, Inc.*^	23,300		1,253,773
WMS Industries, Inc.*	32,500		1,190,800

			20,703,032

*Household Durables (0.9%)*
American Greetings Corp., Class A^	44,350		900,305
Beazer Homes USA, Inc.^	31,300		232,559
Champion Enterprises, Inc.*^	65,700		618,894
Ethan Allen Interiors, Inc.^	27,300		778,050
Furniture Brands International, Inc.^	38,700		389,322
Helen of Troy Ltd.*	24,300		416,502
Hovnanian Enterprises, Inc., Class A*^	38,350		274,969
La-Z-Boy, Inc.^	65,400		518,622
Tempur-Pedic International, Inc.^	53,767		1,396,329
Tupperware Brands Corp.	49,200		1,625,076
Universal Electronics, Inc.*	10,400		347,776

			7,498,404

*Internet & Catalog Retail (0.7%)*
1-800-FLOWERS.COM, Inc., Class A*^	27,800		242,694
Blue Nile, Inc.*^	10,700		728,242
FTD Group, Inc.	19,900		256,312
Netflix, Inc.*^	30,500		811,910
Priceline.com, Inc.*^	24,516		2,815,908
Shutterfly, Inc.*^	15,300		391,986

			5,247,052

*Leisure Equipment & Products (0.5%)*
Arctic Cat, Inc.^	19,300		230,442
Callaway Golf Co.^	58,200		1,014,426
JAKKS Pacific, Inc.*^	22,500		531,225
MarineMax, Inc.*^	14,100		218,550
Polaris Industries, Inc.^	22,200		1,060,494
RC2 Corp.*	12,700		356,489
Smith & Wesson Holding Corp.*^	21,400		130,540
Sturm Ruger & Co., Inc.*^	16,300		134,964

			3,677,130

*Media (1.7%)*
Arbitron, Inc.^	22,700		943,639
Belo Corp., Class A	71,600		1,248,704
Charter Communications, Inc., Class A*^	317,300		371,241
Cinemark Holdings, Inc.^	22,400		380,800
Citadel Broadcasting Corp.^	145,883		300,519
Cox Radio, Inc., Class A*^	30,000		364,500
Emmis Communications Corp., Class A*^	39,678		152,760
Entercom Communications Corp., Class A^	25,100		343,619
Entravision Communications Corp., Class A*	1,900		14,877
GateHouse Media, Inc.^	28,000		245,840
Gemstar-TV Guide International, Inc.*	177,800		846,328
Gray Television, Inc.^	26,300		210,926
Harris Interactive, Inc.*^	44,100		187,866
Interactive Data Corp.^	29,617		977,657

314

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Journal Communications, Inc., Class A	37,700	$	337,038
Knology, Inc.*	18,800		240,264
Lee Enterprises, Inc.^	37,100		543,515
Live Nation, Inc.*^	52,717		765,451
Marvel Entertainment, Inc.*^	38,900		1,039,019
Mediacom Communications Corp., Class A*^	41,883		192,243
Morningstar, Inc.*^	9,500		738,625
National CineMedia, Inc.	35,830		903,274
Scholastic Corp.*	27,600		962,964
Sinclair Broadcast Group, Inc., Class A^	38,808		318,614
TiVo, Inc.*^	77,990		650,437
Valassis Communications, Inc.*^	28,700		335,503
Value Line, Inc.^	4,800		193,248

			13,809,471

*Multiline Retail (0.0%)*
Fred’s, Inc., Class A^	32,030		308,449

*Specialty Retail (2.2%)*
Aaron Rents, Inc.^	37,650		724,386
Aeropostale, Inc.*	48,875		1,295,187
Asbury Automotive Group, Inc.	21,500		323,575
Bebe Stores, Inc.^	25,001		321,513
Blockbuster, Inc., Class A*^	143,900		561,210
Borders Group, Inc.^	39,500		420,675
Brown Shoe Co., Inc	30,525		463,064
Casual Male Retail Group, Inc.*	21,400		110,852
Charlotte Russe Holding, Inc.*^	20,300		327,845
Charming Shoppes, Inc.*^	87,700		474,457
Childrens Place Retail Stores, Inc.*^	15,000		388,950
Christopher & Banks Corp.^	26,175		299,704
Collective Brands, Inc.*	48,900		850,371
Dress Barn, Inc.*	37,700		471,627
Genesco, Inc.*	19,300		729,540
Group 1 Automotive, Inc.^	19,567		464,716
Gymboree Corp.*	24,500		746,270
Hibbett Sports, Inc.*^	26,025		519,979
J. Crew Group, Inc.*^	31,200		1,504,152
Jo-Ann Stores, Inc.*^	20,735		271,214
Men’s Wearhouse, Inc.	43,418		1,171,418
NexCen Brands, Inc.*^	33,700		163,108
Pacific Sunwear of California, Inc.*	57,400		809,914
Pep Boys - Manny, Moe & Jack^	28,700		329,476
Rent-A-Center, Inc.*	52,400		760,848
Sally Beauty Holdings, Inc.*^	74,900		677,845
Select Comfort Corp.*^	38,550		270,236
Sonic Automotive, Inc., Class A^	23,200		449,152
Stage Stores, Inc.	32,025		473,970
Talbots, Inc.^	30,400		359,328
Wet Seal, Inc., Class A*^	67,500		157,275
Zale Corp.*^	34,320		551,179
Zumiez, Inc.*^	10,400		253,344

			17,696,380

*Textiles, Apparel & Luxury Goods (1.5%)*
Carter’s, Inc.*^	40,980		792,963
Columbia Sportswear Co.^	11,100		489,399
Deckers Outdoor Corp.*	9,000		1,395,540
Fossil, Inc.*	31,900		1,339,162
Heelys, Inc.*^	19,100		132,936
Iconix Brand Group, Inc.*^	40,550		797,213
Kellwood Co.^	19,700		327,808
Lululemon Athletica, Inc.*^	12,200		577,914
Oxford Industries, Inc.^	12,300		316,971
Quiksilver, Inc.*^	93,900		805,662
Skechers U.S.A., Inc., Class A*	16,300		318,013
Steven Madden Ltd*	16,450		329,000
Timberland Co., Class A*	39,500		714,160
Under Armour, Inc., Class A*^	16,883		737,281
Volcom, Inc.*^	11,700		257,751
Warnaco Group, Inc.*	34,600		1,204,080
Wolverine World Wide, Inc.^	45,200		1,108,304

			11,644,157

Total Consumer Discretionary			103,134,787

Consumer Staples (3.2%)
*Beverages (0.2%)*
Central European Distribution Corp.*^	28,250		1,640,760
*Food & Staples Retailing (1.1%)*
Andersons, Inc.^	12,000		537,600
Arden Group, Inc., Class A^	1,300		201,097
Casey’s General Stores, Inc.	37,000		1,095,570
Great Atlantic & Pacific Tea Co., Inc.*^	15,720		492,508
Longs Drug Stores Corp.	26,896		1,264,112
Nash Finch Co.^	10,750		379,260
Pantry, Inc.*^	18,300		478,179
Performance Food Group Co.*	29,400		789,978
Ruddick Corp.^	32,900		1,140,643
Spartan Stores, Inc.^	12,400		283,340
United Natural Foods, Inc.*^	30,200		957,944
Weis Markets, Inc.	9,900		395,406
Winn-Dixie Stores, Inc.*	27,400		462,238

			8,477,875

*Food Products (1.3%)*
Chiquita Brands International, Inc.*^	32,800		603,192
Darling International, Inc.*	68,800		795,328
Flowers Foods, Inc .	47,780		1,118,530
Fresh Del Monte Produce, Inc.*^	21,800		732,044
Green Mountain Coffee Roasters, Inc.*^	13,800		561,660
Hain Celestial Group, Inc.*^	31,800		1,017,600
Lancaster Colony Corp.^	20,500		813,850
Lance, Inc.^	24,000		490,080
Maui Land & Pineapple Co., Inc.*^	3,700		107,707
Pilgrim’s Pride Corp.^	34,200		990,090
Ralcorp Holdings, Inc.*^	20,880		1,269,295
Sanderson Farms, Inc.	13,500		456,030
Synutra International, Inc.*^	14,000		422,800
Tootsie Roll Industries, Inc.^	22,372		613,440
TreeHouse Foods, Inc.*	23,483		539,874

			10,531,520

*Household Products (0.1%)*
Central Garden & Pet Co., Class A*	52,760		282,794
Spectrum Brands, Inc.*^	29,900		159,367
WD-40 Co	11,100		421,467

			863,628

*Personal Products (0.3%)*
American Oriental Bioengineering, Inc.*^	40,100		444,308
Chattem, Inc.*^	13,200		997,128
Mannatech, Inc.^	20,700		130,824
Nu Skin Enterprises, Inc., Class A	33,437		549,370
Revlon, Inc., Class A*	450,800		531,944
Tiens Biotech Group USA, Inc.*^	28,500		66,690

			2,720,264

*Tobacco (0.2%)*
Universal Corp.^	18,900		968,058

315

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Vector Group Ltd.^	30,436	$	610,546

			1,578,604

Total Consumer Staples			25,812,651

Energy (6.6%)
*Energy Equipment & Services (2.6%)*
Allis Chalmers Energy, Inc.*^	22,900		337,775
Atwood Oceanics, Inc.*	19,900		1,994,776
Basic Energy Services, Inc.*^	32,700		717,765
Bristow Group, Inc.*	14,700		832,755
CARBO Ceramics, Inc.^	16,900		628,680
Complete Production Services, Inc.*	34,200		614,574
Dril-Quip, Inc.*	21,300		1,185,558
Exterran Holdings, Inc.*	37,990		3,107,582
Grey Wolf, Inc.*^	129,000		687,570
Gulf Island Fabrication, Inc.	10,400		329,784
GulfMark Offshore, Inc.*	18,300		856,257
Hercules Offshore, Inc.*	63,800		1,517,164
Hornbeck Offshore Services, Inc.*^	15,000		674,250
ION Geophysical Corp.*^	60,000		946,800
Lufkin Industries, Inc.^	11,400		653,106
Matrix Service Co.*	17,700		386,214
NATCO Group, Inc.*	13,900		752,685
Oil States International, Inc.*^	38,100		1,299,972
Parker Drilling Co.*^	81,600		616,080
RPC, Inc.^	20,025		234,493
Union Drilling, Inc.*^	12,500		197,125
W-H Energy Services, Inc.*	20,900		1,174,789
Willbros Group, Inc.*	20,800		796,432

			20,542,186

*Oil, Gas & Consumable Fuels (4.0%)*
Alpha Natural Resources, Inc.*	52,500		1,705,200
Arena Resources, Inc.*^	21,600		900,936
Atlas America, Inc.	18,456		1,092,226
ATP Oil & Gas Corp.*	17,100		864,234
Berry Petroleum Co., Class A	31,600		1,404,620
Bill Barrett Corp.*^	24,700		1,034,189
Callon Petroleum Co.*^	11,150		183,417
Carrizo Oil & Gas, Inc.*^	18,700		1,023,825
Clayton Williams Energy, Inc.*	9,200		286,672
Clean Energy Fuels Corp.*	26,100		395,154
Comstock Resources, Inc.*	31,601		1,074,434
Crosstex Energy, Inc.	25,750		958,930
CVR Energy, Inc.*^	12,580		313,745
Delek U.S. Holdings, Inc.	12,100		244,783
Delta Petroleum Corp.*^	47,400		893,490
Encore Acquisition Co.*	33,500		1,117,895
Energy Partners Ltd.*^	21,547		254,470
EXCO Resources, Inc.*	43,000		665,640
General Maritime Corp.^	22,900		559,905
GeoGlobal Resources, Inc.*^	67,600		334,620
Golar LNG Ltd.	27,900		617,148
Goodrich Petroleum Corp.*^	12,400		280,488
Harvest Natural Resources, Inc.*^	29,600		370,000
International Coal Group, Inc.*	79,000		423,440
Mariner Energy, Inc.*	69,800		1,597,024
McMoRan Exploration Co.*^	24,000		314,160
Nordic American Tanker Shipping Ltd.^	21,500		705,630
Oilsands Quest, Inc.*^	90,300		368,424
Pacific Ethanol, Inc.*^	23,900		196,219
Parallel Petroleum Corp.*	25,100		442,513
Penn Virginia Corp.	26,800		1,169,284
PetroHawk Energy Corp.*^	109,802		1,900,673
Petroleum Development Corp.*	8,800		520,344
Rentech, Inc.*^	85,500		154,755
Rosetta Resources, Inc.*^	42,700		846,741
Ship Finance International Ltd.^	25,200		698,292
Stone Energy Corp.*	17,356		814,170
Swift Energy Co.*	23,900		1,052,317
U.S. BioEnergy Corp.*^	44,900		525,779
Uranium Resources, Inc.*^	41,800		521,664
USEC, Inc.*^	63,900		575,100
Verenium Corp.*^	36,000		179,640
Warren Resources, Inc.*^	32,600		460,638
Whiting Petroleum Corp.*	30,000		1,729,800
World Fuel Services Corp.^	20,800		603,824

			32,376,452

Total Energy			52,918,638

Financials (18.7%)
*Capital Markets (1.7%)*
Apollo Investment Corp.^	72,367		1,233,857
Ares Capital Corp.^	59,150		865,364
Calamos Asset Management, Inc., Class A	17,900		533,062
Cohen & Steers, Inc.^	12,250		367,133
FCStone Group, Inc.*^	8,850		407,366
GFI Group, Inc.*^	12,800		1,225,216
Greenhill & Co., Inc.^	15,280		1,015,814
Hercules Technology Growth Capital, Inc.	23,400		290,628
KBW, Inc.*^	18,400		470,856
Knight Capital Group, Inc., Class A*	78,800		1,134,720
MCG Capital Corp.^	42,200		489,098
NGP Capital Resources Co.^	13,771		215,241
optionsXpress Holdings, Inc.^	35,000		1,183,700
Penson Worldwide, Inc.*	20,500		294,175
Piper Jaffray Cos.*^	15,100		699,432
Sanders Morris Harris Group, Inc.^	8,000		82,000
Stifel Financial Corp.*^	12,600		662,382
SWS Group, Inc.	17,873		226,451
TICC Capital Corp.^	2,233		20,611
Waddell & Reed Financial, Inc.	52,900		1,909,161

			13,326,267

*Commercial Banks (5.7%)*
Alabama National Bancorp.	13,600		1,058,216
AMCORE Financial, Inc.^	18,500		419,950
AmericanWest Bancorp^	4,600		81,098
Ameris Bancorp^	8,240		138,844
Bancorp, Inc./Delaware*^	9,100		122,486
Banner Corp.^	14,400		413,712
Boston Private Financial Holdings, Inc.^	29,700		804,276
Capital City Bank Group, Inc.^	12,834		362,176
Capital Corp. of the West^	4,140		80,440
Cathay General Bancorp^	41,800		1,107,282
Centennial Bank Holdings, Inc.*^	44,200		255,476
Center Financial Corp.	7,400		91,168
Central Pacific Financial Corp.^	19,400		358,124
Chittenden Corp.	33,537		1,194,588
Citizens Republic Bancorp, Inc.^	68,629		995,807
City Bank/Washington^	14,496		325,000
Columbia Banking System, Inc.	12,914		383,933
Community Bancorp/Nevada*^	6,900		119,853
CVB Financial Corp.^	50,639		523,607
Enterprise Financial Services Corp.^	6,200		147,622
First Bancorp/North Carolina^	13,100		247,459
First Bancorp/Puerto Rico^	85,300		621,837
First Charter Corp.^	26,416		788,782

316

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
First Commonwealth Financial Corp.^	45,952	$	489,389
First Community Bancorp, Inc./California^	20,700		853,668
First Community Bancshares, Inc./Virginia^	7,264		231,649
First Financial Bancorp^	26,583		303,046
First Financial Bankshares, Inc.^	16,844		634,177
First Financial Corp./Indiana^	13,800		391,092
First Midwest Bancorp, Inc./Illinois^	39,300		1,202,580
First Regional Bancorp/California*^	6,900		130,341
First South Bancorp, Inc./North Carolina^	3,108		68,967
First State Bancorp/New Mexico^	14,700		204,330
FirstMerit Corp.	62,933		1,259,289
FNB Corp./Pennsylvania^	48,300		710,010
Frontier Financial Corp.^	28,475		528,781
Glacier Bancorp, Inc.^	34,840		652,902
Hancock Holding Co.^	21,300		813,660
Hanmi Financial Corp.^	29,100		250,842
Harleysville National Corp.^	20,900		304,513
Heritage Commerce Corp.^	8,100		148,959
Horizon Financial Corp.^	6,375		111,180
IBERIABANK Corp.^	8,375		391,531
Independent Bank Corp./Massachusetts^	10,200		277,644
Independent Bank Corp./Michigan^	12,642		120,099
Integra Bank Corp.^	22,056		311,210
International Bancshares Corp.	44,091		923,266
Investors Bancorp, Inc.*^	40,860		577,760
Irwin Financial Corp.^	22,100		162,435
Lakeland Bancorp, Inc.^	19,492		225,912
Lakeland Financial Corp.^	8,400		175,560
Macatawa Bank Corp.^	7,027		60,362
MB Financial, Inc.^	29,245		901,623
Midwest Banc Holdings, Inc.^	11,650		144,693
National Penn Bancshares, Inc.^	35,476		537,107
NBT Bancorp, Inc.^	27,148		619,517
Old National Bancorp/Indiana^	53,140		794,975
Oriental Financial Group, Inc.	8,191		109,841
Pacific Capital Bancorp N.A.^	34,344		691,345
Park National Corp.^	7,774		501,423
Peoples Bancorp, Inc./Ohio	3,810		94,831
Pinnacle Financial Partners, Inc.*^	11,200		284,704
Preferred Bank/California^	6,000		156,120
PrivateBancorp, Inc.^	11,300		368,945
Prosperity Bancshares, Inc.^	28,800		846,432
Provident Bankshares Corp.^	23,659		506,066
Renasant Corp.^	19,125		412,526
Republic Bancorp, Inc./Kentucky, Class A^	16,268		268,910
Royal Bancshares of Pennsylvania, Inc.^	11,446		125,906
S&T Bancorp, Inc.^	20,460		565,514
Sandy Spring Bancorp, Inc.^	12,600		350,532
Seacoast Banking Corp. of Florida^	16,480		169,414
Security Bank Corp./Georgia^	7,000		63,980
Signature Bank/New York*	23,800		803,250
South Financial Group, Inc.^	59,400		928,422
Southside Bancshares, Inc.^	7,168		146,657
Southwest Bancorp, Inc./Oklahoma^	5,400		98,982
Sterling Bancorp/New York	9,362		127,698
Sterling Bancshares, Inc./Texas^	63,212		705,446
Sterling Financial Corp./Washington^	41,385		694,854
Suffolk Bancorp^	3,800		116,698
Sun Bancorp, Inc./New Jersey*^	14,662		231,366
Superior Bancorp*^	18,400		98,808
Susquehanna Bancshares, Inc.^	68,014		1,254,178
SVB Financial Group*^	21,300		1,073,520
SY Bancorp, Inc.^	12,075		289,076
Taylor Capital Group, Inc.^	11,100		226,440
Tompkins Financial Corp.^	100		3,880
Trustmark Corp.^	37,600		953,536
UCBH Holdings, Inc.^	77,300		1,094,568
UMB Financial Corp.	22,648		868,777
Umpqua Holdings Corp.^	52,128		799,644
Union Bankshares Corp./Virginia^	4,500		95,130
United Bankshares, Inc.^	30,100		843,402
United Community Banks, Inc./Georgia^	30,800		486,640
Washington Trust Bancorp, Inc.^	4,500		113,535
Westamerica Bancorp^	25,500		1,136,025
Western Alliance Bancorp*^	12,000		225,240
Wilshire Bancorp, Inc.	30,500		239,425
Wintrust Financial Corp.^	18,840		624,169

			45,950,660

*Consumer Finance (0.2%)*
Advanta Corp., Class B	24,900		200,943
Cash America International, Inc.	21,200		684,760
CompuCredit Corp.*^	18,600		185,628
QC Holdings, Inc.^	8,600		96,750
World Acceptance Corp.*^	13,100		353,438

			1,521,519

*Diversified Financial Services (0.6%)*
Asset Acceptance Capital Corp.^	23,800		247,758
Asta Funding, Inc.^	8,600		227,384
Financial Federal Corp.^	19,400		432,426
Heckmann Corp.*^	33,730		247,916
Hicks Acquisition Co. I, Inc.*	34,650		318,433
Interactive Brokers Group, Inc.*	32,000		1,034,240
MarketAxess Holdings, Inc.*^	27,900		357,957
NewStar Financial, Inc.*^	24,700		204,516
NRDC Acquisition Corp.*^	25,990		238,328
PICO Holdings, Inc.*^	11,000		369,820
Portfolio Recovery Associates, Inc.^	12,500		495,875
Primus Guaranty Ltd.^	36,000		252,360
Resource America, Inc., Class A^	4,800		70,416
Triplecrown Acquisition Corp.*	30,150		275,571

			4,773,000

*Insurance (3.6%)*
Alfa Corp.	20,700		448,569
Amtrust Financial Services, Inc.	20,500		282,285
Argo Group International Holdings Ltd.*	21,193		892,861
Aspen Insurance Holdings Ltd.	54,800		1,580,432
Assured Guaranty Ltd.	54,300		1,441,122
Castlepoint Holdings Ltd.	22,600		271,200
Commerce Group, Inc.	30,383		1,093,180
Crawford & Co., Class B*^	34,700		144,005
Delphi Financial Group, Inc., Class A	34,769		1,226,650
Employers Holdings, Inc.	48,390		808,597
Enstar Group, Ltd.*^	5,400		661,068
Flagstone Reinsurance Holdings Ltd.	26,600		369,740
Greenlight Capital Reinsurance Ltd., Class A*	15,000		311,850

317

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Harleysville Group, Inc.	11,300	$	399,794
Hilb, Rogal & Hobbs Co.	27,317		1,108,251
Horace Mann Educators Corp.	34,900		661,006
Independence Holding Co.^	7,800		98,670
Infinity Property & Casualty Corp.^	14,800		534,724
IPC Holdings Ltd.	51,000		1,472,370
Max Capital Group Ltd.	48,300		1,351,917
Midland Co.	7,100		459,299
Montpelier Reinsurance Holdings Ltd.^	64,800		1,102,248
National Financial Partners Corp.^	30,300		1,381,983
National Western Life Insurance Co., Class A^	1,800		373,266
Navigators Group, Inc.*	9,450		614,250
Odyssey Reinsurance Holdings Corp.^	22,700		833,317
Phoenix Cos., Inc.^	95,000		1,127,650
Platinum Underwriters Holdings Ltd.	47,900		1,703,324
ProAssurance Corp.*	24,364		1,338,071
RLI Corp.	18,450		1,047,776
Safety Insurance Group, Inc.^	9,100		333,242
Security Capital Assurance Ltd.^	19,100		74,299
Selective Insurance Group, Inc.^	41,800		960,982
United America Indemnity Ltd., Class A*	19,700		392,424
United Fire & Casualty Co.	19,400		564,346
Zenith National Insurance Corp.	28,425		1,271,450

			28,736,218

*Real Estate Investment Trusts (REITs) (5.9%)*
Acadia Realty Trust (REIT)^	26,800		686,348
Agree Realty Corp. (REIT)	5,700		171,570
Alexander’s, Inc. (REIT)*^	1,500		529,875
Alexandria Real Estate Equities, Inc. (REIT)	21,100		2,145,237
American Campus Communities, Inc. (REIT)	16,700		448,395
American Financial Realty Trust (REIT)	102,200		819,644
Ashford Hospitality Trust, Inc. (REIT)^	90,280		649,113
BioMed Realty Trust, Inc. (REIT)	53,950		1,250,021
CapLease, Inc. (REIT)^	34,800		293,016
Cedar Shopping Centers, Inc. (REIT)	30,800		315,084
Chimera Investment Corp.	20,920		374,050
Corporate Office Properties Trust SBI/Maryland (REIT)	31,200		982,800
Cousins Properties, Inc. (REIT)^	27,500		607,750
Crystal River Capital, Inc. (REIT)^	20,800		300,352
DCT Industrial Trust, Inc. (REIT)^	143,610		1,337,009
Deerfield Capital Corp. (REIT)^	39,730		317,840
DiamondRock Hospitality Co. (REIT)	71,817		1,075,819
Digital Realty Trust, Inc. (REIT)^	42,700		1,638,399
DuPont Fabros Technology, Inc. (REIT)	21,970		430,612
EastGroup Properties, Inc. (REIT)	19,000		795,150
Entertainment Properties Trust (REIT)	21,900		1,029,300
Equity Lifestyle Properties, Inc. (REIT)	16,100		735,287
Equity One, Inc. (REIT)^	25,270		581,968
Extra Space Storage, Inc. (REIT)^	41,200		588,748
FelCor Lodging Trust, Inc. (REIT)	48,063		749,302
First Industrial Realty Trust, Inc. (REIT)^	33,800		1,169,480
Franklin Street Properties Corp. (REIT)^	41,800		618,640
Getty Realty Corp. (REIT)^	13,400		357,512
Glimcher Realty Trust (REIT)^	23,000		328,670
Gramercy Capital Corp./New York (REIT)^	15,500		376,805
Healthcare Realty Trust, Inc. (REIT)^	37,717		957,635
Hersha Hospitality Trust (REIT)	25,000		237,500
Highwoods Properties, Inc. (REIT)	40,400		1,186,952
Home Properties, Inc. (REIT)^	25,400		1,139,190
Inland Real Estate Corp. (REIT)^	42,500		601,800
LaSalle Hotel Properties (REIT)^	31,500		1,004,850
Lexington Realty Trust (REIT)^	47,699		693,543
Maguire Properties, Inc. (REIT)^	27,833		820,239
MFA Mortgage Investments, Inc. (REIT)	58,500		541,125
Mid-America Apartment Communities, Inc. (REIT)^	19,200		820,800
National Health Investors, Inc. (REIT)	14,700		410,130
National Retail Properties, Inc. (REIT)^	56,600		1,323,308
Nationwide Health Properties, Inc. (REIT)	64,400		2,020,228
Omega Healthcare Investors, Inc. (REIT)	47,000		754,350
Pennsylvania Real Estate Investment Trust (REIT)^	26,294		780,406
Post Properties, Inc. (REIT)^	33,000		1,158,960
Potlatch Corp. (REIT)	31,283		1,390,217
PS Business Parks, Inc. (REIT)	10,100		530,755
RAIT Financial Trust (REIT)^	39,400		339,628
Ramco-Gershenson Properties Trust (REIT)	14,300		305,591
Realty Income Corp. (REIT)^	76,817		2,075,595
Redwood Trust, Inc. (REIT)^	13,900		475,936
Resource Capital Corp. (REIT)^	9,300		86,583
Senior Housing Properties Trust (REIT)^	67,000		1,519,560
Sovran Self Storage, Inc. (REIT)	16,600		665,660
Strategic Hotels & Resorts, Inc. (REIT)^	53,850		900,910
Sunstone Hotel Investors, Inc. (REIT)	53,117		971,510
Tanger Factory Outlet Centers (REIT)^	20,500		773,055
Washington Real Estate Investment Trust (REIT)^	36,500		1,146,465

			47,336,277

*Real Estate Management & Development (0.0%)*
Consolidated-Tomoka Land Co.^	3,000		188,040
Meruelo Maddux Properties, Inc.*	42,900		171,600

			359,640

*Thrifts & Mortgage Finance (1.0%)*
BankFinancial Corp.^	21,480		339,814
BankUnited Financial Corp., Class A^	23,000		158,700
Brookline Bancorp, Inc.	39,200		398,272
Centerline Holding Co.^	42,233		321,815
Corus Bankshares, Inc.^	23,400		249,678
Downey Financial Corp.^	17,733		551,674
First Busey Corp.^	14,250		283,005
First Financial Holdings, Inc.^	4,500		123,390

318

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
First Niagara Financial Group, Inc.	81,776	$	984,583
Flagstar Bancorp, Inc.^	45,900		319,923
Flushing Financial Corp.^	14,400		231,120
Franklin Bank Corp./Texas*^	27,500		118,525
Imperial Capital Bancorp, Inc.	5,500		100,650
KNBT Bancorp, Inc.	19,900		306,858
NASB Financial, Inc.^	6,700		176,746
NewAlliance Bancshares, Inc.^	83,100		957,312
Oritani Financial Corp.*^	24,100		296,430
Provident Financial Services, Inc.^	49,856		718,924
Rockville Financial, Inc.^	11,500		140,300
Trustco Bank Corp./New York^	56,583		561,303
United Community Financial Corp./Ohio^	11,700		64,584
Wauwatosa Holdings, Inc.*^	15,800		202,556
WSFS Financial Corp.	4,500		225,900

			7,832,062

Total Financials			149,835,643

Health Care (14.2%)
*Biotechnology (3.7%)*
ACADIA Pharmaceuticals, Inc.*^	24,800		274,536
Acorda Therapeutics, Inc.*	19,200		421,632
Alexion Pharmaceuticals, Inc.*^	27,180		2,039,315
Alkermes, Inc.*	69,300		1,080,387
Alnylam Pharmaceuticals, Inc.*	25,800		750,264
Applera Corp.- Celera Group*	63,100		1,001,397
ARIAD Pharmaceuticals, Inc.*^	45,900		195,075
Array BioPharma, Inc.*^	33,900		285,438
BioMarin Pharmaceutical, Inc.*^	74,068		2,622,007
Cell Genesys, Inc.*	16,700		38,410
Cepheid, Inc.*^	44,100		1,162,035
Cubist Pharmaceuticals, Inc.*	45,849		940,363
CV Therapeutics, Inc.*	39,656		358,887
Encysive Pharmaceuticals, Inc.*^	26,600		22,610
Enzon Pharmaceuticals, Inc.*^	22,000		209,660
GTx, Inc.*^	19,500		279,825
Halozyme Therapeutics, Inc.*^	51,500		366,165
Human Genome Sciences, Inc.*^	94,200		983,448
Idenix Pharmaceuticals, Inc.*	90,000		243,000
Incyte Corp.*^	48,400		486,420
Isis Pharmaceuticals, Inc.*^	52,400		825,300
Lifecell Corp.*^	24,000		1,034,640
Ligand Pharmaceuticals, Inc., Class B	72,200		348,726
MannKind Corp.*^	36,200		288,152
Martek Biosciences Corp.*	20,400		603,432
Maxygen, Inc.*^	27,200		218,416
Medarex, Inc.*^	89,800		935,716
Momenta Pharmaceuticals, Inc.*^	27,800		198,492
Myriad Genetics, Inc.*^	32,050		1,487,761
Nabi Biopharmaceuticals*^	66,457		239,910
Omrix Biopharmaceuticals, Inc.*	11,000		382,140
Onyx Pharmaceuticals, Inc.*	38,300		2,130,246
OSI Pharmaceuticals, Inc.*	41,800		2,027,718
Pharmion Corp.*^	18,783		1,180,699
Regeneron Pharmaceuticals, Inc.*	50,600		1,221,990
Savient Pharmaceuticals, Inc.*^	41,900		962,443
Telik, Inc.*^	34,700		120,409
United Therapeutics Corp.*	14,980		1,462,797
Vanda Pharmaceuticals, Inc.*	21,300		146,544
ZymoGenetics, Inc.*^	22,900		267,243

			29,843,648

*Health Care Equipment & Supplies (3.7%)*
Abaxis, Inc.*^	17,800		638,308
Accuray, Inc.*^	24,900		378,978
Align Technology, Inc.*^	47,400		790,632
American Medical Systems Holdings, Inc.*^	57,700		834,342
Analogic Corp.	11,200		758,464
ArthroCare Corp.*^	22,100		1,061,905
CONMED Corp.*	23,800		550,018
ev3, Inc.*	29,200		371,132
Greatbatch, Inc.*^	17,900		357,821
Haemonetics Corp.*	21,000		1,323,420
Hologic, Inc.*^	78,300		5,374,512
I-Flow Corp.*^	12,900		203,562
ICU Medical, Inc.*^	10,350		372,704
Immucor, Inc.*	53,468		1,817,377
Integra LifeSciences Holdings Corp.*^	14,400		603,792
Invacare Corp.	23,000		579,600
Inverness Medical Innovations, Inc.*	43,090		2,420,796
Kensey Nash Corp.*^	12,400		371,008
Mentor Corp.^	29,500		1,153,450
Meridian Bioscience, Inc.	31,750		955,040
Merit Medical Systems, Inc.*^	22,712		315,697
NuVasive, Inc.*^	24,011		948,915
Orthofix International N.V.*	13,200		765,204
Palomar Medical Technologies, Inc.*^	11,100		170,052
Sirona Dental Systems, Inc.*^	10,800		361,584
Spectranetics Corp.*^	22,500		344,925
Stereotaxis, Inc.*^	18,000		219,960
STERIS Corp.	41,100		1,185,324
SurModics, Inc.*^	11,700		634,959
Thoratec Corp.*^	41,555		755,885
TomoTherapy, Inc.*	16,400		320,784
Volcano Corp.*	30,500		381,555
West Pharmaceutical Services, Inc.	27,414		1,112,734
Wright Medical Group, Inc.*	28,317		826,007

			29,260,446

*Health Care Providers & Services (2.9%)*
Alliance Imaging, Inc.*^	38,300		368,446
Amedisys, Inc.*^	19,751		958,319
AMERIGROUP Corp.*	40,717		1,484,135
AMN Healthcare Services, Inc.*^	20,706		355,522
Amsurg Corp.*	24,450		661,617
Apria Healthcare Group, Inc.*	32,600		703,182
Assisted Living Concepts, Inc., Class A*^	48,200		361,500
Bio-Reference Labs, Inc.*^	10,400		339,872
Centene Corp.*	34,900		957,656
Chemed Corp.	17,300		966,724
Corvel Corp.*^	11,025		253,795
Cross Country Healthcare, Inc.*^	24,600		350,304
Gentiva Health Services, Inc.*	19,900		378,896
HealthExtras, Inc.*	24,800		646,784
HealthSouth Corp.*^	63,000		1,323,000
Healthspring, Inc.*	39,700		756,285
Healthways, Inc.*^	26,550		1,551,582
inVentiv Health, Inc.*	23,000		712,080
Kindred Healthcare, Inc.*	20,500		512,090
LCA-Vision, Inc.^	16,050		320,518
LHC Group, Inc.*^	13,500		337,230
Magellan Health Services, Inc.*	29,200		1,361,596
MedCath Corp.*	10,550		259,108
MWI Veterinary Supply, Inc.*^	6,800		272,000
Nighthawk Radiology Holdings, Inc.*^	16,200		341,010
Owens & Minor, Inc.	28,700		1,217,741
PharMerica Corp.*^	19,503		270,702
Providence Service Corp.*	6,600		185,724
PSS World Medical, Inc.*^	53,800		1,052,866

319

EQ ADVISORS TRUST

EQ/ SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Psychiatric Solutions, Inc.*^	41,700	$	1,355,250
Skilled Healthcare Group, Inc.*^	22,100		323,323
Sun Healthcare Group, Inc.*	27,100		465,307
Sunrise Senior Living, Inc.*	36,680		1,125,342
Universal American Corp.*	38,900		995,451

			23,524,957

*Health Care Technology (0.5%)*
Allscripts Healthcare Solutions, Inc.*^	41,200		800,104
Eclipsys Corp.*^	33,200		840,292
Omnicell, Inc.*	26,300		708,259
Phase Forward, Inc.*	31,600		687,300
TriZetto Group, Inc.*^	33,000		573,210

			3,609,165

*Life Sciences Tools & Services (1.6%)*
Affymetrix, Inc.*^	54,700		1,265,758
AMAG Pharmaceuticals, Inc.*^	9,917		596,309
Bio-Rad Laboratories, Inc., Class A*	13,700		1,419,594
Bruker BioSciences Corp.*	40,400		537,320
Dionex Corp.*	14,700		1,218,042
eResearchTechnology, Inc.*^	26,625		314,708
Exelixis, Inc.*^	69,200		597,196
Illumina, Inc.*^	38,684		2,292,414
Nektar Therapeutics*	57,000		382,470
PAREXEL International Corp.*	22,000		1,062,600
PharmaNet Development Group, Inc.*^	14,900		584,229
Varian, Inc.*	22,100		1,443,130
Ventana Medical Systems, Inc.*	16,900		1,474,187

			13,187,957

*Pharmaceuticals (1.8%)*
Adams Respiratory
Therapeutics, Inc.*	25,800		1,541,292
Alpharma, Inc., Class A*^	34,700		699,205
Auxilium Pharmaceuticals, Inc.*^	22,600		677,774
Bentley Pharmaceuticals, Inc.*^	18,600		280,674
Caraco Pharmaceutical Laboratories Ltd.*	15,900		272,685
Cypress Bioscience, Inc.*^	25,900		285,677
Durect Corp.*	30,400		195,472
KV Pharmaceutical Co., Class A*^	27,700		790,558
Medicines Co.*^	35,900		687,844
Medicis Pharmaceutical Corp., Class A^	39,000		1,012,830
MGI Pharma, Inc.*	57,400		2,326,422
Nastech Pharmaceutical Co., Inc.*^	9,700		36,860
Par Pharmaceutical Cos., Inc.*	21,000		504,000
Perrigo Co.	47,800		1,673,478
Pozen, Inc.*^	20,400		244,800
Salix Pharmaceuticals Ltd.*^	34,000		267,920
Sciele Pharma, Inc.*^	35,100		717,795
SuperGen, Inc.*^	32,200		117,530
Valeant Pharmaceuticals International*^	73,200		876,204
ViroPharma, Inc.*^	43,400		344,596
XenoPort, Inc.*	17,300		966,724

			14,520,340

Total Health Care			113,946,513

Industrials (15.4%)
*Aerospace & Defense (1.8%)*
AAR Corp.*	28,750		1,093,362
Ceradyne, Inc.*^	19,750		926,868
Curtiss-Wright Corp.	32,200		1,616,440
DynCorp International, Inc., Class A*	19,200		516,096
Esterline Technologies Corp.*	20,000		1,035,000
GenCorp, Inc.*^	35,400		412,764
Heico Corp.^	20,500		1,116,840
Hexcel Corp.*	71,800		1,743,304
Moog, Inc., Class A*^	28,959		1,326,612
Orbital Sciences Corp.*^	51,400		1,260,328
Taser International, Inc.*^	49,700		715,183
Teledyne Technologies, Inc.*	27,968		1,491,533
Triumph Group, Inc.^	13,700		1,128,195

			14,382,525

*Air Freight & Logistics (0.4%)*
ABX Air, Inc.*^	45,100		188,518
Atlas Air Worldwide Holdings, Inc.*^	10,700		580,154
Dynamex, Inc.*^	10,400		281,424
Forward Air Corp.^	22,550		702,884
Hub Group, Inc., Class A*	29,400		781,452
Pacer International, Inc.	28,900		421,940

			2,956,372

*Airlines (0.5%)*
AirTran Holdings, Inc.*^	88,900		636,524
Alaska Air Group, Inc.*^	31,300		782,813
Allegiant Travel Co.*	10,800		347,112
JetBlue Airways Corp.*^	127,700		753,430
Republic Airways Holdings, Inc.*	19,100		374,169
SkyWest, Inc.	48,000		1,288,800

			4,182,848

*Building Products (0.5%)*
Ameron International Corp.^	7,300		672,695
Apogee Enterprises, Inc.	24,000		410,640
Goodman Global, Inc.*	30,133		739,464
Insteel Industries, Inc.^	15,500		181,815
NCI Building Systems, Inc.*^	14,700		423,213
Simpson Manufacturing Co., Inc.^	31,400		834,926
Universal Forest Products, Inc.^	13,350		393,291

			3,656,044

*Commercial Services & Supplies (4.5%)*
ABM Industries, Inc.	31,400		640,246
ACCO Brands Corp.*^	43,200		692,928
Administaff, Inc.^	17,200		486,416
Advisory Board Co.*	13,400		860,146
American Ecology Corp.^	8,300		194,884
American Reprographics Co.*^	23,867		393,328
Bowne & Co., Inc.^	18,500		325,600
Casella Waste Systems, Inc.*	21,400		279,056
Cenveo, Inc.*^	40,950		715,397
Clean Harbors, Inc.*^	10,900		563,530
COMSYS IT Partners, Inc.*	8,600		135,708
Consolidated Graphics, Inc.*	6,000		286,920
CoStar Group, Inc.*^	15,400		727,650
CRA International, Inc.*^	8,400		399,924
Deluxe Corp.	41,600		1,368,224
EnergySolutions, Inc.*	18,840		508,492
Ennis, Inc.^	19,750		355,500
Exponent, Inc.*	11,800		319,072
FTI Consulting, Inc.*	27,675		1,705,887
G&K Services, Inc., Class A	13,600		510,272
GEO Group, Inc.*^	45,600		1,276,800
GeoEye, Inc.*^	12,600		423,990
Healthcare Services Group, Inc.^	32,175		681,467
Heidrick & Struggles International, Inc.	12,000		445,320
Herman Miller, Inc.	50,083		1,622,188
Hudson Highland Group, Inc.*	20,200		169,882

320

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Huron Consulting Group, Inc.*	12,500	$	1,007,875
ICT Group, Inc.*^	14,500		173,275
IHS, Inc., Class A*	25,200		1,526,112
IKON Office Solutions, Inc.^	92,700		1,206,954
Interface, Inc., Class A	43,800		714,816
Kelly Services, Inc., Class A^	17,100		319,086
Kenexa Corp.*^	500		9,710
Knoll, Inc.	39,783		653,635
Korn/Ferry International*	34,192		643,493
Layne Christensen Co.*	11,100		546,231
M&F Worldwide Corp.*^	9,700		522,345
Mine Safety Appliances Co.^	22,100		1,146,327
Mobile Mini, Inc.*	22,300		413,442
PeopleSupport, Inc.*^	25,400		347,472
PHH Corp.*	44,000		776,160
Resources Connection, Inc.^	39,200		711,872
Rollins, Inc.^	25,762		494,630
RSC Holdings, Inc.*^	17,100		214,605
School Specialty, Inc.*^	16,900		583,895
Spherion Corp.*	32,080		233,542
Standard Register Co.^	16,600		193,556
Team, Inc.*	11,400		417,012
TeleTech Holdings, Inc.*	33,500		712,545
Tetra Tech, Inc.*	49,415		1,062,423
TrueBlue, Inc.*	41,950		607,436
United Stationers, Inc.*	21,500		993,515
Waste Connections, Inc.*	51,375		1,587,487
Waste Industries USA, Inc.	10,200		370,260
Waste Services, Inc.*^	44,599		382,213
Watson Wyatt Worldwide, Inc., Class A	27,000		1,253,070

			35,913,821

*Construction & Engineering (0.5%)*
Aecom Technology Corp.*	32,200		919,954
EMCOR Group, Inc.*	51,000		1,205,130
Granite Construction, Inc.	28,600		1,034,748
Insituform Technologies, Inc., Class A*^	21,400		316,720
Perini Corp.*	21,400		886,388

			4,362,940

*Electrical Equipment (2.1%)*
A.O. Smith Corp.^	15,750		552,037
Acuity Brands, Inc.	33,925		1,526,625
American Superconductor Corp.*^	29,800		814,732
Baldor Electric Co.	36,874		1,241,179
Belden, Inc.^	32,500		1,446,250
Brady Corp., Class A	40,300		1,414,127
Energy Conversion Devices, Inc.*^	33,000		1,110,450
Evergreen Solar, Inc.*^	75,600		1,305,612
Franklin Electric Co., Inc.	16,200		619,974
Genlyte Group, Inc.*^	17,700		1,685,040
GrafTech International Ltd.*^	79,500		1,411,125
II-VI, Inc.*	22,300		681,265
Regal-Beloit Corp.	25,900		1,164,205
Superior Essex, Inc.*	15,800		379,200
Woodward Governor Co.	21,500		1,460,925

			16,812,746

*Industrial Conglomerates (0.2%)*
Raven Industries, Inc.^	11,500		441,485
Walter Industries, Inc.	41,700		1,498,281

			1,939,766

*Machinery (3.3%)*
Actuant Corp., Class A^	43,800		1,489,638
Albany International Corp.^	23,450		869,995
Astec Industries, Inc.*	15,100		561,569
ASV, Inc.*^	25,500		353,175
Badger Meter, Inc.^	10,300		462,985
Barnes Group, Inc.^	36,920		1,232,759
Briggs & Stratton Corp.^	39,350		891,671
Bucyrus International, Inc., Class A^	24,225		2,407,722
Cascade Corp.^	9,500		441,370
CIRCOR International, Inc.	13,100		607,316
Clarcor, Inc.^	37,000		1,404,890
Dynamic Materials Corp.	7,500		441,750
EnPro Industries, Inc.*	13,200		404,580
ESCO Technologies, Inc.*^	20,804		830,912
Flow International Corp.*^	29,800		277,736
Force Protection, Inc.*^	54,500		255,060
Gehl Co.*^	9,400		150,776
Greenbrier Cos., Inc.^	20,300		451,878
Kaydon Corp.^	20,500		1,118,070
L.B. Foster Co., Class A*	7,600		393,148
Lindsay Corp.^	7,200		508,968
Middleby Corp.*^	10,600		812,172
Mueller Industries, Inc.	26,200		759,538
Mueller Water Products, Inc., Class A^	87,400		832,048
Nordson Corp.	24,300		1,408,428
RBC Bearings, Inc.*	17,600		764,896
Robbins & Myers, Inc.	12,600		952,938
Sun Hydraulics Corp.^	11,700		295,191
Tennant Co.	13,500		597,915
Titan International, Inc.	19,300		603,318
Valmont Industries, Inc.^	14,900		1,327,888
Wabtec Corp.	40,086		1,380,562
Watts Water Technologies, Inc., Class A^	25,200		750,960

			26,041,822

*Marine (0.4%)*
American Commercial Lines, Inc.*^	45,200		734,048
Eagle Bulk Shipping, Inc.^	33,400		886,770
Genco Shipping & Trading Ltd.^	14,200		777,592
Horizon Lines, Inc., Class A^	29,900		557,336
Ultrapetrol Bahamas Ltd.*	15,000		255,150

			3,210,896

*Road & Rail (0.5%)*
AMERCO, Inc.*^	8,500		558,280
Arkansas Best Corp.^	16,128		353,849
Dollar Thrifty Automotive Group, Inc.*	17,700		419,136
Genesee & Wyoming, Inc., Class A*	29,325		708,785
Heartland Express, Inc.^	49,112		696,408
Knight Transportation, Inc.^	42,109		623,634
Old Dominion Freight Line, Inc.*^	17,950		414,825
Werner Enterprises, Inc.^	36,800		626,704

			4,401,621

*Trading Companies & Distributors (0.7%)*
Applied Industrial Technologies, Inc.	37,000		1,073,740
H&E Equipment Services, Inc.*	21,800		411,584
Houston Wire & Cable Co.	13,500		190,890
Interline Brands, Inc.*	17,400		381,234
Kaman Corp.	19,500		717,795
Lawson Products, Inc.	8,200		310,944
Rush Enterprises, Inc., Class A*^	26,550		482,679
UAP Holding Corp.	32,000		1,235,200
Watsco, Inc.^	16,500		606,540

			5,410,606

Total Industrials			123,272,007

321

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Information Technology (18.3%)
*Communications Equipment (2.6%)*
3Com Corp.*	280,500	$	1,267,860
Acme Packet, Inc.*^	29,100		366,369
ADTRAN, Inc.	51,200		1,094,656
Anaren, Inc.*	10,908		179,873
Arris Group, Inc.*	87,300		871,254
Aruba Networks, Inc.*^	18,300		272,853
Avocent Corp.*	40,300		939,393
Bel Fuse, Inc., Class B.	8,600		251,722
BigBand Networks, Inc.*	21,600		111,024
Black Box Corp.	13,900		502,763
Blue Coat Systems, Inc.*	22,200		729,714
CommScope, Inc.*^	3,098		152,429
Comtech Telecommunications Corp.*	16,325		881,713
Dycom Industries, Inc.*^	34,033		906,979
Finisar Corp.*^	214,500		311,025
Foundry Networks, Inc.*	91,800		1,608,336
Harmonic, Inc.*	50,600		530,288
Harris Stratex Networks, Inc., Class A*^	24,375		407,063
Hughes Communications, Inc.*^	6,600		360,426
InterDigital Inc.*^	41,900		977,527
NETGEAR, Inc.*	24,400		870,348
Nextwave Wireless, Inc.*^	35,700		192,066
OpNext, Inc.*^	41,900		370,815
Orbcomm, Inc.*^	22,000		138,380
Plantronics, Inc.	36,200		941,200
Polycom, Inc.*	59,400		1,650,132
Powerwave Technologies, Inc.*^	104,300		420,329
Sonus Networks, Inc.*^	213,100		1,242,373
Sycamore Networks, Inc.*	152,400		585,216
Symmetricom, Inc.*^	39,300		185,103
Tekelec*^	43,600		545,000
ViaSat, Inc.*	19,700		678,271

			20,542,500

*Computers & Peripherals (1.0%)*
Adaptec, Inc.*^	85,400		288,652
Avid Technology, Inc.*^	35,667		1,010,803
Electronics for Imaging, Inc.*	39,300		883,464
Emulex Corp.*	72,600		1,184,832
Hutchinson Technology, Inc.*^	18,800		494,816
Imation Corp.^	25,000		525,000
Intermec, Inc.*	48,500		985,035
Isilon Systems, Inc.*^	33,300		169,164
Novatel Wireless, Inc.*	24,000		388,800
Palm, Inc.^	82,800		524,952
Quantum Corp.*	96,236		258,875
Rackable Systems, Inc.*^	16,900		169,000
Rimage Corp.*^	10,300		267,285
Synaptics, Inc.*^	19,750		812,910

			7,963,588

*Electronic Equipment & Instruments (2.5%)*
Agilysys, Inc.	23,350		353,052
Anixter International, Inc.*^	23,700		1,475,799
Benchmark Electronics, Inc.*^	55,575		985,345
Brightpoint, Inc.*	40,754		625,981
Checkpoint Systems, Inc.*	33,200		862,536
Cogent, Inc.*^	29,200		325,580
Cognex Corp.	30,300		610,545
CTS Corp.^	20,400		202,572
Daktronics, Inc.	25,300		571,021
DTS, Inc*^	13,100		334,967
Excel Technology, Inc.*	6,200		168,020
FARO Technologies, Inc.*	11,700		318,006
Flir Systems, Inc.*^	85,800		2,685,540
Insight Enterprises, Inc.*	38,100		694,944
Itron, Inc.*^	21,660		2,078,710
L-1 Identity Solutions, Inc.*^	51,066		916,635
Littelfuse, Inc.*	18,500		609,760
LoJack Corp.*^	15,200		255,512
Measurement Specialties, Inc.*^	5,900		130,390
MTS Systems Corp.	14,200		605,914
Multi-Fineline Electronix, Inc.*	10,950		189,873
Newport Corp.*^	19,200		245,568
OSI Systems, Inc.*^	8,600		227,642
Plexus Corp.*	34,500		905,970
Rofin-Sinar Technologies, Inc.*^	24,800		1,193,128
Rogers Corp.*	12,500		542,125
Scansource, Inc.*^	21,200		685,820
Technitrol, Inc.	26,900		768,802
Universal Display Corp.*^	20,500		423,735
Zygo Corp.*^	23,200		289,072

			20,282,564

*Internet Software & Services (2.6%)*
Ariba, Inc.*^	62,712		699,239
Bankrate, Inc.*^	9,000		432,810
CMGI, Inc.*	30,300		396,627
CNET Networks, Inc.*^	121,100		1,106,854
DealerTrack Holdings, Inc.*	26,700		893,649
Digital River, Inc.*	30,400		1,005,328
DivX, Inc.*	22,400		313,600
EarthLink, Inc.*^	81,400		575,498
Equinix, Inc.*^	22,800		2,304,396
Internap Network Services Corp.*^	30,900		257,397
Internet Capital Group, Inc.*	19,900		233,626
Interwoven, Inc.*	33,725		479,569
j2 Global Communications, Inc.*	39,500		836,215
Knot, Inc.*^	21,900		349,086
Mercadolibre, Inc.*^	10,800		797,904
NIC, Inc.^	41,400		349,416
Omniture, Inc.*^	23,300		775,657
Online Resources Corp.*^	12,900		153,768
Perficient, Inc.*	23,500		369,890
RealNetworks, Inc.*^	64,400		392,196
S1 Corp.*	39,700		289,810
SAVVIS, Inc.*^	27,600		770,316
Sohu.com, Inc.*	22,000		1,199,440
SonicWALL, Inc.*	40,800		437,376
TechTarget, Inc.*	22,900		338,462
Terremark Worldwide, Inc.*^	40,710		264,615
United Online, Inc.^	46,050		544,311
ValueClick, Inc.*	79,950		1,750,905
Vignette Corp.*	22,080		322,589
VistaPrint Ltd.*^	34,500		1,478,325
Visual Sciences, Inc.*	10,400		192,192
Websense, Inc.*^	35,300		599,394

			20,910,460

*IT Services (1.8%)*
BearingPoint, Inc.*^	161,400		456,762
CACI International, Inc., Class A*	23,500		1,052,095
CIBER, Inc.*	43,500		265,785
Cybersource Corp.*	40,400		717,908
EnerNOC, Inc.*	8,400		412,440
Euronet Worldwide, Inc.*^	39,000		1,170,000
ExlService Holdings, Inc.*^	18,100		417,748
Gartner, Inc.*	55,189		969,119
Gevity HR, Inc.^	19,600		150,724
Global Cash Access Holdings, Inc.*	36,100		218,766
Integral Systems, Inc.	6,348		147,654

322

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
ManTech International Corp., Class A*	14,100	$	617,862
MAXIMUS, Inc.^	17,500		675,675
MPS Group, Inc.*	87,067		952,513
Ness Technologies, Inc.*	26,400		243,672
Perot Systems Corp., Class A*	70,100		946,350
RightNow Technologies, Inc.*^	21,950		347,908
SAIC, Inc.*	104,320		2,098,918
SRA International, Inc., Class A*	33,100		974,795
TNS, Inc.	17,100		303,525
Wright Express Corp.*	31,800		1,128,582

			14,268,801

*Semiconductors & Semiconductor Equipment (3.6%)*
Amkor Technology, Inc.*^	86,300		736,139
Applied Micro Circuits Corp.*	61,075		533,796
Atheros Communications, Inc.*^	42,700		1,304,058
ATMI, Inc.*	28,020		903,645
Brooks Automation, Inc.*	60,702		801,873
Cabot Microelectronics Corp.*^	18,600		667,926
Cavium Networks, Inc.*^	14,000		322,280
Conexant Systems, Inc.*^	362,600		300,958
Credence Systems Corp.*^	38,930		94,211
Cymer, Inc.*	27,800		1,082,254
Diodes, Inc.*^	18,075		543,515
DSP Group, Inc.*	22,800		278,160
Entegris, Inc.*	108,535		936,657
Exar Corp.*	27,797		221,542
FEI Co.*^	32,644		810,551
FormFactor, Inc.*	35,200		1,165,120
Hittite Microwave Corp.*	12,700		606,552
Kulicke & Soffa Industries, Inc.*^	44,700		306,642
Lattice Semiconductor Corp.*	91,900		298,675
LTX Corp.*^	85,600		272,208
Microsemi Corp.*^	61,772		1,367,632
Microtune, Inc.*	32,100		209,613
MIPS Technologies, Inc.*^	28,100		139,376
MKS Instruments, Inc.*^	40,500		775,170
Monolithic Power Systems, Inc.*^	20,800		446,576
Netlogic Microsystems, Inc.*^	13,200		425,040
OmniVision Technologies, Inc.*^	44,000		688,600
ON Semiconductor Corp.*^	157,100		1,395,048
Photronics, Inc.*^	30,100		375,347
PMC-Sierra, Inc.*^	171,000		1,118,340
RF Micro Devices, Inc.*^	202,261		1,154,910
Semtech Corp.*	57,000		884,640
Sigma Designs, Inc.*^	16,500		910,800
Silicon Image, Inc.*	53,100		240,012
SiRF Technology Holdings, Inc.*	42,500		1,068,025
Skyworks Solutions, Inc.*	115,000		977,500
Standard Microsystems Corp.*^	16,500		644,655
Supertex, Inc.*^	8,200		256,578
Tessera Technologies, Inc.*	36,400		1,514,240
Trident Microsystems, Inc.*	38,700		253,872
TriQuint Semiconductor, Inc.*	100,400		665,652
Zoran Corp.*	39,700		893,647

			28,592,035

*Software (4.2%)*
ACI Worldwide, Inc.*^	30,300		576,912
Advent Software, Inc.*^	13,900		751,990
Ansoft Corp.*	10,800		279,180
ANSYS, Inc.*	50,200		2,081,292
Aspen Technology, Inc.*^	74,850		1,214,067
Blackbaud, Inc.	35,198		986,952
Blackboard, Inc.*^	22,900		921,725
Bottomline Technologies, Inc.*^	9,900		138,600
Commvault Systems, Inc.*	23,800		504,084
Concur Technologies, Inc.*	29,200		1,057,332
Epicor Software Corp.*	36,100		425,258
EPIQ Systems, Inc.*^	22,425		390,419
Informatica Corp.*	61,700		1,111,834
Jack Henry & Associates, Inc.	60,000		1,460,400
Lawson Software, Inc.*	104,200		1,067,008
Macrovision Corp.*	37,100		680,043
Manhattan Associates, Inc.*	20,700		545,652
Mentor Graphics Corp.*	72,000		776,160
Micros Systems, Inc.*	26,200		1,838,192
MicroStrategy, Inc., Class A*	7,000		665,700
Net 1 UEPS Technologies, Inc.*^	38,800		1,139,168
Nuance Communications, Inc.*^	82,000		1,531,760
Parametric Technology Corp.*	87,840		1,567,944
Progress Software Corp.*	27,800		936,304
QAD, Inc.^	25,700		240,038
Quest Software, Inc.*	55,400		1,021,576
Radiant Systems, Inc.*	16,100		277,403
Secure Computing Corp.*	33,575		322,320
Smith Micro Software, Inc.*^	22,900		193,963
Solera Holdings, Inc.*^	21,000		520,380
Sonic Solutions, Inc.*^	34,900		362,611
SPSS, Inc.*	14,700		527,877
Sybase, Inc.*	69,233		1,806,289
Synchronoss Technologies, Inc.*^	14,700		520,968
Take-Two Interactive Software, Inc.*^	59,100		1,090,395
THQ, Inc.*^	53,525		1,508,870
TIBCO Software, Inc.*	150,900		1,217,763
Ultimate Software Group, Inc.*^	18,900		594,783
Vasco Data Security International, Inc.*^	16,300		455,096
Wind River Systems, Inc.*	62,300		556,339

			33,864,647

Total Information Technology			146,424,595

Materials (5.4%)
*Chemicals (2.6%)*
Arch Chemicals, Inc.	19,400		712,950
CF Industries Holdings, Inc.	34,480		3,794,869
Ferro Corp.	34,600		717,258
Flotek Industries, Inc.*^	13,100		472,124
H.B. Fuller Co.	43,200		969,840
Hercules, Inc.	89,600		1,733,760
Koppers Holdings, Inc.	11,700		505,908
Minerals Technologies, Inc.	13,800		923,910
NewMarket Corp.	9,700		540,193
Olin Corp.	51,832		1,001,913
OM Group, Inc.*	25,300		1,455,762
Rockwood Holdings, Inc.*	28,020		930,824
Sensient Technologies Corp.	36,600		1,035,048
Spartech Corp.	23,600		332,760
Symyx Technologies, Inc.*^	16,272		124,969
Terra Industries, Inc.*	57,800		2,760,528
W.R. Grace & Co.*^	56,100		1,468,698
Zep, Inc.	16,962		235,263
Zoltek Cos., Inc.*^	16,700		715,929

			20,432,506

*Construction Materials (0.2%)*
Texas Industries, Inc.^	17,200		1,205,720

*Containers & Packaging (0.6%)*
AptarGroup, Inc.	43,100		1,763,221
Greif, Inc., Class A	24,400		1,595,028
Rock-Tenn Co., Class A	26,600		675,906
Silgan Holdings, Inc.	18,900		981,666

			5,015,821

*Metals & Mining (1.7%)*
AMCOL International Corp.^	20,500		738,615

323

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
Apex Silver Mines Ltd.*		46,900	$	714,756
Brush Engineered Materials, Inc.*^		13,100		484,962
Century Aluminum Co.*		19,100		1,030,254
Coeur d’Alene Mines Corp.*^		221,200		1,092,728
Compass Minerals International, Inc.		22,900		938,900
Esmark, Inc.*^.		12,400		175,212
Haynes International, Inc.*		9,300		646,350
Hecla Mining Co.*^		65,900		616,165
Kaiser Aluminum Corp.		12,100		961,708
Metal Management, Inc.		19,700		896,941
Quanex Corp.^		27,050		1,403,895
Royal Gold, Inc.^		19,400		592,088
RTI International Metals, Inc.*		16,300		1,123,559
Schnitzer Steel Industries, Inc., Class A		17,650		1,220,144
Worthington Industries, Inc.^		54,600		976,248

				13,612,525

*Paper & Forest Products (0.3%)*
AbitibiBowater, Inc.^		36,160		745,258
Buckeye Technologies, Inc.*		30,400		380,000
Deltic Timber Corp.^		7,600		391,324
Glatfelter (P.H.) Co.		35,900		549,629
Neenah Paper, Inc.		11,400		332,310
Wausau Paper Corp.		35,600		320,044

				2,718,565

Total Materials				42,985,137

Telecommunication Services (1.4%)
*Diversified Telecommunication Services (1.3%)*
Alaska Communications Systems Group, Inc.^		34,700		520,500
Cbeyond, Inc.*		17,200		670,628
Cincinnati Bell, Inc.*		204,200		969,950
Cogent Communications Group, Inc.*^		40,000		948,400
General Communication, Inc., Class A*^		41,150		360,063
Global Crossing Ltd.*^		19,300		425,565
Globalstar, Inc.*^		37,900		303,200
Golden Telecom, Inc.*		11,340		1,144,773
Iowa Telecommunications Services, Inc.		25,800		419,508
NTELOS Holdings Corp.^		22,900		679,901
PAETEC Holding Corp.*^		52,130		508,267
Premiere Global Services, Inc.*		56,700		841,995
Shenandoah Telecommunications Co.^		16,800		402,864
Time Warner Telecom, Inc., Class A*		90,050		1,827,114
Vonage Holdings Corp.*^		136,200		313,260

				10,335,988

*Wireless Telecommunication Services (0.1%)*
InPhonic, Inc.*^		30,500		397
Syniverse Holdings, Inc.*		19,700		306,926
USA Mobility, Inc.*		18,500		264,550

				571,873

Total Telecommunication Services				10,907,861

Utilities (3.1%)
*Electric Utilities (1.4%)*
ALLETE, Inc.^		20,900		827,222
Cleco Corp.		41,600		1,156,480
El Paso Electric Co.*		37,000		946,090
Empire District Electric Co.^		19,500		444,210
IDACORP, Inc.^		31,500		1,109,430
ITC Holdings Corp.		34,050		1,921,101
MGE Energy, Inc.^		17,000		602,990
Otter Tail Corp.^		14,500		501,700
Portland General Electric Co.		22,683		630,134
UIL Holdings Corp.^		17,600		650,320
Unisource Energy Corp.		27,300		861,315
Westar Energy, Inc.		65,717		1,704,699

				11,355,691

*Gas Utilities (0.9%)*
Laclede Group, Inc.		15,700		537,568
New Jersey Resources Corp.^		22,850		1,142,957
Nicor, Inc.^		26,800		1,134,980
Northwest Natural Gas Co.		21,300		1,036,458
Piedmont Natural Gas Co.^		42,733		1,117,895
South Jersey Industries, Inc.		14,400		519,696
Southwest Gas Corp.		21,200		631,124
WGL Holdings, Inc.^		27,000		884,520

				7,005,198

*Independent Power Producers & Energy Traders (0.0%)*
Ormat Technologies, Inc.		8,700		478,587

*Multi-Utilities (0.7%)*
Aquila, Inc.*		268,000		999,640
Avista Corp.		41,000		883,140
Black Hills Corp.^		26,200		1,155,420
CH Energy Group, Inc.^		12,150		541,161
NorthWestern Corp.		28,697		846,562
PNM Resources, Inc.		43,750		938,437

				5,364,360

*Water Utilities (0.1%)*
American States Water Co.		10,650		401,292
California Water Service Group^		14,100		521,982

				923,274

Total Utilities				25,127,110

Total Common Stocks (99.2%) (Cost $720,568,840)				794,364,942


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Securities (0.2%)
U.S. Treasury Bills
3.95%, 2/28/08 #(p)	$	1,455,000		1,448,311

Short-Term Investments of Cash Collateral for Securities Loaned (28.6%)
American Honda Finance Corp.
5.16%, 9/11/08 (l)	$	2,500,000		2,500,000
Banco de Sabadell S.A.
5.19%, 4/23/09 (l)		5,000,000		5,000,000
Bank of Montreal/Chicago
5.14%, 3/12/09 (l)		15,000,000		15,000,000
Bear Stearns Cos., Inc.
4.63%, 3/23/09 (l)		5,000,000		5,000,000
Beta Finance, Inc.
4.37%, 1/15/08 (l)		11,000,000		11,000,000
Calyon/New York
4.37%, 10/14/08 (l)		9,998,084		9,998,084
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		20,000,000		20,000,000
Comerica Bank
5.27%, 1/12/09 (l)		5,001,426		5,001,426
5.00%, 6/19/09 (l)		5,000,700		5,000,700
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		33,370,513		33,370,513
Five Finance, Inc.
4.38%, 6/19/08 (l)		9,999,040		9,999,040

324

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Principal Amount		Value (Note 1)
Goldman Sachs Group, Inc.
4.62%, 8/18/08 (l)	$	12,000,000	$	12,000,000
Lehman Brothers Holdings, Inc.
5.22%, 4/2/08 (l)		14,002,675		14,002,675
Links Finance LLC
4.37%, 6/22/09 (l)		14,994,372		14,994,372
MBIA Global Funding LLC
4.37%, 9/25/08 (l)		10,000,000		10,000,000
Monumental Global Funding II
4.36%, 4/25/08 (l)		10,000,000		10,000,000
4.40%, 3/26/10 (l)		3,000,000		3,000,000
4.43%, 5/26/10 (l)		2,000,000		2,000,000
National Bank of Canada/New York
5.16%, 4/16/08 (l)		5,000,000		5,000,000
New York Life Insurance Co.
5.29%, 3/31/08 (l)		9,000,000		9,000,000
Pricoa Global Funding I
4.41%, 12/15/09 (l)		7,000,000		7,000,000
Tango Finance Corp.
4.38%, 6/25/09 (l)		9,994,575		9,994,575
Wells Fargo & Co.
4.62%, 2/2/09		10,000,000		10,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				228,861,385

Time Deposit (0.5%)
JPMorgan Chase Nassau
3.51%, 1/2/08		4,330,958		4,330,958

Total Short-Term Investments (29.3%) (Cost/Amortized Cost $234,637,719)				234,640,654

Total Investments (128.5%) (Cost/Amortized Cost $955,206,559)				1,029,005,596
Other Assets Less Liabilities (-28.5%)				(228,233,369	)

Net Assets (100%)			$	800,772,227

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

#	All, or a portion of security held by broker as collateral for financial futures contracts.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

At December 31, 2007 the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/07		Unrealized Appreciation
Russell 2000 Index	9	March-08	$	3,472,125	$	3,474,900	$	2,775

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	332,115,180
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	564,809,178

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	162,508,895
Aggregate gross unrealized depreciation		(90,886,825	)

Net unrealized appreciation	$	71,622,070

Federal income tax cost of investments	$	957,383,526

At December 31, 2007, the Portfolio had loaned securities with a total value of $221,133,664. This was secured by collateral of $228,861,385 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $9,347 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $19,068 which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

See Notes to Financial Statements.

325

EQ ADVISORS TRUST

EQ/T. ROWE PRICE GROWTH STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.0%)
*Hotels, Restaurants & Leisure (3.0%)*
International Game Technology^	103,300	$	4,537,969
Las Vegas Sands Corp.*	34,400		3,544,920
Marriott International, Inc., Class A	76,400		2,611,352
MGM MIRAGE*	11,300		949,426
Yum! Brands, Inc.	152,600		5,840,002

			17,483,669

*Household Durables (0.9%)*
Harman International Industries, Inc.	27,300		2,012,283
TomTom N.V.*	44,976		3,386,494

			5,398,777

*Internet & Catalog Retail (2.0%)*
Amazon.com, Inc.*	70,400		6,521,856
B2W Companhia Global Do Varejo	30,000		1,196,629
Expedia, Inc.*^	124,712		3,943,394

			11,661,879

*Media (2.7%)*
EchoStar Communications Corp., Class A*	40,700		1,535,204
McGraw-Hill Cos., Inc.	176,400		7,728,084
Naspers Ltd., Class N	163,900		3,885,051
Shaw Communications, Inc., Class B	122,800		2,907,904

			16,056,243

*Multiline Retail (1.1%)*
Kohl’s Corp.*	75,500		3,457,900
Lojas Renner S.A.	60,000		1,213,483
Target Corp.	41,000		2,050,000

			6,721,383

*Specialty Retail (0.3%)*
Bed Bath & Beyond, Inc.*^	65,400		1,922,106

Total Consumer Discretionary			59,244,057

Consumer Staples (8.9%)
*Beverages (1.4%)*
InBev N.V.	37,451		3,121,048
PepsiCo, Inc.	65,600		4,979,040

			8,100,088

*Food & Staples Retailing (5.4%)*
Costco Wholesale Corp.	85,200		5,943,552
CVS Caremark Corp.	355,600		14,135,100
SYSCO Corp.	125,800		3,926,218
Walgreen Co.	109,800		4,181,184
Whole Foods Market, Inc.^	91,100		3,716,880

			31,902,934

*Food Products (0.4%)*
Groupe Danone S.A.	26,300		2,360,948

*Household Products (1.7%)*
Procter & Gamble Co.	106,100		7,789,862
Reckitt Benckiser Group plc.	39,625		2,298,491

			10,088,353

Total Consumer Staples			52,452,323

Energy (6.9%)
*Energy Equipment & Services (3.8%)*
Baker Hughes, Inc.	87,700		7,112,470
Schlumberger Ltd.	153,200		15,070,284

			22,182,754

*Oil, Gas & Consumable Fuels (3.1%)*
EOG Resources, Inc.	48,100		4,292,925
Exxon Mobil Corp.	61,000		5,715,090
Total S.A.	101,721		8,451,825

			18,459,840

Total Energy			40,642,594

Financials (10.5%)
*Capital Markets (5.4%)*
BlackRock, Inc./New York^	12,800		2,775,040
Charles Schwab Corp.	203,700		5,204,535
Franklin Resources, Inc.	49,200		5,629,956
Goldman Sachs Group, Inc.	17,500		3,763,375
Morgan Stanley	32,800		1,742,008
Northern Trust Corp.	46,400		3,553,312
State Street Corp.	117,700		9,557,240

			32,225,466

*Commercial Banks (0.6%)*
Erste Bank der Oesterreichischen Sparkassen AG	46,917		3,326,858

*Consumer Finance (0.5%)*
American Express Co.	61,300		3,188,826

*Diversified Financial Services (2.6%)*
Bovespa Holding S.A.	320,000		6,166,292
CME Group, Inc.	6,300		4,321,800
Moody’s Corp.^	145,500		5,194,350

			15,682,442

*Insurance (1.4%)*
Assurant, Inc.^	44,400		2,970,360
Prudential Financial, Inc.	54,300		5,052,072

			8,022,432

Total Financials			62,446,024

Health Care (16.4%)
*Biotechnology (2.6%)*
Celgene Corp.*	29,700		1,372,437
Genentech, Inc.*	91,500		6,136,905
Gilead Sciences, Inc.*	166,500		7,660,665

			15,170,007

*Health Care Equipment & Supplies (4.8%)*
Alcon, Inc.	24,300		3,475,872
Becton, Dickinson & Co.	47,000		3,928,260
Covidien Ltd.	87,500		3,875,375
Medtronic, Inc.	153,200		7,701,364
St. Jude Medical, Inc.*	60,500		2,458,720
Stryker Corp.	51,300		3,833,136
Zimmer Holdings, Inc.*	44,500		2,943,675

			28,216,402

*Health Care Providers & Services (6.6%)*
Aetna, Inc.	152,400		8,798,052
CIGNA Corp.	65,300		3,508,569
Humana, Inc.*	43,600		3,283,516
Laboratory Corp. of America Holdings*^	64,000		4,833,920
McKesson Corp.	51,900		3,399,969
Medco Health Solutions, Inc.*	44,800		4,542,720
WellPoint, Inc.*	125,900		11,045,207

			39,411,953

*Pharmaceuticals (2.4%)*
Allergan, Inc.	88,400		5,678,816
Merck & Co., Inc.	51,700		3,004,287
Roche Holding AG	14,723		2,543,672
Schering-Plough Corp.	115,900		3,087,576

			14,314,351

Total Health Care			97,112,713

Industrials (11.8%)
*Aerospace & Defense (1.0%)*
General Dynamics Corp.	63,700		5,668,663

*Air Freight & Logistics (0.5%)*
Expeditors International of Washington, Inc.	68,300		3,051,644

326

EQ ADVISORS TRUST

EQ/T. ROWE PRICE GROWTH STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
*Airlines (0.8%)*
Southwest Airlines Co.		401,200	$	4,894,640

*Construction & Engineering (1.1%)*
Foster Wheeler Ltd.*		42,100		6,526,342

*Electrical Equipment (0.9%)*
Schneider Electric S.A.		40,781		5,525,939

*Industrial Conglomerates (4.4%)*
General Electric Co.		625,300		23,179,871
McDermott International, Inc.*		47,400		2,798,022

				25,977,893

*Machinery (2.9%)*
Danaher Corp.^		135,400		11,879,996
Deere & Co.		31,200		2,905,344
Joy Global, Inc.		31,400		2,066,748

				16,852,088

*Trading Companies & Distributors (0.2%)*
Fastenal Co.^		27,600		1,115,592

Total Industrials				69,612,801

Information Technology (23.3%)
*Communications Equipment (3.9%)*
Cisco Systems, Inc.*		272,400		7,373,868
Corning, Inc.		245,600		5,891,944
Juniper Networks, Inc.*		140,200		4,654,640
QUALCOMM, Inc.		129,500		5,095,825

				23,016,277

*Computers & Peripherals (3.6%)*
Apple, Inc.*		74,500		14,756,960
Dell, Inc.*		126,300		3,095,613
EMC Corp.*		187,700		3,478,081

				21,330,654

*Electronic Equipment & Instruments (0.6%)*
Hon Hai Precision Industry Co., Ltd. (GDR)		272,040		3,373,296

*Internet Software & Services (4.7%)*
Google, Inc., Class A*		27,500		19,015,700
VeriSign, Inc.*^		190,600		7,168,466
Yahoo!, Inc.*		85,800		1,995,708

				28,179,874

*IT Services (3.0%)*
Accenture Ltd., Class A		182,800		6,586,284
Automatic Data Processing, Inc.		144,500		6,434,585
Infosys Technologies Ltd. (ADR)^		67,900		3,079,944
Redecard S.A.		92,100		1,490,157

				17,590,970

*Semiconductors & Semiconductor Equipment (1.5%)*
Intel Corp.		121,200		3,231,192
Marvell Technology Group Ltd.*^		295,900		4,136,682
Maxim Integrated Products, Inc.		62,500		1,655,000

				9,022,874

*Software (6.0%)*
Amdocs Ltd.*^		105,300		3,629,691
Electronic Arts, Inc.*		94,700		5,531,427
Microsoft Corp.		459,200		16,347,520
Nintendo Co., Ltd.		16,600		9,940,832

				35,449,470

Total Information Technology				137,963,415

Materials (3.3%)
*Chemicals (1.4%)*
Monsanto Co.		51,000		5,696,190
Praxair, Inc.		27,700		2,457,267

				8,153,457

*Metals & Mining (1.9%)*
BHP Billiton Ltd.		210,674		7,425,190
Freeport-McMoRan Copper & Gold, Inc.		38,700		3,964,428

				11,389,618

Total Materials				19,543,075

Telecommunication Services (5.5%)
*Wireless Telecommunication Services (5.5%)*
America Movil S.A.B. de C.V., Series L (ADR)^		142,300		8,735,797
American Tower Corp., Class A*		161,800		6,892,680
Crown Castle International Corp.*		181,900		7,567,040
Leap Wireless International, Inc.*^		28,622		1,334,930
MetroPCS Communications, Inc.*		54,800		1,065,860
Rogers Communications, Inc., Class B		151,700		6,864,425

				32,460,732

Total Telecommunication Services				32,460,732

Utilities (0.7%)
*Independent Power Producers & Energy Traders (0.7%)*
AES Corp.*		203,500		4,352,865

Total Utilities				4,352,865

Total Common Stocks (97.3%) (Cost $538,901,785)				575,830,599


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (7.0%)
Barclays Capital, Repurchase Agreement
4.65%, 1/2/08 (r)	$	2,000,000		2,000,000
Morgan Stanley, Repurchase Agreement
4.70%, 1/2/08 (r)		39,436,844		39,436,844

				41,436,844

Time Deposit (2.8%)
JPMorgan Chase Nassau
3.51%, 1/2/08		16,397,808		16,397,808

Total Short-Term Investments (9.8%)
(Amortized Cost $57,834,652)				57,834,652

Total Investments (107.1%)
(Cost/Amortized Cost $596,736,437)				633,665,251
Other Assets Less Liabilities (-7.1%)				(41,881,726	)

Net Assets (100%)			$	591,783,525

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

327

EQ ADVISORS TRUST

EQ/T. ROWE PRICE GROWTH STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	935,307,441
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	668,725,408

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	61,449,755
Aggregate gross unrealized depreciation		(24,672,023	)

Net unrealized appreciation	$	36,777,732

Federal income tax cost of investments	$	596,887,519

At December 31, 2007, the Portfolio had loaned securities with a total value of $40,303,285. This was secured by collateral of $41,436,844 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2007, the Portfolio incurred approximately $218 as brokerage commissions with Cowen and Co. LLC, $227 with Sanford C. Bernstein & Co., Inc., and $612 with Exane S.A., affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $54,506,854 of which $36,616,290 expires in the year 2011, and $17,890,564 expires in the year 2012.

The Portfolio utilized capital loss carryforward of $63,208,731 during 2007.

See Notes to Financial Statements.

328

EQ ADVISORS TRUST

EQ/TEMPLETON GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (18.3%)
*Auto Components (0.9%)*
NOK Corp.^	249,902	$	5,312,780

*Automobiles (3.4%)*
Bayerische Motoren Werke (BMW) AG	150,000		9,287,672
Harley-Davidson, Inc.	90,000		4,203,900
Hyundai Motor Co.*	60,000		4,589,499
Peugeot S.A.	30,000		2,274,219

			20,355,290

*Hotels, Restaurants & Leisure (0.5%)*
Accor S.A.	20,000		1,599,483
Compass Group plc.	187,800		1,153,280

			2,752,763

*Internet & Catalog Retail (0.3%)*
Expedia, Inc.*^	60,000		1,897,200

*Leisure Equipment & Products (0.8%)*
Eastman Kodak Co.^	220,000		4,811,400

*Media (10.9%)*
British Sky Broadcasting Group plc.	90,000		1,108,964
Comcast Corp., Class A*	20,000		365,200
Comcast Corp., Special Class A*	390,000		7,066,800
Interpublic Group of Cos., Inc.*^	250,000		2,027,500
Mediaset S.p.A.	200,000		2,019,091
News Corp., Class A.	600,000		12,294,000
Pearson plc.	350,000		5,099,917
Reed Elsevier N.V.^	400,000		7,982,793
Time Warner, Inc.	700,000		11,557,000
Viacom, Inc., Class B*	130,000		5,709,600
Vivendi S.A.	200,000		9,175,826

			64,406,691

*Specialty Retail (1.5%)*
Chico’s FAS, Inc.*^	500,000		4,515,000
Kingfisher plc.	1,500,000		4,347,470

			8,862,470

Total Consumer Discretionary			108,398,594

Consumer Staples (1.4%)
*Food Products (1.4%)*
Nestle S.A. (Registered)	5,000		2,296,516
Premier Foods plc.	1,500,000		6,113,630

			8,410,146

Total Consumer Staples			8,410,146

Energy (7.8%)
*Oil, Gas & Consumable Fuels (7.8%)*
BP plc.	750,000		9,181,642
El Paso Corp.	200,000		3,448,000
ENI S.p.A.	210,000		7,691,114
Gazprom OAO (Sponsored ADR)^	70,000		3,920,000
Royal Dutch Shell plc, Class B	250,000		10,400,885
Total S.A.	140,000		11,632,362

Total Energy			46,274,003

Financials (16.7%)
*Capital Markets (1.1%)*
Nomura Holdings, Inc.	50,000		848,140
UBS AG (Registered)	120,000		5,554,035

			6,402,175

*Commercial Banks (8.1%)*
Commerzbank AG	30,000		1,151,803
HSBC Holdings plc^	399,728		6,751,504
Intesa Sanpaolo S.p.A.	1,100,000		8,700,659
Kookmin Bank (ADR)*	60,000		4,399,200
Mega Financial Holding Co., Ltd	3,000,000		1,845,257
Mitsubishi UFJ Financial Group, Inc.	550,000		5,154,635
Royal Bank of Scotland Group plc.	700,000		6,186,785
Shinsei Bank Ltd.^	300,000		1,095,645
Sumitomo Mitsui Financial Group, Inc.^	650		4,869,982
UniCredito Italiano S.p.A.	950,000		7,889,222

			48,044,692

*Consumer Finance (0.4%)*
Aiful Corp.^	120,000		2,144,027

*Diversified Financial Services (1.5%)*
ING Groep N.V. (CVA)	230,000		8,995,262

*Insurance (5.4%)*
American International Group, Inc.	180,000		10,494,000
Aviva plc.	660,000		8,841,847
Muenchener Rueckversicherungs-Gesellschaft AG (Registered). .	12,000		2,332,379
Old Mutual plc.	1,650,000		5,504,805
Standard Life plc (b)	300,000		1,509,373
Torchmark Corp.	40,000		2,421,200
Willis Group Holdings Ltd.	26,700		1,013,799

			32,117,403

*Real Estate Management & Development (0.2%)*
Cheung Kong Holdings Ltd.	41,000		758,227
Swire Pacific Ltd., Class A^	33,500		461,853

			1,220,080

Total Financials			98,923,639

Health Care (12.7%)
*Biotechnology (1.9%)*
Amgen, Inc.*	240,000		11,145,600

*Health Care Equipment & Supplies (2.0%)*
Boston Scientific Corp.*	550,000		6,396,500
Covidien Ltd.	130,000		5,757,700

			12,154,200

*Health Care Providers & Services (1.0%)*
Quest Diagnostics, Inc.	110,000		5,819,000

*Pharmaceuticals (7.8%)*
GlaxoSmithKline plc.	440,000		11,202,300
Merck & Co., Inc.	64,000		3,719,040
Novartis AG (Registered)	160,000		8,776,222
Pfizer, Inc.	500,000		11,365,000
Sanofi-Aventis S.A.	120,000		11,049,589

			46,112,151

Total Health Care			75,230,951

Industrials (12.8%)
*Aerospace & Defense (0.2%)*
Rolls-Royce Group plc*	100,000		1,086,868
Rolls-Royce Group plc, Class B	4,040,000		8,846

			1,095,714

*Air Freight & Logistics (4.1%)*
Deutsche Post AG (Registered)	230,000		7,905,743
FedEx Corp.	80,000		7,133,600
United Parcel Service, Inc., Class B	130,000		9,193,600

			24,232,943

*Commercial Services & Supplies (0.7%)*
Pitney Bowes, Inc.	120,000		4,564,800

*Industrial Conglomerates (7.0%)*
General Electric Co.	330,000		12,233,100
Koninklijke Philips Electronics N.V.	165,000		7,121,353
Siemens AG (Registered)	90,000		14,324,288
Tyco International Ltd.	200,000		7,930,000

			41,608,741

329

EQ ADVISORS TRUST

EQ/TEMPLETON GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
*Machinery (0.8%)*
Ebara Corp.^		1,350,000	$	4,616,211

Total Industrials				76,118,409

Information Technology (16.7%)
*Computers & Peripherals (1.4%)*
Seagate Technology		325,000		8,287,500

*Electronic Equipment & Instruments (1.9%)*
FujiFilm Holdings Corp.		25,000		1,058,497
Hitachi Ltd.		365,000		2,721,613
Tyco Electronics Ltd.		200,000		7,426,000

				11,206,110

*IT Services (3.6%)*
Accenture Ltd., Class A		330,000		11,889,900
Electronic Data Systems Corp.		450,000		9,328,500

				21,218,400

*Office Electronics (0.2%)*
Konica Minolta Holdings, Inc.		60,000		1,062,883

*Semiconductors & Semiconductor Equipment (4.4%)*
Infineon Technologies AG*		750,000		8,849,058
Samsung Electronics Co., Ltd. (GDR) (b)		36,000		10,691,737
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		700,000		6,972,000

				26,512,795

*Software (5.2%)*
Cadence Design Systems, Inc.*		50,000		850,500
Microsoft Corp.		440,000		15,664,000
Oracle Corp.*		640,000		14,451,200

				30,965,700

Total Information Technology				99,253,388

Materials (1.4%)
*Paper & Forest Products (1.4%)*
International Paper Co.		40,000		1,295,200
Stora Enso Oyj, Class R^		75,000		1,122,854
Svenska Cellulosa AB, Class B		250,000		4,428,921
UPM-Kymmene Oyj		75,000		1,515,415

Total Materials				8,362,390

Telecommunication Services (7.1%)
*Diversified Telecommunication Services (3.4%)*
France Telecom S.A.		160,000		5,759,307
Singapore Telecommunications Ltd.		2,700,000		7,502,866
Telekom Austria AG		250,000		6,955,703

				20,217,876

*Wireless Telecommunication Services (3.7%)*
SK Telecom Co., Ltd. (ADR)^		100,000		2,984,000
Sprint Nextel Corp.		800,000		10,504,000
Vodafone Group plc.		2,300,000		8,598,198

				22,086,198

Total Telecommunication Services				42,304,074

Total Common Stocks (94.9%) (Cost $574,290,689)				563,275,594


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Securities (3.1%)
Federal Home Loan Bank
4.03%, 1/10/08 (o)(p)	$	18,435,000		18,414,403

Short-Term Investments of Cash Collateral for Securities Loaned (5.5%)
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		31,748,706		31,748,706
Goldman Sachs Group, Inc.
4.62%, 8/18/08 (l)		1,000,000		1,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				32,748,706

Time Deposits (1.9%)
Dresdner Bank
4.25%, 1/2/08		10,095,000		10,095,000
JPMorgan Chase Nassau
3.51%, 1/2/08		1,126,540		1,126,540

Total Time Deposits				11,221,540

Total Short-Term Investments (10.5%) (Cost/Amortized Cost $62,383,954)				62,384,649

Total Investments (105.4%) (Cost/Amortized Cost $636,674,643)				625,660,243
Other Assets Less Liabilities (-5.4%)				(31,960,291	)

Net Assets (100%)			$	593,699,952

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2007.

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

CVA — Dutch Certification

GDR — Global Depositary Receipt

330

EQ ADVISORS TRUST

EQ/TEMPLETON GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	516,547,861
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	15,519,013

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	30,526,805
Aggregate gross unrealized depreciation		(41,541,205	)

Net unrealized depreciation	$	(11,014,400	)

Federal income tax cost of investments	$	636,674,643

At December 31, 2007, the Portfolio had loaned securities with a total value of $31,449,272. This was secured by collateral of $32,748,706 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2007, the Portfolio incurred approximately $5,970 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio utilized capital loss carryforward of $432 during 2007.

See Notes to Financial Statements.

331

EQ ADVISORS TRUST

EQ/UBS GROWTH AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (14.1%)
*Auto Components (3.2%)*
BorgWarner, Inc.	67,000	$	3,243,470
Johnson Controls, Inc.	105,800		3,813,032

			7,056,502

*Automobiles (0.5%)*
Harley-Davidson, Inc.	23,000		1,074,330

*Hotels, Restaurants & Leisure (2.1%)*
Carnival Corp.	74,000		3,292,260
Royal Caribbean Cruises Ltd.	29,900		1,268,956

			4,561,216

*Household Durables (0.8%)*
Fortune Brands, Inc.	25,800		1,866,888

*Media (5.8%)*
Comcast Corp., Class A*	104,500		1,908,170
Interpublic Group of Cos., Inc.*	170,100		1,379,511
McGraw-Hill Cos., Inc.	22,700		994,487
News Corp., Class A	105,000		2,151,450
Omnicom Group, Inc.	51,800		2,462,054
R.H. Donnelley Corp.*	42,311		1,543,505
Viacom, Inc., Class B*	47,500		2,086,200

			12,525,377

*Multiline Retail (0.9%)*
Target Corp.	37,400		1,870,000

*Specialty Retail (0.3%)*
Chico’s FAS, Inc.*	68,100		614,943

*Textiles, Apparel & Luxury Goods (0.5%)*
Coach, Inc.*	37,100		1,134,518

Total Consumer Discretionary			30,703,774

Consumer Staples (3.8%)
*Beverages (1.6%)*
Anheuser-Busch Cos., Inc.	30,400		1,591,136
Constellation Brands, Inc., Class A*	78,000		1,843,920

			3,435,056

*Food & Staples Retailing (2.2%)*
Costco Wholesale Corp.	31,600		2,204,416
SYSCO Corp.	84,300		2,631,003

			4,835,419

Total Consumer Staples			8,270,475

Energy (8.5%)
*Energy Equipment & Services (3.0%)*
ENSCO International, Inc.	31,100		1,854,182
Halliburton Co.	122,600		4,647,766

			6,501,948

*Oil, Gas & Consumable Fuels (5.5%)*
Chevron Corp.	18,300		1,707,939
EOG Resources, Inc.	38,700		3,453,975
Exxon Mobil Corp.	24,600		2,304,774
Patriot Coal Corp.*	3,260		136,072
Peabody Energy Corp.	70,800		4,364,112

			11,966,872

Total Energy			18,468,820

Financials (19.1%)
*Capital Markets (5.0%)*
Bank of New York Mellon Corp.	98,600		4,807,736
Morgan Stanley	114,100		6,059,851

			10,867,587

*Commercial Banks (5.5%)*
City National Corp./California^	14,400		857,520
Fifth Third Bancorp.	117,600		2,955,288
PNC Financial Services Group, Inc.	26,500		1,739,725
Wells Fargo & Co.	208,700		6,300,653

			11,853,186

*Consumer Finance (0.6%)*
Discover Financial Services	92,300		1,391,884

*Diversified Financial Services (3.9%)*
Citigroup, Inc.	203,400		5,988,096
JPMorgan Chase & Co.	59,100		2,579,715

			8,567,811

*Insurance (2.8%)*
Aflac, Inc.	55,500		3,475,965
Hartford Financial Services Group, Inc.	23,400		2,040,246
Principal Financial Group, Inc.	7,300		502,532

			6,018,743

*Thrifts & Mortgage Finance (1.3%)*
Freddie Mac	81,900		2,790,333

Total Financials			41,489,544

Health Care (17.5%)
*Biotechnology (2.7%)*
Amgen, Inc.*	14,300		664,092
Cephalon, Inc.*	12,700		911,352
Genzyme Corp.*	59,200		4,406,848

			5,982,292

*Health Care Equipment & Supplies (1.5%)*
Medtronic, Inc.	65,000		3,267,550

*Health Care Providers & Services (2.5%)*
DaVita, Inc.*	12,100		681,835
Medco Health Solutions, Inc.*	27,600		2,798,640
UnitedHealth Group, Inc.	32,800		1,908,960

			5,389,435

*Life Sciences Tools & Services (0.7%)*
Millipore Corp.*	9,400		687,892
Pharmaceutical Product Development, Inc.	22,200		896,214

			1,584,106

*Pharmaceuticals (10.1%)*
Allergan, Inc.	79,700		5,119,928
Bristol-Myers Squibb Co.	55,800		1,479,816
Johnson & Johnson	63,000		4,202,100
Merck & Co., Inc.	81,300		4,724,343
Schering-Plough Corp.	47,200		1,257,408
Wyeth	116,400		5,143,716

			21,927,311

Total Health Care			38,150,694

Industrials (12.7%)
*Air Freight & Logistics (1.6%)*
FedEx Corp.	39,300		3,504,381

*Building Products (1.7%)*
Masco Corp.	167,600		3,621,836

*Industrial Conglomerates (3.5%)*
General Electric Co.	201,500		7,469,605

*Machinery (3.2%)*
Illinois Tool Works, Inc.	81,000		4,336,740
PACCAR, Inc.	49,450		2,694,036

			7,030,776

*Road & Rail (2.7%)*
Burlington Northern Santa Fe Corp.	53,300		4,436,159
Ryder System, Inc.	30,600		1,438,506

			5,874,665

Total Industrials			27,501,263

332

EQ ADVISORS TRUST

EQ/UBS GROWTH AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Number of Shares		Value (Note 1)
Information Technology (13.6%)
*Computers & Peripherals (1.9%)*
Dell, Inc.*		84,300	$	2,066,193
Lexmark International, Inc., Class A*		22,300		777,378
Network Appliance, Inc.*		50,100		1,250,496

				4,094,067

*Semiconductors & Semiconductor Equipment (6.4%)*
Analog Devices, Inc.		111,900		3,547,230
Intel Corp.		259,000		6,904,940
Linear Technology Corp.		50,600		1,610,598
Xilinx, Inc.		87,200		1,907,064

				13,969,832

*Software (5.3%)*
Intuit, Inc.*		56,100		1,773,321
Microsoft Corp.		154,100		5,485,960
Red Hat, Inc.*		33,700		702,308
Symantec Corp.*		216,034		3,486,789

				11,448,378

Total Information Technology				29,512,277

Telecommunication Services (3.3%)
*Diversified Telecommunication Services (1.6%)*
AT&T, Inc.		84,500		3,511,820

*Wireless Telecommunication Services (1.7%)*
Sprint Nextel Corp.		273,634		3,592,815

Total Telecommunication Services				7,104,635

Utilities (6.4%)
*Electric Utilities (4.8%)*
American Electric Power Co., Inc.		43,300		2,016,048
Exelon Corp.		87,800		7,167,992
Northeast Utilities		6,300		197,253
Pepco Holdings, Inc.		33,800		991,354

				10,372,647

*Multi-Utilities (1.6%)*
NiSource, Inc.		51,700		976,613
Sempra Energy		41,100		2,543,268

				3,519,881

Total Utilities				13,892,528

Total Common Stocks (99.0%) (Cost $195,991,505)				215,094,010


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investment of Cash Collateral for Securities Loaned (0.4%)
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)	$	871,200		871,200

Time Deposit (1.2%)
JPMorgan Chase Nassau
3.51%, 1/2/08		2,633,309		2,633,309

Total Short-Term Investments (1.6%) (Amortized Cost $3,504,509)				3,504,509

Total Investments (100.6%) (Cost/Amortized Cost $199,496,014)				218,598,519
Other Assets Less Liabilities (-0.6%)				(1,201,764	)

Net Assets (100%)			$	217,396,755

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	80,071,707
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	71,107,381

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	35,516,261
Aggregate gross unrealized depreciation		(16,456,900	)

Net unrealized appreciation	$	19,059,361

Federal income tax cost of investments	$	199,539,158

At December 31, 2007, the Portfolio had loaned securities with a total value of $857,520. This was secured by collateral of $871,200 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2007, the Portfolio incurred approximately $275 as brokerage commissions with Sanford C. Bernstein & Co., Inc., and $1,618 with UBS AG, affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $5,281,512 which expires in the year 2011.

The Portfolio utilized capital loss carryforward of $15,990,229 during 2007.

See Notes to Financial Statements.

333

EQ ADVISORS TRUST

EQ/VAN KAMPEN COMSTOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (13.3%)
*Internet & Catalog Retail (1.2%)*
Liberty Media Corp., Interactive, Class A*	196,175	$	3,743,019

*Media (11.4%)*
Comcast Corp., Class A*	455,150		8,311,039
Liberty Media Corp., Capital Series, Class A*	38,755		4,514,570
News Corp., Class B	145,100		3,083,375
Time Warner, Inc.	571,100		9,428,861
Viacom, Inc., Class B*	252,900		11,107,368

			36,445,213

*Specialty Retail (0.7%)*
Home Depot, Inc.	39,900		1,074,906
Lowe’s Cos., Inc.	56,900		1,287,078

			2,361,984

Total Consumer Discretionary			42,550,216

Consumer Staples (19.3%)
*Beverages (3.7%)*
Anheuser-Busch Cos., Inc.	53,300		2,789,722
Coca-Cola Co.	148,800		9,131,856

			11,921,578

*Food & Staples Retailing (4.7%)*
CVS Caremark Corp.	150,500		5,982,375
Wal-Mart Stores, Inc.	195,200		9,277,856

			15,260,231

*Food Products (6.9%)*
Cadbury Schweppes plc (ADR)	153,200		7,563,484
Kraft Foods, Inc., Class A	204,136		6,660,958
Sara Lee Corp.	68,500		1,100,110
Unilever N.V. (N.Y. Shares)	185,900		6,777,914

			22,102,466

*Household Products (2.3%)*
Kimberly-Clark Corp.	58,100		4,028,654
Procter & Gamble Co.	44,400		3,259,848

			7,288,502

*Tobacco (1.7%)*
Altria Group, Inc.	70,600		5,335,948

Total Consumer Staples			61,908,725

Financials (25.8%)
*Capital Markets (4.0%)*
Bank of New York Mellon Corp.	159,687		7,786,338
Bear Stearns Cos., Inc.	16,800		1,482,600
Merrill Lynch & Co., Inc.	65,100		3,494,568

			12,763,506

*Commercial Banks (5.0%)*
Barclays plc (ADR)	9,800		395,626
PNC Financial Services Group, Inc.	6,400		420,160
U.S. Bancorp	62,200		1,974,228
Wachovia Corp.	226,200		8,602,386
Wells Fargo & Co.	152,300		4,597,937

			15,990,337

*Diversified Financial Services (8.2%)*
Bank of America Corp.	262,700		10,839,002
Citigroup, Inc.	312,500		9,200,000
JPMorgan Chase & Co.	138,100		6,028,065

			26,067,067

*Insurance (7.5%)*
Aflac, Inc.	24,500		1,534,435
American International Group, Inc.	69,300		4,040,190
Berkshire Hathaway, Inc., Class B*	500		2,368,000
Chubb Corp.	149,380		8,153,160
Genworth Financial, Inc., Class A	44,500		1,132,525
Hartford Financial Services Group, Inc.	16,200		1,412,478
MBIA, Inc.^	20,100		374,463
MetLife, Inc.	46,000		2,834,520
Travelers Cos., Inc.	41,000		2,205,800

			24,055,571

*Thrifts & Mortgage Finance (1.1%)*
Fannie Mae	23,300		931,534
Freddie Mac	78,100		2,660,867

			3,592,401

Total Financials			82,468,882

Health Care (17.4%)
*Health Care Equipment & Supplies (0.5%)*
Boston Scientific Corp.*	150,100		1,745,663

*Health Care Providers & Services (2.3%)*
Cardinal Health, Inc.	84,400		4,874,100
UnitedHealth Group, Inc.	23,600		1,373,520
WellPoint, Inc.*	13,100		1,149,263

			7,396,883

*Pharmaceuticals (14.6%)*
Abbott Laboratories	100,500		5,643,075
Bristol-Myers Squibb Co.	344,800		9,144,096
Eli Lilly & Co.	106,300		5,675,357
GlaxoSmithKline plc (ADR)	59,600		3,003,244
Pfizer, Inc.	242,500		5,512,025
Roche Holding AG (ADR)	14,200		1,212,680
Schering-Plough Corp.	268,400		7,150,176
Wyeth	210,700		9,310,833

			46,651,486

Total Health Care			55,794,032

Industrials (2.0%)
*Airlines (0.7%)*
Southwest Airlines Co.	174,500		2,128,900

*Industrial Conglomerates (1.3%)*
General Electric Co.	112,000		4,151,840

Total Industrials			6,280,740

Information Technology (6.5%)
*Communications Equipment (0.3%)*
Alcatel-Lucent (ADR)	21,900		160,308
Telefonaktiebolaget LM Ericsson (Sponsored ADR)	31,800		742,530

			902,838

*Computers & Peripherals (3.2%)*
Dell, Inc.*	122,200		2,995,122
Hewlett-Packard Co.	42,800		2,160,544
International Business Machines Corp.	45,200		4,886,120

			10,041,786

*IT Services (0.8%)*
Computer Sciences Corp.*	22,200		1,098,234
Western Union Co.	63,800		1,549,064

			2,647,298

*Semiconductors & Semiconductor Equipment (1.2%)*
Intel Corp.	73,200		1,951,512
KLA-Tencor Corp.	18,000		866,880
Texas Instruments, Inc.	31,600		1,055,440

			3,873,832

*Software (1.0%)*
Microsoft Corp.	90,500		3,221,800

Total Information Technology			20,687,554

334

EQ ADVISORS TRUST

EQ/VAN KAMPEN COMSTOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Number of Shares		Value (Note 1)
Materials (8.0%)
*Chemicals (3.2%)*
E.I. du Pont de Nemours & Co.		169,400	$	7,468,846
Rohm & Haas Co.		49,600		2,632,272

				10,101,118

*Metals & Mining (0.9%)*
Alcoa, Inc.		67,400		2,463,470
Newmont Mining Corp.		10,800		527,364

				2,990,834

*Paper & Forest Products (3.9%)*
International Paper Co.		387,745		12,555,183

Total Materials				25,647,135

Telecommunication Services (4.6%)
*Diversified Telecommunication Services (4.6%)*
AT&T, Inc.		113,000		4,696,280
Verizon Communications, Inc.		232,300		10,149,187

Total Telecommunication Services				14,845,467

Total Common Stocks (96.9%)
(Cost $310,213,151)				310,182,751


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Securities (3.2%)
Federal Home Loan Bank
3.25%, 1/2/08 (o)(p)	$	10,200,000		10,198,159

Short-Term Investments of Cash Collateral for Securities Loaned (0.1%)
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		386,925		386,925

Time Deposit (0.0%)
JPMorgan Chase Nassau
3.51%, 1/2/08		17,513		17,513

Total Short-Term Investments (3.3%)
(Cost/Amortized Cost $10,603,517)				10,602,597

Total Investments (100.2%)
(Cost/Amortized Cost $320,816,668)				320,785,348
Other Assets Less Liabilities (-0.2%)				(625,018	)

Net Assets (100%)			$	320,160,330

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(o)

Discount Note Security. Effective rate calculated as of December 31, 2007.

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	131,122,305
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	70,046,519

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	26,599,218
Aggregate gross unrealized depreciation		(26,794,223	)

Net unrealized depreciation	$	(195,005	)

Federal income tax cost of investments	$	320,980,353

At December 31, 2007, the Portfolio had loaned securities with a total value of $374,463. This was secured by collateral of $386,925 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2007, the Portfolio incurred approximately $1,550 as brokerage commissions with Morgan Stanley & Co., Inc. and $348 with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

See Notes to Financial Statements.

335

EQ ADVISORS TRUST

EQ/VAN KAMPEN EMERGING MARKETS EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Austria (0.7%)
Raiffeisen International Bank Holding AG	185,019	$	28,024,528

Bermuda (0.9%)
Central European Media Enterprises Ltd.*	286,100		33,181,878

Brazil (12.2%)
All America Latina Logistica S.A.	1,311,130		16,971,031
Banco do Brasil S.A.	1,072,566		18,317,981
Banco Itau Holding Financeira S.A. (ADR)	1,002,446		25,923,254
Banco Itau Holding Financeira S.A. (Preference)	397,694		10,165,774
Cia Energetica de Sao Paulo, Class B (Preference)*	359,357		8,767,907
Cia Siderurgica Nacional S.A.	302,730		26,803,510
Cia Vale do Rio Doce (Preference ADR)	21,256		606,035
Cia Vale do Rio Doce (Sponsored ADR)	4,502,389		125,976,844
Cyrela Brazil Realty S.A.	1,447,960		19,685,748
Gerdau S.A. (Preference)	191,725		5,596,647
Gerdau S.A. (Sponsored ADR)	428,268		12,424,055
Investimentos Itau S.A. (Preference)	1,911,723		12,619,520
Lojas Arapua S.A. (Preference)*†(b)	1,248,000		—
NET Servicos de Comunicacao S.A. (Preference)*	1,132,696		13,808,710
Petroleo Brasileiro S.A. (ADR)	141,328		16,286,639
Petroleo Brasileiro S.A. (Preference)	284,864		14,147,178
Petroleo Brasileiro S.A. (Sponsored ADR) (Frankfurt Exchange)	340,510		32,763,872
Petroleo Brasileiro S.A. (Sponsored ADR) (New York Exchange)	618,543		59,516,207
Unibanco-Uniao de Bancos Brasileiros S.A.	187,686		2,607,570
Unibanco-Uniao de Bancos Brasileiros S.A. (GDR)	338,572		47,278,194

			470,266,676

China (11.8%)
Bank of China Ltd., Class H^	65,895,000		31,944,379
Belle International Holdings Ltd.^	1,437,000		2,170,962
BYD Electronic International Co., Ltd.*	7,771,500		15,049,844
China Coal Energy Co.	19,824,000		62,288,455
China Communications Construction Co., Ltd., Class H^	12,057,000		31,621,521
China Construction Bank Corp., Class H^(b)	75,939,000		64,374,893
China COSCO Holdings Co., Ltd., Class H^	13,923,000		38,479,576
China Petroleum & Chemical Corp., Class H^	32,144,000		48,561,869
Datang International Power Generation Co., Ltd., Class H^	10,563,000		9,428,589
Dongfeng Motor Group Co., Ltd., Class H^	33,181,000		23,404,661
Harbin Power Equipment Co., Ltd., Class H	11,435,000		36,662,862
Industrial & Commercial Bank of China Ltd., Class H^	66,152,000		47,509,580
Maanshan Iron & Steel Co., Ltd., Class H^	26,125,000		17,321,960
Ping An Insurance Group Co. of China Ltd., Class H^§	2,548,000		27,351,117
Sino-Ocean Land Holdings Ltd.*	408,000		505,461

			456,675,729

Czech Republic (0.4%)
Komercni Banka A/S	60,600		14,565,113

Egypt (0.7%)
El Sewedy Cables Holding Co.*	1,175,654		25,368,338

Hong Kong (5.9%)
China Mobile Ltd.^	6,450,000		114,070,716
China Overseas Land & Investment Ltd.	1,844,000		3,812,204
China Resources Power Holdings Co.	8,324,000		28,770,077
COSCO Pacific Ltd.	6,144,000		16,389,463
GOME Electrical Appliances Holdings Ltd.^	16,398,000		41,639,572
Shanghai Industrial Holdings Ltd.^	5,260,000		22,935,851

			227,617,883

India (11.2%)
Aban Offshore Ltd.	195,620		24,596,802
ABB Ltd.	736,174		28,245,062
Axis Bank Ltd.	1,235,937		30,430,421
Bharat Heavy Electricals Ltd.	537,188		35,295,766
Bharti Airtel Ltd.*	783,900		19,816,769
Deccan Chronicle Holdings Ltd.	2,496,225		13,923,508
Glenmark Pharmaceuticals Ltd.	1,495,640		22,615,792
GVK Power & Infrastructure Ltd.*	659,350		13,409,488
HCL Technologies Ltd.	1,757,300		14,697,297
HDFC Bank Ltd.	617,000		27,067,226
HDFC Bank Ltd. (ADR)	200,000		26,090,000
Housing Development Finance Corp.	227,500		16,610,126
India Cements Ltd.	1,252,730		9,857,522
Infosys Technologies Ltd.	503,460		22,607,481
Maruti Suzuki India Ltd.	582,500		14,697,355
Praj Industries Ltd.	1,387,300		8,473,740
Reliance Communications Ltd.	916,900		17,363,292
Reliance Industries Ltd.	705,200		51,576,304
Steel Authority of India Ltd.	1,688,500		12,189,843
Television Eighteen India Ltd.	429,746		5,834,798
Zee Entertainment Enterprises Ltd.	1,892,900		15,706,532

			431,105,124

Indonesia (3.6%)
PT Astra International Tbk	7,129,400		20,722,132
PT Bank Central Asia Tbk	16,938,000		13,164,482
PT Bank Mandiri Persero Tbk	12,373,000		4,610,647
PT Bank Rakyat Indonesia	15,745,500		12,405,291
PT Bumi Resources Tbk	59,350,500		37,913,548
PT International Nickel Indonesia Tbk	1,694,500		17,364,453
PT Tambang Batubara Bukit Asam Tbk	8,597,000		10,983,657
PT Telekomunikasi Indonesia Tbk	19,408,000		20,973,245

			138,137,455

Luxembourg (2.0%)
Evraz Group S.A. (GDR) (Chi-X Alt TS Exchange)	303,109		23,430,326

336

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Evraz Group S.A. (GDR) (OTC Exchange)	7,742	$	598,457
Millicom International Cellular S.A.	174,669		20,600,462
Tenaris S.A. (ADR)	707,535		31,648,040

			76,277,285

Malaysia (0.5%)
Hap Seng Plantations Holdings Bhd*	593,000		570,227
IOI Corp. Bhd	8,927,200		20,921,016

			21,491,243

Mexico (4.8%)
America Movil S.A.B. de C.V., Series L (ADR)	1,444,722		88,691,484
Corp. GEO S.A.B. de C.V.*	2,844,281		8,182,881
Empresas ICA S.A.B. de C.V.*	1,402,406		9,250,177
Grupo Financiero Banorte S.A.B. de C.V., Class O	5,999,900		24,792,748
Grupo Mexico S.A.B. de C.V., Class B	1,478,500		9,292,864
Urbi Desarrollos Urbanos S.A. de C.V.*	2,908,800		10,047,530
Wal-Mart de Mexico S.A.B. de C.V., Series C (ADR)	72,197		2,516,968
Wal-Mart de Mexico S.A.B. de C.V., Series V	9,003,783		31,389,456

			184,164,108

Oman (1.5%)
BankMuscat (SAOG) (GDR) (m)	2,675,323		59,525,937

Philippines (0.7%)
Ayala Corp.	608,334		8,327,285
Philippine Long Distance Telephone Co.	108,670		8,359,231
PNOC Energy Development Corp.	60,968,500		9,601,339

			26,287,855

Poland (3.5%)
Bank Handlowy w Warszawie S.A.	274,220		11,138,951
Bank Millennium S.A.	4,656,777		22,021,394
Bank Pekao S.A.	352,668		32,551,543
Bank Zachodni WBK S.A.	179,976		18,368,258
Budimex S.A.*	146,366		5,475,297
Getin Holding S.A.*	563,076		3,365,612
PBG S.A.*	39,509		4,933,504
Polimex Mostostal S.A.	1,848,550		6,434,053
Polski Koncern Naftowy Orlen S.A.*	296,700		6,261,301
TVN S.A.	2,575,773		26,183,473

			136,733,386

Russia (12.1%)
CTC Media, Inc.*	1,021,936		30,862,467
Eurasia Drilling Co., Ltd. (GDR)*(b)	695,060		18,940,385
Gazprom OAO (Sponsored ADR) (Chi-X Alt TS Exchange)	327,600		18,574,920
Gazprom OAO (Sponsored ADR) (Frankfurt Exchange)	773,700		43,327,200
Gazprom OAO (Sponsored ADR) (OTC Exchange)	1,827,891		102,361,896
Mechel OAO (ADR)	278,650		27,068,061
Mobile Telesystems OJSC (ADR)	350,500		35,677,395
Sberbank RF (GDR)^	32,549		17,641,558
Sberbank RF, Class S^	14,338,257		60,507,444
Severstal (GDR)	205,400		4,662,580
Severstal (GDR) (m)	685,665		15,674,302
TMK OAO (GDR) (b)	406,145		17,626,693
TMK OAO (GDR) (m)^	165,125		7,430,625
Vimpel-Communications OJSC (ADR)	1,015,770		42,256,032
Wimm-Bill-Dann Foods OJSC (ADR)	169,865		22,259,110

			464,870,668

South Africa (5.2%)
Allied Electronics Corp., Ltd. (Preference)*	1,498,615		9,428,906
ArcelorMittal South Africa Ltd.	1,467,821		29,316,258
Barloworld Ltd.	482,673		7,606,266
Exxaro Resources Ltd.	1,407,973		21,312,167
Freeworld Coatings Ltd.*	482,673		745,089
Group Five Ltd.	1,936,208		15,581,795
MTN Group Ltd.	4,031,061		75,532,812
Murray & Roberts Holdings Ltd.	1,653,388		24,676,169
Raubex Group Ltd.	2,240,913		15,571,482
Sanlam Ltd.	6,840		22,769
Standard Bank Group Ltd.	79,112		1,158,490

			200,952,203

South Korea (11.7%)
Amorepacific Corp.	12,278		9,312,943
Cheil Communications, Inc.	43,961		13,243,953
Cheil Industries, Inc.	164,481		9,190,061
Doosan Infracore Co., Ltd.	310,122		9,906,146
GS Engineering & Construction Corp.	114,040		19,005,651
Hite Brewery Co., Ltd.	81,138		12,352,080
Hyundai Heavy Industries Co., Ltd.	73,258		34,631,339
Hyundai Mipo Dockyard Co., Ltd.	70,991		21,880,138
Hyundai Motor Co.	294,760		22,546,676
Korean Air Lines Co., Ltd.*	171,715		14,088,683
LG Chem Ltd.	173,150		16,574,157
LG Electronics, Inc.	216,516		23,130,816
LG.Philips LCD Co., Ltd.	603,884		31,934,467
NHN Corp.*	118,072		28,519,929
Orion Corp.	25,292		6,754,981
POSCO	29,760		18,281,075
Samsung Electronics Co., Ltd.	46,963		27,895,335
Samsung Electronics Co., Ltd. (Preference)	42,108		19,253,484
Samsung Fire & Marine Insurance Co., Ltd.	80,640		21,795,759
Shinhan Financial Group Ltd.	447,256		25,562,946
SK Energy Co., Ltd.*	55,597		10,750,555
SSCP Co., Ltd.*	299,466		10,077,644
STX Pan Ocean Co., Ltd.	9,093,500		22,995,130
Woongjin Coway Co., Ltd.	623,228		20,307,093

			449,991,041

Taiwan (5.0%)
Asustek Computer, Inc.	5,424,245		16,288,873
AU Optronics Corp.	29,908,135		58,553,903
Epistar Corp.	3,308,000		14,176,633
Formosa Plastics Corp.	10,790,000		30,306,279
Foxconn Technology Co., Ltd.	1,958,300		15,939,546
InnoLux Display Corp.	1,881,000		6,379,318
InnoLux Display Corp. (GDR)*	839,572		5,709,090
MediaTek, Inc.	148,545		1,928,115
Siliconware Precision Industries Co.	5,166,000		9,285,723
Taiwan Cement Corp.	12,085,000		16,766,869

337

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EQ/VAN KAMPEN EMERGING MARKETS EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
Tripod Technology Corp.		579,530	$	2,090,521
TXC Corp.		1,107,534		1,949,782
Yang Ming Marine Transport Corp.		19,121,916		14,797,826

				194,172,478

Turkey (3.6%)
Akcansa Cimento A/S		1,026,338		6,216,251
Aksigorta A/S		1,873,620		11,028,345
KOC Holding A/S*		1,599,229		8,662,917
Tekfen Holding AS*		821,199		4,518,433
Turkcell Iletisim Hizmet A/S		2,671,363		29,169,074
Turkcell Iletisim Hizmet A/S (ADR)		44,400		1,224,108
Turkiye Garanti Bankasi A/S		3,575,796		32,028,883
Turkiye Halk Bankasi A/S*		1,471,057		15,309,785
Turkiye Is Bankasi A/S		908,438		5,695,900
Yapi ve Kredi Bankasi A/S*		7,097,222		24,943,958

				138,797,654

Total Common Stocks (98.0%)
(Cost $2,785,585,616)				3,778,206,582


	Number of Rights
RIGHTS:
Hong Kong (0.0%)
Shanghai Industrial Holdings Ltd., expiring 1/31/08† (Cost $—)*		51,520		—


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (4.2%)
ANZ National Bank Ltd.
4.36%, 3/6/09 (l)	$	3,998,688		3,998,688
Barclays Capital, Repurchase Agreement
4.65%, 1/2/08 (r)		20,000,000		20,000,000
Beta Finance, Inc.
4.38%, 2/17/09 (l)		5,997,323		5,997,323
BNP Paribas N.Y.
4.35%, 2/22/08 (l)		2,000,000		2,000,000
CC USA, Inc.
4.38%, 2/12/09 (l)		9,995,534		9,995,534
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		6,000,000		6,000,000
Comerica Bank
5.00%, 6/19/09 (l)		4,000,560		4,000,560
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		40,000,000		40,000,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		45,868,303		45,868,303
Five Finance, Inc.
4.38%, 2/23/09 (l)		4,997,614		4,997,614
Goldman Sachs Group, Inc.
4.60%, 12/23/08 (l)		5,000,953		5,000,953
Links Finance LLC
4.37%, 6/22/09 (l)		4,998,124		4,998,124
Monumental Global Funding II
4.40%, 3/26/10 (l)		4,000,000		4,000,000
New York Life Insurance Co.
5.29%, 3/31/08 (l)		1,000,000		1,000,000
Pricoa Global Funding I
4.36%, 5/23/08 (l)		4,000,000		4,000,000

Total Short-Term Investments (4.2%)
(Amortized Cost $161,857,099)				161,857,099

Total Investments (102.2%)
(Cost/Amortized Cost $2,947,442,715)				3,940,063,681
Other Assets Less Liabilities (-2.2%)				(85,643,004	)

Net Assets (100%)			$	3,854,420,677

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

†	Securities (totaling $0 or 0.00% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2007, the market value of these securities amounted to $27,351,117 or 0.71% of net assets. Securities denoted with “§” but without “(b)”have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(m)

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:


ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt

338

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EQ/VAN KAMPEN EMERGING MARKETS EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	3,294,363,316
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	3,038,149,246

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	1,049,866,759
Aggregate gross unrealized depreciation		(58,639,370	)

Net unrealized appreciation	$	991,227,389

Federal income tax cost of investments	$	2,948,836,292

At December 31, 2007, the Portfolio had loaned securities with a total value of $154,116,475. This was secured by collateral of $161,857,099 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2007, the Portfolio incurred approximately $56,905 as brokerage commissions with BNP Paribas, $898 with Morgan Stanley & Co., Inc., and $9,108 with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

See Notes to Financial Statements.

339

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EQ/VAN KAMPEN MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (33.0%)
*Distributors (2.3%)*
Li & Fung Ltd.	2,482,000	$	10,026,804

*Diversified Consumer Services (1.3%)*
Apollo Group, Inc., Class A*	83,891		5,884,953

*Hotels, Restaurants & Leisure (11.1%)*
Chipotle Mexican Grill, Inc., Class B*	57,365		7,058,763
Choice Hotels International, Inc.^	115,478		3,833,870
Ctrip.com International Ltd. (ADR)	117,014		6,724,794
Marriott International, Inc., Class A	175,205		5,988,507
Starbucks Corp.*	509,891		10,437,469
Wynn Resorts Ltd.^	132,240		14,828,071

			48,871,474

*Household Durables (1.7%)*
Mohawk Industries, Inc.*^	53,646		3,991,262
NVR, Inc.*^	6,534		3,423,816

			7,415,078

*Internet & Catalog Retail (1.5%)*
priceline.com, Inc.*^	59,052		6,782,713

*Media (9.3%)*
Aeroplan Income Fund	549,736		13,201,017
Discovery Holding Co., Class A*	270,324		6,795,945
Focus Media Holding Ltd. (ADR)*^	92,773		5,270,434
Grupo Televisa S.A. (Sponsored ADR)	266,645		6,338,152
Lamar Advertising Co., Class A^	123,577		5,940,346
Morningstar, Inc.*^	47,444		3,688,771

			41,234,665

*Specialty Retail (2.8%)*
Abercrombie & Fitch Co.	152,137		12,166,396

*Textiles, Apparel & Luxury Goods (3.0%)*
Coach, Inc.*	216,677		6,625,983
Lululemon Athletica, Inc.*^	139,830		6,623,747

			13,249,730

Total Consumer Discretionary			145,631,813

Energy (8.3%)
*Oil, Gas & Consumable Fuels (8.3%)*
Southwestern Energy Co.*	237,402		13,228,039
Ultra Petroleum Corp.*^	324,427		23,196,531

Total Energy			36,424,570

Financials (9.6%)
*Capital Markets (2.0%)*
Calamos Asset Management, Inc., Class A^	149,039		4,438,381
GLG Partners, Inc.*^	314,158		4,272,549

			8,710,930

*Diversified Financial Services (4.0%)*
IntercontinentalExchange, Inc.*	52,891		10,181,517
Leucadia National Corp.^	162,336		7,646,026

			17,827,543

*Insurance (1.2%)*
Alleghany Corp.*	12,902		5,186,604

*Real Estate Management & Development (2.4%)*
Brookfield Asset Management, Inc., Class A	162,716		5,804,080
Forest City Enterprises, Inc., Class A^	110,883		4,927,641

			10,731,721

Total Financials			42,456,798

Health Care (5.8%)
*Health Care Equipment & Supplies (1.7%)*
Gen-Probe, Inc.*	117,098		7,368,977

*Life Sciences Tools & Services (4.1%)*
Illumina, Inc.*^	160,080		9,486,341
Techne Corp.*^	128,742		8,503,409

			17,989,750

Total Health Care			25,358,727

Industrials (14.7%)
*Air Freight & Logistics (4.3%)*
C.H. Robinson Worldwide, Inc.	199,134		10,777,132
Expeditors International of Washington, Inc.	184,093		8,225,275

			19,002,407

*Airlines (0.9%)*
UAL Corp.*^	107,004		3,815,763

*Commercial Services & Supplies (7.7%)*
ChoicePoint, Inc.*	150,446		5,479,243
Corporate Executive Board Co.^	111,646		6,709,924
IHS, Inc., Class A*^	94,169		5,702,875
Monster Worldwide, Inc.*	193,435		6,267,294
Stericycle, Inc.*^	162,967		9,680,240

			33,839,576

*Construction & Engineering (0.7%)*
Aecom Technology Corp.*	113,841		3,252,437

*Transportation Infrastructure (1.1%)*
Grupo Aeroportuario del Pacifico S.A. de C.V. (ADR)	114,977		5,131,424

Total Industrials			65,041,607

Information Technology (16.0%)
*Internet Software & Services (9.7%)*
Alibaba.com Ltd.*§	885,100		3,138,612
Baidu.com (Sponsored ADR)*^	35,948		14,033,740
Equinix, Inc.*^	81,995		8,287,235
NHN Corp.*	28,057		6,777,082
Tencent Holdings Ltd.	1,423,400		10,779,461

			43,016,130

*IT Services (3.7%)*
Iron Mountain, Inc.*	187,822		6,953,171
Mastercard, Inc., Class A^	44,185		9,508,612

			16,461,783

*Software (2.6%)*
Autodesk, Inc.*	80,861		4,023,643
Salesforce.com, Inc.*	115,132		7,217,625

			11,241,268

Total Information Technology			70,719,181

Materials (5.5%)
*Chemicals (2.0%)*
Nalco Holding Co.	369,372		8,931,415

*Construction Materials (3.5%)*
Martin Marietta Materials, Inc.^	83,729		11,102,466
Texas Industries, Inc.^	60,563		4,245,466

			15,347,932

Total Materials			24,279,347

Telecommunication Services (2.9%)
*Wireless Telecommunication Services (2.9%)*
Crown Castle International Corp.*^	144,850		6,025,760

340

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EQ/VAN KAMPEN MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Number of Shares		Value (Note 1)
NII Holdings, Inc.*		142,395	$	6,880,526

Total Telecommunication Services				12,906,286

Utilities (1.4%)
*Gas Utilities (1.4%)*
Questar Corp		116,970		6,328,077

Total Utilities				6,328,077

Total Common Stocks (97.2%) (Cost $397,052,199)				429,146,406


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (23.8%)
Barclays Capital, Repurchase Agreement
4.65%, 1/2/08 (r)	$	10,000,000		10,000,000
Caixa d’Estalvis i Pensions de Barcelona/Catalonia
5.18%, 6/30/08 (l)		1,600,000		1,600,000
Deutsche Bank Securities, Inc., Repurchase Agreement
4.75%, 1/2/08 (r)		92,353,580		92,353,580
Goldman Sachs Group, Inc.
4.62%, 8/18/08 (l)		1,000,000		1,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				104,953,580

Time Deposit (6.0%)
JPMorgan Chase Nassau
3.51%, 1/2/08		26,720,270		26,720,270

Total Short-Term Investments (29.8%) (Amortized Cost $131,673,850)				131,673,850

Total Investments (127.0%) (Cost/Amortized Cost $528,726,049)				560,820,256
Other Assets Less Liabilities (-27.0%)				(119,289,847	)

Net Assets (100%)			$	441,530,409

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2007, the market value of these securities amounted to $3,138,612 or 0.71% of net assets. Securities denoted with “§” but without “(b)”have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	387,600,018
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	130,180,006

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	48,602,499
Aggregate gross unrealized depreciation		(16,555,895	)

Net unrealized appreciation	$	32,046,604

Federal income tax cost of investments	$	528,773,652

At December 31, 2007, the Portfolio had loaned securities with a total value of $102,273,857. This was secured by collateral of $104,953,580 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $3,837 which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the year ended December 31, 2007, the Portfolio incurred approximately $10,015 as brokerage commissions with Morgan Stanley & Co., Inc., and $1,680 with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

See Notes to Financial Statements.

341

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EQ/VAN KAMPEN REAL ESTATE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (6.3%)
*Hotels, Restaurants & Leisure (6.3%)*
Millennium & Copthorne Hotels plc		509,920	$	4,146,467
Morgans Hotel Group Co.*		480,771		9,269,265
Starwood Hotels & Resorts Worldwide, Inc.		745,990		32,845,939

Total Consumer Discretionary				46,261,671

Financials (90.0%)
*Diversified REIT’s (5.8%)*
Liberty Property Trust (REIT)		506,109		14,581,000
PS Business Parks, Inc. (REIT)		36,072		1,895,584
Vornado Realty Trust (REIT)		292,587		25,733,027

				42,209,611

*Industrial REIT’s (4.7%)*
AMB Property Corp. (REIT)		247,629		14,253,525
DCT Industrial Trust, Inc. (REIT)		238,531		2,220,724
EastGroup Properties, Inc. (REIT)		15,272		639,133
ProLogis (REIT)		270,801		17,163,367

				34,276,749

*Office REIT’s (13.4%)*
Boston Properties, Inc. (REIT)		447,053		41,043,936
Brandywine Realty Trust (REIT)		782,061		14,022,354
Duke Realty Corp. (REIT)		513,240		13,385,299
Highwoods Properties, Inc. (REIT)		21,397		628,644
Kilroy Realty Corp. (REIT)		25,421		1,397,138
Mack-Cali Realty Corp. (REIT)		590,198		20,066,732
Parkway Properties, Inc./ Maryland (REIT)		40,642		1,502,941
SL Green Realty Corp. (REIT)		60,862		5,688,163

				97,735,207

*Real Estate Management & Development (6.4%)*
Brookfield Properties Corp.		1,803,560		34,718,530
Forest City Enterprises, Inc., Class A		263,418		11,706,296

				46,424,826

*Residential REIT’s (20.1%)*
American Campus Communities, Inc. (REIT)		11,123		298,653
Apartment Investment & Management Co. (REIT)		1,530		53,137
AvalonBay Communities, Inc. (REIT)		349,324		32,885,361
BRE Properties, Inc. (REIT)		166,204		6,736,248
Camden Property Trust (REIT)		254,676		12,262,650
Equity Lifestyle Properties, Inc. (REIT)		231,520		10,573,518
Equity Residential (REIT)		1,507,779		54,988,700
Essex Property Trust, Inc. (REIT)		123,319		12,022,369
GMH Communities Trust (REIT)		335,523		1,852,087
Mid-America Apartment Communities, Inc. (REIT)		7,683		328,448
Post Properties, Inc. (REIT)		429,474		15,083,127

				147,084,298

*Retail REIT’s (21.7%)*
Acadia Realty Trust (REIT)		170,336		4,362,305
Cedar Shopping Centers, Inc. (REIT)		120,711		1,234,874
Developers Diversified Realty Corp. (REIT)		69,990		2,679,917
Equity One, Inc. (REIT)		11,646		268,207
Federal Realty Investment Trust (REIT)		168,275		13,823,791
General Growth Properties, Inc. (REIT)		227,999		9,388,999
Macerich Co. (REIT)		357,335		25,392,225
Ramco-Gershenson Properties Trust (REIT)		116,526		2,490,161
Regency Centers Corp. (REIT)		417,737		26,939,859
Simon Property Group, Inc. (REIT)		770,494		66,925,109
Taubman Centers, Inc. (REIT)		92,818		4,565,717
Weingarten Realty Investors (REIT)		7,830		246,175

				158,317,339

*Specialized REIT’s (17.9%)*
Cogdell Spencer, Inc. (REIT)		94,132		1,499,523
DiamondRock Hospitality Co. (REIT)		126,741		1,898,580
HCP, Inc. (REIT)		30,374		1,056,408
Healthcare Realty Trust, Inc. (REIT)		489,526		12,429,065
Hersha Hospitality Trust (REIT)		455,423		4,326,518
Host Hotels & Resorts, Inc. (REIT)		2,458,346		41,890,216
Plum Creek Timber Co., Inc. (REIT)		44,428		2,045,465
Public Storage (REIT)		288,021		21,143,622
Senior Housing Properties Trust (REIT)		813,463		18,449,341
Sovran Self Storage, Inc. (REIT)		141,577		5,677,238
Strategic Hotels & Resorts, Inc. (REIT)		1,046,447		17,507,058
U-Store-It Trust (REIT)		52,380		479,801
Universal Health Realty Income Trust (REIT)		45,578		1,615,284
Ventas, Inc. (REIT)		7,780		352,045

				130,370,164

Total Financials				656,418,194

Health Care (0.8%)
*Health Care Providers & Services (0.8%)*
Assisted Living Concepts, Inc., Class A*		756,589		5,674,417

Total Health Care				5,674,417

Total Common Stocks (97.1%) (Cost $792,672,532)				708,354,282


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (2.2%)
JPMorgan Chase Nassau
3.51%, 1/2/08
(Amortized Cost $15,938,704)	$	15,938,704		15,938,704

Total Investments (99.3%) (Cost/Amortized Cost $808,611,236)				724,292,986
Other Assets Less Liabilities (0.7%)				5,300,115

Net Assets (100%)			$	729,593,101

*	Non-income producing.

Glossary:

REIT — Real Estate Investment Trust

342

EQ ADVISORS TRUST

EQ/VAN KAMPEN REAL ESTATE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	925,064,071
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	135,527,587

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	8,031,854
Aggregate gross unrealized depreciation		(92,603,690	)

Net unrealized depreciation	$	(84,571,836	)

Federal income tax cost of investments	$	808,864,822

See Notes to Financial Statements.

343

EQ ADVISORS TRUST

MARKETPLUS INTERNATIONAL CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
	Number of Shares	Value (Note 1)
COMMON STOCKS:
Australia (5.5%)
ABC Learning Centres Ltd.^	29,459	$	133,988
AGL Energy Ltd.^	33,051		386,552
Alumina Ltd.	90,681		507,195
Amcor Ltd.	69,214		419,944
AMP Ltd.	152,119		1,329,002
Ansell Ltd.	5,601		59,359
Aristocrat Leisure Ltd.	28,572		282,236
Asciano Group^	43,942		270,082
ASX Ltd.	13,624		723,734
Australia & New Zealand Banking Group Ltd.^	151,221		3,646,128
Babcock & Brown Ltd.^	18,243		434,896
Bendigo Bank Ltd.	20,000		259,200
BHP Billiton Ltd.^	1,254,185		44,203,659
Billabong International Ltd.	13,065		170,011
BlueScope Steel Ltd.	57,749		489,318
Boart Longyear Group*	105,245		217,164
Boral Ltd.	45,200		242,890
Brambles Ltd.	114,949		1,163,734
Caltex Australia Ltd.	10,629		180,776
Centro Properties Group (REIT)	65,065		57,702
Centro Retail Group	100,000		83,415
CFS Retail Property Trust (REIT)^	114,773		235,817
Challenger Financial Services Group Ltd.^	28,335		124,149
Coca-Cola Amatil Ltd.	40,285		335,329
Cochlear Ltd.	4,377		287,858
Commonwealth Bank of Australia^	105,568		5,478,216
Commonwealth Property Office Fund	57,296		77,727
Computershare Ltd.	38,836		336,908
Crown Ltd.*	36,273		428,376
CSL Ltd.^	44,578		1,423,193
CSR Ltd.	72,853		198,303
DB RREEF Trust (REIT)^	220,989		388,079
Downer EDI Ltd.^	12,010		56,734
Fairfax Media Ltd.	92,109		378,501
Fortescue Metals Group Ltd.*	99,150		652,940
Foster’s Group Ltd.	155,175		892,447
Futuris Corp., Ltd.^	23,060		43,533
Goodman Fielder Ltd.	76,269		126,904
Goodman Group (REIT)	112,004		480,908
GPT Group (REIT)	163,751		580,878
Harvey Norman Holdings Ltd.	39,767		237,439
Iluka Resources Ltd.^	9,361		37,809
ING Industrial Fund	39,235		87,504
Insurance Australia Group Ltd.^	140,485		508,214
Leighton Holdings Ltd.	10,735		576,863
Lend Lease Corp., Ltd.	27,906		423,900
Lion Nathan Ltd.	23,135		195,215
Macquarie Airports Ltd.	54,126		192,478
Macquarie Communications Infrastructure Group	17,169		81,859
Macquarie Group Ltd.^	21,991		1,471,361
Macquarie Infrastructure Group	209,421		557,163
Macquarie Office Trust (REIT)	158,396		194,712
Mirvac Group (REIT)^	78,477		413,441
National Australia Bank Ltd.	131,504		4,363,502
Newcrest Mining Ltd.	36,278		1,054,364
OneSteel Ltd.	58,367		315,182
Orica Ltd.	24,964		695,949
Origin Energy Ltd.	69,550		540,455
Oxiana Ltd.^	109,015		333,108
Pacific Brands Ltd.	19,773		56,426
Paladin Resources Ltd.*^	42,092		250,951
PaperlinX Ltd.	17,665		41,259
Perpetual Ltd.^	2,928		170,299
Qantas Airways Ltd.	76,602		365,897
QBE Insurance Group Ltd.	70,735		2,070,710
Rio Tinto Ltd.^	23,165		2,724,547
Santos Ltd.	47,205		585,251
Sonic Healthcare Ltd.	24,560		360,565
St. George Bank Ltd.	16,600		460,444
Stockland (REIT)^	114,412		845,868
Suncorp-Metway Ltd.	75,788		1,125,952
Symbion Health Ltd.	25,472		89,016
TABCORP Holdings Ltd.	42,068		545,940
Tatts Group Ltd.^	81,959		287,136
Telstra Corp., Ltd.	342,991		1,256,094
Toll Holdings Ltd.	42,030		422,555
Transurban Group	85,287		512,222
Wesfarmers Ltd.^	43,961		1,563,298
Wesfarmers Ltd. (PPS)	11,504		411,114
Westfield Group (REIT)	141,864		2,615,838
Westpac Banking Corp.	151,337		3,710,051
Woodside Petroleum Ltd.	39,065		1,728,429
Woolworths Ltd.	98,102		2,927,847
WorleyParson Ltd.	11,697		534,068
Zinifex Ltd.	39,629		431,473

			106,161,553

Austria (0.3%)
Andritz AG	2,953		178,958
bwin Interactive Entertainment AG*^	1,877		73,025
Erste Bank der Oesterreichischen Sparkassen AG	15,415		1,093,069
Flughafen Wein AG	413		47,702
Immoeast AG*	32,827		353,721
Immofinanz Immobilien Anlagen AG^	36,140		367,228
Mayr Melnhof Karton AG	331		35,879
OMV AG	13,362		1,082,681
Raiffeisen International Bank Holding AG	2,756		417,447
RHI AG*^	1,031		42,206
Telekom Austria AG	27,164		755,779
Verbund-Oesterreichische Elektrizitaetswirtschafts AG, Class A	5,969		417,848
voestalpine AG	9,063		655,240
Wiener Staedtische Versicherung AG	2,480		199,423
Wienerberger AG	6,279		348,206

			6,068,412

Belgium (0.7%)
AGFA-Gevaert N.V.	5,074		77,820
Barco N.V.	450		34,344
Bekaert S.A.	470		63,219
Belgacom S.A .	13,307		656,429
Cofinimmo (REIT)	335		63,045
Colruyt S.A.	1,268		298,530
Compagnie Maritime Belge S.A.	551		47,731
D’ieteren S.A.	109		39,203
Delhaize Group	7,878		693,386
Dexia S.A.	42,528		1,071,328
Euronav N.V.	1,680		59,294
Fortis	167,637		4,414,138
Groupe Bruxelles Lambert S.A.	6,447		828,248
InBev N.V.	15,194		1,266,220
KBC Ancora	1,233		139,710

344

EQ ADVISORS TRUST

MARKETPLUS INTERNATIONAL CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
KBC Groep N.V.	14,728	$	2,071,482
Mobistar S.A.	2,362		214,972
Nationale A Portefeuille	1,559		112,212
Omega Pharma S.A.	722		50,352
Solvay S.A., Class A	5,102		713,863
UCB S.A.	8,847		401,236
Umicore	1,904		473,236

			13,789,998

Bermuda (1.8%)
Frontline Ltd.^	2,050		98,539
Ingersoll-Rand Co., Ltd., Class A^	154,700		7,188,909
Nabors Industries Ltd.*^	737,200		20,191,908
PartnerReinsurance Ltd.^	88,000		7,262,640
Seadrill Ltd.*	20,100		490,483

			35,232,479

Brazil (1.6%)
Cia Vale do Rio Doce (ADR)^	912,600		29,814,642

Canada (7.0%)
Brookfield Asset Management, Inc., Class A	176,100		6,281,487
Canadian National Railway Co.	235,900		11,070,787
Canadian Natural Resources Ltd.	65,000		4,780,080
Canadian Pacific Railway Ltd.	184,400		11,998,752
EnCana Corp.	67,100		4,589,138
Ensign Energy Services, Inc.	27,300		421,830
Finning International, Inc.	387,400		11,249,692
Manulife Financial Corp.^	69,800		2,869,229
Potash Corp. of Saskatchewan, Inc.	335,100		48,719,286
Precision Drilling Trust^	129,800		1,969,066
Suncor Energy, Inc.	103,700		11,338,231
Talisman Energy, Inc.^	211,100		3,933,461
Teck Cominco Ltd., Class B^	413,100		14,829,660

			134,050,699

China (0.1%)
Belle International Holdings Ltd.	162,000		244,743
Fosun International Ltd.*	126,500		118,431
Foxconn International Holdings Ltd.*	166,000		372,560
Parkson Retail Group Ltd.	7,500		90,367
Tencent Holdings Ltd.	70,000		530,113
Tingyi Cayman Islands Holding Corp.^	124,000		200,374

			1,556,588

Cyprus (0.0%)
Prosafe SE^	14,520		252,703

Denmark (0.5%)
A. P. Moller - Maersk A/S, Class A	14		148,508
A.P. Moller - Maersk A/S, Class B	89		949,324
Bang & Olufsen A/S, Class B^	410		38,588
Carlsberg A/S, Class B^	2,725		329,668
Coloplast A/S, Class B^	2,000		173,528
D/S Torm A/S^	1,150		40,362
Danisco A/S^	3,750		265,806
Danske Bank A/S	36,900		1,445,236
DSV A/S^	16,125		353,324
East Asiatic Co., Ltd. A/S	600		46,764
FLSmidth & Co. A/S^	4,100		419,643
GN Store Nord A/S*^	7,800		61,329
H. Lundbeck A/S^	2,100		56,823
Jyske Bank A/S (Registered)*^	4,500		354,703
NKT Holding A/S^	925		83,249
Novo Nordisk A/S, Class B	39,475		2,592,940
Novozymes A/S, Class B^	3,650		416,525
Rockwool International A/S, Class B^	595		138,599
Sydbank A/S^	4,950		212,800
Topdanmark A/S*^	1,300		187,096
TrygVesta A/S^	2,050		155,959
Vestas Wind Systems A/S*	15,050		1,628,925
William Demant Holding A/S*^	1,900		176,213

			10,275,912

Finland (1.1%)
Amer Sports Oyj, Class A^	2,842		76,828
Cargotec Corp., Class B^	3,010		139,284
Elisa Oyj	11,768		361,314
Fortum Oyj	36,764		1,656,063
Kesko Oyj, Class B	4,996		275,522
Kone Oyj, Class B^	5,858		410,506
Konecranes Oyj	2,391		82,430
Metso Oyj	10,057		548,894
Neste Oil Oyj	9,864		347,995
Nokia Oyj	317,170		12,297,814
Nokian Renkaat Oyj^	8,253		290,195
OKO Bank plc, Class A	7,538		144,044
Orion Oyj, Class B	6,918		162,135
Outokumpo Oyj^	8,957		277,757
Rautaruukki Oyj	6,420		278,306
Sampo Oyj, Class A	35,332		933,961
Sanoma-WSOY Oyj^	6,511		186,866
Stora Enso Oyj, Class R^	46,335		693,699
Tietoenator Oyj	2,912		65,395
UPM-Kymmene Oyj	41,938		847,380
Uponor Oyj	2,161		54,406
Wartsila Oyj, Class B	5,118		389,777
YIT Oyj	9,636		211,183

			20,731,754

France (6.1%)
Accor S.A.^	16,461		1,316,455
Aeroports de Paris	2,618		267,935
Air France-KLM	9,941		349,549
Air Liquide^	19,665		2,926,587
Alcatel-Lucent	187,414		1,356,343
Alstom S.A.	8,419		1,809,423
Atos Origin S.A.*	5,432		280,744
BNP Paribas S.A.	68,407		7,423,074
Bouygues S.A.	18,021		1,501,814
Business Objects S.A.*^	7,562		462,142
Cap Gemini S.A.	10,918		686,395
Carrefour S.A.	48,644		3,789,983
Casino Guichard Perrachon S.A.	3,376		367,180
Christian Dior S.A.	2,146		282,067
Cie de Saint-Gobain S.A.^	22,741		2,144,195
Cie Generale d’Optique Essilor International S.A.	16,165		1,031,626
Cie Generale de Geophysique-Veritas*	1,600		456,160
CNP Assurances S.A.	3,509		456,549
Compagnie Generale des Etablissements Michelin, Class B	11,811		1,355,560
Credit Agricole S.A.	53,467		1,803,415
Dassault Systemes S.A.	4,533		268,346
Eiffage S.A.	1,467		144,476
Electricite de France	7,891		940,038
Eurazeo	966		123,933
France Telecom S.A.	148,055		5,329,340
Gaz de France S.A.^	15,707		918,577
Gecina S.A. (REIT)	981		153,926

345

EQ ADVISORS TRUST

MARKETPLUS INTERNATIONAL CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Groupe Danone S.A.^	35,381	$	3,176,148
Hermes International SCA	5,547		701,028
ICADE (REIT)	1,212		180,762
Imerys S.A.^	2,416		198,657
J.C. Decaux S.A.^	5,234		205,849
Klepierre (REIT)	5,367		274,403
L’Oreal S.A.	20,339		2,913,596
Lafarge S.A.	11,936		2,172,654
Lagardere SCA	10,216		766,083
Legrand S.A.	3,716		126,860
LVMH Moet Hennessy Louis Vuitton S.A.^	19,902		2,405,800
M6-Metropole Television S.A.	4,738		124,690
Natixis	14,419		277,008
Neopost S.A.	2,456		253,115
Neuf Cegetel^	2,459		124,393
PagesJaunes Groupe S.A.	9,944		199,325
Pernod-Ricard S.A.	7,116		1,644,864
Peugeot S.A.	12,165		922,196
PPR S.A.	6,298		1,012,879
Publicis Groupe S.A.^	11,077		433,706
Renault S.A.	15,020		2,130,339
Safran S.A.	12,563		257,699
Sanofi-Aventis S.A.	82,875		7,631,124
Schneider Electric S.A.	17,978		2,436,069
SCOR SE	13,668		349,708
Societe BIC S.A.	2,004		143,568
Societe des Autoroutes Paris-Rhin-Rhone	1,780		174,364
Societe Generale	30,248		4,375,090
Societe Television Francaise 1	8,923		238,740
Sodexho Alliance S.A.^	7,501		460,607
Suez S.A.	84,206		5,733,391
Technip S.A.	8,018		638,888
Thales S.A.	6,934		413,117
Thomson	18,682		265,765
Total S.A.	173,867		14,446,317
Unibail-Rodamco (REIT)	5,226		1,145,490
Valeo S.A.	5,315		219,137
Vallourec	37,558		10,166,898
Veolia Environnement	28,701		2,620,545
Vinci S.A.^	32,405		2,399,682
Vivendi S.A.	94,415		4,331,678
Wendel	1,287		186,171
Zodiac S.A.^	3,051		195,111

			117,019,346

Germany (6.2%)
Adidas AG	16,488		1,235,688
Allianz SE (Registered)	36,438		7,881,916
Altana AG	2,764		67,284
Arcandor AG*^	5,134		121,900
BASF AG	81,635		12,103,737
Bayer AG^	58,953		5,389,602
Bayerische Motoren Werke (BMW) AG	13,035		807,099
Bayerische Motoren Werke (BMW) AG (Preference)	1,438		76,318
Beiersdorf AG	6,904		534,982
Bilfinger Berger AG	2,929		226,022
Celesio AG^	6,629		411,907
Commerzbank AG	50,657		1,944,897
Continental AG	12,437		1,618,151
Daimler AG	77,131		7,499,165
Deutsche Bank AG (Registered)	41,194		5,384,356
Deutsche Boerse AG	16,254		3,225,986
Deutsche Lufthansa AG (Registered)	18,084		481,732
Deutsche Post AG (Registered)	64,265		2,208,968
Deutsche Postbank AG	6,682		593,492
Deutsche Telekom AG (Registered)	230,045		5,051,787
Douglas Holdings AG	1,235		71,232
E.ON AG	50,536		10,757,088
Fraport AG	1,262		99,396
Fresenius SE	3,046		253,399
Fresenius Medical Care AG & Co. KGaA	15,065		808,126
GEA Group AG*	9,000		313,171
HeidelbergCement AG	945		146,454
Heidelberger Druckmaschinen AG^	4,196		141,100
Henkel KGaA	8,182		418,089
Henkel KGaA (Preference)^	14,195		797,569
Hochtief AG^	3,307		444,820
Hypo Real Estate Holding AG^	16,082		848,808
Infineon Technologies AG*	60,392		712,550
IVG Immobilien AG	7,223		249,014
K+S AG^	2,923		695,524
Linde AG^	9,990		1,321,102
MAN AG	9,306		1,548,345
Merck KGaA	5,097		658,018
Metro AG	13,317		1,118,364
MLP AG	2,142		33,666
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)	16,813		3,267,858
Porsche Automobil Holding SE (Preference)	709		1,436,605
Premiere AG*	3,763		70,972
ProSiebenSat.1 Media AG (Preference)	6,461		154,825
Puma AG Rudolf Dassler Sport	478		190,789
Q-Cells AG*	3,000		428,088
Rheinmetall AG^	2,835		225,400
RWE AG	81,498		11,438,801
RWE AG (Preference)	2,988		362,900
Salzgitter AG	3,241		483,564
SAP AG	71,969		3,738,548
Siemens AG (Registered)	69,078		10,994,371
Solarworld AG	6,418		391,759
Suedzucker AG	2,609		61,757
ThyssenKrupp AG	29,218		1,638,242
TUI AG*^	16,654		465,796
Volkswagen AG^	12,854		2,933,618
Volkswagen AG (Preference)	8,633		1,262,188
Wacker Chemie AG^	616		178,053
Wincor Nixdorf AG	1,237		117,556

			118,142,514

Greece (0.5%)
Alpha Bank AE	31,320		1,140,206
Coca Cola Hellenic Bottling Co. S.A.	12,618		546,065
Cosmote Mobile Telecommunications S.A.	8,784		332,625
EFG Eurobank Ergasias S.A.	24,619		866,741
Folli-Follie S.A. (Registered)	1,255		46,789
Hellenic Exchanges S.A. Holding Clearing Settlement and Registry	2,352		82,530
Hellenic Petroleum S.A.	7,696		126,922
Hellenic Technodomiki Tev S.A.	4,690		67,199
Hellenic Telecommunications Organization S.A.	23,157		853,189

346

EQ ADVISORS TRUST

MARKETPLUS INTERNATIONAL CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Motor Oil Hellas Corinth Refineries S.A.	1,744	$	40,287
National Bank of Greece S.A.	32,309		2,219,212
OPAP S.A.	17,814		714,153
Piraeus Bank S.A.	25,663		1,001,800
Public Power Corp. S.A.	8,220		432,650
Titan Cement Co. S.A.	4,696		214,212
Viohalco, Hellenic Copper and Aluminum Industry S.A.	6,459		93,867

			8,778,447

Hong Kong (1.3%)
ASM Pacific Technology Ltd.^	14,500		106,648
Bank of East Asia Ltd.	111,400		762,202
BOC Hong Kong Holdings Ltd.	296,000		829,456
C C Land Holdings Ltd.	77,000		112,181
Cathay Pacific Airways Ltd.	109,000		285,172
Cheung Kong Holdings Ltd.	123,000		2,274,681
Cheung Kong Infrastructure Holdings Ltd.	32,000		119,630
Chinese Estates Holdings Ltd.	45,000		81,720
CITIC International Financial Holdings Ltd.	57,000		35,600
CLP Holdings Ltd.^	108,000		737,554
Esprit Holdings Ltd.	85,000		1,264,524
Giordano International Ltd.^	108,000		51,802
Hang Lung Group Ltd.	34,000		185,754
Hang Lung Properties Ltd.	163,000		737,925
Hang Seng Bank Ltd.	63,200		1,304,137
Henderson Land Development Co., Ltd.	77,778		732,654
Hong Kong & China Gas Co.	292,000		895,016
Hong Kong Aircraft Engineering Co., Ltd.^	5,200		141,514
Hong Kong Exchanges and Clearing Ltd.	86,500		2,453,869
HongKong Electric Holdings Ltd.^	110,500		635,587
Hopewell Holdings Ltd.	49,000		226,229
Hutchison Telecommunications International Ltd.	112,000		168,343
Hutchison Whampoa Ltd.	174,000		1,973,773
Hysan Development Co., Ltd.	47,000		134,115
Kerry Properties Ltd.	50,000		401,737
Kingboard Chemical Holdings Ltd.	47,500		282,658
Lee & Man Paper Manufacturing Ltd.	31,200		137,046
Li & Fung Ltd.^	178,000		719,086
Lifestyle International Holdings Ltd.	53,500		144,087
Link REIT (REIT)	163,000		352,866
Melco International Development Ltd.	59,000		88,681
MTR Corp.	110,000		404,879
New World Development Ltd.	190,000		673,750
Noble Group Ltd.	81,000		136,740
NWS Holdings Ltd.	32,000		102,188
Orient Overseas International Ltd.^	15,500		114,699
Pacific Basin Shipping Ltd.	99,000		159,722
PCCW Ltd.	320,000		190,012
Shangri-La Asia Ltd.	99,333		312,112
Shui On Land Ltd.^	148,500		173,308
Shun Tak Holdings Ltd.^	92,000		144,653
Sino Land Co.^	106,000		376,561
Sun Hung Kai Properties Ltd.	113,000		2,399,877
Swire Pacific Ltd., Class A^	66,000		909,918
Television Broadcasts Ltd.	20,000		120,168
Wharf Holdings Ltd.^	94,000		492,459
Wheelock & Co., Ltd.	36,000		110,806
Wing Hang Bank Ltd.	13,500		202,048
Yue Yuen Industrial Holdings Ltd.^	44,000		158,001

			25,558,148

Ireland (0.4%)
Allied Irish Banks plc.	72,677		1,665,160
Anglo Irish Bank Corp. plc.	29,729		475,510
Bank of Ireland.	81,486		1,214,241
CRH plc.	44,890		1,565,310
DCC plc.	3,169		89,292
Elan Corp. plc*	36,945		798,996
Experian Group Ltd.	82,164		649,316
Greencore Group plc.	6,273		41,088
Iaws Group plc.	4,986		109,711
Irish Life & Permanent plc.	22,454		387,709
Kerry Group plc, Class A	10,670		338,522
Kingspan Group plc.	10,124		153,199
Paddy Power plc.	1,840		60,556
Smurfit Kappa Group plc*	9,432		154,352

			7,702,962

Italy (2.8%)
A2A S.p.A.	35,439		162,565
Alleanza Assicurazioni S.p.A.	33,327		433,171
Arnoldo Mondadori Editore S.p.A.^	4,596		37,764
Assicurazioni Generali S.p.A.	85,607		3,880,014
Atlantia S.p.A.	20,547		778,957
Autogrill S.p.A.	7,322		124,715
Banca Carige S.p.A.^	19,125		97,726
Banca Monte dei Paschi di Siena S.p.A.^	86,914		467,945
Banca Popolare di Milano S.c.a.r.l.	33,309		453,879
Banco Popolare S.c.a.r.l.*	55,100		1,221,274
Bulgari S.p.A.	11,808		165,043
Enel S.p.A.	351,208		4,177,190
ENI S.p.A.	211,323		7,739,570
Fiat S.p.A.	57,610		1,490,848
Finmeccanica S.p.A.	23,430		752,601
Fondiaria-Sai S.p.A.	5,658		233,278
IFIL - Investments S.p.A.	14,311		134,956
Intesa Sanpaolo S.p.A.	624,996		4,943,526
Intesa Sanpaolo S.p.A. (RNC)	74,102		541,433
Istituto Finanziario Industriale S.p.A.	4,535		154,488
Italcementi S.p.A.	5,110		109,302
Italcementi S.p.A. (RNC)^	4,151		64,938
Lottomatica S.p.A.^	5,371		196,631
Luxottica Group S.p.A.^	10,914		346,901
Mediaset S.p.A.	60,566		611,442
Mediobanca S.p.A.	39,226		809,787
Mediolanum S.p.A.^	18,712		150,332
Parmalat S.p.A.	123,556		480,516
Pirelli & C. S.p.A.*	222,505		244,961
Prysmian S.p.A.*	5,000		123,470
Saipem S.p.A.	254,396		10,202,307
Seat Pagine Gialle S.p.A.	297,372		117,606
Snam Rete Gas S.p.A.^	69,314		442,858
Telecom Italia S.p.A.	868,947		2,699,694
Telecom Italia S.p.A. (RNC)	497,063		1,181,664
Terna Rete Elettrica Nazionale S.p.A.^	94,506		381,011
UniCredito Italiano S.p.A.	757,853		6,293,549

347

EQ ADVISORS TRUST

MARKETPLUS INTERNATIONAL CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Unione di Banche Italiane SCPA	49,285	$	1,355,395
Unipol Gruppo Finanziario S.p.A.	23,003		79,202
Unipol Gruppo Finanziario S.p.A. (Preference)	70,832		224,466

			54,106,975

Japan (11.6%)
77 Bank Ltd.	28,000		175,195
Access Co., Ltd.*^	9		41,086
Acom Co., Ltd.	4,730		96,747
Aderans Holdings Co., Ltd.	2,400		37,831
Advantest Corp.^	12,800		364,356
Aeon Co., Ltd.^	51,400		753,643
Aeon Credit Service Co., Ltd.^	6,200		92,127
Aeon Mall Co., Ltd.^	4,700		124,110
Aiful Corp.^	5,550		99,161
Aioi Insurance Co., Ltd.^	25,000		118,157
Aisin Seiki Co., Ltd.^	15,700		654,898
Ajinomoto Co., Inc.	52,000		591,613
Alfresa Holdings Corp.^	2,000		120,664
All Nippon Airways Co., Ltd.	51,000		188,542
Alps Electric Co., Ltd.^	12,800		166,022
Amada Co., Ltd.	28,000		246,126
Aoyama Trading Co., Ltd.	4,200		109,403
Aozora Bank Ltd.	29,000		84,886
Asahi Breweries Ltd.	31,800		538,563
Asahi Glass Co., Ltd.^	76,000		1,019,774
Asahi Kasei Corp.^	94,000		626,022
Asatsu-DK, Inc.^	1,300		36,423
Asics Corp.	13,000		187,351
Astellas Pharma, Inc.	40,400		1,761,160
Autobacs Seven Co., Ltd.^	2,100		42,577
Bank of Kyoto Ltd.	22,000		261,129
Bank of Yokohama Ltd.	95,000		666,697
Benesse Corp.	5,400		230,569
Bridgestone Corp.	49,500		880,867
Brother Industries Ltd.^	10,400		134,335
Canon Marketing Japan, Inc.^	5,500		102,403
Canon, Inc.	86,400		4,021,662
Casio Computer Co., Ltd.^	18,700		217,440
Central Glass Co., Ltd.	7,000		26,568
Central Japan Railway Co.	125		1,066,330
Chiba Bank Ltd.	60,000		488,744
Chiyoda Corp.^	12,000		136,741
Chubu Electric Power Co., Inc.^	54,200		1,414,251
Chugai Pharmaceutical Co., Ltd.	21,500		307,926
Chugoku Electric Power Co., Ltd.^	11,000		214,161
Chuo Mitsui Trust Holdings, Inc.	62,000		475,621
Circle K Sunkus Co., Ltd.	3,500		51,851
Citizen Holdings Co., Ltd.^	26,000		253,449
Coca-Cola West Holdings Co., Ltd.^	4,200		93,049
COMSYS Holdings Corp.	8,000		65,739
Cosmo Oil Co., Ltd.^	43,000		161,661
Credit Saison Co., Ltd.	13,400		367,041
CSK Holdings Corp.	4,700		152,298
Dai Nippon Printing Co., Ltd.^	50,000		735,353
Daicel Chemical Industries Ltd.	21,000		125,946
Daido Steel Co., Ltd.^	27,000		202,775
Daifuku Co., Ltd.^	3,500		49,814
Daihatsu Motor Co., Ltd.	8,000		75,263
Daiichi Sankyo Co., Ltd.	56,900		1,752,101
Daikin Industries Ltd.^	20,800		1,165,537
Dainippon Ink and Chemicals, Inc.^	50,000		250,638
Dainippon Sumitomo Pharma Co., Ltd.^	6,000		43,933
Daito Trust Construction Co., Ltd.	6,100		337,994
Daiwa House Industry Co., Ltd.^	41,000		529,589
Daiwa Securities Group, Inc.	109,000		991,308
Denki Kagaku Kogyo KK	36,000		156,935
Denso Corp.	40,400		1,656,286
Dentsu, Inc.	153		405,389
Dowa Holdings Co., Ltd.	21,000		147,375
eAccess Ltd.^	94		58,479
East Japan Railway Co.	272		2,244,855
Ebara Corp.	30,000		102,582
EDION Corp.^	3,100		33,715
Eisai Co., Ltd.	20,200		795,596
Electric Power Development Co., Ltd.	11,700		436,727
Elpida Memory, Inc.*^	8,200		284,796
FamilyMart Co., Ltd.	4,300		134,333
Fanuc Ltd.	15,300		1,490,077
Fast Retailing Co., Ltd.	4,200		300,013
Fuji Electric Holdings Co., Ltd.^	41,000		143,499
Fuji Heavy Industries Ltd.^	23,000		107,470
Fuji Soft, Inc.^	2,700		42,634
Fuji Television Network, Inc.	33		54,648
FujiFilm Holdings Corp.	40,100		1,697,829
Fujikura Ltd.	28,000		142,362
Fujitsu Ltd.	149,000		1,004,315
Fukuoka Financial Group, Inc.	59,000		345,397
Furukawa Electric Co., Ltd.	52,000		202,014
Glory Ltd.	2,500		58,296
Goodwill Group, Inc.*	91		11,762
Gunma Bank Ltd.	29,000		191,577
Gunze Ltd.	7,000		30,891
H20 Retailing Corp.^	6,000		46,941
Hachijuni Bank Ltd.	31,000		209,229
Hakuhodo DY Holdings, Inc.	1,680		93,237
Hankyu Hanshin Holdings, Inc.^	96,000		415,056
Haseko Corp.*^	77,500		133,890
Hikari Tsushin, Inc.	2,000		68,388
Hino Motors Ltd.	19,000		123,645
Hirose Electric Co., Ltd.^	2,400		277,563
Hiroshima Bank Ltd.	39,000		211,556
Hitachi Cable Ltd.	12,000		71,324
Hitachi Chemical Co., Ltd.^	8,200		189,008
Hitachi Construction Machinery Co., Ltd.	8,500		254,890
Hitachi High-Technologies Corp.^	5,000		109,430
Hitachi Ltd.	275,000		2,050,530
Hitachi Metals Ltd.	6,000		80,992
Hokkaido Electric Power Co., Inc.	14,200		307,604
Hokuhoku Financial Group, Inc.	93,000		270,555
Hokuriku Electric Power Co.	6,900		143,911
Honda Motor Co., Ltd.	126,800		4,256,367
House Foods Corp.	2,800		47,170
Hoya Corp.^	33,000		1,051,605
Ibiden Co., Ltd.	10,100		700,667
Idemitsu Kosan Co., Ltd.	1,600		169,718
IHI Corp.^	115,000		239,851
Inpex Holdings, Inc.	66		714,855
Isetan Co., Ltd.^	15,100		205,316
Isuzu Motors Ltd.	57,000		259,195
Ito En Ltd.^	4,300		81,793

348

EQ ADVISORS TRUST

MARKETPLUS INTERNATIONAL CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
ITOCHU Corp.	125,000	$	1,221,859
ITOCHU Techno-Solutions Corp.	2,300		77,411
J. Front Retailing Co., Ltd.*	33,400		295,088
Jafco Co., Ltd.	2,500		82,352
Japan Airlines Corp.*	66,000		150,651
Japan Petroleum Exploration Co.	2,200		160,892
Japan Prime Realty Investment Corp. (REIT)^	42		169,181
Japan Real Estate Investment Corp. (REIT)^	31		388,489
Japan Retail Fund Investment Corp. (REIT)^	27		192,624
Japan Steel Works Ltd.	29,000		427,543
Japan Tobacco, Inc.^	360		2,152,621
JFE Holdings, Inc.	47,600		2,411,637
JGC Corp.^	16,000		276,274
Joyo Bank Ltd.	51,000		285,324
JS Group Corp.^	21,000		336,293
JSR Corp.^	13,800		356,380
JTEKT Corp.	14,900		268,084
Jupiter Telecommunications Co., Ltd.*^	164		139,756
Kajima Corp.	71,000		231,974
Kamigumi Co., Ltd.^	21,000		152,075
Kaneka Corp.	24,000		198,935
Kansai Electric Power Co., Inc.^	62,600		1,459,723
Kansai Paint Co., Ltd.	16,000		115,866
Kao Corp.	43,000		1,293,291
Kawasaki Heavy Industries Ltd.^	112,000		331,844
Kawasaki Kisen Kaisha Ltd.^	46,000		452,115
KDDI Corp.	198		1,474,610
Keihin Electric Express Railway Co., Ltd.^	34,000		209,086
Keio Corp.	46,000		279,175
Keisei Electric Railway Co., Ltd.	23,000		123,117
Keyence Corp.	2,900		715,687
Kikkoman Corp.^	12,000		165,099
Kinden Corp.	9,000		70,734
Kintetsu Corp.^	128,000		397,583
Kirin Holdings Co., Ltd.^	64,000		940,107
KK DaVinci Advisors*	43		38,106
Kobe Steel Ltd.	208,000		677,725
Kokuyo Co., Ltd.	5,900		53,341
Komatsu Ltd.	73,000		1,986,484
Komori Corp.^	2,200		49,036
Konami Corp.	7,100		232,610
Konica Minolta Holdings, Inc.^	38,500		682,017
Kose Corp.	2,300		61,250
Kubota Corp.	86,000		582,751
Kuraray Co., Ltd.	29,000		352,782
Kurita Water Industries Ltd.^	8,800		267,037
Kyocera Corp.	13,100		1,162,073
Kyowa Hakko Kogyo Co., Ltd.^	18,000		192,382
Kyushu Electric Power Co., Inc.^	30,300		745,871
Lawson, Inc.	4,900		173,692
Leopalace21 Corp.	9,900		266,741
Mabuchi Motor Co., Ltd.	2,200		132,731
Makita Corp.^	8,900		377,622
Marubeni Corp.	132,000		936,991
Marui Group Co., Ltd.^	23,300		230,049
Matsui Securities Co., Ltd.	9,200		72,882
Matsumotokiyoshi Holdings Co., Ltd.*	2,700		65,739
Matsushita Electric Industrial Co., Ltd.	160,000		3,315,580
Matsushita Electric Works Ltd.	29,000		321,112
Mazda Motor Corp.	36,000		179,815
Mediceo Paltac Holdings Co., Ltd.	12,500		185,181
Meiji Dairies Corp.	20,000		102,045
Meiji Seika Kaisha Ltd.^	13,000		55,275
Meitec Corp.^	1,300		39,216
Millea Holdings, Inc.	60,400		2,038,294
Minebea Co., Ltd.^	30,000		192,544
Mitsubishi Chemical Holdings Corp.^	93,500		718,104
Mitsubishi Corp.	110,200		3,018,502
Mitsubishi Electric Corp.	156,000		1,631,008
Mitsubishi Estate Co., Ltd.	97,000		2,340,017
Mitsubishi Gas Chemical Co., Inc.^	31,000		305,241
Mitsubishi Heavy Industries Ltd.^	260,000		1,119,456
Mitsubishi Logistics Corp.^	8,000		89,800
Mitsubishi Materials Corp.^	90,000		385,087
Mitsubishi Motors Corp.*^	141,000		238,545
Mitsubishi Rayon Co., Ltd.	45,000		218,726
Mitsubishi Tanabe Pharma Corp.	17,000		161,151
Mitsubishi UFJ Financial Group, Inc.	705,280		6,609,929
Mitsubishi UFJ Lease & Finance Co., Ltd.	3,160		104,942
Mitsui & Co., Ltd.^	139,000		2,942,622
Mitsui Chemicals, Inc.	50,000		328,515
Mitsui Engineering & Shipbuilding Co., Ltd.^	60,000		234,167
Mitsui Fudosan Co., Ltd.	68,000		1,479,121
Mitsui Mining & Smelting Co., Ltd.^	45,000		180,459
Mitsui O.S.K. Lines Ltd.	86,000		1,097,758
Mitsui Sumitomo Insurance Co., Ltd.^	97,000		944,690
Mitsukoshi Ltd.^	32,000		145,513
Mitsumi Electric Co., Ltd.^	6,400		217,697
Mizuho Financial Group, Inc.	790		3,776,216
Mizuho Trust & Banking Co., Ltd.	49,000		91,232
Murata Manufacturing Co., Ltd.	16,800		974,480
Namco Bandai Holdings, Inc.	15,400		240,825
NEC Corp.^	160,000		737,591
NEC Electronics Corp.*^	2,700		64,409
NGK Insulators Ltd.	21,000		569,574
NGK Spark Plug Co., Ltd.^	14,000		245,124
NHK Spring Co., Ltd.^	11,000		101,320
Nichirei Corp.	10,000		41,624
Nidec Corp.^	8,800		652,231
Nikko Cordial Corp.^	30,500		453,753
Nikon Corp.^	25,000		866,043
Nintendo Co., Ltd.^	7,900		4,730,878
Nippon Building Fund, Inc. (REIT)	36		505,930
Nippon Electric Glass Co., Ltd.^	27,000		441,319
Nippon Express Co., Ltd.	63,000		324,263
Nippon Kayaku Co., Ltd.	6,000		39,261
Nippon Light Metal Co., Ltd.^	35,000		61,093
Nippon Meat Packers, Inc.	13,000		131,146
Nippon Mining Holdings, Inc.	71,000		455,051
Nippon Oil Corp.	100,000		813,678
Nippon Paper Group, Inc.	70		210,536
Nippon Sheet Glass Co., Ltd.	48,000		245,339
Nippon Shokubai Co., Ltd.	9,000		86,604
Nippon Steel Corp.^	470,000		2,911,337
Nippon Telegraph & Telephone Corp.	416		2,081,583
Nippon Yusen KK	90,000		715,392

349

EQ ADVISORS TRUST

MARKETPLUS INTERNATIONAL CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Nipponkoa Insurance Co., Ltd.	28,000	$	254,899
Nishi-Nippon City Bank Ltd.	49,000		122,813
Nishimatsu Construction Co., Ltd.^	19,000		53,064
Nissan Chemical Industries Ltd.	12,000		156,935
Nissan Motor Co., Ltd.^	183,900		2,024,768
Nisshin Seifun Group, Inc.	15,000		150,786
Nisshin Steel Co., Ltd.^	63,000		221,626
Nisshinbo Industries, Inc.^	12,000		146,838
Nissin Food Products Co., Ltd.^	7,000		226,201
Nitori Co., Ltd.^	2,750		131,943
Nitto Denko Corp.^	13,000		688,896
NOK Corp.^	8,900		189,209
Nomura Holdings, Inc.	143,600		2,435,859
Nomura Real Estate Holdings, Inc.	4,100		99,091
Nomura Real Estate Office Fund, Inc. (REIT)	19		180,280
Nomura Research Institute Ltd.^	9,000		296,469
NSK Ltd.^	34,000		354,867
NTN Corp.	30,000		260,753
NTT Data Corp.^	102		453,780
NTT DoCoMo, Inc.	1,285		2,139,462
NTT Urban Development Corp.^	91		147,438
Obayashi Corp.	52,000		261,594
Obic Co., Ltd.	500		92,467
Odakyu Electric Railway Co., Ltd.^	52,000		330,949
OJI Paper Co., Ltd.^	67,000		329,258
Oki Electric Industry Co., Ltd.*^	24,000		37,596
OKUMA Corp.	11,000		118,552
Okumura Corp.	11,000		53,663
Olympus Corp.^	18,000		744,394
Omron Corp.	16,500		393,613
Ono Pharmaceutical Co., Ltd.	3,800		177,559
Onward Holdings Co., Ltd.^	10,000		102,582
Oracle Corp. Japan	2,900		127,977
Oriental Land Co., Ltd.	4,100		247,362
ORIX Corp.^	7,350		1,255,977
Osaka Gas Co., Ltd.	159,000		627,660
OSAKA Titanium technologies Co., Ltd.^	1,300		97,051
OSG Corp.^	3,100		33,854
Otsuka Corp.	1,200		103,012
Pioneer Corp.	11,000		99,450
Promise Co., Ltd.	5,550		138,110
QP Corp.	4,000		41,678
Rakuten, Inc.*	505		248,624
Resona Holdings, Inc.	449		807,850
Ricoh Co., Ltd.	55,000		1,016,650
Rinnai Corp.	1,500		49,009
Rohm Co., Ltd.	8,200		715,660
Round One Corp.	14		27,946
Ryohin Keikaku Co., Ltd.	900		54,379
Sanken Electric Co., Ltd.	8,000		43,038
Sankyo Co., Ltd.^	4,200		195,122
Santen Pharmaceutical Co., Ltd.	5,300		131,178
Sanwa Holdings Corp.^	9,000		44,390
Sanyo Electric Co., Ltd.*^	119,000		164,042
Sapporo Hokuyo Holdings, Inc.	24		213,973
Sapporo Holdings Ltd.^	19,000		153,068
SBI E*Trade Securities Co., Ltd.^	114		106,127
SBI Holdings, Inc.	722		197,441
Secom Co., Ltd.	16,900		924,307
Sega Sammy Holdings, Inc.^	15,600		194,519
Seiko Epson Corp.^	9,700		210,558
Seino Holdings Corp.	6,000		40,818
Sekisui Chemical Co., Ltd.^	36,000		242,653
Sekisui House Ltd.^	39,000		421,716
Seven & I Holdings Co., Ltd.	67,900		1,981,416
Sharp Corp.^	80,000		1,439,376
Shikoku Electric Power Co., Inc.	7,300		195,708
Shimachu Co., Ltd.^	1,700		48,239
Shimamura Co., Ltd.	1,600		136,490
Shimano, Inc.^	5,100		184,890
Shimizu Corp.	48,000		209,676
Shin-Etsu Chemical Co., Ltd.	32,800		2,061,101
Shinko Electric Industries Co., Ltd.^	5,000		102,269
Shinko Securities Co., Ltd.	43,000		177,828
Shinsei Bank Ltd.^	125,000		456,519
Shionogi & Co., Ltd.	24,000		424,294
Shiseido Co., Ltd.	27,000		639,261
Shizuoka Bank Ltd.^	45,000		494,249
Showa Denko KK	87,000		311,507
Showa Shell Sekiyu KK	14,800		164,275
SMC Corp.	4,500		536,544
Softbank Corp.^	61,300		1,267,538
Sojitz Corp.	92,300		334,614
Sompo Japan Insurance, Inc.	66,000		597,288
Sony Corp.^	81,300		4,512,017
Sony Financial Holdings, Inc.*^	70		267,556
Square Enix Co., Ltd.	3,900		119,393
Stanley Electric Co., Ltd.^	11,900		297,194
Sumco Corp.	9,100		262,292
Sumitomo Chemical Co., Ltd.^	126,000		1,124,486
Sumitomo Corp.	86,100		1,223,118
Sumitomo Electric Industries Ltd.^	60,800		967,118
Sumitomo Heavy Industries Ltd.^	47,000		433,335
Sumitomo Metal Industries Ltd.^	332,000		1,542,389
Sumitomo Metal Mining Co., Ltd.^	45,000		769,369
Sumitomo Mitsui Financial Group, Inc.^	526		3,940,938
Sumitomo Osaka Cement Co., Ltd.^	28,000		53,637
Sumitomo Realty & Development Co., Ltd.^	30,000		742,514
Sumitomo Rubber Industries, Inc.	12,800		114,348
Sumitomo Trust & Banking Co., Ltd.^	102,000		682,952
Suruga Bank Ltd.^	16,000		174,443
Suzuken Co., Ltd.^	5,000		178,579
Suzuki Motor Corp.^	13,900		419,308
T&D Holdings, Inc.^	15,500		800,564
Taiheiyo Cement Corp.^	72,000		172,081
Taisei Corp.^	75,000		202,748
Taisho Pharmaceutical Co., Ltd.^	11,000		211,699
Taiyo Nippon Sanso Corp.^	21,000		197,189
Taiyo Yuden Co., Ltd.^	8,000		129,114
Takara Holdings, Inc.^	7,000		42,170
Takashimaya Co., Ltd.	22,000		265,855
Takeda Pharmaceutical Co., Ltd.	68,600		4,034,391
Takefuji Corp.^	8,700		211,435
TDK Corp.	9,900		737,305
Teijin Ltd.	70,000		300,138
Terumo Corp.^	13,600		715,821
THK Co., Ltd.	9,800		198,693
TIS, Inc.^	2,700		46,936
Tobu Railway Co., Ltd.^	64,000		299,047
Toda Corp.^	8,000		38,598
Toho Co., Ltd.^	8,900		201,159
Toho Titanium Co., Ltd.	2,000		60,153
Tohoku Electric Power Co., Inc.	34,100		769,207

350

EQ ADVISORS TRUST

MARKETPLUS INTERNATIONAL CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Tokai Rika Co., Ltd.	4,100	$	128,452
Tokuyama Corp.	17,000		170,890
Tokyo Broadcasting System, Inc.	2,700		58,005
Tokyo Electric Power Co., Inc.	98,500		2,548,135
Tokyo Electron Ltd.^	13,800		847,406
Tokyo Gas Co., Ltd.^	182,000		852,043
Tokyo Seimitsu Co., Ltd.^	1,400		34,274
Tokyo Steel Manufacturing Co., Ltd.^	8,200		91,457
Tokyo Tatemono Co., Ltd.^	23,000		217,822
Tokyu Corp.	90,000		592,131
Tokyu Land Corp.	33,000		284,169
TonenGeneral Sekiyu KK^	23,000		227,086
Toppan Printing Co., Ltd.^	44,000		432,851
Toray Industries, Inc.^	110,000		861,567
Toshiba Corp.^	249,000		1,865,578
Tosoh Corp.	37,000		159,307
TOTO Ltd.^	22,000		174,677
Toyo Seikan Kaisha Ltd.	13,000		230,640
Toyo Suisan Kaisha Ltd.	7,000		127,198
Toyoda Gosei Co., Ltd.^	5,100		181,237
Toyota Boshoku Corp.^	5,200		168,965
Toyota Industries Corp.	14,700		601,343
Toyota Motor Corp.	218,700		11,824,267
Toyota Tsusho Corp.	17,100		463,796
Trend Micro, Inc.	8,000		286,443
Ube Industries Ltd.	75,000		255,785
Uni-Charm Corp.^	3,200		202,515
UNY Co., Ltd.	13,000		111,597
Urban Corp.^	13,400		179,322
Ushio, Inc.^	8,400		184,971
USS Co., Ltd.	1,740		108,248
Wacoal Holdings Corp.^	4,000		52,383
West Japan Railway Co.	137		680,616
Yahoo! Japan Corp.^	1,205		539,319
Yakult Honsha Co., Ltd.	8,400		194,369
Yamada Denki Co., Ltd.	6,810		778,442
Yamaha Corp.	13,700		313,328
Yamaha Motor Co., Ltd.	14,400		348,672
Yamato Holdings Co., Ltd.^	31,000		447,039
Yamato Kogyo Co.	3,400		139,999
Yamazaki Baking Co., Ltd.^	8,000		78,342
Yaskawa Electric Corp.	18,000		245,553
Yokogawa Electric Corp.^	15,900		174,777
Zeon Corp.^	12,000		72,398

			222,355,882

Luxembourg (1.2%)
ArcelorMittal	73,465		5,713,113
Millicom International Cellular S.A. (SDR)	2,575		298,010
Oriflame Cosmetics S.A. (SDR)	1,600		102,240
SES S.A. (FDR)	11,899		313,145
Tenaris S.A. (ADR)^	389,700		17,431,281

			23,857,789

Malaysia (0.0%)
Genting International plc*	191,000		90,892

Netherlands (3.6%)
Aegon N.V.	118,576		2,095,971
Akzo Nobel N.V.	22,052		1,766,492
ASML Holding N.V.*	32,760		1,037,444
Corio N.V. (REIT)	3,201		259,273
Corporate Express N.V.	5,732		44,836
European Aeronautic Defence and Space Co. N.V.^	25,631		818,053
Fugro N.V. (CVA)	4,570		352,787
Hagemeyer N.V.^	23,221		158,887
Heineken Holding N.V.	4,341		245,810
Heineken N.V.	20,185		1,304,998
ING Groep N.V. (CVA)	152,448		5,962,218
James Hardie Industries N.V. (CDI)	35,804		202,773
Koninklijke Ahold N.V.*	102,419		1,427,039
Koninklijke DSM N.V.	11,647		550,531
Koninklijke Philips Electronics N.V.	92,746		4,002,892
OCE N.V.	3,093		55,984
Qiagen N.V.*^	7,077		153,342
Randstad Holding N.V.^	4,016		158,651
Reed Elsevier N.V.^	57,604		1,149,602
Royal Dutch Shell plc, Class A	294,794		12,387,708
Royal Dutch Shell plc, Class B	223,896		9,314,868
Royal KPN N.V.	156,517		2,846,716
SBM Offshore N.V.	11,103		350,636
TNT N.V.	32,637		1,348,003
TomTom N.V.*	4,021		302,763
Unilever N.V. (CVA)	514,263		18,909,740
Vedior N.V. (CVA)	13,151		331,096
Wereldhave N.V. (REIT)	818		89,361
Wolters Kluwer N.V.	23,398		769,020

			68,397,494

New Zealand (0.1%)
Auckland International Airport Ltd.	76,954		172,330
Contact Energy Ltd.	22,701		143,949
Fisher & Paykel Appliances Holdings Ltd.	19,382		51,160
Fisher & Paykel Healthcare Corp.	20,046		53,838
Fletcher Building Ltd.	39,195		346,869
Kiwi Income Property Trust (REIT)	51,385		52,988
Sky City Entertainment Group Ltd.	36,475		129,119
Sky Network Television Ltd.	13,628		62,925
Telecom Corp. of New Zealand Ltd.^	142,026		475,437
Vector Ltd.	18,739		31,725

			1,520,340

Norway (0.6%)
Aker Kvaerner ASA^	13,000		345,958
DnB NOR ASA	58,700		897,281
DNO ASA*	30,000		55,692
Marine Harvest ASA*^	198,000		127,263
Norsk Hydro ASA	56,500		807,463
Ocean RIG ASA*^	6,800		49,718
Orkla ASA	68,620		1,330,102
Petroleum Geo-Services ASA*^	13,470		391,335
Renewable Energy Corp. ASA*^	13,900		706,539
Schibsted ASA	1,850		80,237
StatoilHydro ASA	104,210		3,243,457
Storebrand ASA	31,091		324,661
Tandberg ASA	4,300		89,882
Telenor ASA*	68,200		1,629,685
TGS Nopec Geophysical Co. ASA*	4,250		58,390
Tomra Systems ASA^	5,800		41,124
Yara International ASA	14,050		650,769

			10,829,556

Portugal (0.2%)
Banco BPI S.A. (Registered)^	18,454		144,616
Banco Comercial Portugues S.A. (Registered)^	142,172		606,959

351

EQ ADVISORS TRUST

MARKETPLUS INTERNATIONAL CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Banco Espirito Santo S.A. (Registered)	17,716	$	388,525
Brisa S.A.^	23,621		347,078
Cimpor Cimentos de Portugal SGPS S.A.^	14,505		127,242
Energias de Portugal S.A.	162,546		1,062,297
Jeronimo Martins SGPS S.A.	7,432		58,676
Portugal Telecom SGPS S.A. (Registered)	62,217		812,312
PT Multimedia-Servicos de Telecomunicacoes e Multimedia SGPS S.A.	16,263		227,074
Sonae Industria SGPS S.A.*	4,483		43,587
Sonae SGPS S.A.	62,988		182,341

			4,000,707

Singapore (0.6%)
Allgreen Properties Ltd.	51,000		52,791
Ascendas Real Estate Investment Trust (REIT)	72,000		123,046
CapitaCommercial Trust (REIT)	71,000		120,352
CapitaLand Ltd.^	121,000		527,056
CapitaMall Trust (REIT)	92,000		221,140
City Developments Ltd.	41,000		404,460
ComfortDelgro Corp., Ltd.	148,000		188,155
Cosco Corp. Singapore Ltd.	59,000		236,910
DBS Group Holdings Ltd.	92,000		1,323,005
Fraser and Neave Ltd.	65,000		266,421
Haw Par Corp., Ltd.	8,000		39,515
Jardine Cycle & Carriage Ltd.	11,000		166,591
Keppel Corp., Ltd.	89,000		803,779
Keppel Land Ltd.	28,000		141,610
Neptune Orient Lines Ltd.	35,000		95,071
Olam International Ltd.	48,000		95,370
Oversea-Chinese Banking Corp.	204,000		1,174,866
Parkway Holdings Ltd.	49,000		134,802
SembCorp Industries Ltd.	70,000		282,052
SembCorp Marine Ltd.^	64,800		181,870
Singapore Airlines Ltd.	42,266		510,322
Singapore Exchange Ltd.	63,000		587,349
Singapore Land Ltd.	9,000		50,019
Singapore Petroleum Co., Ltd.	7,000		36,813
Singapore Post Ltd.	57,000		44,350
Singapore Press Holdings Ltd.	119,000		372,017
Singapore Technologies Engineering Ltd.	106,000		276,147
Singapore Telecommunications Ltd.	645,000		1,792,351
SMRT Corp., Ltd.	49,000		57,189
United Overseas Bank Ltd.	101,000		1,396,297
UOL Group Ltd.	37,000		116,183
Venture Corp., Ltd.	17,000		151,169
Wilmar International Ltd.	33,000		123,568
Wing Tai Holdings Ltd.	23,500		44,079
Yanlord Land Group Ltd.^	35,000		80,725

			12,217,440

Spain (2.5%)
Abertis Infraestructuras S.A.	20,106		647,887
Acciona S.A.	2,281		723,180
Acerinox S.A.^	12,259		301,649
ACS Actividades de Construccion y Servicios S.A.^	16,980		1,009,161
Altadis S.A.	21,161		1,537,950
Antena 3 de Television S.A.^	6,076		93,187
Banco Bilbao Vizcaya Argentaria S.A.	304,201		7,454,130
Banco de Sabadell S.A.^	38,550		417,643
Banco Popular Espanol S.A.^	69,853		1,194,905
Banco Santander S.A.	507,551		10,975,143
Bankinter S.A.	10,937		200,680
Cintra Concesiones de Infraestructuras de Transporte S.A.^	17,822		269,165
Fomento de Construcciones y Contratas S.A.^	3,473		260,994
Gamesa Corp. Tecnologica S.A.	13,482		630,369
Gas Natural SDG S.A.	8,814		515,718
Gestevision Telecinco S.A.^	7,305		187,012
Grupo Ferrovial S.A.^	4,970		349,659
Iberdrola S.A.	303,989		4,622,251
Iberia Lineas Aereas de Espana S.A.	37,511		164,529
Inditex S.A.^	17,986		1,104,976
Indra Sistemas S.A.	9,046		245,734
Mapfre S.A.^	44,787		197,097
Promotora de Informaciones S.A.	5,511		103,456
Red Electrica de Espana S.A.	8,521		538,690
Repsol YPF S.A.	64,397		2,295,417
Sacyr Vallehermoso S.A.^	6,514		253,333
Sociedad General de Aguas de Barcelona S.A., Class A	4,723		190,102
Sogecable S.A.*	3,465		138,808
Telefonica S.A.^	348,665		11,326,995
Union Fenosa S.A.	8,233		555,992
Zardoya Otis S.A.^	9,089		257,400
Zeltia S.A.	6,369		56,895

			48,820,107

Sweden (1.3%)
Alfa Laval AB	7,450		419,575
Assa Abloy AB, Class B^	24,800		497,864
Atlas Copco AB, Class A	53,400		797,298
Atlas Copco AB, Class B	30,800		420,550
Axfood AB	1,150		46,351
Billerud AB^	3,200		32,925
Boliden AB	43,500		546,846
Castellum AB	6,100		63,471
D. Carnegie AB^	2,700		52,428
Electrolux AB, Class B^	20,100		337,426
Elekta AB, Class B^	3,400		56,682
Eniro AB	4,945		44,949
Fabege AB	5,300		54,327
Getinge AB, Class B	13,000		348,976
Hennes & Mauritz AB, Class B	38,475		2,342,479
Hoganas AB, Class B	1,700		35,969
Holmen AB, Class B^	3,900		144,820
Husqvarna AB, Class B^	21,400		254,123
Investor AB, Class B	18,000		409,395
Kungsleden AB	5,400		60,156
Lundin Petroleum AB*^	18,600		194,254
Modern Times Group AB, Class B^	3,925		276,314
Nobia AB^	5,800		51,600
Nordea Bank AB^	168,500		2,815,633
OMX AB	3,300		133,517
Sandvik AB^	78,500		1,351,208
SAS AB*^	5,500		70,631
Scania AB, Class B	28,350		675,501
Securitas AB, Class B^	24,600		342,555
Securitas Direct AB, Class B*	12,500		50,091
Securitas Systems AB, Class B^	12,500		44,483
Skandinaviska Enskilda Banken AB, Class A	37,400		957,684
Skanska AB, Class B	30,000		566,283
SKF AB, Class B^	33,000		559,088
Ssab Svenskt Stal AB, Class A^	15,000		408,466

352

EQ ADVISORS TRUST

MARKETPLUS INTERNATIONAL CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Ssab Svenskt Stal AB, Class B	6,400	$	157,445
Svenska Cellulosa AB, Class B^	44,200		783,033
Svenska Handelsbanken AB, Class A	40,000		1,281,099
Swedbank AB, Class A	14,200		402,060
Swedish Match AB	21,000		501,996
Tele2 AB, Class B	23,900		478,873
Telefonaktiebolaget LM Ericsson, Class B	1,203,100		2,825,699
TeliaSonera AB	182,600		1,709,262
Trelleborg AB, Class B^	3,200		67,088
Volvo AB, Class A	37,900		633,308
Volvo AB, Class B	88,300		1,482,322
Wihlborgs Fastigheter AB	2,100		37,609

			25,823,712

Switzerland (5.5%)
ABB Ltd. (Registered)	405,267		11,676,730
Actelion Ltd. (Registered)*	7,551		347,153
Adecco S.A. (Registered)	10,251		554,585
Ciba Speciality Chemicals AG (Registered)	5,577		258,616
Compagnie Financiere Richemont S.A., Class A	42,371		2,907,942
Credit Suisse Group (Registered)	84,894		5,106,462
EFG International (Registered)	3,465		139,255
Geberit AG (Registered)	3,127		429,491
Givaudan S.A. (Registered)	517		498,209
Holcim Ltd. (Registered)	17,012		1,822,688
Julius Baer Holding AG (Registered)	8,350		690,333
Kudelski S.A.^	2,573		50,953
Kuehne & Nagel International AG (Registered)	4,252		407,492
Kuoni Reisen Holding AG (Registered)	111		57,846
Lindt & Spruengli AG	64		221,596
Logitech International S.A. (Registered)*	13,578		497,954
Lonza Group AG (Registered)	3,575		433,869
Nestle S.A. (Registered)	57,954		26,618,452
Nobel Biocare Holding AG	1,865		499,134
Novartis AG (Registered)	232,265		12,740,058
OC Oerlikon Corp. AG (Registered)*	501		209,423
Pargesa Holding S.A.	1,064		118,885
PSP Swiss Property AG (Registered)*	1,754		88,618
Rieter Holdings AG (Registered)	175		77,287
Roche Holding AG	57,019		9,851,094
Schindler Holding AG	3,862		249,018
SGS S.A. (Registered)	370		440,869
Sonova Holding AG	3,704		418,444
STMicroelectronics N.V.	54,575		781,955
Straumann Holding AG (Registered)	572		157,759
Sulzer AG (Registered)	229		336,780
Swatch Group AG	2,543		766,505
Swatch Group AG (Registered)	4,263		251,717
Swiss Life Holding (Registered)*	2,712		677,910
Swiss Reinsurance (Registered)	28,522		2,026,759
Swisscom AG (Registered)	1,836		716,789
Syngenta AG (Registered)	8,425		2,146,900
Synthes, Inc.	4,824		599,085
UBS AG (Registered)	247,768		11,467,600
Xstrata plc	51,238		3,620,800
Zurich Financial Services AG (Registered)	11,808		3,467,879

			104,430,894

United Kingdom (16.3%)
3i Group plc	31,252		623,968
Acergy S.A.^	15,350		342,770
Aggreko plc	10,107		107,234
Alliance & Leicester plc	15,248		196,685
Amec plc	26,302		439,012
Anglo American plc	349,002		21,397,480
Antofagasta plc	15,524		221,568
ARM Holdings plc	99,564		245,758
Arriva plc	7,814		123,659
Associated British Foods plc	14,025		251,124
AstraZeneca plc	120,263		5,180,519
Aviva plc	210,633		2,821,796
BAE Systems plc	859,796		8,523,319
Balfour Beatty plc	32,961		326,256
Barclays plc	554,311		5,561,194
Barratt Developments plc	22,350		202,652
BBA Aviation plc	16,240		66,352
Berkeley Group Holdings plc*	6,659		178,948
BG Group plc	273,201		6,254,090
BHP Billiton plc	186,913		5,752,187
Biffa plc	13,774		90,481
Bovis Homes Group plc	4,754		58,294
BP plc	1,535,890		18,802,657
British Airways plc*	44,554		274,715
British American Tobacco plc	464,207		18,157,591
British Energy Group plc	83,500		912,521
British Land Co. plc (REIT)	40,509		762,022
British Sky Broadcasting Group plc	92,306		1,137,377
Brixton plc (REIT)	10,649		62,481
BT Group plc	657,483		3,569,713
Bunzl plc	25,872		365,398
Burberry Group plc	33,593		380,826
Cable & Wireless plc	192,038		711,024
Cadbury Schweppes plc	361,612		4,470,112
Capita Group plc	47,967		666,472
Carnival plc	13,770		608,240
Carphone Warehouse Group plc^	31,881		218,628
Cattles plc	14,285		83,601
Centrica plc	298,508		2,131,728
Charter plc*	6,562		103,650
Close Brothers Group plc	5,220		98,714
Cobham plc	89,331		371,649
Compass Group plc	155,448		954,606
Cookson Group plc	8,352		115,880
CSR plc*	5,182		61,892
Daily Mail & General Trust	22,884		226,284
Davis Service Group plc	6,702		68,573
De La Rue plc	5,886		114,413
Diageo plc	808,588		17,383,413
DSG International plc	142,570		281,671
Electrocomponents plc	17,141		71,142
Emap plc	16,994		311,220
Enterprise Inns plc	40,586		393,450
Firstgroup plc	34,252		555,684
FKI plc	23,179		27,107
Friends Provident plc	144,380		469,616
G4S PLC	90,777		442,265
Galiform plc*	23,697		42,690
GKN plc	55,484		311,459
GlaxoSmithKline plc	455,561		11,598,480

353

EQ ADVISORS TRUST

MARKETPLUS INTERNATIONAL CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Great Portland Estates, plc (REIT)	7,128	$	66,688
Hammerson plc (REIT)	23,442		478,302
Hays plc	112,755		259,240
HBOS plc	303,054		4,433,956
Home Retail Group plc	69,214		451,910
HSBC Holdings plc	950,182		15,925,860
ICAP plc	40,704		588,649
IMI plc	26,121		204,736
Imperial Chemical Industries plc †	95,576		1,268,991
Imperial Tobacco Group plc	55,011		2,969,773
Inchcape plc	34,651		261,075
Intercontinental Hotels Group plc	23,179		407,879
International Power plc	122,686		1,107,532
Intertek Group plc	6,194		122,065
Invensys plc*	60,700		274,283
Investec plc	32,481		291,117
ITV plc	307,650		522,997
J Sainsbury plc	125,234		1,060,109
Johnson Matthey plc	17,282		647,093
Kazakhmys plc	8,282		226,025
Kelda Group plc	21,714		468,979
Kesa Electricals plc	41,695		193,801
Kingfisher plc	190,842		553,120
Ladbrokes plc	48,860		314,395
Land Securities Group plc (REIT)	37,175		1,114,448
Legal & General Group plc	525,517		1,366,199
Liberty International plc	19,878		426,160
Lloyds TSB Group plc	458,028		4,303,463
LogicaCMG plc	120,601		282,681
London Stock Exchange Group plc	12,004		472,885
Lonmin plc	6,137		377,851
Man Group plc	130,844		1,482,008
Marks & Spencer Group plc	138,045		1,538,837
Meggitt plc	50,674		335,651
Meinl European Land Ltd.*	23,042		317,683
Misys plc	19,821		72,894
Mitchells & Butlers plc	30,996		261,611
Mondi plc	28,992		245,274
National Express Group plc	10,221		252,696
National Grid plc	212,018		3,519,839
Next plc	16,608		536,893
Old Mutual plc	430,209		1,435,283
PartyGaming plc*	47,028		27,148
Pearson plc	64,420		938,676
Persimmon plc	22,627		360,330
Premier Farnell plc	14,359		41,946
Prudential plc	199,657		2,829,754
Punch Taverns plc	20,370		309,993
Rank Group plc	28,085		51,014
Reckitt Benckiser Group plc	49,222		2,855,175
Reed Elsevier plc	104,747		1,416,821
Rentokil Initial plc	144,752		348,365
Resolution plc	55,044		780,143
Reuters Group plc	102,491		1,299,598
Rexam plc	51,698		430,679
Rio Tinto plc	436,460		46,195,014
Rolls-Royce Group plc*	150,128		1,631,693
Rolls-Royce Group plc, Class B	5,514,033		12,074
Royal & Sun Alliance Insurance Group	253,307		747,273
Royal Bank of Scotland Group plc	815,349		7,206,270
SABMiller plc	73,217		2,063,760
Sage Group plc	104,448		478,203
Schroders plc	8,889		230,382
Scottish & Newcastle plc	64,773		956,069
Scottish & Southern Energy plc	70,268		2,291,161
Segro plc (REIT)	34,074		318,790
Serco Group plc	37,248		342,739
Severn Trent plc	18,248		554,312
Shire PLC	21,954		502,132
Signet Group plc	125,504		174,255
Smith & Nephew plc	71,839		829,416
Smiths Group plc	30,798		621,035
SSL International plc	7,503		79,905
Stagecoach Group plc	42,041		238,508
Standard Chartered plc	54,128		1,986,859
Standard Life plc	171,152		861,107
Stolt-Nielsen S.A.	1,400		41,769
Tate & Lyle plc	37,328		330,657
Taylor Wimpey plc	89,633		362,645
Tesco plc	638,676		6,067,511
Thomas Cook Group plc*	38,440		215,782
Tomkins plc	69,417		244,235
Travis Perkins plc	9,152		219,344
Trinity Mirror plc	11,546		80,097
TUI Travel plc*	44,014		257,367
Tullett Prebon plc	7,105		66,367
Tullow Oil plc	43,700		566,735
Unilever plc	106,335		4,000,572
United Business Media plc	19,030		246,038
United Utilities plc	71,095		1,069,904
Vedanta Resources plc	5,665		230,722
Vodafone Group plc	4,264,496		15,942,168
Whitbread plc	15,544		433,187
William Hill plc	27,076		282,692
Wm. Morrison Supermarkets plc	95,117		609,674
Wolseley plc	52,661		777,816
WPP Group plc	91,688		1,180,866
Yell Group plc	62,867		501,823

			311,463,811

United States (9.1%)
Cooper Industries Ltd., Class A	245,100		12,960,888
Noble Corp.	613,200		34,651,932
Schlumberger Ltd.^	353,800		34,803,306
Transocean, Inc.*^	402,194		57,574,001
Weatherford International Ltd.*	496,600		34,066,760

			174,056,887

Total Common Stocks (88.5%) (Cost $1,517,851,312)			1,697,108,643


	Number of Rights
RIGHT:
Hong Kong (0.0%)
Wharf Holdings Ltd., expiring 1/8/08* (Cost $—)	11,750		16,124


	Number of Shares
INVESTMENT COMPANIES:
Exchange Traded Funds (ETFs) (9.2%)
iShares FTSE/Xinhua China 25 Index Fund^	5,500		937,475
iShares MSCI Australia Index Fund^	26,500		763,730
iShares MSCI Canada Index Fund	37,280		1,197,434

354

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MARKETPLUS INTERNATIONAL CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
iShares MSCI EAFE Growth Index Fund^		235,160	$	18,274,283
iShares MSCI EAFE Index Fund^		591,680		46,446,880
iShares MSCI EAFE Value Index Fund^		143,270		10,308,276
iShares MSCI Emerging Markets Index Fund^		45,600		6,853,680
iShares MSCI Hong Kong Index Fund^		67,610		1,482,687
iShares MSCI Japan Index Fund^		965,830		12,835,881
iShares MSCI Pacific ex-Japan Index Fund^		69,060		10,654,577
iShares MSCI Singapore Index Fund^		114,540		1,579,507
iShares S&P Europe 350 Index Fund^		551,370		63,043,646
iShares S&P Latin America 40 Index Fund		10,240		2,548,838

Total Investment Companies (9.2%) (Cost $178,226,838)				176,926,894


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Securities (0.1%)
U.S. Treasury Bills
3.13%, 3/27/08 #(p)	$	800,000		793,994

Short-Term Investments of Cash Collateral for Securities Loaned (17.0%)
Monumental Global Funding II
4.36%, 4/25/08 (l)		5,000,000		5,000,000
Morgan Stanley,
5.40%, 2/9/08 (l)		279,753,015		279,753,015
Repurchase Agreement
4.70%, 1/2/08 (r)		9,952,980		9,952,980
National Bank of Canada/New York
5.16%, 4/16/08		7,000,000		7,000,000
New York Life Insurance Co.
5.29%, 03/31/08 (l)		10,000,000		10,000,000
Pricoa Global Funding I
4.37%, 9/22/08 (l)		2,000,000		2,000,000
Swedbank AB/New York
5.15%, 4/16/08 (l)		7,000,000		7,000,000
Ulster Bank Ireland Ltd.
4.72%, 4/18/08 (l)		5,000,000		5,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				325,705,995

Time Deposit (2.5%)
JPMorgan Chase Nassau
3.51%, 1/2/08		48,576,071		48,576,071

Total Short-Term Investments (19.6%) (Cost/Amortized Cost $375,076,142)				375,076,060

Total Investments (117.3%) (Cost/Amortized Cost $2,071,154,292)				2,249,127,721
Other Assets Less Liabilities (-17.3%)				(332,328,993	)

Net Assets (100%)			$	1,916,798,728

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

†	Securities (totaling $1,268,991 or 0.07% of net assets) valued at fair value.

#	All, or a portion of security held by broker as collateral for financial futures contracts.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.


Glossary:
ADR	—	American Depositary Receipt
CDI	—	Chess Depositary Receipt
CVA	—	Dutch Certification
FDR	—	Finnish Depositary Receipt
PPS	—	Price Protected Share
REIT	—	Real Estate Investment Trust
RNC	—	Risparmio Non-Convertible Savings Shares
SDR	—	Swedish Certification

At December 31, 2007 the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts	Expiration Date	Original Value		Value at 12/31/07		Unrealized Appreciation/ (Depreciation)
Hang Seng Index	2	January-08	$	358,108	$	357,940	$	(168	)
CAC 40 10 Euro	5	March-08		411,085		414,162		3,077
Dow Jones Euro Stock 50 Index	61	March-08		3,920,573		3,955,357		34,784
FTSE 100 Index	23	March-08		2,932,395		2,955,344		22,949
SPI 200	8	March-08		1,104,856		1,114,772		9,916
Topix Index	17	March-08		2,280,969		2,236,942		(44,027	)

							$	26,531

355

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MARKETPLUS INTERNATIONAL CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	3,292,361,646
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,608,559,159

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	263,182,233
Aggregate gross unrealized depreciation		(96,662,038	)

Net unrealized appreciation	$	166,520,195

Federal income tax cost of investments	$	2,082,607,526

At December 31, 2007, the Portfolio had loaned securities with a total value of $313,197,789. This was secured by collateral of $325,705,995 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $3,000, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities. The remaining collateral of $905,722 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

See Notes to Financial Statements.

356

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MARKETPLUS LARGE CAP CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (6.3%)
*Auto Components (0.1%)*
Goodyear Tire & Rubber Co.*	3,100	$	87,482
Johnson Controls, Inc.	7,800		281,112

			368,594

*Automobiles (0.2%)*
Ford Motor Co.*	27,600		185,748
General Motors Corp.	7,400		184,186
Harley-Davidson, Inc.	3,200		149,472

			519,406

*Distributors (0.0%)*
Genuine Parts Co.	2,200		101,860

*Diversified Consumer Services (0.1%)*
Apollo Group, Inc., Class A*	1,800		126,270
H&R Block, Inc.	4,300		79,851

			206,121

*Hotels, Restaurants & Leisure (1.3%)*
Carnival Corp.	5,700		253,593
Darden Restaurants, Inc.	1,900		52,649
Harrah’s Entertainment, Inc.	2,500		221,875
Intercontinental Hotels Group plc (ADR)	76,282		1,327,307
International Game Technology	4,100		180,113
Marriott International, Inc., Class A	4,100		140,138
McDonald’s Corp.	15,500		913,105
Starbucks Corp.*	9,600		196,512
Starwood Hotels & Resorts Worldwide, Inc.	2,600		114,478
Wendy’s International, Inc.	1,100		28,424
Wyndham Worldwide Corp.	2,300		54,188
Yum! Brands, Inc.	6,700		256,409

			3,738,791

*Household Durables (0.3%)*
Black & Decker Corp.	800		55,720
Centex Corp.	1,600		40,416
D.R. Horton, Inc.	3,600		47,412
Fortune Brands, Inc.	2,000		144,720
Harman International Industries, Inc.	800		58,968
KB Home^	1,000		21,600
Leggett & Platt, Inc.^	2,200		38,368
Lennar Corp., Class A^	1,800		32,202
Newell Rubbermaid, Inc.	3,700		95,756
Pulte Homes, Inc.	2,800		29,512
Snap-On, Inc.	800		38,592
Stanley Works	1,100		53,328
Whirlpool Corp.^	1,000		81,630

			738,224

*Internet & Catalog Retail (0.2%)*
Amazon.com, Inc.*	4,000		370,560
Expedia, Inc.*^	2,700		85,374
IAC/InterActiveCorp*	2,400		64,608

			520,542

*Leisure Equipment & Products (0.1%)*
Brunswick Corp.^	1,200		20,460
Eastman Kodak Co.^	3,800		83,106
Hasbro, Inc.	1,900		48,602
Mattel, Inc.	4,800		91,392

			243,560

*Media (1.7%)*
CBS Corp., Class B^	9,000		245,250
Clear Channel Communications, Inc.	6,500		224,380
Comcast Corp., Class A*	40,300		735,878
DIRECTV Group, Inc.*	9,400		217,328
E.W. Scripps Co., Class A	1,200		54,012
Gannett Co., Inc.	3,000		117,000
Interpublic Group of Cos., Inc.*^	6,200		50,282
McGraw-Hill Cos., Inc.	4,300		188,383
Meredith Corp.^	500		27,490
New York Times Co., Class A^	1,900		33,307
News Corp., Class A	30,300		620,847
Omnicom Group, Inc.	4,300		204,379
Time Warner, Inc.	47,400		782,574
Viacom, Inc., Class B*	8,600		377,712
Walt Disney Co	24,900		803,772
Washington Post Co., Class B	80		63,314

			4,745,908

*Multiline Retail (1.2%)*
Big Lots, Inc.*^	1,200		19,188
Dillard’s, Inc., Class A^	700		13,146
Family Dollar Stores, Inc.	1,800		34,614
J.C. Penney Co., Inc.	2,900		127,571
Kohl’s Corp.*	4,100		187,780
Macy’s, Inc.	5,700		147,459
Nordstrom, Inc.^	2,500		91,825
Sears Holdings Corp.*^	1,000		102,050
Target Corp.	54,250		2,712,500

			3,436,133

*Specialty Retail (0.9%)*
Abercrombie & Fitch Co.	1,100		87,967
AutoNation, Inc.*^	1,800		28,188
AutoZone, Inc.*^	600		71,946
Bed Bath & Beyond, Inc.*	3,500		102,865
Best Buy Co., Inc.	4,600		242,190
Circuit City Stores, Inc.^	2,200		9,240
GameStop Corp., Class A*	2,100		130,431
Gap, Inc.	6,100		129,808
Home Depot, Inc.^	22,100		595,374
Limited Brands, Inc.^	4,100		77,613
Lowe’s Cos., Inc.	19,200		434,304
Office Depot, Inc.*	3,600		50,076
OfficeMax, Inc.	1,000		20,660
RadioShack Corp.	1,700		28,662
Sherwin-Williams Co.	1,400		81,256
Staples, Inc.	9,300		214,551
Tiffany & Co.	1,800		82,854
TJX Cos., Inc.	5,700		163,761

			2,551,746

*Textiles, Apparel & Luxury Goods (0.2%)*
Coach, Inc.*	4,800		146,784
Jones Apparel Group, Inc.	1,100		17,589
Liz Claiborne, Inc.^	1,300		26,455
NIKE, Inc., Class B	5,000		321,200
Polo Ralph Lauren Corp.	800		49,432
VF Corp.	1,200		82,392

			643,852

Total Consumer Discretionary			17,814,737

Consumer Staples (9.6%)
*Beverages (2.4%)*
Anheuser-Busch Cos., Inc.	9,600		502,464
Brown-Forman Corp., Class B	1,100		81,521
Coca-Cola Co.	69,700		4,277,489
Coca-Cola Enterprises, Inc.	3,700		96,311
Constellation Brands, Inc., Class A*^	2,500		59,100
Molson Coors Brewing Co., Class B	1,800		92,916
Pepsi Bottling Group, Inc.	1,800		71,028
PepsiCo, Inc.	21,100		1,601,490

			6,782,319

*Food & Staples Retailing (2.5%)*
Costco Wholesale Corp.	5,700		397,632

357

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MARKETPLUS LARGE CAP CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
CVS Caremark Corp.	98,200	$	3,903,450
Kroger Co.	8,900		237,719
Safeway, Inc.	5,800		198,418
SUPERVALU, Inc.	2,800		105,056
Sysco Corp.	8,000		249,680
Wal-Mart Stores, Inc.	31,000		1,473,430
Walgreen Co.	13,000		495,040
Whole Foods Market, Inc.^	1,800		73,440

			7,133,865

*Food Products (0.9%)*
Archer-Daniels-Midland Co.	8,400		390,012
Campbell Soup Co.	2,900		103,617
ConAgra Foods, Inc.	6,400		152,256
Dean Foods Co.	1,700		43,962
General Mills, Inc.	4,400		250,800
H.J. Heinz Co.	4,200		196,056
Hershey Co.	2,200		86,680
Kellogg Co.	3,500		183,505
Kraft Foods, Inc., Class A	20,300		662,389
McCormick & Co., Inc. (Non-Voting)^	1,700		64,447
Sara Lee Corp.	9,500		152,570
Tyson Foods, Inc., Class A	3,600		55,188
Wm. Wrigley Jr. Co.	2,900		169,795

			2,511,277

*Household Products (2.9%)*
Clorox Co.	1,800		117,306
Colgate-Palmolive Co.	6,700		522,332
Kimberly-Clark Corp.	5,500		381,370
Procter & Gamble Co.	98,200		7,209,844

			8,230,852

*Personal Products (0.1%)*
Avon Products, Inc.	5,600		221,368
Estee Lauder Cos., Inc., Class A	1,500		65,415

			286,783

*Tobacco (0.8%)*
Altria Group, Inc.	27,600		2,086,008
Reynolds American, Inc.^	2,200		145,112
UST, Inc.^	2,100		115,080

			2,346,200

Total Consumer Staples			27,291,296

Energy (11.0%)
*Energy Equipment & Services (1.5%)*
Baker Hughes, Inc.	4,200		340,620
BJ Services Co.	3,800		92,188
ENSCO International, Inc.	1,900		113,278
Halliburton Co.	11,500		435,965
Nabors Industries Ltd.*	3,700		101,343
National Oilwell Varco, Inc.*	4,700		345,262
Noble Corp.	3,500		197,785
Rowan Cos., Inc.	1,500		59,190
Schlumberger Ltd.	15,700		1,544,409
Smith International, Inc.	2,600		192,010
Transocean, Inc.*	4,197		600,801
Weatherford International Ltd.*	4,400		301,840

			4,324,691

*Oil, Gas & Consumable Fuels (9.5%)*
Anadarko Petroleum Corp.	6,100		400,709
Apache Corp.	4,300		462,422
Chesapeake Energy Corp.	6,000		235,200
Chevron Corp.	27,700		2,585,241
ConocoPhillips	21,000		1,854,300
Consol Energy, Inc.	2,400		171,648
Devon Energy Corp.	5,800		515,678
El Paso Corp.	9,200		158,608
EOG Resources, Inc.	3,200		285,600
Exxon Mobil Corp.	71,600		6,708,204
Hess Corp.	3,600		363,096
Marathon Oil Corp.	9,300		565,998
Murphy Oil Corp.	2,500		212,100
Noble Energy, Inc.	2,200		174,944
Occidental Petroleum Corp.	58,000		4,465,420
Peabody Energy Corp.	3,500		215,740
Range Resources Corp.	2,000		102,720
Spectra Energy Corp.	8,300		214,306
Sunoco, Inc.	1,500		108,660
Tesoro Corp.	1,800		85,860
Total S.A. (Sponsored ADR)	41,600		3,436,160
Valero Energy Corp.	7,200		504,216
Williams Cos., Inc.	7,800		279,084
XTO Energy, Inc.	55,031		2,826,392

			26,932,306

Total Energy			31,256,997

Financials (15.1%)
*Capital Markets (2.7%)*
American Capital Strategies Ltd.^	2,500		82,400
Ameriprise Financial, Inc.	3,000		165,330
Bank of New York Mellon Corp.	14,889		725,988
Bear Stearns Cos., Inc.	1,500		132,375
Charles Schwab Corp.	12,300		314,265
ETRADE Financial Corp.^	5,600		19,880
Federated Investors, Inc., Class B	1,100		45,276
Franklin Resources, Inc.	2,100		240,303
Goldman Sachs Group, Inc.	5,200		1,118,260
Janus Capital Group, Inc.	2,000		65,700
Legg Mason, Inc.	1,800		131,670
Lehman Brothers Holdings, Inc.	6,900		451,536
Merrill Lynch & Co., Inc.	11,200		601,216
Morgan Stanley	49,700		2,639,567
Northern Trust Corp.	2,500		191,450
State Street Corp.	5,100		414,120
T. Rowe Price Group, Inc.	3,500		213,080

			7,552,416

*Commercial Banks (2.6%)*
BB&T Corp.	7,200		220,824
Comerica, Inc.	2,000		87,060
Commerce Bancorp, Inc./ New Jersey	2,600		99,164
Fifth Third Bancorp	7,000		175,910
First Horizon National Corp.^	1,700		30,855
Huntington Bancshares, Inc./Ohio	4,800		70,848
KeyCorp.	5,100		119,595
M&T Bank Corp.	1,000		81,570
Marshall & IIsley Corp.^	3,400		90,032
National City Corp.^	8,300		136,618
PNC Financial Services Group, Inc.^	4,600		301,990
Regions Financial Corp.	9,100		215,215
SunTrust Banks, Inc.	4,600		287,454
U.S. Bancorp.	22,600		717,324
Wachovia Corp.	25,900		984,977
Wells Fargo & Co.	123,200		3,719,408
Zions Bancorp^	1,400		65,366

			7,404,210

*Consumer Finance (1.0%)*
American Express Co.	15,300		795,906
Capital One Financial Corp.^	37,200		1,758,072
Discover Financial Services	6,250		94,250
SLM Corp.	6,700		134,938

			2,783,166

*Diversified Financial Services (4.0%)*
Bank of America Corp.	58,100		2,397,206
CIT Group, Inc.	2,500		60,075
Citigroup, Inc.	65,400		1,925,376

358

EQ ADVISORS TRUST

MARKETPLUS LARGE CAP CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
CME Group, Inc.	700	$	480,200
IntercontinentalExchange, Inc.*	900		173,250
JPMorgan Chase & Co.	131,850		5,755,252
Leucadia National Corp.^	2,200		103,620
Moody’s Corp.^	2,800		99,960
NYSE Euronext, Inc.	3,500		307,195

			11,302,134

*Insurance (3.8%)*
ACE Ltd.	13,750		849,475
Aflac, Inc.	6,400		400,832
Allstate Corp.	7,500		391,725
Ambac Financial Group, Inc.^	1,300		33,501
American International Group, Inc.	84,600		4,932,180
Aon Corp.	3,800		181,222
Assurant, Inc.^	1,300		86,970
Chubb Corp.	5,000		272,900
Cincinnati Financial Corp.	2,200		86,988
Genworth Financial, Inc., Class A	5,700		145,065
Hartford Financial Services Group, Inc.	4,100		357,479
Lincoln National Corp.	3,500		203,770
Loews Corp.	5,800		291,972
Marsh & McLennan Cos., Inc.	6,800		179,996
MBIA, Inc.^	1,600		29,808
MetLife, Inc.	9,700		597,714
Principal Financial Group, Inc.^	3,400		234,056
Progressive Corp.^	9,100		174,356
Prudential Financial, Inc.	5,900		548,936
Safeco Corp.	1,200		66,816
Torchmark Corp.^	1,200		72,636
Travelers Cos., Inc.	8,400		451,920
Unum Group	4,700		111,813
XL Capital Ltd., Class A	2,300		115,713

			10,817,843

*Real Estate Investment Trusts (REITs) (0.6%)*
Apartment Investment & Management Co. (REIT)^	1,300		45,149
AvalonBay Communities, Inc. (REIT)^	1,000		94,140
Boston Properties, Inc. (REIT)	1,600		146,896
Developers Diversified Realty Corp. (REIT)^	1,600		61,264
Equity Residential (REIT)	3,600		131,292
General Growth Properties, Inc. (REIT)^	3,200		131,776
Host Hotels & Resorts, Inc. (REIT)	6,800		115,872
Kimco Realty Corp. (REIT)	3,300		120,120
Plum Creek Timber Co., Inc. (REIT)^	2,300		105,892
ProLogis (REIT)^	3,400		215,492
Public Storage (REIT)	1,600		117,456
Simon Property Group, Inc. (REIT)	2,900		251,894
Vornado Realty Trust (REIT)	1,800		158,310

			1,695,553

*Real Estate Management & Development (0.0%)*
CB Richard Ellis Group, Inc., Class A*^	2,600		56,030

*Thrifts & Mortgage Finance (0.4%)*
Countrywide Financial Corp.^	7,600		67,944
Fannie Mae	12,800		511,744
Freddie Mac	8,700		296,409
Hudson City Bancorp, Inc.	6,800		102,136
MGIC Investment Corp.^	1,100		24,673
Sovereign Bancorp, Inc.^	4,700		53,580
Washington Mutual, Inc.^	11,400		155,154

			1,211,640

Total Financials			42,822,992

Health Care (12.2%)
*Biotechnology (0.7%)*
Amgen, Inc.*	14,200		659,448
Biogen Idec, Inc.*^	3,800		216,296
Celgene Corp.*	5,100		235,671
Genzyme Corp.*	3,500		260,540
Gilead Sciences, Inc.*	12,200		561,322

			1,933,277

*Health Care Equipment & Supplies (1.1%)*
Baxter International, Inc.	8,300		481,815
Becton, Dickinson & Co.	3,200		267,456
Boston Scientific Corp.*	17,600		204,688
C.R. Bard, Inc.	1,300		123,240
Covidien Ltd.	6,500		287,885
Hospira, Inc.*	2,100		89,544
Medtronic, Inc.	14,800		743,996
St. Jude Medical, Inc.*	4,500		182,880
Stryker Corp.^	3,100		231,632
Varian Medical Systems, Inc.*	1,600		83,456
Zimmer Holdings, Inc.*	3,100		205,065

			2,901,657

*Health Care Providers & Services (1.4%)*
Aetna, Inc.	6,600		381,018
AmerisourceBergen Corp.	2,200		98,714
Cardinal Health, Inc.	4,700		271,425
CIGNA Corp.	3,700		198,801
Coventry Health Care, Inc.*	2,000		118,500
Express Scripts, Inc.*	3,300		240,900
Humana, Inc.*	2,200		165,682
Laboratory Corp. of America Holdings*^	1,500		113,295
McKesson Corp.	3,800		248,938
Medco Health Solutions, Inc.*	3,500		354,900
Patterson Cos., Inc.*	1,800		61,110
Quest Diagnostics, Inc.	2,100		111,090
Tenet Healthcare Corp.*^	6,200		31,496
UnitedHealth Group, Inc.	16,900		983,580
WellPoint, Inc.*	7,500		657,975

			4,037,424

*Health Care Technology (0.0%)*
IMS Health, Inc.	2,500		57,600

*Life Sciences Tools & Services (0.2%)*
Applera Corp.- Applied Biosystems Group	2,200		74,624
Millipore Corp.*	700		51,226
PerkinElmer, Inc.	1,600		41,632
Thermo Fisher Scientific, Inc.*	5,500		317,240
Waters Corp.*	1,300		102,791

			587,513

*Pharmaceuticals (8.8%)*
Abbott Laboratories	20,200		1,134,230
Allergan, Inc.	4,000		256,960
Barr Pharmaceuticals, Inc.*	1,400		74,340
Bristol-Myers Squibb Co.	92,100		2,442,492
Eli Lilly & Co.	12,900		688,731
Forest Laboratories, Inc.*	4,100		149,445
Johnson & Johnson	37,500		2,501,250
King Pharmaceuticals, Inc.*	3,200		32,768
Merck & Co., Inc.^	99,800		5,799,378
Mylan, Inc.^	4,000		56,240
Novartis AG (ADR)	85,450		4,640,789
Pfizer, Inc.	89,500		2,034,335
Schering-Plough Corp.	39,000		1,038,960

359

EQ ADVISORS TRUST

MARKETPLUS LARGE CAP CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Watson Pharmaceuticals, Inc.*	1,400	$	37,996
Wyeth	94,850		4,191,422

			25,079,336

Total Health Care			34,596,807

Industrials (10.8%)
*Aerospace & Defense (1.7%)*
Boeing Co.	10,200		892,092
General Dynamics Corp.	5,300		471,647
Goodrich Corp.	1,600		112,976
Honeywell International, Inc.	9,800		603,386
L-3 Communications Holdings, Inc.	1,600		169,504
Lockheed Martin Corp.	4,500		473,670
Northrop Grumman Corp.	4,400		346,016
Precision Castparts Corp.	1,800		249,660
Raytheon Co.	5,600		339,920
Rockwell Collins, Inc.	2,100		151,137
United Technologies Corp.	12,900		987,366

			4,797,374

*Air Freight & Logistics (0.6%)*
C.H. Robinson Worldwide, Inc.	2,200		119,064
Expeditors International of Washington, Inc.^	2,800		125,104
FedEx Corp.	4,100		365,597
United Parcel Service, Inc., Class B	13,800		975,936

			1,585,701

*Airlines (0.0%)*
Southwest Airlines Co.	9,600		117,120

*Building Products (0.6%)*
Masco Corp.^	70,050		1,513,781
Trane, Inc.	2,200		102,762

			1,616,543

*Commercial Services & Supplies (0.3%)*
Allied Waste Industries, Inc.*	3,800		41,876
Avery Dennison Corp.	1,400		74,396
Cintas Corp.	1,800		60,516
Equifax, Inc.	1,700		61,812
Monster Worldwide, Inc.*	1,700		55,080
Pitney Bowes, Inc.	2,800		106,512
R.R. Donnelley & Sons Co.	2,800		105,672
Robert Half International, Inc.	2,100		56,784
Waste Management, Inc.	6,700		218,889

			781,537

*Construction & Engineering (0.1%)*
Fluor Corp.	1,200		174,864
Jacobs Engineering Group, Inc.*	1,600		152,976

			327,840

*Electrical Equipment (0.3%)*
Cooper Industries Ltd., Class A	2,400		126,912
Emerson Electric Co.	10,300		583,598
Rockwell Automation, Inc.	2,000		137,920

			848,430

*Industrial Conglomerates (4.5%)*
3M Co.	9,300		784,176
General Electric Co.	250,050		9,269,353
Textron, Inc.	35,550		2,534,715
Tyco International Ltd.	6,500		257,725

			12,845,969

*Machinery (1.1%)*
Caterpillar, Inc.	8,300		602,248
Cummins, Inc.	1,300		165,581
Danaher Corp.^	3,300		289,542
Deere & Co.	5,800		540,096
Dover Corp.	2,600		119,834
Eaton Corp.	1,900		184,205
Illinois Tool Works, Inc.	5,400		289,116
Ingersoll-Rand Co., Ltd., Class A	3,600		167,292
ITT Corp.	2,400		158,496
Manitowoc Co., Inc.^	1,700		83,011
PACCAR, Inc.	4,800		261,504
Pall Corp.	1,600		64,512
Parker Hannifin Corp.	2,200		165,682
Terex Corp.*	1,300		85,241

			3,176,360

*Road & Rail (1.6%)*
Burlington Northern Santa Fe Corp.	3,900		324,597
CSX Corp.	5,500		241,890
Norfolk Southern Corp.	71,600		3,611,504
Ryder System, Inc.	800		37,608
Union Pacific Corp.	3,400		427,108

			4,642,707

*Trading Companies & Distributors (0.0%)*
W.W. Grainger, Inc.	900		78,768

Total Industrials			30,818,349

Information Technology (13.8%)
*Communications Equipment (3.6%)*
Ciena Corp.*	1,100		37,521
Cisco Systems, Inc.*	209,900		5,681,993
Corning, Inc.	20,600		494,194
JDS Uniphase Corp.*^	2,900		38,570
Juniper Networks, Inc.*	6,800		225,760
Motorola, Inc.	188,400		3,021,936
QUALCOMM, Inc.	21,400		842,090
Tellabs, Inc.*^	5,800		37,932

			10,379,996

*Computers & Peripherals (2.7%)*
Apple, Inc.*	11,500		2,277,920
Dell, Inc.*	29,400		720,594
EMC Corp.*	27,500		509,575
Hewlett-Packard Co.	33,800		1,706,224
International Business Machines Corp.	18,100		1,956,610
Lexmark International, Inc., Class A*	1,200		41,832
Network Appliance, Inc.*	4,500		112,320
QLogic Corp.*	1,800		25,560
SanDisk Corp.*	3,000		99,510
Sun Microsystems, Inc.*	10,850		196,711
Teradata Corp.*	2,400		65,784

			7,712,640

*Electronic Equipment & Instruments (0.8%)*
Agilent Technologies, Inc.*	5,100		187,374
Jabil Circuit, Inc.	2,700		41,229
Molex, Inc.	1,900		51,870
Tyco Electronics Ltd.	55,100		2,045,863

			2,326,336

*Internet Software & Services (1.1%)*
Akamai Technologies, Inc.*	2,200		76,120
eBay, Inc.*	14,900		494,531
Google, Inc., Class A*	3,050		2,109,014
VeriSign, Inc.*^	2,900		109,069
Yahoo!, Inc.*	17,500		407,050

			3,195,784

*IT Services (0.5%)*
Affiliated Computer Services, Inc., Class A*	1,300		58,630
Automatic Data Processing, Inc.	6,900		307,257
Cognizant Technology Solutions Corp., Class A*	3,800		128,972
Computer Sciences Corp.*	2,300		113,781
Convergys Corp.*	1,700		27,982
Electronic Data Systems Corp.	6,700		138,891

360

EQ ADVISORS TRUST

MARKETPLUS LARGE CAP CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Fidelity National Information Services, Inc.	2,200	$	91,498
Fiserv, Inc.*	2,200		122,078
Paychex, Inc.	4,400		159,368
Total System Services, Inc.	2,600		72,800
Unisys Corp.*	4,600		21,758
Western Union Co.	9,800		237,944

			1,480,959

*Office Electronics (0.1%)*
Xerox Corp.	12,100		195,899

*Semiconductors & Semiconductor Equipment (2.7%)*
Advanced Micro Devices, Inc.*^	7,900		59,250
Altera Corp.	4,400		85,008
Analog Devices, Inc.	4,000		126,800
Applied Materials, Inc.	18,100		321,456
Broadcom Corp., Class A*	6,200		162,068
Intel Corp.	76,600		2,042,156
KLA-Tencor Corp.	2,400		115,584
Linear Technology Corp.^	2,900		92,307
LSI Corp.*	9,200		48,852
MEMC Electronic Materials, Inc.*	3,000		265,470
Microchip Technology, Inc.^	2,800		87,976
Micron Technology, Inc.*	10,000		72,500
National Semiconductor Corp.	3,100		70,184
Novellus Systems, Inc.*	1,500		41,355
NVIDIA Corp.*	7,300		248,346
Teradyne, Inc.*	2,300		23,782
Texas Instruments, Inc.	107,850		3,602,190
Xilinx, Inc.	3,900		85,293

			7,550,577

*Software (2.3%)*
Adobe Systems, Inc.*	7,500		320,475
Autodesk, Inc.*	3,000		149,280
BMC Software, Inc.*	2,600		92,664
CA, Inc.	5,100		127,245
Citrix Systems, Inc.*	2,500		95,025
Compuware Corp.*	3,800		33,744
Electronic Arts, Inc.*	4,100		239,481
Intuit, Inc.*	4,400		139,084
Microsoft Corp.	105,400		3,752,240
Novell, Inc.*	4,600		31,602
Oracle Corp.*	51,700		1,167,386
Symantec Corp.*	11,400		183,996

			6,332,222

Total Information Technology			39,174,413

Materials (3.1%)
*Chemicals (2.3%)*
Air Products & Chemicals, Inc.	2,800		276,164
Ashland, Inc.	700		33,201
Dow Chemical Co.	12,400		488,808
E.I. du Pont de Nemours & Co.	88,400		3,897,556
Eastman Chemical Co.	1,100		67,199
Ecolab, Inc.	2,300		117,783
Hercules, Inc.	1,500		29,025
International Flavors & Fragrances, Inc.	1,100		52,943
Monsanto Co.	7,200		804,168
PPG Industries, Inc.	2,100		147,483
Praxair, Inc.	4,100		363,711
Rohm & Haas Co.	1,600		84,912
Sigma-Aldrich Corp.	1,700		92,820

			6,455,773

*Construction Materials (0.0%)*
Vulcan Materials Co.	1,400		110,726

*Containers & Packaging (0.1%)*
Ball Corp.	1,300		58,500
Bemis Co., Inc.	1,300		35,594
Pactiv Corp.*	1,700		45,271
Sealed Air Corp.	2,100		48,594

			187,959

*Metals & Mining (0.6%)*
Alcoa, Inc.	11,100		405,705
Allegheny Technologies, Inc.	1,300		112,320
Freeport-McMoRan Copper & Gold, Inc.	5,000		512,200
Newmont Mining Corp.	5,900		288,097
Nucor Corp.	3,800		225,036
Titanium Metals Corp.^	1,100		29,095
United States Steel Corp.	1,500		181,365

			1,753,818

*Paper & Forest Products (0.1%)*
International Paper Co.	5,600		181,328
MeadWestvaco Corp.	2,400		75,120
Weyerhaeuser Co.	2,700		199,098

			455,546

Total Materials			8,963,822

Telecommunication Services (4.7%)
*Diversified Telecommunication Services (3.4%)*
AT&T, Inc.	179,300		7,451,708
CenturyTel, Inc.	1,400		58,044
Citizens Communications Co.	4,300		54,739
Embarq Corp.	2,000		99,060
Qwest Communications International, Inc.*	20,600		144,406
Verizon Communications, Inc.	37,900		1,655,851
Windstream Corp.	6,300		82,026

			9,545,834

*Wireless Telecommunication Services (1.3%)*
American Tower Corp., Class A*	5,300		225,780
Sprint Nextel Corp.	37,300		489,749
Vodafone Group plc (ADR)	83,650		3,121,818

			3,837,347

Total Telecommunication Services			13,383,181

Utilities (2.1%)
*Electric Utilities (1.2%)*
Allegheny Energy, Inc.	2,200		139,942
American Electric Power Co., Inc.	5,200		242,112
Duke Energy Corp.	16,500		332,805
Edison International	4,300		229,491
Entergy Corp.	2,500		298,800
Exelon Corp.	8,600		702,104
FirstEnergy Corp.	4,000		289,360
FPL Group, Inc.	5,300		359,234
Pepco Holdings, Inc.	2,600		76,258
Pinnacle West Capital Corp.	1,300		55,133
PPL Corp.	4,900		255,241
Progress Energy, Inc.	3,400		164,662
Southern Co.	9,900		383,625

			3,528,767

*Gas Utilities (0.0%)*
Nicor, Inc.^	600		25,410
Questar Corp.	2,300		124,430

			149,840

*Independent Power Producer & Energy Traders (0.2%)*
AES Corp.*	8,800		188,232
Constellation Energy Group, Inc.^	2,400		246,072
Dynegy, Inc., Class A*	6,500		46,410

			480,714

*Multi-Utilities (0.7%)*
Ameren Corp.	2,700		146,367
CenterPoint Energy, Inc.	4,200		71,946

361

EQ ADVISORS TRUST

MARKETPLUS LARGE CAP CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
CMS Energy Corp.		2,900	$	50,402
Consolidated Edison, Inc.^		3,600		175,860
Dominion Resources, Inc.		7,700		365,365
DTE Energy Co.		2,100		92,316
Integrys Energy Group, Inc.		1,000		51,690
NiSource, Inc.		3,600		68,004
PG&E Corp.^		4,600		198,214
Public Service Enterprise Group, Inc.		3,300		324,192
Sempra Energy		3,400		210,392
TECO Energy, Inc.		2,800		48,188
Xcel Energy, Inc.		5,500		124,135

				1,927,071

Total Utilities				6,086,392

Total Common Stocks (88.7%) (Cost $251,687,790)				252,208,986

INVESTMENT COMPANIES:
Exchange Traded Funds (ETFs) (10.0%)
iShares Morningstar Large Core Index Fund		45,606		3,669,459
iShares Morningstar Large Growth Index Fund		54,260		3,878,505
iShares Morningstar Large Value Index Fund^		8,127		655,930
iShares NYSE 100 Index Fund		16,792		1,275,688
iShares Russell 1000 Growth Index Fund		24,817		1,508,377
iShares Russell 1000 Index Fund^		58,839		4,696,529
iShares Russell 1000 Value Index Fund		3,586		287,777
iShares S&P 100 Index Fund		26,117		1,790,320
iShares S&P 500 Growth Index Fund		36,446		2,545,024
iShares S&P 500 Index Fund^		54,160		7,947,439
iShares S&P 500 Value Index Fund		3,818		291,886

Total Investment Companies (10.0%) (Cost $29,055,755)				28,546,934


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Securities (0.1%)
U.S. Treasury Bills
3.13%, 3/27/08 #(p)	$	145,000		143,911

Short-Term Investment of Cash Collateral for Securities Loaned (7.8%)
Morgan Stanley, Repurchase Agreement
4.70%, 1/2/08 (r)		22,316,795		22,316,795

Time Deposit (1.2%)
JPMorgan Chase Nassau
3.51%, 1/2/08		3,511,550		3,511,550

Total Short Term Investments (9.1%) (Cost/Amortized Cost $25,972,271)				25,972,256

Total Investments (107.8%) (Cost/Amortized Cost $306,715,816)				306,728,176
Other Assets Less Liabilities (-7.8%)				(22,254,622	)

Net Assets (100%)			$	284,473,554

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

#	All, or a portion of security held by broker as collateral for financial futures contracts.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

(p)

Yield to maturity.


Glossary:
ADR	—	American Depositary Receipt

At December 31, 2007 the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/07		Unrealized Depreciation
S&P 500 E-Mini Index	38	March-08	$	2,839,967	$	2,806,680	$	(33,287	)

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities, and Investment Companies	$	340,032,344
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities, and Investment Companies	$	395,772,589

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	22,045,827
Aggregate gross unrealized depreciation		(22,516,071	)

Net unrealized depreciation	$	(470,244	)

Federal income tax cost of investments	$	307,198,420

362

EQ ADVISORS TRUST

MARKETPLUS LARGE CAP CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

At December 31, 2007, the Portfolio had loaned securities with a total value of $21,690,490. This was secured by collateral of $22,316,795 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $64,491, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the year ended December 31, 2007, the Portfolio incurred approximately $1,884 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio utilized net capital loss carryforward of $731,111 during 2007.

See Notes to Financial Statements.

363

EQ ADVISORS TRUST

MARKETPLUS LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (11.7%)
*Auto Components (0.6%)*
Autoliv, Inc.	3,500	$	184,485
BorgWarner, Inc.	1,800		87,138
Continental AG	22,891		2,978,299
Gentex Corp.^	10,500		186,585
Goodyear Tire & Rubber Co.*	15,400		434,588
Johnson Controls, Inc.	34,400		1,239,776
WABCO Holdings, Inc.	4,433		222,049

			5,332,920

*Automobiles (0.8%)*
Harley-Davidson, Inc.	17,700		826,767
Thor Industries, Inc.^	2,300		87,423
Toyota Motor Corp. (ADR)	64,300		6,826,731

			7,740,921

*Diversified Consumer Services (0.2%)*
Apollo Group, Inc., Class A*	10,600		743,590
Career Education Corp.*^	7,000		175,980
H&R Block, Inc.^	23,700		440,109
ITT Educational Services, Inc.*	3,000		255,810
Weight Watchers International, Inc.^	2,600		117,468

			1,732,957

*Hotels, Restaurants & Leisure (4.7%)*
Boyd Gaming Corp.^	4,100		139,687
Brinker International, Inc.^	7,600		148,656
Burger King Holdings, Inc.^	4,700		133,997
Carnival Corp.	13,300		591,717
Cheesecake Factory, Inc.*^	5,300		125,663
Choice Hotels International, Inc.^	2,600		86,320
Darden Restaurants, Inc.	10,400		288,184
Harrah’s Entertainment, Inc.	7,900		701,125
International Game Technology^	23,100		1,014,783
Las Vegas Sands Corp.*	127,133		13,101,056
Marriott International, Inc., Class A	24,100		823,738
McDonald’s Corp.	285,134		16,797,244
MGM MIRAGE*^	14,351		1,205,771
Orient-Express Hotels Ltd.^	2,900		166,808
Panera Bread Co., Class A*^	2,100		75,222
Penn National Gaming, Inc.*	5,400		321,570
Scientific Games Corp., Class A*^	4,800		159,600
Starbucks Corp.*	54,300		1,111,521
Starwood Hotels & Resorts Worldwide, Inc.	14,800		651,644
Tim Hortons, Inc.^	13,900		513,327
Wendy’s International, Inc.	6,400		165,376
Wyndham Worldwide Corp.	1,000		23,560
Wynn Resorts Ltd.^	58,600		6,570,818
Yum! Brands, Inc.	38,400		1,469,568

			46,386,955

*Household Durables (0.2%)*
Black & Decker Corp.	2,400		167,160
Centex Corp.	400		10,104
Garmin Ltd.	8,500		824,500
Harman International Industries, Inc.	4,400		324,324
Jarden Corp.*^	2,600		61,386
Newell Rubbermaid, Inc.	10,600		274,328
NVR, Inc.*^	100		52,400
Pulte Homes, Inc.^	5,500		57,970
Stanley Works	2,000		96,960
Whirlpool Corp.^	4,100		334,683

			2,203,815

*Internet & Catalog Retail (0.3%)*
Amazon.com, Inc.*	22,300		2,065,872
IAC/InterActiveCorp*	900		24,228
Liberty Media Corp., Interactive, Class A*	26,700		509,436
NutriSystem, Inc.*^	2,500		67,450

			2,666,986

*Leisure Equipment & Products (0.0%)*
Hasbro, Inc.	3,600		92,088
Mattel, Inc.	12,100		230,384
Pool Corp.^	3,600		71,388

			393,860

*Media (1.7%)*
Cablevision Systems Corp. - New York Group, Class A*	5,300		129,850
Central European Media Enterprises Ltd.*^	2,300		266,754
Clear Channel Communications, Inc.	7,800		269,256
Clear Channel Outdoor Holdings, Inc., Class A*^	2,900		80,214
Comcast Corp., Class A*	132,800		2,424,928
CTC Media, Inc.*	3,800		114,760
DIRECTV Group, Inc.*^	52,300		1,209,176
Discovery Holding Co., Class A*	11,300		284,082
DreamWorks Animation SKG, Inc., Class A*	3,800		97,052
EchoStar Communications Corp., Class A*	15,300		577,116
Getty Images, Inc.*^	1,800		52,200
Harte-Hanks, Inc.^	2,600		44,980
Interpublic Group of Cos., Inc.*^	21,200		171,932
John Wiley & Sons, Inc., Class A	3,700		158,508
Lamar Advertising Co., Class A^	6,100		293,227
Liberty Global, Inc., Class A*^	14,300		560,417
McGraw-Hill Cos., Inc.	25,200		1,104,012
Meredith Corp.	3,500		192,430
New York Times Co., Class A^	2,600		45,578
News Corp., Class A	110,500		2,264,145
Omnicom Group, Inc.	24,300		1,154,979
Regal Entertainment Group, Class A^	4,700		84,929
Sirius Satellite Radio, Inc.*^	107,100		324,513
Time Warner Cable, Inc., Class A*	6,300		173,880
Time Warner, Inc.	39,700		655,447
Viacom, Inc., Class B*	44,700		1,963,224
Walt Disney Co.	63,800		2,059,464
Warner Music Group Corp.^	1,300		7,878
XM Satellite Radio Holdings, Inc., Class A*	20,900		255,816

			17,020,747

*Multiline Retail (0.6%)*
Big Lots, Inc.*^	6,600		105,534
Dollar Tree Stores, Inc.*	6,700		173,664
Family Dollar Stores, Inc.	10,300		198,069
J.C. Penney Co., Inc.	16,600		730,234
Kohl’s Corp.*	23,500		1,076,300
Nordstrom, Inc.^	17,900		657,467
Saks, Inc.*^	8,900		184,764
Target Corp.	62,700		3,135,000

			6,261,032

*Specialty Retail (2.2%)*
Abercrombie & Fitch Co.	6,400		511,808
Advance Auto Parts, Inc.	7,400		281,126
American Eagle Outfitters, Inc.	13,600		282,472
AnnTaylor Stores Corp.*	3,600		92,016

364

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MARKETPLUS LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
AutoZone, Inc.*^	3,200	$	383,712
Barnes & Noble, Inc.	300		10,335
Bed Bath & Beyond, Inc.*	20,300		596,617
Best Buy Co., Inc.	25,300		1,332,045
CarMax, Inc.*^	15,800		312,050
Chico’s FAS, Inc.*^	12,900		116,487
Circuit City Stores, Inc.^	5,200		21,840
Coldwater Creek, Inc.*^	4,400		29,436
Dick’s Sporting Goods, Inc.*^	5,900		163,784
GameStop Corp., Class A*	11,500		714,265
Guess?, Inc.	4,000		151,560
Home Depot, Inc.	71,900		1,936,986
Limited Brands, Inc.	23,300		441,069
Lowe’s Cos., Inc.	427,160		9,662,359
O’Reilly Automotive, Inc.*^	8,400		272,412
Office Depot, Inc.*	20,100		279,591
OfficeMax, Inc.	2,500		51,650
PetSmart, Inc.^	9,400		221,182
RadioShack Corp.^	7,000		118,020
Ross Stores, Inc.	10,200		260,814
Sherwin-Williams Co.^	8,100		470,124
Staples, Inc.	52,400		1,208,868
Tiffany & Co.^	10,000		460,300
TJX Cos., Inc.	33,300		956,709
Tractor Supply Co.*^	2,500		89,850
Urban Outfitters, Inc.*^	8,300		226,258
Williams-Sonoma, Inc.^	6,700		173,530

			21,829,275

*Textiles, Apparel & Luxury Goods (0.4%)*
Coach, Inc.*	27,200		831,776
Crocs, Inc.*^	5,900		217,179
Hanesbrands, Inc.*	7,100		192,907
Liz Claiborne, Inc.	500		10,175
NIKE, Inc., Class B	26,100		1,676,664
Phillips-Van Heusen Corp.^	4,100		151,126
Polo Ralph Lauren Corp.	4,500		278,055

			3,357,882

Total Consumer Discretionary			114,927,350

Consumer Staples (7.1%)
*Beverages (1.9%)*
Anheuser-Busch Cos., Inc.	35,100		1,837,134
Brown-Forman Corp., Class B	4,000		296,440
Coca-Cola Co.	111,800		6,861,166
Hansen Natural Corp.*^	5,000		221,450
Pepsi Bottling Group, Inc.	2,600		102,596
PepsiCo, Inc.	119,400		9,062,460

			18,381,246

*Food & Staples Retailing (2.7%)*
Costco Wholesale Corp.	22,500		1,569,600
CVS Caremark Corp.	333,600		13,260,600
Kroger Co.	31,400		838,694
Sysco Corp.	45,300		1,413,813
Wal-Mart Stores, Inc.	129,800		6,169,394
Walgreen Co.	73,100		2,783,648
Whole Foods Market, Inc.^	10,400		424,320

			26,460,069

*Food Products (0.4%)*
Campbell Soup Co.	9,700		346,581
Dean Foods Co.	600		15,516
General Mills, Inc.	1,900		108,300
H.J. Heinz Co.	13,100		611,508
Hershey Co.^	8,700		342,780
Kellogg Co.	11,700		613,431
McCormick & Co., Inc. (Non-Voting)	6,400		242,624
Sara Lee Corp.	28,100		451,286
Wm. Wrigley Jr. Co.	15,500		907,525

			3,639,551

*Household Products (1.2%)*
Church & Dwight Co., Inc.^	4,500		243,315
Clorox Co.	9,300		606,081
Colgate-Palmolive Co.	34,600		2,697,416
Energizer Holdings, Inc.*^	3,000		336,390
Kimberly-Clark Corp.	13,900		963,826
Procter & Gamble Co.	91,400		6,710,588

			11,557,616

*Personal Products (0.2%)*
Alberto-Culver Co.^	1,000		24,540
Avon Products, Inc.	29,700		1,174,041
Bare Escentuals, Inc.*^	2,900		70,325
Estee Lauder Cos., Inc., Class A	8,000		348,880
Herbalife Ltd.^	3,500		140,980
NBTY, Inc.*	4,100		112,340

			1,871,106

*Tobacco (0.7%)*
Altria Group, Inc.	88,100		6,658,598
Loews Corp.- Carolina Group	4,700		400,910
UST, Inc.^	6,500		356,200

			7,415,708

Total Consumer Staples			69,325,296

Energy (8.6%)
*Energy Equipment & Services (5.3%)*
Baker Hughes, Inc.	23,500		1,905,850
BJ Services Co.	21,500		521,590
Cameron International Corp.*	16,200		779,706
Diamond Offshore Drilling, Inc.^	5,000		710,000
Dresser-Rand Group, Inc.*^	6,300		246,015
ENSCO International, Inc.	10,100		602,162
FMC Technologies, Inc.*	9,500		538,650
Global Industries Ltd.*	6,800		145,656
Grant Prideco, Inc.*	9,300		516,243
Halliburton Co.	67,000		2,539,970
Helix Energy Solutions Group, Inc.*^	5,300		219,950
Nabors Industries Ltd.*	18,200		498,498
National Oilwell Varco, Inc.*	26,000		1,909,960
Noble Corp.	19,700		1,113,247
Oceaneering International, Inc.*	4,000		269,400
Pride International, Inc.*^	9,000		305,100
Rowan Cos., Inc.	5,800		228,868
Schlumberger Ltd.	194,911		19,173,395
Smith International, Inc.	14,700		1,085,595
Superior Energy Services, Inc.*	5,900		203,078
TETRA Technologies, Inc.*^	5,300		82,521
Tidewater, Inc.^	2,700		148,122
Transocean, Inc.*	115,536		16,538,978
Unit Corp.*	2,700		124,875
Weatherford International Ltd.*	24,700		1,694,420

			52,101,849

*Oil, Gas & Consumable Fuels (3.3%)*
Arch Coal, Inc.	10,500		471,765
Cabot Oil & Gas Corp.	7,100		286,627
Cheniere Energy, Inc.*	3,100		101,184
Chesapeake Energy Corp.	19,700		772,240
CNX Gas Corp.*^	2,000		63,900
Consol Energy, Inc.	13,400		958,368
Continental Resources, Inc.*	1,000		26,130
Denbury Resources, Inc.*	17,800		529,550
Exxon Mobil Corp.^	84,300		7,898,067
Foundation Coal Holdings, Inc.	3,300		173,250
Frontier Oil Corp.	4,100		166,378
Frontline Ltd.^	3,600		172,800
Holly Corp.	3,300		167,937

365

EQ ADVISORS TRUST

MARKETPLUS LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Massey Energy Co.^	5,900	$	210,925
Noble Energy, Inc.	1,800		143,136
Patriot Coal Corp.*^	1,980		82,645
Peabody Energy Corp.	19,400		1,195,816
Petroleo Brasileiro S.A. (ADR)	96,698		11,143,478
Quicksilver Resources, Inc.*^	3,700		220,483
Range Resources Corp.	10,900		559,824
SandRidge Energy, Inc.*^	1,000		35,860
Southwestern Energy Co.*	12,500		696,500
Sunoco, Inc.	8,900		644,716
Tesoro Corp.	10,000		477,000
Valero Energy Corp.	31,800		2,226,954
W&T Offshore, Inc.	1,300		38,948
Western Refining, Inc.^	1,000		24,210
Williams Cos., Inc.	36,800		1,316,704
XTO Energy, Inc.	35,475		1,821,996

			32,627,391

Total Energy			84,729,240

Financials (6.4%)
*Capital Markets (3.4%)*
Affiliated Managers Group, Inc.*^	2,200		258,412
Bank of New York Mellon Corp.	28,800		1,404,288
BlackRock, Inc./New York^	2,700		585,360
Charles Schwab Corp.	68,800		1,757,840
ETRADE Financial Corp.^	11,800		41,890
Eaton Vance Corp.^	7,612		345,661
Federated Investors, Inc., Class B	6,400		263,424
Franklin Resources, Inc.	12,200		1,396,046
GLG Partners, Inc.*^	3,000		40,800
Goldman Sachs Group, Inc.	74,023		15,918,646
Invesco Ltd.^	24,400		765,672
Investment Technology Group, Inc.*^	3,300		157,047
Janus Capital Group, Inc.^	10,000		328,500
Lazard Ltd., Class A	3,800		154,584
Legg Mason, Inc.	4,000		292,600
Merrill Lynch & Co., Inc.	83,598		4,487,541
MF Global Ltd.*^	3,900		122,733
Morgan Stanley	4,400		233,684
Northern Trust Corp.	13,600		1,041,488
SEI Investments Co.	9,500		305,615
State Street Corp.	23,577		1,914,452
T. Rowe Price Group, Inc.	19,500		1,187,160
TD Ameritrade Holding Corp.*	18,200		365,092

			33,368,535

*Commercial Banks (0.0%)*
Bank of Hawaii Corp.^	1,200		61,368
Commerce Bancorp, Inc./ New Jersey	4,000		152,560
Synovus Financial Corp.^	7,700		185,416

			399,344

*Consumer Finance (0.5%)*
American Express Co.	75,900		3,948,318
AmeriCredit Corp.*^	500		6,395
Discover Financial Services	2,000		30,160
First Marblehead Corp.^	4,400		67,320
SLM Corp.	30,100		606,214

			4,658,407

*Diversified Financial Services (0.7%)*
CME Group, Inc.	4,012		2,752,232
IntercontinentalExchange, Inc.*	5,200		1,001,000
Moody’s Corp.^	15,700		560,490
MSCI, Inc., Class A*	900		34,560
NASDAQ Stock Market, Inc.*	6,600		326,634
Nymex Holdings, Inc.	6,800		908,548
NYSE Euronext, Inc.	19,400		1,702,738

			7,286,202

*Insurance (0.5%)*
ACE Ltd.	1,300		80,314
Aflac, Inc.	32,900		2,060,527
American International Group, Inc.	11,500		670,450
Arthur J. Gallagher & Co.	1,300		31,447
Brown & Brown, Inc.	8,200		192,700
CNA Financial Corp.	200		6,744
Erie Indemnity Co., Class A^	700		36,323
Hanover Insurance Group, Inc.	200		9,160
HCC Insurance Holdings, Inc.	3,600		103,248
PartnerReinsurance Ltd.^	900		74,277
Philadelphia Consolidated Holding Corp.*	3,200		125,920
Principal Financial Group, Inc.	1,100		75,724
Prudential Financial, Inc.	8,200		762,928
Transatlantic Holdings, Inc.^	700		50,869
W.R. Berkley Corp.	3,200		95,392
XL Capital Ltd., Class A	1,600		80,496

			4,456,519

*Real Estate Investment Trusts (REITs) (1.1%)*
Apartment Investment & Management Co. (REIT)^	400		13,892
CapitalSource, Inc. (REIT)^	6,000		105,540
Duke Realty Corp. (REIT)^	7,800		203,424
Essex Property Trust, Inc. (REIT)^	800		77,992
Federal Realty Investment Trust (REIT)^	2,100		172,515
General Growth Properties, Inc. (REIT)^	8,800		362,384
Health Care REIT, Inc. (REIT)^	700		31,283
Kilroy Realty Corp. (REIT)^	2,400		131,904
Macerich Co. (REIT)^	5,300		376,618
Plum Creek Timber Co., Inc. (REIT)^	1,000		46,040
ProLogis (REIT)	121,247		7,684,635
Public Storage, Inc. (REIT)	700		51,387
Rayonier, Inc. (REIT)	300		14,172
Simon Property Group, Inc. (REIT)	8,900		773,054
Taubman Centers, Inc. (REIT)^	2,200		108,218
UDR, Inc. (REIT)^	10,000		198,500
Ventas, Inc. (REIT)^	9,800		443,450
Weingarten Realty Investors (REIT)^	5,600		176,064

			10,971,072

*Real Estate Management & Development (0.1%)*
CB Richard Ellis Group, Inc., Class A*^	14,300		308,165
Forest City Enterprises, Inc., Class A^	5,300		235,532
Jones Lang LaSalle, Inc.^	2,700		192,132
St. Joe Co.^	5,500		195,305

			931,134

*Thrifts & Mortgage Finance (0.1%)*
Capitol Federal Financial^	1,100		34,100
Freddie Mac	19,000		647,330
Hudson City Bancorp, Inc.	15,900		238,818
People’s United Financial, Inc.	11,000		195,800
TFS Financial Corp.*^	1,300		15,522

			1,131,570

Total Financials			63,202,783

Health Care (12.6%)
*Biotechnology (2.0%)*
Abraxis Bioscience, Inc.*	425		29,227
Amgen, Inc.*	57,000		2,647,080

366

EQ ADVISORS TRUST

MARKETPLUS LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Amylin Pharmaceuticals, Inc.*^	9,600	$	355,200
Biogen Idec, Inc.*^	4,000		227,680
Celgene Corp.*	27,900		1,289,259
Cephalon, Inc.*^	4,900		351,624
Genentech, Inc.*	144,289		9,677,463
Genzyme Corp.*	19,400		1,444,136
Gilead Sciences, Inc.*	68,500		3,151,685
ImClone Systems, Inc.*	4,400		189,200
Millennium Pharmaceuticals, Inc.*^	13,000		194,740
PDL BioPharma, Inc.*^	8,500		148,920
Vertex Pharmaceuticals, Inc.*^	9,600		223,008

			19,929,222

*Health Care Equipment & Supplies (1.7%)*
Advanced Medical Optics, Inc.*^	4,400		107,932
Baxter International, Inc.	47,800		2,774,790
Beckman Coulter, Inc.	3,700		269,360
Becton, Dickinson & Co.	18,000		1,504,440
C.R. Bard, Inc.	7,600		720,480
Cooper Cos., Inc.	1,300		49,400
Dentsply International, Inc.	11,100		499,722
Edwards Lifesciences Corp.*^	4,200		193,158
Gen-Probe, Inc.*	3,800		239,134
Hillenbrand Industries, Inc.^	800		44,584
Hospira, Inc.*	11,500		490,360
Idexx Laboratories, Inc.*^	4,500		263,835
Intuitive Surgical, Inc.*	2,700		876,150
Kinetic Concepts, Inc.*	3,200		171,392
Medtronic, Inc.	84,300		4,237,761
ResMed, Inc.*^	5,700		299,421
Respironics, Inc.*	5,400		353,592
St. Jude Medical, Inc.*	24,800		1,007,872
Stryker Corp.^	22,300		1,666,256
Varian Medical Systems, Inc.*	9,300		485,088
Zimmer Holdings, Inc.*	17,400		1,151,010

			17,405,737

*Health Care Providers & Services (3.8%)*
Aetna, Inc.	30,400		1,754,992
AmerisourceBergen Corp.	5,600		251,272
Brookdale Senior Living, Inc.^	700		19,887
Cardinal Health, Inc.	26,700		1,541,925
CIGNA Corp.	21,100		1,133,703
Community Health Systems, Inc.*	600		22,116
Coventry Health Care, Inc.*	10,700		633,975
DaVita, Inc.*	7,700		433,895
Express Scripts, Inc.*	16,100		1,175,300
Health Net, Inc.*	8,200		396,060
Henry Schein, Inc.*^	6,500		399,100
Humana, Inc.*	12,300		926,313
Laboratory Corp. of America Holdings*^	8,600		649,558
Lincare Holdings, Inc.*^	6,100		214,476
McKesson Corp.	20,100		1,316,751
Medco Health Solutions, Inc.*	20,500		2,078,700
Omnicare, Inc.^	1,100		25,091
Patterson Cos., Inc.*	10,200		346,290
Pediatrix Medical Group, Inc.*	3,600		245,340
Quest Diagnostics, Inc.	10,600		560,740
Sierra Health Services, Inc.*	4,100		172,036
Tenet Healthcare Corp.*^	26,800		136,144
UnitedHealth Group, Inc.	353,672		20,583,710
Universal Health Services, Inc., Class B	900		46,080
VCA Antech, Inc.*	6,200		274,226
WellCare Health Plans, Inc.*^	3,000		127,230
WellPoint, Inc.*	18,900		1,658,097

			37,123,007

*Health Care Technology (0.1%)*
Cerner Corp.*^	4,800		270,720
HLTH Corp.*^	13,300		178,220
IMS Health, Inc.	12,900		297,216

			746,156

*Life Sciences Tools & Services (0.3%)*
Applera Corp.- Applied Biosystems Group	2,200		74,624
Charles River Laboratories International, Inc.*	1,700		111,860
Covance, Inc.*	4,700		407,114
Invitrogen Corp.*	1,300		121,433
Millipore Corp.*^	4,000		292,720
PerkinElmer, Inc.	2,200		57,244
Pharmaceutical Product Development, Inc.	7,600		306,812
Techne Corp.*^	2,900		191,545
Thermo Fisher Scientific, Inc.*	15,400		888,272
Waters Corp.*	7,400		585,118

			3,036,742

*Pharmaceuticals (4.7%)*
Abbott Laboratories	113,000		6,344,950
Allergan, Inc.	22,400		1,438,976
APP Pharmaceuticals, Inc.*^	1,900		19,513
Barr Pharmaceuticals, Inc.*	8,000		424,800
Bristol-Myers Squibb Co.	144,300		3,826,836
Eli Lilly & Co.	35,600		1,900,684
Endo Pharmaceuticals Holdings, Inc.*	9,800		261,366
Forest Laboratories, Inc.*	23,500		856,575
Johnson & Johnson	79,700		5,315,990
Merck & Co., Inc.	336,405		19,548,495
Mylan, Inc.^	22,200		312,132
Schering-Plough Corp.	118,800		3,164,832
Sepracor, Inc.*^	7,800		204,750
Warner Chilcott Ltd., Class A*^	6,700		118,791
Watson Pharmaceuticals, Inc.*^	4,400		119,416
Wyeth	51,900		2,293,461

			46,151,567

Total Health Care			124,392,431

Industrials (10.7%)
*Aerospace & Defense (3.5%)*
Alliant Techsystems, Inc.*^	2,100		238,896
BE Aerospace, Inc.*	6,800		359,720
Boeing Co.	84,362		7,378,300
DRS Technologies, Inc.^	200		10,854
General Dynamics Corp.	24,523		2,182,302
Goodrich Corp.	9,200		649,612
Honeywell International, Inc.	48,900		3,010,773
L-3 Communications Holdings, Inc.	3,100		328,414
Lockheed Martin Corp.	122,753		12,920,981
Northrop Grumman Corp.	1,600		125,824
Precision Castparts Corp.	10,100		1,400,870
Raytheon Co.	16,800		1,019,760
Rockwell Collins, Inc.	12,300		885,231
Spirit Aerosystems Holdings, Inc., Class A*	4,200		144,900
United Technologies Corp.	44,500		3,406,030

			34,062,467

*Air Freight & Logistics (0.7%)*
C.H. Robinson Worldwide, Inc.	12,400		671,088
Expeditors International of Washington, Inc.	15,600		697,008
FedEx Corp.	18,900		1,685,313
United Parcel Service, Inc., Class B	49,200		3,479,424

367

EQ ADVISORS TRUST

MARKETPLUS LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
UTi Worldwide, Inc.^	7,300	$	143,080

			6,675,913

*Airlines (0.1%)*
AMR Corp.*^	17,600		246,928
Continental Airlines, Inc., Class B*	7,100		157,975
Copa Holdings S.A., Class A	1,300		48,841
Delta Air Lines, Inc.*	19,700		293,333
Northwest Airlines Corp.*^	12,800		185,728
Southwest Airlines Co.	11,300		137,860
UAL Corp.*^	5,000		178,300

			1,248,965

*Building Products (0.1%)*
Lennox International, Inc.	500		20,710
Masco Corp.	1,600		34,576
Trane, Inc.	13,200		616,572

			671,858

*Commercial Services & Supplies (0.6%)*
Allied Waste Industries, Inc.*	3,200		35,264
Avery Dennison Corp.^	6,700		356,038
Brink’s Co.	3,200		191,168
ChoicePoint, Inc.*^	5,200		189,384
Cintas Corp.	7,600		255,512
Copart, Inc.*	4,700		199,985
Corporate Executive Board Co.^	2,600		156,260
Corrections Corp. of America*^	9,000		265,590
Covanta Holding Corp.*	8,800		243,408
Dun & Bradstreet Corp.	4,400		389,972
Equifax, Inc.	9,700		352,692
HNI Corp.^	3,500		122,710
Manpower, Inc.	6,200		352,780
Monster Worldwide, Inc.*	9,200		298,080
Pitney Bowes, Inc.	13,200		502,128
Republic Services, Inc.	10,900		341,715
Robert Half International, Inc.	10,800		292,032
Steelcase, Inc., Class A	4,800		76,176
Stericycle, Inc.*	6,400		380,160
Waste Management, Inc.	21,300		695,871

			5,696,925

*Construction & Engineering (0.3%)*
Fluor Corp.	6,500		947,180
Foster Wheeler Ltd.*	5,200		806,104
Jacobs Engineering Group, Inc.*	8,700		831,807
Quanta Services, Inc.*^	12,100		317,504
Shaw Group, Inc.*^	5,400		326,376
URS Corp.*	1,200		65,196

			3,294,167

*Electrical Equipment (0.6%)*
Ametek, Inc.^	7,800		365,352
Cooper Industries Ltd., Class A	4,300		227,384
Emerson Electric Co.	48,500		2,748,010
First Solar, Inc.*	2,600		694,564
General Cable Corp.*^	3,800		278,464
Hubbell, Inc., Class B	1,500		77,400
Rockwell Automation, Inc.	10,900		751,664
Roper Industries, Inc.^	6,500		406,510
SunPower Corp., Class A*^	1,800		234,702
Thomas & Betts Corp.*^	4,300		210,872

			5,994,922

*Industrial Conglomerates (2.0%)*
3M Co.	49,400		4,165,408
Carlisle Cos., Inc.^	1,200		44,436
General Electric Co.	83,700		3,102,759
McDermott International, Inc.*	194,700		11,493,141
Textron, Inc.	18,300		1,304,790

			20,110,534

*Machinery (1.4%)*
AGCO Corp.*	4,400		299,112
Caterpillar, Inc.	47,000		3,410,320
Cummins, Inc.	7,600		968,012
Danaher Corp.^	18,000		1,579,320
Deere & Co.	1,900		176,928
Donaldson Co., Inc.	5,800		269,004
Dover Corp.	4,800		221,232
Eaton Corp.	1,300		126,035
Flowserve Corp.	3,800		365,560
Graco, Inc.^	4,600		171,396
Harsco Corp.	6,200		397,234
IDEX Corp.^	5,900		213,167
Illinois Tool Works, Inc.	27,100		1,450,934
Ingersoll-Rand Co., Ltd., Class A	1,200		55,764
ITT Corp.	1,700		112,268
Joy Global, Inc.	8,000		526,560
Kennametal, Inc.	3,300		124,938
Lincoln Electric Holdings, Inc.	2,100		149,478
Manitowoc Co., Inc.^	9,100		444,353
Oshkosh Truck Corp.^	5,400		255,204
PACCAR, Inc.^	27,300		1,487,304
Pall Corp.	8,200		330,624
Terex Corp.*	7,600		498,332
Toro Co.^	2,800		152,432
Trinity Industries, Inc.^	5,100		141,576

			13,927,087

*Marine (0.0%)*
Kirby Corp.*^	3,900		181,272

*Road & Rail (1.3%)*
Avis Budget Group, Inc.*	2,700		35,100
Burlington Northern Santa Fe Corp.^	24,600		2,047,458
Con-way, Inc.^	2,600		108,004
CSX Corp.	5,500		241,890
Hertz Global Holdings, Inc.*^	15,300		243,117
J.B. Hunt Transport Services, Inc.^	6,400		176,320
Kansas City Southern, Inc.*	3,400		116,722
Landstar System, Inc.	4,100		172,815
Norfolk Southern Corp.	14,600		736,424
Union Pacific Corp.	68,040		8,547,185

			12,425,035

*Trading Companies & Distributors (0.1%)*
Aircastle Ltd.	2,100		55,293
Fastenal Co.^	9,300		375,906
GATX Corp.	1,400		51,352
MSC Industrial Direct Co.	3,400		137,598
W.W. Grainger, Inc.	4,100		358,832
WESCO International, Inc.*^	3,300		130,812

			1,109,793

Total Industrials			105,398,938

Information Technology (23.1%)
*Communications Equipment (2.2%)*
Ciena Corp.*	6,300		214,893
Cisco Systems, Inc.*	445,200		12,051,564
CommScope, Inc.*^	4,500		221,445
Corning, Inc.	115,300		2,766,047
F5 Networks, Inc.*^	6,100		173,972
Harris Corp.	9,800		614,264
JDS Uniphase Corp.*	8,300		110,390
Juniper Networks, Inc.*	27,000		896,400
QUALCOMM, Inc.	122,200		4,808,570
Riverbed Technology, Inc.*	1,400		37,436

			21,894,981

368

EQ ADVISORS TRUST

MARKETPLUS LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
*Computers & Peripherals (6.0%)*
Apple, Inc.*	136,390	$	27,016,131
Brocade Communications Systems, Inc.*^	29,400		215,796
Dell, Inc.*	166,600		4,083,366
Diebold, Inc.	4,800		139,104
EMC Corp.*	153,900		2,851,767
Hewlett-Packard Co.	281,577		14,214,007
International Business Machines Corp.	79,700		8,615,570
Lexmark International, Inc., Class A*	3,800		132,468
NCR Corp.*	1,600		40,160
Network Appliance, Inc.*	25,200		628,992
QLogic Corp.*	9,000		127,800
SanDisk Corp.*	9,900		328,383
Seagate Technology	15,100		385,050
Sun Microsystems, Inc.*	16,650		301,865
Teradata Corp.*	1,600		43,856
Western Digital Corp.*	4,800		145,008

			59,269,323

*Electronic Equipment & Instruments (0.3%)*
Agilent Technologies, Inc.*	27,200		999,328
Amphenol Corp., Class A	13,100		607,447
Arrow Electronics, Inc.*	5,000		196,400
Avnet, Inc.*	6,400		223,808
AVX Corp.^	700		9,394
Dolby Laboratories, Inc., Class A*	2,900		144,188
Jabil Circuit, Inc.	8,500		129,795
Mettler-Toledo International, Inc.*	2,800		318,640
Molex, Inc.	5,800		158,340
National Instruments Corp.	4,200		139,986
Sanmina-SCI Corp.*	7,900		14,378
Trimble Navigation Ltd.*	8,800		266,112
Vishay Intertechnology, Inc.*	2,300		26,243

			3,234,059

*Internet Software & Services (3.3%)*
Akamai Technologies, Inc.*^	12,100		418,660
eBay, Inc.*	83,800		2,781,322
Google, Inc., Class A*	38,346		26,515,492
VeriSign, Inc.*^	16,200		609,282
WebMD Health Corp., Class A*^	600		24,642
Yahoo!, Inc.*	88,700		2,063,162

			32,412,560

*IT Services (2.5%)*
Accenture Ltd., Class A	43,500		1,567,305
Acxiom Corp.^	4,600		53,958
Affiliated Computer Services, Inc., Class A*	2,800		126,280
Alliance Data Systems Corp.*^	5,800		434,942
Automatic Data Processing, Inc.	40,600		1,807,918
Broadridge Financial Solutions, Inc.	10,200		228,786
Cognizant Technology Solutions Corp., Class A*	21,100		716,134
DST Systems, Inc.*	4,000		330,200
Electronic Data Systems Corp.	21,600		447,768
Fidelity National Information Services, Inc.	11,900		494,921
Fiserv, Inc.*	12,300		682,527
Genpact Ltd.*^	2,100		31,983
Global Payments, Inc.^	5,900		274,468
Hewitt Associates, Inc., Class A*	4,400		168,476
Iron Mountain, Inc.*^	13,000		481,260
Mastercard, Inc., Class A^	63,700		13,708,240
MoneyGram International, Inc.^	6,000		92,220
NeuStar, Inc., Class A*^	5,600		160,608
Paychex, Inc.	24,900		901,878
Total System Services, Inc.	2,700		75,600
VeriFone Holdings, Inc.*^	4,600		106,950
Western Union Co.	53,400		1,296,552

			24,188,974

*Office Electronics (0.0%)*
Zebra Technologies Corp., Class A*	5,100		176,970

*Semiconductors & Semiconductor Equipment (3.6%)*
Advanced Micro Devices, Inc.*^	17,800		133,500
Altera Corp.^	24,600		475,272
Analog Devices, Inc.	22,200		703,740
Applied Materials, Inc.	101,300		1,799,088
Broadcom Corp., Class A*	34,400		899,216
Cree, Inc.*^	1,500		41,205
Cypress Semiconductor Corp.*	11,700		421,551
Fairchild Semiconductor International, Inc.*	3,600		51,948
Integrated Device Technology, Inc.*	4,800		54,288
Intel Corp.	741,017		19,755,513
International Rectifier Corp.*^	1,200		40,764
Intersil Corp., Class A	5,400		132,192
KLA-Tencor Corp.	14,100		679,056
Lam Research Corp.*	9,100		393,393
Linear Technology Corp.^	16,300		518,829
LSI Corp.*	31,100		165,141
Marvell Technology Group Ltd.*	34,600		483,708
MEMC Electronic Materials, Inc.*^	16,500		1,460,085
Microchip Technology, Inc.	16,000		502,720
Micron Technology, Inc.*	18,100		131,225
National Semiconductor Corp.	19,800		448,272
Novellus Systems, Inc.*	5,500		151,635
NVIDIA Corp.*	39,950		1,359,099
Rambus, Inc.*^	5,900		123,546
Silicon Laboratories, Inc.*^	4,000		149,720
Teradyne, Inc.*	6,400		66,176
Texas Instruments, Inc.	105,100		3,510,340
Varian Semiconductor Equipment Associates, Inc.*	5,800		214,600
Xilinx, Inc.	21,800		476,766

			35,342,588

*Software (5.2%)*
Activision, Inc.*	20,800		617,760
Adobe Systems, Inc.*	43,100		1,841,663
Amdocs Ltd.*^	14,500		499,815
Autodesk, Inc.*	16,900		840,944
BEA Systems, Inc.*	28,700		452,886
BMC Software, Inc.*	14,700		523,908
CA, Inc.	18,900		471,555
Cadence Design Systems, Inc.*	5,600		95,256
Citrix Systems, Inc.*	13,900		528,339
Compuware Corp.*	17,900		158,952
Electronic Arts, Inc.*	22,800		1,331,748
FactSet Research Systems, Inc.^	3,100		172,670
Fair Isaac Corp.^	400		12,860
Intuit, Inc.*	24,700		780,767
McAfee, Inc.*	11,700		438,750
Microsoft Corp.	957,666		34,092,910
NAVTEQ Corp.*	7,200		544,320
Novell, Inc.*	3,200		21,984
Oracle Corp.*	282,700		6,383,366
Red Hat, Inc.*^	14,200		295,928

369

EQ ADVISORS TRUST

MARKETPLUS LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of	Value
	Shares	(Note 1)
Salesforce.com, Inc.*	7,000	$	438,830
Symantec Corp.*^	9,500		153,330
Synopsys, Inc.*	10,600		274,858
VMware, Inc., Class A*^	2,300		195,477

			51,168,876

Total Information Technology			227,688,331

Materials (4.0%)
*Chemicals (3.1%)*
Air Products & Chemicals, Inc.	108,000		10,652,040
Airgas, Inc.	5,400		281,394
Albemarle Corp.	5,900		243,375
Cabot Corp.	3,600		120,024
Celanese Corp., Class A	6,000		253,920
Chemtura Corp.	1,000		7,800
E.I. du Pont de Nemours & Co.	10,800		476,172
Ecolab, Inc.	12,800		655,488
International Flavors & Fragrances, Inc.	4,400		211,772
Lubrizol Corp.	1,300		70,408
Monsanto Co.	39,900		4,456,431
Mosaic Co.*	4,900		462,266
Nalco Holding Co.	10,600		256,308
Praxair, Inc.	139,800		12,401,658
Rohm & Haas Co.	5,500		291,885
RPM International, Inc.^	7,600		154,280
Scotts Miracle-Gro Co., Class A^	600		22,452
Sigma-Aldrich Corp.	2,900		158,340
Valspar Corp.	900		20,286

			31,196,299

*Construction Materials (0.1%)*
Eagle Materials, Inc.^	3,300		117,084
Martin Marietta Materials, Inc.^	3,100		411,060
Vulcan Materials Co.^	7,691		608,281

			1,136,425

*Containers & Packaging (0.2%)*
Ball Corp.	7,500		337,500
Crown Holdings, Inc.*^	12,000		307,800
Owens-Illinois, Inc.*	10,600		524,700
Packaging Corp. of America^	6,800		191,760
Pactiv Corp.*	9,600		255,648
Sealed Air Corp.	1,600		37,024

			1,654,432

*Metals & Mining (0.6%)*
AK Steel Holding Corp.*	8,200		379,168
Allegheny Technologies, Inc.	7,500		648,000
Carpenter Technology Corp.	2,000		150,340
Cleveland-Cliffs, Inc.^	3,000		302,400
Freeport-McMoRan Copper & Gold, Inc.	23,000		2,356,120
Newmont Mining Corp.	13,000		634,790
Nucor Corp.	5,000		296,100
Reliance Steel & Aluminum Co.	500		27,100
Southern Copper Corp.^	5,400		567,702
Steel Dynamics, Inc.^	2,100		125,097
Titanium Metals Corp.^	5,000		132,250

			5,619,067

*Paper & Forest Products (0.0%)*
Domtar Corp.*	16,900		129,961

Total Materials			39,736,184

Telecommunication Services (2.5%)
*Diversified Telecommunication Services (1.2%)*
AT&T, Inc.	260,197		10,813,787
Citizens Communications Co.	4,400		56,012
Level 3 Communications, Inc.*^	112,100		340,784
Windstream Corp.	19,300		251,286

			11,461,869

*Wireless Telecommunication Services (1.3%)*
American Tower Corp., Class A*	30,600		1,303,560
China Mobile Ltd. (ADR)^	114,379		9,936,104
Crown Castle International Corp.*	13,900		578,240
Leap Wireless International, Inc.*^	3,700		172,568
MetroPCS Communications, Inc.*	4,100		79,745
NII Holdings, Inc.*	12,700		613,664
SBA Communications Corp., Class A*^	7,500		253,800
Telephone & Data Systems, Inc.^	3,400		212,840
U.S. Cellular Corp.*	400		33,640

			13,184,161

Total Telecommunication Services			24,646,030

Utilities (0.8%)
*Electric Utilities (0.4%)*
Allegheny Energy, Inc.	12,200		776,042
DPL, Inc.^	4,500		133,425
Exelon Corp.	22,300		1,820,572
PPL Corp.	21,100		1,099,099
Sierra Pacific Resources.	2,400		40,752

			3,869,890

*Gas Utilities (0.1%)*
Equitable Resources, Inc.	6,800		362,304
Questar Corp.	4,300		232,630

			594,934

*Independent Power Producers & Energy Traders (0.3%)*
AES Corp.*	49,000		1,048,110
Constellation Energy Group, Inc.	10,300		1,056,059
Dynegy, Inc., Class A*	4,000		28,560
Mirant Corp.*^	12,900		502,842
NRG Energy, Inc.*^	14,300		619,762

			3,255,333

*Multi-Utilities (0.0%)*
CenterPoint Energy, Inc.^	23,500		402,555

*Water Utilities (0.0%)*
Aqua America, Inc.^	700		14,840

Total Utilities			8,137,552


Total Common Stocks (87.5%) (Cost $796,970,860)			862,184,135

INVESTMENT COMPANIES:
Exchange Traded Funds (ETFs) (9.5%)
*Mutual Funds (9.5%)*
iShares Morningstar Large Core Index Fund	6,220		500,461
iShares Morningstar Large Growth Index Fund^	476,650		34,070,942
iShares NYSE 100 Index Fund	5,000		379,850
iShares Russell 1000 Growth Index Fund^	666,220		40,492,851
iShares Russell 1000 Index Fund^	5,230		417,459
iShares Russell 1000 Value Index Fund	5,500		441,375
iShares S&P 100 Index Fund	6,940		475,737
iShares S&P 500 Growth Index Fund^	224,970		15,709,655
iShares S&P 500 Index Fund^	4,240		622,178
iShares S&P 500 Value Index Fund	5,480		418,946

Total Investment Companies (9.5%) (Cost $93,511,697)			93,529,454

370

EQ ADVISORS TRUST

MARKETPLUS LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (0.5%)
U.S. Treasury Bills
3.40%, 1/3/08 (p)	$	1,159,000	$	1,158,672
3.00%, 1/10/08 (p)		1,973,000		1,971,356
2.91%, 1/31/08 (p)		810,000		807,976
2.87%, 2/7/08 (p)		770,000		767,671
3.13%, 3/27/08 #(p)		415,000		411,884

Total Government Securities				5,117,559

Short-Term Investments of Cash Collateral for Securities Loaned (8.3%)
Morgan Stanley, Repurchase Agreement
4.70%, 1/2/08 (r)		81,751,248		81,751,248

Time Deposit (2.1%)
JPMorgan Chase Nassau
3.51%, 1/2/08		20,420,369		20,420,369

Total Short-Term Investments (10.9%) (Cost/Amortized Cost $107,287,977)				107,289,176

Total Investments (107.9%) (Cost/Amortized Cost $997,770,534)				1,063,002,765
Other Assets Less Liabilities (-7.9%)				(77,599,384	)

Net Assets (100%)			$	985,403,381

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

#	All, or a portion of security held by broker as collateral for financial futures contracts.

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.


Glossary:
ADR	—	American Depositary Receipt

At December 31, 2007 the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/07		Unrealized Depreciation
S&P 500 E-Mini Index	100	March-08	$	7,430,751	$	7,386,000	$	(44,751	)

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,194,550,850
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,193,807,898

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	109,666,672
Aggregate gross unrealized depreciation		(45,833,708	)

Net unrealized appreciation	$	63,832,964

Federal income tax cost of investments	$	999,169,801

At December 31, 2007, the Portfolio had loaned securities with a total value of $81,970,687. This was secured by collateral of $81,751,248 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $2,265,951 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $71,974, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

The Portfolio has a net capital loss carryforward of $644,603,300 of which $162,840,214 expires in the year 2009, $430,153,032 expires in the year 2010, and $51,610,054 expires in the year 2011.

The Portfolio utilized net capital loss carryforward of $158,648,493 during 2007.

See Notes to Financial Statements.

371

EQ ADVISORS TRUST

MARKETPLUS MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.5%)
*Auto Components (0.8%)*
Autoliv, Inc.	18,300	$	964,593
BorgWarner, Inc.	80,200		3,882,482
TRW Automotive Holdings Corp.*	244,500		5,110,050
WABCO Holdings, Inc.^	83,600		4,187,524

			14,144,649

*Automobiles (0.5%)*
Ford Motor Co.*^	1,141,300		7,680,949
Thor Industries, Inc.^	1,700		64,617

			7,745,566

*Distributors (0.3%)*
Genuine Parts Co.	96,200		4,454,060

*Diversified Consumer Services (0.1%)*
Service Corp. International	157,200		2,208,660

*Hotels, Restaurants & Leisure (0.6%)*
Harrah’s Entertainment, Inc.	44,900		3,984,875
International Speedway Corp., Class A	19,600		807,128
Orient-Express Hotels Ltd., Class A^	1,300		74,776
Royal Caribbean Cruises Ltd.^	75,200		3,191,488
Wyndham Worldwide Corp.	95,300		2,245,268

			10,303,535

*Household Durables (2.5%)*
Black & Decker Corp.^	17,000		1,184,050
Centex Corp.^	64,400		1,626,744
D.R. Horton, Inc.^	177,200		2,333,724
Fortune Brands, Inc.	86,200		6,237,432
Jarden Corp.*^	18,800		443,868
KB Home^	43,500		939,600
Leggett & Platt, Inc.^	100,000		1,744,000
Lennar Corp., Class A^	76,600		1,370,374
M.D.C. Holdings, Inc.^	171,600		6,371,508
Mohawk Industries, Inc.*^	31,100		2,313,840
Newell Rubbermaid, Inc.	264,000		6,832,320
NVR, Inc.*^	1,300		681,200
Pulte Homes, Inc.^	76,900		810,526
Ryland Group, Inc.^	23,700		652,935
Snap-On, Inc.	32,700		1,577,448
Stanley Works	32,000		1,551,360
Toll Brothers, Inc.*^	71,100		1,426,266
Whirlpool Corp.^	64,900		5,297,787

			43,394,982

*Internet & Catalog Retail (0.5%)*
Expedia, Inc.*^	107,100		3,386,502
IAC/InterActiveCorp*^	92,000		2,476,640
Liberty Media Corp.,
Interactive, Class A*	137,700		2,627,316

			8,490,458

*Leisure Equipment & Products (0.5%)*
Brunswick Corp.	51,000		869,550
Eastman Kodak Co.^	162,400		3,551,688
Hasbro, Inc.	55,000		1,406,900
Mattel, Inc.	114,300		2,176,272

			8,004,410

*Media (3.0%)*
Cablevision Systems Corp. - New York Group, Class A*^	83,400		2,043,300
Central European Media Enterprises Ltd.*^	1,800		208,764
Discovery Holding Co., Class A*	70,900		1,782,426
DreamWorks Animation SKG, Inc., Class A*	7,800		199,212
E.W. Scripps Co., Class A^	50,800		2,286,508
Entercom Communications Corp., Class A^	112,500		1,540,125
Gannett Co., Inc.	132,500		5,167,500
Getty Images, Inc.*^	14,400		417,600
Harte-Hanks, Inc.^	8,500		147,050
Hearst-Argyle Television, Inc.^	14,000		309,540
Idearc, Inc.^	82,900		1,455,724
Interpublic Group of Cos., Inc.*^	101,300		821,543
Liberty Global, Inc., Class A*^	106,400		4,169,816
Liberty Media Corp., Capital Series, Class A*	72,800		8,480,472
McClatchy Co., Class A^	25,500		319,260
New York Times Co., Class A^	60,400		1,058,812
R.H. Donnelley Corp.*^	266,900		9,736,512
Regal Entertainment Group, Class A^	8,300		149,981
Virgin Media, Inc.^	429,600		7,363,344
Warner Music Group Corp.^	9,200		55,752
Washington Post Co., Class B	3,300		2,611,719

			50,324,960

*Multiline Retail (0.0%)*
Dillard’s, Inc., Class A^	32,400		608,472
Saks, Inc.*^	11,100		230,436

			838,908

*Specialty Retail (1.2%)*
American Eagle Outfitters, Inc.	248,800		5,167,576
AnnTaylor Stores Corp.*	6,900		176,364
AutoNation, Inc.*	77,900		1,219,914
Barnes & Noble, Inc.	24,700		850,915
Circuit City Stores, Inc.^	54,700		229,740
Foot Locker, Inc.	87,600		1,196,616
Gap, Inc.	311,700		6,632,976
Office Depot, Inc.*^	243,000		3,380,130
OfficeMax, Inc.	23,000		475,180
Penske Auto Group, Inc.^	31,600		551,736
RadioShack Corp.^	22,800		384,408

			20,265,555

*Textiles, Apparel & Luxury Goods (0.5%)*
Jones Apparel Group, Inc.	48,100		769,119
Liz Claiborne, Inc.^	207,900		4,230,765
VF Corp.	50,400		3,460,464

			8,460,348

Total Consumer Discretionary			178,636,091

Consumer Staples (6.0%)
*Beverages (0.9%)*
Brown-Forman Corp., Class B^	13,000		963,430
Coca-Cola Enterprises, Inc.^	175,900		4,578,677
Constellation Brands, Inc., Class A*^	108,200		2,557,848
Molson Coors Brewing Co., Class B	61,800		3,190,116
Pepsi Bottling Group, Inc.	59,600		2,351,816
PepsiAmericas, Inc.^	33,300		1,109,556

			14,751,443

*Food & Staples Retailing (0.9%)*
BJ’s Wholesale Club, Inc.*	36,900		1,248,327
Rite Aid Corp.*^	384,000		1,071,360
Safeway, Inc.	249,300		8,528,553
SUPERVALU, Inc.	118,600		4,449,872

			15,298,112

*Food Products (3.8%)*
Bunge Ltd.^	122,327		14,240,086
Campbell Soup Co.	56,300		2,011,599

372

EQ ADVISORS TRUST

MARKETPLUS MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Chaoda Modern Agriculture (Holdings) Ltd.	108,000	$	97,786
ConAgra Foods, Inc.	281,200		6,689,748
Corn Products International, Inc.	42,000		1,543,500
Cosan Ltd., Class A*^	132,200		1,665,720
Dean Foods Co.	356,700		9,224,262
Del Monte Foods Co.	113,900		1,077,494
H.J. Heinz Co.	82,300		3,841,764
Hershey Co.^	28,000		1,103,200
Hormel Foods Corp.	41,700		1,688,016
JM Smucker Co.	32,000		1,646,080
Lighthouse Caledonia ASA*	107,620		102,272
Marine Harvest ASA*	10,762,000		6,917,204
McCormick & Co., Inc. (Non-Voting)^	24,900		943,959
Sara Lee Corp.	197,800		3,176,668
Smithfield Foods, Inc.*^	183,800		5,315,496
Tyson Foods, Inc., Class A	149,100		2,285,703
Wm. Wrigley Jr. Co.	16,200		948,510

			64,519,067

*Household Products (0.1%)*
Church & Dwight Co., Inc.	2,200		118,954
Clorox Co.	6,200		404,054
Energizer Holdings, Inc.*^	9,000		1,009,170

			1,532,178

*Personal Products (0.1%)*
Alberto-Culver Co.	39,300		964,422
Avon Products, Inc.	19,300		762,929

			1,727,351

*Tobacco (0.2%)*
Loews Corp.- Carolina Group	24,900		2,123,970
UST, Inc.^	40,500		2,219,400

			4,343,370

Total Consumer Staples			102,171,521

*Energy (7.4%)*
*Energy Equipment & Services (0.9%)*
Cie Generale de Geophysique-Veritas (Sponsored ADR)	78,200		4,383,110
ENSCO International, Inc.	6,100		363,682
Helix Energy Solutions Group, Inc.*^	10,400		431,600
Helmerich & Payne, Inc.	58,300		2,336,081
Nabors Industries Ltd.*	18,700		512,193
Patterson-UTI Energy, Inc.^	88,500		1,727,520
Pride International, Inc.*^	24,200		820,380
Rowan Cos., Inc.	17,900		706,334
SBM Offshore N.V.	57,315		1,810,024
SEACOR Holdings, Inc.*^	13,600		1,261,264
Tidewater, Inc.^	10,900		597,974
Unit Corp.*	5,700		263,625

			15,213,787

*Oil, Gas & Consumable Fuels (6.5%)*
Arch Coal, Inc.^	176,400		7,925,652
Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais S.A. (ADR)*	518,700		2,007,784
Chesapeake Energy Corp.^	108,500		4,253,200
Cimarex Energy Co.^	47,000		1,998,910
Continental Resources, Inc.*	8,900		232,557
El Paso Corp.	395,300		6,814,972
Forest Oil Corp.*	44,500		2,262,380
Frontier Oil Corp.	30,900		1,253,922
Hess Corp.	156,700		15,804,762
Murphy Oil Corp.^	106,200		9,010,008
Newfield Exploration Co.*^	273,200		14,397,640
Noble Energy, Inc.^	174,100		13,844,432
Overseas Shipholding Group, Inc.^	17,600		1,309,968
Pioneer Natural Resources Co.	69,700		3,404,148
Plains Exploration & Production Co.*	62,983		3,401,082
SandRidge Energy, Inc.*^	8,500		304,810
Spectra Energy Corp.	356,700		9,209,994
St. Mary Land & Exploration Co.	35,400		1,366,794
Teekay Corp.^	22,800		1,213,188
Uranium One, Inc.*	535,800		4,793,671
USEC, Inc.*^	359,100		3,231,900
W&T Offshore, Inc.^	5,900		176,764
Western Refining, Inc.^	7,400		179,154
Williams Cos., Inc.	55,100		1,971,478

			110,369,170

Total Energy			125,582,957

Financials (20.5%)
*Capital Markets (2.0%)*
Affiliated Managers Group, Inc.*^	58,200		6,836,172
Allied Capital Corp.^	86,000		1,849,000
American Capital Strategies Ltd.^	106,100		3,497,056
Ameriprise Financial, Inc.	132,800		7,318,608
BlackRock, Inc./New York^	15,500		3,360,400
ETRADE Financial Corp.^	150,300		533,565
GLG Partners, Inc.*^	6,300		85,680
Invesco Ltd.^	49,000		1,537,620
Janus Capital Group, Inc.	22,300		732,555
Jefferies Group, Inc.	70,800		1,631,940
Legg Mason, Inc.^	43,700		3,196,655
MF Global Ltd.*	25,200		793,044
Northern Trust Corp.	18,800		1,439,704
Raymond James Financial, Inc.	53,100		1,734,246

			34,546,245

*Commercial Banks (3.4%)*
Associated Banc-Corp.^	72,000		1,950,480
Bancorpsouth, Inc.^	46,400		1,095,504
Bank of Hawaii Corp.^	18,600		951,204
BOK Financial Corp.^	12,600		651,420
City National Corp./California^	23,100		1,375,605
Colonial BancGroup, Inc.^	89,700		1,214,538
Comerica, Inc.	88,000		3,830,640
Commerce Bancorp, Inc./New Jersey	77,000		2,936,780
Commerce Bancshares, Inc./Missouri^	41,275		1,851,596
Cullen/Frost Bankers, Inc.^	33,900		1,717,374
East West Bancorp, Inc.^	35,600		862,588
First Citizens BancShares, Inc./North Carolina, Class A	3,400		495,890
First Horizon National Corp.^	71,000		1,288,650
Fulton Financial Corp.^	97,700		1,096,194
Huntington Bancshares, Inc./Ohio	206,072		3,041,623
KeyCorp.	221,400		5,191,830
M&T Bank Corp.	40,500		3,303,585
Marshall & IIsley Corp.^	146,300		3,874,024
Popular, Inc.^	157,600		1,670,560
Synovus Financial Corp.	97,500		2,347,800
TCF Financial Corp.	73,000		1,308,890
UnionBanCal Corp.	54,100		2,646,031
Valley National Bancorp.^	67,900		1,294,174
Webster Financial Corp.^	185,800		5,940,026
Whitney Holding Corp.^	38,100		996,315
Wilmington Trust Corp.^	38,800		1,365,760

373

EQ ADVISORS TRUST

MARKETPLUS MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Zions Bancorp.	61,000	$	2,848,090

			57,147,171

*Consumer Finance (0.0%)*
AmeriCredit Corp.*^	62,000		792,980
Student Loan Corp.^	2,300		253,000

			1,045,980

*Diversified Financial Services (0.9%)*
CIT Group, Inc.^	271,200		6,516,936
First Pacific Co.	4,452,000		3,454,305
Guaranty Financial Group, Inc.*	19,900		318,400
Leucadia National Corp.^	92,500		4,356,750
MSCI, Inc., Class A*	1,200		46,080
NASDAQ Stock Market, Inc.*	12,700		628,523

			15,320,994

*Insurance (7.4%)*
Alleghany Corp.*	2,800		1,125,600
Allied World Assurance Co. Holdings Ltd./Bermuda	34,100		1,710,797
Ambac Financial Group, Inc.^	230,600		5,942,562
American Financial Group, Inc./Ohio^	46,400		1,340,032
American National Insurance Co.^	8,800		1,066,912
Aon Corp.^	165,700		7,902,233
Arch Capital Group Ltd.*	26,900		1,892,415
Arthur J. Gallagher & Co.^	42,700		1,032,913
Assurant, Inc.^	68,300		4,569,270
Axis Capital Holdings Ltd.	86,800		3,382,596
Cincinnati Financial Corp.^	96,900		3,831,426
CNA Financial Corp.	15,300		515,916
Conseco, Inc.*	106,400		1,336,384
Endurance Specialty Holdings Ltd.^	33,100		1,381,263
Erie Indemnity Co., Class A	20,600		1,068,934
Everest Reinsurance Group Ltd.	126,800		12,730,720
Fidelity National Financial, Inc., Class A^	125,000		1,826,250
First American Corp.	51,700		1,764,004
Genworth Financial, Inc., Class A	245,500		6,247,975
Hanover Insurance Group, Inc.	27,600		1,264,080
HCC Insurance Holdings, Inc.	35,900		1,029,612
Markel Corp.*	5,600		2,750,160
MBIA, Inc.^	73,800		1,374,894
Mercury General Corp.^	15,000		747,150
Nationwide Financial Services, Inc.	29,900		1,345,799
Old Republic International Corp.	130,600		2,012,546
OneBeacon Insurance Group Ltd.^	16,000		344,000
PartnerReinsurance Ltd.^	24,900		2,054,997
Philadelphia Consolidated Holding Corp.*^	7,600		299,060
Principal Financial Group, Inc.^	142,700		9,823,468
Protective Life Corp.	39,600		1,624,392
Reinsurance Group of America, Inc.	186,100		9,766,528
RenaissanceReinsurance Holdings Ltd.	40,800		2,457,792
Safeco Corp.	53,400		2,973,312
StanCorp Financial Group, Inc.	28,000		1,410,640
Torchmark Corp.	53,900		3,262,567
Transatlantic Holdings, Inc.^	9,800		712,166
Unitrin, Inc.	25,800		1,238,142
Unum Group	362,200		8,616,738
W.R. Berkley Corp.	66,400		1,979,384
Wesco Financial Corp.^	840		341,880
White Mountains Insurance Group Ltd.	5,100		2,621,655
XL Capital Ltd., Class A	92,700		4,663,737

			125,382,901

*Real Estate Investment Trusts (REITs) (5.6%)*
AMB Property Corp. (REIT)^	56,200		3,234,872
Annaly Capital Management, Inc. (REIT)^	226,800		4,123,224
Apartment Investment & Management Co. (REIT)^	51,900		1,802,487
AvalonBay Communities, Inc. (REIT)^	45,000		4,236,300
Boston Properties, Inc. (REIT)^	57,800		5,306,618
Brandywine Realty Trust (REIT)^	49,100		880,363
BRE Properties, Inc. (REIT)^	28,600		1,159,158
Camden Property Trust (REIT)^	32,100		1,545,615
CapitalSource, Inc. (REIT)^	32,500		571,675
CBL & Associates Properties, Inc. (REIT)^	37,000		884,670
Colonial Properties Trust (REIT)^	26,200		592,906
Developers Diversified Realty Corp. (REIT)^	70,500		2,699,445
Douglas Emmett, Inc. (REIT)^	58,400		1,320,424
Duke Realty Corp. (REIT)^	22,100		576,368
Equity Residential (REIT)^	153,000		5,579,910
Essex Property Trust, Inc. (REIT)^	7,500		731,175
Federal Realty Investment Trust (REIT)^	15,300		1,256,895
General Growth Properties, Inc. (REIT)^	54,700		2,252,546
HCP, Inc. (REIT)^	116,300		4,044,914
Health Care REIT, Inc. (REIT)^	39,800		1,778,662
Hospitality Properties Trust (REIT)	53,000		1,707,660
Host Hotels & Resorts, Inc. (REIT)^	294,700		5,021,688
HRPT Properties Trust (REIT)^	127,200		983,256
iStar Financial, Inc. (REIT)^	72,300		1,883,415
Kimco Realty Corp. (REIT)^	121,200		4,411,680
Liberty Property Trust (REIT)^	223,500		6,439,035
Mack-Cali Realty Corp. (REIT)^	38,300		1,302,200
Plum Creek Timber Co., Inc. (REIT)^	92,000		4,235,680
ProLogis (REIT)	18,100		1,147,178
Public Storage, Inc. (REIT)	65,000		4,771,650
Rayonier, Inc. (REIT)^	41,000		1,936,840
Regency Centers Corp. (REIT)^	39,200		2,528,008
SL Green Realty Corp. (REIT)^	33,500		3,130,910
Taubman Centers, Inc. (REIT)^	13,600		668,984
Thornburg Mortgage, Inc. (REIT)^	398,900		3,685,836
Vornado Realty Trust (REIT)	75,400		6,631,430

			95,063,677

*Real Estate Management & Development (0.0%)*
Forestar Real Estate Group, Inc.*	19,900		469,441

*Thrifts & Mortgage Finance (1.2%)*
Astoria Financial Corp.	49,000		1,140,230
Capitol Federal Financial^	3,800		117,800
Hudson City Bancorp, Inc.^	184,900		2,777,198
IndyMac Bancorp, Inc.^	45,400		270,130
MGIC Investment Corp.^	46,900		1,051,967
New York Community Bancorp, Inc.^	181,500		3,190,770

374

EQ ADVISORS TRUST

MARKETPLUS MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
People’s United Financial, Inc.^	37,600	$	669,280
PMI Group, Inc.^	45,800		608,224
Radian Group, Inc.^	45,300		529,104
Sovereign Bancorp, Inc.^	685,500		7,814,700
TFS Financial Corp.*^	48,800		582,672
Washington Federal, Inc.^	49,300		1,040,723

			19,792,798

Total Financials			348,769,207

Health Care (3.9%)
*Biotechnology (0.7%)*
Alkermes, Inc.*^	412,800		6,435,552
Millennium Pharmaceuticals, Inc.*	81,200		1,216,376
Theravance, Inc.*^	258,200		5,034,900

			12,686,828

*Health Care Equipment & Supplies (0.9%)*
Beckman Coulter, Inc.	6,600		480,480
Cooper Cos., Inc.^	138,200		5,251,600
Hillenbrand Industries, Inc.^	28,900		1,610,597
Kinetic Concepts, Inc.*^	5,500		294,580
West Pharmaceutical Services, Inc.^	170,400		6,916,536

			14,553,793

*Health Care Providers & Services (0.6%)*
AmerisourceBergen Corp.	51,100		2,292,857
Brookdale Senior Living, Inc.^	16,100		457,401
Community Health Systems, Inc.*	49,400		1,820,884
Coventry Health Care, Inc.*	5,700		337,725
Health Management Associates, Inc., Class A^	136,700		817,466
LifePoint Hospitals, Inc.*^	32,600		969,524
Omnicare, Inc.^	60,300		1,375,443
Quest Diagnostics, Inc.^	6,400		338,560
Tenet Healthcare Corp.*^	60,300		306,324
Universal Health Services, Inc., Class B^	18,600		952,320

			9,668,504

*Health Care Technology (0.0%)*
IMS Health, Inc.	11,900		274,176

*Life Sciences Tools & Services (0.4%)*
Applera Corp.- Applied Biosystems Group	78,000		2,645,760
Charles River Laboratories International, Inc.*^	25,000		1,645,000
Invitrogen Corp.*^	16,500		1,541,265
PerkinElmer, Inc.	50,600		1,316,612

			7,148,637

*Pharmaceuticals (1.3%)*
Barr Pharmaceuticals, Inc.*	246,400		13,083,840
Endo Pharmaceuticals Holdings, Inc.*	236,600		6,310,122
King Pharmaceuticals, Inc.*	137,500		1,408,000
Watson Pharmaceuticals, Inc.*^	24,300		659,502

			21,461,464

Total Health Care			65,793,402

Industrials (11.9%)
*Aerospace & Defense (1.1%)*
Alliant Techsystems, Inc.*^	76,100		8,657,136
DRS Technologies, Inc.^	21,700		1,177,659
Goodrich Corp.	51,000		3,601,110
L-3 Communications Holdings, Inc.	46,900		4,968,586
Spirit Aerosystems Holdings, Inc., Class A*	7,200		248,400

			18,652,891

*Airlines (0.9%)*
Northwest Airlines Corp.*^	499,900		7,253,549
Southwest Airlines Co.	327,300		3,993,060
U.S. Airways Group, Inc.*^	45,900		675,189
UAL Corp.*^	79,500		2,834,970

			14,756,768

*Building Products (0.5%)*
Armstrong World Industries, Inc.*	11,000		441,210
Lennox International, Inc.^	26,400		1,093,488
Masco Corp.^	200,800		4,339,288
Owens Corning, Inc.*^	62,200		1,257,684
USG Corp.*^	45,200		1,617,708

			8,749,378

*Commercial Services & Supplies (1.7%)*
Allied Waste Industries, Inc.*^	136,800		1,507,536
Avery Dennison Corp.	8,800		467,632
Cintas Corp.	18,300		615,246
Copart, Inc.*	182,100		7,748,355
Pitney Bowes, Inc.	22,600		859,704
R.R. Donnelley & Sons Co.	321,900		12,148,506
Republic Services, Inc.	9,900		310,365
Steelcase, Inc., Class A	9,700		153,939
United Stationers, Inc.*^	113,100		5,226,351

			29,037,634

*Construction & Engineering (0.7%)*
KBR, Inc.*	95,300		3,697,640
Shaw Group, Inc.*	3,900		235,716
URS Corp.*	159,000		8,638,470

			12,571,826

*Electrical Equipment (0.3%)*
Cooper Industries Ltd., Class A	70,100		3,706,888
Hubbell, Inc., Class B	22,400		1,155,840

			4,862,728

*Industrial Conglomerates (0.5%)*
Carlisle Cos., Inc.^	191,600		7,094,948
Teleflex, Inc.	22,100		1,392,521

			8,487,469

*Machinery (4.0%)*
AGCO Corp.*	66,900		4,547,862
Crane Co.	28,700		1,231,230
Dover Corp.^	78,200		3,604,238
Eaton Corp.	72,900		7,067,655
Flowserve Corp.	3,300		317,460
Gardner Denver, Inc.*	29,800		983,400
Ingersoll-Rand Co., Ltd., Class A	144,200		6,700,974
ITT Corp.	89,800		5,930,392
Kennametal, Inc.	189,500		7,174,470
Lincoln Electric Holdings, Inc.^	7,700		548,086
Pall Corp.	6,000		241,920
Parker Hannifin Corp.	98,050		7,384,145
Pentair, Inc.	230,800		8,034,148
SPX Corp.	29,600		3,044,360
Timken Co.	53,600		1,760,760
Toro Co.^	166,500		9,064,260
Trinity Industries, Inc.^	5,700		158,232

			67,793,592

*Marine (0.4%)*
Alexander & Baldwin, Inc.^	24,200		1,250,172
American Commercial Lines, Inc.*^	357,800		5,810,672

			7,060,844

*Road & Rail (1.3%)*
Avis Budget Group, Inc.*	329,900		4,288,700
Con-way, Inc.^	5,700		236,778
CSX Corp.^	204,600		8,998,308

375

EQ ADVISORS TRUST

MARKETPLUS MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Hertz Global Holdings, Inc.*^	63,000	$	1,001,070
Kansas City Southern, Inc.*^	17,300		593,909
Ryder System, Inc.^	32,800		1,541,928
Werner Enterprises, Inc.^	317,600		5,408,728
YRC Worldwide, Inc.*^	32,500		555,425

			22,624,846

*Trading Companies & Distributors (0.5%)*
GATX Corp.	16,500		605,220
Genesis Lease Ltd. (ADR)^	304,800		5,718,048
United Rentals, Inc.*	48,400		888,624
W.W. Grainger, Inc.	6,200		542,624

			7,754,516

Total Industrials			202,352,492

Information Technology (8.5%)
*Communications Equipment (0.7%)*
ADC Telecommunications, Inc.*^	66,200		1,029,410
JDS Uniphase Corp.*^	519,900		6,914,670
Juniper Networks, Inc.*	82,100		2,725,720
Tellabs, Inc.*^	247,000		1,615,380

			12,285,180

*Computers & Peripherals (1.0%)*
Lexmark International, Inc., Class A*	24,300		847,098
NCR Corp.*	164,800		4,136,480
QLogic Corp.*	8,200		116,440
SanDisk Corp.*	52,300		1,734,791
Seagate Technology	190,600		4,860,300
Teradata Corp.*	88,900		2,436,749
Western Digital Corp.*	87,900		2,655,459

			16,787,317

*Electronic Equipment & Instruments (2.1%)*
Arrow Electronics, Inc.*	379,300		14,898,904
Avnet, Inc.*	34,800		1,216,956
AVX Corp.^	23,000		308,660
Flextronics International Ltd.*	835,200		10,072,512
Ingram Micro, Inc., Class A*	81,900		1,477,476
Jabil Circuit, Inc.	38,400		586,368
Kingboard Laminates Holdings Ltd.	6,482,500		4,372,990
Molex, Inc.	33,400		911,820
Sanmina-SCI Corp.*	232,700		423,514
Tech Data Corp.*	31,000		1,169,320
Vishay Intertechnology, Inc.*	86,700		989,247

			36,427,767

*IT Services (1.5%)*
Affiliated Computer Services, Inc., Class A*	30,400		1,371,040
BearingPoint, Inc.*^	702,400		1,987,792
CACI International, Inc., Class A*^	206,100		9,227,097
Computer Sciences Corp.*	97,800		4,838,166
Convergys Corp.*	77,300		1,272,358
Electronic Data Systems Corp.	120,600		2,500,038
Fidelity National Information Services, Inc.	17,100		711,189
Genpact Ltd.*^	3,100		47,213
Hewitt Associates, Inc., Class A*	20,100		769,629
Metavante Technologies, Inc.*	48,800		1,138,016
Unisys Corp.*	196,200		928,026

			24,790,564

*Office Electronics (0.5%)*
Xerox Corp.	529,100		8,566,129

*Semiconductors & Semiconductor Equipment (1.9%)*
Advanced Micro Devices, Inc.*^	201,900		1,514,250
Atmel Corp.*	253,300		1,094,256
Cree, Inc.*^	35,700		980,679
Fairchild Semiconductor International, Inc.*	512,900		7,401,147
Integrated Device Technology, Inc.*	74,100		838,071
International Rectifier Corp.*	31,700		1,076,849
Intersil Corp., Class A	34,600		847,008
LSI Corp.*^	164,800		875,088
Micron Technology, Inc.*	287,600		2,085,100
Novellus Systems, Inc.*	22,900		631,353
Rambus, Inc.*^	12,400		259,656
Teradyne, Inc.*	366,000		3,784,440
Varian Semiconductor Equipment Associates, Inc.*^	302,550		11,194,350

			32,582,247

*Software (0.8%)*
CA, Inc.	87,200		2,175,640
Cadence Design Systems, Inc.*^	113,800		1,935,738
Compuware Corp.*	32,100		285,048
Fair Isaac Corp.^	25,600		823,040
McAfee, Inc.*	186,100		6,978,750
Novell, Inc.*	171,200		1,176,144

			13,374,360

Total Information Technology			144,813,564

Materials (7.9%)
*Chemicals (4.7%)*
Agrium, Inc.	108,300		7,820,343
Air Products & Chemicals, Inc.	64,700		6,381,361
Airgas, Inc.	2,800		145,908
Ashland, Inc.	31,700		1,503,531
Cabot Corp.	10,700		356,738
Celanese Corp., Class A	194,200		8,218,544
Chemtura Corp.^	720,500		5,619,900
Cytec Industries, Inc.	118,200		7,278,756
Eastman Chemical Co.	47,500		2,901,775
FMC Corp.	230,000		12,546,500
Huntsman Corp.	51,000		1,310,700
International Flavors & Fragrances, Inc.	11,700		563,121
Lubrizol Corp.	28,800		1,559,808
Mosaic Co.*	49,900		4,707,566
PPG Industries, Inc.	92,700		6,510,321
Rhodia S.A.*	156,736		6,049,715
Rohm & Haas Co.^	35,700		1,894,599
RPM International, Inc.	9,600		194,880
Scotts Miracle-Gro Co., Class A^	20,000		748,400
Sigma-Aldrich Corp.	51,700		2,822,820
Valspar Corp.	51,000		1,149,540
Westlake Chemical Corp.^	10,800		205,092

			80,489,918

*Containers & Packaging (1.6%)*
Bemis Co., Inc.^	59,000		1,615,420
Greif, Inc., Class A^	96,800		6,327,816
Owens-Illinois, Inc.*	196,400		9,721,800
Pactiv Corp.*	121,400		3,232,882
Sealed Air Corp.	78,600		1,818,804
Smurfit-Stone Container Corp.*	143,900		1,519,584
Sonoco Products Co.	56,400		1,843,152
Temple-Inland, Inc.^	59,700		1,244,745

			27,324,203

*Metals & Mining (1.3%)*
Carpenter Technology Corp.	12,300		924,591
Cleveland-Cliffs, Inc.^	70,300		7,086,240
Commercial Metals Co.	67,300		1,981,985
Reliance Steel & Aluminum Co.^	33,500		1,815,700

376

EQ ADVISORS TRUST

MARKETPLUS MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
Steel Dynamics, Inc.^		32,800	$	1,953,896
United States Steel Corp.		66,800		8,076,788

				21,839,200

*Paper & Forest Products (0.3%)*
Domtar Corp.*		131,900		1,014,311
Louisiana-Pacific Corp.^		58,900		805,752
MeadWestvaco Corp.		104,100		3,258,330

				5,078,393

Total Materials				134,731,714

Telecommunication Services (1.5%)
*Diversified Telecommunication Services (1.3%)*
CenturyTel, Inc.		61,800		2,562,228
Citizens Communications Co.		159,200		2,026,616
Embarq Corp.		185,300		9,177,909
Qwest Communications International, Inc.*^		908,100		6,365,781
Windstream Corp.		120,600		1,570,212

				21,702,746

*Wireless Telecommunication Services (0.2%)*
Clearwire Corp., Class A*^		13,100		179,601
Crown Castle International Corp.*^		23,800		990,080
Telephone & Data Systems, Inc.		32,000		2,003,200
U.S. Cellular Corp.*^		6,400		538,240

				3,711,121

Total Telecommunication Services				25,413,867

Utilities (10.7%)
*Electric Utilities (3.9%)*
American Electric Power Co., Inc.		225,100		10,480,656
DPL, Inc.^		29,600		877,640
Edison International^		183,900		9,814,743
Great Plains Energy, Inc.^		48,500		1,422,020
Hawaiian Electric Industries, Inc.^		46,300		1,054,251
Northeast Utilities		379,400		11,879,014
Pepco Holdings, Inc.^		109,000		3,196,970
Pinnacle West Capital Corp.^		56,600		2,400,406
PPL Corp.		55,300		2,880,577
Progress Energy, Inc.		145,600		7,051,408
Reliant Energy, Inc.*		192,800		5,059,072
Sierra Pacific Resources		569,000		9,661,620

				65,778,377

*Gas Utilities (1.5%)*
AGL Resources, Inc.		43,900		1,652,396
Atmos Energy Corp.		50,100		1,404,804
Energen Corp.		40,500		2,601,315
Equitable Resources, Inc.		16,500		879,120
National Fuel Gas Co.^		47,100		2,198,628
ONEOK, Inc.		58,600		2,623,522
Questar Corp.		64,000		3,462,400
Southern Union Co.		60,700		1,782,152
UGI Corp.		347,200		9,461,200

				26,065,537

*Independent Power Producers & Energy Traders (0.4%)*
Constellation Energy Group, Inc.		22,800		2,337,684
Dynegy, Inc., Class A*		159,900		1,141,686
Mirant Corp.*^		45,500		1,773,590
NRG Energy, Inc.*^		26,700		1,157,178

				6,410,138

*Multi-Utilities (4.8%)*
Alliant Energy Corp.^		64,200		2,612,298
Ameren Corp.^		116,900		6,337,149
CMS Energy Corp.^		126,700		2,202,046
Consolidated Edison, Inc.^		152,700		7,459,395
DTE Energy Co.^		92,400		4,061,904
Energy East Corp.		89,200		2,427,132
Integrys Energy Group, Inc.		42,700		2,207,163
MDU Resources Group, Inc.		102,600		2,832,786
NiSource, Inc.		154,700		2,922,283
NSTAR^		60,300		2,184,066
OGE Energy Corp.		51,800		1,879,822
PG&E Corp.^		198,400		8,549,056
Puget Energy, Inc.		66,000		1,810,380
SCANA Corp.		65,900		2,777,685
Sempra Energy		148,900		9,213,932
TECO Energy, Inc.^		118,300		2,035,943
Vectren Corp.		43,200		1,253,232
Wisconsin Energy Corp.		269,800		13,141,958
Xcel Energy, Inc.^		230,800		5,209,156

				81,117,386

*Water Utilities (0.1%)*
Aqua America, Inc.^		69,800		1,479,760

Total Utilities				180,851,198

Total Common Stocks (88.8%)
(Cost $1,667,344,526)				1,509,116,013

CONVERTIBLE PREFERRED STOCK:
Financials (0.1%)
*Real Estate Investment Trusts (REITs) (0.1%)*
Thornburg Mortgage, Inc. (REIT), 10.000%
(Cost $940,068)		36,100		866,400

INVESTMENT COMPANIES:
Exchange Traded Funds (ETFs) (10.1%)
iShares Morningstar Mid Core Index Fund^		105,666		8,731,182
iShares Morningstar Mid Growth Index Fund^		42,190		4,222,797
iShares Morningstar Mid Value Index Fund^		262,477		20,651,690
iShares Russell Midcap Growth Index Fund^		38,297		4,363,560
iShares Russell Midcap Index Fund^		103,199		10,685,225
iShares Russell Midcap Value Index Fund^		611,085		86,199,650
iShares S&P MidCap 400 Growth Index Fund^		27,454		2,455,760
iShares S&P MidCap 400 Index Fund^		88,055		7,479,392
iShares S&P MidCap 400/BARRA Value Index Fund^		330,052		26,252,336

Total Investment Companies (10.1%)
(Cost $190,869,503)				171,041,592


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Securities (0.0%)
U.S. Treasury Bills
3.13%, 3/27/08 #(p)	$	550,000		545,871

Short-Term Investments of Cash Collateral for Securities Loaned (25.9%)
American Express Bank FSB 5.01%, 7/18/08 (l)		10,000,000		10,000,000
BCP Finance Bank Ltd. 5.28%, 9/2/08 (l)		10,000,000		10,000,000
Beta Finance, Inc. 4.37%, 3/10/08 (l)		14,999,284		14,999,284

377

EQ ADVISORS TRUST

MARKETPLUS MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Calyon/New York
4.41%, 7/2/10 (l)	$	9,994,860	$	9,994,860
CAM U.S. Finance S.A.
4.96%, 2/2/09 (l)		10,000,000		10,000,000
CC USA, Inc.
4.38%, 2/12/09 (l)		14,993,301		14,993,301
Citigroup Funding, Inc.
4.36%, 3/16/09 (l)		4,000,000		4,000,000
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		5,000,000		5,000,000
Comerica Bank
4.37%, 8/7/08 (l)		17,995,437		17,995,437
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		50,000,000		50,000,000
Goldman Sachs Group, Inc.
4.41%, 3/27/09 (l)		5,000,000		5,000,000
HBOS Treasury Services plc
4.37%, 7/17/08 (l)		6,000,000		6,000,000
K2 (USA) LLC
4.38%, 2/15/08 (l)		9,999,370		9,999,370
Links Finance LLC
4.37%, 6/22/09 (l)		14,994,372		14,994,372
MassMutual Global Funding II
4.40%, 3/26/10 (l)		10,000,000		10,000,000
Monumental Global Funding II
4.36%, 4/25/08 (l)		10,000,000		10,000,000
Morgan Stanley
5.18%, 3/14/08 (l)		5,000,000		5,000,000
5.40%, 2/9/09 (l)		14,212,856		14,212,856
Repurchase Agreement
4.70%, 1/2/08 (r)		148,951,377		148,951,377
National Bank of Canada/New York
5.16%, 4/16/08 (l)		6,000,000		6,000,000
New York Life Insurance Co.
5.29%, 3/31/08 (l)		10,000,000		10,000,000
Nomura Securities Co., Ltd., Repurchase Agreement
4.65%, 1/2/08 (r)		20,000,000		20,000,000
Pricoa Global Funding I
4.36%, 5/23/08 (l)		8,000,000		8,000,000
4.37%, 9/22/08 (l)		5,000,000		5,000,000
Swedbank AB/New York
5.15%, 4/16/08 (l)		5,000,000		5,000,000
Unicredito Italiano Bank (Ireland) plc
5.26%, 8/8/08 (l)		10,000,000		10,000,000
Wells Fargo & Co.
4.62%, 2/2/09 (l)		5,000,000		5,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				440,140,857

Time Deposit (1.0%)
JPMorgan Chase Nassau
3.51%, 1/2/08		17,211,344		17,211,343

Total Short-Term Investments (26.9%) (Cost/Amortized Cost $ 457,898,130)				457,898,071

Total Investments (125.9%) (Cost/Amortized Cost $ 2,317,052,227)				2,138,922,076
Other Assets Less Liabilities (-25.9%)				(440,433,542	)

Net Assets (100%)			$	1,698,488,534

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

#	All, or a portion of security held by broker as collateral for financial futures contracts.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

At December 31, 2007 the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/07		Unrealized Appreciation
S&P MidCap 400 E-Mini	154	March-08	$	13,241,857	$	13,317,920	$	76,063

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	3,033,503,493
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	3,154,688,170

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	92,398,444
Aggregate gross unrealized depreciation		(275,354,618	)

Net unrealized depreciation	$	(182,956,174	)

Federal income tax cost of investments	$	2,321,878,250

378

EQ ADVISORS TRUST

MARKETPLUS MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

At December 31, 2007, the Portfolio had loaned securities with a total value of $423,455,750. This was secured by collateral of $440,140,857 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $1,278,955 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $12,302, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the year ended December 31, 2007, the Portfolio incurred approximately $6,684 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

379

EQ ADVISORS TRUST

ALL ASSET ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at cost:
Affiliated Issuers (Cost $419,837,300)	$	405,607,888
Unaffiliated Issuers (Cost $24,814,489)		26,935,005
Receivable for securities sold		406,423
Dividends, interest and other receivables		141,120
Receivable from Separate Accounts for Trust shares sold		15,781
Other assets		616

Total assets		433,106,833

LIABILITIES
Overdraft payable		351,189
Payable to Separate Accounts for Trust shares redeemed		1,510,271
Distribution fees payable—Class IB		92,573
Administrative fees payable		14,762
Trustees’ fees payable		3,556
Accrued expenses		39,118

Total liabilities		2,011,469

NET ASSETS	$	431,095,364

Net assets were comprised of:
Paid in capital	$	443,467,050
Accumulated overdistributed net investment income		(2,789	)
Accumulated net realized loss		(260,001	)
Unrealized depreciation on investments		(12,108,896	)

Net assets	$	431,095,364

Class IB
Net asset value, offering and redemption price per share, $ 431,095,364 / 20,272,576 shares outstanding (unlimited amount authorized: $0.01 par value)	$	21.26

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends
($8,111,569 of dividend income received from affiliates)	$	8,353,032
Interest		61,907

Total income		8,414,939

EXPENSES
Distribution fees—Class IB		1,185,497
Administrative fees		746,302
Investment management fees		474,195
Printing and mailing expenses		86,320
Custodian fees		56,000
Professional fees		48,495
Trustees’ fees		8,814
Miscellaneous		14,568

Gross expenses		2,620,191
Less: Waiver from investment advisor		(960,420	)
Fees paid indirectly		(11,157	)

Net expenses		1,648,614

NET INVESTMENT INCOME		6,766,325

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities ($12,978,373 of realized gain received from affiliates)		12,936,994
Net distributions of realized gain received from Underlying Portfolios (All gains received from affiliates)		26,386,128

Net realized gain		39,323,122
Net change in unrealized depreciation on securities		(24,008,138	)

NET REALIZED AND UNREALIZED GAIN		15,314,984

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	22,081,309

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	6,766,325		$	11,317,309
Net realized gain on investments		39,323,122			15,983,143
Net change in unrealized appreciation (depreciation) on investments		(24,008,138	)		23,528,801

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		22,081,309			50,829,253

DIVIDENDS:
Class IB
Dividends from net investment income		(15,808,483	)		(13,992,468	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [406,686 and 113,671 shares, respectively]		8,841,644			2,492,888
Capital shares issued in reinvestment of dividends [753,051 and 662,317 shares, respectively]		15,808,483			13,992,468
Capital shares repurchased [(4,962,441) and (5,416,706) shares, respectively]		(108,230,719	)		(110,856,775	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(83,580,592	)		(94,371,419	)

TOTAL DECREASE IN NET ASSETS		(77,307,766	)		(57,534,634	)
NET ASSETS:
Beginning of year		508,403,130			565,937,764

End of year (a)	$	431,095,364		$	508,403,130


(a) Includes accumulated overdistributed net investment income of	$	(2,789	)	$	(2,094	)

See Notes to Financial Statements.

380

EQ ADVISORS TRUST

EQ/FRANKLIN TEMPLETON FOUNDING STRATEGY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at cost:
Affiliated Issuers (Cost $848,660,315)	$	819,581,728
Unaffiliated Issuers (Amortized Cost $945,663)		945,663
Receivable from Separate Accounts for Trust shares sold		6,634,178
Receivable from investment manager		43,481
Dividends, interest and other receivables		16,163

Total assets		827,221,213

LIABILITIES
Payable for securities purchased		1,208,046
Distribution fees payable - Class IB		165,260
Payable to Separate Accounts for Trust shares redeemed		16,733
Trustees’ fees payable		1,271
Accrued expenses		102,058

Total liabilities		1,493,368

NET ASSETS	$	825,727,845

Net assets were comprised of:
Paid in capital	$	854,804,650
Accumulated overdistributed net investment income		(291	)
Accumulated undistributed net realized gain		2,073
Unrealized depreciation on investments		(29,078,587	)

Net assets	$	825,727,845

Class IA
Net asset value, offering and redemption price per share, $97,420 / 10,162 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.59

Class IB
Net asset value, offering and redemption price per share, $825,630,425 / 86,130,452 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.59

STATEMENT OF OPERATIONS

For the Period Ended December 31, 2007*


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	10,348,913
Interest		138,500

Total income		10,487,413

EXPENSES
Distribution fees - Class IB		609,828
Administrative fees		389,492
Investment management fees		122,003
Professional fees		58,444
Printing and mailing expenses		53,617
Custodian fees		40,001
Trustees’ fees		3,487
Miscellaneous		6,000

Gross expenses		1,282,872
Less: Waiver from investment advisor		(511,495	)
Reimbursement from investment advisor		(161,549	)

Net expenses		609,828

NET INVESTMENT INCOME		9,877,585

REALIZED AND UNREALIZED GAIN (LOSS)
Net distribution of realized gain received from Underlying Portfolios (All gains received from affiliates)		1,274,961
Net change in unrealized depreciation on securities		(29,078,587	)

NET REALIZED AND UNREALIZED LOSS		(27,803,626	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(17,926,041	)

STATEMENT OF CHANGES IN NET ASSETS


	April 30, 2007* to December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	9,877,585
Net realized gain on investments		1,274,961
Net change in unrealized depreciation on investments		(29,078,587	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		(17,926,041	)

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(1,537	)
Class IB		(11,191,942	)

		(11,193,479	)

Distributions from net realized capital gains
Class IA		(5	)
Class IB		(40,787	)

		(40,792	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(11,234,271	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares issued in reinvestment of dividends and distributions [ 162 shares ]		1,542

Class IB
Capital shares sold [ 87,455,541 shares ]		868,199,266
Capital shares issued in reinvestment of dividends and distributions [ 1,181,846 shares ]		11,232,729
Capital shares repurchased [ (2,516,935) shares ]		(24,745,380	)

Total Class IB transactions		854,686,615

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		854,688,157

TOTAL INCREASE IN NET ASSETS		825,527,845
NET ASSETS:
Beginning of period		200,000

End of period (a)	$	825,727,845

(a) Includes accumulated overdistributed net investment income of	$	(291	)

* The portfolio commenced operations on April 30, 2007.

See Notes to Financial Statements.

381

EQ ADVISORS TRUST

EQ/INTERNATIONAL ETF PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $12,559,299)	$	13,241,382
Cash		10,294
Dividends, interest and other receivables		309,988
Receivable from Separate Accounts for Trust shares sold		46,950
Receivable from investment manager		2,174

Total assets		13,610,788

LIABILITIES
Payable for securities purchased		134,429
Distribution fees payable—Class IB		397
Trustees’ fees payable		40
Accrued expenses		49,229

Total liabilities		184,095

NET ASSETS	$	13,426,693

Net assets were comprised of:
Paid in capital	$	12,647,077
Accumulated undistributed net investment income		93,592
Accumulated undistributed net realized gain		3,941
Unrealized appreciation on investments		682,083

Net assets	$	13,426,693

Class IA
Net asset value, offering and redemption price per share, $11,577,848 / 973,133 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.90

Class IB
Net asset value, offering and redemption price per share, $1,848,845 / 155,340 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.90

*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Dividends	$	309,276
Interest		5,308

Total income		314,584

EXPENSES
Professional fees		42,330
Administrative fees		38,985
Investment management fees		35,658
Printing and mailing expenses		6,511
Custodian fees		6,001
Distribution fees—Class IB		4,504
Trustees’ fees		147
Miscellaneous		5,556

Gross expenses		139,692
Less: Waiver from investment advisor		(74,643	)
Reimbursement from investment manager		(24,880	)
Fees paid indirectly		(6,203	)

Net expenses		33,966

NET INVESTMENT INCOME		280,618

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		81,576
Net change in unrealized appreciation on securities		313,701

NET REALIZED AND UNREALIZED GAIN		395,277

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	675,895

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31, 2007			August 25, 2006* to December 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	280,618		$	91,279
Net realized gain on investments		81,576			—
Net change in unrealized appreciation on investments		313,701			368,382

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		675,895			459,661

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(190,175	)		(46,139	)
Class IB		(27,944	)		(22,215	)

		(218,119	)		(68,354	)

Distributions from net realized capital gains
Class IA		(61,122	)		—
Class IB		(10,167	)		—

		(71,289	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(289,408	)		(68,354	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 706,564 and 153,719 shares, respectively ]		8,453,317			1,594,340
Capital shares issued in reinvestment of dividends and distributions [ 21,737 and 4,251 shares, respectively ]		251,297			46,139
Capital shares repurchased [ (59,021) and (4,117) shares, respectively ]		(712,522	)		(43,998	)

Total Class IA transactions		7,992,092			1,596,481

Class IB
Capital shares issued in reinvestment of dividends and distributions [ 3,293 and 2,047 shares, respectively ]		38,111			22,215

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		8,030,203			1,618,696

TOTAL INCREASE IN NET ASSETS		8,416,690			2,010,003
NET ASSETS:
Beginning of year		5,010,003			3,000,000

End of year (a)	$	13,426,693		$	5,010,003

(a) Includes accumulated undistributed net investment income of	$	93,592		$	23,864

* The Portfolio commenced operations on August 25, 2006.

See Notes to Financial Statements.

382

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN COMMON STOCK PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value:
(Securities on loan at market value $1,220,453,095)
Unaffiliated issuers (Cost $8,750,500,358)	$	9,655,707,717
Affiliated issuers (Cost $155,199,453)		133,323,056
Cash Held as Collateral at Broker		5,564,644
Receivable for securities sold		18,981,685
Dividends, interest and other receivables		8,872,769
Receivable from Separate Accounts for Trust shares sold		959,469
Other assets		3,568

Total assets		9,823,412,908

LIABILITIES
Collateral held for loaned securities		1,243,347,955
Payable for securities purchased		49,129,641
Payable to Separate Accounts for Trust shares redeemed		9,987,094
Investment management fees payable		3,494,052
Administrative fees payable		742,398
Distribution fees payable—Class IB		449,957
Trustees’ fees payable		313,062
Variation margin payable on futures contracts		120,350
Accrued expenses		2,894

Total liabilities		1,307,587,403

NET ASSETS	$	8,515,825,505

Net assets were comprised of:
Paid in capital	$	8,376,316,574
Accumulated undistributed net investment income		310,658
Accumulated net realized loss		(743,962,589	)
Unrealized appreciation on investments and futures		883,160,862

Net assets	$	8,515,825,505

Class IA
Net asset value, offering and redemption price per share, $6,425,333,561 / 317,024,677 shares outstanding (unlimited amount authorized: $0.01 par value)	$	20.27

Class IB
Net asset value, offering and redemption price per share, $2,090,491,944 / 103,713,929 shares outstanding (unlimited amount authorized: $0.01 par value)	$	20.16


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2007*

INVESTMENT INCOME
Dividends	$	157,136,470
Interest		2,783,827
Securities lending (net)		4,342,963

Total income		164,263,260

EXPENSES
Investment management fees		43,299,875
Administrative fees		9,225,016
Distribution fees—Class IB		5,634,433
Printing and mailing expenses		1,439,558
Professional fees		207,825
Trustees’ fees		187,375
Custodian fees		10,000
Miscellaneous		247,854

Gross expenses		60,251,936
Less: Fees paid indirectly		(371,713	)

Net expenses		59,880,223

NET INVESTMENT INCOME		104,383,037

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities (net of $50,880,146 of net realized loss from affiliates)		674,328,801
Futures		(212,032	)

Net realized gain		674,116,769

Change in unrealized depreciation on:
Securities		(432,501,302	)
Futures		(280,022	)

Net change in unrealized depreciation		(432,781,324	)

NET REALIZED AND UNREALIZED GAIN		241,335,445

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	345,718,482

See Notes to Financial Statements.

383

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN COMMON STOCK PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	104,383,037		$	129,661,725
Net realized gain on investments and futures		674,116,769			553,217,002
Net change in unrealized appreciation (depreciation) on investments and futures		(432,781,324	)		290,620,136

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		345,718,482			973,498,863

DIVIDENDS:
Dividends from net investment income
Class IA		(83,043,509	)		(101,012,549	)
Class IB		(21,688,319	)		(27,558,726	)

TOTAL DIVIDENDS		(104,731,828	)		(128,571,275	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 2,703,693 and 3,549,239 shares, respectively ]		55,238,691			66,627,970
Capital shares issued in reinvestment of dividends [ 4,172,376 and 5,059,896 shares, respectively ]		83,043,509			101,012,549
Capital shares repurchased [ (49,220,641) and (52,547,189) shares, respectively ]		(1,008,118,370	)		(985,068,344	)

Total Class IA transactions		(869,836,170	)		(817,427,825	)

Class IB
Capital shares sold [ 6,810,943 and 11,725,696 shares, respectively ]		139,060,368			217,833,572
Capital shares issued in reinvestment of dividends [ 1,095,569 and 1,388,100 shares, respectively ]		21,688,319			27,558,726
Capital shares repurchased [ (24,318,367) and (23,717,344) shares, respectively ]		(495,754,829	)		(442,166,764	)

Total Class IB transactions		(335,006,142	)		(196,774,466	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(1,204,842,312	)		(1,014,202,291	)

TOTAL DECREASE IN NET ASSETS		(963,855,658	)		(169,274,703	)
NET ASSETS:
Beginning of year		9,479,681,163			9,648,955,866

End of year (a)	$	8,515,825,505		$	9,479,681,163

(a) Includes accumulated undistributed net investment income of	$	310,658		$	659,449

See Notes to Financial Statements.

384

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $681,509,912) (Securities on loan at market value $334,782,216)	$	693,258,656
Repurchase agreement (Amortized cost $92,439,798)		92,439,798
Cash		63,205,392
Dividends, interest and other receivables		7,268,558
Receivable for securities sold		721,105
Receivable from Separate Accounts for Trust shares sold		241,138
Other assets		472

Total assets		857,135,119

LIABILITIES
Collateral held for loaned securities		155,436,677
Payable to Separate Accounts for Trust shares redeemed		2,537,873
Investment management fees payable		297,122
Distribution fees payable—Class IB		99,931
Administrative fees payable		62,447
Trustees’ fees payable		16,927
Accrued expenses		81,062

Total liabilities		158,532,039

NET ASSETS	$	698,603,080

Net assets were comprised of:
Paid in capital	$	716,979,888
Accumulated overdistributed net investment income		(15,883	)
Accumulated net realized loss		(30,109,669	)
Unrealized appreciation on investments		11,748,744

Net assets	$	698,603,080

Class IA
Net asset value, offering and redemption price per share, $227,848,094 / 23,029,858 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.89

Class IB
Net asset value, offering and redemption price per share, $470,754,986 / 47,864,936 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.84


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2007*

INVESTMENT INCOME
Interest	$	34,693,577
Securities lending (net)		797,647

Total income		35,491,224

EXPENSES
Investment management fees		3,480,069
Distribution fees—Class IB		1,185,603
Administrative fees		731,572
Printing and mailing expenses		101,399
Professional fees		63,943
Trustees’ fees		13,397
Custodian fees		10,000
Miscellaneous		18,115

Total expenses		5,604,098

NET INVESTMENT INCOME		29,887,126

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		1,096,756
Net change in unrealized appreciation on securities		15,721,414

NET REALIZED AND UNREALIZED GAIN		16,818,170

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	46,705,296

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	29,887,126		$	28,326,741
Net realized gain (loss) on investments		1,096,756			(12,663,318	)
Net change in unrealized appreciation on investments		15,721,414			6,998,657

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		46,705,296			22,662,080

DIVIDENDS:
Dividends from net investment income
Class IA		(10,373,012	)		(9,477,031	)
Class IB		(20,090,157	)		(19,471,820	)

TOTAL DIVIDENDS		(30,463,169	)		(28,948,851	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 3,912,990 and 3,210,885 shares, respectively ]		38,795,574			31,561,375
Capital shares issued in reinvestment of dividends [ 1,056,275 and 976,815 shares, respectively ]		10,373,012			9,477,031
Capital shares repurchased [ (4,935,110) and (6,603,414) shares, respectively ]		(48,825,099	)		(64,909,094	)

Total Class IA transactions		343,487			(23,870,688	)

Class IB
Capital shares sold [ 10,099,316 and 5,884,616 shares, respectively ]		99,786,516			57,562,121
Capital shares issued in reinvestment of dividends [ 2,057,756 and 2,019,030 shares, respectively ]		20,090,157			19,471,820
Capital shares repurchased [ (14,874,226) and (13,219,847) shares, respectively ]		(146,662,293	)		(129,125,980	)

Total Class IB transactions		(26,785,620	)		(52,092,039	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(26,442,133	)		(75,962,727	)

TOTAL DECREASE IN NET ASSETS		(10,200,006	)		(82,249,498	)
NET ASSETS:
Beginning of year		708,803,086			791,052,584

End of year (a)	$	698,603,080		$	708,803,086

(a) Includes accumulated overdistributed net investment income of	$	(15,883	)	$	(19,996	)

See Notes to Financial Statements.

385

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN INTERNATIONAL PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $3,313,440,147) (Securities on loan at market value $442,566,502)	$	3,900,525,268
Foreign Cash (Cost $19,625,954)		19,648,476
Foreign Cash Held at Broker as Collateral		1,717,858
Cash Held at Broker as Collateral		1,541,702
Dividends, interest and other receivables		4,153,050
Receivable from Separate Accounts for Trust shares sold		1,881,537
Receivable for securities sold		46,074
Other assets		2,573

Total assets		3,929,516,538

LIABILITIES
Overdraft payable		705,247
Collateral held for loaned securities		466,357,204
Payable to Separate Accounts for Trust shares redeemed		5,813,076
Investment management fees payable		1,954,947
Distribution fees payable—Class IB		368,455
Administrative fees payable		298,602
Payable for securities purchased		260,496
Trustees’ fees payable		54,671
Accrued expenses		775,055

Total liabilities		476,587,753

NET ASSETS	$	3,452,928,785

Net assets were comprised of:
Paid in capital	$	2,830,884,988
Accumulated undistributed net investment income		4,196,953
Accumulated undistributed net realized gain		30,291,259
Unrealized appreciation on investments, futures and foreign currency translations		587,555,585

Net assets	$	3,452,928,785

Class IA
Net asset value, offering and redemption price per share, $1,713,718,809 / 118,409,464 shares outstanding (unlimited amount authorized: $0.01 par value)	$	14.47

Class IB
Net asset value, offering and redemption price per share, $1,739,209,976 / 122,035,303 shares outstanding (unlimited amount authorized: $0.01 par value)	$	14.25


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2007*

INVESTMENT INCOME
Dividends (net of $7,187,623 foreign withholding tax)	$	76,447,150
Interest		3,423,936
Securities lending (net)		3,820,545

Total income		83,691,631

EXPENSES
Investment management fees		22,939,112
Distribution fees—Class IB		3,889,801
Administrative fees		3,306,186
Custodian fees		1,987,499
Printing and mailing expenses		491,019
Professional fees		147,372
Trustees’ fees		62,102
Miscellaneous		94,375

Gross expenses		32,917,466
Less: Waiver from investment advisor		(1,390,356	)
Fees paid indirectly		(13,022	)

Net expenses		31,514,088

NET INVESTMENT INCOME		52,177,543

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		300,900,256
Futures		1,708,576
Foreign currency transactions		797,140

Net realized gain		303,405,972

Change in unrealized depreciation on:
Securities		(4,203,375	)
Futures		(59,992	)
Foreign currency translations		(85,965	)

Net change in unrealized depreciation		(4,349,332	)

NET REALIZED AND UNREALIZED GAIN		299,056,640

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	351,234,183

See Notes to Financial Statements.

386

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN INTERNATIONAL PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	52,177,543		$	32,519,211
Net realized gain on investments, futures and foreign currency transactions		303,405,972			397,932,587
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(4,349,332	)		121,773,589

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		351,234,183			552,225,387

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(25,773,079	)		(24,192,456	)
Class IB		(21,549,917	)		(16,704,852	)

		(47,322,996	)		(40,897,308	)

Distributions from net realized capital gains
Class IA		(149,990,902	)		(107,881,034	)
Class IB		(150,797,028	)		(91,337,305	)

		(300,787,930	)		(199,218,339	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(348,110,926	)		(240,115,647	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 6,764,453 and 6,592,987 shares, respectively ]		103,985,701			92,607,955
Capital shares issued in reinvestment of dividends and distributions [ 12,392,795 and 9,225,881 shares, respectively ]		175,763,981			132,073,490
Capital shares repurchased [ (11,894,484) and (9,436,321) shares, respectively ]		(181,809,290	)		(132,456,685	)

Total Class IA transactions		97,940,392			92,224,760

Class IB
Capital shares sold [ 30,149,971 and 27,068,878 shares, respectively ]		459,440,397			373,385,154
Capital shares issued in reinvestment of dividends and distributions [ 12,349,691 and 7,654,350 shares, respectively ]		172,346,945			108,042,157
Capital shares repurchased [ (14,875,309) and (14,555,187) shares, respectively ]		(224,657,676	)		(201,543,700	)

Total Class IB transactions		407,129,666			279,883,611

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		505,070,058			372,108,371

TOTAL INCREASE IN NET ASSETS		508,193,315			684,218,111
NET ASSETS:
Beginning of year		2,944,735,470			2,260,517,359

End of year (a)	$	3,452,928,785		$	2,944,735,470

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	4,196,953		$	(15,438,039	)

See Notes to Financial Statements.

387

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN LARGE CAP GROWTH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $722,709,561) (Securities on loan at market value $63,809,566)	$	831,151,767
Receivable for securities sold		3,079,750
Dividends, interest and other receivables		438,125
Receivable from Separate Accounts for Trust shares sold		157,434

Total assets		834,827,076

LIABILITIES
Overdraft payable		7,663
Collateral held for loaned securities		65,945,032
Payable for securities purchased		5,817,284
Payable to Separate Accounts for Trust shares redeemed		434,053
Investment management fees payable		431,850
Distribution fees payable—Class IB		159,950
Administrative fees payable		67,680
Trustees’ fees payable		18,036
Accrued expenses		25,662

Total liabilities		72,907,210

NET ASSETS	$	761,919,866

Net assets were comprised of:
Paid in capital	$	1,061,401,519
Accumulated net investment loss		(14,015	)
Accumulated net realized loss		(407,909,844	)
Unrealized appreciation on investments		108,442,206

Net assets	$	761,919,866

Class IA
Net asset value, offering and redemption price per share, $7,442,484 / 831,784 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.95

Class IB
Net asset value, offering and redemption price per share, $754,477,382 / 86,085,202 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.76


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2007*

INVESTMENT INCOME
Dividends (net of $37,965 foreign withholding tax)	$	5,689,598
Interest		157,837
Securities lending (net)		476,132

Total income		6,323,567

EXPENSES
Investment management fees		6,681,671
Distribution fees—Class IB		1,809,659
Administrative fees		778,336
Printing and mailing expenses		106,119
Professional fees		51,352
Custodian fees		27,500
Trustees’ fees		14,349
Miscellaneous		24,401

Gross expenses		9,493,387
Less: Waiver from investment advisor		(1,741,446	)
Fees paid indirectly		(57,443	)

Net expenses		7,694,498

NET INVESTMENT LOSS		(1,370,931	)

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		80,705,056
Net change in unrealized appreciation on securities		18,554,090

NET REALIZED AND UNREALIZED GAIN		99,259,146

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	97,888,215

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(1,370,931	)	$	(2,221,854	)
Net realized gain on investments		80,705,056			119,884,075
Net change in unrealized appreciation (depreciation) on investments		18,554,090			(138,677,929	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		97,888,215			(21,015,708	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 215,927 and 389,989 shares, respectively ]		1,832,376			3,016,205
Capital shares repurchased [ (13,245,393) and (24,009,498) shares, respectively ]		(105,960,244	)		(177,176,875	)

Total Class IA transactions		(104,127,868	)		(174,160,670	)

Class IB
Capital shares sold [ 10,758,995 and 15,643,295 shares, respectively ]		90,004,406			119,568,850
Capital shares repurchased [ (19,525,509) and (24,613,990) shares, respectively ]		(158,990,422	)		(183,306,547	)

Total Class IB transactions		(68,986,016	)		(63,737,697	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(173,113,884	)		(237,898,367	)

TOTAL DECREASE IN NET ASSETS		(75,225,669	)		(258,914,075	)
NET ASSETS:
Beginning of year		837,145,535			1,096,059,610

End of year (a)	$	761,919,866		$	837,145,535

(a) Includes accumulated net investment loss of	$	(14,015	)	$	(18,292	)

See Notes to Financial Statements.

388

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN QUALITY BOND PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $2,301,716,976) (Securities on loan at market value $393,248,280)	$	2,298,107,492
Cash		13,999,493
Receivable for securities sold		61,427,222
Dividends, interest and other receivables		19,497,208
Unrealized appreciation of forward foreign currency contracts		2,696,989
Receivable from Separate Accounts for Trust shares sold		1,010,685
Other assets		2,569

Total assets		2,396,741,658

LIABILITIES
Overdraft payable of foreign cash		1,655,104
Collateral held for loaned securities		334,702,085
Payable to Separate Accounts for Trust shares redeemed		2,760,093
Payable for securities purchased		2,688,989
Investment management fees payable		886,089
Administrative fees payable		180,445
Unrealized depreciation of forward foreign currency contracts		172,930
Distribution fees payable—Class IB		105,118
Trustees’ fees payable		29,758
Accrued expenses		124,995

Total liabilities		343,305,606

NET ASSETS	$	2,053,436,052

Net assets were comprised of:
Paid in capital	$	2,080,485,552
Accumulated overdistributed net investment income		(4,400,211	)
Accumulated net realized loss		(21,566,574	)
Unrealized depreciation on investments and foreign currency translations		(1,082,715	)

Net assets	$	2,053,436,052

Class IA
Net asset value, offering and redemption price per share, $1,556,385,269 / 156,556,685 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.94

Class IB
Net asset value, offering and redemption price per share, $497,050,783 / 50,269,351 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.89


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2007*

INVESTMENT INCOME
Interest	$	109,814,523
Securities lending (net)		684,557

Total income		110,499,080

EXPENSES
Investment management fees		10,795,801
Administrative fees		2,201,579
Distribution fees—Class IB		1,226,662
Printing and mailing expenses		313,622
Custodian fees		284,999
Professional fees		86,268
Trustees’ fees		40,434
Miscellaneous		69,302

Total expenses		15,018,667

NET INVESTMENT INCOME		95,480,413

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		594,452
Foreign currency transactions		6,760,384

Net realized gain		7,354,836

Change in unrealized depreciation on:
Securities		(4,475,366	)
Foreign currency translations		(15,206	)

Net change in unrealized depreciation		(4,490,572	)

NET REALIZED AND UNREALIZED GAIN		2,864,264

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	98,344,677

See Notes to Financial Statements.

389

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN QUALITY BOND PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	95,480,413		$	85,610,036
Net realized gain (loss) on investments and foreign currency transactions		7,354,836			(14,521,824	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(4,490,572	)		8,942,367

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		98,344,677			80,030,579

DIVIDENDS:
Dividends from net investment income
Class IA		(80,967,700	)		(67,261,859	)
Class IB		(24,054,542	)		(18,516,812	)

TOTAL DIVIDENDS		(105,022,242	)		(85,778,671	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 19,205,156 and 26,831,605 shares, respectively ]		194,964,589			270,724,160
Capital shares issued in reinvestment of dividends [ 8,215,311 and 6,707,936 shares, respectively ]		80,967,700			67,261,859
Capital shares repurchased [ (35,342,578) and (23,139,835) shares, respectively ]		(360,086,330	)		(231,555,619	)

Total Class IA transactions		(84,154,041	)		106,430,400

Class IB
Capital shares sold [ 11,173,419 and 8,990,080 shares, respectively ]		112,699,608			90,399,110
Capital shares issued in reinvestment of dividends [ 2,453,704 and 1,856,803 shares, respectively ]		24,054,542			18,516,812
Capital shares repurchased [ (11,706,882) and (9,241,139) shares, respectively ]		(118,256,496	)		(92,643,686	)

Total Class IB transactions		18,497,654			16,272,236

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(65,656,387	)		122,702,636

TOTAL INCREASE (DECREASE) IN NET ASSETS		(72,333,952	)		116,954,544
NET ASSETS:
Beginning of year		2,125,770,004			2,008,815,460

End of year (a)	$	2,053,436,052		$	2,125,770,004

(a) Includes accumulated overdistributed net investment income of	$	(4,400,211	)	$	(2,282,101	)

See Notes to Financial Statements.

390

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $1,447,736,730) (Securities on loan at market value $579,820,139)	$	1,669,282,379
Repurchase agreement (Amortized cost $249,693,403)		249,693,403
Receivable for securities sold		6,902,233
Receivable from Separate Accounts for Trust shares sold		1,080,817
Dividends, interest and other receivables		566,598
Other assets		915

Total assets		1,927,526,345

LIABILITIES
Collateral held for loaned securities		597,911,520
Payable for securities purchased		10,964,845
Payable to Separate Accounts for Trust shares redeemed		2,997,098
Investment management fees payable		828,020
Distribution fees payable—Class IB		164,691
Administrative fees payable		103,220
Trustees’ fees payable		22,812
Accrued expenses		319

Total liabilities		612,992,525

NET ASSETS	$	1,314,533,820

Net assets were comprised of:
Paid in capital	$	1,096,240,157
Accumulated undistributed net investment income		106,298
Accumulated undistributed net realized gain		(3,358,284	)
Unrealized appreciation on investments		221,545,649

Net assets	$	1,314,533,820

Class IA
Net asset value, offering and redemption price per share, $542,826,002 / 33,126,343 shares outstanding (unlimited amount authorized: $0.01 par value)	$	16.39

Class IB
Net asset value, offering and redemption price per share, $771,707,818 / 48,691,571 shares outstanding (unlimited amount authorized: $0.01 par value)	$	15.85


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2007*

INVESTMENT INCOME
Dividends (net of $612 foreign withholding tax)	$	5,087,334
Interest		615,235
Securities lending (net)		1,993,935

Total income		7,696,504

EXPENSES
Investment management fees		9,442,644
Distribution fees—Class IB		1,872,726
Administrative fees		1,317,722
Printing and mailing expenses		189,253
Professional fees		73,953
Custodian fees		25,000
Trustees’ fees		24,287
Miscellaneous		27,741

Gross expenses		12,973,326
Less: Fees paid indirectly		(111,821	)

Net expenses		12,861,505

NET INVESTMENT LOSS		(5,165,001	)

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		170,887,378
Net change in unrealized appreciation on securities		28,666,377

NET REALIZED AND UNREALIZED GAIN		199,553,755

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	194,388,754

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(5,165,001	)	$	(8,189,047	)
Net realized gain on investments		170,887,378			164,069,251
Net change in unrealized appreciation (depreciation) on investments		28,666,377			(52,668,276	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		194,388,754			103,211,928

DISTRIBUTIONS:
Distributions from net realized capital gains
Class IA		(76,801,501	)		(40,739,067	)
Class IB		(112,316,140	)		(59,144,954	)

TOTAL DISTRIBUTIONS		(189,117,641	)		(99,884,021	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 3,173,153 and 3,680,626 shares, respectively ]		56,987,597			63,883,819
Capital shares issued in reinvestment of distributions [ 4,795,483 and 2,497,820 shares, respectively ]		76,801,501			40,739,067
Capital shares repurchased [ (5,974,529) and (6,239,237) shares, respectively ]		(105,191,055	)		(106,188,868	)

Total Class IA transactions		28,598,043			(1,565,982	)

Class IB
Capital shares sold [ 7,041,278 and 7,146,227 shares, respectively ]		124,735,441			120,606,956
Capital shares issued in reinvestment of distributions [ 7,246,244 and 3,721,530 shares, respectively ]		112,316,140			59,144,954
Capital shares repurchased [ (10,796,839) and (9,110,186) shares, respectively ]		(186,866,401	)		(151,161,436	)

Total Class IB transactions		50,185,180			28,590,474

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		78,783,223			27,024,492

TOTAL INCREASE IN NET ASSETS		84,054,336			30,352,399
NET ASSETS:
Beginning of year		1,230,479,484			1,200,127,085

End of year (a)	$	1,314,533,820		$	1,230,479,484

(a) Includes accumulated undistributed net investment income and accumulated net investment loss of	$	106,298		$	(86,320	)

See Notes to Financial Statements.

391

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN VALUE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $7,072,302,660) (Securities on loan at market value $383,750,327)	$	7,471,920,274
Receivable for securities sold		15,867,609
Dividends, interest and other receivables		11,151,676
Receivable from Separate Accounts for Trust shares sold		1,637,199
Other assets		1,393

Total assets		7,500,578,151

LIABILITIES
Collateral held for loaned securities		393,155,214
Payable for securities purchased		11,237,925
Payable to Separate Accounts for Trust shares redeemed		9,632,822
Investment management fees payable		3,479,744
Distribution fees payable—Class IB		714,884
Administrative fees payable		629,154
Trustees’ fees payable		95,150
Accrued expenses		217,311

Total liabilities		419,162,204

NET ASSETS	$	7,081,415,947

Net assets were comprised of:
Paid in capital	$	6,694,675,868
Accumulated overdistributed net investment income		(80,038	)
Accumulated overdistributed net realized gain		(12,797,497	)
Unrealized appreciation on investments		399,617,614

Net assets	$	7,081,415,947

Class IA
Net asset value, offering and redemption price per share, $3,770,999,351 / 264,342,115 shares outstanding (unlimited amount authorized: $0.01 par value)	$	14.27

Class IB
Net asset value, offering and redemption price per share, $3,310,416,596 / 232,192,140 shares outstanding (unlimited amount authorized: $0.01 par value)	$	14.26


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2007*

INVESTMENT INCOME
Dividends (net of $134,439 foreign withholding tax)	$	148,653,154
Interest		5,581,764
Securities lending (net)		881,195

Total income		155,116,113

EXPENSES
Investment management fees		33,541,379
Distribution fees—Class IB		7,835,169
Administrative fees		5,775,191
Printing and mailing expenses		920,357
Professional fees		194,660
Trustees’ fees		106,750
Custodian fees		7,499
Miscellaneous		164,610

Gross expenses		48,545,615
Less: Waiver from investment advisor		(799,818	)
Fees paid indirectly		(4,264,554	)

Net expenses		43,481,243

NET INVESTMENT INCOME		111,634,870

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		422,939,488
Net change on unrealized depreciation on securities		(887,050,667	)

NET REALIZED AND UNREALIZED LOSS		(464,111,179	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(352,476,309	)

See Notes to Financial Statements.

392

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN VALUE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	111,634,870		$	67,715,161
Net realized gain on investments		422,939,488			274,460,285
Net change in unrealized appreciation (depreciation) on investments		(887,050,667	)		410,361,271

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(352,476,309	)		752,536,717

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(63,722,345	)		(25,818,210	)
Class IB		(48,059,251	)		(41,425,084	)

		(111,781,596	)		(67,243,294	)

Distributions from net realized capital gains
Class IA		(250,940,615	)		(81,802,133	)
Class IB		(237,420,255	)		(153,935,793	)

		(488,360,870	)		(235,737,926	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(600,142,466	)		(302,981,220	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 73,006,351 and 19,814,180 shares, respectively ]		1,204,016,029			314,487,750
Capital shares issued in connection with merger (Note 12) [ 91,295,958 and 0 shares, respectively ]		1,488,517,275			—
Capital shares issued in reinvestment of dividends and distributions [ 22,199,870 and 6,616,275 shares, respectively ]		314,662,960			107,620,343
Capital shares repurchased [ (15,597,298) and (24,668,007) shares, respectively ]		(256,923,062	)		(378,413,846	)

Total Class IA transactions		2,750,273,202			43,694,247

Class IB
Capital shares sold [ 18,018,404 and 26,448,314 shares, respectively ]		300,176,930			417,651,229
Capital shares issued in connection with merger (Note 12) [ 95,845,374 and 0 shares, respectively ]		1,559,197,003			—
Capital shares issued in reinvestment of dividends and distributions [ 20,009,194 and 12,018,764 shares, respectively ]		285,479,506			195,360,877
Capital shares repurchased [ (75,377,207) and (17,832,841) shares, respectively ]		(1,236,572,924	)		(279,932,473	)

Total Class IB transactions		908,280,515			333,079,633

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		3,658,553,717			376,773,880

TOTAL INCREASE IN NET ASSETS		2,705,934,942			826,329,377
NET ASSETS:
Beginning of year		4,375,481,005			3,549,151,628

End of year (a)	$	7,081,415,947		$	4,375,481,005

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(80,038	)	$	511,593

See Notes to Financial Statements.

393

EQ ADVISORS TRUST

EQ/ARIEL APPRECIATION II PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $61,518,925) (Securities on loan at market value $13,139,403)	$	61,546,259
Repurchase Agreement (Amortized cost $13,198,659)		13,198,659
Receivable from Separate Accounts for Trust shares sold		172,648
Dividends, interest and other receivables		105,781
Other assets		52

Total assets		75,023,399

LIABILITIES
Collateral held for loaned securities		13,448,659
Payable for securities purchased		98,765
Investment management fees payable		33,555
Payable to Separate Accounts for Trust shares redeemed		13,164
Distribution fees payable—Class IB		12,932
Administrative fees payable		7,811
Trustees’ fees payable		209
Accrued expenses		65,827

Total liabilities		13,680,922

NET ASSETS	$	61,342,477

Net assets were comprised of:
Paid in capital	$	61,125,193
Accumulated undistributed net investment income		1,501
Accumulated undistributed net realized gain		188,449
Unrealized appreciation on investments		27,334

Net assets	$	61,342,477

Class IA
Net asset value, offering and redemption price per share, $573,557 / 52,481 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.93

Class IB
Net asset value, offering and redemption price per share, $60,768,920 / 5,549,449 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.95


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2007*

INVESTMENT INCOME
Dividends	$	722,074
Interest		92,749
Securities lending (net)		26,957

Total income		841,780

EXPENSES
Investment management fees		405,263
Distribution fees—Class IB		134,242
Administrative fees		84,466
Professional fees		45,568
Printing and mailing expenses		8,433
Custodian fees		4,998
Trustees’ fees		943
Miscellaneous		1,953

Gross expenses		685,866
Less: Waiver from investment advisor		(65,395	)
Fees paid indirectly		(29,512	)

Net expenses		590,959

NET INVESTMENT INCOME		250,821

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		461,472
Net change in unrealized depreciation on securities		(2,956,818	)

NET REALIZED AND UNREALIZED LOSS		(2,495,346	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,244,525	)

See Notes to Financial Statements.

394

EQ ADVISORS TRUST

EQ/ARIEL APPRECIATION II PORTFOLIO


*STATEMENT OF CHANGES IN NET ASSETS*

	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	250,821		$	169,455
Net realized gain on investments		461,472			346,849
Net change in unrealized appreciation (depreciation) on investments		(2,956,818	)		2,931,650

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(2,244,525	)		3,447,954

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(3,809	)		(791	)
Class IB		(247,845	)		(167,969	)

		(251,654	)		(168,760	)

Distributions from net realized capital gains
Class IA		(4,390	)		(424	)
Class IB		(472,311	)		(140,491	)

		(476,701	)		(140,915	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(728,355	)		(309,675	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 45,006 and 0 shares, respectively ]		546,310			—
Capital shares issued in reinvestment of dividends and distributions [ 742 and 109 shares, respectively ]		8,199			1,215
Capital shares repurchased [ (3,424) and (0) shares, respectively ]		(39,641	)		—

Total Class IA transactions		514,868			1,215

Class IB
Capital shares sold [ 3,414,731 and 3,247,294 shares, respectively ]		40,261,246			33,694,166
Capital shares issued in reinvestment of dividends and distributions [ 64,744 and 27,637 shares, respectively ]		720,156			308,460
Capital shares repurchased [ (1,363,674) and (733,020) shares, respectively ]		(15,808,822	)		(7,690,617	)

Total Class IB transactions		25,172,580			26,312,009

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		25,687,448			26,313,224

TOTAL INCREASE IN NET ASSETS		22,714,568			29,451,503
NET ASSETS:
Beginning of year		38,627,909			9,176,406

End of year (a)	$	61,342,477		$	38,627,909

(a) Includes accumulated undistributed net investment income of	$	1,501		$	2,286

See Notes to Financial Statements.

395

EQ ADVISORS TRUST

EQ/AXA ROSENBERG VALUE LONG/SHORT EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $ 151,847,099)	$	164,852,807
Repurchase Agreements (Amortized Cost $8,950,677)		8,950,677
Deposits with broker and custodian bank for securities sold short		166,740,544
Receivable for securities sold		3,859,216
Dividends, interest and other receivables		735,800
Receivable from Separate Accounts for Trust shares sold		234,958

Total assets		345,374,002

LIABILITIES
Securities sold short (Proceeds received $191,265,689)		164,753,962
Payable for securities purchased		2,877,656
Dividend expense for securities sold short		420,105
Investment management fees payable		207,490
Distribution fees payable—Class IB		32,988
Administrative fees payable		21,704
Payable to Separate Accounts for Trust shares redeemed		11,203
Trustees’ fees payable		937
Accrued expenses		149,256

Total liabilities		168,475,301

NET ASSETS	$	176,898,701

Net assets were comprised of:
Paid in capital	$	172,153,675
Accumulated undistributed net investment income		392,912
Accumulated net realized loss		(35,165,321	)
Unrealized appreciation on investments		39,517,435

Net assets	$	176,898,701

Class IA*
Net asset value, offering and redemption price per share, $17,552,879 / 1,637,835 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.72

Class IB
Net asset value, offering and redemption price per share, $159,345,822 / 14,869,118 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.72

* Class IA commenced operations on June 15, 2007.

*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*

INVESTMENT INCOME
Dividends (net of $159 withholding tax)	$	1,809,888
Interest		8,037,784

Total income		9,847,672

EXPENSES
Dividend expense for securities sold short		2,725,143
Investment management fees		2,395,869
Distribution fees—Class IB		412,229
Administrative fees		206,118
Printing and mailing expenses		153,000
Custodian fees		57,500
Transfer agent fees		57,000
Professional fees		42,500
Fund accounting fees		35,500
Trustees’ fees		3,750
Miscellaneous		2,053

Gross expenses		6,090,662

NET INVESTMENT INCOME		3,757,010

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		12,885,491
Securities sold short		(26,545,475	)

Net realized loss		(13,659,984	)
Net change in unrealized appreciation on securities		15,061,126

NET REALIZED AND UNREALIZED GAIN		1,401,142

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,158,152

See Notes to Financial Statements.

396

EQ ADVISORS TRUST

EQ/AXA ROSENBERG VALUE LONG/SHORT EQUITY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	3,757,010		$	4,324,581
Net realized loss on investments		(13,659,984	)		(11,167,799	)
Net change in unrealized appreciation on investments		15,061,126			8,437,699

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		5,158,152			1,594,481

DIVIDENDS:
Dividends from net investment income
Class IA		(366,421	)		—
Class IB		(3,162,583	)		(4,803,199	)

TOTAL DIVIDENDS		(3,529,004	)		(4,803,199	)

CAPITAL SHARES TRANSACTIONS:
Class IA*
Capital shares sold [ 1,707,799 and 0 shares, respectively ]		18,367,101			—
Capital shares issued in reinvestment of dividends [ 34,430 and 0 shares, respectively ]		366,421			—
Capital shares repurchased [ (104,394) and (0) shares, respectively ]		(1,110,226	)		—

Total Class IA transactions		17,623,296			—

Class IB
Capital shares sold [ 3,289,187 and 26,590,419 shares, respectively ]		35,292,980			288,224,923
Capital shares issued in reinvestment of dividends [ 297,148 and 455,047 shares, respectively ]		3,162,583			4,803,199
Capital shares repurchased [ (4,509,099) and (24,727,140) shares, respectively ]		(48,014,891	)		(267,343,383	)

Total Class IB transactions		(9,559,328	)		25,684,739

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		8,063,968			25,684,739

TOTAL INCREASE IN NET ASSETS		9,693,116			22,476,021
NET ASSETS:
Beginning of year		167,205,585			144,729,564

End of year (a)	$	176,898,701		$	167,205,585

(a) Includes accumulated undistributed net investment income of	$	392,912		$	458,186

* Class IA commenced operations on June 15, 2007.

See Notes to Financial Statements.

397

EQ ADVISORS TRUST

EQ/BLACKROCK BASIC VALUE EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $4,082,981,241) (Securities on loan at market value $209,670,349)	$	4,316,179,114
Dividends, interest and other receivables		5,563,907
Receivable from Separate Accounts for Trust shares sold		2,838,376
Other assets		4,017

Total assets		4,324,585,414

LIABILITIES
Collateral held for loaned securities		218,384,686
Payable to Separate Accounts for Trust shares redeemed		1,965,681
Investment management fees payable		1,921,456
Options written, at value (Premiums received $1,472,348)		779,020
Administrative fees payable		355,154
Distribution fees payable—Class IB		341,401
Trustees’ fees payable		29,213
Accrued expenses		4,003

Total liabilities		223,780,614

NET ASSETS	$	4,100,804,800

Net assets were comprised of:
Paid in capital	$	3,869,122,050
Accumulated undistributed net investment income		476,044
Accumulated overdistributed net realized gain		(2,684,495	)
Unrealized appreciation on investments and options written		233,891,201

Net assets	$	4,100,804,800

Class IA
Net asset value, offering and redemption price per share, $2,516,048,902 / 160,633,147 shares outstanding (unlimited amount authorized: $0.01 par value)	$	15.66

Class IB
Net asset value, offering and redemption price per share, $1,584,755,898 / 100,936,341 shares outstanding (unlimited amount authorized: $0.01 par value)	$	15.70


*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*

INVESTMENT INCOME
Dividends (net of $21,953 foreign withholding tax)	$	75,875,783
Interest		6,922,161
Securities lending (net)		285,225

Total income		83,083,169

EXPENSES
Investment management fees		21,758,197
Distribution fees—Class IB		4,176,906
Administrative fees		4,015,501
Printing and mailing expenses		590,015
Professional fees		120,798
Trustees’ fees		71,625
Custodian fees		35,001
Miscellaneous		115,606

Gross expenses		30,883,649
Less: Fees paid indirectly		(377,567	)

Net expenses		30,506,082

NET INVESTMENT INCOME		52,577,087

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		304,322,932

Change in unrealized appreciation (depreciation) on:
Securities		(324,311,875	)
Options written		693,328

Net change in unrealized depreciation		(323,618,547	)

NET REALIZED AND UNREALIZED LOSS		(19,295,615	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	33,281,472

See Notes to Financial Statements.

398

EQ ADVISORS TRUST

EQ/BLACKROCK BASIC VALUE EQUITY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	52,577,087		$	44,977,276
Net realized gain on investments		304,322,932			182,922,038
Net change in unrealized appreciation (depreciation) on investments and written options		(323,618,547	)		361,801,318

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		33,281,472			589,700,632

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(34,495,069	)		(26,051,986	)
Class IB		(18,028,696	)		(18,458,044	)

		(52,523,765	)		(44,510,030	)

Distributions from net realized capital gains
Class IA		(194,439,681	)		(98,784,431	)
Class IB		(124,880,805	)		(86,175,103	)

		(319,320,486	)		(184,959,534	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(371,844,251	)		(229,469,564	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 38,093,424 and 38,359,509 shares, respectively ]		672,703,860			625,280,862
Capital shares issued in reinvestment of dividends and distributions [ 14,786,304 and 7,369,537 shares, respectively ]		228,934,750			124,836,417
Capital shares repurchased [ (4,719,473) and (23,692,649) shares, respectively ]		(84,098,820	)		(374,627,655	)

Total Class IA transactions		817,539,790			375,489,624

Class IB
Capital shares sold [ 11,789,015 and 9,025,675 shares, respectively ]		208,361,174			149,155,316
Capital shares issued in reinvestment of dividends and distributions [ 9,202,577 and 6,168,927 shares, respectively ]		142,909,501			104,633,147
Capital shares repurchased [ (15,961,650) and (15,097,885) shares, respectively ]		(281,974,691	)		(244,364,987	)

Total Class IB transactions		69,295,984			9,423,476

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		886,835,774			384,913,100

TOTAL INCREASE IN NET ASSETS		548,272,995			745,144,168
NET ASSETS:
Beginning of year		3,552,531,805			2,807,387,637

End of year (a)	$	4,100,804,800		$	3,552,531,805

(a) Includes accumulated undistributed net investment income of	$	476,044		$	432,368

See Notes to Financial Statements.

399

EQ ADVISORS TRUST

EQ/BLACKROCK INTERNATIONAL VALUE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $3,013,370,901) (Securities on loan at market value $263,754,740)	$	3,289,287,381
Dividends, interest and other receivables		2,962,747
Receivable from Separate Accounts for Trust shares sold		2,006,897
Other assets		2,446

Total assets		3,294,259,471

LIABILITIES
Overdraft payable of foreign cash		2,515
Collateral held for loaned securities		277,647,967
Payable to Separate Accounts for Trust shares redeemed		2,547,338
Investment management fees payable		2,055,951
Distribution fees payable—Class IB		384,472
Administrative fees payable		258,903
Trustees’ fees payable		27,001
Recoupment fees payable		130,273
Accrued expenses		278,555

Total liabilities		283,332,975

NET ASSETS	$	3,010,926,496

Net assets were comprised of:
Paid in capital	$	2,690,360,060
Accumulated overdistributed net investment income		(9,825,464	)
Accumulated undistributed net realized gain		54,457,034
Unrealized appreciation on investments and foreign currency translations		275,934,866

Net assets	$	3,010,926,496

Class IA
Net asset value, offering and redemption price per share, $1,203,246,519 / 74,626,039 shares outstanding (unlimited amount authorized: $0.01 par value)	$	16.12

Class IB
Net asset value, offering and redemption price per share, $1,807,679,977 / 112,066,258 shares outstanding (unlimited amount authorized: $0.01 par value)	$	16.13


*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*

INVESTMENT INCOME
Dividends (net of $7,742,830 foreign withholding tax)	$	67,348,370
Interest		9,365,338
Securities lending (net)		3,580,103

Total income		80,293,811

EXPENSES
Investment management fees		22,214,909
Distribution fees—Class IB		4,481,724
Administrative fees		2,789,261
Custodian fees		1,526,900
Printing and mailing expenses		420,003
Recoupment fees		206,082
Professional fees		108,558
Trustees’ fees		49,842
Miscellaneous		59,865

Total expenses		31,857,144

NET INVESTMENT INCOME		48,436,667

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		342,760,139
Foreign currency transactions		(753,178	)

Net realized gain		342,006,961

Net increase from payments by unaffiliated service providers		10,000,000

Change in unrealized depreciation on:
Securities		(143,570,167	)
Foreign currency translations		(35,682	)

Net change in unrealized depreciation		(143,605,849	)

NET REALIZED AND UNREALIZED GAIN		208,401,112

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	256,837,779

See Notes to Financial Statements.

400

EQ ADVISORS TRUST

EQ/BLACKROCK INTERNATIONAL VALUE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	48,436,667		$	33,124,107
Net realized gain on investments and foreign currency transactions		342,006,961			123,913,339
Net increase from payments by unaffiliated service providers		10,000,000			—
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(143,605,849	)		258,661,202

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		256,837,779			415,698,648

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(24,876,205	)		(11,704,640	)
Class IB		(33,470,392	)		(25,406,771	)

		(58,346,597	)		(37,111,411	)

Distributions from net realized capital gains
Class IA		(117,212,503	)		(32,619,364	)
Class IB		(180,012,452	)		(81,147,875	)

		(297,224,955	)		(113,767,239	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(355,571,552	)		(150,878,650	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 26,046,841 and 26,519,922 shares, respectively ]		462,787,916			423,976,458
Capital shares issued in reinvestment of dividends and distributions [ 9,144,709 and 2,690,256 shares, respectively ]		142,088,708			44,324,004
Capital shares repurchased [ (1,365,716) and (5,054,105) shares, respectively ]		(24,382,743	)		(80,313,189	)

Total Class IA transactions		580,493,881			387,987,273

Class IB
Capital shares sold [ 18,548,403 and 23,659,578 shares, respectively ]		324,035,347			382,855,784
Capital shares issued in reinvestment of dividends and distributions [ 13,728,101 and 6,473,074 shares, respectively ]		213,482,844			106,554,646
Capital shares repurchased [ (19,483,612) and (14,607,568) shares, respectively ]		(343,758,197	)		(232,487,729	)

Total Class IB transactions		193,759,994			256,922,701

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		774,253,875			644,909,974

TOTAL INCREASE IN NET ASSETS		675,520,102			909,729,972
NET ASSETS:
Beginning of year		2,335,406,394			1,425,676,422

End of year (a)	$	3,010,926,496		$	2,335,406,394


(a) Includes accumulated overdistributed net investment income of	$	(9,825,464	)	$	(5,516,827	)

See Notes to Financial Statements.

401

EQ ADVISORS TRUST

EQ/BOND INDEX PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $42,438,049) (Securities on loan at market value $10,654,909)	$	43,136,489
Dividends, interest and other receivables		395,676
Receivable for securities sold		102,538
Receivable from Separate Accounts for Trust shares sold		34,305
Other assets		227

Total assets		43,669,235

LIABILITIES
Collateral held for loaned securities		4,260,490
Payable for securities purchased		299,701
Payable to Separate Accounts for Trust shares redeemed		12,726
Administrative fees payable		5,882
Investment management fees payable		4,346
Trustees’ fees payable		606
Distribution fees payable—Class IB		207
Accrued expenses		51,457

Total liabilities		4,635,415

NET ASSETS	$	39,033,820

Net assets were comprised of:
Paid in capital	$	39,342,854
Accumulated overdistributed net investment income		(1,957	)
Accumulated net realized loss		(1,005,517	)
Unrealized appreciation on investments		698,440

Net assets	$	39,033,820

Class IA
Net asset value, offering and redemption price per share, $38,038,760 / 3,759,310 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.12

Class IB
Net asset value, offering and redemption price per share, $995,060 / 98,187 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.13

*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Interest	$	2,147,354
Securities lending (net)		19,548

Total income		2,166,902

EXPENSES
Investment management fees		139,909
Administrative fees		70,293
Professional fees		45,177
Custodian fees		15,999
Printing and mailing expenses		6,455
Distribution fees—Class IB		2,057
Trustees’ fees		734
Miscellaneous		1,600

Gross expenses		282,224
Less: Waiver from investment advisor		(100,312	)

Net expenses		181,912

NET INVESTMENT INCOME		1,984,990

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		56,527
Net change in unrealized appreciation on securities		508,431

NET REALIZED AND UNREALIZED GAIN		564,958

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,549,948

See Notes to Financial Statements.

402

EQ ADVISORS TRUST

EQ/BOND INDEX PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,984,990		$	1,904,053
Net realized gain (loss) on investments		56,527			(965,631	)
Net change in unrealized appreciation on investments		508,431			606,798

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		2,549,948			1,545,220

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(1,961,807	)		(1,867,048	)
Class IB		(48,297	)		(26,197	)

		(2,010,104	)		(1,893,245	)

Distributions from net realized capital gains
Class IA		—			(25,529	)
Class IB		—			(172	)

		—			(25,701	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(2,010,104	)		(1,918,946	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 783,169 and 253,895 shares, respectively ]		8,005,854			2,617,983
Capital shares issued in reinvestment of dividends and distributions [ 195,857 and 188,551 shares, respectively ]		1,961,807			1,892,577
Capital shares repurchased [ (1,245,614) and (1,072,935) shares, respectively ]		(12,761,418	)		(10,931,025	)

Total Class IA transactions		(2,793,757	)		(6,420,465	)

Class IB
Capital shares sold [ 43,343 and 78,952 shares, respectively ]		441,242			810,097
Capital shares issued in reinvestment of dividends and distributions [ 4,814 and 2,621 shares, respectively ]		48,297			26,369
Capital shares repurchased [ (9,651) and (46,676) shares, respectively ]		(98,811	)		(481,100	)

Total Class IB transactions		390,728			355,366

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(2,403,029	)		(6,065,099	)

TOTAL DECREASE IN NET ASSETS		(1,863,185	)		(6,438,825	)
NET ASSETS:
Beginning of year		40,897,005			47,335,830

End of year (a)	$	39,033,820		$	40,897,005


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(1,957	)	$	16,408

See Notes to Financial Statements.

403

EQ ADVISORS TRUST

EQ/BOSTON ADVISORS EQUITY INCOME PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $489,554,364) (Securities on loan at market value $48,997,489)	$	514,640,231
Cash		1,686,873
Dividends, interest and other receivables		905,901
Receivable from Separate Accounts for Trust shares sold		450,684
Other assets		344

Total assets		517,684,033

LIABILITIES
Collateral held for loan securities		50,355,998
Investment management fees payable		263,557
Payable to Separate Accounts for Trust shares redeemed		101,720
Distribution fees payable—Class IB		73,616
Administrative fees payable		42,912
Trustees’ fees payable		1,627
Accrued expenses		70,040

Total liabilities		50,909,470

NET ASSETS	$	466,774,563

Net assets were comprised of:
Paid in capital	$	434,178,514
Accumulated undistributed net investment income		3,358,326
Accumulated undistributed net realized gain		4,151,856
Unrealized appreciation on investments		25,085,867

Net assets	$	466,774,563

Class IA
Net asset value, offering and redemption price per share, $123,390,010 / 18,853,015 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.54

Class IB
Net asset value, offering and redemption price per share, $343,384,553 / 52,314,832 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.56

*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Dividends (net of $91,228 foreign withholding tax)	$	16,551,756
Interest		486,282
Securities lending (net)		171,787

Total income		17,209,825

EXPENSES
Investment management fees		3,461,531
Distribution fees—Class IB		884,834
Administrative fees		495,223
Printing and mailing expenses		69,318
Professional fees		52,335
Custodian fees		10,000
Trustees’ fees		8,370
Miscellaneous		15,617

Gross expenses		4,997,228
Less: Waiver from investment advisor		(420,627	)

Net expenses		4,576,601

NET INVESTMENT INCOME		12,633,224

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		29,994,615
Net change in unrealized depreciation on securities		(25,455,690	)

NET REALIZED AND UNREALIZED GAIN		4,538,925

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	17,172,149

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	12,633,224		$	7,750,960
Net realized gain on investments		29,994,615			25,061,101
Net change in unrealized appreciation (depreciation) on investments		(25,455,690	)		28,578,102

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		17,172,149			61,390,163

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(2,614,615	)		(2,002,329	)
Class IB		(6,379,656	)		(5,646,787	)

		(8,994,271	)		(7,649,116	)

Distributions from net realized capital gains
Class IA		(8,116,756	)		(4,682,701	)
Class IB		(23,307,626	)		(15,134,884	)

		(31,424,382	)		(19,817,585	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(40,418,653	)		(27,466,701	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 4,094,633 and 589,497 shares, respectively ]		29,131,293			3,937,842
Capital shares issued in reinvestment of dividends and distributions [ 1,648,786 and 973,952 shares, respectively ]		10,731,371			6,685,030
Capital shares repurchased [ (2,048,101) and (3,613,425) shares, respectively ]		(14,664,300	)		(24,504,260	)

Total Class IA transactions		25,198,364			(13,881,388	)

Class IB
Capital shares sold [ 10,191,752 and 15,406,575 shares, respectively ]		73,247,240			103,886,809
Capital shares issued in reinvestment of dividends and distributions [ 4,537,584 and 3,019,141 shares, respectively ]		29,687,282			20,781,671
Capital shares repurchased [ (12,170,862) and (9,554,478) shares, respectively ]		(87,586,407	)		(64,510,742	)

Total Class IB transactions		15,348,115			60,157,738

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		40,546,479			46,276,350

TOTAL INCREASE IN NET ASSETS		17,299,975			80,199,812
NET ASSETS:
Beginning of year		449,474,588			369,274,776

End of year (a)	$	466,774,563		$	449,474,588


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	3,358,326		$	(617	)

See Notes to Financial Statements.

404

EQ ADVISORS TRUST

EQ/CALVERT SOCIALLY RESPONSIBLE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $87,429,817) (Securities on loan at market value $2,214,164)	$	103,166,640
Foreign Cash (Cost $6,124)		7,144
Receivable from Separate Accounts for Trust shares sold		108,460
Dividends, interest and other receivables		81,197
Other assets		16

Total assets		103,363,457

LIABILITIES
Collateral held for loaned securities		2,271,345
Payable to Separate Accounts for Trust shares redeemed		231,658
Investment management fees payable		50,157
Distribution fees payable—Class IB		19,912
Administrative fees payable		11,134
Trustees’ fees payable		554
Accrued expenses		83,184

Total liabilities		2,667,944

NET ASSETS	$	100,695,513

Net assets were comprised of:
Paid in capital	$	83,851,310
Accumulated undistributed net investment income		2,834
Accumulated undistributed net realized gain		1,103,526
Unrealized appreciation on investments and foreign currency translations		15,737,843

Net assets	$	100,695,513

Class IA
Net asset value, offering and redemption price per share, $6,475,064 / 703,711 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.20

Class IB
Net asset value, offering and redemption price per share, $94,220,449 / 10,352,176 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.10

*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Dividends (net of $1,407 foreign withholding tax)	$	1,113,949
Interest		70,770
Securities lending (net)		21,933

Total income		1,206,652

EXPENSES
Investment management fees		611,593
Distribution fees—Class IB		218,277
Administrative fees		124,842
Professional fees		47,766
Custodian fees		18,000
Printing and mailing expenses		13,806
Trustees’ fees		1,694
Miscellaneous		5,561

Gross expenses		1,041,539
Less: Waiver from investment advisor		(70,345	)

Net expenses		971,194

NET INVESTMENT INCOME		235,458

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		5,261,717

Change in unrealized appreciation on:
Securities		4,990,877
Foreign currency translations		253

Net change in unrealized appreciation		4,991,130

NET REALIZED AND UNREALIZED GAIN		10,252,847

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	10,488,305

See Notes to Financial Statements.

405

EQ ADVISORS TRUST

EQ/CALVERT SOCIALLY RESPONSIBLE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	235,458		$	(3,639	)
Net realized gain on investments		5,261,717			984,832
Net change in unrealized appreciation on investments and foreign currency translations		4,991,130			3,253,869

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		10,488,305			4,235,062

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(30,279	)		—
Class IB		(202,086	)		—

		(232,365	)		—

Distributions from net realized capital gains
Class IA		(289,788	)		(49,243	)
Class IB		(4,200,140	)		(836,228	)

		(4,489,928	)		(885,471	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(4,722,293	)		(885,471	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 34,580 and 832,489 shares, respectively ]		319,482			7,034,991
Capital shares issued in reinvestment of dividends and distributions [ 35,634 and 5,673 shares, respectively ]		320,067			49,243
Capital shares repurchased [ (179,320) and (34,279) shares, respectively ]		(1,649,103	)		(297,771	)

Total Class IA transactions		(1,009,554	)		6,786,463

Class IB
Capital shares sold [ 2,767,968 and 2,664,557 shares, respectively ]		25,292,143			22,246,602
Capital shares issued in reinvestment of dividends and distributions [ 495,519 and 100,428 shares, respectively ]		4,402,226			836,228
Capital shares repurchased [ (2,185,934) and (2,327,000) shares, respectively ]		(19,860,685	)		(19,598,734	)

Total Class IB transactions		9,833,684			3,484,096

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		8,824,130			10,270,559

TOTAL INCREASE IN NET ASSETS		14,590,142			13,620,150
NET ASSETS:
Beginning of year		86,105,371			72,485,221

End of year (a)	$	100,695,513		$	86,105,371


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	2,834		$	(259	)

See Notes to Financial Statements.

406

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN GROWTH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $498,171,131) (Securities on loan at market value $41,466,377)	$	530,258,314
Receivable for securities sold		1,780,272
Receivable from Separate Accounts for Trust shares sold		493,946
Dividends, interest and other receivables		464,739
Other assets		329

Total assets		532,997,600

LIABILITIES
Collateral held for loaned securities		42,806,900
Payable for securities purchased		4,278,403
Payable to Separate Accounts for Trust shares redeemed		339,005
Investment management fees payable		234,613
Distribution fees payable—Class IB		103,046
Administrative fees payable		44,800
Trustees’ fees payable		9,514
Accrued expenses		108,308

Total liabilities		47,924,589

NET ASSETS	$	485,073,011

Net assets were comprised of:
Paid in capital	$	522,786,939
Accumulated undistributed net investment income		50,808
Accumulated net realized loss		(69,851,919	)
Unrealized appreciation on investments		32,087,183

Net assets	$	485,073,011

Class IA
Net asset value, offering and redemption price per share, $8,206,321 / 553,622 shares outstanding (unlimited amount authorized: $0.01 par value)	$	14.82

Class IB
Net asset value, offering and redemption price per share, $476,866,690 / 32,270,314 shares outstanding (unlimited amount authorized: $0.01 par value)	$	14.78

*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Dividends	$	3,716,384
Interest		565,930
Securities lending (net)		36,235

Total income		4,318,549

EXPENSES
Investment management fees		2,928,796
Distribution fees—Class IB		1,123,576
Administrative fees		484,181
Printing and mailing expenses		67,678
Professional fees		54,984
Trustees’ fees		8,484
Miscellaneous		26,586

Gross expenses		4,694,285
Less: Waiver from investment advisor		(415,984	)
Fees paid indirectly		(21,367	)

Net expenses		4,256,934

NET INVESTMENT INCOME		61,615

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		29,645,289
Net change in unrealized depreciation		(9,738,237	)

NET REALIZED AND UNREALIZED GAIN		19,907,052

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	19,968,667

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	61,615		$	(15,204	)
Net realized gain on investments		29,645,289			6,989,386
Net change in unrealized appreciation (depreciation) on investments		(9,738,237	)		18,596,063

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		19,968,667			25,570,245

DIVIDENDS:
Dividends from net investment income
Class IA		—			(577	)
Class IB		—			(636,156	)

		—			(636,733	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 558,719 and 12 shares, respectively ]		8,481,585			160
Capital shares issued in reinvestment of dividends [ 0 and 41 shares, respectively ]		—			577
Capital shares repurchased [ (15,048) and (122) shares, respectively ]		(232,711	)		(1,636	)

Total Class IA transactions		8,248,874			(899	)

Class IB
Capital shares sold [ 9,294,629 and 9,653,308 shares, respectively ]		139,583,990			129,901,996
Capital shares issued in reinvestment of dividends [ 0 and 44,800 shares, respectively ]		—			636,156
Capital shares repurchased [ (5,735,840) and (3,752,063) shares, respectively ]		(85,087,177	)		(50,659,270	)

Total Class IB transactions		54,496,813			79,878,882

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		62,745,687			79,877,983

TOTAL INCREASE IN NET ASSETS		82,714,354			104,811,495
NET ASSETS:
Beginning of year		402,358,657			297,547,162

End of year (a)	$	485,073,011		$	402,358,657


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	50,808		$	(663,275	)

See Notes to Financial Statements.

407

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN RESEARCH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $2,076,866,537) (Securities on loan at market value $204,700,218)	$	2,252,098,527
Dividends, interest and other receivables		3,067,034
Receivable for securities sold		1,462,802
Receivable from Separate Accounts for Trust shares sold		209,227
Other assets		2,691

Total assets		2,256,840,281

LIABILITIES
Collateral held for loaned securities		210,906,740
Payable for securities purchased		7,855,851
Payable to Separate Accounts for Trust shares redeemed		2,272,414
Investment management fees payable		1,000,541
Distribution fees payable—Class IB		433,206
Administrative fees payable		180,369
Trustees’ fees payable		36,515
Accrued expenses		125,130

Total liabilities		222,810,766

NET ASSETS	$	2,034,029,515

Net assets were comprised of:
Paid in capital	$	1,835,111,699
Accumulated overdistributed net investment income		(979,705	)
Accumulated undistributed net realized gain		24,665,531
Unrealized appreciation on investments		175,231,990

Net assets	$	2,034,029,515

Class IA
Net asset value, offering and redemption price per share, $36,234,992 / 2,613,075 shares outstanding (unlimited amount authorized: $0.01 par value)	$	13.87

Class IB
Net asset value, offering and redemption price per share, $1,997,794,523 / 143,919,205 shares outstanding (unlimited amount authorized: $0.01 par value)	$	13.88

*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Dividends (net of $28,971 foreign withholding tax)	$	23,360,130
Interest		1,017,537
Securities lending (net)		343,547

Total income		24,721,214

EXPENSES
Investment management fees		10,121,452
Distribution fees—Class IB		3,985,963
Administrative fees		1,650,220
Printing and mailing expenses		302,552
Professional fees		88,396
Custodian fees		35,001
Trustees’ fees		29,382
Miscellaneous		23,561

Gross expenses		16,236,527
Less: Waiver from investment advisor		(991,819	)
Fees paid indirectly		(75,686	)

Net expenses		15,169,022

NET INVESTMENT INCOME		9,552,192

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		235,922,159
Net change in unrealized depreciation on securities		(295,953,894	)

NET REALIZED AND UNREALIZED LOSS		(60,031,735	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(50,479,543	)

See Notes to Financial Statements.

408

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN RESEARCH PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	9,552,192		$	5,921,732
Net realized gain on investments		235,922,159			75,902,037
Net change in unrealized appreciation (depreciation) on investments		(295,953,894	)		37,512,603

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(50,479,543	)		119,336,372

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(453,903	)		(35,984	)
Class IB		(20,046,840	)		(5,812,692	)

		(20,500,743	)		(5,848,676	)

Distributions from net realized capital gains
Class IA		(389,315	)		—
Class IB		(21,605,251	)		—

		(21,994,566	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(42,495,309	)		(5,848,676	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 1,863,361 and 50,338 shares, respectively ]		27,034,104			659,039
Capital shares issued in connection with merger (Note 12) [ 778,805 and 0 shares, respectively ]		11,748,768			—
Capital shares issued in reinvestment of dividends and distributions [ 61,380 and 2,563 shares, respectively ]		843,218			35,984
Capital shares repurchased [ (412,924) and (48,790) shares, respectively ]		(6,115,314	)		(644,732	)

Total Class IA transactions		33,510,776			50,291

Class IB
Capital shares sold [ 4,489,618 and 6,596,610 shares, respectively ]		64,909,513			86,839,238
Capital shares issued in connection with merger (Note 12) [ 83,568,318 and 0 shares, respectively ]		1,260,059,081			—
Capital shares issued in reinvestment of dividends and distributions [ 3,028,493 and 413,658 shares, respectively ]		41,652,091			5,812,692
Capital shares repurchased [ (23,238,388) and (12,895,147) shares, respectively ]		(338,548,482	)		(170,364,825	)

Total Class IB transactions		1,028,072,203			(77,712,895	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,061,582,979			(77,662,604	)

TOTAL INCREASE IN NET ASSETS		968,608,127			35,825,092
NET ASSETS:
Beginning of year		1,065,421,388			1,029,596,296

End of year (a)	$	2,034,029,515		$	1,065,421,388


(a) Includes accumulated overdistributed net investment income of	$	(979,705	)	$	(215,254	)

See Notes to Financial Statements.

409

EQ ADVISORS TRUST

EQ/CAYWOOD-SCHOLL HIGH YIELD BOND PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $249,120,251) (Securities on loan at market value $52,086,241)	$	243,436,539
Repurchase agreement (Amortized cost $37,221,457)		37,221,457
Dividends, interest and other receivables		3,891,445
Receivable from Separate Accounts for Trust shares sold		133,029
Other assets		239

Total assets		284,682,709

LIABILITIES
Overdraft payable		24,892
Collateral held for loaned securities		49,320,565
Payable for securities purchased		1,000,337
Payable to Separate Accounts for Trust shares redeemed		213,260
Investment management fees payable		116,740
Distribution fees payable—Class IB		49,647
Administrative fees payable		22,565
Trustees’ fees payable		829
Accrued expenses		48,322

Total liabilities		50,797,157

NET ASSETS	$	233,885,552

Net assets were comprised of:
Paid in capital	$	265,922,700
Accumulated undistributed net investment income		119,193
Accumulated net realized loss		(26,472,629	)
Unrealized depreciation on investments		(5,683,712	)

Net assets	$	233,885,552

Class IB
Net asset value, offering and redemption price per share, $233,885,552 / 52,483,560 shares outstanding (unlimited amount authorized: $0.01 par value)	$	4.46

*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Interest	$	17,693,740
Dividends		1,955
Securities lending (net)		101,343

Total income		17,797,038

EXPENSES
Investment management fees		1,352,428
Distribution fees—Class IB		563,509
Administrative fees		257,203
Professional fees		47,791
Printing and mailing expenses		34,002
Custodian fees		10,000
Trustees’ fees		4,050
Miscellaneous		6,474

Gross expenses		2,275,457
Less: Waiver from investment advisor		(21,700	)

Net expenses		2,253,757

NET INVESTMENT INCOME		15,543,281

REALIZED AND UNREALIZED LOSS
Net realized loss on securities		(1,733,715	)
Net change in unrealized depreciation on securities		(8,660,279	)

NET REALIZED AND UNREALIZED LOSS		(10,393,994	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,149,287

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	15,543,281		$	10,473,189
Net realized loss on investments		(1,733,715	)		(527,075	)
Net change in unrealized appreciation (depreciation) on investments		(8,660,279	)		3,021,106

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		5,149,287			12,967,220

DIVIDENDS:
Dividends from net investment income
Class IB		(15,664,921	)		(10,473,947	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [ 21,841,271 and 20,935,586 shares, respectively ]		103,775,940			97,653,835
Capital shares issued in reinvestment of dividends [ 3,526,319 and 2,262,899 shares, respectively ]		15,664,921			10,473,947
Capital shares repurchased [ (14,171,046) and (7,187,661) shares, respectively ]		(67,095,980	)		(33,718,781	)

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		52,344,881			74,409,001

TOTAL INCREASE IN NET ASSETS		41,829,247			76,902,274
NET ASSETS:
Beginning of year		192,056,305			115,154,031

End of year (a)	$	233,885,552		$	192,056,305


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	119,193		$	(253	)

See Notes to Financial Statements.

410

EQ ADVISORS TRUST

EQ/DAVIS NEW YORK VENTURE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $574,123,711) (Securities on loan at market value $31,160,862)	$	571,146,437
Cash		522,475
Receivable from Separate Accounts for Trust shares sold		994,330
Dividends, interest and other receivables		504,678
Receivable for securities sold		22,345

Total assets		573,190,265

LIABILITIES
Overdraft payable of foreign cash		141,839
Collateral held for loaned securities		31,820,325
Payable for securities purchased		516,374
Investment management fees payable		383,476
Distribution fees payable—Class IB		60,487
Administrative fees payable		48,038
Payable to Separate Accounts for Trust shares redeemed		27,005
Trustees’ fees payable		1,232
Accrued expenses		39,634

Total liabilities		33,038,410

NET ASSETS	$	540,151,855

Net assets were comprised of:
Paid in capital	$	544,058,193
Accumulated overdistributed net investment income		(19,511	)
Accumulated overdistributed net realized gain		(907,144	)
Unrealized depreciation on investments and foreign currency translations		(2,979,683	)

Net assets	$	540,151,855

Class IA
Net asset value, offering and redemption price per share, $250,992,862 / 22,555,862 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.13

Class IB
Net asset value, offering and redemption price per share, $289,158,993 / 25,984,725 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.13


*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*

INVESTMENT INCOME
Dividends (net of $48,858 foreign withholding tax)	$	5,119,056
Interest		1,259,539
Securities lending (net)		16,404

Total income		6,394,999

EXPENSES
Investment management fees		2,558,922
Distribution fees—Class IB		474,939
Administrative fees		333,452
Printing and mailing expenses		56,325
Professional fees		54,895
Recoupment fees		51,968
Custodian fees		51,000
Trustees’ fees		4,692
Miscellaneous		8,922

Gross expenses		3,595,115
Less: Fees paid indirectly		(82,550	)

Net expenses		3,512,565

NET INVESTMENT INCOME		2,882,434

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on securities		469,645
Foreign currency transactions		(71,379	)

Net realized gain		398,266

Change in unrealized depreciation on:
Securities		(5,012,069	)
Foreign currency translations		(2,409	)

Net change in unrealized depreciation		(5,014,478	)

NET REALIZED AND UNREALIZED LOSS		(4,616,212	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,733,778	)

See Notes to Financial Statements.

411

EQ ADVISORS TRUST

EQ/DAVIS NEW YORK VENTURE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31, 2007			August 31, 2006* to December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,882,434		$	100,826
Net realized gain (loss) on investments and foreign currency transactions		398,266			(6,574	)
Net change in unrealized appreciation (depreciation) on investments		(5,014,478	)		2,034,795

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(1,733,778	)		2,129,047

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(1,658,145	)		(5,921	)
Class IB		(1,182,959	)		(107,281	)

		(2,841,104	)		(113,202	)

Distributions from net realized capital gains
Class IA		(720,933	)		(39	)
Class IB		(830,588	)		(1,042	)

		(1,551,521	)		(1,081	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(4,392,625	)		(114,283	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 22,404,231 and 97,594 shares, respectively ]		256,340,334			1,052,791
Capital shares issued in reinvestment of dividends and distributions [ 218,181 and 550 shares, respectively ]		2,379,078			5,960
Capital shares repurchased [ (314,652) and (42) shares, respectively ]		(3,567,565	)		(453	)

Total Class IA transactions		255,151,847			1,058,298

Class IB
Capital shares sold [ 22,468,505 and 6,077,970 shares, respectively ]		251,585,168			63,805,116
Capital shares issued in reinvestment of dividends and distributions [ 184,634 and 9,995 shares, respectively ]		2,013,547			108,323
Capital shares repurchased [ (2,641,662) and (264,717) shares, respectively ]		(29,683,711	)		(2,775,094	)

Total Class IB transactions		223,915,004			61,138,345

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		479,066,851			62,196,643

TOTAL INCREASE IN NET ASSETS		472,940,448			64,211,407
NET ASSETS:
Beginning of period		67,211,407			3,000,000

End of period (a)	$	540,151,855		$	67,211,407

(a) Includes accumulated overdistributed net investment income of	$	(19,511	)	$	(7,297	)

* The portfolio commenced operations on August 31, 2006.

See Notes to Financial Statements.

412

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $3,033,481,017) (Securities on loan at market value $175,166,064)	$	3,842,635,931
Cash		36,625
Cash held as collateral at broker		105,000
Dividends, interest and other receivables		5,384,774
Receivable from Separate Accounts for Trust shares sold		3,267,561
Receivable for securities sold		896,089
Other assets		3,955

Total assets		3,852,329,935

LIABILITIES
Collateral held for loaned securities		178,374,622
Payable to Separate Accounts for Trust shares redeemed		6,978,159
Payable for securities purchased		1,644,867
Investment management fees payable		786,373
Distribution fees payable—Class IB		443,061
Administrative fees payable		319,608
Trustees’ fees payable		79,213
Variation margin payable on futures contracts		14,525
Accrued expenses		1,116

Total liabilities		188,641,544

NET ASSETS	$	3,663,688,391

Net assets were comprised of:
Paid in capital	$	2,855,621,153
Accumulated undistributed net investment income		428,883
Accumulated overdistributed net realized gain		(1,535,214	)
Unrealized appreciation on investments and futures		809,173,569

Net assets	$	3,663,688,391

Class IA
Net asset value, offering and redemption price per share, $1,600,697,444 / 61,454,843 shares outstanding (unlimited amount authorized: $0.01 par value)	$	26.05

Class IB
Net asset value, offering and redemption price per share, $2,062,990,947 / 79,588,636 shares outstanding (unlimited amount authorized: $0.01 par value)	$	25.92


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2007*

INVESTMENT INCOME
Dividends	$	73,393,722
Interest		519,765
Securities lending (net)		424,468

Total income		74,337,955

EXPENSES
Investment management fees		9,490,918
Distribution fees—Class IB		5,374,633
Administrative fees		3,856,685
Printing and mailing expenses		567,809
Professional fees		104,218
Custodian fees		85,000
Trustees’ fees		73,537
Miscellaneous		107,730

Total expenses		19,660,530

NET INVESTMENT INCOME		54,677,425

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		118,987,776
Futures		(597,878	)

Net realized gain		118,389,898

Net increase from payment by affiliate		1,583,804

Change in unrealized appreciation on:
Securities		16,104,254
Futures		24,255

Net change in unrealized appreciation		16,128,509

NET REALIZED AND UNREALIZED GAIN		136,102,211

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	190,779,636

See Notes to Financial Statements.

413

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	54,677,425		$	51,701,295
Net realized gain on investments		118,389,898			103,365,419
Net increase from payment by affiliate		1,583,804			—
Net change in unrealized appreciation on investments and futures		16,128,509			356,895,699

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		190,779,636			511,962,413

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(25,946,896	)		(24,589,697	)
Class IB		(28,211,630	)		(27,234,837	)

		(54,158,526	)		(51,824,534	)

Distributions from net realized capital gains
Class IA		(44,909,900	)		(47,913,231	)
Class IB		(58,310,147	)		(63,959,209	)

		(103,220,047	)		(111,872,440	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(157,378,573	)		(163,696,974	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 4,352,092 and 3,189,957 shares, respectively ]		117,625,046			79,478,893
Capital shares issued in reinvestment of dividends and distributions [ 2,764,286 and 2,802,273 shares, respectively ]		70,856,796			72,502,928
Capital shares repurchased [ (7,992,690) and (10,031,156) shares, respectively ]		(217,003,136	)		(248,436,405	)

Total Class IA transactions		(28,521,294	)		(96,454,584	)

Class IB
Capital shares sold [ 9,928,570 and 9,283,652 shares, respectively ]		267,454,583			229,489,063
Capital shares issued in reinvestment of dividends and distributions [ 3,391,509 and 3,542,313 shares, respectively ]		86,521,777			91,194,046
Capital shares repurchased [ (16,807,797) and (15,976,639) shares, respectively ]		(453,421,102	)		(393,317,000	)

Total Class IB transactions		(99,444,742	)		(72,633,891	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(127,966,036	)		(169,088,475	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(94,564,973	)		179,176,964
NET ASSETS:
Beginning of year		3,758,253,364			3,579,076,400

End of year (a)	$	3,663,688,391		$	3,758,253,364

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	428,883		$	(90,016	)

See Notes to Financial Statements.

414

EQ ADVISORS TRUST

EQ/EVERGREEN INTERNATIONAL BOND PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $731,121,672)	$	773,773,606
Cash		36,927,318
Foreign cash (Cost $5,811,408)		5,818,321
Dividends, interest and other receivables		15,135,007
Unrealized appreciation of forward foreign currency contracts		8,537,145
Receivable from Separate Accounts for Trust shares sold		2,431,209
Receivable for securities sold		149,279
Other assets		752

Total assets		842,772,637

LIABILITIES
Unrealized depreciation of forward foreign currency contracts		3,020,266
Investment management fees payable		461,440
Payable to Separate Accounts for Trust shares redeemed		89,555
Administrative fees payable		71,859
Distribution fees payable—Class IB		47,708
Recoupment fees payable		18,631
Trustees’ fees payable		2,489
Accrued expenses		40,971

Total liabilities		3,752,919

NET ASSETS	$	839,019,718

Net assets were comprised of:
Paid in capital	$	788,379,969
Accumulated undistributed net investment income		3,938,269
Accumulated overdistributed net realized gain		(1,743,935	)
Unrealized appreciation on investments and foreign currency translations		48,445,415

Net assets	$	839,019,718

Class IA
Net asset value, offering and redemption price per share, $604,148,972 / 56,113,036 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.77

Class IB
Net asset value, offering and redemption price per share, $234,870,746 / 21,822,153 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.76


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2007*

INVESTMENT INCOME
Interest (net of $3,059 foreign withholding tax)	$	29,516,012
Securities lending (net)		46

Total income		29,516,058

EXPENSES
Investment management fees		4,025,604
Administrative fees		609,940
Distribution fees—Class IB		360,024
Custodian fees		153,500
Printing and mailing expenses		95,528
Professional fees		63,707
Recoupment fees		46,803
Trustees’ fees		9,762
Miscellaneous		5,149

Total expenses		5,370,017

NET INVESTMENT INCOME		24,146,041

REALIZED AND UNREALIZED GAIN (LOSS)
Realized loss on:
Securities		(1,739,156	)
Foreign currency transactions		(749,237	)

Net realized loss		(2,488,393	)

Change in unrealized appreciation on:
Securities		31,320,294
Foreign currency translations		7,485,290

Net change in unrealized appreciation		38,805,584

NET REALIZED AND UNREALIZED GAIN		36,317,191

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	60,463,232

See Notes to Financial Statements.

415

EQ ADVISORS TRUST

EQ/EVERGREEN INTERNATIONAL BOND PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	24,146,041		$	6,951,514
Net realized loss on investments and foreign currency transactions		(2,488,393	)		(4,886,411	)
Net change in unrealized appreciation on investments and foreign currency translations		38,805,584			9,661,084

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		60,463,232			11,726,187

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(14,457,874	)		(844,079	)
Class IB		(5,015,771	)		(58,767	)

		(19,473,645	)		(902,846	)

Distributions from net realized capital gains
Class IA		(305,676	)		(515,530	)
Class IB		(86,887	)		(180,030	)

		(392,563	)		(695,560	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(19,866,208	)		(1,598,406	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 29,429,250 and 27,552,368 shares, respectively ]		302,964,851			269,630,690
Capital shares issued in reinvestment of dividends and distributions [ 1,391,939 and 135,332 shares, respectively ]		14,763,550			1,359,609
Capital shares repurchased [ (1,708,718) and (697,135) shares, respectively ]		(17,838,982	)		(6,921,186	)

Total Class IA transactions		299,889,419			264,069,113

Class IB
Capital shares sold [ 14,736,720 and 9,931,260 shares, respectively ]		155,725,369			98,072,257
Capital shares issued in reinvestment of dividends and distributions [ 481,173 and 23,778 shares, respectively ]		5,102,658			238,797
Capital shares repurchased [ (2,982,327) and (1,591,040) shares, respectively ]		(31,107,311	)		(15,734,755	)

Total Class IB transactions		129,720,716			82,576,299

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		429,610,135			346,645,412

TOTAL INCREASE IN NET ASSETS		470,207,159			356,773,193
NET ASSETS:
Beginning of year		368,812,559			12,039,366

End of year (a)	$	839,019,718		$	368,812,559

(a) Includes accumulated undistributed net investment income of	$	3,938,269		$	19,206

See Notes to Financial Statements.

416

EQ ADVISORS TRUST

EQ/EVERGREEN OMEGA PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $224,096,723) (Securities on loan at market value $13,756,913)	$	244,525,397
Receivable for securities sold		1,509,977
Receivable from Separate Accounts for Trust shares sold		177,012
Dividends, interest and other receivables		124,622
Other assets		150

Total assets		246,337,158

LIABILITIES
Collateral held for loaned securities		14,266,753
Payable for securities purchased		1,332,887
Payable to Separate Accounts for Trust shares redeemed		163,135
Investment management fees payable		128,288
Recoupment fees payable		55,119
Distribution fees payable—Class IB		49,230
Administrative fees payable		22,442
Trustees’ fees payable		1,842
Accrued expenses		68,279

Total liabilities		16,087,975

NET ASSETS	$	230,249,183

Net assets were comprised of:
Paid in capital	$	207,184,155
Accumulated overdistributed net investment income		(1,403	)
Accumulated net realized gain		2,637,757
Unrealized appreciation on investments		20,428,674

Net assets	$	230,249,183

Class IA
Net asset value, offering and redemption price per share, $523,397 / 56,956 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.19

Class IB
Net asset value, offering and redemption price per share, $229,725,786 / 25,297,306 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.08


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2007*

INVESTMENT INCOME
Dividends	$	1,923,818
Interest		175,580
Securities lending (net)		12,120

Total income		2,111,518

EXPENSES
Investment management fees		1,291,355
Distribution fees—Class IB		496,055
Administrative fees		230,256
Recoupment fees		164,382
Professional fees		49,573
Printing and mailing expenses		30,152
Custodian fees		4,999
Trustees’ fees		3,618
Miscellaneous		15,125

Gross expenses		2,285,515
Less: Fees paid indirectly		(51,023	)

Net expenses		2,234,492

NET INVESTMENT LOSS		(122,974	)

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		13,536,925
Net change in unrealized appreciation on securities		5,217,630

NET REALIZED AND UNREALIZED GAIN		18,754,555

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	18,631,581

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(122,974	)	$	(159,947	)
Net realized gain on investments		13,536,925			18,404,543
Net change in unrealized appreciation (depreciation) on investments		5,217,630			(7,633,920	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		18,631,581			10,610,676

DISTRIBUTIONS:
Distributions from net realized capital gains
Class IA		(25,170	)		(16,561	)
Class IB		(11,701,212	)		(18,624,688	)

TOTAL DISTRIBUTIONS		(11,726,382	)		(18,641,249	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 44,831 and 2,751 shares, respectively ]		435,890			25,512
Capital shares issued in reinvestment of distributions [ 2,787 and 1,892 shares, respectively ]		25,170			16,561
Capital shares repurchased [ (9,508) and (6,260) shares, respectively ]		(93,140	)		(56,560	)

Total Class IA transactions		367,920			(14,487	)

Class IB
Capital shares sold [ 9,259,278 and 3,471,599 shares, respectively ]		88,482,327			31,561,310
Capital shares issued in reinvestment of distributions [ 1,307,850 and 2,145,912 shares, respectively ]		11,701,212			18,624,688
Capital shares repurchased [ (6,650,015) and (5,762,392) shares, respectively ]		(61,379,590	)		(52,495,708	)

Total Class IB transactions		38,803,949			(2,309,710	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		39,171,869			(2,324,197	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		46,077,068			(10,354,770	)
NET ASSETS:
Beginning of year		184,172,115			194,526,885

End of year (a)	$	230,249,183		$	184,172,115

(a) Includes accumulated overdistributed net investment income	$	(1,403	)	$	(1,236	)

See Notes to Financial Statements.

417

EQ ADVISORS TRUST

EQ/FI MID CAP PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $1,863,477,604) (Securities on loan at market value $259,480,287)	$	1,945,668,466
Foreign Currency (Cost $3,143,008)		3,154,706
Receivable for securities sold		2,094,412
Dividends, interest and other receivables		1,081,045
Receivable from Separate Accounts for Trust shares sold		789,347
Other assets		1,448

Total assets		1,952,789,424

LIABILITIES
Overdraft payable		250,095
Collateral held for loaned securities		267,335,838
Payable for securities purchased		7,833,300
Payable to Separate Accounts for Trust shares redeemed		1,361,825
Investment management fees payable		882,352
Distribution fees payable—Class IB		344,956
Administrative fees payable		147,134
Trustees’ fees payable		13,953
Accrued expenses		606

Total liabilities		278,170,059

NET ASSETS	$	1,674,619,365

Net assets were comprised of:
Paid in capital	$	1,587,885,296
Accumulated net investment loss		(10,970	)
Accumulated undistributed net realized gain		4,521,966
Unrealized appreciation on investments and foreign currency translations		82,223,073

Net assets	$	1,674,619,365

Class IA
Net asset value, offering and redemption price per share, $63,362,788 / 6,278,290 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.09

Class IB
Net asset value, offering and redemption price per share, $1,611,256,577 / 161,830,125 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.96


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2007*

INVESTMENT INCOME
Dividends (net of $45,512 foreign withholding tax)	$	11,805,555
Interest		3,270,602
Securities lending (net)		670,344

Total income		15,746,501

EXPENSES
Investment management fees		11,379,206
Distribution fees—Class IB		4,042,144
Administrative fees		1,717,086
Printing and mailing expenses		249,556
Custodian fees		90,000
Professional fees		74,043
Trustees’ fees		30,550
Miscellaneous		50,071

Gross expenses		17,632,656
Less: Waiver from investment advisor		(1,036,981	)
Fees paid indirectly		(57,323	)

Net expenses		16,538,352

NET INVESTMENT LOSS		(791,851	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		186,068,935
Foreign currency transactions		384,626

Net realized gain		186,453,561

Change in unrealized appreciation (depreciation) on:
Securities		(62,369,797	)
Foreign currency translations		21,234

Net change in unrealized depreciation		(62,348,563	)

NET REALIZED AND UNREALIZED GAIN		124,104,998

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	123,313,147

See Notes to Financial Statements.

418

EQ ADVISORS TRUST

EQ/FI MID CAP PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(791,851	)	$	41,874
Net realized gain on investments and foreign currency transactions		186,453,561			121,487,378
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(62,348,563	)		37,584,845

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		123,313,147			159,114,097

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		—			(132,576	)
Class IB		—			(95,430	)

		—			(228,006	)

Distributions from net realized capital gains
Class IA		(8,272,057	)		(2,687,098	)
Class IB		(217,862,589	)		(101,960,235	)

		(226,134,646	)		(104,647,333	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(226,134,646	)		(104,875,339	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 1,379,992 and 3,355,154 shares, respectively ]		15,863,126			35,963,756
Capital shares issued in reinvestment of dividends and distributions [ 816,463 and 266,829 shares, respectively ]		8,272,057			2,819,674
Capital shares repurchased [ (701,207) and (148,760) shares, respectively ]		(8,006,862	)		(1,599,607	)

Total Class IA transactions		16,128,321			37,183,823

Class IB
Capital shares sold [ 19,594,182 and 21,125,807 shares, respectively ]		223,108,124			223,857,501
Capital shares issued in reinvestment of dividends and distributions [ 21,718,984 and 9,903,857 shares, respectively ]		217,862,589			102,055,665
Capital shares repurchased [ (21,937,832) and (19,264,128) shares, respectively ]		(247,897,042	)		(203,162,753	)

Total Class IB transactions		193,073,671			122,750,413

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		209,201,992			159,934,236

TOTAL INCREASE IN NET ASSETS		106,380,493			214,172,994
NET ASSETS:
Beginning of year		1,568,238,872			1,354,065,878

End of year (a)	$	1,674,619,365		$	1,568,238,872

(a) Includes accumulated net investment loss and overdistributed net investment income of	$	(10,970	)	$	(20,977	)

See Notes to Financial Statements.

419

EQ ADVISORS TRUST

EQ/FRANKLIN INCOME PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $1,028,333,993) (Securities on loan at market value $140,144,684)	$	996,651,356
Repurchase Agreement (Amortized Cost $134,056,803)		134,056,803
Cash		189,722
Dividends, interest and other receivables		11,579,344
Receivable from Separate Accounts for Trust shares sold		1,464,081
Receivable for securities sold		304,527

Total assets		1,144,245,833

LIABILITIES
Collateral held for loaned securities		145,056,803
Payable for securities purchased		8,394,106
Investment management fees payable		738,299
Payable to Separate Accounts for Trust shares redeemed		340,638
Distribution fees payable—Class IB		150,182
Administrative fees payable		85,263
Recoupment fees payable		15,388
Trustees’ fees payable		2,353
Accrued expenses		55,796

Total liabilities		154,838,828

NET ASSETS	$	989,407,005

Net assets were comprised of:
Paid in capital	$	1,028,135,992
Accumulated undistributed net investment income		601,937
Accumulated overdistributed net realized gain		(7,649,596	)
Unrealized depreciation on investments and foreign currency translations		(31,681,328	)

Net assets	$	989,407,005

CLASS IA
Net asset value, offering and redemption price per share, $275,884,484 / 26,846,115 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.28

Class IB
Net asset value, offering and redemption price per share, $713,522,521 / 69,422,485 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.28


*STATEMENT OF OPERATIONS*
*For Year Ended December 31, 2007*

INVESTMENT INCOME
Interest	$	28,344,460
Dividends (net of $60,444 foreign withholding tax)		8,923,046
Securities lending (net)		369,705

Total income		37,637,211

EXPENSES
Investment management fees		5,267,827
Distribution fees—Class IB		1,257,393
Administrative fees		619,987
Printing and mailing expenses		104,623
Professional fees		65,936
Recoupment fees		50,253
Custodian fees		16,000
Trustees’ fees		9,472
Miscellaneous		7,799

Gross expenses		7,399,290
Less: Fees paid indirectly		(3,179	)

Net expenses		7,396,111

NET INVESTMENT INCOME		30,241,100

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(5,653,650	)
Foreign currency transactions		9,321

Net realized loss		(5,644,329	)

Change in unrealized appreciation (depreciation) on:
Securities		(34,162,089	)
Foreign currency translations		1,309

Net change in unrealized depreciation		(34,160,780	)

NET REALIZED AND UNREALIZED LOSS		(39,805,109	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(9,564,009	)

See Notes to Financial Statements.

420

EQ ADVISORS TRUST

EQ/FRANKLIN INCOME PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31, 2007			September 15, 2006* to December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	30,241,100		$	871,668
Net realized gain (loss) on investments and foreign currency transactions		(5,644,329	)		240,808
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(34,160,780	)		2,479,452

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(9,564,009	)		3,591,928

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(8,495,464	)		(10,710	)
Class IB		(21,231,060	)		(807,228	)

		(29,726,524	)		(817,938	)

Distributions from net realized capital gains
Class IA		(564,647	)
Class IB		(1,686,157	)		—

		(2,250,804	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(31,977,328	)		(817,938	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 25,810,601 and 0 shares, respectively ]		279,009,357			—
Capital shares issued in reinvestment of dividends and distributions [ 884,485 and 1,029 shares, respectively ]		9,060,111			10,710

Total Class IA transactions		288,069,468			10,710

Class IB
Capital shares sold [ 59,992,968 and 14,669,939 shares, respectively ]		645,899,598			150,025,966
Capital shares issued in reinvestment of dividends and distributions [ 2,235,593 and 77,590 shares, respectively ]		22,917,217			807,228
Capital shares repurchased [ (7,586,053) and (117,552) shares, respectively ]		(81,352,984	)		(1,202,851	)

Total Class IB transactions		587,463,831			149,630,343

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		875,533,299			149,641,053

TOTAL INCREASE IN NET ASSETS		833,991,962			152,415,043
NET ASSETS:
Beginning of period		155,415,043			3,000,000

End of period (a)	$	989,407,005		$	155,415,043

(a) Includes accumulated undistributed net investment income of	$	601,937		$	89,245

* The Portfolio commenced operations on September 15, 2006.

See Notes to Financial Statements.

421

EQ ADVISORS TRUST

EQ/FRANKLIN SMALL CAP VALUE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $380,722,771) (Securities on loan at market value $95,600,251)	$	332,667,263
Repurchase Agreement (Amortized cost $91,250,788)		91,250,788
Receivable from Separate Accounts for Trust shares sold		577,780
Dividends, interest and other receivables		337,322

Total assets		424,833,153

LIABILITIES
Overdraft payable		1,312,894
Collateral held for loaned securities		99,250,788
Payable for securities purchased		9,588,330
Investment management fees payable		230,706
Administrative fees payable		29,438
Payable to Separate Accounts for Trust shares redeemed		26,598
Distribution fees payable—Class IB		14,556
Trustees’ fees payable		717
Accrued expenses		41,872

Total liabilities		110,495,899

NET ASSETS	$	314,337,254

Net assets were comprised of:
Paid in capital	$	362,648,090
Accumulated overdistributed net investment income		(261	)
Accumulated overdistributed net realized gain		(255,067	)
Unrealized depreciation on investments		(48,055,508	)

Net assets	$	314,337,254

Class IA
Net asset value, offering and redemption price per share, $246,845,639 / 25,093,517 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.84

Class IB
Net asset value, offering and redemption price per share, $67,491,615 / 6,858,546 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.84


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2007*

INVESTMENT INCOME
Dividends (net of $3,341 foreign withholding tax)	$	2,972,663
Interest		633,740
Securities lending (net)		274,181

Total income		3,880,584

EXPENSES
Investment management fees		1,630,134
Administrative fees		212,572
Distribution fees—Class IB		140,767
Professional fees		49,791
Custodian fees		35,999
Printing and mailing expenses		34,441
Trustees’ fees		2,722
Miscellaneous		6,451

Gross expenses		2,112,877
Less: Waiver from investment advisor		(71,672	)

Net expenses		2,041,205

NET INVESTMENT INCOME		1,839,379

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		752,035
Net change in unrealized depreciation on securities		(48,669,375	)

NET REALIZED AND UNREALIZED LOSS		(47,917,340	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(46,077,961	)

See Notes to Financial Statements.

422

EQ ADVISORS TRUST

EQ/FRANKLIN SMALL CAP VALUE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31, 2007			September 15, 2006* to December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,839,379		$	23,012
Net realized gain on investments		752,035			9,970
Net change in unrealized appreciation (depreciation) on investments		(48,669,375	)		613,867

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(46,077,961	)		646,849

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(1,597,390	)		(3,695	)
Class IB		(272,980	)		(23,865	)

		(1,870,370	)		(27,560	)

Distributions from net realized capital gains
Class IA		(793,754	)		—
Class IB		(223,406	)		—

		(1,017,160	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(2,887,530	)		(27,560	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 25,015,432 and 60,502 shares, respectively ]		286,246,415			656,622
Capital shares issued in reinvestment of dividends and distributions [ 247,103 and 341 shares, respectively ]		2,391,144			3,695
Capital shares repurchased [ (379,861) and (0) shares, respectively ]		(4,134,341	)		—

Total Class IA transactions		284,503,218			660,317

Class IB
Capital shares sold [ 8,106,076 and 1,752,653 shares, respectively ]		90,730,387			18,627,946
Capital shares issued in reinvestment of dividends and distributions [ 51,257 and 2,201 shares, respectively ]		496,386			23,865
Capital shares repurchased [ (3,072,022) and (131,619) shares, respectively ]		(33,952,615	)		(1,406,048	)

Total Class IB transactions		57,274,158			17,245,763

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		341,777,376			17,906,080

TOTAL INCREASE IN NET ASSETS		292,811,885			18,525,369
NET ASSETS:
Beginning of period		21,525,369			3,000,000

End of period (a)	$	314,337,254		$	21,525,369

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(261	)	$	54

* The Portfolio commenced operations on September 15, 2006.

See Notes to Financial Statements.

423

EQ ADVISORS TRUST

EQ/GAMCO MERGERS AND ACQUISITIONS PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $180,799,536) (Securities on loan at market value $34,058,167)	$	177,489,405
Repurchase Agreement (Amortized cost $24,743,656)		24,743,656
Foreign cash (Cost $750)		728
Receivable from Separate Accounts for Trust shares sold		256,804
Dividends, interest and other receivables		221,209
Receivable for securities sold		143,529
Other assets		20

Total assets		202,855,351

LIABILITIES
Overdraft payable		99,493
Collateral held for loaned securities		24,743,656
Payable for securities purchased		1,808,681
Investment management fees payable		134,481
Payable to Separate Accounts for Trust shares redeemed		111,937
Distribution fees payable—Class IB		35,079
Administrative fees payable		17,610
Trustees’ fees payable		1,023
Accrued expenses		62,322

Total liabilities		27,014,282

NET ASSETS	$	175,841,069

Net assets were comprised of:
Paid in capital	$	176,966,428
Accumulated undistributed net investment income		133,210
Accumulated undistributed net realized gain		2,048,441
Unrealized depreciation on investments and foreign currency translations		(3,307,010	)

Net assets	$	175,841,069

Class IA*
Net asset value, offering and redemption price per share, $10,579,625 / 865,887 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.22

Class IB
Net asset value, offering and redemption price per share, $165,261,444 / 13,509,883 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.23

*	Class IA commenced operations on June 8, 2007.

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends (net of $53 foreign withholding tax)	$	1,980,900
Interest		1,446,604
Securities lending (net)		54,375

Total income		3,481,879

EXPENSES
Investment management fees		1,414,814
Distribution fees—Class IB		379,253
Administrative fees		188,456
Recoupment fees		58,797
Professional fees		47,498
Custodian fees		30,000
Printing and mailing expenses		24,503
Trustees’ fees		2,749
Miscellaneous		11,365

Gross expenses		2,157,435
Less: Fees paid indirectly		(46,652	)

Net expenses		2,110,783

NET INVESTMENT INCOME		1,371,096

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		9,390,008
Foreign currency transactions		10,469

Net realized gain		9,400,477

Change in unrealized appreciation (depreciation) on:
Securities		(7,532,658	)
Foreign currency translations		3,050

Net change in unrealized depreciation		(7,529,608	)

NET REALIZED AND UNREALIZED GAIN		1,870,869

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,241,965

See Notes to Financial Statements.

424

EQ ADVISORS TRUST

EQ/GAMCO MERGERS AND ACQUISITIONS PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,371,096		$	1,576,319
Net realized gain on investments and foreign currency transactions		9,400,477			3,506,488
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(7,529,608	)		3,900,798

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		3,241,965			8,983,605

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(101,326	)		—
Class IB		(1,149,127	)		(1,977,201	)

		(1,250,453	)		(1,977,201	)

Distributions from net realized capital gains
Class IA		(457,575	)		—
Class IB		(7,037,783	)		(2,942,753	)

		(7,495,358	)		(2,942,753	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(8,745,811	)		(4,919,954	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 905,160 and 0 shares, respectively ]		12,117,101			—
Capital shares issued in reinvestment of dividends and distributions [ 45,919 and 0 shares, respectively ]		558,901			—
Capital shares repurchased [ (85,192) and (0) shares, respectively ]		(1,110,246	)		—

Total Class IA transactions		11,565,756			—

Class IB
Capital shares sold [ 6,308,628 and 6,624,798 shares, respectively ]		81,788,590			81,466,130
Capital shares issued in reinvestment of dividends and distributions [ 671,863 and 396,894 shares, respectively ]		8,186,910			4,919,954
Capital shares repurchased [ (2,714,007) and (1,400,221) shares, respectively ]		(35,287,583	)		(17,398,505	)

Total Class IB transactions		54,687,917			68,987,579

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		66,253,673			68,987,579

TOTAL INCREASE IN NET ASSETS		60,749,827			73,051,230
NET ASSETS:
Beginning of year		115,091,242			42,040,012

End of year (a)	$	175,841,069		$	115,091,242

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	133,210		$	(410,662	)

* Class IA commenced operations on June 8, 2007.

See Notes to Financial Statements.

425

EQ ADVISORS TRUST

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value:
(Securities on loan at market value $389,129,642). Unaffiliated issuers (Cost $1,263,108,105)	$	1,453,522,931
Affiliated issuers (Cost $10,922,024)		14,924,806
Repurchase Agreement (Amortized Cost $247,481,253)		247,481,253
Cash		5,234,931
Foreign cash (Cost $20,762)		21,059
Receivable for securities sold		4,291,754
Receivable from Separate Accounts for Trust shares sold		1,981,146
Dividends, interest and other receivables		1,317,932
Other assets		868

Total assets		1,728,776,680

LIABILITIES
Collateral held for loaned securities		358,922,978
Payable for securities purchased		28,750,660
Payable to Separate Accounts for Trust shares redeemed		980,290
Investment management fees payable		829,094
Distribution fees payable—Class IB		212,436
Administrative fees payable		114,598
Variation margin payable on futures contracts		19,250
Trustees’ fees payable		4,452
Accrued expenses		65,039

Total liabilities		389,898,797

NET ASSETS	$	1,338,877,883

Net assets were comprised of:
Paid in capital	$	1,120,532,950
Accumulated undistributed net investment income		199,346
Accumulated undistributed net realized gain		23,440,982
Unrealized appreciation on investments, futures, and foreign currency translations		194,704,605

Net assets	$	1,338,877,883

Class IA*
Net asset value, offering and redemption price per share, $337,261,065 / 10,692,836 shares outstanding (unlimited amount authorized: $0.01 par value)	$	31.54

Class IB
Net asset value, offering and redemption price per share, $1,001,616,818 / 31,709,993 shares outstanding (unlimited amount authorized: $0.01 par value)	$	31.59

*	Class IA commenced operations on July 13, 2007.

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends (including $1,223,913 of dividend income received from affiliates)	$	10,121,329
Interest		6,783,261
Securities lending (net)		547,885

Total income		17,452,475

EXPENSES
Investment management fees		7,470,395
Distribution fees—Class IB		2,294,164
Administrative fees		1,019,756
Printing and mailing expenses		153,321
Professional fees		70,323
Trustees’ fees		17,166
Miscellaneous		25,547

Gross expenses		11,050,672
Less: Fees paid indirectly		(231,791	)

Net expenses		10,818,881

NET INVESTMENT INCOME		6,633,594

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		73,033,797
Futures		517,065
Foreign currency transactions		2,663

Net realized gain		73,553,525

Change in unrealized appreciation (depreciation) on:
Securities		(17,732,001	)
Futures		283,950
Foreign currency translations		3,047

Net change in unrealized depreciation		(17,445,004	)

NET REALIZED AND UNREALIZED GAIN		56,108,521

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	62,742,115

See Notes to Financial Statements.

426

EQ ADVISORS TRUST

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	6,633,594		$	2,124,426
Net realized gain on investments and foreign currency transactions		73,553,525			34,889,635
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(17,445,004	)		74,268,623

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		62,742,115			111,282,684

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(2,147,292	)		—
Class IB		(4,287,855	)		(5,751,211	)

		(6,435,147	)		(5,751,211	)

Distributions from net realized capital gains
Class IA		(10,925,488	)		—
Class IB		(35,528,887	)		(34,842,452	)

		(46,454,375	)		(34,842,452	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(52,889,522	)		(40,593,663	)

CAPITAL SHARES TRANSACTIONS:
Class IA*
Capital shares sold [ 10,311,582 and 0 shares, respectively ]		345,162,658			—
Capital shares issued in reinvestment of dividends and distributions [ 425,123 and 0 shares, respectively ]		13,072,780			—
Capital shares repurchased [ (43,869) and (0) shares, respectively ]		(1,436,647	)		—

Total Class IA transactions		356,798,791			—

Class IB
Capital shares sold [ 11,995,788 and 5,591,517 shares, respectively ]		393,301,154			163,061,065
Capital shares issued in reinvestment of dividends and distributions [ 1,290,466 and 1,375,501 shares, respectively ]		39,816,742			40,593,663
Capital shares repurchased [ (5,708,145) and (4,648,122) shares, respectively ]		(188,010,761	)		(134,178,811	)

Total Class IB transactions		245,107,135			69,475,917

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		601,905,926			69,475,917

TOTAL INCREASE IN NET ASSETS		611,758,519			140,164,938
NET ASSETS:
Beginning of year		727,119,364			586,954,426

End of year (a)	$	1,338,877,883		$	727,119,364

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	199,346		$	(3,601,764	)

* Class IA commenced operations on July 13, 2007.

See Notes to Financial Statements.

427

EQ ADVISORS TRUST

EQ/GOVERNMENT SECURITIES PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $102,678,641) (Securities on loan at market value $11,357,830)	$	103,346,788
Receivable for forward commitments		12,707,914
Dividends, interest and other receivables		729,830
Receivable for securities sold		438,807
Receivable from Separate Accounts for Trust shares sold		16,940
Other assets		425

Total assets		117,240,704

LIABILITIES
Overdraft payable		245,447
Payable for securities purchased		18,996,629
Collateral held for loaned securities		9,930,207
Payable for forward commitments		9,450,430
Securities sold short (Proceeds received $3,662,438)		3,693,937
Payable to Separate Accounts for Trust shares redeemed		90,749
Investment management fees payable		31,875
Administrative fees payable		8,974
Recoupment fees payable		6,240
Trustees’ fees payable		1,193
Accrued expenses		107,073

Total liabilities		42,562,754

NET ASSETS	$	74,677,950

Net assets were comprised of:
Paid in capital	$	75,264,043
Accumulated overdistributed net investment income		(413	)
Accumulated net realized loss		(1,222,328	)
Unrealized appreciation on investments		636,648

Net assets	$	74,677,950

Class IA
Net asset value, offering and redemption price per share, $74,677,950 / 6,815,020 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.96

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Interest	$	3,985,130
Securities lending (net)		27,178

Total income		4,012,308

EXPENSES
Investment management fees		402,694
Administrative fees		111,181
Professional fees		45,609
Printing and mailing expenses		11,561
Custodian fees		2,500
Trustees’ fees		1,491
Miscellaneous		9,477

Total expenses		584,513

NET INVESTMENT INCOME		3,427,795

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		491,663

Change in unrealized appreciation (depreciation) on:
Securities		1,243,374
Securities sold short		(31,499	)

Net change in unrealized appreciation		1,211,875

NET REALIZED AND UNREALIZED GAIN		1,703,538

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,131,333

STATEMENT OF CHANGES IN NET ASSETS


	Year End December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	3,427,795		$	3,751,540
Net realized gain (loss) on investments		491,663			(1,236,727	)
Net change in unrealized appreciation on investments		1,211,875			733,109

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		5,131,333			3,247,922

DIVIDENDS:
Class IA
Dividends from net investment income		(3,463,116	)		(3,942,731	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 460,507 and 64,344 shares, respectively ]		5,078,447			706,504
Capital shares issued in reinvestment of dividends [ 318,116 and 365,456 shares, respectively ]		3,463,116			3,942,731
Capital shares repurchased [ (2,067,517) and (2,190,569) shares, respectively ]		(22,807,039	)		(23,992,293	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(14,265,476	)		(19,343,058	)

TOTAL DECREASE IN NET ASSETS		(12,597,259	)		(20,037,867	)
NET ASSETS:
Beginning of year		87,275,209			107,313,076

End of year (a)	$	74,677,950		$	87,275,209

(a) Includes accumulated overdistributed net investment income of	$	(413	)	$	(305	)

See Notes to Financial Statements.

428

EQ ADVISORS TRUST

EQ/INTERNATIONAL GROWTH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $357,824,591) (Securities on loan at market value $25,952,410)	$	386,981,248
Foreign cash (Cost $98,299)		97,448
Receivable from Separate Accounts for Trust shares sold		1,882,008
Dividends, interest and other receivables		284,810
Other assets		192

Total assets		389,245,706

LIABILITIES
Collateral held for loaned securities		27,159,716
Investment management fees payable		254,678
Payable to Separate Accounts for Trust shares redeemed		245,729
Payable for securities purchased		135,596
Distribution fees payable—Class IB		74,905
Administrative fees payable		32,749
Trustees’ fees payable		934
Accrued expenses		57,277

Total liabilities		27,961,584

NET ASSETS	$	361,284,122

Net assets were comprised of:
Paid in capital	$	326,189,877
Accumulated net investment income		293,540
Accumulated undistributed net realized gain		5,634,456
Unrealized appreciation on investments and foreign currency translations		29,166,249

Net assets	$	361,284,122

Class IB
Net asset value, offering and redemption price per share, $361,284,122 / 49,882,400 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.24

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends (net of $410,055 foreign withholding tax)	$	4,539,604
Interest		410,130
Securities lending (net)		96,897

Total income		5,046,631

EXPENSES
Investment management fees		2,166,917
Distribution fees—Class IB		637,326
Custodian fees		299,999
Administrative fees		286,966
Professional fees		51,014
Printing and mailing expenses		40,696
Trustees’ fees		4,383
Miscellaneous		12,396

Total expenses		3,499,697

NET INVESTMENT INCOME		1,546,934

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		25,838,360
Foreign currency transactions		(23,423	)

Net realized gain		25,814,937

Change in unrealized appreciation on:
Securities		6,708,019
Foreign currency translations		7,222

Net change in unrealized appreciation		6,715,241

NET REALIZED AND UNREALIZED GAIN		32,530,178

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	34,077,112

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,546,934		$	1,148,282
Net realized gain on investments and foreign currency transactions		25,814,937			8,961,897
Net change in unrealized appreciation on investments and foreign currency translations		6,715,241			15,968,116

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		34,077,112			26,078,295

DIVIDENDS AND DISTRIBUTIONS:
Class IB
Dividends from net investment income		(1,709,475	)		(1,125,445	)

Class IB
Distributions from net realized capital gains		(12,208,884	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(13,918,359	)		(1,125,445	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [ 35,957,009 and 19,063,242 shares, respectively ]		257,299,487			111,939,023
Capital shares issued in reinvestment of dividends and distributions [ 1,990,575 and 175,299 shares, respectively ]		13,918,359			1,125,445
Capital shares repurchased [ (13,439,842) and (7,892,327) shares, respectively ]		(94,991,055	)		(46,198,885	)

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		176,226,791			66,865,583

TOTAL INCREASE IN NET ASSETS		196,385,544			91,818,433
NET ASSETS:
Beginning of year		164,898,578			73,080,145

End of year (a)	$	361,284,122		$	164,898,578

(a) Includes accumulated (overdistributed) net investment income of		293,540		$	(10,326	)

See Notes to Financial Statements.

429

EQ ADVISORS TRUST

EQ/JPMORGAN CORE BOND PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $3,222,659,191) (Securities on loan at market value $126,532,331)	$	3,179,168,556
Cash		166,701
Foreign cash (Cost $225,658)		226,268
Receivable for forward commitments		123,464,382
Dividends, interest and other receivables		12,451,519
Receivable from Separate Accounts for Trust shares sold		1,225,459
Unrealized appreciation of forward foreign currency contracts		806,921
Receivable for securities sold		259,224
Variation margin receivable on futures contracts		170,352
Other assets		1,500

Total assets		3,317,940,882

LIABILITIES
Payable for forward commitments		1,048,178,341
Collateral held for loaned securities		87,018,035
Securities sold short (Proceeds received $12,027,750)		12,064,000
Options written, at value (Premiums received $3,941,753)		4,678,469
Payable to Separate Accounts for Trust shares redeemed		1,348,979
Investment management fees payable		777,316
Distribution fees payable—Class IB		324,891
Administrative fees payable		186,389
Unrealized depreciation of forward foreign currency contracts		95,753
Trustees’ fees payable		20,710
Accrued expenses		41,813

Total liabilities		1,154,734,696

NET ASSETS	$	2,163,206,186

Net assets were comprised of:
Paid in capital	$	2,219,039,165
Accumulated overdistributed net investment income		(753,215	)
Accumulated net realized loss		(10,237,427	)
Unrealized depreciation on investments, securities sold short, options written, futures, and foreign currency translations		(44,842,337	)

Net assets	$	2,163,206,186

Class IA
Net asset value, offering and redemption price per share, $633,813,941 / 58,697,466 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.80

Class IB
Net asset value, offering and redemption price per share, $1,529,392,245 / 141,431,997 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.81

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Interest (net of $3,715 foreign withholding tax)	$	107,607,313
Securities lending (net)		426,348

Total income		108,033,661

EXPENSES
Investment management fees		8,299,118
Distribution fees—Class IB		3,854,304
Administrative fees		1,979,597
Printing and mailing expenses		293,808
Custodian fees		114,999
Professional fees		86,688
Trustees’ fees		34,798
Miscellaneous		45,308

Total expenses		14,708,620

NET INVESTMENT INCOME		93,325,041

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		14,643,326
Options written		1,636,608
Futures		(7,639,348	)
Foreign currency transactions		(554,653	)

Net realized gain		8,085,933

Change in unrealized appreciation (depreciation) on:
Securities		(40,715,541	)
Securities sold short		(36,250	)
Options written		(737,415	)
Futures		(1,085,054	)
Foreign currency translations		718,875

Net change in unrealized depreciation		(41,855,385	)

NET REALIZED AND UNREALIZED LOSS		(33,769,452	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	59,555,589

See Notes to Financial Statements.

430

EQ ADVISORS TRUST

EQ/JPMORGAN CORE BOND PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	93,325,041		$	65,735,892
Net realized gain (loss) on investments and foreign currency transactions		8,085,933			(4,106,460	)
Net change in unrealized depreciation on investments, securities sold short, options written, futures, and foreign currency translations		(41,855,385	)		(2,222,640	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		59,555,589			59,406,792

DIVIDENDS:
Dividends from net investment income
Class IA		(28,678,567	)		(4,713,271	)
Class IB		(67,112,904	)		(62,767,964	)

TOTAL DIVIDENDS		(95,791,471	)		(67,481,235	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 50,699,024 and 8,513,911 shares, respectively ]		563,062,389			96,569,844
Capital shares issued in reinvestment of dividends [ 2,678,844 and 428,988 shares, respectively ]		28,678,567			4,713,271
Capital shares repurchased [ (4,283,025) and (373,964) shares, respectively ]		(47,593,846	)		(4,223,218	)

Total Class IA transactions		544,147,110			97,059,897

Class IB
Capital shares sold [ 21,682,864 and 21,556,609 shares, respectively ]		240,848,957			239,300,786
Capital shares issued in reinvestment of dividends [ 6,259,226 and 5,706,058 shares, respectively ]		67,112,904			62,767,964
Capital shares repurchased [ (22,430,291) and (17,850,226) shares, respectively ]		(249,377,926	)		(198,163,173	)

Total Class IB transactions		58,583,935			103,905,577

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		602,731,045			200,965,474

TOTAL INCREASE IN NET ASSETS		566,495,163			192,891,031
NET ASSETS:
Beginning of year		1,596,711,023			1,403,819,992

End of year (a)	$	2,163,206,186		$	1,596,711,023

(a) Includes accumulated overdistributed net investment income of	$	(753,215	)	$	(215,271	)

See Notes to Financial Statements.

431

EQ ADVISORS TRUST

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $605,169,953) (Securities on loan at market value $38,304,777)	$	598,717,299
Cash		687
Receivable for securities sold		3,209,440
Dividends, interest and other receivables		1,025,992
Receivable from Separate Accounts for Trust shares sold		19,593
Other assets		438

Total assets		602,973,449

LIABILITIES
Collateral held for loaned securities		39,222,159
Payable for securities purchased		1,287,620
Payable to Separate Accounts for Trust shares redeemed		469,582
Investment management fees payable		271,979
Distribution fees payable—Class IB		120,757
Administrative fees payable		51,399
Trustees’ fees payable		19,413
Accrued expenses		121,392

Total liabilities		41,564,301

NET ASSETS	$	561,409,148

Net assets were comprised of:
Paid in capital	$	565,886,225
Accumulated undistributed net investment income		226,258
Accumulated undistributed net realized gain		1,749,319
Unrealized depreciation on investments		(6,452,654	)

Net assets	$	561,409,148

Class IA
Net asset value, offering and redemption price per share, $1,889,872 / 162,537 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.63

Class IB
Net asset value, offering and redemption price per share, $559,519,276 / 47,995,462 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.66

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends (net of $5,949 foreign withholding tax)	$	14,162,556
Interest		659,054
Securities lending (net)		48,574

Total income		14,870,184

EXPENSES
Investment management fees		3,847,370
Distribution fees—Class IB		1,597,959
Administrative fees		676,345
Printing and mailing expenses		93,392
Professional fees		54,275
Trustees’ fees		12,686
Custodian fees		4,999
Miscellaneous		49,772

Gross expenses		6,336,798
Less: Waiver from investment advisor		(248,506	)

Net expenses		6,088,292

NET INVESTMENT INCOME		8,781,892

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		76,974,809
Net change in unrealized depreciation on securities		(90,774,858	)

NET REALIZED AND UNREALIZED LOSS		(13,800,049	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(5,018,157	)

See Notes to Financial Statements.

432

EQ ADVISORS TRUST

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	8,781,892		$	9,183,800
Net realized gain on investments		76,974,809			51,776,406
Net change in unrealized appreciation (depreciation) on investments		(90,774,858	)		51,722,560

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(5,018,157	)		112,682,766

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(32,805	)		(29,737	)
Class IB		(8,492,344	)		(9,148,581	)

		(8,525,149	)		(9,178,318	)

Distributions from net realized capital gains
Class IA		(299,068	)		(91,160	)
Class IB		(88,678,216	)		(33,007,978	)

		(88,977,284	)		(33,099,138	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(97,502,433	)		(42,277,456	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 64,206 and 134,071 shares, respectively ]		943,433			1,911,386
Capital shares issued in reinvestment of dividends and distributions [ 28,060 and 8,539 shares, respectively ]		331,873			120,897
Capital shares repurchased [ (56,186) and (47,831) shares, respectively ]		(828,962	)		(688,312	)

Total Class IA transactions		446,344			1,343,971

Class IB
Capital shares sold [ 6,322,902 and 5,167,947 shares, respectively ]		92,999,434			71,476,485
Capital shares issued in reinvestment of dividends and distributions [ 8,215,632 and 2,970,878 shares, respectively ]		97,170,560			42,156,559
Capital shares repurchased [ (12,060,300) and (10,371,411) shares, respectively ]		(174,382,017	)		(140,322,803	)

Total Class IB transactions		15,787,977			(26,689,759	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		16,234,321			(25,345,788	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(86,286,269	)		45,059,522
NET ASSETS:
Beginning of year		647,695,417			602,635,895

End of year (a)	$	561,409,148		$	647,695,417

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	226,258		$	(20,408	)

See Notes to Financial Statements.

433

EQ ADVISORS TRUST

EQ/LEGG MASON VALUE EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $244,089,551) (Securities on loan at market value $21,106,903)	$	237,472,429
Receivable from Separate Accounts for Trust shares sold		231,423
Receivable for securities sold		216,270
Dividends, interest and other receivables		112,709
Other assets		298

Total assets		238,033,129

LIABILITIES
Collateral held for loaned securities		21,685,580
Payable for securities purchased		1,761,749
Investment management fees payable		108,246
Distribution fees payable—Class IB		45,879
Payable to Separate Accounts for Trust shares redeemed		29,327
Administrative fees payable		21,144
Trustees’ fees payable		1,162
Accrued expenses		69,586

Total liabilities		23,722,673

NET ASSETS	$	214,310,456

Net assets were comprised of:
Paid in capital	$	217,182,911
Accumulated net investment loss		(593	)
Accumulated undistributed net realized gain		3,745,260
Unrealized depreciation on investments and foreign currency translations		(6,617,122	)

Net assets	$	214,310,456

Class IA
Net asset value, offering and redemption price per share, $1,245,920 / 120,720 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.32

Class IB
Net asset value, offering and redemption price per share, $213,064,536 / 20,710,747 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.29

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends	$	1,802,943
Interest		168,713
Securities lending (net)		29,217

Total income		2,000,873

EXPENSES
Investment management fees		1,402,250
Distribution fees—Class IB		538,408
Administrative fees		247,453
Professional fees		49,084
Custodian fees		40,000
Printing and mailing expenses		32,007
Trustees’ fees		3,901
Miscellaneous		4,511

Gross expenses		2,317,614
Less: Waiver from investment advisor		(161,697	)
Fees paid indirectly		(45,897	)

Net expenses		2,110,020

NET INVESTMENT LOSS		(109,147	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		8,172,293
Foreign currency transactions		(3,403	)

Net realized gain		8,168,890

Change in unrealized appreciation (depreciation) on:
Securities		(22,066,641	)
Foreign currency translations		1

Net change in unrealized depreciation		(22,066,640	)

NET REALIZED AND UNREALIZED LOSS		(13,897,750	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(14,006,897	)

See Notes to Financial Statements.

434

EQ ADVISORS TRUST

EQ/LEGG MASON VALUE EQUITY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(109,147	)	$	(14,281	)
Net realized gain on investments and foreign currency transactions		8,168,890			427,058
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(22,066,640	)		15,279,736

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(14,006,897	)		15,692,513

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		—			(2	)
Class IB		—			(2,651	)

		—			(2,653	)

Distributions from net realized capital gains
Class IA		(23,827	)		(33	)
Class IB		(4,644,271	)		(59,556	)

		(4,668,098	)		(59,589	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(4,668,098	)		(62,242	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 114,038 and 0 shares, respectively ]		1,275,905			—
Capital shares issued in reinvestment of dividends and distributions [ 2,323 and 3 shares, respectively ]		23,827			35
Capital shares repurchased [ (5,673) and (0) shares, respectively ]		(64,488	)		—

Total Class IA transactions		1,235,244			35

Class IB
Capital shares sold [ 5,910,568 and 17,264,882 shares, respectively ]		66,971,422			177,989,721
Capital shares issued in reinvestment of dividends and distributions [ 451,873 and 5,598 shares, respectively ]		4,644,271			62,207
Capital shares repurchased [ (3,852,338) and (2,134,682) shares, respectively ]		(43,491,995	)		(22,248,019	)

Total Class IB transactions		28,123,698			155,803,909

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		29,358,942			155,803,944

TOTAL INCREASE IN NET ASSETS		10,683,947			171,434,215
NET ASSETS:
Beginning of year		203,626,509			32,192,294

End of year (a)	$	214,310,456		$	203,626,509

(a) Includes accumulated net investment loss and overdistributed net investment income of	$	(593	)	$	(370	)

See Notes to Financial Statements.

435

EQ ADVISORS TRUST

EQ/LONG TERM BOND PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $1,640,607,091) (Securities on loan at market value $207,460,485)	$	1,664,477,256
Receivable for securities sold		141,428,301
Receivable for Forward Commitments		77,570,205
Dividends, interest and other receivables		15,722,984
Receivable from Separate Accounts for Trust shares sold		1,513,469
Other assets		771

Total assets		1,900,712,986

LIABILITIES
Overdraft payable		79,824,526
Payable for securities purchased		367,473,682
Collateral held for loaned securities		139,833,213
Securities sold short (Proceeds received $47,541,707)		47,813,609
Investment management fees payable		397,144
Payable to Separate Accounts for Trust shares redeemed		211,303
Administrative fees payable		107,450
Distribution fees payable—Class IB		30,540
Trustees' fees payable		4,324
Recoupment fees payable		3,982
Accrued expenses		86,230

Total liabilities		635,786,003

NET ASSETS	$	1,264,926,983

Net assets were comprised of:
Paid in capital	$	1,251,832,526
Accumulated undistributed net investment income		6,603
Accumulated net realized loss		(10,510,409	)
Unrealized appreciation on investments and securities sold short		23,598,263

Net assets	$	1,264,926,983

Class IA
Net asset value, offering and redemption price per share, $1,117,060,025 / 81,617,209 shares outstanding (unlimited amount authorized: $0.01 par value)	$	13.69

Net asset value, offering and redemption price per share, $147,866,958 / 10,797,500 shares outstanding (unlimited amount authorized: $0.01 par value)	$	13.69


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2007*

INVESTMENT INCOME
Interest (net of $28,532 foreign withholding tax)	$	55,233,793
Securities lending (net)		455,107

Total income		55,688,900

EXPENSES
Investment management fees		4,024,212
Administrative fees		1,046,121
Distribution fees—Class IB		309,406
Printing and mailing expenses		154,926
Professional fees		70,102
Custodian fees		39,999
Trustees' fees		17,724
Miscellaneous		30,469

Total expenses		5,692,959

NET INVESTMENT INCOME		49,995,941

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		11,130,700

Change in unrealized appreciation (depreciation) on:
Securities		22,385,777
Securities sold short		(271,902	)

Net change in unrealized appreciation		22,113,875

NET REALIZED AND UNREALIZED GAIN		33,244,575

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	83,240,516

See Notes to Financial Statements.

436

EQ ADVISORS TRUST

EQ/LONG TERM BOND PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	49,995,941		$	32,226,040
Net realized gain (loss) on investments		11,130,700			(18,671,419	)
Net change in unrealized appreciation on investments and securities sold short		22,113,875			3,832,471

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		83,240,516			17,387,092

DIVIDENDS:
Dividends from net investment income
Class IA		(44,535,817	)		(28,062,355	)
Class IB		(5,583,705	)		(4,067,398	)

TOTAL DIVIDENDS		(50,119,522	)		(32,129,753	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 29,856,174 and 17,403,164 shares, respectively ]		402,074,041			231,255,977
Capital shares issued in reinvestment of dividends [ 3,332,025 and 2,097,916 shares, respectively ]		44,535,817			28,062,355
Capital shares repurchased [ (3,822,079) and (6,928,504) shares, respectively ]		(51,553,585	)		(90,590,697	)

Total Class IA transactions		395,056,273			168,727,635

Class IB
Capital shares sold [ 6,534,578 and 5,783,736 shares, respectively ]		87,752,868			77,889,650
Capital shares issued in reinvestment of dividends [ 417,472 and 303,890 shares, respectively ]		5,583,705			4,067,398
Capital shares repurchased [ (4,297,209) and (2,275,447) shares, respectively ]		(57,773,347	)		(30,767,559	)

Total Class IB transactions		35,563,226			51,189,489

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		430,619,499			219,917,124

TOTAL INCREASE IN NET ASSETS		463,740,493			205,174,463
NET ASSETS:
Beginning of year		801,186,490			596,012,027

End of year (a)	$	1,264,926,983		$	801,186,490

(a) Includes accumulated undistributed net investment income of	$	6,603		$	99,652

See Notes to Financial Statements.

437

EQ ADVISORS TRUST

EQ/LORD ABBETT GROWTH AND INCOME PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $244,201,954) (Securities on loan at market value $16,171,239)	$	256,699,716
Dividends, interest and other receivables		232,720
Receivable from Separate Accounts for Trust shares sold		52,018
Receivable for securities sold		23,203
Other assets		380

Total assets		257,008,037

LIABILITIES
Collateral held for loaned securities		16,660,647
Payable for securities purchased		1,548,025
Payable to Separate Accounts for Trust shares redeemed		247,198
Investment management fees payable		120,091
Distribution fees payable—Class IB		36,927
Administrative fees payable		23,137
Trustees’ fees payable		1,182
Accrued expenses		67,069

Total liabilities		18,704,276

NET ASSETS	$	238,303,761

Net assets were comprised of:
Paid in capital	$	225,464,014
Accumulated undistributed net investment income		36,932
Accumulated undistributed net realized gain		305,053
Unrealized appreciation on investments		12,497,762

Net assets	$	238,303,761

Class IA
Net asset value, offering and redemption price per share, $65,415,386 / 5,385,029 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.15

Class IB
Net asset value, offering and redemption price per share, $172,888,375 / 14,216,942 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.16


*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*

INVESTMENT INCOME
Dividends (net of $4,346 foreign withholding tax)	$	4,777,363
Interest		272,238
Securities lending (net)		22,609

Total income		5,072,210

EXPENSES
Investment management fees		1,579,420
Distribution fees—Class IB		427,767
Administrative fees		274,927
Professional fees		50,430
Printing and mailing expenses		35,987
Custodian fees		15,001
Trustees’ fees		4,399
Miscellaneous		8,023

Gross expenses		2,395,954
Less: Waiver from investment advisor		(145,834	)
Fees paid indirectly		(41,002	)

Net expenses		2,209,118

NET INVESTMENT INCOME		2,863,092

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		8,322,749
Net change in unrealized depreciation on securities		(2,801,681	)

NET REALIZED AND UNREALIZED GAIN		5,521,068

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,384,160

See Notes to Financial Statements.

438

EQ ADVISORS TRUST

EQ/LORD ABBETT GROWTH AND INCOME PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,863,092		$	1,404,249
Net realized gain on investments		8,322,749			2,585,416
Net change in unrealized appreciation (depreciation) on investments		(2,801,681	)		14,190,160

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		8,384,160			18,179,825

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(912,290	)		(572,882	)
Class IB		(1,937,975	)		(809,039	)

		(2,850,265	)		(1,381,921	)

Distributions from net realized capital gains
Class IA		(2,563,120	)		(454,991	)
Class IB		(6,604,825	)		(953,585	)

		(9,167,945	)		(1,408,576	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(12,018,210	)		(2,790,497	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 386,811 and 5,973,311 shares, respectively ]		4,899,557			72,041,766
Capital shares issued in reinvestment of dividends and distributions [ 290,346 and 83,173 shares, respectively ]		3,475,410			1,027,873
Capital shares repurchased [ (1,296,701) and (61,991) shares, respectively ]		(16,534,678	)		(762,999	)

Total Class IA transactions		(8,159,711	)		72,306,640

Class IB
Capital shares sold [ 5,083,912 and 11,091,209 shares, respectively ]		64,477,741			128,740,411
Capital shares issued in reinvestment of dividends and distributions [ 713,033 and 142,571 shares, respectively ]		8,542,800			1,762,624
Capital shares repurchased [ (4,219,594) and (2,173,572) shares, respectively ]		(53,571,232	)		(25,888,842	)

Total Class IB transactions		19,449,309			104,614,193

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		11,289,598			176,920,833

TOTAL INCREASE IN NET ASSETS		7,655,548			192,310,161
NET ASSETS:
Beginning of year		230,648,213			38,338,052

End of year (a)	$	238,303,761		$	230,648,213

(a) Includes accumulated undistributed net investment income of	$	36,932		$	25,920

See Notes to Financial Statements.

439

EQ ADVISORS TRUST

EQ/LORD ABBETT LARGE CAP CORE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $88,436,827) (Securities on loan at market value $4,150,696)	$	96,516,743
Receivable from Separate Accounts for Trust shares sold		1,085,513
Dividends, interest and other receivables		104,587
Other assets		53

Total assets		97,706,896

LIABILITIES
Collateral held for loaned securities		4,252,444
Payable for securities purchased		285,341
Investment management fees payable		42,428
Distribution fees payable—Class IB		18,876
Administrative fees payable		10,255
Payable to Separate Accounts for Trust shares redeemed		1,841
Trustees’ fees payable		254
Accrued expenses		82,292

Total liabilities		4,693,731

NET ASSETS	$	93,013,165

Net assets were comprised of:
Paid in capital	$	84,436,806
Accumulated undistributed net investment income		7,700
Accumulated undistributed net realized gain		488,743
Unrealized appreciation on investments		8,079,916

Net assets	$	93,013,165

Class IA
Net asset value, offering and redemption price per share, $1,261,944 / 100,250 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.59

Class IB
Net asset value, offering and redemption price per share, $91,751,221 / 7,282,025 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.60


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2007*

INVESTMENT INCOME
Dividends (net of $1,399 foreign withholding tax)	$	1,162,153
Interest		160,507
Securities lending (net)		4,438

Total income		1,327,098

EXPENSES
Investment management fees		474,485
Distribution fees—Class IB		181,602
Administrative fees		103,580
Professional fees		45,993
Printing and mailing expenses		11,188
Trustees’ fees		1,285
Miscellaneous		3,711

Gross expenses		821,844
Less: Waiver from investment advisor		(92,648	)
Fees paid indirectly		(5,255	)

Net expenses		723,941

NET INVESTMENT INCOME		603,157

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		3,245,190
Net change in unrealized appreciation on securities		3,086,904

NET REALIZED AND UNREALIZED GAIN		6,332,094

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,935,251

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	603,157		$	425,156
Net realized gain on investments		3,245,190			549,987
Net change in unrealized appreciation on investments		3,086,904			4,366,529

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		6,935,251			5,341,672

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(10,519	)		(1,186	)
Class IB		(586,223	)		(422,665	)

		(596,742	)		(423,851	)

Distributions from net realized capital gains
Class IA		(36,174	)		(715	)
Class IB		(3,051,543	)		(310,473	)

		(3,087,717	)		(311,188	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(3,684,459	)		(735,039	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 96,937 and 0 shares, respectively ]		1,250,665			—
Capital shares issued in reinvestment of dividends and distributions [ 3,775 and 162 shares, respectively ]		46,693			1,901
Capital shares repurchased [ (10,683) and (0) shares, respectively ]		(138,612	)		—

Total Class IA transactions		1,158,746			1,901

Class IB
Capital shares sold [ 3,734,595 and 3,106,963 shares, respectively ]		47,392,772			34,953,547
Capital shares issued in reinvestment of dividends and distributions [ 293,762 and 62,482 shares, respectively ]		3,637,766			733,138
Capital shares repurchased [ (1,682,064) and (759,767) shares, respectively ]		(21,238,658	)		(8,606,072	)

Total Class IB transactions		29,791,880			27,080,613

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		30,950,626			27,082,514

TOTAL INCREASE IN NET ASSETS		34,201,418			31,689,147
NET ASSETS:
Beginning of year		58,811,747			27,122,600

End of year (a)	$	93,013,165		$	58,811,747

(a) Includes accumulated undistributed net investment income of	$	7,700		$	1,285

See Notes to Financial Statements.

440

EQ ADVISORS TRUST

EQ/LORD ABBETT MID CAP VALUE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $449,625,902) (Securities on loan at market value $99,970,941)	$	434,886,657
Repurchase agreement (Amortized cost $94,327,336)		94,327,336
Dividends, interest and other receivables		441,787
Receivable from Separate Accounts for Trust shares sold		180,416
Other assets		367

Total assets		529,836,563

LIABILITIES
Collateral held for loaned securities		103,427,336
Payable to Separate Accounts for Trust shares redeemed		700,426
Investment management fees payable		238,535
Distribution fees payable—Class IB		72,638
Administrative fees payable		39,242
Trustees’ fees payable		1,793
Accrued expenses		65,967

Total liabilities		104,545,937

NET ASSETS	$	425,290,626

Net assets were comprised of:
Paid in capital	$	430,630,461
Accumulated overdistributed net investment income		(1,029	)
Accumulated undistributed net realized gain		9,400,439
Unrealized depreciation on investments		(14,739,245	)

Net assets	$	425,290,626

Class IA
Net asset value, offering and redemption price per share, $84,868,491 / 7,294,410 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.63

Class IB
Net asset value, offering and redemption price per share, $340,422,135 / 29,230,559 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.65

*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Dividends (net of $840 foreign withholding tax)	$	5,480,317
Interest		839,649
Securities lending (net)		77,599

Total income		6,397,565

EXPENSES
Investment management fees		2,815,783
Distribution fees—Class IB		799,918
Administrative fees		435,465
Printing and mailing expenses		61,980
Professional fees		54,102
Custodian fees		15,000
Trustees’ fees		7,153
Miscellaneous		10,237

Gross expenses		4,199,638
Less: Waiver from investment advisor		(182,596	)
Fees paid indirectly		(23,620	)

Net expenses		3,993,422

NET INVESTMENT INCOME		2,404,143

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		33,232,087
Net change in unrealized depreciation on securities		(40,097,858	)

NET REALIZED AND UNREALIZED LOSS		(6,865,771	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,461,628	)

See Notes to Financial Statements.

441

EQ ADVISORS TRUST

EQ/LORD ABBETT MID CAP VALUE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,404,143		$	1,376,517
Net realized gain on investments		33,232,087			4,313,979
Net change in unrealized appreciation (depreciation) on investments		(40,097,858	)		22,965,932

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(4,461,628	)		28,656,428

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(661,174	)		(474,927	)
Class IB		(1,752,717	)		(900,835	)

		(2,413,891	)		(1,375,762	)

Distributions from net realized capital gains
Class IA		(5,650,123	)		(489,609	)
Class IB		(22,694,519	)		(2,733,598	)

		(28,344,642	)		(3,223,207	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(30,758,533	)		(4,598,969	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 2,412,328 and 6,191,468 shares, respectively ]		31,160,355			74,735,461
Capital shares issued in reinvestment of dividends and distributions [ 543,843 and 77,436 shares, respectively ]		6,311,297			964,536
Capital shares repurchased [ (1,771,015) and (169,740) shares, respectively ]		(23,154,998	)		(2,122,066	)

Total Class IA transactions		14,316,654			73,577,931

Class IB
Capital shares sold [ 13,627,384 and 11,511,295 shares, respectively ]		181,388,203			133,428,545
Capital shares issued in reinvestment of dividends and distributions [ 2,100,787 and 303,944 shares, respectively ]		24,447,236			3,634,433
Capital shares repurchased [ (6,145,719) and (3,103,326) shares, respectively ]		(81,151,562	)		(36,738,233	)

Total Class IB transactions		124,683,877			100,324,745

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		139,000,531			173,902,676

TOTAL INCREASE IN NET ASSETS		103,780,370			197,960,135
NET ASSETS:
Beginning of year		321,510,256			123,550,121

End of year (a)	$	425,290,626		$	321,510,256


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(1,029	)	$	3,348

See Notes to Financial Statements.

442

EQ ADVISORS TRUST

EQ/MARSICO FOCUS PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $4,136,930,301) (Securities on loan at market value $497,596,601)	$	5,017,310,236
Foreign cash (Cost $1,539)		1,668
Receivable for securities sold		62,723,485
Receivable from Separate Accounts for Trust shares sold		4,110,759
Dividends, interest and other receivables		3,812,427
Other assets		3,968

Total assets		5,087,962,543

LIABILITIES
Collateral held for loaned securities		485,144,761
Investment management fees payable		2,954,094
Payable to Separate Accounts for Trust shares redeemed		1,636,758
Distribution fees payable—Class IB		560,596
Administrative fees payable		395,386
Trustees’ fees payable		25,285
Accrued expenses		825

Total liabilities		490,717,705

NET ASSETS	$	4,597,244,838

Net assets were comprised of:
Paid in capital	$	3,683,408,164
Accumulated undistributed net investment income		1,634,603
Accumulated undistributed net realized gain		31,822,007
Unrealized appreciation on investments and foreign currency translations		880,380,064

Net assets	$	4,597,244,838

Class IA
Net asset value, offering and redemption price per share, $1,968,509,334 / 111,191,626 shares outstanding (unlimited amount authorized: $0.01 par value)	$	17.70

Class IB
Net asset value, offering and redemption price per share, $2,628,735,504 / 149,657,809 shares outstanding (unlimited amount authorized: $0.01 par value)	$	17.56

*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Dividends (net of $582,233 foreign withholding tax)	$	48,435,236
Interest		8,455,969
Securities lending (net)		394,173

Total income		57,285,378

EXPENSES
Investment management fees		34,576,264
Distribution fees—Class IB		6,083,901
Administrative fees		4,132,347
Printing and mailing expenses		620,401
Professional fees		130,016
Custodian fees		125,000
Trustees’ fees		73,336
Miscellaneous		131,190

Gross expenses		45,872,455
Less: Waiver from investment advisor		(3,153,976	)
Fees paid indirectly		(90,498	)

Net expenses		42,627,981

NET INVESTMENT INCOME		14,657,397

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		414,699,038
Foreign currency transactions		(40,393	)

Net realized gain		414,658,645

Change in unrealized appreciation on:
Securities		105,430,359
Foreign currency translations		10

Net change in unrealized appreciation		105,430,369

NET REALIZED AND UNREALIZED GAIN		520,089,014

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	534,746,411

See Notes to Financial Statements.

443

EQ ADVISORS TRUST

EQ/MARSICO FOCUS PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	14,657,397		$	9,342,535
Net realized gain on investments and foreign currency transactions		414,658,645			41,764,072
Net change in unrealized appreciation on investments and foreign currency translations		105,430,369			250,422,100

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		534,746,411			301,528,707

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(8,134,213	)		(5,592,017	)
Class IB		(4,352,326	)		(3,526,238	)

		(12,486,539	)		(9,118,255	)

Distributions from net realized capital gains
Class IA		(151,443,995	)		(28,446,540	)
Class IB		(206,813,991	)		(49,325,021	)

		(358,257,986	)		(77,771,561	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(370,744,525	)		(86,889,816	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 31,668,899 and 27,531,116 shares, respectively ]		571,196,487			442,778,986
Capital shares issued in reinvestment of dividends and distributions [ 9,186,732 and 2,091,860 shares, respectively ]		159,578,208			34,038,557
Capital shares repurchased [ (12,850,401) and (10,432,350) shares, respectively ]		(223,235,809	)		(168,772,985	)

Total Class IA transactions		507,538,886			308,044,558

Class IB
Capital shares sold [ 21,887,349 and 29,910,758 shares, respectively ]		388,691,776			480,244,837
Capital shares issued in reinvestment of dividends and distributions [ 12,251,567 and 3,293,526 shares, respectively ]		211,166,317			52,851,259
Capital shares repurchased [ (18,596,825) and (11,423,499) shares, respectively ]		(330,578,919	)		(182,973,902	)

Total Class IB transactions		269,279,174			350,122,194

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		776,818,060			658,166,752

TOTAL INCREASE IN NET ASSETS		940,819,946			872,805,643
NET ASSETS:
Beginning of year		3,656,424,892			2,783,619,249

End of year (a)	$	4,597,244,838		$	3,656,424,892


(a) Includes accumulated undistributed net investment income of	$	1,634,603		$	210,283

See Notes to Financial Statements.

444

EQ ADVISORS TRUST

EQ/MONEY MARKET PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Amortized Cost $2,064,724,808)	$	2,064,724,808
Dividends, interest and other receivables		5,136,769
Other assets		729

Total assets		2,069,862,306

LIABILITIES
Investment management fees payable		564,230
Distribution fees payable—Class IB		254,663
Administrative fees payable		179,297
Trustees’ fees payable		49,666
Accrued expenses		137,528

Total liabilities		1,185,384

NET ASSETS	$	2,068,676,922

Net assets were comprised of:
Paid in capital	$	2,068,745,163
Accumulated undistributed net investment income		48
Accumulated net realized loss		(68,289	)

Net assets	$	2,068,676,922

Class IA
Net asset value, offering and redemption price per share, $869,405,319 / 869,365,415 shares outstanding (unlimited amount authorized: $0.01 par value)	$	1.00

Class IB
Net asset value, offering and redemption price per share, $1,199,271,603 / 1,199,056,350 shares outstanding (unlimited amount authorized: $0.01 par value)	$	1.00

*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Interest	$	102,245,348

EXPENSES
Investment management fees		6,284,236
Distribution fees—Class IB		2,684,733
Administrative fees		1,981,800
Printing and mailing expenses		290,982
Custodian fees		85,000
Professional fees		81,041
Trustees’ fees		37,023
Miscellaneous		20,112

Total expenses		11,464,927

NET INVESTMENT INCOME		90,780,421

REALIZED AND UNREALIZED GAIN
Realized gain on securities		28,449

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	90,808,870

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	90,780,421		$	74,972,643
Net realized gain on investments		28,449			992

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		90,808,870			74,973,635

DIVIDENDS:
Dividends from net investment income
Class IA		(41,663,604	)		(36,657,208	)
Class IB		(49,116,817	)		(38,315,386	)

TOTAL DIVIDENDS		(90,780,421	)		(74,972,594	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 582,634,793 and 561,518,878 shares, respectively ]		582,655,818			561,528,030
Capital shares issued in reinvestment of dividends [ 41,663,604 and 36,657,208 shares, respectively ]		41,663,604			36,657,208
Capital shares repurchased [ (586,600,239) and (504,031,932) shares, respectively ]		(586,621,358	)		(504,025,639	)

Total Class IA transactions		37,698,064			94,159,599

Class IB
Capital shares sold [ 1,706,685,181 and 1,195,884,647 shares, respectively ]		1,706,980,231			1,195,895,301
Capital shares issued in reinvestment of dividends [ 49,116,817 and 38,315,389 shares, respectively ]		49,116,817			38,315,386
Capital shares repurchased [ (1,474,739,725) and (1,089,389,796) shares, respectively ]		(1,474,995,255	)		(1,089,241,864	)

Total Class IB transactions		281,101,793			144,968,823

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		318,799,857			239,128,422

TOTAL INCREASE IN NET ASSETS		318,828,306			239,129,463
NET ASSETS:
Beginning of year		1,749,848,616			1,510,719,153

End of year (a)	$	2,068,676,922		$	1,749,848,616


(a) Includes accumulated undistributed net investment income of	$	48		$	48

See Notes to Financial Statements.

445

EQ ADVISORS TRUST

EQ/MONTAG & CALDWELL GROWTH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $308,950,457) (Securities on loan at market value $14,825,860)	$	375,996,816
Receivable from Separate Accounts for Trust shares sold		2,069,029
Dividends, interest and other receivables		488,834
Other assets		223

Total assets		378,554,902

LIABILITIES
Collateral held for securities loaned		15,400,900
Payable for securities purchased		1,182,910
Payable to Separate Accounts for Trust shares redeemed		437,863
Investment management fees payable		225,489
Distribution fees payable—Class IB		72,037
Administrative fees payable		32,853
Payable for recoupment fees		6,532
Trustees’ fees payable		1,812
Accrued expenses		66,892

Total liabilities		17,427,288

NET ASSETS	$	361,127,614

Net assets were comprised of:
Paid in capital	$	343,509,144
Accumulated undistributed net investment income		3,484
Accumulated net realized loss		(49,431,373	)
Unrealized appreciation on investments		67,046,359

Net assets	$	361,127,614

Class IA
Net asset value, offering and redemption price per share, $15,660,512 / 2,388,359 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.56

Class IB
Net asset value, offering and redemption price per share, $345,467,102 / 52,560,856 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.57

*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Dividends	$	3,739,394
Interest		183,403
Securities lending (net)		38,196

Total income		3,960,993

EXPENSES
Investment management fees		2,187,342
Distribution fees—Class IB		702,405
Administrative fees		323,974
Professional fees		48,442
Printing and mailing expenses		42,970
Custodian fees		15,001
Trustees’ fees		5,263
Miscellaneous		8,270

Gross expenses		3,333,667
Less: Waiver from investment advisor		(7,505	)
Fees paid indirectly		(48,073	)

Net expenses		3,278,089

NET INVESTMENT INCOME		682,904

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		27,830,332
Net change in unrealized appreciation on securities		25,302,392

NET REALIZED AND UNREALIZED GAIN		53,132,724

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	53,815,628

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	682,904		$	561,483
Net realized gain on investments		27,830,332			16,885,954
Net change in unrealized appreciation on investments		25,302,392			4,671,874

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		53,815,628			22,119,311

DIVIDENDS:
Dividends from net investment income
Class IA		(64,123	)		(44,523	)
Class IB		(614,562	)		(521,271	)

TOTAL DIVIDENDS		(678,685	)		(565,794	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 1,155,026 and 400,244 shares, respectively ]		7,346,303			2,083,820
Capital shares issued in reinvestment of dividends [ 9,957 and 8,109 shares, respectively ]		64,123			44,523
Capital shares repurchased [ (623,935) and (899,209) shares, respectively ]		(3,651,731	)		(4,640,003	)

Total Class IA transactions		3,758,695			(2,511,660	)

Class IB
Capital shares sold [ 15,202,831 and 3,575,748 shares, respectively ]		96,627,788			18,455,580
Capital shares issued in reinvestment of dividends [ 95,197 and 94,767 shares, respectively ]		614,562			521,271
Capital shares repurchased [ (13,025,239) and (13,845,997) shares, respectively ]		(77,122,832	)		(71,556,929	)

Total Class IB transactions		20,119,518			(52,580,078	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		23,878,213			(55,091,738	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		77,015,156			(33,538,221	)
NET ASSETS:
Beginning of year		284,112,458			317,650,679

End of year (a)	$	361,127,614		$	284,112,458


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	3,484		$	(735	)

See Notes to Financial Statements.

446

EQ ADVISORS TRUST

EQ/MUTUAL SHARES PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $748,194,780) (Securities on loan at market value $45,360,426)	$	742,098,235
Foreign cash (Cost $3,635,096)		3,670,790
Receivable from Separate Accounts for Trust shares sold		1,062,353
Dividends, interest and other receivables		874,482
Unrealized appreciation of forward foreign currency contracts		715,321
Receivable for securities sold		187,817

Total assets		748,608,998

LIABILITIES
Overdraft payable		197,902
Collateral held for loaned securities		46,511,355
Payable for securities purchased		6,923,428
Unrealized depreciation of forward foreign currency contracts		3,304,970
Investment management fees payable		461,500
Payable to Separate Accounts for Trust shares redeemed		293,359
Distribution fees payable—Class IB		86,610
Administrative fees payable		60,550
Options written, at value (Premiums received $53,759)		51,678
Trustees’ fees payable		1,566
Accrued expenses		581

Total liabilities		57,893,499

NET ASSETS	$	690,715,499

Net assets were comprised of:
Paid in capital	$	697,938,005
Accumulated undistributed net investment income		2,307,173
Accumulated overdistributed net realized gain		(851,311	)
Unrealized depreciation on investments, options written and foreign currency translations		(8,678,368	)

Net assets	$	690,715,499

Class IA
Net asset value, offering and redemption price per share, $284,502,823 / 25,988,297 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.95

Class IB
Net asset value, offering and redemption price per share, $406,212,676 / 37,199,137 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.92

*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Dividends (net of $366,923 foreign withholding tax)	$	8,649,939
Interest		2,195,383
Securities lending (net)		143,019

Total income		10,988,341

EXPENSES
Investment management fees		3,630,672
Distribution fees—Class IB		779,497
Administrative fees		436,629
Custodian fees		176,000
Printing and mailing expenses		72,051
Professional fees		58,617
Trustees’ fees		6,496
Miscellaneous		13,365

Gross expenses		5,173,327
Less: Waiver from investment advisor		(158,424	)

Net expenses		5,014,903

NET INVESTMENT INCOME		5,973,438

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		798,555
Options written		81,715
Foreign currency transactions		(5,601,714	)

Net realized loss		(4,721,444	)

Change in unrealized appreciation (depreciation) on:
Securities		(11,126,112	)
Options written		1,523
Foreign currency translations		(2,573,558	)

Net change in unrealized depreciation		(13,698,147	)

NET REALIZED AND UNREALIZED LOSS		(18,419,591	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(12,446,153	)

See Notes to Financial Statements.

447

EQ ADVISORS TRUST

EQ/MUTUAL SHARES PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31, 2007			September 15, 2006* to December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	5,973,438		$	135,131
Net realized loss on investments and foreign currency transactions		(4,721,444	)		(451,918	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(13,698,147	)		5,019,779

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(12,446,153	)		4,702,992

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		—			(15,500	)
Class IB		—			(62,864	)

		—			(78,364	)

Distributions from net realized capital gains
Class IA		(7,889	)		(3,500	)
Class IB		(36,765	)		(28,951	)

		(44,654	)		(32,451	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(44,654	)		(110,815	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 24,992,751 and 3,240 shares, respectively ]		279,908,884			34,785
Capital shares issued in reinvestment of dividends and distributions [ 712 and 1,770 shares, respectively ]		7,889			19,000
Capital shares repurchased [ (10,175) and (1) shares, respectively ]		(114,364	)		(10	)

Total Class IA transactions		279,802,409			53,775

Class IB
Capital shares sold [ 33,491,306 and 8,339,509 shares, respectively ]		374,546,270			86,467,301
Capital shares issued in reinvestment of dividends and distributions [ 3,325 and 8,551 shares, respectively ]		36,765			91,815
Capital shares repurchased [ (5,561,548) and (82,006) shares, respectively ]		(61,522,869	)		(861,337	)

Total Class IB transactions		313,060,166			85,697,779

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		592,862,575			85,751,554

TOTAL INCREASE IN NET ASSETS		580,371,768			90,343,731
NET ASSETS:
Beginning of year		110,343,731			20,000,000

End of year (a)	$	690,715,499		$	110,343,731


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	2,307,173		$	(437,642	)

* The Portfolio commenced operations on September 15, 2006.

See Notes to Financial Statements.

448

EQ ADVISORS TRUST

EQ/OPPENHEIMER GLOBAL PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $136,158,984) (Securities on loan at market value $19,459,685)	$	137,333,389
Repurchase Agreement (Amortized Cost $18,983,055)		18,983,055
Foreign cash (Cost $227,670)		227,858
Receivable from Separate Accounts for Trust shares sold		621,887
Dividends, interest and other receivables		179,204

Total assets		157,345,393

LIABILITIES
Collateral held for loaned securities		18,983,055
Investment management fees payable		40,031
Distribution fees payable—Class IB		27,191
Payable to Separate Accounts for Trust shares redeemed		15,121
Administrative fees payable		14,038
Trustees’ fees payable		327
Accrued expenses		102,176

Total liabilities		19,181,939

NET ASSETS	$	138,163,454

Net assets were comprised of:
Paid in capital	$	136,843,971
Accumulated overdistributed net investment income		(18,674	)
Accumulated undistributed net realized gain		163,513
Unrealized appreciation on investments and foreign currency translations		1,174,644

Net assets	$	138,163,454

Class IA
Net asset value, offering and redemption price per share, $6,248,204 / 544,067 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.48

Class IB
Net asset value, offering and redemption price per share, $131,915,250 / 11,489,502 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.48

*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Dividends (net of $83,922 foreign withholding tax)	$	1,238,884
Interest		129,488
Securities lending (net)		65,405

Total income		1,433,777

EXPENSES
Investment management fees		780,830
Custodian fees		285,000
Distribution fees—Class IB		191,976
Administrative fees		112,848
Professional fees		45,265
Printing and mailing expenses		14,465
Trustees’ fees		1,352
Miscellaneous		10,347

Gross expenses		1,442,083
Less: Waiver from investment advisor		(345,977	)

Net expenses		1,096,106

NET INVESTMENT INCOME		337,671

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		1,329,400
Foreign currency transactions		(41,075	)

Net realized gain		1,288,325

Change in unrealized appreciation (depreciation) on:
Securities		(258,581	)
Foreign currency translations		1,016

Net change in unrealized depreciation		(257,565	)

NET REALIZED AND UNREALIZED GAIN		1,030,760

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,368,431

See Notes to Financial Statements.

449

EQ ADVISORS TRUST

EQ/OPPENHEIMER GLOBAL PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31, 2007			August 31, 2006* to December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	337,671		$	9,426
Net realized gain on investments and foreign currency transactions		1,288,325			18,760
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(257,565	)		1,432,209

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		1,368,431			1,460,395

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(29,896	)		(2,084	)
Class IB		(291,494	)		—

		(321,390	)		(2,084	)

Distributions from net realized capital gains
Class IA		(58,389	)		(561	)
Class IB		(1,212,000	)		(3,085	)

		(1,270,389	)		(3,646	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(1,591,779	)		(5,730	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 146,418 and 751 shares, respectively ]		1,693,255			8,195
Capital shares issued in reinvestment of dividends and distributions [ 7,904 and 241 shares, respectively ]		88,285			2,645
Capital shares repurchased [ (11,247) and 0 shares, respectively ]		(129,682	)		—

Total Class IA transactions		1,651,858			10,840

Class IB
Capital shares sold [ 10,245,111 and 2,111,790 shares, respectively ]		119,374,642			22,540,853
Capital shares issued in reinvestment of dividends and distributions [ 134,652 and 280 shares, respectively ]		1,503,494			3,085
Capital shares repurchased [ (1,322,276) and (80,055) shares, respectively ]		(15,293,242	)		(859,393	)

Total Class IB transactions		105,584,894			21,684,545

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		107,236,752			21,695,385

TOTAL INCREASE IN NET ASSETS		107,013,404			23,150,050
NET ASSETS:
Beginning of period		31,150,050			8,000,000

End of period (a)	$	138,163,454		$	31,150,050


(a) Includes accumulated overdistributed net investment income of	$	(18,674	)	$	(3,912	)

* The Portfolio commenced operations on August 31, 2006.

See Notes to Financial Statements.

450

EQ ADVISORS TRUST

EQ/OPPENHEIMER MAIN STREET OPPORTUNITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $58,156,026) (Securities on loan at market value $4,834,791)	$	57,059,603
Receivable for securities sold		578,970
Receivable from Separate Accounts for Trust shares sold		119,649
Dividends, interest and other receivables		56,358

Total assets		57,814,580

LIABILITIES
Collateral held for securities loaned		4,920,550
Payable for securities purchased		1,248,067
Investment management fees payable		24,301
Distribution fees payable—Class IB		9,609
Administrative fees payable		6,909
Payable to Separate Accounts for Trust shares redeemed		3,691
Trustees’ fees payable		153
Accrued expenses		14,717

Total liabilities		6,227,997

NET ASSETS	$	51,586,583

Net assets were comprised of:
Paid in capital	$	52,995,095
Accumulated undistributed net investment income		5,419
Accumulated overdistributed net realized gain		(317,508	)
Unrealized depreciation on investments		(1,096,423	)

Net assets	$	51,586,583

Class IA
Net asset value, offering and redemption price per share, $5,644,682 / 531,726 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.62

Class IB
Net asset value, offering and redemption price per share, $45,941,901 / 4,327,280 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.62

*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Dividends (net of $2 foreign withholding tax)	$	675,127
Interest		30,804
Securities lending (net)		4,835

Total income		710,766

EXPENSES
Investment management fees		322,324
Distribution fees—Class IB		80,489
Administrative fees		68,223
Custodian fees		47,001
Professional fees		43,356
Printing and mailing expenses		6,600
Trustees’ fees		635
Miscellaneous		6,031

Gross expenses		574,659
Less: Waiver from investment advisor		(96,077	)

Net expenses		478,582

NET INVESTMENT INCOME		232,184

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		1,817,327
Foreign currency transactions		35

Net realized gain		1,817,362
Net change in unrealized depreciation on securities		(1,968,273	)

NET REALIZED AND UNREALIZED LOSS		(150,911	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	81,273

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31, 2007			August 31, 2006* to December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	232,184		$	35,189
Net realized gain on investments and foreign currency transactions		1,817,362			181,054
Net change in unrealized appreciation (depreciation) on investments		(1,968,273	)		871,850

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		81,273			1,088,093

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(38,542	)		(14,850	)
Class IB		(189,224	)		(23,128	)

		(227,766	)		(37,978	)

Distributions from net realized capital gains
Class IA		(254,099	)		(26,000	)
Class IB		(1,977,375	)		(58,954	)

		(2,231,474	)		(84,954	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(2,459,240	)		(122,932	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares issued in reinvestment of dividends and distributions [ 27,950 and 3,776 shares, respectively]		292,641			40,850

Class IB
Capital shares sold [ 3,863,716 and 791,057 shares, respectively ]		43,932,034			8,389,144
Capital shares issued in reinvestment of dividends and distributions [ 207,030 and 7,586 shares, respectively ]		2,166,599			82,082
Capital shares repurchased [ (1,011,527) and (30,582) shares, respectively ]		(11,576,540	)		(327,421	)

Total Class IB transactions		34,522,093			8,143,805

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		34,814,734			8,184,655

TOTAL INCREASE IN NET ASSETS		32,436,767			9,149,816
NET ASSETS:
Beginning of period		19,149,816			10,000,000

End of period (a)	$	51,586,583		$	19,149,816


(a) Includes accumulated undistributed net investment income of	$	5,419		$	1,169

* The Portfolio commenced operations on August 31, 2006.

See Notes to Financial Statements.

451

EQ ADVISORS TRUST

EQ/OPPENHEIMER MAIN STREET SMALL CAP PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $85,149,334) (Securities on loan at market value $21,434,649)	$	81,353,039
Repurchase Agreement (Amortized Cost $22,275,567)		22,275,567
Foreign cash (Cost $81)		80
Receivable for securities sold		3,473,589
Receivable from Separate Accounts for Trust shares sold		114,896
Dividends, interest and other receivables		78,710

Total assets		107,295,881

LIABILITIES
Overdraft payable		17
Collateral held for loaned securities		22,275,567
Payable for securities purchased		4,283,173
Distribution fees payable—Class IB		15,556
Administrative fees payable		9,345
Investment management fees payable		9,278
Payable to Separate Accounts for Trust shares redeemed		4,568
Trustees’ fees payable		215
Accrued expenses		1,127

Total liabilities		26,598,846

NET ASSETS	$	80,697,035

Net assets were comprised of:
Paid in capital	$	85,366,046
Accumulated undistributed net investment income		15,210
Accumulated overdistributed net realized gain		(887,915	)
Unrealized depreciation on investments and foreign currency translations		(3,796,306	)

Net assets	$	80,697,035

Class IA
Net asset value, offering and redemption price per share, $6,093,226 / 577,456 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.55

Class IB
Net asset value, offering and redemption price per share, $74,603,809 / 7,088,617 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.52

*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Dividends (net of $466 withholding foreign tax)	$	654,327
Interest		60,625
Securities lending (net)		34,536

Total income		749,488

EXPENSES
Investment management fees		517,923
Custodian fees		142,000
Distribution fees—Class IB		128,618
Administrative fees		88,006
Professional fees		44,071
Printing and mailing expenses		9,993
Trustees’ fees		953
Miscellaneous		6,129

Gross expenses		937,693
Less: Waiver from investment advisor		(205,016	)

Net expenses		732,677

NET INVESTMENT INCOME		16,811

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		222,407
Foreign currency transactions		78

Net realized gain		222,485

Change in unrealized depreciation on:
Securities		(4,766,329	)
Foreign currency translations		(11	)

Net change in unrealized depreciation		(4,766,340	)

NET REALIZED AND UNREALIZED LOSS		(4,543,855	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,527,044	)

See Notes to Financial Statements.

452

EQ ADVISORS TRUST

EQ/OPPENHEIMER MAIN STREET SMALL CAP PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31, 2007			August 31, 2006* to December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	16,811		$	14,912
Net realized gain on investments and foreign currency transactions		222,485			157,408
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(4,766,340	)		970,034

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(4,527,044	)		1,142,354

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		—			(7,955	)
Class IB		—			(9,388	)

		—			(17,343	)

Distributions from net realized capital gains
Class IA		(97,452	)		(14,208	)
Class IB		(1,131,145	)		(39,793	)

		(1,228,597	)		(54,001	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(1,228,597	)		(71,344	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 66,325 and 3,139 shares, respectively ]		743,600			33,948
Capital shares issued in reinvestment of dividends and distributions [ 9,371 and 2,043 shares, respectively ]		97,452			22,163
Capital shares repurchased [ (3,422) and (0) shares, respectively ]		(38,676	)		—

Total Class IA transactions		802,376			56,111

Class IB
Capital shares sold [ 6,941,983 and 1,111,676 shares, respectively ]		79,107,677			11,917,225
Capital shares issued in reinvestment of dividends and distributions [ 109,245 and 4,533 shares, respectively ]		1,131,145			49,181
Capital shares repurchased [ (1,522,984) and (55,836) shares, respectively ]		(17,084,700	)		(597,349	)

Total Class IB transactions		63,154,122			11,369,057

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		63,956,498			11,425,168

TOTAL INCREASE IN NET ASSETS		58,200,857			12,496,178
NET ASSETS:
Beginning of period		22,496,178			10,000,000

End of period (a)	$	80,697,035		$	22,496,178


(a) Includes accumulated undistributed net investment income of	$	15,210		$	2,325

* The Portfolio commenced operations on August 31, 2006.

See Notes to Financial Statements.

453

EQ ADVISORS TRUST

EQ/PIMCO REAL RETURN PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $2,419,155,228) (Securities on loan at market value $210,817)	$	2,436,615,883
Cash Held as Collateral at Broker		7,455,000
Foreign cash (Cost $5,353,710)		5,332,011
Foreign Cash Held as Collateral at Broker		963,484
Receivable for securities sold		1,030,888,923
Receivable for forward commitments		31,419,469
Dividends, interest and other receivables		16,308,731
Unrealized appreciation of forward foreign currency contracts		2,941,653
Receivable from Separate Accounts for Trust shares sold		2,508,636
Other assets		300

Total assets		3,534,434,090

LIABILITIES
Overdraft payable		197,537
Payable for securities purchased		2,069,403,941
Securities sold short (Proceeds received $161,011,844)		160,744,177
Payable for forward commitments		7,344,766
Payable to Separate Accounts for Trust shares redeemed		3,072,989
Options written, at value (Premiums received $1,104,966)		1,941,578
Investment management fees payable		508,337
Collateral held for loaned securities		215,000
Unrealized depreciation of forward foreign currency contracts		204,960
Variation margin payable on futures contracts		167,448
Distribution fees payable—Class IB		121,640
Administrative fees payable		105,721
Trustees’ fees payable		2,742
Accrued expenses		115,912

Total liabilities		2,244,146,748

NET ASSETS	$	1,290,287,342

Net assets were comprised of:
Paid in capital	$	1,253,377,417
Accumulated overdistributed net investment income		(3,391,455	)
Accumulated undistributed net realized gain		11,086,268
Unrealized appreciation on investments, securities sold short, options written, futures and foreign currency translations		29,215,112

Net assets	$	1,290,287,342

Class IA*
Net asset value, offering and redemption price per share, $705,347,011 / 66,962,061 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.53

Class IB
Net asset value, offering and redemption price per share, $584,940,331 / 55,483,905 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.54


* Class IA commenced operations on March 30, 2007.
*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Interest	$	34,505,454
Securities lending		5,547

Total income		34,511,001

EXPENSES
Investment management fees		3,667,417
Distribution fees—Class IB		1,118,200
Administrative fees		706,041
Printing and mailing expenses		113,615
Custodian fees		100,000
Professional fees		67,839
Trustees’ fees		10,886
Miscellaneous		34,882

Gross expenses		5,818,880
Less: Waiver from investment advisor		(340,134	)

Net expenses		5,478,746

NET INVESTMENT INCOME		29,032,255

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		42,598,147
Options written		(326,538	)
Futures		(13,139,094	)
Foreign currency transactions		(3,435,868	)

Net realized gain		25,696,647

Change in unrealized appreciation (depreciation) on:
Securities		27,583,089
Securities sold short		267,666
Forward volatility agreements		74,037
Options written		(882,583	)
Futures		9,096,482
Foreign currency translations		4,748,926

Net change in unrealized appreciation		40,887,617

NET REALIZED AND UNREALIZED GAIN		66,584,264

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	95,616,519

See Notes to Financial Statements.

454

EQ ADVISORS TRUST

EQ/PIMCO REAL RETURN PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	29,032,255		$	12,902,961
Net realized gain (loss) on investments and foreign currency transactions		25,696,647			(1,791,718	)
Net change in unrealized appreciation (depreciation) on investments, securities sold short, forward volatility agreements, options written, futures and foreign currency translations		40,887,617			(10,747,493	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		95,616,519			363,750

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(16,881,982	)		—
Class IB		(13,692,231	)		(13,099,503	)

		(30,574,213	)		(13,099,503	)

Distributions from net realized capital gains
Class IA		(5,462,165	)		—
Class IB		(4,897,260	)		(1,509,127	)

		(10,359,425	)		(1,509,127	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(40,933,638	)		(14,608,630	)

CAPITAL SHARES TRANSACTIONS:
Class IA*
Capital shares sold [ 65,529,606 and 0 shares, respectively ]		670,553,677			—
Capital shares issued in reinvestment of dividends and distributions [ 2,161,504 and 0 shares, respectively ]		22,344,147			—
Capital shares repurchased [ (729,049) and (0) shares, respectively ]		(7,500,297	)		—

Total Class IA transactions		685,397,527			—

Class IB
Capital shares sold [ 29,013,136 and 22,728,347 shares, respectively ]		297,184,763			230,335,737
Capital shares issued in reinvestment of dividends and distributions [ 1,796,570 and 1,483,108 shares, respectively ]		18,589,491			14,608,630
Capital shares repurchased [ (13,807,615) and (7,208,398) shares, respectively ]		(141,071,653	)		(73,067,662	)

Total Class IB transactions		174,702,601			171,876,705

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		860,100,128			171,876,705

TOTAL INCREASE IN NET ASSETS		914,783,009			157,631,825
NET ASSETS:
Beginning of year		375,504,333			217,872,508

End of year (a)	$	1,290,287,342		$	375,504,333


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(3,391,455	)	$	1,650,377

* Class IA commenced operations on March 30, 2007.

See Notes to Financial Statements.

455

EQ ADVISORS TRUST

EQ/SHORT DURATION BOND PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $2,493,777,536) (Securities on loan at market value $343,352,015)	$	2,508,303,331
Dividends, interest and other receivables		12,850,448
Receivable from Separate Accounts for Trust shares sold		1,269,412
Receivable for securities sold		656,255
Other assets		949

Total assets		2,523,080,395

LIABILITIES
Collateral held for loaned securities		223,708,109
Payable for securities purchased		55,759,336
Investment management fees payable		802,067
Payable to Separate Accounts for Trust shares redeemed		363,286
Administrative fees payable		192,627
Distribution fees payable—Class IB		24,105
Trustees’ fees payable		7,481
Accrued expenses		467

Total liabilities		280,857,478

NET ASSETS	$	2,242,222,917

Net assets were comprised of:
Paid in capital	$	2,232,693,209
Accumulated undistributed net investment income		223,537
Accumulated net realized loss		(5,219,624	)
Unrealized appreciation on investments		14,525,795

Net assets	$	2,242,222,917

Class IA
Net asset value, offering and redemption price per share, $2,131,300,015 / 211,180,073 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.09

Class IB
Net asset value, offering and redemption price per share, $110,922,902 / 10,983,111 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.10

*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Interest	$	103,850,286
Securities lending (net)		744,195

Total income		104,594,481

EXPENSES
Investment management fees		8,767,075
Administrative fees		2,097,520
Recoupment fees		442,699
Printing and mailing expenses		304,962
Distribution fees—Class IB		248,091
Professional fees		87,544
Custodian fees		49,999
Trustees’ fees		36,866
Miscellaneous		54,683

Total expenses		12,089,439

NET INVESTMENT INCOME		92,505,042

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		1,338,811
Net change in unrealized appreciation on securities		17,636,514

NET REALIZED AND UNREALIZED GAIN		18,975,325

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	111,480,367

See Notes to Financial Statements.

456

EQ ADVISORS TRUST

EQ/SHORT DURATION BOND PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	92,505,042		$	66,866,372
Net realized gain (loss) on investments		1,338,811			(4,444,005	)
Net change in unrealized appreciation on investments		17,636,514			5,405,009

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		111,480,367			67,827,376

DIVIDENDS:
Dividends from net investment income
Class IA		(88,910,826	)		(64,459,734	)
Class IB		(4,407,366	)		(2,855,085	)

TOTAL DIVIDENDS		(93,318,192	)		(67,314,819	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 54,656,030 and 63,049,550 shares, respectively ]		556,737,586			635,461,079
Capital shares issued in reinvestment of dividends [ 8,848,752 and 6,457,969 shares, respectively ]		88,910,826			64,459,734
Capital shares repurchased [ (30,779,432) and (13,776,368) shares, respectively ]		(312,977,365	)		(138,806,261	)

Total Class IA transactions		332,671,047			561,114,552

Class IB
Capital shares sold [ 8,938,120 and 10,836,453 shares, respectively ]		91,596,246			109,133,068
Capital shares issued in reinvestment of dividends [ 438,288 and 285,842 shares, respectively ]		4,407,366			2,855,085
Capital shares repurchased [ (6,938,304) and (6,228,601) shares, respectively ]		(71,279,092	)		(63,200,676	)

Total Class IB transactions		24,724,520			48,787,477

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		357,395,567			609,902,029

TOTAL INCREASE IN NET ASSETS		375,557,742			610,414,586
NET ASSETS:
Beginning of period		1,866,665,175			1,256,250,589

End of period (a)	$	2,242,222,917		$	1,866,665,175


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	223,537		$	(2,709	)

See Notes to Financial Statements.

457

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $ 955,206,559) (Securities on loan at market value $221,133,664)	$	1,029,005,596
Cash		415,755
Dividends, interest and other receivables		1,097,828
Receivable from Separate Accounts for Trust shares sold		293,685
Other assets		1,122

Total assets		1,030,813,986

LIABILITIES
Collateral held for loaned securities		228,861,385
Payable for securities purchased		396,766
Payable to Separate Accounts for Trust shares redeemed		381,364
Investment management fees payable		173,007
Distribution fees payable—Class IB		143,704
Administrative fees payable		72,303
Trustees’ fees payable		7,126
Variation margin payable on futures contracts		4,950
Accrued expenses		1,154

Total liabilities		230,041,759

NET ASSETS	$	800,772,227

Net assets were comprised of:
Paid in capital	$	719,390,604
Accumulated undistributed net investment income		311,895
Accumulated undistributed net realized gain		7,267,916
Unrealized appreciation on investments and futures		73,801,812

Net assets	$	800,772,227

Class IA
Net asset value, offering and redemption price per share, $130,825,129 / 11,272,038 shares outstanding (unlimited amount authorized: $ 0.01 par value)	$	11.61

Class IB
Net asset value, offering and redemption price per share, $669,947,098 / 57,707,569 shares outstanding (unlimited amount authorized: $ 0.01 par value)	$	11.61

*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Dividends	$	15,625,499
Interest		505,843
Securities lending (net)		1,870,468

Total income		18,001,810

EXPENSES
Investment management fees		2,648,769
Distribution fees—Class IB		1,797,110
Administrative fees		1,097,969
Printing and mailing expenses		160,835
Custodian fees		125,000
Professional fees		62,440
Trustees’ fees		19,704
Miscellaneous		26,290

Total expenses		5,938,117

NET INVESTMENT INCOME		12,063,693

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		63,664,715
Futures		(105,576	)

Net realized gain		63,559,139

Change in unrealized depreciation on:
Securities		(80,462,081	)
Futures		(30,850	)

Net change in unrealized depreciation		(80,492,931	)

NET REALIZED AND UNREALIZED LOSS		(16,933,792	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,870,099	)

See Notes to Financial Statements.

458

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	12,063,693		$	7,491,635
Net realized gain on investments and futures		63,559,139			51,109,752
Net change in unrealized appreciation (depreciation) on investments and futures		(80,492,931	)		66,027,063

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(4,870,099	)		124,628,450

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(2,189,256	)		(3,472,783	)
Class IB		(9,553,703	)		(4,637,213	)

		(11,742,959	)		(8,109,996	)

Distributions from net realized capital gains
Class IA		(10,550,212	)		(16,825,769	)
Class IB		(49,918,645	)		(31,324,816	)

		(60,468,857	)		(48,150,585	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(72,211,816	)		(56,260,581	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 7,088,369 and 28,698,268 shares, respectively ]		93,794,852			367,050,375
Capital shares issued in reinvestment of dividends and distributions [ 1,121,214 and 1,575,673 shares, respectively ]		12,739,468			20,298,552
Capital shares repurchased [ (26,208,896) and (3,087,033) shares, respectively ]		(351,368,459	)		(39,262,348	)

Total Class IA transactions		(244,834,139	)		348,086,579

Class IB
Capital shares sold [ 10,809,217 and 14,285,991 shares, respectively ]		143,692,682			182,880,006
Capital shares issued in reinvestment of dividends and distributions [ 5,273,424 and 2,794,575 shares, respectively ]		59,472,348			35,962,029
Capital shares repurchased [ (11,182,861) and (8,590,527) shares, respectively ]		(148,361,059	)		(109,293,645	)

Total Class IB transactions		54,803,971			109,548,390

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(190,030,168	)		457,634,969

TOTAL INCREASE (DECREASE) IN NET ASSETS		(267,112,083	)		526,002,838
NET ASSETS:
Beginning of year		1,067,884,310			541,881,472

End of year (a)	$	800,772,227		$	1,067,884,310


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	311,895		$	(5,357	)

See Notes to Financial Statements.

459

EQ ADVISORS TRUST

EQ/T. ROWE PRICE GROWTH STOCK PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $596,736,437) (Securities on loan at market value $40,303,285)	$	633,665,251
Foreign cash (Cost $149)		152
Receivable for securities sold		1,096,898
Dividends, interest and other receivables		542,879
Receivable from Separate Accounts for Trust shares sold		174,896
Other assets		257

Total assets		635,480,333

LIABILITIES
Collateral held for loaned securities		41,436,844
Payable for securities purchased		1,132,256
Payable to Separate Accounts for Trust shares redeemed		440,580
Investment management fees payable		380,172
Distribution fees payable—Class IB		125,979
Administrative fees payable		53,446
Trustees’ fees payable		5,212
Accrued expenses		122,319

Total liabilities		43,696,808

NET ASSETS	$	591,783,525

Net assets were comprised of:
Paid in capital	$	618,358,595
Accumulated undistributed net investment income		5,669
Accumulated overdistributed net realized gain		(63,509,541	)
Unrealized appreciation on investments and foreign currency translations		36,928,802

Net assets	$	591,783,525

Class IA*
Net asset value, offering and redemption price per share, $1,219,398 / 56,841 shares outstanding (unlimited amount authorized: $0.01 par value)	$	21.45

Class IB
Net asset value, offering and redemption price per share, $590,564,127 / 27,539,574 shares outstanding (unlimited amount authorized: $0.01 par value)	$	21.44


* Class IA commenced operations on May 16, 2007.
*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Dividends (net of $50,527 foreign withholding tax)	$	3,741,468
Interest		584,794
Securities lending (net)		34,904

Total income		4,361,166

EXPENSES
Investment management fees		3,273,241
Distribution fees—Class IB		1,035,745
Administrative fees		448,195
Printing and mailing expenses		82,022
Professional fees		56,307
Trustees’ fees		7,286
Custodian fees		4,999
Miscellaneous		11,144

Gross expenses		4,918,939
Less: Waiver from investment advisor		(146,409	)
Fees paid indirectly		(838,917	)

Net expenses		3,933,613

NET INVESTMENT INCOME		427,553

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		86,725,729
Foreign currency transactions		22,891

Net realized gain		86,748,620

Change in unrealized depreciation on:
Securities		(77,626,943	)
Foreign currency translations		(12	)

Net change in unrealized depreciation		(77,626,955	)

NET REALIZED AND UNREALIZED GAIN		9,121,665

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	9,549,218

See Notes to Financial Statements.

460

EQ ADVISORS TRUST

EQ/T. ROWE PRICE GROWTH STOCK PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	427,553		$	(1,622,002	)
Net realized gain on investments and foreign currency transactions		86,748,620			28,629,877
Net change in unrealized depreciation on investments and foreign currency translations		(77,626,955	)		(39,845,374	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		9,549,218			(12,837,499	)

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(3,947	)		—
Class IB		(436,563	)		—

		(440,510	)		—

Distributions from net realized capital gains
Class IA		(66,290	)		—
Class IB		(32,339,465	)		—

		(32,405,755	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(32,846,265	)		—

CAPITAL SHARES TRANSACTIONS:
Class IA*
Capital shares sold [ 10,428 and 0 shares, respectively ]		237,695			—
Capital shares issued in connection with merger (Note 12) [ 49,277 and 0 shares, respectively ]		1,145,616			—
Capital shares issued in reinvestment of dividends and distributions [ 3,362 and 0 shares, respectively ]		70,237			—
Capital shares repurchased [ (6,226) and (0) shares, respectively ]		(140,309	)		—

Total Class IA transactions		1,313,239			—

Class IB
Capital shares sold [ 2,979,429 and 1,759,789 shares, respectively ]		67,159,066			37,100,164
Capital shares issued in connection with merger (Note 12) [ 15,649,256 and 0 shares, respectively ]		363,177,199			—
Capital shares issued in reinvestment of dividends and distributions [ 1,569,246 and 0 shares, respectively ]		32,776,028			—
Capital shares repurchased [ (4,265,667) and (3,841,153) shares, respectively ]		(95,474,797	)		(80,545,722	)

Total Class IB transactions		367,637,496			(43,445,558	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		368,950,735			(43,445,558	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		345,653,688			(56,283,057	)
NET ASSETS:
Beginning of year		246,129,837			302,412,894

End of year (a)	$	591,783,525		$	246,129,837


(a) Includes accumulated undistributed net investment income and accumulated net investment loss of	$	5,669		$	(770	)

* Class IA commenced operations on May 16, 2007.

See Notes to Financial Statements.

461

EQ ADVISORS TRUST

EQ/TEMPLETON GROWTH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $636,674,643) (Securities on loan at market value $31,449,272)	$	625,660,243
Foreign cash (Cost $51,597)		52,602
Receivable from Separate Accounts for Trust shares sold		912,542
Dividends, interest and other receivables		729,832

Total assets		627,355,219

LIABILITIES
Collateral held for loaned securities		32,748,706
Investment management fees payable		446,812
Payable to Separate Accounts for Trust shares redeemed		249,254
Distribution fees payable—Class IB		68,281
Administrative fees payable		52,321
Payable for securities purchased		8,042
Trustees’ fees payable		1,306
Accrued expenses		80,545

Total liabilities		33,655,267

NET ASSETS	$	593,699,952

Net assets were comprised of:
Paid in capital	$	604,739,087
Accumulated overdistributed net investment income		(19,446	)
Accumulated undistributed net realized gain		1
Unrealized depreciation on investments and foreign currency translations		(11,019,690	)

Net assets	$	593,699,952

Class IA
Net asset value, offering and redemption price per share, $274,235,350 / 25,094,827 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.93

Class IB
Net asset value, offering and redemption price per share, $319,464,602 / 29,228,831 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.93

*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Dividends (net of $386,497 foreign withholding tax)	$	5,860,679
Interest		1,462,731
Securities lending (net)		121,601

Total income		7,445,011

EXPENSES
Investment management fees		3,089,062
Distribution fees—Class IB		608,090
Administrative fees		357,760
Custodian fees		133,400
Printing and mailing expenses		58,532
Professional fees		55,866
Trustees’ fees		5,197
Miscellaneous		11,519

Gross expenses		4,319,426
Less: Waiver from investment advisor		(134,861	)
Fees paid indirectly		(47	)

Net expenses		4,184,518

NET INVESTMENT INCOME		3,260,493

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		1,744,796
Foreign currency transactions		(81,018	)

Net realized gain		1,663,778

Change in unrealized depreciation on:
Securities		(13,729,563	)
Foreign currency translations		(642	)

Net change in unrealized depreciation		(13,730,205	)

NET REALIZED AND UNREALIZED LOSS		(12,066,427	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(8,805,934	)

See Notes to Financial Statements.

462

EQ ADVISORS TRUST

EQ/TEMPLETON GROWTH PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31, 2007			September 15, 2006* to December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	3,260,493		$	59,180
Net realized gain (loss) on investments and foreign currency transactions		1,663,778			(30,307	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(13,730,205	)		2,710,515

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(8,805,934	)		2,739,388

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(1,918,419	)		(3,150	)
Class IB		(1,537,634	)		(78,741	)

		(3,456,053	)		(81,891	)

Distributions from net realized capital gains
Class IA		(712,087	)		—
Class IB		(877,000	)		—

		(1,589,087	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(5,045,140	)		(81,891	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 24,698,953 and 0 shares, respectively ]		279,017,727			—
Capital shares issued in reinvestment of dividends and distributions [ 245,581 and 293 shares, respectively ]		2,630,506			3,150

Total Class IA transactions		281,648,233			3,150

Class IB
Capital shares sold [ 26,098,717 and 7,032,660 shares, respectively ]		291,682,353			73,351,655
Capital shares issued in reinvestment of dividends and distributions [ 225,369 and 7,318 shares, respectively ]		2,414,634			78,741
Capital shares repurchased [ (4,041,950) and (243,283) shares, respectively ]		(44,762,853	)		(2,522,384	)

Total Class IB transactions		249,334,134			70,908,012

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		530,982,367			70,911,162

TOTAL INCREASE IN NET ASSETS		517,131,293			73,568,659
NET ASSETS:
Beginning of period		76,568,659			3,000,000

End of period (a)	$	593,699,952		$	76,568,659


(a) Includes accumulated overdistributed net investment income of	$	(19,446	)	$	(24,938	)

* The Portfolio commenced operations on September 15, 2006.

See Notes to Financial Statements.

463

EQ ADVISORS TRUST

EQ/UBS GROWTH AND INCOME PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $199,496,014) (Securities on loan at market value $857,520)	$	218,598,519
Receivable for securities sold		376,100
Dividends, interest and other receivables		306,942
Receivable from Separate Accounts for Trust shares sold		99,422
Other assets		205

Total assets		219,381,188

LIABILITIES
Collateral held for loaned securities		871,200
Payable for securities purchased		669,336
Payable to Separate Accounts for Trust shares redeemed		186,538
Investment management fees payable		120,066
Distribution fees payable—Class IB		46,966
Administrative fees payable		21,484
Trustees’ fees payable		878
Accrued expenses		67,965

Total liabilities		1,984,433

NET ASSETS	$	217,396,755

Net assets were comprised of:
Paid in capital	$	203,606,381
Accumulated undistributed net investment income		12,526
Accumulated net realized loss		(5,324,657	)
Unrealized appreciation on investments		19,102,505

Net assets	$	217,396,755

Class IB
Net asset value, offering and redemption price per share, $217,396,755 / 31,769,937 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.84

*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Dividends	$	3,982,610
Interest		167,006
Securities lending (net)		15,891

Total income		4,165,507

EXPENSES
Investment management fees		1,689,155
Distribution fees—Class IB		563,052
Administrative fees		257,019
Professional fees		47,275
Printing and mailing expenses		33,406
Custodian fees		10,000
Trustees’ fees		4,077
Miscellaneous		8,872

Gross expenses		2,612,856
Less: Waiver from investment advisor		(247,986	)
Fees paid indirectly		(18,319	)

Net expenses		2,346,551

NET INVESTMENT INCOME		1,818,956

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		15,994,971
Net change in unrealized depreciation on securities		(15,649,617	)

NET REALIZED AND UNREALIZED GAIN		345,354

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,164,310

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,818,956		$	1,502,686
Net realized gain on investments		15,994,971			12,035,296
Net change in unrealized appreciation (depreciation) on investments		(15,649,617	)		12,210,437

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		2,164,310			25,748,419

DIVIDENDS:
Class IB
Dividends from net investment income		(1,814,860	)		(1,506,094	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [ 8,188,727 and 8,734,643 shares, respectively ]		58,469,557			54,858,410
Capital shares issued in reinvestment of dividends [ 267,421 and 220,890 shares, respectively ]		1,814,860			1,506,094
Capital shares repurchased [ (7,842,930) and (6,010,072) shares, respectively ]		(55,747,066	)		(37,881,412	)

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		4,537,351			18,483,092

TOTAL INCREASE IN NET ASSETS		4,886,801			42,725,417
NET ASSETS:
Beginning of year		212,509,954			169,784,537

End of year (a)	$	217,396,755		$	212,509,954


(a) Includes accumulated undistributed net investment income of	$	12,526		$	8,430

See Notes to Financial Statements.

464

EQ ADVISORS TRUST

EQ/VAN KAMPEN COMSTOCK PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $320,816,668) (Securities on loan at market value $374,463)	$	320,785,348
Dividends, interest and other receivables		356,809
Receivable from Separate Accounts for Trust shares sold		43,894
Other assets		341

Total assets		321,186,392

LIABILITIES
Collateral held for loaned securities		386,925
Payable for securities purchased		174,216
Investment management fees payable		166,471
Payable to Separate Accounts for Trust shares redeemed		133,909
Distribution fees payable—Class IB		69,348
Administrative fees payable		30,573
Trustees’ fees payable		1,076
Accrued expenses		63,544

Total liabilities		1,026,062

NET ASSETS	$	320,160,330

Net assets were comprised of:
Paid in capital	$	317,885,582
Accumulated undistributed net investment income		62,112
Accumulated undistributed net realized gain		2,243,956
Unrealized depreciation on investments		(31,320	)

Net assets	$	320,160,330

Class IA
Net asset value, offering and redemption price per share, $770,409 / 70,922 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.86

Class IB
Net asset value, offering and redemption price per share, $319,389,921 / 29,372,300 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.87

*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Dividends	$	7,513,967
Interest		1,144,759
Securities lending (net)		23,093

Total income		8,681,819

EXPENSES
Investment management fees		2,157,360
Distribution fees—Class IB		828,835
Administrative fees		364,551
Professional fees		51,560
Printing and mailing expenses		49,641
Custodian fees		10,000
Trustees’ fees		5,975
Miscellaneous		9,959

Gross expenses		3,477,881
Less: Waiver from investment advisor		(160,436	)
Fees paid indirectly		(21,262	)

Net expenses		3,296,183

NET INVESTMENT INCOME		5,385,636

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		13,028,964
Net change in unrealized depreciation on securities		(27,698,290	)

NET REALIZED AND UNREALIZED LOSS		(14,669,326	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(9,283,690	)

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	5,385,636		$	3,594,313
Net realized gain on investments		13,028,964			2,986,569
Net change in unrealized appreciation (depreciation) on investments		(27,698,290	)		26,114,668

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(9,283,690	)		32,695,550

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(14,629	)		(1,833	)
Class IB		(5,348,154	)		(3,561,396	)

		(5,362,783	)		(3,563,229	)

Distributions from net realized capital gains
Class IA		(26,116	)		(1,784	)
Class IB		(11,340,921	)		(3,772,163	)

		(11,367,037	)		(3,773,947	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(16,729,820	)		(7,337,176	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 59,842 and 0 shares, respectively ]		728,906			—
Capital shares issued in reinvestment of dividends and distributions [ 3,749 and 316 shares, respectively ]		40,745			3,617
Capital shares repurchased [ (3,087) and 0 shares, respectively ]		(35,417	)		—

Total Class IA transactions		734,234			3,617

Class IB
Capital shares sold [ 8,704,841 and 15,156,740 shares, respectively ]		105,247,828			166,340,895
Capital shares issued in reinvestment of dividends and distributions [ 1,531,038 and 637,673 shares, respectively ]		16,689,075			7,333,559
Capital shares repurchased [ (5,613,835) and (1,916,138) shares, respectively ]		(67,823,433	)		(21,342,141	)

Total Class IB transactions		54,113,470			152,332,313

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		54,847,704			152,335,930

TOTAL INCREASE IN NET ASSETS		28,834,194			177,694,304
NET ASSETS:
Beginning of year		291,326,136			113,631,832

End of year (a)	$	320,160,330		$	291,326,136


(a) Includes accumulated undistributed net investment income of	$	62,112		$	39,259

See Notes to Financial Statements.

465

EQ ADVISORS TRUST

EQ/VAN KAMPEN EMERGING MARKETS EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $2,947,442,715) (Securities on loan at market value $154,116,475)	$	3,940,063,681
Cash		68,696,351
Foreign Cash (Cost 6,169,232)		6,156,094
Receivable for securities sold		33,954,275
Receivable from Separate Accounts for Trust shares sold		7,005,069
Dividends, interest and other receivables		2,615,306
Other assets		1,995

Total assets		4,058,492,771

LIABILITIES
Collateral held for loaned securities		161,857,099
Payable for securities purchased		25,787,947
Payable for deferred India taxes		6,536,567
Payable to Separate Accounts for Trust shares redeemed		4,664,030
Investment management fees payable		3,586,251
Distribution fees payable—Class IB		602,242
Administrative fees payable		330,852
Trustees’ fees payable		16,222
Accrued expenses		690,884

Total liabilities		204,072,094

NET ASSETS	$	3,854,420,677

Net assets were comprised of:
Paid in capital	$	2,721,480,290
Accumulated undistributed net investment income		110,204
Accumulated undistributed net realized gain		146,765,286
Unrealized appreciation on investments (net of India tax of $6,574,285 on unrealized appreciation on investments) and foreign currency translations		986,064,897

Net assets	$	3,854,420,677

Class IA
Net asset value, offering and redemption price per share, $1,016,345,703 / 53,905,825 shares outstanding (unlimited amount authorized: $ 0.01 par value)	$	18.85

Class IB
Net asset value, offering and redemption price per share, $2,838,074,974 / 151,029,187 shares outstanding (unlimited amount authorized: $ 0.01 par value)	$	18.79

*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Dividends (net of $2,877,622 foreign withholding tax)	$	47,331,940
Interest		2,125,955
Securities lending (net)		747,283

Total income		50,205,178

EXPENSES
Investment management fees		33,730,495
Distribution fees—Class IB		5,689,401
Custodian fees		4,700,000
Administrative fees		3,099,005
Printing and mailing expenses		477,289
Professional fees		130,499
Trustees’ fees		53,993
Miscellaneous		80,292

Gross expenses		47,960,974
Less: Fees paid indirectly		(598	)

Net expenses		47,960,376

NET INVESTMENT INCOME		2,244,802

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		749,698,743
Foreign currency transactions		(8,231,365	)

Net realized gain		741,467,378

Change in unrealized appreciation on: Securities (net of India tax of $6,574,285 on unrealized appreciation on investments)		323,281,736
Foreign currency translations		1,922,664

Net change in unrealized appreciation		325,204,400

NET REALIZED AND UNREALIZED GAIN		1,066,671,778

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,068,916,580

See Notes to Financial Statements.

466

EQ ADVISORS TRUST

EQ/VAN KAMPEN EMERGING MARKETS EQUITY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,244,802		$	3,637,026
Net realized gain on investments and foreign currency transactions		741,467,378			237,334,238
Net change in unrealized appreciation on investments and foreign currency translations		325,204,400			351,709,332

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		1,068,916,580			592,680,596

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		—			(3,430,439	)
Class IB		—			(5,868,141	)

		—			(9,298,580	)

Distributions from net realized capital gains
Class IA		(172,156,153	)		(43,141,553	)
Class IB		(492,020,062	)		(133,927,282	)

		(664,176,215	)		(177,068,835	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(664,176,215	)		(186,367,415	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 13,000,687 and 24,610,780 shares, respectively ]		251,338,953			354,236,863
Capital shares issued in reinvestment of dividends and distributions [ 9,604,676 and 2,986,602 shares, respectively ]		172,156,153			46,571,992
Capital shares repurchased [ (6,858,434) and (2,065,636) shares, respectively ]		(126,654,153	)		(29,684,370	)

Total Class IA transactions		296,840,953			371,124,485

Class IB
Capital shares sold [ 43,304,494 and 43,607,430 shares, respectively ]		825,774,998			642,332,241
Capital shares issued in reinvestment of dividends and distributions [ 27,525,925 and 9,018,671 shares, respectively ]		492,020,062			139,795,423
Capital shares repurchased [ (33,806,291) and (27,240,764) shares, respectively ]		(633,689,614	)		(393,830,930	)

Total Class IB transactions		684,105,446			388,296,734

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		980,946,399			759,421,219

TOTAL INCREASE IN NET ASSETS		1,385,686,764			1,165,734,400
NET ASSETS:
Beginning of year		2,468,733,913			1,302,999,513

End of year (a)	$	3,854,420,677		$	2,468,733,913


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	110,204		$	(1,964,564	)

See Notes to Financial Statements.

467

EQ ADVISORS TRUST

EQ/VAN KAMPEN MID CAP GROWTH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $426,372,469) (Securities on loan at market value $102,273,857)	$	458,466,676
Repurchase Agreements (Amortized Cost $102,353,580)		102,353,580
Cash		3,044
Foreign Cash (Cost $102,461)		102,292
Receivable from Separate Accounts for Trust shares sold		1,440,853
Dividends, interest and other receivables		165,789
Other assets		168

Total assets		562,532,402

LIABILITIES
Collateral held for loaned securities		104,953,580
Payable for securities purchased		15,225,222
Payable to Separate Accounts for Trust shares redeemed		404,512
Investment management fees payable		238,174
Distribution fees payable—Class IB		78,586
Administrative fees payable		39,546
Trustees’ fees payable		904
Accrued expenses		61,469

Total liabilities		121,001,993

NET ASSETS	$	441,530,409

Net assets were comprised of:
Paid in capital	$	410,371,644
Accumulated overdistributed net investment income		(16,529	)
Accumulated overdistributed net realized gain		(918,945	)
Unrealized appreciation on investments and foreign currency translations		32,094,239

Net assets	$	441,530,409

Class IA
Net asset value, offering and redemption price per share, $62,727,799 / 3,988,191 shares outstanding (unlimited amount authorized: $0.01 par value)	$	15.73

Class IB
Net asset value, offering and redemption price per share, $378,802,610 / 24,126,464 shares outstanding (unlimited amount authorized: $0.01 par value)	$	15.70

*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*
INVESTMENT INCOME
Dividends (net of $65,565 foreign withholding tax)	$	2,799,760
Interest		547,818
Securities lending (net)		169,024

Total income		3,516,602

EXPENSES
Investment management fees		1,689,313
Distribution fees—Class IB		576,212
Administrative fees		273,256
Professional fees		52,333
Custodian fees		10,000
Printing and mailing expenses		38,579
Trustees’ fees		3,986
Miscellaneous		7,715

Gross expenses		2,651,394
Less: Waiver from investment advisor		(143,892	)
Fees paid indirectly		(41,411	)

Net expenses		2,466,091

NET INVESTMENT INCOME		1,050,511

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		15,097,258
Foreign currency transactions		(6,986	)

Net realized gain		15,090,272

Change in unrealized appreciation (depreciation) on:
Securities		24,374,520
Foreign currency translations		(1,024	)

Net change in unrealized appreciation		24,373,496

NET REALIZED AND UNREALIZED GAIN		39,463,768

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	40,514,279

See Notes to Financial Statements.

468

EQ ADVISORS TRUST

EQ/VAN KAMPEN MID CAP GROWTH PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,050,511		$	100,292
Net realized gain on investments and foreign currency transactions		15,090,272			3,690,866
Net change in unrealized appreciation on investments and foreign currency translations		24,373,496			4,626,152

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		40,514,279			8,417,310

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(284,985	)		(478	)
Class IB		(772,445	)		(132,996	)

		(1,057,430	)		(133,474	)

Distributions from net realized capital gains
Class IA		(2,308,241	)		(696	)
Class IB		(16,761,291	)		(675,701	)

		(19,069,532	)		(676,397	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(20,126,962	)		(809,871	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 4,005,332 and 0 shares, respectively ]		64,318,596			—
Capital shares issued in reinvestment of dividends and distributions [ 170,312 and 87 shares, respectively ]		2,593,226			1,174
Capital shares repurchased [ (197,540) and (0) shares, respectively ]		(3,187,070	)		—

Total Class IA transactions		63,724,752			1,174

Class IB
Capital shares sold [ 15,827,289 and 8,498,898 shares, respectively ]		247,723,883			110,338,471
Capital shares issued in reinvestment of dividends and distributions [ 1,156,785 and 60,262 shares, respectively ]		17,533,736			808,697
Capital shares repurchased [ (3,125,298) and (2,282,499) shares, respectively ]		(47,164,200	)		(29,382,304	)

Total Class IB transactions		218,093,419			81,764,864

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		281,818,171			81,766,038

TOTAL INCREASE IN NET ASSETS		302,205,488			89,373,477
NET ASSETS:
Beginning of year		139,324,921			49,951,444

End of year (a)	$	441,530,409		$	139,324,921


(a) Includes accumulated overdistributed net investment income of	$	(16,529	)	$	(454	)

See Notes to Financial Statements.

469

EQ ADVISORS TRUST

EQ/VAN KAMPEN REAL ESTATE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $808,611,236)	$	724,292,986
Foreign cash (Cost $451,968)		438,819
Dividends, interest and other receivables		7,433,731
Receivable for securities sold		1,082,788
Receivable from Separate Accounts for Trust shares sold		168,854

Total assets		733,417,178

LIABILITIES
Overdraft payable		462,181
Payable for securities purchased		1,622,884
Payable to Separate Accounts for Trust shares redeemed		910,720
Investment management fees payable		514,449
Distribution fees payable—Class IB		129,977
Administrative fees payable		66,805
Trustees’ fees payable		1,726
Accrued expenses		115,335

Total liabilities		3,824,077

NET ASSETS	$	729,593,101

Net assets were comprised of:
Paid in capital	$	809,242,417
Accumulated overdistributed net investment income		(20,782	)
Accumulated overdistributed realized gain		4,702,865
Unrealized depreciation on investments and foreign currency transactions		(84,331,399	)

Net assets	$	729,593,101

Class IA
Net asset value, offering and redemption price per share, $137,051,926 / 16,681,423 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.22

Class IB
Net asset value, offering and redemption price per share, $592,541,175 / 72,115,178 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.22

*STATEMENT OF OPERATIONS* For the Period Ended December 31, 2007*
INVESTMENT INCOME
Dividends (net of $76,879 foreign withholding tax)	$	9,384,945
Interest		395,988

Total income		9,780,933

EXPENSES
Investment management fees		2,755,669
Distribution fees—Class IB		613,706
Administrative fees		321,762
Printing and mailing expenses		67,214
Professional fees		63,920
Custodian fees		40,000
Trustees’ fees		5,659
Miscellaneous		6,001

Gross expenses		3,873,931
Less: Waiver from investment advisor		(170,517	)

Net expenses		3,703,414

NET INVESTMENT INCOME		6,077,519

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		9,489,098
Foreign currency transactions		(27,238	)

Net realized gain		9,461,860

Change in unrealized depreciation on:
Securities		(84,318,250	)
Foreign currency translations		(13,149	)

Net change in unrealized depreciation		(84,331,399	)

NET REALIZED AND UNREALIZED LOSS		(74,869,539	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(68,792,020	)


* The Portfolio commenced operations on July 2, 2007.

See Notes to Financial Statements.

470

EQ ADVISORS TRUST

EQ/VAN KAMPEN REAL ESTATE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	July 2, 2007* to December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	6,077,519
Net realized gain on investments and foreign currency transactions		9,461,860
Net change in unrealized depreciation on investments and foreign currency translations		(84,331,399	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		(68,792,020	)

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(1,356,608	)
Class IB		(5,069,702	)

		(6,426,310	)

Distributions from net realized capital gains
Class IA		(873,636	)
Class IB		(3,757,961	)

		(4,631,597	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(11,057,907	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 19,275,424 shares ]		177,428,143
Capital shares issued in reinvestment of dividends and distributions [ 278,147 shares ]		2,230,244
Capital shares repurchased [ (2,882,148) shares ]		(26,569,429	)

Total Class IA transactions		153,088,958

Class IB
Capital shares sold [ 78,840,003 shares ]		720,031,097
Capital shares issued in reinvestment of dividends and distributions [ 1,100,742 shares ]		8,827,663
Capital shares repurchased [ (7,835,567) shares ]		(72,704,690	)

Total Class IB transactions		656,154,070

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		809,243,028

TOTAL INCREASE IN NET ASSETS		729,393,101
NET ASSETS:
Beginning of period		200,000

End of period (a)	$	729,593,101

(a) Includes accumulated overdistributed net investment income of	$	(20,782	)

* The Portfolio commenced operations on July 2, 2007.

See Notes to Financial Statements.

471

EQ ADVISORS TRUST

MARKETPLUS INTERNATIONAL CORE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $2,071,154,292) (Securities on loan at market value $313,197,789)		$	2,249,127,721
Foreign cash (Cost $2,774,664)			2,799,038
Foreign Cash Held as Collateral at Broker (Cost $335,459)			211,371
Dividends, interest and other receivables			6,292,857
Receivable from Separate Accounts for Trust shares sold			1,525,635
Receivable for securities sold			117,374
Other assets			177,218

Total assets			2,260,251,214

LIABILITIES
Overdraft payable			14,168,518
Collateral held for loaned securities			325,705,995
Investment management fees payable			1,149,363
Variation margin payable on futures contracts			773,828
Payable to Separate Accounts for Trust shares redeemed			654,363
Payable for securities purchased			408,582
Administrative fees payable			255,118
Distribution fees payable—Class IB			253,585
Recoupment fees payable			80,342
Trustees’ fees payable			2,792

Total liabilities			343,452,486

NET ASSETS		$	1,916,798,728

Net assets were comprised of:
Paid in capital		$	1,712,041,329
Accumulated undistributed net investment income			2,572,026
Accumulated undistributed net realized gain			24,265,961
Unrealized appreciation on investments, futures and foreign currency translations			177,919,412

Net assets		$	1,916,798,728

Class IA
Net asset value, offering and redemption price per share, $723,647,899 / 56,733,490 shares outstanding (unlimited amount authorized: $0.01 par value)		$	12.76

Class IB
Net asset value, offering and redemption price per share, $1,193,150,829 / 93,457,912 shares outstanding (unlimited amount authorized: $0.01 par value)		$	12.77


*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*

INVESTMENT INCOME
Dividends (net of $3,591,346 foreign withholding tax)		$	41,234,596
Interest			2,492,758
Securities lending (net)			1,245,001

Total income			44,972,355

EXPENSES
Investment management fees			12,008,546
Distribution fees—Class IB			2,928,819
Administrative fees			2,390,856
Custodian fees			1,000,000
Printing and mailing expenses			272,256
Professional fees			85,308
Trustees’ fees			31,440
Miscellaneous			46,075

Gross expenses			18,763,300
Less:	Waiver from investment advisor		(310,913	)
	Fees paid indirectly		(1,773,466	)

Net expenses			16,678,921

NET INVESTMENT INCOME			28,293,434

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities			383,917,074
Futures			(1,095,106	)
Foreign currency transactions			(16,498,607	)

Net realized gain			366,323,361

Change in unrealized appreciation (depreciation) on:
Securities			(152,447,298	)
Futures			26,531
Foreign currency translations			184,435

Net change in unrealized depreciation			(152,236,332	)

NET REALIZED AND UNREALIZED GAIN			214,087,029

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	242,380,463

See Notes to Financial Statements.

472

EQ ADVISORS TRUST

MARKETPLUS INTERNATIONAL CORE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	28,293,434		$	13,007,002
Net realized gain on investments, futures and foreign currency transactions		366,323,361			86,264,656
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(152,236,332	)		125,902,202

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		242,380,463			225,173,860

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(4,531,955	)		(5,308,479	)
Class IB		(4,637,873	)		(11,758,961	)

		(9,169,828	)		(17,067,440	)

Distributions from net realized capital gains
Class IA		(136,558,896	)		(22,268,713	)
Class IB		(229,437,844	)		(60,489,718	)

		(365,996,740	)		(82,758,431	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(375,166,568	)		(99,825,871	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 14,996,453 and 20,867,853 shares, respectively ]		226,043,561			278,341,684
Capital shares issued in reinvestment of dividends and distributions [ 11,458,076 and 2,008,234 shares, respectively ]		141,090,851			27,577,192
Capital shares repurchased [ (689,377) and (1,474,238) shares, respectively ]		(10,441,934	)		(19,756,048	)

Total Class IA transactions		356,692,478			286,162,828

Class IB
Capital shares sold [ 10,943,783 and 20,414,968 shares, respectively ]		162,782,761			272,833,179
Capital shares issued in reinvestment of dividends and distributions [ 18,975,126 and 5,274,756 shares, respectively ]		234,075,717			72,248,679
Capital shares repurchased [ (16,870,192) and (11,661,509) shares, respectively ]		(251,311,586	)		(156,874,923	)

Total Class IB transactions		145,546,892			188,206,935

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		502,239,370			474,369,763

TOTAL INCREASE IN NET ASSETS		369,453,265			599,717,752
NET ASSETS:
Beginning of year		1,547,345,463			947,627,711

End of year (a)	$	1,916,798,728		$	1,547,345,463

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	2,572,026		$	(10,047,715	)

See Notes to Financial Statements.

473

EQ ADVISORS TRUST

MARKETPLUS LARGE CAP CORE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $306,715,816) (Securities on loan at market value $21,690,490)		$	306,728,176
Receivable for securities sold			657,138
Dividends, interest and other receivables			619,444
Receivable from Separate Accounts for Trust shares sold			72,442
Other assets			1,234

Total assets			308,078,434

LIABILITIES
Collateral held for loaned securities			22,316,795
Payable for securities purchased			752,945
Payable to Separate Accounts for Trust shares redeemed			275,346
Investment management fees payable			111,980
Distribution fees payable—Class IB			61,336
Administrative fees payable			48,730
Variation margin payable on futures contracts			15,770
Trustees’ fees payable			5,281
Accrued expenses			16,697

Total liabilities			23,604,880

NET ASSETS		$	284,473,554

Net assets were comprised of:
Paid in capital		$	285,018,025
Accumulated overdistributed net investment income			(4,144	)
Accumulated overdistributed net realized gain			(528,455	)
Unrealized depreciation on investments, futures and foreign currency translations			(11,872	)

Net assets		$	284,473,554

Class IA
Net asset value, offering and redemption price per share, $296,533 / 32,660 shares outstanding (unlimited amount authorized: $0.01 par value)		$	9.08

Class IB
Net asset value, offering and redemption price per share, $284,177,021 / 31,254,761 shares outstanding (unlimited amount authorized: $0.01 par value)		$	9.09


*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*

INVESTMENT INCOME
Dividends (net of $37,129 foreign withholding tax)		$	5,953,772
Interest			210,559
Securities lending (net)			28,273

Total income			6,192,604

EXPENSES
Investment management fees			1,709,003
Distribution fees—Class IB			787,454
Administrative fees			502,918
Professional fees			49,629
Printing and mailing expenses			46,449
Custodian fees			23,500
Trustees’ fees			5,962
Miscellaneous			18,246

Gross expenses			3,143,161
Less:	Waiver from investment advisor		(146,780	)
	Fees paid indirectly		(501,175	)

Net expenses			2,495,206

NET INVESTMENT INCOME			3,697,398

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities			61,163,245
Futures			103,473
Foreign currency transactions			(3,141	)

Net realized gain			61,263,577

Change in unrealized appreciation (depreciation) on:
Securities			(52,050,882	)
Futures			(33,287	)
Foreign currency translations			6,323

Net change in unrealized depreciation			(52,077,846	)

NET REALIZED AND UNREALIZED GAIN			9,185,731

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	12,883,129

See Notes to Financial Statements.

474

EQ ADVISORS TRUST

MARKETPLUS LARGE CAP CORE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	3,697,398		$	2,766,634
Net realized gain on investments, futures and foreign currency transactions		61,263,577			27,481,872
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(52,077,846	)		9,679,091

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		12,883,129			39,927,597

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(4,497	)		(2,170	)
Class IB		(3,625,971	)		(2,783,820	)

		(3,630,468	)		(2,785,990	)

Distributions from net realized capital gains
Class IA		(62,264	)		—
Class IB		(60,319,209	)		—

		(60,381,473	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(64,011,941	)		(2,785,990	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 13,716 and 3,761 shares, respectively ]		163,150			39,665
Capital shares issued in reinvestment of dividends and distributions [ 7,453 and 191 shares, respectively ]		66,761			2,170
Capital shares repurchased [ (6,313) and (5,099) shares, respectively ]		(76,327	)		(53,573	)

Total Class IA transactions		153,584			(11,738	)

Class IB
Capital shares sold [ 2,310,783 and 1,992,179 shares, respectively ]		27,100,321			21,146,365
Capital shares issued in reinvestment of dividends and distributions [ 7,128,019 and 245,060 shares, respectively ]		63,945,180			2,783,820
Capital shares repurchased [ (7,348,940) and (6,604,736) shares, respectively ]		(85,734,549	)		(69,848,739	)

Total Class IB transactions		5,310,952			(45,918,554	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		5,464,536			(45,930,292	)

TOTAL DECREASE IN NET ASSETS		(45,664,276	)		(8,788,685	)
NET ASSETS:
Beginning of year		330,137,830			338,926,515

End of year (a)	$	284,473,554		$	330,137,830

(a) Includes accumulated overdistributed net investment income of	$	(4,144	)	$	(4,957	)

See Notes to Financial Statements.

475

EQ ADVISORS TRUST

MARKETPLUS LARGE CAP GROWTH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $997,770,534) (Securities on loan at market value $81,970,687)		$	1,063,002,765
Cash			2,048
Receivable for securities sold			4,939,028
Dividends, interest and other receivables			1,044,740
Receivable from Separate Accounts for Trust shares sold			744,093

Total assets			1,069,732,674

LIABILITIES
Overdraft payable			728
Collateral held for loaned securities			81,751,248
Payable for securities purchased			1,018,764
Payable to Separate Accounts for Trust shares redeemed			695,897
Distribution fees payable—Class IB			207,682
Investment management fees payable			170,277
Administrative fees payable			137,435
Variation margin payable on futures contracts			43,430
Trustees’ fees payable			28,865
Accrued expenses			274,967

Total liabilities			84,329,293

NET ASSETS		$	985,403,381

Net assets were comprised of:
Paid in capital		$	1,565,750,513
Accumulated undistributed net investment income			184,379
Accumulated net realized loss			(645,719,448	)
Unrealized appreciation on investments, futures and foreign currency translations			65,187,937

Net assets		$	985,403,381

Class IA
Net asset value, offering and redemption price per share, $7,371,304 / 406,869 shares outstanding (unlimited amount authorized: $0.01 par value)		$	18.12

Class IB
Net asset value, offering and redemption price per share, $978,032,077 / 55,107,994 shares outstanding (unlimited amount authorized: $0.01 par value)		$	17.75


*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*

INVESTMENT INCOME
Dividends (net of $231,095 foreign withholding tax)		$	9,906,458
Interest			896,806
Securities lending (net)			155,024

Total income			10,958,288

EXPENSES
Investment management fees			5,010,479
Distribution fees—Class IB			2,227,161
Administrative fees			1,267,504
Printing and mailing expenses			146,102
Custodian fees			104,999
Professional fees			59,182
Trustees’ fees			17,537
Miscellaneous			34,583

Gross expenses			8,867,547
Less:	Waiver from investment advisor		(34,013	)
	Fees paid indirectly		(1,421,084	)

Net expenses			7,412,450

NET INVESTMENT INCOME			3,545,838

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities			161,303,025
Futures			241,974
Foreign currency transactions			2,039

Net realized gain			161,547,038

Change in unrealized depreciation on:
Securities			(37,586,356	)
Futures			(44,751	)
Foreign currency translations			(2,176	)

Net change in unrealized depreciation			(37,633,283	)

NET REALIZED AND UNREALIZED GAIN			123,913,755

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	127,459,593

See Notes to Financial Statements.

476

EQ ADVISORS TRUST

MARKETPLUS LARGE CAP GROWTH PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	3,545,838		$	(2,437,996	)
Net realized gain on investments, futures and foreign currency transactions		161,547,038			110,889,009
Net change in unrealized depreciation on investments, futures and foreign currency translations		(37,633,283	)		(44,133,271	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		127,459,593			64,317,742

DIVIDENDS:
Dividends from net investment income
Class IA		(42,439	)		—
Class IB		(3,267,867	)		—

TOTAL DIVIDENDS		(3,310,306	)		—

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 155,577 and 95,655 shares, respectively ]		2,742,676			1,428,920
Capital shares issued in reinvestment of dividends [ 2,384 and 0 shares, respectively ]		42,439			—
Capital shares repurchased [ (48,268) and (25,182) shares, respectively ]		(848,884	)		(377,424	)

Total Class IA transactions		1,936,231			1,051,496

Class IB
Capital shares sold [ 9,743,228 and 4,529,035 shares, respectively ]		168,931,049			66,889,981
Capital shares issued in reinvestment of dividends [ 187,442 and 0 shares, respectively ]		3,267,867			—
Capital shares repurchased [ (10,702,307) and (12,800,350) shares, respectively ]		(178,055,200	)		(186,999,276	)

Total Class IB transactions		(5,856,284	)		(120,109,295	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(3,920,053	)		(119,057,799	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		120,229,234			(54,740,057	)
NET ASSETS:
Beginning of year		865,174,147			919,914,204

End of year (a)	$	985,403,381		$	865,174,147

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	184,379		$	(36,908	)

See Notes to Financial Statements.

477

EQ ADVISORS TRUST

MARKETPLUS MID CAP VALUE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $2,098,100,850) (Securities on loan at market value $423,455,750)		$	1,919,970,699
Repurchase Agreement (Amortized Cost $218,951,377)			218,951,377
Dividends, interest and other receivables			4,023,266
Receivable for securities sold			1,645,908
Receivable from Separate Accounts for Trust shares sold			342,890
Other assets			14,047

Total assets			2,144,948,187

LIABILITIES
Overdraft payable			4,429
Overdraft payable of Foreign Cash			8,484
Collateral held for loaned securities			440,140,857
Payable to Separate Accounts for Trust shares redeemed			3,279,027
Payable for securities purchased			1,548,011
Investment management fees payable			791,287
Distribution fees payable—Class IB			361,621
Administrative fees payable			232,289
Variation margin payable on futures contracts			55,440
Trustees’ fees payable			24,724
Accrued expenses			13,484

Total liabilities			446,459,653

NET ASSETS		$	1,698,488,534

Net assets were comprised of:
Paid in capital		$	1,894,007,696
Accumulated overdistributed net investment income			(31,242	)
Accumulated overdistributed net realized gain			(17,439,777	)
Unrealized depreciation on investments, futures and foreign currency translations			(178,048,143	)

Net assets		$	1,698,488,534

Class IA
Net asset value, offering and redemption price per share, $26,776,882 / 2,577,353 shares outstanding (unlimited amount authorized: $0.01 par value)		$	10.39

Class IB
Net asset value, offering and redemption price per share, $1,671,711,652 / 162,073,006 shares outstanding (unlimited amount authorized: $0.01 par value)		$	10.31


*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2007*

INVESTMENT INCOME
Dividends (net of $307,342 foreign withholding tax)		$	32,872,850
Interest			2,198,272
Securities lending (net)			1,053,418

Total income			36,124,540

EXPENSES
Investment management fees			12,137,452
Distribution fees—Class IB			4,795,841
Administrative fees			2,607,094
Printing and mailing expenses			301,793
Custodian fees			215,000
Professional fees			72,056
Trustees’ fees			36,443
Miscellaneous			57,124

Gross expenses			20,222,803
Less:	Waiver from investment advisor		(16,388	)
	Fees paid indirectly		(4,159,452	)

Net expenses			16,046,963

NET INVESTMENT INCOME			20,077,577

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities			394,770,531
Futures			(517,699	)
Foreign currency transactions			(57,386	)

Net realized gain			394,195,446

Change in unrealized appreciation (depreciation) on:
Securities			(432,473,984	)
Futures			76,063
Foreign currency translations			4,974

Net change in unrealized depreciation			(432,392,947	)

NET REALIZED AND UNREALIZED LOSS			(38,197,501	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	(18,119,924	)

See Notes to Financial Statements.

478

EQ ADVISORS TRUST

MARKETPLUS MID CAP VALUE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	20,077,577		$	5,350,729
Net realized gain on investments, futures, and foreign currency transactions		394,195,446			167,334,190
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(432,392,947	)		43,013,772

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(18,119,924	)		215,698,691

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(365,495	)		(120,628	)
Class IB		(18,876,589	)		(4,815,835	)

		(19,242,084	)		(4,936,463	)

Distributions from net realized capital gains
Class IA		(6,761,300	)		(1,996,925	)
Class IB		(433,605,608	)		(162,283,299	)

		(440,366,908	)		(164,280,224	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(459,608,992	)		(169,216,687	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 346,349 and 456,092 shares, respectively ]		5,103,605			6,619,975
Capital shares issued in reinvestment of dividends and distributions [ 684,123 and 148,671 shares, respectively ]		7,126,795			2,117,553
Capital shares repurchased [ (136,511) and (101,790) shares, respectively ]		(1,980,110	)		(1,482,795	)

Total Class IA transactions		10,250,290			7,254,733

Class IB
Capital shares sold [ 11,552,741 and 14,184,524 shares, respectively ]		172,218,361			205,348,718
Capital shares issued in reinvestment of dividends and distributions [ 43,687,084 and 11,795,846 shares, respectively ]		452,482,197			167,099,134
Capital shares repurchased [ (25,853,687) and (17,327,814) shares, respectively ]		(380,548,449	)		(250,945,170	)

Total Class IB transactions		244,152,109			121,502,682

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		254,402,399			128,757,415

TOTAL INCREASE (DECREASE) IN NET ASSETS		(223,326,517	)		175,239,419
NET ASSETS:
Beginning of year		1,921,815,051			1,746,575,632

End of year (a)	$	1,698,488,534		$	1,921,815,051

(a) Includes accumulated overdistributed net investment income of	$	(31,242	)	$	(726,121	)

See Notes to Financial Statements.

479

EQ ADVISORS TRUST

ALL ASSET ALLOCATION PORTFOLIO(u)

FINANCIAL HIGHLIGHTS


	Year Ended December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)			2004			2003(e)
Net asset value, beginning of year	$	21.12		$	19.71		$	19.28		$	18.27		$	15.28

Income from investment operations:
Net investment income		0.31			0.43			0.47			0.29			0.19
Net realized and unrealized gain on investments and foreign currency transactions		0.63			1.58			0.53			1.25			2.99

Total from investment operations		0.94			2.01			1.00			1.54			3.18

Less distributions:
Dividends from net investment income		(0.80	)		(0.60	)		(0.57	)		(0.53	)		(0.19	)

Net asset value, end of year	$	21.26		$	21.12		$	19.71		$	19.28		$	18.27

Total return		4.52	%		10.17	%		5.15	%		8.57	%		20.91	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	431,095		$	508,403		$	565,938		$	639,576		$	693,844
Ratio of expenses to average net assets:
After waivers		0.35	%		0.35	%		0.84	%		1.05	%		1.05	%
After waivers and fees paid indirectly		0.35	%		0.35	%		0.74	%		1.05	%		1.04	%
Before waivers and fees paid indirectly		0.55	%		0.55	%		0.94	%		1.15	%		1.05	%
Ratio of net investment income to average net assets:
After waivers		1.42	%		2.13	%		2.31	%		1.31	%		1.13	%
After waivers and fees paid indirectly		1.43	%		2.13	%		2.41	%		1.31	%		1.14	%
Before waivers and fees paid indirectly		1.22	%		1.93	%		2.21	%		1.21	%		1.13	%
Portfolio turnover rate		62	%		15	%		155	%(d)		67	%		71	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	0.04		$	0.04		$	0.02		$	0.02		$	**

See Notes to Financial Statements.

480

EQ ADVISORS TRUST

EQ/FRANKLIN TEMPLETON FOUNDING STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	April 30, 2007* to December 31, 2007 (e)
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.14
Net realized and unrealized gain on investments		(0.40	)

Total from investment operations		(0.26	)

Less distributions:
Dividends from net investment income		(0.15	)
Distribution from realized gains		—	#

Total dividends and distributions		(0.15	)

Net asset value, end of period	$	9.59

Total return (b)		(2.54	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	97
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		—	%(x)
Before waivers and reimbursements (a)		0.27	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		2.12	%
Before waivers and reimbursements (a)		(8.52	)%
Portfolio turnover rate		0	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.71

Class IB	April 30, 2007* to December 31, 2007 (e)
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.27
Net realized and unrealized gain on investments		(0.54	)

Total from investment operations		(0.27	)

Less distributions:
Dividends from net investment income		(0.14	)
Distribution from realized gains		—	#

Total dividends and distributions		(0.14	)

Net asset value, end of period	$	9.59

Total return (b)		(2.71	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	825,630
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.25	%(x)
Before waivers and reimbursements (a)		0.52	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		4.05	%
Before waivers and reimbursements (a)		3.78	%
Portfolio turnover rate		0	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.02

See Notes to Financial Statements.

481

EQ ADVISORS TRUST

EQ/INTERNATIONAL ETF PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	Year Ended December 31, 2007 (e)			August 25, 2006* to December 31, 2006 (e)
Net asset value, beginning of period	$	10.99		$	10.00

Income from investment operations:
Net investment income		0.42			0.24
Net realized and unrealized gain on investments		0.78			0.91

Total from investment operations		1.20			1.15

Less distributions:
Dividends from net investment income		(0.22	)		(0.16	)
Distributions from net realized gains		(0.07	)		—

Total dividends and distributions		(0.29	)		(0.16	)

Net asset value, end of period	$	11.90		$	10.99

Total return (b)		10.93	%		11.50	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	11,578		$	3,339
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.40	%		0.40	%
After waivers, reimbursements, and fees paid indirectly(a)		0.33	%		0.10	%(c)
Before waivers, reimbursements, and fees paid indirectly(a)		1.50	%		4.93	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		3.40	%		6.34	%
After waivers, reimbursements, and fees paid indirectly(a)		3.47	%		6.60	%
Before waivers, reimbursements, and fees paid indirectly(a)		2.30	%		1.79	%
Portfolio turnover rate		8	%		0	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.13		$	0.17

Class IB	Year Ended December 31, 2007 (e)			August 25, 2006* to December 31, 2006 (e)
Net asset value, beginning of period	$	10.99		$	10.00

Income from investment operations:
Net investment income		0.22			0.20
Net realized and unrealized gain on investments		0.94			0.94

Total from investment operations		1.16			1.14

Less distributions:
Dividends from net investment income		(0.18	)		(0.15	)
Distributions from net realized gains		(0.07	)		—

Total dividends and distributions		(0.25	)		(0.15	)

Net asset value, end of period	$	11.90		$	10.99

Total return (b)		10.63	%		11.40	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,849		$	1,671
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.65	%		0.65	%
After waivers, reimbursements, and fees paid indirectly(a)		0.58	%		0.35	%(c)
Before waivers, reimbursements, and fees paid indirectly(a)		1.75	%(c)		5.18	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		1.81	%		5.14	%
After waivers, reimbursements, and fees paid indirectly(a)		1.88	%		5.52	%
Before waivers, reimbursements, and fees paid indirectly(a)		0.63	%		0.55	%
Portfolio turnover rate		8	%		0	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.14		$	0.17

See Notes to Financial Statements.

482

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN COMMON STOCK PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	19.80		$	18.09		$	17.49		$	15.47		$	10.49

Income from investment operations:
Net investment income		0.25			0.27			0.18			0.21			0.12
Net realized and unrealized gain on investments and futures		0.48			1.72			0.61			2.01			5.09

Total from investment operations		0.73			1.99			0.79			2.22			5.21

Less distributions:
Dividends from net investment income		(0.26	)		(0.28	)		(0.19	)		(0.20	)		(0.23	)

Net asset value, end of year	$	20.27		$	19.80		$	18.09		$	17.49		$	15.47

Total return		3.73	%		11.01	%		4.52	%		14.40	%		49.89	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	6,425,334		$	7,114,739		$	7,297,020		$	7,847,618		$	7,472,301
Ratio of expenses to average net assets:
After fees paid indirectly		0.59	%		0.55	%		0.50	%		0.43	%		0.52	%
Before fees paid indirectly		0.60	%		0.57	%		0.52	%		0.52	%		0.54	%
Ratio of net investment income to average net assets:
After fees paid indirectly		1.21	%		1.43	%		1.05	%		1.23	%		0.93	%
Before fees paid indirectly		1.20	%		1.42	%		1.03	%		1.14	%		0.91	%
Portfolio turnover rate		44	%		35	%		38	%		47	%		92	%

	Year Ended December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	19.69		$	17.99		$	17.39		$	15.38		$	10.40

Income from investment operations:
Net investment income		0.19			0.22			0.14			0.15			0.08
Net realized and unrealized gain on investments and futures		0.49			1.71			0.60			2.02			5.06

Total from investment operations		0.68			1.93			0.74			2.17			5.14

Less distributions:
Dividends from net investment income		(0.21	)		(0.23	)		(0.14	)		(0.16	)		(0.16	)

Net asset value, end of year	$	20.16		$	19.69		$	17.99		$	17.39		$	15.38

Total return		3.48	%		10.72	%		4.27	%		14.12	%		49.58	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	2,090,492		$	2,364,942		$	2,351,936		$	2,320,683		$	1,884,006
Ratio of expenses to average net assets:
After fees paid indirectly		0.84	%		0.80	%		0.75	%		0.68	%		0.77	%
Before fees paid indirectly		0.85	%		0.82	%		0.77	%		0.77	%		0.79	%
Ratio of net investment income to average net assets:
After fees paid indirectly		0.96	%		1.18	%		0.80	%		0.98	%		0.68	%
Before fees paid indirectly		0.95	%		1.17	%		0.78	%		0.89	%		0.66	%
Portfolio turnover rate		44	%		35	%		38	%		47	%		92	%

See Notes to Financial Statements.

483

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004			2003 (e)
Net asset value, beginning of year	$	9.67		$	9.77		$	10.00		$	10.11		$	10.30

Income (loss) from investment operations:
Net investment income		0.44			0.40			0.34			0.32			0.26
Net realized and unrealized gain (loss) on investments		0.25			(0.07	)		(0.19	)		(0.09	)		(0.02	)

Total from investment operations		0.69			0.33			0.15			0.23			0.24

Less distributions:
Dividends from net investment income		(0.47	)		(0.43	)		(0.38	)		(0.33	)		(0.33	)
Distributions from realized gains		—			—			—			(0.01	)		(0.10	)

Total dividends and distributions		(0.47	)		(0.43	)		(0.38	)		(0.34	)		(0.43	)

Net asset value, end of year	$	9.89		$	9.67		$	9.77		$	10.00		$	10.11

Total return		7.13	%		3.35	%		1.51	%		2.13	%		2.45	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	227,848		$	222,451		$	248,266		$	296,399		$	344,547
Ratio of expenses to average net assets		0.63	%		0.61	%		0.56	%		0.56	%		0.57	%
Ratio of net investment income to average net assets		4.46	%		4.03	%		3.42	%		2.95	%		2.51	%
Portfolio turnover rate		167	%		231	%		251	%		274	%		477	%

	Year Ended December 31,
Class IB	2007(e)			2006 (e)			2005(e)			2004			2003(e)
Net asset value, beginning of year	$	9.62		$	9.71		$	9.94		$	10.05		$	10.24

Income (loss) from investment operations:
Net investment income		0.41			0.37			0.32			0.28			0.23
Net realized and unrealized gain (loss) on investments		0.25			(0.06	)		(0.20	)		(0.08	)		(0.02	)

Total from investment operations		0.66			0.31			0.12			0.20			0.21

Less distributions:
Dividends from net investment income		(0.44	)		(0.40	)		(0.35	)		(0.30	)		(0.30	)
Distributions from realized gains		—			—			—			(0.01	)		(0.10	)

Total dividends and distributions		(0.44	)		(0.40	)		(0.35	)		(0.31	)		(0.40	)

Net asset value, end of year	$	9.84		$	9.62		$	9.71		$	9.94		$	10.05

Total return		6.97	%		3.07	%		1.24	%		1.97	%		2.10	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	470,755		$	486,352		$	542,787		$	595,497		$	630,578
Ratio of expenses to average net assets		0.88	%		0.86	%		0.81	%		0.81	%		0.82	%
Ratio of net investment income to average net assets		4.21	%		3.74	%		3.17	%		2.70	%		2.26	%
Portfolio turnover rate		167	%		231	%		251	%		274	%		477	%

See Notes to Financial Statements.

484

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN INTERNATIONAL PORTFOLIO (m)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	14.42		$	12.70		$	11.17		$	9.62		$	7.24

Income from investment operations:
Net investment income		0.27			0.19			0.18			0.13			0.11
Net realized and unrealized gain on investments, futures, and foreign currency transactions		1.40			2.82			1.56			1.64			2.43

Total from investment operations		1.67			3.01			1.74			1.77			2.54

Less distributions:
Dividends from net investment income		(0.24	)		(0.24	)		(0.21	)		(0.22	)		(0.16	)
Distributions from realized gains		(1.38	)		(1.05	)		—			—			—

Total dividends and distributions		(1.62	)		(1.29	)		(0.21	)		(0.22	)		(0.16	)

Net asset value, end of year	$	14.47		$	14.42		$	12.70		$	11.17		$	9.62

Total return		11.98	%		23.80	%		15.61	%		18.51	%		35.28	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,713,719		$	1,602,552		$	1,330,210		$	1,212,207		$	1,091,319
Ratio of expenses to average net assets:
After waivers		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
After waivers and fees paid indirectly		0.85	%		0.85	%		0.84	%		0.83	%		0.85	%
Before waivers and fees paid indirectly		0.89	%		0.88	%		0.85	%		0.85	%		0.87	%
Ratio of net investment income to average net assets:
After waivers		1.74	%		1.36	%		1.60	%		1.28	%		1.29	%
After waivers and fees paid indirectly		1.74	%		1.37	%		1.61	%		1.30	%		1.29	%
Before waivers and fees paid indirectly		1.69	%		1.33	%		1.60	%		1.28	%		1.27	%
Portfolio turnover rate		52	%		70	%		67	%		60	%		59	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	—	#	$	—	#	$	—	#	$	—	#

	Year Ended December 31,
Class IB	2007(e)			2006(e)			2005(e)			2004			2003
Net asset value, beginning of year	$	14.22		$	12.53		$	11.02		$	9.50		$	7.13

Income from investment operations:
Net investment income		0.22			0.15			0.15			0.10			0.07
Net realized and unrealized gain on investments, futures, and foreign currency transactions		1.38			2.78			1.53			1.61			2.44

Total from investment operations		1.60			2.93			1.68			1.71			2.51

Less distributions:
Dividends from net investment income		(0.19	)		(0.19	)		(0.17	)		(0.19	)		(0.14	)
Distributions from realized gains		(1.38	)		(1.05	)		—			—			—

Total dividends and distributions		(1.57	)		(1.24	)		(0.17	)		(0.19	)		(0.14	)

Net asset value, end of year	$	14.25		$	14.22		$	12.53		$	11.02		$	9.50

Total return		11.69	%		23.55	%		15.33	%		18.10	%		35.27	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,739,210		$	1,342,183		$	930,307		$	667,930		$	488,571
Ratio of expenses to average net assets:
After waivers		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
After waivers and fees paid indirectly		1.10	%		1.10	%		1.09	%		1.08	%		1.10	%
Before waivers and fees paid indirectly		1.14	%		1.13	%		1.10	%		1.10	%		1.12	%
Ratio of net investment income to average net assets:
After waivers		1.46	%		1.10	%		1.35	%		1.03	%		1.04	%
After waivers and fees paid indirectly		1.46	%		1.10	%		1.36	%		1.05	%		1.04	%
Before waivers and fees paid indirectly		1.42	%		1.06	%		1.35	%		1.03	%		1.02	%
Portfolio turnover rate		52	%		70	%		67	%		60	%		59	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	—	#	$	—	#	$	—	#	$	—	#

See Notes to Financial Statements.

485

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN LARGE CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	7.82		$	7.85		$	6.81		$	6.27		$	5.07

Income (loss) from investment operations:
Net investment income (loss)		0.01			—	#		(0.02	)		(0.01	)		—	#
Net realized and unrealized gain (loss) on investments		1.12			(0.03	)		1.06			0.55			1.20

Total from investment operations		1.13			(0.03	)		1.04			0.54			1.20

Net asset value, end of year	$	8.95		$	7.82		$	7.85		$	6.81		$	6.27

Total return		14.32	%		(0.38	)%		15.27	%		8.61	%		23.67	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	7,442		$	108,447		$	294,078		$	405,919		$	355,205
Ratio of expenses to average net assets:
After waivers		0.80	%		0.80	%		0.80	%		0.85	%		0.90	%
After waivers and fees paid indirectly		0.78	%		0.78	%		0.77	%		0.79	%		0.89	%
Before waivers and fees paid indirectly		1.03	%		0.98	%		0.95	%		0.95	%		0.95	%
Ratio of net investment loss to average net assets:
After waivers		0.05	%		(0.07	)%		(0.25	)%		(0.15	)%		(0.10	)%
After waivers and fees paid indirectly		0.07	%		(0.05	)%		(0.22	)%		(0.09	)%		(0.09	)%
Before waivers and fees paid indirectly		(0.18	)%		(0.25	)%		(0.40	)%		(0.25	)%		(0.15	)%
Portfolio turnover rate		89	%		83	%		55	%		77	%		77	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	0.02		$	0.01		$	0.01		$	0.01		$	—	#

	Year Ended December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	7.68		$	7.72		$	6.72		$	6.20		$	5.03

Income (loss) from investment operations:
Net investment loss		(0.02	)		(0.02	)		(0.03	)		(0.02	)		(0.02	)
Net realized and unrealized gain (loss) on investments		1.10			(0.02	)		1.03			0.54			1.19

Total from investment operations		1.08			(0.04	)		1.00			0.52			1.17

Net asset value, end of year	$	8.76		$	7.68		$	7.72		$	6.72		$	6.20

Total return		14.06	%		(0.52	)%		14.88	%		8.39	%		23.26	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	754,477		$	728,698		$	801,981		$	727,261		$	725,650
Ratio of expenses to average net assets:
After waivers		1.05	%		1.05	%		1.05	%		1.10	%		1.15	%
After waivers and fees paid indirectly		1.03	%(c)		1.03	%		1.02	%		1.04	%		1.14	%
Before waivers and fees paid indirectly		1.28	%		1.23	%(c)		1.20	%		1.20	%		1.20	%
Ratio of net investment loss to average net assets:
After waivers		(0.20	)%		(0.30	)%		(0.50	)%		(0.40	)%		(0.35	)%
After waivers and fees paid indirectly		(0.19	)%		(0.28	)%		(0.47	)%		(0.34	)%		(0.34	)%
Before waivers and fees paid indirectly		(0.43	)%		(0.50	)%		(0.65	)%		(0.50	)%		(0.40	)%
Portfolio turnover rate		89	%		83	%		55	%		77	%		77	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	0.02		$	0.01		$	0.01		$	0.01		$	—	#

See Notes to Financial Statements.

486

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN QUALITY BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004			2003(e)
Net asset value, beginning of year	$	10.00		$	10.02		$	10.20		$	10.25		$	10.17

Income (loss) from investment operations:
Net investment income		0.46			0.43			0.36			0.26			0.24
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.01			(0.02	)		(0.12	)		0.15			0.12

Total from investment operations		0.47			0.41			0.24			0.41			0.36

Less distributions:
Dividends from net investment income		(0.53	)		(0.43	)		(0.39	)		(0.27	)		(0.15	)
Distributions from realized gains		—			—			(0.03	)		(0.19	)		(0.13	)

Total dividends and distributions		(0.53	)		(0.43	)		(0.42	)		(0.46	)		(0.28	)

Net asset value, end of year	$	9.94		$	10.00		$	10.02		$	10.20		$	10.25

Total return		4.78	%		4.06	%		2.33	%		3.95	%		3.83	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,556,385		$	1,644,924		$	1,543,231		$	1,627,106		$	1,459,282
Ratio of expenses to average net assets		0.64	%		0.61	%		0.55	%		0.56	%		0.58	%
Ratio of net investment income to average net assets		4.49	%		4.25	%		3.51	%		2.55	%		2.35	%
Portfolio turnover rate		165	%		353	%		531	%		659	%		697	%

	Year Ended December 31,
Class IB	2007(e)			2006(e)			2005(e)			2004			2003(e)
Net asset value, beginning of year	$	9.95		$	9.96		$	10.15		$	10.19		$	10.12

Income (loss) from investment operations:
Net investment income		0.43			0.40			0.33			0.23			0.22
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.01			(0.01	)		(0.13	)		0.16			0.11

Total from investment operations		0.44			0.39			0.20			0.39			0.33

Less distributions:
Dividends from net investment income		(0.50	)		(0.40	)		(0.36	)		(0.24	)		(0.13	)
Distributions from realized gains		—			—			(0.03	)		(0.19	)		(0.13	)

Total dividends and distributions		(0.50	)		(0.40	)		(0.39	)		(0.43	)		(0.26	)

Net asset value, end of year	$	9.89		$	9.95		$	9.96		$	10.15		$	10.19

Total return		4.60	%		3.79	%		1.95	%		3.79	%		3.56	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	497,051		$	480,846		$	465,584		$	424,156		$	367,273
Ratio of expenses to average net assets		0.89	%		0.86	%		0.80	%		0.81	%		0.83	%
Ratio of net investment income to average net assets		4.24	%		4.00	%		3.26	%		2.30	%		2.10	%
Portfolio turnover rate		165	%		353	%		531	%		659	%		697	%

See Notes to Financial Statements.

487

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	16.37		$	16.28		$	14.57		$	12.75		$	9.02

Income (loss) from investment operations:
Net investment loss		(0.05	)		(0.09	)		(0.06	)		(0.06	)		(0.02	)
Net realized and unrealized gain on investments		2.73			1.60			1.77			1.88			3.75

Total from investment operations		2.68			1.51			1.71			1.82			3.73

Less distributions:
Distributions from realized gains		(2.66	)		(1.42	)		—			—			—

Net asset value, end of year	$	16.39		$	16.37		$	16.28		$	14.57		$	12.75

Total return		17.00	%		9.28	%		11.74	%		14.27	%		41.35	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	542,826		$	509,593		$	507,858		$	493,124		$	451,408
Ratio of expenses to average net assets:
After fees paid indirectly		0.86	%		0.83	%		0.76	%		0.73	%		0.78	%
Before fees paid indirectly		0.87	%		0.84	%		0.80	%		0.81	%		0.82	%
Ratio of net investment loss to average net assets:
After fees paid indirectly		(0.26	)%		(0.51	)%		(0.39	)%		(0.48	)%		(0.21	)%
Before fees paid indirectly		(0.27	)%		(0.52	)%		(0.43	)%		(0.56	)%		(0.25	)%
Portfolio turnover rate		84	%		74	%		103	%		81	%		114	%

	Year Ended December 31,
Class IB	2007(e)			2006(e)			2005(e)			2004			2003
Net asset value, beginning of year	$	15.95		$	15.93		$	14.29		$	12.54		$	8.90

Income (loss) from investment operations:
Net investment loss		(0.09	)		(0.13	)		(0.09	)		(0.09	)		(0.04	)
Net realized and unrealized gain on investments		2.65			1.57			1.73			1.84			3.68

Total from investment operations		2.56			1.44			1.64			1.75			3.64

Less distributions:
Distributions from realized gains		(2.66	)		(1.42	)		—			—			—

Net asset value, end of year	$	15.85		$	15.95		$	15.93		$	14.29		$	12.54

Total return		16.70	%		8.98	%		11.55	%		13.96	%		40.90	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	771,708		$	720,886		$	692,269		$	639,666		$	552,216
Ratio of expenses to average net assets:
After fees paid indirectly		1.11	%		1.08	%		1.01	%		0.98	%		1.03	%
Before fees paid indirectly		1.12	%		1.09	%		1.05	%		1.06	%		1.07	%
Ratio of net investment loss to average net assets:
After fees paid indirectly		(0.51	)%		(0.76	)%		(0.64	)%		(0.73	)%		(0.46	)%
Before fees paid indirectly		(0.52	)%		(0.77	)%		(0.68	)%		(0.81	)%		(0.50	)%
Portfolio turnover rate		84	%		74	%		103	%		81	%		114	%

See Notes to Financial Statements.

488

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN VALUE PORTFOLIO(i)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	16.39		$	14.51		$	14.21		$	12.77		$	10.03

Income (loss) from investment operations:
Net investment income		0.35			0.30			0.26			0.20			0.18
Net realized and unrealized gain (loss) on investments		(1.07	)		2.83			0.55			1.55			2.73

Total from investment operations		(0.72	)		3.13			0.81			1.75			2.91

Less distributions:
Dividends from net investment income		(0.26	)		(0.30	)		(0.21	)		(0.22	)		(0.17	)
Distributions from realized gains		(1.14	)		(0.95	)		(0.30	)		(0.09	)		—

Total dividends and distributions		(1.40	)		(1.25	)		(0.51	)		(0.31	)		(0.17	)

Net asset value, end of year	$	14.27		$	16.39		$	14.51		$	14.21		$	12.77

Total return		(4.30	)%		21.70	%		5.68	%		13.74	%		29.07	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	3,770,999		$	1,531,086		$	1,329,984		$	49,292		$	32,274
Ratio of expenses to average net assets:
After waivers		0.70	%		0.70	%		0.66	%		0.70	%		0.70	%
After waivers and fees paid indirectly		0.62	%		0.69	%		0.59	%		0.70	%		0.70	%
Before waivers and fees paid indirectly		0.71	%		0.70	%		0.66	%		0.70	%		0.70	%
Ratio of net investment income to average net assets:
After waivers		2.06	%		1.92	%		1.74	%		1.74	%		1.82	%
After waivers and fees paid indirectly		2.15	%		1.93	%		1.81	%		1.74	%		1.82	%
Before waivers and fees paid indirectly		2.05	%		1.92	%		1.74	%		1.74	%		1.82	%
Portfolio turnover rate		50	%		28	%		16	%		28	%		21	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	—		$	—		$	—		$	—	#

	Year Ended December 31,
Class IB	2007(e)			2006(e)			2005(e)			2004			2003
Net asset value, beginning of year	$	16.38		$	14.50		$	14.20		$	12.76		$	10.03

Income (loss) from investment operations:
Net investment income		0.30			0.26			0.22			0.18			0.15
Net realized and unrealized gain (loss) on investments		(1.06	)		2.83			0.55			1.53			2.73

Total from investment operations		(0.76	)		3.09			0.77			1.71			2.88

Less distributions:
Dividends from net investment income		(0.22	)		(0.26	)		(0.17	)		(0.18	)		(0.15	)
Distributions from realized gains		(1.14	)		(0.95	)		(0.30	)		(0.09	)		—

Total dividends and distributions		(1.36	)		(1.21	)		(0.47	)		(0.27	)		(0.15	)

Net asset value, end of year	$	14.26		$	16.38		$	14.50		$	14.20		$	12.76

Total return		(4.55	)%		21.41	%		5.42	%		13.46	%		28.73	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	3,310,417		$	2,844,395		$	2,219,168		$	2,006,001		$	1,508,256
Ratio of expenses to average net assets:
After waivers		0.95	%		0.95	%		0.91	%		0.95	%		0.95	%
After waivers and fees paid indirectly		0.87	%(c)		0.94	%		0.84	%		0.95	%		0.95	%
Before waivers and fees paid indirectly		0.96	%(c)		0.95	%		0.91	%		0.95	%		0.95	%
Ratio of net investment income to average net assets:
After waivers		1.74	%		1.67	%		1.49	%		1.49	%		1.57	%
After waivers and fees paid indirectly		1.80	%		1.68	%		1.56	%		1.49	%		1.57	%
Before waivers and fees paid indirectly		1.72	%		1.67	%		1.49	%		1.49	%		1.57	%
Portfolio turnover rate		50	%		28	%		16	%		28	%		21	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	—		$	—		$	—		$	—	#

See Notes to Financial Statements.

489

EQ ADVISORS TRUST

EQ/ARIEL APPRECIATION II PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						October 3, 2005* to December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)
Net asset value, beginning of period	$	11.20		$	10.16		$	10.00

Income (loss) from investment operations:
Net investment income		0.09			0.09			0.04
Net realized and unrealized gain (loss) on investments		(0.20	)		1.07			0.17

Total from investment operations		(0.11	)		1.16			0.21

Less distributions:
Dividends from net investment income		(0.07	)		(0.08	)		(0.05	)
Distributions from realized gains		(0.09	)		(0.04	)		—

Total dividends and distributions		(0.16	)		(0.12	)		(0.05	)

Net asset value, end of period	$	10.93		$	11.20		$	10.16

Total return (b)		(0.95	)%		11.43	%		2.09	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	574		$	114		$	102
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.90	%		0.90	%		0.89	%
After waivers, reimbursements, and fees paid indirectly (a)		0.84	%		0.76	%(c)		7.68	%
Before waivers, reimbursements, and fees paid indirectly (a)		1.01	%		1.23	%(c)		7.68	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.75	%		0.70	%		1.55	%
After waivers, reimbursements, and fees paid indirectly (a)		0.80	%		0.82	%		1.55	%
Before waivers, reimbursements, and fees paid indirectly (a)		0.63	%		0.32	%		(5.24	)%
Portfolio turnover rate		27	%		34	%		5	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.04		$	0.17

	Year Ended December 31,						October 3, 2005* to December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)
Net asset value, beginning of period	$	11.22		$	10.18		$	10.00

Income (loss) from investment operations:
Net investment income		0.05			0.07			0.03
Net realized and unrealized gain (loss) on investments		(0.18	)		1.06			0.17

Total from investment operations		(0.13	)		1.13			0.20

Less distributions:
Dividends from net investment income		(0.05	)		(0.05	)		(0.02	)
Distributions from realized gains		(0.09	)		(0.04	)		—

Total dividends and distributions		(0.14	)		(0.09	)		(0.02	)

Net asset value, end of period	$	10.95		$	11.22		$	10.18

Total return (b)		(1.20	)%		11.24	%		1.93	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	60,769		$	38,514		$	9,074
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.15	%		1.15	%		1.14	%
After waivers, reimbursements, and fees paid indirectly (a)		1.09	%(c)		1.01	%		7.93	%
Before waivers, reimbursements, and fees paid indirectly (a)		1.26	%(c)		1.48	%		7.93	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.41	%		0.53	%		1.30	%
After waivers, reimbursements, and fees paid indirectly (a)		0.46	%		0.66	%		1.30	%
Before waivers, reimbursements, and fees paid indirectly (a)		0.29	%		0.19	%		(5.49	)%
Portfolio turnover rate		27	%		34	%		5	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.03		$	0.17

See Notes to Financial Statements.

490

EQ ADVISORS TRUST

EQ/AXA ROSENBERG VALUE LONG/SHORT EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	June 15, 2007* to December 31, 2007
Net asset value, beginning of period	$	10.81

Income from investment operations:
Net investment income		0.10
Net realized and unrealized gain on investments		0.04

Total from investment operations		0.14

Less distributions:
Dividends from net investment income		(0.23	)

Net asset value, end of period	$	10.72

Total return (b)		1.34	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	17,553
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(w)		3.52	%
After waivers and reimbursements, exclusive of dividends on securities sold short (a)		1.73	%
Before waivers and reimbursements (a)(w)		3.52	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(w)		2.32	%
After waivers and reimbursements, exclusive of dividends on securities sold short (a)		4.11	%
Before waivers and reimbursements (a)(w)		2.32	%
Portfolio turnover rate		149	%


Class IB	Year Ended December 31,												May 1, 2003* to December 31, 2003
	Year Ended December 31,
	2007			2006			2005			2004 (e)
Net asset value, beginning of period	$	10.59		$	10.74		$	9.99		$	9.64		$	10.00

Income from investment operations:
Net investment income (loss)		0.25			0.28			0.08			(0.04	)		(0.05	)
Net realized and unrealized gain (loss) on investments		0.10			(0.13	)		0.67			0.39			(0.31	)

Total from investment operations		0.35			0.15			0.75			0.35			(0.36	)

Less distributions:
Dividends from net investment income		(0.22	)		(0.30	)		—			—			—

Net asset value, end of period	$	10.72		$	10.59		$	10.74		$	9.99		$	9.64

Total return (b)		3.29	%		1.45	%		7.51	%		3.63	%		(3.60	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	159,346		$	167,206		$	144,730		$	53,045		$	9,508
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(w)		3.56	%		3.06	%		3.21	%		3.14	%		2.98	%
After waivers and reimbursements, exclusive of dividends on securities sold short (a)		1.98	%		1.99	%		1.99	%		1.99	%		2.00	%
Before waivers and reimbursements (a)(w)		3.56	%		3.06	%		3.23	%		4.10	%		7.55	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(w)		2.19	%		2.54	%		1.02	%		(0.77	)%		(0.90	)%
After waivers and reimbursements, exclusive of dividends on securities sold short (a)		3.77	%		****			****			****			****
Before waivers and reimbursements (a)(w)		2.19	%		****			****			****			****
Portfolio turnover rate		149	%		147	%		123	%		89	%		131	%

See Notes to Financial Statements.

491

EQ ADVISORS TRUST

EQ/BLACKROCK BASIC VALUE EQUITY PORTFOLIO(r)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	17.03		$	15.06		$	15.48		$	14.71		$	11.27

Income (loss) from investment operations:
Net investment income		0.25			0.26			0.21			0.17			0.14
Net realized and unrealized gain (loss) on investments and options written		(0.03	)		2.92			0.28			1.42			3.40

Total from investment operations		0.22			3.18			0.49			1.59			3.54

Less distributions:
Dividends from net investment income		(0.24	)		(0.25	)		(0.18	)		(0.16	)		(0.10	)
Distributions from realized gains		(1.35	)		(0.96	)		(0.73	)		(0.66	)		—

Total dividends and distributions		(1.59	)		(1.21	)		(0.91	)		(0.82	)		(0.10	)

Net asset value, end of year	$	15.66		$	17.03		$	15.06		$	15.48		$	14.71

Total return		1.43	%		21.18	%		3.19	%		10.89	%		31.57	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	2,516,049		$	1,915,669		$	1,361,870		$	636,240		$	355,625
Ratio of expenses to average net assets:
After waivers		0.68	%		0.66	%		0.62	%		N/A			0.67	%
After waivers and fees paid indirectly		0.67	%		0.65	%		0.60	%		0.61	%		0.66	%
Before waivers and fees paid indirectly		0.68	%		0.66	%		0.62	%		0.63	%		0.67	%
Ratio of net investment income to average net assets:
After waivers		1.43	%		1.61	%		1.35	%		N/A			1.04	%
After waivers and fees paid indirectly		1.44	%		1.61	%		1.37	%		1.12	%		1.05	%
Before waivers and fees paid indirectly		1.43	%		1.61	%		1.35	%		1.10	%		1.04	%
Portfolio turnover rate		50	%		38	%		52	%		49	%		34	%

	Year Ended December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)			2004(e)			2003(e)
Net asset value, beginning of year	$	17.07		$	15.09		$	15.50		$	14.74		$	11.29

Income (loss) from investment operations:
Net investment income		0.21			0.22			0.17			0.13			0.10
Net realized and unrealized gain (loss) on investments and options written		(0.03	)		2.93			0.29			1.41			3.42

Total from investment operations		0.18			3.15			0.46			1.54			3.52

Less distributions:
Dividends from net investment income		(0.20	)		(0.21	)		(0.14	)		(0.12	)		(0.07	)
Distributions from realized gains		(1.35	)		(0.96	)		(0.73	)		(0.66	)		—

Total dividends and distributions		(1.55	)		(1.17	)		(0.87	)		(0.78	)		(0.07	)

Net asset value, end of year	$	15.70		$	17.07		$	15.09		$	15.50		$	14.74

Total return		1.17	%		20.90	%		2.99	%		10.52	%		31.28	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,584,756		$	1,636,862		$	1,445,518		$	1,459,792		$	1,137,826
Ratio of expenses to average net assets:
After waivers		0.93	%		0.91	%		0.87	%		N/A			0.92	%
After waivers and fees paid indirectly		0.92	%		0.90	%		0.85	%		0.86	%		0.91	%
Before waivers and fees paid indirectly		0.93	%		0.91	%		0.87	%		0.88	%		0.92	%
Ratio of net investment income to average net assets:
After waivers		1.18	%		1.35	%		1.10	%		N/A			0.79	%
After waivers and fees paid indirectly		1.19	%		1.36	%		1.12	%		0.87	%		0.80	%
Before waivers and fees paid indirectly		1.18	%		1.35	%		1.10	%		0.85	%		0.79	%
Portfolio turnover rate		50	%		38	%		52	%		49	%		34	%

See Notes to Financial Statements.

492

EQ ADVISORS TRUST

EQ/BLACKROCK INTERNATIONAL VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004(e)			2003(e)
Net asset value, beginning of year	$	16.67		$	14.20		$	13.03		$	10.86		$	8.66

Income from investment operations:
Net investment income		0.32			0.30			0.25			0.17			0.14
Net realized and unrealized gain on investments and foreign currency transactions		1.34	(y)		3.37			1.19			2.21			2.30

Total from investment operations		1.66			3.67			1.44			2.38			2.44

Less distributions:
Dividends from net investment income		(0.39	)		(0.32	)		(0.27	)		(0.21	)		(0.24	)
Dividends from realized gains		(1.82	)		(0.88	)		—			—			—

Total dividends and distributions		(2.21	)		(1.20	)		(0.27	)		(0.21	)		(0.24	)

Net asset value, end of year	$	16.12		$	16.67		$	14.20		$	13.03		$	10.86

Total return		10.45	%(y)		25.98	%		11.07	%		22.04	%		28.27	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,203,247		$	680,147		$	236,340		$	5,598		$	2,163
Ratio of expenses to average net assets:
After waivers		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
After waivers and fees paid indirectly		1.00	%		1.00	%		1.00	%		0.93	%		0.93	%
Before waivers and fees paid indirectly		1.00	%		1.00	%		1.00	%		1.00	%		1.01	%
Ratio of net investment income to average net assets:
After waivers		1.83	%		1.82	%		1.83	%		1.42	%		1.35	%
After waivers and fees paid indirectly		1.83	%		1.82	%		1.83	%		1.49	%		1.42	%
Before waivers and fees paid indirectly		1.83	%		1.82	%		1.83	%		1.42	%		1.34	%
Portfolio turnover rate		81	%		57	%		64	%		63	%		163	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	—

	Year Ended December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)			2004(e)			2003(e)
Net asset value, beginning of year	$	16.67		$	14.20		$	13.03		$	10.86		$	8.66

Income from investment operations:
Net investment income		0.30			0.29			0.21			0.14			0.11
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.32	(y)		3.34			1.19			2.21			2.31

Total from investment operations		1.62			3.63			1.40			2.35			2.42

Less distributions:
Dividends from net investment income		(0.34	)		(0.28	)		(0.23	)		(0.18	)		(0.22	)
Distributions from realized gains		(1.82	)		(0.88	)		—			—			—

Total dividends and distributions		(2.16	)		(1.16	)		(0.23	)		(0.18	)		(0.22	)

Net asset value, end of year	$	16.13		$	16.67		$	14.20		$	13.03		$	10.86

Total return		10.22	%(y)		25.66	%		10.79	%		21.73	%		28.01	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,807,680		$	1,655,259		$	1,189,337		$	894,530		$	675,246
Ratio of expenses to average net assets:
After waivers		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
After waivers and fees paid indirectly		1.25	%		1.25	%		1.25	%		1.18	%		1.18	%
Before waivers and fees paid indirectly		1.25	%		1.25	%		1.25	%		1.25	%		1.26	%
Ratio of net investment income to average net assets:
After waivers		1.73	%		1.77	%		1.58	%		1.17	%		1.10	%
After waivers and fees paid indirectly		1.73	%		1.77	%		1.58	%		1.24	%		1.17	%
Before waivers and fees paid indirectly		1.73	%		1.77	%		1.58	%		1.17	%		1.09	%
Portfolio turnover rate		81	%		57	%		64	%		63	%		163	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements.

493

EQ ADVISORS TRUST

EQ/BOND INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004			2003 (e)
Net asset value, beginning of year	$	10.01		$	10.11		$	10.69		$	11.56		$	11.83

Income (loss) from investment operations:
Net investment income		0.51			0.45			0.42			0.55			0.49
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.15			(0.06	)		(0.33	)		(0.30	)		(0.17	)

Total from investment operations		0.66			0.39			0.09			0.25			0.32

Less distributions:
Dividends from net investment income		(0.55	)		(0.48	)		(0.49	)		(1.10	)		(0.59	)
Distributions from realized gains		—			(0.01	)		(0.18	)		(0.02	)		—

Total dividends and distributions		(0.55	)		(0.49	)		(0.67	)		(1.12	)		(0.59	)

Net asset value, end of year	$	10.12		$	10.01		$	10.11		$	10.69		$	11.56

Total return		6.66	%		3.85	%		0.89	%		2.24	%		2.67	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	38,039		$	40,299		$	47,085		$	61,708		$	73,772
Ratio of expenses to average net assets:
After waivers		0.45	%		0.65	%		0.75	%(c)		0.75	%		0.66	%
Before waivers		0.70	%		0.72	%		0.76	%(c)		0.78	%		0.66	%
Ratio of net investment income to average net assets:
After waivers		4.97	%		4.45	%		3.91	%(c)		3.91	%		4.14	%
Before waivers		4.72	%		4.37	%		3.90	%(c)		3.88	%		4.14	%
Portfolio turnover rate		35	%		153	%		49	%		13	%		14	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	0.03		$	0.01		$	—	#	$	—	#	$	**


Class IB	Year Ended December 31,						June 20, 2005* to December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)
Net asset value, beginning of period	$	10.02		$	10.12		$	10.77

Income (loss) from investment operations:
Net investment income		0.48			0.44			0.21
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.15			(0.07	)		(0.21	)

Total from investment operations		0.63			0.37			—	#

Less distributions:
Dividends from net investment income		(0.52	)		(0.46	)		(0.47	)
Distributions from realized gains		—			(0.01	)		(0.18	)

Total dividends and distributions		(0.52	)		(0.47	)		(0.65	)

Net asset value, end of period	$	10.13		$	10.02		$	10.12

Total return (b)		6.38	%		3.58	%		(0.03	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	995		$	598		$	251
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.90	%(c)		1.00	%(c)
Before waivers (a)		0.95	%		0.97	%(c)		1.01	%(c)
Ratio of net investment income to average net assets:
After waivers (a)		4.71	%		4.30	%		3.66	%(c)
Before waivers (a)		4.46	%		4.18	%		3.65	%(c)
Portfolio turnover rate		35	%		153	%		49	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.03		$	0.01		$	—	#

See Notes to Financial Statements.

494

EQ ADVISORS TRUST

EQ/BOSTON ADVISORS EQUITY INCOME PORTFOLIO(n)

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	Year Ended December 31,									December 13, 2004* to December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004 (e)
Net asset value, beginning of period	$	6.91		$	6.35		$	6.06		$	5.99

Income from investment operations:
Net investment income		0.21			0.14			0.12			0.01
Net realized and unrealized gain on investments and foreign currency transactions		0.05			0.88			0.27			0.15

Total from investment operations		0.26			1.02			0.39			0.16

Less distributions:
Dividends from net investment income		(0.15	)		(0.14	)		(0.10	)		(0.09	)
Distributions from realized gains		(0.48	)		(0.32	)		—			—

Total dividends and distributions		(0.63	)		(0.46	)		(0.10	)		(0.09	)

Net asset value, end of period	$	6.54		$	6.91		$	6.35		$	6.06

Total return (b)		3.89	%		16.17	%		6.47	%		1.78	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	123,390		$	104,746		$	109,196		$	117,151
Ratio of expenses to average net assets:
After waivers (a)		0.80	%		0.80	%		0.80	%		0.80	%(c)
After waivers and fees paid indirectly (a)		0.80	%		0.80	%		0.79	%		0.80	%(c)
Before waivers and fees paid indirectly (a)		0.89	%		0.87	%		0.83	%		0.89	%(c)
Ratio of net investment income to average net assets:
After waivers (a)		2.93	%		2.09	%		1.90	%		1.85	%(c)
After waivers and fees paid indirectly (a)		2.93	%		2.09	%		1.91	%		1.85	%(c)
Before waivers and fees paid indirectly (a)		2.84	%		2.02	%		1.87	%		1.76	%(c)
Portfolio turnover rate		65	%		84	%		92	%		55	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	—	#	$	—	#	$	—	#


	Year Ended December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)			2004 (e)			2003 (e)
Net asset value, beginning of year	$	6.93		$	6.36		$	6.07		$	5.27		$	4.22

Income from investment operations:
Net investment income		0.19			0.12			0.10			0.09			0.08
Net realized and unrealized gain on investments and foreign currency transactions		0.05			0.89			0.28			0.85			1.04

Total from investment operations		0.24			1.01			0.38			0.94			1.12

Less distributions:
Dividends from net investment income		(0.13	)		(0.12	)		(0.09	)		(0.14	)		(0.07	)
Distributions from realized gains		(0.48	)		(0.32	)		—			—			—

Total dividends and distributions		(0.61	)		(0.44	)		(0.09	)		(0.14	)		(0.07	)

Net asset value, end of year	$	6.56		$	6.93		$	6.36		$	6.07		$	5.27

Total return		3.61	%		16.01	%		6.19	%		17.88	%		26.65	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	343,385		$	344,728		$	260,079		$	92,294		$	48,094
Ratio of expenses to average net assets:
After waivers		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
After waivers and fees paid indirectly		1.05	%		1.05	%		1.04	%		1.05	%		N/A
Before waivers and fees paid indirectly		1.14	%		1.12	%		1.08	%		1.21	%		1.06	%
Ratio of net investment income to average net assets:
After waivers		2.68	%		1.84	%		1.65	%		1.60	%		1.70	%
After waivers and fees paid indirectly		2.68	%		1.84	%		1.66	%		1.60	%		N/A
Before waivers and fees paid indirectly		2.59	%		1.77	%		1.62	%		1.44	%		1.69	%
Portfolio turnover rate		65	%		84	%		92	%		55	%		103	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	—	#	$	—	#	$	0.01		$	**

See Notes to Financial Statements.

495

EQ ADVISORS TRUST

EQ/CALVERT SOCIALLY RESPONSIBLE PORTFOLIO(o)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	8.62		$	8.26		$	7.84		$	7.55		$	5.88

Income (loss) from investment operations:
Net investment income (loss)		0.04			0.03			—	#		—	#		(0.01	)
Net realized and unrealized gain on investments and foreign currency transactions		1.02			0.42			0.70			0.29			1.68

Total from investment operations		1.06			0.45			0.70			0.29			1.67

Less distributions:
Dividends from net investment income		(0.05	)		—			—			—			—
Distributions from realized gains		(0.43	)		(0.09	)		(0.28	)		—			—

Total from investment operations		(0.48	)		(0.09	)		(0.28	)		—			—

Net asset value, end of year	$	9.20		$	8.62		$	8.26		$	7.84		$	7.55

Total return		12.38	%		5.50	%		8.92	%		3.84	%		28.40	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	6,475		$	7,005		$	74		$	68		$	65
Ratio of expenses to average net assets:
After waivers		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
After waivers and fees paid indirectly		0.80	%		0.80	%		0.78	%		0.75	%		0.75	%
Before waivers and fees paid indirectly		0.88	%		0.87	%		0.84	%		0.94	%		1.20	%
Ratio of net investment income (loss) to average net assets:
After waivers		0.48	%		0.34	%		(0.02	)%		—	%‡‡		(0.20	)%
After waivers and fees paid indirectly		0.48	%		0.34	%		—	%‡‡		0.05	%		(0.15	)%
Before waivers and fees paid indirectly		0.41	%		0.27	%		(0.06	)%		(0.14	)%		(0.60	)%
Portfolio turnover rate		57	%		61	%		114	%		38	%		54	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	0.01		$	0.01		$	—	#	$	0.01		$	0.03

	Year Ended December 31,
Class IB	2007(e)			2006(e)			2005(e)			2004			2003
Net asset value, beginning of year	$	8.53		$	8.19		$	7.79		$	7.52		$	5.88

Income (loss) from investment operations:
Net investment income (loss)		0.02			—	#		(0.02	)		(0.01	)		(0.02	)
Net realized and unrealized gain on investments and foreign currency transactions		1.00			0.43			0.70			0.28			1.66

Total from investment operations		1.02			0.43			0.68			0.27			1.64

Less distributions:
Dividends from net investment income		(0.02	)		—			—			—			—
Distributions from realized gains		(0.43	)		(0.09	)		(0.28	)		—			—

Total from investment operations		(0.45	)		(0.09	)		(0.28	)		—			—

Net asset value, end of year	$	9.10		$	8.53		$	8.19		$	7.79		$	7.52

Total return		12.10	%		5.30	%		8.72	%		3.59	%		27.89	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	94,220		$	79,100		$	72,411		$	47,244		$	33,711
Ratio of expenses to average net assets:
After waivers		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
After waivers and fees paid indirectly		1.05	%		1.05	%		1.03	%		1.00	%		1.00	%
Before waivers and fees paid indirectly		1.13	%(c)		1.12	%(c)		1.09	%		1.19	%		1.45	%
Ratio of net investment loss to average net assets:
After waivers		0.23	%		(0.01	)%		(0.27	)%		(0.25	)%		(0.45	)%
After waivers and fees paid indirectly		0.23	%		(0.01	)%		(0.25	)%		(0.20	)%		(0.40	)%
Before waivers and fees paid indirectly		0.16	%		(0.06	)%		(0.31	)%		(0.39	)%		(0.85	)%
Portfolio turnover rate		57	%		61	%		114	%		38	%		54	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	0.01		$	—	#	$	—	#	$	0.01		$	0.02

See Notes to Financial Statements.

496

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	14.01		$	13.07		$	12.43		$	11.84		$	9.56

Income from investment operations:
Net investment income		0.05			0.03			0.02			0.12			0.04
Net realized and unrealized gain on investments and foreign currency transactions		0.76			0.97			0.65			0.57			2.28

Total from investment operations		0.81			1.00			0.67			0.69			2.32

Less distributions:
Dividends from net investment income		—			(0.06	)		(0.03	)		(0.10	)		(0.04	)

Net asset value, end of year	$	14.82		$	14.01		$	13.07		$	12.43		$	11.84

Total return		5.78	%		7.63	%		5.38	%		5.81	%		24.27	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	8,206		$	139		$	131		$	126		$	117
Ratio of expenses to average net assets:
After waivers		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly		0.70	%		0.69	%		0.69	%		0.42	%		0.68	%
Before waivers and fees paid indirectly		0.79	%		0.78	%		0.74	%		0.74	%		0.78	%
Ratio of net investment income to average net assets:
After waivers		0.36	%		0.24	%		0.17	%		0.71	%		0.35	%
After waivers and fees paid indirectly		0.36	%		0.25	%		0.18	%		0.99	%		0.37	%
Before waivers and fees paid indirectly		0.27	%		0.17	%		0.13	%		0.67	%		0.27	%
Portfolio turnover rate		39	%		33	%		49	%		133	%		62	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	0.01		$	—	#	$	—	#	$	0.01

	Year Ended December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	14.01		$	13.06		$	12.46		$	11.87		$	9.58

Income (loss) from investment operations:
Net investment income (loss)		—	#		—	#		(0.01	)		0.09			0.01
Net realized and unrealized gain on investments and foreign currency transactions		0.77			0.97			0.64			0.56			2.29

Total from investment operations		0.77			0.97			0.63			0.65			2.30

Less distributions:
Dividends from net investment income		—			(0.02	)		(0.03	)		(0.06	)		(0.01	)

Net asset value, end of year	$	14.78		$	14.01		$	13.06		$	12.46		$	11.87

Total return		5.50	%		7.44	%		5.04	%		5.53	%		24.05	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	476,867		$	402,219		$	297,416		$	254,282		$	263,715
Ratio of expenses to average net assets:
After waivers		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly		0.95	%		0.94	%		0.94	%		0.67	%		0.93	%
Before waivers and fees paid indirectly		1.04	%		1.03	%		0.99	%		0.99	%		1.03	%
Ratio of net investment income (loss) to average net assets:
After waivers		0.01	%		(0.01	)%		(0.08	)%		0.46	%		0.10	%
After waivers and fees paid indirectly		0.01	%		—	‡‡%		(0.07	)%		0.74	%		0.12	%
Before waivers and fees paid indirectly		(0.08	)%		(0.09	)%		(0.12	)%		0.42	%		0.02	%
Portfolio turnover rate		39	%		33	%		49	%		133	%		62	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	0.01		$	0.01		$	—	#	$	—	#	$	0.01

See Notes to Financial Statements.

497

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN RESEARCH PORTFOLIO(h)(p)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006(e)			2005 (e)			2004(e)			2003
Net asset value, beginning of year	$	13.94		$	12.50		$	11.86		$	10.75		$	8.22

Income from investment operations:
Net investment income		0.13			0.11			0.09			0.10			0.05
Net realized and unrealized gain on investments and foreign currency transactions		0.13			1.44			0.65			1.11			2.54

Total from investment operations		0.26			1.55			0.74			1.21			2.59

Less distributions:
Dividends from net investment income		(0.18	)		(0.11	)		(0.10	)		(0.10	)		(0.06	)
Distributions from realized gains		(0.15	)		—			—			—			—

Dividends from net investment income		(0.33	)		(0.11	)		(0.10	)		(0.10	)		(0.06	)

Net asset value, end of year	$	13.87		$	13.94		$	12.50		$	11.86		$	10.75

Total return		1.89	%		12.32	%		6.32	%		11.28	%		31.55	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	36,235		$	4,494		$	3,981		$	523		$	210
Ratio of expenses to average net assets:
After waivers		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly		0.70	%		0.69	%		0.69	%		0.65	%		0.68	%
Before waivers and fees paid indirectly		0.76	%		0.75	%		0.70	%		0.70	%		0.72	%
Ratio of net investment income to average net assets:
After waivers		0.92	%		0.81	%		0.72	%		0.82	%		0.63	%
After waivers and fees paid indirectly		0.93	%		0.82	%		0.73	%		0.87	%		0.65	%
Before waivers and fees paid indirectly		0.86	%		0.76	%		0.72	%		0.82	%		0.61	%
Portfolio turnover rate		68	%		28	%		30	%		20	%		24	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	0.01		$	—	#	$	—	#	$	—	#

	Year Ended December 31,
Class IB	2007(e)			2006(e)			2005(e)			2004(e)			2003
Net asset value, beginning of year	$	13.95		$	12.51		$	11.86		$	10.76		$	8.22

Income from investment operations:
Net investment income		0.09			0.07			0.06			0.07			0.03
Net realized and unrealized gain on investments and foreign currency transactions		0.13			1.45			0.66			1.10			2.55

Total from investment operations		0.22			1.52			0.72			1.17			2.58

Less distributions:
Dividends from net investment income		(0.14	)		(0.08	)		(0.07	)		(0.07	)		(0.04	)
Distributions from realized gains		(0.15	)		—			—			—			—

Dividends from net investment income		(0.29	)		(0.08	)		(0.07	)		(0.07	)		(0.04	)

Net asset value, end of year	$	13.88		$	13.95		$	12.51		$	11.86		$	10.76

Total return		1.63	%		12.12	%		6.05	%		10.89	%		31.41	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,997,795		$	1,060,928		$	1,025,615		$	1,028,221		$	877,404
Ratio of expenses to average net assets:
After waivers		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly		0.95	%		0.94	%		0.94	%		0.90	%		0.93	%
Before waivers and fees paid indirectly		1.01	%		1.00	%		0.95	%		0.95	%		0.97	%
Ratio of net investment income to average net assets:
After waivers		0.59	%		0.56	%		0.47	%		0.57	%		0.38	%
After waivers and fees paid indirectly		0.59	%		0.57	%		0.48	%		0.62	%		0.40	%
Before waivers and fees paid indirectly		0.52	%		0.51	%		0.47	%		0.57	%		0.36	%
Portfolio turnover rate		68	%		28	%		30	%		20	%		24	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	0.01		$	—	#	$	—	#	$	—	#

See Notes to Financial Statements.

498

EQ ADVISORS TRUST

EQ/CAYWOOD-SCHOLL HIGH YIELD BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)			2004			2003(e)
Net asset value, beginning of year	$	4.65		$	4.56		$	4.70		$	4.82		$	4.04

Income (loss) from investment operations:
Net investment income		0.33			0.32			0.32			0.35			0.33
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.20	)		0.04			(0.19	)		0.10			0.54

Total from investment operations		0.13			0.36			0.13			0.45			0.87

Less distributions:
Dividends from net investment income		(0.32	)		(0.27	)		(0.27	)		(0.57	)		(0.09	)

Net asset value, end of year	$	4.46		$	4.65		$	4.56		$	4.70		$	4.82

Total return		2.81	%		7.95	%		2.72	%		9.70	%		22.64	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	233,886		$	192,056		$	115,154		$	86,676		$	90,014
Ratio of expenses to average net assets:
After waivers		1.00	%		0.96	%		0.85	%		0.85	%		0.79	%
After waivers and fees paid indirectly		1.00	%		0.96	%		0.85	%		N/A			N/A
Before waivers and fees paid indirectly		1.01	%		1.00	%		1.01	%		0.97	%		0.79	%
Ratio of net investment income to average net assets:
After waivers		6.90	%		6.76	%		6.75	%		6.61	%		7.53	%
After waivers and fees paid indirectly		6.90	%		6.76	%		6.75	%		N/A			N/A
Before waivers and fees paid indirectly		6.89	%		6.72	%		6.59	%		6.49	%		7.53	%
Portfolio turnover rate		77	%		51	%		50	%		66	%		60	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	—	#	$	0.01		$	0.01		$	**

See Notes to Financial Statements.

499

EQ ADVISORS TRUST

EQ/DAVIS NEW YORK VENTURE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	Year Ended December 31, 2007 (e)			August 31, 2006* to December 31, 2006 (e)
Net asset value, beginning of period	$	10.80		$	10.00

Income from investment operations:
Net investment income		0.12			0.07
Net realized and unrealized gain on investments		0.32			0.76

Total from investment operations		0.44			0.83

Less distributions:
Dividends from net investment income		(0.08	)		(0.03	)
Distributions from realized gains		(0.03	)		—	#

Total dividends and distributions		(0.11	)		(0.03	)

Net asset value, end of period	$	11.13		$	10.80

Total return (b)		4.09	%		8.30	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	250,993		$	2,681
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.03	%		1.05	%
After waivers, reimbursements, and fees paid indirectly (a)		1.00	%		1.02	%
Before waivers, reimbursements, and fees paid indirectly (a)		1.03	%		1.59	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		1.05	%		1.83	%
After waivers, reimbursements, and fees paid indirectly (a)		1.08	%		1.86	%
Before waivers, reimbursements, and fees paid indirectly (a)		1.05	%		0.28	%
Portfolio turnover rate		9	%		0	%‡
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	0.05

Class IB	Year Ended December 31, 2007 (e)			August 31, 2006* to December 31, 2006 (e)
Net asset value, beginning of period	$	10.80		$	10.00

Income from investment operations:
Net investment income		0.10			0.04
Net realized and unrealized gain on investments		0.31			0.78

Total from investment operations		0.41			0.82

Less distribution
Dividends from net investment income		(0.05	)		(0.02	)
Distributions from realized gains		(0.03	)		—	#

Total dividends and distributions		(0.08	)		(0.02	)

Net asset value, end of period	$	11.13		$	10.80

Total return (b)		3.81	%		8.21	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	289,159		$	64,531
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.28	%(c)		1.30	%
After waivers, reimbursements, and fees paid indirectly (a)		1.25	%(c)		1.27	%
Before waivers, reimbursements, and fees paid indirectly (a)		1.28	%		1.84	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.86	%		0.96	%
After waivers, reimbursements, and fees paid indirectly (a)		0.89	%		1.00	%
Before waivers, reimbursements, and fees paid indirectly (a)		0.86	%		0.49	%
Portfolio turnover rate		9	%		0	%‡
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	0.02

See Notes to Financial Statements.

500

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	25.92		$	23.52		$	23.24		$	21.38		$	16.92

Income from investment operations:
Net investment income		0.43			0.39			0.37			0.39			0.28
Net realized and unrealized gain on investments		0.90	(z)		3.22			0.72			1.85			4.47

Total from investment operations		1.33			3.61			1.09			2.24			4.75

Less distributions:
Dividends from net investment income		(0.44	)		(0.41	)		(0.38	)		(0.38	)		(0.29	)
Distributions from realized gains		(0.76	)		(0.80	)		(0.43	)		—			—

Total dividends and distributions		(1.20	)		(1.21	)		(0.81	)		(0.38	)		(0.29	)

Net asset value, end of year	$	26.05		$	25.92		$	23.52		$	23.24		$	21.38

Total return		5.22	%(z)		15.37	%		4.68	%		10.50	%		28.14	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,600,697		$	1,615,477		$	1,560,845		$	1,633,378		$	1,560,563
Ratio of expenses to average net assets		0.38	%		0.35	%		0.30	%		0.30	%		0.31	%
Ratio of net investment income to average net assets		1.58	%		1.58	%		1.57	%		1.75	%		1.48	%
Portfolio turnover rate		4	%		4	%		7	%		1	%		—	‡%

	Year Ended December 31,
Class IB	2007(e)			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	25.79		$	23.41		$	23.13		$	21.28		$	16.84

Income from investment operations:
Net investment income		0.36			0.33			0.31			0.31			0.19
Net realized and unrealized gain on investments		0.90	(z)		3.19			0.72			1.86			4.49

Total from investment operations		1.26			3.52			1.03			2.17			4.68

Less distributions:
Dividends from net investment income		(0.37	)		(0.34	)		(0.32	)		(0.32	)		(0.24	)
Distributions from realized gains		(0.76	)		(0.80	)		(0.43	)		—			—

Total dividends and distributions		(1.13	)		(1.14	)		(0.75	)		(0.32	)		(0.24	)

Net asset value, end of year	$	25.92		$	25.79		$	23.41		$	23.13		$	21.28

Total return		4.97	%(z)		15.06	%		4.42	%		10.21	%		27.83	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	2,062,991		$	2,142,776		$	2,018,231		$	1,951,348		$	1,589,054
Ratio of expenses to average net assets		0.63	%		0.60	%		0.55	%		0.55	%		0.56	%
Ratio of net investment income to average net assets		1.33	%		1.33	%		1.32	%		1.50	%		1.23	%
Portfolio turnover rate		4	%		4	%		7	%		1	%		—	‡%

See Notes to Financial Statements.

501

EQ ADVISORS TRUST

EQ/EVERGREEN INTERNATIONAL BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						October 3, *2005 to December 31,**
Class IA	2007 (e)			2006 (e)			2005 (e)
Net asset value, beginning of period	$	10.08		$	9.77		$	10.00

Income (loss) from investment operations:
Net investment income		0.45			0.36			0.05
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.52			—	#		(0.28	)

Total from investment operations		0.97			0.36			(0.23	)

Less distributions:
Dividends from net investment income		(0.27	)		(0.03	)		—
Distributions from realized gains		(0.01	)		(0.02	)		—

Total dividends and distributions		(0.28	)		(0.05	)		—

Net asset value, end of period	$	10.77		$	10.08		$	9.77

Total return (b)		9.54	%		3.70	%		(2.30	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	604,149		$	272,209		$	98
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.87	%		0.90	%		0.90	%
Before waivers and reimbursements (a)		0.87	%		0.90	%		6.98	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		4.26	%		3.67	%		2.11	%
Before waivers and reimbursements (a)		4.26	%		3.67	%		(3.97	)%
Portfolio turnover rate		82	%		74	%		10	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	0.15

	Year Ended December 31,						October 3, *2005 to December 31,**
Class IB	2007 (e)			2006 (e)			2005 (e)
Net asset value, beginning of period	$	10.08		$	9.77		$	10.00

Income (loss) from investment operations:
Net investment income		0.42			0.33			0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.51			0.01			(0.27	)

Total from investment operations		0.93			0.34			(0.23	)

Less distributions:
Dividends from net investment income		(0.24	)		(0.01	)		—
Distributions from realized gains		(0.01	)		(0.02	)		—

Total dividends and distributions		(0.25	)		(0.03	)		—

Net asset value, end of period	$	10.76		$	10.08		$	9.77

Total return (b)		9.26	%		3.44	%		(2.30	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	234,871		$	96,604		$	11,942
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.12	%		1.15	%		1.15	%
Before waivers and reimbursements (a)		1.12	%		1.15	%		7.23	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		4.00	%		3.29	%		1.86	%
Before waivers and reimbursements (a)		4.00	%		3.29	%		(4.22	)%
Portfolio turnover rate		82	%		74	%		10	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	0.15

See Notes to Financial Statements.

502

EQ ADVISORS TRUST

EQ/EVERGREEN OMEGA PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	8.68		$	9.08		$	8.98		$	8.41		$	6.08

Income from investment operations:
Net investment income		0.02			0.01			0.01			0.05			—	#
Net realized and unrealized gain on investments		0.98			0.54			0.36			0.57			2.33

Total from investment operations		1.00			0.55			0.37			0.62			2.33

Less distributions:
Dividends from net investment income		—			—			—	#		(0.05	)		—
Distributions from realized gains		(0.49	)		(0.95	)		(0.27	)		—			—

Total dividends and distributions		(0.49	)		(0.95	)		(0.27	)		(0.05	)		—

Net asset value, end of year	$	9.19		$	8.68		$	9.08		$	8.98		$	8.41

Total return		11.65	%		6.07	%		4.22	%		7.35	%		38.55	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	523		$	164		$	186		$	89		$	75
Ratio of expenses to average net assets:
After waivers		0.90	%		0.83	%		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly		0.87	%		0.77	%		0.50	%		0.32	%		0.59	%
Before waivers and fees paid indirectly		0.90	%		0.83	%		0.75	%		0.76	%		0.90	%
Ratio of net investment income (loss) to average net assets:
After waivers		0.15	%		0.10	%		(0.03	)%		0.27	%		(0.19	)%
After waivers and fees paid indirectly		0.18	%		0.16	%		0.17	%		0.65	%		(0.08	)%
Before waivers and fees paid indirectly		0.15	%		0.10	%		(0.08	)%		0.21	%		(0.39	)%
Portfolio turnover rate		38	%		126	%		131	%		160	%		161	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—	#	$	—	#	$	0.01

	Year Ended December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	8.61		$	9.03		$	8.95		$	8.39		$	6.07

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		(0.01	)		(0.01	)		0.03			(0.01	)
Net realized and unrealized gain on investments		0.97			0.54			0.36			0.55			2.33

Total from investment operations		0.96			0.53			0.35			0.58			2.32

Less distributions:
Dividends from net investment income		—			—			—	#		(0.02	)		—
Distributions from realized gains		(0.49	)		(0.95	)		(0.27	)		—			—

Total dividends and distributions		(0.49	)		(0.95	)		(0.27	)		(0.02	)		—

Net asset value, end of year	$	9.08		$	8.61		$	9.03		$	8.95		$	8.39

Total return		11.28	%		5.89	%		4.01	%		6.97	%		38.22	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	229,726		$	184,008		$	194,341		$	193,160		$	109,660
Ratio of expenses to average net assets:
After waivers		1.15	%		1.08	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly		1.12	%		1.02	%		0.75	%		0.57	%		0.84	%
Before waivers and fees paid indirectly		1.15	%		1.08	%		1.00	%		1.01	%		1.15	%
Ratio of net investment income (loss) to average net assets:
After waivers		(0.09	)%		(0.15	)%		(0.28	)%		0.02	%		(0.44	)%
After waivers and fees paid indirectly		(0.06	)%		(0.09	)%		(0.08	)%		0.40	%		(0.33	)%
Before waivers and fees paid indirectly		(0.09	)%		(0.15	)%		(0.33	)%		(0.04	)%		(0.64	)%
Portfolio turnover rate		38	%		126	%		131	%		160	%		161	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	—		$	—		$	—	#	$	0.01		$	0.01

See Notes to Financial Statements.

503

EQ ADVISORS TRUST

EQ/FI MID CAP PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	10.75		$	10.35		$	11.13		$	10.20		$	7.08

Income from investment operations:
Net investment income		0.02			0.02			0.02			0.05			0.01
Net realized and unrealized gain on investments and foreign currency transactions		0.84			1.16			0.69			1.59			3.11

Total from investment operations		0.86			1.18			0.71			1.64			3.12

Less distributions:
Dividends from net investment income		—			(0.03	)		—			(0.07	)		—
Distributions from realized gains		(1.52	)		(0.75	)		(1.49	)		(0.64	)		—

Total dividends and distributions		(1.52	)		(0.78	)		(1.49	)		(0.71	)		—

Net asset value, end of year	$	10.09		$	10.75		$	10.35		$	11.13		$	10.20

Total return		8.25	%		11.79	%		6.63	%		16.32	%		44.07	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	63,363		$	51,403		$	13,551		$	7,931		$	2,835
Ratio of expenses to average net assets:
After waivers		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
After waivers and fees paid indirectly		0.75	%		0.72	%		0.70	%		0.71	%		0.63	%
Before waivers and fees paid indirectly		0.81	%		0.80	%		0.75	%		0.76	%		0.78	%
Ratio of net investment income to average net assets:
After waivers		0.19	%		0.19	%		0.15	%		0.62	%		0.04	%
After waivers and fees paid indirectly		0.20	%		0.22	%		0.20	%		0.66	%		0.16	%
Before waivers and fees paid indirectly		0.13	%		0.15	%		0.15	%		0.61	%		0.01	%
Portfolio turnover rate		112	%		155	%		149	%		123	%		159	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	—	#	$	—		$	—	#	$	—	#

	Year Ended December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	10.65		$	10.26		$	11.08		$	10.15		$	7.07

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		—	#		(0.01	)		0.04			(0.01	)
Net realized and unrealized gain on investments and foreign currency transactions		0.84			1.14			0.68			1.57			3.09

Total from investment operations		0.83			1.14			0.67			1.61			3.08

Less distributions:
Dividends from net investment income		—			—	#		—			(0.04	)		—
Distributions from realized gains		(1.52	)		(0.75	)		(1.49	)		(0.64	)		—

Total dividends and distributions		(1.52	)		(0.75	)		(1.49	)		(0.68	)		—

Net asset value, end of year	$	9.96		$	10.65		$	10.26		$	11.08		$	10.15

Total return		8.05	%		11.51	%		6.39	%		16.01	%		43.56	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,611,257		$	1,516,836		$	1,340,515		$	1,161,685		$	792,096
Ratio of expenses to average net assets:
After waivers		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
After waivers and fees paid indirectly		1.00	%		0.97	%(c)		0.95	%		0.96	%		0.88	%
Before waivers and fees paid indirectly		1.06	%		1.05	%(c)		1.00	%		1.01	%		1.03	%
Ratio of net investment income (loss) to average net assets:
After waivers		(0.06	)%		(0.04	)%		(0.10	)%		0.37	%		(0.21	)%
After waivers and fees paid indirectly		(0.06	)%		—	%‡‡		(0.05	)%		0.41	%		(0.09	)%
Before waivers and fees paid indirectly		(0.12	)%		(0.08	)%		(0.10	)%		0.36	%		(0.24	)%
Portfolio turnover rate		112	%		155	%		149	%		123	%		159	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	0.01		$	—	#	$	—		$	—	#	$	—	#

See Notes to Financial Statements.

504

EQ ADVISORS TRUST

EQ/FRANKLIN INCOME PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	Year Ended December 31, 2007 (e)			September 15, *2006 to December 31, 2006 (e)**
Net asset value, beginning of period	$	10.41		$	10.00

Income (loss) from investment operations:
Net investment income		0.63			0.13
Net realized and unrealized gain (loss) on investments		(0.38	)		0.35

Total from investment operations		0.25			0.48

Less distributions:
Dividends from net investment income		(0.35	)		(0.07	)
Distributions from realized gains		(0.03	)		—

Total dividends and distributions		(0.38	)		(0.07	)

Net asset value, end of period	$	10.28		$	10.41

Total return (b)		2.36	%		4.81	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	275,884		$	1,572
Ratio of expenses to average net assets:
After waivers and fees paid indirectly (a)		1.05	%		1.05	%
Before waivers and fees paid indirectly (a)		1.05	%		1.28	%(c)
Ratio of net investment income to average net assets:
After waivers and fees paid indirectly (a)		5.83	%		4.31	%
Before waivers and fees paid indirectly (a)		5.83	%		3.65	%
Portfolio turnover rate		20	%		7	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	0.02

Class IB	Year Ended December 31, 2007 (e)			September 15, 2006* to December 31, 2006 (e)
Net asset value, beginning of period	$	10.41		$	10.00

Income (loss) from investment operations:
Net investment income		0.54			0.12
Net realized and unrealized gain (loss) on investments		(0.32	)		0.35

Total from investment operations		0.22			0.47

Less distributions:
Dividends from net investment income		(0.32	)		(0.06	)
Distributions from realized gains		(0.03	)		—

Total dividends and distributions		(0.35	)		(0.06	)

Net asset value, end of period	$	10.28		$	10.41

Total return (b)		2.07	%		4.74	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	713,523		$	153,843
Ratio of expenses to average net assets:
After waivers and fees paid indirectly (a)		1.30	%		1.30	%
Before waivers and fees paid indirectly (a)		1.30	%		1.53	%(c)
Ratio of net investment income to average net assets:
After waivers and fees paid indirectly (a)		5.06	%		4.03	%
Before waivers and fees paid indirectly (a)		5.06	%		3.80	%
Portfolio turnover rate		20	%		7	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	0.01

See Notes to Financial Statements.

505

EQ ADVISORS TRUST

EQ/FRANKLIN SMALL CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	Year Ended December 31, 2007 (e)			September 15, *2006 to December 31, 2006 (e)**
Net asset value, beginning of period	$	10.85		$	10.00

Income (loss) from investment operations:
Net investment income		0.12			0.03
Net realized and unrealized gain (loss) on investments		(1.03	)		0.84

Total from investment operations		(0.91	)		0.87

Less distributions:
Dividends from net investment income		(0.07	)		(0.02	)
Distributions from realized gain		(0.03	)		—

Total dividends and distributions		(0.10	)		(0.02	)

Net asset value, end of period	$	9.84		$	10.85

Total return (b)		(8.39	)%		8.74	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	246,846		$	2,287
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.05	%		1.05	%
Before waivers and reimbursements (a)		1.08	%		2.90	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		1.12	%		1.07	%
Before waivers and reimbursements (a)		1.09	%		(1.45	)%
Portfolio turnover rate		3	%		0	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	0.08

Class IB	Year Ended December 31, 2007 (e)			September 15, *2006 to December 31, 2006 (e)**
Net asset value, beginning of period	$	10.85		$	10.00

Income (loss) from investment operations:
Net investment income		0.09			0.02
Net realized and unrealized gain (loss) on investments		(1.03	)		0.85

Total from investment operations		(0.94	)		0.87

Less distributions:
Dividends from net investment income		(0.04	)		(0.02	)
Distributions from realized gain		(0.03	)		—

Total dividends and distributions		(0.07	)		(0.02	)

Net asset value, end of period	$	9.84		$	10.85

Total return (b)		(8.63	)%		8.66	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	67,492		$	19,238
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.30	%		1.30	%
Before waivers and reimbursements (a)		1.33	%(c)		3.15	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.78	%		0.66	%
Before waivers and reimbursements (a)		0.73	%		(1.07	)%
Portfolio turnover rate		3	%		0	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.05

See Notes to Financial Statements.

506

EQ ADVISORS TRUST

EQ/GAMCO MERGERS AND ACQUISITIONS PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	June 8, *2007 to December 31, 2007 (e)**
Net asset value, beginning of period	$	13.28

Income (loss) from investment operations:
Net investment income		0.09
Net realized and unrealized loss on investments and foreign currency transactions		(0.48	)

Total from investment operations		(0.39	)

Less distributions:
Dividends from net investment income		(0.12	)
Distributions from realized gains		(0.55	)

Total dividends and distributions		(0.67	)

Net asset value, end of period	$	12.22

Total return (b)		(2.87	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	10,580
Ratio of expenses to average net assets:
After waivers (a)		1.09	%
After waivers and fees paid indirectly (a)		1.08	%
Before waivers and fees paid indirectly (a)		1.09	%
Ratio of net investment income to average net assets:
After waivers (a)		1.17	%
After waivers and fees paid indirectly (a)		1.19	%
Before waivers and fees paid indirectly (a)		1.17	%
Portfolio turnover rate		268	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—


	Year Ended December 31,												May 1, *2003 to December 31, 2003(e)**
Class IB	2007 (e)			2006 (e)			2005 (e)			2004			May 1, *2003 to December 31, 2003(e)**
Net asset value, beginning of period	$	12.45		$	11.61		$	11.37		$	11.03		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.11			0.25			0.12			0.01			(0.02	)
Net realized and unrealized gain on investments and foreign currency transactions		0.31			1.16			0.40			0.58			1.10

Total from investment operations		0.42			1.41			0.52			0.59			1.08

Less distributions:
Dividends from net investment income		(0.09	)		(0.23	)		(0.07	)		(0.01	)		—
Distributions from realized gains		(0.55	)		(0.34	)		(0.21	)		(0.24	)		(0.05	)

Total dividends and distributions		(0.64	)		(0.57	)		(0.28	)		(0.25	)		(0.05	)

Net asset value, end of period	$	12.23		$	12.45		$	11.61		$	11.37		$	11.03

Total return (b)		3.42	%		12.16	%		4.54	%		5.35	%		10.78	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	165,261		$	115,091		$	42,040		$	8,080		$	3,325
Ratio of expenses to average net assets:
After waivers (a)		1.34	%(c)		1.45	%		1.45	%		1.45	%		1.45	%
After waivers and fees paid indirectly (a)		1.33	%(c)		1.37	%		1.38	%		1.45	%		N/A
Before waivers and fees paid indirectly (a)		1.34	%(c)		1.45	%		1.73	%		2.36	%		1.66	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.83	%		1.97	%		0.93	%		0.10	%		(0.29	)%
After waivers and fees paid indirectly (a)		0.86	%		2.05	%		1.00	%		0.10	%		N/A
Before waivers and fees paid indirectly (a)		0.83	%		1.97	%		0.65	%		(0.81	)%		(0.50	)%
Portfolio turnover rate		268	%		249	%		179	%		149	%		87	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	—		$	—		$	0.03		$	0.10		$	**

See Notes to Financial Statements.

507

EQ ADVISORS TRUST

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	July 13, *2007 to December 31, 2007 (e)**
Net asset value, beginning of period	$	35.40

Income (loss) from investment operations:
Net investment income		0.14
Net realized and unrealized (loss) on investments and foreign currency transactions		(2.61	)

Total from investment operations		(2.47	)

Less distributions:
Dividends from net investment income		(0.22	)
Distributions from realized gains		(1.17	)

Total dividends and distributions		(1.39	)

Net asset value, end of period	$	31.54

Total return (b)		(6.86	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	337,261
Ratio of expenses to average net assets:
After fees paid indirectly (a)		0.85	%
Before fees paid indirectly (a)		0.88	%
Ratio of net investment income to average net assets:
After fees paid indirectly (a)		0.92	%
Before fees paid indirectly (a)		0.89	%
Portfolio turnover rate		42	%


	Year Ended December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)			2004			2003(e)
Net asset value, beginning of year	$	30.13		$	26.91		$	27.75		$	23.56		$	17.16

Income from investment operations:
Net investment income		0.22			0.10			0.13			0.01			—	#
Net realized and unrealized gain on investments and foreign currency transactions		2.55			4.91			1.06			4.90			6.42

Total from investment operations		2.77			5.01			1.19			4.91			6.42

Less distributions:
Dividends from net investment income		(0.14	)		(0.25	)		(0.12	)		—	#		(0.02	)
Distributions from realized gains		(1.17	)		(1.54	)		(1.91	)		(0.72	)		—

Total dividends and distributions		(1.31	)		(1.79	)		(2.03	)		(0.72	)		(0.02	)

Net asset value, end of year	$	31.59		$	30.13		$	26.91		$	27.75		$	23.56

Total return		9.32	%		18.82	%		4.33	%		20.93	%		37.43	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,001,617		$	727,119		$	586,954		$	470,869		$	396,914
Ratio of expenses to average net assets:
After fees paid indirectly		1.10	%(c)		1.13	%		1.09	%		1.16	%		N/A
Before fees paid indirectly		1.13	%(c)		1.14	%		1.10	%		1.17	%		1.08	%
Ratio of net investment income to average net assets:
After fees paid indirectly		0.66	%		0.33	%		0.46	%		0.06	%		N/A
Before fees paid indirectly		0.64	%		0.32	%		0.45	%		0.05	%		0.01	%
Portfolio turnover rate		42	%		19	%		22	%		10	%		8	%

See Notes to Financial Statements.

508

EQ ADVISORS TRUST

EQ/GOVERNMENT SECURITIES PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004			2003(e)
Net asset value, beginning of year	$	10.77		$	10.88		$	11.16		$	11.70		$	11.82

Income (loss) from investment operations:
Net investment income		0.47			0.43			0.38			0.33			0.31
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.25			(0.04	)		(0.25	)		(0.16	)		(0.11	)

Total from investment operations		0.72			0.39			0.13			0.17			0.20

Less distributions:
Dividends from net investment income		(0.53	)		(0.50	)		(0.40	)		(0.66	)		(0.32	)
Distributions from realized gains		—			—			(0.01	)		(0.05	)		—

Total dividends and distributions		(0.53	)		(0.50	)		(0.41	)		(0.71	)		(0.32	)

Net asset value, end of year	$	10.96		$	10.77		$	10.88		$	11.16		$	11.70

Total return		6.70	%		3.62	%		1.30	%		1.37	%		1.70	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	74,678		$	87,275		$	107,313		$	124,236		$	132,972
Ratio of expenses to average net assets		0.73	%		0.69	%		0.68	%		0.75	%		0.66	%
Ratio of net investment income to average net assets		4.26	%		3.92	%		3.36	%		2.64	%		2.61	%
Portfolio turnover rate		705	%		110	%		76	%		44	%		32	%

See Notes to Financial Statements.

509

EQ ADVISORS TRUST

EQ/INTERNATIONAL GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)			2004			2003 (e)
Net asset value, beginning of year	$	6.50		$	5.21		$	4.68		$	4.51		$	3.46

Income from investment operations:
Net investment income		0.04			0.06			0.04			0.03			0.03
Net realized and unrealized gain on investments and foreign currency transactions		1.00			1.28			0.56			0.20			1.04

Total from investment operations		1.04			1.34			0.60			0.23			1.07

Less distributions:
Dividends from net investment income		(0.04	)		(0.05	)		(0.07	)		(0.05	)		(0.02	)
Distributions from realized gains		(0.26	)		—			—			(0.01	)		—

Total dividends and distributions		(0.30	)		(0.05	)		(0.07	)		(0.06	)		(0.02	)

Net asset value, end of year	$	7.24		$	6.50		$	5.21		$	4.68		$	4.51

Total return		16.14	%		25.65	%		12.98	%		5.27	%		30.94	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	361,284		$	164,899		$	73,080		$	53,426		$	55,645
Ratio of expenses to average net assets:
After fees paid indirectly		1.37	%		1.42	%		1.14	%		N/A			1.14	%
Before fees paid indirectly		1.37	%		1.42	%		1.31	%		1.32	%		1.14	%
Ratio of net investment income to average net assets:
After fees paid indirectly		0.61	%		1.01	%		0.79	%		N/A			0.85	%
Before fees paid indirectly		0.61	%		1.01	%		0.62	%		0.57	%		0.85	%
Portfolio turnover rate		57	%		79	%		131	%		154	%		54	%

See Notes to Financial Statements.

510

EQ ADVISORS TRUST

EQ/JPMORGAN CORE BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004(e)			2003(e)
Net asset value, beginning of year	$	10.96		$	11.00		$	11.14		$	11.18		$	11.19

Income (loss) from investment operations:
Net investment income		0.56			0.55			0.42			0.33			0.34
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.20	)		(0.08	)		(0.14	)		0.15			0.06

Total from investment operations		0.36			0.47			0.28			0.48			0.40

Less distributions:
Dividends from net investment income		(0.52	)		(0.51	)		(0.40	)		(0.32	)		(0.34	)
Distributions from realized gains		—			—			(0.02	)		(0.20	)		(0.07	)

Total dividends and distributions		(0.52	)		(0.51	)		(0.42	)		(0.52	)		(0.41	)

Net asset value, end of year	$	10.80		$	10.96		$	11.00		$	11.14		$	11.18

Total return		3.35	%		4.28	%		2.50	%		4.31	%		3.62	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	633,814		$	105,248		$	11,367		$	5,715		$	2,122
Ratio of expenses to average net assets		0.56	%		0.56	%		0.49	%		0.50	%		0.52	%
Ratio of net investment income to average net assets		5.02	%		4.87	%		3.75	%		2.93	%		2.98	%
Portfolio turnover rate		513	%		543	%		588	%		560	%		464	%

	Year Ended December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)			2004(e)			2003(e)
Net asset value, beginning of year	$	10.97		$	11.01		$	11.15		$	11.19		$	11.19

Income (loss) from investment operations:
Net investment income		0.53			0.50			0.39			0.30			0.31
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.20	)		(0.06	)		(0.14	)		0.15			0.08

Total from investment operations		0.33			0.44			0.25			0.45			0.39

Less distributions:
Dividends from net investment income		(0.49	)		(0.48	)		(0.37	)		(0.29	)		(0.32	)
Distributions from realized gains		—			—			(0.02	)		(0.20	)		(0.07	)

Total dividends and distributions		(0.49	)		(0.48	)		(0.39	)		(0.49	)		(0.39	)

Net asset value, end of year	$	10.81		$	10.97		$	11.01		$	11.15		$	11.19

Total return		3.08	%		4.01	%		2.24	%		4.13	%		3.38	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,529,392		$	1,491,463		$	1,392,453		$	1,208,076		$	1,081,959
Ratio of expenses to average net assets		0.81	%		0.81	%(c)		0.74	%		0.75	%		0.77	%
Ratio of net investment income to average net assets		4.78	%		4.50	%		3.50	%		2.68	%		2.73	%
Portfolio turnover rate		513	%		543	%		588	%		560	%		464	%

See Notes to Financial Statements.

511

EQ ADVISORS TRUST

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	14.16		$	12.59		$	12.30		$	11.23		$	8.97

Income (loss) from investment operations:
Net investment income		0.23			0.24			0.20			0.19			0.15
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.39	)		2.36			0.32			1.07			2.27

Total from investment operations		(0.16	)		2.60			0.52			1.26			2.42

Less distributions:
Dividends from net investment income		(0.24	)		(0.25	)		(0.23	)		(0.19	)		(0.16	)
Distributions from realized gains		(2.13	)		(0.78	)		—			—			—

Total dividends and distributions		(2.37	)		(1.03	)		(0.23	)		(0.19	)		(0.16	)

Net asset value, end of year	$	11.63		$	14.16		$	12.59		$	12.30		$	11.23

Total return		(0.93	)%		20.65	%		4.21	%		11.21	%		27.04	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,890		$	1,791		$	399		$	129		$	108
Ratio of expenses to average net assets:
After waivers		0.70	%		0.70	%		0.67	%		0.70	%		0.70	%
After waivers and fees paid indirectly		0.70	%		0.70	%		0.67	%		0.51	%		0.68	%
Before waivers and fees paid indirectly		0.74	%		0.73	%		0.67	%		0.70	%		0.70	%
Ratio of net investment income (loss) to average net assets:
After waivers		1.62	%		1.75	%		1.58	%		1.53	%		1.67	%
After waivers and fees paid indirectly		1.62	%		1.75	%		1.58	%		1.72	%		1.69	%
Before waivers and fees paid indirectly		1.58	%		1.72	%		1.58	%		1.53	%		1.67	%
Portfolio turnover rate		79	%		78	%		67	%		91	%		43	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	—	#	$	—		$	—		$	—

	Year Ended December 31,
Class IB	2007(e)			2006(e)			2005(e)			2004			2003
Net asset value, beginning of year	$	14.19		$	12.61		$	12.32		$	11.26		$	8.99

Income (loss) from investment operations:
Net investment income		0.20			0.21			0.16			0.17			0.14
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.39	)		2.37			0.33			1.04			2.27

Total from investment operations		(0.19	)		2.58			0.49			1.21			2.41

Less distributions:
Dividends from net investment income		(0.21	)		(0.22	)		(0.20	)		(0.15	)		(0.14	)
Distributions from realized gains		(2.13	)		(0.78	)		—			—			—

Total dividends and distributions		(2.34	)		(1.00	)		(0.20	)		(0.15	)		(0.14	)

Net asset value, end of year	$	11.66		$	14.19		$	12.61		$	12.32		$	11.26

Total return		(1.18	)%		20.40	%		3.94	%		10.81	%		26.81	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	559,519		$	645,905		$	602,237		$	642,993		$	613,776
Ratio of expenses to average net assets:
After waivers		0.95	%		0.95	%		0.92	%		0.95	%		0.95	%
After waivers and fees paid indirectly		0.95	%		0.95	%		0.92	%		0.76	%		0.93	%
Before waivers and fees paid indirectly		0.99	%		0.98	%(c)		0.92	%		0.95	%		0.95	%
Ratio of net investment income (loss) to average net assets:
After waivers		1.37	%		1.53	%		1.33	%		1.28	%		1.42	%
After waivers and fees paid indirectly		1.37	%		1.53	%		1.33	%		1.47	%		1.44	%
Before waivers and fees paid indirectly		1.33	%		1.51	%		1.33	%		1.28	%		1.42	%
Portfolio turnover rate		79	%		78	%		67	%		91	%		43	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	0.01		$	—	#	$	—		$	—		$	—

See Notes to Financial Statements.

512

EQ ADVISORS TRUST

EQ/LEGG MASON VALUE EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						October 3, 2005* to December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)
Net asset value, beginning of period	$	11.19		$	10.45		$	10.00

Income (loss) from investment operations:
Net investment income		0.03			0.03			0.01
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.67	)		0.71			0.47

Total from investment operations		(0.64	)		0.74			0.48

Less distributions:
Dividends from net investment income		—			—	#		(0.03	)
Distributions from realized gains		(0.23	)		—	#		—

Total dividends and distributions		(0.23	)		—	#		(0.03	)

Net asset value, end of period	$	10.32		$	11.19		$	10.45

Total return (b)		(5.70	)%		7.12	%		4.80	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,246		$	112		$	105
Ratio of expenses to average net assets:
After waivers (a)		0.75	%		0.75	%		0.75	%
After waivers and fees paid indirectly (a)		0.72	%		0.72	%		0.74	%
Before waivers and fees paid indirectly (a)		0.82	%		0.84	%		3.64	%
Ratio of net investment income to average net assets:
After waivers (a)		0.28	%		0.21	%		0.35	%
After waivers and fees paid indirectly (a)		0.30	%		0.24	%		0.36	%
Before waivers and fees paid indirectly (a)		0.21	%		0.12	%		(2.54	)%
Portfolio turnover rate		29	%		9	%		—	%‡
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.01		$	0.07

	Year Ended December 31,						October 3, *2005 to December 31,**
Class IB	2007 (e)			2006 (e)			2005 (e)
Net asset value, beginning of period	$	11.18		$	10.47		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		—	#		—	#
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.65	)		0.71			0.47

Total from investment operations		(0.66	)		0.71			0.47

Less distributions:
Dividends from net investment income		—			—	#		—	#
Distributions from realized gains		(0.23	)		—	#		—

Total dividends and distributions		(0.23	)		—	#		—	#

Net asset value, end of period	$	10.29		$	11.18		$	10.47

Total return (b)		(5.88	)%		6.81	%		4.74	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	213,065		$	203,514		$	32,087
Ratio of expenses to average net assets:
After waivers (a)		1.00	%		1.00	%		1.00	%
After waivers and fees paid indirectly (a)		0.97	%(c)		0.97	%(c)		0.99	%
Before waivers and fees paid indirectly (a)		1.07	%		1.09	%		3.89	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		(0.07	)%		(0.05	)%		0.10	%
After waivers and fees paid indirectly (a)		(0.05	)%		(0.01	)%		0.11	%
Before waivers and fees paid indirectly (a)		(0.15	)%		(0.14	)%		(2.79	)%
Portfolio turnover rate		29	%		9	%		—	%‡
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.01		$	0.01		$	0.07

See Notes to Financial Statements.

513

EQ ADVISORS TRUST

EQ/LONG TERM BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004			2003(e)
Net asset value, beginning of year	$	13.27		$	13.54		$	13.54		$	14.37		$	14.53

Income (loss) from investment operations:
Net investment income		0.67			0.63			0.60			0.77			0.69
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.33			(0.33	)		(0.19	)		0.32			—	#

Total from investment operations		1.00			0.30			0.41			1.09			0.69

Less distributions:
Dividends from net investment income		(0.58	)		(0.57	)		(0.29	)		(1.50	)		(0.84	)
Distributions from realized gains		—			—			(0.12	)		(0.42	)		(0.01	)

Total dividends and distributions		(0.58	)		(0.57	)		(0.41	)		(1.92	)		(0.85	)

Net asset value, end of year	$	13.69		$	13.27		$	13.54		$	13.54		$	14.37

Total return		7.72	%		2.08	%		3.03	%		7.92	%		4.81	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,117,060		$	693,119		$	537,340		$	100,561		$	108,325
Ratio of expenses to average net assets:
After waivers		0.53	%		0.55	%		0.60	%(c)		0.75	%		0.66	%
After waivers and fees paid indirectly		0.53	%		0.55	%		0.60	%(c)		N/A			0.66	%
Before waivers and fees paid indirectly		0.53	%		0.55	%		0.60	%(c)		0.75	%		0.66	%
Ratio of net investment income to average net assets:
After waivers		4.99	%		4.75	%		4.36	%(c)		4.69	%		4.65	%
After waivers and fees paid indirectly		4.99	%		4.75	%		4.36	%(c)		N/A			4.65	%
Before waivers and fees paid indirectly		4.99	%		4.75	%		4.36	%(c)		4.69	%		4.65	%
Portfolio turnover rate		522	%		233	%		69	%		36	%		18	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—	#	$	**


	Year Ended December 31,						April 29, 2005* to December 31,
Class IB	2007(e)			2006 (e)			2005 (e)
Net asset value, beginning of period	$	13.27		$	13.55		$	13.77

Income (loss) from investment operations:
Net investment income		0.64			0.60			0.38
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.32			(0.35	)		(0.23	)

Total from investment operations		0.96			0.25			0.15

Less distributions:
Dividends from net investment income		(0.54	)		(0.53	)		(0.25	)
Distributions from realized gains		—			—			(0.12	)

Total dividends and distributions		(0.54	)		(0.53	)		(0.37	)

Net asset value, end of period	$	13.69		$	13.27		$	13.55

Total return (b)		7.35	%		1.82	%		1.13	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	147,867		$	108,067		$	58,672
Ratio of expenses to average net assets:
After waivers (a)		0.78	%		0.80	%		0.85	%(c)
After waivers and fees paid indirectly (a)		0.78	%		0.80	%		0.85	%(c)
Before waivers and fees paid indirectly (a)		0.78	%		0.80	%		0.85	%(c)
Ratio of net investment income to average net assets:
After waivers (a)		4.73	%		4.50	%		4.11	%(c)
After waivers and fees paid indirectly (a)		4.73	%		4.50	%		4.11	%(c)
Before waivers and fees paid indirectly (a)		4.73	%		4.50	%		4.11	%(c)
Portfolio turnover rate		522	%		233	%		69	%

See Notes to Financial Statements.

514

EQ ADVISORS TRUST

EQ/LORD ABBETT GROWTH AND INCOME PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						April 29, 2005* to December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)
Net asset value, beginning of period	$	12.36		$	10.67		$	10.00

Income from investment operations:
Net investment income		0.17			0.22			0.10
Net realized and unrealized gain on investments and foreign currency transactions		0.29			1.65			0.66

Total from investment operations		0.46			1.87			0.76

Less distributions:
Dividends from net investment income		(0.18	)		(0.10	)		(0.07	)
Distributions from realized gains		(0.49	)		(0.08	)		(0.02	)

Total dividends and distributions		(0.67	)		(0.18	)		(0.09	)

Net asset value, end of period	$	12.15		$	12.36		$	10.67

Total return (b)		3.79	%		17.48	%		7.55	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	65,415		$	74,235		$	108
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.75	%		0.75	%		0.75	%
After waivers, reimbursements, and fees paid indirectly (a)		0.73	%		0.74	%		0.72	%
Before waivers, reimbursements, and fees paid indirectly (a)		0.81	%		0.88	%(c)		1.50	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		1.35	%		1.75	%		1.43	%
After waivers, reimbursements, and fees paid indirectly (a)		1.36	%		1.76	%		1.46	%
Before waivers, reimbursements, and fees paid indirectly (a)		1.29	%		1.67	%		0.68	%
Portfolio turnover rate		85	%		49	%		19	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.01		$	0.05

	Year Ended December 31,						April 29, 2005* to December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)
Net asset value, beginning of period	$	12.37		$	10.68		$	10.00

Income from investment operations:
Net investment income		0.14			0.16			0.08
Net realized and unrealized gain on investments and foreign currency transactions		0.28			1.68			0.66

Total from investment operations		0.42			1.84			0.74

Less distributions:
Dividends from net investment income		(0.14	)		(0.07	)		(0.04	)
Distributions from realized gains		(0.49	)		(0.08	)		(0.02	)

Total dividends and distributions		(0.63	)		(0.15	)		(0.06	)

Net asset value, end of period	$	12.16		$	12.37		$	10.68

Total return (b)		3.43	%		17.26	%		7.38	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	172,888		$	156,413		$	38,230
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.00	%		1.00	%		1.00	%
After waivers, reimbursements, and fees paid indirectly (a)		0.98	%		0.99	%		0.97	%
Before waivers, reimbursements, and fees paid indirectly (a)		1.06	%		1.13	%(c)		1.75	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		1.08	%		1.33	%		1.18	%
After waivers, reimbursements, and fees paid indirectly (a)		1.10	%		1.34	%		1.21	%
Before waivers, reimbursements, and fees paid indirectly (a)		1.02	%		1.19	%		0.43	%
Portfolio turnover rate		85	%		49	%		19	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.02		$	0.05

See Notes to Financial Statements.

515

EQ ADVISORS TRUST

EQ/LORD ABBETT LARGE CAP CORE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						April 29, 2005* to December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)
Net asset value, beginning of period	$	11.88		$	10.69		$	10.00

Income from investment operations:
Net investment income		0.13			0.14			0.08
Net realized and unrealized gain on investments		1.16			1.24			0.67

Total from investment operations		1.29			1.38			0.75

Less distributions:
Dividends from net investment income		(0.12	)		(0.12	)		(0.06	)
Distributions from realized gains		(0.46	)		(0.07	)		—

Total dividends and distributions		(0.58	)		(0.19	)		(0.06	)

Net asset value, end of period	$	12.59		$	11.88		$	10.69

Total return (b)		10.99	%		12.92	%		7.53	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,262		$	121		$	107
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.75	%		0.75	%		0.75	%
After waivers, reimbursements, and fees paid indirectly (a)		0.74	%		0.74	%		0.74	%
Before waivers, reimbursements, and fees paid indirectly (a)		0.86	%		1.03	%		1.89	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		1.03	%		1.21	%		1.12	%
After waivers, reimbursements, and fees paid indirectly (a)		1.04	%		1.22	%		1.13	%
Before waivers, reimbursements, and fees paid indirectly (a)		0.92	%		0.93	%		(0.02	)%
Portfolio turnover rate		42	%		36	%		26	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.03		$	0.08

	Year Ended December 31,						April 29, 2005* to December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)
Net asset value, beginning of period	$	11.89		$	10.69		$	10.00

Income from investment operations:
Net investment income		0.10			0.11			0.06
Net realized and unrealized gain on investments		1.16			1.25			0.67

Total from investment operations		1.26			1.36			0.73

Less distribution
Dividends from net investment income		(0.09	)		(0.09	)		(0.04	)
Distributions from realized gains		(0.46	)		(0.07	)		—

Total dividends and distributions		(0.55	)		(0.16	)		(0.04	)

Net asset value, end of period	$	12.60		$	11.89		$	10.69

Total return (b)		10.69	%		12.63	%		7.36	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	91,751		$	58,690		$	27,015
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.00	%		1.00	%		1.00	%
After waivers, reimbursements, and fees paid indirectly (a)		0.99	%		0.99	%		0.99	%
Before waivers, reimbursements, and fees paid indirectly (a)		1.11	%(c)		1.28	%(c)		2.14	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.82	%		0.96	%		0.87	%
After waivers, reimbursements, and fees paid indirectly (a)		0.83	%		0.97	%		0.88	%
Before waivers, reimbursements, and fees paid indirectly (a)		0.69	%		0.70	%		(0.27	)%
Portfolio turnover rate		42	%		36	%		26	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.02		$	0.03		$	0.08

See Notes to Financial Statements.

516

EQ ADVISORS TRUST

EQ/LORD ABBETT MID CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						April 29, 2005* to December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)
Net asset value, beginning of period	$	12.47		$	11.28		$	10.00

Income from investment operations:
Net investment income		0.10			0.14			0.08
Net realized and unrealized gain on investments		—	#		1.28			1.30

Total from investment operations		0.10			1.42			1.38

Less distributions:
Dividends from net investment income		(0.10	)		(0.08	)		(0.06	)
Distributions from realized gains		(0.84	)		(0.15	)		(0.04	)

Total dividends and distributions		(0.94	)		(0.23	)		(0.10	)

Net asset value, end of period	$	11.63		$	12.47		$	11.28

Total return (b)		0.81	%		12.66	%		13.82	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	84,868		$	76,210		$	114
Ratio of expenses to average net assets:
After waivers (a)		0.80	%		0.80	%		0.80	%
After waivers and fees paid indirectly (a)		0.79	%		0.80	%		0.76	%
Before waivers and fees paid indirectly (a)		0.85	%		0.85	%		1.02	%
Ratio of net investment income to average net assets:
After waivers (a)		0.78	%		1.11	%		1.03	%
After waivers and fees paid indirectly (a)		0.79	%		1.11	%		1.07	%
Before waivers and fees paid indirectly (a)		0.74	%		1.06	%		0.81	%
Portfolio turnover rate		32	%		24	%		19	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.01		$	0.02

	Year Ended December 31,						April 29, 2005* to December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)
Net asset value, beginning of period	$	12.48		$	11.29		$	10.00

Income from investment operations:
Net investment income		0.07			0.07			0.06
Net realized and unrealized gain on investments		—	#		1.32			1.30

Total from investment operations		0.07			1.39			1.36

Less distributions:
Dividends from net investment income		(0.06	)		(0.05	)		(0.03	)
Distributions from realized gains		(0.84	)		(0.15	)		(0.04	)

Total dividends and distributions		(0.90	)		(0.20	)		(0.07	)

Net asset value, end of period	$	11.65		$	12.48		$	11.29

Total return (b)		0.64	%		12.37	%		13.63	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	340,422		$	245,301		$	123,436
Ratio of expenses to average net assets:
After waivers (a)		1.05	%		1.05	%		1.05	%
After waivers and fees paid indirectly (a)		1.04	%		1.05	%(c)		1.01	%
Before waivers and fees paid indirectly (a)		1.10	%		1.10	%(c)		1.27	%
Ratio of net investment income to average net assets:
After waivers (a)		0.54	%		0.64	%		0.78	%
After waivers and fees paid indirectly (a)		0.55	%		0.64	%		0.82	%
Before waivers and fees paid indirectly (a)		0.50	%		0.58	%		0.56	%
Portfolio turnover rate		32	%		24	%		19	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.01		$	0.02

See Notes to Financial Statements.

517

EQ ADVISORS TRUST

EQ/MARSICO FOCUS PORTFOLIO(q)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	16.90		$	15.86		$	14.67		$	13.24		$	10.07

Income from investment operations:
Net investment income		0.09			0.07			0.03			0.01			—	#
Net realized and unrealized gain on investments and foreign currency transactions		2.30			1.42			1.56			1.42			3.17

Total from investment operations		2.39			1.49			1.59			1.43			3.17

Less distributions:
Dividends from net investment income		(0.08	)		(0.07	)		(0.01	)		—			—
Distributions from realized gains		(1.51	)		(0.38	)		(0.39	)		—			—

Total dividends and distributions		(1.59	)		(0.45	)		(0.40	)		—			—

Net asset value, end of year	$	17.70		$	16.90		$	15.86		$	14.67		$	13.24

Total return		14.33	%		9.55	%		10.98	%		10.80	%		31.48	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,968,509		$	1,406,085		$	1,014,881		$	579,357		$	338,365
Ratio of expenses to average net assets:
After waivers		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
After waivers and fees paid indirectly		0.90	%		0.89	%		0.89	%		0.87	%		0.85	%
Before waivers and fees paid indirectly		0.98	%		0.95	%		0.92	%		0.94	%		0.97	%
Ratio of net investment income (loss) to average net assets:
After waivers		0.50	%		0.46	%		0.19	%		0.05	%		(0.07	)%
After waivers and fees paid indirectly		0.50	%		0.46	%		0.20	%		0.08	%		(0.02	)%
Before waivers and fees paid indirectly		0.42	%		0.40	%		0.17	%		0.01	%		(0.14	)%
Portfolio turnover rate		71	%		66	%		66	%		96	%		72	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	0.01		$	—	#	$	0.01		$	—	#

	Year Ended December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	16.78		$	15.75		$	14.59		$	13.20		$	10.07

Income (loss) from investment operations:
Net investment income (loss)		0.05			0.03			(0.01	)†		(0.02	)		(0.02	)
Net realized and unrealized gain on investments and foreign currency transactions		2.27			1.41			1.56			1.41			3.15

Total from investment operations		2.32			1.44			1.55			1.39			3.13

Less distributions:
Dividends from net investment income		(0.03	)		(0.03	)		—			—			—
Distributions from realized gains		(1.51	)		(0.38	)		(0.39	)		—			—

Total dividends and distributions		(1.54	)		(0.41	)		(0.39	)		—			—

Net asset value, end of year	$	17.56		$	16.78		$	15.75		$	14.59		$	13.20

Total return		14.08	%		9.35	%		10.65	%		10.53	%		31.08	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	2,628,736		$	2,250,340		$	1,768,738		$	1,257,708		$	903,595
Ratio of expenses to average net assets:
After waivers		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
After waivers and fees paid indirectly		1.15	%		1.14	%		1.14	%		1.12	%		1.10	%
Before waivers and fees paid indirectly		1.23	%		1.20	%		1.17	%		1.19	%		1.22	%
Ratio of net investment income (loss) to average net assets:
After waivers		0.26	%		0.20	%		(0.06	)%		(0.20	)%		(0.32	)%
After waivers and fees paid indirectly		0.26	%		0.21	%		(0.05	)%		(0.17	)%		(0.27	)%
Before waivers and fees paid indirectly		0.18	%		0.15	%		(0.08	)%		(0.24	)%		(0.39	)%
Portfolio turnover rate		71	%		66	%		66	%		96	%		72	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	0.01		$	0.01		$	—	#	$	0.01		$	—	#

See Notes to Financial Statements.

518

EQ ADVISORS TRUST

EQ/MONEY MARKET PORTFOLIO(s)(v)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004			2003(e)
Net asset value, beginning of year	$	1.000		$	1.000		$	1.001		$	1.002		$	1.003

Income (loss) from investment operations:
Net investment income		0.048			0.046			0.029			0.012			0.009
Net realized and unrealized gain (loss) on investments		—			—	#		—	#		(0.001	)		—	#

Total from investment operations		0.048			0.046			0.029			0.011			0.009

Less distributions:
Dividends from net investment income		(0.048	)		(0.046	)		(0.030	)		(0.012	)		(0.010	)

Net asset value, end of year	$	1.000		$	1.000		$	1.000		$	1.001		$	1.002

Total return		4.97	%		4.72	%		2.85	%		1.02	%		0.82	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	869,405		$	831,695		$	737,535		$	598,718		$	705,877
Ratio of expenses to average net assets		0.45	%		0.44	%		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assets		4.83	%		4.65	%		2.86	%		1.01	%		0.82	%

	Year Ended December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)			2004			2003(e)
Net asset value, beginning of year	$	1.000		$	1.000		$	1.000		$	1.001		$	1.002

Income (loss) from investment operations:
Net investment income		0.046			0.044			0.027			0.009			0.006
Net realized and unrealized gain (loss) on investments		—			—	#		—	#		(0.001	)		—	#

Total from investment operations		0.046			0.044			0.027			0.008			0.006

Less distributions:
Dividends from net investment income		(0.046	)		(0.044	)		(0.027	)		(0.009	)		(0.007	)

Net asset value, end of year	$	1.000		$	1.000		$	1.000		$	1.000		$	1.001

Total return		4.71	%		4.46	%		2.65	%		0.77	%		0.57	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,199,272		$	918,153		$	773,184		$	774,625		$	942,215
Ratio of expenses to average net assets		0.70	%		0.69	%		0.64	%		0.64	%		0.64	%
Ratio of net investment income to average net assets		4.57	%		4.42	%		2.61	%		0.76	%		0.57	%

See Notes to Financial Statements.

519

EQ ADVISORS TRUST

EQ/MONTAG & CALDWELL GROWTH PORTFOLIO(l)(t)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,									December 13, 2004* to December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004 (e)
Net asset value, beginning of period	$	5.44		$	5.05		$	4.80		$	4.73

Income from investment operations:
Net investment income		0.03			0.02			0.02			—	#
Net realized and unrealized gain on investments		1.12			0.39			0.25			0.09

Total from investment operations		1.15			0.41			0.27			0.09

Less distributions:
Dividends from net investment income		(0.03	)		(0.02	)		(0.02	)		(0.02	)

Net asset value, end of period	$	6.56		$	5.44		$	5.05		$	4.80

Total return (b)		21.13	%		8.20	%		5.71	%		0.99	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	15,661		$	10,045		$	11,800		$	13,837
Ratio of expenses to average net assets:
After waivers (a)		0.90	%		0.88	%		0.83	%		0.76	%(c)
After waivers and fees paid indirectly (a)		0.88	%		0.86	%		0.80	%		N/A
Before waivers and fees paid indirectly (a)		0.90	%		0.88	%		0.83	%		0.76	%(c)
Ratio of net investment income to average net assets:
After waivers (a)		0.47	%		0.42	%		0.48	%		0.47	%(c)
After waivers and fees paid indirectly (a)		0.48	%		0.43	%		0.51	%		N/A
Before waivers and fees paid indirectly (a)		0.47	%		0.42	%		0.48	%		0.47	%(c)
Portfolio turnover rate		71	%		66	%		55	%		58	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	—		$	—		$	—


	Year Ended December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)			2004 (e)			2003 (e)
Net asset value, beginning of year	$	5.45		$	5.06		$	4.81		$	4.64		$	3.98

Income from investment operations:
Net investment income		0.01			0.01			0.01			0.01			0.01
Net realized and unrealized gain on investments and foreign currency transactions		1.12			0.39			0.25			0.18			0.67

Total from investment operations		1.13			0.40			0.26			0.19			0.68

Less distributions:
Dividends from net investment income		(0.01	)		(0.01	)		(0.01	)		(0.02	)		(0.02	)

Net asset value, end of year	$	6.57		$	5.45		$	5.06		$	4.81		$	4.64

Total return		20.77	%		7.91	%		5.43	%		4.10	%		17.05	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	345,467		$	274,068		$	305,851		$	258,854		$	265,471
Ratio of expenses to average net assets:
After waivers		1.15	%		1.13	%		1.08	%		1.12	%		1.03	%
After waivers and fees paid indirectly		1.13	%		1.11	%		1.05	%		N/A			N/A
Before waivers and fees paid indirectly		1.15	%		1.13	%		1.08	%		1.12	%		1.03	%
Ratio of net investment income to average net assets:
After waivers		0.21	%		0.17	%		0.23	%		0.11	%		0.34	%
After waivers and fees paid indirectly		0.22	%		0.18	%		0.26	%		N/A			N/A
Before waivers and fees paid indirectly		0.21	%		0.17	%		0.23	%		0.11	%		0.34	%
Portfolio turnover rate		71	%		66	%		55	%		58	%		40	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	—		$	—		$	—		$	—

See Notes to Financial Statements.

520

EQ ADVISORS TRUST

EQ/MUTUAL SHARES PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	Year Ended December 31, 2007 (e)			September 15, 2006* to December 31, 2006 (e)
Net asset value, beginning of period	$	10.74		$	10.00

Income from investment operations:
Net investment income		0.17			0.03
Net realized and unrealized gain on investments, options written, and foreign currency transactions		0.04			0.73

Total from investment operations		0.21			0.76

Less distributions:
Dividends from net investment income		—			(0.02	)
Distributions from realized gains		—	#		—	#

Total dividends and distributions		—	#		(0.02	)

Net asset value, end of period	$	10.95		$	10.74

Total return (b)		1.97	%		7.59	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	284,503		$	10,797
Ratio of expenses to average net assets:
After waivers (a)		1.05	%		1.05	%
Before waivers (a)		1.11	%		1.40	%(c)
Ratio of net investment income to average net assets:
After waivers (a)		1.56	%		0.95	%
Before waivers (a)		1.50	%		0.50	%
Portfolio turnover rate		31	%		4	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.01

Class IB	Year Ended December 31, 2007 (e)			September 15, 2006* to December 31, 2006 (e)
Net asset value, beginning of period	$	10.74		$	10.00

Income from investment operations:
Net investment income		0.16			0.02
Net realized and unrealized gain on investments, options written, and foreign currency transactions		0.02			0.73

Total from investment operations		0.18			0.75

Less distributions:
Dividends from net investment income		—			(0.01	)
Distributions from realized gains		—	#		—	#

Total dividends and distributions		—	#		(0.01	)

Net asset value, end of period	$	10.92		$	10.74

Total return (b)		1.69	%		7.51	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	406,213		$	99,547
Ratio of expenses to average net assets:
After waivers (a)		1.30	%		1.30	%
Before waivers (a)		1.36	%(c)		1.65	%(c)
Ratio of net investment income to average net assets:
After waivers (a)		1.46	%		0.67	%
Before waivers (a)		1.42	%		0.34	%
Portfolio turnover rate		31	%		4	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	0.01

See Notes to Financial Statements.

521

EQ ADVISORS TRUST

EQ/OPPENHEIMER GLOBAL PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	Year Ended December 31, 2007 (e)			August 31, 2006* to December 31, 2006 (e)
Net asset value, beginning of period	$	11.00		$	10.00

Income from investment operations:
Net investment income		0.09			0.01
Net realized and unrealized gain on investments and foreign currency		0.56			1.00

Total from investment operations		0.65			1.01

Less dividends and distributions:
Dividends from net investment income		(0.06	)		(0.01	)
Distributions from realized gains		(0.11	)		—	#

Total dividends and distributions		(0.17	)		(0.01	)

Net asset value, end of period	$	11.48		$	11.00

Total return (b)		5.94	%		10.07	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	6,248		$	4,410
Ratio of expenses to average net assets:
After waivers (a)		1.10	%		1.10	%
Before waivers (a)		1.46	%		2.25	%(c)
Ratio of net investment income to average net assets:
After waivers (a)		0.74	%		0.30	%
Before waivers (a)		0.38	%		(1.11	)%
Portfolio turnover rate		22	%		6	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.04		$	0.05

Class IB	Year Ended December 31, 2007 (e)			August 31, 2006* to December 31, 2006 (e)
Net asset value, beginning of period	$	10.99		$	10.00

Income from investment operations:
Net investment income		0.05			—	#
Net realized and unrealized gain on investments and foreign currency		0.58			0.99

Total from investment operations		0.63			0.99

Less distributions:
Dividends from net investment income		(0.03	)		—
Distributions from realized gains		(0.11	)		—	#

Total dividends and distributions		(0.14	)		—

Net asset value, end of period	$	11.48		$	10.99

Total return (b)		5.66	%		10.01	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	131,915		$	26,740
Ratio of expenses to average net assets:
After waivers (a)		1.35	%		1.35	%
Before waivers (a)		1.71	%(c)		2.50	%(c)
Ratio of net investment income to average net assets:
After waivers (a)		0.39	%		0.13	%
Before waivers (a)		(0.04	)%		(0.93	)%
Portfolio turnover rate		22	%		6	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.05		$	0.04

See Notes to Financial Statements.

522

EQ ADVISORS TRUST

EQ/OPPENHEIMER MAIN STREET OPPORTUNITY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	Year Ended December 31, 2007 (e)			August 31, 2006* to December 31, 2006 (e)
Net asset value, beginning of period	$	10.81		$	10.00

Income from investment operations:
Net investment income		0.09			0.03
Net realized and unrealized gain on investments and foreign currency transactions		0.30			0.86

Total from investment operations		0.39			0.89

Less distributions:
Dividends from net investment income		(0.08	)		(0.03	)
Distributions from net realized gains		(0.50	)		(0.05	)

Total dividends and distributions		(0.58	)		(0.08	)

Net asset value, end of period	$	10.62		$	10.81

Total return (b)		3.69	%		8.92	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	5,645		$	5,445
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.05	%		1.05	%
Before waivers and reimbursements (a)		1.30	%		2.43	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.84	%		0.92	%
Before waivers and reimbursements (a)		0.58	%		(0.53	)%
Portfolio turnover rate		168	%		51	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.03		$	0.05

Class IB	Year Ended December 31, 2007 (e)			August 31, 2006* to December 31, 2006 (e)
Net asset value, beginning of period	$	10.81		$	10.00

Income from investment operations:
Net investment income		0.07			0.02
Net realized and unrealized gain on investments and foreign currency transactions		0.29			0.86

Total from investment operations		0.36			0.88

Less distributions:
Dividends from net investment income		(0.05	)		(0.02	)
Distributions from net realized gains		(0.50	)		(0.05	)

Total dividends and distributions		(0.55	)		(0.07	)

Net asset value, end of period	$	10.62		$	10.81

Total return (b)		3.42	%		8.82	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	45,942		$	13,705
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.30	%		1.30	%
Before waivers and reimbursements (a)		1.55	%		2.68	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.57	%		0.67	%
Before waivers and reimbursements (a)		0.32	%		(0.67	)%
Portfolio turnover rate		168	%		51	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.03		$	0.05

See Notes to Financial Statements.

523

EQ ADVISORS TRUST

EQ/OPPENHEIMER MAIN STREET SMALL CAP PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	Year Ended December 31, 2007 (e)			August 31, 2006* to December 31, 2006 (e)
Net asset value, beginning of period	$	10.89		$	10.00

Income (loss) from investment operations:
Net investment income		0.04			0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.21	)		0.92

Total from investment operations		(0.17	)		0.94

Less distributions:
Dividends from net investment income		—			(0.02	)
Distributions from net realized gains		(0.17	)		(0.03	)

Total dividends and distributions		(0.17	)		(0.05	)

Net asset value, end of period	$	10.55		$	10.89

Total return (b)		(1.51	)%		9.34	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	6,093		$	5,502
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.05	%		1.05	%
Before waivers and reimbursements (a)		1.38	%		2.38	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.31	%		0.46	%
Before waivers and reimbursements (a)		(0.02	)%		(0.96	)%
Portfolio turnover rate		137	%		53	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.04		$	0.05

Class IB	Year Ended December 31, 2007 (e)			August 31, 2006* to December 31, 2006 (e)
Net asset value, beginning of period	$	10.89		$	10.00

Income (loss) from investment operations:
Net investment income		—	#		0.01
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.20	)		0.92

Total from investment operations		(0.20	)		0.93

Less distributions:
Dividends from net investment income		—			(0.01	)
Distributions from net realized gains		(0.17	)		(0.03	)

Total dividends and distributions		(0.17	)		(0.04	)

Net asset value, end of period	$	10.52		$	10.89

Total return (b)		(1.78	)%		9.25	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	74,604		$	16,994
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.30	%		1.30	%
Before waivers and reimbursements (a)		1.63	%(c)		2.63	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		—	%‡‡		0.21	%
Before waivers and reimbursements (a)		(0.36	)%		(1.06	)%
Portfolio turnover rate		137	%		53	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.04		$	0.05

See Notes to Financial Statements.

524

EQ ADVISORS TRUST

EQ/PIMCO REAL RETURN PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	March 30, *2007 to December 31, 2007 (e)**
Net asset value, beginning of period	$	10.06

Income from investment operations:
Net investment income		0.34
Net realized and unrealized gain on investments, options written, futures, and foreign currency transactions		0.51

Total from investment operations		0.85

Less distributions:
Dividends from net investment income		(0.29	)
Distributions from realized gains		(0.09	)

Total dividends and distributions		(0.38	)

Net asset value, end of period	$	10.53

Total return (b)		8.72	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	705,347
Ratio of expenses to average net assets:
After waivers (a)		0.65	%
Before waivers (a)		0.69	%
Ratio of net investment income to average net assets:
After waivers (a)		4.45	%
Before waivers (a)		4.40	%
Portfolio turnover rate		1,088	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—	#


	Year Ended December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)			2004			2003(e)
Net asset value, beginning of year	$	9.76		$	10.14		$	10.31		$	10.33		$	10.19

Income (loss) from investment operations:
Net investment income		0.43			0.43			0.34			0.20			0.24
Net realized and unrealized gain (loss) on investments, options written, futures, and foreign currency transactions		0.70			(0.41	)		(0.26	)		0.29			0.31

Total from investment operations		1.13			0.02			0.08			0.49			0.55

Less distributions:
Dividends from net investment income		(0.26	)		(0.35	)		(0.22	)		(0.21	)		(0.25	)
Distributions from realized gains		(0.09	)		(0.05	)		(0.03	)		(0.30	)		(0.16	)

Total dividends and distributions		(0.35	)		(0.40	)		(0.25	)		(0.51	)		(0.41	)

Net asset value, end of year	$	10.54		$	9.76		$	10.14		$	10.31		$	10.33

Total return		11.43	%		0.44	%		0.77	%		4.78	%		5.65	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	584,940		$	375,504		$	217,873		$	60,511		$	51,752
Ratio of expenses to average net assets:
After waivers		0.90	%		0.70	%		0.65	%		0.65	%		0.65	%
Before waivers		0.94	%(c)		0.95	%		0.96	%		1.00	%		0.82	%
Ratio of net investment income to average net assets:
After waivers		4.27	%		4.20	%		3.31	%		2.04	%		2.26	%
Before waivers		4.21	%		3.95	%		3.00	%		1.69	%		2.09	%
Portfolio turnover rate		1,088	%		1,040	%		1,249	%		396	%		364	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	0.03		$	0.03		$	0.04		$	**

See Notes to Financial Statements.

525

EQ ADVISORS TRUST

EQ/SHORT DURATION BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						June 9, *2005 to December 31,**
Class IA	2007 (e)			2006 (e)			2005 (e)
Net asset value, beginning of period	$	9.98		$	9.94		$	10.02

Income (loss) from investment operations:
Net investment income		0.46			0.43			0.38
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.09			(0.01	)		(0.33	)

Total from investment operations		0.55			0.42			0.05

Less distributions:
Dividends from net investment income		(0.44	)		(0.38	)		(0.13	)
Distributions from realized gains		—			—			—	#

Total dividends and distributions		(0.44	)		(0.38	)		(0.13	)

Net asset value, end of period	$	10.09		$	9.98		$	9.94

Total return (b)		5.56	%		4.22	%		0.52	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,131,300		$	1,781,319		$	1,219,936
Ratio of expenses to average net assets:
After waivers (a)		0.58	%		0.54	%		0.40	%(c)
Before waivers (a)		0.58	%		0.54	%		0.51	%(c)
Ratio of net investment income to average net assets:
After waivers (a)		4.52	%		4.21	%		3.76	%(c)
Before waivers (a)		4.52	%		4.21	%		3.65	%(c)
Portfolio turnover rate		134	%		101	%		52	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	0.01


Class IB	Year Ended December 31,												May 1, *2003 to December 31,**
Class IB	2007 (e)			2006(e)			2005 (e)			2004			2003 (e)
Net asset value, beginning of period	$	9.99		$	9.95		$	9.92		$	9.98		$	10.00

Income (loss) from investment operations:
Net investment income		0.44			0.40			0.28			0.23			0.15
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.09			(0.01	)		(0.14	)		(0.06	)		(0.04	)

Total from investment operations		0.53			0.39			0.14			0.17			0.11

Less distributions:
Dividends from net investment income		(0.42	)		(0.35	)		(0.11	)		(0.23	)		(0.13	)
Distributions from realized gains		—			—			—	#		—			—

Total dividends and distributions		(0.42	)		(0.35	)		(0.11	)		(0.23	)		(0.13	)

Net asset value, end of period	$	10.10		$	9.99		$	9.95		$	9.92		$	9.98

Total return (b)		5.28	%		3.95	%		1.38	%		1.70	%		1.15	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	110,923		$	85,346		$	36,314		$	13,442		$	9,767
Ratio of expenses to average net assets:
After waivers (a)		0.83	%		0.79	%(c)		0.65	%(c)		0.65	%		0.65	%
Before waivers (a)		0.83	%		0.79	%(c)		0.76	%(c)		1.22	%		0.72	%
Ratio of net investment income to average net assets:
After waivers (a)		4.28	%		3.97	%		3.51	%(c)		2.55	%		2.54	%
Before waivers (a)		4.28	%		3.97	%		3.40	%(c)		1.98	%		2.47	%
Portfolio turnover rate		134	%		101	%		52	%		36	%		4	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	0.01		$	0.06		$	**

See Notes to Financial Statements.

526

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004			2003 (e)
Net asset value, beginning of year	$	13.01		$	11.68		$	11.87		$	10.47		$	7.19

Income (loss) from investment operations:
Net investment income		0.18			0.15			0.13			0.08			0.07
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.43	)		1.94			0.40			1.79			3.26

Total from investment operations		(0.25	)		2.09			0.53			1.87			3.33

Less distributions:
Dividends from net investment income		(0.21	)		(0.13	)		(0.12	)		(0.09	)		(0.05	)
Distributions from realized gains		(0.94	)		(0.63	)		(0.60	)		(0.38	)		—

Total dividends and distributions		(1.15	)		(0.76	)		(0.72	)		(0.47	)		(0.05	)

Net asset value, end of year	$	11.61		$	13.01		$	11.68		$	11.87		$	10.47

Total return		(1.55	)%		17.98	%		4.50	%		17.97	%		46.30	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	130,825		$	380,834		$	24,343		$	18,361		$	7,462
Ratio of expenses to average net assets		0.39	%		0.38	%(c)		0.33	%		0.38	%		0.60	%
Ratio of net investment income to average net assets		1.36	%		1.17	%		1.09	%		0.94	%		0.75	%
Portfolio turnover rate		32	%		26	%		26	%		21	%		32	%

	Year Ended December 31,
Class IB	2007(e)			2006 (e)			2005 (e)			2004			2003 (e)
Net asset value, beginning of year	$	13.01		$	11.68		$	11.87		$	10.47		$	7.19

Income (loss) from investment operations:
Net investment income		0.14			0.11			0.10			0.07			0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.42	)		1.94			0.40			1.77			3.26

Total from investment operations		(0.28	)		2.05			0.50			1.84			3.30

Less distributions:
Dividends from net investment income		(0.18	)		(0.09	)		(0.09	)		(0.06	)		(0.02	)
Distributions from realized gains		(0.94	)		(0.63	)		(0.60	)		(0.38	)		—

Total dividends and distributions		(1.12	)		(0.72	)		(0.69	)		(0.44	)		(0.02	)

Net asset value, end of year	$	11.61		$	13.01		$	11.68		$	11.87		$	10.47

Total return		(1.82	)%		17.68	%		4.24	%		17.67	%		45.94	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	669,947		$	687,050		$	517,538		$	480,368		$	319,634
Ratio of expenses to average net assets		0.64	%		0.63	%(c)		0.58	%		0.63	%		0.85	%
Ratio of net investment income to average net assets		1.04	%		0.87	%		0.84	%		0.69	%		0.50	%
Portfolio turnover rate		32	%		26	%		26	%		21	%		32	%

See Notes to Financial Statements.

527

EQ ADVISORS TRUST

EQ/T. ROWE PRICE GROWTH STOCK PORTFOLIO (g)

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	May 16, *2007 to** December 31, 2007 (e)
Net asset value, beginning of period	$	22.76

Income from investment operations:
Net investment income		0.09
Net realized and unrealized loss on investments and foreign currency transactions		(0.09	)

Total from investment operations		—	#

Less distributions:
Dividends from net investment income		(0.07	)
Distributions from realized gains		(1.24	)

Total dividends and distributions		(1.31	)

Net asset value, end of period	$	21.45

Total return (b)		0.24	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,219
Ratio of expenses to average net assets:
After waivers (a)		0.90	%
After waivers and fees paid indirectly (a)		0.62	%
Before waivers and fees paid indirectly (a)		0.93	%
Ratio of net investment income to average net assets:
After waivers (a)		0.33	%
After waivers and fees paid indirectly (a)		0.61	%
Before waivers and fees paid indirectly (a)		0.30	%
Portfolio turnover rate		169	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	—	#


	Year Ended December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)			2004			2003(e)
Net asset value, beginning of year	$	21.20		$	22.09		$	21.25		$	18.72		$	12.24

Income (loss) from investment operations:
Net investment income (loss)		0.02			(0.13	)		(0.17	)		(0.17	)		(0.11	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.48			(0.76	)		1.01			2.70			6.59

Total from investment operations		1.50			(0.89	)		0.84			2.53			6.48

Less distributions:
Dividends from net investment income		(0.02	)		—			—			—			—
Distributions from realized gains		(1.24	)		—			—			—			—

Total dividends and distributions		(1.26	)		—			—			—			—

Net asset value, end of year	$	21.44		$	21.20		$	22.09		$	21.25		$	18.72

Total return		7.19	%		(3.98	)%		3.95	%		13.51	%		52.94	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	590,564		$	246,130		$	302,413		$	285,682		$	282,945
Ratio of expenses to average net assets:
After waivers		1.15	%		1.15	%		1.13	%		1.15	%		1.08	%
After waivers and fees paid indirectly		0.87	%(c)		1.15	%		1.13	%		1.14	%		1.06	%
Before waivers and fees paid indirectly		1.18	%(c)		1.18	%		1.13	%		1.17	%		1.08	%
Ratio of net investment loss to average net assets:
After waivers		(0.10	)%		(0.60	)%		(0.84	)%		(0.85	)%		(0.72	)%
After waivers and fees paid indirectly		0.10	%		(0.60	)%		(0.84	)%		(0.84	)%		(0.70	)%
Before waivers and fees paid indirectly		(0.14	)%		(0.62	)%		(0.84	)%		(0.87	)%		(0.72	)%
Portfolio turnover rate		169	%		40	%		15	%		18	%		19	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	0.01		$	0.01		$	—		$	—	#	$	**

See Notes to Financial Statements.

528

EQ ADVISORS TRUST

EQ/TEMPLETON GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	Year Ended December 31, 2007 (e)			September 15, 2006* to December 31, 2006 (e)
Net asset value, beginning of period	$	10.79		$	10.00

Income from investment operations:
Net investment income		0.09			0.03
Net realized and unrealized gain on investments and foreign currency translations		0.16			0.78

Total from investment operations		0.25			0.81

Less distributions:
Dividends from net investment income		(0.08	)		(0.02	)
Distributions from realized gains		(0.03	)		—

Total dividends and distributions		(0.11	)		(0.02	)

Net asset value, end of period	$	10.93		$	10.79

Total return (b)		2.36	%		8.11	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	274,235		$	1,621
Ratio of expenses to average net assets:
After waivers (a)		1.10	%		1.10	%
After waivers, and fees paid indirectly(a)		1.10	%		1.10	%
Before waivers and fees paid indirectly (a)		1.15	%		1.59	%(c)
Ratio of net investment income to average net assets:
After waivers (a)		0.76	%		1.03	%
After waivers, and fees paid indirectly(a)		0.76	%		1.03	%
Before waivers and fees paid indirectly (a)		0.72	%		0.10	%
Portfolio turnover rate		5	%		0	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.03

Class IB	Year Ended December 31, 2007 (e)			September 15, 2006* to December 31, 2006 (e)
Net asset value, beginning of period	$	10.79		$	10.00

Income from investment operations:
Net investment income		0.12			0.02
Net realized and unrealized gain on investments and foreign currency translations		0.10			0.78

Total from investment operations		0.22			0.80

Less distributions:
Dividends from net investment income		(0.05	)		(0.01	)
Distributions from realized gains		(0.03	)		—

Total dividends and distributions		(0.08	)		(0.01	)

Net asset value, end of period	$	10.93		$	10.79

Total return (b)		2.09	%		8.03	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	319,465		$	74,947
Ratio of expenses to average net assets:
After waivers (a)		1.35	%		1.35	%
After waivers, and fees paid indirectly(a)		1.35	%		1.35	%
Before waivers and fees paid indirectly (a)		1.40	%(c)		1.84	%(c)
Ratio of net investment income to average net assets:
After waivers (a)		1.08	%		0.50	%
After waivers, and fees paid indirectly(a)		1.08	%		0.50	%
Before waivers and fees paid indirectly (a)		1.04	%		0.03	%
Portfolio turnover rate		5	%		0	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	0.01

See Notes to Financial Statements.

529

EQ ADVISORS TRUST

EQ/UBS GROWTH AND INCOME PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IB	2007 (e)			2006 (e)			2005 (e)			2004			2003(e)
Net asset value, beginning of year	$	6.82		$	6.02		$	5.56		$	4.99		$	3.95

Income from investment operations:
Net investment income		0.06			0.05			0.04			0.05			0.04
Net realized and unrealized gain on investments and foreign currency transactions		0.02			0.80			0.46			0.61			1.04

Total from investment operations		0.08			0.85			0.50			0.66			1.08

Less distributions:
Dividends from net investment income		(0.06	)		(0.05	)		(0.04	)		(0.09	)		(0.04	)

Net asset value, end of year	$	6.84		$	6.82		$	6.02		$	5.56		$	4.99

Total return		1.14	%		14.10	%		8.98	%		13.28	%		27.56	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	217,397		$	212,510		$	169,785		$	132,682		$	127,894
Ratio of expenses to average net assets:
After waivers		1.05	%		1.05	%		1.05	%		1.05	%		1.03	%
After waivers and fees paid indirectly		1.04	%		1.03	%		1.04	%		N/A			N/A
Before waivers and fees paid indirectly		1.16	%		1.14	%		1.11	%		1.16	%		1.03	%
Ratio of net investment income to average net assets:
After waivers		0.80	%		0.77	%		0.74	%		0.91	%		0.84	%
After waivers and fees paid indirectly		0.81	%		0.79	%		0.75	%		N/A			N/A
Before waivers and fees paid indirectly		0.69	%		0.68	%		0.68	%		0.80	%		0.84	%
Portfolio turnover rate		32	%		35	%		44	%		40	%		119	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	0.01		$	—	#	$	0.01		$	**

See Notes to Financial Statements.

530

EQ ADVISORS TRUST

EQ/VAN KAMPEN COMSTOCK PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	Year Ended December 31,						April 29, 2005* to December 31, 2005 (e)
Class IA	2007 (e)			2006 (e)			April 29, 2005* to December 31, 2005 (e)
Net asset value, beginning of period	$	11.76		$	10.43		$	10.00

Income (loss) from investment operations:
Net investment income		0.22			0.23			0.13
Net realized and unrealized gain (loss) on investments		(0.49	)		1.46			0.41

Total from investment operations		(0.27	)		1.69			0.54

Less distributions:
Dividends from net investment income		(0.22	)		(0.18	)		(0.09	)
Distributions from realized gains		(0.41	)		(0.18	)		(0.02	)

Total dividends and distributions		(0.63	)		(0.36	)		(0.11	)

Net asset value, end of period	$	10.86		$	11.76		$	10.43

Total return (b)		(2.32	)%		16.27	%		5.37	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	770		$	122		$	105
Ratio of expenses to average net assets:
After waivers (a)		0.75	%		0.75	%		0.75	%
After waiver, and fees paid indirectly (a)		0.74	%		0.74	%		0.74	%
Before waivers and fees paid indirectly (a)		0.80	%		0.81	%		0.96	%
Ratio of net investment income to average net assets:
After waivers (a)		1.82	%(c)		2.06	%		1.97	%
After waiver, and fees paid indirectly (a)		1.82	%(c)		2.07	%		1.98	%
Before waivers and fees paid indirectly (a)		1.77	%(c)		2.00	%		1.76	%
Portfolio turnover rate		23	%		23	%		18	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.01		$	0.01

Class IB	Year Ended December 31,						April 29, *2005 to December 31, 2005 (e)**
Class IB	2007 (e)			2006 (e)			April 29, *2005 to December 31, 2005 (e)**
Net asset value, beginning of period	$	11.77		$	10.44		$	10.00

Income (loss) from investment operations:
Net investment income		0.20			0.20			0.12
Net realized and unrealized gain (loss) on investments		(0.50	)		1.46			0.40

Total from investment operations		(0.30	)		1.66			0.52

Less distributions:
Dividends from net investment income		(0.19	)		(0.15	)		(0.06	)
Distributions from realized gains		(0.41	)		(0.18	)		(0.02	)

Total dividends and distributions		(0.60	)		(0.33	)		(0.08	)

Net asset value, end of period	$	10.87		$	11.77		$	10.44

Total return (b)		(2.57	)%		15.97	%		5.20	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	319,390		$	291,204		$	113,526
Ratio of expenses to average net assets:
After waivers (a)		1.00	%		1.00	%		1.00	%
After waiver, and fees paid indirectly (a)		0.99	%		0.99	%		0.99	%
Before waivers and fees paid indirectly (a)		1.05	%		1.06	%		1.21	%
Ratio of net investment income to average net assets:
After waivers (a)		1.62	%		1.77	%		1.72	%
After waiver, and fees paid indirectly (a)		1.62	%		1.78	%		1.73	%
Before waivers and fees paid indirectly (a)		1.57	%		1.71	%		1.51	%
Portfolio turnover rate		23	%		23	%		18	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.01		$	0.01

See Notes to Financial Statements.

531

EQ ADVISORS TRUST

EQ/VAN KAMPEN EMERGING MARKETS EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007 (e)			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	16.23		$	12.87		$	10.06		$	8.20		$	5.29

Income from investment operations:
Net investment income		0.05			0.04			0.09			0.05			0.07
Net realized and unrealized gain on investments and foreign currency transactions		6.50			4.70			3.23			1.89			2.91

Total from investment operations		6.55			4.74			3.32			1.94			2.98

Less distributions:
Dividends from net investment income		—			(0.10	)		(0.09	)		(0.08	)		(0.07	)
Distributions from realized gains		(3.93	)		(1.28	)		(0.42	)		—			—

Total dividends and distributions		(3.93	)		(1.38	)		(0.51	)		(0.08	)		(0.07	)

Net asset value, end of year	$	18.85		$	16.23		$	12.87		$	10.06		$	8.20

Total return		42.42	%		37.41	%		33.04	%		24.01	%		56.18	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,016,346		$	619,212		$	162,519		$	4,592		$	995
Ratio of expenses to average net assets:
After waivers		1.39	%		1.49	%(c)		1.55	%		1.55	%		1.55	%
After waivers and fees paid indirectly		1.39	%		1.47	%(c)		1.53	%		1.50	%		1.53	%
Before waivers and fees paid indirectly		1.39	%		1.49	%(c)		1.55	%		1.55	%		1.55	%
Ratio of net investment income to average net assets:
After waivers		0.25	%		0.22	%		0.69	%		0.75	%		1.33	%
After waivers and fees paid indirectly		0.25	%		0.24	%		0.71	%		0.80	%		1.35	%
Before waivers and fees paid indirectly		0.25	%		0.22	%		0.69	%		0.75	%		1.33	%
Portfolio turnover rate		101	%		69	%		52	%		57	%		81	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	—	#

	Year Ended December 31,
Class IB	2007(e)			2006(e)			2005(e)			2004			2003
Net asset value, beginning of year	$	16.22		$	12.87		$	10.06		$	8.19		$	5.28

Income (loss) from investment operations:
Net investment income (loss)		—			0.03			0.05			0.04			0.05
Net realized and unrealized gain on investments and foreign currency transactions		6.50			4.66			3.25			1.89			2.91

Total from investment operations		6.50			4.69			3.30			1.93			2.96

Less distributions:
Dividends from net investment income		—			(0.06	)		(0.07	)		(0.06	)		(0.05	)
Distributions from realized gains		(3.93	)		(1.28	)		(0.42	)		—			—

Total dividends and distributions		(3.93	)		(1.34	)		(0.49	)		(0.06	)		(0.05	)

Net asset value, end of year	$	18.79		$	16.22		$	12.87		$	10.06		$	8.19

Total return		41.98	%		37.07	%		32.84	%		23.58	%		56.09	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	2,838,075		$	1,849,522		$	1,140,481		$	615,499		$	389,893
Ratio of expenses to average net assets:
After waivers		1.64	%		1.74	%(c)		1.80	%		1.80	%		1.80	%
After waivers and fees paid indirectly		1.64	%		1.72	%(c)		1.78	%		1.75	%		1.78	%
Before waivers and fees paid indirectly		1.64	%		1.74	%(c)		1.80	%		1.80	%		1.80	%
Ratio of net investment income (loss) to average net assets:
After waivers		0.01	%		0.17	%		0.44	%		0.50	%		1.08	%
After waivers and fees paid indirectly		0.01	%		0.19	%		0.46	%		0.55	%		1.10	%
Before waivers and fees paid indirectly		0.01	%		0.17	%		0.44	%		0.50	%		1.08	%
Portfolio turnover rate		101	%		69	%		52	%		57	%		81	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	—		$	—		$	—		$	—		$	—	#

See Notes to Financial Statements.

532

EQ ADVISORS TRUST

EQ/VAN KAMPEN MID CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	Year Ended December 31						April 29, 2005* to December 31, 2005 (e)
Class IA	2007 (e)			2006 (e)			April 29, 2005* to December 31, 2005 (e)
Net asset value, beginning of period	$	13.58		$	12.51		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.17			0.05			(0.01	)
Net realized and unrealized gain on investments and foreign currency		2.88			1.14			2.52

Total from investment operations		3.05			1.19			2.51

Less Distributions:
Dividends from net investment income		(0.08	)		(0.05	)		—
Distributions from realized gains		(0.82	)		(0.07	)		—

Total dividends and distributions		(0.90	)		(0.12	)		—

Net asset value, end of period	$	15.73		$	13.58		$	12.51

Total return (b)		22.74	%		9.50	%		25.10	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	62,728		$	137		$	125
Ratio of expenses to average net assets:
After waivers (a)		0.80	%		0.80	%		0.80	%
After waivers and fees paid indirectly (a)		0.79	%		0.76	%		0.77	%
Before waivers and fees paid indirectly (a)		0.85	%		0.90	%		1.45	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		1.07	%		0.38	%		(0.12	)%
After waivers and fees paid indirectly (a)		1.07	%		0.41	%		(0.09	)%
Before waivers and fees paid indirectly (a)		1.01	%		0.27	%		(0.77	)%
Portfolio turnover rate		55	%		64	%		39	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.01		$	0.01		$	0.05

Class IB	Year Ended December 31,						April 29, *2005 to December 31, 2005 (e)**
Class IB	2007 (e)			2006 (e)			April 29, *2005 to December 31, 2005 (e)**
Net asset value, beginning of period	$	13.56		$	12.48		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.06			0.01			(0.03	)
Net realized and unrealized gain on investments and foreign currency		2.93			1.15			2.51

Total from investment operations		2.99			1.16			2.48

Less Distributions:
Dividends from net investment income		(0.03	)		(0.01	)		—
Distributions from realized gains		(0.82	)		(0.07	)		—

Total dividends and distributions		(0.85	)		(0.08	)		—

Net asset value, end of period	$	15.70		$	13.56		$	12.48

Total return (b)		22.38	%		9.33	%		24.80	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	378,803		$	139,188		$	49,826
Ratio of expenses to average net assets:
After waivers (a)		1.05	%		1.05	%		1.05	%
After waivers and fees paid indirectly (a)		1.04	%(c)		1.01	%		1.02	%
Before waivers and fees paid indirectly (a)		1.10	%(c)		1.15	%		1.70	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.39	%		0.06	%		(0.37	)%
After waivers and fees paid indirectly (a)		0.41	%		0.10	%		(0.34	)%
Before waivers and fees paid indirectly (a)		0.33	%		(0.04	)%		(1.02	)%
Portfolio turnover rate		55	%		64	%		39	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.01		$	0.01		$	0.05

See Notes to Financial Statements.

533

EQ ADVISORS TRUST

EQ/VAN KAMPEN REAL ESTATE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	July 2, 2007* to December 31, 2007 (e)
Net asset value, beginning of period	$	10.00

Income (loss) from investment operations:
Net investment income		0.09
Net realized and unrealized loss on investments and foreign currency transactions		(1.74	)

Total from investment operations		(1.65	)

Less Distributions:
Dividends from net investment income		(0.08	)
Distributions from realized gains		(0.05	)

Total dividends and distributions		(0.13	)

Net asset value, end of period	$	8.22

Total return (b)		(16.41	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	137,052
Ratio of expenses to average net assets:
After waivers (a)		1.01	%
After waivers and fees paid indirectly (a)		1.01	%
Before waivers and fees paid indirectly (a)		1.11	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		2.09	%
After waivers and fees paid indirectly (a)		2.09	%
Before waivers and fees paid indirectly (a)		2.00	%
Portfolio turnover rate		20	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—	#

Class IB	July 2, 2007* to December 31, 2007 (e)
Net asset value, beginning of period	$	10.00

Income (loss) from investment operations:
Net investment income		0.09
Net realized and unrealized loss on investments and foreign currency transactions		(1.75	)

Total from investment operations		(1.66	)

Less Distributions:
Dividends from net investment income		(0.07	)
Distributions from realized gains		(0.05	)

Total dividends and distributions		(0.12	)

Net asset value, end of period	$	8.22

Total return (b)		(16.52	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	592,541
Ratio of expenses to average net assets:
After waivers (a)		1.26	%
After waivers and fees paid indirectly (a)		1.26	%
Before waivers and fees paid indirectly (a)		1.36	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers (a)		1.96	%
After waivers and fees paid indirectly (a)		1.96	%
Before waivers and fees paid indirectly (a)		1.91	%
Portfolio turnover rate		20	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—	#

See Notes to Financial Statements.

534

EQ ADVISORS TRUST

MARKETPLUS INTERNATIONAL CORE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	13.89		$	12.47		$	10.80		$	9.64		$	7.35

Income from investment operations:
Net investment income		0.23			0.15			0.15			0.09			0.07
Net realized and unrealized gain on investments and foreign currency transactions		1.79			2.26			1.73			1.24			2.34

Total from investment operations		2.02			2.41			1.88			1.33			2.41

Less distributions:
Dividends from net investment income		(0.10	)		(0.19	)		(0.20	)		(0.17	)		(0.12	)
Distributions from realized gains		(3.05	)		(0.80	)		(0.01	)		—			—

Total dividends and distributions		(3.15	)		(0.99	)		(0.21	)		(0.17	)		(0.12	)

Net asset value, end of year	$	12.76		$	13.89		$	12.47		$	10.80		$	9.64

Total return		15.54	%		19.57	%		17.43	%		13.86	%		33.05	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	723,648		$	430,037		$	119,304		$	74,741		$	320
Ratio of expenses to average net assets:
After waivers		0.88	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly		0.79	%		0.95	%		0.93	%		0.92	%		0.93	%
Before waivers and fees paid indirectly		0.90	%		1.01	%		1.00	%		1.02	%		1.06	%
Ratio of net investment income to average net assets:
After waivers		1.57	%		1.08	%		1.32	%		0.98	%		0.90	%
After waivers and fees paid indirectly		1.66	%		1.08	%		1.34	%		1.01	%		0.92	%
Before waivers and fees paid indirectly		1.55	%		1.02	%		1.27	%		0.91	%		0.79	%
Portfolio turnover rate		95	%		25	%		24	%		19	%		12	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	0.01		$	0.01		$	0.01		$	0.01

	Year Ended December 31,
Class IB	2007			2006(e)			2005(e)			2004			2003
Net asset value, beginning of year	$	13.90		$	12.48		$	10.81		$	9.64		$	7.35

Income from investment operations:
Net investment income		0.22			0.14			0.12			0.08			0.05
Net realized and unrealized gain on investments and foreign currency transactions		1.76			2.24			1.73			1.23			2.34

Total from investment operations		1.98			2.38			1.85			1.31			2.39

Less distributions:
Dividends from net investment income		(0.06	)		(0.16	)		(0.17	)		(0.14	)		(0.10	)
Distributions from realized gains		(3.05	)		(0.80	)		(0.01	)		—			—

Total dividends and distributions		(3.11	)		(0.96	)		(0.18	)		(0.14	)		(0.10	)

Net asset value, end of year	$	12.77		$	13.90		$	12.48		$	10.81		$	9.64

Total return		15.20	%		19.25	%		17.12	%		13.68	%		32.54	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,193,151		$	1,117,308		$	828,324		$	609,846		$	357,162
Ratio of expenses to average net assets:
After waivers		1.13	%(c)		1.20	%		1.20	%		1.20	%		1.20	%
After waivers and fees paid indirectly		1.04	%		1.20	%		1.18	%		1.17	%		1.18	%
Before waivers and fees paid indirectly		1.15	%(c)		1.26	%(c)		1.25	%		1.27	%		1.31	%
Ratio of net investment income to average net assets:
After waivers		1.49	%		1.03	%		1.07	%		0.73	%		0.65	%
After waivers and fees paid indirectly		1.60	%		1.04	%		1.09	%		0.76	%		0.67	%
Before waivers and fees paid indirectly		1.47	%		0.98	%		1.02	%		0.66	%		0.54	%
Portfolio turnover rate		95	%		25	%		24	%		19	%		12	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	0.01		$	0.01		$	0.01		$	0.01

See Notes to Financial Statements.

535

EQ ADVISORS TRUST

MARKETPLUS LARGE CAP CORE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	11.30		$	10.09		$	9.46		$	8.54		$	7.04

Income from investment operations:
Net investment income		0.16			0.11			0.07			0.07			0.07
Net realized and unrealized gain on investments and foreign currency transactions		0.28			1.22			0.64			0.93			1.50

Total from investment operations		0.44			1.33			0.71			1.00			1.57

Less distributions:
Dividends from net investment income		(0.18	)		(0.12	)		(0.08	)		(0.08	)		(0.07	)
Distributions from realized gains		(2.48	)		—			—			—			—

Total dividends and distributions		(2.66	)		(0.12	)		(0.08	)		(0.08	)		(0.07	)

Net asset value, end of year	$	9.08		$	11.30		$	10.09		$	9.46		$	8.54

Total return		4.17	%		13.22	%		7.46	%		11.67	%		22.28	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	297		$	201		$	191		$	116		$	98
Ratio of expenses to average net assets:
After waivers		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly		0.56	%		0.69	%		0.69	%		0.66	%		0.69	%
Before waivers and fees paid indirectly		0.75	%		0.73	%		0.70	%		0.70	%		0.71	%
Ratio of net investment income to average net assets:
After waivers		1.31	%		1.05	%		0.73	%		0.80	%		0.93	%
After waivers and fees paid indirectly		1.45	%		1.06	%		0.74	%		0.84	%		0.94	%
Before waivers and fees paid indirectly		1.26	%		1.02	%		0.73	%		0.80	%		0.92	%
Portfolio turnover rate		109	%		33	%		47	%		90	%		88	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	—	#	$	—		$	—		$	—	#

	Year Ended December 31,
Class IB	2007			2006 (e)			2005 (e)			2004			2003
Net asset value, beginning of year	$	11.31		$	10.10		$	9.47		$	8.55		$	7.04

Income from investment operations:
Net investment income		0.15			0.09			0.05			0.05			0.05
Net realized and unrealized gain on investments and foreign currency transactions		0.26			1.22			0.63			0.92			1.51

Total from investment operations		0.41			1.31			0.68			0.97			1.56

Less distributions:
Dividends from net investment income		(0.15	)		(0.10	)		(0.05	)		(0.05	)		(0.05	)
Distributions from realized gains		(2.48	)		—			—			—			—

Total dividends and distributions		(2.63	)		(0.10	)		(0.05	)		(0.05	)		(0.05	)

Net asset value, end of year	$	9.09		$	11.31		$	10.10		$	9.47		$	8.55

Total return		3.90	%		12.92	%		7.18	%		11.37	%		22.12	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	284,177		$	329,937		$	338,735		$	341,346		$	311,991
Ratio of expenses to average net assets:
After waivers		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly		0.81	%(c)		0.94	%		0.94	%		0.91	%		0.94	%
Before waivers and fees paid indirectly		1.00	%		0.98	%(c)		0.95	%		0.95	%		0.96	%
Ratio of net investment income to average net assets:
After waivers		1.01	%		0.83	%		0.48	%		0.55	%		0.68	%
After waivers and fees paid indirectly		1.17	%		0.84	%		0.49	%		0.59	%		0.69	%
Before waivers and fees paid indirectly		0.97	%		0.80	%		0.48	%		0.55	%		0.67	%
Portfolio turnover rate		109	%		33	%		47	%		90	%		88	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	—	#	$	—		$	—		$	—	#

See Notes to Financial Statements.

536

EQ ADVISORS TRUST

MARKETPLUS LARGE CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007			2006 (e)			2005 (e)			2004(e)			2003
Net asset value, beginning of year	$	15.74		$	14.57		$	13.32		$	11.80		$	9.10

Income (loss) from investment operations:
Net investment income (loss)		0.10			—	#		(0.01	)		(0.01	)		(0.01	)
Net realized and unrealized gain on investments and foreign currency transactions		2.39			1.17			1.26			1.53			2.71

Total from investment operations		2.49			1.17			1.25			1.52			2.70

Less distributions:
Dividends from net investment income		(0.11	)		—			—			—			—

Net asset value, end of year	$	18.12		$	15.74		$	14.57		$	13.32		$	11.80

Total return		15.81	%		8.03	%		9.38	%		12.88	%		29.67	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	7,371		$	4,679		$	3,304		$	1,988		$	27,996
Ratio of expenses to average net assets:
After waivers		0.73	%		0.77	%		0.71	%		0.71	%		0.72	%
After waivers and fees paid indirectly		0.58	%		0.75	%		0.68	%		0.66	%		0.71	%
Before waivers and fees paid indirectly		0.74	%		0.77	%		0.71	%		0.71	%		0.72	%
Ratio of net investment loss to average net assets:
After waivers		0.49	%		(0.04	)%		(0.11	)%		(0.10	)%		(0.10	)%
After waivers and fees paid indirectly		0.64	%		(0.02	)%		(0.08	)%		(0.05	)%		(0.09	)%
Before waivers and fees paid indirectly		0.49	%		(0.04	)%		(0.11	)%		(0.10	)%		(0.10	)%
Portfolio turnover rate		136	%		130	%		97	%		101	%		105	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	—	#	$	—		$	—		$	—		$	—

	Year Ended December 31,
Class IB	2007			2006 (e)			2005 (e)			2004(e)			2003
Net asset value, beginning of year	$	15.40		$	14.29		$	13.11		$	11.64		$	9.00

Income (loss) from investment operations:
Net investment income (loss)		0.06			(0.04	)		(0.04	)		(0.04	)		(0.04	)
Net realized and unrealized gain on investments and foreign currency transactions		2.35			1.15			1.22			1.51			2.68

Total from investment operations		2.41			1.11			1.18			1.47			2.64

Less distributions:
Dividends from net investment income		(0.06	)		—			—			—			—

Net asset value, end of year	$	17.75		$	15.40		$	14.29		$	13.11		$	11.64

Total return		15.66	%		7.77	%		9.00	%		12.63	%		29.33	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	978,032		$	860,495		$	916,611		$	958,680		$	935,920
Ratio of expenses to average net assets:
After waivers		0.98	%(c)		1.02	%(c)		0.96	%		0.96	%		0.97	%
After waivers and fees paid indirectly		0.83	%		1.00	%(c)		0.93	%		0.91	%		0.96	%
Before waivers and fees paid indirectly		0.99	%		1.02	%(c)		0.96	%		0.96	%		0.97	%
Ratio of net investment loss to average net assets:
After waivers		0.24	%		(0.30	)%		(0.36	)%		(0.35	)%		(0.35	)%
After waivers and fees paid indirectly		0.39	%		(0.28	)%		(0.33	)%		(0.30	)%		(0.34	)%
Before waivers and fees paid indirectly		0.23	%		(0.30	)%		(0.36	)%		(0.35	)%		(0.35	)%
Portfolio turnover rate		136	%		130	%		97	%		101	%		105	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	—	#	$	—		$	—		$	—		$	—

See Notes to Financial Statements.

537

EQ ADVISORS TRUST

MARKETPLUS MID CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2007			2006 (e)			2005 (e)			2004(e)			2003
Net asset value, beginning of year	$	14.37		$	14.01		$	14.05		$	13.09		$	9.85

Income (loss) from investment operations:
Net investment income		0.19			0.08			0.09			0.03			0.09
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.42	)		1.68			1.51			2.20			3.22

Total from investment operations		(0.23	)		1.76			1.60			2.23			3.31

Less distributions:
Dividends from net investment income		(0.19	)		(0.08	)		(0.10	)		—			(0.07	)
Distributions from realized gains		(3.56	)		(1.32	)		(1.54	)		(1.27	)		—

Total dividends and distributions		(3.75	)		(1.40	)		(1.64	)		(1.27	)		(0.07	)

Net asset value, end of year	$	10.39		$	14.37		$	14.01		$	14.05		$	13.09

Total return		(1.29	)%		12.76	%		11.62	%		18.14	%		33.58	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	26,777		$	24,186		$	16,535		$	8,178		$	26,522
Ratio of expenses to average net assets:
After waivers		0.79	%		0.83	%		0.79	%		0.82	%		0.85	%
After waivers and fees paid indirectly		0.58	%		0.82	%		0.77	%		0.80	%		0.79	%
Before waivers and fees paid indirectly		0.79	%		0.83	%		0.79	%		0.82	%		0.85	%
Ratio of net investment income to average net assets:
After waivers		1.05	%		0.53	%		0.60	%		0.21	%		0.75	%
After waivers and fees paid indirectly		1.26	%		0.54	%		0.62	%		0.23	%		0.81	%
Before waivers and fees paid indirectly		1.05	%		0.53	%		0.60	%		0.21	%		0.75	%
Portfolio turnover rate		160	%		66	%		55	%(d)		74	%		160	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	—		$	—		$	—		$	—

	Year Ended December 31,
Class IB	2007			2006 (e)			2005 (e)			2004(e)			2003
Net asset value, beginning of year	$	14.30		$	13.95		$	14.00		$	13.08		$	9.84

Income (loss) from investment operations:
Net investment income		0.16			0.04			0.05			—	#		0.06
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.44	)		1.67			1.50			2.19			3.22

Total from investment operations		(0.28	)		1.71			1.55			2.19			3.28

Less distributions:
Dividends from net investment income		(0.15	)		(0.04	)		(0.06	)		—			(0.04	)
Distributions from realized gains		(3.56	)		(1.32	)		(1.54	)		(1.27	)		—

Total dividends and distributions		(3.71	)		(1.36	)		(1.60	)		(1.27	)		(0.04	)

Net asset value, end of year	$	10.31		$	14.30		$	13.95		$	14.00		$	13.08

Total return		(1.62	)%		12.45	%		11.31	%		17.84	%		33.36	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,671,712		$	1,897,629		$	1,730,041		$	1,438,673		$	1,097,892
Ratio of expenses to average net assets:
After waivers		1.04	%		1.08	%		1.04	%		1.07	%		1.10	%
After waivers and fees paid indirectly		0.83	%		1.07	%(c)		1.02	%		1.05	%		1.04	%
Before waivers and fees paid indirectly		1.04	%		1.08	%		1.04	%		1.07	%		1.10	%
Ratio of net investment income (loss) to average net assets:
After waivers		0.82	%		0.27	%		0.35	%		(0.04	)%		0.50	%
After waivers and fees paid indirectly		1.03	%		0.29	%		0.37	%		(0.02	)%		0.56	%
Before waivers and fees paid indirectly		0.81	%		0.27	%		0.35	%		(0.04	)%		0.50	%
Portfolio turnover rate		160	%		66	%		55	%(d)		74	%		160	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	—		$	—		$	—		$	—

See Notes to Financial Statements.

538

EQ ADVISORS TRUST

FINANCIAL HIGHLIGHTS — (Concluded)

*	Commencement of Operations.

**	Prior to December 31, 2004, these ratios and per share amounts were not provided.

****	Prior to December 31, 2007, these ratios were not provided.

†	The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain 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)

Reflects purchases and sales from change in investment strategy.

(e)

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

(g)

On July 6, 2007, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/Janus Large Cap Growth Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2007 represents the results of operations of the EQ/TCW Equity Portfolio.

(h)

On July 6, 2007, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/Capital Guardian U.S. Equity Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2007 represents the results of operations of the EQ/Capital Guardian Research Portfolio.

(i)

On August 17, 2007, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/AllianceBernstein Growth & Income Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2007 represents the results of operations of the EQ/AllianceBernstein Value Portfolio.

(l)

On February 28, 2003, this Portfolio received, through a substitution transaction, the assets and liabilities of the Enterprise Balanced 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/Montag & Caldwell Growth 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.

(n)

On September 9, 2005, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/MONY Equity Income Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2005 represents the results of operations of the EQ/Boston Advisors Equity Income Portfolio.

(o)

On September 9, 2005, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/Enterprise Global Socially Responsive Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2005 represents the results of operations of the EQ/Calvert Socially Responsible Portfolio.

(p)

On September 9, 2005, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/MONY Diversified Portfolio and EQ/ MONY Equity Growth Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2005 represents the results of operations of the EQ/Capital Guardian Research Portfolio.

(q)

On September 9, 2005, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/Enterprise Capital Appreciation Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2005 represents the results of operations of the EQ/ Marsico Focus Portfolio.

(r)

On September 9, 2005, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/Enterprise Deep Value Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2005 represents the results of operations of the EQ/Mercury Basic Value Equity Portfolio.

(s)

On September 9, 2005, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/MONY Money Market Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2005 represents the results of operations of the EQ/Money Market Portfolio.

(t)

On September 9, 2005, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/Enterprise Multi-Cap Growth Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2005 represents the results of operations of the EQ/ Montag & Caldwell Growth Portfolio.

(u)

On September 9, 2005, this Portfolio converted to a “fund of funds” structure and was renamed EQ/Enterprise Moderate Allocation Portfolio. The information from January 1, 2002 through December 31, 2004 is that of the predecessor EQ/Enterprise Managed Portfolio. Information for the year ended December 31, 2005 includes the results of the operations of the predecessor EQ/Enterprise Managed Portfolio from January 1, 2005 through September 9, 2005.

(v)

On July 7, 2005, this Portfolio split in the form of a dividend payable in shares of the Portfolio in order to establish a $1.00 net asset value. The dividend consisted of 10.345 shares and 10.303 shares in exchange for one (1) share of the Portfolio’s Class IA and Class IB shares, respectively. All transactions in capital stock and per share data prior to this date have been restated to give effect to the split.

(w)

Includes dividend expense.

(x)

Effective May 1, 2007, the Manager has voluntarily waived management and administration fees and reimbursed all other expenses (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of investment companies in which the Portfolio invests, Rule 12b-1 fees and extraordinary expenses).

(y)

In 2007, 0.48% and 0.41% of the Portfolio’s total return for Class IA and Class IB, respectively, consists of voluntary payments made by unaffiliated service providers in connection with cash which remained under-invested for a period of time. These payments positively impacted the net asset value of the Portfolio’s Class IA and Class IB shares by $0.07 and $0.06, respectively, per share and are included in net realized and unrealized gain on investments and foreign currency transactions.

(z)

In 2007, 0.04% of the Portfolio’s total return for each class consists of a voluntary payment made by the Adviser in connection with cash which remained under-invested for a period of time. This payment positively impacted the net asset value of the Portfolio’s Class IA and Class IB shares by $0.01 per share and is included in net realized and unrealized gain on investments.

See Notes to Financial Statements.

539

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2007

Note 1 Organization and Significant Accounting Policies

EQ Advisors Trust (the “Trust”) was organized as a Delaware business trust on October 31, 1996 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment management company with fifty-five diversified portfolios and four non-diversified portfolios (each a “Portfolio”). The non-diversified Portfolios are: EQ/GAMCO Mergers and Acquisitions Portfolio, EQ/Marsico Focus Portfolio, EQ/Legg Mason Value Equity Portfolio, and the EQ/Van Kampen Real Estate Portfolio.

On August 25, 2006, AXA Equitable Life Insurance Company (“AXA Equitable”), an indirect wholly-owned subsidiary of AXA, contributed $3,000,000 in seed capital to EQ/International ETF Portfolio. On August 31, 2006, AXA Equitable contributed $3,000,000 in seed capital to EQ/Davis New York Venture Portfolio, $8,000,000 to EQ/Oppenheimer Global Portfolio, $10,000,000 to EQ/ Oppenheimer Main Street Opportunity Portfolio and $10,000,000 to EQ/Oppenheimer Main Street Small Cap Portfolio. On September 15, 2006, AXA Equitable contributed $3,000,000 to EQ/Franklin Income Portfolio, $3,000,000 to EQ/Franklin Small Cap Value Portfolio, $20,000,000 to EQ/Mutual Shares Portfolio and $3,000,000 to EQ/Templeton Growth Portfolio. The seed capital for each portfolio was split evenly between Class IA and Class IB shares.

On April 25, 2007, AXA Equitable Life Insurance Company (“AXA Equitable”), an indirect wholly-owned subsidiary of AXA, contributed $200,000 in seed capital to EQ/Franklin Templeton Founding Strategy Portfolio. Additionally on July 2, 2007, AXA Equitable contributed $200,000 in seed capital to EQ/Van Kampen Real Estate Portfolio. The seed capital for each portfolio was split evenly between Class IA and Class IB shares.

On March 30, 2007, AXA Equitable contributed $100,000 in seed capital to Class IA of the EQ/ PIMCO Real Return Portfolio. Additionally on May 16, 2007, AXA Equitable contributed $100 in seed capital to Class IA of the EQ/TCW Equity Portfolio (now known as the EQ/T. Rowe Price Growth Stock Portfolio). Additionally on June 8, 2007, AXA Equitable contributed $100,000 in seed capital to Class IA of the EQ/GAMCO Mergers & Acquisitions Portfolio and on June 15, 2007, AXA Equitable contributed $100,000 in seed capital to Class IA of the EQ/AXA Rosenberg Value Long/Short Equity Portfolio.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust and management expect that risk of loss to be remote.

Each of the investment sub-advisers (each an “Adviser”) independently chooses and maintains a portfolio of securities for its Portfolios.

The All Asset Allocation Portfolio and EQ/Franklin Templeton Founding Strategy Portfolio are types of mutual funds often described as “fund of funds.” The Portfolios pursue their investment objective by investing exclusively in other mutual funds managed by AXA Equitable.

The EQ/International ETF Portfolio is a “fund of funds” mutual fund. The Portfolio pursues its investment objective by investing exclusively in other investment companies.

The MarketPLUS International Core Portfolio, MarketPLUS Large Cap Core Portfolio, MarketPLUS Large Cap Growth Portfolio, and MarketPLUS Mid Cap Value Portfolio (each a “MarketPLUS Portfolio”; together, the “MarketPLUS Portfolios”) employ multiple Advisers. Each of the Advisers independently chooses and maintains a portfolio of securities for the Portfolio and each is responsible for investing a specific allocated portion of the Portfolio’s assets. Because each Adviser will be managing its allocated portion of the Portfolio independently from the other Advisers, the same security may be held in different portions of the Portfolio, or may be acquired for one portion of the

540

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2007

Portfolio at a time when the Adviser of another portion deems it appropriate to dispose of the security. Similarly, under some market conditions, one Adviser may believe that temporary defensive investments in short-term instruments or cash are appropriate when the other Adviser or Advisers believe continued exposure to the equity markets is appropriate for their portions of the Portfolio. Because each Adviser directs the trading for its own portion of the Portfolio, and does not aggregate its transactions with those of the other Advisers, the Portfolio may incur higher brokerage costs, and have higher portfolio turnover, than would be the case if a single Adviser were managing the entire Portfolio.

The Trust has the right to issue two classes of shares, Class IA and Class IB. As of and during the year ended December 31, 2007, the Trust had Class IB shares outstanding for each Portfolio except for the EQ/ Government Securities Portfolio. In addition, as of and during the year ended December 31, 2007, the Trust had Class IA shares outstanding for certain Portfolios as shown in the Statement of Assets and Liabilities. The Class IB shares are subject to distribution fees imposed under a distribution plan (“Distribution Plan”) adopted pursuant to Rule 12b-1 under the 1940 Act. Under the Trust’s multiple class distribution system, both classes of shares have identical voting, dividend, liquidation and other rights, other than the payment of distribution fees under the Distribution Plan. The Trust’s shares are currently sold only to insurance company separate accounts in connection with variable life insurance contracts and variable annuity certificates and contracts issued by AXA Equitable, AXA Life and Annuity Company (“ALAC”), MONY Life Insurance Company (“MONY”) and MONY Life Insurance Company of America (“MONY America”), as well as insurance companies that are not affiliated with AXA Equitable, ALAC, MONY or MONY America and to The Investment Plan for Employees, Managers and Agents. The Investment Plan for Employees, Managers and Agents is the primary shareholder of Class IA for EQ/Boston Advisors Equity Income Portfolio and EQ/Montag & Caldwell Growth Portfolio. AXA Equitable is the primary shareholder of shares for the EQ/International ETF Portfolio.

The investment objectives of each Portfolio are as follows:

All Asset Allocation Portfolio (formerly EQ/Enterprise Moderate Allocation Portfolio)— Seeks long-term capital appreciation and current income.

EQ/Franklin Templeton Founding Strategy Portfolio — Primarily seeks capital appreciation and secondarily income.

EQ/International ETF Portfolio — Seeks long-term capital appreciation.

EQ/AllianceBernstein Common Stock Portfolio (advised by AllianceBernstein L.P. (“AllianceBernstein”) (an affiliate of AXA Equitable)) — Seeks to achieve long-term growth of capital.

EQ/AllianceBernstein Intermediate Government Securities Portfolio (advised by AllianceBernstein) — Seeks to achieve high current income consistent with relative stability of principal.

EQ/AllianceBernstein International Portfolio (advised by AllianceBernstein) — Seeks to achieve long-term growth of capital.

EQ/AllianceBernstein Large Cap Growth Portfolio (advised by AllianceBernstein) — Seeks to achieve long-term growth of capital.

EQ/AllianceBernstein Quality Bond Portfolio (advised by AllianceBernstein) — Seeks to achieve high current income consistent with moderate risk to capital.

EQ/AllianceBernstein Small Cap Growth Portfolio (advised by AllianceBernstein) — Seeks to achieve long-term growth of capital.

EQ/AllianceBernstein Value Portfolio (advised by AllianceBernstein) — Seeks capital appreciation.

EQ/Ariel Appreciation II Portfolio (advised by Ariel Capital Management, LLC) — Seeks long-term capital appreciation.

541

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2007

EQ/AXA Rosenberg Value Long/Short Equity Portfolio (advised by AXA Rosenberg Investment Management LLC (an affiliate of AXA Equitable)) — Seeks to increase value through bull markets and bear markets using strategies that are designed to limit exposure to general equity market risk.

EQ/BlackRock Basic Value Equity Portfolio (formerly EQ/Mercury Basic Value Equity Portfolio) (advised by BlackRock Investment Management LLC) — Seeks capital appreciation and, secondarily, income.

EQ/BlackRock International Value Portfolio (formerly EQ/Mercury International Value Portfolio) (advised by BlackRock Investment Management International Limited) — Seeks to provide current income and long-term growth of income, accompanied by growth of capital.

EQ/Bond Index Portfolio (advised by Standish Mellon Asset Management Company LLC) — Seeks a total return before expenses that approximates the total return performance of the Lehman Brothers Aggregate Bond Index, including reinvestment of coupon payments, at a risk level consistent with that of the Lehman Brothers Aggregate Bond Index.

EQ/Boston Advisors Equity Income Portfolio (advised by Boston Advisors, LLC) — Seeks a combination of growth and income to achieve an above-average and consistent total return.

EQ/Calvert Socially Responsible Portfolio (advised by Calvert Asset Management Company, Inc. and Bridgeway Capital Management, Inc.) — Seeks long-term capital appreciation.

EQ/Capital Guardian Growth Portfolio (advised by Capital Guardian Trust Company (“Capital Guardian”)) — Seeks long-term growth of capital.

EQ/Capital Guardian Research Portfolio (advised by Capital Guardian) — Seeks to achieve long-term growth of capital.

EQ/Caywood-Scholl High Yield Bond Portfolio (advised by Caywood-Scholl Capital Management) — Seeks to maximize current income.

EQ/Davis New York Venture Portfolio (advised by Davis Selected Advisers, L.P.) — Seeks long-term growth of capital.

EQ/Equity 500 Index Portfolio (advised by AllianceBernstein) — Seeks a total return before expenses that approximates the total return performance of the S&P 500 Index, including reinvestment of dividends, at a risk level consistent with that of the S&P 500 Index.

EQ/Evergreen International Bond Portfolio (advised by Evergreen Investment Management Company, LLC (“Evergreen”) and First International Fund Advisers dba “Evergreen International”) —Seeks capital growth and current income.

EQ/Evergreen Omega Portfolio (advised by Evergreen) — Seeks long-term capital growth.

EQ/FI Mid Cap Portfolio (advised by Fidelity Management & Research Company) — Seeks long-term growth of capital.

EQ/Franklin Income Portfolio (advised by Franklin Advisers, Inc.) — Seeks to maximize income while maintaining prospects for capital appreciation.

EQ/Franklin Small Cap Value Portfolio (advised by Franklin Advisory Services, LLC) — Seeks long-term total return.

EQ/GAMCO Mergers and Acquisitions Portfolio (advised by GAMCO Asset Management, Inc. (“GAMCO”))— Seeks to achieve capital appreciation.

EQ/GAMCO Small Company Value Portfolio (advised by GAMCO) — Seeks to maximize capital appreciation.

542

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2007

EQ/Government Securities Portfolio (advised by BlackRock Financial Management, Inc. (“BlackRock”)) — Seeks to maximize income and capital appreciation through investment in the highest credit quality debt obligations.

EQ/International Growth Portfolio (advised by MFS Investment Management (“MFS”)) — Seeks to achieve capital appreciation.

EQ/JPMorgan Core Bond Portfolio (advised by JPMorgan Investment Management Inc. (“JPMorgan”)) — Seeks to provide a high total return consistent with moderate risk to capital and maintenance of liquidity.

EQ/JPMorgan Value Opportunities Portfolio (advised by JPMorgan) — Long-term capital appreciation.

EQ/Legg Mason Value Equity Portfolio (advised by Legg Mason Capital Management, Inc.) — Seeks long-term growth of capital.

EQ/Long Term Bond Portfolio (advised by BlackRock) — Seeks to maximize income and capital appreciation through investment in long-maturity debt obligations.

EQ/Lord Abbett Growth and Income Portfolio (advised by Lord, Abbett & Co. LLC (“Lord Abbett”)) — Capital appreciation and growth of income without excessive fluctuation in market value.

EQ/Lord Abbett Large Cap Core Portfolio (advised by Lord Abbett) — Capital appreciation and growth of income with reasonable risk.

EQ/Lord Abbett Mid Cap Value Portfolio (advised by Lord Abbett) — Capital appreciation.

EQ/Marsico Focus Portfolio (advised by Marsico Capital Management, LLC (“Marsico”)) — Seeks long-term growth of capital.

EQ/Money Market Portfolio (advised by The Dreyfus Corporation) — Seeks to obtain a high level of current income, preserve its assets and maintain liquidity.

EQ/Montag & Caldwell Growth Portfolio (advised by Montag & Caldwell, Inc.) — Seeks to achieve capital appreciation.

EQ/Mutual Shares Portfolio (advised by Franklin Mutual Advisers, LLC) — Seeks capital appreciation which may occasionally be short-term, and, secondarily, income.

EQ/Oppenheimer Global Portfolio (advised by OppenheimerFunds, Inc. (“Oppenheimer”)) —Seeks capital appreciation.

EQ/Oppenheimer Main Street Opportunity Portfolio (advised by Oppenheimer) — Seeks long-term capital appreciation.

EQ/Oppenheimer Main Street Small Cap Portfolio (advised by Oppenheimer) — Seeks capital appreciation.

EQ/PIMCO Real Return Portfolio (advised by Pacific Investment Management Company, LLC) —Seeks maximum real return consistent with preservation of real capital and prudent investment management.

EQ/Short Duration Bond Portfolio (advised by BlackRock) — Seeks current income with reduced volatility of principal.

EQ/Small Company Index Portfolio (advised by AllianceBernstein) — Seeks to replicate as closely as possible (before the deduction of Portfolio expenses) the total return of the Russell 2000 Index.

543

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2007

EQ/T. Rowe Price Growth Stock Portfolio (formerly EQ/TCW Equity Portfolio) (advised by T. Rowe Price Associates, Inc. (“T. Rowe”)) — Seeks to achieve long-term capital appreciation. On July 6, 2007, T. Rowe replaced TCW Investment Management Company as the advisor to the Portfolio.

EQ/Templeton Growth Portfolio (advised by Templeton Global Advisors Limited) — Seeks long-term capital growth.

EQ/UBS Growth and Income Portfolio (advised by UBS Global Asset Management (Americas) Inc.) — Seeks to achieve total return through capital appreciation with income as a secondary consideration.

EQ/Van Kampen Comstock Portfolio (advised by Morgan Stanley Investment Management, Inc. (“MSIM”)) — Capital growth and income.

EQ/Van Kampen Emerging Markets Equity Portfolio (advised by MSIM) — Seeks long-term capital appreciation.

EQ/Van Kampen Mid Cap Growth Portfolio (advised by MSIM) — Capital growth.

EQ/Van Kampen Real Estate Portfolio (advised by MSIM) — Seeks to provide above average current income and long-term capital appreciation.

MarketPLUS International Core Portfolio (formerly EQ/Capital Guardian International Portfolio) (advised by AXA Equitable, Wentworth Hauser and Violich, Inc. (“Wentworth”), and Mellon Equity Associates LLC (“Mellon”)) — To achieve long-term growth of capital. On or about May 25, 2007, AXA Equitable, Wentworth and Mellon were added as advisors to the Portfolio.

MarketPLUS Large Cap Core Portfolio (formerly EQ/MFS Investors Trust Portfolio) (advised by AXA Equitable, Institutional Capital LLC (“ICAP”) and Mellon) — Seeks long-term growth of capital with a secondary objective to seek reasonable current income (i.e. moderate income). On or about May 25, 2007, AXA Equitable, ICAP and Mellon were added as advisors to the Portfolio.

MarketPLUS Large Cap Growth Portfolio (formerly EQ/MFS Emerging Growth Portfolio) (advised by AXA Equitable, Marsico, and Mellon) — Seeks to provide long-term capital growth. On or about May 25, 2007, AXA Equitable, Marsico and Mellon were added as advisors to the Portfolio.

MarketPLUS Mid Cap Value Portfolio (formerly EQ/FI Mid Cap Value Portfolio) (advised by AXA Equitable, Wellington Management Company, LLP (“Wellington”) and Mellon) — Seeks long-term capital appreciation. On or about May 25, 2007, AXA Equitable, Wellington and Mellon were added as advisors to the Portfolio.

The following is a summary of the significant accounting policies of the Trust:

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.

Valuation:

Equity securities listed on national securities exchanges are valued at the last sale price or official closing price on the date of valuation or, if there is no sale or official closing price, at the latest available bid price (except for securities sold short that are valued at the closing price or the mean of the latest available ask and bid price). Other unlisted equity securities are valued at their last sale price or official closing price or, if no reported sale occurs during the day, at a bid price estimated by a broker. Securities listed on the NASDAQ exchange will be valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the security is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price.

544

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2007

Convertible preferred stocks listed on national securities exchanges or included on the NASDAQ stock market are valued as of their last sale price or, if there is no sale, at the latest available bid price. Convertible bonds and unlisted convertible preferred stocks are valued at bid prices obtained from one or more of the major dealers in such securities. Where there is a discrepancy between dealers, values may be adjusted based on recent premium spreads to the underlying common stocks. Convertible bonds may be matrix-priced based upon the conversion value to the underlying common stocks and market premiums.

Mortgage-backed and asset-backed securities are valued at prices obtained from a bond pricing service where available, or at a bid price obtained from one or more of the major dealers in such securities. If a quoted price is unavailable, an equivalent yield or yield spread quote will be obtained from a broker and converted to a price.

Options, including options on futures that are traded on exchanges, are valued at their last sale price, and if the last sale price is not available then the previous day’s sale price is used. If the bid price is higher or the asked price is lower than the last sale price, the higher bid or lower asked price may be used. Options not traded on an exchange or actively traded are valued at fair value under the direction of the Board of Trustees (“Trustees”).

Long-term corporate bonds may be valued on the basis of prices provided by a pricing service when such prices are believed to reflect the fair market value of such securities. The prices provided by a pricing service take into account many factors, including institutional size, trading in similar groups of securities and any developments related to specific securities; however, when such prices are unavailable, such bonds will be valued using broker quotes.

U.S. Treasury securities and other obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, are valued at representative quoted prices.

Foreign securities, including foreign government securities, not traded directly, or in American Depository Receipt (ADR) or similar form in the United States, are valued at representative quoted prices from the primary exchange in the currency of the country of origin.

Short-term investment securities, which mature in 60 days or less, are valued at amortized cost, which approximates market value. Short-term investment securities, which mature in more than 60 days are valued at representative quoted prices. The EQ/Money Market Portfolio values all short-term investment securities at amortized cost.

Futures contracts are valued at their last sale price or, if there is no sale, at the latest available bid price.

Forward foreign exchange contracts are valued by interpolating between the forward and spot currency rates as quoted by a pricing service as of a designated hour on the valuation date.

Other securities and assets for which market quotations are not readily available or for which valuation cannot be provided, are valued at fair value under the direction of the Trustees.

Investments in the All Asset Allocation Portfolio are valued based on the net asset value per share of each underlying fund which follow the policies as described above. In addition, underlying investment companies traded on a securities exchange in the All Asset Allocation Portfolio are valued based on the official closing price on the date of valuation.

Investments in the EQ/Franklin Templeton Founding Strategy Portfolio are valued based on the net asset value per share of each underlying open-end fund which follow the policies as described above.

Investments in the EQ/International ETF Portfolio are valued based on the official closing price of the underlying investment companies on the date of valuation.

Pursuant to procedures approved by the Trustees, events or circumstances affecting the values of portfolio securities that occur between the closing of their principal markets and the time the NAV is

545

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2007

determined may be reflected, as by a method approved by the Trustees, in the Trust’s calculation of net asset values for each applicable Portfolio when the Trust’s Manager deems that the particular event or circumstance would materially affect such Portfolio’s net asset value.

Securities transactions are recorded on the trade date net of brokerage fees, commissions, and transfer fees. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Interest income (including amortization of premium and accretion of discount on long-term securities using the effective yield method) is accrued daily. The Trust records gains and losses realized on prepayments received on mortgage-backed securities in interest income.

Realized gains and losses on the sale of investments are computed on the basis of the identified cost of the investments sold. Unrealized appreciation (depreciation) on investments and foreign currency denominated assets and liabilities are presented net of deferred taxes on unrealized gains in the Statement of Assets and Liabilities.

Expenses attributable to a single Portfolio or class are charged to that Portfolio or class. Expenses of the Trust not attributable to a single Portfolio or class are charged to each Portfolio or class in proportion to the average net assets of each Portfolio or other appropriate allocation methods.

All income earned and expenses incurred by each Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the daily net assets of such class, except for distribution fees which are charged on a class specific basis.

Foreign Currency Valuation:

The books and records of the Trust are kept in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at current exchange rates at the following dates:

(i) market value of investment securities, other assets and liabilities — at the valuation date.

(ii) purchases and sales of investment securities, income and expenses — at the date of such transactions.

The Portfolios do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on securities.

Net currency gains or losses realized and unrealized as a result of differences between interest or dividends, withholding taxes, security payables/receivables, forward foreign currency exchange contracts and foreign cash recorded on the Portfolio’s books and the U.S. dollar equivalent amount actually received or paid are presented under foreign currency transactions and foreign currency translations in the realized and unrealized gains and losses section, respectively, of the Statements of Operations. Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from forward foreign currency contracts, disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on a Portfolio’s books and the U.S. dollar equivalent of amounts actually received or paid.

Taxes:

The Trust intends to comply with the requirements of the Internal Revenue Code of 1986, as amended applicable to regulated investment companies and to distribute substantially all of its net investment income and net realized capital gains to shareholders of each Portfolio. Therefore, no Federal income tax provision is required. Dividends from net investment income are declared and distributed at least annually for all Portfolios. Dividends from net realized short-term and long-term capital gains are declared and distributed at least annually to the shareholders of the Portfolios to which such gains are

546

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NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2007

attributable. All dividends are reinvested in additional full and fractional shares of the related Portfolios. All dividends are distributed on a tax basis and, as such, the amounts may differ from financial statement investment income and realized capital gains. Those differences are primarily due to differing book and tax treatments for forward foreign currency transactions, losses due to wash sales transactions, mark-to-market of forward contracts, mark-to-market of passive foreign investment companies, investments in Real Estate Investment Trusts, post-October losses, paydowns, mergers and fund of fund investments. In addition, short-term capital gains and foreign currency gains are treated as capital gains for accounting purposes but are considered ordinary income for tax purposes. Net capital and net currency losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Portfolio’s next taxable year. The tax composition of distributed and undistributed income and gains for the years ended December 31, 2007 and December 31, 2006, were as follows:


	Year Ended December 31, 2007								Year Ended December 31, 2006
	Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains		Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains
All Asset Allocation	$	11,636,535	$	4,171,948	$	—	$	1,203,649	$	13,992,468	$	—	$	28	$	—
EQ/Franklin Templeton Founding Strategy		11,183,083		51,188		—		2,072		—		—		—		—
EQ/International ETF		283,316		6,092		93,607		3,941		68,354		—		23,866		—
EQ/AllianceBernstein Common Stock		103,712,060		—		535,398		—		128,571,275		—		—		—
EQ/AllianceBernstein Intermediate Government Securities		30,463,169		—		—		—		28,948,851		—		—		—
EQ/AllianceBernstein International		51,473,492		231,361,291		4,235,577		44,047,591		40,897,308		199,218,339		2,629,191		69,426,639
EQ/AllianceBernstein Large Cap Growth		—		—		—		—		—		—		—		—
EQ/AllianceBernstein Quality Bond		103,884,894		—		169,164		—		85,778,671		—		1,137,348		—
EQ/AllianceBernstein Small Cap Growth		26,009,588		163,108,053		1,450,282		—		—		99,884,021		—		24,581,426
EQ/AllianceBernstein Value		124,184,464		475,958,002		—		—		67,243,294		235,737,926		9,172,428		47,121,252
EQ/Ariel Appreciation II		434,885		293,471		5,534		194,002		300,320		9,355		185,194		107,097
EQ/AXA Rosenberg Value Long/Short Equity		3,529,004		—		328,646		—		4,803,199		—		422,887		—
EQ/BlackRock
Basic Value Equity		70,673,815		301,170,436		498,566		17,653,339		96,145,550		133,324,014		450,717		11,033,600
EQ/BlackRock
International Value		119,359,345		236,212,207		32,238,273		26,258,283		72,280,645		78,598,005		2,844,760		2,680,924
EQ/Bond Index		1,993,606		—		14,682		—		1,893,334		25,612		16,496		—
EQ/Boston Advisors Equity Income		14,691,693		25,726,960		3,359,693		4,311,654		9,235,182		18,231,519		1,801,755		3,973,151
EQ/Calvert Socially Responsible		232,365		4,489,928		3,229		1,147,113		—		885,471		—		375,323
EQ/Capital Guardian Growth		—		—		57,889		—		636,733		—		577		—
EQ/Capital Guardian Research		9,542,988		32,952,321		—		26,194,526		5,848,676		—		71,480		—
EQ/Caywood-Scholl High Yield Bond		15,664,921		—		119,818		—		10,473,947		—		—		—
EQ/Davis New York Venture		4,369,117		23,508		—		—		114,283		—		—		—
EQ/Equity 500 Index		57,958,452		99,420,121		3,877,781		12,178,156		52,033,224		111,663,750		—		—

547

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2007


	Year Ended December 31, 2007								Year Ended December 31, 2006
	Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains		Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains
EQ/Evergreen International Bond	$	19,869,267	$	—	$	11,296,013	$	—	$	1,598,406	$	—	$	386,693	$	—
EQ/Evergreen Omega		2,784,980		8,941,402		—		2,807,194		4,003,840		14,637,409		849,004		117,580
EQ/FI Mid Cap		157,360,905		68,773,741		373,466		13,819,227		48,536,076		56,339,263		16,796,084		34,531,518
EQ/Franklin Income		31,802,138		175,190		603,047		—		817,938		—		330,065		—
EQ/Franklin Small Cap Value		2,887,530		—		—		—		27,560		—		10,027		—
EQ/GAMCO Mergers and Acquisitions		7,378,724		1,367,087		1,980,169		689,601		4,634,502		285,452		562,238		54,743
EQ/GAMCO Small Company Value		11,524,271		41,365,251		2,750,072		27,352,055		9,106,216		31,487,447		115,683		4,367,283
EQ/Government Securities		3,463,116		—		—		—		3,942,731		—		—		—
EQ/International Growth		3,122,888		10,795,471		1,606,705		5,467,695		1,125,445		—		289,654		—
EQ/JPMorgan Core Bond		95,791,471		—		102,346		—		67,481,235		—		79,689		—
EQ/JPMorgan Value Opportunities		54,371,839		43,130,594		231,940		4,435,209		26,273,290		16,004,166		10,405,379		5,213,191
EQ/Legg Mason Value Equity		949,996		3,718,102		79,857		4,037,210		62,242		—		230,889		208,813
EQ/Long Term Bond		50,119,521		—		9,411		—		32,129,753		—		100,806		—
EQ/Lord Abbett Growth and Income		4,916,836		7,101,374		37,522		474,657		1,937,149		853,348		437,083		912,171
EQ/Lord Abbett Large Cap Core		1,333,920		2,350,539		240,935		476,851		530,553		204,486		279,175		117,438
EQ/Lord Abbett Mid Cap Value		9,518,444		21,240,089		2,711,348		7,367,820		2,855,529		1,743,440		78,922		2,976,071
EQ/Marsico Focus		12,486,539		358,257,987		8,142,922		34,848,403		26,262,529		60,627,287		223,279		18,329
EQ/Money Market		90,722,846		—		40,146		—		74,972,594		—		57,574		—
EQ/Montag & Caldwell Growth		678,685		—		4,624		—		565,794		—		—		—
EQ/Mutual Shares		44,654		—		—		—		110,815		—		44,403		—
EQ/Oppenheimer Global		1,591,779		—		50,128		164,416		5,730		—		57,406		—
EQ/Oppenheimer Main Street Opportunity		2,205,251		253,989		5,446		—		122,932		—		110,370		—
EQ/Oppenheimer Main Street Small Cap		1,091,895		136,702		155,497		1,569		71,343		—		144,702		—
EQ/PIMCO Real Return		40,933,638		—		33,628,778		—		14,608,631		—		1,390		—
EQ/Short Duration Bond		93,318,192		—		229,756		—		67,314,819		—		—		—
EQ/Small Company Index		22,750,434		49,461,383		247,047		9,458,277		13,161,361		43,099,220		251,130		4,159,869
EQ/T. Rowe Price Growth Stock		13,364,709		19,481,556		16,070		104,209		—		—		—		—
EQ/Templeton Growth		4,923,144		121,996		—		—		81,891		—		—		—
EQ/UBS Growth and Income		1,814,860		—		13,233		—		1,506,094		—		8,779		—
EQ/Van Kampen Comstock		7,652,229		9,077,591		327,334		2,143,340		6,203,314		1,133,862		324,802		478,172
EQ/Van Kampen Emerging Markets Equity		156,648,447		507,527,768		55,872,586		92,286,277		7,710,878		178,656,537		—		70,656,763
EQ/Van Kampen Mid Cap Growth		11,680,667		8,446,295		—		—		466,729		343,142		2,483,906		695,836

548

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2007


	Year Ended December 31, 2007								Year Ended December 31, 2006
	Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains		Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains
EQ/Van Kampen Real Estate	$	9,764,555	$	1,293,352	$	731,791	$	4,224,660	$	—	$	—	$	—	$	—
MarketPLUS International Core		65,504,985		312,019,420		14,124,570		17,275,993		19,433,984		80,391,887		622,470		10,171,945
MarketPLUS Large Cap Core		6,648,323		57,363,618		—		—		2,785,990		—		—		—
MarketPLUS Large Cap Growth		3,310,306		—		209,846		—		—		—		—		—
MarketPLUS Mid Cap Value		120,539,816		339,069,176		—		—		6,133,959		163,082,728		2,780,713		27,857,283

Permanent book and tax basis differences relating to shareholder distributions resulted in reclassifications to undistributed net investment income (loss), accumulated net realized gain (loss) and paid-in capital at December 31, 2007 as follows:


Portfolios:	Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)			Paid In Capital
All Asset Allocation	$	9,041,463		$	(9,041,463	)	$	—
EQ/Franklin Templeton Founding Strategy		1,315,603			(1,232,096	)		(83,507	)
EQ/International ETF		7,229			(6,346	)		(883	)
EQ/AllianceBernstein Common Stock		—			—			—
EQ/AllianceBernstein Intermediate Government Securities		580,156			(328,022	)		(252,134	)
EQ/AllianceBernstein International		14,780,445			(14,780,445	)		—
EQ/AllianceBernstein Large Cap Growth		1,375,208			2			(1,375,210	)
EQ/AllianceBernstein Quality Bond		7,423,719			(7,423,719	)		—
EQ/AllianceBernstein Small Cap Growth		5,357,619			(5,346,247	)		(11,372	)
EQ/AllianceBernstein Value		(444,905	)		(3,006,448	)		3,451,353
EQ/Ariel Appreciation II		48			—			(48	)
EQ/AXA Rosenberg Value Long/Short Equity		(293,280	)		293,280			—
EQ/BlackRock Basic Value Equity		(9,646	)		14,062,170			(14,052,524	)
EQ/BlackRock International Value		5,601,293			(5,601,297	)		4
EQ/Bond Index		6,749			(6,749	)		—
EQ/Boston Advisors Equity Income		(280,010	)		(13,701	)		293,711
EQ/Calvert Socially Responsible		—			—			—
EQ/Capital Guardian Growth		652,468			—			(652,468	)
EQ/Capital Guardian Research		11,135,520			(12,158,512	)		1,022,992
EQ/Caywood-Scholl High Yield Bond		241,086			1,062,053			(1,303,139	)
EQ/Davis New York Venture		(53,544	)		246,165			(192,621	)
EQ/Equity 500 Index		—			1,805,434			(1,805,434	)
EQ/Evergreen International Bond		(753,333	)		753,333			—
EQ/Evergreen Omega		122,807			(122,807	)		—
EQ/FI Mid Cap		801,858			(801,858	)		—
EQ/Franklin Income		(1,884	)		4,729			(2,845	)
EQ/Franklin Small Cap Value		30,676			88			(30,764	)
EQ/GAMCO Mergers and Acquisitions		423,229			(430,447	)		7,218
EQ/GAMCO Small Company Value		3,602,663			(3,609,866	)		7,203

549

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2007


Portfolios:	Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)			Paid In Capital
EQ/Government Securities	$	35,213		$	(34,564	)	$	(649	)
EQ/International Growth		466,407			23,421			(489,828	)
EQ/JPMorgan Core Bond		1,928,486			(1,928,488	)		2
EQ/JPMorgan Value Opportunities		(10,077	)		10,077			—
EQ/Legg Mason Value Equity		108,924			(107,431	)		(1,493	)
EQ/Long Term Bond		30,532			(30,532	)		—
EQ/Lord Abbett Growth and Income		(1,815	)		1,813			2
EQ/Lord Abbett Large Cap Core		—			(1	)		1
EQ/Lord Abbett Mid Cap Value		5,371			2,253,118			(2,258,489	)
EQ/Marsico Focus		(746,538	)		1,151,334			(404,796	)
EQ/Money Market		—			—			—
EQ/Montag & Caldwell Growth		—			70,852,909			(70,852,909	)
EQ/Mutual Shares		(3,228,623	)		3,876,848			(648,225	)
EQ/Oppenheimer Global		(31,043	)		114,108			(83,064	)
EQ/Oppenheimer Main Street Opportunity		(168	)		115			53
EQ/Oppenheimer Main Street Small Cap		(3,926	)		14,929			(11,003	)
EQ/PIMCO Real Return		(3,499,874	)		3,504,745			(4,871	)
EQ/Short Duration Bond		1,039,396			(1,039,395	)		(1	)
EQ/Small Company Index		(3,482	)		463,436			(459,954	)
EQ/T. Rowe Price Growth Stock		19,396			(136,821	)		117,425
EQ/Templeton Growth		201,052			(74,100	)		(126,952	)
EQ/UBS Growth and Income		—			2			(2	)
EQ/Van Kampen Comstock		—			—			—
EQ/Van Kampen Emerging Markets Equity		(170,034	)		170,036			(2	)
EQ/Van Kampen Mid Cap Growth		(9,156	)		10,068			(912	)
EQ/Van Kampen Real Estate		328,009			(127,398	)		(200,611	)
MarketPLUS International Core		(6,503,865	)		14,311,044			(7,807,179	)
MarketPLUS Large Cap Core		(66,117	)		282,402			(216,285	)
MarketPLUS Large Cap Growth		(14,245	)		236,329			(222,084	)
MarketPLUS Mid Cap Value		(140,614	)		1,350,411			(1,209,797	)

Net capital and net currency losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Portfolio’s next taxable year. For the period from November 1, 2007 to December 31, 2007, the Portfolios elected to defer until the first business day of 2008 for U.S. Federal income tax purposes net capital and net currency losses as stated below:


Portfolios:	Net Currency Loss		Net Capital Loss
All Asset Allocation	$	—	$	—
EQ/Franklin Templeton Founding Strategy		—		—
EQ/International ETF		—		—
EQ/AllianceBernstein Common Stock		—		—
EQ/AllianceBernstein Intermediate Government Securities		—		—
EQ/AllianceBernstein International		—		—
EQ/AllianceBernstein Large Cap Growth		—		—

550

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2007


Portfolios:	Net Currency Loss		Net Capital Loss
EQ/AllianceBernstein Quality Bond	$	2,017,782	$	—
EQ/AllianceBernstein Small Cap Growth		—		—
EQ/AllianceBernstein Value		—		9,552,068
EQ/Ariel Appreciation II		—		—
EQ/AXA Rosenberg Value Long/Short Equity		—		4,176,081
EQ/BlackRock Basic Value Equity		—		—
EQ/BlackRock International Value		80,063		—
EQ/Bond Index		—		—
EQ/Boston Advisors Equity Income		—		—
EQ/Calvert Socially Responsible		—		—
EQ/Capital Guardian Growth		—		—
EQ/Capital Guardian Research		—		—
EQ/Caywood-Scholl High Yield Bond		—		1,477,352
EQ/Davis New York Venture		19,057		732,571
EQ/Equity 500 Index		—		—
EQ/Evergreen International Bond		—		—
EQ/Evergreen Omega		—		—
EQ/FI Mid Cap		—		—
EQ/Franklin Income		178		7,649,595
EQ/Franklin Small Cap Value		—		255,067
EQ/GAMCO Mergers and Acquisitions		7,263		—
EQ/GAMCO Small Company Value		—		—
EQ/Government Securities		—		2,672
EQ/International Growth		8,310		—
EQ/JPMorgan Core Bond		111,153		—
EQ/JPMorgan Value Opportunities		—		—
EQ/Legg Mason Value Equity		—		—
EQ/Long Term Bond		—		127,506
EQ/Lord Abbett Growth and Income		—		—
EQ/Lord Abbett Large Cap Core		—		—
EQ/Lord Abbett Mid Cap Value		—		—
EQ/Marsico Focus		38,562		—
EQ/Money Market		—		—
EQ/Montag & Caldwell Growth		—		—
EQ/Mutual Shares		—		372,709
EQ/Oppenheimer Global		10,055		—
EQ/Oppenheimer Main Street Opportunity		—		25,424
EQ/Oppenheimer Main Street Small Cap		—		823,977
EQ/PIMCO Real Return		—		—
EQ/Short Duration Bond		—		250,658
EQ/Small Company Index		—		—
EQ/T. Rowe Price Growth Stock		5,938		8,955,814
EQ/Templeton Growth		18,937		—
EQ/UBS Growth and Income		—		—

551

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2007


Portfolios:	Net Currency Loss		Net Capital Loss
EQ/Van Kampen Comstock	$	—	$	—
EQ/Van Kampen Emerging Markets Equity		—		—
EQ/Van Kampen Mid Cap Growth		15,988		871,343
EQ/Van Kampen Real Estate		20,247		—
MarketPLUS International Core		737,441		—
MarketPLUS Large Cap Core		—		108,009
MarketPLUS Large Cap Growth		2,606		—
MarketPLUS Mid Cap Value		4,820		12,613,754

Fees Paid Indirectly:

For all Portfolios, the Trustees have approved the payment of certain Trust expenses using brokerage recapture arrangements. These payments are reflected in the Statements of Operations. For the year ended December 31, 2007, certain Portfolios reduced expenses under these arrangements as follows:


Portfolios:	Amount
All Asset Allocation	$	11,157
EQ/International ETF		6,203
EQ/AllianceBernstein Common Stock		371,713
EQ/AllianceBernstein International		13,022
EQ/AllianceBernstein Large Cap Growth		57,443
EQ/AllianceBernstein Small Cap Growth		111,821
EQ/AllianceBernstein Value*		4,371,013
EQ/Ariel Appreciation II		29,512
EQ/BlackRock Basic Value Equity		377,567
EQ/Capital Guardian Growth		21,367
EQ/Capital Guardian Research**		120,709
EQ/Davis New York Venture		82,550
EQ/Evergreen Omega		51,023
EQ/FI Mid Cap		57,323
EQ/Franklin Income		3,179
EQ/GAMCO Mergers and Acquisitions		46,652
EQ/GAMCO Small Company Value		231,791
EQ/Legg Mason Value Equity		45,897
EQ/Lord Abbett Growth and Income		41,002
EQ/Lord Abbett Large Cap Core		5,255
EQ/Lord Abbett Mid Cap Value		23,620
EQ/Marsico Focus		90,498
EQ/Montag & Caldwell Growth		48,073
EQ/T. Rowe Price Growth Stock***		853,296
EQ/Templeton Growth		47
EQ/UBS Growth and Income		18,319
EQ/Van Kampen Comstock		21,262
EQ/Van Kampen Emerging Markets Equity		598
EQ/Van Kampen Mid Cap Growth		41,411
MarketPLUS International Core		1,773,466

552

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2007


Portfolios:	Amount
MarketPLUS Large Cap Core	$	501,175
MarketPLUS Large Cap Growth		1,421,084
MarketPLUS Mid Cap Value		4,159,452

*	A portion of the amount received via merger with EQ/AllianceBernstein Growth and Income.

**	A portion of the amount received via merger with EQ/Capital Guardian US Equity.

***	A portion of the amount received via merger with EQ/Janus Large Cap Growth.

Securities Lending:

For all Portfolios, the Trustees have approved the lending of portfolio securities, through JPMorgan Chase Bank N.A. (“JPMorgan Chase”), acting as lending agent to certain broker-dealers, in exchange for negotiated lenders’ fees. By lending investment securities, a Portfolio attempts to increase its net investment income through the receipt of interest on the cash equivalents held as collateral on the loan. Any gain or loss in the market price of the securities loaned that might occur and any interest earned or dividends declared during the term of the loan would be for the account of the Portfolio. Risks of delay in recovery of the securities or even loss of rights in the collateral may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. Any such loan of a Portfolio’s securities will be continuously secured by collateral in cash or high grade debt securities at least equal at all times to the market value of the security loaned. JPMorgan Chase will indemnify each Portfolio from any loss resulting from a borrower’s failure to return a loaned security when due. JPMorgan Chase invests the cash collateral on behalf of the Portfolios and retains a portion of the interest earned. The net amount of interest earned by lending investment securities is included in the Statements of Operations as securities lending income. At December 31, 2007, the cash collateral received by each Portfolio for securities loaned was invested by JPMorgan Chase and is summarized in the Portfolio of Investments. The Portfolios bear the risk of any loss in market value of the collateral. Each Portfolio has an individual interest equal to the amount of cash collateral contributed.

Repurchase Agreements:

Certain Portfolios may enter into repurchase agreements with qualified and Manager-approved banks, broker-dealers or other financial institutions as a means of earning a fixed rate of return on their cash reserves for periods as short as overnight. A repurchase agreement is a contract pursuant to which a Portfolio, against receipt of securities of at least equal value including accrued interest, agrees to advance a specified sum to the financial institution which agrees to reacquire the securities at a mutually agreed upon time (usually one day) and price. Each repurchase agreement entered into by a Portfolio will provide that the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest. A Portfolio’s right to liquidate such securities in the event of a default by the seller could involve certain costs, losses or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase are less than the repurchase price, the Portfolio could suffer a loss.

Options Written:

Certain Portfolios may write (sell) covered options as a hedge to provide protection against adverse movements in the price of securities in the Portfolio or to enhance investment performance. Certain Portfolios may purchase and sell exchange traded options on foreign currencies. When a Portfolio writes an option, an amount equal to the premium received by the Portfolio is recorded as a liability and is subsequently adjusted on a daily basis to the current market price of the option written. Premiums received from writing options that expire unexercised are recognized as gains on the expiration date. Premiums received from writing options that are exercised or are cancelled in closing purchase transactions are offset against the cost of any securities purchased or added to the proceeds or netted against the amount paid on the transaction to determine the realized gain or loss. In writing options, a

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Portfolio must assume that the option may be exercised at any time prior to the expiration of its obligation as a writer, and that in such circumstances the net proceeds of the sale or cost of purchase of the underlying securities and currencies pursuant to the call or put option may be substantially below or above the prevailing market price. A Portfolio also has the additional risk of not being able to enter into a closing purchase transaction if a liquid secondary market does not exist and bears the risk of unfavorable changes in the price of the financial instruments underlying the options.

Short Sales:

Certain Portfolios may enter into a “short sale” of securities in circumstances in which, at the time the short position is open, the Portfolio owns at least an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into at least an equal number of securities sold short. This kind of short sale, which is referred to as one “against the box,” may be entered into by the Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately. The Portfolio will designate the segregation, either on its records or with the Trust’s custodian, of the securities sold short or convertible or exchangeable preferred stocks or debt securities sold in connection with short sales against the box. Liabilities for securities sold short are reported at market value in the financial statements. Such liabilities are subject to off-balance sheet risk to the extent of any future increases in market value of the securities sold short. The ultimate liability for securities sold short could exceed the liabilities recorded in the Statement of Assets and Liabilities. The Portfolio bears the risk of potential inability of the brokers to meet their obligation to perform.

The AXA Rosenberg Value Long/Short Equity Portfolio engages in short sales (selling securities it does not own) as part of its normal investment activities. These short sales are collateralized by cash deposits and securities with the applicable counterparty broker. The collateral required is determined daily by reference to the market value of the short positions. Such collateral for the Portfolio is held by one broker. The Portfolio is subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms. Dividend expense on short sales is treated as an expense on the Statement of Operations. Liabilities for securities sold short are reported at market value in the financial statements. Short sale transactions involve risk because the ultimate obligation may exceed the related amount shown in the accompanying Statement of Assets and Liabilities. The Portfolio will incur a loss if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security. The Portfolio will realize a gain if the price of the security declines between those dates.

Futures Contracts, Forward Commitments and Foreign Currency Exchange Contracts:

The futures contracts used by the Portfolios are agreements to buy or sell a financial instrument for a set price in the future. Certain Portfolios may buy or sell futures contracts for the purpose of protecting their portfolio securities against future changes in interest rates and indices which might adversely affect the value of the Portfolios’ securities or the price of securities that they intend to purchase at a later date. Initial margin deposits are made upon entering into futures contracts and can be in cash, certain money market instruments, treasury securities or other liquid, high grade debt securities. During the period the futures contracts are open, changes in the market price of the contracts are recognized as unrealized gains or losses by “marking-to-market” at the end of each trading day. Variation margin payments on futures contracts are received or made, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Portfolio’s basis in the contract. Should interest rates or indices move unexpectedly, the Portfolio may not achieve the anticipated benefits of the futures contracts and may incur a loss. The use of futures contracts transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Use of long futures contracts subjects the Portfolios to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Portfolios to unlimited risk of loss. The Portfolios enter into futures contracts only

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December 31, 2007

on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction, therefore, the Portfolio’s credit risk is limited to failure of the exchange or board of trade.

Certain Portfolios may make contracts to purchase or sell securities for a fixed price at a future date beyond customary settlement time (“forward commitments”) if they designate the segregation, either on their records or with the Trust’s custodian, of cash or other liquid securities in an amount sufficient to meet the purchase price, or if they enter into offsetting contracts for the forward sale of other securities they own. These commitments are reported at market value in the financial statements. Forward commitments may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines or if the value of the security to be sold increases prior to the settlement date, which is risk in addition to the risk of decline in value of the Portfolio’s other assets. Where such purchases or sales are made through dealers, a Portfolio relies on the dealer to consummate the sale. The dealer’s failure to do so may result in the loss to a Portfolio of an advantageous yield or price. Market risk exists on these commitments to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. However, during the commitment period, these investments earn no interest or dividends.

Certain Portfolios may purchase foreign currency on a spot (or cash) basis. In addition, certain Portfolios may enter into contracts to purchase or sell foreign currencies at a future date (“forward contracts”). A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Daily fluctuations in the value of such contracts are recognized as unrealized appreciation or depreciation by “marking to market.” The gain or loss arising from the difference between the original contracts and the closing of such contracts is included in realized gains or losses from foreign currency transactions in the Statement of Operations. The Advisers may engage in these forward contracts to protect against uncertainty in the level of future exchange rates in connection with the purchase and sale of Portfolio securities (“transaction hedging”) and to protect the value of specific portfolio positions (“position hedging”). The Portfolios are subject to off-balance sheet risk to the extent of the value of the contracts for purchase of foreign currency and in an unlimited amount for sales of foreign currency.

Swaps:

Certain Portfolios may invest in swap contracts, which are derivatives in the form of a contract or other similar instrument which is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The payment streams are calculated by reference to a specified index and agreed upon notional amount. A Portfolio will usually enter into swaps on a net basis, i.e., the two return streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with the Portfolio receiving or paying, as the case may be, only the net amount of the two returns. Certain Portfolios may engage in synthetic equity swaps. Synthetic equity swaps are contracts entered into between a broker and the Portfolio under which the parties agree to make payments to each other as to replicate the economic consequences that would apply had a purchase or short sale of the underlying security taken place. A Portfolio’s obligations under a swap agreement will be accrued daily (offset against any amounts owed to the Portfolio) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by designating the segregation, either on its records or with the Trust’s custodian, of cash or other liquid obligations. A Portfolio will not enter into any swap agreement unless the counterparty meets the rating requirements set forth in guidelines established by the Trust’s Board of Trustees. Swap agreements are stated at market value on the Statement of Assets and Liabilities. Swaps are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as unrealized appreciation or depreciation in the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or termination of swap agreements. Notional principal amounts are used to express the extent of involvement in these transactions, but the amount potentially subject to credit risk is much smaller. None of the Portfolios had swap contracts outstanding at December 31, 2007.

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December 31, 2007

Dollar Roll Transactions:

Certain Portfolios may enter into dollar roll transactions with financial institutions to take advantage of opportunities in the mortgage market. A dollar roll transaction involves a sale by a Portfolio of securities with a simultaneous agreement to repurchase substantially similar securities at an agreed-upon price at a future date. The securities repurchased will bear the same interest rates as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories. Dollar roll transactions involve the risk that the market value of the securities sold by the Portfolio may decline below the repurchase price of the similar securities. None of the Portfolios had dollar roll transactions outstanding at December 31, 2007.

Market and Credit Risk:

Written options, futures contracts, forward commitments, forward foreign currency exchange contracts and swaps involve elements of both market and credit risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The risk involved in writing an option on a security is that, if the option is exercised, the underlying security is then purchased or sold by the Portfolio at the contract price, which could be disadvantageous relative to the market price. The Portfolio bears the market risk, which arises from any changes in security values. The credit risk for futures contracts and exchange traded options is limited to failure of the exchange or board of trade which acts as the counterparty to the Portfolio’s futures transactions. Forward commitments, forward foreign currency exchange contracts, over-the-counter options and swaps are executed directly with the counterparty and not through an exchange and can be terminated only by agreement of both parties to such contracts. With respect to such transactions there is no daily margin settlement and the Portfolio is exposed to the risk of default by the counterparty.

Note 2 Management of the Trust

The Trust has entered into three separate investment management agreements (the “Management Agreements”) with AXA Equitable (the “Manager”). With the exception of the All Asset Allocation Portfolio, EQ/Franklin Templeton Founding Strategy Portfolio and EQ/International ETF Portfolio, the Management Agreements state that the Manager will (i) have overall supervisory responsibility for the general management and investment of each Portfolio’s assets; (ii) select and contract with the Advisers to manage the investment operations and composition of each and every Portfolio; (iii) monitor the Advisers’ investment programs and results; (iv) oversee compliance by the Trust with various federal and state statutes; and (v) carry out the directives of the Board of Trustees. With respect to the Management Agreements for the All Asset Allocation Portfolio, EQ/Franklin Templeton Founding Strategy Portfolio and EQ/International ETF Portfolio, the Management Agreements provide that the Manager will: (i) provide investment management and advisory services; (ii) render investment advice concerning the Underlying Portfolios and Underlying ETFs, as applicable, in which to invest and the appropriate allocations for each Portfolio; (iii) monitor the investment programs and results; (iv) apprise the Trust of developments materially affecting the Portfolios; (v) oversee compliance by the Portfolio with various federal and state statutes; and (vi) carry out the directives of the Board of Trustees. For the year ended December 31, 2007, for its services under the Management Agreements, the Manager was entitled to receive an annual fee as a percentage of average daily net assets, for each of the following Portfolios, calculated daily and payable monthly as follows:


Portfolios:		Management Fee
All Asset Allocation		0.100% of average daily net assets
EQ/Franklin Templeton Founding Strategy		0.050% of average daily net assets
EQ/International ETF		0.400% of average daily net assets
EQ/Bond Index		0.350% of average daily net assets
EQ/Equity 500 Index		0.250% of average daily net assets
EQ/Small Company Index		0.250% of average daily net assets

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December 31, 2007


Portfolios:					(as a percentage of average daily net assets)
Portfolios:					First $400 Million		Next $400 Million		Thereafter
EQ/GAMCO Small Company Value					0.800	%	0.750	%	0.700	%
EQ/Government Securities					0.500	%	0.350	%	0.300	%
EQ/Long Term Bond					0.500	%	0.350	%	0.300	%
EQ/T. Rowe Price Growth Stock					0.800	%	0.750	%	0.700	%

Portfolios:	(as a percentage of average daily net assets)
Portfolios:	First $750 Million		Next $750 Million		Next $1 Billion		Next $2.5 Billion		Thereafter
EQ/AllianceBernstein Intermediate
Government Securities	0.500	%	0.475	%	0.450	%	0.430	%	0.420	%
EQ/AllianceBernstein Quality Bond	0.525	%	0.500	%	0.475	%	0.455	%	0.445	%
EQ/Caywood-Scholl High Yield Bond	0.600	%	0.575	%	0.550	%	0.530	%	0.520	%
EQ/Evergreen International Bond	0.700	%	0.675	%	0.650	%	0.630	%	0.620	%
EQ/JPMorgan Core Bond	0.450	%	0.425	%	0.400	%	0.380	%	0.370	%
EQ/Money Market	0.350	%	0.325	%	0.280	%	0.270	%	0.250	%
EQ/PIMCO Real Return	0.550	%	0.525	%	0.500	%	0.480	%	0.470	%
EQ/Short Duration Bond	0.450	%	0.425	%	0.400	%	0.380	%	0.370	%

Portfolios:	(as a percentage of average daily net assets)
Portfolios:	First $1 Billion		Next $1 Billion		Next $3 Billion		Next $5 Billion		Thereafter
EQ/AllianceBernstein Common Stock	0.550	%	0.500	%	0.475	%	0.450	%	0.425	%
EQ/AllianceBernstein International	0.750	%	0.700	%	0.675	%	0.650	%	0.625	%
EQ/AllianceBernstein Large Cap Growth	0.900	%	0.850	%	0.825	%	0.800	%	0.775	%
EQ/AllianceBernstein Small Cap Growth	0.750	%	0.700	%	0.675	%	0.650	%	0.625	%
EQ/AllianceBernstein Value	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/Ariel Appreciation II	0.750	%	0.700	%	0.675	%	0.650	%	0.625	%
EQ/AXA Rosenberg Value Long/Short Equity	1.400	%	1.350	%	1.325	%	1.300	%	1.275	%
EQ/BlackRock Basic Value Equity	0.600	%	0.550	%	0.525	%	0.500	%	0.475	%
EQ/BlackRock International Value	0.850	%	0.800	%	0.775	%	0.750	%	0.725	%
EQ/Boston Advisors Equity Income	0.750	%	0.700	%	0.675	%	0.650	%	0.625	%
EQ/Calvert Socially Responsible	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/Capital Guardian Growth	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/Capital Guardian Research	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/Davis New York Venture	0.850	%	0.800	%	0.775	%	0.750	%	0.725	%
EQ/Evergreen Omega	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/FI Mid Cap	0.700	%	0.650	%	0.625	%	0.600	%	0.575	%
EQ/Franklin Income	0.900	%	0.850	%	0.825	%	0.800	%	0.775	%
EQ/Franklin Small Cap Value	0.900	%	0.850	%	0.825	%	0.800	%	0.775	%
EQ/GAMCO Mergers and Acquisitions	0.900	%	0.850	%	0.825	%	0.800	%	0.775	%
EQ/International Growth	0.850	%	0.800	%	0.775	%	0.750	%	0.725	%
EQ/JPMorgan Value Opportunities	0.600	%	0.550	%	0.525	%	0.500	%	0.475	%
EQ/Legg Mason Value Equity	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/Lord Abbett Growth & Income	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/Lord Abbett Large Cap Core	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/Marsico Focus	0.900	%	0.850	%	0.825	%	0.800	%	0.775	%

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NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2007


Portfolios:	(as a percentage of average daily net assets)
Portfolios:	First $1 Billion		Next $1 Billion		Next $3 Billion		Next $5 Billion		Thereafter
EQ/Montag & Caldwell Growth	0.750	%	0.700	%	0.675	%	0.650	%	0.625	%
EQ/Mutual Shares	0.900	%	0.850	%	0.825	%	0.800	%	0.775	%
EQ/Oppenheimer Global	0.950	%	0.900	%	0.875	%	0.850	%	0.825	%
EQ/Oppenheimer Main Street Opportunity	0.850	%	0.800	%	0.775	%	0.750	%	0.725	%
EQ/Oppenheimer Main Street Small Cap	0.900	%	0.850	%	0.825	%	0.800	%	0.775	%
EQ/Templeton Growth	0.950	%	0.900	%	0.875	%	0.850	%	0.825	%
EQ/UBS Growth and Income	0.750	%	0.700	%	0.675	%	0.650	%	0.625	%
EQ/Van Kampen Comstock	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/Van Kampen Emerging Markets Equity	1.150	%	1.100	%	1.075	%	1.050	%	1.025	%
EQ/Van Kampen Mid Cap Growth	0.700	%	0.650	%	0.625	%	0.600	%	0.575	%
EQ/Van Kampen Real Estate	0.900	%	0.850	%	0.825	%	0.800	%	0.775	%

Portfolios:	(as a percentage of average daily net assets)
Portfolios:	First $2 Billion		Next $1 Billion		Next $3 Billion		Next $5 Billion		Thereafter
MarketPLUS International Core	0.600	%	0.550	%	0.525	%	0.500	%	0.475	%
MarketPLUS Large Cap Core	0.500	%	0.450	%	0.425	%	0.400	%	0.375	%
MarketPLUS Large Cap Growth	0.500	%	0.450	%	0.425	%	0.400	%	0.375	%
MarketPLUS Mid Cap Value	0.550	%	0.500	%	0.475	%	0.450	%	0.425	%

Prior to the dates footnoted in the following table, the Manager was entitled to receive an annual fee as a percentage of average daily net assets, for each of the following Portfolios, calculated daily and payable monthly as follows:


Portfolios:	(as a percentage of average daily net assets)
Portfolios:	First $1 Billion		Next $1 Billion		Next $3 Billion		Next $5 Billion		Thereafter
MarketPLUS International Core (May 30, 2007)	0.850	%	0.800	%	0.775	%	0.750	%	0.725	%
MarketPLUS Large Cap Core (May 29, 2007)	0.600	%	0.550	%	0.525	%	0.500	%	0.475	%
MarketPLUS Large Cap Growth (May 29, 2007)	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
MarketPLUS Mid Cap Value (May 31, 2007)	0.750	%	0.700	%	0.675	%	0.650	%	0.625	%

On behalf of the Trust, with the exception of the All Asset Allocation Portfolio, EQ/Franklin Templeton Founding Strategy Portfolio and EQ/International ETF Portfolio, the Manager has entered into an investment advisory agreement (“Advisory Agreements”) with each of the Advisers for the Trust’s other Portfolios. Each of the Advisory Agreements obligates the Advisers for the respective Portfolios to: (i) continuously furnish investment programs for the Portfolios; (ii) place all orders for the purchase and sale of investments for the Portfolios with brokers or dealers selected by the Manager or the respective Advisers; and (iii) perform certain limited related administrative functions in connection therewith. The Manager pays the expenses of providing investment advisory services to the Portfolios, including the fees of the Advisers of each Portfolio.

Note 3 Administrative Fees

AXA Equitable serves as Administrator to the Trust. As Administrator, AXA Equitable provides the Trust with necessary administrative, fund accounting, and compliance services. AXA Equitable may carry out its responsibilities either directly or through sub-contracting with third party providers. For these services, the Trust pays AXA Equitable an annual fee payable monthly per the following fee schedule:

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December 31, 2007

Fixed Charge

$30,000 for each Portfolio, with the exception of All Asset Allocation Portfolio, the EQ/Franklin Templeton Founding Strategy and the MarketPLUS Portfolios.

Total Trust Average Daily Net Asset Charge*

0.12% on the first $3.0 billion

0.11% on the next $3.0 billion

0.105% on the next $4.0 billion

0.10% on the next $20.0 billion

0.0975% in excess of $30.0 billion

*	With the exception of the All Asset Allocation Portfolio, the EQ/Franklin Templeton Founding Strategy, and the MarketPLUS Portfolios.

The All Asset Allocation Portfolio and the EQ/Franklin Templeton Founding Strategy each pay an annual rate of 0.15% of average daily net assets plus a fixed charge of $35,000.

As of the dates listed below, each MarketPLUS Portfolio pays an annual rate of $35,000 for each Portfolio and for each portion of the Portfolio for which separate administrative services are provided, (i.e., each adviser in the multi-advised structure) plus 0.15% of the Portfolio’s average daily net assets.

May 30, 2007 - MarketPLUS International Core

May 29, 2007 - MarketPLUS Large Cap Core

May 29, 2007 - MarketPLUS Large Cap Growth

May 31, 2007 - MarketPLUS Mid Cap Value

Prior to the dates listed above, the MarketPLUS Portfolios paid $30,000 for each Portfolio plus a charge based on Total Trust Average Net Assets as follows:

Total Trust Average Daily Net Asset Charge

0.12% on the first $3.0 billion

0.11% on the next $3.0 billion

0.105% on the next $4.0 billion

0.10% on the next $20.0 billion

0.0975% in excess of $30.0 billion

Pursuant to a sub-administration arrangement with AXA Equitable, JPMorgan Investors Services Co. (“Sub-administrator”) provides the Trust with administrative services, including monitoring of portfolio compliance and portfolio accounting services. State Street Bank and Trust Company provides similar administrative services for the EQ/AXA Rosenberg Value Long/Short Equity Portfolio.

Note 4 Custody Fees

The Trust has entered into Custody Agreements with JPMorgan Chase and Custodian Trust Company (“CTC”). The Custody Agreements provide for an annual fee based on the amount of assets under custody plus transaction charges. JPMorgan Chase serves as custodian of the Trust’s portfolio securities and other assets, with the exception of the EQ/AXA Rosenberg Value Long/Short Equity Portfolio. Under the terms of the Custody Agreement between the Trust and JPMorgan Chase, JPMorgan Chase maintains and deposits in separate accounts, cash, securities and other assets of the Portfolios. JPMorgan Chase is also required, upon the order of the Trust, to deliver securities held by JPMorgan Chase, and to make payments for securities purchased by the Trust. JPMorgan Chase has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which portfolio securities purchased outside the United States are maintained in the custody of these entities. CTC serves as the custodian for the EQ/AXA Rosenberg Value Long/Short Equity Portfolio.

Note 5 Distribution Plans

The Trust has entered into distribution agreements with AXA Advisors, LLC and AXA Distributors, LLC, both indirect wholly-owned subsidiaries of AXA Equitable (collectively, the “Distributors”),

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December 31, 2007

pursuant to which the Distributors serve as the principal underwriters of the Class IA and Class IB shares of the Trust. Class IB shares are subject to distribution fees imposed pursuant to a distribution plan (“Distribution Plan”) adopted pursuant to Rule 12b-1 under the 1940 Act. The Distribution Plan provides that each Distributor will be entitled to receive a maximum distribution fee at the annual rate of 0.50% of the average net assets attributable to the Trust’s Class IB shares. This limitation will be in effect at least until April 30, 2008. The distribution agreements, however, limit payments for services provided under the Distribution Plan to an annual rate of 0.25% of the average daily net assets attributable to the Trust’s Class IB shares. The Trust’s Class IA shares are not subject to such fees.

Note 6 Transfer Agent

Boston Financial Data Services (“BFDS”) serves as the transfer agent for the EQ/AXA Rosenberg Value Long/Short Equity Portfolio. Transfer agent fees are based on per account charges, assets and other out of pocket expenses. Additional sub-transfer agent fees may be paid by the portfolios to administrators of omnibus accounts, and have been included in transfer agent fees on the statements of operations.

Note 7 Expense Limitation

The Manager has contractually agreed to limit the expenses of certain Portfolios through April 30, 2008 (unless the Board of Trustees consents to an earlier revision or termination of this arrangement) (“Expense Limitation Agreement”), pursuant to which the Manager has agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses (excluding the 0.25% annual fee under the Trust’s Class IB Distribution Plan) of such Portfolios are limited to:

0.10% of average daily net assets of the

All Asset Allocation Portfolio

0.15% of average daily net assets of the

EQ/Franklin Templeton Founding Strategy Portfolio*

0.40% of average daily net assets of the

EQ/International ETF Portfolio

0.45% of average daily net assets of the

EQ/Bond Index Portfolio

0.60% of average daily net assets of the

EQ/JPMorgan Core Bond Portfolio

EQ/Short Duration Bond Portfolio

EQ/Small Company Index Portfolio

0.65% of average daily net assets of the

EQ/PIMCO Real Return Portfolio

0.70% of average daily net assets of the

EQ/AllianceBernstein Value Portfolio

EQ/Capital Guardian Growth Portfolio

EQ/Capital Guardian Research Portfolio

EQ/JPMorgan Value Opportunities Portfolio

EQ/BlackRock Basic Value Equity Portfolio

MarketPLUS Large Cap Core Portfolio

MarketPLUS Large Cap Growth Portfolio**

0.75% of average daily net assets of the

EQ/Caywood-Scholl High Yield Bond Portfolio

EQ/FI Mid Cap Portfolio

EQ/Government Securities Portfolio

EQ/Legg Mason Value Equity Portfolio

EQ/Long Term Bond Portfolio

EQ/Lord Abbett Growth and Income Portfolio

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December 31, 2007

EQ/Lord Abbett Large Cap Core Portfolio

EQ/Van Kampen Comstock Portfolio

MarketPLUS Mid Cap Value Portfolio***

0.80% of average daily net assets of the

EQ/AllianceBernstein Large Cap Growth Portfolio

EQ/Boston Advisors Equity Income Portfolio

EQ/Calvert Socially Responsible Portfolio

EQ/Lord Abbett Mid Cap Value Portfolio

EQ/UBS Growth and Income Portfolio

EQ/Van Kampen Mid Cap Growth Portfolio

0.85% of average daily net assets of the

EQ/AllianceBernstein International Portfolio

MarketPLUS International Core Portfolio****

0.90% of average daily net assets of the

EQ/Ariel Appreciation II Portfolio

EQ/Evergreen International Bond Portfolio

EQ/Evergreen Omega Portfolio

EQ/Marsico Focus Portfolio

EQ/Montag & Caldwell Growth Portfolio

EQ/T. Rowe Price Growth Stock Portfolio

1.00% of average daily net assets of the

EQ/BlackRock International Value Portfolio

1.01% of average daily net assets of the

EQ/Van Kampen Real Estate Portfolio

1.05% of average daily net assets of the

EQ/Davis New York Venture Portfolio

EQ/Franklin Income Portfolio

EQ/Franklin Small Cap Value Portfolio

EQ/GAMCO Small Company Value Portfolio

EQ/Mutual Shares Portfolio

EQ/Oppenheimer Main Street Opportunity Portfolio

EQ/Oppenheimer Main Street Small Cap Portfolio

1.10% of average daily net assets of the

EQ/Oppenheimer Global Portfolio

EQ/Templeton Growth Portfolio

1.20% of average daily net assets of the

EQ/GAMCO Mergers and Acquisitions Portfolio

1.30% of average daily net assets of the

EQ/International Growth Portfolio

1.55% of average daily net assets of the

EQ/Van Kampen Emerging Markets Equity Portfolio

1.74% of average daily net assets of the

EQ/AXA Rosenberg Value Long/Short Equity Portfolio

**	Effective May 29, 2007. Prior to May 29, 2007, there was no expense limitation.

***	Effective May 29, 2007. Prior to May 29, 2007, the limitation was 0.85%.

****	Effective May 29, 2007. Prior to May 29, 2007, the limitation was 0.95%.

The Manager first waives its management fees, then waives its administration fees, and then reimburses the Portfolio’s expenses out of its own resources. Each Portfolio may at a later date reimburse

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December 31, 2007

to the Manager the management fees waived or other expenses assumed and paid for by the Manager pursuant to the Expense Limitation Agreement within the prior five fiscal years (prior three fiscal years for certain Portfolios, as indicated by a “†” in the following chart), provided such Portfolio has reached a sufficient asset size to permit such reimbursement to be made without causing the total annual expense ratio of each Portfolio to exceed the percentage limits mentioned above for the respective period. Consequently, no reimbursement by a Portfolio will be made unless: (i) the Portfolio’s total annual expense ratio is less than the respective percentages stated above for the respective period; and (ii) the payment of such reimbursement has been approved by the Trust’s Board of Trustees on a quarterly basis. Any reimbursement, called recoupment fees on the Statement of Operations, will be based on the earliest fees waived or assumed by the Manager. During the year ended December 31, 2007, the Manager received a total of $1,868,015 in reimbursement for all of the Portfolios within the Trust. At December 31, 2007, under the Expense Limitation Agreement, the amount that would be recoverable from each Portfolio is as follows:


	Amount Eligible through										Total Eligible for
Portfolios:	2008		2009		2010		2011		2012		Reimbursement
All Asset Allocation†	$	553,946	$	1,039,115	$	960,420	$	—	$	—	$	2,553,481
EQ/Franklin Templeton Founding Strategy†		—		—		673,044		—		—		673,044
EQ/International ETF†		—		67,272		99,523		—		—		166,795
EQ/AllianceBernstein International†		41,633		1,045,387		1,390,356		—		—		2,477,376
EQ/AllianceBernstein Large Cap Growth†		1,596,129		1,849,896		1,741,446		—		—		5,187,471
EQ/AllianceBernstein Value†*		—		—		461,972		—		337,846		799,818
EQ/Ariel Appreciation II†		84,650		85,294		65,395		—		—		235,339
EQ/BlackRock International Value		—		—		—		146,307		32,212		178,519
EQ/Bond Index†		15,635		38,256		100,312		—		—		157,791
EQ/Boston Advisors Equity Income†		96,394		288,916		420,627		—		—		805,937
EQ/Calvert Socially Responsible†		26,089		41,527		70,345		—		—		137,961
EQ/Capital Guardian Growth		184,296		101,921		94,423		272,496		415,984		1,069,120
EQ/Capital Guardian Research†		32,224		526,956		991,819		—		—		1,550,999
EQ/Caywood-Scholl High Yield Bond†		146,764		62,793		21,700		—		—		231,257
EQ/Evergreen Omega		33,071		91,070		84,888		25,579		—		234,608
EQ/FI Mid Cap†		2,336		622,039		1,036,981		—		—		1,661,356
EQ/Franklin Small Cap Value†		—		58,929		71,672		—		—		130,601
EQ/JPMorgan Value Opportunities		—		—		—		98,825		248,506		347,331
EQ/Legg Mason Value Equity†		83,988		117,218		161,697		—		—		362,903
EQ/Lord Abbett Growth and Income†		91,295		134,994		145,834		—		—		372,123
EQ/Lord Abbett Large Cap Core†		107,918		114,938		92,648		—		—		315,504
EQ/Lord Abbett Mid Cap Value†		84,564		120,320		182,596		—		—		387,480
EQ/Marsico Focus†		377,886		1,701,514		3,153,976		—		—		5,233,376
EQ/Montag & Caldwell Growth†		—		—		7,505		—		—		7,505
EQ/Mutual Shares†		—		65,867		158,880		—		—		224,747
EQ/Oppenheimer Global†		—		63,288		345,977		—		—		409,265
EQ/Oppenheimer Main Street Opportunity†		—		63,541		96,077		—		—		159,618

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December 31, 2007


Portfolios:	Amount Eligible through										Total Eligible for
Portfolios:	2008		2009		2010		2011		2012		Reimbursement
EQ/Oppenheimer Main Street Small Cap†	$	—	$	65,666	$	205,016	$	—	$	—	$	270,682
EQ/PIMCO Real Return†		331,851		776,946		340,134		—		—		1,448,931
EQ/T. Rowe Price Growth Stock†		—		70,566		146,409		—		—		216,975
EQ/Templeton Growth†		—		54,826		135,135		—		—		189,961
EQ/UBS Growth and Income†		85,522		165,722		247,986		—		—		499,230
EQ/Van Kampen Comstock†		71,997		121,881		160,436		—		—		354,314
EQ/Van Kampen Mid Cap Growth†		85,445		103,619		143,892		—		—		332,956
EQ/Van Kampen Real Estate†		—		—		170,517		—		—		170,517
MarketPLUS International Core†		354,344		658,474		442,276		—		—		1,455,094
MarketPLUS Large Cap Core		26,337		—		—		114,703		146,780		287,820
MarketPLUS Large Cap Growth		—		—		—		—		34,013		34,013
MarketPLUS Mid Cap Value		—		—		—		—		16,388		16,388

*	Prior to May 23, 2007, the Portfolio was eligible to reimburse the Manager for the prior five fiscal years.

The All Asset Allocation Portfolio invests in shares of other mutual funds (the “Underlying Portfolios”) managed by AXA Equitable and exchange traded securities of other investment companies (“Underlying ETFs”). Therefore, the All Asset Allocation Portfolio, in addition to its own expenses such as management fees, bears its pro-rata share of the fees and expenses incurred by the Underlying Portfolios and the Underlying ETFs and the investment return of the All Asset Allocation Portfolio is reduced by each Underlying Portfolio’s and each Underlying ETF’s expenses. The range of expenses (as a percentage of average daily net assets) incurred indirectly in connection with the All Asset Allocation Portfolio’s investments in Underlying Portfolios and Underlying ETFs is:


Portfolio:	Range of Expenses
All Asset Allocation	0.85% to 1.10	%

Thus, the net expense ratio of the Class IB shares of the All Asset Allocation Portfolio, including the All Asset Allocation Portfolio’s direct and indirect expenses, would range from:


Portfolio:	Class IB
All Asset Allocation	1.20% to 1.45	%

Absent the Expense Limitation Agreement of the All Asset Allocation Portfolio, the total expense ratio of the Class IB shares of the All Asset Allocation Portfolio would range from:


Portfolio:	Class IB
All Asset Allocation	1.40% to 1.65	%

The EQ/Franklin Templeton Founding Strategy Portfolio invests exclusively in shares of Underlying Portfolios managed by AXA Equitable. Therefore, the EQ/Franklin Templeton Founding Strategy Portfolio, in addition to its own expenses such as management fees, bears its pro-rata share of the fees and expenses incurred by the Underlying Portfolios and the investment return of the EQ/Franklin Templeton Founding Strategy Portfolio is reduced by each Underlying Portfolio’s expenses. The range of expenses (as a percentage of average daily net assets) incurred indirectly in connection with the EQ/Franklin Templeton Founding Strategy Portfolio’s investments in Underlying Portfolios is:


Portfolio:	Range of Expenses
EQ/Franklin Templeton Founding Strategy	0.95% to 1.20	%

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December 31, 2007

Thus, the net expense ratio of the Class IA shares and Class IB shares of the EQ/Franklin Templeton Founding Strategy Portfolio, including the EQ/Franklin Templeton Founding Strategy Portfolio’s direct and indirect expenses, would range from:


Portfolio:	Class IA		Class IB
EQ/Franklin Templeton Founding Strategy	0.95% to 1.20	%	1.20% to 1.45	%

Absent the Expense Limitation Agreement of the EQ/Franklin Templeton Founding Strategy Portfolio, the total expense ratio of the Class IA shares and Class IB shares of the EQ/Franklin Templeton Founding Strategy Portfolio would range from:


Portfolio:	Class IA		Class IB
EQ/Franklin Templeton Founding Strategy	1.22% to 1.47	%	1.47% to 1.72	%

The EQ/International ETF Portfolio invests primarily in Underlying ETFs. Therefore, the EQ/International ETF Portfolio, in addition to its own expenses such as management fees, bears its pro-rata share of the fees and expenses incurred by the Underlying ETFs and the investment return of the EQ/International ETF Portfolio is reduced by each Underlying ETF’s expenses. The range of expenses (as a percentage of average daily net assets) incurred indirectly in connection with the EQ/International ETF Portfolio’s investments in Underlying ETFs is:


Portfolios:	Range of Expenses
EQ/International ETF	0.35% to 0.60	%

Thus, the net expense ratio of the Class IA shares and Class IB shares of the EQ/International ETF Portfolio, including the EQ/International ETF Portfolio’s direct and indirect expenses, would range from:


Portfolios:	Class IA		Class IB
EQ/International ETF	0.75% to 1.00	%	1.00% to 1.25	%

Absent the Expense Limitation Agreement of the EQ/International ETF Portfolio, the total expense ratio of the Class IA shares and the Class IB shares of the EQ/International ETF Portfolio would range from:


Portfolios:	Class IA		Class IB
EQ/International ETF	1.85% to 2.10	%	2.10% to 2.35	%

The MarketPLUS Portfolios invest approximately 10% of net assets in shares of Underlying ETFs. Therefore, the MarketPLUS Portfolios, in addition to their own expenses such as management fees, bear their pro-rata share of the fees and expenses incurred by the Underlying ETFs and the investment returns of the MarketPLUS Portfolios are reduced by each Underlying ETFs’ expenses. The range of expenses (as a percentage of average daily net assets) incurred indirectly in connection with the MarketPLUS Portfolios’ investments in Underlying ETFs is:


Portfolios:	Range of Expenses
MarketPLUS International Core	0.00% to 0.25	%
MarketPLUS Large Cap Core	0.00% to 0.25	%
MarketPLUS Large Cap Growth	0.00% to 0.25	%
MarketPLUS Mid Cap Value	0.00% to 0.25	%

Thus, the net expense ratio of the Class IA shares and Class IB shares of the MarketPLUS Portfolios, including the MarketPLUS Portfolios’ direct and indirect expenses, would range from:


Portfolios:	Class IA		Class IB
MarketPLUS International Core	0.88% to 1.13	%	1.13% to 1.38	%
MarketPLUS Large Cap Core	0.70% to 0.95	%	0.95% to 1.20	%
MarketPLUS Large Cap Growth	0.73% to 0.98	%	0.98% to 1.23	%
MarketPLUS Mid Cap Value	0.79% to 1.04	%	1.04% to 1.29	%

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December 31, 2007

Absent the Expense Limitation Agreement of the MarketPLUS Portfolios, the total expense ratio of the Class IA shares and the Class IB shares of the MarketPLUS Portfolios would range from:


Portfolios:	Class IA		Class IB
MarketPLUS International Core	0.90% to 1.15	%	1.15% to 1.40	%
MarketPLUS Large Cap Core	0.75% to 1.00	%	1.00% to 1.25	%
MarketPLUS Large Cap Growth	0.74% to 0.99	%	0.99% to 1.24	%
MarketPLUS Mid Cap Value	0.79% to 1.04	%	1.04% to 1.29	%

Note 8 Trustees Deferred Compensation Plan

A deferred compensation plan (the “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. Each Trustee may defer payment of such fees until their retirement as a Trustee or until the earlier attainment of a specified age. Fees deferred under the Deferred Compensation Plan, together with accrued interest thereon, will be disbursed to a participating Trustee in monthly installments over a five to twenty year period elected by such Trustee. At December 31, 2007, the total amount deferred by the Trustees participating in the Deferred Compensation Plan was $909,702 for all the Portfolios within the Trust.

Note 9 Percentage of Ownership by Affiliated Portfolios

Shares of some of the Portfolios are held by the All Asset Allocation Portfolio, EQ/Franklin Templeton Founding Strategy Portfolio, and the AXA Allocation Portfolios and Target Allocation Portfolios of the AXA Premier VIP Trust, an entity also advised by AXA Equitable. The following tables represent the percentage of ownership that the All Asset Allocation Portfolio, the EQ/Franklin Templeton Founding Strategy Portfolio, and each AXA Allocation Portfolio and Target Allocation Portfolio has in each respective underlying investment company’s net assets as of December 31, 2007.


Portfolios:	All Asset Allocation		EQ/ Franklin Templeton Strategy
EQ/AllianceBernstein Quality Bond	0.71	%	—	%
EQ/AllianceBernstein Value	0.28		—
EQ/AXA Rosenberg Value Long/Short Equity	9.87		—
EQ/BlackRock Basic Value Equity	0.80		—
EQ/BlackRock International Value	0.73		—
EQ/Davis New York	1.45		—
EQ/Evergreen International Bond	1.02		—
EQ/Franklin Income	—		27.72
EQ/Franklin Small Cap Value	5.04		—
EQ/GAMCO Mergers and Acquisitions	5.96		—
EQ/GAMCO Small Company Value	1.02		—
EQ/JPMorgan Core Bond	0.13		—
EQ/Long Term Bond	1.28		—
EQ/Marsico Focus	0.67		—
EQ/Mutual Shares	—		39.48
EQ/PIMCO Real Return	1.07		—
EQ/Short Duration Bond	0.82		—
EQ/Small Company Index	—		—
EQ/Templeton Growth	—		45.91

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December 31, 2007


Portfolios:	All Asset Allocation		EQ/ Franklin Templeton Strategy
EQ/Van Kampen Emerging Markets Equity	0.50	%	—	%
EQ/Van Kampen Real Estate	1.96		—
MarketPLUS International Core	2.34		—
Multimanager Aggressive Equity	0.34		—
Multimanager Core Bond	0.54		—
Multimanager High Yield	0.22		—
Multimanager International Equity	0.31		—
Multimanager Large Cap Core Equity	1.99		—
Multimanager Large Cap Value	0.41		—
Multimanager Mid Cap Growth	0.38		—
Multimanager Mid Cap Value	0.66		—
Multimanager Small Cap Value	0.20		—


Portfolios:	AXA Conservative Allocation		AXA Conservative- Plus Allocation		AXA Moderate Allocation		AXA Moderate- Plus Allocation		AXA Aggressive Allocation
EQ/AllianceBernstein Quality Bond	0.40	%	1.08	%	47.69	%	12.25	%	1.82	%
EQ/AllianceBernstein Value	0.35		1.14		6.62		11.73		4.58
EQ/BlackRock Basic Value Equity	0.41		1.49		21.34		27.76		9.10
EQ/BlackRock International Value	0.15		0.67		7.37		19.61		10.10
EQ/Davis New York	0.33		2.41		10.78		19.85		10.41
EQ/Evergreen International Bond	5.17		8.61		56.52		—		—
EQ/Franklin Small Cap Value	—		4.85		17.57		30.62		19.65
EQ/GAMCO Small Company Value	—		0.88		8.14		9.64		5.50
EQ/JPMorgan Core Bond	1.19		1.48		7.45		11.32		1.59
EQ/Long Term Bond	5.81		7.78		29.21		39.64		—
EQ/Marsico Focus	0.41		1.43		12.46		19.04		7.78
EQ/Money Market	—	#	—	#	—	#	—		—
EQ/PIMCO Real Return	3.27		5.64		21.02		20.82		2.85
EQ/Short Duration Bond	8.00		11.36		38.25		36.56		—
EQ/Small Company Index	—		—		—		8.82		—
EQ/Van Kampen Emerging Markets Equity	—		—		7.30		12.97		3.67
MarketPLUS International Core	0.25		1.11		12.16		17.63		4.17

#	Percentage of ownership is less than 0.005%.

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NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2007


Portfolios:	Target 2015 Allocation		Target 2025 Allocation		Target 2035 Allocation		Target 2045 Allocation
EQ/International ETF	16.77	%	25.47	%	16.93	%	13.24	%
EQ/Bond Index	8.94		7.44		1.86		—
EQ/Equity 500 Index	0.10		0.16		0.11		0.08
EQ/Small Company Index	0.10		0.16		0.10		0.08
EQ/Van Kampen Emerging Markets Equity	0.02		0.03		0.02		0.02

Note 10 Character Adjustment

Subsequent to the close of the fiscal year ended December 31, 2006, the EQ/Capital Guardian Research Portfolio became aware of changes in the character of a distribution made by one of the Portfolio’s portfolio securities in the prior fiscal year. The components of net assets on the Statements of Assets and Liabilities reflect the following reclassifications related to this distribution:


	Overdistributed Net Investment Income			Accumulated Net Realized Gain		Unrealized Appreciation
EQ/Capital Guardian Research	$	(951,420	)	$	951,420	$	—

These adjustments had no impact on the net assets of the Portfolios.

Note 11 New Accounting Pronouncements

In July 2006, the Financial Accounting Standards Board (the “FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes — an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation establishes for all entities, including pass-through entities such as the Portfolios, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. The Interpretation is effective for fiscal years beginning after December 15, 2006, and is to be applied to the Portfolios’ open tax years, generally the three preceding fiscal year ends. Based on Management’s analysis, the determination has been made that the adoption of the interpretation did not have an impact to the Portfolios’ financial statements upon adoption. Management continually reviews the Portfolios’ tax positions and such conclusions under the Interpretation based on factors, including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof.

In September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

In February 2007, the FASB issued Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities – including an amendment of FASB Statement No. 115.”(“SFAS 159”), which is effective for fiscal years beginning after November 15, 2007. SFAS 159 permits entities to elect to measure certain financial assets and liabilities at fair value. The fair value option may be applied instrument by instrument, is irrevocable and is applied only to entire instruments and not to portions of instruments. SFAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. Management is currently evaluating the impact the adoption of SFAS 159 will have on the Portfolio’s financial statement disclosures.

Note 12 Substitution and Reorganization Transactions

After the close of business on November 3, 2006, the EQ/Lord Abbett Growth & Income Portfolio and the EQ/Lord Abbett Mid Cap Value Portfolio each received an in-kind transfer of securities from

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NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2007

affiliated portfolios in the amount of $70,770,956 and $74,600,037, respectively, in exchange for Class IA Shares of each respective Portfolio.

On or about May 25, 2007, the EQ/Capital Guardian International Portfolio converted to a multi-managed Portfolio and the name change to MarketPLUS International Core Portfolio. In addition, Capital Guardian Trust Company was replaced as the sub-adviser and AXA Equitable, Mellon, and Went-worth were added as sub-advisers.

On or about May 25, 2007, the EQ/MFS Investors Trust Portfolio converted to a multi-managed portfolio and the name changed to MarketPLUS Large Cap Core Portfolio. In addition, MFS Investment Management was replaced as the sub-adviser and AXA Equitable, Mellon, and Institutional Capital LLC were added as sub-advisers.

On or about May 25, 2007, the EQ/FI Mid Cap Value Portfolio converted to a multi-managed portfolio and the name changed to MarketPLUS Mid Cap Value Portfolio. In addition, Fidelity Management & Research Company was replaced as the sub-adviser and AXA Equitable, Mellon, and Wellington were added as sub-advisers.

On or about May 25, 2007, the EQ/MFS Emerging Growth Portfolio converted to a multi-managed portfolio and the name changed to MarketPLUS Large Cap Growth Portfolio. In addition, MFS Investment Management & Research Company was replaced as the sub-adviser and AXA Equitable, Mellon, and Marsico were added as sub-advisers.

After the close of business on May 25, 2007, the EQ/Small Company Growth Portfolio merged into Multimanager Small Cap Growth Portfolio of the AXA Premier VIP Trust.

After the close of business on May 25, 2007, the EQ/Small Company Value Portfolio merged into Multimanager Small Cap Value Portfolio of the AXA Premier VIP Trust.

On or about May 25, 2007, the EQ/Mercury Basic Value Equity Portfolio changed its name to EQ/BlackRock Basic Value Equity Portfolio.

On or about May 25, 2007, the EQ/Mercury International Value Portfolio changed its name to EQ/BlackRock International Value Portfolio.

After the close of business July 6, 2007, the EQ/TCW Equity Portfolio acquired the net assets of the EQ/Janus Large Cap Growth Portfolio pursuant to a Plan of Reorganization and Termination. For accounting purposes, this transaction is treated as a merger. The reorganization was accomplished by a tax-free exchange resulting in the EQ/TCW Equity Portfolio issuing 49,277 Class IA shares and 15,649,256 Class IB shares (valued at $1,145,616 and $363,177,199 respectively) in exchange for Class IA shares and Class IB shares of the EQ/Janus Large Cap Growth Portfolio. EQ/Janus Large Cap Growth Portfolio’s net assets at that date of $364,322,815, including $55,864,520 of unrealized appreciation, were combined with those of EQ/TCW Equity Portfolio. Also, the sub-adviser, TCW Investment Management Company was replaced by T. Rowe Price Associates, Inc. and the Portfolio’s name changed to EQ/T. Rowe Price Growth Stock Portfolio. Prior to the combination, the net assets of the Portfolio totaled $245,629,719. Immediately after the combination, the net assets of the Portfolio totaled $609,952,534.

After the close of business July 6, 2007, EQ/Capital Guardian Research Portfolio acquired the net assets of the EQ/Capital Guardian U.S. Equity Portfolio pursuant to a Plan of Reorganization and Termination. For accounting purposes, this transaction is treated as a merger. The reorganization was accomplished by a tax-free exchange resulting in the EQ/Capital Guardian Research Portfolio issuing 778,805 Class IA shares and 83,568,318 Class IB shares (valued at $11,748,768 and $1,260,059,081 respectively) in exchange for Class IA shares and Class IB shares of the EQ/Capital Guardian U.S. Equity Portfolio. EQ/Capital Guardian U.S. Equity Portfolio’s net assets at that date of $1,271,807,849, including $228,821,600 of unrealized appreciation, were combined with those of EQ/Capital Guardian Research Portfolio. Prior

568

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2007

to the combination, the net assets of the Portfolio totaled $1,072,297,822. Immediately after the combination, the net assets of the Portfolio totaled $2,344,105,671.

After the close of business on July 6, 2007, the net assets of the EQ/Wells Fargo Montgomery Small Cap Portfolio merged into Multimanager Small Cap Growth Portfolio of the AXA Premier VIP Trust.

On or about July 6, 2007, the EQ/Enterprise Moderate Allocation Portfolio changed its name to All Asset Allocation Portfolio.

After the close of business August 17, 2007, EQ/AllianceBernstein Value Portfolio acquired the net assets of the EQ/AllianceBernstein Growth & Income Portfolio pursuant to a Plan of Reorganization and Termination. For accounting purposes, this transaction is treated as a merger. The reorganization was accomplished by a tax-free exchange resulting in the EQ/AllianceBernstein Value Portfolio issuing 91,295,958 Class IA shares and 95,845,374 Class IB shares (valued at $1,488,517,275 and $1,559,197,003 respectively) in exchange for Class IA shares and Class IB shares of the EQ/AllianceBernstein Growth & Income Portfolio. EQ/AllianceBernstein Growth & Income Portfolio’s net assets at that date of $3,047,714,278, including $478,057,927 of unrealized appreciation, were combined with those of EQ/AllianceBernstein Value Portfolio. Prior to the combination, the net assets of the Portfolio totaled $4,602,226,100. Immediately after the combination, the net assets of the Portfolio totaled $7,649,940,378.

After the close of business on August 17, 2007, the EQ/Van Kampen Real Estate Portfolio received an in-kind transfer of securities from non-affiliated portfolios in the amount of $822,530,922, in exchange for Class IA Shares of the Portfolio.

Note 13 Payments by affiliated and unaffiliated service providers

During the year ended December 31, 2007, payments were made to the EQ/BlackRock International Value Portfolio and the EQ/Equity 500 Index Portfolio in connection with cash which remained under-invested for a period of time in these Portfolios. The EQ/BlackRock International Value Portfolio received payments from unaffiliated service providers totaling $10,000,000. The EQ/Equity 500 Index Portfolio received a payment from its Adviser in the amount of $1,583,804.

Note 14 Subsequent Events

On January 2, 2008, 5 new portfolios of the EQAT Trust were seeded with $200,000 each, split evenly between Class IA and Class IB shares. The new portfolios are:

Crossings Conservative Allocation Portfolio

Crossings Conservative-Plus Allocation Portfolio

Crossings Moderate Allocation Portfolio

Crossings Moderate-Plus Allocation Portfolio

Crossings Aggressive Allocation Portfolio

Effective May 1, 2008, the names of the following Portfolios will change as below.


Old Name		New Name
MarketPLUS International Core		EQ/International Core PLUS
MarketPLUS Large Cap Core		EQ/Large Cap Core PLUS
MarketPLUS Large Cap Growth		EQ/Large Cap Growth PLUS
MarketPLUS Mid Cap Value		EQ/Mid Cap Value PLUS

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of EQ Advisors Trust:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the 59 portfolios constituting the EQ Advisors Trust (the “Trust”) at December 31, 2007, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2007 by correspondence with the custodian, brokers and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, NY

February 15, 2008

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APPROVALS OF INVESTMENT MANAGEMENT AND INVESTMENT ADVISORY AGREEMENTS DURING THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2007 (UNAUDITED)

During the six-month period ended December 31, 2007, the Board of Trustees of EQ Advisors Trust (“Trust”), including the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust (“Independent Trustees”), unanimously approved or renewed, as applicable, the Investment Management Agreement with AXA Equitable (“Manager”) (the “Management Agreement”) and the Investment Advisory Agreement (each, an “Advisory Agreement” and together with the Management Agreement, the “Agreements”) with each investment sub-adviser (“Adviser”) as shown in the table below with respect to the Portfolio(s) listed.


Portfolios		Agreements Approved by the Trust’s Board of Trustees with respect to the Portfolio(s)
EQ/AllianceBernstein Common Stock EQ/AllianceBernstein Intermediate Government Securities EQ/AllianceBernstein International EQ/AllianceBernstein Large Cap Growth EQ/AllianceBernstein Quality Bond EQ/AllianceBernstein Small Cap Growth EQ/AllianceBernstein Value EQ/Equity 500 Index EQ/Small Company Index		Management Agreement with AXA Equitable Advisory Agreement with AllianceBernstein L.P.

EQ/Ariel Appreciation II		Management Agreement with AXA Equitable Advisory Agreement with Ariel Capital Management, LLC

EQ/BlackRock Basic Value Portfolio EQ/BlackRock International Value Portfolio		Management Agreement with AXA Equitable

EQ/Bond Index Portfolio		Management Agreement with AXA Equitable Advisory Agreement with Standish Mellon Asset Management Company LLC

EQ/Boston Advisors Equity Income		Management Agreement with AXA Equitable Advisory Agreement with Boston Advisors, LLC

EQ/Calvert Socially Responsible		Management Agreement with AXA Equitable Advisory Agreement with Calvert Asset Management Company, Inc. Advisory Agreement with Bridgeway Capital Management, Inc.

EQ/Capital Guardian Growth EQ/Capital Guardian Research		Management Agreement with AXA Equitable Advisory Agreement with Capital Guardian Trust Company

EQ/Caywood-Scholl High Yield Bond		Management Agreement with AXA Equitable Advisory Agreement with Caywood-Scholl Capital Management

EQ/Evergreen International Bond EQ/Evergreen Omega		Management Agreement with AXA Equitable Advisory Agreement with Evergreen Investment Management Company LLC

EQ/FI Mid Cap		Management Agreement with AXA Equitable Advisory Agreement with Fidelity Management & Research Company

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Portfolios		Agreements Approved by the Trust’s Board of Trustees with respect to the Portfolio(s)
EQ/GAMCO Mergers and Acquisitions EQ/GAMCO Small Company Value		Management Agreement with AXA Equitable Advisory Agreement with GAMCO Asset Management, Inc.

EQ/Government Securities EQ/Long Term Bond EQ/Short Duration Bond		Management Agreement with AXA Equitable Advisory Agreement with BlackRock Financial Management, Inc.

EQ/International Growth		Management Agreement with AXA Equitable Advisory Agreement with MFS Investment Management

EQ/JPMorgan Core Bond EQ/JPMorgan Value Opportunities		Management Agreement with AXA Equitable Advisory Agreement with J. P. Morgan Investment Management Inc.

EQ/Legg Mason Value Equity		Management Agreement with AXA Equitable

EQ/Lord Abbett Growth and Income EQ/Lord Abbett Large Cap Core EQ/Lord Abbett Mid Cap Value		Management Agreement with AXA Equitable Advisory Agreement with Lord Abbett & Co., LLC

EQ/Marsico Focus		Management Agreement with AXA Equitable Advisory Agreement with Marsico Capital Management LLC

EQ/Money Market		Management Agreement with AXA Equitable Advisory Agreement with The Dreyfus Corporation

EQ/Montag & Caldwell Growth		Management Agreement with AXA Equitable Advisory Agreement with Montag & Caldwell, Inc.

EQ/PIMCO Real Return		Management Agreement with AXA Equitable Advisory Agreement with Pacific Investment Management Company, LLC

EQ/T. Rowe Price Growth Stock		Management Agreement with AXA Equitable

EQ/UBS Growth and Income		Management Agreement with AXA Equitable Advisory Agreement with UBS Global Asset Management (Americas) Inc.

EQ/Van Kampen Comstock EQ/Van Kampen Emerging Markets Equity EQ/Van Kampen Mid Cap Growth		Management Agreement with AXA Equitable Advisory Agreement with Morgan Stanley Investment Management Inc.

MarketPLUS International Core MarketPLUS Large Cap Core MarketPLUS Large Cap Growth MarketPLUS Mid Cap Value		Management Agreement with AXA Equitable

All Asset Allocation Portfolio		Management Agreement with AXA Equitable

Crossings Conservative Allocation Portfolio Crossings Conservative-Plus Allocation Portfolio Crossings Moderate Allocation Portfolio Crossings Moderate-Plus Allocation Portfolio Crossings Aggressive Allocation Portfolio		Management Agreement with AXA Equitable

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In approving each Agreement, the Board considered the overall fairness of the Agreement and whether the Agreement was in the best interest of the affected Portfolio. The Board further considered factors it deemed relevant with respect to each Portfolio, including, as applicable: (1) the nature, quality and extent of the services provided to the Portfolio by the Manager, each Adviser and their respective affiliates; (2) the performance of the Portfolio (or in the case of a new Portfolio or a new Adviser, the performance of substantially similar accounts advised by the Manager or Adviser) as compared to a peer group and/or an appropriate benchmark; (3) the level of the Portfolio’s management and advisory fees; (4) the costs of the services provided and profits realized by the Manager and its affiliates from their relationship with the Portfolio; (5) the anticipated effect of growth and size on the Portfolio’s performance and expenses; and (6) the “fall out” benefits realized by the Manager, each Adviser and their respective affiliates (i.e., any direct or indirect benefits to be derived by the Manager, each Adviser and their respective affiliates from their relationship with the Trust). In considering each Agreement, the Board did not identify any single factor or information as all-important or controlling.

In connection with its deliberations, the Board, among other things, received information, in advance of the meeting at which the approvals or renewals were made, from the Manager and each Adviser regarding the factors set forth above and met with senior representatives of the Manager to discuss the Agreements. The Board received, and primarily considered, the most current information available at the time of the meeting and also took into account the totality of the performance, fee, expense and other information regarding each Portfolio provided to them on a periodic basis throughout the year. The Independent Trustees were assisted by independent counsel during their deliberations and received materials discussing the legal standards applicable to their consideration of the Agreements.

The Board, in examining the nature, extent and quality of the services provided by the Manager and each Adviser to each Portfolio, considered the Manager’s and each Adviser’s experience in serving as an investment adviser for the Portfolio(s) and for portfolios similar to the Portfolio(s) it advises. The Board noted the responsibilities of the Manager to the Trust and each Portfolio. In particular, the Board considered that the Manager is responsible for the search, selection and monitoring of the Advisers, the selection of investments for the Portfolios (or portions thereof) that it manages directly, oversight of the selection of investments for the Portfolios, oversight of compliance with the Portfolios’ policies and objectives, as well as oversight of the Portfolios’ compliance with applicable law, review of brokerage matters and implementation of Board directives as they relate to the Portfolios. In addition, the Board reviewed requested information regarding the Manager’s process for selecting and monitoring Advisers and its process for making investment decisions for the Portfolios (or portions thereof) that it manages directly as well as the backgrounds of the personnel who perform those functions with respect to the Portfolios.

The Board also noted the responsibilities of each Adviser to the Portfolio(s) it advises. In particular, the Board considered that each Adviser is responsible for making investment decisions on behalf of the Portfolio(s) (or portion(s) thereof) it advises, placing all orders for the purchase and sale of investments for each of the Portfolio(s) (or portion(s) thereof) it advises with brokers or dealers and performing related administrative functions. In addition, the Board reviewed requested information regarding, among other things, each Adviser’s investment process and the background of each portfolio manager of each Adviser who provides services to the Portfolios.

As discussed further below with respect to each Portfolio, the Board also received and considered information regarding the short-, intermediate- and long-term performance of each Portfolio over multiple periods on both an absolute basis and relative to its primary benchmark and peer group (with the first quartile being the best performers and the fourth quartile being the worst performers). The Board generally considered long-term performance to be more important in its evaluation than short-term performance.

The Board also reviewed the fees payable under each Agreement. The Board examined the management fees paid by each Portfolio in light of fees charged by the Manager to similar portfolios it manages and similar portfolios that serve as underlying funds for variable insurance products that are advised by other investment advisers. The Board also considered the quality and level of services provided and the Manager’s responsibilities to each Portfolio. In connection with the Agreements that were being considered for annual renewal, the Board also considered a report provided by Lipper Inc., an independent third

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party company, containing information regarding the management fee (including the administration fee) and the total expense ratios for each Portfolio relative to the median and average management fees and expense ratios of its peer group. The Board also took into account management’s discussion of the Portfolios’ expenses. The Board also considered that the management fee structure for each Portfolio (except for the EQ/Small Company Index, the EQ/Equity 500 Index, the EQ/Bond Index, the All Asset Allocation and the Crossings Portfolios) has breakpoints that provide a reduction of the applicable advisory fee rate as assets increase. The Board further considered that the Manager had undertaken contractual expense limitations with respect to certain Portfolios, which are subject to renewal by the Board and the Manager on an annual basis. In addition, the Board evaluated the Manager’s costs and profitability in providing services to the Portfolios, including the costs associated with the research and investment processes, personnel, systems and infrastructure necessary to perform its functions. The Board noted that the Manager pays the advisory fees out of the management fees the Manager received from the Portfolios and in addition, with respect to the unaffiliated Advisers, that such fees are negotiated at arms-length. The Board determined that the Manager’s management fee and profitability and each Portfolio’s overall expense ratios generally were more significant to the Board’s evaluation of the fees and expenses paid by the Portfolios than each Adviser’s costs and profitability. The Board also examined the advisory fees paid with respect to each Portfolio in light of the fees paid by similar portfolios advised by each Adviser.

As part of its evaluation of the Manager’s and each Adviser’s compensation, the Board considered other benefits that may be realized by the Manager, the Adviser and their respective affiliates from their relationship with the Trust. In this connection, the Board noted, among other things, that the Manager also serves as the administrator for the Portfolios, receiving compensation for acting in this capacity. In addition, the Board recognized that two of the Manager’s affiliates, AllianceBernstein, L.P. and AXA Rosen-berg Investment Management, LLC, serve as Advisers to certain Portfolios and, as such, receive advisory fees that are paid by the Manager out of the fees that it earns from the Trust. The Board also recognized that AXA Advisors LLC and AXA Distributors LLC, which are also affiliated with the Manager, serve as the underwriters for the Trust, and, as such, receive payments pursuant to Rule 12b-1 plans from the Portfolios with respect to their Class IB shares to compensate them for providing shareholder services and selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. Further, the Board considered that Sanford C. Bernstein & Co., LLC, a registered broker-dealer, is an affiliate of the Manager and from time to time may receive brokerage commissions from the Portfolios in connection with the purchase and sale of portfolio securities, provided, however, that those transactions, among other things, must be consistent with seeking best execution. The Board also noted that the Manager, as the depositor of insurance company separate accounts investing in the Portfolios, receives certain tax benefits associated with such investments.

With respect to the Advisers, the Board noted that each Adviser, through its relationship as an Adviser to its Portfolio(s), may engage in soft dollar transactions. The Board received information regarding each Adviser’s procedures for executing portfolio transactions for its Portfolio(s) and each Adviser’s policies and procedures for the selection of brokers and dealers and for obtaining research from those brokers and dealers. In addition, the Board considered that each Adviser may be affiliated with registered broker-dealers, who may, from time to time, receive brokerage commissions from the Portfolios in connection with the purchase and sale of portfolio securities; provided, however, that those transactions, among other things, must be consistent with seeking best execution. Finally, the Board recognized that affiliates of the Advisers may sell, and earn sales commissions and/or other compensation with respect to, insurance products issued by the Manager or its affiliates and that the proceeds of those sales may be invested in the Portfolios.

The Board also considered conflicts of interest that may arise between the Trust and the Manager and the Advisers in connection with the services provided to the Trust and the various relationships that the Advisers and their affiliates may have with the Trust. For example, actual or potential conflicts of interest may arise as a result of an Adviser having responsibility for multiple accounts (including the Portfolio(s) it advises), such as devotion of unequal time and attention to the management of the accounts, inability to allocate limited investment opportunities across accounts and incentive to allocate opportunities to an account where the Adviser has a greater financial incentive, such as a performance fee account. In this connection, the Board also took into consideration the manner in which such conflicts are addressed by

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the Manager and the Advisers.

Based on these considerations, the Board was satisfied, with respect to each Portfolio, that the Portfolio was reasonably likely to benefit from the nature, extent and quality of the Manager’s and each Adviser’s services. The Board also reached the determinations described below with respect to the Manager’s and each Adviser’s compensation for providing services to the applicable Portfolios and the performance of each Portfolio. Based on the foregoing, the information described below and the more detailed information provided at the relevant meeting, the Board, including the Independent Trustees, unanimously approved or renewed, as applicable, each Agreement with respect to the relevant Portfolio(s).

EQ/AllianceBernstein Common Stock Portfolio

The Board considered, among other things, that the Portfolio’s management fee and the expense ratios for the Portfolio’s Class IA and Class IB shares are lower than the respective median management fee and expense ratio for the Portfolio’s peer group. The Board also considered that the performance of the Portfolio’s Class IB shares was in the second quartile relative to its Lipper peer group for the five-year period ended May 31, 2007, but was in the fourth quartile for the one- and three-year periods ended on that date. In addition, the Board considered that the Portfolio outperformed its primary benchmark for the five-year period ended May 31, 2007 and generally had comparable performance for the ten-year period ended on that date, but underperformed its benchmark for the one- and three-year periods ended on that date. The Board and the Manager discussed actions to be taken to improve the Portfolio’s short-term performance. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the Portfolio’s long-term performance relative to its benchmark and peer group and with the actions to be taken to improve the Portfolio’s overall performance.

EQ/AllianceBernstein Intermediate Government Securities Portfolio

The Board considered, among other things, that the Portfolio’s management fee is higher than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the fourth quartile relative to its Lipper peer group for the one-, three- and five-year periods ended May 31, 2007, and that the Portfolio underperformed its primary benchmark for the one-, three-, five- and ten-year periods ended May 31, 2007. The Board noted that the difference between the portfolios that comprise each quartile of the peer group tends to be relatively small given the portfolios’ focus on fixed income securities and that the Portfolio’s performance generally was comparable to that of its benchmark, but discussed with the Manager actions to be taken to strengthen the Portfolio’s performance. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the actions to be taken to strengthen the Portfolio’s performance.

EQ/AllianceBernstein International Portfolio

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also considered that the Portfolio underperformed its primary benchmark for the one-, three-, five- and ten-year periods ended May 31, 2007, but that the Portfolio’s performance for the three- and five-year periods ended on that date generally was comparable to that of the benchmark. The Board and the Manager discussed actions to be taken to improve the Portfolio’s performance relative to its benchmark. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the performance of the Portfolio relative to its peer group and with the actions to be taken to strengthen the Portfolio’s overall performance.

EQ/AllianceBernstein Large Cap Growth Portfolio

The Board considered, among other things, that the Portfolio’s management fee is higher than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the third quartile relative to its Lipper peer group for the three- and five-year periods ended May 31, 2007, and was in the fourth quartile for the one-year period ended on that date. The Board also considered that the Portfolio underperformed its benchmark for the one-year, three-year, five-year and since inception periods ended May 31, 2007, but that the Portfolio’s performance for the three-year period ended on that date generally was comparable to that of the benchmark. The Board noted that the Adviser had taken action to improve the Portfolio’s performance by re-structuring its portfolio management team, but that the new team had been managing the Portfolio for a relatively short period of time. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the actions taken to improve the Portfolio’s performance relative to its peer group and benchmark.

EQ/AllianceBernstein Quality Bond Portfolio

The Board considered, among other things, that the Portfolio’s management fee is higher than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the third quartile relative to its Lipper peer group for the one- and three-year periods ended May 31, 2007, and was in the fourth quartile for the five-year period ended on that date. The Board also considered that the Portfolio underperformed its benchmark for the one-, three-, five- and ten-year periods ended May 31, 2007. The Board noted that the difference between the portfolios that comprise each quartile of the peer group tends to be relatively small given the portfolios’ focus on fixed income securities and that the Portfolio’s performance generally was comparable to that of its benchmark, but discussed with the Manager actions to be taken to strengthen the Portfolio’s performance. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the actions to be taken to improve the Portfolio’s performance relative to its peer group and benchmark.

EQ/AllianceBernstein Small Cap Growth Portfolio

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period ended May 31, 2007 and had comparable performance to that of the benchmark for the ten-year period ended on that date, but underperformed its benchmark for the one- and five-year periods ended on that date. The Board took into account management’s discussion of the Fund’s most recent performance. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the Portfolio’s performance relative to its peer group and benchmark.

EQ/AllianceBernstein Value Portfolio

The Board considered, among other things, that the Portfolio’s management fee is equal to the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is slightly higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the second quartile relative to its Lipper peer group for the one-, three- and five-year periods ended May 31, 2007. In addition, the Board considered that the Portfolio underperformed its primary benchmark for the one-year, three-year, five-year and since inception periods ended May 31, 2007, but that the Portfolio’s performance generally was comparable to that of its benchmark for the one-year and since inception periods ended on that date. The Board and the Manager discussed actions to be taken to improve the Portfolio’s performance relative to its benchmark. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the Portfolio’s performance relative to its peer group and with the actions to be taken to strengthen the Portfolio’s performance relative to its benchmark.

EQ/Equity 500 Index Portfolio

The Board considered, among other things, that the Portfolio’s management fee is higher than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is slightly lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the fourth quartile relative to its Lipper peer group for the one-, three- and five-year periods ended May 31, 2007. The Board also considered that the Portfolio had underperformed its benchmark for the one-, three- and five-year periods ended May 31, 2007. The Board noted, however, that the Portfolio’s performance was consistent with its investment objective of seeking to achieve 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 index. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied that the performance of the Portfolio has been reasonable in relation to the performance of its benchmark and peer group.

EQ/Small Company Index Portfolio

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from their relationships with the Trust, is fair and reasonable. The Board was also satisfied that the performance of the Portfolio has been reasonable in relation to the performance of its benchmark and peer group.

EQ/Ariel Appreciation II Portfolio

The Board considered, among other things, that the Portfolio’s management fee is higher than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the second quartile relative to its Lipper peer group for the one-year period ended May 31, 2007. In addition, the Board considered that the Portfolio underperformed its primary benchmark for the one-year and since inception periods ended May 31, 2007. The Board also noted that the Portfolio commenced operations on October 3, 2005 and therefore had a relatively short operating history on which to evaluate performance, but that the long-term performance of the Adviser’s comparable fund generally has been reasonable relative to its benchmark. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the Portfolio’s performance given the Portfolio’s relatively short operating history and its favorable performance relative to its peer group.

EQ/BlackRock Basic Value Equity Portfolio

The Board considered, among other things, that the Portfolio’s management fee is lower than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is approximately equal to, but higher than, the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the first quartile relative to its Lipper peer group for the one-year period ended May 31, 2007, and was in the third quartile for the five-year period and in the fourth quartile for the three-year period ended the same date. The Board also considered that the Portfolio outperformed its primary benchmark for the ten-year period ended May 31, 2007, and generally had comparable performance to that of its benchmark for the one-year period ended on that date, but underperformed its benchmark for the three- and five-year periods ended on that date. The Board and the Manager discussed actions to be taken to improve the Portfolio’s overall performance. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the long-term performance of the Portfolio relative to its benchmark and with the actions to be taken to strengthen the Portfolio’s overall performance relative to its peer group and benchmark.

EQ/BlackRock International Value Portfolio

The Board considered, among other things, that the Portfolio’s management fee is higher than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the third quartile relative to its Lipper peer group for the three- and five-year periods ended May 31, 2007, and was in the fourth quartile for the one-year period ended on that date. The Board also considered that the Portfolio outperformed its primary benchmark for the ten-year period ended May 31, 2007, but underperformed its benchmark for the one-, three- and five-year periods ended on that date. The Board and the Manager discussed actions to be taken to improve the Portfolio’s overall performance relative to its peer group and benchmark. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with

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the long-term performance of the Portfolio relative to its benchmark and with the actions to be taken to strengthen the Portfolio’s overall performance relative to its peer group and benchmark.

EQ/Bond Index Portfolio

The Board considered, among other things, that the Portfolio’s management fee is lower than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the first quartile relative to its Lipper peer group for the one-year period ended May 31, 2007, but that the Portfolio underperformed its primary benchmark for the one-, three-, five- and ten-year periods ended May 31, 2007. The Board noted that the Manager had taken action to improve the Portfolio’s performance through the appointment of the current Adviser to the Portfolio and by converting the Portfolio to an index portfolio on August 25, 2006 and that, although these changes have been in effect for a relatively short period of time, the performance of the Portfolio generally had improved as a result. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the actions taken to improve the Portfolio’s performance.

EQ/Boston Advisors Equity Income Portfolio

The Board considered, among other things, that the Portfolio’s management fee is higher than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the second quartile relative to its Lipper peer group for the five-year period ended May 31, 2007, and was in the third quartile for the three-year and fourth quartile for the one-year periods ended on that date. The Board also considered that the Portfolio underperformed its primary benchmark for the one-year, three-year, five-year and since inception periods ended May 31, 2007. The Board noted that management of the Adviser recently had entered into a strategic transaction to purchase a substantial portion of the company from its former owners and had committed to improving overall performance. The Board noted that, although the new organization had been in effect for a relatively short period of time, the performance of the Portfolio generally had improved. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the Portfolio’s long-term performance relative to its peer group and with the actions taken to improve the Portfolio’s overall performance relative to its peer group and benchmark.

EQ/Calvert Socially Responsible Portfolio

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ally had improved as a result of this change. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the long-term performance of the Portfolio relative to its benchmark and with the actions taken to improve the performance of the Portfolio relative to its peer group and benchmark.

EQ/Capital Guardian Growth Portfolio

The Board considered, among other things, that the Portfolio’s management fee is slightly lower than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio of the Portfolio’s Class IA shares is slightly lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio of the Portfolio’s Class IB shares is slightly higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the fourth quartile relative to its Lipper peer group for the one-, three- and five-year periods ended May 31, 2007. The Board also considered that the performance of the Portfolio for the ten-year period ended May 31, 2007 generally was comparable to that of its primary benchmark, but that the Portfolio underperformed its benchmark for the one-, three- and five-year periods ended on that date. The Board also considered that the Manager had taken steps to strengthen the Portfolio’s performance through the appointment of the current Adviser in December 2004 and that, although the current Adviser has been advising the Portfolio for a relatively short period of time, the performance of the Portfolio generally had improved as a result of this change. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the long-term performance of the Portfolio relative to its benchmark and with the Manager’s and the Adviser’s efforts to strengthen the Portfolio’s overall performance relative to its peer group and benchmark.

EQ/Capital Guardian Research Portfolio

The Board considered, among other things, that the Portfolio’s management fee is slightly higher than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is slightly higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the third quartile relative to its Lipper peer group for the five-year period ended May 31, 2007, and was in the fourth quartile for the one- and three-year periods ended on that date. The Board also considered that the Portfolio outperformed its primary benchmark for the period from the date the Portfolio commenced operations through May 31, 2007 and had comparable performance to that of its benchmark for the five-year period ended on that date, but had underperformed its benchmark for the one- and three-year periods ended on that date. The Board and the Manager discussed actions to be taken to improve the Portfolio’s performance relative to its peer group. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the long-term performance of the Portfolio relative to its benchmark and with the actions to be taken to improve the Portfolio’s performance relative to its peer group.

EQ/Caywood-Scholl High Yield Bond Portfolio

580

its benchmark for the one-, three- and five-year periods ended on that date. The Board and the Manager discussed the reasons for the Portfolio’s underperformance and actions to be taken to improve overall performance. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the long-term performance of the Portfolio relative to its benchmark and with the actions to be taken to strengthen the Portfolio’s overall performance relative to its peer group and benchmark.

EQ/Evergreen International Bond Portfolio

The Board considered, among other things, that the Portfolio’s management fee is higher than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio of the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is slightly higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio was in the fourth quartile relative to its peer group for the one-year period ended May 31, 2007. The Board also considered that the Portfolio underperformed its primary benchmark for the one-year and since inception periods ended May 31, 2007. The Board also considered that the Portfolio commenced operations on October 3, 2005 and therefore had a relatively short operating history on which to evaluate performance, but that the long-term performance of the Adviser’s comparable accounts generally has been reasonable in relation to their benchmark. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board also determined that the Portfolio’s performance was acceptable given the Portfolio’s relatively short operating history.

EQ/Evergreen Omega Portfolio

The Board considered, among other things, that the Portfolio’s management fee is slightly higher than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is slightly higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the third quartile relative to its Lipper peer group for the one- and five-year periods ended May 31, 2007, and was in the fourth quartile for the three-year period ended on that date. The Board also considered that the Portfolio outperformed its primary benchmark for the five-year and since inception periods ended May 31, 2007, but underperformed its benchmark for the one- and three-year periods ended on that date. The Board and the Manager discussed actions to be taken to improve the Portfolio’s performance relative to its peer group. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the Portfolio’s long-term performance relative to its benchmark and with the actions to be taken to improve the Portfolio’s performance relative to its peer group.

EQ/FI Mid Cap Portfolio

The Board considered, among other things, that the Portfolio’s management fee is approximately equal to, but higher than, the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is approximately equal to, but higher than, the median expense ratio for the Portfolio’s peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the second quartile relative to its Lipper peer group for the one- and five-year periods ended May 31, 2007, but was in the fourth quartile for the three-year period ended on that date. The Board also considered that the Portfolio outperformed its benchmark for the one-year period ended May 31, 2007 and had comparable performance to that of its benchmark for the five-year period ended on that date, but underperformed its benchmark for the three-year and since inception periods ended on that date. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them

581

and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board also was generally satisfied with the performance of the Portfolio relative to its peer group and benchmark.

EQ/GAMCO Mergers and Acquisitions Portfolio

The Board considered, among other things, that the Portfolio’s management fee is higher than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IB shares is equal to the median expense ratio for its peer group (Class IB shares are the only shares available for investment). In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the second quartile relative to its Lipper peer group for the one- and three-year periods ended May 31, 2007. The Board also considered that the Portfolio underperformed its benchmark for the one-year, three-year and since inception periods ended May 31, 2007 and discussed with the Manager actions to be taken to enhance the Portfolio’s performance relative to its benchmark. The Board factored into its evaluation of the Portfolio’s performance that the Portfolio is a specialty portfolio that offers a unique investment strategy and enhances the range of investment options available to investors. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the Portfolio’s performance given its investment objective and strategies.

EQ/GAMCO Small Company Value Portfolio

The Board considered, among other things, that the Portfolio’s management fee and the expense ratio for the Portfolio’s Class IB shares (Class IB shares are the only shares available for investment) are slightly higher than the respective median management fee and expense ratio for the Portfolio’s peer group. The Board also considered that the performance of the Portfolio’s Class IB shares was in the first quartile relative to its Lipper peer group for the one-, three- and five-year periods ended May 31, 2007. In addition, the Board considered that the Portfolio outperformed its benchmark for the one- and ten-year periods ended May 31, 2007, and had comparable performance to that of its benchmark for the three- and five-year periods ended on that date. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the performance of the Portfolio relative to its peer group and benchmark.

EQ/Government Securities Portfolio

The Board considered, among other things, that the Portfolio’s management fee is higher than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares (Class IA shares are the only shares available for investment) is lower than the median expense ratio for the Portfolio’s peer group. In addition, the Board considered that the performance of the Class IA shares of the Portfolio was in the third quartile relative to its Lipper peer group for the five-year period ended May 31, 2007, and was in the fourth quartile for the one- and three-year periods ended on that date. The Board also considered that the Portfolio underperformed its benchmark for the one-year, three-year, five-year and since inception periods ended May 31, 2007. The Board noted that the difference between the portfolios that comprise each quartile of the peer group tends to be relatively small given the portfolios’ focus on fixed income securities. The Board also noted that the Manager had taken action to strengthen the Portfolio’s performance through the appointment of the current Adviser on October 1, 2006 and that the current Adviser has been advising the Portfolio for a relatively short period of time. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the actions taken to strengthen the Portfolio’s performance.

582

EQ/Long Term Bond Portfolio

The Board considered, among other things, that the Portfolio’s management fee is slightly higher than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is higher than the median expense ratio for the peer group. The Board also considered that the performance of the Portfolio’s Class IB shares was in the first quartile relative to its Lipper peer group for the one-year period ended May 31, 2007, and was in the second quartile for the three- and five-year periods ended on that date. In addition, the Board considered that the Portfolio underperformed its primary benchmark for the one-, three-, five- and ten-year periods ended May 31, 2007 and discussed with the Manager actions to be taken to improve the Portfolio’s performance relative to its benchmark. The Board also noted that the Manager had taken action to strengthen the Portfolio’s performance through the appointment of the current Adviser on October 1, 2006 and that the Adviser had been advising the Portfolio for a relatively short period of time. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the Portfolio’s performance relative to its peer group and with the actions taken by the Manager to strengthen the Portfolio’s performance relative to its benchmark.

EQ/Short Duration Bond Portfolio

The Board considered, among other things, that the Portfolio’s management fee is higher than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio of the Portfolio’s Class IB shares is higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the fourth quartile relative to its Lipper peer group for the one- and three-year periods ended May 31, 2007. The Board also considered that the Portfolio underperformed its benchmark for the one-year, three-year and since inception periods ended May 31, 2007. The Board noted that the Manager had taken action to improve the Portfolio’s performance through the appointment of the current Adviser on October 1, 2006 and that the current Adviser has been advising the Portfolio for a relatively short period of time. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the actions taken to strengthen the Portfolio’s performance.

EQ/JPMorgan Core Bond Portfolio

The Board considered, among other things, that the Portfolio’s management fee is lower than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the second quartile relative to its Lipper peer group for the one- and three-year periods ended May 31, 2007, but was in the third quartile for the five-year period ended on that date. The Board also considered that the Portfolio underperformed its benchmark for the one-year, three-year, five-year and since inception periods ended May 31, 2007 and discussed actions to be taken by the Manager to improve the Portfolio’s performance relative to its benchmark. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the performance of the Portfolio relative to its peer group and with the actions to be taken to strengthen the Portfolio’s performance relative to its benchmark.

583

EQ/JPMorgan Value Opportunities Portfolio

The Board considered, among other things, that the Portfolio’s management fee is lower than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is slightly higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the first quartile relative to its Lipper peer group for the one-year period ended May 31, 2007 and was in the second quartile for the three-year period ended on that date, but was in the third quartile for the five-year period ended on that date. The Board also considered that the Portfolio outperformed its primary benchmark for the one-year period ended May 31, 2007, but underperformed its benchmark for the three-, five- and ten-year periods ended on that date. The Board also noted that the Manager had taken action to improve the Portfolio’s performance through the appointment of the current Adviser on December 13, 2004 and that, although the Adviser has been advising the Portfolio for a relatively short period of time, the performance of the Portfolio generally had improved as a result of that change. Based on its review, the Board was satisfied that the Manager’s compensation, including any direct and indirect benefits derived by the Manager and its affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the Portfolio’s performance relative to its peer group and benchmark since the appointment of the current Adviser and with the actions taken by the Manager to strengthen the Portfolio’s performance.

EQ/Legg Mason Value Equity Portfolio

The Board considered, among other things, that the Portfolio’s management fee is slightly higher than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is slightly higher than the median expense ratio for its peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the first quartile relative to its Lipper peer group for the one-year period ended May 31, 2007, but that the Portfolio had underperformed its primary benchmark for the one-year and since inception periods ended on that date. The Board noted that the Portfolio had commenced operations on October 3, 2005 and therefore had a relatively short operating history on which to evaluate performance, but that the long-term performance of the Adviser’s comparable fund generally has been reasonable relative to its benchmark. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the Portfolio’s performance given the Portfolio’s relatively short operating history and its favorable performance relative to its peer group.

EQ/Lord Abbett Growth and Income Portfolio

The Board considered, among other things, that the Portfolio’s management fee is slightly higher than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio of the Portfolio’s Class IB shares is higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the fourth quartile relative to its Lipper peer group for the one-year period ended May 31, 2007, and that the Portfolio had underperformed its primary benchmark for the one-year and since inception periods ended on that date. The Board noted that the Portfolio had commenced operations on April 29, 2005 and therefore had a relatively short operating history on which to evaluate performance, and that the long-term performance of the Adviser’s comparable accounts generally has been reasonable relative to their benchmark. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board also determined that the Portfolio’s performance was acceptable given its relatively short operating history.

584

EQ/Lord Abbett Large Cap Core Portfolio

The Board considered, among other things, that the Portfolio’s management fee is approximately equal to the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the fourth quartile relative to its Lipper peer group for the one-year period ended May 31, 2007, and that the Portfolio had underperformed its primary benchmark for the one-year and since inception periods ended on that date. The Board noted that the Portfolio had commenced operations on April 29, 2005 and therefore had a relatively short operating history on which to evaluate performance, and that the long-term performance of the Adviser’s comparable accounts generally has been reasonable relative to their benchmark. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board also determined that the Portfolio’s performance was acceptable given its relatively short operating history.

EQ/Lord Abbett Mid Cap Value Portfolio

The Board considered, among other things, that the Portfolio’s management fee is equal to the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is slightly higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the second quartile relative to its Lipper peer group for the one-year period ended May 31, 2007, but that the Portfolio had underperformed its primary benchmark for the one-year and since inception periods ended on that date. The Board noted that the Portfolio had commenced operations on April 29, 2005 and therefore had a relatively short operating history on which to evaluate performance, and that the long-term performance of the Adviser’s comparable accounts generally has been reasonable relative to their benchmark. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the Portfolio’s performance given its favorable performance relative to its peer group and its relatively short operating history.

EQ/Marsico Focus Portfolio

The Board considered, among other things, that the Portfolio’s management fee is higher than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is approximately equal to, but lower than, the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the first quartile relative to its Lipper peer group for the three- and five-year periods ended May 31, 2007, but was in the fourth quartile for the one-year period ended on that date. The Board also considered that the Portfolio outperformed its primary benchmark for the three-year, five-year and since inception periods ended May 31, 2007, but underperformed its benchmark for the one-year period ended on that date. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the performance of the Portfolio relative to its peer group and benchmark.

EQ/International Growth Portfolio

585

of the Portfolio’s Class IB shares was in the second quartile relative to its Lipper peer group for the one-year period ended May 31, 2007, but was in the fourth quartile for the three- and five-year periods ended on that date. The Board also considered that the Portfolio outperformed its primary benchmark for the one-year period ended May 31, 2007, but underperformed its benchmark for the three-, five- and ten-year periods ended on that date. The Board also considered that the Manager had taken action to improve the Portfolio’s performance through the appointment of the current Adviser to advise the Portfolio on July 25, 2005 and that, although the current Adviser has advised the Portfolio for a relatively short period of time, the Portfolio’s performance generally had improved as a result of this change. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the Portfolio’s performance relative to its peer group and benchmark since the appointment of the current Adviser and with the actions taken by the Manager to strengthen the Portfolio’s performance.

EQ/Money Market Portfolio

The Board considered, among other things, that the Portfolio’s management fee is approximately equal to, but higher than, the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the third quartile relative to its Lipper peer group for the one-, three- and five-year periods ended May 31, 2007, and that the Portfolio underperformed its primary benchmark for the one-, three-, five- and ten-year periods ended on that date. The Board noted that the Manager had taken action to improve the Portfolio’s performance though the appointment of the current Adviser to advise the Portfolio on June 10, 2005 and that, although the current Adviser has advised the Portfolio for a relatively short period of time, the Portfolio’s performance generally had improved. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the actions taken to strengthen the Portfolio’s performance.

EQ/Montag & Caldwell Growth Portfolio

The Board considered, among other things, that the Portfolio’s management fee is higher than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the third quartile relative to its Lipper peer group for the one-year period ended May 31, 2007, and was in the fourth quartile for the three- and five-year periods ended on that date. The Board also considered that the Portfolio outperformed its primary benchmark for the ten-year period ended May 31, 2007, but underperformed its benchmark for the one-, three- and five-year periods ended on that date. The Board and the Manager also discussed actions to be taken to improve the Portfolio’s performance. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the Portfolio’s long-term performance relative to its benchmark and with the actions to be taken to strengthen the Portfolio’s overall performance.

EQ/PIMCO Real Return Portfolio

586

ended May 31, 2007, but was in the fourth quartile for the one- and three-year periods ended on that date. The Board also considered that the Portfolio underperformed its primary benchmark for the one-, three-and five-year periods ended May 31, 2007. The Board also noted that the Manager had taken actions to strengthen the Portfolio’s performance by implementing certain changes to the Portfolio’s investment strategies and by appointing the current Adviser to advise the Portfolio on May 1, 2005, but that these changes had been in place for a relatively short period of time. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the actions taken to improve the Portfolio’s performance relative to its benchmark and peer group.

EQ/T. Rowe Price Growth Stock

The Board considered, among other things, that the Portfolio’s management fee is higher than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the first quartile relative to its Lipper peer group for the five-year period ended May 31, 2007, but was in the fourth quartile for the one- and three-year periods ended on that date. The Board also considered that the Portfolio outperformed its primary benchmark for the five-year period ended May 31, 2007, but underperformed its benchmark for the one-, three- and ten-year periods ended on that date. The Board noted that the Manager had taken action to improve the Portfolio’s performance though the appointment of the current Adviser to advise the Portfolio in July 2007, but that the current Adviser has been advising the Portfolio for a very short period of time. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the actions taken to strengthen the Portfolio’s performance.

EQ/UBS Growth and Income Portfolio

EQ/Van Kampen Comstock Portfolio

The Board considered, among other things, that the Portfolio’s management fee is approximately equal to, but is higher than, the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the median expense ratio for the Portfolio’s Class IB shares is higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the third quartile relative to its Lipper peer group for the one-year period ended May 31, 2007, and that the Portfolio underperformed its primary benchmark for the one-year and since inception periods ended on that date. The Board noted that the Portfolio had commenced operations on April 29, 2005 and therefore had a relatively short operating history on which to evaluate performance, and that the long-term performance of the Adviser’s comparable accounts generally has been reasonable relative to their benchmark. Based on its review, the Board was satisfied that

587

the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board also determined that the Portfolio’s performance was acceptable given its relatively short operating history.

EQ/Van Kampen Emerging Markets Equity Portfolio

The Board considered, among other things, that the Portfolio’s management fee is higher than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is slightly lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is higher than the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the first quartile relative to its Lipper per group for the one-year period ended May 31, 2007, and was in the second quartile for the three- and five-year periods ended on that date. The Board also considered that the Portfolio outperformed its primary benchmark for the one- and three-year periods ended May 31, 2007, but underperformed its benchmark for the five- and ten-year periods ended on that date. The Board also noted that the Manager and the Adviser had taken actions to strengthen the Portfolio’s performance by restructuring the Portfolio’s portfolio management team and that, although these changes have been in place for a relatively short period of time, the Portfolio’s performance generally had improved as a result. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the Portfolio’s performance relative to its peer group and benchmark since the re-structuring of the Portfolio’s portfolio management team and with the actions taken by the Manager to strengthen the Portfolio’s performance.

EQ/Van Kampen Mid Cap Growth Portfolio

The Board considered, among other things, that the Portfolio’s management fee is approximately equal to, but lower than, the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratio for the Portfolio’s Class IA shares is lower than the median expense ratio for the Portfolio’s peer group, and that the expense ratio for the Portfolio’s Class IB shares is approximately equal to, but higher than, the median expense ratio for the peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the second quartile relative to its Lipper peer group for the one-year period ended May 31, 2007, and that the Portfolio had outperformed its primary benchmark for the one-year and since inception periods ended on that date. The Board noted that the Portfolio had commenced operations on April 29, 2005 and therefore had a relatively short operating history on which to evaluate performance, but that the long-term performance of the Adviser’s comparable accounts generally has been reasonable relative to their benchmark. Based on its review, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the Portfolio’s performance given the Portfolio’s relatively short operating history and its favorable performance relative to its peer group and benchmark.

MarketPLUS International Core

588

that date. The Board also considered that the Portfolio underperformed its benchmark for the one-year, three-year, five-year and since inception periods ended May 31, 2007. The Board also noted that the Manager had taken actions to improve the Portfolio’s performance by implementing certain changes to the Portfolio in May 2007, including changing certain investment strategies for the Portfolio, reducing the Portfolio’s management fee, converting the Portfolio to a multi-adviser portfolio and appointing the current Advisers to advise portions thereof and assuming direct management responsibility for a portion of the Portfolio’s assets. Based on its review, the Board was satisfied that the Manager’s and each Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the actions taken to strengthen the Portfolio’s performance.

MarketPLUS Large Cap Core

The Board noted that comparative fee information was based on data from the end of the most recent calendar year. The Board considered that, since the end of the most recent calendar year, the Portfolio’s management fee and expense ratio were reduced in connection with a portfolio restructuring and renaming. The Board considered, among other things, that the Portfolio’s management fee is lower than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratios for the Portfolio’s Class IA shares are lower than and Class IB shares are higher than the median expense ratio for the Portfolio’s peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the second quartile relative to its Lipper peer group for the three-year period ended May 31, 2007, but was in the third quartile for the one- and five-year periods ended on that date. The Board also considered that the Portfolio outperformed its benchmark for the three-year period ended May 31, 2007, but underperformed its benchmark for the one-year, five-year and since inception periods ended on that date. The Board also noted that the Manager had taken actions to improve the Portfolio’s performance by implementing certain changes to the Portfolio in May 2007, including changing certain investment strategies for the Portfolio, reducing the Portfolio’s management fee, converting the Portfolio to a multi-adviser portfolio and appointing the current Advisers to advise portions thereof and assuming direct management responsibility for a portion of the Portfolio’s assets. Based on its review, the Board was satisfied that the Manager’s and each Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the actions taken to strengthen the Portfolio’s performance.

MarketPLUS Large Cap Growth

The Board noted that comparative fee information was based on data from the end of the most recent calendar year. The Board considered that, since the end of the most recent calendar year, the Portfolio’s management fee and expense ratio were reduced in connection with a portfolio restructuring and renaming. The Board considered, among other things, that the Portfolio’s management fee is lower than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratios for the Portfolio’s Class IA shares are lower than and Class IB shares are higher than the median expense ratio for the Portfolio’s peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the second quartile relative to its Lipper peer group for the one- and three-year periods ended May 31, 2007, but was in the fourth quartile for the five-year period ended on that date. The Board also considered that the Portfolio outperformed its benchmark for the one-, three-, five- and ten-year periods ended May 31, 2007. The Board also noted that the Manager had taken actions to address the Portfolio’s historical underperformance by implementing certain changes to the Portfolio in May 2007, including changing certain investment strategies for the Portfolio, reducing the Portfolio’s management fee, converting the Portfolio to a multi-adviser portfolio and appointing the current Advisers to advise portions thereof and assuming direct management responsibility for a portion of the Portfolio’s assets. Based on its review, the Board was satisfied that the Manager’s and each Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the actions taken to strengthen the Portfolio’s performance.

589

MarketPLUS Mid Cap Value

The Board noted that comparative fee information was based on data from the end of the most recent calendar year. The Board considered that, since the end of the most recent calendar year, the Portfolio’s management fee and expense ratio were reduced in connection with a portfolio restructuring and renaming. The Board considered, among other things, that the Portfolio’s management fee is higher than the median management fee for the Portfolio’s peer group. The Board also considered that the expense ratios for the Portfolio’s Class IA shares are lower than and Class IB shares are higher than the median expense ratio for the Portfolio’s peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the third quartile relative to its Lipper peer group for the three-year period ended May 31, 2007, and was in the fourth quartile for the one- and five-year periods ended on that date and had also underperformed its benchmark for the one-, three-, five- and ten-year periods ended on that date. The Board also noted that the Manager had taken actions to improve the Portfolio’s performance by implementing certain changes to the Portfolio in May 2007, including changing certain investment strategies for the Portfolio, reducing the Portfolio’s management fee, converting the Portfolio to a multi-adviser portfolio and appointing the current Advisers to advise portions thereof and assuming direct management responsibility for a portion of the Portfolio’s assets. Based on its review, the Board was satisfied that the Manager’s and each Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the actions taken to strengthen the Portfolio’s performance.

All Asset Allocation Portfolio

The Board considered, among other things, that the Portfolio’s management fee is higher than the median management fee for its peer group. The Board also considered that the expense ratio for the Portfolio’s Class IB shares (Class IB shares are the only shares offered for investment) is equal to the median expense ratio for the Portfolio’s peer group. In addition, the Board considered that the performance of the Portfolio’s Class IB shares was in the third quartile relative to its Lipper peer group for the three-year period ended May 31, 2007, and was in the fourth quartile for the one- and five-year periods ended on that date. The Board also considered that the Portfolio outperformed its primary benchmark for the three-year period ended May 31, 2007, but underperformed its benchmark for the one-, five- and ten-year periods ended on that date. The Board also noted that the Manager had taken actions to improve the Portfolio’s performance by implementing certain changes to the Portfolio on September 12, 2005, including changing certain investment strategies for the Portfolio, reducing the Portfolio’s management fee and converting the Portfolio to a “fund of funds,” but that the changes had been in effect for a relatively short period of time. Based on its review, the Board was satisfied that the Manager’s compensation, including any direct and indirect benefits derived by the Manager and its affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied with the actions taken to strengthen the Portfolio’s performance.

Crossings Portfolios

The Board considered, among other things, the management fee paid by other comparable funds of funds and concluded that the management fee for each of the Portfolios is reasonable in relation to the services received. In addition, the Board considered the performance of comparable funds managed by the Manager and noted that the performance of those funds generally has been reasonable in relation to the performance of their benchmarks. Based on its review, the Board was satisfied that the Manager’s compensation, including any direct and indirect benefits derived by the Manager and its affiliates from their relationships with the Trust, is fair and reasonable. The Board was also satisfied that the Portfolios are reasonably likely to benefit from the Manager’s services.

590

Federal Income Tax Information (Unaudited)

For the year ended December 31, 2007, the percentage of dividends paid that qualify for the 70% dividends received deductions for corporate shareholders, foreign taxes which are expected to be passed through to shareholders for foreign tax credits, gross income derived from sources within foreign countries, and long-term capital gain dividends for the purpose of the dividend paid deduction on its Federal income tax return were as follows:


Portfolios	70% Dividend Received Deduction		Foreign Taxes		Foreign Source Income		Long Term Capital Gain
All Asset Allocation	35.10	%	$	—	$	—	$	4,171,948
EQ/Franklin Templeton Founding Strategy	20.98			—		—		51,188
EQ/International ETF	—			—		—		6,092
EQ/AllianceBernstein Common Stock	100.00			—		—		—
EQ/AllianceBernstein Intermediate Government Securities	—			—		—		—
EQ/AllianceBernstein International	—			6,779,687		51,520,429		300,787,930
EQ/AllianceBernstein Large Cap Growth	—			—		—		—
EQ/AllianceBernstein Quality Bond	—			—		—		—
EQ/AllianceBernstein Small Cap Growth	15.04			—		—		138,521,536
EQ/AllianceBernstein Value	100.00			—		—		473,933,201
EQ/Ariel Appreciation II	87.91			—		—		293,471
EQ/AXA Rosenberg Value Long/Short	30.54			—		—		—
EQ/BlackRock Basic Value Equity	99.72			—		—		301,170,436
EQ/BlackRock International Value	—			3,111,298		47,136,910		236,212,207
EQ/Bond Index	—			—		—		—
EQ/Boston Advisors Equity Income	82.79			—		—		25,726,960
EQ/Calvert Socially Responsible	100.00			—		—		4,489,928
EQ/Capital Guardian Growth	—			—		—		—
EQ/Capital Guardian Research	100.00			—		—		32,952,321
EQ/Caywood-Scholl High Yield Bond	0.01			—		—		—
EQ/Davis New York Venture	100.00			—		—		22,238
EQ/Equity 500 Index	100.00			—		—		99,420,121
EQ/Evergreen International Bond	—			3,059		23,670,213		—
EQ/Evergreen Omega	73.27			—		—		8,941,402
EQ/FI Mid Cap	6.86			—		—		68,773,741
EQ/Franklin Income	17.57			—		—		175,190
EQ/Franklin Small Cap Value	97.28			—		—		—
EQ/GAMCO Mergers & Acquisitions	16.42			—		—		1,367,087
EQ/GAMCO Small Company Value	69.44			—		—		41,365,251
EQ/Government Securities	—			—		—		—
EQ/International Growth	0.84			234,392		4,916,754		10,795,471
EQ/JPMorgan Core Bond	—			—		—		—
EQ/JPMorgan Value Opportunities	30.17			—		—		43,130,594
EQ/Legg Mason Value Equity	100.00			—		—		3,718,102
EQ/Long Term Bond	—			—		—		—
EQ/Lord Abbett Growth & Income	98.24			—		—		7,101,374
EQ/Lord Abbett Large Cap Core	90.99			—		—		2,350,539
EQ/Lord Abbett Mid Cap Value	44.71			—		—		21,240,089
EQ/Marsico Focus	100.00			—		—		358,257,987
EQ/Money Market	—			—		—		—

591


Portfolios	70% Dividend Received Deduction		Foreign Taxes		Foreign Source Income		Long Term Capital Gain
EQ/Montag & Caldwell Growth	100.00	%	$	—	$	—	$	—
EQ/Mutual Shares	99.44			—		—		—
EQ/Oppenheimer Global	22.24			46,664		912,899		—
EQ/Oppenheimer Main Street Opportunity	29.74			—		—		253,989
EQ/Oppenheimer Main Street Small Cap	45.82			—		—		136,702
EQ/PIMCO Real Return	—			—		—		—
EQ/Short Duration Bond	—			—		—		—
EQ/Small Company Index	27.82			—		—		49,461,383
EQ/T. Rowe Price Growth Stock	25.33			—		—		19,481,556
EQ/Templeton Growth	29.36			340,905		4,659,429		121,996
EQ/UBS Growth & Income	99.52			—		—		—
EQ/Van Kampen Comstock	90.92			—		—		9,077,591
EQ/Van Kampen Emerging Markets Equity	—			1,737,246		49,118,658		507,527,768
EQ/Van Kampen Mid Cap Growth	22.03			—		—		8,445,381
EQ/Van Kampen Real Estate	6.89			—		—		1,293,352
MarketPLUS International Core	8.60			2,357,837		42,349,348		312,019,420
MarketPLUS Large Cap Core	77.63			—		—		57,328,373
MarketPLUS Large Cap Growth	100.00			—		—		—
MarketPLUS Mid Cap Value	18.47			—		—		339,069,176

After the close of business on July 6, 2007 (August 17, 2007 for one Portfolio, as indicated by a “†” in the following chart), the percentage of dividends paid that qualify for the 70% dividends received deductions for corporate shareholders, foreign taxes which are expected to be passed through to shareholders for foreign tax credits, gross income derived from sources within foreign countries, and long-term capital gain dividends for the purpose of the dividend paid deduction on its Federal income tax return were as follows:


Portfolios	70% Dividend Received Deduction		Foreign Taxes		Foreign Source Income		Long Term Capital Gain
EQ/AllianceBernstein Growth & Income†	56.75	%	$	—	$	—	$	200,828,851
EQ/Capital Guardian U.S. Equity	99.83			—		—		71,021,604
EQ/Janus Large Cap Growth	100.00			—		—		1,821,452
EQ/Wells Fargo Montgomery Small Cap	—			—		—		833,512

592

Proxy Vote Results (Unaudited)

On May 24, 2007, contractowners of the EQ/Small Cap Value Portfolio voted to approve an Agreement and Plan of Reorganization and Termination providing for the reorganization of the EQ/Small Cap Value Portfolio into the Multimanager Small Cap Value Portfolio, a series of AXA Premier VIP Trust.


For	Against	Abstained
82,728,437	4,592,977	5,832,218

On May 24, 2007, contractowners of the EQ/Small Company Growth Portfolio voted to approve an Agreement and Plan of Reorganization and Termination providing for the reorganization of the EQ/Small Company Growth Portfolio into the Multimanager Small Company Growth Portfolio, a series of AXA Premier VIP Trust.


For	Against	Abstained
25,430,200	1,506,355	1,803,419

On June 27, 2007, contractowners of the EQ/Wells Fargo Montgomery Small Cap Growth Portfolio voted to approve an Agreement and Plan of Reorganization and Termination providing for the reorganization of the EQ/Wells Fargo Montgomery Small Cap Growth Portfolio into the Multimanager Small Cap Growth Portfolio, a series of AXA Premier VIP Trust.


For	Against	Abstained
7,078,435	581,998	523,828

On June 27, 2007, contractowners of the EQ/Janus Large Cap Growth Portfolio voted to approve a Plan of Reorganization and Termination providing for the reorganization of the EQ/Janus Large Cap Growth Portfolio into the EQ/TCW Equity Portfolio (currently the EQ/T. Rowe Price Growth Stock Portfolio).


For	Against	Abstained
42,987,940	1,688,873	3,122,282

On July 5, 2007, contractowners of the EQ/AllianceBernstein Growth and Income Portfolio voted to approve a Plan of Reorganization and Termination providing for the reorganization of the EQ/AllianceBernstein Growth and Income Portfolio into the EQ/AllianceBernstein Value Portfolio.


For	Against	Abstained
132,236,924	7,698,394	9,593,318

On July 5, 2007, contractowners of the EQ/Capital Guardian U.S. Equity Portfolio voted to approve a Plan of Reorganization and Termination providing for the reorganization of the EQ/Capital Guardian U.S. Equity Portfolio into the EQ/Capital Guardian Research Portfolio.


For	Against	Abstained
93,677,312	2,652,984	5,544,894

593

MANAGEMENT OF THE TRUST (UNAUDITED)

The Trust’s Board has the responsibility for the overall management of the Trust and the Portfolios, including general supervision and review of the investment activities and their conformity with Delaware law and the stated policies of the Portfolios. The Board elects the officers of the Trust who are responsible for administering the Trust’s day-to-day operations. The Trustees and officers of the Trust, together with information as to their principal business occupation during the last five years, and other information are shown below.

The Trustees and Officers


Name, Address and Age	Position(s) Held With Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Complex Overseen by Trustee†	Other Directorships Held by Trustee
Interested Trustee

Steven M. Joenk* 1290 Avenue of the Americas, New York, New York 10104 (49)	Trustee, Chairman, President and Chief Executive Officer	Trustee Chairman from September 2004 to present; Chief Executive Officer from December 2002 to present, President from December 2002 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 July 2004, Chairman and President of Enterprise Capital Management, Inc., Co-Chairman of Enterprise Funds Distributor, Inc. and a director of 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).	89	None

James (Jamie) Shepherdson* 1290 Avenue of the Americas New York, New York 10104 (52)	Trustee	From November 2005 to present	From August 2005 to present, Executive Vice President of AXA Financial and President of AXA Distributors. Prior to July 2005, he served as CEO of John Hancock Funds from 2002 to July 2005; prior thereto he served as Co-CEO of MetLife Investors Group, a subsidiary of MetLife from 2000 to 2002.	64	None

*	Affiliated with the Manager and Distributors.

**	Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

†	The registered investment companies in the fund complex include AXA Enterprise Funds Trust, AXA Premier VIP Trust, The 787 Fund, Inc., and the Trust.

594


Name, Address and Age	Position(s) Held With Trust	Term of Office and Length** of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Complex Overseen by Trustee†	Other Directorships Held by Trustee
Independent Trustees

Theodossios Athanassiades c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York 10104 (68)	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.	64	None

Jettie M. Edwards c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York 10104 (61)	Trustee	From March 1997 to present	Retired. From 1986 to 2001, Partner and Consultant, Syrus Associates (business and marketing consulting firm).	64	From 1997 to present, Director, Old Mutual Advisor Funds II (18 portfolios); from 1997 to present, Director, Old Mutual Insurance Series (8 portfolios).

David W. Fox c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York 10104 (76)	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.	64	From 2004 to present, Director, Miami Corporation; from 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 10104 (72)	Trustee	From March 1997 to present	From 1994 to present, President, W.M. Kearns & Co., Inc. (private investment company); from 2002 to June 2007, Chairman and from 1998 to 2002, Vice Chairman, Keefe Managers, Inc. (money management firm)	64	From 1975 to present, Director; from 2005 to present, Lead 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 10104 (62)	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, Burson-Marsteller U.S.A.	64	None

Harvey Rosenthal c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York 10104 (65)	Trustee	From March 1997 to present	From 1997 to present, Consultant/Director. From 1994 to 1996, President and Chief Operating Officer of CVS Corporation.	64	From 1997 to present, Director, LoJack Corporation

*	Affiliated with the Manager and Distributors.

**	Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

†	The registered investment companies in the fund complex include AXA Enterprise Funds Trust, AXA Premier VIP Trust, The 787 Fund, Inc., and the Trust.

595


Name, Address and Age	Position(s) Held With Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Complex Overseen by Trustee†	Other Directorships Held by Trustee
Independent Trustees (Continued)

Gary S. Schpero c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York 10104 (54)	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.	64	None

*	Affiliated with the Manager and Distributors.

**	Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

†	The registered investment companies in the fund complex include AXA Enterprise Funds Trust, AXA Premier VIP Trust, The 787 Fund, Inc., and the Trust.

596


Name, Address and Age	Position(s) Held With Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years
Officers

Steven M. Joenk 1290 Avenue of the Americas, New York, New York 10104 (49)	Trustee, Chairman, President and Chief Executive Officer	Trustee and Chairman from September 2004 to present; Chief Executive Officer from December 2002 to present; President from December 2002 to present	From July 1999 to present, Senior Vice President of AXA Equitable; from September 2004 to present, President of AXA Financial’s Funds Management Group; since July 2004, Chairman and President of Enterprise Capital Management, Inc., Co-Chairman of Enterprise Funds Distributor, Inc. and a director of 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 10104 (52)	Vice President, Secretary	From July 1999 to present	From May 2003 to present, Vice President and Associate General Counsel of AXA Equitable; July 1999 to May 2003, Vice President and Counsel of AXA Equitable.

Brian Walsh 1290 Avenue of the Americas, New York, New York 10104 (39)	Chief Financial Officer and Treasurer	From June 2007 to present	From December 2002 to May 2007 Vice President and Controller of the Trust; from February 2003 to present, Vice President of AXA Equitable; from January 2001 to February 2003, Assistant Vice President of AXA Equitable.

Alwi Chan 1290 Avenue of the Americas, New York, New York 10104 (33)	Vice President	From June 2007 to present	From May 2007 to present, Vice President, AXA Equitable; from November 2005 to May 2007, Assistant Vice President, AXA Equitable; from December 2002 to November 2005, Senior Investment Analyst of AXA Equitable.

James Kelly 1290 Avenue of the Americas, New York, New York 10104 (39)	Controller	From June 2007 to present	From March 2006 to present, Assistant Vice President, AXA Equitable; from July 2005 to February 2006, Assistant Treasurer, Lord Abbett & Co.; from July 2002 to June 2005, Director, Prudential Investments.

Mary E. Cantwell 1290 Avenue of the Americas, New York, New York 10104 (46)	Vice President	From July 1999 to present	From February 2001 to present, Vice President of AXA Equitable; from July 2004 to present, a director of Enterprise Capital Management, Inc.

Carla Price 1290 Avenue of the Americas, New York, New York 10104 (31)	Assistant Controller	From March 2007 to present	From February 2004 to present, Assistant Vice President of AXA Equitable; from January 2003 to February 2004, Mutual Fund Manager of AXA Equitable; from October 2000 to January 2003, Senior Fund Administrator of AXA Equitable.

*	Affiliated with the Manager and Distributors.

**	Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

597


Name, Address and Age	Position(s) Held With Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years
Officers (Continued)

William MacGregor 1290 Avenue of the Americas, New York, New York 10104 (32)	Vice President and Assistant Secretary	From September 2006 to present	From May 2007 to present Assistant Vice President and Counsel of AXA Equitable; from May 2006 to May 2007, Counsel of AXA Equitable; from March 2005 to April 2006, Associate Attorney, Sidley Austin LLP; from September 2003 to February 2005, Contract Attorney, Prudential Financial, Inc.

Armando Capasso, Esq. 1290 Avenue of the Americas, New York, New York (33)	Vice President and Assistant Secretary	From December 2007 to present	From September 2007 to present, Counsel of AXA Equitable; from March 2005 to September 2007, Investment Management Associate, Drinker Biddle & Reath, LLP; from September 2004 to March 2005, Associate, Ballard Spahr Andrews & Ingersoll, LLP; and from September 2003 to August 2004, Judicial Law Clerk, Honorable Stanley R. Chesler, U.S. District Judge for the District of New Jersey.

Joseph J. Paolo 1290 Avenue of the Americas, New York, New York 10104 (37)	Chief Compliance Officer, Vice President and Anti- Money Laundering (“AML”) Compliance Officer	Chief Compliance Officer from May 2007; Vice President and AML Compliance Officer from November 2005 to Present	From August 2005 to May 2007, Vice President of AXA Equitable and Deputy Chief Compliance Officer of AXA Equitable’s Funds Management Group; from March 2004 to August 2005, Vice President of AXA Equitable and Compliance Officer of AXA Equitable’s Funds Management Group; from May 2002 to March 2004, Compliance Director and Assistant Vice President of AXA Equitable.

David Shagawat 1290 Avenue of the Americas, New York, New York 10104 (33)	Assistant AML Compliance Officer	From November 2005 to present	From August 2005 to present, Associate Compliance Officer of AXA Equitable; from June 2004 to August 2005, Fiduciary Oversight Analyst, Citigroup Asset Management; from April 2002 to June 2004, Project Manager, Alliance Bernstein L.P.

Paraskevou Charalambous 1290 Avenue of the Americas, New York, New York 10104 (45)	Assistant Secretary	From November 2005 to present	From March 2000 to present, Senior Legal Assistant for AXA Equitable.

*	Affiliated with the Manager and Distributors.

**	Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

598

PROXY VOTING INFORMATION (UNAUDITED)

A description of the policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling a toll-free number at 1-888-292-4492 and (ii) on the Securities and Exchange Commission’s website at http://www.sec.gov.

Information regarding how the Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2007 is available (i) on the Trust’s proxy voting information website at http://www.axaonline.com (go to “Tools & Calculators” and click on “Proxy Voting” box under the “Investing Tools” column) and (ii) on the Securities and Exchange Commission’s website at http:// www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Portfolios file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Portfolios’ Forms N-Q are available on the Securities and Exchange Commission’s website at http://www.sec.gov and may also be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

599

Item 2.

Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a “code of ethics,” as defined in Item 2, that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of the registrant’s code of ethics is filed as an exhibit pursuant to Item 12(a)(1).

Item 3.

Audit Committee Financial Expert.

The registrant’s board of trustees has determined that Theodossios Athanassiades serves on its audit committee as an “audit committee financial expert” as defined in Item 3. Mr. Athanassiades is considered to be “independent” for purposes of Item 3(a)(2).

Item 4.

Principal Accountant Fees and Services.

(a)	Audit Fees for fiscal year 2007 $2,283,981 and fiscal year 2006 $748,700

(b)	Audit-Related Fees for fiscal year 2007 $147,462 and fiscal year 2006 $98,651

(c)	Tax Fees for fiscal year 2007 $773,896 and fiscal year 2006 $465,890

Tax fees include amounts related to tax compliance, tax advice and tax planning.

(d)	All Other Fees for fiscal year 2007 $0 and fiscal year 2006 $16,500

All other fees include amounts related to consultation on technical accounting or regulatory matters.

(e)(1)

The registrant’s audit committee has adopted policies and procedures relating to pre-approval of services performed by the registrant’s principal accountant for the registrant. Audit, audit-related and tax services provided to the registrant on an annual basis require pre-approval by the entire audit committee. In the event that the audit fees exceed the pre-approved estimated amount, the audit committee’s delegate, consisting of the audit committee chair, lead independent trustee, the registrant’s chief executive officer and chief financial officer, acting by at least three of such individuals, has the authority to increase the amount by up to 10% of the pre-approved amount. Any additional amount requires pre-approval by the entire audit committee. The audit committee

chair or the lead independent trustee also has the authority to approve de minimis non-audit services (i.e., services in which the fee does not exceed $10,000 per engagement) to be provided by the registrant’s principal accountant for the registrant, provided that each such service is brought to the attention of the audit committee prior to the completion of the audit of the registrant’s financial statements.

(e)(2) None of the services include in (b) – (d) above was approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)	Not applicable.

(g)	For fiscal year 2007 $6,779,588

For fiscal year 2006 $5,632,989.50

(h)

The registrant’s audit committee has considered that the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Schedule of Investments.

Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11.

Controls and Disclosures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940”Act)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

The registrant’s certifying officers are not aware of any changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Exhibits.


(a)(1)		The Amended and Restated Code of Ethics for Senior Officers of the Registrant is filed herewith.

(a)(2)		Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.

(b)		Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

EQ Advisors Trust

/s/ Steven M. Joenk

Steven M. Joenk

President and Chief Executive Officer

February 29, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ Steven M. Joenk

Steven M. Joenk

Chief Executive Officer

February 29, 2008

/s/ Brian E. Walsh

Brian E. Walsh

Chief Financial Officer

February 29, 2008