EQ Advisors Trust

N-CSRS 1 dncsrs.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:

MARK AMOROSI, ESQ.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

Telephone: (202) 778-9351

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2010 – June 30, 2010

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

2010 Semi-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 Semi-Annual Report

June 30, 2010

Table of Contents


Portfolios
All Asset Allocation		2
AXA Conservative Strategy		10
AXA Conservative Growth Strategy		16
AXA Balanced Strategy		22
AXA Moderate Growth Strategy		28
AXA Growth Strategy		34
EQ/Franklin Templeton Allocation		40
EQ/International ETF		47
AXA Tactical Manager 500-I		54
AXA Tactical Manager 500-II		67
AXA Tactical Manager 400-I		80
AXA Tactical Manager 400-II		92
AXA Tactical Manager 2000-I		104
AXA Tactical Manager 2000-II		131
AXA Tactical Manager International-I		158
AXA Tactical Manager International-II		176
EQ/AllianceBernstein International		194
EQ/AllianceBernstein Small Cap Growth		206
EQ/AXA Franklin Small Cap Value Core		232
EQ/BlackRock Basic Value Equity		260
EQ/BlackRock International Value		268
EQ/Boston Advisors Equity Income		277
EQ/Calvert Socially Responsible		286
EQ/Capital Guardian Growth		294
EQ/Capital Guardian Research		302
EQ/Common Stock Index		311
EQ/Core Bond Index		338
EQ/Davis New York Venture		375
EQ/Equity 500 Index		384
EQ/Equity Growth PLUS		398
EQ/Franklin Core Balanced		414
EQ/GAMCO Mergers and Acquisitions		440
EQ/GAMCO Small Company Value		450
EQ/Global Bond PLUS		463
EQ/Global Multi-Sector Equity		483
EQ/Intermediate Government Bond Index		510
EQ/International Core PLUS		521
EQ/International Growth		540
EQ/JPMorgan Value Opportunities		549
EQ/Large Cap Core PLUS		558
EQ/Large Cap Growth Index		572
EQ/Large Cap Growth PLUS		587
EQ/Large Cap Value Index		603
EQ/Large Cap Value PLUS		619
EQ/Lord Abbett Growth and Income		635
EQ/Lord Abbett Large Cap Core		643
EQ/Mid Cap Index		652
EQ/Mid Cap Value PLUS		665
EQ/Money Market		681
EQ/Montag & Caldwell Growth		688
EQ/Morgan Stanley Mid Cap Growth		695
EQ/Mutual Large Cap Equity		704
EQ/Oppenheimer Global		723
EQ/PIMCO Ultra Short Bond		732
EQ/Quality Bond PLUS		748
EQ/Small Company Index		780
EQ/T. Rowe Price Growth Stock		804
EQ/Templeton Global Equity		813
EQ/UBS Growth and Income		838
EQ/Van Kampen Comstock		845
EQ/Wells Fargo Advantage Omega Growth		853
Notes to Financial Statements		861
Approvals of Investment Advisory Agreements		894
Management of the Trust		897
Proxy Voting Policies and Procedures		902

ALL ASSET ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2010
EQ/Large Cap Growth PLUS Portfolio	6.6	%
EQ/Global Bond PLUS Portfolio	6.1
EQ/International Core PLUS Portfolio	6.0
iShares COMEX Gold Trust	6.0
EQ/GAMCO Small Company Value Portfolio	4.8
EQ/BlackRock Basic Value Equity Portfolio	4.7
EQ/Large Cap Core PLUS Portfolio	4.6
iShares Barclays U.S. Treasury Inflation Protected Securities Fund	4.6
EQ/Global Multi-Sector Equity Portfolio	4.4
EQ/Davis New York Venture Portfolio	3.9
EQ/GAMCO Mergers and Acquisitions Portfolio	3.6
Multimanager Core Bond Portfolio	3.3
Multimanager Small Cap Growth Portfolio	3.0
iShares Cohen & Steers Realty Majors Index Fund	2.8
SPDR Barclays Capital High Yield Bond ETF	2.6
EQ/BlackRock International Value Portfolio	2.2
iShares S&P North American Natural Resources Sector Index Fund	2.1
iShares JP Morgan USD Emerging Markets Bond Fund	2.1
Multimanager Large Cap Value Portfolio	2.0
EQ/Core Bond Index Portfolio	1.9
Multimanager Large Cap Core Equity Portfolio	1.8
EQ/International Growth Portfolio	1.5
Multimanager International Equity Portfolio	1.5
iShares Silver Trust	1.5
EQ/Large Cap Value PLUS Portfolio	1.4
EQ/Boston Advisors Equity Income Portfolio	1.4
EQ/Equity Growth PLUS Portfolio	1.2
EQ/AXA Franklin Small Cap Value Core Portfolio	1.2
Multimanager Mid Cap Value Portfolio	1.2
EQ/Intermediate Government Bond Index Portfolio	1.1
iShares FTSE/Xinhua China 25 Index Fund	1.1
iShares Dow Jones U.S. Oil & Gas Exploration & Production Index Fund	1.1
iShares S&P Latin America 40 Index Fund	1.1
iShares MSCI EAFE Small Cap Index Fund	1.0
iShares S&P Developed ex-U.S. Property Index Fund	0.9
EQ/Quality Bond PLUS Portfolio	0.8
Multimanager Mid Cap Growth Portfolio	0.7
iShares S&P Global Energy Sector Index Fund	0.6
iShares MSCI Emerging Markets Index Fund	0.4
iShares S&P Global Clean Energy Index Fund	0.4
Multimanager Small Cap Value Portfolio	0.3
SPDR S&P Emerging Asia Pacific ETF	0.3
EQ/Small Company Index Portfolio	0.2

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 June 30, 2010 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. Also note that the table does not reflect any variable life insurance or variable annuity contract-related feed and expenses, which would increase overall fees and expenses.

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$964.10	$0.17
Hypothetical (5% average return before expenses)	1,000.00	1,024.30	0.50
Class IB
Actual	1,000.00	962.40	1.70
Hypothetical (5% average return before expenses)	1,000.00	1,023.06	1.76
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.10% and 0.35%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

EQ ADVISORS TRUST

ALL ASSET ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

INVESTMENT COMPANIES:
EQ/AXA Franklin Small Cap Value Core Portfolio‡	357,923	$	2,810,220
EQ/BlackRock Basic Value Equity Portfolio‡	999,503		11,288,926
EQ/BlackRock International Value Portfolio‡	556,177		5,211,897
EQ/Boston Advisors Equity Income Portfolio‡	763,554		3,393,213
EQ/Core Bond Index Portfolio‡	468,024		4,617,463
EQ/Davis New York Venture Portfolio‡	1,150,773		9,391,224
EQ/Equity Growth PLUS Portfolio	251,195		2,994,864
EQ/GAMCO Mergers and Acquisitions Portfolio‡	739,753		8,675,238
EQ/GAMCO Small Company Value Portfolio‡	393,458		11,575,579
EQ/Global Bond PLUS Portfolio‡	1,479,287		14,728,344
EQ/Global Multi-Sector Equity Portfolio‡	1,046,382		10,672,981
EQ/Intermediate Government Bond Index Portfolio‡	275,550		2,754,109
EQ/International Core PLUS Portfolio‡	1,878,382		14,347,573
EQ/International Growth Portfolio‡	708,849		3,667,912
EQ/Large Cap Core PLUS Portfolio‡	1,736,438		11,152,645
EQ/Large Cap Growth PLUS Portfolio‡	1,169,530		15,907,701
EQ/Large Cap Value PLUS Portfolio‡	405,886		3,446,046
EQ/Quality Bond PLUS Portfolio‡	194,619		1,848,118
EQ/Small Company Index Portfolio‡	54,919		453,089
iShares Barclays U.S. Treasury Inflation Protected Securities Fund	102,700		10,979,657
iShares Cohen & Steers Realty Majors Index Fund	124,400		6,830,804
iShares COMEX Gold Trust*	1,177,900		14,335,043
iShares Dow Jones U.S. Oil & Gas Exploration & Production Index Fund	55,920		2,678,568
iShares FTSE/Xinhua China 25 Index Fund	69,200		2,707,796
iShares JP Morgan USD Emerging Markets Bond Fund	48,260		5,015,179
iShares MSCI EAFE Small Cap Index Fund	70,900		2,305,668
iShares MSCI Emerging Markets Index Fund	28,200		1,052,424
iShares S&P Developed ex-U.S. Property Index Fund	79,800		2,156,196
iShares S&P Global Clean Energy Index Fund	68,310		997,326
iShares S&P Global Energy Sector Index Fund	45,860		1,341,405


	Number of Shares		Value (Note 1)

iShares S&P Latin America 40 Index Fund		62,300	$	2,580,466
iShares S&P North American Natural Resources Sector Index Fund		165,160		5,093,534
iShares Silver Trust*		191,250		3,482,663
Multimanager Core Bond Portfolio‡		731,330		7,797,140
Multimanager International Equity Portfolio‡		396,414		3,598,476
Multimanager Large Cap Core Equity Portfolio‡		507,598		4,233,910
Multimanager Large Cap Value Portfolio‡		576,403		4,690,023
Multimanager Mid Cap Growth Portfolio*‡		228,916		1,613,795
Multimanager Mid Cap Value Portfolio‡		351,008		2,767,533
Multimanager Small Cap Growth Portfolio*‡		1,061,548		7,134,969
Multimanager Small Cap Value Portfolio‡		93,881		784,008
SPDR Barclays Capital High Yield Bond ETF		165,000		6,241,950
SPDR S&P Emerging Asia Pacific ETF		10,000		702,100

Total Investment Companies (98.1%) (Cost $262,194,569)				240,057,775

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (2.2%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $5,380,551)	$	5,380,551		5,380,551

Total Investments (100.3%) (Cost/Amortized Cost $267,575,120)				245,438,326
Other Assets Less Liabilities (-0.3%)				(735,630	)

Net Assets (100%)			$	244,702,696

*	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 (Multimanager) and Class IA shares for EQ Advisors Trust Portfolios

See Notes to Financial Statements.

EQ ADVISORS TRUST

ALL ASSET ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
EQ/AXA Franklin Small Cap Value Core Portfolio	$	3,488,288	$	38,737	$	845,579	$	2,810,220	$	—	$	(237,318	)
EQ/BlackRock Basic Value Equity Portfolio		15,990,679		61,979		4,739,782		11,288,926		—		(766,565	)
EQ/BlackRock International Value Portfolio		9,014,546		51,649		4,786,316		5,211,897		—		(1,975,302	)
EQ/Boston Advisors Equity Income Portfolio		4,570,851		23,242		936,946		3,393,213		—		178,010
EQ/Core Bond Index Portfolio		7,281,715		—		3,048,375		4,617,463		—		(48,375	)
EQ/Davis New York Venture Portfolio		8,603,700		2,564,563		818,101		9,391,224		—		195,666
EQ/Equity Growth PLUS Portfolio		3,284,189		—		—		2,994,864		—		—
EQ/GAMCO Mergers and Acquisitions Portfolio		8,782,982		596,484		822,874		8,675,238		—		(92,961	)
EQ/GAMCO Small Company Value Portfolio		10,831,737		1,543,902		748,511		11,575,579		—		(59,149	)
EQ/Global Bond PLUS Portfolio		15,185,587		61,979		996,406		14,728,344		—		(23,189	)
EQ/Global Multi-Sector Equity Portfolio		12,715,245		56,814		1,458,853		10,672,981		—		(566,737	)
EQ/Intermediate Government Bond Index Portfolio		—		2,700,000		—		2,754,109		—		—
EQ/International Core PLUS Portfolio		21,027,144		87,804		7,435,330		14,347,573		—		(3,356,606	)
EQ/International Growth Portfolio		—		4,000,000		—		3,667,912		—		—
EQ/Large Cap Core PLUS Portfolio		13,201,324		51,649		1,030,783		11,152,645		—		330,231
EQ/Large Cap Growth PLUS Portfolio		13,688,521		6,056,814		1,879,406		15,907,701		—		12,709
EQ/Large Cap Value PLUS Portfolio		6,404,805		25,825		2,384,454		3,446,046		—		521,053
EQ/Quality Bond PLUS Portfolio		3,385,935		113,628		1,737,961		1,848,118		—		46,270
EQ/Small Company Index Portfolio		499,054		2,582		28,563		453,089		—		11,988
Multimanager Core Bond Portfolio		8,302,902		178,696		944,314		7,797,140		116,717		28,903
Multimanager International Equity Portfolio		7,055,588		51,649		2,370,954		3,598,476		—		440,060
Multimanager Large Cap Core Equity Portfolio		4,939,876		20,660		381,342		4,233,910		—		(56,937	)
Multimanager Large Cap Value Portfolio		6,731,119		38,737		2,229,778		4,690,023		—		(371,517	)
Multimanager Mid Cap Growth Portfolio		1,808,650		10,330		223,366		1,613,795		—		(61,163	)
Multimanager Mid Cap Value Portfolio		3,139,417		20,660		420,247		2,767,533		—		(95,841	)
Multimanager Small Cap Growth Portfolio		6,500,040		1,538,737		649,845		7,134,969		—		(41,585	)
Multimanager Small Cap Value Portfolio		850,245		2,582		48,352		784,008		—		(7,801	)

	$	197,284,139	$	19,899,702	$	40,966,438	$	171,556,996	$	116,717	$	(5,996,156	)

See Notes to Financial Statements.

EQ ADVISORS TRUST

ALL ASSET ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Exchange Traded Funds (ETFs)	$	68,500,779	$	—	$	—	$	68,500,779
Investment Companies		—		171,556,996		—		171,556,996
Short-Term Investments		—		5,380,551		—		5,380,551

Total Assets	$	68,500,779	$	176,937,547	$	—	$	245,438,326

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	68,500,779	$	176,937,547	$	—	$	245,438,326

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Investment Companies	$	33,679,055
Net Proceeds of Sales and Redemptions:
Investment Companies	$	48,819,756

As of June 30, 2010, 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	$	10,865,211
Aggregate gross unrealized depreciation		(33,926,232	)

Net unrealized depreciation	$	(23,061,021	)

Federal income tax cost of investments	$	268,499,347

The Portfolio has a net capital loss carryforward of $9,206 which expires in the year 2010.

See Notes to Financial Statements.

EQ ADVISORS TRUST

ALL ASSET ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $197,512,551)	$	171,556,996
Unaffiliated Issuers (Cost $70,062,569)		73,881,330
Receivable for securities sold		63,557
Receivable from Separate Accounts for Trust shares sold		34,674
Receivable from investment manager		2,195
Other assets		4,404

Total assets		245,543,156

LIABILITIES
Payable for securities purchased		498,428
Payable to Separate Accounts for Trust shares redeemed		209,233
Distribution fees payable - Class IB		51,884
Trustees’ fees payable		395
Accrued expenses		80,520

Total liabilities		840,460

NET ASSETS	$	244,702,696

Net assets were comprised of:
Paid in capital	$	354,413,290
Accumulated undistributed net investment income (loss)		642,384
Accumulated undistributed net realized gain (loss) on investments		(88,216,184	)
Unrealized appreciation (depreciation) on investments		(22,136,794	)

Net assets	$	244,702,696

Class IA
Net asset value, offering and redemption price per share, $629,666 / 39,095 shares outstanding (unlimited amount authorized: $0.01 par value)	$	16.11

Class IB
Net asset value, offering and redemption price per share, $244,073,030 / 15,140,746 shares outstanding (unlimited amount authorized: $0.01 par value)	$	16.12

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends ($116,717 of dividend income received from affiliates)	$	964,165
Interest		2

Total income		964,167

EXPENSES
Distribution fees - Class IB		328,184
Administrative fees		214,453
Investment management fees		131,396
Custodian fees		107,112
Printing and mailing expenses		15,496
Professional fees		13,823
Trustees’ fees		3,134
Miscellaneous		3,505

Gross expenses		817,103
Less: Waiver from investment advisor		(345,849	)
Reimbursement from investment advisor		(11,747	)

Net expenses		459,507

NET INVESTMENT INCOME (LOSS)		504,660

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (($5,996,156) of realized gain (loss) from affiliates)		(4,242,602	)
Net change in unrealized appreciation (depreciation) on securities		(5,659,017	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(9,901,619	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(9,396,959	)

See Notes to Financial Statements.

EQ ADVISORS TRUST

ALL ASSET ALLOCATION PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	504,660		$	5,050,686
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		(4,242,602	)		(36,796,802	)
Net change in unrealized appreciation (depreciation) on investments		(5,659,017	)		89,002,294

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(9,396,959	)		57,256,178

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA†		—			(222	)
Class IB		—			(4,991,508	)

		—			(4,991,730	)

Distributions from net realized capital gains
Class IA†		—			(150	)
Class IB		—			(4,334,294	)

		—			(4,334,444	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(9,326,174	)

CAPITAL SHARES TRANSACTIONS:
Class IA†
Capital shares sold [ 38,934 and 610 shares, respectively ]		654,918			10,000
Capital shares issued in reinvestment of dividends and distributions [ 0 and 22 shares, respectively ]		—			372
Capital shares repurchased [ (471) and 0 shares, respectively ]		(7,904	)		—

Total Class IA transactions		647,014			10,372

Class IB
Capital shares sold [ 298,740 and 496,204 shares, respectively ]		5,081,047			7,459,007
Capital shares issued in reinvestment of dividends and distributions [ 0 and 562,254 shares, respectively ]		—			9,325,802
Capital shares repurchased [ (1,218,891) and (2,833,476) shares, respectively ]		(20,653,807	)		(41,100,159	)

Total Class IB transactions		(15,572,760	)		(24,315,350	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(14,925,746	)		(24,304,978	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(24,322,705	)		23,625,026
NET ASSETS:
Beginning of period		269,025,401			245,400,375

End of period (a)	$	244,702,696		$	269,025,401


(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	642,384		$	137,724

† Class 1A commenced operations on October 29, 2009.

See Notes to Financial Statements.

EQ ADVISORS TRUST

ALL ASSET ALLOCATION PORTFOLIO(u)

FINANCIAL HIGHLIGHTS


Class IA	Six Months Ended June 30, 2010 (Unaudited)			October 29, 2009* to December 31, 2009
Net asset value, beginning of period	$	16.72		$	16.39

Income (loss) from investment operations:
Net investment income (loss) (x)		0.08	(e)		0.25	(e)
Net realized and unrealized gain (loss) on investments		(0.69	)		0.69

Total from investment operations		(0.61	)		0.94

Less distributions:
Dividends from net investment income		—			(0.36	)
Distributions from net realized gains		—			(0.25	)

Total dividends and distributions		—			(0.61	)

Net asset value, end of period	$	16.11		$	16.72

Total return (b)		(3.59	)%		5.75	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	630		$	11
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.10	%		0.10	%
Before waivers and reimbursements (a)(f)		0.37	%		0.43	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		0.96	%		8.39	%
Before waivers and reimbursements (a)(f)(x)		0.69	%		8.06	%
Portfolio turnover rate		13	%		44	%

See Notes to Financial Statements.

EQ ADVISORS TRUST

ALL ASSET ALLOCATION PORTFOLIO(u)

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	16.75		$	13.76		$	21.26		$	21.12		$	19.71		$	19.28

Income (loss) from investment operations:
Net investment income (loss) (x)		0.03	(e)		0.31	(e)		0.28	(e)		0.31	(e)		0.43	(e)		0.47	(e)
Net realized and unrealized gain (loss) on investments		(0.66	)		3.28			(6.65	)		0.63			1.58			0.53

Total from investment operations		(0.63	)		3.59			(6.37	)		0.94			2.01			1.00

Less distributions:
Dividends from net investment income		—			(0.32	)		(0.42	)		(0.80	)		(0.60	)		(0.57	)
Distributions from net realized gains		—			(0.28	)		(0.71	)		—			—			—

Total dividends and distributions		—			(0.60	)		(1.13	)		(0.80	)		(0.60	)		(0.57	)

Net asset value, end of period	$	16.12		$	16.75		$	13.76		$	21.26		$	21.12		$	19.71

Total return (b)		(3.76	)%		26.12	%		(30.37	)%		4.52	%		10.17	%		5.15	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	244,073		$	269,015		$	245,400		$	431,095		$	508,403		$	565,938
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.84	%
After waivers, reimbursements and fees paid indirectly (a)(f)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.74	%
Before waivers, reimbursements and fees paid indirectly (a)(f)		0.62	%		0.68	%(c)		0.58	%		0.55	%		0.55	%		0.94	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		0.38	%		2.06	%		1.53	%		1.42	%		2.13	%		2.31	%
After waivers, reimbursements and fees paid indirectly (a)(f)(x)		0.38	%		2.06	%		1.53	%		1.43	%		2.13	%		2.41	%
Before waivers, reimbursements and fees paid indirectly (a)(f)(x)		0.11	%		1.75	%		1.29	%		1.22	%		1.93	%		2.21	%
Portfolio turnover rate		13	%		44	%		34	%		62	%		15	%		155	%(d)

*	Commencement of Operations.

(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 non-class specific expense.

(d)

Reflects purchases and sales from change in investment strategy.

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying funds unless otherwise noted.

(u)

On September 9, 2005, this Portfolio converted to a “fund of funds” structure and was renamed EQ/Enterprise Moderate Allocation 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.

(x)

Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

See Notes to Financial Statements.

AXA CONSERVATIVE STRATEGY PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2010
EQ/Core Bond Index Portfolio	68.8	%
EQ/Intermediate Government Bond Index Portfolio	12.1
AXA Tactical Manager 500 Portfolio-I	10.8
AXA Tactical Manager 2000 Portfolio-I	4.4
AXA Tactical Manager International Portfolio-I	3.2
AXA Tactical Manager 400 Portfolio-I	0.7

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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IB
Actual	$1,000.00	$1,021.70	$2.16
Hypothetical (5% average return before expenses)	1,000.00	1,022.66	2.16
* Expenses are equal to the Portfolio’s Class IB shares annualized expense ratios of 0.43% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

EQ ADVISORS TRUST

AXA CONSERVATIVE STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

INVESTMENT COMPANIES:
AXA Tactical Manager 2000 Portfolio-I‡	317,260	$	3,899,565
AXA Tactical Manager 400 Portfolio-I*‡	51,088		637,246
AXA Tactical Manager 500 Portfolio-I‡	831,279		9,581,242
AXA Tactical Manager International Portfolio-I‡	271,080		2,821,684
EQ/Core Bond Index Portfolio‡	6,195,028		61,119,279
EQ/Intermediate Government Bond Index Portfolio‡	1,079,642		10,790,973

Total Investments (99.6%) (Cost $88,419,089)			88,849,989
Other Assets Less Liabilities (0.4%)			389,301

Net Assets (100%)		$	89,239,290

*	Non-income producing.

‡	Affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class IA shares for EQ Advisors Trust Portfolios.

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 2000 Portfolio-I	$	1,102,458	$	3,180,285	$	110,614	$	3,899,565	$	—	$	22,553
AXA Tactical Manager 400 Portfolio-I		266,016		430,865		18,119		637,246		—		4,076
AXA Tactical Manager 500 Portfolio-I		4,448,661		7,247,672		1,175,039		9,581,242		—		187,676
AXA Tactical Manager International Portfolio-I		1,103,498		2,157,082		94,970		2,821,684		—		1,206
EQ/Core Bond Index Portfolio		22,460,805		39,953,929		3,300,191		61,119,279		—		104,715
EQ/Intermediate Government Bond Index Portfolio		3,942,089		6,893,841		349,601		10,790,973		—		5,511

	$	33,323,527	$	59,863,674	$	5,048,534	$	88,849,989	$	—	$	325,737

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA CONSERVATIVE STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	88,849,989	$	—	$	88,849,989

Total Assets	$	—	$	88,849,989	$	—	$	88,849,989

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	88,849,989	$	—	$	88,849,989

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Investment Companies	$	59,863,674
Net Proceeds of Sales and Redemptions:
Investment Companies	$	5,374,271

As of June 30, 2010, 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	$	1,784,216
Aggregate gross unrealized depreciation		(1,353,316	)

Net unrealized appreciation	$	430,900

Federal income tax cost of investments	$	88,419,089

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA CONSERVATIVE STRATEGY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $88,419,089)	$	88,849,989
Cash		186,342
Receivable from Separate Accounts for Trust shares sold		544,788
Other assets		419

Total assets		89,581,538

LIABILITIES
Payable for securities purchased		275,422
Distribution fees payable - Class IB		17,038
Administrative fees payable		5,125
Payable to Separate Accounts for Trust shares redeemed		1,718
Trustees’ fees payable		84
Accrued expenses		42,861

Total liabilities		342,248

NET ASSETS	$	89,239,290

Net assets were comprised of:
Paid in capital	$	88,598,766
Accumulated undistributed net investment income (loss)		(126,233	)
Accumulated undistributed net realized gain (loss) on investments		335,857
Unrealized appreciation (depreciation) on investments		430,900

Net assets	$	89,239,290

Class IB
Net asset value, offering and redemption price per share, $89,239,290 / 8,223,302 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.85

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


EXPENSES
Distribution fees - Class IB	$	73,180
Administrative fees		61,265
Investment management fees		29,272
Professional fees		20,319
Custodian fees		16,860
Printing and mailing expenses		3,079
Trustees’ fees		561
Miscellaneous		1,490

Gross expenses		206,026
Less: Waiver from investment advisor		(79,793	)

Net expenses		126,233

NET INVESTMENT INCOME (LOSS)		(126,233	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		325,737
Net change in unrealized appreciation (depreciation) on securities		711,322

NET REALIZED AND UNREALIZED GAIN (LOSS)		1,037,059

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	910,826

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA CONSERVATIVE STRATEGY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			April 30, 2009* to December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)		$ (126,233)		$	509,185
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		325,737			73,374
Net change in unrealized appreciation (depreciation) on investments		711,322			(280,422	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		910,826			302,137

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IB		—			(514,611	)

Distributions from net realized capital gains
Class IB		—			(58,112	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(572,723	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [ 5,742,855 and 3,191,099 shares, respectively ]		62,169,026			34,155,130
Capital shares issued in reinvestment of dividends and distributions [ 0 and 53,805 shares, respectively ]		—			572,723
Capital shares repurchased [ (675,767) and (98,690) shares, respectively ]		(7,345,768	)		(1,052,061	)

Total Class IB transactions		54,823,258			(33,675,792	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		54,823,258			(33,675,792	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		55,734,084			33,405,206
NET ASSETS:
Beginning of period		33,505,206			100,000

End of period (a)	$	89,239,290		$	33,505,206


(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of		$ (126,233)		$	—

* The Portfolio commenced operations on April 30, 2009.

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA CONSERVATIVE STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS


Class IB	Six Months Ended June 30, 2010 (Unaudited)			April 30, 2009* to December 31, 2009
Net asset value, beginning of period	$	10.62		$	10.00

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.56	(e)
Net realized and unrealized gain (loss) on investments		0.25			0.27	†

Total from investment operations		0.23			0.83

Less distributions:
Dividends from net investment income		—			(0.19	)
Distributions from net realized gains		—			(0.02	)

Total dividends and distributions		—			(0.21	)

Net asset value, end of period	$	10.85		$	10.62

Total return (b)		2.17	%		8.26	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	89,239		$	33,505
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.43	%(j)		0.42	%(j)
Before waivers and reimbursements (a)(f)		0.70	%		2.00	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.43	)%		7.82	%
Before waivers and reimbursements (a)(f)(x)		(0.70	)%		6.24	%
Portfolio turnover rate		9	%		15	%

*	Commencement of Operations.

†	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.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying funds unless otherwise noted.

(j)

Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.95%.

(x)

Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

See Notes to Financial Statements.

AXA CONSERVATIVE GROWTH STRATEGY PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2010
EQ/Core Bond Index Portfolio	52.2	%
AXA Tactical Manager 500 Portfolio-I	22.2
EQ/Intermediate Government Bond Index Portfolio	9.3
AXA Tactical Manager 2000 Portfolio-I	8.4
AXA Tactical Manager International Portfolio-I	6.4
AXA Tactical Manager 400 Portfolio-I	1.5

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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IB
Actual	$1,000.00	$996.40	$2.18
Hypothetical (5% average return before expenses)	1,000.00	1,022.61	2.21
* Expenses are equal to the Portfolio’s Class IB shares annualized expense ratios of 0.44%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

EQ ADVISORS TRUST

AXA CONSERVATIVE GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 2000 Portfolio-I‡	1,031,631	$	12,680,172
AXA Tactical Manager 400 Portfolio-I*‡	184,033		2,295,533
AXA Tactical Manager 500 Portfolio-I‡	2,900,791		33,434,240
AXA Tactical Manager International Portfolio-I‡	922,511		9,602,450
EQ/Core Bond Index Portfolio‡	7,953,333		78,466,461
EQ/Intermediate Government Bond Index Portfolio‡	1,401,283		14,005,761

Total Investments (100.0%) (Cost $152,834,351)			150,484,617
Other Assets Less Liabilities (0.0%)			(60,906	)

Net Assets (100%)		$	150,423,711

*	Non-income producing.

‡	Affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class IA shares for EQ Advisors Trust Portfolios.

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 2000 Portfolio-I	$	3,167,799	$	10,409,261	$	4,585	$	12,680,172	$	—	$	727
AXA Tactical Manager 400 Portfolio-I		968,384		1,470,814		794		2,295,533		—		144
AXA Tactical Manager 500 Portfolio-I		14,756,651		24,050,559		2,082,641		33,434,240		—		392,202
AXA Tactical Manager International Portfolio-I		3,576,158		7,248,526		4,202		9,602,450		—		(140	)
EQ/Core Bond Index Portfolio		27,237,062		52,260,207		3,654,194		78,466,461		—		127,524
EQ/Intermediate Government Bond Index Portfolio		4,779,761		8,824,882		5,512		14,005,761		—		113

	$	54,485,815	$	104,264,249	$	5,751,928	$	150,484,617	$	—	$	520,570

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA CONSERVATIVE GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	150,484,617	$	—	$	150,484,617

Total Assets	$	—	$	150,484,617	$	—	$	150,484,617

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	150,484,617	$	—	$	150,484,617

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Investment Companies	$	104,264,249
Net Proceeds of Sales and Redemptions:
Investment Companies	$	6,272,498

As of June 30, 2010, 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	$	2,333,626
Aggregate gross unrealized depreciation		(4,683,360	)

Net unrealized depreciation	$	(2,349,734	)

Federal income tax cost of investments	$	152,834,351

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA CONSERVATIVE GROWTH STRATEGY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $152,834,351)	$	150,484,617
Cash		316,332
Receivable from Separate Accounts for Trust shares sold		213,082
Other assets		713

Total assets		151,014,744

LIABILITIES
Payable for securities purchased		498,233
Distribution fees payable - Class IB		29,403
Administrative fees payable		13,940
Payable to Separate Accounts for Trust shares redeemed		4,232
Trustees’ fees payable		165
Accrued expenses		45,060

Total liabilities		591,033

NET ASSETS	$	150,423,711

Net assets were comprised of:
Paid in capital	$	152,474,208
Accumulated undistributed net investment income (loss)		(221,690	)
Accumulated undistributed net realized gain (loss) on investments		520,927
Unrealized appreciation (depreciation) on investments		(2,349,734	)

Net assets	$	150,423,711

Class IB
Net asset value, offering and redemption price per share, $150,423,711 / 13,520,589 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.13

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


EXPENSES
Distribution fees - Class IB	$	126,654
Administrative fees		93,349
Investment management fees		50,661
Professional fees		20,675
Custodian fees		17,852
Printing and mailing expenses		5,339
Trustees’ fees		962
Miscellaneous		1,667

Gross expenses		317,159
Less: Waiver from investment advisor		(95,469	)

Net expenses		221,690

NET INVESTMENT INCOME (LOSS)		(221,690	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		520,570
Net change in unrealized appreciation (depreciation) on securities		(2,513,519	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(1,992,949	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,214,639	)

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA CONSERVATIVE GROWTH STRATEGY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			April 30, 2009* to December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(221,690	)	$	673,794
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		520,570			211,789
Net change in unrealized appreciation (depreciation) on investments		(2,513,519	)		163,785

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(2,214,639	)		1,049,368

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IB		—			(689,883	)

Distributions from net realized capital gains
Class IB		—			(195,761	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(885,644	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [ 9,030,899 and 4,908,253 shares, respectively ]		102,584,915			54,649,679
Capital shares issued in reinvestment of dividends and distributions [ 0 and 79,165 shares, respectively ]		—			885,644
Capital shares repurchased [ (443,303) and (64,425) shares, respectively ]		(5,027,638	)		(717,974	)

Total Class IB transactions		97,557,277			54,817,349

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		97,557,277			54,817,349

TOTAL INCREASE (DECREASE) IN NET ASSETS		95,342,638			54,981,073
NET ASSETS:
Beginning of period		55,081,073			100,000

End of period (a)	$	150,423,711		$	55,081,073

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(221,690	)	$	—

* The Portfolio commenced operations on April 30, 2009.

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA CONSERVATIVE GROWTH STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS


Class IB	Six Months Ended June 30, 2010 (Unaudited)			April 30, 2009* to December 31, 2009
Net asset value, beginning of period	$	11.17		$	10.00

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.46	(e)
Net realized and unrealized gain (loss) on investments		(0.02	)		0.90

Total from investment operations		(0.04	)		1.36

Less distributions:
Dividends from net investment income		—			(0.15	)
Distributions from net realized gains		—			(0.04	)

Total dividends and distributions		—			(0.19	)

Net asset value, end of period	$	11.13		$	11.17

Total return (b)		(0.36	)%		13.66	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	150,424		$	55,081
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.44	%(j)		0.43	%(j)
Before waivers and reimbursements (a)(f)		0.63	%		1.39	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.44	)%		6.07	%
Before waivers and reimbursements (a)(f)(x)		(0.63	)%		5.12	%
Portfolio turnover rate		6	%		22	%

*	Commencement of Operations.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying funds unless otherwise noted.

(j)

Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.00%.

(x)

Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

See Notes to Financial Statements.

AXA BALANCED STRATEGY PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2010
EQ/Core Bond Index Portfolio	43.6	%
AXA Tactical Manager 500 Portfolio-I	28.0
AXA Tactical Manager 2000 Portfolio-I	10.8
AXA Tactical Manager International Portfolio-I	8.1
EQ/Intermediate Government Bond Index Portfolio	7.9
AXA Tactical Manager 400 Portfolio-I	1.6

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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$985.00	$1.08
Hypothetical (5% average return before expenses)	1,000.00	1,023.70	1.10
Class IB
Actual	1,000.00	984.10	2.31
Hypothetical (5% average return before expenses)	1,000.00	1,022.46	2.36
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.22% and 0.47%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

EQ ADVISORS TRUST

AXA BALANCED STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 2000 Portfolio-I‡	2,333,945	$	28,687,410
AXA Tactical Manager 400 Portfolio-I*‡	339,623		4,236,295
AXA Tactical Manager 500 Portfolio-I‡	6,435,456		74,174,439
AXA Tactical Manager International Portfolio-I‡	2,052,765		21,367,312
EQ/Core Bond Index Portfolio‡	11,704,474		115,474,691
EQ/Intermediate Government Bond Index Portfolio‡	2,076,162		20,751,152

Total Investments (99.9%) (Cost $271,687,899)			264,691,299
Other Assets Less Liabilities (0.1%)			333,596

Net Assets (100%)		$	265,024,895

*	Non-income producing.

‡	Affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class IA shares for EQ Advisors Trust Portfolios.

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 2000 Portfolio-I	$	7,926,386	$	22,853,020	$	—	$	28,687,410	$	—	$	—
AXA Tactical Manager 400 Portfolio-I		1,903,262		2,599,800		—		4,236,295		—		—
AXA Tactical Manager 500 Portfolio-I		32,436,758		52,494,177		3,512,747		74,174,439		—		687,253
AXA Tactical Manager International Portfolio-I		8,156,495		15,898,898		—		21,367,312		—		—
EQ/Core Bond Index Portfolio		40,813,383		77,475,082		6,569,347		115,474,691		—		230,653
EQ/Intermediate Government Bond Index Portfolio		7,161,356		12,998,998		—		20,751,152		—		—

	$	98,397,640	$	184,319,975	$	10,082,094	$	264,691,299	$	—	$	917,906

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA BALANCED STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	264,691,299	$	—	$	264,691,299

Total Assets	$	—	$	264,691,299	$	—	$	264,691,299

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	264,691,299	$	—	$	264,691,299

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Investment Companies	$	184,319,975
Net Proceeds of Sales and Redemptions:
Investment Companies	$	11,000,000

As of June 30, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	3,380,045
Aggregate gross unrealized depreciation		(10,376,645	)

Net unrealized depreciation	$	(6,996,600	)

Federal income tax cost of investments	$	271,687,899

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA BALANCED STRATEGY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $271,687,899)	$	264,691,299
Cash		1,311,229
Receivable from Separate Accounts for Trust shares sold		911,218
Other assets		1,202

Total assets		266,914,948

LIABILITIES
Payable for securities purchased		1,665,638
Payable to Separate Accounts for Trust shares redeemed		89,259
Distribution fees payable - Class IB		51,161
Administrative fees payable		33,657
Investment management fees payable		1,449
Trustees’ fees payable		288
Accrued expenses		48,601

Total liabilities		1,890,053

NET ASSETS	$	265,024,895

Net assets were comprised of:
Paid in capital	$	271,509,067
Accumulated undistributed net investment income (loss)		(404,855	)
Accumulated undistributed net realized gain (loss) on investments		917,283
Unrealized appreciation (depreciation) on investments		(6,996,600	)

Net assets	$	265,024,895

Class IA
Net asset value, offering and redemption price per share, $388,040 / 34,834 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.14

Class IB
Net asset value, offering and redemption price per share, $264,636,855 / 23,762,508 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.14

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


EXPENSES
Distribution fees - Class IB	$	217,026
Administrative fees		147,910
Investment management fees		87,035
Professional fees		21,273
Custodian fees		19,836
Printing and mailing expenses		9,154
Trustees’ fees		1,656
Miscellaneous		1,958

Gross expenses		505,848
Less: Waiver from investment advisor		(100,993	)

Net expenses		404,855

NET INVESTMENT INCOME (LOSS)		(404,855	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		917,906
Net change in unrealized appreciation (depreciation) on securities		(7,944,222	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(7,026,316	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,431,171	)

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA BALANCED STRATEGY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			April 30, 2009* to December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(404,855	)	$	988,309
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		917,906			467,740
Net change in unrealized appreciation (depreciation) on investments		(7,944,222	)		947,622

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(7,431,171	)		2,403,671

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA†		—			(5,265	)
Class IB		—			(1,020,006	)

		—			(1,025,271	)

Distributions from net realized capital gains
Class IA†		—			(1,932	)
Class IB		—			(430,156	)

		—			(432,088	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(1,457,359	)

CAPITAL SHARES TRANSACTIONS:
Class IA†
Capital shares sold [ 32,700 and 35,558 shares, respectively ]		367,761			400,642
Capital shares issued in reinvestment of dividends and distributions [ 0 and 635 shares, respectively ]		—			7,197
Capital shares repurchased [ (33,614) and (445) shares, respectively ]		(376,403	)		(5,069	)

Total Class IA transactions		(8,642	)		402,770

Class IB
Capital shares sold [ 15,413,833 and 8,743,455 shares, respectively ]		177,576,318			98,073,031
Capital shares issued in reinvestment of dividends and distributions [ 0 and 127,870 shares, respectively ]		—			1,450,162
Capital shares repurchased [ (409,126) and (123,524) shares, respectively ]		(4,693,235	)		(1,390,650	)

Total Class IB transactions		172,883,083			98,132,543

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		172,874,441			98,535,313

TOTAL INCREASE (DECREASE) IN NET ASSETS		165,443,270			99,481,625
NET ASSETS:
Beginning of period		99,581,625			100,000

End of period (a)	$	265,024,895		$	99,581,625

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(404,855	)	$	—

* The Portfolio commenced operations on April 30, 2009.
† Class IA commenced operations on September 11, 2009.

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA BALANCED STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS


Class IA	Six Months Ended June 30, 2010 (Unaudited)			September 11, 2009* to December 31, 2009
Net asset value, beginning of period	$	11.31		$	11.18

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.01	)(e)		0.16	(e)
Net realized and unrealized gain (loss) on investments		(0.16	)		0.17

Total from investment operations		(0.17	)		0.33

Less distributions:
Dividends from net investment income		—			(0.15	)
Distributions from net realized gains		—			(0.05	)

Total dividends and distributions		—			(0.20	)

Net asset value, end of period	$	11.14		$	11.31

Total return (b)		(1.50	)%		2.99	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	388		$	404
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.22	%(j)		0.15	%(j)
Before waivers and reimbursements (a)(f)		0.34	%		0.54	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.22	)%		4.53	%
Before waivers and reimbursements (a)(f)(x)		(0.34	)%		4.14	%
Portfolio turnover rate		6	%		30	%

Class IB	Six Months Ended June 30, 2010 (Unaudited)			April 30, 2009* to December 31, 2009
Net asset value, beginning of period	$	11.32		$	10.00

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.03	)(e)		0.37	(e)
Net realized and unrealized gain (loss) on investments		(0.15	)		1.13

Total from investment operations		(0.18	)		1.50

Less distributions:
Dividends from net investment income		—			(0.13	)
Distributions from net realized gains		—			(0.05	)

Total dividends and distributions		—			(0.18	)

Net asset value, end of period	$	11.14		$	11.32

Total return (b)		(1.59	)%		15.05	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	264,637		$	99,177
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.47	%(j)		0.47	%(j)
Before waivers and reimbursements (a)(f)		0.59	%(c)		1.01	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.47	)%		4.92	%
Before waivers and reimbursements (a)(f)(x)		(0.58	)%		4.38	%
Portfolio turnover rate		6	%		30	%

*	Commencement of Operations.

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying funds unless otherwise noted.

(j)

Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.80% for Class IA and 1.05% for Class IB.

(x)

Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

See Notes to Financial Statements.

AXA MODERATE GROWTH STRATEGY PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2010
EQ/Core Bond Index Portfolio	35.0	%
AXA Tactical Manager 500 Portfolio-I	34.1
AXA Tactical Manager 2000 Portfolio-I	13.1
AXA Tactical Manager International Portfolio-I	9.6
EQ/Intermediate Government Bond Index Portfolio	6.3
AXA Tactical Manager 400 Portfolio-I	1.9

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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IB
Actual	$1,000.00	$970.40	$2.39
Hypothetical (5% average return before expenses)	1,000.00	1,022.36	2.46
* Expenses are equal to the Portfolio’s Class IB shares annualized expense ratios of 0.49%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

EQ ADVISORS TRUST

AXA MODERATE GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 2000 Portfolio-I‡	6,740,870	$	82,854,607
AXA Tactical Manager 400 Portfolio-I*‡	936,759		11,684,673
AXA Tactical Manager 500 Portfolio-I‡	18,619,558		214,607,219
AXA Tactical Manager International Portfolio-I‡	5,790,040		60,268,761
EQ/Core Bond Index Portfolio‡	22,354,495		220,546,308
EQ/Intermediate Government Bond Index Portfolio‡	4,002,028		40,000,094

Total Investments (99.6%) (Cost $654,157,924)			629,961,662
Other Assets Less Liabilities (0.4%)			2,298,156

Net Assets (100%)		$	632,259,818

*	Non-income producing.

‡	Affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class IA shares for EQ Advisors Trust Portfolios.

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 2000 Portfolio-I	$	21,087,417	$	68,116,355	$	—	$	82,854,607	$	—	$	—
AXA Tactical Manager 400 Portfolio-I		4,785,391		7,670,917		—		11,684,673		—		—
AXA Tactical Manager 500 Portfolio-I		85,850,301		157,539,688		7,797,602		214,607,219		—		1,502,398
AXA Tactical Manager International Portfolio-I		21,149,227		46,637,968		—		60,268,761		—		—
EQ/Core Bond Index Portfolio		71,721,759		156,372,923		14,541,364		220,546,308		—		458,636
EQ/Intermediate Government Bond Index Portfolio		12,585,858		26,300,288		—		40,000,094		—		—

	$	217,179,953	$	462,638,139	$	22,338,966	$	629,961,662	$	—	$	1,961,034

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA MODERATE GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	629,961,662	$	—	$	629,961,662

Total Assets	$	—	$	629,961,662	$	—	$	629,961,662

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	629,961,662	$	—	$	629,961,662

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

Investment security transactions for the six months June 30, 2010 were as follows:


Cost of Purchases:
Investment Companies	$	462,638,139
Net Proceeds of Sales and Redemptions:
Investment Companies	$	24,300,000

As of June 30, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	6,395,338
Aggregate gross unrealized depreciation		(30,591,600	)

Net unrealized depreciation	$	(24,196,262	)

Federal income tax cost of investments	$	654,157,924

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA MODERATE GROWTH STRATEGY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $654,157,924)	$	629,961,662
Cash		2,116,716
Receivable from Separate Accounts for Trust shares sold		3,753,182
Other assets		2,678

Total assets		635,834,238

LIABILITIES
Payable for securities purchased		3,048,375
Payable to Separate Accounts for Trust shares redeemed		236,487
Distribution fees payable - Class IB		123,260
Administrative fees payable		76,833
Investment management fees payable		30,094
Trustees’ fees payable		723
Accrued expenses		58,648

Total liabilities		3,574,420

NET ASSETS	$	632,259,818

Net assets were comprised of:
Paid in capital	$	655,496,059
Accumulated undistributed net investment income (loss)		(997,835	)
Accumulated undistributed net realized gain (loss) on investments		1,957,856
Unrealized appreciation (depreciation) on investments		(24,196,262	)

Net assets	$	632,259,818

Class IB
Net asset value, offering and redemption price per share, $632,259,818 / 55,142,426 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.47

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


EXPENSES
Distribution fees - Class IB	$	505,670
Administrative fees		320,760
Investment management fees		202,267
Professional fees		23,153
Printing and mailing expenses		21,141
Custodian fees		18,844
Trustees’ fees		3,780
Miscellaneous		2,842

Gross expenses		1,098,457
Less: Waiver from investment advisor		(100,622	)

Net expenses		997,835

NET INVESTMENT INCOME (LOSS)		(997,835	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		1,961,034
Net change in unrealized appreciation (depreciation) on securities		(27,517,464	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(25,556,430	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(26,554,265	)

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA MODERATE GROWTH STRATEGY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			April 30, 2009* to December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(997,835	)	$	1,765,263
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		1,961,034			1,191,709
Net change in unrealized appreciation (depreciation) on investments		(27,517,464	)		3,321,202

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(26,554,265	)		6,278,174

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IB		—			(1,859,590	)

Distributions from net realized capital gains
Class IB		—			(1,102,086	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(2,961,676	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [ 37,157,023 and 18,377,939 shares, respectively ]		446,384,944			213,812,901
Capital shares issued in reinvestment of dividends and distributions [ 0 and 250,403 shares, respectively ]		—			2,961,676
Capital shares repurchased [ (572,956) and (79,983) shares, respectively ]		(6,850,121	)		(911,815	)

Total Class IB transactions		439,534,823			215,862,762

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		439,534,823			215,862,762

TOTAL INCREASE (DECREASE) IN NET ASSETS		412,980,558			219,179,260
NET ASSETS:
Beginning of period		219,279,260			100,000

End of period (a)	$	632,259,818		$	219,279,260

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(997,835	)	$	—

* The Portfolio commenced operations on April 30, 2009.

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA MODERATE GROWTH STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS


Class IB	Six Months Ended June 30, 2010 (Unaudited)			April 30, 2009* to December 31, 2009
Net asset value, beginning of period	$	11.82		$	10.00

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.03	)(e)		0.31	(e)
Net realized and unrealized gain (loss) on investments		(0.32	)		1.69

Total from investment operations		(0.35	)		2.00

Less distributions:
Dividends from net investment income		—			(0.11	)
Distributions from net realized gains		—			(0.07	)

Total dividends and distributions		—			(0.18	)

Net asset value, end of period	$	11.47		$	11.82

Total return (b)		(2.96	)%		19.95	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	632,260		$	219,279
Ratio of expenses to average net assets:
After waivers (a)(f)		0.49	%(j)		0.50	%(j)
Before waivers (a)(f)		0.54	%		0.75	%
Ratio of net investment income to average net assets:
After waivers (a)(f)(x)		(0.49	)%		3.96	%
Before waivers (a)(f)(x)		(0.54	)%		3.71	%
Portfolio turnover rate		6	%		33	%

*	Commencement of Operations.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying funds unless otherwise noted.

(j)

Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.10%.

(x)

Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

See Notes to Financial Statements.

AXA GROWTH STRATEGY PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2010
AXA Tactical Manager 500 Portfolio-I	40.8	%
EQ/Core Bond Index Portfolio	26.3
AXA Tactical Manager 2000 Portfolio-I	14.8
AXA Tactical Manager International Portfolio-I	11.1
EQ/Intermediate Government Bond Index Portfolio	4.8
AXA Tactical Manager 400 Portfolio-I	2.2

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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$957.90	$1.07
Hypothetical (5% average return before expenses)	1,000.00	1,023.70	1.10
Class IB
Actual	1,000.00	957.10	2.28
Hypothetical (5% average return before expenses)	1,000.00	1,022.46	2.36
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.22% and 0.47%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

EQ ADVISORS TRUST

AXA GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 2000 Portfolio-I‡	4,705,030	$	57,831,318
AXA Tactical Manager 400 Portfolio-I*‡	684,740		8,541,118
AXA Tactical Manager 500 Portfolio-I‡	13,825,080		159,346,531
AXA Tactical Manager International Portfolio-I‡	4,178,826		43,497,575
EQ/Core Bond Index Portfolio‡	10,398,776		102,592,859
EQ/Intermediate Government Bond Index Portfolio‡	1,876,240		18,752,934

Total Investments (100.1%) (Cost $408,034,015)			390,562,335
Other Assets Less Liabilities (-0.1%)			(512,030	)

Net Assets (100%)		$	390,050,305

*	Non-income producing.

‡	Affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class IA shares for EQ Advisors Trust Portfolios.

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 2000 Portfolio-I	$	21,677,374	$	39,948,237	$	—	$	57,831,318	$	—	$	—
AXA Tactical Manager 400 Portfolio-I		5,140,510		3,852,716		—		8,541,118		—		—
AXA Tactical Manager 500 Portfolio-I		90,051,022		89,878,072		5,181,391		159,346,531		—		1,018,609
AXA Tactical Manager International Portfolio-I		22,393,014		27,351,140		—		43,497,575		—		—
EQ/Core Bond Index Portfolio		48,418,868		60,039,086		9,662,512		102,592,859		—		287,488
EQ/Intermediate Government Bond Index Portfolio		8,499,226		9,655,881		—		18,752,934		—		—

	$	196,180,014	$	230,725,132	$	14,843,903	$	390,562,335	$	—	$	1,306,097

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	390,562,335	$	—	$	390,562,335

Total Assets	$	—	$	390,562,335	$	—	$	390,562,335

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	390,562,335	$	—	$	390,562,335

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Investment Companies	$	230,725,132
Net Proceeds of Sales and Redemptions:
Investment Companies	$	16,150,000

As of June 30, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	3,193,351
Aggregate gross unrealized depreciation		(20,665,031	)

Net unrealized depreciation	$	(17,471,680	)

Federal income tax cost of investments	$	408,034,015

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA GROWTH STRATEGY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $408,034,015)	$	390,562,335
Receivable from Separate Accounts for Trust shares sold		396,460
Other assets		2,384

Total assets		390,961,179

LIABILITIES
Overdraft payable		288,582
Payable for securities purchased		421,834
Distribution fees payable - Class IB		79,720
Administrative fees payable		50,850
Investment management fees payable		8,662
Payable to Separate Accounts for Trust shares redeemed		5,619
Trustees’ fees payable		443
Accrued expenses		55,164

Total liabilities		910,874

NET ASSETS	$	390,050,305

Net assets were comprised of:
Paid in capital	$	406,943,220
Accumulated undistributed net investment income (loss)		(726,574	)
Accumulated undistributed net realized gain (loss) on investments		1,305,339
Unrealized appreciation (depreciation) on investments		(17,471,680	)

Net assets	$	390,050,305

Class IA
Net asset value, offering and redemption price per share, $1,035,982 / 90,925 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.39

Class IB
Net asset value, offering and redemption price per share, $389,014,323 / 34,160,075 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.39

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


EXPENSES
Distribution fees - Class IB	$	385,184
Administrative fees		249,540
Investment management fees		154,788
Professional fees		22,480
Custodian fees		19,836
Printing and mailing expenses		16,857
Trustees’ fees		3,114
Miscellaneous		2,666

Gross expenses		854,465
Less: Waiver from investment advisor		(127,891	)

Net expenses		726,574

NET INVESTMENT INCOME (LOSS)		(726,574	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		1,306,097
Net change in unrealized appreciation (depreciation) on securities		(21,498,908	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(20,192,811	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(20,919,385	)

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA GROWTH STRATEGY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			April 30, 2009* to December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(726,574	)	$	1,260,075
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		1,306,097			947,106
Net change in unrealized appreciation (depreciation) on investments		(21,498,908	)		4,027,228

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(20,919,385	)		6,234,409

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA†		—			(13,392	)
Class IB		—			(1,344,201	)

		—			(1,357,593	)

Distributions from net realized capital gains
Class IA†		—			(6,842	)
Class IB		—			(844,383	)

		—			(851,225	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(2,208,818	)

CAPITAL SHARES TRANSACTIONS:
Class IA†
Capital shares sold [ 0 and 156,859 shares, respectively ]		—			1,844,305
Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,701 shares, respectively ]		—			20,234
Capital shares repurchased [ (33,898) and (33,737) shares, respectively ]		(394,368	)		(401,439	)

Total Class IA transactions		(394,368	)		1,463,100

Class IB
Capital shares sold [ 18,165,498 and 16,387,441 shares, respectively ]		219,551,668			191,053,214
Capital shares issued in reinvestment of dividends and distributions [ 0 and 183,777 shares, respectively ]		—			2,188,584
Capital shares repurchased [ (530,706) and (55,935) shares, respectively ]		(6,369,105	)		(648,994	)

Total Class IB transactions		213,182,563			192,592,804

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		212,788,195			194,055,904

TOTAL INCREASE (DECREASE) IN NET ASSETS		191,868,810			198,081,495
NET ASSETS:
Beginning of period		198,181,495			100,000

End of period (a)	$	390,050,305		$	198,181,495

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(726,574	)	$	—

* The Portfolio commenced operations on April 30, 2009.
† Class IA commenced operations on September 11, 2009.

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA GROWTH STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS


Class IA	Six Months Ended June 30, 2010 (Unaudited)			September 11, 2009* to December 31, 2009
Net asset value, beginning of period	$	11.89		$	11.58

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.01	)(e)		0.12	(e)
Net realized and unrealized gain (loss) on investments		(0.49	)		0.36

Total from investment operations		(0.50	)		0.48

Less distributions:
Dividends from net investment income		—			(0.11	)
Distributions from net realized gains		—			(0.06	)

Total dividends and distributions		—			(0.17	)

Net asset value, end of period	$	11.39		$	11.89

Total return (b)		(4.21	)%		4.09	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,036		$	1,485
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.22	%(j)		0.13	%(j)
Before waivers and reimbursements (a)(f)		0.31	%		0.43	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.22	)%		3.21	%
Before waivers and reimbursements (a)(f)(x)		(0.31	)%		2.91	%
Portfolio turnover rate		5	%		36	%

Class IB	Six Months Ended June 30, 2010 (Unaudited)			April 30, 2009* to December 31, 2009
Net asset value, beginning of period	$	11.90		$	10.00

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.03	)(e)		0.25	(e)
Net realized and unrealized gain (loss) on investments		(0.48	)		1.80

Total from investment operations		(0.51	)		2.05

Less distributions:
Dividends from net investment income		—			(0.09	)
Distributions from net realized gains		—			(0.06	)

Total dividends and distributions		—			(0.15	)

Net asset value, end of period	$	11.39		$	11.90

Total return (b)		(4.29	)%		20.44	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	389,014		$	196,697
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.47	%(j)		0.48	%(j)
Before waivers and reimbursements (a)(f)		0.56	%(c)		0.80	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.47	)%		3.22	%
Before waivers and reimbursements (a)(f)(x)		(0.55	)%		2.90	%
Portfolio turnover rate		5	%		36	%

*	Commencement of Operations.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying funds unless otherwise noted.

(j)

Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.85% for Class IA and 1.10% for Class IB.

(x)

Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

See Notes to Financial Statements.

EQ/FRANKLIN TEMPLETON ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2010
EQ/Franklin Core Balanced Portfolio	34.1	%
EQ/Templeton Global Equity Portfolio	33.1
EQ/Mutual Large Cap Equity Portfolio	32.8

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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$933.30	$0.72
Hypothetical (5% average return before expenses)	1,000.00	1,024.05	0.75
Class IB
Actual	1,000.00	931.90	1.92
Hypothetical (5% average return before expenses)	1,000.00	1,022.81	2.01
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.15% and 0.40%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ ADVISORS TRUST

EQ/FRANKLIN TEMPLETON ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

INVESTMENT COMPANIES:
EQ/Franklin Core Balanced Portfolio*‡	54,948,431	$	430,743,637
EQ/Mutual Large Cap Equity Portfolio*‡	55,077,600		413,191,987
EQ/Templeton Global Equity Portfolio*‡	58,329,263		417,279,222

Total Investments (100.0%) (Cost $1,554,560,861)			1,261,214,846
Other Assets Less Liabilities (0.0%)			(273,230	)

Net Assets (100%)		$	1,260,941,616

*	Non-income producing.

‡	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 six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
EQ/Franklin Core Balanced Portfolio	$	463,491,009	$	5,690,879	$	44,478,000	$	430,743,637	$	—	$	(11,342,132)
EQ/Mutual Large Cap Equity Portfolio		462,875,838		5,690,879		37,928,616		413,191,987		—		(11,692,748)
EQ/Templeton Global Equity Portfolio		462,984,290		27,591,049		28,367,930		417,279,222		—		(9,631,500)

	$	1,389,351,137	$	38,972,807	$	110,774,546	$	1,261,214,846	$	—	$	(32,666,380)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	1,261,214,846	$	—	$	1,261,214,846

Total Assets	$	—	$	1,261,214,846	$	—	$	1,261,214,846

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	1,261,214,846	$	—	$	1,261,214,846

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

See Notes to Financial Statements.

EQ ADVISORS TRUST

EQ/FRANKLIN TEMPLETON ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Investment Companies	$	38,972,807
Net Proceeds of Sales and Redemptions:
Investment Companies	$	78,108,166

As of June 30, 2010, 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
Aggregate gross unrealized depreciation		(293,346,016	)

Net unrealized depreciation	$	(293,346,015	)

Federal income tax cost of investments	$	1,554,560,861

See Notes to Financial Statements.

EQ ADVISORS TRUST

EQ/FRANKLIN TEMPLETON ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $1,554,560,861)	$	1,261,214,846
Receivable for securities sold		2,911,528
Receivable from Separate Accounts for Trust shares sold		600,899

Total assets		1,264,727,273

LIABILITIES
Overdraft payable		2,896,228
Payable to Separate Accounts for Trust shares redeemed		282,737
Distribution fees payable - Class IB		268,772
Administrative fees payable		138,949
Trustees’ fees payable		1,254
Accrued expenses		197,717

Total liabilities		3,785,657

NET ASSETS	$	1,260,941,616

Net assets were comprised of:
Paid in capital	$	1,644,576,441
Accumulated undistributed net investment income (loss)		(2,729,082	)
Accumulated undistributed net realized gain (loss) on investments		(87,559,728	)
Unrealized appreciation (depreciation) on investments		(293,346,015	)

Net assets	$	1,260,941,616

Class IA
Net asset value, offering and redemption price per share, $285,762 / 42,515 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.72

Class IB
Net asset value, offering and redemption price per share, $1,260,655,854 / 187,833,766 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.71

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Interest	$	2

EXPENSES
Distribution fees - Class IB		1,706,161
Administrative fees		1,041,197
Investment management fees		341,289
Printing and mailing expenses		80,481
Professional fees		29,912
Trustees’ fees		16,240
Custodian fees		6,447
Miscellaneous		17,145

Gross expenses		3,238,872
Less: Waiver from investment advisor		(509,778	)

Net expenses		2,729,094

NET INVESTMENT INCOME (LOSS)		(2,729,092	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		(32,666,380	)
Net change in unrealized appreciation (depreciation) on securities		(56,334,552	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(89,000,932	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(91,730,024	)

See Notes to Financial Statements.

EQ ADVISORS TRUST

EQ/FRANKLIN TEMPLETON ALLOCATION PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(2,729,092)		$	29,137,109
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		(32,666,380	)		(48,040,280	)
Net change in unrealized appreciation (depreciation) on investments		(56,334,552	)		332,037,794

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(91,730,024	)		313,134,623

DIVIDENDS:
Dividends from net investment income
Class IA		—			(1,870	)
Class IB		—			(29,153,152	)

TOTAL DIVIDENDS		—			(29,155,022	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 32,005 and 208 shares, respectively ]		232,691			1,500
Capital shares issued in reinvestment of dividends [ 0 and 260 shares, respectively ]		—			1,870
Capital shares repurchased [ (780) and 0 shares, respectively ]		(5,290	)		—

Total Class IA transactions		227,401			3,370

Class IB
Capital shares sold [ 6,166,463 and 27,618,989 shares, respectively ]		44,641,629			162,277,796
Capital shares issued in reinvestment of dividends [ 0 and 4,057,835 shares, respectively ]		—			29,153,152
Capital shares repurchased [ (11,385,027) and (18,604,107) shares, respectively ]		(81,366,542	)		(116,004,808	)

Total Class IB transactions		(36,724,913	)		75,426,140

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(36,497,512	)		75,429,510

TOTAL INCREASE (DECREASE) IN NET ASSETS		(128,227,536	)		359,409,111
NET ASSETS:
Beginning of period		1,389,169,152			1,029,760,041

End of period (a)	$	1,260,941,616		$	1,389,169,152

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(2,729,082	)	$	10

See Notes to Financial Statements.

EQ ADVISORS TRUST

EQ/FRANKLIN TEMPLETON ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,						April 30, 2007* to December 31, 2007
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			April 30, 2007* to December 31, 2007
Net asset value, beginning of period	$	7.20		$	5.73		$	9.59		$	10.00

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.01	)(e)		0.17	(e)		0.33	(e)		0.14	(e)
Net realized and unrealized gain (loss) on investments		(0.47	)		1.47			(3.86	)		(0.40	)

Total from investment operations		(0.48	)		1.64			(3.53	)		(0.26	)

Less distributions:
Dividends from net investment income		—			(0.17	)		(0.33	)		(0.15	)
Distributions from net realized gains		—			—			—	#		—	#

Total dividends and distributions		—			(0.17	)		(0.33	)		(0.15	)

Net asset value, end of period	$	6.72		$	7.20		$	5.73		$	9.59

Total return (b)		(6.67	)%		28.67	%		(36.65	)%		(2.54	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	286		$	81		$	62		$	97
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.15	%		0.11	%(gg)		—	%(gg)		—	%(gg)
Before waivers and reimbursements (a)(f)		0.22	%		0.24	%		0.24	%		0.27	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.15	)%		2.71	%		4.11	%		2.12	%
Before waivers and reimbursements (a)(f)(x)		(0.22	)%		2.58	%		3.86	%		(8.52	)%
Portfolio turnover rate		3	%		7	%		1	%		0	%

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,						April 30, 2007* to December 31, 2007
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			April 30, 2007* to December 31, 2007
Net asset value, beginning of period	$	7.20		$	5.72		$	9.59		$	10.00

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.01	)(e)		0.15	(e)		0.40	(e)		0.27	(e)
Net realized and unrealized gain (loss) on investments		(0.48	)		1.48			(3.95	)		(0.54	)

Total from investment operations		(0.49	)		1.63			(3.55	)		(0.27	)

Less distributions:
Dividends from net investment income		—			(0.15	)		(0.32	)		(0.14	)
Distributions from net realized gains		—			—			—	#		—	#

Total dividends and distributions		—			(0.15	)		(0.32	)		(0.14	)

Net asset value, end of period	$	6.71		$	7.20		$	5.72		$	9.59

Total return (b)		(6.81	)%		28.58	%		(36.92	)%		(2.71	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,260,656		$	1,389,088		$	1,029,698		$	825,630
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.40	%		0.36	%(gg)		0.25	%(gg)		0.25	%(gg)
Before waivers and reimbursements (a)(f)		0.47	%		0.49	%		0.49	%		0.52	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.40	)%		2.46	%		5.08	%		4.05	%
Before waivers and reimbursements (a)(f)(x)		(0.47	)%		2.33	%		4.83	%		3.78	%
Portfolio turnover rate		3	%		7	%		1	%		0	%

See Notes to Financial Statements.

EQ ADVISORS TRUST

EQ/FRANKLIN TEMPLETON ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*	Commencement of Operations.

#	Per share 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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying funds unless otherwise noted.

(x)

Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

(gg)

Effective May 1, 2007 through May 1, 2009, 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).

See Notes to Financial Statements.

EQ/INTERNATIONAL ETF PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2010
iShares MSCI EAFE Index Fund	50.8	%
iShares S&P Europe 350 Index Fund	13.5
iShares MSCI Japan Index Fund	9.0
iShares MSCI United Kingdom Index Fund	4.3
iShares MSCI EAFE Growth Index Fund	4.1
iShares MSCI EAFE Value Index Fund	3.8
iShares MSCI Pacific ex-Japan Index Fund	3.7
iShares MSCI France Index Fund	2.3
iShares MSCI Switzerland Index Fund	1.9
iShares MSCI Germany Index Fund	1.7
iShares MSCI Australia Index Fund	1.4
iShares MSCI Sweden Index Fund	0.9
iShares MSCI Spain Index Fund	0.6
iShares MSCI Hong Kong Index Fund	0.5
iShares MSCI Singapore Index Fund	0.4
iShares MSCI Netherlands Investable Market Index Fund	0.4
iShares MSCI Italy Index Fund	0.4
SPDR DJ EURO Stoxx 50 Fund	0.2
iShares MSCI Belgium Investable Market Index Fund	0.1
iShares MSCI Austria Investable Market Index Fund	0.0	#

#	Less than 0.05%

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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$855.70	$2.53
Hypothetical (5% average return before expenses)	1,000.00	1,022.07	2.76
Class IB
Actual	1,000.00	854.30	3.68
Hypothetical (5% average return before expenses)	1,000.00	1,020.83	4.01
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.55% and 0.80%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

EQ ADVISORS TRUST

EQ/INTERNATIONAL ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

INVESTMENT COMPANIES:
iShares MSCI Australia Index Fund	207,918	$	3,946,284
iShares MSCI Austria Investable Market Index Fund	7,741		118,205
iShares MSCI Belgium Investable Market Index Fund	29,239		317,243
iShares MSCI EAFE Growth Index Fund	229,309		11,022,884
iShares MSCI EAFE Index Fund	2,970,341		138,150,560
iShares MSCI EAFE Value Index Fund	250,710		10,336,773
iShares MSCI France Index Fund	324,506		6,347,337
iShares MSCI Germany Index Fund	241,823		4,524,508
iShares MSCI Hong Kong Index Fund	94,164		1,390,802
iShares MSCI Italy Index Fund	75,680		1,044,384
iShares MSCI Japan Index Fund	2,655,532		24,430,894
iShares MSCI Netherlands Investable Market Index Fund	66,764		1,142,332
iShares MSCI Pacific ex-Japan Index Fund	278,156		9,941,296
iShares MSCI Singapore Index Fund	108,214		1,216,325
iShares MSCI Spain Index Fund	52,132		1,659,362


	Number of Shares		Value (Note 1)

iShares MSCI Sweden Index Fund		104,584	$	2,387,653
iShares MSCI Switzerland Index Fund		253,933		5,076,121
iShares MSCI United Kingdom Index Fund		870,800		11,703,552
iShares S&P Europe 350 Index Fund		1,172,134		36,746,401
SPDR DJ EURO Stoxx 50 Fund		17,360		530,695

Total Investment Companies (99.3%) (Cost $236,432,723)				272,033,611

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (1.8%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $4,872,876)	$	4,872,876		4,872,876

Total Investments (101.1%) (Cost/Amortized Cost $241,305,599)				276,906,487
Other Assets Less Liabilities (-1.1%)				(2,910,815	)

Net Assets (100%)			$	273,995,672

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Exchange Traded Funds (ETFs)	$	272,033,611	$	—	$	—	$	272,033,611
Short-Term Investments		—		4,872,876		—		4,872,876

Total Assets	$	272,033,611	$	4,872,876	$	—	$	276,906,487

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	272,033,611	$	4,872,876	$	—	$	276,906,487

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

See Notes to Financial Statements.

EQ ADVISORS TRUST

EQ/INTERNATIONAL ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Investment Companies	$	15,361,749
Net Proceeds of Sales and Redemptions:
Investment Companies	$	6,307,657

As of June 30, 2010, 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	$	37,080,647
Aggregate gross unrealized depreciation		(1,479,759	)

Net unrealized appreciation	$	35,600,888

Federal income tax cost of investments	$	241,305,599

See Notes to Financial Statements.

EQ ADVISORS TRUST

EQ/INTERNATIONAL ETF PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $241,305,599)	$	276,906,487
Receivable from Separate Accounts for Trust shares sold		48,571

Total assets		276,955,058

LIABILITIES
Payable for securities purchased		2,698,503
Investment management fees payable		90,334
Payable to Separate Accounts for Trust shares redeemed		79,570
Administrative fees payable		26,198
Trustees’ fees payable		199
Distribution fees payable - Class IB		179
Accrued expenses		64,403

Total liabilities		2,959,386

NET ASSETS	$	273,995,672

Net assets were comprised of:
Paid in capital		233,020,665
Accumulated undistributed net investment income (loss)		4,008,037
Accumulated undistributed net realized gain (loss) on investments		1,366,082
Unrealized appreciation (depreciation) on investments		35,600,888

Net assets	$	273,995,672

Class IA
Net asset value, offering and redemption price per share, $273,151,896 / 46,095,669 shares outstanding (unlimited amount authorized: $0.01 par value)	$	5.93

Class IB
Net asset value, offering and redemption price per share, $843,776 / 142,445 shares outstanding (unlimited amount authorized: $0.01 par value)	$	5.92

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends	$	4,830,638

EXPENSES
Investment management fees		597,912
Administrative fees		169,288
Custodian fees		28,430
Professional fees		20,606
Printing and mailing expenses		17,680
Trustees’ fees		3,592
Distribution fees - Class IB		1,176
Miscellaneous		10,701

Gross expenses		849,385
Less: Waiver from investment advisor		(26,783	)

Net expenses		822,602

NET INVESTMENT INCOME (LOSS)		4,008,036

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities		1,174,153
Net change in unrealized appreciation (depreciation) on securities		(50,358,226	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(49,184,073	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(45,176,037	)

See Notes to Financial Statements.

EQ ADVISORS TRUST

EQ/INTERNATIONAL ETF PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	4,008,036		$	26,080,678
Net realized gain (loss) on investments		1,174,153			455,951,427
Net change in unrealized appreciation (depreciation) on investments		(50,358,226	)		104,397,807

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(45,176,037	)		586,429,912

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		—			(26,255,473	)
Class IB		—			(80,527	)

		—			(26,336,000	)

Distributions from net realized capital gains
Class IA		—			(10,203,172	)
Class IB		—			(32,297	)

		—			(10,235,469	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(36,571,469	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 2,968,993 and 221,618,827 shares, respectively ]		18,728,278			1,139,377,769
Capital shares issued in reinvestment of dividends and distributions [ 0 and 5,363,749 shares, respectively ]		—			36,458,645
Capital shares repurchased [ (2,058,751) and (186,579,226) shares, respectively ]		(13,461,785	)		(1,443,033,153	)

Total Class IA transactions		5,266,493			(267,196,739	)

Class IB
Capital shares issued in reinvestment of dividends and distributions [ 0 and 16,582 shares, respectively ]		—			112,824

Total Class IB transactions		—			112,824

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		5,266,493			(267,083,915	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(39,909,544	)		282,774,528
NET ASSETS:
Beginning of period		313,905,216			31,130,688

End of period (a)	$	273,995,672		$	313,905,216

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	4,008,037		$	1

See Notes to Financial Statements.

EQ ADVISORS TRUST

EQ/INTERNATIONAL ETF PORTFOLIO

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,									August 25, 2006* to December 31, 2006
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			August 25, 2006* to December 31, 2006
Net asset value, beginning of period	$	6.93		$	6.34		$	11.90		$	10.99		$	10.00

Income (loss) from investment operations:
Net investment income (loss) (x)		0.09	(e)		0.22	(e)		0.38	(e)		0.42	(e)		0.24	(e)
Net realized and unrealized gain (loss) on investments		(1.09	)		1.29			(5.44	)		0.78			0.91

Total from investment operations		(1.00	)		1.51			(5.06	)		1.20			1.15

Less distributions:
Dividends from net investment income		—			(0.66	)		(0.17	)		(0.22	)		(0.16	)
Distributions from net realized gains		—			(0.26	)		—	#		(0.07	)		—
Return of capital		—			—			(0.33	)		—			—

Total dividends and distributions		—			(0.92	)		(0.50	)		(0.29	)		(0.16	)

Net asset value, end of period	$	5.93		$	6.93		$	6.34		$	11.90		$	10.99

Total return (b)		(14.43	)%		24.04	%		(42.62	)%		10.93	%		11.50	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	273,152		$	312,918		$	30,332		$	11,578		$	3,339
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.55	%		0.43	%		0.40	%		0.40	%		0.40	%
After waivers, reimbursements and fees paid indirectly (a)(f)		0.55	%		0.43	%		0.26	%		0.33	%		0.10	%(c)
Before waivers, reimbursements and fees paid indirectly (a)(f)		0.57	%		0.55	%		0.87	%		1.50	%		4.93	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		2.68	%		3.32	%		4.12	%		3.40	%		6.34	%
After waivers, reimbursements and fees paid indirectly (a)(f)(x)		2.68	%		3.32	%		4.26	%		3.47	%		6.60	%
Before waivers, reimbursements and fees paid indirectly (a)(f)(x)		2.67	%		3.19	%		3.65	%		2.30	%		1.79	%
Portfolio turnover rate		2	%		12	%		18	%		8	%		0	%

See Notes to Financial Statements.

EQ ADVISORS TRUST

EQ/INTERNATIONAL ETF PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,									August 25, 2006* to December 31, 2006
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			August 25, 2006* to December 31, 2006
Net asset value, beginning of period	$	6.93		$	6.35		$	11.90		$	10.99		$	10.00

Income (loss) from investment operations:
Net investment income (loss) (x)		0.08	(e)		0.15	(e)		0.27	(e)		0.22	(e)		0.20	(e)
Net realized and unrealized gain (loss) on investments		(1.09	)		1.33			(5.34	)		0.94			0.94

Total from investment operations		(1.01	)		1.48			(5.07	)		1.16			1.14

Less distributions:
Dividends from net investment income		—			(0.64	)		(0.15	)		(0.18	)		(0.15	)
Distributions from net realized gains		—			(0.26	)		—	#		(0.07	)		—
Return of capital		—			—			(0.33	)		—			—

Total dividends and distributions		—			(0.90	)		(0.48	)		(0.25	)		(0.15	)

Net asset value, end of period	$	5.92		$	6.93		$	6.35		$	11.90		$	10.99

Total return(b)		(14.57)	%		23.52	%		(42.68)	%		10.63	%		11.40	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	844		$	987		$	799		$	1,849		$	1,671
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.80	%		0.68	%(c)		0.65	%		0.65	%		0.65	%
After waivers, reimbursements and fees paid indirectly (a)(f)		0.80	%		0.68	%(c)		0.51	%(c)		0.58	%		0.35	%(c)
Before waivers, reimbursements and fees paid indirectly (a)(f)		0.82	%		0.80	%(c)		1.12	%(c)		1.75	%(c)		5.18	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		2.36	%		2.22	%		2.68	%		1.81	%		5.14	%
After waivers, reimbursements and fees paid indirectly (a)(f)(x)		2.36	%		2.22	%		2.82	%		1.88	%		5.52	%
Before waivers, reimbursements and fees paid indirectly (a)(f)(x)		2.35	%		2.05	%		2.14	%		0.63	%		0.55	%
Portfolio turnover rate		2	%		12	%		18	%		8	%		0	%

*	Commencement of Operations.

#	Per share 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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying funds unless otherwise noted.

(x)

Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

See Notes to Financial Statements.

AXA TACTICAL MANAGER 500 PORTFOLIO-I (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Information Technology	13.2	%
Financials	11.5
Health Care	8.5
Consumer Staples	8.1
Energy	7.5
Industrials	7.3
Consumer Discretionary	7.1
Utilities	2.7
Materials	2.4
Telecommunication Services	2.1
Cash and Other	29.6

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$921.70	$3.14
Hypothetical (5% average return before expenses)	1,000.00	1,021.52	3.31
Class IB
Actual	1,000.00	913.70	4.27
Hypothetical (5% average return before expenses)	1,000.00	1,020.33	4.51
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.66% and 0.91% respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-I

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (7.1%)
*Auto Components (0.1%)*
Goodyear Tire & Rubber Co.*	9,216	$	91,607
Johnson Controls, Inc.	25,560		686,797

			778,404

*Automobiles (0.3%)*
Ford Motor Co.*	129,825		1,308,636
Harley-Davidson, Inc.	8,915		198,180

			1,506,816

*Distributors (0.0%)*
Genuine Parts Co.	6,039		238,239

*Diversified Consumer Services (0.1%)*
Apollo Group, Inc., Class A*	4,891		207,721
DeVry, Inc.	2,356		123,666
H&R Block, Inc.	12,767		200,314

			531,701

*Hotels, Restaurants & Leisure (1.2%)*
Carnival Corp.	16,515		499,414
Darden Restaurants, Inc.	5,320		206,682
International Game Technology	11,287		177,206
Marriott International, Inc., Class A	9,686		289,999
McDonald’s Corp.	41,001		2,700,736
Starbucks Corp.	28,287		687,374
Starwood Hotels & Resorts Worldwide, Inc.	7,310		302,853
Wyndham Worldwide Corp.	6,804		137,033
Wynn Resorts Ltd.	2,627		200,361
Yum! Brands, Inc.	17,857		697,137

			5,898,795

*Household Durables (0.3%)*
D.R. Horton, Inc.	10,524		103,451
Fortune Brands, Inc.	5,783		226,578
Harman International Industries, Inc.*	2,642		78,969
Leggett & Platt, Inc.	5,648		113,299
Lennar Corp., Class A	6,191		86,117
Newell Rubbermaid, Inc.	10,570		154,745
Pulte Group, Inc.*	12,072		99,956
Stanley Black & Decker, Inc.	6,166		311,506
Whirlpool Corp.	2,846		249,936

			1,424,557

*Internet & Catalog Retail (0.4%)*
Amazon.com, Inc.*	13,104		1,431,743
Expedia, Inc.	8,045		151,085
priceline.com, Inc.*	1,808		319,185

			1,902,013

*Leisure Equipment & Products (0.1%)*
Eastman Kodak Co.*	10,220		44,355
Hasbro, Inc.	4,981		204,719
Mattel, Inc.	13,837		292,791

			541,865

*Media (2.2%)*
CBS Corp., Class B	25,762		333,103
Comcast Corp., Class A	107,537		1,867,918


	Number of Shares	Value (Note 1)

DIRECTV, Class A*	34,636	$	1,174,853
Discovery Communications, Inc., Class A*	10,789		385,275
Gannett Co., Inc.	9,031		121,557
Interpublic Group of Cos., Inc.*	18,487		131,812
McGraw-Hill Cos., Inc.	12,012		338,018
Meredith Corp.	1,397		43,489
New York Times Co., Class A*	4,426		38,285
News Corp., Class A	85,744		1,025,498
Omnicom Group, Inc.	11,813		405,186
Scripps Networks Interactive, Inc., Class A	3,408		137,479
Time Warner Cable, Inc.	13,492		702,663
Time Warner, Inc.	43,437		1,255,764
Viacom, Inc., Class B	23,110		724,961
Walt Disney Co.	74,643		2,351,254
Washington Post Co., Class B	232		95,231

			11,132,346

*Multiline Retail (0.6%)*
Big Lots, Inc.*	3,145		100,923
Family Dollar Stores, Inc.	5,265		198,438
J.C. Penney Co., Inc.	8,979		192,869
Kohl’s Corp.*	11,667		554,182
Macy’s, Inc.	16,020		286,758
Nordstrom, Inc.	6,289		202,443
Sears Holdings Corp.*	1,847		119,408
Target Corp.	28,068		1,380,104

			3,035,125

*Specialty Retail (1.4%)*
Abercrombie & Fitch Co., Class A	3,348		102,750
AutoNation, Inc.*	3,438		67,041
AutoZone, Inc.*	1,130		218,339
Bed Bath & Beyond, Inc.*	9,969		369,651
Best Buy Co., Inc.	13,305		450,507
CarMax, Inc.*	8,500		169,150
GameStop Corp., Class A*	5,815		109,264
Gap, Inc.	17,109		332,941
Home Depot, Inc.	64,041		1,797,631
Limited Brands, Inc.	10,178		224,628
Lowe’s Cos., Inc.	54,469		1,112,257
Office Depot, Inc.*	10,452		42,226
O’Reilly Automotive, Inc.*	5,234		248,929
RadioShack Corp.	4,765		92,965
Ross Stores, Inc.	4,713		251,156
Staples, Inc.	27,739		528,428
Tiffany & Co.	4,961		188,071
TJX Cos., Inc.	15,549		652,281
Urban Outfitters, Inc.*	4,937		169,783

			7,127,998

*Textiles, Apparel & Luxury Goods (0.4%)*
Coach, Inc.	11,628		425,003
NIKE, Inc., Class B	14,839		1,002,375
Polo Ralph Lauren Corp.	2,507		182,911
VF Corp.	3,366		239,592

			1,849,881

Total Consumer Discretionary			35,967,740

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-I

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Consumer Staples (8.1%)
*Beverages (1.9%)*
Brown-Forman Corp., Class B	4,136	$	236,703
Coca-Cola Co.	87,925		4,406,801
Coca-Cola Enterprises, Inc.	12,532		324,078
Constellation Brands, Inc., Class A*	7,600		118,712
Dr. Pepper Snapple Group, Inc.	9,364		350,120
Molson Coors Brewing Co., Class B	6,028		255,346
PepsiCo, Inc.	61,464		3,746,231

			9,437,991

*Food & Staples Retailing (1.8%)*
Costco Wholesale Corp.	16,889		926,024
CVS Caremark Corp.	51,866		1,520,711
Kroger Co.	24,729		486,914
Safeway, Inc.	14,794		290,850
SUPERVALU, Inc.	8,066		87,435
Sysco Corp.	22,547		644,168
Walgreen Co.	37,290		995,643
Wal-Mart Stores, Inc.	79,173		3,805,846
Whole Foods Market, Inc.*	6,482		233,482

			8,991,073

*Food Products (1.4%)*
Archer-Daniels-Midland Co.	24,451		631,325
Campbell Soup Co.	7,177		257,152
ConAgra Foods, Inc.	16,872		393,455
Dean Foods Co.*	6,898		69,463
General Mills, Inc.	25,340		900,077
H.J. Heinz Co.	12,033		520,066
Hershey Co.	6,331		303,445
Hormel Foods Corp.	2,644		107,029
J.M. Smucker Co.	4,529		272,736
Kellogg Co.	9,702		488,010
Kraft Foods, Inc., Class A	66,445		1,860,460
McCormick & Co., Inc. (Non-Voting)	5,028		190,863
Mead Johnson Nutrition Co.	7,781		389,984
Sara Lee Corp.	25,161		354,770
Tyson Foods, Inc., Class A	11,607		190,239

			6,929,074

*Household Products (1.8%)*
Clorox Co.	5,336		331,685
Colgate-Palmolive Co.	18,692		1,472,182
Kimberly-Clark Corp.	15,841		960,440
Procter & Gamble Co.	109,758		6,583,285

			9,347,592

*Personal Products (0.1%)*
Avon Products, Inc.	16,267		431,075
Estee Lauder Cos., Inc., Class A	4,497		250,618

			681,693

*Tobacco (1.1%)*
Altria Group, Inc.	79,672		1,596,627
Lorillard, Inc.	5,891		424,034
Philip Morris International, Inc.	70,578		3,235,296


	Number of Shares	Value (Note 1)

Reynolds American, Inc.	6,432	$	335,236

			5,591,193

Total Consumer Staples			40,978,616

Energy (7.5%)
*Energy Equipment & Services (1.2%)*
Baker Hughes, Inc.	16,339		679,212
Cameron International Corp.*	9,302		302,501
Diamond Offshore Drilling, Inc.	2,645		164,492
FMC Technologies, Inc.*	4,642		244,448
Halliburton Co.	34,440		845,502
Helmerich & Payne, Inc.	4,022		146,883
Nabors Industries Ltd.*	10,832		190,860
National Oilwell Varco, Inc.	15,923		526,574
Rowan Cos., Inc.*	4,331		95,022
Schlumberger Ltd.	45,532		2,519,741
Smith International, Inc.	9,452		355,868

			6,071,103

*Oil, Gas & Consumable Fuels (6.3%)*
Anadarko Petroleum Corp.	18,976		684,844
Apache Corp.	12,909		1,086,809
Cabot Oil & Gas Corp.	3,944		123,526
Chesapeake Energy Corp.	24,804		519,644
Chevron Corp.	76,555		5,195,022
ConocoPhillips	56,761		2,786,398
Consol Energy, Inc.	8,611		290,707
Denbury Resources, Inc.*	15,047		220,288
Devon Energy Corp.	17,001		1,035,701
El Paso Corp.	26,685		296,470
EOG Resources, Inc.	9,648		949,074
Exxon Mobil Corp.	194,806		11,117,603
Hess Corp.	11,082		557,868
Marathon Oil Corp.	26,938		837,502
Massey Energy Co.	3,864		105,680
Murphy Oil Corp.	7,273		360,377
Noble Energy, Inc.	6,638		400,471
Occidental Petroleum Corp.	31,011		2,392,499
Peabody Energy Corp.	10,226		400,143
Pioneer Natural Resources Co.	4,397		261,402
Range Resources Corp.	6,055		243,108
Southwestern Energy Co.*	13,169		508,850
Spectra Energy Corp.	24,637		494,465
Sunoco, Inc.	4,742		164,879
Tesoro Corp.	5,519		64,407
Valero Energy Corp.	21,491		386,408
Williams Cos., Inc.	22,206		405,926

			31,890,071

Total Energy			37,961,174

Financials (11.5%)
*Capital Markets* (*1.7%)*
Ameriprise Financial, Inc.	9,722		351,256
Bank of New York Mellon Corp.	46,354		1,144,480
Charles Schwab Corp.	37,199		527,482
ETRADE Financial Corp.	7,535		89,064
Federated Investors, Inc., Class B	3,369		69,772
Franklin Resources, Inc.	5,645		486,543

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-I

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Goldman Sachs Group, Inc.	19,620	$	2,575,517
Invesco Ltd.	18,005		303,024
Janus Capital Group, Inc.	6,988		62,053
Legg Mason, Inc.	6,186		173,394
Morgan Stanley	53,199		1,234,749
Northern Trust Corp.	9,196		429,453
State Street Corp.	19,120		646,638
T. Rowe Price Group, Inc.	9,855		437,464

			8,530,889

*Commercial Banks (2.2%)*
BB&T Corp.	26,281		691,453
Comerica, Inc.	6,622		243,888
Fifth Third Bancorp	30,253		371,809
First Horizon National Corp.*	8,681		99,393
Huntington Bancshares, Inc./Ohio	27,258		151,009
KeyCorp	33,413		256,946
M&T Bank Corp.	3,161		268,527
Marshall & Ilsley Corp.	20,039		143,880
PNC Financial Services Group, Inc.	20,048		1,132,712
Regions Financial Corp.	45,381		298,607
SunTrust Banks, Inc.	19,001		442,723
U.S. Bancorp	73,239		1,636,892
Wells Fargo & Co.	198,566		5,083,290
Zions Bancorp	6,099		131,556

			10,952,685

*Consumer Finance (0.6%)*
American Express Co.	45,781		1,817,506
Capital One Financial Corp.	17,324		698,157
Discover Financial Services	20,684		289,162
SLM Corp.*	18,451		191,706

			2,996,531

*Diversified Financial Services* (*3.2%)*
Bank of America Corp.	382,373		5,494,700
Citigroup, Inc.*	861,472		3,239,135
CME Group, Inc.	2,504		705,001
IntercontinentalExchange, Inc.*	2,801		316,597
JPMorgan Chase & Co.	151,634		5,551,321
Leucadia National Corp.*	7,220		140,862
Moody’s Corp.	7,481		149,021
NASDAQ OMX Group, Inc.*	5,631		100,119
NYSE Euronext	9,931		274,394

			15,971,150

*Insurance* (*2.8%)*
Aflac, Inc.	17,851		761,702
Allstate Corp.	20,417		586,580
American International Group, Inc.*	5,134		176,815
Aon Corp.	10,408		386,345
Assurant, Inc.	4,262		147,891
Berkshire Hathaway, Inc., Class B*	63,102		5,028,598
Chubb Corp.	12,503		625,275
Cincinnati Financial Corp.	6,199		160,368
Genworth Financial, Inc., Class A*	18,609		243,220
Hartford Financial Services Group, Inc.	16,884		373,643


	Number of Shares	Value (Note 1)

Lincoln National Corp.	11,501	$	279,359
Loews Corp.	13,502		449,752
Marsh & McLennan Cos., Inc.	20,682		466,379
MetLife, Inc.	31,169		1,176,941
Principal Financial Group, Inc.	12,156		284,937
Progressive Corp.	25,553		478,352
Prudential Financial, Inc.	17,694		949,460
Torchmark Corp.	3,152		156,056
Travelers Cos., Inc.	18,878		929,742
Unum Group	12,647		274,440
XL Capital Ltd., Class A	13,017		208,402

			14,144,257

*Real Estate Investment Trusts (REITs)* (*0.9%)*
Apartment Investment & Management Co. (REIT), Class A	4,457		86,332
AvalonBay Communities, Inc. (REIT)	3,200		298,784
Boston Properties, Inc. (REIT)	5,288		377,246
Equity Residential (REIT)	10,726		446,631
HCP, Inc. (REIT)	11,181		360,587
Health Care REIT, Inc. (REIT)	4,706		198,217
Host Hotels & Resorts, Inc. (REIT)	24,854		335,032
Kimco Realty Corp. (REIT)	15,431		207,393
Plum Creek Timber Co., Inc. (REIT)	6,195		213,913
ProLogis (REIT)	18,043		182,776
Public Storage (REIT)	5,163		453,879
Simon Property Group, Inc. (REIT)	11,154		900,685
Ventas, Inc. (REIT)	5,963		279,963
Vornado Realty Trust (REIT)	5,999		437,627

			4,779,065

*Real Estate Management & Development* (*0.0%)*
CB Richard Ellis Group, Inc., Class A*	10,286		139,992

*Thrifts & Mortgage Finance (0.1%)*
Hudson City Bancorp, Inc.	18,030		220,687
People’s United Financial, Inc.	14,127		190,715

			411,402

Total Financials			57,925,971

Health Care (8.5%)
*Biotechnology* (*1.0%)*
Amgen, Inc.*	36,509		1,920,373
Biogen Idec, Inc.*	10,259		486,790
Celgene Corp.*	17,674		898,193
Cephalon, Inc.*	2,851		161,794
Genzyme Corp.*	10,125		514,046
Gilead Sciences, Inc.*	33,916		1,162,641

			5,143,837

*Health Care Equipment & Supplies* (*1.3%)*
Baxter International, Inc.	22,732		923,829
Becton, Dickinson and Co.	8,969		606,484
Boston Scientific Corp.*	57,508		333,546
C.R. Bard, Inc.	3,640		282,209

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-I

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

CareFusion Corp.*	6,747	$	153,157
DENTSPLY International, Inc.	5,600		167,496
Hospira, Inc.*	6,415		368,542
Intuitive Surgical, Inc.*	1,511		476,902
Medtronic, Inc.	42,034		1,524,573
St. Jude Medical, Inc.*	12,383		446,902
Stryker Corp.	10,754		538,345
Varian Medical Systems, Inc.*	4,716		246,553
Zimmer Holdings, Inc.*	7,729		417,752

			6,486,290

*Health Care Providers & Services* (*1.5%)*
Aetna, Inc.	16,194		427,198
AmerisourceBergen Corp.	10,745		341,154
Cardinal Health, Inc.	13,754		462,272
CIGNA Corp.	10,463		324,981
Coventry Health Care, Inc.*	5,632		99,574
DaVita, Inc.*	3,927		245,202
Express Scripts, Inc.*	20,951		985,116
Humana, Inc.*	6,477		295,805
Laboratory Corp. of America Holdings*	3,984		300,194
McKesson Corp.	10,393		697,994
Medco Health Solutions, Inc.*	17,411		958,998
Patterson Cos., Inc.	3,550		101,281
Quest Diagnostics, Inc.	5,719		284,635
Tenet Healthcare Corp.*	16,475		71,501
UnitedHealth Group, Inc.	43,321		1,230,316
WellPoint, Inc.*	16,281		796,629

			7,622,850

*Health Care Technology (0.1%)*
Cerner Corp.*	2,586		196,251

*Life Sciences Tools & Services (0.3%)*
Life Technologies Corp.*	7,076		334,341
Millipore Corp.*	2,132		227,378
PerkinElmer, Inc.	4,473		92,457
Thermo Fisher Scientific, Inc.*	15,580		764,199
Waters Corp.*	3,561		230,396

			1,648,771

*Pharmaceuticals (4.3%)*
Abbott Laboratories, Inc.	58,828		2,751,974
Allergan, Inc.	11,701		681,700
Bristol-Myers Squibb Co.	65,613		1,636,388
Eli Lilly and Co.	38,613		1,293,536
Forest Laboratories, Inc.*	11,505		315,582
Johnson & Johnson	105,114		6,208,033
King Pharmaceuticals, Inc.*	9,453		71,748
Merck & Co., Inc.	118,841		4,155,870
Mylan, Inc.*	11,669		198,840
Pfizer, Inc.	307,738		4,388,344
Watson Pharmaceuticals, Inc.*	4,055		164,511

			21,866,526

Total Health Care			42,964,525


	Number of Shares	Value (Note 1)

Industrials (7.3%)
*Aerospace & Defense (2.0%)*
Boeing Co.	28,954	$	1,816,864
General Dynamics Corp.	14,677		859,485
Goodrich Corp.	4,763		315,549
Honeywell International, Inc.	29,326		1,144,594
ITT Corp.	6,959		312,598
L-3 Communications Holdings, Inc.	4,398		311,554
Lockheed Martin Corp.	11,877		884,836
Northrop Grumman Corp.	11,521		627,203
Precision Castparts Corp.	5,391		554,842
Raytheon Co.	14,615		707,220
Rockwell Collins, Inc.	5,982		317,824
United Technologies Corp.	35,632		2,312,873

			10,165,442

*Air Freight & Logistics (0.7%)*
C.H. Robinson Worldwide, Inc.	6,338		352,773
Expeditors International of Washington, Inc.	8,071		278,530
FedEx Corp.	11,907		834,800
United Parcel Service, Inc., Class B	37,780		2,149,304

			3,615,407

*Airlines* (*0.1%)*
Southwest Airlines Co.	28,282		314,213

*Building Products (0.0%)*
Masco Corp.	13,651		146,885

*Commercial Services & Supplies* (*0.4%)*
Avery Dennison Corp.	4,264		137,002
Cintas Corp.	5,002		119,898
Iron Mountain, Inc.	6,895		154,862
Pitney Bowes, Inc.	7,893		173,330
R.R. Donnelley & Sons Co.	7,818		127,981
Republic Services, Inc.	12,322		366,333
Stericycle, Inc.*	3,226		211,561
Waste Management, Inc.	18,454		577,426

			1,868,393

*Construction & Engineering* (*0.1%)*
Fluor Corp.	6,803		289,128
Jacobs Engineering Group, Inc.*	4,740		172,726
Quanta Services, Inc.*	7,993		165,055

			626,909

*Electrical Equipment* (*0.4%)*
Emerson Electric Co.	28,632		1,250,932
Rockwell Automation, Inc.	5,432		266,657
Roper Industries, Inc.	3,565		199,497

			1,717,086

*Industrial Conglomerates* (*1.6%)*
3M Co.	27,207		2,149,081
General Electric Co.	406,897		5,867,454
Textron, Inc.	10,373		176,030

			8,192,565

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-I

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Machinery (1.2%)*
Caterpillar, Inc.	23,928	$	1,437,355
Cummins, Inc.	7,662		499,026
Danaher Corp.	20,044		744,033
Deere & Co.	16,134		898,341
Dover Corp.	7,089		296,249
Eaton Corp.	6,430		420,779
Flowserve Corp.	2,125		180,200
Illinois Tool Works, Inc.	14,720		607,642
PACCAR, Inc.	13,858		552,519
Pall Corp.	4,465		153,462
Parker Hannifin Corp.	6,118		339,304
Snap-On, Inc.	2,198		89,920

			6,218,830

*Professional Services (0.1%)*
Dun & Bradstreet Corp.	1,940		130,213
Equifax, Inc.	4,808		134,912
Robert Half International, Inc.	5,655		133,175

			398,300

*Road & Rail (0.6%)*
CSX Corp.	14,841		736,559
Norfolk Southern Corp.	14,066		746,201
Ryder System, Inc.	2,032		81,748
Union Pacific Corp.	19,361		1,345,783

			2,910,291

*Trading Companies & Distributors (0.1%)*
Fastenal Co.	4,993		250,599
W.W. Grainger, Inc.	2,342		232,912

			483,511

Total Industrials			36,657,832

Information Technology (13.2%)
*Communications Equipment (1.6%)*
Cisco Systems, Inc.*	217,870		4,642,810
Harris Corp.	4,977		207,292
JDS Uniphase Corp.*	8,504		83,680
Juniper Networks, Inc.*	19,993		456,240
Motorola, Inc.*	88,575		577,509
QUALCOMM, Inc.	62,517		2,053,058
Tellabs, Inc.	14,624		93,447

			8,114,036

*Computers & Peripherals (3.2%)*
Apple, Inc.*	34,680		8,723,061
Dell, Inc.*	65,519		790,159
EMC Corp.*	78,630		1,438,929
Hewlett-Packard Co.	88,972		3,850,708
Lexmark International, Inc., Class A*	2,972		98,165
NetApp, Inc.*	13,114		489,284
QLogic Corp.*	4,334		72,031
SanDisk Corp.*	8,703		366,135
Teradata Corp.*	6,344		193,365
Western Digital Corp.*	8,700		262,392

			16,284,229


	Number of Shares	Value (Note 1)

*Electronic Equipment, Instruments & Components (0.4%)*
Agilent Technologies, Inc.*	13,273	$	377,351
Amphenol Corp., Class A	6,592		258,934
Corning, Inc.	59,318		957,986
FLIR Systems, Inc.*	5,817		169,216
Jabil Circuit, Inc.	7,346		97,702
Molex, Inc.	5,158		94,082

			1,955,271

*Internet Software & Services (1.2%)*
Akamai Technologies, Inc.*	6,548		265,652
eBay, Inc.*	43,455		852,153
Google, Inc., Class A*	9,225		4,104,664
Monster Worldwide, Inc.*	4,779		55,675
VeriSign, Inc.*	6,980		185,319
Yahoo!, Inc.*	44,869		620,538

			6,084,001

*IT Services* (*2.2%)*
Automatic Data Processing, Inc.	19,209		773,354
Cognizant Technology Solutions Corp., Class A*	11,509		576,141
Computer Sciences Corp.	5,845		264,486
Fidelity National Information Services, Inc.	12,554		336,698
Fiserv, Inc.*	5,796		264,645
International Business Machines Corp.	48,873		6,034,838
Mastercard, Inc., Class A	3,672		732,674
Paychex, Inc.	12,239		317,847
SAIC, Inc.*	11,151		186,668
Total System Services, Inc.	7,504		102,054
Visa, Inc., Class A	17,248		1,220,296
Western Union Co.	25,617		381,950

			11,191,651

*Office Electronics (0.1%)*
Xerox Corp.	52,550		422,502

*Semiconductors & Semiconductor Equipment (1.8%)*
Advanced Micro Devices, Inc.*	21,482		157,248
Altera Corp.	11,700		290,277
Analog Devices, Inc.	11,327		315,570
Applied Materials, Inc.	51,107		614,306
Broadcom Corp., Class A	16,407		540,939
First Solar, Inc.*	1,848		210,358
Intel Corp.	212,051		4,124,392
KLA-Tencor Corp.	6,547		182,530
Linear Technology Corp.	8,505		236,524
LSI Corp.*	24,980		114,908
MEMC Electronic Materials, Inc.*	8,651		85,472
Microchip Technology, Inc.	7,010		194,458
Micron Technology, Inc.*	32,368		274,804
National Semiconductor Corp.	9,048		121,786
Novellus Systems, Inc.*	3,648		92,513
NVIDIA Corp.*	21,964		224,253
Teradyne, Inc.*	6,743		65,744
Texas Instruments, Inc.	46,581		1,084,406
Xilinx, Inc.	10,526		265,887

			9,196,375

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-I

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Software (2.7%)*
Adobe Systems, Inc.*	19,943	$	527,093
Autodesk, Inc.*	8,741		212,931
BMC Software, Inc.*	6,949		240,644
CA, Inc.	15,038		276,699
Citrix Systems, Inc.*	6,995		295,399
Compuware Corp.*	8,652		69,043
Electronic Arts, Inc.*	12,429		178,978
Intuit, Inc.*	11,945		415,328
McAfee, Inc.*	6,038		185,487
Microsoft Corp.	290,726		6,689,606
Novell, Inc.*	13,251		75,266
Oracle Corp.	149,201		3,201,853
Red Hat, Inc.*	7,180		207,789
Salesforce.com, Inc.*	4,312		370,056
Symantec Corp.*	30,678		425,811

			13,371,983

Total Information Technology			66,620,048

Materials (2.4%)
*Chemicals (1.3%)*
Air Products & Chemicals, Inc.	8,073		523,211
Airgas, Inc.	3,148		195,806
CF Industries Holdings, Inc.	2,792		177,152
Dow Chemical Co.	44,145		1,047,119
E.I. du Pont de Nemours & Co.	34,657		1,198,786
Eastman Chemical Co.	2,766		147,594
Ecolab, Inc.	8,990		403,741
FMC Corp.	2,759		158,449
International Flavors & Fragrances, Inc.	3,007		127,557
Monsanto Co.	20,764		959,712
PPG Industries, Inc.	6,311		381,248
Praxair, Inc.	11,656		885,740
Sherwin-Williams Co.	3,502		242,303
Sigma-Aldrich Corp.	4,633		230,862

			6,679,280

*Construction Materials (0.0%)*
Vulcan Materials Co.	4,807		210,691

*Containers & Packaging (0.1%)*
Ball Corp.	3,580		189,131
Bemis Co., Inc.	4,148		111,996
Owens-Illinois, Inc.*	6,415		169,677
Pactiv Corp.*	5,035		140,225
Sealed Air Corp.	6,047		119,247

			730,276

*Metals & Mining (0.8%)*
AK Steel Holding Corp.	4,478		53,378
Alcoa, Inc.	38,822		390,549
Allegheny Technologies, Inc.	3,736		165,094
Cliffs Natural Resources, Inc.	5,145		242,638
Freeport-McMoRan Copper & Gold, Inc.	18,034		1,066,350
Newmont Mining Corp.	18,683		1,153,489
Nucor Corp.	11,983		458,709
Titanium Metals Corp.*	3,212		56,499
United States Steel Corp.	5,455		210,290

			3,796,996


	Number of Shares	Value (Note 1)

*Paper & Forest Products (0.2%)*
International Paper Co.	16,639	$	376,541
MeadWestvaco Corp.	6,517		144,677
Weyerhaeuser Co.	8,042		283,078

			804,296

Total Materials			12,221,539

Telecommunication Services (2.1%)
*Diversified Telecommunication Services (1.9%)*
AT&T, Inc.	225,200		5,447,588
CenturyLink, Inc.	11,399		379,701
Frontier Communications Corp.	11,883		84,488
Qwest Communications International, Inc.	56,618		297,244
Verizon Communications, Inc.	107,904		3,023,470
Windstream Corp.	18,393		194,230

			9,426,721

*Wireless Telecommunication Services (0.2%)*
American Tower Corp., Class A*	15,322		681,829
MetroPCS Communications, Inc.*	9,930		81,327
Sprint Nextel Corp.*	113,291		480,354

			1,243,510

Total Telecommunication Services			10,670,231

Utilities (2.7%)
*Electric Utilities (1.4%)*
Allegheny Energy, Inc.	6,452		133,427
American Electric Power Co., Inc.	18,190		587,537
Duke Energy Corp.	49,821		797,136
Edison International	12,397		393,233
Entergy Corp.	7,199		515,592
Exelon Corp.	25,110		953,427
FirstEnergy Corp.	11,599		408,633
NextEra Energy, Inc.	15,922		776,357
Northeast Utilities	6,676		170,104
Pepco Holdings, Inc.	8,460		132,653
Pinnacle West Capital Corp.	4,088		148,640
PPL Corp.	17,854		445,457
Progress Energy, Inc.	11,082		434,636
Southern Co.	31,512		1,048,719

			6,945,551

*Gas Utilities (0.2%)*
EQT Corp.	5,473		197,794
Nicor, Inc.	1,721		69,700
ONEOK, Inc.	4,014		173,606
Questar Corp.	6,645		302,281

			743,381

*Independent Power Producers & Energy Traders (0.1%)*
AES Corp.*	25,435		235,019
Constellation Energy Group, Inc.	7,652		246,777
NRG Energy, Inc.*	9,965		211,358

			693,154

*Multi-Utilities (1.0%)*
Ameren Corp.	9,015		214,287
CenterPoint Energy, Inc.	15,780		207,665
CMS Energy Corp.	8,742		128,070

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-I

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Consolidated Edison, Inc.	10,706	$	461,429
Dominion Resources, Inc.	22,835		884,628
DTE Energy Co.	6,484		295,735
Integrys Energy Group, Inc.	2,912		127,371
NiSource, Inc.	10,532		152,714
PG&E Corp.	14,130		580,743
Public Service Enterprise Group, Inc.	19,252		603,165
SCANA Corp.	4,242		151,694
Sempra Energy	9,399		439,779
TECO Energy, Inc.	8,133		122,564
Wisconsin Energy Corp.	4,448		225,692
Xcel Energy, Inc.	17,376		358,119

			4,953,655

Total Utilities			13,335,741

Total Common Stocks (70.4%) (Cost $382,250,063)			355,303,417


	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENT:
Short-Term Investment (26.5%)
BlackRock Liquidity Funds TempFund 0.16%‡ (Amortized Cost $134,075,477)	$	134,075,477	$	134,075,477

Total Investments (96.9%) (Cost $516,325,540)				489,378,894
Other Assets Less Liabilities (3.1%)				15,831,137

Net Assets (100%)			$	505,210,031

*	Non-income producing.

‡	Affiliated company as defined under the Investment Company Act of 1940.

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	66,210,916	$	323,465,678	$	255,601,117	$	134,075,477	$	75,185	$	—

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index	2,889	September-10	$	156,493,388	$	148,292,370	$ (8,201,018)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-I

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	35,967,740		$	—	$	—	$	35,967,740
Consumer Staples		40,978,616			—		—		40,978,616
Energy		37,961,174			—		—		37,961,174
Financials		57,925,971			—		—		57,925,971
Health Care		42,964,525			—		—		42,964,525
Industrials		36,657,832			—		—		36,657,832
Information Technology		66,620,048			—		—		66,620,048
Materials		12,221,539			—		—		12,221,539
Telecommunication Services		10,670,231			—		—		10,670,231
Utilities		13,335,741			—		—		13,335,741
Short-Term Investments		—			134,075,477		—		134,075,477

Total Assets	$	355,303,417		$	134,075,477	$	—	$	489,378,894


Liabilities:
Futures	$	(8,201,018	)	$	—	$	—	$	(8,201,018	)

Total Liabilities	$	(8,201,018	)	$	—	$	—	$	(8,201,018	)

Total	$	347,102,399		$	134,075,477	$	—	$	481,177,876

Fair Values of Derivative Instruments as of June 30, 2010:


	Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	—

	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(8,201,018)	*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(8,201,018)

*	Includes cumulative appreciation/depreciation of futures contracts as reported in Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets & Liabilities.

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-I

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(6,158,133	)		—		—		(6,158,133	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(6,158,133	)	$	—	$	—	$	(6,158,133	)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(8,588,486	)		—		—		(8,588,486	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(8,588,486	)	$	—	$	—	$	(8,588,486	)

The Portfolio held futures contracts with an average notional balance of approximately $135,565,000 during the six months ended June 30, 2010.

^ This Portfolio held futures contracts to gain or reduce exposure to the financial markets.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	237,453,370
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	3,006,989

As of June 30, 2010, 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	$	4,014,337
Aggregate gross unrealized depreciation		(30,979,294	)

Net unrealized depreciation	$	(26,964,957	)

Federal income tax cost of investments	$	516,343,851

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-I

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $134,075,477)	$	134,075,477
Unaffiliated Issuers (Cost $382,250,063)		355,303,417
Cash		2,685,697
Cash held as collateral at broker		12,390,800
Receivable from Separate Accounts for Trust shares sold		1,922,665
Dividends, interest and other receivables		455,298
Receivable from investment sub-advisor		17,328
Other assets		2,689

Total assets		506,853,371

LIABILITIES
Variation margin payable on futures contracts		1,291,334
Investment management fees payable		218,599
Administrative fees payable		66,950
Payable to Separate Accounts for Trust shares redeemed		23,887
Distribution fees payable - Class IB		2,600
Trustees’ fees payable		572
Accrued expenses		39,398

Total liabilities		1,643,340

NET ASSETS	$	505,210,031

Net assets were comprised of:
Paid in capital	$	541,154,972
Accumulated undistributed net investment income (loss)		1,392,461
Accumulated undistributed net realized gains (losses) on investments and futures		(2,189,738	)
Net unrealized appreciation (depreciation) on investments and futures		(35,147,664	)

Net assets	$	505,210,031

Class IA
Net asset value, offering and redemption price per share, $491,202,838 / 42,622,181 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.52

Class IB
Net asset value, offering and redemption price per share, $14,007,193 / 1,225,263 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.43

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends ($75,185 of dividend income received from affiliates)	$	2,608,038
Interest		4,843

Total income		2,612,881

EXPENSES
Investment management fees		836,792
Administrative fees		313,643
Recoupment fees		63,085
Professional fees		22,963
Printing and mailing expenses		19,967
Custodian fees		10,909
Distribution fees - Class IB		6,098
Trustees’ fees		3,654
Miscellaneous		3,303

Gross expenses		1,280,414
Less: Reimbursement from sub-advisor		(39,900	)

Net expenses		1,240,514

NET INVESTMENT INCOME (LOSS)		1,372,367

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		281,738
Futures		(6,158,133	)

Net realized gain (loss)		(5,876,395	)

Change in unrealized appreciation (depreciation) on:
Securities		(32,426,696	)
Futures		(8,588,486	)

Net change in unrealized appreciation (depreciation)		(41,015,182	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(46,891,577	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$(45,519,210)

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-I

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			May 27, 2009* to December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,372,367		$	364,972
Net realized gain (loss) on investments and futures		(5,876,395	)		3,686,657
Net change in unrealized appreciation (depreciation) on investments and futures		(41,015,182	)		5,867,518

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(45,519,210	)		9,919,147

DIVIDENDS:
Dividends from net investment income
Class IA		—			(344,865	)
Class IB†		—			(13	)

TOTAL DIVIDENDS		—			(344,878	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 26,168,102 and 18,163,717 shares, respectively]		331,210,165			217,669,974
Capital shares issued in reinvestment of dividends [ 0 and 28,024 shares, respectively]		—			344,865
Capital shares repurchased [ (1,745,118) and (2,544) shares, respectively]		(23,537,557	)		(31,221	)

Total Class IA transactions		307,672,608			217,983,618

Class IB†
Capital shares sold [ 1,230,345 and 21,701 shares, respectively]		15,468,534			270,156
Capital shares issued in reinvestment of dividends [ 0 and 1 shares, respectively]		—			13
Capital shares repurchased [ (26,782) and (2) shares, respectively]		(339,933	)		(24	)

Total Class IB transactions		15,128,601			270,145

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		322,801,209			218,253,763

TOTAL INCREASE (DECREASE) IN NET ASSETS		277,281,999			227,828,032
NET ASSETS:
Beginning of period		227,928,032			100,000

End of period (a)	$	505,210,031		$	227,928,032

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	1,392,461		$	20,094

* The Portfolio commenced operations on May 27, 2009.
† Class IB commenced operations on October 29, 2009.

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-I

FINANCIAL HIGHLIGHTS


Class IA	Six Months Ended June 30, 2010 (Unaudited)			May 27, 2009* to December 31, 2009
Net asset value, beginning of period	$	12.51		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.05	(e)		0.06	(e)
Net realized and unrealized gain (loss) on investments and futures		(1.04	)		2.47

Total from investment operations		(0.99	)		2.53

Less distributions:
Dividends from net investment income		—			(0.02	)

Net asset value, end of period	$	11.52		$	12.51

Total return (b)		(7.83	)%		25.32	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	491,203		$	227,658
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.66	%		0.69	%
Before waivers and reimbursements (a)		0.69	%		0.85	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.74	%		0.85	%
Before waivers and reimbursements (a)		0.72	%		0.70	%
Portfolio turnover rate		1	%		6	%

Class IB	Six Months Ended June 30, 2010 (Unaudited)			October 29, 2009* to December 31, 2009
Net asset value, beginning of period	$	12.43		$	11.71

Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)		0.02	(e)
Net realized and unrealized gain (loss) on investments and futures		(1.03	)		0.72

Total from investment operations		(1.00	)		0.74

Less distributions:
Dividends from net investment income		—			(0.02	)

Net asset value, end of period	$	11.43		$	12.43

Total return (b)		(8.63	)%		6.28	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	14,007		$	270
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.91	%(c)		0.94	%(c)
Before waivers and reimbursements (a)		0.94	%(c)		1.10	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.55	%		0.81	%
Before waivers and reimbursements (a)		0.53	%		0.78	%
Portfolio turnover rate		1	%		6	%

*	Commencement of Operations.

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

AXA TACTICAL MANAGER 500 PORTFOLIO-II (Unaudited)


Sector Weightings As of 06/30/10	% of Net Assets
Information Technology	9.6	%
Financials	8.4
Health Care	6.2
Consumer Staples	5.9
Energy	5.5
Industrials	5.3
Consumer Discretionary	5.2
Utilities	1.9
Materials	1.8
Telecommunication Services	1.5
Cash and Other	48.7

	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$918.20	$2.85
Hypothetical (5% average return before expenses)	1,000.00	1,021.82	3.01
* Expenses are equal to the Portfolio’s Class IA shares annualized expense ratios of 0.60% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-II

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (5.2%)
*Auto Components (0.1%)*
Goodyear Tire & Rubber Co.*	56,381	$	560,427
Johnson Controls, Inc.	147,992		3,976,545

			4,536,972

*Automobiles (0.2%)*
Ford Motor Co.*	748,744		7,547,339
Harley-Davidson, Inc.	50,859		1,130,596

			8,677,935

*Distributors (0.0%)*
Genuine Parts Co.	35,945		1,418,030

*Diversified Consumer Services (0.1%)*
Apollo Group, Inc., Class A*	27,505		1,168,137
DeVry, Inc.	14,333		752,339
H&R Block, Inc.	75,666		1,187,200

			3,107,676

*Hotels, Restaurants & Leisure (0.9%)*
Carnival Corp.	97,062		2,935,155
Darden Restaurants, Inc.	30,371		1,179,913
International Game Technology	64,081		1,006,072
Marriott International, Inc., Class A	55,721		1,668,287
McDonald’s Corp.	238,589		15,715,857
Starbucks Corp.	163,862		3,981,847
Starwood Hotels & Resorts Worldwide, Inc.	41,054		1,700,867
Wyndham Worldwide Corp.	41,081		827,371
Wynn Resorts Ltd.	14,991		1,143,364
Yum! Brands, Inc.	103,129		4,026,156

			34,184,889

*Household Durables (0.2%)*
D.R. Horton, Inc.	61,699		606,501
Fortune Brands, Inc.	34,439		1,349,320
Harman International Industries, Inc.*	16,372		489,359
Leggett & Platt, Inc.	34,244		686,935
Lennar Corp., Class A	33,838		470,686
Newell Rubbermaid, Inc.	62,448		914,239
Pulte Group, Inc.*	73,599		609,400
Stanley Black & Decker, Inc.	35,815		1,809,374
Whirlpool Corp.	16,328		1,433,925

			8,369,739

*Internet & Catalog Retail (0.3%)*
Amazon.com, Inc.*	75,940		8,297,205
Expedia, Inc.	44,877		842,790
priceline.com, Inc.*	10,139		1,789,939

			10,929,934

*Leisure Equipment & Products (0.1%)*
Eastman Kodak Co.*	65,984		286,371
Hasbro, Inc.	27,522		1,131,154
Mattel, Inc.	79,211		1,676,105

			3,093,630


	Number of Shares	Value (Note 1)

*Media (1.6%)*
CBS Corp., Class B	148,217	$	1,916,446
Comcast Corp., Class A	629,104		10,927,537
DIRECTV, Class A*	203,607		6,906,349
Discovery Communications, Inc., Class A*	63,757		2,276,762
Gannett Co., Inc.	53,184		715,857
Interpublic Group of Cos., Inc.*	112,021		798,710
McGraw-Hill Cos., Inc.	70,974		1,997,208
Meredith Corp.	8,631		268,683
New York Times Co., Class A*	26,977		233,351
News Corp., Class A	502,192		6,006,216
Omnicom Group, Inc.	67,653		2,320,498
Scripps Networks Interactive, Inc., Class A	20,611		831,448
Time Warner Cable, Inc.	78,951		4,111,768
Time Warner, Inc.	252,919		7,311,888
Viacom, Inc., Class B	135,590		4,253,458
Walt Disney Co.	431,521		13,592,912
Washington Post Co., Class B	1,452		596,017

			65,065,108

*Multiline Retail (0.4%)*
Big Lots, Inc.*	18,265		586,124
Family Dollar Stores, Inc.	29,446		1,109,820
J.C. Penney Co., Inc.	51,057		1,096,704
Kohl’s Corp.*	67,585		3,210,288
Macy’s, Inc.	91,947		1,645,851
Nordstrom, Inc.	35,930		1,156,587
Sears Holdings Corp.*	11,157		721,300
Target Corp.	164,473		8,087,137

			17,613,811

*Specialty Retail (1.0%)*
Abercrombie & Fitch Co., Class A	18,582		570,281
AutoNation, Inc.*	21,318		415,701
AutoZone, Inc.*	6,691		1,292,835
Bed Bath & Beyond, Inc.*	57,545		2,133,769
Best Buy Co., Inc.	75,561		2,558,495
CarMax, Inc.*	49,598		987,000
GameStop Corp., Class A*	32,078		602,746
Gap, Inc.	100,914		1,963,786
Home Depot, Inc.	376,019		10,554,853
Limited Brands, Inc.	58,254		1,285,666
Lowe’s Cos., Inc.	320,483		6,544,263
Office Depot, Inc.*	66,645		269,246
O’Reilly Automotive, Inc.*	30,798		1,464,753
RadioShack Corp.	27,482		536,174
Ross Stores, Inc.	26,706		1,423,163
Staples, Inc.	160,278		3,053,296
Tiffany & Co.	27,148		1,029,181
TJX Cos., Inc.	91,081		3,820,848
Urban Outfitters, Inc.*	27,960		961,544

			41,467,600

*Textiles, Apparel & Luxury Goods (0.3%)*
Coach, Inc.	67,898		2,481,672
NIKE, Inc., Class B	86,780		5,861,989

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-II

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Polo Ralph Lauren Corp.	13,707	$	1,000,062
VF Corp.	20,054		1,427,444

			10,771,167

Total Consumer Discretionary			209,236,491

Consumer Staples (5.9%)
*Beverages (1.4%)*
Brown-Forman Corp., Class B	24,666		1,411,635
Coca-Cola Co.	512,271		25,675,023
Coca-Cola Enterprises, Inc.	70,227		1,816,070
Constellation Brands, Inc., Class A*	45,298		707,555
Dr. Pepper Snapple Group, Inc.	56,273		2,104,047
Molson Coors Brewing Co., Class B	35,821		1,517,378
PepsiCo, Inc.	360,680		21,983,446

			55,215,154

*Food & Staples Retailing (1.3%)*
Costco Wholesale Corp.	97,107		5,324,377
CVS Caremark Corp.	306,211		8,978,106
Kroger Co.	142,001		2,796,000
Safeway, Inc.	84,640		1,664,022
SUPERVALU, Inc.	47,281		512,526
Sysco Corp.	130,247		3,721,157
Walgreen Co.	216,684		5,785,463
Wal-Mart Stores, Inc.	467,746		22,484,550
Whole Foods Market, Inc.*	38,690		1,393,614

			52,659,815

*Food Products* (*1.0%)*
Archer-Daniels-Midland Co.	141,301		3,648,392
Campbell Soup Co.	42,572		1,525,355
ConAgra Foods, Inc.	97,278		2,268,523
Dean Foods Co.*	39,953		402,327
General Mills, Inc.	145,982		5,185,280
H.J. Heinz Co.	69,429		3,000,721
Hershey Co.	37,486		1,796,704
Hormel Foods Corp.	16,158		654,076
J.M. Smucker Co.	26,962		1,623,651
Kellogg Co.	55,993		2,816,448
Kraft Foods, Inc., Class A	385,003		10,780,084
McCormick & Co., Inc. (Non-Voting)	30,105		1,142,786
Mead Johnson Nutrition Co.	45,917		2,301,360
Sara Lee Corp.	148,290		2,090,889
Tyson Foods, Inc., Class A	65,836		1,079,052

			40,315,648

*Household Products* (*1.3%)*
Clorox Co.	30,785		1,913,596
Colgate-Palmolive Co.	108,821		8,570,742
Kimberly-Clark Corp.	91,532		5,549,585
Procter & Gamble Co.	642,195		38,518,856

			54,552,779

*Personal Products* (*0.1%)*
Avon Products, Inc.	93,684		2,482,626
Estee Lauder Cos., Inc., Class A	26,906		1,499,471

			3,982,097


	Number of Shares	Value (Note 1)

*Tobacco (0.8%)*
Altria Group, Inc.	461,294	$	9,244,332
Lorillard, Inc.	33,733		2,428,101
Philip Morris International, Inc.	414,800		19,014,432
Reynolds American, Inc.	38,097		1,985,616

			32,672,481

Total Consumer Staples			239,397,974

Energy (5.5%)
*Energy Equipment & Services (0.9%)*
Baker Hughes, Inc.	95,949		3,988,600
Cameron International Corp.*	53,241		1,731,397
Diamond Offshore Drilling, Inc.	14,917		927,688
FMC Technologies, Inc.*	27,639		1,455,470
Halliburton Co.	202,022		4,959,640
Helmerich & Payne, Inc.	22,622		826,156
Nabors Industries Ltd.*	61,620		1,085,744
National Oilwell Varco, Inc.	91,963		3,041,217
Rowan Cos., Inc.*	24,029		527,196
Schlumberger Ltd.	265,564		14,696,312
Smith International, Inc.	55,854		2,102,903

			35,342,323

*Oil, Gas & Consumable Fuels* (*4.6%)*
Anadarko Petroleum Corp.	108,706		3,923,200
Apache Corp.	74,387		6,262,642
Cabot Oil & Gas Corp.	23,828		746,293
Chesapeake Energy Corp.	143,167		2,999,349
Chevron Corp.	446,042		30,268,410
ConocoPhillips	329,669		16,183,451
Consol Energy, Inc.	48,537		1,638,609
Denbury Resources, Inc.*	86,209		1,262,100
Devon Energy Corp.	98,695		6,012,499
El Paso Corp.	158,366		1,759,446
EOG Resources, Inc.	55,836		5,492,587
Exxon Mobil Corp.#	1,137,817		64,935,215
Hess Corp.	64,165		3,230,066
Marathon Oil Corp.	156,161		4,855,046
Massey Energy Co.	21,639		591,827
Murphy Oil Corp.	41,797		2,071,041
Noble Energy, Inc.	38,222		2,305,933
Occidental Petroleum Corp.	180,570		13,930,976
Peabody Energy Corp.	58,811		2,301,274
Pioneer Natural Resources Co.	25,181		1,497,010
QEP Resources, Inc.*	19,238		593,108
Range Resources Corp.	34,705		1,393,406
Southwestern Energy Co.*	76,074		2,939,499
Spectra Energy Corp.	145,192		2,914,003
Sunoco, Inc.	25,284		879,125
Tesoro Corp.	28,367		331,043
Valero Energy Corp.	123,513		2,220,764
Williams Cos., Inc.	131,048		2,395,557

			185,933,479

Total Energy			221,275,802

Financials (8.4%)
*Capital Markets* (*1.2%)*
Ameriprise Financial, Inc.	55,917		2,020,281
Bank of New York Mellon Corp.	269,744		6,659,979

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-II

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Charles Schwab Corp.	214,790	$	3,045,722
ETRADE Financial Corp.	42,342		500,483
Federated Investors, Inc., Class B	20,990		434,703
Franklin Resources, Inc.	33,168		2,858,750
Goldman Sachs Group, Inc.	115,753		15,194,896
Invesco Ltd.	98,407		1,656,190
Janus Capital Group, Inc.	43,756		388,553
Legg Mason, Inc.	37,216		1,043,165
Morgan Stanley	309,915		7,193,127
Northern Trust Corp.	54,263		2,534,082
State Street Corp.	109,735		3,711,238
T. Rowe Price Group, Inc.	58,169		2,582,122

			49,823,291

*Commercial Banks* (*1.6%)*
BB&T Corp.	152,245		4,005,566
Comerica, Inc.	37,974		1,398,582
Fifth Third Bancorp	178,621		2,195,252
First Horizon National Corp.*	53,228		609,465
Huntington Bancshares, Inc./Ohio	153,353		849,576
KeyCorp	190,847		1,467,614
M&T Bank Corp.	18,897		1,605,300
Marshall & Ilsley Corp.	118,402		850,126
PNC Financial Services Group, Inc.	115,195		6,508,518
Regions Financial Corp.	259,781		1,709,359
SunTrust Banks, Inc.	109,506		2,551,490
U.S. Bancorp	424,209		9,481,071
Wells Fargo & Co.	1,153,277		29,523,891
Zions Bancorp	34,140		736,400

			63,492,210

*Consumer Finance (0.4%)*
American Express Co.	265,359		10,534,752
Capital One Financial Corp.	100,364		4,044,669
Discover Financial Services	122,798		1,716,716
SLM Corp.*	110,263		1,145,633

			17,441,770

*Diversified Financial Services* (*2.3%)*
Bank of America Corp.	2,224,547		31,966,740
Citigroup, Inc.*	4,975,552		18,708,076
CME Group, Inc.	14,572		4,102,747
IntercontinentalExchange, Inc.*	16,670		1,884,210
JPMorgan Chase & Co.	882,977		32,325,788
Leucadia National Corp.*	43,537		849,407
Moody’s Corp.	44,685		890,125
NASDAQ OMX Group, Inc.*	34,132		606,867
NYSE Euronext	56,699		1,566,593

			92,900,553

*Insurance* (*2.1%)*
Aflac, Inc.	104,844		4,473,693
Allstate Corp.	118,007		3,390,341
American International Group, Inc.*	30,096		1,036,506
Aon Corp.	60,266		2,237,074
Assurant, Inc.	26,150		907,405
Berkshire Hathaway, Inc., Class B*	366,909		29,238,978


	Number of Shares	Value (Note 1)

Chubb Corp.	72,093	$	3,605,371
Cincinnati Financial Corp.	37,276		964,330
Genworth Financial, Inc., Class A*	110,537		1,444,719
Hartford Financial Services Group, Inc.	97,125		2,149,376
Lincoln National Corp.	68,240		1,657,550
Loews Corp.	79,319		2,642,116
Marsh & McLennan Cos., Inc.	120,394		2,714,885
MetLife, Inc.	182,641		6,896,524
Principal Financial Group, Inc.	72,059		1,689,063
Progressive Corp.	150,466		2,816,724
Prudential Financial, Inc.	103,835		5,571,786
Torchmark Corp.	18,993		940,343
Travelers Cos., Inc.	111,231		5,478,127
Unum Group	75,093		1,629,518
XL Capital Ltd., Class A	75,770		1,213,078

			82,697,507

*Real Estate Investment Trusts (REITs)* (*0.7%)*
Apartment Investment & Management Co. (REIT), Class A	27,375		530,254
AvalonBay Communities, Inc. (REIT)	17,917		1,672,910
Boston Properties, Inc. (REIT)	31,301		2,233,013
Equity Residential (REIT)	61,919		2,578,307
HCP, Inc. (REIT)	64,211		2,070,805
Health Care REIT, Inc. (REIT)	27,514		1,158,890
Host Hotels & Resorts, Inc. (REIT)	143,252		1,931,037
Kimco Realty Corp. (REIT)	92,083		1,237,595
Plum Creek Timber Co., Inc. (REIT)	35,237		1,216,733
ProLogis (REIT)	108,299		1,097,069
Public Storage (REIT)	30,191		2,654,091
Simon Property Group, Inc. (REIT)	64,325		5,194,244
Ventas, Inc. (REIT)	34,722		1,630,198
Vornado Realty Trust (REIT)	34,613		2,525,018

			27,730,164

*Real Estate Management & Development* (*0.0%)*
CB Richard Ellis Group, Inc., Class A*	61,921		842,745

*Thrifts & Mortgage Finance* (*0.1%)*
Hudson City Bancorp, Inc.	102,479		1,254,343
People’s United Financial, Inc.	80,368		1,084,968

			2,339,311

Total Financials			337,267,551

Health Care (6.2%)
*Biotechnology* (*0.8%)*
Amgen, Inc.*	215,458		11,333,091
Biogen Idec, Inc.*	58,805		2,790,297
Celgene Corp.*	101,573		5,161,940
Cephalon, Inc.*	16,095		913,391
Genzyme Corp.*	58,505		2,970,299
Gilead Sciences, Inc.*	197,929		6,785,006

			29,954,024

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-II

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Health Care Equipment & Supplies* (*0.9%)*
Baxter International, Inc.	132,179	$	5,371,755
Becton, Dickinson and Co.	52,523		3,551,605
Boston Scientific Corp.*	330,278		1,915,612
C.R. Bard, Inc.	21,586		1,673,563
CareFusion Corp.*	40,566		920,848
DENTSPLY International, Inc.	33,584		1,004,497
Hospira, Inc.*	37,196		2,136,910
Intuitive Surgical, Inc.*	8,628		2,723,169
Medtronic, Inc.	244,930		8,883,611
St. Jude Medical, Inc.*	71,495		2,580,255
Stryker Corp.	63,243		3,165,945
Varian Medical Systems, Inc.*	28,014		1,464,572
Zimmer Holdings, Inc.*	45,524		2,460,572

			37,852,914

*Health Care Providers & Services* (*1.1%)*
Aetna, Inc.	93,721		2,472,360
AmerisourceBergen Corp.	61,577		1,955,070
Cardinal Health, Inc.	81,150		2,727,452
CIGNA Corp.	60,252		1,871,427
Coventry Health Care, Inc.*	34,321		606,795
DaVita, Inc.*	23,480		1,466,091
Express Scripts, Inc.*	122,574		5,763,430
Humana, Inc.*	37,789		1,725,824
Laboratory Corp. of America Holdings*	22,767		1,715,493
McKesson Corp.	60,435		4,058,815
Medco Health Solutions, Inc.*	101,591		5,595,632
Patterson Cos., Inc.	21,738		620,185
Quest Diagnostics, Inc.	34,064		1,695,365
Tenet Healthcare Corp.*	102,495		444,828
UnitedHealth Group, Inc.	253,331		7,194,600
WellPoint, Inc.*	96,076		4,700,999

			44,614,366

*Health Care Technology* (*0.0%)*
Cerner Corp.*	15,023		1,140,096

*Life Sciences Tools & Services* (*0.2%)*
Life Technologies Corp.*	40,952		1,934,982
Millipore Corp.*	12,806		1,365,760
PerkinElmer, Inc.	27,443		567,247
Thermo Fisher Scientific, Inc.*	90,290		4,428,725
Waters Corp.*	21,112		1,365,946

			9,662,660

*Pharmaceuticals (3.2%)*
Abbott Laboratories, Inc.	342,743		16,033,518
Allergan, Inc.	68,735		4,004,501
Bristol-Myers Squibb Co.	379,623		9,467,798
Eli Lilly and Co.	224,093		7,507,116
Forest Laboratories, Inc.*	68,229		1,871,521
Johnson & Johnson	611,851		36,135,920
King Pharmaceuticals, Inc.*	59,068		448,326
Merck & Co., Inc.	692,401		24,213,263
Mylan, Inc.*	66,379		1,131,098
Pfizer, Inc.	1,789,389		25,516,687
Watson Pharmaceuticals, Inc.*	24,383		989,218

			127,318,966

Total Health Care			250,543,026


	Number of Shares	Value (Note 1)

Industrials (5.3%)
*Aerospace & Defense* (*1.5%)*
Boeing Co.	167,879	$	10,534,407
General Dynamics Corp.	85,077		4,982,109
Goodrich Corp.	27,329		1,810,546
Honeywell International, Inc.	169,054		6,598,178
ITT Corp.	41,273		1,853,983
L-3 Communications Holdings, Inc.	25,229		1,787,222
Lockheed Martin Corp.	69,995		5,214,627
Northrop Grumman Corp.	67,571		3,678,565
Precision Castparts Corp.	31,840		3,276,973
Raytheon Co.	83,658		4,048,211
Rockwell Collins, Inc.	35,446		1,883,246
United Technologies Corp.	207,615		13,476,290

			59,144,357

*Air Freight & Logistics (0.5%)*
C.H. Robinson Worldwide, Inc.	36,277		2,019,178
Expeditors International of Washington, Inc.	47,938		1,654,340
FedEx Corp.	69,075		4,842,848
United Parcel Service, Inc., Class B	220,137		12,523,594

			21,039,960

*Airlines (0.0%)*
Southwest Airlines Co.	167,233		1,857,959

*Building Products (0.0%)*
Masco Corp.	82,077		883,148

*Commercial Services & Supplies (0.3%)*
Avery Dennison Corp.	25,571		821,596
Cintas Corp.	30,324		726,866
Iron Mountain, Inc.	41,441		930,765
Pitney Bowes, Inc.	47,336		1,039,499
R.R. Donnelley & Sons Co.	47,347		775,070
Republic Services, Inc.	72,929		2,168,179
Stericycle, Inc.*	18,694		1,225,953
Waste Management, Inc.	108,289		3,388,363

			11,076,291

*Construction & Engineering (0.1%)*
Fluor Corp.	38,958		1,655,715
Jacobs Engineering Group, Inc.*	28,138		1,025,349
Quanta Services, Inc.*	48,045		992,129

			3,673,193

*Electrical Equipment (0.2%)*
Emerson Electric Co.	167,683		7,326,070
Rockwell Automation, Inc.	32,242		1,582,760
Roper Industries, Inc.	21,286		1,191,165

			10,099,995

*Industrial Conglomerates (1.2%)*
3M Co.	157,797		12,464,385
General Electric Co.	2,370,124		34,177,188
Textron, Inc.	62,056		1,053,090

			47,694,663

*Machinery (0.9%)*
Caterpillar, Inc.	138,413		8,314,469
Cummins, Inc.	44,167		2,876,597

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-II

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Danaher Corp.	115,622	$	4,291,889
Deere & Co.	93,591		5,211,147
Dover Corp.	42,060		1,757,687
Eaton Corp.	36,514		2,389,476
Flowserve Corp.	12,615		1,069,752
Illinois Tool Works, Inc.	85,157		3,515,281
PACCAR, Inc.	81,631		3,254,628
Pall Corp.	26,808		921,391
Parker Hannifin Corp.	35,209		1,952,691
Snap-On, Inc.	13,532		553,594

			36,108,602

*Professional Services (0.1%)*
Dun & Bradstreet Corp.	11,704		785,573
Equifax, Inc.	29,047		815,059
Robert Half International, Inc.	34,439		811,038

			2,411,670

*Road & Rail* (*0.4%)*
CSX Corp.	85,830		4,259,743
Norfolk Southern Corp.	81,461		4,321,506
Ryder System, Inc.	11,803		474,835
Union Pacific Corp.	111,734		7,766,630

			16,822,714

*Trading Companies & Distributors (0.1%)*
Fastenal Co.	29,664		1,488,836
W.W. Grainger, Inc.	13,982		1,390,510

			2,879,346

Total Industrials			213,691,898

Information Technology (9.6%)
*Communications Equipment* (*1.2%)*
Cisco Systems, Inc.*	1,270,082		27,065,447
Harris Corp.	29,577		1,231,882
JDS Uniphase Corp.*	49,710		489,146
Juniper Networks, Inc.*	117,875		2,689,908
Motorola, Inc.*	518,838		3,382,824
QUALCOMM, Inc.	369,251		12,126,203
Tellabs, Inc.	84,240		538,294

			47,523,704

*Computers & Peripherals (2.3%)*
Apple, Inc.*	201,613		50,711,718
Dell, Inc.*	379,705		4,579,242
EMC Corp.*	453,983		8,307,889
Hewlett-Packard Co.	520,831		22,541,566
Lexmark International, Inc., Class A*	17,146		566,332
NetApp, Inc.*	75,593		2,820,375
QLogic Corp.*	24,611		409,035
SanDisk Corp.*	50,210		2,112,335
Teradata Corp.*	37,934		1,156,228
Western Digital Corp.*	49,783		1,501,455

			94,706,175

*Electronic Equipment, Instruments & Components* (*0.3%)*
Agilent Technologies, Inc.*	78,253		2,224,733
Amphenol Corp., Class A	39,255		1,541,936
Corning, Inc.	345,045		5,572,477
FLIR Systems, Inc.*	35,075		1,020,332


	Number of Shares	Value (Note 1)

Jabil Circuit, Inc.	45,109	$	599,950
Molex, Inc.	31,610		576,566

			11,535,994

*Internet Software & Services (0.9%)*
Akamai Technologies, Inc.*	37,429		1,518,495
eBay, Inc.*	249,984		4,902,186
Google, Inc., Class A*	53,733		23,908,498
Monster Worldwide, Inc.*	30,157		351,329
VeriSign, Inc.*	39,398		1,046,017
Yahoo!, Inc.*	260,351		3,600,654

			35,327,179

*IT Services (1.6%)*
Automatic Data Processing, Inc.	110,949		4,466,807
Cognizant Technology Solutions Corp., Class A*	66,640		3,335,998
Computer Sciences Corp.	34,758		1,572,799
Fidelity National Information Services, Inc.	74,436		1,996,374
Fiserv, Inc.*	34,474		1,574,083
International Business Machines Corp.	286,672		35,398,259
Mastercard, Inc., Class A	21,296		4,249,191
Paychex, Inc.	70,134		1,821,380
SAIC, Inc.*	64,353		1,077,269
Total System Services, Inc.	45,869		623,818
Visa, Inc., Class A	99,325		7,027,244
Western Union Co.	152,184		2,269,063

			65,412,285

*Office Electronics (0.1%)*
Xerox Corp.	299,354		2,406,806

*Semiconductors & Semiconductor Equipment* (*1.3%)*
Advanced Micro Devices, Inc.*	128,845		943,145
Altera Corp.	65,064		1,614,238
Analog Devices, Inc.	67,075		1,868,710
Applied Materials, Inc.	295,412		3,550,852
Broadcom Corp., Class A	94,801		3,125,589
First Solar, Inc.*	10,489		1,193,963
Intel Corp.	1,231,581		23,954,250
KLA-Tencor Corp.	36,819		1,026,514
Linear Technology Corp.	48,485		1,348,368
LSI Corp.*	151,287		695,920
MEMC Electronic Materials, Inc.*	53,096		524,589
Microchip Technology, Inc.	40,940		1,135,676
Micron Technology, Inc.*	185,669		1,576,330
National Semiconductor Corp.	50,383		678,155
Novellus Systems, Inc.*	20,015		507,580
NVIDIA Corp.*	127,796		1,304,797
Teradyne, Inc.*	37,679		367,370
Texas Instruments, Inc.	274,491		6,390,151
Xilinx, Inc.	59,763		1,509,613

			53,315,810

*Software (1.9%)*
Adobe Systems, Inc.*	115,484		3,052,242
Autodesk, Inc.*	52,048		1,267,889
BMC Software, Inc.*	39,516		1,368,439
CA, Inc.	88,689		1,631,878
Citrix Systems, Inc.*	40,233		1,699,040

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-II

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Compuware Corp.*	53,775	$	429,124
Electronic Arts, Inc.*	74,085		1,066,824
Intuit, Inc.*	70,504		2,451,424
McAfee, Inc.*	33,845		1,039,718
Microsoft Corp.	1,693,568		38,969,000
Novell, Inc.*	82,527		468,753
Oracle Corp.	869,286		18,654,878
Red Hat, Inc.*	40,788		1,180,405
Salesforce.com, Inc.*	24,754		2,124,388
Symantec Corp.*	175,794		2,440,021

			77,844,023

Total Information Technology			388,071,976

Materials (1.8%)
*Chemicals* (*1.0%)*
Air Products & Chemicals, Inc.	47,590		3,084,308
Airgas, Inc.	18,998		1,181,676
CF Industries Holdings, Inc.	16,086		1,020,657
Dow Chemical Co.	256,939		6,094,593
E.I. du Pont de Nemours & Co.	199,868		6,913,434
Eastman Chemical Co.	15,604		832,629
Ecolab, Inc.	52,805		2,371,472
FMC Corp.	16,587		952,591
International Flavors & Fragrances, Inc.	18,235		773,529
Monsanto Co.	120,438		5,566,644
PPG Industries, Inc.	37,383		2,258,307
Praxair, Inc.	67,541		5,132,441
Sherwin-Williams Co.	20,040		1,386,568
Sigma-Aldrich Corp.	27,561		1,373,365

			38,942,214

*Construction Materials (0.0%)*
Vulcan Materials Co.	28,877		1,265,679

*Containers & Packaging (0.1%)*
Ball Corp.	21,278		1,124,117
Bemis Co., Inc.	25,259		681,993
Owens-Illinois, Inc.*	38,014		1,005,470
Pactiv Corp.*	30,427		847,392
Sealed Air Corp.	36,750		724,710

			4,383,682

*Metals & Mining (0.6%)*
AK Steel Holding Corp.	22,014		262,407
Alcoa, Inc.	223,453		2,247,937
Allegheny Technologies, Inc.	21,169		935,458
Cliffs Natural Resources, Inc.	29,460		1,389,334
Freeport-McMoRan Copper & Gold, Inc.	104,434		6,175,182
Newmont Mining Corp.	108,433		6,694,653
Nucor Corp.	69,043		2,642,966
Titanium Metals Corp.*	19,117		336,268
United States Steel Corp.	31,112		1,199,368

			21,883,573

*Paper & Forest Products (0.1%)*
International Paper Co.	95,157		2,153,403
MeadWestvaco Corp.	39,244		871,216
Weyerhaeuser Co.	47,745		1,680,624

			4,705,243

Total Materials			71,180,391


	Number of Shares	Value (Note 1)

Telecommunication Services (1.5%)
*Diversified Telecommunication Services* (*1.3%)*
AT&T, Inc.	1,308,997	$	31,664,637
CenturyLink, Inc.	65,547		2,183,371
Frontier Communications Corp.	65,975		469,082
Qwest Communications International, Inc.	324,297		1,702,559
Verizon Communications, Inc.	628,727		17,616,931
Windstream Corp.	107,066		1,130,617

			54,767,197

*Wireless Telecommunication Services* (*0.2%)*
American Tower Corp., Class A*	88,689		3,946,661
MetroPCS Communications, Inc.*	61,411		502,956
Sprint Nextel Corp.*	667,605		2,830,645

			7,280,262

Total Telecommunication Services			62,047,459

Utilities (1.9%)
*Electric Utilities (1.0%)*
Allegheny Energy, Inc.	39,038		807,306
American Electric Power Co., Inc.	105,091		3,394,439
Duke Energy Corp.	288,876		4,622,016
Edison International	73,217		2,322,443
Entergy Corp.	41,615		2,980,466
Exelon Corp.	145,679		5,531,432
FirstEnergy Corp.	68,473		2,412,304
NextEra Energy, Inc.	91,191		4,446,473
Northeast Utilities	40,104		1,021,850
Pepco Holdings, Inc.	49,014		768,540
Pinnacle West Capital Corp.	24,775		900,819
PPL Corp.	93,896		2,342,705
Progress Energy, Inc.	64,193		2,517,649
Southern Co.	183,383		6,102,986

			40,171,428

*Gas Utilities (0.1%)*
EQT Corp.	31,082		1,123,303
Nicor, Inc.	10,552		427,356
ONEOK, Inc.	24,203		1,046,780
Questar Corp.	20,350		925,722

			3,523,161

*Independent Power Producers & Energy Traders* (*0.1%)*
AES Corp.*	151,151		1,396,635
Constellation Energy Group, Inc.	43,760		1,411,260
NRG Energy, Inc.*	57,940		1,228,908

			4,036,803

*Multi-Utilities (0.7%)*
Ameren Corp.	53,886		1,280,870
CenterPoint Energy, Inc.	92,085		1,211,839
CMS Energy Corp.	49,808		729,687
Consolidated Edison, Inc.	63,227		2,725,084
Dominion Resources, Inc.	131,846		5,107,714
DTE Energy Co.	37,627		1,716,167

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-II

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Integrys Energy Group, Inc.	17,757	$	776,691
NiSource, Inc.	63,499		920,735
PG&E Corp.	83,277		3,422,685
Public Service Enterprise Group, Inc.	111,167		3,482,862
SCANA Corp.	25,818		923,252
Sempra Energy	54,132		2,532,836
TECO Energy, Inc.	49,337		743,509
Wisconsin Energy Corp.	26,581		1,348,720
Xcel Energy, Inc.	103,121		2,125,324

			29,047,975

Total Utilities			76,779,367

Total Common Stocks (51.3%) (Cost $2,143,791,739)			2,069,491,935


	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENTS:
Short-Term Investment (43.8%)
BlackRock Liquidity Funds TempFund 0.16%‡	$	1,765,009,702	$	1,765,009,702


*Time Deposit (0.1%)*
JPMorgan Chase Nassau 0.000%, 7/1/10		3,421,469		3,421,469

Total Short-Term Investments (43.9%) (Amortized Cost $1,768,431,171)				1,768,431,171

Total Investments (95.2%) (Cost/Amortized Cost $3,912,222,910)				3,837,923,106
Other Assets Less Liabilities (4.8%)				191,443,009

Net Assets (100%)			$	4,029,366,115

*	Non-income producing.

#	All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $23,918,608.

‡	Affiliated company as defined under the Investment Company Act of 1940.

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	2,051,190,283	$	1,151,541,186	$	1,437,721,767	$	1,765,009,702	$	1,262,779	$	—

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index	38,195	September-10	$	2,069,315,360	$	1,960,549,350	$	(108,766,010	)

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-II

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	209,236,491		$	—	$	—	$	209,236,491
Consumer Staples		239,397,974			—		—		239,397,974
Energy		221,275,802			—		—		221,275,802
Financials		337,267,551			—		—		337,267,551
Health Care		250,543,026			—		—		250,543,026
Industrials		213,691,898			—		—		213,691,898
Information Technology		388,071,976			—		—		388,071,976
Materials		71,180,391			—		—		71,180,391
Telecommunication Services		62,047,459			—		—		62,047,459
Utilities		76,779,367			—		—		76,779,367
Short-Term Investments		—			1,768,431,171		—		1,768,431,171

Total Assets	$	2,069,491,935		$	1,768,431,171	$	—	$	3,837,923,106


Liabilities:
Futures	$	(108,766,010	)	$	–	$	—	$	(108,766,010	)

Total Liabilities	$	(108,766,010	)	$	–	$	—	$	(108,766,010	)

Total	$	1,960,725,925		$	1,768,431,171	$	—	$	3,729,157,096

Fair Values of Derivative Instruments as of June 30, 2010:


	Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	—

	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(108,766,010	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(108,766,010	)

*	Includes cumulative appreciation/depreciation of futures contracts as reported in Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets & Liabilities.

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-II

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(75,304,153	)		—		—		(75,304,153	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(75,304,153	)	$	—	$	—	$	(75,304,153	)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(129,006,085	)		—		—		(129,006,085	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(129,006,085	)	$	—	$	—	$	(129,006,085	)

The Portfolio held futures contracts with an average notional balance of approximately $1,245,111,000 during the six months ended June 30, 2010.

^ This Portfolio held futures contracts to gain or reduce exposure to the financial markets.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	73,179,962
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	241,576,612

As of June 30, 2010, 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	$	86,199,334
Aggregate gross unrealized depreciation		(164,089,448	)

Net unrealized depreciation	$	(77,890,114	)

Federal income tax cost of investments	$	3,915,813,220

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-II

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $1,765,009,702)	$	1,765,009,702
Unaffiliated Issuers (Cost $2,147,213,208)		2,072,913,404
Cash		2,381
Cash held as collateral at broker		207,361,000
Dividends, interest and other receivables		3,098,468
Receivable for securities sold		868,701
Receivable from Separate Accounts for Trust shares sold		657,961
Receivable from investment sub-advisor		237,045

Total assets		4,050,148,662

LIABILITIES
Variation margin payable on futures contracts		16,614,825
Investment management fees payable		1,574,212
Payable to Separate Accounts for Trust shares redeemed		1,154,725
Payable for securities purchased		593,156
Administrative fees payable		533,367
Trustees’ fees payable		3,262
Accrued expenses		309,000

Total liabilities		20,782,547

NET ASSETS	$	4,029,366,115

Net assets were comprised of:
Paid in capital	$	4,149,759,810
Accumulated undistributed net investment income (loss)		11,147,070
Accumulated undistributed net realized gains (losses) on investments and futures		51,525,049
Net unrealized appreciation (depreciation) on investments and futures		(183,065,814	)

Net assets	$	4,029,366,115

Class IA
Net asset value, offering and redemption price per share, $4,029,366,115 / 412,440,257 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.77

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends ($1,262,779 of dividend income received from affiliates)	$	24,437,430
Interest		101,663

Total income		24,539,093

EXPENSES
Investment management fees		10,215,368
Administrative fees		3,457,842
Printing and mailing expenses		268,945
Custodian fees		129,104
Professional fees		61,757
Trustees’ fees		54,225
Miscellaneous		45,259

Gross expenses		14,232,500
Less: Reimbursement from sub-advisor		(711,271	)

Net expenses		13,521,229

NET INVESTMENT INCOME (LOSS)		11,017,864

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		24,807,363
Futures		(75,304,153	)

Net realized gain (loss)		(50,496,790	)

Change in unrealized appreciation (depreciation) on:
Securities		(180,879,570	)
Futures		(129,006,085	)

Net change in unrealized appreciation (depreciation)		(309,885,655	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(360,382,445	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(349,364,581	)

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-II

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			August 28, 2009* to December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	11,017,864		$	15,401,081
Net realized gain (loss) on investments and futures		(50,496,790	)		102,021,839
Net change in unrealized appreciation (depreciation) on investments and futures		(309,885,655	)		126,819,841

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(349,364,581	)		244,242,761

DIVIDENDS:
Dividends from net investment income
Class IA		—			(15,271,875	)

TOTAL DIVIDENDS		—			(15,271,875	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 8,439,259 and 437,679,533 shares, respectively ]		90,265,014			4,427,319,815
Capital shares issued in reinvestment of dividends [ 0 and 1,458,443 shares, respectively ]		—			15,271,875
Capital shares repurchased [ (29,027,021) and (6,119,957) shares, respectively ]		(320,269,085	)		(62,927,809	)

Total Class IA transactions		(230,004,071	)		4,379,663,881

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(230,004,071	)		4,379,663,881

TOTAL INCREASE (DECREASE) IN NET ASSETS		(579,368,652	)		4,608,634,767
NET ASSETS:
Beginning of period		4,608,734,767			100,000

End of period (a)	$	4,029,366,115		$	4,608,734,767

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	11,147,070		$	129,206

* The Portfolio commenced operations on August 28, 2009.

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 500 PORTFOLIO-II

FINANCIAL HIGHLIGHTS


Class IA	Six Months Ended June 30, 2010 (Unaudited)			August 28, 2009* to December 31, 2009
Net asset value, beginning of period	$	10.64		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)		0.04	(e)
Net realized and unrealized gain (loss) on investments and futures		(0.90	)		0.64

Total from investment operations		(0.87	)		0.68

Less distributions:
Dividends from net investment income		—			(0.04	)

Net asset value, end of period	$	9.77		$	10.64

Total return (b)		(8.18	)%		6.76	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,029,366		$	4,608,735
Ratio of expenses to average net assets:
After reimbursements (a)		0.60	%		0.62	%
Before reimbursements (a)		0.63	%		0.63	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)		0.49	%		1.19	%
Before reimbursements (a)		0.45	%		1.18	%
Portfolio turnover rate		3	%		44	%

*	Commencement of Operations.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

AXA TACTICAL MANAGER 400 PORTFOLIO-I (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Financials	14.5	%
Information Technology	10.6
Industrials	10.3
Consumer Discretionary	9.6
Health Care	8.7
Materials	4.6
Utilities	4.3
Energy	4.1
Consumer Staples	2.6
Telecommunication Services	0.6
Cash and Other	30.1

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$968.90	$3.27
Hypothetical (5% average return before expenses)	1,000.00	1,021.47	3.36
Class IB
Actual	1,000.00	961.10	4.47
Hypothetical (5% average return before expenses)	1,000.00	1,020.23	4.61
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.67% and 0.92%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 400 PORTFOLIO-I

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (9.6%)
*Auto Components (0.5%)*
BorgWarner, Inc.*	3,135	$	117,061
Gentex Corp.	3,698		66,490

			183,551

*Automobiles (0.1%)*
Thor Industries, Inc.	1,044		24,795

*Distributors (0.2%)*
LKQ Corp.*	3,764		72,570

*Diversified Consumer Services (1.0%)*
Career Education Corp.*	1,758		40,469
Corinthian Colleges, Inc.*	2,341		23,059
ITT Educational Services, Inc.*	770		63,925
Matthews International Corp., Class A	810		23,717
Regis Corp.	1,524		23,729
Service Corp. International	6,765		50,061
Sotheby’s, Inc.	1,794		41,029
Strayer Education, Inc.	371		77,127

			343,116

*Hotels, Restaurants & Leisure (1.6%)*
Bally Technologies, Inc.*	1,470		47,613
Bob Evans Farms, Inc.	814		20,041
Boyd Gaming Corp.*	1,475		12,523
Brinker International, Inc.	2,730		39,476
Burger King Holdings, Inc.	2,450		41,258
Cheesecake Factory, Inc.*	1,609		35,816
Chipotle Mexican Grill, Inc.*	839		114,784
International Speedway Corp., Class A	816		21,020
Life Time Fitness, Inc.*	1,104		35,096
Panera Bread Co., Class A*	847		63,771
Scientific Games Corp., Class A*	1,736		15,971
Wendy’s/Arby’s Group, Inc., Class A	8,899		35,596
WMS Industries, Inc.*	1,400		54,950

			537,915

*Household Durables (1.2%)*
American Greetings Corp., Class A	1,055		19,792
KB Home	1,975		21,725
M.D.C. Holdings, Inc.	1,005		27,085
Mohawk Industries, Inc.*	1,494		68,365
NVR, Inc.*	163		106,770
Ryland Group, Inc.	1,172		18,541
Toll Brothers, Inc.*	3,736		61,121
Tupperware Brands Corp.	1,679		66,908

			390,307

*Internet & Catalog Retail (0.4%)*
Netflix, Inc.*	1,096		119,080

*Media (0.5%)*
DreamWorks Animation SKG, Inc., Class A*	2,016		57,557
Harte-Hanks, Inc.	1,023		10,690
John Wiley & Sons, Inc., Class A	1,141		44,122
Lamar Advertising Co., Class A*	1,421		34,843


	Number of Shares	Value (Note 1)

Scholastic Corp.	682	$	16,450

			163,662

*Multiline Retail (0.6%)*
99 Cents Only Stores*	1,219		18,041
Dollar Tree, Inc.*	3,375		140,501
Saks, Inc.*	4,253		32,281

			190,823

*Specialty Retail (2.7%)*
Aaron’s, Inc.	2,170		37,042
Advance Auto Parts, Inc.	2,319		116,367
Aeropostale, Inc.*	2,481		71,056
American Eagle Outfitters, Inc.	5,530		64,977
AnnTaylor Stores Corp.*	1,566		25,479
Barnes & Noble, Inc.	1,059		13,661
Chico’s FAS, Inc.	4,740		46,831
Coldwater Creek, Inc.*	1,567		5,265
Collective Brands, Inc.*	1,710		27,018
Dick’s Sporting Goods, Inc.*	2,380		59,238
Dress Barn, Inc.*	1,591		37,882
Foot Locker, Inc.	4,167		52,588
Guess?, Inc.	1,550		48,422
J. Crew Group, Inc.*	1,490		54,847
PetSmart, Inc.	3,139		94,704
Rent-A-Center, Inc.*	1,751		35,475
Tractor Supply Co.	961		58,592
Williams-Sonoma, Inc.	2,862		71,035

			920,479

*Textiles, Apparel & Luxury Goods (0.8%)*
Fossil, Inc.*	1,284		44,555
Hanesbrands, Inc.*	2,539		61,088
Phillips-Van Heusen Corp.	1,510		69,867
Timberland Co., Class A*	1,165		18,815
Under Armour, Inc., Class A*	1,006		33,329
Warnaco Group, Inc.*	1,178		42,573

			270,227

Total Consumer Discretionary			3,216,525

Consumer Staples (2.6%)
*Beverages (0.2%)*
Hansen Natural Corp.*	1,877		73,409

*Food & Staples Retailing (0.3%)*
BJ’s Wholesale Club, Inc.*	1,428		52,850
Ruddick Corp.	1,092		33,841

			86,691

*Food Products (1.1%)*
Corn Products International, Inc.	1,999		60,570
Flowers Foods, Inc.	2,052		50,130
Green Mountain Coffee Roasters, Inc.*	2,793		71,780
Lancaster Colony Corp.	519		27,694
Ralcorp Holdings, Inc.*	1,457		79,844
Smithfield Foods, Inc.*	3,916		58,348
Tootsie Roll Industries, Inc.	721		17,052

			365,418

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 400 PORTFOLIO-I

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Household Products (0.6%)*
Church & Dwight Co., Inc.	1,879	$	117,832
Energizer Holdings, Inc.*	1,858		93,420

			211,252

*Personal Products (0.3%)*
Alberto-Culver Co.	2,279		61,738
NBTY, Inc.*	1,683		57,239

			118,977

*Tobacco (0.1%)*
Universal Corp.	654		25,951

Total Consumer Staples			881,698

Energy (4.1%)
*Energy Equipment & Services (1.4%)*
Atwood Oceanics, Inc.*	1,510		38,535
Exterran Holdings, Inc.*	1,666		43,000
Helix Energy Solutions Group, Inc.*	2,449		26,376
Oceaneering International, Inc.*	1,462		65,644
Patterson-UTI Energy, Inc.	4,089		52,625
Pride International, Inc.*	4,671		104,350
Superior Energy Services, Inc.*	2,093		39,076
Tidewater, Inc.	1,377		53,318
Unit Corp.*	1,078		43,756

			466,680

*Oil, Gas & Consumable Fuels (2.7%)*
Arch Coal, Inc.	4,323		85,639
Bill Barrett Corp.*	1,031		31,724
Cimarex Energy Co.	2,230		159,623
Comstock Resources, Inc.*	1,255		34,789
Forest Oil Corp.*	2,992		81,861
Frontier Oil Corp.	2,790		37,526
Mariner Energy, Inc.*	2,753		59,134
Newfield Exploration Co.*	3,533		172,622
Overseas Shipholding Group, Inc.	706		26,150
Patriot Coal Corp.*	2,011		23,629
Plains Exploration & Production Co.*	3,709		76,443
Quicksilver Resources, Inc.*	3,155		34,705
Southern Union Co.	3,311		72,378

			896,223

Total Energy			1,362,903

Financials (14.5%)
*Capital Markets (1.5%)*
Affiliated Managers Group, Inc.*	1,189		72,255
Apollo Investment Corp.	5,093		47,518
Eaton Vance Corp.	3,160		87,248
Greenhill & Co., Inc.	568		34,722
Jefferies Group, Inc.	3,242		68,341
Raymond James Financial, Inc.	2,640		65,182
SEI Investments Co.	3,436		69,957
Waddell & Reed Financial, Inc., Class A	2,312		50,586

			495,809


	Number of Shares	Value (Note 1)

*Commercial Banks (2.7%)*
Associated Banc-Corp	4,599	$	56,384
BancorpSouth, Inc.	1,954		34,937
Bank of Hawaii Corp.	1,278		61,791
Cathay General Bancorp	2,096		21,652
City National Corp./California	1,153		59,068
Commerce Bancshares, Inc./Missouri	1,943		69,929
Cullen/Frost Bankers, Inc.	1,598		82,137
FirstMerit Corp.	2,860		48,992
Fulton Financial Corp.	5,280		50,952
International Bancshares Corp.	1,381		23,049
PacWest Bancorp	848		15,527
Prosperity Bancshares, Inc.	1,240		43,090
SVB Financial Group*	1,102		45,435
Synovus Financial Corp.	20,781		52,784
TCF Financial Corp.	3,284		54,547
Trustmark Corp.	1,512		31,480
Valley National Bancorp	4,281		58,307
Webster Financial Corp.	1,777		31,879
Westamerica Bancorp	778		40,861
Wilmington Trust Corp.	2,428		26,927

			909,728

*Consumer Finance (0.1%)*
AmeriCredit Corp.*	2,567		46,771

*Diversified Financial Services (0.3%)*
MSCI, Inc., Class A*	3,095		84,803

*Insurance (3.1%)*
American Financial Group, Inc./Ohio	2,031		55,487
Arthur J. Gallagher & Co.	2,767		67,459
Brown & Brown, Inc.	3,141		60,119
Everest Reinsurance Group Ltd.	1,563		110,535
Fidelity National Financial, Inc., Class A	6,131		79,642
First American Financial Corp.	2,759		34,984
Hanover Insurance Group, Inc.	1,197		52,070
HCC Insurance Holdings, Inc.	3,050		75,518
Mercury General Corp.	949		39,327
Old Republic International Corp.	6,405		77,693
Protective Life Corp.	2,280		48,769
Reinsurance Group of America, Inc.	1,942		88,769
StanCorp Financial Group, Inc.	1,258		50,999
Transatlantic Holdings, Inc.	1,713		82,155
Unitrin, Inc.	1,330		34,048
W.R. Berkley Corp.	3,416		90,387

			1,047,961

*Real Estate Investment Trusts (REITs) (5.5%)*
Alexandria Real Estate Equities, Inc. (REIT)	1,179		74,713
AMB Property Corp. (REIT)	4,462		105,794
BRE Properties, Inc. (REIT)	1,655		61,119
Camden Property Trust (REIT)	1,747		71,365
Corporate Office Properties Trust/Maryland (REIT)	1,555		58,717
Cousins Properties, Inc. (REIT)	2,705		18,232
Duke Realty Corp. (REIT)	6,558		74,433

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 400 PORTFOLIO-I

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Equity One, Inc. (REIT)	940	$	14,664
Essex Property Trust, Inc. (REIT)	799		77,935
Federal Realty Investment Trust (REIT)	1,630		114,540
Highwoods Properties, Inc. (REIT)	1,086		30,147
Hospitality Properties Trust (REIT)	3,284		69,292
Liberty Property Trust (REIT)	3,001		86,579
Macerich Co. (REIT)	3,442		128,455
Mack-Cali Realty Corp. (REIT)	2,108		62,671
Nationwide Health Properties, Inc. (REIT)	3,178		113,677
Omega Healthcare Investors, Inc. (REIT)	2,468		49,187
Potlatch Corp. (REIT)	1,061		37,910
Rayonier, Inc. (REIT)	2,126		93,587
Realty Income Corp. (REIT)	2,778		84,257
Regency Centers Corp. (REIT)	2,171		74,682
Senior Housing Properties Trust (REIT)	3,390		68,173
SL Green Realty Corp. (REIT)	2,070		113,933
UDR, Inc. (REIT)	4,303		82,316
Weingarten Realty Investors (REIT)	2,782		52,997

			1,819,375

*Real Estate Management & Development (0.2%)*
Jones Lang LaSalle, Inc.	1,116		73,254

*Thrifts & Mortgage Finance (1.1%)*
Astoria Financial Corp.	2,193		30,176
First Niagara Financial Group, Inc.	5,562		69,692
New York Community Bancorp, Inc.	11,521		175,925
NewAlliance Bancshares, Inc.	2,828		31,702
Washington Federal, Inc.	2,995		48,459

			355,954

Total Financials			4,833,655

Health Care (8.7%)
*Biotechnology (0.7%)*
United Therapeutics Corp.*	1,305		63,697
Vertex Pharmaceuticals, Inc.*	5,364		176,476

			240,173

*Health Care Equipment & Supplies (3.0%)*
Beckman Coulter, Inc.	1,859		112,079
Edwards Lifesciences Corp.*	3,008		168,508
Gen-Probe, Inc.*	1,307		59,364
Hill-Rom Holdings, Inc.	1,675		50,970
Hologic, Inc.*	6,877		95,797
IDEXX Laboratories, Inc.*	1,545		94,090
Immucor, Inc.*	1,862		35,471
Kinetic Concepts, Inc.*	1,652		60,315
Masimo Corp.	1,391		33,120
ResMed, Inc.*	2,015		122,532
STERIS Corp.	1,575		48,951
Teleflex, Inc.	1,059		57,482
Thoratec Corp.*	1,519		64,907

			1,003,586


	Number of Shares	Value (Note 1)

*Health Care Providers & Services (2.7%)*
Community Health Systems, Inc.*	2,517	$	85,100
Health Management Associates, Inc., Class A*	6,653		51,694
Health Net, Inc.*	2,667		64,995
Henry Schein, Inc.*	2,430		133,407
Kindred Healthcare, Inc.*	1,046		13,430
LifePoint Hospitals, Inc.*	1,461		45,875
Lincare Holdings, Inc.*	2,623		85,274
MEDNAX, Inc.*	1,252		69,624
Omnicare, Inc.	3,201		75,864
Owens & Minor, Inc.	1,676		47,565
Psychiatric Solutions, Inc.*	1,530		50,061
Universal Health Services, Inc., Class B	2,580		98,427
VCA Antech, Inc.*	2,276		56,354
WellCare Health Plans, Inc.*	1,129		26,802

			904,472

*Life Sciences Tools & Services (1.3%)*
Affymetrix, Inc.*	1,901		11,216
Bio-Rad Laboratories, Inc., Class A*	513		44,369
Charles River Laboratories International, Inc.*	1,754		60,004
Covance, Inc.*	1,708		87,655
Mettler-Toledo International, Inc.*	899		100,355
Pharmaceutical Product Development, Inc.	3,153		80,118
Techne Corp.	993		57,048

			440,765

*Pharmaceuticals (1.0%)*
Endo Pharmaceuticals Holdings, Inc.*	3,122		68,122
Medicis Pharmaceutical Corp., Class A	1,546		33,827
Perrigo Co.	2,140		126,410
Valeant Pharmaceuticals International*	1,667		87,167

			315,526

Total Health Care			2,904,522

Industrials (10.3%)
*Aerospace & Defense (0.4%)*
Alliant Techsystems, Inc.*	879		54,551
BE Aerospace, Inc.*	2,721		69,195

			123,746

*Airlines (0.3%)*
AirTran Holdings, Inc.*	3,600		17,460
Alaska Air Group, Inc.*	950		42,702
JetBlue Airways Corp.*	5,528		30,349

			90,511

*Building Products (0.2%)*
Lennox International, Inc.	1,304		54,207

*Commercial Services & Supplies (1.2%)*
Brink’s Co.	1,278		24,320
Clean Harbors, Inc.*	609		40,444
Copart, Inc.*	1,792		64,172

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 400 PORTFOLIO-I

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Corrections Corp. of America*	3,017	$	57,564
Deluxe Corp.	1,367		25,631
Herman Miller, Inc.	1,492		28,154
HNI Corp.	1,202		33,163
Mine Safety Appliances Co.	807		19,998
Rollins, Inc.	1,167		24,145
Waste Connections, Inc.*	2,060		71,873

			389,464

*Construction & Engineering (1.0%)*
Aecom Technology Corp.*	3,033		69,941
Granite Construction, Inc.	897		21,151
KBR, Inc.	4,270		86,852
Shaw Group, Inc.*	2,225		76,140
URS Corp.*	2,197		86,452

			340,536

*Electrical Equipment (1.1%)*
Acuity Brands, Inc.	1,155		42,019
AMETEK, Inc.	2,821		113,263
Hubbell, Inc., Class B	1,590		63,107
Regal-Beloit Corp.	1,022		57,007
Thomas & Betts Corp.*	1,401		48,615
Woodward Governor Co.	1,513		38,627

			362,638

*Industrial Conglomerates (0.2%)*
Carlisle Cos., Inc.	1,602		57,880

*Machinery (3.8%)*
AGCO Corp.*	2,461		66,373
Bucyrus International, Inc.	2,151		102,065
Crane Co.	1,248		37,702
Donaldson Co., Inc.	2,055		87,646
Gardner Denver, Inc.	1,392		62,069
Graco, Inc.	1,600		45,104
Harsco Corp.	2,139		50,267
IDEX Corp.	2,156		61,597
Joy Global, Inc.	2,738		137,146
Kennametal, Inc.	2,171		55,209
Lincoln Electric Holdings, Inc.	1,135		57,874
Nordson Corp.	898		50,360
Oshkosh Corp.*	2,383		74,254
Pentair, Inc.	2,617		84,267
SPX Corp.	1,326		70,026
Terex Corp.*	2,884		54,046
Timken Co.	2,116		54,995
Trinity Industries, Inc.	2,110		37,389
Valmont Industries, Inc.	532		38,655
Wabtec Corp.	1,268		50,581

			1,277,625

*Marine (0.2%)*
Alexander & Baldwin, Inc.	1,094		32,580
Kirby Corp.*	1,433		54,812

			87,392

*Professional Services (0.7%)*
Corporate Executive Board Co.	911		23,932
FTI Consulting, Inc.*	1,238		53,964
Korn/Ferry International*	1,223		17,000
Manpower, Inc.	2,178		94,046


	Number of Shares	Value (Note 1)

Navigant Consulting, Inc.*	1,338	$	13,888
Towers Watson & Co., Class A	1,137		44,173

			247,003

*Road & Rail (0.9%)*
Con-way, Inc.	1,432		42,989
J.B. Hunt Transport Services, Inc.	2,337		76,350
Kansas City Southern*	2,701		98,181
Landstar System, Inc.	1,338		52,168
Werner Enterprises, Inc.	1,173		25,677

			295,365

*Trading Companies & Distributors (0.3%)*
GATX Corp.	1,229		32,790
MSC Industrial Direct Co., Class A	1,178		59,677
United Rentals, Inc.*	1,608		14,987

			107,454

Total Industrials			3,433,821

Information Technology (10.6%)
*Communications Equipment (1.3%)*
ADC Telecommunications, Inc.*	2,591		19,199
ADTRAN, Inc.	1,490		40,632
Ciena Corp.*	2,468		31,294
CommScope, Inc.*	2,510		59,663
F5 Networks, Inc.*	2,129		145,985
Palm, Inc.*	4,474		25,457
Plantronics, Inc.	1,286		36,780
Polycom, Inc.*	2,273		67,713

			426,723

*Computers & Peripherals (0.3%)*
Diebold, Inc.	1,766		48,123
NCR Corp.*	4,239		51,377

			99,500

*Electronic Equipment, Instruments & Components (1.6%)*
Arrow Electronics, Inc.*	3,189		71,274
Avnet, Inc.*	4,037		97,332
Ingram Micro, Inc., Class A*	4,412		67,018
Itron, Inc.*	1,069		66,086
National Instruments Corp.	1,524		48,433
Tech Data Corp.*	1,355		48,265
Trimble Navigation Ltd.*	3,211		89,908
Vishay Intertechnology, Inc.*	4,973		38,491

			526,807

*Internet Software & Services (0.6%)*
AOL, Inc.*	2,837		58,981
Digital River, Inc.*	1,032		24,675
Equinix, Inc.*	1,208		98,114
ValueClick, Inc.*	2,229		23,828

			205,598

*IT Services (1.9%)*
Acxiom Corp.*	2,110		30,996
Alliance Data Systems Corp.*	1,416		84,280
Broadridge Financial Solutions, Inc.	3,588		68,351
Convergys Corp.*	3,284		32,216
CoreLogic, Inc.	2,772		48,954

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 400 PORTFOLIO-I

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

DST Systems, Inc.	979	$	35,381
Gartner, Inc.*	1,610		37,432
Global Payments, Inc.	2,169		79,255
Hewitt Associates, Inc., Class A*	2,197		75,709
Lender Processing Services, Inc.	2,541		79,559
ManTech International Corp., Class A*	594		25,287
NeuStar, Inc., Class A*	1,149		23,692
SRA International, Inc., Class A*	1,152		22,660

			643,772

*Office Electronics (0.1%)*
Zebra Technologies Corp., Class A*	1,567		39,755

*Semiconductors & Semiconductor Equipment (1.8%)*
Atmel Corp.*	12,132		58,234
Cree, Inc.*	2,852		171,206
Fairchild Semiconductor International, Inc.*	3,315		27,879
Integrated Device Technology, Inc.*	4,425		21,904
International Rectifier Corp.*	1,894		35,247
Intersil Corp., Class A	3,277		39,684
Lam Research Corp.*	3,357		127,767
RF Micro Devices, Inc.*	7,157		27,984
Semtech Corp.*	1,645		26,929
Silicon Laboratories, Inc.*	1,223		49,605

			586,439

*Software (3.0%)*
ACI Worldwide, Inc.*	910		17,718
Advent Software, Inc.*	419		19,676
ANSYS, Inc.*	2,390		96,962
Cadence Design Systems, Inc.*	7,161		41,462
FactSet Research Systems, Inc.	1,102		73,823
Fair Isaac Corp.	1,240		27,020
Informatica Corp.*	2,448		58,458
Jack Henry & Associates, Inc.	2,250		53,730
Mentor Graphics Corp.*	2,880		25,488
MICROS Systems, Inc.*	2,120		67,565
Parametric Technology Corp.*	3,121		48,906
Quest Software, Inc.*	1,669		30,109
Rovi Corp.*	2,707		102,622
Solera Holdings, Inc.	1,860		67,332
Sybase, Inc.*	2,310		149,365
Synopsys, Inc.*	3,945		82,332
TIBCO Software, Inc.*	4,436		53,498

			1,016,066

Total Information Technology			3,544,660

Materials (4.6%)
*Chemicals (2.3%)*
Albemarle Corp.	2,430		96,495
Ashland, Inc.	2,077		96,414
Cabot Corp.	1,741		41,976
Cytec Industries, Inc.	1,299		51,947
Intrepid Potash, Inc.*	1,102		21,566
Lubrizol Corp.	1,819		146,084
Minerals Technologies, Inc.	500		23,770
NewMarket Corp.	312		27,244


	Number of Shares	Value (Note 1)

Olin Corp.	2,093	$	37,862
RPM International, Inc.	3,447		61,495
Scotts Miracle-Gro Co., Class A	1,206		53,558
Sensient Technologies Corp.	1,312		34,020
Valspar Corp.	2,648		79,758

			772,189

*Construction Materials (0.3%)*
Martin Marietta Materials, Inc.	1,206		102,281

*Containers & Packaging (1.2%)*
AptarGroup, Inc.	1,806		68,303
Greif, Inc., Class A	915		50,819
Packaging Corp. of America	2,743		60,401
Rock-Tenn Co., Class A	1,033		51,309
Silgan Holdings, Inc.	1,428		40,527
Sonoco Products Co.	2,668		81,321
Temple-Inland, Inc.	2,862		59,157

			411,837

*Metals & Mining (0.7%)*
Carpenter Technology Corp.	1,172		38,477
Commercial Metals Co.	3,007		39,753
Reliance Steel & Aluminum Co.	1,709		61,780
Steel Dynamics, Inc.	5,757		75,935
Worthington Industries, Inc.	1,628		20,936

			236,881

*Paper & Forest Products (0.1%)*
Louisiana-Pacific Corp.*	3,386		22,652

Total Materials			1,545,840

Telecommunication Services (0.6%)
*Diversified Telecommunication Services (0.3%)*
Cincinnati Bell, Inc.*	5,378		16,188
tw telecom, Inc.*	3,997		66,670

			82,858

*Wireless Telecommunication Services (0.3%)*
Syniverse Holdings, Inc.*	1,850		37,833
Telephone & Data Systems, Inc.	2,452		74,516

			112,349

Total Telecommunication Services			195,207

Utilities (4.3%)
*Electric Utilities (1.3%)*
Cleco Corp.	1,612		42,573
DPL, Inc.	3,187		76,169
Great Plains Energy, Inc.	3,604		61,340
Hawaiian Electric Industries, Inc.	2,452		55,857
IDACORP, Inc.	1,278		42,519
NV Energy, Inc.	6,250		73,813
PNM Resources, Inc.	2,313		25,859
Westar Energy, Inc.	2,948		63,706

			441,836

*Gas Utilities (1.3%)*
AGL Resources, Inc.	2,064		73,932
Atmos Energy Corp.	2,477		66,978

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 400 PORTFOLIO-I

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Energen Corp.	1,909	$	84,626
National Fuel Gas Co.	2,178		99,927
UGI Corp.	2,897		73,700
WGL Holdings, Inc.	1,340		45,600

			444,763

*Independent Power Producers & Energy Traders (0.1%)*
Dynegy, Inc.*	2,703		10,407

*Multi-Utilities (1.4%)*
Alliant Energy Corp.	2,944		93,443
Black Hills Corp.	1,037		29,523
MDU Resources Group, Inc.	4,999		90,132
NSTAR	2,842		99,470
OGE Energy Corp.	2,582		94,398
Vectren Corp.	2,161		51,129

			458,095

*Water Utilities (0.2%)*
Aqua America, Inc.	3,628		64,143

Total Utilities			1,419,244

Total Common Stocks (69.9%) (Cost $24,577,704)			23,338,075


	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENT:
Short-Term Investment (27.0%)
BlackRock Liquidity Funds TempFund 0.16%‡ (Amortized Cost $9,032,953)	$	9,032,953	$	9,032,953

Total Investments (96.9%) (Cost $33,610,657)				32,371,028
Other Assets Less Liabilities (3.1%)				1,052,582

Net Assets (100%)			$	33,423,610

*	Non-income producing.

‡	Affiliated company as defined under the Investment Company Act of 1940.

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	3,974,449	$	23,564,499	$	18,505,995	$	9,032,953	$	6,260	$	—

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
S&P MidCap 400 E-Mini Index	140	September-10	$	10,481,592	$	9,940,000	$	(541,592	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 400 PORTFOLIO-I

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	3,216,525		$	—	$	—	$	3,216,525
Consumer Staples		881,698			—		—		881,698
Energy		1,362,903			—		—		1,362,903
Financials		4,833,655			—		—		4,833,655
Health Care		2,904,522			—		—		2,904,522
Industrials		3,433,821			—		—		3,433,821
Information Technology		3,544,660			—		—		3,544,660
Materials		1,545,840			—		—		1,545,840
Telecommunication Services		195,207			—		—		195,207
Utilities		1,419,244			—		—		1,419,244
Short-Term Investments		—			9,032,953		—		9,032,953

Total Assets	$	23,338,075		$	9,032,953	$	—	$	32,371,028


Liabilities:
Futures	$	(541,592	)	$	—	$	—	$	(541,592	)

Total Liabilities	$	(541,592	)	$	—	$	—	$	(541,592	)

Total	$	22,796,483		$	9,032,953	$	—	$	31,829,436

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	—


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(541,592	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(541,592	)

* Includes cumulative appreciation/depreciation of futures contracts as reported in Portolio of Investments. Only current day’s variation margin is reported within the Statement of Assets & Liabilities.

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 400 PORTFOLIO-I

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(215,020	)		—		—		(215,020	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(215,020	)	$	—	$	—	$	(215,020	)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(613,781	)		—		—		(613,781	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(613,781	)	$	—	$	—	$	(613,781	)

The Portfolio held futures contracts with an average notional balance of approximately $8,947,000 during the six months ended June 30, 2010.

^ This Portfolio held futures contracts to gain or reduce exposure to the financial markets.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	16,797,199
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	872,007

As of June 30, 2010, 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	$	370,664
Aggregate gross unrealized depreciation		(1,610,636	)

Net unrealized depreciation	$	(1,239,972	)

Federal income tax cost of investments	$	33,611,000

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 400 PORTFOLIO-I

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $9,032,953)	$	9,032,953
Unaffiliated Issuers (Cost $24,577,704)		23,338,075
Cash		3,336
Cash held as collateral at broker		1,019,700
Receivable from Separate Accounts for Trust shares sold		105,356
Dividends, interest and other receivables		20,384
Receivable for securities sold		9,599
Receivable from investment sub-advisor		1,611
Other assets		155

Total assets		33,531,169

LIABILITIES
Variation margin payable on futures contracts		56,527
Administrative fees payable		9,778
Investment management fees payable		3,807
Distribution fees payable - Class IB		1,075
Payable to Separate Accounts for Trust shares redeemed		112
Accrued expenses		36,260

Total liabilities		107,559

NET ASSETS	$	33,423,610

Net assets were comprised of:
Paid in capital	$	34,925,133
Accumulated undistributed net investment income (loss)		25,271
Accumulated undistributed net realized gains (losses) on investments and futures		254,427
Net unrealized appreciation (depreciation) on investments and futures		(1,781,221	)

Net assets	$	33,423,610

Class IA
Net asset value, offering and redemption price per share, $27,516,117 / 2,206,243 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.47

Class IB
Net asset value, offering and redemption price per share, $5,907,493 / 477,409 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.37

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends ($6,260 of dividend income received from affiliates)	$	103,172

EXPENSES
Administrative fees		51,988
Investment management fees		51,829
Professional fees		20,028
Custodian fees		7,687
Distribution fees - Class IB		2,499
Printing and mailing expenses		1,224
Trustees’ fees		312
Miscellaneous		1,356

Gross expenses		136,923
Less: Waiver from investment advisor		(53,823	)
Reimbursement from sub-advisor		(3,226	)

Net expenses		79,874

NET INVESTMENT INCOME (LOSS)		23,298

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		83,210
Futures		(215,020	)

Net realized gain (loss)		(131,810	)

Change in unrealized appreciation (depreciation) on:
Securities		(1,507,487	)
Futures		(613,781	)

Net change in unrealized appreciation (depreciation)		(2,121,268	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(2,253,078	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,229,780	)

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 400 PORTFOLIO-I

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			May 27, 2009* to December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	23,298		$	1,973
Net realized gain (loss) on investments and futures		(131,810	)		386,237
Net change in unrealized appreciation (depreciation) on investments and futures		(2,121,268	)		340,047

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(2,229,780	)		728,257

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [ 1,183,004 and 1,015,040 shares, respectively]		16,025,112			12,365,826
Capital shares repurchased [ (1,659) and (142) shares, respectively]		(23,132	)		(1,767	)

Total Class IA transactions		16,001,980			12,364,059

Class IB†
Capital shares sold [ 477,967 and 6,675 shares, respectively]		6,476,175			84,828
Capital shares repurchased [ (7,232) and (1) shares, respectively]		(101,898	)		(11	)

Total Class IB transactions		6,374,277			84,817

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		22,376,257			12,448,876

TOTAL INCREASE (DECREASE) IN NET ASSETS		20,146,477			13,177,133
NET ASSETS:
Beginning of period		13,277,133			100,000

End of period (a)	$	33,423,610		$	13,277,133

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	25,271		$	1,973

* The Portfolio commenced operations on May 27, 2009.
† Class IB commenced operations on October 29, 2009.

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 400 PORTFOLIO-I

FINANCIAL HIGHLIGHTS


Class IA	Six Months Ended June 30, 2010 (Unaudited)			May 27, 2009* to December 31, 2009
Net asset value, beginning of period	$	12.87		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.01	(e)		0.01	(e)
Net realized and unrealized gain (loss) on investments and futures		(0.41	)		2.86

Total from investment operations		(0.40	)		2.87

Net asset value, end of period	$	12.47		$	12.87

Total return (b)		(3.11	)%		28.70	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	27,516		$	13,192
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.67	%		0.70	%
Before waivers and reimbursements (a)		1.18	%		4.36	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.22	%		0.08	%
Before waivers and reimbursements (a)		(0.28	)%		(3.58	)%
Portfolio turnover rate		6	%		14	%

Class IB	Six Months Ended June 30, 2010 (Unaudited)			October 29, 2009* to December 31, 2009
Net asset value, beginning of period	$	12.79		$	11.81

Income (loss) from investment operations:
Net investment income (loss)		—	#(e)		—	#(e)
Net realized and unrealized gain (loss) on investments and futures		(0.42	)		0.98

Total from investment operations		(0.42	)		0.98

Net asset value, end of period	$	12.37		$	12.79

Total return (b)		(3.89	)%		8.30	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	5,907		$	85
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.92	%		0.95	%(c)
Before waivers and reimbursements (a)		1.43	%(c)		4.61	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.02	%		0.04	%
Before waivers and reimbursements (a)		(0.38	)%		(1.47	)%
Portfolio turnover rate		6	%		14	%

*	Commencement of Operations.

#	Per share 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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

AXA TACTICAL MANAGER 400 PORTFOLIO-II (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Financials	11.0	%
Information Technology	8.1
Industrials	7.8
Consumer Discretionary	7.3
Health Care	6.6
Materials	3.5
Utilities	3.2
Energy	3.1
Consumer Staples	2.0
Telecommunication Services	0.5
Cash and Other	46.9

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$959.70	$3.06
Hypothetical (5% average return before expenses)	1,000.00	1,021.67	3.16
* Expenses are equal to the Portfolio’s Class IA shares annualized expense ratios of 0.63% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 400 PORTFOLIO-II

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (7.3%)
*Auto Components* (*0.4%)*
BorgWarner, Inc.*	65,134	$	2,432,104
Gentex Corp.	76,935		1,383,291

			3,815,395

*Automobiles* (*0.0%)*
Thor Industries, Inc.	21,840		518,700

*Distributors* (*0.2%)*
LKQ Corp.*	79,130		1,525,626

*Diversified Consumer Services* (*0.8%)*
Career Education Corp.*	37,174		855,746
Corinthian Colleges, Inc.*	48,155		474,327
ITT Educational Services, Inc.*	16,223		1,346,833
Matthews International Corp., Class A	16,983		497,262
Regis Corp.	31,759		494,488
Service Corp. International	141,482		1,046,967
Sotheby’s, Inc.	37,547		858,700
Strayer Education, Inc.	7,714		1,603,663

			7,177,986

*Hotels, Restaurants & Leisure* (*1.2%)*
Bally Technologies, Inc.*	30,508		988,154
Bob Evans Farms, Inc.	16,336		402,192
Boyd Gaming Corp.*	31,460		267,095
Brinker International, Inc.	56,664		819,361
Burger King Holdings, Inc.	50,989		858,655
Cheesecake Factory, Inc.*	33,317		741,636
Chipotle Mexican Grill, Inc.*	17,555		2,401,700
International Speedway Corp., Class A	16,401		422,490
Life Time Fitness, Inc.*	23,002		731,234
Panera Bread Co., Class A*	17,713		1,333,612
Scientific Games Corp., Class A*	35,670		328,164
Wendy’s/Arby’s Group, Inc., Class A	188,913		755,652
WMS Industries, Inc.*	28,920		1,135,110

			11,185,055

*Household Durables* (*0.9%)*
American Greetings Corp., Class A	21,367		400,845
KB Home	41,544		456,984
M.D.C. Holdings, Inc.	20,641		556,275
Mohawk Industries, Inc.*	31,241		1,429,588
NVR, Inc.*	3,488		2,284,745
Ryland Group, Inc.	23,981		379,379
Toll Brothers, Inc.*	77,346		1,265,381
Tupperware Brands Corp.	35,059		1,397,101

			8,170,298

*Internet & Catalog Retail* (*0.3%)*
Netflix, Inc.*	22,996		2,498,515

*Media* (*0.4%)*
DreamWorks Animation SKG, Inc., Class A*	41,891		1,195,988
Harte-Hanks, Inc.	21,817		227,987
John Wiley & Sons, Inc., Class A	24,237		937,245


	Number of Shares	Value (Note 1)

Lamar Advertising Co., Class A*	29,786	$	730,353
Scholastic Corp.	13,884		334,882

			3,426,455

*Multiline Retail* (*0.4%)*
99 Cents Only Stores*	25,259		373,833
Dollar Tree, Inc.*	70,798		2,947,300
Saks, Inc.*	88,873		674,546

			3,995,679

*Specialty Retail* (*2.1%)*
Aaron’s, Inc.	45,604		778,460
Advance Auto Parts, Inc.	48,699		2,443,716
Aeropostale, Inc.*	52,257		1,496,640
American Eagle Outfitters, Inc.	116,078		1,363,917
AnnTaylor Stores Corp.*	32,103		522,316
Barnes & Noble, Inc.	21,606		278,717
Chico’s FAS, Inc.	98,344		971,639
Coldwater Creek, Inc.*	33,556		112,748
Collective Brands, Inc.*	35,845		566,351
Dick’s Sporting Goods, Inc.*	49,785		1,239,149
Dress Barn, Inc.*	33,036		786,587
Foot Locker, Inc.	86,003		1,085,358
Guess?, Inc.	32,559		1,017,143
J. Crew Group, Inc.*	30,942		1,138,975
PetSmart, Inc.	66,022		1,991,884
Rent-A-Center, Inc.*	35,966		728,671
Tractor Supply Co.	20,057		1,222,875
Williams-Sonoma, Inc.	59,273		1,471,156

			19,216,302

*Textiles, Apparel & Luxury Goods* (*0.6%)*
Fossil, Inc.*	27,071		939,364
Hanesbrands, Inc.*	53,048		1,276,335
Phillips-Van Heusen Corp.	31,275		1,447,094
Timberland Co., Class A*	23,001		371,466
Under Armour, Inc., Class A*	21,204		702,489
Warnaco Group, Inc.*	24,857		898,332

			5,635,080

Total Consumer Discretionary			67,165,091

Consumer Staples (2.0%)
*Beverages* (*0.2%)*
Hansen Natural Corp.*	39,616		1,549,382

*Food & Staples Retailing* (*0.2%)*
BJ’s Wholesale Club, Inc.*	30,131		1,115,148
Ruddick Corp.	22,578		699,692

			1,814,840

*Food Products* (*0.8%)*
Corn Products International, Inc.	41,945		1,270,933
Flowers Foods, Inc.	42,507		1,038,446
Green Mountain Coffee Roasters, Inc.*	58,538		1,504,427
Lancaster Colony Corp.	10,996		586,747
Ralcorp Holdings, Inc.*	30,218		1,655,946
Smithfield Foods, Inc.*	81,401		1,212,875
Tootsie Roll Industries, Inc.	15,406		364,352

			7,633,726

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 400 PORTFOLIO-II

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Household Products* (*0.5%)*
Church & Dwight Co., Inc.	39,262	$	2,462,120
Energizer Holdings, Inc.*	38,839		1,952,825

			4,414,945

*Personal Products* (*0.3%)*
Alberto-Culver Co.	47,229		1,279,433
NBTY, Inc.*	34,894		1,186,745

			2,466,178

*Tobacco* (*0.0%)*
Universal Corp.	13,348		529,649

Total Consumer Staples			18,408,720

Energy (3.1%)
*Energy Equipment & Services* (*1.1%)*
Atwood Oceanics, Inc.*	31,214		796,581
Exterran Holdings, Inc.*	34,955		902,189
Helix Energy Solutions Group, Inc.*	51,305		552,555
Oceaneering International, Inc.*	30,361		1,363,209
Patterson-UTI Energy, Inc.	86,060		1,107,592
Pride International, Inc.*	97,542		2,179,088
Superior Energy Services, Inc.*	43,768		817,149
Tidewater, Inc.	28,481		1,102,784
Unit Corp.*	22,634		918,714

			9,739,861

*Oil, Gas & Consumable Fuels* (*2.0%)*
Arch Coal, Inc.	89,447		1,771,945
Bill Barrett Corp.*	21,644		665,986
Cimarex Energy Co.	46,634		3,338,062
Comstock Resources, Inc.*	25,838		716,229
Forest Oil Corp.*	62,667		1,714,569
Frontier Oil Corp.	58,424		785,803
Mariner Energy, Inc.*	57,425		1,233,489
Newfield Exploration Co.*	74,166		3,623,751
Overseas Shipholding Group, Inc.	14,561		539,340
Patriot Coal Corp.*	41,747		490,527
Plains Exploration & Production Co.*	77,707		1,601,541
Quicksilver Resources, Inc.*	65,473		720,203
Southern Union Co.	69,515		1,519,598

			18,721,043

Total Energy			28,460,904

Financials (11.0%)
*Capital Markets* (*1.1%)*
Affiliated Managers Group, Inc.*	24,662		1,498,710
Apollo Investment Corp.	106,923		997,592
Eaton Vance Corp.	65,710		1,814,253
Greenhill & Co., Inc.	11,765		719,195
Jefferies Group, Inc.	67,105		1,414,573
Raymond James Financial, Inc.	55,193		1,362,715
SEI Investments Co.	70,823		1,441,956
Waddell & Reed Financial, Inc., Class A	47,638		1,042,319

			10,291,313


	Number of Shares	Value (Note 1)

*Commercial Banks* (*2.0%)*
Associated Banc-Corp	95,330	$	1,168,746
BancorpSouth, Inc.	41,173		736,173
Bank of Hawaii Corp.	26,531		1,282,774
Cathay General Bancorp	43,009		444,283
City National Corp./California	24,094		1,234,335
Commerce Bancshares, Inc./Missouri	40,968		1,474,438
Cullen/Frost Bankers, Inc.	33,412		1,717,377
First Horizon National Corp.*	429		4,917
FirstMerit Corp.	59,405		1,017,608
Fulton Financial Corp.	111,020		1,071,343
International Bancshares Corp.	29,278		488,650
PacWest Bancorp	16,926		309,915
Prosperity Bancshares, Inc.	25,791		896,237
SVB Financial Group*	22,984		947,630
Synovus Financial Corp.	431,922		1,097,082
TCF Financial Corp.	68,175		1,132,387
Trustmark Corp.	31,918		664,533
Valley National Bancorp	88,722		1,208,394
Webster Financial Corp.	36,268		650,648
Westamerica Bancorp	16,171		849,301
Wilmington Trust Corp.	50,141		556,064

			18,952,835

*Consumer Finance* (*0.1%)*
AmeriCredit Corp.*	53,801		980,254

*Diversified Financial Services* (*0.2%)*
MSCI, Inc., Class A*	64,462		1,766,259

*Insurance* (*2.4%)*
American Financial Group, Inc./Ohio	42,351		1,157,029
Arthur J. Gallagher & Co.	57,268		1,396,194
Brown & Brown, Inc.	65,893		1,261,192
Everest Reinsurance Group Ltd.	32,838		2,322,303
Fidelity National Financial, Inc., Class A	126,516		1,643,443
First American Financial Corp.	56,589		717,549
Hanover Insurance Group, Inc.	24,531		1,067,098
HCC Insurance Holdings, Inc.	63,397		1,569,710
Mercury General Corp.	19,438		805,511
Old Republic International Corp.	134,455		1,630,939
Protective Life Corp.	46,782		1,000,667
Reinsurance Group of America, Inc.	40,796		1,864,785
StanCorp Financial Group, Inc.	25,920		1,050,797
Transatlantic Holdings, Inc.	35,698		1,712,076
Unitrin, Inc.	28,079		718,822
W.R. Berkley Corp.	71,672		1,896,441

			21,814,556

*Real Estate Investment Trusts (REITs)* (*4.2%)*
Alexandria Real Estate Equities, Inc. (REIT)	24,485		1,551,614
AMB Property Corp. (REIT)	92,962		2,204,129
BRE Properties, Inc. (REIT)	34,249		1,264,816
Camden Property Trust (REIT)	36,378		1,486,041
Corporate Office Properties Trust/Maryland (REIT)	32,774		1,237,546
Cousins Properties, Inc. (REIT)	55,429		373,592

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 400 PORTFOLIO-II

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Duke Realty Corp. (REIT)	136,941	$	1,554,280
Equity One, Inc. (REIT)	19,693		307,211
Essex Property Trust, Inc. (REIT)	16,661		1,625,114
Federal Realty Investment Trust (REIT)	33,959		2,386,299
Highwoods Properties, Inc. (REIT)	39,932		1,108,512
Hospitality Properties Trust (REIT)	68,490		1,445,139
Liberty Property Trust (REIT)	62,723		1,809,559
Macerich Co. (REIT)	72,260		2,696,743
Mack-Cali Realty Corp. (REIT)	43,880		1,304,552
Nationwide Health Properties, Inc. (REIT)	66,271		2,370,514
Omega Healthcare Investors, Inc. (REIT)	51,258		1,021,572
Potlatch Corp. (REIT)	21,960		784,631
Rayonier, Inc. (REIT)	44,310		1,950,526
Realty Income Corp. (REIT)	57,709		1,750,314
Regency Centers Corp. (REIT)	45,293		1,558,079
Senior Housing Properties Trust (REIT)	70,401		1,415,764
SL Green Realty Corp. (REIT)	43,042		2,369,032
UDR, Inc. (REIT)	89,522		1,712,556
Weingarten Realty Investors (REIT)	58,354		1,111,644

			38,399,779

*Real Estate Management & Development* (*0.2%)*
Jones Lang LaSalle, Inc.	23,164		1,520,485

*Thrifts & Mortgage Finance* (*0.8%)*
Astoria Financial Corp.	46,356		637,859
First Niagara Financial Group, Inc.	115,383		1,445,749
New York Community Bancorp, Inc.	240,390		3,670,755
NewAlliance Bancshares, Inc.	57,457		644,093
Washington Federal, Inc.	62,138		1,005,393

			7,403,849

Total Financials			101,129,330

Health Care (6.6%)
*Biotechnology (0.5%)*
United Therapeutics Corp.*	27,153		1,325,338
Vertex Pharmaceuticals, Inc.*	111,968		3,683,747

			5,009,085

*Health Care Equipment & Supplies (2.3%)*
Beckman Coulter, Inc.	38,810		2,339,855
Edwards Lifesciences Corp.*	62,508		3,501,698
Gen-Probe, Inc.*	27,332		1,241,419
Hill-Rom Holdings, Inc.	35,394		1,077,039
Hologic, Inc.*	143,824		2,003,468
IDEXX Laboratories, Inc.*	32,165		1,958,849
Immucor, Inc.*	38,260		728,853
Kinetic Concepts, Inc.*	34,468		1,258,427
Masimo Corp.	29,392		699,824
ResMed, Inc.*	41,887		2,547,149
STERIS Corp.	32,704		1,016,440
Teleflex, Inc.	22,339		1,212,561


	Number of Shares	Value (Note 1)

Thoratec Corp.*	31,919	$	1,363,899

			20,949,481

*Health Care Providers & Services (2.1%)*
Community Health Systems, Inc.*	52,403		1,771,745
Health Management Associates, Inc., Class A*	138,902		1,079,269
Health Net, Inc.*	55,556		1,353,900
Henry Schein, Inc.*	50,539		2,774,591
Kindred Healthcare, Inc.*	22,196		284,997
LifePoint Hospitals, Inc.*	30,554		959,396
Lincare Holdings, Inc.*	55,432		1,802,078
MEDNAX, Inc.*	26,169		1,455,258
Omnicare, Inc.	66,356		1,572,637
Owens & Minor, Inc.	34,735		985,779
Psychiatric Solutions, Inc.*	31,752		1,038,925
Universal Health Services, Inc., Class B	53,737		2,050,067
VCA Antech, Inc.*	47,793		1,183,355
WellCare Health Plans, Inc.*	23,122		548,916

			18,860,913

*Life Sciences Tools & Services (1.0%)*
Affymetrix, Inc.*	40,819		240,832
Bio-Rad Laboratories, Inc., Class A*	10,789		933,140
Charles River Laboratories International, Inc.*	36,889		1,261,973
Covance, Inc.*	35,762		1,835,306
Mettler-Toledo International, Inc.*	18,582		2,074,309
Pharmaceutical Product Development, Inc.	65,478		1,663,796
Techne Corp.	20,788		1,194,270

			9,203,626

*Pharmaceuticals (0.7%)*
Endo Pharmaceuticals Holdings, Inc.*	64,146		1,399,666
Medicis Pharmaceutical Corp., Class A	31,653		692,567
Perrigo Co.	44,632		2,636,412
Valeant Pharmaceuticals International*	35,130		1,836,948

			6,565,593

Total Health Care			60,588,698

Industrials (7.8%)
*Aerospace & Defense (0.3%)*
Alliant Techsystems, Inc.*	18,196		1,129,244
BE Aerospace, Inc.*	56,813		1,444,754

			2,573,998

*Airlines (0.2%)*
AirTran Holdings, Inc.*	73,354		355,767
Alaska Air Group, Inc.*	19,759		888,167
JetBlue Airways Corp.*	114,884		630,713

			1,874,647

*Building Products (0.1%)*
Lennox International, Inc.	26,758		1,112,330

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 400 PORTFOLIO-II

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Commercial Services & Supplies* (*0.9%)*
Brink’s Co.	26,163	$	497,882
Clean Harbors, Inc.*	12,927		858,482
Copart, Inc.*	37,679		1,349,285
Corrections Corp. of America*	63,034		1,202,689
Deluxe Corp.	28,899		541,856
Herman Miller, Inc.	31,802		600,104
HNI Corp.	25,350		699,407
Mine Safety Appliances Co.	17,098		423,688
Rollins, Inc.	23,548		487,208
Waste Connections, Inc.*	43,183		1,506,655

			8,167,256

*Construction & Engineering (0.8%)*
Aecom Technology Corp.*	63,302		1,459,744
Granite Construction, Inc.	18,451		435,075
KBR, Inc.	89,296		1,816,281
Shaw Group, Inc.*	46,634		1,595,815
URS Corp.*	45,595		1,794,163

			7,101,078

*Electrical Equipment (0.8%)*
Acuity Brands, Inc.	24,174		879,450
AMETEK, Inc.	59,248		2,378,807
Hubbell, Inc., Class B	33,163		1,316,240
Regal-Beloit Corp.	21,311		1,188,728
Thomas & Betts Corp.*	29,119		1,010,429
Woodward Governor Co.	31,731		810,092

			7,583,746

*Industrial Conglomerates (0.1%)*
Carlisle Cos., Inc.	33,419		1,207,429

*Machinery (2.9%)*
AGCO Corp.*	51,389		1,385,961
Bucyrus International, Inc.	44,917		2,131,312
Crane Co.	26,470		799,659
Donaldson Co., Inc.	42,783		1,824,695
Gardner Denver, Inc.	29,032		1,294,537
Graco, Inc.	33,846		954,119
Harsco Corp.	44,857		1,054,139
IDEX Corp.	45,294		1,294,050
Joy Global, Inc.	56,930		2,851,624
Kennametal, Inc.	45,474		1,156,404
Lincoln Electric Holdings, Inc.	23,787		1,212,899
Nordson Corp.	19,032		1,067,315
Oshkosh Corp.*	49,809		1,552,048
Pentair, Inc.	54,455		1,753,451
SPX Corp.	27,557		1,455,285
Terex Corp.*	60,083		1,125,955
Timken Co.	44,368		1,153,124
Trinity Industries, Inc.	43,839		776,827
Valmont Industries, Inc.	10,999		799,187
Wabtec Corp.	26,558		1,059,399

			26,701,990

*Marine* (*0.2%)*
Alexander & Baldwin, Inc.	23,084		687,441
Kirby Corp.*	30,191		1,154,806

			1,842,247

*Professional Services (0.6%)*
Corporate Executive Board Co.	19,327		507,720


	Number of Shares	Value (Note 1)

FTI Consulting, Inc.*	25,692	$	1,119,914
Korn/Ferry International*	24,948		346,777
Manpower, Inc.	45,450		1,962,531
Navigant Consulting, Inc.*	28,062		291,284
Towers Watson & Co., Class A	22,934		890,986

			5,119,212

*Road & Rail* (*0.7%)*
Con-way, Inc.	29,760		893,395
J.B. Hunt Transport Services, Inc.	48,429		1,582,176
Kansas City Southern*	56,230		2,043,961
Landstar System, Inc.	27,685		1,079,438
Werner Enterprises, Inc.	24,169		529,059

			6,128,029

*Trading Companies & Distributors* (*0.2%)*
GATX Corp.	25,475		679,673
MSC Industrial Direct Co., Class A	24,674		1,249,985
United Rentals, Inc.*	34,158		318,352

			2,248,010

Total Industrials			71,659,972

Information Technology (8.1%)
*Communications Equipment* (*1.0%)*
ADC Telecommunications, Inc.*	52,443		388,603
ADTRAN, Inc.	30,344		827,481
Ciena Corp.*	51,921		658,358
CommScope, Inc.*	51,984		1,235,660
F5 Networks, Inc.*	44,325		3,039,365
Palm, Inc.*	47,723		271,544
Plantronics, Inc.	27,373		782,868
Polycom, Inc.*	47,013		1,400,517

			8,604,396

*Computers & Peripherals (0.2%)*
Diebold, Inc.	36,892		1,005,307
NCR Corp.*	88,476		1,072,329

			2,077,636

*Electronic Equipment, Instruments & Components* (*1.2%)*
Arrow Electronics, Inc.*	66,571		1,487,862
Avnet, Inc.*	84,292		2,032,280
Ingram Micro, Inc., Class A*	91,467		1,389,384
Itron, Inc.*	22,236		1,374,629
National Instruments Corp.	30,900		982,002
Tech Data Corp.*	27,932		994,938
Trimble Navigation Ltd.*	67,149		1,880,172
Vishay Intertechnology, Inc.*	104,596		809,573

			10,950,840

*Internet Software & Services (0.5%)*
AOL, Inc.*	58,439		1,214,947
Digital River, Inc.*	21,814		521,573
Equinix, Inc.*	25,109		2,039,353
ValueClick, Inc.*	46,196		493,835

			4,269,708

*IT Services (1.5%)*
Acxiom Corp.*	43,930		645,332
Alliance Data Systems Corp.*	29,484		1,754,888

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 400 PORTFOLIO-II

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Broadridge Financial Solutions, Inc.	75,630	$	1,440,751
Convergys Corp.*	68,434		671,338
CoreLogic, Inc.	57,277		1,011,512
DST Systems, Inc.	20,059		724,932
Gartner, Inc.*	33,849		786,989
Global Payments, Inc.	45,100		1,647,954
Hewitt Associates, Inc., Class A*	46,193		1,591,811
Lender Processing Services, Inc.	52,938		1,657,489
ManTech International Corp., Class A*	12,536		533,657
NeuStar, Inc., Class A*	41,787		861,648
SRA International, Inc., Class A*	24,453		480,990

			13,809,291

*Office Electronics (0.1%)*
Zebra Technologies Corp., Class A*	32,455		823,383

*Semiconductors & Semiconductor Equipment (1.3%)*
Atmel Corp.*	255,998		1,228,790
Cree, Inc.*	59,559		3,575,327
Fairchild Semiconductor International, Inc.*	69,241		582,317
Integrated Device Technology, Inc.*	89,301		442,040
International Rectifier Corp.*	38,460		715,741
Intersil Corp., Class A	68,152		825,321
Lam Research Corp.*	70,389		2,679,005
RF Micro Devices, Inc.*	149,942		586,273
Semtech Corp.*	34,072		557,759
Silicon Laboratories, Inc.*	25,458		1,032,576

			12,225,149

*Software (2.3%)*
ACI Worldwide, Inc.*	19,443		378,555
Advent Software, Inc.*	8,907		418,273
ANSYS, Inc.*	50,021		2,029,352
Cadence Design Systems, Inc.*	150,320		870,353
FactSet Research Systems, Inc.	22,989		1,540,033
Fair Isaac Corp.	25,868		563,664
Informatica Corp.*	50,632		1,209,092
Jack Henry & Associates, Inc.	47,529		1,134,992
Mentor Graphics Corp.*	59,202		523,938
MICROS Systems, Inc.*	44,865		1,429,848
Parametric Technology Corp.*	64,132		1,004,948
Quest Software, Inc.*	34,036		614,009
Rovi Corp.*	56,754		2,151,544
Solera Holdings, Inc.	39,058		1,413,900
Sybase, Inc.*	48,151		3,113,444
Synopsys, Inc.*	81,691		1,704,891
TIBCO Software, Inc.*	91,894		1,108,242

			21,209,078

Total Information Technology			73,969,481

Materials (3.5%)
*Chemicals (1.8%)*
Albemarle Corp.	50,330		1,998,604
Ashland, Inc.	43,419		2,015,510
Cabot Corp.	36,251		874,012
Cytec Industries, Inc.	26,886		1,075,171
Intrepid Potash, Inc.*	22,891		447,977


	Number of Shares	Value (Note 1)

Lubrizol Corp.	37,914	$	3,044,873
Minerals Technologies, Inc.	10,660		506,776
NewMarket Corp.	6,380		557,102
Olin Corp.	43,217		781,795
RPM International, Inc.	71,630		1,277,879
Scotts Miracle-Gro Co., Class A	25,248		1,121,264
Sensient Technologies Corp.	27,799		720,828
Valspar Corp.	55,448		1,670,094

			16,091,885

*Construction Materials (0.2%)*
Martin Marietta Materials, Inc.	25,065		2,125,763

*Containers & Packaging (0.9%)*
AptarGroup, Inc.	37,923		1,434,248
Greif, Inc., Class A	19,222		1,067,590
Packaging Corp. of America	57,032		1,255,845
Rock-Tenn Co., Class A	21,608		1,073,269
Silgan Holdings, Inc.	29,764		844,702
Sonoco Products Co.	55,943		1,705,143
Temple-Inland, Inc.	59,469		1,229,224

			8,610,021

*Metals & Mining* (*0.5%)*
Carpenter Technology Corp.	24,337		798,984
Commercial Metals Co.	63,397		838,108
Reliance Steel & Aluminum Co.	35,636		1,288,241
Steel Dynamics, Inc.	120,422		1,588,366
Worthington Industries, Inc.	33,681		433,138

			4,946,837

*Paper & Forest Products (0.1%)*
Louisiana-Pacific Corp.*	69,820		467,096

Total Materials			32,241,602

Telecommunication Services (0.5%)
*Diversified Telecommunication Services (0.2%)*
Cincinnati Bell, Inc.*	114,667		345,148
tw telecom, Inc.*	83,185		1,387,526

			1,732,674

*Wireless Telecommunication Services* (*0.3%)*
Syniverse Holdings, Inc.*	38,878		795,055
Telephone & Data Systems, Inc.	51,287		1,558,612

			2,353,667

Total Telecommunication Services			4,086,341

Utilities (3.2%)
*Electric Utilities (1.0%)*
Cleco Corp.	33,977		897,333
DPL, Inc.	65,756		1,571,568
Great Plains Energy, Inc.	74,904		1,274,866
Hawaiian Electric Industries, Inc.	51,894		1,182,145
IDACORP, Inc.	26,948		896,560
NV Energy, Inc.	129,973		1,534,981
PNM Resources, Inc.	47,255		528,311
Westar Energy, Inc.	61,001		1,318,232

			9,203,996

*Gas Utilities (1.0%)*
AGL Resources, Inc.	43,262		1,549,645
Atmos Energy Corp.	51,791		1,400,428

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 400 PORTFOLIO-II

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Energen Corp.	40,068	$	1,776,214
National Fuel Gas Co.	45,178		2,072,767
UGI Corp.	59,986		1,526,044
WGL Holdings, Inc.	27,929		950,424

			9,275,522

*Independent Power Producers & Energy Traders* (*0.0%)*
Dynegy, Inc.*	55,574		213,960

*Multi-Utilities (1.0%)*
Alliant Energy Corp.	61,086		1,938,870
Black Hills Corp.	22,126		629,927
MDU Resources Group, Inc.	104,287		1,880,295
NSTAR	58,922		2,062,270
OGE Energy Corp.	53,813		1,967,403
Vectren Corp.	45,538		1,077,429

			9,556,194

*Water Utilities (0.2%)*
Aqua America, Inc.	75,566		1,336,007

Total Utilities			29,585,679

Total Common Stocks (53.1%) (Cost $483,647,631)			487,295,818


	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENTS:
Short-Term Investment (42.3%)
BlackRock Liquidity Funds TempFund 0.16%‡	$	388,677,459	$	388,677,459

Time Deposit (0.2%)
JPMorgan Chase Nassau 0.000%, 7/1/10		1,850,086		1,850,086

Total Short-Term Investments (42.5%) (Amortized Cost $390,527,545)				390,527,545

Total Investments (95.6%) (Cost/Amortized Cost $874,175,176)				877,823,363
Other Assets Less Liabilities (4.4%)				40,297,724

Net Assets (100%)			$	918,121,087

*	Non-income producing.

‡	Affiliated company as defined under the Investment Company Act of 1940.

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	441,334,009	$	409,829,694	$	462,486,244	$	388,677,459	$	289,626	$	—

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index	1,714	September-10	$	105,572,761	$	104,176,920	$	(1,395,841	)
S&P 500 E-Mini Index	2,012	September-10		109,003,202		103,275,960		(5,727,242	)
S&P MidCap 400 E-Mini Index	3,129	September-10		234,337,264		222,159,000		(12,178,264	)

							$	(19,301,347	)

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 400 PORTFOLIO-II

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	67,165,091		$	—	$	—	$	67,165,091
Consumer Staples		18,408,720			—		—		18,408,720
Energy		28,460,904			—		—		28,460,904
Financials		101,129,330			—		—		101,129,330
Health Care		60,588,698			—		—		60,588,698
Industrials		71,659,972			—		—		71,659,972
Information Technology		73,969,481			—		—		73,969,481
Materials		32,241,602			—		—		32,241,602
Telecommunication Services		4,086,341			—		—		4,086,341
Utilities		29,585,679			—		—		29,585,679
Short-Term Investments		—			390,527,545		—		390,527,545

Total Assets	$	487,295,818		$	390,527,545	$	—	$	877,823,363


Liabilities:
Futures	$	(19,301,347	)	$	—	$	—	$	(19,301,347	)

Total Liabilities	$	(19,301,347	)	$	—	$	—	$	(19,301,347	)

Total	$	467,994,471		$	390,527,545	$	—	$	858,522,016

Fair Values of Derivative Instruments as of June 30, 2010:


	Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	—

	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(19,301,347	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(19,301,347	)

* Includes cumulative appreciation/depreciation of futures contracts as reported in Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets & Liabilities.

See Notes to Financial Statements.

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 400 PORTFOLIO-II

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts		—		—		—		—		—
Credit contracts		—		—		—		—		—
Equity contracts		—		16,898,975		—		—		16,898,975
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	16,898,975	$	—	$	—	$	16,898,975


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(34,728,637	)		—		—		(34,728,637	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(34,728,637	)	$	—	$	—	$	(34,728,637	)

The Portfolio held futures contracts with an average notional balance of approximately $251,059,000 during the six months ended June 30, 2010.

^ This Portfolio held futures contracts to gain or reduce exposure to the financial markets.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	62,945,030
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	191,120,484

As of June 30, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	36,191,682
Aggregate gross unrealized depreciation		(33,027,212	)

Net unrealized appreciation	$	3,164,470

Federal income tax cost of investments	$	874,658,893

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $388,677,459)	$	388,677,459
Unaffiliated Issuers (Cost $485,497,717)		489,145,904
Cash		68,769
Cash held as collateral at broker		43,920,000
Receivable for securities sold		821,070
Dividends, interest and other receivables		526,421
Receivable from Separate Accounts for Trust shares sold		58,822
Receivable from investment sub-advisor		53,017

Total assets		923,271,462

LIABILITIES
Variation margin payable on futures contracts		2,929,430
Payable for securities purchased		1,475,003
Investment management fees payable		359,096
Administrative fees payable		128,329
Payable to Separate Accounts for Trust shares redeemed		56,858
Trustees’ fees payable		762
Accrued expenses		200,897

Total liabilities		5,150,375

NET ASSETS	$	918,121,087

Net assets were comprised of:
Paid in capital	$	891,111,712
Accumulated undistributed net investment income (loss)		879,768
Accumulated undistributed net realized gains (losses) on investments and futures		41,782,767
Net unrealized appreciation (depreciation) on investments and futures		(15,653,160	)

Net assets	$	918,121,087

Class IA
Net asset value, offering and redemption price per share, $918,121,087 / 89,620,257 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.24

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends ($289,626 of dividend income received from affiliates)	$	4,134,046
Interest		24,575

Total income		4,158,621

EXPENSES
Investment management fees		2,369,870
Administrative fees		842,025
Custodian fees		168,094
Printing and mailing expenses		62,727
Professional fees		29,625
Trustees’ fees		12,707
Miscellaneous		8,544

Gross expenses		3,493,592
Less: Reimbursement from sub-advisor		(164,754	)

Net expenses		3,328,838

NET INVESTMENT INCOME (LOSS)		829,783

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		10,869,979
Futures		16,898,975

Net realized gain (loss)		27,768,954

Change in unrealized appreciation (depreciation) on:
Securities		(24,684,514	)
Futures		(34,728,637	)

Net change in unrealized appreciation (depreciation)		(59,413,151	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(31,644,197	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(30,814,414	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			August 28, 2009* to December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	829,783		$	2,293,173
Net realized gain (loss) on investments and futures		27,768,954			14,013,813
Net change in unrealized appreciation (depreciation) on investments and futures		(59,413,151	)		43,759,991

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(30,814,414	)		60,066,977

DIVIDENDS:
Dividends from net investment income
Class IA		—			(2,243,188	)

TOTAL DIVIDENDS		—			(2,243,188	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [422,369 and 108,496,961 shares, respectively]		4,648,193			1,096,667,854
Capital shares issued in reinvestment of dividends [0 and 214,656 shares, respectively]		—			2,243,188
Capital shares repurchased [(14,388,198) and (5,135,531) shares, respectively]		(160,989,223	)		(51,558,300	)

Total Class IA transactions		(156,341,030	)		1,047,352,742

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(156,341,030	)		1,047,352,742

TOTAL INCREASE (DECREASE) IN NET ASSETS		(187,155,444	)		1,105,176,531
NET ASSETS:
Beginning of period		1,105,276,531			100,000

End of period (a)	$	918,121,087		$	1,105,276,531

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	879,768		$	49,985

* The Portfolio commenced operation on August 28, 2009.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


Class IA	Six Months Ended June 30, 2010 (Unaudited)			August 28, 2009* to December 31, 2009
Net asset value, beginning of period	$	10.67		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.01	(e)		0.02	(e)
Net realized and unrealized gain (loss) on investments and futures		(0.44	)		0.67

Total from investment operations		(0.43	)		0.69

Less distributions:
Dividends from net investment income		—			(0.02	)

Net asset value, end of period	$	10.24		$	10.67

Total return (b)		(4.03	)%		6.92	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	918,121		$	1,105,277
Ratio of expenses to average net assets:
After reimbursements (a)		0.63	%		0.64	%
Before reimbursements (a)		0.66	%		0.65	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)		0.16	%		0.72	%
Before reimbursements (a)		0.13	%		0.71	%
Portfolio turnover rate		11	%		84	%

*	Commencement of Operations.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

103

AXA TACTICAL MANAGER 2000 PORTFOLIO-I (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Financials	15.0	%
Information Technology	12.6
Industrials	10.7
Health Care	9.7
Consumer Discretionary	9.6
Energy	3.7
Materials	3.4
Consumer Staples	2.3
Utilities	2.3
Telecommunication Services	0.7
Cash and Other	30.0

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$963.90	$3.31
Hypothetical (5% average return before expenses)	1,000.00	1,021.42	3.41
Class IB
Actual	1,000.00	957.60	4.51
Hypothetical (5% average return before expenses)	1,000.00	1,020.18	4.66
* 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 181/365 (to reflect the one-half year period ).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (9.6%)
*Auto Components (0.5%)*
American Axle & Manufacturing Holdings, Inc.*	8,111	$	59,454
Amerigon, Inc.*	3,349		24,716
Cooper Tire & Rubber Co.	9,020		175,890
Dana Holding Corp.*	20,267		202,670
Dorman Products, Inc.*	1,592		32,365
Drew Industries, Inc.*	2,657		53,671
Exide Technologies, Inc.*	10,197		53,024
Fuel Systems Solutions, Inc.*	1,971		51,148
Hawk Corp., Class A*	526		13,387
Modine Manufacturing Co.*	6,781		52,078
Shiloh Industries, Inc.*	1,002		8,477
Spartan Motors, Inc.	5,020		21,084
Standard Motor Products, Inc.	2,898		23,387
Stoneridge, Inc.*	2,520		19,127
Superior Industries International, Inc.	3,298		44,325
Tenneco, Inc.*	8,623		181,600

			1,016,403

*Automobiles (0.0%)*
Winnebago Industries, Inc.*	4,235		42,096

*Distributors* (*0.0%)*
Audiovox Corp., Class A*	2,947		21,660
Core-Mark Holding Co., Inc.*	1,429		39,155

			60,815

*Diversified Consumer Services (0.9%)*
American Public Education, Inc.*	2,651		115,849
Bridgepoint Education, Inc.*	2,804		44,331
Cambium Learning Group, Inc.*	2,183		7,859
Capella Education Co.*	2,489		202,480
Coinstar, Inc.*	4,620		198,521
Corinthian Colleges, Inc.*	12,594		124,051
CPI Corp.	590		13,228
Grand Canyon Education, Inc.*	4,504		105,529
K12, Inc.*	3,623		80,358
Learning Tree International, Inc.*	749		8,127
Lincoln Educational Services Corp.*	2,320		47,769
Mac-Gray Corp.	1,981		22,068
Matthews International Corp., Class A	4,432		129,769
Pre-Paid Legal Services, Inc.*	986		44,853
Princeton Review, Inc.*	2,137		4,958
Regis Corp.	8,388		130,601
Sotheby’s, Inc.	9,765		223,325
Steiner Leisure Ltd.*	2,113		81,224
Stewart Enterprises, Inc., Class A	11,743		63,530
Universal Technical Institute, Inc.*	2,886		68,225

			1,716,655

*Hotels, Restaurants & Leisure (1.7%)*
AFC Enterprises, Inc.*	3,710		33,761
Ambassadors Group, Inc.	2,789		31,488
Ameristar Casinos, Inc.	3,836		57,770
Biglari Holdings, Inc.*	211		60,536


	Number of Shares	Value (Note 1)

BJ’s Restaurants, Inc.*	3,223	$	76,063
Bluegreen Corp.*	2,979		8,967
Bob Evans Farms, Inc.	4,466		109,953
Boyd Gaming Corp.*	7,232		61,400
Buffalo Wild Wings, Inc.*	2,620		95,840
California Pizza Kitchen, Inc.*	2,816		42,662
Caribou Coffee Co., Inc.*	689		6,525
Carrols Restaurant Group, Inc.*	1,133		5,178
CEC Entertainment, Inc.*	3,086		108,812
Cheesecake Factory, Inc.*	8,754		194,864
Churchill Downs, Inc.	1,654		54,251
CKE Restaurants, Inc.	7,918		99,213
Cracker Barrel Old Country Store, Inc.	3,486		162,308
Denny’s Corp.*	14,071		36,585
DineEquity, Inc.*	2,570		71,754
Domino’s Pizza, Inc.*	5,385		60,851
Einstein Noah Restaurant Group, Inc.*	480		5,179
Empire Resorts, Inc.*	5,672		9,245
Gaylord Entertainment Co.*	4,912		108,506
Interval Leisure Group, Inc.*	5,743		71,500
Isle of Capri Casinos, Inc.*	2,373		21,974
Jack in the Box, Inc.*	7,667		149,123
Jamba, Inc.*	8,401		17,894
Krispy Kreme Doughnuts, Inc.*	8,623		29,060
Landry’s Restaurants, Inc.*	1,135		27,762
Life Time Fitness, Inc.*	6,124		194,682
Marcus Corp.	3,066		29,004
McCormick & Schmick’s Seafood Restaurants, Inc.*	2,555		19,060
Monarch Casino & Resort, Inc.*	892		9,036
Morgans Hotel Group Co.*	3,546		21,843
Multimedia Games, Inc.*	4,798		21,591
O’Charleys, Inc.*	3,163		16,764
Orient-Express Hotels Ltd., Class A*	13,323		98,590
P.F. Chang’s China Bistro, Inc.	3,456		137,030
Papa John’s International, Inc.*	3,176		73,429
Peet’s Coffee & Tea, Inc.*	1,665		65,385
Pinnacle Entertainment, Inc.*	8,850		83,721
Red Lion Hotels Corp.*	1,502		8,967
Red Robin Gourmet Burgers, Inc.*	2,278		39,091
Ruby Tuesday, Inc.*	9,482		80,597
Ruth’s Hospitality Group, Inc.*	5,013		20,954
Scientific Games Corp., Class A*	8,733		80,344
Shuffle Master, Inc.*	7,817		62,614
Sonic Corp.*	8,872		68,758
Speedway Motorsports, Inc.	2,012		27,283
Texas Roadhouse, Inc.*	8,045		101,528
Vail Resorts, Inc.*	5,197		181,427

			3,260,722

*Household Durables (0.5%)*
American Greetings Corp., Class A	5,735		107,589
Beazer Homes USA, Inc.*	11,014		39,981
Blyth, Inc.	872		29,709
Brookfield Homes Corp.*	1,013		6,828
Cavco Industries, Inc.*	949		33,386
CSS Industries, Inc.	700		11,550

See Notes to Financial Statements.

105

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Ethan Allen Interiors, Inc.	3,601	$	50,378
Furniture Brands International, Inc.*	6,095		31,816
Helen of Troy Ltd.*	4,348		95,917
Hooker Furniture Corp.	1,867		19,902
Hovnanian Enterprises, Inc., Class A*	7,558		27,813
iRobot Corp.*	2,822		53,025
Kid Brands, Inc.*	1,665		11,705
La-Z-Boy, Inc.*	7,469		55,495
Libbey, Inc.*	2,391		31,035
Lifetime Brands, Inc.*	1,365		19,956
M/I Homes, Inc.*	2,749		26,500
Meritage Homes Corp.*	4,620		75,214
National Presto Industries, Inc.	684		63,516
Ryland Group, Inc.	6,356		100,552
Sealy Corp.*	7,791		20,802
Skyline Corp.	746		13,435
Standard Pacific Corp.*	15,614		51,995
Universal Electronics, Inc.*	1,968		32,728

			1,010,827

*Internet & Catalog Retail* (*0.3%)*
1-800-FLOWERS.COM, Inc., Class A*	2,695		5,552
Blue Nile, Inc.*	1,850		87,098
Drugstore.Com, Inc.*	13,452		41,432
Gaiam, Inc., Class A	2,901		17,609
HSN, Inc.*	5,783		138,792
NutriSystem, Inc.	4,479		102,748
Orbitz Worldwide, Inc.*	3,607		13,743
Overstock.com, Inc.*	2,292		41,416
PetMed Express, Inc.	3,386		60,271
Shutterfly, Inc.*	3,874		92,821
U.S. Auto Parts Network, Inc.*	2,336		14,016
Vitacost.com, Inc.*	2,065		18,564

			634,062

*Leisure Equipment & Products* (*0.6%)*
Arctic Cat, Inc.*	1,608		14,649
Brunswick Corp.	12,873		160,011
Callaway Golf Co.	9,499		57,374
Eastman Kodak Co.*	39,192		170,093
JAKKS Pacific, Inc.*	4,100		58,958
Johnson Outdoors, Inc., Class A*	689		7,751
Leapfrog Enterprises, Inc.*	5,329		21,422
Marine Products Corp.*	994		5,626
Polaris Industries, Inc.	4,456		243,387
Pool Corp.	7,041		154,339
RC2 Corp.*	3,116		50,199
Smith & Wesson Holding Corp.*	8,708		35,616
Sport Supply Group, Inc.	911		12,262
Steinway Musical Instruments, Inc.*	640		11,386
Sturm Ruger & Co., Inc.	2,785		39,909
Summer Infant, Inc.*	1,691		11,076

			1,054,058

*Media* (*1.1%)*
AH Belo Corp., Class A*	2,554		16,959
Arbitron, Inc.	3,866		99,086
Ascent Media Corp., Class A*	2,114		53,400


	Number of Shares	Value (Note 1)

Ballantyne Strong, Inc.*	2,113	$	15,298
Belo Corp., Class A*	13,067		74,351
Carmike Cinemas, Inc.*	1,089		6,599
Cinemark Holdings, Inc.	8,141		107,054
CKX, Inc.*	8,626		43,044
Crown Media Holdings, Inc., Class A*	300		528
Cumulus Media, Inc., Class A*	3,204		8,555
Dex One Corp.*	7,040		133,760
Entercom Communications Corp., Class A*	3,522		31,064
Entravision Communications Corp., Class A*	7,138		15,061
EW Scripps Co., Class A*	4,429		32,907
Fisher Communications, Inc.*	1,108		18,659
Global Sources Ltd.*	3,621		28,389
Gray Television, Inc.*	6,725		16,207
Harte-Hanks, Inc.	5,499		57,465
Journal Communications, Inc., Class A*	6,172		24,503
Knology, Inc.*	4,380		47,873
Lee Enterprises, Inc.*	5,968		15,338
LIN TV Corp., Class A*	4,181		22,619
Lions Gate Entertainment Corp.*	9,314		65,012
Live Nation Entertainment, Inc.*	20,350		212,657
LodgeNet Interactive Corp.*	4,446		16,495
Martha Stewart Living Omnimedia, Inc., Class A*	4,392		21,609
McClatchy Co., Class A*	8,300		30,212
Media General, Inc., Class A*	3,150		30,744
Mediacom Communications Corp., Class A*	5,791		38,915
National CineMedia, Inc.	6,120		101,959
Nexstar Broadcasting Group, Inc., Class A*	1,726		7,560
Outdoor Channel Holdings, Inc.*	1,453		6,785
Playboy Enterprises, Inc., Class B*	2,418		10,156
PRIMEDIA, Inc.	1,679		4,919
Radio One, Inc., Class D*	4,971		6,363
RCN Corp.*	5,343		79,130
Rentrak Corp.*	1,394		33,916
Scholastic Corp.	4,362		105,211
Sinclair Broadcast Group, Inc., Class A*	6,287		36,653
SuperMedia, Inc.*	1,692		30,947
Valassis Communications, Inc.*	7,265		230,446
Warner Music Group Corp.*	5,762		28,003
Westwood One, Inc.*	853		8,419
World Wrestling Entertainment, Inc., Class A	3,183		49,527

			2,024,357

*Multiline Retail* (*0.3%)*
99 Cents Only Stores*	6,821		100,951
Bon-Ton Stores, Inc.*	1,563		15,239
Dillard’s, Inc., Class A	6,650		142,975
Fred’s, Inc., Class A	5,874		64,967
Retail Ventures, Inc.*	3,616		28,277
Saks, Inc.*	19,549		148,377
Tuesday Morning Corp.*	4,881		19,475

			520,261

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Specialty Retail* (*2.3%)*
America’s Car-Mart, Inc.*	1,439	$	32,565
AnnTaylor Stores Corp.*	8,555		139,190
Asbury Automotive Group, Inc.*	3,739		39,409
Barnes & Noble, Inc.	5,123		66,087
bebe Stores, Inc.	5,336		34,150
Big 5 Sporting Goods Corp.	3,154		41,444
Books-A-Million, Inc.	801		4,822
Borders Group, Inc.*	4,904		6,522
Brown Shoe Co., Inc.	6,060		91,991
Buckle, Inc.	3,731		120,959
Build-A-Bear Workshop, Inc.*	2,922		19,811
Cabela’s, Inc.*	5,824		82,351
Casual Male Retail Group, Inc.*	5,422		18,543
Cato Corp., Class A	4,048		89,137
Charming Shoppes, Inc.*	16,903		63,386
Children’s Place Retail Stores, Inc.*	3,952		173,967
Christopher & Banks Corp.	5,274		32,646
Citi Trends, Inc.*	2,143		70,590
Coldwater Creek, Inc.*	8,386		28,177
Collective Brands, Inc.*	9,351		147,746
Conn’s, Inc.*	1,133		6,662
Destination Maternity Corp.*	690		17,457
Dress Barn, Inc.*	8,604		204,861
DSW, Inc., Class A*	2,171		48,761
Express, Inc.*	2,180		35,687
Finish Line, Inc., Class A	7,319		101,954
Genesco, Inc.*	3,521		92,638
Group 1 Automotive, Inc.*	3,517		82,755
Gymboree Corp.*	4,259		181,902
Haverty Furniture Cos., Inc.	2,584		31,757
hhgregg, Inc.*	1,839		42,885
Hibbett Sports, Inc.*	4,163		99,745
HOT Topic, Inc.	6,521		33,127
Jo-Ann Stores, Inc.*	3,848		144,338
JoS. A. Bank Clothiers, Inc.*	2,667		143,991
Kirkland’s, Inc.*	2,450		41,344
Lithia Motors, Inc., Class A	3,278		20,258
Lumber Liquidators Holdings, Inc.*	3,234		75,449
MarineMax, Inc.*	2,986		20,723
Men’s Wearhouse, Inc.	7,637		140,215
Midas, Inc.*	1,328		10,186
Monro Muffler Brake, Inc.	2,919		115,388
New York & Co., Inc.*	2,491		5,704
OfficeMax, Inc.*	12,130		158,418
Pacific Sunwear of California, Inc.*	9,757		31,222
Penske Automotive Group, Inc.*	5,905		67,081
PEP Boys-Manny, Moe & Jack	7,130		63,172
Pier 1 Imports, Inc.*	15,090		96,727
Rent-A-Center, Inc.*	9,608		194,658
Rue21, Inc.*	2,059		62,470
Sally Beauty Holdings, Inc.*	13,684		112,209
Select Comfort Corp.*	7,837		68,574
Shoe Carnival, Inc.*	1,310		26,868
Sonic Automotive, Inc., Class A*	5,644		48,313
Stage Stores, Inc.	5,589		59,691
Stein Mart, Inc.*	3,838		23,911
Systemax, Inc.	1,550		23,358
Talbots, Inc.*	10,129		104,430


	Number of Shares	Value (Note 1)

Ulta Salon Cosmetics & Fragrance, Inc.*	4,542	$	107,464
Vitamin Shoppe, Inc.*	2,228		57,148
West Marine, Inc.*	2,402		26,134
Wet Seal, Inc., Class A*	14,241		51,980
Winmark Corp.	330		11,045
Zumiez, Inc.*	2,955		47,605

			4,443,758

*Textiles, Apparel & Luxury Goods (1.4%)*
American Apparel, Inc.*	3,252		5,951
Carter’s, Inc.*	8,608		225,960
Cherokee, Inc.	820		14,022
Columbia Sportswear Co.	1,681		78,452
Crocs, Inc.*	12,226		129,351
Culp, Inc.*	1,286		14,095
Deckers Outdoor Corp.*	1,847		263,881
Delta Apparel, Inc.*	743		10,848
G-III Apparel Group Ltd.*	2,094		47,932
Iconix Brand Group, Inc.*	10,411		149,606
Joe’s Jeans, Inc.*	5,630		11,147
Jones Apparel Group, Inc.	12,497		198,077
Kenneth Cole Productions, Inc., Class A*	874		9,623
K-Swiss, Inc., Class A*	3,879		43,561
LaCrosse Footwear, Inc.	652		10,980
Liz Claiborne, Inc.*	13,993		59,050
Maidenform Brands, Inc.*	3,244		66,048
Movado Group, Inc.*	2,414		25,782
Oxford Industries, Inc.	1,869		39,118
Perry Ellis International, Inc.*	1,362		27,512
Quiksilver, Inc.*	18,774		69,464
R.G. Barry Corp.	1,152		12,707
Skechers U.S.A., Inc., Class A*	5,054		184,572
Steven Madden Ltd.*	3,420		107,798
Timberland Co., Class A*	6,054		97,772
True Religion Apparel, Inc.*	3,706		81,791
Under Armour, Inc., Class A*	5,110		169,294
Unifi, Inc.*	6,865		26,224
UniFirst Corp.	2,054		90,417
Volcom, Inc.*	2,768		51,402
Warnaco Group, Inc.*	6,387		230,826
Weyco Group, Inc.	1,111		25,309
Wolverine World Wide, Inc.	7,199		181,559

			2,760,131

Total Consumer Discretionary			18,544,145

Consumer Staples (2.3%)
*Beverages (0.1%)*
Boston Beer Co., Inc., Class A*	1,275		85,999
Coca-Cola Bottling Co. Consolidated	621		29,758
Heckmann Corp.*	13,093		60,751
MGP Ingredients, Inc.*	1,744		11,563
National Beverage Corp.	1,900		23,332

			211,403

*Food & Staples Retailing (0.7%)*
Andersons, Inc.	2,653		86,461
Arden Group, Inc., Class A	231		20,298
Casey’s General Stores, Inc.	7,401		258,295

See Notes to Financial Statements.

107

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Great Atlantic & Pacific Tea Co., Inc.*	5,572	$	21,731
Ingles Markets, Inc., Class A	1,843		27,737
Nash Finch Co.	1,880		64,221
Pantry, Inc.*	3,313		46,746
Pricesmart, Inc.	2,309		53,638
Rite Aid Corp.*	76,267		74,742
Ruddick Corp.	6,268		194,245
Spartan Stores, Inc.	3,252		44,617
Susser Holdings Corp.*	769		9,067
United Natural Foods, Inc.*	6,259		187,019
Village Super Market, Inc., Class A	907		23,809
Weis Markets, Inc.	1,598		52,590
Winn-Dixie Stores, Inc.*	7,976		76,889

			1,242,105

*Food Products (1.0%)*
Alico, Inc.	358		8,227
American Italian Pasta Co., Class A*	3,056		161,571
B&G Foods, Inc., Class A	6,906		74,447
Calavo Growers, Inc.	1,588		28,520
Cal-Maine Foods, Inc.	1,949		62,232
Chiquita Brands International, Inc.*	6,539		79,449
Darling International, Inc.*	12,021		90,278
Diamond Foods, Inc.	3,171		130,328
Dole Food Co., Inc.*	5,214		54,382
Farmer Bros Co.	1,270		19,164
Fresh Del Monte Produce, Inc.*	5,519		111,705
Griffin Land & Nurseries, Inc.	329		8,357
Hain Celestial Group, Inc.*	5,944		119,890
Harbinger Group, Inc.*	1,822		11,442
Imperial Sugar Co.	2,137		21,584
J&J Snack Foods Corp.	2,071		87,189
John B. Sanfilippo & Son, Inc.*	948		13,717
Lancaster Colony Corp.	2,797		149,248
Lance, Inc.	3,519		58,028
Lifeway Foods, Inc.*	494		4,811
Pilgrim’s Pride Corp.*	6,872		45,149
Sanderson Farms, Inc.	3,207		162,723
Seneca Foods Corp., Class A*	1,045		33,712
Smart Balance, Inc.*	9,289		37,992
Synutra International, Inc.*	2,601		42,058
Tootsie Roll Industries, Inc.	3,657		86,488
TreeHouse Foods, Inc.*	5,063		231,177

			1,933,868

*Household Products* (*0.1%)*
Cellu Tissue Holdings, Inc.*	831		6,457
Central Garden & Pet Co., Class A*	8,600		77,142
Oil-Dri Corp. of America	636		14,596
Spectrum Brands Holdings, Inc.*	2,566		65,074
WD-40 Co.	2,403		80,260

			243,529

*Personal Products* (*0.2%)*
Elizabeth Arden, Inc.*	3,504		50,878
Female Health Co.	3,376		17,521
Inter Parfums, Inc.	2,073		29,499
Medifast, Inc.*	1,887		48,892


	Number of Shares	Value (Note 1)

Nature’s Sunshine Products, Inc.*	1,007	$	8,429
Nu Skin Enterprises, Inc., Class A	7,203		179,571
Nutraceutical International Corp.*	1,112		16,969
Prestige Brands Holdings, Inc.*	6,378		45,156
Revlon, Inc., Class A*	1,588		17,722
Schiff Nutrition International, Inc.	1,257		8,950
USANA Health Sciences, Inc.*	924		33,754

			457,341

*Tobacco* (*0.2%)*
Alliance One International, Inc.*	13,029		46,383
Star Scientific, Inc.*	15,307		25,104
Universal Corp.	3,381		134,158
Vector Group Ltd.	6,144		103,342

			308,987

Total Consumer Staples			4,397,233

Energy (3.7%)
*Energy Equipment & Services (1.2%)*
Allis-Chalmers Energy, Inc.*	3,807		7,842
Basic Energy Services, Inc.*	3,377		26,003
Boots & Coots, Inc.*	11,332		33,429
Bristow Group, Inc.*	5,233		153,850
Cal Dive International, Inc.*	12,646		73,979
CARBO Ceramics, Inc.	2,815		203,215
Complete Production Services, Inc.*	11,169		159,717
Dawson Geophysical Co.*	1,193		25,375
Dril-Quip, Inc.*	4,952		217,987
Global Geophysical Services, Inc.*	1,093		7,618
Global Industries Ltd.*	14,612		65,608
Gulf Island Fabrication, Inc.	1,807		28,045
Gulfmark Offshore, Inc., Class A*	3,328		87,193
Helix Energy Solutions Group, Inc.*	14,608		157,328
Hercules Offshore, Inc.*	16,927		41,133
Hornbeck Offshore Services, Inc.*	3,390		49,494
ION Geophysical Corp.*	17,812		61,986
Key Energy Services, Inc.*	18,046		165,662
Lufkin Industries, Inc.	4,321		168,476
Matrix Service Co.*	3,838		35,732
Natural Gas Services Group, Inc.*	1,788		27,052
Newpark Resources, Inc.*	12,930		78,226
OYO Geospace Corp.*	593		28,749
Parker Drilling Co.*	16,982		67,079
PHI, Inc.*	1,942		27,363
Pioneer Drilling Co.*	8,288		46,993
RPC, Inc.	4,105		56,033
Seahawk Drilling, Inc.*	1,267		12,315
Superior Well Services, Inc.*	3,237		54,123
T-3 Energy Services, Inc.*	1,818		50,722
Tesco Corp.*	4,283		52,595
TETRA Technologies, Inc.*	10,985		99,744
Union Drilling, Inc.*	2,498		13,764
Vantage Drilling Co.*	20,179		27,242
Willbros Group, Inc.*	5,839		43,209

			2,454,881

See Notes to Financial Statements.

108

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Oil, Gas & Consumable Fuels (2.5%)*
Alon USA Energy, Inc.	820	$	5,215
American Oil & Gas, Inc.*	7,433		46,679
Apco Oil and Gas International, Inc.	1,319		31,010
Approach Resources, Inc.*	2,446		16,829
Arena Resources, Inc.*	5,856		186,806
ATP Oil & Gas Corp.*	6,654		70,466
Berry Petroleum Co., Class A	7,381		189,839
Bill Barrett Corp.*	6,647		204,528
BPZ Resources, Inc.*	13,542		56,199
Brigham Exploration Co.*	16,945		260,614
Callon Petroleum Co.*	4,025		25,358
CAMAC Energy, Inc.*	6,850		25,551
Carrizo Oil & Gas, Inc.*	4,498		69,854
Cheniere Energy, Inc.*	8,704		24,545
Clayton Williams Energy, Inc.*	855		36,013
Clean Energy Fuels Corp.*	5,801		86,667
Cloud Peak Energy, Inc.*	4,468		59,246
Contango Oil & Gas Co.*	1,747		78,178
Crosstex Energy, Inc.*	5,985		38,364
CVR Energy, Inc.*	4,714		35,449
Delek U.S. Holdings, Inc.	2,584		18,863
Delta Petroleum Corp.*	26,556		22,838
DHT Holdings, Inc.	7,313		28,155
Endeavour International Corp.*	22,075		23,400
Energy Partners Ltd.*	4,033		49,243
Energy XXI Bermuda Ltd.*	7,271		114,736
Evolution Petroleum Corp.*	2,458		12,315
FX Energy, Inc.*	7,248		26,238
Gastar Exploration Ltd.*	6,101		22,025
General Maritime Corp.	7,171		43,313
GeoResources, Inc.*	2,190		30,507
GMX Resources, Inc.*	4,646		30,153
Golar LNG Ltd.	5,586		55,134
Goodrich Petroleum Corp.*	3,623		43,476
Green Plains Renewable Energy, Inc.*	1,923		19,653
Gulfport Energy Corp.*	3,805		45,127
Hallador Energy Co.*	854		7,643
Harvest Natural Resources, Inc.*	4,845		35,708
Houston American Energy Corp.	2,692		26,543
International Coal Group, Inc.*	19,678		75,760
Isramco, Inc.*	108		5,095
James River Coal Co.*	4,060		64,635
Knightsbridge Tankers Ltd.	2,514		44,221
Kodiak Oil & Gas Corp.*	17,056		54,409
L&L Energy, Inc.*	2,195		18,877
Magnum Hunter Resources Corp.*	7,359		32,085
McMoRan Exploration Co.*	11,933		132,576
Miller Petroleum, Inc.*	2,566		14,780
Nordic American Tanker Shipping Ltd.	6,822		191,630
Northern Oil and Gas, Inc.*	6,090		78,196
Overseas Shipholding Group, Inc.	3,546		131,344
Panhandle Oil and Gas, Inc., Class A	1,056		27,910
Patriot Coal Corp.*	11,385		133,774
Penn Virginia Corp.	6,639		133,510
Petroleum Development Corp.*	2,811		72,018


	Number of Shares	Value (Note 1)

PetroQuest Energy, Inc.*	7,517	$	50,815
RAM Energy Resources, Inc.*	7,376		15,268
Rentech, Inc.*	29,936		29,637
Resolute Energy Corp.*	5,477		67,038
REX American Resources Corp.*	1,204		19,264
Rex Energy Corp.*	4,380		44,238
Rosetta Resources, Inc.*	7,616		150,873
Scorpio Tankers, Inc.*	1,422		16,282
Ship Finance International Ltd.	6,431		114,986
Stone Energy Corp.*	6,106		68,143
Swift Energy Co.*	5,457		146,848
Syntroleum Corp.*	11,247		18,445
Teekay Tankers Ltd., Class A	3,480		38,732
TransAtlantic Petroleum Ltd.*	20,847		66,085
Uranium Energy Corp.*	8,926		21,065
USEC, Inc.*	16,510		78,588
VAALCO Energy, Inc.*	6,789		38,018
Venoco, Inc.*	2,624		43,217
W&T Offshore, Inc.	5,039		47,669
Warren Resources, Inc.*	10,407		30,180
Western Refining, Inc.*	8,010		40,290
World Fuel Services Corp.	8,617		223,525

			4,782,506

Total Energy			7,237,387

Financials (15.0%)
*Capital Markets (1.5%)*
American Capital Ltd.*	49,499		238,585
Apollo Investment Corp.	27,855		259,887
Artio Global Investors, Inc.	4,059		63,889
BGC Partners, Inc., Class A	8,465		43,256
BlackRock Kelso Capital Corp.	7,958		78,546
Calamos Asset Management, Inc., Class A	3,005		27,886
Capital Southwest Corp.	432		37,977
Cohen & Steers, Inc.	2,503		51,912
Cowen Group, Inc., Class A*	4,442		18,212
Diamond Hill Investment Group, Inc.	391		22,166
Duff & Phelps Corp., Class A	3,690		46,605
Epoch Holding Corp.	2,094		25,693
Evercore Partners, Inc., Class A	2,104		49,128
FBR Capital Markets Corp.*	6,218		20,706
Fifth Street Finance Corp.	6,481		71,485
Financial Engines, Inc.*	1,832		24,915
GAMCO Investors, Inc., Class A	1,059		39,395
GFI Group, Inc.	9,451		52,737
Gladstone Capital Corp.	3,047		32,938
Gladstone Investment Corp.	2,347		13,683
Gleacher & Co., Inc.*	11,700		29,835
Golub Capital BDC, Inc.	858		12,372
Harris & Harris Group, Inc.*	5,443		22,262
Hercules Technology Growth Capital, Inc.	5,060		46,603
HFF, Inc., Class A*	2,626		18,566
International Assets Holding Corp.*	1,892		30,272
Investment Technology Group, Inc.*	5,925		95,156
JMP Group, Inc.	2,853		17,660
KBW, Inc.*	5,086		109,044

See Notes to Financial Statements.

109

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Knight Capital Group, Inc., Class A*	13,541	$	186,730
LaBranche & Co., Inc.*	4,470		19,132
Ladenburg Thalmann Financial Services, Inc.*	12,311		15,389
Main Street Capital Corp.	1,715		25,605
MCG Capital Corp.	11,327		54,709
MF Global Holdings Ltd.*	11,907		67,989
MVC Capital, Inc.	3,862		49,897
NGP Capital Resources Co.	3,479		24,945
Oppenheimer Holdings, Inc., Class A	1,359		32,548
optionsXpress Holdings, Inc.*	6,166		97,053
PennantPark Investment Corp.	4,527		43,233
Penson Worldwide, Inc.*	3,487		19,667
Piper Jaffray Cos., Inc.*	2,378		76,619
Prospect Capital Corp.	9,714		93,740
Pzena Investment Management, Inc., Class A	990		6,306
Rodman & Renshaw Capital Group, Inc.*	3,145		8,995
Safeguard Scientifics, Inc.*	2,967		31,332
Sanders Morris Harris Group, Inc.	3,780		20,979
Solar Capital Ltd.	1,066		20,531
Stifel Financial Corp.*	4,362		189,267
SWS Group, Inc.	4,094		38,893
Thomas Weisel Partners Group, Inc.*	3,364		19,814
TICC Capital Corp.	3,995		33,558
TradeStation Group, Inc.*	6,259		42,248
Triangle Capital Corp.	1,835		26,094
Virtus Investment Partners, Inc.*	542		10,146
Westwood Holdings Group, Inc.	829		29,139

			2,885,929

*Commercial Banks (4.5%)*
1st Source Corp.	2,199		37,207
1st United Bancorp, Inc.*	2,522		18,562
Alliance Financial Corp./New York	833		23,157
American National Bankshares, Inc.	1,104		23,615
Ameris Bancorp*	3,497		33,777
Ames National Corp.	1,180		23,057
Arrow Financial Corp.	1,372		31,693
BancFirst Corp.	962		35,103
Banco Latinoamericano de Comercio Exterior S.A., Class E	3,960		49,460
Bancorp Rhode Island, Inc.	441		11,554
Bancorp, Inc./Delaware*	3,239		25,361
Bank of Marin Bancorp/California	781		24,937
Bank of the Ozarks, Inc.	1,905		67,570
Boston Private Financial Holdings, Inc.	10,027		64,474
Bridge Bancorp, Inc.	1,072		26,028
Bryn Mawr Bank Corp.	1,359		22,804
Camden National Corp.	1,130		31,041
Capital City Bank Group, Inc.	1,902		23,547
Cardinal Financial Corp.	4,150		38,346
Cathay General Bancorp	11,534		119,146


	Number of Shares	Value (Note 1)

Center Financial Corp.*	4,622	$	23,803
Centerstate Banks, Inc.	2,762		27,869
Century Bancorp, Inc./Massachusetts, Class A	445		9,808
Chemical Financial Corp.	3,552		77,363
Citizens & Northern Corp.	2,026		21,678
Citizens Republic Bancorp, Inc.*	58,453		49,685
City Holding Co.	2,330		64,960
CNB Financial Corp./Pennsylvania	863		9,476
CoBiz Financial, Inc.	4,487		29,569
Columbia Banking System, Inc.	5,725		104,538
Community Bank System, Inc.	4,768		105,039
Community Trust Bancorp, Inc.	1,813		45,506
CVB Financial Corp.	13,338		126,711
Danvers Bancorp, Inc.	2,520		36,414
Eagle Bancorp, Inc.*	2,313		27,247
Encore Bancshares, Inc.*	913		9,030
Enterprise Financial Services Corp.	2,209		21,295
F.N.B. Corp./Pennsylvania	16,625		133,499
Financial Institutions, Inc.	1,580		28,061
First Bancorp, Inc./Maine	1,559		20,470
First Bancorp/North Carolina	2,156		31,240
First Bancorp/Puerto Rico*	17,783		9,425
First Busey Corp.	7,258		32,879
First Commonwealth Financial Corp.	12,575		66,019
First Community Bancshares, Inc./Virginia	2,217		32,568
First Financial Bancorp	8,403		125,625
First Financial Bankshares, Inc.	3,027		145,568
First Financial Corp./Indiana	1,745		45,038
First Interstate Bancsystem, Inc.	1,441		22,667
First Merchants Corp.	3,824		32,428
First Midwest Bancorp, Inc./Illinois	10,774		131,012
First of Long Island Corp.	940		24,167
First South Bancorp, Inc./North Carolina	816		8,658
FirstMerit Corp.	15,739		269,609
German American Bancorp, Inc.	1,749		26,760
Glacier Bancorp, Inc.	10,517		154,284
Great Southern Bancorp, Inc.	1,465		29,754
Green Bankshares, Inc.*	1,570		20,049
Hancock Holding Co.	4,121		137,477
Hanmi Financial Corp.*	6,771		8,531
Heartland Financial USA, Inc.	1,951		33,713
Heritage Financial Corp./Washington*	1,593		23,847
Home Bancorp, Inc.*	1,028		13,271
Home Bancshares, Inc./Arkansas	3,212		73,266
Hudson Valley Holding Corp.	1,301		30,079
IBERIABANK Corp.	3,891		200,309
Independent Bank Corp./Massachusetts	3,061		75,545
International Bancshares Corp.	7,604		126,911
Investors Bancorp, Inc.*	6,833		89,649
Lakeland Bancorp, Inc.	3,091		26,335
Lakeland Financial Corp.	2,321		46,374
MainSource Financial Group, Inc.	3,426		24,564
MB Financial, Inc.	7,700		141,603

See Notes to Financial Statements.

110

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AXA TACTICAL MANAGER 2000 PORTFOLIO-I

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Merchants Bancshares, Inc.	708	$	15,732
Metro Bancorp, Inc.*	1,800		22,212
Midsouth Bancorp, Inc.	1,411		18,018
MidWestOne Financial Group, Inc.	914		14,149
Nara Bancorp, Inc.*	6,005		50,622
National Bankshares, Inc./Virginia	1,028		24,908
National Penn Bancshares, Inc.	18,590		111,726
NBT Bancorp, Inc.	5,002		102,141
Northfield Bancorp, Inc./New Jersey	2,809		36,461
Old National Bancorp/Indiana	12,812		132,732
OmniAmerican Bancorp, Inc.*	2,054		23,190
Oriental Financial Group, Inc.	4,832		61,173
Orrstown Financial Services, Inc.	1,067		23,613
Pacific Continental Corp.	2,797		26,488
PacWest Bancorp	4,449		81,461
Park National Corp.	1,850		120,324
Peapack Gladstone Financial Corp.	1,598		18,697
Penns Woods Bancorp, Inc.	438		13,324
Peoples Bancorp, Inc./Ohio	1,747		25,332
Pinnacle Financial Partners, Inc.*	4,851		62,335
Porter Bancorp, Inc.	290		3,660
PrivateBancorp, Inc.	7,791		86,324
Prosperity Bancshares, Inc.	6,717		233,416
Renasant Corp.	3,086		44,284
Republic Bancorp, Inc./Kentucky, Class A	1,382		30,957
S&T Bancorp, Inc.	3,442		68,014
Sandy Spring Bancorp, Inc.	3,551		49,750
Santander BanCorp*	457		5,776
SCBT Financial Corp.	1,840		64,805
Sierra Bancorp	1,757		20,206
Signature Bank/New York*	5,905		224,449
Simmons First National Corp., Class A	2,452		64,390
Southside Bancshares, Inc.	2,024		39,751
Southwest Bancorp, Inc./Oklahoma	2,832		37,637
State Bancorp, Inc./New York	2,656		25,232
StellarOne Corp.	3,358		42,882
Sterling Bancorp/New York	3,965		35,685
Sterling Bancshares, Inc./Texas	12,176		57,349
Suffolk Bancorp	1,409		43,594
Susquehanna Bancshares, Inc.	18,976		158,070
SVB Financial Group*	5,974		246,308
SY Bancorp, Inc.	1,698		39,020
Taylor Capital Group, Inc.*	1,256		16,253
Texas Capital Bancshares, Inc.*	5,203		85,329
Tompkins Financial Corp.	1,066		40,241
Tower Bancorp, Inc.	964		21,102
TowneBank/Virginia	3,434		49,862
Trico Bancshares	2,045		34,622
Trustmark Corp.	9,271		193,022
UMB Financial Corp.	4,693		166,883
Umpqua Holdings Corp.	16,754		192,336
Union First Market Bankshares Corp.	2,334		28,615
United Bankshares, Inc.	5,561		133,130


	Number of Shares	Value (Note 1)

United Community Banks, Inc./Georgia*	14,308	$	56,517
Univest Corp. of Pennsylvania	2,424		41,984
Virginia Commerce Bancorp, Inc.*	2,705		16,906
Washington Banking Co.	2,292		29,315
Washington Trust Bancorp, Inc.	2,058		35,068
Webster Financial Corp.	9,419		168,977
WesBanco, Inc.	3,364		56,683
West Bancorp, Inc.*	2,799		19,061
West Coast Bancorp/Oregon	12,172		31,039
Westamerica Bancorp	4,258		223,630
Western Alliance Bancorp*	8,168		58,565
Whitney Holding Corp./Louisiana	13,223		122,313
Wilshire Bancorp, Inc.	2,961		25,909
Wintrust Financial Corp.	4,398		146,629

			8,561,872

*Consumer Finance (0.4%)*
Advance America Cash Advance Centers, Inc.	9,116		37,649
Cardtronics, Inc.*	3,954		51,244
Cash America International, Inc.	4,304		147,498
CompuCredit Holdings Corp.	1,616		6,399
Credit Acceptance Corp.*	862		42,040
Dollar Financial Corp.*	3,508		69,423
EZCORP, Inc., Class A*	6,589		122,226
First Cash Financial Services, Inc.*	4,442		96,836
First Marblehead Corp.*	6,113		14,365
Nelnet, Inc., Class A	3,789		73,052
Student Loan Corp.	370		8,910
World Acceptance Corp.*	2,368		90,718

			760,360

*Diversified Financial Services (0.4%)*
Asset Acceptance Capital Corp.*	1,492		6,177
Asta Funding, Inc.	1,333		13,157
Compass Diversified Holdings	4,529		60,734
Encore Capital Group, Inc.*	1,966		40,519
Life Partners Holdings, Inc.	1,223		25,023
MarketAxess Holdings, Inc.	3,869		53,353
Marlin Business Services Corp.*	1,175		14,206
Medallion Financial Corp.	1,705		11,253
NewStar Financial, Inc.*	4,156		26,432
PHH Corp.*	7,914		150,682
PICO Holdings, Inc.*	3,295		98,751
Portfolio Recovery Associates, Inc.*	2,469		164,880
Primus Guaranty Ltd.*	1,793		6,616

			671,783

*Insurance (2.0%)*
Alterra Capital Holdings Ltd.	13,860		260,291
Ambac Financial Group, Inc.*	9,139		6,123
American Equity Investment Life Holding Co.	8,492		87,637
American Physicians Capital, Inc.	1,279		39,457
American Physicians Service Group, Inc.	1,132		27,677
American Safety Insurance Holdings Ltd.*	1,612		25,341

See Notes to Financial Statements.

111

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

AMERISAFE, Inc.*	2,835	$	49,754
Amtrust Financial Services, Inc.	3,363		40,491
Argo Group International Holdings Ltd.	4,550		139,184
Baldwin & Lyons, Inc., Class B	1,321		27,754
Citizens, Inc./Texas*	4,890		32,567
CNA Surety Corp.*	2,521		40,512
CNO Financial Group, Inc.*	31,784		157,331
Crawford & Co., Class B*	4,571		14,444
Delphi Financial Group, Inc., Class A	6,746		164,670
Donegal Group, Inc., Class A	2,028		24,924
eHealth, Inc.*	3,464		39,386
EMC Insurance Group, Inc.	1,006		22,062
Employers Holdings, Inc.	1,423		20,961
Enstar Group, Ltd.*	972		64,580
FBL Financial Group, Inc., Class A	1,859		39,039
First American Financial Corp.	14,914		189,109
First Mercury Financial Corp.	2,234		23,636
Flagstone Reinsurance Holdings S.A.	7,624		82,492
FPIC Insurance Group, Inc.*	1,499		38,449
Greenlight Capital Reinsurance Ltd., Class A*	4,128		103,984
Hallmark Financial Services*	2,228		22,169
Harleysville Group, Inc.	1,974		61,253
Hilltop Holdings, Inc.*	6,066		60,721
Horace Mann Educators Corp.	5,772		88,312
Infinity Property & Casualty Corp.	1,987		91,760
Kansas City Life Insurance Co.	436		12,892
Maiden Holdings Ltd.	7,437		48,861
Meadowbrook Insurance Group, Inc.	8,083		69,756
Montpelier Reinsurance Holdings Ltd.	10,552		157,541
National Financial Partners Corp.*	6,006		58,679
National Interstate Corp.	1,174		23,269
National Western Life Insurance Co., Class A	325		49,647
Navigators Group, Inc.*	1,862		76,584
NYMAGIC, Inc.	647		12,481
Phoenix Cos., Inc.*	17,006		35,883
Platinum Underwriters Holdings Ltd.	6,594		239,296
PMA Capital Corp., Class A*	4,848		31,754
Presidential Life Corp.	3,086		28,083
Primerica, Inc.*	3,371		72,274
ProAssurance Corp.*	4,684		265,864
RLI Corp.	2,781		146,030
Safety Insurance Group, Inc.	1,991		73,707
SeaBright Holdings, Inc.	3,310		31,379
Selective Insurance Group, Inc.	7,840		116,502
State Auto Financial Corp.	2,176		33,750
Stewart Information Services Corp.	2,842		25,635
Tower Group, Inc.	5,929		127,651
United America Indemnity Ltd., Class A*	3,753		27,622


	Number of Shares	Value (Note 1)

United Fire & Casualty Co.	3,302	$	65,446
Universal Insurance Holdings, Inc.	2,067		8,640

			3,925,296

*Real Estate Investment Trusts (REITs) (5.0%)*
Acadia Realty Trust (REIT)	5,998		100,886
Agree Realty Corp. (REIT)	1,333		31,086
Alexander’s, Inc. (REIT)	312		94,511
American Campus Communities, Inc. (REIT)	7,765		211,907
American Capital Agency Corp. (REIT)	4,925		130,119
Anworth Mortgage Asset Corp. (REIT)	18,536		131,976
Apollo Commercial Real Estate Finance, Inc. (REIT)	1,696		27,916
Ashford Hospitality Trust, Inc. (REIT)*	5,558		40,740
Associated Estates Realty Corp. (REIT)	5,000		64,750
BioMed Realty Trust, Inc. (REIT)	16,714		268,928
CapLease, Inc. (REIT)	8,677		40,001
Capstead Mortgage Corp. (REIT)	10,291		113,818
CBL & Associates Properties, Inc. (REIT)	20,180		251,039
Cedar Shopping Centers, Inc. (REIT)	8,768		52,783
Chatham Lodging Trust (REIT)*	1,077		19,246
Chesapeake Lodging Trust (REIT)*	1,397		22,101
Cogdell Spencer, Inc. (REIT)	6,709		45,353
Colonial Properties Trust (REIT)	10,372		150,705
Colony Financial, Inc. (REIT)	2,282		38,566
Cousins Properties, Inc. (REIT)	12,753		85,955
CreXus Investment Corp. (REIT)	2,266		28,166
Cypress Sharpridge Investments, Inc. (REIT)	2,553		32,321
DCT Industrial Trust, Inc. (REIT)	30,651		138,543
DiamondRock Hospitality Co. (REIT)*	22,174		182,270
DuPont Fabros Technology, Inc. (REIT)	6,099		149,791
Dynex Capital, Inc. (REIT)	2,574		23,758
EastGroup Properties, Inc. (REIT)	4,043		143,850
Education Realty Trust, Inc. (REIT)	8,661		52,226
Entertainment Properties Trust (REIT)	6,802		258,952
Equity Lifestyle Properties, Inc. (REIT)	3,810		183,756
Equity One, Inc. (REIT)	5,286		82,462
Excel Trust, Inc. (REIT)*	1,752		21,024
Extra Space Storage, Inc. (REIT)	12,812		178,087
FelCor Lodging Trust, Inc. (REIT)*	9,618		47,994
First Industrial Realty Trust, Inc. (REIT)*	10,048		48,431
First Potomac Realty Trust (REIT)	5,748		82,599

See Notes to Financial Statements.

112

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Franklin Street Properties Corp. (REIT)	9,958	$	117,604
Getty Realty Corp. (REIT)	3,155		70,704
Gladstone Commercial Corp. (REIT)	1,671		27,304
Glimcher Realty Trust (REIT)	10,576		63,245
Government Properties Income Trust (REIT)	3,187		81,332
Hatteras Financial Corp. (REIT)	5,361		149,143
Healthcare Realty Trust, Inc. (REIT)	9,290		204,101
Hersha Hospitality Trust (REIT)	15,502		70,069
Highwoods Properties, Inc. (REIT)	6,978		193,709
Home Properties, Inc. (REIT)	5,865		264,336
Inland Real Estate Corp. (REIT)	10,653		84,372
Invesco Mortgage Capital, Inc. (REIT)	3,916		78,359
Investors Real Estate Trust (REIT)	11,137		98,340
iStar Financial, Inc. (REIT)*	13,965		62,284
Kilroy Realty Corp. (REIT)	8,039		238,999
Kite Realty Group Trust (REIT)	7,128		29,795
LaSalle Hotel Properties (REIT)	10,260		211,048
Lexington Realty Trust (REIT)	13,261		79,699
LTC Properties, Inc. (REIT)	3,560		86,401
Medical Properties Trust, Inc. (REIT)	16,416		154,967
MFA Financial, Inc. (REIT)	41,252		305,265
Mid-America Apartment Communities, Inc. (REIT)	4,390		225,953
Mission West Properties, Inc. (REIT)	3,366		22,956
Monmouth Real Estate Investment Corp. (REIT), Class A	4,255		31,444
MPG Office Trust, Inc. (REIT)*	6,745		19,763
National Health Investors, Inc. (REIT)	3,626		139,819
National Retail Properties, Inc. (REIT)	12,287		263,433
Newcastle Investment Corp. (REIT)*	8,759		23,474
NorthStar Realty Finance Corp. (REIT)	10,103		26,975
Omega Healthcare Investors, Inc. (REIT)	13,775		274,536
One Liberty Properties, Inc. (REIT)	1,246		18,578
Parkway Properties, Inc./Maryland (REIT)	3,304		48,139
Pebblebrook Hotel Trust (REIT)*	2,900		54,665
Pennsylvania Real Estate Investment Trust (REIT)	7,975		97,455
Pennymac Mortgage Investment Trust (REIT)*	2,142		34,058
Post Properties, Inc. (REIT)	7,215		163,997
Potlatch Corp. (REIT)	5,926		211,736
PS Business Parks, Inc. (REIT)	2,708		151,052
RAIT Financial Trust (REIT)*	12,070		22,571
Ramco-Gershenson Properties Trust (REIT)	5,834		58,923


	Number of Shares	Value (Note 1)

Redwood Trust, Inc. (REIT)	11,656	$	170,644
Resource Capital Corp. (REIT)	6,772		38,465
Retail Opportunity Investments Corp.	5,580		53,847
Saul Centers, Inc. (REIT)	1,018		41,361
Sovran Self Storage, Inc. (REIT)	4,129		142,162
Strategic Hotels & Resorts, Inc. (REIT)*	20,118		88,318
Sun Communities, Inc. (REIT)	2,868		74,453
Sunstone Hotel Investors, Inc. (REIT)*	14,480		143,786
Tanger Factory Outlet Centers (REIT)	5,991		247,908
Terreno Realty Corp. (REIT)*	1,494		26,459
Two Harbors Investment Corp. (REIT)	3,436		28,347
UMH Properties, Inc. (REIT)	2,051		20,654
Universal Health Realty Income Trust (REIT)	1,761		56,581
Urstadt Biddle Properties, Inc. (REIT), Class A	831		13,404
U-Store-It Trust (REIT)	11,603		86,558
Walter Investment Management Corp. (REIT)	3,961		64,762
Washington Real Estate Investment Trust (REIT)	8,998		248,255
Winthrop Realty Trust (REIT)	2,497		31,987

			9,715,170

*Real Estate Management & Development (0.1%)*
Avatar Holdings, Inc.*	1,267		24,301
Consolidated-Tomoka Land Co.	876		24,966
Forestar Group, Inc.*	5,229		93,913
Kennedy-Wilson Holdings, Inc.*	2,819		28,472
Tejon Ranch Co.*	1,807		41,706
Thomas Properties Group, Inc.	4,533		15,004

			228,362

*Thrifts & Mortgage Finance (1.1%)*
Abington Bancorp, Inc.	3,429		29,901
Astoria Financial Corp.	12,488		171,835
Bank Mutual Corp.	7,001		39,766
BankFinancial Corp.	3,312		27,523
Beneficial Mutual Bancorp, Inc.*	4,809		47,513
Berkshire Hills Bancorp, Inc.	2,046		39,856
BofI Holding, Inc.*	993		14,021
Brookline Bancorp, Inc.	8,759		77,780
Clifton Savings Bancorp, Inc.	940		8,131
Dime Community Bancshares, Inc.	3,773		46,521
Doral Financial Corp.*	4,215		10,285
ESB Financial Corp.	874		11,406
ESSA Bancorp, Inc.	2,361		29,064
Federal Agricultural Mortgage Corp., Class C	1,336		18,744
First Financial Holdings, Inc.	2,385		27,308
Flagstar Bancorp, Inc.*	5,530		17,364
Flushing Financial Corp.	4,404		53,861
Fox Chase Bancorp, Inc.*	587		5,617
Home Federal Bancorp, Inc./Idaho	2,430		30,691
Kearny Financial Corp.	1,691		15,489

See Notes to Financial Statements.

113

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AXA TACTICAL MANAGER 2000 PORTFOLIO-I

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

K-Fed Bancorp	421	$	3,823
Meridian Interstate Bancorp, Inc.*	1,459		15,903
MGIC Investment Corp.*	29,355		202,256
NASB Financial, Inc.	349		5,287
NewAlliance Bancshares, Inc.	14,880		166,805
Northwest Bancshares, Inc.	16,140		185,126
OceanFirst Financial Corp.	2,259		27,266
Ocwen Financial Corp.*	10,851		110,572
Oritani Financial Corp.	7,930		79,295
PMI Group, Inc.*	20,993		60,670
Provident Financial Services, Inc.	8,803		102,907
Provident New York Bancorp	6,135		54,295
Radian Group, Inc.	19,445		140,782
Rockville Financial, Inc.	803		9,564
Roma Financial Corp.	840		9,122
Territorial Bancorp, Inc.	1,833		34,735
TrustCo Bank Corp. NY/New York	11,171		62,557
United Financial Bancorp, Inc.	2,430		33,169
ViewPoint Financial Group	1,659		22,977
Waterstone Financial, Inc.*	265		904
Westfield Financial, Inc.	4,499		37,477
WSFS Financial Corp.	676		24,289

			2,112,457

Total Financials			28,861,229

Health Care (9.7%)
*Biotechnology* (*2.3%)*
Acorda Therapeutics, Inc.*	5,518		171,665
Affymax, Inc.*	2,534		15,153
Alkermes, Inc.*	13,743		171,100
Allos Therapeutics, Inc.*	12,008		73,609
Alnylam Pharmaceuticals, Inc.*	5,236		78,645
AMAG Pharmaceuticals, Inc.*	3,071		105,489
Anthera Pharmaceuticals, Inc.*	1,585		8,496
Arena Pharmaceuticals, Inc.*	14,956		45,915
ARIAD Pharmaceuticals, Inc.*	15,880		44,782
ArQule, Inc.*	6,082		26,153
Array BioPharma, Inc.*	8,093		24,684
AspenBio Pharma, Inc.*	8,316		8,150
AVEO Pharmaceuticals, Inc.*	1,360		9,615
AVI BioPharma, Inc.*	15,763		25,378
BioCryst Pharmaceuticals, Inc.*	3,975		23,492
BioSante Pharmaceuticals, Inc.*	7,455		13,121
Biospecifics Technologies Corp.*	380		7,554
Biotime, Inc.*	3,004		18,505
Celera Corp.*	11,962		78,351
Celldex Therapeutics, Inc.*	4,367		19,914
Cepheid, Inc.*	8,433		135,097
Chelsea Therapeutics International, Inc.*	3,144		9,212
Clinical Data, Inc.*	1,290		16,048
Codexis, Inc.*	938		8,217
Combinatorx, Inc.*	8,165		11,839
Cubist Pharmaceuticals, Inc.*	8,334		171,680
Curis, Inc.*	10,713		14,891
Cytokinetics, Inc.*	7,769		18,413
Cytori Therapeutics, Inc.*	5,125		17,835
CytRx Corp.*	16,813		12,946


	Number of Shares	Value (Note 1)

Dyax Corp.*	13,201	$	29,966
Dynavax Technologies Corp.*	9,425		17,531
Emergent Biosolutions, Inc.*	2,919		47,696
Enzon Pharmaceuticals, Inc.*	6,965		74,177
Exact Sciences Corp.*	5,043		22,189
Exelixis, Inc.*	15,588		54,090
Genomic Health, Inc.*	2,086		26,972
Geron Corp.*	14,296		71,766
Halozyme Therapeutics, Inc.*	9,838		69,260
Idenix Pharmaceuticals, Inc.*	5,121		25,605
Immunogen, Inc.*	9,889		91,671
Immunomedics, Inc.*	9,511		29,389
Incyte Corp.*	12,651		140,047
Infinity Pharmaceuticals, Inc.*	1,556		9,196
Inhibitex, Inc.*	6,950		17,722
Inovio Pharmaceuticals, Inc.*	11,500		11,730
InterMune, Inc.*	6,521		60,971
Ironwood Pharmaceuticals, Inc.*	2,846		33,924
Isis Pharmaceuticals, Inc.*	13,587		130,028
Keryx Biopharmaceuticals, Inc.*	7,299		26,714
Lexicon Pharmaceuticals, Inc.*	30,924		39,583
Ligand Pharmaceuticals, Inc., Class B*	17,485		25,528
MannKind Corp.*	8,487		54,232
Martek Biosciences Corp.*	4,826		114,424
Maxygen, Inc.*	3,986		22,043
Medivation, Inc.*	5,191		45,888
Metabolix, Inc.*	3,927		56,195
Micromet, Inc.*	11,424		71,286
Momenta Pharmaceuticals, Inc.*	5,709		69,992
Nabi Biopharmaceuticals*	6,593		35,866
Nanosphere, Inc.*	3,146		13,717
Neuralstem, Inc.*	5,743		14,357
Neurocrine Biosciences, Inc.*	6,954		38,942
NeurogesX, Inc.*	1,031		6,836
Novavax, Inc.*	11,448		24,842
NPS Pharmaceuticals, Inc.*	8,586		55,294
Nymox Pharmaceutical Corp.*	2,457		7,666
Omeros Corp.*	2,320		17,214
Onyx Pharmaceuticals, Inc.*	8,991		194,116
Opko Health, Inc.*	12,446		28,128
Orexigen Therapeutics, Inc.*	4,787		20,105
Osiris Therapeutics, Inc.*	1,667		9,685
PDL BioPharma, Inc.	17,440		98,013
Peregrine Pharmaceuticals, Inc.*	6,399		13,758
Pharmacyclics, Inc.*	5,436		36,204
Pharmasset, Inc.*	4,305		117,699
Progenics Pharmaceuticals, Inc.*	4,218		23,115
Rigel Pharmaceuticals, Inc.*	7,349		52,913
Sangamo BioSciences, Inc.*	6,660		24,709
Savient Pharmaceuticals, Inc.*	9,677		121,930
Sciclone Pharmaceuticals, Inc.*	6,450		17,157
Seattle Genetics, Inc.*	12,087		144,923
SIGA Technologies, Inc.*	4,495		34,611
Spectrum Pharmaceuticals, Inc.*	6,674		26,162
StemCells, Inc.*	21,875		20,562
Synta Pharmaceuticals Corp.*	1,954		5,276
Targacept, Inc.*	3,434		66,379
Theravance, Inc.*	9,084		114,186
Transcept Pharmaceuticals, Inc.*	1,075		8,955
Vanda Pharmaceuticals, Inc.*	4,077		26,949

See Notes to Financial Statements.

114

EQ ADVISORS TRUST

AXA TACTICAL MANAGER 2000 PORTFOLIO-I

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Vical, Inc.*	7,511	$	23,284
ZIOPHARM Oncology, Inc.*	6,911		21,977
ZymoGenetics, Inc.*	6,811		28,742

			4,370,036

*Health Care Equipment & Supplies* (*2.7%)*
Abaxis, Inc.*	3,176		68,062
ABIOMED, Inc.*	4,484		43,405
Accuray, Inc.*	7,253		48,087
AGA Medical Holdings, Inc.*	2,078		26,370
Align Technology, Inc.*	8,490		126,246
Alimera Sciences, Inc.*	1,016		7,559
Alphatec Holdings, Inc.*	7,740		35,914
American Medical Systems Holdings, Inc.*	10,747		237,724
Analogic Corp.	1,868		85,013
AngioDynamics, Inc.*	3,542		52,245
Antares Pharma, Inc.*	9,966		17,540
ArthroCare Corp.*	3,843		117,788
Atrion Corp.	207		27,955
ATS Medical, Inc.*	7,675		30,470
Cantel Medical Corp.	1,832		30,594
Cerus Corp.*	5,767		18,224
Conceptus, Inc.*	4,439		69,160
CONMED Corp.*	4,228		78,768
CryoLife, Inc.*	4,414		23,791
Cutera, Inc.*	1,419		13,069
Cyberonics, Inc.*	3,995		94,602
Cynosure, Inc., Class A*	1,825		19,655
Delcath Systems, Inc.*	5,787		36,690
DexCom, Inc.*	8,268		95,578
DynaVox, Inc., Class A*	1,204		19,276
Endologix, Inc.*	7,026		31,828
ev3, Inc.*	11,966		268,158
Exactech, Inc.*	1,367		23,348
Greatbatch, Inc.*	3,383		75,475
Haemonetics Corp.*	3,543		189,621
Hansen Medical, Inc.*	8,001		17,042
HealthTronics, Inc.*	6,144		29,676
HeartWare International, Inc.*	1,394		97,678
ICU Medical, Inc.*	1,758		56,555
Immucor, Inc.*	10,245		195,167
Insulet Corp.*	5,760		86,688
Integra LifeSciences Holdings Corp.*	2,999		110,963
Invacare Corp.	4,218		87,481
IRIS International, Inc.*	2,685		27,226
Kensey Nash Corp.*	1,258		29,827
MAKO Surgical Corp.*	3,575		44,509
Masimo Corp.	7,335		174,646
Medical Action Industries, Inc.*	2,194		26,306
MELA Sciences, Inc.*	3,589		26,702
Meridian Bioscience, Inc.	5,890		100,130
Merit Medical Systems, Inc.*	4,063		65,292
Micrus Endovascular Corp.*	2,289		47,588
Natus Medical, Inc.*	4,052		66,007
Neogen Corp.*	3,352		87,320
NuVasive, Inc.*	5,659		200,668
NxStage Medical, Inc.*	3,305		49,046
OraSure Technologies, Inc.*	6,713		31,081
Orthofix International N.V.*	2,490		79,805
Orthovita, Inc.*	10,649		21,617


	Number of Shares	Value (Note 1)

Palomar Medical Technologies, Inc.*	2,677	$	29,956
Quidel Corp.*	2,909		36,915
Rochester Medical Corp.*	1,950		18,428
RTI Biologics, Inc.*	8,537		25,013
SenoRx, Inc.*	2,398		26,330
Sirona Dental Systems, Inc.*	4,786		166,744
Solta Medical, Inc.*	7,563		14,370
Somanetics Corp.*	1,759		43,887
SonoSite, Inc.*	2,107		57,121
Spectranetics Corp.*	4,953		25,657
STAAR Surgical Co.*	5,174		29,595
Stereotaxis, Inc.*	3,038		10,056
STERIS Corp.	8,468		263,185
SurModics, Inc.*	2,269		37,234
Symmetry Medical, Inc.*	5,224		55,061
Syneron Medical Ltd.*	4,718		48,501
Synovis Life Technologies, Inc.*	1,824		27,871
TomoTherapy, Inc.*	8,035		25,551
Unilife Corp.*	6,565		38,208
Vascular Solutions, Inc.*	2,406		30,075
Volcano Corp.*	7,425		162,014
West Pharmaceutical Services, Inc.	4,757		173,583
Wright Medical Group, Inc.*	5,551		92,202
Young Innovations, Inc.	936		26,348
Zoll Medical Corp.*	3,051		82,682

			5,317,822

*Health Care Providers & Services* (*2.6%)*
Air Methods Corp.*	1,575		46,856
Alliance HealthCare Services, Inc.*	4,556		18,406
Allied Healthcare International, Inc.*	8,316		19,293
Almost Family, Inc.*	1,163		40,624
Amedisys, Inc.*	4,195		184,454
America Service Group, Inc.	1,512		26,006
American Dental Partners, Inc.*	2,341		28,350
AMERIGROUP Corp.*	7,325		237,916
AMN Healthcare Services, Inc.*	4,867		36,405
Amsurg Corp.*	4,475		79,745
Assisted Living Concepts, Inc., Class A*	1,467		43,409
Bio-Reference Labs, Inc.*	3,429		76,021
BioScrip, Inc.*	5,671		29,716
Capital Senior Living Corp.*	3,396		16,878
CardioNet, Inc.*	3,880		21,262
Catalyst Health Solutions, Inc.*	5,593		192,959
Centene Corp.*	7,043		151,425
Chemed Corp.	3,296		180,093
Chindex International, Inc.*	2,154		26,990
Clarient, Inc.*	7,192		22,151
Continucare Corp.*	5,394		18,070
Corvel Corp.*	1,027		34,702
Cross Country Healthcare, Inc.*	4,570		41,084
Emeritus Corp.*	2,892		47,169
Ensign Group, Inc.	2,245		37,087
Five Star Quality Care, Inc.*	3,051		9,214
Genoptix, Inc.*	2,468		42,450
Gentiva Health Services, Inc.*	4,202		113,496
Hanger Orthopedic Group, Inc.*	3,661		65,752

See Notes to Financial Statements.

115

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Health Grades, Inc.*	3,885	$	23,310
HealthSouth Corp.*	13,648		255,354
Healthspring, Inc.*	8,044		124,762
Healthways, Inc.*	4,934		58,813
HMS Holdings Corp.*	4,021		218,019
inVentiv Health, Inc.*	4,860		124,416
IPC The Hospitalist Co., Inc.*	2,348		58,935
Kindred Healthcare, Inc.*	5,704		73,239
Landauer, Inc.	1,358		82,675
LCA-Vision, Inc.*	3,363		18,631
LHC Group, Inc.*	2,205		61,189
Magellan Health Services, Inc.*	4,846		176,007
MedCath Corp.*	2,779		21,843
Metropolitan Health Networks, Inc.*	6,852		25,558
Molina Healthcare, Inc.*	1,936		55,757
MWI Veterinary Supply, Inc.*	1,782		89,563
National Healthcare Corp.	1,166		40,180
National Research Corp.	171		4,123
Odyssey HealthCare, Inc.*	4,790		127,989
Owens & Minor, Inc.	9,077		257,605
PDI, Inc.*	1,155		9,563
PharMerica Corp.*	4,470		65,530
Prospect Medical Holdings, Inc.*	1,328		8,034
Providence Service Corp.*	1,723		24,122
PSS World Medical, Inc.*	8,162		172,626
Psychiatric Solutions, Inc.*	8,196		268,173
RehabCare Group, Inc.*	3,599		78,386
Res-Care, Inc.*	3,721		35,945
Rural/Metro Corp.*	2,397		19,512
Select Medical Holdings Corp.*	6,757		45,813
Skilled Healthcare Group, Inc., Class A*	2,290		15,549
Sun Healthcare Group, Inc.*	6,361		51,397
Sunrise Senior Living, Inc.*	7,477		20,786
Team Health Holdings, Inc.*	2,242		28,967
Triple-S Management Corp., Class B*	2,994		55,539
U.S. Physical Therapy, Inc.*	1,740		29,371
Universal American Corp.*	4,536		65,318
Virtual Radiologic Corp.*	1,204		20,661
WellCare Health Plans, Inc.*	6,156		146,143

			4,947,386

*Health Care Technology* (*0.5%)*
athenahealth, Inc.*	4,896		127,932
Computer Programs & Systems, Inc.	1,422		58,188
Eclipsys Corp.*	8,190		146,110
MedAssets, Inc.*	6,163		142,242
Medidata Solutions, Inc.*	2,589		40,104
MedQuist, Inc.	2,057		16,271
Merge Healthcare, Inc.*	7,045		20,642
Omnicell, Inc.*	4,577		53,505
Phase Forward, Inc.*	5,854		97,645
Quality Systems, Inc.	2,752		159,588
Transcend Services, Inc.*	1,591		21,478
Vital Images, Inc.*	2,148		27,387

			911,092


	Number of Shares	Value (Note 1)

*Life Sciences Tools & Services (0.5%)*
Accelrys, Inc.*	4,278	$	27,593
Affymetrix, Inc.*	10,335		60,976
Albany Molecular Research, Inc.*	4,140		21,404
Bruker Corp.*	10,515		127,862
Caliper Life Sciences, Inc.*	6,070		25,919
Cambrex Corp.*	2,993		9,428
Dionex Corp.*	2,566		191,064
Enzo Biochem, Inc.*	5,542		22,556
eResearchTechnology, Inc.*	7,390		58,233
Kendle International, Inc.*	2,236		25,759
Luminex Corp.*	5,273		85,528
PAREXEL International Corp.*	8,357		181,180
Pure Bioscience*	5,212		12,457
Sequenom, Inc.*	8,936		52,812

			902,771

*Pharmaceuticals (1.1%)*
Acura Pharmaceuticals, Inc.*	280		703
Akorn, Inc.*	8,863		26,323
Alexza Pharmaceuticals, Inc.*	4,927		13,402
Aoxing Pharmaceutical Co., Inc.*	3,060		9,976
Ardea Biosciences, Inc.*	1,940		39,886
Auxilium Pharmaceuticals, Inc.*	6,045		142,058
AVANIR Pharmaceuticals, Inc., Class A*	10,632		27,324
Biodel, Inc.*	1,822		6,887
BioMimetic Therapeutics, Inc.*	2,169		24,119
BMP Sunstone Corp.*	4,768		24,555
Cadence Pharmaceuticals, Inc.*	3,842		26,932
Caraco Pharmaceutical Laboratories Ltd.*	1,039		4,904
Corcept Therapeutics, Inc.*	3,665		11,435
Cornerstone Therapeutics, Inc.*	664		3,911
Cumberland Pharmaceuticals, Inc.*	2,215		14,220
Cypress Bioscience, Inc.*	6,151		14,147
Depomed, Inc.*	8,304		23,251
Durect Corp.*	12,960		31,493
Eurand N.V.*	2,265		21,948
Hi-Tech Pharmacal Co., Inc.*	1,268		29,050
Impax Laboratories, Inc.*	8,830		168,300
Inspire Pharmaceuticals, Inc.*	8,950		44,661
Jazz Pharmaceuticals, Inc.*	2,228		17,445
Lannett Co., Inc.*	1,022		4,671
MAP Pharmaceuticals, Inc.*	1,652		21,674
Medicines Co.*	7,797		59,335
Medicis Pharmaceutical Corp., Class A	8,634		188,912
Nektar Therapeutics*	13,534		163,761
Neostem, Inc.*	4,089		7,483
Obagi Medical Products, Inc.*	2,535		29,964
Optimer Pharmaceuticals, Inc.*	4,827		44,746
Pain Therapeutics, Inc.*	5,274		29,323
Par Pharmaceutical Cos., Inc.*	5,085		132,007
Pozen, Inc.*	3,887		27,248
Questcor Pharmaceuticals, Inc.*	8,314		84,886
Salix Pharmaceuticals Ltd.*	8,357		326,174
Santarus, Inc.*	8,639		21,425
Somaxon Pharmaceuticals, Inc.*	4,098		14,753
Sucampo Pharmaceuticals, Inc., Class A*	1,091		3,851

See Notes to Financial Statements.

116

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

SuperGen, Inc.*	10,313	$	20,832
ViroPharma, Inc.*	11,225		125,832
Vivus, Inc.*	11,733		112,637
XenoPort, Inc.*	4,453		43,684

			2,190,128

Total Health Care			18,639,235

Industrials (10.7%)
*Aerospace & Defense (1.3%)*
AAR Corp.*	5,622		94,112
Aerovironment, Inc.*	2,333		50,696
American Science & Engineering, Inc.	1,323		100,826
Applied Energetics, Inc.*	9,840		10,135
Applied Signal Technology, Inc.	1,908		37,492
Argon ST, Inc.*	1,951		66,900
Astronics Corp.*	1,512		24,736
Ceradyne, Inc.*	3,745		80,031
Cubic Corp.	2,259		82,182
Curtiss-Wright Corp.	6,556		190,386
DigitalGlobe, Inc.*	3,938		103,569
Ducommun, Inc.	1,565		26,762
DynCorp International, Inc., Class A*	2,115		37,055
Esterline Technologies Corp.*	4,306		204,320
GenCorp, Inc.*	7,367		32,268
GeoEye, Inc.*	3,081		95,942
Global Defense Technology & Systems, Inc.*	546		6,973
HEICO Corp.	4,195		150,684
Herley Industries, Inc.*	2,047		29,190
Hexcel Corp.*	14,053		217,962
Kratos Defense & Security Solutions, Inc.*	1,907		20,024
Ladish Co., Inc.*	2,289		52,006
LMI Aerospace, Inc.*	1,404		22,141
Moog, Inc., Class A*	6,578		212,009
Orbital Sciences Corp.*	8,199		129,298
Stanley, Inc.*	1,994		74,536
Taser International, Inc.*	9,082		35,420
Teledyne Technologies, Inc.*	5,224		201,542
Triumph Group, Inc.	2,416		160,978

			2,550,175

*Air Freight & Logistics (0.3%)*
Air Transport Services Group, Inc.*	8,043		38,285
Atlas Air Worldwide Holdings, Inc.*	3,713		176,367
Dynamex, Inc.*	1,709		20,850
Forward Air Corp.	4,225		115,131
Hub Group, Inc., Class A*	5,396		161,934
Pacer International, Inc.*	5,131		35,866
Park-Ohio Holdings Corp.*	1,086		15,627

			564,060

*Airlines (0.5%)*
AirTran Holdings, Inc.*	19,744		95,758
Alaska Air Group, Inc.*	5,108		229,604
Allegiant Travel Co.	2,236		95,455
Hawaiian Holdings, Inc.*	7,532		38,940


	Number of Shares	Value (Note 1)

JetBlue Airways Corp.*	34,861	$	191,387
Pinnacle Airlines Corp.*	2,463		13,399
Republic Airways Holdings, Inc.*	5,101		31,167
SkyWest, Inc.	8,144		99,520
U.S. Airways Group, Inc.*	23,511		202,430

			997,660

*Building Products (0.5%)*
A.O. Smith Corp.	3,490		168,183
AAON, Inc.	1,823		42,494
American Woodmark Corp.	1,528		26,129
Ameron International Corp.	1,343		81,023
Apogee Enterprises, Inc.	4,094		44,338
Builders FirstSource, Inc.*	7,398		17,755
Gibraltar Industries, Inc.*	3,955		39,946
Griffon Corp.*	6,339		70,109
Insteel Industries, Inc.	2,562		29,770
NCI Building Systems, Inc.*	2,845		23,813
PGT, Inc.*	3,085		7,928
Quanex Building Products Corp.	5,519		95,424
Simpson Manufacturing Co., Inc.	5,564		136,596
Trex Co., Inc.*	2,261		45,424
Universal Forest Products, Inc.	2,810		85,171

			914,103

*Commercial Services & Supplies (1.7%)*
ABM Industries, Inc.	7,413		155,302
ACCO Brands Corp.*	7,960		39,720
American Reprographics Co.*	5,324		46,479
APAC Customer Services, Inc.*	4,080		23,256
ATC Technology Corp.*	2,824		45,523
Bowne & Co., Inc.	5,605		62,888
Brink’s Co.	6,648		126,511
Casella Waste Systems, Inc., Class A*	3,589		13,710
Cenveo, Inc.*	7,844		42,985
Clean Harbors, Inc.*	3,384		224,731
Consolidated Graphics, Inc.*	1,419		61,358
Cornell Cos., Inc.*	1,614		43,368
Courier Corp.	1,734		21,172
Deluxe Corp.	7,432		139,350
EnergySolutions, Inc.	12,963		65,982
EnerNOC, Inc.*	2,766		86,963
Ennis, Inc.	3,791		56,903
Fuel Tech, Inc.*	3,353		21,191
G&K Services, Inc., Class A	2,745		56,684
GEO Group, Inc.*	6,962		144,462
Healthcare Services Group, Inc.	6,393		121,147
Herman Miller, Inc.	8,294		156,508
HNI Corp.	6,520		179,887
Innerworkings, Inc.*	3,875		26,466
Interface, Inc., Class A	7,031		75,513
Kimball International, Inc., Class B	4,753		26,284
Knoll, Inc.	6,823		90,678
M&F Worldwide Corp.*	1,542		41,788
McGrath RentCorp	3,459		78,796
Metalico, Inc.*	5,293		21,066
Mine Safety Appliances Co.	3,866		95,800
Mobile Mini, Inc.*	5,176		84,265
Multi-Color Corp.	1,070		10,957
Rollins, Inc.	6,396		132,333

See Notes to Financial Statements.

117

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Schawk, Inc.	1,583	$	23,666
Standard Parking Corp.*	2,047		32,404
Standard Register Co.	1,751		5,498
Steelcase, Inc., Class A	11,664		90,396
Sykes Enterprises, Inc.*	6,122		87,116
Team, Inc.*	2,762		36,044
Tetra Tech, Inc.*	8,816		172,882
U.S. Ecology, Inc.	2,736		39,864
United Stationers, Inc.*	3,441		187,431
Viad Corp.	3,019		53,285
Waste Services, Inc.*	3,922		45,731

			3,394,343

*Construction & Engineering (0.6%)*
Argan, Inc.*	742		7,739
Comfort Systems USA, Inc.	5,674		54,811
Dycom Industries, Inc.*	5,753		49,188
EMCOR Group, Inc.*	9,595		222,316
Furmanite Corp.*	5,828		23,137
Granite Construction, Inc.	5,031		118,631
Great Lakes Dredge & Dock Corp.	7,946		47,676
Insituform Technologies, Inc., Class A*	5,659		115,896
Layne Christensen Co.*	2,840		68,927
MasTec, Inc.*	7,615		71,581
Michael Baker Corp.*	1,153		40,240
MYR Group, Inc.*	3,113		51,956
Northwest Pipe Co.*	1,417		26,923
Orion Marine Group, Inc.*	3,933		55,849
Pike Electric Corp.*	2,687		25,312
Primoris Services Corp.	2,434		15,334
Sterling Construction Co., Inc.*	2,342		30,305
Tutor Perini Corp.*	3,749		61,783

			1,087,604

*Electrical Equipment (1.3%)*
A123 Systems, Inc.*	10,072		94,979
Acuity Brands, Inc.	6,281		228,503
Advanced Battery Technologies, Inc.*	8,305		27,240
American Superconductor Corp.*	6,338		169,161
AZZ, Inc.	1,767		64,973
Baldor Electric Co.	6,785		244,803
Belden, Inc.	6,813		149,886
Brady Corp., Class A	6,980		173,942
Broadwind Energy, Inc.*	11,921		33,379
Capstone Turbine Corp.*	33,796		33,120
Coleman Cable, Inc.*	1,627		9,176
Encore Wire Corp.	2,649		48,185
Ener1, Inc.*	7,969		26,935
EnerSys*	6,930		148,094
Franklin Electric Co., Inc.	3,373		97,210
FuelCell Energy, Inc.*	12,363		14,588
Generac Holdings, Inc.*	2,741		38,401
GrafTech International Ltd.*	17,536		256,376
Hoku Corp.*	2,819		9,416
II-VI, Inc.*	3,608		106,905
LaBarge, Inc.*	2,072		23,642
LSI Industries, Inc.	3,572		17,431
Polypore International, Inc.*	3,288		74,769
Powell Industries, Inc.*	1,144		31,277


	Number of Shares	Value (Note 1)

PowerSecure International, Inc.*	2,748	$	24,979
Preformed Line Products Co.	231		6,457
SatCon Technology Corp.*	10,768		30,797
UQM Technologies, Inc.*	4,748		16,096
Vicor Corp.*	2,839		35,459
Woodward Governor Co.	8,785		224,281

			2,460,460

*Industrial Conglomerates (0.2%)*
Otter Tail Corp.	5,158		99,704
Raven Industries, Inc.	2,333		78,646
Seaboard Corp.	47		70,970
Standex International Corp.	1,798		45,579
Tredegar Corp.	3,478		56,761
United Capital Corp.*	197		4,809

			356,469

*Machinery (2.0%)*
3D Systems Corp.*	2,577		32,341
Actuant Corp., Class A	9,858		185,626
Alamo Group, Inc.	748		16,232
Albany International Corp., Class A	3,973		64,323
Altra Holdings, Inc.*	3,883		50,557
American Railcar Industries, Inc.*	1,596		19,280
Ampco-Pittsburgh Corp.	1,259		26,225
ArvinMeritor, Inc.*	13,717		179,693
Astec Industries, Inc.*	2,951		81,831
Badger Meter, Inc.	2,171		83,996
Barnes Group, Inc.	7,319		119,958
Blount International, Inc.*	6,685		68,655
Briggs & Stratton Corp.	7,280		123,906
Cascade Corp.	1,325		47,183
Chart Industries, Inc.*	4,151		64,673
CIRCOR International, Inc.	2,493		63,771
CLARCOR, Inc.	7,406		263,061
Colfax Corp.*	3,480		36,227
Columbus McKinnon Corp.*	2,769		38,683
Commercial Vehicle Group, Inc.*	3,420		34,918
Douglas Dynamics, Inc.*	1,453		16,710
Dynamic Materials Corp.	1,921		30,813
Energy Recovery, Inc.*	5,859		23,436
EnPro Industries, Inc.*	2,915		82,057
ESCO Technologies, Inc.	3,838		98,829
Federal Signal Corp.	9,132		55,157
Flow International Corp.*	8,108		19,135
Force Protection, Inc.*	10,194		41,795
FreightCar America, Inc.	1,722		38,952
Gorman-Rupp Co.	1,723		43,161
Graham Corp.	1,667		24,988
Greenbrier Cos., Inc.*	2,447		27,406
John Bean Technologies Corp.	4,021		61,320
Kadant, Inc.*	1,798		31,321
Kaydon Corp.	4,856		159,568
L.B. Foster Co., Class A*	1,474		38,206
Lindsay Corp.	1,809		57,327
Lydall, Inc.*	2,159		16,495
Met-Pro Corp.	2,481		26,696
Middleby Corp.*	2,374		126,273
Miller Industries, Inc.	1,363		18,360
Mueller Industries, Inc.	5,438		133,775

See Notes to Financial Statements.

118

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Mueller Water Products, Inc., Class A	22,655	$	84,050
NACCO Industries, Inc., Class A	875		77,665
Nordson Corp.	4,892		274,343
Omega Flex, Inc.	45		656
PMFG, Inc.*	2,116		32,057
RBC Bearings, Inc.*	3,156		91,492
Robbins & Myers, Inc.	3,882		84,395
Sauer-Danfoss, Inc.*	1,646		20,114
Sun Hydraulics Corp.	1,809		42,439
Tecumseh Products Co., Class A*	2,732		30,380
Tennant Co.	2,703		91,416
Thermadyne Holdings Corp.*	1,132		12,237
Titan International, Inc.	5,148		51,326
Trimas Corp.*	2,388		27,008
Twin Disc, Inc.	931		10,576
Wabash National Corp.*	8,257		58,707
Watts Water Technologies, Inc., Class A	4,265		122,235
Xerium Technologies, Inc.*	926		13,075

			3,897,090

*Marine (0.1%)*
American Commercial Lines, Inc.*	1,382		31,109
Baltic Trading Ltd.*	1,994		22,672
Eagle Bulk Shipping, Inc.*	9,163		38,668
Excel Maritime Carriers Ltd.*	4,802		24,586
Genco Shipping & Trading Ltd.*	3,775		56,587
Horizon Lines, Inc., Class A	5,273		22,305
International Shipholding Corp.	977		21,621
Ultrapetrol Bahamas Ltd.*	3,220		14,007

			231,555

*Professional Services (0.8%)*
Acacia Research Corp.- Acacia Technologies*	4,893		69,627
Administaff, Inc.	3,097		74,824
Advisory Board Co.*	2,250		96,660
Barrett Business Services, Inc.	844		10,466
CBIZ, Inc.*	6,362		40,462
CDI Corp.	1,840		28,575
Corporate Executive Board Co.	4,958		130,247
CoStar Group, Inc.*	2,889		112,093
CRA International, Inc.*	1,607		30,260
Diamond Management & Technology Consultants, Inc.	3,427		35,332
Dolan Media Co.*	4,392		48,839
Exponent, Inc.*	1,972		64,524
Franklin Covey Co.*	1,273		8,275
GP Strategies Corp.*	1,638		11,892
Heidrick & Struggles International, Inc.	2,492		56,867
Hill International, Inc.*	4,704		19,098
Hudson Highland Group, Inc.*	4,263		18,757
Huron Consulting Group, Inc.*	3,160		61,336
ICF International, Inc.*	2,289		54,776
Kelly Services, Inc., Class A*	3,866		57,487
Kforce, Inc.*	4,184		53,346
Korn/Ferry International*	6,550		91,045
LECG Corp.*	3,309		8,603
Mistras Group, Inc.*	1,887		20,229


	Number of Shares	Value (Note 1)

Navigant Consulting, Inc.*	7,280	$	75,566
On Assignment, Inc.*	5,386		27,092
Resources Connection, Inc.*	6,581		89,502
School Specialty, Inc.*	2,744		49,584
SFN Group, Inc.*	7,570		41,332
TrueBlue, Inc.*	6,413		71,761
Volt Information Sciences, Inc.*	2,286		19,202
VSE Corp.	674		21,447

			1,599,106

*Road & Rail (0.8%)*
Amerco, Inc.*	1,299		71,510
Arkansas Best Corp.	3,719		77,169
Avis Budget Group, Inc.*	14,866		145,984
Celadon Group, Inc.*	3,203		45,290
Dollar Thrifty Automotive Group, Inc.*	4,149		176,789
Genesee & Wyoming, Inc., Class A*	5,629		210,018
Heartland Express, Inc.	7,385		107,230
Knight Transportation, Inc.	8,806		178,233
Marten Transport Ltd.*	2,231		46,360
Old Dominion Freight Line, Inc.*	4,041		142,001
P.A.M. Transportation Services, Inc.*	619		9,304
Patriot Transportation Holding, Inc.*	232		18,771
Quality Distribution, Inc.*	1,787		9,239
RailAmerica, Inc.*	3,153		31,278
Roadrunner Transportation Systems, Inc.*	1,291		18,345
Saia, Inc.*	2,331		34,965
Universal Truckload Services, Inc.*	586		8,163
USA Truck, Inc.*	1,409		22,713
Werner Enterprises, Inc.	6,205		135,828

			1,489,190

*Trading Companies & Distributors (0.6%)*
Aceto Corp.	4,088		23,424
Aircastle Ltd.	6,844		53,725
Applied Industrial Technologies, Inc.	6,162		156,022
Beacon Roofing Supply, Inc.*	6,565		118,301
BlueLinx Holdings, Inc.*	1,166		3,067
CAI International, Inc.*	1,675		19,933
DXP Enterprises, Inc.*	1,433		22,427
H&E Equipment Services, Inc.*	4,016		30,080
Houston Wire & Cable Co.	2,619		28,416
Interline Brands, Inc.*	4,722		81,643
Kaman Corp.	3,714		82,154
Lawson Products, Inc.	405		6,877
RSC Holdings, Inc.*	7,220		44,547
Rush Enterprises, Inc., Class A*	4,650		62,124
TAL International Group, Inc.	2,567		57,681
Textainer Group Holdings Ltd.	1,310		31,623
Titan Machinery, Inc.*	1,988		26,102
United Rentals, Inc.*	8,791		81,932
Watsco, Inc.	4,044		234,229

			1,164,307

Total Industrials			20,706,122

See Notes to Financial Statements.

119

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Information Technology (12.6%)
*Communications Equipment (1.9%)*
Acme Packet, Inc.*	6,348	$	170,634
ADC Telecommunications, Inc.*	14,140		104,777
ADTRAN, Inc.	8,959		244,312
Anaren, Inc.*	2,127		31,777
Arris Group, Inc.*	18,058		184,011
Aruba Networks, Inc.*	10,534		150,004
Aviat Networks, Inc.*	8,743		31,737
Bel Fuse, Inc., Class B	1,568		25,888
BigBand Networks, Inc.*	7,068		21,345
Black Box Corp.	2,572		71,733
Blue Coat Systems, Inc.*	6,066		123,928
Calix, Inc.*	892		9,152
Comtech Telecommunications Corp.*	4,097		122,623
DG FastChannel, Inc.*	3,584		116,767
Digi International, Inc.*	3,632		30,037
EMS Technologies, Inc.*	2,239		33,630
Emulex Corp.*	12,163		111,656
Extreme Networks, Inc.*	13,024		35,165
Finisar Corp.*	10,670		158,983
Globecomm Systems, Inc.*	3,316		27,357
Harmonic, Inc.*	13,971		76,002
Hughes Communications, Inc.*	1,320		32,116
Infinera Corp.*	12,317		79,198
InterDigital, Inc.*	6,358		156,979
Ixia*	4,571		39,265
KVH Industries, Inc.*	2,263		28,106
Loral Space & Communications, Inc.*	1,569		67,028
Meru Networks, Inc.*	700		8,302
NETGEAR, Inc.*	5,007		89,325
Network Engines, Inc.*	4,971		13,471
Network Equipment Technologies, Inc.*	5,308		18,525
Occam Networks, Inc.*	1,638		9,107
Oclaro, Inc.*	6,995		77,575
Oplink Communications, Inc.*	2,988		42,818
Opnext, Inc.*	8,244		13,603
Palm, Inc.*	24,234		137,892
PC-Tel, Inc.*	3,511		17,695
Plantronics, Inc.	7,129		203,889
Powerwave Technologies, Inc.*	19,498		30,027
Riverbed Technology, Inc.*	9,048		249,906
SeaChange International, Inc.*	3,468		28,542
ShoreTel, Inc.*	6,509		30,202
Sonus Networks, Inc.*	30,244		81,961
Sycamore Networks, Inc.	2,828		47,001
Symmetricom, Inc.*	6,444		32,800
Tekelec*	9,730		128,825
UTStarcom, Inc.*	16,753		30,826
ViaSat, Inc.*	4,807		156,516

			3,733,018

*Computers & Peripherals (0.6%)*
3PAR, Inc.*	5,447		50,712
ADPT Corp.*	17,958		51,899
Avid Technology, Inc.*	4,177		53,173
Compellent Technologies, Inc.*	3,211		38,917
Cray, Inc.*	5,192		28,971
Electronics for Imaging, Inc.*	6,481		63,190


	Number of Shares	Value (Note 1)

Hutchinson Technology, Inc.*	2,792	$	12,089
Hypercom Corp.*	6,498		30,151
Imation Corp.*	4,387		40,317
Immersion Corp.*	4,761		24,091
Intermec, Inc.*	6,726		68,942
Intevac, Inc.*	3,196		34,101
Isilon Systems, Inc.*	3,735		47,957
Netezza Corp.*	7,549		103,270
Novatel Wireless, Inc.*	4,664		26,771
Presstek, Inc.*	3,539		12,493
Quantum Corp.*	30,692		57,701
Rimage Corp.*	1,513		23,951
Silicon Graphics International Corp.*	4,382		31,025
STEC, Inc.*	5,718		71,818
Stratasys, Inc.*	2,938		72,157
Super Micro Computer, Inc.*	3,498		47,223
Synaptics, Inc.*	5,012		137,830
Xyratex Ltd.*	4,289		60,689

			1,189,438

*Electronic Equipment, Instruments & Components (1.7%)*
Agilysys, Inc.	2,772		18,545
Anixter International, Inc.*	3,979		169,505
Bell Microproducts, Inc.*	4,608		32,164
Benchmark Electronics, Inc.*	8,908		141,192
Brightpoint, Inc.*	9,874		69,118
Checkpoint Systems, Inc.*	5,667		98,379
Cogent, Inc.*	7,308		65,845
Cognex Corp.	5,784		101,683
Coherent, Inc.*	3,612		123,892
Comverge, Inc.*	3,190		28,582
CPI International, Inc.*	1,366		21,296
CTS Corp.	4,924		45,498
Daktronics, Inc.	4,918		36,885
DDi Corp.	1,460		10,994
DTS, Inc.*	2,527		83,062
Echelon Corp.*	4,769		34,957
Electro Rent Corp.	2,595		33,190
Electro Scientific Industries, Inc.*	3,984		53,226
FARO Technologies, Inc.*	2,433		45,521
Gerber Scientific, Inc.*	3,135		16,772
ICx Technologies, Inc.*	1,279		9,337
Insight Enterprises, Inc.*	6,664		87,698
IPG Photonics Corp.*	3,948		60,128
Keithley Instruments, Inc.	1,466		12,945
L-1 Identity Solutions, Inc.*	10,946		89,648
Littelfuse, Inc.*	3,151		99,603
Maxwell Technologies, Inc.*	4,094		46,672
Measurement Specialties, Inc.*	2,095		28,701
Mercury Computer Systems, Inc.*	3,314		38,873
Methode Electronics, Inc.	5,533		53,891
Microvision, Inc.*	13,065		38,672
MTS Systems Corp.	2,438		70,702
Multi-Fineline Electronix, Inc.*	1,410		35,194
Newport Corp.*	5,275		47,792
OSI Systems, Inc.*	2,261		62,788
Park Electrochemical Corp.	2,986		72,888
PC Connection, Inc.*	953		5,775
Plexus Corp.*	5,726		153,113
Power-One, Inc.*	8,401		56,707
RadiSys Corp.*	3,455		32,892

See Notes to Financial Statements.

120

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Richardson Electronics Ltd.	1,969	$	17,721
Rofin-Sinar Technologies, Inc.*	4,652		96,855
Rogers Corp.*	2,285		63,454
Sanmina-SCI Corp.*	11,181		152,173
Scansource, Inc.*	3,866		96,379
SMART Modular Technologies (WWH), Inc.*	7,397		43,272
Spectrum Control, Inc.*	1,969		27,527
SYNNEX Corp.*	3,310		84,802
Technitrol, Inc.	7,185		22,705
Tessco Technologies, Inc.	681		11,373
TTM Technologies, Inc.*	11,666		110,827
Universal Display Corp.*	4,259		76,577
Viasystems Group, Inc.*	578		8,537
X-Rite, Inc.*	5,729		21,140
Zygo Corp.*	2,223		18,029

			3,185,696

*Internet Software & Services (1.4%)*
Ancestry.com, Inc.*	2,656		46,799
Archipelago Learning, Inc.*	1,581		18,071
Art Technology Group, Inc.*	22,743		77,781
comScore, Inc.*	3,133		51,600
Constant Contact, Inc.*	4,045		86,280
DealerTrack Holdings, Inc.*	6,043		99,407
Dice Holdings, Inc.*	2,843		19,674
Digital River, Inc.*	5,581		133,442
DivX, Inc.*	4,775		36,576
EarthLink, Inc.	15,358		122,250
GSI Commerce, Inc.*	8,943		257,558
InfoSpace, Inc.*	5,155		38,766
Internap Network Services Corp.*	7,403		30,870
Internet Brands, Inc., Class A*	3,957		40,876
Internet Capital Group, Inc.*	5,363		40,759
j2 Global Communications, Inc.*	6,484		141,611
Keynote Systems, Inc.	2,270		20,475
KIT Digital, Inc.*	2,710		23,902
Knot, Inc.*	4,400		34,232
Limelight Networks, Inc.*	5,759		25,282
Liquidity Services, Inc.*	2,242		29,056
LivePerson, Inc.*	6,407		43,952
Local.com Corp.*	2,200		15,048
LogMeIn, Inc.*	2,113		55,424
LoopNet, Inc.*	2,937		36,213
Marchex, Inc., Class B	2,169		8,351
ModusLink Global Solutions, Inc.*	6,686		40,317
Move, Inc.*	22,610		46,350
NIC, Inc.	7,394		47,396
OpenTable, Inc.*	2,271		94,178
Openwave Systems, Inc.*	12,751		25,885
Perficient, Inc.*	2,873		25,598
QuinStreet, Inc.*	1,060		12,201
Rackspace Hosting, Inc.*	13,967		256,155
RealNetworks, Inc.*	12,170		40,161
Saba Software, Inc.*	4,508		23,216
SAVVIS, Inc.*	5,261		77,600
Stamps.com, Inc.*	1,934		19,823
support.com, Inc.*	7,238		30,110
TechTarget, Inc.*	2,847		15,317
Terremark Worldwide, Inc.*	8,466		66,119
Travelzoo, Inc.*	552		6,834


	Number of Shares	Value (Note 1)

United Online, Inc.	12,134	$	69,892
ValueClick, Inc.*	11,877		126,965
Vocus, Inc.*	2,436		37,222
Zix Corp.*	10,314		23,310

			2,618,904

*IT Services (1.4%)*
Acxiom Corp.*	9,906		145,519
CACI International, Inc., Class A*	4,355		185,000
Cass Information Systems, Inc.	1,187		40,655
CIBER, Inc.*	10,355		28,683
Computer Task Group, Inc.*	2,708		17,494
CSG Systems International, Inc.*	5,099		93,465
Cybersource Corp.*	10,433		266,354
Echo Global Logistics, Inc.*	1,324		16,166
Euronet Worldwide, Inc.*	7,116		91,014
ExlService Holdings, Inc.*	2,155		37,001
Forrester Research, Inc.*	2,253		68,176
Global Cash Access Holdings, Inc.*	7,117		51,314
Hackett Group, Inc.*	3,279		9,214
Heartland Payment Systems, Inc.	5,445		80,804
iGATE Corp.	3,269		41,909
infoGROUP, Inc.*	6,168		49,221
Integral Systems, Inc.*	3,257		20,682
Lionbridge Technologies, Inc.*	8,332		38,077
ManTech International Corp., Class A*	3,162		134,606
MAXIMUS, Inc.	2,541		147,048
MoneyGram International, Inc.*	12,339		30,230
NCI, Inc., Class A*	1,110		25,064
Online Resources Corp.*	4,699		19,501
RightNow Technologies, Inc.*	3,158		49,549
Sapient Corp.	14,899		151,076
SPS Commerce, Inc.*	785		9,122
SRA International, Inc., Class A*	6,084		119,672
Syntel, Inc.	1,862		63,215
TeleTech Holdings, Inc.*	4,713		60,750
Tier Technologies, Inc., Class B*	2,653		16,130
TNS, Inc.*	3,687		64,301
Unisys Corp.*	6,171		114,102
VeriFone Systems, Inc.*	12,315		233,123
Virtusa Corp.*	2,364		22,056
Wright Express Corp.*	5,571		165,459

			2,705,752

*Semiconductors & Semiconductor Equipment (2.6%)*
Actel Corp.*	2,946		37,768
Advanced Analogic Technologies, Inc.*	6,952		22,177
Advanced Energy Industries, Inc.*	5,514		67,767
Alpha & Omega Semiconductor Ltd.*	660		9,115
Amkor Technology, Inc.*	15,893		87,570
ANADIGICS, Inc.*	9,254		40,347
Applied Micro Circuits Corp.*	9,636		100,985
ATMI, Inc.*	4,588		67,168
Axcelis Technologies, Inc.*	14,437		22,377
AXT, Inc.*	4,477		20,191
Brooks Automation, Inc.*	9,392		72,600

See Notes to Financial Statements.

121

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Cabot Microelectronics Corp.*	3,402	$	117,675
Cavium Networks, Inc.*	6,405		167,747
CEVA, Inc.*	3,015		37,989
Cirrus Logic, Inc.*	9,492		150,069
Cohu, Inc.	3,413		41,400
Conexant Systems, Inc.*	11,156		24,989
Cymer, Inc.*	4,331		130,103
Diodes, Inc.*	4,883		77,493
DSP Group, Inc.*	3,768		24,078
Energy Conversion Devices, Inc.*	6,836		28,028
Entegris, Inc.*	18,984		75,367
Entropic Communications, Inc.*	7,682		48,704
Evergreen Solar, Inc.*	31,034		21,165
Exar Corp.*	5,210		36,105
FEI Co.*	5,449		107,400
FormFactor, Inc.*	7,246		78,257
FSI International, Inc.*	4,616		19,341
GSI Technology, Inc.*	3,580		20,478
GT Solar International, Inc.*	8,339		46,698
Hittite Microwave Corp.*	3,954		176,902
Ikanos Communications, Inc.*	5,607		9,027
Integrated Device Technology, Inc.*	22,459		111,172
Integrated Silicon Solution, Inc.*	3,639		27,438
IXYS Corp.*	3,510		31,028
Kopin Corp.*	9,917		33,619
Kulicke & Soffa Industries, Inc.*	9,975		70,025
Lattice Semiconductor Corp.*	16,814		72,973
LTX-Credence Corp.*	20,812		58,898
Mattson Technology, Inc.*	6,959		26,375
MaxLinear, Inc., Class A*	967		13,519
Micrel, Inc.	7,467		76,014
Microsemi Corp.*	11,826		173,014
Microtune, Inc.*	9,388		19,996
MIPS Technologies, Inc.*	6,614		33,798
MKS Instruments, Inc.*	7,180		134,410
Monolithic Power Systems, Inc.*	4,603		82,210
MoSys, Inc.*	3,715		16,420
Nanometrics, Inc.*	2,540		25,629
Netlogic Microsystems, Inc.*	9,035		245,752
NVE Corp.*	683		29,731
OmniVision Technologies, Inc.*	7,734		165,817
PDF Solutions, Inc.*	3,045		14,616
Pericom Semiconductor Corp.*	3,702		35,539
Photronics, Inc.*	7,732		34,949
PLX Technology, Inc.*	6,076		25,458
Power Integrations, Inc.	3,462		111,459
RF Micro Devices, Inc.*	38,801		151,712
Rubicon Technology, Inc.*	2,124		63,274
Rudolph Technologies, Inc.*	4,502		33,990
Semtech Corp.*	8,899		145,677
Sigma Designs, Inc.*	4,501		45,055
Silicon Image, Inc.*	11,018		38,673
Spansion, Inc., Class A*	1,810		29,521
Standard Microsystems Corp.*	3,198		74,449
Supertex, Inc.*	1,593		39,283
Tessera Technologies, Inc.*	7,107		114,067
Trident Microsystems, Inc.*	12,357		17,547
TriQuint Semiconductor, Inc.*	22,600		138,086
Ultra Clean Holdings, Inc.*	3,035		25,858
Ultratech, Inc.*	3,452		56,164
Veeco Instruments, Inc.*	5,906		202,458


	Number of Shares	Value (Note 1)

Virage Logic Corp.*	3,279	$	38,987
Volterra Semiconductor Corp.*	3,467		79,949
Zoran Corp.*	7,568		72,199

			5,023,888

*Software (3.0%)*
ACI Worldwide, Inc.*	5,108		99,453
Actuate Corp.*	6,818		30,340
Advent Software, Inc.*	2,219		104,204
American Software, Inc., Class A	3,946		18,231
ArcSight, Inc.*	3,561		79,731
Ariba, Inc.*	12,742		202,980
Aspen Technology, Inc.*	8,820		96,050
Blackbaud, Inc.	6,381		138,914
Blackboard, Inc.*	4,841		180,715
Bottomline Technologies, Inc.*	3,929		51,195
CDC Corp., Class A*	13,129		27,308
CommVault Systems, Inc.*	6,062		136,395
Concur Technologies, Inc.*	5,785		246,904
Convio, Inc.*	1,116		8,191
Deltek, Inc.*	3,056		25,487
DemandTec, Inc.*	2,293		15,478
Digimarc Corp.*	1,002		18,787
Double-Take Software, Inc.*	2,685		28,166
Ebix, Inc.*	3,907		61,262
Epicor Software Corp.*	6,878		54,955
EPIQ Systems, Inc.*	4,761		61,560
ePlus, Inc.*	751		13,142
Fair Isaac Corp.	6,653		144,969
FalconStor Software, Inc.*	3,426		9,045
Fortinet, Inc.*	5,618		92,360
Guidance Software, Inc.*	1,717		8,963
Interactive Intelligence, Inc.*	1,839		30,215
Jack Henry & Associates, Inc.	12,183		290,930
JDA Software Group, Inc.*	6,029		132,517
Kenexa Corp.*	3,282		39,384
Lawson Software, Inc.*	20,033		146,241
Magma Design Automation, Inc.*	6,967		19,786
Manhattan Associates, Inc.*	3,358		92,513
Mentor Graphics Corp.*	15,507		137,237
MicroStrategy, Inc., Class A*	1,318		98,969
Monotype Imaging Holdings, Inc.*	3,253		29,310
NetScout Systems, Inc.*	4,381		62,298
NetSuite, Inc.*	2,464		31,145
Opnet Technologies, Inc.	1,934		28,410
Parametric Technology Corp.*	16,894		264,729
Pegasystems, Inc.	2,491		79,986
Progress Software Corp.*	6,142		184,444
PROS Holdings, Inc.*	3,131		20,351
QAD, Inc.*	1,265		5,224
Quest Software, Inc.*	8,899		160,538
Radiant Systems, Inc.*	3,997		57,797
Renaissance Learning, Inc.	1,893		27,808
Rosetta Stone, Inc.*	1,441		33,085
S1 Corp.*	7,771		46,704
Smith Micro Software, Inc.*	4,411		41,949
SolarWinds, Inc.*	4,866		78,051
Sonic Solutions, Inc.*	3,774		31,513
SonicWALL, Inc.*	7,815		91,826
Sourcefire, Inc.*	3,933		74,727
SRS Labs, Inc.*	2,256		20,642

See Notes to Financial Statements.

122

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

SS&C Technologies Holdings, Inc.*	1,753	$	28,101
SuccessFactors, Inc.*	9,130		189,813
Symyx Technologies, Inc.*	5,050		25,300
Synchronoss Technologies, Inc.*	2,751		52,186
Take-Two Interactive Software, Inc.*	9,976		89,784
Taleo Corp., Class A*	5,728		139,133
TeleCommunication Systems, Inc., Class A*	6,446		26,686
TeleNav, Inc.*	1,155		9,690
THQ, Inc.*	6,672		28,823
TIBCO Software, Inc.*	24,278		292,793
TiVo, Inc.*	16,115		118,929
Tyler Technologies, Inc.*	4,566		70,864
Ultimate Software Group, Inc.*	3,515		115,503
Unica Corp.*	2,360		22,609
VASCO Data Security International, Inc.*	4,224		26,062
VirnetX Holding Corp.	4,737		28,043
Wave Systems Corp., Class A*	11,206		36,307
Websense, Inc.*	6,465		122,189

			5,735,929

Total Information Technology			24,192,625

Materials (3.4%)
*Chemicals (1.5%)*
A. Schulman, Inc.	4,625		87,690
American Vanguard Corp.	3,176		25,186
Arch Chemicals, Inc.	3,252		99,967
Balchem Corp.	3,980		99,500
Calgon Carbon Corp.*	7,984		105,708
Ferro Corp.*	12,565		92,604
Georgia Gulf Corp.*	4,427		59,056
H.B. Fuller Co.	7,084		134,525
Hawkins, Inc.	1,269		30,558
Innophos Holdings, Inc.	3,143		81,969
KMG Chemicals, Inc.	867		12,450
Koppers Holdings, Inc.	2,983		67,058
Kraton Performance Polymers, Inc.*	1,623		30,496
Landec Corp.*	4,267		25,133
LSB Industries, Inc.*	2,519		33,528
Minerals Technologies, Inc.	2,730		129,784
NewMarket Corp.	1,462		127,662
NL Industries, Inc.	692		4,221
Olin Corp.	11,336		205,068
OM Group, Inc.*	4,463		106,487
Omnova Solutions, Inc.*	6,347		49,570
PolyOne Corp.*	13,429		113,072
Quaker Chemical Corp.	1,600		43,344
Rockwood Holdings, Inc.*	7,559		171,514
Senomyx, Inc.*	5,179		19,628
Sensient Technologies Corp.	7,108		184,310
Solutia, Inc.*	17,335		227,089
Spartech Corp.*	4,441		45,520
Stepan Co.	1,063		72,741
STR Holdings, Inc.*	4,031		75,783
TPC Group, Inc.*	1,113		18,476
W.R. Grace & Co.*	10,508		221,088
Westlake Chemical Corp.	2,854		52,999
Zep, Inc.	3,146		54,866


	Number of Shares	Value (Note 1)

Zoltek Cos., Inc.*	4,080	$	34,558

			2,943,208

*Construction Materials (0.1%)*
Headwaters, Inc.*	8,988		25,526
Texas Industries, Inc.	2,920		86,257
United States Lime & Minerals, Inc.*	429		16,525

			128,308

*Containers & Packaging (0.3%)*
AEP Industries, Inc.*	504		12,036
Boise, Inc.*	9,872		54,197
Graham Packaging Co., Inc.*	2,465		29,506
Graphic Packaging Holding Co.*	16,269		51,247
Myers Industries, Inc.	4,641		37,546
Rock-Tenn Co., Class A	5,586		277,457
Silgan Holdings, Inc.	7,764		220,342

			682,331

*Metals & Mining (1.1%)*
A.M. Castle & Co.*	2,446		33,975
Allied Nevada Gold Corp.*	9,255		182,138
AMCOL International Corp.	3,435		80,723
Brush Engineered Materials, Inc.*	2,945		58,841
Capital Gold Corp.*	6,654		26,616
Century Aluminum Co.*	9,225		81,457
Coeur d’Alene Mines Corp.*	12,830		202,457
General Moly, Inc.*	9,308		28,669
Globe Specialty Metals, Inc.*	8,625		89,096
Golden Star Resources Ltd.*	36,498		159,861
Haynes International, Inc.	1,763		54,353
Hecla Mining Co.*	34,431		179,730
Horsehead Holding Corp.*	6,344		47,961
Jaguar Mining, Inc.*	11,802		104,212
Kaiser Aluminum Corp.	2,135		74,020
Metals USA Holdings Corp.*	1,524		22,784
Noranda Aluminium Holding Corp.*	1,448		9,311
Olympic Steel, Inc.	1,328		30,504
RTI International Metals, Inc.*	4,393		105,915
Stillwater Mining Co.*	6,682		77,645
Thompson Creek Metals Co., Inc.*	19,610		170,215
U.S. Energy Corp. Wyoming*	3,622		17,204
U.S. Gold Corp.*	13,751		68,893
Universal Stainless & Alloy Products, Inc.*	1,175		18,788
Worthington Industries, Inc.	8,825		113,489

			2,038,857

*Paper & Forest Products (0.4%)*
Buckeye Technologies, Inc.*	5,628		55,999
Clearwater Paper Corp.*	1,640		89,806
Deltic Timber Corp.	1,556		65,041
KapStone Paper and Packaging Corp.*	5,572		62,072
Louisiana-Pacific Corp.*	18,365		122,862
Neenah Paper, Inc.	2,142		39,199
P.H. Glatfelter Co.	6,651		72,163
Schweitzer-Mauduit International, Inc.	2,581		130,212

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Verso Paper Corp.*	3,075	$	7,103
Wausau Paper Corp.*	6,394		43,287

			687,744

Total Materials			6,480,448

Telecommunication Services (0.7%)
*Diversified Telecommunication Services (0.5%)*
AboveNet, Inc.*	3,317		156,496
Alaska Communications Systems Group, Inc.	6,540		55,525
Atlantic Tele-Network, Inc.	1,313		54,227
Cbeyond, Inc.*	3,633		45,413
Cincinnati Bell, Inc.*	29,835		89,803
Cogent Communications Group, Inc.*	6,504		49,300
Consolidated Communications Holdings, Inc.	3,429		58,327
General Communication, Inc., Class A*	6,345		48,159
Global Crossing Ltd.*	4,339		45,863
Globalstar, Inc.*	9,115		14,037
IDT Corp., Class B*	2,046		26,086
Iridium Communications, Inc.*	4,756		47,750
Neutral Tandem, Inc.*	4,862		54,698
PAETEC Holding Corp.*	18,044		61,530
Premiere Global Services, Inc.*	8,900		56,426
Vonage Holdings Corp.*	15,217		34,999

			898,639

*Wireless Telecommunication Services (0.2%)*
FiberTower Corp.*	6,080		28,698
ICO Global Communications Holdings Ltd.*	13,720		22,089
NTELOS Holdings Corp.	4,426		76,127
Shenandoah Telecommunications Co.	3,520		62,445
Syniverse Holdings, Inc.*	9,963		203,743
USA Mobility, Inc.	3,264		42,171

			435,273

Total Telecommunication Services			1,333,912

Utilities (2.3%)
*Electric Utilities (0.9%)*
Allete, Inc.	4,673		160,004
Central Vermont Public Service Corp.	1,967		38,829
Cleco Corp.	8,829		233,174
El Paso Electric Co.*	6,101		118,054
Empire District Electric Co.	5,591		104,943
IDACORP, Inc.	6,883		228,997
MGE Energy, Inc.	3,369		121,419
PNM Resources, Inc.	12,754		142,590
Portland General Electric Co.	11,030		202,180
UIL Holdings Corp.	4,293		107,454
UniSource Energy Corp.	5,224		157,660
Unitil Corp.	1,730		36,174

			1,651,478

*Gas Utilities (0.9%)*
Chesapeake Utilities Corp.	1,386		43,520
Laclede Group, Inc.	3,216		106,546
New Jersey Resources Corp.	6,146		216,339


	Number of Shares		Value (Note 1)

Nicor, Inc.		6,567	$	265,964
Northwest Natural Gas Co.		3,861		168,224
Piedmont Natural Gas Co., Inc.		10,313		260,919
South Jersey Industries, Inc.		4,331		186,060
Southwest Gas Corp.		6,490		191,455
WGL Holdings, Inc.		7,283		247,840

				1,686,867

*Independent Power Producers & Energy Traders (0.0%)*
American DG Energy, Inc.*		2,562		7,968
Dynegy, Inc.*		13,569		52,240

				60,208

*Multi-Utilities (0.3%)*
Avista Corp.		8,014		156,514
Black Hills Corp.		5,671		161,453
CH Energy Group, Inc.		2,326		91,272
NorthWestern Corp.		5,251		137,576

				546,815

*Water Utilities (0.2%)*
American States Water Co.		2,717		90,041
Artesian Resources Corp., Class A		738		13,624
Cadiz, Inc.*		2,081		25,118
California Water Service Group		2,882		102,887
Connecticut Water Service, Inc.		1,322		27,789
Consolidated Water Co., Ltd.		2,266		25,787
Middlesex Water Co.		2,000		31,700
SJW Corp.		1,901		44,560
Southwest Water Co.		3,640		38,147
York Water Co.		1,982		28,144

				427,797

Total Utilities				4,373,165

Total Common Stocks (70.0%) (Cost $143,716,170)				134,765,501

INVESTMENT COMPANIES:
*Investment Companies (0.0%)*
Kayne Anderson Energy Development Co.		1,701		25,804
THL Credit, Inc.*		1,035		11,903

Total Investment Companies (0.0%) (Cost $37,737)				37,707

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Short-Term Investment (27.1%)
BlackRock Liquidity Funds TempFund 0.16%‡ (Amortized Cost $52,157,111)	$	52,157,111		52,157,111

Total Investments (97.1%) (Cost $195,911,018)				186,960,319
Other Assets Less Liabilities (2.9%)				5,657,076

Net Assets (100%)			$	192,617,395

*	Non-income producing.

‡	Affiliated company as defined under the Investment Company Act of 1940.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	16,591,734	$	150,601,053	$	115,035,676	$	52,157,111	$	28,175	$	—

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index	941	September-10	$	58,754,403	$	57,193,980	$ (1,560,423)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	18,544,145		$	—	$	—	$	18,544,145
Consumer Staples		4,388,876			8,357		—		4,397,233
Energy		7,237,387			—		—		7,237,387
Financials		28,861,229			—		—		28,861,229
Health Care		18,639,235			—		—		18,639,235
Industrials		20,681,386			24,736		—		20,706,122
Information Technology		24,192,625			—		—		24,192,625
Materials		6,480,448			—		—		6,480,448
Telecommunication Services		1,333,912			—		—		1,333,912
Utilities		4,373,165			—		—		4,373,165
Investment Companies
Investment Companies		37,707			—		—		37,707
Short-Term Investments		—			52,157,111		—		52,157,111

Total Assets	$	134,770,115		$	52,190,204	$	—	$	186,960,319

Liabilities:
Futures	$	(1,560,423	)	$	—	$	—	$	(1,560,423	)

Total Liabilities	$	(1,560,423	)	$	—	$	—	$	(1,560,423	)

Total	$	133,209,692		$	52,190,204	$	—	$	185,399,896

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	—


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(1,560,423	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(1,560,423	)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(1,396,884	)		—		—		(1,396,884	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(1,396,884	)	$	—	$	—	$	(1,396,884	)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(1,978,460	)		—		—		(1,978,460	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(1,978,460	)	$	—	$	—	$	(1,978,460	)

The Portfolio held futures contracts with an average notional balance of approximately $40,424,000 during the six months ended June 30, 2010.

^ This Portfolio held futures contracts to gain or reduce exposure to the financial markets.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	124,367,755
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	15,568,886

As of June 30, 2010, 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	$	2,414,499
Aggregate gross unrealized depreciation		(11,386,875	)

Net unrealized depreciation	$	(8,972,376	)

Federal income tax cost of investments	$	195,932,695

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $52,157,111)	$	52,157,111
Unaffiliated Issuers (Cost $143,753,907)		134,803,208
Cash		944,680
Cash held as collateral at broker		4,518,700
Receivable from Separate Accounts for Trust shares sold		724,757
Dividends, interest and other receivables		141,629
Receivable from investment sub-advisor		6,787
Other assets		688

Total assets		193,297,560

LIABILITIES
Variation margin payable on futures contracts		530,466
Investment management fees payable		62,455
Administrative fees payable		28,788
Distribution fees payable - Class IB		1,191
Trustees’ fees payable		375
Payable to Separate Accounts for Trust shares redeemed		120
Accrued expenses		56,770

Total liabilities		680,165

NET ASSETS	$	192,617,395

Net assets were comprised of:
Paid in capital	$	204,101,595
Accumulated undistributed net investment income (loss)		151,010
Accumulated undistributed net realized gains (losses) on investments and futures		(1,124,088	)
Net unrealized appreciation (depreciation) on investments and futures		(10,511,122	)

Net assets	$	192,617,395

Class IA
Net asset value, offering and redemption price per share, $186,051,063 / 15,138,741 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.29

Class IB
Net asset value, offering and redemption price per share, $6,566,332 / 537,887 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.21

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends ($28,175 of dividend income received from affiliates)	$	535,915

EXPENSES
Investment management fees		264,787
Administrative fees		122,974
Custodian fees		62,483
Professional fees		20,780
Printing and mailing expenses		6,021
Distribution fees - Class IB		2,802
Trustees’ fees		960
Miscellaneous		2,009

Gross expenses		482,816
Less: Waiver from investment advisor		(68,112	)
Reimbursement from sub-advisor		(14,537	)

Net expenses		400,167

NET INVESTMENT INCOME (LOSS)		135,748

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(342,014	)
Futures		(1,396,884	)

Net realized gain (loss)		(1,738,898	)

Change in unrealized appreciation (depreciation) on:
Securities		(10,493,837	)
Futures		(1,978,460	)

Net change in unrealized appreciation (depreciation)		(12,472,297	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(14,211,195	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(14,075,447	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			May 27, 2009* to December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	135,748		$	34,427
Net realized gain (loss) on investments and futures		(1,738,898	)		614,811
Net change in unrealized appreciation (depreciation) on investments and futures		(12,472,297	)		1,961,175

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(14,075,447	)		2,610,413

DIVIDENDS:
Dividends from net investment income
Class IA		—			(19,166	)

TOTAL DIVIDENDS		—			(19,166	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [10,826,692 and 4,310,972 shares, respectively]		144,507,159			52,380,063
Capital shares issued in reinvestment of dividends [0 and 1,554 shares, respectively]		—			19,166
Capital shares repurchased [(9,934) and (543) shares, respectively]		(138,479	)		(6,479	)

Total Class IA transactions		144,368,680			52,392,750

Class IB†
Capital shares sold [541,235 and 7,017 shares, respectively]		7,295,071			88,011
Capital shares repurchased [(10,364) and (1) shares, respectively]		(142,905	)		(12	)

Total Class IB transactions		7,152,166			87,999

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		151,520,846			52,480,749

TOTAL INCREASE (DECREASE) IN NET ASSETS		137,445,399			55,071,996
NET ASSETS:
Beginning of period		55,171,996			100,000

End of period (a)	$	192,617,395		$	55,171,996

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	151,010		$	15,262

* The portfolio commenced operations on May 27, 2009. † Class IB commenced operations on October 29, 2009.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


Class IA	Six Months Ended June 30, 2010 (Unaudited)			May 27, 2009* to December 31, 2009
Net asset value, beginning of period	$	12.74		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.02	(e)		0.03	(e)
Net realized and unrealized gain (loss) on investments and futures		(0.47	)		2.72

Total from investment operations		(0.45	)		2.75

Less distributions:
Dividends from net investment income		—			(0.01	)

Net asset value, end of period	$	12.29		$	12.74

Total return (b)		(3.61	)%		27.45	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	186,051		$	55,083
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.68	%		0.69	%
Before waivers and reimbursements (a)		0.82	%		1.90	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.23	%		0.39	%
Before waivers and reimbursements (a)		0.09	%		(0.83	)%
Portfolio turnover rate		21	%		9	%

Class IB	Six Months Ended June 30, 2010 (Unaudited)			October 29, 2009* to December 31, 2009
Net asset value, beginning of period	$	12.68		$	11.57

Income (loss) from investment operations:
Net investment income (loss)		0.01	(e)		0.01	(e)
Net realized and unrealized gain (loss) on investments and futures		(0.48	)		1.10

Total from investment operations		(0.47	)		1.11

Net asset value, end of period	$	12.21		$	12.68

Total return (b)		(4.24	)%		9.59	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	6,566		$	89
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.93	%		0.94	%(c)
Before waivers and reimbursements (a)		1.07	%(c)		2.15	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.08	%		0.55	%
Before waivers and reimbursements (a)		(0.01	)%		(0.20	)%
Portfolio turnover rate		21	%		9	%

*	Commencement of Operations.

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

130

AXA TACTICAL MANAGER 2000 PORTFOLIO-II (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Financials	10.7	%
Information Technology	9.0
Industrials	7.7
Health Care	6.9
Consumer Discretionary	6.9
Energy	2.7
Materials	2.4
Consumer Staples	1.6
Utilities	1.6
Telecommunication Services	0.5
Cash and Other	50.0

	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$961.00	$3.06
Hypothetical (5% average return before expenses)	1,000.00	1,021.67	3.16
* Expenses are equal to the Portfolio’s Class IA shares annualized expense ratios of 0.63% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (6.9%)
*Auto Components (0.4%)*
American Axle & Manufacturing Holdings, Inc.*	27,586	$	202,205
Amerigon, Inc.*	12,544		92,575
Cooper Tire & Rubber Co.	27,648		539,136
Dana Holding Corp.*	65,300		653,000
Dorman Products, Inc.*	5,436		110,514
Drew Industries, Inc.*	7,289		147,238
Exide Technologies, Inc.*	36,182		188,146
Fuel Systems Solutions, Inc.*	6,507		168,857
Hawk Corp., Class A*	4,351		110,733
Modine Manufacturing Co.*	18,729		143,839
Spartan Motors, Inc.	20,609		86,558
Standard Motor Products, Inc.	15,139		122,172
Stoneridge, Inc.*	8,975		68,120
Superior Industries International, Inc.	10,276		138,109
Tenneco, Inc.*	28,806		606,654

			3,377,856

*Automobiles (0.0%)*
Winnebago Industries, Inc.*	11,226		111,586

*Distributors (0.0%)*
Audiovox Corp., Class A*	13,496		99,196
Core-Mark Holding Co., Inc.*	3,895		106,723

			205,919

*Diversified Consumer Services (0.6%)*
American Public Education, Inc.*	8,774		383,424
Bridgepoint Education, Inc.*	8,620		136,282
Cambium Learning Group, Inc.*	16,500		59,400
Capella Education Co.*	8,253		671,382
Coinstar, Inc.*	15,113		649,406
Corinthian Colleges, Inc.*	42,096		414,646
CPI Corp.	3,915		87,774
Grand Canyon Education, Inc.*	15,069		353,067
K12, Inc.*	10,941		242,671
Learning Tree International, Inc.*	6,451		69,993
Lincoln Educational Services Corp.*	7,934		163,361
Mac-Gray Corp.	11,309		125,982
Matthews International Corp., Class A	14,366		420,636
Pre-Paid Legal Services, Inc.*	3,148		143,203
Princeton Review, Inc.*	45,138		104,720
Regis Corp.	28,191		438,934
Sotheby’s, Inc.	32,219		736,849
Steiner Leisure Ltd.*	7,051		271,040
Stewart Enterprises, Inc., Class A	33,181		179,509
Universal Technical Institute, Inc.*	9,528		225,242

			5,877,521

*Hotels, Restaurants & Leisure (1.2%)*
AFC Enterprises, Inc.*	11,459		104,277
Ambassadors Group, Inc.	10,700		120,803
Ameristar Casinos, Inc.	11,243		169,320
Biglari Holdings, Inc.*	674		193,371
BJ’s Restaurants, Inc.*	10,909		257,452


	Number of Shares	Value (Note 1)

Bluegreen Corp.*	22,514	$	67,767
Bob Evans Farms, Inc.	15,308		376,883
Boyd Gaming Corp.*	26,126		221,810
Buffalo Wild Wings, Inc.*	8,762		320,514
California Pizza Kitchen, Inc.*	8,990		136,199
Caribou Coffee Co., Inc.*	6,884		65,191
Carrols Restaurant Group, Inc.*	9,228		42,172
CEC Entertainment, Inc.*	10,277		362,367
Cheesecake Factory, Inc.*	28,262		629,112
Churchill Downs, Inc.	4,533		148,682
CKE Restaurants, Inc.	26,616		333,499
Cracker Barrel Old Country Store, Inc.	10,872		506,200
Denny’s Corp.*	41,524		107,962
DineEquity, Inc.*	7,941		221,713
Domino’s Pizza, Inc.*	16,331		184,540
Einstein Noah Restaurant Group, Inc.*	4,797		51,760
Gaylord Entertainment Co.*	17,403		384,432
Interval Leisure Group, Inc.*	17,411		216,767
Isle of Capri Casinos, Inc.*	13,123		121,519
Jack in the Box, Inc.*	26,082		507,295
Jamba, Inc.*	13,475		28,702
Krispy Kreme Doughnuts, Inc.*	28,545		96,197
Landry’s Restaurants, Inc.*	5,209		127,412
Life Time Fitness, Inc.*	20,395		648,357
Marcus Corp.	9,129		86,360
McCormick & Schmick’s Seafood Restaurants, Inc.*	11,646		86,879
Monarch Casino & Resort, Inc.*	8,165		82,711
Morgans Hotel Group Co.*	12,540		77,246
Multimedia Games, Inc.*	15,240		68,580
O’Charleys, Inc.*	10,714		56,784
Orient-Express Hotels Ltd., Class A*	41,027		303,600
P.F. Chang’s China Bistro, Inc.	10,674		423,224
Papa John’s International, Inc.*	10,007		231,362
Peet’s Coffee & Tea, Inc.*	5,796		227,609
Pinnacle Entertainment, Inc.*	29,962		283,441
Red Lion Hotels Corp.*	14,589		87,096
Red Robin Gourmet Burgers, Inc.*	6,324		108,520
Ruby Tuesday, Inc.*	29,945		254,533
Ruth’s Hospitality Group, Inc.*	23,702		99,074
Scientific Games Corp., Class A*	31,566		290,407
Shuffle Master, Inc.*	21,677		173,633
Sonic Corp.*	28,680		222,270
Speedway Motorsports, Inc.	6,702		90,879
Texas Roadhouse, Inc.*	27,412		345,939
Vail Resorts, Inc.*	17,571		613,404

			10,965,826

*Household Durables (0.4%)*
American Greetings Corp., Class A	19,574		367,208
Beazer Homes USA, Inc.*	32,610		118,374
Blyth, Inc.	2,754		93,829
Brookfield Homes Corp.*	9,518		64,151
Cavco Industries, Inc.*	2,784		97,941
CSS Industries, Inc.	6,311		104,132
Ethan Allen Interiors, Inc.	11,152		156,017

See Notes to Financial Statements.

132

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Furniture Brands International, Inc.*	21,284	$	111,102
Helen of Troy Ltd.*	15,236		336,106
Hooker Furniture Corp.	7,520		80,163
Hovnanian Enterprises, Inc., Class A*	31,918		117,458
iRobot Corp.*	8,511		159,922
Kid Brands, Inc.*	2,291		16,106
La-Z-Boy, Inc.*	23,988		178,231
Libbey, Inc.*	9,170		119,027
Lifetime Brands, Inc.*	1,823		26,652
M/I Homes, Inc.*	10,681		102,965
Meritage Homes Corp.*	14,100		229,548
National Presto Industries, Inc.	2,392		222,121
Ryland Group, Inc.	19,842		313,900
Sealy Corp.*	43,476		116,081
Skyline Corp.	4,524		81,477
Standard Pacific Corp.*	50,269		167,396
Universal Electronics, Inc.*	6,411		106,615

			3,486,522

*Internet & Catalog Retail (0.2%)*
1-800-FLOWERS.COM, Inc., Class A*	24,910		51,315
Blue Nile, Inc.*	5,783		272,264
Drugstore.Com, Inc.*	34,544		106,396
Gaiam, Inc., Class A	19,116		116,034
HSN, Inc.*	18,675		448,200
NutriSystem, Inc.	15,175		348,114
Orbitz Worldwide, Inc.*	15,883		60,514
Overstock.com, Inc.*	6,454		116,624
PetMed Express, Inc.	10,239		182,254
Shutterfly, Inc.*	13,121		314,379
U.S. Auto Parts Network, Inc.*	12,875		77,250
Vitacost.com, Inc.*	7,954		71,506

			2,164,850

*Leisure Equipment & Products (0.4%)*
Arctic Cat, Inc.*	2,229		20,306
Brunswick Corp.	41,698		518,306
Callaway Golf Co.	29,496		178,156
Eastman Kodak Co.*	132,205		573,770
JAKKS Pacific, Inc.*	12,284		176,644
Leapfrog Enterprises, Inc.*	16,889		67,894
Marine Products Corp.*	11,596		65,633
Polaris Industries, Inc.	14,769		806,683
Pool Corp.	23,286		510,429
RC2 Corp.*	9,749		157,056
Smith & Wesson Holding Corp.*	39,927		163,302
Sport Supply Group, Inc.	6,665		89,711
Steinway Musical Instruments, Inc.*	5,603		99,677
Sturm Ruger & Co., Inc.	8,829		126,520
Summer Infant, Inc.*	1,855		12,150

			3,566,237

*Media (0.8%)*
AH Belo Corp., Class A*	4,130		27,423
Arbitron, Inc.	12,811		328,346
Ascent Media Corp., Class A*	7,118		179,801
Ballantyne Strong, Inc.*	2,982		21,590
Belo Corp., Class A*	44,718		254,445


	Number of Shares	Value (Note 1)

Carmike Cinemas, Inc.*	11,836	$	71,726
Cinemark Holdings, Inc.	27,734		364,702
CKX, Inc.*	21,934		109,451
Crown Media Holdings, Inc., Class A*	56,590		99,598
Cumulus Media, Inc., Class A*	4,809		12,840
Dex One Corp.*	24,295		461,605
Entercom Communications Corp., Class A*	12,650		111,573
Entravision Communications Corp., Class A*	38,093		80,376
EW Scripps Co., Class A*	13,210		98,150
Fisher Communications, Inc.*	3,634		61,197
Global Sources Ltd.*	13,763		107,902
Gray Television, Inc.*	11,144		26,857
Harte-Hanks, Inc.	17,292		180,701
Journal Communications, Inc., Class A*	22,612		89,770
Knology, Inc.*	13,215		144,440
Lee Enterprises, Inc.*	9,815		25,225
LIN TV Corp., Class A*	16,713		90,417
Lions Gate Entertainment Corp.*	32,957		230,040
Live Nation Entertainment, Inc.*	66,775		697,799
LodgeNet Interactive Corp.*	28,660		106,329
Martha Stewart Living Omnimedia, Inc., Class A*	19,003		93,495
McClatchy Co., Class A*	30,378		110,576
Media General, Inc., Class A*	11,559		112,816
Mediacom Communications Corp., Class A*	20,605		138,466
National CineMedia, Inc.	20,878		347,827
Nexstar Broadcasting Group, Inc., Class A*	2,462		10,784
Outdoor Channel Holdings, Inc.*	11,108		51,874
Playboy Enterprises, Inc., Class B*	25,157		105,659
PRIMEDIA, Inc.	19,358		56,719
Radio One, Inc., Class D*	6,960		8,909
RCN Corp.*	16,494		244,276
ReachLocal, Inc.*	5,000		64,850
Rentrak Corp.*	4,336		105,495
Scholastic Corp.	14,549		350,922
Sinclair Broadcast Group, Inc., Class A*	23,760		138,521
SuperMedia, Inc.*	6,246		114,239
Valassis Communications, Inc.*	24,014		761,724
Value Line, Inc.	4,935		89,521
Warner Music Group Corp.*	24,382		118,496
Westwood One, Inc.*	7,361		72,653
World Wrestling Entertainment, Inc., Class A	11,595		180,418

			7,260,543

*Multiline Retail (0.2%)*
99 Cents Only Stores*	19,823		293,380
Bon-Ton Stores, Inc.*	2,449		23,878
Dillard’s, Inc., Class A	22,896		492,264
Fred’s, Inc., Class A	16,521		182,722
Retail Ventures, Inc.*	12,801		100,104
Saks, Inc.*	63,850		484,622
Tuesday Morning Corp.*	17,426		69,530

			1,646,500

See Notes to Financial Statements.

133

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Specialty Retail (1.7%)*
America’s Car-Mart, Inc.*	4,922	$	111,385
AnnTaylor Stores Corp.*	27,521		447,767
Asbury Automotive Group, Inc.*	14,900		157,046
Barnes & Noble, Inc.	18,671		240,856
bebe Stores, Inc.	14,582		93,325
Big 5 Sporting Goods Corp.	10,070		132,320
Books-A-Million, Inc.	11,130		67,003
Borders Group, Inc.*	29,388		39,086
Brown Shoe Co., Inc.	21,220		322,120
Buckle, Inc.	12,295		398,604
Build-A-Bear Workshop, Inc.*	18,716		126,894
Cabela’s, Inc.*	19,651		277,865
Casual Male Retail Group, Inc.*	8,725		29,840
Cato Corp., Class A	12,791		281,658
Charming Shoppes, Inc.*	49,058		183,968
Children’s Place Retail Stores, Inc.*	13,460		592,509
Christopher & Banks Corp.	15,076		93,320
Citi Trends, Inc.*	7,243		238,584
Coldwater Creek, Inc.*	37,017		124,377
Collective Brands, Inc.*	31,276		494,161
Conn’s, Inc.*	11,874		69,819
Destination Maternity Corp.*	3,441		87,057
Dress Barn, Inc.*	29,461		701,466
DSW, Inc., Class A*	5,729		128,673
Express, Inc.*	8,200		134,234
Finish Line, Inc., Class A	24,743		344,670
Genesco, Inc.*	11,119		292,541
Group 1 Automotive, Inc.*	11,110		261,418
Gymboree Corp.*	13,779		588,501
Haverty Furniture Cos., Inc.	12,884		158,344
hhgregg, Inc.*	5,962		139,034
Hibbett Sports, Inc.*	13,626		326,479
HOT Topic, Inc.	28,038		142,433
Jo-Ann Stores, Inc.*	12,830		481,253
JoS. A. Bank Clothiers, Inc.*	8,352		450,924
Kirkland’s, Inc.*	7,460		125,888
Lithia Motors, Inc., Class A	16,352		101,055
Lumber Liquidators Holdings, Inc.*	10,786		251,637
MarineMax, Inc.*	4,682		32,493
Men’s Wearhouse, Inc.	24,725		453,951
Midas, Inc.*	8,806		67,542
Monro Muffler Brake, Inc.	9,660		381,860
New York & Co., Inc.*	46,349		106,139
OfficeMax, Inc.*	41,211		538,216
Pacific Sunwear of California, Inc.*	47,074		150,637
Penske Automotive Group, Inc.*	21,417		243,297
PEP Boys-Manny, Moe & Jack	21,894		193,981
Pier 1 Imports, Inc.*	54,450		349,025
Rent-A-Center, Inc.*	32,191		652,190
Rue21, Inc.*	7,106		215,596
Sally Beauty Holdings, Inc.*	44,227		362,661
Select Comfort Corp.*	26,491		231,796
Shoe Carnival, Inc.*	4,910		100,704
Sonic Automotive, Inc., Class A*	15,338		131,293
Stage Stores, Inc.	16,778		179,189
Stein Mart, Inc.*	15,482		96,453
Systemax, Inc.	6,181		93,148
Talbots, Inc.*	34,180		352,396


	Number of Shares	Value (Note 1)

Ulta Salon Cosmetics & Fragrance, Inc.*	15,279	$	361,501
Vitamin Shoppe, Inc.*	6,595		169,162
West Marine, Inc.*	8,436		91,784
Wet Seal, Inc., Class A*	43,722		159,585
Zumiez, Inc.*	8,551		137,757

			15,090,470

*Textiles, Apparel & Luxury Goods (1.0%)*
American Apparel, Inc.*	64,871		118,714
Carter’s, Inc.*	27,812		730,065
Cherokee, Inc.	5,425		92,767
Columbia Sportswear Co.	4,921		229,663
Crocs, Inc.*	40,618		429,738
Culp, Inc.*	1,790		19,618
Deckers Outdoor Corp.*	6,225		889,366
G-III Apparel Group Ltd.*	6,239		142,811
Iconix Brand Group, Inc.*	34,550		496,483
Joe’s Jeans, Inc.*	8,901		17,624
Jones Apparel Group, Inc.	41,327		655,033
Kenneth Cole Productions, Inc., Class A*	6,753		74,351
K-Swiss, Inc., Class A*	11,074		124,361
Liz Claiborne, Inc.*	40,484		170,842
Maidenform Brands, Inc.*	11,146		226,933
Movado Group, Inc.*	12,595		134,515
Oxford Industries, Inc.	5,345		111,871
Perry Ellis International, Inc.*	6,126		123,745
Quiksilver, Inc.*	59,473		220,050
Skechers U.S.A., Inc., Class A*	16,894		616,969
Steven Madden Ltd.*	11,907		375,309
Timberland Co., Class A*	18,472		298,323
True Religion Apparel, Inc.*	12,440		274,551
Under Armour, Inc., Class A*	16,363		542,106
Unifi, Inc.*	23,545		89,942
UniFirst Corp.	6,129		269,799
Volcom, Inc.*	8,632		160,296
Warnaco Group, Inc.*	21,700		784,238
Weyco Group, Inc.	3,275		74,604
Wolverine World Wide, Inc.	24,277		612,266

			9,106,953

Total Consumer Discretionary			62,860,783

Consumer Staples (1.6%)
*Beverages (0.1%)*
Boston Beer Co., Inc., Class A*	4,099		276,478
Coca-Cola Bottling Co. Consolidated	2,250		107,820
Heckmann Corp.*	38,083		176,705
MGP Ingredients, Inc.*	1,943		12,882
National Beverage Corp.	7,265		89,214

			663,099

*Food & Staples Retailing (0.4%)*
Andersons, Inc.	8,640		281,578
Arden Group, Inc., Class A	1,083		95,163
Casey’s General Stores, Inc.	24,397		851,455
Great Atlantic & Pacific Tea Co., Inc.*	29,116		113,552
Ingles Markets, Inc., Class A	8,870		133,494
Nash Finch Co.	5,241		179,033

See Notes to Financial Statements.

134

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Pantry, Inc.*	9,857	$	139,082
Pricesmart, Inc.	6,515		151,343
Rite Aid Corp.*	270,384		264,976
Ruddick Corp.	21,344		661,451
Spartan Stores, Inc.	10,098		138,545
Susser Holdings Corp.*	11,581		136,540
United Natural Foods, Inc.*	19,898		594,552
Village Super Market, Inc., Class A	3,565		93,581
Weis Markets, Inc.	4,245		139,703
Winn-Dixie Stores, Inc.*	23,090		222,588

			4,196,636

*Food Products (0.7%)*
Alico, Inc.	4,473		102,790
American Italian Pasta Co., Class A*	10,196		539,062
B&G Foods, Inc., Class A	21,621		233,074
Calavo Growers, Inc.	5,686		102,121
Cal-Maine Foods, Inc.	6,136		195,922
Chiquita Brands International, Inc.*	19,177		233,001
Darling International, Inc.*	36,714		275,722
Diamond Foods, Inc.	10,093		414,822
Dole Food Co., Inc.*	15,898		165,816
Farmer Bros Co.	6,504		98,145
Fresh Del Monte Produce, Inc.*	19,711		398,951
Griffin Land & Nurseries, Inc.	2,340		59,436
Hain Celestial Group, Inc.*	19,170		386,659
Harbinger Group, Inc.*	459		2,881
Imperial Sugar Co.	6,891		69,599
J&J Snack Foods Corp.	6,623		278,828
John B. Sanfilippo & Son, Inc.*	715		10,346
Lancaster Colony Corp.	9,094		485,256
Lance, Inc.	11,890		196,066
Lifeway Foods, Inc.*	11,743		114,377
Pilgrim’s Pride Corp.*	23,568		154,842
Sanderson Farms, Inc.	11,267		571,688
Seneca Foods Corp., Class A*	3,341		107,781
Smart Balance, Inc.*	42,821		175,138
Synutra International, Inc.*	8,374		135,408
Tootsie Roll Industries, Inc.	11,612		274,624
TreeHouse Foods, Inc.*	16,985		775,535

			6,557,890

*Household Products (0.1%)*
Cellu Tissue Holdings, Inc.*	11,355		88,228
Central Garden & Pet Co., Class A*	26,384		236,664
Oil-Dri Corp. of America	4,029		92,466
Spectrum Brands Holdings, Inc.*	8,826		223,827
WD-40 Co.	7,222		241,215

			882,400

*Personal Products (0.2%)*
Elizabeth Arden, Inc.*	11,138		161,724
Female Health Co.	4,190		21,746
Inter Parfums, Inc.	6,915		98,401
Medifast, Inc.*	5,747		148,905
Nature’s Sunshine Products, Inc.*	1,023		8,563
Nu Skin Enterprises, Inc., Class A	24,026		598,968
Nutraceutical International Corp.*	7,717		117,761


	Number of Shares	Value (Note 1)

Prestige Brands Holdings, Inc.*	16,942	$	119,949
Revlon, Inc., Class A*	6,746		75,285
Schiff Nutrition International, Inc.	10,543		75,066
USANA Health Sciences, Inc.*	4,113		150,248

			1,576,616

*Tobacco (0.1%)*
Alliance One International, Inc.*	45,397		161,613
Star Scientific, Inc.*	78,341		128,479
Universal Corp.	11,489		455,884
Vector Group Ltd.	18,217		306,410

			1,052,386

Total Consumer Staples			14,929,027

Energy (2.7%)
*Energy Equipment & Services (0.9%)*
Allis-Chalmers Energy, Inc.*	48,318		99,535
Basic Energy Services, Inc.*	11,344		87,349
Boots & Coots, Inc.*	40,632		119,865
Bristow Group, Inc.*	17,052		501,329
Cal Dive International, Inc.*	40,909		239,318
CARBO Ceramics, Inc.	9,412		679,452
Complete Production Services, Inc.*	37,943		542,585
Dawson Geophysical Co.*	6,762		143,828
Dril-Quip, Inc.*	16,559		728,927
Global Geophysical Services, Inc.*	8,300		57,851
Global Industries Ltd.*	42,175		189,366
Gulf Island Fabrication, Inc.	7,042		109,292
Gulfmark Offshore, Inc., Class A*	10,783		282,515
Helix Energy Solutions Group, Inc.*	50,768		546,771
Hercules Offshore, Inc.*	49,492		120,266
Hornbeck Offshore Services, Inc.*	9,900		144,540
ION Geophysical Corp.*	57,236		199,181
Key Energy Services, Inc.*	58,290		535,102
Lufkin Industries, Inc.	14,088		549,291
Matrix Service Co.*	15,336		142,778
Natural Gas Services Group, Inc.*	6,261		94,729
Newpark Resources, Inc.*	39,887		241,316
OYO Geospace Corp.*	2,172		105,299
Parker Drilling Co.*	48,597		191,958
PHI, Inc.*	8,188		115,369
Pioneer Drilling Co.*	25,978		147,295
RPC, Inc.	14,032		191,537
Seahawk Drilling, Inc.*	2,105		20,461
Superior Well Services, Inc.*	11,195		187,180
T-3 Energy Services, Inc.*	5,386		150,269
Tesco Corp.*	14,680		180,270
TETRA Technologies, Inc.*	36,515		331,556
Union Drilling, Inc.*	16,215		89,345
Vantage Drilling Co.*	87,343		117,913
Willbros Group, Inc.*	16,618		122,973

			8,306,611

*Oil, Gas & Consumable Fuels (1.8%)*
Abraxas Petroleum Corp.*	26,400		73,920
Alon USA Energy, Inc.	13,557		86,223
American Oil & Gas, Inc.*	24,348		152,905
Apco Oil and Gas International, Inc.	4,964		116,704

See Notes to Financial Statements.

135

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Approach Resources, Inc.*	9,354	$	64,356
Arena Resources, Inc.*	19,024		606,866
ATP Oil & Gas Corp.*	19,099		202,258
Berry Petroleum Co., Class A	24,417		628,005
Bill Barrett Corp.*	22,331		687,125
BPZ Resources, Inc.*	47,764		198,221
Brigham Exploration Co.*	56,051		862,064
Callon Petroleum Co.*	6,393		40,276
CAMAC Energy, Inc.*	28,551		106,495
Carrizo Oil & Gas, Inc.*	14,850		230,621
Cheniere Energy, Inc.*	31,823		89,741
Clayton Williams Energy, Inc.*	2,798		117,852
Clean Energy Fuels Corp.*	19,596		292,764
Cloud Peak Energy, Inc.*	14,238		188,796
Contango Oil & Gas Co.*	5,241		234,535
Crosstex Energy, Inc.*	22,595		144,834
CVR Energy, Inc.*	15,275		114,868
Delek U.S. Holdings, Inc.	15,343		112,004
Delta Petroleum Corp.*	110,895		95,370
DHT Holdings, Inc.	28,817		110,945
Endeavour International Corp.*	68,951		73,088
Energy Partners Ltd.*	14,079		171,905
Energy XXI Bermuda Ltd.*	24,542		387,273
Evolution Petroleum Corp.*	2,729		13,672
FX Energy, Inc.*	30,881		111,789
Gastar Exploration Ltd.*	26,200		94,582
General Maritime Corp.	22,396		135,272
GeoResources, Inc.*	8,039		111,983
GMX Resources, Inc.*	12,662		82,176
Golar LNG Ltd.	17,863		176,308
Goodrich Petroleum Corp.*	10,654		127,848
Green Plains Renewable Energy, Inc.*	9,516		97,254
Gulfport Energy Corp.*	12,074		143,198
Hallador Energy Co.*	6,500		58,175
Harvest Natural Resources, Inc.*	17,260		127,206
Houston American Energy Corp.	9,993		98,531
International Coal Group, Inc.*	55,673		214,341
Isramco, Inc.*	1,055		49,775
James River Coal Co.*	13,619		216,815
Knightsbridge Tankers Ltd.	6,870		120,843
Kodiak Oil & Gas Corp.*	57,867		184,596
L&L Energy, Inc.*	10,622		91,349
Magnum Hunter Resources Corp.*	27,771		121,082
McMoRan Exploration Co.*	40,658		451,710
Miller Petroleum, Inc.*	14,934		86,020
Nordic American Tanker Shipping Ltd.	22,024		618,654
Northern Oil and Gas, Inc.*	20,330		261,037
Overseas Shipholding Group, Inc.	12,383		458,666
Panhandle Oil and Gas, Inc., Class A	4,073		107,649
Patriot Coal Corp.*	36,967		434,362
Penn Virginia Corp.	22,019		442,802
Petroleum Development Corp.*	8,118		207,983
PetroQuest Energy, Inc.*	25,174		170,176
RAM Energy Resources, Inc.*	12,022		24,886
Rentech, Inc.*	122,675		121,448
Resolute Energy Corp.*	18,432		225,608
REX American Resources Corp.*	4,230		67,680
Rex Energy Corp.*	12,403		125,270


	Number of Shares	Value (Note 1)

Rosetta Resources, Inc.*	25,385	$	502,877
Scorpio Tankers, Inc.*	1,780		20,381
Ship Finance International Ltd.	20,055		358,583
Stone Energy Corp.*	19,688		219,718
Swift Energy Co.*	17,786		478,621
Syntroleum Corp.*	61,446		100,771
Teekay Tankers Ltd., Class A	12,393		137,934
TransAtlantic Petroleum Ltd.*	71,419		226,398
Uranium Energy Corp.*	31,381		74,059
USEC, Inc.*	47,635		226,743
VAALCO Energy, Inc.*	33,186		185,842
Venoco, Inc.*	8,902		146,616
W&T Offshore, Inc.	16,814		159,060
Warren Resources, Inc.*	34,092		98,867
Western Refining, Inc.*	26,633		133,964
World Fuel Services Corp.	29,292		759,834

			16,201,028

Total Energy			24,507,639

Financials (10.7%)
*Capital Markets (1.1%)*
American Capital Ltd.*	163,552		788,321
Apollo Investment Corp.	93,997		876,992
Artio Global Investors, Inc.	12,797		201,425
BGC Partners, Inc., Class A	22,199		113,437
BlackRock Kelso Capital Corp.	27,590		272,313
Calamos Asset Management, Inc., Class A	8,394		77,896
Capital Southwest Corp.	1,455		127,909
Cohen & Steers, Inc.	8,098		167,952
Cowen Group, Inc., Class A*	31,138		127,666
Diamond Hill Investment Group, Inc.	2,245		127,269
Duff & Phelps Corp., Class A	12,906		163,003
Epoch Holding Corp.	7,170		87,976
Evercore Partners, Inc., Class A	6,695		156,328
FBR Capital Markets Corp.*	25,859		86,110
Fifth Street Finance Corp.	18,998		209,548
Financial Engines, Inc.*	7,038		95,717
GAMCO Investors, Inc., Class A	3,349		124,583
GFI Group, Inc.	28,245		157,607
Gladstone Capital Corp.	10,413		112,564
Gladstone Investment Corp.	8,509		49,607
Gleacher & Co., Inc.*	45,901		117,048
Golub Capital BDC, Inc.	932		13,439
Harris & Harris Group, Inc.*	30,241		123,686
Hercules Technology Growth Capital, Inc.	16,541		152,343
HFF, Inc., Class A*	3,438		24,307
International Assets Holding Corp.*	6,288		100,608
Investment Technology Group, Inc.*	21,164		339,894
JMP Group, Inc.	7,674		47,502
KBW, Inc.*	16,853		361,328
Knight Capital Group, Inc., Class A*	46,001		634,354
LaBranche & Co., Inc.*	39,187		167,720
Ladenburg Thalmann Financial Services, Inc.*	20,128		25,160
Main Street Capital Corp.	9,706		144,911

See Notes to Financial Statements.

136

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

MCG Capital Corp.	32,157	$	155,318
MF Global Holdings Ltd.*	42,120		240,505
MVC Capital, Inc.	9,540		123,257
NGP Capital Resources Co.	18,246		130,824
Oppenheimer Holdings, Inc., Class A	4,337		103,871
optionsXpress Holdings, Inc.*	18,612		292,953
PennantPark Investment Corp.	13,492		128,849
Penson Worldwide, Inc.*	19,205		108,316
Piper Jaffray Cos., Inc.*	8,152		262,657
Prospect Capital Corp.	33,316		321,499
Pzena Investment Management, Inc., Class A	11,702		74,542
Safeguard Scientifics, Inc.*	9,721		102,654
Sanders Morris Harris Group, Inc.	23,371		129,709
Solar Capital Ltd.	5,703		109,840
Stifel Financial Corp.*	14,899		646,468
SWS Group, Inc.	11,979		113,800
Thomas Weisel Partners Group, Inc.*	19,099		112,493
TICC Capital Corp.	13,413		112,669
TradeStation Group, Inc.*	16,973		114,568
Triangle Capital Corp.	9,639		137,067
Virtus Investment Partners, Inc.*	5,888		110,223
Westwood Holdings Group, Inc.	2,753		96,768

			10,105,373

*Commercial Banks (3.2%)*
1st Source Corp.	6,846		115,834
1st United Bancorp, Inc.*	2,948		21,697
Alliance Financial Corp./New York	4,873		135,469
American National Bankshares, Inc.	2,641		56,491
Ameris Bancorp*	14,607		141,106
Ames National Corp.	6,938		135,569
Arrow Financial Corp.	4,563		105,405
BancFirst Corp.	3,150		114,943
Banco Latinoamericano de Comercio Exterior S.A., Class E	12,929		161,483
Bancorp Rhode Island, Inc.	1,544		40,453
Bancorp, Inc./Delaware*	18,649		146,022
Bank of Marin Bancorp/California	4,944		157,862
Bank of the Ozarks, Inc.	6,052		214,664
Boston Private Financial Holdings, Inc.	31,375		201,741
Bridge Bancorp, Inc.	5,943		144,296
Bryn Mawr Bank Corp.	7,661		128,552
Camden National Corp.	3,729		102,436
Capital City Bank Group, Inc.	11,122		137,690
Cardinal Financial Corp.	13,735		126,911
Cathay General Bancorp	35,097		362,552
Center Financial Corp.*	6,561		33,789
Centerstate Banks, Inc.	8,892		89,720
Century Bancorp, Inc./Massachusetts, Class A	787		17,345
Chemical Financial Corp.	10,261		223,485
Citizens & Northern Corp.	11,217		120,022
Citizens Republic Bancorp, Inc.*	184,378		156,721
City Holding Co.	7,083		197,474
CNB Financial Corp./Pennsylvania	11,710		128,576


	Number of Shares	Value (Note 1)

CoBiz Financial, Inc.	13,623	$	89,776
Columbia Banking System, Inc.	17,557		320,591
Community Bank System, Inc.	15,167		334,129
Community Trust Bancorp, Inc.	6,621		166,187
CVB Financial Corp.	44,242		420,299
Danvers Bancorp, Inc.	8,904		128,663
Eagle Bancorp, Inc.*	8,253		97,220
Enterprise Financial Services Corp.	12,609		121,551
F.N.B. Corp./Pennsylvania	50,641		406,647
Financial Institutions, Inc.	5,131		91,127
First Bancorp, Inc./Maine	4,709		61,829
First Bancorp/North Carolina	7,119		103,154
First Bancorp/Puerto Rico*	33,312		17,655
First Busey Corp.	22,282		100,937
First Commonwealth Financial Corp.	40,725		213,806
First Community Bancshares, Inc./Virginia	6,693		98,320
First Financial Bancorp	25,891		387,070
First Financial Bankshares, Inc.	10,081		484,795
First Financial Corp./Indiana	5,548		143,194
First Interstate Bancsystem, Inc.	6,096		95,890
First Merchants Corp.	10,455		88,658
First Midwest Bancorp, Inc./Illinois	33,869		411,847
First of Long Island Corp.	5,528		142,125
First South Bancorp, Inc./North Carolina	3,692		39,172
FirstMerit Corp.	52,555		900,267
German American Bancorp, Inc.	9,473		144,937
Glacier Bancorp, Inc.	35,222		516,707
Great Southern Bancorp, Inc.	4,896		99,438
Green Bankshares, Inc.*	2,499		31,912
Hancock Holding Co.	14,116		470,910
Hanmi Financial Corp.*	10,175		12,820
Heartland Financial USA, Inc.	7,199		124,399
Heritage Financial Corp./Washington*	8,647		129,446
Home Bancorp, Inc.*	3,819		49,303
Home Bancshares, Inc./Arkansas	9,283		211,754
Hudson Valley Holding Corp.	2,831		65,453
IBERIABANK Corp.	12,800		658,944
Independent Bank Corp./Massachusetts	9,801		241,889
International Bancshares Corp.	23,877		398,507
Investors Bancorp, Inc.*	21,622		283,681
Lakeland Bancorp, Inc.	10,432		88,881
Lakeland Financial Corp.	7,038		140,619
MainSource Financial Group, Inc.	11,871		85,115
MB Financial, Inc.	25,251		464,366
Merchants Bancshares, Inc.	4,973		110,500
Metro Bancorp, Inc.*	10,060		124,140
Midsouth Bancorp, Inc.	7,780		99,351
MidWestOne Financial Group, Inc.	747		11,564
Nara Bancorp, Inc.*	17,189		144,903
National Bankshares, Inc./Virginia	6,013		145,695
National Penn Bancshares, Inc.	59,575		358,046
NBT Bancorp, Inc.	15,382		314,100
Northfield Bancorp, Inc./New Jersey	8,575		111,303

See Notes to Financial Statements.

137

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Old National Bancorp/Indiana	39,813	$	412,463
OmniAmerican Bancorp, Inc.*	11,537		130,253
Oriental Financial Group, Inc.	14,785		187,178
Orrstown Financial Services, Inc.	5,518		122,113
Pacific Continental Corp.	7,582		71,802
PacWest Bancorp	14,683		268,846
Park National Corp.	5,900		383,736
Peapack Gladstone Financial Corp.	4,784		55,973
Penns Woods Bancorp, Inc.	1,707		51,927
Peoples Bancorp, Inc./Ohio	10,253		148,668
Pinnacle Financial Partners, Inc.*	15,915		204,508
PrivateBancorp, Inc.	23,359		258,818
Prosperity Bancshares, Inc.	22,197		771,346
Renasant Corp.	9,933		142,539
Republic Bancorp, Inc./Kentucky, Class A	4,677		104,765
S&T Bancorp, Inc.	10,624		209,930
Sandy Spring Bancorp, Inc.	11,061		154,965
Santander BanCorp*	7,837		99,060
SCBT Financial Corp.	5,837		205,579
Sierra Bancorp	9,825		112,988
Signature Bank/New York*	19,984		759,592
Simmons First National Corp., Class A	7,316		192,118
Southside Bancshares, Inc.	6,904		135,595
Southwest Bancorp, Inc./Oklahoma	7,443		98,917
State Bancorp, Inc./New York	13,972		132,734
StellarOne Corp.	10,665		136,192
Sterling Bancorp/New York	12,582		113,238
Sterling Bancshares, Inc./Texas	45,268		213,212
Suffolk Bancorp	4,598		142,262
Susquehanna Bancshares, Inc.	63,019		524,948
SVB Financial Group*	19,894		820,230
SY Bancorp, Inc.	5,542		127,355
Taylor Capital Group, Inc.*	1,767		22,865
Texas Capital Bancshares, Inc.*	16,453		269,829
Tompkins Financial Corp.	3,854		145,488
Tower Bancorp, Inc.	5,182		113,434
TowneBank/Virginia	10,856		157,629
Trico Bancshares	6,529		110,536
Trustmark Corp.	31,025		645,941
UMB Financial Corp.	15,645		556,336
Umpqua Holdings Corp.	55,154		633,168
Union First Market Bankshares Corp.	10,206		125,126
United Bankshares, Inc.	17,655		422,661
United Community Banks, Inc./Georgia*	39,370		155,511
Univest Corp. of Pennsylvania	7,444		128,930
Virginia Commerce Bancorp, Inc.*	2,950		18,438
Washington Banking Co.	6,779		86,703
Washington Trust Bancorp, Inc.	6,921		117,934
Webster Financial Corp.	32,950		591,123
WesBanco, Inc.	10,932		184,204
West Bancorp, Inc.*	17,086		116,356
West Coast Bancorp/Oregon	22,291		56,842
Westamerica Bancorp	14,168		744,103
Western Alliance Bancorp*	28,362		203,356
Whitney Holding Corp./Louisiana	46,842		433,289
Wilshire Bancorp, Inc.	12,005		105,044
Wintrust Financial Corp.	14,997		500,000

			28,960,596


	Number of Shares	Value (Note 1)

*Consumer Finance (0.3%)*
Advance America Cash Advance Centers, Inc.	21,960	$	90,695
Cardtronics, Inc.*	15,473		200,530
Cash America International, Inc.	14,652		502,124
CompuCredit Holdings Corp.	19,888		78,757
Credit Acceptance Corp.*	2,902		141,531
Dollar Financial Corp.*	11,200		221,648
EZCORP, Inc., Class A*	21,246		394,113
First Cash Financial Services, Inc.*	14,673		319,871
First Marblehead Corp.*	61,026		143,411
Nelnet, Inc., Class A	12,864		248,018
Student Loan Corp.	2,800		67,424
World Acceptance Corp.*	7,229		276,943

			2,685,065

*Diversified Financial Services (0.2%)*
Asset Acceptance Capital Corp.*	21,762		90,095
Asta Funding, Inc.	1,518		14,983
California First National Bancorp	1,660		20,484
Compass Diversified Holdings	14,009		187,861
Encore Capital Group, Inc.*	6,410		132,110
Life Partners Holdings, Inc.	4,497		92,009
MarketAxess Holdings, Inc.	14,063		193,929
Marlin Business Services Corp.*	1,420		17,168
Medallion Financial Corp.	18,275		120,615
NewStar Financial, Inc.*	13,284		84,486
PHH Corp.*	26,480		504,179
PICO Holdings, Inc.*	10,058		301,438
Portfolio Recovery Associates, Inc.*	8,332		556,411
Primus Guaranty Ltd.*	23,492		86,685

			2,402,453

*Insurance (1.5%)*
Alterra Capital Holdings Ltd.	46,841		879,674
Ambac Financial Group, Inc.*	100,759		67,509
American Equity Investment Life Holding Co.	25,722		265,451
American Physicians Capital, Inc.	3,398		104,828
American Physicians Service Group, Inc.	6,445		157,580
American Safety Insurance Holdings Ltd.*	5,815		91,412
AMERISAFE, Inc.*	8,760		153,738
Amtrust Financial Services, Inc.	10,952		131,862
Argo Group International Holdings Ltd.	13,753		420,704
Baldwin & Lyons, Inc., Class B	4,080		85,721
Citizens, Inc./Texas*	16,214		107,985
CNA Surety Corp.*	8,178		131,420
CNO Financial Group, Inc.*	117,112		579,704
Crawford & Co., Class B*	24,191		76,444
Delphi Financial Group, Inc., Class A	22,750		555,327
Donegal Group, Inc., Class A	10,589		130,139
eHealth, Inc.*	10,979		124,831
EMC Insurance Group, Inc.	2,962		64,957
Employers Holdings, Inc.	20,151		296,824
Enstar Group, Ltd.*	3,040		201,978

See Notes to Financial Statements.

138

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

FBL Financial Group, Inc., Class A	5,964	$	125,244
First American Financial Corp.	50,411		639,211
First Mercury Financial Corp.	11,172		118,200
Flagstone Reinsurance Holdings S.A.	24,375		263,737
FPIC Insurance Group, Inc.*	4,815		123,505
Gerova Financial Group Ltd.*	6,100		33,001
Greenlight Capital Reinsurance Ltd., Class A*	12,496		314,774
Hallmark Financial Services*	8,645		86,018
Harleysville Group, Inc.	5,365		166,476
Hilltop Holdings, Inc.*	18,307		183,253
Horace Mann Educators Corp.	17,716		271,055
Infinity Property & Casualty Corp.	6,268		289,456
Kansas City Life Insurance Co.	5,005		147,998
Maiden Holdings Ltd.	20,583		135,230
Meadowbrook Insurance Group, Inc.	25,629		221,178
Montpelier Reinsurance Holdings Ltd.	35,260		526,432
National Financial Partners Corp.*	19,152		187,115
National Interstate Corp.	6,436		127,562
National Western Life Insurance Co., Class A	990		151,232
Navigators Group, Inc.*	5,312		218,483
NYMAGIC, Inc.	5,998		115,701
Phoenix Cos., Inc.*	49,760		104,994
Platinum Underwriters Holdings Ltd.	21,251		771,199
PMA Capital Corp., Class A*	15,466		101,302
Presidential Life Corp.	9,841		89,553
Primerica, Inc.*	11,724		251,363
ProAssurance Corp.*	15,633		887,329
RLI Corp.	8,759		459,935
Safety Insurance Group, Inc.	5,781		214,013
SeaBright Holdings, Inc.	10,383		98,431
Selective Insurance Group, Inc.	23,417		347,977
State Auto Financial Corp.	6,964		108,012
Stewart Information Services Corp.	16,129		145,484
Tower Group, Inc.	19,272		414,926
United America Indemnity Ltd., Class A*	15,286		112,505
United Fire & Casualty Co.	9,905		196,317
Universal Insurance Holdings, Inc.	20,618		86,183

			13,462,472

*Real Estate Investment Trusts (REITs) (3.5%)*
Acadia Realty Trust (REIT)	18,486		310,935
Agree Realty Corp. (REIT)	3,987		92,977
Alexander’s, Inc. (REIT)	959		290,500
American Campus Communities, Inc. (REIT)	26,135		713,224
American Capital Agency Corp. (REIT)	15,941		421,161
Anworth Mortgage Asset Corp. (REIT)	54,663		389,201


	Number of Shares	Value (Note 1)

Apollo Commercial Real Estate Finance, Inc. (REIT)	10,082	$	165,950
Ashford Hospitality Trust, Inc. (REIT)*	21,766		159,545
Associated Estates Realty Corp. (REIT)	14,574		188,733
BioMed Realty Trust, Inc. (REIT)	54,448		876,068
CapLease, Inc. (REIT)	25,546		117,767
Capstead Mortgage Corp. (REIT)	32,207		356,209
CBL & Associates Properties, Inc. (REIT)	66,086		822,110
Cedar Shopping Centers, Inc. (REIT)	22,027		132,603
Chatham Lodging Trust (REIT)*	985		17,602
Chesapeake Lodging Trust (REIT)*	7,566		119,694
Cogdell Spencer, Inc. (REIT)	18,011		121,754
Colonial Properties Trust (REIT)	33,674		489,283
Colony Financial, Inc. (REIT)	6,685		112,977
Cousins Properties, Inc. (REIT)	41,726		281,233
CreXus Investment Corp. (REIT)	7,652		95,114
Cypress Sharpridge Investments, Inc. (REIT)	6,636		84,012
DCT Industrial Trust, Inc. (REIT)	101,040		456,701
DiamondRock Hospitality Co. (REIT)*	75,119		617,478
DuPont Fabros Technology, Inc. (REIT)	19,764		485,404
Dynex Capital, Inc. (REIT)	15,023		138,662
EastGroup Properties, Inc. (REIT)	12,423		442,010
Education Realty Trust, Inc. (REIT)	27,155		163,745
Entertainment Properties Trust (REIT)	22,937		873,212
Equity Lifestyle Properties, Inc. (REIT)	12,774		616,090
Equity One, Inc. (REIT)	16,036		250,162
Excel Trust, Inc. (REIT)*	1,760		21,120
Extra Space Storage, Inc. (REIT)	42,825		595,268
FelCor Lodging Trust, Inc. (REIT)*	30,475		152,070
First Industrial Realty Trust, Inc. (REIT)*	26,031		125,469
First Potomac Realty Trust (REIT)	17,712		254,521
Franklin Street Properties Corp. (REIT)	30,474		359,898
Getty Realty Corp. (REIT)	8,714		195,281
Gladstone Commercial Corp. (REIT)	5,503		89,919
Glimcher Realty Trust (REIT)	30,404		181,816
Government Properties Income Trust (REIT)	10,439		266,403
Hatteras Financial Corp. (REIT)	17,890		497,700
Healthcare Realty Trust, Inc. (REIT)	30,193		663,340
Hersha Hospitality Trust (REIT)	54,620		246,882
Highwoods Properties, Inc. (REIT)	34,255		950,919
Home Properties, Inc. (REIT)	19,291		869,445

See Notes to Financial Statements.

139

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Inland Real Estate Corp. (REIT)	31,187	$	247,001
Invesco Mortgage Capital, Inc. (REIT)	11,544		230,995
Investors Real Estate Trust (REIT)	33,429		295,178
iStar Financial, Inc. (REIT)*	43,642		194,643
Kilroy Realty Corp. (REIT)	25,448		756,569
Kite Realty Group Trust (REIT)	22,907		95,751
LaSalle Hotel Properties (REIT)	33,565		690,432
Lexington Realty Trust (REIT)	44,697		268,629
LTC Properties, Inc. (REIT)	10,837		263,014
Medical Properties Trust, Inc. (REIT)	52,941		499,763
MFA Financial, Inc. (REIT)	136,434		1,009,612
Mid-America Apartment Communities, Inc. (REIT)	14,420		742,197
Mission West Properties, Inc. (REIT)	18,370		125,283
Monmouth Real Estate Investment Corp. (REIT), Class A	20,457		151,177
MPG Office Trust, Inc. (REIT)*	10,572		30,976
National Health Investors, Inc. (REIT)	12,553		484,044
National Retail Properties, Inc. (REIT)	39,345		843,557
Newcastle Investment Corp. (REIT)*	14,446		38,715
NorthStar Realty Finance Corp. (REIT)	33,035		88,203
Omega Healthcare Investors, Inc. (REIT)	43,355		864,065
One Liberty Properties, Inc. (REIT)	1,508		22,484
Parkway Properties, Inc./Maryland (REIT)	9,779		142,480
Pebblebrook Hotel Trust (REIT)*	8,937		168,463
Pennsylvania Real Estate Investment Trust (REIT)	27,126		331,480
Pennymac Mortgage Investment Trust (REIT)*	5,959		94,748
Post Properties, Inc. (REIT)	24,352		553,521
Potlatch Corp. (REIT)	19,081		681,764
PS Business Parks, Inc. (REIT)	8,983		501,072
RAIT Financial Trust (REIT)*	69,814		130,552
Ramco-Gershenson Properties Trust (REIT)	15,122		152,732
Redwood Trust, Inc. (REIT)	38,538		564,196
Resource Capital Corp. (REIT)	16,964		96,356
Retail Opportunity Investments Corp.	20,242		195,335
Saul Centers, Inc. (REIT)	3,584		145,618
Sovran Self Storage, Inc. (REIT)	13,325		458,780
Strategic Hotels & Resorts, Inc. (REIT)*	66,144		290,372
Sun Communities, Inc. (REIT)	8,376		217,441
Sunstone Hotel Investors, Inc. (REIT)*	47,521		471,884
Tanger Factory Outlet Centers (REIT)	20,121		832,607
Terreno Realty Corp. (REIT)*	8,254		146,178


	Number of Shares	Value (Note 1)

Two Harbors Investment Corp. (REIT)	3,548	$	29,271
UMH Properties, Inc. (REIT)	2,982		30,029
Universal Health Realty Income Trust (REIT)	5,366		172,410
Urstadt Biddle Properties, Inc. (REIT), Class A	8,905		143,638
U-Store-It Trust (REIT)	41,301		308,106
Walter Investment Management Corp. (REIT)	11,098		181,452
Washington Real Estate Investment Trust (REIT)	28,459		785,184
Winthrop Realty Trust (REIT)	9,001		115,303

			31,755,427

*Real Estate Management & Development (0.1%)*
Avatar Holdings, Inc.*	7,406		142,047
Consolidated-Tomoka Land Co.	3,149		89,747
Forestar Group, Inc.*	16,543		297,112
Kennedy-Wilson Holdings, Inc.*	3,700		37,370
Tejon Ranch Co.*	5,251		121,193
Thomas Properties Group, Inc.	7,433		24,603

			712,072

*Thrifts & Mortgage Finance (0.8%)*
Abington Bancorp, Inc.	9,691		84,505
Astoria Financial Corp.	42,114		579,489
Bank Mutual Corp.	22,165		125,897
BankFinancial Corp.	10,504		87,288
Beneficial Mutual Bancorp, Inc.*	14,049		138,804
Berkshire Hills Bancorp, Inc.	5,766		112,322
BofI Holding, Inc.*	882		12,454
Brookline Bancorp, Inc.	26,635		236,519
Clifton Savings Bancorp, Inc.	10,057		86,993
Dime Community Bancshares, Inc.	11,064		136,419
Doral Financial Corp.*	28,827		70,338
ESB Financial Corp.	10,186		132,927
ESSA Bancorp, Inc.	8,890		109,436
Federal Agricultural Mortgage Corp., Class C	2,071		29,056
First Financial Holdings, Inc.	7,475		85,589
Flagstar Bancorp, Inc.*	26,163		82,152
Flushing Financial Corp.	13,539		165,582
Fox Chase Bancorp, Inc.*	6,674		63,870
Heritage Financial Group	5,400		58,428
Home Federal Bancorp, Inc./Idaho	7,682		97,024
Kearny Financial Corp.	15,510		142,072
Meridian Interstate Bancorp, Inc.*	10,874		118,527
MGIC Investment Corp.*	95,995		661,406
NASB Financial, Inc.	1,187		17,983
NewAlliance Bancshares, Inc.	51,490		577,203
Northwest Bancshares, Inc.	53,774		616,788
OceanFirst Financial Corp.	12,507		150,959
Ocwen Financial Corp.*	35,321		359,921
Oritani Financial Corp.	22,175		221,745
PMI Group, Inc.*	64,383		186,067
Provident Financial Services, Inc.	27,154		317,430
Provident New York Bancorp	16,557		146,529
Radian Group, Inc.	64,085		463,975

See Notes to Financial Statements.

140

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Rockville Financial, Inc.	9,714	$	115,694
Roma Financial Corp.	10,115		109,849
Territorial Bancorp, Inc.	5,345		101,288
TrustCo Bank Corp. NY/New York	34,494		193,166
United Financial Bancorp, Inc.	6,601		90,104
ViewPoint Financial Group	6,170		85,454
Waterstone Financial, Inc.*	9,453		32,235
Westfield Financial, Inc.	12,859		107,115
WSFS Financial Corp.	2,751		98,843

			7,409,445

Total Financials			97,492,903

Health Care (6.9%)
*Biotechnology (1.6%)*
Acorda Therapeutics, Inc.*	18,472		574,664
Affymax, Inc.*	7,399		44,246
Alkermes, Inc.*	45,741		569,475
Allos Therapeutics, Inc.*	37,056		227,153
Alnylam Pharmaceuticals, Inc.*	15,780		237,016
AMAG Pharmaceuticals, Inc.*	9,451		324,642
Arena Pharmaceuticals, Inc.*	40,585		124,596
ARIAD Pharmaceuticals, Inc.*	46,017		129,768
ArQule, Inc.*	18,705		80,431
Array BioPharma, Inc.*	45,473		138,693
AVEO Pharmaceuticals, Inc.*	10,400		73,528
AVI BioPharma, Inc.*	93,111		149,909
BioCryst Pharmaceuticals, Inc.*	13,359		78,952
BioSante Pharmaceuticals, Inc.*	12,442		21,898
Biospecifics Technologies Corp.*	2,247		44,670
Biotime, Inc.*	15,378		94,728
Celera Corp.*	34,342		224,940
Celldex Therapeutics, Inc.*	16,800		76,608
Cepheid, Inc.*	27,995		448,480
Chelsea Therapeutics International, Inc.*	8,269		24,228
Clinical Data, Inc.*	6,618		82,328
Codexis, Inc.*	7,100		62,196
Combinatorx, Inc.*	12,514		18,145
Cubist Pharmaceuticals, Inc.*	27,116		558,590
Curis, Inc.*	36,134		50,226
Cytokinetics, Inc.*	33,100		78,447
Cytori Therapeutics, Inc.*	33,023		114,920
CytRx Corp.*	22,521		17,341
Dyax Corp.*	55,511		126,010
Dynavax Technologies Corp.*	15,536		28,897
Emergent Biosolutions, Inc.*	7,470		122,060
Enzon Pharmaceuticals, Inc.*	25,164		267,997
Exact Sciences Corp.*	7,466		32,850
Exelixis, Inc.*	47,678		165,443
Genomic Health, Inc.*	9,951		128,666
Geron Corp.*	42,512		213,410
Halozyme Therapeutics, Inc.*	30,265		213,066
Idenix Pharmaceuticals, Inc.*	25,803		129,015
Immunogen, Inc.*	31,681		293,683
Immunomedics, Inc.*	42,993		132,848
Incyte Corp.*	41,763		462,316
Infinity Pharmaceuticals, Inc.*	9,451		55,855
Inhibitex, Inc.*	11,205		28,573
Inovio Pharmaceuticals, Inc.*	17,600		17,952
InterMune, Inc.*	20,664		193,208


	Number of Shares	Value (Note 1)

Ironwood Pharmaceuticals, Inc.*	9,714	$	115,791
Isis Pharmaceuticals, Inc.*	44,351		424,439
Keryx Biopharmaceuticals, Inc.*	29,961		109,657
Lexicon Pharmaceuticals, Inc.*	78,060		99,917
Ligand Pharmaceuticals, Inc., Class B*	67,447		98,473
MannKind Corp.*	26,759		170,990
Martek Biosciences Corp.*	16,249		385,264
Maxygen, Inc.*	24,743		136,829
Medivation, Inc.*	13,751		121,559
Metabolix, Inc.*	13,004		186,087
Micromet, Inc.*	36,242		226,150
Momenta Pharmaceuticals, Inc.*	17,625		216,083
Nabi Biopharmaceuticals*	33,071		179,906
Nanosphere, Inc.*	10,363		45,183
Neuralstem, Inc.*	8,876		22,190
Neurocrine Biosciences, Inc.*	30,933		173,225
NeurogesX, Inc.*	2,999		19,883
Novavax, Inc.*	55,063		119,487
NPS Pharmaceuticals, Inc.*	32,562		209,699
Nymox Pharmaceutical Corp.*	3,069		9,575
Omeros Corp.*	3,754		27,855
Onyx Pharmaceuticals, Inc.*	30,534		659,229
Opko Health, Inc.*	39,380		88,999
Orexigen Therapeutics, Inc.*	18,533		77,839
Osiris Therapeutics, Inc.*	14,346		83,350
PDL BioPharma, Inc.	55,290		310,730
Peregrine Pharmaceuticals, Inc.*	10,243		22,022
Pharmacyclics, Inc.*	20,133		134,086
Pharmasset, Inc.*	14,366		392,766
Progenics Pharmaceuticals, Inc.*	14,213		77,887
Rigel Pharmaceuticals, Inc.*	22,695		163,404
Sangamo BioSciences, Inc.*	35,763		132,681
Savient Pharmaceuticals, Inc.*	33,698		424,595
Sciclone Pharmaceuticals, Inc.*	43,274		115,109
Seattle Genetics, Inc.*	38,307		459,301
SIGA Technologies, Inc.*	17,859		137,514
Spectrum Pharmaceuticals, Inc.*	29,052		113,884
StemCells, Inc.*	55,668		52,328
Synta Pharmaceuticals Corp.*	28,363		76,580
Targacept, Inc.*	11,570		223,648
Theravance, Inc.*	30,131		378,747
Vanda Pharmaceuticals, Inc.*	19,941		131,810
Vical, Inc.*	43,528		134,937
ZIOPHARM Oncology, Inc.*	10,790		34,312
ZymoGenetics, Inc.*	21,398		90,300

			14,896,967

*Health Care Equipment & Supplies (2.0%)*
Abaxis, Inc.*	10,408		223,043
ABIOMED, Inc.*	11,079		107,245
Accuray, Inc.*	24,356		161,480
AGA Medical Holdings, Inc.*	6,896		87,510
Align Technology, Inc.*	28,352		421,594
Alimera Sciences, Inc.*	8,740		65,026
Alphatec Holdings, Inc.*	20,474		94,999
American Medical Systems Holdings, Inc.*	35,877		793,599
Analogic Corp.	5,721		260,363
AngioDynamics, Inc.*	10,710		157,972
Antares Pharma, Inc.*	13,279		23,371
ArthroCare Corp.*	13,110		401,821

See Notes to Financial Statements.

141

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Atrion Corp.	763	$	103,043
ATS Medical, Inc.*	29,757		118,135
Cantel Medical Corp.	5,844		97,595
Cerus Corp.*	8,654		27,347
Conceptus, Inc.*	13,599		211,872
CONMED Corp.*	13,382		249,307
CryoLife, Inc.*	24,085		129,818
Cutera, Inc.*	2,713		24,987
Cyberonics, Inc.*	12,006		284,302
Cynosure, Inc., Class A*	11,673		125,718
Delcath Systems, Inc.*	19,271		122,178
DexCom, Inc.*	26,760		309,346
DynaVox, Inc., Class A*	5,858		93,787
Endologix, Inc.*	22,268		100,874
ev3, Inc.*	40,456		906,619
Exactech, Inc.*	5,521		94,299
Greatbatch, Inc.*	10,715		239,052
Haemonetics Corp.*	12,214		653,693
Hansen Medical, Inc.*	7,913		16,855
HealthTronics, Inc.*	24,943		120,475
HeartWare International, Inc.*	4,642		325,265
ICU Medical, Inc.*	4,957		159,467
Immucor, Inc.*	34,350		654,367
Insulet Corp.*	16,297		245,270
Integra LifeSciences Holdings Corp.*	10,229		378,473
Invacare Corp.	14,290		296,375
IRIS International, Inc.*	10,886		110,384
Kensey Nash Corp.*	5,367		127,252
MAKO Surgical Corp.*	12,419		154,617
Masimo Corp.	25,061		596,702
Medical Action Industries, Inc.*	12,571		150,726
MELA Sciences, Inc.*	19,602		145,839
Meridian Bioscience, Inc.	18,102		307,734
Merit Medical Systems, Inc.*	11,001		176,786
Micrus Endovascular Corp.*	8,091		168,212
Natus Medical, Inc.*	12,702		206,916
Neogen Corp.*	10,948		285,195
NuVasive, Inc.*	18,668		661,967
NxStage Medical, Inc.*	12,716		188,705
OraSure Technologies, Inc.*	23,980		111,027
Orthofix International N.V.*	7,436		238,324
Orthovita, Inc.*	33,053		67,098
Palomar Medical Technologies, Inc.*	12,961		145,034
Quidel Corp.*	9,722		123,372
Rochester Medical Corp.*	5,383		50,869
RTI Biologics, Inc.*	34,791		101,938
SenoRx, Inc.*	3,524		38,693
Sirona Dental Systems, Inc.*	16,293		567,648
Solta Medical, Inc.*	12,028		22,853
Somanetics Corp.*	5,186		129,391
SonoSite, Inc.*	6,857		185,893
Spectranetics Corp.*	28,609		148,195
STAAR Surgical Co.*	7,593		43,432
Stereotaxis, Inc.*	34,593		114,503
STERIS Corp.	28,050		871,794
SurModics, Inc.*	10,591		173,798
Symmetry Medical, Inc.*	17,474		184,176
Syneron Medical Ltd.*	17,263		177,464
Synovis Life Technologies, Inc.*	9,461		144,564
TomoTherapy, Inc.*	46,932		149,244


	Number of Shares	Value (Note 1)

Unilife Corp.*	11,505	$	66,959
Vascular Solutions, Inc.*	8,513		106,412
Volcano Corp.*	23,850		520,407
West Pharmaceutical Services, Inc.	15,869		579,060
Wright Medical Group, Inc.*	17,614		292,569
Young Innovations, Inc.	3,122		87,884
Zoll Medical Corp.*	10,059		272,599

			17,882,777

*Health Care Providers & Services (1.8%)*
Accretive Health, Inc.*	5,400		71,442
Air Methods Corp.*	5,134		152,737
Alliance HealthCare Services, Inc.*	21,433		86,589
Allied Healthcare International, Inc.*	23,954		55,573
Almost Family, Inc.*	3,261		113,907
Amedisys, Inc.*	13,661		600,674
America Service Group, Inc.	4,414		75,921
American Dental Partners, Inc.*	12,722		154,063
AMERIGROUP Corp.*	24,841		806,836
AMN Healthcare Services, Inc.*	13,209		98,803
Amsurg Corp.*	13,863		247,039
Assisted Living Concepts, Inc., Class A*	5,361		158,632
Bio-Reference Labs, Inc.*	11,158		247,373
BioScrip, Inc.*	16,114		84,437
Capital Senior Living Corp.*	12,064		59,958
CardioNet, Inc.*	18,986		104,043
Catalyst Health Solutions, Inc.*	18,476		637,422
Centene Corp.*	23,914		514,151
Chemed Corp.	10,584		578,310
Chindex International, Inc.*	10,516		131,765
Clarient, Inc.*	33,889		104,378
Continucare Corp.*	22,668		75,938
Corvel Corp.*	3,910		132,119
Cross Country Healthcare, Inc.*	21,346		191,901
Emeritus Corp.*	9,778		159,479
Ensign Group, Inc.	5,699		94,148
Five Star Quality Care, Inc.*	4,783		14,445
Genoptix, Inc.*	7,769		133,627
Gentiva Health Services, Inc.*	13,559		366,229
Hanger Orthopedic Group, Inc.*	10,595		190,286
Health Grades, Inc.*	14,221		85,326
HealthSouth Corp.*	45,654		854,186
Healthspring, Inc.*	25,970		402,795
Healthways, Inc.*	14,179		169,014
HMS Holdings Corp.*	13,308		721,560
inVentiv Health, Inc.*	16,159		413,670
IPC The Hospitalist Co., Inc.*	6,942		174,244
Kindred Healthcare, Inc.*	16,739		214,929
Landauer, Inc.	4,107		250,034
LCA-Vision, Inc.*	5,186		28,730
LHC Group, Inc.*	7,708		213,897
Magellan Health Services, Inc.*	15,537		564,304
MedCath Corp.*	10,462		82,231
Metropolitan Health Networks, Inc.*	26,554		99,046
Molina Healthcare, Inc.*	6,027		173,578
MWI Veterinary Supply, Inc.*	6,021		302,615
National Healthcare Corp.	3,479		119,886
National Research Corp.	2,546		61,384

See Notes to Financial Statements.

142

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Odyssey HealthCare, Inc.*	15,119	$	403,980
Owens & Minor, Inc.#	30,074		853,500
PDI, Inc.*	1,443		11,948
PharMerica Corp.*	12,781		187,369
Providence Service Corp.*	6,900		96,600
PSS World Medical, Inc.*	28,717		607,365
Psychiatric Solutions, Inc.*	27,065		885,567
RehabCare Group, Inc.*	11,028		240,190
Res-Care, Inc.*	10,551		101,923
Rural/Metro Corp.*	3,629		29,540
Select Medical Holdings Corp.*	23,940		162,313
Skilled Healthcare Group, Inc., Class A*	16,253		110,358
Sun Healthcare Group, Inc.*	19,510		157,641
Sunrise Senior Living, Inc.*	38,710		107,614
Team Health Holdings, Inc.*	8,997		116,241
Triple-S Management Corp., Class B*	8,524		158,120
U.S. Physical Therapy, Inc.*	7,224		121,941
Universal American Corp.*	13,356		192,326
Virtual Radiologic Corp.*	5,093		87,396
WellCare Health Plans, Inc.*	20,863		495,288

			16,500,874

*Health Care Technology (0.3%)*
athenahealth, Inc.*	15,373		401,696
Computer Programs & Systems, Inc.	4,341		177,634
Eclipsys Corp.*	27,166		484,641
MedAssets, Inc.*	19,594		452,230
Medidata Solutions, Inc.*	10,061		155,845
MedQuist, Inc.	9,062		71,680
Merge Healthcare, Inc.*	34,164		100,101
Omnicell, Inc.*	14,612		170,814
Phase Forward, Inc.*	18,005		300,323
Quality Systems, Inc.	10,441		605,474
Transcend Services, Inc.*	4,353		58,766
Vital Images, Inc.*	8,290		105,697

			3,084,901

*Life Sciences Tools & Services (0.4%)*
Accelrys, Inc.*	22,679		146,280
Affymetrix, Inc.*	30,985		182,811
Albany Molecular Research, Inc.*	16,821		86,965
Bruker Corp.*	35,353		429,892
Caliper Life Sciences, Inc.*	27,077		115,619
Cambrex Corp.*	11,677		36,782
Dionex Corp.*	8,628		642,441
Enzo Biochem, Inc.*	24,017		97,749
eResearchTechnology, Inc.*	21,618		170,350
Kendle International, Inc.*	10,953		126,179
Luminex Corp.*	19,794		321,059
PAREXEL International Corp.*	27,189		589,457
Pure Bioscience*	7,415		17,722
Sequenom, Inc.*	30,155		178,216

			3,141,522

*Pharmaceuticals (0.8%)*
Acura Pharmaceuticals, Inc.*	20,675		51,894
Akorn, Inc.*	41,224		122,435
Alexza Pharmaceuticals, Inc.*	7,304		19,867
Ardea Biosciences, Inc.*	6,717		138,102


	Number of Shares	Value (Note 1)

Auxilium Pharmaceuticals, Inc.*	21,800	$	512,300
AVANIR Pharmaceuticals, Inc., Class A*	34,082		87,591
Biodel, Inc.*	7,101		26,842
BioMimetic Therapeutics, Inc.*	7,123		79,208
BMP Sunstone Corp.*	18,180		93,627
Cadence Pharmaceuticals, Inc.*	11,089		77,734
Caraco Pharmaceutical Laboratories Ltd.*	11,502		54,289
Corcept Therapeutics, Inc.*	21,700		67,704
Cornerstone Therapeutics, Inc.*	6,370		37,519
Cumberland Pharmaceuticals, Inc.*	5,399		34,662
Cypress Bioscience, Inc.*	24,583		56,541
Depomed, Inc.*	44,950		125,860
Durect Corp.*	32,703		79,468
Eurand N.V.*	11,245		108,964
Hi-Tech Pharmacal Co., Inc.*	4,565		104,584
Impax Laboratories, Inc.*	28,912		551,063
Inspire Pharmaceuticals, Inc.*	26,267		131,072
Jazz Pharmaceuticals, Inc.*	12,552		98,282
Lannett Co., Inc.*	8,599		39,297
MAP Pharmaceuticals, Inc.*	6,560		86,067
Medicines Co.*	22,072		167,968
Medicis Pharmaceutical Corp., Class A	28,753		629,116
Nektar Therapeutics*	45,474		550,235
Neostem, Inc.*	5,196		9,509
Obagi Medical Products, Inc.*	7,908		93,473
Optimer Pharmaceuticals, Inc.*	12,798		118,637
Pain Therapeutics, Inc.*	16,270		90,461
Par Pharmaceutical Cos., Inc.*	16,766		435,245
Pozen, Inc.*	13,708		96,093
Questcor Pharmaceuticals, Inc.*	26,127		266,757
Salix Pharmaceuticals Ltd.*	27,768		1,083,785
Santarus, Inc.*	47,900		118,792
Somaxon Pharmaceuticals, Inc.*	6,503		23,411
Sucampo Pharmaceuticals, Inc., Class A*	30,128		106,352
SuperGen, Inc.*	26,817		54,170
ViroPharma, Inc.*	36,355		407,540
Vivus, Inc.*	37,808		362,957
XenoPort, Inc.*	11,585		113,649

			7,513,122

Total Health Care			63,020,163

Industrials (7.7%)
*Aerospace & Defense (1.0%)*
AAR Corp.*	16,880		282,571
Aerovironment, Inc.*	7,688		167,060
American Science & Engineering, Inc.	4,276		325,874
Applied Energetics, Inc.*	16,792		17,296
Applied Signal Technology, Inc.	9,148		179,758
Argon ST, Inc.*	6,102		209,238
Astronics Corp.*	6,440		105,358
Ceradyne, Inc.*	10,974		234,514
Cubic Corp.	6,664		242,436
Curtiss-Wright Corp.	22,009		639,141
DigitalGlobe, Inc.*	13,409		352,657
Ducommun, Inc.	5,698		97,436

See Notes to Financial Statements.

143

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

DynCorp International, Inc., Class A*	9,227	$	161,657
Esterline Technologies Corp.*	14,139		670,896
GenCorp, Inc.*	36,358		159,248
GeoEye, Inc.*	9,805		305,328
Global Defense Technology & Systems, Inc.*	5,597		71,474
HEICO Corp.	14,068		505,323
Herley Industries, Inc.*	7,163		102,144
Hexcel Corp.*	44,916		696,647
Kratos Defense & Security Solutions, Inc.*	9,588		100,674
Ladish Co., Inc.*	7,686		174,626
LMI Aerospace, Inc.*	6,422		101,275
Moog, Inc., Class A*	22,090		711,961
Orbital Sciences Corp.*	27,333		431,042
Stanley, Inc.*	6,803		254,296
Taser International, Inc.*	31,399		122,456
Teledyne Technologies, Inc.*	17,521		675,960
Triumph Group, Inc.	8,059		536,971

			8,635,317

*Air Freight & Logistics (0.2%)*
Air Transport Services Group, Inc.*	29,217		139,073
Atlas Air Worldwide Holdings, Inc.*	12,646		600,685
Dynamex, Inc.*	9,333		113,863
Forward Air Corp.	13,998		381,446
Hub Group, Inc., Class A*	17,582		527,636
Pacer International, Inc.*	17,550		122,674
Park-Ohio Holdings Corp.*	6,388		91,923

			1,977,300

*Airlines (0.4%)*
AirTran Holdings, Inc.*	62,023		300,812
Alaska Air Group, Inc.*	17,318		778,444
Allegiant Travel Co.	7,093		302,800
Hawaiian Holdings, Inc.*	20,807		107,572
JetBlue Airways Corp.*	119,831		657,872
Pinnacle Airlines Corp.*	3,116		16,951
Republic Airways Holdings, Inc.*	23,753		145,131
SkyWest, Inc.	26,915		328,901
U.S. Airways Group, Inc.*	77,714		669,118

			3,307,601

*Building Products (0.3%)*
A.O. Smith Corp.	11,009		530,524
AAON, Inc.	5,617		130,932
American Woodmark Corp.	6,913		118,212
Ameron International Corp.	3,976		239,872
Apogee Enterprises, Inc.	12,151		131,595
Builders FirstSource, Inc.*	24,636		59,127
Gibraltar Industries, Inc.*	14,702		148,490
Griffon Corp.*	21,688		239,869
Insteel Industries, Inc.	9,753		113,330
NCI Building Systems, Inc.*	9,019		75,489
PGT, Inc.*	23,500		60,395
Quanex Building Products Corp.	18,295		316,321
Simpson Manufacturing Co., Inc.	18,326		449,903
Trex Co., Inc.*	9,267		186,174
Universal Forest Products, Inc.	8,545		258,999

			3,059,232


	Number of Shares	Value (Note 1)

*Commercial Services & Supplies (1.2%)*
ABM Industries, Inc.	23,639	$	495,237
ACCO Brands Corp.*	24,884		124,171
American Reprographics Co.*	16,000		139,680
APAC Customer Services, Inc.*	13,906		79,264
ATC Technology Corp.*	7,631		123,012
Bowne & Co., Inc.	21,677		243,216
Brink’s Co.	23,191		441,325
Casella Waste Systems, Inc., Class A*	5,093		19,455
Cenveo, Inc.*	23,388		128,166
Clean Harbors, Inc.*	10,897		723,670
CompX International, Inc.	5,100		50,235
Consolidated Graphics, Inc.*	4,204		181,781
Cornell Cos., Inc.*	4,883		131,206
Courier Corp.	7,623		93,077
Deluxe Corp.	23,438		439,463
EnergySolutions, Inc.	41,601		211,749
EnerNOC, Inc.*	9,624		302,579
Ennis, Inc.	11,608		174,236
Fuel Tech, Inc.*	12,239		77,350
G&K Services, Inc., Class A	8,243		170,218
GEO Group, Inc.*	24,258		503,354
Healthcare Services Group, Inc.	21,142		400,641
Herman Miller, Inc.	27,778		524,171
HNI Corp.	21,103		582,232
Innerworkings, Inc.*	18,299		124,982
Interface, Inc., Class A	22,105		237,408
Kimball International, Inc., Class B	17,643		97,566
Knoll, Inc.	22,099		293,696
M&F Worldwide Corp.*	4,751		128,752
McGrath RentCorp	10,405		237,026
Metalico, Inc.*	20,985		83,520
Mine Safety Appliances Co.	11,651		288,712
Mobile Mini, Inc.*	15,419		251,021
Multi-Color Corp.	9,309		95,324
North American Galvanizing & Coatings, Inc.*	6,900		52,923
Rollins, Inc.	19,628		406,103
Schawk, Inc.	7,524		112,484
Standard Parking Corp.*	10,454		165,487
Standard Register Co.	17,882		56,149
Steelcase, Inc., Class A	32,663		253,138
Sykes Enterprises, Inc.*	18,151		258,289
Team, Inc.*	7,393		96,479
Tetra Tech, Inc.#*	29,789		584,162
U.S. Ecology, Inc.	7,695		112,116
United Stationers, Inc.*	11,730		638,933
Viad Corp.	9,022		159,238
Waste Services, Inc.*	11,184		130,405

			11,223,401

*Construction & Engineering (0.4%)*
Argan, Inc.*	10,773		112,362
Comfort Systems USA, Inc.	15,828		152,899
Dycom Industries, Inc.*	14,979		128,071
EMCOR Group, Inc.*	31,394		727,399
Furmanite Corp.*	23,408		92,930
Granite Construction, Inc.	16,268		383,599
Great Lakes Dredge & Dock Corp.	26,546		159,276

See Notes to Financial Statements.

144

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Insituform Technologies, Inc., Class A*	19,271	$	394,670
Layne Christensen Co.*	8,616		209,110
MasTec, Inc.*	21,963		206,452
Michael Baker Corp.*	3,701		129,165
MYR Group, Inc.*	9,826		163,996
Northwest Pipe Co.*	5,803		110,257
Orion Marine Group, Inc.*	11,550		164,010
Pike Electric Corp.*	10,129		95,415
Primoris Services Corp.	18,064		113,803
Sterling Construction Co., Inc.*	10,767		139,325
Tutor Perini Corp.*	11,296		186,158

			3,668,897

*Electrical Equipment (0.9%)*
A123 Systems, Inc.*	35,271		332,606
Acuity Brands, Inc.	20,771		755,649
Advanced Battery Technologies, Inc.*	35,812		117,463
American Superconductor Corp.*	21,759		580,748
AZZ, Inc.	5,333		196,094
Baldor Electric Co.	22,254		802,924
Belden, Inc.	22,061		485,342
Brady Corp., Class A	23,322		581,184
Broadwind Energy, Inc.*	52,438		146,826
Capstone Turbine Corp.*	125,215		122,711
Encore Wire Corp.	9,010		163,892
Ener1, Inc.*	29,773		100,633
EnerSys*	23,532		502,879
Franklin Electric Co., Inc.	11,328		326,473
FuelCell Energy, Inc.*	81,490		96,158
Generac Holdings, Inc.*	9,592		134,384
GrafTech International Ltd.*	58,021		848,267
Hoku Corp.*	21,500		71,810
II-VI, Inc.*	11,456		339,441
LaBarge, Inc.*	7,356		83,932
LSI Industries, Inc.	22,058		107,643
Polypore International, Inc.*	9,500		216,030
Powell Industries, Inc.*	3,726		101,869
PowerSecure International, Inc.*	11,265		102,399
Preformed Line Products Co.	3,618		101,123
SatCon Technology Corp.*	44,818		128,179
UQM Technologies, Inc.*	25,971		88,042
Vicor Corp.*	11,947		149,218
Woodward Governor Co.	29,203		745,553

			8,529,472

*Industrial Conglomerates (0.1%)*
Otter Tail Corp.	15,277		295,304
Raven Industries, Inc.	7,175		241,869
Seaboard Corp.	118		178,180
Standex International Corp.	5,186		131,465
Tredegar Corp.	12,653		206,497
United Capital Corp.*	3,297		80,480

			1,133,795

*Machinery (1.4%)*
3D Systems Corp.*	9,215		115,648
Actuant Corp., Class A	31,377		590,829
Alamo Group, Inc.	5,216		113,187
Albany International Corp., Class A	12,628		204,447


	Number of Shares	Value (Note 1)

Altra Holdings, Inc.*	12,595	$	163,987
American Railcar Industries, Inc.*	8,101		97,860
Ampco-Pittsburgh Corp.	3,708		77,238
ArvinMeritor, Inc.*	45,160		591,596
Astec Industries, Inc.*	9,633		267,123
Badger Meter, Inc.	6,449		249,512
Barnes Group, Inc.	22,661		371,414
Blount International, Inc.*	22,846		234,628
Briggs & Stratton Corp.	24,058		409,467
Cascade Corp.	4,552		162,097
Chart Industries, Inc.*	12,310		191,790
CIRCOR International, Inc.	7,441		190,341
CLARCOR, Inc.	24,241		861,040
Colfax Corp.*	10,059		104,714
Columbus McKinnon Corp.*	8,377		117,027
Commercial Vehicle Group, Inc.*	12,023		122,755
Douglas Dynamics, Inc.*	8,282		95,243
Dynamic Materials Corp.	9,632		154,497
Energy Recovery, Inc.*	18,628		74,512
EnPro Industries, Inc.*	9,426		265,342
ESCO Technologies, Inc.	11,570		297,928
Federal Signal Corp.	24,361		147,140
Flow International Corp.*	23,173		54,688
Force Protection, Inc.*	31,227		128,031
FreightCar America, Inc.	5,941		134,385
Gorman-Rupp Co.	5,539		138,752
Graham Corp.	9,066		135,899
Greenbrier Cos., Inc.*	8,002		89,622
John Bean Technologies Corp.	12,133		185,028
Kadant, Inc.*	6,316		110,025
Kaydon Corp.	15,631		513,635
L.B. Foster Co., Class A*	3,869		100,285
Lindsay Corp.	5,430		172,077
Lydall, Inc.*	3,302		25,227
Met-Pro Corp.	9,776		105,190
Middleby Corp.*	7,746		412,010
Miller Industries, Inc.	6,864		92,458
Mueller Industries, Inc.	18,407		452,812
Mueller Water Products, Inc., Class A	74,404		276,039
NACCO Industries, Inc., Class A	2,661		236,190
Nordson Corp.	16,213		909,225
Omega Flex, Inc.	3,100		45,198
PMFG, Inc.*	6,737		102,066
RBC Bearings, Inc.*	10,210		295,988
Robbins & Myers, Inc.	11,679		253,901
Sauer-Danfoss, Inc.*	8,043		98,285
Sun Hydraulics Corp.	5,553		130,273
Tecumseh Products Co., Class A*	8,382		93,208
Tennant Co.	9,210		311,482
Thermadyne Holdings Corp.*	8,232		88,988
Titan International, Inc.	17,451		173,987
Trimas Corp.*	12,197		137,948
Twin Disc, Inc.	8,094		91,948
Wabash National Corp.*	28,632		203,574
Watts Water Technologies, Inc., Class A	13,444		385,305
Xerium Technologies, Inc.*	1,501		21,194

			12,976,285

See Notes to Financial Statements.

145

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Marine (0.1%)*
American Commercial Lines, Inc.*	5,703	$	128,375
Baltic Trading Ltd.*	8,939		101,636
Eagle Bulk Shipping, Inc.*	28,548		120,473
Excel Maritime Carriers Ltd.*	22,321		114,284
Genco Shipping & Trading Ltd.*	11,053		165,684
Horizon Lines, Inc., Class A	28,814		121,883
International Shipholding Corp.	4,499		99,563
Ultrapetrol Bahamas Ltd.*	17,641		76,738

			928,636

*Professional Services (0.6%)*
Acacia Research Corp. - Acacia Technologies*	14,940		212,596
Administaff, Inc.	9,162		221,354
Advisory Board Co.*	7,231		310,644
Barrett Business Services, Inc.	5,686		70,506
CBIZ, Inc.*	17,349		110,340
CDI Corp.	5,970		92,714
Corporate Executive Board Co.	15,723		413,043
CoStar Group, Inc.*	9,603		372,596
CRA International, Inc.*	7,135		134,352
Diamond Management & Technology Consultants, Inc.	11,593		119,524
Dolan Media Co.*	12,966		144,182
Exponent, Inc.*	6,259		204,795
Franklin Covey Co.*	13,707		89,096
GP Strategies Corp.*	10,169		73,827
Heidrick & Struggles International, Inc.	7,387		168,571
Hill International, Inc.*	22,290		90,497
Hudson Highland Group, Inc.*	21,221		93,373
Huron Consulting Group, Inc.*	9,379		182,046
ICF International, Inc.*	8,251		197,447
Kelly Services, Inc., Class A*	11,315		168,254
Kforce, Inc.*	14,943		190,523
Korn/Ferry International*	20,679		287,438
LECG Corp.*	4,036		10,494
Mistras Group, Inc.*	7,390		79,221
Navigant Consulting, Inc.*	22,164		230,062
On Assignment, Inc.*	29,170		146,725
Resources Connection, Inc.*	20,329		276,474
School Specialty, Inc.*	7,678		138,742
SFN Group, Inc.*	20,043		109,435
TrueBlue, Inc.*	20,610		230,626
Volt Information Sciences, Inc.*	8,211		68,972
VSE Corp.	3,655		116,302

			5,354,771

*Road & Rail (0.6%)*
Amerco, Inc.*	4,065		223,778
Arkansas Best Corp.	10,921		226,611
Avis Budget Group, Inc.*	49,014		481,317
Celadon Group, Inc.*	14,078		199,063
Dollar Thrifty Automotive Group, Inc.*	13,462		573,616
Genesee & Wyoming, Inc., Class A*	18,543		691,839
Heartland Express, Inc.	23,579		342,367
Knight Transportation, Inc.	27,115		548,807
Marten Transport Ltd.*	6,264		130,166


	Number of Shares	Value (Note 1)

Old Dominion Freight Line, Inc.*	12,906	$	453,517
P.A.M. Transportation Services, Inc.*	4,700		70,641
Patriot Transportation Holding, Inc.*	669		54,129
RailAmerica, Inc.*	9,863		97,841
Roadrunner Transportation Systems, Inc.*	6,913		98,234
Saia, Inc.*	8,543		128,145
Universal Truckload Services, Inc.*	9,038		125,899
USA Truck, Inc.*	5,655		91,159
Werner Enterprises, Inc.	21,282		465,863

			5,002,992

*Trading Companies & Distributors (0.5%)*
Aceto Corp.	17,745		101,679
Aircastle Ltd.	24,425		191,736
Applied Industrial Technologies, Inc.	19,925		504,501
Beacon Roofing Supply, Inc.*	22,000		396,440
BlueLinx Holdings, Inc.*	23,471		61,729
CAI International, Inc.*	6,884		81,920
DXP Enterprises, Inc.*	9,370		146,641
H&E Equipment Services, Inc.*	11,256		84,307
Houston Wire & Cable Co.	8,920		96,782
Interline Brands, Inc.*	13,850		239,467
Kaman Corp.	11,079		245,068
Lawson Products, Inc.	4,538		77,055
RSC Holdings, Inc.*	22,991		141,854
Rush Enterprises, Inc., Class A*	15,209		203,192
TAL International Group, Inc.	8,518		191,399
Textainer Group Holdings Ltd.	5,652		136,439
Titan Machinery, Inc.*	7,664		100,628
United Rentals, Inc.*	29,765		277,410
Watsco, Inc.	12,902		747,284

			4,025,531

Total Industrials			69,823,230

Information Technology (9.0%)
*Communications Equipment (1.4%)*
Acme Packet, Inc.*	21,409		575,474
ADC Telecommunications, Inc.*	46,547		344,913
ADTRAN, Inc.	30,200		823,554
Anaren, Inc.*	6,172		92,210
Arris Group, Inc.*	61,410		625,768
Aruba Networks, Inc.*	35,669		507,926
Aviat Networks, Inc.*	25,780		93,581
Bel Fuse, Inc., Class B	4,605		76,028
BigBand Networks, Inc.*	31,264		94,417
Black Box Corp.	7,558		210,793
Blue Coat Systems, Inc.*	18,940		386,944
Calix, Inc.*	7,854		80,582
Comtech Telecommunications Corp.*	13,951		417,553
DG FastChannel, Inc.*	12,214		397,932
Digi International, Inc.*	17,293		143,013
EMS Technologies, Inc.*	9,505		142,765
Emulex Corp.*	39,370		361,417
Extreme Networks, Inc.*	35,060		94,662
Finisar Corp.*	36,514		544,059

See Notes to Financial Statements.

146

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Globecomm Systems, Inc.*	10,588	$	87,351
Harmonic, Inc.*	41,863		227,735
Hughes Communications, Inc.*	4,641		112,915
Infinera Corp.*	37,448		240,791
InterDigital, Inc.*	20,253		500,046
Ixia*	15,318		131,582
KVH Industries, Inc.*	7,755		96,317
Loral Space & Communications, Inc.*	5,043		215,437
Meru Networks, Inc.*	6,297		74,682
NETGEAR, Inc.*	16,842		300,461
Network Engines, Inc.*	7,404		20,065
Network Equipment Technologies, Inc.*	19,684		68,697
Occam Networks, Inc.*	2,019		11,226
Oclaro, Inc.*	23,946		265,561
Oplink Communications, Inc.*	9,052		129,715
Opnext, Inc.*	45,797		75,565
Palm, Inc.#*	78,449		446,375
PC-Tel, Inc.*	12,128		61,125
Plantronics, Inc.	23,826		681,424
Powerwave Technologies, Inc.*	67,144		103,402
Riverbed Technology, Inc.*	30,669		847,078
SeaChange International, Inc.*	14,486		119,220
ShoreTel, Inc.*	30,131		139,808
Sonus Networks, Inc.*	94,393		255,805
Sycamore Networks, Inc.	7,935		131,880
Symmetricom, Inc.*	20,078		102,197
Tekelec*	32,212		426,487
UTStarcom, Inc.*	80,194		147,557
ViaSat, Inc.*	15,739		512,462

			12,546,557

*Computers & Peripherals (0.4%)*
3PAR, Inc.*	17,102		159,220
ADPT Corp.*	46,918		135,593
Avid Technology, Inc.*	12,402		157,877
Compellent Technologies, Inc.*	8,624		104,523
Cray, Inc.*	20,434		114,022
Electronics for Imaging, Inc.*	21,421		208,855
Hutchinson Technology, Inc.*	4,806		20,810
Hypercom Corp.*	25,643		118,983
Imation Corp.*	16,087		147,840
Immersion Corp.*	20,284		102,637
Intermec, Inc.*	27,563		282,521
Intevac, Inc.*	9,987		106,561
Isilon Systems, Inc.*	12,382		158,985
Netezza Corp.*	25,070		342,958
Novatel Wireless, Inc.*	15,635		89,745
Presstek, Inc.*	5,488		19,373
Quantum Corp.*	97,190		182,717
Rimage Corp.*	7,134		112,931
Silicon Graphics International Corp.*	13,666		96,755
STEC, Inc.*	19,650		246,804
Stratasys, Inc.*	10,339		253,926
Super Micro Computer, Inc.*	11,032		148,932
Synaptics, Inc.*	16,299		448,222
Xyratex Ltd.*	14,669		207,566

			3,968,356


	Number of Shares	Value (Note 1)

*Electronic Equipment, Instruments & Components (1.2%)*
Agilysys, Inc.	18,681	$	124,976
Anixter International, Inc.*	14,268		607,817
Bell Microproducts, Inc.*	17,960		125,361
Benchmark Electronics, Inc.*	31,684		502,191
Brightpoint, Inc.*	33,768		236,376
Checkpoint Systems, Inc.*	18,365		318,816
Cogent, Inc.*	25,017		225,403
Cognex Corp.	19,167		336,956
Coherent, Inc.*	11,476		393,627
Comverge, Inc.*	16,220		145,331
CPI International, Inc.*	6,161		96,050
CTS Corp.	16,624		153,606
Daktronics, Inc.	11,735		88,012
DDi Corp.	14,736		110,962
DTS, Inc.*	7,619		250,437
Echelon Corp.*	21,530		157,815
Electro Rent Corp.	8,411		107,577
Electro Scientific Industries, Inc.*	11,682		156,072
FARO Technologies, Inc.*	6,727		125,862
Gerber Scientific, Inc.*	5,187		27,750
ICx Technologies, Inc.*	12,583		91,856
Insight Enterprises, Inc.*	21,181		278,742
IPG Photonics Corp.*	10,846		165,185
Keithley Instruments, Inc.	2,108		18,614
L-1 Identity Solutions, Inc.*	33,713		276,109
Littelfuse, Inc.*	10,555		333,644
Maxwell Technologies, Inc.*	10,017		114,194
Measurement Specialties, Inc.*	7,040		96,448
Mercury Computer Systems, Inc.*	10,241		120,127
Methode Electronics, Inc.	17,239		167,908
Microvision, Inc.*	54,913		162,542
MTS Systems Corp.	7,794		226,026
Multi-Fineline Electronix, Inc.*	4,078		101,787
Newport Corp.*	16,940		153,476
OSI Systems, Inc.*	7,534		209,219
Park Electrochemical Corp.	10,180		248,494
PC Connection, Inc.*	15,640		94,778
Plexus Corp.*	18,757		501,562
Power-One, Inc.*	32,631		220,259
RadiSys Corp.*	13,731		130,719
Richardson Electronics Ltd.	2,951		26,559
Rofin-Sinar Technologies, Inc.*	14,280		297,310
Rogers Corp.*	6,812		189,169
Sanmina-SCI Corp.*	38,608		525,455
Scansource, Inc.*	12,263		305,717
SMART Modular Technologies (WWH), Inc.*	22,444		131,297
Spectrum Control, Inc.*	8,311		116,188
SYNNEX Corp.*	9,795		250,948
Technitrol, Inc.	29,574		93,454
Tessco Technologies, Inc.	719		12,007
TTM Technologies, Inc.*	36,259		344,460
Universal Display Corp.*	13,147		236,383
Viasystems Group, Inc.*	4,400		64,988
X-Rite, Inc.*	27,361		100,962
Zygo Corp.*	9,597		77,832

			10,775,415

*Internet Software & Services (1.0%)*
Ancestry.com, Inc.*	8,783		154,756
Archipelago Learning, Inc.*	5,876		67,163

See Notes to Financial Statements.

147

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AXA TACTICAL MANAGER 2000 PORTFOLIO-II

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Art Technology Group, Inc.*	69,841	$	238,856
comScore, Inc.*	9,308		153,303
Constant Contact, Inc.*	13,868		295,804
DealerTrack Holdings, Inc.*	18,958		311,859
Dice Holdings, Inc.*	11,800		81,656
Digital River, Inc.*	18,438		440,853
DivX, Inc.*	19,507		149,424
EarthLink, Inc.	51,521		410,107
GSI Commerce, Inc.*	30,233		870,710
InfoSpace, Inc.*	14,810		111,371
Internap Network Services Corp.*	22,075		92,053
Internet Brands, Inc., Class A*	13,298		137,368
Internet Capital Group, Inc.*	18,979		144,240
j2 Global Communications, Inc.*	21,583		471,373
Keynote Systems, Inc.	9,864		88,973
KIT Digital, Inc.*	11,518		101,589
Knot, Inc.*	20,215		157,273
Limelight Networks, Inc.*	23,853		104,715
Liquidity Services, Inc.*	7,546		97,796
LivePerson, Inc.*	18,047		123,802
Local.com Corp.*	3,121		21,348
LogMeIn, Inc.*	7,221		189,407
LoopNet, Inc.*	9,002		110,995
Marchex, Inc., Class B	20,086		77,331
ModusLink Global Solutions, Inc.*	20,906		126,063
Move, Inc.*	69,138		141,733
NIC, Inc.	22,804		146,174
OpenTable, Inc.*	7,667		317,950
Openwave Systems, Inc.*	60,581		122,979
Perficient, Inc.*	10,760		95,872
QuinStreet, Inc.*	7,231		83,229
Rackspace Hosting, Inc.*	47,237		866,327
RealNetworks, Inc.*	38,156		125,915
Saba Software, Inc.*	16,438		84,656
SAVVIS, Inc.*	16,257		239,791
Stamps.com, Inc.*	9,418		96,534
support.com, Inc.*	25,776		107,228
TechTarget, Inc.*	10,881		58,540
Terremark Worldwide, Inc.*	28,670		223,913
Travelzoo, Inc.*	4,678		57,914
United Online, Inc.	39,231		225,970
ValueClick, Inc.*	37,480		400,661
Vocus, Inc.*	11,048		168,813
Zix Corp.*	42,268		95,526

			8,989,913

*IT Services (1.0%)*
Acxiom Corp.*	31,488		462,559
CACI International, Inc., Class A*	14,677		623,479
Cass Information Systems, Inc.	4,116		140,973
CIBER, Inc.*	50,695		140,425
Computer Task Group, Inc.*	8,924		57,649
CSG Systems International, Inc.*	17,133		314,048
Cybersource Corp.*	33,565		856,914
Echo Global Logistics, Inc.*	7,094		86,618
Euronet Worldwide, Inc.*	20,973		268,245
ExlService Holdings, Inc.*	7,078		121,529
Forrester Research, Inc.*	7,452		225,498
Global Cash Access Holdings, Inc.*	19,862		143,205


	Number of Shares	Value (Note 1)

Hackett Group, Inc.*	22,790	$	64,040
Heartland Payment Systems, Inc.	16,704		247,887
iGATE Corp.	10,657		136,623
infoGROUP, Inc.*	17,014		135,772
Integral Systems, Inc.*	15,535		98,647
Lionbridge Technologies, Inc.*	30,158		137,822
ManTech International Corp., Class A*	10,579		450,348
MAXIMUS, Inc.	8,077		467,416
MoneyGram International, Inc.*	57,767		141,529
NCI, Inc., Class A*	5,022		113,397
Online Resources Corp.*	28,670		118,980
RightNow Technologies, Inc.*	9,252		145,164
Sapient Corp.	50,146		508,480
SRA International, Inc., Class A*	20,077		394,915
Stream Global Services, Inc.*	11,800		66,080
Syntel, Inc.	5,741		194,907
TeleTech Holdings, Inc.*	14,577		187,898
Tier Technologies, Inc., Class B*	17,731		107,804
TNS, Inc.*	11,396		198,746
Unisys Corp.*	19,354		357,855
VeriFone Systems, Inc.*	41,693		789,248
Virtusa Corp.*	8,357		77,971
Wright Express Corp.*	17,735		526,730

			9,109,401

*Semiconductors & Semiconductor Equipment (1.8%)*
Actel Corp.*	12,011		153,981
Advanced Analogic Technologies, Inc.*	32,159		102,587
Advanced Energy Industries, Inc.*	17,868		219,598
Alpha & Omega Semiconductor Ltd.*	5,793		80,001
Amkor Technology, Inc.*	52,850		291,204
ANADIGICS, Inc.*	29,232		127,452
Applied Micro Circuits Corp.*	32,770		343,430
ATMI, Inc.*	13,919		203,774
Axcelis Technologies, Inc.*	60,385		93,597
AXT, Inc.*	6,918		31,200
Brooks Automation, Inc.*	29,110		225,020
Cabot Microelectronics Corp.*	11,455		396,228
Cavium Networks, Inc.*	21,746		569,528
CEVA, Inc.*	8,926		112,468
Cirrus Logic, Inc.*	32,447		512,987
Cohu, Inc.	9,593		116,363
Conexant Systems, Inc.*	18,044		40,419
Cymer, Inc.*	14,396		432,456
Diodes, Inc.*	15,704		249,222
DSP Group, Inc.*	22,899		146,325
Energy Conversion Devices, Inc.*	23,384		95,874
Entegris, Inc.*	62,830		249,435
Entropic Communications, Inc.*	25,492		161,619
Evergreen Solar, Inc.*	157,687		107,543
Exar Corp.*	21,414		148,399
FEI Co.*	16,719		329,531
FormFactor, Inc.*	22,780		246,024
FSI International, Inc.*	7,601		31,848
GSI Technology, Inc.*	15,751		90,096
GT Solar International, Inc.*	25,694		143,886
Hittite Microwave Corp.*	13,322		596,026
Ikanos Communications, Inc.*	5,705		9,185

See Notes to Financial Statements.

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June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Integrated Device Technology, Inc.*	78,830	$	390,208
Integrated Silicon Solution, Inc.*	13,984		105,439
IXYS Corp.*	13,369		118,182
Kopin Corp.*	45,591		154,553
Kulicke & Soffa Industries, Inc.*	31,184		218,912
Lattice Semiconductor Corp.*	56,482		245,132
LTX-Credence Corp.*	71,226		201,570
Mattson Technology, Inc.*	28,915		109,588
MaxLinear, Inc., Class A*	5,997		83,838
Micrel, Inc.	21,794		221,863
Microsemi Corp.*	40,169		587,672
Microtune, Inc.*	52,189		111,163
Mindspeed Technologies, Inc.*	8,800		65,912
MIPS Technologies, Inc.*	24,067		122,982
MKS Instruments, Inc.*	22,815		427,097
Monolithic Power Systems, Inc.*	16,322		291,511
MoSys, Inc.*	5,512		24,363
Nanometrics, Inc.*	10,860		109,577
Netlogic Microsystems, Inc.*	30,536		830,579
NVE Corp.*	2,668		116,138
OmniVision Technologies, Inc.*	25,398		544,533
PDF Solutions, Inc.*	3,875		18,600
Pericom Semiconductor Corp.*	15,221		146,122
Photronics, Inc.*	27,013		122,099
PLX Technology, Inc.*	22,637		94,849
Power Integrations, Inc.	11,621		374,138
RF Micro Devices, Inc.*	127,689		499,264
Rubicon Technology, Inc.*	6,523		194,320
Rudolph Technologies, Inc.*	14,687		110,887
Semtech Corp.*	29,751		487,024
Sigma Designs, Inc.*	12,825		128,378
Silicon Image, Inc.*	32,729		114,879
Spansion, Inc., Class A*	6,867		112,001
Standard Microsystems Corp.*	9,687		225,513
Supertex, Inc.*	4,120		101,599
Tessera Technologies, Inc.*	23,533		377,705
Trident Microsystems, Inc.*	43,211		61,360
TriQuint Semiconductor, Inc.*	75,892		463,700
Ultra Clean Holdings, Inc.*	4,776		40,692
Ultratech, Inc.*	9,699		157,803
Veeco Instruments, Inc.*	19,350		663,318
Virage Logic Corp.*	12,847		152,751
Volterra Semiconductor Corp.*	10,856		250,339
Zoran Corp.*	22,685		216,415

			16,851,874

*Software (2.2%)*
ACI Worldwide, Inc.*	17,000		330,990
Actuate Corp.*	28,512		126,878
Advent Software, Inc.*	7,728		362,907
American Software, Inc., Class A	23,255		107,438
ArcSight, Inc.*	12,040		269,576
Ariba, Inc.*	43,972		700,474
Aspen Technology, Inc.*	30,196		328,835
Blackbaud, Inc.	21,155		460,544
Blackboard, Inc.*	16,177		603,887
Bottomline Technologies, Inc.*	12,936		168,556
CDC Corp., Class A*	55,541		115,525
CommVault Systems, Inc.*	19,801		445,523
Concur Technologies, Inc.*	19,127		816,340
Deltek, Inc.*	12,086		100,797
DemandTec, Inc.*	18,814		126,995
Digimarc Corp.*	1,039		19,481


	Number of Shares	Value (Note 1)

Double-Take Software, Inc.*	12,986	$	136,223
Ebix, Inc.*	11,585		181,653
Epicor Software Corp.*	22,442		179,312
EPIQ Systems, Inc.*	16,316		210,966
ePlus, Inc.*	4,080		71,400
Fair Isaac Corp.	22,465		489,512
FalconStor Software, Inc.*	33,692		88,947
Fortinet, Inc.*	19,241		316,322
Interactive Intelligence, Inc.*	5,604		92,074
Jack Henry & Associates, Inc.	40,693		971,749
JDA Software Group, Inc.*	20,350		447,293
Kenexa Corp.*	10,519		126,228
Lawson Software, Inc.*	65,976		481,625
Magma Design Automation, Inc.*	11,115		31,567
Manhattan Associates, Inc.*	11,254		310,048
Mentor Graphics Corp.*	50,084		443,243
MicroStrategy, Inc., Class A*	4,420		331,898
Monotype Imaging Holdings, Inc.*	11,325		102,038
NetScout Systems, Inc.*	14,860		211,309
NetSuite, Inc.*	9,096		114,973
Opnet Technologies, Inc.	7,767		114,097
Parametric Technology Corp.*	55,778		874,041
Pegasystems, Inc.	7,148		229,522
Progress Software Corp.*	20,141		604,834
PROS Holdings, Inc.*	18,303		118,970
QAD, Inc.*	9,676		39,962
Quest Software, Inc.*	28,633		516,539
Radiant Systems, Inc.*	12,335		178,364
Renaissance Learning, Inc.	7,731		113,568
Rosetta Stone, Inc.*	4,786		109,887
S1 Corp.*	22,117		132,923
Smith Micro Software, Inc.*	14,031		133,435
SolarWinds, Inc.*	16,945		271,798
Sonic Solutions, Inc.*	14,569		121,651
SonicWALL, Inc.*	23,793		279,568
Sourcefire, Inc.*	13,374		254,106
SRS Labs, Inc.*	8,474		77,537
SS&C Technologies Holdings, Inc.*	6,302		101,021
SuccessFactors, Inc.*	30,671		637,650
Symyx Technologies, Inc.*	19,793		99,163
Synchronoss Technologies, Inc.*	8,852		167,922
Take-Two Interactive Software, Inc.*	37,535		337,815
Taleo Corp., Class A*	19,021		462,020
TeleCommunication Systems, Inc., Class A*	34,218		141,663
TeleNav, Inc.*	8,800		73,832
THQ, Inc.*	29,039		125,449
TIBCO Software, Inc.*	81,337		980,924
TiVo, Inc.*	56,154		414,417
Tyler Technologies, Inc.*	13,769		213,695
Ultimate Software Group, Inc.*	11,898		390,968
Unica Corp.*	10,217		97,879
VASCO Data Security International, Inc.*	22,184		136,875
VirnetX Holding Corp.	19,558		115,783
Wave Systems Corp., Class A*	41,045		132,986
Websense, Inc.*	20,874		394,519

			19,618,509

Total Information Technology			81,860,025

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Materials (2.4%)
*Chemicals (1.1%)*
A. Schulman, Inc.	16,241	$	307,929
American Vanguard Corp.	12,634		100,188
Arch Chemicals, Inc.	10,946		336,480
Balchem Corp.	13,581		339,525
Calgon Carbon Corp.*	25,194		333,569
Ferro Corp.*	37,465		276,117
Georgia Gulf Corp.*	16,320		217,709
H.B. Fuller Co.	22,999		436,751
Hawkins, Inc.	4,839		116,523
Innophos Holdings, Inc.	10,489		273,553
KMG Chemicals, Inc.	5,698		81,823
Koppers Holdings, Inc.	9,516		213,920
Kraton Performance Polymers, Inc.*	6,243		117,306
Landec Corp.*	14,211		83,703
LSB Industries, Inc.*	7,179		95,552
Minerals Technologies, Inc.	8,882		422,250
NewMarket Corp.	4,886		426,646
NL Industries, Inc.	11,536		70,370
Olin Corp.	38,426		695,126
OM Group, Inc.*	15,103		360,358
Omnova Solutions, Inc.*	18,290		142,845
PolyOne Corp.*	41,812		352,057
Quaker Chemical Corp.	6,605		178,929
Rockwood Holdings, Inc.*	25,376		575,781
Senomyx, Inc.*	7,757		29,399
Sensient Technologies Corp.	23,671		613,789
Solutia, Inc.*	57,845		757,770
Spartech Corp.*	14,406		147,661
Stepan Co.	3,292		225,272
STR Holdings, Inc.*	13,775		258,970
TPC Group, Inc.*	5,937		98,554
W.R. Grace & Co.*	34,590		727,774
Westlake Chemical Corp.	8,466		157,214
Zep, Inc.	9,635		168,034
Zoltek Cos., Inc.*	16,079		136,189

			9,875,636

*Construction Materials (0.1%)*
Headwaters, Inc.*	46,353		131,642
Texas Industries, Inc.	10,271		303,405
United States Lime & Minerals, Inc.*	3,303		127,232

			562,279

*Containers & Packaging (0.2%)*
AEP Industries, Inc.*	5,167		123,388
Boise, Inc.*	28,148		154,532
Graham Packaging Co., Inc.*	9,507		113,799
Graphic Packaging Holding Co.*	51,057		160,829
Myers Industries, Inc.	14,936		120,832
Rock-Tenn Co., Class A	18,483		918,051
Silgan Holdings, Inc.	26,036		738,902

			2,330,333

*Metals & Mining (0.8%)*
A.M. Castle & Co.*	9,121		126,691
Allied Nevada Gold Corp.*	31,136		612,756
AMCOL International Corp.	13,144		308,884
Brush Engineered Materials, Inc.*	9,180		183,416


	Number of Shares	Value (Note 1)

Capital Gold Corp.*	27,516	$	110,064
Century Aluminum Co.*	31,268		276,096
Coeur d’Alene Mines Corp.*	40,912		645,591
General Moly, Inc.*	33,940		104,535
Globe Specialty Metals, Inc.*	29,782		307,648
Golden Star Resources Ltd.*	125,125		548,048
Haynes International, Inc.	5,679		175,084
Hecla Mining Co.*	113,486		592,397
Horsehead Holding Corp.*	17,301		130,796
Jaguar Mining, Inc.*	40,795		360,220
Kaiser Aluminum Corp.	6,525		226,222
Metals USA Holdings Corp.*	6,930		103,604
Noranda Aluminium Holding Corp.*	11,242		72,286
Olympic Steel, Inc.	5,619		129,068
RTI International Metals, Inc.*	14,442		348,197
Stillwater Mining Co.*	21,634		251,387
Thompson Creek Metals Co., Inc.*	67,848		588,921
U.S. Energy Corp. Wyoming*	20,298		96,415
U.S. Gold Corp.*	40,704		203,927
Universal Stainless & Alloy Products, Inc.*	4,174		66,742
Worthington Industries, Inc.	29,099		374,213

			6,943,208

*Paper & Forest Products (0.2%)*
Buckeye Technologies, Inc.*	17,565		174,772
Clearwater Paper Corp.*	5,516		302,056
Deltic Timber Corp.	4,637		193,827
KapStone Paper and Packaging Corp.*	17,337		193,134
Louisiana-Pacific Corp.*	60,460		404,477
Neenah Paper, Inc.	7,554		138,238
P.H. Glatfelter Co.	20,236		219,561
Schweitzer-Mauduit International, Inc.	8,558		431,751
Verso Paper Corp.*	23,400		54,054
Wausau Paper Corp.*	19,231		130,194

			2,242,064

Total Materials			21,953,520

Telecommunication Services (0.5%)
*Diversified Telecommunication Services (0.3%)*
AboveNet, Inc.*	10,951		516,668
Alaska Communications Systems Group, Inc.	21,427		181,915
Atlantic Tele-Network, Inc.	4,677		193,160
Cbeyond, Inc.*	11,898		148,725
Cincinnati Bell, Inc.*	90,006		270,918
Cogent Communications Group, Inc.*	20,139		152,654
Consolidated Communications Holdings, Inc.	12,015		204,375
General Communication, Inc., Class A*	22,712		172,384
Global Crossing Ltd.*	13,310		140,687
Globalstar, Inc.*	57,608		88,717
IDT Corp., Class B*	10,363		132,128
Iridium Communications, Inc.*	16,502		165,680
Neutral Tandem, Inc.*	14,233		160,121

See Notes to Financial Statements.

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June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

PAETEC Holding Corp.*	61,888	$	211,038
Premiere Global Services, Inc.*	24,896		157,841
Vonage Holdings Corp.*	55,427		127,482

			3,024,493

*Wireless Telecommunication Services (0.2%)*
FiberTower Corp.*	27,819		131,306
ICO Global Communications Holdings Ltd.*	69,064		111,193
NTELOS Holdings Corp.	12,427		213,744
Shenandoah Telecommunications Co.	11,013		195,370
Syniverse Holdings, Inc.*	32,237		659,247
USA Mobility, Inc.	13,300		171,836

			1,482,696

Total Telecommunication Services			4,507,189

Utilities (1.6%)
*Electric Utilities (0.6%)*
Allete, Inc.	14,066		481,620
Central Vermont Public Service Corp.	8,300		163,842
Cleco Corp.	29,213		771,515
El Paso Electric Co.*	21,074		407,782
Empire District Electric Co.	19,868		372,922
IDACORP, Inc.	23,616		785,704
MGE Energy, Inc.	11,076		399,179
PNM Resources, Inc.	43,452		485,793
Portland General Electric Co.	36,836		675,204
UIL Holdings Corp.	13,280		332,399
UniSource Energy Corp.	16,756		505,696
Unitil Corp.	7,950		166,235

			5,547,891

*Gas Utilities (0.6%)*
Chesapeake Utilities Corp.	4,708		147,831
Laclede Group, Inc.	9,562		316,789
New Jersey Resources Corp.	20,293		714,314
Nicor, Inc.	21,467		869,413
Northwest Natural Gas Co.	12,260		534,168
Piedmont Natural Gas Co., Inc.#	35,289		892,812
South Jersey Industries, Inc.	14,077		604,748
Southwest Gas Corp.	21,765		642,068
WGL Holdings, Inc.	23,913		813,759

			5,535,902

*Independent Power Producers & Energy Traders (0.0%)*
American DG Energy, Inc.*	19,500		60,645
Dynegy, Inc.*	49,785		191,672

			252,317

*Multi-Utilities (0.2%)*
Avista Corp.	25,238		492,898
Black Hills Corp.	18,405		523,990
CH Energy Group, Inc.	6,791		266,479
NorthWestern Corp.	16,862		441,785

			1,725,152


	Number of Shares		Value (Note 1)

*Water Utilities (0.2%)*
American States Water Co.		8,213	$	272,179
Artesian Resources Corp., Class A		8,013		147,920
Cadiz, Inc.*		8,964		108,195
California Water Service Group		8,604		307,163
Connecticut Water Service, Inc.		6,887		144,765
Consolidated Water Co., Ltd.		9,246		105,219
Middlesex Water Co.		8,148		129,146
SJW Corp.		5,949		139,445
Southwest Water Co.		14,550		152,484
York Water Co.		10,276		145,919

				1,652,435

Total Utilities				14,713,697

Total Common Stocks (50.0%) (Cost $453,546,545)				455,668,176

INVESTMENT COMPANY:
*Investment Company (0.0%)*
Kayne Anderson Energy Development Co.		9,538		144,692
THL Credit, Inc.*		7,720		88,780

Total Investment Companies (0.0%) (Cost $230,074)				233,472

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investment (46.2%)
BlackRock Liquidity Funds TempFund 0.16%‡	$	421,831,428		421,831,428

Time Deposit (0.1%)
JPMorgan Chase Nassau 0.000%, 7/1/10		735,491		735,491

Total Short-Term Investments (46.3%) (Amortized Cost $422,566,919)				422,566,919

Total Investments (96.3%) (Cost/Amortized Cost $876,343,538)				878,468,567
Other Assets Less Liabilities (3.7%)				34,121,049

Net Assets (100%)			$	912,589,616

*	Non-income producing.

#	All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $198,382.

‡	Affiliated company as defined under the Investment Company Act of 1940.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (loss)
BlackRock Liquidity Funds TempFund	$	334,787,282	$	422,640,882	$	335,596,736	$	421,831,428	$	231,875	$	—

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index	7,520	September-10	$	469,726,161	$	457,065,600	$ (12,660,561	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	62,860,783		$	—	$	—	$	62,860,783
Consumer Staples		14,869,591			59,436		—		14,929,027
Energy		24,507,639			—		—		24,507,639
Financials		97,492,903			—		—		97,492,903
Health Care		63,020,163			—		—		63,020,163
Industrials		69,717,872			105,358		—		69,823,230
Information Technology		81,860,025			—		—		81,860,025
Materials		21,953,520			—		—		21,953,520
Telecommunication Services		4,507,189			—		—		4,507,189
Utilities		14,713,697			—		—		14,713,697
Investment Companies
Investment Companies		233,472			—		—		233,472
Short-Term Investments		—			422,566,919		—		422,566,919

Total Assets	$	455,736,854		$	422,731,713	$	—	$	878,468,567


Liabilities:
Futures	$	(12,660,561	)	$	—	$	—	$	(12,660,561	)

Total Liabilities	$	(12,660,561	)	$	—	$	—	$	(12,660,561	)

Total	$	443,076,293		$	422,731,713	$	—	$	865,808,006

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2010


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	—


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(12,660,561	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(12,660,561)

* Includes cumulative appreciation/depreciation of futures contracts as reported in Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts		—		—		—		—		—
Credit contracts		—		—		—		—		—
Equity contracts		—		500,940		—		—		500,940
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	500,940	$	—	$	—	$	500,940


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts		—		—		—		—		—
Credit contracts		—		—		—		—		—
Equity contracts		—		(28,555,067)		—		—		(28,555,067)
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	(28,555,067)	$	—	$	—	$	(28,555,067)

The Portfolio held futures contracts with an average notional balance of approximately $109,060,000 during the six months ended June 30, 2010.

^ This Portfolio held futures contracts to gain or reduce exposure to the financial markets.

See Notes to Financial Statements.

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AXA TACTICAL MANAGER 2000 PORTFOLIO-II

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	142,259,572
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	74,574,479

As of June 30, 2010, 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	$	33,131,450
Aggregate gross unrealized depreciation		(36,255,874	)

Net unrealized depreciation	$	(3,124,424	)

Federal income tax cost of investments	$	881,592,991

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $421,831,428)	$	421,831,428
Unaffiliated Issuers (Cost $454,512,110)		456,637,139
Cash		43,567
Cash held as collateral at broker		38,796,000
Receivable for securities sold		4,844,857
Dividends, interest and other receivables		542,524
Receivable from Separate Accounts for Trust shares sold		46,060
Receivable from investment sub-advisor		44,232

Total assets		922,785,807

LIABILITIES
Payable for securities purchased		5,129,866
Variation margin payable on futures contracts		4,060,800
Payable to Separate Accounts for Trust shares redeemed		436,728
Investment management fees payable		333,040
Administrative fees payable		119,643
Trustees’ fees payable		831
Accrued expenses		115,283

Total liabilities		10,196,191

NET ASSETS	$	912,589,616

Net assets were comprised of:
Paid in capital	$	907,724,654
Accumulated undistributed net investment income (loss)		576,518
Accumulated undistributed net realized gains (losses) on investments and futures		14,823,976
Net unrealized appreciation (depreciation) on investments and futures		(10,535,532	)

Net assets	$	912,589,616

Class IA
Net asset value, offering and redemption price per share, $912,589,616 / 90,307,497 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.11

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends ($231,875 of dividend income received from affiliates)	$	3,089,552
Interest		19,371

Total income		3,108,923

EXPENSES
Investment management fees		1,896,469
Administrative fees		684,225
Custodian fees		103,479
Printing and mailing expenses		48,865
Professional fees		27,446
Trustees’ fees		9,603
Miscellaneous		8,702

Gross expenses		2,778,789
Less: Reimbursement from sub-advisor		(127,170	)

Net expenses		2,651,619

NET INVESTMENT INCOME (LOSS)		457,304

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		5,786,851
Futures		500,940

Net realized gain (loss)		6,287,791

Change in unrealized appreciation (depreciation) on:
Securities		(17,828,560	)
Futures		(28,555,067	)

Net change in unrealized appreciation (depreciation)		(46,383,627	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(40,095,836	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(39,638,532	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			August 28, 2009* to December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	457,304		$	929,829
Net realized gain (loss) on investments and futures		6,287,791			8,536,185
Net change in unrealized appreciation (depreciation) on investments and futures		(46,383,627	)		35,848,095

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(39,638,532	)		45,314,109

DIVIDENDS:
Dividends from net investment income
Class IA		—			(810,615	)

TOTAL DIVIDENDS		—			(810,615	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [23,541,409 and 73,560,572 shares, respectively]		251,785,966			728,103,559
Capital shares issued in reinvestment of dividends [0 and 79,669 shares, respectively]		—			810,615
Capital shares repurchased [(5,142,097) and (1,742,056) shares, respectively]		(55,785,292	)		(17,290,194	)

Total Class IA transactions		196,000,674			711,623,980

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		196,000,674			711,623,980

TOTAL INCREASE (DECREASE) IN NET ASSETS		156,362,142			756,127,474
NET ASSETS:
Beginning of period		756,227,474			100,000

End of period (a)	$	912,589,616		$	756,227,474

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	576,518		$	119,214

* The Portfolio commenced operations on August 28, 2009.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


Class IA	Six Months Ended June 30, 2010 (Unaudited)			August 28, 2009* to December 31, 2009
Net asset value, beginning of period	$	10.52		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.01	(e)		0.02	(e)
Net realized and unrealized gain (loss) on investments and futures		(0.42	)		0.51

Total from investment operations		(0.41	)		0.53

Less distributions:
Dividends from net investment income		—			(0.01	)

Net asset value, end of period	$	10.11		$	10.52

Total return (b)		(3.90	)%		5.32	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	912,590		$	756,227
Ratio of expenses to average net assets:
After reimbursements (a)		0.63	%		0.65	%
Before reimbursements (a)		0.66	%		0.66	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)		0.11	%		0.50	%
Before reimbursement (a)		0.08	%		0.50	%
Portfolio turnover rate		17	%		29	%

*	Commencement of Operations.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

157

AXA TACTICAL MANAGER INTERNATIONAL PORTFOLIO-I (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Financials	15.8	%
Industrials	7.4
Consumer Staples	7.1
Consumer Discretionary	6.0
Materials	6.3
Health Care	5.5
Energy	4.8
Utilities	3.9
Telecommunication Services	3.7
Information Technology	3.3
Cash and Other	36.2

	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$847.00	$3.16
Hypothetical (5% average return before expenses)	1,000.00	1,021.37	3.46
Class IB
Actual	1,000.00	846.20	4.30
Hypothetical (5% average return before expenses)	1,000.00	1,020.13	4.71
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.69% and 0.94% respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Australia (5.1%)
AGL Energy Ltd.	4,947	$	60,924
Alumina Ltd.	26,990		34,201
Amcor Ltd.	13,450		71,657
AMP Ltd.	22,533		97,978
Aristocrat Leisure Ltd.	4,474		13,670
Arrow Energy Ltd.*	3,325		13,526
Asciano Group*	32,317		43,614
ASX Ltd.	1,901		46,382
Australia & New Zealand Banking Group Ltd.	27,799		499,051
Bendigo and Adelaide Bank Ltd.	3,882		26,535
BHP Billiton Ltd.	36,821		1,145,128
Billabong International Ltd.	2,255		16,422
BlueScope Steel Ltd.*	20,157		35,114
Boral Ltd.	6,597		26,519
Brambles Ltd.	15,549		70,889
Caltex Australia Ltd.	1,514		11,823
CFS Retail Property Trust (REIT)	19,455		30,828
Coca-Cola Amatil Ltd.	6,186		61,953
Cochlear Ltd.	625		38,932
Commonwealth Bank of Australia	16,836		682,372
Computershare Ltd.	4,907		43,413
Crown Ltd.	5,002		32,420
CSL Ltd.	6,117		166,830
CSR Ltd.	16,826		23,598
Dexus Property Group (REIT)	52,702		33,932
Energy Resources of Australia Ltd.	838		9,285
Fairfax Media Ltd.	23,460		25,748
Fortescue Metals Group Ltd.*	13,706		46,729
Foster’s Group Ltd.	21,233		100,450
Goodman Fielder Ltd.	15,400		17,364
Goodman Group (REIT)	68,601		36,169
GPT Group (REIT)	19,459		45,686
Harvey Norman Holdings Ltd.	5,929		16,390
Incitec Pivot Ltd.	17,942		40,680
Insurance Australia Group Ltd.	22,905		65,158
Intoll Group	25,127		21,851
Leighton Holdings Ltd.	1,487		35,835
Lend Lease Group	5,939		36,254
MacArthur Coal Ltd.	1,425		14,330
Macquarie Group Ltd.	3,681		113,279
MAp Group	4,205		9,440
Metcash Ltd.	8,479		29,830
Mirvac Group (REIT)	33,028		36,158
National Australia Bank Ltd.	23,262		449,334
Newcrest Mining Ltd.	5,312		156,229
OneSteel Ltd.	14,687		36,366
Orica Ltd.	3,974		83,664
Origin Energy Ltd.	9,657		120,649
OZ Minerals Ltd.*	34,577		27,640
Paladin Energy Ltd.*	7,563		22,595
Qantas Airways Ltd.*	12,312		22,602
QBE Insurance Group Ltd.	11,263		171,404
Rio Tinto Ltd.	4,785		265,012
Santos Ltd.	9,155		96,100
Sims Metal Management Ltd.	1,804		25,685
Sonic Healthcare Ltd.	4,079		35,531


	Number of Shares	Value (Note 1)

SP AusNet	15,250	$	9,764
Stockland Corp., Ltd. (REIT)	26,227		81,489
Suncorp-Metway Ltd.	13,982		93,846
TABCORP Holdings Ltd.	6,719		35,591
Tatts Group Ltd.	14,145		26,479
Telstra Corp., Ltd.	47,877		130,273
Toll Holdings Ltd.	7,347		33,550
Transurban Group	14,042		49,811
Wesfarmers Ltd.	11,037		264,249
Wesfarmers Ltd. (PPS)	1,678		40,384
Westfield Group (REIT)	24,074		245,030
Westpac Banking Corp.	32,662		576,788
Woodside Petroleum Ltd.	5,976		208,437
Woolworths Ltd.	13,614		308,623
WorleyParsons Ltd.	2,113		39,044

			7,684,516

Austria (0.2%)
Erste Group Bank AG	2,082		66,235
Immofinaz AG*	10,981		28,271
OMV AG	1,654		49,849
Raiffeisen International Bank Holding AG*	601		22,905
Telekom Austria AG	3,670		40,795
Verbund AG, Class A	837		25,638
Vienna Insurance Group	429		17,888
Voestalpine AG	1,216		33,282

			284,863

Belgium (0.6%)
Ageas	24,624		54,996
Anheuser-Busch InBev N.V.	7,925		380,669
Belgacom S.A.	1,678		52,823
Cie Nationale a Portefeuille	308		13,075
Colruyt S.A.	167		39,276
Delhaize Group S.A.	1,110		80,373
Dexia S.A.*	6,154		21,439
Groupe Bruxelles Lambert S.A.	889		61,749
KBC Groep N.V.*	1,774		68,043
Mobistar S.A.	302		15,972
Solvay S.A.	654		55,843
UCB S.A.	1,115		34,932
Umicore S.A.	1,260		36,459

			915,649

Bermuda (0.0%)
Seadrill Ltd.	3,079		55,346

China (0.0%)
Foxconn International Holdings Ltd.*	23,404		15,196
Yangzijiang Shipbuilding Holdings Ltd.	16,327		15,585

			30,781

Cyprus (0.0%)
Bank of Cyprus PCL	6,307		25,275

Denmark (0.6%)
A. P. Moller - Maersk A/S, Class A	6		45,682
A. P. Moller - Maersk A/S, Class B	15		117,611

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Carlsberg A/S, Class B	1,177	$	89,484
Coloplast A/S, Class B	253		25,114
Danske Bank A/S*	4,997		95,968
DSV A/S	2,314		33,201
Novo Nordisk A/S, Class B	4,782		385,743
Novozymes A/S, Class B	508		53,918
Tryg A/S	286		15,037
Vestas Wind Systems A/S*	2,241		93,154
William Demant Holding A/S*	263		19,205

			974,117

Finland (0.7%)
Elisa Oyj*	1,476		25,552
Fortum Oyj	4,885		107,539
Kesko Oyj, Class B	740		23,963
Kone Oyj, Class B	1,699		67,556
Metso Oyj	1,410		45,026
Neste Oil Oyj	1,425		20,703
Nokia Oyj	41,107		335,650
Nokian Renkaat Oyj	1,193		29,217
Orion Oyj, Class B	1,005		18,804
Outokumpu Oyj	1,418		21,320
Pohjola Bank plc	1,545		15,728
Rautaruukki Oyj	942		13,735
Sampo Oyj, Class A	4,622		96,707
Sanoma Oyj	899		15,510
Stora Enso Oyj, Class R	6,420		45,927
UPM-Kymmene Oyj	5,725		75,861
Wartsila Oyj	872		39,723

			998,521

France (5.8%)
Accor S.A.*	1,614		74,121
Aeroports de Paris S.A.	330		21,031
Air France-KLM*	1,506		17,716
Air Liquide S.A.	3,095		310,868
Alcatel-Lucent*	25,539		65,138
Alstom S.A.	2,261		101,959
Atos Origin S.A.*	504		20,130
AXA S.A.	9,296		140,982
bioMerieux S.A.	133		13,647
BNP Paribas S.A.	10,406		555,622
Bouygues S.A.	2,533		97,022
Bureau Veritas S.A.	541		29,125
Cap Gemini S.A.	1,611		70,385
Carrefour S.A.	6,579		259,763
Casino Guichard Perrachon S.A.	609		45,989
Christian Dior S.A.	701		66,607
Cie de Saint-Gobain S.A.	4,227		156,073
Cie Generale de Geophysique-Veritas*	1,590		27,927
Cie Generale d’Optique Essilor International S.A.	2,251		134,025
CNP Assurances S.A.	412		28,064
Compagnie Generale des Etablissements Michelin, Class B	1,621		112,995
Credit Agricole S.A.	5,076		51,960
Danone S.A.	6,392		341,345
Dassault Systemes S.A.	651		39,396
EDF S.A.	2,846		108,155
Eiffage S.A.	451		19,468


	Number of Shares	Value (Note 1)

Eramet S.A.	59	$	14,446
Eurazeo S.A.	314		18,054
Eutelsat Communications S.A.	1,095		36,582
Fonciere Des Regions (REIT)	270		22,325
France Telecom S.A.	20,351		351,175
GDF Suez S.A.	13,650		386,194
Gecina S.A. (REIT)	210		18,760
Groupe Eurotunnel S.A.	5,272		35,630
Hermes International S.A.	581		77,086
ICADE (REIT)	259		21,849
Iliad S.A.	182		14,117
Imerys S.A.	419		21,191
Ipsen S.A.	330		10,061
J.C. Decaux S.A.*	740		17,141
Klepierre S.A. (REIT)	1,009		27,702
Lafarge S.A.	2,204		119,176
Lagardere S.C.A.	1,304		40,404
Legrand S.A.	1,453		42,807
L’Oreal S.A.	2,631		257,090
LVMH Moet Hennessy Louis Vuitton S.A.	2,692		293,233
Metropole Television S.A.	722		14,627
Natixis S.A.*	9,636		41,453
Neopost S.A.	346		25,039
PagesJaunes Groupe S.A.	1,413		14,556
Pernod-Ricard S.A.	2,175		168,251
Peugeot S.A.*	1,680		42,466
PPR S.A.	835		103,042
Publicis Groupe S.A.	1,416		56,288
Renault S.A.*	2,116		77,874
Safran S.A.	1,840		51,026
Sanofi-Aventis S.A.	11,574		697,946
Schneider Electric S.A.	2,597		262,855
SCOR SE	1,833		35,035
Societe BIC S.A.	296		20,996
Societe Generale S.A.	6,905		280,887
Societe Television Francaise 1 S.A.	1,308		17,094
Sodexo S.A.	1,039		57,546
Suez Environnement Co. S.A.	2,971		48,945
Technip S.A.	1,084		61,721
Thales S.A.	991		31,856
Total S.A.	23,189		1,032,015
Unibail-Rodamco S.A. (REIT)	1,003		162,787
Vallourec S.A.	599		102,274
Veolia Environnement	3,801		88,782
Vinci S.A.	4,782		196,913
Vivendi S.A.	13,493		272,975

			8,699,785

Germany (5.0%)
Adidas AG	2,300		111,016
Allianz SE (Registered)	4,982		494,695
BASF SE	10,080		549,930
Bayer AG	9,075		506,340
Bayerische Motoren Werke (BMW) AG	3,638		175,964
Bayerische Motoren Werke (BMW) AG (Preference)	581		20,386
Beiersdorf AG	1,111		61,073
Celesio AG	852		18,547
Commerzbank AG*	7,817		54,557

See Notes to Financial Statements.

160

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Continental AG*	555	$	28,781
Daimler AG*	9,899		501,258
Deutsche Bank AG (Registered)	6,815		385,308
Deutsche Boerse AG	2,144		130,263
Deutsche Lufthansa AG (Registered)*	2,534		34,916
Deutsche Post AG (Registered)	9,303		134,950
Deutsche Postbank AG*	970		28,006
Deutsche Telekom AG (Registered)	31,120		366,850
E.ON AG	19,763		532,015
Fraport AG	410		17,426
Fresenius Medical Care AG & Co. KGaA	2,142		115,881
Fresenius SE	314		20,880
Fresenius SE (Preference)	888		58,718
GEA Group AG	1,829		36,333
Hannover Rueckversicherung AG (Registered)	668		28,776
HeidelbergCement AG	1,548		73,732
Henkel AG & Co. KGaA	1,432		58,483
Henkel AG & Co. KGaA (Preference)	1,960		95,350
Hochtief AG	504		29,951
Infineon Technologies AG*	11,972		69,187
K+S AG	1,581		72,727
Linde AG	1,853		194,570
MAN SE	1,163		95,880
Merck KGaA	713		51,943
Metro AG	1,428		72,599
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)	2,168		271,417
Porsche Automobil Holding SE (Preference)	967		41,252
Puma AG Rudolf Dassler Sport	59		15,572
RWE AG	4,597		299,635
RWE AG (Preference)	432		26,051
Salzgitter AG	466		27,773
SAP AG	9,420		418,416
Siemens AG (Registered)	9,028		807,888
Suedzucker AG	743		13,324
ThyssenKrupp AG	3,679		90,374
TUI AG*	1,552		13,645
United Internet AG	1,341		14,745
Volkswagen AG	327		27,694
Volkswagen AG (Preference)	1,870		163,715
Wacker Chemie AG	174		25,182

			7,483,974

Greece (0.2%)
Alpha Bank AE*	5,621		27,474
Coca Cola Hellenic Bottling Co. S.A.	2,019		43,077
EFG Eurobank Ergasias S.A.*	3,607		16,008
Hellenic Telecommunications Organization S.A.*	2,731		20,533
National Bank of Greece S.A.*	6,685		72,841
OPAP S.A.	2,475		30,785
Piraeus Bank S.A.*	3,748		15,802
Public Power Corp. S.A.	1,294		18,559

			245,079


	Number of Shares	Value (Note 1)

Hong Kong (1.6%)
ASM Pacific Technology Ltd.	2,000	$	15,551
Bank of East Asia Ltd.	16,600		59,780
BOC Hong Kong Holdings Ltd.	40,500		92,059
Cathay Pacific Airways Ltd.	13,000		25,487
Cheung Kong Holdings Ltd.	15,000		172,369
Cheung Kong Infrastructure Holdings Ltd.	5,000		18,512
CLP Holdings Ltd.	21,000		152,046
Esprit Holdings Ltd.	12,681		68,386
Hang Lung Group Ltd.	9,000		48,488
Hang Lung Properties Ltd.	23,000		88,215
Hang Seng Bank Ltd.	8,400		112,228
Henderson Land Development Co., Ltd.	12,000		69,911
Hong Kong & China Gas Co., Ltd.	47,200		116,663
Hong Kong Exchanges and Clearing Ltd.	11,000		171,526
HongKong Electric Holdings Ltd.	15,500		92,254
Hopewell Holdings Ltd.	6,500		18,283
Hutchison Whampoa Ltd.	23,000		142,002
Hysan Development Co., Ltd.	7,000		19,683
Kerry Properties Ltd.	8,000		34,337
Li & Fung Ltd.	24,000		107,437
Lifestyle International Holdings Ltd.	6,664		12,925
Link REIT (REIT)	24,500		60,616
Mongolia Energy Co., Ltd.*	34,648		12,092
MTR Corp.	16,000		54,517
New World Development Ltd.	28,000		45,232
Noble Group Ltd.	32,454		39,188
NWS Holdings Ltd.	9,000		16,268
Orient Overseas International Ltd.*	2,500		17,859
PCCW Ltd.	42,000		12,191
Shangri-La Asia Ltd.	14,000		25,800
Sino Land Co., Ltd.	18,000		31,970
Sun Hung Kai Properties Ltd.	15,000		203,944
Swire Pacific Ltd., Class A	8,500		96,312
Television Broadcasts Ltd.	3,000		13,903
Wharf Holdings Ltd.	15,000		72,611
Wheelock & Co., Ltd.	10,000		28,100
Wing Hang Bank Ltd.	2,000		19,493
Yue Yuen Industrial Holdings Ltd.	8,000		24,854

			2,413,092

Ireland (0.3%)
Bank of Ireland*	37,238		30,620
CRH plc	7,670		160,539
Elan Corp. plc*	5,506		24,938
Experian plc	11,286		97,719
James Hardie Industries SE (CDI)*	4,814		25,072
Kerry Group plc, Class A	1,548		42,881
Shire plc	6,175		125,514

			507,283

Israel (0.6%)
Bank Hapoalim B.M.*	10,946		39,324
Bank Leumi Le-Israel B.M.*	13,003		46,193

See Notes to Financial Statements.

161

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Bezeq Israeli Telecommunication Corp., Ltd.	19,100	$	41,785
Cellcom Israel Ltd.	553		13,796
Delek Group Ltd.	45		9,359
Discount Investment Corp.	301		4,773
Elbit Systems Ltd.	260		13,187
Israel Chemicals Ltd.	4,886		50,953
Israel Corp. Ltd.*	26		16,097
Israel Discount Bank Ltd., Class A*	6,817		11,504
Makhteshim-Agan Industries Ltd.	1,856		6,185
Mizrahi Tefahot Bank Ltd.*	1,550		11,264
NICE Systems Ltd.*	688		17,087
Ormat Industries	756		5,606
Partner Communications Co., Ltd.	949		14,591
Teva Pharmaceutical Industries Ltd.	10,191		531,756

			833,460

Italy (1.8%)
A2A S.p.A.	12,228		16,578
Assicurazioni Generali S.p.A.	12,824		223,783
Atlantia S.p.A.	2,650		46,981
Autogrill S.p.A.*	1,281		15,338
Banca Carige S.p.A.	6,362		12,439
Banca Monte dei Paschi di Siena S.p.A.*	24,611		27,865
Banca Popolare di Milano S.c.a.r.l.	4,398		18,147
Banco Popolare S.c.a.r.l.	7,082		38,919
Beni Stabili S.p.A.*	786		596
Enel S.p.A.	72,263		305,709
ENI S.p.A.	28,572		524,500
Exor S.p.A.	736		12,400
Fiat S.p.A.	8,414		86,595
Finmeccanica S.p.A.	4,465		46,334
Intesa Sanpaolo S.p.A.	94,976		243,436
Luxottica Group S.p.A.	1,285		30,960
Mediaset S.p.A.	7,824		44,548
Mediobanca S.p.A.*	5,235		39,019
Mediolanum S.p.A.	2,727		10,671
Parmalat S.p.A.	19,067		44,294
Pirelli & C. S.p.A.	29,219		16,146
Prysmian S.p.A.	2,007		28,832
Saipem S.p.A.	2,914		88,559
Snam Rete Gas S.p.A.	15,738		62,566
Telecom Italia S.p.A.	103,004		113,529
Telecom Italia S.p.A. (RNC)	66,427		60,532
Terna Rete Elettrica Nazionale S.p.A.	14,343		51,655
UniCredit S.p.A.	169,265		375,718
Unione di Banche Italiane S.c.p.A.	6,694		57,597

			2,644,246

Japan (14.9%)
77 Bank Ltd.	4,000		21,444
ABC-Mart, Inc.	300		11,771
Acom Co., Ltd.	490		6,315
Advantest Corp.	1,800		37,692
Aeon Co., Ltd.	6,600		70,050
Aeon Credit Service Co., Ltd.	1,000		8,869


	Number of Shares	Value (Note 1)

Aeon Mall Co., Ltd.	900	$	17,858
Air Water, Inc.	2,000		21,872
Aisin Seiki Co., Ltd.	2,100		56,736
Ajinomoto Co., Inc.	7,000		63,389
Alfresa Holdings Corp.	400		19,296
All Nippon Airways Co., Ltd.*	9,000		28,477
Amada Co., Ltd.	4,000		26,268
Aozora Bank Ltd.	4,000		5,198
Asahi Breweries Ltd.	4,300		72,686
Asahi Glass Co., Ltd.	11,000		102,635
Asahi Kasei Corp.	14,000		73,272
Asics Corp.	2,000		18,326
Astellas Pharma, Inc.	5,000		167,213
Bank of Kyoto Ltd.	4,000		32,848
Bank of Yokohama Ltd.	13,000		59,357
Benesse Holdings, Inc.	800		36,434
Bridgestone Corp.	7,200		114,143
Brother Industries Ltd.	2,600		27,070
Canon Marketing Japan, Inc.	700		9,864
Canon, Inc.	12,400		462,310
Casio Computer Co., Ltd.	2,600		15,576
Central Japan Railway Co.	17		140,002
Chiba Bank Ltd.	8,000		48,196
Chiyoda Corp.	2,000		14,509
Chubu Electric Power Co., Inc.	7,300		180,994
Chugai Pharmaceutical Co., Ltd.	2,500		44,148
Chugoku Bank Ltd.	2,000		23,574
Chugoku Electric Power Co., Inc.	3,300		68,089
Chuo Mitsui Trust Holdings, Inc.	11,000		38,737
Citizen Holdings Co., Ltd.	2,700		16,423
Coca-Cola West Co., Ltd.	600		9,921
Cosmo Oil Co., Ltd.	7,000		16,828
Credit Saison Co., Ltd.	1,700		17,585
Dai Nippon Printing Co., Ltd.	6,000		69,335
Daicel Chemical Industries Ltd.	3,000		20,234
Daido Steel Co., Ltd.	3,000		12,874
Daihatsu Motor Co., Ltd.	2,000		18,566
Dai-ichi Life Insurance Co., Ltd.	88		121,021
Daiichi Sankyo Co., Ltd.	7,400		132,339
Daikin Industries Ltd.	2,600		79,353
Dainippon Sumitomo Pharma Co., Ltd.	1,800		13,835
Daito Trust Construction Co., Ltd.	900		50,878
Daiwa House Industry Co., Ltd.	5,000		45,043
Daiwa Securities Group, Inc.	18,000		75,721
DeNA Co., Ltd.	900		23,735
Denki Kagaku Kogyo KK	5,000		23,322
Denso Corp.	5,300		146,534
Dentsu, Inc.	1,881		49,644
Dowa Holdings Co., Ltd.	3,000		14,449
East Japan Railway Co.	3,709		247,243
Eisai Co., Ltd.	2,800		92,629
Electric Power Development Co., Ltd.	1,300		41,298
Elpida Memory, Inc.*	2,000		30,900
FamilyMart Co., Ltd.	700		23,070
Fanuc Ltd.	2,100		235,599
Fast Retailing Co., Ltd.	600		90,560
Fuji Electric Holdings Co., Ltd.	6,000		17,159
Fuji Heavy Industries Ltd.*	6,000		32,031
Fuji Media Holdings, Inc.	4		5,748

See Notes to Financial Statements.

162

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Fujifilm Holdings Corp.	5,100	$	146,707
Fujitsu Ltd.	20,000		125,648
Fukuoka Financial Group, Inc.	9,000		37,328
Furukawa Electric Co., Ltd.	7,000		30,748
GS Yuasa Corp.	4,000		26,116
Gunma Bank Ltd.	4,000		21,159
Hachijuni Bank Ltd.	5,000		28,152
Hakuhodo DY Holdings, Inc.	260		13,053
Hankyu Hanshin Holdings, Inc.	13,000		57,203
Hino Motors Ltd.	3,000		14,754
Hirose Electric Co., Ltd.	400		36,521
Hiroshima Bank Ltd.	6,000		23,925
Hisamitsu Pharmaceutical Co., Inc.	700		27,775
Hitachi Chemical Co., Ltd.	1,200		22,278
Hitachi Construction Machinery Co., Ltd.	1,100		20,320
Hitachi High-Technologies Corp.	800		14,725
Hitachi Ltd.*	50,000		181,324
Hitachi Metals Ltd.	2,000		20,299
Hokkaido Electric Power Co., Inc.	2,000		43,054
Hokuhoku Financial Group, Inc.	14,000		25,672
Hokuriku Electric Power Co.	1,900		41,647
Honda Motor Co., Ltd.	18,100		525,651
HOYA Corp.	4,800		101,923
Ibiden Co., Ltd.	1,400		37,743
Idemitsu Kosan Co., Ltd.	200		15,022
IHI Corp.	15,000		23,954
INPEX Corp.	9		50,022
Isetan Mitsukoshi Holdings Ltd.	4,100		39,973
Isuzu Motors Ltd.	13,000		38,818
Ito En Ltd.	600		9,181
ITOCHU Corp.	16,600		129,428
ITOCHU Techno-Solutions Corp.	300		10,871
Iyo Bank Ltd.	3,000		27,864
J. Front Retailing Co., Ltd.	5,000		24,133
Jafco Co., Ltd.	400		8,783
Japan Petroleum Exploration Co.	300		12,240
Japan Prime Realty Investment Corp. (REIT)	8		16,811
Japan Real Estate Investment Corp. (REIT)	5		40,778
Japan Retail Fund Investment Corp. (REIT)	18		21,884
Japan Steel Works Ltd.	3,000		26,416
Japan Tobacco, Inc.	49		152,333
JFE Holdings, Inc.	5,100		157,446
JGC Corp.	2,000		30,320
Joyo Bank Ltd.	7,000		27,798
JS Group Corp.	2,800		53,458
JSR Corp.	2,000		33,534
JTEKT Corp.	2,100		19,365
Jupiter Telecommunications Co., Ltd.	27		25,732
JX Holdings, Inc.*	24,690		120,684
Kajima Corp.	9,000		20,308
Kamigumi Co., Ltd.	3,000		23,056
Kaneka Corp.	3,000		17,396
Kansai Electric Power Co., Inc.	8,300		202,647
Kansai Paint Co., Ltd.	2,000		17,116
Kao Corp.	5,900		138,696


	Number of Shares	Value (Note 1)

Kawasaki Heavy Industries Ltd.	16,000	$	38,830
Kawasaki Kisen Kaisha Ltd.*	7,000		28,323
KDDI Corp.	32		152,003
Keihin Electric Express Railway Co., Ltd.	5,000		44,127
Keio Corp.	6,000		38,640
Keisei Electric Railway Co., Ltd.	3,000		16,711
Keyence Corp.	500		115,019
Kikkoman Corp.	2,000		20,961
Kinden Corp.	2,000		17,007
Kintetsu Corp.	18,000		54,880
Kirin Holdings Co., Ltd.	9,000		113,339
Kobe Steel Ltd.	27,000		51,557
Koito Manufacturing Co., Ltd.	1,000		14,685
Komatsu Ltd.	10,400		187,929
Konami Corp.	1,000		15,761
Konica Minolta Holdings, Inc.	5,500		52,928
Kubota Corp.	13,000		99,273
Kuraray Co., Ltd.	4,000		46,707
Kurita Water Industries Ltd.	1,200		32,777
Kyocera Corp.	1,800		145,357
Kyowa Hakko Kirin Co., Ltd.	3,000		28,495
Kyushu Electric Power Co., Inc.	4,200		94,184
Lawson, Inc.	700		30,594
Mabuchi Motor Co., Ltd.	300		13,735
Makita Corp.	1,200		32,012
Marubeni Corp.	18,000		92,203
Marui Group Co., Ltd.	2,500		16,844
Maruichi Steel Tube Ltd.	500		9,574
Matsui Securities Co., Ltd.	1,500		9,143
Mazda Motor Corp.	16,500		38,520
McDonald’s Holdings Co. Japan Ltd.	776		17,383
Medipal Holdings Corp.	1,600		19,032
MEIJI Holdings Co. Ltd.	711		29,051
Minebea Co., Ltd.	4,000		22,052
Mitsubishi Chemical Holdings Corp.	13,500		61,476
Mitsubishi Corp.	14,900		310,484
Mitsubishi Electric Corp.	21,000		163,567
Mitsubishi Estate Co., Ltd.	13,000		180,493
Mitsubishi Gas Chemical Co., Inc.	4,000		19,384
Mitsubishi Heavy Industries Ltd.	33,000		113,343
Mitsubishi Logistics Corp.	1,000		11,160
Mitsubishi Materials Corp.*	12,000		32,032
Mitsubishi Motors Corp.*	43,000		54,410
Mitsubishi Tanabe Pharma Corp.	2,000		30,459
Mitsubishi UFJ Financial Group, Inc.	139,700		633,282
Mitsubishi UFJ Lease & Finance Co., Ltd.	650		21,882
Mitsui & Co., Ltd.	19,100		224,549
Mitsui Chemicals, Inc.	10,000		27,764
Mitsui Engineering & Shipbuilding Co., Ltd.	8,000		16,105
Mitsui Fudosan Co., Ltd.	9,000		125,823
Mitsui Mining & Smelting Co., Ltd.	6,000		15,891
Mitsui O.S.K. Lines Ltd.	13,000		85,792
Mitsumi Electric Co., Ltd.	900		15,314
Mizuho Financial Group, Inc.	151,635		248,881

See Notes to Financial Statements.

163

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AXA TACTICAL MANAGER INTERNATIONAL PORTFOLIO-I

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Mizuho Securities Co., Ltd.	6,000	$	13,299
Mizuho Trust & Banking Co., Ltd.*	17,000		14,603
MS&AD Insurance Group Holdings, Inc.	5,980		127,656
Murata Manufacturing Co., Ltd.	2,200		104,781
Namco Bandai Holdings, Inc.	2,100		18,425
NEC Corp.	29,000		74,859
NGK Insulators Ltd.	3,000		46,638
NGK Spark Plug Co., Ltd.	2,000		24,788
NHK Spring Co., Ltd.	2,000		18,337
Nidec Corp.	1,200		100,505
Nikon Corp.	3,500		60,329
Nintendo Co., Ltd.	1,100		320,426
Nippon Building Fund, Inc. (REIT)	6		47,426
Nippon Electric Glass Co., Ltd.	4,000		45,521
Nippon Express Co., Ltd.	9,000		40,496
Nippon Meat Packers, Inc.	2,000		24,729
Nippon Paper Group, Inc.	1,130		31,280
Nippon Sheet Glass Co., Ltd.	7,000		17,044
Nippon Steel Corp.	56,000		185,608
Nippon Telegraph & Telephone Corp.	5,724		233,705
Nippon Yusen KK	17,000		61,736
Nishi-Nippon City Bank Ltd.	8,000		23,027
Nissan Chemical Industries Ltd.	2,000		22,368
Nissan Motor Co., Ltd.*	27,300		189,250
Nissha Printing Co., Ltd.	400		10,697
Nisshin Seifun Group, Inc.	2,000		22,627
Nisshin Steel Co., Ltd.	8,000		12,777
Nisshinbo Holdings, Inc.	1,000		9,605
Nissin Food Holdings Co., Ltd.	700		25,769
Nitori Co., Ltd.	400		34,429
Nitto Denko Corp.	1,800		58,728
NKSJ Holdings, Inc.*	15,700		93,101
NOK Corp.	1,200		19,048
Nomura Holdings, Inc.	38,800		212,408
Nomura Real Estate Holdings, Inc.	1,100		13,804
Nomura Real Estate Office Fund, Inc. (REIT)	3		14,921
Nomura Research Institute Ltd.	1,100		23,255
NSK Ltd.	5,000		34,779
NTN Corp.	5,000		20,453
NTT Data Corp.	14		51,645
NTT DoCoMo, Inc.	169		255,567
NTT Urban Development Corp.	14		11,063
Obayashi Corp.	7,000		27,625
Obic Co., Ltd.	80		15,359
Odakyu Electric Railway Co., Ltd.	7,000		59,921
OJI Paper Co., Ltd.	9,000		44,021
Olympus Corp.	2,400		56,807
Omron Corp.	2,200		47,579
Ono Pharmaceutical Co., Ltd.	900		36,556
Oracle Corp. Japan	400		19,653
Oriental Land Co., Ltd.	600		50,123
ORIX Corp.	1,150		83,528
Osaka Gas Co., Ltd.	21,000		75,836
Otsuka Corp.	200		12,732


	Number of Shares	Value (Note 1)

Panasonic Corp.	21,500	$	268,467
Panasonic Electric Works Co., Ltd.	4,000		39,139
Rakuten, Inc.	80		57,775
Resona Holdings, Inc.	6,705		81,561
Ricoh Co., Ltd.	7,000		88,965
Rinnai Corp.	400		20,506
Rohm Co., Ltd.	1,100		65,698
Sankyo Co., Ltd.	600		27,099
Santen Pharmaceutical Co., Ltd.	800		28,788
Sanyo Electric Co., Ltd.*	20,000		25,756
Sapporo Hokuyo Holdings, Inc.	3,575		15,776
Sapporo Holdings Ltd.	3,000		12,902
SBI Holdings, Inc.	186		23,058
Secom Co., Ltd.	2,300		102,124
Sega Sammy Holdings, Inc.	2,200		31,494
Seiko Epson Corp.	1,400		17,944
Sekisui Chemical Co., Ltd.	5,000		31,197
Sekisui House Ltd.	6,000		51,438
Senshu Ikeda Holdings, Inc.	7,245		10,484
Seven & I Holdings Co., Ltd.	8,500		195,026
Seven Bank Ltd.	7		12,675
Sharp Corp.	11,000		115,807
Shikoku Electric Power Co., Inc.	2,000		57,190
Shimadzu Corp.	3,000		22,496
Shimamura Co., Ltd.	200		18,016
Shimano, Inc.	700		29,985
Shimizu Corp.	7,000		23,936
Shin-Etsu Chemical Co., Ltd.	4,500		209,350
Shinko Electric Industries Co., Ltd.	800		10,374
Shinsei Bank Ltd.*	10,000		8,440
Shionogi & Co., Ltd.	3,300		68,272
Shiseido Co., Ltd.	3,800		83,584
Shizuoka Bank Ltd.	7,000		61,016
Showa Denko KK	16,000		28,935
Showa Shell Sekiyu KK	2,100		14,499
SMC Corp.	600		80,104
Softbank Corp.	8,900		235,241
Sojitz Corp.	13,900		21,769
Sony Corp.	11,000		292,800
Sony Financial Holdings, Inc.	10		33,438
Square Enix Holdings Co., Ltd.	700		12,870
Stanley Electric Co., Ltd.	1,600		26,483
Sumco Corp.*	1,300		21,647
Sumitomo Chemical Co., Ltd.	17,000		65,636
Sumitomo Corp.	12,400		123,504
Sumitomo Electric Industries Ltd.	8,300		97,151
Sumitomo Heavy Industries Ltd.	6,000		35,338
Sumitomo Metal Industries Ltd.	37,000		83,455
Sumitomo Metal Mining Co., Ltd.	6,000		75,283
Sumitomo Mitsui Financial Group, Inc.	14,697		414,906
Sumitomo Realty & Development Co., Ltd.	4,000		68,221
Sumitomo Rubber Industries Ltd.	1,900		16,732
Sumitomo Trust & Banking Co., Ltd.	16,000		81,393
Suruga Bank Ltd.	2,000		18,119
Suzuken Co., Ltd.	700		23,442
Suzuki Motor Corp.	3,600		70,678
Sysmex Corp.	400		22,715

See Notes to Financial Statements.

164

EQ ADVISORS TRUST

AXA TACTICAL MANAGER INTERNATIONAL PORTFOLIO-I

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

T&D Holdings, Inc.	3,000	$	64,033
Taiheiyo Cement Corp.*	10,000		12,621
Taisei Corp.	11,000		21,897
Taisho Pharmaceutical Co., Ltd.	1,000		19,732
Taiyo Nippon Sanso Corp.	3,000		23,799
Takashimaya Co., Ltd.	3,000		23,868
Takeda Pharmaceutical Co., Ltd.	8,200		350,936
TDK Corp.	1,400		76,795
Teijin Ltd.	10,000		29,695
Terumo Corp.	1,900		90,925
THK Co., Ltd.	1,300		26,876
Tobu Railway Co., Ltd.	9,000		48,406
Toho Co., Ltd.	1,200		19,783
Toho Gas Co., Ltd.	5,000		26,670
Tohoku Electric Power Co., Inc.	4,700		100,917
Tokio Marine Holdings, Inc.	8,000		209,557
Tokuyama Corp.	4,000		17,556
Tokyo Electric Power Co., Inc.	13,400		364,782
Tokyo Electron Ltd.	1,900		102,607
Tokyo Gas Co., Ltd.	28,000		128,013
Tokyo Steel Manufacturing Co., Ltd.	1,100		12,733
Tokyo Tatemono Co., Ltd.	4,000		12,263
Tokyu Corp.	13,000		52,958
Tokyu Land Corp.	5,000		17,506
TonenGeneral Sekiyu KK	3,000		25,924
Toppan Printing Co., Ltd.	6,000		47,598
Toray Industries, Inc.	16,000		76,773
Toshiba Corp.*	44,000		218,602
Tosoh Corp.	6,000		15,489
TOTO Ltd.	3,000		19,982
Toyo Seikan Kaisha Ltd.	1,700		24,669
Toyo Suisan Kaisha Ltd.	1,000		23,798
Toyoda Gosei Co., Ltd.	700		17,348
Toyota Boshoku Corp.	700		10,217
Toyota Industries Corp.	2,000		50,757
Toyota Motor Corp.	30,300		1,041,998
Toyota Tsusho Corp.	2,400		34,368
Trend Micro, Inc.	1,100		29,656
Tsumura & Co.	700		21,454
Ube Industries Ltd.	11,000		26,067
Unicharm Corp.	500		56,307
UNY Co., Ltd.	2,100		15,947
Ushio, Inc.	1,200		18,527
USS Co., Ltd.	250		17,845
West Japan Railway Co.	19		69,453
Yahoo! Japan Corp.	160		63,590
Yakult Honsha Co., Ltd.	1,100		29,861
Yamada Denki Co., Ltd.	900		58,752
Yamaguchi Financial Group, Inc.	2,000		19,074
Yamaha Corp.	1,800		18,282
Yamaha Motor Co., Ltd.*	2,800		36,957
Yamato Holdings Co., Ltd.	4,400		58,227
Yamato Kogyo Co., Ltd.	500		12,442
Yamazaki Baking Co., Ltd.	1,000		13,503
Yaskawa Electric Corp.	3,000		22,221
Yokogawa Electric Corp.	2,400		14,787

			22,457,966

Luxembourg (0.3%)
ArcelorMittal S.A.	9,427		250,722
Millicom International Cellular S.A. (SDR)	838		67,629


	Number of Shares	Value (Note 1)

SES S.A. (FDR)	3,300	$	68,545
Tenaris S.A.	5,195		90,159

			477,055

Macau (0.0%)
Sands China Ltd.*	22,400		32,881
Wynn Macau Ltd.*	17,200		28,139

			61,020

Mexico (0.0%)
Fresnillo plc	1,987		28,707

Netherlands (2.9%)
Aegon N.V.*	17,191		92,093
Akzo Nobel N.V.	2,547		131,751
ASML Holding N.V.	4,741		130,195
Corio N.V. (REIT)	646		31,380
Delta Lloyd N.V.	834		13,948
European Aeronautic Defence and Space Co. N.V.*	4,489		91,599
Fugro N.V. (CVA)	753		34,430
Heineken Holding N.V.	1,217		44,399
Heineken N.V.	2,694		114,197
ING Groep N.V. (CVA)*	42,055		312,237
Koninklijke (Royal) KPN N.V.	17,889		228,422
Koninklijke Ahold N.V.	13,095		162,172
Koninklijke Boskalis Westminster N.V.	765		29,787
Koninklijke DSM N.V.	1,699		67,500
Koninklijke Philips Electronics N.V.	10,676		318,224
Koninklijke Vopak N.V.	779		28,588
QIAGEN N.V.*	2,549		49,378
Randstad Holding N.V.*	1,216		47,863
Reed Elsevier N.V.	7,568		83,488
Royal Dutch Shell plc, Class A	38,902		982,410
Royal Dutch Shell plc, Class B	29,581		716,195
SBM Offshore N.V.	1,823		26,016
TNT N.V.	4,081		102,859
Unilever N.V. (CVA)	17,878		487,449
Wolters Kluwer N.V.	3,227		61,577

			4,388,157

New Zealand (0.1%)
Auckland International Airport Ltd.	10,228		13,074
Contact Energy Ltd.*	3,405		13,257
Fletcher Building Ltd.	6,701		35,880
Sky City Entertainment Group Ltd.	6,453		12,578
Telecom Corp. of New Zealand Ltd.	21,013		27,163

			101,952

Norway (0.4%)
Aker Solutions ASA	1,825		20,904
DnB NOR ASA	10,748		103,421
Norsk Hydro ASA	7,532		33,892
Orkla ASA	8,505		54,442
Renewable Energy Corp. ASA*	5,580		13,109
Statoil ASA	12,255		236,361
Telenor ASA	9,116		114,484
Yara International ASA	2,089		58,452

			635,065

See Notes to Financial Statements.

165

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Portugal (0.2%)
Banco Comercial Portugues S.A. (Registered)	31,289	$	23,455
Banco Espirito Santo S.A. (Registered)	5,836		22,997
Brisa Auto-Estradas de Portugal S.A.	2,023		12,242
Cimpor Cimentos de Portugal SGPS S.A.	2,270		12,615
EDP-Energias de Portugal S.A.	19,272		56,905
Galp Energia SGPS S.A., Class B	2,557		38,180
Jeronimo Martins SGPS S.A.	2,448		22,320
Portugal Telecom SGPS S.A. (Registered)	6,420		63,637

			252,351

Singapore (1.1%)
Ascendas Real Estate Investment Trust (REIT)	17,000		21,943
CapitaLand Ltd.	28,000		71,394
CapitaMall Trust (REIT)	25,000		32,537
CapitaMalls Asia Ltd.	15,032		22,376
City Developments Ltd.	6,000		47,288
ComfortDelgro Corp., Ltd.	21,000		21,751
Cosco Corp. (Singapore) Ltd.	11,000		11,544
DBS Group Holdings Ltd.	19,000		184,228
Fraser and Neave Ltd.	11,000		40,201
Genting Singapore plc*	66,941		55,439
Golden Agri-Resources Ltd.	73,609		27,550
Jardine Cycle & Carriage Ltd.	1,000		21,225
Keppel Corp., Ltd.	14,000		84,357
Keppel Land Ltd.	8,000		22,010
K-Green Trust*	2,800		2,101
Neptune Orient Lines Ltd.*	10,000		14,108
Olam International Ltd.	13,000		23,804
Oversea-Chinese Banking Corp., Ltd.	27,000		169,841
SembCorp Industries Ltd.	11,000		31,788
SembCorp Marine Ltd.	9,000		24,605
Singapore Airlines Ltd.	6,000		62,166
Singapore Exchange Ltd.	9,000		47,093
Singapore Press Holdings Ltd.	17,000		45,798
Singapore Technologies Engineering Ltd.	18,000		42,093
Singapore Telecommunications Ltd.	88,000		190,085
StarHub Ltd.	6,890		11,058
United Overseas Bank Ltd.	13,000		180,597
UOL Group Ltd.	5,000		13,484
Wilmar International Ltd.	14,000		57,289

			1,579,753

Spain (2.2%)
Abertis Infraestructuras S.A.	3,263		47,016
Acciona S.A.	283		21,493
Acerinox S.A.	1,113		17,254
ACS Actividades de Construccion y Servicios S.A.	1,561		57,089
Banco Bilbao Vizcaya Argentaria S.A.	39,085		403,220
Banco de Sabadell S.A.	10,604		47,869
Banco de Valencia S.A.	2,452		10,895
Banco Popular Espanol S.A.	9,564		48,770
Banco Santander S.A.	90,312		948,997


	Number of Shares	Value (Note 1)

Bankinter S.A.	3,171	$	19,267
Criteria Caixacorp S.A.	9,295		38,044
EDP Renovaveis S.A.*	2,446		14,354
Enagas S.A.	1,982		29,787
Ferrovial S.A.	4,872		31,475
Fomento de Construcciones y Contratas S.A.	461		9,846
Gamesa Corp. Tecnologica S.A.*	2,167		18,598
Gas Natural SDG S.A.	2,548		36,750
Gestevision Telecinco S.A.	1,133		10,053
Grifols S.A.	1,546		15,787
Iberdrola Renovables S.A.	9,366		29,260
Iberdrola S.A.	43,255		242,562
Iberia Lineas Aereas de Espana S.A.*	5,332		15,105
Inditex S.A.	2,398		136,003
Indra Sistemas S.A.	1,007		16,142
Mapfre S.A.*	8,241		22,367
Mapfre S.A.*†	141		382
Red Electrica Corporacion S.A.	1,194		42,681
Repsol YPF S.A.	8,049		162,621
Telefonica S.A.	45,070		832,285
Zardoya Otis S.A.*	1,482		19,095
Zardoya Otis S.A.*†	74		953

			3,346,020

Sweden (1.8%)
Alfa Laval AB	3,726		48,128
Assa Abloy AB, Class B	3,437		68,552
Atlas Copco AB, Class A	7,385		108,114
Atlas Copco AB, Class B	4,302		56,979
Boliden AB	3,025		33,503
Electrolux AB, Class B	2,644		60,355
Getinge AB, Class B	2,210		42,766
Hennes & Mauritz AB, Class B	11,225		308,660
Holmen AB, Class B	592		14,045
Husqvarna AB, Class B	4,514		27,167
Investor AB, Class B	5,014		81,151
Kinnevik Investment AB, Class B	2,399		38,438
Modern Times Group AB, Class B	558		30,436
Nordea Bank AB	35,462		292,482
Ratos AB, Class B	1,126		28,253
Sandvik AB	11,084		134,920
Scania AB, Class B	3,529		53,797
Securitas AB, Class B	3,466		31,286
Skandinaviska Enskilda Banken AB, Class A	15,528		82,363
Skanska AB, Class B	4,397		63,472
SKF AB, Class B	4,290		76,847
SSAB AB, Class A	2,002		26,833
SSAB AB, Class B	936		11,157
Svenska Cellulosa AB, Class B	6,298		74,081
Svenska Handelsbanken AB, Class A	5,380		131,769
Swedbank AB, Class A*	7,766		71,503
Swedish Match AB	2,628		57,252
Tele2 AB, Class B	3,435		51,356
Telefonaktiebolaget LM Ericsson, Class B	33,060		368,083
TeliaSonera AB	24,674		158,612
Volvo AB, Class B*	11,962		131,544

			2,763,904

See Notes to Financial Statements.

166

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Switzerland (5.3%)
ABB Ltd. (Registered)*	24,225	$	420,959
Actelion Ltd. (Registered)*	1,126		41,990
Adecco S.A. (Registered)	1,355		63,933
Aryzta AG	898		34,459
Baloise Holding AG (Registered)	552		38,407
Cie Financiere Richemont S.A., Class A	5,734		199,489
Credit Suisse Group AG (Registered)	12,352		464,235
GAM Holding Ltd.*	2,294		25,008
Geberit AG (Registered)	428		66,371
Givaudan S.A. (Registered)	84		71,001
Holcim Ltd. (Registered)	2,695		180,396
Julius Baer Group Ltd.	2,277		64,828
Kuehne + Nagel International AG (Registered)	595		60,946
Lindt & Spruengli AG	10		21,714
Lindt & Spruengli AG (Registered)	1		24,503
Logitech International S.A. (Registered)*	2,016		27,381
Lonza Group AG (Registered)	502		33,418
Nestle S.A. (Registered)	38,040		1,835,429
Nobel Biocare Holding AG (Registered)	1,373		23,466
Novartis AG (Registered)	23,151		1,123,204
Pargesa Holding S.A.	301		19,721
Roche Holding AG	7,708		1,058,490
Schindler Holding AG	777		65,129
SGS S.A. (Registered)	60		80,782
Sika AG	23		40,649
Sonova Holding AG	506		62,051
STMicroelectronics N.V.	7,025		55,651
Straumann Holding AG (Registered)	87		18,823
Swatch Group AG	339		94,873
Swatch Group AG (Registered)	482		24,648
Swiss Life Holding AG (Registered)*	337		32,255
Swiss Reinsurance Co., Ltd.	3,870		159,197
Swisscom AG (Registered)	257		87,068
Syngenta AG (Registered)	1,039		239,925
UBS AG (Registered)*	39,940		529,427
Xstrata plc	22,586		295,907
Zurich Financial Services AG	1,619		355,388

			8,041,121

United Kingdom (12.0%)
3i Group plc	10,713		42,221
Admiral Group plc	2,207		46,145
Aggreko plc	2,867		59,852
AMEC plc	3,664		44,666
Anglo American plc*	14,448		502,265
Antofagasta plc	4,348		50,470
ARM Holdings plc	14,459		59,823
Associated British Foods plc	3,927		56,444
AstraZeneca plc	15,937		748,835
Autonomy Corp. plc*	2,386		64,394
Aviva plc	30,406		141,323
BAE Systems plc	38,762		180,076


	Number of Shares	Value (Note 1)

Balfour Beatty plc	7,595	$	26,988
Barclays plc	125,526		497,651
BG Group plc	37,043		548,351
BHP Billiton plc	24,218		626,686
BP plc	205,922		988,986
British Airways plc*	6,428		18,654
British American Tobacco plc	21,910		693,776
British Land Co. plc (REIT)	9,566		61,150
British Sky Broadcasting Group plc	12,531		130,700
BT Group plc, Class A	85,184		162,671
Bunzl plc	3,630		36,200
Burberry Group plc	4,792		54,037
Cable & Wireless Worldwide plc	28,698		36,764
Cairn Energy plc*	15,378		94,086
Capita Group plc	6,858		75,243
Capital Shopping Centres Group plc (REIT)	5,175		23,873
Carnival plc	1,845		59,136
Centrica plc	56,371		248,236
Cobham plc	12,679		39,964
Compass Group plc	20,532		155,776
Diageo plc	27,488		430,711
Eurasian Natural Resources Corp.	2,845		36,188
Firstgroup plc	5,328		28,826
G4S plc	15,543		61,588
GlaxoSmithKline plc	56,960		965,311
Hammerson plc (REIT)	7,764		39,224
Home Retail Group plc	9,706		30,696
HSBC Holdings plc	191,135		1,743,731
ICAP plc	6,156		36,900
Imperial Tobacco Group plc	11,179		311,696
Inmarsat plc	4,813		50,995
Intercontinental Hotels Group plc	2,859		44,529
International Power plc	16,766		74,280
Invensys plc	8,923		31,872
Investec plc	4,691		31,550
ITV plc*	40,896		30,444
J Sainsbury plc	13,274		63,162
Johnson Matthey plc	2,368		52,430
Kazakhmys plc	2,366		34,714
Kingfisher plc	25,993		80,666
Land Securities Group plc (REIT)	8,355		68,533
Legal & General Group plc	64,555		75,111
Lloyds Banking Group plc*	440,744		349,698
London Stock Exchange Group plc	1,668		13,812
Lonmin plc*	1,707		35,629
Man Group plc	18,857		62,382
Marks & Spencer Group plc	17,410		85,806
National Grid plc	38,015		280,037
Next plc	2,079		61,522
Old Mutual plc	59,704		91,326
Pearson plc	8,920		116,728
Petrofac Ltd.	2,859		50,272
Prudential plc	27,812		208,454
Randgold Resources Ltd.	991		94,222
Reckitt Benckiser Group plc	6,722		310,937
Reed Elsevier plc	13,348		98,539
Resolution Ltd.	26,791		25,202
Rexam plc	9,680		43,438
Rio Tinto plc	15,895		695,562

See Notes to Financial Statements.

167

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Rolls-Royce Group plc*	20,370	$	169,632
Rolls-Royce Group plc, Class C*†	914,040		1,366
Royal Bank of Scotland Group plc*	185,940		111,989
RSA Insurance Group plc	37,712		66,938
SABMiller plc	10,415		289,171
Sage Group plc	14,495		49,600
Schroders plc	1,240		22,316
Scottish & Southern Energy plc	10,143		168,148
Segro plc (REIT)	8,129		30,619
Serco Group plc	5,417		47,187
Severn Trent plc	2,611		47,639
Smith & Nephew plc	9,767		91,958
Smiths Group plc	4,298		68,024
Standard Chartered plc	22,227		539,581
Standard Life plc	24,640		63,237
Tesco plc	87,633		493,416
Thomas Cook Group plc	9,514		25,090
Tomkins plc	9,761		32,792
TUI Travel plc	6,221		19,298
Tullow Oil plc	9,722		144,816
Unilever plc	14,088		375,462
United Utilities Group plc	7,510		58,522
Vedanta Resources plc	1,347		42,386
Vodafone Group plc	577,287		1,196,266
Whitbread plc	1,944		40,644
WM Morrison Supermarkets plc	23,336		91,999
Wolseley plc*	3,126		61,115
WPP plc	13,785		129,631

			18,001,007

United States (0.1%)
Synthes, Inc.	654		75,202

Total Common Stocks (63.8%) (Cost $104,765,328)			96,005,267

	Number of Rights	Value (Note 1)
RIGHTS:
Norway (0.0%)
Norsk Hydro ASA, expiring 7/9/10* (Cost $—)	2,292		1,183


	Number of Warrants		Value (Note 1)

WARRANT:
Hong Kong (0.0%)
Henderson Land Development Co., Ltd., expiring 6/1/11* (Cost $—)		1,014	$	172

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Short-Term Investment (6.1%)
BlackRock Liquidity Funds TempFund 0.16%
(Amortized Cost $9,138,817)	$	9,138,817		9,138,817

Total Investments (69.9%) (Cost $113,904,145)				105,145,439
Other Assets Less Liabilities (30.1%)				45,304,697

Net Assets (100%)			$	150,450,136

*	Non-income producing.

†	Securities (totaling $2,701 or 0.0% of net assets) at fair value by management.

Glossary:

CDI

— Chess Depositary Interest

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

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	15,480,657	$	95,691,132	$	102,032,972	$	9,138,817	$	5,558	$	—

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
Dow Jones EURO Stoxx 50 Index	645	September-10	$	21,355,590	$	20,254,798	$	(1,100,792)
E-Mini MSCI EAFE Index	58	September-10		3,836,877		3,814,080		(22,797)
FTSE 100 Index	170	September-10		13,154,597		12,396,324		(758,273)
SPI 200 Index	53	September-10		5,064,749		4,753,489		(311,260)
TOPIX Index	131	September-10		12,764,814		12,423,627		(341,187)

							$	(2,534,309)

At June 30, 2010, the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


	Counterparty	Local Contract Buy Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
Australian Dollar vs. U.S. Dollar, expiring 9/17/10	Credit Suisse First Boston	387	$	322,733	$	327,277	$	(4,544	)
Australian Dollar vs. U.S. Dollar, expiring 9/17/10	Credit Suisse First Boston	107		89,231		89,793		(562	)
Australian Dollar vs. U.S. Dollar, expiring 9/17/10	Deutsche Bank AG	400		333,575		343,230		(9,655	)
Australian Dollar vs. U.S. Dollar, expiring 9/17/10	Deutsche Bank AG	220		183,466		185,833		(2,367	)
British Pound vs. U.S. Dollar, expiring 9/17/10	Deutsche Bank AG	210		313,761		316,762		(3,001	)
British Pound vs. U.S. Dollar, expiring 9/17/10	Credit Suisse First Boston	185		276,409		276,566		(157	)
British Pound vs. U.S. Dollar, expiring 9/17/10	Deutsche Bank AG	827		1,235,471		1,237,820		(2,349	)
British Pound vs. U.S. Dollar, expiring 9/17/10	Deutsche Bank AG	326		487,077		490,852		(3,775	)
European Union Euro vs. U.S. Dollar, expiring 9/17/10	Deutsche Bank AG	231		282,098		281,446		652
European Union Euro vs. U.S. Dollar, expiring 9/17/10	Credit Suisse First Boston	790		966,422		968,948		(2,526	)
European Union Euro vs. U.S. Dollar, expiring 9/17/10	Credit Suisse First Boston	1,270		1,553,617		1,565,002		(11,385	)
European Union Euro vs. U.S. Dollar, expiring 9/17/10	Deutsche Bank AG	1,045		1,278,369		1,273,228		5,141
Japanese Yen vs. U.S. Dollar, expiring 9/17/10	Credit Suisse First Boston	32,690		370,225		370,085		140
Japanese Yen vs. U.S. Dollar, expiring 9/17/10	Deutsche Bank AG	40,975		464,055		463,698		357
Japanese Yen vs. U.S. Dollar, expiring 9/17/10	Credit Suisse First Boston	106,450		1,205,582		1,193,263		12,319

							$	(21,712	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

See Notes to Financial Statements.

169

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)			Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	—		$	9,870,884		$	—	$	9,870,884
Consumer Staples		—			10,206,772			—		10,206,772
Energy		—			6,827,843			—		6,827,843
Financials		—			23,186,169			382		23,186,551
Health Care		—			8,680,814			—		8,680,814
Industrials		—			11,780,998			2,319		11,783,317
Information Technology		—			4,992,009			—		4,992,009
Materials		—			9,710,136			—		9,710,136
Telecommunication Services		—			5,429,525			—		5,429,525
Utilities		—			5,317,416			—		5,317,416
Forward Currency Contracts		—			18,609			—		18,609
Rights
Materials		—			1,183			—		1,183
Short-Term Investments		—			9,138,817			—		9,138,817
Warrants
Financials		—			172			—		172

Total Assets	$	—		$	105,161,347		$	2,701	$	105,164,048


Liabilities:
Forward Currency Contracts	$	—		$	(40,321	)	$	—	$	(40,321	)
Futures		(2,534,309	)		—			—		(2,534,309	)

Total Liabilities	$	(2,534,309	)	$	(40,321	)	$	—	$	(2,574,630	)

Total	$	(2,534,309	)	$	105,121,026		$	2,701	$	102,589,418

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments in Securities-Financials		Investments in Securities-Industrials
Balance as of 12/31/09	$	—	$	439
Total gains or losses (realized/unrealized) included in earnings		33		907
Purchases, sales, issuances, and settlements (net)		349		973
Transfers into Level 3		—		—
Transfers in out of Level 3		—		—
Balance as of 6/30/10	$	382	$	2,319
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	33	$	911

See Notes to Financial Statements.

170

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	^*
Foreign exchange contracts	Receivables		18,609
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	^*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	18,609

	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		(40,321	)
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(2,534,309	)^*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(2,574,630	)

The Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts			Swaps		Total
Interest rate contracts	$	—	$	—		$	—		$	—	$	—
Foreign exchange contracts		—		—			(308,734	)		—		(308,734	)
Credit contracts		—		—			—			—		—
Equity contracts		—		(4,202,691	)		—			—		(4,202,691	)
Commodity contracts		—		—			—			—		—
Other contracts		—		—			—			—		—

Total	$	—		$ (4,202,691	)		$ (308,734	)	$	—		$ (4,511,425	)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			382,219		—		382,219
Credit contracts		—		—			—		—		—
Equity contracts		—		(2,832,826	)		—		—		(2,832,826	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—		$ (2,832,826	)	$	382,219	$	—		$ (2,450,607	)

This Portfolio held forward foreign currency contracts with an average settlement value of approximately $15,506,000 and futures contracts with an average notional balance of approximately $26,688,000 during the six months ended June 30, 2010.

^ This Portfolio held forward foreign currency and futures contracts to gain or reduce exposure to the financial markets.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	66,349,860
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	927,512

As of June 30, 2010, 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	$	658,818
Aggregate gross unrealized depreciation		(9,490,274	)

Net unrealized depreciation	$	(8,831,456	)

Federal income tax cost of investments	$	113,976,895

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $9,138,817)	$	9,138,817
Unaffiliated Issuers (Cost $104,765,328)		96,006,622
Foreign cash (Cost $40,841,269)		40,982,077
Cash held as collateral at broker		4,138,100
Receivable from Separate Accounts for Trust shares sold		583,958
Dividends, interest and other receivables		168,794
Unrealized appreciation of forward foreign currency contracts		18,609
Receivable from investment sub-advisor		2,156
Receivable for securities sold		32
Other assets		670

Total assets		151,039,835

LIABILITIES
Overdraft payable		150,220
Variation margin payable on futures contracts		304,798
Investment management fees payable		45,942
Unrealized depreciation of forward foreign currency contracts		40,321
Administrative fees payable		23,361
Payable to Separate Accounts for Trust shares redeemed		4,716
Distribution fees payable - Class IB		2,323
Trustees’ fees payable		159
Accrued expenses		17,859

Total liabilities		589,699

NET ASSETS	$	150,450,136

Net assets were comprised of:
Paid in capital	$	169,233,864
Accumulated undistributed net investment income (loss)		689,611
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(8,298,526	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(11,174,813	)

Net assets	$	150,450,136

Class IA
Net asset value, offering and redemption price per share, $137,661,388 / 13,225,333 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.41

Class IB
Net asset value, offering and redemption price per share, $12,788,748 / 1,230,185 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.40

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $137,426 foreign withholding tax) ($5,558 of dividend income received from affiliates)	$	988,598
Interest		10,328

Total income		998,926

EXPENSES
Investment management fees		219,807
Administrative fees		107,981
Custodian fees		39,757
Professional fees		20,633
Distribution fees - Class IB		5,494
Printing and mailing expenses		5,092
Trustees’ fees		923
Miscellaneous		3,618

Gross expenses		403,305
Less: Waiver from investment advisor		(56,362	)
Reimbursement from sub-advisor		(3,460	)

Net expenses		343,483

NET INVESTMENT INCOME (LOSS)		655,443

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(125,046	)
Foreign currency transactions		(4,996,636	)
Futures		(4,202,691	)

Net realized gain (loss)		(9,324,373	)

Change in unrealized appreciation (depreciation) on:
Securities		(8,833,204	)
Foreign currency translations		1,070,315
Futures		(2,832,826	)

Net change in unrealized appreciation (depreciation)		(10,595,715	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(19,920,088	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(19,264,645	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			May 27, 2009* to December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	655,443		$	23,351
Net realized gain (loss) on investments, futures and foreign currency transactions		(9,324,373	)		1,577,396
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(10,595,715	)		(579,098	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(19,264,645	)		1,021,649

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		—			(275,139	)
Class IB†		—			(53	)

		—			(275,192	)

Distributions from net realized capital gains
Class IA		—			(265,485	)
Class IB†		—			(55	)

		—			(265,540	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(540,732	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [8,636,682 and 4,543,239 shares, respectively]		99,293,615			55,390,423
Capital shares issued in reinvestment of dividends and distributions [0 and 44,738 shares, respectively]		—			540,624
Capital shares repurchased [(8,715) and (611) shares, respectively]		(100,239	)		(7,658	)

Total Class IA transactions		99,193,376			55,923,389

Class IB†
Capital shares sold [1,245,968 and 7,419 shares, respectively]		14,201,124			89,707
Capital shares issued in reinvestment of dividends and distributions [0 and 9 shares, respectively]		—			108
Capital shares repurchased [(23,209) and (2) shares, respectively]		(273,814	)		(26	)

Total Class IB transactions		13,927,310			89,789

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		113,120,686			56,013,178

TOTAL INCREASE (DECREASE) IN NET ASSETS		93,856,041			56,494,095
NET ASSETS:
Beginning of period		56,594,095			100,000

End of period (a)	$	150,450,136		$	56,594,095

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	689,611		$	34,168

* The Portfolio commenced operations on May 27, 2009.
† Class IB commenced operations on October 29, 2009.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


Class IA	Six Months Ended June 30, 2010 (Unaudited)			May 27, 2009* to December 31, 2009
Net asset value, beginning of period	$	12.29		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.08	(e)		0.02	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1.96	)		2.41

Total from investment operations		(1.88	)		2.43

Less distributions:
Dividends from net investment income		—			(0.07	)
Distributions from net realized gains		—			(0.07	)

Total dividends and distributions		—			(0.14	)

Net asset value, end of period	$	10.41		$	12.29

Total return (b)		(15.30	)%		24.27	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	137,661		$	56,503
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.69	%		0.70	%
Before waivers and reimbursements (a)		0.83	%		2.00	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.39	%		0.23	%
Before waivers and reimbursements (a)		1.26	%		(1.08	)%
Portfolio turnover rate		2	%		24	%

Class IB	Six Months Ended June 30, 2010 (Unaudited)			October 29, 2009* to December 31, 2009
Net asset value, beginning of period	$	12.29		$	11.98

Income (loss) from investment operations:
Net investment income (loss)		0.02	(e)		(0.18	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1.91	)		0.62

Total from investment operations		(1.89	)		0.44

Less distributions:
Dividends from net investment income		—			(0.06	)
Distributions from net realized gains		—			(0.07	)

Total dividends and distributions		—			(0.13	)

Net asset value, end of period	$	10.40		$	12.29

Total return (b)		(15.38	)%		3.68	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	12,789		$	91
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.94	%		0.94	%(c)
Before waivers and reimbursements (a)		1.08	%(c)		2.25	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.31	%		(8.26	)%
Before waivers and reimbursements (a)		0.20	%		(9.62	)%
Portfolio turnover rate		2	%		24	%

*	Commencement of Operations.

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

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Sector Weightings as of 06/30/10	% of Net Assets
Financials	12.6	%
Industrials	5.8
Consumer Staples	5.6
Materials	5.0
Consumer Discretionary	4.6
Health Care	4.6
Energy	3.7
Utilities	3.0
Telecommunication Services	2.9
Information Technology	2.6
Cash and Other	49.6

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$846.80	$3.02
Hypothetical (5% average return before expenses)	1,000.00	1,021.52	3.31
* Expenses are equal to the Portfolio’s Class IA shares annualized expense ratios of 0.66% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Australia (4.1%)
AGL Energy Ltd.	51,238	$	631,018
Alumina Ltd.	304,497		385,855
Amcor Ltd.	130,706		696,354
AMP Ltd.	254,080		1,104,788
Aristocrat Leisure Ltd.	42,001		128,327
Arrow Energy Ltd.*	84,345		343,120
Asciano Group*	370,198		499,607
ASX Ltd.	23,724		578,833
Australia & New Zealand Banking Group Ltd.	317,078		5,692,224
AXA Asia Pacific Holdings Ltd.	63,828		292,307
Bendigo and Adelaide Bank Ltd.	59,842		409,050
BGP Holdings plc (b)*†	810,676		—
BHP Billiton Ltd.	424,396		13,198,653
Billabong International Ltd.	26,464		192,724
BlueScope Steel Ltd.*	271,149		472,351
Boral Ltd.	79,271		318,660
Brambles Ltd.	169,556		773,013
Caltex Australia Ltd.	34,806		271,802
CFS Retail Property Trust (REIT)	203,867		323,043
Coca-Cola Amatil Ltd.	66,256		663,556
Cochlear Ltd.	8,942		557,014
Commonwealth Bank of Australia	191,080		7,744,577
Computershare Ltd.	59,171		523,495
Crown Ltd.	62,661		406,135
CSL Ltd.	72,501		1,977,338
CSR Ltd.	229,605		322,013
Dexus Property Group (REIT)	777,025		500,288
Energy Resources of Australia Ltd.	13,916		154,184
Fairfax Media Ltd.	279,952		307,260
Fortescue Metals Group Ltd.*	135,607		462,336
Foster’s Group Ltd.	230,803		1,091,887
Goodman Fielder Ltd.	253,934		286,324
Goodman Group (REIT)	648,303		341,813
GPT Group (REIT)	204,358		479,797
Harvey Norman Holdings Ltd.	74,771		206,699
Incitec Pivot Ltd.	151,333		343,121
Insurance Australia Group Ltd.	276,666		787,030
Intoll Group	309,235		268,914
Leighton Holdings Ltd.	16,517		398,038
Lend Lease Group	108,223		660,633
MacArthur Coal Ltd.	34,346		345,391
Macquarie Group Ltd.	39,492		1,215,325
MAp Group	47,817		107,346
Metcash Ltd.	158,193		556,548
Mirvac Group (REIT)	482,521		528,252
National Australia Bank Ltd.	258,239		4,988,198
Newcrest Mining Ltd.	58,859		1,731,077
OneSteel Ltd.	167,618		415,038
Orica Ltd.	45,859		965,456
Origin Energy Ltd.	110,745		1,383,588
OZ Minerals Ltd.*	536,402		428,790
Paladin Energy Ltd.*	113,574		339,313
Qantas Airways Ltd.*	124,202		228,004
QBE Insurance Group Ltd.	127,628		1,942,283
Rio Tinto Ltd.	54,023		2,992,005
Santos Ltd.	99,713		1,046,682


	Number of Shares	Value (Note 1)

Sims Metal Management Ltd.	30,351	$	432,135
Sonic Healthcare Ltd.	44,261		385,546
SP AusNet	246,828		158,033
Stockland Corp., Ltd. (REIT)	295,971		919,595
Suncorp-Metway Ltd.	165,640		1,111,766
TABCORP Holdings Ltd.	69,644		368,904
Tatts Group Ltd.	226,912		424,777
Telstra Corp., Ltd.	531,599		1,446,478
Toll Holdings Ltd.	99,203		453,005
Transurban Group	139,449		494,664
Wesfarmers Ltd.	123,163		2,948,777
Wesfarmers Ltd. (PPS)	19,334		465,303
Westfield Group (REIT)	255,424		2,599,755
Westpac Banking Corp.	369,978		6,533,554
Woodside Petroleum Ltd.	63,614		2,218,792
Woolworths Ltd.	151,139		3,426,250
WorleyParsons Ltd.	18,286		337,885

			88,732,696

Austria (0.2%)
Erste Group Bank AG	23,480		746,977
Immofinaz AG*	104,732		269,634
OMV AG	19,610		591,015
Raiffeisen International Bank Holding AG*	6,989		266,364
Telekom Austria AG	39,214		435,894
Verbund AG, Class A	9,238		282,967
Vienna Insurance Group	5,620		234,330
Voestalpine AG	13,836		378,696

			3,205,877

Belgium (0.5%)
Ageas	267,974		598,506
Anheuser-Busch InBev N.V.*	104,330		4,295,256
Belgacom S.A.	19,820		623,931
Cie Nationale a Portefeuille	6,237		264,760
Colruyt S.A.	1,730		406,872
Delhaize Group S.A.	12,976		939,562
Dexia S.A.*	65,632		228,644
Groupe Bruxelles Lambert S.A.	10,393		721,882
KBC Groep N.V.*	20,261		777,129
Mobistar S.A.	3,149		166,540
Solvay S.A.	7,533		643,224
UCB S.A.	13,156		412,166
Umicore S.A.	13,000		376,164

			10,454,636

Bermuda (0.0%)
Seadrill Ltd.	34,889		627,136

China (0.0%)
Foxconn International Holdings Ltd.*	274,551		178,258
Yangzijiang Shipbuilding Holdings Ltd.	73,999		70,637

			248,895

Cyprus (0.0%)
Bank of Cyprus PCL	73,105		292,962

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Denmark (0.5%)
A. P. Moller - Maersk A/S, Class A	80	$	609,096
A. P. Moller - Maersk A/S, Class B	158		1,238,831
Carlsberg A/S, Class B	13,003		988,584
Coloplast A/S, Class B	3,105		308,214
Danske Bank A/S*	57,103		1,096,668
DSV A/S	26,394		378,703
Novo Nordisk A/S, Class B	53,611		4,324,567
Novozymes A/S, Class B	6,072		644,467
Tryg A/S	4,262		224,079
Vestas Wind Systems A/S*	24,847		1,032,839
William Demant Holding A/S*	3,746		273,551

			11,119,599

Finland (0.5%)
Elisa Oyj*	18,025		312,037
Fortum Oyj	59,075		1,300,488
Kesko Oyj, Class B	8,733		282,794
Kone Oyj, Class B	19,968		793,968
Metso Oyj	15,023		479,729
Neste Oil Oyj	17,969		261,066
Nokia Oyj	474,590		3,875,161
Nokian Renkaat Oyj	13,141		321,831
Orion Oyj, Class B	9,305		174,104
Outokumpu Oyj	15,155		227,865
Pohjola Bank plc	18,374		187,051
Rautaruukki Oyj	13,629		198,723
Sampo Oyj, Class A	54,889		1,148,450
Sanoma Oyj	9,995		172,437
Stora Enso Oyj, Class R	67,588		483,509
UPM-Kymmene Oyj	62,359		826,303
Wartsila Oyj	11,095		505,420

			11,550,936

France (4.7%)
Accor S.A.*	18,290		839,947
Aeroports de Paris S.A.	4,141		263,901
Air France-KLM*	16,073		189,074
Air Liquide S.A.	35,998		3,615,712
Alcatel-Lucent*	278,292		709,795
Alstom S.A.	25,384		1,144,680
Atos Origin S.A.*	5,335		213,082
AXA S.A.	216,759		3,287,343
bioMerieux S.A.	1,726		177,100
BNP Paribas S.A.	119,946		6,404,446
Bouygues S.A.	27,900		1,068,655
Bureau Veritas S.A.	6,778		364,895
Cap Gemini S.A.	17,265		754,311
Carrefour S.A.	77,345		3,053,860
Casino Guichard Perrachon S.A.	7,286		550,206
Christian Dior S.A.	8,258		784,654
Cie de Saint-Gobain S.A.	48,991		1,808,894
Cie Generale de Geophysique-Veritas*	19,686		345,767
Cie Generale d’Optique Essilor International S.A.	24,851		1,479,638
CNP Assurances S.A.	5,028		342,492
Compagnie Generale des Etablissements Michelin, Class B	18,409		1,283,240


	Number of Shares	Value (Note 1)

Credit Agricole S.A.	114,826	$	1,175,406
Danone S.A.	72,696		3,882,109
Dassault Systemes S.A.	7,058		427,118
EDF S.A.	31,343		1,191,109
Eiffage S.A.	5,506		237,677
Eramet S.A.	734		179,720
Eurazeo S.A.	4,047		232,684
Eutelsat Communications S.A.	13,526		451,885
Fonciere Des Regions (REIT)	3,281		271,292
France Telecom S.A.	233,689		4,032,512
GDF Suez S.A.	156,826		4,437,013
Gecina S.A. (REIT)	2,555		228,247
Groupe Eurotunnel S.A.	59,122		399,568
Hermes International S.A.	7,152		948,914
ICADE (REIT)	2,990		252,237
Iliad S.A.	2,492		193,294
Imerys S.A.	5,074		256,622
Ipsen S.A.	3,798		115,789
J.C. Decaux S.A.*	9,370		217,045
Klepierre S.A. (REIT)	12,816		351,857
Lafarge S.A.	25,364		1,371,501
Lagardere S.C.A.	13,660		423,254
Legrand S.A.	16,021		471,994
L’Oreal S.A.	29,870		2,918,771
LVMH Moet Hennessy Louis Vuitton S.A.	31,168		3,395,057
Metropole Television S.A.	9,451		191,464
Natixis S.A.*	112,464		483,804
Neopost S.A.	3,399		245,974
PagesJaunes Groupe S.A.	19,155		197,321
Pernod-Ricard S.A.	24,542		1,898,491
Peugeot S.A.*	17,386		439,471
PPR S.A.	9,440		1,164,933
Publicis Groupe S.A.	15,712		624,577
Renault S.A.*	25,706		946,046
Safran S.A.	23,074		639,878
Sanofi-Aventis S.A.	133,173		8,030,718
Schneider Electric S.A.	29,718		3,007,903
SCOR SE	22,488		429,825
Societe BIC S.A.	3,854		273,373
Societe Generale S.A.	78,555		3,195,518
Societe Television Francaise 1 S.A.	16,547		216,255
Sodexo S.A.	12,384		685,895
Suez Environnement Co. S.A.	36,966		608,988
Technip S.A.	12,122		690,202
Thales S.A.	13,138		422,319
Total S.A.	267,485		11,904,285
Unibail-Rodamco S.A. (REIT)	11,618		1,885,603
Vallourec S.A.	6,876		1,174,018
Veolia Environnement	42,316		988,403
Vinci S.A.	54,375		2,239,057
Vivendi S.A.	152,832		3,091,920

			102,420,608

Germany (3.9%)
Adidas AG	25,581		1,234,743
Allianz SE (Registered)	57,229		5,682,637
BASF SE	115,872		6,321,580
Bayer AG	104,403		5,825,173
Bayerische Motoren Werke (BMW) AG	41,277		1,996,495

See Notes to Financial Statements.

178

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Bayerische Motoren Werke (BMW) AG (Preference)	6,464	$	226,803
Beiersdorf AG	12,272		674,607
Celesio AG	11,009		239,657
Commerzbank AG*	85,066		593,700
Continental AG*	5,043		261,519
Daimler AG*	113,702		5,757,550
Deutsche Bank AG (Registered)	76,543		4,327,603
Deutsche Boerse AG	25,086		1,524,146
Deutsche Lufthansa AG (Registered)*	33,317		459,069
Deutsche Post AG (Registered)	106,274		1,541,621
Deutsche Postbank AG*	12,230		353,102
Deutsche Telekom AG (Registered)	358,881		4,230,578
E.ON AG	228,058		6,139,269
Fraport AG	5,366		228,065
Fresenius Medical Care AG & Co. KGaA	25,782		1,394,798
Fresenius SE	3,235		215,113
Fresenius SE (Preference)	10,461		691,716
GEA Group AG	21,952		436,077
Hannover Rueckversicherung AG (Registered)	8,379		360,946
HeidelbergCement AG	17,614		838,964
Henkel AG & Co. KGaA	17,012		694,770
Henkel AG & Co. KGaA (Preference)	22,983		1,118,074
Hochtief AG	6,421		381,576
Infineon Technologies AG*	135,201		781,340
K+S AG	16,799		772,770
Linde AG	20,813		2,185,420
MAN SE	12,658		1,043,552
Merck KGaA	7,891		574,875
Metro AG	15,643		795,284
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)	24,705		3,092,876
Porsche Automobil Holding SE (Preference)	12,568		536,145
Puma AG Rudolf Dassler Sport	659		173,930
RWE AG	52,964		3,452,223
RWE AG (Preference)	5,369		323,768
Salzgitter AG	4,784		285,116
SAP AG	106,954		4,750,661
Siemens AG (Registered)	103,092		9,225,386
Suedzucker AG	10,100		181,124
ThyssenKrupp AG	40,576		996,746
TUI AG*	20,430		179,613
United Internet AG	20,626		226,799
Volkswagen AG	3,237		274,143
Volkswagen AG (Preference)	21,929		1,919,845
Wacker Chemie AG	2,133		308,702

			85,830,269

Greece (0.1%)
Alpha Bank AE*	62,337		304,684
Coca Cola Hellenic Bottling Co. S.A.	23,546		502,378
EFG Eurobank Ergasias S.A.*	40,570		180,055
Hellenic Telecommunications Organization S.A.*	32,735		246,119


	Number of Shares	Value (Note 1)

National Bank of Greece S.A.*	76,050	$	828,655
OPAP S.A.	28,815		358,412
Piraeus Bank S.A.*	34,805		146,738
Public Power Corp. S.A.	12,858		184,415

			2,751,456

Hong Kong (1.3%)
ASM Pacific Technology Ltd.	21,277		165,442
Bank of East Asia Ltd.	175,121		630,648
BOC Hong Kong Holdings Ltd.	442,423		1,005,656
Cathay Pacific Airways Ltd.	138,368		271,278
Cheung Kong Holdings Ltd.	170,508		1,959,347
Cheung Kong Infrastructure Holdings Ltd.	64,113		237,372
CLP Holdings Ltd.	249,628		1,807,376
Esprit Holdings Ltd.	138,600		747,444
Hang Lung Group Ltd.	124,000		668,055
Hang Lung Properties Ltd.	264,111		1,012,980
Hang Seng Bank Ltd.	97,232		1,299,062
Henderson Land Development Co., Ltd.	138,496		806,866
Hong Kong & China Gas Co., Ltd.	554,521		1,370,594
Hong Kong Exchanges and Clearing Ltd.	130,922		2,041,503
HongKong Electric Holdings Ltd.	164,665		980,063
Hopewell Holdings Ltd.	96,362		271,037
Hutchison Whampoa Ltd.	269,533		1,664,090
Hysan Development Co., Ltd.	89,907		252,801
Kerry Properties Ltd.	85,324		366,225
Li & Fung Ltd.	281,375		1,259,582
Lifestyle International Holdings Ltd.	95,250		184,743
Link REIT (REIT)	256,619		634,911
Mongolia Energy Co., Ltd.*	331,602		115,728
MTR Corp.	187,016		637,223
New World Development Ltd.	294,631		475,953
Noble Group Ltd.	442,130		533,869
NWS Holdings Ltd.	119,914		216,756
Orient Overseas International Ltd.*	30,705		219,346
PCCW Ltd.	372,065		107,999
Shangri-La Asia Ltd.	178,240		328,469
Sino Land Co., Ltd.	217,735		386,720
Sun Hung Kai Properties Ltd.	178,108		2,421,609
Swire Pacific Ltd., Class A	98,312		1,113,952
Television Broadcasts Ltd.	44,846		207,835
Wharf Holdings Ltd.	171,326		829,346
Wheelock & Co., Ltd.	123,774		347,809
Wing Hang Bank Ltd.	24,851		242,209
Yue Yuen Industrial Holdings Ltd.	92,337		286,866

			28,108,764

Ireland (0.3%)
Anglo Irish Bank Corp., Ltd. (b)*†	52,563		—
Bank of Ireland*	214,677		176,525
CRH plc	91,464		1,896,405
Elan Corp. plc*	67,811		307,132
Experian plc	130,704		1,131,690

See Notes to Financial Statements.

179

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Governor & Co. of the Bank of Ireland*	210,578	$	166,818
James Hardie Industries SE (CDI)*	77,451		403,380
Kerry Group plc, Class A	18,678		517,917
Shire plc	74,126		1,506,699

			6,106,566

Israel (0.4%)
Bank Hapoalim B.M.*	110,632		397,452
Bank Leumi Le-Israel B.M.*	135,403		481,019
Bezeq Israeli Telecommunication Corp., Ltd.	193,698		423,752
Cellcom Israel Ltd.	4,338		108,224
Delek Group Ltd.	255		53,033
Discount Investment Corp.	1,633		25,896
Elbit Systems Ltd.	1,967		99,766
Israel Chemicals Ltd.	50,994		531,785
Israel Corp. Ltd.*	220		136,204
Israel Discount Bank Ltd., Class A*	46,170		77,914
Makhteshim-Agan Industries Ltd.	21,115		70,360
Mizrahi Tefahot Bank Ltd.*	10,447		75,918
NICE Systems Ltd.*	5,991		148,789
Ormat Industries	3,503		25,979
Partner Communications Co., Ltd.	7,651		117,634
Teva Pharmaceutical Industries Ltd.	116,071		6,056,463

			8,830,188

Italy (1.4%)
A2A S.p.A.	175,360		237,739
Assicurazioni Generali S.p.A.	144,517		2,521,872
Atlantia S.p.A.	28,342		502,464
Autogrill S.p.A.*	18,684		223,710
Banca Carige S.p.A.	114,118		223,123
Banca Monte dei Paschi di Siena S.p.A.*	230,724		261,230
Banca Popolare S.c.a.rl.	30,624		126,361
Banco Popolare S.c.a.r.l.	76,150		418,484
Beni Stabili S.p.A.*	19,686		14,925
Enel S.p.A.	833,124		3,524,533
ENI S.p.A.	329,638		6,051,208
Exor S.p.A.	8,337		140,462
Fiat S.p.A.	92,744		954,501
Finmeccanica S.p.A.	49,133		509,859
Intesa Sanpaolo S.p.A.	1,142,253		2,880,798
Luxottica Group S.p.A.	15,857		382,046
Mediaset S.p.A.	89,933		512,053
Mediobanca S.p.A.*	62,050		462,492
Mediolanum S.p.A.	39,876		156,046
Parmalat S.p.A.	210,750		489,583
Pirelli & C. S.p.A.	271,880		150,238
Prysmian S.p.A.	20,209		290,314
Saipem S.p.A.	31,711		963,724
Snam Rete Gas S.p.A.	173,337		689,096
Telecom Italia S.p.A.	1,226,415		1,351,738
Telecom Italia S.p.A. (RNC)	779,319		710,161
Terna Rete Elettrica Nazionale S.p.A.	150,968		543,698


	Number of Shares	Value (Note 1)

UniCredit S.p.A.	1,971,918	$	4,377,073
Unione di Banche Italianen S.c.p.A.	74,061		637,243

			30,306,774

Japan (11.7%)
77 Bank Ltd.	36,541		195,900
ABC-Mart, Inc.	2,860		112,213
Acom Co., Ltd.	6,394		82,404
Advantest Corp.	20,002		418,838
Aeon Co., Ltd.	71,048		754,076
Aeon Credit Service Co., Ltd.	10,262		91,015
Aeon Mall Co., Ltd.	10,538		209,099
Air Water, Inc.	15,000		164,038
Aisin Seiki Co., Ltd.	24,862		671,697
Ajinomoto Co., Inc.	85,832		777,252
Alfresa Holdings Corp.	4,534		218,714
All Nippon Airways Co., Ltd.*	101,698		321,787
Amada Co., Ltd.	45,852		301,113
Aozora Bank Ltd.	119,082		154,734
Asahi Breweries Ltd.	45,613		771,027
Asahi Glass Co., Ltd.	134,248		1,252,589
Asahi Kasei Corp.	162,922		852,690
Asics Corp.	19,052		174,577
Astellas Pharma, Inc.	56,870		1,901,878
Bank of Kyoto Ltd.	42,918		352,442
Bank of Yokohama Ltd.	143,300		654,301
Benesse Holdings, Inc.	7,626		347,304
Bridgestone Corp.	81,636		1,294,193
Brother Industries Ltd.	29,985		312,189
Canon Marketing Japan, Inc.	9,038		127,355
Canon, Inc.	141,670		5,281,894
Casio Computer Co., Ltd.	34,873		208,913
Central Japan Railway Co.	184		1,515,313
Chiba Bank Ltd.	88,328		532,136
Chiyoda Corp.	16,000		116,074
Chubu Electric Power Co., Inc.	82,046		2,034,226
Chugai Pharmaceutical Co., Ltd.	29,653		523,649
Chugoku Bank Ltd.	22,489		265,079
Chugoku Electric Power Co., Inc.	38,138		786,905
Chuo Mitsui Trust Holdings, Inc.	124,129		437,127
Citizen Holdings Co., Ltd.	35,611		216,602
Coca-Cola West Co., Ltd.	5,489		90,762
Cosmo Oil Co., Ltd.	61,778		148,511
Credit Saison Co., Ltd.	20,984		217,058
Dai Nippon Printing Co., Ltd.	71,838		830,148
Daicel Chemical Industries Ltd.	40,045		270,087
Daido Steel Co., Ltd.	43,481		186,589
Daihatsu Motor Co., Ltd.	23,800		220,939
Dai-ichi Life Insurance Co., Ltd.	1,033		1,420,625
Daiichi Sankyo Co., Ltd.	83,013		1,484,573
Daikin Industries Ltd.	29,777		908,805
Dainippon Sumitomo Pharma Co., Ltd.	29,608		227,564
Daito Trust Construction Co., Ltd.	10,362		585,778
Daiwa House Industry Co., Ltd.	65,342		588,641
Daiwa Securities Group, Inc.	204,824		861,635
DeNA Co., Ltd.	9,601		253,198
Denki Kagaku Kogyo KK	56,282		262,522

See Notes to Financial Statements.

180

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Denso Corp.	63,688	$	1,760,842
Dentsu, Inc.	22,022		581,212
Dowa Holdings Co., Ltd.	30,608		147,417
East Japan Railway Co.	43,032		2,868,525
Eisai Co., Ltd.	33,746		1,116,383
Electric Power Development Co., Ltd.	14,497		460,531
Elpida Memory, Inc.*	22,161		342,382
FamilyMart Co., Ltd.	6,296		207,502
Fanuc Ltd.	23,956		2,687,625
Fast Retailing Co., Ltd.	6,284		948,463
Fuji Electric Holdings Co., Ltd.	79,712		227,962
Fuji Heavy Industries Ltd.*	78,520		419,183
Fuji Media Holdings, Inc.	51		73,290
Fujifilm Holdings Corp.	57,732		1,660,721
Fujitsu Ltd.	234,258		1,471,703
Fukuoka Financial Group, Inc.	105,017		435,560
Furukawa Electric Co., Ltd.	83,712		367,712
GS Yuasa Corp.	42,037		274,454
Gunma Bank Ltd.	49,726		263,040
Hachijuni Bank Ltd.	53,684		302,265
Hakuhodo DY Holdings, Inc.	2,474		124,204
Hankyu Hanshin Holdings, Inc.	144,552		636,062
Hino Motors Ltd.	34,170		168,053
Hirose Electric Co., Ltd.	4,034		368,313
Hiroshima Bank Ltd.	63,720		254,083
Hisamitsu Pharmaceutical Co., Inc.	8,533		338,578
Hitachi Chemical Co., Ltd.	13,612		252,708
Hitachi Construction Machinery Co., Ltd.	12,087		223,283
Hitachi High-Technologies Corp.	8,382		154,282
Hitachi Ltd.*	572,589		2,076,485
Hitachi Metals Ltd.	22,614		229,525
Hokkaido Electric Power Co., Inc.	21,832		469,982
Hokuhoku Financial Group, Inc.	169,048		309,988
Hokuriku Electric Power Co.	21,462		470,440
Honda Motor Co., Ltd.	208,696		6,060,849
HOYA Corp.	56,898		1,208,167
Ibiden Co., Ltd.	16,766		452,003
Idemitsu Kosan Co., Ltd.	2,410		181,010
IHI Corp.	171,166		273,344
INPEX Corp.	111		616,935
Isetan Mitsukoshi Holdings Ltd.	49,432		481,942
Isuzu Motors Ltd.	157,862		471,374
Ito En Ltd.	11,689		178,855
ITOCHU Corp.	189,968		1,481,160
ITOCHU Techno-Solutions Corp.	3,075		111,430
Iyo Bank Ltd.	31,422		291,849
J. Front Retailing Co., Ltd.	64,332		310,508
Jafco Co., Ltd.	3,084		67,715
Japan Petroleum Exploration Co.	3,490		142,393
Japan Prime Realty Investment Corp. (REIT)	77		161,809
Japan Real Estate Investment Corp. (REIT)	63		513,801

Japan Retail Fund Investment Corp. (REIT)	188		228,568
Japan Steel Works Ltd.	43,978		387,248
Japan Tobacco, Inc.	576		1,790,691
JFE Holdings, Inc.	59,924		1,849,963


	Number of Shares	Value (Note 1)

JGC Corp.	25,674	$	389,212
Joyo Bank Ltd.	89,520		355,494
JS Group Corp.	30,077		574,239
JSR Corp.	20,482		343,424
JTEKT Corp.	24,418		225,165
Jupiter Telecommunications Co., Ltd.	256		243,975
JX Holdings, Inc.*	287,071		1,403,193
Kajima Corp.	114,261		257,826
Kamigumi Co., Ltd.	26,296		202,094
Kaneka Corp.	39,356		228,216
Kansai Electric Power Co., Inc.	95,377		2,328,661
Kansai Paint Co., Ltd.	26,548		227,200
Kao Corp.	67,133		1,578,147
Kawasaki Heavy Industries Ltd.	164,160		398,395
Kawasaki Kisen Kaisha Ltd.*	75,838		306,852
KDDI Corp.	361		1,714,785
Keihin Electric Express Railway Co., Ltd.	66,534		587,192
Keio Corp.	77,653		500,089
Keisei Electric Railway Co., Ltd.	29,784		165,902
Keyence Corp.	5,521		1,270,043
Kikkoman Corp.	19,883		208,385
Kinden Corp.	18,304		155,647
Kintetsu Corp.	190,020		579,353
Kirin Holdings Co., Ltd.	104,609		1,317,360
Kobe Steel Ltd.	323,905		618,508
Koito Manufacturing Co., Ltd.	10,000		146,849
Komatsu Ltd.	117,328		2,120,125
Konami Corp.	10,012		157,802
Konica Minolta Holdings, Inc.	61,564		592,447
Kubota Corp.	146,492		1,118,671
Kuraray Co., Ltd.	40,008		467,163
Kurita Water Industries Ltd.	13,786		376,550
Kyocera Corp.	20,196		1,630,902
Kyowa Hakko Kirin Co., Ltd.	35,733		339,409
Kyushu Electric Power Co., Inc.	50,112		1,123,754
Lawson, Inc.	6,920		302,439
Mabuchi Motor Co., Ltd.	2,811		128,697
Makita Corp.	12,954		345,568
Marubeni Corp.	210,532		1,078,428
Marui Group Co., Ltd.	23,714		159,775
Maruichi Steel Tube Ltd.	3,738		71,574
Matsui Securities Co., Ltd.	19,736		120,291
Mazda Motor Corp.	174,621		407,664
McDonald’s Holdings Co. Japan Ltd.	7,160		160,388
Medipal Holdings Corp.	17,878		212,660
MEIJI Holdings Co. Ltd.	9,382		383,348
Minebea Co., Ltd.	38,289		211,090
Mitsubishi Chemical Holdings Corp.	155,641		708,758
Mitsubishi Corp.	169,316		3,528,176
Mitsubishi Electric Corp.	251,629		1,959,916
Mitsubishi Estate Co., Ltd.	148,989		2,068,579
Mitsubishi Gas Chemical Co., Inc.	50,717		245,770
Mitsubishi Heavy Industries Ltd.	400,744		1,376,410
Mitsubishi Logistics Corp.	14,244		158,958
Mitsubishi Materials Corp.*	147,181		392,872
Mitsubishi Motors Corp.*	512,782		648,850
Mitsubishi Tanabe Pharma Corp.	30,110		458,557

See Notes to Financial Statements.

181

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Mitsubishi UFJ Financial Group, Inc.	1,600,514	$	7,255,386
Mitsubishi UFJ Lease & Finance Co., Ltd.	7,730		260,228
Mitsui & Co., Ltd.	215,646		2,535,236
Mitsui Chemicals, Inc.	120,712		335,150
Mitsui Engineering & Shipbuilding Co., Ltd.	97,142		195,563
Mitsui Fudosan Co., Ltd.	105,573		1,475,949
Mitsui Mining & Smelting Co., Ltd.	59,879		158,588
Mitsui O.S.K. Lines Ltd.	137,425		906,922
Mitsumi Electric Co., Ltd.	10,900		185,473
Mizuho Financial Group, Inc.	1,737,544		2,851,864
Mizuho Securities Co., Ltd.	73,584		163,093
Mizuho Trust & Banking Co., Ltd.*	212,412		182,468
MS&AD Insurance Group Holdings, Inc.	67,904		1,449,553
Murata Manufacturing Co., Ltd.	26,429		1,258,758
Namco Bandai Holdings, Inc.	31,081		272,692
NEC Corp.	352,258		909,305
NGK Insulators Ltd.	29,733		462,232
NGK Spark Plug Co., Ltd.	21,539		266,953
NHK Spring Co., Ltd.	17,925		164,346
Nidec Corp.	14,454		1,210,580
Nikon Corp.	38,541		664,321
Nintendo Co., Ltd.	12,361		3,600,714
Nippon Building Fund, Inc. (REIT)	67		529,589
Nippon Electric Glass Co., Ltd.	41,978		477,718
Nippon Express Co., Ltd.	97,573		439,037
Nippon Meat Packers, Inc.	19,925		246,360
Nippon Paper Group, Inc.	12,193		337,522
Nippon Sheet Glass Co., Ltd.	69,586		169,433
Nippon Steel Corp.	651,433		2,159,125
Nippon Telegraph & Telephone Corp.	65,069		2,656,703
Nippon Yusen KK	178,558		648,434
Nishi-Nippon City Bank Ltd.	83,520		240,405
Nissan Chemical Industries Ltd.	18,304		204,708
Nissan Motor Co., Ltd.*	307,752		2,133,405
Nissha Printing Co., Ltd.	3,400		90,926
Nisshin Seifun Group, Inc.	20,862		236,025
Nisshin Steel Co., Ltd.	58,328		93,158
Nisshinbo Holdings, Inc.	18,866		181,200
Nissin Food Holdings Co., Ltd.	10,294		378,954
Nitori Co., Ltd.	4,075		350,744
Nitto Denko Corp.	19,689		642,385
NKSJ Holdings, Inc.*	193,515		1,147,546
NOK Corp.	15,736		249,785
Nomura Holdings, Inc.	434,492		2,378,597
Nomura Real Estate Holdings, Inc.	14,325		179,762
Nomura Real Estate Office Fund, Inc. (REIT)	34		169,109
Nomura Research Institute Ltd.	13,012		275,088
NSK Ltd.	62,030		431,464
NTN Corp.	53,340		218,194
NTT Data Corp.	166		612,364
NTT DoCoMo, Inc.	1,886		2,852,065
NTT Urban Development Corp.	131		103,520


	Number of Shares	Value (Note 1)

Obayashi Corp.	87,334	$	344,655
Obic Co., Ltd.	722		138,614
Odakyu Electric Railway Co., Ltd.	82,897		709,612
OJI Paper Co., Ltd.	114,388		559,494
Olympus Corp.	26,048		616,548
Omron Corp.	26,656		576,480
Ono Pharmaceutical Co., Ltd.	11,325		459,994
Oracle Corp. Japan	5,460		268,268
Oriental Land Co., Ltd.	6,014		502,399
ORIX Corp.	12,599		915,100
Osaka Gas Co., Ltd.	228,132		823,838
Otsuka Corp.	1,561		99,373
Panasonic Corp.	243,114		3,035,724
Panasonic Electric Works Co., Ltd.	49,474		484,092
Rakuten, Inc.	848		612,414
Resona Holdings, Inc.	71,667		871,770
Ricoh Co., Ltd.	89,420		1,136,468
Rinnai Corp.	4,316		221,263
Rohm Co., Ltd.	11,574		691,260
Sankyo Co., Ltd.	7,502		338,832
Santen Pharmaceutical Co., Ltd.	7,869		283,166
Sanyo Electric Co., Ltd.*	202,517		260,800
Sapporo Hokuyo Holdings, Inc.	31,763		140,170
Sapporo Holdings Ltd.	31,296		134,589
SBI Holdings, Inc.	2,561		317,477
Secom Co., Ltd.	26,573		1,179,890
Sega Sammy Holdings, Inc.	26,325		376,853
Seiko Epson Corp.	20,578		263,750
Sekisui Chemical Co., Ltd.	48,786		304,391
Sekisui House Ltd.	66,030		566,074
Senshu Ikeda Holdings, Inc.	96,251		139,279
Seven & I Holdings Co., Ltd.	93,788		2,151,898
Seven Bank Ltd.	64		115,885
Sharp Corp.	127,062		1,337,696
Shikoku Electric Power Co., Inc.	23,457		670,752
Shimadzu Corp.	26,860		201,416
Shimamura Co., Ltd.	2,954		266,092
Shimano, Inc.	9,164		392,550
Shimizu Corp.	81,090		277,282
Shin-Etsu Chemical Co., Ltd.	52,236		2,430,138
Shinko Electric Industries Co., Ltd.	8,048		104,367
Shinsei Bank Ltd.*	158,420		133,706
Shionogi & Co., Ltd.	38,793		802,566
Shiseido Co., Ltd.	42,578		936,538
Shizuoka Bank Ltd.	78,276		682,303
Showa Denko KK	162,618		294,088
Showa Shell Sekiyu KK	28,425		196,252
SMC Corp.	6,952		928,137
Softbank Corp.	100,228		2,649,184
Sojitz Corp.	171,958		269,309
Sony Corp.	126,536		3,368,158
Sony Financial Holdings, Inc.	126		421,321
Square Enix Holdings Co., Ltd.	10,876		199,955
Stanley Electric Co., Ltd.	19,316		319,713
Sumco Corp.*	14,948		248,909
Sumitomo Chemical Co., Ltd.	200,842		775,444
Sumitomo Corp.	141,872		1,413,047
Sumitomo Electric Industries Ltd.	101,440		1,187,354
Sumitomo Heavy Industries Ltd.	76,216		448,887

See Notes to Financial Statements.

182

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Sumitomo Metal Industries Ltd.	444,280	$	1,002,090
Sumitomo Metal Mining Co., Ltd.	63,216		793,183
Sumitomo Mitsui Financial Group, Inc.	167,812		4,737,448
Sumitomo Realty & Development Co., Ltd.	46,474		792,622
Sumitomo Rubber Industries Ltd.	24,064		211,917
Sumitomo Trust & Banking Co., Ltd.	170,908		869,415
Suruga Bank Ltd.	26,110		236,544
Suzuken Co., Ltd.	9,394		314,585
Suzuki Motor Corp.	41,964		823,864
Sysmex Corp.	3,600		204,435
T&D Holdings, Inc.	31,248		666,971
Taiheiyo Cement Corp.*	82,446		104,053
Taisei Corp.	136,613		271,945
Taisho Pharmaceutical Co., Ltd.	17,429		343,911
Taiyo Nippon Sanso Corp.	42,608		338,008
Takashimaya Co., Ltd.	36,045		286,779
Takeda Pharmaceutical Co., Ltd.	94,277		4,034,777
TDK Corp.	14,529		796,964
Teijin Ltd.	125,750		373,415
Terumo Corp.	22,150		1,059,997
THK Co., Ltd.	17,092		353,359
Tobu Railway Co., Ltd.	94,009		505,626
Toho Co., Ltd.	14,854		244,880
Toho Gas Co., Ltd.	46,306		247,000
Tohoku Electric Power Co., Inc.	57,641		1,237,649
Tokio Marine Holdings, Inc.	89,785		2,351,882
Tokuyama Corp.	42,548		186,744
Tokyo Electric Power Co., Inc.	153,142		4,168,916
Tokyo Electron Ltd.	21,964		1,186,135
Tokyo Gas Co., Ltd.	311,289		1,423,175
Tokyo Steel Manufacturing Co., Ltd.	12,424		143,817
Tokyo Tatemono Co., Ltd.	40,152		123,100
Tokyu Corp.	148,989		606,934
Tokyu Land Corp.	49,306		172,630
TonenGeneral Sekiyu KK	38,170		329,842
Toppan Printing Co., Ltd.	74,090		587,751
Toray Industries, Inc.	159,226		764,014
Toshiba Corp.*	499,317		2,480,715
Tosoh Corp.	50,905		131,410
TOTO Ltd.	32,800		218,469
Toyo Seikan Kaisha Ltd.	22,396		324,994
Toyo Suisan Kaisha Ltd.	13,244		315,184
Toyoda Gosei Co., Ltd.	9,058		224,477
Toyota Boshoku Corp.	8,108		118,346
Toyota Industries Corp.	23,582		598,480
Toyota Motor Corp.	348,764		11,993,773
Toyota Tsusho Corp.	28,286		405,056
Trend Micro, Inc.	13,518		364,440
Tsumura & Co.	6,296		192,964
Ube Industries Ltd.	120,877		286,443
Unicharm Corp.	4,802		540,770
UNY Co., Ltd.	21,167		160,734
Ushio, Inc.	12,436		192,000
USS Co., Ltd.	3,119		222,630
West Japan Railway Co.	199		727,423
Yahoo! Japan Corp.	1,879		746,781
Yakult Honsha Co., Ltd.	13,393		363,573
Yamada Denki Co., Ltd.	9,648		629,826


	Number of Shares	Value (Note 1)

Yamaguchi Financial Group, Inc.	26,237	$	250,226
Yamaha Corp.	23,021		233,811
Yamaha Motor Co., Ltd.*	29,568		390,271
Yamato Holdings Co., Ltd.	49,864		659,871
Yamato Kogyo Co., Ltd.	5,946		147,958
Yamazaki Baking Co., Ltd.	12,429		167,824
Yaskawa Electric Corp.	27,145		201,066
Yokogawa Electric Corp.	29,697		182,974

			256,888,096

Luxembourg (0.3%)
ArcelorMittal S.A.	113,415		3,016,396
Millicom International Cellular S.A. (SDR)	9,707		783,384
SES S.A. (FDR)	37,883		786,876
Tenaris S.A.	59,754		1,037,030

			5,623,686

Macau (0.0%)
Sands China Ltd.*	262,396		385,172
Wynn Macau Ltd.*	154,200		252,268

			637,440

Mexico (0.0%)
Fresnillo plc	23,278		336,301

Netherlands (2.3%)
Aegon N.V.*	187,583		1,004,891
Akzo Nobel N.V.	28,445		1,471,406
ASML Holding N.V.	52,574		1,443,759
Corio N.V. (REIT)	7,145		347,072
Delta Lloyd N.V.	16,116		269,522
European Aeronautic Defence and Space Co. N.V.*	49,661		1,013,343
Fugro N.V. (CVA)	9,939		454,447
Heineken Holding N.V.	20,060		731,843
Heineken N.V.	31,065		1,316,826
ING Groep N.V. (CVA)*	476,049		3,534,418
Koninklijke (Royal) KPN N.V.	207,508		2,649,639
Koninklijke Ahold N.V.	143,758		1,780,337
Koninklijke Boskalis Westminster N.V.	7,645		297,677
Koninklijke DSM N.V.	18,836		748,341
Koninklijke Philips Electronics N.V.	120,590		3,594,471
Koninklijke Vopak N.V.	12,136		445,377
QIAGEN N.V.*	30,633		593,408
Randstad Holding N.V.*	13,272		522,401
Reed Elsevier N.V.	87,405		964,222
Royal Dutch Shell plc, Class A	448,517		11,326,607
Royal Dutch Shell plc, Class B	341,073		8,257,829
SBM Offshore N.V.	15,105		215,563
TNT N.V.	43,352		1,092,655
Unilever N.V. (CVA)	201,745		5,500,639
Wolters Kluwer N.V.	35,393		675,363

			50,252,056

New Zealand (0.1%)
Auckland International Airport Ltd.	91,049		116,379
Contact Energy Ltd.*	31,513		122,690

See Notes to Financial Statements.

183

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AXA TACTICAL MANAGER INTERNATIONAL PORTFOLIO-II

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Fletcher Building Ltd.	82,099	$	439,596
Sky City Entertainment Group Ltd.	64,100		124,939
Telecom Corp. of New Zealand Ltd.	249,622		322,685

			1,126,289

Norway (0.3%)
Aker Solutions ASA	18,174		208,171
DnB NOR ASA	124,009		1,193,257
Norsk Hydro ASA	80,986		364,420
Orkla ASA	99,229		635,181
Renewable Energy Corp. ASA*	74,133		174,156
Statoil ASA	136,159		2,626,085
Telenor ASA	106,249		1,334,333
Yara International ASA	23,584		659,904

			7,195,507

Portugal (0.1%)
Banco Comercial Portugues S.A. (Registered)	310,303		232,607
Banco Espirito Santo S.A. (Registered)	71,275		280,869
Brisa Auto-Estradas de Portugal S.A.	23,290		140,938
Cimpor Cimentos de Portugal SGPS S.A.	29,603		164,508
EDP—Energias de Portugal S.A.	236,758		699,079
Galp Energia SGPS S.A., Class B	24,992		373,171
Jeronimo Martins SGPS S.A.	23,885		217,777
Portugal Telecom SGPS S.A. (Registered)	76,025		753,588

			2,862,537

Singapore (0.8%)
Ascendas Real Estate Investment Trust (REIT)	294,256		379,819
CapitaLand Ltd.	305,507		778,975
CapitaMall Trust (REIT)	280,182		364,652
CapitaMalls Asia Ltd.	204,101		303,818
City Developments Ltd.	64,569		508,891
ComfortDelgro Corp., Ltd.	193,450		200,369
Cosco Corp. (Singapore) Ltd.	251,874		264,336
DBS Group Holdings Ltd.	215,770		2,092,151
Fraser and Neave Ltd.	130,313		476,248
Genting Singapore plc*	673,772		558,003
Golden Agri-Resources Ltd.	781,095		292,345
Jardine Cycle & Carriage Ltd.	11,094		235,468
Keppel Corp., Ltd.	159,751		962,581
Keppel Land Ltd.	75,000		206,345
K-Green Trust*	31,950		23,975
Neptune Orient Lines Ltd.*	155,724		219,700
Olam International Ltd.	144,504		264,601
Oversea-Chinese Banking Corp., Ltd.	310,631		1,953,989
SembCorp Industries Ltd.	101,109		292,186
SembCorp Marine Ltd.	100,768		275,490
Singapore Airlines Ltd.	70,548		730,950
Singapore Exchange Ltd.	101,062		528,816
Singapore Press Holdings Ltd.	182,517		491,697
Singapore Technologies Engineering Ltd.	198,179		463,446


	Number of Shares	Value (Note 1)

Singapore Telecommunications Ltd.	1,003,645	$	2,167,924
StarHub Ltd.	111,152		178,388
United Overseas Bank Ltd.	149,135		2,071,797
UOL Group Ltd.	67,059		180,837
Wilmar International Ltd.	163,874		670,578

			18,138,375

Spain (1.8%)
Abertis Infraestructuras S.A.	37,499		540,319
Acciona S.A.	4,219		320,418
Acerinox S.A.	11,377		176,373
ACS Actividades de Construccion y Servicios S.A.	18,396		672,778
Banco Bilbao Vizcaya Argentaria S.A.	452,050		4,663,567
Banco de Sabadell S.A.	115,891		523,155
Banco de Valencia S.A.	45,707		203,086
Banco Popular Espanol S.A.	104,547		533,121
Banco Santander S.A.	1,041,619		10,945,287
Bankinter S.A.	54,255		329,661
Criteria Caixacorp S.A.	110,797		453,483
EDP Renovaveis S.A.*	28,754		168,737
Enagas S.A.	20,488		307,905
Ferrovial S.A.	58,058		375,075
Fomento de Construcciones y Contratas S.A.	2,321		49,574
Gamesa Corp. Tecnologica S.A.*	23,599		202,532
Gas Natural SDG S.A.	25,401		366,358
Gestevision Telecinco S.A.	10,045		89,133
Grifols S.A.	13,717		140,070
Iberdrola Renovables S.A.	142,053		443,782
Iberdrola S.A.	476,840		2,673,987
Iberia Lineas Aereas de Espana S.A.*	72,803		206,238
Inditex S.A.	27,243		1,545,095
Indra Sistemas S.A.	10,533		168,846
Mapfre S.A.*	100,139		271,785
Mapfre S.A.*†	1,852		5,026
Red Electrica Corporacion S.A.	12,619		451,085
Repsol YPF S.A.	90,029		1,818,930
Telefonica S.A.	519,549		9,594,252
Zardoya Otis S.A.*	17,759		228,812
Zardoya Otis S.A.*†	457		5,888

			38,474,358

Sweden (1.5%)
Alfa Laval AB	38,842		501,711
Assa Abloy AB, Class B	38,693		771,739
Atlas Copco AB, Class A	85,726		1,254,999
Atlas Copco AB, Class B	60,098		795,984
Boliden AB	28,710		317,975
Electrolux AB, Class B	28,246		644,772
Getinge AB, Class B	25,219		488,021
Hennes & Mauritz AB, Class B	127,262		3,499,392
Holmen AB, Class B	10,203		242,066
Husqvarna AB, Class B	53,683		323,080
Investor AB, Class B	58,404		945,263
Kinnevik Investment AB, Class B	28,351		454,254
Lundin Petroleum AB*	20,971		91,456
Modern Times Group AB, Class B	5,511		300,596
Nordea Bank AB	425,676		3,510,876

See Notes to Financial Statements.

184

EQ ADVISORS TRUST

AXA TACTICAL MANAGER INTERNATIONAL PORTFOLIO-II

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Ratos AB, Class B	13,374	$	335,567
Sandvik AB	123,070		1,498,073
Scania AB, Class B	42,947		654,700
Securitas AB, Class B	39,848		359,685
Skandinaviska Enskilda Banken AB, Class A	183,637		974,037
Skanska AB, Class B	49,302		711,690
SKF AB, Class B	45,822		820,811
SSAB AB, Class A	25,426		340,788
SSAB AB, Class B	4,262		50,804
Svenska Cellulosa AB, Class B	38,723		455,487
Svenska Handelsbanken AB, Class A	61,898		1,516,034
Swedbank AB, Class A*	93,734		863,028
Swedish Match AB	29,229		636,761
Tele2 AB, Class B	36,901		551,701
Telefonaktiebolaget LM Ericsson, Class B	386,464		4,302,811
TeliaSonera AB	312,303		2,007,582
Volvo AB, Class B*	130,780		1,438,162

			31,659,905

Switzerland (4.2%)
ABB Ltd. (Registered)*	268,014		4,657,289
Actelion Ltd. (Registered)*	12,693		473,341
Adecco S.A. (Registered)	12,928		609,978
Aryzta AG	12,821		491,984
Baloise Holding AG (Registered)	6,580		457,818
Cie Financiere Richemont S.A., Class A	63,392		2,205,445
Credit Suisse Group AG (Registered)	143,457		5,391,653
GAM Holding Ltd.*	36,385		396,645
Geberit AG (Registered)	4,945		766,836
Givaudan S.A. (Registered)	892		753,958
Holcim Ltd. (Registered)	29,827		1,996,533
Julius Baer Group Ltd.	21,394		609,105
Kuehne + Nagel International AG (Registered)	7,077		724,894
Lindt & Spruengli AG	77		167,201
Lindt & Spruengli AG (Registered)	17		416,554
Logitech International S.A. (Registered)*	20,670		280,736
Lonza Group AG (Registered)	4,750		316,203
Nestle S.A. (Registered)	437,975		21,132,282
Nobel Biocare Holding AG (Registered)	18,846		322,102
Novartis AG (Registered)	264,144		12,815,327
Pargesa Holding S.A.	5,034		329,821
Roche Holding AG	87,942		12,076,513
Schindler Holding AG	11,539		966,233
SGS S.A. (Registered)	673		906,110
Sika AG	289		510,764
Sonova Holding AG	8,242		1,010,716
STMicroelectronics N.V.	80,583		638,371
Straumann Holding AG (Registered)	1,205		260,713
Swatch Group AG	3,669		1,026,816
Swatch Group AG (Registered)	9,763		499,255
Swiss Life Holding AG (Registered)*	5,127		490,715


	Number of Shares	Value (Note 1)

Swiss Reinsurance Co., Ltd.	42,811	$	1,761,081
Swisscom AG (Registered)	2,962		1,003,481
Syngenta AG (Registered)	11,698		2,701,295
UBS AG (Registered)*	456,089		6,045,716
Xstrata plc	254,033		3,328,175
Zurich Financial Services AG	18,033		3,958,441

			92,500,100

United Kingdom (9.4%)
3i Group plc	137,553		542,122
Admiral Group plc	31,112		650,503
Aggreko plc	29,343		612,573
AMEC plc	44,198		538,797
Anglo American plc*	164,417		5,715,732
Antofagasta plc	46,388		538,455
ARM Holdings plc	146,180		604,804
Associated British Foods plc	47,286		679,655
AstraZeneca plc	182,264		8,564,073
Autonomy Corp. plc*	27,199		734,052
Aviva plc	346,553		1,610,734
BAE Systems plc	438,939		2,039,176
Balfour Beatty plc	76,050		270,233
Barclays plc	1,451,316		5,753,774
BG Group plc	425,952		6,305,409
BHP Billiton plc	276,098		7,144,546
BP plc	2,371,390		11,389,126
British Airways plc*	84,702		245,809
British American Tobacco plc	254,446		8,056,981
British Land Co. plc (REIT)	101,990		651,966
British Sky Broadcasting Group plc	145,566		1,518,273
BT Group plc, Class A	974,414		1,860,782
Bunzl plc	41,304		411,897
Burberry Group plc	57,683		650,457
Cable & Wireless Worldwide plc	325,460		416,932
Cairn Energy plc*	168,265		1,029,480
Capita Group plc	77,225		847,280
Capital Shopping Centres Group plc (REIT)	59,801		275,868
Carnival plc	19,772		633,736
Centrica plc	641,927		2,826,801
Cobham plc	165,236		520,821
Compass Group plc	238,591		1,810,189
Diageo plc	319,405		5,004,776
Eurasian Natural Resources Corp.	35,805		455,432
Firstgroup plc	59,689		322,935
G4S plc	178,128		705,818
GlaxoSmithKline plc	660,408		11,192,051
Hammerson plc (REIT)	92,946		469,567
Home Retail Group plc	115,590		365,564
HSBC Holdings plc	2,200,541		20,075,606
ICAP plc	71,266		427,184
Imperial Tobacco Group plc	128,102		3,571,776
Inmarsat plc	50,822		538,469
Intercontinental Hotels Group plc	37,882		590,018
International Power plc	180,124		798,023
Invensys plc	127,113		454,041
Investec plc	56,789		381,947
ITV plc*	387,262		288,285
J Sainsbury plc	155,881		741,733

See Notes to Financial Statements.

185

EQ ADVISORS TRUST

AXA TACTICAL MANAGER INTERNATIONAL PORTFOLIO-II

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Johnson Matthey plc	28,085	$	621,836
Kazakhmys plc	26,981		395,866
Kingfisher plc	282,892		877,918
Land Securities Group plc (REIT)	101,089		829,194
Legal & General Group plc	698,734		812,991
Lloyds Banking Group plc*	4,984,214		3,954,608
London Stock Exchange Group plc	23,890		197,822
Lonmin plc*	20,485		427,567
Man Group plc	216,174		715,139
Marks & Spencer Group plc	189,831		935,588
National Grid plc	438,879		3,232,991
Next plc	22,765		673,666
Old Mutual plc	638,303		976,382
Pearson plc	100,391		1,313,725
Petrofac Ltd.	29,522		519,108
Prudential plc	327,093		2,451,597
Randgold Resources Ltd.	11,340		1,078,185
Reckitt Benckiser Group plc	75,988		3,514,946
Reed Elsevier plc	149,489		1,103,574
Resolution Ltd.	272,146		256,004
Rexam plc	100,255		449,887
Rio Tinto plc	181,073		7,923,720
Rolls-Royce Group plc*	224,387		1,868,590
Rolls-Royce Group plc, Class C*†	20,194,830		30,173
Royal Bank of Scotland Group plc*	2,156,606		1,298,890
RSA Insurance Group plc	405,616		719,965
SABMiller plc	120,089		3,334,254
Sage Group plc	174,538		597,251
Schroders plc	15,251		274,468
Scottish & Southern Energy plc	118,796		1,969,365
Segro plc (REIT)	96,127		362,079
Serco Group plc	56,170		489,295
Severn Trent plc	29,323		535,017
Smith & Nephew plc	109,657		1,032,434
Smiths Group plc	48,858		773,275
Standard Chartered plc	257,447		6,249,762
Standard Life plc	275,737		707,663
Tesco plc	1,007,559		5,673,037
Thomas Cook Group plc	43,358		114,342
Tomkins plc	143,455		481,934
TUI Travel plc	74,207		230,200
Tullow Oil plc	110,957		1,652,782
Unilever plc	158,056		4,212,386
United Utilities Group plc	89,245		695,444
Vedanta Resources plc	19,389		610,117
Vodafone Group plc	6,654,583		13,789,766
Whitbread plc	22,736		475,348
WM Morrison Supermarkets plc	268,632		1,059,043
Wolseley plc*	34,867		681,668
WPP plc	157,302		1,479,233

			206,494,356

United States (0.0%)
Synthes, Inc.	6,672		767,200

Total Common Stocks (50.4%) (Cost $1,284,069,643)			1,103,543,568


	Number of Rights		Value (Note 1)

RIGHTS:
Norway (0.0%)
Norsk Hydro ASA, expiring 7/9/10* (Cost $—)		24,647	$	12,714

	Number of Warrants		Value (Note 1)
WARRANTS:
France (0.0%)
Fonciere Des Regions, expiring 12/31/10*		675		389

Hong Kong (0.0%)
Henderson Land Development Co., Ltd., expiring 6/1/11*		25,378		4,302

Italy (0.0%)
Mediobanca S.p.A., expiring 3/18/11*		26,916		1,090
Unione di Banche Italiane S.c.p.A., expiring 6/30/11*		9,090		182

				1,272

Singapore (0.0%)
Golden Agri-Resources Ltd., expiring 7/23/12*		16,829		1,202

Total Warrants (0.0%) (Cost $2,795)				7,165

	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $2,259,056)	$	2,259,056	$	2,259,056

Total Investments (50.5%) (Cost/Amortized Cost $1,286,331,494)				1,105,822,503
Other Assets Less Liabilities (49.5%)				1,085,583,764

Net Assets (100%)			$	2,191,406,267

*	Non-income producing.

†	Securities (totaling $41,087 or 0.0% of net assets) at fair value by management.

(b)

Illiquid Security.

Glossary:

CDI

— Chess Depositary Interest

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

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	87,423,535	$	1,274,290,082	$	1,361,713,617	$	—	$	75,475	$	—

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
Dow Jones EURO Stoxx 50 Index	13,719	September-10	$	456,972,914	$	430,814,847	$	(26,158,067	)
E-Mini MSCI EAFE Index	165	September-10		10,917,427		10,850,400		(67,027	)
FTSE 100 Index	3,680	September-10		285,992,254		268,343,947		(17,648,307	)
SPI 200 Index	1,160	September-10		111,649,280		104,038,616		(7,610,664	)
TOPIX Index	2,850	September-10		277,159,092		270,285,020		(6,874,072	)

							$	(58,358,137	)

At June 30, 2010, the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


	Counterparty	Local Contract Buy Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
Australian Dollar vs. U.S. Dollar, expiring 9/17/10	Credit Suisse First Boston	2,428	$	2,025,049	$	2,053,565	$	(28,516	)
Australian Dollar vs. U.S. Dollar, expiring 9/17/10	Deutsche Bank AG	11,325		9,444,333		9,686,726		(242,393	)
British Pound vs. U.S. Dollar, expiring 9/17/10	Deutsche Bank AG	4,670		6,977,447		7,031,526		(54,079	)
British Pound vs. U.S. Dollar, expiring 9/17/10	Credit Suisse First Boston	6,562		9,804,284		9,699,948		104,336
European Union Euro vs. U.S. Dollar, expiring 9/17/10	Deutsche Bank AG	3,585		4,385,602		4,367,964		17,638
European Union Euro vs. U.S. Dollar, expiring 9/17/10	Deutsche Bank AG	23,488		28,733,340		28,936,276		(202,936	)
Japanese Yen vs. U.S. Dollar, expiring 9/17/10	Credit Suisse First Boston	1,386,175		15,698,888		15,181,309		517,579

							$	111,629

	Counterparty	Local Contract Sell Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Sell Contract
Japanese Yen vs. U.S. Dollar, expiring 9/17/10	Credit Suisse First Boston	21,430	$	242,610	$	242,702	$	(92	)

							$	111,537

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)			Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	—		$	112,830,581		$	—	$	112,830,581
Consumer Staples		—			117,089,495			—		117,089,495
Energy		—			78,507,624			—		78,507,624
Financials		—			269,320,556			5,026		269,325,582
Health Care		—			100,214,451			—		100,214,451
Industrials		—			134,704,449			36,061		134,740,510
Information Technology		—			56,878,569			—		56,878,569
Materials		—			110,678,546			—		110,678,546
Telecommunication Services		—			62,332,534			—		62,332,534
Utilities		—			60,945,676			—		60,945,676
Forward Currency Contracts		—			639,553			—		639,553
Rights
Materials		—			12,714			—		12,714
Short-Term Investments		—			2,259,056			—		2,259,056
Warrants
Consumer Staples		—			1,202			—		1,202
Financials		—			5,963			—		5,963

Total Assets	$	—		$	1,106,420,969		$	41,087	$	1,106,462,056


Liabilities:
Forward Currency Contracts	$	—		$	(528,016	)	$	—	$	(528,016	)
Futures		(58,358,137	)		—			—		(58,358,137	)

Total Liabilities	$	(58,358,137	)	$	(528,016	)	$	—	$	(58,886,153	)

Total	$	(58,358,137	)	$	1,105,892,953		$	41,087	$	1,047,575,903

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments in Securities-Financials			Investments in Securities-Industrials
Balance as of 12/31/09	$	—		$	43,878
Total gains or losses (realized/unrealized) included in earnings		(15,698	)		4,520
Purchases, sales, issuances, and settlements (net)		20,724			(12,337	)
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Balance as of 6/30/10	$	5,026		$	36,061
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	4,945		$	(787,003	)

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		639,553
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	639,553


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		(528,016	)
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(58,358,137	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(58,886,153	)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts			Swaps		Total
Interest rate contracts	$	—	$	—		$	—		$	—	$	—
Foreign exchange contracts		—		—			(10,261,076	)		—		(10,261,076	)
Credit contracts		—		—			—			—		—
Equity contracts		—		(32,877,611	)		—			—		(32,877,611	)
Commodity contracts		—		—			—			—		—
Other contracts		—		—			—			—		—

Total	$	—	$	(32,877,611	)	$	(10,261,076	)	$	—	$	(43,138,687	)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			2,970,235		—		2,970,235
Credit contracts		—		—			—		—		—
Equity contracts		—		(88,152,973	)		—		—		(88,152,973	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(88,152,973	)	$	2,970,235	$	—	$	(85,182,738	)

This Portfolio held forward foreign currency contracts with an average settlement value of approximately $338,827,000 and futures contracts with an average notional balance of approximately $756,618,000 during the six months ended June 30, 2010.

^ This Portfolio held forward foreign currency and futures contracts to gain or reduce exposure to the financial markets.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	85,109,552
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	52,416,090

As of June 30, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	18,738,125
Aggregate gross unrealized depreciation		(203,088,533	)

Net unrealized depreciation	$	(184,350,408	)

Federal income tax cost of investments	$	1,290,172,911

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $1,286,331,494)	$	1,105,822,503
Foreign cash (Cost $1,001,972,593)		1,004,967,526
Cash held as collateral at broker		85,967,000
Receivable for securities sold		5,000,401
Dividends, interest and other receivables		3,421,765
Unrealized appreciation of forward foreign currency contracts		639,553
Receivable from Separate Accounts for Trust shares sold		236,178
Receivable from investment sub-advisor		46,586

Total assets		2,206,101,512

LIABILITIES
Overdraft payable		1,261,385
Variation margin payable on futures contracts		5,624,617
Payable for securities purchased		4,987,153
Investment management fees payable		818,168
Payable to Separate Accounts for Trust shares redeemed		659,220
Unrealized depreciation of forward foreign currency contracts		528,016
Administrative fees payable		281,353
Trustees’ fees payable		1,463
Accrued expenses		533,870

Total liabilities		14,695,245

NET ASSETS	$	2,191,406,267

Net assets were comprised of:
Paid in capital	$	2,564,007,433
Accumulated undistributed net investment income (loss)		18,081,277
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(154,902,278	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(235,780,165	)

Net assets	$	2,191,406,267

Class IA
Net asset value, offering and redemption price per share, $2,191,406,267 / 255,802,453 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.57

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $2,710,524 foreign withholding tax) ($75,475 of dividend income received from affiliates)	$	22,477,335
Interest		834,512

Total income		23,311,847

EXPENSES
Investment management fees		5,232,554
Administrative fees		1,796,253
Custodian fees		478,039
Printing and mailing expenses		137,121
Professional fees		41,203
Trustees’ fees		27,942
Miscellaneous		18,148

Gross expenses		7,731,260
Less: Reimbursement from sub-advisor		(50,622	)

Net expenses		7,680,638

NET INVESTMENT INCOME (LOSS)		15,631,209

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(4,798,173	)
Foreign currency transactions		(124,398,039	)
Futures		(32,877,611	)

Net realized gain (loss)		(162,073,823	)

Change in unrealized appreciation (depreciation) on:
Securities		(189,049,066	)
Foreign currency translations		45,720,038
Futures		(88,152,973	)

Net change in unrealized appreciation (depreciation)		(231,482,001	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(393,555,824	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(377,924,615	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			August 28, 2009* to December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	15,631,209		$	4,972,256
Net realized gain (loss) on investments, futures and foreign currency transactions		(162,073,823	)		6,450,123
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(231,482,001	)		(4,298,164	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(377,924,615	)		7,124,215

DIVIDENDS:
Dividends from net investment income
Class IA		—			(1,800,764	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [21,617,262 and 246,613,892 shares, respectively]		193,429,749			2,488,930,958
Capital shares issued in reinvestment of dividends [0 and 181,394 shares, respectively]		—			1,800,764
Capital shares repurchased [(9,438,061) and (3,182,034) shares, respectively]		(88,550,769	)		(31,703,271	)

Total Class IA transactions		104,878,980			2,459,028,451

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		104,878,980			2,459,028,451

TOTAL INCREASE (DECREASE) IN NET ASSETS		(273,045,635	)		2,464,351,902
NET ASSETS:
Beginning of period		2,464,451,902			100,000

End of period (a)	$	2,191,406,267		$	2,464,451,902

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	18,081,277		$	2,450,068

* The Portfolio commenced operations on August 28, 2009.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


Class IA	Six Months Ended June 30, 2010 (Unaudited)			August 28, 2009* to December 31, 2009
Net asset value, beginning of period	$	10.12		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.06	(e)		0.02	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.61	)		0.11

Total from investment operations		(1.55	)		0.13

Less distributions:
Dividends from net investment income		—			(0.01	)

Net asset value, end of period	$	8.57		$	10.12

Total return (b)		(15.32	)%		1.28	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,191,406		$	2,464,452
Ratio of expenses to average net assets:
After reimbursements (a)		0.66	%		0.68	%
Before reimbursements (a)		0.67	%		0.68	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)		1.35	%		0.69	%
Before reimbursements (a)		1.34	%		0.69	%
Portfolio turnover rate		4	%		123	%

*	Commencement of Operations.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

193

EQ/ALLIANCEBERNSTEIN INTERNATIONAL PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Financials	22.7	%
Industrials	10.8
Consumer Discretionary	10.6
Materials	10.4
Health Care	10.1
Consumer Staples	9.9
Energy	7.9
Telecommunication Services	6.3
Information Technology	5.5
Utilities	4.6
Cash and Other	1.2

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$845.50	$3.89
Hypothetical (5% average return before expenses)	1,000.00	1,020.58	4.26
Class IB
Actual	1,000.00	843.30	5.03
Hypothetical (5% average return before expenses)	1,000.00	1,019.34	5.51
* 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 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Australia (7.1%)
Amcor Ltd.	387,649	$	2,065,252
Ansell Ltd.	429,800		4,720,556
Australia & New Zealand Banking Group Ltd.	585,400		10,509,174
Bank of Queensland Ltd.	309,300		2,692,697
BHP Billiton Ltd.	483,900		15,049,218
Boral Ltd.	657,800		2,644,274
Challenger Financial Services Group Ltd.	1,182,500		3,458,026
Commonwealth Bank of Australia	291,000		11,794,390
Computershare Ltd.	367,400		3,250,443
CSL Ltd.	113,100		3,084,604
Dexus Property Group (REIT)	4,912,100		3,162,660
Goodman Fielder Ltd.	3,177,900		3,583,246
GPT Group (REIT)	1,283,200		3,012,730
Incitec Pivot Ltd.	1,940,800		4,400,420
ING Office Fund	8,400,000		4,065,463
Macquarie Atlas Roads Group*	969,560		771,189
Macquarie Group Ltd.	332,000		10,216,951
Monadelphous Group Ltd.	264,700		2,810,887
National Australia Bank Ltd.	491,821		9,500,117
QBE Insurance Group Ltd.	257,433		3,917,695
Telstra Corp., Ltd.	1,665,300		4,531,272
Westfield Group (REIT)	277,300		2,822,413
Westpac Banking Corp.	407,700		7,199,698
WorleyParsons Ltd.	144,600		2,671,891

			121,935,266

Austria (0.2%)
OMV AG	94,300		2,842,057

Belgium (1.1%)
Anheuser-Busch InBev N.V.	330,500		15,875,236
KBC Groep N.V.*	87,100		3,340,797

			19,216,033

Canada (1.9%)
National Bank of Canada	55,700		2,848,964
Nexen, Inc.	175,900		3,460,003
Penn West Energy Trust	185,300		3,533,503
Potash Corp. of Saskatchewan, Inc.	91,200		7,865,088
Research In Motion Ltd.*	116,600		5,743,716
Suncor Energy, Inc.	252,640		7,435,265
Toronto-Dominion Bank	38,900		2,520,616

			33,407,155

Denmark (1.1%)
Carlsberg A/S, Class B	62,200		4,728,904
Danske Bank A/S*	271,700		5,218,024
Novo Nordisk A/S, Class B	90,077		7,266,122
Vestas Wind Systems A/S*	57,500		2,390,156

			19,603,206

Finland (0.8%)
Cargotec Oyj, Class B	178,200		4,594,332
Nokia Oyj	1,103,500		9,010,388

			13,604,720


	Number of Shares	Value (Note 1)

France (9.2%)
Arkema S.A.	105,300	$	3,622,578
BNP Paribas S.A.	300,550		16,047,691
Bouygues S.A.	183,900		7,043,930
Cap Gemini S.A.	161,500		7,055,961
Carrefour S.A.	127,400		5,030,212
Casino Guichard Perrachon S.A.	55,900		4,221,317
Credit Agricole S.A.	377,810		3,867,417
EDF S.A.	119,600		4,545,088
France Telecom S.A.	452,200		7,803,114
GDF Suez S.A.	247,000		6,988,269
Lafarge S.A.	32,400		1,751,957
LVMH Moet Hennessy Louis Vuitton S.A.	53,200		5,794,952
Mercialys S.A. (REIT)	6,987		198,185
PPR S.A.	33,500		4,134,033
Renault S.A.*	87,900		3,234,941
Rexel S.A.*	424,300		5,846,418
Sanofi-Aventis S.A.	329,255		19,855,031
Societe Generale S.A.	193,376		7,866,290
Technip S.A.	80,700		4,594,895
Total S.A.	351,005		15,621,300
Vallourec S.A.	48,900		8,349,253
Veolia Environnement	76,760		1,792,934
Vinci S.A.	142,300		5,859,637
Vivendi S.A.	399,450		8,081,210

			159,206,613

Germany (8.0%)
Allianz SE (Registered)	133,900		13,295,795
BASF SE	106,300		5,799,364
Bayer AG	391,144		21,823,908
Bayerische Motoren Werke (BMW) AG	154,600		7,477,728
Deutsche Bank AG (Registered)	152,800		8,639,036
Deutsche Telekom AG (Registered)	647,070		7,627,822
E.ON AG	414,234		11,151,085
Fresenius Medical Care AG & Co. KGaA	124,600		6,740,820
Linde AG	53,900		5,659,642
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)	47,500		5,946,634
RWE AG	98,020		6,388,998
SAP AG	177,600		7,888,601
Siemens AG (Registered)	203,900		18,246,383
ThyssenKrupp AG	127,100		3,122,202
Volkswagen AG (Preference)	98,500		8,623,500

			138,431,518

Hong Kong (2.1%)
Cheung Kong Holdings Ltd.	271,000		3,114,124
CLP Holdings Ltd.	421,500		3,051,777
Esprit Holdings Ltd.	850,900		4,588,748
Hang Lung Properties Ltd.	733,000		2,811,373
Hong Kong Exchanges and Clearing Ltd.	613,400		9,564,916
Li & Fung Ltd.	1,236,000		5,532,985
New World Development Ltd.	1,937,000		3,129,071
Noble Group Ltd.	3,664,272		4,424,581

			36,217,575

See Notes to Financial Statements.

195

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Ireland (1.0%)
Charter International plc	497,400	$	4,648,132
CRH plc	190,266		3,869,254
Irish Life & Permanent Group Holdings plc*	376,100		686,816
Shire plc	173,700		3,530,659
Smurfit Kappa Group plc*	513,400		4,159,938

			16,894,799

Israel (0.6%)
Teva Pharmaceutical Industries Ltd.	192,500		10,044,447

Italy (2.3%)
Autogrill S.p.A.*	385,000		4,609,747
Enel S.p.A.	1,392,404		5,890,568
ENI S.p.A.	433,792		7,963,177
Saipem S.p.A.	250,900		7,625,059
Telecom Italia S.p.A.	2,995,700		3,301,820
Telecom Italia S.p.A. (RNC)	1,935,900		1,764,104
UniCredit S.p.A.	4,084,149		9,065,599

			40,220,074

Japan (22.9%)
Aeon Co., Ltd.	323,500		3,433,505
Air Water, Inc.	401,000		4,385,290
All Nippon Airways Co., Ltd.*	1,479,000		4,679,772
Asahi Breweries Ltd.	245,600		4,151,543
Astellas Pharma, Inc.	99,500		3,327,534
Canon, Inc.	328,600		12,251,221
Central Japan Railway Co.	333		2,742,386
Chubu Electric Power Co., Inc.	124,400		3,084,339
Chuo Mitsui Trust Holdings, Inc.	1,800,000		6,338,799
Dai-ichi Life Insurance Co., Ltd.	1,996		2,744,982
Daiichi Sankyo Co., Ltd.	231,600		4,141,846
DIC Corp.	3,306,000		5,069,975
Don Quijote Co., Ltd	163,800		4,388,766
East Japan Railway Co.	79,300		5,286,159
Elpida Memory, Inc.*	159,700		2,467,328
Fujifilm Holdings Corp.	104,300		3,000,298
Fujitsu Ltd.	896,000		5,629,031
Furukawa Electric Co., Ltd.	526,000		2,310,498
Hitachi Ltd.*	877,000		3,180,426
Honda Motor Co., Ltd.	404,800		11,756,007
ITOCHU Corp.	352,700		2,749,965
Japan Tobacco, Inc.	3,654		11,359,698
JFE Holdings, Inc.	130,600		4,031,860
JS Group Corp.	205,600		3,925,374
JX Holdings, Inc.*	915,000		4,472,488
Kansai Electric Power Co., Inc.	156,400		3,818,557
Kao Corp.	160,700		3,777,698
KDDI Corp.	1,136		5,396,111
Kirin Holdings Co., Ltd.	608,000		7,656,651
Kyocera Corp.	30,100		2,430,687
Kyushu Electric Power Co., Inc.	70,200		1,574,224
Mazda Motor Corp.	1,244,000		2,904,200
Medipal Holdings Corp.	232,300		2,763,220
Mitsubishi Corp.	838,800		17,478,762
Mitsubishi Estate Co., Ltd.	225,000		3,123,923
Mitsubishi Gas Chemical Co., Inc.	688,000		3,333,986


	Number of Shares	Value (Note 1)

Mitsubishi Heavy Industries Ltd.	531,000	$	1,823,792
Mitsubishi Materials Corp.*	1,096,000		2,925,569
Mitsubishi Tanabe Pharma Corp.	159,000		2,421,471
Mitsubishi UFJ Financial Group, Inc.	2,540,700		11,517,400
Mitsui & Co., Ltd.	1,147,700		13,492,903
Mitsui Fudosan Co., Ltd.	340,000		4,753,325
Mizuho Financial Group, Inc.	2,919,500		4,791,831
MS&AD Insurance Group Holdings, Inc.	112,500		2,401,548
Namco Bandai Holdings, Inc.	633,700		5,559,815
NGK Insulators Ltd.	169,000		2,627,289
NGK Spark Plug Co., Ltd.	267,000		3,309,180
Nippon Electric Glass Co., Ltd.	510,000		5,803,898
Nippon Express Co., Ltd.	658,000		2,960,723
Nippon Shokubai Co., Ltd.	380,000		3,601,559
Nippon Steel Corp.	1,072,000		3,553,062
Nippon Telegraph & Telephone Corp.	207,200		8,459,772
Nissan Motor Co., Ltd.*	1,011,700		7,013,327
NTT DoCoMo, Inc.	3,392		5,129,482
NTT Urban Development Corp.	3,424		2,705,740
OJI Paper Co., Ltd.	288,000		1,408,665
ORIX Corp.	84,310		6,123,667
Panasonic Corp.	254,000		3,171,655
Ricoh Co., Ltd.	159,000		2,020,784
Secom Co., Ltd.	86,800		3,854,079
Sharp Corp.	380,000		4,000,602
Softbank Corp.	272,200		7,194,675
Sony Corp.	258,800		6,888,784
Sumitomo Mitsui Financial Group, Inc.	217,700		6,145,821
Sumitomo Realty & Development Co., Ltd.	237,000		4,042,074
Sumitomo Rubber Industries Ltd.	474,800		4,181,271
Suzuki Motor Corp.	255,400		5,014,175
Takeda Pharmaceutical Co., Ltd.	173,800		7,438,127
Tohoku Electric Power Co., Inc.	78,700		1,689,821
Tokio Marine Holdings, Inc.	137,500		3,601,758
Tokyo Electric Power Co., Inc.	311,700		8,485,270
Tokyo Gas Co., Ltd.	1,115,000		5,097,642
Toshiba Corp.*	2,811,000		13,965,656
Tosoh Corp.	1,397,000		3,606,314
Toyota Motor Corp.	539,700		18,559,942
Unicharm Corp.	43,100		4,853,646
Zeon Corp.	543,000		3,169,197

			394,532,420

Luxembourg (1.7%)
ArcelorMittal S.A.	391,146		10,402,956
Regus plc	2,897,509		2,981,027
SES S.A. (FDR)	314,500		6,532,545
Tenaris S.A.	504,190		8,750,210

			28,666,738

Netherlands (4.2%)
ASML Holding N.V.	265,400		7,288,270
ING Groep N.V. (CVA)*	750,000		5,568,363
Koninklijke (Royal) KPN N.V.	358,500		4,577,633

See Notes to Financial Statements.

196

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Koninklijke Ahold N.V.	392,522	$	4,861,097
Koninklijke Philips Electronics N.V.	299,820		8,936,846
QIAGEN N.V.*	197,800		3,831,688
Royal Dutch Shell plc, Class A	640,208		16,230,195
Royal Dutch Shell plc, Class B	431,868		10,456,096
TNT N.V.	85,485		2,154,586
Unilever N.V. (CVA)	325,400		8,872,130

			72,776,904

New Zealand (0.1%)
Telecom Corp. of New Zealand Ltd.	1,681,200		2,153,373

Norway (0.6%)
DnB NOR ASA	635,400		6,114,036
Yara International ASA	121,300		3,394,094

			9,508,130

Singapore (0.6%)
DBS Group Holdings Ltd.	225,000		2,181,647
Oversea-Chinese Banking Corp., Ltd.	544,000		3,421,970
United Overseas Bank Ltd.	370,000		5,140,073

			10,743,690

Spain (3.1%)
ACS Actividades de Construccion y Servicios S.A.	37,100		1,356,820
Banco Bilbao Vizcaya Argentaria S.A.	743,603		7,671,369
Banco Santander S.A.	1,632,862		17,158,089
Iberdrola S.A.*	787,569		4,416,469
Inditex S.A.	68,980		3,912,223
Repsol YPF S.A.	154,700		3,125,531
Telefonica S.A.	848,719		15,672,870

			53,313,371

Sweden (2.0%)
Atlas Copco AB, Class A	474,646		6,948,652
Electrolux AB, Class B	175,700		4,010,710
Hennes & Mauritz AB, Class B	203,200		5,587,500
Telefonaktiebolaget LM Ericsson, Class B	617,462		6,874,695
TeliaSonera AB	1,105,000		7,103,289
Volvo AB, Class B*	345,500		3,799,395

			34,324,241

Switzerland (7.7%)
Cie Financiere Richemont S.A., Class A	246,000		8,558,486
Credit Suisse Group AG (Registered)	431,814		16,229,193
GAM Holding Ltd.*	193,524		2,109,669
Julius Baer Group Ltd.	193,524		5,509,787
Nestle S.A. (Registered)	548,329		26,456,860
Novartis AG (Registered)	490,890		23,816,236
Roche Holding AG	116,858		16,047,363
Swiss Reinsurance Co., Ltd.	73,692		3,031,408
Syngenta AG (Registered)	32,857		7,587,317
UBS AG (Registered)*	287,410		3,809,781
Xstrata plc	1,162,060		15,224,553
Zurich Financial Services AG	22,440		4,925,826

			133,306,479


	Number of Shares	Value (Note 1)

United Kingdom (20.5%)
Aggreko plc	200,000	$	4,175,259
Anglo American plc*	300,200		10,436,041
AstraZeneca plc	317,061		14,897,805
Aviva plc	941,100		4,374,114
BAE Systems plc	1,334,877		6,201,429
Barclays plc	2,757,700		10,932,962
BG Group plc	980,133		14,509,004
BHP Billiton plc	556,444		14,399,016
BP plc	2,864,736		13,758,529
British Airways plc*	1,440,000		4,178,945
British American Tobacco plc	773,000		24,476,889
BT Group plc, Class A	2,765,530		5,281,172
Carnival plc	176,300		5,650,798
Cookson Group plc*	453,000		2,595,549
Drax Group plc	449,400		2,504,302
Enterprise Inns plc*	1,962,400		2,543,561
Eurasian Natural Resources Corp.	225,000		2,861,952
Firstgroup plc	813,900		4,403,440
GlaxoSmithKline plc	1,022,738		17,332,521
HSBC Holdings plc	4,055,600		37,050,340
Imperial Tobacco Group plc	371,900		10,369,420
Inchcape plc*	1,196,900		4,372,209
Kazakhmys plc	184,500		2,706,991
Legal & General Group plc	3,562,900		4,145,504
Man Group plc	1,197,016		3,959,925
Marks & Spencer Group plc	941,800		4,641,691
Mondi plc	710,000		4,023,639
National Grid plc	677,500		4,990,787
Petrofac Ltd.	212,300		3,733,032
Premier Foods plc*	16,968,200		4,825,629
Reckitt Benckiser Group plc	77,500		3,584,887
Rentokil Initial plc*	1,700,500		2,699,887
Rio Tinto plc	315,450		13,804,033
Rolls-Royce Group plc*	745,500		6,208,174
Rolls-Royce Group plc, Class C*†	67,095,000		100,247
Scottish & Southern Energy plc	189,200		3,136,502
Standard Chartered plc	792,341		19,234,804
Tate & Lyle plc	833,000		5,534,707
Tesco plc	2,804,335		15,789,740
TUI Travel plc	640,500		1,986,917
Tullow Oil plc	319,720		4,762,453
Vodafone Group plc	10,655,578		22,080,712
William Hill plc	1,988,340		5,014,768

			354,270,286

Total Common Stocks (98.8%) (Cost $1,920,883,174)			1,705,219,095

	Number of Warrants	Value (Note 1)
WARRANT:
Italy (0.0%)
Unione di Banche Italiane S.c.p.A., expiring 6/30/11* (Cost $—)	121,900		2,445

See Notes to Financial Statements.

197

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENT:
Time Deposit (1.0%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $16,716,260)	$	16,716,260	$	16,716,260



Total Investments (99.8%) (Cost/Amortized Cost $1,937,599,434)				1,721,937,800
Other Assets Less Liabilities (0.2%)				3,809,155

Net Assets (100%)			$	1,725,746,955

*	Non-income producing.

†	Securities (totaling $100,247 or 0.0% of net assets) at fair value by management.

Glossary:

CVA

— Dutch Certification

FDR

— Finnish Depositary Receipt

REIT

— Real Estate Investment Trust

RNC

— Risparmio Non-Convertible Savings Shares

At June 30, 2010, the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


	Counterparty	Local Contract Buy Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
Australian Dollar vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	12,837	$	10,707,984	$	10,364,851	$	343,133
British Pound vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	12,004		17,935,177		18,129,281		(194,104	)
British Pound vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	24,182		36,130,326		36,521,349		(391,023	)
Canadian Dollar vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	6,599		6,195,953		6,436,542		(240,589	)
Japanese Yen vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	1,843,253		20,874,634		20,414,356		460,278
New Zealand Dollar vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	25,544		17,422,285		18,017,971		(595,686	)
New Zealand Dollar vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	42,204		28,785,237		27,665,988		1,119,249
Norwegian Krone vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	234,283		35,860,396		36,285,928		(425,532	)
Norwegian Krone vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	222,304		34,026,837		33,031,798		995,039
Swedish Krona vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	115,198		14,773,614		14,874,430		(100,816	)
Swedish Krona vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	163,965		21,027,759		20,256,597		771,162

							$	1,741,111


	Counterparty	Local Contract Sell Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Sell Contracts
British Pound vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	11,572	$	16,652,802	$	17,289,725	$	(636,923	)
British Pound vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	12,610		18,167,227		18,840,601		(673,374	)
Canadian Dollar vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	15,798		15,265,243		14,833,107		432,136
Canadian Dollar vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	18,036		17,036,309		16,934,416		101,893
Canadian Dollar vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	6,614		6,266,403		6,210,037		56,366
European Union Euro vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	50,706		62,346,577		62,028,650		317,927
European Union Euro vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	46,253		55,376,405		56,581,295		(1,204,890	)
Swiss Franc vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	69,204		59,955,815		64,295,080		(4,339,265	)

							$	(5,946,130	)

							$	(4,205,019	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

See Notes to Financial Statements.

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EQ/ALLIANCEBERNSTEIN INTERNATIONAL PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)			Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	—	$	181,636,976		$	—	$	181,636,976
Consumer Staples		—		173,443,015			—		173,443,015
Energy		14,428,771		121,115,917			—		135,544,688
Financials		5,369,580		386,003,510			—		391,373,090
Health Care		—		173,083,958			—		173,083,958
Industrials		—		185,556,609			100,247		185,656,856
Information Technology		5,743,716		92,117,687			—		97,861,403
Materials		7,865,088		172,070,168			—		179,935,256
Telecommunication Services		—		108,077,221			—		108,077,221
Utilities		163,572		78,443,060			—		78,606,632
Forward Currency Contracts		—		4,597,183			—		4,597,183
Short-Term Investments		—		16,716,260			—		16,716,260
Warrants
Financials		—		2,445			—		2,445

Total Assets	$	33,570,727	$	1,692,864,009		$	100,247	$	1,726,534,983

Liabilities:
Forward Currency Contracts	$	—	$	(8,802,202	)	$	—	$	(8,802,202	)

Total Liabilities	$	—	$	(8,802,202	)	$	—	$	(8,802,202	)

Total	$	33,570,727	$	1,684,061,807		$	100,247	$	1,717,732,781

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments in Securities-Industrials
Balance as of 12/31/09	$	72,248
Total gains or losses (realized/unrealized) included in earnings		(3,833	)
Purchases, sales, issuances, and settlements (net)		31,832
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of 6/30/10	$	100,247
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	(3,133	)

See Notes to Financial Statements.

199

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EQ/ALLIANCEBERNSTEIN INTERNATIONAL PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		4,597,183
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	4,597,183


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		(8,802,202	)
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(8,802,202)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts		—		—		7,162,454		—		7,162,454
Credit contracts		—		—		—		—		—
Equity contracts		—		—		—		—		—
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	—	$	7,162,454	$	—	$	7,162,454


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts			Swaps		Total
Interest rate contracts	$	—	$	—	$	—		$	—	$	—
Foreign exchange contracts		—		—		(6,087,223	)		—		(6,087,223	)
Credit contracts		—		—		—			—		—
Equity contracts		—		—		—			—		—
Commodity contracts		—		—		—			—		—
Other contracts		—		—		—			—		—

Total	$	—	$	—	$	(6,087,223	)	$	—	$	(6,087,223	)

This Portfolio held forward foreign currency contracts with an average settlement value of approximately $677,555,000 during the six months ended June 30, 2010.

^ This Portfolio held forward foreign currency contracts to gain or reduce exposure to the financial markets.

See Notes to Financial Statements.

200

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EQ/ALLIANCEBERNSTEIN INTERNATIONAL PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	666,933,414
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	694,478,378

As of June 30, 2010, 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	$	90,210,163
Aggregate gross unrealized depreciation		(316,394,214	)

Net unrealized depreciation	$	(226,184,051	)

Federal income tax cost of investments	$	1,948,121,851

For the six months ended June 30, 2010, the Portfolio incurred approximately $5,807 as brokerage commissions with Exane S.A., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $811,227,551 of which $12,792,555 expires in the year 2010, and $110,657,426 expires in the year 2016, and $687,777,570 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $1,937,599,434)	$	1,721,937,800
Foreign cash (Cost $4,619,327)		4,615,234
Dividends, interest and other receivables		6,584,903
Unrealized appreciation on foreign currency contracts		4,597,183
Receivable from Separate Accounts for Trust shares sold		160,762
Receivable for securities sold		109,339
Other assets		28,697

Total assets		1,738,033,918

LIABILITIES
Unrealized depreciation on foreign currency contracts		8,802,202
Payable to Separate Accounts for Trust shares redeemed		1,318,205
Investment management fees payable		1,089,454
Payable for securities purchased		264,267
Distribution fees payable - Class IB		160,648
Administrative fees payable		153,609
Trustees’ fees payable		4,397
Accrued expenses		494,181

Total liabilities		12,286,963

NET ASSETS	$	1,725,746,955

Net assets were comprised of:
Paid in capital	$	2,761,074,896
Accumulated undistributed net investment income (loss)		25,164,755
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(840,605,745	)
Unrealized appreciation (depreciation) on investments and foreign currency translations		(219,886,951	)

Net assets	$	1,725,746,955

Class IA
Net asset value, offering and redemption price per share, $976,460,003 / 138,345,462 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.06

Class IB
Net asset value, offering and redemption price per share, $749,286,952 / 107,948,018 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.94

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $3,712,256 foreign withholding tax)	$	36,060,176
Interest		4,236
Securities lending (net)		286,680

Total income		36,351,092

EXPENSES
Investment management fees		7,120,066
Distribution fees - Class IB		1,079,513
Administrative fees		1,021,767
Recoupment fees		52,506
Printing and mailing expenses		50,296
Professional fees		27,142
Trustees’ fees		23,854
Custodian fees		21,753
Miscellaneous		28,556

Total expenses		9,425,453

NET INVESTMENT INCOME (LOSS)		26,925,639

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(22,665,072	)
Foreign currency transactions		6,940,178

Net realized gain (loss)		(15,724,894	)

Change in unrealized appreciation (depreciation) on:
Securities		(324,309,898	)
Foreign currency translations		(6,208,163	)

Net change in unrealized appreciation (depreciation)		(330,518,061	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(346,242,955	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(319,317,316	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	26,925,639		$	42,368,062
Net realized gain (loss) on investments and foreign currency transactions		(15,724,894	)		(222,162,330	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(330,518,061	)		693,315,355

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(319,317,316	)		513,521,087

DIVIDENDS:
Dividends from net investment income
Class IA		—			(27,928,853	)
Class IB		—			(19,730,635	)

TOTAL DIVIDENDS		—			(47,659,488	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [5,465,130 and 39,867,936 shares, respectively]		41,292,401			225,337,817
Capital shares issued in reinvestment of dividends [0 and 3,420,649 shares, respectively]		—			27,928,853
Capital shares repurchased [(8,135,569) and (16,725,229) shares, respectively]		(64,591,147	)		(120,170,729	)

Total Class IA transactions		(23,298,746	)		133,095,941

Class IB
Capital shares sold [4,711,917 and 12,122,641 shares, respectively]		37,300,832			81,816,155
Capital shares issued in reinvestment of dividends [0 and 2,454,675 shares, respectively]		—			19,730,635
Capital shares repurchased [(10,143,608) and (23,526,608) shares, respectively]		(80,027,922	)		(164,388,707	)

Total Class IB transactions		(42,727,090	)		(62,841,917	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(66,025,836	)		70,254,024

TOTAL INCREASE (DECREASE) IN NET ASSETS		(385,343,152	)		536,115,623
NET ASSETS:
Beginning of period		2,111,090,107			1,574,974,484

End of period (a)	$	1,725,746,955		$	2,111,090,107

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	25,164,755		$	(1,760,884	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	8.36		$	6.71		$	14.47		$	14.42		$	12.70		$	11.17

Income (loss) from investment operations:
Net investment income (loss)		0.11	(e)		0.18	(e)		0.32	(e)		0.27	(e)		0.19	(e)		0.18	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.41	)		1.67			(7.56	)		1.40			2.82			1.56

Total from investment operations		(1.30	)		1.85			(7.24	)		1.67			3.01			1.74

Less distributions:
Dividends from net investment income		—			(0.20	)		(0.33	)		(0.24	)		(0.24	)		(0.21	)
Distributions from net realized gains		—			—			(0.19	)		(1.38	)		(1.05	)		—

Total dividends and distributions		—			(0.20	)		(0.52	)		(1.62	)		(1.29	)		(0.21	)

Net asset value, end of period	$	7.06		$	8.36		$	6.71		$	14.47		$	14.42		$	12.70

Total return (b)		(15.45	)%		27.67	%		(50.66	)%		11.98	%		23.80	%		15.61	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	976,460		$	1,178,274		$	767,423		$	1,713,719		$	1,602,552		$	1,330,210
Ratio of expenses to average net assets:
After waivers (a)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
After waivers and fees paid indirectly (a)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.84	%
Before waivers and fees paid indirectly (a)		0.85	%		0.87	%		0.90	%		0.89	%		0.88	%		0.85	%
Ratio of net investment income to average net assets:
After waivers (a)		2.85	%		2.45	%		2.83	%		1.74	%		1.36	%		1.60	%
After waivers and fees paid indirectly (a)		2.85	%		2.45	%		2.83	%		1.74	%		1.37	%		1.61	%
Before waivers and fees paid indirectly (a)		2.85	%		2.43	%		2.78	%		1.69	%		1.33	%		1.60	%
Portfolio turnover rate		35	%		85	%		65	%		52	%		70	%		67	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	8.23		$	6.60		$	14.25		$	14.22		$	12.53		$	11.02

Income (loss) from investment operations:
Net investment income (loss)		0.10	(e)		0.15	(e)		0.29	(e)		0.22	(e)		0.15	(e)		0.15	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.39	)		1.66			(7.44	)		1.38			2.78			1.53

Total from investment operations		(1.29	)		1.81			(7.15	)		1.60			2.93			1.68

Less distributions:
Dividends from net investment income		—			(0.18	)		(0.31	)		(0.19	)		(0.19	)		(0.17	)
Distributions from net realized gains		—			—			(0.19	)		(1.38	)		(1.05	)		—

Total dividends and distributions		—			(0.18	)		(0.50	)		(1.57	)		(1.24	)		(0.17	)

Net asset value, end of period	$	6.94		$	8.23		$	6.60		$	14.25		$	14.22		$	12.53

Total return (b)		(15.67	)%		27.45	%		(50.83	)%		11.69	%		23.55	%		15.33	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	749,287		$	932,816		$	807,551		$	1,739,210		$	1,342,183		$	930,307
Ratio of expenses to average net assets:
After waivers (a)		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
After waivers and fees paid indirectly (a)		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%		1.09	%
Before waivers and fees paid indirectly (a)		1.10	%		1.12	%(c)		1.15	%		1.14	%		1.13	%		1.10	%
Ratio of net investment income to average net assets:
After waivers (a)		2.60	%		2.19	%		2.59	%		1.46	%		1.10	%		1.35	%
After waivers and fees paid indirectly (a)		2.60	%		2.19	%		2.59	%		1.46	%		1.10	%		1.36	%
Before waivers and fees paid indirectly (a)		2.60	%		2.16	%		2.54	%		1.42	%		1.06	%		1.35	%
Portfolio turnover rate		35	%		85	%		65	%		52	%		70	%		67	%

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

205

EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Information Technology	21.8	%
Consumer Discretionary	17.9
Industrials	16.6
Health Care	16.3
Financials	13.8
Energy	5.5
Materials	3.5
Consumer Staples	2.2
Utilities	1.6
Telecommunication Services	0.5
Cash and Other	0.3

	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$993.50	$4.30
Hypothetical (5% average return before expenses)	1,000.00	1,020.48	4.36
Class IB
Actual	1,000.00	992.40	5.53
Hypothetical (5% average return before expenses)	1,000.00	1,019.24	5.61
* 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 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (17.9%)
*Auto Components (0.4%)*
American Axle & Manufacturing Holdings, Inc.*	47,100	$	345,243
Cooper Tire & Rubber Co.	36,500		711,750
Dana Holding Corp.*	88,300		883,000
Dorman Products, Inc.*	8,400		170,772
Drew Industries, Inc.*	18,900		381,780
Exide Technologies, Inc.*	45,900		238,680
Fuel Systems Solutions, Inc.*	7,400		192,030
Modine Manufacturing Co.*	32,900		252,672
Standard Motor Products, Inc.	21,900		176,733
Stoneridge, Inc.*	20,900		158,631
Superior Industries International, Inc.	10,800		145,152
Tenneco, Inc.*	38,100		802,386

			4,458,829

*Automobiles (0.0%)*
Winnebago Industries, Inc.*	19,800		196,812

*Distributors (0.7%)*
Audiovox Corp., Class A*	24,200		177,870
Core-Mark Holding Co., Inc.*	6,900		189,060
LKQ Corp.*	449,140		8,659,419

			9,026,349

*Diversified Consumer Services (1.2%)*
American Public Education, Inc.*	12,150		530,955
Bridgepoint Education, Inc.*	9,300		147,033
Cambium Learning Group, Inc.*	42,700		153,720
Capella Education Co.*	9,750		793,162
Coinstar, Inc.*	18,750		805,687
Corinthian Colleges, Inc.*	52,700		519,095
Grand Canyon Education, Inc.*	19,841		464,875
K12, Inc.*	15,800		350,444
Learning Tree International, Inc.*	11,000		119,350
Lincoln Educational Services Corp.*	7,400		152,366
Mac-Gray Corp.	11,700		130,338
Matthews International Corp., Class A	18,200		532,896
Pre-Paid Legal Services, Inc.*	3,800		172,862
Princeton Review, Inc.*	21,300		49,416
Regis Corp.	36,810		573,132
Sotheby’s, Inc.	40,800		933,096
Steiner Leisure Ltd.*	7,600		292,144
Stewart Enterprises, Inc., Class A	54,300		293,763
Strayer Education, Inc.	34,730		7,220,020
Universal Technical Institute, Inc.*	13,200		312,048

			14,546,402

*Hotels, Restaurants & Leisure* (*3.6%)*
AFC Enterprises, Inc.*	19,000		172,900
Ambassadors Group, Inc.	16,227		183,203
Ameristar Casinos, Inc.	16,200		243,972
Biglari Holdings, Inc.*	870		249,603


	Number of Shares	Value (Note 1)

BJ’s Restaurants, Inc.*	11,400	$	269,040
Bob Evans Farms, Inc.	18,700		460,394
Boyd Gaming Corp.*	34,500		292,905
Buffalo Wild Wings, Inc.*	10,300		376,774
California Pizza Kitchen, Inc.*	14,400		218,160
Caribou Coffee Co., Inc.*	18,900		178,983
CEC Entertainment, Inc.*	15,400		543,004
Cheesecake Factory, Inc.*	36,200		805,812
Chipotle Mexican Grill, Inc.*	54,020		7,390,476
Churchill Downs, Inc.	7,300		239,440
CKE Restaurants, Inc.	34,600		433,538
Cracker Barrel Old Country Store, Inc.	13,300		619,248
Denny’s Corp.*	84,812		220,511
DineEquity, Inc.*	11,300		315,496
Domino’s Pizza, Inc.*	28,500		322,050
Einstein Noah Restaurant Group, Inc.*	17,100		184,509
Gaylord Entertainment Co.*	409,680		9,049,831
Interval Leisure Group, Inc.*	26,500		329,925
Isle of Capri Casinos, Inc.*	12,100		112,046
Jack in the Box, Inc.*	38,700		752,715
Krispy Kreme Doughnuts, Inc.*	54,300		182,991
Landry’s Restaurants, Inc.*	8,000		195,680
Life Time Fitness, Inc.*	27,000		858,330
Marcus Corp.	17,900		169,334
Morgans Hotel Group Co.*	28,000		172,480
Orient-Express Hotels Ltd., Class A*	921,580		6,819,692
P.F. Chang’s China Bistro, Inc.	14,500		574,925
Panera Bread Co., Class A*	80,710		6,076,656
Papa John’s International, Inc.*	12,033		278,203
Peet’s Coffee & Tea, Inc.*	6,600		259,182
Pinnacle Entertainment, Inc.*	39,600		374,616
Red Robin Gourmet Burgers, Inc.*	9,600		164,736
Ruby Tuesday, Inc.*	33,800		287,300
Scientific Games Corp., Class A*	41,600		382,720
Shuffle Master, Inc.*	32,300		258,723
Sonic Corp.*	37,500		290,625
Speedway Motorsports, Inc.	10,300		139,668
Texas Roadhouse, Inc.*	32,100		405,102
Vail Resorts, Inc.*	23,200		809,912

			42,665,410

*Household Durables (1.2%)*
American Greetings Corp., Class A	26,400		495,264
Beazer Homes USA, Inc.*	39,800		144,474
Blyth, Inc.	3,800		129,466
Brookfield Homes Corp.*	26,100		175,914
Cavco Industries, Inc.*	3,900		137,202
Ethan Allen Interiors, Inc.	14,900		208,451
Furniture Brands International, Inc.*	26,200		136,764
Helen of Troy Ltd.*	19,600		432,376
Hovnanian Enterprises, Inc., Class A*	33,100		121,808
iRobot Corp.*	14,519		272,812
La-Z-Boy, Inc.*	36,000		267,480

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Libbey, Inc.*	14,100	$	183,018
Lifetime Brands, Inc.*	12,300		179,826
M/I Homes, Inc.*	16,000		154,240
Meritage Homes Corp.*	20,100		327,228
National Presto Industries, Inc.	3,578		332,253
Ryland Group, Inc.	24,800		392,336
Sealy Corp.*	62,900		167,943
Standard Pacific Corp.*	77,100		256,743
Tempur-Pedic International, Inc.*	301,790		9,280,043
Universal Electronics, Inc.*	8,600		143,018

			13,938,659

*Internet & Catalog Retail (1.0%)*
1-800-FLOWERS.COM, Inc., Class A*	33,000		67,980
Blue Nile, Inc.*	8,700		409,596
Drugstore.Com, Inc.*	56,800		174,944
Gaiam, Inc., Class A	1,800		10,926
HSN, Inc.*	26,600		638,400
Netflix, Inc.*	80,700		8,768,055
NutriSystem, Inc.	19,800		454,212
Orbitz Worldwide, Inc.*	38,700		147,447
Overstock.com, Inc.*	11,900		215,033
PetMed Express, Inc.	11,200		199,360
Shutterfly, Inc.*	13,500		323,460
U.S. Auto Parts Network, Inc.*	26,600		159,600
Vitacost.com, Inc.*	20,200		181,598

			11,750,611

*Leisure Equipment & Products (0.4%)*
Brunswick Corp.	57,300		712,239
Callaway Golf Co.	43,800		264,552
Eastman Kodak Co.*	179,600		779,464
JAKKS Pacific, Inc.*	18,700		268,906
Leapfrog Enterprises, Inc.*	38,800		155,976
Marine Products Corp.*	29,900		169,234
Polaris Industries, Inc.	19,200		1,048,704
Pool Corp.	28,000		613,760
RC2 Corp.*	11,900		191,709
Smith & Wesson Holding Corp.*	24,600		100,614
Steinway Musical Instruments, Inc.*	10,700		190,353
Sturm Ruger & Co., Inc.	12,800		183,424

			4,678,935

*Media (2.1%)*
Arbitron, Inc.	17,800		456,214
Ascent Media Corp., Class A*	9,400		237,444
Belo Corp., Class A*	57,600		327,744
Cinemark Holdings, Inc.	36,365		478,200
CKX, Inc.*	33,275		166,042
Crown Media Holdings, Inc., Class A*	60,100		105,776
Dex One Corp.*	32,000		608,000
Entercom Communications Corp., Class A*	19,100		168,462
Entravision Communications Corp., Class A*	70,200		148,122
EW Scripps Co., Class A*	23,100		171,633
Fisher Communications, Inc.*	130		2,189


	Number of Shares	Value (Note 1)

Global Sources Ltd.*	25,400	$	199,136
Harte-Hanks, Inc.	23,800		248,710
Journal Communications, Inc., Class A*	40,100		159,197
Knology, Inc.*	22,900		250,297
Lamar Advertising Co., Class A*	288,150		7,065,438
LIN TV Corp., Class A*	29,200		157,972
Lions Gate Entertainment Corp.*	43,400		302,932
Live Nation Entertainment, Inc.*	89,225		932,401
Martha Stewart Living Omnimedia, Inc., Class A*	35,100		172,692
McClatchy Co., Class A*	41,900		152,516
Media General, Inc., Class A*	17,300		168,848
Mediacom Communications Corp., Class A*	31,000		208,320
National CineMedia, Inc.	589,150		9,815,239
RCN Corp.*	20,100		297,681
ReachLocal, Inc.*	12,800		166,016
Rentrak Corp.*	9,100		221,403
Scholastic Corp.	19,500		470,340
Sinclair Broadcast Group, Inc., Class A*	32,800		191,224
SuperMedia, Inc.*	8,200		149,978
Valassis Communications, Inc.*	30,900		980,148
Value Line, Inc.	6,000		108,840
Warner Music Group Corp.*	39,200		190,512
Westwood One, Inc.*	16,800		165,816
World Wrestling Entertainment, Inc., Class A	14,200		220,952

			25,866,434

*Multiline Retail (1.1%)*
99 Cents Only Stores*	31,000		458,800
Dillard’s, Inc., Class A	31,100		668,650
Dollar Tree, Inc.*	249,405		10,382,730
Fred’s, Inc., Class A	25,800		285,348
Retail Ventures, Inc.*	23,000		179,860
Saks, Inc.*	79,600		604,164
Tuesday Morning Corp.*	41,700		166,383

			12,745,935

*Specialty Retail (4.6%)*
America’s Car-Mart, Inc.*	7,300		165,199
AnnTaylor Stores Corp.*	39,200		637,784
Asbury Automotive Group, Inc.*	26,300		277,202
Barnes & Noble, Inc.	24,600		317,340
bebe Stores, Inc.	29,600		189,440
Big 5 Sporting Goods Corp.	17,350		227,979
Brown Shoe Co., Inc.	27,000		409,860
Buckle, Inc.	17,100		554,382
Build-A-Bear Workshop, Inc.*	2,900		19,662
Cabela’s, Inc.*	25,500		360,570
CarMax, Inc.*	373,090		7,424,491
Cato Corp., Class A	17,800		391,956
Charming Shoppes, Inc.*	74,241		278,404
Children’s Place Retail Stores, Inc.*	15,945		701,899
Christopher & Banks Corp.	26,600		164,654

See Notes to Financial Statements.

208

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EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Citi Trends, Inc.*	8,400	$	276,696
Coldwater Creek, Inc.*	36,927		124,075
Collective Brands, Inc.*	46,800		739,440
Dick’s Sporting Goods, Inc.*	348,540		8,675,161
Dress Barn, Inc.*	39,895		949,900
DSW, Inc., Class A*	8,600		193,156
Express, Inc.*	11,400		186,618
Finish Line, Inc., Class A	32,500		452,725
Genesco, Inc.*	12,900		339,399
Group 1 Automotive, Inc.*	13,700		322,361
Gymboree Corp.*	18,578		793,466
Haverty Furniture Cos., Inc.	12,400		152,396
hhgregg, Inc.*	8,900		207,548
Hibbett Sports, Inc.*	15,648		374,926
HOT Topic, Inc.	28,800		146,304
J. Crew Group, Inc.*	171,080		6,297,455
Jo-Ann Stores, Inc.*	16,500		618,915
JoS. A. Bank Clothiers, Inc.*	11,400		615,486
Kirkland’s, Inc.*	11,100		187,313
Lithia Motors, Inc., Class A	17,900		110,622
Lumber Liquidators Holdings, Inc.*	12,300		286,959
Men’s Wearhouse, Inc.	34,900		640,764
Monro Muffler Brake, Inc.	10,700		422,971
OfficeMax, Inc.*	51,100		667,366
Pacific Sunwear of California, Inc.*	49,500		158,400
Penske Automotive Group, Inc.*	28,300		321,488
PEP Boys-Manny, Moe & Jack	31,700		280,862
Pier 1 Imports, Inc.*	90,700		581,387
Rent-A-Center, Inc.*	44,000		891,440
Rue21, Inc.*	9,400		285,196
Sally Beauty Holdings, Inc.*	59,000		483,800
Select Comfort Corp.*	34,900		305,375
Shoe Carnival, Inc.*	9,300		190,743
Sonic Automotive, Inc., Class A*	16,900		144,664
Stage Stores, Inc.	18,900		201,852
Stein Mart, Inc.*	18,500		115,255
Systemax, Inc.	10,200		153,714
Talbots, Inc.*	44,895		462,867
Tractor Supply Co.	145,990		8,901,010
Ulta Salon Cosmetics & Fragrance, Inc.*	218,500		5,169,710
Vitamin Shoppe, Inc.*	9,100		233,415
West Marine, Inc.*	16,900		183,872
Wet Seal, Inc., Class A*	43,400		158,410
Zumiez, Inc.*	16,356		263,495

			55,389,799

*Textiles, Apparel & Luxury Goods (1.6%)*
American Apparel, Inc.*	32,700		59,841
Carter’s, Inc.*	296,960		7,795,200
Columbia Sportswear Co.	8,000		373,360
Crocs, Inc.*	53,300		563,914
Deckers Outdoor Corp.*	8,800		1,257,256
G-III Apparel Group Ltd.*	9,900		226,611
Iconix Brand Group, Inc.*	46,000		661,020
Jones Apparel Group, Inc.	57,200		906,620
Kenneth Cole Productions, Inc., Class A*	14,600		160,746


	Number of Shares	Value (Note 1)

K-Swiss, Inc., Class A*	17,700	$	198,771
Liz Claiborne, Inc.*	63,700		268,814
Maidenform Brands, Inc.*	12,300		250,428
Movado Group, Inc.*	11,400		121,752
Oxford Industries, Inc.	8,000		167,440
Perry Ellis International, Inc.*	10,500		212,100
Quiksilver, Inc.*	97,100		359,270
Skechers U.S.A., Inc., Class A*	21,500		785,180
Steven Madden Ltd.*	17,250		543,720
Timberland Co., Class A*	26,419		426,667
True Religion Apparel, Inc.*	13,700		302,359
Under Armour, Inc., Class A*	19,900		659,287
Unifi, Inc.*	31,300		119,566
UniFirst Corp.	9,400		413,788
Volcom, Inc.*	13,100		243,267
Warnaco Group, Inc.*	29,700		1,073,358
Weyco Group, Inc.	7,300		166,294
Wolverine World Wide, Inc.	34,600		872,612

			19,189,241

Total Consumer Discretionary			214,453,416

Consumer Staples (2.2%)
*Beverages (0.1%)*
Boston Beer Co., Inc., Class A*	4,700		317,015
Coca-Cola Bottling Co. Consolidated	2,800		134,176
Heckmann Corp.*	53,600		248,704
National Beverage Corp.	12,800		157,184

			857,079

*Food & Staples Retailing (0.5%)*
Andersons, Inc.	11,800		384,562
Arden Group, Inc., Class A	3,222		283,117
Casey’s General Stores, Inc.	32,700		1,141,230
Great Atlantic & Pacific Tea Co., Inc.*	27,100		105,690
Ingles Markets, Inc., Class A	8,500		127,925
Nash Finch Co.	8,600		293,776
Pantry, Inc.*	15,000		211,650
Pricesmart, Inc.	7,200		167,256
Rite Aid Corp.*	356,300		349,174
Ruddick Corp.	27,000		836,730
Spartan Stores, Inc.	10,300		141,316
United Natural Foods, Inc.*	28,700		857,556
Village Super Market, Inc., Class A	7,400		194,250
Weis Markets, Inc.	7,400		243,534
Winn-Dixie Stores, Inc.*	33,700		324,868

			5,662,634

*Food Products (1.2%)*
Alico, Inc.	8,700		199,926
American Italian Pasta Co., Class A*	14,000		740,180
B&G Foods, Inc., Class A	30,200		325,556
Calavo Growers, Inc.	7,600		136,496
Cal-Maine Foods, Inc.	9,100		290,563
Chiquita Brands International, Inc.*	28,100		341,415
Darling International, Inc.*	53,300		400,283
Diamond Foods, Inc.	13,900		571,290
Dole Food Co., Inc.*	23,177		241,736
Farmer Bros Co.	6,932		104,604
Fresh Del Monte Produce, Inc.*	24,600		497,904

See Notes to Financial Statements.

209

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Green Mountain Coffee Roasters, Inc.*	241,360	$	6,202,952
Hain Celestial Group, Inc.*	27,243		549,491
Imperial Sugar Co.	11,200		113,120
J&J Snack Foods Corp.	9,000		378,900
Lancaster Colony Corp.	13,000		693,680
Lance, Inc.	16,400		270,436
Lifeway Foods, Inc.*	11,200		109,088
Pilgrim’s Pride Corp.*	31,100		204,327
Sanderson Farms, Inc.	13,600		690,064
Seneca Foods Corp., Class A*	6,000		193,560
Smart Balance, Inc.*	40,700		166,463
Synutra International, Inc.*	11,500		185,955
Tootsie Roll Industries, Inc.	15,589		368,690
TreeHouse Foods, Inc.*	22,300		1,018,218

			14,994,897

*Household Products (0.1%)*
Central Garden & Pet Co., Class A*	34,800		312,156
Spectrum Brands Holdings, Inc.*	11,600		294,176
WD-40 Co.	10,700		357,380

			963,712

*Personal Products (0.2%)*
Elizabeth Arden, Inc.*	13,200		191,664
Inter Parfums, Inc.	14,300		203,489
Medifast, Inc.*	8,200		212,462
Nu Skin Enterprises, Inc., Class A	31,300		780,309
Prestige Brands Holdings, Inc.*	22,000		155,760
Revlon, Inc., Class A*	12,300		137,268
Schiff Nutrition International, Inc.	14,300		101,816
USANA Health Sciences, Inc.*	5,200		189,956

			1,972,724

*Tobacco (0.1%)*
Alliance One International, Inc.*	41,900		149,164
Star Scientific, Inc.*	43,200		70,848
Universal Corp.	17,400		690,432
Vector Group Ltd.	22,785		383,244

			1,293,688

Total Consumer Staples			25,744,734

Energy (5.5%)
*Energy Equipment & Services (2.6%)*
Allis-Chalmers Energy, Inc.*	34,011		70,063
Basic Energy Services, Inc.*	19,500		150,150
Bristow Group, Inc.*	23,001		676,229
Cal Dive International, Inc.*	60,200		352,170
CARBO Ceramics, Inc.	11,900		859,061
Complete Production Services, Inc.*	447,150		6,394,245
Dawson Geophysical Co.*	6,300		134,001
Dril-Quip, Inc.*	130,540		5,746,371
FMC Technologies, Inc.*	71,200		3,749,392
Global Geophysical Services, Inc.*	21,500		149,855
Global Industries Ltd.*	66,800		299,932
Gulf Island Fabrication, Inc.	8,000		124,160


	Number of Shares	Value (Note 1)

Gulfmark Offshore, Inc., Class A*	14,200	$	372,040
Helix Energy Solutions Group, Inc.*	66,800		719,436
Hercules Offshore, Inc.*	58,900		143,127
Hornbeck Offshore Services, Inc.*	15,200		221,920
ION Geophysical Corp.*	81,200		282,576
Key Energy Services, Inc.*	82,700		759,186
Lufkin Industries, Inc.	18,400		717,416
Matrix Service Co.*	15,100		140,581
Natural Gas Services Group, Inc.*	9,600		145,248
Newpark Resources, Inc.*	56,300		340,615
Oceaneering International, Inc.*	116,810		5,244,769
OYO Geospace Corp.*	4,000		193,920
Parker Drilling Co.*	77,700		306,915
PHI, Inc.*	10,200		143,718
Pioneer Drilling Co.*	26,000		147,420
RPC, Inc.	19,800		270,270
Superior Well Services, Inc.*	12,200		203,984
T-3 Energy Services, Inc.*	9,100		253,890
Tesco Corp.*	19,300		237,004
TETRA Technologies, Inc.*	50,400		457,632
Union Drilling, Inc.*	15,800		87,058
Vantage Drilling Co.*	102,100		137,835
Willbros Group, Inc.*	25,200		186,480

			30,418,669

*Oil, Gas & Consumable Fuels (2.9%)*
Alon USA Energy, Inc.	34,700		220,692
American Oil & Gas, Inc.*	32,100		201,588
Apco Oil and Gas International, Inc.	11,191		263,101
Approach Resources, Inc.*	11,600		79,808
Arena Resources, Inc.*	24,300		775,170
ATP Oil & Gas Corp.*	25,300		267,927
Berry Petroleum Co., Class A	32,500		835,900
Bill Barrett Corp.*	29,400		904,638
BPZ Resources, Inc.*	59,700		247,755
Brigham Exploration Co.*	73,900		1,136,582
Cabot Oil & Gas Corp.	153,460		4,806,367
CAMAC Energy, Inc.*	46,000		171,580
Carrizo Oil & Gas, Inc.*	17,900		277,987
Cheniere Energy, Inc.*	33,500		94,470
Clayton Williams Energy, Inc.*	5,300		223,236
Clean Energy Fuels Corp.*	21,500		321,210
Cloud Peak Energy, Inc.*	19,606		259,976
Concho Resources, Inc.*	80,160		4,435,253
Contango Oil & Gas Co.*	7,207		322,513
Crosstex Energy, Inc.*	42,000		269,220
CVR Energy, Inc.*	14,500		109,040
Delek U.S. Holdings, Inc.	43,500		317,550
Delta Petroleum Corp.*	104,000		89,440
DHT Holdings, Inc.	23,000		88,550
Endeavour International Corp.*	133,700		141,722
Energy Partners Ltd.*	18,500		225,885
Energy XXI Bermuda Ltd.*	32,400		511,272
General Maritime Corp.	27,984		169,023
GeoResources, Inc.*	12,700		176,911
GMX Resources, Inc.*	20,400		132,396

See Notes to Financial Statements.

210

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EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Golar LNG Ltd.	22,100	$	218,127
Goodrich Petroleum Corp.*	14,800		177,600
Green Plains Renewable Energy, Inc.*	14,500		148,190
Gulfport Energy Corp.*	21,300		252,618
Hallador Energy Co.*	16,800		150,360
Harvest Natural Resources, Inc.*	23,900		176,143
Houston American Energy Corp.	14,800		145,928
International Coal Group, Inc.*	83,200		320,320
James River Coal Co.*	14,300		227,656
Knightsbridge Tankers Ltd.	10,800		189,972
Kodiak Oil & Gas Corp.*	76,200		243,078
L&L Energy, Inc.*	18,800		161,680
Magnum Hunter Resources Corp.*	42,400		184,864
McMoRan Exploration Co.*	48,800		542,168
Newfield Exploration Co.*	47,290		2,310,589
Nordic American Tanker Shipping Ltd.	27,400		769,666
Northern Oil and Gas, Inc.*	26,400		338,976
Overseas Shipholding Group, Inc.	16,300		603,752
Panhandle Oil and Gas, Inc., Class A	5,800		153,294
Patriot Coal Corp.*	49,900		586,325
Penn Virginia Corp.	27,500		553,025
Petroleum Development Corp.*	9,300		238,266
PetroQuest Energy, Inc.*	38,600		260,936
Resolute Energy Corp.*	24,300		297,432
REX American Resources Corp.*	13,400		214,400
Rex Energy Corp.*	27,200		274,720
Rosetta Resources, Inc.*	33,400		661,654
Ship Finance International Ltd.	27,200		486,336
SM Energy Co.	58,800		2,361,408
Stone Energy Corp.*	32,600		363,816
Swift Energy Co.*	23,800		640,458
Teekay Tankers Ltd., Class A	19,500		217,035
TransAtlantic Petroleum Ltd.*	94,100		298,297
USEC, Inc.*	71,800		341,768
VAALCO Energy, Inc.*	27,900		156,240
Venoco, Inc.*	15,900		261,873
W&T Offshore, Inc.	22,700		214,742
Warren Resources, Inc.*	1,000		2,900
Western Refining, Inc.*	50,200		252,506
World Fuel Services Corp.	37,800		980,532

			35,056,412

Total Energy			65,475,081

Financials (13.8%)
*Capital Markets (3.9%)*
Affiliated Managers Group, Inc.*	105,460		6,408,804
American Capital Ltd.*	214,838		1,035,519
Apollo Investment Corp.	115,390		1,076,589
Artio Global Investors, Inc.	17,836		280,739
BGC Partners, Inc., Class A	29,440		150,438
BlackRock Kelso Capital Corp.	36,260		357,886


	Number of Shares	Value (Note 1)

Calamos Asset Management, Inc., Class A	14,700	$	136,416
Capital Southwest Corp.	2,507		220,390
Cohen & Steers, Inc.	10,866		225,361
Cowen Group, Inc., Class A*	53,870		220,867
Diamond Hill Investment Group, Inc.	1,900		107,711
Duff & Phelps Corp., Class A	17,450		220,393
Epoch Holding Corp.	24,880		305,278
Evercore Partners, Inc., Class A	10,100		235,835
FBR Capital Markets Corp.*	48,000		159,840
Fifth Street Finance Corp.	24,900		274,647
Financial Engines, Inc.*	12,600		171,360
GAMCO Investors, Inc., Class A	4,530		168,516
GFI Group, Inc.	42,981		239,834
Gladstone Capital Corp.	14,300		154,583
Gladstone Investment Corp.	14,040		81,853
Gleacher & Co., Inc.*	89,770		228,914
Golub Capital BDC, Inc.	13,300		191,786
Greenhill & Co., Inc.	107,940		6,598,372
Harris & Harris Group, Inc.*	19,620		80,246
Hercules Technology Growth Capital, Inc.	24,307		223,867
International Assets Holding Corp.*	9,500		152,000
Investment Technology Group, Inc.*	27,900		448,074
JMP Group, Inc.	9,300		57,567
KBW, Inc.*	302,091		6,476,831
Knight Capital Group, Inc., Class A*	62,004		855,035
LaBranche & Co., Inc.*	27,310		116,887
Ladenburg Thalmann Financial Services, Inc.*	128,800		161,000
Lazard Ltd., Class A	261,600		6,987,336
Main Street Capital Corp.	19,030		284,118
MCG Capital Corp.	41,570		200,783
MF Global Holdings Ltd.*	64,800		370,008
MVC Capital, Inc.	13,400		173,128
NGP Capital Resources Co.	12,453		89,288
Oppenheimer Holdings, Inc., Class A	7,900		189,205
optionsXpress Holdings, Inc.*	26,900		423,406
PennantPark Investment Corp.	21,245		202,890
Penson Worldwide, Inc.*	16,500		93,060
Piper Jaffray Cos., Inc.*	11,800		380,196
Prospect Capital Corp.	41,061		396,239
Pzena Investment Management, Inc., Class A	27,600		175,812
Safeguard Scientifics, Inc.*	12,930		136,541
Sanders Morris Harris Group, Inc.	18,000		99,900
Solar Capital Ltd.	12,460		239,980
Stifel Financial Corp.*	180,390		7,827,122
SWS Group, Inc.	17,680		167,960
Thomas Weisel Partners Group, Inc.*	42,200		248,558
TICC Capital Corp.	16,910		142,044
TradeStation Group, Inc.*	20,900		141,075
Triangle Capital Corp.	6,700		95,274

See Notes to Financial Statements.

211

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EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Virtus Investment Partners, Inc.*	3,495	$	65,426
Westwood Holdings Group, Inc.	3,560		125,134

			47,077,921

*Commercial Banks (3.5%)*
1st Source Corp.	9,550		161,586
Alliance Financial Corp./ New York	2,610		72,558
American National Bankshares, Inc.	3,880		82,993
Ameris Bancorp*	10,382		100,292
Ames National Corp.	4,160		81,286
Arrow Financial Corp.	6,180		142,758
BancFirst Corp.	3,400		124,066
Banco Latinoamericano de Comercio Exterior S.A., Class E	17,420		217,576
Bancorp Rhode Island, Inc.	2,300		60,260
Bancorp, Inc./Delaware*	12,710		99,519
Bank of Marin Bancorp/ California	3,290		105,050
Bank of the Ozarks, Inc.	8,280		293,692
Boston Private Financial Holdings, Inc.	43,110		277,197
Bridge Bancorp, Inc.	5,500		133,540
Bryn Mawr Bank Corp.	5,500		92,290
Camden National Corp.	4,850		133,230
Capital City Bank Group, Inc.	9,000		111,420
Cardinal Financial Corp.	18,250		168,630
Cathay General Bancorp	50,401		520,642
Centerstate Banks, Inc.	15,600		157,404
Chemical Financial Corp.	15,100		328,878
Citizens & Northern Corp.	7,700		82,390
Citizens Republic Bancorp, Inc.*	250,840		213,214
City Holding Co.	10,500		292,740
CNB Financial Corp./ Pennsylvania	5,490		60,280
CoBiz Financial, Inc.	18,550		122,245
Columbia Banking System, Inc.	24,900		454,674
Community Bank System, Inc.	20,816		458,576
Community Trust Bancorp, Inc.	10,100		253,510
CVB Financial Corp.	54,800		520,600
Danvers Bancorp, Inc.	13,870		200,421
Eagle Bancorp, Inc.*	9,620		113,324
Enterprise Financial Services Corp.	7,230		69,697
F.N.B. Corp./Pennsylvania	73,500		590,205
Financial Institutions, Inc.	7,100		126,096
First Bancorp, Inc./Maine	5,540		72,740
First Bancorp/North Carolina	7,800		113,022
First Bancorp/Puerto Rico*	53,800		28,514
First Busey Corp.	30,580		138,527
First Commonwealth Financial Corp.	60,100		315,525
First Community Bancshares, Inc./Virginia	9,400		138,086
First Financial Bancorp	36,760		549,562
First Financial Bankshares, Inc.	13,500		649,215
First Financial Corp./Indiana	7,900		203,899
First Interstate Bancsystem, Inc.	12,300		193,479


	Number of Shares	Value (Note 1)

First Merchants Corp.	18,600	$	157,728
First Midwest Bancorp, Inc./ Illinois	47,300		575,168
First of Long Island Corp.	3,300		84,843
First South Bancorp, Inc./North Carolina	5,180		54,960
FirstMerit Corp.	67,940		1,163,812
German American Bancorp, Inc.	9,600		146,880
Glacier Bancorp, Inc.	45,730		670,859
Great Southern Bancorp, Inc.	7,500		152,325
Hancock Holding Co.	18,000		600,480
Heartland Financial USA, Inc.	8,390		144,979
Heritage Financial Corp./Washington*	5,840		87,425
Home Bancorp, Inc.*	5,680		73,329
Home Bancshares, Inc./ Arkansas	12,247		279,354
Hudson Valley Holding Corp.	8,000		184,960
IBERIABANK Corp.	107,268		5,522,157
Independent Bank Corp./Massachusetts	13,600		335,648
International Bancshares Corp.	33,400		557,446
Investors Bancorp, Inc.*	32,200		422,464
Lakeland Bancorp, Inc.	10,800		92,016
Lakeland Financial Corp.	10,070		201,199
MainSource Financial Group, Inc.	10,800		77,436
MB Financial, Inc.	31,700		582,963
Merchants Bancshares, Inc.	3,050		67,771
Metro Bancorp, Inc.*	5,450		67,253
Nara Bancorp, Inc.*	20,100		169,443
National Bankshares, Inc./ Virginia	5,800		140,534
National Penn Bancshares, Inc.	80,100		481,401
NBT Bancorp, Inc.	22,900		467,618
Northfield Bancorp, Inc./New Jersey	13,300		172,634
Old National Bancorp/Indiana	55,300		572,908
OmniAmerican Bancorp, Inc.*	7,550		85,240
Oriental Financial Group, Inc.	22,400		283,584
Orrstown Financial Services, Inc.	3,800		84,094
Pacific Continental Corp.	16,800		159,096
PacWest Bancorp	18,400		336,904
Park National Corp.	7,450		484,548
Peapack Gladstone Financial Corp.	5,545		64,877
Penns Woods Bancorp, Inc.	2,440		74,225
Peoples Bancorp, Inc./Ohio	5,800		84,100
Pinnacle Financial Partners, Inc.*	21,281		273,461
PrivateBancorp, Inc.	34,018		376,919
Prosperity Bancshares, Inc.	29,150		1,012,963
Renasant Corp.	13,400		192,290
Republic Bancorp, Inc./Kentucky, Class A	6,400		143,360
S&T Bancorp, Inc.	14,961		295,629
Sandy Spring Bancorp, Inc.	15,310		214,493
Santander BanCorp*	17,000		214,880
SCBT Financial Corp.	8,200		288,804

See Notes to Financial Statements.

212

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Sierra Bancorp	6,500	$	74,750
Signature Bank/New York*	26,500		1,007,265
Simmons First National Corp., Class A	10,620		278,881
Southside Bancshares, Inc.	8,768		172,204
Southwest Bancorp, Inc./ Oklahoma	7,800		103,662
State Bancorp, Inc./New York	8,500		80,750
StellarOne Corp.	14,440		184,399
Sterling Bancorp/New York	17,000		153,000
Sterling Bancshares, Inc./Texas	65,220		307,186
Suffolk Bancorp	6,100		188,734
Susquehanna Bancshares, Inc.	83,203		693,081
SVB Financial Group*	26,527		1,093,708
SY Bancorp, Inc.	6,300		144,774
Taylor Capital Group, Inc.*	13,900		179,866
Texas Capital Bancshares, Inc.*	22,650		371,460
Tompkins Financial Corp.	6,051		228,425
Tower Bancorp, Inc.	3,030		66,327
TowneBank/Virginia	14,790		214,751
Trico Bancshares	8,850		149,830
Trustmark Corp.	40,480		842,794
UMB Financial Corp.	20,400		725,424
Umpqua Holdings Corp.	72,490		832,185
Union First Market Bankshares Corp.	16,450		201,677
United Bankshares, Inc.	24,280		581,263
United Community Banks, Inc./Georgia*	51,992		205,368
Univest Corp. of Pennsylvania	10,447		180,942
Washington Banking Co.	9,730		124,447
Washington Trust Bancorp, Inc.	10,300		175,512
Webster Financial Corp.	43,400		778,596
WesBanco, Inc.	16,600		279,710
West Bancorp, Inc.*	9,900		67,419
West Coast Bancorp/Oregon	66,400		169,320
Westamerica Bancorp	19,100		1,003,132
Western Alliance Bancorp*	27,500		197,175
Whitney Holding Corp./ Louisiana	61,700		570,725
Wilshire Bancorp, Inc.	16,500		144,375
Wintrust Financial Corp.	19,170		639,128

			41,815,113

*Consumer Finance (0.3%)*
Advance America Cash Advance Centers, Inc.	29,170		120,472
Cardtronics, Inc.*	17,200		222,912
Cash America International, Inc.	19,200		657,984
CompuCredit Holdings Corp.	43,400		171,864
Credit Acceptance Corp.*	5,000		243,850
Dollar Financial Corp.*	15,100		298,829
EZCORP, Inc., Class A*	30,300		562,065
First Cash Financial Services, Inc.*	15,400		335,720
First Marblehead Corp.*	39,270		92,285
Nelnet, Inc., Class A	16,850		324,868
Student Loan Corp.	7,300		175,784
World Acceptance Corp.*	10,320		395,359

			3,601,992


	Number of Shares	Value (Note 1)

*Diversified Financial Services (0.3%)*
Asset Acceptance Capital Corp.*	9,500	$	39,330
Compass Diversified Holdings	20,050		268,871
Encore Capital Group, Inc.*	8,450		174,155
Life Partners Holdings, Inc.	14,170		289,918
MarketAxess Holdings, Inc.	20,100		277,179
Medallion Financial Corp.	15,894		104,900
NewStar Financial, Inc.*	17,600		111,936
PHH Corp.*	36,400		693,056
PICO Holdings, Inc.*	14,400		431,568
Portfolio Recovery Associates, Inc.*	10,780		719,888

			3,110,801

*Insurance (1.5%)*
Alterra Capital Holdings Ltd.	61,600		1,156,848
Ambac Financial Group, Inc.*	217,700		145,859
American Equity Investment Life Holding Co.	36,980		381,634
American Physicians Capital, Inc.	5,200		160,420
American Physicians Service Group, Inc.	4,050		99,023
American Safety Insurance Holdings Ltd.*	7,900		124,188
AMERISAFE, Inc.*	11,990		210,424
Amtrust Financial Services, Inc.	14,800		178,192
Argo Group International Holdings Ltd.	19,900		608,741
Baldwin & Lyons, Inc., Class B	6,487		136,292
Citizens, Inc./Texas*	17,600		117,216
CNA Surety Corp.*	10,690		171,788
CNO Financial Group, Inc.*	161,400		798,930
Delphi Financial Group, Inc., Class A	28,405		693,366
Donegal Group, Inc., Class A	11,200		137,648
eHealth, Inc.*	16,600		188,742
EMC Insurance Group, Inc.	11,712		256,844
Employers Holdings, Inc.	30,900		455,157
Enstar Group, Ltd.*	4,450		295,658
FBL Financial Group, Inc., Class A	8,200		172,200
First American Financial Corp.	66,400		841,952
First Mercury Financial Corp.	10,000		105,800
Flagstone Reinsurance Holdings S.A.	24,874		269,137
FPIC Insurance Group, Inc.*	5,700		146,205
Gerova Financial Group Ltd.*	15,700		84,937
Greenlight Capital Reinsurance Ltd., Class A*	16,866		424,855
Harleysville Group, Inc.	8,800		273,064
Hilltop Holdings, Inc.*	24,641		246,656
Horace Mann Educators Corp.	24,910		381,123
Infinity Property & Casualty Corp.	9,300		429,474
Kansas City Life Insurance Co.	9,090		268,791
Maiden Holdings Ltd.	31,730		208,466
Meadowbrook Insurance Group, Inc.	38,500		332,255
Montpelier Reinsurance Holdings Ltd.	45,200		674,836

See Notes to Financial Statements.

213

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

National Financial Partners Corp.*	26,165	$	255,632
National Interstate Corp.	13,380		265,192
National Western Life Insurance Co., Class A	1,430		218,447
Navigators Group, Inc.*	7,600		312,588
Phoenix Cos., Inc.*	69,800		147,278
Platinum Underwriters Holdings Ltd.	28,380		1,029,910
PMA Capital Corp., Class A*	22,200		145,410
Presidential Life Corp.	13,900		126,490
Primerica, Inc.*	15,400		330,176
ProAssurance Corp.*	20,600		1,169,256
RLI Corp.	12,000		630,120
Safety Insurance Group, Inc.	8,350		309,117
SeaBright Holdings, Inc.	13,790		130,729
Selective Insurance Group, Inc.	33,590		499,147
State Auto Financial Corp.	9,100		141,141
Stewart Information Services Corp.	11,400		102,828
Tower Group, Inc.	27,126		584,023
United America Indemnity Ltd., Class A*	23,100		170,016
United Fire & Casualty Co.	14,600		289,372

			18,033,593

*Real Estate Investment Trusts (REITs) (3.4%)*
Acadia Realty Trust (REIT)	25,986		437,085
Agree Realty Corp. (REIT)	7,178		167,391
Alexander’s, Inc. (REIT)	1,300		393,796
American Campus Communities, Inc. (REIT)	33,900		925,131
American Capital Agency Corp. (REIT)	20,916		552,601
Anworth Mortgage Asset Corp. (REIT)	72,100		513,352
Apollo Commercial Real Estate Finance, Inc. (REIT)	6,360		104,686
Ashford Hospitality Trust, Inc. (REIT)*	28,450		208,539
Associated Estates Realty Corp. (REIT)	13,400		173,530
BioMed Realty Trust, Inc. (REIT)	72,100		1,160,089
CapLease, Inc. (REIT)	32,770		151,070
Capstead Mortgage Corp. (REIT)	44,010		486,751
CBL & Associates Properties, Inc. (REIT)	87,660		1,090,490
Cedar Shopping Centers, Inc. (REIT)	28,700		172,774
Chesapeake Lodging Trust (REIT)*	4,770		75,461
Cogdell Spencer, Inc. (REIT)	19,070		128,913
Colonial Properties Trust (REIT)	42,000		610,260
Colony Financial, Inc. (REIT)	9,234		156,055
Cousins Properties, Inc. (REIT)	47,479		320,008
CreXus Investment Corp. (REIT)	8,640		107,395
Cypress Sharpridge Investments, Inc. (REIT)	12,100		153,186


	Number of Shares	Value (Note 1)

DCT Industrial Trust, Inc. (REIT)	130,300	$	588,956
DiamondRock Hospitality Co. (REIT)*	98,608		810,558
DuPont Fabros Technology, Inc. (REIT)	24,330		597,545
Dynex Capital, Inc. (REIT)	7,630		70,425
EastGroup Properties, Inc. (REIT)	16,900		601,302
Education Realty Trust, Inc. (REIT)	36,600		220,698
Entertainment Properties Trust (REIT)	29,378		1,118,420
Equity Lifestyle Properties, Inc. (REIT)	16,300		786,149
Equity One, Inc. (REIT)	23,700		369,720
Extra Space Storage, Inc. (REIT)	54,930		763,527
FelCor Lodging Trust, Inc. (REIT)*	41,240		205,788
First Industrial Realty Trust, Inc. (REIT)*	36,300		174,966
First Potomac Realty Trust (REIT)	24,057		345,699
Franklin Street Properties Corp. (REIT)	42,300		499,563
Getty Realty Corp. (REIT)	11,120		249,199
Gladstone Commercial Corp. (REIT)	5,450		89,053
Glimcher Realty Trust (REIT)	39,230		234,595
Government Properties Income Trust (REIT)	10,650		271,788
Hatteras Financial Corp. (REIT)	24,200		673,244
Healthcare Realty Trust, Inc. (REIT)	38,900		854,633
Hersha Hospitality Trust (REIT)	76,989		347,990
Highwoods Properties, Inc. (REIT)	45,040		1,250,310
Home Properties, Inc. (REIT)	25,240		1,137,567
Inland Real Estate Corp. (REIT)	47,500		376,200
Invesco Mortgage Capital, Inc. (REIT)	16,280		325,763
Investors Real Estate Trust (REIT)	46,300		408,829
iStar Financial, Inc. (REIT)*	66,700		297,482
Kilroy Realty Corp. (REIT)	33,200		987,036
Kite Realty Group Trust (REIT)	29,430		123,017
LaSalle Hotel Properties (REIT)	44,350		912,280
Lexington Realty Trust (REIT)	63,545		381,905
LTC Properties, Inc. (REIT)	15,000		364,050
Medical Properties Trust, Inc. (REIT)	70,618		666,634
MFA Financial, Inc. (REIT)	178,290		1,319,346
Mid-America Apartment Communities, Inc. (REIT)	17,950		923,886
Mission West Properties, Inc. (REIT)	18,245		124,431

See Notes to Financial Statements.

214

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Monmouth Real Estate Investment Corp. (REIT), Class A	13,860	$	102,425
National Health Investors, Inc. (REIT)	17,400		670,944
National Retail Properties, Inc. (REIT)	51,700		1,108,448
NorthStar Realty Finance Corp. (REIT)	42,180		112,621
Omega Healthcare Investors, Inc. (REIT)	56,430		1,124,650
Parkway Properties, Inc./Maryland (REIT)	14,169		206,442
Pebblebrook Hotel Trust (REIT)*	12,028		226,728
Pennsylvania Real Estate Investment Trust (REIT)	31,600		386,152
Pennymac Mortgage Investment Trust (REIT)*	9,300		147,870
Post Properties, Inc. (REIT)	30,800		700,084
Potlatch Corp. (REIT)	26,100		932,553
PS Business Parks, Inc. (REIT)	11,400		635,892
RAIT Financial Trust (REIT)*	63,100		117,997
Ramco-Gershenson Properties Trust (REIT)	18,200		183,820
Redwood Trust, Inc. (REIT)	51,900		759,816
Resource Capital Corp. (REIT)	20,650		117,292
Retail Opportunity Investments Corp.	26,700		257,655
Saul Centers, Inc. (REIT)	5,200		211,276
Sovran Self Storage, Inc. (REIT)	17,400		599,082
Strategic Hotels & Resorts, Inc. (REIT)*	94,972		416,927
Sun Communities, Inc. (REIT)	10,700		277,772
Sunstone Hotel Investors, Inc. (REIT)*	62,263		618,272
Tanger Factory Outlet Centers (REIT)	25,600		1,059,328
Terreno Realty Corp. (REIT)*	5,560		98,468
Two Harbors Investment Corp. (REIT)	22,200		183,150
Universal Health Realty Income Trust (REIT)	7,050		226,516
Urstadt Biddle Properties, Inc. (REIT), Class A	12,970		209,206
U-Store-It Trust (REIT)	50,700		378,222
Walter Investment Management Corp. (REIT)	14,640		239,364
Washington Real Estate Investment Trust (REIT)	37,800		1,042,902
Winthrop Realty Trust (REIT)	9,550		122,335

			41,035,326

*Real Estate Management & Development (0.1%)*
Avatar Holdings, Inc.*	4,960		95,133
Consolidated-Tomoka Land Co.	2,900		82,650
Forestar Group, Inc.*	24,000		431,040
Kennedy-Wilson Holdings, Inc.*	17,600		177,760
Tejon Ranch Co.*	7,900		182,332

			968,915


	Number of Shares	Value (Note 1)

*Thrifts & Mortgage Finance* (*0.8%)*
Abington Bancorp, Inc.	13,900	$	121,208
Astoria Financial Corp.	57,300		788,448
Bank Mutual Corp.	31,300		177,784
BankFinancial Corp.	17,900		148,749
Beneficial Mutual Bancorp, Inc.*	20,770		205,208
Berkshire Hills Bancorp, Inc.	9,200		179,216
Brookline Bancorp, Inc.	37,534		333,302
Clifton Savings Bancorp, Inc.	20,500		177,325
Dime Community Bancshares, Inc.	16,700		205,911
ESB Financial Corp.	10,100		131,805
ESSA Bancorp, Inc.	13,300		163,723
First Financial Holdings, Inc.	10,110		115,760
Flagstar Bancorp, Inc.*	37,400		117,436
Flushing Financial Corp.	19,150		234,204
Home Federal Bancorp, Inc./ Idaho	9,600		121,248
Kearny Financial Corp.	12,250		112,210
Meridian Interstate Bancorp, Inc.*	22,300		243,070
MGIC Investment Corp.*	128,551		885,716
NewAlliance Bancshares, Inc.	71,700		803,757
Northwest Bancshares, Inc.	70,770		811,732
OceanFirst Financial Corp.	8,330		100,543
Ocwen Financial Corp.*	47,400		483,006
Oritani Financial Corp.	28,794		287,940
PMI Group, Inc.*	89,564		258,840
Provident Financial Services, Inc.	36,100		422,009
Provident New York Bancorp	18,900		167,265
Radian Group, Inc.	83,766		606,466
Rockville Financial, Inc.	14,900		177,459
Roma Financial Corp.	16,500		179,190
Territorial Bancorp, Inc.	9,900		187,605
TrustCo Bank Corp. NY/ New York	50,000		280,000
United Financial Bancorp, Inc.	11,100		151,515
ViewPoint Financial Group	6,450		89,332
Westfield Financial, Inc.	19,840		165,267
WSFS Financial Corp.	3,900		140,127

			9,774,376

Total Financials			165,418,037

Health Care (16.3%)
*Biotechnology* (*3.7%)*
Acorda Therapeutics, Inc.*	23,600		734,196
Affymax, Inc.*	11,200		66,976
Alexion Pharmaceuticals, Inc.*	122,870		6,289,715
Alkermes, Inc.*	62,000		771,900
Allos Therapeutics, Inc.*	38,200		234,166
Alnylam Pharmaceuticals, Inc.*	20,900		313,918
AMAG Pharmaceuticals, Inc.*	11,053		379,671
Arena Pharmaceuticals, Inc.*	53,600		164,552
ARIAD Pharmaceuticals, Inc.*	59,500		167,790
ArQule, Inc.*	30,200		129,860
Array BioPharma, Inc.*	29,100		88,755
AVEO Pharmaceuticals, Inc.*	26,800		189,476
AVI BioPharma, Inc.*	107,900		173,719

See Notes to Financial Statements.

215

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

BioCryst Pharmaceuticals, Inc.*	17,500	$	103,425
Biotime, Inc.*	27,400		168,784
Celera Corp.*	50,800		332,740
Celldex Therapeutics, Inc.*	12,900		58,824
Cepheid, Inc.*	37,200		595,944
Clinical Data, Inc.*	11,400		141,816
Codexis, Inc.*	18,500		162,060
Cubist Pharmaceuticals, Inc.*	36,400		749,840
Cytokinetics, Inc.*	34,200		81,054
Cytori Therapeutics, Inc.*	28,800		100,224
Dendreon Corp.*	90,520		2,926,512
Dyax Corp.*	42,600		96,702
Emergent Biosolutions, Inc.*	10,500		171,570
Enzon Pharmaceuticals, Inc.*	37,800		402,570
Exelixis, Inc.*	65,800		228,326
Genomic Health, Inc.*	6,600		85,338
Geron Corp.*	56,900		285,638
Halozyme Therapeutics, Inc.*	39,500		278,080
Human Genome Sciences, Inc.*	160,220		3,630,585
Idenix Pharmaceuticals, Inc.*	47,200		236,000
Immunogen, Inc.*	34,200		317,034
Immunomedics, Inc.*	58,400		180,456
Incyte Corp.*	232,715		2,576,155
InterMune, Inc.*	28,500		266,475
Ironwood Pharmaceuticals, Inc.*	201,400		2,400,688
Isis Pharmaceuticals, Inc.*	59,600		570,372
Keryx Biopharmaceuticals, Inc.*	47,100		172,386
Lexicon Pharmaceuticals, Inc.*	224,300		287,104
Ligand Pharmaceuticals, Inc., Class B*	75,900		110,814
MannKind Corp.*	33,455		213,777
Martek Biosciences Corp.*	19,900		471,829
Maxygen, Inc.*	18,000		99,540
Medivation, Inc.*	16,800		148,512
Metabolix, Inc.*	11,700		167,427
Micromet, Inc.*	51,700		322,608
Momenta Pharmaceuticals, Inc.*	25,300		310,178
Nabi Biopharmaceuticals*	33,400		181,696
Neurocrine Biosciences, Inc.*	43,100		241,360
Novavax, Inc.*	60,400		131,068
NPS Pharmaceuticals, Inc.*	31,800		204,792
Onyx Pharmaceuticals, Inc.*	38,100		822,579
Opko Health, Inc.*	73,800		166,788
Orexigen Therapeutics, Inc.*	68,400		287,280
Osiris Therapeutics, Inc.*	32,000		185,920
PDL BioPharma, Inc.	79,300		445,666
Pharmacyclics, Inc.*	28,700		191,142
Pharmasset, Inc.*	18,700		511,258
Regeneron Pharmaceuticals, Inc.*	119,480		2,666,794
Rigel Pharmaceuticals, Inc.*	31,600		227,520
Sangamo BioSciences, Inc.*	29,300		108,703
Savient Pharmaceuticals, Inc.*	39,600		498,960
Seattle Genetics, Inc.*	47,900		574,321
SIGA Technologies, Inc.*	19,900		153,230
Spectrum Pharmaceuticals, Inc.*	24,700		96,824
StemCells, Inc.*	92,700		87,138
Synta Pharmaceuticals Corp.*	47,400		127,980
Targacept, Inc.*	15,200		293,816
Theravance, Inc.*	44,500		559,365


	Number of Shares	Value (Note 1)

United Therapeutics Corp.*	114,770	$	5,601,924
Vanda Pharmaceuticals, Inc.*	17,800		117,658
ZymoGenetics, Inc.*	33,600		141,792

			43,781,655

*Health Care Equipment & Supplies* (*4.5%)*
Abaxis, Inc.*	14,700		315,021
ABIOMED, Inc.*	17,100		165,528
Accuray, Inc.*	23,200		153,816
AGA Medical Holdings, Inc.*	13,800		175,122
Align Technology, Inc.*	445,070		6,618,191
Alimera Sciences, Inc.*	20,000		148,800
Alphatec Holdings, Inc.*	33,400		154,976
American Medical Systems Holdings, Inc.*	48,800		1,079,456
Analogic Corp.	8,700		395,937
AngioDynamics, Inc.*	11,400		168,150
ArthroCare Corp.*	17,200		527,180
Atrion Corp.	1,200		162,060
ATS Medical, Inc.*	48,700		193,339
Cantel Medical Corp.	10,300		172,010
Conceptus, Inc.*	19,600		305,368
CONMED Corp.*	18,600		346,518
CryoLife, Inc.*	17,100		92,169
Cyberonics, Inc.*	18,300		433,344
Delcath Systems, Inc.*	21,000		133,140
DexCom, Inc.*	35,800		413,848
DynaVox, Inc., Class A*	10,500		168,105
Endologix, Inc.*	46,600		211,098
ev3, Inc.*	53,100		1,189,971
Exactech, Inc.*	6,800		116,144
Greatbatch, Inc.*	15,100		336,881
Haemonetics Corp.*	16,500		883,080
HealthTronics, Inc.*	39,900		192,717
HeartWare International, Inc.*	6,100		427,427
ICU Medical, Inc.*	7,600		244,492
Immucor, Inc.*	43,700		832,485
Insulet Corp.*	24,300		365,715
Integra LifeSciences Holdings Corp.*	11,600		429,200
Invacare Corp.	20,100		416,874
IRIS International, Inc.*	10,400		105,456
Kensey Nash Corp.*	5,800		137,518
MAKO Surgical Corp.*	16,200		201,690
Masimo Corp.	33,950		808,350
Medical Action Industries, Inc.*	13,200		158,268
MELA Sciences, Inc.*	16,100		119,784
Meridian Bioscience, Inc.	26,900		457,300
Merit Medical Systems, Inc.*	17,900		287,653
Micrus Endovascular Corp.*	16,100		334,719
Natus Medical, Inc.*	18,100		294,849
Neogen Corp.*	14,400		375,120
NuVasive, Inc.*	157,670		5,590,978
NxStage Medical, Inc.*	14,600		216,664
OraSure Technologies, Inc.*	33,600		155,568
Orthofix International N.V.*	8,900		285,245
Orthovita, Inc.*	43,000		87,290
Palomar Medical Technologies, Inc.*	12,100		135,399
Quidel Corp.*	17,000		215,730
ResMed, Inc.*	103,830		6,313,902

See Notes to Financial Statements.

216

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Rochester Medical Corp.*	11,000	$	103,950
RTI Biologics, Inc.*	36,200		106,066
SenoRx, Inc.*	17,600		193,248
Sirona Dental Systems, Inc.*	206,650		7,199,686
Somanetics Corp.*	7,100		177,145
SonoSite, Inc.*	7,900		214,169
Stereotaxis, Inc.*	24,000		79,440
STERIS Corp.	38,700		1,202,796
SurModics, Inc.*	7,300		119,793
Symmetry Medical, Inc.*	23,800		250,852
Syneron Medical Ltd.*	22,700		233,356
Synovis Life Technologies, Inc.*	7,400		113,072
TomoTherapy, Inc.*	3,500		11,130
Vascular Solutions, Inc.*	17,600		220,000
Volcano Corp.*	332,400		7,252,968
West Pharmaceutical Services, Inc.	21,900		799,131
Wright Medical Group, Inc.*	23,600		391,996
Young Innovations, Inc.	7,000		197,050
Zoll Medical Corp.*	14,100		382,110

			53,497,603

*Health Care Providers & Services (4.2%)*
Accretive Health, Inc.*	13,900		183,897
Air Methods Corp.*	7,000		208,250
Alliance HealthCare Services, Inc.*	28,100		113,524
Almost Family, Inc.*	4,600		160,678
Amedisys, Inc.*	17,900		787,063
America Service Group, Inc.	10,400		178,880
American Dental Partners, Inc.*	13,800		167,118
AMERIGROUP Corp.*	34,600		1,123,808
AMN Healthcare Services, Inc.*	19,500		145,860
Amsurg Corp.*	17,416		310,353
Assisted Living Concepts, Inc., Class A*	5,680		168,071
Bio-Reference Labs, Inc.*	15,800		350,286
BioScrip, Inc.*	30,700		160,868
CardioNet, Inc.*	15,855		86,886
Catalyst Health Solutions, Inc.*	24,500		845,250
Centene Corp.*	287,430		6,179,745
Chemed Corp.	14,500		792,280
Chindex International, Inc.*	13,100		164,143
Clarient, Inc.*	39,600		121,968
Continucare Corp.*	49,200		164,820
Corvel Corp.*	5,900		199,361
Cross Country Healthcare, Inc.*	17,000		152,830
Emergency Medical Services Corp., Class A*	140,990		6,912,740
Emeritus Corp.*	15,191		247,765
Ensign Group, Inc.	7,300		120,596
Genoptix, Inc.*	9,650		165,980
Gentiva Health Services, Inc.*	19,400		523,994
Hanger Orthopedic Group, Inc.*	20,000		359,200
HealthSouth Corp.*	59,100		1,105,761
Healthspring, Inc.*	32,100		497,871
Healthways, Inc.*	22,800		271,776
HMS Holdings Corp.*	173,600		9,412,592
inVentiv Health, Inc.*	21,500		550,400
IPC The Hospitalist Co., Inc.*	10,800		271,080
Kindred Healthcare, Inc.*	26,100		335,124


	Number of Shares	Value (Note 1)

Landauer, Inc.	6,233	$	379,465
LHC Group, Inc.*	9,600		266,400
Magellan Health Services, Inc.*	202,210		7,344,267
MedCath Corp.*	13,300		104,538
Molina Healthcare, Inc.*	6,800		195,840
MWI Veterinary Supply, Inc.*	7,200		361,872
National Healthcare Corp.	5,900		203,314
National Research Corp.	3,600		86,796
Odyssey HealthCare, Inc.*	21,500		574,480
Owens & Minor, Inc.#	39,750		1,128,105
PharMerica Corp.*	19,300		282,938
Providence Service Corp.*	13,300		186,200
PSS World Medical, Inc.*	39,700		839,655
Psychiatric Solutions, Inc.*	37,200		1,217,184
RehabCare Group, Inc.*	15,800		344,124
Res-Care, Inc.*	16,900		163,254
Rural/Metro Corp.*	24,600		200,244
Select Medical Holdings Corp.*	21,619		146,577
Skilled Healthcare Group, Inc., Class A*	15,990		108,572
Sun Healthcare Group, Inc.*	29,200		235,936
Sunrise Senior Living, Inc.*	66,600		185,148
Team Health Holdings, Inc.*	12,700		164,084
Triple-S Management Corp., Class B*	11,700		217,035
U.S. Physical Therapy, Inc.*	8,500		143,480
Universal American Corp.*	17,100		246,240
Virtual Radiologic Corp.*	12,900		221,364
WellCare Health Plans, Inc.*	28,300		671,842

			49,759,772

*Health Care Technology (1.4%)*
athenahealth, Inc.*	22,450		586,619
Computer Programs & Systems, Inc.	6,500		265,980
Eclipsys Corp.*	35,323		630,162
MedAssets, Inc.*	292,140		6,742,591
Medidata Solutions, Inc.*	9,300		144,057
MedQuist, Inc.	24,300		192,213
Merge Healthcare, Inc.*	37,800		110,754
Omnicell, Inc.*	14,700		171,843
Phase Forward, Inc.*	28,910		482,219
Quality Systems, Inc.	12,100		701,679
SXC Health Solutions Corp.*	97,000		7,105,250
Vital Images, Inc.*	8,700		110,925

			17,244,292

*Life Sciences Tools & Services (0.8%)*
Affymetrix, Inc.*	48,000		283,200
Albany Molecular Research, Inc.*	20,300		104,951
Bruker Corp.*	46,400		564,224
Caliper Life Sciences, Inc.*	46,400		198,128
Cambrex Corp.*	26,300		82,845
Dionex Corp.*	11,900		886,074
Enzo Biochem, Inc.*	32,500		132,275
eResearchTechnology, Inc.*	27,400		215,912
Kendle International, Inc.*	6,100		70,272
Luminex Corp.*	28,500		462,270
PAREXEL International Corp.*	36,777		797,325
QIAGEN N.V.*	303,850		5,839,997

See Notes to Financial Statements.

217

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EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Sequenom, Inc.*	40,000	$	236,400

			9,873,873

*Pharmaceuticals (1.7%)*
Acura Pharmaceuticals, Inc.*	17,404		43,684
Akorn, Inc.*	63,800		189,486
Ardea Biosciences, Inc.*	8,100		166,536
Auxilium Pharmaceuticals, Inc.*	30,200		709,700
AVANIR Pharmaceuticals, Inc., Class A*	74,100		190,437
BioMimetic Therapeutics, Inc.*	10,300		114,536
BMP Sunstone Corp.*	56,900		293,035
Cadence Pharmaceuticals, Inc.*	15,700		110,057
Caraco Pharmaceutical Laboratories Ltd.*	19,400		91,568
Corcept Therapeutics, Inc.*	56,200		175,344
Cornerstone Therapeutics, Inc.*	12,900		75,981
Cumberland Pharmaceuticals, Inc.*	11,300		72,546
Cypress Bioscience, Inc.*	17,700		40,710
Depomed, Inc.*	45,000		126,000
Durect Corp.*	59,736		145,158
Eurand N.V.*	20,800		201,552
Hi-Tech Pharmacal Co., Inc.*	9,000		206,190
Impax Laboratories, Inc.*	40,600		773,836
Inspire Pharmaceuticals, Inc.*	38,932		194,271
Jazz Pharmaceuticals, Inc.*	23,800		186,354
Lannett Co., Inc.*	24,100		110,137
MAP Pharmaceuticals, Inc.*	11,500		150,880
Medicines Co.*	31,500		239,715
Medicis Pharmaceutical Corp., Class A	252,400		5,522,512
Nektar Therapeutics*	252,400		3,054,040
Obagi Medical Products, Inc.*	15,000		177,300
Optimer Pharmaceuticals, Inc.*	18,600		172,422
Pain Therapeutics, Inc.*	21,400		118,984
Par Pharmaceutical Cos., Inc.*	22,400		581,504
Pozen, Inc.*	16,400		114,964
Questcor Pharmaceuticals, Inc.*	41,400		422,694
Salix Pharmaceuticals Ltd.*	121,700		4,749,951
Santarus, Inc.*	51,800		128,464
Sucampo Pharmaceuticals, Inc., Class A*	21,600		76,248
ViroPharma, Inc.*	51,100		572,831
Vivus, Inc.*	44,900		431,040
XenoPort, Inc.*	19,800		194,238

			20,924,905

Total Health Care			195,082,100

Industrials (16.6%)
*Aerospace & Defense* (*1.6%)*
AAR Corp.*	24,500		410,130
Aerovironment, Inc.*	7,000		152,110
American Science & Engineering, Inc.	6,082		463,509
Applied Signal Technology, Inc.	6,000		117,900
Argon ST, Inc.*	6,100		209,169
Ceradyne, Inc.*	16,600		354,742
Cubic Corp.	12,600		458,388
Curtiss-Wright Corp.	29,400		853,776
DigitalGlobe, Inc.*	17,600		462,880


	Number of Shares	Value (Note 1)

Ducommun, Inc.	8,200	$	140,220
DynCorp International, Inc., Class A*	16,600		290,832
Esterline Technologies Corp.*	21,300		1,010,685
GenCorp, Inc.*	31,800		139,284
GeoEye, Inc.*	12,400		386,136
HEICO Corp.	19,375		695,950
Herley Industries, Inc.*	9,300		132,618
Hexcel Corp.*	553,660		8,587,267
Ladish Co., Inc.*	10,100		229,472
Moog, Inc., Class A*	27,700		892,771
Orbital Sciences Corp.*	39,400		621,338
Stanley, Inc.*	10,050		375,669
Taser International, Inc.*	32,100		125,190
Teledyne Technologies, Inc.*	22,400		864,192
Triumph Group, Inc.	9,900		659,637

			18,633,865

*Air Freight & Logistics (0.4%)*
Air Transport Services Group, Inc.*	35,200		167,552
Atlas Air Worldwide Holdings, Inc.*	78,200		3,714,500
Forward Air Corp.	18,500		504,125
Hub Group, Inc., Class A*	21,600		648,216
Pacer International, Inc.*	25,100		175,449

			5,209,842

*Airlines (0.4%)*
AirTran Holdings, Inc.*	73,200		355,020
Alaska Air Group, Inc.*	26,400		1,186,680
Allegiant Travel Co.	10,190		435,011
Hawaiian Holdings, Inc.*	28,300		146,311
JetBlue Airways Corp.*	154,200		846,558
Republic Airways Holdings, Inc.*	22,100		135,031
SkyWest, Inc.	34,100		416,702
U.S. Airways Group, Inc.*	103,400		890,274

			4,411,587

*Building Products (0.8%)*
A.O. Smith Corp.	15,500		746,945
AAON, Inc.	8,700		202,797
American Woodmark Corp.	6,900		117,990
Ameron International Corp.	6,000		361,980
Apogee Enterprises, Inc.	14,500		157,035
Builders FirstSource, Inc.*	36,400		87,360
Gibraltar Industries, Inc.*	17,300		174,730
Griffon Corp.*	26,400		291,984
Insteel Industries, Inc.	14,800		171,976
NCI Building Systems, Inc.*	5,980		50,053
Quanex Building Products Corp.	25,200		435,708
Simpson Manufacturing Co., Inc.	246,290		6,046,419
Trex Co., Inc.*	10,900		218,981
Universal Forest Products, Inc.	14,900		451,619

			9,515,577

*Commercial Services & Supplies (1.3%)*
ABM Industries, Inc.	31,100		651,545
ACCO Brands Corp.*	29,400		146,706
American Reprographics Co.*	22,700		198,171

See Notes to Financial Statements.

218

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

APAC Customer Services, Inc.*	32,200	$	183,540
ATC Technology Corp.*	10,600		170,872
Bowne & Co., Inc.	21,745		243,979
Brink’s Co.	30,600		582,318
Cenveo, Inc.*	40,000		219,200
Clean Harbors, Inc.*	14,707		976,692
Consolidated Graphics, Inc.*	6,700		289,708
Cornell Cos., Inc.*	7,200		193,464
Courier Corp.	7,000		85,470
Deluxe Corp.	33,300		624,375
EnergySolutions, Inc.	50,600		257,554
EnerNOC, Inc.*	12,600		396,144
Ennis, Inc.	13,300		199,633
Fuel Tech, Inc.*	21,300		134,616
G&K Services, Inc., Class A	9,300		192,045
GEO Group, Inc.*	34,200		709,650
Healthcare Services Group, Inc.	25,200		477,540
Herman Miller, Inc.	34,000		641,580
HNI Corp.	29,300		808,387
Innerworkings, Inc.*	20,100		137,283
Interface, Inc., Class A	30,300		325,422
Kimball International, Inc., Class B	20,800		115,024
Knoll, Inc.	29,700		394,713
M&F Worldwide Corp.*	6,800		184,280
McGrath RentCorp	15,500		353,090
Metalico, Inc.*	40,900		162,782
Mine Safety Appliances Co.	18,800		465,864
Mobile Mini, Inc.*	22,500		366,300
Multi-Color Corp.	7,100		72,704
Rollins, Inc.	29,400		608,286
Schawk, Inc.	11,000		164,450
Standard Parking Corp.*	7,231		114,467
Standard Register Co.	18,300		57,462
Steelcase, Inc., Class A	47,800		370,450
Sykes Enterprises, Inc.*	24,228		344,764
Team, Inc.*	18,000		234,900
Tetra Tech, Inc.#*	38,900		762,829
U.S. Ecology, Inc.	12,200		177,754
United Stationers, Inc.*	15,245		830,395
Viad Corp.	9,800		172,970
Waste Services, Inc.*	16,500		192,390

			14,991,768

*Construction & Engineering* (*0.4%)*
Argan, Inc.*	12,000		125,160
Comfort Systems USA, Inc.	18,900		182,574
Dycom Industries, Inc.*	22,700		194,085
EMCOR Group, Inc.*	44,700		1,035,699
Furmanite Corp.*	21,300		84,561
Granite Construction, Inc.	21,800		514,044
Great Lakes Dredge & Dock Corp.	29,600		177,600
Insituform Technologies, Inc., Class A*	25,200		516,096
Layne Christensen Co.*	13,000		315,510
MasTec, Inc.*	34,900		328,060
Michael Baker Corp.*	4,800		167,520
MYR Group, Inc.*	11,500		191,935
Northwest Pipe Co.*	6,000		114,000
Orion Marine Group, Inc.*	17,100		242,820
Pike Electric Corp.*	20,700		194,994


	Number of Shares	Value (Note 1)

Primoris Services Corp.	21,200	$	133,560
Sterling Construction Co., Inc.*	9,900		128,106
Tutor Perini Corp.*	17,200		283,456

			4,929,780

*Electrical Equipment (2.5%)*
A123 Systems, Inc.*	46,400		437,552
Acuity Brands, Inc.	27,400		996,812
Advanced Battery Technologies, Inc.*	41,200		135,136
American Superconductor Corp.*	30,000		800,700
AMETEK, Inc.	221,290		8,884,794
AZZ, Inc.	7,900		290,483
Baldor Electric Co.	312,800		11,285,824
Belden, Inc.	28,200		620,400
Brady Corp., Class A	33,300		829,836
Broadwind Energy, Inc.*	100,100		280,280
Capstone Turbine Corp.*	185,700		181,986
Encore Wire Corp.	12,200		221,918
Ener1, Inc.*	94,476		319,329
EnerSys*	27,000		576,990
Franklin Electric Co., Inc.	14,400		415,008
FuelCell Energy, Inc.*	66,623		78,615
Generac Holdings, Inc.*	13,700		191,937
GrafTech International Ltd.*	77,700		1,135,974
II-VI, Inc.*	16,000		474,080
LaBarge, Inc.*	10,800		123,228
LSI Industries, Inc.	16,200		79,056
Polypore International, Inc.*	14,123		321,157
Powell Industries, Inc.*	4,200		114,828
Preformed Line Products Co.	4,298		120,129
SatCon Technology Corp.*	74,500		213,070
Vicor Corp.*	13,800		172,362
Woodward Governor Co.	40,400		1,031,412

			30,332,896

*Industrial Conglomerates (0.1%)*
Otter Tail Corp.	25,300		489,049
Raven Industries, Inc.	10,400		350,584
Seaboard Corp.	200		302,000
Standex International Corp.	6,900		174,915
Tredegar Corp.	19,800		323,136
United Capital Corp.*	5,000		122,050

			1,761,734

*Machinery (5.5%)*
3D Systems Corp.*	15,400		193,270
Actuant Corp., Class A	447,190		8,420,588
Alamo Group, Inc.	7,500		162,750
Albany International Corp., Class A	16,700		270,373
Altra Holdings, Inc.*	16,800		218,736
American Railcar Industries, Inc.*	14,700		177,576
Ampco-Pittsburgh Corp.	6,300		131,229
ArvinMeritor, Inc.*	59,900		784,690
Astec Industries, Inc.*	11,400		316,122
Badger Meter, Inc.	9,500		367,555
Barnes Group, Inc.	28,010		459,084
Blount International, Inc.*	30,600		314,262
Briggs & Stratton Corp.	29,100		495,282

See Notes to Financial Statements.

219

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Bucyrus International, Inc.	160,610	$	7,620,944
Cascade Corp.	5,300		188,733
Chart Industries, Inc.*	16,600		258,628
CIRCOR International, Inc.	10,900		278,822
CLARCOR, Inc.	33,200		1,179,264
Colfax Corp.*	16,300		169,683
Columbus McKinnon Corp.*	11,300		157,861
Commercial Vehicle Group, Inc.*	16,000		163,360
Douglas Dynamics, Inc.*	16,600		190,900
Energy Recovery, Inc.*	17,600		70,400
EnPro Industries, Inc.*	12,800		360,320
ESCO Technologies, Inc.	16,900		435,175
Federal Signal Corp.	41,200		248,848
Flow International Corp.*	4,300		10,148
Force Protection, Inc.*	44,300		181,630
FreightCar America, Inc.	7,300		165,126
Gorman-Rupp Co.	6,700		167,835
Graham Corp.	11,200		167,888
Greenbrier Cos., Inc.*	13,800		154,560
IDEX Corp.	225,850		6,452,535
John Bean Technologies Corp.	18,400		280,600
Joy Global, Inc.	170,590		8,544,853
Kadant, Inc.*	11,500		200,330
Kaydon Corp.	22,300		732,778
L.B. Foster Co., Class A*	5,100		132,192
Lincoln Electric Holdings, Inc.	167,510		8,541,335
Lindsay Corp.	8,200		259,858
Middleby Corp.*	10,500		558,495
Mueller Industries, Inc.	26,000		639,600
Mueller Water Products, Inc., Class A	97,400		361,354
NACCO Industries, Inc., Class A	4,500		399,420
Nordson Corp.	22,800		1,278,624
PMFG, Inc.*	11,400		172,710
RBC Bearings, Inc.*	174,000		5,044,260
Robbins & Myers, Inc.	18,100		393,494
Sauer-Danfoss, Inc.*	13,000		158,860
Sun Hydraulics Corp.	8,000		187,680
Tecumseh Products Co., Class A*	14,800		164,576
Tennant Co.	10,500		355,110
Titan International, Inc.	22,800		227,316
Trimas Corp.*	19,300		218,283
Valmont Industries, Inc.	78,820		5,727,061
Wabash National Corp.*	37,700		268,047
Watts Water Technologies, Inc., Class A	19,092		547,177

			66,328,190

*Marine (0.6%)*
American Commercial Lines, Inc.*	6,175		138,999
Eagle Bulk Shipping, Inc.*	26,200		110,564
Excel Maritime Carriers Ltd.*	36,400		186,368
Genco Shipping & Trading Ltd.*	15,800		236,842
Horizon Lines, Inc., Class A	2,300		9,729
International Shipholding Corp.	4,900		108,437
Kirby Corp.*	163,550		6,255,788


	Number of Shares	Value (Note 1)

Ultrapetrol Bahamas Ltd.*	2,100	$	9,135

			7,055,862

*Professional Services (0.7%)*
Acacia Research Corp.-Acacia Technologies*	21,400		304,522
Administaff, Inc.	14,100		340,656
Advisory Board Co.*	8,200		352,272
CBIZ, Inc.*	21,100		134,196
CDI Corp.	14,200		220,526
Corporate Executive Board Co.	22,800		598,956
CoStar Group, Inc.*	13,273		514,992
CRA International, Inc.*	7,200		135,576
Diamond Management & Technology Consultants, Inc.	19,500		201,045
Dolan Media Co.*	15,800		175,696
Exponent, Inc.*	6,900		225,768
Heidrick & Struggles International, Inc.	11,100		253,302
Hill International, Inc.*	26,800		108,808
Huron Consulting Group, Inc.*	13,200		256,212
ICF International, Inc.*	10,900		260,837
Kelly Services, Inc., Class A*	17,000		252,790
Kforce, Inc.*	96,000		1,224,000
Korn/Ferry International*	30,100		418,390
Mistras Group, Inc.*	16,000		171,520
Navigant Consulting, Inc.*	28,300		293,754
On Assignment, Inc.*	21,100		106,133
Resources Connection, Inc.*	26,700		363,120
School Specialty, Inc.*	12,600		227,682
SFN Group, Inc.*	33,400		182,364
TrueBlue, Inc.*	28,300		316,677
Volt Information Sciences, Inc.*	19,000		159,600

			7,799,394

*Road & Rail (1.9%)*
Amerco, Inc.*	4,300		236,715
Arkansas Best Corp.	14,900		309,175
Avis Budget Group, Inc.*	68,100		668,742
Celadon Group, Inc.*	12,800		180,992
Dollar Thrifty Automotive Group, Inc.*	18,300		779,763
Genesee & Wyoming, Inc., Class A*	191,120		7,130,687
Heartland Express, Inc.	37,900		550,308
Knight Transportation, Inc.	362,730		7,341,655
Marten Transport Ltd.*	9,700		201,566
Old Dominion Freight Line, Inc.*	18,600		653,604
Patriot Transportation Holding, Inc.*	1,800		145,638
RailAmerica, Inc.*	353,661		3,508,317
Roadrunner Transportation Systems, Inc.*	13,600		193,256
Saia, Inc.*	9,800		147,000
Universal Truckload Services, Inc.*	11,100		154,623
USA Truck, Inc.*	11,300		182,156
Werner Enterprises, Inc.	24,800		542,872

			22,927,069

See Notes to Financial Statements.

220

EQ ADVISORS TRUST

EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Trading Companies & Distributors (0.4%)*
Aircastle Ltd.	26,800	$	210,380
Applied Industrial Technologies, Inc.	24,800		627,936
Beacon Roofing Supply, Inc.*	26,700		481,134
CAI International, Inc.*	14,700		174,930
DXP Enterprises, Inc.*	12,200		190,930
H&E Equipment Services, Inc.*	16,000		119,840
Houston Wire & Cable Co.	13,700		148,645
Interline Brands, Inc.*	25,962		448,883
Kaman Corp.	16,500		364,980
Lawson Products, Inc.	5,900		100,182
RSC Holdings, Inc.*	31,400		193,738
Rush Enterprises, Inc., Class A*	15,700		209,752
TAL International Group, Inc.	9,900		222,453
Textainer Group Holdings Ltd.	10,600		255,884
Titan Machinery, Inc.*	11,000		144,430
United Rentals, Inc.*	40,300		375,596
Watsco, Inc.	17,400		1,007,808

			5,277,501

Total Industrials			199,175,065

Information Technology (21.8%)
*Communications Equipment (4.1%)*
Acme Packet, Inc.*	26,900		723,072
ADC Telecommunications, Inc.*	64,700		479,427
ADTRAN, Inc.	36,500		995,355
Anaren, Inc.*	10,300		153,882
Arris Group, Inc.*	80,300		818,257
Aruba Networks, Inc.*	652,600		9,293,024
Aviat Networks, Inc.*	41,669		151,258
Bel Fuse, Inc., Class B	7,300		120,523
BigBand Networks, Inc.*	26,300		79,426
Black Box Corp.	11,400		317,946
Blue Coat Systems, Inc.*	237,720		4,856,620
Calix, Inc.*	17,300		177,498
Comtech Telecommunications Corp.*	18,500		553,705
DG FastChannel, Inc.*	15,700		511,506
Digi International, Inc.*	16,700		138,109
EMS Technologies, Inc.*	7,400		111,148
Emulex Corp.*	54,500		500,310
Extreme Networks, Inc.*	67,500		182,250
F5 Networks, Inc.*	137,060		9,398,204
Finisar Corp.*	366,629		5,462,772
Harmonic, Inc.*	57,000		310,080
Hughes Communications, Inc.*	7,200		175,176
Infinera Corp.*	54,500		350,435
InterDigital, Inc.*	26,500		654,285
Ixia*	20,450		175,666
Loral Space & Communications, Inc.*	6,800		290,496
NETGEAR, Inc.*	23,000		410,320
Oclaro, Inc.*	31,600		350,444
Oplink Communications, Inc.*	15,200		217,816
Opnext, Inc.*	70,500		116,325
Palm, Inc.#*	104,280		593,353
Plantronics, Inc.	31,600		903,760
Riverbed Technology, Inc.*	262,150		7,240,583
SeaChange International, Inc.*	16,900		139,087


	Number of Shares	Value (Note 1)

ShoreTel, Inc.*	29,380	$	136,323
Sonus Networks, Inc.*	133,400		361,514
Sycamore Networks, Inc.	12,890		214,232
Symmetricom, Inc.*	27,500		139,975
Tekelec*	42,900		567,996
UTStarcom, Inc.*	75,300		138,552
ViaSat, Inc.*	19,500		634,920

			49,145,630

*Computers & Peripherals (0.4%)*
3PAR, Inc.*	17,000		158,270
ADPT Corp.*	57,000		164,730
Avid Technology, Inc.*	14,200		180,766
Compellent Technologies, Inc.*	14,900		180,588
Cray, Inc.*	22,900		127,782
Electronics for Imaging, Inc.*	29,449		287,128
Hypercom Corp.*	41,500		192,560
Imation Corp.*	20,000		183,800
Intermec, Inc.*	36,100		370,025
Intevac, Inc.*	14,000		149,380
Isilon Systems, Inc.*	21,000		269,640
Netezza Corp.*	31,600		432,288
Novatel Wireless, Inc.*	24,500		140,630
Quantum Corp.*	133,200		250,416
Silicon Graphics International Corp.*	19,200		135,936
STEC, Inc.*	26,000		326,560
Stratasys, Inc.*	11,700		287,352
Super Micro Computer, Inc.*	15,300		206,550
Synaptics, Inc.*	22,500		618,750
Xyratex Ltd.*	19,300		273,095

			4,936,246

*Electronic Equipment, Instruments & Components (1.2%)*
Agilysys, Inc.	16,300		109,047
Anixter International, Inc.*	19,500		830,700
Bell Microproducts, Inc.*	27,700		193,346
Benchmark Electronics, Inc.*	48,500		768,725
Brightpoint, Inc.*	45,000		315,000
Checkpoint Systems, Inc.*	25,900		449,624
Cogent, Inc.*	25,700		231,557
Cognex Corp.	26,100		458,838
Coherent, Inc.*	15,300		524,790
Comverge, Inc.*	14,200		127,232
CPI International, Inc.*	12,700		197,993
CTS Corp.	20,100		185,724
Daktronics, Inc.	24,300		182,250
DTS, Inc.*	11,600		381,292
Echelon Corp.*	21,700		159,061
Electro Rent Corp.	15,800		202,082
Electro Scientific Industries, Inc.*	16,600		221,776
FARO Technologies, Inc.*	13,195		246,878
ICx Technologies, Inc.*	24,700		180,310
Insight Enterprises, Inc.*	33,600		442,176
IPG Photonics Corp.*	19,000		289,370
L-1 Identity Solutions, Inc.*	47,700		390,663
Littelfuse, Inc.*	14,200		448,862
Maxwell Technologies, Inc.*	15,800		180,120
Measurement Specialties, Inc.*	11,900		163,030
Mercury Computer Systems, Inc.*	17,600		206,448

See Notes to Financial Statements.

221

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Methode Electronics, Inc.	20,900	$	203,566
Microvision, Inc.*	68,100		201,576
MTS Systems Corp.	8,300		240,700
Multi-Fineline Electronix, Inc.*	7,050		175,968
Newport Corp.*	29,600		268,176
OSI Systems, Inc.*	8,000		222,160
Park Electrochemical Corp.	13,200		322,212
PC Connection, Inc.*	22,600		136,956
Plexus Corp.*	25,895		692,432
Power-One, Inc.*	48,800		329,400
RadiSys Corp.*	19,200		182,784
Rofin-Sinar Technologies, Inc.*	19,200		399,744
Rogers Corp.*	8,400		233,268
Sanmina-SCI Corp.*	50,800		691,388
Scansource, Inc.*	16,900		421,317
SMART Modular Technologies (WWH), Inc.*	30,100		176,085
SYNNEX Corp.*	12,900		330,498
Technitrol, Inc.	26,400		83,424
TTM Technologies, Inc.*	50,711		481,755
Universal Display Corp.*	17,700		318,246
Viasystems Group, Inc.*	11,400		168,378
X-Rite, Inc.*	55,600		205,164

			14,572,091

*Internet Software & Services (2.6%)*
Ancestry.com, Inc.*	10,900		192,058
Archipelago Learning, Inc.*	13,800		157,734
Art Technology Group, Inc.*	83,700		286,254
comScore, Inc.*	13,100		215,757
Constant Contact, Inc.*	16,000		341,280
DealerTrack Holdings, Inc.*	554,740		9,125,473
Dice Holdings, Inc.*	22,500		155,700
Digital River, Inc.*	24,100		576,231
DivX, Inc.*	18,700		143,242
EarthLink, Inc.	75,000		597,000
GSI Commerce, Inc.*	39,700		1,143,360
InfoSpace, Inc.*	17,200		129,344
Internap Network Services Corp.*	37,000		154,290
Internet Brands, Inc., Class A*	16,700		172,511
Internet Capital Group, Inc.*	22,000		167,200
j2 Global Communications, Inc.*	28,500		622,440
Keynote Systems, Inc.	11,900		107,338
KIT Digital, Inc.*	19,000		167,580
Knot, Inc.*	22,000		171,160
Limelight Networks, Inc.*	32,900		144,431
Liquidity Services, Inc.*	20,500		265,680
LivePerson, Inc.*	27,000		185,220
LogMeIn, Inc.*	9,500		249,185
LoopNet, Inc.*	16,500		203,445
Marchex, Inc., Class B	25,200		97,020
ModusLink Global Solutions, Inc.*	27,100		163,413
Move, Inc.*	97,100		199,055
NIC, Inc.	34,595		221,754
OpenTable, Inc.*	10,100		418,847
Openwave Systems, Inc.*	69,800		141,694
Perficient, Inc.*	19,100		170,181
QuinStreet, Inc.*	12,700		146,177
Rackspace Hosting, Inc.*	61,975		1,136,622


	Number of Shares	Value (Note 1)

RealNetworks, Inc.*	64,600	$	213,180
SAVVIS, Inc.*	24,400		359,900
Stamps.com, Inc.*	11,900		121,975
support.com, Inc.*	33,800		140,608
TechTarget, Inc.*	29,000		156,020
Terremark Worldwide, Inc.*	29,800		232,738
Travelzoo, Inc.*	11,900		147,322
United Online, Inc.	50,400		290,304
ValueClick, Inc.*	52,500		561,225
VistaPrint N.V.*	227,060		10,783,079
Vocus, Inc.*	11,000		168,080

			31,543,107

*IT Services (2.0%)*
Acxiom Corp.*	40,300		592,007
CACI International, Inc., Class A*	19,600		832,608
Cass Information Systems, Inc.	4,100		140,425
CIBER, Inc.*	33,100		91,687
CSG Systems International, Inc.*	22,600		414,258
Cybersource Corp.*	41,800		1,067,154
Echo Global Logistics, Inc.*	14,500		177,045
Euronet Worldwide, Inc.*	30,640		391,886
ExlService Holdings, Inc.*	10,400		178,568
Forrester Research, Inc.*	10,500		317,730
Global Cash Access Holdings, Inc.*	670,950		4,837,549
Hackett Group, Inc.*	42,200		118,582
Heartland Payment Systems, Inc.	19,500		289,380
iGATE Corp.	15,100		193,582
infoGROUP, Inc.*	21,600		172,368
Lionbridge Technologies, Inc.*	36,300		165,891
ManTech International Corp., Class A*	14,700		625,779
MAXIMUS, Inc.	9,930		574,649
NCI, Inc., Class A*	6,700		151,286
Online Resources Corp.*	26,500		109,975
RightNow Technologies, Inc.*	19,500		305,955
Sapient Corp.	57,000		577,980
SRA International, Inc., Class A*	25,800		507,486
Stream Global Services, Inc.*	30,500		170,800
Syntel, Inc.	8,550		290,272
TeleTech Holdings, Inc.*	18,400		237,176
Tier Technologies, Inc., Class B*	19,500		118,560
TNS, Inc.*	13,700		238,928
Unisys Corp.*	27,589		510,121
VeriFone Systems, Inc.*	423,600		8,018,748
Virtusa Corp.*	15,200		141,816
Wright Express Corp.*	22,800		677,160

			23,237,411

*Semiconductors & Semiconductor Equipment (4.9%)*
Actel Corp.*	11,900		152,558
Advanced Analogic Technologies, Inc.*	33,400		106,546
Advanced Energy Industries, Inc.*	17,300		212,617
Alpha & Omega Semiconductor Ltd.*	13,000		179,530

See Notes to Financial Statements.

222

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Amkor Technology, Inc.*	73,200	$	403,332
ANADIGICS, Inc.*	40,000		174,400
Applied Micro Circuits Corp.*	42,100		441,208
Atheros Communications, Inc.*	166,750		4,592,295
ATMI, Inc.*	20,400		298,656
Brooks Automation, Inc.*	40,700		314,611
Cabot Microelectronics Corp.*	14,100		487,719
Cavium Networks, Inc.*	28,400		743,796
CEVA, Inc.*	16,600		209,160
Cirrus Logic, Inc.*	41,500		656,115
Cohu, Inc.	12,200		147,986
Cymer, Inc.*	18,400		552,736
Diodes, Inc.*	21,300		338,031
DSP Group, Inc.*	17,400		111,186
Energy Conversion Devices, Inc.*	29,400		120,540
Entegris, Inc.*	88,900		352,933
Entropic Communications, Inc.*	35,300		223,802
Evergreen Solar, Inc.*	94,900		64,722
Exar Corp.*	23,600		163,548
Fairchild Semiconductor International, Inc.*	542,360		4,561,248
FEI Co.*	22,100		435,591
FormFactor, Inc.*	33,700		363,960
GT Solar International, Inc.*	27,378		153,317
Hittite Microwave Corp.*	123,870		5,541,944
Integrated Device Technology, Inc.*	103,800		513,810
Integrated Silicon Solution, Inc.*	21,100		159,094
IXYS Corp.*	21,400		189,176
Kopin Corp.*	54,100		183,399
Kulicke & Soffa Industries, Inc.*	41,400		290,628
Lattice Semiconductor Corp.*	68,400		296,856
LTX-Credence Corp.*	93,900		265,737
MaxLinear, Inc., Class A*	12,500		174,750
Micrel, Inc.	32,500		330,850
Microsemi Corp.*	50,100		732,963
Mindspeed Technologies, Inc.*	22,800		170,772
MIPS Technologies, Inc.*	43,700		223,307
MKS Instruments, Inc.*	29,200		546,624
Monolithic Power Systems, Inc.*	22,700		405,422
Nanometrics, Inc.*	17,800		179,602
Netlogic Microsystems, Inc.*	185,010		5,032,272
NVE Corp.*	3,300		143,649
OmniVision Technologies, Inc.*	33,200		711,808
ON Semiconductor Corp.*	786,730		5,019,337
Pericom Semiconductor Corp.*	16,800		161,280
Photronics, Inc.*	42,100		190,292
PLX Technology, Inc.*	27,200		113,968
Power Integrations, Inc.	17,900		576,290
RF Micro Devices, Inc.*	172,000		672,520
Rubicon Technology, Inc.*	7,900		235,341
Rudolph Technologies, Inc.*	23,100		174,405
Semtech Corp.*	41,300		676,081
Sigma Designs, Inc.*	17,200		172,172
Silicon Image, Inc.*	44,300		155,493
Skyworks Solutions, Inc.*	419,270		7,039,543
Spansion, Inc., Class A*	11,400		185,934
Standard Microsystems Corp.*	14,600		339,888
Supertex, Inc.*	6,692		165,025


	Number of Shares	Value (Note 1)

Teradyne, Inc.*	700,310	$	6,828,022
Tessera Technologies, Inc.*	32,600		523,230
Trident Microsystems, Inc.*	66,000		93,720
TriQuint Semiconductor, Inc.*	93,700		572,507
Ultratech, Inc.*	11,000		178,970
Veeco Instruments, Inc.*	24,688		846,305
Virage Logic Corp.*	16,200		192,618
Volterra Semiconductor Corp.*	14,800		341,288
Zoran Corp.*	33,400		318,636

			58,427,671

*Software (6.6%)*
ACI Worldwide, Inc.*	24,200		471,174
Actuate Corp.*	30,300		134,835
Advent Software, Inc.*	10,500		493,080
American Software, Inc., Class A	27,600		127,512
ArcSight, Inc.*	14,500		324,655
Ariba, Inc.*	57,300		912,789
AsiaInfo Holdings, Inc.*	145,830		3,187,844
Aspen Technology, Inc.*	39,800		433,422
Blackbaud, Inc.	28,900		629,153
Blackboard, Inc.*	20,700		772,731
Bottomline Technologies, Inc.*	17,700		230,631
CDC Corp., Class A*	88,200		183,456
CommVault Systems, Inc.*	28,200		634,500
Concur Technologies, Inc.*	162,180		6,921,842
Deltek, Inc.*	23,700		197,658
DemandTec, Inc.*	12,700		85,725
Double-Take Software, Inc.*	14,000		146,860
Ebix, Inc.*	12,909		202,413
Epicor Software Corp.*	34,700		277,253
EPIQ Systems, Inc.*	20,700		267,651
Fair Isaac Corp.	28,400		618,836
FalconStor Software, Inc.*	35,800		94,512
Fortinet, Inc.*	25,300		415,932
Informatica Corp.*	322,660		7,705,121
Interactive Intelligence, Inc.*	9,800		161,014
Jack Henry & Associates, Inc.	56,100		1,339,668
JDA Software Group, Inc.*	26,627		585,261
Kenexa Corp.*	16,500		198,000
Lawson Software, Inc.*	92,100		672,330
Manhattan Associates, Inc.*	14,900		410,495
Mentor Graphics Corp.*	59,400		525,690
MicroStrategy, Inc., Class A*	5,900		443,031
Monotype Imaging Holdings, Inc.*	18,000		162,180
NetScout Systems, Inc.*	19,100		271,602
NetSuite, Inc.*	13,000		164,320
Opnet Technologies, Inc.	8,900		130,741
Parametric Technology Corp.*	77,600		1,215,992
Pegasystems, Inc.	12,700		407,797
Progress Software Corp.*	29,100		873,873
PROS Holdings, Inc.*	20,200		131,300
QAD, Inc.*	21,977		90,765
Quest Software, Inc.*	43,931		792,515
Radiant Systems, Inc.*	25,900		374,514
Renaissance Learning, Inc.	14,256		209,421
Rosetta Stone, Inc.*	5,800		133,168
S1 Corp.*	35,400		212,754
Smith Micro Software, Inc.*	22,800		216,828

See Notes to Financial Statements.

223

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EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

SolarWinds, Inc.*	383,250	$	6,147,330
Sonic Solutions, Inc.*	22,800		190,380
SonicWALL, Inc.*	34,400		404,200
Sourcefire, Inc.*	13,200		250,800
SS&C Technologies Holdings, Inc.*	11,600		185,948
SuccessFactors, Inc.*	380,449		7,909,535
Symyx Technologies, Inc.*	25,200		126,252
Synchronoss Technologies, Inc.*	14,300		271,271
Take-Two Interactive Software, Inc.*	46,600		419,400
Taleo Corp., Class A*	299,100		7,265,139
TeleCommunication Systems, Inc., Class A*	25,900		107,226
TeleNav, Inc.*	22,800		191,292
THQ, Inc.*	47,478		205,105
TIBCO Software, Inc.*	894,510		10,787,791
TiVo, Inc.*	70,000		516,600
Tyler Technologies, Inc.*	24,100		374,032
Ultimate Software Group, Inc.*	16,000		525,760
Unica Corp.*	200		1,916
VanceInfo Technologies, Inc. (ADR)*	304,530		7,089,458
VASCO Data Security International, Inc.*	20,900		128,953
VirnetX Holding Corp.	31,200		184,704
Wave Systems Corp., Class A*	57,000		184,680
Websense, Inc.*	28,200		532,980

			79,193,596

Total Information Technology			261,055,752

Materials (3.5%)
*Chemicals (2.1%)*
A. Schulman, Inc.	18,100		343,176
Airgas, Inc.	42,870		2,666,514
American Vanguard Corp.	16,437		130,346
Arch Chemicals, Inc.	16,000		491,840
Balchem Corp.	17,700		442,500
Calgon Carbon Corp.*	247,830		3,281,269
Ferro Corp.*	55,554		409,433
Georgia Gulf Corp.*	21,600		288,144
H.B. Fuller Co.	29,200		554,508
Hawkins, Inc.	6,600		158,928
Innophos Holdings, Inc.	10,400		271,232
Koppers Holdings, Inc.	13,500		303,480
Kraton Performance Polymers, Inc.*	9,600		180,384
LSB Industries, Inc.*	11,500		153,065
Minerals Technologies, Inc.	11,300		537,202
NewMarket Corp.	6,400		558,848
NL Industries, Inc.	23,211		141,587
Olin Corp.	51,200		926,208
OM Group, Inc.*	18,400		439,024
Omnova Solutions, Inc.*	27,800		217,118
PolyOne Corp.*	61,000		513,620
Quaker Chemical Corp.	7,000		189,630
Rockwood Holdings, Inc.*	33,000		748,770
Sensient Technologies Corp.	31,600		819,388
Solutia, Inc.*	629,150		8,241,865
Spartech Corp.*	23,400		239,850
Stepan Co.	4,200		287,406


	Number of Shares	Value (Note 1)

STR Holdings, Inc.*	18,100	$	340,280
TPC Group, Inc.*	11,500		190,900
W.R. Grace & Co.*	47,600		1,001,504
Westlake Chemical Corp.	13,100		243,267
Zep, Inc.	11,600		202,304
Zoltek Cos., Inc.*	17,300		146,531

			25,660,121

*Construction Materials (0.1%)*
Headwaters, Inc.*	35,800		101,672
Texas Industries, Inc.	15,300		451,962
United States Lime & Minerals, Inc.*	3,600		138,672

			692,306

*Containers & Packaging (0.3%)*
AEP Industries, Inc.*	4,700		112,236
Boise, Inc.*	30,800		169,092
Graham Packaging Co., Inc.*	15,300		183,141
Graphic Packaging Holding Co.*	93,878		295,716
Myers Industries, Inc.	19,600		158,564
Rock-Tenn Co., Class A	25,700		1,276,519
Silgan Holdings, Inc.	35,800		1,016,004

			3,211,272

*Metals & Mining (0.7%)*
A.M. Castle & Co.*	12,900		179,181
Allied Nevada Gold Corp.*	40,500		797,040
AMCOL International Corp.	18,000		423,000
Brush Engineered Materials, Inc.*	11,100		221,778
Century Aluminum Co.*	40,700		359,381
Coeur d’Alene Mines Corp.*	55,670		878,473
Globe Specialty Metals, Inc.*	39,200		404,936
Golden Star Resources Ltd.*	164,800		721,824
Haynes International, Inc.	7,000		215,810
Hecla Mining Co.*	143,300		748,026
Horsehead Holding Corp.*	22,700		171,612
Jaguar Mining, Inc.*	53,700		474,171
Kaiser Aluminum Corp.	10,200		353,634
Metals USA Holdings Corp.*	12,300		183,885
Noranda Aluminium Holding Corp.*	24,300		156,249
Olympic Steel, Inc.	6,900		158,493
RTI International Metals, Inc.*	19,000		458,090
Stillwater Mining Co.*	33,575		390,141
Thompson Creek Metals Co., Inc.*	89,400		775,992
U.S. Gold Corp.*	50,500		253,005
Worthington Industries, Inc.	41,799		537,535

			8,862,256

*Paper & Forest Products (0.3%)*
Buckeye Technologies, Inc.*	26,200		260,690
Clearwater Paper Corp.*	7,014		384,086
Deltic Timber Corp.	7,100		296,780
KapStone Paper and Packaging Corp.*	23,800		265,132
Louisiana-Pacific Corp.*	79,600		532,524
Neenah Paper, Inc.	9,400		172,020
P.H. Glatfelter Co.	29,400		318,990

See Notes to Financial Statements.

224

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EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Schweitzer-Mauduit International, Inc.	11,400	$	575,130
Wausau Paper Corp.*	29,100		197,007

			3,002,359

Total Materials			41,428,314

Telecommunication Services (0.5%)
*Diversified Telecommunication Services (0.3%)*
AboveNet, Inc.*	14,400		679,392
Alaska Communications Systems Group, Inc.	20,400		173,196
Atlantic Tele-Network, Inc.	8,300		342,790
Cbeyond, Inc.*	11,300		141,250
Cincinnati Bell, Inc.*	152,000		457,520
Cogent Communications Group, Inc.*	22,400		169,792
Consolidated Communications Holdings, Inc.	14,700		250,047
General Communication, Inc., Class A*	31,200		236,808
Global Crossing Ltd.*	22,650		239,411
Globalstar, Inc.*	112,300		172,942
Iridium Communications, Inc.*	21,800		218,872
Neutral Tandem, Inc.*	21,950		246,937
PAETEC Holding Corp.*	91,196		310,978
Premiere Global Services, Inc.*	34,199		216,822
Vonage Holdings Corp.*	78,500		180,550

			4,037,307

*Wireless Telecommunication Services (0.2%)*
ICO Global Communications Holdings Ltd.*	128,800		207,368
NTELOS Holdings Corp.	18,000		309,600
Shenandoah Telecommunications Co.	13,764		244,173
Syniverse Holdings, Inc.*	45,800		936,610
USA Mobility, Inc.	12,643		163,348

			1,861,099

Total Telecommunication Services			5,898,406

Utilities (1.6%)
*Electric Utilities (0.6%)*
Allete, Inc.	17,200		588,928
Central Vermont Public Service Corp.	10,000		197,400
Cleco Corp.	39,700		1,048,477
El Paso Electric Co.*	27,100		524,385
Empire District Electric Co.	24,525		460,334
IDACORP, Inc.	29,800		991,446
MGE Energy, Inc.	15,400		555,016
PNM Resources, Inc.	58,000		648,440
Portland General Electric Co.	49,600		909,168
UIL Holdings Corp.	19,100		478,073
UniSource Energy Corp.	22,600		682,068
Unitil Corp.	7,300		152,643

			7,236,378

*Gas Utilities (0.6%)*
Chesapeake Utilities Corp.	4,560		143,184
Laclede Group, Inc.	14,800		490,324


	Number of Shares		Value (Note 1)

New Jersey Resources Corp.		27,000	$	950,400
Nicor, Inc.		28,900		1,170,450
Northwest Natural Gas Co.		17,300		753,761
Piedmont Natural Gas Co., Inc.#		48,400		1,224,520
South Jersey Industries, Inc.		19,900		854,904
Southwest Gas Corp.		29,900		882,050
WGL Holdings, Inc.		31,800		1,082,154

				7,551,747

*Independent Power Producers & Energy Traders (0.0%)*
Dynegy, Inc.*		65,500		252,175

*Multi-Utilities (0.2%)*
Avista Corp.		35,900		701,127
Black Hills Corp.		26,000		740,220
CH Energy Group, Inc.		10,900		427,716
NorthWestern Corp.		24,091		631,184

				2,500,247

*Water Utilities (0.2%)*
American States Water Co.		10,300		341,342
Cadiz, Inc.*		12,500		150,875
California Water Service Group		12,900		460,530
Connecticut Water Service, Inc.		9,000		189,180
Middlesex Water Co.		11,700		185,445
SJW Corp.		6,100		142,984
Southwest Water Co.		18,800		197,024
York Water Co.		10,300		146,260

				1,813,640

Total Utilities				19,354,187

Total Common Stocks (99.7%) (Cost $1,003,267,920)				1,193,085,092

INVESTMENT COMPANY:
Investment Company (0.0%)
Kayne Anderson Energy Development Co. (Cost $87,697)		6,429		97,528

	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENT:
Time Deposit (0.8%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $9,029,549)	$	9,029,549	$	9,029,549

Total Investments (100.5%) (Cost/Amortized Cost $1,012,385,166)				1,202,212,169
Other Assets Less Liabilities (-0.5%)				(6,073,780	)

Net Assets (100%)			$	1,196,138,389

*	Non-income producing.

#	All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $910,158.

See Notes to Financial Statements.

225

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EQ/ALLIANCEBERNSTEIN SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index	10	September-10	$	639,222	$	607,800	$	(31,422)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	214,453,416		$	—	$	—	$	214,453,416
Consumer Staples		25,744,734			—		—		25,744,734
Energy		65,475,081			—		—		65,475,081
Financials		165,418,037			—		—		165,418,037
Health Care		195,082,100			—		—		195,082,100
Industrials		199,175,065			—		—		199,175,065
Information Technology		261,055,752			—		—		261,055,752
Materials		41,428,314			—		—		41,428,314
Telecommunication Services		5,898,406			—		—		5,898,406
Utilities		19,354,187			—		—		19,354,187
Investment Companies
Investment Companies		97,528			—		—		97,528
Short-Term Investments		—			9,029,549		—		9,029,549

Total Assets	$	1,193,182,620		$	9,029,549	$	—	$	1,202,212,169


Liabilities:
Futures	$	(31,422	)	$	—	$	—	$	(31,422	)

Total Liabilities	$	(31,422	)	$	—	$	—	$	(31,422	)

Total	$	1,193,151,198		$	9,029,549	$	—	$	1,202,180,747

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments in Securities-Financials
Balance as of 12/31/09	$	805
Total gains or losses (realized/unrealized) included in earnings		—
Purchases, sales, issuances, and settlements (net)		(805	)
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of 6/30/10	$	—
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	—

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	—


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(31,422	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(31,422	)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts		—		—		—		—		—
Credit contracts		—		—		—		—		—
Equity contracts		—		128,422		—		—		128,422
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	128,422	$	—	$	—	$	128,422

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(26,692	)		—		—		(26,692	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(26,692	)	$	—	$	—	$	(26,692	)

This Portfolio held futures contracts with an average notional balance of approximately $2,592,000 during the six months ended June 30, 2010.

^ This Portfolio held futures contracts to gain or reduce exposure to the financial markets.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	347,882,801
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	350,964,347

As of June 30, 2010, 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	$	239,821,868
Aggregate gross unrealized depreciation		(75,856,918	)

Net unrealized appreciation	$	163,964,950

Federal income tax cost of investments	$	1,038,247,219

The Portfolio has a net capital loss carryforward of $266,514,719 of which $91,657,737 expires in the year 2016, and $174,856,982 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $1,012,385,166)	$	1,202,212,169
Cash held as collateral at broker		8
Receivable for securities sold		12,567,082
Dividends, interest and other receivables		808,439
Receivable from Separate Accounts for Trust shares sold		160,455
Other assets		14,261

Total assets		1,215,762,414

LIABILITIES
Overdraft payable		1,121
Payable for securities purchased		17,061,272
Payable to Separate Accounts for Trust shares redeemed		1,503,036
Investment management fees payable		769,901
Administrative fees payable		108,871
Distribution fees payable - Class IB		102,990
Variation margin payable on futures contracts		5,400
Trustees’ fees payable		2,913
Accrued expenses		68,521

Total liabilities		19,624,025

NET ASSETS	$	1,196,138,389

Net assets were comprised of:
Paid in capital	$	1,218,442,361
Accumulated undistributed net investment income (loss)		(246,885	)
Accumulated undistributed net realized gain (loss) on investments and futures		(211,852,668	)
Unrealized appreciation (depreciation) on investments and futures		189,795,581

Net assets	$	1,196,138,389

Class IA
Net asset value, offering and redemption price per share, $724,537,053 / 59,141,950 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.25

Class IB
Net asset value, offering and redemption price per share, $471,601,336 / 39,991,176 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.79

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends	$	5,349,506
Interest		1
Securities lending (net)		335,846

Total income		5,685,353

EXPENSES
Investment management fees		4,679,000
Administrative fees		663,501
Distribution fees - Class IB		635,646
Printing and mailing expenses		74,728
Custodian fees		35,952
Professional fees		25,536
Trustees’ fees		14,822
Miscellaneous		16,837

Gross expenses		6,146,022
Less: Fees paid indirectly		(24,092	)

Net expenses		6,121,930

NET INVESTMENT INCOME (LOSS)		(436,577	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		87,057,856
Futures		128,422

Net realized gain (loss)		87,186,278

Change in unrealized appreciation (depreciation) on:
Securities		(95,760,841	)
Futures		(26,692	)

Net change in unrealized appreciation (depreciation)		(95,787,533	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(8,601,255	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(9,037,832	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(436,577	)	$	1,426,067
Net realized gain (loss) on investments and futures		87,186,278			(8,142,060	)
Net change in unrealized appreciation (depreciation) on investments and futures		(95,787,533	)		359,259,064

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(9,037,832	)		352,543,071

DIVIDENDS:
Dividends from net investment income
Class IA		—			(1,059,639	)
Class IB		—			(74,491	)

TOTAL DIVIDENDS		—			(1,134,130	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [4,071,092 and 31,044,775 shares, respectively]		53,573,481			261,727,344
Capital shares issued in reinvestment of dividends [0 and 90,436 shares, respectively		—			1,059,639
Capital shares repurchased [(3,769,329) and (6,272,031) shares, respectively]		(49,069,568	)		(62,734,013	)

Total Class IA transactions		4,503,913			200,052,970

Class IB
Capital shares sold [3,046,731 and 4,996,319 shares, respectively]		38,928,020			45,969,045
Capital shares issued in reinvestment of dividends [0 and 7,566 shares, respectively]		—			74,491
Capital shares repurchased [(4,425,102) and (9,530,179) shares, respectively]		(55,304,168	)		(90,984,081	)

Total Class IB transactions		(16,376,148	)		(44,940,545	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(11,872,235	)		155,112,425

TOTAL INCREASE (DECREASE) IN NET ASSETS		(20,910,067	)		506,521,366
NET ASSETS:
Beginning of period		1,217,048,456			710,527,090

End of period (a)	$	1,196,138,389		$	1,217,048,456

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(246,885	)	$	189,692

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	12.33		$	9.08		$	16.39		$	16.37		$	16.28		$	14.57

Income (loss) from investment operations:
Net investment income (loss)		—	#(e)		0.02	(e)		0.02	(e)		(0.05	)(e)		(0.09	)(e)		(0.06	)(e)
Net realized and unrealized gain (loss) on investments and futures		(0.08	)		3.25			(7.31	)		2.73			1.60			1.77

Total from investment operations		(0.08	)		3.27			(7.29	)		2.68			1.51			1.71

Less distributions:
Dividends from net investment income		—			(0.02	)		—	#		—			—			—
Distributions from net realized gains		—			—			(0.02	)		(2.66	)		(1.42	)		—

Total dividends and distributions		—			(0.02	)		(0.02	)		(2.66	)		(1.42	)		—

Net asset value, end of period	$	12.25		$	12.33		$	9.08		$	16.39		$	16.37		$	16.28

Total return (b)		(0.65	)%		36.00	%		(44.52	)%		17.00	%		9.28	%		11.74	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	724,537		$	725,459		$	308,472		$	542,826		$	509,593		$	507,858
Ratio of expenses to average net assets:
After fees paid indirectly (a)		0.87	%		0.89	%		0.87	%		0.86	%		0.83	%		0.76	%
Before fees paid indirectly (a)		0.87	%		0.90	%		0.89	%		0.87	%		0.84	%		0.80	%
Ratio of net investment income to average net assets:
After fees paid indirectly (a)		0.03	%		0.24	%		0.17	%		(0.26	)%		(0.51	)%		(0.39	)%
Before fees paid indirectly (a)		0.03	%		0.23	%		0.15	%		(0.27	)%		(0.52	)%		(0.43	)%
Portfolio turnover rate		28	%		64	%		115	%		84	%		74	%		103	%

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	11.88		$	8.76		$	15.85		$	15.95		$	15.93		$	14.29

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)(e)		—	#(e)		(0.01	)(e)		(0.09	)(e)		(0.13	)(e)		(0.09	)(e)
Net realized and unrealized gain (loss) on investments and futures		(0.08	)		3.12			(7.06	)		2.65			1.57			1.73

Total from investment operations		(0.09	)		3.12			(7.07	)		2.56			1.44			1.64

Less distributions:
Dividends from net investment income		—			—	#		—			—			—			—
Distributions from net realized gains		—			—			(0.02	)		(2.66	)		(1.42	)		—

Total dividends and distributions		—			—	#		(0.02	)		(2.66	)		(1.42	)		—

Net asset value, end of period	$	11.79		$	11.88		$	8.76		$	15.85		$	15.95		$	15.93

Total return (b)		(0.76	)%		35.64	%		(44.66	)%		16.70	%		8.98	%		11.55	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	471,601		$	491,589		$	402,055		$	771,708		$	720,886		$	692,269
Ratio of expenses to average net assets:
After fees paid indirectly (a)		1.12	%		1.14	%		1.12	%		1.11	%		1.08	%		1.01	%
Before fees paid indirectly (a)		1.12	%		1.15	%		1.14	%		1.12	%		1.09	%		1.05	%
Ratio of net investment income to average net assets:
After fees paid indirectly (a)		(0.22	)%		0.03	%		(0.08	)%		(0.51	)%		(0.76	)%		(0.64	)%
Before fees paid indirectly (a)		(0.22	)%		0.02	%		(0.10	)%		(0.52	)%		(0.77	)%		(0.68	)%
Portfolio turnover rate		28	%		64	%		115	%		84	%		74	%		103	%

#	Per share 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.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

231

EQ/AXA FRANKLIN SMALL CAP VALUE CORE PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Industrials	19.1	%
Financials	13.8
Consumer Discretionary	13.5
Energy	7.1
Information Technology	6.9
Health Care	6.8
Materials	5.6
Utilities	2.7
Consumer Staples	1.7
Telecommunication Services	0.3
Cash and Other	22.5

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$953.80	$4.46
Hypothetical (5% average return before expenses)	1,000.00	1,020.23	4.61
Class IB
Actual	1,000.00	952.70	5.66
Hypothetical (5% average return before expenses)	1,000.00	1,018.99	5.86
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.92% and 1.17%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (13.5%)
*Auto Components (1.9%)*
American Axle & Manufacturing Holdings, Inc.*	5,930	$	43,467
Amerigon, Inc.*	1,850		13,653
Autoliv, Inc.*	60,000		2,871,000
Cooper Tire & Rubber Co.	6,436		125,502
Dana Holding Corp.*	14,599		145,990
Dorman Products, Inc.*	1,194		24,274
Drew Industries, Inc.*	16,854		340,451
Exide Technologies, Inc.*	7,586		39,447
Fuel Systems Solutions, Inc.*	1,496		38,821
Gentex Corp.	137,250		2,467,755
Hawk Corp., Class A*	558		14,201
Modine Manufacturing Co.*	4,700		36,096
Spartan Motors, Inc.	2,966		12,457
Standard Motor Products, Inc.	2,400		19,368
Stoneridge, Inc.*	1,970		14,952
Superior Industries International, Inc.	2,070		27,821
Tenneco, Inc.*	6,292		132,510

			6,367,765

*Automobiles (1.3%)*
Thor Industries, Inc.	161,800		3,842,750
Winnebago Industries, Inc.*	63,488		631,071

			4,473,821

*Distributors (0.0%)*
Audiovox Corp., Class A*	1,928		14,171
Core-Mark Holding Co., Inc.*	1,009		27,646

			41,817

*Diversified Consumer Services (0.7%)*
American Public Education, Inc.*	1,874		81,894
Bridgepoint Education, Inc.*	2,006		31,715
Cambium Learning Group, Inc.*	1,244		4,478
Capella Education Co.*	1,732		140,898
Coinstar, Inc.*	3,287		141,242
Corinthian Colleges, Inc.*	9,027		88,916
CPI Corp.	620		13,900
Grand Canyon Education, Inc.*	3,206		75,117
K12, Inc.*	2,690		59,664
Learning Tree International, Inc.*	645		6,998
Lincoln Educational Services Corp.*	1,600		32,944
Mac-Gray Corp.	1,600		17,824
Matthews International Corp., Class A	3,200		93,696
Pre-Paid Legal Services, Inc.*	752		34,209
Princeton Review, Inc.*	910		2,111
Regis Corp.	86,710		1,350,075
Sotheby’s, Inc.	7,055		161,348
Steiner Leisure Ltd.*	1,450		55,738
Stewart Enterprises, Inc., Class A	7,810		42,252
Universal Technical Institute, Inc.*	2,250		53,190

			2,488,209


	Number of Shares	Value (Note 1)

*Hotels, Restaurants & Leisure (0.7%)*
AFC Enterprises, Inc.*	2,735	$	24,889
Ambassadors Group, Inc.	2,016		22,761
Ameristar Casinos, Inc.	2,940		44,276
Biglari Holdings, Inc.*	146		41,887
BJ’s Restaurants, Inc.*	2,283		53,879
Bluegreen Corp.*	840		2,528
Bob Evans Farms, Inc.	3,214		79,129
Boyd Gaming Corp.*	5,548		47,103
Buffalo Wild Wings, Inc.*	1,800		65,844
California Pizza Kitchen, Inc.*	1,755		26,588
Caribou Coffee Co., Inc.*	783		7,415
Carrols Restaurant Group, Inc.*	1,391		6,357
CEC Entertainment, Inc.*	2,161		76,197
Cheesecake Factory, Inc.*	6,361		141,596
Churchill Downs, Inc.	1,295		42,476
CKE Restaurants, Inc.	5,520		69,166
Cracker Barrel Old Country Store, Inc.	2,456		114,351
Denny’s Corp.*	11,250		29,250
DineEquity, Inc.*	1,855		51,792
Domino’s Pizza, Inc.*	3,865		43,675
Einstein Noah Restaurant Group, Inc.*	770		8,308
Gaylord Entertainment Co.*	3,632		80,231
Interval Leisure Group, Inc.*	4,223		52,576
Isle of Capri Casinos, Inc.*	1,721		15,936
Jack in the Box, Inc.*	5,760		112,032
Jamba, Inc.*	5,981		12,740
Krispy Kreme Doughnuts, Inc.*	7,370		24,837
Landry’s Restaurants, Inc.*	774		18,932
Life Time Fitness, Inc.*	4,390		139,558
Marcus Corp.	2,590		24,501
McCormick & Schmick’s Seafood Restaurants, Inc.*	1,664		12,413
Monarch Casino & Resort, Inc.*	1,240		12,561
Morgans Hotel Group Co.*	2,565		15,800
Multimedia Games, Inc.*	3,055		13,748
O’Charleys, Inc.*	2,104		11,151
Orient-Express Hotels Ltd., Class A*	9,452		69,945
P.F. Chang’s China Bistro, Inc.	2,333		92,503
Papa John’s International, Inc.*	2,214		51,188
Peet’s Coffee & Tea, Inc.*	1,203		47,242
Pinnacle Entertainment, Inc.*	6,110		57,801
Red Lion Hotels Corp.*	800		4,776
Red Robin Gourmet Burgers, Inc.*	1,455		24,968
Ruby Tuesday, Inc.*	6,720		57,120
Ruth’s Hospitality Group, Inc.*	3,269		13,664
Scientific Games Corp., Class A*	6,691		61,557
Shuffle Master, Inc.*	5,250		42,053
Sonic Corp.*	6,803		52,723
Speedway Motorsports, Inc.	1,238		16,787
Texas Roadhouse, Inc.*	5,849		73,814
Vail Resorts, Inc.*	3,728		130,145

			2,342,769

*Household Durables (1.6%)*
American Greetings Corp., Class A	3,980		74,665
Bassett Furniture Industries, Inc.*	1,000		4,280

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Beazer Homes USA, Inc.*	7,662	$	27,813
Blyth, Inc.	632		21,532
Brookfield Homes Corp.*	1,440		9,706
Cavco Industries, Inc.*	661		23,254
CSS Industries, Inc.	687		11,335
D.R. Horton, Inc.	79,000		776,570
Ethan Allen Interiors, Inc.	32,806		458,956
Furniture Brands International, Inc.*	4,900		25,578
Helen of Troy Ltd.*	3,186		70,283
Hooker Furniture Corp.	74,744		796,771
Hovnanian Enterprises, Inc., Class A*	4,980		18,326
iRobot Corp.*	2,320		43,593
Kid Brands, Inc.*	1,093		7,684
La-Z-Boy, Inc.*	141,760		1,053,277
Libbey, Inc.*	1,624		21,080
Lifetime Brands, Inc.*	848		12,398
M.D.C. Holdings, Inc.	38,550		1,038,922
M/I Homes, Inc.*	61,330		591,221
Meritage Homes Corp.*	3,490		56,817
National Presto Industries, Inc.	477		44,294
Ryland Group, Inc.	4,856		76,822
Sealy Corp.*	5,780		15,433
Skyline Corp.	890		16,029
Standard Pacific Corp.*	10,610		35,331
Universal Electronics, Inc.*	1,660		27,606

			5,359,576

*Internet & Catalog Retail (0.1%)*
1-800-FLOWERS.COM, Inc., Class A*	1,390		2,863
Blue Nile, Inc.*	1,250		58,850
Drugstore.Com, Inc.*	10,970		33,788
Gaiam, Inc., Class A	2,130		12,929
HSN, Inc.*	4,100		98,400
NutriSystem, Inc.	3,306		75,840
Orbitz Worldwide, Inc.*	2,362		8,999
Overstock.com, Inc.*	1,500		27,105
PetMed Express, Inc.	2,247		39,997
Shutterfly, Inc.*	2,788		66,800
U.S. Auto Parts Network, Inc.*	1,302		7,812
Vitacost.com, Inc.*	1,421		12,775

			446,158

*Leisure Equipment & Products (0.6%)*
Arctic Cat, Inc.*	1,052		9,584
Brunswick Corp.	95,232		1,183,734
Callaway Golf Co.	7,410		44,756
Eastman Kodak Co.*	28,067		121,811
JAKKS Pacific, Inc.*	2,946		42,363
Leapfrog Enterprises, Inc.*	4,300		17,286
Marine Products Corp.*	1,660		9,396
Polaris Industries, Inc.	3,250		177,515
Pool Corp.	5,055		110,806
RC2 Corp.*	2,320		37,375
Smith & Wesson Holding Corp.*	6,353		25,984
Sport Supply Group, Inc.	600		8,076
Steinway Musical Instruments, Inc.*	617		10,976
Sturm Ruger & Co., Inc.	2,020		28,947
Summer Infant, Inc.*	910		5,960

			1,834,569


	Number of Shares	Value (Note 1)

*Media (0.4%)*
AH Belo Corp., Class A*	1,719	$	11,414
Arbitron, Inc.	2,914		74,686
Ascent Media Corp., Class A*	1,700		42,942
Ballantyne Strong, Inc.*	1,350		9,774
Belo Corp., Class A*	9,713		55,267
Carmike Cinemas, Inc.*	900		5,454
Cinemark Holdings, Inc.	5,895		77,519
CKX, Inc.*	5,804		28,962
Crown Media Holdings, Inc., Class A*	1,900		3,344
Cumulus Media, Inc., Class A*	2,087		5,572
Dex One Corp.*	5,146		97,774
Entercom Communications Corp., Class A*	2,360		20,815
Entravision Communications Corp., Class A*	4,774		10,073
EW Scripps Co., Class A*	3,619		26,889
Fisher Communications, Inc.*	665		11,199
Global Sources Ltd.*	2,840		22,266
Gray Television, Inc.*	4,856		11,703
Harte-Hanks, Inc.	4,410		46,084
Journal Communications, Inc., Class A*	4,614		18,318
Knology, Inc.*	3,520		38,474
Lee Enterprises, Inc.*	4,329		11,126
LIN TV Corp., Class A*	3,082		16,674
Lions Gate Entertainment Corp.*	6,990		48,790
Live Nation Entertainment, Inc.*	15,075		157,534
LodgeNet Interactive Corp.*	2,912		10,803
Martha Stewart Living Omnimedia, Inc., Class A*	2,260		11,119
McClatchy Co., Class A*	6,133		22,324
Media General, Inc., Class A*	2,167		21,150
Mediacom Communications Corp., Class A*	4,179		28,083
National CineMedia, Inc.	4,448		74,104
Nexstar Broadcasting Group, Inc., Class A*	1,066		4,669
Outdoor Channel Holdings, Inc.*	2,200		10,274
Playboy Enterprises, Inc., Class B*	1,410		5,922
PRIMEDIA, Inc.	2,790		8,175
Radio One, Inc., Class D*	2,961		3,790
RCN Corp.*	3,782		56,011
Rentrak Corp.*	998		24,281
Scholastic Corp.	3,031		73,108
Sinclair Broadcast Group, Inc., Class A*	4,751		27,698
SuperMedia, Inc.*	1,318		24,106
Valassis Communications, Inc.*	5,210		165,261
Value Line, Inc.	40		726
Warner Music Group Corp.*	4,168		20,256
World Wrestling Entertainment, Inc., Class A	2,702		42,043

			1,486,556

*Multiline Retail (1.5%)*
99 Cents Only Stores*	4,857		71,884
Bon-Ton Stores, Inc.*	1,108		10,803
Dillard’s, Inc., Class A	4,848		104,232
Fred’s, Inc., Class A	148,390		1,641,193

See Notes to Financial Statements.

234

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

J.C. Penney Co., Inc.	90,000	$	1,933,200
Retail Ventures, Inc.*	2,428		18,987
Saks, Inc.*	116,992		887,969
Tuesday Morning Corp.*	52,950		211,271

			4,879,539

*Specialty Retail (3.6%)*
America’s Car-Mart, Inc.*	1,068		24,169
AnnTaylor Stores Corp.*	6,140		99,898
Asbury Automotive Group, Inc.*	3,060		32,252
Barnes & Noble, Inc.	3,968		51,187
bebe Stores, Inc.	3,179		20,346
Big 5 Sporting Goods Corp.	2,020		26,543
Books-A-Million, Inc.	1,300		7,826
Borders Group, Inc.*	3,428		4,559
Brown Shoe Co., Inc.	121,310		1,841,486
Buckle, Inc.	2,718		88,118
Build-A-Bear Workshop, Inc.*	1,969		13,350
Cabela’s, Inc.*	4,188		59,218
Casual Male Retail Group, Inc.*	3,996		13,666
Cato Corp., Class A	9,874		217,425
Charming Shoppes, Inc.*	11,580		43,425
Children’s Place Retail Stores, Inc.*	2,881		126,822
Christopher & Banks Corp.	182,370		1,128,870
Citi Trends, Inc.*	1,480		48,751
Coldwater Creek, Inc.*	5,540		18,614
Collective Brands, Inc.*	6,761		106,824
Conn’s, Inc.*	1,277		7,509
Destination Maternity Corp.*	590		14,927
Dress Barn, Inc.*	6,263		149,122
DSW, Inc., Class A*	1,460		32,792
Express, Inc.*	1,643		26,896
Finish Line, Inc., Class A	5,271		73,425
Genesco, Inc.*	2,488		65,459
Group 1 Automotive, Inc.*	82,495		1,941,107
Gymboree Corp.*	15,891		678,705
Haverty Furniture Cos., Inc.	2,188		26,891
hhgregg, Inc.*	1,500		34,980
Hibbett Sports, Inc.*	3,014		72,215
HOT Topic, Inc.	4,080		20,726
Jo-Ann Stores, Inc.*	2,920		109,529
JoS. A. Bank Clothiers, Inc.*	1,873		101,123
Kirkland’s, Inc.*	1,699		28,671
Lithia Motors, Inc., Class A	2,371		14,653
Lumber Liquidators Holdings, Inc.*	2,288		53,379
MarineMax, Inc.*	2,102		14,588
Men’s Wearhouse, Inc.	104,821		1,924,514
Midas, Inc.*	1,379		10,577
Monro Muffler Brake, Inc.	2,017		79,732
New York & Co., Inc.*	2,153		4,930
OfficeMax, Inc.*	8,788		114,771
Pacific Sunwear of California, Inc.*	7,660		24,512
Penske Automotive Group, Inc.*	4,550		51,688
PEP Boys-Manny, Moe & Jack	5,580		49,439
Pier 1 Imports, Inc.*	97,162		622,808
Rent-A-Center, Inc.*	6,770		137,160
Rue21, Inc.*	1,520		46,117
Sally Beauty Holdings, Inc.*	9,945		81,549
Select Comfort Corp.*	5,620		49,175


	Number of Shares	Value (Note 1)

Shoe Carnival, Inc.*	982	$	20,141
Sonic Automotive, Inc., Class A*	4,141		35,447
Stage Stores, Inc.	4,320		46,138
Stein Mart, Inc.*	3,060		19,064
Systemax, Inc.	1,220		18,385
Talbots, Inc.*	7,261		74,861
Ulta Salon Cosmetics & Fragrance, Inc.*	3,333		78,859
Vitamin Shoppe, Inc.*	1,603		41,117
West Marine, Inc.*	105,981		1,153,073
Wet Seal, Inc., Class A*	10,559		38,540
Zumiez, Inc.*	1,990		32,059

			12,194,702

*Textiles, Apparel & Luxury Goods (1.1%)*
American Apparel, Inc.*	4,740		8,674
Carter’s, Inc.*	6,144		161,280
Cherokee, Inc.	799		13,663
Columbia Sportswear Co.	1,166		54,417
Crocs, Inc.*	9,150		96,807
Culp, Inc.*	808		8,856
Deckers Outdoor Corp.*	1,358		194,018
Delta Apparel, Inc.*	374		5,460
G-III Apparel Group Ltd.*	1,632		37,357
Iconix Brand Group, Inc.*	7,280		104,614
Joe’s Jeans, Inc.*	3,980		7,880
Jones Apparel Group, Inc.	9,314		147,627
Kenneth Cole Productions, Inc., Class A*	760		8,368
K-Swiss, Inc., Class A*	2,741		30,781
LaCrosse Footwear, Inc.	293		4,934
Liz Claiborne, Inc.*	9,605		40,533
Maidenform Brands, Inc.*	2,337		47,581
Movado Group, Inc.*	1,637		17,483
Oxford Industries, Inc.	1,491		31,207
Perry Ellis International, Inc.*	1,017		20,543
Quiksilver, Inc.*	14,300		52,910
R.G. Barry Corp.	499		5,504
Skechers U.S.A., Inc., Class A*	3,615		132,020
Steven Madden Ltd.*	2,540		80,061
Timberland Co., Class A*	26,881		434,128
True Religion Apparel, Inc.*	2,735		60,361
Under Armour, Inc., Class A*	3,680		121,918
Unifi, Inc.*	4,468		17,068
UniFirst Corp.	1,485		65,370
Volcom, Inc.*	1,970		36,583
Warnaco Group, Inc.*	39,667		1,433,565
Weyco Group, Inc.	950		21,641
Wolverine World Wide, Inc.	5,030		126,857

			3,630,069

Total Consumer Discretionary			45,545,550

Consumer Staples (1.7%)
*Beverages* (*0.0%)*
Boston Beer Co., Inc., Class A*	880		59,356
Coca-Cola Bottling Co. Consolidated	409		19,599
Heckmann Corp.*	8,600		39,904
MGP Ingredients, Inc.*	1,007		6,677
National Beverage Corp.	1,580		19,402

			144,938

See Notes to Financial Statements.

235

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EQ/AXA FRANKLIN SMALL CAP VALUE CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Food & Staples Retailing (0.9%)*
Andersons, Inc.	1,915	$	62,410
Arden Group, Inc., Class A	131		11,511
Casey’s General Stores, Inc.	62,733		2,189,382
Great Atlantic & Pacific Tea Co., Inc.*	4,160		16,224
Ingles Markets, Inc., Class A	1,312		19,746
Nash Finch Co.	1,220		41,675
Pantry, Inc.*	2,450		34,569
Pricesmart, Inc.	1,616		37,540
Rite Aid Corp.*	57,356		56,209
Ruddick Corp.	4,430		137,286
Spartan Stores, Inc.	2,327		31,926
Susser Holdings Corp.*	908		10,705
United Natural Foods, Inc.*	4,350		129,978
Village Super Market, Inc., Class A	710		18,638
Weis Markets, Inc.	1,000		32,910
Winn-Dixie Stores, Inc.*	5,380		51,863

			2,882,572

*Food Products (0.6%)*
Alico, Inc.	401		9,215
American Italian Pasta Co., Class A*	2,261		119,539
B&G Foods, Inc., Class A	4,557		49,125
Calavo Growers, Inc.	1,040		18,679
Cal-Maine Foods, Inc.	1,440		45,979
Chiquita Brands International, Inc.*	4,974		60,434
Darling International, Inc.*	8,634		64,841
Diamond Foods, Inc.	2,280		93,708
Dole Food Co., Inc.*	3,835		39,999
Farmer Bros Co.	990		14,939
Fresh Del Monte Produce, Inc.*	4,176		84,522
Griffin Land & Nurseries, Inc.	180		4,572
Hain Celestial Group, Inc.*	4,248		85,682
Harbinger Group, Inc.*	1,700		10,676
Imperial Sugar Co.	1,060		10,706
J&J Snack Foods Corp.	1,350		56,835
John B. Sanfilippo & Son, Inc.*	521		7,539
Lancaster Colony Corp.	14,465		771,852
Lance, Inc.	2,742		45,216
Lifeway Foods, Inc.*	830		8,084
Pilgrim’s Pride Corp.*	5,004		32,876
Sanderson Farms, Inc.	2,350		119,239
Seneca Foods Corp., Class A*	823		26,550
Smart Balance, Inc.*	5,942		24,303
Synutra International, Inc.*	2,018		32,631
Tootsie Roll Industries, Inc.	2,627		62,129
TreeHouse Foods, Inc.*	3,670		167,572

			2,067,442

*Household Products (0.0%)*
Cellu Tissue Holdings, Inc.*	1,273		9,891
Central Garden & Pet Co., Class A*	5,973		53,578
Oil-Dri Corp. of America	800		18,360
Spectrum Brands Holdings, Inc.*	1,872		47,474
WD-40 Co.	1,700		56,780

			186,083


	Number of Shares	Value (Note 1)

*Personal Products (0.1%)*
Elizabeth Arden, Inc.*	2,800	$	40,656
Female Health Co.	2,300		11,937
Inter Parfums, Inc.	1,504		21,402
Medifast, Inc.*	1,439		37,284
Nature’s Sunshine Products, Inc.*	580		4,855
Nu Skin Enterprises, Inc., Class A	5,060		126,146
Nutraceutical International Corp.*	1,038		15,840
Prestige Brands Holdings, Inc.*	4,156		29,424
Revlon, Inc., Class A*	1,231		13,738
Schiff Nutrition International, Inc.	1,337		9,519
USANA Health Sciences, Inc.*	560		20,457

			331,258

*Tobacco (0.1%)*
Alliance One International, Inc.*	8,450		30,082
Star Scientific, Inc.*	10,249		16,808
Universal Corp.	2,557		101,462
Vector Group Ltd.	4,311		72,511

			220,863

Total Consumer Staples			5,833,156

Energy (7.1%)
*Energy Equipment & Services (5.3%)*
Allis-Chalmers Energy, Inc.*	4,473		9,214
Atwood Oceanics, Inc.*	67,000		1,709,840
Basic Energy Services, Inc.*	2,540		19,558
Boots & Coots, Inc.*	9,500		28,025
Bristow Group, Inc.*	77,774		2,286,556
Cal Dive International, Inc.*	9,508		55,622
CARBO Ceramics, Inc.	1,944		140,337
Complete Production Services, Inc.*	8,106		115,916
Dawson Geophysical Co.*	1,022		21,738
Dril-Quip, Inc.*	3,556		156,535
Global Industries Ltd.*	246,900		1,108,581
Gulf Island Fabrication, Inc.	1,460		22,659
Gulfmark Offshore, Inc., Class A*	2,394		62,723
Helix Energy Solutions Group, Inc.*	135,758		1,462,114
Hercules Offshore, Inc.*	13,142		31,935
Hornbeck Offshore Services, Inc.*	2,388		34,865
ION Geophysical Corp.*	13,184		45,880
Key Energy Services, Inc.*	13,157		120,781
Lufkin Industries, Inc.	3,132		122,117
Matrix Service Co.*	2,865		26,673
Natural Gas Services Group, Inc.*	1,296		19,608
Newpark Resources, Inc.*	8,860		53,603
Oil States International, Inc.*	43,900		1,737,562
OYO Geospace Corp.*	520		25,210
Parker Drilling Co.*	11,360		44,872
PHI, Inc.*	1,710		24,094
Pioneer Drilling Co.*	5,580		31,639
Rowan Cos., Inc.*	149,000		3,269,060
RPC, Inc.	3,370		46,000
Seahawk Drilling, Inc.*	943		9,166
Superior Well Services, Inc.*	2,360		39,459
T-3 Energy Services, Inc.*	1,383		38,586
Tesco Corp.*	3,106		38,142
TETRA Technologies, Inc.*	7,924		71,950

See Notes to Financial Statements.

236

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EQ/AXA FRANKLIN SMALL CAP VALUE CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Tidewater, Inc.	59,000	$	2,284,480
Union Drilling, Inc.*	1,660		9,146
Unit Corp.*	63,150		2,563,258
Vantage Drilling Co.*	11,048		14,915
Willbros Group, Inc.*	4,540		33,596

			17,936,015

*Oil, Gas & Consumable Fuels (1.8%)*
Alon USA Energy, Inc.	1,280		8,141
American Oil & Gas, Inc.*	5,168		32,455
Apco Oil and Gas International, Inc.	1,180		27,742
Approach Resources, Inc.*	1,240		8,531
Arch Coal, Inc.	16,800		332,808
Arena Resources, Inc.*	4,129		131,715
ATP Oil & Gas Corp.*	4,461		47,242
Berry Petroleum Co., Class A	5,420		139,402
Bill Barrett Corp.*	4,762		146,527
BPZ Resources, Inc.*	10,360		42,994
Brigham Exploration Co.*	12,150		186,867
Callon Petroleum Co.*	2,942		18,535
CAMAC Energy, Inc.*	4,708		17,561
Carrizo Oil & Gas, Inc.*	3,343		51,917
Cheniere Energy, Inc.*	4,916		13,863
Clayton Williams Energy, Inc.*	647		27,252
Clean Energy Fuels Corp.*	4,152		62,031
Cloud Peak Energy, Inc.*	3,600		47,736
Contango Oil & Gas Co.*	1,180		52,805
Crosstex Energy, Inc.*	4,521		28,980
CVR Energy, Inc.*	2,920		21,958
Delek U.S. Holdings, Inc.	1,930		14,089
Delta Petroleum Corp.*	21,510		18,499
DHT Holdings, Inc.	4,190		16,132
Endeavour International Corp.*	12,280		13,017
Energy Partners Ltd.*	2,975		36,325
Energy XXI Bermuda Ltd.*	5,209		82,198
Evolution Petroleum Corp.*	1,304		6,533
FX Energy, Inc.*	4,659		16,866
Gastar Exploration Ltd.*	4,211		15,202
General Maritime Corp.	5,810		35,092
GeoResources, Inc.*	1,328		18,499
GMX Resources, Inc.*	3,162		20,521
Golar LNG Ltd.	3,760		37,111
Goodrich Petroleum Corp.*	2,504		30,048
Green Plains Renewable Energy, Inc.*	1,604		16,393
Gulfport Energy Corp.*	2,846		33,754
Harvest Natural Resources, Inc.*	3,662		26,989
Houston American Energy Corp.	1,853		18,271
International Coal Group, Inc.*	13,439		51,740
Isramco, Inc.*	200		9,436
James River Coal Co.*	2,735		43,541
Knightsbridge Tankers Ltd.	1,709		30,061
Kodiak Oil & Gas Corp.*	12,271		39,145
L&L Energy, Inc.*	1,532		13,175
Magnum Hunter Resources Corp.*	4,978		21,704
McMoRan Exploration Co.*	8,984		99,812
Miller Petroleum, Inc.*	1,838		10,587
Nordic American Tanker Shipping Ltd.	4,759		133,680
Northern Oil and Gas, Inc.*	4,620		59,321


	Number of Shares	Value (Note 1)

Overseas Shipholding Group, Inc.	31,631	$	1,171,612
Panhandle Oil and Gas, Inc., Class A	800		21,144
Patriot Coal Corp.*	8,163		95,915
Penn Virginia Corp.	4,815		96,830
Petroleum Development Corp.*	1,976		50,625
PetroQuest Energy, Inc.*	6,020		40,695
RAM Energy Resources, Inc.*	5,240		10,847
Rentech, Inc.*	21,628		21,412
Resolute Energy Corp.*	3,906		47,809
REX American Resources Corp.*	990		15,840
Rex Energy Corp.*	3,373		34,067
Rosetta Resources, Inc.*	5,582		110,579
Scorpio Tankers, Inc.*	975		11,164
Ship Finance International Ltd.	4,756		85,037
Stone Energy Corp.*	4,634		51,715
Swift Energy Co.*	3,967		106,752
Syntroleum Corp.*	7,358		12,067
Teekay Corp.	47,869		1,252,732
Teekay Tankers Ltd., Class A	2,648		29,472
TransAtlantic Petroleum Ltd.*	15,149		48,022
Uranium Energy Corp.*	7,200		16,992
USEC, Inc.*	11,783		56,087
VAALCO Energy, Inc.*	5,050		28,280
Venoco, Inc.*	2,190		36,069
W&T Offshore, Inc.	3,670		34,718
Warren Resources, Inc.*	6,280		18,212
Western Refining, Inc.*	5,049		25,397
World Fuel Services Corp.	6,400		166,016

			6,110,910

Total Energy			24,046,925

Financials (13.8%)
*Capital Markets* (*0.6%)*
American Capital Ltd.*	35,785		172,484
Apollo Investment Corp.	20,061		187,169
Artio Global Investors, Inc.	2,916		45,898
BGC Partners, Inc., Class A	5,645		28,846
BlackRock Kelso Capital Corp.	5,848		57,720
Calamos Asset Management, Inc., Class A	1,770		16,426
Capital Southwest Corp.	314		27,604
Cohen & Steers, Inc.	2,030		42,102
Cowen Group, Inc., Class A*	2,900		11,890
Diamond Hill Investment Group, Inc.	290		16,440
Duff & Phelps Corp., Class A	2,676		33,798
Epoch Holding Corp.	1,720		21,104
Evercore Partners, Inc., Class A	1,627		37,990
FBR Capital Markets Corp.*	4,819		16,047
Fifth Street Finance Corp.	4,569		50,396
Financial Engines, Inc.*	1,137		15,463
GAMCO Investors, Inc., Class A	711		26,449
GFI Group, Inc.	6,260		34,931
Gladstone Capital Corp.	1,860		20,107
Gladstone Investment Corp.	1,590		9,270
Gleacher & Co., Inc.*	6,770		17,263
Golub Capital BDC, Inc.	587		8,465
Harris & Harris Group, Inc.*	2,360		9,652
Hercules Technology Growth Capital, Inc.	3,180		29,288

See Notes to Financial Statements.

237

EQ ADVISORS TRUST

EQ/AXA FRANKLIN SMALL CAP VALUE CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

HFF, Inc., Class A*	1,724	$	12,189
International Assets Holding Corp.*	1,271		20,336
Investment Technology Group, Inc.*	4,483		71,997
JMP Group, Inc.	2,200		13,618
KBW, Inc.*	3,510		75,254
Knight Capital Group, Inc., Class A*	9,457		130,412
LaBranche & Co., Inc.*	4,197		17,963
Ladenburg Thalmann Financial Services, Inc.*	8,981		11,226
Main Street Capital Corp.	1,400		20,902
MCG Capital Corp.	7,827		37,804
MF Global Holdings Ltd.*	9,269		52,926
MVC Capital, Inc.	2,660		34,367
NGP Capital Resources Co.	1,640		11,759
Oppenheimer Holdings, Inc., Class A	1,110		26,584
optionsXpress Holdings, Inc.*	4,462		70,232
PennantPark Investment Corp.	3,122		29,815
Penson Worldwide, Inc.*	2,570		14,495
Piper Jaffray Cos., Inc.*	1,820		58,640
Prospect Capital Corp.	6,703		64,684
Pzena Investment Management, Inc., Class A	1,100		7,007
Rodman & Renshaw Capital Group, Inc.*	1,582		4,525
Safeguard Scientifics, Inc.*	2,143		22,630
Sanders Morris Harris Group, Inc.	2,900		16,095
Solar Capital Ltd.	793		15,273
Stifel Financial Corp.*	3,320		144,055
SWS Group, Inc.	2,450		23,275
Thomas Weisel Partners Group, Inc.*	2,640		15,550
TICC Capital Corp.	2,817		23,663
TradeStation Group, Inc.*	3,987		26,912
Triangle Capital Corp.	1,076		15,301
Virtus Investment Partners, Inc.*	582		10,895
Westwood Holdings Group, Inc.	740		26,011

			2,063,197

*Commercial Banks (2.3%)*
1st Source Corp.	1,920		32,486
1st United Bancorp, Inc.*	1,716		12,630
Alliance Financial Corp./ New York	600		16,680
American National Bankshares, Inc.	900		19,251
Ameris Bancorp*	2,306		22,275
Ames National Corp.	1,040		20,322
Arrow Financial Corp.	1,248		28,829
BancFirst Corp.	800		29,192
Banco Latinoamericano de Comercio Exterior S.A., Class E	2,430		30,351
Bancorp Rhode Island, Inc.	200		5,240
Bancorp, Inc./Delaware*	2,701		21,149
Bank of Marin Bancorp/California	700		22,351
Bank of the Ozarks, Inc.	1,254		44,479


	Number of Shares	Value (Note 1)

Boston Private Financial Holdings, Inc.	6,590	$	42,374
Bridge Bancorp, Inc.	900		21,852
Bryn Mawr Bank Corp.	1,100		18,458
Camden National Corp.	950		26,096
Capital City Bank Group, Inc.	1,570		19,437
Cardinal Financial Corp.	2,991		27,637
Cathay General Bancorp	7,905		81,659
Center Financial Corp.*	3,212		16,542
Centerstate Banks, Inc.	2,109		21,280
Century Bancorp, Inc./Massachusetts, Class A	355		7,824
Chemical Financial Corp.	61,412		1,337,553
Citizens & Northern Corp.	1,577		16,874
Citizens Republic Bancorp, Inc.*	38,543		32,762
City Holding Co.	1,520		42,378
CNB Financial Corp./ Pennsylvania	1,300		14,274
CoBiz Financial, Inc.	3,148		20,745
Columbia Banking System, Inc.	4,141		75,615
Community Bank System, Inc.	3,220		70,937
Community Trust Bancorp, Inc.	1,410		35,391
CVB Financial Corp.	9,148		86,906
Danvers Bancorp, Inc.	1,980		28,611
Eagle Bancorp, Inc.*	2,000		23,560
Encore Bancshares, Inc.*	469		4,638
Enterprise Financial Services Corp.	1,640		15,810
F.N.B. Corp./Pennsylvania	11,420		91,703
Financial Institutions, Inc.	1,133		20,122
First Bancorp, Inc./Maine	1,310		17,200
First Bancorp/North Carolina	1,518		21,996
First Bancorp/Puerto Rico*	6,500		3,445
First Busey Corp.	5,985		27,112
First Commonwealth Financial Corp.	9,710		50,977
First Community Bancshares, Inc./Virginia	1,504		22,094
First Financial Bancorp	5,880		87,906
First Financial Bankshares, Inc.	2,310		111,088
First Financial Corp./Indiana	1,164		30,043
First Interstate Bancsystem, Inc.	901		14,173
First Merchants Corp.	2,713		23,006
First Midwest Bancorp, Inc./ Illinois	7,407		90,069
First of Long Island Corp.	800		20,568
First South Bancorp, Inc./North Carolina	1,310		13,899
FirstMerit Corp.	11,354		194,494
German American Bancorp, Inc.	1,500		22,950
Glacier Bancorp, Inc.	7,253		106,402
Great Southern Bancorp, Inc.	1,300		26,403
Green Bankshares, Inc.*	1,112		14,200
Hancock Holding Co.	2,884		96,210
Hanmi Financial Corp.*	4,788		6,033
Heartland Financial USA, Inc.	1,680		29,030
Heritage Financial Corp./Washington*	1,100		16,467
Home Bancorp, Inc.*	1,400		18,074
Home Bancshares, Inc./Arkansas	2,332		53,193
Hudson Valley Holding Corp.	1,225		28,322

See Notes to Financial Statements.

238

EQ ADVISORS TRUST

EQ/AXA FRANKLIN SMALL CAP VALUE CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

IBERIABANK Corp.	2,723	$	140,180
Independent Bank Corp./Massachusetts	1,980		48,866
International Bancshares Corp.	5,538		92,429
Investors Bancorp, Inc.*	4,600		60,352
Lakeland Bancorp, Inc.	1,650		14,058
Lakeland Financial Corp.	1,440		28,771
MainSource Financial Group, Inc.	1,660		11,902
MB Financial, Inc.	5,442		100,078
Merchants Bancshares, Inc.	200		4,444
Metro Bancorp, Inc.*	1,176		14,512
Midsouth Bancorp, Inc.	1,000		12,770
MidWestOne Financial Group, Inc.	487		7,539
Nara Bancorp, Inc.*	3,779		31,857
National Bankshares, Inc./ Virginia	1,000		24,230
National Penn Bancshares, Inc.	12,750		76,627
NBT Bancorp, Inc.	3,600		73,512
Northfield Bancorp, Inc./New Jersey	2,430		31,541
Old National Bancorp/Indiana	8,770		90,857
OmniAmerican Bancorp, Inc.*	924		10,432
Oriental Financial Group, Inc.	3,219		40,753
Orrstown Financial Services, Inc.	900		19,917
Pacific Continental Corp.	2,510		23,770
PacWest Bancorp	3,103		56,816
Park National Corp.	1,330		86,503
Peapack Gladstone Financial Corp.	1,222		14,297
Penns Woods Bancorp, Inc.	600		18,252
Peoples Bancorp, Inc./Ohio	15,560		225,620
Pinnacle Financial Partners, Inc.*	3,170		40,734
Porter Bancorp, Inc.	635		8,014
PrivateBancorp, Inc.	5,400		59,832
Prosperity Bancshares, Inc.	4,710		163,672
Renasant Corp.	2,570		36,879
Republic Bancorp, Inc./Kentucky, Class A	921		20,630
S&T Bancorp, Inc.	2,452		48,452
Sandy Spring Bancorp, Inc.	2,260		31,663
Santander BanCorp*	750		9,480
SCBT Financial Corp.	1,309		46,103
Sierra Bancorp	1,210		13,915
Signature Bank/New York*	4,173		158,616
Simmons First National Corp., Class A	1,540		40,440
Southside Bancshares, Inc.	1,649		32,386
Southwest Bancorp, Inc./Oklahoma	1,932		25,676
State Bancorp, Inc./New York	1,608		15,276
StellarOne Corp.	2,060		26,306
Sterling Bancorp/New York	2,880		25,920
Sterling Bancshares, Inc./Texas	10,061		47,387
Suffolk Bancorp	1,050		32,487
Susquehanna Bancshares, Inc.	13,297		110,764
SVB Financial Group*	4,322		178,196
SY Bancorp, Inc.	1,450		33,321
Taylor Capital Group, Inc.*	849		10,986
Texas Capital Bancshares, Inc.*	3,699		60,664
Tompkins Financial Corp.	847		31,974
Tower Bancorp, Inc.	600		13,134


	Number of Shares	Value (Note 1)

TowneBank/Virginia	2,740	$	39,785
Trico Bancshares	1,516		25,666
Trustmark Corp.	6,510		135,538
UMB Financial Corp.	3,220		114,503
Umpqua Holdings Corp.	11,704		134,362
Union First Market Bankshares Corp.	1,944		23,833
United Bankshares, Inc.	3,840		91,930
United Community Banks, Inc./Georgia*	9,464		37,383
Univest Corp. of Pennsylvania	1,748		30,275
Virginia Commerce Bancorp, Inc.*	1,615		10,094
Washington Banking Co.	1,586		20,285
Washington Trust Bancorp, Inc.	1,790		30,502
Webster Financial Corp.	6,902		123,822
WesBanco, Inc.	2,710		45,664
West Bancorp, Inc.*	1,718		11,700
West Coast Bancorp/Oregon	9,643		24,590
Westamerica Bancorp	2,979		156,457
Western Alliance Bancorp*	5,986		42,920
Whitney Holding Corp./Louisiana	9,925		91,806
Wilshire Bancorp, Inc.	2,160		18,900
Wintrust Financial Corp.	3,217		107,255

			7,652,689

*Consumer Finance (0.2%)*
Advance America Cash Advance Centers, Inc.	5,301		21,893
Cardtronics, Inc.*	2,815		36,482
Cash America International, Inc.	3,140		107,608
CompuCredit Holdings Corp.	2,300		9,108
Credit Acceptance Corp.*	740		36,090
Dollar Financial Corp.*	2,614		51,731
EZCORP, Inc., Class A*	4,811		89,244
First Cash Financial Services, Inc.*	3,063		66,773
First Marblehead Corp.*	7,750		18,213
Nelnet, Inc., Class A	2,712		52,287
Student Loan Corp.	198		4,768
World Acceptance Corp.*	1,752		67,119

			561,316

*Diversified Financial Services (0.1%)*
Asset Acceptance Capital Corp.*	2,160		8,942
Asta Funding, Inc.	750		7,403
California First National Bancorp	200		2,468
Compass Diversified Holdings	3,377		45,286
Encore Capital Group, Inc.*	1,437		29,617
Life Partners Holdings, Inc.	825		16,880
MarketAxess Holdings, Inc.	3,050		42,059
Marlin Business Services Corp.*	697		8,427
Medallion Financial Corp.	1,549		10,223
NewStar Financial, Inc.*	3,201		20,358
PHH Corp.*	5,749		109,461
PICO Holdings, Inc.*	2,402		71,988
Portfolio Recovery Associates, Inc.*	1,757		117,332
Primus Guaranty Ltd.*	2,740		10,111

			500,555

See Notes to Financial Statements.

239

EQ ADVISORS TRUST

EQ/AXA FRANKLIN SMALL CAP VALUE CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Insurance (7.5%)*
Alterra Capital Holdings Ltd.	9,969	$	187,218
Ambac Financial Group, Inc.*	30,330		20,321
American Equity Investment Life Holding Co.	5,660		58,411
American National Insurance Co.	11,550		935,204
American Physicians Capital, Inc.	660		20,361
American Physicians Service Group, Inc.	600		14,670
American Safety Insurance Holdings Ltd.*	920		14,462
AMERISAFE, Inc.*	1,700		29,835
Amtrust Financial Services, Inc.	2,770		33,351
Argo Group International Holdings Ltd.	3,130		95,747
Arthur J. Gallagher & Co.	39,300		958,134
Aspen Insurance Holdings Ltd.	80,950		2,002,703
Baldwin & Lyons, Inc., Class B	1,100		23,111
Citizens, Inc./Texas*	4,400		29,304
CNA Surety Corp.*	2,110		33,908
CNO Financial Group, Inc.*	23,445		116,053
Crawford & Co., Class B*	3,080		9,733
Delphi Financial Group, Inc., Class A	4,730		115,459
Donegal Group, Inc., Class A	1,630		20,033
eHealth, Inc.*	2,512		28,561
EMC Insurance Group, Inc.	559		12,259
Employers Holdings, Inc.	4,622		68,082
Enstar Group, Ltd.*	690		45,844
Erie Indemnity Co., Class A	35,050		1,594,775
FBL Financial Group, Inc., Class A	1,550		32,550
First American Financial Corp.	10,691		135,562
First Mercury Financial Corp.	1,431		15,140
Flagstone Reinsurance Holdings S.A.	5,148		55,701
FPIC Insurance Group, Inc.*	830		21,290
Greenlight Capital Reinsurance Ltd., Class A*	3,009		75,797
Hallmark Financial Services*	1,098		10,925
Hanover Insurance Group, Inc.	23,000		1,000,500
Harleysville Group, Inc.	1,310		40,649
HCC Insurance Holdings, Inc.	11,600		287,216
Hilltop Holdings, Inc.*	3,690		36,937
Horace Mann Educators Corp.	3,820		58,446
Infinity Property & Casualty Corp.	1,448		66,869
Kansas City Life Insurance Co.	590		17,446
Maiden Holdings Ltd.	6,130		40,274
Meadowbrook Insurance Group, Inc.	5,965		51,478
Montpelier Reinsurance Holdings Ltd.	108,346		1,617,606
National Financial Partners Corp.*	4,640		45,333
National Interstate Corp.	970		19,225
National Western Life Insurance Co., Class A	233		35,593
Navigators Group, Inc.*	1,180		48,533
NYMAGIC, Inc.	770		14,853
Old Republic International Corp.	257,000		3,117,410


	Number of Shares	Value (Note 1)

Phoenix Cos., Inc.*	10,900	$	22,999
Platinum Underwriters Holdings Ltd.	4,596		166,789
PMA Capital Corp., Class A*	2,810		18,405
Presidential Life Corp.	2,145		19,519
Primerica, Inc.*	2,476		53,085
ProAssurance Corp.*	3,468		196,844
Protective Life Corp.	188,000		4,021,320
RLI Corp.	23,540		1,236,085
Safety Insurance Group, Inc.	1,440		53,309
SeaBright Holdings, Inc.	1,800		17,064
Selective Insurance Group, Inc.	5,250		78,015
StanCorp Financial Group, Inc.	30,350		1,230,389
State Auto Financial Corp.	1,563		24,242
Stewart Information Services Corp.	2,100		18,942
Tower Group, Inc.	101,434		2,183,874
Transatlantic Holdings, Inc.	16,500		791,340
United America Indemnity Ltd., Class A*	2,995		22,043
United Fire & Casualty Co.	2,286		45,309
Universal Insurance Holdings, Inc.	2,300		9,614
Validus Holdings Ltd.	71,522		1,746,567

			25,268,626

*Real Estate Investment Trusts (REITs) (2.1%)*
Acadia Realty Trust (REIT)	4,139		69,618
Agree Realty Corp. (REIT)	850		19,822
Alexander’s, Inc. (REIT)	250		75,730
American Campus Communities, Inc. (REIT)	5,348		145,947
American Capital Agency Corp. (REIT)	3,392		89,617
Anworth Mortgage Asset Corp. (REIT)	11,120		79,174
Apollo Commercial Real Estate Finance, Inc. (REIT)	1,300		21,398
Ashford Hospitality Trust, Inc. (REIT)*	4,428		32,457
Associated Estates Realty Corp. (REIT)	3,218		41,673
BioMed Realty Trust, Inc. (REIT)	12,145		195,413
CapLease, Inc. (REIT)	7,050		32,500
Capstead Mortgage Corp. (REIT)	7,990		88,369
CBL & Associates Properties, Inc. (REIT)	14,593		181,537
Cedar Shopping Centers, Inc. (REIT)	5,620		33,832
Chatham Lodging Trust (REIT)*	636		11,365
Chesapeake Lodging Trust (REIT)*	1,153		18,240
Cogdell Spencer, Inc. (REIT)	4,183		28,277
Colonial Properties Trust (REIT)	7,276		105,720
Colony Financial, Inc. (REIT)	1,900		32,110
Cousins Properties, Inc. (REIT)	8,820		59,447
CreXus Investment Corp. (REIT)	1,900		23,617
Cypress Sharpridge Investments, Inc. (REIT)	1,300		16,458
DCT Industrial Trust, Inc. (REIT)	21,678		97,985
DiamondRock Hospitality Co. (REIT)*	16,030		131,767

See Notes to Financial Statements.

240

EQ ADVISORS TRUST

EQ/AXA FRANKLIN SMALL CAP VALUE CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

DuPont Fabros Technology, Inc. (REIT)	4,326	$	106,247
Dynex Capital, Inc. (REIT)	1,211		11,178
EastGroup Properties, Inc. (REIT)	3,070		109,231
Education Realty Trust, Inc. (REIT)	5,881		35,462
Entertainment Properties Trust (REIT)	4,833		183,992
Equity Lifestyle Properties, Inc. (REIT)	2,724		131,379
Equity One, Inc. (REIT)	4,093		63,851
Excel Trust, Inc. (REIT)*	1,117		13,404
Extra Space Storage, Inc. (REIT)	9,160		127,324
FelCor Lodging Trust, Inc. (REIT)*	7,284		36,347
First Industrial Realty Trust, Inc. (REIT)*	6,610		31,860
First Potomac Realty Trust (REIT)	4,486		64,464
Franklin Street Properties Corp. (REIT)	7,570		89,402
Getty Realty Corp. (REIT)	2,130		47,733
Gladstone Commercial Corp. (REIT)	809		13,219
Glimcher Realty Trust (REIT)	7,133		42,655
Government Properties Income Trust (REIT)	2,190		55,889
Hatteras Financial Corp. (REIT)	4,080		113,506
Healthcare Realty Trust, Inc. (REIT)	6,571		144,365
Hersha Hospitality Trust (REIT)	11,998		54,231
Highwoods Properties, Inc. (REIT)	7,503		208,283
Home Properties, Inc. (REIT)	4,124		185,869
Inland Real Estate Corp. (REIT)	8,210		65,023
Invesco Mortgage Capital, Inc. (REIT)	2,711		54,247
Investors Real Estate Trust (REIT)	7,020		61,987
iStar Financial, Inc. (REIT)*	9,469		42,232
Kilroy Realty Corp. (REIT)	5,726		170,234
Kite Realty Group Trust (REIT)	6,160		25,749
LaSalle Hotel Properties (REIT)	7,402		152,259
Lexington Realty Trust (REIT)	10,546		63,381
LTC Properties, Inc. (REIT)	2,276		55,238
Medical Properties Trust, Inc. (REIT)	11,170		105,445
MFA Financial, Inc. (REIT)	30,781		227,779
Mid-America Apartment Communities, Inc. (REIT)	3,042		156,572
Mission West Properties, Inc. (REIT)	1,040		7,093
Monmouth Real Estate Investment Corp. (REIT), Class A	2,612		19,303
MPG Office Trust, Inc. (REIT)*	4,948		14,498
National Health Investors, Inc. (REIT)	2,890		111,438
National Retail Properties, Inc. (REIT)	8,792		188,500
Newcastle Investment Corp. (REIT)*	6,367		17,064


	Number of Shares	Value (Note 1)

NorthStar Realty Finance Corp. (REIT)	8,230	$	21,974
Omega Healthcare Investors, Inc. (REIT)	9,828		195,872
One Liberty Properties, Inc. (REIT)	754		11,242
Parkway Properties, Inc./Maryland (REIT)	2,630		38,319
Pebblebrook Hotel Trust (REIT)*	2,328		43,883
Pennsylvania Real Estate Investment Trust (REIT)	5,760		70,387
Pennymac Mortgage Investment Trust (REIT)*	2,000		31,800
Post Properties, Inc. (REIT)	5,234		118,969
Potlatch Corp. (REIT)	4,078		145,707
PS Business Parks, Inc. (REIT)	1,883		105,034
RAIT Financial Trust (REIT)*	6,849		12,808
Ramco-Gershenson Properties Trust (REIT)	3,675		37,117
Redwood Trust, Inc. (REIT)	8,710		127,514
Resource Capital Corp. (REIT)	4,310		24,481
Retail Opportunity Investments Corp.	4,301		41,505
Saul Centers, Inc. (REIT)	621		25,231
Sovran Self Storage, Inc. (REIT)	2,739		94,304
Strategic Hotels & Resorts, Inc. (REIT)*	14,888		65,358
Sun Communities, Inc. (REIT)	1,972		51,193
Sunstone Hotel Investors, Inc. (REIT)*	10,090		100,194
Tanger Factory Outlet Centers (REIT)	4,458		184,472
Terreno Realty Corp. (REIT)*	1,314		23,271
Two Harbors Investment Corp. (REIT)	2,135		17,614
UMH Properties, Inc. (REIT)	773		7,784
Universal Health Realty Income Trust (REIT)	1,131		36,339
Urstadt Biddle Properties, Inc. (REIT), Class A	2,140		34,518
U-Store-It Trust (REIT)	7,800		58,188
Walter Investment Management Corp. (REIT)	2,617		42,788
Washington Real Estate Investment Trust (REIT)	6,373		175,831
Winthrop Realty Trust (REIT)	1,637		20,970

			7,004,673

*Real Estate Management & Development (0.0%)*
Avatar Holdings, Inc.*	814		15,613
Consolidated-Tomoka Land Co.	549		15,646
Forestar Group, Inc.*	3,980		71,481
Kennedy-Wilson Holdings, Inc.*	1,753		17,705
Tejon Ranch Co.*	1,340		30,927
Thomas Properties Group, Inc.	3,193		10,569

			161,941

*Thrifts & Mortgage Finance (1.0%)*
Abington Bancorp, Inc.	1,680		14,650
Astoria Financial Corp.	8,700		119,712
Bank Mutual Corp.	4,140		23,515

See Notes to Financial Statements.

241

EQ ADVISORS TRUST

EQ/AXA FRANKLIN SMALL CAP VALUE CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

BankFinancial Corp.	1,640	$	13,628
Beneficial Mutual Bancorp, Inc.*	4,080		40,310
Berkshire Hills Bancorp, Inc.	1,700		33,116
BofI Holding, Inc.*	534		7,540
Brookline Bancorp, Inc.	5,736		50,936
Clifton Savings Bancorp, Inc.	1,640		14,186
Dime Community Bancshares, Inc.	3,230		39,826
ESB Financial Corp.	1,400		18,270
ESSA Bancorp, Inc.	1,120		13,787
Federal Agricultural Mortgage Corp., Class C	967		13,567
First Financial Holdings, Inc.	1,751		20,049
Flagstar Bancorp, Inc.*	4,345		13,643
Flushing Financial Corp.	2,790		34,122
Fox Chase Bancorp, Inc.*	1,037		9,925
Heritage Financial Group	300		3,246
Home Federal Bancorp, Inc./Idaho	1,700		21,471
Kearny Financial Corp.	1,352		12,384
K-Fed Bancorp	1,000		9,080
Meridian Interstate Bancorp, Inc.*	1,510		16,459
MGIC Investment Corp.*	20,872		143,808
NASB Financial, Inc.	590		8,939
NewAlliance Bancshares, Inc.	10,900		122,189
Northwest Bancshares, Inc.	11,435		131,160
OceanFirst Financial Corp.	960		11,587
Ocwen Financial Corp.*	7,521		76,639
Oritani Financial Corp.	5,092		50,920
PMI Group, Inc.*	15,042		43,471
Provident Financial Services, Inc.	5,920		69,205
Provident New York Bancorp	4,350		38,498
Radian Group, Inc.	14,012		101,447
Rockville Financial, Inc.	1,340		15,959
Roma Financial Corp.	1,420		15,421
Territorial Bancorp, Inc.	1,400		26,530
TrustCo Bank Corp. NY/New York	326,190		1,826,664
United Financial Bancorp, Inc.	1,330		18,155
ViewPoint Financial Group	1,440		19,944
Waterstone Financial, Inc.*	1,210		4,126
Westfield Financial, Inc.	3,830		31,904
WSFS Financial Corp.	590		21,199

			3,321,187

Total Financials			46,534,184

Health Care (6.8%)
*Biotechnology (0.9%)*
Acorda Therapeutics, Inc.*	4,092		127,302
Affymax, Inc.*	1,660		9,927
Alkermes, Inc.*	9,966		124,077
Allos Therapeutics, Inc.*	8,036		49,261
Alnylam Pharmaceuticals, Inc.*	4,080		61,282
AMAG Pharmaceuticals, Inc.*	2,205		75,742
Arena Pharmaceuticals, Inc.*	11,920		36,594
ARIAD Pharmaceuticals, Inc.*	10,621		29,951
ArQule, Inc.*	3,810		16,383
Array BioPharma, Inc.*	5,949		18,144
AVI BioPharma, Inc.*	10,720		17,259
BioCryst Pharmaceuticals, Inc.*	3,100		18,321


	Number of Shares	Value (Note 1)

BioSante Pharmaceuticals, Inc.*	5,824	$	10,250
Biospecifics Technologies Corp.*	500		9,940
Biotime, Inc.*	2,137		13,164
Celera Corp.*	7,960		52,138
Celldex Therapeutics, Inc.*	3,166		14,437
Cepheid, Inc.*	6,176		98,940
Chelsea Therapeutics International, Inc.*	2,400		7,032
Clinical Data, Inc.*	1,137		14,144
Combinatorx, Inc.*	6,152		8,920
Cubist Pharmaceuticals, Inc.*	6,055		124,733
Curis, Inc.*	6,618		9,199
Cytokinetics, Inc.*	5,248		12,438
Cytori Therapeutics, Inc.*	4,105		14,285
CytRx Corp.*	10,845		8,351
Dyax Corp.*	10,324		23,435
Dynavax Technologies Corp.*	6,995		13,011
Emergent Biosolutions, Inc.*	2,020		33,007
Enzon Pharmaceuticals, Inc.*	5,353		57,009
Exact Sciences Corp.*	3,433		15,105
Exelixis, Inc.*	10,570		36,678
Genomic Health, Inc.*	1,740		22,498
Geron Corp.*	9,544		47,911
Halozyme Therapeutics, Inc.*	7,600		53,504
Idenix Pharmaceuticals, Inc.*	3,525		17,625
Immunogen, Inc.*	6,991		64,807
Immunomedics, Inc.*	7,259		22,430
Incyte Corp.*	9,334		103,327
Infinity Pharmaceuticals, Inc.*	1,686		9,964
Inhibitex, Inc.*	4,892		12,475
Inovio Pharmaceuticals, Inc.*	7,936		8,095
InterMune, Inc.*	5,060		47,311
Ironwood Pharmaceuticals, Inc.*	2,035		24,257
Isis Pharmaceuticals, Inc.*	10,210		97,710
Keryx Biopharmaceuticals, Inc.*	5,300		19,398
Lexicon Pharmaceuticals, Inc.*	19,337		24,751
Ligand Pharmaceuticals, Inc., Class B*	14,030		20,484
MannKind Corp.*	6,690		42,749
Martek Biosciences Corp.*	3,494		82,843
Maxygen, Inc.*	2,935		16,231
Medivation, Inc.*	3,350		29,614
Metabolix, Inc.*	2,731		39,081
Micromet, Inc.*	8,418		52,528
Momenta Pharmaceuticals, Inc.*	4,480		54,925
Nabi Biopharmaceuticals*	4,466		24,295
Nanosphere, Inc.*	1,810		7,892
Neuralstem, Inc.*	4,103		10,258
Neurocrine Biosciences, Inc.*	5,009		28,050
NeurogesX, Inc.*	1,339		8,878
Novavax, Inc.*	8,910		19,335
NPS Pharmaceuticals, Inc.*	5,700		36,708
Nymox Pharmaceutical Corp.*	1,582		4,936
Omeros Corp.*	1,748		12,970
Onyx Pharmaceuticals, Inc.*	6,380		137,744
Opko Health, Inc.*	8,717		19,700
Orexigen Therapeutics, Inc.*	3,514		14,759
Osiris Therapeutics, Inc.*	2,240		13,014
PDL BioPharma, Inc.	11,926		67,024
Peregrine Pharmaceuticals, Inc.*	4,826		10,376
Pharmacyclics, Inc.*	3,846		25,614
Pharmasset, Inc.*	3,061		83,688

See Notes to Financial Statements.

242

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EQ/AXA FRANKLIN SMALL CAP VALUE CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Progenics Pharmaceuticals, Inc.*	3,580	$	19,618
Rigel Pharmaceuticals, Inc.*	5,800		41,760
Sangamo BioSciences, Inc.*	4,010		14,877
Savient Pharmaceuticals, Inc.*	7,362		92,761
Sciclone Pharmaceuticals, Inc.*	4,361		11,600
Seattle Genetics, Inc.*	8,817		105,716
SIGA Technologies, Inc.*	3,438		26,473
Spectrum Pharmaceuticals, Inc.*	5,014		19,655
StemCells, Inc.*	9,100		8,554
Synta Pharmaceuticals Corp.*	2,940		7,938
Targacept, Inc.*	2,453		47,417
Theravance, Inc.*	6,567		82,547
Vanda Pharmaceuticals, Inc.*	3,266		21,588
Vical, Inc.*	5,494		17,031
ZIOPHARM Oncology, Inc.*	4,828		15,353
ZymoGenetics, Inc.*	5,600		23,632

			3,156,738

*Health Care Equipment & Supplies (2.6%)*
Abaxis, Inc.*	2,120		45,432
ABIOMED, Inc.*	3,680		35,622
Accuray, Inc.*	4,984		33,044
AGA Medical Holdings, Inc.*	1,700		21,573
Align Technology, Inc.*	6,194		92,105
Alimera Sciences, Inc.*	560		4,166
Alphatec Holdings, Inc.*	5,125		23,780
American Medical Systems Holdings, Inc.*	7,809		172,735
Analogic Corp.	1,344		61,166
AngioDynamics, Inc.*	2,920		43,070
Antares Pharma, Inc.*	6,405		11,273
ArthroCare Corp.*	2,773		84,993
Atrion Corp.	160		21,608
ATS Medical, Inc.*	6,500		25,805
Cantel Medical Corp.	1,580		26,386
Cerus Corp.*	3,900		12,324
Conceptus, Inc.*	3,224		50,230
CONMED Corp.*	3,054		56,896
CryoLife, Inc.*	3,700		19,943
Cutera, Inc.*	1,515		13,953
Cyberonics, Inc.*	2,920		69,146
Cynosure, Inc., Class A*	1,102		11,869
Delcath Systems, Inc.*	3,894		24,688
DexCom, Inc.*	5,987		69,210
DynaVox, Inc., Class A*	840		13,448
Endologix, Inc.*	5,337		24,177
ev3, Inc.*	8,601		192,748
Exactech, Inc.*	1,120		19,130
Greatbatch, Inc.*	2,446		54,570
Haemonetics Corp.*	2,619		140,169
Hansen Medical, Inc.*	4,434		9,444
HealthTronics, Inc.*	4,381		21,160
HeartWare International, Inc.*	974		68,248
ICU Medical, Inc.*	1,120		36,030
Immucor, Inc.*	7,170		136,589
Insulet Corp.*	3,990		60,050
Integra LifeSciences Holdings Corp.*	2,140		79,180
Invacare Corp.	2,880		59,731
IRIS International, Inc.*	1,560		15,818
Kensey Nash Corp.*	771		18,280
MAKO Surgical Corp.*	2,555		31,810


	Number of Shares	Value (Note 1)

Masimo Corp.	5,318	$	126,622
Medical Action Industries, Inc.*	1,461		17,517
MELA Sciences, Inc.*	2,393		17,804
Meridian Bioscience, Inc.	4,020		68,340
Merit Medical Systems, Inc.*	2,976		47,824
Micrus Endovascular Corp.*	1,684		35,010
Natus Medical, Inc.*	2,987		48,658
Neogen Corp.*	2,335		60,827
NuVasive, Inc.*	4,103		145,492
NxStage Medical, Inc.*	2,571		38,154
OraSure Technologies, Inc.*	5,530		25,604
Orthofix International N.V.*	1,833		58,748
Orthovita, Inc.*	8,280		16,808
Palomar Medical Technologies, Inc.*	2,001		22,391
Quidel Corp.*	2,364		29,999
Rochester Medical Corp.*	1,178		11,132
RTI Biologics, Inc.*	6,830		20,012
SenoRx, Inc.*	1,620		17,788
Sirona Dental Systems, Inc.*	3,465		120,721
Solta Medical, Inc.*	5,453		10,361
Somanetics Corp.*	1,260		31,437
SonoSite, Inc.*	1,529		41,451
Spectranetics Corp.*	4,040		20,927
STAAR Surgical Co.*	3,393		19,408
Stereotaxis, Inc.*	2,938		9,725
STERIS Corp.	70,812		2,200,837
SurModics, Inc.*	1,870		30,687
Symmetry Medical, Inc.*	3,767		39,704
Syneron Medical Ltd.*	3,662		37,645
Synovis Life Technologies, Inc.*	1,198		18,305
Teleflex, Inc.	38,000		2,062,640
TomoTherapy, Inc.*	4,690		14,914
Unilife Corp.*	4,977		28,966
Vascular Solutions, Inc.*	1,605		20,063
Volcano Corp.*	5,310		115,864
West Pharmaceutical Services, Inc.	29,910		1,091,416
Wright Medical Group, Inc.*	3,766		62,553
Young Innovations, Inc.	800		22,520
Zoll Medical Corp.*	2,213		59,972

			8,880,445

*Health Care Providers & Services (1.1%)*
Air Methods Corp.*	1,154		34,332
Alliance HealthCare Services, Inc.*	3,670		14,827
Allied Healthcare International, Inc.*	6,400		14,848
Almost Family, Inc.*	845		29,516
Amedisys, Inc.*	2,959		130,107
America Service Group, Inc.	899		15,463
American Dental Partners, Inc.*	2,000		24,220
AMERIGROUP Corp.*	5,421		176,074
AMN Healthcare Services, Inc.*	4,000		29,920
Amsurg Corp.*	3,000		53,460
Assisted Living Concepts, Inc., Class A*	1,059		31,336
Bio-Reference Labs, Inc.*	2,456		54,450
BioScrip, Inc.*	3,600		18,864
Capital Senior Living Corp.*	3,160		15,705
CardioNet, Inc.*	2,056		11,267

See Notes to Financial Statements.

243

EQ ADVISORS TRUST

EQ/AXA FRANKLIN SMALL CAP VALUE CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Catalyst Health Solutions, Inc.*	3,919	$	135,206
Centene Corp.*	5,296		113,864
Chemed Corp.	2,346		128,185
Chindex International, Inc.*	1,586		19,873
Clarient, Inc.*	5,254		16,182
Continucare Corp.*	2,100		7,035
Corvel Corp.*	771		26,052
Cross Country Healthcare, Inc.*	3,770		33,892
Emeritus Corp.*	2,240		36,534
Ensign Group, Inc.	1,440		23,789
Five Star Quality Care, Inc.*	2,404		7,260
Genoptix, Inc.*	1,630		28,036
Gentiva Health Services, Inc.*	2,850		76,979
Hanger Orthopedic Group, Inc.*	2,960		53,162
Health Grades, Inc.*	2,801		16,806
HealthSouth Corp.*	9,690		181,300
Healthspring, Inc.*	5,940		92,129
Healthways, Inc.*	3,890		46,369
HMS Holdings Corp.*	2,802		151,924
inVentiv Health, Inc.*	3,420		87,552
IPC The Hospitalist Co., Inc.*	1,723		43,247
Kindred Healthcare, Inc.*	4,380		56,239
Landauer, Inc.	979		59,602
LCA-Vision, Inc.*	2,200		12,188
LHC Group, Inc.*	1,607		44,594
Magellan Health Services, Inc.*	3,381		122,798
MedCath Corp.*	1,921		15,099
Metropolitan Health Networks, Inc.*	3,802		14,181
Molina Healthcare, Inc.*	1,329		38,275
MWI Veterinary Supply, Inc.*	1,260		63,328
National Healthcare Corp.	980		33,771
National Research Corp.	300		7,233
Odyssey HealthCare, Inc.*	3,506		93,680
Owens & Minor, Inc.	6,618		187,819
PDI, Inc.*	724		5,995
PharMerica Corp.*	3,209		47,044
Providence Service Corp.*	1,277		17,878
PSS World Medical, Inc.*	6,001		126,921
Psychiatric Solutions, Inc.*	6,086		199,134
RehabCare Group, Inc.*	2,737		59,612
Res-Care, Inc.*	2,586		24,981
Rural/Metro Corp.*	1,745		14,204
Select Medical Holdings Corp.*	5,014		33,995
Skilled Healthcare Group, Inc., Class A*	2,141		14,537
Sun Healthcare Group, Inc.*	4,000		32,320
Sunrise Senior Living, Inc.*	6,080		16,902
Team Health Holdings, Inc.*	1,609		20,788
Triple-S Management Corp., Class B*	2,110		39,141
U.S. Physical Therapy, Inc.*	960		16,205
Universal American Corp.*	3,250		46,800
Virtual Radiologic Corp.*	1,040		17,846
WellCare Health Plans, Inc.*	4,493		106,664

			3,569,539

*Health Care Technology* (*0.2%)*
athenahealth, Inc.*	3,430		89,626
Computer Programs & Systems, Inc.	1,030		42,148
Eclipsys Corp.*	6,270		111,857


	Number of Shares	Value (Note 1)

MedAssets, Inc.*	4,416	$	101,921
Medidata Solutions, Inc.*	1,866		28,904
MedQuist, Inc.	1,400		11,074
Merge Healthcare, Inc.*	4,860		14,240
Omnicell, Inc.*	3,394		39,676
Phase Forward, Inc.*	4,239		70,706
Quality Systems, Inc.	1,991		115,458
Transcend Services, Inc.*	990		13,365
Vital Images, Inc.*	1,492		19,023

			657,998

*Life Sciences Tools & Services* (*1.5%)*
Accelrys, Inc.*	3,590		23,156
Affymetrix, Inc.*	7,291		43,017
Albany Molecular Research, Inc.*	3,170		16,389
Bruker Corp.*	7,509		91,309
Caliper Life Sciences, Inc.*	4,235		18,083
Cambrex Corp.*	2,240		7,056
Dionex Corp.*	1,810		134,773
Enzo Biochem, Inc.*	4,230		17,216
eResearchTechnology, Inc.*	4,896		38,581
Kendle International, Inc.*	1,328		15,299
Luminex Corp.*	3,997		64,831
Mettler-Toledo International, Inc.*	19,700		2,199,111
PAREXEL International Corp.*	6,068		131,554
Pharmaceutical Product Development, Inc.	85,400		2,170,014
Pure Bioscience*	3,401		8,128
Sequenom, Inc.*	7,129		42,132

			5,020,649

*Pharmaceuticals (0.5%)*
Acura Pharmaceuticals, Inc.*	10		25
Akorn, Inc.*	6,002		17,826
Alexza Pharmaceuticals, Inc.*	3,442		9,362
Aoxing Pharmaceutical Co., Inc.*	2,051		6,686
Ardea Biosciences, Inc.*	1,457		29,956
Auxilium Pharmaceuticals, Inc.*	4,416		103,776
AVANIR Pharmaceuticals, Inc., Class A*	7,292		18,740
Biodel, Inc.*	2,079		7,859
BioMimetic Therapeutics, Inc.*	1,777		19,760
BMP Sunstone Corp.*	3,141		16,176
Cadence Pharmaceuticals, Inc.*	2,220		15,562
Caraco Pharmaceutical Laboratories Ltd.*	1,690		7,977
Corcept Therapeutics, Inc.*	2,376		7,413
Cornerstone Therapeutics, Inc.*	1,000		5,890
Cumberland Pharmaceuticals, Inc.*	1,200		7,704
Cypress Bioscience, Inc.*	3,270		7,521
Depomed, Inc.*	4,450		12,460
Durect Corp.*	10,490		25,491
Eurand N.V.*	1,644		15,930
Hi-Tech Pharmacal Co., Inc.*	1,042		23,872
Impax Laboratories, Inc.*	6,544		124,729
Inspire Pharmaceuticals, Inc.*	5,880		29,341
Jazz Pharmaceuticals, Inc.*	1,536		12,027
Lannett Co., Inc.*	1,400		6,398
MAP Pharmaceuticals, Inc.*	1,563		20,507
Medicines Co.*	5,120		38,963

See Notes to Financial Statements.

244

EQ ADVISORS TRUST

EQ/AXA FRANKLIN SMALL CAP VALUE CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Medicis Pharmaceutical Corp., Class A	6,483	$	141,848
Nektar Therapeutics*	9,867		119,391
Neostem, Inc.*	2,400		4,392
Obagi Medical Products, Inc.*	1,864		22,032
Optimer Pharmaceuticals, Inc.*	3,916		36,301
Pain Therapeutics, Inc.*	4,510		25,076
Par Pharmaceutical Cos., Inc.*	3,664		95,117
Pozen, Inc.*	2,420		16,964
Questcor Pharmaceuticals, Inc.*	5,658		57,768
Salix Pharmaceuticals Ltd.*	5,951		232,268
Santarus, Inc.*	4,400		10,912
Somaxon Pharmaceuticals, Inc.*	2,941		10,588
Sucampo Pharmaceuticals, Inc., Class A*	220		777
SuperGen, Inc.*	4,600		9,292
ViroPharma, Inc.*	8,480		95,061
Vivus, Inc.*	8,212		78,835
XenoPort, Inc.*	2,850		27,959

			1,576,532

Total Health Care			22,861,901

Industrials (19.1%)
*Aerospace & Defense (0.9%)*
AAR Corp.*	4,044		67,697
Aerovironment, Inc.*	1,638		35,594
American Science & Engineering, Inc.	940		71,637
Applied Energetics, Inc.*	7,523		7,749
Applied Signal Technology, Inc.	1,360		26,724
Argon ST, Inc.*	1,446		49,583
Astronics Corp.*	987		16,147
Ceradyne, Inc.*	51,880		1,108,676
Cubic Corp.	1,656		60,245
Curtiss-Wright Corp.	4,791		139,131
DigitalGlobe, Inc.*	2,832		74,482
Ducommun, Inc.	1,108		18,947
DynCorp International, Inc., Class A*	1,659		29,066
Esterline Technologies Corp.*	3,026		143,584
GenCorp, Inc.*	5,990		26,236
GeoEye, Inc.*	2,380		74,113
Global Defense Technology & Systems, Inc.*	500		6,385
HEICO Corp.	3,158		113,435
Herley Industries, Inc.*	1,770		25,240
Hexcel Corp.*	9,957		154,433
Kratos Defense & Security Solutions, Inc.*	1,417		14,878
Ladish Co., Inc.*	1,675		38,056
LMI Aerospace, Inc.*	984		15,518
Moog, Inc., Class A*	4,759		153,383
Orbital Sciences Corp.*	6,030		95,093
Stanley, Inc.*	1,440		53,827
Taser International, Inc.*	5,850		22,815
Teledyne Technologies, Inc.*	3,813		147,105
Triumph Group, Inc.	1,681		112,005

			2,901,784


	Number of Shares	Value (Note 1)

*Air Freight & Logistics (0.1%)*
Air Transport Services Group, Inc.*	5,200	$	24,752
Atlas Air Worldwide Holdings, Inc.*	2,677		127,157
Dynamex, Inc.*	710		8,662
Forward Air Corp.	2,983		81,287
Hub Group, Inc., Class A*	3,951		118,570
Pacer International, Inc.*	3,799		26,555
Park-Ohio Holdings Corp.*	737		10,605

			397,588

*Airlines (0.8%)*
AirTran Holdings, Inc.*	14,112		68,443
Alaska Air Group, Inc.*	3,835		172,383
Allegiant Travel Co.	1,528		65,230
Hawaiian Holdings, Inc.*	4,910		25,385
JetBlue Airways Corp.*	25,989		142,680
Pinnacle Airlines Corp.*	1,804		9,814
Republic Airways Holdings, Inc.*	3,028		18,501
SkyWest, Inc.	158,520		1,937,115
U.S. Airways Group, Inc.*	16,997		146,344

			2,585,895

*Building Products (2.5%)*
A.O. Smith Corp.	16,229		782,076
AAON, Inc.	1,220		28,438
American Woodmark Corp.	55,446		948,127
Ameron International Corp.	898		54,176
Apogee Enterprises, Inc.	116,540		1,262,128
Builders FirstSource, Inc.*	5,147		12,353
Gibraltar Industries, Inc.*	102,568		1,035,937
Griffon Corp.*	5,000		55,300
Insteel Industries, Inc.	1,917		22,276
NCI Building Systems, Inc.*	1,736		14,530
Quanex Building Products Corp.	4,018		69,471
Simpson Manufacturing Co., Inc.	80,500		1,976,275
Trex Co., Inc.*	1,794		36,042
Universal Forest Products, Inc.	71,495		2,167,013

			8,464,142

*Commercial Services & Supplies (2.0%)*
ABM Industries, Inc.	142,818		2,992,037
ACCO Brands Corp.*	6,210		30,988
American Reprographics Co.*	4,290		37,452
APAC Customer Services, Inc.*	3,400		19,380
ATC Technology Corp.*	1,900		30,628
Bowne & Co., Inc.	4,417		49,559
Brink’s Co.	4,927		93,761
Casella Waste Systems, Inc., Class A*	2,352		8,985
Cenveo, Inc.*	6,230		34,140
Clean Harbors, Inc.*	2,405		159,716
Consolidated Graphics, Inc.*	998		43,154
Cornell Cos., Inc.*	1,350		36,275
Courier Corp.	1,430		17,460
Deluxe Corp.	5,140		96,375
EnergySolutions, Inc.	8,905		45,326
EnerNOC, Inc.*	2,016		63,383
Ennis, Inc.	2,706		40,617
Fuel Tech, Inc.*	2,430		15,358
G&K Services, Inc., Class A	2,180		45,017

See Notes to Financial Statements.

245

EQ ADVISORS TRUST

EQ/AXA FRANKLIN SMALL CAP VALUE CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

GEO Group, Inc.*	5,199	$	107,879
Healthcare Services Group, Inc.	4,355		82,527
Herman Miller, Inc.	5,810		109,635
HNI Corp.	4,729		130,473
Innerworkings, Inc.*	1,980		13,523
Interface, Inc., Class A	5,199		55,837
Kimball International, Inc., Class B	4,000		22,120
Knoll, Inc.	4,907		65,214
M&F Worldwide Corp.*	1,220		33,062
McGrath RentCorp	2,514		57,269
Metalico, Inc.*	4,142		16,485
Mine Safety Appliances Co.	54,891		1,360,199
Mobile Mini, Inc.*	3,754		61,115
Multi-Color Corp.	1,350		13,824
Rollins, Inc.	4,570		94,553
Schawk, Inc.	1,224		18,299
Standard Parking Corp.*	1,412		22,352
Standard Register Co.	2,740		8,604
Steelcase, Inc., Class A	7,646		59,256
Sykes Enterprises, Inc.*	4,201		59,780
Team, Inc.*	1,740		22,707
Tetra Tech, Inc.*	6,381		125,131
U.S. Ecology, Inc.	1,852		26,984
United Stationers, Inc.*	2,504		136,393
Viad Corp.	1,970		34,771
Waste Services, Inc.*	2,785		32,473

			6,630,076

*Construction & Engineering (1.2%)*
Argan, Inc.*	1,100		11,473
Comfort Systems USA, Inc.	4,027		38,901
Dycom Industries, Inc.*	4,027		34,431
EMCOR Group, Inc.*	75,110		1,740,299
Furmanite Corp.*	4,680		18,580
Granite Construction, Inc.	74,292		1,751,805
Great Lakes Dredge & Dock Corp.	5,759		34,554
Insituform Technologies, Inc., Class A*	4,135		84,685
Layne Christensen Co.*	2,069		50,215
MasTec, Inc.*	5,920		55,648
Michael Baker Corp.*	822		28,688
MYR Group, Inc.*	1,908		31,844
Northwest Pipe Co.*	800		15,200
Orion Marine Group, Inc.*	2,811		39,916
Pike Electric Corp.*	2,160		20,347
Primoris Services Corp.	2,195		13,828
Sterling Construction Co., Inc.*	1,729		22,373
Tutor Perini Corp.*	2,950		48,616

			4,041,403

*Electrical Equipment (1.9%)*
A123 Systems, Inc.*	7,472		70,461
Acuity Brands, Inc.	4,507		163,965
Advanced Battery Technologies, Inc.*	6,173		20,248
American Superconductor Corp.*	4,660		124,375
AZZ, Inc.	1,400		51,478
Baldor Electric Co.	4,916		177,369
Belden, Inc.	4,919		108,218
Brady Corp., Class A	70,110		1,747,141


	Number of Shares	Value (Note 1)

Broadwind Energy, Inc.*	9,090	$	25,452
Capstone Turbine Corp.*	23,568		23,097
Encore Wire Corp.	2,180		39,654
Ener1, Inc.*	6,380		21,564
EnerSys*	4,971		106,230
Franklin Electric Co., Inc.	36,550		1,053,371
FuelCell Energy, Inc.*	6,230		7,351
Generac Holdings, Inc.*	1,991		27,894
GrafTech International Ltd.*	12,679		185,367
II-VI, Inc.*	2,636		78,105
LaBarge, Inc.*	1,710		19,511
LSI Industries, Inc.	1,300		6,344
Polypore International, Inc.*	2,319		52,734
Powell Industries, Inc.*	20,700		565,938
PowerSecure International, Inc.*	1,953		17,753
Preformed Line Products Co.	360		10,062
Roper Industries, Inc.	28,550		1,597,658
SatCon Technology Corp.*	7,808		22,331
UQM Technologies, Inc.*	3,428		11,621
Vicor Corp.*	2,410		30,101
Woodward Governor Co.	6,339		161,835

			6,527,228

*Industrial Conglomerates (0.7%)*
Carlisle Cos., Inc.	57,900		2,091,927
Otter Tail Corp.	3,430		66,302
Raven Industries, Inc.	1,704		57,442
Seaboard Corp.	34		51,340
Standex International Corp.	1,334		33,817
Tredegar Corp.	2,586		42,204
United Capital Corp.*	330		8,055

			2,351,087

*Machinery* (*7.0%)*
3D Systems Corp.*	2,130		26,732
Actuant Corp., Class A	6,930		130,492
Alamo Group, Inc.	703		15,255
Albany International Corp., Class A	3,010		48,732
Altra Holdings, Inc.*	2,884		37,550
American Railcar Industries, Inc.*	949		11,464
Ampco-Pittsburgh Corp.	875		18,226
ArvinMeritor, Inc.*	9,857		129,127
Astec Industries, Inc.*	56,399		1,563,944
Badger Meter, Inc.	1,450		56,101
Barnes Group, Inc.	5,200		85,228
Blount International, Inc.*	4,952		50,857
Briggs & Stratton Corp.	61,320		1,043,666
Cascade Corp.	953		33,936
Chart Industries, Inc.*	2,830		44,091
CIRCOR International, Inc.	22,044		563,886
CLARCOR, Inc.	5,314		188,753
CNH Global N.V.*	11,000		249,150
Colfax Corp.*	2,850		29,669
Columbus McKinnon Corp.*	2,260		31,572
Commercial Vehicle Group, Inc.*	2,519		25,719
Douglas Dynamics, Inc.*	957		11,006
Dynamic Materials Corp.	1,130		18,125
Energy Recovery, Inc.*	4,440		17,760
EnPro Industries, Inc.*	2,240		63,056
ESCO Technologies, Inc.	2,743		70,632
Federal Signal Corp.	5,930		35,817

See Notes to Financial Statements.

246

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EQ/AXA FRANKLIN SMALL CAP VALUE CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Flow International Corp.*	3,610	$	8,520
Force Protection, Inc.*	6,576		26,962
FreightCar America, Inc.	1,470		33,251
Gardner Denver, Inc.	42,600		1,899,534
Gorman-Rupp Co.	1,308		32,765
Graco, Inc.	64,650		1,822,483
Graham Corp.	1,270		19,037
Greenbrier Cos., Inc.*	1,911		21,403
John Bean Technologies Corp.	3,200		48,800
Kadant, Inc.*	1,305		22,733
Kaydon Corp.	3,370		110,738
Kennametal, Inc.	80,000		2,034,400
L.B. Foster Co., Class A*	1,070		27,734
Lincoln Electric Holdings, Inc.	43,250		2,205,318
Lindsay Corp.	1,322		41,894
Lydall, Inc.*	1,528		11,674
Met-Pro Corp.	2,140		23,026
Middleby Corp.*	1,700		90,423
Miller Industries, Inc.	1,031		13,888
Mueller Industries, Inc.	79,533		1,956,512
Mueller Water Products, Inc., Class A	17,110		63,478
NACCO Industries, Inc., Class A	594		52,723
Nordson Corp.	48,532		2,721,675
Omega Flex, Inc.	540		7,873
PMFG, Inc.*	1,840		27,876
RBC Bearings, Inc.*	2,284		66,213
Robbins & Myers, Inc.	2,841		61,763
Sauer-Danfoss, Inc.*	1,500		18,330
Sun Hydraulics Corp.	1,344		31,530
Tecumseh Products Co., Class A*	2,048		22,774
Tennant Co.	1,998		67,572
Thermadyne Holdings Corp.*	743		8,032
Timken Co.	16,550		430,135
Titan International, Inc.	3,734		37,228
Trimas Corp.*	1,642		18,571
Trinity Industries, Inc.	138,500		2,454,220
Twin Disc, Inc.	938		10,656
Wabash National Corp.*	159,970		1,137,387
Watts Water Technologies, Inc., Class A	45,092		1,292,337
Xerium Technologies, Inc.*	700		9,884

			23,591,898

*Marine (0.0%)*
American Commercial Lines, Inc.*	1,085		24,423
Baltic Trading Ltd.*	1,416		16,100
Eagle Bulk Shipping, Inc.*	6,672		28,156
Excel Maritime Carriers Ltd.*	3,775		19,328
Genco Shipping & Trading Ltd.*	2,645		39,649
Horizon Lines, Inc., Class A	3,950		16,708
International Shipholding Corp.	780		17,261
Ultrapetrol Bahamas Ltd.*	2,525		10,984

			172,609

*Professional Services (0.7%)*
Acacia Research Corp.- Acacia Technologies*	3,489		49,649
Administaff, Inc.	46,370		1,120,299
Advisory Board Co.*	1,605		68,951
Barrett Business Services, Inc.	873		10,825


	Number of Shares	Value (Note 1)

CBIZ, Inc.*	5,480	$	34,853
CDI Corp.	1,257		19,521
Corporate Executive Board Co.	3,400		89,318
CoStar Group, Inc.*	2,132		82,722
CRA International, Inc.*	1,139		21,447
Diamond Management & Technology Consultants, Inc.	2,445		25,208
Dolan Media Co.*	2,900		32,248
Exponent, Inc.*	1,510		49,407
Franklin Covey Co.*	1,800		11,700
GP Strategies Corp.*	2,200		15,972
Heidrick & Struggles International, Inc.	1,803		41,144
Hill International, Inc.*	3,490		14,169
Hudson Highland Group, Inc.*	2,968		13,059
Huron Consulting Group, Inc.*	2,247		43,614
ICF International, Inc.*	1,691		40,466
Kelly Services, Inc., Class A*	2,756		40,982
Kforce, Inc.*	3,136		39,984
Korn/Ferry International*	4,714		65,525
LECG Corp.*	2,087		5,426
Mistras Group, Inc.*	1,400		15,008
Navigant Consulting, Inc.*	4,885		50,706
On Assignment, Inc.*	3,170		15,945
Resources Connection, Inc.*	4,776		64,954
School Specialty, Inc.*	1,926		34,803
SFN Group, Inc.*	5,950		32,487
TrueBlue, Inc.*	4,360		48,788
Volt Information Sciences, Inc.*	1,600		13,440
VSE Corp.	440		14,001

			2,226,621

*Road & Rail (0.8%)*
Amerco, Inc.*	900		49,545
Arkansas Best Corp.	2,691		55,838
Avis Budget Group, Inc.*	10,502		103,130
Celadon Group, Inc.*	2,174		30,740
Dollar Thrifty Automotive Group, Inc.*	3,040		129,534
Genesee & Wyoming, Inc., Class A*	51,990		1,939,747
Heartland Express, Inc.	4,960		72,019
Knight Transportation, Inc.	6,360		128,726
Marten Transport Ltd.*	1,860		38,651
Old Dominion Freight Line, Inc.*	2,894		101,695
P.A.M. Transportation Services, Inc.*	338		5,080
Patriot Transportation Holding, Inc.*	180		14,564
RailAmerica, Inc.*	2,800		27,776
Roadrunner Transportation Systems, Inc.*	861		12,235
Saia, Inc.*	1,690		25,350
Universal Truckload Services, Inc.*	930		12,955
USA Truck, Inc.*	865		13,944
Werner Enterprises, Inc.	4,448		97,367

			2,858,896

*Trading Companies & Distributors (0.5%)*
Aceto Corp.	2,472		14,165
Aircastle Ltd.	5,121		40,200

See Notes to Financial Statements.

247

EQ ADVISORS TRUST

EQ/AXA FRANKLIN SMALL CAP VALUE CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Applied Industrial Technologies, Inc.	36,220	$	917,090
Beacon Roofing Supply, Inc.*	4,520		81,450
BlueLinx Holdings, Inc.*	400		1,052
CAI International, Inc.*	1,143		13,602
DXP Enterprises, Inc.*	882		13,803
H&E Equipment Services, Inc.*	3,230		24,193
Houston Wire & Cable Co.	1,550		16,817
Interline Brands, Inc.*	3,415		59,045
Kaman Corp.	2,910		64,369
Lawson Products, Inc.	390		6,622
RSC Holdings, Inc.*	4,610		28,444
Rush Enterprises, Inc., Class A*	3,110		41,550
TAL International Group, Inc.	1,724		38,738
Textainer Group Holdings Ltd.	1,071		25,854
Titan Machinery, Inc.*	1,344		17,647
United Rentals, Inc.*	6,100		56,852
Watsco, Inc.	2,850		165,072

			1,626,565

Total Industrials			64,375,792

Information Technology (6.9%)
*Communications Equipment (0.8%)*
Acme Packet, Inc.*	4,554		122,412
ADC Telecommunications, Inc.*	10,068		74,604
ADTRAN, Inc.	6,390		174,255
Anaren, Inc.*	1,527		22,813
Arris Group, Inc.*	13,220		134,712
Aruba Networks, Inc.*	7,577		107,896
Aviat Networks, Inc.*	7,160		25,991
Bel Fuse, Inc., Class B	1,280		21,133
BigBand Networks, Inc.*	4,900		14,798
Black Box Corp.	1,794		50,035
Blue Coat Systems, Inc.*	4,261		87,052
Calix, Inc.*	596		6,115
Comtech Telecommunications Corp.*	2,967		88,802
DG FastChannel, Inc.*	2,657		86,565
Digi International, Inc.*	3,100		25,637
EMS Technologies, Inc.*	1,647		24,738
Emulex Corp.*	8,542		78,416
Extreme Networks, Inc.*	8,260		22,302
Finisar Corp.*	7,749		115,460
Globecomm Systems, Inc.*	2,820		23,265
Harmonic, Inc.*	9,430		51,299
Hughes Communications, Inc.*	933		22,700
Infinera Corp.*	8,997		57,851
InterDigital, Inc.*	4,400		108,636
Ixia*	3,264		28,038
KVH Industries, Inc.*	1,300		16,146
Loral Space & Communications, Inc.*	1,138		48,615
Meru Networks, Inc.*	468		5,550
NETGEAR, Inc.*	3,711		66,204
Network Engines, Inc.*	3,351		9,081
Network Equipment Technologies, Inc.*	3,900		13,611
Occam Networks, Inc.*	986		5,482
Oclaro, Inc.*	5,081		56,348
Oplink Communications, Inc.*	2,216		31,755
Opnext, Inc.*	3,992		6,587


	Number of Shares	Value (Note 1)

Palm, Inc.*	18,120	$	103,103
PC-Tel, Inc.*	2,290		11,542
Plantronics, Inc.	5,071		145,031
Powerwave Technologies, Inc.*	11,880		18,295
Riverbed Technology, Inc.*	6,537		180,552
SeaChange International, Inc.*	2,890		23,785
ShoreTel, Inc.*	5,400		25,056
Sonus Networks, Inc.*	21,794		59,062
Sycamore Networks, Inc.	1,997		33,190
Symmetricom, Inc.*	5,400		27,486
Tekelec*	7,005		92,746
UTStarcom, Inc.*	12,474		22,952
ViaSat, Inc.*	3,341		108,783

			2,686,487

*Computers & Peripherals (0.3%)*
3PAR, Inc.*	3,923		36,523
ADPT Corp.*	14,670		42,396
Avid Technology, Inc.*	2,953		37,592
Compellent Technologies, Inc.*	2,434		29,500
Cray, Inc.*	3,818		21,304
Diebold, Inc.	11,450		312,013
Electronics for Imaging, Inc.*	4,757		46,381
Hutchinson Technology, Inc.*	2,091		9,054
Hypercom Corp.*	4,401		20,421
Imation Corp.*	3,046		27,993
Immersion Corp.*	3,153		15,954
Intermec, Inc.*	5,110		52,377
Intevac, Inc.*	2,100		22,407
Isilon Systems, Inc.*	2,810		36,080
Netezza Corp.*	5,250		71,820
Novatel Wireless, Inc.*	3,078		17,668
Presstek, Inc.*	2,483		8,765
Quantum Corp.*	23,500		44,180
Rimage Corp.*	977		15,466
Silicon Graphics International Corp.*	3,570		25,276
STEC, Inc.*	4,206		52,827
Stratasys, Inc.*	2,205		54,155
Super Micro Computer, Inc.*	2,499		33,736
Synaptics, Inc.*	3,564		98,010
Xyratex Ltd.*	3,101		43,879

			1,175,777

*Electronic Equipment, Instruments & Components (1.9%)*
Agilysys, Inc.	2,080		13,915
Anixter International, Inc.*	2,938		125,159
Bell Microproducts, Inc.*	3,204		22,364
Benchmark Electronics, Inc.*	166,608		2,640,737
Brightpoint, Inc.*	6,987		48,909
Checkpoint Systems, Inc.*	4,128		71,662
Cogent, Inc.*	5,153		46,429
Cognex Corp.	3,910		68,738
Coherent, Inc.*	2,569		88,117
Comverge, Inc.*	2,600		23,296
CPI International, Inc.*	790		12,316
CTS Corp.	3,545		32,756
Daktronics, Inc.	3,541		26,557
DDi Corp.	1,588		11,958
DTS, Inc.*	1,826		60,021
Echelon Corp.*	3,020		22,137
Electro Rent Corp.	2,140		27,371

See Notes to Financial Statements.

248

EQ ADVISORS TRUST

EQ/AXA FRANKLIN SMALL CAP VALUE CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Electro Scientific Industries, Inc.*	3,230	$	43,153
FARO Technologies, Inc.*	1,679		31,414
Gerber Scientific, Inc.*	2,298		12,294
ICx Technologies, Inc.*	1,780		12,994
Insight Enterprises, Inc.*	4,866		64,037
IPG Photonics Corp.*	2,680		40,816
Keithley Instruments, Inc.	991		8,751
L-1 Identity Solutions, Inc.*	7,929		64,939
Littelfuse, Inc.*	2,258		71,375
Maxwell Technologies, Inc.*	2,648		30,187
Measurement Specialties, Inc.*	1,611		22,071
Mercury Computer Systems, Inc.*	2,540		29,794
Methode Electronics, Inc.	4,290		41,785
Microvision, Inc.*	10,620		31,435
MTS Systems Corp.	1,710		49,590
Multi-Fineline Electronix, Inc.*	1,220		30,451
Newport Corp.*	3,934		35,642
OSI Systems, Inc.*	1,652		45,876
Park Electrochemical Corp.	2,330		56,875
PC Connection, Inc.*	1,670		10,120
Plexus Corp.*	4,320		115,517
Power-One, Inc.*	6,223		42,005
RadiSys Corp.*	2,593		24,685
Richardson Electronics Ltd.	1,279		11,511
Rofin-Sinar Technologies, Inc.*	71,331		1,485,111
Rogers Corp.*	1,665		46,237
Sanmina-SCI Corp.*	8,180		111,330
Scansource, Inc.*	2,794		69,654
SMART Modular Technologies (WWH), Inc.*	5,318		31,110
Spectrum Control, Inc.*	1,366		19,097
SYNNEX Corp.*	2,218		56,825
Technitrol, Inc.	5,170		16,337
Tessco Technologies, Inc.	359		5,995
TTM Technologies, Inc.*	8,433		80,113
Universal Display Corp.*	3,070		55,199
X-Rite, Inc.*	4,200		15,498
Zygo Corp.*	1,970		15,977

			6,278,242

*Internet Software & Services (0.6%)*
Ancestry.com, Inc.*	1,935		34,095
Archipelago Learning, Inc.*	1,000		11,430
Art Technology Group, Inc.*	15,560		53,215
comScore, Inc.*	2,540		41,834
Constant Contact, Inc.*	2,932		62,540
DealerTrack Holdings, Inc.*	4,280		70,406
Dice Holdings, Inc.*	2,140		14,809
Digital River, Inc.*	4,216		100,805
DivX, Inc.*	3,461		26,511
EarthLink, Inc.	10,564		84,089
GSI Commerce, Inc.*	6,428		185,126
InfoSpace, Inc.*	4,120		30,982
Internap Network Services Corp.*	5,730		23,894
Internet Brands, Inc., Class A*	3,460		35,742
Internet Capital Group, Inc.*	3,996		30,370
j2 Global Communications, Inc.*	4,594		100,333
Keynote Systems, Inc.	1,720		15,514
KIT Digital, Inc.*	1,920		16,934
Knot, Inc.*	2,710		21,084
Limelight Networks, Inc.*	4,440		19,492
Liquidity Services, Inc.*	1,534		19,881


	Number of Shares	Value (Note 1)

LivePerson, Inc.*	5,000	$	34,300
Local.com Corp.*	1,518		10,383
LogMeIn, Inc.*	1,517		39,791
LoopNet, Inc.*	2,081		25,659
Marchex, Inc., Class B	1,220		4,697
ModusLink Global Solutions, Inc.*	4,420		26,653
Move, Inc.*	17,990		36,879
NIC, Inc.	6,070		38,909
OpenTable, Inc.*	1,628		67,513
Openwave Systems, Inc.*	7,200		14,616
Perficient, Inc.*	2,549		22,712
QuinStreet, Inc.*	1,340		15,423
Rackspace Hosting, Inc.*	10,062		184,537
RealNetworks, Inc.*	9,720		32,076
Saba Software, Inc.*	2,890		14,883
SAVVIS, Inc.*	3,884		57,289
Stamps.com, Inc.*	1,019		10,445
support.com, Inc.*	4,839		20,130
TechTarget, Inc.*	2,010		10,814
Terremark Worldwide, Inc.*	5,730		44,751
Travelzoo, Inc.*	400		4,952
United Online, Inc.	8,290		47,750
ValueClick, Inc.*	8,140		87,017
Vocus, Inc.*	1,712		26,159
Zix Corp.*	5,000		11,300

			1,888,724

*IT Services (0.6%)*
Acxiom Corp.*	6,920		101,655
CACI International, Inc., Class A*	3,079		130,796
Cass Information Systems, Inc.	1,070		36,648
CIBER, Inc.*	6,050		16,759
Computer Task Group, Inc.*	1,742		11,253
CSG Systems International, Inc.*	3,470		63,605
Cybersource Corp.*	7,470		190,709
Echo Global Logistics, Inc.*	989		12,076
Euronet Worldwide, Inc.*	4,810		61,520
ExlService Holdings, Inc.*	1,820		31,249
Forrester Research, Inc.*	1,566		47,387
Global Cash Access Holdings, Inc.*	5,068		36,540
Hackett Group, Inc.*	3,469		9,748
Heartland Payment Systems, Inc.	4,200		62,328
iGATE Corp.	2,443		31,319
infoGROUP, Inc.*	4,170		33,277
Integral Systems, Inc.*	2,410		15,304
Lionbridge Technologies, Inc.*	6,414		29,312
ManTech International Corp., Class A*	2,262		96,293
MAXIMUS, Inc.	1,866		107,985
MoneyGram International, Inc.*	9,500		23,275
NCI, Inc., Class A*	708		15,987
Online Resources Corp.*	1,880		7,802
RightNow Technologies, Inc.*	2,070		32,478
Sapient Corp.	10,649		107,981
SRA International, Inc., Class A*	4,495		88,417
Syntel, Inc.	1,415		48,039
TeleTech Holdings, Inc.*	3,100		39,959
Tier Technologies, Inc., Class B*	1,581		9,612
TNS, Inc.*	2,850		49,704

See Notes to Financial Statements.

249

EQ ADVISORS TRUST

EQ/AXA FRANKLIN SMALL CAP VALUE CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Unisys Corp.*	4,442	$	82,133
VeriFone Systems, Inc.*	8,893		168,344
Virtusa Corp.*	1,940		18,100
Wright Express Corp.*	4,015		119,246

			1,936,840

*Semiconductors & Semiconductor Equipment* (*1.5%)*
Actel Corp.*	2,301		29,499
Advanced Analogic Technologies, Inc.*	4,686		14,948
Advanced Energy Industries, Inc.*	3,860		47,439
Alpha & Omega Semiconductor Ltd.*	393		5,427
Amkor Technology, Inc.*	10,920		60,169
ANADIGICS, Inc.*	7,560		32,962
Applied Micro Circuits Corp.*	6,996		73,318
ATMI, Inc.*	3,273		47,917
Axcelis Technologies, Inc.*	10,177		15,774
AXT, Inc.*	2,972		13,404
Brooks Automation, Inc.*	7,340		56,738
Cabot Microelectronics Corp.*	2,630		90,972
Cavium Networks, Inc.*	4,579		119,924
CEVA, Inc.*	2,131		26,851
Cirrus Logic, Inc.*	6,835		108,061
Cohu, Inc.	124,708		1,512,708
Conexant Systems, Inc.*	8,024		17,974
Cymer, Inc.*	3,163		95,017
Diodes, Inc.*	3,541		56,196
DSP Group, Inc.*	2,910		18,595
Energy Conversion Devices, Inc.*	5,456		22,370
Entegris, Inc.*	13,150		52,206
Entropic Communications, Inc.*	5,777		36,626
Evergreen Solar, Inc.*	23,030		15,706
Exar Corp.*	4,580		31,739
FEI Co.*	3,963		78,111
FormFactor, Inc.*	4,910		53,028
FSI International, Inc.*	3,236		13,559
GSI Technology, Inc.*	2,063		11,800
GT Solar International, Inc.*	6,151		34,446
Hittite Microwave Corp.*	2,803		125,406
Ikanos Communications, Inc.*	2,821		4,542
Integrated Device Technology, Inc.*	16,711		82,719
Integrated Silicon Solution, Inc.*	2,557		19,280
IXYS Corp.*	3,040		26,874
Kopin Corp.*	6,190		20,984
Kulicke & Soffa Industries, Inc.*	7,352		51,611
Lattice Semiconductor Corp.*	12,328		53,504
LTX-Credence Corp.*	15,109		42,759
Mattson Technology, Inc.*	4,838		18,336
MaxLinear, Inc., Class A*	636		8,891
Micrel, Inc.	5,133		52,254
Microsemi Corp.*	8,513		124,545
Microtune, Inc.*	7,370		15,698
MIPS Technologies, Inc.*	4,815		24,605
MKS Instruments, Inc.*	5,136		96,146
Monolithic Power Systems, Inc.*	3,396		60,653
MoSys, Inc.*	2,361		10,436
Nanometrics, Inc.*	1,743		17,587
Netlogic Microsystems, Inc.*	6,503		176,882
NVE Corp.*	590		25,683


	Number of Shares	Value (Note 1)

OmniVision Technologies, Inc.*	5,589	$	119,828
PDF Solutions, Inc.*	1,903		9,134
Pericom Semiconductor Corp.*	3,170		30,432
Photronics, Inc.*	5,834		26,370
PLX Technology, Inc.*	3,160		13,240
Power Integrations, Inc.	2,530		81,453
RF Micro Devices, Inc.*	29,032		113,515
Rubicon Technology, Inc.*	1,475		43,940
Rudolph Technologies, Inc.*	3,411		25,753
Semtech Corp.*	6,404		104,834
Sigma Designs, Inc.*	3,620		36,236
Silicon Image, Inc.*	8,024		28,164
Spansion, Inc., Class A*	1,180		19,246
Standard Microsystems Corp.*	2,262		52,659
Supertex, Inc.*	1,040		25,646
Tessera Technologies, Inc.*	5,402		86,702
Trident Microsystems, Inc.*	8,710		12,368
TriQuint Semiconductor, Inc.*	16,002		97,772
Ultra Clean Holdings, Inc.*	2,077		17,696
Ultratech, Inc.*	2,467		40,138
Veeco Instruments, Inc.*	4,233		145,107
Virage Logic Corp.*	2,280		27,109
Volterra Semiconductor Corp.*	2,551		58,826
Zoran Corp.*	5,456		52,050

			5,121,097

*Software (1.2%)*
ACI Worldwide, Inc.*	3,390		66,003
Actuate Corp.*	5,750		25,587
Advent Software, Inc.*	1,730		81,241
American Software, Inc., Class A	3,330		15,385
ArcSight, Inc.*	2,532		56,691
Ariba, Inc.*	9,320		148,468
Aspen Technology, Inc.*	6,401		69,707
Blackbaud, Inc.	4,900		106,673
Blackboard, Inc.*	3,549		132,484
Bottomline Technologies, Inc.*	2,885		37,592
CDC Corp., Class A*	9,545		19,854
CommVault Systems, Inc.*	4,469		100,553
Concur Technologies, Inc.*	4,120		175,842
Deltek, Inc.*	2,490		20,767
DemandTec, Inc.*	1,690		11,407
Digimarc Corp.*	550		10,313
Double-Take Software, Inc.*	2,094		21,966
Ebix, Inc.*	2,630		41,238
Epicor Software Corp.*	5,560		44,424
EPIQ Systems, Inc.*	3,428		44,324
ePlus, Inc.*	600		10,500
Fair Isaac Corp.	4,802		104,636
FalconStor Software, Inc.*	2,470		6,521
Fortinet, Inc.*	4,094		67,305
Interactive Intelligence, Inc.*	1,422		23,363
Jack Henry & Associates, Inc.	8,671		207,063
JDA Software Group, Inc.*	4,301		94,536
Kenexa Corp.*	2,160		25,920
Lawson Software, Inc.*	14,399		105,113
Magma Design Automation, Inc.*	5,000		14,200
Manhattan Associates, Inc.*	2,270		62,539
Mentor Graphics Corp.*	11,185		98,987
MicroStrategy, Inc., Class A*	980		73,588
Monotype Imaging Holdings, Inc.*	2,740		24,687

See Notes to Financial Statements.

250

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

NetScout Systems, Inc.*	3,112	$	44,253
NetSuite, Inc.*	2,040		25,786
Opnet Technologies, Inc.	1,447		21,256
Parametric Technology Corp.*	11,954		187,319
Pegasystems, Inc.	1,654		53,110
Progress Software Corp.*	4,270		128,228
PROS Holdings, Inc.*	1,902		12,363
QAD, Inc.*	2,190		9,045
Quest Software, Inc.*	6,161		111,144
Radiant Systems, Inc.*	2,970		42,946
Renaissance Learning, Inc.	1,296		19,038
Rosetta Stone, Inc.*	1,039		23,855
S1 Corp.*	4,690		28,187
Smith Micro Software, Inc.*	3,380		32,144
SolarWinds, Inc.*	3,615		57,985
Sonic Solutions, Inc.*	2,566		21,426
SonicWALL, Inc.*	5,685		66,799
Sourcefire, Inc.*	2,834		53,846
SRS Labs, Inc.*	1,800		16,470
SS&C Technologies Holdings, Inc.*	1,058		16,960
SuccessFactors, Inc.*	6,532		135,800
Symyx Technologies, Inc.*	3,050		15,281
Synchronoss Technologies, Inc.*	2,190		41,544
Take-Two Interactive Software, Inc.*	7,463		67,167
Taleo Corp., Class A*	4,250		103,232
TeleCommunication Systems, Inc., Class A*	4,943		20,464
THQ, Inc.*	7,760		33,523
TIBCO Software, Inc.*	17,077		205,949
TiVo, Inc.*	11,895		87,785
Tyler Technologies, Inc.*	3,295		51,138
Ultimate Software Group, Inc.*	2,610		85,765
Unica Corp.*	2,020		19,352
VASCO Data Security International, Inc.*	3,430		21,163
VirnetX Holding Corp.	3,302		19,548
Wave Systems Corp., Class A*	8,239		26,694
Websense, Inc.*	4,440		83,916

			4,139,958

Total Information Technology			23,227,125

Materials (5.6%)
*Chemicals* (*2.6%)*
A. Schulman, Inc.	3,266		61,923
American Vanguard Corp.	2,560		20,301
Arch Chemicals, Inc.	2,440		75,006
Balchem Corp.	2,940		73,500
Cabot Corp.	59,000		1,422,490
Calgon Carbon Corp.*	6,130		81,161
Ferro Corp.*	8,925		65,777
Georgia Gulf Corp.*	3,469		46,277
H.B. Fuller Co.	5,110		97,039
Hawkins, Inc.	892		21,479
Innophos Holdings, Inc.	2,195		57,246
KMG Chemicals, Inc.	522		7,496
Koppers Holdings, Inc.	2,157		48,489
Kraton Performance Polymers, Inc.*	1,211		22,755
Landec Corp.*	2,663		15,685


	Number of Shares	Value (Note 1)

LSB Industries, Inc.*	1,540	$	20,498
Minerals Technologies, Inc.	1,900		90,326
NewMarket Corp.	1,086		94,830
NL Industries, Inc.	1,200		7,320
Olin Corp.	8,304		150,219
OM Group, Inc.*	3,219		76,805
Omnova Solutions, Inc.*	5,100		39,831
PolyOne Corp.*	9,390		79,064
Quaker Chemical Corp.	1,203		32,589
Rockwood Holdings, Inc.*	5,386		122,208
RPM International, Inc.	119,850		2,138,124
Senomyx, Inc.*	3,640		13,796
Sensient Technologies Corp.	39,440		1,022,679
Solutia, Inc.*	12,698		166,344
Spartech Corp.*	3,365		34,491
Stepan Co.	799		54,676
STR Holdings, Inc.*	2,899		54,501
TPC Group, Inc.*	703		11,670
W.R. Grace & Co.*	7,530		158,431
Westlake Chemical Corp.	118,827		2,206,617
Zep, Inc.	2,296		40,042
Zoltek Cos., Inc.*	2,540		21,514

			8,753,199

*Construction Materials (0.0%)*
Headwaters, Inc.*	7,070		20,079
Texas Industries, Inc.	2,197		64,899
United States Lime & Minerals, Inc.*	320		12,327

			97,305

*Containers & Packaging (0.5%)*
AEP Industries, Inc.*	450		10,746
AptarGroup, Inc.	30,750		1,162,965
Boise, Inc.*	7,244		39,770
Graham Packaging Co., Inc.*	2,068		24,754
Graphic Packaging Holding Co.*	13,090		41,234
Myers Industries, Inc.	3,790		30,661
Rock-Tenn Co., Class A	3,981		197,736
Silgan Holdings, Inc.	5,480		155,522

			1,663,388

*Metals & Mining (2.1%)*
A.M. Castle & Co.*	1,797		24,960
Allied Nevada Gold Corp.*	6,656		130,990
AMCOL International Corp.	2,670		62,745
Brush Engineered Materials, Inc.*	2,126		42,477
Capital Gold Corp.*	4,540		18,160
Century Aluminum Co.*	6,756		59,655
Coeur d’Alene Mines Corp.*	9,164		144,608
General Moly, Inc.*	7,256		22,348
Globe Specialty Metals, Inc.*	6,309		65,172
Golden Star Resources Ltd.*	26,529		116,197
Haynes International, Inc.	1,420		43,779
Hecla Mining Co.*	25,264		131,878
Horsehead Holding Corp.*	4,970		37,573
Jaguar Mining, Inc.*	8,650		76,380
Kaiser Aluminum Corp.	1,493		51,762
Metals USA Holdings Corp.*	1,045		15,623
Noranda Aluminium Holding Corp.*	938		6,031
Olympic Steel, Inc.	991		22,763

See Notes to Financial Statements.

251

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Reliance Steel & Aluminum Co.	80,000	$	2,892,000
RTI International Metals, Inc.*	3,169		76,405
Steel Dynamics, Inc.	185,000		2,440,150
Stillwater Mining Co.*	4,637		53,882
Thompson Creek Metals Co., Inc.*	14,383		124,844
U.S. Energy Corp. Wyoming*	2,442		11,600
U.S. Gold Corp.*	9,388		47,034
United States Steel Corp.	6,900		265,995
Universal Stainless & Alloy Products, Inc.*	739		11,817
Worthington Industries, Inc.	6,374		81,970

			7,078,798

*Paper & Forest Products (0.4%)*
Buckeye Technologies, Inc.*	3,810		37,909
Clearwater Paper Corp.*	1,176		64,398
Deltic Timber Corp.	1,120		46,816
KapStone Paper and Packaging Corp.*	3,860		43,000
Louisiana-Pacific Corp.*	13,260		88,709
Neenah Paper, Inc.	1,572		28,768
P.H. Glatfelter Co.	72,073		781,992
Schweitzer-Mauduit International, Inc.	1,920		96,864
Wausau Paper Corp.*	5,140		34,798

			1,223,254

Total Materials			18,815,944

Telecommunication Services (0.3%)
*Diversified Telecommunication Services (0.2%)*
AboveNet, Inc.*	2,332		110,024
Alaska Communications Systems Group, Inc.	4,589		38,961
Atlantic Tele-Network, Inc.	977		40,350
Cbeyond, Inc.*	2,689		33,612
Cincinnati Bell, Inc.*	21,520		64,775
Cogent Communications Group, Inc.*	4,300		32,594
Consolidated Communications Holdings, Inc.	2,452		41,709
General Communication, Inc., Class A*	5,410		41,062
Global Crossing Ltd.*	3,460		36,572
Globalstar, Inc.*	6,378		9,822
IDT Corp., Class B*	1,345		17,149
Iridium Communications, Inc.*	3,505		35,190
Neutral Tandem, Inc.*	3,349		37,676
PAETEC Holding Corp.*	13,632		46,485
Premiere Global Services, Inc.*	6,286		39,853
Vonage Holdings Corp.*	10,692		24,592

			650,426

*Wireless Telecommunication Services (0.1%)*
FiberTower Corp.*	4,415		20,839
ICO Global Communications Holdings Ltd.*	8,980		14,458
NTELOS Holdings Corp.	3,230		55,556
Shenandoah Telecommunications Co.	2,511		44,545
Syniverse Holdings, Inc.*	7,510		153,580


	Number of Shares	Value (Note 1)

USA Mobility, Inc.	1,923	$	24,845

			313,823

Total Telecommunication Services			964,249

Utilities (2.7%)
*Electric Utilities (1.4%)*
Allete, Inc.	3,170		108,541
Central Vermont Public Service Corp.	1,151		22,721
Cleco Corp.	6,230		164,534
El Paso Electric Co.*	4,490		86,881
Empire District Electric Co.	3,760		70,575
IDACORP, Inc.	5,130		170,675
MGE Energy, Inc.	2,330		83,973
NV Energy, Inc.	191,600		2,262,796
PNM Resources, Inc.	126,634		1,415,768
Portland General Electric Co.	8,260		151,406
UIL Holdings Corp.	3,080		77,092
UniSource Energy Corp.	3,910		118,004
Unitil Corp.	650		13,592

			4,746,558

*Gas Utilities (1.0%)*
Atmos Energy Corp.	22,150		598,936
Chesapeake Utilities Corp.	1,185		37,209
Energen Corp.	35,900		1,591,447
Laclede Group, Inc.	2,550		84,482
New Jersey Resources Corp.	4,320		152,064
Nicor, Inc.	4,687		189,823
Northwest Natural Gas Co.	2,950		128,532
Piedmont Natural Gas Co., Inc.	7,770		196,581
South Jersey Industries, Inc.	3,017		129,610
Southwest Gas Corp.	4,500		132,750
WGL Holdings, Inc.	5,500		187,165

			3,428,599

*Independent Power Producers & Energy Traders (0.0%)*
Dynegy, Inc.*	10,549		40,614

*Multi-Utilities (0.2%)*
Avista Corp.	6,100		119,133
Black Hills Corp.	3,970		113,026
CH Energy Group, Inc.	1,820		71,417
NorthWestern Corp.	3,610		94,582

			398,158

*Water Utilities (0.1%)*
American States Water Co.	1,749		57,962
Artesian Resources Corp., Class A	300		5,538
Cadiz, Inc.*	1,040		12,553
California Water Service Group	1,950		69,615
Connecticut Water Service, Inc.	1,170		24,593
Consolidated Water Co., Ltd.	1,150		13,087
Middlesex Water Co.	1,800		28,530
SJW Corp.	1,580		37,035
Southwest Water Co.	2,940		30,811
York Water Co.	900		12,780

			292,504

Total Utilities			8,906,433

Total Common Stocks (77.5%) (Cost $257,468,250)			261,111,259

See Notes to Financial Statements.

252

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EQ/AXA FRANKLIN SMALL CAP VALUE CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
*Investment Companies(0.0%)*
Kayne Anderson Energy Development Co.		780	$	11,833
THL Credit, Inc.*		707		8,130

Total Investment Companies (0.0%) (Cost $19,251)				19,963

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investment (19.4%)
BlackRock Liquidity Funds TempFund 0.16%‡	$	65,250,537	$	65,250,537


	Principal Amount		Value (Note 1)

Time Deposit (1.9%)
JPMorgan Chase Nassau 0.000%, 7/1/10	$	6,486,509	$	6,486,509

Total Short-Term Investments (21.3%) (Amortized Cost $71,737,046)				71,737,046

Total Investments (98.8%) (Cost/Amortized Cost $329,224,547)				332,868,268
Other Assets Less Liabilities (1.2%)				3,991,362

Net Assets (100%)			$	336,859,630

*	Non-income producing.

‡	Affiliated company as defined under the Investment Company Act of 1940.

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	—	$	90,386,982	$	25,136,445	$	65,250,537	$	11,975	$	—

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index	1,180	September-10	$	72,746,069	$	71,720,400	$	(1,025,669)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

See Notes to Financial Statements.

253

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EQ/AXA FRANKLIN SMALL CAP VALUE CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	45,545,550		$	—	$	—	$	45,545,550
Consumer Staples		5,828,584			4,572		—		5,833,156
Energy		24,046,925			—		—		24,046,925
Financials		46,534,184			—		—		46,534,184
Health Care		22,861,901			—		—		22,861,901
Industrials		64,359,645			16,147		—		64,375,792
Information Technology		23,227,125			—		—		23,227,125
Materials		18,815,944			—		—		18,815,944
Telecommunication Services		964,249			—		—		964,249
Utilities		8,906,433			—		—		8,906,433
Investment Companies
Investment Companies		19,963			—		—		19,963
Short-Term Investments		—			71,737,046		—		71,737,046

Total Assets	$	261,110,503		$	71,757,765	$	—	$	332,868,268

Liabilities:
Futures	$	(1,025,669	)	$	—	$	—	$	(1,025,669	)

Total Liabilities	$	(1,025,669	)	$	—	$	—	$	(1,025,669	)

Total	$	260,084,834		$	71,757,765	$	—	$	331,842,599

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	—


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(1,025,669	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(1,025,669	)

See Notes to Financial Statements.

254

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EQ/AXA FRANKLIN SMALL CAP VALUE CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(9,190,563	)		—		—		(9,190,563	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(9,190,563	)	$	—	$	—	$	(9,190,563	)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(1,159,573	)		—		—		(1,159,573	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(1,159,573	)	$	—	$	—	$	(1,159,573	)

The Portfolio held futures contracts with an average notional balance of approximately $42,751,000 during the six months ended June 30, 2010.

^ This Portfolio held futures contracts to gain or reduce exposure to the financial markets.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	40,174,598
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	109,740,872

As of June 30, 2010, 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	$	31,279,673
Aggregate gross unrealized depreciation		(28,399,890	)

Net unrealized appreciation	$	2,879,783

Federal income tax cost of investments	$	329,988,485

The Portfolio has a net capital loss carryforward of $210,435,931 of which $22,248,489 expires in the year 2016, and $188,187,442 expires in the year 2017.

See Notes to Financial Statements.

255

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $65,250,537)	$	65,250,537
Unaffiliated Issuers (Cost $263,974,010)		267,617,731
Cash		2,235
Cash held as collateral at broker		7,020,000
Dividends, interest and other receivables		252,160
Receivable from Separate Accounts for Trust shares sold		28,154
Receivable from investment sub-advisor		5,164
Other assets		3,290

Total assets		340,179,271

LIABILITIES
Payable for securities purchased		1,967,342
Variation margin payable on futures contracts		639,553
Payable to Separate Accounts for Trust shares redeemed		337,645
Investment management fees payable		205,563
Administrative fees payable		52,787
Distribution fees payable - Class IB		24,245
Trustees’ fees payable		586
Accrued expenses		91,920

Total liabilities		3,319,641

NET ASSETS	$	336,859,630

Net assets were comprised of:
Paid in capital	$	530,665,748
Accumulated undistributed net investment income (loss)		598,836
Accumulated undistributed net realized gains (losses) on investments and futures		(197,023,006	)
Net unrealized appreciation (depreciation) on investments and futures		2,618,052

Net assets	$	336,859,630

Class IA
Net asset value, offering and redemption price per share, $225,793,424 / 28,758,813 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.85

Class IB
Net asset value, offering and redemption price per share, $111,066,206 / 14,148,348 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.85

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends ($11,975 of dividend income received from affiliates)	$	2,383,780
Interest		729

Total income		2,384,509

EXPENSES
Investment management fees		1,282,472
Administrative fees		326,884
Distribution fees - Class IB		152,124
Custodian fees		30,495
Printing and mailing expenses		21,659
Professional fees		19,744
Trustees’ fees		4,286
Miscellaneous		6,179

Gross expenses		1,843,843
Less: Reimbursement from sub-advisor		(5,164	)

Net expenses		1,838,679

NET INVESTMENT INCOME (LOSS)		545,830

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		23,466,341
Futures		(9,190,563	)

Net realized gain (loss)		14,275,778

Change in unrealized appreciation (depreciation) on:
Securities		(30,997,008	)
Futures		(1,159,573	)

Net change in unrealized appreciation (depreciation)		(32,156,581	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(17,880,803	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(17,334,973	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	545,830		$	3,483,351
Net realized gain (loss) on investments and futures		14,275,778			(187,092,725	)
Net change in unrealized appreciation (depreciation) on investments and futures		(32,156,581	)		229,339,443

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(17,334,973	)		45,730,069

DIVIDENDS:
Dividends from net investment income
Class IA		—			(2,551,442	)
Class IB		—			(955,721	)

TOTAL DIVIDENDS		—			(3,507,163	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [912,425 and 4,276,379 shares, respectively]		7,712,044			25,921,207
Capital shares issued in reinvestment of dividends [0 and 318,433 shares, respectively]		—			2,551,442
Capital shares repurchased [(658,147) and (20,309,193) shares, respectively]		(5,630,974	)		(99,456,561	)

Total Class IA transactions		2,081,070			(70,983,912	)

Class IB
Capital shares sold [3,000,431 and 7,142,859 shares, respectively]		26,527,518			47,993,362
Capital shares issued in reinvestment of dividends [0 and 119,251 shares, respectively]		—			955,721
Capital shares repurchased [(2,798,770) and (6,311,315) shares, respectively]		(24,077,069	)		(41,449,018	)

Total Class IB transactions		2,450,449			7,500,065

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		4,531,519			(63,483,847	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(12,803,454	)		(21,260,941	)
NET ASSETS:
Beginning of period		349,663,084			370,924,025

End of period (a)	$	336,859,630		$	349,663,084

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	598,836		$	53,006

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,									September 15, 2006* to December 31, 2006
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			September 15, 2006* to December 31, 2006
Net asset value, beginning of period	$	8.23		$	6.48		$	9.84		$	10.85		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.02	(e)		0.08	(e)		0.11	(e)		0.12	(e)		0.03	(e)
Net realized and unrealized gain (loss) on investments and futures		(0.40	)		1.76			(3.39	)		(1.03	)		0.84

Total from investment operations		(0.38	)		1.84			(3.28	)		(0.91	)		0.87

Less distributions:
Dividends from net investment income		—			(0.09	)		(0.08	)		(0.07	)		(0.02	)
Distributions from net realized gains		—			—			—			(0.03	)		—

Total dividends and distributions		—			(0.09	)		(0.08	)		(0.10	)		(0.02	)

Net asset value, end of period	$	7.85		$	8.23		$	6.48		$	9.84		$	10.85

Total return (b)		(4.62	)%		28.44	%		(33.28	)%		(8.39	)%		8.74	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	225,793		$	234,697		$	286,642		$	246,846		$	2,287
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.92	%		0.96	%		1.05	%		1.05	%		1.05	%
After waivers, reimbursements and fees paid indirectly (a)		0.92	%		0.75	%		1.05	%		1.05	%		1.05	%
Before waivers, reimbursements and fees paid indirectly (a)		0.92	%		0.97	%		1.08	%		1.08	%		2.90	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.38	%		1.00	%		1.26	%		1.12	%		1.07	%
After waivers, reimbursements and fees paid indirectly (a)		0.38	%		1.21	%		1.26	%		1.12	%		1.07	%
Before waivers, reimbursements and fees paid indirectly (a)		0.38	%		0.98	%		1.23	%		1.09	%		(1.45	)%
Portfolio turnover rate		12	%		57	%		30	%		3	%		0	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,									September 15, 2006* to December 31, 2006
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			September 15, 2006* to December 31, 2006
Net asset value, beginning of period	$	8.24		$	6.49		$	9.84		$	10.85		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.01	(e)		0.07	(e)		0.09	(e)		0.09	(e)		0.02	(e)
Net realized and unrealized gain (loss) on investments and futures		(0.40	)		1.75			(3.37	)		(1.03	)		0.85

Total from investment operations		(0.39	)		1.82			(3.28	)		(0.94	)		0.87

Less distributions:
Dividends from net investment income		—			(0.07	)		(0.07	)		(0.04	)		(0.02	)
Distributions from net realized gains		—			—			—			(0.03	)		—

Total dividends and distributions		—			(0.07	)		(0.07	)		(0.07	)		(0.02	)

Net asset value, end of period	$	7.85		$	8.24		$	6.49		$	9.84		$	10.85

Total return (b)		(4.73	)%		28.07	%		(33.35	)%		(8.63	)%		8.66	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	111,066		$	114,966		$	84,282		$	67,492		$	19,238
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.17	%		1.21	%(c)		1.30	%		1.30	%		1.30	%
After waivers, reimbursements and fees paid indirectly (a)		1.17	%		0.97	%		1.30	%		1.30	%		1.30	%
Before waivers, reimbursements and fees paid indirectly (a)		1.17	%		1.22	%(c)		1.33	%		1.33	%(c)		3.15	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.13	%		0.73	%		1.02	%		0.78	%		0.66	%
After waivers, reimbursements and fees paid indirectly (a)		0.13	%		0.96	%		1.02	%		0.78	%		0.66	%
Before waivers, reimbursements and fees paid indirectly (a)		0.13	%		0.72	%		0.99	%		0.73	%		(1.07	)%
Portfolio turnover rate		12	%		57	%		30	%		3	%		0	%

*	Commencement of Operations.

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

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EQ/BLACKROCK BASIC VALUE EQUITY PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Financials	20.4	%
Information Technology	15.0
Energy	15.0
Consumer Staples	11.5
Industrials	10.8
Health Care	7.3
Consumer Discretionary	7.1
Telecommunication Services	6.1
Materials	4.0
Utilities	2.6
Cash and Other	0.2

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$917.90	$3.38
Hypothetical (5% average return before expenses)	1,000.00	1,021.27	3.56
Class IB
Actual	1,000.00	916.50	4.56
Hypothetical (5% average return before expenses)	1,000.00	1,020.03	4.81
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.71% and 0.96%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (7.1%)
*Media (7.1%)*
Comcast Corp., Class A	1,380,600	$	22,683,258
Time Warner, Inc.	960,670		27,772,970
Viacom, Inc., Class B	1,421,300		44,586,181
Walt Disney Co.	740,700		23,332,050

Total Consumer Discretionary			118,374,459

Consumer Staples (11.5%)
*Food & Staples Retailing (1.2%)*
Kroger Co.	997,000		19,630,930

*Food Products (7.7%)*
General Mills, Inc.	749,900		26,636,448
Kraft Foods, Inc., Class A	1,789,129		50,095,612
Unilever N.V. (N.Y. Shares)	1,885,400		51,509,128

			128,241,188

*Household Products (2.6%)*
Kimberly-Clark Corp.	725,220		43,970,089

Total Consumer Staples			191,842,207

Energy (15.0%)
*Energy Equipment & Services (4.7%)*
Halliburton Co.	2,129,000		52,266,950
Noble Corp.*	836,200		25,846,942

			78,113,892

*Oil, Gas & Consumable Fuels (10.3%)*
Chevron Corp.	288,200		19,557,252
Devon Energy Corp.	383,700		23,375,004
Exxon Mobil Corp.	1,109,390		63,312,887
Hess Corp.	427,200		21,505,248
Marathon Oil Corp.	334,400		10,396,496
Occidental Petroleum Corp.	95,500		7,367,825
Peabody Energy Corp.	695,500		27,214,915

			172,729,627

Total Energy			250,843,519

Financials (20.4%)
*Capital Markets (2.9%)*
Bank of New York Mellon Corp.	812,978		20,072,427
Morgan Stanley	1,219,700		28,309,237

			48,381,664

*Commercial Banks (1.6%)*
U.S. Bancorp	426,400		9,530,040
Wells Fargo & Co.	653,100		16,719,360

			26,249,400

*Diversified Financial Services (7.5%)*
Bank of America Corp.	2,807,489		40,343,617
Citigroup, Inc.*	7,946,400		29,878,464
JPMorgan Chase & Co.	1,502,290		54,998,837

			125,220,918

*Insurance (8.4%)*
ACE Ltd.	593,900		30,573,972


	Number of Shares	Value (Note 1)

Hartford Financial Services Group, Inc.	221,200	$	4,895,156
MetLife, Inc.	656,817		24,801,410
Prudential Financial, Inc.	326,165		17,502,014
Travelers Cos., Inc.	1,260,338		62,071,646

			139,844,198

Total Financials			339,696,180

Health Care (7.3%)
*Health Care Equipment & Supplies (0.4%)*
Covidien plc	169,850		6,824,573

*Health Care Providers & Services (1.4%)*
UnitedHealth Group, Inc.	834,700		23,705,480

*Pharmaceuticals (5.5%)*
Bristol-Myers Squibb Co.	231,400		5,771,116
Eli Lilly and Co.	507,600		17,004,600
Johnson & Johnson	221,000		13,052,260
Merck & Co., Inc.	870,611		30,445,267
Pfizer, Inc.	1,806,941		25,766,978

			92,040,221

Total Health Care			122,570,274

Industrials (10.8%)
*Aerospace & Defense (4.7%)*
Honeywell International, Inc.	655,700		25,591,971
Northrop Grumman Corp.	384,100		20,910,404
Raytheon Co.	666,877		32,270,178

			78,772,553

*Construction & Engineering (1.6%)*
Fluor Corp.	631,000		26,817,500

*Industrial Conglomerates (3.8%)*
General Electric Co.	2,481,500		35,783,230
Tyco International Ltd.	766,350		26,998,511

			62,781,741

*Machinery (0.7%)*
Deere & Co.	198,600		11,058,048

Total Industrials			179,429,842

Information Technology (15.0%)
*Computers & Peripherals (1.6%)*
Hewlett-Packard Co.	605,613		26,210,931

*IT Services (4.5%)*
International Business Machines Corp.	508,260		62,759,945
Western Union Co.	843,300		12,573,603

			75,333,548

*Office Electronics (0.9%)*
Xerox Corp.	2,002,487		16,099,995

*Semiconductors & Semiconductor Equipment (6.0%)*
Intel Corp.	1,496,500		29,106,925
Lam Research Corp.*	581,600		22,135,696
LSI Corp.*	10,653,701		49,007,024

			100,249,645

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Software (2.0%)*
Microsoft Corp.	1,440,300	$	33,141,303

Total Information Technology			251,035,422

Materials (4.0%)
*Chemicals (1.5%)*
E.I. du Pont de Nemours & Co.	704,950		24,384,220

*Metals & Mining (2.5%)*
Alcoa, Inc.	2,126,400		21,391,584
Nucor Corp.	341,000		13,053,480
United States Steel Corp.	200,300		7,721,565

			42,166,629

Total Materials			66,550,849

Telecommunication Services (6.1%)
*Diversified Telecommunication Services* (*5.2%)*
AT&T, Inc.	654,258		15,826,501
Qwest Communications International, Inc.	9,821,500		51,562,875
Verizon Communications, Inc.	698,000		19,557,960

			86,947,336


	Number of Shares	Value (Note 1)

*Wireless Telecommunication Services (0.9%)*
Sprint Nextel Corp.*	3,367,000	$	14,276,080

Total Telecommunication Services			101,223,416

Utilities (2.6%)
*Electric Utilities (1.4%)*
Southern Co.	700,700		23,319,296

*Multi-Utilities (1.2%)*
Dominion Resources, Inc.	538,020		20,842,895

Total Utilities			44,162,191

Total Investments (99.8%) (Cost $1,627,929,354)			1,665,728,359
Other Assets Less Liabilities (0.2%)			2,972,476

Net Assets (100%)		$	1,668,700,835

*	Non-income producing.

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	118,374,459	$	–	$	–	$	118,374,459
Consumer Staples		191,842,207		–		–		191,842,207
Energy		250,843,519		–		–		250,843,519
Financials		339,696,180		–		–		339,696,180
Health Care		122,570,274		–		–		122,570,274
Industrials		179,429,842		–		–		179,429,842
Information Technology		251,035,422		–		–		251,035,422
Materials		66,550,849		–		–		66,550,849
Telecommunication Services		101,223,416		–		–		101,223,416
Utilities		44,162,191		–		–		44,162,191

Total Assets	$	1,665,728,359	$	–	$	–	$	1,665,728,359

Total Liabilities	$	–	$	–	$	–	$	–

Total	$	1,665,728,359	$	–	$	–	$	1,665,728,359

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	571,489,395
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	512,331,986

As of June 30, 2010, 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		(150,189,414	)

Net unrealized depreciation	$	(150,189,414	)

Federal income tax cost of investments	$	1,815,917,773

For the six months ended June 30, 2010, the Portfolio incurred approximately $1,800 as brokerage commissions with Keefe, Bruyette & Woods, Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $1,282,193,580 of which $265,431,085 expires in the year 2016 and $1,016,762,495 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $1,627,929,354)	$	1,665,728,359
Receivable for securities sold		9,944,048
Dividends, interest and other receivables		2,293,281
Receivable from Separate Accounts for Trust shares sold		707,454
Other assets		30,652

Total assets		1,678,703,794

LIABILITIES
Overdraft payable		4,654,309
Payable for securities purchased		2,609,090
Payable to Separate Accounts for Trust shares redeemed		1,293,340
Investment management fees payable		834,378
Distribution fees payable - Class IB		271,639
Administrative fees payable		149,872
Trustees’ fees payable		3,646
Accrued expenses		186,685

Total liabilities		10,002,959

NET ASSETS	$	1,668,700,835

Net assets were comprised of:
Paid in capital	$	3,037,122,195
Accumulated undistributed net investment income (loss)		12,209,855
Accumulated undistributed net realized gain (loss) on investments		(1,418,430,220	)
Unrealized appreciation (depreciation) on investments		37,799,005

Net assets	$	1,668,700,835

Class IA
Net asset value, offering and redemption price per share, $410,903,089 / 36,380,695 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.29

Class IB
Net asset value, offering and redemption price per share, $1,257,797,746 / 111,218,067 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.31

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends	$	20,324,700
Securities lending (net)		2,603

Total income		20,327,303

EXPENSES
Investment management fees		5,261,486
Distribution fees - Class IB		1,712,012
Administrative fees		948,941
Printing and mailing expenses		107,251
Professional fees		34,732
Custodian fees		30,249
Trustees’ fees		21,481
Miscellaneous		24,989

Gross expenses		8,141,141
Less: Fees paid indirectly		(20,620	)

Net expenses		8,120,521

NET INVESTMENT INCOME (LOSS)		12,206,782

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities		51,751,777
Net change in unrealized appreciation (depreciation) on securities		(215,922,896	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(164,171,119	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(151,964,337	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	12,206,782		$	38,389,280
Net realized gain (loss) on investments		51,751,777			(1,064,221,917	)
Net change in unrealized appreciation (depreciation) on investments		(215,922,896	)		1,313,513,979

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(151,964,337	)		287,681,342

DIVIDENDS:
Dividends from net investment income
Class IA		—			(11,317,692	)
Class IB		—			(29,578,763	)

TOTAL DIVIDENDS		—			(40,896,455	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [1,841,119 and 12,000,799 shares, respectively]		22,694,738			115,210,575
Capital shares issued in reinvestment of dividends [0 and 946,591 shares, respectively]		—			11,317,692
Capital shares repurchased [(2,449,317) and (177,545,856) shares, respectively]		(30,358,047	)		(1,591,140,903	)

Total Class IA transactions		(7,663,309	)		(1,464,612,636	)

Class IB
Capital shares sold [9,648,557 and 19,255,914 shares, respectively]		120,992,917			201,560,677
Capital shares issued in reinvestment of dividends [0 and 2,467,239 shares, respectively]		—			29,578,763
Capital shares repurchased [(7,058,060) and (13,109,369) shares, respectively]		(87,695,987	)		(135,940,270	)

Total Class IB transactions		33,296,930			95,199,170

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		25,633,621			(1,369,413,466	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(126,330,716	)		(1,122,628,579	)
NET ASSETS:
Beginning of period		1,795,031,551			2,917,660,130

End of period (a)	$	1,668,700,835		$	1,795,031,551

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	12,209,855		$	3,073

See Notes to Financial Statements.

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EQ/BLACKROCK BASIC VALUE EQUITY PORTFOLIO (r)

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	12.30		$	9.67		$	15.66		$	17.03		$	15.06		$	15.48

Income (loss) from investment operations:
Net investment income (loss)		0.09	(e)		0.22	(e)		0.27	(e)		0.25	(e)		0.26	(e)		0.21	(e)
Net realized and unrealized gain (loss) on investments		(1.10	)		2.72			(5.95	)		(0.03	)		2.92			0.28

Total from investment operations		(1.01	)		2.94			(5.68	)		0.22			3.18			0.49

Less distributions:
Dividends from net investment income		—			(0.31	)		(0.25	)		(0.24	)		(0.25	)		(0.18	)
Distributions from net realized gains		—			—			(0.06	)		(1.35	)		(0.96	)		(0.73	)

Total dividends and distributions		—			(0.31	)		(0.31	)		(1.59	)		(1.21	)		(0.91	)

Net asset value, end of period	$	11.29		$	12.30		$	9.67		$	15.66		$	17.03		$	15.06

Total return (b)		(8.21	)%		30.51	%		(36.36	)%		1.43	%		21.18	%		3.19	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	410,903		$	455,102		$	1,948,563		$	2,516,049		$	1,915,669		$	1,361,870
Ratio of expenses to average net assets:
After waivers (a)		0.71	%		0.72	%		0.68	%		0.68	%		0.66	%		0.62	%
After waivers and fees paid indirectly (a)		0.70	%		0.71	%		0.68	%		0.67	%		0.65	%		0.60	%
Before waivers and fees paid indirectly (a)		0.71	%		0.72	%		0.68	%		0.68	%		0.66	%		0.62	%
Ratio of net investment income to average net assets:
After waivers (a)		1.52	%		2.25	%		2.07	%		1.43	%		1.61	%		1.35	%
After waivers and fees paid indirectly (a)		1.53	%		2.26	%		2.08	%		1.44	%		1.61	%		1.37	%
Before waivers and fees paid indirectly (a)		1.52	%		2.25	%		2.07	%		1.43	%		1.61	%		1.35	%
Portfolio turnover rate		29	%		44	%		48	%		50	%		38	%		52	%

See Notes to Financial Statements.

266

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EQ/BLACKROCK BASIC VALUE EQUITY PORTFOLIO (r)

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	12.34		$	9.69		$	15.70		$	17.07		$	15.09		$	15.50

Income (loss) from investment operations:
Net investment income (loss)		0.08	(e)		0.19	(e)		0.24	(e)		0.21	(e)		0.22	(e)		0.17	(e)
Net realized and unrealized gain (loss) on investments		(1.11	)		2.74			(5.97	)		(0.03	)		2.93			0.29

Total from investment operations		(1.03	)		2.93			(5.73	)		0.18			3.15			0.46

Less distributions:
Dividends from net investment income		—			(0.28	)		(0.22	)		(0.20	)		(0.21	)		(0.14	)
Distributions from net realized gains		—			—			(0.06	)		(1.35	)		(0.96	)		(0.73	)

Total dividends and distributions		—			(0.28	)		(0.28	)		(1.55	)		(1.17	)		(0.87	)

Net asset value, end of period	$	11.31		$	12.34		$	9.69		$	15.70		$	17.07		$	15.09

Total return (b)		(8.35	)%		30.33	%		(36.55	)%		1.17	%		20.90	%		2.99	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,257,798		$	1,339,930		$	969,097		$	1,584,756		$	1,636,862		$	1,445,518
Ratio of expenses to average net assets:
After waivers (a)		0.96	%		0.97	%		0.93	%		0.93	%		0.91	%		0.87	%
After waivers and fees paid indirectly (a)		0.95	%		0.96	%		0.93	%		0.92	%		0.90	%		0.85	%
Before waivers and fees paid indirectly (a)		0.96	%		0.97	%		0.93	%		0.93	%		0.91	%		0.87	%
Ratio of net investment income to average net assets:
After waivers (a)		1.28	%		1.84	%		1.81	%		1.18	%		1.35	%		1.10	%
After waivers and fees paid indirectly (a)		1.28	%		1.85	%		1.81	%		1.19	%		1.36	%		1.12	%
Before waivers and fees paid indirectly (a)		1.28	%		1.84	%		1.81	%		1.18	%		1.35	%		1.10	%
Portfolio turnover rate		29	%		44	%		48	%		50	%		38	%		52	%

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

Net investment income per share is based on average shares outstanding.

(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.

See Notes to Financial Statements.

267

EQ/BLACKROCK INTERNATIONAL VALUE PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Financials	22.2	%
Industrials	11.5
Consumer Staples	10.5
Energy	10.1
Consumer Discretionary	9.5
Health Care	8.5
Materials	7.8
Information Technology	7.3
Telecommunication Services	6.8
Utilities	2.8
Cash and Other	3.0

	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$843.40	$4.57
Hypothetical (5% average return before expenses)	1,000.00	1,019.84	5.01
Class IB
Actual	1,000.00	841.70	5.71
Hypothetical (5% average return before expenses)	1,000.00	1,018.60	6.26
* 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 181/365 (to reflect the one-half year period).

268

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EQ/BLACKROCK INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Australia (5.3%)
National Australia Bank Ltd.	1,464,535	$	28,289,263
Newcrest Mining Ltd.	643,811		18,934,855
Octaviar Ltd. (b)*†	9,487,254		—
Suncorp-Metway Ltd.	3,316,176		22,257,968

Total Australia			69,482,086

Israel (2.0%)
Teva Pharmaceutical Industries Ltd. (ADR)	505,625		26,287,444

Japan (17.5%)
Fujifilm Holdings Corp.	752,800		21,655,073
Hitachi Ltd.*	4,921,000		17,845,928
INPEX Corp.	3,357		18,658,118
JFE Holdings, Inc.	574,700		17,742,034
Mitsubishi Heavy Industries Ltd.	6,639,000		22,802,557
Mitsui Chemicals, Inc.	5,554,000		15,420,352
Nippon Telegraph & Telephone Corp.	671,200		27,404,434
Nomura Holdings, Inc.	3,494,400		19,129,858
Seven & I Holdings Co., Ltd.	865,600		19,860,563
Sony Corp.	927,400		24,685,697
Sumitomo Corp.	2,429,600		24,198,846

Total Japan			229,403,460

Latin America (2.1%)
*Brazil (0.6%)*
Cyrela Brazil Realty S.A.	688,838		7,495,168

*Mexico (1.5%)*
America Movil S.A.B. de C.V. (ADR)	422,239		20,056,353

Total Latin America			27,551,521

Other European Countries (44.2%)
*France (7.4%)*
Sanofi-Aventis S.A.	300,606		18,127,413
Societe Generale S.A.	542,501		22,068,252
Total S.A.	748,446		33,309,211
Vinci S.A.	570,858		23,506,821

			97,011,697

*Germany (10.4%)*
Bayer AG	420,018		23,434,934
Bilfinger Berger AG	435,203		24,021,791
Continental AG*	389,525		20,199,938
Daimler AG*	516,517		26,154,972
Deutsche Post AG (Registered)	1,481,158		21,485,817
HeidelbergCement AG	431,326		20,544,278

			135,841,730

*Hungary (0.3%)*
OTP Bank plc*	217,719		4,382,287

*Ireland (2.0%)*
United Business Media Ltd.	3,496,747		25,812,490

*Netherlands (5.8%)*
European Aeronautic Defence and Space Co. N.V.*	971,496		19,823,586
Koninklijke Ahold N.V.	1,722,009		21,325,817


	Number of Shares	Value (Note 1)

Royal Dutch Shell plc, Class B	1,429,417	$	34,608,079

			75,757,482

*Russia (1.0%)*
Gazprom OAO (ADR)	660,756		12,428,820

*Spain (7.4%)*
Banco Santander S.A.	3,096,027		32,533,004
Repsol YPF S.A.	1,145,222		23,137,862
Telefonica S.A.	2,252,840		41,602,073

			97,272,939

*Switzerland (9.9%)*
Nestle S.A. (Registered)	913,611		44,081,706
Novartis AG (Registered)	896,453		43,492,710
Transocean Ltd.*	235,745		11,198,353
Zurich Financial Services AG	143,196		31,433,092

			130,205,861

Total Other European Countries			578,713,306

Scandinavia (2.7%)
*Denmark (1.4%)*
Carlsberg A/S, Class B	248,694		18,907,556

*Finland (1.3%)*
KCI Konecranes Oyj	659,825		17,232,933

Total Scandanavia			36,140,489

Southeast Asia (5.3%)
*South Korea (2.9%)*
KB Financial Group, Inc. (ADR)	473,399		17,937,088
Samsung Electronics Co., Ltd. (GDR) (m)	62,611		19,587,624

			37,524,712

*Taiwan (2.4%)*
Quanta Computer, Inc.	7,454,000		13,474,272
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)	1,853,514		18,090,297

			31,564,569

Total Southeast Asia			69,089,281

*United Kingdom (14.4%)*
Aviva plc	4,996,234		23,221,863
Barclays plc	6,743,592		26,735,119
BHP Billiton plc	1,117,929		28,928,477
British American Tobacco plc	1,063,872		33,687,292
Centrica plc	8,285,381		36,485,647
Ladbrokes plc	9,778,977		18,466,142
Lloyds Banking Group plc*	26,236,991		20,817,127

Total United Kingdom			188,341,667

Total Common Stocks (93.5%) (Cost $1,400,762,532)			1,225,009,254

PREFERRED STOCK:
Brazil (2.0%)
Itau Unibanco Holding S.A. (Preference) (ADR), 0.007% (Cost $29,062,341)	1,463,009		26,348,792

See Notes to Financial Statements.

269

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EQ/BLACKROCK INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Warrants		Value (Note 1)

WARRANTS:
India (0.4%)
Rolta India Ltd., expiring 5/26/14*†		1,423,162	$	5,146,304

Luxembourg (1.1%)
Axis Bank Ltd., expiring 8/17/17*		549,557		14,699,001

Total Warrants (1.5%) (Cost $16,399,922)				19,845,305

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (2.4%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $31,615,833)	$	31,615,833		31,615,833

Total Investments (99.4%) (Cost/Amortized Cost $1,477,840,628)				1,302,819,184
Other Assets Less Liabilities (0.6%)				8,159,833

Net Assets (100%)			$	1,310,979,017

*	Non-income producing.

†	Securities (totaling $5,146,304 or 0.4% of net assets) at fair value by management.

(b)

Illiquid Security.

(m)

Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933.

Glossary:

ADR— American Depositary Receipt

GDR— Global Depositary Receipt

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets For Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	7,495,168	$	115,319,239	$	—	$	122,814,407
Consumer Staples		—		137,862,934		—		137,862,934
Energy		12,428,820		120,911,623		—		133,340,443
Financials		17,937,088		230,867,833		—		248,804,921
Health Care		26,287,444		85,055,057		—		111,342,501
Industrials		—		153,072,351		—		153,072,351
Information Technology		18,090,297		72,562,897		—		90,653,194
Materials		—		101,569,996		—		101,569,996
Telecommunication Services		20,056,353		69,006,507		—		89,062,860
Utilities		—		36,485,647		—		36,485,647
Preferred Stocks
Financials		26,348,792		—		—		26,348,792
Short-Term Investments		—		31,615,833		—		31,615,833
Warrants
Financials		—		14,699,001		—		14,699,001
Information Technology		—		—		5,146,304		5,146,304

Total Assets	$	128,643,962	$	1,169,028,918	$	5,146,304	$	1,302,819,184

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	128,643,962	$	1,169,028,918	$	5,146,304	$	1,302,819,184

See Notes to Financial Statements.

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EQ/BLACKROCK INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments in Securities- Information Technology
Balance as of 12/31/09	$	5,977,372
Total gains or losses (realized/unrealized) included in earnings		(831,068	)
Purchases, sales, issuances, and settlements (net)		—
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of 6/30/10	$	5,146,304
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	(831,068	)

Fair Values of Derivative Instruments as of June 30, 2010:


	Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	—

	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	—

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts			Swaps		Total
Interest rate contracts	$	—	$	—	$	—		$	—	$	—
Foreign exchange contracts		—		—		(3,437,081	)		—		(3,437,081	)
Credit contracts		—		—		—			—		—
Equity contracts		—		—		—			—		—
Commodity contracts		—		—		—			—		—
Other contracts		—		—		—			—		—

Total	$	–	$	–	$	(3,437,081	)	$	—	$	(3,437,081	)

See Notes to Financial Statements.

271

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EQ/BLACKROCK INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts			Swaps		Total
Interest rate contracts	$	—	$	—	$	—		$	—	$	—
Foreign exchange contracts		—		—		(3,094,404	)		—		(3,094,404	)
Credit contracts		—		—		—			—		—
Equity contracts		—		—		—			—		—
Commodity contracts		—		—		—			—		—
Other contracts		—		—		—			—		—

Total	$	—	$	—	$	(3,094,404	)	$	—	$	(3,094,404	)

This Portfolio held forward foreign currency contracts with an average settlement value of approximately $311,234,000 during the six months ended June 30, 2010.

^ This Portfolio held forward foreign currency contracts to gain an economic hedge against changes in the values of securities held in the Portfolio, that do not qualify for hedge accounting under ASC 815.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,046,173,048
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,052,887,275

As of June 30, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	6,126,531
Aggregate gross unrealized depreciation		(220,152,694	)

Net unrealized depreciation	$	(214,026,163	)

Federal income tax cost of investments	$	1,516,845,347

The Portfolio has a net capital loss carryforward of $756,884,710 of which $412,038,712 expires in the year 2016 and $344,845,998 expires in the year 2017.

See Notes to Financial Statements.

272

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EQ/BLACKROCK INTERNATIONAL VALUE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $1,477,840,628)	$	1,302,819,184
Foreign cash (Cost $926,814)		927,900
Receivable for securities sold		15,602,707
Dividends, interest and other receivables		2,367,696
Receivable from Separate Accounts for Trust shares sold		153,147
Other assets		23,765

Total assets		1,321,894,399

LIABILITIES
Overdraft payable		140,260
Payable for securities purchased		7,734,725
Payable to Separate Accounts for Trust shares redeemed		1,189,084
Investment management fees payable		1,091,951
Distribution fees payable - Class IB		208,017
Administrative fees payable		116,652
Trustees’ fees payable		3,004
Accrued expenses		431,689

Total liabilities		10,915,382

NET ASSETS	$	1,310,979,017

Net assets were comprised of:
Paid in capital	$	2,347,128,837
Accumulated undistributed net investment income (loss)		10,557,667
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(871,747,653	)
Unrealized appreciation (depreciation) on investments and foreign currency translations		(174,959,834	)

Net assets	$	1,310,979,017

Class IA
Net asset value, offering and redemption price per share, $336,489,175 / 35,906,603 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.37

Class IB
Net asset value, offering and redemption price per share, $974,489,842 / 104,064,671 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.36

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $2,043,015 foreign withholding tax)	$	20,936,942
Interest		2,021
Securities lending (net)		423,458

Total income		21,362,421

EXPENSES
Investment management fees		6,141,141
Distribution fees - Class IB		1,389,158
Administrative fees		769,740
Recoupment fees		352,266
Professional fees		23,276
Trustees’ fees		17,751
Custodian fees		13,309
Printing and mailing expenses		11,316
Miscellaneous		25,814

Total expenses		8,743,771

NET INVESTMENT INCOME (LOSS)		12,618,650

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(55,490,068	)
Foreign currency transactions		(6,381,535	)

Net realized gain (loss)		(61,871,603	)

Change in unrealized appreciation (depreciation) on:
Securities		(193,089,475	)
Foreign currency translations		(3,087,354	)

Net change in unrealized appreciation (depreciation)		(196,176,829	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(258,048,432	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(245,429,782	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	12,618,650		$	25,861,849
Net realized gain (loss) on investments and foreign currency transactions		(61,871,603	)		(153,762,472	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(196,176,829	)		418,249,179

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(245,429,782	)		290,348,556

DIVIDENDS:
Dividends from net investment income
Class IA		—			(7,791,740	)
Class IB		—			(21,081,354	)

TOTAL DIVIDENDS		—			(28,873,094	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [3,147,081 and 5,300,190 shares, respectively]		30,981,825			44,878,774
Capital shares issued in reinvestment of dividends [0 and 715,741 shares, respectively]		—			7,791,740
Capital shares repurchased [(1,705,540) and (54,087,856) shares, respectively]		(17,888,762	)		(391,419,595	)

Total Class IA transactions		13,093,063			(338,749,081	)

Class IB
Capital shares sold [6,670,086 and 13,953,853 shares, respectively]		71,460,740			133,502,061
Capital shares issued in reinvestment of dividends [0 and 1,935,938 shares, respectively]		—			21,081,354
Capital shares repurchased [(8,923,047) and (17,142,442) shares, respectively]		(92,920,686	)		(161,203,704	)

Total Class IB transactions		(21,459,946	)		(6,620,289	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(8,366,883	)		(345,369,370	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(253,796,665	)		(83,893,908	)
NET ASSETS:
Beginning of period		1,564,775,682			1,648,669,590

End of period (a)	$	1,310,979,017		$	1,564,775,682

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	10,557,667		$	(2,060,983	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	11.11		$	8.67		$	16.12		$	16.67		$	14.20		$	13.03

Income (loss) from investment operations:
Net investment income (loss)		0.10	(e)		0.16	(e)		0.37	(e)		0.32	(e)		0.30	(e)		0.25	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.84	)		2.51			(7.19	)		1.34	(y)		3.37			1.19

Total from investment operations		(1.74	)		2.67			(6.82	)		1.66			3.67			1.44

Less distributions:
Dividends from net investment income		—			(0.23	)		(0.31	)		(0.39	)		(0.32	)		(0.27	)
Distributions from net realized gains		—			—			(0.32	)		(1.82	)		(0.88	)		—

Total dividends and distributions		—			(0.23	)		(0.63	)		(2.21	)		(1.20	)		(0.27	)

Net asset value, end of period	$	9.37		$	11.11		$	8.67		$	16.12		$	16.67		$	14.20

Total return (b)		(15.66	)%		30.86	%		(42.97	)%		10.45	%(y)		25.98	%		11.07	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	336,489		$	382,929		$	715,592		$	1,203,247		$	680,147		$	236,340
Ratio of expenses to average net assets:
After waivers (a)		1.00	%		1.00	%		1.01	%		1.00	%		1.00	%		1.00	%
After waivers and fees paid indirectly (a)		1.00	%		1.00	%		1.01	%		1.00	%		1.00	%		1.00	%
Before waivers and fees paid indirectly (a)		1.00	%		1.02	%		1.03	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income to average net assets:
After waivers (a)		1.88	%		1.76	%		2.90	%		1.83	%		1.82	%		1.83	%
After waivers and fees paid indirectly (a)		1.88	%		1.76	%		2.90	%		1.83	%		1.82	%		1.83	%
Before waivers and fees paid indirectly (a)		1.88	%		1.75	%		2.88	%		1.83	%		1.82	%		1.83	%
Portfolio turnover rate		73	%		189	%		119	%		81	%		57	%		64	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)



	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	11.12		$	8.67		$	16.13		$	16.67		$	14.20		$	13.03

Income (loss) from investment operations:
Net investment income (loss)		0.09	(e)		0.18	(e)		0.33	(e)		0.30	(e)		0 29	(e)		0.21	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.85	)		2.47			(7.18	)		1.32	(y)		3.34			1.19

Total from investment operations		(1.76	)		2.65			(6.85	)		1.62			3.63			1.40

Less distributions:
Dividends from net investment income		—			(0.20	)		(0.29	)		(0.34	)		(0.28	)		(0.23	)
Distributions from net realized gains		—			—			(0.32	)		(1.82	)		(0.88	)		—

Total dividends and distributions		—			(0.20	)		(0.61	)		(2.16	)		(1.16	)		(0.23	)

Net asset value, end of period	$	9.36		$	11.12		$	8.67		$	16.13		$	16.67		$	14.20

Total return (b)		(15.83	)%		30.64	%		(43.15	)%		10.22	%(y)		25.66	%		10.79	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	974,490		$	1,181,846		$	933,078		$	1,807,680		$	1,655,259		$	1,189,337
Ratio of expenses to average net assets:
After waivers (a)		1.25	%		1.25	%		1.26	%		1.25	%		1.25	%		1.25	%
After waivers and fees paid indirectly (a)		1.25	%		1.25	%		1.26	%		1.25	%		1.25	%		1.25	%
Before waivers and fees paid indirectly (a)		1.25	%		1.27	%(c)		1.28	%		1.25	%		1.25	%		1.25	%
Ratio of net investment income to average net assets:
After waivers (a)		1.66	%		1.85	%		2.59	%		1.73	%		1.77	%		1.58	%
After waivers and fees paid indirectly (a)		1.66	%		1.85	%		2.59	%		1.73	%		1.77	%		1.58	%
Before waivers and fees paid indirectly (a)		1.66	%		1.85	%		2.57	%		1.73	%		1.77	%		1.58	%
Portfolio turnover rate		73	%		189	%		119	%		81	%		57	%		64	%

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

(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.

See Notes to Financial Statements.

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Sector Weightings as of 06/30/10	% of Net Assets
Financials	26.8	%
Energy	12.8
Health Care	11.8
Industrials	10.5
Consumer Staples	9.2
Consumer Discretionary	8.9
Information Technology	5.8
Utilities	5.4
Telecommunication Services	3.6
Materials	3.6
Cash and Other	1.6

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$956.90	$3.88
Hypothetical (5% average return before expenses)	1,000.00	1,020.83	4.01
Class IB
Actual	1,000.00	954.90	5.09
Hypothetical (5% average return before expenses)	1,000.00	1,019.59	5.26
* 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 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (8.9%)
*Auto Components (0.9%)*
Cooper Tire & Rubber Co.	269,900	$	5,263,050

*Hotels, Restaurants & Leisure* (*0.5%)*
Brinker International, Inc.	227,900		3,295,434

*Household Durables (0.7%)*
Whirlpool Corp.	49,000		4,303,180

*Leisure Equipment & Products (1.8%)*
Mattel, Inc.	213,700		4,521,892
Polaris Industries, Inc.	112,800		6,161,136

			10,683,028

*Media (3.6%)*
Comcast Corp., Class A	488,303		8,481,823
News Corp., Class A	302,700		3,620,292
Regal Entertainment Group, Class A	225,100		2,935,304
Time Warner Cable, Inc.	134,100		6,983,928

			22,021,347

*Specialty Retail (1.4%)*
Gap, Inc.	252,300		4,909,758
Limited Brands, Inc.	174,800		3,857,836

			8,767,594

Total Consumer Discretionary			54,333,633

Consumer Staples (9.2%)
*Food & Staples Retailing (1.4%)*
SUPERVALU, Inc.	496,314		5,380,044
Wal-Mart Stores, Inc.	64,400		3,095,708

			8,475,752

*Food Products (3.5%)*
Campbell Soup Co.	183,200		6,564,056
ConAgra Foods, Inc.	347,600		8,106,032
Del Monte Foods Co.	150,000		2,158,500
Sara Lee Corp.	340,500		4,801,050

			21,629,638

*Household Products (3.0%)*
Clorox Co.	76,500		4,755,240
Kimberly-Clark Corp.	61,300		3,716,619
Procter & Gamble Co.	162,900		9,770,742

			18,242,601

*Tobacco (1.3%)*
Lorillard, Inc.	53,200		3,829,336
Reynolds American, Inc.	79,800		4,159,176

			7,988,512

Total Consumer Staples			56,336,503

Energy (12.8%)
*Energy Equipment & Services (0.9%)*
Seadrill Ltd.	300,700		5,496,796

*Oil, Gas & Consumable Fuels (11.9%)*
Chevron Corp.	304,500		20,663,370
CNOOC Ltd. (ADR)	78,400		13,341,328
ConocoPhillips	200,700		9,852,363
EnCana Corp.	98,600		2,991,524


	Number of Shares	Value (Note 1)

Exxon Mobil Corp.	73,400	$	4,188,938
Sasol Ltd. (ADR)	179,500		6,330,965
Spectra Energy Corp.	331,500		6,653,205
Teekay Corp.	93,100		2,436,427
Williams Cos., Inc.	351,100		6,418,108

			72,876,228

Total Energy			78,373,024

Financials (26.8%)
*Capital Markets (3.1%)*
Ameriprise Financial, Inc.	215,800		7,796,854
Apollo Investment Corp.	213,400		1,991,022
Federated Investors, Inc., Class B	308,700		6,393,177
Waddell & Reed Financial, Inc., Class A	126,900		2,776,572

			18,957,625

*Commercial Banks (5.2%)*
Bancolombia S.A. (ADR)	106,900		5,358,897
Bank of Hawaii Corp.	102,100		4,936,535
Canadian Imperial Bank of Commerce	53,500		3,329,305
Cullen/Frost Bankers, Inc.	68,000		3,495,200
PNC Financial Services Group, Inc.	104,200		5,887,300
Wells Fargo & Co.	351,600		9,000,960

			32,008,197

*Consumer Finance (0.7%)*
American Express Co.	103,800		4,120,860

*Diversified Financial Services (5.2%)*
Bank of America Corp.	607,160		8,724,889
Citigroup, Inc.*	421,400		1,584,464
JPMorgan Chase & Co.	498,200		18,239,102
NYSE Euronext	117,100		3,235,473

			31,783,928

*Insurance (7.7%)*
Aspen Insurance Holdings Ltd.	113,900		2,817,886
Berkshire Hathaway, Inc., Class B*	118,000		9,403,420
Endurance Specialty Holdings Ltd.	250,200		9,390,006
Mercury General Corp.	37,000		1,533,280
PartnerReinsurance Ltd.	88,300		6,193,362
Sun Life Financial, Inc.	241,000		6,340,710
Travelers Cos., Inc.	170,000		8,372,500
Validus Holdings Ltd.	121,500		2,967,030

			47,018,194

*Real Estate Investment Trusts (REITs) (3.0%)*
Annaly Capital Management, Inc. (REIT)	281,500		4,827,725
Digital Realty Trust, Inc. (REIT)	132,200		7,625,296
Essex Property Trust, Inc. (REIT)	27,200		2,653,088
Realty Income Corp. (REIT)	119,900		3,636,567

			18,742,676

*Thrifts & Mortgage Finance (1.9%)*
Hudson City Bancorp, Inc.	586,900		7,183,656
New York Community Bancorp, Inc.	306,400		4,678,728

			11,862,384

Total Financials			164,493,864

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Health Care (11.8%)
*Health Care Equipment & Supplies (0.4%)*
Medtronic, Inc.	67,800	$	2,459,106

*Health Care Providers & Services (3.4%)*
AmerisourceBergen Corp.	195,500		6,207,125
Cardinal Health, Inc.	252,000		8,469,720
UnitedHealth Group, Inc.	219,500		6,233,800

			20,910,645

*Pharmaceuticals (8.0%)*
AstraZeneca plc (ADR)	191,600		9,030,108
Eli Lilly and Co.	226,160		7,576,360
Johnson & Johnson	212,320		12,539,619
Merck & Co., Inc.	125,500		4,388,735
Pfizer, Inc.	624,000		8,898,240
Sanofi-Aventis S.A. (ADR)	217,000		6,523,020

			48,956,082

Total Health Care			72,325,833

Industrials (10.5%)
*Aerospace & Defense (1.4%)*
Boeing Co.	108,200		6,789,550
Honeywell International, Inc.	46,600		1,818,798

			8,608,348

*Building Products (0.2%)*
Masco Corp.	122,000		1,312,720

*Commercial Services & Supplies (1.5%)*
Avery Dennison Corp.	101,300		3,254,769
Pitney Bowes, Inc.	120,600		2,648,376
R.R. Donnelley & Sons Co.	183,500		3,003,895

			8,907,040

*Industrial Conglomerates (3.5%)*
General Electric Co.	1,505,800		21,713,636

*Machinery (2.6%)*
Caterpillar, Inc.	175,200		10,524,264
Crane Co.	127,500		3,851,775
Timken Co.	58,356		1,516,673

			15,892,712

*Road & Rail (1.0%)*
Ryder System, Inc.	151,800		6,106,914

*Transportation Infrastructure (0.3%)*
Grupo Aeroportuario del Sureste S.A.B. de C.V. (ADR)	44,500		2,026,530

Total Industrials			64,567,900

Information Technology (5.8%)
*Communications Equipment (0.7%)*
Harris Corp.	73,700		3,069,605
Nokia Oyj (ADR)	136,600		1,113,290

			4,182,895

*IT Services (1.1%)*
International Business Machines Corp.	53,900		6,655,572

*Office Electronics (0.8%)*
Canon, Inc. (ADR)	31,200		1,164,072


	Number of Shares	Value (Note 1)

Xerox Corp.	486,000	$	3,907,440

			5,071,512

*Semiconductors & Semiconductor Equipment (2.2%)*
Intel Corp.	570,200		11,090,390
Intersil Corp., Class A	207,100		2,507,981

			13,598,371

*Software (1.0%)*
Microsoft Corp.	254,200		5,849,142

Total Information Technology			35,357,492

Materials (3.6%)
*Chemicals (1.8%)*
Eastman Chemical Co.	121,700		6,493,912
Lubrizol Corp.	56,600		4,545,546

			11,039,458

*Containers & Packaging (1.1%)*
Greif, Inc., Class A	50,000		2,777,000
Temple-Inland, Inc.	188,800		3,902,496

			6,679,496

*Metals & Mining (0.7%)*
Southern Copper Corp.	165,600		4,395,024

Total Materials			22,113,978

Telecommunication Services (3.6%)
*Diversified Telecommunication Services (3.1%)*
AT&T, Inc.	369,500		8,938,205
Qwest Communications International, Inc.	878,900		4,614,225
Verizon Communications, Inc.	204,600		5,732,892

			19,285,322

*Wireless Telecommunication Services (0.5%)*
Cellcom Israel Ltd.	118,500		2,962,500

Total Telecommunication Services			22,247,822

Utilities (5.4%)
*Electric Utilities (1.4%)*
Northeast Utilities	152,300		3,880,604
Pinnacle West Capital Corp.	133,500		4,854,060

			8,734,664

*Gas Utilities (1.2%)*
Atmos Energy Corp.	189,200		5,115,968
UGI Corp.	86,900		2,210,736

			7,326,704

*Multi-Utilities (2.8%)*
CMS Energy Corp.	374,900		5,492,285
DTE Energy Co.	83,200		3,794,752
NSTAR	217,000		7,595,000

			16,882,037

Total Utilities			32,943,405

Total Common Stocks (98.4%) (Cost $591,697,578)			603,093,454

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENT:
Time Deposit (1.9%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $11,936,908)	$	11,936,908	$	11,936,908

Total Investments (100.3%) (Cost/Amortized Cost $603,634,486)				615,030,362
Other Assets Less Liabilities (-0.3%)				(1,979,708	)

Net Assets (100%)			$	613,050,654

*	Non-income producing.

Glossary:

ADR

— American Depositary Receipt

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	54,333,633	$	—	$	—	$	54,333,633
Consumer Staples		56,336,503		—		—		56,336,503
Energy		78,373,024		—		—		78,373,024
Financials		164,493,864		—		—		164,493,864
Health Care		72,325,833		—		—		72,325,833
Industrials		64,567,900		—		—		64,567,900
Information Technology		35,357,492		—		—		35,357,492
Materials		22,113,978		—		—		22,113,978
Telecommunication Services		22,247,822		—		—		22,247,822
Utilities		32,943,405		—		—		32,943,405
Short-Term Investments		—		11,936,908		—		11,936,908

Total Assets	$	603,093,454	$	11,936,908	$	—	$	615,030,362

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	603,093,454	$	11,936,908	$	—	$	615,030,362

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investment security transactions for the six monthsended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	211,117,109
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	326,760,193

As of June 30, 2010, 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	$	35,625,557
Aggregate gross unrealized depreciation		(41,331,122	)

Net unrealized depreciation	$	(5,705,565	)

Federal income tax cost of investments	$	620,735,927

The Portfolio has a net capital loss carryforward of $90,700,354 of which $26,529,757 expires in the year 2016 and $64,170,597 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $603,634,486)	$	615,030,362
Receivable for securities sold		38,163,319
Dividends, interest and other receivables		1,282,503
Receivable from Separate Accounts for Trust shares sold		570,212
Other assets		7,600

Total assets		655,053,996

LIABILITIES
Overdraft payable		28
Payable for securities purchased		41,066,390
Payable to Separate Accounts for Trust shares redeemed		360,937
Investment management fees payable		352,809
Administrative fees payable		56,442
Distribution fees payable - Class IB		54,431
Trustees’ fees payable		133
Accrued expenses		112,172

Total liabilities		42,003,342

NET ASSETS	$	613,050,654

Net assets were comprised of:
Paid in capital	$	674,390,267
Accumulated undistributed net investment income (loss)		9,566,612
Accumulated undistributed net realized gain (loss) on investments		(82,302,101	)
Unrealized appreciation (depreciation) on investments		11,395,876

Net assets	$	613,050,654

Class IA
Net asset value, offering and redemption price per share, $359,666,440 / 80,933,213 shares outstanding (unlimited amount authorized: $0.01 par value)	$	4.44

Class IB
Net asset value, offering and redemption price per share, $253,384,214 / 56,913,885 shares outstanding (unlimited amount authorized: $0.01 par value)	$	4.45

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $72,600 foreign withholding tax)	$	11,762,848
Securities lending (net)		3

Total income		11,762,851

EXPENSES
Investment management fees		2,673,100
Administrative fees		380,106
Distribution fees - Class IB		342,643
Printing and mailing expenses		42,661
Custodian fees		16,860
Professional fees		14,327
Trustees’ fees		8,704
Miscellaneous		11,287

Gross expenses		3,489,688
Less: Waiver from investment advisor		(296,084	)

Net expenses		3,193,604

NET INVESTMENT INCOME (LOSS)		8,569,247

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities		26,339,953
Net change in unrealized appreciation (depreciation) on securities		(54,276,592	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(27,936,639	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(19,367,392	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	8,569,247		$	19,557,301
Net realized gain (loss) on investments		26,339,953			(45,747,818	)
Net change in unrealized appreciation (depreciation) on investments		(54,276,592	)		120,114,565

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(19,367,392	)		93,924,048

DIVIDENDS:
Dividends from net investment income
Class IA		—			(12,416,251	)
Class IB		—			(6,404,779	)

TOTAL DIVIDENDS		—			(18,821,030	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [1,729,516 and 21,621,127 shares, respectively]		8,201,966			81,857,057
Capital shares issued in reinvestment of dividends [0 and 2,704,564 shares, respectively]		—			12,416,251
Capital shares repurchased [(25,171,813) and (8,279,897) shares, respectively]		(125,112,393	)		(34,845,551	)

Total Class IA transactions		(116,910,427	)		59,427,757

Class IB
Capital shares sold [3,764,210 and 15,580,247 shares, respectively]		17,932,882			60,379,202
Capital shares issued in reinvestment of dividends [0 and 1,390,893 shares, respectively]		—			6,404,779
Capital shares repurchased [(6,406,892) and (15,391,923) shares, respectively]		(30,588,238	)		(63,469,119	)

Total Class IB transactions		(12,655,356	)		3,314,862

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(129,565,783	)		62,742,619

TOTAL INCREASE (DECREASE) IN NET ASSETS		(148,933,175	)		137,845,637
NET ASSETS:
Beginning of period		761,983,829			624,138,192

End of period (a)	$	613,050,654		$	761,983,829

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	9,566,612		$	997,365

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	4.64		$	4.26		$	6.54		$	6.91		$	6.35		$	6.06

Income (loss) from investment operations:
Net investment income (loss)		0.06	(e)		0.12	(e)		0.13	(e)		0.21	(e)		0.14	(e)		0.12	(e)
Net realized and unrealized gain (loss) on investments		(0.26	)		0.38			(2.20	)		0.05			0.88			0.27

Total from investment operations		(0.20	)		0.50			(2.07	)		0.26			1.02			0.39

Less distributions:
Dividends from net investment income		—			(0.12	)		(0.14	)		(0.15	)		(0.14	)		(0.10	)
Distributions from net realized gains		—			—			(0.07	)		(0.48	)		(0.32	)		—

Total dividends and distributions		—			(0.12	)		(0.21	)		(0.63	)		(0.46	)		(0.10	)

Net asset value, end of period	$	4.44		$	4.64		$	4.26		$	6.54		$	6.91		$	6.35

Total return (b)		(4.31	)%		11.82	%		(32.11	)%		3.89	%		16.17	%		6.47	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	359,666		$	484,617		$	376,369		$	123,390		$	104,746		$	109,196
Ratio of expenses to average net assets:
After waivers (a)		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
After waivers and fees paid indirectly (a)		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.79	%
Before waivers and fees paid indirectly (a)		0.88	%		0.90	%		0.92	%		0.89	%		0.87	%		0.83	%
Ratio of net investment income to average net assets:
After waivers (a)		2.49	%		3.01	%		2.61	%		2.93	%		2.09	%		1.90	%
After waivers and fees paid indirectly (a)		2.49	%		3.01	%		2.61	%		2.93	%		2.09	%		1.91	%
Before waivers and fees paid indirectly (a)		2.40	%		2.91	%		2.49	%		2.84	%		2.02	%		1.87	%
Portfolio turnover rate		31	%		88	%		88	%		65	%		84	%		92	%

See Notes to Financial Statements.

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EQ/BOSTON ADVISORS EQUITY INCOME PORTFOLIO (n)

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	4.66		$	4.27		$	6.56		$	6.93		$	6.36		$	6.07

Income (loss) from investment operations:
Net investment income (loss)		0.05	(e)		0.11	(e)		0.17	(e)		0.19	(e)		0.12	(e)		0.10	(e)
Net realized and unrealized gain (loss) on investments		(0.26	)		0.39			(2.26	)		0.05			0.89			0.28

Total from investment operations		(0.21	)		0.50			(2.09	)		0.24			1.01			0.38

Less distributions:
Dividends from net investment income		—			(0.11	)		(0.13	)		(0.13	)		(0.12	)		(0.09	)
Distributions from net realized gains		—			—			(0.07	)		(0.48	)		(0.32	)		—

Total dividends and distributions		—			(0.11	)		(0.20	)		(0.61	)		(0.44	)		(0.09	)

Net asset value, end of period	$	4.45		$	4.66		$	4.27		$	6.56		$	6.93		$	6.36

Total return (b)		(4.51	)%		11.74	%		(32.34	)%		3.61	%		16.01	%		6.19	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	253,384		$	277,367		$	247,769		$	343,385		$	344,728		$	260,079
Ratio of expenses to average net assets:
After waivers (a)		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
After waivers and fees paid indirectly (a)		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%		1.04	%
Before waivers and fees paid indirectly (a)		1.13	%		1.15	%		1.17	%(c)		1.14	%		1.12	%		1.08	%
Ratio of net investment income to average net assets:
After waivers (a)		2.27	%		2.78	%		3.07	%		2.68	%		1.84	%		1.65	%
After waivers and fees paid indirectly (a)		2.27	%		2.78	%		3.07	%		2.68	%		1.84	%		1.66	%
Before waivers and fees paid indirectly (a)		2.19	%		2.68	%		2.97	%		2.59	%		1.77	%		1.62	%
Portfolio turnover rate		31	%		88	%		88	%		65	%		84	%		92	%

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

(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.

See Notes to Financial Statements.

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Sector Weightings as of 06/30/10	% of Net Assets
Information Technology	30.7	%
Health Care	19.1
Consumer Discretionary	18.1
Financials	10.4
Consumer Staples	6.8
Energy	5.2
Materials	4.7
Industrials	4.3
Telecommunication Services	0.5
Cash and Other	0.2

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$935.10	$4.17
Hypothetical (5% average return before expenses)	1,000.00	1,020.48	4.36
Class IB
Actual	1,000.00	932.80	5.37
Hypothetical (5% average return before expenses)	1,000.00	1,019.24	5.61
* 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 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (18.1%)
*Diversified Consumer Services (1.7%)*
DeVry, Inc.	13,200	$	692,868
ITT Educational Services, Inc.*	5,400		448,308

			1,141,176

*Hotels, Restaurants & Leisure* (*1.4%)*
Starbucks Corp.	37,900		920,970

*Household Durables (0.6%)*
Sony Corp. (ADR)	14,100		376,188

*Internet & Catalog Retail* (*3.4%)*
Amazon.com, Inc.*	15,300		1,671,678
Expedia, Inc.	34,500		647,910

			2,319,588

*Media (3.7%)*
CBS Corp.(Non-Voting), Class B	51,600		667,188
DIRECTV, Class A*	35,400		1,200,768
Time Warner, Inc.	22,833		660,102

			2,528,058

*Multiline Retail (2.4%)*
Dollar Tree, Inc.*	19,800		824,274
Family Dollar Stores, Inc.	20,700		780,183

			1,604,457

*Specialty Retail* (*4.9%)*
Bed Bath & Beyond, Inc.*	18,000		667,440
CarMax, Inc.*	32,600		648,740
Ross Stores, Inc.	16,300		868,627
TJX Cos., Inc.	26,700		1,120,065

			3,304,872

Total Consumer Discretionary			12,195,309

Consumer Staples (6.8%)
*Food & Staples Retailing* (*2.1%)*
Walgreen Co.	26,700		712,890
Whole Foods Market, Inc.*	20,200		727,604

			1,440,494

*Food Products* (*2.4%)*
Campbell Soup Co.	21,400		766,762
General Mills, Inc.	22,800		809,856

			1,576,618

*Household Products (1.0%)*
Procter & Gamble Co.	11,300		677,774

*Personal Products (1.3%)*
Estee Lauder Cos., Inc., Class A	15,500		863,815

Total Consumer Staples			4,558,701

Energy (5.2%)
*Energy Equipment & Services (3.8%)*
Cameron International Corp.*	21,000		682,920
FMC Technologies, Inc.*	17,300		911,018
Noble Corp.*	31,600		976,756

			2,570,694


	Number of Shares	Value (Note 1)

*Oil, Gas & Consumable Fuels (1.4%)*
Southwestern Energy Co.*	23,400	$	904,176

Total Energy			3,474,870

Financials (10.4%)
*Capital Markets (1.6%)*
Franklin Resources, Inc.	3,300		284,427
Goldman Sachs Group, Inc.	6,000		787,620

			1,072,047

*Commercial Banks* (*2.0%)*
Barclays plc (ADR)	36,400		578,396
M&T Bank Corp.	9,300		790,035

			1,368,431

*Consumer Finance (1.0%)*
SLM Corp.*	62,700		651,453

*Insurance (3.9%)*
Aflac, Inc.	16,300		695,521
Genworth Financial, Inc., Class A*	45,500		594,685
Prudential Financial, Inc.	12,900		692,214
XL Capital Ltd., Class A	40,200		643,602

			2,626,022

*Real Estate Management & Development* (*1.0%)*
Brookfield Properties Corp.	49,200		690,768

*Thrifts & Mortgage Finance (0.9%)*
Hudson City Bancorp, Inc.	49,900		610,776

Total Financials			7,019,497

Health Care (19.1%)
*Biotechnology* (*2.2%)*
Amgen, Inc.*	11,300		594,380
Gilead Sciences, Inc.*	25,400		870,712

			1,465,092

*Health Care Equipment & Supplies* (*4.0%)*
Intuitive Surgical, Inc.*	2,200		694,364
Medtronic, Inc.	16,500		598,455
Stryker Corp.	13,600		680,816
Varian Medical Systems, Inc.*	14,000		731,920

			2,705,555

*Health Care Providers & Services* (*5.4%)*
AmerisourceBergen Corp.	37,100		1,177,925
Express Scripts, Inc.*	22,400		1,053,248
McKesson Corp.	11,300		758,908
Quest Diagnostics, Inc.	12,700		632,079

			3,622,160

*Life Sciences Tools & Services* (*1.0%)*
Life Technologies Corp.*	14,300		675,675

*Pharmaceuticals* (*6.5%)*
Allergan, Inc.	12,100		704,946
Bristol-Myers Squibb Co.	26,187		653,104
Forest Laboratories, Inc.*	35,400		971,022
Johnson & Johnson	22,600		1,334,756
Novartis AG (ADR)	15,600		753,792

			4,417,620

Total Health Care			12,886,102

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Industrials (4.3%)
*Building Products* (*1.4%)*
Owens Corning, Inc.*	32,100	$	960,111

*Electrical Equipment (1.3%)*
Cooper Industries plc	19,400		853,600

*Trading Companies & Distributors (1.6%)*
W.W. Grainger, Inc.	11,100		1,103,895

Total Industrials			2,917,606

Information Technology (30.7%)
*Communications Equipment (3.4%)*
Cisco Systems, Inc.*	30,985		660,290
Research In Motion Ltd.*	16,900		832,494
Telefonaktiebolaget LM Ericsson (ADR)	72,800		802,256

			2,295,040

*Computers & Peripherals (8.5%)*
Apple, Inc.*	10,600		2,666,218
Hewlett-Packard Co.	29,300		1,268,104
SanDisk Corp.*	27,900		1,173,753
Seagate Technology*	47,800		623,312

			5,731,387

*Electronic Equipment, Instruments & Components (1.6%)*
Dolby Laboratories, Inc., Class A*	17,400		1,090,806

*Internet Software & Services (3.5%)*
eBay, Inc.*	33,900		664,779
Google, Inc., Class A*	3,700		1,646,315

			2,311,094

*IT Services* (*9.3%)*
Cognizant Technology Solutions Corp., Class A*	24,200		1,211,452
Infosys Technologies Ltd. (ADR)	21,900		1,312,029
International Business Machines Corp.	16,898		2,086,565
Mastercard, Inc., Class A	4,600		917,838
Visa, Inc., Class A	9,800		693,350

			6,221,234

*Semiconductors & Semiconductor Equipment (3.1%)*
First Solar, Inc.*	7,700		876,491
Micron Technology, Inc.*	145,000		1,231,050

			2,107,541


	Number of Shares		Value (Note 1)

*Software* (*1.3%)*
Microsoft Corp.		38,700	$	890,487

Total Information Technology				20,647,589

Materials (4.7%)
*Chemicals (4.7%)*
Ecolab, Inc.		15,000		673,650
Lubrizol Corp.		10,100		811,131
Potash Corp. of Saskatchewan, Inc.		7,100		612,304
Praxair, Inc.		13,900		1,056,261

Total Materials				3,153,346

Telecommunication Services (0.5%)
*Diversified Telecommunication Services* (*0.5%)*
AT&T, Inc.		14,500		350,755

Total Telecommunication Services				350,755

Total Common Stocks (99.8%) (Cost $65,290,345)				67,203,775

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.5%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $356,068)	$	356,068		356,068

Total Investments (100.3%) (Cost/Amortized Cost $65,646,413)				67,559,843
Other Assets Less Liabilities (-0.3%)				(234,777	)

Net Assets (100%)			$	67,325,066

*	Non-income producing.

Glossary:

ADR—

American Depositary Receipt

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	12,195,309	$	—	$	—	$	12,195,309
Consumer Staples		4,558,701		—		—		4,558,701
Energy		3,474,870		—		—		3,474,870
Financials		7,019,497		—		—		7,019,497
Health Care		12,886,102		—		—		12,886,102
Industrials		2,917,606		—		—		2,917,606
Information Technology		20,647,589		—		—		20,647,589
Materials		3,153,346		—		—		3,153,346
Telecommunication Services		350,755		—		—		350,755
Short-Term Investments		—		356,068		—		356,068

Total Assets	$	67,203,775	$	356,068	$	—	$	67,559,843

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	67,203,775	$	356,068	$	—	$	67,559,843

The Portfolio had no derivatives contracts during the six months ended June 30, 2010.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	15,839,299
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	16,467,817

As of June 30, 2010, 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	$	9,129,463
Aggregate gross unrealized depreciation		(7,354,425	)

Net unrealized appreciation	$	1,775,038

Federal income tax cost of investments	$	65,784,805

The Portfolio has a net capital loss carryforward of $19,816,854 of which $7,445,003 expires in the year 2016 and $12,371,851 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $65,646,413)	$	67,559,843
Foreign cash (Cost $6,676)		5,769
Dividends, interest and other receivables		27,615
Receivable from Separate Accounts for Trust shares sold		7,080
Other assets		643

Total assets		67,600,950

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		152,199
Investment management fees payable		37,961
Distribution fees payable - Class IB		13,979
Administrative fees payable		8,434
Trustees’ fees payable		106
Accrued expenses		63,205

Total liabilities		275,884

NET ASSETS	$	67,325,066

Net assets were comprised of:
Paid in capital	$	85,024,322
Accumulated undistributed net investment income (loss)		(21,822	)
Accumulated undistributed net realized gain (loss) on investments		(19,589,957	)
Unrealized appreciation (depreciation) on investments and foreign currency translations		1,912,523

Net assets	$	67,325,066

Class IA
Net asset value, offering and redemption price per share, $2,857,846 / 472,450 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.05

Class IB
Net asset value, offering and redemption price per share, $64,467,220 / 10,789,556 shares outstanding (unlimited amount authorized: $0.01 par value)	$	5.97

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $898 foreign withholding tax)	$	348,416

EXPENSES
Investment management fees		238,021
Distribution fees - Class IB		87,480
Administrative fees		52,399
Professional fees		13,568
Custodian fees		6,943
Printing and mailing expenses		4,326
Trustees’ fees		871
Miscellaneous		1,967

Total expenses		405,575

NET INVESTMENT INCOME (LOSS)		(57,159	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities		506,071

Change in unrealized appreciation (depreciation) on:
Securities		(5,141,888	)
Foreign currency translations		(602	)

Net change in unrealized appreciation (depreciation)		(5,142,490	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(4,636,419	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,693,578	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(57,159	)	$	171,735
Net realized gain (loss) on investments		506,071			(8,373,668	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(5,142,490	)		25,764,884

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(4,693,578	)		17,562,951

DIVIDENDS:
Dividends from net investment income
Class IA		—			(15,694	)
Class IB		—			(146,287	)

TOTAL DIVIDENDS		—			(161,981	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [10,070 and 40,834 shares, respectively]		66,322			217,118
Capital shares issued in reinvestment of dividends [0 and 2,523 shares, respectively]		—			15,694
Capital shares repurchased [(70,195) and (107,687) shares, respectively]		(468,834	)		(571,099	)

Total Class IA transactions		(402,512	)		(338,287	)

Class IB
Capital shares sold [840,110 and 1,682,033 shares, respectively]		5,442,904			8,863,002
Capital shares issued in reinvestment of dividends [0 and 24,143 shares, respectively]		—			146,287
Capital shares repurchased [(1,042,581) and (1,600,022) shares, respectively]		(6,768,314	)		(8,594,363	)

Total Class IB transactions		(1,325,410	)		414,926

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(1,727,922	)		76,639

TOTAL INCREASE (DECREASE) IN NET ASSETS		(6,421,500	)		17,477,609
NET ASSETS:
Beginning of period		73,746,566			56,268,957

End of period (a)	$	67,325,066		$	73,746,566

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(21,822	)	$	35,337

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	6.47		$	4.95		$	9.20		$	8.62		$	8.26		$	7.84

Income (loss) from investment operations:
Net investment income (loss)		—	#(e)		0.03	(e)		0.04	(e)		0.04	(e)		0.03	(e)		—	#(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.42	)		1.52			(4.16	)		1.02			0.42			0.70

Total from investment operations		(0.42	)		1.55			(4.12	)		1.06			0.45			0.70

Less distributions:
Dividends from net investment income		—			(0.03	)		(0.03	)		(0.05	)		—			—
Distributions from net realized gains		—			—			(0.10	)		(0.43	)		(0.09	)		(0.28	)

Total dividends and distributions		—			(0.03	)		(0.13	)		(0.48	)		(0.09	)		(0.28	)

Net asset value, end of period	$	6.05		$	6.47		$	4.95		$	9.20		$	8.62		$	8.26

Total return (b)		(6.49	)%		31.33	%		(45.10	)%		12.38	%		5.50	%		8.92	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,858		$	3,444		$	2,956		$	6,475		$	7,005		$	74
Ratio of expenses to average net assets:
After waivers (a)		0.87	%		0.89	%		0.81	%		0.80	%		0.80	%		0.80	%
After waivers and fees paid indirectly (a)		0.87	%		0.89	%		0.81	%		0.80	%		0.80	%		0.78	%
Before waivers and fees paid indirectly (a)		0.87	%		0.92	%		0.89	%		0.88	%		0.87	%		0.84	%
Ratio of net investment income to average net assets:
After waivers (a)		0.08	%		0.52	%		0.56	%		0.48	%		0.34	%		(0.02	)%
After waivers and fees paid indirectly (a)		0.08	%		0.52	%		0.56	%		0.48	%		0.34	%		—	‡‡
Before waivers and fees paid indirectly (a)		0.08	%		0.50	%		0.48	%		0.41	%		0.27	%		(0.06	)%
Portfolio turnover rate		22	%		62	%		79	%		57	%		61	%		114	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	6.40		$	4.90		$	9.10		$	8.53		$	8.19		$	7.79

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)(e)		0.01	(e)		0.02	(e)		0.02	(e)		—	#(e)		(0.02	)(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.42	)		1.50			(4.10	)		1.00			0.43			0.70

Total from investment operations		(0.43	)		1.51			(4.08	)		1.02			0.43			0.68

Less distributions:
Dividends from net investment income		—			(0.01	)		(0.02	)		(0.02	)		—			—
Distributions from net realized gains		—			—			(0.10	)		(0.43	)		(0.09	)		(0.28	)

Total dividends and distributions		—			(0.01	)		(0.12	)		(0.45	)		(0.09	)		(0.28	)

Net asset value, end of period	$	5.97		$	6.40		$	4.90		$	9.10		$	8.53		$	8.19

Total return (b)		(6.72	)%		30.90	%		(45.18	)%		12.10	%		5.30	%		8.72	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	64,467		$	70,302		$	53,313		$	94,220		$	79,100		$	72,411
Ratio of expenses to average net assets:
After waivers (a)		1.12	%		1.14	%		1.06	%		1.05	%		1.05	%		1.05	%
After waivers and fees paid indirectly (a)		1.12	%		1.14	%		1.06	%		1.05	%		1.05	%		1.03	%
Before waivers and fees paid indirectly (a)		1.12	%		1.17	%(c)		1.14	%		1.13	%(c)		1.12	%(c)		1.09	%
Ratio of net investment income to average net assets:
After waivers (a)		(0.17	)%		0.26	%		0.32	%		0.23	%		(0.01	)%		(0.27	)%
After waivers and fees paid indirectly (a)		(0.17	)%		0.26	%		0.32	%		0.23	%		(0.01	)%		(0.25	)%
Before waivers and fees paid indirectly (a)		(0.17	)%		0.24	%		0.24	%		0.16	%		(0.06	)%		(0.31	)%
Portfolio turnover rate		22	%		62	%		79	%		57	%		61	%		114	%

#	Per share amount is less than $0.01.

‡‡	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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

(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.

See Notes to Financial Statements.

293

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Sector Weightings as of 06/30/10	% of Net Assets
Information Technology	28.1	%
Consumer Discretionary	14.2
Health Care	14.2
Consumer Staples	10.0
Energy	7.0
Materials	6.1
Industrials	6.0
Financials	5.6
Telecommunication Services	2.2
Cash and Other	6.6

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$899.90	$3.30
Hypothetical (5% average return before expenses)	1,000.00	1,021.32	3.51
Class IB
Actual	1,000.00	899.10	4.47
Hypothetical (5% average return before expenses)	1,000.00	1,020.08	4.76
* 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 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (14.2%)
*Diversified Consumer Services* (*1.2%)*
Strayer Education, Inc.	18,900	$	3,929,121

*Media* (*5.8%)*
DreamWorks Animation SKG, Inc., Class A*	169,300		4,833,515
Omnicom Group, Inc.	47,600		1,632,680
Scripps Networks Interactive, Inc., Class A	43,700		1,762,858
Time Warner Cable, Inc.	49,167		2,560,617
Time Warner, Inc.	46,033		1,330,814
Viacom, Inc., Class B	184,600		5,790,902

			17,911,386

*Multiline Retail* (*3.3%)*
Target Corp.	206,950		10,175,732

*Specialty Retail (2.1%)*
Lowe’s Cos., Inc.	88,500		1,807,170
Urban Outfitters, Inc.*	141,000		4,848,990

			6,656,160

*Textiles, Apparel & Luxury Goods (1.8%)*
Coach, Inc.	151,100		5,522,705

Total Consumer Discretionary			44,195,104

Consumer Staples (10.0%)
*Beverages (3.7%)*
PepsiCo, Inc.	185,800		11,324,510

*Food & Staples Retailing (0.5%)*
Wal-Mart Stores, Inc.	35,100		1,687,257

*Food Products (0.5%)*
General Mills, Inc.	43,100		1,530,912

*Household Products (2.2%)*
Colgate-Palmolive Co.	43,800		3,449,688
Procter & Gamble Co.	57,200		3,430,856

			6,880,544

*Personal Products (1.3%)*
Alberto-Culver Co.	64,700		1,752,723
Avon Products, Inc.	85,900		2,276,350

			4,029,073

*Tobacco (1.8%)*
Philip Morris International, Inc.	119,600		5,482,464

Total Consumer Staples			30,934,760

Energy (7.0%)
*Energy Equipment & Services (6.4%)*
Baker Hughes, Inc.	22,900		951,953
Diamond Offshore Drilling, Inc.	18,300		1,138,077
Halliburton Co.	114,600		2,813,430
Schlumberger Ltd.	145,291		8,040,404
Transocean Ltd.*	55,600		2,575,948
Weatherford International Ltd.*	317,900		4,177,206

			19,697,018


	Number of Shares	Value (Note 1)

*Oil, Gas & Consumable Fuels (0.6%)*
Anadarko Petroleum Corp.	51,700	$	1,865,853

Total Energy			21,562,871

Financials (5.6%)
*Capital Markets (3.3%)*
Bank of New York Mellon Corp.	56,000		1,382,640
Charles Schwab Corp.	280,700		3,980,326
Goldman Sachs Group, Inc.	38,600		5,067,022

			10,429,988

*Diversified Financial Services (0.9%)*
JPMorgan Chase & Co.	74,300		2,720,123

*Insurance (1.4%)*
Progressive Corp.	189,000		3,538,080
RenaissanceReinsurance Holdings Ltd.	13,700		770,899

			4,308,979

Total Financials			17,459,090

Health Care (14.2%)
*Biotechnology (2.1%)*
Celgene Corp.*	129,500		6,581,190

*Health Care Equipment & Supplies (2.9%)*
Baxter International, Inc.	29,100		1,182,624
Boston Scientific Corp.*	242,300		1,405,340
Medtronic, Inc.	173,400		6,289,218

			8,877,182

*Health Care Providers & Services (0.8%)*
DaVita, Inc.*	11,128		694,832
Universal Health Services, Inc., Class B	46,100		1,758,715

			2,453,547

*Health Care Technology (3.5%)*
Cerner Corp.*	143,800		10,912,982

*Pharmaceuticals (4.9%)*
Allergan, Inc.	85,600		4,987,056
Merck & Co., Inc.	39,800		1,391,806
Shire plc (ADR)	107,000		6,567,660
Teva Pharmaceutical Industries Ltd. (ADR)	44,584		2,317,922

			15,264,444

Total Health Care			44,089,345

Industrials (6.0%)
*Air Freight & Logistics (1.1%)*
FedEx Corp.	50,000		3,505,500

*Commercial Services & Supplies (0.8%)*
Iron Mountain, Inc.	116,900		2,625,574

*Construction & Engineering (0.3%)*
Jacobs Engineering Group, Inc.*	22,000		801,680

*Electrical Equipment (0.6%)*
Emerson Electric Co.	42,600		1,861,194

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Machinery (2.5%)*
Danaher Corp.	115,800	$	4,298,496
Illinois Tool Works, Inc.	82,700		3,413,856

			7,712,352

*Trading Companies & Distributors (0.7%)*
W.W. Grainger, Inc.	20,800		2,068,560

Total Industrials			18,574,860

Information Technology (28.1%)
*Communications Equipment (7.7%)*
Cisco Systems, Inc.*	372,880		7,946,073
Juniper Networks, Inc.*	273,300		6,236,706
QUALCOMM, Inc.	216,700		7,116,428
Research In Motion Ltd.*	54,200		2,669,892

			23,969,099

*Computers & Peripherals (4.3%)*
Apple, Inc.*	39,790		10,008,379
NetApp, Inc.*	86,400		3,223,584

			13,231,963

*Electronic Equipment, Instruments & Components (0.3%)*
Jabil Circuit, Inc.	69,100		919,030

*Internet Software & Services (4.6%)*
Akamai Technologies, Inc.*	55,200		2,239,464
eBay, Inc.*	76,600		1,502,126
Google, Inc., Class A*	23,380		10,402,931

			14,144,521

*IT Services (2.9%)*
International Business Machines Corp.	15,400		1,901,592
Paychex, Inc.	61,600		1,599,752
Visa, Inc., Class A	78,800		5,575,100

			9,076,444

*Semiconductors & Semiconductor Equipment (3.6%)*
Broadcom Corp., Class A	146,400		4,826,808
First Solar, Inc.*	45,700		5,202,031
Maxim Integrated Products, Inc.	78,000		1,304,940

			11,333,779

*Software (4.7%)*
Adobe Systems, Inc.*	182,200		4,815,546
Nintendo Co., Ltd. (ADR)	133,100		4,960,903
Oracle Corp.	220,200		4,725,492

			14,501,941

Total Information Technology			87,176,777


	Number of Shares		Value (Note 1)

Materials (6.1%)
*Chemicals (2.0%)*
Ecolab, Inc.		47,400	$	2,128,734
Monsanto Co.		88,700		4,099,714

				6,228,448

*Construction Materials (1.4%)*
Vulcan Materials Co.		101,100		4,431,213

*Metals & Mining (2.7%)*
Allegheny Technologies, Inc.		138,100		6,102,639
Cliffs Natural Resources, Inc.		46,700		2,202,372

				8,305,011

Total Materials				18,964,672

Telecommunication Services (2.2%)
*Wireless Telecommunication Services (2.2%)*
American Tower Corp., Class A*		151,858		6,757,681

Total Telecommunication Services				6,757,681

Total Common Stocks (93.4%) (Cost $283,260,098)				289,715,160

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (6.7%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $20,730,876)	$	20,730,876		20,730,876

Total Investments (100.1%) (Cost/Amortized Cost $303,990,974)				310,446,036
Other Assets Less Liabilities (-0.1%)				(174,773	)

Net Assets (100%)			$	310,271,263

*	Non-income producing.

Glossary:

ADR—

American Depositary Receipt

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	44,195,104	$	—	$	—	$	44,195,104
Consumer Staples		30,934,760		—		—		30,934,760
Energy		21,562,871		—		—		21,562,871
Financials		17,459,090		—		—		17,459,090
Health Care		44,089,345		—		—		44,089,345
Industrials		18,574,860		—		—		18,574,860
Information Technology		87,176,777		—		—		87,176,777
Materials		18,964,672		—		—		18,964,672
Telecommunication Services		6,757,681		—		—		6,757,681
Short-Term Investments		—		20,730,876		—		20,730,876

Total Assets	$	289,715,160	$	20,730,876	$	—	$	310,446,036

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	289,715,160	$	20,730,876	$	—	$	310,446,036

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	43,947,327
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	73,006,628

As of June 30, 2010, 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	$	32,878,448
Aggregate gross unrealized depreciation		(27,029,558	)

Net unrealized appreciation	$	5,848,890

Federal income tax cost of investments	$	304,597,146

The Portfolio has a net capital loss carryforward of $168,770,670 of which $36,146,108 expires in the year 2010, $17,002,340 expires in the year 2011, $29,260,906 expires in the year 2016, and $86,361,316 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $303,990,974)	$	310,446,036
Dividends, interest and other receivables		231,923
Receivable from Separate Accounts for Trust shares sold		22,249
Other assets		4,274

Total assets		310,704,482

LIABILITIES
Investment management fees payable		151,593
Payable to Separate Accounts for Trust shares redeemed		94,175
Distribution fees payable - Class IB		64,542
Administrative fees payable		30,054
Trustees’ fees payable		1,226
Accrued expenses		91,629

Total liabilities		433,219

NET ASSETS	$	310,271,263

Net assets were comprised of:
Paid in capital	$	470,347,066
Accumulated undistributed net investment income (loss)		1,029,852
Accumulated undistributed net realized gain (loss) on investments		(167,560,717	)
Unrealized appreciation (depreciation) on investments		6,455,062

Net assets	$	310,271,263

Class IA
Net asset value, offering and redemption price per share, $1,021,617 / 97,067 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.52

Class IB
Net asset value, offering and redemption price per share, $309,249,646 / 29,435,313 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.51

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends	$	2,577,261

EXPENSES
Investment management fees		1,124,285
Distribution fees - Class IB		431,526
Administrative fees		192,116
Printing and mailing expenses		20,506
Professional fees		11,625
Custodian fees		5,951
Trustees’ fees		4,143
Miscellaneous		4,580

Gross expenses		1,794,732
Less: Waiver from investment advisor		(152,861	)
Fees paid indirectly		(18,469	)

Net expenses		1,623,402

NET INVESTMENT INCOME (LOSS)		953,859

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities		4,792,919
Net change in unrealized appreciation (depreciation) on securities		(40,772,771	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(35,979,852	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(35,025,993	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	953,859		$	1,086,176
Net realized gain (loss) on investments		4,792,919			(75,071,363	)
Net change in unrealized appreciation (depreciation) on investments		(40,772,771	)		166,169,248

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(35,025,993	)		92,184,061

DIVIDENDS:
Dividends from net investment income
Class IA		—			(3,088	)
Class IB		—			(1,022,529	)

TOTAL DIVIDENDS		—			(1,025,617	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [68,409 and 75,746 shares, respectively]		802,530			721,778
Capital shares issued in reinvestment of dividends [0 and 272 shares, respectively]		—			3,088
Capital shares repurchased [(21,411) and (82,528) shares, respectively]		(236,839	)		(756,826	)

Total Class IA transactions		565,691			(31,960	)

Class IB
Capital shares sold [1,180,222 and 3,737,216 shares, respectively]		13,748,426			35,454,733
Capital shares issued in reinvestment of dividends [0 and 90,340 shares, respectively]		—			1,022,529
Capital shares repurchased [(2,182,740) and (5,872,494) shares, respectively]		(25,357,142	)		(57,252,840	)

Total Class IB transactions		(11,608,716	)		(20,775,578	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(11,043,025	)		(20,807,538	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(46,069,018	)		70,350,906
NET ASSETS:
Beginning of period		356,340,281			285,989,375

End of period (a)	$	310,271,263		$	356,340,281

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	1,029,852		$	75,993

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	11.69		$	8.79		$	14.82		$	14.01		$	13.07		$	12.43

Income (loss) from investment operations:
Net investment income (loss)		0.07	(e)		0.05	(e)		0.06	(e)		0.05	(e)		0.03	(e)		0.02	(e)
Net realized and unrealized gain (loss) on investments		(1.24	)		2.91			(6.01	)		0.76			0.97			0.65

Total from investment operations		(1.17	)		2.96			(5.95	)		0.81			1.00			0.67

Less distributions:
Dividends from net investment income		—			(0.06	)		(0.08	)		—			(0.06	)		(0.03	)

Net asset value, end of period	$	10.52		$	11.69		$	8.79		$	14.82		$	14.01		$	13.07

Total return (b)		(10.01	)%		33.73	%		(40.24	)%		5.78	%		7.63	%		5.38	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,022		$	586		$	498		$	8,206		$	139		$	131
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly (a)		0.69	%		0.69	%		0.69	%		0.70	%		0.69	%		0.69	%
Before waivers and fees paid indirectly (a)		0.79	%		0.81	%		0.80	%		0.79	%		0.78	%		0.74	%
Ratio of net investment income to average net assets:
After waivers (a)		1.14	%		0.54	%		0.42	%		0.36	%		0.24	%		0.17	%
After waivers and fees paid indirectly (a)		1.15	%		0.55	%		0.43	%		0.36	%		0.25	%		0.18	%
Before waivers and fees paid indirectly (a)		1.05	%		0.43	%		0.32	%		0.27	%		0.17	%		0.13	%
Portfolio turnover rate		13	%		50	%		43	%		39	%		33	%		49	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	11.69		$	8.79		$	14.78		$	14.01		$	13.06		$	12.46

Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)		0.03	(e)		0.02	(e)		—	#(e)		—	#(e)		(0.01	)(e)
Net realized and unrealized gain (loss) on investments		(1.21	)		2.90			(5.99	)		0.77			0.97			0.64

Total from investment operations		(1.18	)		2.93			(5.97	)		0.77			0.97			0.63

Less distributions:
Dividends from net investment income		—			(0.03	)		(0.02	)		—			(0.02	)		(0.03	)

Net asset value, end of period	$	10.51		$	11.69		$	8.79		$	14.78		$	14.01		$	13.06

Total return (b)		(10.09	)%		33.39	%		(40.38	)%		5.50	%		7.44	%		5.04	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	309,250		$	355,755		$	285,492		$	476,867		$	402,219		$	297,416
Ratio of expenses to average net assets:
After waivers (a)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly (a)		0.94	%		0.94	%		0.94	%		0.95	%		0.94	%		0.94	%
Before waivers and fees paid indirectly (a)		1.04	%		1.06	%		1.05	%		1.04	%		1.03	%		0.99	%
Ratio of net investment income to average net assets:
After waivers (a)		0.54	%		0.34	%		0.16	%		0.01	%		(0.01	)%		(0.08	)%
After waivers and fees paid indirectly (a)		0.55	%		0.35	%		0.17	%		0.01	%		—	%‡‡		(0.07	)%
Before waivers and fees paid indirectly (a)		0.45	%		0.23	%		0.06	%		(0.08	)%		(0.09	)%		(0.12	)%
Portfolio turnover rate		13	%		50	%		43	%		39	%		33	%		49	%

#	Per share amount is less than $0.01.

‡‡	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.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

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Sector Weightings as of 06/30/10	% of Net Assets
Information Technology	16.8	%
Energy	13.9
Consumer Discretionary	13.6
Financials	13.0
Health Care	12.1
Consumer Staples	10.0
Industrials	8.3
Materials	5.1
Telecommunication Services	4.3
Utilities	2.0
Cash and Other	0.9

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$924.20	$3.44
Hypothetical (5% average return before expenses)	1,000.00	1,021.22	3.61
Class IB
Actual	1,000.00	923.40	4.63
Hypothetical (5% average return before expenses)	1,000.00	1,019.98	4.86
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.72% and 0.97%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (13.6%)
*Diversified Consumer Services (1.2%)*
Strayer Education, Inc.	57,500	$	11,953,675

*Hotels, Restaurants & Leisure (1.6%)*
Carnival Corp.	222,900		6,740,496
McDonald’s Corp.	156,900		10,335,003

			17,075,499

*Household Durables (0.6%)*
Stanley Black & Decker, Inc.	122,700		6,198,804

*Media (3.8%)*
CBS Corp., Class B	213,600		2,761,848
DreamWorks Animation SKG, Inc., Class A*	144,700		4,131,185
Gannett Co., Inc.	824,300		11,095,078
Scripps Networks Interactive, Inc., Class A	160,300		6,466,502
Time Warner Cable, Inc.	206,430		10,750,874
Viacom, Inc., Class B	151,600		4,755,692

			39,961,179

*Multiline Retail (2.3%)*
Target Corp.	490,600		24,122,802

*Specialty Retail (3.0%)*
Home Depot, Inc.	331,600		9,308,012
Lowe’s Cos., Inc.	384,300		7,847,406
Urban Outfitters, Inc.*	424,200		14,588,238

			31,743,656

*Textiles, Apparel & Luxury Goods (1.1%)*
Coach, Inc.	298,900		10,924,795

Total Consumer Discretionary			141,980,410

Consumer Staples (10.0%)
*Beverages (2.0%)*
PepsiCo, Inc.	341,900		20,838,805

*Food Products (2.7%)*
General Mills, Inc.	406,600		14,442,432
Kraft Foods, Inc., Class A	496,814		13,910,792

			28,353,224

*Household Products (2.8%)*
Colgate-Palmolive Co.	143,100		11,270,556
Procter & Gamble Co.	290,500		17,424,190

			28,694,746

*Personal Products (0.6%)*
Alberto-Culver Co.	225,900		6,119,631

*Tobacco (1.9%)*
Philip Morris International, Inc.	440,972		20,214,157

Total Consumer Staples			104,220,563

Energy (13.9%)
*Energy Equipment & Services (3.8%)*
Halliburton Co.	427,200		10,487,760
Schlumberger Ltd.	201,600		11,156,544
Transocean Ltd.*	132,100		6,120,193
Weatherford International Ltd.*	854,700		11,230,758

			38,995,255


	Number of Shares	Value (Note 1)

*Oil, Gas & Consumable Fuels (10.1%)*
Anadarko Petroleum Corp.	233,700	$	8,434,233
Cenovus Energy, Inc.	444,800		11,471,392
Chevron Corp.	470,512		31,928,944
Pioneer Natural Resources Co.	337,300		20,052,485
Royal Dutch Shell plc (ADR), Class A	670,200		33,657,444

			105,544,498

Total Energy			144,539,753

Financials (13.0%)
*Capital Markets (5.0%)*
Bank of New York Mellon Corp.	222,600		5,495,994
BlackRock, Inc.	11,000		1,577,400
Charles Schwab Corp.	396,400		5,620,952
Goldman Sachs Group, Inc.	300,900		39,499,143

			52,193,489

*Diversified Financial Services (2.7%)*
CME Group, Inc.	19,700		5,546,535
JPMorgan Chase & Co.	618,936		22,659,247

			28,205,782

*Insurance (3.8%)*
Allstate Corp.	500,400		14,376,492
Aon Corp.	177,000		6,570,240
Progressive Corp.	542,700		10,159,344
RenaissanceReinsurance Holdings Ltd.	146,800		8,260,436

			39,366,512

*Real Estate Investment Trusts (REITs) (1.5%)*
Plum Creek Timber Co., Inc. (REIT)	151,600		5,234,748
Ventas, Inc. (REIT)	234,800		11,023,860

			16,258,608

Total Financials			136,024,391

Health Care (12.1%)
*Biotechnology (2.0%)*
Celgene Corp.*	407,200		20,693,904

*Health Care Equipment & Supplies (1.4%)*
Boston Scientific Corp.*	985,400		5,715,320
Medtronic, Inc.	247,500		8,976,825

			14,692,145

*Health Care Providers & Services (0.7%)*
DaVita, Inc.*	49,581		3,095,837
Universal Health Services, Inc., Class B	132,600		5,058,690

			8,154,527

*Health Care Technology (1.7%)*
Cerner Corp.*	232,200		17,621,658

*Life Sciences Tools & Services (0.7%)*
Mettler-Toledo International, Inc.*	63,900		7,133,157

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Pharmaceuticals (5.6%)*
Allergan, Inc.	395,712	$	23,054,181
Merck & Co., Inc.	285,110		9,970,297
Shire plc (ADR)	412,600		25,325,388

			58,349,866

Total Health Care			126,645,257

Industrials (8.3%)
*Aerospace & Defense (0.5%)*
Spirit AeroSystems Holdings, Inc., Class A*	288,200		5,493,092

*Air Freight & Logistics (1.4%)*
FedEx Corp.	206,400		14,470,704

*Commercial Services & Supplies (0.6%)*
Iron Mountain, Inc.	275,400		6,185,484

*Construction & Engineering (0.5%)*
Jacobs Engineering Group, Inc.*	134,700		4,908,468

*Electrical Equipment (0.9%)*
Emerson Electric Co.	211,400		9,236,066

*Industrial Conglomerates (0.4%)*
General Electric Co.	288,728		4,163,458

*Machinery (2.5%)*
Cummins, Inc.	199,600		12,999,948
Danaher Corp.	217,000		8,055,040
Illinois Tool Works, Inc.	121,800		5,027,904

			26,082,892

*Road & Rail (1.5%)*
Norfolk Southern Corp.	296,500		15,729,325

Total Industrials			86,269,489

Information Technology (16.8%)
*Communications Equipment (4.4%)*
Cisco Systems, Inc.*	569,087		12,127,244
Juniper Networks, Inc.*	523,800		11,953,116
QUALCOMM, Inc.	583,100		19,149,004
Research In Motion Ltd.*	60,600		2,985,156

			46,214,520

*Computers & Peripherals (3.6%)*
Apple, Inc.*	90,200		22,688,006
NetApp, Inc.*	406,500		15,166,515

			37,854,521

*Electronic Equipment, Instruments & Components (1.1%)*
Jabil Circuit, Inc.	815,800		10,850,140

*Internet Software & Services (1.5%)*
Google, Inc., Class A*	35,380		15,742,331

*IT Services (2.8%)*
International Business Machines Corp.	105,800		13,064,184
Visa, Inc., Class A	226,400		16,017,800

			29,081,984

*Semiconductors & Semiconductor Equipment (1.4%)*
First Solar, Inc.*	50,200		5,714,266
Maxim Integrated Products, Inc.	520,300		8,704,619

			14,418,885


	Number of Shares	Value (Note 1)

*Software (2.0%)*
Adobe Systems, Inc.*	275,300	$	7,276,179
Oracle Corp.	615,300		13,204,338

			20,480,517

Total Information Technology			174,642,898

Materials (5.1%)
*Chemicals (1.9%)*
Air Products & Chemicals, Inc.	112,700		7,304,087
Monsanto Co.	149,200		6,896,024
Potash Corp. of Saskatchewan, Inc.	67,400		5,812,576

			20,012,687

*Construction Materials* (*0.5%)*
Vulcan Materials Co.	124,900		5,474,367

*Metals & Mining (2.7%)*
Allegheny Technologies, Inc.	214,300		9,469,917
Barrick Gold Corp.	165,300		7,506,273
Cliffs Natural Resources, Inc.	110,400		5,206,464
Nucor Corp.	150,200		5,749,656

			27,932,310

Total Materials			53,419,364

Telecommunication Services (4.3%)
*Diversified Telecommunication Services (0.5%)*
Qwest Communications International, Inc.	973,400		5,110,350

*Wireless Telecommunication Services (3.8%)*
American Tower Corp., Class A*	900,400		40,067,800

Total Telecommunication Services			45,178,150

Utilities (2.0%)
*Electric Utilities (0.9%)*
Edison International	156,100		4,951,492
PPL Corp.	184,800		4,610,760

			9,562,252

*Multi-Utilities (0.4%)*
Sempra Energy	91,600		4,285,964

*Water Utilities (0.7%)*
American Water Works Co., Inc.	316,600		6,521,960

Total Utilities			20,370,176

Total Common Stocks (99.1%) (Cost $1,007,973,750)			1,033,290,451

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENT:
Time Deposit (1.6%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $16,194,843)	$	16,194,843	$	16,194,843

Total Investments (100.7%) (Cost/Amortized Cost $1,024,168,593)				1,049,485,294
Other Assets Less Liabilities (-0.7%)				(6,872,306	)

Net Assets (100%)			$	1,042,612,988

*	Non-income producing.

Glossary:

ADR

— American Depositary Receipt

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	141,980,410	$	–	$	–	$	141,980,410
Consumer Staples		104,220,563		–		–		104,220,563
Energy		144,539,753		–		–		144,539,753
Financials		136,024,391		–		–		136,024,391
Health Care		126,645,257		–		–		126,645,257
Industrials		86,269,489		–		–		86,269,489
Information Technology		174,642,898		–		–		174,642,898
Materials		53,419,364		–		–		53,419,364
Telecommunication Services		45,178,150		–		–		45,178,150
Utilities		20,370,176		–		–		20,370,176
Short-Term Investments		–		16,194,843		–		16,194,843

Total Assets	$	1,033,290,451	$	16,194,843	$	–	$	1,049,485,294

Total Liabilities	$	–	$	–	$	–	$	–

Total	$	1,033,290,451	$	16,194,843	$	–	$	1,049,485,294

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	143,313,777
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	211,148,752

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

As of June 30, 2010, 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	$	113,620,761
Aggregate gross unrealized depreciation		(88,304,060	)

Net unrealized appreciation	$	25,316,701

Federal income tax cost of investments	$	1,024,168,593

The Portfolio has a net capital loss carryforward of $423,362,470 of which $191,969,826 expires in the year 2016 and $231,392,644 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $1,024,168,593)	$	1,049,485,294
Dividends, interest and other receivables		1,055,884
Receivable from Separate Accounts for Trust shares sold		62,837
Other assets		19,843

Total assets		1,050,623,858

LIABILITIES
Overdraft payable		546
Payable for securities purchased		6,616,141
Investment management fees payable		538,195
Payable to Separate Accounts for Trust shares redeemed		360,500
Distribution fees payable - Class IB		223,139
Administrative fees payable		95,404
Trustees’ fees payable		4,123
Accrued expenses		172,822

Total liabilities		8,010,870

NET ASSETS	$	1,042,612,988

Net assets were comprised of:
Paid in capital	$	1,414,348,538
Accumulated undistributed net investment income (loss)		4,935,266
Accumulated undistributed net realized gain (loss) on investments		(401,987,517	)
Unrealized appreciation (depreciation) on investments		25,316,701

Net assets	$	1,042,612,988

Class IA
Net asset value, offering and redemption price per share, $19,332,714 / 1,980,907 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.76

Class IB
Net asset value, offering and redemption price per share, $1,023,280,274 / 104,854,440 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.76

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $32,916 foreign withholding tax)	$	10,415,520
Interest		19
Securities lending (net)		5,696

Total income		10,421,235

EXPENSES
Investment management fees		3,736,696
Distribution fees - Class IB		1,426,926
Administrative fees		610,699
Printing and mailing expenses		68,960
Professional fees		18,852
Custodian fees		16,364
Trustees’ fees		13,947
Miscellaneous		13,921

Gross expenses		5,906,365
Less: Waiver from investment advisor		(294,909	)
Fees paid indirectly		(12,448	)

Net expenses		5,599,008

NET INVESTMENT INCOME (LOSS)		4,822,227

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities		21,374,953
Net change in unrealized appreciation (depreciation) on securities		(112,576,000	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(91,201,047	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(86,378,820	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	4,822,227		$	12,244,297
Net realized gain (loss) on investments		21,374,953			(177,115,999	)
Net change in unrealized appreciation (depreciation) on investments		(112,576,000	)		460,841,105

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(86,378,820	)		295,969,403

DIVIDENDS:
Dividends from net investment income
Class IA		—			(277,682	)
Class IB		—			(11,841,779	)

TOTAL DIVIDENDS		—			(12,119,461	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [161,563 and 405,299 shares, respectively]		1,746,126			3,713,797
Capital shares issued in reinvestment of dividends [0 and 27,048 shares, respectively]		—			277,682
Capital shares repurchased [(282,739) and (601,446) shares, respectively]		(3,041,360	)		(5,338,314	)

Total Class IA transactions		(1,295,234	)		(1,346,835	)

Class IB
Capital shares sold [1,094,443 and 4,261,654 shares, respectively]		11,693,121			36,473,768
Capital shares issued in reinvestment of dividends [0 and 1,152,012 shares, respectively]		—			11,841,779
Capital shares repurchased [(7,830,912) and (18,308,205) shares, respectively]		(83,357,858	)		(158,852,352	)

Total Class IB transactions		(71,664,737	)		(110,536,805	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(72,959,971	)		(111,883,640	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(159,338,791	)		171,966,302
NET ASSETS:
Beginning of period		1,201,951,779			1,029,985,477

End of period (a)	$	1,042,612,988		$	1,201,951,779

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	4,935,266		$	113,039

See Notes to Financial Statements.

308

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EQ/CAPITAL GUARDIAN RESEARCH PORTFOLIO (h)(p)

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	10.56		$	8.12		$	13.87		$	13.94		$	12.50		$	11.86

Income (loss) from investment operations:
Net investment income (loss)		0.06	(e)		0.12	(e)		0.13	(e)		0.13	(e)		0.11	(e)		0.09	(e)
Net realized and unrealized gain (loss) on investments		(0.86	)		2.45			(5.55	)		0.13			1.44			0.65

Total from investment operations		(0.80	)		2.57			(5.42	)		0.26			1.55			0.74

Less distributions:
Dividends from net investment income		—			(0.13	)		(0.13	)		(0.18	)		(0.11	)		(0.10	)
Distributions from net realized gains		—			—			(0.20	)		(0.15	)		—			—

Total dividends and distributions		—			(0.13	)		(0.33	)		(0.33	)		(0.11	)		(0.10	)

Net asset value, end of period	$	9.76		$	10.56		$	8.12		$	13.87		$	13.94		$	12.50

Total return (b)		(7.58	)%		31.73	%		(39.50	)%		1.89	%		12.32	%		6.32	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	19,333		$	22,197		$	18,434		$	36,235		$	4,494		$	3,981
Ratio of expenses to average net assets:
After waivers (a)		0.72	%		0.72	%		0.70	%		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly (a)		0.72	%		0.71	%		0.69	%		0.70	%		0.69	%		0.69	%
Before waivers and fees paid indirectly (a)		0.77	%		0.79	%		0.77	%		0.76	%		0.75	%		0.70	%
Ratio of net investment income to average net assets:
After waivers (a)		1.07	%		1.39	%		1.14	%		0.92	%		0.81	%		0.72	%
After waivers and fees paid indirectly (a)		1.07	%		1.41	%		1.15	%		0.93	%		0.82	%		0.73	%
Before waivers and fees paid indirectly (a)		1.02	%		1.32	%		1.08	%		0.86	%		0.76	%		0.72	%
Portfolio turnover rate		13	%		53	%		41	%		68	%		28	%		30	%

See Notes to Financial Statements.

309

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN RESEARCH PORTFOLIO (h)(p)

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	10.57		$	8.13		$	13.88		$	13.95		$	12.51		$	11.86

Income (loss) from investment operations:
Net investment income (loss)		0.04	(e)		0.10	(e)		0.10	(e)		0.09	(e)		0.07	(e)		0.06	(e)
Net realized and unrealized gain (loss) on investments		(0.85	)		2.45			(5.54	)		0.13			1.45			0.66

Total from investment operations		(0.81	)		2.55			(5.44	)		0.22			1.52			0.72

Less distributions:
Dividends from net investment income		—			(0.11	)		(0.11	)		(0.14	)		(0.08	)		(0.07	)
Distributions from net realized gains		—			—			(0.20	)		(0.15	)		—			—

Total dividends and distributions		—			(0.11	)		(0.31	)		(0.29	)		(0.08	)		(0.07	)

Net asset value, end of period	$	9.76		$	10.57		$	8.13		$	13.88		$	13.95		$	12.51

Total return (b)		(7.66	)%		31.36	%		(39.62	)%		1.63	%		12.12	%		6.05	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,023,280		$	1,179,755		$	1,011,551		$	1,997,795		$	1,060,928		$	1,025,615
Ratio of expenses to average net assets:
After waivers (a)		0.97	%		0.97	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly (a)		0.97	%		0.96	%		0.94	%		0.95	%		0.94	%		0.94	%
Before waivers and fees paid indirectly (a)		1.02	%		1.04	%		1.02	%		1.01	%		1.00	%		0.95	%
Ratio of net investment income to average net assets:
After waivers (a)		0.82	%		1.15	%		0.89	%		0.59	%		0.56	%		0.47	%
After waivers and fees paid indirectly (a)		0.83	%		1.16	%		0.90	%		0.59	%		0.57	%		0.48	%
Before waivers and fees paid indirectly (a)		0.77	%		1.08	%		0.83	%		0.52	%		0.51	%		0.47	%
Portfolio turnover rate		13	%		53	%		41	%		68	%		28	%		30	%

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

Net investment income per share is based on average shares outstanding.

(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.

(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.

See Notes to Financial Statements.

310

EQ/COMMON STOCK INDEX PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Information Technology	18.3	%
Financials	17.0
Health Care	12.3
Industrials	11.1
Consumer Discretionary	10.9
Energy	9.9
Consumer Staples	9.7
Materials	3.9
Utilities	3.7
Telecommunication Services	2.8
Cash and Other	0.4

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$936.60	$2.26
Hypothetical (5% average return before expenses)	1,000.00	1,022.46	2.36
Class IB
Actual	1,000.00	935.50	3.46
Hypothetical (5% average return before expenses)	1,000.00	1,021.22	3.61
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.47% and 0.72%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

311

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EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (10.9%)
*Auto Components (0.4%)*
Autoliv, Inc.*	35,000	$	1,674,750
BorgWarner, Inc.*	44,530		1,662,750
Cooper Tire & Rubber Co.	23,100		450,450
Dana Holding Corp.*	52,900		529,000
Federal-Mogul Corp.*	28,200		367,164
Fuel Systems Solutions, Inc.*	11,800		306,210
Gentex Corp.	62,900		1,130,942
Goodyear Tire & Rubber Co.*	99,100		985,054
Johnson Controls, Inc.	254,330		6,833,847
Lear Corp.*	17,700		1,171,740
Modine Manufacturing Co.*	830		6,375
Stoneridge, Inc.*	800		6,072
Tenneco, Inc.*	22,600		475,956
TRW Automotive Holdings Corp.*	29,700		818,829

			16,419,139

*Automobiles (0.3%)*
Ford Motor Co.*	1,260,900		12,709,872
Harley-Davidson, Inc.	89,050		1,979,582
Thor Industries, Inc.	26,110		620,112
Winnebago Industries, Inc.*	1,470		14,612

			15,324,178

*Distributors (0.1%)*
Core-Mark Holding Co., Inc.*	40		1,096
Genuine Parts Co.	60,000		2,367,000
LKQ Corp.*	54,000		1,041,120

			3,409,216

*Diversified Consumer Services (0.4%)*
American Public Education, Inc.*	8,600		375,820
Apollo Group, Inc., Class A*	53,030		2,252,184
Capella Education Co.*	7,800		634,530
Career Education Corp.*	40,090		922,872
Coinstar, Inc.*	19,900		855,103
Corinthian Colleges, Inc.*	34,300		337,855
DeVry, Inc.	25,800		1,354,242
Education Management Corp.*	27,100		413,275
H&R Block, Inc.	142,850		2,241,316
Hillenbrand, Inc.	26,700		571,113
ITT Educational Services, Inc.*	16,100		1,336,622
K12, Inc.*	16,500		365,970
Matthews International Corp., Class A	13,300		389,424
Regis Corp.	40,600		632,142
Service Corp. International	96,300		712,620
Sotheby’s, Inc.	25,300		578,611
Steiner Leisure Ltd.*	150		5,766
Strayer Education, Inc.	6,000		1,247,340
Weight Watchers International, Inc.	15,500		398,195

			15,625,000

*Hotels, Restaurants & Leisure (1.8%)*
Bally Technologies, Inc.*	26,650		863,193
Biglari Holdings, Inc.*	27		7,746
BJ’s Restaurants, Inc.*	550		12,980


	Number of Shares	Value (Note 1)

Bob Evans Farms, Inc.	23,530	$	579,309
Brinker International, Inc.	50,690		732,977
Burger King Holdings, Inc.	33,000		555,720
Carnival Corp.	165,260		4,997,462
CEC Entertainment, Inc.*	22,050		777,483
Cheesecake Factory, Inc.*	22,800		507,528
Chipotle Mexican Grill, Inc.*	12,700		1,737,487
Choice Hotels International, Inc.	15,500		468,255
Churchill Downs, Inc.	30		984
CKE Restaurants, Inc.	660		8,270
Darden Restaurants, Inc.	62,950		2,445,608
Denny’s Corp.*	2,590		6,734
Gaylord Entertainment Co.*	30,900		682,581
Hyatt Hotels Corp., Class A*	16,500		611,985
International Game Technology	112,660		1,768,762
International Speedway Corp., Class A	14,900		383,824
Interval Leisure Group, Inc.*	1,064		13,247
Isle of Capri Casinos, Inc.*	420		3,889
Jack in the Box, Inc.*	25,580		497,531
Krispy Kreme Doughnuts, Inc.*	1,140		3,842
Las Vegas Sands Corp.*	126,200		2,794,068
Life Time Fitness, Inc.*	25,100		797,929
Marriott International, Inc., Class A	102,625		3,072,592
McDonald’s Corp.	406,740		26,791,964
MGM MIRAGE*	103,400		996,776
O’Charleys, Inc.*	60		318
Panera Bread Co., Class A*	12,200		918,538
Papa John’s International, Inc.*	23,600		545,632
Penn National Gaming, Inc.*	25,700		593,670
Royal Caribbean Cruises Ltd.*	61,750		1,406,047
Ruby Tuesday, Inc.*	1,320		11,220
Scientific Games Corp., Class A*	30,000		276,000
Speedway Motorsports, Inc.	27,700		375,612
Starbucks Corp.	281,750		6,846,525
Starwood Hotels & Resorts Worldwide, Inc.	71,600		2,966,388
Vail Resorts, Inc.*	16,600		579,506
Wendy’s/Arby’s Group, Inc., Class A	192,500		770,000
WMS Industries, Inc.*	19,600		769,300
Wyndham Worldwide Corp.	80,470		1,620,666
Wynn Resorts Ltd.	28,500		2,173,695
Yum! Brands, Inc.	176,740		6,899,930

			78,873,773

*Household Durables (0.6%)*
Blyth, Inc.	360		12,265
CSS Industries, Inc.	240		3,960
D.R. Horton, Inc.	112,300		1,103,909
Ethan Allen Interiors, Inc.	26,010		363,880
Fortune Brands, Inc.	65,850		2,580,003
Garmin Ltd.	47,900		1,397,722
Harman International Industries, Inc.*	26,390		788,797
Jarden Corp.	29,900		803,413
KB Home	34,750		382,250
Leggett & Platt, Inc.	56,000		1,123,360
Lennar Corp., Class A	61,000		848,510

See Notes to Financial Statements.

312

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EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

M.D.C. Holdings, Inc.	15,500	$	417,725
Meritage Homes Corp.*	35,900		584,452
Mohawk Industries, Inc.*	21,200		970,112
Newell Rubbermaid, Inc.	124,600		1,824,144
NVR, Inc.*	2,500		1,637,575
Pulte Group, Inc.*	134,500		1,113,660
Ryland Group, Inc.	25,700		406,574
Stanley Black & Decker, Inc.	69,035		3,487,648
Tempur-Pedic International, Inc.*	27,400		842,550
Toll Brothers, Inc.*	56,300		921,068
Tupperware Brands Corp.	27,600		1,099,860
Whirlpool Corp.	28,420		2,495,845

			25,209,282

*Internet & Catalog Retail (0.5%)*
Amazon.com, Inc.*	132,280		14,452,913
Expedia, Inc.	91,010		1,709,168
HSN, Inc.*	924		22,176
Liberty Media Corp. - Interactive, Class A*	225,830		2,371,215
Netflix, Inc.*	15,900		1,727,535
Orbitz Worldwide, Inc.*	470		1,791
Overstock.com, Inc.*	600		10,842
priceline.com, Inc.*	17,980		3,174,189
Shutterfly, Inc.*	670		16,053

			23,485,882

*Leisure Equipment & Products (0.2%)*
Brunswick Corp.	33,500		416,405
Callaway Golf Co.	41,600		251,264
Eastman Kodak Co.*	101,600		440,944
Hasbro, Inc.	54,300		2,231,730
Leapfrog Enterprises, Inc.*	1,750		7,035
Mattel, Inc.	154,700		3,273,452
Polaris Industries, Inc.	11,800		644,516
Pool Corp.	25,400		556,768
RC2 Corp.*	390		6,283
Steinway Musical Instruments, Inc.*	140		2,490

			7,830,887

*Media (3.1%)*
Arbitron, Inc.	14,700		376,761
Ascent Media Corp., Class A*	250		6,315
Cablevision Systems Corp. - New York Group, Class A	100,350		2,409,404
CBS Corp., Class B	263,520		3,407,314
Central European Media Enterprises Ltd., Class A*	21,400		425,860
Clear Channel Outdoor Holdings, Inc., Class A*	92,040		798,907
Comcast Corp., Class A	1,063,624		18,475,149
DIRECTV, Class A*	335,346		11,374,936
Discovery Communications, Inc., Class A*	107,500		3,838,825
DISH Network Corp., Class A	75,660		1,373,229
DreamWorks Animation SKG, Inc., Class A*	28,000		799,400
Gannett Co., Inc.	90,000		1,211,400
Global Sources Ltd.*	523		4,100
Harte-Hanks, Inc.	1,100		11,495


	Number of Shares	Value (Note 1)

Interactive Data Corp.	19,100	$	637,558
Interpublic Group of Cos., Inc.*	192,700		1,373,951
John Wiley & Sons, Inc., Class A	17,000		657,390
Knology, Inc.*	70		765
Lamar Advertising Co., Class A*	37,000		907,240
Liberty Global, Inc., Class A*	96,100		2,497,639
Liberty Media Corp. - Capital, Class A*	30,300		1,269,873
Liberty Media Corp. - Starz*	19,400		1,005,696
Live Nation Entertainment, Inc.*	51,860		541,937
Madison Square Garden, Inc., Class A*	25,087		493,461
McGraw-Hill Cos., Inc.	119,330		3,357,946
Mediacom Communications Corp., Class A*	106,800		717,696
Meredith Corp.	13,600		423,368
Morningstar, Inc.*	13,000		552,760
New York Times Co., Class A*	51,200		442,880
News Corp., Class A	863,994		10,333,368
Omnicom Group, Inc.	116,100		3,982,230
Regal Entertainment Group, Class A	32,900		429,016
Scripps Networks Interactive, Inc., Class A	34,700		1,399,798
Sirius XM Radio, Inc.*	1,469,100		1,394,911
Thomson Reuters Corp.	141,400		5,066,362
Time Warner Cable, Inc.	134,002		6,978,824
Time Warner, Inc.	430,926		12,458,071
Valassis Communications, Inc.*	18,800		596,336
Viacom, Inc., Class B	229,660		7,204,434
Virgin Media, Inc.	135,100		2,254,819
Walt Disney Co.	750,268		23,633,442
Warner Music Group Corp.*	138,550		673,353
Washington Post Co., Class B	2,300		944,104
World Wrestling Entertainment, Inc., Class A	32,700		508,812

			137,251,135

*Multiline Retail (0.8%)*
Big Lots, Inc.*	36,400		1,168,076
Dillard’s, Inc., Class A	18,200		391,300
Dollar General Corp.*	26,400		727,320
Dollar Tree, Inc.*	56,025		2,332,321
Family Dollar Stores, Inc.	55,850		2,104,987
J.C. Penney Co., Inc.	106,650		2,290,842
Kohl’s Corp.*	116,010		5,510,475
Macy’s, Inc.	159,600		2,856,840
Nordstrom, Inc.	63,190		2,034,086
Saks, Inc.*	86,100		653,499
Sears Holdings Corp.*	20,900		1,351,185
Target Corp.	278,460		13,691,878

			35,112,809

*Specialty Retail (2.1%)*
Aaron’s, Inc.	27,400		467,718
Abercrombie & Fitch Co., Class A	36,600		1,123,254
Advance Auto Parts, Inc.	33,250		1,668,485
Aeropostale, Inc.*	35,300		1,010,992

See Notes to Financial Statements.

313

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EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

American Eagle Outfitters, Inc.	79,100	$	929,425
AnnTaylor Stores Corp.*	24,500		398,615
AutoNation, Inc.*	27,500		536,250
AutoZone, Inc.*	10,490		2,026,878
Barnes & Noble, Inc.	24,670		318,243
bebe Stores, Inc.	62,900		402,560
Bed Bath & Beyond, Inc.*	99,550		3,691,314
Best Buy Co., Inc.	130,310		4,412,297
Borders Group, Inc.*	1,010		1,343
Cabela’s, Inc.*	29,400		415,716
CarMax, Inc.*	100,250		1,994,975
Cato Corp., Class A	80		1,762
Charming Shoppes, Inc.*	2,540		9,525
Chico’s FAS, Inc.	67,550		667,394
Children’s Place Retail Stores, Inc.*	10,450		460,009
Christopher & Banks Corp.	1,620		10,028
Collective Brands, Inc.*	34,310		542,098
Dick’s Sporting Goods, Inc.*	41,500		1,032,935
Dress Barn, Inc.*	22,400		533,344
DSW, Inc., Class A*	33,940		762,292
Foot Locker, Inc.	68,400		863,208
GameStop Corp., Class A*	65,200		1,225,108
Gap, Inc.	173,590		3,378,061
Guess?, Inc.	29,000		905,960
Gymboree Corp.*	18,980		810,636
hhgregg, Inc.*	60		1,399
Home Depot, Inc.	640,160		17,969,291
J. Crew Group, Inc.*	29,300		1,078,533
Limited Brands, Inc.	119,890		2,645,972
Lowe’s Cos., Inc.	545,540		11,139,927
Men’s Wearhouse, Inc.	34,000		624,240
New York & Co., Inc.*	1,660		3,801
Office Depot, Inc.*	104,200		420,968
OfficeMax, Inc.*	32,100		419,226
O’Reilly Automotive, Inc.*	56,950		2,708,542
PetSmart, Inc.	50,500		1,523,585
RadioShack Corp.	61,100		1,192,061
Rent-A-Center, Inc.*	33,110		670,809
Ross Stores, Inc.	46,280		2,466,261
Sally Beauty Holdings, Inc.*	102,890		843,698
Signet Jewelers Ltd.*	32,380		890,450
Sonic Automotive, Inc., Class A*	990		8,474
Stage Stores, Inc.	1,110		11,855
Staples, Inc.	275,950		5,256,847
Systemax, Inc.	1,000		15,070
Tiffany & Co.	54,700		2,073,677
TJX Cos., Inc.	154,200		6,468,690
Tractor Supply Co.	15,500		945,035
Urban Outfitters, Inc.*	49,350		1,697,147
Wet Seal, Inc., Class A*	3,010		10,987
Williams-Sonoma, Inc.	52,900		1,312,978
Zumiez, Inc.*	1,260		20,299

			93,020,247

*Textiles, Apparel & Luxury Goods (0.6%)*
American Apparel, Inc.*	280		512
Carter’s, Inc.*	24,680		647,850
Coach, Inc.	115,320		4,214,946
Crocs, Inc.*	1,390		14,706
Deckers Outdoor Corp.*	6,000		857,220


	Number of Shares	Value (Note 1)

Fossil, Inc.*	26,200	$	909,140
Hanesbrands, Inc.*	42,700		1,027,362
Jones Apparel Group, Inc.	53,230		843,696
K-Swiss, Inc., Class A*	350		3,930
Liz Claiborne, Inc.*	71,600		302,152
Maidenform Brands, Inc.*	310		6,312
Movado Group, Inc.*	280		2,990
NIKE, Inc., Class B	141,680		9,570,484
Oxford Industries, Inc.	990		20,721
Perry Ellis International, Inc.*	700		14,140
Phillips-Van Heusen Corp.	23,440		1,084,569
Polo Ralph Lauren Corp.	21,170		1,544,563
Skechers U.S.A., Inc., Class A*	13,100		478,412
Steven Madden Ltd.*	90		2,837
Timberland Co., Class A*	36,300		586,245
Under Armour, Inc., Class A*	16,400		543,332
Unifi, Inc.*	2,210		8,442
UniFirst Corp.	180		7,924
VF Corp.	38,600		2,747,548
Volcom, Inc.*	190		3,528
Warnaco Group, Inc.*	22,800		823,992
Wolverine World Wide, Inc.	21,100		532,142

			26,799,695

Total Consumer Discretionary			478,361,243

Consumer Staples (9.7%)
*Beverages (2.0%)*
Brown-Forman Corp., Class B	44,800		2,563,904
Central European Distribution Corp.*	17,900		382,702
Coca-Cola Co.	796,370		39,914,064
Coca-Cola Enterprises, Inc.	136,200		3,522,132
Dr. Pepper Snapple Group, Inc.	92,910		3,473,905
Hansen Natural Corp.*	25,000		977,750
Molson Coors Brewing Co., Class B	49,250		2,086,230
PepsiCo, Inc.	609,690		37,160,606

			90,081,293

*Food & Staples Retailing (2.1%)*
Andersons, Inc.	180		5,866
BJ’s Wholesale Club, Inc.*	20,400		755,004
Casey’s General Stores, Inc.	19,210		670,429
Costco Wholesale Corp.	166,550		9,131,937
CVS Caremark Corp.	514,510		15,085,433
Kroger Co.	243,810		4,800,619
Pantry, Inc.*	650		9,172
Ruddick Corp.	16,800		520,632
Safeway, Inc.	146,940		2,888,840
Spartan Stores, Inc.	16,400		225,008
SUPERVALU, Inc.	80,200		869,368
Sysco Corp.	223,650		6,389,681
United Natural Foods, Inc.*	20,200		603,576
Walgreen Co.	369,880		9,875,796
Wal-Mart Stores, Inc.	771,520		37,086,966
Weis Markets, Inc.	12,700		417,957
Whole Foods Market, Inc.*	53,500		1,927,070

			91,263,354

See Notes to Financial Statements.

314

EQ ADVISORS TRUST

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Food Products (1.9%)*
Archer-Daniels-Midland Co.	243,160	$	6,278,391
Bunge Ltd.	51,980		2,556,896
Cal-Maine Foods, Inc.	16,800		536,424
Campbell Soup Co.	69,500		2,490,185
ConAgra Foods, Inc.	168,450		3,928,254
Corn Products International, Inc.	30,600		927,180
Darling International, Inc.*	88,070		661,406
Dean Foods Co.*	68,600		690,802
Del Monte Foods Co.	86,610		1,246,318
Flowers Foods, Inc.	28,800		703,584
Fresh Del Monte Produce, Inc.*	22,240		450,138
General Mills, Inc.	250,900		8,911,968
Green Mountain Coffee Roasters, Inc.*	41,766		1,073,386
H.J. Heinz Co.	119,600		5,169,112
Hain Celestial Group, Inc.*	20,900		421,553
Hershey Co.	66,050		3,165,776
Hormel Foods Corp.	26,100		1,056,528
J&J Snack Foods Corp.	13,990		588,979
J.M. Smucker Co.	52,627		3,169,198
Kellogg Co.	97,400		4,899,220
Kraft Foods, Inc., Class A	606,410		16,979,480
Lancaster Colony Corp.	14,100		752,376
Lance, Inc.	21,600		356,184
McCormick & Co., Inc. (Non-Voting)	48,950		1,858,142
Mead Johnson Nutrition Co.	81,200		4,069,744
Pilgrim’s Pride Corp.*	64,800		425,736
Ralcorp Holdings, Inc.*	20,800		1,139,840
Sara Lee Corp.	250,050		3,525,705
Smithfield Foods, Inc.*	52,000		774,800
Synutra International, Inc.*	21,400		346,038
Tootsie Roll Industries, Inc.	18,068		427,308
TreeHouse Foods, Inc.*	15,900		725,994
Tyson Foods, Inc., Class A	112,900		1,850,431

			82,157,076

*Household Products (2.2%)*
Church & Dwight Co., Inc.	28,950		1,815,454
Clorox Co.	58,750		3,651,900
Colgate-Palmolive Co.	185,410		14,602,892
Energizer Holdings, Inc.*	25,850		1,299,738
Kimberly-Clark Corp.	156,500		9,488,595
Procter & Gamble Co.	1,088,780		65,305,024

			96,163,603

*Personal Products (0.2%)*
Alberto-Culver Co.	32,400		877,716
Avon Products, Inc.	161,950		4,291,675
Elizabeth Arden, Inc.*	430		6,244
Estee Lauder Cos., Inc., Class A	41,950		2,337,874
Herbalife Ltd.	22,700		1,045,335
Inter Parfums, Inc.	410		5,834
NBTY, Inc.*	21,350		726,113
Nu Skin Enterprises, Inc., Class A	18,600		463,698
Prestige Brands Holdings, Inc.*	130		920

			9,755,409


	Number of Shares	Value (Note 1)

*Tobacco (1.3%)*
Altria Group, Inc.	787,390	$	15,779,296
Lorillard, Inc.	57,750		4,156,845
Philip Morris International, Inc.	700,130		32,093,959
Reynolds American, Inc.	63,500		3,309,620
Vector Group Ltd.	28,600		481,052

			55,820,772

Total Consumer Staples			425,241,507

Energy (9.9%)
*Energy Equipment & Services (1.8%)*
Allis-Chalmers Energy, Inc.*	1,490		3,069
Atwood Oceanics, Inc.*	25,000		638,000
Baker Hughes, Inc.	162,184		6,741,989
Basic Energy Services, Inc.*	1,750		13,475
Bristow Group, Inc.*	18,000		529,200
Cal Dive International, Inc.*	60,000		351,000
Cameron International Corp.*	100,750		3,276,390
CARBO Ceramics, Inc.	7,200		519,768
Complete Production Services, Inc.*	44,480		636,064
Core Laboratories N.V.	8,400		1,239,924
Diamond Offshore Drilling, Inc.	30,510		1,897,417
Dresser-Rand Group, Inc.*	37,500		1,183,125
Dril-Quip, Inc.*	12,800		563,456
Exterran Holdings, Inc.*	23,900		616,859
FMC Technologies, Inc.*	46,000		2,422,360
Gulfmark Offshore, Inc., Class A*	13,500		353,700
Halliburton Co.	342,230		8,401,746
Helix Energy Solutions Group, Inc.*	44,290		477,003
Helmerich & Payne, Inc.	35,600		1,300,112
Hercules Offshore, Inc.*	350		850
ION Geophysical Corp.*	93,100		323,988
Key Energy Services, Inc.*	79,290		727,882
Lufkin Industries, Inc.	17,840		695,582
Nabors Industries Ltd.*	118,390		2,086,032
National Oilwell Varco, Inc.	158,380		5,237,627
Oceaneering International, Inc.*	20,800		933,920
Oil States International, Inc.*	18,900		748,062
Patterson-UTI Energy, Inc.	63,600		818,532
Pride International, Inc.*	75,720		1,691,585
Rowan Cos., Inc.*	43,300		950,002
RPC, Inc.	32,400		442,260
Schlumberger Ltd.	450,920		24,953,913
SEACOR Holdings, Inc.*	8,500		600,610
Seahawk Drilling, Inc.*	5,047		49,057
Smith International, Inc.	96,950		3,650,168
Superior Energy Services, Inc.*	29,730		555,059
T-3 Energy Services, Inc.*	720		20,088
TETRA Technologies, Inc.*	1,460		13,257
Tidewater, Inc.	19,600		758,912
Unit Corp.*	20,200		819,918
Weatherford International Ltd.*	279,900		3,677,886
Willbros Group, Inc.*	44,500		329,300

			81,249,147

*Oil, Gas & Consumable Fuels (8.1%)*
Alpha Natural Resources, Inc.*	49,067		1,661,899
Anadarko Petroleum Corp.	187,080		6,751,717

See Notes to Financial Statements.

315

EQ ADVISORS TRUST

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Apache Corp.	127,480	$	10,732,541
Apco Oil and Gas International, Inc.	16,300		383,213
Arch Coal, Inc.	68,500		1,356,985
Arena Resources, Inc.*	16,400		523,160
Atlas Energy, Inc.*	29,600		801,272
Berry Petroleum Co., Class A	23,500		604,420
Bill Barrett Corp.*	20,430		628,631
BPZ Resources, Inc.*	56,300		233,645
Brigham Exploration Co.*	44,000		676,720
Cabot Oil & Gas Corp.	39,300		1,230,876
Carrizo Oil & Gas, Inc.*	19,100		296,623
Chesapeake Energy Corp.	253,610		5,313,129
Chevron Corp.	759,400		51,532,884
Cimarex Energy Co.	35,160		2,516,753
Cobalt International Energy, Inc.*	59,200		441,040
Comstock Resources, Inc.*	17,900		496,188
Concho Resources, Inc.*	30,800		1,704,164
ConocoPhillips	562,650		27,620,489
Consol Energy, Inc.	80,350		2,712,616
Contango Oil & Gas Co.*	8,880		397,380
Continental Resources, Inc.*	11,600		517,592
CVR Energy, Inc.*	50		376
Delek U.S. Holdings, Inc.	1,230		8,979
Denbury Resources, Inc.*	168,659		2,469,168
Devon Energy Corp.	168,930		10,291,216
El Paso Corp.	303,250		3,369,107
EOG Resources, Inc.	95,700		9,414,009
EXCO Resources, Inc.	55,500		810,855
Exxon Mobil Corp.#	1,940,142		110,723,897
Forest Oil Corp.*	42,500		1,162,800
Frontier Oil Corp.	45,970		618,296
Frontline Ltd.	18,100		516,574
General Maritime Corp.	558		3,370
Hess Corp.	110,220		5,548,475
Holly Corp.	23,200		616,656
International Coal Group, Inc.*	148,900		573,265
Knightsbridge Tankers Ltd.	110		1,935
Marathon Oil Corp.	268,290		8,341,136
Mariner Energy, Inc.*	39,510		848,675
Massey Energy Co.	34,900		954,515
McMoRan Exploration Co.*	37,500		416,625
Murphy Oil Corp.	72,420		3,588,411
Newfield Exploration Co.*	58,150		2,841,209
Noble Energy, Inc.	71,230		4,297,306
Nordic American Tanker Shipping Ltd.	14,600		410,114
Occidental Petroleum Corp.	307,060		23,689,679
Overseas Shipholding Group, Inc.	11,700		433,368
Patriot Coal Corp.*	34,900		410,075
Peabody Energy Corp.	101,600		3,975,608
Penn Virginia Corp.	18,700		376,057
Petrohawk Energy Corp.*	107,500		1,824,275
PetroQuest Energy, Inc.*	420		2,839
Pioneer Natural Resources Co.	43,850		2,606,883
Plains Exploration & Production Co.*	51,850		1,068,628
Quicksilver Resources, Inc.*	44,800		492,800
Range Resources Corp.	65,750		2,639,863
Rosetta Resources, Inc.*	19,900		394,219


	Number of Shares	Value (Note 1)

SandRidge Energy, Inc.*	43,900	$	255,937
Ship Finance International Ltd.	24,400		436,272
SM Energy Co.	25,800		1,036,128
Southern Union Co.	49,900		1,090,814
Southwestern Energy Co.*	130,850		5,056,044
Spectra Energy Corp.	245,000		4,917,150
Stone Energy Corp.*	18,200		203,112
Sunoco, Inc.	45,600		1,585,512
Swift Energy Co.*	16,320		439,171
Teekay Corp.	26,100		683,037
Tesoro Corp.	55,810		651,303
Ultra Petroleum Corp.*	57,500		2,544,375
Valero Energy Corp.	223,430		4,017,271
W&T Offshore, Inc.	1,110		10,501
Western Refining, Inc.*	50,200		252,506
Whiting Petroleum Corp.*	18,300		1,435,086
Williams Cos., Inc.	220,900		4,038,052
World Fuel Services Corp.	27,400		710,756

			354,238,227

Total Energy			435,487,374

Financials (17.0%)
*Capital Markets (2.3%)*
Affiliated Managers Group, Inc.*	19,440		1,181,369
American Capital Ltd.*	128,405		618,912
Ameriprise Financial, Inc.	97,360		3,517,617
Apollo Investment Corp.	65,308		609,324
Ares Capital Corp.	70,900		888,377
Bank of New York Mellon Corp.	458,550		11,321,599
BGC Partners, Inc., Class A	300		1,533
BlackRock, Inc.	13,110		1,879,974
Charles Schwab Corp.	374,034		5,303,802
Cohen & Steers, Inc.	33,000		684,420
ETRADE Financial Corp.	83,210		983,542
Eaton Vance Corp.	46,940		1,296,013
Federated Investors, Inc., Class B	36,800		762,128
Franklin Resources, Inc.	60,030		5,173,986
GAMCO Investors, Inc., Class A	13,460		500,712
GFI Group, Inc.	620		3,460
GLG Partners, Inc.*	149,700		655,686
Goldman Sachs Group, Inc.	197,400		25,912,698
Greenhill & Co., Inc.	7,800		476,814
Invesco Ltd.	180,800		3,042,864
Janus Capital Group, Inc.	69,500		617,160
Jefferies Group, Inc.	59,800		1,260,584
KBW, Inc.*	18,300		392,352
Knight Capital Group, Inc., Class A*	35,710		492,441
LaBranche & Co., Inc.*	4,530		19,388
Lazard Ltd., Class A	34,700		926,837
Legg Mason, Inc.	57,050		1,599,111
MF Global Holdings Ltd.*	820		4,682
Morgan Stanley	528,473		12,265,858
Northern Trust Corp.	91,450		4,270,715
Penson Worldwide, Inc.*	740		4,174
Piper Jaffray Cos., Inc.*	12,500		402,750
Raymond James Financial, Inc.	37,500		925,875

See Notes to Financial Statements.

316

EQ ADVISORS TRUST

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

SEI Investments Co.	59,650	$	1,214,474
State Street Corp.	189,650		6,413,963
Stifel Financial Corp.*	11,200		485,968
SWS Group, Inc.	1,820		17,290
T. Rowe Price Group, Inc.	98,180		4,358,210
TD Ameritrade Holding Corp.*	88,136		1,348,481
Thomas Weisel Partners Group, Inc.*	90		530
Virtus Investment Partners, Inc.*	91		1,704
Waddell & Reed Financial, Inc., Class A	51,220		1,120,694

			102,958,071

*Commercial Banks (3.2%)*
Associated Banc-Corp	65,400		801,804
BancFirst Corp.	8,900		324,761
BancorpSouth, Inc.	31,550		564,114
Bank of Hawaii Corp.	20,900		1,010,515
Bank of the Ozarks, Inc.	13,600		482,392
BB&T Corp.	261,650		6,884,012
BOK Financial Corp.	9,750		462,833
Boston Private Financial Holdings, Inc.	58,230		374,419
Capital City Bank Group, Inc.	15,400		190,652
CapitalSource, Inc.	100,680		479,237
Cathay General Bancorp	21,630		223,438
Chemical Financial Corp.	15,800		344,124
CIT Group, Inc.*	75,600		2,559,816
City Holding Co.	11,030		307,516
City National Corp./California	17,200		881,156
CoBiz Financial, Inc.	190		1,252
Columbia Banking System, Inc.	360		6,574
Comerica, Inc.	66,600		2,452,878
Commerce Bancshares, Inc./Missouri	26,197		942,830
Community Bank System, Inc.	17,900		394,337
Community Trust Bancorp, Inc.	13,600		341,360
Cullen/Frost Bankers, Inc.	24,500		1,259,300
CVB Financial Corp.	35,000		332,500
East West Bancorp, Inc.	55,900		852,475
F.N.B. Corp./Pennsylvania	38,100		305,943
Fifth Third Bancorp	300,450		3,692,531
First Bancorp/Puerto Rico*	42,400		22,472
First Busey Corp.	24,100		109,173
First Citizens BancShares, Inc./North Carolina, Class A	2,800		538,524
First Commonwealth Financial Corp.	38,600		202,650
First Financial Bancorp	32,400		484,380
First Financial Bankshares, Inc.	9,000		432,810
First Financial Corp./Indiana	10,700		276,167
First Horizon National Corp.*	101,223		1,159,000
First Midwest Bancorp, Inc./Illinois	20,700		251,712
FirstMerit Corp.	34,795		596,038
Fulton Financial Corp.	75,000		723,750
Glacier Bancorp, Inc.	24,600		360,882
Hancock Holding Co.	11,100		370,296
Huntington Bancshares, Inc./Ohio	270,900		1,500,786
IBERIABANK Corp.	8,400		432,432


	Number of Shares	Value (Note 1)

Independent Bank Corp./Massachusetts	16,700	$	412,156
International Bancshares Corp.	22,010		367,347
Investors Bancorp, Inc.*	30,300		397,536
KeyCorp	339,300		2,609,217
M&T Bank Corp.	29,699		2,522,930
MainSource Financial Group, Inc.	240		1,721
Marshall & Ilsley Corp.	170,900		1,227,062
MB Financial, Inc.	15,900		292,401
NBT Bancorp, Inc.	16,500		336,930
Old National Bancorp/Indiana	28,300		293,188
PacWest Bancorp	15,730		288,016
Park National Corp.	6,500		422,760
Pinnacle Financial Partners, Inc.*	15,700		201,745
PNC Financial Services Group, Inc.	198,918		11,238,867
Popular, Inc.*	241,800		648,024
PrivateBancorp, Inc.	12,900		142,932
Prosperity Bancshares, Inc.	15,900		552,525
Regions Financial Corp.	498,900		3,282,762
Republic Bancorp, Inc./Kentucky, Class A	18,900		423,360
S&T Bancorp, Inc.	13,000		256,880
Sandy Spring Bancorp, Inc.	10		140
Santander BanCorp*	200		2,528
Signature Bank/New York*	14,900		566,349
Simmons First National Corp., Class A	30		788
Sterling Bancorp/New York	90		810
SunTrust Banks, Inc.	188,950		4,402,535
Susquehanna Bancshares, Inc.	35,400		294,882
SVB Financial Group*	13,400		552,482
Synovus Financial Corp.	296,100		752,094
TCF Financial Corp.	56,950		945,940
Texas Capital Bancshares, Inc.*	25,300		414,920
Tompkins Financial Corp.	9,239		348,772
TowneBank/Virginia	19,300		280,236
Trico Bancshares	50		847
Trustmark Corp.	23,350		486,147
U.S. Bancorp	724,690		16,196,821
UMB Financial Corp.	13,250		471,170
Umpqua Holdings Corp.	27,590		316,733
United Bankshares, Inc.	15,700		375,858
United Community Banks, Inc./Georgia*	36,021		142,283
Valley National Bancorp	65,152		887,370
Webster Financial Corp.	25,700		461,058
Wells Fargo & Co.	1,839,819		47,099,366
WesBanco, Inc.	16,900		284,765
Westamerica Bancorp	12,600		661,752
Western Alliance Bancorp*	35,020		251,093
Whitney Holding Corp./Louisiana	27,570		255,023
Wilmington Trust Corp.	28,400		314,956
Wintrust Financial Corp.	17,700		590,118
Zions Bancorp	51,100		1,102,227

			138,312,263

See Notes to Financial Statements.

317

EQ ADVISORS TRUST

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Consumer Finance (0.7%)*
American Express Co.	406,856	$	16,152,183
AmeriCredit Corp.*	24,070		438,555
Capital One Financial Corp.	172,570		6,954,571
Cash America International, Inc.	14,600		500,342
Credit Acceptance Corp.*	9,600		468,192
Discover Financial Services	236,170		3,301,657
Dollar Financial Corp.*	540		10,687
EZCORP, Inc., Class A*	26,400		489,720
First Cash Financial Services, Inc.*	350		7,630
Nelnet, Inc., Class A	1,130		21,786
SLM Corp.*	189,684		1,970,817
Student Loan Corp.	90		2,167

			30,318,307

*Diversified Financial Services (3.6%)*
Bank of America Corp.	3,793,182		54,508,025
Citigroup, Inc.*	7,998,222		30,073,315
CME Group, Inc.	24,833		6,991,731
Encore Capital Group, Inc.*	210		4,328
Interactive Brokers Group, Inc., Class A*	22,340		370,844
IntercontinentalExchange, Inc.*	27,950		3,159,188
JPMorgan Chase & Co.	1,504,225		55,069,677
Leucadia National Corp.*	88,450		1,725,660
Life Partners Holdings, Inc.	60		1,228
MarketAxess Holdings, Inc.	60		827
Moody’s Corp.	91,750		1,827,660
MSCI, Inc., Class A*	36,334		995,552
NASDAQ OMX Group, Inc.*	59,000		1,049,020
NYSE Euronext	110,650		3,057,260
PHH Corp.*	860		16,374
PICO Holdings, Inc.*	60		1,798

			158,852,487

*Insurance (4.4%)*
ACE Ltd.	128,000		6,589,440
Aflac, Inc.	177,550		7,576,059
Alleghany Corp.*	2,500		733,250
Allied World Assurance Co. Holdings Ltd./Bermuda	19,080		865,850
Allstate Corp.	203,340		5,841,958
Alterra Capital Holdings Ltd.	26,900		505,182
American Equity Investment Life Holding Co.	2,100		21,672
American Financial Group, Inc./Ohio	33,330		910,576
American International Group, Inc.*	45,636		1,571,704
American National Insurance Co.	6,620		536,021
American Physicians Capital, Inc.	146		4,504
AMERISAFE, Inc.*	840		14,742
Amtrust Financial Services, Inc.	44,760		538,910
Aon Corp.	101,900		3,782,528
Arch Capital Group Ltd.*	18,700		1,393,150
Argo Group International Holdings Ltd.	13,329		407,734
Arthur J. Gallagher & Co.	39,500		963,010


	Number of Shares	Value (Note 1)

Aspen Insurance Holdings Ltd.	29,270	$	724,140
Assurant, Inc.	48,100		1,669,070
Assured Guaranty Ltd.	69,700		924,919
Axis Capital Holdings Ltd.	47,870		1,422,696
Berkshire Hathaway, Inc., Class B*	653,900		52,109,291
Brown & Brown, Inc.	49,800		953,172
Chubb Corp.	130,760		6,539,308
Cincinnati Financial Corp.	65,020		1,682,067
CNA Financial Corp.*	30,260		773,446
CNA Surety Corp.*	28,900		464,423
CNO Financial Group, Inc.*	84,000		415,800
Delphi Financial Group, Inc., Class A	690		16,843
EMC Insurance Group, Inc.	30		658
Employers Holdings, Inc.	31,180		459,281
Endurance Specialty Holdings Ltd.	24,000		900,720
Enstar Group, Ltd.*	6,500		431,860
Erie Indemnity Co., Class A	10,800		491,400
Everest Reinsurance Group Ltd.	27,700		1,958,944
FBL Financial Group, Inc., Class A	190		3,990
Fidelity National Financial, Inc., Class A	86,800		1,127,532
First American Financial Corp.	39,300		498,324
Flagstone Reinsurance Holdings S.A.	40,000		432,800
FPIC Insurance Group, Inc.*	405		10,388
Genworth Financial, Inc., Class A*	183,700		2,400,959
Gerova Financial Group Ltd.*	38,500		208,285
Hanover Insurance Group, Inc.	22,290		969,615
Harleysville Group, Inc.	13,310		413,009
Hartford Financial Services Group, Inc.	172,910		3,826,498
HCC Insurance Holdings, Inc.	52,780		1,306,833
Hilltop Holdings, Inc.*	47,080		471,271
Infinity Property & Casualty Corp.	10,500		484,890
Lincoln National Corp.	114,350		2,777,562
Loews Corp.	118,992		3,963,624
Markel Corp.*	3,700		1,258,000
Marsh & McLennan Cos., Inc.	204,650		4,614,858
MBIA, Inc.*	75,600		424,116
Mercury General Corp.	11,300		468,272
MetLife, Inc.	222,660		8,407,642
Montpelier Reinsurance Holdings Ltd.	39,680		592,422
National Interstate Corp.	10		198
National Western Life Insurance Co., Class A	2,100		320,796
Navigators Group, Inc.*	8,380		344,669
Old Republic International Corp.	98,880		1,199,414
OneBeacon Insurance Group Ltd., Class A	38,870		556,618
PartnerReinsurance Ltd.	33,260		2,332,856
Phoenix Cos., Inc.*	84,810		178,949
Platinum Underwriters Holdings Ltd.	21,680		786,767
PMA Capital Corp., Class A*	390		2,555

See Notes to Financial Statements.

318

EQ ADVISORS TRUST

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Presidential Life Corp.	250	$	2,275
Primerica, Inc.*	22,000		471,680
Principal Financial Group, Inc.	132,400		3,103,456
ProAssurance Corp.*	13,700		777,612
Progressive Corp.	253,500		4,745,520
Protective Life Corp.	44,800		958,272
Prudential Financial, Inc.	175,431		9,413,628
Reinsurance Group of America, Inc.	26,010		1,188,917
RenaissanceReinsurance Holdings Ltd.	26,200		1,474,274
RLI Corp.	8,140		427,431
Safety Insurance Group, Inc.	11,300		418,326
Selective Insurance Group, Inc.	23,400		347,724
StanCorp Financial Group, Inc.	22,680		919,447
State Auto Financial Corp.	270		4,188
Stewart Information Services Corp.	250		2,255
Symetra Financial Corp.	38,300		459,600
Torchmark Corp.	38,680		1,915,047
Transatlantic Holdings, Inc.	24,300		1,165,428
Travelers Cos., Inc.	187,270		9,223,048
United America Indemnity Ltd., Class A*	361		2,657
United Fire & Casualty Co.	18,570		368,057
Unitrin, Inc.	21,400		547,840
Unum Group	125,800		2,729,860
Validus Holdings Ltd.	48,618		1,187,252
W.R. Berkley Corp.	52,900		1,399,734
Wesco Financial Corp.	1,400		452,480
White Mountains Insurance Group Ltd.	3,900		1,264,380
XL Capital Ltd., Class A	129,370		2,071,214

			191,619,642

*Real Estate Investment Trusts (REITs) (2.4%)*
Acadia Realty Trust (REIT)	30,325		510,066
Alexander’s, Inc. (REIT)	1,300		393,796
Alexandria Real Estate Equities, Inc. (REIT)	14,880		942,946
AMB Property Corp. (REIT)	63,610		1,508,193
American Campus Communities, Inc. (REIT)	19,200		523,968
Annaly Capital Management, Inc. (REIT)	229,258		3,931,775
Apartment Investment & Management Co. (REIT), Class A	43,188		836,552
AvalonBay Communities, Inc. (REIT)	35,749		3,337,884
BioMed Realty Trust, Inc. (REIT)	35,200		566,368
Boston Properties, Inc. (REIT)	55,170		3,935,828
Brandywine Realty Trust (REIT)	51,000		548,250
BRE Properties, Inc. (REIT)	24,160		892,229
Camden Property Trust (REIT)	24,880		1,016,348
Capstead Mortgage Corp. (REIT)	41,700		461,202
CBL & Associates Properties, Inc. (REIT)	77,091		959,012


	Number of Shares	Value (Note 1)

Chimera Investment Corp. (REIT)	290,400	$	1,048,344
Corporate Office Properties Trust/Maryland (REIT)	21,109		797,076
Cousins Properties, Inc. (REIT)	34,758		234,269
DCT Industrial Trust, Inc. (REIT)	91,400		413,128
Developers Diversified Realty Corp. (REIT)	84,708		838,609
DiamondRock Hospitality Co. (REIT)*	58,300		479,226
Digital Realty Trust, Inc. (REIT)	33,589		1,937,413
Douglas Emmett, Inc. (REIT)	53,300		757,926
Duke Realty Corp. (REIT)	84,800		962,480
DuPont Fabros Technology, Inc. (REIT)	17,600		432,256
EastGroup Properties, Inc. (REIT)	12,100		430,518
Entertainment Properties Trust (REIT)	14,840		564,959
Equity Lifestyle Properties, Inc. (REIT)	10,900		525,707
Equity One, Inc. (REIT)	31,300		488,280
Equity Residential (REIT)	106,987		4,454,939
Essex Property Trust, Inc. (REIT)	11,300		1,102,202
Extra Space Storage, Inc. (REIT)	33,000		458,700
Federal Realty Investment Trust (REIT)	27,780		1,952,101
Franklin Street Properties Corp. (REIT)	41,600		491,296
General Growth Properties, Inc. (REIT)	93,500		1,239,810
Hatteras Financial Corp. (REIT)	18,700		520,234
HCP, Inc. (REIT)	123,597		3,986,003
Health Care REIT, Inc. (REIT)	48,317		2,035,112
Healthcare Realty Trust, Inc. (REIT)	28,300		621,751
Highwoods Properties, Inc. (REIT)	29,530		819,753
Home Properties, Inc. (REIT)	13,610		613,403
Hospitality Properties Trust (REIT)	43,400		915,740
Host Hotels & Resorts, Inc. (REIT)	248,713		3,352,651
HRPT Properties Trust (REIT)*	132,000		819,720
Inland Real Estate Corp. (REIT)	39,600		313,632
Investors Real Estate Trust (REIT)	42,400		374,392
Kilroy Realty Corp. (REIT)	14,700		437,031
Kimco Realty Corp. (REIT)	162,122		2,178,920
LaSalle Hotel Properties (REIT)	37,300		767,261
Lexington Realty Trust (REIT)	69,728		419,065
Liberty Property Trust (REIT)	43,552		1,256,475
LTC Properties, Inc. (REIT)	20,600		499,962
Macerich Co. (REIT)	49,084		1,831,815

See Notes to Financial Statements.

319

EQ ADVISORS TRUST

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Mack-Cali Realty Corp. (REIT)	31,539	$	937,654
MFA Financial, Inc. (REIT)	87,250		645,650
Mid-America Apartment Communities, Inc. (REIT)	11,400		586,758
National Health Investors, Inc. (REIT)	14,680		566,061
National Retail Properties, Inc. (REIT)	38,290		820,938
Nationwide Health Properties, Inc. (REIT)	47,714		1,706,730
Omega Healthcare Investors, Inc. (REIT)	35,140		700,340
Plum Creek Timber Co., Inc. (REIT)	61,614		2,127,531
Post Properties, Inc. (REIT)	27,600		627,348
Potlatch Corp. (REIT)	18,640		666,007
ProLogis (REIT)	191,206		1,936,917
PS Business Parks, Inc. (REIT)	9,900		552,222
Public Storage (REIT)	57,202		5,028,628
Rayonier, Inc. (REIT)	34,350		1,512,087
Realty Income Corp. (REIT)	45,831		1,390,054
Regency Centers Corp. (REIT)	31,486		1,083,118
Saul Centers, Inc. (REIT)	11,800		479,434
Senior Housing Properties Trust (REIT)	54,290		1,091,772
Simon Property Group, Inc. (REIT)	110,659		8,935,714
SL Green Realty Corp. (REIT)	35,100		1,931,904
Sovran Self Storage, Inc. (REIT)	14,800		509,564
Tanger Factory Outlet Centers (REIT)	14,750		610,355
Taubman Centers, Inc. (REIT)	20,600		775,178
UDR, Inc. (REIT)	64,036		1,225,009
Ventas, Inc. (REIT)	59,304		2,784,323
Vornado Realty Trust (REIT)	63,847		4,657,639
Walter Investment Management Corp. (REIT)	8,947		146,283
Washington Real Estate Investment Trust (REIT)	24,370		672,368
Weingarten Realty Investors (REIT)	36,986		704,583

			107,148,745

*Real Estate Management & Development (0.1%)*
Avatar Holdings, Inc.*	70		1,343
CB Richard Ellis Group, Inc., Class A*	108,150		1,471,921
Forest City Enterprises, Inc., Class A*	50,700		573,924
Forestar Group, Inc.*	60		1,077
Jones Lang LaSalle, Inc.	16,500		1,083,060
St. Joe Co.*	40,442		936,637

			4,067,962

*Thrifts & Mortgage Finance (0.3%)*
Astoria Financial Corp.	37,100		510,496
Bank Mutual Corp.	38,400		218,112
Beneficial Mutual Bancorp, Inc.*	36,500		360,620
Brookline Bancorp, Inc.	37,000		328,560
Capitol Federal Financial	13,600		450,976


	Number of Shares	Value (Note 1)

Dime Community Bancshares, Inc.	27,100	$	334,143
Doral Financial Corp.*	57,000		139,080
First Niagara Financial Group, Inc.	79,000		989,870
Hudson City Bancorp, Inc.	178,590		2,185,942
Kearny Financial Corp.	36,700		336,172
MGIC Investment Corp.*	75,800		522,262
New York Community Bancorp, Inc.	164,650		2,514,205
NewAlliance Bancshares, Inc.	1,150		12,892
Northwest Bancshares, Inc.	38,475		441,308
OceanFirst Financial Corp.	40		483
Ocwen Financial Corp.*	1,700		17,323
Oritani Financial Corp.	37,350		373,500
People’s United Financial, Inc.	134,800		1,819,800
PMI Group, Inc.*	790		2,283
Provident Financial Services, Inc.	27,500		321,475
TFS Financial Corp.	36,000		446,760
TrustCo Bank Corp. NY/New York	38,400		215,040
Washington Federal, Inc.	42,500		687,650

			13,228,952

Total Financials			746,506,429

Health Care (12.3%)
*Biotechnology (1.6%)*
Abraxis Bioscience, Inc.*	6,700		497,140
Acorda Therapeutics, Inc.*	22,400		696,864
Alexion Pharmaceuticals, Inc.*	32,500		1,663,675
Alkermes, Inc.*	52,400		652,380
Alnylam Pharmaceuticals, Inc.*	15,400		231,308
Amgen, Inc.*	362,140		19,048,564
Amylin Pharmaceuticals, Inc.*	61,100		1,148,680
Biogen Idec, Inc.*	100,960		4,790,552
BioMarin Pharmaceutical, Inc.*	44,600		845,616
Celera Corp.*	33,600		220,080
Celgene Corp.*	174,200		8,852,844
Cephalon, Inc.*	28,150		1,597,513
Cepheid, Inc.*	29,600		474,192
Cubist Pharmaceuticals, Inc.*	23,500		484,100
Dendreon Corp.*	50,250		1,624,582
Emergent Biosolutions, Inc.*	20,900		341,506
Enzon Pharmaceuticals, Inc.*	520		5,538
Genomic Health, Inc.*	20,600		266,358
Genzyme Corp.*	100,850		5,120,154
Gilead Sciences, Inc.*	336,500		11,535,220
Human Genome Sciences, Inc.*	67,800		1,536,348
Incyte Corp.*	36,700		406,269
Ironwood Pharmaceuticals, Inc.*	36,300		432,696
Isis Pharmaceuticals, Inc.*	37,500		358,875
Martek Biosciences Corp.*	15,450		366,319
Myriad Genetics, Inc.*	39,050		583,798
Onyx Pharmaceuticals, Inc.*	23,500		507,365
Osiris Therapeutics, Inc.*	23,300		135,373
Pharmasset, Inc.*	14,300		390,962
Regeneron Pharmaceuticals, Inc.*	24,500		546,840
Seattle Genetics, Inc.*	41,000		491,590

See Notes to Financial Statements.

320

EQ ADVISORS TRUST

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Talecris Biotherapeutics Holdings Corp.*	22,100	$	466,310
Theravance, Inc.*	31,500		395,955
United Therapeutics Corp.*	18,700		912,747
Vertex Pharmaceuticals, Inc.*	76,400		2,513,560

			70,141,873

*Health Care Equipment & Supplies (2.4%)*
ABIOMED, Inc.*	28,300		273,944
Alcon, Inc.	26,200		3,882,578
Align Technology, Inc.*	61,200		910,044
American Medical Systems Holdings, Inc.*	38,800		858,256
Analogic Corp.	10,710		487,412
Baxter International, Inc.	225,480		9,163,507
Beckman Coulter, Inc.	27,500		1,657,975
Becton, Dickinson and Co.	88,240		5,966,789
Boston Scientific Corp.*	573,300		3,325,140
C.R. Bard, Inc.	35,980		2,789,529
CareFusion Corp.*	76,000		1,725,200
CONMED Corp.*	16,400		305,532
Cooper Cos., Inc.	27,100		1,078,309
Covidien plc	189,500		7,614,110
CryoLife, Inc.*	650		3,503
DENTSPLY International, Inc.	63,200		1,890,312
Edwards Lifesciences Corp.*	45,500		2,548,910
ev3, Inc.*	31,400		703,674
Exactech, Inc.*	240		4,099
Gen-Probe, Inc.*	24,050		1,092,351
Greatbatch, Inc.*	16,300		363,653
Haemonetics Corp.*	10,900		583,368
HeartWare International, Inc.*	6,500		455,455
Hill-Rom Holdings, Inc.	25,930		789,050
Hologic, Inc.*	109,600		1,526,728
Hospira, Inc.*	68,150		3,915,217
ICU Medical, Inc.*	12,600		405,342
IDEXX Laboratories, Inc.*	23,300		1,418,970
Immucor, Inc.*	30,700		584,835
Integra LifeSciences Holdings Corp.*	12,400		458,800
Intuitive Surgical, Inc.*	14,800		4,671,176
Invacare Corp.	24,960		517,670
Inverness Medical Innovations, Inc.*	33,150		883,779
Kensey Nash Corp.*	290		6,876
Kinetic Concepts, Inc.*	25,080		915,671
Masimo Corp.	19,800		471,438
Medtronic, Inc.	416,440		15,104,279
Meridian Bioscience, Inc.	17,700		300,900
Merit Medical Systems, Inc.*	25,300		406,571
Natus Medical, Inc.*	590		9,611
NuVasive, Inc.*	15,950		565,587
Palomar Medical Technologies, Inc.*	10		112
Quidel Corp.*	26,740		339,331
ResMed, Inc.*	33,150		2,015,852
Sirona Dental Systems, Inc.*	12,900		449,436
Somanetics Corp.*	440		10,978
St. Jude Medical, Inc.*	123,500		4,457,115
STERIS Corp.	25,760		800,621
Stryker Corp.	119,070		5,960,644
Symmetry Medical, Inc.*	30,100		317,254


	Number of Shares	Value (Note 1)

Teleflex, Inc.	15,100	$	819,628
Thoratec Corp.*	23,300		995,609
Varian Medical Systems, Inc.*	53,510		2,797,503
Volcano Corp.*	24,500		534,590
West Pharmaceutical Services, Inc.	14,200		518,158
Zimmer Holdings, Inc.*	80,400		4,345,620
Zoll Medical Corp.*	18,500		501,350

			105,499,951

*Health Care Providers & Services (2.4%)*
Accretive Health, Inc.*	34,100		451,143
Aetna, Inc.	160,680		4,238,739
Amedisys, Inc.*	10,800		474,876
AMERIGROUP Corp.*	23,790		772,699
AmerisourceBergen Corp.	106,800		3,390,900
AMN Healthcare Services, Inc.*	780		5,834
Amsurg Corp.*	18,000		320,760
Brookdale Senior Living, Inc.*	32,400		486,000
Cardinal Health, Inc.	136,900		4,601,209
CardioNet, Inc.*	18,600		101,928
Catalyst Health Solutions, Inc.*	19,500		672,750
Centene Corp.*	24,110		518,365
Chemed Corp.	9,900		540,936
CIGNA Corp.	104,640		3,250,118
Community Health Systems, Inc.*	36,400		1,230,684
Corvel Corp.*	90		3,041
Coventry Health Care, Inc.*	61,100		1,080,248
Cross Country Healthcare, Inc.*	40		360
DaVita, Inc.*	43,500		2,716,140
Emdeon, Inc., Class A*	35,600		446,068
Emergency Medical Services Corp., Class A*	11,200		549,136
Express Scripts, Inc.*	214,200		10,071,684
Genoptix, Inc.*	10,700		184,040
Gentiva Health Services, Inc.*	16,960		458,090
Hanger Orthopedic Group, Inc.*	210		3,772
Health Management Associates, Inc., Class A*	94,600		735,042
Health Net, Inc.*	49,340		1,202,416
HealthSouth Corp.*	39,300		735,303
Healthspring, Inc.*	26,220		406,672
Healthways, Inc.*	1,470		17,522
Henry Schein, Inc.*	38,350		2,105,415
HMS Holdings Corp.*	16,500		894,630
Humana, Inc.*	73,700		3,365,879
Laboratory Corp. of America Holdings*	39,450		2,972,558
Landauer, Inc.	7,900		480,952
LHC Group, Inc.*	12,800		355,200
LifePoint Hospitals, Inc.*	22,950		720,630
Lincare Holdings, Inc.*	37,600		1,222,376
Magellan Health Services, Inc.*	16,900		613,808
McKesson Corp.	102,580		6,889,273
MedCath Corp.*	470		3,694
Medco Health Solutions, Inc.*	172,700		9,512,316
MEDNAX, Inc.*	19,720		1,096,629
Molina Healthcare, Inc.*	18,950		545,760
MWI Veterinary Supply, Inc.*	100		5,026
National Healthcare Corp.	9,200		317,032

See Notes to Financial Statements.

321

EQ ADVISORS TRUST

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Omnicare, Inc.	48,120	$	1,140,444
Owens & Minor, Inc.	26,850		762,003
Patterson Cos., Inc.	38,600		1,101,258
PharMerica Corp.*	22,370		327,944
PSS World Medical, Inc.*	25,500		539,325
Psychiatric Solutions, Inc.*	24,950		816,364
Quest Diagnostics, Inc.	56,430		2,808,521
Select Medical Holdings Corp.*	61,900		419,682
Sun Healthcare Group, Inc.*	37,500		303,000
Tenet Healthcare Corp.*	183,100		794,654
UnitedHealth Group, Inc.	429,720		12,204,048
Universal American Corp.*	43,720		629,568
Universal Health Services, Inc., Class B	36,080		1,376,452
VCA Antech, Inc.*	36,850		912,406
WellCare Health Plans, Inc.*	19,320		458,657
WellPoint, Inc.*	161,480		7,901,216

			103,263,195

*Health Care Technology (0.2%)*
Allscripts-Misys Healthcare Solutions, Inc.*	59,050		950,705
athenahealth, Inc.*	16,000		418,080
Cerner Corp.*	27,200		2,064,208
Eclipsys Corp.*	26,900		479,896
MedAssets, Inc.*	30,600		706,248
Phase Forward, Inc.*	30,800		513,744
Quality Systems, Inc.	10,700		620,493
SXC Health Solutions Corp.*	11,600		849,700

			6,603,074

*Life Sciences Tools & Services (0.6%)*
Albany Molecular Research, Inc.*	720		3,722
Bio-Rad Laboratories, Inc., Class A*	8,500		735,165
Bruker Corp.*	34,800		423,168
Charles River Laboratories International, Inc.*	30,150		1,031,431
Covance, Inc.*	24,500		1,257,340
Dionex Corp.*	8,280		616,529
eResearchTechnology, Inc.*	270		2,128
Illumina, Inc.*	53,500		2,328,855
Life Technologies Corp.*	72,293		3,415,844
Luminex Corp.*	18,500		300,070
Mettler-Toledo International, Inc.*	13,300		1,484,679
Millipore Corp.*	24,550		2,618,258
PAREXEL International Corp.*	22,070		478,478
PerkinElmer, Inc.	51,200		1,058,304
Pharmaceutical Product Development, Inc.	39,900		1,013,859
Sequenom, Inc.*	23,800		140,658
Techne Corp.	16,550		950,797
Thermo Fisher Scientific, Inc.*	155,150		7,610,108
Waters Corp.*	35,100		2,270,970

			27,740,363

*Pharmaceuticals (5.1%)*
Abbott Laboratories, Inc.	583,550		27,298,469
Allergan, Inc.	114,970		6,698,152


	Number of Shares	Value (Note 1)

Auxilium Pharmaceuticals, Inc.*	19,350	$	454,725
Bristol-Myers Squibb Co.	650,130		16,214,242
Eli Lilly and Co.	384,510		12,881,085
Endo Pharmaceuticals Holdings, Inc.*	49,250		1,074,635
Forest Laboratories, Inc.*	129,430		3,550,265
Impax Laboratories, Inc.*	23,700		451,722
Johnson & Johnson	1,042,760		61,585,406
King Pharmaceuticals, Inc.*	94,400		716,496
Medicines Co.*	26,000		197,860
Medicis Pharmaceutical Corp., Class A	33,880		741,295
Merck & Co., Inc.	1,178,890		41,225,783
Mylan, Inc.*	120,550		2,054,172
Nektar Therapeutics*	37,000		447,700
Perrigo Co.	32,300		1,907,961
Pfizer, Inc.	3,049,556		43,486,669
Questcor Pharmaceuticals, Inc.*	47,400		483,954
Salix Pharmaceuticals Ltd.*	21,500		839,145
Valeant Pharmaceuticals International*	21,500		1,124,235
Warner Chilcott plc, Class A*	34,000		776,900
Watson Pharmaceuticals, Inc.*	45,320		1,838,632

			226,049,503

Total Health Care			539,297,959

Industrials (11.1%)
*Aerospace & Defense (2.5%)*
AAR Corp.*	27,680		463,363
Aerovironment, Inc.*	12,600		273,798
Alliant Techsystems, Inc.*	14,400		893,664
American Science & Engineering, Inc.	6,000		457,260
BE Aerospace, Inc.*	47,060		1,196,736
Boeing Co.	287,000		18,009,250
Ceradyne, Inc.*	610		13,036
Curtiss-Wright Corp.	20,100		583,704
DynCorp International, Inc., Class A*	29,070		509,306
Esterline Technologies Corp.*	11,300		536,185
General Dynamics Corp.	130,670		7,652,035
Goodrich Corp.	47,290		3,132,963
Herley Industries, Inc.*	90		1,283
Hexcel Corp.*	43,500		674,685
Honeywell International, Inc.	294,800		11,506,044
ITT Corp.	69,350		3,115,202
L-3 Communications Holdings, Inc.	43,770		3,100,667
Lockheed Martin Corp.	116,860		8,706,070
Moog, Inc., Class A*	18,400		593,032
Northrop Grumman Corp.	113,850		6,197,994
Orbital Sciences Corp.*	25,500		402,135
Precision Castparts Corp.	53,770		5,534,008
Raytheon Co.	144,090		6,972,515
Rockwell Collins, Inc.	59,550		3,163,892
Spirit AeroSystems Holdings, Inc., Class A*	47,700		909,162
Stanley, Inc.*	12,500		467,250
Taser International, Inc.*	1,760		6,864
Teledyne Technologies, Inc.*	13,700		528,546
TransDigm Group, Inc.	15,150		773,105

See Notes to Financial Statements.

322

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EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

United Technologies Corp.	352,740	$	22,896,353

			109,270,107

*Air Freight & Logistics (0.7%)*
Atlas Air Worldwide Holdings, Inc.*	9,800		465,500
C.H. Robinson Worldwide, Inc.	70,700		3,935,162
Expeditors International of Washington, Inc.	90,000		3,105,900
FedEx Corp.	118,450		8,304,530
Forward Air Corp.	17,900		487,775
United Parcel Service, Inc., Class B	275,550		15,676,039
UTi Worldwide, Inc.	43,600		539,768

			32,514,674

*Airlines (0.3%)*
Alaska Air Group, Inc.*	13,500		606,825
Allegiant Travel Co.	11,300		482,397
AMR Corp.*	141,500		959,370
Continental Airlines, Inc., Class B*	52,800		1,161,600
Copa Holdings S.A., Class A	11,600		512,952
Delta Air Lines, Inc.*	298,650		3,509,137
Hawaiian Holdings, Inc.*	1,650		8,531
JetBlue Airways Corp.*	75,300		413,397
Republic Airways Holdings, Inc.*	1,790		10,937
SkyWest, Inc.	30,300		370,266
Southwest Airlines Co.	319,300		3,547,423
U.S. Airways Group, Inc.*	54,300		467,523
UAL Corp.*	56,800		1,167,808

			13,218,166

*Building Products (0.1%)*
AAON, Inc.	510		11,888
American Woodmark Corp.	190		3,249
Ameron International Corp.	8,700		524,871
Insteel Industries, Inc.	1,300		15,106
Lennox International, Inc.	21,110		877,542
Masco Corp.	162,800		1,751,728
NCI Building Systems, Inc.*	56		469
Owens Corning, Inc.*	43,170		1,291,215
Quanex Building Products Corp.	1,600		27,664
Simpson Manufacturing Co., Inc.	17,300		424,715
USG Corp.*	34,200		413,136

			5,341,583

*Commercial Services & Supplies (0.7%)*
ABM Industries, Inc.	27,600		578,220
American Reprographics Co.*	41,190		359,589
ATC Technology Corp.*	430		6,932
Avery Dennison Corp.	48,350		1,553,486
Bowne & Co., Inc.	383		4,297
Brink’s Co.	17,300		329,219
Cenveo, Inc.*	1,730		9,480
Cintas Corp.	50,200		1,203,294
Clean Harbors, Inc.*	8,100		537,921
Copart, Inc.*	29,100		1,042,071
Corrections Corp. of America*	43,000		820,440
Courier Corp.	80		977


	Number of Shares	Value (Note 1)

Covanta Holding Corp.*	52,300	$	867,657
G&K Services, Inc., Class A	530		10,944
GEO Group, Inc.*	26,800		556,100
Healthcare Services Group, Inc.	29,000		549,550
Herman Miller, Inc.	27,500		518,925
HNI Corp.	25,800		711,822
Iron Mountain, Inc.	80,650		1,811,399
Mine Safety Appliances Co.	16,600		411,348
Pitney Bowes, Inc.	94,420		2,073,463
R.R. Donnelley & Sons Co.	97,730		1,599,840
Republic Services, Inc.	133,435		3,967,023
Rollins, Inc.	24,800		513,112
Schawk, Inc.	700		10,465
Steelcase, Inc., Class A	53,000		410,750
Stericycle, Inc.*	35,800		2,347,764
Sykes Enterprises, Inc.*	23,790		338,532
Team, Inc.*	17,410		227,200
Tetra Tech, Inc.*	25,100		492,211
U.S. Ecology, Inc.	520		7,576
United Stationers, Inc.*	13,100		713,557
Viad Corp.	930		16,415
Waste Connections, Inc.*	32,700		1,140,903
Waste Management, Inc.	182,650		5,715,118
Waste Services, Inc.*	380		4,431

			31,462,031

*Construction & Engineering (0.3%)*
Aecom Technology Corp.*	40,800		940,848
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)*	38,200		718,542
EMCOR Group, Inc.*	25,100		581,567
Fluor Corp.	67,560		2,871,300
Granite Construction, Inc.	14,500		341,910
Insituform Technologies, Inc., Class A*	750		15,360
Jacobs Engineering Group, Inc.*	54,800		1,996,912
KBR, Inc.	60,700		1,234,638
Layne Christensen Co.*	440		10,679
MasTec, Inc.*	46,200		434,280
Northwest Pipe Co.*	250		4,750
Orion Marine Group, Inc.*	30		426
Pike Electric Corp.*	1,190		11,210
Quanta Services, Inc.*	80,850		1,669,552
Shaw Group, Inc.*	31,880		1,090,934
Tutor Perini Corp.*	27,780		457,814
URS Corp.*	38,100		1,499,235

			13,879,957

*Electrical Equipment (0.7%)*
Acuity Brands, Inc.	17,600		640,288
American Superconductor Corp.*	17,000		453,730
AMETEK, Inc.	45,700		1,834,855
Baldor Electric Co.	26,260		947,461
Brady Corp., Class A	22,860		569,671
Cooper Industries plc	63,300		2,785,200
Emerson Electric Co.	284,710		12,438,980
Encore Wire Corp.	23,400		425,646
EnerSys*	19,900		425,263
FuelCell Energy, Inc.*	510		602
General Cable Corp.*	28,900		770,185
GrafTech International Ltd.*	70,400		1,029,248

See Notes to Financial Statements.

323

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EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Hubbell, Inc., Class B	24,400	$	968,436
II-VI, Inc.*	16,400		485,932
LSI Industries, Inc.	250		1,220
Powell Industries, Inc.*	290		7,928
Regal-Beloit Corp.	13,900		775,342
Rockwell Automation, Inc.	60,500		2,969,945
Roper Industries, Inc.	38,650		2,162,854
Thomas & Betts Corp.*	25,600		888,320
Vicor Corp.*	280		3,497
Woodward Governor Co.	23,030		587,956

			31,172,559

*Industrial Conglomerates (2.1%)*
3M Co.	269,630		21,298,074
Carlisle Cos., Inc.	23,000		830,990
General Electric Co.	4,036,492		58,206,214
McDermott International, Inc.*	105,000		2,274,300
Otter Tail Corp.	20,400		394,332
Raven Industries, Inc.	13,400		451,714
Standex International Corp.	380		9,633
Textron, Inc.	114,400		1,941,368
Tyco International Ltd.	193,000		6,799,390

			92,206,015

*Machinery (2.2%)*
3D Systems Corp.*	10		126
Actuant Corp., Class A	23,500		442,505
AGCO Corp.*	35,200		949,344
Albany International Corp., Class A	28,450		460,606
Altra Holdings, Inc.*	710		9,244
American Railcar Industries, Inc.*	80		966
ArvinMeritor, Inc.*	35,600		466,360
Astec Industries, Inc.*	17,100		474,183
Barnes Group, Inc.	31,620		518,252
Blount International, Inc.*	42,020		431,545
Briggs & Stratton Corp.	29,400		500,388
Bucyrus International, Inc.	28,400		1,347,580
Cascade Corp.	270		9,615
Caterpillar, Inc.	243,710		14,639,660
Chart Industries, Inc.*	580		9,036
CLARCOR, Inc.	21,900		777,888
Colfax Corp.*	630		6,558
Crane Co.	18,600		561,906
Cummins, Inc.	75,860		4,940,762
Danaher Corp.	201,060		7,463,347
Deere & Co.	166,440		9,267,379
Donaldson Co., Inc.	29,100		1,241,115
Dover Corp.	70,590		2,949,956
Eaton Corp.	63,400		4,148,896
Flowserve Corp.	24,680		2,092,864
Force Protection, Inc.*	400		1,640
Gardner Denver, Inc.	23,200		1,034,488
Graco, Inc.	25,160		709,260
Graham Corp.	210		3,148
Harsco Corp.	30,400		714,400
IDEX Corp.	30,740		878,242
Illinois Tool Works, Inc.	166,610		6,877,661
Ingersoll-Rand plc	121,700		4,197,433
Joy Global, Inc.	45,680		2,288,111
Kadant, Inc.*	470		8,187


	Number of Shares	Value (Note 1)

Kaydon Corp.	13,700	$	450,182
Kennametal, Inc.	35,190		894,882
L.B. Foster Co., Class A*	400		10,368
Lincoln Electric Holdings, Inc.	19,230		980,538
Lindsay Corp.	9,060		287,111
Manitowoc Co., Inc.	59,400		542,916
Met-Pro Corp.	100		1,076
Mueller Water Products, Inc., Class A	3,270		12,132
NACCO Industries, Inc., Class A	300		26,628
Navistar International Corp.*	26,900		1,323,480
Nordson Corp.	14,630		820,450
Oshkosh Corp.*	33,900		1,056,324
PACCAR, Inc.	137,930		5,499,269
Pall Corp.	52,300		1,797,551
Parker Hannifin Corp.	60,910		3,378,069
Pentair, Inc.	37,300		1,201,060
RBC Bearings, Inc.*	20,400		591,396
Robbins & Myers, Inc.	21,170		460,236
Sauer-Danfoss, Inc.*	1,570		19,185
Snap-On, Inc.	25,100		1,026,841
SPX Corp.	18,900		998,109
Sun Hydraulics Corp.	550		12,903
Tecumseh Products Co., Class A*	680		7,562
Terex Corp.*	48,030		900,082
Timken Co.	36,640		952,274
Toro Co.	14,920		732,870
Trinity Industries, Inc.	36,070		639,160
Twin Disc, Inc.	40		454
Valmont Industries, Inc.	7,700		559,482
WABCO Holdings, Inc.*	29,970		943,456
Wabtec Corp.	21,200		845,668
Watts Water Technologies, Inc., Class A	17,510		501,837

			97,896,202

*Marine (0.1%)*
Alexander & Baldwin, Inc.	18,080		538,422
American Commercial Lines, Inc.*	525		11,818
Eagle Bulk Shipping, Inc.*	41,100		173,442
Genco Shipping & Trading Ltd.*	24,910		373,401
Horizon Lines, Inc., Class A	250		1,058
Kirby Corp.*	24,350		931,387

			2,029,528

*Professional Services (0.3%)*
Administaff, Inc.	23,300		562,928
Advisory Board Co.*	140		6,015
CBIZ, Inc.*	52,020		330,847
Corporate Executive Board Co.	15,490		406,922
CoStar Group, Inc.*	13,600		527,680
Dun & Bradstreet Corp.	24,250		1,627,660
Equifax, Inc.	56,620		1,588,757
Exponent, Inc.*	470		15,378
FTI Consulting, Inc.*	21,500		937,185
Hill International, Inc.*	850		3,451
Huron Consulting Group, Inc.*	8,900		172,749
IHS, Inc., Class A*	20,200		1,180,084

See Notes to Financial Statements.

324

EQ ADVISORS TRUST

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Kelly Services, Inc., Class A*	32,000	$	475,840
Kforce, Inc.*	780		9,945
Korn/Ferry International*	34,380		477,882
Manpower, Inc.	34,980		1,510,437
Navigant Consulting, Inc.*	24,000		249,120
On Assignment, Inc.*	770		3,873
Resources Connection, Inc.*	27,650		376,040
Robert Half International, Inc.	62,260		1,466,223
School Specialty, Inc.*	500		9,035
SFN Group, Inc.*	980		5,351
Towers Watson & Co., Class A	17,900		695,415
Verisk Analytics, Inc., Class A*	39,100		1,169,090

			13,807,907

*Road & Rail (0.9%)*
Amerco, Inc.*	9,440		519,672
Arkansas Best Corp.	16,890		350,468
Avis Budget Group, Inc.*	890		8,740
Con-way, Inc.	19,100		573,382
CSX Corp.	147,150		7,303,055
Dollar Thrifty Automotive Group, Inc.*	10,800		460,188
Genesee & Wyoming, Inc., Class A*	14,700		548,457
Heartland Express, Inc.	29,400		426,888
Hertz Global Holdings, Inc.*	73,200		692,472
J.B. Hunt Transport Services, Inc.	35,950		1,174,486
Kansas City Southern*	37,850		1,375,847
Knight Transportation, Inc.	28,700		580,888
Landstar System, Inc.	23,650		922,114
Norfolk Southern Corp.	139,870		7,420,103
Ryder System, Inc.	24,900		1,001,727
Union Pacific Corp.	191,360		13,301,434
Werner Enterprises, Inc.	22,800		499,092

			37,159,013

*Trading Companies & Distributors (0.2%)*
Applied Industrial Technologies, Inc.	23,300		589,956
Beacon Roofing Supply, Inc.*	32,000		576,640
DXP Enterprises, Inc.*	230		3,600
Fastenal Co.	54,900		2,755,431
GATX Corp.	21,500		573,620
H&E Equipment Services, Inc.*	750		5,617
Houston Wire & Cable Co.	910		9,874
Interline Brands, Inc.*	180		3,112
MSC Industrial Direct Co., Class A	16,500		835,890
RSC Holdings, Inc.*	46,900		289,373
Textainer Group Holdings Ltd.	280		6,759
W.W. Grainger, Inc.	23,350		2,322,158
Watsco, Inc.	12,210		707,203
WESCO International, Inc.*	25,320		852,524

			9,531,757

Total Industrials			489,489,499

Information Technology (18.3%)
*Communications Equipment (2.2%)*
Acme Packet, Inc.*	16,510		443,789
ADC Telecommunications, Inc.*	64,000		474,240


	Number of Shares	Value (Note 1)

ADTRAN, Inc.	23,500	$	640,845
Arris Group, Inc.*	67,300		685,787
BigBand Networks, Inc.*	820		2,476
Black Box Corp.	16,060		447,914
Blue Coat Systems, Inc.*	400		8,172
Brocade Communications Systems, Inc.*	144,160		743,866
Ciena Corp.*	35,000		443,800
Cisco Systems, Inc.*	2,159,270		46,014,044
CommScope, Inc.*	35,700		848,589
Digi International, Inc.*	650		5,376
EchoStar Corp., Class A*	23,550		449,334
Emulex Corp.*	55,090		505,726
Extreme Networks, Inc.*	423		1,142
F5 Networks, Inc.*	32,900		2,255,953
Harmonic, Inc.*	77,400		421,056
Harris Corp.	49,040		2,042,516
Hughes Communications, Inc.*	70		1,703
Infinera Corp.*	56,500		363,295
InterDigital, Inc.*	20,100		496,269
Ixia*	1,220		10,480
JDS Uniphase Corp.*	99,450		978,588
Juniper Networks, Inc.*	198,900		4,538,898
Motorola, Inc.*	878,650		5,728,798
NETGEAR, Inc.*	400		7,136
Oplink Communications, Inc.*	210		3,009
Palm, Inc.*	1,000		5,690
Plantronics, Inc.	30,900		883,740
Polycom, Inc.*	37,800		1,126,062
Powerwave Technologies, Inc.*	2,150		3,311
QUALCOMM, Inc.	620,180		20,366,711
Riverbed Technology, Inc.*	38,800		1,071,656
SeaChange International, Inc.*	800		6,584
Sonus Networks, Inc.*	245,790		666,091
Sycamore Networks, Inc.	15,470		257,111
Symmetricom, Inc.*	340		1,731
Tekelec*	34,920		462,341
Tellabs, Inc.	155,160		991,472
UTStarcom, Inc.*	480		883
ViaSat, Inc.*	22,120		720,227

			95,126,411

*Computers & Peripherals (3.8%)*
Apple, Inc.*	344,050		86,538,897
Avid Technology, Inc.*	29,200		371,716
Dell, Inc.*	643,344		7,758,729
Diebold, Inc.	27,650		753,462
Electronics for Imaging, Inc.*	43,600		425,100
EMC Corp.*	777,190		14,222,577
Hewlett-Packard Co.	886,620		38,372,914
Imation Corp.*	1,210		11,120
Intermec, Inc.*	33,700		345,425
Lexmark International, Inc., Class A*	29,690		980,661
NCR Corp.*	60,600		734,472
NetApp, Inc.*	130,250		4,859,627
Netezza Corp.*	500		6,840
QLogic Corp.*	56,900		945,678
SanDisk Corp.*	86,990		3,659,669
Seagate Technology*	184,310		2,403,402
Silicon Graphics International Corp.*	210		1,487

See Notes to Financial Statements.

325

EQ ADVISORS TRUST

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Synaptics, Inc.*	15,300	$	420,750
Teradata Corp.*	63,060		1,922,069
Western Digital Corp.*	86,670		2,613,967

			167,348,562

*Electronic Equipment, Instruments & Components (0.8%)*
Agilent Technologies, Inc.*	131,630		3,742,241
Agilysys, Inc.	120		803
Amphenol Corp., Class A	65,620		2,577,554
Anixter International, Inc.*	13,400		570,840
Arrow Electronics, Inc.*	45,900		1,025,865
Avnet, Inc.*	64,920		1,565,221
AVX Corp.	48,140		617,155
Benchmark Electronics, Inc.*	35,100		556,335
Checkpoint Systems, Inc.*	34,400		597,184
Cognex Corp.	27,500		483,450
Coherent, Inc.*	17,400		596,820
Corning, Inc.	590,090		9,529,953
CTS Corp.	1,260		11,642
Daktronics, Inc.	480		3,600
Dolby Laboratories, Inc., Class A*	20,200		1,266,338
Electro Scientific Industries, Inc.*	620		8,283
FLIR Systems, Inc.*	59,200		1,722,128
Ingram Micro, Inc., Class A*	72,800		1,105,832
Insight Enterprises, Inc.*	1,230		16,187
IPG Photonics Corp.*	30,000		456,900
Itron, Inc.*	15,310		946,464
Jabil Circuit, Inc.	68,100		905,730
L-1 Identity Solutions, Inc.*	58,060		475,511
Littelfuse, Inc.*	700		22,127
Molex, Inc.	50,300		917,472
MTS Systems Corp.	13,200		382,800
National Instruments Corp.	23,800		756,364
Newport Corp.*	1,260		11,416
OSI Systems, Inc.*	330		9,164
Park Electrochemical Corp.	370		9,032
PC Connection, Inc.*	160		969
Plexus Corp.*	25,500		681,870
Rofin-Sinar Technologies, Inc.*	21,200		441,384
Scansource, Inc.*	23,370		582,614
Tech Data Corp.*	19,500		694,590
Technitrol, Inc.	960		3,034
Trimble Navigation Ltd.*	45,900		1,285,200
Vishay Intertechnology, Inc.*	103,200		798,768

			35,378,840

*Internet Software & Services (1.6%)*
Akamai Technologies, Inc.*	74,400		3,018,408
AOL, Inc.*	47,456		986,610
Art Technology Group, Inc.*	910		3,112
comScore, Inc.*	70		1,153
DealerTrack Holdings, Inc.*	40,300		662,935
Digital River, Inc.*	16,500		394,515
EarthLink, Inc.	65,000		517,400
eBay, Inc.*	448,370		8,792,536
Equinix, Inc.*	16,300		1,323,886
Google, Inc., Class A*	92,125		40,991,019
GSI Commerce, Inc.*	23,500		676,800
IAC/InterActiveCorp*	40,250		884,293
j2 Global Communications, Inc.*	25,600		559,104


	Number of Shares	Value (Note 1)

LoopNet, Inc.*	950	$	11,714
Marchex, Inc., Class B	840		3,234
ModusLink Global Solutions, Inc.*	210		1,266
Monster Worldwide, Inc.*	47,700		555,705
NIC, Inc.	60		385
Perficient, Inc.*	320		2,851
Rackspace Hosting, Inc.*	36,700		673,078
RealNetworks, Inc.*	103,810		342,573
Stamps.com, Inc.*	770		7,892
United Online, Inc.	58,100		334,656
ValueClick, Inc.*	68,980		737,396
VeriSign, Inc.*	68,950		1,830,623
VistaPrint N.V.*	16,500		783,585
Vocus, Inc.*	400		6,112
WebMD Health Corp.*	20,200		937,886
Yahoo!, Inc.*	512,450		7,087,183

			72,127,910

*IT Services (3.3%)*
Accenture plc, Class A	231,100		8,932,015
Acxiom Corp.*	57,190		840,121
Alliance Data Systems Corp.*	21,100		1,255,872
Amdocs Ltd.*	90,010		2,416,769
Automatic Data Processing, Inc.	190,150		7,655,439
Broadridge Financial Solutions, Inc.	61,110		1,164,145
CACI International, Inc., Class A*	12,200		518,256
Cognizant Technology Solutions Corp., Class A*	113,250		5,669,295
Computer Sciences Corp.	66,240		2,997,360
Convergys Corp.*	71,800		704,358
CoreLogic, Inc.	39,300		694,038
CSG Systems International, Inc.*	27,540		504,808
Cybersource Corp.*	40,700		1,039,071
DST Systems, Inc.	19,880		718,463
Euronet Worldwide, Inc.*	45,000		575,550
ExlService Holdings, Inc.*	390		6,696
Fidelity National Information Services, Inc.	141,125		3,784,972
Fiserv, Inc.*	57,650		2,632,299
Forrester Research, Inc.*	16,300		493,238
Gartner, Inc.*	26,600		618,450
Genpact Ltd.*	53,400		829,302
Global Cash Access Holdings, Inc.*	1,320		9,517
Global Payments, Inc.	30,900		1,129,086
Hackett Group, Inc.*	80		225
Heartland Payment Systems, Inc.	26,360		391,182
Hewitt Associates, Inc., Class A*	35,200		1,212,992
iGATE Corp.	880		11,282
infoGROUP, Inc.*	520		4,150
Integral Systems, Inc.*	840		5,334
International Business Machines Corp.	484,800		59,863,104
Lender Processing Services, Inc.	35,800		1,120,898
ManTech International Corp., Class A*	8,400		357,588

See Notes to Financial Statements.

326

EQ ADVISORS TRUST

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Mastercard, Inc., Class A	36,700	$	7,322,751
MAXIMUS, Inc.	14,700		850,689
NeuStar, Inc., Class A*	32,590		672,006
Online Resources Corp.*	10		42
Paychex, Inc.	122,010		3,168,600
SAIC, Inc.*	116,950		1,957,743
Sapient Corp.	44,100		447,174
SRA International, Inc., Class A*	31,500		619,605
Syntel, Inc.	16,680		566,286
TeleTech Holdings, Inc.*	47,050		606,474
Total System Services, Inc.	62,200		845,920
Unisys Corp.*	496		9,171
VeriFone Systems, Inc.*	40,500		766,665
Visa, Inc., Class A	179,050		12,667,788
Western Union Co.	254,160		3,789,526
Wright Express Corp.*	28,800		855,360

			143,301,675

*Office Electronics (0.1%)*
Xerox Corp.	521,331		4,191,501
Zebra Technologies Corp., Class A*	27,700		702,749

			4,894,250

*Semiconductors & Semiconductor Equipment (2.8%)*
Actel Corp.*	590		7,564
Advanced Analogic Technologies, Inc.*	70		223
Advanced Micro Devices, Inc.*	232,600		1,702,632
Altera Corp.	128,450		3,186,844
Amkor Technology, Inc.*	115,200		634,752
Analog Devices, Inc.	127,070		3,540,170
Applied Materials, Inc.	507,820		6,103,996
Atheros Communications, Inc.*	27,100		746,334
Atmel Corp.*	197,000		945,600
ATMI, Inc.*	880		12,883
Avago Technologies Ltd.*	40,100		844,506
Broadcom Corp., Class A	187,670		6,187,480
Cabot Microelectronics Corp.*	17,380		601,174
Cavium Networks, Inc.*	700		18,333
Cree, Inc.*	38,900		2,335,167
Cypress Semiconductor Corp.*	98,500		988,940
Diodes, Inc.*	480		7,618
DSP Group, Inc.*	640		4,090
Energy Conversion Devices, Inc.*	22,100		90,610
Entegris, Inc.*	4,540		18,024
Evergreen Solar, Inc.*	109,900		74,952
Exar Corp.*	1,400		9,702
Fairchild Semiconductor International, Inc.*	86,600		728,306
FEI Co.*	23,160		456,484
First Solar, Inc.*	21,350		2,430,271
FormFactor, Inc.*	28,800		311,040
GT Solar International, Inc.*	105,900		593,040
Hittite Microwave Corp.*	14,400		644,256
Integrated Device Technology, Inc.*	77,100		381,645
Intel Corp.	2,103,610		40,915,214
International Rectifier Corp.*	33,800		629,018
Intersil Corp., Class A	46,800		566,748


	Number of Shares	Value (Note 1)

IXYS Corp.*	700	$	6,188
KLA-Tencor Corp.	76,180		2,123,898
Kulicke & Soffa Industries, Inc.*	610		4,282
Lam Research Corp.*	54,500		2,074,270
Linear Technology Corp.	94,050		2,615,531
LSI Corp.*	247,100		1,136,660
Marvell Technology Group Ltd.*	216,430		3,410,937
Maxim Integrated Products, Inc.	131,550		2,200,832
MEMC Electronic Materials, Inc.*	100,270		990,668
Micrel, Inc.	58,400		594,512
Microchip Technology, Inc.	81,000		2,246,940
Micron Technology, Inc.*	323,450		2,746,091
Microsemi Corp.*	31,400		459,382
MKS Instruments, Inc.*	27,400		512,928
Monolithic Power Systems, Inc.*	31,420		561,161
National Semiconductor Corp.	90,000		1,211,400
Netlogic Microsystems, Inc.*	23,700		644,640
Novellus Systems, Inc.*	36,300		920,568
NVIDIA Corp.*	216,360		2,209,036
OmniVision Technologies, Inc.*	1,350		28,944
ON Semiconductor Corp.*	162,500		1,036,750
Pericom Semiconductor Corp.*	1,210		11,616
PMC-Sierra, Inc.*	103,000		774,560
Power Integrations, Inc.	22,300		717,948
Rambus, Inc.*	39,700		695,544
RF Micro Devices, Inc.*	3,270		12,786
Rudolph Technologies, Inc.*	10		75
Semtech Corp.*	41,070		672,316
Silicon Image, Inc.*	5,630		19,761
Silicon Laboratories, Inc.*	21,840		885,830
Skyworks Solutions, Inc.*	72,500		1,217,275
Standard Microsystems Corp.*	30		698
SunPower Corp., Class A*	36,850		445,885
Supertex, Inc.*	430		10,604
Teradyne, Inc.*	91,610		893,197
Tessera Technologies, Inc.*	22,000		353,100
Texas Instruments, Inc.	462,090		10,757,455
TriQuint Semiconductor, Inc.*	124,000		757,640
Varian Semiconductor Equipment Associates, Inc.*	28,200		808,212
Veeco Instruments, Inc.*	15,300		524,484
Volterra Semiconductor Corp.*	80		1,845
Xilinx, Inc.	104,600		2,642,196

			125,656,261

*Software (3.7%)*
ACI Worldwide, Inc.*	29,500		574,365
Activision Blizzard, Inc.	196,100		2,057,089
Adobe Systems, Inc.*	199,020		5,260,099
Advent Software, Inc.*	19,620		921,355
ANSYS, Inc.*	34,700		1,407,779
Ariba, Inc.*	45,100		718,443
Autodesk, Inc.*	98,350		2,395,806
Blackbaud, Inc.	33,450		728,206
Blackboard, Inc.*	15,200		567,416
BMC Software, Inc.*	68,600		2,375,618
Bottomline Technologies, Inc.*	220		2,867
CA, Inc.	147,050		2,705,720
Cadence Design Systems, Inc.*	112,030		648,654
Citrix Systems, Inc.*	78,550		3,317,166

See Notes to Financial Statements.

327

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EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Compuware Corp.*	85,050	$	678,699
Concur Technologies, Inc.*	20,300		866,404
Electronic Arts, Inc.*	134,200		1,932,480
EPIQ Systems, Inc.*	30,400		393,072
FactSet Research Systems, Inc.	18,970		1,270,800
Fair Isaac Corp.	29,200		636,268
Informatica Corp.*	37,700		900,276
Intuit, Inc.*	106,050		3,687,358
Jack Henry & Associates, Inc.	30,730		733,832
Kenexa Corp.*	870		10,440
Lawson Software, Inc.*	99,400		725,620
Manhattan Associates, Inc.*	790		21,764
McAfee, Inc.*	65,400		2,009,088
Mentor Graphics Corp.*	83,970		743,135
MICROS Systems, Inc.*	30,400		968,848
Microsoft Corp.	2,895,850		66,633,509
MicroStrategy, Inc., Class A*	200		15,018
Novell, Inc.*	150,200		853,136
Nuance Communications, Inc.*	84,490		1,263,125
Oracle Corp.	1,440,290		30,908,623
Parametric Technology Corp.*	51,050		799,954
Progress Software Corp.*	19,160		575,375
Quest Software, Inc.*	31,000		559,240
Radiant Systems, Inc.*	160		2,314
Red Hat, Inc.*	71,300		2,063,422
Rovi Corp.*	41,550		1,575,161
Salesforce.com, Inc.*	47,100		4,042,122
Solera Holdings, Inc.	21,110		764,182
SonicWALL, Inc.*	1,330		15,628
SuccessFactors, Inc.*	23,800		494,802
Sybase, Inc.*	32,700		2,114,382
Symantec Corp.*	301,990		4,191,621
Symyx Technologies, Inc.*	470		2,355
Synchronoss Technologies, Inc.*	910		17,263
Synopsys, Inc.*	61,920		1,292,270
Take-Two Interactive Software, Inc.*	34,600		311,400
Taleo Corp., Class A*	190		4,615
TIBCO Software, Inc.*	85,640		1,032,818
TiVo, Inc.*	66,900		493,722
VMware, Inc., Class A*	27,800		1,740,002
Websense, Inc.*	24,500		463,050

			161,487,776

Total Information Technology			805,321,685

Materials (3.9%)
*Chemicals (2.0%)*
A. Schulman, Inc.	470		8,911
Air Products & Chemicals, Inc.	80,280		5,202,947
Airgas, Inc.	37,700		2,344,940
Albemarle Corp.	36,800		1,461,328
Arch Chemicals, Inc.	15,700		482,618
Ashland, Inc.	31,964		1,483,769
Cabot Corp.	29,200		704,012
Celanese Corp., Class A	62,200		1,549,402
CF Industries Holdings, Inc.	28,802		1,827,487
Cytec Industries, Inc.	18,500		739,815
Dow Chemical Co.	436,680		10,358,050
E.I. du Pont de Nemours & Co.	342,540		11,848,459
Eastman Chemical Co.	33,860		1,806,769
Ecolab, Inc.	88,212		3,961,601


	Number of Shares	Value (Note 1)

Ferro Corp.*	40,360	$	297,453
FMC Corp.	34,250		1,966,977
Huntsman Corp.	61,000		528,870
Innophos Holdings, Inc.	510		13,301
International Flavors & Fragrances, Inc.	35,000		1,484,700
Intrepid Potash, Inc.*	21,300		416,841
LSB Industries, Inc.*	580		7,720
Lubrizol Corp.	25,800		2,071,998
Minerals Technologies, Inc.	8,600		408,844
Monsanto Co.	206,300		9,535,186
Mosaic Co.	69,430		2,706,381
Nalco Holding Co.	49,000		1,002,540
NewMarket Corp.	4,600		401,672
NL Industries, Inc.	33,600		204,960
Olin Corp.	29,800		539,082
PolyOne Corp.*	2,750		23,155
PPG Industries, Inc.	62,900		3,799,789
Praxair, Inc.	120,600		9,164,394
Quaker Chemical Corp.	480		13,003
Rockwood Holdings, Inc.*	19,730		447,674
RPM International, Inc.	49,050		875,052
Scotts Miracle-Gro Co., Class A	19,400		861,554
Sensient Technologies Corp.	20,600		534,158
Sherwin-Williams Co.	34,800		2,407,812
Sigma-Aldrich Corp.	45,900		2,287,197
Solutia, Inc.*	45,900		601,290
Spartech Corp.*	1,320		13,530
Valspar Corp.	44,500		1,340,340
W.R. Grace & Co.*	27,500		578,600
Westlake Chemical Corp.	310		5,757

			88,319,938

*Construction Materials (0.1%)*
Martin Marietta Materials, Inc.	17,700		1,501,137
Texas Industries, Inc.	100		2,954
Vulcan Materials Co.	48,700		2,134,521

			3,638,612

*Containers & Packaging (0.4%)*
AptarGroup, Inc.	29,600		1,119,472
Ball Corp.	42,250		2,232,068
Bemis Co., Inc.	42,300		1,142,100
Crown Holdings, Inc.*	72,750		1,821,660
Graphic Packaging Holding Co.*	143,300		451,395
Greif, Inc., Class A	14,800		821,992
Myers Industries, Inc.	1,070		8,656
Owens-Illinois, Inc.*	77,550		2,051,197
Packaging Corp. of America	48,600		1,070,172
Pactiv Corp.*	56,450		1,572,133
Rock-Tenn Co., Class A	14,700		730,149
Sealed Air Corp.	69,960		1,379,611
Silgan Holdings, Inc.	20,400		578,952
Sonoco Products Co.	44,160		1,345,997
Temple-Inland, Inc.	40,700		841,269

			17,166,823

*Metals & Mining (1.1%)*
AK Steel Holding Corp.	41,600		495,872
Alcoa, Inc.	420,250		4,227,715
Allegheny Technologies, Inc.	44,660		1,973,525

See Notes to Financial Statements.

328

EQ ADVISORS TRUST

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Allied Nevada Gold Corp.*	24,000	$	472,320
AMCOL International Corp.	19,500		458,250
Carpenter Technology Corp.	24,000		787,920
Cliffs Natural Resources, Inc.	55,540		2,619,266
Coeur d’Alene Mines Corp.*	33,300		525,474
Commercial Metals Co.	49,390		652,936
Compass Minerals International, Inc.	12,400		871,472
Freeport-McMoRan Copper & Gold, Inc.	163,550		9,670,712
Gerdau Ameristeel Corp.*	53,100		578,790
Hecla Mining Co.*	91,500		477,630
Kaiser Aluminum Corp.	14,160		490,927
Newmont Mining Corp.	179,900		11,107,026
Nucor Corp.	119,120		4,559,914
Olympic Steel, Inc.	720		16,538
Reliance Steel & Aluminum Co.	28,100		1,015,815
Royal Gold, Inc.	18,000		864,000
Southern Copper Corp.	63,960		1,697,498
Steel Dynamics, Inc.	71,300		940,447
Thompson Creek Metals Co., Inc.*	52,900		459,172
Titanium Metals Corp.*	30,000		527,700
United States Steel Corp.	51,590		1,988,795
Universal Stainless & Alloy Products, Inc.*	40		640
Walter Energy, Inc.	22,000		1,338,700
Worthington Industries, Inc.	37,000		475,820

			49,294,874

*Paper & Forest Products (0.3%)*
Buckeye Technologies, Inc.*	1,360		13,532
Clearwater Paper Corp.*	5,325		291,597
Deltic Timber Corp.	9,200		384,560
Domtar Corp.	19,740		970,221
International Paper Co.	165,050		3,735,081
Louisiana-Pacific Corp.*	3,030		20,271
MeadWestvaco Corp.	78,600		1,744,920
Neenah Paper, Inc.	160		2,928
P.H. Glatfelter Co.	1,440		15,624
Wausau Paper Corp.*	45,000		304,650
Weyerhaeuser Co.	90,100		3,171,520

			10,654,904

Total Materials			169,075,151

Telecommunication Services (2.8%)
*Diversified Telecommunication Services (2.2%)*
AboveNet, Inc.*	9,800		462,364
AT&T, Inc.	2,234,054		54,041,766
Atlantic Tele-Network, Inc.	110		4,543
Cbeyond, Inc.*	370		4,625
CenturyLink, Inc.	113,569		3,782,983
Frontier Communications Corp.	118,450		842,180
Level 3 Communications, Inc.*	626,200		682,558
Premiere Global Services, Inc.*	51,900		329,046
Qwest Communications International, Inc.	625,680		3,284,820
tw telecom, Inc.*	57,400		957,432
Verizon Communications, Inc.	1,068,740		29,946,095
Windstream Corp.	212,071		2,239,470

			96,577,882


	Number of Shares	Value (Note 1)

*Wireless Telecommunication Services (0.6%)*
American Tower Corp., Class A*	152,500	$	6,786,250
Clearwire Corp., Class A*	63,600		463,008
Crown Castle International Corp.*	109,850		4,093,011
Leap Wireless International, Inc.*	31,900		414,062
MetroPCS Communications, Inc.*	108,050		884,929
NII Holdings, Inc.*	73,400		2,386,968
NTELOS Holdings Corp.	26,600		457,520
SBA Communications Corp., Class A*	48,700		1,656,287
Sprint Nextel Corp.*	1,113,525		4,721,346
Syniverse Holdings, Inc.*	45,100		922,295
Telephone & Data Systems, Inc.	31,910		969,745
U.S. Cellular Corp.*	11,300		464,995
USA Mobility, Inc.	400		5,168

			24,225,584

Total Telecommunication Services			120,803,466

Utilities (3.7%)
*Electric Utilities (1.7%)*
Allegheny Energy, Inc.	64,100		1,325,588
American Electric Power Co., Inc.	181,070		5,848,561
Cleco Corp.	25,900		684,019
DPL, Inc.	45,000		1,075,500
Duke Energy Corp.	496,500		7,944,000
Edison International	123,160		3,906,635
Empire District Electric Co.	22,600		424,202
Entergy Corp.	71,600		5,127,992
Exelon Corp.	249,740		9,482,628
FirstEnergy Corp.	115,250		4,060,257
Great Plains Energy, Inc.	51,600		878,232
Hawaiian Electric Industries, Inc.	35,200		801,856
IDACORP, Inc.	20,050		667,064
ITC Holdings Corp.	20,600		1,089,946
NextEra Energy, Inc.	156,750		7,643,130
Northeast Utilities	61,550		1,568,294
NV Energy, Inc.	100,300		1,184,543
Pepco Holdings, Inc.	87,450		1,371,216
Pinnacle West Capital Corp.	42,600		1,548,936
Portland General Electric Co.	28,500		522,405
PPL Corp.	143,150		3,571,593
Progress Energy, Inc.	112,420		4,409,112
Southern Co.	311,750		10,375,040
Westar Energy, Inc.	43,900		948,679

			76,459,428

*Gas Utilities (0.4%)*
AGL Resources, Inc.	32,350		1,158,777
Atmos Energy Corp.	38,500		1,041,040
Energen Corp.	27,200		1,205,776
EQT Corp.	56,800		2,052,752
Laclede Group, Inc.	8,600		284,918
National Fuel Gas Co.	28,900		1,325,932
New Jersey Resources Corp.	18,100		637,120

See Notes to Financial Statements.

329

EQ ADVISORS TRUST

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Nicor, Inc.	17,100	$	692,550
ONEOK, Inc.	46,500		2,011,125
Piedmont Natural Gas Co., Inc.	30,900		781,770
Questar Corp.	66,200		3,011,438
South Jersey Industries, Inc.	12,100		519,816
Southwest Gas Corp.	17,200		507,400
UGI Corp.	45,950		1,168,968
WGL Holdings, Inc.	19,100		649,973

			17,049,355

*Independent Power Producers & Energy Traders (0.2%)*
AES Corp.*	275,595		2,546,498
Calpine Corp.*	152,700		1,942,344
Constellation Energy Group, Inc.	75,150		2,423,588
Dynegy, Inc.*	1,270		4,890
Mirant Corp.*	74,000		781,440
NRG Energy, Inc.*	102,550		2,175,085
Ormat Technologies, Inc.	14,750		417,277
RRI Energy, Inc.*	154,470		585,441

			10,876,563

*Multi-Utilities (1.3%)*
Alliant Energy Corp.	43,600		1,383,864
Ameren Corp.	88,700		2,108,399
CenterPoint Energy, Inc.	139,350		1,833,846
CH Energy Group, Inc.	10,200		400,248
CMS Energy Corp.	86,900		1,273,085
Consolidated Edison, Inc.	106,600		4,594,460
Dominion Resources, Inc.	225,350		8,730,059
DTE Energy Co.	71,900		3,279,359
Integrys Energy Group, Inc.	30,100		1,316,574
MDU Resources Group, Inc.	78,350		1,412,650
NiSource, Inc.	121,000		1,754,500
NSTAR	42,300		1,480,500
OGE Energy Corp.	36,800		1,345,408
PG&E Corp.	148,720		6,112,392
Public Service Enterprise Group, Inc.	191,300		5,993,429
SCANA Corp.	50,350		1,800,516


	Number of Shares		Value (Note 1)

Sempra Energy		93,590	$	4,379,076
TECO Energy, Inc.		80,850		1,218,410
Vectren Corp.		30,700		726,362
Wisconsin Energy Corp.		51,050		2,590,277
Xcel Energy, Inc.		185,580		3,824,804

				57,558,218

*Water Utilities (0.1%)*
American Water Works Co., Inc.		65,800		1,355,480
Aqua America, Inc.		53,850		952,068
California Water Service Group		10,500		374,850

				2,682,398

Total Utilities				164,625,962

Total Common Stocks (99.6%) (Cost $4,269,826,523)				4,374,210,275

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (1.7%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $76,100,288)	$	76,100,288		76,100,288

Total Investments (101.3%) (Cost/Amortized Cost $4,345,926,811)				4,450,310,563
Other Assets Less Liabilities (-1.3%)				(56,556,380	)

Net Assets (100%)			$	4,393,754,183

*	Non-income producing.

#	All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $17,463,420.

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index	30	September-10	$	1,925,618	$	1,823,400	$	(102,218	)
S&P 500 E-Mini Index	258	September-10		13,855,064		13,243,140		(611,924	)

							$	(714,142	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

See Notes to Financial Statements.

330

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EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	478,361,243		$	–	$	–	$	478,361,243
Consumer Staples		425,241,507			–		–		425,241,507
Energy		435,487,374			–		–		435,487,374
Financials		746,506,429			–		–		746,506,429
Health Care		539,297,959			–		–		539,297,959
Industrials		489,489,499			–		–		489,489,499
Information Technology		805,321,685			–		–		805,321,685
Materials		169,075,151			–		–		169,075,151
Telecommunication Services		120,803,466			–		–		120,803,466
Utilities		164,625,962			–		–		164,625,962
Short-Term Investments		–			76,100,288		–		76,100,288

Total Assets	$	4,374,210,275		$	76,100,288	$	–	$	4,450,310,563

Liabilities:
Futures	$	(714,142	)	$	–	$	–	$	(714,142	)

Total Liabilities	$	(714,142	)	$	–	$	–	$	(714,142	)

Total	$	4,373,496,133		$	76,100,288	$	–	$	4,449,596,421

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments in Securities-Financial
Balance as of 12/31/09	$	3,023
Total gains or losses (realized/unrealized) included in earnings		—
Purchases, sales, issuances, and settlements (net)		(3,023	)
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of 6/30/10	$	—
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	—

See Notes to Financial Statements.

331

EQ ADVISORS TRUST

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	—

	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(714,142)	*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(714,142	)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(2,436,451	)		—		—		(2,436,451	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(2,436,451	)	$	—	$	—	$	(2,436,451	)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(694,700	)		—		—		(694,700	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(694,700	)	$	—	$	—	$	(694,700	)

This Portfolio held futures contracts with an average notional balance of approximately $20,999,000 during the six months ended June 30, 2010.

^ This Portfolio held futures contracts to gain or reduce exposure to the financial markets.

See Notes to Financial Statements.

332

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EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	408,940,657
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	631,380,943

As of June 30, 2010, 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	$	731,692,391
Aggregate gross unrealized depreciation		(685,942,657	)

Net unrealized appreciation	$	45,749,734

Federal income tax cost of investments	$	4,404,560,829

The Portfolio has a net capital loss carryforward of $2,894,789,060 of which $669,460,381 expires in the year 2010, $6,931,676 expires in the year 2015, $529,022,662 expires in the year 2016 and $1,689,374,341 expires in the year 2017.

See Notes to Financial Statements.

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EQ/COMMON STOCK INDEX PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $4,345,926,811)	$	4,450,310,563
Cash		69,012
Receivable for securities sold		28,330,842
Dividends, interest and other receivables		5,849,903
Receivable from Separate Accounts for Trust shares sold		1,071,825
Other assets		87,276

Total assets		4,485,719,421

LIABILITIES
Payable for securities purchased		87,101,514
Payable to Separate Accounts for Trust shares redeemed		2,389,941
Investment management fees payable		1,339,253
Administrative fees payable		393,534
Distribution fees payable - Class IB		242,240
Variation margin payable on futures contracts		128,430
Trustees’ fees payable		18,172
Accrued expenses		352,154

Total liabilities		91,965,238

NET ASSETS	$	4,393,754,183

Net assets were comprised of:
Paid in capital	$	7,112,158,631
Accumulated undistributed net investment income (loss)		34,165,855
Accumulated undistributed net realized gain (loss) on investments and futures		(2,856,239,913	)
Unrealized appreciation (depreciation) on investments and futures		103,669,610

Net assets	$	4,393,754,183

Class IA
Net asset value, offering and redemption price per share, $3,282,192,113 / 249,650,751 shares outstanding (unlimited amount authorized: $0.01 par value)	$	13.15

Class IB
Net asset value, offering and redemption price per share, $1,111,562,070 / 85,107,763 shares outstanding (unlimited amount authorized: $0.01 par value)	$	13.06

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends	$	46,549,214
Interest		14
Securities lending (net)		383,049

Total income		46,932,277

EXPENSES
Investment management fees		8,530,298
Administrative fees		2,512,314
Distribution fees - Class IB		1,545,228
Printing and mailing expenses		288,588
Trustees’ fees		58,120
Professional fees		56,907
Custodian fees		50,828
Miscellaneous		35,092

Total expenses		13,077,375

NET INVESTMENT INCOME (LOSS)		33,854,902

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		99,676,127
Futures		(2,436,451	)

Net realized gain (loss)		97,239,676

Change in unrealized appreciation (depreciation) on:
Securities		(425,158,653	)
Futures		(694,700	)

Net change in unrealized appreciation (depreciation)		(425,853,353	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(328,613,677	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(294,758,775	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	33,854,902		$	84,452,730
Net realized gain (loss) on investments and futures		97,239,676			64,645,276
Net change in unrealized appreciation (depreciation) on investments and futures		(425,853,353	)		966,560,783

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(294,758,775	)		1,115,658,789

DIVIDENDS:
Dividends from net investment income
Class IA		—			(65,053,833	)
Class IB		—			(19,058,636	)

TOTAL DIVIDENDS		—			(84,112,469	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [1,641,455 and 4,796,958 shares, respectively]		23,666,872			56,489,163
Capital shares issued in connection with merger (Note 8) [0 and 464,999 shares, respectively]		—			6,344,413
Capital shares issued in reinvestment of dividends [0 and 4,723,875 shares, respectively]		—			65,053,833
Capital shares repurchased [(14,698,136) and (32,423,071) shares, respectively]		(210,821,368	)		(381,356,151	)

Total Class IA transactions		(187,154,496	)		(253,468,742	)

Class IB
Capital shares sold [2,064,663 and 6,286,827 shares, respectively]		29,446,294			72,005,859
Capital shares issued in connection with merger (Note 8) [0 and 3,833,522 shares, respectively]		—			51,928,440
Capital shares issued in reinvestment of dividends [0 and 1,391,283 shares, respectively]		—			19,058,636
Capital shares repurchased [(6,953,070) and (15,144,060) shares, respectively]		(98,803,905	)		(178,854,027	)

Total Class IB transactions		(69,357,611	)		(35,861,092	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(256,512,107	)		(289,329,834	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(551,270,882	)		742,216,486
NET ASSETS:
Beginning of period		4,945,025,065			4,202,808,579

End of period (a)	$	4,393,754,183		$	4,945,025,065

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	34,165,855		$	310,953

See Notes to Financial Statements.

335

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EQ/COMMON STOCK INDEX PORTFOLIO (ee)

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	14.04		$	11.11		$	20.27		$	19.80		$	18.09		$	17.49

Income (loss) from investment operations:
Net investment income (loss)		0.10	(e)		0.24	(e)		0.29	(e)		0.25	(e)		0.27	(e)		0.18	(e)
Net realized and unrealized gain (loss) on investments and futures		(0.99	)		2.94			(9.14	)		0.48			1.72			0.61

Total from investment operations		(0.89	)		3.18			(8.85	)		0.73			1.99			0.79

Less distributions:
Dividends from net investment income		—			(0.25	)		(0.31	)		(0.26	)		(0.28	)		(0.19	)

Net asset value, end of period	$	13.15		$	14.04		$	11.11		$	20.27		$	19.80		$	18.09

Total return (b)		(6.34	)%		28.68	%		(43.67	)%		3.73	%		11.01	%		4.52	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	3,282,192		$	3,688,279		$	3,168,157		$	6,425,334		$	7,114,739		$	7,297,020
Ratio of expenses to average net assets:
After fees paid indirectly (a)		0.47	%		0.49	%		0.46	%		0.59	%		0.55	%		0.50	%
Before fees paid indirectly (a)		0.47	%		0.49	%		0.61	%		0.60	%		0.57	%		0.52	%
Ratio of net investment income to average net assets:
After fees paid indirectly (a)		1.45	%		2.02	%		1.79	%		1.21	%		1.43	%		1.05	%
Before fees paid indirectly (a)		1.45	%		2.02	%		1.64	%		1.20	%		1.42	%		1.03	%
Portfolio turnover rate		9	%		4	%		83	%		44	%		35	%		38	%

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	13.96		$	11.05		$	20.16		$	19.69		$	17.99		$	17.39

Income (loss) from investment operations:
Net investment income (loss)		0.08	(e)		0.21	(e)		0.25	(e)		0.19	(e)		0.22	(e)		0.14	(e)
Net realized and unrealized gain (loss) on investments and futures		(0.98	)		2.91			(9.08	)		0.49			1.71			0.60

Total from investment operations		(0.90	)		3.12			(8.83	)		0.68			1.93			0.74

Less distributions:
Dividends from net investment income		—			(0.21	)		(0.28	)		(0.21	)		(0.23	)		(0.14	)

Net asset value, end of period	$	13.06		$	13.96		$	11.05		$	20.16		$	19.69		$	17.99

Total return (b)		(6.45	)%		28.31	%		(43.81	)%		3.48	%		10.72	%		4.27	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,111,562		$	1,256,746		$	1,034,651		$	2,090,492		$	2,364,942		$	2,351,936
Ratio of expenses to average net assets:
After fees paid indirectly (a)		0.72	%		0.74	%		0.71	%		0.84	%		0.80	%		0.75	%
Before fees paid indirectly (a)		0.72	%		0.74	%		0.86	%		0.85	%		0.82	%		0.77	%
Ratio of net investment income to average net assets:
After fees paid indirectly (a)		1.20	%		1.77	%		1.54	%		0.96	%		1.18	%		0.80	%
Before fees paid indirectly (a)		1.20	%		1.77	%		1.39	%		0.95	%		1.17	%		0.78	%
Portfolio turnover rate		9	%		4	%		83	%		44	%		35	%		38	%

See Notes to Financial Statements.

336

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EQ/COMMON STOCK INDEX PORTFOLIO (ee)

FINANCIAL HIGHLIGHTS (Continued)

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

Net investment income per share is based on average shares outstanding.

(ee)

On September 18, 2009, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/Common Stock Index II Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2009 represents the results of operations of the EQ/Common Stock Index Portfolio.

See Notes to Financial Statements.

337

EQ/CORE BOND INDEX PORTFOLIO (Unaudited)


Distribution of Assets by Sector as of 6/30/2010	% of Net Assets
Government Securities	75.6	%
Corporate Bonds	20.3
Asset-Backed and Mortgage-Backed Securities	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:

(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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$1,051.10	$2.44
Hypothetical (5% average return before expenses)	1,000.00	1,022.41	2.41
Class IB
Actual	1,000.00	1,050.00	3.71
Hypothetical (5% average return before expenses)	1,000.00	1,021.17	3.66
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.48% and 0.73%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

338

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EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (3.2%)
*Asset-Backed Securities (0.2%)*
AEP Texas Central Transition Funding LLC,
Series 2002-1 A4 5.170%, 1/1/18	$	365,000	$	414,942
Series 2002-1 A5 6.250%, 1/15/17		350,000		411,114
BMW Vehicle Owner Trust, Series 2010-A A3 1.390%, 4/25/14		200,000		201,055
Capital One Multi-Asset Execution Trust,
Series 2005-A7 A7 4.700%, 6/15/15		500,000		535,159
Series 2006-A10 A10 5.150%, 6/16/14		100,000		104,570
Series 2007-A7 A7 5.750%, 7/15/20		200,000		234,241
Chase Issuance Trust, Series 2007-A17 A 5.120%, 10/15/14		1,750,000		1,899,757
Citibank Credit Card Issuance Trust,
Series 2003-A10 A10 4.750%, 12/10/15		250,000		274,259
Series 2003-A7 A7 4.150%, 7/7/17		600,000		647,521
Series 2005-A2 A2 4.850%, 3/10/17		500,000		555,500
Series 2006-A3 A3 5.300%, 3/15/18		1,350,000		1,543,224
Series 2007-A8 A8 5.650%, 9/20/19		750,000		881,144
Series 2008-A1 A1 5.350%, 2/7/20		600,000		697,007
Series 2009-A4 A4 4.900%, 6/23/16		1,200,000		1,329,633
Series 2009-A5 A5 2.250%, 12/23/14		250,000		254,957
Entergy Texas Restoration Funding LLC,
Series 2009-A A1 2.120%, 2/1/16		150,000		152,764
Ford Credit Auto Owner Trust,
Series 2007-B A4A 5.240%, 7/15/12		100,000		103,540
Series 2008-A A4 4.370%, 10/15/12		500,000		518,561
Honda Auto Receivables Owner Trust,
Series 2010-2 A3 1.340%, 3/18/14		355,000		355,955
PG&E Energy Recovery Funding LLC,
Series 2005-1 A5 4.470%, 12/25/14		650,000		696,221
PSE&G Transition Funding LLC,
Series 2001-1 A6 6.610%, 6/15/15		450,000		497,137
USAA Auto Owner Trust,
Series 2009-2 A4 2.530%, 7/15/15		200,000		205,588

				12,513,849


	Principal Amount		Value (Note 1)

*Non-Agency CMO (3.0%)*
Banc of America Commercial Mortgage, Inc.,
Series 2004-6 A3 4.512%, 12/10/42	$	3,000,000	$	3,060,303
Series 2005-1 A4 5.217%, 11/10/42(l)		2,700,000		2,783,246
Series 2005-4 A2 4.764%, 7/10/45		187,012		191,176
Series 2006-4 A4 5.634%, 7/10/46		50,000		51,306
Series 2006-6 A4 5.356%, 10/10/45		750,000		762,468
Series 2007-2 A4 5.867%, 4/10/49(l)		3,375,000		3,275,664
Series 2007-3 A4 5.837%, 6/10/49(l)		3,390,000		3,336,731
Series 2007-4 A4 5.935%, 2/10/51(l)		1,000,000		1,020,262
Bear Stearns Commercial Mortgage Securities, Inc.,
Series 2004-T16 A6 4.750%, 2/13/46(l)		2,560,000		2,616,756
Series 2005-PW10 A4 5.405%, 12/11/40(l)		175,000		185,606
Series 2005-PW10 AM 5.449%, 12/11/40(l)		1,000,000		849,676
Series 2005-PWR7 A3 5.116%, 2/11/41(l)		3,105,000		3,338,440
Series 2005-PWR8 A4 4.674%, 6/11/41		1,000,000		1,030,673
Series 2006-T24 A4 5.537%, 10/12/41		750,000		771,044
Series 2007-PW16 A4 5.907%, 6/11/40(l)		1,250,000		1,271,956
Series 2007-PW17 A2 5.574%, 6/11/50		750,000		771,969
Series 2007-PW17 AM 5.915%, 6/11/50(l)		2,000,000		1,691,807
Citigroup Commercial Mortgage Trust, Inc.,
Series 2006-C5 A4 5.431%, 10/15/49		1,250,000		1,257,645
Series 2007-C6 A4 5.888%, 12/10/49(l)		1,650,000		1,667,030
Citigroup/Deutsche Bank Commercial Mortgage Trust,
Series 2006-CD2 A4 5.546%, 1/15/46(l)		1,000,000		1,002,547
Series 2006-CD3 AM 5.648%, 10/15/48		1,000,000		809,206
Series 2007-CD4 A3 5.293%, 12/11/49		1,000,000		996,416
Series 2007-CD4 A4 5.322%, 12/11/49		100,000		97,130
Commercial Mortgage Pass Through Certificates,
Series 2005-LP5 A4 4.982%, 5/10/43(l)		2,610,000		2,725,347
Credit Suisse Mortgage Capital Certificates,
Series 2006-C2 A2 5.846%, 3/15/39(l)		250,000		257,650
Series 2006-C3 A3 6.019%, 6/15/38(l)		1,100,000		1,128,865
Series 2006-C4 A3 5.467%, 9/15/39		2,090,000		2,111,051

See Notes to Financial Statements.

339

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Series 2007-C4 A3 5.998%, 9/15/39(l)	$	1,000,000	$	994,987
CS First Boston Mortgage Securities Corp.,
Series 2001-CK6 A3 6.387%, 8/15/36		984,276		1,021,334
Series 2004-C1 A4 4.750%, 1/15/37(l)		250,000		256,114
Series 2004-C2 A1 3.819%, 5/15/36		465,342		469,310
Series 2004-C2 A2 5.416%, 5/15/36(l)		750,000		797,579
Series 2004-C4 A6 4.691%, 10/15/39		600,000		608,772
Series 2004-C5 A4 4.829%, 11/15/37		1,000,000		1,028,217
Series 2005-C3 A4 4.686%, 7/15/37		345,000		350,915
CW Capital Cobalt Ltd.,
Series 2007-C3 A4 6.015%, 5/15/46(l)		50,000		48,058
GE Capital Commercial Mortgage Corp.,
Series 2004-C3 A3 4.865%, 7/10/39(l)		600,000		608,836
Series 2005-C1 A3 4.578%, 6/10/48		1,110,000		1,109,975
Series 2007-C1 A4 5.543%, 12/10/49		2,325,000		2,207,719
GMAC Commercial Mortgage Securities, Inc.,
Series 2004-C3 A5 4.864%, 12/10/41		2,700,000		2,735,399
Greenwich Capital Commercial Funding Corp.,
Series 2005-GG3 A4 4.799%, 8/10/42(l)		3,450,000		3,583,349
Series 2005-GG5 A5 5.224%, 4/10/37(l)		2,000,000		2,050,141
Series 2006-GG7 A4 6.085%, 7/10/38(l)		3,178,000		3,312,290
Series 2007-GG9 A4 5.444%, 3/10/39		2,300,000		2,304,156
GS Mortgage Securities Corp. II,
Series 2004-GG2 A6 5.396%, 8/10/38(l)		3,941,000		4,152,669
Series 2005-GG4 A4 4.761%, 7/10/39		2,500,000		2,536,572
Series 2006-GG6 A4 5.553%, 4/10/38(l)		3,372,000		3,422,947
Series 2006-GG8 A2 5.479%, 11/10/39		750,000		764,472
Series 2006-GG8 A4 5.560%, 11/10/39		65,000		66,183
JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 2003-CB7 A4 4.879%, 1/12/38(l)		5,236,000		5,499,335
Series 2005-LDP1 A3 4.865%, 3/15/46		3,000,000		3,071,373
Series 2005-LDP2 A3 4.697%, 7/15/42		200,000		205,411
Series 2005-LDP3 A4B 4.996%, 8/15/42(l)		1,275,000		1,159,887
Series 2006-CB15 A4 5.814%, 6/12/43(l)		3,285,000		3,425,092


	Principal Amount		Value (Note 1)

Series 2006-CB16 A4 5.552%, 5/12/45	$	1,000,000	$	1,027,438
Series 2006-LDP9 A1S 5.284%, 5/15/47		2,693,714		2,758,031
Series 2007-C1 ASB 5.857%, 2/15/51		2,000,000		2,010,887
Series 2007-CB18 A4 5.440%, 6/12/47		1,960,000		1,957,465
Series 2007-LD11 A2 5.968%, 6/15/49(l)		1,000,000		1,033,735
Series 2007-LD11 A4 5.983%, 6/15/49(l)		1,000,000		981,035
LB-UBS Commercial Mortgage Trust,
Series 2004-C2 A4 4.367%, 3/15/36		3,590,000		3,672,167
Series 2004-C8 A4 4.510%, 12/15/29		1,611,000		1,643,023
Series 2005-C3 A5 4.739%, 7/15/30		200,000		207,993
Series 2005-C7 A4 5.197%, 11/15/30(l)		300,000		315,920
Series 2006-C1 A4 5.156%, 2/15/31		2,500,000		2,600,798
Series 2007-C6 A4 5.858%, 7/15/40(l)		2,650,000		2,607,197
Series 2007-C7 A3 5.866%, 9/15/45(l)		3,480,000		3,475,869
Merrill Lynch Mortgage Trust,
Series 2004-KEY2 A4 4.864%, 8/12/39(l)		2,820,000		2,901,993
Series 2005-MCP1 A4 4.747%, 6/12/43(l)		130,000		134,785
Series 2007-C1 A4 6.020%, 6/12/50(l)		2,825,000		2,851,511
Series 2008-C1 A3 5.710%, 2/12/51		300,000		305,168
Merrill Lynch/Countrywide Commercial Mortgage Trust,
Series 2006-4 A3 5.172%, 12/12/49(l)		100,000		97,971
Series 2007-5 A4 5.378%, 8/12/48		4,150,000		3,855,493
Series 2007-6 A4 5.485%, 3/12/51(l)		2,750,000		2,555,023
Morgan Stanley Capital I, Inc.,
Series 2003-T11 A4 5.150%, 6/13/41		200,000		211,157
Series 2004-IQ8 A5 5.110%, 6/15/40(l)		630,000		662,256
Series 2005-HQ5 A4 5.168%, 1/14/42		1,194,000		1,253,163
Series 2005-IQ9 A5 4.700%, 7/15/56		3,800,000		3,884,234
Series 2006-HQ8 A3 5.610%, 3/12/44(l)		1,000,000		1,009,909
Series 2007-HQ12 A5 5.812%, 4/12/49(l)		1,540,000		1,433,839
Series 2007-IQ14 A2 5.610%, 4/15/49		2,500,000		2,561,093
Series 2007-IQ14 A4 5.692%, 4/15/49(l)		85,000		80,478
Series 2007-T25 A3 5.514%, 11/12/49(l)		4,150,000		4,455,949

See Notes to Financial Statements.

340

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EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Morgan Stanley Dean Witter Capital I,
Series 2001-TOP5 A4 6.390%, 10/15/35	$	924,624	$	962,418
TIAA Seasoned Commercial Mortgage Trust,
Series 2007-C4 A3 6.071%, 8/15/39(l)		1,015,000		1,083,861
Wachovia Bank Commercial Mortgage Trust,
Series 2003-C8 A4 4.964%, 11/15/35(l)		2,765,000		2,927,173
Series 2003-C9 A4 5.012%, 12/15/35(l)		250,000		264,998
Series 2004-C11 A5 5.215%, 1/15/41(l)		1,002,000		1,051,504
Series 2006-C23 AJ 5.515%, 1/15/45(l)		1,000,000		725,932
Series 2006-C27 A3 5.765%, 7/15/45(l)		1,085,000		1,148,890
Series 2006-C27 AM 5.795%, 7/15/45(l)		500,000		422,465
Series 2007-C30 A5 5.342%, 12/15/43		1,175,000		1,090,631
Series 2007-C31 A2 5.421%, 4/15/47		3,250,000		3,321,720
Series 2007-C32 A3 5.929%, 6/15/49(l)		1,000,000		953,631
Series 2007-C33 A4 6.099%, 2/15/51(l)		1,757,000		1,729,605

				155,081,470

Total Asset-Backed and Mortgage-Backed Securities				167,595,319

Corporate Bonds (20.3%)
Consumer Discretionary (1.4%)
*Auto Components (0.0%)*
Johnson Controls, Inc. 5.000%, 3/30/20		750,000		788,278

*Automobiles (0.1%)*
Daimler Finance N.A. LLC
5.750%, 9/8/11		500,000		520,671
6.500%, 11/15/13		1,232,000		1,378,900
8.500%, 1/18/31		530,000		677,048

				2,576,619

*Hotels, Restaurants & Leisure (0.1%)*
International Game Technology 7.500%, 6/15/19		150,000		174,182
Marriott International, Inc. 5.625%, 2/15/13		500,000		532,694
McDonald’s Corp.
4.300%, 3/1/13		250,000		268,575
5.350%, 3/1/18		500,000		572,644
5.000%, 2/1/19		750,000		835,592
6.300%, 3/1/38		507,000		619,142
Yum! Brands, Inc.
4.250%, 9/15/15		400,000		424,422
6.875%, 11/15/37		1,045,000		1,199,635

				4,626,886


	Principal Amount		Value (Note 1)

*Household Durables (0.1%)*
Fortune Brands, Inc.
3.000%, 6/1/12	$	300,000	$	303,614
6.375%, 6/15/14		300,000		333,927
5.375%, 1/15/16		500,000		539,037
Newell Rubbermaid, Inc. 10.600%, 4/15/19		95,000		131,123
Toll Brothers Finance Corp.
8.910%, 10/15/17		400,000		446,087
6.750%, 11/1/19		250,000		245,072
Whirlpool Corp.
8.000%, 5/1/12		225,000		246,143
5.500%, 3/1/13		500,000		535,524

				2,780,527

*Leisure Equipment & Products (0.0%)*
Hasbro, Inc. 6.350%, 3/15/40		155,000		157,907

*Media (0.9%)*
CBS Corp.
5.625%, 8/15/12		500,000		529,746
4.625%, 5/15/18		45,000		44,922
8.875%, 5/15/19		250,000		314,530
5.750%, 4/15/20		370,000		397,131
7.875%, 7/30/30		581,000		672,688
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13		1,073,000		1,242,500
Comcast Corp.
6.500%, 1/15/15		300,000		344,322
5.900%, 3/15/16		1,346,000		1,516,871
5.700%, 5/15/18		800,000		879,398
5.700%, 7/1/19		1,050,000		1,154,252
5.150%, 3/1/20		1,000,000		1,046,949
7.050%, 3/15/33		250,000		288,640
6.500%, 11/15/35		1,000,000		1,087,505
6.450%, 3/15/37		465,000		502,805
6.950%, 8/15/37		1,142,000		1,299,055
6.550%, 7/1/39		550,000		601,470
COX Communications, Inc.
4.625%, 6/1/13		800,000		852,998
5.450%, 12/15/14		545,000		601,560
DIRECTV Holdings LLC
3.550%, 3/15/15		390,000		392,588
5.200%, 3/15/20		465,000		484,629
6.350%, 3/15/40		380,000		406,912
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
4.750%, 10/1/14		300,000		317,722
7.625%, 5/15/16		786,000		853,792
5.875%, 10/1/19		500,000		546,193
Discovery Communications LLC
3.700%, 6/1/15		300,000		307,573
5.050%, 6/1/20		600,000		623,681
6.350%, 6/1/40		300,000		320,606
Grupo Televisa S.A. 6.000%, 5/15/18		600,000		644,478
Historic TW, Inc. 6.625%, 5/15/29		500,000		550,282
McGraw-Hill Cos., Inc.
5.900%, 11/15/17		500,000		554,377
6.550%, 11/15/37		200,000		229,199

See Notes to Financial Statements.

341

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

NBC Universal, Inc.
3.650%, 4/30/15§	$	300,000	$	306,780
5.150%, 4/30/20§		845,000		881,325
6.400%, 4/30/40§		125,000		133,525
News America Holdings, Inc. 9.250%, 2/1/13		676,000		795,991
News America, Inc.
6.900%, 3/1/19		250,000		296,134
5.650%, 8/15/20		500,000		552,251
6.550%, 3/15/33		500,000		536,133
6.200%, 12/15/34		35,000		36,863
6.150%, 3/1/37		471,000		491,220
6.650%, 11/15/37		800,000		897,845
7.850%, 3/1/39		500,000		616,943
Omnicom Group, Inc. 6.250%, 7/15/19		300,000		341,448
Reed Elsevier Capital, Inc. 8.625%, 1/15/19		750,000		954,805
Thomson Reuters Corp.
5.700%, 10/1/14		870,000		970,265
6.500%, 7/15/18		500,000		590,610
4.700%, 10/15/19		300,000		317,482
5.850%, 4/15/40		300,000		318,744
Time Warner Cable, Inc.
5.400%, 7/2/12		500,000		534,087
6.200%, 7/1/13		1,400,000		1,565,816
7.500%, 4/1/14		500,000		580,948
5.850%, 5/1/17		960,000		1,054,033
6.750%, 7/1/18		500,000		573,939
8.250%, 4/1/19		750,000		922,351
5.000%, 2/1/20		440,000		449,962
6.550%, 5/1/37		95,000		102,394
7.300%, 7/1/38		775,000		899,777
6.750%, 6/15/39		1,000,000		1,104,723
Time Warner Entertainment Co. LP
8.375%, 3/15/23		500,000		641,055
Time Warner, Inc.
6.875%, 5/1/12		1,585,000		1,726,769
5.875%, 11/15/16		472,000		532,088
4.875%, 3/15/20		200,000		206,254
7.700%, 5/1/32		1,999,000		2,410,862
6.500%, 11/15/36		500,000		543,782
Viacom, Inc.
4.375%, 9/15/14		200,000		212,573
6.250%, 4/30/16		205,000		232,521
5.625%, 9/15/19		700,000		766,812
6.875%, 4/30/36		500,000		566,034
Walt Disney Co.
6.375%, 3/1/12		60,000		65,033
4.500%, 12/15/13		2,500,000		2,753,405
5.500%, 3/15/19		500,000		576,262

				47,669,218

*Multiline Retail (0.1%)*
Kohl’s Corp. 6.250%, 12/15/17		440,000		512,503
Nordstrom, Inc.
6.750%, 6/1/14		200,000		232,414
4.750%, 5/1/20		135,000		139,815
Target Corp.
5.125%, 1/15/13		800,000		872,845
5.875%, 7/15/16		500,000		586,124


	Principal Amount		Value (Note 1)

6.000%, 1/15/18	$	1,250,000	$	1,476,907
6.350%, 11/1/32		25,000		28,744
6.500%, 10/15/37		500,000		602,799
7.000%, 1/15/38		1,000,000		1,277,452

				5,729,603

*Specialty Retail (0.1%)*
AutoZone, Inc. 5.875%, 10/15/12		300,000		324,093
Home Depot, Inc.
5.250%, 12/16/13		1,035,000		1,138,031
5.400%, 3/1/16		1,442,000		1,604,965
5.875%, 12/16/36		789,000		808,803
Lowe’s Cos., Inc.
5.000%, 10/15/15		500,000		561,106
5.400%, 10/15/16		20,000		23,126
4.625%, 4/15/20		200,000		214,575
6.875%, 2/15/28		500,000		602,215
5.800%, 10/15/36		463,000		500,422
5.800%, 4/15/40		285,000		315,359
Staples, Inc. 9.750%, 1/15/14		500,000		613,338
TJX Cos., Inc.
4.200%, 8/15/15		200,000		217,206
6.950%, 4/15/19		285,000		353,843

				7,277,082

Total Consumer Discretionary				71,606,120

Consumer Staples (1.5%)
*Beverages (0.5%)*
Anheuser-Busch Cos., Inc.
5.050%, 10/15/16		1,000,000		1,075,025
5.750%, 4/1/36		30,000		30,939
6.450%, 9/1/37		612,000		684,101
Anheuser-Busch InBev Worldwide, Inc.
3.000%, 10/15/12		2,250,000		2,309,733
4.125%, 1/15/15		1,250,000		1,308,531
5.375%, 1/15/20		2,250,000		2,424,584
6.375%, 1/15/40		500,000		571,536
Bottling Group LLC
4.625%, 11/15/12		159,000		171,862
6.950%, 3/15/14		700,000		826,132
5.125%, 1/15/19		500,000		555,544
Coca-Cola Co.
3.625%, 3/15/14		200,000		213,684
5.350%, 11/15/17		860,000		983,493
4.875%, 3/15/19		500,000		553,881
Coca-Cola Enterprises, Inc.
7.375%, 3/3/14		600,000		715,178
8.500%, 2/1/22		1,000,000		1,379,634
6.950%, 11/15/26		35,000		43,186
6.750%, 9/15/28		466,000		571,523
Diageo Capital plc
7.375%, 1/15/14		1,000,000		1,173,409
5.750%, 10/23/17		580,000		655,942
5.875%, 9/30/36		250,000		277,536
Diageo Finance B.V.
3.250%, 1/15/15		400,000		411,421
5.300%, 10/28/15		910,000		1,018,424

See Notes to Financial Statements.

342

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Dr. Pepper Snapple Group, Inc.
1.700%, 12/21/11	$	200,000	$	201,112
2.350%, 12/21/12		200,000		202,315
6.820%, 5/1/18		550,000		655,964
Pepsi Bottling Group, Inc. 7.000%, 3/1/29		400,000		509,926
PepsiAmericas, Inc.
4.375%, 2/15/14		250,000		272,708
4.875%, 1/15/15		700,000		777,472
PepsiCo, Inc.
4.650%, 2/15/13		212,000		230,307
3.750%, 3/1/14		1,250,000		1,332,597
7.900%, 11/1/18		600,000		775,775
4.500%, 1/15/20		1,000,000		1,066,129
5.500%, 1/15/40		200,000		219,105

				24,198,708

*Food & Staples Retailing (0.4%)*
Costco Wholesale Corp.
5.300%, 3/15/12		300,000		321,537
5.500%, 3/15/17		360,000		414,362
CVS Caremark Corp.
3.250%, 5/18/15		150,000		152,364
5.750%, 6/1/17		1,000,000		1,112,482
6.600%, 3/15/19		500,000		581,840
4.750%, 5/18/20		200,000		204,739
6.250%, 6/1/27		486,000		530,253
6.302%, 6/1/37(l)		300,000		268,500
6.125%, 9/15/39		500,000		534,468
Delhaize America, Inc.
9.000%, 4/15/31		250,000		341,693
Delhaize Group S.A.
5.875%, 2/1/14		250,000		279,011
Kroger Co.
7.500%, 1/15/14		1,000,000		1,168,664
4.950%, 1/15/15		90,000		96,939
3.900%, 10/1/15		500,000		527,437
6.400%, 8/15/17		250,000		291,000
8.000%, 9/15/29		500,000		644,869
6.900%, 4/15/38		400,000		484,449
Safeway, Inc.
5.800%, 8/15/12		950,000		1,032,046
7.250%, 2/1/31		200,000		246,296
Sysco Corp.
5.250%, 2/12/18		1,000,000		1,119,056
Walgreen Co.
4.875%, 8/1/13		500,000		549,846
5.250%, 1/15/19		500,000		567,163
Wal-Mart Stores, Inc.
5.000%, 4/5/12		1,874,000		2,005,502
4.550%, 5/1/13		1,000,000		1,087,683
3.200%, 5/15/14		300,000		316,257
4.125%, 2/1/19		750,000		783,221
5.250%, 9/1/35		1,045,000		1,100,599
6.500%, 8/15/37		1,560,000		1,889,285
5.625%, 4/1/40		500,000		545,601

				19,197,162

*Food Products (0.3%)*
Archer-Daniels-Midland Co.
5.450%, 3/15/18		300,000		341,251
5.375%, 9/15/35		735,000		772,012


	Principal Amount		Value (Note 1)

Bunge Ltd. Finance Corp.
8.500%, 6/15/19	$	565,000	$	674,708
Campbell Soup Co.
5.000%, 12/3/12		500,000		547,506
3.375%, 8/15/14		200,000		211,847
4.500%, 2/15/19		382,000		416,096
ConAgra Foods, Inc.
6.750%, 9/15/11		1,060,000		1,126,366
General Mills, Inc.
5.200%, 3/17/15		500,000		560,876
5.700%, 2/15/17		500,000		580,711
5.650%, 2/15/19		500,000		568,139
5.400%, 6/15/40		225,000		239,243
H.J. Heinz Co.
5.350%, 7/15/13		400,000		439,615
Hershey Co.
4.850%, 8/15/15		452,000		495,297
Kellogg Co.
4.250%, 3/6/13		1,500,000		1,607,643
7.450%, 4/1/31		25,000		33,004
Kraft Foods, Inc.
5.625%, 11/1/11		60,000		63,137
6.250%, 6/1/12		951,000		1,036,572
6.000%, 2/11/13		300,000		330,737
2.625%, 5/8/13		300,000		305,686
5.250%, 10/1/13		115,000		125,922
6.750%, 2/19/14		750,000		862,238
4.125%, 2/9/16		300,000		316,642
6.125%, 2/1/18		1,312,000		1,488,986
6.125%, 8/23/18		500,000		569,750
5.375%, 2/10/20		900,000		964,396
6.500%, 11/1/31		500,000		548,948
7.000%, 8/11/37		700,000		824,781
6.500%, 2/9/40		1,200,000		1,341,995
Ralcorp Holdings, Inc.
6.625%, 8/15/39		200,000		218,261
Sara Lee Corp.
6.250%, 9/15/11		500,000		529,468
6.125%, 11/1/32		500,000		535,821

				18,677,654

*Household Products (0.1%)*
Clorox Co.
5.450%, 10/15/12		940,000		1,022,431
3.550%, 11/1/15		200,000		211,056
5.950%, 10/15/17		50,000		57,742
Kimberly-Clark Corp.
7.500%, 11/1/18		700,000		894,132
6.625%, 8/1/37		300,000		381,383
Procter & Gamble Co.
1.375%, 8/1/12		300,000		302,990
4.950%, 8/15/14		525,000		588,397
4.700%, 2/15/19		1,200,000		1,314,948
5.550%, 3/5/37		1,019,000		1,151,497

				5,924,576

*Personal Products (0.0%)*
Avon Products, Inc.
5.625%, 3/1/14		700,000		782,403
Procter & Gamble International Funding
1.350%, 8/26/11		500,000		503,517

				1,285,920

See Notes to Financial Statements.

343

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

*Tobacco (0.2%)*
Altria Group, Inc.
8.500%, 11/10/13	$	948,000	$	1,106,645
4.125%, 9/11/15		300,000		305,661
9.700%, 11/10/18		1,075,000		1,361,359
9.250%, 8/6/19		500,000		624,053
9.950%, 11/10/38		500,000		656,882
10.200%, 2/6/39		500,000		670,697
Lorillard Tobacco Co.
8.125%, 6/23/19		300,000		332,716
8.125%, 5/1/40		150,000		154,507
Philip Morris International, Inc.
4.875%, 5/16/13		200,000		216,306
6.875%, 3/17/14		1,000,000		1,156,958
5.650%, 5/16/18		956,000		1,045,790
6.375%, 5/16/38		500,000		586,734
Reynolds American, Inc.
6.750%, 6/15/17		1,400,000		1,516,743

				9,735,051

Total Consumer Staples				79,019,071

Energy (1.7%)
*Energy Equipment & Services (0.1%)*
BJ Services Co.
6.000%, 6/1/18		200,000		223,096
Cameron International Corp.
6.375%, 7/15/18		200,000		206,386
Diamond Offshore Drilling, Inc.
5.875%, 5/1/19		205,000		212,471
5.700%, 10/15/39		500,000		450,266
Halliburton Co.
6.150%, 9/15/19		450,000		492,934
6.700%, 9/15/38		400,000		437,226
7.450%, 9/15/39		250,000		296,883
Rowan Cos., Inc.
7.875%, 8/1/19		190,000		209,319
Smith International, Inc.
8.625%, 3/15/14		300,000		356,287
Transocean, Inc.
6.000%, 3/15/18		476,000		438,088
7.500%, 4/15/31		400,000		369,970
6.800%, 3/15/38		400,000		360,464
Weatherford International Ltd.
5.150%, 3/15/13		300,000		314,282
5.500%, 2/15/16		519,000		553,342
9.625%, 3/1/19		1,000,000		1,204,191
7.000%, 3/15/38		500,000		473,150

				6,598,355

*Oil, Gas & Consumable Fuels (1.6%)*
Alberta Energy Co., Ltd.
8.125%, 9/15/30		444,000		555,708
Anadarko Petroleum Corp.
5.950%, 9/15/16		1,102,000		948,488
8.700%, 3/15/19		289,000		272,859
6.450%, 9/15/36		600,000		477,287
7.950%, 6/15/39		100,000		85,387
6.200%, 3/15/40		300,000		237,354
Apache Corp.
5.250%, 4/15/13		1,000,000		1,092,249
6.000%, 1/15/37		532,000		587,952


	Principal Amount		Value (Note 1)

Buckeye Partners LP
5.500%, 8/15/19	$	300,000	$	310,850
Canadian Natural Resources Ltd.
5.150%, 2/1/13		500,000		539,013
5.700%, 5/15/17		487,000		545,092
6.450%, 6/30/33		500,000		548,792
6.250%, 3/15/38		600,000		655,929
Cenovus Energy, Inc.
4.500%, 9/15/14§		250,000		267,047
5.700%, 10/15/19§		500,000		546,121
6.750%, 11/15/39§		500,000		574,054
Chevron Corp.
3.450%, 3/3/12		500,000		521,112
3.950%, 3/3/14		500,000		535,947
4.950%, 3/3/19		1,000,000		1,099,615
Conoco Funding Co.
6.350%, 10/15/11		1,000,000		1,066,709
Conoco, Inc.
6.950%, 4/15/29		540,000		662,710
ConocoPhillips
4.400%, 5/15/13		1,840,000		1,982,153
4.750%, 2/1/14		1,000,000		1,099,761
5.750%, 2/1/19		1,000,000		1,143,817
6.000%, 1/15/20		1,000,000		1,171,813
6.500%, 2/1/39		1,350,000		1,630,286
Devon Energy Corp.
6.300%, 1/15/19		500,000		579,242
7.950%, 4/15/32		500,000		640,737
Devon Financing Corp. ULC
6.875%, 9/30/11		962,000		1,027,094
7.875%, 9/30/31		60,000		76,206
Enbridge Energy Partners LP
9.875%, 3/1/19		300,000		394,159
5.200%, 3/15/20		60,000		61,824
Enbridge, Inc.
5.800%, 6/15/14		500,000		557,679
EnCana Corp.
4.750%, 10/15/13		463,000		496,482
6.500%, 5/15/19		85,000		97,683
6.500%, 8/15/34		500,000		550,358
6.500%, 2/1/38		600,000		666,834
Energy Transfer Partners LP
6.000%, 7/1/13		500,000		542,665
6.700%, 7/1/18		459,000		493,596
9.000%, 4/15/19		700,000		823,217
Enterprise Products Operating LLC
9.750%, 1/31/14		1,375,000		1,658,925
5.600%, 10/15/14		55,000		59,682
5.200%, 9/1/20		500,000		513,506
6.875%, 3/1/33		500,000		545,884
6.650%, 10/15/34		250,000		264,317
6.125%, 10/15/39		150,000		149,679
EOG Resources, Inc.
5.625%, 6/1/19		260,000		292,348
Hess Corp.
8.125%, 2/15/19		750,000		934,917
7.300%, 8/15/31		666,000		785,751
Husky Energy, Inc.
5.900%, 6/15/14		170,000		189,232
7.250%, 12/15/19		100,000		120,850
6.800%, 9/15/37		1,000,000		1,139,781

See Notes to Financial Statements.

344

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Kerr-McGee Corp.
6.950%, 7/1/24	$	85,000	$	77,235
7.875%, 9/15/31		500,000		458,044
Kinder Morgan Energy Partners LP
7.125%, 3/15/12		60,000		64,495
5.000%, 12/15/13		500,000		532,130
5.625%, 2/15/15		1,135,000		1,225,247
6.000%, 2/1/17		535,000		582,791
6.850%, 2/15/20		1,290,000		1,468,123
7.400%, 3/15/31		500,000		553,164
6.950%, 1/15/38		500,000		531,322
Magellan Midstream Partners LP
6.450%, 6/1/14		200,000		225,807
6.550%, 7/15/19		100,000		112,305
Marathon Oil Corp.
6.125%, 3/15/12		100,000		107,235
6.500%, 2/15/14		500,000		562,984
7.500%, 2/15/19		500,000		599,556
6.600%, 10/1/37		500,000		546,368
Murphy Oil Corp.
7.050%, 5/1/29		200,000		230,644
Nabors Industries, Inc.
6.150%, 2/15/18		300,000		321,666
9.250%, 1/15/19		500,000		614,723
Nexen, Inc.
5.650%, 5/15/17		250,000		271,346
6.200%, 7/30/19		360,000		404,198
5.875%, 3/10/35		725,000		709,319
7.500%, 7/30/39		235,000		275,406
Noble Energy, Inc.
8.250%, 3/1/19		500,000		605,127
Occidental Petroleum Corp.
7.000%, 11/1/13		500,000		584,325
4.125%, 6/1/16		300,000		322,857
ONEOK Partners LP
8.625%, 3/1/19		1,500,000		1,847,920
PC Financial Partnership
5.000%, 11/15/14		600,000		647,261
Pemex Project Funding Master Trust
6.625%, 6/15/35		470,000		483,422
Petrobras International Finance Co.
6.125%, 10/6/16		500,000		530,793
7.875%, 3/15/19		1,500,000		1,716,237
5.750%, 1/20/20		1,000,000		1,007,048
6.875%, 1/20/40		500,000		504,091
Petro-Canada, Inc.
6.800%, 5/15/38		500,000		573,662
Petroleos Mexicanos
4.875%, 3/15/15§		500,000		517,500
8.000%, 5/3/19		1,500,000		1,785,000
6.000%, 3/5/20§		740,000		777,000
Plains All American Pipeline LP
8.750%, 5/1/19		200,000		238,730
6.650%, 1/15/37		479,000		478,395
QEP Resources, Inc.
6.800%, 3/1/20		500,000		519,653
Shell International Finance B.V.
5.625%, 6/27/11		750,000		785,993
1.875%, 3/25/13		1,185,000		1,194,954
4.000%, 3/21/14		950,000		1,004,809
3.100%, 6/28/15		600,000		609,285


	Principal Amount		Value (Note 1)

3.250%, 9/22/15	$	500,000	$	510,948
4.300%, 9/22/19		1,000,000		1,031,984
4.375%, 3/25/20		325,000		335,962
6.375%, 12/15/38		600,000		716,822
5.500%, 3/25/40		500,000		532,468
Spectra Energy Capital LLC
6.200%, 4/15/18		500,000		554,163
8.000%, 10/1/19		345,000		414,951
7.500%, 9/15/38		150,000		167,945
Statoil ASA
2.900%, 10/15/14		1,000,000		1,022,430
5.250%, 4/15/19		715,000		784,266
7.750%, 6/15/23		25,000		32,895
7.250%, 9/23/27		500,000		634,576
Suncor Energy, Inc.
6.100%, 6/1/18		500,000		563,197
5.950%, 12/1/34		500,000		509,431
6.850%, 6/1/39		500,000		574,380
Sunoco, Inc.
9.625%, 4/15/15		500,000		592,653
Talisman Energy, Inc.
7.750%, 6/1/19		450,000		552,457
5.850%, 2/1/37		500,000		519,697
Tennessee Gas Pipeline Co.
7.625%, 4/1/37		25,000		27,641
Total Capital S.A.
3.000%, 6/24/15		500,000		504,951
3.125%, 10/2/15		500,000		508,710
4.450%, 6/24/20		500,000		510,373
Trans-Canada Pipelines Ltd.
7.125%, 1/15/19		750,000		911,652
TransCanada PipeLines Ltd.
5.600%, 3/31/34		25,000		24,952
6.200%, 10/15/37		750,000		815,348
7.625%, 1/15/39		1,750,000		2,235,658
Valero Energy Corp.
4.500%, 2/1/15		90,000		92,480
6.125%, 6/15/17		500,000		530,999
9.375%, 3/15/19		750,000		908,465
6.125%, 2/1/20		135,000		138,726
7.500%, 4/15/32		435,000		456,056
6.625%, 6/15/37		345,000		335,907
Williams Cos., Inc.
7.875%, 9/1/21		200,000		229,218
8.750%, 3/15/32		600,000		700,179
XTO Energy, Inc.
6.250%, 4/15/13		750,000		846,573
5.750%, 12/15/13		500,000		567,958
6.500%, 12/15/18		500,000		606,764
6.750%, 8/1/37		1,000,000		1,288,252
6.375%, 6/15/38		80,000		98,986

				82,419,996

Total Energy				89,018,351

Financials (8.4%)
*Capital Markets (1.6%)*
Bank of New York Mellon Corp.
4.950%, 11/1/12		1,800,000		1,949,209
5.125%, 8/27/13		250,000		275,647
4.300%, 5/15/14		785,000		843,116
2.950%, 6/18/15		500,000		505,805

See Notes to Financial Statements.

345

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Bear Stearns Cos. LLC
6.950%, 8/10/12	$	2,900,000	$	3,180,917
5.300%, 10/30/15		586,000		633,391
5.550%, 1/22/17		2,040,000		2,137,118
6.400%, 10/2/17		1,000,000		1,110,745
7.250%, 2/1/18		2,070,000		2,417,139
BlackRock, Inc.
3.500%, 12/10/14		400,000		414,842
5.000%, 12/10/19		600,000		637,722
Charles Schwab Corp.
4.950%, 6/1/14		750,000		813,173
Deutsche Bank AG/London
5.375%, 10/12/12		2,003,000		2,146,429
2.375%, 1/11/13		400,000		402,130
4.875%, 5/20/13		500,000		533,866
3.450%, 3/30/15		1,000,000		1,007,144
6.000%, 9/1/17		1,000,000		1,102,922
Franklin Resources, Inc.
3.125%, 5/20/15		100,000		102,423
Goldman Sachs Capital I
6.345%, 2/15/34		1,294,000		1,161,075
Goldman Sachs Capital II
5.793%, 6/1/43(l)		535,000		403,925
Goldman Sachs Group, Inc.
1.625%, 7/15/11		956,000		967,235
6.600%, 1/15/12		1,000,000		1,057,643
2.150%, 3/15/12		250,000		255,963
3.250%, 6/15/12		2,018,000		2,113,106
3.625%, 8/1/12		390,000		397,295
5.450%, 11/1/12		2,400,000		2,528,256
4.750%, 7/15/13		2,000,000		2,088,146
5.250%, 10/15/13		1,575,000		1,660,222
6.000%, 5/1/14		750,000		805,998
5.125%, 1/15/15		1,938,000		2,035,743
5.350%, 1/15/16		555,000		574,196
5.625%, 1/15/17		800,000		808,888
6.250%, 9/1/17		1,500,000		1,587,640
5.950%, 1/18/18		50,000		51,936
6.150%, 4/1/18		1,954,000		2,046,848
7.500%, 2/15/19		1,000,000		1,117,779
5.375%, 3/15/20		1,000,000		988,116
5.950%, 1/15/27		1,572,000		1,483,652
6.125%, 2/15/33		534,000		522,773
6.450%, 5/1/36		500,000		477,709
6.750%, 10/1/37		996,000		976,421
Jefferies Group, Inc.
7.750%, 3/15/12		105,000		113,338
8.500%, 7/15/19		600,000		673,957
6.875%, 4/15/21		200,000		200,519
Lazard Group LLC
7.125%, 5/15/15		400,000		421,280
Lehman Brothers Holdings, Inc.
0.000%, 12/23/10 (b)(h)		3,000,000		585,000
Merrill Lynch & Co., Inc.
6.050%, 8/15/12		1,000,000		1,063,246
6.150%, 4/25/13		1,960,000		2,095,514
6.050%, 5/16/16		1,000,000		1,033,342
5.700%, 5/2/17		2,500,000		2,507,555
6.400%, 8/28/17		1,000,000		1,042,733
6.875%, 4/25/18		2,500,000		2,666,953
6.875%, 11/15/18		130,000		138,256


	Principal Amount		Value (Note 1)

6.220%, 9/15/26	$	500,000	$	480,253
6.110%, 1/29/37		1,500,000		1,362,264
Morgan Stanley
2.000%, 9/22/11		1,000,000		1,017,310
3.250%, 12/1/11		1,900,000		1,968,617
5.625%, 1/9/12		1,900,000		1,977,043
2.250%, 3/13/12		250,000		256,496
6.600%, 4/1/12		1,000,000		1,061,245
1.950%, 6/20/12		1,000,000		1,022,215
5.250%, 11/2/12		1,820,000		1,892,265
4.750%, 4/1/14		1,000,000		1,001,716
6.000%, 5/13/14		300,000		317,876
6.000%, 4/28/15		2,500,000		2,612,687
5.375%, 10/15/15		1,900,000		1,924,461
5.750%, 10/18/16		1,000,000		1,007,420
5.550%, 4/27/17		1,750,000		1,735,780
5.950%, 12/28/17		3,000,000		3,037,980
7.300%, 5/13/19		1,300,000		1,398,045
5.625%, 9/23/19		500,000		483,706
7.250%, 4/1/32		275,000		309,182
Nomura Holdings, Inc.
5.000%, 3/4/15		600,000		634,006
6.700%, 3/4/20		458,000		484,538
Northern Trust Corp.
4.625%, 5/1/14		130,000		142,102
Raymond James Financial, Inc.
8.600%, 8/15/19		200,000		235,554
TD Ameritrade Holding Corp.
4.150%, 12/1/14		180,000		186,800

				85,415,557

*Commercial Banks (2.4%)*
Ally Financial, Inc.
1.750%, 10/30/12		1,000,000		1,017,350
2.200%, 12/19/12		1,000,000		1,027,502
American Express Bank FSB
3.150%, 12/9/11		1,500,000		1,553,342
5.500%, 4/16/13		500,000		540,266
Bank of Montreal
2.125%, 6/28/13		400,000		403,427
Bank of Nova Scotia
2.250%, 1/22/13		685,000		694,546
2.375%, 12/17/13		350,000		356,484
3.400%, 1/22/15		950,000		980,926
Barclays Bank plc
5.450%, 9/12/12		500,000		531,359
2.500%, 1/23/13		1,500,000		1,493,926
5.200%, 7/10/14		500,000		527,676
5.000%, 9/22/16		1,000,000		1,025,748
6.750%, 5/22/19		850,000		945,570
5.125%, 1/8/20		1,000,000		994,705
BB&T Capital Trust II
6.750%, 6/7/36		500,000		499,355
BB&T Corp.
4.750%, 10/1/12		500,000		528,707
3.375%, 9/25/13		1,200,000		1,237,619
5.200%, 12/23/15		35,000		37,351
3.950%, 4/29/16		350,000		359,142
5.250%, 11/1/19		460,000		475,126
BNP Paribas/BNP Paribas U.S.
2.125%, 12/21/12		1,100,000		1,097,015

See Notes to Financial Statements.

346

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Charter One Bank N.A.
6.375%, 5/15/12	$	1,000,000	$	1,047,280
Citibank N.A.
1.375%, 8/10/11		1,000,000		1,009,581
1.250%, 9/22/11		600,000		604,890
1.250%, 11/15/11		1,000,000		1,008,920
1.875%, 5/7/12		1,000,000		1,020,676
1.750%, 12/28/12		500,000		508,914
Compass Bank
6.400%, 10/1/17		300,000		302,363
Credit Suisse AG
5.400%, 1/14/20		1,000,000		994,264
Credit Suisse AG/New York
3.450%, 7/2/12		550,000		568,073
5.000%, 5/15/13		2,000,000		2,136,766
5.500%, 5/1/14		750,000		820,005
3.500%, 3/23/15		2,000,000		2,017,402
6.000%, 2/15/18		820,000		855,641
Deutsche Bank Financial LLC
5.375%, 3/2/15		500,000		537,259
Fifth Third Bancorp
8.250%, 3/1/38		990,000		1,109,919
Fifth Third Capital Trust IV
6.500%, 4/15/37(l)		400,000		330,000
FleetBoston Financial Corp.
6.875%, 1/15/28		1,000,000		1,014,491
Glitnir Banki hf
0.000%, 10/15/08 (b)(h)§		4,650,000		1,209,000
HSBC Bank USA/New York
4.625%, 4/1/14		1,000,000		1,053,221
5.875%, 11/1/34		500,000		490,753
HSBC Holdings plc
5.250%, 12/12/12		40,000		42,048
6.500%, 5/2/36		2,000,000		2,074,338
6.500%, 9/15/37		850,000		879,791
HSBC USA, Inc.
3.125%, 12/16/11		800,000		828,625
ICICI Bank Ltd./Bahrain
6.625%, 10/3/12§		600,000		630,755
JPMorgan Chase Bank N.A.
6.000%, 10/1/17		1,250,000		1,361,202
KeyBank N.A.
3.200%, 6/15/12		500,000		523,083
5.800%, 7/1/14		1,500,000		1,601,405
KeyCorp
6.500%, 5/14/13		920,000		1,006,361
Kreditanstalt fuer Wiederaufbau
3.250%, 10/14/11		3,000,000		3,093,948
2.000%, 1/17/12		3,500,000		3,550,295
1.250%, 6/15/12		2,000,000		2,003,020
1.875%, 1/14/13		1,500,000		1,521,032
3.250%, 3/15/13		2,801,000		2,932,221
3.500%, 3/10/14		3,500,000		3,695,650
4.125%, 10/15/14		15,000		16,214
2.750%, 10/21/14		1,000,000		1,024,537
2.625%, 3/3/15		1,000,000		1,015,815
4.875%, 1/17/17		2,965,000		3,310,713
4.500%, 7/16/18		1,000,000		1,086,809
4.875%, 6/17/19		1,500,000		1,670,282
4.000%, 1/27/20		1,000,000		1,040,057
(Zero Coupon), 4/18/36		1,289,000		397,619


	Principal Amount		Value (Note 1)

Landesbank Baden-Wuerttemberg/New York
5.050%, 12/30/15	$	100,000	$	113,153
Landeskreditbank Baden-Wuerttemberg Foerderbank
4.875%, 1/13/12		500,000		526,643
Landwirtschaftliche Rentenbank
5.250%, 7/2/12		1,000,000		1,079,545
1.875%, 9/24/12		500,000		506,137
4.125%, 7/15/13		500,000		536,275
3.125%, 7/15/15		2,000,000		2,065,848
5.125%, 2/1/17		600,000		679,627
M&I Marshall & Ilsley Bank
5.250%, 9/4/12		500,000		499,613
National City Bank/Ohio
6.200%, 12/15/11		500,000		529,285
North Fork Bancorp, Inc.
5.875%, 8/15/12		500,000		518,667
Oesterreichische Kontrollbank AG
1.875%, 3/21/12		1,500,000		1,517,289
1.750%, 3/11/13		500,000		502,900
4.875%, 2/16/16		1,943,000		2,155,743
PNC Bank N.A.
4.875%, 9/21/17		1,000,000		1,022,894
PNC Funding Corp.
2.300%, 6/22/12		1,000,000		1,029,637
3.625%, 2/8/15		200,000		205,871
4.250%, 9/21/15		1,000,000		1,045,508
5.625%, 2/1/17		745,000		792,586
5.125%, 2/8/20		200,000		207,963
Regions Bank/Alabama
3.250%, 12/9/11		1,000,000		1,036,397
7.500%, 5/15/18		500,000		507,596
Regions Financial Corp.
7.750%, 11/10/14		600,000		632,962
5.750%, 6/15/15		200,000		198,735
Royal Bank of Canada
2.100%, 7/29/13		800,000		812,198
Royal Bank of Scotland Group plc
5.000%, 10/1/14		250,000		234,567
6.400%, 10/21/19		750,000		760,228
Royal Bank of Scotland plc
4.875%, 3/16/15		700,000		696,473
SouthTrust Corp.
5.800%, 6/15/14		200,000		214,921
Sovereign Bank
2.750%, 1/17/12		500,000		516,712
SunTrust Bank/Georgia
3.000%, 11/16/11		800,000		825,257
5.000%, 9/1/15		200,000		204,588
7.250%, 3/15/18		500,000		547,563
U.S. Bancorp
1.800%, 5/15/12		800,000		815,245
2.125%, 2/15/13		200,000		203,218
4.200%, 5/15/14		350,000		374,391
3.150%, 3/4/15		500,000		511,988
U.S. Bank N.A./Ohio
6.375%, 8/1/11		1,000,000		1,055,809
4.950%, 10/30/14		1,000,000		1,089,784
UBS AG/Connecticut
3.875%, 1/15/15		2,000,000		1,990,100
5.875%, 7/15/16		600,000		631,738
5.875%, 12/20/17		1,250,000		1,323,095

See Notes to Financial Statements.

347

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

5.750%, 4/25/18	$	1,000,000	$	1,031,656
UBS AG/New York
7.750%, 9/1/26		200,000		209,036
USB Capital XIII Trust
6.625%, 12/15/39		250,000		263,585
Wachovia Bank N.A.
4.875%, 2/1/15		1,000,000		1,048,035
6.600%, 1/15/38		1,700,000		1,848,473
Wachovia Corp.
5.300%, 10/15/11		1,000,000		1,046,638
5.700%, 8/1/13		976,000		1,062,842
5.250%, 8/1/14		1,055,000		1,117,230
5.625%, 10/15/16		1,447,000		1,561,695
5.750%, 6/15/17		110,000		120,142
Wells Fargo & Co.
5.300%, 8/26/11		1,000,000		1,038,659
3.000%, 12/9/11		1,480,000		1,529,702
5.250%, 10/23/12		940,000		1,005,953
4.375%, 1/31/13		1,000,000		1,057,172
4.950%, 10/16/13		500,000		531,790
3.750%, 10/1/14		1,600,000		1,638,128
5.000%, 11/15/14		500,000		528,196
5.125%, 9/15/16		55,000		58,538
5.625%, 12/11/17		1,470,000		1,606,992
5.375%, 2/7/35		1,000,000		979,766
Wells Fargo Bank N.A.
5.750%, 5/16/16		2,000,000		2,180,664
Wells Fargo Capital XIII
7.700%, 12/29/49(l)		1,000,000		1,010,000
Wells Fargo Capital XV
9.750%, 9/29/49(l)		500,000		535,000
Westpac Banking Corp.
2.250%, 11/19/12		400,000		403,401
4.200%, 2/27/15		700,000		728,567
4.875%, 11/19/19		900,000		929,487
Zions Bancorp
7.750%, 9/23/14		500,000		509,489

				126,571,965

*Consumer Finance (0.4%)*
American Express Co.
7.250%, 5/20/14		500,000		568,315
5.500%, 9/12/16		30,000		32,151
7.000%, 3/19/18		2,071,000		2,388,677
8.125%, 5/20/19		500,000		620,797
American Express Credit Corp.
5.875%, 5/2/13		1,500,000		1,641,197
7.300%, 8/20/13		1,500,000		1,698,307
5.125%, 8/25/14		500,000		537,935
Capital One Financial Corp.
5.700%, 9/15/11		500,000		520,145
7.375%, 5/23/14		250,000		285,864
5.500%, 6/1/15		500,000		536,567
6.150%, 9/1/16		500,000		529,068
6.750%, 9/15/17		1,000,000		1,145,340
Discover Financial Services
6.450%, 6/12/17		498,000		502,589
8.700%, 11/18/19		500,000		555,097
FIA Card Services N.A.
6.625%, 6/15/12		250,000		266,366
HSBC Finance Corp.
6.375%, 10/15/11		2,000,000		2,090,130


	Principal Amount		Value (Note 1)

7.000%, 5/15/12	$	500,000	$	538,381
6.375%, 11/27/12		953,000		1,029,182
4.750%, 7/15/13		2,036,000		2,132,525
5.000%, 6/30/15		485,000		506,048
MBNA Corp.
5.000%, 6/15/15		100,000		100,571
ORIX Corp.
4.710%, 4/27/15		500,000		497,102
PACCAR Financial Corp.
1.950%, 12/17/12		400,000		403,980
SLM Corp.
5.400%, 10/25/11		455,000		452,307
5.125%, 8/27/12		500,000		492,557
5.375%, 1/15/13		210,000		203,639
5.375%, 5/15/14		600,000		548,616
8.450%, 6/15/18		1,000,000		922,811
8.000%, 3/25/20		250,000		219,546
5.625%, 8/1/33		200,000		146,790
Toyota Motor Credit Corp.
3.200%, 6/17/15		500,000		510,331
4.500%, 6/17/20		300,000		308,029

				22,930,960

*Diversified Financial Services (2.8%)*
Allstate Life Global Funding Trusts
5.375%, 4/30/13		1,000,000		1,096,470
Ameriprise Financial, Inc.
7.300%, 6/28/19		1,080,000		1,275,931
AngloGold Ashanti Holdings plc
5.375%, 4/15/20		310,000		314,731
6.500%, 4/15/40		145,000		149,574
Bank of America Corp.
5.375%, 8/15/11		1,000,000		1,039,011
2.100%, 4/30/12		3,150,000		3,225,789
3.125%, 6/15/12		1,954,000		2,040,621
2.375%, 6/22/12		500,000		515,250
4.900%, 5/1/13		1,000,000		1,047,683
4.750%, 8/15/13		2,099,000		2,155,253
7.375%, 5/15/14		2,000,000		2,241,522
5.125%, 11/15/14		1,000,000		1,042,577
6.500%, 8/1/16		800,000		865,778
5.625%, 10/14/16		1,085,000		1,124,307
6.000%, 9/1/17		60,000		63,140
5.750%, 12/1/17		1,500,000		1,555,622
5.650%, 5/1/18		1,100,000		1,127,293
7.625%, 6/1/19		1,000,000		1,145,508
5.625%, 7/1/20		1,000,000		1,007,943
Bank of America N.A.
5.300%, 3/15/17		1,000,000		1,006,901
6.000%, 10/15/36		500,000		480,799
Block Financial LLC
7.875%, 1/15/13		400,000		444,545
Boeing Capital Corp.
6.500%, 2/15/12		943,000		1,024,088
5.800%, 1/15/13		200,000		221,117
BP Capital Markets plc
1.550%, 8/11/11		300,000		285,845
3.125%, 3/10/12		800,000		739,618
5.250%, 11/7/13		750,000		689,442
3.625%, 5/8/14		500,000		427,825

See Notes to Financial Statements.

348

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

3.875%, 3/10/15	$	300,000	$	255,646
4.750%, 3/10/19		750,000		623,005
Capital One Capital IV
6.745%, 2/17/37(l)		489,000		408,315
Capital One Capital V
10.250%, 8/15/39		100,000		105,500
Capital One Capital VI
8.875%, 5/15/40		605,000		630,031
Caterpillar Financial Services Corp.
5.125%, 10/12/11		937,000		983,688
4.250%, 2/8/13		949,000		1,012,334
2.000%, 4/5/13		200,000		202,319
6.125%, 2/17/14		550,000		622,457
2.750%, 6/24/15		200,000		201,762
7.150%, 2/15/19		1,150,000		1,416,416
Citigroup Funding, Inc.
2.125%, 7/12/12		500,000		512,962
1.875%, 10/22/12		1,500,000		1,531,531
1.875%, 11/15/12		1,000,000		1,021,087
2.250%, 12/10/12		1,400,000		1,441,164
Citigroup, Inc.
5.100%, 9/29/11		500,000		514,123
2.875%, 12/9/11		980,000		1,010,466
6.000%, 2/21/12		135,000		141,299
2.125%, 4/30/12		3,100,000		3,175,981
5.625%, 8/27/12		500,000		515,259
5.300%, 10/17/12		500,000		518,156
5.500%, 4/11/13		3,000,000		3,118,509
6.500%, 8/19/13		2,000,000		2,130,354
6.000%, 12/13/13		1,000,000		1,049,113
6.375%, 8/12/14		2,000,000		2,124,306
5.000%, 9/15/14		1,565,000		1,565,313
5.500%, 10/15/14		1,000,000		1,028,115
5.500%, 2/15/17		1,000,000		984,545
6.125%, 11/21/17		1,185,000		1,237,507
6.125%, 5/15/18		3,403,000		3,551,650
8.500%, 5/22/19		1,000,000		1,192,124
5.850%, 12/11/34		1,095,000		1,036,517
6.125%, 8/25/36		2,000,000		1,817,780
5.875%, 5/29/37		500,000		468,912
6.875%, 3/5/38		500,000		524,533
8.125%, 7/15/39		815,000		972,276
CME Group, Inc.
5.750%, 2/15/14		1,000,000		1,112,286
ConocoPhillips Canada Funding Co. I
5.950%, 10/15/36		434,000		486,354
Credit Suisse FB USA, Inc.
4.875%, 1/15/15		300,000		321,618
5.125%, 8/15/15		1,932,000		2,103,063
Credit Suisse USA, Inc.
6.125%, 11/15/11		75,000		79,671
6.500%, 1/15/12		1,000,000		1,071,554
7.125%, 7/15/32		400,000		494,808
Diageo Investment Corp.
7.450%, 4/15/35		200,000		251,948
Equifax, Inc.
4.450%, 12/1/14		200,000		208,400
General Electric Capital Corp.
3.000%, 12/9/11		3,056,000		3,156,857
5.875%, 2/15/12		2,829,000		3,006,503
2.250%, 3/12/12		1,000,000		1,025,956


	Principal Amount		Value (Note 1)

2.200%, 6/8/12	$	1,000,000	$	1,026,388
6.000%, 6/15/12		1,000,000		1,076,123
2.000%, 9/28/12		1,000,000		1,023,876
5.250%, 10/19/12		1,500,000		1,603,336
2.125%, 12/21/12		1,500,000		1,542,132
2.625%, 12/28/12		2,000,000		2,078,368
5.450%, 1/15/13		4,110,000		4,416,779
5.900%, 5/13/14		1,300,000		1,434,961
3.750%, 11/14/14		1,000,000		1,022,983
4.375%, 9/21/15		700,000		736,030
5.400%, 2/15/17		1,034,000		1,098,272
5.625%, 9/15/17		50,000		53,442
5.625%, 5/1/18		2,500,000		2,656,785
6.000%, 8/7/19		3,000,000		3,247,713
6.750%, 3/15/32		1,144,000		1,231,215
6.150%, 8/7/37		485,000		492,039
5.875%, 1/14/38		1,061,000		1,040,420
6.875%, 1/10/39		3,000,000		3,312,396
IBM International Group Capital LLC
5.050%, 10/22/12		500,000		543,232
John Deere Capital Corp.
7.000%, 3/15/12		1,250,000		1,372,611
2.875%, 6/19/12		1,250,000		1,299,858
5.250%, 10/1/12		750,000		812,699
4.500%, 4/3/13		500,000		538,567
5.750%, 9/10/18		400,000		457,635
JPMorgan Chase & Co.
3.125%, 12/1/11		2,037,000		2,107,305
6.625%, 3/15/12		1,935,000		2,082,019
2.125%, 6/22/12		1,600,000		1,641,349
2.125%, 12/26/12		1,000,000		1,028,432
5.750%, 1/2/13		100,000		107,553
4.750%, 5/1/13		1,000,000		1,066,806
4.650%, 6/1/14		1,000,000		1,066,276
5.125%, 9/15/14		1,000,000		1,067,130
3.700%, 1/20/15		1,000,000		1,022,845
5.250%, 5/1/15		170,000		181,383
6.000%, 1/15/18		976,000		1,077,733
6.300%, 4/23/19		1,000,000		1,129,495
4.950%, 3/25/20		500,000		519,625
6.400%, 5/15/38		800,000		926,012
JPMorgan Chase Capital XV
5.875%, 3/15/35		490,000		446,175
JPMorgan Chase Capital XVIII
6.950%, 8/17/36		474,000		473,743
JPMorgan Chase Capital XXII
6.450%, 2/2/37		250,000		235,981
JPMorgan Chase Capital XXV
6.800%, 10/1/37		995,000		983,432
JPMorgan Chase Capital XXVII
7.000%, 11/1/39		1,000,000		1,016,938
K2 Corp.
0.000%, 2/15/11 (b)†		13,500,000		—
Links Finance LLC
0.000%, 12/31/09 (b)†		7,100,000		—
MUFG Capital Finance I Ltd.
6.346%, 7/29/49(l)		1,000,000		967,490
NASDAQ OMX Group, Inc.
4.000%, 1/15/15		200,000		203,353
5.550%, 1/15/20		200,000		204,104

See Notes to Financial Statements.

349

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

National Rural Utilities Cooperative Finance Corp.
7.250%, 3/1/12	$	1,840,000	$	2,017,728
4.750%, 3/1/14		1,500,000		1,644,849
10.375%, 11/1/18		1,000,000		1,386,672
8.000%, 3/1/32		25,000		32,231
Private Export Funding Corp.
5.685%, 5/15/12		300,000		327,602
4.550%, 5/15/15		400,000		443,577
4.950%, 11/15/15		200,000		225,779
4.300%, 12/15/21		400,000		417,384
RenRe North America Holdings, Inc.
5.750%, 3/15/20		100,000		99,675
Teco Finance, Inc.
4.000%, 3/15/16		105,000		106,626
5.150%, 3/15/20		285,000		297,059
Unilever Capital Corp.
3.650%, 2/15/14		500,000		533,706
4.800%, 2/15/19		750,000		819,978
5.900%, 11/15/32		500,000		581,375
Western Union Co.
6.500%, 2/26/14		200,000		224,690
5.253%, 4/1/20§		1,002,000		1,069,024

				145,219,250

*Insurance (0.8%)*
ACE INA Holdings, Inc.
5.875%, 6/15/14		500,000		553,121
5.600%, 5/15/15		250,000		275,459
5.900%, 6/15/19		100,000		109,689
6.700%, 5/15/36		100,000		115,377
Aegon N.V.
4.625%, 12/1/15		600,000		613,616
Aflac, Inc.
8.500%, 5/15/19		300,000		360,953
6.900%, 12/17/39		110,000		114,344
Allied World Assurance Co. Holdings Ltd./Bermuda
7.500%, 8/1/16		500,000		550,659
Allstate Corp.
6.200%, 5/16/14		475,000		538,817
7.450%, 5/16/19		200,000		235,712
5.550%, 5/9/35		500,000		491,548
5.950%, 4/1/36		703,000		723,357
6.500%, 5/15/57(l)		250,000		224,375
American International Group, Inc.
5.375%, 10/18/11		25,000		25,125
5.450%, 5/18/17		75,000		66,563
5.850%, 1/16/18		500,000		446,875
8.250%, 8/15/18		2,500,000		2,531,250
6.250%, 5/1/36		500,000		397,500
Aon Corp.
8.205%, 1/1/27		300,000		312,578
Axis Specialty Finance LLC
5.875%, 6/1/20		500,000		479,112
Berkshire Hathaway Finance Corp.
4.000%, 4/15/12		1,000,000		1,051,861
5.000%, 8/15/13		1,250,000		1,372,631
4.850%, 1/15/15		1,030,000		1,131,225
5.750%, 1/15/40		400,000		423,553
Berkshire Hathaway, Inc.
2.125%, 2/11/13		700,000		714,682


	Principal Amount		Value (Note 1)

Chubb Corp.
5.750%, 5/15/18	$	250,000	$	278,351
6.500%, 5/15/38		500,000		569,249
6.375%, 3/29/67(l)		500,000		480,000
CNA Financial Corp.
7.350%, 11/15/19		540,000		573,828
Delphi Financial Group, Inc.
7.875%, 1/31/20		75,000		81,976
Genworth Financial, Inc.
8.625%, 12/15/16		1,000,000		1,066,413
6.515%, 5/22/18		1,000,000		962,677
7.700%, 6/15/20		200,000		199,783
Hartford Financial Services Group, Inc.
4.000%, 3/30/15		700,000		687,248
6.300%, 3/15/18		500,000		518,045
6.100%, 10/1/41		419,000		363,341
HCC Insurance Holdings, Inc. 6.300%, 11/15/19		200,000		209,997
Lincoln National Corp.
4.300%, 6/15/15		200,000		203,423
8.750%, 7/1/19		400,000		490,235
6.250%, 2/15/20		100,000		107,132
6.300%, 10/9/37		450,000		435,178
7.000%, 6/15/40		200,000		210,649
Markel Corp. 7.125%, 9/30/19		200,000		219,420
Marsh & McLennan Cos., Inc.
5.375%, 7/15/14		290,000		306,563
5.750%, 9/15/15		150,000		160,435
9.250%, 4/15/19		500,000		631,057
5.875%, 8/1/33		35,000		32,639
MetLife, Inc.
6.125%, 12/1/11		292,000		308,940
5.500%, 6/15/14		500,000		544,922
6.750%, 6/1/16		1,500,000		1,697,024
7.717%, 2/15/19		1,200,000		1,428,264
5.700%, 6/15/35		812,000		794,134
6.400%, 12/15/36		483,000		425,040
PartnerReinsurance Finance B LLC
5.500%, 6/1/20		200,000		193,282
Principal Financial Group, Inc. 8.875%, 5/15/19		380,000		465,937
Protective Life Corp.
7.375%, 10/15/19		400,000		434,300
8.450%, 10/15/39		200,000		213,431
Prudential Financial, Inc.
2.750%, 1/14/13		300,000		301,465
4.500%, 7/15/13		932,000		967,683
5.100%, 9/20/14		55,000		58,492
3.875%, 1/14/15		135,000		135,960
6.200%, 1/15/15		85,000		93,545
6.000%, 12/1/17		879,000		939,616
5.375%, 6/21/20		600,000		607,666
6.625%, 12/1/37		1,500,000		1,573,215
6.625%, 6/21/40		600,000		610,615
Reinsurance Group of America, Inc.
6.450%, 11/15/19		200,000		213,754
Swiss Reinsurance Solutions Holding Corp.
7.000%, 2/15/26		868,000		915,373
Torchmark Corp. 9.250%, 6/15/19		175,000		218,740

See Notes to Financial Statements.

350

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Transatlantic Holdings, Inc. 8.000%, 11/30/39	$	400,000	$	403,854
Travelers Cos., Inc.
5.500%, 12/1/15		40,000		44,940
5.800%, 5/15/18		1,000,000		1,096,835
5.900%, 6/2/19		1,000,000		1,110,328
6.250%, 3/15/37(l)		350,000		328,430
6.250%, 6/15/37		500,000		553,107
Unum Group 7.125%, 9/30/16		100,000		109,875
Validus Holdings Ltd. 8.875%, 1/26/40		100,000		104,428
W.R. Berkley Corp. 6.250%, 2/15/37		70,000		63,968
Willis North America, Inc.
5.625%, 7/15/15		470,000		497,162
7.000%, 9/29/19		100,000		107,365
XL Capital Finance Europe plc 6.500%, 1/15/12		400,000		418,606
XL Group plc 6.250%, 5/15/27		200,000		189,617

				40,817,534

*Real Estate Investment Trusts (REITs) (0.3%)*
AvalonBay Communities, Inc. 5.700%, 3/15/17		300,000		323,880
Boston Properties LP
6.250%, 1/15/13		1,000,000		1,089,231
5.875%, 10/15/19		200,000		213,973
Duke Realty LP
6.750%, 3/15/20		65,000		68,284
Entertainment Properties Trust 7.750%, 7/15/20§		200,000		200,500
Equity One, Inc. 6.250%, 12/15/14		200,000		208,486
ERP Operating LP 5.125%, 3/15/16		1,000,000		1,052,647
HCP, Inc.
5.950%, 9/15/11		265,000		274,711
5.650%, 12/15/13		475,000		501,175
6.000%, 1/30/17		500,000		504,838
Health Care REIT, Inc. 6.125%, 4/15/20		285,000		294,817
Healthcare Realty Trust, Inc. 6.500%, 1/17/17		400,000		418,270
Hospitality Properties Trust
7.875%, 8/15/14		1,150,000		1,267,855
5.625%, 3/15/17		250,000		239,367
HRPT Properties Trust 6.650%, 1/15/18		250,000		258,234
Kimco Realty Corp. 6.875%, 10/1/19		200,000		222,824
Liberty Property LP 6.625%, 10/1/17		500,000		536,972
Mack-Cali Realty LP 7.750%, 8/15/19		500,000		587,560
ProLogis
7.625%, 8/15/14		300,000		318,384
5.625%, 11/15/16		55,000		51,706
6.250%, 3/15/17		200,000		190,473
6.625%, 5/15/18		900,000		857,503
6.875%, 3/15/20		150,000		141,776


	Principal Amount		Value (Note 1)

Simon Property Group LP
5.300%, 5/30/13	$	932,000	$	1,002,656
6.750%, 5/15/14		875,000		983,430
4.200%, 2/1/15		310,000		318,555
5.100%, 6/15/15		464,000		489,436
5.750%, 12/1/15		35,000		38,477
10.350%, 4/1/19		1,000,000		1,331,055
5.650%, 2/1/20		400,000		423,623
6.750%, 2/1/40		200,000		223,335

				14,634,033

*Thrifts & Mortgage Finance (0.1%)*
Countrywide Financial Corp. 5.800%, 6/7/12		1,600,000		1,682,471
U.S. Central Federal Credit Union
1.900%, 10/19/12		1,000,000		1,020,629
Western Corporate Federal Credit Union
1.750%, 11/2/12		400,000		406,665

				3,109,765

Total Financials				438,699,064

Health Care (1.3%)
*Biotechnology (0.1%)*
Amgen, Inc.
5.850%, 6/1/17		480,000		556,391
6.150%, 6/1/18		200,000		236,570
5.700%, 2/1/19		750,000		871,232
4.500%, 3/15/20		100,000		107,304
6.375%, 6/1/37		474,000		557,236
5.750%, 3/15/40		610,000		667,283
Biogen Idec, Inc.
6.000%, 3/1/13		200,000		219,991
6.875%, 3/1/18		100,000		113,945
Genentech, Inc. 4.750%, 7/15/15		500,000		553,217
Genzyme Corp. 3.625%, 6/15/15§		200,000		202,301
Life Technologies Corp. 6.000%, 3/1/20		500,000		541,455

				4,626,925

*Health Care Equipment & Supplies (0.2%)*
Baxter International, Inc.
5.900%, 9/1/16		936,000		1,098,212
4.250%, 3/15/20		300,000		315,068
Beckman Coulter, Inc. 6.000%, 6/1/15		450,000		506,956
CareFusion Corp.
5.125%, 8/1/14		200,000		216,083
6.375%, 8/1/19		500,000		571,165
Covidien International Finance S.A.
1.875%, 6/15/13		400,000		402,480
2.800%, 6/15/15		200,000		201,981
6.000%, 10/15/17		750,000		870,349
4.200%, 6/15/20		200,000		204,686
Hospira, Inc.
5.900%, 6/15/14		205,000		229,031
6.400%, 5/15/15		220,000		249,949
Mead Johnson Nutrition Co.
3.500%, 11/1/14§		400,000		414,111
4.900%, 11/1/19§		600,000		634,453
5.900%, 11/1/39§		200,000		213,694

See Notes to Financial Statements.

351

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Medtronic, Inc.
3.000%, 3/15/15	$	1,000,000	$	1,035,910
4.450%, 3/15/20		500,000		532,803
6.500%, 3/15/39		500,000		620,710
St. Jude Medical, Inc.
3.750%, 7/15/14		500,000		527,914
4.875%, 7/15/19		500,000		541,134
Stryker Corp.
3.000%, 1/15/15		200,000		206,506
4.375%, 1/15/20		200,000		212,735

				9,805,930

*Health Care Providers & Services (0.3%)*
Aetna, Inc.
6.500%, 9/15/18		500,000		578,579
6.625%, 6/15/36		668,000		743,431
Cardinal Health, Inc. 5.650%, 6/15/12		21,000		22,506
CIGNA Corp.
5.375%, 3/15/17		25,000		26,640
8.500%, 5/1/19		500,000		630,049
5.125%, 6/15/20		345,000		359,083
Coventry Health Care, Inc. 6.300%, 8/15/14		250,000		263,912
Express Scripts, Inc.
5.250%, 6/15/12		800,000		854,662
6.250%, 6/15/14		275,000		311,359
7.250%, 6/15/19		160,000		193,404
Humana, Inc. 6.300%, 8/1/18		500,000		534,151
McKesson Corp.
6.500%, 2/15/14		500,000		571,297
5.700%, 3/1/17		500,000		565,365
Medco Health Solutions, Inc. 7.125%, 3/15/18		750,000		896,001
Quest Diagnostics, Inc.
6.400%, 7/1/17		500,000		571,147
4.750%, 1/30/20		120,000		120,727
6.950%, 7/1/37		200,000		228,476
5.750%, 1/30/40		80,000		78,763
UnitedHealth Group, Inc.
6.000%, 2/15/18		80,000		89,201
5.800%, 3/15/36		25,000		25,131
6.875%, 2/15/38		1,500,000		1,695,741
WellPoint Health Networks, Inc. 6.375%, 1/15/12		943,000		1,008,456
WellPoint, Inc.
6.000%, 2/15/14		100,000		112,134
5.000%, 12/15/14		40,000		43,459
5.250%, 1/15/16		500,000		547,417
7.000%, 2/15/19		1,000,000		1,186,158
5.850%, 1/15/36		500,000		502,635

				12,759,884

*Pharmaceuticals (0.7%)*
Abbott Laboratories, Inc.
2.700%, 5/27/15		300,000		306,776
5.875%, 5/15/16		555,000		649,290
5.125%, 4/1/19		1,700,000		1,896,807
4.125%, 5/27/20		400,000		419,032
6.000%, 4/1/39		650,000		747,397
5.300%, 5/27/40		500,000		524,717


	Principal Amount		Value (Note 1)

AstraZeneca plc
5.400%, 9/15/12	$	800,000	$	873,527
5.900%, 9/15/17		1,000,000		1,169,864
6.450%, 9/15/37		1,008,000		1,221,498
Bristol-Myers Squibb Co.
5.250%, 8/15/13		120,000		133,051
5.450%, 5/1/18		1,000,000		1,145,376
5.875%, 11/15/36		480,000		535,061
Eli Lilly and Co.
3.550%, 3/6/12		271,000		282,597
5.200%, 3/15/17		965,000		1,098,225
5.950%, 11/15/37		500,000		570,870
GlaxoSmithKline Capital, Inc.
4.850%, 5/15/13		714,000		780,616
5.650%, 5/15/18		2,044,000		2,338,896
6.375%, 5/15/38		750,000		892,602
Johnson & Johnson
5.150%, 8/15/12		200,000		218,006
5.550%, 8/15/17		500,000		583,861
5.150%, 7/15/18		330,000		374,474
4.950%, 5/15/33		192,000		200,045
5.950%, 8/15/37		20,000		23,877
5.850%, 7/15/38		600,000		705,820
Merck & Co., Inc. 4.750%, 3/1/15		1,000,000		1,112,789
6.000%, 9/15/17		850,000		998,607
5.000%, 6/30/19		950,000		1,056,705
5.750%, 11/15/36		1,000,000		1,124,974
6.550%, 9/15/37		375,000		466,463
Novartis Capital Corp. 1.900%, 4/24/13		1,075,000		1,091,243
4.125%, 2/10/14		600,000		647,357
2.900%, 4/24/15		800,000		822,967
Novartis Securities Investment Ltd.
5.125%, 2/10/19		1,200,000		1,343,335
Pfizer, Inc. 4.450%, 3/15/12		1,000,000		1,054,969
4.500%, 2/15/14		250,000		272,342
5.350%, 3/15/15		1,500,000		1,699,458
6.200%, 3/15/19		1,075,000		1,277,528
7.200%, 3/15/39		1,000,000		1,314,579
Teva Pharmaceutical Finance Co LLC 5.550%, 2/1/16		190,000		216,505
6.150%, 2/1/36		390,000		452,813
Teva Pharmaceutical Finance II B.V./Teva Pharmaceutical Finance III LLC
3.000%, 6/15/15		400,000		407,837
Teva Pharmaceutical Finance III LLC
1.500%, 6/15/12		400,000		401,520
Watson Pharmaceuticals, Inc. 5.000%, 8/15/14		85,000		91,047
6.125%, 8/15/19		170,000		191,395
Wyeth 5.500%, 2/1/14		1,070,000		1,201,973
5.500%, 2/15/16		1,162,000		1,331,945
7.250%, 3/1/23		483,000		597,333
5.950%, 4/1/37		555,000		628,675

				37,496,644

Total Health Care				64,689,383

See Notes to Financial Statements.

352

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Industrials (1.3%)
*Aerospace & Defense (0.3%)*
Boeing Co. 5.125%, 2/15/13	$	35,000	$	38,242
5.000%, 3/15/14		300,000		333,741
3.500%, 2/15/15		200,000		210,972
6.000%, 3/15/19		500,000		588,848
4.875%, 2/15/20		810,000		891,849
6.875%, 3/15/39		500,000		628,488
5.875%, 2/15/40		55,000		61,838
Embraer Overseas Ltd. 6.375%, 1/15/20		500,000		513,100
General Dynamics Corp. 1.800%, 7/15/11		100,000		100,676
5.250%, 2/1/14		1,000,000		1,122,111
Goodrich Corp. 6.125%, 3/1/19		250,000		289,113
4.875%, 3/1/20		200,000		214,705
Honeywell International, Inc. 5.625%, 8/1/12		428,000		466,444
3.875%, 2/15/14		500,000		537,828
5.400%, 3/15/16		110,000		125,687
5.300%, 3/1/18		944,000		1,077,970
5.000%, 2/15/19		500,000		559,254
5.700%, 3/15/36		200,000		226,077
ITT Corp. 4.900%, 5/1/14		355,000		386,840
L-3 Communications Corp. 5.200%, 10/15/19		500,000		521,525
Lockheed Martin Corp. 4.121%, 3/14/13		464,000		496,841
5.500%, 11/15/39		500,000		533,417
5.720%, 6/1/40§		888,000		961,869
Northrop Grumman Corp. 3.700%, 8/1/14		120,000		125,859
Northrop Grumman Systems Corp.
7.750%, 2/15/31		786,000		1,054,082
Raytheon Co. 5.375%, 4/1/13		90,000		98,994
4.400%, 2/15/20		700,000		750,980
Rockwell Collins, Inc. 5.250%, 7/15/19		100,000		110,187
United Technologies Corp. 4.875%, 5/1/15		600,000		670,954
6.125%, 2/1/19		550,000		655,897
4.500%, 4/15/20		175,000		189,332
6.050%, 6/1/36		666,000		759,584
6.125%, 7/15/38		500,000		585,144
5.700%, 4/15/40		615,000		686,550

				16,574,998

*Air Freight & Logistics (0.1%)*
FedEx Corp. 7.375%, 1/15/14		250,000		292,039
8.000%, 1/15/19		336,000		426,697
United Parcel Service, Inc. 4.500%, 1/15/13		1,000,000		1,080,637
5.125%, 4/1/19		1,000,000		1,141,558
6.200%, 1/15/38		830,000		997,804

				3,938,735


	Principal Amount		Value (Note 1)

*Airlines (0.0%)*
Continental Airlines, Inc. 9.000%, 7/8/16	$	489,893	$	529,819
Delta Air Lines, Inc. 7.750%, 12/17/19		245,902		264,345
Southwest Airlines Co. 5.250%, 10/1/14		500,000		526,291

				1,320,455

*Building Products (0.0%)*
CRH America, Inc. 5.625%, 9/30/11		253,000		262,616
6.950%, 3/15/12		500,000		541,486
6.000%, 9/30/16		535,000		596,414
8.125%, 7/15/18		200,000		241,190
Owens Corning, Inc. 9.000%, 6/15/19		500,000		591,190

				2,232,896

*Commercial Services & Supplies (0.2%)*
Allied Waste North America, Inc.
6.875%, 6/1/17		1,500,000		1,635,000
Avery Dennison Corp. 5.375%, 4/15/20		100,000		106,851
Board of Trustees of the Leland Stanford Junior University
4.250%, 5/1/16		300,000		326,067
Cornell University 5.450%, 2/1/19		200,000		226,558
Dartmouth College 4.750%, 6/1/19		100,000		108,772
Johns Hopkins University 5.250%, 7/1/19		500,000		560,430
Pitney Bowes, Inc. 5.750%, 9/15/17		480,000		539,049
6.250%, 3/15/19		200,000		230,370
Princeton University 5.700%, 3/1/39		550,000		615,494
R.R. Donnelley & Sons Co. 8.600%, 8/15/16		1,000,000		1,095,520
11.250%, 2/1/19		300,000		382,220
7.625%, 6/15/20		200,000		198,282
Republic Services, Inc. 5.500%, 9/15/19§		295,000		319,226
Science Applications International Corp. 6.250%, 7/1/12		500,000		546,604
Vanderbilt University 5.250%, 4/1/19		100,000		111,399
Waste Management, Inc. 6.375%, 11/15/12		500,000		547,844
7.375%, 3/11/19		700,000		848,287
4.750%, 6/30/20		200,000		205,605
7.750%, 5/15/32		200,000		250,559
Yale University 2.900%, 10/15/14		600,000		622,385

				9,476,522

*Electrical Equipment (0.1%)*
Amphenol Corp. 4.750%, 11/15/14		200,000		211,925
Emerson Electric Co. 4.125%, 4/15/15		750,000		810,129

See Notes to Financial Statements.

353

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

4.875%, 10/15/19	$	500,000	$	558,222
5.250%, 11/15/39		200,000		213,750
Legrand France S.A. 8.500%, 2/15/25		200,000		242,374
Thomas & Betts Corp. 5.625%, 11/15/21		200,000		214,305

				2,250,705

*Industrial Conglomerates (0.2%)*
3M Co. 4.375%, 8/15/13		500,000		545,629
5.700%, 3/15/37		200,000		228,656
Acuity Brands Lighting, Inc. 6.000%, 12/15/19§		100,000		103,864
GE Capital Trust I 6.375%, 11/15/67(l)		500,000		465,000
General Electric Co. 5.000%, 2/1/13		2,025,000		2,171,519
5.250%, 12/6/17		1,500,000		1,631,109
Ingersoll-Rand Global Holding Co., Ltd.
9.500%, 4/15/14		269,000		333,287
6.875%, 8/15/18		500,000		592,971
Koninklijke Philips Electronics N.V.
6.875%, 3/11/38		1,002,000		1,235,768
Textron, Inc. 6.200%, 3/15/15		300,000		322,891
Tyco Electronics Group S.A. 6.550%, 10/1/17		300,000		344,524
7.125%, 10/1/37		200,000		226,341
Tyco International Finance S.A. 6.000%, 11/15/13		431,000		482,419
4.125%, 10/15/14		1,000,000		1,061,500
3.375%, 10/15/15		200,000		206,441
8.500%, 1/15/19		300,000		387,812
6.875%, 1/15/21		250,000		300,202

				10,639,933

*Machinery (0.1%)*
Caterpillar, Inc. 6.050%, 8/15/36		750,000		862,866
Danaher Corp. 5.400%, 3/1/19		500,000		566,380
Deere & Co. 4.375%, 10/16/19		300,000		319,649
5.375%, 10/16/29		600,000		655,743
Dover Corp. 5.450%, 3/15/18		466,000		526,711
Eaton Corp. 6.950%, 3/20/19		500,000		619,967
Pall Corp. 5.000%, 6/15/20		200,000		207,453
Parker Hannifin Corp. 6.250%, 5/15/38		257,000		305,434
Roper Industries, Inc. 6.625%, 8/15/13		300,000		337,994
Snap-On, Inc. 6.125%, 9/1/21		200,000		225,431

				4,627,628

*Road & Rail (0.3%)*
Burlington Northern Santa Fe Corp. 6.750%, 7/15/11		70,000		73,735
5.900%, 7/1/12		948,000		1,026,777


	Principal Amount		Value (Note 1)

4.700%, 10/1/19	$	300,000	$	317,731
6.150%, 5/1/37		500,000		562,755
Canadian National Railway Co. 5.550%, 3/1/19		1,937,000		2,215,126
6.200%, 6/1/36		506,000		595,757
Canadian Pacific Railway Co. 7.250%, 5/15/19		555,000		660,842
CSX Corp. 6.300%, 3/15/12		100,000		107,325
5.750%, 3/15/13		1,000,000		1,092,922
6.250%, 3/15/18		460,000		528,168
6.220%, 4/30/40§		403,000		444,577
Norfolk Southern Corp. 7.700%, 5/15/17		990,000		1,231,186
5.900%, 6/15/19		1,100,000		1,264,671
7.050%, 5/1/37		725,000		895,299
Ryder System, Inc. 5.850%, 11/1/16		200,000		220,671
Union Pacific Corp. 5.125%, 2/15/14		500,000		547,020
7.875%, 1/15/19		750,000		954,830
6.125%, 2/15/20		1,000,000		1,160,298

				13,899,690

*Trading Companies & Distributors (0.0%)*
GATX Corp. 4.750%, 10/1/12		250,000		263,184
4.750%, 5/15/15		160,000		166,830

				430,014

Total Industrials				65,391,576

Information Technology (0.7%)
*Communications Equipment (0.1%)*
American Tower Corp. 4.625%, 4/1/15		300,000		312,071
Cisco Systems, Inc. 5.500%, 2/22/16		1,075,000		1,238,392
4.950%, 2/15/19		1,500,000		1,648,700
5.900%, 2/15/39		1,500,000		1,667,349
Harris Corp.
6.375%, 6/15/19		165,000		184,982
Motorola, Inc.
8.000%, 11/1/11		500,000		536,662
6.000%, 11/15/17		533,000		572,118
Nokia Oyj
5.375%, 5/15/19		500,000		526,045
6.625%, 5/15/39		190,000		208,687

				6,895,006

*Computers & Peripherals (0.2%)*
Dell, Inc.
3.375%, 6/15/12		145,000		150,469
5.875%, 6/15/19		700,000		786,635
7.100%, 4/15/28		275,000		327,611
Hewlett-Packard Co.
4.250%, 2/24/12		1,500,000		1,580,700
5.250%, 3/1/12		469,000		501,846
4.750%, 6/2/14		1,000,000		1,107,986
5.500%, 3/1/18		500,000		575,867
International Business Machines Corp.
2.100%, 5/6/13		1,000,000		1,019,061
5.700%, 9/14/17		2,500,000		2,905,708

See Notes to Financial Statements.

354

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

6.500%, 1/15/28	$	975,000	$	1,181,648
5.875%, 11/29/32		25,000		28,254
5.600%, 11/30/39		550,000		611,454
Lexmark International, Inc.
5.900%, 6/1/13		300,000		319,733

				11,096,972

*Electronic Equipment, Instruments & Components (0.0%)*
Agilent Technologies, Inc.
5.500%, 9/14/15		500,000		538,183
Arrow Electronics, Inc.
6.000%, 4/1/20		200,000		206,680
Corning, Inc.
6.625%, 5/15/19		60,000		70,182

				815,045

*IT Services (0.1%)*
Computer Sciences Corp.
6.500%, 3/15/18		1,000,000		1,114,821
Fiserv, Inc.
6.125%, 11/20/12		500,000		548,263
6.800%, 11/20/17		500,000		549,577
HP Enterprise Services LLC
6.000%, 8/1/13		513,000		578,432

				2,791,093

*Office Electronics (0.1%)*
Xerox Corp.
5.500%, 5/15/12		920,000		980,675
5.650%, 5/15/13		500,000		541,184
8.250%, 5/15/14		80,000		93,772
6.350%, 5/15/18		1,095,000		1,221,400
5.625%, 12/15/19		400,000		425,648

				3,262,679

*Semiconductors & Semiconductor Equipment (0.0%)*
Analog Devices, Inc.
5.000%, 7/1/14		200,000		216,172
KLA-Tencor Corp.
6.900%, 5/1/18		269,000		300,929
Maxim Integrated Products, Inc.
3.450%, 6/14/13		200,000		201,637

				718,738

*Software (0.2%)*
Adobe Systems, Inc.
3.250%, 2/1/15		200,000		205,390
4.750%, 2/1/20		250,000		257,752
CA, Inc.
6.125%, 12/1/14		200,000		221,328
5.375%, 12/1/19		300,000		318,042
Intuit, Inc.
5.750%, 3/15/17		400,000		439,427
Microsoft Corp.
2.950%, 6/1/14		705,000		737,690
4.200%, 6/1/19		265,000		287,306
5.200%, 6/1/39		390,000		426,526
Oracle Corp.
4.950%, 4/15/13		1,000,000		1,093,847
3.750%, 7/8/14		475,000		508,548
5.250%, 1/15/16		920,000		1,043,952
5.750%, 4/15/18		750,000		868,255


	Principal Amount		Value (Note 1)

5.000%, 7/8/19	$	500,000	$	554,651
6.500%, 4/15/38		865,000		1,049,639

				8,012,353

Total Information Technology				33,591,886

Materials (0.9%)
*Chemicals (0.3%)*
Agrium, Inc.
6.750%, 1/15/19		500,000		579,955
Air Products and Chemicals, Inc.
4.375%, 8/21/19		200,000		208,790
Airgas, Inc.
2.850%, 10/1/13		200,000		201,677
Cabot Corp.
5.000%, 10/1/16		200,000		212,268
Dow Chemical Co.
4.850%, 8/15/12		1,000,000		1,054,855
6.000%, 10/1/12		927,000		996,754
7.600%, 5/15/14		770,000		889,245
5.900%, 2/15/15		500,000		546,413
8.550%, 5/15/19		1,275,000		1,560,744
7.375%, 11/1/29		25,000		27,678
9.400%, 5/15/39		455,000		632,809
E.I. du Pont de Nemours & Co.
5.000%, 1/15/13		300,000		325,599
5.875%, 1/15/14		1,000,000		1,139,171
3.250%, 1/15/15		400,000		417,290
6.000%, 7/15/18		800,000		938,870
5.750%, 3/15/19		500,000		577,170
5.600%, 12/15/36		300,000		328,102
Eastman Chemical Co.
7.250%, 1/15/24		500,000		599,746
Lubrizol Corp.
8.875%, 2/1/19		500,000		625,732
Monsanto Co.
5.125%, 4/15/18		200,000		222,344
5.875%, 4/15/38		150,000		167,393
Potash Corp of Saskatchewan, Inc.
5.250%, 5/15/14		520,000		573,579
3.750%, 9/30/15		240,000		249,891
6.500%, 5/15/19		215,000		252,590
4.875%, 3/30/20		145,000		154,259
PPG Industries, Inc.
5.750%, 3/15/13		500,000		547,011
6.650%, 3/15/18		300,000		355,975
Praxair, Inc.
2.125%, 6/14/13		600,000		610,042
4.625%, 3/30/15		503,000		551,480
4.500%, 8/15/19		700,000		742,943
Sherwin-Williams Co.
3.125%, 12/15/14		200,000		206,980
Valspar Corp.
7.250%, 6/15/19		200,000		237,681

				16,735,036

*Construction Materials (0.0%)*
Lafarge S.A.
6.500%, 7/15/16		400,000		414,367
7.125%, 7/15/36		200,000		197,917

See Notes to Financial Statements.

355

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Martin Marietta Materials, Inc.
6.600%, 4/15/18	$	300,000	$	325,574
Vulcan Materials Co.
6.300%, 6/15/13		500,000		556,323

				1,494,181

*Containers & Packaging (0.0%)*
Bemis Co., Inc.
5.650%, 8/1/14		115,000		126,637
6.800%, 8/1/19		290,000		335,001

				461,638

*Metals & Mining (0.5%)*
Alcoa, Inc.
6.000%, 1/15/12		220,000		229,455
6.000%, 7/15/13		500,000		526,593
6.750%, 7/15/18		500,000		504,602
5.720%, 2/23/19		300,000		285,651
5.900%, 2/1/27		970,000		853,306
Allegheny Technologies, Inc.
9.375%, 6/1/19		400,000		472,309
ArcelorMittal
7.000%, 10/15/39		500,000		528,128
ArcelorMittal S.A.
5.375%, 6/1/13		500,000		525,850
9.000%, 2/15/15		350,000		411,760
6.125%, 6/1/18		250,000		261,470
9.850%, 6/1/19		725,000		905,990
Barrick Australian Finance Pty Ltd.
5.950%, 10/15/39		1,000,000		1,065,637
Barrick Gold Corp.
6.950%, 4/1/19		750,000		899,279
Barrick N.A. Finance LLC
7.500%, 9/15/38		100,000		124,068
BHP Billiton Finance USA Ltd.
5.125%, 3/29/12		444,000		472,773
4.800%, 4/15/13		40,000		43,380
5.500%, 4/1/14		700,000		780,550
6.500%, 4/1/19		1,200,000		1,439,095
Cliffs Natural Resources, Inc.
5.900%, 3/15/20		200,000		214,471
Commercial Metals Co.
6.500%, 7/15/17		300,000		304,211
Freeport-McMoRan Copper & Gold, Inc.
8.250%, 4/1/15		500,000		542,500
8.375%, 4/1/17		1,200,000		1,320,000
Newmont Mining Corp.
5.125%, 10/1/19		720,000		771,500
6.250%, 10/1/39		400,000		436,527
Nucor Corp.
5.850%, 6/1/18		700,000		802,146
Rio Tinto Alcan, Inc.
4.500%, 5/15/13		500,000		525,677
6.125%, 12/15/33		340,000		364,053
Rio Tinto Finance USA Ltd.
5.875%, 7/15/13		1,400,000		1,533,913
8.950%, 5/1/14		1,450,000		1,758,757
6.500%, 7/15/18		500,000		569,870
7.125%, 7/15/28		300,000		356,293
Southern Copper Corp.
5.375%, 4/16/20		80,000		80,186
6.750%, 4/16/40		890,000		879,745


	Principal Amount		Value (Note 1)

Teck Resources Ltd.
9.750%, 5/15/14	$	500,000	$	590,908
10.750%, 5/15/19		1,500,000		1,837,950
Vale Overseas Ltd.
6.250%, 1/23/17		1,080,000		1,176,355
5.625%, 9/15/19		500,000		527,552
6.875%, 11/21/36		1,001,000		1,043,554
6.875%, 11/10/39		342,000		357,287
WMC Finance USA Ltd.
5.125%, 5/15/13		500,000		546,134
Xstrata Canada Corp.
5.500%, 6/15/17		512,000		544,353

				27,413,838

*Paper & Forest Products (0.1%)*
International Paper Co.
5.300%, 4/1/15		400,000		427,726
7.950%, 6/15/18		500,000		595,296
9.375%, 5/15/19		500,000		645,796
7.500%, 8/15/21		400,000		468,358
7.300%, 11/15/39		300,000		330,819

				2,467,995

Total Materials				48,572,688

Telecommunication Services (1.3%)
*Diversified Telecommunication Services (1.0%)*
Ameritech Capital Funding Corp.
6.550%, 1/15/28		375,000		393,307
AT&T Corp.
7.300%, 11/15/11		1,000,000		1,080,913
8.000%, 11/15/31		40,000		51,489
AT&T, Inc.
4.950%, 1/15/13		1,900,000		2,062,408
4.850%, 2/15/14		500,000		547,622
5.100%, 9/15/14		60,000		66,561
5.500%, 2/1/18		1,200,000		1,327,001
5.800%, 2/15/19		1,000,000		1,125,843
6.150%, 9/15/34		478,000		501,865
6.800%, 5/15/36		482,000		552,936
6.300%, 1/15/38		1,070,000		1,161,146
6.400%, 5/15/38		942,000		1,035,675
6.550%, 2/15/39		750,000		840,068
BellSouth Capital Funding Corp.
7.875%, 2/15/30		486,000		595,710
BellSouth Corp.
5.200%, 9/15/14		1,571,000		1,745,694
6.875%, 10/15/31		1,000,000		1,139,099
6.000%, 11/15/34		230,000		237,650
British Telecommunications plc
5.150%, 1/15/13		300,000		314,615
5.950%, 1/15/18		500,000		521,424
9.875%, 12/15/30		1,015,000		1,238,726
CenturyLink, Inc.
6.150%, 9/15/19		1,000,000		979,121
7.600%, 9/15/39		200,000		189,601
Deutsche Telekom International Finance B.V.
5.250%, 7/22/13		1,000,000		1,075,918
4.875%, 7/8/14		1,050,000		1,125,219
6.750%, 8/20/18		1,000,000		1,158,750
6.000%, 7/8/19		550,000		608,259
8.750%, 6/15/30		572,000		738,850
9.250%, 6/1/32		200,000		272,115

See Notes to Financial Statements.

356

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Embarq Corp.
7.082%, 6/1/16	$	525,000	$	559,681
7.995%, 6/1/36		500,000		496,212
France Telecom S.A.
4.375%, 7/8/14		500,000		539,185
8.500%, 3/1/31		525,000		722,455
GTE Corp.
8.750%, 11/1/21		500,000		655,269
Koninklijke (Royal) KPN N.V.
8.375%, 10/1/30		500,000		654,697
Pacific Bell Telephone Co.
7.125%, 3/15/26		200,000		228,961
Qwest Corp.
8.375%, 5/1/16		2,000,000		2,185,000
6.500%, 6/1/17		750,000		755,625
Telecom Italia Capital S.A.
5.250%, 11/15/13		1,065,000		1,100,034
6.175%, 6/18/14		550,000		574,990
6.999%, 6/4/18		500,000		532,582
7.175%, 6/18/19		550,000		592,137
6.375%, 11/15/33		971,000		869,508
7.721%, 6/4/38		500,000		511,965
Telefonica Emisiones S.A.U.
2.582%, 4/26/13		300,000		297,936
4.949%, 1/15/15		230,000		240,938
3.729%, 4/27/15		185,000		184,461
6.221%, 7/3/17		473,000		514,482
5.877%, 7/15/19		290,000		309,307
5.134%, 4/27/20		445,000		446,021
7.045%, 6/20/36		1,500,000		1,659,555
Telefonica Europe B.V.
8.250%, 9/15/30		1,000,000		1,232,265
TELUS Corp.
8.000%, 6/1/11		350,000		371,027
Verizon Communications, Inc.
7.375%, 9/1/12		55,000		61,792
4.350%, 2/15/13		1,500,000		1,603,436
5.550%, 2/15/16		930,000		1,041,608
5.500%, 2/15/18		918,000		1,007,331
8.750%, 11/1/18		500,000		649,987
7.750%, 12/1/30		779,000		970,751
5.850%, 9/15/35		210,000		216,619
6.400%, 2/15/38		833,000		918,021
8.950%, 3/1/39		1,250,000		1,770,721
7.350%, 4/1/39		1,250,000		1,536,831
Verizon New England, Inc.
6.500%, 9/15/11		1,563,000		1,650,681
Verizon New York, Inc.
Series A
6.875%, 4/1/12		750,000		810,428

				51,160,084

*Wireless Telecommunication Services (0.3%)*
Alltel Corp.
7.000%, 7/1/12		300,000		331,413
7.875%, 7/1/32		150,000		189,184
America Movil S.A.B. de C.V.
5.625%, 11/15/17		934,000		1,020,970
5.000%, 3/30/20§		1,000,000		1,033,173
6.125%, 3/30/40§		1,500,000		1,566,348
Cellco Partnership/Verizon Wireless Capital LLC
5.250%, 2/1/12		600,000		636,008
5.550%, 2/1/14		2,000,000		2,242,290
8.500%, 11/15/18		1,100,000		1,430,153


	Principal Amount		Value (Note 1)

New Cingular Wireless Services, Inc.
8.125%, 5/1/12	$	953,000	$	1,066,401
8.750%, 3/1/31		1,835,000		2,519,092
Rogers Communications, Inc.
6.375%, 3/1/14		1,000,000		1,135,368
6.800%, 8/15/18		700,000		827,474
7.500%, 8/15/38		300,000		378,491
Vodafone Group plc
5.350%, 2/27/12		500,000		527,147
4.150%, 6/10/14		500,000		524,648
5.625%, 2/27/17		1,500,000		1,645,165
4.625%, 7/15/18		80,000		81,460
7.875%, 2/15/30		482,000		581,285
6.150%, 2/27/37		473,000		490,429

				18,226,499

Total Telecommunication Services				69,386,583

Utilities (1.8%)
*Electric Utilities (1.3%)*
Alabama Power Co.
5.500%, 10/15/17		35,000		39,693
Allegheny Energy Supply Co. LLC
8.250%, 4/15/12§		200,000		218,473
Ameren Energy Generating Co.
6.300%, 4/1/20		160,000		162,857
Appalachian Power Co.
5.650%, 8/15/12		500,000		536,182
6.700%, 8/15/37		210,000		235,217
7.000%, 4/1/38		90,000		104,602
Arizona Public Service Co.
8.750%, 3/1/19		115,000		145,881
Baltimore Gas & Electric Co.
6.350%, 10/1/36		500,000		561,313
Carolina Power & Light Co.
5.300%, 1/15/19		1,000,000		1,118,153
CenterPoint Energy Houston Electric LLC
7.000%, 3/1/14		500,000		580,052
Cleco Power LLC
6.500%, 12/1/35		200,000		215,404
Cleveland Electric Illuminating Co.
5.700%, 4/1/17		700,000		758,736
Columbus Southern Power Co.
6.600%, 3/1/33		460,000		528,703
Commonwealth Edison Co.
5.950%, 8/15/16		500,000		571,401
6.150%, 9/15/17		940,000		1,078,889
5.900%, 3/15/36		441,000		480,219
Connecticut Light & Power Co.
5.500%, 2/1/19		500,000		555,748
Consolidated Edison Co. of New York, Inc.
6.650%, 4/1/19		500,000		607,007
5.500%, 12/1/39		170,000		176,478
Series 02-B
7.125%, 12/1/18		250,000		310,261
Series 07-A
4.875%, 2/1/13		922,000		999,212
Series 08-B
6.300%, 8/15/37		444,000		510,693
Series 09-C
6.750%, 4/1/38		500,000		609,372

See Notes to Financial Statements.

357

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Constellation Energy Group, Inc.
7.600%, 4/1/32	$	500,000	$	602,317
Consumers Energy Co.
6.700%, 9/15/19		250,000		299,068
Detroit Edison Co.
6.400%, 10/1/13		500,000		568,791
5.600%, 6/15/18		250,000		275,140
6.625%, 6/1/36		200,000		239,842
Duke Energy Carolinas LLC
6.000%, 1/15/38		500,000		570,704
Duke Energy Corp.
6.300%, 2/1/14		500,000		562,754
3.350%, 4/1/15		400,000		407,989
5.050%, 9/15/19		300,000		319,897
Duke Energy Indiana, Inc.
5.000%, 9/15/13		50,000		53,829
6.050%, 6/15/16		500,000		573,771
6.450%, 4/1/39		155,000		187,866
Duke Energy Ohio, Inc.
5.700%, 9/15/12		880,000		951,998
5.450%, 4/1/19		500,000		567,857
Energy Texas Inc.
7.125%, 2/1/19		500,000		590,645
Entergy Gulf States Louisiana LLC
5.590%, 10/1/24		120,000		130,924
Entergy Louisiana LLC
5.400%, 11/1/24		145,000		157,862
Exelon Corp.
4.900%, 6/15/15		35,000		37,377
Exelon Generation Co. LLC
5.350%, 1/15/14		500,000		545,056
6.200%, 10/1/17		250,000		284,193
6.250%, 10/1/39		500,000		534,097
FirstEnergy Corp.
Series B
6.450%, 11/15/11		21,000		22,181
Series C
7.375%, 11/15/31		369,000		389,071
FirstEnergy Solutions Corp.
6.800%, 8/15/39		995,000		984,454
Florida Power & Light Co.
5.550%, 11/1/17		500,000		572,494
5.650%, 2/1/37		15,000		16,438
5.950%, 2/1/38		1,000,000		1,142,249
5.690%, 3/1/40		200,000		221,735
Florida Power Corp.
4.800%, 3/1/13		55,000		59,198
4.550%, 4/1/20		100,000		107,119
6.350%, 9/15/37		200,000		236,736
6.400%, 6/15/38		500,000		597,578
5.650%, 4/1/40		150,000		163,421
FPL Group Capital, Inc.
2.550%, 11/15/13		150,000		151,261
7.875%, 12/15/15		200,000		245,846
6.000%, 3/1/19		500,000		561,882
Georgia Power Co.
6.000%, 11/1/13		1,000,000		1,132,363
5.400%, 6/1/18		500,000		564,966
4.250%, 12/1/19		165,000		172,774
5.950%, 2/1/39		250,000		275,185
5.400%, 6/1/40		200,000		205,593


	Principal Amount		Value (Note 1)

Hydro Quebec
7.500%, 4/1/16	$	2,000,000	$	2,507,466
Iberdrola USA, Inc.
6.750%, 7/15/36		500,000		534,344
Illinois Power Co.
9.750%, 11/15/18		1,000,000		1,312,885
Indiana Michigan Power Co.
7.000%, 3/15/19		750,000		877,520
Integrys Energy Group, Inc.
6.110%, 12/1/66(l)		200,000		178,000
Interstate Power and Light Co.
6.250%, 7/15/39		120,000		138,489
Kansas City Power & Light Co.
6.375%, 3/1/18		500,000		567,956
Metropolitan Edison Co.
7.700%, 1/15/19		500,000		604,240
MidAmerican Energy Co.
6.750%, 12/30/31		193,000		231,037
5.800%, 10/15/36		500,000		541,616
MidAmerican Energy Holdings Co.
5.000%, 2/15/14		170,000		183,383
5.750%, 4/1/18		750,000		839,026
6.500%, 9/15/37		1,250,000		1,436,059
MidAmerican Funding LLC
6.927%, 3/1/29		482,000		568,626
Nevada Power Co.
7.125%, 3/15/19		500,000		591,415
6.750%, 7/1/37		500,000		576,923
Northern States Power Co.
5.250%, 3/1/18		1,000,000		1,116,339
5.350%, 11/1/39		240,000		252,300
NSTAR
4.500%, 11/15/19		200,000		212,502
NSTAR Electric Co.
5.500%, 3/15/40		100,000		108,272
Oglethorpe Power Corp.
5.950%, 11/1/39		400,000		450,478
Ohio Power Co.
6.000%, 6/1/16		500,000		566,264
5.375%, 10/1/21		190,000		202,742
Oklahoma Gas & Electric Co.
5.850%, 6/1/40		200,000		212,834
Oncor Electric Delivery Co. LLC
5.950%, 9/1/13		500,000		550,560
6.800%, 9/1/18		500,000		586,928
7.000%, 9/1/22		40,000		48,222
7.250%, 1/15/33		250,000		299,742
7.500%, 9/1/38		500,000		624,232
Pacific Gas & Electric Co.
6.250%, 12/1/13		500,000		568,000
4.800%, 3/1/14		750,000		812,706
6.050%, 3/1/34		1,373,000		1,531,881
5.400%, 1/15/40		200,000		207,108
PacifiCorp
5.500%, 1/15/19		300,000		337,932
5.750%, 4/1/37		30,000		32,994
6.000%, 1/15/39		500,000		574,373
Pepco Holdings, Inc.
6.450%, 8/15/12		450,000		501,324
6.125%, 6/1/17		500,000		553,883
Portland General Electric Co.
6.100%, 4/15/19		200,000		232,692

See Notes to Financial Statements.

358

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

PPL Electric Utilities Corp.
7.125%, 11/30/13	$	500,000	$	584,026
6.250%, 5/15/39		150,000		175,549
PPL Energy Supply LLC
6.400%, 11/1/11		500,000		532,415
6.200%, 5/15/16		500,000		557,051
Progress Energy, Inc.
6.850%, 4/15/12		120,000		130,489
6.050%, 3/15/14		1,000,000		1,113,372
6.000%, 12/1/39		200,000		214,054
PSEG Power LLC
2.500%, 4/15/13§		150,000		151,453
5.125%, 4/15/20§		120,000		124,399
Public Service Co. of Colorado
6.250%, 9/1/37		329,000		388,937
Public Service Electric & Gas Co.
6.330%, 11/1/13		1,500,000		1,708,162
5.300%, 5/1/18		250,000		274,209
5.800%, 5/1/37		500,000		565,590
Puget Sound Energy, Inc.
5.757%, 10/1/39		200,000		206,998
5.795%, 3/15/40		130,000		135,295
5.764%, 7/15/40		175,000		181,381
San Diego Gas & Electric Co.
5.350%, 5/15/35		100,000		106,361
6.125%, 9/15/37		250,000		295,552
6.000%, 6/1/39		60,000		70,100
SCANA Corp.
6.250%, 4/1/20		200,000		222,278
Sierra Pacific Power Co.
5.450%, 9/1/13		500,000		542,249
South Carolina Electric & Gas Co.
6.050%, 1/15/38		500,000		568,709
Southern California Edison Co.
5.750%, 3/15/14		500,000		562,683
5.500%, 8/15/18		500,000		568,041
5.550%, 1/15/36		500,000		545,962
5.950%, 2/1/38		555,000		641,297
5.500%, 3/15/40		200,000		218,192
Southern Co.
4.150%, 5/15/14		250,000		263,708
Southwestern Electric Power Co.
6.450%, 1/15/19		250,000		274,853
6.200%, 3/15/40		65,000		66,657
Southwestern Public Service Co.
8.750%, 12/1/18		500,000		639,086
Tampa Electric Co.
6.100%, 5/15/18		125,000		141,616
Toledo Edison Co.
7.250%, 5/1/20		585,000		708,757
TransAlta Corp.
4.750%, 1/15/15		600,000		631,772
6.500%, 3/15/40		140,000		144,413
Union Electric Co.
6.700%, 2/1/19		500,000		581,228
8.450%, 3/15/39		160,000		227,281
Virginia Electric & Power Co.
5.400%, 1/15/16		930,000		1,038,089
6.000%, 1/15/36		55,000		61,062
Series A
5.000%, 6/30/19		135,000		147,199
Series B
6.000%, 5/15/37		500,000		556,419


	Principal Amount		Value (Note 1)

Wisconsin Electric Power Co.
4.250%, 12/15/19	$	600,000	$	623,512
Wisconsin Power & Light Co.
5.000%, 7/15/19		200,000		220,552
7.600%, 10/1/38		115,000		154,251

				67,527,619

*Gas Utilities (0.1%)*
Atmos Energy Corp.
8.500%, 3/15/19		300,000		377,046
Boardwalk Pipelines LP
5.750%, 9/15/19		400,000		418,856
Consolidated Natural Gas Co.
6.250%, 11/1/11		100,000		106,016
El Paso Natural Gas Co.
5.950%, 4/15/17		500,000		531,305
8.375%, 6/15/32		500,000		584,996
EQT Corp.
8.125%, 6/1/19		450,000		529,358
ONEOK, Inc.
6.000%, 6/15/35		25,000		23,571
Panhandle Eastern Pipeline Co.
6.200%, 11/1/17		250,000		257,326
Plains All American Pipeline LP
4.250%, 9/1/12		500,000		522,378
6.125%, 1/15/17		200,000		217,094
Southern California Gas Co.
5.500%, 3/15/14		1,250,000		1,402,773
Southern Union Co.
7.600%, 2/1/24		300,000		330,778
Williams Partners LP
3.800%, 2/15/15§		350,000		352,272
5.250%, 3/15/20§		720,000		736,249
6.300%, 4/15/40§		380,000		381,790

				6,771,808

*Independent Power Producers & Energy Traders (0.2%)*
Tennessee Valley Authority
6.790%, 5/23/12		190,000		211,232
4.750%, 8/1/13		2,000,000		2,198,182
5.500%, 7/18/17		978,000		1,138,386
6.750%, 11/1/25		492,000		632,458
7.125%, 5/1/30		500,000		672,480
5.880%, 4/1/36		35,000		41,537
6.150%, 1/15/38		1,188,000		1,460,940
5.250%, 9/15/39		700,000		773,844
5.375%, 4/1/56		500,000		566,304

				7,695,363

*Multi-Utilities (0.2%)*
Alliant Energy Corp.
4.000%, 10/15/14		200,000		206,378
Avista Corp.
5.125%, 4/1/22		115,000		122,539
CenterPoint Energy Resources Corp.
7.875%, 4/1/13		300,000		343,762
CenterPoint Energy, Inc.
6.500%, 5/1/18		500,000		553,013
Dominion Resources, Inc.
5.150%, 7/15/15		271,000		300,054
5.600%, 11/15/16		80,000		90,009
6.000%, 11/30/17		941,000		1,073,216
5.200%, 8/15/19		170,000		184,316

See Notes to Financial Statements.

359

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

7.000%, 6/15/38	$	500,000	$	605,248
7.500%, 6/30/66(l)		200,000		197,000
DTE Energy Co.
7.625%, 5/15/14		1,100,000		1,285,527
NiSource Finance Corp.
5.400%, 7/15/14		500,000		534,219
10.750%, 3/15/16		250,000		320,384
6.400%, 3/15/18		250,000		275,084
6.800%, 1/15/19		500,000		556,637
PG&E Corp.
5.750%, 4/1/14		500,000		553,921
Sempra Energy
6.500%, 6/1/16		1,000,000		1,147,498
9.800%, 2/15/19		1,000,000		1,327,963
6.000%, 10/15/39		635,000		673,760
Veolia Environnement
6.000%, 6/1/18		454,000		500,665

				10,851,193

Total Utilities				92,845,983

Total Corporate Bonds				1,052,820,705

Government Securities (75.6%)
*Agency ABS (1.7%)*
Federal Farm Credit Bank
1.110%, 6/14/12		400,000		402,032
1.250%, 9/14/12		200,000		200,305
1.470%, 10/26/12		500,000		500,352
1.750%, 2/21/13		2,000,000		2,029,174
1.840%, 3/1/13		500,000		503,464
1.625%, 3/7/13		500,000		500,740
1.375%, 6/25/13		500,000		502,802
2.000%, 12/2/13		500,000		501,151
2.375%, 4/28/14		200,000		202,121
2.550%, 3/16/15		400,000		401,213
2.800%, 6/3/15		500,000		503,158
2.620%, 6/15/15		200,000		202,030
3.875%, 12/17/18		200,000		200,994
3.990%, 6/17/19		200,000		201,033
4.740%, 12/7/23		200,000		200,982
4.790%, 6/3/24		200,000		200,978
Federal Home Loan Bank
0.600%, 5/10/11		400,000		400,104
0.750%, 7/8/11		1,000,000		1,002,885
1.000%, 11/10/11		400,000		400,230
1.000%, 11/14/11		1,000,000		1,000,189
1.000%, 12/28/11		1,000,000		1,005,952
1.125%, 3/23/12		200,000		200,319
1.350%, 4/9/12		400,000		400,070
1.125%, 5/18/12		3,000,000		3,022,062
1.550%, 8/10/12		400,000		400,486
1.750%, 12/14/12		1,000,000		1,019,264
1.850%, 12/21/12		200,000		200,957
1.625%, 3/20/13		6,000,000		6,087,252
3.000%, 1/29/15		200,000		200,413
Federal Home Loan Mortgage Corp.
0.750%, 9/15/11		200,000		200,110
1.000%, 12/22/11		200,000		200,217
0.900%, 12/23/11		100,000		100,216
1.250%, 1/19/12		200,000		200,067
1.250%, 2/3/12		500,000		500,337
1.125%, 4/25/12		400,000		403,116


	Principal Amount		Value (Note 1)

1.300%, 4/30/12	$	200,000	$	200,157
1.300%, 5/10/12		400,000		400,384
1.250%, 5/11/12		200,000		200,206
1.400%, 5/17/12		2,000,000		2,002,282
1.250%, 6/15/12		200,000		200,280
2.350%, 8/27/12		1,000,000		1,003,057
2.000%, 11/5/12		1,000,000		1,004,589
1.700%, 12/17/12		600,000		602,869
1.250%, 12/28/12		1,000,000		1,000,923
1.125%, 1/14/13		1,000,000		999,338
1.750%, 1/28/13		500,000		503,556
2.000%, 1/28/13		200,000		200,190
1.875%, 3/8/13		400,000		403,141
1.625%, 4/15/13		2,000,000		2,030,238
2.000%, 5/3/13		200,000		200,966
1.875%, 5/10/13		200,000		201,028
1.550%, 7/8/13		1,000,000		1,001,971
2.250%, 10/30/13		200,000		200,303
2.200%, 12/17/13		200,000		200,747
2.650%, 4/28/14		1,000,000		1,007,662
3.150%, 1/22/15		1,000,000		1,001,565
3.000%, 2/17/15		200,000		200,677
3.000%, 3/17/15		100,000		101,805
3.050%, 4/9/15		200,000		200,112
3.250%, 4/23/15		1,000,000		1,001,623
3.000%, 5/18/15		200,000		201,804
3.000%, 5/26/15		200,000		201,765
2.750%, 7/7/15		200,000		201,315
4.750%, 1/22/20		400,000		401,037
5.000%, 4/29/25		200,000		204,660
5.625%, 11/23/35		500,000		537,629
Federal National Mortgage Association
5.000%, 10/15/11		5,000,000		5,285,875
0.875%, 1/12/12		2,000,000		2,006,774
1.500%, 1/20/12		500,000		500,181
1.000%, 4/4/12		5,000,000		5,027,080
1.500%, 5/24/12		400,000		400,502
1.300%, 5/25/12		1,000,000		1,005,666
1.500%, 6/1/12		800,000		800,998
1.250%, 6/22/12		500,000		504,763
1.100%, 6/28/12		2,000,000		2,002,460
2.050%, 7/30/12		500,000		500,510
1.550%, 9/17/12		100,000		100,171
1.500%, 9/24/12		200,000		200,427
1.750%, 12/28/12		400,000		402,162
2.125%, 1/25/13		500,000		503,495
2.050%, 1/28/13		400,000		402,596
1.800%, 2/8/13		400,000		404,635
1.750%, 2/22/13		5,000,000		5,096,965
2.000%, 3/1/13		500,000		501,037
1.800%, 3/15/13		400,000		403,100
1.850%, 3/25/13		400,000		403,277
2.000%, 4/8/13		1,400,000		1,400,468
2.150%, 4/12/13		150,000		150,072
2.000%, 4/15/13		500,000		505,028
1.875%, 5/6/13		400,000		404,092
1.750%, 5/7/13		5,600,000		5,702,301
2.000%, 5/10/13		2,000,000		2,009,746
2.000%, 6/24/13		1,000,000		1,010,639
1.500%, 6/26/13		1,000,000		1,010,943
1.750%, 6/28/13		200,000		200,530
1.375%, 7/19/13		1,000,000		994,847

See Notes to Financial Statements.

360

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

2.020%, 8/20/13	$	200,000	$	202,049
2.050%, 8/26/13		200,000		200,490
2.125%, 9/10/13		200,000		200,695
2.100%, 9/16/13		400,000		401,327
2.000%, 12/16/13		400,000		401,089
2.500%, 3/3/14		500,000		501,940
2.500%, 4/29/14		400,000		401,829
3.125%, 11/10/14		600,000		606,173
3.125%, 1/21/15		400,000		404,832
3.000%, 3/9/15		400,000		401,890
3.125%, 5/19/15		600,000		605,381
4.000%, 1/20/17		1,400,000		1,425,684
6.000%, 3/9/20		200,000		211,682
4.300%, 3/30/20		200,000		203,558
6.000%, 4/18/36		500,000		554,533
Financing Corp. Fico 10.700%, 10/6/17		1,200,000		1,803,701

				90,382,847

*Foreign Governments (1.6%)*
Canadian Government Bond 2.375%, 9/10/14		1,000,000		1,026,365
Council Of Europe Development Bank
2.750%, 2/10/15		500,000		514,490
Export-Import Bank of Korea
8.125%, 1/21/14		1,000,000		1,143,992
5.875%, 1/14/15		700,000		758,463
4.125%, 9/9/15		400,000		406,131
Federative Republic of Brazil
6.000%, 1/17/17		3,000,000		3,300,000
8.000%, 1/15/18		2,666,667		3,093,333
5.875%, 1/15/19		2,000,000		2,195,000
8.875%, 4/15/24		615,000		830,250
8.750%, 2/4/25		1,500,000		2,021,250
8.250%, 1/20/34		3,155,000		4,164,600
7.125%, 1/20/37		50,000		59,000
Hungary Government International Bond
4.750%, 2/3/15		500,000		496,033
Israel Government AID Bond 5.500%, 4/26/24		1,500,000		1,762,504
Province of British Columbia
2.850%, 6/15/15		620,000		640,386
6.500%, 1/15/26		300,000		381,526
7.250%, 9/1/36		1,000,000		1,427,316
Province of Manitoba
2.125%, 4/22/13		500,000		511,190
4.900%, 12/6/16		650,000		731,476
Province of Nova Scotia 5.125%, 1/26/17		1,025,000		1,167,992
Province of Ontario
2.625%, 1/20/12		4,700,000		4,811,169
5.125%, 7/17/12		75,000		80,980
3.500%, 7/15/13		1,000,000		1,053,215
4.100%, 6/16/14		1,500,000		1,613,099
2.950%, 2/5/15		2,000,000		2,050,486
5.450%, 4/27/16		700,000		804,640
4.000%, 10/7/19		500,000		516,275
Province of Quebec
4.600%, 5/26/15		1,270,000		1,402,145
5.125%, 11/14/16		20,000		22,596
4.625%, 5/14/18		1,000,000		1,092,296
7.125%, 2/9/24		100,000		131,239
7.500%, 9/15/29		2,070,000		2,841,330


	Principal Amount		Value (Note 1)

Republic of Chile 5.500%, 1/15/13	$	650,000	$	709,540
Republic of Italy
3.500%, 7/15/11		1,200,000		1,208,713
5.625%, 6/15/12		1,998,000		2,099,223
2.125%, 10/5/12		1,000,000		973,017
4.500%, 1/21/15		2,002,000		2,018,735
5.250%, 9/20/16		1,000,000		1,040,421
5.375%, 6/12/17		1,000,000		1,046,616
6.875%, 9/27/23		503,000		572,273
5.375%, 6/15/33		1,525,000		1,497,538
Republic of Korea
4.250%, 6/1/13		500,000		521,900
5.750%, 4/16/14		500,000		545,096
4.875%, 9/22/14		45,000		47,863
7.125%, 4/16/19		700,000		840,245
Republic of Malaysia 7.500%, 7/15/11		500,000		530,023
Republic of Panama
5.200%, 1/30/20		700,000		728,000
7.125%, 1/29/26		600,000		700,500
8.875%, 9/30/27		350,000		466,375
9.375%, 4/1/29		350,000		484,750
6.700%, 1/26/36		680,000		749,700
Republic of Peru
8.375%, 5/3/16		700,000		857,500
7.125%, 3/30/19		1,000,000		1,182,500
7.350%, 7/21/25		500,000		598,750
6.550%, 3/14/37		678,000		749,190
Republic of Poland
6.250%, 7/3/12		500,000		537,512
5.250%, 1/15/14		500,000		535,580
5.000%, 10/19/15		500,000		529,863
6.375%, 7/15/19		1,090,000		1,205,784
Republic of South Africa
6.500%, 6/2/14		500,000		555,000
6.875%, 5/27/19		1,445,000		1,652,719
5.875%, 5/30/22		605,000		636,762
State of Israel
4.625%, 6/15/13		300,000		322,760
5.500%, 11/9/16		464,000		525,021
5.125%, 3/26/19		575,000		620,312
United Mexican States
5.875%, 2/17/14		2,000,000		2,194,000
6.625%, 3/3/15		474,000		542,256
5.625%, 1/15/17		574,000		629,965
5.950%, 3/19/19		1,000,000		1,110,000
8.125%, 12/30/19		1,458,000		1,866,240
5.125%, 1/15/20		1,000,000		1,040,000
8.300%, 8/15/31		1,468,000		1,981,800
6.750%, 9/27/34		886,000		1,021,115
6.050%, 1/11/40		1,050,000		1,107,750

				81,833,674

*Municipal Bonds (0.4%)*
American Municipal Power-Ohio, Inc.
6.449%, 2/15/44		200,000		208,896
Bay Area Toll Authority California State
6.793%, 4/1/30		200,000		199,644
6.918%, 4/1/40		200,000		199,730
6.263%, 4/1/49		1,000,000		1,051,360
7.043%, 4/1/50		400,000		403,940

See Notes to Financial Statements.

361

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Central Puget Sound Washington Regional Transportation Authority
5.491%, 11/1/39	$	200,000	$	209,732
City & County of Denver 5.650%, 8/1/30		200,000		202,396
City of Chicago, Illinois
6.845%, 1/1/38		85,000		89,299
6.395%, 1/1/40		70,000		74,684
City of San Antonio, Texas 5.985%, 2/1/39		125,000		136,726
Clark County, Nevada Airport
6.881%, 7/1/42		200,000		209,494
6.820%, 7/1/45		300,000		335,088
Indianapolis, Indiana Local Public Improvement
6.116%, 1/15/40		200,000		212,808
Los Angeles Department of Airports
6.582%, 5/15/39		200,000		217,200
Los Angeles Department of Water & Power
6.008%, 7/1/39		200,000		205,992
Los Angeles, California Unified School District
5.755%, 7/1/29		200,000		197,704
5.750%, 7/1/34		400,000		391,684
6.758%, 7/1/34		1,155,000		1,266,111
Metropolitan Government of Nashville & Davidson County Convention Center Authority
6.731%, 7/1/43		100,000		105,599
Metropolitan Transportation Authority
5.871%, 11/15/39		200,000		202,688
6.668%, 11/15/39		150,000		164,981
Municipal Electric Authority of Georgia
6.637%, 4/1/57		200,000		193,688
7.055%, 4/1/57		200,000		196,364
New Jersey State Turnpike Authority
7.414%, 1/1/40		365,000		444,607
New Jersey Transportation Trust Fund Authority
6.875%, 12/15/39		200,000		210,916
New York City Municipal Water Finance Authority
5.750%, 6/15/41		400,000		417,432
5.724%, 6/15/42		380,000		390,602
5.952%, 6/15/42		400,000		420,940
6.011%, 6/15/42		65,000		68,962
New York State Dormitory Authority
5.500%, 3/15/30		350,000		351,145
5.600%, 3/15/40		300,000		301,716
New York State Urban Development Corp.
5.770%, 3/15/39		200,000		203,454
Oregon State Department of Transportation
5.834%, 11/15/34		300,000		324,816
Pennsylvania State Turnpike Commission
6.105%, 12/1/39		500,000		537,410
Port of Seattle
7.000%, 5/1/36		1,000,000		1,088,440
San Diego County, California Water Authority
6.138%, 5/1/49		200,000		216,694
San Francisco City & County Public Utilities Commission
6.000%, 11/1/40		200,000		203,380
State of California
4.850%, 10/1/14		500,000		518,445
5.450%, 4/1/15		250,000		262,260
5.950%, 4/1/16		35,000		37,176
5.750%, 3/1/17		200,000		207,956


	Principal Amount		Value (Note 1)

6.200%, 3/1/19	$	200,000	$	208,620
6.200%, 10/1/19		400,000		418,148
6.650%, 3/1/22		200,000		210,406
7.500%, 4/1/34		1,500,000		1,600,800
7.950%, 3/1/36		200,000		210,078
7.550%, 4/1/39		665,000		713,578
7.300%, 10/1/39		200,000		208,218
7.350%, 11/1/39		450,000		471,888
7.625%, 3/1/40		465,000		502,418
State of Georgia
4.503%, 11/1/25		200,000		206,438
State of Illinois
2.766%, 1/1/12		200,000		200,452
3.321%, 1/1/13		200,000		198,730
4.071%, 1/1/14		200,000		197,068
4.421%, 1/1/15		200,000		198,682
5.100%, 6/1/33		3,000,000		2,338,740
State of Illinois Toll Highway Authority
6.184%, 1/1/34		110,000		113,931
5.851%, 12/1/34		200,000		203,476
State of Massachusetts
4.910%, 5/1/29		100,000		97,022
5.456%, 12/1/39		400,000		419,204
State of New York
5.206%, 10/1/31		300,000		279,993
State of Utah
4.554%, 7/1/24		240,000		252,739
State of Washington
5.090%, 8/1/33		200,000		198,798
5.481%, 8/1/39		200,000		208,722
5.140%, 8/1/40		200,000		197,758
University of Virginia
6.200%, 9/1/39		250,000		292,078
Utah Transit Authority
5.937%, 6/15/39		80,000		87,642

				23,117,786

*Supranational (1.4%)*
African Development Bank
1.000%, 11/23/11		500,000		498,906
1.875%, 1/23/12		500,000		506,151
1.750%, 10/1/12		300,000		304,020
3.000%, 5/27/14		500,000		521,719
6.875%, 10/15/15		200,000		238,238
Asian Development Bank
2.125%, 3/15/12		3,000,000		3,058,437
2.750%, 5/21/14		600,000		622,195
5.500%, 6/27/16		1,500,000		1,747,857
Corp. Andina de Fomento
8.125%, 6/4/19		875,000		1,075,087
Eksportfinans A/S
5.000%, 2/14/12		1,930,000		2,047,178
3.000%, 11/17/14		500,000		514,907
European Bank for Reconstruction & Development
3.625%, 6/17/13		400,000		424,217
European Investment Bank
3.125%, 7/15/11		2,000,000		2,049,696
3.250%, 10/14/11		3,000,000		3,100,161
2.625%, 11/15/11		1,500,000		1,540,591
2.000%, 2/10/12		2,500,000		2,537,805
1.750%, 9/14/12		2,000,000		2,022,770
1.625%, 3/15/13		1,000,000		1,006,234

See Notes to Financial Statements.

362

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

2.875%, 3/15/13	$	2,000,000	$	2,075,052
2.375%, 3/14/14		3,000,000		3,048,564
4.625%, 5/15/14		3,760,000		4,130,826
3.125%, 6/4/14		1,000,000		1,042,186
2.875%, 1/15/15		1,000,000		1,026,091
2.750%, 3/23/15		1,500,000		1,527,604
4.875%, 2/16/16		1,018,000		1,137,319
4.875%, 1/17/17		55,000		61,344
5.125%, 5/30/17		2,500,000		2,823,500
4.875%, 2/15/36		500,000		527,215
Export Development Canada
2.625%, 11/15/11		1,000,000		1,026,098
2.375%, 3/19/12		1,000,000		1,024,160
1.750%, 9/24/12		500,000		506,973
3.500%, 5/16/13		500,000		530,384
2.250%, 5/28/15		1,000,000		1,011,358
Inter-American Development Bank
3.250%, 11/15/11		1,000,000		1,032,239
4.750%, 10/19/12		500,000		540,946
1.750%, 10/22/12		2,000,000		2,030,668
3.000%, 4/22/14		1,500,000		1,568,591
5.125%, 9/13/16		1,000,000		1,144,538
4.250%, 9/10/18		1,467,000		1,595,090
International Bank for Reconstruction & Development
2.000%, 4/2/12		3,000,000		3,061,590
3.500%, 10/8/13		2,000,000		2,122,760
2.375%, 5/26/15		2,500,000		2,541,835
5.000%, 4/1/16		500,000		563,249
7.625%, 1/19/23		491,000		685,891
4.750%, 2/15/35		540,000		581,811
International Finance Corp.
3.500%, 5/15/13		1,300,000		1,385,844
3.000%, 4/22/14		1,545,000		1,630,854
Japan Finance Corp.
1.500%, 7/6/12		700,000		705,480
2.125%, 11/5/12		1,000,000		1,019,720
2.875%, 2/2/15		500,000		513,940
Korea Development Bank
5.300%, 1/17/13		1,100,000		1,159,248
5.750%, 9/10/13		70,000		75,084
8.000%, 1/23/14		1,000,000		1,138,302
4.375%, 8/10/15		500,000		509,820
Nordic Investment Bank
1.625%, 1/28/13		500,000		504,989
2.625%, 10/6/14		1,000,000		1,027,882
5.000%, 2/1/17		500,000		567,763
Svensk Exportkredit AB
4.875%, 9/29/11		500,000		523,371
3.250%, 9/16/14		500,000		518,716
5.125%, 3/1/17		250,000		278,908

				74,343,972

*U.S. Government Agencies (38.5%)*
Federal Farm Credit Bank
5.375%, 7/18/11		1,920,000		2,018,206
3.875%, 8/25/11		960,000		997,106
2.000%, 1/17/12		1,000,000		1,021,398
2.125%, 6/18/12		2,000,000		2,053,908
1.875%, 12/7/12		600,000		612,902
2.625%, 4/17/14		50,000		51,970
3.000%, 9/22/14		1,000,000		1,049,602
5.125%, 8/25/16		485,000		556,562
4.875%, 1/17/17		4,895,000		5,533,920


	Principal Amount		Value (Note 1)

Federal Home Loan Bank
1.625%, 7/27/11	$	3,800,000	$	3,845,634
5.375%, 8/19/11		35,000		36,865
4.875%, 11/18/11		8,830,000		9,348,418
2.250%, 4/13/12		5,000,000		5,137,280
5.750%, 5/15/12		100,000		109,341
1.875%, 6/20/12		50,000		51,087
2.000%, 7/27/12		1,000,000		1,001,024
2.000%, 10/5/12		1,000,000		1,003,749
1.625%, 11/21/12		3,000,000		3,049,263
3.375%, 2/27/13		6,000,000		6,364,014
5.125%, 8/14/13		3,000,000		3,355,800
4.500%, 9/16/13		120,000		131,952
2.500%, 10/15/13		400,000		402,073
3.625%, 10/18/13		5,000,000		5,355,700
5.500%, 8/13/14		3,000,000		3,458,241
5.375%, 5/18/16		100,000		116,663
4.750%, 12/16/16		5,025,000		5,651,200
4.875%, 5/17/17		2,130,000		2,425,889
5.250%, 6/5/17		950,000		1,091,221
5.000%, 11/17/17		3,040,000		3,469,060
5.500%, 7/15/36		860,000		976,756
Federal Home Loan Bank/Illinois
5.625%, 6/13/16		1,000,000		1,073,937
Federal Home Loan Mortgage Corp.
5.250%, 7/18/11		2,000,000		2,100,556
1.500%, 8/24/11		1,500,000		1,502,114
5.500%, 9/15/11		5,000,000		5,299,150
1.125%, 12/15/11		2,000,000		2,015,792
5.750%, 1/15/12		75,000		80,806
4.750%, 3/5/12		3,900,000		4,166,495
2.125%, 3/23/12		5,000,000		5,123,545
2.000%, 4/27/12		550,000		556,158
1.750%, 6/15/12		5,050,000		5,149,106
5.125%, 7/15/12		75,000		81,776
2.250%, 8/24/12		1,000,000		1,002,751
2.000%, 9/28/12		1,000,000		1,002,801
4.125%, 12/21/12		2,000,000		2,158,820
2.500%, 4/8/13		1,750,000		1,776,824
3.500%, 5/29/13		5,000,000		5,342,320
4.875%, 11/15/13		3,844,000		4,296,347
2.500%, 1/7/14		4,170,000		4,323,756
4.500%, 1/15/14		170,000		187,873
5.500%, 2/1/14		31,244		33,731
2.500%, 4/23/14		50,000		51,768
2.750%, 4/29/14		1,000,000		1,018,980
5.000%, 7/15/14		5,000,000		5,633,535
3.000%, 7/28/14		800,000		842,292
3.625%, 8/25/14		150,000		150,716
3.000%, 12/30/14		600,000		608,030
4.500%, 1/15/15		1,916,000		2,136,564
4.750%, 11/17/15		8,836,000		9,950,290
5.125%, 10/18/16		1,500,000		1,717,175
6.000%, 2/1/17		59,604		64,783
6.000%, 4/1/17		48,724		52,957
4.875%, 6/13/18		12,000,000		13,582,248
3.750%, 3/27/19		1,025,000		1,069,406
4.000%, 12/1/20		124,206		130,921
5.500%, 3/1/21		149,638		162,305
4.500%, 4/1/21		5,549,814		5,894,075
4.500%, 6/1/21		98,707		104,769
5.000%, 7/1/21		160,938		172,617

See Notes to Financial Statements.

363

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

4.500%, 8/1/21	$	170,491	$	181,280
6.000%, 9/1/21		34,832		38,054
5.000%, 5/1/22		198,479		211,765
5.000%, 6/1/22		27,700		29,555
5.500%, 6/1/22		9,786		10,567
5.000%, 8/1/22		106,994		114,156
5.500%, 8/1/22		639,593		690,658
6.000%, 9/1/22		1,104,028		1,202,701
5.000%, 11/1/22		88,154		94,055
5.500%, 11/1/22		86,673		93,569
5.000%, 1/1/23		595,438		635,296
5.000%, 2/1/23		130,814		139,571
5.500%, 2/1/23		711,669		768,296
5.000%, 3/1/23		1,919,347		2,047,827
5.000%, 4/1/23		1,563,752		1,668,428
5.000%, 5/1/23		3,560,207		3,811,246
5.500%, 5/1/23		86,617		93,523
5.000%, 6/1/23		1,165,650		1,243,678
5.000%, 7/1/23		5,541,706		5,912,663
5.000%, 8/1/23		64,866		69,208
5.500%, 8/1/23		9,242,466		9,977,891
6.000%, 8/1/23		501,162		545,327
5.000%, 9/1/23		15,325		16,351
6.000%, 9/1/23		86,000		93,700
5.000%, 10/1/23		302,486		322,734
5.500%, 10/1/23		129,149		139,425
5.000%, 11/1/23		1,180,723		1,259,760
5.500%, 11/1/23		161,173		173,997
4.500%, 12/1/23		4,436,663		4,695,237
5.000%, 12/1/23		15,476		16,512
5.000%, 1/1/24		2,326,582		2,482,321
6.000%, 1/1/24		643,186		699,867
5.000%, 2/1/24		410,348		437,816
6.000%, 2/1/24		975,733		1,061,719
5.000%, 3/1/24		505,592		539,436
5.000%, 4/1/24		874,893		933,458
4.000%, 5/1/24		4,237,507		4,414,952
4.000%, 7/1/24		7,331,885		7,632,034
4.500%, 7/1/24		17,491,229		18,461,445
4.000%, 8/1/24		1,856,859		1,932,874
4.000%, 2/1/25		12,792,317		13,308,008
5.000%, 5/1/25		4,998,587		5,333,188
5.000%, 8/1/26		111,840		118,817
5.500%, 8/1/26		49,468		53,284
6.500%, 9/1/27		59,940		65,758
6.750%, 3/15/31		690,000		913,324
6.250%, 7/15/32		1,756,000		2,222,940
4.707%, 2/1/34(l)		94,805		99,419
5.000%, 4/1/34		667,352		708,305
5.000%, 6/1/34		5,626,830		5,972,133
5.000%, 10/1/34		3,648,388		3,868,859
4.769%, 1/1/35(l)		660,828		690,734
2.375%, 2/1/35(l)		145,213		150,294
6.000%, 2/1/35		330,082		360,666
5.000%, 5/1/35		8,759,692		9,289,037
4.683%, 8/1/35(l)		81,695		85,492
5.500%, 10/1/35		146,796		157,732
5.500%, 11/1/35		6,054,940		6,502,202
5.000%, 12/1/35		6,935,986		7,348,623
5.000%, 3/1/36		705,401		747,257
6.000%, 3/1/36		228,942		249,440
5.343%, 4/1/36(l)		686,889		725,526


	Principal Amount		Value (Note 1)

5.538%, 4/1/36(l)	$	1,094,671	$	1,164,168
4.500%, 5/1/36		124,861		129,987
5.000%, 5/1/36		95,948		101,611
6.000%, 6/1/36		10,705,968		11,651,105
5.000%, 8/1/36		74,984		79,409
6.500%, 8/1/36		16,827,065		18,495,310
5.500%, 9/1/36		523,537		562,128
6.000%, 9/1/36		239,083		260,189
5.000%, 10/1/36		18,297,764		19,386,338
5.852%, 11/1/36(l)		445,023		468,160
6.000%, 11/1/36		2,895,260		3,150,858
6.500%, 11/1/36		116,266		127,611
5.500%, 12/1/36		285,424		306,329
6.500%, 12/1/36		65,778		72,196
5.500%, 1/1/37		2,674,350		2,870,225
5.528%, 1/1/37(l)		4,115,472		4,318,052
5.636%, 1/1/37(l)		1,039,154		1,093,983
5.500%, 4/1/37		4,033,361		4,335,756
6.000%, 4/1/37		28,501		30,950
5.500%, 5/1/37		72,258		77,550
5.745%, 5/1/37(l)		6,223,615		6,630,098
6.000%, 5/1/37		382,676		415,563
5.395%, 6/1/37(l)		378,486		403,206
5.443%, 6/1/37(l)		3,349,305		3,568,059
5.490%, 6/1/37(l)		414,857		441,953
6.000%, 6/1/37		1,186,853		1,299,047
5.431%, 7/1/37(l)		664,780		708,198
5.500%, 8/1/37		355,541		381,789
6.000%, 8/1/37		2,991,169		3,247,766
5.500%, 9/1/37		171,077		183,607
5.500%, 10/1/37		2,254,753		2,419,896
6.000%, 10/1/37		4,891,733		5,330,461
6.500%, 10/1/37		2,489,191		2,727,414
5.575%, 11/1/37(l)		3,928,691		4,120,112
6.000%, 11/1/37		349,605		379,431
6.500%, 11/1/37		466,191		510,807
5.500%, 12/1/37		1,329,202		1,426,556
5.277%, 1/1/38(l)		5,558,001		5,870,244
5.500%, 1/1/38		196,637		211,162
6.000%, 1/1/38		1,441,725		1,564,723
6.500%, 1/1/38		183,896		201,869
5.500%, 2/1/38		124,076		133,164
6.000%, 2/1/38		466,788		506,465
6.500%, 2/1/38		2,957,092		3,240,095
5.000%, 3/1/38		1,314,087		1,391,443
6.000%, 3/1/38		98,755		107,149
5.500%, 4/1/38		18,160,667		19,502,132
5.000%, 5/1/38		623,866		660,591
5.500%, 5/1/38		2,669,820		2,865,364
6.000%, 5/1/38		7,125,288		7,735,392
5.500%, 6/1/38		1,659,707		1,781,267
5.000%, 7/1/38		10,701,231		11,331,183
5.500%, 7/1/38		3,455,629		3,708,726
6.000%, 7/1/38		10,900,415		11,878,718
5.500%, 8/1/38		9,800,713		10,518,538
5.500%, 9/1/38		301,045		323,094
6.000%, 9/1/38		4,105,428		4,456,269
6.500%, 9/1/38		233,016		255,316
5.500%, 10/1/38		8,122,538		8,717,450
6.000%, 10/1/38		2,946,095		3,196,053
6.500%, 10/1/38		1,175,127		1,287,591
5.000%, 11/1/38		9,024,441		9,565,554

See Notes to Financial Statements.

364

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

5.500%, 11/1/38	$	1,725,113	$	1,851,465
6.000%, 11/1/38		77,496		84,071
5.000%, 12/1/38		1,172,138		1,241,139
5.500%, 12/1/38		6,355,984		6,831,441
6.000%, 12/1/38		13,511,737		14,696,126
6.500%, 12/1/38		7,177,672		7,864,597
5.000%, 1/1/39		116,904		123,785
5.500%, 1/1/39		26,474,465		28,447,055
4.500%, 2/1/39		10,598,880		10,995,923
5.500%, 2/1/39		573,780		615,805
6.500%, 2/1/39		1,620,112		1,775,162
5.000%, 3/1/39		31,652,531		33,533,104
5.500%, 3/1/39		434,751		466,593
4.000%, 4/1/39		3,417,095		3,462,746
4.500%, 4/1/39		3,308,264		3,431,677
5.500%, 4/1/39		316,027		339,173
4.000%, 5/1/39		12,551,515		12,719,196
4.000%, 6/1/39		2,917,588		2,956,566
4.500%, 6/1/39		24,754,542		25,678,002
5.500%, 6/1/39		173,415		186,117
4.000%, 7/1/39		3,203,142		3,245,934
4.500%, 7/1/39		10,769,419		11,171,169
5.000%, 7/1/39		15,228,875		16,125,356
5.500%, 7/1/39		1,903,337		2,042,742
4.500%, 8/1/39		1,024,733		1,067,123
5.000%, 8/1/39		1,909,358		2,022,950
5.500%, 8/1/39		4,293,645		4,614,044
4.500%, 9/1/39		4,336,732		4,497,834
5.000%, 9/1/39		3,914,023		4,150,547
4.500%, 10/1/39		14,567,171		15,106,806
4.000%, 12/1/39		1,996,884		2,023,562
4.500%, 1/1/40		7,871,062		8,168,379
4.500%, 2/1/40		4,943,466		5,130,197
4.500%, 3/1/40		1,983,305		2,061,630
5.500%, 3/1/40		4,898,331		5,257,096
4.500%, 7/15/40 TBA		15,000,000		15,533,204
6.000%, 7/15/40 TBA		5,000,000		5,426,172
Federal National Mortgage Association
5.500%, 4/1/11		3,112		3,363
6.000%, 8/1/11		583,347		593,765
1.250%, 9/28/11		1,000,000		1,001,368
1.000%, 11/23/11		2,335,000		2,349,517
2.000%, 1/9/12		2,000,000		2,040,542
2.250%, 2/24/12		500,000		505,430
1.875%, 4/20/12		50,000		51,047
6.000%, 5/1/12		562,077		578,192
4.875%, 5/18/12		250,000		269,315
6.000%, 8/1/12		640,001		659,122
1.750%, 8/10/12		10,000,000		10,194,930
2.000%, 9/28/12		3,000,000		3,010,221
1.875%, 10/29/12		1,000,000		1,003,615
3.625%, 2/12/13		3,000,000		3,203,118
4.375%, 3/15/13		115,000		125,318
2.170%, 3/21/13		250,000		250,798
1.500%, 7/19/13		1,000,000		997,239
4.625%, 10/15/13		4,799,000		5,304,714
5.125%, 1/2/14		90,000		98,977
6.000%, 2/1/14		430,467		467,612
2.750%, 2/5/14		5,000,000		5,208,305
3.150%, 2/18/14		250,000		253,833
2.750%, 3/13/14		5,150,000		5,370,420
6.000%, 4/1/14		1,398,712		1,519,406


	Principal Amount		Value (Note 1)

2.900%, 4/7/14	$	500,000	$	508,968
2.500%, 5/15/14		150,000		154,851
3.000%, 7/28/14		1,000,000		1,019,170
3.000%, 9/15/14		250,000		251,378
3.000%, 9/29/14		1,000,000		1,023,346
3.125%, 9/29/14		1,000,000		1,007,061
4.625%, 10/15/14		5,000,000		5,577,785
2.625%, 11/20/14		1,000,000		1,033,513
4.375%, 10/15/15		1,434,000		1,585,998
6.000%, 4/1/16		508,071		551,912
5.375%, 7/15/16		2,000,000		2,317,812
5.250%, 9/15/16		100,000		114,985
4.875%, 12/15/16		1,400,000		1,582,407
5.500%, 2/1/17		71,848		77,630
5.000%, 2/13/17		1,635,000		1,858,351
5.500%, 6/1/17		24,208		26,156
5.375%, 6/12/17		5,150,000		6,000,641
5.500%, 8/1/17		25,958		28,095
5.500%, 10/1/17		21,729		23,526
6.000%, 11/1/17		5,366,549		5,829,624
5.500%, 1/1/18		67,051		72,813
5.500%, 4/1/18		77,703		84,381
5.500%, 11/1/18		700,928		757,474
5.500%, 3/1/19		76,121		82,655
5.500%, 5/1/19		189,414		205,692
5.500%, 7/1/19		15,765		17,112
5.500%, 8/1/19		127,702		138,657
5.500%, 9/1/19		43,044		46,723
5.500%, 11/1/19		58,264		63,275
5.500%, 6/1/20		636,665		691,345
6.000%, 6/1/20		510,775		554,849
4.500%, 8/1/20		179,375		190,859
4.000%, 9/1/20		83,417		88,044
5.500%, 10/1/20		124,736		135,362
5.500%, 1/1/21		175,949		190,970
5.500%, 2/1/21		43,072		46,727
5.000%, 6/1/21		216,478		232,443
5.500%, 6/1/21		41,058		44,477
6.000%, 8/1/21		331,595		362,454
6.000%, 10/1/21		52,682		57,491
5.500%, 7/1/22		1,123,671		1,214,247
5.500%, 9/1/22		118,194		127,890
5.000%, 12/1/22		1,475,114		1,574,684
5.500%, 12/1/22		2,265,947		2,448,285
5.000%, 1/1/23		176,833		188,769
5.000%, 3/1/23		596,315		636,566
5.500%, 3/1/23		270,523		292,334
4.000%, 4/1/23		1,428,862		1,492,938
4.500%, 4/1/23		325,971		344,905
5.000%, 4/1/23		891,578		951,759
4.500%, 5/1/23		933,402		987,620
5.000%, 5/1/23		1,039,173		1,109,317
6.000%, 5/1/23		1,526,414		1,660,034
4.000%, 6/1/23		850,441		889,641
4.500%, 6/1/23		4,800,340		5,091,581
5.000%, 6/1/23		10,461,325		11,167,464
5.000%, 7/1/23		4,009,770		4,280,430
6.000%, 7/1/23		2,338,949		2,543,698
5.000%, 8/1/23		2,122,575		2,265,849
5.500%, 8/1/23		2,795,391		3,020,333
5.500%, 9/1/23		191,269		206,779
5.000%, 10/1/23		16,827		17,963

See Notes to Financial Statements.

365

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

4.500%, 4/1/24	$	10,576,969	$	11,174,816
4.000%, 6/1/24		5,424,016		5,652,862
4.500%, 7/1/24		4,495,957		4,750,084
4.000%, 8/1/24		1,736,562		1,810,637
4.500%, 8/1/24		10,028,933		10,592,669
4.500%, 1/1/25		16,640,129		17,570,285
4.000%, 3/1/25		18,478,843		19,240,366
5.000%, 3/1/25		5,740,462		6,127,943
5.800%, 2/9/26		481,000		494,299
5.500%, 4/1/26		56,203		60,561
5.000%, 5/1/26		71,771		76,279
6.000%, 10/1/26		682,173		746,739
7.125%, 1/15/30		1,474,000		2,006,285
7.250%, 5/15/30		1,000,000		1,377,169
6.625%, 11/15/30		4,100,000		5,331,874
7.000%, 4/1/32		18,395		20,654
6.500%, 6/1/32		35,547		39,539
6.500%, 8/1/32		37,460		41,714
6.500%, 9/1/32		301,134		334,576
5.500%, 12/1/32		14,428		15,541
5.000%, 1/1/33		754,005		801,572
5.500%, 3/1/33		732,089		788,425
5.500%, 6/1/33		42,854		46,152
6.000%, 6/1/33		20,612		22,644
5.000%, 7/1/33		273,209		290,444
5.000%, 8/1/33		1,876,650		1,994,924
5.000%, 11/1/33		696,997		740,750
5.500%, 11/1/33		4,563,483		4,914,657
4.768%, 1/1/34(l)		3,050,897		3,198,869
5.000%, 2/1/34		378,790		402,568
6.000%, 2/1/34		685,557		753,149
5.000%, 3/1/34		1,110,693		1,180,525
5.000%, 4/1/34		724,418		769,214
5.000%, 5/1/34		771,253		818,944
4.221%, 6/1/34(l)		39,468		41,663
5.000%, 7/1/34		1,088,631		1,155,947
5.500%, 7/1/34		4,782,833		5,146,403
5.000%, 8/1/34		1,635,763		1,738,446
5.500%, 8/1/34		51,864		55,806
6.000%, 8/1/34		408,460		448,476
5.500%, 11/1/34		1,484,456		1,597,298
5.000%, 12/1/34		1,216,314		1,292,666
2.576%, 1/1/35(l)		103,731		108,217
5.000%, 2/1/35		250,560		265,819
6.500%, 2/1/35		357,523		394,323
5.000%, 3/1/35		318,132		337,804
5.000%, 4/1/35		14,292,303		15,162,681
6.000%, 4/1/35		2,279,457		2,504,198
5.000%, 5/1/35		2,027,678		2,149,893
5.500%, 5/1/35		31,974,772		34,365,384
5.000%, 6/1/35		3,246,893		3,442,594
5.000%, 7/1/35		6,344,092		6,736,385
5.500%, 8/1/35		2,668,763		2,870,696
4.198%, 9/1/35(l)		181,712		190,142
4.500%, 9/1/35		5,340,784		5,570,897
5.000%, 9/1/35		353,912		376,129
5.500%, 9/1/35		3,921,026		4,213,571
4.500%, 10/1/35		114,253		119,176
5.000%, 10/1/35		6,622,223		7,019,297
5.500%, 10/1/35		10,929,157		11,744,575
5.000%, 11/1/35		13,445,282		14,255,651
5.500%, 12/1/35		12,783,066		13,734,428


	Principal Amount		Value (Note 1)

6.500%, 1/1/36	$	141,773	$	156,321
5.000%, 2/1/36		5,160,776		5,470,221
5.000%, 3/1/36		4,134,462		4,382,368
6.000%, 3/1/36		6,814,690		7,435,466
6.000%, 4/1/36		3,337,942		3,636,792
5.000%, 6/1/36		1,028,847		1,090,055
5.500%, 6/1/36		6,059,347		6,510,260
5.953%, 6/1/36(l)		72,961		76,615
5.000%, 7/1/36		11,550,466		12,237,628
5.500%, 7/1/36		773,358		831,057
6.000%, 7/1/36		490,966		534,155
7.000%, 7/1/36		24,985		27,782
6.500%, 8/1/36		1,623,711		1,785,622
6.000%, 9/1/36		7,995,345		8,698,357
6.500%, 9/1/36		6,270,693		6,886,740
6.000%, 10/1/36		2,962,749		3,220,227
6.500%, 10/1/36		1,130,654		1,243,852
6.000%, 11/1/36		888,672		965,736
6.000%, 12/1/36		1,671,812		1,817,310
6.500%, 12/1/36		754,171		826,848
6.000%, 1/1/37		533,753		580,039
5.000%, 2/1/37		278,484		295,008
5.500%, 2/1/37		145,308		156,660
6.000%, 2/1/37		3,736,994		4,061,062
5.500%, 4/1/37		162,847		175,710
6.000%, 4/1/37		2,068,295		2,248,962
7.000%, 4/1/37		970,658		1,079,326
5.500%, 5/1/37		117,499		126,698
6.000%, 6/1/37		333,994		362,638
5.000%, 7/1/37		956,320		1,013,064
5.500%, 7/1/37		370,441		399,708
6.500%, 7/1/37		3,160,347		3,470,826
5.625%, 7/15/37		491,000		574,325
5.500%, 8/1/37		3,969,619		4,262,612
6.000%, 8/1/37		4,916,858		5,334,032
6.500%, 8/1/37		141,306		154,703
5.000%, 9/1/37		129,089		136,748
5.831%, 9/1/37(l)		5,157,965		5,463,342
6.000%, 9/1/37		12,366,505		13,443,903
5.500%, 10/1/37		216,320		233,406
6.000%, 10/1/37		7,975,913		8,652,620
6.500%, 10/1/37		1,040,799		1,143,049
5.000%, 11/1/37		98,865		104,731
5.500%, 11/1/37		458,831		492,562
6.000%, 11/1/37		1,773,478		1,939,904
7.500%, 11/1/37		221,029		247,087
5.500%, 12/1/37		764,817		821,043
6.500%, 12/1/37		1,905,550		2,087,396
5.000%, 1/1/38		577,245		611,496
6.000%, 1/1/38		2,424,217		2,629,896
5.000%, 2/1/38		18,131,182		19,216,521
5.500%, 2/1/38		1,810,061		1,943,129
5.000%, 3/1/38		2,618,018		2,773,360
6.000%, 3/1/38		2,505,363		2,717,145
4.500%, 4/1/38		570,710		593,338
5.500%, 4/1/38		300,973		324,839
4.500%, 5/1/38		900,956		936,677
5.000%, 5/1/38		511,075		541,400
5.500%, 5/1/38		1,863,483		2,011,251
6.000%, 5/1/38		10,517,424		11,409,762
5.000%, 6/1/38		348,943		369,648
5.500%, 6/1/38		37,659,230		40,429,738

See Notes to Financial Statements.

366

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

6.000%, 6/1/38	$	4,280,467	$	4,650,915
4.972%, 7/1/38(l)		6,615,062		7,047,112
5.500%, 7/1/38		10,501,603		11,274,350
6.000%, 7/1/38		389,203		423,879
6.000%, 8/1/38		1,271,624		1,389,854
5.500%, 9/1/38		2,268,043		2,439,689
6.000%, 9/1/38		6,853,832		7,431,162
6.500%, 9/1/38		240,095		264,057
6.000%, 10/1/38		5,556,243		6,024,562
4.000%, 11/1/38		378,784		384,140
6.500%, 11/1/38		1,866,761		2,053,073
5.500%, 12/1/38		4,723,681		5,098,992
4.500%, 1/1/39		44,895		46,612
5.000%, 1/1/39		9,157,973		9,702,801
6.000%, 1/1/39		735,953		797,934
4.000%, 2/1/39		3,822,168		3,876,216
4.500%, 2/1/39		8,084,037		8,393,187
5.475%, 2/1/39(l)		5,342,461		5,691,394
4.500%, 3/1/39		16,875,265		17,525,805
5.000%, 3/1/39		1,817,603		1,926,588
4.500%, 4/1/39		2,635,228		2,735,593
6.000%, 4/1/39		18,447		20,000
4.500%, 5/1/39		19,296,314		20,057,942
4.000%, 6/1/39		4,842,761		4,911,241
4.500%, 6/1/39		19,938,914		20,698,305
4.000%, 7/1/39		223,676		226,839
4.500%, 7/1/39		17,845,781		18,533,691
3.583%, 8/1/39(l)		14,851,645		15,473,974
4.000%, 8/1/39		20,182,741		20,468,137
5.000%, 8/1/39		13,899,259		14,723,984
4.000%, 9/1/39		7,820,132		7,930,713
4.000%, 1/1/40		1,974,237		2,002,154
4.500%, 1/1/40		9,810,666		10,202,709
4.000%, 2/1/40		1,995,129		2,023,342
4.500%, 2/1/40		20,389,536		21,188,882
4.500%, 3/1/40		11,461,154		11,919,152
4.000%, 5/1/40		1,997,066		2,025,604
4.500%, 5/1/40		4,999,771		5,189,411
4.000%, 7/25/25 TBA		5,000,000		5,194,140
5.500%, 7/25/25 TBA		6,000,000		6,481,875
5.000%, 7/25/40 TBA		8,000,000		8,463,750
5.500%, 7/25/40 TBA		10,000,000		10,734,375
6.000%, 7/25/40 TBA		11,000,000		11,930,704
6.500%, 7/25/40 TBA		10,000,000		10,953,125
Government National Mortgage Association
5.000%, 8/15/21		39,566		42,694
4.500%, 8/15/24		2,467,205		2,625,357
6.000%, 1/15/29		14,353		15,843
6.000%, 6/15/29		9,289		10,242
6.000%, 12/15/31		15,325		16,985
7.000%, 2/15/32		16,325		18,399
6.500%, 5/15/32		174,122		194,792
6.000%, 7/15/32		15,777		17,446
6.000%, 1/15/33		12,832		14,206
6.500%, 1/15/33		148,645		166,291
6.500%, 2/15/33		189,289		211,932
7.000%, 2/15/33		12,733		14,326
5.500%, 4/15/33		24,702		26,872
4.500%, 8/15/33		34,477		36,367
5.000%, 11/15/33		73,047		78,540
6.500%, 6/15/34		190,570		213,193
6.500%, 8/15/34		1,549,583		1,735,126


	Principal Amount		Value (Note 1)

6.000%, 9/15/34	$	310,095	$	341,831
6.000%, 12/15/34		28,136		31,016
6.000%, 1/15/35		104,559		115,096
6.000%, 2/15/35		50,150		55,205
6.000%, 3/15/35		187,339		206,219
5.500%, 4/15/35		256,978		279,073
6.000%, 5/15/35		16,736		18,429
6.000%, 7/15/35		115,397		127,550
6.000%, 9/15/35		17,237		19,053
6.000%, 10/15/35		39,151		43,036
6.000%, 12/15/35		52,859		58,005
6.500%, 12/15/35		1,768,894		1,978,880
6.000%, 1/15/36		20,822		22,849
6.000%, 2/15/36		5,653		6,203
6.000%, 3/15/36		40,265		44,184
6.000%, 4/15/36		30,863		33,809
6.000%, 5/15/36		301,999		330,830
5.000%, 6/15/36		188,178		201,593
6.000%, 6/15/36		684,136		749,450
6.000%, 7/15/36		597,224		654,271
6.000%, 8/15/36		541,041		594,041
6.500%, 8/15/36		50,206		55,617
6.000%, 9/15/36		361,098		395,172
6.000%, 10/15/36		797,517		872,409
6.500%, 2/15/37		30,413		33,743
6.500%, 3/15/37		15,668		17,244
5.500%, 5/15/37		1,476,474		1,599,494
6.000%, 6/15/37		77,260		84,394
5.500%, 7/15/37		68,792		74,524
6.500%, 8/15/37		4,576		5,087
6.500%, 9/15/37		11,709		12,872
6.000%, 10/15/37		144,786		157,975
5.000%, 11/15/37		546,862		584,138
5.000%, 12/15/37		687,179		733,806
5.500%, 12/15/37		155,862		168,605
6.500%, 12/15/37		381,263		418,897
6.000%, 1/15/38		1,491,279		1,626,659
5.000%, 2/15/38		84,702		90,449
6.000%, 2/15/38		231,389		252,395
6.500%, 3/15/38		35,814		39,484
6.000%, 4/15/38		3,920,604		4,300,413
6.000%, 5/15/38		758,700		827,575
5.500%, 6/15/38		932,338		1,008,312
6.000%, 6/15/38		1,925,544		2,099,746
5.500%, 7/15/38		427,680		462,513
6.000%, 7/15/38		3,030,557		3,320,527
6.500%, 7/15/38		23,805		26,140
5.500%, 8/15/38		519,098		561,376
6.000%, 8/15/38		687,339		749,522
6.500%, 8/15/38		894,708		982,467
6.000%, 9/15/38		532,322		580,481
6.500%, 9/15/38		1,377,748		1,512,885
5.500%, 10/15/38		308,029		333,117
6.000%, 10/15/38		9,715,294		10,595,907
6.500%, 10/15/38		1,058,509		1,162,568
6.000%, 11/15/38		1,774,474		1,935,008
6.500%, 11/15/38		379,866		417,126
5.500%, 12/15/38		9,255,096		10,008,917
6.000%, 12/15/38		1,573,561		1,715,919
6.500%, 12/15/38		1,721,976		1,895,987
5.500%, 1/15/39		25,737,859		27,834,087
6.000%, 1/15/39		1,677,534		1,829,299

See Notes to Financial Statements.

367

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

6.500%, 1/15/39	$	242,384	$	266,158
5.000%, 2/15/39		21,475,458		22,925,892
6.000%, 2/15/39		674,309		735,313
6.000%, 3/15/39		130,203		141,983
4.500%, 4/15/39		12,652,372		13,207,396
4.500%, 5/15/39		9,564,723		9,987,289
5.000%, 5/15/39		275,848		294,479
4.000%, 6/15/39		722,553		735,904
4.500%, 6/15/39		13,532,771		14,126,416
5.000%, 6/15/39		15,040,476		16,059,921
6.000%, 6/15/39		276,240		301,231
4.000%, 7/15/39		2,057,241		2,095,519
5.000%, 7/15/39		431,621		461,233
5.500%, 7/15/39		326,029		352,582
4.000%, 8/15/39		1,547,345		1,575,935
5.000%, 8/15/39		1,944,438		2,075,763
6.000%, 8/15/39		153,371		167,247
4.000%, 9/15/39		1,049,768		1,069,165
4.500%, 9/15/39		4,765,062		4,974,092
5.000%, 9/15/39		5,833,692		6,233,164
4.500%, 10/15/39		2,972,078		3,105,705
5.500%, 10/15/39		9,397,515		10,162,898
6.000%, 10/15/39		222,780		242,935
5.000%, 11/15/39		4,876,072		5,209,969
4.500%, 12/15/39		7,893,238		8,241,958
6.000%, 12/15/39		4,866,105		5,307,857
4.500%, 1/15/40		5,702,322		5,952,467
5.000%, 1/15/40		9,914,773		10,593,703
4.500%, 2/15/40		23,465,425		24,502,121
5.000%, 4/15/40		12,632,399		13,485,580
4.000%, 6/15/40		1,999,900		2,036,851
5.000%, 7/15/40 TBA		30,000,000		31,954,686
5.500%, 7/15/40 TBA		7,000,000		7,563,282

				1,999,838,884

*U.S. Treasuries (32.0%)*
U.S. Treasury Bonds
11.250%, 2/15/15		1,920,000		2,740,650
9.250%, 2/15/16		2,604,000		3,608,371
7.250%, 5/15/16		4,432,000		5,693,041
7.500%, 11/15/16		5,019,000		6,576,456
8.750%, 5/15/17		5,000,000		7,036,720
8.875%, 8/15/17		2,903,000		4,134,961
8.875%, 2/15/19		5,200,000		7,663,500
8.125%, 8/15/19		195,000		277,814
3.625%, 2/15/20		22,000,000		23,244,364
8.500%, 2/15/20		7,891,000		11,575,111
8.750%, 8/15/20		2,175,000		3,260,801
7.875%, 2/15/21		3,000,000		4,294,218
8.125%, 5/15/21		6,000,000		8,748,750
8.000%, 11/15/21		6,987,000		10,161,718
7.250%, 8/15/22		3,000,000		4,179,843
7.625%, 11/15/22		2,000,000		2,871,250
7.125%, 2/15/23		6,085,000		8,424,871
6.250%, 8/15/23		2,390,000		3,098,038
7.625%, 2/15/25		2,000,000		2,938,124
6.000%, 2/15/26		1,000,000		1,288,594
6.750%, 8/15/26		4,947,000		6,867,826
6.500%, 11/15/26		4,000,000		5,434,376
6.625%, 2/15/27		3,409,000		4,692,700
6.375%, 8/15/27		5,422,000		7,304,453
6.125%, 11/15/27		6,950,000		9,147,938


	Principal Amount		Value (Note 1)

5.500%, 8/15/28	$	4,500,000	$	5,563,125
5.250%, 11/15/28		1,000,000		1,203,594
5.250%, 2/15/29		7,170,000		8,628,650
6.125%, 8/15/29		5,994,000		7,962,657
6.250%, 5/15/30		6,150,000		8,317,875
5.375%, 2/15/31		10,107,000		12,434,763
4.500%, 2/15/36		2,000,000		2,209,376
4.750%, 2/15/37		4,244,000		4,872,643
5.000%, 5/15/37		4,474,000		5,332,449
4.375%, 2/15/38		7,046,000		7,618,488
4.500%, 5/15/38		6,455,000		7,119,665
3.500%, 2/15/39		8,625,000		8,011,814
4.250%, 5/15/39		11,680,000		12,349,778
4.500%, 8/15/39		14,150,000		15,584,895
4.375%, 11/15/39		15,000,000		16,192,965
4.625%, 2/15/40		16,000,000		17,984,992
4.375%, 5/15/40		10,000,000		10,815,600
U.S. Treasury Notes
1.000%, 7/31/11		16,500,000		16,603,125
4.875%, 7/31/11		5,000,000		5,240,430
5.000%, 8/15/11		10,000,000		10,516,800
1.000%, 8/31/11		13,100,000		13,184,940
4.625%, 8/31/11		6,000,000		6,291,330
1.000%, 9/30/11		22,000,000		22,151,250
4.500%, 9/30/11		3,155,000		3,315,955
1.000%, 10/31/11		15,000,000		15,104,880
1.750%, 11/15/11		8,150,000		8,294,214
0.750%, 11/30/11		13,000,000		13,048,750
4.500%, 11/30/11		11,916,000		12,599,311
1.125%, 12/15/11		15,400,000		15,546,777
1.000%, 12/31/11		15,000,000		15,109,575
4.625%, 12/31/11		3,414,000		3,626,842
1.125%, 1/15/12		10,150,000		10,246,344
0.875%, 1/31/12		10,000,000		10,053,120
1.375%, 2/15/12		10,000,000		10,136,720
4.875%, 2/15/12		10,000,000		10,713,280
0.875%, 2/29/12		20,000,000		20,107,000
4.625%, 2/29/12		3,000,000		3,204,141
1.375%, 3/15/12		8,000,000		8,115,936
1.000%, 3/31/12		18,000,000		18,136,440
4.500%, 3/31/12		5,661,000		6,056,166
1.375%, 4/15/12		8,200,000		8,323,320
1.000%, 4/30/12		17,000,000		17,127,500
4.500%, 4/30/12		4,790,000		5,136,715
1.375%, 5/15/12		15,000,000		15,220,320
0.750%, 5/31/12		15,000,000		15,043,350
1.875%, 6/15/12		18,000,000		18,444,384
0.625%, 6/30/12		25,000,000		25,002,000
1.500%, 7/15/12		4,550,000		4,632,824
4.625%, 7/31/12		5,000,000		5,417,190
1.750%, 8/15/12		15,100,000		15,450,365
4.375%, 8/15/12		690,000		745,254
4.125%, 8/31/12		3,830,000		4,118,748
1.375%, 9/15/12		10,000,000		10,152,340
4.250%, 9/30/12		10,000,000		10,812,500
1.375%, 10/15/12		18,000,000		18,267,192
1.375%, 11/15/12		20,000,000		20,285,940
1.125%, 12/15/12		10,000,000		10,082,030
3.625%, 12/31/12		5,767,000		6,184,658
1.375%, 1/15/13		19,000,000		19,255,322
1.375%, 2/15/13		5,000,000		5,065,625
3.875%, 2/15/13		10,000,000		10,802,340

See Notes to Financial Statements.

368

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

2.750%, 2/28/13	$	9,000,000	$	9,452,808
1.375%, 3/15/13		20,000,000		20,259,400
1.750%, 4/15/13		17,000,000		17,386,410
3.125%, 4/30/13		6,705,000		7,128,253
1.375%, 5/15/13		15,000,000		15,182,850
3.625%, 5/15/13		7,315,000		7,879,630
3.375%, 6/30/13		6,707,000		7,187,496
3.375%, 7/31/13		9,586,000		10,277,994
4.250%, 8/15/13		10,415,000		11,444,294
3.125%, 8/31/13		5,000,000		5,321,875
3.125%, 9/30/13		10,000,000		10,646,880
2.750%, 10/31/13		7,667,000		8,068,919
4.250%, 11/15/13		500,000		551,406
2.000%, 11/30/13		5,752,000		5,904,785
1.500%, 12/31/13		4,943,000		4,984,709
1.750%, 1/31/14		9,200,000		9,348,065
4.000%, 2/15/14		10,465,000		11,474,705
1.875%, 2/28/14		10,350,000		10,547,292
1.750%, 3/31/14		10,125,000		10,265,009
1.875%, 4/30/14		9,675,000		9,849,605
4.750%, 5/15/14		15,000,000		16,921,875
2.250%, 5/31/14		15,300,000		15,786,494
2.625%, 6/30/14		15,250,000		15,942,213
2.625%, 7/31/14		19,885,000		20,778,274
4.250%, 8/15/14		5,000,000		5,557,420
2.375%, 8/31/14		5,200,000		5,375,906
2.375%, 9/30/14		20,000,000		20,657,820
2.375%, 10/31/14		22,000,000		22,697,818
4.250%, 11/15/14		5,000,000		5,568,360
2.625%, 12/31/14		25,000,000		26,039,050
2.250%, 1/31/15		13,000,000		13,323,986
4.000%, 2/15/15		13,135,000		14,496,732
2.375%, 2/28/15		10,000,000		10,306,300
2.500%, 3/31/15		15,000,000		15,543,750
2.500%, 4/30/15		10,000,000		10,355,470
4.125%, 5/15/15		15,000,000		16,665,240
2.125%, 5/31/15		15,000,000		15,257,850
1.875%, 6/30/15		10,000,000		10,038,280
4.250%, 8/15/15		15,000,000		16,773,045
4.500%, 2/15/16		8,000,000		9,054,376
2.625%, 2/29/16		6,000,000		6,172,968
2.375%, 3/31/16		7,000,000		7,103,362
2.625%, 4/30/16		7,000,000		7,192,500
5.125%, 5/15/16		2,889,000		3,371,327
3.250%, 5/31/16		5,150,000		5,470,268
3.250%, 6/30/16		9,000,000		9,544,923
3.250%, 7/31/16		10,000,000		10,600,780
4.875%, 8/15/16		12,614,000		14,600,705
3.000%, 8/31/16		15,200,000		15,862,629
3.000%, 9/30/16		15,000,000		15,641,010
3.125%, 10/31/16		15,000,000		15,734,760
2.750%, 11/30/16		12,000,000		12,302,808
3.250%, 12/31/16		20,000,000		21,081,240
3.125%, 1/31/17		15,000,000		15,687,885
4.625%, 2/15/17		4,058,000		4,635,948
3.000%, 2/28/17		8,000,000		8,305,000
4.500%, 5/15/17		3,500,000		3,981,796
2.750%, 5/31/17		10,000,000		10,210,940
4.750%, 8/15/17		6,070,000		7,017,964
4.250%, 11/15/17		9,867,000		11,084,183
3.500%, 2/15/18		9,675,000		10,342,420
3.875%, 5/15/18		11,206,000		12,247,811


	Principal Amount		Value (Note 1)

4.000%, 8/15/18	$	12,000,000	$	13,199,064
3.750%, 11/15/18		18,860,000		20,321,650
2.750%, 2/15/19		17,350,000		17,284,937
3.125%, 5/15/19		25,375,000		25,904,297
3.625%, 8/15/19		23,275,000		24,611,497
3.375%, 11/15/19		30,000,000		31,071,090
3.500%, 5/15/20		10,000,000		10,465,600

				1,661,795,066

Total Government Securities				3,931,312,229

Total Long-Term Debt Securities (99.1%) (Cost $4,937,370,329)				5,151,728,253

SHORT-TERM INVESTMENT:
Time Deposit (3.5%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $183,571,866)		183,571,866		183,571,866

Total Investments (102.6%) (Cost/Amortized Cost $5,120,942,195)				5,335,300,119
Other Assets Less Liabilities (-2.6%)				(134,446,410	)

Net Assets (100%)			$	5,200,853,709

†	Securities (totaling $0 or 0.0% of net assets) at fair value by management.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2010, the market value of these securities amounted to $14,970,883 or 0.3% 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.

(h)

Security in default.

(l)

Floating Rate Security. Rate disclosed is as of June 30, 2010.

Glossary:

ABS

— Asset-Backed Security

CMO

— Collateralized Mortgage Obligation

TBA

— Security is subject to delayed delivery.

See Notes to Financial Statements.

369

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Asset-Backed and Mortgage-Backed Securities
Asset-Backed Securities	$	—	$	12,513,849	$	—	$	12,513,849
Non-Agency CMO		—		155,081,470		—		155,081,470
Corporate Bonds
Consumer Discretionary		—		71,606,120		—		71,606,120
Consumer Staples		—		79,019,071		—		79,019,071
Energy		—		89,018,351		—		89,018,351
Financials		—		438,699,064		—		438,699,064
Health Care		—		64,689,383		—		64,689,383
Industrials		—		65,391,576		—		65,391,576
Information Technology		—		33,591,886		—		33,591,886
Materials		—		48,572,688		—		48,572,688
Telecommunication Services		—		69,386,583		—		69,386,583
Utilities		—		92,845,983		—		92,845,983
Government Securities
Agency ABS		—		90,382,847		—		90,382,847
Foreign Governments		—		81,833,674		—		81,833,674
Municipal Bonds		—		23,117,786		—		23,117,786
Supranational		—		74,343,972		—		74,343,972
U.S. Government Agencies		—		1,999,838,884		—		1,999,838,884
U.S. Treasuries		—		1,661,795,066		—		1,661,795,066
Short-Term Investments		—		183,571,866		—		183,571,866

Total Assets	$	—	$	5,335,300,119	$	—	$	5,335,300,119

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	5,335,300,119	$	—	$	5,335,300,119

The Portfolio held no derivative contracts during the six months ended June 30, 2010.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,997,635,253
Long-term U.S. Treasury securities		644,012,383

	$	2,641,647,636

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,626,771,055
Long-term U.S. Treasury securities		182,521,619

	$	1,809,292,674

See Notes to Financial Statements.

370

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EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

As of June 30, 2010, 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	$	242,572,227
Aggregate gross unrealized depreciation		(31,038,544	)

Net unrealized appreciation	$	211,533,683

Federal income tax cost of investments	$	5,123,766,436

The Portfolio has a net capital loss carryforward of $403,960,463 of which $959,420 expires in the year 2013, $6,549,439 expires in the year 2015, $195,283,000 expires in the year 2016 and $201,168,604 expires in the year 2017.

Included in the capital loss carryforward amounts are $130,392,762 of losses acquired from EQ/Bond Index and the EQ/Long Term Bond as a result of a tax free reorganization that occurred during the year 2009. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

See Notes to Financial Statements.

371

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EQ/CORE BOND INDEX PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $5,120,942,195)	$	5,335,300,119
Cash		195,001
Foreign cash (Cost $168)		127
Dividends, interest and other receivables		38,597,248
Receivable for securities sold		36,189,358
Receivable from Separate Accounts for Trust shares sold		5,530,709
Other assets		47,822

Total assets		5,415,860,384

LIABILITIES
Payable for securities purchased		210,757,150
Investment management fees payable		1,482,097
Payable to Separate Accounts for Trust shares redeemed		1,436,844
Administrative fees payable		433,534
Distribution fees payable - Class IB		265,600
Payable for forward commitments		125,100
Trustees’ fees payable		3,705
Accrued expenses		502,645

Total liabilities		215,006,675

NET ASSETS	$	5,200,853,709

Net assets were comprised of:
Paid in capital	$	5,317,464,850
Accumulated undistributed net investment income (loss)		70,294,570
Accumulated undistributed net realized gain (loss) on investments and securities sold short		(401,263,593	)
Unrealized appreciation (depreciation) on investments and foreign currency translations		214,357,882

Net assets	$	5,200,853,709

Class IA
Net asset value, offering and redemption price per share, $3,900,389,207 / 395,344,671 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.87

Class IB
Net asset value, offering and redemption price per share, $1,300,464,502 / 131,763,802 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.87

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Interest	$	81,012,627
Securities lending (net)		16,694

Total income		81,029,321

EXPENSES
Investment management fees		8,017,921
Administrative fees		2,362,083
Distribution fees - Class IB		1,556,981
Printing and mailing expenses		261,132
Custodian fees		65,209
Professional fees		51,891
Trustees’ fees		51,773
Miscellaneous		86,082

Total expenses		12,453,072

NET INVESTMENT INCOME (LOSS)		68,576,249

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		10,215,248
Securities sold short		(1,829,016	)

Net realized gain (loss)		8,386,232

Change in unrealized appreciation (depreciation) on:
Securities		157,713,265
Foreign currency translations		(11	)

Net change in unrealized appreciation (depreciation)		157,713,254

NET REALIZED AND UNREALIZED GAIN (LOSS)		166,099,486

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	234,675,735

See Notes to Financial Statements.

372

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EQ/CORE BOND INDEX PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	68,576,249		$	96,158,408
Net realized gain (loss) on investments and securities sold short		8,386,232			(160,362,021	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		157,713,254			215,693,555

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		234,675,735			151,489,942

DIVIDENDS:
Dividends from net investment income
Class IA		—			(76,380,742	)
Class IB		—			(28,550,998	)

TOTAL DIVIDENDS		—			(104,931,740	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [97,366,777 and 299,975,841 shares, respectively]		935,053,322			2,764,726,845
Capital shares issued in connection with merger (Note 8) [0 and 11,904,635 shares, respectively]		—			114,580,481
Capital shares issued in reinvestment of dividends [0 and 8,041,844 shares, respectively]		—			76,380,742
Capital shares repurchased [(18,999,235) and (13,930,416) shares, respectively]		(183,049,816	)		(131,945,776	)

Total Class IA transactions		752,003,506			2,823,742,292

Class IB
Capital shares sold [16,204,399 and 18,183,890 shares, respectively]		156,000,585			170,902,200
Capital shares issued in connection with merger (Note 8) [0 and 19,786,812 shares, respectively]		—			190,391,243
Capital shares issued in reinvestment of dividends [0 and 3,001,109 shares, respectively]		—			28,550,998
Capital shares repurchased [(14,495,977) and (28,727,205) shares, respectively]		(139,569,221	)		(269,365,176	)

Total Class IB transactions		16,431,364			120,479,265

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		768,434,870			2,944,221,557

TOTAL INCREASE (DECREASE) IN NET ASSETS		1,003,110,605			2,990,779,759
NET ASSETS:
Beginning of period		4,197,743,104			1,206,963,345

End of period (a)	$	5,200,853,709		$	4,197,743,104

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	70,294,570		$	1,718,321

See Notes to Financial Statements.

373

EQ ADVISORS TRUST

EQ/CORE BOND INDEX PORTFOLIO (ff)

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	9.39		$	9.36		$	10.80		$	10.96		$	11.00		$	11.14

Income (loss) from investment operations:
Net investment income (loss)		0.15	(e)		0.30	(e)		0.45	(e)		0.56	(e)		0.55	(e)		0.42	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.33			(0.02	)†		(1.39	)		(0.20	)		(0.08	)		(0.14	)

Total from investment operations		0.48			0.28			(0.94	)		0.36			0.47			0.28

Less distributions:
Dividends from net investment income		—			(0.25	)		(0.50	)		(0.52	)		(0.51	)		(0.40	)
Distributions from net realized gains		—			—			—			—			—			(0.02	)

Total dividends and distributions		—			(0.25	)		(0.50	)		(0.52	)		(0.51	)		(0.42	)

Net asset value, end of period	$	9.87		$	9.39		$	9.36		$	10.80		$	10.96		$	11.00

Total return (b)		5.11	%		2.96	%		(8.70	)%		3.35	%		4.28	%		2.50	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	3,900,389		$	2,975,095		$	102,806		$	633,814		$	105,248		$	11,367
Ratio of expenses to average net assets (a)		0.48	%		0.49	%		0.57	%		0.56	%		0.56	%		0.49	%
Ratio of net investment income (loss) to average net assets (a)		3.06	%		3.15	%		4.24	%		5.02	%		4.87	%		3.75	%
Portfolio turnover rate		40	%		189	%		462	%		513	%		543	%		588	%

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	9.40		$	9.37		$	10.81		$	10.97		$	11.01		$	11.15

Income (loss) from investment operations:
Net investment income (loss)		0.13	(e)		0.27	(e)		0.42	(e)		0.53	(e)		0.50	(e)		0.39	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.34			(0.01	)†		(1.39	)		(0.20	)		(0.06	)		(0.14	)

Total from investment operations		0.47			0.26			(0.97	)		0.33			0.44			0.25

Less distributions:
Dividends from net investment income		—			(0.23	)		(0.47	)		(0.49	)		(0.48	)		(0.37	)
Distributions from net realized gains		—			—			—			—			—			(0.02	)

Total dividends and distributions		—			(0.23	)		(0.47	)		(0.49	)		(0.48	)		(0.39	)

Net asset value, end of period	$	9.87		$	9.40		$	9.37		$	10.81		$	10.97		$	11.01

Total return (b)		5.00	%		2.70	%		(8.93	)%		3.08	%		4.01	%		2.24	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,300,465		$	1,222,648		$	1,104,157		$	1,529,392		$	1,491,463		$	1,392,453
Ratio of expenses to average net assets (a)		0.73	%		0.74	%(c)		0.82	%(c)		0.81	%		0.81	%(c)		0.74	%
Ratio of net investment income (loss) to average net assets (a)		2.82	%		2.91	%		4.05	%		4.78	%		4.50	%		3.50	%
Portfolio turnover rate		40	%		189	%		462	%		513	%		543	%		588	%

†	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.

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

(ff)

On September 25, 2009, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/Bond Index Portfolio and EQ/Long Term Bond Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2009 represents the results of operations of the EQ/Core Bond Index Portfolio.

See Notes to Financial Statements.

374

EQ/DAVIS NEW YORK VENTURE PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Financials	28.1	%
Consumer Staples	15.4
Energy	14.5
Health Care	10.9
Consumer Discretionary	8.1
Information Technology	7.1
Materials	5.9
Industrials	5.0
Telecommunication Services	0.4
Cash and Other	4.6

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$929.40	$4.74
Hypothetical (5% average return before expenses)	1,000.00	1,019.89	4.96
Class IB
Actual	1,000.00	928.20	5.93
Hypothetical (5% average return before expenses)	1,000.00	1,018.65	6.21
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.99% and 1.24%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

375

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EQ/DAVIS NEW YORK VENTURE PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (5.9%)
*Automobiles* (*0.8%)*
Harley-Davidson, Inc.	123,020	$	2,734,734

*Diversified Consumer Services (0.3%)*
H&R Block, Inc.	64,140		1,006,357

*Household Durables* (*0.1%)*
Hunter Douglas N.V.	13,143		477,798

*Internet & Catalog Retail* (*0.3%)*
Amazon.com, Inc.*	2,970		324,502
Liberty Media Corp. - Interactive, Class A*	76,590		804,195

			1,128,697

*Media (2.0%)*
Grupo Televisa S.A. (ADR)	82,600		1,438,066
Liberty Media Corp. - Starz*	5,939		307,878
News Corp., Class A	208,879		2,498,193
Walt Disney Co.	95,700		3,014,550

			7,258,687

*Specialty Retail (2.4%)*
Bed Bath & Beyond, Inc.*	154,220		5,718,478
CarMax, Inc.*	157,760		3,139,424

			8,857,902

Total Consumer Discretionary			21,464,175

Consumer Staples (15.4%)
*Beverages (4.0%)*
Coca-Cola Co.	127,600		6,395,312
Diageo plc (ADR)	74,225		4,656,877
Heineken Holding N.V.	97,567		3,559,510

			14,611,699

*Food & Staples Retailing* (*6.8%)*
Costco Wholesale Corp.	254,390		13,948,204
CVS Caremark Corp.	371,570		10,894,432

			24,842,636

*Food Products* (*1.7%)*
Hershey Co.	28,380		1,360,254
Mead Johnson Nutrition Co.	30,910		1,549,209
Nestle S.A. (Registered)	39,200		1,891,399
Unilever N.V. (N.Y. Shares)	48,500		1,325,020

			6,125,882

*Household Products* (*1.9%)*
Procter & Gamble Co.	116,830		7,007,463

*Personal Products* (*0.1%)*
Natura Cosmeticos S.A.	23,000		509,695

*Tobacco* (*0.9%)*
Philip Morris International, Inc.	74,390		3,410,038

Total Consumer Staples			56,507,413

Energy (14.5%)
*Energy Equipment & Services (0.5%)*
Schlumberger Ltd.	3,700		204,758
Transocean Ltd.*	36,994		1,713,932

			1,918,690


	Number of Shares	Value (Note 1)

*Oil, Gas & Consumable Fuels (14.0%)*
Canadian Natural Resources Ltd.	275,290	$	9,147,887
China Coal Energy Co., Class H	1,630,600		2,044,839
ConocoPhillips	6,570		322,521
Devon Energy Corp.	179,560		10,938,795
EOG Resources, Inc.	143,370		14,103,307
Occidental Petroleum Corp.	165,990		12,806,129
OGX Petroleo e Gas Participacoes S.A.*	210,000		1,951,080

			51,314,558

Total Energy			53,233,248

Financials (28.1%)
*Capital Markets (5.7%)*
Ameriprise Financial, Inc.	69,950		2,527,294
Bank of New York Mellon Corp.	531,470		13,121,994
GAM Holding Ltd.*	90,300		984,390
Goldman Sachs Group, Inc.	13,560		1,780,021
Julius Baer Group Ltd.	90,300		2,570,915

			20,984,614

*Commercial Banks* (*4.2%)*
Wells Fargo & Co.	600,127		15,363,251

*Consumer Finance* (*4.4%)*
American Express Co.	405,805		16,110,459

*Diversified Financial Services (1.0%)*
Bank of America Corp.	29,164		419,086
JPMorgan Chase & Co.	29,500		1,079,995
Moody’s Corp.	110,878		2,208,690

			3,707,771

*Insurance (11.8%)*
Berkshire Hathaway, Inc., Class B*	212,200		16,910,218
Everest Reinsurance Group Ltd.	7,475		528,632
Fairfax Financial Holdings Ltd.	5,650		2,085,883
Loews Corp.	307,321		10,236,863
Markel Corp.*	1,062		361,080
Progressive Corp.	490,939		9,190,378
Transatlantic Holdings, Inc.	77,893		3,735,748

			43,048,802

*Real Estate Management & Development (1.0%)*
Brookfield Asset Management, Inc., Class A	52,516		1,187,912
Hang Lung Group Ltd.	465,000		2,505,207

			3,693,119

Total Financials			102,908,016

Health Care (10.9%)
*Health Care Equipment & Supplies (1.8%)*
Baxter International, Inc.	68,500		2,783,840
Becton, Dickinson and Co.	50,500		3,414,810
CareFusion Corp.*	16,610		377,047

			6,575,697

*Health Care Providers & Services (2.0%)*
Cardinal Health, Inc.	9,020		303,162
Express Scripts, Inc.*	152,760		7,182,776

			7,485,938

See Notes to Financial Statements.

376

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EQ/DAVIS NEW YORK VENTURE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Pharmaceuticals (7.1%)*
Johnson & Johnson	154,440	$	9,121,226
Merck & Co., Inc.	307,738		10,761,598
Pfizer, Inc.	427,900		6,101,854

			25,984,678

Total Health Care			40,046,313

Industrials (5.0%)
*Air Freight & Logistics (0.2%)*
United Parcel Service, Inc., Class B	11,380		647,408

*Commercial Services & Supplies* (*1.5%)*
Iron Mountain, Inc.	239,136		5,370,995

*Electrical Equipment* (*0.6%)*
ABB Ltd. (ADR)*	129,240		2,233,267

*Industrial Conglomerates* (*0.8%)*
Tyco International Ltd.	82,067		2,891,220

*Machinery* (*0.1%)*
PACCAR, Inc.	13,125		523,294

*Marine* (*0.8%)*
China Shipping Development Co., Ltd., Class H	761,000		958,049
Kuehne + Nagel International AG (Registered)	19,551		2,002,601

			2,960,650

*Transportation Infrastructure* (*1.0%)*
China Merchants Holdings International Co., Ltd.	969,506		3,222,837
COSCO Pacific Ltd.	320,669		378,599
LLX Logistica S.A.*	48,300		197,214

			3,798,650

Total Industrials			18,425,484

Information Technology (7.1%)
*Computers & Peripherals* (*1.4%)*
Hewlett-Packard Co.	122,540		5,303,531

*Electronic Equipment, Instruments & Components* (*0.9%)*
Agilent Technologies, Inc.*	110,462		3,140,435

*Internet Software & Services* (*0.9%)*
Google, Inc., Class A*	7,705		3,428,340

*IT Services* (*0.3%)*
Visa, Inc., Class A	13,220		935,315

*Semiconductors & Semiconductor Equipment* (*1.8%)*
Texas Instruments, Inc.	279,500		6,506,760

*Software* (*1.8%)*
Activision Blizzard, Inc.	181,900		1,908,131
Microsoft Corp.	203,861		4,690,841

			6,598,972

Total Information Technology			25,913,353

Materials (5.5%)
*Chemicals* (*1.4%)*
Monsanto Co.	51,080		2,360,917


	Number of Shares		Value (Note 1)

Potash Corp. of Saskatchewan, Inc.		16,753	$	1,444,779
Praxair, Inc.		16,600		1,261,434

				5,067,130

*Construction Materials* (*0.7%)*
Martin Marietta Materials, Inc.		14,520		1,231,441
Vulcan Materials Co.		27,345		1,198,531

				2,429,972

*Containers & Packaging* (*1.8%)*
Sealed Air Corp.		337,322		6,651,990

*Metals & Mining* (*0.7%)*
BHP Billiton plc		51,550		1,333,951
Rio Tinto plc		33,138		1,450,113

				2,784,064

*Paper & Forest Products* (*0.9%)*
Sino-Forest Corp.*		215,400		3,061,389
Sino-Forest Corp. (ADR) (b)*§		6,800		96,646

				3,158,035

Total Materials				20,091,191

Telecommunication Services (0.4%)
*Wireless Telecommunication Services* (*0.4%)*
America Movil S.A.B. de C.V. (ADR)		30,900		1,467,750

Total Telecommunication Services				1,467,750

Total Common Stocks (92.8%) (Cost $330,490,123)				340,056,943

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Convertible Bond (0.4%)
Materials (0.4%)
*Paper & Forest Products* (*0.4%*)
Sino-Forest Corp. 5.000%, 8/1/13§	$	1,664,000		1,703,520

Total Materials				1,703,520

Total Convertible Bonds				1,703,520

Corporate Bond (2.2%)
Consumer Discretionary (2.2%)
*Automobiles* (*2.2%*)
Harley-Davidson, Inc. 15.000%, 2/1/14		6,000,000		7,949,274

Total Consumer Discretionary				7,949,274

Total Corporate Bonds				7,949,274

Total Long-Term Debt Securities (2.6%) (Cost $7,664,000)				9,652,794

See Notes to Financial Statements.

377

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EQ/DAVIS NEW YORK VENTURE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENT:
Commercial Paper (4.6%)
Intesa Funding LLC 0.10%, 7/1/10 (p) (Cost $16,901,000)	$	16,901,000	$	16,900,953

Total Investments (100.0%) (Cost $355,055,123)				366,610,690
Other Assets Less Liabilities (0.0%)				6,657

Net Assets (100%)			$	366,617,347

*	Non-income producing.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2010, the market value of these securities amounted to $1,800,166 or 0.5% 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.

Glossary:

ADR—

American Depositary Receipt

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	20,986,377	$	477,798	$	—	$	21,464,175
Consumer Staples		51,056,504		5,450,909		—		56,507,413
Energy		51,188,409		2,044,839		—		53,233,248
Financials		96,847,504		6,060,512		—		102,908,016
Health Care		40,046,313		—		—		40,046,313
Industrials		11,863,398		6,562,086		—		18,425,484
Information Technology		25,913,353		—		—		25,913,353
Materials		17,307,127		2,784,064		—		20,091,191
Telecommunication Services		1,467,750		—		—		1,467,750
Convertible Bonds
Materials		—		1,703,520		—		1,703,520
Corporate Bonds
Consumer Discretionary		—		7,949,274		—		7,949,274
Short-Term Investments		—		16,900,953		—		16,900,953

Total Assets	$	316,676,735	$	49,933,955	$	—	$	366,610,690

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	316,676,735	$	49,933,955	$	—	$	366,610,690

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

See Notes to Financial Statements.

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EQ/DAVIS NEW YORK VENTURE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	37,150,275
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	40,317,766

As of June 30, 2010, 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	$	21,673,281
Aggregate gross unrealized depreciation		(26,693,966	)

Net unrealized depreciation	$	(5,020,685	)

Federal income tax cost of investments	$	371,631,375

For the six months ended June 30, 2010, the Portfolio incurred approximately $2,600 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $575,027,647 of which $41,603,879 expires in the year 2016 and $533,423,768 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $355,055,123)	$	366,610,690
Cash		680
Foreign cash (Cost $19,259)		19,333
Dividends, interest and other receivables		628,436
Receivable for securities sold		523,684
Receivable from Separate Accounts for Trust shares sold		15,019

Total assets		367,797,842

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		412,527
Investment management fees payable		266,914
Payable for securities purchased		239,244
Distribution fees payable - Class IB		72,061
Administrative fees payable		34,574
Trustees’ fees payable		432
Accrued expenses		154,743

Total liabilities		1,180,495

NET ASSETS	$	366,617,347

Net assets were comprised of:
Paid in capital	$	948,620,907
Accumulated undistributed net investment income (loss)		1,054,490
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(594,615,208	)
Unrealized appreciation (depreciation) on investments and foreign currency translations		11,557,158

Net assets	$	366,617,347

Class IA
Net asset value, offering and redemption price per share, $30,819,222 / 3,776,489 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.16

Class IB
Net asset value, offering and redemption price per share, $335,798,125 / 41,192,917 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.15

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $50,406 foreign withholding tax)	$	2,978,175
Interest		508,653

Total income		3,486,828

EXPENSES
Investment management fees		1,686,903
Distribution fees - Class IB		457,078
Administrative fees		218,236
Printing and mailing expenses		23,419
Professional fees		17,539
Custodian fees		9,173
Trustees’ fees		4,711
Miscellaneous		12,435

Gross expenses		2,429,494
Less: Fees paid indirectly		(8,645	)

Net expenses		2,420,849

NET INVESTMENT INCOME (LOSS)		1,065,979

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		2,354,109
Foreign currency transactions		(19,856	)

Net realized gain (loss)		2,334,253

Change in unrealized appreciation (depreciation) on:
Securities		(31,884,825	)
Foreign currency translations		(637	)

Net change in unrealized appreciation (depreciation)		(31,885,462	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(29,551,209	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(28,485,230	)

See Notes to Financial Statements.

380

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,065,979		$	5,833,327
Net realized gain (loss) on investments and foreign currency transactions		2,334,253			(528,702,879	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(31,885,462	)		496,017,587

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		(28,485,230	)		(26,851,965	)

DIVIDENDS:
Dividends from net investment income
Class IA		—			(508,164	)
Class IB		—			(5,200,928	)

TOTAL DIVIDENDS		—			(5,709,092	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [710,336 and 5,801,154 shares, respectively]		6,326,034			38,109,006
Capital shares issued in reinvestment of dividends [0 and 59,479 shares, respectively]		—			508,164
Capital shares repurchased [(411,642) and (105,385,987) shares, respectively]		(3,624,176	)		(582,329,141	)

Total Class IA transactions		2,701,858			(543,711,971	)

Class IB
Capital shares sold [3,437,874 and 10,210,823 shares, respectively]		30,504,760			72,498,582
Capital shares issued in reinvestment of dividends [0 and 608,611 shares, respectively]		—			5,200,928
Capital shares repurchased [(4,099,264) and (7,556,728) shares, respectively]		(36,061,316	)		(54,221,996	)

Total Class IB transactions		(5,556,556	)		23,477,514

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(2,854,698	)		(520,234,457	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(31,339,928	)		(552,795,514	)
NET ASSETS:
Beginning of period		397,957,275			950,752,789

End of period (a)	$	366,617,347		$	397,957,275

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	1,054,490		$	(11,489	)

See Notes to Financial Statements.

381

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EQ/DAVIS NEW YORK VENTURE PORTFOLIO

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,									August 31, 2006* to December 31, 2006
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			August 31, 2006* to December 31, 2006
Net asset value, beginning of period	$	8.78		$	6.71		$	11.13		$	10.80		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)		0.09	(e)		0.09	(e)		0.12	(e)		0.07	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.65	)		2.13	†		(4.44	)		0.32			0.76

Total from investment operations		(0.62	)		2.22			(4.35	)		0.44			0.83

Less distributions:
Dividends from net investment income		—			(0.15	)		(0.07	)		(0.08	)		(0.03	)
Distributions from net realized gains		—			—			—			(0.03	)		—	#

Total dividends and distributions		—			(0.15	)		(0.07	)		(0.11	)		(0.03	)

Net asset value, end of period	$	8.16		$	8.78		$	6.71		$	11.13		$	10.80

Total return (b)		(7.06	)%		33.13	%		(39.11	)%		4.09	%		8.30	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	30,819		$	30,527		$	691,615		$	250,993		$	2,681
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.99	%		1.02	%		1.00	%		1.03	%		1.05	%
After waivers, reimbursements and fees paid indirectly (a)		0.99	%		1.00	%		0.97	%		1.00	%		1.02	%
Before waivers, reimbursements and fees paid indirectly (a)		0.99	%		1.02	%		1.00	%		1.03	%		1.59	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.77	%		1.36	%		1.00	%		1.05	%		1.83	%
After waivers, reimbursements and fees paid indirectly (a)		0.77	%		1.38	%		1.03	%		1.08	%		1.86	%
Before waivers, reimbursements and fees paid indirectly (a)		0.77	%		1.36	%		1.00	%		1.05	%		0.28	%
Portfolio turnover rate		10	%		27	%		19	%		9	%		0	%‡

See Notes to Financial Statements.

382

EQ ADVISORS TRUST

EQ/DAVIS NEW YORK VENTURE PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,									August 31, 2006* to December 31, 2006
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			August 31, 2006* to December 31, 2006
Net asset value, beginning of period	$	8.78		$	6.71		$	11.13		$	10.80		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.02	(e)		0.10	(e)		0.07	(e)		0.10	(e)		0.04	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.65	)		2.10	†		(4.44	)		0.31			0.78

Total from investment operations		(0.63	)		2.20			(4.37	)		0.41			0.82

Less distributions:
Dividends from net investment income		—			(0.13	)		(0.05	)		(0.05	)		(0.02	)
Distributions from net realized gains		—			—			—			(0.03	)		—	#

Total dividends and distributions		—			(0.13	)		(0.05	)		(0.08	)		(0.02	)

Net asset value, end of period	$	8.15		$	8.78		$	6.71		$	11.13		$	10.80

Total return (b)		(7.18	)%		32.79	%		(39.27	)%		3.81	%		8.21	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	335,798		$	367,431		$	259,138		$	289,159		$	64,531
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.24	%		1.27	%(c)		1.25	%(c)		1.28	%(c)		1.30	%
After waivers, reimbursements and fees paid indirectly (a)		1.24	%		1.19	%		1.22	%		1.25	%(c)		1.27	%
Before waivers, reimbursements and fees paid indirectly (a)		1.24	%		1.27	%(c)		1.25	%(c)		1.28	%		1.84	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.51	%		1.31	%		0.72	%		0.86	%		0.96	%
After waivers, reimbursements and fees paid indirectly (a)		0.52	%		1.40	%		0.75	%		0.89	%		1.00	%
Before waivers, reimbursements and fees paid indirectly (a)		0.51	%		1.31	%		0.72	%		0.86	%		0.49	%
Portfolio turnover rate		10	%		27	%		19	%		9	%		0	%‡

*	Commencement of Operations.

†	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%.

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

383

EQ/EQUITY 500 INDEX PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Information Technology	18.6	%
Financials	16.1
Health Care	12.0
Consumer Staples	11.5
Energy	10.6
Industrials	10.2
Consumer Discretionary	10.1
Utilities	3.6
Materials	3.4
Telecommunication Services	3.0
Cash and Other	0.9

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$932.10	$1.82
Hypothetical (5% average return before expenses)	1,000.00	1,022.91	1.91
Class IB
Actual	1,000.00	931.20	3.02
Hypothetical (5% average return before expenses)	1,000.00	1,021.67	3.16
* 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 181/365 (to reflect the one-half year period).

384

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (10.1%)
*Auto Components (0.2%)*
Goodyear Tire & Rubber Co.*	64,350	$	639,639
Johnson Controls, Inc.	178,500		4,796,295

			5,435,934

*Automobiles (0.4%)*
Ford Motor Co.*	895,383		9,025,461
Harley-Davidson, Inc.	62,250		1,383,817

			10,409,278

*Distributors (0.1%)*
Genuine Parts Co.	42,200		1,664,790

*Diversified Consumer Services (0.2%)*
Apollo Group, Inc., Class A*	34,150		1,450,351
DeVry, Inc.	16,480		865,035
H&R Block, Inc.	89,150		1,398,763

			3,714,149

*Hotels, Restaurants & Leisure (1.6%)*
Carnival Corp.	115,400		3,489,696
Darden Restaurants, Inc.	37,150		1,443,278
International Game Technology	78,800		1,237,160
Marriott International, Inc., Class A	67,627		2,024,753
McDonald’s Corp.	286,100		18,845,407
Starbucks Corp.	197,600		4,801,680
Starwood Hotels & Resorts Worldwide, Inc.	49,700		2,059,071
Wyndham Worldwide Corp.	47,445		955,542
Wynn Resorts Ltd.	18,379		1,401,766
Yum! Brands, Inc.	124,780		4,871,411

			41,129,764

*Household Durables (0.4%)*
D.R. Horton, Inc.	73,450		722,013
Fortune Brands, Inc.	40,450		1,584,831
Harman International Industries, Inc.*	18,400		549,976
Leggett & Platt, Inc.	39,450		791,367
Lennar Corp., Class A	43,200		600,912
Newell Rubbermaid, Inc.	73,776		1,080,081
Pulte Group, Inc.*	84,307		698,062
Stanley Black & Decker, Inc.	41,896		2,116,586
Whirlpool Corp.	19,866		1,744,632

			9,888,460

*Internet & Catalog Retail (0.5%)*
Amazon.com, Inc.*	91,050		9,948,123
Expedia, Inc.	56,119		1,053,915
priceline.com, Inc.*	12,106		2,137,193

			13,139,231

*Leisure Equipment & Products (0.2%)*
Eastman Kodak Co.*	71,400		309,876
Hasbro, Inc.	34,808		1,430,609
Mattel, Inc.	96,650		2,045,114

			3,785,599

*Media (3.1%)*
CBS Corp., Class B	179,900		2,326,107


	Number of Shares	Value (Note 1)

Comcast Corp., Class A	754,250	$	13,101,323
DIRECTV, Class A*	248,610		8,432,851
Discovery Communications, Inc., Class A*	75,316		2,689,534
Gannett Co., Inc.	63,050		848,653
Interpublic Group of Cos., Inc.*	129,126		920,668
McGraw-Hill Cos., Inc.	83,900		2,360,946
Meredith Corp.	9,750		303,517
New York Times Co., Class A*	30,850		266,853
News Corp., Class A	599,000		7,164,040
Omnicom Group, Inc.	82,500		2,829,750
Scripps Networks Interactive, Inc., Class A	23,861		962,553
Time Warner Cable, Inc.	93,697		4,879,740
Time Warner, Inc.	305,800		8,840,678
Viacom, Inc., Class B	161,400		5,063,118
Walt Disney Co.	515,600		16,241,400
Washington Post Co., Class B	1,650		677,292

			77,909,023

*Multiline Retail (0.9%)*
Big Lots, Inc.*	21,950		704,376
Family Dollar Stores, Inc.	36,750		1,385,107
J.C. Penney Co., Inc.	62,650		1,345,722
Kohl’s Corp.*	81,500		3,871,250
Macy’s, Inc.	111,872		2,002,509
Nordstrom, Inc.	43,900		1,413,141
Sears Holdings Corp.*	12,962		837,993
Target Corp.	200,000		9,834,000

			21,394,098

*Specialty Retail (2.0%)*
Abercrombie & Fitch Co., Class A	23,334		716,120
AutoNation, Inc.*	23,939		466,811
AutoZone, Inc.*	7,900		1,526,438
Bed Bath & Beyond, Inc.*	69,650		2,582,622
Best Buy Co., Inc.	91,075		3,083,800
CarMax, Inc.*	59,746		1,188,945
GameStop Corp., Class A*	40,613		763,118
Gap, Inc.	126,475		2,461,203
Home Depot, Inc.	452,008		12,687,865
Limited Brands, Inc.	71,107		1,569,331
Lowe’s Cos., Inc.	391,250		7,989,325
Office Depot, Inc.*	72,950		294,718
O’Reilly Automotive, Inc.*	36,614		1,741,362
RadioShack Corp.	33,250		648,708
Ross Stores, Inc.	32,900		1,753,241
Staples, Inc.	193,725		3,690,461
Tiffany & Co.	33,100		1,254,821
TJX Cos., Inc.	111,600		4,681,620
Urban Outfitters, Inc.*	34,508		1,186,730

			50,287,239

*Textiles, Apparel & Luxury Goods (0.5%)*
Coach, Inc.	83,550		3,053,753
NIKE, Inc., Class B	103,650		7,001,557
Polo Ralph Lauren Corp.	15,250		1,112,640
VF Corp.	23,500		1,672,730

			12,840,680

Total Consumer Discretionary			251,598,245

See Notes to Financial Statements.

385

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Consumer Staples (11.5%)
*Beverages (2.7%)*
Brown-Forman Corp., Class B	28,950	$	1,656,809
Coca-Cola Co.	612,833		30,715,190
Coca-Cola Enterprises, Inc.	84,950		2,196,807
Constellation Brands, Inc., Class A*	53,050		828,641
Dr. Pepper Snapple Group, Inc.	67,525		2,524,760
Molson Coors Brewing Co., Class B	42,100		1,783,356
PepsiCo, Inc.	434,453		26,479,910

			66,185,473

*Food & Staples Retailing (2.5%)*
Costco Wholesale Corp.	116,850		6,406,886
CVS Caremark Corp.	369,645		10,837,991
Kroger Co.	172,700		3,400,463
Safeway, Inc.	103,350		2,031,861
SUPERVALU, Inc.	56,279		610,064
Sysco Corp.	157,500		4,499,775
Walgreen Co.	261,850		6,991,395
Wal-Mart Stores, Inc.	567,203		27,265,448
Whole Foods Market, Inc.*	45,250		1,629,905

			63,673,788

*Food Products* (*1.9%)*
Archer-Daniels-Midland Co.	170,816		4,410,469
Campbell Soup Co.	50,100		1,795,083
ConAgra Foods, Inc.	117,850		2,748,262
Dean Foods Co.*	48,160		484,971
General Mills, Inc.	175,300		6,226,656
H.J. Heinz Co.	84,100		3,634,802
Hershey Co.	44,200		2,118,506
Hormel Foods Corp.	18,429		746,006
J.M. Smucker Co.	31,647		1,905,782
Kellogg Co.	67,800		3,410,340
Kraft Foods, Inc., Class A	461,631		12,925,668
McCormick & Co., Inc. (Non-Voting)	35,100		1,332,396
Mead Johnson Nutrition Co.	54,400		2,726,528
Sara Lee Corp.	175,700		2,477,370
Tyson Foods, Inc., Class A	81,050		1,328,410

			48,271,249

*Household Products* (*2.6%)*
Clorox Co.	37,250		2,315,460
Colgate-Palmolive Co.	131,300		10,341,188
Kimberly-Clark Corp.	110,694		6,711,377
Procter & Gamble Co.	772,205		46,316,856

			65,684,881

*Personal Products* (*0.2%)*
Avon Products, Inc.	113,650		3,011,725
Estee Lauder Cos., Inc., Class A	31,400		1,749,922

			4,761,647

*Tobacco* (*1.6%)*
Altria Group, Inc.	553,000		11,082,120
Lorillard, Inc.	41,174		2,963,705
Philip Morris International, Inc.	500,000		22,920,000
Reynolds American, Inc.	44,900		2,340,188

			39,306,013

Total Consumer Staples			287,883,051


	Number of Shares	Value (Note 1)

Energy (10.6%)
*Energy Equipment & Services* (*1.7%)*
Baker Hughes, Inc.	114,157	$	4,745,506
Cameron International Corp.*	65,024		2,114,580
Diamond Offshore Drilling, Inc.	18,447		1,147,219
FMC Technologies, Inc.*	32,480		1,710,397
Halliburton Co.	240,550		5,905,503
Helmerich & Payne, Inc.	28,119		1,026,906
Nabors Industries Ltd.*	75,600		1,332,072
National Oilwell Varco, Inc.	111,197		3,677,285
Rowan Cos., Inc.*	30,200		662,588
Schlumberger Ltd.	318,100		17,603,654
Smith International, Inc.	66,060		2,487,159

			42,412,869

*Oil, Gas & Consumable Fuels* (*8.9%)*
Anadarko Petroleum Corp.	130,994		4,727,573
Apache Corp.	89,530		7,537,531
Cabot Oil & Gas Corp.	27,584		863,931
Chesapeake Energy Corp.	173,200		3,628,540
Chevron Corp.	533,934		36,232,761
ConocoPhillips	395,284		19,404,492
Consol Energy, Inc.	58,400		1,971,584
Denbury Resources, Inc.*	105,052		1,537,961
Devon Energy Corp.	118,800		7,237,296
El Paso Corp.	186,396		2,070,860
EOG Resources, Inc.	67,200		6,610,464
Exxon Mobil Corp.#	1,365,235		77,913,986
Hess Corp.	77,450		3,898,833
Marathon Oil Corp.	188,214		5,851,573
Massey Energy Co.	27,006		738,614
Murphy Oil Corp.	50,800		2,517,140
Noble Energy, Inc.	46,353		2,796,476
Occidental Petroleum Corp.	215,900		16,656,685
Peabody Energy Corp.	71,450		2,795,839
Pioneer Natural Resources Co.	30,729		1,826,839
QEP Resources, Inc.*	46,939		1,447,129
Range Resources Corp.	42,269		1,697,100
Southwestern Energy Co.*	91,943		3,552,678
Spectra Energy Corp.	172,056		3,453,164
Sunoco, Inc.	31,100		1,081,347
Tesoro Corp.	37,354		435,921
Valero Energy Corp.	150,135		2,699,427
Williams Cos., Inc.	155,100		2,835,228

			224,020,972

Total Energy			266,433,841


Financials (16.1%)
*Capital Markets* (*2.4%)*
Ameriprise Financial, Inc.	67,957		2,455,287
Bank of New York Mellon Corp.	321,119		7,928,428
Charles Schwab Corp.	259,805		3,684,035
ETRADE Financial Corp.	51,190		605,066
Federated Investors, Inc., Class B	23,451		485,670
Franklin Resources, Inc.	39,417		3,397,351
Goldman Sachs Group, Inc.	139,892		18,363,623
Invesco Ltd.	113,951		1,917,795
Janus Capital Group, Inc.	48,732		432,740
Legg Mason, Inc.	43,163		1,209,859

See Notes to Financial Statements.

386

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Morgan Stanley	371,613	$	8,625,138
Northern Trust Corp.	64,300		3,002,810
State Street Corp.	131,720		4,454,770
T. Rowe Price Group, Inc.	68,886		3,057,850

			59,620,422

*Commercial Banks* (*3.0%)*
BB&T Corp.	183,550		4,829,201
Comerica, Inc.	46,250		1,703,388
Fifth Third Bancorp	211,317		2,597,086
First Horizon National Corp.*	60,604		693,911
Huntington Bancshares, Inc./Ohio	190,388		1,054,750
KeyCorp	233,350		1,794,461
M&T Bank Corp.	22,150		1,881,642
Marshall & Ilsley Corp.	139,950		1,004,841
PNC Financial Services Group, Inc.	137,479		7,767,563
Regions Financial Corp.	317,002		2,085,873
SunTrust Banks, Inc.	132,700		3,091,910
U.S. Bancorp	508,595		11,367,098
Wells Fargo & Co.	1,377,253		35,257,677
Zions Bancorp	42,600		918,882

			76,048,283

*Consumer Finance* (*0.8%)*
American Express Co.	318,144		12,630,317
Capital One Financial Corp.	121,006		4,876,542
Discover Financial Services	144,471		2,019,704
SLM Corp.*	128,892		1,339,188

			20,865,751

*Diversified Financial Services (4.5%)*
Bank of America Corp.	2,666,874		38,322,979
Citigroup, Inc.*	5,947,441		22,362,378
CME Group, Inc.	17,723		4,989,911
IntercontinentalExchange, Inc.*	19,647		2,220,700
JPMorgan Chase & Co.	1,056,141		38,665,322
Leucadia National Corp.*	50,442		984,124
Moody’s Corp.	52,176		1,039,346
NASDAQ OMX Group, Inc.*	39,323		699,163
NYSE Euronext	69,321		1,915,339

			111,199,262

*Insurance* (*4.0%)*
Aflac, Inc.	124,700		5,320,949
Allstate Corp.	142,576		4,096,208
American International Group, Inc.*	35,866		1,235,225
Aon Corp.	70,925		2,632,736
Assurant, Inc.	30,980		1,075,006
Berkshire Hathaway, Inc., Class B*	439,943		35,059,058
Chubb Corp.	87,400		4,370,874
Cincinnati Financial Corp.	43,263		1,119,214
Genworth Financial, Inc., Class A*	129,970		1,698,708
Hartford Financial Services Group, Inc.	117,900		2,609,127
Lincoln National Corp.	80,328		1,951,167
Loews Corp.	94,297		3,141,033
Marsh & McLennan Cos., Inc.	141,450		3,189,698


	Number of Shares	Value (Note 1)

MetLife, Inc.	217,750	$	8,222,240
Principal Financial Group, Inc.	84,900		1,990,056
Progressive Corp.	178,450		3,340,584
Prudential Financial, Inc.	123,600		6,632,376
Torchmark Corp.	22,050		1,091,695
Travelers Cos., Inc.	136,574		6,726,270
Unum Group	88,270		1,915,459
XL Capital Ltd., Class A	90,900		1,455,309

			98,872,992

*Real Estate Investment Trusts (REITs) (1.3%)*
Apartment Investment & Management Co. (REIT), Class A	31,063		601,690
AvalonBay Communities, Inc. (REIT)	21,744		2,030,237
Boston Properties, Inc. (REIT)	37,000		2,639,580
Equity Residential (REIT)	74,900		3,118,836
HCP, Inc. (REIT)	78,068		2,517,693
Health Care REIT, Inc. (REIT)	32,843		1,383,347
Host Hotels & Resorts, Inc. (REIT)	173,589		2,339,980
Kimco Realty Corp. (REIT)	107,770		1,448,429
Plum Creek Timber Co., Inc. (REIT)	43,250		1,493,422
ProLogis (REIT)	126,050		1,276,887
Public Storage (REIT)	36,100		3,173,551
Simon Property Group, Inc. (REIT)	77,105		6,226,229
Ventas, Inc. (REIT)	41,640		1,954,998
Vornado Realty Trust (REIT)	41,905		3,056,970

			33,261,849

*Real Estate Management & Development* (*0.0%)*
CB Richard Ellis Group, Inc., Class A*	71,850		977,878

*Thrifts & Mortgage Finance* (*0.1%)*
Hudson City Bancorp, Inc.	125,914		1,541,187
People’s United Financial, Inc.	98,693		1,332,356

			2,873,543

Total Financials			403,719,980

Health Care (12.0%)
*Biotechnology (1.4%)*
Amgen, Inc.*	260,354		13,694,620
Biogen Idec, Inc.*	71,689		3,401,643
Celgene Corp.*	122,200		6,210,204
Cephalon, Inc.*	19,893		1,128,928
Genzyme Corp.*	70,750		3,591,978
Gilead Sciences, Inc.*	240,100		8,230,628

			36,258,001

*Health Care Equipment & Supplies (1.8%)*
Baxter International, Inc.	160,200		6,510,528
Becton, Dickinson and Co.	62,700		4,239,774
Boston Scientific Corp.*	401,756		2,330,185
C.R. Bard, Inc.	25,450		1,973,138
CareFusion Corp.*	47,087		1,068,875
DENTSPLY International, Inc.	39,130		1,170,378
Hospira, Inc.*	43,610		2,505,395
Intuitive Surgical, Inc.*	10,363		3,270,770

See Notes to Financial Statements.

387

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EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Medtronic, Inc.	293,700	$	10,652,499
St. Jude Medical, Inc.*	86,522		3,122,579
Stryker Corp.	75,150		3,762,009
Varian Medical Systems, Inc.*	32,938		1,721,999
Zimmer Holdings, Inc.*	56,650		3,061,932

			45,390,061

*Health Care Providers & Services* (*2.1%)*
Aetna, Inc.	114,522		3,021,090
AmerisourceBergen Corp.	75,000		2,381,250
Cardinal Health, Inc.	96,075		3,229,081
CIGNA Corp.	73,050		2,268,933
Coventry Health Care, Inc.*	39,250		693,940
DaVita, Inc.*	27,494		1,716,725
Express Scripts, Inc.*	146,400		6,883,728
Humana, Inc.*	45,250		2,066,567
Laboratory Corp. of America Holdings*	27,900		2,102,265
McKesson Corp.	71,631		4,810,738
Medco Health Solutions, Inc.*	123,372		6,795,330
Patterson Cos., Inc.	24,800		707,544
Quest Diagnostics, Inc.	39,950		1,988,312
Tenet Healthcare Corp.*	115,100		499,534
UnitedHealth Group, Inc.	307,700		8,738,680
WellPoint, Inc.*	118,050		5,776,187

			53,679,904

*Health Care Technology (0.1%)*
Cerner Corp.*	18,123		1,375,354

*Life Sciences Tools & Services (0.5%)*
Life Technologies Corp.*	48,106		2,273,009
Millipore Corp.*	14,950		1,594,417
PerkinElmer, Inc.	31,200		644,904
Thermo Fisher Scientific, Inc.*	108,900		5,341,545
Waters Corp.*	24,900		1,611,030

			11,464,905

*Pharmaceuticals (6.1%)*
Abbott Laboratories, Inc.	412,750		19,308,445
Allergan, Inc.	81,800		4,765,668
Bristol-Myers Squibb Co.	455,673		11,364,485
Eli Lilly and Co.	269,760		9,036,960
Forest Laboratories, Inc.*	80,300		2,202,629
Johnson & Johnson	731,560		43,205,934
King Pharmaceuticals, Inc.*	66,010		501,016
Merck & Co., Inc.	828,117		28,959,251
Mylan, Inc.*	81,450		1,387,908
Pfizer, Inc.	2,145,394		30,593,318
Watson Pharmaceuticals, Inc.*	28,350		1,150,160

			152,475,774

Total Health Care			300,643,999

Industrials (10.2%)
*Aerospace & Defense* (*2.8%)*
Boeing Co.	201,274		12,629,944
General Dynamics Corp.	102,600		6,008,256
Goodrich Corp.	33,250		2,202,812
Honeywell International, Inc.	203,212		7,931,364
ITT Corp.	48,600		2,183,112
L-3 Communications Holdings, Inc.	30,700		2,174,788


	Number of Shares	Value (Note 1)

Lockheed Martin Corp.	83,808	$	6,243,696
Northrop Grumman Corp.	80,470		4,380,787
Precision Castparts Corp.	37,650		3,874,938
Raytheon Co.	100,750		4,875,293
Rockwell Collins, Inc.	41,850		2,223,490
United Technologies Corp.	249,000		16,162,590

			70,891,070

*Air Freight & Logistics* (*1.0%)*
C.H. Robinson Worldwide, Inc.	44,252		2,463,066
Expeditors International of Washington, Inc.	56,348		1,944,569
FedEx Corp.	83,210		5,833,853
United Parcel Service, Inc., Class B	263,950		15,016,116

			25,257,604

*Airlines* (*0.1%)*
Southwest Airlines Co.	197,518		2,194,425

*Building Products* (*0.1%)*
Masco Corp.	95,350		1,025,966

*Commercial Services & Supplies* (*0.5%)*
Avery Dennison Corp.	29,800		957,474
Cintas Corp.	34,950		837,751
Iron Mountain, Inc.	48,097		1,080,259
Pitney Bowes, Inc.	55,100		1,209,996
R.R. Donnelley & Sons Co.	54,600		893,802
Republic Services, Inc.	86,101		2,559,783
Stericycle, Inc.*	22,515		1,476,534
Waste Management, Inc.	128,856		4,031,904

			13,047,503

*Construction & Engineering* (*0.2%)*
Fluor Corp.	47,500		2,018,750
Jacobs Engineering Group, Inc.*	33,114		1,206,674
Quanta Services, Inc.*	55,800		1,152,270

			4,377,694

*Electrical Equipment* (*0.5%)*
Emerson Electric Co.	200,000		8,738,000
Rockwell Automation, Inc.	37,950		1,862,965
Roper Industries, Inc.	24,955		1,396,482

			11,997,447

*Industrial Conglomerates* (*2.3%)*
3M Co.	189,200		14,944,908
General Electric Co.	2,836,483		40,902,085
Textron, Inc.	72,400		1,228,628

			57,075,621

*Machinery* (*1.7%)*
Caterpillar, Inc.	166,100		9,977,627
Cummins, Inc.	53,500		3,484,455
Danaher Corp.	139,300		5,170,816
Deere & Co.	112,700		6,275,136
Dover Corp.	49,500		2,068,605
Eaton Corp.	43,950		2,876,088
Flowserve Corp.	14,897		1,263,266
Illinois Tool Works, Inc.	102,850		4,245,648
PACCAR, Inc.	96,850		3,861,409
Pall Corp.	31,150		1,070,626

See Notes to Financial Statements.

388

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Parker Hannifin Corp.	42,800	$	2,373,688
Snap-On, Inc.	15,400		630,014

			43,297,378

*Professional Services* (*0.1%)*
Dun & Bradstreet Corp.	13,556		909,879
Equifax, Inc.	33,550		941,413
Robert Half International, Inc.	39,500		930,225

			2,781,517

*Road & Rail* (*0.8%)*
CSX Corp.	103,700		5,146,631
Norfolk Southern Corp.	98,250		5,212,162
Ryder System, Inc.	14,200		571,266
Union Pacific Corp.	134,300		9,335,193

			20,265,252

*Trading Companies & Distributors* (*0.1%)*
Fastenal Co.	34,883		1,750,778
W.W. Grainger, Inc.	16,400		1,630,980

			3,381,758

Total Industrials			255,593,235

Information Technology (18.6%)
*Communications Equipment* (*2.3%)*
Cisco Systems, Inc.*	1,522,050		32,434,886
Harris Corp.	34,784		1,448,754
JDS Uniphase Corp.*	59,350		584,004
Juniper Networks, Inc.*	139,600		3,185,672
Motorola, Inc.*	614,802		4,008,509
QUALCOMM, Inc.	446,800		14,672,912
Tellabs, Inc.	102,150		652,738

			56,987,475

*Computers & Peripherals* (*4.5%)*
Apple, Inc.*	241,100		60,643,883
Dell, Inc.*	457,702		5,519,886
EMC Corp.*	545,700		9,986,310
Hewlett-Packard Co.	625,849		27,086,745
Lexmark International, Inc., Class A*	20,750		685,373
NetApp, Inc.*	91,600		3,417,596
QLogic Corp.*	30,200		501,924
SanDisk Corp.*	60,850		2,559,959
Teradata Corp.*	44,255		1,348,892
Western Digital Corp.*	60,720		1,831,315

			113,581,883

*Electronic Equipment, Instruments & Components* (*0.6%)*
Agilent Technologies, Inc.*	92,723		2,636,115
Amphenol Corp., Class A	46,056		1,809,079
Corning, Inc.	414,392		6,692,431
FLIR Systems, Inc.*	40,597		1,180,967
Jabil Circuit, Inc.	51,250		681,625
Molex, Inc.	36,000		656,640

			13,656,857

*Internet Software & Services* (*1.7%)*
Akamai Technologies, Inc.*	45,758		1,856,402
eBay, Inc.*	300,350		5,889,863
Google, Inc., Class A*	64,328		28,622,744
Monster Worldwide, Inc.*	33,350		388,527


	Number of Shares	Value (Note 1)

VeriSign, Inc.*	48,750	$	1,294,313
Yahoo!, Inc.*	316,397		4,375,771

			42,427,620

*IT Services* (*3.1%)*
Automatic Data Processing, Inc.	134,150		5,400,879
Cognizant Technology Solutions Corp., Class A*	79,100		3,959,746
Computer Sciences Corp.	40,800		1,846,200
Fidelity National Information Services, Inc.	87,699		2,352,087
Fiserv, Inc.*	40,450		1,846,947
International Business Machines Corp.	345,401		42,650,115
Mastercard, Inc., Class A	25,693		5,126,524
Paychex, Inc.	85,475		2,219,786
SAIC, Inc.*	81,000		1,355,940
Total System Services, Inc.	52,425		712,980
Visa, Inc., Class A	118,700		8,398,025
Western Union Co.	181,449		2,705,405

			78,574,634

*Office Electronics (0.1%)*
Xerox Corp.	359,396		2,889,544

*Semiconductors & Semiconductor Equipment (2.6%)*
Advanced Micro Devices, Inc.*	150,000		1,098,000
Altera Corp.	79,000		1,959,990
Analog Devices, Inc.	79,150		2,205,119
Applied Materials, Inc.	357,000		4,291,140
Broadcom Corp., Class A	114,650		3,780,010
First Solar, Inc.*	12,900		1,468,407
Intel Corp.	1,468,450		28,561,353
KLA-Tencor Corp.	45,750		1,275,510
Linear Technology Corp.	59,350		1,650,523
LSI Corp.*	174,500		802,700
MEMC Electronic Materials, Inc.*	60,371		596,465
Microchip Technology, Inc.	48,936		1,357,485
Micron Technology, Inc.*	226,050		1,919,164
National Semiconductor Corp.	63,200		850,672
Novellus Systems, Inc.*	25,400		644,144
NVIDIA Corp.*	147,450		1,505,465
Teradyne, Inc.*	47,050		458,738
Texas Instruments, Inc.	330,131		7,685,450
Xilinx, Inc.	73,450		1,855,347

			63,965,682

*Software (3.7%)*
Adobe Systems, Inc.*	139,350		3,683,021
Autodesk, Inc.*	61,050		1,487,178
BMC Software, Inc.*	48,550		1,681,286
CA, Inc.	105,025		1,932,460
Citrix Systems, Inc.*	48,850		2,062,935
Compuware Corp.*	60,450		482,391
Electronic Arts, Inc.*	86,750		1,249,200
Intuit, Inc.*	83,400		2,899,818
McAfee, Inc.*	42,189		1,296,046
Microsoft Corp.	2,028,373		46,672,863
Novell, Inc.*	92,550		525,684
Oracle Corp.	1,039,097		22,299,022
Red Hat, Inc.*	50,110		1,450,183

See Notes to Financial Statements.

389

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Salesforce.com, Inc.*	29,218	$	2,507,489
Symantec Corp.*	214,290		2,974,345

			93,203,921

Total Information Technology			465,287,616

Materials (3.4%)
*Chemicals* (*1.9%)*
Air Products & Chemicals, Inc.	56,450		3,658,525
Airgas, Inc.	21,959		1,365,850
CF Industries Holdings, Inc.	18,445		1,170,335
Dow Chemical Co.	305,801		7,253,600
E.I. du Pont de Nemours & Co.	240,300		8,311,977
Eastman Chemical Co.	19,350		1,032,516
Ecolab, Inc.	62,831		2,821,740
FMC Corp.	19,330		1,110,122
International Flavors & Fragrances, Inc.	21,000		890,820
Monsanto Co.	145,048		6,704,119
PPG Industries, Inc.	44,100		2,664,081
Praxair, Inc.	81,450		6,189,385
Sherwin-Williams Co.	24,450		1,691,695
Sigma-Aldrich Corp.	32,350		1,612,000

			46,476,765

*Construction Materials* (*0.1%)*
Vulcan Materials Co.	33,600		1,472,688

*Containers & Packaging (0.2%)*
Ball Corp.	25,000		1,320,750
Bemis Co., Inc.	28,950		781,650
Owens-Illinois, Inc.*	44,782		1,184,484
Pactiv Corp.*	35,150		978,928
Sealed Air Corp.	42,234		832,854

			5,098,666

*Metals & Mining (1.0%)*
AK Steel Holding Corp.	29,198		348,040
Alcoa, Inc.	271,198		2,728,252
Allegheny Technologies, Inc.	26,150		1,155,569
Cliffs Natural Resources, Inc.	36,000		1,697,760
Freeport-McMoRan Copper & Gold, Inc.	124,994		7,390,895
Newmont Mining Corp.	130,500		8,057,070
Nucor Corp.	83,750		3,205,950
Titanium Metals Corp.*	22,383		393,717
United States Steel Corp.	38,100		1,468,755

			26,446,008

*Paper & Forest Products (0.2%)*
International Paper Co.	115,135		2,605,505
MeadWestvaco Corp.	45,459		1,009,190
Weyerhaeuser Co.	56,150		1,976,480

			5,591,175

Total Materials			85,085,302

Telecommunication Services (3.0%)
*Diversified Telecommunication Services (2.6%)*
AT&T, Inc.	1,569,000		37,954,110
CenturyLink, Inc.	79,600		2,651,476
Frontier Communications Corp.	82,950		589,775
Qwest Communications International, Inc.	395,493		2,076,338


	Number of Shares	Value (Note 1)

Verizon Communications, Inc.	753,796	$	21,121,364
Windstream Corp.	121,386		1,281,836

			65,674,899

*Wireless Telecommunication Services (0.4%)*
American Tower Corp., Class A*	107,042		4,763,369
MetroPCS Communications, Inc.*	69,350		567,976
Sprint Nextel Corp.*	791,491		3,355,922

			8,687,267

Total Telecommunication Services			74,362,166

Utilities (3.6%)
*Electric Utilities* (*1.9%)*
Allegheny Energy, Inc.	45,050		931,634
American Electric Power Co., Inc.	127,030		4,103,069
Duke Energy Corp.	348,062		5,568,992
Edison International	86,600		2,746,952
Entergy Corp.	50,350		3,606,067
Exelon Corp.	175,450		6,661,836
FirstEnergy Corp.	81,051		2,855,427
NextEra Energy, Inc.	110,350		5,380,666
Northeast Utilities	46,624		1,187,980
Pepco Holdings, Inc.	59,055		925,982
Pinnacle West Capital Corp.	28,500		1,036,260
PPL Corp.	100,188		2,499,691
Progress Energy, Inc.	75,650		2,966,993
Southern Co.	218,050		7,256,704

			47,728,253

*Gas Utilities* (*0.1%)*
EQT Corp.	38,267		1,382,970
Nicor, Inc.	12,050		488,025
ONEOK, Inc.	28,057		1,213,465

			3,084,460

*Independent Power Producers & Energy Traders (0.2%)*
AES Corp.*	177,700		1,641,948
Constellation Energy Group, Inc.	53,400		1,722,150
NRG Energy, Inc.*	69,568		1,475,537

			4,839,635

*Multi-Utilities (1.4%)*
Ameren Corp.	62,950		1,496,322
CenterPoint Energy, Inc.	104,350		1,373,246
CMS Energy Corp.	61,000		893,650
Consolidated Edison, Inc.	74,750		3,221,725
Dominion Resources, Inc.	159,546		6,180,812
DTE Energy Co.	43,850		1,999,999
Integrys Energy Group, Inc.	20,324		888,972
NiSource, Inc.	73,559		1,066,606
PG&E Corp.	98,700		4,056,570
Public Service Enterprise Group, Inc.	134,500		4,213,885
SCANA Corp.	29,611		1,058,889
Sempra Energy	65,622		3,070,453
TECO Energy, Inc.	56,800		855,976

See Notes to Financial Statements.

390

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Wisconsin Energy Corp.	31,102	$	1,578,115
Xcel Energy, Inc.	121,345		2,500,920

			34,456,140

Total Utilities			90,108,488

Total Common Stocks (99.1%) (Cost $2,685,807,095)			2,480,715,923


	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENT:
Time Deposit (0.8%)
JPMorgan Chase Nassau
0.000%, 7/1/10
(Amortized Cost $19,146,077)	$	19,146,077	$	19,146,077

Total Investments (99.9%) (Cost/Amortized Cost $2,704,953,172)				2,499,862,000
Other Assets Less Liabilities (0.1%)				1,577,415

Net Assets (100%)			$	2,501,439,415

#	All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $10,101,390.

*	Non-income producing.

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index	335	September-10	$	17,959,074	$	17,195,550	$	(763,524)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	251,598,245		$	—	$	—	$	251,598,245
Consumer Staples		287,883,051			—		—		287,883,051
Energy		266,433,841			—		—		266,433,841
Financials		403,719,980			—		—		403,719,980
Health Care		300,643,999			—		—		300,643,999
Industrials		255,593,235			—		—		255,593,235
Information Technology		465,287,616			—		—		465,287,616
Materials		85,085,302			—		—		85,085,302
Telecommunication Services		74,362,166			—		—		74,362,166
Utilities		90,108,488			—		—		90,108,488
Short-Term Investments		—			19,146,077		—		19,146,077

Total Assets	$	2,480,715,923		$	19,146,077	$	—	$	2,499,862,000


Liabilities:
Futures	$	(763,524	)	$	—	$	—	$	(763,524	)

Total Liabilities	$	(763,524	)	$	—	$	—	$	(763,524	)

Total	$	2,479,952,399		$	19,146,077	$	—	$	2,499,098,476

See Notes to Financial Statements.

391

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	—

	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(763,524	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total			$ (763,524	)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts		—		—		—		—		—
Credit contracts		—		—		—		—		—
Equity contracts		—		907,990		—		—		907,990
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	907,990	$	—	$	—	$	907,990


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(881,673	)		—		—		(881,673	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—		$ (881,673	)	$	—	$	—		$ (881,673	)

This Portfolio held futures contracts with an average notional balance of approximately $11,900,000 during the six months ended June 30, 2010.

^ This Portfolio held futures contracts to gain or reduce exposure to the financial markets.

See Notes to Financial Statements.

392

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	62,083,058
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	124,018,748

As of June 30, 2010, 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	$	433,605,312
Aggregate gross unrealized depreciation		(697,023,020	)

Net unrealized depreciation	$	(263,417,708	)

Federal income tax cost of investments	$	2,763,279,708

The Portfolio has a net capital loss carryforward of $18,371,566 which expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $2,704,953,172)	$	2,499,862,000
Dividends, interest and other receivables		3,389,351
Receivable for securities sold		2,110,351
Receivable from Separate Accounts for Trust shares sold		852,112
Other assets		38,885

Total assets		2,506,252,699

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		1,996,167
Payable for securities purchased		1,447,247
Investment management fees payable		541,507
Distribution fees payable - Class IB		295,208
Administrative fees payable		223,834
Variation margin payable on futures contracts		107,971
Trustees’ fees payable		6,885
Accrued expenses		194,465

Total liabilities		4,813,284

NET ASSETS	$	2,501,439,415

Net assets were comprised of:
Paid in capital	$	2,775,525,620
Accumulated undistributed net investment income (loss)		20,071,376
Accumulated undistributed net realized gain (loss) on investments and futures		(88,302,885	)
Unrealized appreciation (depreciation) on investments and futures		(205,854,696	)

Net assets	$	2,501,439,415

Class IA
Net asset value, offering and redemption price per share, $1,138,832,041 / 62,856,050 shares outstanding (unlimited amount authorized: $0.01 par value)	$	18.12

Class IB
Net asset value, offering and redemption price per share, $1,362,607,374 / 75,661,199 shares outstanding (unlimited amount authorized: $0.01 par value)	$	18.01

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends	$	26,986,811
Securities lending (net)		58,985

Total income		27,045,796

EXPENSES
Investment management fees		3,428,877
Distribution fees - Class IB		1,871,375
Administrative fees		1,420,302
Printing and mailing expenses		162,135
Custodian fees		41,903
Professional fees		41,647
Trustees’ fees		32,604
Miscellaneous		28,125

Total expenses		7,026,968

NET INVESTMENT INCOME (LOSS)		20,018,828

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(8,062,176	)
Futures		907,990

Net realized gain (loss)		(7,154,186	)

Change in unrealized appreciation (depreciation) on:
Securities		(195,935,118	)
Futures		(881,673	)

Net change in unrealized appreciation (depreciation)		(196,816,791	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(203,970,977	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(183,952,149	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	20,018,828		$	49,752,989
Net realized gain (loss) on investments and futures		(7,154,186	)		(44,720,147	)
Net change in unrealized appreciation (depreciation) on investments and futures		(196,816,791	)		576,548,605

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(183,952,149	)		581,581,447

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		—			(24,328,803	)
Class IB		—			(25,292,952	)

		—			(49,621,755	)

Distributions from net realized capital gains
Class IA		—			(3,104,630	)
Class IB		—			(3,680,795	)

		—			(6,785,425	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(56,407,180	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [2,408,816 and 7,924,697 shares, respectively]		47,452,821			128,679,479
Capital shares issued in reinvestment of dividends and distributions [0 and 1,461,287 shares, respectively]		—			27,433,433
Capital shares repurchased [(4,188,078) and (10,167,546) shares, respectively]		(82,674,488	)		(169,962,483	)

Total Class IA transactions		(35,221,667	)		(13,849,571	)

Class IB
Capital shares sold [5,196,894 and 15,411,848 shares, respectively]		102,453,890			246,048,976
Capital shares issued in reinvestment of dividends and distributions [0 and 1,554,072 shares, respectively]		—			28,973,747
Capital shares repurchased [(7,480,574) and (15,141,820) shares, respectively]		(145,990,692	)		(246,817,803	)

Total Class IB transactions		(43,536,802	)		28,204,920

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(78,758,469	)		14,355,349

TOTAL INCREASE (DECREASE) IN NET ASSETS		(262,710,618	)		539,529,616
NET ASSETS:
Beginning of period		2,764,150,033			2,224,620,417

End of period (a)	$	2,501,439,415		$	2,764,150,033

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	20,071,376		$	52,548

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	19.44		$	15.76		$	26.05		$	25.92		$	23.52		$	23.24

Income (loss) from investment operations:
Net investment income (loss)		0.16	(e)		0.37	(e)		0.43	(e)		0.43	(e)		0.39	(e)		0.37	(e)
Net realized and unrealized gain (loss) on investments and futures		(1.48	)		3.74			(10.07	)		0.90	(z)		3.22			0.72

Total from investment operations		(1.32	)		4.11			(9.64	)		1.33			3.61			1.09

Less distributions:
Dividends from net investment income		—			(0.38	)		(0.43	)		(0.44	)		(0.41	)		(0.38	)
Distributions from net realized gains		—			(0.05	)		(0.22	)		(0.76	)		(0.80	)		(0.43	)

Total dividends and distributions		—			(0.43	)		(0.65	)		(1.20	)		(1.21	)		(0.81	)

Net asset value, end of period	$	18.12		$	19.44		$	15.76		$	26.05		$	25.92		$	23.52

Total return (b)		(6.79	)%		26.18	%		(37.16	)%		5.22	%(z)		15.37	%		4.68	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,138,832		$	1,256,337		$	1,030,854		$	1,600,697		$	1,615,477		$	1,560,845
Ratio of expenses to average net assets (a)		0.38	%		0.39	%		0.39	%		0.38	%		0.35	%		0.30	%
Ratio of net investment income (loss) to average net assets (a)		1.60	%		2.23	%		1.99	%		1.58	%		1.58	%		1.57	%
Portfolio turnover rate		2	%		9	%		9	%		4	%		4	%		7	%

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	19.34		$	15.68		$	25.92		$	25.79		$	23.41		$	23.13

Income (loss) from investment operations:
Net investment income (loss)		0.13	(e)		0.33	(e)		0.37	(e)		0.36	(e)		0.33	(e)		0.31	(e)
Net realized and unrealized gain (loss) on investments and futures		(1.46	)		3.71			(10.01	)		0.90	(z)		3.19			0.72

Total from investment operations		(1.33	)		4.04			(9.64	)		1.26			3.52			1.03

Less distributions:
Dividends from net investment income		—			(0.33	)		(0.38	)		(0.37	)		(0.34	)		(0.32	)
Distributions from net realized gains		—			(0.05	)		(0.22	)		(0.76	)		(0.80	)		(0.43	)

Total dividends and distributions		—			(0.38	)		(0.60	)		(1.13	)		(1.14	)		(0.75	)

Net asset value, end of period	$	18.01		$	19.34		$	15.68		$	25.92		$	25.79		$	23.41

Total return (b)		(6.88	)%		25.85	%		(37.32	)%		4.97	%(z)		15.06	%		4.42	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,362,607		$	1,507,813		$	1,193,767		$	2,062,991		$	2,142,776		$	2,018,231
Ratio of expenses to average net assets (a)		0.63	%		0.64	%		0.64	%		0.63	%		0.60	%		0.55	%
Ratio of net investment income (loss) to average net assets (a)		1.35	%		1.98	%		1.72	%		1.33	%		1.33	%		1.32	%
Portfolio turnover rate		2	%		9	%		9	%		4	%		4	%		7	%

See Notes to Financial Statements.

396

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FINANCIAL HIGHLIGHTS (Continued)

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

Net investment income per share is based on average shares outstanding.

(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.

397

EQ/EQUITY GROWTH PLUS PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Information Technology	26.5	%
Consumer Discretionary	11.7
Industrials	10.9
Health Care	9.9
Consumer Staples	7.9
Energy	6.5
Financials	3.6
Materials	3.1
Telecommunication Services	0.6
Utilities	0.1
Cash and Other	19.2

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$912.00	$3.56
Hypothetical (5% average return before expenses)	1,000.00	1,021.08	3.76
Class IB
Actual	1,000.00	910.00	4.74
Hypothetical (5% average return before expenses)	1,000.00	1,019.84	5.01
* 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 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (11.7%)
*Auto Components* (*0.3%)*
Autoliv, Inc.*	4,516	$	216,091
BorgWarner, Inc.*	16,881		630,336
Federal-Mogul Corp.*	700		9,114
Gentex Corp.	21,687		389,932
Goodyear Tire & Rubber Co.*	37,782		375,553
Johnson Controls, Inc.	98,655		2,650,860
Lear Corp.*	2,171		143,720
TRW Automotive Holdings Corp.*	8,266		227,894

			4,643,500

*Automobiles* (*0.4%)*
Ford Motor Co.*	518,661		5,228,103
Harley-Davidson, Inc.	36,619		814,040
Thor Industries, Inc.	5,212		123,785

			6,165,928

*Distributors* (*0.0%)*
LKQ Corp.*	22,211		428,228

*Diversified Consumer Services (0.2%)*
Apollo Group, Inc., Class A*	20,134		855,091
Career Education Corp.*	10,152		233,699
DeVry, Inc.	9,905		519,913
Education Management Corp.*	3,710		56,577
H&R Block, Inc.	21,143		331,734
Hillenbrand, Inc.	9,686		207,184
ITT Educational Services, Inc.*	5,411		449,221
Strayer Education, Inc.	2,165		450,082
Weight Watchers International, Inc.	5,168		132,766

			3,236,267

*Hotels, Restaurants & Leisure (3.1%)*
Bally Technologies, Inc.*	8,589		278,198
Brinker International, Inc.	13,891		200,864
Burger King Holdings, Inc.	14,262		240,172
Carnival Corp.	25,429		768,973
Chipotle Mexican Grill, Inc.*	4,873		666,675
Choice Hotels International, Inc.	305		9,214
Ctrip.com International Ltd. (ADR)*	107,600		4,041,456
Darden Restaurants, Inc.	120,066		4,664,564
International Game Technology	46,362		727,883
International Speedway Corp., Class A	1,624		41,834
Las Vegas Sands Corp.*	349,692		7,742,181
Marriott International, Inc., Class A	42,202		1,263,528
McDonald’s Corp.	167,305		11,020,380
MGM MIRAGE*	6,845		65,986
Panera Bread Co., Class A*	4,760		358,380
Royal Caribbean Cruises Ltd.*	7,973		181,545
Starbucks Corp.	368,174		8,946,628
Starwood Hotels & Resorts Worldwide, Inc.	130,671		5,413,700
Wendy’s/Arby’s Group, Inc., Class A	19,637		78,548


	Number of Shares	Value (Note 1)

WMS Industries, Inc.*	9,014	$	353,800
Wynn Resorts Ltd.	11,737		895,181
Yum! Brands, Inc.	72,601		2,834,343

			50,794,033

*Household Durables (0.4%)*
Fortune Brands, Inc.	2,867		112,329
Garmin Ltd.	1,064		31,047
Harman International Industries, Inc.*	5,145		153,784
Leggett & Platt, Inc.	13,612		273,057
Mohawk Industries, Inc.*	1,046		47,865
NVR, Inc.*	959		628,174
Tempur-Pedic International, Inc.*	11,259		346,214
Tupperware Brands Corp.	9,826		391,566
Whirlpool Corp.	44,800		3,934,336

			5,918,372

*Internet & Catalog Retail* (*1.5%)*
Amazon.com, Inc.*	163,308		17,843,032
Expedia, Inc.	13,137		246,713
Netflix, Inc.*	47,810		5,194,557
priceline.com, Inc.*	7,397		1,305,866

			24,590,168

*Leisure Equipment & Products (0.1%)*
Hasbro, Inc.	20,291		833,960
Mattel, Inc.	32,897		696,101

			1,530,061

*Media (1.5%)*
CBS Corp.(Non- Voting), Class B	460,487		5,954,097
Comcast Corp., Class A	235,700		4,094,109
DIRECTV, Class A*	137,944		4,679,060
Discovery Communications, Inc., Class A*	32,322		1,154,219
DreamWorks Animation SKG, Inc., Class A*	11,531		329,210
Interactive Data Corp.	5,344		178,383
Interpublic Group of Cos., Inc.*	76,102		542,607
John Wiley & Sons, Inc., Class A	6,467		250,079
Lamar Advertising Co., Class A*	1,880		46,098
Madison Square Garden, Inc., Class A*	3,023		59,462
McGraw-Hill Cos., Inc.	34,442		969,198
Meredith Corp.	2,382		74,152
Morningstar, Inc.*	3,431		145,886
News Corp., Class A	74,281		888,401
Omnicom Group, Inc.	38,474		1,319,658
Regal Entertainment Group, Class A	2,889		37,672
Scripps Networks Interactive, Inc., Class A	13,930		561,936
Sirius XM Radio, Inc.*	604,323		573,805
Thomson Reuters Corp.	18,846		675,252
Time Warner, Inc.	36,514		1,055,620
Viacom, Inc., Class B	18,609		583,764

			24,172,668

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Multiline Retail (1.2%)*
Big Lots, Inc.*	12,612	$	404,719
Dollar General Corp.*	10,867		299,386
Dollar Tree, Inc.*	20,316		845,755
Family Dollar Stores, Inc.	21,005		791,678
J.C. Penney Co., Inc.	11,945		256,579
Kohl’s Corp.*	218,427		10,375,282
Macy’s, Inc.	6,501		116,368
Nordstrom, Inc.	26,004		837,069
Target Corp.	114,533		5,631,588

			19,558,424

*Specialty Retail (2.5%)*
Aaron’s, Inc.	6,309		107,695
Abercrombie & Fitch Co., Class A	10,480		321,631
Advance Auto Parts, Inc.	13,663		685,609
Aeropostale, Inc.*	14,537		416,340
American Eagle Outfitters, Inc.	8,037		94,435
AutoNation, Inc.*	3,842		74,919
AutoZone, Inc.*	4,327		836,063
Bed Bath & Beyond, Inc.*	40,857		1,514,978
Best Buy Co., Inc.	53,674		1,817,402
CarMax, Inc.*	204,983		4,079,162
Chico’s FAS, Inc.	27,797		274,634
Dick’s Sporting Goods, Inc.*	13,914		346,319
Gap, Inc.	63,553		1,236,741
Guess?, Inc.	10,100		315,524
Home Depot, Inc.	487,346		13,679,802
J. Crew Group, Inc.*	8,578		315,756
Limited Brands, Inc.	41,547		916,942
Lowe’s Cos., Inc.	171,004		3,491,902
Office Depot, Inc.*	5,150		20,806
O’Reilly Automotive, Inc.*	21,481		1,021,636
PetSmart, Inc.	18,401		555,158
Ross Stores, Inc.	19,030		1,014,109
Staples, Inc.	113,513		2,162,423
Tiffany & Co.	19,655		745,121
TJX Cos., Inc.	63,447		2,661,602
Tractor Supply Co.	5,652		344,602
Urban Outfitters, Inc.*	18,964		652,172
Williams-Sonoma, Inc.	14,974		371,655

			40,075,138

*Textiles, Apparel & Luxury Goods (0.5%)*
Coach, Inc.	47,448		1,734,224
Fossil, Inc.*	8,185		284,020
Hanesbrands, Inc.*	14,864		357,628
NIKE, Inc., Class B	55,970		3,780,774
Phillips-Van Heusen Corp.	8,786		406,528
Polo Ralph Lauren Corp.	8,700		634,752

			7,197,926

Total Consumer Discretionary			188,310,713

Consumer Staples (7.9%)
*Beverages (2.2%)*
Brown-Forman Corp., Class B	12,402		709,767
Coca-Cola Co.	476,868		23,900,624
Coca-Cola Enterprises, Inc.	30,387		785,808
Dr. Pepper Snapple Group, Inc.	11,693		437,201


	Number of Shares	Value (Note 1)

Hansen Natural Corp.*	8,699	$	340,218
PepsiCo, Inc.	144,213		8,789,782

			34,963,400

*Food & Staples Retailing* (*2.2%)*
BJ’s Wholesale Club, Inc.*	757		28,016
Costco Wholesale Corp.	68,506		3,756,184
CVS Caremark Corp.	23,490		688,727
Kroger Co.	5,713		112,489
Sysco Corp.	92,000		2,628,440
Walgreen Co.	138,618		3,701,101
Wal-Mart Stores, Inc.	402,081		19,328,034
Whole Foods Market, Inc.*	166,758		6,006,623

			36,249,614

*Food Products (0.5%)*
Campbell Soup Co.	17,144		614,269
ConAgra Foods, Inc.	7,000		163,240
Flowers Foods, Inc.	4,421		108,005
General Mills, Inc.	61,402		2,180,999
Green Mountain Coffee Roasters, Inc.*	17,190		441,783
H.J. Heinz Co.	20,163		871,445
Hershey Co.	13,971		669,630
Kellogg Co.	35,828		1,802,148
McCormick & Co., Inc.(Non-Voting)	10,280		390,229
Mead Johnson Nutrition Co.	4,356		218,323
Sara Lee Corp.	73,327		1,033,911

			8,493,982

*Household Products (1.5%)*
Church & Dwight Co., Inc.	11,023		691,252
Clorox Co.	20,634		1,282,609
Colgate-Palmolive Co.	63,841		5,028,117
Kimberly-Clark Corp.	50,988		3,091,403
Procter & Gamble Co.	240,872		14,447,503

			24,540,884

*Personal Products (0.6%)*
Alberto-Culver Co.	2,966		80,349
Avon Products, Inc.	294,147		7,794,895
Estee Lauder Cos., Inc., Class A	17,147		955,602
Herbalife Ltd.	9,411		433,377

			9,264,223

*Tobacco (0.9%)*
Altria Group, Inc.	188,817		3,783,893
Philip Morris International, Inc.	242,494		11,115,925

			14,899,818

Total Consumer Staples			128,411,921

Energy (6.5%)
*Energy Equipment & Services (1.6%)*
Atwood Oceanics, Inc.*	1,763		44,992
Baker Hughes, Inc.	18,283		760,024
Cameron International Corp.*	21,684		705,164
Core Laboratories N.V.	3,472		512,502
Diamond Offshore Drilling, Inc.	3,474		216,048
Dresser-Rand Group, Inc.*	11,588		365,601
Exterran Holdings, Inc.*	1,009		26,042

See Notes to Financial Statements.

400

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

FMC Technologies, Inc.*	18,909	$	995,748
Halliburton Co.	140,788		3,456,345
Nabors Industries Ltd.*	17,700		311,874
Oil States International, Inc.*	492		19,473
Pride International, Inc.*	10,813		241,563
Rowan Cos., Inc.*	2,100		46,074
Schlumberger Ltd.	314,204		17,388,049
Superior Energy Services, Inc.*	882		16,467
Weatherford International Ltd.*	46,398		609,670

			25,715,636

*Oil, Gas & Consumable Fuels (4.9%)*
Alpha Natural Resources, Inc.*	2,503		84,777
Arch Coal, Inc.	17,866		353,925
Atlas Energy, Inc.*	8,906		241,085
Chevron Corp.	16,557		1,123,558
Cimarex Energy Co.	13,046		933,833
Concho Resources, Inc.*	14,238		787,789
ConocoPhillips	88,650		4,351,828
Consol Energy, Inc.	16,110		543,874
Continental Resources, Inc.*	4,340		193,651
El Paso Corp.	20,133		223,678
EOG Resources, Inc.	145,270		14,290,210
EXCO Resources, Inc.	22,833		333,590
Exxon Mobil Corp.	728,407		41,570,187
Forest Oil Corp.*	11,246		307,691
Frontline Ltd.	6,598		188,307
Holly Corp.	4,686		124,554
Marathon Oil Corp.	29,462		915,974
Mariner Energy, Inc.*	1,153		24,766
Massey Energy Co.	149,300		4,083,355
Murphy Oil Corp.	3,515		174,168
Occidental Petroleum Corp.	25,641		1,978,203
Petrohawk Energy Corp.*	33,360		566,119
Quicksilver Resources, Inc.*	1,133		12,463
Range Resources Corp.	24,794		995,479
SandRidge Energy, Inc.*	3,473		20,248
SM Energy Co.	6,642		266,743
Southwestern Energy Co.*	53,900		2,082,696
Ultra Petroleum Corp.*	23,670		1,047,397
Whiting Petroleum Corp.*	563		44,150
Williams Cos., Inc.	37,438		684,367

			78,548,665

Total Energy			104,264,301

Financials (3.6%)
*Capital Markets (0.8%)*
Affiliated Managers Group, Inc.*	6,929		421,075
Ameriprise Financial, Inc.	8,051		290,883
BlackRock, Inc.	1,836		263,282
Charles Schwab Corp.	153,875		2,181,948
Eaton Vance Corp.	18,348		506,588
Federated Investors, Inc., Class B	9,422		195,130
Franklin Resources, Inc.	23,123		1,992,971
GLG Partners, Inc.*	18,419		80,675
Greenhill & Co., Inc.	4,581		280,037
Invesco Ltd.	20,561		346,042
Janus Capital Group, Inc.	2,594		23,035
Lazard Ltd., Class A	14,305		382,087


	Number of Shares	Value (Note 1)

Morgan Stanley	69,130	$	1,604,507
Northern Trust Corp.	15,006		700,780
SEI Investments Co.	23,270		473,777
T. Rowe Price Group, Inc.	40,365		1,791,802
TD Ameritrade Holding Corp.*	36,265		554,854
Waddell & Reed Financial, Inc., Class A	13,437		294,002

			12,383,475

*Commercial Banks (0.4%)*
Bank of Hawaii Corp.	2,399		115,992
Wells Fargo & Co.	269,100		6,888,960

			7,004,952

*Consumer Finance (0.5%)*
American Express Co.	226,592		8,995,702

*Diversified Financial Services (0.8%)*
Interactive Brokers Group, Inc., Class A*	1,640		27,224
IntercontinentalExchange, Inc.*	11,500		1,299,845
JPMorgan Chase & Co.	117,700		4,308,997
Moody’s Corp.	374,421		7,458,466
MSCI, Inc., Class A*	17,240		472,376
NASDAQ OMX Group, Inc.*	2,060		36,627
NYSE Euronext	8,766		242,205

			13,845,740

*Insurance (0.5%)*
ACE Ltd.	8,006		412,149
Aflac, Inc.	69,008		2,944,571
Arch Capital Group Ltd.*	472		35,164
Arthur J. Gallagher & Co.	4,049		98,715
Axis Capital Holdings Ltd.	5,599		166,402
Brown & Brown, Inc.	9,376		179,457
Endurance Specialty Holdings Ltd.	768		28,823
Erie Indemnity Co., Class A	3,208		145,964
Genworth Financial, Inc., Class A*	14,067		183,856
Hartford Financial Services Group, Inc.	5,803		128,420
Marsh & McLennan Cos., Inc.	77,608		1,750,060
MetLife, Inc.	28,665		1,082,390
Travelers Cos., Inc.	8,937		440,147
Validus Holdings Ltd.	1,387		33,871

			7,629,989

*Real Estate Investment Trusts (REITs) (0.5%)*
AMB Property Corp. (REIT)	2,434		57,710
Apartment Investment & Management Co. (REIT), Class A	8,960		173,555
Digital Realty Trust, Inc. (REIT)	11,536		665,397
Equity Residential (REIT)	2,817		117,300
Essex Property Trust, Inc. (REIT)	1,822		177,718
Federal Realty Investment Trust (REIT)	5,706		400,961
General Growth Properties, Inc. (REIT)	31,450		417,027
Plum Creek Timber Co., Inc. (REIT)	10,772		371,957

See Notes to Financial Statements.

401

EQ ADVISORS TRUST

EQ/EQUITY GROWTH PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

ProLogis (REIT)	4,599	$	46,588
Public Storage (REIT)	19,787		1,739,475
Rayonier, Inc. (REIT)	3,702		162,962
Simon Property Group, Inc. (REIT)	31,503		2,543,867
UDR, Inc. (REIT)	1,667		31,890
Ventas, Inc. (REIT)	6,636		311,560
Vornado Realty Trust (REIT)	2,261		164,940

			7,382,907

*Real Estate Management & Development (0.1%)*
CB Richard Ellis Group, Inc., Class A*	44,200		601,562
Jones Lang LaSalle, Inc.	6,538		429,154
St. Joe Co.*	12,942		299,737

			1,330,453

*Thrifts & Mortgage Finance (0.0%)*
Capitol Federal Financial	213		7,063
Hudson City Bancorp, Inc.	6,166		75,472

			82,535

Total Financials			58,655,753

Health Care (9.9%)
*Biotechnology (1.2%)*
Abraxis Bioscience, Inc.*	426		31,609
Alexion Pharmaceuticals, Inc.*	13,931		713,128
Amgen, Inc.*	95,900		5,044,340
Amylin Pharmaceuticals, Inc.*	22,333		419,860
BioMarin Pharmaceutical, Inc.*	15,802		299,606
Celgene Corp.*	71,671		3,642,320
Dendreon Corp.*	21,034		680,029
Genzyme Corp.*	31,583		1,603,469
Gilead Sciences, Inc.*	138,396		4,744,215
Human Genome Sciences, Inc.*	29,137		660,245
Myriad Genetics, Inc.*	15,203		227,285
Regeneron Pharmaceuticals, Inc.*	10,091		225,231
Talecris Biotherapeutics Holdings Corp.*	7,966		168,083
United Therapeutics Corp.*	7,705		376,081
Vertex Pharmaceuticals, Inc.*	31,416		1,033,586

			19,869,087

*Health Care Equipment & Supplies (2.3%)*
Alcon, Inc.	10,786		1,598,377
Baxter International, Inc.	77,267		3,140,131
Becton, Dickinson and Co.	36,286		2,453,659
C.R. Bard, Inc.	14,789		1,146,591
CareFusion Corp.*	6,129		139,128
Cooper Cos., Inc.	1,350		53,716
Covidien plc	77,957		3,132,312
DENTSPLY International, Inc.	22,639		677,132
Edwards Lifesciences Corp.*	17,621		987,128
Gen-Probe, Inc.*	7,714		350,370
Hill-Rom Holdings, Inc.	8,276		251,839
Hospira, Inc.*	25,797		1,482,038
IDEXX Laboratories, Inc.*	8,965		545,969
Intuitive Surgical, Inc.*	6,091		1,922,441
Inverness Medical Innovations, Inc.*	3,815		101,708


	Number of Shares	Value (Note 1)

Kinetic Concepts, Inc.*	854	$	31,180
Medtronic, Inc.	131,734		4,777,992
ResMed, Inc.*	11,791		717,011
St. Jude Medical, Inc.*	50,797		1,833,264
Stryker Corp.	48,984		2,452,139
Teleflex, Inc.	967		52,489
Thoratec Corp.*	8,916		380,981
Varian Medical Systems, Inc.*	19,211		1,004,351
Zimmer Holdings, Inc.*	136,900		7,399,445

			36,631,391

*Health Care Providers & Services (2.2%)*
AmerisourceBergen Corp.	43,938		1,395,032
Brookdale Senior Living, Inc.*	1,827		27,405
Cardinal Health, Inc.	19,371		651,059
Community Health Systems, Inc.*	10,227		345,775
DaVita, Inc.*	16,157		1,008,843
Emdeon, Inc., Class A*	4,053		50,784
Emergency Medical Services Corp., Class A*	4,618		226,421
Express Scripts, Inc.*	310,437		14,596,748
Health Management Associates, Inc., Class A*	38,937		302,541
Henry Schein, Inc.*	14,210		780,129
Laboratory Corp. of America Holdings*	16,229		1,222,855
Lincare Holdings, Inc.*	213,906		6,954,084
McKesson Corp.	18,232		1,224,461
Medco Health Solutions, Inc.*	71,048		3,913,324
MEDNAX, Inc.*	6,909		384,209
Omnicare, Inc.	1,830		43,371
Patterson Cos., Inc.	15,882		453,113
Quest Diagnostics, Inc.	20,065		998,635
Tenet Healthcare Corp.*	54,356		235,905
Universal Health Services, Inc., Class B	937		35,747
VCA Antech, Inc.*	13,366		330,942

			35,181,383

*Health Care Technology (0.5%)*
Allscripts-Misys Healthcare Solutions, Inc.*	10,112		162,803
Cerner Corp.*	93,001		7,057,846
SXC Health Solutions Corp.*	4,762		348,817

			7,569,466

*Life Sciences Tools & Services (1.5%)*
Charles River Laboratories International, Inc.*	2,448		83,746
Covance, Inc.*	178,957		9,184,073
Illumina, Inc.*	131,600		5,728,548
Life Technologies Corp.*	126,505		5,977,361
Mettler-Toledo International, Inc.*	5,232		584,048
Millipore Corp.*	8,745		932,654
PerkinElmer, Inc.	8,338		172,347
Pharmaceutical Product Development, Inc.	16,406		416,877
Techne Corp.	5,798		333,095
Waters Corp.*	14,454		935,174

			24,347,923

See Notes to Financial Statements.

402

EQ ADVISORS TRUST

EQ/EQUITY GROWTH PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Pharmaceuticals (2.2%)*
Abbott Laboratories, Inc.	444,925	$	20,813,591
Allergan, Inc.	47,289		2,755,057
Eli Lilly and Co.	36,378		1,218,663
Johnson & Johnson	64,338		3,799,802
Mylan, Inc.*	40,444		689,166
Perrigo Co.	12,562		742,037
Teva Pharmaceutical Industries Ltd. (ADR)	96,700		5,027,433
Valeant Pharmaceuticals International*	8,851		462,819
Warner Chilcott plc, Class A*	14,002		319,946

			35,828,514

Total Health Care			159,427,764

Industrials (10.9%)
*Aerospace & Defense (1.6%)*
Alliant Techsystems, Inc.*	4,700		291,682
Boeing Co.	95,616		5,999,904
Goodrich Corp.	5,470		362,387
Honeywell International, Inc.	119,156		4,650,659
Lockheed Martin Corp.	37,736		2,811,332
Precision Castparts Corp.	22,087		2,273,194
Rockwell Collins, Inc.	12,874		683,996
Spirit AeroSystems Holdings, Inc., Class A*	2,489		47,440
TransDigm Group, Inc.	7,659		390,839
United Technologies Corp.	132,632		8,609,143

			26,120,576

*Air Freight & Logistics (1.3%)*
C.H. Robinson Worldwide, Inc.	25,798		1,435,917
Expeditors International of Washington, Inc.	32,984		1,138,278
FedEx Corp.	31,465		2,206,011
United Parcel Service, Inc., Class B	284,561		16,188,675
UTi Worldwide, Inc.	13,232		163,812

			21,132,693

*Airlines (1.0%)*
AMR Corp.*	16,705		113,260
Continental Airlines, Inc., Class B*	21,717		477,774
Copa Holdings S.A., Class A	3,040		134,429
Delta Air Lines, Inc.*	954,326		11,213,330
Southwest Airlines Co.	15,393		171,016
UAL Corp.*	192,503		3,957,862

			16,067,671

*Building Products (0.2%)*
Armstrong World Industries, Inc.*	257		7,756
Lennox International, Inc.	7,306		303,710
Masco Corp.	198,231		2,132,966
Owens Corning, Inc.*	9,877		295,421
USG Corp.*	4,295		51,884

			2,791,737

*Commercial Services & Supplies (0.2%)*
Avery Dennison Corp.	977		31,391
Copart, Inc.*	11,232		402,218


	Number of Shares	Value (Note 1)

Corrections Corp. of America*	3,278	$	62,544
Covanta Holding Corp.*	1,170		19,410
Iron Mountain, Inc.	28,421		638,336
KAR Auction Services, Inc.*	625		7,731
Pitney Bowes, Inc.	23,078		506,793
R.R. Donnelley & Sons Co.	1,697		27,780
Republic Services, Inc.	15,082		448,388
Stericycle, Inc.*	13,160		863,033
Waste Connections, Inc.*	9,548		333,130

			3,340,754

*Construction & Engineering (0.1%)*
Aecom Technology Corp.*	4,859		112,049
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)*	6,366		119,744
Fluor Corp.	1,667		70,848
Jacobs Engineering Group, Inc.*	11,742		427,878
KBR, Inc.	1,450		29,493
Shaw Group, Inc.*	7,552		258,429

			1,018,441

*Electrical Equipment (0.6%)*
AMETEK, Inc.	16,538		664,001
Cooper Industries plc	26,054		1,146,376
Emerson Electric Co.	117,130		5,117,410
General Cable Corp.*	2,902		77,338
Hubbell, Inc., Class B	3,753		148,957
Regal-Beloit Corp.	5,018		279,904
Rockwell Automation, Inc.	22,177		1,088,669
Roper Industries, Inc.	14,614		817,799
Thomas & Betts Corp.*	1,427		49,517

			9,389,971

*Industrial Conglomerates (1.0%)*
3M Co.	110,895		8,759,596
Carlisle Cos., Inc.	671		24,243
General Electric Co.	385,212		5,554,757
McDermott International, Inc.*	28,393		614,992
Textron, Inc.	21,892		371,507
Tyco International Ltd.	11,515		405,674

			15,730,769

*Machinery (4.3%)*
Bucyrus International, Inc.	11,691		554,738
Caterpillar, Inc.	97,694		5,868,479
CNH Global N.V.*	684		15,493
Cummins, Inc.	151,394		9,860,291
Danaher Corp.	433,181		16,079,679
Deere & Co.	62,371		3,472,817
Donaldson Co., Inc.	11,989		511,331
Dover Corp.	18,355		767,055
Eaton Corp.	6,803		445,188
Flowserve Corp.	7,411		628,453
Gardner Denver, Inc.	7,703		343,477
Graco, Inc.	9,426		265,719
Harsco Corp.	937		22,019
IDEX Corp.	10,435		298,128
Illinois Tool Works, Inc.	68,534		2,829,083
Joy Global, Inc.	208,909		10,464,252
Kennametal, Inc.	9,510		241,839
Lincoln Electric Holdings, Inc.	6,624		337,758
Manitowoc Co., Inc.	20,422		186,657

See Notes to Financial Statements.

403

EQ ADVISORS TRUST

EQ/EQUITY GROWTH PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Navistar International Corp.*	11,062	$	544,250
Oshkosh Corp.*	13,962		435,056
PACCAR, Inc.	315,749		12,588,913
Pall Corp.	18,126		622,991
Parker Hannifin Corp.	7,088		393,100
Pentair, Inc.	7,979		256,924
SPX Corp.	1,506		79,532
Timken Co.	9,911		257,587
Toro Co.	5,230		256,898
Valmont Industries, Inc.	3,446		250,386
WABCO Holdings, Inc.*	10,000		314,800
Wabtec Corp.	1,163		46,392

			69,239,285

*Marine (0.0%)*
Kirby Corp.*	545		20,846

*Professional Services (0.4%)*
Dun & Bradstreet Corp.	7,836		525,952
FTI Consulting, Inc.*	5,894		256,920
IHS, Inc., Class A*	7,532		440,020
Manpower, Inc.	105,300		4,546,854
Robert Half International, Inc.	23,500		553,425
Towers Watson & Co., Class A	1,011		39,277
Verisk Analytics, Inc., Class A*	16,068		480,433

			6,842,881

*Road & Rail (0.1%)*
Con-way, Inc.	668		20,053
Hertz Global Holdings, Inc.*	25,704		243,160
J.B. Hunt Transport Services, Inc.	14,176		463,130
Kansas City Southern*	9,388		341,254
Landstar System, Inc.	7,801		304,161
Ryder System, Inc.	4,360		175,403
Union Pacific Corp.	9,838		683,839

			2,231,000

*Trading Companies & Distributors (0.1%)*
Fastenal Co.	20,588		1,033,312
GATX Corp.	1,900		50,692
MSC Industrial Direct Co., Class A	6,790		343,981
W.W. Grainger, Inc.	9,625		957,206
WESCO International, Inc.*	2,137		71,953

			2,457,144

Total Industrials			176,383,768

Information Technology (26.5%)
*Communications Equipment (2.9%)*
Ciena Corp.*	14,399		182,579
Cisco Systems, Inc.*	1,324,082		28,216,188
F5 Networks, Inc.*	97,965		6,717,460
Harris Corp.	20,192		840,997
JDS Uniphase Corp.*	33,565		330,280
Juniper Networks, Inc.*	81,822		1,867,178
Polycom, Inc.*	13,252		394,777
QUALCOMM, Inc.	255,105		8,377,648

			46,927,107

*Computers & Peripherals (7.7%)*
Apple, Inc.*	266,211		66,960,053
Dell, Inc.*	264,624		3,191,365


	Number of Shares	Value (Note 1)

Diebold, Inc.	2,203	$	60,032
EMC Corp.*	319,685		5,850,235
Hewlett-Packard Co.	675,904		29,253,125
NCR Corp.*	24,933		302,188
NetApp, Inc.*	315,899		11,786,192
QLogic Corp.*	17,200		285,864
SanDisk Corp.*	35,767		1,504,718
Seagate Technology*	335,227		4,371,360
Teradata Corp.*	25,957		791,169
Western Digital Corp.*	8,160		246,106

			124,602,407

*Electronic Equipment, Instruments & Components (0.4%)*
Agilent Technologies, Inc.*	54,141		1,539,229
Amphenol Corp., Class A	26,989		1,060,128
Arrow Electronics, Inc.*	2,075		46,376
AVX Corp.	900		11,538
Corning, Inc.	30,338		489,959
Dolby Laboratories, Inc., Class A*	8,326		521,957
FLIR Systems, Inc.*	23,849		693,767
Ingram Micro, Inc., Class A*	1,494		22,694
Itron, Inc.*	5,817		359,607
Jabil Circuit, Inc.	19,798		263,313
National Instruments Corp.	8,992		285,766
Trimble Navigation Ltd.*	18,863		528,164

			5,822,498

*Internet Software & Services (2.4%)*
Akamai Technologies, Inc.*	26,800		1,087,276
Baidu, Inc. (ADR)*	97,400		6,630,992
eBay, Inc.*	67,971		1,332,911
Equinix, Inc.*	7,040		571,789
Google, Inc., Class A*	61,090		27,181,995
IAC/InterActiveCorp*	5,735		125,998
Monster Worldwide, Inc.*	10,100		117,665
VeriSign, Inc.*	28,383		753,569
VistaPrint N.V.*	6,803		323,074
WebMD Health Corp.*	8,325		386,530
Yahoo!, Inc.*	90,896		1,257,092

			39,768,891

*IT Services (3.3%)*
Accenture plc, Class A	95,069		3,674,417
Alliance Data Systems Corp.*	8,298		493,897
Amdocs Ltd.*	8,990		241,381
Automatic Data Processing, Inc.	78,222		3,149,218
Broadridge Financial Solutions, Inc.	19,297		367,608
Cognizant Technology Solutions Corp., Class A*	118,466		5,930,408
DST Systems, Inc.	5,500		198,770
Fiserv, Inc.*	15,829		722,752
Gartner, Inc.*	11,370		264,352
Genpact Ltd.*	10,240		159,027
Global Payments, Inc.	12,692		463,766
Hewitt Associates, Inc., Class A*	14,577		502,323
International Business Machines Corp.	199,427		24,625,246
Lender Processing Services, Inc.	14,744		461,635
Mastercard, Inc., Class A	15,135		3,019,887

See Notes to Financial Statements.

404

EQ ADVISORS TRUST

EQ/EQUITY GROWTH PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

NeuStar, Inc., Class A*	11,657	$	240,367
Paychex, Inc.	50,191		1,303,460
SAIC, Inc.*	48,110		805,361
Visa, Inc., Class A	72,613		5,137,370
Western Union Co.	104,527		1,558,498

			53,319,743

*Office Electronics (0.0%)*
Zebra Technologies Corp., Class A*	5,133		130,224

*Semiconductors & Semiconductor Equipment (3.8%)*
Advanced Micro Devices, Inc.*	35,769		261,829
Altera Corp.	245,914		6,101,126
Analog Devices, Inc.	46,339		1,291,005
Applied Materials, Inc.	208,905		2,511,038
Atheros Communications, Inc.*	10,876		299,525
Atmel Corp.*	64,132		307,834
Avago Technologies Ltd.*	16,510		347,701
Broadcom Corp., Class A	248,031		8,177,582
Cree, Inc.*	71,117		4,269,154
Cypress Semiconductor Corp.*	25,500		256,020
First Solar, Inc.*	8,622		981,442
Intel Corp.	717,667		13,958,623
Intersil Corp., Class A	6,800		82,348
KLA-Tencor Corp.	1,455		40,565
Lam Research Corp.*	163,477		6,221,935
Linear Technology Corp.	34,859		969,429
Marvell Technology Group Ltd.*	84,195		1,326,913
Maxim Integrated Products, Inc.	47,023		786,695
MEMC Electronic Materials, Inc.*	14,743		145,661
Microchip Technology, Inc.	28,653		794,834
Micron Technology, Inc.*	720,600		6,117,894
National Semiconductor Corp.	33,650		452,929
Novellus Systems, Inc.*	13,251		336,045
NVIDIA Corp.*	88,991		908,598
ON Semiconductor Corp.*	66,600		424,908
PMC-Sierra, Inc.*	1,895		14,250
Rambus, Inc.*	16,319		285,909
Silicon Laboratories, Inc.*	7,156		290,247
Skyworks Solutions, Inc.*	27,497		461,675
SunPower Corp., Class A*	5,922		71,656
Teradyne, Inc.*	28,034		273,332
Texas Instruments, Inc.	86,103		2,004,478
Varian Semiconductor Equipment Associates, Inc.*	11,598		332,399
Xilinx, Inc.	43,025		1,086,811

			62,192,390

*Software* (*6.0%)*
Activision Blizzard, Inc.	21,856		229,270
Adobe Systems, Inc.*	81,866		2,163,718
ANSYS, Inc.*	14,074		570,982
Autodesk, Inc.*	35,656		868,580
BMC Software, Inc.*	28,229		977,570
CA, Inc.	49,249		906,182
Cadence Design Systems, Inc.*	42,041		243,417
Check Point Software Technologies Ltd.*	239,200		7,051,616
Citrix Systems, Inc.*	28,888		1,219,940


	Number of Shares	Value (Note 1)

Compuware Corp.*	19,777	$	157,821
Electronic Arts, Inc.*	48,191		693,950
FactSet Research Systems, Inc.	7,200		482,328
Informatica Corp.*	14,283		341,078
Intuit, Inc.*	43,622		1,516,737
McAfee, Inc.*	24,265		745,421
MICROS Systems, Inc.*	12,487		397,961
Microsoft Corp.	1,784,612		41,063,922
Nuance Communications, Inc.*	35,374		528,841
Oracle Corp.	812,440		17,434,962
Red Hat, Inc.*	29,336		848,984
Rovi Corp.*	15,873		601,745
Salesforce.com, Inc.*	139,814		11,998,838
Solera Holdings, Inc.	10,886		394,073
Sybase, Inc.*	13,509		873,492
Symantec Corp.*	11,675		162,049
Synopsys, Inc.*	1,442		30,095
VMware, Inc., Class A*	63,929		4,001,316

			96,504,888

Total Information Technology			429,268,148

Materials (3.1%)
*Chemicals (1.6%)*
Air Products & Chemicals, Inc.	33,025		2,140,350
Airgas, Inc.	12,982		807,480
Albemarle Corp.	14,215		564,478
Ashland, Inc.	1,087		50,459
Celanese Corp., Class A	24,364		606,907
CF Industries Holdings, Inc.	7,966		505,443
E.I. du Pont de Nemours & Co.	48,613		1,681,524
Eastman Chemical Co.	2,330		124,329
Ecolab, Inc.	127,192		5,712,193
FMC Corp.	7,733		444,106
International Flavors & Fragrances, Inc.	12,367		524,608
Lubrizol Corp.	10,609		852,009
Monsanto Co.	84,843		3,921,443
Mosaic Co.	24,588		958,440
Nalco Holding Co.	20,148		412,228
PPG Industries, Inc.	4,243		256,320
Praxair, Inc.	47,580		3,615,604
RPM International, Inc.	10,077		179,774
Scotts Miracle-Gro Co., Class A	7,143		317,221
Sherwin-Williams Co.	8,844		611,916
Sigma-Aldrich Corp.	17,423		868,188
Valspar Corp.	1,560		46,987

			25,202,007

*Construction Materials (0.0%)*
Eagle Materials, Inc.	6,818		176,791
Martin Marietta Materials, Inc.	7,066		599,267

			776,058

*Containers & Packaging (0.1%)*
Ball Corp.	3,014		159,230
Crown Holdings, Inc.*	25,192		630,808
Owens-Illinois, Inc.*	7,925		209,616
Pactiv Corp.*	18,560		516,896
Temple-Inland, Inc.	3,097		64,015

			1,580,565

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Metals & Mining (1.3%)*
Agnico-Eagle Mines Ltd.	36,700	$	2,230,626
AK Steel Holding Corp.	2,550		30,396
Alcoa, Inc.	23,019		231,571
Allegheny Technologies, Inc.	15,326		677,256
Carpenter Technology Corp.	6,840		224,557
Cliffs Natural Resources, Inc.	21,063		993,331
Compass Minerals International, Inc.	5,090		357,725
Freeport-McMoRan Copper & Gold, Inc.	110,385		6,527,065
Gerdau Ameristeel Corp.*	2,625		28,612
Newmont Mining Corp.	73,982		4,567,649
Nucor Corp.	21,025		804,837
Reliance Steel & Aluminum Co.	1,305		47,176
Royal Gold, Inc.	1,208		57,984
Schnitzer Steel Industries, Inc., Class A	690		27,048
Southern Copper Corp.	26,307		698,188
Titanium Metals Corp.*	13,293		233,824
United States Steel Corp.	88,093		3,395,985
Walter Energy, Inc.	6,559		399,115

			21,532,945

*Paper & Forest Products (0.1%)*
International Paper Co.	52,826		1,195,452

Total Materials			50,287,027

Telecommunication Services (0.6%)
*Diversified Telecommunication Services (0.0%)*
Frontier Communications Corp.	18,721		133,107
Level 3 Communications, Inc.*	99,468		108,420
tw telecom, Inc.*	23,590		393,481
Windstream Corp.	31,186		329,324

			964,332

*Wireless Telecommunication Services (0.6%)*
American Tower Corp., Class A*	62,652		2,788,014
Clearwire Corp., Class A*	18,031		131,266
Crown Castle International Corp.*	45,169		1,682,997
MetroPCS Communications, Inc.*	18,687		153,046
NII Holdings, Inc.*	121,954		3,965,944


	Number of Shares		Value (Note 1)

SBA Communications Corp., Class A*		18,198	$	618,914

				9,340,181

Total Telecommunication Services				10,304,513

Utilities (0.1%)
*Electric Utilities (0.0%)*
ITC Holdings Corp.		6,853		362,592

*Gas Utilities (0.1%)*
EQT Corp.		21,553		778,925

*Independent Power Producers & Energy Traders (0.0%)*
Calpine Corp.*		25,246		321,129
Ormat Technologies, Inc.		1,557		44,048

				365,177

Total Utilities				1,506,694

Total Common Stocks (80.8%) (Cost $1,210,443,367)				1,306,820,602

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investment (17.3%)
BlackRock Liquidity Funds TempFund
0.16%‡	$	280,629,370		280,629,370

Time Deposit (0.2%)
JPMorgan Chase Nassau
0.000%, 7/1/10		2,741,270		2,741,270

Total Short-Term Investments (17.5%) (Amortized Cost $283,370,640)				283,370,640

Total Investments (98.3%) (Cost/Amortized Cost $1,493,814,007)				1,590,191,242
Other Assets Less Liabilities (1.7%)				26,992,708

Net Assets (100%)			$	1,617,183,950

*	Non-income producing.

‡	Affiliated company as defined under the Investment Company Act of 1940.

Glossary:

ADR

— American Depositary Receipt

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	—	$	389,317,684	$	108,688,314	$	280,629,370	$	53,352	$	—

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
NASDAQ 100 E-Mini Index	1,768	September-10	$	64,722,431	$	61,455,680	$	(3,266,751)
S&P 500 E-Mini Index	4,855	September-10		263,031,295		249,207,150		(13,824,145)

							$	(17,090,896)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	188,310,713		$	—	$	—	$	188,310,713
Consumer Staples		128,411,921			—		—		128,411,921
Energy		104,264,301			—		—		104,264,301
Financials		58,655,753			—		—		58,655,753
Health Care		159,427,764			—		—		159,427,764
Industrials		176,383,768			—		—		176,383,768
Information Technology		429,268,148			—		—		429,268,148
Materials		50,287,027			—		—		50,287,027
Telecommunication Services		10,304,513			—		—		10,304,513
Utilities		1,506,694			—		—		1,506,694
Short-Term Investments		—			283,370,640		—		283,370,640

Total Assets	$	1,306,820,602		$	283,370,640	$	—	$	1,590,191,242


Liabilities:
Futures	$	(17,090,896	)	$	—	$	—	$	(17,090,896	)

Total Liabilities	$	(17,090,896	)	$	—	$	—	$	(17,090,896	)

Total	$	1,289,729,706		$	283,370,640	$	—	$	1,573,100,346

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	—


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(17,090,896	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(17,090,896)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(23,968,462	)		—		—		(23,968,462	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(23,968,462	)	$	—	$	—	$	(23,968,462	)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(17,507,815	)		—		—		(17,507,815	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(17,507,815	)	$	—	$	—	$	(17,507,815	)

This Portfolio held futures contracts with an average notional balance of approximately $82,232,000 during the six months ended June 30, 2010.

^ This Portfolio held futures contracts to gain or reduce exposure to the financial markets.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	443,162,557
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	921,884,069

As of June 30, 2010, 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	$	122,326,855
Aggregate gross unrealized depreciation		(44,360,885	)

Net unrealized appreciation	$	77,965,970

Federal income tax cost of investments	$	1,512,225,272

The Portfolio has a net capital loss carryforward of $814,811,184 of which $369,709,558 expires in the year 2016 and $445,101,626 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $280,629,370)	$	280,629,370
Unaffiliated Issuers (Cost $1,213,184,637)		1,309,561,872
Cash held as collateral at broker		32,632,000
Dividends, interest and other receivables		1,240,267
Receivable from Separate Accounts for Trust shares sold		135,710
Receivable from investment sub-advisor		23,163
Other assets		32,408

Total assets		1,624,254,790

LIABILITIES
Overdraft payable		429,923
Variation margin payable on futures contracts		3,013,605
Payable to Separate Accounts for Trust shares redeemed		1,945,192
Investment management fees payable		1,052,505
Distribution fees payable - Class IB		342,089
Administrative fees payable		221,216
Trustees’ fees payable		4,360
Accrued expenses		61,950

Total liabilities		7,070,840

NET ASSETS	$	1,617,183,950

Net assets were comprised of:
Paid in capital	$	2,256,726,401
Accumulated undistributed net investment income (loss)		4,014,907
Accumulated undistributed net realized gains (losses) on investments and futures		(722,843,697	)
Net unrealized appreciation (depreciation) on investments and futures		79,286,339

Net assets	$	1,617,183,950

Class IA
Net asset value, offering and redemption price per share, $55,787,853 / 4,679,201 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.92

Class IB
Net asset value, offering and redemption price per share, $1,561,396,097 / 131,945,758 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.83

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $934 foreign withholding tax) ($53,352 of dividend income received from affiliates)	$	12,015,863
Interest		34
Securities lending (net)		34,996

Total income		12,050,893

EXPENSES
Investment management fees		4,593,512
Distribution fees - Class IB		2,218,767
Administrative fees		1,430,128
Recoupment fees		654,975
Printing and mailing expenses		109,332
Professional fees		31,657
Custodian fees		29,753
Trustees’ fees		22,161
Miscellaneous		18,766

Gross expenses		9,109,051
Less: Reimbursement from sub-advisor		(23,163	)
Fees paid indirectly		(11,966	)

Net expenses		9,073,922

NET INVESTMENT INCOME (LOSS)		2,976,971

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		134,770,701
Futures		(23,968,462	)

Net realized gain (loss)		110,802,239

Change in unrealized appreciation (depreciation) on:
Securities		(255,226,890	)
Futures		(17,507,815	)

Net change in unrealized appreciation (depreciation)		(272,734,705	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(161,932,466	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(158,955,495	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	2,976,971		$	15,830,806
Net realized gain (loss) on investments and futures		110,802,239			(203,323,997	)
Net change in unrealized appreciation (depreciation) on investments and futures		(272,734,705	)		620,779,423

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(158,955,495	)		433,286,232

DIVIDENDS:
Dividends from net investment income
Class IA		—			(659,863	)
Class IB		—			(14,115,995	)

TOTAL DIVIDENDS		—			(14,775,858	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [331,733 and 1,763,575 shares, respectively]		4,370,933			19,867,606
Capital shares issued in reinvestment of dividends [0 and 51,691 shares, respectively]		—			659,863
Capital shares repurchased [(557,207) and (3,966,835) shares, respectively]		(7,297,868	)		(40,413,209	)

Total Class IA transactions		(2,926,935	)		(19,885,740	)

Class IB
Capital shares sold [1,587,566 and 10,589,603 shares, respectively]		20,611,705			107,197,283
Capital shares issued in reinvestment of dividends [0 and 1,111,979 shares, respectively]		—			14,115,995
Capital shares repurchased [(12,465,204) and (23,955,445) shares, respectively]		(162,654,524	)		(262,166,742	)

Total Class IB transactions		(142,042,819	)		(140,853,464	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(144,969,754	)		(160,739,204	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(303,925,249	)		257,771,170
NET ASSETS:
Beginning of period		1,921,109,199			1,663,338,029

End of period (a)	$	1,617,183,950		$	1,921,109,199

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	4,014,907		$	1,037,936

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	13.07		$	10.34		$	17.70		$	16.90		$	15.86		$	14.67

Income (loss) from investment operations:
Net investment income (loss)		0.04	(e)		0.13	(e)		0.12	(e)		0.09	(e)		0.07	(e)		0.03	(e)
Net realized and unrealized gain (loss) on investments and futures		(1.19	)		2.73			(7.17	)		2.30			1.42			1.56

Total from investment operations		(1.15	)		2.86			(7.05	)		2.39			1.49			1.59

Less distributions:
Dividends from net investment income		—			(0.13	)		(0.16	)		(0.08	)		(0.07	)		(0.01	)
Distributions from net realized gains		—			—			(0.13	)		(1.51	)		(0.38	)		(0.39	)
Return of capital		—			—			(0.02	)		—			—			—

Total dividends and distributions		—			(0.13	)		(0.31	)		(1.59	)		(0.45	)		(0.40	)

Net asset value, end of period	$	11.92		$	13.07		$	10.34		$	17.70		$	16.90		$	15.86

Total return (b)		(8.80	)%		27.71	%		(40.15	)%		14.33	%		9.55	%		10.98	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	55,788		$	64,128		$	72,928		$	1,968,509		$	1,406,085		$	1,014,881
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.75	%		0.80	%		0.90	%		0.90	%		0.90	%		0.90	%
After waivers, reimbursements and fees paid indirectly (a)		0.75	%		0.72	%		0.90	%		0.90	%		0.89	%		0.89	%
Before waivers, reimbursements and fees paid indirectly (a)		0.75	%		0.80	%		0.98	%		0.98	%		0.95	%		0.92	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.56	%		1.09	%		0.75	%		0.50	%		0.46	%		0.19	%
After waivers, reimbursements and fees paid indirectly (a)		0.56	%		1.17	%		0.76	%		0.50	%		0.46	%		0.20	%
Before waivers, reimbursements and fees paid indirectly (a)		0.56	%		1.08	%		0.67	%		0.42	%		0.40	%		0.17	%
Portfolio turnover rate		26	%		157	%		89	%		71	%		66	%		66	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	13.00		$	10.26		$	17.56		$	16.78		$	15.75		$	14.59

Income (loss) from investment operations:
Net investment income (loss)		0.02	(e)		0.10	(e)		0.07	(e)		0.05	(e)		0.03	(e)		(0.01	)(e)†
Net realized and unrealized gain (loss) on investments and futures		(1.19	)		2.74			(7.08	)		2.27			1.41			1.56

Total from investment operations		(1.17	)		2.84			(7.01	)		2.32			1.44			1.55

Less distributions:
Dividends from net investment income		—			(0.10	)		(0.14	)		(0.03	)		(0.03	)		—
Distributions from net realized gains		—			—			(0.13	)		(1.51	)		(0.38	)		(0.39	)
Return of capital		—			—			(0.02	)		—			—			—

Total dividends and distributions		—			(0.10	)		(0.29	)		(1.54	)		(0.41	)		(0.39	)

Net asset value, end of period	$	11.83		$	13.00		$	10.26		$	17.56		$	16.78		$	15.75

Total return (b)		(9.00	)%		27.70	%		(40.32	)%		14.08	%		9.35	%		10.65	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,561,396		$	1,856,981		$	1,590,410		$	2,628,736		$	2,250,340		$	1,768,738
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.00	%		1.05	%(c)		1.15	%		1.15	%		1.15	%		1.15	%
After waivers, reimbursements and fees paid indirectly (a)		1.00	%		0.97	%(c)		1.15	%		1.15	%		1.14	%		1.14	%
Before waivers, reimbursements and fees paid indirectly (a)		1.00	%		1.05	%(c)		1.23	%		1.23	%		1.20	%		1.17	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.31	%		0.84	%		0.52	%		0.26	%		0.20	%		(0.06	)%
After waivers, reimbursements and fees paid indirectly (a)		0.32	%		0.92	%		0.52	%		0.26	%		0.21	%		(0.05	)%
Before waivers, reimbursements and fees paid indirectly (a)		0.31	%		0.83	%		0.44	%		0.18	%		0.15	%		(0.08	)%
Portfolio turnover rate		26	%		157	%		89	%		71	%		66	%		66	%

†	The amount shown for a share outstanding throughout the period does not accord with 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.

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

(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.

See Notes to Financial Statements.

413

EQ/FRANKLIN CORE BALANCED PORTFOLIO (Unaudited)


Distribution of Assets by Sector as of 6/30/2010	% of Net Assets
Equities & Warrants	37.0	%
Corporate Bonds	31.5
Government Securities	16.2
Convertible Preferred Stocks	2.3
Asset-Backed and Mortgage-Backed Securities	0.8
Preferred Stocks	0.8
Convertible Bonds	0.5
Cash and Other	10.9

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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$987.40	$4.14
Hypothetical (5% average return before expenses)	1,000.00	1,020.63	4.21
Class IB
Actual	1,000.00	986.10	5.37
Hypothetical (5% average return before expenses)	1,000.00	1,019.39	5.46
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.84% and 1.09%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

414

EQ ADVISORS TRUST

EQ/FRANKLIN CORE BALANCED PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (0.8%)
*Asset-Backed Securities (0.1%)*
Chase Issuance Trust,
Series 2007-A15 A 4.960%, 9/17/12	$	485,000	$	488,962
Ford Credit Auto Owner Trust,
Series 2009-C A3 2.720%, 11/15/13		400,000		406,547
Series 2009-E A3 1.510%, 1/15/14		115,000		115,530

				1,011,039

*Non-Agency CMO (0.7%)*
Banc of America Commercial Mortgage, Inc.,
Series 2005-4 A5A 4.933%, 7/10/45		368,000		381,778
Series 2006-6 A4 5.356%, 10/10/45		484,000		492,046
Series 2007-1 A4 5.451%, 1/15/49		235,000		233,568
Citigroup Commercial Mortgage Trust, Inc.,
Series 2008-C7 A4 6.297%, 12/10/49(l)		335,000		347,932
CS First Boston Mortgage Securities Corp.,
Series 2001-CK1 C 6.730%, 12/18/35		553,000		558,070
Series 2002-CKS4 A2 5.183%, 11/15/36		530,000		556,218
CW Capital Cobalt Ltd.,
Series 2007-C3 A4 6.015%, 5/15/46(l)		225,000		216,261
First Union National Bank Commercial Mortgage Trust,
Series 2000-C2 A2 7.202%, 10/15/32		130,459		130,832
Greenwich Capital Commercial Funding Corp.,
Series 2005-GG5 A5 5.224%, 4/10/37(l)		395,000		404,903
GS Mortgage Securities Corp. II,
Series 2006-GG8 A2 5.479%, 11/10/39		1,000,000		1,019,295
JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 2001-CIB3 A3 6.465%, 11/15/35		622,000		646,108
Series 2006-LDP7 A4 6.064%, 4/15/45(l)		415,000		436,976
Series 2007-CB18 AM 5.466%, 6/12/47(l)		45,000		39,188
Morgan Stanley Capital I, Inc.,
Series 2007-IQ14 A4 5.692%, 4/15/49(l)		225,000		213,030
Wachovia Bank Commercial Mortgage Trust,
Series 2006-C25 A5 5.924%, 5/15/43(l)		800,000		827,726
Series 2007-C32 A2 5.924%, 6/15/49(l)		450,000		462,480
Series 2007-C33 A4 6.099%, 2/15/51(l)		210,000		206,726

				7,173,137

Total Asset-Backed and Mortgage-Backed Securities				8,184,176


	Principal Amount		Value (Note 1)

Convertible Bond (0.5%)
Financials (0.5%)
*Real Estate Investment Trusts (REITs) (0.5%)*
iStar Financial, Inc. 1.033%, 10/1/12(l)	$	7,500,000	$	5,400,000

Total Financials				5,400,000


Total Convertible Bonds				5,400,000

Corporate Bonds (31.5%)
Consumer Discretionary (3.3%)
*Auto Components (0.3%)*
Allison Transmission, Inc. Term Loan
3.110%, 8/7/14(l)		2,738,830		2,491,481

				2,491,481

*Automobiles (0.0%)*
Daimler Finance N.A. LLC
5.875%, 3/15/11		224,000		230,802
7.300%, 1/15/12		25,000		26,948
6.500%, 11/15/13		69,000		77,227

				334,977

*Hotels, Restaurants & Leisure (0.3%)*
Harrahs Operating Co., Inc.
11.250%, 6/1/17		1,000,000		1,052,500
McDonald’s Corp.
5.350%, 3/1/18		40,000		45,812
MGM Resorts International
6.750%, 4/1/13		2,000,000		1,785,000
Yum! Brands, Inc.
6.875%, 11/15/37		75,000		86,098

				2,969,410

*Household Durables (0.4%)*
Fortune Brands, Inc. 5.375%, 1/15/16		50,000		53,903
KB Home 5.750%, 2/1/14		4,000,000		3,660,000

				3,713,903

*Media (2.3%)*
Cablevision Systems Corp.
7.750%, 4/15/18		2,000,000		2,000,000
8.000%, 4/15/20		2,000,000		2,025,000
CBS Corp. 7.875%, 7/30/30		55,000		63,680
CCO Holdings LLC/CCO Holdings Capital Corp.
8.125%, 4/30/20§		2,800,000		2,863,000
Cequel Communications Holdings I, LLC
8.625%, 11/15/17§		2,000,000		1,992,500
Clear Channel Communications, Inc.
Term Loan B
4.004%, 11/13/15(l)		4,657,991		3,598,298
Clear Channel Worldwide Holdings, Inc.
9.250%, 12/15/17§		1,500,000		1,504,500
Comcast Cable Communications Holdings, Inc.
9.455%, 11/15/22		25,000		34,487
Comcast Corp.
5.300%, 1/15/14		150,000		164,645
5.900%, 3/15/16		50,000		56,347

See Notes to Financial Statements.

415

EQ ADVISORS TRUST

EQ/FRANKLIN CORE BALANCED PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

6.500%, 1/15/17	$	94,000	$	107,709
7.050%, 3/15/33		90,000		103,910
COX Communications, Inc. 7.125%, 10/1/12		100,000		111,111
Dex One Corp. 12.000%, 1/29/17 PIK		2,514,084		2,394,665
News America Holdings, Inc. 8.000%, 10/17/16		100,000		123,112
News America, Inc.
5.300%, 12/15/14		80,000		88,893
6.200%, 12/15/34		140,000		147,451
SuperMedia, Inc.
8.000%, 12/31/15		1,157,251		990,689
Time Warner Cable, Inc.
6.200%, 7/1/13		249,000		278,492
8.250%, 4/1/19		170,000		209,066
6.750%, 6/15/39		125,000		138,090
Time Warner, Inc.
6.875%, 5/1/12		77,000		83,887
7.625%, 4/15/31		294,000		353,675
7.700%, 5/1/32		143,000		172,463
Umbrella Acquisition, Inc.
9.750%, 3/15/15 PIK§		4,431,025		3,688,828
Viacom, Inc. 6.250%, 4/30/16		69,000		78,263

				23,372,761

*Multiline Retail (0.0%)*
Target Corp. 6.350%, 11/1/32		125,000		143,719
Wal-Mart Stores, Inc. 3.625%, 7/8/20		100,000		99,908

				243,627

*Specialty Retail (0.0%)*
Home Depot, Inc.
5.400%, 3/1/16		105,000		116,866
5.875%, 12/16/36		45,000		46,130
Lowe’s Cos., Inc. 5.800%, 10/15/36		45,000		48,637

				211,633

Total Consumer Discretionary				33,337,792

Consumer Staples (0.8%)
*Beverages (0.1%)*
Anheuser-Busch Cos., Inc. 6.450%, 9/1/37		130,000		145,315
Bottling Group LLC 4.625%, 11/15/12		61,000		65,935
Coca-Cola Enterprises, Inc. 7.375%, 3/3/14		56,000		66,750
Diageo Capital plc 5.500%, 9/30/16		213,000		238,480
Diageo Finance B.V. 5.300%, 10/28/15		95,000		106,319
PepsiCo, Inc. 7.900%, 11/1/18		144,000		186,186

				808,985


	Principal Amount		Value (Note 1)

*Food & Staples Retailing (0.4%)*
Costco Wholesale Corp. 5.500%, 3/15/17	$	92,000	$	105,892
CVS Caremark Corp. 6.250%, 6/1/27		158,000		172,387
Kroger Co. 7.500%, 4/1/31		30,000		37,755
Safeway, Inc. 5.000%, 8/15/19		30,000		32,199
SUPERVALU, Inc. 8.000%, 5/1/16		3,300,000		3,267,000
Wal-Mart Stores, Inc.
5.000%, 4/5/12		254,000		271,823
5.250%, 9/1/35		102,000		107,427

				3,994,483

*Food Products (0.3%)*
Archer-Daniels-Midland Co. 6.450%, 1/15/38		25,000		30,431
General Mills, Inc. 6.000%, 2/15/12		115,000		123,907
JBS USA LLC/JBS USA 11.625%, 5/1/14§		1,500,000		1,681,875
Kellogg Co. 7.450%, 4/1/31		35,000		46,205
Kraft Foods, Inc.
5.625%, 11/1/11		61,000		64,189
6.125%, 8/23/18		150,000		170,925
7.000%, 8/11/37		45,000		53,022
6.875%, 2/1/38		366,000		425,404

				2,595,958

*Household Products (0.0%)*
Kimberly-Clark Corp. 6.125%, 8/1/17		50,000		59,181
Procter & Gamble Co. 5.800%, 8/15/34		128,000		148,379

				207,560

*Tobacco (0.0%)*
Altria Group, Inc.
9.700%, 11/10/18		113,000		143,101
10.200%, 2/6/39		73,000		97,922
Philip Morris International, Inc. 5.650%, 5/16/18		63,000		68,917

				309,940

Total Consumer Staples				7,916,926

Energy (5.7%)
*Energy Equipment & Services (0.3%)*
SEACOR Holdings, Inc. 7.375%, 10/1/19		900,000		950,459
SESI LLC 6.875%, 6/1/14		2,000,000		1,950,000
Transocean, Inc. 6.800%, 3/15/38		30,000		27,035
Weatherford International Ltd. 5.500%, 2/15/16		75,000		79,963

				3,007,457

See Notes to Financial Statements.

416

EQ ADVISOR TRUST

EQ/FRANKLIN CORE BALANCED PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

*Oil, Gas & Consumable Fuels (5.4%)*
Anadarko Petroleum Corp. 5.950%, 9/15/16	$	80,000	$	68,856
Antero Resources Corp. 9.375%, 12/1/17§		1,000,000		1,000,000
Apache Corp. 5.625%, 1/15/17		50,000		56,324
ATP Oil & Gas Corp./United States 11.875%, 5/1/15§		1,500,000		1,087,500
Callon Petroleum Co. 13.000%, 9/15/16		3,000,000		2,370,000
Canadian Natural Resources Ltd. 6.250%, 3/15/38		112,000		122,440
Cenovus Energy, Inc. 5.700%, 10/15/19§		240,000		262,138
Chesapeake Energy Corp.
6.500%, 8/15/17		4,000,000		3,945,000
7.250%, 12/15/18		6,000,000		6,195,000
6.875%, 11/15/20		1,300,000		1,311,375
Conoco Funding Co.
6.350%, 10/15/11		73,000		77,870
ConocoPhillips
4.600%, 1/15/15		500,000		546,225
ConocoPhillips Canada Funding Co. I
5.625%, 10/15/16		146,000		169,593
Denbury Resources, Inc.
8.250%, 2/15/20		697,000		728,365
Devon Financing Corp. ULC
6.875%, 9/30/11		61,000		65,128
El Paso Corp.
12.000%, 12/12/13		2,800,000		3,227,000
7.750%, 1/15/32		1,700,000		1,679,979
EnCana Corp.
4.750%, 10/15/13		90,000		96,508
EnCana Holdings Finance Corp.
5.800%, 5/1/14		292,000		328,789
EOG Resources, Inc.
5.625%, 6/1/19		15,000		16,866
Forest Oil Corp.
8.500%, 2/15/14		2,000,000		2,085,000
Hess Corp.
7.300%, 8/15/31		25,000		29,495
Kinder Morgan Energy Partners LP
5.000%, 12/15/13		193,000		205,402
6.850%, 2/15/20		425,000		483,684
Linn Energy LLC/Linn Energy Finance Corp.
8.625%, 4/15/20§		1,700,000		1,740,375
Marathon Oil Corp.
6.600%, 10/1/37		45,000		49,173
Nabors Industries, Inc.
6.150%, 2/15/18		290,000		310,944
Newfield Exploration Co.
6.625%, 4/15/16		1,800,000		1,809,000
Nexen, Inc.
6.400%, 5/15/37		75,000		78,211
ONEOK Partners LP
8.625%, 3/1/19		100,000		123,195
Pemex Project Funding Master Trust
6.625%, 6/15/35		75,000		77,142
Petrobras International Finance Co.
5.750%, 1/20/20		265,000		266,868


	Principal Amount		Value (Note 1)

Petro-Canada, Inc.
5.950%, 5/15/35	$	20,000	$	20,893
6.800%, 5/15/38		15,000		17,210
PetroHawk Energy Corp.
7.875%, 6/1/15		4,200,000		4,210,500
Pioneer Natural Resources Co.
6.650%, 3/15/17		2,500,000		2,512,653
6.875%, 5/1/18		4,000,000		4,016,716
Plains All American Pipeline LP
6.500%, 5/1/18		40,000		44,023
Plains Exploration & Production Co.
10.000%, 3/1/16		3,000,000		3,210,000
Quicksilver Resources, Inc.
11.750%, 1/1/16		1,300,000		1,433,250
SandRidge Energy, Inc.
9.875%, 5/15/16§		2,000,000		2,030,000
8.000%, 6/1/18§		3,000,000		2,842,500
Shell International Finance B.V.
4.000%, 3/21/14		465,000		491,828
6.375%, 12/15/38		45,000		53,761
Spectra Energy Capital LLC
7.500%, 9/15/38		30,000		33,589
Statoil ASA
5.250%, 4/15/19		25,000		27,422
Suncor Energy, Inc.
6.100%, 6/1/18		165,000		185,855
Trans-Canada Pipelines Ltd.
7.125%, 1/15/19		118,000		143,433
Valero Energy Corp.
6.625%, 6/15/37		111,000		108,074
W&T Offshore, Inc.
8.250%, 6/15/14§		4,000,000		3,600,000
XTO Energy, Inc.
6.375%, 6/15/38		123,000		152,190

				55,747,342

Total Energy				58,754,799

Financials (7.9%)
*Capital Markets (0.3%)*
Bank of New York Mellon Corp.
5.125%, 8/27/13		63,000		69,463
4.300%, 5/15/14		300,000		322,210
Bear Stearns Cos. LLC
6.400%, 10/2/17		155,000		172,165
Credit Suisse Guernsey Ltd.
5.860%, 12/31/49(l)		50,000		44,125
Deutsche Bank AG/London
4.875%, 5/20/13		566,000		604,337
Goldman Sachs Capital II
5.793%, 6/1/43(l)		50,000		37,750
Goldman Sachs Group, Inc.
5.250%, 10/15/13		113,000		119,114
5.125%, 1/15/15		84,000		88,237
5.350%, 1/15/16		83,000		85,871
5.750%, 10/1/16		130,000		137,190
5.625%, 1/15/17		215,000		217,389
6.125%, 2/15/33		146,000		142,930
6.750%, 10/1/37		121,000		118,621
Morgan Stanley
6.600%, 4/1/12		63,000		66,858
5.300%, 3/1/13		82,000		85,273

See Notes to Financial Statements.

417

EQ ADVISORS TRUST

EQ/FRANKLIN CORE BALANCED PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

4.750%, 4/1/14	$	75,000	$	75,129
4.200%, 11/20/14		275,000		271,545
5.450%, 1/9/17		251,000		248,815
7.300%, 5/13/19		200,000		215,084
Nomura Holdings, Inc.
5.000%, 3/4/15		75,000		79,251

				3,201,357

*Commercial Banks (1.8%)*
Barclays Bank plc
6.750%, 5/22/19		225,000		250,298
CapitalSource, Inc.
4.000%, 7/15/34(e)		2,000,000		1,902,500
CIT Group, Inc.
7.000%, 5/1/15		1,000,000		922,500
7.000%, 5/1/16		5,000,000		4,562,500
GMAC, Inc.
8.000%, 3/15/20§		3,000,000		2,932,500
HSBC Bank USA/New York
4.625%, 4/1/14		83,000		87,417
5.875%, 11/1/34		90,000		88,336
HSBC Holdings plc
6.500%, 5/2/36		92,000		95,419
JPMorgan Chase Bank N.A.
6.000%, 10/1/17		456,000		496,567
Kreditanstalt fuer Wiederaufbau
3.500%, 3/10/14		408,000		430,807
4.125%, 10/15/14		94,000		101,610
4.375%, 7/21/15		478,000		521,505
Landwirtschaftliche Rentenbank
5.125%, 2/1/17		123,000		139,323
PNC Funding Corp.
5.250%, 11/15/15		57,000		60,680
Regions Bank/Alabama
3.250%, 12/9/11		483,000		500,580
UBS AG/Connecticut
5.875%, 7/15/16		300,000		315,869
Wachovia Bank N.A.
5.600%, 3/15/16		113,000		120,461
6.600%, 1/15/38		409,000		444,721
Wachovia Capital Trust III
5.800%, 3/29/49(l)		100,000		79,500
Wells Fargo & Co.
5.375%, 2/7/35		57,000		55,847
Wells Fargo Capital X
5.950%, 12/15/36		100,000		88,691
Wells Fargo Capital XIII
7.700%, 12/29/49(l)		125,000		126,250
Wells Fargo Capital XV
9.750%, 9/29/49(l)		4,000,000		4,280,000

				18,603,881

*Consumer Finance* (*1.6%*)
American Express Co.
4.875%, 7/15/13		358,000		382,234
8.125%, 5/20/19		85,000		105,536
6.800%, 9/1/66(l)		30,000		28,575
Capital One Capital III
7.686%, 8/15/36		25,000		23,500
Capital One Financial Corp.
7.375%, 5/23/14		275,000		314,450


	Principal Amount		Value (Note 1)

Ford Motor Credit Co. LLC
8.000%, 6/1/14	$	6,000,000	$	6,192,354
7.000%, 4/15/15		4,000,000		3,956,680
12.000%, 5/15/15		3,000,000		3,472,803
HSBC Finance Corp.
5.250%, 4/15/15		225,000		237,419
International Lease Finance Corp.
8.625%, 9/15/15§		500,000		473,750
8.750%, 3/15/17§		1,400,000		1,326,500
SLM Corp.
5.375%, 5/15/14		125,000		114,295

				16,628,096

*Diversified Financial Services* (*2.7%*)
Bank of America Corp.
2.100%, 4/30/12		323,000		330,771
4.875%, 1/15/13		89,000		93,009
4.750%, 8/1/15		75,000		76,661
5.250%, 12/1/15		476,000		485,851
5.625%, 10/14/16		75,000		77,717
5.650%, 5/1/18		550,000		563,647
Bank of America N.A.
5.300%, 3/15/17		106,000		106,732
BP Capital Markets plc
5.250%, 11/7/13		110,000		101,118
Capital One Capital IV
6.745%, 2/17/37(l)		20,000		16,700
Caterpillar Financial Services Corp.
7.150%, 2/15/19		235,000		289,442
CEVA Group plc
11.500%, 4/1/18§		2,900,000		2,943,500
Citigroup Funding, Inc.
2.250%, 12/10/12		495,000		509,554
Citigroup, Inc.
5.250%, 2/27/12		156,000		161,573
5.500%, 10/15/14		850,000		873,898
5.300%, 1/7/16		274,000		277,218
5.850%, 8/2/16		58,000		60,202
5.850%, 12/11/34		55,000		52,063
Credit Suisse USA, Inc.
7.125%, 7/15/32		162,000		200,397
General Electric Capital Corp.
4.875%, 3/4/15		65,000		69,380
5.400%, 2/15/17		72,000		76,475
5.625%, 9/15/17		391,000		417,915
6.750%, 3/15/32		148,000		159,283
6.150%, 8/7/37		128,000		129,858
6.375%, 11/15/67(l)		100,000		93,000
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
7.750%, 1/15/16§		1,500,000		1,458,750
8.000%, 1/15/18§		1,500,000		1,455,000
JPMorgan Chase & Co.
6.625%, 3/15/12		90,000		96,838
2.125%, 12/26/12		625,000		642,770
3.700%, 1/20/15		225,000		230,140
5.150%, 10/1/15		393,000		420,482
7.900%, 4/29/49(l)		9,468,000		9,758,952
LBI Escrow Corp.
8.000%, 11/1/17§		1,100,000		1,133,000
National Rural Utilities Cooperative Finance Corp.
5.450%, 4/10/17		82,000		90,908

See Notes to Financial Statements.

418

EQ ADVISORS TRUST

EQ/FRANKLIN CORE BALANCED PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

New Communications Holdings, Inc.
8.250%, 4/15/17§	$	700,000	$	702,625
8.500%, 4/15/20§		700,000		701,750
Petroplus Finance Ltd.
7.000%, 5/1/17§		3,500,000		2,852,500
Unilever Capital Corp.
5.900%, 11/15/32		30,000		34,882

				27,744,561

*Insurance (0.5%)*
ACE INA Holdings, Inc.
5.875%, 6/15/14		81,000		89,606
Allstate Corp.
7.500%, 6/15/13		77,000		87,790
6.125%, 5/15/37(l)		20,000		17,625
6.500%, 5/15/57(l)		20,000		17,950
American International Group, Inc.
5.600%, 10/18/16		80,000		73,040
5.850%, 1/16/18		406,000		362,862
Berkshire Hathaway Finance Corp.
4.750%, 5/15/12		110,000		116,782
4.850%, 1/15/15		225,000		247,112
Chubb Corp.
6.000%, 5/11/37		25,000		27,037
6.375%, 3/29/67(l)		50,000		48,000
Liberty Mutual Group, Inc.
10.750%, 6/15/58(l)§		3,000,000		3,240,000
Marsh & McLennan Cos., Inc.
9.250%, 4/15/19		35,000		44,174
MetLife, Inc.
6.125%, 12/1/11		79,000		83,583
6.750%, 6/1/16		225,000		254,553
5.700%, 6/15/35		67,000		65,526
6.400%, 12/15/36		50,000		44,000
Metropolitan Life Global Funding I
5.125%, 6/10/14§		75,000		81,474
Nationwide Financial Services, Inc.
6.750%, 5/15/37		10,000		7,523
Progressive Corp.
6.700%, 6/15/37(l)		40,000		37,400
Prudential Financial, Inc.
5.100%, 9/20/14		200,000		212,697
Travelers Cos., Inc.
5.750%, 12/15/17		65,000		71,125
6.250%, 3/15/37(l)		50,000		46,918
Travelers Property Casualty Corp.
6.375%, 3/15/33		25,000		27,538

				5,304,315

*Real Estate Investment Trusts (REITs)* (*1.0%*)
AvalonBay Communities, Inc.
6.125%, 11/1/12		75,000		81,175
Boston Properties LP
5.625%, 11/15/20		70,000		73,226
Boston Properties, Inc.
5.000%, 6/1/15		60,000		62,218
ERP Operating LP
5.250%, 9/15/14		45,000		48,146
HCP, Inc.
6.000%, 1/30/17		45,000		45,435


	Principal Amount		Value (Note 1)

Hospitality Properties Trust
6.300%, 6/15/16	$	55,000	$	56,877
Host Hotels & Resorts LP
6.875%, 11/1/14		2,500,000		2,493,750
6.375%, 3/15/15		4,500,000		4,410,000
6.750%, 6/1/16		1,000,000		988,750
iStar Financial, Inc.
8.625%, 6/1/13		1,800,000		1,458,000
Simon Property Group LP
6.100%, 5/1/16		160,000		177,590

				9,895,167

*Thrifts & Mortgage Finance* (*0.0%*)
Washington Mutual Preferred Funding LLC
9.750%, 10/29/49(h)§		2,500,000		90,625

Total Financials				81,468,002

Health Care (2.9%)
*Biotechnology* (*0.0%*)
Amgen, Inc.
6.400%, 2/1/39		40,000		47,368

*Health Care Equipment & Supplies* (*0.0%*)
Baxter International, Inc.
5.375%, 6/1/18		332,000		381,342
Covidien International Finance S.A.
6.000%, 10/15/17		187,000		217,007

				598,349

*Health Care Providers & Services* (*2.7%*)
Aetna, Inc.
6.000%, 6/15/16		116,000		132,271
HCA, Inc.
6.500%, 2/15/16		6,000,000		5,595,000
8.500%, 4/15/19		6,000,000		6,360,000
Tenet Healthcare Corp.
7.375%, 2/1/13		7,000,000		7,000,000
9.250%, 2/1/15		5,000,000		5,162,500
U.S. Oncology Holdings, Inc.
6.643%, 3/15/12 PIK(l)		3,251,000		3,023,430
UnitedHealth Group, Inc.
5.800%, 3/15/36		86,000		86,450

				27,359,651

*Pharmaceuticals (0.2%)*
Abbott Laboratories, Inc.
5.875%, 5/15/16		61,000		71,363
5.125%, 4/1/19		50,000		55,789
6.000%, 4/1/39		125,000		143,730
AstraZeneca plc
5.900%, 9/15/17		63,000		73,702
Bristol-Myers Squibb Co.
5.250%, 8/15/13		164,000		181,836
Eli Lilly and Co.
5.200%, 3/15/17		283,000		322,070
GlaxoSmithKline Capital, Inc.
5.650%, 5/15/18		185,000		211,691
5.375%, 4/15/34		55,000		57,688
Johnson & Johnson
4.950%, 5/15/33		105,000		109,399

See Notes to Financial Statements.

419

EQ ADVISORS TRUST

EQ/FRANKLIN CORE BALANCED PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)
Merck & Co., Inc.
5.300%, 12/1/13	$	326,000	$	365,695
4.750%, 3/1/15		80,000		89,023
Pfizer, Inc.
4.650%, 3/1/18		50,000		54,233
7.200%, 3/15/39		55,000		72,302
Wyeth
5.500%, 2/1/14		191,000		214,558

				2,023,079

Total Health Care				30,028,447

Industrials (2.4%)
*Aerospace & Defense (0.1%)*
Boeing Co.
5.000%, 3/15/14		450,000		500,612
Goodrich Corp.
6.800%, 7/1/36		25,000		30,218
Honeywell International, Inc.
5.400%, 3/15/16		94,000		107,405
5.300%, 3/1/18		85,000		97,063
Lockheed Martin Corp.
6.150%, 9/1/36		35,000		40,496
Raytheon Co.
6.400%, 12/15/18		50,000		59,975
United Technologies Corp.
4.875%, 5/1/15		93,000		103,998
6.125%, 2/1/19		233,000		277,862

				1,217,629

*Air Freight & Logistics (0.0%)*
United Parcel Service, Inc.
5.500%, 1/15/18		60,000		68,661

*Airlines (0.0%)*
Southwest Airlines Co.
5.750%, 12/15/16		50,000		52,848

*Building Products (0.0%)*
CRH America, Inc.
6.000%, 9/30/16		83,000		92,528

*Commercial Services & Supplies (0.2%)*
Ceridian Corp.
11.250%, 11/15/15		2,000,000		1,805,000
Pitney Bowes, Inc.
5.000%, 3/15/15		50,000		54,826
R.R. Donnelley & Sons Co.
6.125%, 1/15/17		75,000		75,322
Waste Management, Inc.
7.375%, 3/11/19		152,000		184,200

				2,119,348

*Industrial Conglomerates (0.7%)*
3M Co.
5.700%, 3/15/37		25,000		28,582
Bombardier, Inc.
7.750%, 3/15/20§		2,000,000		2,075,000
General Electric Co.
5.000%, 2/1/13		623,000		668,077
RBS Global, Inc./Rexnord LLC
11.750%, 8/1/16		2,000,000		2,085,000


	Principal Amount		Value (Note 1)

8.500%, 5/1/18§	$	2,200,000	$	2,134,000

				6,990,659

*Machinery (0.6%)*
Deere & Co.
6.950%, 4/25/14		73,000		86,469
8.100%, 5/15/30		68,000		93,702
Manitowoc Co., Inc.
9.500%, 2/15/18		1,000,000		1,000,000
Terex Corp.
8.000%, 11/15/17		5,000,000		4,625,000

				5,805,171

*Road & Rail (0.8%)*
Burlington Northern Santa Fe Corp.
5.750%, 3/15/18		265,000		297,623
Canadian National Railway Co.
5.550%, 5/15/18		48,000		54,520
6.200%, 6/1/36		55,000		64,756
CSX Corp.
5.500%, 8/1/13		66,000		72,149
7.375%, 2/1/19		100,000		122,487
Hertz Corp.
8.875%, 1/1/14		7,000,000		7,087,500
10.500%, 1/1/16		500,000		518,750
Norfolk Southern Corp.
5.900%, 6/15/19		40,000		45,988
Union Pacific Corp.
6.150%, 5/1/37		25,000		28,002

				8,291,775

Total Industrials				24,638,619

Information Technology (2.9%)
*Communications Equipment (0.0%)*
Cisco Systems, Inc.
5.500%, 2/22/16		121,000		139,391
5.900%, 2/15/39		80,000		88,925

				228,316

*Computers & Peripherals (0.0%)*
Hewlett-Packard Co.
5.500%, 3/1/18		156,000		179,671
International Business Machines Corp.
4.750%, 11/29/12		152,000		164,542
5.600%, 11/30/39		135,000		150,084

				494,297

*Electronic Equipment, Instruments & Components (0.4%)*
Sanmina-SCI Corp.
6.750%, 3/1/13		2,000,000		1,975,000
8.125%, 3/1/16		2,000,000		1,970,000

				3,945,000

*IT Services (1.4%)*
First Data Corp.
9.875%, 9/24/15		8,500,000		6,395,000
Term Loan
0.000%, 9/24/14		3,000,000		2,522,499
3.040%, 9/24/14(l)		6,800,761		5,725,391

				14,642,890

See Notes to Financial Statements.

420

EQ ADVISORS TRUST

EQ/FRANKLIN CORE BALANCED PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

*Semiconductors & Semiconductor Equipment (1.0%)*
Freescale Semiconductor, Inc.
8.875%, 12/15/14	$	5,750,000	$	5,246,875
10.125%, 12/15/16		1,750,000		1,400,000
9.250%, 4/15/18§		3,300,000		3,258,750

				9,905,625

*Software (0.1%)*
Microsoft Corp.
2.950%, 6/1/14		85,000		88,942
Oracle Corp.
3.750%, 7/8/14		135,000		144,535
5.250%, 1/15/16		561,000		636,583

				870,060

Total Information Technology				30,086,188

Materials (1.1%)
*Chemicals (0.7%)*
Dow Chemical Co.
7.600%, 5/15/14		75,000		86,615
8.550%, 5/15/19		50,000		61,206
9.400%, 5/15/39		40,000		55,631
E.I. du Pont de Nemours & Co.
5.250%, 12/15/16		94,000		107,199
Huntsman Corp.
7.875%, 11/15/14		2,000,000		1,930,000
7.375%, 1/1/15		1,000,000		935,000
Ineos Group Holdings plc
7.875%, 2/15/16§		EUR 4,000,000		3,558,493
Lubrizol Corp.
8.875%, 2/1/19	$	55,000		68,831
Potash Corp of Saskatchewan, Inc.
5.875%, 12/1/36		20,000		21,492

				6,824,467

*Metals & Mining (0.3%)*
ArcelorMittal S.A.
6.125%, 6/1/18		205,000		214,406
Barrick Gold Finance Co.
4.875%, 11/15/14		125,000		135,373
BHP Billiton Finance USA Ltd.
5.250%, 12/15/15		50,000		56,634
6.500%, 4/1/19		160,000		191,879
Consol Energy, Inc.
8.250%, 4/1/20§		1,400,000		1,459,500
Newmont Mining Corp.
5.875%, 4/1/35		30,000		30,850
Novelis, Inc.
2.540%, 7/7/14		1,382,301		1,301,667
Rio Tinto Alcan, Inc.
4.500%, 5/15/13		210,000		220,784
Vale Overseas Ltd.
6.875%, 11/21/36		117,000		121,974

				3,733,067

*Paper & Forest Products (0.1%)*
International Paper Co.
9.375%, 5/15/19		40,000		51,664
7.500%, 8/15/21		400,000		468,358


	Principal Amount		Value (Note 1)

NewPage Corp.
10.000%, 5/1/12	$	1,000,000	$	542,500

				1,062,522

Total Materials				11,620,056

Telecommunication Services (0.5%)
*Diversified Telecommunication Services (0.4%)*
AT&T, Inc.
5.875%, 8/15/12		61,000		66,556
5.100%, 9/15/14		109,000		120,918
5.500%, 2/1/18		75,000		82,938
6.150%, 9/15/34		158,000		165,888
6.550%, 2/15/39		45,000		50,404
BellSouth Corp.
6.000%, 10/15/11		123,000		130,574
5.200%, 9/15/14		62,000		68,894
British Telecommunications plc
9.875%, 12/15/30		80,000		97,633
Deutsche Telekom International Finance B.V.
5.250%, 7/22/13		96,000		103,288
8.750%, 6/15/30		57,000		73,627
France Telecom S.A.
4.375%, 7/8/14		100,000		107,837
Qwest Corp.
8.375%, 5/1/16		140,000		152,950
Telecom Italia Capital S.A.
5.250%, 10/1/15		368,000		371,404
Telefonica Emisiones S.A.U.
6.421%, 6/20/16		299,000		327,972
Verizon Communications, Inc.
7.375%, 9/1/12		76,000		85,385
4.900%, 9/15/15		82,000		90,077
8.750%, 11/1/18		300,000		389,992
7.750%, 12/1/30		155,000		193,153
Virgin Media Secured Finance plc
7.000%, 1/15/18§		GBP 900,000		1,311,073

				3,990,563

*Wireless Telecommunication Services (0.1%)*
America Movil S.A.B. de C.V.
6.375%, 3/1/35		50,000		53,509
AT&T Mobility LLC
7.125%, 12/15/31		280,000		334,323
Rogers Communications, Inc.
7.250%, 12/15/12		105,000		117,480
6.250%, 6/15/13		275,000		306,237
Vodafone Group plc
5.000%, 12/16/13		94,000		101,812
4.150%, 6/10/14		45,000		47,218
6.150%, 2/27/37		25,000		25,921

				986,500

Total Telecommunication Services				4,977,063

Utilities (4.0%)
*Electric Utilities (3.0%)*
Alabama Power Co.
5.700%, 2/15/33		25,000		27,125
Baltimore Gas & Electric Co.
5.900%, 10/1/16		122,000		140,519

See Notes to Financial Statements.

421

EQ ADVISORS TRUST

EQ/FRANKLIN CORE BALANCED PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Calpine Construction Finance Co. LP/CCFC Finance Corp.
8.000%, 6/1/16§	$	1,000,000	$	1,022,500
Commonwealth Edison Co.
6.150%, 9/15/17		144,000		165,277
Consolidated Edison Co. of New York, Inc.
Series 05-C
5.375%, 12/15/15		85,000		95,541
Series 08-A
5.850%, 4/1/18		175,000		200,062
Duke Energy Carolinas LLC
Series C
7.000%, 11/15/18		26,000		32,324
Duke Energy Corp.
6.250%, 1/15/12		182,000		196,075
5.050%, 9/15/19		165,000		175,943
Energy Future Holdings Corp.
10.875%, 11/1/17		3,000,000		2,220,000
11.250%, 11/1/17 PIK		822,475		534,609
Series R
6.550%, 11/15/34		9,000,000		4,005,000
Exelon Corp.
5.625%, 6/15/35		80,000		77,507
FirstEnergy Corp.
Series C
7.375%, 11/15/31		160,000		168,703
Florida Power & Light Co.
5.850%, 5/1/37		30,000		33,770
Georgia Power Co.
6.000%, 11/1/13		60,000		67,942
5.950%, 2/1/39		90,000		99,066
MidAmerican Energy Holdings Co.
5.875%, 10/1/12		76,000		82,283
5.750%, 4/1/18		70,000		78,309
6.125%, 4/1/36		130,000		143,127
Northern States Power Co.
5.250%, 3/1/18		25,000		27,908
Series B
8.000%, 8/28/12		90,000		102,595
Ohio Power Co.
6.000%, 6/1/16		65,000		73,615
Series G
6.600%, 2/15/33		125,000		140,665
Oncor Electric Delivery Co. LLC
6.375%, 5/1/12		79,000		85,333
6.375%, 1/15/15		265,000		300,240
Pacific Gas & Electric Co.
4.800%, 3/1/14		75,000		81,271
5.800%, 3/1/37		65,000		70,645
Progress Energy, Inc.
7.750%, 3/1/31		135,000		170,949
PSEG Power LLC
5.500%, 12/1/15		325,000		359,344
Public Service Co. of New Mexico
7.950%, 5/15/18		1,300,000		1,369,256
Southern California Edison Co.
6.000%, 1/15/34		45,000		51,770
Texas Competitive Electric Holdings Co. LLC
3.545%, 10/10/14(l)		4,000,000		2,947,500
10.500%, 11/1/16 PIK		627,560		401,639
Series A
10.250%, 11/1/15		8,000,000		5,280,000


	Principal Amount		Value (Note 1)

Series B
10.250%, 11/1/15	$	6,150,000	$	4,059,000
Term Loan
3.850%, 10/10/14(l)		7,190,004		5,298,134
Virginia Electric & Power Co.
Series A 5.950%, 9/15/17		100,000		115,089

				30,500,635

*Gas Utilities (0.0%)*
Atmos Energy Corp.
8.500%, 3/15/19		70,000		87,977
Enbridge, Inc.
5.600%, 4/1/17		250,000		278,187

				366,164

*Independent Power Producers & Energy Traders (0.8%)*
Dynegy Holdings, Inc.
7.500%, 6/1/15		2,000,000		1,582,500
8.375%, 5/1/16		2,500,000		1,978,125
7.750%, 6/1/19		3,500,000		2,419,375
RRI Energy, Inc.
7.875%, 6/15/17		1,800,000		1,701,000
Tennessee Valley Authority
5.250%, 9/15/39		100,000		110,549

				7,791,549

*Multi-Utilities (0.2%)*
Calpine Corp.
7.250%, 10/15/17§		1,000,000		960,000
Dominion Resources, Inc.
5.000%, 12/1/14		81,000		87,650
8.875%, 1/15/19		163,000		215,299
5.950%, 6/15/35		30,000		31,760
DTE Energy Co.
6.350%, 6/1/16		60,000		67,195
Dynegy-Roseton/Danskammer Trust
Series B 7.670%, 11/8/16		750,000		658,125
Sempra Energy
6.000%, 10/15/39		70,000		74,273

				2,094,302

Total Utilities				40,752,650


Total Corporate Bonds				323,580,542

Government Securities (16.2%)
*Agency ABS (0.1%)*
Federal National Mortgage Association
1.500%, 6/26/13		1,090,000		1,101,928

*Foreign Governments (0.4%)*
Canadian Government Bond
2.375%, 9/10/14		285,000		292,514
Federative Republic of Brazil
10.500%, 7/14/14		800,000		1,016,000
8.000%, 1/15/18		474,667		550,613
5.875%, 1/15/19		155,000		170,113
Province of British Columbia
4.300%, 5/30/13		15,000		16,300
Province of Nova Scotia
5.125%, 1/26/17		50,000		56,975

See Notes to Financial Statements.

422

EQ ADVISORS TRUST

EQ/FRANKLIN CORE BALANCED PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Province of Ontario
4.100%, 6/16/14	$	590,000	$	634,485
4.500%, 2/3/15		96,000		105,055
4.750%, 1/19/16		47,000		51,987
Province of Quebec
4.600%, 5/26/15		47,000		51,890
7.500%, 9/15/29		82,000		112,555
Republic of Italy
4.375%, 6/15/13		78,000		80,291
4.500%, 1/21/15		129,000		130,078
4.750%, 1/25/16		49,000		50,949
6.875%, 9/27/23		29,000		32,994
5.375%, 6/15/33		122,000		119,803
Republic of Peru
7.125%, 3/30/19		260,000		307,450
Republic of Poland
5.000%, 10/19/15		33,000		34,971
Republic of South Africa
6.500%, 6/2/14		31,000		34,410
United Mexican States
6.375%, 1/16/13		106,000		116,229
6.750%, 9/27/34		194,000		223,585

				4,189,247

*Municipal Bonds (0.3%)*
Metropolitan Transportation Authority
7.336%, 11/15/39		30,000		36,632
New Jersey State Turnpike Authority
7.414%, 1/1/40		140,000		170,534
Port Authority of New York & New Jersey
6.040%, 12/1/29		70,000		75,183
State of California
7.950%, 3/1/36		2,000,000		2,100,780
7.550%, 4/1/39		350,000		375,568
State of Illinois
5.100%, 6/1/33		580,000		452,156

				3,210,853

*Supranational (0.3%)*
Asian Development Bank
2.625%, 2/9/15		360,000		369,901
Eksportfinans A/S
5.500%, 5/25/16		60,000		68,192
European Investment Bank
3.000%, 4/8/14		130,000		134,975
4.625%, 5/15/14		123,000		135,131
4.625%, 10/20/15		665,000		734,752
Inter-American Development Bank
5.125%, 9/13/16		375,000		429,202
International Bank for Reconstruction & Development
7.625%, 1/19/23		137,000		191,379
Svensk Exportkredit AB
4.875%, 9/29/11		800,000		837,394

				2,900,926

*U.S. Government Agencies (8.8%)*
Federal Farm Credit Bank
4.875%, 1/17/17		180,000		203,494
Federal Home Loan Bank
4.000%, 9/6/13		400,000		432,808


	Principal Amount		Value (Note 1)

3.625%, 10/18/13	$	1,010,000	$	1,081,852
5.250%, 6/5/17		595,000		683,449
Federal Home Loan Mortgage Corp.
5.125%, 7/15/12		2,341,000		2,552,486
4.875%, 11/15/13		1,619,000		1,809,517
5.500%, 11/1/18		68,344		74,145
5.500%, 5/1/20		49,656		53,886
5.500%, 12/1/21		118,187		127,776
5.500%, 3/1/22		130,581		141,033
6.750%, 9/15/29		178,000		233,026
6.250%, 7/15/32		264,000		334,201
6.000%, 12/1/33		337,559		370,629
5.667%, 11/1/36(l)		1,226,266		1,306,357
5.947%, 4/1/37(l)		827,148		881,171
Federal National Mortgage Association
5.375%, 11/15/11		490,000		522,164
1.750%, 8/10/12		1,000,000		1,019,493
3.000%, 9/16/14		610,000		640,135
4.625%, 10/15/14		251,000		280,005
5.000%, 4/15/15		408,000		462,900
5.375%, 6/12/17		2,371,000		2,762,625
5.000%, 2/1/18		261,638		280,893
5.000%, 11/1/18		455,513		489,036
5.000%, 12/1/18		762,975		819,125
5.000%, 10/1/19		261,246		280,431
5.500%, 3/1/20		90,608		98,381
4.500%, 9/1/20		1,166,557		1,243,795
5.000%, 3/1/21		52,865		56,764
6.000%, 9/1/21		152,263		166,163
5.000%, 2/1/24		109,924		117,344
4.500%, 4/1/24		661,793		699,200
4.000%, 6/1/24		993,727		1,036,116
4.000%, 3/1/25		593,282		617,662
6.250%, 5/15/29		164,000		202,918
5.500%, 7/1/33		2,215,775		2,386,285
5.000%, 11/1/33		2,431,708		2,584,735
5.000%, 6/1/35		1,274,162		1,352,951
4.500%, 10/1/35		732,600		764,165
5.500%, 1/1/36		1,681,539		1,806,472
5.500%, 11/1/36		1,302,022		1,398,147
5.500%, 2/1/37		2,608,896		2,800,691
5.000%, 5/1/37		356,203		377,339
5.000%, 7/1/37		90,913		96,307
6.000%, 9/1/37		3,165,434		3,435,786
6.000%, 12/1/37		71,616		77,692
6.000%, 5/1/38		198,780		215,521
6.000%, 8/1/38		252,377		273,632
6.500%, 9/1/38		1,444,442		1,581,382
6.000%, 10/1/38		1,667,137		1,808,583
6.000%, 11/1/38		77,545		84,124
5.500%, 3/1/39		3,888,184		4,174,027
4.500%, 6/1/39		4,810,976		4,996,435
4.000%, 7/1/39		636,068		645,063
4.500%, 7/1/39		6,051,351		6,283,927
4.000%, 8/1/39		2,433,553		2,468,919
4.500%, 8/1/39		860,098		892,856
5.000%, 8/1/39		946,269		1,003,008
4.000%, 9/1/39		489,281		496,200
6.000%, 9/1/39		3,126,504		3,391,768
4.500%, 12/1/39		1,080,622		1,121,441
5.000%, 3/1/40		4,284,963		4,539,215

See Notes to Financial Statements.

423

EQ ADVISORS TRUST

EQ/FRANKLIN CORE BALANCED PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

4.500%, 4/1/40	$	396,463	$	411,439
4.000%, 7/25/25 TBA		700,000		727,180
4.500%, 7/25/25 TBA		1,200,000		1,265,812
5.000%, 7/25/25 TBA		600,000		640,172
5.500%, 7/25/25 TBA		800,000		864,250
4.500%, 8/25/40 TBA		700,000		723,023
5.000%, 8/25/40 TBA		4,600,000		4,850,664
5.500%, 8/25/40 TBA		700,000		749,438
6.000%, 8/25/40 TBA		800,000		865,875
6.500%, 8/25/40 TBA		1,800,000		1,967,485
Government National Mortgage Association
5.000%, 9/15/39		1,070,271		1,142,556
5.500%, 8/15/40 TBA		2,800,000		3,017,875

				90,363,420

*U.S. Treasuries (6.3%)*
U.S. Treasury Bonds
8.750%, 5/15/17		501,000		705,079
8.125%, 8/15/19		629,000		896,129
3.625%, 2/15/20		2,145,000		2,266,326
8.500%, 2/15/20		592,000		868,390
8.000%, 11/15/21		870,000		1,265,306
6.250%, 8/15/23		1,280,000		1,659,200
6.375%, 8/15/27		888,000		1,196,303
5.375%, 2/15/31		282,000		346,948
4.500%, 2/15/36		300,000		331,406
5.000%, 5/15/37		44,000		52,443
4.375%, 2/15/38		587,000		634,694
4.500%, 5/15/38		1,150,000		1,268,414
4.250%, 5/15/39		90,000		95,161
4.500%, 8/15/39		325,000		357,957
4.375%, 11/15/39		915,000		987,771
4.625%, 2/15/40		2,130,000		2,394,252
U.S. Treasury Notes
1.000%, 8/31/11		1,630,000		1,640,569
4.500%, 9/30/11		1,703,000		1,789,880
0.875%, 2/29/12		2,850,000		2,865,247
4.625%, 2/29/12		2,780,000		2,969,171
1.000%, 4/30/12		1,180,000		1,188,850
1.375%, 5/15/12		2,275,000		2,308,415
1.875%, 6/15/12		910,000		932,466
4.250%, 9/30/12		522,000		564,413
3.875%, 10/31/12		727,000		780,901
1.125%, 12/15/12		1,000,000		1,008,203
1.375%, 2/15/13		6,825,000		6,914,578
1.750%, 4/15/13		4,250,000		4,346,602
1.500%, 12/31/13		1,396,000		1,407,779
2.375%, 8/31/14		49,000		50,658
4.000%, 2/15/15		284,000		313,443
2.375%, 2/28/15		3,130,000		3,225,872
2.500%, 3/31/15		4,400,000		4,559,500
4.125%, 5/15/15		312,000		346,637
1.875%, 6/30/15		800,000		803,062
3.250%, 6/30/16		685,000		726,475
4.875%, 8/15/16		372,000		430,590
3.000%, 2/28/17		240,000		249,150
4.500%, 5/15/17		1,627,000		1,850,966
4.250%, 11/15/17		1,730,000		1,943,411
4.000%, 8/15/18		1,303,000		1,433,198
3.625%, 8/15/19		615,000		650,315


	Principal Amount		Value (Note 1)

3.375%, 11/15/19	$	3,065,000	$	3,174,430
3.500%, 5/15/20		1,500,000		1,569,840

				65,370,400

Total Government Securities				167,136,774

Total Long-Term Debt Securities (49.0%)
(Cost $497,236,654)				504,301,492

	Number of Shares		Value (Note 1)

CONVERTIBLE PREFERRED STOCKS:
Consumer Discretionary (0.1%)
*Automobiles (0.1%)*
Motors Liquidation Co.
6.250%		200,000		1,360,000

Total Consumer Discretionary				1,360,000

Financials (2.2%)
*Commercial Banks (0.6%)*
Wells Fargo & Co.
7.500%		7,000		6,517,000

*Diversified Financial Services (1.3%)*
Bank of America Corp.
7.250%		8,210		7,317,163
Citigroup, Inc.
7.500%		50,000		5,650,000

				12,967,163

*Real Estate Investment Trusts (REITs) (0.3%)*
FelCor Lodging Trust, Inc.
1.950%*		130,000		2,559,375

*Thrifts & Mortgage Finance (0.0%)*
Fannie Mae
5.375%*		80		160,000
8.750%*		189,400		98,488

				258,488

Total Financials				22,302,026

Total Convertible Preferred Stocks (2.3%)
(Cost $38,898,040)				23,662,026

PREFERRED STOCKS:
Energy (0.2%)
*Oil, Gas & Consumable Fuels (0.2%)*
Chesapeake Energy Corp.
5.750%*§		2,500		2,421,875

Total Energy				2,421,875

Financials (0.4%)
*Commercial Banks (0.3%)*
GMAC, Inc.
7.000%§		4,046		3,144,880

Thrifts & Mortgage Finance (0.1%)
Fannie Mae
6.750%*		200,000		64,000

See Notes to Financial Statements.

424

EQ ADVISORS TRUST

EQ/FRANKLIN CORE BALANCED PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

7.625%*	306,800	$	110,448
8.250%(l)*	149,600		50,864
Freddie Mac
8.375%(l)*	288,100		97,954

			323,266

Total Financials			3,468,146

Health Care (0.1%)
*Health Care Providers & Services (0.1%)*
Tenet Healthcare Corp.
7.000%	1,500		1,250,625

Total Health Care			1,250,625

Utilities (0.1%)
*Electric Utilities (0.1%)*
NextEra Energy, Inc.
8.375%	20,000		987,000

Total Utilities			987,000

Total Preferred Stocks (0.8%) (Cost $29,875,379)			8,127,646

COMMON STOCKS:
Consumer Discretionary (3.0%)
*Auto Components (0.0%)*
Goodyear Tire & Rubber Co.*	4,300		42,742
Johnson Controls, Inc.	13,245		355,893

			398,635

*Automobiles (0.1%)*
Ford Motor Co.*	66,761		672,951
Harley-Davidson, Inc.	4,400		97,812

			770,763

*Distributors (0.0%)*
Genuine Parts Co.	2,888		113,932

*Diversified Consumer Services (0.0%)*
Apollo Group, Inc., Class A*	2,400		101,928
DeVry, Inc.	1,100		57,739
H&R Block, Inc.	6,700		105,123

			264,790

*Hotels, Restaurants & Leisure (0.3%)*
Carnival Corp.	8,700		263,088
Darden Restaurants, Inc.	2,724		105,828
International Game Technology	5,500		86,350
Marriott International, Inc., Class A	5,021		150,329
McDonald’s Corp.	21,200		1,396,444
Starbucks Corp.	14,658		356,189
Starwood Hotels & Resorts Worldwide, Inc.	3,702		153,374
Wyndham Worldwide Corp.	3,800		76,532
Wynn Resorts Ltd.	1,300		99,151
Yum! Brands, Inc.	9,235		360,534

			3,047,819

*Household Durables (0.1%)*
D.R. Horton, Inc.	5,000		49,150
Fortune Brands, Inc.	3,200		125,376
Harman International Industries, Inc.*	1,500		44,835


	Number of Shares	Value (Note 1)

Leggett & Platt, Inc.	3,300	$	66,198
Lennar Corp., Class A	2,800		38,948
Newell Rubbermaid, Inc.	5,000		73,200
Pulte Group, Inc.*	6,190		51,253
Stanley Black & Decker, Inc.	3,092		156,208
Whirlpool Corp.	1,400		122,948

			728,116

*Internet & Catalog Retail (0.1%)*
Amazon.com, Inc.*	6,730		735,320
Expedia, Inc.	3,900		73,242
priceline.com, Inc.*	900		158,886

			967,448

*Leisure Equipment & Products (0.0%)*
Eastman Kodak Co.*	4,000		17,360
Hasbro, Inc.	2,489		102,298
Mattel, Inc.	7,143		151,146

			270,804

*Media (1.8%)*
CBS Corp., Class B	13,460		174,038
Charter Communications, Inc., Class A*	187,113		6,605,089
Comcast Corp., Class A	254,988		4,429,141
Dex One Corp.*	115,741		2,199,079
DIRECTV, Class A*	18,100		613,952
Discovery Communications, Inc., Class A*	5,800		207,118
Gannett Co., Inc.	5,100		68,646
Interpublic Group of Cos., Inc.*	10,300		73,439
McGraw-Hill Cos., Inc.	6,500		182,910
Meredith Corp.	900		28,017
New York Times Co., Class A*	2,900		25,085
News Corp., Class A	44,600		533,416
Omnicom Group, Inc.	5,900		202,370
Scripps Networks Interactive, Inc., Class A	1,900		76,646
Time Warner Cable, Inc.	7,100		369,768
Time Warner, Inc.	22,300		644,693
Viacom, Inc., Class B	12,200		382,714
Walt Disney Co.	38,462		1,211,553
Washington Post Co., Class B	141		57,878

			18,085,552

*Multiline Retail (0.1%)*
Big Lots, Inc.*	1,800		57,762
Family Dollar Stores, Inc.	2,500		94,225
J.C. Penney Co., Inc.	4,400		94,512
Kohl’s Corp.*	6,088		289,180
Macy’s, Inc.	8,000		143,200
Nordstrom, Inc.	3,100		99,789
Sears Holdings Corp.*	1,000		64,650
Target Corp.	14,321		704,163

			1,547,481

*Specialty Retail (0.4%)*
Abercrombie & Fitch Co., Class A	1,600		49,104
AutoNation, Inc.*	2,100		40,950
AutoZone, Inc.*	600		115,932
Bed Bath & Beyond, Inc.*	5,122		189,923

See Notes to Financial Statements.

425

EQ ADVISORS TRUST

EQ/FRANKLIN CORE BALANCED PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Best Buy Co., Inc.	6,600	$	223,476
CarMax, Inc.*	4,392		87,401
GameStop Corp., Class A*	2,700		50,733
Gap, Inc.	9,000		175,140
Home Depot, Inc.	33,400		937,538
Limited Brands, Inc.	5,000		110,350
Lowe’s Cos., Inc.	27,719		566,022
Office Depot, Inc.*	6,400		25,856
O’Reilly Automotive, Inc.*	2,698		128,317
RadioShack Corp.	2,100		40,971
Ross Stores, Inc.	2,300		122,567
Staples, Inc.	14,000		266,700
Tiffany & Co.	2,600		98,566
TJX Cos., Inc.	8,100		339,795
Urban Outfitters, Inc.*	2,700		92,853

			3,662,194

*Textiles, Apparel & Luxury Goods (0.1%)*
Coach, Inc.	6,000		219,300
NIKE, Inc., Class B	7,518		507,841
Polo Ralph Lauren Corp.	1,200		87,552
VF Corp.	1,610		114,600

			929,293

Total Consumer Discretionary			30,786,827

Consumer Staples (2.5%)
*Beverages (0.9%)*
Brown-Forman Corp., Class B	2,300		131,629
Coca-Cola Co.	45,500		2,280,460
Coca-Cola Enterprises, Inc.	6,500		168,090
Constellation Brands, Inc., Class A*	4,300		67,166
Diageo plc	150,000		2,350,359
Dr. Pepper Snapple Group, Inc.	4,578		171,172
Molson Coors Brewing Co., Class B	3,300		139,788
PepsiCo, Inc.	61,915		3,773,719

			9,082,383

*Food & Staples Retailing (0.5%)*
Costco Wholesale Corp.	8,672		475,486
CVS Caremark Corp.	26,490		776,687
Kroger Co.	12,799		252,012
Safeway, Inc.	7,670		150,792
SUPERVALU, Inc.	3,700		40,108
Sysco Corp.	11,623		332,069
Walgreen Co.	18,930		505,431
Wal-Mart Stores, Inc.	41,106		1,975,966
Whole Foods Market, Inc.*	3,500		126,070

			4,634,621

*Food Products* (*0.3%)*
Archer-Daniels-Midland Co.	12,674		327,243
Campbell Soup Co.	3,418		122,467
ConAgra Foods, Inc.	8,699		202,861
Dean Foods Co.*	4,000		40,280
General Mills, Inc.	12,969		460,659
H.J. Heinz Co.	6,217		268,699
Hershey Co.	3,069		147,097
Hormel Foods Corp.	1,600		64,768


	Number of Shares	Value (Note 1)

J.M. Smucker Co.	2,500	$	150,550
Kellogg Co.	4,985		250,745
Kraft Foods, Inc., Class A	34,100		954,800
McCormick & Co., Inc. (Non-Voting)	2,363		89,699
Mead Johnson Nutrition Co.	4,200		210,504
Sara Lee Corp.	13,000		183,300
Tyson Foods, Inc., Class A	6,300		103,257

			3,576,929

*Household Products (0.5%)*
Clorox Co.	2,754		171,189
Colgate-Palmolive Co.	9,600		756,096
Kimberly-Clark Corp.	8,160		494,741
Procter & Gamble Co.	56,878		3,411,542

			4,833,568

*Personal Products (0.0%)*
Avon Products, Inc.	8,451		223,951
Estee Lauder Cos., Inc., Class A	2,500		139,325

			363,276

*Tobacco (0.3%)*
Altria Group, Inc.	40,900		819,636
Lorillard, Inc.	2,900		208,742
Philip Morris International, Inc.	36,688		1,681,778
Reynolds American, Inc.	3,500		182,420

			2,892,576

Total Consumer Staples			25,383,353

Energy (4.9%)
*Energy Equipment & Services (0.6%)*
Baker Hughes, Inc.	38,303		1,592,256
Cameron International Corp.*	5,000		162,600
Diamond Offshore Drilling, Inc.	1,360		84,578
FMC Technologies, Inc.*	2,500		131,650
Halliburton Co.	18,100		444,355
Helmerich & Payne, Inc.	1,900		69,388
Nabors Industries Ltd.*	5,300		93,386
National Oilwell Varco, Inc.	8,262		273,224
Rowan Cos., Inc.*	2,000		43,880
Schlumberger Ltd.	53,328		2,951,172
Smith International, Inc.	5,000		188,250

			6,034,739

*Oil, Gas & Consumable Fuels (4.3%)*
Anadarko Petroleum Corp.	9,900		357,291
Apache Corp.	6,700		564,073
BP plc (ADR)	40,000		1,155,200
Cabot Oil & Gas Corp.	2,300		72,036
Callon Petroleum Co.*	150,000		945,000
Canadian Oil Sands Trust	250,000		6,338,359
Chesapeake Energy Corp.	12,500		261,875
Chevron Corp.	39,600		2,687,256
ConocoPhillips	179,200		8,796,928
Consol Energy, Inc.	4,453		150,333
Denbury Resources, Inc.*	8,200		120,048
Devon Energy Corp.	8,747		532,867
El Paso Corp.	14,500		161,095
EOG Resources, Inc.	4,991		490,965
Exxon Mobil Corp.	275,986		15,750,502

See Notes to Financial Statements.

426

EQ ADVISORS TRUST

EQ/FRANKLIN CORE BALANCED PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Hess Corp.	5,686	$	286,233
Marathon Oil Corp.	13,902		432,213
Massey Energy Co.	1,800		49,230
Murphy Oil Corp.	3,900		193,245
Noble Energy, Inc.	3,452		208,259
Occidental Petroleum Corp.	16,100		1,242,115
Peabody Energy Corp.	5,100		199,563
Pioneer Natural Resources Co.	2,200		130,790
Range Resources Corp.	3,000		120,450
Southwestern Energy Co.*	6,824		263,679
Spectra Energy Corp.	138,200		2,773,674
Sunoco, Inc.	2,392		83,170
Tesoro Corp.	2,300		26,841
Valero Energy Corp.	10,800		194,184
Williams Cos., Inc.	11,900		217,532

			44,805,006

Total Energy			50,839,745

Financials (6.4%)
*Capital Markets (1.1%)*
Ameriprise Financial, Inc.	5,200		187,876
Bank of New York Mellon Corp.	23,780		587,128
Charles Schwab Corp.	19,334		274,156
Credit Suisse USA, Inc. (ADR)*	125,000		1,668,750
Deutsche Bank AG (ADR)*§	75,000		1,658,100
ETRADE Financial Corp.	3,350		39,597
Federated Investors, Inc., Class B	1,741		36,056
Franklin Resources, Inc.	3,000		258,570
Goldman Sachs Group, Inc.*	10,210		1,340,267
Goldman Sachs Group, Inc. (ADR)*§	80,000		3,763,500
Invesco Ltd.	8,800		148,104
Janus Capital Group, Inc.	4,200		37,296
Legg Mason, Inc.	3,400		95,302
Morgan Stanley	27,589		640,341
Northern Trust Corp.	4,600		214,820
State Street Corp.	9,863		333,566
T. Rowe Price Group, Inc.	5,300		235,267

			11,518,696

*Commercial Banks (1.9%)*
Barclays Bank plc (ADR)*§	250,000		3,046,500
Barclays plc	300,000		1,189,357
BB&T Corp.	13,631		358,632
Comerica, Inc.	3,460		127,432
Fifth Third Bancorp	16,100		197,869
First Horizon National Corp.*	5,045		57,768
HSBC Holdings plc	500,000		4,561,516
Huntington Bancshares, Inc./Ohio	12,900		71,466
KeyCorp	16,400		126,116
M&T Bank Corp.	1,518		128,954
Marshall & Ilsley Corp.	11,000		78,980
PNC Financial Services Group, Inc.	10,361		585,396
Regions Financial Corp.	22,600		148,708
SunTrust Banks, Inc.	9,600		223,680
U.S. Bancorp	37,600		840,360
Wells Fargo & Co.	301,956		7,730,073


	Number of Shares	Value (Note 1)

Zions Bancorp	2,900	$	62,553

			19,535,360

*Consumer Finance (0.2%)*
American Express Co.	23,500		932,950
Capital One Financial Corp.	8,800		354,640
Discover Financial Services	11,100		155,178
SLM Corp.*	10,000		103,900

			1,546,668

*Diversified Financial Services (2.2%)*
Bank of America Corp.	697,300		10,020,201
Citigroup, Inc.*	944,209		3,550,226
CME Group, Inc.	1,285		361,792
IntercontinentalExchange, Inc.*	1,500		169,545
JPMorgan Chase & Co.	228,400		8,361,724
Leucadia National Corp.*	4,100		79,991
Moody’s Corp.	3,600		71,712
NASDAQ OMX Group, Inc.*	3,300		58,674
NYSE Euronext	4,900		135,387

			22,809,252

*Insurance (0.7%)*
Aflac, Inc.	9,400		401,098
Allstate Corp.	10,531		302,556
American International Group, Inc.*	2,475		85,239
Aon Corp.	5,500		204,160
Assurant, Inc.	1,934		67,110
Berkshire Hathaway, Inc., Class B*	32,504		2,590,244
Chubb Corp.	6,391		319,614
Cincinnati Financial Corp.	2,858		73,936
Genworth Financial, Inc., Class A*	10,100		132,007
Hartford Financial Services Group, Inc.	8,500		188,105
Lincoln National Corp.	6,200		150,598
Loews Corp.	6,629		220,812
Marsh & McLennan Cos., Inc.	10,900		245,795
MetLife, Inc.	16,300		615,488
Principal Financial Group, Inc.	6,500		152,360
Progressive Corp.	13,700		256,464
Prudential Financial, Inc.	9,300		499,038
Torchmark Corp.	1,800		89,118
Travelers Cos., Inc.	9,900		487,575
Unum Group	6,900		149,730
XL Capital Ltd., Class A	6,700		107,267

			7,338,314

*Real Estate Investment Trusts (REITs) (0.3%)*
Apartment Investment & Management Co. (REIT), Class A	2,600		50,362
AvalonBay Communities, Inc. (REIT)	1,598		149,205
Boston Properties, Inc. (REIT)	2,725		194,401
Equity Residential (REIT)	5,519		229,811
HCP, Inc. (REIT)	5,793		186,824
Health Care REIT, Inc. (REIT)	2,500		105,300
Host Hotels & Resorts, Inc. (REIT)	13,366		180,174

See Notes to Financial Statements.

427

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Kimco Realty Corp. (REIT)	8,500	$	114,240
Plum Creek Timber Co., Inc. (REIT)	3,169		109,426
ProLogis (REIT)	9,900		100,287
Public Storage (REIT)	2,570		225,929
Simon Property Group, Inc. (REIT)	5,722		462,051
Ventas, Inc. (REIT)	3,101		145,592
Vornado Realty Trust (REIT)	3,082		224,832

			2,478,434

*Real Estate Management & Development* (*0.0%)*
CB Richard Ellis Group, Inc., Class A*	5,700		77,577

*Thrifts & Mortgage Finance (0.0%)*
Hudson City Bancorp, Inc.	9,258		113,318
People’s United Financial, Inc.	7,286		98,361

			211,679

Total Financials			65,515,980

Health Care (3.7%)
*Biotechnology (0.3%)*
Amgen, Inc.*	19,045		1,001,767
Biogen Idec, Inc.*	5,100		241,995
Celgene Corp.*	9,081		461,496
Cephalon, Inc.*	1,469		83,366
Genzyme Corp.*	5,400		274,158
Gilead Sciences, Inc.*	17,500		599,900

			2,662,682

*Health Care Equipment & Supplies (0.3%)*
Baxter International, Inc.	11,600		471,424
Becton, Dickinson and Co.	4,500		304,290
Boston Scientific Corp.*	30,600		177,480
C.R. Bard, Inc.	1,800		139,554
CareFusion Corp.*	3,750		85,125
DENTSPLY International, Inc.	2,568		76,809
Hospira, Inc.*	3,400		195,330
Intuitive Surgical, Inc.*	775		244,605
Medtronic, Inc.	21,440		777,629
St. Jude Medical, Inc.*	6,465		233,322
Stryker Corp.	5,700		285,342
Varian Medical Systems, Inc.*	2,600		135,928
Zimmer Holdings, Inc.*	4,000		216,200

			3,343,038

*Health Care Providers & Services (0.4%)*
Aetna, Inc.	8,200		216,316
AmerisourceBergen Corp.	5,606		177,990
Cardinal Health, Inc.	7,400		248,714
CIGNA Corp.	5,485		170,364
Coventry Health Care, Inc.*	3,200		56,576
DaVita, Inc.*	1,896		118,386
Express Scripts, Inc.*	10,789		507,299
Humana, Inc.*	3,200		146,144
Laboratory Corp. of America Holdings*	2,025		152,584
McKesson Corp.	5,400		362,664
Medco Health Solutions, Inc.*	9,100		501,228
Patterson Cos., Inc.	2,100		59,913
Quest Diagnostics, Inc.	2,987		148,663


	Number of Shares	Value (Note 1)

Tenet Healthcare Corp.*	9,600	$	41,664
UnitedHealth Group, Inc.	22,500		639,000
WellPoint, Inc.*	8,232		402,792

			3,950,297

*Health Care Technology (0.0%)*
Cerner Corp.*	1,400		106,246

*Life Sciences Tools & Services (0.1%)*
Life Technologies Corp.*	3,595		169,864
Millipore Corp.*	1,011		107,823
PerkinElmer, Inc.	2,700		55,809
Thermo Fisher Scientific, Inc.*	8,088		396,716
Waters Corp.*	1,691		109,408

			839,620

*Pharmaceuticals (2.6%)*
Abbott Laboratories, Inc.	30,500		1,426,790
Allergan, Inc.	6,200		361,212
Bristol-Myers Squibb Co.	33,700		840,478
Eli Lilly and Co.	19,894		666,449
Forest Laboratories, Inc.*	5,968		163,702
Johnson & Johnson	134,300		7,931,758
King Pharmaceuticals, Inc.*	5,500		41,745
Merck & Co., Inc.	321,568		11,245,233
Mylan, Inc.*	5,700		97,128
Pfizer, Inc.	278,709		3,974,391
Watson Pharmaceuticals, Inc.*	2,300		93,311

			26,842,197

Total Health Care			37,744,080

Industrials (1.9%)
*Aerospace & Defense (0.5%)*
Boeing Co.	14,900		934,975
General Dynamics Corp.	7,700		450,912
Goodrich Corp.	2,442		161,783
Honeywell International, Inc.	15,034		586,777
ITT Corp.	3,608		162,071
L-3 Communications Holdings, Inc.	2,400		170,016
Lockheed Martin Corp.	6,100		454,450
Northrop Grumman Corp.	5,770		314,119
Precision Castparts Corp.	2,713		279,222
Raytheon Co.	7,490		362,441
Rockwell Collins, Inc.	2,932		155,777
United Technologies Corp.	18,400		1,194,344

			5,226,887

*Air Freight & Logistics (0.2%)*
C.H. Robinson Worldwide, Inc.	3,269		181,953
Expeditors International of Washington, Inc.	4,400		151,844
FedEx Corp.	6,129		429,704
United Parcel Service, Inc., Class B	19,500		1,109,355

			1,872,856

*Airlines (0.0%)*
Southwest Airlines Co.	14,728		163,628

*Building Products (0.0%)*
Masco Corp.	6,600		71,016

See Notes to Financial Statements.

428

EQ ADVISORS TRUST

EQ/FRANKLIN CORE BALANCED PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Commercial Services & Supplies (0.1%)*
Avery Dennison Corp.	2,400	$	77,112
Cintas Corp.	2,900		69,513
Iron Mountain, Inc.	3,900		87,594
Pitney Bowes, Inc.	4,500		98,820
R.R. Donnelley & Sons Co.	4,400		72,028
Republic Services, Inc.	6,700		199,191
Stericycle, Inc.*	1,514		99,288
Waste Management, Inc.	9,218		288,431

			991,977

*Construction & Engineering (0.0%)*
Fluor Corp.	3,400		144,500
Jacobs Engineering Group, Inc.*	2,600		94,744
Quanta Services, Inc.*	4,500		92,925

			332,169

*Electrical Equipment (0.1%)*
Emerson Electric Co.	15,000		655,350
Rockwell Automation, Inc.	2,625		128,861
Roper Industries, Inc.	2,000		111,920

			896,131

*Industrial Conglomerates (0.5%)*
3M Co.	14,000		1,105,860
General Electric Co.	250,300		3,609,326
Textron, Inc.	5,100		86,547

			4,801,733

*Machinery (0.3%)*
Caterpillar, Inc.	12,304		739,101
Cummins, Inc.	3,935		256,287
Danaher Corp.	10,264		381,000
Deere & Co.	8,369		465,986
Dover Corp.	3,465		144,802
Eaton Corp.	3,249		212,615
Flowserve Corp.	1,200		101,760
Illinois Tool Works, Inc.	7,616		314,388
PACCAR, Inc.	7,400		295,038
Pall Corp.	2,500		85,925
Parker Hannifin Corp.	3,162		175,364
Snap-On, Inc.	1,300		53,183

			3,225,449

*Professional Services (0.0%)*
Dun & Bradstreet Corp.	1,100		73,832
Equifax, Inc.	2,800		78,568
Robert Half International, Inc.	3,200		75,360

			227,760

*Road & Rail (0.2%)*
CSX Corp.	7,687		381,506
Norfolk Southern Corp.	7,272		385,780
Ryder System, Inc.	1,200		48,276
Union Pacific Corp.	9,934		690,512

			1,506,074

*Trading Companies & Distributors (0.0%)*
Fastenal Co.	2,400		120,456
W.W. Grainger, Inc.	1,193		118,644

			239,100

Total Industrials			19,554,780


	Number of Shares	Value (Note 1)

Information Technology (3.9%)
*Communications Equipment (0.4%)*
Cisco Systems, Inc.*	112,049	$	2,387,765
Harris Corp.	2,351		97,919
JDS Uniphase Corp.*	4,900		48,216
Juniper Networks, Inc.*	10,100		230,482
Motorola, Inc.*	46,300		301,876
QUALCOMM, Inc.	32,587		1,070,157
Tellabs, Inc.	6,600		42,174

			4,178,589

*Computers & Peripherals (0.8%)*
Apple, Inc.*	17,900		4,502,387
Dell, Inc.*	33,400		402,804
EMC Corp.*	40,321		737,874
Hewlett-Packard Co.	46,181		1,998,714
Lexmark International, Inc., Class A*	1,400		46,242
NetApp, Inc.*	6,600		246,246
QLogic Corp.*	1,900		31,578
SanDisk Corp.*	4,503		189,441
Teradata Corp.*	3,500		106,680
Western Digital Corp.*	4,300		129,688

			8,391,654

*Electronic Equipment, Instruments & Components (0.1%)*
Agilent Technologies, Inc.*	7,100		201,853
Amphenol Corp., Class A	3,600		141,408
Corning, Inc.	31,100		502,265
FLIR Systems, Inc.*	3,300		95,997
Jabil Circuit, Inc.	4,200		55,860
Molex, Inc.	3,100		56,544

			1,053,927

*Internet Software & Services (0.3%)*
Akamai Technologies, Inc.*	3,422		138,831
eBay, Inc.*	22,500		441,225
Google, Inc., Class A*	4,770		2,122,411
Monster Worldwide, Inc.*	2,100		24,465
VeriSign, Inc.*	3,900		103,545
Yahoo!, Inc.*	22,900		316,707

			3,147,184

*IT Services (0.5%)*
Automatic Data Processing, Inc.	9,936		400,023
Cognizant Technology Solutions Corp., Class A*	5,886		294,653
Computer Sciences Corp.	3,200		144,800
Fidelity National Information Services, Inc.	6,562		175,993
Fiserv, Inc.*	3,200		146,112
International Business Machines Corp.	25,330		3,127,749
Mastercard, Inc., Class A	1,915		382,100
Paychex, Inc.	5,992		155,612
SAIC, Inc.*	5,500		92,070
Total System Services, Inc.	4,400		59,840
Visa, Inc., Class A	8,900		629,675
Western Union Co.	12,627		188,269

			5,796,896

See Notes to Financial Statements.

429

EQ ADVISORS TRUST

EQ/FRANKLIN CORE BALANCED PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Office Electronics (0.2%)*
Xerox Corp.	226,760	$	1,823,150

*Semiconductors & Semiconductor Equipment (0.9%)*
Advanced Micro Devices, Inc.*	11,800		86,376
Altera Corp.	5,884		145,982
Analog Devices, Inc.	5,545		154,484
Applied Materials, Inc.	26,347		316,691
Broadcom Corp., Class A	8,477		279,487
First Solar, Inc.*	900		102,447
Intel Corp.	259,566		5,048,559
KLA-Tencor Corp.	3,100		86,428
Linear Technology Corp.	4,340		120,695
LSI Corp.*	14,000		64,400
MEMC Electronic Materials, Inc.*	5,000		49,400
Microchip Technology, Inc.	3,538		98,144
Micron Technology, Inc.*	17,400		147,726
National Semiconductor Corp.	4,684		63,047
Novellus Systems, Inc.*	1,854		47,017
NVIDIA Corp.*	11,350		115,883
Teradyne, Inc.*	2,900		28,275
Texas Instruments, Inc.	24,460		569,429
Xilinx, Inc.	65,376		1,651,398

			9,175,868

*Software (0.7%)*
Adobe Systems, Inc.*	10,309		272,467
Autodesk, Inc.*	4,300		104,748
BMC Software, Inc.*	3,568		123,560
CA, Inc.	7,204		132,554
Citrix Systems, Inc.*	3,622		152,957
Compuware Corp.*	5,300		42,294
Electronic Arts, Inc.*	6,800		97,920
Intuit, Inc.*	6,167		214,426
McAfee, Inc.*	3,102		95,293
Microsoft Corp.	150,400		3,460,704
Novell, Inc.*	8,000		45,440
Oracle Corp.	77,300		1,658,858
Red Hat, Inc.*	4,000		115,760
Salesforce.com, Inc.*	2,206		189,319
Symantec Corp.*	15,300		212,364

			6,918,664

Total Information Technology			40,485,932

Materials (1.8%)
*Chemicals (0.3%)*
Air Products & Chemicals, Inc.	4,300		278,683
Airgas, Inc.	1,700		105,740
CF Industries Holdings, Inc.	1,300		82,485
Dow Chemical Co.	22,775		540,223
E.I. du Pont de Nemours & Co.	17,765		614,491
Eastman Chemical Co.	1,300		69,368
Ecolab, Inc.	4,613		207,170
FMC Corp.	1,275		73,223
International Flavors & Fragrances, Inc.	1,353		57,394
Monsanto Co.	10,600		489,932
PPG Industries, Inc.	3,251		196,393
Praxair, Inc.	6,025		457,840
Sherwin-Williams Co.	1,830		126,618


	Number of Shares	Value (Note 1)

Sigma-Aldrich Corp.	2,205	$	109,875

			3,409,435

*Construction Materials (0.0%)*
Vulcan Materials Co.	2,510		110,013

*Containers & Packaging (0.0%)*
Ball Corp.	2,000		105,660
Bemis Co., Inc.	1,810		48,870
Owens-Illinois, Inc.*	3,500		92,575
Pactiv Corp.*	2,900		80,765
Sealed Air Corp.	3,500		69,020

			396,890

*Metals & Mining (1.4%)*
AK Steel Holding Corp.	1,700		20,264
Alcoa, Inc.	19,500		196,170
Allegheny Technologies, Inc.	1,800		79,542
Barrick Gold Corp.	150,000		6,811,500
Cliffs Natural Resources, Inc.	2,674		126,106
Freeport-McMoRan Copper & Gold, Inc.	9,438		558,069
Newmont Mining Corp.	89,672		5,536,349
Nucor Corp.	26,238		1,004,391
Titanium Metals Corp.*	2,100		36,939
United States Steel Corp.	2,700		104,085

			14,473,415

*Paper & Forest Products (0.1%)*
International Paper Co.	8,590		194,392
MeadWestvaco Corp.	3,700		82,140
Weyerhaeuser Co.	4,300		151,360

			427,892

Total Materials			18,817,645

Telecommunication Services (2.2%)
*Diversified Telecommunication Services (1.7%)*
AT&T, Inc.	341,100		8,251,209
CenturyLink, Inc.	55,632		1,853,102
Frontier Communications Corp.	5,863		41,686
Qwest Communications International, Inc.	30,600		160,650
Telstra Corp., Ltd.	800,000		2,176,795
Verizon Communications, Inc.	155,800		4,365,516
Windstream Corp.	9,900		104,544

			16,953,502

*Wireless Telecommunication Services (0.5%)*
American Tower Corp., Class A*	7,924		352,618
MetroPCS Communications, Inc.*	5,800		47,502
Sprint Nextel Corp.*	60,000		254,400
Vodafone Group plc	2,200,000		4,558,886

			5,213,406

Total Telecommunication Services			22,166,908

See Notes to Financial Statements.

430

EQ ADVISORS TRUST

EQ/FRANKLIN CORE BALANCED PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Utilities (6.7%)
*Electric Utilities (3.1%)*
Allegheny Energy, Inc.	2,887	$	59,703
American Electric Power Co., Inc.	129,397		4,179,523
Duke Energy Corp.	400,706		6,411,296
Edison International	6,700		212,524
Entergy Corp.	3,730		267,143
Exelon Corp.	12,943		491,446
FirstEnergy Corp.	40,742		1,435,341
NextEra Energy, Inc.	123,094		6,002,063
Northeast Utilities	3,094		78,835
Pepco Holdings, Inc.	4,314		67,643
Pinnacle West Capital Corp.	2,000		72,720
PPL Corp.	58,526		1,460,224
Progress Energy, Inc.	75,560		2,963,463
Southern Co.	266,126		8,856,673

			32,558,597

*Gas Utilities (0.2%)*
AGL Resources, Inc.	40,000		1,432,800
EQT Corp.	2,595		93,783
Nicor, Inc.	659		26,690
ONEOK, Inc.	2,300		99,475
Questar Corp.	3,401		154,711

			1,807,459

*Independent Power Producers & Energy Traders (0.0%)*
AES Corp.*	13,700		126,588
Constellation Energy Group, Inc.	3,974		128,162
NRG Energy, Inc.*	4,816		102,147

			356,897

*Multi-Utilities (3.4%)*
Ameren Corp.	164,300		3,905,411
CenterPoint Energy, Inc.	53,300		701,428
CMS Energy Corp.	4,450		65,192
Consolidated Edison, Inc.	5,330		229,723
Dominion Resources, Inc.	131,740		5,103,608
DTE Energy Co.	38,237		1,743,990
Integrys Energy Group, Inc.	1,700		74,358
NiSource, Inc.	6,100		88,450
PG&E Corp.	157,244		6,462,728
Public Service Enterprise Group, Inc.	174,666		5,472,286
SCANA Corp.	1,968		70,376
Sempra Energy	84,674		3,961,896
TECO Energy, Inc.	153,602		2,314,782
Wisconsin Energy Corp.	2,109		107,011
Xcel Energy, Inc.	209,500		4,317,795

			34,619,034

Total Utilities			69,341,987

Total Common Stocks (37.0%) (Cost $393,669,809)			380,637,237


	Number of Warrants		Value (Note 1)

WARRANT:
Consumer Discretionary (0.0%)
*Media (0.0%)*
Charter Communications, Inc., expiring 11/30/14* (Cost $19,529,652)		53,070	$	278,618

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investment (8.0%)
BlackRock Liquidity Funds TempFund 0.16%‡	$	81,941,467		81,941,467

Time Deposit (2.7%)
JPMorgan Chase Nassau 0.000%, 7/1/10		28,168,109		28,168,109

Total Short-Term Investments (10.7%) (Amortized Cost $110,109,576)				110,109,576

Total Investments (99.8%) (Cost/Amortized Cost $1,089,319,110)				1,027,116,595
Other Assets Less Liabilities (0.2%)				1,929,565

Net Assets (100%)			$	1,029,046,160

*	Non-income producing.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2010, the market value of these securities amounted to $73,499,361 or 7.1% 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.

‡	Affiliated company as defined under the Investment Company Act of 1940.

(e)

Step Bond - Coupon rate increases in increments to maturity. Rate disclosed is as of June 30, 2010. Maturity date disclosed is the ultimate maturity date.

(h)

Security in default.

(l)

Floating Rate Security. Rate disclosed is as of June 30, 2010.

Glossary:

ADR

— American Depositary Receipt

CMO

— Collateralized Mortgage Obligation

EUR

— European Currency Unit

GBP

— British Pound

PIK

— Payment-in Kind Security

TBA

— Security is subject to delayed delivery.

See Notes to Financial Statements.

431

EQ ADVISORS TRUST

EQ/FRANKLIN CORE BALANCED PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	—	$	114,851,660	$	32,910,193	$	81,941,467	$	15,455	$	—

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index	1,774	September-10	$	96,111,402	$	91,059,420	$	(5,051,982	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Asset-Backed and Mortgage-Backed Securities
Asset-Backed Securities	$	—	$	1,011,039	$	—	$	1,011,039
Non-Agency CMO		—		7,173,137		—		7,173,137
Common Stocks
Consumer Discretionary		30,786,827		—		—		30,786,827
Consumer Staples		23,032,994		2,350,359		—		25,383,353
Energy		50,839,745		—		—		50,839,745
Financials		49,628,257		15,887,723		—		65,515,980
Health Care		37,744,080		—		—		37,744,080
Industrials		19,554,780		—		—		19,554,780
Information Technology		40,485,932		—		—		40,485,932
Materials		18,817,645		—		—		18,817,645
Telecommunication Services		15,431,227		6,735,681		—		22,166,908
Utilities		69,341,987		—		—		69,341,987
Convertible Bonds
Financials		—		5,400,000		—		5,400,000
Convertible Preferred Stocks
Consumer Discretionary		—		1,360,000		—		1,360,000
Financials		12,265,488		10,036,538		—		22,302,026
Corporate Bonds
Consumer Discretionary		—		33,337,792		—		33,337,792
Consumer Staples		—		7,916,926		—		7,916,926
Energy		—		58,754,799		—		58,754,799
Financials		—		81,468,002		—		81,468,002
Health Care		—		30,028,447		—		30,028,447
Industrials		—		24,638,619		—		24,638,619

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Information Technology	$	—		$	30,086,188	$	—	$	30,086,188
Materials		—			11,620,056		—		11,620,056
Telecommunication Services		—			4,977,063		—		4,977,063
Utilities		—			40,752,650		—		40,752,650
Government Securities
Agency ABS		—			1,101,928		—		1,101,928
Foreign Governments		—			4,189,247		—		4,189,247
Municipal Bonds		—			3,210,853		—		3,210,853
Supranational		—			2,900,926		—		2,900,926
U.S. Government Agencies		—			90,363,420		—		90,363,420
U.S. Treasuries		—			65,370,400		—		65,370,400
Preferred Stocks
Energy		—			2,421,875		—		2,421,875
Financials		323,266			3,144,880		—		3,468,146
Health Care		—			1,250,625		—		1,250,625
Utilities		987,000			—		—		987,000
Short-Term Investments		—			110,109,576		—		110,109,576
Warrants
Consumer Discretionary		278,618			—		—		278,618

Total Assets	$	369,517,846		$	657,598,749	$	—	$	1,027,116,595

Liabilities:
Futures	$	(5,051,982	)	$	—	$	—	$	(5,051,982	)

Total Liabilities	$	(5,051,982	)	$	—	$	—	$	(5,051,982	)

Total	$	364,465,864		$	657,598,749	$	—	$	1,022,064,613

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments in Securities- Consumer Discretionary
Balance as of 12/31/09	$	4,940,926
Total gains or losses (realized/unrealized) included in earnings		(2,331,282	)
Purchases, sales, issuances, and settlements (net)		(2,609,644	)
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of 6/30/10	$	—
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	—

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	–	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	—


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(5,051,982	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(5,051,982	)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(7,129,179	)		—		—		(7,129,179	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—		$ (7,129,179	)	$	—	$	—		$ (7,129,179	)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(5,115,477	)		—		—		(5,115,477	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—		$ (5,115,477	)	$	—	$	—		$ (5,115,477	)

This Portfolio held futures contracts with an average notional balance of approximately $28,973,000 during the six months ended June 30, 2010.

^ This Portfolio held futures contracts to gain a economic hedge against changes in the values of securities held in the Portfolio, that does not qualify for hedge accounting under ASC 815 and also to gain or reduce exposure to the financial markets.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks, long-term corporate debt securities and short positions	$	330,514,828
Long-term U.S. Treasury securities		78,746,410

	$	409,261,238

Net Proceeds of Sales and Redemptions:
Stocks, long-term corporate debt securities and short positions	$	483,129,493
Long-term U.S. Treasury securities		57,591,332

	$	540,720,825

As of June 30, 2010, 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	$	60,568,075
Aggregate gross unrealized depreciation		(123,599,753	)

Net unrealized depreciation	$	(63,031,678	)

Federal income tax cost of investments	$	1,090,148,273

The Portfolio has a net capital loss carryforward of $265,333,115 of which $85,491,338 expires in the year 2016 and $179,841,777 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $81,941,467)	$	81,941,467
Unaffiliated Issuers (Cost $1,007,377,643)		945,175,128
Foreign cash (Cost $189,351)		192,787
Cash held as collateral at broker		9,700,400
Receivable for forward commitments		16,394,555
Receivable for securities sold		8,741,647
Dividends, interest and other receivables		7,534,705
Receivable from Separate Accounts for Trust shares sold		605,909
Receivable from investment sub-advisor		6,794

Total assets		1,070,293,392

LIABILITIES
Overdraft payable		128,094
Payable for forward commitments		31,748,297
Payable for securities purchased		6,566,051
Payable to Separate Accounts for Trust shares redeemed		1,062,541
Variation margin payable on futures contracts		771,690
Investment management fees payable		562,135
Administrative fees payable		141,828
Distribution fees payable - Class IB		125,630
Trustees’ fees payable		1,530
Accrued expenses		139,436

Total liabilities		41,247,232

NET ASSETS	$	1,029,046,160

Net assets were comprised of:
Paid in capital	$	1,318,492,646
Accumulated undistributed net investment income (loss)		11,154,350
Accumulated undistributed net realized gains (losses) on investments, securities sold short, futures and foreign currency transactions		(233,343,695	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(67,257,141	)

Net assets	$	1,029,046,160

Class IA
Net asset value, offering and redemption price per share, $430,897,245 / 54,969,384 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.84

Class IB
Net asset value, offering and redemption price per share, $598,148,915 / 76,399,942 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.83

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Interest (net of $53 foreign withholdings tax)	$	17,862,771
Dividends (net of $34,188 foreign withholding tax) ($15,455 of dividend income received from affiliates)		8,382,494

Total income		26,245,265

EXPENSES
Investment management fees		3,608,736
Administrative fees		909,625
Distribution fees - Class IB		824,707
Printing and mailing expenses		66,235
Professional fees		30,181
Custodian fees		28,761
Trustees’ fees		13,425
Miscellaneous		28,410

Gross expenses		5,510,080
Less: Reimbursement from sub-advisor		(6,794	)

Net expenses		5,503,286

NET INVESTMENT INCOME (LOSS)		20,741,979

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		40,129,411
Foreign currency transactions		(60,072	)
Futures		(7,129,179	)
Securities sold short		(58,082	)

Net realized gain (loss)		32,882,078

Change in unrealized appreciation (depreciation) on:
Securities		(60,915,440	)
Foreign currency translations		11,482
Futures		(5,115,477	)

Net change in unrealized appreciation (depreciation)		(66,019,435	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(33,137,357	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(12,395,378	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	20,741,979		$	48,233,218
Net realized gain (loss) on investments, securities sold short, futures and foreign currency transactions		32,882,078			(160,672,824	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(66,019,435	)		385,634,940

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(12,395,378	)		273,195,334

DIVIDENDS:
Dividends from net investment income
Class IA		—			(24,253,596	)
Class IB		—			(34,480,330	)

TOTAL DIVIDENDS		—			(58,733,926	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [719,252 and 4,951,411 shares, respectively]		5,861,760			32,894,967
Capital shares issued in reinvestment of dividends [0 and 3,085,589 shares, respectively]		—			24,253,596
Capital shares repurchased [(4,152,661) and (6,391,885) shares, respectively]		(33,137,209	)		(45,930,533	)

Total Class IA transactions		(27,275,449	)		11,218,030

Class IB
Capital shares sold [3,457,350 and 18,389,504 shares, respectively]		27,837,696			129,470,906
Capital shares issued in reinvestment of dividends [0 and 4,386,109 shares, respectively]		—			34,480,330
Capital shares repurchased [(14,422,339) and (13,627,200) shares, respectively]		(116,133,401	)		(96,538,578	)

Total Class IB transactions		(88,295,705	)		67,412,658

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(115,571,154	)		78,630,688

TOTAL INCREASE (DECREASE) IN NET ASSETS		(127,966,532	)		293,092,096
NET ASSETS:
Beginning of period		1,157,012,692			863,920,596

End of period (a)	$	1,029,046,160		$	1,157,012,692

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	11,154,350		$	(9,587,629	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,									September 15, 2006* to December 31, 2006
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			September 15, 2006* to December 31, 2006
Net asset value, beginning of period	$	7.94		$	6.40		$	10.28		$	10.41		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.15	(e)		0.36	(e)		0.64	(e)		0.63	(e)		0.13	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.25	)		1.62			(3.93	)		(0.38	)		0.35

Total from investment operations		(0.10	)		1.98			(3.29	)		0.25			0.48

Less distributions:
Dividends from net investment income		—			(0.44	)		(0.59	)		(0.35	)		(0.07	)
Distributions from net realized gains		—			—			—			(0.03	)		—

Total dividends and distributions		—			(0.44	)		(0.59	)		(0.38	)		(0.07	)

Net asset value, end of period	$	7.84		$	7.94		$	6.40		$	10.28		$	10.41

Total return (b)		(1.26	)%		30.97	%		(31.65	)%		2.36	%		4.81	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	430,897		$	463,554		$	363,213		$	275,884		$	1,572
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.84	%		0.91	%		1.05	%		1.05	%		1.05	%
After waivers, reimbursements and fees paid indirectly (a)		0.84	%		0.84	%		1.05	%		1.05	%		1.05	%
Before waivers, reimbursements and fees paid indirectly (a)		0.84	%		0.91	%		1.05	%		1.05	%		1.28	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		3.85	%		5.02	%		7.22	%		5.83	%		4.31	%
After waivers, reimbursements and fees paid indirectly (a)		3.85	%		5.09	%		7.22	%		5.83	%		4.31	%
Before waivers, reimbursements and fees paid indirectly (a)		3.85	%		5.02	%		7.22	%		5.83	%		3.65	%
Portfolio turnover rate		39	%		106	%		57	%		20	%		7	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)



	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,									September 15, 2006* to December 31, 2006
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			September 15, 2006* to December 31, 2006
Net asset value, beginning of period	$	7.94		$	6.40		$	10.28		$	10.41		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.14	(e)		0.34	(e)		0.61	(e)		0.54	(e)		0.12	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.25	)		1.62			(3.92	)		(0.32	)		0.35

Total from investment operations		(0.11	)		1.96			(3.31	)		0.22			0.47

Less distributions:
Dividends from net investment income		—			(0.42	)		(0.57	)		(0.32	)		(0.06	)
Distributions from net realized gains		—			—			—			(0.03	)		—

Total dividends and distributions		—			(0.42	)		(0.57	)		(0.35	)		(0.06	)

Net asset value, end of period	$	7.83		$	7.94		$	6.40		$	10.28		$	10.41

Total return (b)		(1.39	)%		30.62	%		(31.83	)%		2.07	%		4.74	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	598,149		$	693,459		$	500,707		$	713,523		$	153,843
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.09	%		1.16	%(c)		1.30	%		1.30	%		1.30	%
After waivers, reimbursements and fees paid indirectly (a)		1.09	%		1.09	%(c)		1.30	%(c)		1.30	%		1.30	%
Before waivers, reimbursements and fees paid indirectly (a)		1.09	%		1.16	%(c)		1.30	%		1.30	%		1.53	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		3.60	%		4.66	%		6.79	%		5.06	%		4.03	%
After waivers, reimbursements and fees paid indirectly (a)		3.60	%		4.72	%		6.79	%		5.06	%		4.03	%
Before waivers, reimbursements and fees paid indirectly (a)		3.60	%		4.66	%		6.79	%		5.06	%		3.80	%
Portfolio turnover rate		39	%		106	%		57	%		20	%		7	%

*	Commencement of Operations.

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

439

EQ/GAMCO MERGERS AND ACQUISITIONS PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Health Care	26.6	%
Information Technology	16.1
Industrials	13.5
Consumer Discretionary	7.6
Consumer Staples	5.0
Telecommunication Services	4.0
Energy	3.7
Utilities	2.4
Financials	1.7
Materials	1.1
Cash and Other	18.3

	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$1,004.30	$5.22
Hypothetical (5% average return before expenses)	1,000.00	1,019.59	5.26
Class IB
Actual	1,000.00	1,003.40	6.46
Hypothetical (5% average return before expenses)	1,000.00	1,018.35	6.51
* 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 the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (7.6%)
*Diversified Consumer Services (0.1%)*
Corinthian Colleges, Inc.*	8,500	$	83,725

*Hotels, Restaurants & Leisure (0.7%)*
Boyd Gaming Corp.*	45,000		382,050
CKE Restaurants, Inc.	50,000		626,500
Dover Motorsports, Inc.*	35,000		63,700
Ladbrokes plc	30,000		56,651
Rubio’s Restaurants, Inc.*	25,000		211,750

			1,340,651

*Household Durables (0.4%)*
Fortune Brands, Inc.	8,000		313,440
Harman International Industries, Inc.*	10,000		298,900
Nobility Homes, Inc.*	2,400		21,312
Skyline Corp.	11,000		198,110

			831,762

*Media (6.1%)*
Acme Communications, Inc.*	20,000		19,600
Ascent Media Corp., Class A*	5,000		126,300
Beasley Broadcasting Group, Inc., Class A*	25,000		121,750
British Sky Broadcasting Group plc	25,000		260,753
Cablevision Systems Corp. - New York Group, Class A	30,000		720,300
Clear Channel Outdoor Holdings, Inc., Class A*	195,000		1,692,600
Crown Media Holdings, Inc., Class A*	13,000		22,880
DIRECTV, Class A*	2,000		67,840
Fisher Communications, Inc.*	30,000		505,200
Interactive Data Corp.	24,000		801,120
Liberty Media Corp. - Capital, Class A*	10,000		419,100
LIN TV Corp., Class A*	35,000		189,350
Media General, Inc., Class A*	54,000		527,040
RCN Corp.*	430,000		6,368,300
Salem Communications Corp., Class A*	18,000		66,780

			11,908,913

*Multiline Retail (0.2%)*
Macy’s, Inc.	16,000		286,400

*Specialty Retail (0.1%)*
Midas, Inc.*	31,000		237,770

*Textiles, Apparel & Luxury Goods (0.0%)*
Heelys, Inc.*	18,000		43,740

Total Consumer Discretionary			14,732,961

Consumer Staples (5.0%)
*Beverages (2.0%)*
Coca-Cola Enterprises, Inc.	150,000		3,879,000

*Food & Staples Retailing (0.6%)*
Casey’s General Stores, Inc.	33,000		1,151,700


	Number of Shares	Value (Note 1)

*Food Products (2.3%)*
American Italian Pasta Co., Class A*	58,800	$	3,108,756
Flowers Foods, Inc.	500		12,215
Kraft Foods, Inc., Class A	20,000		560,000
Reddy Ice Holdings, Inc.*	1,000		3,230
Tootsie Roll Industries, Inc.	36,050		852,582

			4,536,783

*Personal Products (0.1%)*
Alberto-Culver Co.	3,500		94,815

Total Consumer Staples			9,662,298

Energy (3.7%)
*Energy Equipment & Services (0.8%)*
Rowan Cos., Inc.*	13,000		285,220
RPC, Inc.	90,000		1,228,500
Scorpion Offshore Ltd.*	12,000		74,441
Smith International, Inc.	1,000		37,650

			1,625,811

*Oil, Gas & Consumable Fuels (2.9%)*
Anadarko Petroleum Corp.	4,000		144,360
Dragon Oil plc*	150,000		903,221
Exxon Mobil Corp.	78,078		4,455,911
WesternZagros Resources Ltd.*	40,000		17,660

			5,521,152

Total Energy			7,146,963

Financials (1.7%)
*Capital Markets (0.5%)*
BKF Capital Group, Inc.*	12,000		11,160
Deutsche Bank AG (Registered)	3,000		168,480
GLG Partners, Inc.*	50,000		219,000
SWS Group, Inc.	65,000		617,500

			1,016,140

*Consumer Finance (0.4%)*
American Express Co.	8,000		317,600
SLM Corp.*	54,000		561,060

			878,660

*Insurance (0.5%)*
CNA Surety Corp.*	55,000		883,850
Marsh & McLennan Cos., Inc.	5,000		112,750

			996,600

*Real Estate Management & Development (0.0%)*
Eco Business-Immobilien AG*	500		3,930

*Thrifts & Mortgage Finance (0.3%)*
Flushing Financial Corp.	4,000		48,920
NewAlliance Bancshares, Inc.	40,000		448,400

			497,320

Total Financials			3,392,650

Health Care (26.6%)
*Biotechnology (0.5%)*
Abraxis Bioscience, Inc.*	3,000		222,600
Biogen Idec, Inc.*	8,500		403,325
Talecris Biotherapeutics Holdings Corp.*	20,000		422,000

			1,047,925

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Health Care Equipment & Supplies (9.6%)*
Alcon, Inc.	16,000	$	2,371,040
ArthroCare Corp.*	34,000		1,042,100
ATS Medical, Inc.*	70,000		277,900
ev3, Inc.*	350,000		7,843,500
Exactech, Inc.*	10,000		170,800
HealthTronics, Inc.*	20,000		96,600
National Dentex Corp.*	19,200		323,520
SenoRx, Inc.*	467,300		5,130,954
Somanetics Corp.*	58,300		1,454,585

			18,710,999

*Health Care Providers & Services (0.9%)*
Chemed Corp.	5,000		273,200
Odyssey HealthCare, Inc.*	10,600		283,232
Psychiatric Solutions, Inc.*	23,000		752,560
Virtual Radiologic Corp.*	20,000		343,200

			1,652,192

*Health Care Technology (4.2%)*
Phase Forward, Inc.*	485,000		8,089,800

*Life Sciences Tools & Services (10.8%)*
Millipore Corp.*	170,000		18,130,500
WuXi PharmaTech Cayman, Inc. (ADR)*	180,000		2,872,800

			21,003,300

*Pharmaceuticals (0.6%)*
Allergan, Inc.	1,500		87,390
Javelin Pharmaceuticals, Inc.*	450,000		990,000
Valeant Pharmaceuticals International*	1,000		52,290

			1,129,680

Total Health Care			51,633,896

Industrials (13.5%)
*Aerospace & Defense (7.1%)*
Argon ST, Inc.*	9,000		308,610
DynCorp International, Inc., Class A*	450,000		7,884,000
Herley Industries, Inc.*	76,000		1,083,760
ITT Corp.	2,500		112,300
Stanley, Inc.*	120,000		4,485,600

			13,874,270

*Air Freight & Logistics (0.1%)*
Park-Ohio Holdings Corp.*	8,000		115,120

*Building Products (0.3%)*
Griffon Corp.*	45,000		497,700

*Commercial Services & Supplies (3.2%)*
Bowne & Co., Inc.	280,000		3,141,600
Sperian Protection	22,000		3,091,806

			6,233,406

*Construction & Engineering (0.2%)*
Seacliff Construction Corp.	28,000		449,767

*Electrical Equipment (0.3%)*
SL Industries, Inc.*	44,000		528,000


	Number of Shares	Value (Note 1)

*Industrial Conglomerates (1.2%)*
Tyco International Ltd.	65,000	$	2,289,950

*Machinery (0.9%)*
Baldwin Technology Co., Inc., Class A*	23,500		27,730
CIRCOR International, Inc.	5,000		127,900
Navistar International Corp.*	24,000		1,180,800
Tennant Co.	12,000		405,840

			1,742,270

*Professional Services (0.0%)*
Scott Wilson Group plc	3,000		11,937

*Road & Rail (0.1%)*
Arriva plc	4,000		45,677
Dollar Thrifty Automotive Group, Inc.*	2,000		85,220

			130,897

*Trading Companies & Distributors (0.1%)*
Kaman Corp.	12,000		265,440

Total Industrials			26,138,757

Information Technology (16.1%)
*Communications Equipment (1.7%)*
Palm, Inc.*	574,900		3,271,181

*Computers & Peripherals (0.5%)*
Diebold, Inc.	30,000		817,500
SanDisk Corp.*	6,000		252,420

			1,069,920

*Electronic Equipment, Instruments & Components (2.9%)*
Bell Microproducts, Inc.*	760,000		5,304,800
Park Electrochemical Corp.	5,000		122,050
Zygo Corp.*	19,200		155,712

			5,582,562

*Internet Software & Services (0.7%)*
Yahoo!, Inc.*	100,000		1,383,000

*IT Services (3.9%)*
Cybersource Corp.*	274,000		6,995,220
Intelligroup, Inc.*	80,000		370,400
Matrikon, Inc.	30,000		126,532

			7,492,152

*Semiconductors & Semiconductor Equipment (0.1%)*
International Rectifier Corp.*	6,000		111,660
Virage Logic Corp.*	8,000		95,120

			206,780

*Software (6.3%)*
Double-Take Software, Inc.*	50,000		524,500
Global IP Solutions Holding AB*	10,000		19,331
Mentor Graphics Corp.*	10,000		88,500
Novell, Inc.*	20,000		113,600
SonicWALL, Inc.*	200,000		2,350,000
Sybase, Inc.*	125,000		8,082,500
Take-Two Interactive Software, Inc.*	125,000		1,125,000

			12,303,431

Total Information Technology			31,309,026

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Materials (1.1%)
*Chemicals (0.3%)*
A. Schulman, Inc.	4,000	$	75,840
Airgas, Inc.	4,000		248,800
Ferro Corp.*	28,000		206,360

			531,000

*Construction Materials (0.0%)*
Cimpor Cimentos de Portugal SGPS S.A.	10,000		55,572

*Containers & Packaging (0.2%)*
Greif, Inc., Class A	1,000		55,540
Myers Industries, Inc.	42,000		339,780

			395,320

*Metals & Mining (0.6%)*
Camino Minerals Corp.*†	4,000		601
Gerdau Ameristeel Corp.*	100,000		1,090,000
Gold Fields Ltd. (ADR)	3,000		40,110

			1,130,711

Total Materials			2,112,603

Telecommunication Services (4.0%)
*Diversified Telecommunication Services (1.2%)*
Asia Satellite Telecommunications Holdings Ltd.	65,000		99,629
BCE, Inc.	60,000		1,756,200
Cincinnati Bell, Inc.*	170,000		511,700

			2,367,529

*Wireless Telecommunication Services (2.8%)*
Millicom International Cellular S.A.	21,000		1,702,470
Sprint Nextel Corp.*	290,000		1,229,600
Telephone & Data Systems, Inc.	25,000		759,750
U.S. Cellular Corp.*	40,000		1,646,000

			5,337,820

Total Telecommunication Services			7,705,349

Utilities (2.4%)
*Electric Utilities (0.8%)*
Allegheny Energy, Inc.	45,000		930,600
PNM Resources, Inc.	33,000		368,940
Westar Energy, Inc.	8,000		172,880

			1,472,420

*Gas Utilities (0.9%)*
National Fuel Gas Co.	38,000		1,743,440

*Independent Power Producers & Energy Traders (0.6%)*
Constellation Energy Group, Inc.	25,000		806,250
NRG Energy, Inc.*	15,000		318,150

			1,124,400


	Number of Shares		Value (Note 1)

*Multi-Utilities (0.1%)*
GDF Suez*		3,801	$	5
NorthWestern Corp.		10,000		262,000

				262,005

*Water Utilities (0.0%)*
Southwest Water Co.		10,000		104,800

Total Utilities				4,707,065

Total Common Stocks (81.7%) (Cost $160,953,785)				158,541,568

	Number of Rights		Value (Note 1)
RIGHTS:
Health Care (0.0%)
*Pharmaceuticals (0.0%)*
Fresenius Kabi Pharmaceuticals Holding, Inc., expiring 6/30/11* (Cost $—)		6,000		786

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (15.5%)
U.S. Treasury Bills
0.11%, 8/26/10 (o)(p)	$	10,000,000		9,998,318
0.16%, 9/23/10 (o)(p)		20,000,000		19,992,540

Total Government Securities				29,990,858

Time Deposit (7.1%)
JPMorgan Chase Nassau 0.000%, 7/1/10		13,762,521		13,762,521

Total Short-Term Investments (22.6%) (Cost/Amortized Cost $43,754,432)				43,753,379

Total Investments (104.3%) (Cost/Amortized Cost $204,708,217)				202,295,733
Other Assets Less Liabilities (-4.3%)				(8,284,528	)

Net Assets (100%)			$	194,011,205

*	Non-income producing.

†	Securities (totaling $601 or 0.0% of net assets) at fair value by management.

(o)

Discount Note Security. Effective rate calculated as of June 30, 2010.

(p)

Yield to maturity.

Glossary:

ADR—

American Depositary Receipt

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	14,415,557	$	317,404	$	—	$	14,732,961
Consumer Staples		9,662,298		—		—		9,662,298
Energy		6,169,301		977,662		—		7,146,963
Financials		3,377,560		15,090		—		3,392,650
Health Care		51,633,896		—		—		51,633,896
Industrials		22,989,337		3,149,420		—		26,138,757
Information Technology		31,289,695		19,331		—		31,309,026
Materials		2,056,430		55,572		601		2,112,603
Telecommunication Services		7,605,720		99,629		—		7,705,349
Utilities		4,707,060		5		—		4,707,065
Rights
Health Care		786		—		—		786
Short-Term Investments		—		43,753,379		—		43,753,379

Total Assets	$	153,907,640	$	48,387,492	$	601	$	202,295,733

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	153,907,640	$	48,387,492	$	601	$	202,295,733

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments in Securities-Materials
Balance as of 12/31/09	$	—
Total gains or losses (realized/unrealized) included in earnings		6
Purchases, sales, issuances, and settlements (net)		595
Transfers into Level 3		—
Transfers out of Level 3		—

Balance as of 6/30/10	$	601


The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	6

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	209,959,109
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	142,416,890

As of June 30, 2010, 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	$	4,573,709
Aggregate gross unrealized depreciation		(10,926,833	)

Net unrealized depreciation	$	(6,353,124	)

Federal income tax cost of investments	$	208,648,857

For the six months ended June 30, 2010, the Portfolio incurred approximately $151,574 as brokerage commissions with Gabelli & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $4,090,924 which expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $204,708,217)	$	202,295,733
Foreign cash (Cost $1,102,631)		1,101,523
Receivable from Separate Accounts for Trust shares sold		385,271
Receivable for securities sold		203,793
Dividends, interest and other receivables		112,097
Other assets		1,722

Total assets		204,100,139

LIABILITIES
Overdraft payable		960
Payable for securities purchased		9,672,234
Investment management fees payable		144,393
Payable to Separate Accounts for Trust shares redeemed		141,333
Distribution fees payable - Class IB		38,065
Administrative fees payable		18,862
Trustees’ fees payable		675
Accrued expenses		72,412

Total liabilities		10,088,934

NET ASSETS	$	194,011,205

Net assets were comprised of:
Paid in capital	$	201,988,118
Accumulated undistributed net investment income (loss)		(494,607	)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(5,066,693	)
Unrealized appreciation (depreciation) on investments and foreign currency translations		(2,415,613	)

Net assets	$	194,011,205

Class IA
Net asset value, offering and redemption price per share, $9,850,305 / 839,951 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.73

Class IB
Net asset value, offering and redemption price per share, $184,160,900 / 15,742,710 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.70

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $54,264 foreign withholding tax)	$	714,496
Interest		32,660

Total income		747,156

EXPENSES
Investment management fees		850,465
Distribution fees - Class IB		224,393
Administrative fees		111,702
Printing and mailing expenses		10,971
Custodian fees		6,447
Professional fees		6,179
Trustees’ fees		2,187
Miscellaneous		6,899

Gross expenses		1,219,243
Less: Fees paid indirectly		(9,121	)

Net expenses		1,210,122

NET INVESTMENT INCOME (LOSS)		(462,966	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		2,989,621
Foreign currency transactions		(41,643	)

Net realized gain (loss)		2,947,978

Change in unrealized appreciation (depreciation) on:
Securities		(2,253,993	)
Foreign currency translations		(3,663	)

Net change in unrealized appreciation (depreciation)		(2,257,656	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		690,322

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	227,356

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(462,966	)	$	(712,773	)
Net realized gain (loss) on investments and foreign currency transactions		2,947,978			(5,534,932	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(2,257,656	)		30,324,101

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		227,356			24,076,396

DISTRIBUTIONS:
Distributions from net realized capital gains
Class IA		—			(36,144	)
Class IB		—			(784,555	)

TOTAL DISTRIBUTIONS		—			(820,699	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [135,884 and 235,481 shares, respectively]		1,624,943			2,645,319
Capital shares issued in reinvestment of distributions [0 and 3,359 shares, respectively]		—			36,144
Capital shares repurchased [(65,828) and (121,253) shares, respectively]		(781,462	)		(1,324,375	)

Total Class IA transactions		843,481			1,357,088

Class IB
Capital shares sold [2,896,858 and 4,856,458 shares, respectively]		34,356,997			52,367,592
Capital shares issued in reinvestment of distributions [0 and 72,922 shares, respectively]		—			784,555
Capital shares repurchased [(1,837,340) and (4,029,011) shares, respectively]		(21,662,351	)		(42,626,525	)

Total Class IB transactions		12,694,646			10,525,622

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		13,538,127			11,882,710

TOTAL INCREASE (DECREASE) IN NET ASSETS		13,765,483			35,138,407
NET ASSETS:
Beginning of period		180,245,722			145,107,315

End of period (a)	$	194,011,205		$	180,245,722

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(494,607	)	$	(31,641	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,						June 8, 2007* to December 31, 2007
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			June 8, 2007* to December 31, 2007
Net asset value, beginning of period	$	11.68		$	10.04		$	12.22		$	13.28

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)(e)		(0.02	)(e)		0.08	(e)		0.09	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.06			1.72			(1.73	)		(0.48	)

Total from investment operations		0.05			1.70			(1.65	)		(0.39	)

Less distributions:
Dividends from net investment income		—			—			(0.08	)		(0.12	)
Distributions from net realized gains		—			(0.06	)		(0.45	)		(0.55	)

Total dividends and distributions		—			(0.06	)		(0.53	)		(0.67	)

Net asset value, end of period	$	11.73		$	11.68		$	10.04		$	12.22

Total return (b)		0.43	%		16.94	%		(13.62	)%		(2.87	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	9,850		$	8,991		$	6,549		$	10,580
Ratio of expenses to average net assets:
After fees paid indirectly (a)		1.04	%		1.06	%		1.12	%		1.08	%
Before fees paid indirectly (a)		1.05	%		1.08	%		1.13	%		1.09	%
Ratio of net investment income to average net assets:
After fees paid indirectly (a)		(0.25	)%		(0.23	)%		0.71	%		1.19	%
Before fees paid indirectly (a)		(0.26	)%		(0.24	)%		0.69	%		1.17	%
Portfolio turnover rate		121	%		206	%		231	%		268	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	11.66		$	10.05		$	12.23		$	12.45		$	11.61		$	11.37

Income (loss) from investment operations:
Net investment income (loss)		(0.03	)(e)		(0.05	)(e)		0.05	(e)		0.11	(e)		0.25	(e)		0.12	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.07			1.72			(1.72	)		0.31			1.16			0.40

Total from investment operations		0.04			1.67			(1.67	)		0.42			1.41			0.52

Less distributions:
Dividends from net investment income		—			—			(0.06	)		(0.09	)		(0.23	)		(0.07	)
Distributions from net realized gains		—			(0.06	)		(0.45	)		(0.55	)		(0.34	)		(0.21	)

Total dividends and distributions		—			(0.06	)		(0.51	)		(0.64	)		(0.57	)		(0.28	)

Net asset value, end of period	$	11.70		$	11.66		$	10.05		$	12.23		$	12.45		$	11.61

Total return (b)		0.34	%		16.63	%		(13.83	)%		3.42	%		12.16	%		4.54	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	184,161		$	171,255		$	138,558		$	165,261		$	115,091		$	42,040
Ratio of expenses to average net assets:
After waivers (a)		1.30	%		1.33	%		1.38	%		1.34	%(c)		1.45	%		1.45	%
After waivers and fees paid indirectly (a)		1.29	%		1.31	%		1.37	%		1.33	%(c)		1.37	%		1.38	%
Before waivers and fees paid indirectly (a)		1.30	%		1.33	%		1.38	%		1.34	%(c)		1.45	%		1.73	%
Ratio of net investment income to average net assets:
After waivers (a)		(0.51	)%		(0.48	)%		0.44	%		0.83	%		1.97	%		0.93	%
After waivers and fees paid indirectly (a)		(0.50	)%		(0.46	)%		0.46	%		0.86	%		2.05	%		1.00	%
Before waivers and fees paid indirectly (a)		(0.51	)%		(0.48	)%		0.44	%		0.83	%		1.97	%		0.65	%
Portfolio turnover rate		121	%		206	%		231	%		268	%		249	%		179	%

*	Commencement of Operations.

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

449

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Industrials	26.4	%
Consumer Discretionary	20.2
Health Care	8.9
Consumer Staples	8.4
Utilities	8.3
Information Technology	8.0
Materials	7.6
Financials	4.9
Energy	2.9
Telecommunication Services	2.2
Cash and Other	2.2

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$996.60	$4.31
Hypothetical (5% average return before expenses)	1,000.00	1,020.48	4.36
Class IB
Actual	1,000.00	995.60	5.54
Hypothetical (5% average return before expenses)	1,000.00	1,019.24	5.61
* 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 181/365 (to reflect the one-half year period).

450

EQ ADVISORS TRUST

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (20.2%)
*Auto Components (3.3%)*
BorgWarner, Inc.*	200,000	$	7,468,000
Dana Holding Corp.*	500,000		5,000,000
Federal-Mogul Corp.*	70,000		911,400
Hawk Corp., Class A*	135,200		3,440,840
Modine Manufacturing Co.*	550,000		4,224,000
SORL Auto Parts, Inc.*	15,000		124,800
Spartan Motors, Inc.	290,000		1,218,000
Standard Motor Products, Inc.	720,000		5,810,400
Stoneridge, Inc.*	295,000		2,239,050
Strattec Security Corp.*	122,000		2,696,200
Superior Industries International, Inc.	315,000		4,233,600
Tenneco, Inc.*	540,000		11,372,400

			48,738,690

*Automobiles (0.0%)*
Thor Industries, Inc.	4,000		95,000
Winnebago Industries, Inc.*	33,000		328,020

			423,020

*Diversified Consumer Services (0.6%)*
Cambium Learning Group, Inc.*	300,000		1,080,000
Corinthian Colleges, Inc.*	210,000		2,068,500
Matthews International Corp., Class A	15,000		439,200
Stewart Enterprises, Inc., Class A	200,000		1,082,000
Universal Technical Institute, Inc.*	189,000		4,467,960

			9,137,660

*Hotels, Restaurants & Leisure (3.8%)*
Biglari Holdings, Inc.*	29,907		8,580,318
Boyd Gaming Corp.*	250,000		2,122,500
Canterbury Park Holding Corp.*	199,055		1,512,818
Cheesecake Factory, Inc.*	33,000		734,580
Churchill Downs, Inc.	222,092		7,284,618
Denny’s Corp.*	320,000		832,000
Dover Downs Gaming & Entertainment, Inc.	90,000		260,100
Dover Motorsports, Inc.*	445,000		809,900
Gaylord Entertainment Co.*	395,000		8,725,550
International Speedway Corp., Class A	24,000		618,240
Lakes Entertainment, Inc.*	95,000		145,350
Las Vegas Sands Corp.*	300,000		6,642,000
Marcus Corp.	185,000		1,750,100
Morgans Hotel Group Co.*	65,000		400,400
Nathan’s Famous, Inc.*	109,000		1,693,860
Orient-Express Hotels Ltd., Class A*	315,000		2,331,000
Penn National Gaming, Inc.*	110,000		2,541,000
Pinnacle Entertainment, Inc.*	360,000		3,405,600
Sonesta International Hotels Corp., Class A‡	342,000		4,811,940
Wendy’s/Arby’s Group, Inc., Class A	110,000		440,000

			55,641,874


	Number of Shares	Value (Note 1)

*Household Durables (0.8%)*
All American Group, Inc.*	452,000	$	230,520
Cavco Industries, Inc.*	104,000		3,658,720
Harman International Industries, Inc.*	144,000		4,304,160
Nobility Homes, Inc.*	58,000		515,040
Skyline Corp.	148,000		2,665,480

			11,373,920

*Internet & Catalog Retail (0.1%)*
1-800-FLOWERS.COM, Inc., Class A*	470,000		968,200
NutriSystem, Inc.	35,000		802,900

			1,771,100

*Leisure Equipment & Products (0.4%)*
Brunswick Corp.	35,000		435,050
Eastman Kodak Co.*	300,000		1,302,000
Marine Products Corp.*	260,000		1,471,600
Universal Entertainment Corp.*	125,000		2,261,153

			5,469,803

*Media (5.2%)*
Acme Communications, Inc.*	210,000		205,800
Ascent Media Corp., Class A*	110,077		2,780,545
Beasley Broadcasting Group, Inc., Class A*‡	380,000		1,850,600
Belo Corp., Class A*	210,000		1,194,900
Cablevision Systems Corp. - New York Group, Class A	315,000		7,563,150
Carmike Cinemas, Inc.*	140,000		848,400
Clear Channel Outdoor Holdings, Inc., Class A*	200,000		1,736,000
Crown Media Holdings, Inc., Class A*	122,000		214,720
Cumulus Media, Inc., Class A*	5		13
Discovery Communications, Inc., Class A*	20,000		714,200
Discovery Communications, Inc., Class C*	12,500		386,625
Emmis Communications Corp., Class A*	90,000		198,000
EW Scripps Co., Class A*	342,000		2,541,060
Fisher Communications, Inc.*	325,000		5,473,000
Global Sources Ltd.*	225,000		1,764,000
Gray Television, Inc.*	810,000		1,952,100
Grupo Televisa S.A. (ADR)	110,000		1,915,100
Il Sole 24 Ore*	530,000		900,884
Imax Corp.*	46,000		671,600
Interactive Data Corp.	130,000		4,339,400
Interpublic Group of Cos., Inc.*	950,000		6,773,500
Journal Communications, Inc., Class A*	995,000		3,950,150
LIN TV Corp., Class A*	570,000		3,083,700
Madison Square Garden, Inc., Class A*	332,000		6,530,440
Martha Stewart Living Omnimedia, Inc., Class A*	315,000		1,549,800
MDC Partners, Inc., Class A	7,000		74,760
Media General, Inc., Class A*	800,000		7,808,000
Meredith Corp.	50,000		1,556,500

See Notes to Financial Statements.

451

EQ ADVISORS TRUST

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

PRIMEDIA, Inc.	135,000	$	395,550
RCN Corp.*	222,000		3,287,820
Salem Communications Corp., Class A*	545,000		2,021,950
SearchMedia Holdings Ltd.*	130,000		400,400
Sinclair Broadcast Group, Inc., Class A*	250,000		1,457,500
Warner Music Group Corp.*	38,000		184,680
World Wrestling Entertainment, Inc., Class A	2,000		31,120

			76,355,967

*Multiline Retail (0.4%)*
99 Cents Only Stores*	80,000		1,184,000
Bon-Ton Stores, Inc.*	490,000		4,777,500

			5,961,500

*Specialty Retail (5.3%)*
AutoNation, Inc.*	600,000		11,700,000
Barnes & Noble, Inc.	41,000		528,900
Bed Bath & Beyond, Inc.*	125,000		4,635,000
Big 5 Sporting Goods Corp.	75,000		985,500
Bowlin Travel Centers, Inc.*	76,000		92,720
Coldwater Creek, Inc.*	955,000		3,208,800
Collective Brands, Inc.*	13,000		205,400
Midas, Inc.*	524,000		4,019,080
Monro Muffler Brake, Inc.	44,000		1,739,320
O’Reilly Automotive, Inc.*	500,000		23,780,000
Penske Automotive Group, Inc.*	490,000		5,566,400
PEP Boys-Manny, Moe & Jack	530,000		4,695,800
Sally Beauty Holdings, Inc.*	500,000		4,100,000
Tractor Supply Co.	195,000		11,889,150

			77,146,070

*Textiles, Apparel & Luxury Goods (0.3%)*
Hanesbrands, Inc.*	85,000		2,045,100
Movado Group, Inc.*	68,000		726,240
Wolverine World Wide, Inc.	25,000		630,500

			3,401,840

Total Consumer Discretionary			295,421,444

Consumer Staples (8.4%)
*Beverages (0.6%)*
Boston Beer Co., Inc., Class A*	84,000		5,665,800
Brown-Forman Corp., Class A	30,000		1,746,000
Brown-Forman Corp., Class B	3,025		173,121
Davide Campari-Milano S.p.A.	280,000		1,373,538

			8,958,459

*Food & Staples Retailing (2.2%)*
Casey’s General Stores, Inc.	180,000		6,282,000
Great Atlantic & Pacific Tea Co., Inc.*	890,000		3,471,000
Ingles Markets, Inc., Class A‡	660,003		9,933,045
United Natural Foods, Inc.*	83,000		2,480,040
Village Super Market, Inc., Class A	92,087		2,417,284
Weis Markets, Inc.	60,000		1,974,600
Winn-Dixie Stores, Inc.*	476,500		4,593,460

			31,151,429


	Number of Shares	Value (Note 1)

*Food Products (3.5%)*
American Dairy, Inc.*	230,000	$	3,668,500
Bull-Dog Sauce Co., Ltd.	40,000		88,935
Corn Products International, Inc.	300,000		9,090,000
Dean Foods Co.*	60,000		604,200
Del Monte Foods Co.	550,000		7,914,500
Diamond Foods, Inc.	7,000		287,700
Flowers Foods, Inc.	35,000		855,050
Griffin Land & Nurseries, Inc.‡	263,922		6,703,619
Hain Celestial Group, Inc.*	165,000		3,328,050
J&J Snack Foods Corp.	50,000		2,105,000
John B. Sanfilippo & Son, Inc.*	2,000		28,940
Lifeway Foods, Inc.*	230,005		2,240,249
Ralcorp Holdings, Inc.*	54,000		2,959,200
Rock Field Co., Ltd.	200,000		2,682,965
Smart Balance, Inc.*	160,000		654,400
Tootsie Roll Industries, Inc.	339,982		8,040,574

			51,251,882

*Household Products (1.2%)*
Church & Dwight Co., Inc.	43,000		2,696,530
Energizer Holdings, Inc.*	52,000		2,614,560
Katy Industries, Inc.*‡	636,300		1,100,799
Oil-Dri Corp. of America‡	432,000		9,914,400
WD-40 Co.	38,000		1,269,200

			17,595,489

*Personal Products (0.9%)*
Alberto-Culver Co.	85,000		2,302,650
Elizabeth Arden, Inc.*	11,000		159,720
Revlon, Inc., Class A*	22,000		245,520
Schiff Nutrition International, Inc.‡	1,255,000		8,935,600
United-Guardian, Inc.	153,000		1,826,820

			13,470,310

Total Consumer Staples			122,427,569

Energy (2.9%)
*Energy Equipment & Services (2.8%)*
Key Energy Services, Inc.*	90,000		826,200
Lufkin Industries, Inc.	252,000		9,825,480
Oceaneering International, Inc.*	60,000		2,694,000
Rowan Cos., Inc.*	215,000		4,717,100
RPC, Inc.	1,600,000		21,840,000
Union Drilling, Inc.*	126,000		694,260

			40,597,040

*Oil, Gas & Consumable Fuels (0.1%)*
Genesis Energy LP	51,000		977,160
Voyager Oil & Gas, Inc.*	45,503		172,911

			1,150,071

Total Energy			41,747,111

Financials (4.9%)
*Capital Markets (2.7%)*
Artio Global Investors, Inc.	75,000		1,180,500
BKF Capital Group, Inc.*	50,000		46,500
Calamos Asset Management, Inc., Class A	105,000		974,400
Cohen & Steers, Inc.	185,000		3,836,900

See Notes to Financial Statements.

452

EQ ADVISORS TRUST

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Duff & Phelps Corp., Class A	35,000	$	442,050
Epoch Holding Corp.	433,400		5,317,818
GAM Holding Ltd.*	230,000		2,507,306
Janus Capital Group, Inc.	690,000		6,127,200
KKR & Co. (Guernsey) L.P.	150,000		1,399,669
Legg Mason, Inc.	30,000		840,900
Pzena Investment Management, Inc., Class A	16,000		101,920
SWS Group, Inc.	580,000		5,510,000
Waddell & Reed Financial, Inc., Class A	491,000		10,743,080

			39,028,243

*Commercial Banks (0.5%)*
Fidelity Southern Corp.*	25,885		169,806
Hudson Valley Holding Corp.	30,000		693,600
Nara Bancorp, Inc.*	560,000		4,720,800
Sterling Bancorp/New York	280,000		2,520,000

			8,104,206

*Consumer Finance (0.2%)*
Discover Financial Services	170,000		2,376,600

*Diversified Financial Services* (*0.0%)*
Medallion Financial Corp.	16,000		105,600

*Insurance (1.0%)*
Alleghany Corp.*	3,329		976,396
Argo Group International Holdings Ltd.	75,000		2,294,250
CNA Surety Corp.*	755,000		12,132,850

			15,403,496

*Real Estate Investment Trusts (REITs) (0.0%)*
Gyrodyne Co. of America, Inc. (REIT)*	6,000		282,000

*Real Estate Management & Development (0.0%)*
Capital Properties, Inc., Class A	11,260		79,946
Capital Properties, Inc., Class B†	7,800		55,380

			135,326

*Thrifts & Mortgage Finance (0.5%)*
Crazy Woman Creek Bancorp, Inc.	15,750		181,125
Flushing Financial Corp.	190,000		2,323,700
NewAlliance Bancshares, Inc.	400,000		4,484,000

			6,988,825

Total Financials			72,424,296

Health Care (8.9%)
*Biotechnology (0.5%)*
Cepheid, Inc.*	200,000		3,204,000
Crucell N.V. (ADR)*	235,000		4,305,200

			7,509,200

*Health Care Equipment & Supplies (3.6%)*
Align Technology, Inc.*	65,000		966,550
AngioDynamics, Inc.*	120,000		1,770,000
Anika Therapeutics, Inc.*	8,000		47,120
ArthroCare Corp.*	172,000		5,271,800
Biolase Technology, Inc.*	135,000		199,800
CONMED Corp.*	80,000		1,490,400


	Number of Shares	Value (Note 1)

Cooper Cos., Inc.	100,000	$	3,979,000
Cutera, Inc.*	390,000		3,591,900
Cynosure, Inc., Class A*	16,000		172,320
Del Global Technologies Corp.*	70,000		63,000
DENTSPLY International, Inc.	4,000		119,640
DexCom, Inc.*	58,000		670,480
Exactech, Inc.*	180,000		3,074,400
Greatbatch, Inc.*	60,000		1,338,600
ICU Medical, Inc.*	22,000		707,740
Inverness Medical Innovations, Inc.*	10,000		266,600
IRIS International, Inc.*	240,000		2,433,600
Kensey Nash Corp.*	67,000		1,588,570
Kinetic Concepts, Inc.*	32,000		1,168,320
Micrus Endovascular Corp.*	240,000		4,989,600
National Dentex Corp.*	40,000		674,000
Neogen Corp.*	10,000		260,500
Orthofix International N.V.*	60,000		1,923,000
Palomar Medical Technologies, Inc.*	75,000		839,250
Quidel Corp.*	150,000		1,903,500
Rochester Medical Corp.*	80,000		756,000
RTI Biologics, Inc.*	130,000		380,900
SSL International plc	640,000		7,659,045
Syneron Medical Ltd.*	30,000		308,400
Vascular Solutions, Inc.*	230,000		2,875,000
Wright Medical Group, Inc.*	20,000		332,200
Young Innovations, Inc.	55,400		1,559,510

			53,380,745

*Health Care Providers & Services (2.6%)*
American Dental Partners, Inc.*	20,000		242,200
Animal Health International, Inc.*	200,000		496,000
Chemed Corp.	250,800		13,703,712
Continucare Corp.*	80,000		268,000
Henry Schein, Inc.*	10,000		549,000
MWI Veterinary Supply, Inc.*	30,000		1,507,800
Odyssey HealthCare, Inc.*	568,000		15,176,960
Owens & Minor, Inc.	120,000		3,405,600
Patterson Cos., Inc.	50,000		1,426,500
PSS World Medical, Inc.*	58,000		1,226,700

			38,002,472

*Life Sciences Tools & Services (1.8%)*
Life Technologies Corp.*	20,000		945,000
Millipore Corp.*	240,000		25,596,000

			26,541,000

*Pharmaceuticals (0.4%)*
Allergan, Inc.	32,000		1,864,320
Heska Corp.*	135,000		85,050
Matrixx Initiatives, Inc.*	100,000		460,000
Pain Therapeutics, Inc.*	495,000		2,752,200

			5,161,570

Total Health Care			130,594,987

Industrials (26.4%)
*Aerospace & Defense (3.2%)*
AAR Corp.*	75,000		1,255,500
Astronics Corp.*	10,000		163,600

See Notes to Financial Statements.

453

EQ ADVISORS TRUST

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Astronics Corp., Class B*	2,600	$	41,600
Curtiss-Wright Corp.	698,000		20,269,920
GenCorp, Inc.*	807,000		3,534,660
HEICO Corp.	32,500		1,167,400
Herley Industries, Inc.*	424,000		6,046,240
Innovative Solutions & Support, Inc.*	15,000		66,000
Moog, Inc., Class A*	60,000		1,933,800
Moog, Inc., Class B*	30,900		999,306
Precision Castparts Corp.	110,000		11,321,200

			46,799,226

*Air Freight & Logistics (0.4%)*
Park-Ohio Holdings Corp.*	458,000		6,590,620

*Building Products (0.8%)*
A.O. Smith Corp.	15,000		722,850
Griffon Corp.*	1,000,000		11,060,000

			11,782,850

*Commercial Services & Supplies (2.3%)*
ACCO Brands Corp.*	150,000		748,500
Bowne & Co., Inc.	120,000		1,346,400
Brink’s Co.	135,000		2,569,050
Casella Waste Systems, Inc., Class A*	130,000		496,600
Covanta Holding Corp.*	220,000		3,649,800
KAR Auction Services, Inc.*	150,000		1,855,500
Republic Services, Inc.	400,000		11,892,000
Rollins, Inc.	438,000		9,062,220
Waste Connections, Inc.*	15,000		523,350
Waste Services, Inc.*	55,000		641,300
WCA Waste Corp.*	100,000		446,000

			33,230,720

*Construction & Engineering (0.7%)*
Furmanite Corp.*	530,900		2,107,673
Insituform Technologies, Inc., Class A*	80,000		1,638,400
Layne Christensen Co.*	250,000		6,067,500

			9,813,573

*Electrical Equipment (4.7%)*
AMETEK, Inc.	182,000		7,307,300
AZZ, Inc.	4,000		147,080
Baldor Electric Co.	300,000		10,824,000
Belden, Inc.	50,000		1,100,000
C&D Technologies, Inc.*	10,000		8,811
Ener1, Inc.*	14,000		47,320
Franklin Electric Co., Inc.	120,000		3,458,400
GrafTech International Ltd.*	1,440,000		21,052,800
Magnetek, Inc.*	645,000		593,400
Rockwell Automation, Inc.	116,000		5,694,440
Roper Industries, Inc.	40,000		2,238,400
SL Industries, Inc.*	271,200		3,254,400
Thomas & Betts Corp.*	360,000		12,492,000
Woodward Governor Co.	43,000		1,097,790

			69,316,141

*Industrial Conglomerates (2.0%)*
Otter Tail Corp.	180,000		3,479,400
Standex International Corp.	86,000		2,180,100


	Number of Shares	Value (Note 1)

Textron, Inc.	290,000	$	4,921,300
Tredegar Corp.	814,000		13,284,480
Tyco International Ltd.	136,116		4,795,367

			28,660,647

*Machinery (9.5%)*
Ampco-Pittsburgh Corp.	285,000		5,936,550
Astec Industries, Inc.*	43,000		1,192,390
Badger Meter, Inc.	36,000		1,392,840
Baldwin Technology Co., Inc., Class A*	460,000		542,800
Barnes Group, Inc.	12,000		196,680
CIRCOR International, Inc.	445,000		11,383,100
CLARCOR, Inc.	385,000		13,675,200
CNH Global N.V.*	800,000		18,120,000
Crane Co.	575,000		17,370,750
Donaldson Co., Inc.	113,000		4,819,450
Flowserve Corp.	44,000		3,731,200
Gorman-Rupp Co.	134,091		3,358,980
Graco, Inc.	145,000		4,087,550
Greenbrier Cos., Inc.*	130,000		1,456,000
IDEX Corp.	170,000		4,856,900
Interpump Group S.p.A.*	30,000		149,160
L.S. Starrett Co., Class A	128,100		1,220,793
Lincoln Electric Holdings, Inc.	31,000		1,580,690
Lindsay Corp.	77,000		2,440,130
Met-Pro Corp.	95,000		1,022,200
Middleby Corp.*	1,000		53,190
Mueller Water Products, Inc., Class A	67,000		248,570
Navistar International Corp.*	200,000		9,840,000
Nordson Corp.	20,000		1,121,600
Robbins & Myers, Inc.	194,000		4,217,560
Tennant Co.	335,000		11,329,700
Terex Corp.*	105,000		1,967,700
Twin Disc, Inc.	30,000		340,800
Valmont Industries, Inc.	10,000		726,600
Watts Water Technologies, Inc., Class A	350,000		10,031,000

			138,410,083

*Road & Rail (0.1%)*
Providence and Worcester Railroad Co.	113,050		1,373,557

*Trading Companies & Distributors (2.4%)*
GATX Corp.	490,000		13,073,200
Kaman Corp.	723,000		15,992,760
National Patent Development Corp.*	250,000		375,000
Rush Enterprises, Inc., Class B*	467,021		5,440,795
United Rentals, Inc.*	80,000		745,600

			35,627,355

*Transportation Infrastructure (0.3%)*
BBA Aviation plc	1,700,000		4,591,371
Macquarie Infrastructure Co. LLC*	26,000		332,540

			4,923,911

Total Industrials			386,528,683

See Notes to Financial Statements.

454

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EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Information Technology (8.0%)
*Communications Equipment (0.4%)*
Bel Fuse, Inc., Class A	1,000	$	16,600
Communications Systems, Inc.	160,000		1,667,200
EchoStar Corp., Class A*	30,000		572,400
Plantronics, Inc.	45,000		1,287,000
Sycamore Networks, Inc.	95,000		1,578,900

			5,122,100

*Computers & Peripherals (2.1%)*
Diebold, Inc.	493,000		13,434,250
Intermec, Inc.*	1,217,200		12,476,300
NCR Corp.*	380,000		4,605,600
TransAct Technologies, Inc.*	120,000		876,000

			31,392,150

*Electronic Equipment, Instruments & Components (2.3%)*
Anixter International, Inc.*	6,000		255,600
CTS Corp.	834,000		7,706,160
Gerber Scientific, Inc.*	490,000		2,621,500
KEMET Corp.*	270,000		631,800
Littelfuse, Inc.*	125,000		3,951,250
Methode Electronics, Inc.	160,000		1,558,400
Park Electrochemical Corp.	562,000		13,718,420
Trans-Lux Corp.*	104,000		61,360
Zygo Corp.*	315,000		2,554,650

			33,059,140

*Internet Software & Services (0.3%)*
Stamps.com, Inc.*	60,000		615,000
ValueClick, Inc.*	375,000		4,008,750

			4,623,750

*IT Services* (*1.1%)*
Cybersource Corp.*	570,000		14,552,100
Edgewater Technology, Inc.*	580,000		1,676,200

			16,228,300

*Office Electronics (0.5%)*
Zebra Technologies Corp., Class A*	300,000		7,611,000

*Semiconductors & Semiconductor Equipment (0.6%)*
Cypress Semiconductor Corp.*	400,000		4,016,000
MoSys, Inc.*	20,000		88,400
Tech/Ops Sevcon, Inc.*‡	441,119		2,276,174
Trident Microsystems, Inc.*	590,000		837,800
Zoran Corp.*	100,000		954,000

			8,172,374

*Software (0.7%)*
FalconStor Software, Inc.*	80,000		211,200
GSE Systems, Inc.*	18,000		73,080
Mentor Graphics Corp.*	85,000		752,250
Take-Two Interactive Software, Inc.*	435,000		3,915,000
TiVo, Inc.*	520,000		3,837,600
Tyler Technologies, Inc.*	110,000		1,707,200

			10,496,330

Total Information Technology			116,705,144


	Number of Shares	Value (Note 1)

Materials (7.6%)
*Chemicals (5.7%)*
Albemarle Corp.	23,000	$	913,330
Arch Chemicals, Inc.	75,000		2,305,500
Ashland, Inc.	129,000		5,988,180
Core Molding Technologies, Inc.*	310,000		1,686,400
Cytec Industries, Inc.	6,000		239,940
Ferro Corp.*	1,990,000		14,666,300
H.B. Fuller Co.	350,000		6,646,500
Hawkins, Inc.	130,000		3,130,400
Huntsman Corp.	1,000,000		8,670,000
Material Sciences Corp.*	16,000		48,160
NewMarket Corp.	55,000		4,802,600
Olin Corp.	60,000		1,085,400
Omnova Solutions, Inc.*	750,000		5,857,500
Penford Corp.*	20,000		129,600
Quaker Chemical Corp.	5,000		135,450
Rockwood Holdings, Inc.*	100,000		2,269,000
Scotts Miracle-Gro Co., Class A	80,000		3,552,800
Sensient Technologies Corp.	300,000		7,779,000
Zep, Inc.	770,000		13,428,800

			83,334,860

*Containers & Packaging (1.2%)*
Greif, Inc., Class A	144,000		7,997,760
Myers Industries, Inc.	892,000		7,216,280
Sonoco Products Co.	95,000		2,895,600

			18,109,640

*Metals & Mining (0.6%)*
Barrick Gold Corp.	20,000		908,200
Brush Engineered Materials, Inc.*	290,000		5,794,200
Kinross Gold Corp.	20,000		341,800
WHX Corp.*	220,000		937,200

			7,981,400

*Paper & Forest Products (0.1%)*
Schweitzer-Mauduit International, Inc.	32,000		1,614,400

Total Materials			111,040,300

Telecommunication Services (2.2%)
*Diversified Telecommunication Services (1.1%)*
AboveNet, Inc.*	35,000		1,651,300
Cincinnati Bell, Inc.*	3,555,400		10,701,754
HickoryTech Corp.	56,000		378,000
New Ulm Telecom, Inc.	28,000		154,000
Verizon Communications, Inc.	80,000		2,241,600
Windstream Corp.	64,320		679,219

			15,805,873

*Wireless Telecommunication Services (1.1%)*
Clearwire Corp., Class A*	157,032		1,143,193
Rogers Communications, Inc., Class B	200,000		6,552,000
U.S. Cellular Corp.*	100,000		4,115,000
VimpelCom Ltd. (ADR)*	305,000		4,934,900

			16,745,093

Total Telecommunication Services			32,550,966

See Notes to Financial Statements.

455

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EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Utilities (8.3%)
*Electric Utilities (3.5%)*
Allegheny Energy, Inc.	22,000	$	454,960
Central Vermont Public Service Corp.	70,000		1,381,800
El Paso Electric Co.*	725,000		14,028,750
Great Plains Energy, Inc.	565,000		9,616,300
Maine & Maritimes Corp.	55,000		2,437,050
PNM Resources, Inc.	1,220,000		13,639,600
UniSource Energy Corp.	140,000		4,225,200
Westar Energy, Inc.	280,000		6,050,800

			51,834,460

*Gas Utilities (1.9%)*
AGL Resources, Inc.	4,000		143,280
Chesapeake Utilities Corp.	19,000		596,600
National Fuel Gas Co.	180,000		8,258,400
ONEOK, Inc.	86,000		3,719,500
Southwest Gas Corp.	490,000		14,455,000

			27,172,780

*Independent Power Producers & Energy Traders (0.4%)*
AES Corp.*	350,000		3,234,000
Ormat Technologies, Inc.	85,000		2,404,650

			5,638,650

*Multi-Utilities (2.0%)*
Black Hills Corp.	380,000		10,818,600
CH Energy Group, Inc.	253,000		9,927,720
NorthWestern Corp.	320,000		8,384,000

			29,130,320

*Water Utilities (0.5%)*
Cadiz, Inc.*	4,000		48,280
Pennichuck Corp.	200,000		4,406,000
SJW Corp.	110,000		2,578,400
York Water Co.	50,000		710,000

			7,742,680

Total Utilities			121,518,890

Total Common Stocks (97.8%) (Cost $1,356,458,463)			1,430,959,390

PREFERRED STOCK:
Consumer Staples (0.0%)
*Personal Products (0.0%)*
Revlon, Inc. 12.750%†	1,000		10,044

Total Preferred Stocks (0.0%) (Cost $6,528)			10,044

INVESTMENT COMPANY:
Investment Company (0.0%)
Ante5, Inc.* (Cost $—)	45,503		6,826


	Principal Amount		Value (Note 1)

LONG-TERM DEBT SECURITIES:
Corporate Bond (0.0%)
Consumer Discretionary (0.0%)
*Hotels, Restaurants & Leisure (0.0%)*
Biglari Holdings, Inc. 14.000%, 3/30/15†	$	113,000	$	110,740

Total Consumer Discretionary				110,740

Total Corporate Bonds				110,740

Total Long-Term Debt Securities (0.0%) (Cost $110,779)				110,740

	Number of Warrants		Value (Note 1)
WARRANTS:
Consumer Discretionary (0.0%)
*Auto Components (0.0%)*
Federal-Mogul Corp., expiring 12/27/14*		4,531		1,586

*Media (0.0%)*
SearchMedia Holdings Ltd., expiring 11/19/11*		125,000		60,000

*Specialty Retail (0.0%)*
Talbots, Inc., expiring 4/6/15*		330,566		720,634

Total Warrants (0.0%) (Cost $1,308,945)				782,220

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (1.7%)
U.S. Treasury Bills 0.11%, 7/8/10(p)	$	15,000,000		14,999,645
0.15%, 9/16/10(p)		10,000,000		9,996,680

Total Government Securities				24,996,325

Time Deposit (1.0%)
JPMorgan Chase Nassau 0.000%, 7/1/10		13,906,415		13,906,415

Total Short-Term Investments (2.7%) (Cost/Amortized Cost $38,904,008)				38,902,740

Total Investments (100.5%) (Cost/Amortized Cost $1,396,788,723)				1,470,771,960
Other Assets Less Liabilities (-0.5%)				(7,909,759	)

Net Assets (100%)			$	1,462,862,201

*	Non-income producing.

†	Securities (totaling $176,164 or 0.0% of net assets) at fair value by management.

‡	Affiliated company as defined under the Investment Company Act of 1940.

(p)

Yield to maturity.

Glossary:

ADR—

American Depositary Receipt

See Notes to Financial Statements.

456

EQ ADVISORS TRUST

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
Beasley Broadcasting Group, Inc., Class A	$	1,285,100	$	71,793	$	—	$	1,850,600	$	—	$	—
Griffin Land & Nurseries, Inc		7,049,460		586,140		—		6,703,619		49,202		—
Ingles Markets, Inc., Class A		8,926,745		1,039,502		—		9,933,045		205,426		—
Katy Industries, Inc.		1,100,750		11,379		—		1,100,799		—		—
Oil-Dri Corp. of America		6,696,000		—		—		9,914,400		129,600		—
Schiff Nutrition International, Inc.		9,814,100		—		—		8,935,600		627,500		—
Sonesta International Hotels Corp., Class A		3,597,840		13,084		42,024		4,811,940		—		(29,404	)
Tech/Ops Sevcon, Inc.		923,165		18,194		—		2,276,174		—		—
Trans-Lux Corp.		78,100		—		41,826		61,360		—		(38,353	)

	$	39,471,260	$	1,740,092	$	83,850	$	45,587,537	$	1,011,728	$	(67,757	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	285,841,929	$	9,579,515	$	—	$	295,421,444
Consumer Staples		110,477,713		11,949,856		—		122,427,569
Energy		41,747,111		—		—		41,747,111
Financials		67,872,370		4,496,546		55,380		72,424,296
Health Care		122,872,942		7,722,045		—		130,594,987
Industrials		379,251,689		7,276,994		—		386,528,683
Information Technology		114,367,610		2,337,534		—		116,705,144
Materials		111,040,300		—		—		111,040,300
Telecommunication Services		32,396,966		154,000		—		32,550,966
Utilities		121,518,890		—		—		121,518,890
Corporate Bonds
Consumer Discretionary		—		—		110,740		110,740
Investment Companies
Investment Companies		6,826		—		—		6,826
Preferred Stocks
Consumer Staples		—		—		10,044		10,044
Short-Term Investments		—		38,902,740		—		38,902,740
Warrants
Consumer Discretionary		780,634		1,586		—		782,220

Total Assets	$	1,388,174,980	$	82,420,816	$	176,164	$	1,470,771,960

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	1,388,174,980	$	82,420,816	$	176,164	$	1,470,771,960

See Notes to Financial Statements.

457

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EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments in Securities- Consumer Discretionary		Investments in Securities- Consumer Staples			Investments in Securities-Financials
Balance as of 12/31/09	$	—	$	15,309		$	66,300
Total gains or losses (realized/unrealized) included in earnings		—		(5,265	)		(10,920	)
Purchases, sales, issuances, and settlements (net)		110,740		—			—
Transfers into Level 3		—		—			—
Transfers out of Level 3		—		—			—
Balance as of 6/30/10	$	110,740	$	10,044		$	55,380
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	—	$	(5,265	)		$ (10,920	)

The Portfolio held no derivative contracts during the six months ended June 30, 2010.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	161,329,029
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	106,932,893

As of June 30, 2010, 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	$	249,646,079
Aggregate gross unrealized depreciation		(192,032,438	)

Net unrealized appreciation	$	57,613,641

Federal income tax cost of investments	$	1,413,158,319

For the six months ended June 30, 2010, the Portfolio incurred approximately $151,155 as brokerage commissions with Gabelli & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $72,920,076 which expires in the year 2017.

See Notes to Financial Statements.

458

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $47,876,811)	$	45,526,177
Unaffiliated Issuers (Cost $1,348,911,912)		1,425,245,783
Cash		54
Dividends, interest and other receivables		1,059,829
Receivable from Separate Accounts for Trust shares sold		371,755
Receivable for securities sold		354,169
Other assets		16,578

Total assets		1,472,574,345

LIABILITIES
Payable for securities purchased		6,692,223
Payable to Separate Accounts for Trust shares redeemed		1,533,850
Investment management fees payable		932,234
Distribution fees payable - Class IB		252,360
Administrative fees payable		131,372
Trustees’ fees payable		1,864
Accrued expenses		168,241

Total liabilities		9,712,144

NET ASSETS	$	1,462,862,201

Net assets were comprised of:
Paid in capital	$	1,465,928,927
Accumulated undistributed net investment income (loss)		1,244,190
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(78,295,979	)
Unrealized appreciation (depreciation) on investments and foreign currency translations		73,985,063

Net assets	$	1,462,862,201

Class IA
Net asset value, offering and redemption price per share, $293,747,494 / 9,984,584 shares outstanding (unlimited amount authorized: $0.01 par value)	$	29.42

Class IB
Net asset value, offering and redemption price per share, $1,169,114,707 / 39,727,384 shares outstanding (unlimited amount authorized: $0.01 par value)	$	29.43

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends ($1,011,728 of dividend income received from affiliates) (net of $38,147 foreign withholding tax)	$	9,121,497
Interest		26,511
Securities lending (net)		106,791

Total income		9,254,799

EXPENSES
Investment management fees		5,641,333
Distribution fees - Class IB		1,538,093
Administrative fees		797,104
Printing and mailing expenses		89,707
Custodian fees		25,455
Professional fees		18,213
Trustees’ fees		17,678
Miscellaneous		18,324

Gross expenses		8,145,907
Less: Fees paid indirectly		(48,073	)

Net expenses		8,097,834

NET INVESTMENT INCOME (LOSS)		1,156,965

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities (($67,757) of realized gain (loss) from affiliates)		14,256,559
Foreign currency transactions		(16,603	)

Net realized gain (loss)		14,239,956

Change in unrealized appreciation (depreciation) on:
Securities		(25,675,547	)
Foreign currency translations		1,919

Net change in unrealized appreciation (depreciation)		(25,673,628	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(11,433,672	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(10,276,707	)

See Notes to Financial Statements.

459

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EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,156,965		$	5,544,627
Net realized gain (loss) on investments, futures and foreign currency transactions		14,239,956			(80,778,345	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(25,673,628	)		421,340,814

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(10,276,707	)		346,107,096

DIVIDENDS:
Dividends from net investment income
Class IA		—			(1,587,920	)
Class IB		—			(3,990,616	)

TOTAL DIVIDENDS		—			(5,578,536	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [1,786,088 and 2,688,921 shares, respectively]		54,624,713			63,199,752
Capital shares issued in reinvestment of dividends [0 and 55,216 shares, respectively]		—			1,587,920
Capital shares repurchased [(887,595) and (15,143,748) shares, respectively]		(27,543,754	)		(264,055,671	)

Total Class IA transactions		27,080,959			(199,267,999	)

Class IB
Capital shares sold [4,211,241 and 9,168,462 shares, respectively]		132,922,718			218,469,712
Capital shares issued in reinvestment of dividends [0 and 138,663 shares, respectively]		—			3,990,616
Capital shares repurchased [(3,451,305) and (6,226,298) shares, respectively]		(106,965,542	)		(146,733,308	)

Total Class IB transactions		25,957,176			75,727,020

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		53,038,135			(123,540,979	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		42,761,428			216,987,581
NET ASSETS:
Beginning of period		1,420,100,773			1,203,113,192

End of period (a)	$	1,462,862,201		$	1,420,100,773

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	1,244,190		$	87,225

See Notes to Financial Statements.

460

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,						July 13, 2007* to December 31, 2007
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			July 13, 2007* to December 31, 2007
Net asset value, beginning of period	$	29.52		$	20.95		$	31.54		$	35.40

Income (loss) from investment operations:
Net investment income (loss)		0.06	(e)		0.15	(e)		0.23	(e)		0.14	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.16	)		8.60			(9.70	)		(2.61	)

Total from investment operations		(0.10	)		8.75			(9.47	)		(2.47	)

Less distributions:
Dividends from net investment income		—			(0.18	)		(0.20	)		(0.22	)
Distributions from net realized gains		—			—			(0.92	)		(1.17	)

Total dividends and distributions		—			(0.18	)		(1.12	)		(1.39	)

Net asset value, end of period	$	29.42		$	29.52		$	20.95		$	31.54

Total return (b)		(0.34	)%		41.77	%		(30.49	)%		(6.86	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	293,747		$	268,186		$	450,147		$	337,261
Ratio of expenses to average net assets:
After fees paid indirectly (a)		0.86	%		0.88	%		0.87	%		0.85	%
Before fees paid indirectly (a)		0.87	%		0.90	%		0.89	%		0.88	%
Ratio of net investment income to average net assets:
After fees paid indirectly (a)		0.36	%		0.66	%		0.86	%		0.92	%
Before fees paid indirectly (a)		0.35	%		0.65	%		0.84	%		0.89	%
Portfolio turnover rate		7	%		20	%		35	%		42	%


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	29.56		$	20.98		$	31.59		$	30.13		$	26.91		$	27.75

Income (loss) from investment operations:
Net investment income (loss)		0.02	(e)		0.10	(e)		0.16	(e)		0.22	(e)		0.10	(e)		0.13	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.15	)		8.58			(9.70	)		2.55			4.91			1.06

Total from investment operations		(0.13	)		8.68			(9.54	)		2.77			5.01			1.19

Less distributions:
Dividends from net investment income		—			(0.10	)		(0.15	)		(0.14	)		(0.25	)		(0.12	)
Distributions from net realized gains		—			—			(0.92	)		(1.17	)		(1.54	)		(1.91	)

Total dividends and distributions		—			(0.10	)		(1.07	)		(1.31	)		(1.79	)		(2.03	)

Net asset value, end of period	$	29.43		$	29.56		$	20.98		$	31.59		$	30.13		$	26.91

Total return (b)		(0.44	)%		41.40	%		(30.68	)%		9.32	%		18.82	%		4.33	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,169,115		$	1,151,915		$	752,966		$	1,001,617		$	727,119		$	586,954
Ratio of expenses to average net assets:
After fees paid indirectly (a)		1.11	%		1.13	%		1.12	%		1.10	%(c)		1.13	%		1.09	%
Before fees paid indirectly (a)		1.12	%		1.15	%(c)		1.14	%		1.13	%(c)		1.14	%		1.10	%
Ratio of net investment income to average net assets:
After fees paid indirectly (a)		0.10	%		0.42	%		0.60	%		0.66	%		0.33	%		0.46	%
Before fees paid indirectly (a)		0.10	%		0.41	%		0.58	%		0.64	%		0.32	%		0.45	%
Portfolio turnover rate		7	%		20	%		35	%		42	%		19	%		22	%

See Notes to Financial Statements.

461

EQ ADVISORS TRUST

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

*	Commencement of Operations.

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

462

EQ/GLOBAL BOND PLUS PORTFOLIO (Unaudited)


Distribution of Assets by Sector as of 6/30/2010	% of Net Assets
Government Securities	71.8	%
Corporate Bonds	22.3
Asset-Backed and Mortgage-Backed Securities	2.9
Equities & Warrants	0.1
Cash and Other	2.9

Total	100.0	%

UNDERSTAND 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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$1,031.10	$3.73
Hypothetical (5% average return before expenses)	1,000.00	1,021.12	3.71
Class IB
Actual	1,000.00	1,030.10	4.98
Hypothetical (5% average return before expenses)	1,000.00	1,019.89	4.96
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.74% and 0.99%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

463

EQ ADVISORS TRUST

EQ/GLOBAL BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

LONG-TERM DEBT SECURITIES:
Aruba (0.0%)
UFJ Finance Aruba AEC
6.750%, 7/15/13	$	200,000	$	223,994

Australia (2.2%)
Australia Government Bond
5.750%, 5/15/21	AUD	8,200,000		7,240,496
3.000%, 9/20/25		12,875,000		11,585,321
BHP Billiton Finance USA Ltd.
5.250%, 12/15/15	$	200,000		226,536
6.500%, 4/1/19		250,000		299,811
General Electric Capital Australia Funding Pty Ltd.
5.750%, 1/18/11	AUD	360,000		303,144
6.000%, 6/15/11		408,000		342,382
6.000%, 3/15/19		800,000		605,061
New South Wales Treasury Corp.
6.000%, 4/1/19		7,350,000		6,403,879
Qantas Airways Ltd. 6.050%, 4/15/16§	$	100,000		103,631
SPI Electricity & Gas Australia Holdings Pty Ltd.
6.150%, 11/15/13§		100,000		105,920
Westpac Banking Corp.
4.200%, 2/27/15		375,000		390,304
4.625%, 6/1/18		100,000		99,812

Total Australia				27,706,297

Austria (0.0%)
Oesterreichische Kontrollbank AG
4.500%, 3/9/15		100,000		108,839
4.875%, 2/16/16		200,000		221,898

Total Austria				330,737

Bermuda (0.1%)
Central European Media Enterprises Ltd.
2.601%, 5/15/14 (b)(l)(m)	EUR	603,000		567,781
11.625%, 9/15/16 (b)(m)		350,000		425,858

Total Bermuda				993,639

Brazil (1.2%)
Federative Republic of Brazil
10.500%, 7/14/14	$	2,500,000		3,175,000
8.000%, 1/15/18		1,866,667		2,165,333
5.875%, 1/15/19		845,000		927,388
12.500%, 1/5/22	BRL	15,000,000		9,411,357

Total Brazil				15,679,078

Canada (4.2%)
Anadarko Finance Co.
Series B 7.500%, 5/1/31	$	200,000		168,203
Barrick Gold Finance Co.
4.875%, 11/15/14		1,100,000		1,191,287
Bombardier, Inc.
7.250%, 11/15/16 (b)(m)	EUR	1,362,000		1,723,815
Burlington Resources Finance Co.
6.500%, 12/1/11	$	100,000		107,249
Canada Housing Trust No 1
4.100%, 12/15/18	CAD	12,655,000		12,490,594
Canadian Government Bond
2.375%, 9/10/14		1,655,000		1,698,634
3.750%, 6/1/19	CAD	12,575,000		12,496,800


	Principal Amount		Value (Note 1)

Canadian National Railway Co.
5.550%, 5/15/18	$	252,000	$	286,231
6.900%, 7/15/28		100,000		122,612
6.200%, 6/1/36		125,000		147,173
Canadian Natural Resources Ltd.
4.900%, 12/1/14		100,000		108,791
6.500%, 2/15/37		500,000		558,548
Cenovus Energy, Inc.
5.700%, 10/15/19§		595,000		649,884
Conoco Funding Co.
6.350%, 10/15/11		300,000		320,013
ConocoPhillips Canada Funding Co. I
5.625%, 10/15/16		600,000		696,957
Devon Financing Corp. ULC 6.875%, 9/30/11		300,000		320,300
EnCana Corp. 6.500%, 2/1/38		200,000		222,278
EnCana Holdings Finance Corp.
5.800%, 5/1/14		600,000		675,595
Hydro Quebec 8.400%, 1/15/22		200,000		278,741
Nexen, Inc.
5.200%, 3/10/15		200,000		214,588
5.875%, 3/10/35		100,000		97,837
6.400%, 5/15/37		200,000		208,563
Petro-Canada, Inc.
5.950%, 5/15/35		120,000		125,358
6.800%, 5/15/38		95,000		108,996
Potash Corp of Saskatchewan, Inc.
5.875%, 12/1/36		280,000		300,892
Province of British Columbia 4.300%, 5/30/13		100,000		108,665
Province of Manitoba 5.000%, 2/15/12		200,000		212,992
Province of Nova Scotia 5.125%, 1/26/17		500,000		569,752
Province of Ontario
4.375%, 2/15/13		200,000		214,662
4.100%, 6/16/14		1,445,000		1,553,952
4.500%, 2/3/15		400,000		437,728
6.250%, 6/16/15	NZD	14,700,000		10,502,060
4.750%, 1/19/16	$	200,000		221,221
Province of Quebec
4.600%, 5/26/15		200,000		220,810
7.500%, 9/15/29		300,000		411,787
Rio Tinto Alcan, Inc. 4.500%, 5/15/13		1,990,000		2,092,192
Rogers Communications, Inc. 7.250%, 12/15/12		400,000		447,544
Suncor Energy, Inc. 6.100%, 6/1/18		500,000		563,197
TransCanada Pipelines Ltd. 5.850%, 3/15/36		400,000		409,969
Vale Inco Ltd. 7.750%, 5/15/12		100,000		108,831
Xstrata Canada Corp. 6.200%, 6/15/35		100,000		96,746

Total Canada				53,492,047

Cayman Islands (0.5%)
Petrobras International Finance Co.
5.750%, 1/20/20		4,530,000		4,561,927

See Notes to Financial Statements.

464

EQ ADVISORS TRUST

EQ/GLOBAL BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Sable International Finance Ltd.
7.750%, 2/15/17 (b)(m)	$	750,000	$	753,750
Transocean, Inc.
6.800%, 3/15/38		140,000		126,163
Vale Overseas Ltd.
6.875%, 11/21/36		400,000		417,004

Total Cayman Islands				5,858,844

Chile (0.0%)
Celulosa Arauco y Constitucion S.A.
5.125%, 7/9/13		100,000		105,241
Republic of Chile
5.500%, 1/15/13		100,000		109,160

Total Chile				214,401

Denmark (2.0%)
Kingdom of Denmark
4.000%, 11/15/15	DKK	36,090,000		6,572,343
Nykredit A/S
4.000%, 10/1/41		64,750,000		10,340,357
Realkredit Danmark A/s
4.000%, 10/1/41		53,050,000		8,488,888

Total Denmark				25,401,588

France (1.2%)
Dexia Municipal Agency
5.750%, 2/7/12	AUD	1,500,000		1,258,307
France Government Bond OAT
4.250%, 4/25/19	EUR	3,000,000		4,061,818
France Telecom S.A.
7.250%, 1/28/13		2,400,000		3,302,372
8.500%, 3/1/31	$	200,000		275,221
Lafarge S.A.
6.500%, 7/15/16		100,000		103,592
Total Capital S.A.
4.875%, 1/28/19	EUR	2,000,000		2,743,068
Veolia Environnement
4.375%, 1/16/17		2,722,000		3,539,335

Total France				15,283,713

Germany (4.7%)
Bundesobligation
3.500%, 4/12/13		6,675,000		8,790,385
Bundesrepublik Deutschland
4.250%, 7/4/17		12,900,000		17,991,278
4.250%, 7/4/18		3,430,000		4,784,314
3.250%, 1/4/20		8,400,000		10,895,344
4.000%, 1/4/37		2,250,000		3,090,359
4.250%, 7/4/39		1,850,000		2,667,559
Deutsche Bank AG/London
4.875%, 5/20/13		800,000		854,186
HeidelbergCement AG
8.000%, 1/31/17	EUR	600,000		730,041
Kreditanstalt fuer Wiederaufbau
3.500%, 3/10/14		1,600,000		1,689,440
4.125%, 10/15/14		400,000		432,382
4.375%, 7/21/15		800,000		872,811
4.375%, 7/4/18	EUR	2,000,000		2,723,546
4.875%, 6/17/19	$	2,000,000		2,224,200
Landwirtschaftliche Rentenbank
5.125%, 2/1/17		500,000		566,356


	Principal Amount		Value (Note 1)

UPC Germany GmbH
9.625%, 12/1/19 (b)(m)	EUR	1,230,000	$	1,511,626

Total Germany				59,823,827

Hungary (0.7%)
Hungary Government Bond
6.750%, 2/24/17	HUF	2,299,000,000		9,384,500

Ireland (0.4%)
Ardagh Glass Finance plc
8.750%, 2/1/20 (b)(m)	EUR	1,050,000		1,271,153
GE Capital European Funding
4.125%, 10/27/16		1,432,000		1,789,559
Smurfit Kappa Acquisitions
7.250%, 11/15/17) (b)(m)		1,000,000		1,210,621
XL Capital Ltd.
5.250%, 9/15/14	$	400,000		409,290

Total Ireland				4,680,623

Italy (0.1%)
Republic of Italy
4.375%, 6/15/13		300,000		308,812
4.500%, 1/21/15		500,000		504,180
4.750%, 1/25/16		200,000		207,954
6.875%, 9/27/23		100,000		113,772
5.375%, 6/15/33		400,000		392,797

Total Italy				1,527,515

Japan (0.0%)
Nomura Holdings, Inc.
5.000%, 3/4/15		175,000		184,918

Liberia (0.1%)
Royal Caribbean Cruises Ltd.
7.250%, 6/15/16		1,000,000		977,500

Luxembourg (0.3%)
ArcelorMittal S.A.
6.125%, 6/1/18		1,195,000		1,249,828
Covidien International Finance S.A.
6.000%, 10/15/17		800,000		928,372
Telecom Italia Capital S.A.
6.200%, 7/18/11		100,000		103,624
5.250%, 10/1/15		600,000		605,549
6.000%, 9/30/34		100,000		85,674
Wind Acquisition Finance S.A.
11.000%, 12/1/15 (b)(m)	EUR	840,000		1,027,194
11.750%, 7/15/17 (b)(m)		330,000		407,576

Total Luxembourg				4,407,817

Malaysia (0.9%)
Malaysian Government Bond
3.835%, 8/12/15	MYR	15,900,000		4,968,206
4.240%, 2/7/18		21,000,000		6,658,891

Total Malaysia				11,627,097

Mexico (1.0%)
America Movil S.A.B. de C.V.
5.750%, 1/15/15		100,000		111,353
6.375%, 3/1/35		100,000		107,017

See Notes to Financial Statements.

465

EQ ADVISORS TRUST

EQ/GLOBAL BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

United Mexican States
6.375%, 1/16/13	$	400,000	$	438,600
9.500%, 12/18/14	MXN	122,400,000		10,700,139
6.750%, 9/27/34	$	800,000		922,000

Total Mexico				12,279,109

Netherlands (2.9%)
Bank Nederlandse Gemeenten
2.875%, 1/15/15	EUR	2,580,000		3,280,044
BMW Finance N.V.
4.000%, 9/17/14		2,600,000		3,344,638
British American Tobacco Holdings B.V.
5.500%, 9/15/16	GBP	1,710,000		2,728,926
Deutsche Telekom International Finance B.V.
5.250%, 7/22/13	$	400,000		430,367
4.875%, 7/8/14		4,500,000		4,822,367
5.750%, 3/23/16		200,000		218,828
8.750%, 6/15/30		200,000		258,339
Diageo Finance B.V.
5.300%, 10/28/15		400,000		447,659
E.ON International Finance B.V.
5.750%, 5/7/20	EUR	824,000		1,191,291
Netherlands Government Bond
4.500%, 7/15/17		2,150,000		3,006,171
3.500%, 7/15/20		4,800,000		6,217,048
4.000%, 1/15/37	EUR	5,000,000		6,813,536
New World Resources N.V.
7.375%, 5/15/15 (b)(m)		930,000		1,069,015
OI European Group B.V.
6.875%, 3/31/17 (b)(m)		1,125,000		1,348,192
Shell International Finance B.V.
4.000%, 3/21/14	$	810,000		856,733
6.375%, 12/15/38		235,000		280,755
Ziggo Bond Co. BV
8.000%, 5/15/18 (b)§	EUR	725,000		855,536

Total Netherlands				37,169,445

New Zealand (0.1%)
New Zealand Government Bond
6.000%, 12/15/17	NZD	2,400,000		1,733,439

Norway (1.5%)
Eksportfinans A/S
5.500%, 5/25/16	$	540,000		613,732
Norwegian Government Bond
6.500%, 5/15/13	NOK	26,035,000		4,459,253
4.250%, 5/19/17		81,250,000		13,573,241
Statoil ASA
6.800%, 1/15/28	$	300,000		359,246
Yara International ASA
5.250%, 12/15/14§		100,000		107,373

Total Norway				19,112,845

Peru (0.1%)
Republic of Peru
7.125%, 3/30/19		1,055,000		1,247,538

Poland (0.7%)
Poland Government Bond
5.500%, 4/25/15	PLN	31,500,000		9,295,385


	Principal Amount		Value (Note 1)

Republic of Poland
5.000%, 10/19/15	$	100,000	$	105,973

Total Poland				9,401,358

Slovenia (0.2%)
Slovenia Government Bond
4.625%, 9/9/24	EUR	2,400,000		3,136,933

South Africa (0.0%)
Republic of South Africa
6.500%, 6/2/14	$	100,000		111,000
Savcio Holdings Pty Ltd.
8.000%, 2/15/13 (b)(m)	EUR	345,000		417,664

Total South Africa				528,664

South Korea (0.9%)
Korea Development Bank
5.750%, 9/10/13	$	100,000		107,263
Korea Treasury Bond
5.250%, 3/10/27	KRW	12,856,500,000		10,664,099
Republic of Korea
4.250%, 6/1/13	$	400,000		417,520

Total South Korea				11,188,882

Spain (0.1%)
Telefonica Emisiones S.A.U.
6.421%, 6/20/16		900,000		987,207

Supranational (2.2%)
Asian Development Bank
2.625%, 2/9/15		2,165,000		2,224,542
Corp. Andina de Fomento
6.875%, 3/15/12		100,000		108,011
Eurofima
6.250%, 12/28/18	AUD	5,480,000		4,647,451
European Investment Bank
3.000%, 4/8/14	$	705,000		731,980
4.625%, 5/15/14		500,000		549,312
6.500%, 9/10/14	NZD	4,800,000		3,463,037
4.625%, 10/20/15	$	1,400,000		1,546,847
4.875%, 2/16/16		300,000		335,163
5.125%, 9/13/16		200,000		226,539
6.125%, 1/23/17	AUD	3,960,000		3,379,447
4.750%, 10/15/17	EUR	6,800,000		9,465,122
Inter-American Development Bank
5.125%, 9/13/16	$	525,000		600,882
International Bank for Reconstruction & Development
7.625%, 1/19/23		500,000		698,464

Total Supranational				27,976,797

Sweden (0.3%)
Svensk Exportkredit AB
4.875%, 9/29/11		3,200,000		3,349,574

Switzerland (0.1%)
Credit Suisse Guernsey Ltd.
5.860%, 12/31/49(l)		250,000		220,625
UBS AG/Connecticut
5.875%, 7/15/16		500,000		526,448
5.875%, 12/20/17		200,000		211,695

See Notes to Financial Statements.

466

EQ ADVISORS TRUST

EQ/GLOBAL BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Weatherford International Ltd.
5.500%, 2/15/16	$	425,000	$	453,122

Total Switzerland				1,411,890

United Kingdom (2.2%)
AstraZeneca plc
5.400%, 6/1/14		100,000		112,321
5.900%, 9/15/17		200,000		233,974
6.450%, 9/15/37		100,000		121,180
BAT International Finance plc
5.375%, 6/29/17	EUR	2,100,000		2,883,659
BP Capital Markets plc
5.250%, 11/7/13	$	1,940,000		1,783,357
3.875%, 3/10/15		720,000		613,550
British Telecommunications plc
9.875%, 12/15/30		300,000		366,126
Diageo Capital plc
5.500%, 9/30/16		300,000		335,888
HSBC Holdings plc
6.500%, 5/2/36		400,000		414,868
6.500%, 9/15/37		250,000		258,762
Imperial Tobacco Finance plc
4.375%, 11/22/13	EUR	1,200,000		1,541,360
Infinis plc
9.125%, 12/15/14 (b)(m)	GBP	1,125,000		1,697,671
ISS Financing plc
11.000%, 6/15/14 (b)(m)	EUR	700,000		915,915
Kerling plc
10.625%, 1/28/17 (b)(m)		1,250,000		1,547,685
Marks & Spencer plc
6.250%, 12/1/17 (b)(m)	$	750,000		798,932
National Grid plc
6.500%, 4/22/14	EUR	900,000		1,255,733
5.000%, 7/2/18		500,000		664,644
Nationwide Building Society
3.750%, 1/20/15		1,100,000		1,339,164
Royal Bank of Scotland Group plc
5.000%, 10/1/14	$	200,000		187,653
Tesco plc
5.875%, 9/12/16	EUR	2,450,000		3,488,312
5.500%, 11/15/17 (m)	$	975,000		1,066,949
United Utilities Water plc
4.250%, 1/24/20	EUR	1,000,000		1,257,359
Virgin Media Finance plc
9.125%, 8/15/16	$	540,000		558,900
8.875%, 10/15/19	GBP	655,000		998,306
Vodafone Group plc
5.000%, 12/16/13	$	400,000		433,242
4.150%, 6/10/14		260,000		272,817
6.250%, 1/15/16	EUR	900,000		1,260,344
7.875%, 2/15/30	$	100,000		120,599
6.150%, 2/27/37		100,000		103,685
William Hill plc
7.125%, 11/11/16	GBP	1,180,000		1,727,777

Total United Kingdom				28,360,732

United States (66.2%)
3M Co.
5.700%, 3/15/37	$	325,000		371,565
Abbott Laboratories, Inc.
5.875%, 5/15/16		200,000		233,978


	Principal Amount		Value (Note 1)

5.125%, 4/1/19	$	400,000	$	446,308
ACE INA Holdings, Inc.
5.875%, 6/15/14		300,000		331,873
Aetna, Inc.
6.000%, 6/15/16		400,000		456,105
Ahold Finance USA, Inc.
6.500%, 3/14/17	GBP	510,000		849,155
Alabama Power Co.
5.700%, 2/15/33	$	200,000		216,998
6.000%, 3/1/39		55,000		62,282
Alcoa, Inc.
5.870%, 2/23/22		200,000		185,954
Allstate Corp.
6.125%, 2/15/12		100,000		107,198
7.500%, 6/15/13		300,000		342,038
5.550%, 5/9/35		100,000		98,310
5.950%, 4/1/36		100,000		102,896
6.125%, 5/15/37 (l)		115,000		101,344
6.500%, 5/15/57 (l)		115,000		103,213
Altria Group, Inc.
9.700%, 11/10/18		400,000		506,552
10.200%, 2/6/39		200,000		268,279
American Electric Power Co., Inc.
5.250%, 6/1/15		100,000		109,254
American Express Co.
4.875%, 7/15/13		600,000		640,617
7.000%, 3/19/18		525,000		605,531
8.125%, 5/20/19		470,000		583,549
6.800%, 9/1/66 (l)		170,000		161,925
American International Group, Inc.
5.050%, 10/1/15		100,000		91,875
5.600%, 10/18/16		200,000		182,600
5.850%, 1/16/18		1,100,000		983,125
Amgen, Inc.
6.400%, 2/1/39		210,000		248,682
Anadarko Petroleum Corp.
6.450%, 9/15/36		200,000		159,096
Anheuser-Busch Cos., Inc.
5.000%, 3/1/19		100,000		104,054
6.450%, 9/1/37		295,000		329,755
Anheuser-Busch InBev Worldwide, Inc.
6.875%, 11/15/19§		4,500,000		5,189,616
Apache Corp.
6.250%, 4/15/12		100,000		107,989
5.625%, 1/15/17		225,000		253,458
Appalachian Power Co.
Series L
5.800%, 10/1/35		100,000		101,805
ARAMARK Corp.
8.500%, 2/1/15		570,000		575,700
Archer-Daniels-Midland Co.
5.375%, 9/15/35		100,000		105,036
6.450%, 1/15/38		125,000		152,152
Arizona Public Service Co.
5.500%, 9/1/35		100,000		97,807
Associates Corp. of North America
6.950%, 11/1/18		100,000		102,364
AT&T Mobility LLC
7.125%, 12/15/31		295,000		352,234
AT&T, Inc.
5.875%, 8/15/12		200,000		218,216
5.100%, 9/15/14		500,000		554,671

See Notes to Financial Statements.

467

EQ ADVISORS TRUST

EQ/GLOBAL BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

5.625%, 6/15/16	$	100,000	$	113,343
5.500%, 2/1/18		420,000		464,450
6.150%, 9/15/34		700,000		734,949
6.550%, 2/15/39		235,000		263,221
Atmos Energy Corp.
8.500%, 3/15/19		350,000		439,887
AvalonBay Communities, Inc.
6.125%, 11/1/12		275,000		297,641
Baltimore Gas & Electric Co.
5.900%, 10/1/16		500,000		575,897
Banc of America Commercial Mortgage, Inc.
Series 2005-4 A5A 4.933%, 7/10/45		1,000,000		1,037,440
Series 2006-6 A4 5.356%, 10/10/45		1,400,000		1,423,274
Series 2007-1 A4 5.451%, 1/15/49		1,280,000		1,272,198
Bank of America Corp.
5.375%, 8/15/11		200,000		207,802
2.100%, 4/30/12		1,300,000		1,331,278
4.875%, 9/15/12		100,000		104,081
4.875%, 1/15/13		300,000		313,514
4.750%, 8/1/15		300,000		306,642
5.250%, 12/1/15		400,000		408,278
7.000%, 6/15/16	EUR	2,400,000		3,296,936
5.625%, 10/14/16	$	300,000		310,868
5.650%, 5/1/18		2,690,000		2,756,744
Bank of America N.A.
5.300%, 3/15/17		400,000		402,760
Bank of New York Mellon Corp.
5.125%, 8/27/13		200,000		220,517
Bank One Corp.
5.250%, 1/30/13		100,000		106,424
8.000%, 4/29/27		100,000		123,290
Baxter International, Inc.
4.625%, 3/15/15		100,000		110,188
5.375%, 6/1/18		600,000		689,172
BB&T Corp.
4.750%, 10/1/12		100,000		105,741
Bear Stearns Commercial Mortgage Securities, Inc.
Series 2006-PW11 A4 5.624%, 3/11/39 (l)		2,000,000		2,124,958
Bear Stearns Cos. LLC
5.700%, 11/15/14		200,000		221,522
5.300%, 10/30/15		100,000		108,087
4.650%, 7/2/18		200,000		196,726
BellSouth Corp.
6.000%, 10/15/11		500,000		530,787
5.200%, 9/15/14		300,000		333,360
6.550%, 6/15/34		100,000		110,133
Berkshire Hathaway Finance Corp.
4.850%, 1/15/15		1,030,000		1,131,225
Black & Decker Corp.
4.750%, 11/1/14		100,000		108,005
Boeing Co.
5.000%, 3/15/14		425,000		472,801
Boston Properties LP
5.625%, 11/15/20		265,000		277,211
Boston Properties, Inc.
5.000%, 6/1/15		340,000		352,566
Bottling Group LLC
4.625%, 11/15/12		200,000		216,179


	Principal Amount		Value (Note 1)

Bristol-Myers Squibb Co.
5.250%, 8/15/13	$	700,000	$	776,131
Burlington Northern Santa Fe Corp.
5.750%, 3/15/18		200,000		224,621
Cadbury Schweppes U.S. Finance LLC
5.125%, 10/1/13§		100,000		108,847
Campbell Soup Co.
4.875%, 10/1/13		100,000		111,080
Capital One Capital III
7.686%, 8/15/36		150,000		141,000
Capital One Capital IV
6.745%, 2/17/37 (l)		110,000		91,850
Capital One Financial Corp.
7.375%, 5/23/14		300,000		343,037
5.250%, 2/21/17		200,000		210,224
Caterpillar Financial Services Corp.
5.500%, 3/15/16		200,000		226,326
7.150%, 2/15/19		160,000		197,067
Caterpillar, Inc.
7.300%, 5/1/31		100,000		129,537
6.050%, 8/15/36		100,000		115,049
CBS Corp.
5.625%, 8/15/12		200,000		211,898
5.500%, 5/15/33		100,000		91,840
CEDC Finance Corp. International, Inc.
8.875%, 12/1/16 (b)(m)	EUR	200,000		236,010
Cemex Finance LLC
9.625%, 12/14/17 (b)(m)		585,000		669,512
CenterPoint Energy Resources Corp.
7.875%, 4/1/13	$	200,000		229,175
Charter One Bank N.A.
6.375%, 5/15/12		400,000		418,912
Chubb Corp.
6.000%, 5/11/37		200,000		216,293
6.375%, 3/29/67 (l)		250,000		240,000
Cisco Systems, Inc.
5.500%, 2/22/16		540,000		622,076
5.900%, 2/15/39		420,000		466,858
Citibank Credit Card Issuance Trust
Series 2006-A4 A4 5.450%, 5/10/13		2,200,000		2,283,262
Citigroup Commercial Mortgage Trust, Inc.
Series 2008-C7 A4 6.297%, 12/10/49 (l)		1,825,000		1,895,451
Citigroup Funding, Inc.
2.250%, 12/10/12		5,000,000		5,147,015
Citigroup, Inc.
6.000%, 2/21/12		100,000		104,666
5.250%, 2/27/12		600,000		621,436
5.625%, 8/27/12		100,000		103,052
5.500%, 10/15/14		1,500,000		1,542,172
5.300%, 1/7/16		1,000,000		1,011,746
5.850%, 8/2/16		200,000		207,593
6.625%, 6/15/32		200,000		190,388
5.875%, 2/22/33		100,000		89,675
5.850%, 12/11/34		295,000		279,244
5.875%, 5/29/37		200,000		187,565
Coca-Cola Bottling Co. Consolidated
5.000%, 11/15/12		100,000		107,022
Coca-Cola Enterprises, Inc.
7.375%, 3/3/14		200,000		238,393

See Notes to Financial Statements.

468

EQ ADVISORS TRUST

EQ/GLOBAL BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13	$	100,000	$	115,797
9.455%, 11/15/22		100,000		137,946
Comcast Corp.
5.300%, 1/15/14		510,000		559,792
5.900%, 3/15/16		200,000		225,389
6.500%, 1/15/17		400,000		458,335
7.050%, 3/15/33		310,000		357,914
6.500%, 11/15/35		100,000		108,751
Comerica, Inc.
4.800%, 5/1/15		100,000		103,847
Commonwealth Edison Co.
6.150%, 3/15/12		100,000		107,787
6.150%, 9/15/17		600,000		688,652
ConAgra Foods, Inc.
6.750%, 9/15/11		100,000		106,261
7.000%, 10/1/28		100,000		117,632
ConocoPhillips
4.750%, 10/15/12		200,000		214,700
4.600%, 1/15/15		580,000		633,621
5.900%, 10/15/32		100,000		110,710
ConocoPhillips Australia Funding Co.
5.500%, 4/15/13		200,000		220,885
Consolidated Edison Co. of New York, Inc.
Series 05-C 5.375%, 12/15/15		455,000		511,426
Series 07-A 4.875%, 2/1/13		100,000		108,374
Series 08-A 5.850%, 4/1/18		600,000		685,928
Costco Wholesale Corp.
5.500%, 3/15/17		400,000		460,402
COX Communications, Inc.
5.450%, 12/15/14		200,000		220,756
5.500%, 10/1/15		500,000		545,778
Credit Suisse FB USA, Inc.
5.125%, 1/15/14		100,000		107,603
Credit Suisse USA, Inc.
6.125%, 11/15/11		100,000		106,228
6.500%, 1/15/12		200,000		214,311
5.850%, 8/16/16		200,000		221,215
7.125%, 7/15/32		300,000		371,106
CRH America, Inc.
6.000%, 9/30/16		300,000		334,438
CS First Boston Mortgage Securities Corp.
Series 2001-CK1 C 6.730%, 12/18/35		1,175,000		1,185,772
CSX Corp.
7.375%, 2/1/19		510,000		624,682
CVS Caremark Corp.
6.250%, 6/1/27		400,000		436,422
CW Capital Cobalt Ltd.
Series 2007-C3 A4 6.015%, 5/15/46 (l)		1,205,000		1,158,197
Daimler Finance N.A. LLC
5.875%, 3/15/11		900,000		927,330
7.300%, 1/15/12		200,000		215,582
6.500%, 11/15/13		300,000		335,771
Deere & Co.
6.950%, 4/25/14		300,000		355,354
8.100%, 5/15/30		300,000		413,391
Dell, Inc.
5.875%, 6/15/19		500,000		561,882
Deutsche Bank Financial LLC
5.375%, 3/2/15		100,000		107,452


	Principal Amount		Value (Note 1)

Devon Energy Corp.
7.950%, 4/15/32	$	200,000	$	256,295
Dominion Resources, Inc.
5.700%, 9/17/12		100,000		108,089
5.000%, 12/1/14		300,000		324,630
8.875%, 1/15/19		637,000		841,384
Dow Chemical Co.
6.000%, 10/1/12		200,000		215,049
7.600%, 5/15/14		1,325,000		1,530,194
8.550%, 5/15/19		170,000		208,099
DTE Energy Co.
6.350%, 6/1/16		340,000		380,771
Duke Energy Carolinas LLC
Series C 7.000%, 11/15/18		224,000		278,484
Duke Energy Corp.
6.250%, 1/15/12		700,000		754,134
5.050%, 9/15/19		835,000		890,380
E.I. du Pont de Nemours & Co.
5.250%, 12/15/16		400,000		456,165
Eli Lilly and Co.
6.000%, 3/15/12		200,000		217,819
5.200%, 3/15/17		600,000		682,834
Embarq Corp.
7.082%, 6/1/16		100,000		106,606
Emerson Electric Co.
6.000%, 8/15/32		100,000		115,337
Enterprise Products Operating LLC
5.600%, 10/15/14		3,220,000		3,494,131
EOG Resources, Inc.
5.625%, 6/1/19		75,000		84,331
ERP Operating LP
5.250%, 9/15/14		255,000		272,828
Exelon Corp.
4.900%, 6/15/15		200,000		213,584
5.625%, 6/15/35		445,000		431,135
Federal Farm Credit Bank
4.875%, 1/17/17		1,020,000		1,153,136
Federal Home Loan Bank
4.000%, 9/6/13		2,000,000		2,164,040
3.625%, 10/18/13		2,700,000		2,892,078
5.250%, 6/5/17		3,800,000		4,364,885
Federal Home Loan Mortgage Corp.
5.125%, 7/15/12		8,300,000		9,049,822
2.125%, 9/21/12		5,000,000		5,140,970
4.125%, 12/21/12		830,000		895,910
4.875%, 11/15/13		4,100,000		4,582,472
5.000%, 7/1/20		518,388		556,653
5.000%, 10/1/20		298,733		320,597
5.500%, 5/1/21		433,137		469,496
5.500%, 5/1/22		348,973		378,486
6.750%, 9/15/29		300,000		392,741
6.250%, 7/15/32		700,000		886,138
6.000%, 9/1/34		1,864,514		2,040,186
6.000%, 5/1/35		1,435,594		1,568,611
4.500%, 10/1/35		3,106,425		3,237,842
6.500%, 8/1/36		3,192,311		3,508,798
7.000%, 10/1/37		475,396		528,154
6.500%, 2/1/38		933,280		1,023,980
6.500%, 6/1/38		20,168		22,099
5.000%, 8/1/38		7,911,217		8,376,928
6.500%, 9/1/38		216,271		237,442

See Notes to Financial Statements.

469

EQ ADVISORS TRUST

EQ/GLOBAL BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

5.500%, 12/1/38	$	5,764,183	$	6,186,364
6.500%, 1/1/39		203,837		223,791
5.500%, 5/1/39		11,039,175		11,847,709
3.518%, 4/1/40 (l)		10,844,944		11,274,013
6.000%, 8/15/40 TBA		8,000,000		8,663,750
Federal National Mortgage Association
5.375%, 11/15/11		1,900,000		2,024,718
1.500%, 6/26/13		4,390,000		4,438,040
3.000%, 9/16/14		2,330,000		2,445,104
4.625%, 10/15/14		1,000,000		1,115,557
2.625%, 11/20/14		2,500,000		2,583,783
5.000%, 4/15/15		900,000		1,021,102
4.375%, 10/15/15		100,000		110,600
5.375%, 6/12/17		4,300,000		5,010,244
4.500%, 3/1/18		3,616,079		3,856,067
5.500%, 10/1/19		230,901		250,636
4.500%, 6/1/23		3,731,943		3,948,716
5.000%, 9/1/23		4,021,525		4,292,978
6.000%, 10/1/23		825,834		898,127
5.500%, 1/1/24		1,987,279		2,147,193
4.000%, 4/1/24		3,086,269		3,217,918
4.000%, 5/1/24		2,746,910		2,861,508
4.500%, 9/1/24		2,403,227		2,538,315
6.250%, 5/15/29		600,000		742,381
5.500%, 3/1/33		4,348,642		4,683,284
5.000%, 3/1/34		7,757,137		8,244,458
5.000%, 5/1/34		1,453,884		1,543,787
5.500%, 9/1/34		5,220,132		5,616,944
5.500%, 11/1/34		8,746,265		9,405,651
5.500%, 12/1/34		1,393,581		1,498,644
5.500%, 7/1/35		3,462,288		3,720,607
5.000%, 9/1/35		3,232,604		3,436,031
5.000%, 10/1/35		7,874,136		8,346,276
5.500%, 6/1/36		9,788,716		10,540,459
5.000%, 12/1/36		1,110,250		1,176,475
6.000%, 7/1/37		4,051,901		4,398,212
6.500%, 8/1/37		3,898,590		4,298,652
6.500%, 9/1/38		1,949,996		2,134,865
5.500%, 11/1/38		4,728,015		5,075,598
4.500%, 3/1/39		9,432,927		9,792,188
5.000%, 3/1/39		6,139,678		6,503,982
4.500%, 6/1/39		6,689,657		6,944,438
4.000%, 7/1/39		3,423,116		3,471,520
4.500%, 7/1/39		16,619,217		17,258,249
4.000%, 8/1/39		7,017,743		7,122,109
4.500%, 8/1/39		6,211,825		6,448,408
4.000%, 9/1/39		2,152,835		2,183,277
6.000%, 10/1/39		5,728,600		6,225,377
4.500%, 12/1/39		8,069,036		8,375,067
4.500%, 4/1/40		5,154,016		5,348,701
5.000%, 7/25/25 TBA		4,200,000		4,481,203
4.500%, 8/25/25 TBA		4,200,000		4,419,844
5.000%, 7/25/40 TBA		26,600,000		28,141,970
4.500%, 8/25/40 TBA		1,300,000		1,342,758
6.000%, 8/25/40 TBA		9,600,000		10,390,500
FIA Card Services N.A. 7.125%, 11/15/12§		100,000		108,887
Financing Corp. Fico 9.800%, 4/6/18		400,000		571,996
First Union National Bank-Bank of America Commercial Mortgage Trust
Series 2001-C1 A2 6.136%, 3/15/33		1,149,707		1,160,545


	Principal Amount		Value (Note 1)

FirstEnergy Corp. Series C 7.375%, 11/15/31	$	700,000	$	738,075
Florida Power & Light Co.
4.850%, 2/1/13		100,000		107,917
5.950%, 10/1/33		100,000		111,281
5.850%, 5/1/37		170,000		191,364
Florida Power Corp.
5.900%, 3/1/33		200,000		220,931
Ford Credit Auto Owner Trust Series 2007-B A4A 5.240%, 7/15/12		2,500,000		2,588,505
Series 2009-E A3 1.510%, 1/15/14		435,000		437,005
Fortune Brands, Inc. 5.375%, 1/15/16		400,000		431,230
Genentech, Inc. 5.250%, 7/15/35		100,000		104,866
General Dynamics Corp. 4.250%, 5/15/13		100,000		107,804
General Electric Capital Corp.
6.000%, 6/15/12		100,000		107,612
7.625%, 12/10/14	NZD	2,000,000		1,445,893
4.875%, 3/4/15	$	300,000		320,216
5.000%, 1/8/16		100,000		105,453
5.400%, 2/15/17		300,000		318,648
5.625%, 9/15/17		1,100,000		1,175,719
6.750%, 3/15/32		600,000		645,742
6.150%, 8/7/37		500,000		507,257
6.375%, 11/15/67 (l)		575,000		534,750
General Electric Co. 5.000%, 2/1/13		700,000		750,649
General Mills, Inc. 6.000%, 2/15/12		735,000		791,927
Genworth Financial, Inc. 6.500%, 6/15/34		100,000		88,150
Georgia Power Co. 5.950%, 2/1/39		205,000		225,651
Series K 5.125%, 11/15/12		100,000		108,559
GlaxoSmithKline Capital, Inc.
5.650%, 5/15/18		700,000		800,992
5.375%, 4/15/34		295,000		309,419
Golden West Financial Corp.
4.750%, 10/1/12		100,000		104,344
Goldman Sachs Capital II 5.793%, 6/1/43 (l)		325,000		245,375
Goldman Sachs Group, Inc.
6.600%, 1/15/12		100,000		105,764
5.250%, 10/15/13		500,000		527,055
5.125%, 1/15/15		400,000		420,174
5.350%, 1/15/16		400,000		413,835
5.750%, 10/1/16		600,000		633,184
5.625%, 1/15/17		900,000		909,998
6.125%, 2/15/33		300,000		293,693
6.750%, 10/1/37		500,000		490,171
Goodrich Corp. 6.800%, 7/1/36		100,000		120,871
Government National Mortgage Association
5.500%, 2/15/36		3,653,155		3,963,245
6.000%, 7/15/40 TBA		8,900,000		9,700,304
5.500%, 8/15/40 TBA		3,500,000		3,772,344

See Notes to Financial Statements.

470

EQ ADVISORS TRUST

EQ/GLOBAL BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Greenwich Capital Commercial Funding Corp.
Series 2005-GG5 A5 5.224%, 4/10/37 (l)	$	2,105,000	$	2,157,773
GTE Corp.
6.840%, 4/15/18		100,000		113,078
H.J. Heinz Finance Co.
6.000%, 3/15/12		100,000		107,507
Hartford Financial Services Group, Inc.
4.750%, 3/1/14		100,000		102,437
HCP, Inc. 6.000%, 1/30/17		255,000		257,467
Hess Corp. 7.300%, 8/15/31		100,000		117,981
Hewlett-Packard Co.
6.500%, 7/1/12		200,000		221,073
5.500%, 3/1/18		600,000		691,040
Historic TW, Inc. 6.875%, 6/15/18		100,000		117,659
Home Depot, Inc.
5.250%, 12/16/13		100,000		109,955
5.400%, 3/1/16		500,000		556,507
5.875%, 12/16/36		175,000		179,392
Honeywell International, Inc.
6.125%, 11/1/11		100,000		106,751
5.400%, 3/15/16		400,000		457,044
5.300%, 3/1/18		470,000		536,701
Hospitality Properties Trust 6.300%, 6/15/16		257,000		265,770
HSBC Bank USA/New York
4.625%, 4/1/14		400,000		421,289
5.875%, 11/1/34		400,000		392,602
HSBC Finance Corp.
7.000%, 5/15/12		200,000		215,352
5.250%, 4/15/15		200,000		211,039
International Business Machines Corp.
4.750%, 11/29/12		725,000		784,822
5.875%, 11/29/32		600,000		678,098
International Paper Co. 7.500%, 8/15/21		1,075,000		1,258,712
Iron Mountain, Inc.
7.250%, 4/15/14 (m)	GBP	601,000		871,016
6.750%, 10/15/18	EUR	708,000		818,160
Jefferies Group, Inc. 6.250%, 1/15/36	$	100,000		89,505
Johnson & Johnson 4.950%, 5/15/33		400,000		416,760
Johnson Controls, Inc. 4.875%, 9/15/13		100,000		107,717
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2001-CIB3 A3 6.465%, 11/15/35		1,958,000		2,033,890
Series 2006-LDP7 A4 6.064%, 4/15/45 (l)		1,200,000		1,263,547
Series 2007-CB18 AM 5.466%, 6/12/47 (l)		235,000		204,647
JPMorgan Chase & Co.
6.625%, 3/15/12		400,000		430,392
3.700%, 1/20/15		500,000		511,422
4.750%, 3/1/15		100,000		106,262
5.150%, 10/1/15		300,000		320,978
JPMorgan Chase Bank N.A.
5.875%, 6/13/16		300,000		328,193


	Principal Amount		Value (Note 1)

6.000%, 7/5/17	$	925,000	$	1,001,367
6.000%, 10/1/17		600,000		653,377
Kellogg Co.
7.450%, 4/1/31		100,000		132,015
KeyBank N.A.
5.700%, 8/15/12		100,000		105,794
5.800%, 7/1/14		100,000		106,760
Kimberly-Clark Corp.
5.625%, 2/15/12		200,000		214,766
4.875%, 8/15/15		600,000		674,585
6.625%, 8/1/37		370,000		470,372
Kinder Morgan Energy Partners LP
6.750%, 3/15/11		100,000		103,516
5.000%, 12/15/13		800,000		851,408
6.850%, 2/15/20		800,000		910,464
5.800%, 3/15/35		100,000		94,365
Kraft Foods, Inc.
5.625%, 11/1/11		300,000		315,686
6.000%, 2/11/13		200,000		220,491
6.500%, 11/1/31		200,000		219,579
7.000%, 8/11/37		235,000		276,891
6.875%, 2/1/38		300,000		348,692
Kroger Co.
6.200%, 6/15/12		100,000		108,821
7.500%, 4/1/31		100,000		125,849
LB-UBS Commercial Mortgage Trust
Series 2003-C8 A4 5.124%, 11/15/32 (l)		1,500,000		1,595,442
Lincoln National Corp.
6.150%, 4/7/36		300,000		286,560
Lockheed Martin Corp.
6.150%, 9/1/36		100,000		115,703
5.720%, 6/1/40§		243,000		263,214
Lowe’s Cos., Inc.
5.800%, 10/15/36		175,000		189,144
Lubrizol Corp.
5.500%, 10/1/14		100,000		107,642
M&I Marshall & Ilsley Bank
5.250%, 9/4/12		100,000		99,923
Marathon Oil Corp.
6.600%, 10/1/37		255,000		278,647
Marsh & McLennan Cos., Inc.
9.250%, 4/15/19		205,000		258,733
McDonald’s Corp.
5.350%, 3/1/18		200,000		229,058
5.700%, 2/1/39		275,000		310,003
Mellon Funding Corp.
5.000%, 12/1/14		100,000		109,176
Merck & Co., Inc.
5.300%, 12/1/13		600,000		673,057
4.750%, 3/1/15		300,000		333,837
5.950%, 12/1/28		200,000		230,062
MetLife, Inc.
6.125%, 12/1/11		300,000		317,404
5.500%, 6/15/14		100,000		108,984
6.400%, 12/15/36		300,000		264,000
Series A 6.817%, 8/15/18		480,000		542,902
Metropolitan Edison Co.
4.875%, 4/1/14		100,000		105,507
Metropolitan Life Global Funding I
5.125%, 6/10/14§		390,000		423,666

See Notes to Financial Statements.

471

EQ ADVISORS TRUST

EQ/GLOBAL BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Metropolitan Transportation Authority
7.336%, 11/15/39	$	170,000	$	207,582
Microsoft Corp.
2.950%, 6/1/14		335,000		350,534
MidAmerican Energy Co.
5.800%, 10/15/36		200,000		216,646
MidAmerican Energy Holdings Co.
5.875%, 10/1/12		300,000		324,800
5.750%, 4/1/18		600,000		671,221
Morgan Stanley
6.600%, 4/1/12		300,000		318,374
5.300%, 3/1/13		300,000		311,972
4.750%, 4/1/14		300,000		300,515
5.375%, 10/15/15		550,000		557,081
5.450%, 1/9/17		1,000,000		991,296
7.300%, 5/13/19		1,000,000		1,075,418
7.250%, 4/1/32		200,000		224,860
Morgan Stanley Capital I, Inc.
Series 2007-IQ14 A4 5.692%, 4/15/49 (l)		1,205,000		1,140,896
Nabors Industries, Inc.
6.150%, 2/15/18		360,000		385,999
National City Corp.
4.900%, 1/15/15		200,000		215,591
National Rural Utilities Cooperative Finance Corp.
4.750%, 3/1/14		200,000		219,313
5.450%, 4/10/17		400,000		443,453
8.000%, 3/1/32		100,000		128,925
Nationwide Financial Services, Inc.
6.750%, 5/15/37		60,000		45,139
New Cingular Wireless Services, Inc.
8.750%, 3/1/31		200,000		274,560
New Jersey State Turnpike Authority
7.414%, 1/1/40		1,550,000		1,888,055
Newmont Mining Corp.
5.875%, 4/1/35		100,000		102,832
News America Holdings, Inc.
8.000%, 10/17/16		650,000		800,228
News America, Inc.
5.300%, 12/15/14		300,000		333,350
7.280%, 6/30/28		100,000		112,074
6.200%, 12/15/34		200,000		210,644
Norfolk Southern Corp.
5.900%, 6/15/19		275,000		316,168
Northern States Power Co.
Series B 8.000%, 8/28/12		510,000		581,371
Northrop Grumman Systems Corp.
7.750%, 2/15/31		100,000		134,107
Occidental Petroleum Corp.
6.750%, 1/15/12		100,000		108,547
7.000%, 11/1/13		200,000		233,730
Ohio Power Co.
Series G 6.600%, 2/15/33		325,000		365,730
Omnicom Group, Inc.
5.900%, 4/15/16		100,000		113,678
Oncor Electric Delivery Co. LLC
6.375%, 1/15/15		300,000		339,894
ONEOK Partners LP
8.625%, 3/1/19		550,000		677,571


	Principal Amount		Value (Note 1)

Oracle Corp.
3.750%, 7/8/14	$	750,000	$	802,971
5.250%, 1/15/16		400,000		453,892
Pacific Gas & Electric Co.
4.800%, 3/1/14		300,000		325,082
5.800%, 3/1/37		310,000		336,923
Pemex Project Funding Master Trust
6.625%, 6/15/35		625,000		642,848
Pepco Holdings, Inc.
6.450%, 8/15/12		100,000		111,405
Pepsi Bottling Group, Inc.
7.000%, 3/1/29		100,000		127,482
PepsiCo, Inc.
7.900%, 11/1/18		400,000		517,183
Pfizer, Inc.
5.350%, 3/15/15		1,425,000		1,614,485
4.750%, 6/3/16	EUR	1,800,000		2,441,530
4.650%, 3/1/18	$	100,000		108,467
7.200%, 3/15/39		395,000		519,259
Pharmacia Corp.
6.600%, 12/1/28		100,000		117,104
Philip Morris International, Inc.
5.650%, 5/16/18		200,000		218,784
6.375%, 5/16/38		100,000		117,347
Pitney Bowes, Inc.
4.750%, 1/15/16		100,000		107,713
4.750%, 5/15/18		100,000		105,142
Plains All American Pipeline LP
6.500%, 5/1/18		210,000		231,121
PNC Funding Corp.
5.250%, 11/15/15		200,000		212,914
Port Authority of New York & New Jersey
6.040%, 12/1/29		375,000		402,769
Praxair, Inc.
3.950%, 6/1/13		1,000,000		1,063,633
Principal Life Global Funding I
6.250%, 2/15/12§		100,000		106,603
Procter & Gamble Co.
4.500%, 5/12/14	EUR	1,500,000		1,999,967
4.850%, 12/15/15	$	100,000		113,149
5.125%, 10/24/17	EUR	1,500,000		2,087,450
5.800%, 8/15/34	$	300,000		347,763
Progress Energy, Inc.
7.750%, 3/1/31		100,000		126,629
Progressive Corp.
6.700%, 6/15/37 (l)		220,000		205,700
Prudential Financial, Inc.
5.100%, 12/14/11		400,000		417,605
5.100%, 9/20/14		200,000		212,697
PSEG Power LLC
5.500%, 12/1/15		625,000		691,047
Qwest Corp.
8.375%, 5/1/16		710,000		775,675
R.R. Donnelley & Sons Co.
4.950%, 4/1/14		100,000		101,906
6.125%, 1/15/17		425,000		426,828
Raytheon Co.
7.000%, 11/1/28		100,000		125,049
Regions Bank/Alabama
3.250%, 12/9/11		1,900,000		1,969,154
Rockwood Specialties Group, Inc.
7.625%, 11/15/14	EUR	1,080,000		1,314,075

See Notes to Financial Statements.

472

EQ ADVISORS TRUST

EQ/GLOBAL BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Safeway, Inc.
5.625%, 8/15/14	$	100,000	$	112,069
5.000%, 8/15/19		115,000		123,429
Sara Lee Corp.
6.250%, 9/15/11		100,000		105,894
Sempra Energy
6.000%, 10/15/39		420,000		445,636
Simon Property Group LP
6.100%, 5/1/16		620,000		688,162
SLM Corp.
5.375%, 5/15/14		600,000		548,616
Southern California Edison Co.
6.000%, 1/15/34		355,000		408,409
Southern Power Co.
Series B 6.250%, 7/15/12		100,000		108,870
Southwest Airlines Co.
5.125%, 3/1/17		100,000		101,478
Sovereign Bank
5.125%, 3/15/13		100,000		101,338
Spectra Energy Capital LLC
7.500%, 9/15/38		170,000		190,337
State of California
7.550%, 4/1/39		340,000		364,837
State of Illinois
5.100%, 6/1/33		2,240,000		1,746,259
State Street Bank and Trust Co.
5.300%, 1/15/16		100,000		108,110
SunTrust Banks, Inc./Georgia
5.200%, 1/17/17		100,000		99,436
5.450%, 12/1/17		100,000		99,976
Sysco Corp.
5.375%, 9/21/35		100,000		108,502
Target Corp.
7.000%, 7/15/31		100,000		121,823
6.350%, 11/1/32		100,000		114,975
6.500%, 10/15/37		300,000		361,679
Tennessee Valley Authority
4.500%, 4/1/18		550,000		608,079
Series B 4.700%, 7/15/33		300,000		308,980
Series E 6.250%, 12/15/17		100,000		121,567
Teva Pharmaceutical Finance Co LLC
6.150%, 2/1/36		100,000		116,106
TIAA Global Markets, Inc.
4.950%, 7/15/13§		500,000		534,744
Time Warner Cable, Inc.
6.200%, 7/1/13		1,245,000		1,392,458
8.250%, 4/1/19		1,970,000		2,422,710
Time Warner, Inc.
6.875%, 5/1/12		1,610,000		1,754,005
7.625%, 4/15/31		600,000		721,784
7.700%, 5/1/32		700,000		844,224
Toll Brothers Finance Corp.
6.875%, 11/15/12		8,000		8,481
Travelers Cos., Inc.
5.750%, 12/15/17		300,000		328,268
6.250%, 3/15/37 (l)		250,000		234,593
Travelers Property Casualty Corp.
6.375%, 3/15/33		100,000		110,150


	Principal Amount		Value (Note 1)

U.S. Bank N.A./Ohio
6.375%, 8/1/11	$	200,000	$	211,163
4.950%, 10/30/14		100,000		108,978
4.800%, 4/15/15		100,000		108,411
U.S. Treasury Bonds
8.125%, 8/15/19		1,200,000		1,709,626
3.625%, 2/15/20		2,090,000		2,208,214
8.500%, 2/15/20		1,300,000		1,906,938
8.000%, 11/15/21		2,100,000		3,054,188
6.250%, 8/15/23		6,900,000		8,944,124
6.375%, 8/15/27		4,320,000		5,819,852
5.375%, 2/15/31		780,000		959,643
4.500%, 2/15/36		2,100,000		2,319,845
5.000%, 5/15/37		200,000		238,375
4.375%, 2/15/38		1,200,000		1,297,500
4.500%, 5/15/38		3,100,000		3,419,204
3.500%, 2/15/39		1,500,000		1,393,359
4.250%, 5/15/39		2,770,000		2,928,843
4.500%, 8/15/39		4,550,000		5,011,397
4.375%, 11/15/39		3,095,000		3,341,148
4.625%, 2/15/40		730,000		820,565
4.375%, 5/15/40		200,000		216,312
U.S. Treasury Notes
1.000%, 7/31/11		13,000,000		13,081,250
4.500%, 9/30/11		12,800,000		13,453,005
0.875%, 2/29/12		6,005,000		6,037,127
4.625%, 2/29/12		11,100,000		11,855,321
1.000%, 4/30/12		9,535,000		9,606,513
1.375%, 5/15/12		4,000,000		4,058,752
4.750%, 5/31/12		2,800,000		3,022,468
1.875%, 6/15/12		4,895,000		5,015,848
1.375%, 9/15/12		13,870,000		14,081,296
4.250%, 9/30/12		2,100,000		2,270,625
3.875%, 10/31/12		2,700,000		2,900,181
1.125%, 12/15/12		7,000,000		7,057,421
3.625%, 12/31/12		2,300,000		2,466,571
1.375%, 2/15/13		16,810,000		17,030,631
2.750%, 2/28/13		5,450,000		5,724,200
1.500%, 12/31/13		5,500,000		5,546,409
1.875%, 4/30/14		16,345,000		16,639,978
2.375%, 8/31/14		288,000		297,742
2.375%, 10/31/14		1,725,000		1,779,715
2.125%, 11/30/14		8,000,000		8,170,000
4.000%, 2/15/15		1,100,000		1,214,039
2.375%, 2/28/15		9,975,000		10,280,534
2.500%, 3/31/15		3,000,000		3,108,750
2.500%, 4/30/15		4,360,000		4,514,985
4.125%, 5/15/15		1,200,000		1,333,219
2.625%, 4/30/16		3,095,000		3,180,113
4.875%, 8/15/16		1,400,000		1,620,500
4.625%, 2/15/17		2,400,000		2,741,813
3.000%, 2/28/17		1,440,000		1,494,900
4.500%, 5/15/17		4,300,000		4,891,921
2.750%, 5/31/17		3,000,000		3,063,282
4.250%, 11/15/17		9,630,000		10,817,947
4.000%, 8/15/18		3,500,000		3,849,727
2.750%, 2/15/19		10,200,000		10,161,750
3.625%, 8/15/19		7,745,000		8,189,733
3.375%, 11/15/19		12,380,000		12,822,003
UBS Preferred Funding Trust V
Series 1 6.243%, 5/29/49 (l)		150,000		128,625

See Notes to Financial Statements.

473

EQ ADVISORS TRUST

EQ/GLOBAL BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Unilever Capital Corp.
5.900%, 11/15/32	$	200,000	$	232,550
Union Pacific Corp.
6.150%, 5/1/37		125,000		140,008
Union Planters Corp.
4.375%, 12/1/10		100,000		100,192
UnionBanCal Corp.
5.250%, 12/16/13		100,000		108,436
United Parcel Service, Inc.
5.500%, 1/15/18		170,000		194,540
8.375%, 4/1/30 (e)		100,000		135,790
United Technologies Corp.
4.875%, 5/1/15		400,000		447,302
6.125%, 2/1/19		287,000		342,259
UnitedHealth Group, Inc.
5.375%, 3/15/16		200,000		217,352
5.800%, 3/15/36		400,000		402,093
Valero Energy Corp.
6.875%, 4/15/12		200,000		215,325
6.625%, 6/15/37		300,000		292,093
Verizon Communications, Inc.
6.875%, 6/15/12		200,000		220,408
7.375%, 9/1/12		300,000		337,048
4.375%, 6/1/13		200,000		214,864
4.900%, 9/15/15		300,000		329,548
7.750%, 12/1/30		900,000		1,121,534
5.850%, 9/15/35		100,000		103,152
7.350%, 4/1/39		100,000		122,947
Viacom, Inc.
6.250%, 4/30/16		300,000		340,274
6.875%, 4/30/36		100,000		113,207
Virginia Electric & Power Co.
5.400%, 1/15/16		100,000		111,623
Series A 5.950%, 9/15/17		700,000		805,620
Wachovia Bank Commercial Mortgage Trust
Series 2004-C11 A5 5.215%, 1/15/41 (l)		3,500,000		3,672,917
Series 2006-C25 A5 5.924%, 5/15/43 (l)		1,000,000		1,034,657
Series 2007-C32 A2 5.924%, 6/15/49(l)		2,375,000		2,440,868
Series 2007-C33 A4 6.099%, 2/15/51 (l)		1,130,000		1,112,381
Wachovia Bank N.A.
5.600%, 3/15/16		400,000		426,411
6.600%, 1/15/38		800,000		869,869
Wachovia Capital Trust III
5.800%, 3/29/49 (l)		525,000		417,375
Wachovia Corp.
4.875%, 2/15/14		100,000		104,617
Wal-Mart Stores, Inc.
5.000%, 4/5/12		1,000,000		1,070,172
3.625%, 7/8/20		300,000		299,724
7.550%, 2/15/30		100,000		132,685
5.250%, 9/1/35		400,000		421,282
Walt Disney Co.
6.375%, 3/1/12		100,000		108,388
Waste Management, Inc.
6.375%, 11/15/12		100,000		109,569
7.375%, 3/11/19		283,000		342,950
7.000%, 7/15/28		100,000		115,635


	Principal Amount			Value (Note 1)

WellPoint, Inc.
5.250%, 1/15/16	$	200,000		$	218,967
5.950%, 12/15/34		100,000			102,074
Wells Fargo & Co.
5.125%, 9/15/16		100,000			106,433
5.375%, 2/7/35		200,000			195,954
Wells Fargo Capital X
5.950%, 12/15/36		525,000			465,629
Wells Fargo Capital XIII
7.700%, 12/29/49 (l)		625,000			631,250
Wyeth
5.500%, 2/1/14		400,000			449,336
5.500%, 2/15/16		200,000			229,250
6.500%, 2/1/34		100,000			117,843
XCEL Energy, Inc.
6.500%, 7/1/36		100,000			115,361
XTO Energy, Inc.
5.300%, 6/30/15		100,000			113,193
5.650%, 4/1/16		100,000			114,564
6.500%, 12/15/18		100,000			121,353
6.375%, 6/15/38		300,000			371,195

Total United States					847,132,122

Total Long Term Debt Securities (97.1%) (Cost $1,220,310,564)					1,242,814,670

	Number of Shares			Value (Note 1)
COMMON STOCK:
Government (0.1%)
*Foreign Governments (0.1%)*
United Kingdom Gilt (Cost $1,831,856)		1,100,000			1,831,528

	Principal Amount			Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (6.0%)
JPMorgan Chase Nassau
0.000%, 7/1/10 (Amortized Cost $76,944,388)	$	76,944,388			76,944,388

Total Investments Before Securities Sold Short (103.2%) (Cost/Amortized Cost $1,299,086,808)					1,321,590,586

SECURITIES SOLD SHORT:
*U.S. Government Agency (-0.1%)*
Federal National Mortgage Association
5.000%, 8/25/40 TBA	$	(1,000,000	)		(1,054,492	)

Total Securities Sold Short (-0.1%) (Proceeds Received $1,054,297)					(1,054,492	)

Total Investments after Securities Sold Short (103.1%) (Cost/Amortized Cost $1,298,032,511)					1,320,536,094
Other Assets Less Liabilities (-3.1%)					(39,746,753	)

Net Assets (100%)				$	1,280,789,341

See Notes to Financial Statements.

474

EQ ADVISORS TRUST

EQ/GLOBAL BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2010, the market value of these securities amounted to $8,557,921 or 0.7% 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 June 30, 2010. Maturity date disclosed is the ultimate maturity date.

(l)

Floating Rate Security. Rate disclosed is as of June 30, 2010.

(m)

Glossary:

AUD

— Australian Dollar

BRL

— Brazilian Real

CAD

— Canadian Dollar

DKK

— Denmark Krone

EUR

— European Currency Unit

GBP

— British Pound

HUF

— Hungary Forint

KRW

— Korean Won

MXN

— Mexican Peso

MYR

— Malaysian Ringgit

NOK

— Norwegian Krone

NZD

— New Zealand Dollar

PLN

— Polish Zloty

TBA

— Security is subject to delayed delivery.

At June 30, 2010 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


Buy Currency vs. Sell Currency	Counterparty	Local Contract Buy Amount (000’s)	Local Contract Sell Amount (000’s)	U.S. $ Buy Value		U.S. $ Sell Value		Unrealized Appreciation/ (Depreciation)
European Union Euro vs. British Pound, expiring 9/15/10	JPMorgan Chase Bank	1,407	1,150	$	1,721,608	$	1,718,215	$	3,393
European Union Euro vs. British Pound, expiring 9/15/10	JPMorgan Chase Bank	7,249	6,000		8,868,134		8,964,600		(96,466	)
European Union Euro vs. Japanese Yen, expiring 7/1/10	JPMorgan Chase Bank	10,588	1,346,000		12,947,745		15,223,661		(2,275,916	)
European Union Euro vs. Japanese Yen, expiring 8/23/10	JPMorgan Chase Bank	4,685	525,000		5,730,144		5,943,018		(212,874	)
Japanese Yen vs. Australian Dollar, expiring 8/23/10	JPMorgan Chase Bank	877,750	11,880		9,936,163		9,938,214		(2,051	)
Japanese Yen vs. Australian Dollar, expiring 8/23/10	JPMorgan Chase Bank	707,377	9,300		8,007,528		7,779,915		227,613
Japanese Yen vs. Australian Dollar, expiring 8/25/10	JPMorgan Chase Bank	77,790	1,000		880,616		836,350		44,266
Japanese Yen vs. Australian Dollar, expiring 8/25/10	JPMorgan Chase Bank	1,567,627	20,090		17,746,195		16,802,272		943,923
Japanese Yen vs. Canadian Dollar, expiring 9/1/10	JPMorgan Chase Bank	525,000	5,941		5,943,945		5,578,944		365,001
Japanese Yen vs. Canadian Dollar, expiring 9/1/10	JPMorgan Chase Bank	1,705,836	20,000		19,313,134		18,780,107		533,027
Japanese Yen vs. European Union Euro, expiring 7/1/10	JPMorgan Chase Bank	106,300	956		1,202,285		1,169,040		33,245
Japanese Yen vs. European Union Euro, expiring 7/1/10	JPMorgan Chase Bank	2,230,000	17,901		25,221,965		21,890,351		3,331,614
Japanese Yen vs. European Union Euro, expiring 8/23/10	JPMorgan Chase Bank	1,709,622	15,350		19,352,976		18,774,534		578,442
Japanese Yen vs. European Union Euro, expiring 9/15/10	JPMorgan Chase Bank	990,300	9,165		11,215,036		11,211,531		3,505
Japanese Yen vs. Hungarian Forint, expiring 8/18/10	JPMorgan Chase Bank	975,610	2,380,000		11,042,995		10,142,437		900,558
Japanese Yen vs. New Zealand Dollar, expiring 7/13/10	JPMorgan Chase Bank	1,800,000	27,209		20,362,160		18,648,822		1,713,338
Japanese Yen vs. Poland Zloty, expiring 8/18/10	JPMorgan Chase Bank	926,387	32,500		10,485,833		9,549,152		936,681
Japanese Yen vs. U.S. Dollar, expiring 7/30/10	JPMorgan Chase Bank	3,305,000	36,663		37,397,473		36,663,357		734,116
U.S. Dollar vs. European Union Euro, expiring 9/7/10	JPMorgan Chase Bank	9,060	7,400		9,060,057		9,051,828		8,229

								$	7,769,644

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)			Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Asset-Backed and Mortgage-Backed
Securities
Asset-Backed Securities	$	—	$	5,308,772		$	—	$	5,308,772
Collateralized debt obligations		—		26,880,196			—		26,880,196
Non-Agency CMO		—		1,034,657			—		1,034,657
Common Stocks
Government		—		1,831,528			—		1,831,528
Corporate Bonds		—		18,829,245			—		18,829,245
Consumer Discretionary		—		21,932,286			—		21,932,286
Consumer Staples		—		33,509,929			—		33,509,929
Energy		—		27,357,840			—		27,357,840
Financial_Savings&Loans_Building Societies		—		1,339,164			—		1,339,164
Financials		—		88,609,370			—		88,609,370
Government		—		121,567			—		121,567
Health Care		—		14,779,923			—		14,779,923
Industrials		—		16,123,880			—		16,123,880
Information Technology		—		5,633,246			—		5,633,246
Materials		—		19,918,395			—		19,918,395
Telecommunication Services		—		25,452,785			—		25,452,785
Utilities		—		24,756,407			—		24,756,407
Forward Currency Contracts		—		10,356,951			—		10,356,951
Government Securities
Agency ABS		—		18,417,689			—		18,417,689
Foreign Governments		—		226,460,134			—		226,460,134
Municipal Bonds		—		4,609,502			—		4,609,502
Supranational		—		31,712,816			—		31,712,816
U.S. Government Agencies		—		351,057,465			—		351,057,465
U.S. Treasuries		—		278,969,402			—		278,969,402
Short-Term Investments		—		76,944,388			—		76,944,388

Total Assets	$	—	$	1,331,947,537		$	—	$	1,331,947,537

Liabilities:
Forward Currency Contracts	$	—	$	(2,587,307	)	$	—	$	(2,587,307	)
Government Securities
U.S. Government Agencies		—		(1,054,492	)		—		(1,054,492	)

Total Liabilities	$	—	$	(3,641,799	)	$	—	$	(3,641,799	)

Total	$	—	$	1,328,305,738		$	—	$	1,328,305,738

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments in Securities-Financials
Balance as of 12/31/09	$	1,772,083
Total gains or losses (realized/unrealized) included in earnings		85,720
Purchases, sales, issuances, and settlements (net)		(1,857,803	)
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of 6/30/10	$	—
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	—

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets -Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		10,356,951
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets -Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	10,356,951


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		(2,587,307	)
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(2,587,307	)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts		—		—		2,602,875		—		2,602,875
Credit contracts		—		—		—		—		—
Equity contracts		—		—		—		—		—
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	—	$	2,602,875	$	—	$	2,602,875

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts		—		—		13,734,177		—		13,734,177
Credit contracts		—		—		—		—		—
Equity contracts		—		—		—		—		—
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	—	$	13,734,177	$	—	$	13,734,177

This Portfolio held forward foreign currency contracts with an average settlement value of approximately $2,982,650,000 during the six months ended June 30, 2010.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks, long-term corporate debt securities and short positions	$	822,830,943
Long-term U.S. Treasury securities		100,137,814

	$	922,968,757

Net Proceeds of Sales and Redemptions:
Stocks, long-term corporate debt securities and short positions	$	756,517,613
Long-term U.S. Treasury securities		91,627,974

	$	848,145,587

As of June 30, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	41,158,811
Aggregate gross unrealized depreciation		(19,594,709	)

Net unrealized appreciation	$	21,564,102

Federal income tax cost of investments	$	1,300,026,484

The Portfolio has a net capital loss carryforward of $21,139,706 which expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $1,299,086,808)	$	1,321,590,586
Cash		2,690,978
Foreign cash (Cost $3,963,248)		3,882,959
Receivable for forward commitments		35,983,410
Receivable for securities sold		29,882,501
Dividends, interest and other receivables		12,434,921
Unrealized appreciation of forward foreign currency contracts		10,356,951
Receivable from Separate Accounts for Trust shares sold		1,221,477
Other assets		14,232

Total assets		1,418,058,015

LIABILITIES
Payable for forward commitments		104,645,125
Payable for securities purchased		27,585,223
Unrealized depreciation of forward foreign currency contracts		2,587,307
Securities sold short, at value (Proceeds received $1,054,297)		1,054,492
Investment management fees payable		572,141
Payable to Separate Accounts for Trust shares redeemed		349,955
Administrative fees payable		164,669
Distribution fees payable - Class IB		107,622
Trustees’ fees payable		1,284
Accrued expenses		200,856

Total liabilities		137,268,674

NET ASSETS	$	1,280,789,341

Net assets were comprised of:
Paid in capital	$	1,256,309,689
Accumulated undistributed net investment income (loss)		17,203,321
Accumulated undistributed net realized gains (losses) on investments, securities sold short and foreign currency transactions		(22,558,060	)
Net unrealized appreciation (depreciation) on investments, securities sold short and foreign currency translations		29,834,391

Net assets	$	1,280,789,341

Class IA
Net asset value, offering and redemption price per share, $749,849,781 / 75,313,089 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.96

Class IB
Net asset value, offering and redemption price per share, $530,939,560 / 53,548,050 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.92

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Interest (net of $6,340 foreign withholdings tax)	$	22,625,241

EXPENSES
Investment management fees		3,424,947
Administrative fees		986,147
Distribution fees - Class IB		644,675
Printing and mailing expenses		72,266
Custodian fees		30,580
Professional fees		24,192
Trustees’ fees		14,537
Miscellaneous		36,011

Total expenses		5,233,355

NET INVESTMENT INCOME (LOSS)		17,391,886

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		5,416,974
Foreign currency transactions		(5,489,377	)
Securities sold short		(406,273	)

Net realized gain (loss)		(478,676	)

Change in unrealized appreciation (depreciation) on:
Securities		7,043,393
Foreign currency translations		13,310,179
Securities sold short		(55,820	)

Net change in unrealized appreciation (depreciation)		20,297,752

NET REALIZED AND UNREALIZED GAIN (LOSS)		19,819,076

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	37,210,962

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	17,391,886		$	32,847,924
Net realized gain (loss) on investments, securities sold short and foreign currency transactions		(478,676	)		(77,648,910	)
Net change in unrealized appreciation (depreciation) on investments, securities sold short and foreign currency translations		20,297,752			68,792,328

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		37,210,962			23,991,342

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		—			(4,582,681	)
Class IB		—			(3,767,310	)

		—			(8,349,991	)

Distributions from net realized capital gains
Class IA		—			(2,108,270	)
Class IB		—			(1,733,157	)

		—			(3,841,427	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(12,191,418	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [6,229,156 and 23,338,304 shares, respectively]		61,050,360			220,083,614
Capital shares issued in reinvestment of dividends and distributions [0 and 716,527 shares, respectively]		—			6,690,951
Capital shares repurchased [(4,240,444) and (4,266,960) shares, respectively]		(41,558,920	)		(40,488,976	)

Total Class IA transactions		19,491,440			186,285,589

Class IB
Capital shares sold [8,028,522 and 15,659,510 shares, respectively]		78,405,256			148,335,020
Capital shares issued in reinvestment of dividends and distributions [0 and 590,192 shares, respectively]		—			5,500,467
Capital shares repurchased [(6,131,993) and (16,196,997) shares, respectively]		(59,885,371	)		(151,210,140	)

Total Class IB transactions		18,519,885			2,625,347

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		38,011,325			188,910,936

TOTAL INCREASE (DECREASE) IN NET ASSETS		75,222,287			200,710,860
NET ASSETS:
Beginning of period		1,205,567,054			1,004,856,194

End of period (a)	$	1,280,789,341		$	1,205,567,054

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	17,203,321		$	(188,565	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,												October 3, 2005* to December 31, 2005
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			October 3, 2005* to December 31, 2005
Net asset value, beginning of period	$	9.66		$	9.56		$	10.77		$	10.08		$	9.77		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.14	(e)		0.34	(e)		0.44	(e)		0.45	(e)		0.36	(e)		0.05	(e)
Net realized and unrealized gain (loss) on investments, securities sold short and foreign currency transactions		0.16			(0.12	)		0.32	†		0.52			—	#		(0.28	)

Total from investment operations		0.30			0.22			0.76			0.97			0.36			(0.23	)

Less distributions:
Dividends from net investment income		—			(0.08	)		(1.97	)		(0.27	)		(0.03	)		—
Distributions from net realized gains		—			(0.04	)		—			(0.01	)		(0.02	)		—

Total dividends and distributions		—			(0.12	)		(1.97	)		(0.28	)		(0.05	)		—

Net asset value, end of period	$	9.96		$	9.66		$	9.56		$	10.77		$	10.08		$	9.77

Total return (b)		3.11	%		2.27	%		6.73	%		9.54	%		3.70	%		(2.30	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	749,850		$	708,202		$	511,658		$	604,149		$	272,209		$	98
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.74	%		0.80	%		0.86	%		0.87	%		0.90	%		0.90	%
Before waivers and reimbursements (a)		0.74	%		0.80	%		0.86	%		0.87	%		0.90	%		6.98	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		2.89	%		3.58	%		4.02	%		4.26	%		3.67	%		2.11	%
Before waivers and reimbursements (a)		2.89	%		3.58	%		4.02	%		4.26	%		3.67	%		(3.97	)%
Portfolio turnover rate		70	%		159	%		121	%		82	%		74	%		10	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,												October 3, 2005* to December 31, 2005
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			October 3, 2005* to December 31, 2005
Net asset value, beginning of period	$	9.63		$	9.56		$	10.76		$	10.08		$	9.77		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.13	(e)		0.23	(e)		0.41	(e)		0.42	(e)		0.33	(e)		0.04	(e)
Net realized and unrealized gain (loss) on investments, securities sold short and foreign currency transactions		0.16			(0.04	)		0.33	†		0.51			0.01			(0.27	)

Total from investment operations		0.29			0.19			0.74			0.93			0.34			(0.23	)

Less distributions:
Dividends from net investment income		—			(0.08	)		(1.94	)		(0.24	)		(0.01	)		—
Distributions from net realized gains		—			(0.04	)		—			(0.01	)		(0.02	)		—

Total dividends and distributions		—			(0.12	)		(1.94	)		(0.25	)		(0.03	)		—

Net asset value, end of period	$	9.92		$	9.63		$	9.56		$	10.76		$	10.08		$	9.77

Total return (b)		3.01	%		1.96	%		6.51	%		9.26	%		3.44	%		(2.30	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	530,940		$	497,365		$	493,198		$	234,871		$	96,604		$	11,942
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.99	%		1.05	%(c)		1.11	%		1.12	%		1.15	%		1.15	%
Before waivers and reimbursements (a)		0.99	%		1.05	%(c)		1.11	%		1.12	%		1.15	%		7.23	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		2.65	%		2.50	%		3.73	%		4.00	%		3.29	%		1.86	%
Before waivers and reimbursements (a)		2.65	%		2.50	%		3.73	%		4.00	%		3.29	%		(4.22	)%
Portfolio turnover rate		70	%		159	%		121	%		82	%		74	%		10	%

*	Commencement of Operations.

†	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.

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

482

EQ/GLOBAL MULTI-SECTOR EQUITY PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Financials	17.1	%
Consumer Staples	9.4
Information Technology	9.2
Energy	7.5
Consumer Discretionary	7.1
Industrials	7.0
Health Care	6.4
Telecommunication Services	5.5
Materials	5.1
Utilities	3.4
Cash and Other	22.3

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$899.50	$4.33
Hypothetical (5% average return before expenses)	1,000.00	1,020.23	4.61
Class IB
Actual	1,000.00	898.30	5.51
Hypothetical (5% average return before expenses)	1,000.00	1,018.99	5.86
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.92% and 1.17%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

483

EQ ADVISORS TRUST

EQ/GLOBAL MULTI-SECTOR EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Argentina (0.0%)
Banco Macro S.A. (ADR)	7,100	$	209,095

Australia (2.2%)
AGL Energy Ltd.	33,692		414,932
Alumina Ltd.	144,276		182,825
Amcor Ltd.	76,490		407,511
AMP Ltd.	147,153		639,849
Aristocrat Leisure Ltd.	25,895		79,118
Arrow Energy Ltd.*	45,450		184,893
Asciano Group*	208,395		281,243
ASX Ltd.	12,297		300,030
Australia & New Zealand Banking Group Ltd.	168,812		3,030,534
AXA Asia Pacific Holdings Ltd.	77,890		356,705
Bendigo and Adelaide Bank Ltd.	26,547		181,462
BGP Holdings plc (b)*†	796,081		—
BHP Billiton Ltd.	227,823		7,085,261
Billabong International Ltd.	13,246		96,464
BlueScope Steel Ltd.*	111,924		194,976
Boral Ltd.	45,490		182,864
Brambles Ltd.	90,140		410,952
Caltex Australia Ltd.	7,595		59,310
CFS Retail Property Trust (REIT)	141,220		223,774
Coca-Cola Amatil Ltd.	42,506		425,699
Cochlear Ltd.	3,239		201,764
Commonwealth Bank of Australia	103,823		4,208,003
Computershare Ltd.	34,091		301,608
Crown Ltd.	39,014		252,868
CSL Ltd.	37,027		1,009,846
CSR Ltd.	98,595		138,276
Dexus Property Group (REIT)	371,682		239,308
Energy Resources of Australia Ltd.	3,156		34,967
Fairfax Media Ltd.	167,864		184,238
Fortescue Metals Group Ltd.*	77,034		262,638
Foster’s Group Ltd.	123,380		583,689
Goodman Fielder Ltd.	82,335		92,837
Goodman Group (REIT)	458,958		241,982
GPT Group (REIT)	115,979		272,299
Harvey Norman Holdings Ltd.	26,005		71,889
Incitec Pivot Ltd.	98,261		222,789
Insurance Australia Group Ltd.	153,820		437,571
Intoll Group	161,210		140,190
Leighton Holdings Ltd.	8,918		214,912
Lend Lease Group	36,148		220,661
MacArthur Coal Ltd.	3,635		36,554
Macquarie Group Ltd.	21,858		672,657
MAp Group	35,802		80,373
Metcash Ltd.	54,958		193,351
Mirvac Group (REIT)	198,941		217,795
National Australia Bank Ltd.	141,165		2,726,773
Newcrest Mining Ltd.	34,419		1,012,283
OneSteel Ltd.	95,425		236,281
Orica Ltd.	24,720		520,423


	Number of Shares	Value (Note 1)

Origin Energy Ltd.	62,903	$	785,876
OZ Minerals Ltd.*	181,270		144,904
Paladin Energy Ltd.*	34,777		103,900
Qantas Airways Ltd.*	55,880		102,582
QBE Insurance Group Ltd.	67,705		1,030,356
Rio Tinto Ltd.	29,053		1,609,069
Santos Ltd.	53,429		560,841
Sims Metal Management Ltd.	12,649		180,095
Sonic Healthcare Ltd.	28,440		247,734
SP AusNet	57,816		37,017
Stockland Corp., Ltd. (REIT)	152,126		472,662
Suncorp-Metway Ltd.	81,445		546,654
TABCORP Holdings Ltd.	46,837		248,095
Tatts Group Ltd.	86,000		160,991
Telstra Corp., Ltd.	276,991		753,691
Toll Holdings Ltd.	39,642		181,023
Transurban Group	101,827		361,208
Wesfarmers Ltd.	66,361		1,588,820
Wesfarmers Ltd. (PPS)	11,524		277,343
Westfield Group (REIT)	144,162		1,467,309
Westpac Banking Corp.	199,949		3,530,960
Woodside Petroleum Ltd.	36,228		1,263,596
Woolworths Ltd.	82,919		1,879,735
WorleyParsons Ltd.	10,802		199,597

			47,501,285

Austria (0.1%)
Erste Group Bank AG	12,667		402,980
Immofinaz AG*	55,579		143,089
OMV AG	9,568		288,365
Raiffeisen International Bank Holding AG*	4,265		162,547
Telekom Austria AG	25,736		286,075
Verbund AG, Class A	6,037		184,918
Vienna Insurance Group	3,613		150,647
Voestalpine AG	8,577		234,755

			1,853,376

Belgium (0.3%)
Ageas	149,680		334,303
Anheuser-Busch InBev N.V.	47,998		2,305,536
Belgacom S.A.	9,749		306,897
Cie Nationale a Portefeuille	2,506		106,379
Colruyt S.A.	1,261		296,570
Delhaize Group S.A.	6,778		490,779
Dexia S.A.*	46,523		162,073
Groupe Bruxelles Lambert S.A.	4,674		324,649
KBC Groep N.V.*	9,444		362,233
Mobistar S.A.	2,874		151,996
Solvay S.A.	3,358		286,731
UCB S.A.	8,215		257,369
Umicore S.A.	7,095		205,299

			5,590,814

Bermuda (0.0%)
Nabors Industries Ltd.*	19,059		335,820
Seadrill Ltd.	18,524		332,972
XL Capital Ltd., Class A	23,415		374,874

			1,043,666

See Notes to Financial Statements.

484

EQ ADVISORS TRUST

EQ/GLOBAL MULTI-SECTOR EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Brazil (2.2%)
Banco Bradesco S.A. (ADR)	164,850	$	2,614,521
Banco Bradesco S.A. (Preference)	65,230		1,026,333
BRF - Brasil Foods S.A.	366,254		4,813,044
Cia de Bebidas das Americas (Preference) (ADR)	45,000		4,545,450
CIA Vale do Rio Doce (ADR)	6,500		136,630
Cielo S.A.	363,700		3,090,946
Itau Unibanco Holding S.A.	114,676		2,067,345
Lojas Arapua S.A. (Preference) (b)*†	1,248,000		—
MRV Engenharia e Participacoes S.A.	234,500		1,656,440
NET Servicos de Comunicacao S.A. (ADR)*	2,500		23,475
NET Servicos de Comunicacao S.A. (Preference)*	248,308		2,334,508
OGX Petroleo e Gas Participacoes S.A.*	146,800		1,363,898
PDG Realty S.A. Empreendimentos e Participacoes	319,800		2,678,879
Petroleo Brasileiro S.A. (Preference)	327,542		4,892,262
Petroleo Brasileiro S.A. (Preference) (ADR)	21,700		646,660
Petroleo Brasileiro S.A. (ADR)	60,900		2,090,088
Tim Participacoes S.A. (ADR)	42,600		1,156,164
Ultrapar Participacoes S.A. (Preference)	37,200		1,774,471
Vale S.A. (Preference), Class A	21,356		451,966
Vale S.A. (ADR)	414,285		8,708,271
Vivo Participacoes S.A. (Preference) (ADR)	86,700		2,247,264

			48,318,615

Cayman Islands (0.1%)
Sany Heavy Equipment International Holdings Co., Ltd.	1,140,000		1,253,333

China (2.3%)
Bank of China Ltd., Class H	6,101,900		3,078,342
China Citic Bank Corp. Ltd., Class H	3,036,000		1,914,393
China Coal Energy Co., Class H	1,909,000		2,393,964
China Construction Bank Corp., Class H	9,339,000		7,515,559
China Dongxiang Group Co.	1,426,600		948,997
China Life Insurance Co., Ltd., Class H	1,191,000		5,232,192
China Oilfield Services Ltd., Class H	1,506,000		1,761,040
China Pacific Insurance Group Co. Ltd., Class H	714,400		2,816,487
China Petroleum & Chemical Corp., Class H	6,298,000		5,083,047


	Number of Shares	Value (Note 1)

China Telecom Corp. Ltd., Class H	5,392,000	$	2,574,285
China Unicom Hong Kong Ltd.	2,222,000		2,970,579
China Zhongwang Holdings Ltd.	1,514,800		955,573
Dongfeng Motor Group Co., Ltd., Class H	1,679,000		1,910,506
Foxconn International Holdings Ltd.*	184,913		120,058
Industrial & Commercial Bank of China Ltd., Class H	5,447,000		3,955,121
PetroChina Co., Ltd., Class H	1,396,000		1,540,941
Ping An Insurance Group Co. of China Ltd., Class H†	292,000		2,353,870
Tencent Holdings Ltd.	9,400		155,010
Tsingtao Brewery Co., Ltd., Class H	222,000		1,037,377
Want Want China Holdings Ltd.	2,228,000		1,876,637
Yangzijiang Shipbuilding Holdings Ltd.	81,497		77,795

			50,271,773

Cyprus (0.0%)
Bank of Cyprus PCL	46,994		188,324

Czech Republic (0.2%)
CEZ A/S	25,652		1,053,432
Komercni Banka A/S	21,187		3,423,508

			4,476,940

Denmark (0.3%)
A. P. Moller - Maersk A/S, Class A	30		228,411
A. P. Moller - Maersk A/S, Class B	90		705,663
Carlsberg A/S, Class B	7,243		550,667
Coloplast A/S, Class B	2,006		199,123
Danske Bank A/S*	31,128		597,816
DSV A/S	12,724		182,565
Novo Nordisk A/S, Class B	30,300		2,444,170
Novozymes A/S, Class B	2,590		274,896
Tryg A/S	2,543		133,701
Vestas Wind Systems A/S*	14,108		586,441
William Demant Holding A/S*	1,548		113,042

			6,016,495

Egypt (0.5%)
Commercial International Bank Egypt SAE	294,797		3,485,467
Juhayna Food Industries*	1,595,674		1,156,976
Orascom Construction Industries	48,801		1,945,630
Orascom Construction Industries (GDR)	25,589		1,004,368
Telecom Egypt	1,033,373		2,846,631

			10,439,072

See Notes to Financial Statements.

485

EQ ADVISORS TRUST

EQ/GLOBAL MULTI-SECTOR EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Finland (0.3%)
Elisa Oyj*	11,989	$	207,546
Fortum Oyj	30,437		670,046
Kesko Oyj, Class B	4,663		150,998
Kone Oyj, Class B	8,947		355,751
Metso Oyj	7,998		255,400
Neste Oil Oyj	12,064		175,274
Nokia Oyj	249,713		2,038,977
Nokian Renkaat Oyj	8,210		201,067
Orion Oyj, Class B	5,670		106,090
Outokumpu Oyj	10,553		158,671
Pohjola Bank plc	13,409		136,506
Rautaruukki Oyj	5,563		81,114
Sampo Oyj, Class A	28,639		599,218
Sanoma Oyj	4,459		76,928
Stora Enso Oyj, Class R	47,073		336,749
UPM-Kymmene Oyj	34,413		455,998
Wartsila Oyj	3,982		181,396

			6,187,729

France (2.5%)
Accor S.A.*	9,784		449,319
Aeroports de Paris S.A.	2,693		171,622
Air France-KLM*	9,939		116,917
Air Liquide S.A.	18,637		1,871,938
Alcatel-Lucent*	156,372		398,833
Alstom S.A.	12,784		576,489
Atos Origin S.A.*	3,238		129,327
AXA S.A.	110,614		1,677,559
bioMerieux S.A.	796		81,675
BNP Paribas S.A.	63,491		3,390,065
Bouygues S.A.	15,234		583,509
Bureau Veritas S.A.	4,285		230,684
Cap Gemini S.A.	9,728		425,018
Carrefour S.A.	41,775		1,649,428
Casino Guichard Perrachon S.A.	2,981		225,112
Christian Dior S.A.	3,694		350,994
Cie de Saint-Gobain S.A.	24,665		910,706
Cie Generale de Geophysique-Veritas*	11,671		204,991
Cie Generale d’Optique Essilor International S.A.	14,817		882,210
CNP Assurances S.A.	3,219		219,269
Compagnie Generale des Etablissements Michelin, Class B	10,084		702,927
Credit Agricole S.A.	64,364		658,856
Danone S.A.	38,582		2,060,355
Dassault Systemes S.A.	2,977		180,154
EDF S.A.	17,933		681,497
Eiffage S.A.	3,736		161,271
Eramet S.A.	503		123,160
Eurazeo S.A.	1,988		114,301
Eutelsat Communications S.A.	8,377		279,864
Fonciere Des Regions (REIT)	1,700		140,566
France Telecom S.A.	123,315		2,127,910
GDF Suez S.A.	82,833		2,343,560
Gecina S.A. (REIT)	1,777		158,746
Groupe Eurotunnel S.A.	38,334		259,075
Hermes International S.A.	3,123		414,354


	Number of Shares	Value (Note 1)

ICADE (REIT)	1,842	$	155,391
Iliad S.A.	1,512		117,279
Imerys S.A.	2,314		117,033
Ipsen S.A.	1,218		37,133
J.C. Decaux S.A.*	6,292		145,747
Klepierre S.A. (REIT)	7,892		216,671
Lafarge S.A.	14,470		782,433
Lagardere S.C.A.	9,710		300,864
Legrand S.A.	8,948		263,616
L’Oreal S.A.	15,858		1,549,577
LVMH Moet Hennessy Louis Vuitton S.A.	16,191		1,763,648
Metropole Television S.A.	3,743		75,828
Natixis S.A.*	69,405		298,570
Neopost S.A.	2,128		153,996
PagesJaunes Groupe S.A.	6,752		69,554
Pernod-Ricard S.A.	14,172		1,096,301
Peugeot S.A.*	9,923		250,826
PPR S.A.	5,490		677,488
Publicis Groupe S.A.	7,592		301,794
Renault S.A.*	12,588		463,270
Safran S.A.	13,456		373,156
Sanofi-Aventis S.A.	70,719		4,264,561
Schneider Electric S.A.	15,569		1,575,814
SCOR SE	13,463		257,325
Societe BIC S.A.	1,794		127,252
Societe Generale S.A.	41,597		1,692,113
Societe Television Francaise 1 S.A.	8,553		111,781
Sodexo S.A.	5,386		298,307
Suez Environnement Co. S.A.	21,515		354,444
Technip S.A.	7,022		399,818
Thales S.A.	7,631		245,297
Total S.A.	142,285		6,332,322
Unibail-Rodamco S.A. (REIT)	5,865		951,890
Vallourec S.A.	3,998		682,624
Veolia Environnement	25,664		599,451
Vinci S.A.	28,377		1,168,510
Vivendi S.A.	81,588		1,650,594

			54,874,539

Germany (2.1%)
Adidas AG	15,233		735,266
Allianz SE (Registered)	30,314		3,010,073
BASF SE	61,389		3,349,174
Bayer AG	55,252		3,082,789
Bayerische Motoren Werke (BMW) AG	23,086		1,116,629
Bayerische Motoren Werke (BMW) AG (Preference)	3,564		125,051
Beiersdorf AG	7,124		391,615
Celesio AG	6,611		143,916
Commerzbank AG*	47,348		330,455
Continental AG*	2,449		127,000
Daimler AG*	60,196		3,048,157
Deutsche Bank AG (Registered)	41,321		2,336,215
Deutsche Boerse AG	12,497		759,278
Deutsche Lufthansa AG (Registered)*	16,556		228,122

See Notes to Financial Statements.

486

EQ ADVISORS TRUST

EQ/GLOBAL MULTI-SECTOR EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Deutsche Post AG (Registered)	58,430	$	847,591
Deutsche Postbank AG*	7,384		213,189
Deutsche Telekom AG (Registered)	187,741		2,213,138
E.ON AG	123,947		3,336,625
Fraport AG	2,367		100,602
Fresenius Medical Care AG & Co. KGaA	12,014		649,954
Fresenius SE	1,887		125,477
Fresenius SE (Preference)	4,563		301,721
GEA Group AG	12,494		248,193
Hannover Rueckversicherung AG (Registered)	5,345		230,249
HeidelbergCement AG	9,615		457,967
Henkel AG & Co. KGaA	7,358		300,501
Henkel AG & Co. KGaA (Preference)	10,832		526,954
Hochtief AG	3,555		211,260
Infineon Technologies AG*	73,971		427,486
K+S AG	10,973		504,769
Linde AG	11,332		1,189,890
MAN SE	7,173		591,357
Merck KGaA	3,602		262,413
Metro AG	8,920		453,489
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)	12,984		1,625,497
Porsche Automobil Holding SE (Preference)	6,916		295,033
Puma AG Rudolf Dassler Sport	363		95,807
RWE AG	27,873		1,816,778
RWE AG (Preference)	2,963		178,678
Salzgitter AG	3,387		201,858
SAP AG	57,122		2,537,233
Siemens AG (Registered)	55,254		4,944,510
Suedzucker AG	3,957		70,961
ThyssenKrupp AG	22,796		559,982
TUI AG*	9,668		84,997
United Internet AG	8,501		93,475
Volkswagen AG	2,461		208,423
Volkswagen AG (Preference)	12,205		1,068,526
Wacker Chemie AG	1,404		203,196

			45,961,519

Greece (0.1%)
Alpha Bank AE*	29,232		142,877
Coca Cola Hellenic Bottling Co. S.A.	14,655		312,680
EFG Eurobank Ergasias S.A.*	26,384		117,095
Hellenic Telecommunications Organization S.A.*	17,719		133,221
National Bank of Greece S.A.*	41,813		455,602
OPAP S.A.	16,074		199,935
Piraeus Bank S.A.*	23,209		97,849
Public Power Corp. S.A.	6,674		95,721

			1,554,980


	Number of Shares	Value (Note 1)

Hong Kong (1.8%)
ASM Pacific Technology Ltd.	14,000	$	108,859
Bank of East Asia Ltd.	116,600		419,901
Beijing Enterprises Holdings Ltd.	418,500		2,718,615
Belle International Holdings Ltd.	2,060,000		2,920,620
BOC Hong Kong Holdings Ltd.	247,500		562,583
Cathay Pacific Airways Ltd.	50,000		98,028
Cheung Kong Holdings Ltd.	96,000		1,103,158
Cheung Kong Infrastructure Holdings Ltd.	44,000		162,905
China Mobile Ltd.	517,500		5,157,656
China Resources Power Holdings Co., Ltd.	1,602,200		3,629,740
CLP Holdings Ltd.	122,500		886,934
Esprit Holdings Ltd.	77,233		416,503
Fushan International Energy Group Ltd.	2,470,000		1,388,282
GOME Electrical Appliances Holdings Ltd.*	12,242,359		3,698,634
Hang Lung Group Ltd.	43,000		231,664
Hang Lung Properties Ltd.	155,000		594,492
Hang Seng Bank Ltd.	51,800		692,071
Henderson Land Development Co., Ltd.	70,000		407,814
Hengan International Group Co., Ltd.	149,000		1,202,283
Hong Kong & China Gas Co., Ltd.	317,800		785,498
Hong Kong Exchanges and Clearing Ltd.	70,800		1,104,004
HongKong Electric Holdings Ltd.	92,500		550,547
Hopewell Holdings Ltd.	55,000		154,698
Hutchison Whampoa Ltd.	147,000		907,574
Hysan Development Co., Ltd.	55,000		154,650
Kerry Properties Ltd.	59,500		255,384
Li & Fung Ltd.	156,000		698,338
Lifestyle International Holdings Ltd.	30,500		59,157
Link REIT (REIT)	141,500		350,091
Mongolia Energy Co., Ltd.*	287,601		100,372
MTR Corp.	80,000		272,585
New World Development Ltd.	203,000		327,931
Noble Group Ltd.	193,181		233,265
NWS Holdings Ltd.	79,000		142,800
Orient Overseas International Ltd.*	20,000		142,873
PCCW Ltd.	198,000		57,473
Shanghai Industrial Holdings Ltd.	791,000		3,132,633
Shangri-La Asia Ltd.	112,000		206,399
Sino Land Co., Ltd.	100,000		177,610
Sun Hung Kai Properties Ltd.	98,000		1,332,437
Swire Pacific Ltd., Class A	51,500		583,535
Television Broadcasts Ltd.	16,000		74,151
Wharf Holdings Ltd.	91,000		440,508
Wheelock & Co., Ltd.	79,000		221,992
Wing Hang Bank Ltd.	16,500		160,816
Yue Yuen Industrial Holdings Ltd.	50,000		155,337

			39,183,400

See Notes to Financial Statements.

487

EQ ADVISORS TRUST

EQ/GLOBAL MULTI-SECTOR EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Hungary (0.3%)
MOL Hungarian Oil and Gas plc*	44,027	$	3,633,831
OTP Bank plc*	42,699		859,453
Richter Gedeon Nyrt.	17,586		3,109,897

			7,603,181

India (2.3%)
Asian Paints Ltd.	39,431		1,941,203
Bharat Heavy Electricals Ltd.	43,677		2,300,620
Colgate-Palmolive India Ltd.	76,356		1,364,116
Deccan Chronicle Holdings Ltd.	159,500		419,542
Dr. Reddy’s Laboratories Ltd.	102,680		3,179,859
Glenmark Pharmaceuticals Ltd.	343,666		1,983,470
HDFC Bank Ltd.	136,462		5,615,736
Hindalco Industries Ltd.	570,017		1,751,698
Hindustan Construction Co.	479,712		1,213,779
IndusInd Bank Ltd.	552,000		2,420,396
Infosys Technologies Ltd.	102,227		6,109,230
ITC Ltd.	296,055		1,933,292
KSK Energy Ventures Ltd.*	341,500		1,242,846
Marico Ltd.	494,400		1,371,217
Nestle India Ltd.	18,056		1,110,885
Reliance Industries Ltd.	165,325		3,852,178
Rural Electrification Corp., Ltd.	196,638		1,280,743
Shree Renuka Sugars Ltd.	598,540		865,439
State Bank of India	24,096		1,186,894
Sun TV Network Ltd.	132,690		1,242,402
Tata Motors Ltd.	218,078		3,628,062
Wipro Ltd.	208,306		1,710,895
Yes Bank Ltd.	356,130		2,038,479

			49,762,981

Indonesia (0.9%)
PT Astra International Tbk	882,900		4,647,559
PT Bank Central Asia Tbk	5,354,000		3,460,912
PT Bank Rakyat Indonesia	2,126,500		2,147,851
PT Bumi Resources Tbk	6,088,500		1,243,901
PT Indofood Sukses Makmur Tbk	5,359,000		2,419,350
PT Indosat Tbk	2,442,000		1,317,347
PT Perusahaan Gas Negara	3,228,000		1,364,913
PT Telekomunikasi Indonesia Tbk	3,513,500		2,961,770

			19,563,603

Ireland (0.1%)
Bank of Ireland*	230,125		189,228
CRH plc	48,154		1,007,900
Elan Corp. plc*	40,399		182,977
Experian plc	69,818		604,513
James Hardie Industries SE (CDI)*	32,060		166,975
Kerry Group plc, Class A	11,228		311,024
Shire plc	38,171		775,871

			3,238,488


	Number of Shares	Value (Note 1)

Israel (0.2%)
Bank Hapoalim B.M.*	55,537	$	199,520
Bank Leumi Le-Israel B.M.*	69,315		246,241
Bezeq Israeli Telecommunication Corp., Ltd.	97,464		213,222
Cellcom Israel Ltd.	1,735		43,285
Elbit Systems Ltd.	748		37,938
Israel Chemicals Ltd.	26,142		272,619
Israel Corp. Ltd.*	97		60,054
Israel Discount Bank Ltd., Class A*	12,992		21,924
Makhteshim-Agan Industries Ltd.	5,465		18,211
Mizrahi Tefahot Bank Ltd.*	3,028		22,004
NICE Systems Ltd.*	2,716		67,453
Partner Communications Co., Ltd.	3,246		49,907
Teva Pharmaceutical Industries Ltd.	62,122		3,241,461

			4,493,839

Italy (0.8%)
A2A S.p.A.	105,714		143,318
Assicurazioni Generali S.p.A.	77,580		1,353,798
Atlantia S.p.A.	19,554		346,665
Autogrill S.p.A.*	4,409		52,791
Banca Carige S.p.A.	67,106		131,205
Banca Monte dei Paschi di Siena S.p.A.*	196,214		222,157
Banca Popolare Societa Cooperativa	28,374		117,077
Banco Popolare S.c.a.r.l.	52,147		286,575
Beni Stabili S.p.A.*	10,200		7,733
Enel S.p.A.	433,833		1,835,331
ENI S.p.A.	175,454		3,220,832
Exor S.p.A.	3,985		67,139
Fiat S.p.A.	52,105		536,253
Finmeccanica S.p.A.	32,612		338,419
Intesa Sanpaolo S.p.A.	571,729		1,462,594
Luxottica Group S.p.A.	9,992		240,739
Mediaset S.p.A.	57,034		324,736
Mediobanca S.p.A.*	39,524		294,594
Mediolanum S.p.A.	21,400		83,744
Parmalat S.p.A.	106,608		247,656
Pirelli & C. S.p.A.	162,761		89,940
Prysmian S.p.A.	9,249		132,867
Saipem S.p.A.	17,946		545,394
Snam Rete Gas S.p.A.	82,735		328,910
Telecom Italia S.p.A.	637,294		702,417
Telecom Italia S.p.A. (RNC)	346,626		315,866
Terna Rete Elettrica Nazionale S.p.A.	88,019		316,993
UniCredit S.p.A.	1,069,653		2,374,312
Unione di Banche Italiane S.c.p.A.	45,558		391,995

			16,512,050

Japan (6.3%)
77 Bank Ltd.	22,000		117,944
ABC-Mart, Inc.	2,500		98,088
Acom Co., Ltd.	3,070		39,565

See Notes to Financial Statements.

488

EQ ADVISORS TRUST

EQ/GLOBAL MULTI-SECTOR EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Advantest Corp.	9,500	$	198,928
Aeon Co., Ltd.	40,100		425,606
Aeon Credit Service Co., Ltd.	2,900		25,720
Aeon Mall Co., Ltd.	7,100		140,881
Air Water, Inc.	8,000		87,487
Aisin Seiki Co., Ltd.	14,400		389,045
Ajinomoto Co., Inc.	41,000		371,276
Alfresa Holdings Corp.	2,300		110,949
All Nippon Airways Co., Ltd.*	44,000		139,222
Amada Co., Ltd.	25,000		164,177
Aozora Bank Ltd.	68,000		88,359
Asahi Breweries Ltd.	27,000		456,399
Asahi Glass Co., Ltd.	73,000		681,120
Asahi Kasei Corp.	79,000		413,465
Asics Corp.	9,000		82,469
Astellas Pharma, Inc.	29,800		996,588
Bank of Kyoto Ltd.	27,000		221,723
Bank of Yokohama Ltd.	75,000		342,446
Benesse Holdings, Inc.	5,000		227,711
Bridgestone Corp.	41,400		656,323
Brother Industries Ltd.	18,000		187,407
Canon Marketing Japan, Inc.	2,100		29,591
Canon, Inc.	75,700		2,822,329
Casio Computer Co., Ltd.	15,900		95,252
Central Japan Railway Co.	97		798,833
Chiba Bank Ltd.	46,000		277,129
Chiyoda Corp.	9,000		65,292
Chubu Electric Power Co., Inc.	43,600		1,081,006
Chugai Pharmaceutical Co., Ltd.	17,600		310,802
Chugoku Bank Ltd.	12,000		141,445
Chugoku Electric Power Co., Inc.	21,100		435,358
Chuo Mitsui Trust Holdings, Inc.	72,000		253,552
Citizen Holdings Co., Ltd.	21,100		128,340
Coca-Cola West Co., Ltd.	1,800		29,763
Cosmo Oil Co., Ltd.	36,000		86,542
Credit Saison Co., Ltd.	12,900		133,438
Dai Nippon Printing Co., Ltd.	35,000		404,454
Daicel Chemical Industries Ltd.	16,000		107,913
Daido Steel Co., Ltd.	14,000		60,078
Daihatsu Motor Co., Ltd.	17,000		157,814
Dai-ichi Life Insurance Co., Ltd.	559		768,760
Daiichi Sankyo Co., Ltd.	43,800		783,303
Daikin Industries Ltd.	16,300		497,482
Dainippon Sumitomo Pharma Co., Ltd.	16,400		126,049
Daito Trust Construction Co., Ltd.	5,400		305,269
Daiwa House Industry Co., Ltd.	26,000		234,224
Daiwa Securities Group, Inc.	121,400		510,694
DeNA Co., Ltd.	4,500		118,674
Denki Kagaku Kogyo KK	32,000		149,261
Denso Corp.	31,900		881,969
Dentsu, Inc.	9,786		258,275
Dowa Holdings Co., Ltd.	14,000		67,428
East Japan Railway Co.	22,537		1,502,323


	Number of Shares	Value (Note 1)

Eisai Co., Ltd.	16,000	$	529,311
Electric Power Development Co., Ltd.	6,000		190,604
Elpida Memory, Inc.*	10,600		163,768
FamilyMart Co., Ltd.	2,800		92,282
Fanuc Ltd.	12,700		1,424,814
Fast Retailing Co., Ltd.	3,300		498,079
Fuji Electric Holdings Co., Ltd.	28,000		80,075
Fuji Heavy Industries Ltd.*	33,000		176,172
Fuji Media Holdings, Inc.	50		71,853
Fujifilm Holdings Corp.	30,600		880,241
Fujitsu Ltd.	121,000		760,170
Fukuoka Financial Group, Inc.	62,000		257,146
Furukawa Electric Co., Ltd.	36,000		158,133
GS Yuasa Corp.	21,000		137,106
Gunma Bank Ltd.	34,000		179,853
Hachijuni Bank Ltd.	30,000		168,913
Hakuhodo DY Holdings, Inc.	1,230		61,751
Hankyu Hanshin Holdings, Inc.	86,000		378,420
Hino Motors Ltd.	11,000		54,100
Hirose Electric Co., Ltd.	2,400		219,125
Hiroshima Bank Ltd.	44,000		175,449
Hisamitsu Pharmaceutical Co., Inc.	5,700		226,169
Hitachi Chemical Co., Ltd.	9,100		168,942
Hitachi Construction Machinery Co., Ltd.	5,800		107,143
Hitachi High-Technologies Corp.	6,800		125,163
Hitachi Ltd.*	295,200		1,070,538
Hitachi Metals Ltd.	15,000		152,245
Hokkaido Electric Power Co., Inc.	14,600		314,297
Hokuhoku Financial Group, Inc.	89,000		163,202
Hokuriku Electric Power Co.	14,700		322,219
Honda Motor Co., Ltd.	111,600		3,241,033
HOYA Corp.	29,600		628,524
Ibiden Co., Ltd.	7,700		207,588
Idemitsu Kosan Co., Ltd.	1,500		112,662
IHI Corp.	93,000		148,517
INPEX Corp.	61		339,036
Isetan Mitsukoshi Holdings Ltd.	27,700		270,064
Isuzu Motors Ltd.	71,000		212,005
Ito En Ltd.	2,600		39,783
ITOCHU Corp.	99,000		771,893
ITOCHU Techno-Solutions Corp.	1,100		39,861
Iyo Bank Ltd.	21,000		195,049
J. Front Retailing Co., Ltd.	35,000		168,933
Jafco Co., Ltd.	1,200		26,348
Japan Petroleum Exploration Co.	1,700		69,360
Japan Prime Realty Investment Corp. (REIT)	41		86,158
Japan Real Estate Investment Corp. (REIT)	40		326,223
Japan Retail Fund Investment Corp. (REIT)	117		142,247

See Notes to Financial Statements.

489

EQ ADVISORS TRUST

EQ/GLOBAL MULTI-SECTOR EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Japan Steel Works Ltd.	20,000	$	176,110
Japan Tobacco, Inc.	295		917,108
JFE Holdings, Inc.	32,900		1,015,683
JGC Corp.	12,000		181,917
Joyo Bank Ltd.	54,000		214,440
JS Group Corp.	15,000		286,384
JSR Corp.	12,200		204,559
JTEKT Corp.	16,400		151,229
Jupiter Telecommunications Co., Ltd.	182		173,451
JX Holdings, Inc.*	146,533		716,248
Kajima Corp.	60,000		135,388
Kamigumi Co., Ltd.	17,000		130,651
Kaneka Corp.	19,000		110,177
Kansai Electric Power Co., Inc.	50,300		1,228,091
Kansai Paint Co., Ltd.	12,000		102,697
Kao Corp.	35,000		822,772
Kawasaki Heavy Industries Ltd.	83,000		201,430
Kawasaki Kisen Kaisha Ltd.*	38,000		153,754
KDDI Corp.	190		902,519
Keihin Electric Express Railway Co., Ltd.	35,000		308,891
Keio Corp.	46,000		296,242
Keisei Electric Railway Co., Ltd.	17,000		94,693
Keyence Corp.	3,000		690,116
Kikkoman Corp.	11,000		115,286
Kinden Corp.	6,000		51,021
Kintetsu Corp.	124,000		378,064
Kirin Holdings Co., Ltd.	54,000		680,032
Kobe Steel Ltd.	171,000		326,531
Koito Manufacturing Co., Ltd.	6,000		88,109
Komatsu Ltd.	62,900		1,136,607
Konami Corp.	6,800		107,177
Konica Minolta Holdings, Inc.	30,000		288,698
Kubota Corp.	74,000		565,094
Kuraray Co., Ltd.	27,000		315,272
Kurita Water Industries Ltd.	9,100		248,557
Kyocera Corp.	10,700		864,065
Kyowa Hakko Kirin Co., Ltd.	22,000		208,966
Kyushu Electric Power Co., Inc.	23,700		531,469
Lawson, Inc.	3,500		152,968
Mabuchi Motor Co., Ltd.	1,700		77,831
Makita Corp.	6,400		170,730
Marubeni Corp.	120,000		614,687
Marui Group Co., Ltd.	14,100		95,000
Maruichi Steel Tube Ltd.	400		7,659
Matsui Securities Co., Ltd.	3,800		23,161
Mazda Motor Corp.	102,300		238,826
McDonald’s Holdings Co. Japan Ltd.	6,710		150,307
Medipal Holdings Corp.	9,700		115,382
MEIJI Holdings Co. Ltd.	5,822		237,887
Minebea Co., Ltd.	24,000		132,314
Mitsubishi Chemical Holdings Corp.	74,500		339,258
Mitsubishi Corp.	89,900		1,873,320
Mitsubishi Electric Corp.	128,000		996,981
Mitsubishi Estate Co., Ltd.	78,000		1,082,960


	Number of Shares	Value (Note 1)

Mitsubishi Gas Chemical Co., Inc.	26,000	$	125,994
Mitsubishi Heavy Industries Ltd.	196,000		673,189
Mitsubishi Logistics Corp.	6,000		66,958
Mitsubishi Materials Corp.*	90,000		240,238
Mitsubishi Motors Corp.*	267,000		337,849
Mitsubishi Tanabe Pharma Corp.	12,000		182,753
Mitsubishi UFJ Financial Group, Inc.	853,900		3,870,865
Mitsubishi UFJ Lease & Finance Co., Ltd.	4,110		138,362
Mitsui & Co., Ltd.	116,300		1,367,278
Mitsui Chemicals, Inc.	44,000		122,163
Mitsui Engineering & Shipbuilding Co., Ltd.	50,000		100,658
Mitsui Fudosan Co., Ltd.	55,000		768,920
Mitsui Mining & Smelting Co., Ltd.	32,000		84,751
Mitsui O.S.K. Lines Ltd.	74,000		488,355
Mitsumi Electric Co., Ltd.	5,300		90,184
Mizuho Financial Group, Inc.	915,164		1,502,076
Mizuho Securities Co., Ltd.	53,000		117,470
Mizuho Trust & Banking Co., Ltd.*	141,000		121,123
MS&AD Insurance Group Holdings, Inc.	37,807		807,070
Murata Manufacturing Co., Ltd.	13,900		662,028
Namco Bandai Holdings, Inc.	12,600		110,547
NEC Corp.	163,000		420,762
NGK Insulators Ltd.	15,000		233,191
NGK Spark Plug Co., Ltd.	12,000		148,727
NHK Spring Co., Ltd.	9,000		82,517
Nidec Corp.	7,100		594,653
Nikon Corp.	20,000		344,735
Nintendo Co., Ltd.	6,600		1,922,556
Nippon Building Fund, Inc. (REIT)	42		331,981
Nippon Electric Glass Co., Ltd.	26,000		295,885
Nippon Express Co., Ltd.	67,000		301,472
Nippon Meat Packers, Inc.	16,000		197,830
Nippon Paper Group, Inc.	7,792		215,695
Nippon Sheet Glass Co., Ltd.	45,000		109,569
Nippon Steel Corp.	341,000		1,130,218
Nippon Telegraph & Telephone Corp.	34,159		1,394,678
Nippon Yusen KK	94,000		341,361
Nishi-Nippon City Bank Ltd.	42,000		120,893
Nissan Chemical Industries Ltd.	9,000		100,654
Nissan Motor Co., Ltd.*	172,600		1,196,501
Nissha Printing Co., Ltd.	1,600		42,789
Nisshin Seifun Group, Inc.	12,500		141,421
Nisshin Steel Co., Ltd.	41,000		65,483
Nisshinbo Holdings, Inc.	7,000		67,232
Nissin Food Holdings Co., Ltd.	6,000		220,879
Nitori Co., Ltd.	3,050		262,520
Nitto Denko Corp.	10,200		332,791
NKSJ Holdings, Inc.*	102,125		605,602

See Notes to Financial Statements.

490

EQ ADVISORS TRUST

EQ/GLOBAL MULTI-SECTOR EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

NOK Corp.	7,800	$	123,813
Nomura Holdings, Inc.	246,300		1,348,353
Nomura Real Estate Holdings, Inc.	6,700		84,077
Nomura Real Estate Office Fund, Inc. (REIT)	17		84,554
Nomura Research Institute Ltd.	8,500		179,699
NSK Ltd.	37,000		257,362
NTN Corp.	31,000		126,809
NTT Data Corp.	85		313,560
NTT DoCoMo, Inc.	1,019		1,540,962
NTT Urban Development Corp.	67		52,945
Obayashi Corp.	54,000		213,105
Obic Co., Ltd.	340		65,275
Odakyu Electric Railway Co., Ltd.	48,000		410,888
OJI Paper Co., Ltd.	67,000		327,710
Olympus Corp.	16,000		378,715
Omron Corp.	15,600		337,376
Ono Pharmaceutical Co., Ltd.	6,700		272,138
Oracle Corp. Japan	2,200		108,093
Oriental Land Co., Ltd.	4,000		334,153
ORIX Corp.	6,870		498,987
Osaka Gas Co., Ltd.	121,000		436,959
Otsuka Corp.	700		44,562
Panasonic Corp.	131,800		1,645,765
Panasonic Electric Works Co., Ltd	29,000		283,758
Rakuten, Inc.	469		338,706
Resona Holdings, Inc.	37,605		457,434
Ricoh Co., Ltd.	44,000		559,211
Rinnai Corp.	3,400		174,304
Rohm Co., Ltd.	7,300		435,994
Sankyo Co., Ltd.	4,300		194,212
Santen Pharmaceutical Co., Ltd.	4,800		172,728
Sanyo Electric Co., Ltd.*	137,000		176,427
Sapporo Hokuyo Holdings, Inc.	15,487		68,344
Sapporo Holdings Ltd.	15,000		64,508
SBI Holdings, Inc.	1,119		138,718
Secom Co., Ltd.	13,500		599,425
Sega Sammy Holdings, Inc.	10,500		150,312
Seiko Epson Corp.	11,500		147,396
Sekisui Chemical Co., Ltd.	36,000		224,615
Sekisui House Ltd.	41,000		351,492
Senshu Ikeda Holdings, Inc.	35,511		51,386
Seven & I Holdings Co., Ltd.	50,900		1,167,864
Seven Bank Ltd.	53		95,968
Sharp Corp.	65,000		684,314
Shikoku Electric Power Co., Inc.	13,600		388,891
Shimadzu Corp.	17,000		127,479
Shimamura Co., Ltd.	1,200		108,094
Shimano, Inc.	5,000		214,181
Shimizu Corp.	51,000		174,391
Shin-Etsu Chemical Co., Ltd.	27,600		1,284,015
Shinko Electric Industries Co., Ltd.	4,000		51,872
Shinsei Bank Ltd.*	85,000		71,740


	Number of Shares	Value (Note 1)

Shionogi & Co., Ltd.	18,000	$	372,392
Shiseido Co., Ltd.	22,000		483,908
Shizuoka Bank Ltd.	46,000		400,965
Showa Denko KK	114,000		206,164
Showa Shell Sekiyu KK	11,600		80,089
SMC Corp.	3,400		453,922
Softbank Corp.	53,200		1,406,160
Sojitz Corp.	110,100		172,431
Sony Corp.	67,300		1,791,403
Sony Financial Holdings, Inc.	71		237,411
Square Enix Holdings Co., Ltd.	6,100		112,148
Stanley Electric Co., Ltd.	11,400		188,690
Sumco Corp.*	6,200		103,240
Sumitomo Chemical Co., Ltd.	99,000		382,235
Sumitomo Corp.	80,700		803,773
Sumitomo Electric Industries Ltd.	55,200		646,115
Sumitomo Heavy Industries Ltd.	34,000		200,249
Sumitomo Metal Industries Ltd.	244,000		550,351
Sumitomo Metal Mining Co., Ltd.	34,000		426,605
Sumitomo Mitsui Financial Group, Inc.	89,607		2,529,667
Sumitomo Realty & Development Co., Ltd.	24,000		409,324
Sumitomo Rubber Industries Ltd.	10,600		93,348
Sumitomo Trust & Banking Co., Ltd.	89,000		452,746
Suruga Bank Ltd.	13,000		117,774
Suzuken Co., Ltd.	4,800		160,742
Suzuki Motor Corp.	21,900		429,955
Sysmex Corp.	2,100		119,254
T&D Holdings, Inc.	17,550		374,595
Taiheiyo Cement Corp.*	48,000		60,579
Taisei Corp.	67,000		133,372
Taisho Pharmaceutical Co., Ltd.	10,000		197,321
Taiyo Nippon Sanso Corp.	24,000		190,391
Takashimaya Co., Ltd.	22,000		175,035
Takeda Pharmaceutical Co., Ltd.	50,300		2,152,692
TDK Corp.	7,800		427,856
Teijin Ltd.	70,000		207,865
Terumo Corp.	10,800		516,838
THK Co., Ltd.	8,300		171,594
Tobu Railway Co., Ltd.	63,000		338,845
Toho Co., Ltd.	7,000		115,400
Toho Gas Co., Ltd.	32,000		170,691
Tohoku Electric Power Co., Inc.	31,000		665,622
Tokio Marine Holdings, Inc.	47,900		1,254,721
Tokuyama Corp.	19,000		83,391
Tokyo Electric Power Co., Inc.	81,600		2,221,360
Tokyo Electron Ltd.	11,100		599,440
Tokyo Gas Co., Ltd.	164,000		749,788
Tokyo Steel Manufacturing Co., Ltd.	5,300		61,352
Tokyo Tatemono Co., Ltd.	20,000		61,317

See Notes to Financial Statements.

491

EQ ADVISORS TRUST

EQ/GLOBAL MULTI-SECTOR EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Tokyu Corp.	88,000	$	358,484
Tokyu Land Corp.	31,000		108,537
TonenGeneral Sekiyu KK	24,000		207,393
Toppan Printing Co., Ltd.	43,000		341,116
Toray Industries, Inc.	75,000		359,873
Toshiba Corp.*	267,000		1,326,514
Tosoh Corp.	30,000		77,444
TOTO Ltd.	15,000		99,910
Toyo Seikan Kaisha Ltd.	12,800		185,744
Toyo Suisan Kaisha Ltd.	4,000		95,193
Toyoda Gosei Co., Ltd.	5,700		141,258
Toyota Boshoku Corp.	6,200		90,497
Toyota Industries Corp.	13,700		347,688
Toyota Motor Corp.	188,500		6,482,396
Toyota Tsusho Corp.	17,400		249,168
Trend Micro, Inc.	8,500		229,157
Tsumura & Co.	2,700		82,751
Ube Industries Ltd.	74,000		175,358
Unicharm Corp.	3,200		360,364
UNY Co., Ltd.	10,000		75,936
Ushio, Inc.	6,900		106,530
USS Co., Ltd.	1,250		89,223
West Japan Railway Co.	105		383,816
Yahoo! Japan Corp.	978		388,692
Yakult Honsha Co., Ltd.	8,000		217,172
Yamada Denki Co., Ltd.	5,450		355,779
Yamaguchi Financial Group, Inc.	17,000		162,131
Yamaha Corp.	10,100		102,580
Yamaha Motor Co., Ltd.*	14,900		196,667
Yamato Holdings Co., Ltd.	24,000		317,602
Yamato Kogyo Co., Ltd.	2,200		54,744
Yamazaki Baking Co., Ltd.	7,000		94,518
Yaskawa Electric Corp.	16,000		118,514
Yokogawa Electric Corp.	15,500		95,501

			137,731,317

Lebanon (0.1%)
Banque Audi sal-Audi Saradar Group (GDR)	187,820		1,567,400
BLOM Bank SAL (GDR)	13,698		1,210,903

			2,778,303

Luxembourg (0.1%)
ArcelorMittal S.A.	56,797		1,510,578
Millicom International Cellular S.A. (SDR)	4,449		359,048
SES S.A. (FDR)	22,367		464,590
Tenaris S.A.	32,622		566,154

			2,900,370

Macau (0.0%)
Sands China Ltd.*	171,987		252,460
Wynn Macau Ltd.*	75,600		123,680

			376,140

Malaysia (0.2%)
Axiata Group Bhd*	2,148,600		2,583,730
Sime Darby Bhd	851,800		2,097,627

			4,681,357


	Number of Shares	Value (Note 1)

Mexico (1.3%)
America Movil S.A.B. de C.V. (ADR)	257,449	$	12,228,828
Empresas ICA S.A.B. de C.V.*	331,300		781,048
Fomento Economico Mexicano S.A.B. de C.V. (ADR)	133,900		5,777,785
Fresnillo plc	12,043		173,987
Genomma Lab Internacional SA de C.V., Class B*	245,800		816,479
Grupo Financiero Banorte S.A.B. de C.V., Class O	744,124		2,819,294
Grupo Televisa S.A. (ADR)	203,700		3,546,417
Wal-Mart de Mexico S.A.B. de C.V.	806,600		1,786,825

			27,930,663

Netherlands (1.2%)
Aegon N.V.*	99,569		533,396
Akzo Nobel N.V.	16,000		827,650
ASML Holding N.V.	29,881		820,576
Corio N.V. (REIT)	4,999		242,829
Delta Lloyd N.V.	2,709		45,305
European Aeronautic Defence and Space Co. N.V.*	31,738		647,621
Fugro N.V. (CVA)	5,806		265,471
Heineken Holding N.V.	5,903		215,357
Heineken N.V.	17,713		750,843
ING Groep N.V. (CVA)*	253,937		1,885,351
Koninklijke (Royal) KPN N.V.	114,786		1,465,685
Koninklijke Ahold N.V.	76,277		944,635
Koninklijke Boskalis Westminster N.V.	5,373		209,211
Koninklijke DSM N.V.	11,889		472,342
Koninklijke Philips Electronics N.V.	64,594		1,925,377
Koninklijke Vopak N.V.	4,736		173,806
QIAGEN N.V.*	12,885		249,602
Randstad Holding N.V.*	7,356		289,540
Reed Elsevier N.V.	48,768		537,992
Royal Dutch Shell plc, Class A	241,174		6,090,478
Royal Dutch Shell plc, Class B	183,283		4,437,524
SBM Offshore N.V.	9,584		136,773
TNT N.V.	26,661		671,971
Unilever N.V. (CVA)	108,993		2,971,727
Wolters Kluwer N.V.	22,189		423,407

			27,234,469

New Zealand (0.0%)
Auckland International Airport Ltd.	44,662		57,087
Contact Energy Ltd.*	16,158		62,908
Fletcher Building Ltd.	50,744		271,707
Sky City Entertainment Group Ltd.	40,683		79,297
Telecom Corp. of New Zealand Ltd.	162,029		209,454

			680,453

See Notes to Financial Statements.

492

EQ ADVISORS TRUST

EQ/GLOBAL MULTI-SECTOR EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Norway (0.2%)
Aker Solutions ASA	7,862	$	90,054
DnB NOR ASA	64,877		624,269
Norsk Hydro ASA	48,108		216,476
Orkla ASA	44,060		282,035
Renewable Energy Corp. ASA*	37,110		87,180
Statoil ASA	78,541		1,514,812
Telenor ASA	59,900		752,257
Yara International ASA	12,650		353,960

			3,921,043

Peru (0.1%)
Credicorp Ltd.	15,170		1,378,801

Philippines (0.4%)
Ayala Corp.	206,580		1,442,435
Metro Pacific Investments Corp.*	23,864,000		1,410,119
Metropolitan Bank & Trust	1,474,150		1,961,867
Philippine Long Distance Telephone Co.	35,460		1,818,813
SM Investments Corp.	174,100		1,563,489

			8,196,723

Poland (0.6%)
Bank Handlowy w Warszawie S.A.*	44,274		957,731
Bank Zachodni WBK S.A.	15,601		883,151
Central European Distribution Corp.*	96,541		2,064,047
Polski Koncern Naftowy Orlen S.A.*	245,483		2,545,653
Powszechna Kasa Oszczednosci Bank Polski S.A.	287,712		3,065,461
Powszechny Zaklad Ubezpieczen S.A.*	19,262		1,987,324
Telekomunikacja Polska S.A.	623,643		2,619,191

			14,122,558

Portugal (0.1%)
Banco Comercial Portugues S.A. (Registered)	145,633		109,168
Banco Espirito Santo S.A. (Registered)	48,168		189,813
Brisa Auto-Estradas de Portugal S.A.	19,419		117,513
Cimpor Cimentos de Portugal SGPS S.A.	15,910		88,414
EDP - Energias de Portugal S.A.	115,154		340,017
Galp Energia SGPS S.A., Class B	12,506		186,735
Jeronimo Martins SGPS S.A.	15,284		139,355
Portugal Telecom SGPS S.A. (Registered)	33,261		329,696

			1,500,711

Russia (0.9%)
LUKOIL OAO (Chi-X Alt TS Exchange) (ADR)	13,100		673,798


	Number of Shares	Value (Note 1)

LUKOIL OAO (OTC Exchange) (ADR)	121,775	$	6,271,413
PROTEK (ADR)*	424,200		1,357,440
Rosneft Oil Co. (GDR)	505,216		3,075,270
RusHydro OJSC*	24,064,906		1,137,617
RusHydro OJSC (ADR)*	269,684		1,290,318
Sberbank of Russian Federation	696,975		1,671,675
Wimm-Bill-Dann Foods OJSC (ADR)	119,168		2,121,190
X5 Retail Group N.V. (GDR)*(m)	56,618		1,881,140

			19,479,861

Singapore (0.5%)
Ascendas Real Estate Investment Trust (REIT)	124,000		160,056
CapitaLand Ltd.	169,000		430,912
CapitaMall Trust (REIT)	190,000		247,282
CapitaMalls Asia Ltd.	126,564		188,399
City Developments Ltd.	42,000		331,017
ComfortDelgro Corp., Ltd.	131,000		135,686
Cosco Corp. (Singapore) Ltd.	45,000		47,226
DBS Group Holdings Ltd.	120,000		1,163,545
Fraser and Neave Ltd.	49,000		179,078
Genting Singapore plc*	343,457		284,444
Golden Agri-Resources Ltd.	4,629,225		1,732,606
Jardine Cycle & Carriage Ltd.	9,000		191,023
Keppel Corp., Ltd.	86,000		518,194
Keppel Land Ltd.	31,000		85,289
K-Green Trust*	17,200		12,906
Neptune Orient Lines Ltd.*	41,750		58,902
Olam International Ltd.	105,000		192,266
Oversea-Chinese Banking Corp., Ltd.	174,000		1,094,527
SembCorp Industries Ltd.	85,000		245,634
SembCorp Marine Ltd.	73,000		199,575
Singapore Airlines Ltd.	31,000		321,192
Singapore Exchange Ltd.	55,000		287,792
Singapore Press Holdings Ltd.	115,000		309,807
Singapore Technologies Engineering Ltd.	105,000		245,545
Singapore Telecommunications Ltd.	557,000		1,203,148
StarHub Ltd.	68,288		109,596
United Overseas Bank Ltd.	85,000		1,180,828
UOL Group Ltd.	31,000		83,597
Wilmar International Ltd.	73,000		298,719

			11,538,791

South Africa (1.3%)
Anglo Platinum Ltd.*	25,219		2,373,012
AVI Ltd.	485,900		1,390,444
Clicks Group Ltd.	693,400		3,050,049
Impala Platinum Holdings Ltd.	223,400		5,178,876
Imperial Holdings Ltd.	156,000		1,713,983
MTN Group Ltd.	505,698		6,629,446
Naspers Ltd., Class N	118,356		3,977,933
Tiger Brands Ltd.	141,521		3,121,465

			27,435,208

See Notes to Financial Statements.

493

EQ ADVISORS TRUST

EQ/GLOBAL MULTI-SECTOR EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

South Korea (2.6%)
Amorepacific Corp.	1,931	$	1,641,319
Cheil Industries, Inc.	31,280		2,396,176
Cheil Worldwide, Inc.	198,528		2,075,653
Hynix Semiconductor, Inc.*	56,590		1,147,483
Hyundai Engineering & Construction Co., Ltd.	31,255		1,438,255
Hyundai Mobis	14,627		2,449,680
Hyundai Motor Co.	16,640		1,949,243
KB Financial Group, Inc.	21,895		835,780
Kia Motors Corp.	82,611		2,191,952
KT Corp.	43,110		1,584,841
KT Corp. (ADR)	26,500		508,005
LG Chem Ltd.	19,832		4,983,931
LG Display Co., Ltd.	73,400		2,437,273
LG Display Co., Ltd. (ADR)	24,300		391,230
LG Telecom Ltd.	16,341		101,541
NHN Corp.*	13,984		2,081,127
OCI Co. Ltd.	8,946		1,803,949
POSCO	3,295		1,250,580
Samsung Electronics Co., Ltd. (Preference)	4,609		1,965,075
Samsung Electronics Co., Ltd.	17,067		10,716,161
Samsung Fire & Marine Insurance Co., Ltd.	10,985		1,741,052
Samsung Life Insurance Co. Ltd.	18,930		1,603,364
Shinhan Financial Group Co., Ltd.	92,633		3,411,548
Shinsegae Co., Ltd.	4,812		2,077,216
SSCP Co., Ltd.*	83,127		492,869
Woongjin Coway Co., Ltd.	92,778		3,101,577
Woori Finance Holdings Co. Ltd.	111,020		1,307,630

			57,684,510

Spain (1.0%)
Abertis Infraestructuras S.A.	24,115		347,471
Acciona S.A.	2,309		175,360
Acerinox S.A.	3,181		49,314
ACS Actividades de Construccion y Servicios S.A.	8,066		294,989
Banco Bilbao Vizcaya Argentaria S.A.	237,103		2,446,070
Banco de Sabadell S.A.	74,245		335,157
Banco de Valencia S.A.	11,404		50,670
Banco Popular Espanol S.A.	55,473		282,876
Banco Santander S.A.	553,601		5,817,231
Bankinter S.A.	19,397		117,859
Criteria Caixacorp S.A.	70,002		286,512
EDP Renovaveis S.A.*	22,064		129,478
Enagas S.A.	12,072		181,425
Ferrovial S.A.	32,183		207,914
Fomento de Construcciones y Contratas S.A.	2,654		56,687
Gamesa Corp. Tecnologica S.A.*	10,038		86,148
Gas Natural SDG S.A.	19,334		278,854
Gestevision Telecinco S.A.	5,555		49,291
Grifols S.A.	8,118		82,896


	Number of Shares	Value (Note 1)

Iberdrola Renovables S.A.	72,653	$	226,972
Iberdrola S.A.	260,057		1,458,328
Iberia Lineas Aereas de Espana S.A.*	45,412		128,644
Inditex S.A.	15,045		853,282
Indra Sistemas S.A.	6,558		105,126
Mapfre S.A.*	67,248		182,516
Mapfre S.A.*†	2,169		5,887
Red Electrica Corporacion S.A.	6,880		245,936
Repsol YPF S.A.	47,869		967,137
Telefonica S.A.	281,361		5,195,753
Zardoya Otis S.A.*	10,573		136,225
Zardoya Otis S.A.*†	528		6,803

			20,788,811

Sweden (0.8%)
Alfa Laval AB	26,169		338,018
Assa Abloy AB, Class B	19,592		390,766
Atlas Copco AB, Class A	43,054		630,296
Atlas Copco AB, Class B	30,164		399,515
Boliden AB	14,598		161,679
Electrolux AB, Class B	14,631		333,982
Getinge AB, Class B	15,801		305,770
Hennes & Mauritz AB, Class B	69,318		1,906,074
Holmen AB, Class B	2,875		68,209
Husqvarna AB, Class B	35,404		213,072
Investor AB, Class B	29,108		471,110
Kinnevik Investment AB, Class B	18,226		292,026
Modern Times Group AB, Class B	2,526		137,780
Nordea Bank AB	216,004		1,781,550
Ratos AB, Class B	8,893		223,134
Sandvik AB	65,953		802,815
Scania AB, Class B	24,544		374,158
Securitas AB, Class B	25,760		232,521
Skandinaviska Enskilda Banken AB, Class A	96,669		512,746
Skanska AB, Class B	27,529		397,390
SKF AB, Class B	24,619		441,001
SSAB AB, Class A	9,839		131,874
SSAB AB, Class B	8,814		105,065
Svenska Cellulosa AB, Class B	41,252		485,235
Svenska Handelsbanken AB, Class A	31,891		781,089
Swedbank AB, Class A*	42,803		394,096
Swedish Match AB	13,318		290,136
Tele2 AB, Class B	21,456		320,785
Telefonaktiebolaget LM Ericsson, Class B	204,723		2,279,344
TeliaSonera AB	145,498		935,307
Volvo AB, Class B*	70,479		775,043

			16,911,586

Switzerland (2.3%)
ABB Ltd. (Registered)*	152,999		2,658,669
Actelion Ltd. (Registered)*	7,374		274,987
Adecco S.A. (Registered)	8,143		384,209
Aryzta AG	6,489		249,004
Baloise Holding AG (Registered)	4,073		283,388

See Notes to Financial Statements.

494

EQ ADVISORS TRUST

EQ/GLOBAL MULTI-SECTOR EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Cie Financiere Richemont S.A., Class A	36,566	$	1,272,153
Credit Suisse Group AG (Registered)	77,718		2,920,935
GAM Holding Ltd.*	15,892		173,244
Geberit AG (Registered)	2,257		350,000
Givaudan S.A. (Registered)	533		450,515
Holcim Ltd. (Registered)	17,154		1,148,239
Julius Baer Group Ltd.	12,092		344,269
Kuehne + Nagel International AG (Registered)	3,016		308,928
Lindt & Spruengli AG	57		123,772
Lindt & Spruengli AG (Registered)	9		220,529
Logitech International S.A. (Registered)*	10,589		143,818
Lonza Group AG (Registered)	3,663		243,843
Nestle S.A. (Registered)	236,290		11,400,986
Nobel Biocare Holding AG (Registered)	7,380		126,134
Novartis AG (Registered)	144,292		7,000,534
Pargesa Holding S.A.	1,892		123,961
Roche Holding AG	48,035		6,596,340
Schindler Holding AG	6,077		509,216
SGS S.A. (Registered)	324		436,225
Sika AG	110		194,408
Sonova Holding AG	2,575		315,772
STMicroelectronics N.V.	49,360		391,025
Straumann Holding AG (Registered)	491		106,232
Swatch Group AG	2,230		624,094
Swatch Group AG (Registered)	3,927		200,817
Swiss Life Holding AG (Registered)*	2,340		223,966
Swiss Reinsurance Co., Ltd.	24,456		1,006,027
Swisscom AG (Registered)	1,685		570,853
Syngenta AG (Registered)	6,158		1,422,001
UBS AG (Registered)*	250,891		3,325,701
Xstrata plc	136,201		1,784,417
Zurich Financial Services AG	10,280		2,256,573

			50,165,784

Taiwan (1.5%)
Acer, Inc.	747,089		1,732,573
Asustek Computer, Inc.	176,100		1,299,099
AU Optronics Corp.	2,136,160		1,901,570
Cathay Financial Holding Co., Ltd.*	2,269,750		3,355,407
China Steel Corp.	2,613,000		2,405,913
Evergreen Marine Corp. Taiwan Ltd.*	1,776,000		1,120,107
Fubon Financial Holding Co., Ltd.*	2,219,000		2,463,818
Hon Hai Precision Industry Co., Ltd.*	1,446,800		5,081,338
HTC Corp.	169,935		2,254,558
Lite-On Technology Corp.	1,113,000		1,217,469
MediaTek, Inc.	31,000		432,358
Taiwan Fertilizer Co., Ltd.	328,000		859,490


	Number of Shares	Value (Note 1)

Taiwan Semiconductor Manufacturing Co., Ltd.	2,617,133	$	4,893,779
Uni-President Enterprises Corp.	1,856,000		2,043,919
Wistron Corp.	822,967		1,207,701
Yuanta Financial Holding Co., Ltd.	2,161,000		1,153,221

			33,422,320

Thailand (0.6%)
Banpu PCL	82,200		1,532,721
Banpu PCL (NVDR)	54,400		1,011,939
Kasikornbank PCL	19,100		55,472
Kasikornbank PCL (NVDR)	832,800		2,314,030
PTT Exploration & Production PCL (Foreign)	257,400		1,140,380
Siam Cement PCL (NVDR)	275,600		2,210,089
Siam Commercial Bank PCL (Foreign)	910,800		2,284,733
Total Access Communication PCL	140,400		162,550
Total Access Communication PCL (NVDR)	1,330,500		1,503,359

			12,215,273

Turkey (0.7%)
Akbank TAS	354,095		1,690,622
Anadolu Efes Biracilik Ve Malt Sanayii A/S	279,208		3,259,996
Coca-Cola Icecek A/S	159,826		1,421,389
TAV Havalimanlari Holding A/S*	627,506		2,214,282
Tupras Turkiye Petrol Rafine	70,783		1,283,961
Turk Telekomunikasyon A/S	573,507		1,817,529
Turkcell Iletisim Hizmet A/S	240,271		1,242,974
Turkiye Garanti Bankasi A/S	663,801		2,750,159

			15,680,912

United Kingdom (5.3%)
3i Group plc	66,027		260,225
Admiral Group plc	12,638		264,241
Aggreko plc	15,041		314,000
AMEC plc	22,573		275,177
Anglo American plc*	89,509		3,111,658
Antofagasta plc	26,824		311,363
ARM Holdings plc	76,145		315,042
Associated British Foods plc	24,063		345,864
AstraZeneca plc	98,580		4,631,997
Autonomy Corp. plc*	14,579		393,461
Aviva plc	188,189		874,679
BAE Systems plc	240,872		1,119,017
Balfour Beatty plc	49,527		175,987
Barclays plc	773,487		3,066,506
BG Group plc	229,252		3,393,640
BHP Billiton plc	150,124		3,884,736
BP plc	1,275,892		6,127,754
British Airways plc*	51,334		148,974
British American Tobacco plc	135,798		4,300,016
British Land Co. plc (REIT)	58,751		375,563
British Sky Broadcasting Group plc	76,750		800,513

See Notes to Financial Statements.

495

EQ ADVISORS TRUST

EQ/GLOBAL MULTI-SECTOR EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

BT Group plc, Class A	527,386	$	1,007,118
Bunzl plc	22,311		222,493
Burberry Group plc	29,503		332,688
Cable & Wireless Worldwide plc	140,416		179,881
Cairn Energy plc*	86,733		530,650
Capita Group plc	42,386		465,041
Capital Shopping Centres Group plc (REIT)	33,306		153,644
Carnival plc	11,171		358,055
Centrica plc	349,094		1,537,276
Cobham plc	77,862		245,420
Compass Group plc	126,139		957,016
Diageo plc	170,164		2,666,310
Eurasian Natural Resources Corp.	16,968		215,829
Firstgroup plc	34,783		188,186
G4S plc	85,629		339,298
GlaxoSmithKline plc	352,750		5,978,116
Hammerson plc (REIT)	47,795		241,462
Home Retail Group plc	59,693		188,785
HSBC Holdings plc	1,184,088		10,802,473
ICAP plc	35,028		209,965
Imperial Tobacco Group plc	69,140		1,927,781
Inmarsat plc	29,611		313,735
Intercontinental Hotels Group plc	17,428		271,444
International Power plc	103,564		458,831
Invensys plc	54,867		195,982
Investec plc	34,104		229,374
ITV plc*	194,032		144,441
J Sainsbury plc	79,000		375,908
Johnson Matthey plc	14,603		323,328
Kazakhmys plc	14,558		213,596
Kingfisher plc	160,673		498,628
Land Securities Group plc (REIT)	51,426		421,828
Legal & General Group plc	398,734		463,935
Lloyds Banking Group plc*	2,665,309		2,114,727
London Stock Exchange Group plc	9,901		81,985
Lonmin plc*	10,347		215,964
Man Group plc	116,410		385,103
Marks & Spencer Group plc	107,420		529,423
National Grid plc	234,218		1,725,361
Next plc	13,442		397,778
Old Mutual plc	358,376		548,191
Pearson plc	55,172		721,985
Petrofac Ltd.	15,283		268,733
Prudential plc	172,263		1,291,130
Randgold Resources Ltd.	6,129		582,733
Reckitt Benckiser Group plc	40,957		1,894,532
Reed Elsevier plc	82,492		608,981
Resolution Ltd.	166,723		156,834
Rexam plc	59,650		267,675
Rio Tinto plc	97,131		4,250,434
Rolls-Royce Group plc*	126,126		1,050,318
Rolls-Royce Group plc, Class C*†	15,395,220		23,002
Royal Bank of Scotland Group plc*	1,149,810		692,513


	Number of Shares	Value (Note 1)

RSA Insurance Group plc	232,102	$	411,979
SABMiller plc	204,789		5,696,043
Sage Group plc	89,347		305,736
Schroders plc	7,922		142,570
Scottish & Southern Energy plc	62,797		1,041,030
Segro plc (REIT)	42,271		159,221
Serco Group plc	33,377		290,746
Severn Trent plc	16,096		293,682
Smith & Nephew plc	60,237		567,139
Smiths Group plc	26,526		419,827
Standard Chartered plc	137,658		3,341,774
Standard Life plc	152,112		390,387
Tesco plc	540,080		3,040,907
Thomas Cook Group plc	58,383		153,965
Tomkins plc	63,777		214,258
TUI Travel plc	36,884		114,419
Tullow Oil plc	60,182		896,453
Unilever plc	87,298		2,326,599
United Utilities Group plc	46,387		361,472
Vedanta Resources plc	9,277		291,921
Vodafone Group plc	3,577,861		7,414,118
Whitbread plc	11,912		249,047
WM Morrison Supermarkets plc	142,020		559,893
Wolseley plc*	19,314		377,599
WPP plc	85,255		801,719

			114,818,836

United States (29.7%)
3M Co.	49,199		3,886,229
Abbott Laboratories, Inc.	106,591		4,986,327
Abercrombie & Fitch Co., Class A	5,767		176,989
Adobe Systems, Inc.*	36,001		951,506
Advanced Micro Devices, Inc.*	41,369		302,821
AES Corp.*	48,022		443,723
Aetna, Inc.	28,922		762,962
Aflac, Inc.	32,818		1,400,344
Agilent Technologies, Inc.*	24,724		702,903
Air Products & Chemicals, Inc.	14,975		970,530
Airgas, Inc.	6,000		373,200
AK Steel Holding Corp.	6,724		80,150
Akamai Technologies, Inc.*	11,593		470,328
Alcoa, Inc.	69,414		698,305
Allegheny Energy, Inc.	13,228		273,555
Allegheny Technologies, Inc.	6,552		289,533
Allergan, Inc.	21,495		1,252,299
Allstate Corp.	36,763		1,056,201
Altera Corp.	20,324		504,238
Altria Group, Inc.	143,476		2,875,259
Amazon.com, Inc.*	23,649		2,583,890
Ameren Corp.	17,721		421,228
American Electric Power Co., Inc.	32,725		1,057,018
American Express Co.	82,840		3,288,748
American International Group, Inc.*	8,965		308,755
American Tower Corp., Class A*	27,609		1,228,600

See Notes to Financial Statements.

496

EQ ADVISORS TRUST

EQ/GLOBAL MULTI-SECTOR EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Ameriprise Financial, Inc.	18,181	$	656,880
AmerisourceBergen Corp.	19,115		606,901
Amgen, Inc.*	66,969		3,522,569
Amphenol Corp., Class A	12,514		491,550
Anadarko Petroleum Corp.	34,285		1,237,346
Analog Devices, Inc.	21,503		599,074
Aon Corp.	19,093		708,732
Apache Corp.	23,437		1,973,161
Apartment Investment & Management Co. (REIT), Class A	9,061		175,512
Apollo Group, Inc., Class A*	8,513		361,547
Apple, Inc.*	62,959		15,836,077
Applied Materials, Inc.	91,921		1,104,890
Archer-Daniels-Midland Co.	43,981		1,135,589
Assurant, Inc.	6,799		235,925
AT&T, Inc.	408,625		9,884,639
Autodesk, Inc.*	15,373		374,486
Automatic Data Processing, Inc.	34,485		1,388,366
AutoNation, Inc.*	7,383		143,968
AutoZone, Inc.*	1,848		357,071
AvalonBay Communities, Inc. (REIT)	5,605		523,339
Avery Dennison Corp.	8,378		269,185
Avon Products, Inc.	29,151		772,502
Baker Hughes, Inc.	29,377		1,221,202
Ball Corp.	7,032		371,501
Bank of America Corp.	693,860		9,970,768
Bank of New York Mellon Corp.	83,438		2,060,084
Baxter International, Inc.	40,959		1,664,574
BB&T Corp.	47,442		1,248,199
Becton, Dickinson and Co.	15,954		1,078,809
Bed Bath & Beyond, Inc.*	17,905		663,917
Bemis Co., Inc.	8,641		233,307
Berkshire Hathaway, Inc., Class B*	114,447		9,120,281
Best Buy Co., Inc.	23,572		798,148
Big Lots, Inc.*	6,327		203,033
Biogen Idec, Inc.*	18,185		862,878
BMC Software, Inc.*	12,177		421,690
Boeing Co.	52,344		3,284,586
Boston Properties, Inc. (REIT)	9,444		673,735
Boston Scientific Corp.*	106,858		619,776
Bristol-Myers Squibb Co.	118,519		2,955,864
Broadcom Corp., Class A	29,500		972,615
Brown-Forman Corp., Class B	8,087		462,819
C.H. Robinson Worldwide, Inc.	11,240		625,618
C.R. Bard, Inc.	6,404		496,502
CA, Inc.	28,755		529,092
Cabot Oil & Gas Corp.	7,837		245,455
Cameron International Corp.*	17,494		568,905
Campbell Soup Co.	12,018		430,605
Capital One Financial Corp.	31,269		1,260,141
Cardinal Health, Inc.	25,602		860,483
CareFusion Corp.*	13,001		295,123
CarMax, Inc.*	15,442		307,296
Carnival Corp.	30,189		912,915
Caterpillar, Inc.	43,243		2,597,607


	Number of Shares	Value (Note 1)

CB Richard Ellis Group, Inc., Class A*	19,872	$	270,458
CBS Corp., Class B	46,115		596,267
Celgene Corp.*	31,649		1,608,402
CenterPoint Energy, Inc.	29,548		388,852
CenturyLink, Inc.	21,612		719,896
Cephalon, Inc.*	4,959		281,423
Cerner Corp.*	5,000		379,450
CF Industries Holdings, Inc.	4,695		297,898
Charles Schwab Corp.	66,840		947,791
Chesapeake Energy Corp.	44,491		932,086
Chevron Corp.	138,904		9,426,025
Chubb Corp.	22,349		1,117,673
CIGNA Corp.	18,741		582,095
Cincinnati Financial Corp.	10,048		259,942
Cintas Corp.	10,166		243,679
Cisco Systems, Inc.*	394,870		8,414,680
Citigroup, Inc.*	1,561,669		5,871,875
Citrix Systems, Inc.*	12,537		529,438
Cliffs Natural Resources, Inc.	9,123		430,241
Clorox Co.	9,527		592,198
CME Group, Inc.	4,506		1,268,664
CMS Energy Corp.	14,962		219,193
Coach, Inc.	20,846		761,921
Coca-Cola Co.	159,484		7,993,338
Coca-Cola Enterprises, Inc.	22,700		587,022
Cognizant Technology Solutions Corp., Class A*	20,462		1,024,328
Colgate-Palmolive Co.	33,782		2,660,670
Comcast Corp., Class A	194,598		3,380,167
Comerica, Inc.	11,828		435,625
Computer Sciences Corp.	11,099		502,230
Compuware Corp.*	18,889		150,734
ConAgra Foods, Inc.	30,268		705,850
ConocoPhillips	102,797		5,046,305
Consol Energy, Inc.	15,258		515,110
Consolidated Edison, Inc.	20,079		865,405
Constellation Brands, Inc., Class A*	14,970		233,831
Constellation Energy Group, Inc.	13,564		437,439
Corning, Inc.	107,975		1,743,796
Costco Wholesale Corp.	30,285		1,660,527
Coventry Health Care, Inc.*	11,317		200,085
CSX Corp.	26,680		1,324,128
Cummins, Inc.	13,693		891,825
CVS Caremark Corp.	95,034		2,786,397
D.R. Horton, Inc.	18,129		178,208
Danaher Corp.	36,059		1,338,510
Darden Restaurants, Inc.	9,406		365,423
DaVita, Inc.*	7,519		469,486
Dean Foods Co.*	13,963		140,607
Deere & Co.	29,172		1,624,297
Dell, Inc.*	118,275		1,426,397
Denbury Resources, Inc.*	28,410		415,922
DENTSPLY International, Inc.	11,117		332,509
Devon Energy Corp.	30,736		1,872,437
DeVry, Inc.	4,034		211,745
Diamond Offshore Drilling, Inc.	4,580		284,830

See Notes to Financial Statements.

497

EQ ADVISORS TRUST

EQ/GLOBAL MULTI-SECTOR EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

DIRECTV, Class A*	63,111	$	2,140,725
Discover Financial Services	38,755		541,795
Discovery Communications, Inc., Class A*	20,200		721,342
Dominion Resources, Inc.	40,924		1,585,396
Dover Corp.	13,479		563,287
Dow Chemical Co.	79,426		1,883,985
Dr. Pepper Snapple Group, Inc.	16,098		601,904
DTE Energy Co.	11,354		517,856
Duke Energy Corp.	90,043		1,440,688
Dun & Bradstreet Corp.	3,882		260,560
ETRADE Financial Corp.	12,673		149,795
E.I. du Pont de Nemours & Co.	62,354		2,156,825
Eastman Chemical Co.	4,776		254,847
Eastman Kodak Co.*	16,476		71,506
Eaton Corp.	11,406		746,409
eBay, Inc.*	78,349		1,536,424
Ecolab, Inc.	15,848		711,734
Edison International	23,405		742,407
El Paso Corp.	50,456		560,566
Electronic Arts, Inc.*	23,732		341,741
Eli Lilly and Co.	69,841		2,339,673
EMC Corp.*	141,585		2,591,006
Emerson Electric Co.	52,225		2,281,710
Entergy Corp.	12,919		925,259
EOG Resources, Inc.	17,398		1,711,441
EQT Corp.	10,716		387,276
Equifax, Inc.	9,621		269,965
Equity Residential (REIT)	19,273		802,528
Estee Lauder Cos., Inc., Class A	8,516		474,597
Exelon Corp.	45,388		1,723,382
Expedia, Inc.	13,898		261,004
Expeditors International of Washington, Inc.	15,448		533,110
Express Scripts, Inc.*	37,679		1,771,667
Exxon Mobil Corp.	353,998		20,202,641
Family Dollar Stores, Inc.	8,979		338,419
Fastenal Co.	9,607		482,175
Federated Investors, Inc., Class B	5,498		113,864
FedEx Corp.	21,500		1,507,365
Fidelity National Information Services, Inc.	22,416		601,197
Fifth Third Bancorp	56,007		688,326
First Horizon National Corp.*	17,549		200,941
First Solar, Inc.*	3,243		369,151
FirstEnergy Corp.	21,895		771,361
Fiserv, Inc.*	11,063		505,137
FLIR Systems, Inc.*	11,390		331,335
Flowserve Corp.	4,085		346,408
Fluor Corp.	12,064		512,720
FMC Corp.	5,500		315,865
FMC Technologies, Inc.*	8,800		463,408
Ford Motor Co.*	234,640		2,365,171
Forest Laboratories, Inc.*	20,399		559,545
Fortune Brands, Inc.	11,017		431,646
Franklin Resources, Inc.	10,504		905,340


	Number of Shares	Value (Note 1)

Freeport-McMoRan Copper & Gold, Inc.	32,733	$	1,935,502
Frontier Communications Corp.	19,767		140,543
GameStop Corp., Class A*	10,005		187,994
Gannett Co., Inc.	17,691		238,121
Gap, Inc.	31,304		609,176
General Dynamics Corp.	26,863		1,573,097
General Electric Co.	738,421		10,648,031
General Mills, Inc.	45,567		1,618,540
Genuine Parts Co.	11,758		463,853
Genworth Financial, Inc., Class A*	34,980		457,189
Genzyme Corp.*	18,706		949,704
Gilead Sciences, Inc.*	61,287		2,100,918
Goldman Sachs Group, Inc.	35,903		4,712,987
Goodrich Corp.	8,461		560,541
Goodyear Tire & Rubber Co.*	15,737		156,426
Google, Inc., Class A*	16,733		7,445,348
H&R Block, Inc.	22,256		349,197
H.J. Heinz Co.	21,581		932,731
Halliburton Co.	62,988		1,546,355
Harley-Davidson, Inc.	15,761		350,367
Harman International Industries, Inc.*	5,330		159,314
Harris Corp.	9,566		398,424
Hartford Financial Services Group, Inc.	30,165		667,551
Hasbro, Inc.	8,720		358,392
HCP, Inc. (REIT)	19,926		642,614
Health Care REIT, Inc. (REIT)	8,770		369,392
Helmerich & Payne, Inc.	6,974		254,690
Hershey Co.	10,789		517,117
Hess Corp.	19,969		1,005,239
Hewlett-Packard Co.	161,770		7,001,406
Home Depot, Inc.	116,253		3,263,222
Honeywell International, Inc.	52,714		2,057,427
Hormel Foods Corp.	3,964		160,463
Hospira, Inc.*	11,817		678,887
Host Hotels & Resorts, Inc. (REIT)	46,300		624,124
Hudson City Bancorp, Inc.	31,704		388,057
Humana, Inc.*	11,485		524,520
Huntington Bancshares, Inc./Ohio	47,221		261,604
Illinois Tool Works, Inc.	26,477		1,092,971
Integrys Energy Group, Inc.	6,030		263,752
Intel Corp.	384,625		7,480,956
IntercontinentalExchange, Inc.*	5,236		591,825
International Business Machines Corp.	88,537		10,932,549
International Flavors & Fragrances, Inc.	6,190		262,580
International Game Technology	19,848		311,614
International Paper Co.	29,660		671,206
Interpublic Group of Cos., Inc.*	36,070		257,179
Intuit, Inc.*	21,360		742,687

See Notes to Financial Statements.

498

EQ ADVISORS TRUST

EQ/GLOBAL MULTI-SECTOR EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Intuitive Surgical, Inc.*	2,669	$	842,390
Invesco Ltd.	31,595		531,744
Iron Mountain, Inc.	13,568		304,737
ITT Corp.	12,402		557,098
J.C. Penney Co., Inc.	15,817		339,749
J.M. Smucker Co.	8,702		524,034
Jabil Circuit, Inc.	14,760		196,308
Jacobs Engineering Group, Inc.*	9,061		330,183
Janus Capital Group, Inc.	14,595		129,604
JDS Uniphase Corp.*	17,436		171,570
Johnson & Johnson	190,750		11,265,695
Johnson Controls, Inc.	46,077		1,238,089
JPMorgan Chase & Co.	275,145		10,073,058
Juniper Networks, Inc.*	35,850		818,097
Kellogg Co.	17,390		874,717
KeyCorp	59,124		454,664
Kimberly-Clark Corp.	28,434		1,723,953
Kimco Realty Corp. (REIT)	29,713		399,343
King Pharmaceuticals, Inc.*	19,482		147,868
KLA-Tencor Corp.	11,285		314,626
Kohl’s Corp.*	21,047		999,733
Kraft Foods, Inc., Class A	120,242		3,366,776
Kroger Co.	44,017		866,695
L-3 Communications Holdings, Inc.	8,302		588,114
Laboratory Corp. of America Holdings*	7,019		528,882
Legg Mason, Inc.	11,872		332,772
Leggett & Platt, Inc.	11,366		228,002
Lennar Corp., Class A	10,589		147,293
Leucadia National Corp.*	14,119		275,462
Lexmark International, Inc., Class A*	5,047		166,702
Life Technologies Corp.*	12,359		583,963
Limited Brands, Inc.	18,110		399,688
Lincoln National Corp.	21,515		522,599
Linear Technology Corp.	15,021		417,734
Lockheed Martin Corp.	21,664		1,613,968
Loews Corp.	23,310		776,456
Lorillard, Inc.	10,389		747,800
Lowe’s Cos., Inc.	99,412		2,029,993
LSI Corp.*	49,044		225,602
M&T Bank Corp.	6,081		516,581
Macy’s, Inc.	28,555		511,134
Marathon Oil Corp.	48,690		1,513,772
Marriott International, Inc., Class A	17,349		519,429
Marsh & McLennan Cos., Inc.	37,771		851,736
Marshall & Ilsley Corp.	38,706		277,909
Masco Corp.	23,681		254,808
Massey Energy Co.	6,673		182,507
Mastercard, Inc., Class A	6,702		1,337,250
Mattel, Inc.	24,606		520,663
McAfee, Inc.*	10,361		318,290
McCormick & Co., Inc. (Non-Voting)	8,308		315,372
McDonald’s Corp.	74,290		4,893,482
McGraw-Hill Cos., Inc.	21,813		613,818
McKesson Corp.	18,586		1,248,236
Mead Johnson Nutrition Co.	65,293		3,272,485


	Number of Shares	Value (Note 1)

MeadWestvaco Corp.	12,745	$	282,939
Medco Health Solutions, Inc.*	31,601		1,740,583
Medtronic, Inc.	76,410		2,771,391
MEMC Electronic Materials, Inc.*	17,540		173,295
Merck & Co., Inc.	215,532		7,537,154
Meredith Corp.	2,396		74,587
MetLife, Inc.	56,528		2,134,497
MetroPCS Communications, Inc.*	20,700		169,533
Microchip Technology, Inc.	12,352		342,644
Micron Technology, Inc.*	60,784		516,056
Microsoft Corp.	527,445		12,136,509
Millipore Corp.*	4,085		435,665
Molex, Inc.	10,602		193,380
Molson Coors Brewing Co., Class B	11,517		487,860
Monsanto Co.	37,490		1,732,788
Monster Worldwide, Inc.*	8,010		93,317
Moody’s Corp.	12,945		257,864
Morgan Stanley	96,228		2,233,452
Motorola, Inc.*	161,542		1,053,254
Murphy Oil Corp.	13,652		676,457
Mylan, Inc.*	20,564		350,411
NASDAQ OMX Group, Inc.*	11,326		201,376
National Oilwell Varco, Inc.	28,632		946,860
National Semiconductor Corp.	15,478		208,334
NetApp, Inc.*	23,507		877,046
New York Times Co., Class A*	10,449		90,384
Newell Rubbermaid, Inc.	18,393		269,274
Newmont Mining Corp.	33,771		2,085,022
News Corp., Class A	155,004		1,853,848
NextEra Energy, Inc.	28,431		1,386,296
Nicor, Inc.	3,866		156,573
NIKE, Inc., Class B	27,144		1,833,577
NiSource, Inc.	21,311		309,009
Noble Energy, Inc.	11,871		716,177
Nordstrom, Inc.	11,163		359,337
Norfolk Southern Corp.	25,374		1,346,091
Northeast Utilities	13,487		343,649
Northern Trust Corp.	16,461		768,729
Northrop Grumman Corp.	21,263		1,157,558
Novell, Inc.*	28,039		159,262
Novellus Systems, Inc.*	6,131		155,482
NRG Energy, Inc.*	17,238		365,618
Nucor Corp.	21,473		821,986
NVIDIA Corp.*	38,372		391,778
NYSE Euronext	17,576		485,625
Occidental Petroleum Corp.	56,015		4,321,557
Office Depot, Inc.*	22,694		91,684
Omnicom Group, Inc.	20,878		716,115
ONEOK, Inc.	8,000		346,000
Oracle Corp.	270,473		5,804,351
O’Reilly Automotive, Inc.*	9,274		441,071
Owens-Illinois, Inc.*	12,241		323,774
PACCAR, Inc.	25,566		1,019,316
Pactiv Corp.*	10,166		283,123
Pall Corp.	8,888		305,481
Parker Hannifin Corp.	10,913		605,235
Patterson Cos., Inc.	7,495		213,832

See Notes to Financial Statements.

499

EQ ADVISORS TRUST

EQ/GLOBAL MULTI-SECTOR EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Paychex, Inc.	23,246	$	603,699
Peabody Energy Corp.	18,257		714,396
People’s United Financial, Inc.	24,940		336,690
Pepco Holdings, Inc.	14,552		228,175
PepsiCo, Inc.	111,773		6,812,564
PerkinElmer, Inc.	9,405		194,401
Pfizer, Inc.	557,634		7,951,861
PG&E Corp.	25,440		1,045,584
Philip Morris International, Inc.	129,009		5,913,773
Pinnacle West Capital Corp.	7,951		289,098
Pioneer Natural Resources Co.	7,823		465,077
Pitney Bowes, Inc.	15,589		342,334
Plum Creek Timber Co., Inc. (REIT)	10,889		375,997
PNC Financial Services Group, Inc.	36,193		2,044,905
Polo Ralph Lauren Corp.	4,271		311,612
PPG Industries, Inc.	11,297		682,452
PPL Corp.	32,441		809,403
Praxair, Inc.	21,003		1,596,018
Precision Castparts Corp.	10,012		1,030,435
priceline.com, Inc.*	3,211		566,870
Principal Financial Group, Inc.	22,601		529,767
Procter & Gamble Co.	199,206		11,948,376
Progress Energy, Inc.	19,516		765,418
Progressive Corp.	47,780		894,442
ProLogis (REIT)	34,411		348,583
Prudential Financial, Inc.	32,224		1,729,140
Public Service Enterprise Group, Inc.	35,801		1,121,645
Public Storage (REIT)	9,648		848,156
Pulte Group, Inc.*	21,656		179,312
QLogic Corp.*	8,448		140,406
QUALCOMM, Inc.	114,591		3,763,168
Quanta Services, Inc.*	15,500		320,075
Quest Diagnostics, Inc.	10,192		507,256
Questar Corp.	11,830		538,147
Qwest Communications International, Inc.	106,790		560,647
R.R. Donnelley & Sons Co.	15,374		251,672
RadioShack Corp.	8,022		156,509
Range Resources Corp.	10,750		431,613
Raytheon Co.	26,110		1,263,463
Red Hat, Inc.*	13,800		399,372
Regions Financial Corp.	80,520		529,822
Republic Services, Inc.	23,432		696,633
Reynolds American, Inc.	12,250		638,470
Robert Half International, Inc.	11,190		263,525
Rockwell Automation, Inc.	10,285		504,891
Rockwell Collins, Inc.	11,358		603,451
Roper Industries, Inc.	5,923		331,451
Ross Stores, Inc.	8,229		438,523
Rowan Cos., Inc.*	7,336		160,952
Ryder System, Inc.	4,171		167,799
Safeway, Inc.	26,218		515,446
SAIC, Inc.*	19,658		329,075
Salesforce.com, Inc.*	7,680		659,098
SanDisk Corp.*	15,628		657,470
Sara Lee Corp.	45,377		639,816
SCANA Corp.	8,661		309,717


	Number of Shares	Value (Note 1)

Schlumberger Ltd.	82,405	$	4,560,293
Scripps Networks Interactive, Inc., Class A	6,781		273,546
Sealed Air Corp.	12,253		241,629
Sears Holdings Corp.*	3,585		231,770
Sempra Energy	17,664		826,499
Sherwin-Williams Co.	6,193		428,494
Sigma-Aldrich Corp.	8,961		446,527
Simon Property Group, Inc. (REIT)	20,104		1,623,398
SLM Corp.*	35,264		366,393
Smith International, Inc.	17,481		658,160
Snap-On, Inc.	4,666		190,886
Southern Co.	56,665		1,885,811
Southwest Airlines Co.	50,334		559,211
Southwestern Energy Co.*	23,644		913,604
Spectra Energy Corp.	46,049		924,203
Sprint Nextel Corp.*	208,994		886,135
St. Jude Medical, Inc.*	22,239		802,606
Stanley Black & Decker, Inc.	10,848		548,041
Staples, Inc.	49,892		950,443
Starbucks Corp.	51,072		1,241,050
Starwood Hotels & Resorts Worldwide, Inc.	12,826		531,381
State Street Corp.	34,358		1,161,988
Stericycle, Inc.*	5,322		349,017
Stryker Corp.	19,926		997,496
Sunoco, Inc.	7,919		275,344
SunTrust Banks, Inc.	34,058		793,551
SUPERVALU, Inc.	13,737		148,909
Symantec Corp.*	54,345		754,309
Synthes, Inc.	3,472		399,239
Sysco Corp.	40,492		1,156,856
T. Rowe Price Group, Inc.	18,342		814,201
Target Corp.	51,416		2,528,125
TECO Energy, Inc.	12,664		190,846
Tellabs, Inc.	24,902		159,124
Tenet Healthcare Corp.*	33,743		146,445
Teradata Corp.*	12,163		370,728
Teradyne, Inc.*	11,227		109,463
Tesoro Corp.	8,734		101,926
Texas Instruments, Inc.	86,012		2,002,359
Textron, Inc.	18,191		308,701
Thermo Fisher Scientific, Inc.*	28,145		1,380,512
Tiffany & Co.	9,148		346,801
Time Warner Cable, Inc.	24,761		1,289,553
Time Warner, Inc.	78,477		2,268,770
Titanium Metals Corp.*	7,125		125,329
TJX Cos., Inc.	27,978		1,173,677
Torchmark Corp.	6,314		312,606
Total System Services, Inc.	15,314		208,270
Travelers Cos., Inc.	34,347		1,691,590
Tyson Foods, Inc., Class A	22,095		362,137
U.S. Bancorp	132,109		2,952,636
Union Pacific Corp.	34,854		2,422,702
United Parcel Service, Inc., Class B	68,355		3,888,716
United States Steel Corp.	9,637		371,506
United Technologies Corp.	64,402		4,180,334
UnitedHealth Group, Inc.	78,224		2,221,562
Unum Group	24,146		523,968

See Notes to Financial Statements.

500

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Urban Outfitters, Inc.*	9,400	$	323,266
Valero Energy Corp.	38,348		689,497
Varian Medical Systems, Inc.*	8,948		467,801
Ventas, Inc. (REIT)	10,567		496,121
VeriSign, Inc.*	13,524		359,062
Verizon Communications, Inc.	195,248		5,470,849
VF Corp.	6,487		461,745
Viacom, Inc., Class B	42,507		1,333,445
Visa, Inc., Class A	31,151		2,203,933
Vornado Realty Trust (REIT)	10,775		786,036
Vulcan Materials Co.	8,534		374,045
W.W. Grainger, Inc.	4,154		413,115
Walgreen Co.	68,375		1,825,613
Wal-Mart Stores, Inc.	144,545		6,948,278
Walt Disney Co.	135,208		4,259,052
Washington Post Co., Class B	493		202,367
Waste Management, Inc.	34,287		1,072,840
Waters Corp.*	6,805		440,284
Watson Pharmaceuticals, Inc.*	8,024		325,534
WellPoint, Inc.*	29,775		1,456,891
Wells Fargo & Co.	360,283		9,223,245
Western Digital Corp.*	15,452		466,032
Western Union Co.	48,196		718,602
Weyerhaeuser Co.	15,062		530,182
Whirlpool Corp.	5,059		444,281
Whole Foods Market, Inc.*	12,199		439,408
Williams Cos., Inc.	41,474		758,145
Windstream Corp.	34,694		366,369
Wisconsin Energy Corp.	8,716		442,250
Wyndham Worldwide Corp.	13,106		263,955
Wynn Resorts Ltd.	4,610		351,605
Xcel Energy, Inc.	33,013		680,398
Xerox Corp.	93,937		755,253
Xilinx, Inc.	18,412		465,087
Yahoo!, Inc.*	80,577		1,114,380
Yum! Brands, Inc.	32,026		1,250,295
Zimmer Holdings, Inc.*	14,053		759,565
Zions Bancorp	10,516		226,830

			647,759,596

Total Common Stocks (77.4%) (Cost $1,495,419,722)			1,687,433,493

	Number of Shares	Value (Note 1)

PREFERRED STOCK:
Brazil (0.3%)
Itau Unibanco Holding S.A. (Preference) (ADR), 0.007% (Cost $5,166,326)	314,484		5,663,857


	Number of Rights		Value (Note 1)

RIGHTS:
Norway (0.0%)
Norsk Hydro ASA, expiring 7/9/10* (Cost $—)		14,641	$	7,553

	Number of Warrants		Value (Note 1)
WARRANT:
*Hong Kong (0.0%)*
Henderson Land Development Co. Ltd., expiring 6/1/11* (Cost $—)		17,386		2,947

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Short-Term Investment (9.5%)
BlackRock Liquidity Funds TempFund 0.16%‡ (Amortized Cost $208,191,595)	$	208,191,595	$	208,191,595

Total Investments (87.2%) (Cost/Amortized Cost $1,708,777,643)				1,901,299,445
Other Assets Less Liabilities (12.8%)				279,907,626

Net Assets (100%)			$	2,181,207,071

*	Non-income producing.

†	Securities (totaling $2,389,562 or 0.1% of net assets) at fair value by management.

‡	Affiliated company as defined under the Investment Company Act of 1940.

(b)

Illiquid Security.

(m)

Glossary:

ADR

— American Depositary Receipt

CDI

— Chess Depositary Interest

CVA

— Dutch Certification

FDR

— Finnish Depositary Receipt

GDR

— Global Depositary Receipt

NVDR

— Non-Voting Depositary Receipt

PPS

— Price Protected Share

REIT

— Real Estate Investment Trust

RNC

— Risparmio Non-Convertible Savings Shares

SDR

— Swedish Certification

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	—	$	578,270,180	$	370,078,585	$	208,191,595	$	51,724	$	—

See Notes to Financial Statements.

501

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
Dow Jones EURO Stoxx 50 Index	3,084	September-10	$	102,759,251	$	96,846,198	$	(5,913,053	)
E-Mini MSCI EAFE Index	124	September-10		8,204,396		8,154,240		(50,156	)
FTSE 100 Index	797	September-10		62,028,569		58,116,882		(3,911,687	)
S&P 500 E-Mini Index	4,503	September-10		243,963,028		231,138,990		(12,824,038	)
SPI 200 Index	256	September-10		24,659,971		22,960,246		(1,699,725	)
TOPIX Index	612	September-10		59,388,044		58,040,152		(1,347,892	)

								$ (25,746,551	)

At June 30, 2010, the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


	Counterparty	Local Contract Buy Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
Australian Dollar vs. U.S. Dollar, expiring 9/17/10	Deutsche Bank AG	1,800	$	1,501,086	$	1,539,612	$	(38,526	)
British Pound vs. U.S. Dollar, expiring 9/17/10	Credit Suisse First Boston	2,150		3,212,315		3,178,130		34,185
European Union Euro vs. U.S. Dollar, expiring 9/17/10	Deutsche Bank AG	5,800		7,095,256		7,145,368		(50,112	)
Japanese Yen vs. U.S. Dollar, expiring 9/17/10	Credit Suisse First Boston	250,000		2,831,333		2,737,986		93,347

							$	38,894

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (Including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (Including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	75,373,836	$	97,634,176	$	—	$	173,008,012
Consumer Staples		97,980,245		99,330,680		—		197,310,925
Energy		85,868,276		72,924,819		—		158,793,095
Financials		115,301,403		237,072,774		2,359,757		354,733,934
Health Care		78,878,194		61,778,966		—		140,657,160
Industrials		67,546,328		97,807,009		29,805		165,383,142
Information Technology		124,510,553		78,068,956		—		202,579,509
Materials		31,559,890		89,457,256		—		121,017,146
Telecommunication Services		35,567,472		71,182,918		—		106,750,390
Utilities		24,503,926		42,696,254		—		67,200,180
Forward Currency Contracts		—		127,532		—		127,532
Preferred Stocks
Financials		5,663,857		—		—		5,663,857
Rights
Materials		—		7,553		—		7,553

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (Including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (Including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Short-Term Investments	$	—		$	208,191,595	$	—	$	208,191,595
Warrants
Financials		—			2,947		—		2,947

Total Assets	$	742,753,980		$	1,156,283,435	$	2,389,562	$	1,901,426,977


Liabilities:
Forward Currency Contracts	$	—		$	(88,638)	$	—	$	(88,638)
Futures		(25,746,551	)		—		—		(25,746,551	)

Total Liabilities	$	(25,746,551)		$	(88,638)	$	—	$	(25,835,189)

Total	$	717,007,429		$	1,156,194,797	$	2,389,562	$	1,875,591,788

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments in Securities-Financials			Investments in Securities-Industrials		Investments in Securities- Telecommunication Services
Balance as of 12/31/09	$	—		$	16,724	$	614,908
Total gains or losses (realized/unrealized) included in earnings		(289,381	)		5,922		15,374
Purchases, sales, issuances, and settlements (net)		(1,158,080	)		7,159		(630,282	)
Transfers into Level 3		3,807,218			—		—
Transfers out of Level 3		—			—		—
Balance as of 6/30/10	$	2,359,757		$	29,805	$	—
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	(177,984	)	$	6,084	$	—

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets -Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		127,532
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets -Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	127,532

See Notes to Financial Statements.

503

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Liability Derivatives	Fair Value
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		(88,638	)
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(25,746,551	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(25,835,189)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			1,674,498		—		1,674,498
Credit contracts		—		—			—		—		—
Equity contracts		—		(24,719,040	)		—		—		(24,719,040	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(24,719,040	)	$	1,674,498	$	—	$	(23,044,542	)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			61,504		—		61,504
Credit contracts		—		—			—		—		—
Equity contracts		—		(26,685,431	)		—		—		(26,685,431	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(26,685,431	)	$	61,504	$	—	$	(26,623,927	)

This Portfolio held forward foreign currency contracts with an average settlement value of approximately $28,734,000 and futures contracts with an average notional balance of approximately $94,001,000 during the six months ended June 30, 2010.

^ This Portfolio held forward foreign currency and futures contracts to gain a economic hedge against changes in the values of securities held in the Portfolio, that does not qualify for hedge accounting under ASC 815 and also to gain or reduce exposure to the financial markets.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	223,399,006
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	675,070,590

See Notes to Financial Statements.

504

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EQ/GLOBAL MULTI-SECTOR EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

As of June 30, 2010, 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	$	209,331,975
Aggregate gross unrealized depreciation		(64,759,259	)

Net unrealized appreciation	$	144,572,716

Federal income tax cost of investments	$	1,756,726,729

For the year ended June 30, 2010, the Portfolio incurred approximately $49 as brokerage commissions with BIDS Trading, L.P., $6,148 with Morgan Stanley & Co., Inc., and $5,878 with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $898,047,754 of which $69,721,524 expires in the year 2016, and $828,326,230 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $208,191,595)	$	208,191,595
Unaffiliated Issuers (Cost $1,500,586,048)		1,693,107,850
Cash		10,773,231
Foreign cash (Cost $225,649,951)		226,774,536
Cash held as collateral at broker		44,520,000
Dividends, interest and other receivables		4,987,711
Receivable for securities sold		1,004,776
Receivable from Separate Accounts for Trust shares sold		431,913
Unrealized appreciation of forward foreign currency contracts		127,532
Receivable from investment sub-advisor		27,973
Other assets		31,016

Total assets		2,189,978,133

LIABILITIES
Variation margin payable on futures contracts		3,154,151
Payable to Separate Accounts for Trust shares redeemed		1,676,975
Investment management fees payable		1,339,415
Payable for securities purchased		1,175,856
Distribution fees payable - Class IB		345,708
Administrative fees payable		290,891
Unrealized depreciation of forward foreign currency contracts		88,638
Trustees’ fees payable		4,053
Accrued expenses		695,375

Total liabilities		8,771,062

NET ASSETS	$	2,181,207,071

Net assets were comprised of:
Paid in capital	$	2,817,932,370
Accumulated undistributed net investment income (loss)		15,292,038
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(819,891,567	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		167,874,230

Net assets	$	2,181,207,071

Class IA
Net asset value, offering and redemption price per share, $566,861,102 / 55,575,726 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.20

Class IB
Net asset value, offering and redemption price per share, $1,614,345,969 / 158,926,898 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.16

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $1,939,415 foreign withholding tax) ($51,724 of dividend income received from affiliates)	$	29,944,357
Interest		15,384
Securities lending (net)		59,738

Total income		30,019,479

EXPENSES
Investment management fees		8,525,027
Distribution fees—Class IB		2,261,467
Administrative fees		1,853,682
Custodian fees		351,913
Printing and mailing expenses		140,385
Professional fees		40,483
Trustees’ fees		28,370
Miscellaneous		24,723

Gross expenses		13,226,050
Less: Reimbursement from sub-advisor		(27,973	)

Net expenses		13,198,077

NET INVESTMENT INCOME (LOSS)		16,821,402

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		154,035,562
Foreign currency transactions		(4,978,807	)
Futures		(24,719,040	)

Net realized gain (loss)		124,337,715

Change in unrealized appreciation (depreciation) on:
Securities		(364,857,500	)
Foreign currency translations		1,803,137
Futures		(26,685,431	)

Net change in unrealized appreciation (depreciation)		(389,739,794	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(265,402,079	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(248,580,677	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	16,821,402		$	21,776,046
Net realized gain (loss) on investments, futures and foreign currency transactions		124,337,715			(594,213,659	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(389,739,794	)		1,358,738,580

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(248,580,677	)		786,300,967

DIVIDENDS:
Dividends from net investment income
Class IA		—			(7,457,468	)
Class IB		—			(19,573,999	)

TOTAL DIVIDENDS		—			(27,031,467	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [7,487,450 and 13,121,373 shares, respectively]		79,968,406			116,298,932
Capital shares issued in reinvestment of dividends [0 and 674,898 shares, respectively]		—			7,457,468
Capital shares repurchased [(2,697,413) and (3,571,445) shares, respectively]		(29,729,717	)		(34,080,191	)

Total Class IA transactions		50,238,689			89,676,209

Class IB
Capital shares sold [11,181,718 and 43,643,124 shares, respectively]		125,407,390			403,356,556
Capital shares issued in reinvestment of dividends [0 and 1,777,932 shares, respectively]		—			19,573,999
Capital shares repurchased [(17,368,577) and (33,492,162) shares, respectively]		(191,177,215	)		(303,891,724	)

Total Class IB transactions		(65,769,825	)		119,038,831

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(15,531,136	)		208,715,040

TOTAL INCREASE (DECREASE) IN NET ASSETS		(264,111,813	)		967,984,540
NET ASSETS:
Beginning of period		2,445,318,884			1,477,334,344

End of period (a)	$	2,181,207,071		$	2,445,318,884

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	15,292,038		$	(1,529,364	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	11.35		$	7.65		$	18.85		$	16.23		$	12.87		$	10.06

Income (loss) from investment operations:
Net investment income (loss)		0.09	(e)		0.13	(e)		0.10	(e)		0.05	(e)		0.04	(e)		0.09	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.24	)		3.72			(10.55	)		6.50			4.70			3.23

Total from investment operations		(1.15	)		3.85			(10.45	)		6.55			4.74			3.32

Less distributions:
Dividends from net investment income		—			(0.15	)		(0.04	)		—			(0.10	)		(0.09	)
Distributions from net realized gains		—			—			(0.71	)		(3.93	)		(1.28	)		(0.42	)

Total dividends and distributions		—			(0.15	)		(0.75	)		(3.93	)		(1.38	)		(0.51	)

Net asset value, end of period	$	10.20		$	11.35		$	7.65		$	18.85		$	16.23		$	12.87

Total return (b)		(10.05	)%		50.37	%		(57.14	)%		42.42	%		37.41	%		33.04	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	566,861		$	576,308		$	310,097		$	1,016,346		$	619,212		$	162,519
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.92	%		1.00	%		1.43	%		1.39	%		1.47	%(c)		1.53	%
After waivers, reimbursements and fees paid indirectly (a)		0.92	%		1.00	%		1.43	%		1.39	%		1.47	%(c)		1.53	%
Before waivers, reimbursements and fees paid indirectly (a)		0.92	%		1.06	%		1.44	%		1.39	%		1.49	%(c)		1.55	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.59	%		1.38	%		0.72	%		0.25	%		0.24	%		0.71	%
After waivers, reimbursements and fees paid indirectly (a)		1.59	%		1.38	%		0.72	%		0.25	%		0.24	%		0.71	%
Before waivers, reimbursements and fees paid indirectly (a)		1.59	%		1.31	%		0.72	%		0.25	%		0.22	%		0.69	%
Portfolio turnover rate		10	%		144	%		105	%		101	%		69	%		52	%

See Notes to Financial Statements.

508

EQ ADVISORS TRUST

EQ/GLOBAL MULTI-SECTOR EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	11.32		$	7.62		$	18.79		$	16.22		$	12.87		$	10.06

Income (loss) from investment operations:
Net investment income (loss)		0.08	(e)		0.10	(e)		0.05	(e)		—	(e)		0.03	(e)		0.05	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.24	)		3.72			(10.49	)		6.50			4.66			3.25

Total from investment operations		(1.16	)		3.82			(10.44	)		6.50			4.69			3.30

Less distributions:
Dividends from net investment income		—			(0.12	)		(0.02	)		—			(0.06	)		(0.07	)
Distributions from net realized gains		—			—			(0.71	)		(3.93	)		(1.28	)		(0.42	)

Total dividends and distributions		—			(0.12	)		(0.73	)		(3.93	)		(1.34	)		(0.49	)

Net asset value, end of period	$	10.16		$	11.32		$	7.62		$	18.79		$	16.22		$	12.87

Total return (b)		(10.17	)%		50.18	%		(57.28	)%		41.98	%		37.07	%		32.84	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,614,346		$	1,869,011		$	1,167,237		$	2,838,075		$	1,849,522		$	1,140,481
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.17	%		1.26	%		1.68	%(c)		1.64	%		1.72	%(c)		1.78	%
After waivers, reimbursements and fees paid indirectly (a)		1.17	%		1.26	%		1.68	%(c)		1.64	%		1.72	%(c)		1.78	%
Before waivers, reimbursements and fees paid indirectly (a)		1.17	%		1.31	%(c)		1.69	%(c)		1.64	%		1.74	%(c)		1.80	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.36	%		1.06	%		0.36	%		0.01	%		0.19	%		0.46	%
After waivers, reimbursements and fees paid indirectly (a)		1.36	%		1.06	%		0.36	%		0.01	%		0.19	%		0.46	%
Before waivers, reimbursements and fees paid indirectly (a)		1.36	%		0.99	%		0.36	%		0.01	%		0.17	%		0.44	%
Portfolio turnover rate		10	%		144	%		105	%		101	%		69	%		52	%

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

509

EQ/INTERMEDIATE GOVERNMENT BOND INDEX PORTFOLIO (Unaudited)


Distribution of Assets by Sector as of 6/30/2010	% of Net Assets
Government Securities	70.7	%
Investment Companies	25.0
Corporate Bonds	3.7
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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$1,041.70	$2.43
Hypothetical (5% average return before expenses)	1,000.00	1,022.41	2.41
Class IB
Actual	1,000.00	1,039.80	3.69
Hypothetical (5% average return before expenses)	1,000.00	1,021.17	3.66
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.48% and 0.73%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

510

EQ ADVISORS TRUST

EQ/INTERMEDIATE GOVERNMENT BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

LONG-TERM DEBT SECURITIES:
Corporate Bonds (3.7%)
Financials (3.5%)
*Capital Markets (0.5%)*
Goldman Sachs Group, Inc.
1.625%, 7/15/11	$	1,400,000	$	1,416,453
2.150%, 3/15/12		500,000		511,927
3.250%, 6/15/12		2,000,000		2,094,258
Morgan Stanley
2.000%, 9/22/11		1,000,000		1,017,310
3.250%, 12/1/11		1,500,000		1,554,171
2.250%, 3/13/12		500,000		512,993
1.950%, 6/20/12		1,700,000		1,737,765

				8,844,877

*Commercial Banks (1.1%)*
Ally Financial, Inc.
1.750%, 10/30/12		2,000,000		2,034,700
2.200%, 12/19/12		2,000,000		2,055,004
American Express Bank FSB
3.150%, 12/9/11		1,700,000		1,760,454
Citibank N.A.
1.375%, 8/10/11		900,000		908,623
1.250%, 9/22/11		1,250,000		1,260,187
1.875%, 5/7/12		500,000		510,338
1.875%, 6/4/12		1,500,000		1,530,218
HSBC USA, Inc.
3.125%, 12/16/11		1,450,000		1,501,882
KeyBank N.A.
3.200%, 6/15/12		650,000		680,009
PNC Funding Corp.
2.300%, 6/22/12		1,300,000		1,338,528
Regions Bank/Alabama
3.250%, 12/9/11		1,300,000		1,347,316
Sovereign Bank
2.750%, 1/17/12		550,000		568,383
SunTrust Bank/Georgia
3.000%, 11/16/11		1,000,000		1,031,571
U.S. Bancorp
1.800%, 5/15/12		1,680,000		1,712,014
Wells Fargo & Co.
3.000%, 12/9/11		1,320,000		1,364,328
2.125%, 6/15/12		1,000,000		1,026,866

				20,630,421

*Diversified Financial Services (1.8%)*
Bank of America Corp.
2.100%, 4/30/12		2,400,000		2,457,744
3.125%, 6/15/12		3,000,000		3,132,990
2.375%, 6/22/12		1,000,000		1,030,500
Citigroup Funding, Inc.
2.125%, 7/12/12		245,000		251,351
1.875%, 10/22/12		1,800,000		1,837,838
2.250%, 12/10/12		2,000,000		2,058,806
Citigroup, Inc.
2.875%, 12/9/11		1,500,000		1,546,632
2.125%, 4/30/12		4,800,000		4,917,648
General Electric Capital Corp.
3.000%, 12/9/11		2,100,000		2,169,306
2.250%, 3/12/12		1,000,000		1,025,956
2.200%, 6/8/12		2,350,000		2,412,012


	Principal Amount		Value (Note 1)

2.125%, 12/21/12	$	1,010,000	$	1,038,369
2.625%, 12/28/12		1,000,000		1,039,184
John Deere Capital Corp.
2.875%, 6/19/12		1,050,000		1,091,880
JPMorgan Chase & Co.
3.125%, 12/1/11		2,000,000		2,069,028
2.200%, 6/15/12		1,475,000		1,515,601
2.125%, 6/22/12		1,200,000		1,231,012
2.125%, 12/26/12		1,450,000		1,491,226
Private Export Funding Corp.
5.685%, 5/15/12		450,000		491,403
4.550%, 5/15/15		600,000		665,365
4.950%, 11/15/15		200,000		225,779
4.375%, 3/15/19		300,000		324,826

				34,024,456

*Thrifts & Mortgage Finance (0.1%)*
Santander Holdings USA, Inc.
2.500%, 6/15/12		400,000		411,048
U.S. Central Federal Credit Union
1.250%, 10/19/11		1,000,000		1,008,035
1.900%, 10/19/12		500,000		510,315
Western Corporate Federal Credit Union
1.750%, 11/2/12		700,000		711,664

				2,641,062

Total Financials				66,140,816

Utilities (0.2%)
*Independent Power Producers & Energy Traders (0.2%)*
Tennessee Valley Authority
4.750%, 8/1/13		1,500,000		1,648,636
5.500%, 7/18/17		2,000,000		2,327,988

Total Utilities				3,976,624


Total Corporate Bonds				70,117,440

Government Securities (70.7%)
*Agency ABS (4.7%)*
Federal Farm Credit Bank
0.875%, 12/9/11		250,000		251,073
1.050%, 12/23/11		250,000		250,852
1.110%, 6/14/12		400,000		402,032
1.250%, 9/14/12		200,000		200,305
1.625%, 12/24/12		250,000		253,802
1.750%, 2/21/13		2,900,000		2,942,302
1.375%, 6/25/13		500,000		502,802
2.375%, 4/28/14		200,000		202,121
2.550%, 3/16/15		400,000		401,213
2.620%, 6/15/15		200,000		202,030
3.875%, 12/17/18		200,000		200,994
3.990%, 6/17/19		200,000		201,033
Federal Home Loan Bank
0.600%, 5/10/11		600,000		600,156
0.750%, 7/8/11		1,000,000		1,002,885
1.250%, 10/19/11		250,000		250,486
1.000%, 11/10/11		600,000		600,346
1.000%, 11/14/11		200,000		200,038
1.000%, 12/28/11		1,500,000		1,508,928
1.200%, 1/19/12		200,000		200,067

See Notes to Financial Statements.

511

EQ ADVISORS TRUST

EQ/INTERMEDIATE GOVERNMENT BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

1.125%, 3/23/12	$	100,000	$	100,159
1.350%, 4/9/12		600,000		600,105
1.625%, 4/27/12		250,000		250,745
1.125%, 5/18/12		2,000,000		2,014,708
1.550%, 8/10/12		200,000		200,243
1.900%, 10/15/12		250,000		250,916
1.750%, 12/14/12		1,000,000		1,019,264
1.850%, 12/21/12		500,000		502,391
1.500%, 1/16/13		1,500,000		1,518,982
1.625%, 3/20/13		1,800,000		1,826,176
1.875%, 6/21/13		2,000,000		2,039,416
3.125%, 12/13/13		1,000,000		1,056,877
3.000%, 1/29/15		250,000		250,516
3.000%, 3/2/15		100,000		100,441
Federal Home Loan Mortgage Corp.
0.750%, 9/15/11		500,000		500,275
1.200%, 11/10/11		250,000		250,515
1.000%, 12/22/11		200,000		200,217
0.900%, 12/23/11		100,000		100,216
1.300%, 1/12/12		250,000		250,054
1.250%, 1/19/12		200,000		200,067
1.375%, 1/25/12		100,000		100,461
1.125%, 4/25/12		500,000		503,895
1.300%, 4/30/12		300,000		300,236
1.300%, 5/10/12		600,000		600,576
1.250%, 5/11/12		200,000		200,206
1.400%, 5/17/12		800,000		800,913
1.300%, 5/25/12		200,000		200,186
1.250%, 6/15/12		100,000		100,140
1.600%, 10/15/12		200,000		200,613
2.000%, 11/5/12		1,000,000		1,004,589
1.700%, 12/17/12		500,000		502,391
1.250%, 12/28/12		500,000		500,461
1.375%, 1/9/13		1,500,000		1,515,380
1.750%, 1/28/13		200,000		201,422
2.000%, 1/28/13		100,000		100,095
1.800%, 2/25/13		125,000		125,910
1.875%, 3/8/13		500,000		503,926
1.550%, 3/15/13		200,000		200,776
1.625%, 4/15/13		3,000,000		3,045,357
2.000%, 5/3/13		300,000		301,450
2.000%, 5/8/13		200,000		201,708
1.875%, 5/10/13		200,000		201,028
4.000%, 6/12/13		1,000,000		1,083,576
1.550%, 7/8/13		500,000		500,985
1.500%, 7/12/13		500,000		502,197
2.125%, 8/26/13		500,000		501,330
2.250%, 10/30/13		300,000		300,454
2.200%, 12/17/13		100,000		100,373
5.000%, 1/30/14		1,000,000		1,124,479
3.150%, 1/22/15		900,000		901,409
2.875%, 2/9/15		2,000,000		2,083,438
3.000%, 2/17/15		1,000,000		1,003,385
3.000%, 3/10/15		100,000		101,509
3.000%, 3/17/15		500,000		509,026
3.050%, 4/9/15		100,000		100,056
3.000%, 4/15/15		100,000		101,647
3.250%, 4/23/15		500,000		500,811
3.000%, 5/18/15		200,000		201,804
3.000%, 5/26/15		150,000		151,324
2.750%, 7/7/15		200,000		201,315


	Principal Amount		Value (Note 1)

3.250%, 11/12/15	$	125,000	$	125,316
4.750%, 1/22/20		500,000		501,296
Federal National Mortgage Association
5.000%, 10/15/11		1,000,000		1,057,175
1.250%, 1/6/12		250,000		250,027
0.875%, 1/12/12		1,500,000		1,505,080
1.000%, 4/4/12		2,000,000		2,010,832
1.250%, 4/5/12		300,000		300,542
1.500%, 5/24/12		500,000		500,628
1.300%, 5/25/12		1,000,000		1,005,666
1.500%, 6/1/12		1,000,000		1,001,247
1.100%, 6/28/12		1,000,000		1,001,230
1.125%, 7/30/12		4,000,000		4,026,492
1.550%, 9/17/12		200,000		200,342
1.500%, 9/24/12		200,000		200,427
1.600%, 11/5/12		200,000		200,733
1.625%, 11/5/12		200,000		200,696
1.750%, 12/28/12		500,000		502,703
2.000%, 1/15/13		150,000		150,075
2.250%, 1/15/13		100,000		100,056
2.050%, 1/28/13		600,000		603,895
1.800%, 2/8/13		300,000		303,476
1.875%, 2/19/13		100,000		100,161
2.000%, 2/19/13		500,000		500,853
4.750%, 2/21/13		1,000,000		1,095,678
1.750%, 2/22/13		2,000,000		2,038,786
1.750%, 2/25/13		100,000		100,173
2.000%, 3/1/13		200,000		200,415
1.800%, 3/15/13		850,000		855,239
1.850%, 3/25/13		450,000		453,686
2.000%, 4/8/13		600,000		600,200
2.150%, 4/12/13		250,000		250,120
1.875%, 5/6/13		600,000		606,139
1.750%, 5/7/13		3,600,000		3,665,765
2.000%, 5/10/13		800,000		803,898
2.000%, 6/24/13		700,000		707,447
1.500%, 6/26/13		1,100,000		1,112,037
1.750%, 6/28/13		200,000		200,530
1.625%, 7/12/13		200,000		200,369
1.375%, 7/19/13		1,000,000		994,847
2.020%, 8/20/13		100,000		101,025
2.050%, 8/26/13		200,000		200,490
2.125%, 9/10/13		300,000		301,043
2.100%, 9/16/13		600,000		601,991
2.000%, 11/26/13		200,000		201,179
2.000%, 12/16/13		400,000		401,089
2.500%, 3/3/14		100,000		100,388
2.500%, 4/29/14		200,000		200,914
3.125%, 11/10/14		1,000,000		1,010,288
2.625%, 12/10/14		250,000		252,345
2.875%, 12/10/14		450,000		454,612
2.750%, 12/29/14		100,000		101,151
3.125%, 1/21/15		150,000		151,812
3.250%, 1/26/15		100,000		100,174
3.000%, 3/9/15		450,000		452,127
3.125%, 5/19/15		200,000		201,794
3.000%, 8/17/15		100,000		100,306
4.000%, 1/20/17		2,000,000		2,036,692
6.000%, 3/9/20		250,000		264,603
4.300%, 3/30/20		200,000		203,558

See Notes to Financial Statements.

512

EQ ADVISORS TRUST

EQ/INTERMEDIATE GOVERNMENT BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Financing Corp.
9.400%, 2/8/18	$	2,300,000	$	3,260,243
9.650%, 11/2/18		2,090,000		3,054,937
8.600%, 9/26/19		410,000		575,163

				89,548,786

*U.S. Government Agencies (12.2%)*
Federal Farm Credit Bank
1.125%, 10/3/11		500,000		503,168
3.500%, 10/3/11		1,000,000		1,036,888
2.000%, 1/17/12		2,500,000		2,553,495
2.250%, 4/24/12		1,000,000		1,028,036
2.125%, 6/18/12		1,000,000		1,026,954
1.875%, 12/7/12		1,000,000		1,021,503
3.875%, 10/7/13		1,000,000		1,081,150
2.625%, 4/17/14		2,000,000		2,078,822
4.875%, 1/17/17		1,500,000		1,695,788
Federal Home Loan Bank
3.625%, 7/1/11		6,000,000		6,194,112
1.625%, 7/27/11		2,000,000		2,024,018
3.625%, 9/16/11		5,700,000		5,919,250
4.875%, 11/18/11		1,000,000		1,058,711
2.250%, 4/13/12		5,000,000		5,137,280
1.875%, 6/20/12		1,500,000		1,532,597
2.000%, 7/27/12		2,000,000		2,002,048
2.150%, 8/10/12		1,000,000		1,001,906
1.625%, 9/26/12		1,500,000		1,525,122
2.000%, 10/5/12		1,000,000		1,003,749
1.875%, 11/19/12		1,000,000		1,005,397
1.625%, 11/21/12		1,000,000		1,016,421
3.375%, 2/27/13		4,800,000		5,091,211
3.625%, 5/29/13		4,000,000		4,284,204
5.125%, 8/14/13		1,000,000		1,118,600
2.500%, 10/15/13		500,000		502,591
3.625%, 10/18/13		4,800,000		5,141,472
5.250%, 6/18/14		2,000,000		2,279,598
5.375%, 5/18/16		6,500,000		7,583,095
4.875%, 5/17/17		2,900,000		3,302,853
5.000%, 11/17/17		3,700,000		4,222,211
Federal Home Loan Mortgage Corp.
1.500%, 8/24/11		500,000		500,705
5.500%, 9/15/11		2,000,000		2,119,660
1.125%, 12/15/11		2,650,000		2,670,924
2.350%, 3/2/12		1,000,000		1,002,797
4.750%, 3/5/12		4,700,000		5,021,160
2.125%, 3/23/12		8,500,000		8,710,027
2.000%, 4/27/12		500,000		505,598
1.750%, 6/15/12		5,300,000		5,404,013
2.250%, 8/24/12		500,000		501,375
2.000%, 9/28/12		1,000,000		1,002,801
2.250%, 1/30/13		1,000,000		1,001,227
2.500%, 4/8/13		1,500,000		1,522,992
3.500%, 5/29/13		5,000,000		5,342,320
4.125%, 9/27/13		7,200,000		7,850,844
3.250%, 3/18/14		500,000		509,765
2.750%, 4/29/14		1,000,000		1,018,980
5.000%, 7/15/14		5,000,000		5,633,535
3.000%, 7/28/14		2,135,000		2,247,867
3.625%, 8/25/14		500,000		502,386
3.000%, 12/30/14		1,000,000		1,013,384
4.750%, 11/17/15		6,000,000		6,756,648


	Principal Amount		Value (Note 1)

5.500%, 7/18/16	$	3,400,000	$	3,962,340
5.125%, 10/18/16		3,500,000		4,006,740
5.000%, 2/16/17		1,000,000		1,141,346
5.125%, 11/17/17		2,000,000		2,304,206
4.875%, 6/13/18		4,500,000		5,093,343
Federal National Mortgage Association
1.250%, 9/28/11		1,000,000		1,001,368
1.000%, 11/23/11		3,110,000		3,129,335
2.000%, 1/9/12		4,645,000		4,739,159
2.250%, 2/24/12		250,000		252,715
2.375%, 3/23/12		250,000		252,666
1.875%, 4/20/12		350,000		357,326
1.750%, 8/10/12		1,000,000		1,019,493
2.200%, 8/27/12		1,000,000		1,002,527
2.000%, 9/28/12		2,000,000		2,006,814
1.875%, 10/29/12		1,000,000		1,003,615
4.750%, 11/19/12		5,000,000		5,449,615
1.750%, 12/28/12		250,000		252,080
3.625%, 2/12/13		9,700,000		10,356,748
2.170%, 3/21/13		500,000		501,596
3.875%, 7/12/13		3,000,000		3,250,440
2.750%, 2/5/14		5,500,000		5,729,136
3.150%, 2/18/14		500,000		507,666
2.750%, 3/13/14		8,000,000		8,342,400
2.900%, 4/7/14		250,000		254,484
3.000%, 7/28/14		2,500,000		2,547,925
3.300%, 7/30/14		2,000,000		2,004,542
3.000%, 9/29/14		1,000,000		1,023,346
3.125%, 9/29/14		1,000,000		1,007,061
3.000%, 10/29/14		500,000		504,120
2.625%, 11/20/14		2,000,000		2,067,026
5.250%, 9/15/16		505,000		580,676
4.875%, 12/15/16		5,000,000		5,651,455
5.000%, 2/13/17		2,900,000		3,296,157
5.000%, 5/11/17		5,400,000		6,160,892
(Zero Coupon), 6/1/17		1,500,000		1,207,853
5.375%, 6/12/17		2,410,000		2,808,067
Overseas Private Investment Corp. 7.050%, 11/15/13†		750,000		697,451

				231,284,987

*U.S. Treasuries (53.8%)*
U.S. Treasury Bonds 11.250%, 2/15/15		2,800,000		3,996,782
10.625%, 8/15/15		2,300,000		3,289,899
9.875%, 11/15/15		2,400,000		3,373,874
9.250%, 2/15/16		1,400,000		1,939,984
7.250%, 5/15/16		7,100,000		9,120,170
7.500%, 11/15/16		6,500,000		8,517,028
8.750%, 5/15/17		3,400,000		4,784,970
8.875%, 8/15/17		2,500,000		3,560,938
9.000%, 11/15/18		2,500,000		3,700,000
8.875%, 2/15/19		4,000,000		5,895,000
8.125%, 8/15/19		3,000,000		4,274,064
3.625%, 2/15/20		7,000,000		7,395,934
U.S. Treasury Notes 1.000%, 7/31/11		16,570,000		16,673,563
4.875%, 7/31/11		5,000,000		5,240,430
4.625%, 8/31/11		4,000,000		4,194,220
4.500%, 9/30/11		4,000,000		4,204,064
1.000%, 10/31/11		15,000,000		15,104,880
4.625%, 10/31/11		3,000,000		3,167,343

See Notes to Financial Statements.

513

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

1.750%, 11/15/11	$	15,000,000	$	15,265,425
0.750%, 11/30/11		10,000,000		10,037,500
4.500%, 11/30/11		4,000,000		4,229,376
1.125%, 12/15/11		14,000,000		14,133,434
1.000%, 12/31/11		8,000,000		8,058,440
4.625%, 12/31/11		4,400,000		4,674,314
1.125%, 1/15/12		11,500,000		11,609,158
0.875%, 1/31/12		20,000,000		20,106,240
1.375%, 2/15/12		15,000,000		15,205,080
4.875%, 2/15/12		9,000,000		9,641,952
0.875%, 2/29/12		17,000,000		17,090,950
4.625%, 2/29/12		4,000,000		4,272,188
1.375%, 3/15/12		5,000,000		5,072,460
1.000%, 3/31/12		14,000,000		14,106,120
4.500%, 3/31/12		5,000,000		5,349,025
1.000%, 4/30/12		13,000,000		13,097,500
4.500%, 4/30/12		2,000,000		2,144,766
1.375%, 5/15/12		10,000,000		10,146,880
4.750%, 5/31/12		4,000,000		4,317,812
1.875%, 6/15/12		11,140,000		11,415,024
4.625%, 7/31/12		6,000,000		6,500,628
1.750%, 8/15/12		13,000,000		13,301,639
1.375%, 9/15/12		10,000,000		10,152,340
4.250%, 9/30/12		5,000,000		5,406,250
1.375%, 10/15/12		9,000,000		9,133,596
3.875%, 10/31/12		4,500,000		4,833,634
1.375%, 11/15/12		18,000,000		18,257,346
4.000%, 11/15/12		6,800,000		7,324,341
3.375%, 11/30/12		5,500,000		5,850,625
1.125%, 12/15/12		10,000,000		10,082,030
3.625%, 12/31/12		3,500,000		3,753,477
1.375%, 1/15/13		15,000,000		15,201,570
1.375%, 2/15/13		5,000,000		5,065,625
3.875%, 2/15/13		2,000,000		2,160,468
2.750%, 2/28/13		6,000,000		6,301,872
1.375%, 3/15/13		2,000,000		2,025,940
2.500%, 3/31/13		7,400,000		7,735,309
1.750%, 4/15/13		3,000,000		3,068,190
3.625%, 5/15/13		2,000,000		2,154,376
3.500%, 5/31/13		8,000,000		8,596,872
3.375%, 6/30/13		3,000,000		3,214,923
3.375%, 7/31/13		3,500,000		3,752,658
4.250%, 8/15/13		5,800,000		6,373,202
3.125%, 8/31/13		11,000,000		11,708,125
3.125%, 9/30/13		4,400,000		4,684,627
2.750%, 10/31/13		12,900,000		13,576,244
2.000%, 11/30/13		10,000,000		10,265,620
1.750%, 1/31/14		5,000,000		5,080,470
4.000%, 2/15/14		15,800,000		17,324,447
1.875%, 2/28/14		16,000,000		16,304,992
1.750%, 3/31/14		5,000,000		5,069,140
1.875%, 4/30/14		16,000,000		16,288,752
4.750%, 5/15/14		11,000,000		12,409,375
2.250%, 5/31/14		5,000,000		5,158,985
2.625%, 6/30/14		12,800,000		13,381,005
2.625%, 7/31/14		8,000,000		8,359,376
4.250%, 8/15/14		1,000,000		1,111,484
2.375%, 8/31/14		10,000,000		10,338,280
2.375%, 9/30/14		16,000,000		16,526,256
2.375%, 10/31/14		20,000,000		20,634,380
4.250%, 11/15/14		1,800,000		2,004,610


	Principal Amount		Value (Note 1)

2.625%, 12/31/14	$	15,000,000	$	15,623,430
2.250%, 1/31/15		21,000,000		21,523,362
4.000%, 2/15/15		9,000,000		9,933,048
2.375%, 2/28/15		6,000,000		6,183,780
2.500%, 3/31/15		6,000,000		6,217,500
4.125%, 5/15/15		5,600,000		6,221,690
4.250%, 8/15/15		8,000,000		8,945,624
4.500%, 2/15/16		4,000,000		4,527,188
2.625%, 2/29/16		9,000,000		9,259,452
2.375%, 3/31/16		10,000,000		10,147,660
2.625%, 4/30/16		8,000,000		8,220,000
5.125%, 5/15/16		5,000,000		5,834,765
3.250%, 5/31/16		4,000,000		4,248,752
3.250%, 6/30/16		11,000,000		11,666,017
4.875%, 8/15/16		1,000,000		1,157,500
3.125%, 10/31/16		10,000,000		10,489,840
4.625%, 11/15/16		11,000,000		12,553,750
2.750%, 11/30/16		12,000,000		12,302,808
3.250%, 12/31/16		9,000,000		9,486,558
3.125%, 1/31/17		10,000,000		10,458,590
4.625%, 2/15/17		2,300,000		2,627,571
3.250%, 3/31/17		10,000,000		10,537,500
3.125%, 4/30/17		10,000,000		10,453,120
4.500%, 5/15/17		6,900,000		7,849,826
4.750%, 8/15/17		5,000,000		5,780,860
4.250%, 11/15/17		7,000,000		7,863,513
3.500%, 2/15/18		15,000,000		16,034,760
3.875%, 5/15/18		10,000,000		10,929,690
4.000%, 8/15/18		5,500,000		6,049,571
3.750%, 11/15/18		15,000,000		16,162,500
2.750%, 2/15/19		11,000,000		10,958,750
3.125%, 5/15/19		20,500,000		20,927,609
3.625%, 8/15/19		24,000,000		25,378,128
3.375%, 11/15/19		20,000,000		20,714,060
3.500%, 5/15/20		5,000,000		5,232,800

				1,021,381,438

Total Government Securities				1,342,215,211

Total Long-Term Debt Securities (74.4%) (Cost $1,381,524,994)				1,412,332,651

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
*Exchange Traded Funds (ETFs)(25.0%)*
iShares Barclays 1-3 Year Treasury Bond Fund		2,276,000		191,457,120
iShares Barclays 3-7 Year Treasury Bond Fund		1,776,000		204,826,080
iShares Barclays 7-10 Year Treasury Bond Fund		815,000		77,971,050

Total Investment Companies (25.0%%) (Cost $471,786,905)				474,254,250

See Notes to Financial Statements.

514

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EQ/INTERMEDIATE GOVERNMENT BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENT:
Time Deposit (2.9%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $54,661,344)	$	54,661,344	$	54,661,344

Total Investments (102.3%) (Cost/Amortized Cost $1,907,973,243)				1,941,248,245
Other Assets Less Liabilities (-2.3%)				(42,902,228	)

Net Assets (100%)			$	1,898,346,017

†	Securities (totaling $697,451 or 0.0% of net assets) at fair value by management.

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Corporate Bonds
Financials	$	—	$	66,140,816	$	—	$	66,140,816
Utilities		—		3,976,624		—		3,976,624
Government Securities
Agency ABS		—		89,548,786		—		89,548,786
U.S. Government Agencies		—		230,587,536		697,451		231,284,987
U.S. Treasuries		—		1,021,381,438		—		1,021,381,438
Investment Companies
Exchange Traded Funds (ETFs)		474,254,250		—		—		474,254,250
Short-Term Investments		—		54,661,344		—		54,661,344

Total Assets	$	474,254,250	$	1,466,296,544	$	697,451	$	1,941,248,245

Total Liabilities	$	—	$	—	$	—	$	–

Total	$	474,254,250	$	1,466,296,544	$	697,451	$	1,941,248,245

See Notes to Financial Statements.

515

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments in Securities - Government
Balance as of 12/31/09	$	794,260
Total gains or losses (realized/unrealized) included in earnings		10,140
Purchases, sales, issuances, and settlements (net)		(106,949	)
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of 06/30/10	$	697,451
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	2,473

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	207,194,681
Long-term U.S. Treasury securities		413,717,053

	$	620,911,734

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	195,850,083
Long-term U.S. Treasury securities		347,762,412

	$	543,612,495

As of June 30, 2010, 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	$	33,538,354
Aggregate gross unrealized depreciation		(2,812,833	)

Net unrealized appreciation	$	30,725,521

Federal income tax cost of investments	$	1,910,522,724

The Portfolio has a net capital loss carryforward of $18,280,198 of which $11,384,023 expires in the year 2014, $1,221,059 expires in the year 2016, and $5,675,116 expires in the year 2017.

Included in the capital loss carryforward amounts are $1,221,059 of losses acquired from EQ/Government Securities Portfolio as a result of a tax free reorganization that occurred during the year 2009. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

See Notes to Financial Statements.

516

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $1,907,973,243)	$	1,941,248,245
Receivable for securities sold		13,582,742
Dividends, interest and other receivables		9,103,116
Receivable from Separate Accounts for Trust shares sold		1,785,401
Other assets		17,851

Total assets		1,965,737,355

LIABILITIES
Overdraft payable		721
Payable for securities purchased		65,223,546
Payable to Separate Accounts for Trust shares redeemed		1,102,545
Investment management fees payable		543,848
Administrative fees payable		159,448
Distribution fees payable - Class IB		105,236
Trustees’ fees payable		2,850
Accrued expenses		253,144

Total liabilities		67,391,338

NET ASSETS	$	1,898,346,017

Net assets were comprised of:
Paid in capital	$	1,881,462,838
Accumulated undistributed net investment income (loss)		12,776,414
Accumulated undistributed net realized gain (loss) on investments		(29,168,237	)
Unrealized appreciation (depreciation) on investments		33,275,002

Net assets	$	1,898,346,017

Class IA
Net asset value, offering and redemption price per share, $1,379,530,554 / 138,021,161 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.00

Class IB
Net asset value, offering and redemption price per share, $518,815,463 / 52,275,976 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.92

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Interest	$	14,270,918
Dividends		3,351,237
Securities lending (net)		34,133

Total income		17,656,288

EXPENSES
Investment management fees		3,132,373
Administrative fees		931,906
Distribution fees - Class IB		613,283
Printing and mailing expenses		103,708
Custodian fees		35,952
Professional fees		26,968
Trustees’ fees		20,954
Miscellaneous		31,131

Total expenses		4,896,275

NET INVESTMENT INCOME (LOSS)		12,760,013

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities		(8,338,556	)
Net change in unrealized appreciation (depreciation) on securities		69,143,148

NET REALIZED AND UNREALIZED GAIN (LOSS)		60,804,592

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	73,564,605

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	12,760,013		$	21,798,841
Net realized gain (loss) on investments		(8,338,556	)		(7,689,615	)
Net change in unrealized appreciation (depreciation) on investments		69,143,148			(28,697,661	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		73,564,605			(14,588,435	)

DIVIDENDS:
Dividends from net investment income
Class IA		—			(16,599,113	)
Class IB		—			(5,203,230	)

TOTAL DIVIDENDS		—			(21,802,343	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [12,151,408 and 113,050,267 shares, respectively]		118,948,014			1,097,916,294
Capital shares issued in connection with merger (Note 8) [0 and 5,425,112 shares, respectively]		—			52,941,956
Capital shares issued in reinvestment of dividends [0 and 1,708,322 shares, respectively]		—			16,599,113
Capital shares repurchased [(6,798,025) and (11,082,828) shares, respectively]		(66,336,417	)		(107,669,198	)

Total Class IA transactions		52,611,597			1,059,788,165

Class IB
Capital shares sold [12,486,550 and 20,710,031 shares, respectively]		121,404,140			200,115,796
Capital shares issued in reinvestment of dividends [0 and 538,583 shares, respectively]		—			5,203,230
Capital shares repurchased [(11,979,886) and (26,138,277) shares, respectively]		(116,009,815	)		(252,267,888	)

Total Class IB transactions		5,394,325			(46,948,862	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		58,005,922			1,012,839,303

TOTAL INCREASE (DECREASE) IN NET ASSETS		131,570,527			976,448,525
NET ASSETS:
Beginning of period		1,766,775,490			790,326,965

End of period (a)	$	1,898,346,017		$	1,766,775,490

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	12,776,414		$	16,401

See Notes to Financial Statements.

518

EQ ADVISORS TRUST

EQ/INTERMEDIATE GOVERNMENT BOND INDEX PORTFOLIO(gg)

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	9.59		$	9.89		$	9.89		$	9.67		$	9.77		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.07	(e)		0.14	(e)		0.37	(e)		0.44	(e)		0.40	(e)		0.34	(e)
Net realized and unrealized gain (loss) on investments		0.34			(0.31	)		(0.02	)		0.25			(0.07	)		(0.19	)

Total from investment operations		0.41			(0.17	)		0.35			0.69			0.33			0.15

Less distributions:
Dividends from net investment income		—			(0.13	)		(0.35	)		(0.47	)		(0.43	)		(0.38	)

Net asset value, end of period	$	10.00		$	9.59		$	9.89		$	9.89		$	9.67		$	9.77

Total return(b)		4.17	%		(1.77	)%		3.56	%		7.13	%		3.35	%		1.51	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,379,531		$	1,272,942		$	233,132		$	227,848		$	222,451		$	248,266
Ratio of expenses to average net assets(a)		0.48	%		0.49	%		0.65	%		0.63	%		0.61	%		0.56	%
Ratio of net investment income (loss) to average net assets(a)		1.49	%		1.48	%		3.74	%		4.46	%		4.03	%		3.42	%
Portfolio turnover rate		30	%		120	%		211	%		167	%		231	%		251	%

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	9.54		$	9.83		$	9.84		$	9.62		$	9.71		$	9.94

Income (loss) from investment operations:
Net investment income (loss)		0.06	(e)		0.12	(e)		0.35	(e)		0.41	(e)		0.37	(e)		0.32	(e)
Net realized and unrealized gain (loss) on investments		0.32			(0.31	)		(0.03	)		0.25			(0.06	)		(0.20	)

Total from investment operations		0.38			(0.19	)		0.32			0.66			0.31			0.12

Less distributions:
Dividends from net investment income		—			(0.10	)		(0.33	)		(0.44	)		(0.40	)		(0.35	)

Net asset value, end of period	$	9.92		$	9.54		$	9.83		$	9.84		$	9.62		$	9.71

Total return(b)		3.98	%		(1.93	)%		3.19	%		6.97	%		3.07	%		1.24	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	518,815		$	493,833		$	557,195		$	470,755		$	486,352		$	542,787
Ratio of expenses to average net assets(a)		0.73	%		0.74	%		0.90	%		0.88	%		0.86	%		0.81	%
Ratio of net investment income (loss) to average net assets(a)		1.24	%		1.26	%		3.49	%		4.21	%		3.74	%		3.17	%
Portfolio turnover rate		30	%		120	%		211	%		167	%		231	%		251	%

See Notes to Financial Statements.

519

EQ ADVISORS TRUST

EQ/INTERMEDIATE GOVERNMENT BOND INDEX PORTFOLIO(gg)

FINANCIAL HIGHLIGHTS (Continued)

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

Net investment income per share are based on average shares outstanding.

(gg)

On September 25, 2009, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/Government Securities Portfolio that followed the same objectives as this Portfolio.

See Notes to Financial Statements.

520

EQ/INTERNATIONAL CORE PLUS PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Energy	14.2	%
Materials	10.7
Financials	10.7
Exchange Traded Funds	10.0
Industrials	9.2
Consumer Staples	8.0
Health Care	3.9
Consumer Discretionary	3.4
Telecommunication Services	2.7
Utilities	2.4
Information Technology	2.0
Cash and Other	22.8

	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$853.60	$3.91
Hypothetical (5% average return before expenses)	1,000.00	1,020.58	4.26
Class IB
Actual	1,000.00	852.70	5.05
Hypothetical (5% average return before expenses)	1,000.00	1,019.34	5.51
* 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 181/365 (to reflect the one-half year period).

521

EQ ADVISORS TRUST

EQ/INTERNATIONAL CORE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Australia (4.8%)
AGL Energy Ltd.	25,637	$	315,731
Alumina Ltd.	110,520		140,050
Amcor Ltd.	58,443		311,363
AMP Ltd.	112,165		487,715
Aristocrat Leisure Ltd.	26,818		81,938
Arrow Energy Ltd.*	35,371		143,891
Asciano Group*	158,907		214,456
ASX Ltd.	7,925		193,359
Australia & New Zealand Banking Group Ltd.	128,875		2,313,580
AXA Asia Pacific Holdings Ltd.	59,169		270,970
Bendigo and Adelaide Bank Ltd.	21,403		146,300
BGP Holdings plc (b)*†	1,044,151		—
BHP Billiton Ltd.	725,715		22,569,629
BHP Billiton Ltd. (ADR)	48,363		2,998,022
Billabong International Ltd.	13,102		95,415
BlueScope Steel Ltd.*	103,891		180,982
Boral Ltd.	36,022		144,804
Brambles Ltd.	68,860		313,936
Caltex Australia Ltd.	10,072		78,653
CFS Retail Property Trust (REIT)	112,521		178,298
Coca-Cola Amatil Ltd.	29,027		290,706
Cochlear Ltd.	3,385		210,858
Commonwealth Bank of Australia	79,246		3,211,884
Computershare Ltd.	22,977		203,281
Crown Ltd.	25,666		166,353
CSL Ltd.	28,310		772,106
CSR Ltd.	87,125		122,190
Dexus Property Group (REIT)	294,293		189,481
Energy Resources of Australia Ltd.	5,225		57,891
Fairfax Media Ltd.	128,923		141,499
Fortescue Metals Group Ltd.*	58,909		200,843
Foster’s Group Ltd.	94,275		445,998
Goodman Fielder Ltd.	88,473		99,758
Goodman Group (REIT)	349,576		184,311
GPT Group (REIT)	88,394		207,534
Harvey Norman Holdings Ltd.	24,687		68,245
Incitec Pivot Ltd.	75,164		170,421
Insurance Australia Group Ltd.	108,441		308,482
Intoll Group	141,359		122,927
Leighton Holdings Ltd.	6,818		164,305
Lend Lease Group	29,826		182,069
MacArthur Coal Ltd.	2,817		28,328
Macquarie Group Ltd.	16,694		513,740
MAp Group	30,540		68,561
Metcash Ltd.	48,239		169,712
Mirvac Group (REIT)	152,283		166,715
National Australia Bank Ltd.	107,768		2,081,669
Newcrest Mining Ltd.	25,248		742,558
OneSteel Ltd.	60,635		150,138
Orica Ltd.	17,495		368,317
Origin Energy Ltd.	43,516		543,666
OZ Minerals Ltd.*	186,170		148,821
Paladin Energy Ltd.*	40,664		121,488
Qantas Airways Ltd.*	45,133		82,853


	Number of Shares	Value (Note 1)

QBE Insurance Group Ltd.	51,704	$	786,848
Rio Tinto Ltd.	22,175		1,228,138
Santos Ltd.	40,815		428,433
Sims Metal Management Ltd.	9,593		136,584
Sonic Healthcare Ltd.	16,700		145,469
SP AusNet	113,962		72,965
Stockland Corp., Ltd. (REIT)	116,234		361,144
Suncorp-Metway Ltd.	62,223		417,637
TABCORP Holdings Ltd.	36,718		194,495
Tatts Group Ltd.	76,995		144,134
Telstra Corp., Ltd.	207,878		565,635
Toll Holdings Ltd.	30,322		138,464
Transurban Group	73,586		261,030
Wesfarmers Ltd.	50,949		1,219,824
Wesfarmers Ltd. (PPS)	6,891		165,843
Westfield Group (REIT)	107,971		1,098,950
Westpac Banking Corp.	151,800		2,680,682
Woodside Petroleum Ltd.	27,595		962,486
Woolworths Ltd.	63,288		1,434,709
WorleyParsons Ltd.	7,541		139,341

			56,469,611

Austria (0.1%)
Erste Group Bank AG	9,364		297,900
Immofinaz AG*	36,099		92,937
OMV AG	7,064		212,898
Raiffeisen International Bank Holding AG*	3,412		130,038
Telekom Austria AG	19,003		211,233
Verbund AG, Class A	4,021		123,167
Vienna Insurance Group	2,753		114,788
Voestalpine AG	6,348		173,747

			1,356,708

Belgium (0.4%)
Ageas	110,148		246,010
Anheuser-Busch InBev N.V.*	61,839		1,740,416
Belgacom S.A.	7,365		231,849
Cie Nationale a Portefeuille	1,832		77,768
Colruyt S.A.	820		192,853
Delhaize Group S.A.	4,988		361,170
Dexia S.A.*	34,216		119,199
Groupe Bruxelles Lambert S.A.	4,226		293,531
KBC Groep N.V.*	8,021		307,653
Mobistar S.A.	1,636		86,523
Solvay S.A.	2,845		242,927
UCB S.A.	5,475		171,527
Umicore S.A.	6,927		200,437

			4,271,863

Bermuda (0.9%)
Nabors Industries Ltd.*	99,359		1,750,705
PartnerReinsurance Ltd.	121,478		8,520,467
Seadrill Ltd.	14,308		257,189

			10,528,361

Brazil (2.0%)
Petroleo Brasileiro S.A. (ADR)	159,312		5,467,588
Vale S.A. (ADR)	734,511		17,885,343

			23,352,931

See Notes to Financial Statements.

522

EQ ADVISORS TRUST

EQ/INTERNATIONAL CORE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Canada (10.2%)
Agrium, Inc. (When Issued)	286,915	$	14,041,620
Brookfield Asset Management, Inc., Class A	99,134		2,242,411
Canadian National Railway Co.	342,226		19,636,928
Canadian Natural Resources Ltd.	452,736		15,041,324
Canadian Pacific Railway Ltd. (New York Exchange)	224,835		12,055,653
Canadian Pacific Railway Ltd. (Toronto Exchange)	103,807		5,564,067
Cenovus Energy, Inc.	176,600		4,552,571
EnCana Corp.	163,700		4,964,584
Ensign Energy Services, Inc.	15,370		180,764
Finning International, Inc.	171,922		2,847,198
Manulife Financial Corp.	112,082		1,631,530
Potash Corp. of Saskatchewan, Inc.	207,163		17,850,112
Suncor Energy, Inc.	558,641		16,445,256
Talisman Energy, Inc.	193,836		2,935,747

			119,989,765

China (0.0%)
Foxconn International Holdings Ltd.*	136,558		88,663
Yangzijiang Shipbuilding Holdings Ltd.	59,652		56,942

			145,605

Cyprus (0.0%)
Bank of Cyprus PCL	34,663		138,909

Denmark (0.4%)
A. P. Moller - Maersk A/S, Class A	29		220,797
A. P. Moller - Maersk A/S, Class B	66		517,486
Carlsberg A/S, Class B	5,354		407,051
Coloplast A/S, Class B	1,482		147,109
Danske Bank A/S*	22,891		439,624
DSV A/S	9,368		134,413
Novo Nordisk A/S, Class B	22,821		1,840,871
Novozymes A/S, Class B	2,463		261,416
Tryg A/S	1,882		98,948
Vestas Wind Systems A/S*	10,358		430,561
William Demant Holding A/S*	1,681		122,755

			4,621,031

Finland (0.4%)
Elisa Oyj*	8,845		153,119
Fortum Oyj	22,376		492,590
Kesko Oyj, Class B	4,358		141,122
Kone Oyj, Class B	7,455		296,426
Metso Oyj	5,836		186,361
Neste Oil Oyj	7,253		105,376
Nokia Oyj	188,635		1,540,258
Nokian Renkaat Oyj	6,666		163,254
Orion Oyj, Class B	5,219		97,652
Outokumpu Oyj	6,440		96,829
Pohjola Bank plc	10,379		105,660
Rautaruukki Oyj	5,584		81,420
Sampo Oyj, Class A	20,971		438,779
Sanoma Oyj	5,940		102,479


	Number of Shares	Value (Note 1)

Stora Enso Oyj, Class R	27,399	$	196,006
UPM-Kymmene Oyj	25,256		334,661
Wartsila Oyj	2,987		136,069

			4,668,061

France (3.5%)
Accor S.A.*	7,185		329,963
Aeroports de Paris S.A.	1,988		126,693
Air France-KLM*	7,194		84,626
Air Liquide S.A.	14,003		1,406,490
Alcatel-Lucent*	114,836		292,894
Alstom S.A.	9,733		438,905
Atos Origin S.A.*	3,046		121,659
AXA S.A.	85,918		1,303,023
bioMerieux S.A.	773		79,315
BNP Paribas S.A.	48,178		2,572,436
Bouygues S.A.	11,183		428,343
Bureau Veritas S.A.	3,162		170,227
Cap Gemini S.A.	7,142		312,035
Carrefour S.A.	31,138		1,229,441
Casino Guichard Perrachon S.A.	2,989		225,716
Christian Dior S.A.	3,431		326,005
Cie de Saint-Gobain S.A.	18,830		695,260
Cie Generale d’Optique Essilor International S.A.	10,171		605,585
Cie Generale de Geophysique -Veritas*	8,606		151,157
CNP Assurances S.A.	2,041		139,027
Compagnie Generale des Etablissements Michelin, Class B	7,410		516,530
Credit Agricole S.A.	44,925		459,870
Danone S.A.	29,007		1,549,031
Dassault Systemes S.A.	3,467		209,807
EDF S.A.	12,562		477,386
Eiffage S.A.	2,758		119,054
Eramet S.A.	371		90,840
Eurazeo S.A.	2,024		116,371
Eutelsat Communications S.A.	5,410		180,741
Fonciere Des Regions (REIT)	1,555		128,576
France Telecom S.A.	92,886		1,602,831
GDF Suez S.A.	63,046		1,783,734
Gecina S.A. (REIT)	1,296		115,776
Groupe Eurotunnel S.A.	28,262		191,005
Hermes International S.A.	2,855		378,796
ICADE (REIT)	1,469		123,925
Iliad S.A.	1,213		94,087
Imerys S.A.	2,350		118,854
Ipsen S.A.	2,027		61,797
J.C. Decaux S.A.*	4,646		107,619
Klepierre S.A. (REIT)	5,823		159,868
Lafarge S.A.	10,125		547,486
Lagardere S.C.A.	6,399		198,272
Legrand S.A.	6,601		194,472
L’Oreal S.A.	11,887		1,161,548
LVMH Moet Hennessy Louis Vuitton S.A.	12,184		1,327,175
Metropole Television S.A.	4,644		94,081
Natixis S.A.*	51,166		220,109
Neopost S.A.	2,060		149,075
PagesJaunes Groupe S.A.	9,232		95,102
Pernod-Ricard S.A.	10,129		783,547

See Notes to Financial Statements.

523

EQ ADVISORS TRUST

EQ/INTERNATIONAL CORE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Peugeot S.A.*	8,327	$	210,484
PPR S.A.	3,802		469,182
Publicis Groupe S.A.	5,584		221,973
Renault S.A.*	9,245		340,239
Safran S.A.	6,855		190,100
Sanofi-Aventis S.A.	53,535		3,228,316
Schneider Electric S.A.	11,921		1,206,582
SCOR SE	8,973		171,505
Societe BIC S.A.	1,838		130,373
Societe Generale S.A.	31,804		1,293,746
Societe Television Francaise 1 S.A.	7,902		103,272
Sodexo S.A.	4,499		249,180
Suez Environnement Co. S.A.	14,452		238,086
Technip S.A.	5,087		289,643
Thales S.A.	4,911		157,863
Total S.A.	107,590		4,788,239
Unibail-Rodamco S.A. (REIT)	4,464		724,508
Vallourec S.A.	2,546		434,707
Veolia Environnement	15,963		372,858
Vinci S.A.	21,739		895,170
Vivendi S.A.	61,300		1,240,151

			41,352,342

Germany (3.3%)
Adidas AG	10,577		510,530
Allianz SE (Registered)	22,893		2,273,194
BASF SE	93,472		5,099,513
Bayer AG	41,739		2,328,831
Bayerische Motoren Werke (BMW) AG	16,994		821,970
Bayerische Motoren Werke (BMW) AG (Preference)	3,578		125,542
Beiersdorf AG	5,253		288,764
Celesio AG	4,404		95,871
Commerzbank AG*	34,834		243,116
Continental AG*	1,617		83,854
Daimler AG*	45,475		2,302,726
Deutsche Bank AG (Registered)	31,131		1,760,091
Deutsche Boerse AG	9,532		579,134
Deutsche Lufthansa AG (Registered)*	12,191		167,978
Deutsche Post AG (Registered)	43,006		623,849
Deutsche Postbank AG*	5,446		157,236
Deutsche Telekom AG (Registered)	141,841		1,672,057
E.ON AG	93,216		2,509,353
Fraport AG	2,593		110,207
Fresenius Medical Care AG & Co. KGaA	9,627		520,818
Fresenius SE	1,970		130,996
Fresenius SE (Preference)	4,353		287,835
GEA Group AG	9,830		195,273
Hannover Rueckversicherung AG (Registered)	3,355		144,525
HeidelbergCement AG	7,076		337,034
Henkel AG & Co. KGaA	7,018		286,615
Henkel AG & Co. KGaA (Preference)	9,397		457,144
Hochtief AG	2,622		155,816
Infineon Technologies AG*	57,864		334,402


	Number of Shares	Value (Note 1)

K+S AG	7,846	$	360,924
Linde AG	8,230		864,172
MAN SE	5,279		435,212
Merck KGaA	3,441		250,684
Metro AG	5,956		302,801
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)	9,879		1,236,775
Porsche Automobil Holding SE (Preference)	5,098		217,478
Puma AG Rudolf Dassler Sport	380		100,293
RWE AG	46,568		3,035,328
RWE AG (Preference)	2,503		150,939
Salzgitter AG	2,499		148,935
SAP AG	43,113		1,914,984
Siemens AG (Registered)	41,896		3,749,144
Suedzucker AG	3,922		70,333
ThyssenKrupp AG	16,776		412,101
TUI AG*	9,529		83,775
United Internet AG	8,527		93,761
Volkswagen AG	1,815		153,713
Volkswagen AG (Preference)	8,802		770,599
Wacker Chemie AG	1,036		149,937

			39,106,162

Greece (0.1%)
Alpha Bank AE*	21,494		105,056
Coca Cola Hellenic Bottling Co. S.A.	10,805		230,536
EFG Eurobank Ergasias S.A.*	13,912		61,743
Hellenic Telecommunications Organization S.A.*	15,071		113,312
National Bank of Greece S.A.*	30,780		335,384
OPAP S.A.	10,354		128,787
Piraeus Bank S.A.*	19,552		82,431
Public Power Corp. S.A.	4,929		70,694

			1,127,943

Hong Kong (1.0%)
ASM Pacific Technology Ltd.	13,107		101,915
Bank of East Asia Ltd.	85,780		308,912
BOC Hong Kong Holdings Ltd.	182,043		413,795
Cathay Pacific Airways Ltd.	69,575		136,406
Cheung Kong Holdings Ltd.	70,899		814,717
Cheung Kong Infrastructure Holdings Ltd.	32,340		119,735
CLP Holdings Ltd.	100,564		728,111
Esprit Holdings Ltd.	56,757		306,080
Hang Lung Group Ltd.	43,739		235,646
Hang Lung Properties Ltd.	101,438		389,059
Hang Seng Bank Ltd.	38,174		510,021
Henderson Land Development Co., Ltd.	52,190		304,054
Hong Kong & China Gas Co., Ltd.	213,928		528,760
Hong Kong Exchanges and Clearing Ltd.	52,127		812,831
HongKong Electric Holdings Ltd.	67,996		404,703
Hopewell Holdings Ltd.	40,851		114,902
Hutchison Whampoa Ltd.	108,571		670,315
Hysan Development Co., Ltd.	44,459		125,010
Kerry Properties Ltd.	38,232		164,098

See Notes to Financial Statements.

524

EQ ADVISORS TRUST

EQ/INTERNATIONAL CORE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Li & Fung Ltd.	113,519	$	508,171
Lifestyle International Holdings Ltd.	43,741		84,838
Link REIT (REIT)	117,686		291,171
Mongolia Energy Co., Ltd.*	212,379		74,120
MTR Corp.	66,529		226,685
New World Development Ltd.	149,780		241,958
Noble Group Ltd.	142,979		172,646
NWS Holdings Ltd.	58,810		106,304
Orient Overseas International Ltd.*	14,952		106,812
PCCW Ltd.	291,585		84,638
Shangri-La Asia Ltd.	82,332		151,725
Sino Land Co., Ltd.	74,038		131,499
Sun Hung Kai Properties Ltd.	72,278		982,713
Swire Pacific Ltd., Class A	37,831		428,655
Television Broadcasts Ltd.	21,392		99,140
Wharf Holdings Ltd.	67,573		327,104
Wheelock & Co., Ltd.	58,116		163,308
Wing Hang Bank Ltd.	11,856		115,554
Yue Yuen Industrial Holdings Ltd.	39,199		121,781

			11,607,892

Ireland (0.2%)
Anglo Irish Bank Corp., Ltd.*†	67,703		—
Bank of Ireland*	174,402		143,408
CRH plc	35,310		739,065
Elan Corp. plc*	29,790		134,926
Experian plc	53,091		459,684
James Hardie Industries SE (CDI)*	26,169		136,293
Kerry Group plc, Class A	8,279		229,335
Shire plc	29,028		590,029

			2,432,740

Israel (0.3%)
Bank Hapoalim B.M.*	38,704		139,046
Bank Leumi Le-Israel B.M.*	49,294		175,117
Bezeq Israeli Telecommunication Corp., Ltd.	68,087		148,954
Cellcom Israel Ltd.	906		22,603
Elbit Systems Ltd.	444		22,519
Israel Chemicals Ltd.	18,609		194,062
Israel Corp. Ltd.*	56		34,670
Israel Discount Bank Ltd., Class A*	12,999		21,936
Makhteshim-Agan Industries Ltd.	6,407		21,350
Mizrahi Tefahot Bank Ltd.*	2,915		21,183
NICE Systems Ltd.*	1,644		40,830
Partner Communications Co., Ltd.	1,696		26,076
Teva Pharmaceutical Industries Ltd.	46,880		2,446,149

			3,314,495

Italy (1.5%)
A2A S.p.A.	78,065		105,834
Assicurazioni Generali S.p.A.	57,614		1,005,385
Atlantia S.p.A.	12,732		225,721
Autogrill S.p.A.*	8,560		102,492


	Number of Shares	Value (Note 1)

Banca Carige S.p.A.	36,766	$	71,885
Banca Monte dei Paschi di Siena S.p.A.*	106,148		120,183
Banca Popolare di Milano S.c.a.r.l.	23,781		98,125
Banco Popolare S.c.a.r.l.	38,445		211,275
Beni Stabili S.p.A.*	9,330		7,074
Enel S.p.A.	330,267		1,397,195
ENI S.p.A.	131,861		2,420,590
Exor S.p.A.	4,044		68,133
Fiat S.p.A.	38,340		394,587
Finmeccanica S.p.A.	22,062		228,940
Intesa Sanpaolo S.p.A.	439,007		1,122,672
Luxottica Group S.p.A.	6,176		148,800
Mediaset S.p.A.	37,729		214,818
Mediobanca S.p.A.*	21,613		161,093
Mediolanum S.p.A.	17,155		67,132
Parmalat S.p.A.	78,366		182,048
Pirelli & C. S.p.A.	133,311		73,666
Prysmian S.p.A.	6,216		89,297
Saipem S.p.A.	172,447		5,240,807
Snam Rete Gas S.p.A.	69,146		274,888
Telecom Italia S.p.A.	486,707		536,442
Telecom Italia S.p.A. (RNC)	326,484		297,511
Terna Rete Elettrica Nazionale S.p.A.	70,609		254,292
UniCredit S.p.A.	771,246		1,711,937
Unione di Banche Italiane S.c.p.A.	33,577		288,906

			17,121,728

Japan (8.9%)
77 Bank Ltd.	23,459		125,766
ABC-Mart, Inc.	2,140		83,963
Acom Co., Ltd.	3,576		46,086
Advantest Corp.	7,298		152,819
Aeon Co., Ltd.	30,652		325,329
Aeon Credit Service Co., Ltd.	6,138		54,439
Aeon Mall Co., Ltd.	3,062		60,757
Air Water, Inc.	10,000		109,359
Aisin Seiki Co., Ltd.	9,138		246,882
Ajinomoto Co., Inc.	31,168		282,242
Alfresa Holdings Corp.	2,566		123,781
All Nippon Airways Co., Ltd.*	32,302		102,208
Amada Co., Ltd.	21,148		138,880
Aozora Bank Ltd.	52,918		68,761
Asahi Breweries Ltd.	18,487		312,498
Asahi Glass Co., Ltd.	49,752		464,206
Asahi Kasei Corp.	61,078		319,666
Asics Corp.	10,948		100,319
Astellas Pharma, Inc.	22,830		763,493
Bank of Kyoto Ltd.	20,082		164,913
Bank of Yokohama Ltd.	57,700		263,455
Benesse Holdings, Inc.	3,274		149,105
Bridgestone Corp.	31,664		501,976
Brother Industries Ltd.	13,715		142,794
Canon Marketing Japan, Inc.	4,962		69,920
Canon, Inc.	57,130		2,129,982
Casio Computer Co., Ltd.	15,527		93,017
Central Japan Railway Co.	75		617,655
Chiba Bank Ltd.	34,672		208,883
Chiyoda Corp.	11,000		79,801

See Notes to Financial Statements.

525

EQ ADVISORS TRUST

EQ/INTERNATIONAL CORE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Chubu Electric Power Co., Inc.	33,354	$	826,970
Chugai Pharmaceutical Co., Ltd.	10,047		177,422
Chugoku Bank Ltd.	11,511		135,681
Chugoku Electric Power Co., Inc.	16,162		333,472
Chuo Mitsui Trust Holdings, Inc.	39,871		140,408
Citizen Holdings Co., Ltd.	17,552		106,759
Coca-Cola West Co., Ltd.	4,448		73,548
Cosmo Oil Co., Ltd.	42,222		101,499
Credit Saison Co., Ltd.	9,416		97,399
Dai Nippon Printing Co., Ltd.	27,162		313,880
Daicel Chemical Industries Ltd.	14,955		100,865
Daido Steel Co., Ltd.	20,519		88,053
Daihatsu Motor Co., Ltd.	13,200		122,538
Dai-ichi Life Insurance Co., Ltd.	411		565,224
Daiichi Sankyo Co., Ltd.	33,487		598,869
Daikin Industries Ltd.	11,423		348,634
Dainippon Sumitomo Pharma Co., Ltd.	11,892		91,401
Daito Trust Construction Co., Ltd.	3,538		200,008
Daiwa House Industry Co., Ltd.	23,658		213,126
Daiwa Securities Group, Inc.	80,476		338,539
DeNA Co., Ltd.	3,600		94,939
Denki Kagaku Kogyo KK	31,718		147,946
Denso Corp.	24,412		674,942
Dentsu, Inc.	7,591		200,344
Dowa Holdings Co., Ltd.	14,392		69,316
East Japan Railway Co.	17,320		1,154,556
Eisai Co., Ltd.	12,254		405,386
Electric Power Development Co., Ltd.	4,503		143,048
Elpida Memory, Inc.*	8,239		127,291
FamilyMart Co., Ltd.	2,204		72,639
Fanuc Ltd.	9,744		1,093,180
Fast Retailing Co., Ltd.	2,516		379,747
Fuji Electric Holdings Co., Ltd.	21,288		60,880
Fuji Heavy Industries Ltd.*	25,480		136,026
Fuji Media Holdings, Inc.	39		56,045
Fujifilm Holdings Corp.	23,368		672,205
Fujitsu Ltd.	92,742		582,642
Fukuoka Financial Group, Inc.	46,983		194,863
Furukawa Electric Co., Ltd.	27,288		119,865
GS Yuasa Corp.	15,963		104,220
Gunma Bank Ltd.	26,274		138,984
Hachijuni Bank Ltd.	28,088		158,148
Hakuhodo DY Holdings, Inc.	1,746		87,656
Hankyu Hanshin Holdings, Inc.	60,448		265,985
Hino Motors Ltd.	18,830		92,609
Hirose Electric Co., Ltd.	1,866		170,370
Hiroshima Bank Ltd.	33,280		132,704
Hisamitsu Pharmaceutical Co., Inc.	3,667		145,502
Hitachi Chemical Co., Ltd.	6,488		120,450
Hitachi Construction Machinery Co., Ltd.	4,451		82,223
Hitachi High-Technologies Corp.	5,018		92,363
Hitachi Ltd.*	226,211		820,351
Hitachi Metals Ltd.	11,386		115,564


	Number of Shares	Value (Note 1)

Hokkaido Electric Power Co., Inc.	9,968	$	214,583
Hokuhoku Financial Group, Inc.	80,952		148,444
Hokuriku Electric Power Co.	10,038		220,030
Honda Motor Co., Ltd.	85,504		2,483,166
HOYA Corp.	20,502		435,338
Ibiden Co., Ltd.	5,934		159,978
Idemitsu Kosan Co., Ltd.	1,490		111,911
IHI Corp.	82,834		132,282
INPEX Corp.	39		216,761
Isetan Mitsukoshi Holdings Ltd.	20,948		204,235
Isuzu Motors Ltd.	54,138		161,655
Ito En Ltd.	5,011		76,674
ITOCHU Corp.	75,032		585,017
ITOCHU Techno-Solutions Corp.	2,334		84,578
Iyo Bank Ltd.	15,578		144,689
J. Front Retailing Co., Ltd.	30,068		145,128
Jafco Co., Ltd.	2,416		53,048
Japan Petroleum Exploration Co.	2,110		86,088
Japan Prime Realty Investment Corp. (REIT)	44		92,463
Japan Real Estate Investment Corp. (REIT)	29		236,512
Japan Retail Fund Investment Corp. (REIT)	104		126,442
Japan Steel Works Ltd.	15,022		132,276
Japan Tobacco, Inc.	227		705,707
JFE Holdings, Inc.	24,076		743,270
JGC Corp.	9,326		141,380
Joyo Bank Ltd.	41,480		164,722
JS Group Corp.	11,523		220,000
JSR Corp.	7,818		131,085
JTEKT Corp.	12,282		113,256
Jupiter Telecommunications Co., Ltd.	101		96,256
JX Holdings, Inc.*	112,078		547,833
Kajima Corp.	55,739		125,773
Kamigumi Co., Ltd.	14,704		113,005
Kaneka Corp.	16,644		96,515
Kansai Electric Power Co., Inc.	38,623		942,993
Kansai Paint Co., Ltd.	12,452		106,565
Kao Corp.	26,967		633,934
Kawasaki Heavy Industries Ltd.	64,840		157,358
Kawasaki Kisen Kaisha Ltd.*	29,162		117,994
KDDI Corp.	146		693,514
Keihin Electric Express Railway Co., Ltd.	26,466		233,574
Keio Corp.	31,347		201,876
Keisei Electric Railway Co., Ltd.	19,955		111,153
Keyence Corp.	2,049		471,349
Kikkoman Corp.	9,823		102,950
Kinden Corp.	7,696		65,442
Kintetsu Corp.	86,980		265,194
Kirin Holdings Co., Ltd.	41,991		528,800
Kobe Steel Ltd.	116,095		221,687
Koito Manufacturing Co., Ltd.	5,000		73,424
Komatsu Ltd.	48,172		870,471
Konami Corp.	5,188		81,770
Konica Minolta Holdings, Inc.	22,936		220,719
Kubota Corp.	56,508		431,518

See Notes to Financial Statements.

526

EQ ADVISORS TRUST

EQ/INTERNATIONAL CORE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Kuraray Co., Ltd.	15,992	$	186,734
Kurita Water Industries Ltd.	6,914		188,849
Kyocera Corp.	8,204		662,503
Kyowa Hakko Kirin Co., Ltd.	16,267		154,512
Kyushu Electric Power Co., Inc.	18,288		410,106
Lawson, Inc.	3,080		134,612
Mabuchi Motor Co., Ltd.	1,552		71,056
Makita Corp.	4,946		131,942
Marubeni Corp.	81,668		418,336
Marui Group Co., Ltd.	14,986		100,969
Maruichi Steel Tube Ltd.	2,816		53,920
Matsui Securities Co., Ltd.	9,064		55,245
Mazda Motor Corp.	71,679		167,339
McDonald’s Holdings Co. Japan Ltd.	4,080		91,394
Medipal Holdings Corp.	9,922		118,023
MEIJI Holdings Co. Ltd.	4,434		181,173
Minebea Co., Ltd.	19,711		108,668
Mitsubishi Chemical Holdings Corp.	57,359		261,201
Mitsubishi Corp.	67,684		1,410,387
Mitsubishi Electric Corp.	97,371		758,414
Mitsubishi Estate Co., Ltd.	60,011		833,199
Mitsubishi Gas Chemical Co., Inc.	24,711		119,747
Mitsubishi Heavy Industries Ltd.	151,256		519,510
Mitsubishi Logistics Corp.	8,008		89,367
Mitsubishi Materials Corp.*	68,819		183,700
Mitsubishi Motors Corp.*	204,218		258,408
Mitsubishi Tanabe Pharma Corp.	9,890		150,619
Mitsubishi UFJ Financial Group, Inc.	651,116		2,951,613
Mitsubishi UFJ Lease & Finance Co., Ltd.	3,740		125,906
Mitsui & Co., Ltd.	89,454		1,051,663
Mitsui Chemicals, Inc.	34,288		95,199
Mitsui Engineering & Shipbuilding Co., Ltd.	50,858		102,386
Mitsui Fudosan Co., Ltd.	42,427		593,145
Mitsui Mining & Smelting Co., Ltd.	41,162		109,017
Mitsui O.S.K. Lines Ltd.	56,575		373,361
Mitsumi Electric Co., Ltd.	4,800		81,676
Mizuho Financial Group, Inc.	699,637		1,148,328
Mizuho Securities Co., Ltd.	40,222		89,149
Mizuho Trust & Banking Co., Ltd.*	105,588		90,703
MS&AD Insurance Group Holdings, Inc.	27,198		580,598
Murata Manufacturing Co., Ltd.	10,671		508,237
Namco Bandai Holdings, Inc.	10,719		94,044
NEC Corp.	124,742		322,004
NGK Insulators Ltd.	12,267		190,704
NGK Spark Plug Co., Ltd.	8,948		110,901
NHK Spring Co., Ltd.	8,075		74,036
Nidec Corp.	5,446		456,124
Nikon Corp.	15,459		266,463
Nintendo Co., Ltd.	5,139		1,496,972
Nippon Building Fund, Inc. (REIT)	27		213,416


	Number of Shares	Value (Note 1)

Nippon Electric Glass Co., Ltd.	16,022	$	182,333
Nippon Express Co., Ltd.	45,427		204,402
Nippon Meat Packers, Inc.	7,075		87,478
Nippon Paper Group, Inc.	5,930		164,152
Nippon Sheet Glass Co., Ltd.	37,414		91,098
Nippon Steel Corp.	257,567		853,686
Nippon Telegraph & Telephone Corp.	26,187		1,069,189
Nippon Yusen KK	71,442		259,442
Nishi-Nippon City Bank Ltd.	46,480		133,788
Nissan Chemical Industries Ltd.	8,696		97,254
Nissan Motor Co., Ltd.*	126,648		877,952
Nissha Printing Co., Ltd.	1,200		32,092
Nisshin Seifun Group, Inc.	12,138		137,325
Nisshin Steel Co., Ltd.	49,672		79,333
Nisshinbo Holdings, Inc.	9,134		87,728
Nissin Food Holdings Co., Ltd.	3,906		143,792
Nitori Co., Ltd.	1,575		135,563
Nitto Denko Corp.	7,911		258,109
NKSJ Holdings, Inc.*	69,619		412,841
NOK Corp.	7,264		115,305
Nomura Holdings, Inc.	174,208		953,690
Nomura Real Estate Holdings, Inc.	6,475		81,254
Nomura Real Estate Office Fund, Inc. (REIT)	20		99,476
Nomura Research Institute Ltd.	4,088		86,425
NSK Ltd.	24,970		173,685
NTN Corp.	31,214		127,685
NTT Data Corp.	58		213,958
NTT DoCoMo, Inc.	784		1,185,588
NTT Urban Development Corp.	86		67,960
Obayashi Corp.	40,666		160,484
Obic Co., Ltd.	508		97,529
Odakyu Electric Railway Co., Ltd.	36,103		309,048
OJI Paper Co., Ltd.	37,612		183,968
Olympus Corp.	10,452		247,395
Omron Corp.	11,344		245,333
Ono Pharmaceutical Co., Ltd.	5,175		210,196
Oracle Corp. Japan	2,640		129,712
Oriental Land Co., Ltd.	2,486		207,676
ORIX Corp.	5,241		380,668
Osaka Gas Co., Ltd.	92,868		335,368
Otsuka Corp.	1,239		78,874
Panasonic Corp.	101,086		1,262,244
Panasonic Electric Works Co., Ltd	17,526		171,488
Rakuten, Inc.	343		247,710
Resona Holdings, Inc.	27,402		333,323
Ricoh Co., Ltd.	33,480		425,508
Rinnai Corp.	2,084		106,838
Rohm Co., Ltd.	4,726		282,261
Sankyo Co., Ltd.	2,198		99,274
Santen Pharmaceutical Co., Ltd.	4,131		148,654
Sanyo Electric Co., Ltd.*	83,483		107,509
Sapporo Hokuyo Holdings, Inc.	22,340		98,586
Sapporo Holdings Ltd.	18,704		80,437
SBI Holdings, Inc.	754		93,470
Secom Co., Ltd.	10,327		458,538
Sega Sammy Holdings, Inc.	8,075		115,597

See Notes to Financial Statements.

527

EQ ADVISORS TRUST

EQ/INTERNATIONAL CORE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Seiko Epson Corp.	8,522	$	109,227
Sekisui Chemical Co., Ltd.	27,214		169,797
Sekisui House Ltd.	24,970		214,067
Senshu Ikeda Holdings, Inc.	44,300		64,104
Seven & I Holdings Co., Ltd.	39,112		897,396
Seven Bank Ltd.	44		79,671
Sharp Corp.	49,938		525,742
Shikoku Electric Power Co., Inc.	10,443		298,617
Shimadzu Corp.	17,140		128,528
Shimamura Co., Ltd.	846		76,207
Shimano, Inc.	4,136		177,170
Shimizu Corp.	38,910		133,050
Shin-Etsu Chemical Co., Ltd.	21,064		979,946
Shinko Electric Industries Co., Ltd.	4,906		63,621
Shinsei Bank Ltd.*	64,173		54,162
Shionogi & Co., Ltd.	14,207		293,920
Shiseido Co., Ltd.	17,022		374,413
Shizuoka Bank Ltd.	27,724		241,660
Showa Denko KK	62,382		112,815
Showa Shell Sekiyu KK	13,975		96,486
SMC Corp.	2,648		353,525
Softbank Corp.	39,772		1,051,237
Sojitz Corp.	81,542		127,706
Sony Corp.	51,664		1,375,201
Sony Financial Holdings, Inc.	37		123,721
Square Enix Holdings Co., Ltd.	4,624		85,012
Stanley Electric Co., Ltd.	8,684		143,735
Sumco Corp.*	4,852		80,794
Sumitomo Chemical Co., Ltd.	76,158		294,043
Sumitomo Corp.	56,328		561,028
Sumitomo Electric Industries Ltd.	37,060		433,787
Sumitomo Heavy Industries Ltd.	25,784		151,859
Sumitomo Metal Industries Ltd.	164,920		371,983
Sumitomo Metal Mining Co., Ltd.	24,784		310,970
Sumitomo Mitsui Financial Group, Inc.	67,468		1,904,668
Sumitomo Realty & Development Co., Ltd.	18,526		315,964
Sumitomo Rubber Industries Ltd.	11,736		103,352
Sumitomo Trust & Banking Co., Ltd.	69,092		351,473
Suruga Bank Ltd.	13,890		125,837
Suzuken Co., Ltd.	3,806		127,455
Suzuki Motor Corp.	16,936		332,498
Sysmex Corp.	2,200		124,933
T&D Holdings, Inc.	13,584		289,943
Taiheiyo Cement Corp.*	42,554		53,706
Taisei Corp.	67,183		133,736
Taisho Pharmaceutical Co., Ltd.	7,571		149,392
Taiyo Nippon Sanso Corp.	15,392		122,104
Takashimaya Co., Ltd.	11,955		95,116
Takeda Pharmaceutical Co., Ltd.	38,523		1,648,671
TDK Corp.	5,671		311,073
Teijin Ltd.	58,250		172,974
Terumo Corp.	8,250		394,807
THK Co., Ltd.	7,608		157,287
Tobu Railway Co., Ltd.	47,991		258,119


	Number of Shares	Value (Note 1)

Toho Co., Ltd.	6,046	$	99,673
Toho Gas Co., Ltd.	24,592		131,176
Tohoku Electric Power Co., Inc.	20,859		447,878
Tokio Marine Holdings, Inc.	36,815		964,354
Tokuyama Corp.	15,452		67,819
Tokyo Electric Power Co., Inc.	62,558		1,702,988
Tokyo Electron Ltd.	8,536		460,975
Tokyo Gas Co., Ltd.	121,711		556,448
Tokyo Steel Manufacturing Co., Ltd.	7,376		85,383
Tokyo Tatemono Co., Ltd.	15,392		47,190
Tokyu Corp.	61,011		248,540
Tokyu Land Corp.	29,592		103,607
TonenGeneral Sekiyu KK	15,830		136,793
Toppan Printing Co., Ltd.	29,910		237,274
Toray Industries, Inc.	64,774		310,805
Toshiba Corp.*	204,683		1,016,909
Tosoh Corp.	35,095		90,597
TOTO Ltd.	18,267		121,670
Toyo Seikan Kaisha Ltd.	9,704		140,817
Toyo Suisan Kaisha Ltd.	3,756		89,386
Toyoda Gosei Co., Ltd.	4,242		105,126
Toyota Boshoku Corp.	4,692		68,485
Toyota Industries Corp.	10,418		264,395
Toyota Motor Corp.	142,236		4,891,406
Toyota Tsusho Corp.	13,214		189,225
Trend Micro, Inc.	4,482		120,833
Tsumura & Co.	3,004		92,068
Ube Industries Ltd.	63,123		149,583
Unicharm Corp.	1,898		213,741
UNY Co., Ltd.	12,511		95,004
Ushio, Inc.	6,064		93,622
USS Co., Ltd.	1,621		115,705
West Japan Railway Co.	81		296,087
Yahoo! Japan Corp.	682		271,051
Yakult Honsha Co., Ltd.	3,907		106,061
Yamada Denki Co., Ltd.	4,182		273,003
Yamaguchi Financial Group, Inc.	13,763		131,260
Yamaha Corp.	10,579		107,445
Yamaha Motor Co., Ltd.*	11,532		152,212
Yamato Holdings Co., Ltd.	18,736		247,941
Yamato Kogyo Co., Ltd.	3,154		78,483
Yamazaki Baking Co., Ltd.	8,571		115,731
Yaskawa Electric Corp.	13,140		97,329
Yokogawa Electric Corp.	14,903		91,823

			105,304,682

Luxembourg (1.0%)
ArcelorMittal S.A.	42,782		1,137,834
Millicom International Cellular S.A. (SDR)	4,057		327,412
SES S.A. (FDR)	16,489		342,497
Tenaris S.A.	23,548		408,675
Tenaris S.A. (ADR)	281,695		9,749,464

			11,965,882

Macau (0.0%)
Sands China Ltd.*	89,467		131,329
Wynn Macau Ltd.*	49,200		80,490

			211,819

See Notes to Financial Statements.

528

EQ ADVISORS TRUST

EQ/INTERNATIONAL CORE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Mexico (0.0%)
Fresnillo plc	9,222	$	133,232

Netherlands (2.8%)
Aegon N.V.*	75,939		406,809
Akzo Nobel N.V.	11,778		609,253
ASML Holding N.V.	22,095		606,761
Core Laboratories N.V.	25,700		3,793,577
Corio N.V. (REIT)	3,688		179,146
Delta Lloyd N.V.	1,458		24,383
European Aeronautic Defence and Space Co. N.V.*	19,944		406,962
Fugro N.V. (CVA)	4,292		196,246
Heineken Holding N.V.	5,973		217,911
Heineken N.V.	12,355		523,721
ING Groep N.V. (CVA)*	191,068		1,418,581
Koninklijke (Royal) KPN N.V.	84,863		1,083,603
Koninklijke Ahold N.V.	61,083		756,468
Koninklijke Boskalis Westminster N.V.	4,153		161,707
Koninklijke DSM N.V.	8,305		329,952
Koninklijke Philips Electronics N.V.	48,703		1,451,708
Koninklijke Vopak N.V.	4,206		154,355
QIAGEN N.V.*	12,456		241,292
Randstad Holding N.V.*	5,418		213,258
Reed Elsevier N.V.	38,116		420,483
Royal Dutch Shell plc, Class A	182,476		4,608,151
Royal Dutch Shell plc, Class B	139,434		3,375,882
SBM Offshore N.V.	10,472		149,446
TNT N.V.	18,623		469,379
Unilever N.V. (N.Y. Shares)	99,540		2,719,433
Unilever N.V. (CVA)	293,536		8,003,348
Wolters Kluwer N.V.	16,359		312,160

			32,833,975

New Zealand (0.0%)
Auckland International Airport Ltd.	69,968		89,433
Contact Energy Ltd.*	22,952		89,359
Fletcher Building Ltd.	30,818		165,014
Sky City Entertainment Group Ltd.	42,135		82,127
Telecom Corp. of New Zealand Ltd.	80,486		104,044

			529,977

Norway (0.2%)
Aker Solutions ASA	5,085		58,245
DnB NOR ASA	47,862		460,544
Norsk Hydro ASA	36,320		163,433
Orkla ASA	41,461		265,399
Renewable Energy Corp. ASA*	30,435		71,499
Statoil ASA	58,448		1,127,281
Telenor ASA	38,735		486,455
Yara International ASA	9,326		260,951

			2,893,807

Portugal (0.1%)
Banco Comercial Portugues S.A. (Registered)	149,603		112,144
Banco Espirito Santo S.A. (Registered)	20,203		79,613


	Number of Shares	Value (Note 1)

Brisa Auto-Estradas de Portugal S.A.	14,704	$	88,980
Cimpor Cimentos de Portugal SGPS S.A.	12,700		70,576
EDP - Energias de Portugal S.A.	83,503		246,560
Galp Energia SGPS S.A., Class B	8,662		129,338
Jeronimo Martins SGPS S.A.	15,047		137,195
Portugal Telecom SGPS S.A. (Registered)	30,923		306,520

			1,170,926

Singapore (0.6%)
Ascendas Real Estate Investment Trust (REIT)	99,522		128,461
CapitaLand Ltd.	123,502		314,903
CapitaMall Trust (REIT)	138,267		179,952
CapitaMalls Asia Ltd.	76,421		113,758
City Developments Ltd.	26,280		207,122
ComfortDelgro Corp., Ltd.	127,550		132,112
Cosco Corp. (Singapore) Ltd.	31,056		32,592
DBS Group Holdings Ltd.	87,795		851,279
Fraser and Neave Ltd.	53,620		195,962
Genting Singapore plc*	246,261		203,948
Golden Agri-Resources Ltd.	272,537		102,004
Jardine Cycle & Carriage Ltd.	3,449		73,204
Keppel Corp., Ltd.	63,078		380,077
Keppel Land Ltd.	18,000		49,523
K-Green Trust*	12,615		9,466
Neptune Orient Lines Ltd.*	29,991		42,312
Olam International Ltd.	76,924		140,856
Oversea-Chinese Banking Corp., Ltd.	116,922		735,484
SembCorp Industries Ltd.	53,812		155,507
SembCorp Marine Ltd.	52,626		143,874
Singapore Airlines Ltd.	25,682		266,092
Singapore Exchange Ltd.	40,302		210,884
Singapore Press Holdings Ltd.	60,410		162,743
Singapore Technologies Engineering Ltd.	86,019		201,157
Singapore Telecommunications Ltd.	410,119		885,878
StarHub Ltd.	46,724		74,988
United Overseas Bank Ltd.	62,826		872,784
UOL Group Ltd.	30,532		82,335
Wilmar International Ltd.	61,455		251,476

			7,200,733

Spain (1.3%)
Abertis Infraestructuras S.A.	13,699		197,388
Acciona S.A.	1,704		129,413
Acerinox S.A.	2,322		35,997
ACS Actividades de Construccion y Servicios S.A.	6,782		248,031
Banco Bilbao Vizcaya Argentaria S.A.	180,963		1,866,902
Banco de Sabadell S.A.	54,754		247,170
Banco de Valencia S.A.	16,209		72,020
Banco Popular Espanol S.A.	40,797		208,038
Banco Santander S.A.	419,962		4,412,858
Bankinter S.A.	19,964		121,304
Criteria Caixacorp S.A.	44,767		183,228

See Notes to Financial Statements.

529

EQ ADVISORS TRUST

EQ/INTERNATIONAL CORE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

EDP Renovaveis S.A.*	16,656	$	97,742
Enagas S.A.	11,236		168,861
Ferrovial S.A.	19,312		124,763
Fomento de Construcciones y Contratas S.A.	3,128		66,811
Gamesa Corp. Tecnologica S.A.*	7,817		67,087
Gas Natural SDG S.A.	10,280		148,268
Gestevision Telecinco S.A.	4,797		42,565
Grifols S.A.	6,910		70,561
Iberdrola Renovables S.A.	36,369		113,619
Iberdrola S.A.	195,462		1,096,097
Iberia Lineas Aereas de Espana S.A.*	28,634		81,115
Inditex S.A.	11,074		628,065
Indra Sistemas S.A.	5,244		84,062
Mapfre S.A.*	40,835		110,829
Mapfre S.A.*†	1,317		3,575
Red Electrica Corporacion S.A.	5,833		208,509
Repsol YPF S.A.	35,830		723,903
Telefonica S.A.	212,108		3,916,893
Zardoya Otis S.A.*	9,325		120,146
Zardoya Otis S.A.*†	466		6,004

			15,601,824

Sweden (1.1%)
Alfa Laval AB	18,097		233,754
Assa Abloy AB, Class B	14,840		295,986
Atlas Copco AB, Class A	33,088		484,397
Atlas Copco AB, Class B	20,898		276,789
Boliden AB	10,016		110,931
Electrolux AB, Class B	11,262		257,078
Getinge AB, Class B	12,034		232,874
Hennes & Mauritz AB, Class B	52,532		1,444,501
Holmen AB, Class B	4,060		96,323
Husqvarna AB, Class B	26,125		157,228
Investor AB, Class B	22,076		357,298
Kinnevik Investment AB, Class B	11,809		189,210
Modern Times Group AB, Class B	1,678		91,526
Nordea Bank AB	165,662		1,366,341
Ratos AB, Class B	6,564		164,698
Sandvik AB	50,528		615,053
Scania AB, Class B	18,767		286,091
Securitas AB, Class B	19,598		176,900
Skandinaviska Enskilda Banken AB, Class A	74,964		397,620
Skanska AB, Class B	19,425		280,406
SKF AB, Class B	18,799		336,747
SSAB AB, Class A	7,630		102,266
SSAB AB, Class B	6,516		77,672
Svenska Cellulosa AB, Class B	27,399		322,286
Svenska Handelsbanken AB, Class A	24,505		600,188
Swedbank AB, Class A*	31,947		294,143
Swedish Match AB	9,995		217,744
Tele2 AB, Class B	18,295		273,525
Telefonaktiebolaget LM Ericsson, Class B	155,627		1,732,719
TeliaSonera AB	111,886		719,239
Volvo AB, Class B*	54,299		597,115

			12,788,648


	Number of Shares	Value (Note 1)

Switzerland (9.4%)
ABB Ltd. (Registered)*	243,150	$	4,225,227
ABB Ltd. (ADR)*	147,692		2,552,118
Actelion Ltd. (Registered)*	5,431		202,530
Adecco S.A. (Registered)	5,992		282,719
Aryzta AG	5,084		195,090
Baloise Holding AG (Registered)	2,719		189,181
Cie Financiere Richemont S.A., Class A	26,919		936,528
Credit Suisse Group AG (Registered)	56,651		2,129,157
Foster Wheeler AG*	188,355		3,966,756
GAM Holding Ltd.*	13,300		144,988
Geberit AG (Registered)	2,097		325,188
Givaudan S.A. (Registered)	372		314,431
Holcim Ltd. (Registered)	12,629		845,349
Julius Baer Group Ltd.	11,032		314,090
Kuehne + Nagel International AG (Registered)	2,876		294,587
Lindt & Spruengli AG	61		132,458
Lindt & Spruengli AG (Registered)	7		171,522
Logitech International S.A. (Registered)*	11,545		156,802
Lonza Group AG (Registered)	2,799		186,327
Nestle S.A. (Registered)	325,827		15,721,144
Nestle S.A. (Registered) (ADR)	155,035		7,478,888
Nobel Biocare Holding AG (Registered)	7,762		132,663
Noble Corp.*	658,184		20,344,467
Novartis AG (Registered)	133,644		6,483,931
Novartis AG (ADR)	54,051		2,611,744
Pargesa Holding S.A.	1,853		121,406
Roche Holding AG	36,248		4,977,706
Schindler Holding AG	4,153		347,898
SGS S.A. (Registered)	272		366,214
Sika AG	76		134,319
Sonova Holding AG	2,255		276,531
STMicroelectronics N.V.	36,284		287,438
Straumann Holding AG (Registered)	540		116,834
Swatch Group AG	1,534		429,309
Swatch Group AG (Registered)	2,900		148,299
Swiss Life Holding AG (Registered)*	1,787		171,037
Swiss Reinsurance Co., Ltd.	17,732		729,427
Swisscom AG (Registered)	1,172		397,056
Syngenta AG (Registered)	4,913		1,134,507
Syngenta AG (ADR)	58,884		2,699,831
Transocean Ltd.*	309,977		14,361,234
UBS AG (Registered)*	187,509		2,485,537
Weatherford International Ltd.*	683,856		8,985,868
Xstrata plc	102,337		1,340,753
Zurich Financial Services AG	7,701		1,690,454

			111,539,543

United Kingdom (10.0%)
3i Group plc	50,206		197,871
Admiral Group plc	9,632		201,390
Aggreko plc	10,709		223,564
AMEC plc	17,167		209,275

See Notes to Financial Statements.

530

EQ ADVISORS TRUST

EQ/INTERNATIONAL CORE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Anglo American plc*	68,093	$	2,367,160
Antofagasta plc	20,401		236,807
ARM Holdings plc	54,309		224,698
Associated British Foods plc	18,370		264,037
AstraZeneca plc	74,992		3,523,663
Autonomy Corp. plc*	11,130		300,379
Aviva plc	143,128		665,241
BAE Systems plc	506,914		2,354,967
Balfour Beatty plc	36,478		129,619
Barclays plc	589,374		2,336,586
BG Group plc	174,357		2,581,024
BHP Billiton plc	114,178		2,954,567
BP plc	957,777		4,599,936
British Airways plc*	39,771		115,417
British American Tobacco plc	295,009		9,341,400
British American Tobacco plc (ADR)	68,962		4,365,295
British Land Co. plc (REIT)	45,701		292,141
British Sky Broadcasting Group plc	58,677		612,009
BT Group plc, Class A	401,076		765,912
Bunzl plc	16,969		169,220
Burberry Group plc	22,437		253,009
Cable & Wireless Worldwide plc	133,096		170,503
Cairn Energy plc*	66,110		404,474
Capita Group plc	32,236		353,680
Capital Shopping Centres Group plc (REIT)	25,547		117,851
Carnival plc	8,575		274,847
Centrica plc	265,450		1,168,940
Cobham plc	59,222		186,667
Compass Group plc	95,946		727,942
Diageo plc	464,653		7,280,676
Diageo plc (ADR)	69,538		4,362,814
Eurasian Natural Resources Corp.	13,129		166,998
Firstgroup plc	25,618		138,601
G4S plc	65,370		259,024
GlaxoSmithKline plc	268,375		4,548,198
Hammerson plc (REIT)	36,342		183,601
Home Retail Group plc	45,397		143,572
HSBC Holdings plc	889,840		8,118,039
ICAP plc	26,868		161,052
Imperial Tobacco Group plc	52,586		1,466,218
Inmarsat plc	22,555		238,975
Intercontinental Hotels Group plc	13,304		207,212
International Power plc	78,760		348,939
Invensys plc	41,729		149,054
Investec plc	25,930		174,398
ITV plc*	132,030		98,286
J Sainsbury plc	61,206		291,238
Johnson Matthey plc	11,106		245,900
Kazakhmys plc	11,072		162,449
Kingfisher plc	122,168		379,132
Land Securities Group plc (REIT)	39,112		320,821
Legal & General Group plc	303,260		352,849
Lloyds Banking Group plc*	2,005,421		1,591,154
London Stock Exchange Group plc	8,345		69,101
Lonmin plc*	7,934		165,600


	Number of Shares	Value (Note 1)

Man Group plc	88,536	$	292,892
Marks & Spencer Group plc	81,711		402,715
National Grid plc	171,472		1,263,144
Next plc	10,209		302,107
Old Mutual plc	272,825		417,327
Pearson plc	41,951		548,974
Petrofac Ltd.	10,644		187,161
Prudential plc	131,002		981,874
Randgold Resources Ltd.	4,661		443,159
Reckitt Benckiser Group plc	31,339		1,449,636
Reed Elsevier plc	62,739		463,159
Resolution Ltd.	128,468		120,848
Rexam plc	45,364		203,568
Rio Tinto plc	273,500		11,968,308
Rio Tinto plc (ADR)	94,928		4,138,861
Rolls-Royce Group plc*	95,922		798,793
Rolls-Royce Group plc, Class C*†	12,981,150		19,395
Royal Bank of Scotland Group plc*	874,665		526,797
RSA Insurance Group plc	176,528		313,336
SABMiller plc	48,511		1,346,901
Sage Group plc	67,945		232,501
Schroders plc	6,287		113,145
Scottish & Southern Energy plc	47,756		791,685
Segro plc (REIT)	32,272		121,558
Serco Group plc	25,382		221,102
Severn Trent plc	12,240		223,327
Smith & Nephew plc	45,817		431,373
Smiths Group plc	20,171		319,246
Standard Chartered plc	104,675		2,541,082
Standard Life plc	115,691		296,914
Tesco plc	410,782		2,312,898
Thomas Cook Group plc	44,403		117,098
Tomkins plc	46,973		157,805
TUI Travel plc	28,920		89,714
Tullow Oil plc	45,772		681,806
Unilever plc	66,397		1,769,561
United Utilities Group plc	35,269		274,835
Vedanta Resources plc	7,056		222,032
Vodafone Group plc	2,788,772		5,778,952
Whitbread plc	9,060		189,420
WM Morrison Supermarkets plc	108,900		429,323
Wolseley plc*	14,687		287,138
WPP plc	64,849		609,826

			118,715,288

United States (2.7%)
Bunge Ltd.	73,568		3,618,810
Cooper Industries plc	214,838		9,452,872
Schlumberger Ltd.	329,444		18,231,431
Synthes, Inc.	2,895		332,890

			31,636,003

Total Common Stocks (67.2%) (Cost $767,457,984)			794,132,486

INVESTMENT COMPANIES:
Exchange Traded Funds (ETFs)(10.0%)
iShares FTSE/Xinhua China 25 Index Fund	84,210		3,295,137
iShares MSCI Australia Index Fund	115,615		2,194,373

See Notes to Financial Statements.

531

EQ ADVISORS TRUST

EQ/INTERNATIONAL CORE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

iShares MSCI Austria Investable Market Index Fund	145,037	$	2,214,715
iShares MSCI Belgium Investable Market Index Fund	190,897		2,071,232
iShares MSCI BRIC Index Fund	68,916		2,824,178
iShares MSCI Canada Index Fund	72,858		1,808,336
iShares MSCI EAFE Index Fund	719,766		33,476,317
iShares MSCI Emerging Markets Index Fund	138,832		5,181,210
iShares MSCI France Index Fund	165,167		3,230,667
iShares MSCI Germany Index Fund	428,810		8,023,035
iShares MSCI Hong Kong Index Fund	146,877		2,169,373
iShares MSCI Italy Index Fund	237,848		3,282,302
iShares MSCI Japan Index Fund	1,084,680		9,979,056
iShares MSCI Malaysia Index Fund	12,062		137,989
iShares MSCI Mexico Investable Market Index Fund	16,448		787,695
iShares MSCI Netherlands Investable Market Index Fund	122,893		2,102,699
iShares MSCI Pacific ex-Japan Index Fund	115,592		4,131,258
iShares MSCI Singapore Index Fund	128,726		1,446,880
iShares MSCI South Korea Index Fund	7,100		317,441
iShares MSCI Spain Index Fund	44,821		1,426,652
iShares MSCI Sweden Index Fund	86,303		1,970,298
iShares MSCI Switzerland Index Fund	15,100		301,849
iShares MSCI Thailand Index Fund	2,718		125,218
iShares MSCI Turkey Index Fund	9,784		517,867
iShares S&P Europe 350 Index Fund	516,966		16,206,884
iShares S&P Latin America 40 Index Fund	22,147		917,329
SPDR DJ EURO Stoxx 50 Fund	175,064		5,351,707
SPDR S&P Emerging Asia Pacific ETF	29,579		2,076,742
SPDR S&P Emerging Europe ETF	12,067		454,805

Total Investment Companies (10.0%) (Cost $118,444,201)			118,023,244


	Number of Rights		Value (Note 1)

RIGHTS:
Norway (0.0%)
Norsk Hydro ASA, expiring 7/9/10* (Cost $—)		11,053	$	5,702

	Number of Warrants		Value (Note 1)
WARRANTS:
Hong Kong (0.0%)
Henderson Land Development Co., Ltd., expiring 6/1/11*		15,393		2,609

Singapore (0.0%)
Golden Agri-Resources Ltd., expiring 7/23/12*		28,904		2,066

Total Warrants (0.0%) (Cost $—)				4,675

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investment (0.0%)
BlackRock Liquidity Funds TempFund 0.16%‡	$	549,973		549,973

Time Deposit (0.7%)
JPMorgan Chase Nassau 0.000%, 7/1/10		7,982,714		7,982,714

Total Short-Term Investments (0.7%) (Amortized Cost $8,532,687)				8,532,687

Total Investments (77.9%) (Cost/Amortized Cost $894,434,872)				920,698,794
Other Assets Less Liabilities (22.1%)				261,727,216

Net Assets (100%)			$	1,182,426,010

*	Non-income producing.

†	Securities (totaling $28,974 or 0.0% of net assets) at fair value by management.

‡	Affiliated company as defined under the Investment Company Act of 1940.

(b)

Illiquid Security

Glossary:

ADR

— American Depositary Receipt

CDI

— Chess Depositary Interest

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

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	—	$	292,850,540	$	292,300,567	$	549,973	$	13,011	$	—

See Notes to Financial Statements.

532

EQ ADVISORS TRUST

EQ/INTERNATIONAL CORE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
Dow Jones EURO Stoxx 50 Index	3,259	September-10	$	108,590,272	$	102,341,686	$	(6,248,586	)
E-Mini MSCI EAFE Index	183	September-10		12,106,576		12,034,080		(72,496	)
FTSE 100 Index	842	September-10		65,530,810		61,398,262		(4,132,548	)
SPI 200 Index	271	September-10		26,104,891		24,305,573		(1,799,318	)
TOPIX Index	647	September-10		62,753,703		61,359,441		(1,394,262	)

							$	(13,647,210	)

At June 30, 2010, the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


Foreign Currency Buy Contracts	Counterparty	Local Contract Buy Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Australian Dollar vs. U.S. Dollar, expiring 9/17/10	Deutsche Bank AG	1,000	$	833,937	$	855,340	$	(21,403	)
British Pound vs. U.S. Dollar, expiring 9/17/10	Credit Suisse First Boston	2,000		2,988,200		2,956,400		31,800
European Union Euro vs. U.S. Dollar, expiring 9/17/10	Deutsche Bank AG	5,800		7,095,256		7,145,368		(50,112	)
Japanese Yen vs. U.S. Dollar, expiring 9/17/10	Credit Suisse First Boston	270,000		3,057,839		2,957,025		100,814

							$	61,099

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	—	$	46,393,612	$	—	$	46,393,612
Consumer Staples		22,545,240		71,959,716		—		94,504,956
Energy		126,804,580		36,754,082		—		163,558,662
Financials		12,394,408		109,620,633		3,575		122,018,616
Health Care		2,611,744		42,193,371		—		44,805,115
Industrials		56,075,592		58,518,676		25,399		114,619,667
Information Technology		—		23,202,231		—		23,202,231
Materials		59,613,789		73,650,161		—		133,263,950
Telecommunication Services		—		25,376,353		—		25,376,353
Utilities		—		26,389,324		—		26,389,324
Forward Currency Contracts		—		132,614		—		132,614
Investment Companies
Exchange Traded Funds (ETFs)		118,023,244		—		—		118,023,244
Rights
Materials		—		5,702		—		5,702
Short-Term Investments		—		8,532,687		—		8,532,687
Warrants
Consumer Staples		—		2,066		—		2,066
Financials		—		2,609		—		2,609

Total Assets	$	398,068,597	$	522,733,837	$	28,974	$	920,831,408

See Notes to Financial Statements.

533

EQ ADVISORS TRUST

EQ/INTERNATIONAL CORE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)			Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Liabilities:
Forward Currency Contracts	$	—		$	(71,515	)	$	—	$	(71,515	)
Futures		(13,647,210	)		—			—		(13,647,210	)

Total Liabilities	$	(13,647,210	)	$	(71,515	)	$	—	$	(13,718,725	)

Total	$	384,421,387		$	522,662,322		$	28,974	$	907,112,683

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments in Securities-Financials			Investments in Securities-Industrials
Balance as of 12/31/09	$	—		$	37,561
Total gains or losses (realized/unrealized) included in earnings		16,442			5,034
Purchases, sales, issuances, and settlements (net)		(12,867	)		(17,196	)
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Balance as of 06/30/10	$	3,575		$	25,399
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	309		$	5,398

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		132,614
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	132,614


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		(71,515	)
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(13,647,210	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(13,718,725)

See Notes to Financial Statements.

534

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EQ/INTERNATIONAL CORE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			1,736,286		—		1,736,286
Credit contracts		—		—			—		—		—
Equity contracts		—		(6,824,706	)		—		—		(6,824,706	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(6,824,706	)	$	1,736,286	$	—	$	(5,088,420	)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			697,057		—		697,057
Credit contracts		—		—			—		—		—
Equity contracts		—		(14,085,359	)		—		—		(14,085,359	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(14,085,359	)	$	697,057	$	—	$	(13,388,302	)

This Portfolio held forward foreign currency contracts with an average settlement value of approximately $56,082,000 and futures contracts with an average notional balance of approximately $63,204,000 during the six months ended June 30, 2010.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	106,223,227
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	314,851,418

As of June 30, 2010, 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	$	68,414,912
Aggregate gross unrealized depreciation		(95,435,113	)

Net unrealized depreciation	$	(27,020,201	)

Federal income tax cost of investments	$	947,718,995

The Portfolio has a net capital loss carryforward of $309,015,954 of which $9,429,837 expires in the year 2016 and $299,586,117 expires in the year 2017.

See Notes to Financial Statements.

535

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EQ/INTERNATIONAL CORE PLUS PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $549,973)	$	549,973
Unaffiliated Issuers (Cost $893,884,899)		920,148,821
Foreign cash (Cost $240,370,949)		240,821,111
Cash held as collateral at broker		21,492,000
Dividends, interest and other receivables		3,174,954
Receivable from Separate Accounts for Trust shares sold		222,920
Unrealized appreciation of forward foreign currency contracts		132,614
Receivable from investment sub-advisor		11,222
Receivable for securities sold		1,519

Total assets		1,186,555,134

LIABILITIES
Overdraft payable		473,618
Variation margin payable on futures contracts		1,288,424
Payable to Separate Accounts for Trust shares redeemed		1,138,626
Investment management fees payable		767,046
Payable for securities purchased		649,420
Distribution fees payable - Class IB		170,756
Administrative fees payable		162,014
Unrealized depreciation of forward foreign currency contracts		71,515
Accrued expenses		407,705

Total liabilities		5,129,124

NET ASSETS	$	1,181,426,010

Net assets were comprised of:
Paid in capital	$	1,578,611,257
Accumulated undistributed net investment income (loss)		10,949,650
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(421,254,580	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		13,119,683

Net assets	$	1,181,426,010

Class IA
Net asset value, offering and redemption price per share, $382,044,675 / 50,017,524 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.64

Class IB
Net asset value, offering and redemption price per share, $799,381,335 / 104,696,329 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.64

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $1,584,649 foreign withholding tax) ($13,011 of dividend income received from affiliates)	$	18,390,243
Interest		12,903

Total income		18,403,146

EXPENSES
Investment management fees		3,875,649
Distribution fees - Class IB		1,127,013
Administrative fees		1,038,337
Recoupment fees		331,179
Custodian fees		122,484
Printing and mailing expenses		76,382
Professional fees		15,665
Trustees’ fees		15,496
Miscellaneous		23,864

Gross expenses		6,626,069
Less: Reimbursement from sub-advisor		(11,222	)
Fees paid indirectly		(9,731	)

Net expenses		6,605,116

NET INVESTMENT INCOME (LOSS)		11,798,030

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(50,020,114	)
Foreign currency transactions		(2,721,322	)
Futures		(6,824,706	)

Net realized gain (loss)		(59,566,142	)

Change in unrealized appreciation (depreciation) on:
Securities		(138,816,759	)
Foreign currency translations		1,116,892
Futures		(14,085,359	)

Net change in unrealized appreciation (depreciation)		(151,785,226	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(211,351,368	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(199,553,338	)

See Notes to Financial Statements.

536

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	11,798,030		$	32,216,653
Net realized gain (loss) on investments, futures and foreign currency transactions		(59,566,142	)		(579,566,583	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(151,785,226	)		1,103,772,909

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(199,553,338	)		556,422,979

DIVIDENDS:
Dividends from net investment income
Class IA		—			(11,466,718	)
Class IB		—			(24,363,207	)

TOTAL DIVIDENDS		—			(35,829,925	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [6,853,937 and 19,478,311 shares, respectively]		54,062,528			129,125,057
Capital shares issued in reinvestment of dividends [0 and 1,309,144 shares, respectively]		—			11,466,718
Capital shares repurchased [(1,987,265) and (159,588,981) shares, respectively]		(16,668,003	)		(1,290,719,894	)

Total Class IA transactions		37,394,525			(1,150,128,119	)

Class IB
Capital shares sold [7,448,511 and 20,308,212 shares, respectively]		64,882,236			154,087,217
Capital shares issued in reinvestment of dividends [0 and 2,778,786 shares, respectively]		—			24,363,207
Capital shares repurchased [(8,088,928) and (15,025,143) shares, respectively]		(69,050,602	)		(112,612,999	)

Total Class IB transactions		(4,168,366	)		65,837,425

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		33,226,159			(1,084,290,694	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(166,327,179	)		(563,697,640	)
NET ASSETS:
Beginning of period		1,347,753,189			1,911,450,829

End of period (a)	$	1,181,426,010		$	1,347,753,189

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	10,949,650		$	(848,380	)

See Notes to Financial Statements.

537

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	8.95		$	6.80		$	12.76		$	13.89		$	12.47		$	10.80

Income (loss) from investment operations:
Net investment income (loss)		0.09	(e)		0.15	(e)		0.22	(e)		0.23			0.15	(e)		0.15	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1.40	)		2.26			(5.84	)		1.79			2.26			1.73

Total from investment operations		(1.31	)		2.41			(5.62	)		2.02			2.41			1.88

Less distributions:
Dividends from net investment income		—			(0.26	)		(0.16	)		(0.10	)		(0.19	)		(0.20	)
Distributions from net realized gains		—			—			(0.16	)		(3.05	)		(0.80	)		(0.01	)
Return of capital		—			—			(0.02	)		—			—			—

Total dividends and distributions		—			(0.26	)		(0.34	)		(3.15	)		(0.99	)		(0.21	)

Net asset value, end of period	$	7.64		$	8.95		$	6.80		$	12.76		$	13.89		$	12.47

Total return (b)		(14.64	)%		35.55	%		(44.67	)%		15.54	%		19.57	%		17.43	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	382,045		$	404,122		$	1,250,082		$	723,648		$	430,037		$	119,304
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.85	%		0.85	%		0.85	%		0.88	%		0.95	%		0.95	%
After waivers, reimbursements and fees paid indirectly (a)		0.85	%		0.84	%		0.83	%		0.79	%		0.95	%		0.93	%
Before waivers, reimbursements and fees paid indirectly (a)		0.85	%		0.85	%		0.87	%		0.90	%		1.01	%		1.00	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		2.03	%		2.11	%		2.22	%		1.57	%		1.08	%		1.32	%
After waivers, reimbursements and fees paid indirectly (a)		2.03	%		2.12	%		2.24	%		1.66	%		1.08	%		1.34	%
Before waivers, reimbursements and fees paid indirectly (a)		2.03	%		2.11	%		2.20	%		1.55	%		1.02	%		1.27	%
Portfolio turnover rate		9	%		17	%		8	%		95	%		25	%		24	%

See Notes to Financial Statements.

538

EQ ADVISORS TRUST

EQ/INTERNATIONAL CORE PLUS PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	8.96		$	6.80		$	12.77		$	13.90		$	12.48		$	10.81

Income (loss) from investment operations:
Net investment income (loss)		0.07	(e)		0.13	(e)		0.22	(e)		0.22			0.14	(e)		0.12	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1.39	)		2.27			(5.87	)		1.76			2.24			1.73

Total from investment operations		(1.32	)		2.40			(5.65	)		1.98			2.38			1.85

Less distributions:
Dividends from net investment income		—			(0.24	)		(0.14	)		(0.06	)		(0.16	)		(0.17	)
Distributions from net realized gains		—			—			(0.16	)		(3.05	)		(0.80	)		(0.01	)
Return of capital		—			—			(0.02	)		—			—			—

Total dividends and distributions		—			(0.24	)		(0.32	)		(3.11	)		(0.96	)		(0.18	)

Net asset value, end of period	$	7.64		$	8.96		$	6.80		$	12.77		$	13.90		$	12.48

Total return (b)		(14.73	)%		35.34	%		(44.86	)%		15.20	%		19.25	%		17.12	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	799,381		$	943,631		$	661,369		$	1,193,151		$	1,117,308		$	828,324
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.10	%		1.10	%		1.10	%		1.13	%(c)		1.20	%		1.20	%
After waivers, reimbursements and fees paid indirectly (a)		1.10	%		1.10	%		1.09	%		1.04	%		1.20	%		1.18	%
Before waivers, reimbursements and fees paid indirectly (a)		1.10	%		1.10	%		1.12	%(c)		1.15	%(c)		1.26	%(c)		1.25	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.73	%		1.63	%		2.12	%		1.49	%		1.03	%		1.07	%
After waivers, reimbursements and fees paid indirectly (a)		1.74	%		1.64	%		2.13	%		1.60	%		1.04	%		1.09	%
Before waivers, reimbursements and fees paid indirectly (a)		1.73	%		1.63	%		2.10	%		1.47	%		0.98	%		1.02	%
Portfolio turnover rate		9	%		17	%		8	%		95	%		25	%		24	%

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

539

EQ/INTERNATIONAL GROWTH PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Consumer Staples	17.6	%
Financials	15.6
Health Care	14.2
Information Technology	14.2
Consumer Discretionary	10.1
Materials	9.8
Energy	6.2
Telecommunication Services	5.1
Industrials	4.8
Utilities	0.5
Cash and Other	1.9

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$908.60	$4.73
Hypothetical (5% average return before expenses)	1,000.00	1,019.84	5.01
Class IB
Actual	1,000.00	908.80	5.92
Hypothetical (5% average return before expenses)	1,000.00	1,018.60	6.26
* 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 181/365 (to reflect the one-half year period).

540

EQ ADVISORS TRUST

EQ/INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Australia (0.8%)
Iluka Resources Ltd.*	1,478,410	$	5,726,565

Brazil (4.3%)
Banco Santander Brasil S.A. (ADR)	694,070		7,169,743
Cia de Bebidas das Americas (Preference) (ADR)	114,900		11,606,049
Fleury S.A.*	241,600		2,666,300
Petroleo Brasileiro S.A. (ADR)	293,320		10,066,743

			31,508,835

Canada (0.9%)
Suncor Energy, Inc.	230,310		6,778,087

China (2.6%)
China Construction Bank Corp., Class H	7,471,000		6,012,286
China Unicom Hong Kong Ltd.	9,890,000		13,221,886

			19,234,172

Czech Republic (0.5%)
CEZ A/S	94,330		3,873,780

Denmark (1.2%)
Novo Nordisk A/S, Class B	111,470		8,991,803

Finland (0.4%)
Nokia Oyj	380,230		3,104,685

France (9.5%)
Air Liquide S.A.	75,070		7,540,184
Cie Generale d’Optique Essilor International S.A.	119,200		7,097,213
Danone S.A.	287,558		15,356,162
LVMH Moet Hennessy Louis Vuitton S.A.	166,770		18,165,866
Pernod-Ricard S.A.	47,100		3,643,507
Publicis Groupe S.A.	139,350		5,539,385
Schneider Electric S.A.	125,121		12,664,104

			70,006,421

Germany (9.9%)
Bayer AG	247,016		13,782,275
Beiersdorf AG	151,320		8,318,252
Deutsche Boerse AG	137,220		8,337,053
Fresenius Medical Care AG & Co. KGaA	106,610		5,767,567
Henkel AG & Co. KGaA (Preference)	122,560		5,962,283
Linde AG	88,640		9,307,434
Merck KGaA	90,950		6,625,890
SAP AG	167,510		7,440,425
Symrise AG	350,417		7,239,328

			72,780,507

Greece (0.5%)
Coca Cola Hellenic Bottling Co. S.A.	171,804		3,665,616


	Number of Shares	Value (Note 1)

Hong Kong (3.4%)
Dairy Farm International Holdings Ltd.	828,900	$	5,755,794
Esprit Holdings Ltd.	1,591,214		8,581,125
Li & Fung Ltd.	2,386,000		10,680,990

			25,017,909

India (0.8%)
Infosys Technologies Ltd. (ADR)	94,550		5,664,491

Indonesia (1.2%)
PT Bank Rakyat Indonesia	8,823,000		8,911,588

Ireland (1.8%)
Accenture plc, Class A	346,220		13,381,403

Israel (2.1%)
NICE Systems Ltd. (ADR)*	156,140		3,980,008
Teva Pharmaceutical Industries Ltd. (ADR)	217,240		11,294,308

			15,274,316

Italy (1.3%)
Saipem S.p.A.	311,250		9,459,145

Japan (12.2%)
HOYA Corp.	293,600		6,234,278
INPEX Corp.	1,745		9,698,664
Keyence Corp.	15,600		3,588,603
Konica Minolta Holdings, Inc.	1,109,500		10,677,026
Lawson, Inc.	104,200		4,554,073
Nomura Holdings, Inc.	1,461,300		7,999,789
Santen Pharmaceutical Co., Ltd.	202,600		7,290,552
Shimano, Inc.	165,400		7,085,096
Shin-Etsu Chemical Co., Ltd.	272,200		12,663,368
Tokyo Electron Ltd.	88,300		4,768,517
Unicharm Corp.	75,900		8,547,372
Yahoo! Japan Corp.	15,576		6,190,452

			89,297,790

Mexico (0.5%)
Grupo Televisa S.A. (ADR)	220,310		3,835,597

Netherlands (2.2%)
Akzo Nobel N.V.	216,510		11,199,652
Heineken N.V.	124,400		5,273,237

			16,472,889

Peru (1.1%)
Credicorp Ltd.	89,420		8,127,384

Philippines (1.1%)
Philippine Long Distance Telephone Co.	152,020		7,797,405

Russia (1.3%)
Gazprom OAO (ADR)	528,510		9,940,449

South Africa (1.2%)
MTN Group Ltd.	654,540		8,580,690

See Notes to Financial Statements.

541

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EQ/INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

South Korea (2.2%)
Amorepacific Corp.	6,334	$	5,383,798
Samsung Electronics Co., Ltd.	16,707		10,490,121

			15,873,919

Spain (2.0%)
Inditex S.A.	133,340		7,562,421
Telefonica S.A.	372,510		6,878,956

			14,441,377

Switzerland (10.5%)
Cie Financiere Richemont S.A., Class A	174,322		6,064,765
Credit Suisse Group AG (Registered)	261,510		9,828,529
Julius Baer Group Ltd.	246,130		7,007,523
Nestle S.A. (Registered)	426,880		20,596,948
Roche Holding AG	101,470		13,934,227
Sonova Holding AG	99,342		12,182,304
Swatch Group AG	26,858		7,516,551

			77,130,847

Taiwan (3.9%)
Acer, Inc.	4,700,160		10,900,136
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)	1,797,038		17,539,091

			28,439,227

United Kingdom (14.8%)
Aberdeen Asset Management plc	2,739,320		5,243,653
BHP Billiton plc	702,630		18,181,849
Capita Group plc	282,718		3,101,861
Diageo plc	656,600		10,288,305
Hays plc	2,476,650		3,360,230
HSBC Holdings plc	1,305,409		11,909,285
ICAP plc	855,650		5,128,948
Intertek Group plc	432,160		9,242,828
Michael Page International plc	1,230,740		6,793,400
Reckitt Benckiser Group plc	244,170		11,294,474
SSL International plc	349,870		4,186,985
Standard Chartered plc	470,771		11,428,398
Tesco plc	1,525,820		8,591,092

			108,751,308


	Number of Shares		Value (Note 1)

United States (1.4%)
Synthes, Inc.		91,130	$	10,478,861

Total Common Stocks (95.6%) (Cost $635,215,336)				702,547,066

	Number of Warrants		Value (Note 1)
WARRANT:
Luxembourg (2.5%)
Deutsche Bank AG/London, expiring 1/24/17§ (Cost $19,020,349)*		449,271		18,285,869

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Commercial Paper (1.8%)
Citigroup Funding, Inc. 0.02%, 7/1/10 (p)	$	12,789,000		12,788,995

Time Deposit (0.0%)
JPMorgan Chase Nassau 0.000%, 7/1/10		112,159		112,159

Total Short-Term Investments (1.8%) (Cost/Amortized Cost $12,901,159)				12,901,154

Total Investments (99.9%) (Cost/Amortized Cost $667,136,844)				733,734,089
Other Assets Less Liabilities (0.1%)				763,020

Net Assets (100%)			$	734,497,109

*	Non-income producing.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2010, the market value of these securities amounted to $18,285,869 or 2.5% 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.

(p)

Yield to maturity.

Glossary:

ADR—American

Depositary Receipt

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	3,835,597	$	71,196,199	$	—	$	75,031,796
Consumer Staples		11,606,049		117,230,913		—		128,836,962
Energy		16,844,830		29,098,258		—		45,943,088
Financials		15,297,127		81,807,052		—		97,104,179
Health Care		13,960,608		90,337,677		—		104,298,285
Industrials		—		35,162,423		—		35,162,423
Information Technology		40,564,993		63,394,243		—		103,959,236
Materials		—		71,858,380		—		71,858,380
Telecommunication Services		—		36,478,937		—		36,478,937
Utilities		—		3,873,780		—		3,873,780
Short-Term Investments		—		12,901,154		—		12,901,154
Warrants
Financials		—		18,285,869		—		18,285,869

Total Assets	$	102,109,204	$	631,624,885	$	—	$	733,734,089

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	102,109,204	$	631,624,885	$	—	$	733,734,089

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	—


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	—

See Notes to Financial Statements.

543

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EQ/INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts		—		—		100,431		—		100,431
Credit contracts		—		—		—		—		—
Equity contracts		—		—		—		—		—
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	—	$	100,431	$	—	$	100,431

Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives Not Accounted for as Hedging Instruments^

Options

Futures

Forward
Currency
Contracts

Swaps

Total

Interest rate contracts

—

Foreign exchange contracts

—

Credit contracts

—

Equity contracts

—

Commodity contracts

—

Other contracts

—

Total

—

This Portfolio held forward foreign currency contracts with an average settlement value of approximately $3,107,000 during the six months ended June 30, 2010.

^ This Portfolio held forward foreign currency contracts to gain a economic hedge against changes in the values of securities held in the Portfolio, that does not qualify for hedge accounting under ASC 815 and also to gain or reduce exposure to the financial markets.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	271,193,210
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	210,876,421

As of June 30, 2010, 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	$	75,626,963
Aggregate gross unrealized depreciation		(31,650,042	)

Net unrealized appreciation	$	43,976,921

Federal income tax cost of investments	$	689,757,168

The Portfolio has a net capital loss carryforward of $60,527,546 of which $26,353 expires in the year 2010, $33,548,990 expires in the year 2016, and $26,952,203 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $667,136,844)	$	733,734,089
Foreign cash (Cost $112,338)		112,338
Dividends, interest and other receivables		2,090,129
Receivable for securities sold		111,897
Receivable from Separate Accounts for Trust shares sold		94,940
Other assets		7,558

Total assets		736,150,951

LIABILITIES
Overdraft payable		111,897
Payable to Separate Accounts for Trust shares redeemed		550,292
Investment management fees payable		521,318
Payable for securities purchased		201,324
Distribution fees payable - Class IB		78,114
Administrative fees payable		65,147
Trustees’ fees payable		676
Accrued expenses		125,074

Total liabilities		1,653,842

NET ASSETS	$	734,497,109

Net assets were comprised of:
Paid in capital	$	723,807,743
Accumulated undistributed net investment income (loss)		7,146,225
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(63,061,586	)
Unrealized appreciation (depreciation) on investments and foreign currency translations		66,604,727

Net assets	$	734,497,109

Class IA
Net asset value, offering and redemption price per share, $361,347,736 / 69,832,996 shares outstanding (unlimited amount authorized: $0.01 par value)	$	5.17

Class IB
Net asset value, offering and redemption price per share, $373,149,373 / 72,078,707 shares outstanding (unlimited amount authorized: $0.01 par value)	$	5.18

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $1,313,851 foreign withholding tax)	$	11,154,549
Interest		28

Total income		11,154,577

EXPENSES
Investment management fees		3,207,380
Distribution fees - Class IB		489,708
Administrative fees		401,529
Custodian fees		68,928
Printing and mailing expenses		44,120
Professional fees		17,295
Trustees’ fees		8,893
Miscellaneous		15,958

Total expenses		4,253,811

NET INVESTMENT INCOME (LOSS)		6,900,766

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		20,387,923
Foreign currency transactions		(29,775	)

Net realized gain (loss)		20,358,148

Change in unrealized appreciation (depreciation) on:
Securities		(100,055,513	)
Foreign currency translations		(31,840	)

Net change in unrealized appreciation (depreciation)		(100,087,353	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(79,729,205	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(72,828,439	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	6,900,766		$	8,441,176
Net realized gain (loss) on investments and foreign currency transactions		20,358,148			(30,789,147	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(100,087,353	)		259,943,462

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(72,828,439	)		237,595,491

DIVIDENDS:
Dividends from net investment income
Class IA		—			(4,545,622	)
Class IB		—			(3,749,962	)

TOTAL DIVIDENDS		—			(8,295,584	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [6,848,585 and 62,600,811 shares, respectively]		36,293,651			226,638,972
Capital shares issued in reinvestment of dividends [0 and 818,635 shares, respectively]		—			4,545,622
Capital shares repurchased [(2,547,358) and (3,182,124) shares, respectively]		(13,825,019	)		(15,562,167	)

Total Class IA transactions		22,468,632			215,622,427

Class IB
Capital shares sold [13,229,152 and 24,916,094 shares, respectively]		74,211,259			119,049,022
Capital shares issued in reinvestment of dividends [0 and 674,350 shares, respectively]		—			3,749,962
Capital shares repurchased [(9,234,230) and (15,390,436) shares, respectively]		(50,373,865	)		(71,722,582	)

Total Class IB transactions		23,837,394			51,076,402

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		46,306,026			266,698,829

TOTAL INCREASE (DECREASE) IN NET ASSETS		(26,522,413	)		495,998,736
NET ASSETS:
Beginning of period		761,019,522			265,020,786

End of period (a)	$	734,497,109		$	761,019,522

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	7,146,225		$	245,459

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


Class IA	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009			September 26, 2008* to December 31, 2008
Net asset value, beginning of period	$	5.69		$	4.19		$	5.43

Income (loss) from investment operations:
Net investment income (loss)		0.05	(e)		0.09	(e)		—	#(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.57	)		1.48			(1.18	)

Total from investment operations		(0.52	)		1.57			(1.18	)

Less distributions:
Dividends from net investment income		—			(0.07	)		(0.06	)

Net asset value, end of period	$	5.17		$	5.69		$	4.19

Total return (b)		(9.14	)%		37.52	%		(21.75	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	361,348		$	372,913		$	22,175
Ratio of expenses to average net assets (a)		1.00	%		1.07	%		1.12	%(c)
Ratio of net investment income to average net assets (a)		1.93	%		1.74	%		0.02	%
Portfolio turnover rate		29	%		57	%		71	%


Class IB	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	5.70		$	4.20		$	7.24		$	6.50		$	5.21		$	4.68

Income (loss) from investment operations:
Net investment income (loss)		0.05	(e)		0.06	(e)		0.06	(e)		0.04	(e)		0.06	(e)		0.04	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.57	)		1.50			(2.93	)		1.00			1.28			0.56

Total from investment operations		(0.52	)		1.56			(2.87	)		1.04			1.34			0.60

Less distributions:
Dividends from net investment income		—			(0.06	)		(0.06	)		(0.04	)		(0.05	)		(0.07	)
Distributions from net realized gains		—			—			(0.11	)		(0.26	)		—			—

Total dividends and distributions		—			(0.06	)		(0.17	)		(0.30	)		(0.05	)		(0.07	)

Net asset value, end of period	$	5.18		$	5.70		$	4.20		$	7.24		$	6.50		$	5.21

Total return (b)		(9.12	)%		37.08	%		(40.19	)%		16.14	%		25.65	%		12.98	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	373,149		$	388,106		$	242,846		$	361,284		$	164,899		$	73,080
Ratio of expenses to average net assets:
After fees paid indirectly (a)		1.25	%		1.32	%(c)		1.37	%		1.37	%		1.42	%		1.14	%
Before fees paid indirectly (a)		1.25	%		1.32	%(c)		1.37	%		1.37	%		1.42	%		1.31	%
Ratio of net investment income to average net assets:
After fees paid indirectly (a)		1.73	%		1.33	%		1.05	%		0.61	%		1.01	%		0.79	%
Before fees paid indirectly (a)		1.73	%		1.33	%		1.05	%		0.61	%		1.01	%		0.62	%
Portfolio turnover rate		29	%		57	%		71	%		57	%		79	%		131	%

See Notes to Financial Statements.

547

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FINANCIAL HIGHLIGHTS (Continued)

*	Commencement of Operations.

#	Per share 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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

548

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Financials	27.9	%
Health Care	14.3
Energy	11.9
Consumer Discretionary	10.4
Industrials	8.4
Information Technology	8.3
Consumer Staples	7.9
Utilities	4.2
Telecommunication Services	3.3
Materials	3.1
Cash and Other	0.3

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$921.70	$3.53
Hypothetical (5% average return before expenses)	1,000.00	1,021.12	3.71
Class IB
Actual	1,000.00	920.70	4.71
Hypothetical (5% average return before expenses)	1,000.00	1,019.89	4.96
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.74% and 0.99% respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (10.4%)
*Auto Components (1.1%)*
Johnson Controls, Inc.	135,140	$	3,631,212

*Hotels, Restaurants & Leisure (0.9%)*
Carnival Corp.	43,500		1,315,440
International Game Technology	53,290		836,653
Royal Caribbean Cruises Ltd.*	35,485		807,993

			2,960,086

*Household Durables (0.4%)*
Lennar Corp., Class A	78,780		1,095,830
Toll Brothers, Inc.*	17,600		287,936

			1,383,766

*Media (6.4%)*
DIRECTV, Class A*	43,500		1,475,520
Gannett Co., Inc.	143,100		1,926,126
Time Warner Cable, Inc.	84,207		4,385,501
Time Warner, Inc.	200,275		5,789,950
Walt Disney Co.	262,710		8,275,365

			21,852,462

*Multiline Retail (0.4%)*
Kohl’s Corp.*	27,800		1,320,500

*Specialty Retail (0.7%)*
Staples, Inc.	130,100		2,478,405

*Textiles, Apparel & Luxury Goods (0.5%)*
Coach, Inc.	50,100		1,831,155

Total Consumer Discretionary			35,457,586

Consumer Staples (7.9%)
*Beverages (0.7%)*
Coca-Cola Co.	51,750		2,593,710

*Food & Staples Retailing (2.4%)*
CVS Caremark Corp.	237,431		6,961,477
Kroger Co.	56,586		1,114,178

			8,075,655

*Food Products (0.8%)*
General Mills, Inc.	41,770		1,483,670
J.M. Smucker Co.	22,900		1,379,038

			2,862,708

*Household Products (3.5%)*
Procter & Gamble Co.	198,160		11,885,637

*Tobacco (0.5%)*
Philip Morris International, Inc.	38,700		1,774,008

Total Consumer Staples			27,191,718

Energy (11.9%)
*Energy Equipment & Services (1.2%)*
Cameron International Corp.*	20,700		673,164
Halliburton Co.	96,079		2,358,739
Noble Corp.*	36,600		1,131,306

			4,163,209

*Oil, Gas & Consumable Fuels (10.7%)*
Anadarko Petroleum Corp.	31,665		1,142,790


	Number of Shares	Value (Note 1)

Apache Corp.	47,755	$	4,020,494
Chevron Corp.	119,900		8,136,414
ConocoPhillips	132,100		6,484,789
Devon Energy Corp.	43,600		2,656,112
EOG Resources, Inc.	21,100		2,075,607
Occidental Petroleum Corp.	88,235		6,807,330
Peabody Energy Corp.	33,800		1,322,594
Williams Cos., Inc.	216,705		3,961,367

			36,607,497

Total Energy			40,770,706

Financials (27.9%)
*Capital Markets (4.9%)*
Goldman Sachs Group, Inc.	62,175		8,161,712
Morgan Stanley	231,370		5,370,098
State Street Corp.	93,770		3,171,301

			16,703,111

*Commercial Banks (7.7%)*
BB&T Corp.	162,409		4,272,981
Fifth Third Bancorp	132,600		1,629,654
North American Financial Holdings, Inc., Class A *†§(b)	110,140		2,147,730
U.S. Bancorp	123,290		2,755,531
Wells Fargo & Co.	558,735		14,303,616
Zions Bancorp.	51,400		1,108,698

			26,218,210

*Consumer Finance (1.1%)*
Capital One Financial Corp.	96,430		3,886,129

*Diversified Financial Services (6.2%)*
Bank of America Corp.	1,100,432		15,813,208
Citigroup, Inc.*	1,429,726		5,375,770

			21,188,978

*Insurance (6.7%)*
ACE Ltd.	82,060		4,224,449
Aflac, Inc.	76,303		3,255,849
Berkshire Hathaway, Inc., Class B*	45,800		3,649,802
MetLife, Inc.	147,600		5,573,376
Prudential Financial, Inc.	79,238		4,251,911
RenaissanceReinsurance Holdings Ltd.	36,915		2,077,207

			23,032,594

*Real Estate Investment Trusts (REITs) (0.9%)*
Camden Property Trust (REIT)	7,700		314,545
Lexington Realty Trust (REIT)	209,200		1,257,292
Mack-Cali Realty Corp. (REIT)	13,500		401,355
ProLogis (REIT)	118,600		1,201,418

			3,174,610

*Thrifts & Mortgage Finance (0.4%)*
New York Community Bancorp, Inc.	94,300		1,439,961

Total Financials			95,643,593

See Notes to Financial Statements.

550

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EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Health Care (14.3%)
*Biotechnology (1.8%)*
Biogen Idec, Inc.*	67,500	$	3,202,875
Celgene Corp.*	54,560		2,772,739

			5,975,614

*Health Care Equipment & Supplies (0.6%)*
Covidien plc	54,260		2,180,167

*Health Care Providers & Services (2.8%)*
Aetna, Inc.	71,780		1,893,556
McKesson Corp.	14,880		999,341
UnitedHealth Group, Inc.	136,700		3,882,280
WellPoint, Inc.*	60,355		2,953,170

			9,728,347

*Life Sciences Tools & Services (0.4%)*
Thermo Fisher Scientific, Inc.*	26,800		1,314,540

*Pharmaceuticals (8.7%)*
Abbott Laboratories, Inc.	127,175		5,949,246
Johnson & Johnson	41,700		2,462,802
Merck & Co., Inc.	402,880		14,088,714
Pfizer, Inc.	514,395		7,335,273

			29,836,035

Total Health Care			49,034,703

Industrials (8.4%)
*Aerospace & Defense (1.5%)*
Honeywell International, Inc.	44,875		1,751,471
United Technologies Corp.	48,657		3,158,326

			4,909,797

*Industrial Conglomerates (1.4%)*
General Electric Co.	129,380		1,865,660
Tyco International Ltd.	85,910		3,026,609

			4,892,269

*Machinery (3.2%)*
Deere & Co.	57,200		3,184,896
Eaton Corp.	28,840		1,887,290
Joy Global, Inc.	26,470		1,325,882
Navistar International Corp.*	46,800		2,302,560
Parker Hannifin Corp.	39,720		2,202,871

			10,903,499

*Road & Rail (2.1%)*
Norfolk Southern Corp.	86,995		4,615,085
Union Pacific Corp.	37,880		2,633,039

			7,248,124

*Trading Companies & Distributors (0.2%)*
GATX Corp.	24,500		653,660

Total Industrials			28,607,349

Information Technology (8.3%)
*Communications Equipment (1.0%)*
Cisco Systems, Inc.*	158,785		3,383,708

*Computers & Peripherals (1.5%)*
Hewlett-Packard Co.	114,680		4,963,351


	Number of Shares	Value (Note 1)

*Electronic Equipment, Instruments & Components (0.8%)*
Corning, Inc.	167,471	$	2,704,657

*IT Services (0.6%)*
International Business Machines Corp.	17,000		2,099,160

*Semiconductors & Semiconductor Equipment (1.4%)*
Broadcom Corp., Class A	20,800		685,776
Intersil Corp., Class A	142,000		1,719,620
Marvell Technology Group Ltd.*	110,200		1,736,752
Novellus Systems, Inc.*	30,300		768,408

			4,910,556

*Software (3.0%)*
Microsoft Corp.	372,335		8,567,428
Symantec Corp.*	124,600		1,729,448

			10,296,876

Total Information Technology			28,358,308

Materials (3.1%)
*Chemicals (2.0%)*
Dow Chemical Co.	90,150		2,138,358
E.I. du Pont de Nemours & Co.	140,000		4,842,600

			6,980,958

*Metals & Mining (1.1%)*
Freeport-McMoRan Copper & Gold, Inc.	63,024		3,726,609

Total Materials			10,707,567

Telecommunication Services (3.3%)
*Diversified Telecommunication Services (2.4%)*
AT&T, Inc.	91,700		2,218,223
Verizon Communications, Inc.	209,750		5,877,195

			8,095,418

*Wireless Telecommunication Services (0.9%)*
Sprint Nextel Corp.*	733,000		3,107,920

Total Telecommunication Services			11,203,338

Utilities (4.2%)
*Electric Utilities (2.8%)*
Edison International	88,395		2,803,890
NextEra Energy, Inc.	75,000		3,657,000
NV Energy, Inc.	246,715		2,913,704

			9,374,594

*Multi-Utilities (0.7%)*
SCANA Corp.	67,900		2,428,104

*Water Utilities (0.7%)*
American Water Works Co., Inc.	117,100		2,412,260

Total Utilities			14,214,958

Total Common Stocks (99.7%) (Cost $338,955,009)			341,189,826

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Government Securities (0.2%)
Federal Home Loan Bank 0.00%, 7/1/10 (o)(p) (Amortized Cost $719,000)	$	719,000	$	719,000

Total Investments (99.9%) (Cost $339,674,009)				341,908,826
Other Assets Less Liabilities (0.1%)				330,453

Net Assets (100%)			$	342,239,279

*	Non-income producing.

†	Securities (totaling $2,147,730 or 0.6% of net assets) at fair value by management.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2010, the market value of these securities amounted to $2,147,730 or 0.6% 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.

(o)

Discount Note Security. Effective rate calculated as of June 30, 2010.

(p)

Yield to maturity.

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted prices in active markets for identical securities		Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	35,457,586	$	—	$	—	$	35,457,586
Consumer Staples		27,191,718		—		—		27,191,718
Energy		40,770,706		—		—		40,770,706
Financials		93,495,863		—		2,147,730		95,643,593
Health Care		49,034,703		—		—		49,034,703
Industrials		28,607,349		—		—		28,607,349
Information Technology		28,358,308		—		—		28,358,308
Materials		10,707,567		—		—		10,707,567
Telecommunication Services		11,203,338		—		—		11,203,338
Utilities		14,214,958		—		—		14,214,958
Short-Term Investments		—		719,000		—		719,000

Total Assets	$	339,042,096	$	719,000	$	2,147,730	$	341,908,826

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	339,042,096	$	719,000	$	2,147,730	$	341,908,826

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments in Securities-Financials
Balance as of 12/31/09	$	1,826,000
Total gains or losses (realized/unrealized) included in earnings		(55,070	)
Purchases, sales, issuances, and settlements (net)		376,800
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of 6/30/10	$	2,147,730
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	(55,070	)

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	165,801,037
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	158,002,096

As of June 30, 2010, 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	$	12,305,219
Aggregate gross unrealized depreciation		(21,121,879	)

Net unrealized depreciation	$	(8,816,660)

Federal income tax cost of investments	$	350,725,486

For the six months ended June 30, 2010, the Portfolio incurred approximately $11,232 as brokerage commissions with Keefe, Bruyette & Woods, Inc., and $903 with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $179,333,433 of which $80,429,321 expires in the year 2016, and $98,904,112 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $339,674,009)	$	341,908,826
Cash		244
Receivable for securities sold		830,351
Dividends, interest and other receivables		432,863
Receivable from Separate Accounts for Trust shares sold		66,868
Other assets		4,935

Total assets		343,244,087

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		603,937
Investment management fees payable		179,361
Distribution fees payable - Class IB		72,805
Administrative fees payable		33,017
Trustees’ fees payable		1,253
Accrued expenses		114,435

Total liabilities		1,004,808

NET ASSETS	$	342,239,279

Net assets were comprised of:
Paid in capital	$	515,921,747
Accumulated undistributed net investment income (loss)		2,904,802
Accumulated undistributed net realized gain (loss) on investments		(178,822,087	)
Unrealized appreciation (depreciation) on investments		2,234,817

Net assets	$	342,239,279

Class IA
Net asset value, offering and redemption price per share, $21,480,059 / 2,645,547 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.12

Class IB
Net asset value, offering and redemption price per share, $320,759,220 / 39,444,742 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.13

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends	$	4,633,604
Interest		1,268

Total income		4,634,872

EXPENSES
Investment management fees		1,125,195
Distribution fees - Class IB		440,661
Administrative fees		207,039
Printing and mailing expenses		22,079
Professional fees		11,875
Custodian fees		10,909
Trustees’ fees		4,415
Miscellaneous		3,171

Total expenses		1,825,344

NET INVESTMENT INCOME (LOSS)		2,809,528

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities		11,750,891
Net change in unrealized appreciation (depreciation) on securities		(44,461,799	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(32,710,908	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(29,901,380	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	2,809,528		$	4,794,129
Net realized gain (loss) on investments		11,750,891			(71,622,296	)
Net change in unrealized appreciation (depreciation) on investments		(44,461,799	)		155,911,512

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(29,901,380	)		89,083,345

DIVIDENDS:
Dividends from net investment income
Class IA		—			(326,794	)
Class IB		—			(4,353,884	)

TOTAL DIVIDENDS		—			(4,680,678	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [375,870 and 490,960 shares, respectively]		3,421,831			3,682,683
Capital shares issued in reinvestment of dividends [0 and 37,696 shares, respectively]		—			326,794
Capital shares repurchased [(187,594) and (311,560) shares, respectively]		(1,653,783	)		(2,303,850	)

Total Class IA transactions		1,768,048			1,705,627

Class IB
Capital shares sold [3,615,538 and 5,110,777 shares, respectively]		32,775,799			39,750,186
Capital shares issued in reinvestment of dividends [0 and 500,755 shares, respectively]		—			4,353,884
Capital shares repurchased [(3,576,071) and (7,902,950) shares, respectively]		(32,004,435	)		(58,086,541	)

Total Class IB transactions		771,364			(13,982,471	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		2,539,412			(12,276,844	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(27,361,968	)		72,125,823
NET ASSETS:
Beginning of period		369,601,247			297,475,424

End of period (a)	$	342,239,279		$	369,601,247

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	2,904,802		$	95,274

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	8.81		$	6.75		$	11.63		$	14.16		$	12.59		$	12.30

Income (loss) from investment operations:
Net investment income (loss)		0.08	(e)		0.13	(e)		0.20	(e)		0.23	(e)		0.24	(e)		0.20	(e)
Net realized and unrealized gain (loss) on investments		(0.77	)		2.06			(4.78	)		(0.39	)		2.36			0.32

Total from investment operations		(0.69	)		2.19			(4.58	)		(0.16	)		2.60			0.52

Less distributions:
Dividends from net investment income		—			(0.13	)		(0.20	)		(0.24	)		(0.25	)		(0.23	)
Distributions from net realized gains		—			—			(0.10	)		(2.13	)		(0.78	)		—

Total dividends and distributions		—			(0.13	)		(0.30	)		(2.37	)		(1.03	)		(0.23	)

Net asset value, end of period	$	8.12		$	8.81		$	6.75		$	11.63		$	14.16		$	12.59

Total return (b)		(7.83	)%		32.53	%		(39.56	)%(aa)		(0.93	)%		20.65	%		4.21	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	21,480		$	21,638		$	15,128		$	1,890		$	1,791		$	399
Ratio of expenses to average net assets:
After waivers (a)		0.74	%		0.75	%		0.71	%		0.70	%		0.70	%		0.67	%
After waivers and fees paid indirectly (a)		0.74	%		0.75	%		0.71	%		0.70	%		0.70	%		0.67	%
Before waivers and fees paid indirectly (a)		0.74	%		0.76	%		0.76	%		0.74	%		0.73	%		0.67	%
Ratio of net investment income to average net assets:
After waivers (a)		1.76	%		1.73	%		2.31	%		1.62	%		1.75	%		1.58	%
After waivers and fees paid indirectly (a)		1.76	%		1.73	%		2.31	%		1.62	%		1.75	%		1.58	%
Before waivers and fees paid indirectly (a)		1.76	%		1.72	%		2.26	%		1.58	%		1.72	%		1.58	%
Portfolio turnover rate		43	%		83	%		100	%		79	%		78	%		67	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	8.83		$	6.77		$	11.66		$	14.19		$	12.61		$	12.32

Income (loss) from investment operations:
Net investment income (loss)		0.07	(e)		0.11	(e)		0.17	(e)		0.20	(e)		0.21	(e)		0.16	(e)
Net realized and unrealized gain (loss) on investments		(0.77	)		2.06			(4.78	)		(0.39	)		2.37			0.33

Total from investment operations		(0.70	)		2.17			(4.61	)		(0.19	)		2.58			0.49

Less distributions:
Dividends from net investment income		—			(0.11	)		(0.18	)		(0.21	)		(0.22	)		(0.20	)
Distributions from net realized gains		—			—			(0.10	)		(2.13	)		(0.78	)		—

Total dividends and distributions		—			(0.11	)		(0.28	)		(2.34	)		(1.00	)		(0.20	)

Net asset value, end of period	$	8.13		$	8.83		$	6.77		$	11.66		$	14.19		$	12.61

Total return (b)		(7.93	)%		32.10	%		(39.70	)%(bb)		(1.18	)%		20.40	%		3.94	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	320,759		$	347,963		$	282,348		$	559,519		$	645,905		$	602,237
Ratio of expenses to average net assets:
After waivers (a)		0.99	%		1.00	%		0.96	%		0.95	%		0.95	%		0.92	%
After waivers and fees paid indirectly (a)		0.99	%		1.00	%		0.96	%		0.95	%		0.95	%		0.92	%
Before waivers and fees paid indirectly (a)		0.99	%		1.01	%		1.01	%		0.99	%		0.98	%(c)		0.92	%
Ratio of net investment income to average net assets:
After waivers (a)		1.48	%		1.53	%		1.84	%		1.37	%		1.53	%		1.33	%
After waivers and fees paid indirectly (a)		1.48	%		1.53	%		1.84	%		1.37	%		1.53	%		1.33	%
Before waivers and fees paid indirectly (a)		1.48	%		1.52	%		1.78	%		1.33	%		1.51	%		1.33	%
Portfolio turnover rate		43	%		83	%		100	%		79	%		78	%		67	%

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

(aa)

Includes a gain incurred resulting from a litigation payment. Without this gain, the total return would have been (39.65)%.

(bb)

Includes a gain incurred resulting from a litigation payment. Without this gain, the total return would have been (39.78)%.

See Notes to Financial Statements.

557

EQ/LARGE CAP CORE PLUS PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Information Technology	12.2	%
Financials	11.4
Health Care	10.1
Exchange Traded Funds	9.6
Energy	8.4
Consumer Staples	8.2
Consumer Discretionary	7.3
Industrials	6.7
Materials	2.8
Telecommunication Services	2.2
Utilities	1.5
Cash and Other	19.6

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$933.10	$3.45
Hypothetical (5% average return before expenses)	1,000.00	1,021.22	3.61
Class IB
Actual	1,000.00	931.70	4.65
Hypothetical (5% average return before expenses)	1,000.00	1,019.98	4.86
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.72% and 0.97%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (7.3%)
*Auto Components (0.9%)*
Goodyear Tire & Rubber Co.*	5,059	$	50,286
Johnson Controls, Inc.	188,727		5,071,095

			5,121,381

*Automobiles (0.2%)*
Ford Motor Co.*	79,661		802,983
Harley-Davidson, Inc.	5,241		116,507

			919,490

*Distributors (0.0%)*
Genuine Parts Co.	4,014		158,352

*Diversified Consumer Services (0.1%)*
Apollo Group, Inc., Class A*	3,153		133,908
DeVry, Inc.	1,324		69,496
H&R Block, Inc.	7,436		116,671

			320,075

*Hotels, Restaurants & Leisure (0.7%)*
Carnival Corp.	10,082		304,880
Darden Restaurants, Inc.	3,068		119,192
International Game Technology	6,623		103,981
Marriott International, Inc., Class A	5,915		177,095
McDonald’s Corp.	25,273		1,664,733
Starbucks Corp.	17,395		422,699
Starwood Hotels & Resorts Worldwide, Inc.	4,429		183,493
Wyndham Worldwide Corp.	4,544		91,516
Wynn Resorts Ltd.	1,548		118,066
Yum! Brands, Inc.	10,956		427,722

			3,613,377

*Household Durables (0.2%)*
D.R. Horton, Inc.	5,980		58,783
Fortune Brands, Inc.	3,807		149,158
Harman International Industries, Inc.*	1,808		54,041
Leggett & Platt, Inc.	3,933		78,896
Lennar Corp., Class A	3,457		48,087
Newell Rubbermaid, Inc.	5,985		87,621
Pulte Group, Inc.*	8,100		67,068
Stanley Black & Decker, Inc.	3,693		186,570
Whirlpool Corp.	1,741		152,895

			883,119

*Internet & Catalog Retail (0.2%)*
Amazon.com, Inc.*	8,040		878,450
Expedia, Inc.	4,655		87,421
priceline.com, Inc.*	1,086		191,723

			1,157,594

*Leisure Equipment & Products (0.1%)*
Eastman Kodak Co.*	5,068		21,995
Hasbro, Inc.	2,827		116,190
Mattel, Inc.	8,476		179,352

			317,537

*Media (2.4%)*
CBS Corp., Class B	15,426		199,458


	Number of Shares	Value (Note 1)

Comcast Corp., Class A	66,678	$	1,158,197
DIRECTV, Class A*	21,390		725,549
Discovery Communications, Inc., Class A*	6,900		246,399
Gannett Co., Inc.	6,051		81,446
Interpublic Group of Cos., Inc.*	12,436		88,669
McGraw-Hill Cos., Inc.	7,291		205,169
Meredith Corp.	1,108		34,492
New York Times Co., Class A*	3,022		26,140
News Corp., Class A	53,644		641,582
Omnicom Group, Inc.	7,028		241,060
Scripps Networks Interactive, Inc., Class A	2,352		94,880
Time Warner Cable, Inc.	8,477		441,482
Time Warner, Inc.	26,705		772,042
Viacom, Inc., Class B	218,375		6,850,424
Walt Disney Co.	45,925		1,446,637
Washington Post Co., Class B	143		58,699

			13,312,325

*Multiline Retail (0.3%)*
Big Lots, Inc.*	1,777		57,024
Family Dollar Stores, Inc.	3,051		114,992
J.C. Penney Co., Inc.	5,223		112,190
Kohl’s Corp.*	7,138		339,055
Macy’s, Inc.	9,603		171,894
Nordstrom, Inc.	3,724		119,875
Sears Holdings Corp.*	1,244		80,425
Target Corp.	17,334		852,313

			1,847,768

*Specialty Retail (2.0%)*
Abercrombie & Fitch Co., Class A	1,837		56,378
AutoNation, Inc.*	2,498		48,711
AutoZone, Inc.*	689		133,129
Bed Bath & Beyond, Inc.*	6,163		228,524
Best Buy Co., Inc.	7,871		266,512
CarMax, Inc.*	5,248		104,435
GameStop Corp., Class A*	3,257		61,199
Gap, Inc.	10,566		205,614
Home Depot, Inc.	39,550		1,110,168
Limited Brands, Inc.	5,960		131,537
Lowe’s Cos., Inc.	372,393		7,604,265
Office Depot, Inc.*	7,871		31,799
O’Reilly Automotive, Inc.*	3,172		150,860
RadioShack Corp.	2,519		49,146
Ross Stores, Inc.	2,700		143,883
Staples, Inc.	16,719		318,497
Tiffany & Co.	3,187		120,819
TJX Cos., Inc.	9,624		403,727
Urban Outfitters, Inc.*	3,300		113,487

			11,282,690

*Textiles, Apparel & Luxury Goods (0.2%)*
Coach, Inc.	7,278		266,011
NIKE, Inc., Class B	9,240		624,162
Polo Ralph Lauren Corp.	1,484		108,273
VF Corp.	2,191		155,955

			1,154,401

Total Consumer Discretionary			40,088,109

See Notes to Financial Statements.

559

EQ ADVISORS TRUST

EQ/LARGE CAP CORE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Consumer Staples (8.2%)
*Beverages (4.6%)*
Brown-Forman Corp., Class B	2,558	$	146,394
Coca-Cola Co.	186,507		9,347,731
Coca-Cola Enterprises, Inc.	7,819		202,199
Constellation Brands, Inc., Class A*	5,163		80,646
Dr. Pepper Snapple Group, Inc.	5,783		216,226
Molson Coors Brewing Co., Class B	54,955		2,327,894
PepsiCo, Inc.	214,770		13,090,232

			25,411,322

*Food & Staples Retailing (1.0%)*
Costco Wholesale Corp.	10,294		564,420
CVS Caremark Corp.	32,031		939,149
Kroger Co.	14,754		290,506
Safeway, Inc.	8,680		170,649
SUPERVALU, Inc.	4,449		48,227
Sysco Corp.	13,825		394,980
Walgreen Co.	23,029		614,874
Wal-Mart Stores, Inc.	48,895		2,350,383
Whole Foods Market, Inc.*	4,202		151,356

			5,524,544

*Food Products (0.8%)*
Archer-Daniels-Midland Co.	15,058		388,798
Campbell Soup Co.	4,405		157,831
ConAgra Foods, Inc.	10,276		239,636
Dean Foods Co.*	4,774		48,074
General Mills, Inc.	15,461		549,175
H.J. Heinz Co.	7,329		316,759
Hershey Co.	3,904		187,119
Hormel Foods Corp.	1,631		66,023
J.M. Smucker Co.	2,972		178,974
Kellogg Co.	5,938		298,681
Kraft Foods, Inc., Class A	40,819		1,142,932
McCormick & Co., Inc. (Non-Voting)	3,392		128,760
Mead Johnson Nutrition Co.	4,814		241,278
Sara Lee Corp.	15,594		219,875
Tyson Foods, Inc., Class A	7,573		124,122

			4,288,037

*Household Products (1.1%)*
Clorox Co.	3,151		195,866
Colgate-Palmolive Co.	11,469		903,299
Kimberly-Clark Corp.	9,583		581,017
Procter & Gamble Co.	67,783		4,065,624

			5,745,806

*Personal Products (0.1%)*
Avon Products, Inc.	9,710		257,315
Estee Lauder Cos., Inc., Class A	2,898		161,506

			418,821

*Tobacco (0.6%)*
Altria Group, Inc.	48,846		978,874
Lorillard, Inc.	3,494		251,498
Philip Morris International, Inc.	43,587		1,998,028
Reynolds American, Inc.	3,979		207,386

			3,435,786

Total Consumer Staples			44,824,316


	Number of Shares	Value (Note 1)

Energy (8.4%)
*Energy Equipment & Services (0.7%)*
Baker Hughes, Inc.	10,071	$	418,652
Cameron International Corp.*	6,048		196,681
Diamond Offshore Drilling, Inc.	1,622		100,872
FMC Technologies, Inc.*	3,038		159,981
Halliburton Co.	21,640		531,262
Helmerich & Payne, Inc.	2,437		88,999
Nabors Industries Ltd.*	6,307		111,129
National Oilwell Varco, Inc.	9,837		325,310
Rowan Cos., Inc.*	2,344		51,427
Schlumberger Ltd.	28,075		1,553,671
Smith International, Inc.	5,988		225,448

			3,763,432

*Oil, Gas & Consumable Fuels (7.7%)*
Anadarko Petroleum Corp.	11,779		425,104
Apache Corp.	8,018		675,035
Cabot Oil & Gas Corp.	2,677		83,844
Chesapeake Energy Corp.	14,965		313,517
Chevron Corp.	47,184		3,201,906
ConocoPhillips	218,386		10,720,569
Consol Energy, Inc.	5,253		177,341
Denbury Resources, Inc.*	9,804		143,531
Devon Energy Corp.	10,477		638,259
El Paso Corp.	17,248		191,625
EOG Resources, Inc.	5,910		581,367
Exxon Mobil Corp.	120,498		6,876,814
Hess Corp.	6,813		342,966
Marathon Oil Corp.	259,550		8,069,409
Massey Energy Co.	2,206		60,334
Murphy Oil Corp.	4,507		223,322
Noble Energy, Inc.	4,075		245,845
Occidental Petroleum Corp.	96,021		7,408,020
Peabody Energy Corp.	6,163		241,158
Pioneer Natural Resources Co.	2,805		166,757
Range Resources Corp.	3,731		149,800
Southwestern Energy Co.*	7,951		307,227
Spectra Energy Corp.	15,252		306,108
Sunoco, Inc.	2,813		97,808
Tesoro Corp.	2,711		31,637
Valero Energy Corp.	12,893		231,816
Williams Cos., Inc.	14,290		261,221

			42,172,340

Total Energy			45,935,772

Financials (11.4%)
*Capital Markets (1.0%)*
Ameriprise Financial, Inc.	6,188		223,572
Bank of New York Mellon Corp.	28,359		700,184
Charles Schwab Corp.	22,388		317,462
ETRADE Financial Corp.	4,040		47,753
Federated Investors, Inc., Class B	2,020		41,834
Franklin Resources, Inc.	3,600		310,284
Goldman Sachs Group, Inc.	12,116		1,590,467
Invesco Ltd.	10,543		177,439
Janus Capital Group, Inc.	4,964		44,080
Legg Mason, Inc.	4,042		113,297
Morgan Stanley	32,515		754,673
Northern Trust Corp.	5,918		276,371
State Street Corp.	11,664		394,477

See Notes to Financial Statements.

560

EQ ADVISORS TRUST

EQ/LARGE CAP CORE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

T. Rowe Price Group, Inc.	6,255	$	277,659

			5,269,552

*Commercial Banks (3.9%)*
BB&T Corp.	110,218		2,899,836
Comerica, Inc.	4,095		150,819
Fifth Third Bancorp	19,254		236,632
First Horizon National Corp.*	6,040		69,157
Huntington Bancshares, Inc./Ohio	15,765		87,338
KeyCorp	19,756		151,924
M&T Bank Corp.	2,053		174,402
Marshall & Ilsley Corp.	13,301		95,501
PNC Financial Services Group, Inc.	12,306		695,289
Regions Financial Corp.	27,401		180,298
SunTrust Banks, Inc.	12,048		280,718
U.S. Bancorp	295,822		6,611,622
Wells Fargo & Co.	388,483		9,945,165
Zions Bancorp	3,506		75,624

			21,654,325

*Consumer Finance (0.3%)*
American Express Co.	28,116		1,116,205
Capital One Financial Corp.	10,569		425,931
Discover Financial Services	13,342		186,521
SLM Corp.*	12,078		125,491

			1,854,148

*Diversified Financial Services (2.6%)*
Bank of America Corp.	235,828		3,388,848
Citigroup, Inc.*	530,517		1,994,744
CME Group, Inc.	1,539		433,306
IntercontinentalExchange, Inc.*	1,792		202,550
JPMorgan Chase & Co.	206,481		7,559,269
Leucadia National Corp.*	4,836		94,350
Moody’s Corp.	4,247		84,600
NASDAQ OMX Group, Inc.*	3,874		68,880
NYSE Euronext	5,841		161,387

			13,987,934

*Insurance (3.1%)*
Aflac, Inc.	109,017		4,651,755
Allstate Corp.	12,585		361,567
American International Group, Inc.*	3,166		109,037
Aon Corp.	108,550		4,029,376
Assurant, Inc.	2,632		91,331
Berkshire Hathaway, Inc., Class B*	38,887		3,098,905
Chubb Corp.	7,487		374,425
Cincinnati Financial Corp.	3,836		99,237
Genworth Financial, Inc., Class A*	11,977		156,539
Hartford Financial Services Group, Inc.	10,208		225,903
Lincoln National Corp.	7,395		179,625
Loews Corp.	8,274		275,607
Marsh & McLennan Cos., Inc.	12,955		292,135
MetLife, Inc.	19,215		725,558
Principal Financial Group, Inc.	7,728		181,144
Progressive Corp.	15,780		295,402
Prudential Financial, Inc.	11,057		593,319


	Number of Shares	Value (Note 1)

Torchmark Corp.	2,165	$	107,189
Travelers Cos., Inc.	11,777		580,017
Unum Group	8,246		178,938
XL Capital Ltd., Class A	8,054		128,945

			16,735,954

*Real Estate Investment Trusts (REITs) (0.5%)*
Apartment Investment & Management Co. (REIT), Class A	2,337		45,268
AvalonBay Communities, Inc. (REIT)	1,908		178,150
Boston Properties, Inc. (REIT)	3,272		233,424
Equity Residential (REIT)	6,550		272,742
HCP, Inc. (REIT)	6,761		218,042
Health Care REIT, Inc. (REIT)	3,156		132,931
Host Hotels & Resorts, Inc. (REIT)	15,957		215,100
Kimco Realty Corp. (REIT)	10,152		136,443
Plum Creek Timber Co., Inc. (REIT)	3,776		130,385
ProLogis (REIT)	11,735		118,876
Public Storage (REIT)	3,198		281,136
Simon Property Group, Inc. (REIT)	6,822		550,877
Ventas, Inc. (REIT)	3,652		171,461
Vornado Realty Trust (REIT)	3,707		270,426

			2,955,261

*Real Estate Management & Development (0.0%)*
CB Richard Ellis Group, Inc., Class A*	6,787		92,371

*Thrifts & Mortgage Finance (0.0%)*
Hudson City Bancorp, Inc.	10,897		133,379
People’s United Financial, Inc.	8,569		115,682

			249,061

Total Financials			62,798,606

Health Care (10.1%)
*Biotechnology (0.6%)*
Amgen, Inc.*	22,547		1,185,972
Biogen Idec, Inc.*	6,164		292,482
Celgene Corp.*	10,803		549,009
Cephalon, Inc.*	1,739		98,688
Genzyme Corp.*	6,462		328,076
Gilead Sciences, Inc.*	20,990		719,537

			3,173,764

*Health Care Equipment & Supplies (1.4%)*
Baxter International, Inc.	13,897		564,774
Becton, Dickinson and Co.	5,408		365,689
Boston Scientific Corp.*	36,731		213,040
C.R. Bard, Inc.	2,220		172,117
CareFusion Corp.*	4,438		100,742
Covidien plc	87,295		3,507,513
DENTSPLY International, Inc.	3,799		113,628
Hospira, Inc.*	4,017		230,777
Intuitive Surgical, Inc.*	894		282,164
Medtronic, Inc.	25,922		940,191
St. Jude Medical, Inc.*	7,512		271,108
Stryker Corp.	6,824		341,609

See Notes to Financial Statements.

561

EQ ADVISORS TRUST

EQ/LARGE CAP CORE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Varian Medical Systems, Inc.*	3,074	$	160,709
Zimmer Holdings, Inc.*	4,778		258,251

			7,522,312

*Health Care Providers & Services (0.8%)*
Aetna, Inc.	10,192		268,865
AmerisourceBergen Corp.	6,572		208,661
Cardinal Health, Inc.	8,774		294,894
CIGNA Corp.	6,425		199,560
Coventry Health Care, Inc.*	3,821		67,555
DaVita, Inc.*	2,593		161,907
Express Scripts, Inc.*	12,706		597,436
Humana, Inc.*	3,850		175,829
Laboratory Corp. of America Holdings*	2,335		175,942
McKesson Corp.	6,355		426,802
Medco Health Solutions, Inc.*	10,762		592,771
Patterson Cos., Inc.	2,560		73,037
Quest Diagnostics, Inc.	3,497		174,046
Tenet Healthcare Corp.*	11,628		50,466
UnitedHealth Group, Inc.	26,754		759,814
WellPoint, Inc.*	10,242		501,141

			4,728,726

*Health Care Technology (0.0%)*
Cerner Corp.*	1,700		129,013

*Life Sciences Tools & Services (0.2%)*
Life Technologies Corp.*	4,278		202,135
Millipore Corp.*	1,368		145,897
PerkinElmer, Inc.	2,395		49,505
Thermo Fisher Scientific, Inc.*	9,579		469,850
Waters Corp.*	2,350		152,045

			1,019,432

*Pharmaceuticals (7.1%)*
Abbott Laboratories, Inc.	36,528		1,708,780
Allergan, Inc.	7,414		431,939
Bristol-Myers Squibb Co.	40,318		1,005,531
Eli Lilly and Co.	23,766		796,161
Forest Laboratories, Inc.*	7,074		194,040
Johnson & Johnson	64,886		3,832,167
King Pharmaceuticals, Inc.*	5,074		38,512
Merck & Co., Inc.	343,772		12,021,707
Mylan, Inc.*	6,800		115,872
Pfizer, Inc.	700,018		9,982,257
Sanofi-Aventis S.A. (ADR)	289,900		8,714,394
Watson Pharmaceuticals, Inc.*	2,730		110,756

			38,952,116

Total Health Care			55,525,363

Industrials (6.7%)
*Aerospace & Defense (2.1%)*
Boeing Co.	17,744		1,113,436
General Dynamics Corp.	9,079		531,666
Goodrich Corp.	2,812		186,295
Honeywell International, Inc.	155,756		6,079,157
ITT Corp.	4,530		203,488
L-3 Communications Holdings, Inc.	2,724		192,968
Lockheed Martin Corp.	7,216		537,592
Northrop Grumman Corp.	7,089		385,925


	Number of Shares	Value (Note 1)

Precision Castparts Corp.	3,347	$	344,473
Raytheon Co.	8,872		429,316
Rockwell Collins, Inc.	3,705		196,847
United Technologies Corp.	22,000		1,428,020

			11,629,183

*Air Freight & Logistics (0.4%)*
C.H. Robinson Worldwide, Inc.	3,865		215,126
Expeditors International of Washington, Inc.	5,247		181,074
FedEx Corp.	7,326		513,626
United Parcel Service, Inc., Class B	23,381		1,330,145

			2,239,971

*Airlines (0.0%)*
Southwest Airlines Co.	16,672		185,226

*Building Products (0.0%)*
Masco Corp.	7,867		84,649

*Commercial Services & Supplies (0.2%)*
Avery Dennison Corp.	2,855		91,731
Cintas Corp.	3,520		84,374
Iron Mountain, Inc.	4,672		104,933
Pitney Bowes, Inc.	5,357		117,640
R.R. Donnelley & Sons Co.	5,256		86,041
Republic Services, Inc.	7,572		225,116
Stericycle, Inc.*	1,992		130,635
Waste Management, Inc.	11,369		355,736

			1,196,206

*Construction & Engineering (0.1%)*
Fluor Corp.	4,036		171,530
Jacobs Engineering Group, Inc.*	3,074		112,017
Quanta Services, Inc.*	5,299		109,424

			392,971

*Electrical Equipment (0.2%)*
Emerson Electric Co.	17,787		777,114
Rockwell Automation, Inc.	3,540		173,778
Roper Industries, Inc.	2,400		134,304

			1,085,196

*Industrial Conglomerates (1.3%)*
3M Co.	16,731		1,321,582
General Electric Co.	251,334		3,624,236
Textron, Inc.	111,474		1,891,714

			6,837,532

*Machinery (1.9%)*
Caterpillar, Inc.	78,020		4,686,661
Cummins, Inc.	49,516		3,224,977
Danaher Corp.	12,236		454,200
Deere & Co.	9,928		552,791
Dover Corp.	4,629		193,446
Eaton Corp.	3,914		256,132
Flowserve Corp.	1,419		120,331
Illinois Tool Works, Inc.	9,023		372,469
PACCAR, Inc.	8,795		350,657
Pall Corp.	3,012		103,523
Parker Hannifin Corp.	3,773		209,251
Snap-On, Inc.	1,615		66,070

			10,590,508

See Notes to Financial Statements.

562

EQ ADVISORS TRUST

EQ/LARGE CAP CORE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Professional Services (0.1%)*
Dun & Bradstreet Corp.	1,300	$	87,256
Equifax, Inc.	3,311		92,907
Robert Half International, Inc.	3,846		90,573

			270,736

*Road & Rail (0.3%)*
CSX Corp.	9,075		450,392
Norfolk Southern Corp.	8,748		464,081
Ryder System, Inc.	1,081		43,489
Union Pacific Corp.	11,845		823,346

			1,781,308

*Trading Companies & Distributors (0.1%)*
Fastenal Co.	3,243		162,766
W.W. Grainger, Inc.	1,368		136,048

			298,814

Total Industrials			36,592,300

Information Technology (12.2%)
*Communications Equipment (3.0%)*
Cisco Systems, Inc.*	432,022		9,206,389
Harris Corp.	3,293		137,153
JDS Uniphase Corp.*	4,607		45,333
Juniper Networks, Inc.*	12,712		290,088
Motorola, Inc.*	55,538		362,108
QUALCOMM, Inc.	194,809		6,397,527
Tellabs, Inc.	8,043		51,395

			16,489,993

*Computers & Peripherals (2.7%)*
Apple, Inc.*	21,395		5,381,485
Dell, Inc.*	39,869		480,820
EMC Corp.*	48,147		881,090
Hewlett-Packard Co.	164,569		7,122,546
Lexmark International, Inc., Class A*	1,663		54,929
NetApp, Inc.*	7,862		293,331
QLogic Corp.*	2,188		36,365
SanDisk Corp.*	5,231		220,068
Teradata Corp.*	4,163		126,888
Western Digital Corp.*	5,210		157,134

			14,754,656

*Electronic Equipment, Instruments & Components (0.2%)*
Agilent Technologies, Inc.*	8,461		240,546
Amphenol Corp., Class A	4,245		166,744
Corning, Inc.	37,093		599,052
FLIR Systems, Inc.*	3,902		113,509
Jabil Circuit, Inc.	4,032		53,625
Molex, Inc.	3,608		65,810

			1,239,286

*Internet Software & Services (0.7%)*
Akamai Technologies, Inc.*	3,828		155,302
eBay, Inc.*	26,627		522,156
Google, Inc., Class A*	5,695		2,533,990
Monster Worldwide, Inc.*	2,539		29,579
VeriSign, Inc.*	4,671		124,015
Yahoo!, Inc.*	27,456		379,717

			3,744,759


	Number of Shares	Value (Note 1)

*IT Services (1.9%)*
Accenture plc, Class A	89,150	$	3,445,647
Automatic Data Processing, Inc.	11,764		473,619
Cognizant Technology Solutions Corp., Class A*	6,856		343,211
Computer Sciences Corp.	3,844		173,941
Fidelity National Information Services, Inc.	7,741		207,614
Fiserv, Inc.*	3,430		156,614
International Business Machines Corp.	30,182		3,726,873
Mastercard, Inc., Class A	2,235		445,949
Paychex, Inc.	7,942		206,254
SAIC, Inc.*	6,600		110,484
Total System Services, Inc.	5,213		70,897
Visa, Inc., Class A	10,600		749,950
Western Union Co.	16,432		245,001

			10,356,054

*Office Electronics (0.1%)*
Xerox Corp.	31,866		256,203

*Semiconductors & Semiconductor Equipment* (*2.1%)*
Advanced Micro Devices, Inc.*	14,289		104,595
Altera Corp.	6,916		171,586
Analog Devices, Inc.	7,381		205,635
Applied Materials, Inc.	32,469		390,277
Broadcom Corp., Class A	10,048		331,283
First Solar, Inc.*	1,100		125,213
Intel Corp.	130,875		2,545,519
KLA-Tencor Corp.	3,712		103,491
Linear Technology Corp.	5,201		144,640
LSI Corp.*	16,859		77,551
MEMC Electronic Materials, Inc.*	6,015		59,428
Microchip Technology, Inc.	4,168		115,620
Micron Technology, Inc.*	20,880		177,271
National Semiconductor Corp.	4,887		65,779
Novellus Systems, Inc.*	2,172		55,082
NVIDIA Corp.*	12,557		128,207
Teradyne, Inc.*	3,450		33,638
Texas Instruments, Inc.	283,005		6,588,356
Xilinx, Inc.	6,412		161,967

			11,585,138

*Software* (*1.5%)*
Adobe Systems, Inc.*	12,250		323,767
Autodesk, Inc.*	5,058		123,213
BMC Software, Inc.*	4,003		138,624
CA, Inc.	9,192		169,133
Citrix Systems, Inc.*	4,258		179,815
Compuware Corp.*	6,483		51,734
Electronic Arts, Inc.*	8,129		117,058
Intuit, Inc.*	7,393		257,055
McAfee, Inc.*	3,350		102,912
Microsoft Corp.	179,792		4,137,014
Novell, Inc.*	9,685		55,011
Oracle Corp.	92,359		1,982,024
Red Hat, Inc.*	4,796		138,796
Salesforce.com, Inc.*	2,719		233,345
Symantec Corp.*	18,339		254,545

			8,264,046

Total Information Technology			66,690,135

See Notes to Financial Statements.

563

EQ ADVISORS TRUST

EQ/LARGE CAP CORE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Materials (2.8%)
*Chemicals* (*0.7%)*
Air Products & Chemicals, Inc.	4,998	$	323,920
Airgas, Inc.	2,099		130,558
CF Industries Holdings, Inc.	1,544		97,967
Dow Chemical Co.	27,308		647,746
E.I. du Pont de Nemours & Co.	21,166		732,132
Eastman Chemical Co.	1,668		89,004
Ecolab, Inc.	5,300		238,023
FMC Corp.	1,684		96,712
International Flavors & Fragrances, Inc.	1,872		79,410
Monsanto Co.	12,690		586,532
PPG Industries, Inc.	3,829		231,310
Praxair, Inc.	7,134		542,113
Sherwin-Williams Co.	2,108		145,853
Sigma-Aldrich Corp.	2,857		142,364

			4,083,644

*Construction Materials* (*0.0%)*
Vulcan Materials Co.	2,953		129,430

*Containers & Packaging* (*0.1%)*
Ball Corp.	2,173		114,800
Bemis Co., Inc.	2,567		69,309
Owens-Illinois, Inc.*	4,196		110,984
Pactiv Corp.*	2,864		79,762
Sealed Air Corp.	4,251		83,830

			458,685

*Metals & Mining (1.9%)*
AK Steel Holding Corp.	2,129		25,378
Alcoa, Inc.	23,378		235,183
Allegheny Technologies, Inc.	2,470		109,149
Cliffs Natural Resources, Inc.	3,200		150,912
Freeport-McMoRan Copper & Gold, Inc.	11,270		666,395
Newmont Mining Corp.	138,024		8,521,602
Nucor Corp.	7,162		274,161
Titanium Metals Corp.*	2,489		43,781
United States Steel Corp.	3,218		124,054

			10,150,615

*Paper & Forest Products* (*0.1%)*
International Paper Co.	9,942		224,988
MeadWestvaco Corp.	4,407		97,835
Weyerhaeuser Co.	5,160		181,632

			504,455

Total Materials			15,326,829

Telecommunication Services (2.2%)
*Diversified Telecommunication Services* (*1.1%)*
AT&T, Inc.	138,714		3,355,492
CenturyLink, Inc.	7,370		245,495
Frontier Communications Corp.	7,031		49,990
Qwest Communications International, Inc.	36,739		192,880
Verizon Communications, Inc.	66,656		1,867,701
Windstream Corp.	11,881		125,463

			5,837,021


	Number of Shares	Value (Note 1)

*Wireless Telecommunication Services (1.1%)*
American Tower Corp., Class A*	9,410	$	418,745
MetroPCS Communications, Inc.*	7,211		59,058
Sprint Nextel Corp.*	69,892		296,342
Vodafone Group plc (ADR)	267,368		5,526,497

			6,300,642

Total Telecommunication Services			12,137,663

Utilities (1.5%)
*Electric Utilities* (*0.8%)*
Allegheny Energy, Inc.	3,991		82,534
American Electric Power Co., Inc.	11,157		360,371
Duke Energy Corp.	30,650		490,400
Edison International	8,003		253,855
Entergy Corp.	4,456		319,139
Exelon Corp.	15,499		588,497
FirstEnergy Corp.	7,175		252,775
NextEra Energy, Inc.	9,652		470,631
Northeast Utilities	4,142		105,538
Pepco Holdings, Inc.	5,030		78,870
Pinnacle West Capital Corp.	2,422		88,064
PPL Corp.	11,026		275,099
Progress Energy, Inc.	6,607		259,127
Southern Co.	19,229		639,941

			4,264,841

*Gas Utilities* (*0.1%)*
EQT Corp.	3,630		131,188
Nicor, Inc.	1,066		43,173
ONEOK, Inc.	2,700		116,775
Questar Corp.	4,001		182,006

			473,142

*Independent Power Producers & Energy Traders* (*0.1%)*
AES Corp.*	16,421		151,730
Constellation Energy Group, Inc.	4,688		151,188
NRG Energy, Inc.*	6,200		131,502

			434,420

*Multi-Utilities* (*0.5%)*
Ameren Corp.	5,608		133,302
CenterPoint Energy, Inc.	10,183		134,008
CMS Energy Corp.	5,254		76,971
Consolidated Edison, Inc.	6,873		296,226
Dominion Resources, Inc.	13,801		534,651
DTE Energy Co.	3,839		175,097
Integrys Energy Group, Inc.	1,813		79,301
NiSource, Inc.	6,334		91,843
PG&E Corp.	8,629		354,652
Public Service Enterprise Group, Inc.	11,908		373,078
SCANA Corp.	2,669		95,443
Sempra Energy	6,027		282,003
TECO Energy, Inc.	5,035		75,877
Wisconsin Energy Corp.	2,751		139,586
Xcel Energy, Inc.	11,306		233,017

			3,075,055

Total Utilities			8,247,458

Total Common Stocks (70.8%) (Cost $342,204,725)			388,166,551

See Notes to Financial Statements.

564

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

INVESTMENT COMPANIES:
*Exchange Traded Funds (ETFs)(9.6%)*
iShares Morningstar Large Core Index Fund	46,447	$	2,757,558
iShares Morningstar Large Growth Index Fund	73,798		3,838,234
iShares Morningstar Large Value Index Fund	91,463		4,497,236
iShares NYSE 100 Index Fund	5,536		276,413
iShares Russell 1000 Growth Index Fund	45,797		2,099,335
iShares Russell 1000 Index Fund	81,502		4,657,024
iShares Russell 1000 Value Index Fund	149,525		8,105,750
iShares S&P 100 Index Fund	94,215		4,415,857
iShares S&P 500 Growth Index Fund	42,448		2,247,197
iShares S&P 500 Index Fund	140,455		14,531,474
iShares S&P 500 Value Index Fund	104,846		5,206,652

Total Investment Companies (9.6%) (Cost $46,824,346)			52,632,730


	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENTS:
Short-Term Investment (16.8%)
BlackRock Liquidity Funds TempFund
0.16%‡	$	92,476,009	$	92,476,009

Time Deposit (0.9%)
JPMorgan Chase Nassau 0.000%, 7/1/10		4,809,122		4,809,122

Total Short-Term Investments (17.7%) (Amortized Cost $97,285,131)				97,285,131

Total Investments (98.1%) (Cost/Amortized Cost $486,314,202)				538,084,412
Other Assets Less Liabilities (1.9%)				10,540,762

Net Assets (100%)			$	548,625,174

*	Non-income producing.

‡	Affiliated company as defined under the Investment Company Act of 1940.

Glossary:

ADR — American

Depositary Receipt

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	—	$	125,552,745	$	33,076,736	$	92,476,009	$	17,292	$	—

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index	2,002	September-10	$	108,460,267	$	102,762,660	$	(5,697,607	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	40,088,109		$	–	$	–	$	40,088,109
Consumer Staples		44,824,316			–		–		44,824,316
Energy		45,935,772			–		–		45,935,772
Financials		62,798,606			–		–		62,798,606
Health Care		55,525,363			–		–		55,525,363
Industrials		36,592,300			–		–		36,592,300
Information Technology		66,690,135			–		–		66,690,135
Materials		15,326,829			–		–		15,326,829
Telecommunication Services		12,137,663			–		–		12,137,663
Utilities		8,247,458			–		–		8,247,458
Investment Companies
Exchange Traded Funds (ETFs)		52,632,730			–		–		52,632,730
Short-Term Investments		–			97,285,131		–		97,285,131

Total Assets	$	440,799,281		$	97,285,131	$	–	$	538,084,412


Liabilities:
Futures	$	(5,697,607	)	$	–	$	–	$	(5,697,607	)

Total Liabilities	$	(5,697,607	)	$	–	$	–	$	(5,697,607	)

Total	$	435,101,674		$	97,285,131	$	–	$	532,386,805

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	—


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(5,697,607	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(5,697,607	)

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(7,698,934	)		—		—		(7,698,934	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(7,698,934	)	$	—	$	—	$	(7,698,934	)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(5,885,294	)		—		—		(5,885,294	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(5,885,294	)	$	—	$	—	$	(5,885,294	)

The Portfolio held futures contracts with an average notional balance of approximately $30,670,000 during the six months ended June 30, 2010.

^ This Portfolio held futures contracts to gain or reduce exposure to the financial markets.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	69,939,887
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	191,264,412

As of June 30, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	57,525,902
Aggregate gross unrealized depreciation		(12,075,261	)

Net unrealized appreciation	$	45,450,641

Federal income tax cost of investments	$	492,633,771

For the six months ended June 30, 2010, the Portfolio incurred approximately $896 as brokerage commissions with Keefe, Bruyette & Woods, Inc., and $2,827 with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $23,562,332 of which $11,388,996 expires in the year 2016, and $12,173,336 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $92,476,009)	$	92,476,009
Unaffiliated Issuers (Cost $393,838,193)		445,608,403
Cash		131
Cash held as collateral at broker		10,881,000
Dividends, interest and other receivables		862,669
Receivable for securities sold		428,816
Receivable from Separate Accounts for Trust shares sold		115,757
Receivable from investment sub-advisor		7,500
Other assets		1,234

Total assets		550,381,519

LIABILITIES
Variation margin payable on futures contracts		870,387
Payable to Separate Accounts for Trust shares redeemed		298,572
Investment management fees payable		239,541
Administrative fees payable		82,791
Distribution fees payable - Class IB		35,174
Payable for securities purchased		10,795
Trustees’ fees payable		931
Accrued expenses		218,154

Total liabilities		1,756,345

NET ASSETS	$	548,625,174

Net assets were comprised of:
Paid in capital	$	476,484,627
Accumulated undistributed net investment income (loss)		4,128,798
Accumulated undistributed net realized gains (losses) on investments and futures		21,930,435
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		46,081,314

Net assets	$	548,625,174

Class IA
Net asset value, offering and redemption price per share, $386,606,944 / 60,192,714 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.42

Class IB
Net asset value, offering and redemption price per share, $162,018,230 / 25,259,901 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.41

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $24,117 foreign withholding tax) ($17,292 of dividend income received from affiliates)	$	5,838,036
Interest		29

Total income		5,838,065

EXPENSES
Investment management fees		1,516,986
Administrative fees		524,522
Distribution fees - Class IB		227,120
Custodian fees		62,562
Printing and mailing expenses		35,752
Professional fees		16,882
Trustees’ fees		7,183
Miscellaneous		20,219

Gross expenses		2,411,226
Less: Reimbursement from sub-advisor		(7,500	)
Fees paid indirectly		(9,063	)

Net expenses		2,394,663

NET INVESTMENT INCOME (LOSS)		3,443,402

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		59,698,958
Futures		(7,698,934	)

Net realized gain (loss)		52,000,024

Change in unrealized appreciation (depreciation) on:
Securities		(89,312,743	)
Foreign currency translations		(9,193	)
Futures		(5,885,294	)

Net change in unrealized appreciation (depreciation)		(95,207,230	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(43,207,206	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(39,763,804	)

See Notes to Financial Statements.

568

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	3,443,402		$	25,105,520
Net realized gain (loss) on investments and futures		52,000,024			271,207,263
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(95,207,230	)		312,214,641

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(39,763,804	)		608,527,424

DIVIDENDS:
Dividends from net investment income
Class IA		—			(17,343,692	)
Class IB		—			(7,073,064	)

TOTAL DIVIDENDS		—			(24,416,756	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [1,083,657 and 162,500,048 shares, respectively]		7,586,634			813,116,090
Capital shares issued in reinvestment of dividends [0 and 2,560,586 shares, respectively]		—			17,343,692
Capital shares repurchased [(2,359,037) and (307,558,173) shares, respectively]		(16,393,566	)		(2,113,898,287	)

Total Class IA transactions		(8,806,932	)		(1,283,438,505	)

Class IB
Capital shares sold [1,410,401 and 4,242,923 shares, respectively]		10,085,704			24,382,205
Capital shares issued in reinvestment of dividends [0 and 1,043,287 shares, respectively]		—			7,073,064
Capital shares repurchased [(2,754,495) and (5,607,992) shares, respectively]		(19,205,937	)		(33,095,112	)

Total Class IB transactions		(9,120,233	)		(1,639,843	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(17,927,165	)		(1,285,078,348	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(57,690,969	)		(700,967,680	)
NET ASSETS:
Beginning of period		606,316,143			1,307,283,823

End of period (a)	$	548,625,174		$	606,316,143

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	4,128,798		$	685,396

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	6.88		$	5.66		$	9.08		$	11.30		$	10.09		$	9.46

Income (loss) from investment operations:
Net investment income (loss)		0.04	(e)		0.09	(e)		0.14	(e)		0.16			0.11	(e)		0.07	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.50	)		1.42			(3.52	)		0.28			1.22			0.64

Total from investment operations		(0.46	)		1.51			(3.38	)		0.44			1.33			0.71

Less distributions:
Dividends from net investment income		—			(0.29	)		(0.04	)		(0.18	)		(0.12	)		(0.08	)
Distributions from net realized gains		—			—			—			(2.48	)		—			—

Total dividends and distributions		—			(0.29	)		(0.04	)		(2.66	)		(0.12	)		(0.08	)

Net asset value, end of period	$	6.42		$	6.88		$	5.66		$	9.08		$	11.30		$	10.09

Total return (b)		(6.69	)%		26.84	%		(37.20	)%		4.17	%		13.22	%		7.46	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	386,607		$	423,167		$	1,154,780		$	297		$	201		$	191
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.72	%		0.70	%		0.73	%		0.70	%		0.70	%		0.70	%
After waivers, reimbursements and fees paid indirectly (a)		0.72	%		0.68	%		0.65	%		0.56	%		0.69	%		0.69	%
Before waivers, reimbursements and fees paid indirectly (a)		0.72	%		0.70	%		0.77	%		0.75	%		0.73	%		0.70	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.21	%		1.60	%		2.42	%		1.31	%		1.05	%		0.73	%
After waivers, reimbursements and fees paid indirectly (a)		1.21	%		1.62	%		2.50	%		1.45	%		1.06	%		0.74	%
Before waivers, reimbursements and fees paid indirectly (a)		1.21	%		1.60	%		2.38	%		1.26	%		1.02	%		0.73	%
Portfolio turnover rate		13	%		36	%		39	%		109	%		33	%		47	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	6.88		$	5.66		$	9.09		$	11.31		$	10.10		$	9.47

Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)		0.09	(e)		0.11	(e)		0.15			0.09	(e)		0.05	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.50	)		1.41			(3.51	)		0.26			1.22			0.63

Total from investment operations		(0.47	)		1.50			(3.40	)		0.41			1.31			0.68

Less distributions:
Dividends from net investment income		—			(0.28	)		(0.03	)		(0.15	)		(0.10	)		(0.05	)
Distributions from net realized gains		—			—			—			(2.48	)		—			—

Total dividends and distributions		—			(0.28	)		(0.03	)		(2.63	)		(0.10	)		(0.05	)

Net asset value, end of period	$	6.41		$	6.88		$	5.66		$	9.09		$	11.31		$	10.10

Total return (b)		(6.83	)%		26.50	%		(37.42	)%		3.90	%		12.92	%		7.18	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	162,018		$	183,149		$	152,504		$	284,177		$	329,937		$	338,735
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.97	%		0.95	%(c)		0.98	%(c)		0.95	%		0.95	%		0.95	%
After waivers, reimbursements and fees paid indirectly (a)		0.97	%		0.93	%(c)		0.90	%(c)		0.81	%(c)		0.94	%		0.94	%
Before waivers, reimbursements and fees paid indirectly (a)		0.97	%		0.95	%(c)		1.02	%(c)		1.00	%		0.98	%(c)		0.95	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.96	%		1.40	%		1.46	%		1.01	%		0.83	%		0.48	%
After waivers, reimbursements and fees paid indirectly (a)		0.96	%		1.43	%		1.49	%		1.17	%		0.84	%		0.49	%
Before waivers, reimbursements and fees paid indirectly (a)		0.96	%		1.40	%		1.35	%		0.97	%		0.80	%		0.48	%
Portfolio turnover rate		13	%		36	%		39	%		109	%		33	%		47	%

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

571

EQ/LARGE CAP GROWTH INDEX PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Information Technology	31.4	%
Consumer Discretionary	14.0
Industrials	12.8
Health Care	10.8
Energy	10.0
Consumer Staples	10.0
Materials	4.6
Financials	4.6
Telecommunication Services	0.8
Utilities	0.2
Cash and Other	0.8

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$922.40	$2.34
Hypothetical (5% average return before expenses)	1,000.00	1,022.36	2.46
Class IB
Actual	1,000.00	920.80	3.52
Hypothetical (5% average return before expenses)	1,000.00	1,021.12	3.71
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.49% and 0.74%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

572

EQ ADVISORS TRUST

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (14.0%)
*Auto Components (0.6%)*
Autoliv, Inc.*	5,600	$	267,960
BorgWarner, Inc.*	20,954		782,422
Federal-Mogul Corp.*	790		10,286
Gentex Corp.	26,886		483,410
Goodyear Tire & Rubber Co.*	46,908		466,266
Johnson Controls, Inc.	122,520		3,292,112
Lear Corp.*	2,700		178,740
TRW Automotive Holdings Corp.*	10,212		281,545

			5,762,741

*Automobiles (0.7%)*
Ford Motor Co.*	644,100		6,492,528
Harley-Davidson, Inc.	45,400		1,009,242
Thor Industries, Inc.	6,386		151,667

			7,653,437

*Distributors (0.1%)*
LKQ Corp.*	27,527		530,720

*Diversified Consumer Services (0.4%)*
Apollo Group, Inc., Class A*	24,987		1,061,198
Career Education Corp.*	12,545		288,786
DeVry, Inc.	12,312		646,257
Education Management Corp.*	4,600		70,150
H&R Block, Inc.	26,240		411,706
Hillenbrand, Inc.	11,967		255,974
ITT Educational Services, Inc.*	6,704		556,566
Strayer Education, Inc.	2,712		563,798
Weight Watchers International, Inc.	6,424		165,032

			4,019,467

*Hotels, Restaurants & Leisure (3.1%)*
Bally Technologies, Inc.*	10,700		346,573
Brinker International, Inc.	17,206		248,799
Burger King Holdings, Inc.	17,638		297,024
Carnival Corp.	31,531		953,498
Chipotle Mexican Grill, Inc.*	6,073		830,847
Choice Hotels International, Inc.	323		9,758
Darden Restaurants, Inc.	27,103		1,052,952
International Game Technology	57,506		902,844
International Speedway Corp., Class A	2,000		51,520
Las Vegas Sands Corp.*	61,088		1,352,488
Marriott International, Inc., Class A	52,444		1,570,173
McDonald’s Corp.	207,848		13,690,948
MGM MIRAGE*	8,436		81,323
Panera Bread Co., Class A*	5,958		448,578
Royal Caribbean Cruises Ltd.*	9,878		224,922
Starbucks Corp.	143,868		3,495,992
Starwood Hotels & Resorts Worldwide, Inc.	36,640		1,517,995
Wendy’s/Arby’s Group, Inc., Class A	24,358		97,432
WMS Industries, Inc.*	11,185		439,011
Wynn Resorts Ltd.	14,600		1,113,542


	Number of Shares	Value (Note 1)

Yum! Brands, Inc.	90,264	$	3,523,907

			32,250,126

*Household Durables (0.3%)*
Fortune Brands, Inc.	3,600		141,048
Garmin Ltd.	1,268		37,000
Harman International Industries, Inc.*	6,397		191,207
Leggett & Platt, Inc.	16,850		338,011
Mohawk Industries, Inc.*	1,300		59,488
NVR, Inc.*	1,208		791,276
Tempur-Pedic International, Inc.*	14,000		430,500
Tupperware Brands Corp.	12,200		486,170
Whirlpool Corp.	6,200		544,484

			3,019,184

*Internet & Catalog Retail (1.0%)*
Amazon.com, Inc.*	67,636		7,389,910
Expedia, Inc.	16,259		305,344
Netflix, Inc.*	7,694		835,953
priceline.com, Inc.*	9,169		1,618,695

			10,149,902

*Leisure Equipment & Products (0.2%)*
Hasbro, Inc.	25,149		1,033,624
Mattel, Inc.	40,795		863,222

			1,896,846

*Media (1.7%)*
CBS Corp., Class B	15,600		201,708
DIRECTV, Class A*	171,348		5,812,124
Discovery Communications, Inc., Class A*	40,100		1,431,971
DreamWorks Animation SKG, Inc., Class A*	14,300		408,265
Interactive Data Corp.	6,653		222,077
Interpublic Group of Cos., Inc.*	94,500		673,785
John Wiley & Sons, Inc., Class A	7,986		308,819
Lamar Advertising Co., Class A*	2,300		56,396
Madison Square Garden, Inc., Class A*	3,700		72,779
McGraw-Hill Cos., Inc.	42,782		1,203,886
Meredith Corp.	2,900		90,277
Morningstar, Inc.*	4,235		180,072
News Corp., Class A	92,200		1,102,712
Omnicom Group, Inc.	47,734		1,637,276
Regal Entertainment Group, Class A	3,586		46,761
Scripps Networks Interactive, Inc., Class A	17,332		699,173
Sirius XM Radio, Inc.*	750,500		712,600
Thomson Reuters Corp.	23,400		838,422
Time Warner, Inc.	45,300		1,309,623
Viacom, Inc., Class B	23,100		724,647

			17,733,373

*Multiline Retail (1.3%)*
Big Lots, Inc.*	15,672		502,914
Dollar General Corp.*	13,500		371,925

See Notes to Financial Statements.

573

EQ ADVISORS TRUST

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Dollar Tree, Inc.*	24,617	$	1,024,785
Family Dollar Stores, Inc.	26,127		984,727
J.C. Penney Co., Inc.	14,800		317,904
Kohl’s Corp.*	43,834		2,082,115
Macy’s, Inc.	8,000		143,200
Nordstrom, Inc.	32,243		1,037,902
Target Corp.	142,296		6,996,694

			13,462,166

*Specialty Retail (3.7%)*
Aaron’s, Inc.	7,825		133,573
Abercrombie & Fitch Co., Class A	12,985		398,510
Advance Auto Parts, Inc.	16,992		852,659
Aeropostale, Inc.*	17,978		514,890
American Eagle Outfitters, Inc.	9,966		117,101
AutoNation, Inc.*	4,715		91,942
AutoZone, Inc.*	5,414		1,046,093
Bed Bath & Beyond, Inc.*	50,859		1,885,852
Best Buy Co., Inc.	66,558		2,253,654
CarMax, Inc.*	43,196		859,600
Chico’s FAS, Inc.	34,492		340,781
Dick’s Sporting Goods, Inc.*	17,237		429,029
Gap, Inc.	78,843		1,534,285
Guess?, Inc.	12,480		389,875
Home Depot, Inc.	327,077		9,181,051
J. Crew Group, Inc.*	10,600		390,186
Limited Brands, Inc.	51,588		1,138,547
Lowe’s Cos., Inc.	212,305		4,335,268
Office Depot, Inc.*	5,275		21,311
O’Reilly Automotive, Inc.*	26,711		1,270,375
PetSmart, Inc.	22,815		688,329
Ross Stores, Inc.	23,681		1,261,960
Staples, Inc.	140,926		2,684,640
Tiffany & Co.	24,436		926,369
TJX Cos., Inc.	78,823		3,306,625
Tractor Supply Co.	7,000		426,790
Urban Outfitters, Inc.*	23,514		808,646
Williams-Sonoma, Inc.	18,579		461,131

			37,749,072

*Textiles, Apparel & Luxury Goods (0.9%)*
Coach, Inc.	58,906		2,153,014
Fossil, Inc.*	10,200		353,940
Hanesbrands, Inc.*	18,467		444,316
NIKE, Inc., Class B	69,533		4,696,954
Phillips-Van Heusen Corp.	10,964		507,304
Polo Ralph Lauren Corp.	10,791		787,312

			8,942,840

Total Consumer Discretionary			143,169,874

Consumer Staples (10.0%)
*Beverages (2.8%)*
Brown-Forman Corp., Class B	15,391		880,827
Coca-Cola Co.	303,481		15,210,468
Coca-Cola Enterprises, Inc.	37,692		974,715
Dr. Pepper Snapple Group, Inc.	14,500		542,155
Hansen Natural Corp.*	10,843		424,070
PepsiCo, Inc.	179,116		10,917,120

			28,949,355


	Number of Shares	Value (Note 1)

*Food & Staples Retailing (2.6%)*
BJ’s Wholesale Club, Inc.*	856	$	31,681
Costco Wholesale Corp.	85,066		4,664,169
CVS Caremark Corp.	29,145		854,531
Kroger Co.	7,000		137,830
Sysco Corp.	114,236		3,263,722
Walgreen Co.	172,087		4,594,723
Wal-Mart Stores, Inc.	238,070		11,444,025
Whole Foods Market, Inc.*	26,985		972,000

			25,962,681

*Food Products (1.0%)*
Campbell Soup Co.	21,295		763,000
ConAgra Foods, Inc.	8,600		200,552
Flowers Foods, Inc.	5,445		133,021
General Mills, Inc.	76,240		2,708,045
Green Mountain Coffee Roasters, Inc.*	21,339		548,412
H.J. Heinz Co.	25,011		1,080,976
Hershey Co.	17,369		832,496
Kellogg Co.	44,528		2,239,758
McCormick & Co., Inc. (Non-Voting)	12,788		485,433
Mead Johnson Nutrition Co.	5,378		269,545
Sara Lee Corp.	90,982		1,282,846

			10,544,084

*Household Products (1.4%)*
Church & Dwight Co., Inc.	13,734		861,259
Clorox Co.	25,674		1,595,896
Colgate-Palmolive Co.	79,284		6,244,408
Kimberly-Clark Corp.	63,325		3,839,394
Procter & Gamble Co.	33,408		2,003,812

			14,544,769

*Personal Products (0.4%)*
Alberto-Culver Co.	3,692		100,016
Avon Products, Inc.	82,710		2,191,815
Estee Lauder Cos., Inc., Class A	21,337		1,189,111
Herbalife Ltd.	11,546		531,694

			4,012,636

*Tobacco (1.8%)*
Altria Group, Inc.	234,478		4,698,939
Philip Morris International, Inc.	301,202		13,807,100

			18,506,039

Total Consumer Staples			102,519,564

Energy (10.0%)
*Energy Equipment & Services (2.3%)*
Atwood Oceanics, Inc.*	2,117		54,026
Baker Hughes, Inc.	22,700		943,639
Cameron International Corp.*	26,933		875,861
Core Laboratories N.V.	4,300		634,723
Diamond Offshore Drilling, Inc.	4,285		266,484
Dresser-Rand Group, Inc.*	14,330		452,112
Exterran Holdings, Inc.*	1,207		31,153
FMC Technologies, Inc.*	23,516		1,238,353
Halliburton Co.	174,800		4,291,340
Nabors Industries Ltd.*	21,900		385,878
Oil States International, Inc.*	600		23,748

See Notes to Financial Statements.

574

EQ ADVISORS TRUST

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Pride International, Inc.*	13,380	$	298,909
Rowan Cos., Inc.*	2,777		60,927
Schlumberger Ltd.	230,427		12,751,830
Superior Energy Services, Inc.*	1,000		18,670
Weatherford International Ltd.*	57,600		756,864

			23,084,517

*Oil, Gas & Consumable Fuels (7.7%)*
Alpha Natural Resources, Inc.*	3,142		106,420
Arch Coal, Inc.	22,100		437,801
Atlas Energy, Inc.*	11,000		297,770
Chevron Corp.	20,600		1,397,916
Cimarex Energy Co.	16,200		1,159,596
Concho Resources, Inc.*	17,700		979,341
ConocoPhillips	110,100		5,404,809
Consol Energy, Inc.	19,991		674,896
Continental Resources, Inc.*	5,395		240,725
El Paso Corp.	24,957		277,272
EOG Resources, Inc.	48,900		4,810,293
EXCO Resources, Inc.	28,349		414,179
Exxon Mobil Corp.	904,286		51,607,602
Forest Oil Corp.*	13,903		380,386
Frontline Ltd.	8,200		234,028
Holly Corp.	5,836		155,121
Marathon Oil Corp.	36,600		1,137,894
Mariner Energy, Inc.*	1,377		29,578
Murphy Oil Corp.	4,400		218,020
Occidental Petroleum Corp.	31,900		2,461,085
Petrohawk Energy Corp.*	41,354		701,777
Quicksilver Resources, Inc.*	1,326		14,586
Range Resources Corp.	30,842		1,238,306
SandRidge Energy, Inc.*	4,300		25,069
SM Energy Co.	8,262		331,802
Southwestern Energy Co.*	66,872		2,583,934
Ultra Petroleum Corp.*	29,400		1,300,950
Whiting Petroleum Corp.*	700		54,894
Williams Cos., Inc.	46,400		848,192

			79,524,242

Total Energy			102,608,759

Financials (4.6%)
*Capital Markets (1.5%)*
Affiliated Managers Group, Inc.*	8,586		521,771
Ameriprise Financial, Inc.	10,019		361,986
BlackRock, Inc.	2,315		331,971
Charles Schwab Corp.	191,094		2,709,713
Eaton Vance Corp.	22,760		628,404
Federated Investors, Inc., Class B	11,630		240,857
Franklin Resources, Inc.	28,777		2,480,290
GLG Partners, Inc.*	22,801		99,868
Greenhill & Co., Inc.	5,743		351,070
Invesco Ltd.	25,522		429,535
Janus Capital Group, Inc.	3,229		28,674
Lazard Ltd., Class A	17,724		473,408
Morgan Stanley	85,849		1,992,555
Northern Trust Corp.	18,683		872,496
SEI Investments Co.	28,875		587,895
T. Rowe Price Group, Inc.	50,136		2,225,537
TD Ameritrade Holding Corp.*	45,043		689,158


	Number of Shares	Value (Note 1)

Waddell & Reed Financial, Inc., Class A	16,679	$	364,937

			15,390,125

*Commercial Banks (0.0%)*
Bank of Hawaii Corp.	3,000		145,050

*Consumer Finance (0.8%)*
American Express Co.	202,586		8,042,664

*Diversified Financial Services (0.3%)*
Interactive Brokers Group, Inc., Class A*	2,000		33,200
IntercontinentalExchange, Inc.*	14,275		1,613,503
Moody’s Corp.	39,602		788,872
MSCI, Inc., Class A*	21,291		583,373
NASDAQ OMX Group, Inc.*	2,555		45,428
NYSE Euronext	10,827		299,150

			3,363,526

*Insurance (0.9%)*
ACE Ltd.	9,900		509,652
Aflac, Inc.	85,670		3,655,539
Arch Capital Group Ltd.*	600		44,700
Arthur J. Gallagher & Co.	4,993		121,729
Axis Capital Holdings Ltd.	6,978		207,386
Brown & Brown, Inc.	11,596		221,947
Endurance Specialty Holdings Ltd.	953		35,766
Erie Indemnity Co., Class A	3,943		179,407
Genworth Financial, Inc., Class A*	17,436		227,889
Hartford Financial Services Group, Inc.	7,200		159,336
Marsh & McLennan Cos., Inc.	96,329		2,172,219
MetLife, Inc.	35,600		1,344,256
Travelers Cos., Inc.	11,100		546,675
Validus Holdings Ltd.	1,687		41,197

			9,467,698

*Real Estate Investment Trusts (REITs) (0.9%)*
AMB Property Corp. (REIT)	3,000		71,130
Apartment Investment & Management Co. (REIT), Class A	11,100		215,007
Digital Realty Trust, Inc. (REIT)	14,341		827,189
Equity Residential (REIT)	3,500		145,740
Essex Property Trust, Inc. (REIT)	2,300		224,342
Federal Realty Investment Trust (REIT)	7,081		497,582
General Growth Properties, Inc. (REIT)	39,000		517,140
Plum Creek Timber Co., Inc. (REIT)	13,339		460,596
ProLogis (REIT)	5,700		57,741
Public Storage (REIT)	24,562		2,159,245
Rayonier, Inc. (REIT)	4,563		200,863
Simon Property Group, Inc. (REIT)	39,161		3,162,251
UDR, Inc. (REIT)	2,000		38,260
Ventas, Inc. (REIT)	8,200		384,990

See Notes to Financial Statements.

575

EQ ADVISORS TRUST

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Vornado Realty Trust (REIT)	2,800	$	204,260

			9,166,336

*Real Estate Management & Development (0.2%)*
CB Richard Ellis Group, Inc., Class A*	55,043		749,135
Jones Lang LaSalle, Inc.	8,100		531,684
St. Joe Co.*	16,010		370,792

			1,651,611

*Thrifts & Mortgage Finance (0.0%)*
Capitol Federal Financial	219		7,262
Hudson City Bancorp, Inc.	7,568		92,632

			99,894

Total Financials			47,326,904

Health Care (10.8%)
*Biotechnology (1.8%)*
Abraxis Bioscience, Inc.*	515		38,213
Alexion Pharmaceuticals, Inc.*	17,295		885,331
Amylin Pharmaceuticals, Inc.*	27,651		519,839
BioMarin Pharmaceutical, Inc.*	19,549		370,649
Celgene Corp.*	88,973		4,521,608
Dendreon Corp.*	26,110		844,137
Genzyme Corp.*	39,190		1,989,676
Gilead Sciences, Inc.*	171,863		5,891,464
Human Genome Sciences, Inc.*	36,100		818,026
Myriad Genetics, Inc.*	18,834		281,568
Regeneron Pharmaceuticals, Inc.*	12,500		279,000
Talecris Biotherapeutics Holdings Corp.*	9,800		206,780
United Therapeutics Corp.*	9,552		466,233
Vertex Pharmaceuticals, Inc.*	39,007		1,283,330

			18,395,854

*Health Care Equipment & Supplies (3.5%)*
Alcon, Inc.	13,400		1,985,746
Baxter International, Inc.	95,956		3,899,652
Becton, Dickinson and Co.	45,092		3,049,121
C.R. Bard, Inc.	18,424		1,428,413
CareFusion Corp.*	7,600		172,520
Cooper Cos., Inc.	1,700		67,643
Covidien plc	96,800		3,889,424
DENTSPLY International, Inc.	28,232		844,419
Edwards Lifesciences Corp.*	21,846		1,223,813
Gen-Probe, Inc.*	9,632		437,485
Hill-Rom Holdings, Inc.	10,217		310,903
Hospira, Inc.*	32,028		1,840,009
IDEXX Laboratories, Inc.*	11,147		678,852
Intuitive Surgical, Inc.*	7,621		2,405,340
Inverness Medical Innovations, Inc.*	4,754		126,742
Kinetic Concepts, Inc.*	1,093		39,905
Medtronic, Inc.	163,634		5,935,005
ResMed, Inc.*	14,616		888,799
St. Jude Medical, Inc.*	63,154		2,279,228
Stryker Corp.	60,891		3,048,203
Teleflex, Inc.	1,195		64,865
Thoratec Corp.*	11,100		474,303


	Number of Shares	Value (Note 1)

Varian Medical Systems, Inc.*	23,890	$	1,248,969

			36,339,359

*Health Care Providers & Services (2.2%)*
AmerisourceBergen Corp.	54,508		1,730,629
Brookdale Senior Living, Inc.*	2,200		33,000
Cardinal Health, Inc.	24,000		806,640
Community Health Systems, Inc.*	12,726		430,266
DaVita, Inc.*	20,098		1,254,919
Emdeon, Inc., Class A*	5,000		62,650
Emergency Medical Services Corp., Class A*	5,700		279,471
Express Scripts, Inc.*	105,892		4,979,042
Health Management Associates, Inc., Class A*	48,306		375,338
Henry Schein, Inc.*	17,652		969,095
Laboratory Corp. of America Holdings*	20,196		1,521,769
Lincare Holdings, Inc.*	19,209		624,468
McKesson Corp.	22,671		1,522,584
Medco Health Solutions, Inc.*	88,249		4,860,755
MEDNAX, Inc.*	8,637		480,304
Omnicare, Inc.	2,275		53,918
Patterson Cos., Inc.	19,674		561,299
Quest Diagnostics, Inc.	24,946		1,241,562
Tenet Healthcare Corp.*	67,512		293,002
Universal Health Services, Inc., Class B	1,116		42,575
VCA Antech, Inc.*	16,529		409,258

			22,532,544

*Health Care Technology (0.2%)*
Allscripts-Misys Healthcare Solutions, Inc.*	12,512		201,443
Cerner Corp.*	13,310		1,010,096
SXC Health Solutions Corp.*	5,900		432,175

			1,643,714

*Life Sciences Tools & Services (0.7%)*
Charles River Laboratories International, Inc.*	3,027		103,554
Covance, Inc.*	12,545		643,809
Illumina, Inc.*	23,491		1,022,563
Life Technologies Corp.*	25,024		1,182,384
Mettler-Toledo International, Inc.*	6,547		730,842
Millipore Corp.*	10,898		1,162,272
PerkinElmer, Inc.	10,300		212,901
Pharmaceutical Product Development, Inc.	20,289		515,544
Techne Corp.	7,254		416,742
Waters Corp.*	17,942		1,160,847

			7,151,458

*Pharmaceuticals (2.4%)*
Abbott Laboratories, Inc.	268,906		12,579,423
Allergan, Inc.	58,744		3,422,425
Eli Lilly and Co.	45,132		1,511,922
Johnson & Johnson	79,914		4,719,721
Mylan, Inc.*	50,141		854,403
Perrigo Co.	15,589		920,842

See Notes to Financial Statements.

576

EQ ADVISORS TRUST

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Valeant Pharmaceuticals International*	10,977	$	573,987
Warner Chilcott plc, Class A*	17,300		395,305

			24,978,028

Total Health Care			111,040,957

Industrials (12.8%)
*Aerospace & Defense (3.2%)*
Alliant Techsystems, Inc.*	5,939		368,574
Boeing Co.	118,771		7,452,880
Goodrich Corp.	6,799		450,434
Honeywell International, Inc.	147,991		5,776,089
Lockheed Martin Corp.	46,931		3,496,359
Precision Castparts Corp.	27,527		2,833,079
Rockwell Collins, Inc.	15,970		848,486
Spirit AeroSystems Holdings, Inc., Class A*	3,047		58,076
TransDigm Group, Inc.	9,553		487,489
United Technologies Corp.	164,782		10,696,000

			32,467,466

*Air Freight & Logistics (1.4%)*
C.H. Robinson Worldwide, Inc.	32,058		1,784,348
Expeditors International of Washington, Inc.	41,076		1,417,533
FedEx Corp.	39,100		2,741,301
United Parcel Service, Inc., Class B	137,959		7,848,487
UTi Worldwide, Inc.	16,368		202,636

			13,994,305

*Airlines (0.3%)*
AMR Corp.*	20,709		140,407
Continental Airlines, Inc., Class B*	26,969		593,318
Copa Holdings S.A., Class A	3,798		167,947
Delta Air Lines, Inc.*	152,489		1,791,746
Southwest Airlines Co.	19,045		211,590
UAL Corp.*	24,300		499,608

			3,404,616

*Building Products (0.1%)*
Armstrong World Industries, Inc.*	331		9,990
Lennox International, Inc.	9,068		376,957
Masco Corp.	20,775		223,539
Owens Corning, Inc.*	12,196		364,782
USG Corp.*	5,300		64,024

			1,039,292

*Commercial Services & Supplies (0.4%)*
Avery Dennison Corp.	1,226		39,391
Copart, Inc.*	13,927		498,726
Corrections Corp. of America*	3,763		71,798
Covanta Holding Corp.*	1,400		23,226
Iron Mountain, Inc.	35,304		792,928
KAR Auction Services, Inc.*	700		8,659
Pitney Bowes, Inc.	28,600		628,056
R.R. Donnelley & Sons Co.	2,057		33,673
Republic Services, Inc.	18,706		556,130
Stericycle, Inc.*	16,371		1,073,610


	Number of Shares	Value (Note 1)

Waste Connections, Inc.*	11,863	$	413,900

			4,140,097

*Construction & Engineering (0.1%)*
Aecom Technology Corp.*	6,026		138,960
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)*	7,900		148,599
Fluor Corp.	2,079		88,357
Jacobs Engineering Group, Inc.*	14,616		532,607
KBR, Inc.	1,700		34,578
Shaw Group, Inc.*	9,377		320,881

			1,263,982

*Electrical Equipment (1.1%)*
AMETEK, Inc.	20,488		822,593
Cooper Industries plc	32,400		1,425,600
Emerson Electric Co.	145,471		6,355,628
General Cable Corp.*	3,600		95,940
Hubbell, Inc., Class B	4,673		185,472
Regal-Beloit Corp.	6,200		345,836
Rockwell Automation, Inc.	27,512		1,350,564
Roper Industries, Inc.	18,173		1,016,961
Thomas & Betts Corp.*	1,753		60,829

			11,659,423

*Industrial Conglomerates (1.9%)*
3M Co.	137,741		10,880,162
Carlisle Cos., Inc.	811		29,301
General Electric Co.	478,400		6,898,528
McDermott International, Inc.*	35,204		762,519
Textron, Inc.	27,100		459,887
Tyco International Ltd.	14,300		503,789

			19,534,186

*Machinery (3.4%)*
Bucyrus International, Inc.	14,553		690,540
Caterpillar, Inc.	121,395		7,292,198
CNH Global N.V.*	800		18,120
Cummins, Inc.	38,786		2,526,132
Danaher Corp.	95,138		3,531,523
Deere & Co.	77,447		4,312,249
Donaldson Co., Inc.	14,890		635,058
Dover Corp.	22,779		951,934
Eaton Corp.	8,500		556,240
Flowserve Corp.	9,223		782,110
Gardner Denver, Inc.	9,600		428,064
Graco, Inc.	11,716		330,274
Harsco Corp.	1,163		27,331
IDEX Corp.	12,976		370,724
Illinois Tool Works, Inc.	85,100		3,512,928
Joy Global, Inc.	19,928		998,194
Kennametal, Inc.	11,800		300,074
Lincoln Electric Holdings, Inc.	8,200		418,118
Manitowoc Co., Inc.	25,300		231,242
Navistar International Corp.*	13,795		678,714
Oshkosh Corp.*	17,300		539,068
PACCAR, Inc.	70,491		2,810,476
Pall Corp.	22,568		775,662
Parker Hannifin Corp.	8,800		488,048
Pentair, Inc.	9,916		319,295
SPX Corp.	1,900		100,339
Timken Co.	12,300		319,677

See Notes to Financial Statements.

577

EQ ADVISORS TRUST

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Toro Co.	6,463	$	317,463
Valmont Industries, Inc.	4,268		310,113
WABCO Holdings, Inc.*	12,447		391,832
Wabtec Corp.	1,417		56,524

			35,020,264

*Marine (0.0%)*
Kirby Corp.*	688		26,316

*Professional Services (0.3%)*
Dun & Bradstreet Corp.	9,740		653,749
FTI Consulting, Inc.*	7,366		321,084
IHS, Inc., Class A*	9,317		544,299
Robert Half International, Inc.	28,905		680,712
Towers Watson & Co., Class A	1,300		50,505
Verisk Analytics, Inc., Class A*	19,891		594,741

			2,845,090

*Road & Rail (0.3%)*
Con-way, Inc.	828		24,857
Hertz Global Holdings, Inc.*	31,900		301,774
J.B. Hunt Transport Services, Inc.	17,570		574,012
Kansas City Southern*	11,669		424,168
Landstar System, Inc.	9,666		376,877
Ryder System, Inc.	5,400		217,242
Union Pacific Corp.	12,274		853,166

			2,772,096

*Trading Companies & Distributors (0.3%)*
Fastenal Co.	25,604		1,285,065
GATX Corp.	2,460		65,633
MSC Industrial Direct Co., Class A	8,477		429,445
W.W. Grainger, Inc.	11,946		1,188,029
WESCO International, Inc.*	2,676		90,101

			3,058,273

Total Industrials			131,225,406

Information Technology (31.4%)
*Communications Equipment (3.9%)*
Ciena Corp.*	17,797		225,666
Cisco Systems, Inc.*	1,103,043		23,505,846
F5 Networks, Inc.*	15,540		1,065,578
Harris Corp.	25,039		1,042,874
JDS Uniphase Corp.*	41,587		409,216
Juniper Networks, Inc.*	101,609		2,318,718
Polycom, Inc.*	16,400		488,556
QUALCOMM, Inc.	316,839		10,404,993

			39,461,447

*Computers & Peripherals (8.0%)*
Apple, Inc.*	175,822		44,224,508
Dell, Inc.*	328,660		3,963,640
Diebold, Inc.	2,739		74,638
EMC Corp.*	396,952		7,264,222
Hewlett-Packard Co.	452,929		19,602,767
NCR Corp.*	30,912		374,653
NetApp, Inc.*	66,526		2,482,085
QLogic Corp.*	21,517		357,612
SanDisk Corp.*	44,462		1,870,516
Seagate Technology*	67,954		886,120


	Number of Shares	Value (Note 1)

Teradata Corp.*	32,251	$	983,010
Western Digital Corp.*	10,105		304,767

			82,388,538

*Electronic Equipment, Instruments & Components (0.7%)*
Agilent Technologies, Inc.*	67,247		1,911,832
Amphenol Corp., Class A	33,532		1,317,137
Arrow Electronics, Inc.*	2,492		55,696
AVX Corp.	663		8,500
Corning, Inc.	37,653		608,096
Dolby Laboratories, Inc., Class A*	10,374		650,346
FLIR Systems, Inc.*	29,606		861,239
Ingram Micro, Inc., Class A*	1,800		27,342
Itron, Inc.*	7,271		449,493
Jabil Circuit, Inc.	24,518		326,089
National Instruments Corp.	11,147		354,252
Trimble Navigation Ltd.*	23,384		654,752

			7,224,774

*Internet Software & Services (2.8%)*
Akamai Technologies, Inc.*	33,223		1,347,857
eBay, Inc.*	84,376		1,654,613
Equinix, Inc.*	8,721		708,320
Google, Inc., Class A*	47,092		20,953,585
IAC/InterActiveCorp*	6,811		149,638
Monster Worldwide, Inc.*	12,041		140,278
VeriSign, Inc.*	35,241		935,649
VistaPrint N.V.*	8,500		403,665
WebMD Health Corp.*	10,317		479,018
Yahoo!, Inc.*	112,804		1,560,079

			28,332,702

*IT Services (6.0%)*
Accenture plc, Class A	118,100		4,564,565
Alliance Data Systems Corp.*	10,340		615,437
Amdocs Ltd.*	11,158		299,592
Automatic Data Processing, Inc.	97,100		3,909,246
Broadridge Financial Solutions, Inc.	23,887		455,047
Cognizant Technology Solutions Corp., Class A*	57,807		2,893,819
DST Systems, Inc.	6,789		245,355
Fiserv, Inc.*	19,629		896,260
Gartner, Inc.*	14,100		327,825
Genpact Ltd.*	12,654		196,517
Global Payments, Inc.	15,756		575,724
Hewitt Associates, Inc., Class A*	17,980		619,591
International Business Machines Corp.	247,730		30,589,700
Lender Processing Services, Inc.	18,275		572,190
Mastercard, Inc., Class A	18,812		3,753,558
NeuStar, Inc., Class A*	14,450		297,959
Paychex, Inc.	62,280		1,617,412
SAIC, Inc.*	59,739		1,000,031
Visa, Inc., Class A	90,227		6,383,560
Western Union Co.	129,755		1,934,647

			61,748,035

*Office Electronics (0.0%)*
Zebra Technologies Corp., Class A*	6,307		160,008

See Notes to Financial Statements.

578

EQ ADVISORS TRUST

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Semiconductors & Semiconductor Equipment (4.2%)*
Advanced Micro Devices, Inc.*	44,423	$	325,176
Altera Corp.	58,256		1,445,331
Analog Devices, Inc.	57,499		1,601,922
Applied Materials, Inc.	259,400		3,117,988
Atheros Communications, Inc.*	13,500		371,790
Atmel Corp.*	79,600		382,080
Avago Technologies Ltd.*	20,500		431,730
Broadcom Corp., Class A	95,837		3,159,746
Cree, Inc.*	20,803		1,248,804
Cypress Semiconductor Corp.*	31,651		317,776
First Solar, Inc.*	10,766		1,225,494
Intel Corp.	735,034		14,296,411
Intersil Corp., Class A	8,079		97,837
KLA-Tencor Corp.	1,800		50,184
Lam Research Corp.*	24,398		928,588
Linear Technology Corp.	43,215		1,201,809
Marvell Technology Group Ltd.*	104,497		1,646,873
Maxim Integrated Products, Inc.	58,378		976,664
MEMC Electronic Materials, Inc.*	18,264		180,448
Microchip Technology, Inc.	35,517		985,242
National Semiconductor Corp.	41,712		561,444
Novellus Systems, Inc.*	16,447		417,096
NVIDIA Corp.*	110,451		1,127,705
ON Semiconductor Corp.*	82,937		529,138
PMC-Sierra, Inc.*	2,300		17,296
Rambus, Inc.*	20,264		355,025
Silicon Laboratories, Inc.*	8,893		360,700
Skyworks Solutions, Inc.*	34,100		572,539
SunPower Corp., Class A*	7,342		88,838
Teradyne, Inc.*	34,807		339,368
Texas Instruments, Inc.	106,931		2,489,354
Varian Semiconductor Equipment Associates, Inc.*	14,358		411,500
Xilinx, Inc.	53,363		1,347,950

			42,609,846

*Software (5.8%)*
Activision Blizzard, Inc.	27,145		284,751
Adobe Systems, Inc.*	101,634		2,686,187
ANSYS, Inc.*	17,512		710,462
Autodesk, Inc.*	44,280		1,078,661
BMC Software, Inc.*	35,019		1,212,708
CA, Inc.	61,153		1,125,215
Cadence Design Systems, Inc.*	52,200		302,238
Citrix Systems, Inc.*	35,829		1,513,059
Compuware Corp.*	24,500		195,510
Electronic Arts, Inc.*	59,829		861,538
FactSet Research Systems, Inc.	9,069		607,532
Informatica Corp.*	17,700		422,676
Intuit, Inc.*	54,129		1,882,065
McAfee, Inc.*	30,146		926,085
MICROS Systems, Inc.*	15,514		494,431
Microsoft Corp.#	989,749		22,774,125
Nuance Communications, Inc.*	43,898		656,275
Oracle Corp.	735,731		15,788,787
Red Hat, Inc.*	36,451		1,054,892
Rovi Corp.*	19,693		746,562
Salesforce.com, Inc.*	22,196		1,904,861
Solera Holdings, Inc.	13,500		488,700


	Number of Shares	Value (Note 1)

Sybase, Inc.*	16,796	$	1,086,029
Symantec Corp.*	14,439		200,413
Synopsys, Inc.*	1,752		36,564
VMware, Inc., Class A*	14,166		886,650

			59,926,976

Total Information Technology			321,852,326

Materials (4.6%)
*Chemicals (2.6%)*
Air Products & Chemicals, Inc.	40,992		2,656,692
Airgas, Inc.	16,100		1,001,420
Albemarle Corp.	17,682		702,152
Ashland, Inc.	1,324		61,460
Celanese Corp., Class A	30,192		752,083
CF Industries Holdings, Inc.	9,894		627,774
E.I. du Pont de Nemours & Co.	60,321		2,086,503
Eastman Chemical Co.	2,900		154,744
Ecolab, Inc.	45,068		2,024,004
FMC Corp.	9,629		552,993
International Flavors & Fragrances, Inc.	15,366		651,826
Lubrizol Corp.	13,205		1,060,494
Monsanto Co.	105,368		4,870,109
Mosaic Co.	30,570		1,191,619
Nalco Holding Co.	25,011		511,725
PPG Industries, Inc.	5,300		320,173
Praxair, Inc.	59,068		4,488,577
RPM International, Inc.	12,494		222,893
Scotts Miracle-Gro Co., Class A	8,893		394,938
Sherwin-Williams Co.	10,971		759,083
Sigma-Aldrich Corp.	21,624		1,077,524
Valspar Corp.	1,900		57,228

			26,226,014

*Construction Materials (0.1%)*
Eagle Materials, Inc.	8,444		218,953
Martin Marietta Materials, Inc.	8,836		749,381

			968,334

*Containers & Packaging (0.2%)*
Ball Corp.	3,762		198,747
Crown Holdings, Inc.*	31,203		781,323
Owens-Illinois, Inc.*	9,803		259,289
Pactiv Corp.*	23,013		640,912
Temple-Inland, Inc.	3,800		78,546

			1,958,817

*Metals & Mining (1.6%)*
AK Steel Holding Corp.	3,100		36,952
Alcoa, Inc.	28,560		287,314
Allegheny Technologies, Inc.	19,000		839,610
Carpenter Technology Corp.	8,500		279,055
Cliffs Natural Resources, Inc.	26,179		1,234,602
Compass Minerals International, Inc.	6,319		444,099
Freeport-McMoRan Copper & Gold, Inc.	83,613		4,944,037
Gerdau Ameristeel Corp.*	3,200		34,880
Newmont Mining Corp.	91,858		5,671,313
Nucor Corp.	26,100		999,108
Reliance Steel & Aluminum Co.	1,600		57,840

See Notes to Financial Statements.

579

EQ ADVISORS TRUST

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Royal Gold, Inc.	1,422	$	68,256
Schnitzer Steel Industries, Inc., Class A	853		33,437
Southern Copper Corp.	32,622		865,788
Titanium Metals Corp.*	16,500		290,235
United States Steel Corp.	5,200		200,460
Walter Energy, Inc.	8,199		498,909

			16,785,895

*Paper & Forest Products (0.1%)*
International Paper Co.	65,600		1,484,528

Total Materials			47,423,588

Telecommunication Services (0.8%)
*Diversified Telecommunication Services (0.1%)*
Frontier Communications Corp.	23,211		165,030
Level 3 Communications, Inc.*	123,400		134,506
tw telecom, Inc.*	29,257		488,007
Windstream Corp.	38,680		408,461

			1,196,004

*Wireless Telecommunication Services (0.7%)*
American Tower Corp., Class A*	77,920		3,467,440
Clearwire Corp., Class A*	22,300		162,344
Crown Castle International Corp.*	56,064		2,088,945
MetroPCS Communications, Inc.*	23,179		189,836
NII Holdings, Inc.*	25,489		828,902
SBA Communications Corp., Class A*	22,618		769,238

			7,506,705

Total Telecommunication Services			8,702,709


	Number of Shares		Value (Note 1)
Utilities (0.2%)
*Electric Utilities (0.0%)*
ITC Holdings Corp.		8,533	$	451,481

*Gas Utilities (0.1%)*
EQT Corp.		26,713		965,408

*Independent Power Producers & Energy Traders (0.1%)*
Calpine Corp.*		31,329		398,505
Ormat Technologies, Inc.		1,935		54,741

				453,246

Total Utilities				1,870,135

Total Common Stocks (99.2%) (Cost $858,000,619)				1,017,740,222

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.3%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $3,166,955)	$	3,166,955		3,166,955

Total Investments (99.5%) (Cost/Amortized Cost $861,167,574)				1,020,907,177
Other Assets Less Liabilities (0.5%)				5,422,350

Net Assets (100%)			$	1,026,329,527

*	Non-income producing.

#	All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $13,898,040.

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index	114	September-10	$	6,140,907	$	5,851,620	$	(289,287	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

See Notes to Financial Statements.

580

EQ ADVISORS TRUST

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	143,169,874		$	—	$	—	$	143,169,874
Consumer Staples		102,519,564			—		—		102,519,564
Energy		102,608,759			—		—		102,608,759
Financials		47,326,904			—		—		47,326,904
Health Care		111,040,957			—		—		111,040,957
Industrials		131,225,406			—		—		131,225,406
Information Technology		321,852,326			—		—		321,852,326
Materials		47,423,588			—		—		47,423,588
Telecommunication Services		8,702,709			—		—		8,702,709
Utilities		1,870,135			—		—		1,870,135
Short-Term Investments		—			3,166,955		—		3,166,955

Total Assets	$	1,017,740,222		$	3,166,955	$	—	$	1,020,907,177


Liabilities:
Futures	$	(289,287	)	$	—	$	—	$	(289,287	)

Total Liabilities	$	(289,287	)	$	—	$	—	$	(289,287	)

Total	$	1,017,450,935		$	3,166,955	$	—	$	1,020,617,890

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	—


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(289,287	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(289,287	)

See Notes to Financial Statements.

581

EQ ADVISORS TRUST

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(435,379	)		—		—		(435,379	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(435,379	)	$	—	$	—	$	(435,379	)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(274,333	)		—		—		(274,333	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(274,333	)	$	—	$	—	$	(274,333	)

The Portfolio held futures contracts with an average notional balance of approximately $5,480,000 during the six months ended June 30, 2010.

^ This Portfolio held futures contracts to gain or reduce exposure to the financial markets.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	252,896,599
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	304,269,136

As of June 30, 2010, 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	$	178,186,085
Aggregate gross unrealized depreciation		(26,656,421	)

Net unrealized appreciation	$	151,529,664

Federal income tax cost of investments	$	869,377,513

The Portfolio has a net capital loss carryforward of $423,070,161 of which $250,494,433 expires in the year 2010, $103,882,638 expires in the year 2011 and $68,693,090 expires in the year 2016.

See Notes to Financial Statements.

582

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EQ/LARGE CAP GROWTH INDEX PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $861,167,574)	$	1,020,907,177
Cash		885,177
Receivable for securities sold		40,762,711
Dividends, interest and other receivables		1,231,322
Receivable from Separate Accounts for Trust shares sold		169,732
Other assets		7,719

Total assets		1,063,963,838

LIABILITIES
Payable for securities purchased		36,153,435
Payable to Separate Accounts for Trust shares redeemed		585,655
Investment management fees payable		312,977
Variation margin payable on futures contracts		265,524
Distribution fees payable - Class IB		111,495
Administrative fees payable		93,855
Trustees’ fees payable		2,499
Accrued expenses		108,871

Total liabilities		37,634,311

NET ASSETS	$	1,026,329,527

Net assets were comprised of:
Paid in capital	$	1,240,224,258
Accumulated undistributed net investment income (loss)		6,892,980
Accumulated undistributed net realized gain (loss) on investments and futures		(380,238,027	)
Unrealized appreciation (depreciation) on investments and futures		159,450,316

Net assets	$	1,026,329,527

Class IA
Net asset value, offering and redemption price per share, $515,155,330 / 73,503,070 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.01

Class IB
Net asset value, offering and redemption price per share, $511,174,197 / 74,545,889 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.86

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends	$	9,115,075

EXPENSES
Investment management fees		1,990,230
Distribution fees - Class IB		713,245
Administrative fees		597,561
Custodian fees		82,894
Printing and mailing expenses		67,378
Professional fees		27,358
Trustees’ fees		13,605
Miscellaneous		19,511

Total expenses		3,511,782

NET INVESTMENT INCOME (LOSS)		5,603,293

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		51,474,146
Futures		(435,379	)

Net realized gain (loss)		51,038,767

Change in unrealized appreciation (depreciation) on:
Securities		(144,007,859	)
Futures		(274,333	)

Net change in unrealized appreciation (depreciation)		(144,282,192	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(93,243,425	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(87,640,132	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	5,603,293		$	23,793,115
Net realized gain (loss) on investments and futures		51,038,767			528,503,551
Net change in unrealized appreciation (depreciation) on investments and futures		(144,282,192	)		295,850,737

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(87,640,132	)		848,147,403

DIVIDENDS:
Dividends from net investment income
Class IA		—			(12,058,965	)
Class IB		—			(10,516,308	)

TOTAL DIVIDENDS		—			(22,575,273	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [1,157,403 and 336,970,526 shares, respectively]		8,921,301			1,721,311,451
Capital shares issued in reinvestment of dividends [0 and 1,628,571 shares, respectively]		—			12,058,965
Capital shares repurchased [(4,898,677) and (262,334,796) shares, respectively]		(37,506,478	)		(1,832,806,848	)

Total Class IA transactions		(28,585,177	)		(99,436,432	)

Class IB
Capital shares sold [3,875,764 and 11,044,763 shares, respectively]		29,225,937			70,291,073
Capital shares issued in reinvestment of dividends [0 and 1,448,912 shares, respectively]		—			10,516,308
Capital shares repurchased [(7,525,041) and (14,580,849) shares, respectively]		(56,221,742	)		(89,763,820	)

Total Class IB transactions		(26,995,805	)		(8,956,439	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(55,580,982	)		(108,392,871	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(143,221,114	)		717,179,259
NET ASSETS:
Beginning of period		1,169,550,641			452,371,382

End of period (a)		1,026,329,527		$	1,169,550,641

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	6,892,980		$	1,289,687

See Notes to Financial Statements.

584

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	7.60		$	5.68		$	8.95		$	7.82		$	7.85		$	6.81

Income (loss) from investment operations:
Net investment income (loss)		0.04	(e)		0.09	(e)		0.03	(e)		0.01	(e)		—	#(e)		(0.02	)(e)
Net realized and unrealized gain (loss) on investments and futures		(0.63	)		1.99			(3.28	)		1.12			(0.03	)		1.06

Total from investment operations		(0.59	)		2.08			(3.25	)		1.13			(0.03	)		1.04

Less distributions:
Dividends from net investment income		—			(0.16	)		(0.02	)		—			—			—

Net asset value, end of period	$	7.01		$	7.60		$	5.68		$	8.95		$	7.82		$	7.85

Total return (b)		(7.76	)%		36.67	%		(36.18	)%(k)		14.32	%		(0.38	)%		15.27	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	515,155		$	587,223		$	5,568		$	7,442		$	108,447		$	294,078
Ratio of expenses to average net assets:
After waivers (a)		0.49	%		0.50	%		0.80	%		0.80	%		0.80	%		0.80	%
After waivers and fees paid indirectly (a)		0.49	%		0.50	%		0.68	%		0.78	%		0.78	%		0.77	%
Before waivers and fees paid indirectly (a)		0.49	%		0.50	%		1.01	%		1.03	%		0.98	%		0.95	%
Ratio of net investment income to average net assets:
After waivers (a)		1.11	%		1.45	%		0.31	%		0.05	%		(0.07	)%		(0.25	)%
After waivers and fees paid indirectly (a)		1.11	%		1.45	%		0.43	%		0.07	%		(0.05	)%		(0.22	)%
Before waivers and fees paid indirectly (a)		1.11	%		1.45	%		0.10	%		(0.18	)%		(0.25	)%		(0.40	)%
Portfolio turnover rate		23	%		49	%		131	%		89	%		83	%		55	%

See Notes to Financial Statements.

585

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	7.45		$	5.57		$	8.76		$	7.68		$	7.72		$	6.72

Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)		0.09	(e)		0.01	(e)		(0.02	)(e)		(0.02	)(e)		(0.03	)(e)
Net realized and unrealized gain (loss) on investments and futures		(0.62	)		1.93			(3.19	)		1.10			(0.02	)		1.03

Total from investment operations		(0.59	)		2.02			(3.18	)		1.08			(0.04	)		1.00

Less distributions:
Dividends from net investment income		—			(0.14	)		(0.01	)		—			—			—

Net asset value, end of period	$	6.86		$	7.45		$	5.57		$	8.76		$	7.68		$	7.72

Total return (b)		(7.92	)%		36.27	%		(36.29	)%(l)		14.06	%		(0.52	)%		14.88	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	511,174		$	582,328		$	446,803		$	754,477		$	728,698		$	801,981
Ratio of expenses to average net assets:
After waivers (a)		0.74	%		0.75	%(c)		1.05	%		1.05	%		1.05	%		1.05	%
After waivers and fees paid indirectly (a)		0.74	%		0.75	%(c)		0.93	%(c)		1.03	%(c)		1.03	%		1.02	%
Before waivers and fees paid indirectly (a)		0.74	%		0.75	%(c)		1.26	%(c)		1.28	%		1.23	%(c)		1.20	%
Ratio of net investment income to average net assets:
After waivers (a)		0.86	%		1.47	%		0.05	%		(0.20	)%		(0.30	)%		(0.50	)%
After waivers and fees paid indirectly (a)		0.86	%		1.47	%		0.16	%		(0.19	)%		(0.28	)%		(0.47	)%
Before waivers and fees paid indirectly (a)		0.86	%		1.47	%		(0.17	)%		(0.43	)%		(0.50	)%		(0.65	)%
Portfolio turnover rate		23	%		49	%		131	%		89	%		83	%		55	%

#	Per share 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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

(k)

Includes a gain incurred resulting from a litigation payment. Without this gain, the total return would have been (38.49)%.

(l)

Includes a gain incurred resulting from a litigation payment. Without this gain, the total return would have been (38.69)%.

See Notes to Financial Statements.

586

EQ/LARGE CAP GROWTH PLUS PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Information Technology	19.4	%
Consumer Discretionary	11.1
Industrials	10.1
Exchange Traded Funds	9.1
Health Care	7.0
Financials	6.4
Materials	5.5
Consumer Staples	5.4
Energy	5.3
Telecommunication Services	0.4
Utilities	0.1
Cash and Other	20.2

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$909.70	$3.36
Hypothetical (5% average return before expenses)	1,000.00	1,021.27	3.56
Class IB
Actual	1,000.00	906.10	4.54
Hypothetical (5% average return before expenses)	1,000.00	1,020.03	4.81
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.71% and 0.96%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

587

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EQ/LARGE CAP GROWTH PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (11.1%)
*Auto Components (0.3%)*
Autoliv, Inc.*	3,745	$	179,198
BorgWarner, Inc.*	14,001		522,797
Federal-Mogul Corp.*	627		8,164
Gentex Corp.	17,987		323,406
Goodyear Tire & Rubber Co.*	31,334		311,460
Johnson Controls, Inc.	81,827		2,198,692
Lear Corp.*	1,800		119,160
TRW Automotive Holdings Corp.*	6,855		188,992

			3,851,869

*Automobiles (0.4%)*
Ford Motor Co.*	430,192		4,336,335
Harley-Davidson, Inc.	30,371		675,147
Thor Industries, Inc.	4,321		102,624

			5,114,106

*Distributors (0.0%)*
LKQ Corp.*	18,422		355,176

*Diversified Consumer Services (0.2%)*
Apollo Group, Inc., Class A*	16,699		709,207
Career Education Corp.*	8,422		193,874
DeVry, Inc.	8,215		431,205
Education Management Corp.*	3,300		50,325
H&R Block, Inc.	17,535		275,124
Hillenbrand, Inc.	8,032		171,804
ITT Educational Services, Inc.*	4,502		373,756
Strayer Education, Inc.	1,795		373,163
Weight Watchers International, Inc.	4,285		110,082

			2,688,540

*Hotels, Restaurants & Leisure (2.7%)*
Bally Technologies, Inc.*	7,123		230,714
Brinker International, Inc.	11,521		166,594
Burger King Holdings, Inc.	11,828		199,184
Carnival Corp.	21,092		637,822
Chipotle Mexican Grill, Inc.*	4,064		555,996
Choice Hotels International, Inc.	253		7,643
Darden Restaurants, Inc.	18,098		703,107
International Game Technology	38,452		603,696
International Speedway Corp., Class A	1,345		34,647
Las Vegas Sands Corp.*	40,800		903,312
Marriott International, Inc., Class A	35,003		1,047,990
McDonald’s Corp.	339,883		22,388,093
MGM MIRAGE*	5,676		54,717
Panera Bread Co., Class A*	3,947		297,170
Royal Caribbean Cruises Ltd.*	6,611		150,532
Starbucks Corp.	96,109		2,335,449
Starwood Hotels & Resorts Worldwide, Inc.	24,443		1,012,673
Wendy’s/Arby’s Group, Inc., Class A	16,283		65,132
WMS Industries, Inc.*	7,476		293,433


	Number of Shares	Value (Note 1)

Wynn Resorts Ltd.	71,590	$	5,460,169
Yum! Brands, Inc.	60,272		2,353,019

			39,501,092

*Household Durables (0.1%)*
Fortune Brands, Inc.	2,377		93,131
Garmin Ltd.	882		25,737
Harman International Industries, Inc.*	4,267		127,541
Leggett & Platt, Inc.	11,364		227,962
Mohawk Industries, Inc.*	867		39,674
NVR, Inc.*	795		520,749
Tempur-Pedic International, Inc.*	9,338		287,143
Tupperware Brands Corp.	8,149		324,738
Whirlpool Corp.	4,147		364,189

			2,010,864

*Internet & Catalog Retail (1.7%)*
Amazon.com, Inc.*	138,801		15,165,397
Expedia, Inc.	10,895		204,608
Netflix, Inc.*	5,142		558,678
priceline.com, Inc.*	47,960		8,466,859

			24,395,542

*Leisure Equipment & Products (0.1%)*
Hasbro, Inc.	16,829		691,672
Mattel, Inc.	27,285		577,351

			1,269,023

*Media (1.6%)*
CBS Corp.(Non- Voting), Class B	10,437		134,950
DIRECTV, Class A*	114,414		3,880,923
Discovery Communications, Inc., Class A*	26,808		957,314
DreamWorks Animation SKG, Inc., Class A*	9,563		273,024
Interactive Data Corp.	4,431		147,907
Interpublic Group of Cos., Inc.*	63,117		450,024
John Wiley & Sons, Inc., Class A	5,364		207,426
Lamar Advertising Co., Class A*	1,558		38,202
Madison Square Garden, Inc., Class A*	2,505		49,273
McGraw-Hill Cos., Inc.	28,567		803,875
Meredith Corp.	1,974		61,451
Morningstar, Inc.*	2,845		120,969
News Corp., Class A	61,608		736,832
Omnicom Group, Inc.	31,911		1,094,547
Regal Entertainment Group, Class A	2,395		31,231
Scripps Networks Interactive, Inc., Class A	11,553		466,048
Sirius XM Radio, Inc.*	501,208		475,897
Thomson Reuters Corp.	15,631		560,059
Time Warner, Inc.	30,285		875,539
Viacom, Inc., Class B	15,434		484,165
Walt Disney Co.	348,145		10,966,567

			22,816,223

See Notes to Financial Statements.

588

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Multiline Retail (0.9%)*
Big Lots, Inc.*	10,459	$	335,629
Dollar General Corp.*	9,012		248,281
Dollar Tree, Inc.*	16,851		701,507
Family Dollar Stores, Inc.	17,422		656,635
J.C. Penney Co., Inc.	9,906		212,781
Kohl’s Corp.*	29,301		1,391,798
Macy’s, Inc.	5,390		96,481
Nordstrom, Inc.	168,998		5,440,046
Target Corp.	94,997		4,671,002

			13,754,160

*Specialty Retail (2.3%)*
Aaron’s, Inc.	5,232		89,310
Abercrombie & Fitch Co., Class A	8,692		266,757
Advance Auto Parts, Inc.	11,332		568,640
Aeropostale, Inc.*	12,054		345,227
American Eagle Outfitters, Inc.	6,665		78,314
AutoNation, Inc.*	3,185		62,108
AutoZone, Inc.*	3,589		693,467
Bed Bath & Beyond, Inc.*	33,893		1,256,752
Best Buy Co., Inc.	44,511		1,507,142
CarMax, Inc.*	28,848		574,075
Chico’s FAS, Inc.	23,052		227,754
Dick’s Sporting Goods, Inc.*	11,540		287,231
Gap, Inc.	52,712		1,025,776
Guess?, Inc.	8,181		255,574
Home Depot, Inc.	480,762		13,494,989
J. Crew Group, Inc.*	7,114		261,866
Limited Brands, Inc.	34,459		760,510
Lowe’s Cos., Inc.	141,835		2,896,271
Office Depot, Inc.*	4,429		17,893
O’Reilly Automotive, Inc.*	17,816		847,329
PetSmart, Inc.	15,262		460,455
Ross Stores, Inc.	15,784		841,129
Staples, Inc.	94,153		1,793,615
Tiffany & Co.	16,302		618,009
TJX Cos., Inc.	52,624		2,207,577
Tractor Supply Co.	4,688		285,827
Urban Outfitters, Inc.*	15,729		540,920
Williams-Sonoma, Inc.	12,418		308,215

			32,572,732

*Textiles, Apparel & Luxury Goods (0.8%)*
Coach, Inc.	39,354		1,438,389
Fossil, Inc.*	6,788		235,544
Hanesbrands, Inc.*	12,328		296,612
NIKE, Inc., Class B	134,373		9,076,896
Phillips-Van Heusen Corp.	7,287		337,169
Polo Ralph Lauren Corp.	7,194		524,874

			11,909,484

Total Consumer Discretionary			160,238,811

Consumer Staples (5.4%)
*Beverages (1.3%)*
Brown-Forman Corp., Class B	10,286		588,668
Coca-Cola Co.	202,687		10,158,673
Coca-Cola Enterprises, Inc.	25,204		651,775
Dr. Pepper Snapple Group, Inc.	9,698		362,608


	Number of Shares	Value (Note 1)

Hansen Natural Corp.*	7,215	$	282,179
PepsiCo, Inc.	119,615		7,290,534

			19,334,437

*Food & Staples Retailing (1.2%)*
BJ’s Wholesale Club, Inc.*	671		24,834
Costco Wholesale Corp.	56,776		3,113,028
CVS Caremark Corp.	19,483		571,242
Kroger Co.	4,738		93,291
Sysco Corp.	76,308		2,180,119
Walgreen Co.	114,974		3,069,806
Wal-Mart Stores, Inc.	158,986		7,642,457
Whole Foods Market, Inc.*	18,046		650,017

			17,344,794

*Food Products (1.1%)*
Campbell Soup Co.	14,219		509,467
ConAgra Foods, Inc.	5,804		135,349
Flowers Foods, Inc.	3,666		89,560
General Mills, Inc.	50,928		1,808,963
Green Mountain Coffee Roasters, Inc.*	14,256		366,379
H.J. Heinz Co.	16,723		722,768
Hershey Co.	11,588		555,413
Kellogg Co.	29,717		1,494,765
McCormick & Co., Inc.(Non-Voting)	8,526		323,647
Mead Johnson Nutrition Co.	188,639		9,454,587
Sara Lee Corp.	60,817		857,520

			16,318,418

*Household Products (0.7%)*
Church & Dwight Co., Inc.	9,142		573,295
Clorox Co.	17,114		1,063,806
Colgate-Palmolive Co.	52,952		4,170,500
Kimberly-Clark Corp.	42,291		2,564,103
Procter & Gamble Co.	22,288		1,336,834

			9,708,538

*Personal Products (0.2%)*
Alberto-Culver Co.	2,460		66,641
Avon Products, Inc.	55,258		1,464,337
Estee Lauder Cos., Inc., Class A	14,222		792,592
Herbalife Ltd.	7,760		357,348

			2,680,918

*Tobacco (0.9%)*
Altria Group, Inc.	156,610		3,138,464
Philip Morris International, Inc.	201,133		9,219,937

			12,358,401

Total Consumer Staples			77,745,506

Energy (5.3%)
*Energy Equipment & Services (1.0%)*
Atwood Oceanics, Inc.*	1,461		37,285
Baker Hughes, Inc.	15,164		630,368
Cameron International Corp.*	17,985		584,872
Core Laboratories N.V.	2,880		425,117
Diamond Offshore Drilling, Inc.	2,881		179,169
Dresser-Rand Group, Inc.*	9,611		303,227
Exterran Holdings, Inc.*	836		21,577

See Notes to Financial Statements.

589

EQ ADVISORS TRUST

EQ/LARGE CAP GROWTH PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

FMC Technologies, Inc.*	15,683	$	825,867
Halliburton Co.	116,773		2,866,777
Nabors Industries Ltd.*	14,679		258,644
Oil States International, Inc.*	407		16,109
Pride International, Inc.*	8,968		200,345
Rowan Cos., Inc.*	1,670		36,640
Schlumberger Ltd.	153,862		8,514,723
Superior Energy Services, Inc.*	729		13,610
Weatherford International Ltd.*	38,482		505,654

			15,419,984

*Oil, Gas & Consumable Fuels (4.3%)*
Alpha Natural Resources, Inc.*	2,075		70,280
Arch Coal, Inc.	14,817		293,525
Atlas Energy, Inc.*	7,385		199,912
Chevron Corp.	13,732		931,853
Cimarex Energy Co.	10,820		774,496
Concho Resources, Inc.*	11,809		653,392
ConocoPhillips	73,528		3,609,490
Consol Energy, Inc.	13,362		451,101
Continental Resources, Inc.*	3,599		160,587
El Paso Corp.	16,697		185,504
EOG Resources, Inc.	120,023		11,806,662
EXCO Resources, Inc.	18,935		276,640
Exxon Mobil Corp.	604,166		34,479,754
Forest Oil Corp.*	9,326		255,159
Frontline Ltd.	5,472		156,171
Holly Corp.	3,886		103,290
Marathon Oil Corp.	24,436		759,715
Mariner Energy, Inc.*	956		20,535
Murphy Oil Corp.	2,914		144,389
Occidental Petroleum Corp.	21,267		1,640,749
Petrohawk Energy Corp.*	27,669		469,543
Quicksilver Resources, Inc.*	938		10,318
Range Resources Corp.	20,564		825,645
SandRidge Energy, Inc.*	2,874		16,755
SM Energy Co.	5,508		221,201
Southwestern Energy Co.*	44,654		1,725,431
Ultra Petroleum Corp.*	19,632		868,716
Whiting Petroleum Corp.*	467		36,622
Williams Cos., Inc.	31,051		567,612

			61,715,047

Total Energy			77,135,031

Financials (6.4%)
*Capital Markets (1.1%)*
Affiliated Managers Group, Inc.*	5,746		349,184
Ameriprise Financial, Inc.	6,676		241,204
BlackRock, Inc.	1,522		218,255
Charles Schwab Corp.	127,626		1,809,737
Eaton Vance Corp.	15,217		420,141
Federated Investors, Inc., Class B	7,814		161,828
Franklin Resources, Inc.	19,178		1,652,952
GLG Partners, Inc.*	15,272		66,891
Goldman Sachs Group, Inc.	40,013		5,252,507
Greenhill & Co., Inc.	3,799		232,233
Invesco Ltd.	17,051		286,968
Janus Capital Group, Inc.	2,150		19,092
Lazard Ltd., Class A	11,864		316,887


	Number of Shares	Value (Note 1)

Morgan Stanley	57,337	$	1,330,792
Northern Trust Corp.	12,446		581,228
SEI Investments Co.	19,299		392,928
T. Rowe Price Group, Inc.	33,480		1,486,177
TD Ameritrade Holding Corp.*	30,078		460,193
Waddell & Reed Financial, Inc., Class A	11,144		243,831

			15,523,028

*Commercial Banks (2.8%)*
Bank of Hawaii Corp.	1,989		96,168
ICICI Bank Ltd. (ADR)	109,211		3,946,886
PNC Financial Services Group, Inc.	114,664		6,478,516
U.S. Bancorp	541,580		12,104,313
Wells Fargo & Co.	661,928		16,945,357

			39,571,240

*Consumer Finance (0.8%)*
American Express Co.	298,848		11,864,266

*Diversified Financial Services (0.8%)*
Interactive Brokers Group, Inc., Class A*	1,358		22,543
IntercontinentalExchange, Inc.*	9,538		1,078,080
JPMorgan Chase & Co.	261,523		9,574,357
Moody’s Corp.	26,474		527,362
MSCI, Inc., Class A*	14,227		389,820
NASDAQ OMX Group, Inc.*	1,707		30,351
NYSE Euronext	7,270		200,870

			11,823,383

*Insurance (0.4%)*
ACE Ltd.	6,640		341,827
Aflac, Inc.	57,237		2,442,303
Arch Capital Group Ltd.*	391		29,129
Arthur J. Gallagher & Co.	3,357		81,844
Axis Capital Holdings Ltd.	4,643		137,990
Brown & Brown, Inc.	7,776		148,833
Endurance Specialty Holdings Ltd.	637		23,907
Erie Indemnity Co., Class A	2,661		121,075
Genworth Financial, Inc., Class A*	11,666		152,475
Hartford Financial Services Group, Inc.	4,812		106,489
Marsh & McLennan Cos., Inc.	64,369		1,451,521
MetLife, Inc.	23,775		897,744
Travelers Cos., Inc.	7,412		365,041
Validus Holdings Ltd.	1,172		28,620

			6,328,798

*Real Estate Investment Trusts (REITs) (0.4%)*
AMB Property Corp. (REIT)	2,017		47,823
Apartment Investment & Management Co. (REIT), Class A	7,430		143,919
Digital Realty Trust, Inc. (REIT)	9,486		547,153
Equity Residential (REIT)	2,336		97,271
Essex Property Trust, Inc. (REIT)	1,510		147,285

See Notes to Financial Statements.

590

EQ ADVISORS TRUST

EQ/LARGE CAP GROWTH PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Federal Realty Investment Trust (REIT)	4,733	$	332,588
General Growth Properties, Inc. (REIT)	26,082		345,847
Plum Creek Timber Co., Inc. (REIT)	8,934		308,491
ProLogis (REIT)	3,811		38,606
Public Storage (REIT)	16,412		1,442,779
Rayonier, Inc. (REIT)	3,070		135,141
Simon Property Group, Inc. (REIT)	26,129		2,109,917
UDR, Inc. (REIT)	1,380		26,399
Ventas, Inc. (REIT)	5,503		258,366
Vornado Realty Trust (REIT)	1,875		136,781

			6,118,366

*Real Estate Management & Development (0.1%)*
CB Richard Ellis Group, Inc., Class A*	36,934		502,672
Jones Lang LaSalle, Inc.	5,422		355,900
St. Joe Co.*	10,733		248,576

			1,107,148

*Thrifts & Mortgage Finance (0.0%)*
Capitol Federal Financial	176		5,836
Hudson City Bancorp, Inc.	5,113		62,583

			68,419

Total Financials			92,404,648

Health Care (7.0%)
*Biotechnology (0.9%)*
Abraxis Bioscience, Inc.*	353		26,193
Alexion Pharmaceuticals, Inc.*	11,555		591,500
Amylin Pharmaceuticals, Inc.*	18,523		348,232
BioMarin Pharmaceutical, Inc.*	13,106		248,490
Celgene Corp.*	59,446		3,021,046
Dendreon Corp.*	17,407		562,768
Genzyme Corp.*	26,195		1,329,920
Gilead Sciences, Inc.*	114,790		3,935,001
Human Genome Sciences, Inc.*	24,166		547,602
Myriad Genetics, Inc.*	12,609		188,504
Regeneron Pharmaceuticals, Inc.*	8,368		186,774
Talecris Biotherapeutics Holdings Corp.*	6,606		139,387
United Therapeutics Corp.*	6,390		311,896
Vertex Pharmaceuticals, Inc.*	26,081		858,065

			12,295,378

*Health Care Equipment & Supplies (2.5%)*
Alcon, Inc.	8,946		1,325,708
Baxter International, Inc.	64,087		2,604,496
Becton, Dickinson and Co.	30,097		2,035,159
C.R. Bard, Inc.	12,266		950,983
CareFusion Corp.*	5,082		115,361
Cooper Cos., Inc.	1,119		44,525
Covidien plc	64,659		2,597,999
DENTSPLY International, Inc.	18,783		561,800
Edwards Lifesciences Corp.*	14,615		818,732
Gen-Probe, Inc.*	6,398		290,597
Hill-Rom Holdings, Inc.	6,863		208,841


	Number of Shares	Value (Note 1)

Hospira, Inc.*	21,397	$	1,229,258
IDEXX Laboratories, Inc.*	7,436		452,852
Intuitive Surgical, Inc.*	44,626		14,084,858
Inverness Medical Innovations, Inc.*	3,164		84,352
Kinetic Concepts, Inc.*	708		25,849
Medtronic, Inc.	109,264		3,963,005
ResMed, Inc.*	9,780		594,722
St. Jude Medical, Inc.*	42,150		1,521,193
Stryker Corp.	40,628		2,033,838
Teleflex, Inc.	802		43,533
Thoratec Corp.*	7,395		315,988
Varian Medical Systems, Inc.*	15,934		833,030

			36,736,679

*Health Care Providers & Services (1.0%)*
AmerisourceBergen Corp.	36,443		1,157,065
Brookdale Senior Living, Inc.*	1,512		22,680
Cardinal Health, Inc.	16,066		539,978
Community Health Systems, Inc.*	8,481		286,743
DaVita, Inc.*	13,401		836,759
Emdeon, Inc., Class A*	3,115		39,031
Emergency Medical Services Corp., Class A*	3,829		187,736
Express Scripts, Inc.*	70,699		3,324,267
Health Management Associates, Inc., Class A*	32,290		250,893
Henry Schein, Inc.*	11,786		647,052
Laboratory Corp. of America Holdings*	13,461		1,014,286
Lincare Holdings, Inc.*	12,820		416,762
McKesson Corp.	15,122		1,015,594
Medco Health Solutions, Inc.*	58,929		3,245,809
MEDNAX, Inc.*	5,730		318,645
Omnicare, Inc.	1,517		35,953
Patterson Cos., Inc.	13,172		375,797
Quest Diagnostics, Inc.	16,642		828,272
Tenet Healthcare Corp.*	45,080		195,647
Universal Health Services, Inc., Class B	775		29,566
VCA Antech, Inc.*	11,086		274,490

			15,043,025

*Health Care Technology (0.1%)*
Allscripts-Misys Healthcare Solutions, Inc.*	8,386		135,014
Cerner Corp.*	8,876		673,600
SXC Health Solutions Corp.*	3,949		289,264

			1,097,878

*Life Sciences Tools & Services (0.3%)*
Charles River Laboratories International, Inc.*	2,030		69,446
Covance, Inc.*	8,341		428,060
Illumina, Inc.*	15,775		686,686
Life Technologies Corp.*	16,676		787,941
Mettler-Toledo International, Inc.*	4,339		484,363
Millipore Corp.*	7,253		773,532
PerkinElmer, Inc.	6,914		142,912

See Notes to Financial Statements.

591

EQ ADVISORS TRUST

EQ/LARGE CAP GROWTH PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Pharmaceutical Product Development, Inc.	13,606	$	345,728
Techne Corp.	4,808		276,220
Waters Corp.*	11,988		775,624

			4,770,512

*Pharmaceuticals (2.2%)*
Abbott Laboratories, Inc.	179,593		8,401,361
Allergan, Inc.	39,223		2,285,132
Eli Lilly and Co.	30,173		1,010,795
Johnson & Johnson	53,364		3,151,678
Merck & Co., Inc.	408,995		14,302,555
Mylan, Inc.*	33,544		571,590
Perrigo Co.	10,419		615,450
Valeant Pharmaceuticals International*	7,341		383,861
Warner Chilcott plc, Class A*	11,612		265,334

			30,987,756

Total Health Care			100,931,228

Industrials (10.1%)
*Aerospace & Defense (3.0%)*
Alliant Techsystems, Inc.*	3,885		241,103
Boeing Co.	79,307		4,976,514
General Dynamics Corp.	181,729		10,642,050
Goodrich Corp.	167,385		11,089,256
Honeywell International, Inc.	98,831		3,857,374
Lockheed Martin Corp.	31,299		2,331,776
Precision Castparts Corp.	18,315		1,884,980
Rockwell Collins, Inc.	10,678		567,322
Spirit AeroSystems Holdings, Inc., Class A*	2,064		39,340
TransDigm Group, Inc.	6,352		324,143
United Technologies Corp.	110,009		7,140,684

			43,094,542

*Air Freight & Logistics (1.1%)*
C.H. Robinson Worldwide, Inc.	21,397		1,190,957
Expeditors International of Washington, Inc.	27,459		947,610
FedEx Corp.	124,858		8,753,795
United Parcel Service, Inc., Class B	92,117		5,240,536
UTi Worldwide, Inc.	10,974		135,858

			16,268,756

*Airlines (0.2%)*
AMR Corp.*	13,853		93,923
Continental Airlines, Inc., Class B*	18,012		396,264
Copa Holdings S.A., Class A	2,521		111,479
Delta Air Lines, Inc.*	102,236		1,201,273
Southwest Airlines Co.	12,766		141,830
UAL Corp.*	16,258		334,265

			2,279,034

*Building Products (0.1%)*
Armstrong World Industries, Inc.*	213		6,428
Lennox International, Inc.	6,059		251,872
Masco Corp.	13,875		149,295


	Number of Shares	Value (Note 1)

Owens Corning, Inc.*	8,191	$	244,993
USG Corp.*	3,559		42,993

			695,581

*Commercial Services & Supplies (0.2%)*
Avery Dennison Corp.	810		26,025
Copart, Inc.*	9,316		333,606
Corrections Corp. of America*	2,447		46,689
Covanta Holding Corp.*	968		16,059
Iron Mountain, Inc.	23,572		529,427
KAR Auction Services, Inc.*	326		4,033
Pitney Bowes, Inc.	19,140		420,314
R.R. Donnelley & Sons Co.	1,406		23,016
Republic Services, Inc.	12,515		372,071
Stericycle, Inc.*	10,915		715,806
Waste Connections, Inc.*	7,919		276,294

			2,763,340

*Construction & Engineering (0.1%)*
Aecom Technology Corp.*	4,030		92,932
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)*	5,278		99,279
Fluor Corp.	1,382		58,735
Jacobs Engineering Group, Inc.*	9,739		354,889
KBR, Inc.	1,201		24,428
Shaw Group, Inc.*	6,264		214,354

			844,617

*Electrical Equipment (0.5%)*
AMETEK, Inc.	13,717		550,738
Cooper Industries plc	21,609		950,796
Emerson Electric Co.	97,151		4,244,527
General Cable Corp.*	2,405		64,093
Hubbell, Inc., Class B	3,112		123,515
Regal-Beloit Corp.	4,162		232,156
Rockwell Automation, Inc.	18,393		902,913
Roper Industries, Inc.	12,121		678,291
Thomas & Betts Corp.*	1,183		41,050

			7,788,079

*Industrial Conglomerates (0.9%)*
3M Co.	91,922		7,260,919
Carlisle Cos., Inc.	556		20,088
General Electric Co.	319,506		4,607,277
McDermott International, Inc.*	23,550		510,093
Textron, Inc.	18,156		308,107
Tyco International Ltd.	9,550		336,446

			13,042,930

*Machinery (2.5%)*
Bucyrus International, Inc.	9,696		460,075
Caterpillar, Inc.	81,031		4,867,532
CNH Global N.V.*	566		12,820
Cummins, Inc.	25,873		1,685,109
Danaher Corp.	63,518		2,357,788
Deere & Co.	51,732		2,880,438
Donaldson Co., Inc.	9,944		424,112
Dover Corp.	15,224		636,211
Eaton Corp.	191,303		12,518,868
Flowserve Corp.	6,146		521,181
Gardner Denver, Inc.	6,389		284,886
Graco, Inc.	7,817		220,361

See Notes to Financial Statements.

592

EQ ADVISORS TRUST

EQ/LARGE CAP GROWTH PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Harsco Corp.	776	$	18,236
IDEX Corp.	8,654		247,245
Illinois Tool Works, Inc.	56,844		2,346,520
Joy Global, Inc.	13,278		665,095
Kennametal, Inc.	7,886		200,541
Lincoln Electric Holdings, Inc.	5,493		280,088
Manitowoc Co., Inc.	16,935		154,786
Navistar International Corp.*	9,175		451,410
Oshkosh Corp.*	11,579		360,802
PACCAR, Inc.	47,069		1,876,641
Pall Corp.	15,079		518,265
Parker Hannifin Corp.	5,878		325,994
Pentair, Inc.	6,617		213,067
SPX Corp.	1,248		65,907
Timken Co.	8,219		213,612
Toro Co.	4,337		213,033
Valmont Industries, Inc.	2,858		207,662
WABCO Holdings, Inc.*	8,421		265,093
Wabtec Corp.	964		38,454

			35,531,832

*Marine (0.0%)*
Kirby Corp.*	451		17,251

*Professional Services (0.1%)*
Dun & Bradstreet Corp.	6,499		436,213
FTI Consulting, Inc.*	4,888		213,068
IHS, Inc., Class A*	6,247		364,950
Robert Half International, Inc.	19,350		455,693
Towers Watson & Co., Class A	838		32,556
Verisk Analytics, Inc., Class A*	13,326		398,447

			1,900,927

*Road & Rail (1.3%)*
Con-way, Inc.	553		16,601
Hertz Global Holdings, Inc.*	21,316		201,650
J.B. Hunt Transport Services, Inc.	11,758		384,134
Kansas City Southern*	7,786		283,021
Landstar System, Inc.	6,468		252,187
Ryder System, Inc.	3,616		145,472
Union Pacific Corp.	254,777		17,709,549

			18,992,614

*Trading Companies & Distributors (0.1%)*
Fastenal Co.	17,076		857,045
GATX Corp.	1,602		42,741
MSC Industrial Direct Co., Class A	5,632		285,317
W.W. Grainger, Inc.	7,983		793,909
WESCO International, Inc.*	1,772		59,663

			2,038,675

Total Industrials			145,258,178

Information Technology (19.4%)
*Communications Equipment (2.5%)*
Ciena Corp.*	11,940		151,399
Cisco Systems, Inc.*	1,206,370		25,707,745
F5 Networks, Inc.*	10,338		708,877
Harris Corp.	16,747		697,513
JDS Uniphase Corp.*	27,836		273,906
Juniper Networks, Inc.*	67,865		1,548,679


	Number of Shares	Value (Note 1)

Polycom, Inc.*	10,991	$	327,422
QUALCOMM, Inc.	211,593		6,948,714

			36,364,255

*Computers & Peripherals (6.0%)*
Apple, Inc.*	243,739		61,307,671
Dell, Inc.*	219,487		2,647,013
Diebold, Inc.	1,826		49,758
EMC Corp.*	265,156		4,852,355
Hewlett-Packard Co.	302,498		13,092,113
NCR Corp.*	20,677		250,605
NetApp, Inc.*	44,570		1,662,907
QLogic Corp.*	14,411		239,511
SanDisk Corp.*	29,665		1,248,007
Seagate Technology*	45,391		591,899
Teradata Corp.*	21,528		656,173
Western Digital Corp.*	6,768		204,123

			86,802,135

*Electronic Equipment, Instruments & Components* (*0.3%)*
Agilent Technologies, Inc.*	45,061		1,281,084
Amphenol Corp., Class A	22,385		879,283
Arrow Electronics, Inc.*	1,720		38,442
AVX Corp.	467		5,987
Corning, Inc.	25,162		406,366
Dolby Laboratories, Inc., Class A*	6,906		432,937
FLIR Systems, Inc.*	19,777		575,313
Ingram Micro, Inc., Class A*	1,237		18,790
Itron, Inc.*	4,823		298,158
Jabil Circuit, Inc.	16,418		218,360
National Instruments Corp.	7,458		237,015
Trimble Navigation Ltd.*	15,645		438,060

			4,829,795

*Internet Software & Services (2.9%)*
Akamai Technologies, Inc.*	22,200		900,654
Baidu, Inc. (ADR)*	180,905		12,316,012
eBay, Inc.*	56,375		1,105,514
Equinix, Inc.*	5,871		476,843
Google, Inc., Class A*	54,964		24,456,232
IAC/InterActiveCorp*	4,586		100,754
Monster Worldwide, Inc.*	8,385		97,685
VeriSign, Inc.*	23,538		624,934
VistaPrint N.V.*	5,642		267,939
WebMD Health Corp.*	6,905		320,599
Yahoo!, Inc.*	75,391		1,042,657

			41,709,823

*IT Services (2.9%)*
Accenture plc, Class A	78,852		3,047,630
Alliance Data Systems Corp.*	6,920		411,878
Amdocs Ltd.*	7,455		200,167
Automatic Data Processing, Inc.	64,880		2,612,069
Broadridge Financial Solutions, Inc.	16,003		304,857
Cognizant Technology Solutions Corp., Class A*	38,622		1,933,417
DST Systems, Inc.	4,572		165,232
Fiserv, Inc.*	13,129		599,470
Gartner, Inc.*	9,429		219,224
Genpact Ltd.*	8,492		131,881

See Notes to Financial Statements.

593

EQ ADVISORS TRUST

EQ/LARGE CAP GROWTH PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Global Payments, Inc.	10,526	$	384,620
Hewitt Associates, Inc., Class A*	12,076		416,139
International Business Machines Corp.	165,412		20,425,074
Lender Processing Services, Inc.	12,229		382,890
Mastercard, Inc., Class A	12,554		2,504,900
NeuStar, Inc., Class A*	9,668		199,354
Paychex, Inc.	41,629		1,081,105
SAIC, Inc.*	39,902		667,960
Visa, Inc., Class A	60,227		4,261,060
Western Union Co.	86,697		1,292,652

			41,241,579

*Office Electronics (0.0%)*
Zebra Technologies Corp., Class A*	4,257		108,000

*Semiconductors & Semiconductor Equipment (2.0%)*
Advanced Micro Devices, Inc.*	29,666		217,155
Altera Corp.	38,911		965,382
Analog Devices, Inc.	38,435		1,070,799
Applied Materials, Inc.	173,270		2,082,705
Atheros Communications, Inc.*	9,019		248,383
Atmel Corp.*	53,185		255,288
Avago Technologies Ltd.*	13,692		288,354
Broadcom Corp., Class A	64,014		2,110,542
Cree, Inc.*	13,865		832,316
Cypress Semiconductor Corp.*	21,147		212,316
First Solar, Inc.*	7,151		813,998
Intel Corp.	490,914		9,548,277
Intersil Corp., Class A	5,694		68,954
KLA-Tencor Corp.	1,206		33,623
Lam Research Corp.*	16,320		621,139
Linear Technology Corp.	28,912		804,043
Marvell Technology Group Ltd.*	69,832		1,100,552
Maxim Integrated Products, Inc.	39,000		652,470
MEMC Electronic Materials, Inc.*	12,227		120,803
Microchip Technology, Inc.	23,765		659,241
National Semiconductor Corp.	28,139		378,751
Novellus Systems, Inc.*	10,989		278,681
NVIDIA Corp.*	73,808		753,580
ON Semiconductor Corp.*	55,418		353,567
PMC-Sierra, Inc.*	1,567		11,784
Rambus, Inc.*	13,534		237,116
Silicon Laboratories, Inc.*	5,934		240,683
Skyworks Solutions, Inc.*	22,804		382,879
SunPower Corp., Class A*	4,910		59,411
Teradyne, Inc.*	23,249		226,678
Texas Instruments, Inc.	71,416		1,662,565
Varian Semiconductor Equipment Associates, Inc.*	9,620		275,709
Xilinx, Inc.	35,685		901,403

			28,469,147

*Software* (*2.8%)*
Activision Blizzard, Inc.	18,126		190,142
Adobe Systems, Inc.*	67,902		1,794,650
ANSYS, Inc.*	11,673		473,574
Autodesk, Inc.*	29,573		720,398
BMC Software, Inc.*	23,413		810,792
CA, Inc.	40,848		751,603


	Number of Shares	Value (Note 1)

Cadence Design Systems, Inc.*	34,854	$	201,805
Citrix Systems, Inc.*	23,960		1,011,831
Compuware Corp.*	16,399		130,864
Electronic Arts, Inc.*	39,970		575,568
FactSet Research Systems, Inc.	6,082		407,433
Informatica Corp.*	11,846		282,882
Intuit, Inc.*	36,181		1,258,013
McAfee, Inc.*	20,125		618,240
MICROS Systems, Inc.*	10,356		330,046
Microsoft Corp.	660,986		15,209,288
Nuance Communications, Inc.*	29,338		438,603
Oracle Corp.	491,390		10,545,229
Red Hat, Inc.*	24,331		704,139
Rovi Corp.*	13,164		499,047
Salesforce.com, Inc.*	14,775		1,267,990
Solera Holdings, Inc.	9,028		326,814
Sybase, Inc.*	11,204		724,451
Symantec Corp.*	9,682		134,386
Synopsys, Inc.*	1,195		24,940
VMware, Inc., Class A*	9,479		593,291

			40,026,019

Total Information Technology			279,550,753

Materials (5.5%)
*Chemicals (3.7%)*
Air Products & Chemicals, Inc.	27,392		1,775,276
Airgas, Inc.	10,767		669,707
Albemarle Corp.	11,789		468,141
Ashland, Inc.	901		41,824
Celanese Corp., Class A	20,207		503,356
CF Industries Holdings, Inc.	6,607		419,214
Dow Chemical Co.	711,695		16,881,405
E.I. du Pont de Nemours & Co.	40,321		1,394,703
Eastman Chemical Co.	1,932		103,092
Ecolab, Inc.	30,102		1,351,881
FMC Corp.	6,413		368,299
International Flavors & Fragrances, Inc.	10,257		435,102
Lubrizol Corp.	8,799		706,648
Monsanto Co.	163,396		7,552,163
Mosaic Co.	20,394		794,958
Nalco Holding Co.	16,710		341,887
Potash Corp. of Saskatchewan, Inc.	49,594		4,276,987
PPG Industries, Inc.	3,518		212,522
Praxair, Inc.	172,874		13,136,695
RPM International, Inc.	8,358		149,107
Scotts Miracle-Gro Co., Class A	5,924		263,085
Sherwin-Williams Co.	7,335		507,509
Sigma-Aldrich Corp.	14,451		720,093
Valspar Corp.	1,293		38,945

			53,112,599

*Construction Materials (0.0%)*
Eagle Materials, Inc.	5,654		146,608
Martin Marietta Materials, Inc.	5,861		497,072

			643,680

*Containers & Packaging (0.1%)*
Ball Corp.	2,500		132,075
Crown Holdings, Inc.*	20,894		523,185

See Notes to Financial Statements.

594

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Owens-Illinois, Inc.*	6,573	$	173,856
Pactiv Corp.*	15,393		428,695
Temple-Inland, Inc.	2,567		53,060

			1,310,871

*Metals & Mining (1.6%)*
AK Steel Holding Corp.	2,112		25,175
Alcoa, Inc.	19,091		192,055
Allegheny Technologies, Inc.	12,711		561,699
BHP Billiton plc (ADR)	242,238		12,460,723
Carpenter Technology Corp.	5,673		186,245
Cliffs Natural Resources, Inc.	17,469		823,838
Compass Minerals International, Inc.	4,221		296,652
Freeport-McMoRan Copper & Gold, Inc.	55,808		3,299,927
Gerdau Ameristeel Corp.*	2,173		23,686
Newmont Mining Corp.	61,363		3,788,552
Nucor Corp.	17,438		667,527
Reliance Steel & Aluminum Co.	1,081		39,078
Royal Gold, Inc.	869		41,712
Schnitzer Steel Industries, Inc., Class A	572		22,422
Southern Copper Corp.	21,819		579,076
Titanium Metals Corp.*	11,024		193,912
United States Steel Corp.	3,477		134,038
Walter Energy, Inc.	5,440		331,024

			23,667,341

*Paper & Forest Products (0.1%)*
International Paper Co.	43,814		991,511

Total Materials			79,726,002

Telecommunication Services (0.4%)
*Diversified Telecommunication Services (0.1%)*
Frontier Communications Corp.	15,679		111,478
Level 3 Communications, Inc.*	82,467		89,889
tw telecom, Inc.*	19,568		326,394
Windstream Corp.	25,865		273,135

			800,896

*Wireless Telecommunication Services (0.3%)*
American Tower Corp., Class A*	52,095		2,318,227
Clearwire Corp., Class A*	14,950		108,836
Crown Castle International Corp.*	37,464		1,395,909
MetroPCS Communications, Inc.*	15,498		126,929
NII Holdings, Inc.*	17,047		554,368
SBA Communications Corp., Class A*	15,093		513,313

			5,017,582

Total Telecommunication Services			5,818,478

Utilities (0.1%)
*Electric Utilities (0.0%)*
ITC Holdings Corp.	5,684		300,740

*Gas Utilities (0.1%)*
EQT Corp.	17,876		646,039


	Number of Shares		Value (Note 1)

*Independent Power Producers & Energy Traders (0.0%)*
Calpine Corp.*		20,938	$	266,331
Ormat Technologies, Inc.		1,291		36,523

				302,854

Total Utilities				1,249,633

Total Common Stocks (70.7%) (Cost $912,077,626)				1,020,058,268

INVESTMENT COMPANIES:
*Exchange Traded Funds (ETFs) (9.1%)*
iShares Morningstar Large Core Index Fund		16,923		1,004,719
iShares Morningstar Large Growth Index Fund		804,865		41,861,029
iShares Morningstar Large Value Index Fund		162,568		7,993,469
iShares NYSE 100 Index Fund		11,194		558,916
iShares Russell 1000 Growth Index Fund		637,618		29,228,409
iShares Russell 1000 Index Fund		42,225		2,412,736
iShares Russell 1000 Value Index Fund		54,590		2,959,324
iShares S&P 100 Index Fund		47,087		2,206,968
iShares S&P 500 Growth Index Fund		682,750		36,144,785
iShares S&P 500 Index Fund		27,879		2,884,361
iShares S&P 500 Value Index Fund		77,104		3,828,985

Total Investment Companies (9.1%) (Cost $121,456,555)				131,083,701

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investment (17.6%)
BlackRock Liquidity Funds TempFund
0.16%‡	$	254,031,186		254,031,186

*Time Deposit (0.8%)*
JPMorgan Chase Nassau 0.000%, 7/1/10		11,431,662		11,431,662

Total Short-Term Investments (18.4%) (Amortized Cost $265,462,848)				265,462,848

Total Investments (98.2%) (Cost/Amortized Cost $1,298,997,029)				1,416,604,817
Other Assets Less Liabilities (1.8%)				26,645,546

Net Assets (100%)			$	1,443,250,363

*	Non-income producing.

‡	Affiliated company as defined under the Investment Company Act of 1940.

Glossary:

ADR—

American Depositary Receipt

See Notes to Financial Statements.

595

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	—	$	342,311,179	$	88,279,993	$	254,031,186	$	47,499	$	—

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
NASDAQ 100 E-Mini Index	1,605	September-10	$	58,747,034	$	55,789,800	$	(2,957,234	)
S&P 500 E-Mini Index	4,390	September-10		237,839,472		225,338,700		(12,500,772	)

							$	(15,458,006	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (Including quoted prices for similar securities, Interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (Including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	160,238,811		$	—	$	—	$	160,238,811
Consumer Staples		77,745,506			—		—		77,745,506
Energy		77,135,031			—		—		77,135,031
Financials		92,404,648			—		—		92,404,648
Health Care		100,931,228			—		—		100,931,228
Industrials		145,258,178			—		—		145,258,178
Information Technology		279,550,753			—		—		279,550,753
Materials		79,726,002			—		—		79,726,002
Telecommunication Services		5,818,478			—		—		5,818,478
Utilities		1,249,633			—		—		1,249,633
Investment Companies
Exchange Traded Funds (ETFs)		131,083,701			—		—		131,083,701
Short-Term Investments		—			265,462,848		—		265,462,848

Total Assets	$	1,151,141,969		$	265,462,848	$	—	$	1,416,604,817


Liabilities:
Futures	$	(15,458,006	)	$	—	$	—	$	(15,458,006	)

Total Liabilities	$	(15,458,006	)	$	—	$	—	$	(15,458,006	)

Total	$	1,135,683,963		$	265,462,848	$	—	$	1,401,146,811

See Notes to Financial Statements.

596

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	—


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation		—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(15,458,006	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(15,458,006	)

* Includes cumulative appreciation/depreciation of futures as reported in Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(22,063,810	)		—		—		(22,063,810	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(22,063,810	)	$	—	$	—	$	(22,063,810	)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(15,800,989	)		—		—		(15,800,989	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(15,800,989	)	$	—	$	—	$	(15,800,989	)

The Portfolio held futures contracts with an average notional balance of approximately $76,823,000 during the six months ended June 30, 2010.

This Portfolio held futures contracts to gain or reduce exposure to the financial markets.

See Notes to Financial Statements.

597

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	394,798,080
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	723,346,162

As of June 30, 2010, 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	$	80,307,151
Aggregate gross unrealized depreciation		(38,184,700	)

Net unrealized appreciation	$	42,122,451

Federal income tax cost of investments	$	1,374,482,366

The Portfolio has a net capital loss carryforward of $1,104,720,226 of which $430,153,032 expires in the year 2010, $51,610,054 expires in the year 2011, $58,268,818 expires in the year 2016, and $564,688,322 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $254,031,186)	$	254,031,186
Unaffiliated Issuers (Cost $1,044,965,843)		1,162,573,631
Cash held as collateral at broker		29,328,000
Receivable for securities sold		2,387,624
Dividends, interest and other receivables		1,505,916
Receivable from Separate Accounts for Trust shares sold		186,723
Receivable from investment sub-advisor		20,440
Other assets		6,938

Total assets		1,450,040,458

LIABILITIES
Overdraft payable		248,998
Variation margin payable on futures contracts		2,727,886
Payable for securities purchased		1,546,442
Investment management fees payable		790,094
Payable to Separate Accounts for Trust shares redeemed		745,250
Administrative fees payable		200,509
Distribution fees payable - Class IB		129,304
Accrued expenses		401,612

Total liabilities		6,790,095

NET ASSETS	$	1,443,250,363

Net assets were comprised of:
Paid in capital	$	2,408,078,783
Accumulated undistributed net investment income (loss)		4,931,760
Accumulated undistributed net realized gains (losses) on investments and futures		(1,071,909,338	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		102,149,158

Net assets	$	1,443,250,363

Class IA
Net asset value, offering and redemption price per share, $851,738,883 / 62,619,171 shares outstanding (unlimited amount authorized: $0.01 par value)	$	13.60

Class IB
Net asset value, offering and redemption price per share, $591,511,480 / 44,734,875 shares outstanding (unlimited amount authorized: $0.01 par value)	$	13.22

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $1,488 foreign withholding tax) ($47,499 of dividend income received from affiliates)	$	11,045,933
Interest		283

Total income		11,046,216

EXPENSES
Investment management fees		3,997,477
Administrative fees		1,268,673
Distribution fees - Class IB		830,788
Recoupment fees		209,494
Printing and mailing expenses		94,624
Custodian fees		51,569
Trustees’ fees		19,046
Professional fees		17,821
Miscellaneous		25,564

Gross expenses		6,515,056
Less: Reimbursement from sub-advisor		(20,440	)
Fees paid indirectly		(4,247	)

Net expenses		6,490,369

NET INVESTMENT INCOME (LOSS)		4,555,847

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		130,703,085
Futures		(22,063,810	)

Net realized gain (loss)		108,639,275

Change in unrealized appreciation (depreciation) on:
Securities		(243,861,541	)
Foreign currency translations		(995	)
Futures		(15,800,989	)

Net change in unrealized appreciation (depreciation)		(259,663,525	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(151,024,250	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(146,468,403	)

See Notes to Financial Statements.

599

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	4,555,847		$	20,403,027
Net realized gain (loss) on investments, futures and foreign currency transactions		108,639,275			(489,606,629	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(259,663,525	)		841,525,409

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(146,468,403	)		372,321,807

DIVIDENDS:
Dividends from net investment income
Class IA		—			(12,813,760	)
Class IB		—			(7,535,946	)

TOTAL DIVIDENDS		—			(20,349,706	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [2,155,938 and 16,576,000 shares, respectively]		32,350,937			190,410,835
Capital shares issued in reinvestment of dividends [0 and 878,623 shares, respectively]		—			12,813,760
Capital shares repurchased [(2,387,008) and (167,320,264) shares, respectively]		(35,451,246	)		(1,852,682,488	)

Total Class IA transactions		(3,100,309	)		(1,649,457,893	)

Class IB
Capital shares sold [1,688,330 and 4,896,286 shares, respectively]		24,926,338			59,256,735
Capital shares issued in reinvestment of dividends [0 and 529,615 shares, respectively]		—			7,535,946
Capital shares repurchased [(3,498,149) and (7,976,883) shares, respectively]		(51,121,111	)		(95,887,953	)

Total Class IB transactions		(26,194,773	)		(29,095,272	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(29,295,082	)		(1,678,553,165	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(175,763,485	)		(1,326,581,064	)
NET ASSETS:
Beginning of period		1,619,013,848			2,945,594,912

End of period (a)	$	1,443,250,363		$	1,619,013,848

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	4,931,760		$	375,913

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	14.95		$	11.32		$	18.12		$	15.74		$	14.57		$	13.32

Income (loss) from investment operations:
Net investment income (loss)		0.05	(e)		0.13	(e)		0.14	(e)		0.10			—	#(e)		(0.01	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1.40	)		3.71			(6.89	)		2.39			1.17			1.26

Total from investment operations		(1.35	)		3.84			(6.75	)		2.49			1.17			1.25

Less distributions:
Dividends from net investment income		—			(0.21	)		(0.05	)		(0.11	)		—			—

Net asset value, end of period	$	13.60		$	14.95		$	11.32		$	18.12		$	15.74		$	14.57

Total return (b)		(9.03	)%		33.93	%		(37.28	)%		15.81	%		8.03	%		9.38	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	851,739		$	939,856		$	2,408,216		$	7,371		$	4,679		$	3,304
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.71	%		0.70	%		0.73	%		0.73	%		0.77	%		0.71	%
After waivers, reimbursements and fees paid indirectly (a)		0.71	%		0.69	%		0.73	%		0.58	%		0.75	%		0.68	%
Before waivers, reimbursements and fees paid indirectly (a)		0.71	%		0.70	%		0.74	%		0.74	%		0.77	%		0.71	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.66	%		1.10	%		0.18	%		0.49	%		(0.04	)%		(0.11	)%
After waivers, reimbursements and fees paid indirectly (a)		0.66	%		1.10	%		0.18	%		0.64	%		(0.02	)%		(0.08	)%
Before waivers, reimbursements and fees paid indirectly (a)		0.66	%		1.10	%		0.17	%		0.49	%		(0.04	)%		(0.11	)%
Portfolio turnover rate		27	%		43	%		33	%		136	%		130	%		97	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	14.59		$	10.95		$	17.75		$	15.40		$	14.29		$	13.11
Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)		0.12	(e)		0.07	(e)		0.06			(0.04	)(e)		(0.04	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1.40	)		3.68			(6.85	)		2.35			1.15			1.22

Total from investment operations		(1.37	)		3.80			(6.78	)		2.41			1.11			1.18

Less distributions:
Dividends from net investment income		—			(0.16	)		(0.02	)		(0.06	)		—			—

Net asset value, end of period	$	13.22		$	14.59		$	10.95		$	17.75		$	15.40		$	14.29

Total return (b)		(9.39	)%		34.77	%		(38.28	)%		15.66	%		7.77	%		9.00	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	591,511		$	679,158		$	537,379		$	978,032		$	860,495		$	916,611
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.96	%		0.95	%(c)		0.98	%(c)		0.98	%(c)		1.02	%(c)		0.96	%
After waivers, reimbursements and fees paid indirectly (a)		0.96	%		0.94	%		0.98	%(c)		0.83	%		1.00	%(c)		0.93	%
Before waivers, reimbursements and fees paid indirectly (a)		0.96	%		0.95	%(c)		0.99	%(c)		0.99	%		1.02	%(c)		0.96	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.44	%		0.94	%		0.48	%		0.24	%		(0.30	)%		(0.36	)%
After waivers, reimbursements and fees paid indirectly (a)		0.44	%		0.95	%		0.49	%		0.39	%		(0.28	)%		(0.33	)%
Before waivers, reimbursements and fees paid indirectly (a)		0.44	%		0.94	%		0.47	%		0.23	%		(0.30	)%		(0.36	)%
Portfolio turnover rate		27	%		43	%		33	%		136	%		130	%		97	%

#	Per share 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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

602

EQ/LARGE CAP VALUE INDEX PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Financials	28.0	%
Health Care	13.2
Energy	10.4
Consumer Staples	10.3
Industrials	8.6
Consumer Discretionary	7.2
Utilities	7.2
Information Technology	5.4
Telecommunication Services	4.9
Materials	2.9
Cash and Other	1.9

	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10- 6/30/10
Class IA
Actual	$1,000.00	$946.40	$2.90
Hypothetical (5% average return before expenses)	1,000.00	1,021.82	3.01
Class IB
Actual	1,000.00	944.10	4.10
Hypothetical (5% average return before expenses)	1,000.00	1,020.58	4.26
* 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 181/365 (to reflect the one-half year period).

603

EQ ADVISORS TRUST

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (7.2%)
*Auto Components (0.1%)*
Autoliv, Inc.*	1,254	$	60,004
BorgWarner, Inc.*	194		7,244
Federal-Mogul Corp.*	278		3,619
Johnson Controls, Inc.	826		22,195
Lear Corp.*	700		46,340
TRW Automotive Holdings Corp.*	600		16,542

			155,944

*Distributors (0.1%)*
Genuine Parts Co.	3,601		142,059

*Diversified Consumer Services (0.1%)*
Education Management Corp.*	300		4,575
H&R Block, Inc.	4,300		67,467
Service Corp. International	6,175		45,695

			117,737

*Hotels, Restaurants & Leisure (0.4%)*
Brinker International, Inc.	300		4,338
Carnival Corp.	6,014		181,863
Choice Hotels International, Inc.	494		14,924
Hyatt Hotels Corp., Class A*	1,000		37,090
International Speedway Corp., Class A	599		15,430
MGM MIRAGE*	5,052		48,701
Penn National Gaming, Inc.*	1,480		34,188
Royal Caribbean Cruises Ltd.*	1,740		39,620
Wendy’s/Arby’s Group, Inc., Class A	4,731		18,924
Wyndham Worldwide Corp.	3,983		80,218

			475,296

*Household Durables (0.8%)*
D.R. Horton, Inc.	6,450		63,403
Fortune Brands, Inc.	2,949		115,542
Garmin Ltd.	2,370		69,157
Harman International Industries, Inc.*	762		22,776
Jarden Corp.	2,065		55,487
KB Home	1,557		17,127
Leggett & Platt, Inc.	1,252		25,115
Lennar Corp., Class A	3,722		51,773
M.D.C. Holdings, Inc.	802		21,614
Mohawk Industries, Inc.*	1,080		49,421
Newell Rubbermaid, Inc.	6,168		90,300
Pulte Group, Inc.*	7,039		58,283
Stanley Black & Decker, Inc.	3,551		179,396
Toll Brothers, Inc.*	3,237		52,957
Whirlpool Corp.	957		84,044

			956,395

*Internet & Catalog Retail (0.1%)*
Expedia, Inc.	2,693		50,575
Liberty Media Corp. - Interactive, Class A*	13,181		138,400

			188,975

*Leisure Equipment & Products (0.1%)*
Mattel, Inc.	3,375		71,415


	Number of Shares	Value (Note 1)

*Media (4.7%)*
Cablevision Systems Corp. - New York Group, Class A	5,380	$	129,174
CBS Corp., Class B	13,153		170,068
Central European Media Enterprises Ltd., Class A*	747		14,865
Clear Channel Outdoor Holdings, Inc., Class A*	838		7,274
Comcast Corp., Class A	62,008		1,077,079
Discovery Communications, Inc., Class A*	1,700		60,707
DISH Network Corp., Class A	4,484		81,385
Gannett Co., Inc.	5,414		72,872
Interactive Data Corp.	25		835
John Wiley & Sons, Inc., Class A	100		3,867
Lamar Advertising Co., Class A*	952		23,343
Liberty Global, Inc., Class A*	5,556		144,400
Liberty Media Corp. - Capital, Class A*	1,770		74,181
Liberty Media Corp. - Starz*	1,162		60,238
Madison Square Garden, Inc., Class A*	945		18,588
McGraw-Hill Cos., Inc.	2,100		59,094
Meredith Corp.	424		13,199
New York Times Co., Class A*	2,956		25,569
News Corp., Class A	39,824		476,295
Omnicom Group, Inc.	1,300		44,590
Regal Entertainment Group, Class A	865		11,280
Thomson Reuters Corp.	5,600		200,648
Time Warner Cable, Inc.	7,846		408,620
Time Warner, Inc.	19,884		574,846
Viacom, Inc., Class B	10,759		337,510
Virgin Media, Inc.	7,299		121,820
Walt Disney Co.	43,265		1,362,848
Washington Post Co., Class B	144		59,109

			5,634,304

*Multiline Retail (0.3%)*
J.C. Penney Co., Inc.	3,508		75,352
Kohl’s Corp.*	1,719		81,652
Macy’s, Inc.	8,334		149,179
Sears Holdings Corp.*	991		64,068

			370,251

*Specialty Retail (0.4%)*
Aaron’s, Inc.	700		11,949
Abercrombie & Fitch Co., Class A	420		12,890
American Eagle Outfitters, Inc.	3,500		41,125
AutoNation, Inc.*	1,072		20,904
Foot Locker, Inc.	3,481		43,930
GameStop Corp., Class A*	3,348		62,909
Gap, Inc.	1,187		23,099
Lowe’s Cos., Inc.	7,604		155,274
Office Depot, Inc.*	4,801		19,396
RadioShack Corp.	2,622		51,155
Signet Jewelers Ltd.*	2,008		55,220

			497,851

*Textiles, Apparel & Luxury Goods (0.1%)*
VF Corp.	1,972		140,367

Total Consumer Discretionary			8,750,594

See Notes to Financial Statements.

604

EQ ADVISORS TRUST

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Consumer Staples (10.3%)
*Beverages (1.6%)*
Brown-Forman Corp., Class B	542	$	31,019
Central European Distribution Corp.*	1,378		29,462
Coca-Cola Co.	11,817		592,268
Coca-Cola Enterprises, Inc.	2,730		70,598
Constellation Brands, Inc., Class A*	4,240		66,229
Dr. Pepper Snapple Group, Inc.	3,723		139,203
Hansen Natural Corp.*	200		7,822
Molson Coors Brewing Co., Class B	2,710		114,795
PepsiCo, Inc.	15,100		920,345

			1,971,741

*Food & Staples Retailing (1.8%)*
BJ’s Wholesale Club, Inc.*	961		35,567
CVS Caremark Corp.	26,619		780,469
Kroger Co.	13,367		263,196
Safeway, Inc.	8,594		168,958
SUPERVALU, Inc.	4,713		51,089
Walgreen Co.	1,900		50,730
Wal-Mart Stores, Inc.	17,800		855,646

			2,205,655

*Food Products (2.6%)*
Archer-Daniels-Midland Co.	14,144		365,198
Bunge Ltd.	3,072		151,112
Campbell Soup Co.	1,437		51,488
ConAgra Foods, Inc.	8,831		205,939
Corn Products International, Inc.	1,635		49,540
Dean Foods Co.*	4,000		40,280
Del Monte Foods Co.	4,371		62,899
Flowers Foods, Inc.	1,032		25,212
General Mills, Inc.	5,968		211,983
H.J. Heinz Co.	4,154		179,536
Hershey Co.	1,479		70,888
Hormel Foods Corp.	1,394		56,429
J.M. Smucker Co.	2,621		157,837
Kellogg Co.	600		30,180
Kraft Foods, Inc., Class A	35,285		987,980
McCormick & Co., Inc. (Non-Voting)	1,500		56,940
Mead Johnson Nutrition Co.	3,874		194,165
Ralcorp Holdings, Inc.*	1,284		70,363
Sara Lee Corp.	4,202		59,248
Smithfield Foods, Inc.*	2,803		41,765
Tyson Foods, Inc., Class A	6,822		111,812

			3,180,794

*Household Products (3.3%)*
Clorox Co.	160		9,945
Colgate-Palmolive Co.	1,800		141,768
Energizer Holdings, Inc.*	1,542		77,532
Kimberly-Clark Corp.	1,863		112,954
Procter & Gamble Co.	59,602		3,574,927

			3,917,126

*Personal Products (0.1%)*
Alberto-Culver Co.	1,504		40,743
NBTY, Inc.*	1,288		43,805

			84,548


	Number of Shares	Value (Note 1)

*Tobacco (0.9%)*
Altria Group, Inc.	19,100	$	382,764
Lorillard, Inc.	3,341		240,485
Philip Morris International, Inc.	6,400		293,376
Reynolds American, Inc.	3,692		192,427

			1,109,052

Total Consumer Staples			12,468,916

Energy (10.4%)
*Energy Equipment & Services (1.4%)*
Atwood Oceanics, Inc.*	981		25,035
Baker Hughes, Inc.	6,830		283,923
Cameron International Corp.*	2,300		74,796
Diamond Offshore Drilling, Inc.	1,000		62,190
Dresser-Rand Group, Inc.*	200		6,310
Exterran Holdings, Inc.*	1,218		31,436
Helmerich & Payne, Inc.	2,121		77,459
Nabors Industries Ltd.*	3,743		65,952
National Oilwell Varco, Inc.	9,266		306,427
Oceaneering International, Inc.*	1,200		53,880
Oil States International, Inc.*	1,089		43,103
Patterson-UTI Energy, Inc.	2,809		36,152
Pride International, Inc.*	2,016		45,037
Rowan Cos., Inc.*	2,166		47,522
SEACOR Holdings, Inc.*	538		38,015
Smith International, Inc.	5,475		206,134
Superior Energy Services, Inc.*	1,566		29,237
Tidewater, Inc.	1,164		45,070
Unit Corp.*	862		34,989
Weatherford International Ltd.*	9,700		127,458

			1,640,125

*Oil, Gas & Consumable Fuels (9.0%)*
Alpha Natural Resources, Inc.*	2,300		77,901
Anadarko Petroleum Corp.	10,904		393,525
Apache Corp.	7,438		626,205
Arch Coal, Inc.	1,094		21,672
Atlas Energy, Inc.*	500		13,535
Cabot Oil & Gas Corp.	2,334		73,101
Chesapeake Energy Corp.	14,353		300,695
Chevron Corp.	41,857		2,840,416
Cobalt International Energy, Inc.*	1,000		7,450
Comstock Resources, Inc.*	952		26,389
ConocoPhillips	20,242		993,680
Consol Energy, Inc.	2,700		91,152
Continental Resources, Inc.*	67		2,990
Denbury Resources, Inc.*	9,084		132,990
Devon Energy Corp.	9,794		596,651
El Paso Corp.	12,672		140,786
Exxon Mobil Corp.	9,167		523,165
Forest Oil Corp.*	896		24,515
Frontier Oil Corp.	2,283		30,706
Frontline Ltd.	181		5,166
Hess Corp.	6,401		322,226
Holly Corp.	300		7,974
Marathon Oil Corp.	11,483		357,006
Mariner Energy, Inc.*	2,072		44,507
Massey Energy Co.	2,312		63,233
Murphy Oil Corp.	3,698		183,236
Newfield Exploration Co.*	2,958		144,528
Noble Energy, Inc.	3,872		233,598
Occidental Petroleum Corp.	14,279		1,101,625

See Notes to Financial Statements.

605

EQ ADVISORS TRUST

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Peabody Energy Corp.	5,900	$	230,867
Petrohawk Energy Corp.*	1,900		32,243
Pioneer Natural Resources Co.	2,601		154,629
Plains Exploration & Production Co.*	3,061		63,087
Quicksilver Resources, Inc.*	2,400		26,400
SandRidge Energy, Inc.*	3,476		20,265
SM Energy Co.	474		19,036
Southern Union Co.	2,477		54,147
Spectra Energy Corp.	14,259		286,178
Sunoco, Inc.	2,741		95,305
Teekay Corp.	924		24,181
Tesoro Corp.	3,109		36,282
Valero Energy Corp.	12,488		224,534
Whiting Petroleum Corp.*	1,026		80,459
Williams Cos., Inc.	7,604		139,001

			10,867,237

Total Energy			12,507,362

Financials (28.0%)
*Capital Markets (3.2%)*
Ameriprise Financial, Inc.	4,499		162,549
Ares Capital Corp.	4,200		52,626
Bank of New York Mellon Corp.	26,668		658,433
BlackRock, Inc.	532		76,289
ETRADE Financial Corp.	4,800		56,736
Federated Investors, Inc., Class B	597		12,364
GLG Partners, Inc.*	300		1,314
Goldman Sachs Group, Inc.	11,356		1,490,702
Invesco Ltd.	6,679		112,408
Janus Capital Group, Inc.	3,715		32,989
Jefferies Group, Inc.	2,565		54,070
Legg Mason, Inc.	3,676		103,038
Morgan Stanley	20,977		486,876
Northern Trust Corp.	3,200		149,440
Raymond James Financial, Inc.	2,335		57,651
State Street Corp.	11,100		375,402

			3,882,887

*Commercial Banks (5.8%)*
Associated Banc-Corp	3,921		48,071
BancorpSouth, Inc.	1,837		32,846
Bank of Hawaii Corp.	762		36,843
BB&T Corp.	15,278		401,964
BOK Financial Corp.	553		26,251
CapitalSource, Inc.	7,107		33,829
CIT Group, Inc.*	4,400		148,984
City National Corp./California	985		50,462
Comerica, Inc.	3,845		141,611
Commerce Bancshares, Inc./Missouri	1,557		56,036
Cullen/Frost Bankers, Inc.	1,167		59,984
East West Bancorp, Inc.	3,300		50,325
Fifth Third Bancorp	17,485		214,891
First Citizens BancShares, Inc./North Carolina, Class A	144		27,696
First Horizon National Corp.*	4,698		53,790
Fulton Financial Corp.	4,512		43,541
Huntington Bancshares, Inc./Ohio	15,793		87,493
KeyCorp	19,407		149,240
M&T Bank Corp.	1,655		140,592


	Number of Shares	Value (Note 1)

Marshall & Ilsley Corp.	12,246	$	87,926
PNC Financial Services Group, Inc.	11,618		656,417
Popular, Inc.*	13,779		36,928
Regions Financial Corp.	26,885		176,903
SunTrust Banks, Inc.	11,012		256,580
Synovus Financial Corp.	17,239		43,787
TCF Financial Corp.	3,108		51,624
U.S. Bancorp	42,170		942,500
Valley National Bancorp	3,802		51,783
Wells Fargo & Co.	107,224		2,744,934
Wilmington Trust Corp.	2,048		22,712
Zions Bancorp	3,645		78,623

			6,955,166

*Consumer Finance (0.6%)*
AmeriCredit Corp.*	1,313		23,923
Capital One Financial Corp.	10,011		403,443
Discover Financial Services	12,205		170,626
SLM Corp.*	10,695		111,121

			709,113

*Diversified Financial Services (7.3%)*
Bank of America Corp.	220,922		3,174,649
Citigroup, Inc.*	465,911		1,751,825
CME Group, Inc.	1,478		416,131
Interactive Brokers Group, Inc., Class A*	862		14,309
JPMorgan Chase & Co.	87,590		3,206,670
Leucadia National Corp.*	4,342		84,713
NASDAQ OMX Group, Inc.*	2,726		48,468
NYSE Euronext	4,413		121,931

			8,818,696

*Insurance (7.5%)*
ACE Ltd.	6,300		324,324
Aflac, Inc.	600		25,602
Alleghany Corp.*	154		45,168
Allied World Assurance Co. Holdings Ltd./Bermuda	1,119		50,780
Allstate Corp.	11,876		341,198
American Financial Group, Inc./Ohio	1,897		51,826
American International Group, Inc.*	2,614		90,026
American National Insurance Co.	112		9,069
Aon Corp.	5,982		222,052
Arch Capital Group Ltd.*	1,077		80,237
Arthur J. Gallagher & Co.	1,755		42,787
Aspen Insurance Holdings Ltd.	1,824		45,126
Assurant, Inc.	2,602		90,289
Assured Guaranty Ltd.	4,100		54,407
Axis Capital Holdings Ltd.	2,103		62,501
Berkshire Hathaway, Inc., Class B*	38,100		3,036,189
Brown & Brown, Inc.	1,182		22,623
Chubb Corp.	7,215		360,822
Cincinnati Financial Corp.	3,190		82,525
CNA Financial Corp.*	297		7,591
Endurance Specialty Holdings Ltd.	875		32,839
Erie Indemnity Co., Class A	226		10,283
Everest Reinsurance Group Ltd.	1,272		89,956
Fidelity National Financial, Inc., Class A	4,485		58,260

See Notes to Financial Statements.

606

EQ ADVISORS TRUST

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Genworth Financial, Inc., Class A*	8,764	$	114,546
Hanover Insurance Group, Inc.	1,074		46,719
Hartford Financial Services Group, Inc.	8,988		198,904
HCC Insurance Holdings, Inc.	2,478		61,355
Lincoln National Corp.	6,616		160,703
Loews Corp.	6,965		232,004
Markel Corp.*	224		76,160
Marsh & McLennan Cos., Inc.	928		20,926
MBIA, Inc.*	2,842		15,944
Mercury General Corp.	584		24,201
MetLife, Inc.	8,884		335,460
Old Republic International Corp.	5,437		65,951
OneBeacon Insurance Group Ltd., Class A	519		7,432
PartnerReinsurance Ltd.	1,702		119,378
Principal Financial Group, Inc.	7,000		164,080
Progressive Corp.	14,807		277,187
Protective Life Corp.	1,878		40,170
Prudential Financial, Inc.	10,241		549,532
Reinsurance Group of America, Inc.	1,485		67,879
RenaissanceReinsurance Holdings Ltd.	1,350		75,965
StanCorp Financial Group, Inc.	1,096		44,432
Symetra Financial Corp.	500		6,000
Torchmark Corp.	1,839		91,049
Transatlantic Holdings, Inc.	1,407		67,480
Travelers Cos., Inc.	9,624		473,982
Unitrin, Inc.	919		23,526
Unum Group	7,325		158,953
Validus Holdings Ltd.	1,763		43,052
W.R. Berkley Corp.	2,797		74,009
Wesco Financial Corp.	68		21,978
White Mountains Insurance Group Ltd.	161		52,196
XL Capital Ltd., Class A	7,564		121,100

			9,068,733

*Real Estate Investment Trusts (REITs)* (*3.2%)*
Alexandria Real Estate Equities, Inc. (REIT)	986		62,483
AMB Property Corp. (REIT)	3,311		78,504
Annaly Capital Management, Inc. (REIT)	12,545		215,147
Apartment Investment & Management Co. (REIT), Class A	1,332		25,801
AvalonBay Communities, Inc. (REIT)	1,844		172,174
Boston Properties, Inc. (REIT)	3,021		215,518
Brandywine Realty Trust (REIT)	2,793		30,025
BRE Properties, Inc. (REIT)	1,454		53,696
Camden Property Trust (REIT)	1,500		61,275
Chimera Investment Corp. (REIT)	17,348		62,626
Corporate Office Properties Trust/Maryland (REIT)	1,252		47,275
Developers Diversified Realty Corp. (REIT)	4,400		43,560
Digital Realty Trust, Inc. (REIT)	100		5,768
Douglas Emmett, Inc. (REIT)	2,633		37,441
Duke Realty Corp. (REIT)	5,263		59,735


	Number of Shares	Value (Note 1)

Equity Residential (REIT)	5,845	$	243,386
Essex Property Trust, Inc. (REIT)	429		41,845
Federal Realty Investment Trust (REIT)	510		35,838
General Growth Properties, Inc. (REIT)	1,000		13,260
HCP, Inc. (REIT)	6,445		207,851
Health Care REIT, Inc. (REIT)	2,748		115,746
Hospitality Properties Trust (REIT)	2,910		61,401
Host Hotels & Resorts, Inc. (REIT)	14,469		195,042
HRPT Properties Trust (REIT)*	5,891		36,583
Kimco Realty Corp. (REIT)	8,922		119,912
Liberty Property Trust (REIT)	2,643		76,251
Macerich Co. (REIT)	2,939		109,683
Mack-Cali Realty Corp. (REIT)	1,895		56,338
Nationwide Health Properties, Inc. (REIT)	2,634		94,218
Piedmont Office Realty Trust, Inc. (REIT), Class A	900		16,857
Plum Creek Timber Co., Inc. (REIT)	2,075		71,650
ProLogis (REIT)	9,807		99,345
Public Storage (REIT)	300		26,373
Rayonier, Inc. (REIT)	1,270		55,905
Realty Income Corp. (REIT)	2,403		72,883
Regency Centers Corp. (REIT)	1,892		65,085
Senior Housing Properties Trust (REIT)	2,999		60,310
Simon Property Group, Inc. (REIT)	2,034		164,245
SL Green Realty Corp. (REIT)	1,791		98,577
Taubman Centers, Inc. (REIT)	1,149		43,237
UDR, Inc. (REIT)	3,327		63,645
Ventas, Inc. (REIT)	2,520		118,314
Vornado Realty Trust (REIT)	3,269		238,474
Weingarten Realty Investors (REIT)	2,535		48,292

			3,821,574

*Real Estate Management & Development (0.0%)*
Forest City Enterprises, Inc., Class A*	2,377		26,908
St. Joe Co.*	200		4,632

			31,540

*Thrifts & Mortgage Finance (0.4%)*
Capitol Federal Financial	400		13,264
First Niagara Financial Group, Inc.	4,994		62,575
Hudson City Bancorp, Inc.	9,481		116,047
New York Community Bancorp, Inc.	9,880		150,868
People’s United Financial, Inc.	8,344		112,644
TFS Financial Corp.	1,601		19,868
Washington Federal, Inc.	2,439		39,463

			514,729

Total Financials			33,802,438

See Notes to Financial Statements.

607

EQ ADVISORS TRUST

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Health Care (13.2%)
*Biotechnology (1.3%)*
Abraxis Bioscience, Inc.*	100	$	7,420
Amgen, Inc.*	21,100		1,109,860
Biogen Idec, Inc.*	5,900		279,955
Cephalon, Inc.*	1,700		96,475
Genzyme Corp.*	1,400		71,078

			1,564,788

*Health Care Equipment & Supplies (0.9%)*
Baxter International, Inc.	2,200		89,408
Beckman Coulter, Inc.	1,500		90,435
Boston Scientific Corp.*	33,388		193,650
CareFusion Corp.*	3,109		70,574
Cooper Cos., Inc.	842		33,503
Hill-Rom Holdings, Inc.	200		6,086
Hologic, Inc.*	5,392		75,111
Inverness Medical Innovations, Inc.*	1,337		35,644
Kinetic Concepts, Inc.*	1,217		44,433
Medtronic, Inc.	5,600		203,112
Teleflex, Inc.	702		38,105
Zimmer Holdings, Inc.*	4,500		243,225

			1,123,286

*Health Care Providers & Services (2.1%)*
Aetna, Inc.	9,322		245,914
Brookdale Senior Living, Inc.*	1,611		24,165
Cardinal Health, Inc.	5,218		175,377
CIGNA Corp.	5,886		182,819
Community Health Systems, Inc.*	626		21,165
Coventry Health Care, Inc.*	3,287		58,114
Emdeon, Inc., Class A*	200		2,506
Health Net, Inc.*	2,296		55,954
Humana, Inc.*	3,714		169,618
LifePoint Hospitals, Inc.*	1,322		41,511
Lincare Holdings, Inc.*	1		16
McKesson Corp.	3,356		225,389
MEDNAX, Inc.*	89		4,949
Omnicare, Inc.	2,385		56,525
Quest Diagnostics, Inc.	400		19,908
Tenet Healthcare Corp.*	3,324		14,426
UnitedHealth Group, Inc.	25,077		712,187
Universal Health Services, Inc., Class B	1,798		68,594
WellPoint, Inc.*	9,286		454,364

			2,533,501

*Life Sciences Tools & Services (0.5%)*
Bio-Rad Laboratories, Inc., Class A*	400		34,596
Charles River Laboratories International, Inc.*	1,157		39,581
Life Technologies Corp.*	1,165		55,046
PerkinElmer, Inc.	1,392		28,773
Thermo Fisher Scientific, Inc.*	9,032		443,019

			601,015

*Pharmaceuticals (8.4%)*
Abbott Laboratories, Inc.	3,300		154,374
Bristol-Myers Squibb Co.	37,924		945,825
Eli Lilly and Co.	17,244		577,674


	Number of Shares	Value (Note 1)

Endo Pharmaceuticals Holdings, Inc.*	2,673	$	58,325
Forest Laboratories, Inc.*	6,798		186,469
Johnson & Johnson	51,616		3,048,441
King Pharmaceuticals, Inc.*	5,825		44,212
Merck & Co., Inc.	68,707		2,402,684
Mylan, Inc.*	1,075		18,318
Pfizer, Inc.	177,613		2,532,761
Watson Pharmaceuticals, Inc.*	2,525		102,439

			10,071,522

Total Health Care			15,894,112

Industrials (8.6%)
*Aerospace & Defense (1.9%)*
Alliant Techsystems, Inc.*	100		6,206
BE Aerospace, Inc.*	2,123		53,988
Boeing Co.	3,224		202,306
General Dynamics Corp.	7,564		442,948
Goodrich Corp.	2,000		132,500
ITT Corp.	4,044		181,657
L-3 Communications Holdings, Inc.	2,568		181,917
Lockheed Martin Corp.	1,500		111,750
Northrop Grumman Corp.	6,643		361,645
Raytheon Co.	8,434		408,121
Rockwell Collins, Inc.	1,600		85,008
Spirit AeroSystems Holdings, Inc., Class A*	2,019		38,482
United Technologies Corp.	1,784		115,799

			2,322,327

*Air Freight & Logistics (0.1%)*
FedEx Corp.	2,469		173,102
UTi Worldwide, Inc.	46		569

			173,671

*Airlines (0.2%)*
AMR Corp.*	5,000		33,900
Copa Holdings S.A., Class A	200		8,844
Southwest Airlines Co.	14,234		158,140
UAL Corp.*	900		18,504

			219,388

*Building Products* (*0.1%)*
Armstrong World Industries, Inc.*	285		8,601
Masco Corp.	5,568		59,912
Owens Corning, Inc.*	1,017		30,419
USG Corp.*	867		10,473

			109,405

*Commercial Services & Supplies (0.7%)*
Avery Dennison Corp.	2,189		70,333
Cintas Corp.	2,642		63,329
Corrections Corp. of America*	2,216		42,281
Covanta Holding Corp.*	2,734		45,357
KAR Auction Services, Inc.*	500		6,185
Pitney Bowes, Inc.	1,340		29,426
R.R. Donnelley & Sons Co.	4,337		70,997
Republic Services, Inc.	5,002		148,709
Waste Connections, Inc.*	415		14,479
Waste Management, Inc.	10,633		332,707

			823,803

See Notes to Financial Statements.

608

EQ ADVISORS TRUST

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Construction & Engineering (0.4%)*
Aecom Technology Corp.*	1,500	$	34,590
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)*	1,300		24,453
Fluor Corp.	3,700		157,250
Jacobs Engineering Group, Inc.*	1,100		40,084
KBR, Inc.	3,342		67,976
Quanta Services, Inc.*	4,858		100,318
Shaw Group, Inc.*	745		25,494
URS Corp.*	1,668		65,636

			515,801

*Electrical Equipment (0.1%)*
General Cable Corp.*	703		18,735
Hubbell, Inc., Class B	788		31,276
Regal-Beloit Corp.	100		5,578
Thomas & Betts Corp.*	832		28,870

			84,459

*Industrial Conglomerates (2.5%)*
Carlisle Cos., Inc.	1,139		41,152
General Electric Co.	180,624		2,604,598
McDermott International, Inc.*	1,100		23,826
Textron, Inc.	2,906		49,315
Tyco International Ltd.	9,600		338,208

			3,057,099

*Machinery (0.9%)*
AGCO Corp.*	2,028		54,695
CNH Global N.V.*	500		11,325
Crane Co.	1,046		31,600
Danaher Corp.	916		34,002
Deere & Co.	573		31,905
Dover Corp.	1,514		63,270
Eaton Corp.	2,741		179,371
Flowserve Corp.	200		16,960
Gardner Denver, Inc.	64		2,854
Harsco Corp.	1,638		38,493
IDEX Corp.	301		8,599
Ingersoll-Rand plc	7,100		244,879
Kennametal, Inc.	439		11,164
Parker Hannifin Corp.	2,500		138,650
Pentair, Inc.	1,020		32,844
Snap-On, Inc.	1,303		53,306
SPX Corp.	855		45,152
Terex Corp.*	2,582		48,387
Timken Co.	462		12,007
Trinity Industries, Inc.	1,704		30,195
Wabtec Corp.	900		35,901

			1,125,559

*Marine (0.1%)*
Alexander & Baldwin, Inc.	871		25,938
Kirby Corp.*	952		36,414

			62,352

*Professional Services (0.2%)*
Equifax, Inc.	2,826		79,297
FTI Consulting, Inc.*	200		8,718
Manpower, Inc.	1,848		79,797
Towers Watson & Co., Class A	800		31,080

			198,892


	Number of Shares	Value (Note 1)

*Road & Rail (1.4%)*
Con-way, Inc.	886	$	26,598
CSX Corp.	8,568		425,230
Hertz Global Holdings, Inc.*	600		5,676
Kansas City Southern*	891		32,388
Norfolk Southern Corp.	8,178		433,843
Ryder System, Inc.	558		22,448
Union Pacific Corp.	9,740		677,027

			1,623,210

*Trading Companies & Distributors* (*0.0%)*
GATX Corp.	583		15,554
WESCO International, Inc.*	470		15,825

			31,379

Total Industrials			10,347,345

Information Technology (5.4%)
*Communications Equipment (0.4%)*
Brocade Communications Systems, Inc.*	9,823		50,687
CommScope, Inc.*	2,047		48,657
EchoStar Corp., Class A*	776		14,806
Motorola, Inc.*	51,141		333,439
Tellabs, Inc.	8,510		54,379

			501,968

*Computers & Peripherals (0.2%)*
Diebold, Inc.	1,171		31,910
Lexmark International, Inc., Class A*	1,773		58,562
Seagate Technology*	2,949		38,455
Western Digital Corp.*	3,860		116,418

			245,345

*Electronic Equipment, Instruments & Components (0.7%)*
Arrow Electronics, Inc.*	2,374		53,059
Avnet, Inc.*	3,349		80,744
AVX Corp.	791		10,141
Corning, Inc.	30,102		486,147
Ingram Micro, Inc., Class A*	3,599		54,669
Itron, Inc.*	26		1,607
Jabil Circuit, Inc.	1,116		14,843
Molex, Inc.	2,898		52,859
Tech Data Corp.*	1,110		39,538
Vishay Intertechnology, Inc.*	3,167		24,513

			818,120

*Internet Software & Services (0.5%)*
AOL, Inc.*	2,434		50,603
eBay, Inc.*	15,676		307,406
IAC/InterActiveCorp*	1,163		25,551
Monster Worldwide, Inc.*	1,126		13,118
Yahoo!, Inc.*	17,621		243,699

			640,377

*IT Services (0.5%)*
Amdocs Ltd.*	3,275		87,934
Broadridge Financial Solutions, Inc.	249		4,743
Computer Sciences Corp.	3,482		157,561
Convergys Corp.*	1,795		17,609

See Notes to Financial Statements.

609

EQ ADVISORS TRUST

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

CoreLogic, Inc.	2,267	$	40,035
Fidelity National Information Services, Inc.	7,281		195,276
Fiserv, Inc.*	1,100		50,226
Total System Services, Inc.	3,665		49,844

			603,228

*Office Electronics (0.2%)*
Xerox Corp.	30,411		244,504
Zebra Technologies Corp., Class A*	223		5,658

			250,162

*Semiconductors & Semiconductor Equipment (1.4%)*
Advanced Micro Devices, Inc.*	8,118		59,424
Atmel Corp.*	1,080		5,184
Fairchild Semiconductor International, Inc.*	2,644		22,236
Intel Corp.	38,691		752,540
International Rectifier Corp.*	1,533		28,529
Intersil Corp., Class A	1,348		16,324
KLA-Tencor Corp.	3,586		99,978
LSI Corp.*	14,994		68,972
MEMC Electronic Materials, Inc.*	2,900		28,652
Micron Technology, Inc.*	18,859		160,113
National Semiconductor Corp.	500		6,730
Novellus Systems, Inc.*	267		6,771
PMC-Sierra, Inc.*	4,811		36,179
SunPower Corp., Class A*	1,300		15,730
Texas Instruments, Inc.	14,700		342,216

			1,649,578

*Software (1.5%)*
Activision Blizzard, Inc.	8,368		87,780
CA, Inc.	1,607		29,569
Compuware Corp.*	2,151		17,165
Electronic Arts, Inc.*	400		5,760
Microsoft Corp.	55,800		1,283,958
Novell, Inc.*	7,714		43,816
Symantec Corp.*	15,900		220,692
Synopsys, Inc.*	3,083		64,342

			1,753,082

Total Information Technology			6,461,860

Materials (2.9%)
*Chemicals (1.4%)*
Ashland, Inc.	1,651		76,639
Cabot Corp.	1,400		33,754
CF Industries Holdings, Inc.	367		23,286
Cytec Industries, Inc.	1,026		41,030
Dow Chemical Co.	25,524		605,429
E.I. du Pont de Nemours & Co.	13,042		451,123
Eastman Chemical Co.	1,312		70,008
FMC Corp.	516		29,634
Huntsman Corp.	3,456		29,964
Intrepid Potash, Inc.*	934		18,278
PPG Industries, Inc.	3,013		182,015
RPM International, Inc.	1,322		23,585
Sherwin-Williams Co.	800		55,352
Sigma-Aldrich Corp.	200		9,966
Valspar Corp.	2,015		60,692

			1,710,755


	Number of Shares	Value (Note 1)

*Construction Materials (0.1%)*
Vulcan Materials Co.	2,844	$	124,652

*Containers & Packaging (0.5%)*
AptarGroup, Inc.	1,544		58,394
Ball Corp.	1,573		83,102
Bemis Co., Inc.	2,525		68,175
Greif, Inc., Class A	801		44,487
Owens-Illinois, Inc.*	2,502		66,178
Packaging Corp. of America	1,998		43,996
Pactiv Corp.*	341		9,497
Sealed Air Corp.	3,564		70,282
Sonoco Products Co.	2,331		71,049
Temple-Inland, Inc.	1,894		39,149

			554,309

*Metals & Mining (0.6%)*
AK Steel Holding Corp.	2,035		24,257
Alcoa, Inc.	19,217		193,323
Commercial Metals Co.	2,370		31,331
Gerdau Ameristeel Corp.*	2,700		29,430
Nucor Corp.	3,928		150,364
Reliance Steel & Aluminum Co.	1,429		51,658
Royal Gold, Inc.	741		35,568
Schnitzer Steel Industries, Inc., Class A	424		16,621
Steel Dynamics, Inc.	4,950		65,291
United States Steel Corp.	2,523		97,262
Walter Energy, Inc.	300		18,255

			713,360

*Paper & Forest Products (0.3%)*
Domtar Corp.	900		44,235
International Paper Co.	2,089		47,274
MeadWestvaco Corp.	3,917		86,957
Weyerhaeuser Co.	4,687		164,983

			343,449

Total Materials			3,446,525

Telecommunication Services (4.9%)
*Diversified Telecommunication Services (4.5%)*
AT&T, Inc.	130,100		3,147,119
CenturyLink, Inc.	6,596		219,713
Frontier Communications Corp.	3,780		26,876
Level 3 Communications, Inc.*	22,433		24,452
Qwest Communications International, Inc.	38,280		200,970
Verizon Communications, Inc.	62,307		1,745,842
Windstream Corp.	6,458		68,196

			5,433,168

*Wireless Telecommunication Services (0.4%)*
Clearwire Corp., Class A*	1,390		10,119
Leap Wireless International, Inc.*	1,350		17,523
MetroPCS Communications, Inc.*	2,900		23,751
NII Holdings, Inc.*	787		25,593
Sprint Nextel Corp.*	64,963		275,443
Telephone & Data Systems, Inc.	1,948		59,200
U.S. Cellular Corp.*	345		14,197

			425,826

Total Telecommunication Services			5,858,994

See Notes to Financial Statements.

610

EQ ADVISORS TRUST

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Utilities (7.2%)
*Electric Utilities (3.5%)*
Allegheny Energy, Inc.	3,780	$	78,170
American Electric Power Co., Inc.	10,556		340,959
DPL, Inc.	2,493		59,583
Duke Energy Corp.	28,971		463,536
Edison International	7,178		227,686
Entergy Corp.	4,187		299,873
Exelon Corp.	14,591		554,020
FirstEnergy Corp.	6,711		236,429
Great Plains Energy, Inc.	2,944		50,107
Hawaiian Electric Industries, Inc.	2,021		46,038
ITC Holdings Corp.	100		5,291
NextEra Energy, Inc.	9,161		446,690
Northeast Utilities	3,942		100,442
NV Energy, Inc.	5,161		60,952
Pepco Holdings, Inc.	4,887		76,628
Pinnacle West Capital Corp.	2,396		87,119
PPL Corp.	8,300		207,085
Progress Energy, Inc.	6,373		249,949
Southern Co.	18,154		604,165
Westar Energy, Inc.	2,364		51,086

			4,245,808

*Gas Utilities (0.5%)*
AGL Resources, Inc.	1,706		61,109
Atmos Energy Corp.	2,149		58,109
Energen Corp.	1,600		70,928
EQT Corp.	200		7,228
National Fuel Gas Co.	1,641		75,289
ONEOK, Inc.	2,321		100,383
Questar Corp.	3,902		177,502
UGI Corp.	2,399		61,031

			611,579

*Independent Power Producers & Energy Traders (0.4%)*
AES Corp.*	14,724		136,050
Calpine Corp.*	4,097		52,114
Constellation Energy Group, Inc.	4,076		131,451
Mirant Corp.*	3,089		32,620
NRG Energy, Inc.*	5,660		120,048
Ormat Technologies, Inc.	200		5,658
RRI Energy, Inc.*	7,546		28,599

			506,540

*Multi-Utilities (2.7%)*
Alliant Energy Corp.	2,572		81,635
Ameren Corp.	5,397		128,287
CenterPoint Energy, Inc.	8,698		114,466
CMS Energy Corp.	5,313		77,835
Consolidated Edison, Inc.	6,247		269,246
Dominion Resources, Inc.	13,156		509,663


	Number of Shares		Value (Note 1)

DTE Energy Co.		3,762	$	171,585
Integrys Energy Group, Inc.		1,691		73,964
MDU Resources Group, Inc.		4,255		76,718
NiSource, Inc.		6,166		89,407
NSTAR		2,354		82,390
OGE Energy Corp.		2,135		78,056
PG&E Corp.		8,196		336,856
Public Service Enterprise Group, Inc.		11,170		349,956
SCANA Corp.		2,532		90,544
Sempra Energy		5,450		255,005
TECO Energy, Inc.		4,938		74,416
Vectren Corp.		1,748		41,358
Wisconsin Energy Corp.		2,675		135,729
Xcel Energy, Inc.		10,117		208,511

				3,245,627

*Water Utilities (0.1%)*
American Water Works Co., Inc.		3,834		78,981
Aqua America, Inc.		3,024		53,464

				132,445

Total Utilities				8,741,999

Total Common Stocks (98.1%) (Cost $116,991,434)				118,280,145

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (0.4%)
U.S. Treasury Bills 0.15%, 10/14/10 #(p)	$	444,000		443,804

Time Deposit (1.1%)
JPMorgan Chase Nassau 0.000%, 7/1/10		1,370,307		1,370,307

Total Short-Term Investments (1.5%) (Cost/Amortized Cost $1,814,203)				1,814,111

Total Investments (99.6%) (Cost/Amortized Cost $118,805,637)				120,094,256
Other Assets Less Liabilities (0.4%)				517,862

Net Assets (100%)			$	120,612,118

*	Non-income producing.

#	All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $443,803.

(p)

Yield to maturity.

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index	32	September-10	$	1,732,609	$	1,642,560	$	(90,049	)
S&P MidCap 400 E-Mini Index	6	September-10		435,703		426,000		(9,703	)

							$	(99,752	)

See Notes to Financial Statements.

611

EQ ADVISORS TRUST

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	8,750,594		$	—	$	—	$	8,750,594
Consumer Staples		12,468,916			—		—		12,468,916
Energy		12,507,362			—		—		12,507,362
Financials		33,802,438			—		—		33,802,438
Health Care		15,894,112			—		—		15,894,112
Industrials		10,347,345			—		—		10,347,345
Information Technology		6,461,860			—		—		6,461,860
Materials		3,446,525			—		—		3,446,525
Telecommunication Services		5,858,994			—		—		5,858,994
Utilities		8,741,999			—		—		8,741,999
Short-Term Investments		—			1,814,111		—		1,814,111

Total Assets	$	118,280,145		$	1,814,111	$	—	$	120,094,256


Liabilities:
Futures	$	(99,752	)	$	—	$	—	$	(99,752	)

Total Liabilities	$	(99,752	)	$	—	$	—	$	(99,752	)

Total	$	118,180,393		$	1,814,111	$	—	$	119,994,504

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	—

See Notes to Financial Statements.

612

EQ ADVISORS TRUST

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Liability Derivatives	Fair Value
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(99,752	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(99,752	)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts		—		—		—		—		—
Credit contracts		—		—		—		—		—
Equity contracts		—		28,146		—		—		28,146
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	28,146	$	—	$	—	$	28,146


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(147,277	)		—		—		(147,277	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(147,277	)	$	—	$	—	$	(147,277	)

The Portfolio held futures contracts with an average notional balance of approximately $2,249,000 during the six months ended June 30, 2010.

^ This Portfolio held futures contracts to gain or reduce exposure to the financial markets.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	37,806,693
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	33,079,161

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

As of June 30, 2010, 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	$	2,215,360
Aggregate gross unrealized depreciation		(5,382,507	)

Net unrealized depreciation	$	(3,167,147	)

Federal income tax cost of investments	$	123,261,403

The Portfolio has a net capital loss carryforward of $56,096,953 of which $50,050,032 expires in the year 2016, and $6,046,921 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $118,805,637)	$	120,094,256
Cash		20,910
Receivable from Separate Accounts for Trust shares sold		583,384
Dividends, interest and other receivables		173,929
Other assets		1,297

Total assets		120,873,776

LIABILITIES
Payable for securities purchased		81,870
Investment management fees payable		36,265
Distribution fees payable - Class IB		25,355
Variation margin payable on futures contracts		16,080
Payable to Separate Accounts for Trust shares redeemed		14,756
Administrative fees payable		13,071
Trustees’ fees payable		604
Accrued expenses		73,657

Total liabilities		261,658

NET ASSETS	$	120,612,118

Net assets were comprised of:
Paid in capital	$	177,289,041
Accumulated undistributed net investment income (loss)		939,555
Accumulated undistributed net realized gain (loss) on investments and futures		(58,805,345	)
Unrealized appreciation (depreciation) on investments and futures		1,188,867

Net assets	$	120,612,118

Class IA
Net asset value, offering and redemption price per share, $2,837,528 / 643,649 shares outstanding (unlimited amount authorized: $0.01 par value)	$	4.41

Class IB
Net asset value, offering and redemption price per share, $117,774,590 / 26,827,888 shares outstanding (unlimited amount authorized: $0.01 par value)	$	4.39

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends	$	1,469,279
Interest		199

Total income		1,469,478

EXPENSES
Investment management fees		224,525
Distribution fees - Class IB		157,428
Administrative fees		81,034
Custodian fees		47,772
Professional fees		15,557
Printing and mailing expenses		7,542
Trustees’ fees		1,502
Miscellaneous		6,508

Gross expenses		541,868
Less: Fees paid indirectly		(11,917	)

Net expenses		529,951

NET INVESTMENT INCOME (LOSS)		939,527

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		4,355,146
Futures		28,146

Net realized gain (loss)		4,383,292

Change in unrealized appreciation (depreciation) on:
Securities		(12,462,435	)
Futures		(147,277	)

Net change in unrealized appreciation (depreciation)		(12,609,712	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(8,226,420	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,286,893	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	939,527		$	9,516,662
Net realized gain (loss) on investments and futures		4,383,292			230,630,183
Net change in unrealized appreciation (depreciation) on investments and futures		(12,609,712	)		6,987,902

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(7,286,893	)		247,134,747

DIVIDENDS:
Dividends from net investment income
Class IA		—			(138,320	)
Class IB		—			(9,506,628	)

TOTAL DIVIDENDS		—			(9,644,948	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [329,856 and 230,232,315 shares, respectively]		1,585,508			874,311,638
Capital shares issued in reinvestment of dividends [0 and 30,129 shares, respectively]		—			138,320
Capital shares repurchased [(60,991) and (230,167,118) shares, respectively]		(290,106	)		(1,098,827,933	)

Total Class IA transactions		1,295,402			(224,377,975	)

Class IB
Capital shares sold [3,696,920 and 8,987,680 shares, respectively]		17,776,618			36,126,193
Capital shares issued in reinvestment of dividends [0 and 2,076,824 shares, respectively]		—			9,506,628
Capital shares repurchased [(3,280,674) and (5,346,598) shares, respectively]		(15,617,905	)		(23,088,176	)

Total Class IB transactions		2,158,713			22,544,645

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		3,454,115			(201,833,330	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(3,832,778	)		35,656,469
NET ASSETS:
Beginning of period		124,444,896			88,788,427

End of period (a)	$	120,612,118		$	124,444,896

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	939,555		$	28

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,												October 3, 2005* to December 31, 2005
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			October 3, 2005* to December 31, 2005
Net asset value, beginning of period	$	4.66		$	4.25		$	10.32		$	11.19		$	10.45		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.04	(e)		0.09	(e)		0.12	(e)		0.03	(e)		0.03	(e)		0.01	(e)
Net realized and unrealized gain (loss) on investments and futures		(0.29	)		0.73			(5.88	)		(0.67	)		0.71			0.47

Total from investment operations		(0.25	)		0.82			(5.76	)		(0.64	)		0.74			0.48

Less distributions:
Dividends from net investment income		—			(0.41	)		(0.11	)		—			—	#		(0.03	)
Distributions from net realized gains		—			—			(0.20	)		(0.23	)		—	#		—

Total dividends and distributions		—			(0.41	)		(0.31	)		(0.23	)		—	#		(0.03	)

Net asset value, end of period	$	4.41		$	4.66		$	4.25		$	10.32		$	11.19		$	10.45

Total return (b)		(5.36	)%		19.37	%		(56.56	)%		(5.70	)%		7.12	%		4.80	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,838		$	1,746		$	1,187		$	1,246		$	112		$	105
Ratio of expenses to average net assets:
After waivers (a)		0.60	%		0.50	%		0.75	%		0.75	%		0.75	%		0.75	%
After waivers and fees paid indirectly (a)		0.58	%		0.49	%		0.45	%		0.72	%		0.72	%		0.74	%
Before waivers and fees paid indirectly (a)		0.60	%		0.50	%		0.83	%		0.82	%		0.84	%		3.64	%
Ratio of net investment income to average net assets:
After waivers (a)		1.79	%		2.03	%		1.50	%		0.28	%		0.21	%		0.35	%
After waivers and fees paid indirectly (a)		1.80	%		2.04	%		1.80	%		0.30	%		0.24	%		0.36	%
Before waivers and fees paid indirectly (a)		1.79	%		2.03	%		1.42	%		0.21	%		0.12	%		(2.54	)%
Portfolio turnover rate		26	%		100	%		82	%		29	%		9	%		0	%‡

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,												October 3, 2005* to December 31, 2005
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			October 3, 2005* to December 31, 2005
Net asset value, beginning of period	$	4.65		$	4.23		$	10.29		$	11.18		$	10.47		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)		0.08	(e)		0.10	(e)		(0.01	)(e)		—	#(e)		—	#(e)
Net realized and unrealized gain (loss) on investments and futures		(0.29	)		0.73			(5.86	)		(0.65	)		0.71			0.47

Total from investment operations		(0.26	)		0.81			(5.76	)		(0.66	)		0.71			0.47

Less distributions:
Dividends from net investment income		—			(0.39	)		(0.10	)		—			—	#		—	#
Distributions from net realized gains		—			—			(0.20	)		(0.23	)		—	#		—

Total dividends and distributions		—			(0.39	)		(0.30	)		(0.23	)		—	#		—	#

Net asset value, end of period	$	4.39		$	4.65		$	4.23		$	10.29		$	11.18		$	10.47

Total return (b)		(5.59	)%		19.34	%		(56.75	)%		(5.88	)%		6.81	%		4.74	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	117,775		$	122,699		$	87,602		$	213,065		$	203,514		$	32,087
Ratio of expenses to average net assets:
After waivers (a)		0.85	%		0.75	%(c)		1.00	%		1.00	%		1.00	%		1.00	%
After waivers and fees paid indirectly (a)		0.83	%		0.74	%(c)		0.70	%(c)		0.97	%(c)		0.97	%(c)		0.99	%
Before waivers and fees paid indirectly (a)		0.85	%		0.75	%(c)		1.08	%		1.07	%		1.09	%		3.89	%
Ratio of net investment income to average net assets:
After waivers (a)		1.44	%		1.97	%		1.16	%		(0.07	)%		(0.05	)%		0.10	%
After waivers and fees paid indirectly (a)		1.46	%		1.97	%		1.37	%		(0.05	)%		(0.01	)%		0.11	%
Before waivers and fees paid indirectly (a)		1.44	%		1.97	%		1.07	%		(0.15	)%		(0.14	)%		(2.79	)%
Portfolio turnover rate		26	%		100	%		82	%		29	%		9	%		0	%‡

*	Commencement of Operations.

#	Per share amount is less than $0.01.

‡	Amount is less than 1%.

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

618

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Sector Weightings as of 06/30/10	% of Net Assets
Financials	18.9	%
Health Care	10.7
Energy	9.2
Consumer Staples	8.8
Consumer Discretionary	8.8
Information Technology	7.1
Industrials	6.1
Utilities	4.6
Telecommunication Services	3.6
Materials	2.1
Cash and Other	20.1

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$927.90	$3.25
Hypothetical (5% average return before expenses)	1,000.00	1,021.42	3.41
Class IB
Actual	1,000.00	927.60	4.40
Hypothetical (5% average return before expenses)	1,000.00	1,020.23	4.61
* 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 181/365 (to reflect the one-half year period).

619

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (8.8%)
*Auto Components (0.3%)*
Autoliv, Inc.*	17,100	$	818,235
BorgWarner, Inc.*	2,800		104,552
Federal-Mogul Corp.*	4,500		58,590
Johnson Controls, Inc.	11,600		311,692
Lear Corp.*	86,000		5,693,200
TRW Automotive Holdings Corp.*	94,700		2,610,879

			9,597,148

*Automobiles (0.4%)*
Ford Motor Co.*	1,139,100		11,482,128

*Distributors (0.1%)*
Genuine Parts Co.	48,200		1,901,490

*Diversified Consumer Services (0.0%)*
Education Management Corp.*	5,600		85,400
H&R Block, Inc.	58,600		919,434
Service Corp. International	77,300		572,020

			1,576,854

*Hotels, Restaurants & Leisure (0.3%)*
Brinker International, Inc.	4,000		57,840
Carnival Corp.	83,100		2,512,944
Choice Hotels International, Inc.	7,800		235,638
Hyatt Hotels Corp., Class A*	13,200		489,588
International Speedway Corp., Class A	5,900		151,984
MGM MIRAGE*	69,700		671,908
Penn National Gaming, Inc.*	20,600		475,860
Royal Caribbean Cruises Ltd.*	198,600		4,522,122
Wendy’s/Arby’s Group, Inc., Class A	61,500		246,000
Wyndham Worldwide Corp.	54,600		1,099,644

			10,463,528

*Household Durables (1.2%)*
D.R. Horton, Inc.	435,000		4,276,050
Fortune Brands, Inc.	40,700		1,594,626
Garmin Ltd.	374,700		10,933,746
Harman International Industries, Inc.*	11,100		331,779
Jarden Corp.	28,000		752,360
KB Home	23,300		256,300
Leggett & Platt, Inc.	18,300		367,098
Lennar Corp., Class A	48,300		671,853
M.D.C. Holdings, Inc.	11,400		307,230
Mohawk Industries, Inc.*	15,000		686,400
Newell Rubbermaid, Inc.	84,400		1,235,616
NVR, Inc.*	11,900		7,794,857
Pulte Group, Inc.*	619,102		5,126,165
Stanley Black & Decker, Inc.	48,702		2,460,425
Toll Brothers, Inc.*	43,800		716,568
Whirlpool Corp.	13,100		1,150,442

			38,661,515

*Internet & Catalog Retail (0.1%)*
Expedia, Inc.	36,600		687,348


	Number of Shares	Value (Note 1)

Liberty Media Corp. - Interactive, Class A*	181,300	$	1,903,650

			2,590,998

*Leisure Equipment & Products (0.0%)*
Mattel, Inc.	46,500		983,940

*Media (4.8%)*
Cablevision Systems Corp. - New York Group, Class A	388,300		9,323,083
CBS Corp., Class B	733,400		9,482,862
Central European Media Enterprises Ltd., Class A*	11,400		226,860
Clear Channel Outdoor Holdings, Inc., Class A*	12,300		106,764
Comcast Corp., Class A	1,467,900		25,497,423
DIRECTV, Class A*	229,900		7,798,208
Discovery Communications, Inc., Class A*	23,200		828,472
DISH Network Corp., Class A	60,700		1,101,705
Gannett Co., Inc.	72,300		973,158
Interactive Data Corp.	800		26,704
John Wiley & Sons, Inc., Class A	1,000		38,670
Lamar Advertising Co., Class A*	13,800		338,376
Liberty Global, Inc., Class A*	77,200		2,006,428
Liberty Media Corp. - Capital, Class A*	24,300		1,018,413
Liberty Media Corp. - Starz*	15,580		807,667
Madison Square Garden, Inc., Class A*	12,375		243,416
McGraw-Hill Cos., Inc.	28,500		801,990
Meredith Corp.	6,300		196,119
New York Times Co., Class A*	41,100		355,515
News Corp., Class A	1,365,600		16,332,576
Omnicom Group, Inc.	18,100		620,830
Regal Entertainment Group, Class A	18,800		245,152
Thomson Reuters Corp.	76,800		2,751,744
Time Warner Cable, Inc.	507,613		26,436,485
Time Warner, Inc.	731,433		21,145,728
Viacom, Inc., Class B	148,100		4,645,897
Virgin Media, Inc.	100,800		1,682,352
Walt Disney Co.	594,740		18,734,310
Washington Post Co., Class B	1,900		779,912

			154,546,819

*Multiline Retail (0.2%)*
J.C. Penney Co., Inc.	48,400		1,039,632
Kohl’s Corp.*	24,200		1,149,500
Macy’s, Inc.	115,400		2,065,660
Sears Holdings Corp.*	13,800		892,170

			5,146,962

*Specialty Retail (1.1%)*
Aaron’s, Inc.	9,700		165,579
Abercrombie & Fitch Co., Class A	6,300		193,347
American Eagle Outfitters, Inc.	47,800		561,650

See Notes to Financial Statements.

620

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

AutoNation, Inc.*	14,600	$	284,700
Foot Locker, Inc.	47,500		599,450
GameStop Corp., Class A*	46,400		871,856
Gap, Inc.	549,000		10,683,540
Lowe’s Cos., Inc.	104,200		2,127,764
Office Depot, Inc.*	1,072,100		4,331,284
RadioShack Corp.	38,000		741,380
Ross Stores, Inc.	167,700		8,936,733
Signet Jewelers Ltd.*	26,000		715,000
TJX Cos., Inc.	157,600		6,611,320

			36,823,603

*Textiles, Apparel & Luxury Goods (0.3%)*
Jones Apparel Group, Inc.	513,500		8,138,975
VF Corp.	26,800		1,907,624

			10,046,599

Total Consumer Discretionary			283,821,584

Consumer Staples (8.8%)
*Beverages (1.1%)*
Brown-Forman Corp., Class B	8,000		457,840
Central European Distribution Corp.*	21,400		457,532
Coca-Cola Co.	236,900		11,873,428
Coca-Cola Enterprises, Inc.	37,400		967,164
Constellation Brands, Inc., Class A*	421,400		6,582,268
Dr. Pepper Snapple Group, Inc.	51,800		1,936,802
Hansen Natural Corp.*	3,100		121,241
Molson Coors Brewing Co., Class B	40,000		1,694,400
PepsiCo, Inc.	208,100		12,683,695

			36,774,370

*Food & Staples Retailing (1.3%)*
BJ’s Wholesale Club, Inc.*	15,000		555,150
CVS Caremark Corp.	367,400		10,772,168
Kroger Co.	184,600		3,634,774
Safeway, Inc.	495,100		9,733,666
SUPERVALU, Inc.	64,400		698,096
Walgreen Co.	26,400		704,880
Wal-Mart Stores, Inc.	307,500		14,781,525

			40,880,259

*Food Products (2.6%)*
Archer-Daniels-Midland Co.	438,600		11,324,652
Bunge Ltd.	135,300		6,655,407
Campbell Soup Co.	22,300		799,009
ConAgra Foods, Inc.	272,400		6,352,368
Corn Products International, Inc.	22,800		690,840
Dean Foods Co.*	55,100		554,857
Del Monte Foods Co.	60,200		866,278
Flowers Foods, Inc.	14,400		351,792
General Mills, Inc.	81,600		2,898,432
H.J. Heinz Co.	56,700		2,450,574
Hershey Co.	19,400		929,842
Hormel Foods Corp.	21,000		850,080
J.M. Smucker Co.	36,200		2,179,964


	Number of Shares	Value (Note 1)

Kellogg Co.	8,300	$	417,490
Kraft Foods, Inc., Class A	680,400		19,051,200
McCormick & Co., Inc. (Non-Voting)	20,200		766,792
Mead Johnson Nutrition Co.	53,600		2,686,432
Ralcorp Holdings, Inc.*	16,700		915,160
Sara Lee Corp.	830,100		11,704,410
Smithfield Foods, Inc.*	497,000		7,405,300
Tyson Foods, Inc., Class A	318,500		5,220,215

			85,071,094

*Household Products (2.6%)*
Clorox Co.	2,500		155,400
Colgate-Palmolive Co.	24,300		1,913,868
Energizer Holdings, Inc.*	21,300		1,070,964
Kimberly-Clark Corp.	69,200		4,195,596
Procter & Gamble Co.	1,258,670		75,495,027

			82,830,855

*Personal Products (0.0%)*
Alberto-Culver Co.	20,200		547,218
NBTY, Inc.*	17,100		581,571

			1,128,789

*Tobacco (1.2%)*
Altria Group, Inc.	1,097,600		21,995,904
Lorillard, Inc.	46,400		3,339,872
Philip Morris International, Inc.	88,900		4,075,176
Reynolds American, Inc.	166,300		8,667,556

			38,078,508

Total Consumer Staples			284,763,875

Energy (9.2%)
*Energy Equipment & Services (1.3%)*
Atwood Oceanics, Inc.*	13,600		347,072
Baker Hughes, Inc.	94,606		3,932,772
Cameron International Corp.*	31,800		1,034,136
Diamond Offshore Drilling, Inc.	14,200		883,098
Dresser-Rand Group, Inc.*	2,400		75,720
Ensco plc (ADR)	283,500		11,135,880
Exterran Holdings, Inc.*	17,200		443,932
Helmerich & Payne, Inc.	28,600		1,044,472
Nabors Industries Ltd.*	52,000		916,240
National Oilwell Varco, Inc.	127,200		4,206,504
Oceaneering International, Inc.*	16,800		754,320
Oil States International, Inc.*	14,300		565,994
Patterson-UTI Energy, Inc.	46,700		601,029
Pride International, Inc.*	32,200		719,348
Rowan Cos., Inc.*	241,600		5,300,704
SEACOR Holdings, Inc.*	6,900		487,554
Smith International, Inc.	75,500		2,842,575
Superior Energy Services, Inc.*	22,100		412,607
Tidewater, Inc.	15,700		607,904
Transocean Ltd.*	54,600		2,529,618
Unit Corp.*	12,200		495,198
Weatherford International Ltd.*	134,200		1,763,388

			41,100,065

See Notes to Financial Statements.

621

EQ ADVISORS TRUST

EQ/LARGE CAP VALUE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Oil, Gas & Consumable Fuels (7.9%)*
Alpha Natural Resources, Inc.*	31,900	$	1,080,453
Anadarko Petroleum Corp.	150,200		5,420,718
Apache Corp.	139,000		11,702,410
Arch Coal, Inc.	14,400		285,264
Atlas Energy, Inc.*	6,400		173,248
Cabot Oil & Gas Corp.	31,500		986,580
Chesapeake Energy Corp.	197,600		4,139,720
Chevron Corp.	689,040		46,758,254
Cimarex Energy Co.	116,200		8,317,596
Cobalt International Energy, Inc.*	22,300		166,135
Comstock Resources, Inc.*	14,300		396,396
ConocoPhillips	627,620		30,809,866
Consol Energy, Inc.	37,100		1,252,496
Continental Resources, Inc.*	900		40,158
Denbury Resources, Inc.*	121,229		1,774,792
Devon Energy Corp.	335,000		20,408,200
El Paso Corp.	174,300		1,936,473
EnCana Corp.	154,500		4,687,530
Exxon Mobil Corp.	462,003		26,366,523
Forest Oil Corp.*	208,600		5,707,296
Frontier Oil Corp.	32,100		431,745
Frontline Ltd.	2,800		79,912
Hess Corp.	88,500		4,455,090
Holly Corp.	4,300		114,294
Marathon Oil Corp.	401,900		12,495,071
Mariner Energy, Inc.*	29,000		622,920
Massey Energy Co.	31,300		856,055
Murphy Oil Corp.	51,300		2,541,915
Newfield Exploration Co.*	141,000		6,889,260
Nexen, Inc.	339,200		6,672,064
Noble Energy, Inc.	53,000		3,197,490
Occidental Petroleum Corp.	196,600		15,167,690
Peabody Energy Corp.	81,600		3,193,008
Petrohawk Energy Corp.*	26,600		451,402
Pioneer Natural Resources Co.	35,200		2,092,640
Plains Exploration & Production Co.*	42,500		875,925
Quicksilver Resources, Inc.*	33,600		369,600
SandRidge Energy, Inc.*	45,200		263,516
SM Energy Co.	6,100		244,976
Southern Union Co.	37,800		826,308
Spectra Energy Corp.	196,700		3,947,769
Sunoco, Inc.	36,600		1,272,582
Teekay Corp.	12,800		334,976
Tesoro Corp.	42,800		499,476
Valero Energy Corp.	732,000		13,161,360
Whiting Petroleum Corp.*	14,400		1,129,248
Williams Cos., Inc.	104,300		1,906,604

			256,503,004

Total Energy			297,603,069

Financials (18.9%)
*Capital Markets (2.5%)*
Ameriprise Financial, Inc.	62,500		2,258,125
Ares Capital Corp.	58,200		729,246
Bank of New York Mellon Corp.	368,300		9,093,327
BlackRock, Inc.	7,038		1,009,249


	Number of Shares	Value (Note 1)

ETRADE Financial Corp.	66,800	$	789,576
Federated Investors, Inc., Class B	8,600		178,106
GLG Partners, Inc.*	3,400		14,892
Goldman Sachs Group, Inc.	283,500		37,215,045
Invesco Ltd.	92,300		1,553,409
Janus Capital Group, Inc.	50,700		450,216
Jefferies Group, Inc.	35,400		746,232
Legg Mason, Inc.	49,600		1,390,288
Morgan Stanley	706,200		16,390,902
Northern Trust Corp.	44,100		2,059,470
Raymond James Financial, Inc.	30,100		743,169
State Street Corp.	152,300		5,150,786

			79,772,038

*Commercial Banks (4.5%)*
Associated Banc-Corp	52,500		643,650
BancorpSouth, Inc.	25,300		452,364
Bank of Hawaii Corp.	9,900		478,665
BB&T Corp.	545,700		14,357,367
BOK Financial Corp.	7,700		365,519
CapitalSource, Inc.	97,900		466,004
CIT Group, Inc.*	60,700		2,055,302
City National Corp./California	13,800		706,974
Comerica, Inc.	204,800		7,542,784
Commerce Bancshares, Inc./Missouri	22,035		793,040
Cullen/Frost Bankers, Inc.	15,900		817,260
East West Bancorp, Inc.	44,900		684,725
Fifth Third Bancorp	901,100		11,074,519
First Citizens BancShares, Inc./North Carolina, Class A	1,700		326,961
First Horizon National Corp.*	70,271		804,599
Fulton Financial Corp.	60,200		580,930
Huntington Bancshares, Inc./Ohio	217,500		1,204,950
KeyCorp	266,900		2,052,461
M&T Bank Corp.	22,400		1,902,880
Marshall & Ilsley Corp.	160,100		1,149,518
PNC Financial Services Group, Inc.	159,800		9,028,700
Popular, Inc.*	194,200		520,456
Regions Financial Corp.	362,100		2,382,618
SunTrust Banks, Inc.	151,800		3,536,940
Synovus Financial Corp.	237,700		603,758
TCF Financial Corp.	43,100		715,891
U.S. Bancorp	582,000		13,007,700
Valley National Bancorp	48,846		665,282
Wells Fargo & Co.	2,515,783		64,404,045
Wilmington Trust Corp.	27,600		306,084
Zions Bancorp	48,600		1,048,302

			144,680,248

*Consumer Finance (0.5%)*
AmeriCredit Corp.*	19,300		351,646
Capital One Financial Corp.	315,000		12,694,500
Discover Financial Services	165,100		2,308,098
SLM Corp.*	147,500		1,532,525

			16,886,769

See Notes to Financial Statements.

622

EQ ADVISORS TRUST

EQ/LARGE CAP VALUE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Diversified Financial Services (5.1%)*
Bank of America Corp.	4,777,650	$	68,654,831
Citigroup, Inc.*	6,424,000		24,154,240
CME Group, Inc.	20,000		5,631,000
Interactive Brokers Group, Inc., Class A*	7,700		127,820
JPMorgan Chase & Co.	1,675,397		61,336,284
Leucadia National Corp.*	59,100		1,153,041
NASDAQ OMX Group, Inc.*	37,000		657,860
NYSE Euronext	62,100		1,715,823

			163,430,899

*Insurance (4.5%)*
ACE Ltd.	87,200		4,489,056
Aflac, Inc.	7,800		332,826
Alleghany Corp.*	2,115		620,330
Allied World Assurance Co. Holdings Ltd./Bermuda	15,300		694,314
Allstate Corp.	163,300		4,691,609
American Financial Group, Inc./Ohio	26,000		710,320
American International Group, Inc.*	36,659		1,262,536
American National Insurance Co.	2,200		178,134
Aon Corp.	81,800		3,036,416
Arch Capital Group Ltd.*	15,000		1,117,500
Arthur J. Gallagher & Co.	23,600		575,368
Aspen Insurance Holdings Ltd.	23,400		578,916
Assurant, Inc.	34,000		1,179,800
Assured Guaranty Ltd.	55,900		741,793
Axis Capital Holdings Ltd.	27,500		817,300
Berkshire Hathaway, Inc., Class B*	525,200		41,853,188
Brown & Brown, Inc.	16,000		306,240
Chubb Corp.	99,200		4,960,992
Cincinnati Financial Corp.	44,400		1,148,628
CNA Financial Corp.*	8,000		204,480
Endurance Specialty Holdings Ltd.	12,400		465,372
Erie Indemnity Co., Class A	2,400		109,200
Everest Reinsurance Group Ltd.	17,900		1,265,888
Fidelity National Financial, Inc., Class A	69,700		905,403
Genworth Financial, Inc., Class A*	121,000		1,581,470
Hanover Insurance Group, Inc.	13,600		591,600
Hartford Financial Services Group, Inc.	123,500		2,733,055
HCC Insurance Holdings, Inc.	34,900		864,124
Lincoln National Corp.	91,800		2,229,822
Loews Corp.	95,600		3,184,436
Markel Corp.*	3,000		1,020,000
Marsh & McLennan Cos., Inc.	12,800		288,640
MBIA, Inc.*	46,500		260,865
Mercury General Corp.	8,100		335,664
MetLife, Inc.	122,800		4,636,928
Old Republic International Corp.	73,100		886,703


	Number of Shares	Value (Note 1)

OneBeacon Insurance Group Ltd., Class A	6,900	$	98,808
PartnerReinsurance Ltd.	23,800		1,669,332
Principal Financial Group, Inc.	398,600		9,343,184
Progressive Corp.	203,500		3,809,520
Protective Life Corp.	25,900		554,001
Prudential Financial, Inc.	141,000		7,566,060
Reinsurance Group of America, Inc.	22,200		1,014,762
RenaissanceReinsurance Holdings Ltd.	17,600		990,352
StanCorp Financial Group, Inc.	14,400		583,776
Symetra Financial Corp.	10,600		127,200
Torchmark Corp.	25,100		1,242,701
Transatlantic Holdings, Inc.	19,500		935,220
Travelers Cos., Inc.	349,325		17,204,256
Unitrin, Inc.	15,400		394,240
Unum Group	101,000		2,191,700
Validus Holdings Ltd.	22,100		539,682
W.R. Berkley Corp.	38,500		1,018,710
Wesco Financial Corp.	500		161,600
White Mountains Insurance Group Ltd.	2,400		778,080
XL Capital Ltd., Class A	306,300		4,903,863

			145,985,963

*Real Estate Investment Trusts (REITs) (1.6%)*
Alexandria Real Estate Equities, Inc. (REIT)	13,500		855,495
AMB Property Corp. (REIT)	46,300		1,097,773
Annaly Capital Management, Inc. (REIT)	169,900		2,913,785
Apartment Investment & Management Co. (REIT), Class A	17,942		347,536
AvalonBay Communities, Inc. (REIT)	25,271		2,359,553
Boston Properties, Inc. (REIT)	42,200		3,010,548
Brandywine Realty Trust (REIT)	39,800		427,850
BRE Properties, Inc. (REIT)	19,400		716,442
Camden Property Trust (REIT)	20,000		817,000
Chimera Investment Corp. (REIT)	233,200		841,852
Corporate Office Properties Trust/Maryland (REIT)	17,900		675,904
Developers Diversified Realty Corp. (REIT)	60,500		598,950
Digital Realty Trust, Inc. (REIT)	1,300		74,984
Douglas Emmett, Inc. (REIT)	37,100		527,562
Duke Realty Corp. (REIT)	68,100		772,935
Equity Residential (REIT)	80,400		3,347,856
Essex Property Trust, Inc. (REIT)	5,600		546,224
Federal Realty Investment Trust (REIT)	7,500		527,025
General Growth Properties, Inc. (REIT)	13,600		180,336

See Notes to Financial Statements.

623

EQ ADVISORS TRUST

EQ/LARGE CAP VALUE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

HCP, Inc. (REIT)	89,200	$	2,876,700
Health Care REIT, Inc. (REIT)	37,700		1,587,924
Hospitality Properties Trust (REIT)	37,400		789,140
Host Hotels & Resorts, Inc. (REIT)	199,787		2,693,129
HRPT Properties Trust (REIT)*	78,400		486,864
Kimco Realty Corp. (REIT)	123,140		1,655,002
Liberty Property Trust (REIT)	34,400		992,440
Macerich Co. (REIT)	39,355		1,468,728
Mack-Cali Realty Corp. (REIT)	24,100		716,493
Nationwide Health Properties, Inc. (REIT)	36,400		1,302,028
Piedmont Office Realty Trust, Inc. (REIT), Class A	15,800		295,934
Plum Creek Timber Co., Inc. (REIT)	28,400		980,652
ProLogis (REIT)	135,660		1,374,236
Public Storage (REIT)	4,000		351,640
Rayonier, Inc. (REIT)	17,100		752,742
Realty Income Corp. (REIT)	31,700		961,461
Regency Centers Corp. (REIT)	24,800		853,120
Senior Housing Properties Trust (REIT)	38,600		776,246
Simon Property Group, Inc. (REIT)	27,399		2,212,469
SL Green Realty Corp. (REIT)	23,700		1,304,448
Taubman Centers, Inc. (REIT)	16,600		624,658
UDR, Inc. (REIT)	45,905		878,163
Ventas, Inc. (REIT)	34,700		1,629,165
Vornado Realty Trust (REIT)	44,659		3,257,874
Weingarten Realty Investors (REIT)	36,500		695,325

			52,156,191

*Real Estate Management & Development (0.0%)*
Forest City Enterprises, Inc., Class A*	38,600		436,952
St. Joe Co.*	2,800		64,848

			501,800

*Thrifts & Mortgage Finance (0.2%)*
Capitol Federal Financial	5,600		185,696
First Niagara Financial Group, Inc.	63,400		794,402
Hudson City Bancorp, Inc.	131,300		1,607,112
New York Community Bancorp, Inc.	132,200		2,018,694
People’s United Financial, Inc.	112,800		1,522,800
TFS Financial Corp.	24,200		300,322
Washington Federal, Inc.	34,100		551,738

			6,980,764

Total Financials			610,394,672


	Number of Shares	Value (Note 1)

Health Care (10.7%)
*Biotechnology (1.2%)*
Abraxis Bioscience, Inc.*	1,400	$	103,880
Amgen, Inc.*	439,200		23,101,920
Biogen Idec, Inc.*	81,100		3,848,195
Cephalon, Inc.*	22,800		1,293,900
Genzyme Corp.*	19,400		984,938
Gilead Sciences, Inc.*	318,000		10,901,040

			40,233,873

*Health Care Equipment & Supplies (0.5%)*
Baxter International, Inc.	30,200		1,227,328
Beckman Coulter, Inc.	21,300		1,284,177
Boston Scientific Corp.*	460,400		2,670,320
CareFusion Corp.*	42,900		973,830
Cooper Cos., Inc.	11,200		445,648
Hill-Rom Holdings, Inc.	3,000		91,290
Hologic, Inc.*	78,600		1,094,898
Inverness Medical Innovations, Inc.*	18,000		479,880
Kinetic Concepts, Inc.*	17,300		631,623
Medtronic, Inc.	77,300		2,803,671
Teleflex, Inc.	10,200		553,656
Zimmer Holdings, Inc.*	61,600		3,329,480

			15,585,801

*Health Care Providers & Services (1.5%)*
Aetna, Inc.	129,000		3,403,020
Brookdale Senior Living, Inc.*	22,400		336,000
Cardinal Health, Inc.	72,100		2,423,281
CIGNA Corp.	84,000		2,609,040
Community Health Systems, Inc.*	210,200		7,106,862
Coventry Health Care, Inc.*	44,900		793,832
Emdeon, Inc., Class A*	700		8,771
Health Net, Inc.*	30,200		735,974
Humana, Inc.*	51,700		2,361,139
LifePoint Hospitals, Inc.*	16,800		527,520
McKesson Corp.	46,800		3,143,088
Medco Health Solutions, Inc.*	92,800		5,111,424
MEDNAX, Inc.*	800		44,488
Omnicare, Inc.	32,900		779,730
Quest Diagnostics, Inc.	6,100		303,597
Tenet Healthcare Corp.*	40,800		177,072
UnitedHealth Group, Inc.	345,100		9,800,840
Universal Health Services, Inc., Class B	25,400		969,010
WellPoint, Inc.*	129,700		6,346,221

			46,980,909

*Life Sciences Tools & Services (0.3%)*
Bio-Rad Laboratories, Inc., Class A*	5,900		510,291
Charles River Laboratories International, Inc.*	15,300		523,413
Life Technologies Corp.*	16,200		765,450
PerkinElmer, Inc.	19,500		403,065
Thermo Fisher Scientific, Inc.*	124,600		6,111,630

			8,313,849

*Pharmaceuticals (7.2%)*
Abbott Laboratories, Inc.	239,400		11,199,132

See Notes to Financial Statements.

624

EQ ADVISORS TRUST

EQ/LARGE CAP VALUE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

AstraZeneca plc (ADR)	247,700	$	11,674,101
Bristol-Myers Squibb Co.	522,200		13,023,668
Eli Lilly and Co.	421,200		14,110,200
Endo Pharmaceuticals Holdings, Inc.*	35,300		770,246
Forest Laboratories, Inc.*	91,800		2,518,074
Johnson & Johnson	1,084,010		64,021,631
King Pharmaceuticals, Inc.*	75,800		575,322
Merck & Co., Inc.	1,304,828		45,629,835
Mylan, Inc.*	276,600		4,713,264
Pfizer, Inc.	4,199,901		59,890,588
Sanofi-Aventis S.A. (ADR)	146,000		4,388,760
Watson Pharmaceuticals, Inc.*	33,900		1,375,323

			233,890,144

Total Health Care			345,004,576

Industrials (6.1%)
*Aerospace & Defense (1.3%)*
Alliant Techsystems, Inc.*	800		49,648
BE Aerospace, Inc.*	29,200		742,556
Boeing Co.	43,800		2,748,450
General Dynamics Corp.	105,000		6,148,800
Goodrich Corp.	27,400		1,815,250
ITT Corp.	55,700		2,502,044
L-3 Communications Holdings, Inc.	35,200		2,493,568
Lockheed Martin Corp.	20,200		1,504,900
Northrop Grumman Corp.	223,300		12,156,452
Raytheon Co.	159,000		7,694,010
Rockwell Collins, Inc.	22,700		1,206,051
Spirit AeroSystems Holdings, Inc., Class A*	27,300		520,338
United Technologies Corp.	24,400		1,583,804

			41,165,871

*Air Freight & Logistics (0.1%)*
FedEx Corp.	66,600		4,669,326
UTi Worldwide, Inc.	4,900		60,662

			4,729,988

*Airlines (0.3%)*
AMR Corp.*	68,300		463,074
Copa Holdings S.A., Class A	3,400		150,348
Delta Air Lines, Inc.*	643,400		7,559,950
Southwest Airlines Co.	195,900		2,176,449
UAL Corp.*	12,800		263,168

			10,612,989

*Building Products (0.1%)*
Armstrong World Industries, Inc.*	5,600		169,008
Masco Corp.	76,200		819,912
Owens Corning, Inc.*	15,400		460,614
USG Corp.*	12,100		146,168

			1,595,702

*Commercial Services & Supplies (0.4%)*
Avery Dennison Corp.	31,600		1,015,308
Cintas Corp.	40,300		965,991
Corrections Corp. of America*	28,400		541,872
Covanta Holding Corp.*	37,000		613,830


	Number of Shares	Value (Note 1)

KAR Auction Services, Inc.*	7,100	$	87,827
Pitney Bowes, Inc.	17,900		393,084
R.R. Donnelley & Sons Co.	59,300		970,741
Republic Services, Inc.	69,130		2,055,235
Waste Connections, Inc.*	4,900		170,961
Waste Management, Inc.	146,700		4,590,243

			11,405,092

*Construction & Engineering (0.2%)*
Aecom Technology Corp.*	21,300		491,178
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)*	18,200		342,342
Fluor Corp.	51,000		2,167,500
Jacobs Engineering Group, Inc.*	15,000		546,600
KBR, Inc.	45,900		933,606
Quanta Services, Inc.*	63,800		1,317,470
Shaw Group, Inc.*	10,900		372,998
URS Corp.*	25,100		987,685

			7,159,379

*Electrical Equipment (0.0%)*
General Cable Corp.*	10,100		269,165
Hubbell, Inc., Class B	10,900		432,621
Regal-Beloit Corp.	1,900		105,982
Thomas & Betts Corp.*	13,200		458,040

			1,265,808

*Industrial Conglomerates (1.8%)*
Carlisle Cos., Inc.	17,200		621,436
General Electric Co.	3,268,710		47,134,798
McDermott International, Inc.*	14,700		318,402
Textron, Inc.	225,100		3,819,947
Tyco International Ltd.	132,600		4,671,498

			56,566,081

*Machinery (1.0%)*
AGCO Corp.*	28,200		760,554
CNH Global N.V.*	6,400		144,960
Crane Co.	15,000		453,150
Danaher Corp.	11,900		441,728
Deere & Co.	7,200		400,896
Dover Corp.	20,900		873,411
Eaton Corp.	37,600		2,460,544
Flowserve Corp.	2,600		220,480
Gardner Denver, Inc.	900		40,131
Harsco Corp.	22,600		531,100
IDEX Corp.	4,300		122,851
Ingersoll-Rand plc	571,100		19,697,239
Kennametal, Inc.	6,200		157,666
Parker Hannifin Corp.	35,100		1,946,646
Pentair, Inc.	14,400		463,680
Snap-On, Inc.	17,600		720,016
SPX Corp.	12,200		644,282
Terex Corp.*	33,000		618,420
Timken Co.	6,900		179,331
Trinity Industries, Inc.	24,000		425,280
Wabtec Corp.	12,300		490,647

			31,793,012

See Notes to Financial Statements.

625

EQ ADVISORS TRUST

EQ/LARGE CAP VALUE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Marine* (*0.0%)*
Alexander & Baldwin, Inc.	12,500	$	372,250
Kirby Corp.*	15,300		585,225

			957,475

*Professional Services (0.1%)*
Equifax, Inc.	38,400		1,077,504
FTI Consulting, Inc.*	2,800		122,052
Manpower, Inc.	24,900		1,075,182
Towers Watson & Co., Class A	11,000		427,350

			2,702,088

*Road & Rail (0.8%)*
Con-way, Inc.	15,000		450,300
CSX Corp.	118,200		5,866,266
Hertz Global Holdings, Inc.*	424,400		4,014,824
Kansas City Southern*	12,800		465,280
Norfolk Southern Corp.	112,400		5,962,820
Ryder System, Inc.	7,600		305,748
Union Pacific Corp.	134,500		9,349,095

			26,414,333

*Trading Companies & Distributors (0.0%)*
GATX Corp.	10,100		269,468
WESCO International, Inc.*	8,700		292,929

			562,397

Total Industrials			196,930,215

Information Technology (7.1%)
*Communications Equipment (0.7%)*
Brocade Communications Systems, Inc.*	134,800		695,568
CommScope, Inc.*	28,700		682,199
EchoStar Corp., Class A*	11,200		213,696
Motorola, Inc.*	2,642,600		17,229,752
Nokia Oyj (ADR)	514,300		4,191,545
Tellabs, Inc.	116,900		746,991

			23,759,751

*Computers & Peripherals (1.3%)*
Apple, Inc.*	20,000		5,030,600
Dell, Inc.*	707,000		8,526,420
Diebold, Inc.	15,700		427,825
Hewlett-Packard Co.	463,300		20,051,624
Lexmark International, Inc., Class A*	23,800		786,114
Seagate Technology*	403,200		5,257,728
Western Digital Corp.*	53,600		1,616,576

			41,696,887

*Electronic Equipment, Instruments & Components (0.7%)*
Arrow Electronics, Inc.*	32,800		733,080
Avnet, Inc.*	46,100		1,111,471
AVX Corp.	13,500		173,070
Corning, Inc.	414,600		6,695,790
Ingram Micro, Inc., Class A*	47,300		718,487
Itron, Inc.*	900		55,638
Jabil Circuit, Inc.	16,000		212,800
Molex, Inc.	40,400		736,896
Tech Data Corp.*	15,600		555,672


	Number of Shares	Value (Note 1)

Tyco Electronics Ltd.	449,800	$	11,415,924
Vishay Intertechnology, Inc.*	201,700		1,561,158

			23,969,986

*Internet Software & Services (0.4%)*
AOL, Inc.*	150,012		3,118,749
eBay, Inc.*	216,500		4,245,565
IAC/InterActiveCorp*	16,600		364,702
Monster Worldwide, Inc.*	19,300		224,845
Yahoo!, Inc.*	243,000		3,360,690

			11,314,551

*IT Services (1.1%)*
Accenture plc, Class A	194,100		7,501,965
Amdocs Ltd.*	45,100		1,210,935
Broadridge Financial Solutions, Inc.	3,600		68,580
Computer Sciences Corp.	46,800		2,117,700
Convergys Corp.*	30,100		295,281
CoreLogic, Inc.	31,500		556,290
Fidelity National Information Services, Inc.	100,700		2,700,774
Fiserv, Inc.*	15,400		703,164
International Business Machines Corp.	164,100		20,263,068
Total System Services, Inc.	49,900		678,640

			36,096,397

*Office Electronics (0.1%)*
Xerox Corp.	418,662		3,366,043
Zebra Technologies Corp., Class A*	7,500		190,275

			3,556,318

*Semiconductors & Semiconductor Equipment (1.1%)*
Advanced Micro Devices, Inc.*	112,500		823,500
Atmel Corp.*	14,600		70,080
Fairchild Semiconductor International, Inc.*	38,100		320,421
Intel Corp.	1,122,300		21,828,735
International Rectifier Corp.*	21,400		398,254
Intersil Corp., Class A	24,700		299,117
KLA-Tencor Corp.	48,800		1,360,544
LSI Corp.*	198,400		912,640
MEMC Electronic Materials, Inc.*	40,200		397,176
Micron Technology, Inc.*	259,800		2,205,702
National Semiconductor Corp.	6,500		87,490
Novellus Systems, Inc.*	3,300		83,688
PMC-Sierra, Inc.*	65,900		495,568
SunPower Corp., Class A*	18,000		217,800
Texas Instruments, Inc.	203,000		4,725,840

			34,226,555

*Software (1.7%)*
Activision Blizzard, Inc.	114,800		1,204,252
CA, Inc.	21,900		402,960
Compuware Corp.*	29,700		237,006
Electronic Arts, Inc.*	6,000		86,400
Microsoft Corp.	2,107,200		48,486,672
Novell, Inc.*	105,700		600,376

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Symantec Corp.*	219,700	$	3,049,436
Synopsys, Inc.*	42,600		889,062

			54,956,164

Total Information Technology			229,576,609

Materials (2.1%)
*Chemicals (0.7%)*
Ashland, Inc.	21,700		1,007,314
Cabot Corp.	19,800		477,378
CF Industries Holdings, Inc.	5,991		380,129
Cytec Industries, Inc.	14,900		595,851
Dow Chemical Co.	350,650		8,317,418
E.I. du Pont de Nemours & Co.	180,200		6,233,118
Eastman Chemical Co.	17,400		928,464
FMC Corp.	7,000		402,010
Huntsman Corp.	57,200		495,924
Intrepid Potash, Inc.*	13,500		264,195
PPG Industries, Inc.	42,200		2,549,302
RPM International, Inc.	19,600		349,664
Sherwin-Williams Co.	10,700		740,333
Sigma-Aldrich Corp.	2,800		139,524
Valspar Corp.	27,100		816,252

			23,696,876

*Construction Materials (0.1%)*
Vulcan Materials Co.	38,800		1,700,604

*Containers & Packaging (0.2%)*
AptarGroup, Inc.	20,600		779,092
Ball Corp.	22,200		1,172,826
Bemis Co., Inc.	33,100		893,700
Greif, Inc., Class A	10,500		583,170
Owens-Illinois, Inc.*	34,600		915,170
Packaging Corp. of America	31,300		689,226
Pactiv Corp.*	4,100		114,185
Sealed Air Corp.	48,400		954,448
Sonoco Products Co.	30,500		929,640
Temple-Inland, Inc.	26,600		549,822

			7,581,279

*Metals & Mining (1.0%)*
AK Steel Holding Corp.	59,300		706,856
Alcoa, Inc.	265,000		2,665,900
Commercial Metals Co.	34,600		457,412
Freeport-McMoRan Copper & Gold, Inc.	204,900		12,115,737
Gerdau Ameristeel Corp.*	37,500		408,750
Nucor Corp.	54,600		2,090,088
Reliance Steel & Aluminum Co.	134,100		4,847,715
Royal Gold, Inc.	12,200		585,600
Schnitzer Steel Industries, Inc., Class A	5,300		207,760
Steel Dynamics, Inc.	404,200		5,331,398
United States Steel Corp.	35,400		1,364,670
Walter Energy, Inc.	3,500		212,975

			30,994,861

*Paper & Forest Products (0.1%)*
Domtar Corp.	12,800		629,120


	Number of Shares	Value (Note 1)

International Paper Co.	29,400	$	665,322
MeadWestvaco Corp.	51,800		1,149,960
Weyerhaeuser Co.	64,300		2,263,360

			4,707,762

Total Materials			68,681,382

Telecommunication Services (3.6%)
*Diversified Telecommunication Services (2.8%)*
AT&T, Inc.	2,415,500		58,430,945
CenturyLink, Inc.	91,221		3,038,571
Frontier Communications Corp.	58,600		416,646
Level 3 Communications, Inc.*	308,800		336,592
Qwest Communications International, Inc.	527,200		2,767,800
Verizon Communications, Inc.	858,300		24,049,566
Windstream Corp.	85,800		906,048

			89,946,168

*Wireless Telecommunication Services (0.8%)*
Clearwire Corp., Class A*	10,400		75,712
Leap Wireless International, Inc.*	18,500		240,130
MetroPCS Communications, Inc.*	39,800		325,962
NII Holdings, Inc.*	10,700		347,964
Sprint Nextel Corp.*	3,244,400		13,756,256
Telephone & Data Systems, Inc.	25,600		777,984
U.S. Cellular Corp.*	4,700		193,405
Vodafone Group plc (ADR)	397,500		8,216,325

			23,933,738

Total Telecommunication Services			113,879,906

Utilities (4.6%)
*Electric Utilities (2.1%)*
Allegheny Energy, Inc.	51,400		1,062,952
American Electric Power Co., Inc.	191,270		6,178,021
DPL, Inc.	36,100		862,790
Duke Energy Corp.	398,700		6,379,200
Edison International	295,100		9,360,572
Entergy Corp.	57,500		4,118,150
Exelon Corp.	200,600		7,616,782
FirstEnergy Corp.	92,600		3,262,298
Great Plains Energy, Inc.	41,100		699,522
Hawaiian Electric Industries, Inc.	28,300		644,674
ITC Holdings Corp.	1,900		100,529
NextEra Energy, Inc.	125,900		6,138,884
Northeast Utilities	53,400		1,360,632
NV Energy, Inc.	71,300		842,053
Pepco Holdings, Inc.	254,800		3,995,264
Pinnacle West Capital Corp.	32,900		1,196,244
PPL Corp.	114,900		2,866,755
Progress Energy, Inc.	87,200		3,419,984
Southern Co.	250,400		8,333,312
Westar Energy, Inc.	33,500		723,935

			69,162,553

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Gas Utilities (0.3%)*
AGL Resources, Inc.	23,600	$	845,352
Atmos Energy Corp.	28,300		765,232
Energen Corp.	21,800		966,394
EQT Corp.	3,000		108,420
National Fuel Gas Co.	22,300		1,023,124
ONEOK, Inc.	32,300		1,396,975
Questar Corp.	53,200		2,420,068
UGI Corp.	33,100		842,064

			8,367,629

*Independent Power Producers & Energy Traders (0.4%)*
AES Corp.*	203,300		1,878,492
Calpine Corp.*	56,700		721,224
Constellation Energy Group, Inc.	237,900		7,672,275
Mirant Corp.*	44,100		465,696
NRG Energy, Inc.*	77,500		1,643,775
Ormat Technologies, Inc.	2,900		82,041
RRI Energy, Inc.*	107,300		406,667

			12,870,170

*Multi-Utilities (1.7%)*
Alliant Energy Corp.	33,600		1,066,464
Ameren Corp.	72,300		1,718,571
CenterPoint Energy, Inc.	119,700		1,575,252
CMS Energy Corp.	350,600		5,136,290
Consolidated Edison, Inc.	85,600		3,689,360
Dominion Resources, Inc.	181,000		7,011,940
DTE Energy Co.	51,100		2,330,671
Integrys Energy Group, Inc.	23,400		1,023,516
MDU Resources Group, Inc.	57,100		1,029,513
NiSource, Inc.	574,800		8,334,600
NSTAR	32,400		1,134,000
OGE Energy Corp.	29,500		1,078,520
PG&E Corp.	113,100		4,648,410
Public Service Enterprise Group, Inc.	153,600		4,812,288
SCANA Corp.	34,300		1,226,568
Sempra Energy	75,200		3,518,608
TECO Energy, Inc.	64,900		978,043
Vectren Corp.	24,600		582,036


	Number of Shares		Value (Note 1)
Wisconsin Energy Corp.		35,500	$	1,801,270
Xcel Energy, Inc.		139,500		2,875,095

				55,571,015

*Water Utilities* (*0.1%)*
American Water Works Co., Inc.		53,000		1,091,800
Aqua America, Inc.		41,500		733,720

				1,825,520

Total Utilities				147,796,887

Total Common Stocks (79.9%) (Cost $2,463,338,791)				2,578,452,775

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (1.8%)
U.S. Treasury Bills 0.17%, 11/4/10 #(p)	$	58,713,000		58,677,655

Time Deposit (20.6%)
JPMorgan Chase Nassau 0.000%, 7/1/10		664,973,321		664,973,321

Total Short-Term Investments (22.4%) (Cost/Amortized Cost $723,646,425)				723,650,976

Total Investments (102.3%) (Cost/Amortized Cost $3,186,985,216)				3,302,103,751
Other Assets Less Liabilities (-2.3%)				(75,754,326	)

Net Assets (100%)			$	3,226,349,425

*	Non-income producing.

#	All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $58,677,655.

(p)

Yield to maturity.

Glossary:

ADR

— American Depositary Receipt

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index	9,357	September-10	$	507,858,472	$	480,294,810	$	(27,563,662	)
S&P MidCap 400 E-Mini Index	2,255	September-10		172,170,176		160,105,000		(12,065,176	)

							$	(39,628,838	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	283,821,584		$	—	$	—	$	283,821,584
Consumer Staples		284,763,875			—		—		284,763,875
Energy		297,603,069			—		—		297,603,069
Financials		610,214,336			180,336		—		610,394,672
Health Care		345,004,576			—		—		345,004,576
Industrials		196,930,215			—		—		196,930,215
Information Technology		229,576,609			—		—		229,576,609
Materials		68,681,382			—		—		68,681,382
Telecommunication Services		113,879,906			—		—		113,879,906
Utilities		147,796,887			—		—		147,796,887
Short-Term Investments		—			723,650,976		—		723,650,976

Total Assets	$	2,578,272,439		$	723,831,312	$	—	$	3,302,103,751


Liabilities:
Futures	$	(39,628,838	)	$	—	$	—	$	(39,628,838	)

Total Liabilities	$	(39,628,838	)	$	—	$	—	$	(39,628,838	)

Total	$	2,538,643,601		$	723,831,312	$	—	$	3,262,474,913

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	—


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(39,628,838	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(39,628,838	)

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(44,808,119	)		—		—		(44,808,119	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(44,808,119	)	$	—	$	—	$	(44,808,119	)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(39,663,707	)		—		—		(39,663,707	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(39,663,707	)	$	—	$	—	$	(39,663,707	)

The Portfolio held futures contracts with an average notional balance of approximately $161,831,000 during the six months ended June 30, 2009.

^ This Portfolio held futures contracts to gain or reduce exposure to the financial markets.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	843,589,530
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	2,033,038,060

As of June 30, 2010, 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	$	99,159,612
Aggregate gross unrealized depreciation		(219,726,992	)

Net unrealized depreciation	$	(120,567,380	)

Federal income tax cost of investments	$	3,422,671,131

The Portfolio has a net capital loss carryforward of $1,713,567,280 of which $541,357,502 expires in the year 2016, and $1,172,209,778 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $3,186,985,216)	$	3,302,103,751
Cash		68,157
Dividends, interest and other receivables		3,879,143
Receivable for securities sold		3,086,522
Receivable from Separate Accounts for Trust shares sold		176,090
Other assets		53,813

Total assets		3,309,367,476

LIABILITIES
Payable for securities purchased		74,236,431
Variation margin payable on futures contracts		4,882,095
Payable to Separate Accounts for Trust shares redeemed		1,476,053
Investment management fees payable		1,341,793
Administrative fees payable		430,263
Distribution fees payable - Class IB		307,901
Trustees’ fees payable		7,442
Accrued expenses		336,073

Total liabilities		83,018,051

NET ASSETS	$	3,226,349,425

Net assets were comprised of:
Paid in capital	$	5,061,687,350
Accumulated undistributed net investment income (loss)		24,532,781
Accumulated undistributed net realized gains (losses) on investments and futures		(1,935,360,403	)
Net unrealized appreciation (depreciation) on investments and futures		75,489,697

Net assets	$	3,226,349,425

Class IA
Net asset value, offering and redemption price per share, $1,815,531,766 / 213,837,725 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.49

Class IB
Net asset value, offering and redemption price per share, $1,410,817,659 / 166,846,853 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.46

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $6,494 foreign withholding tax)	$	38,955,485
Interest		14,342
Securities lending (net)		111,746

Total income		39,081,573

EXPENSES
Investment management fees		8,840,052
Administrative fees		2,865,812
Distribution fees - Class IB		2,000,006
Recoupment fees		500,544
Printing and mailing expenses		223,812
Custodian fees		95,214
Trustees’ fees		45,452
Professional fees		45,270
Miscellaneous		36,138

Gross expenses		14,652,300
Less: Fees paid indirectly		(93,239	)

Net expenses		14,559,061

NET INVESTMENT INCOME (LOSS)		24,522,512

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		71,469,557
Futures		(44,808,119	)

Net realized gain (loss)		26,661,438

Change in unrealized appreciation (depreciation) on:
Securities		(234,880,129	)
Futures		(39,663,707	)

Net change in unrealized appreciation (depreciation)		(274,543,836	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(247,882,398	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(223,359,886	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	24,522,512		$	81,605,440
Net realized gain (loss) on investments and futures		26,661,438			(454,706,832	)
Net change in unrealized appreciation (depreciation) on investments and futures		(274,543,836	)		1,316,026,911

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(223,359,886	)		942,925,519

DIVIDENDS:
Dividends from net investment income
Class IA		—			(50,283,698	)
Class IB		—			(31,648,545	)

TOTAL DIVIDENDS		—			(81,932,243	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [1,322,437 and 150,244,178 shares, respectively]		12,395,944			956,969,047
Capital shares issued in reinvestment of dividends [0 and 5,581,635 shares, respectively]		—			50,283,698
Capital shares repurchased [(39,543,410) and (65,519,642) shares, respectively]		(387,600,547	)		(568,190,465	)

Total Class IA transactions		(375,204,603	)		439,062,280

Class IB
Capital shares sold [1,510,279 and 4,963,251 shares, respectively]		14,209,729			37,222,308
Capital shares issued in reinvestment of dividends [0 and 3,521,886 shares, respectively]		—			31,648,545
Capital shares repurchased [(13,812,409) and (30,297,021) shares, respectively]		(128,991,909	)		(236,253,692	)

Total Class IB transactions		(114,782,180	)		(167,382,839	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(489,986,783	)		271,679,441

TOTAL INCREASE (DECREASE) IN NET ASSETS		(713,346,669	)		1,132,672,717
NET ASSETS:
Beginning of period		3,939,696,094			2,807,023,377

End of period (a)	$	3,226,349,425		$	3,939,696,094

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	24,532,781		$	10,269

See Notes to Financial Statements.

632

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EQ/LARGE CAP VALUE PLUS PORTFOLIO (i)

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	9.15		$	7.75		$	14.27		$	16.39		$	14.51		$	14.21

Income (loss) from investment operations:
Net investment income (loss)		0.07	(e)		0.19	(e)		0.43			0.35	(e)		0.30	(e)		0.26	(e)
Net realized and unrealized gain (loss) on investments and futures		(0.73	)		1.41			(6.57	)		(1.07	)		2.83			0.55

Total from investment operations		(0.66	)		1.60			(6.14	)		(0.72	)		3.13			0.81

Less distributions:
Dividends from net investment income		—			(0.20	)		(0.38	)		(0.26	)		(0.30	)		(0.21	)
Distributions from net realized gains		—			—			—			(1.14	)		(0.95	)		(0.30	)

Total dividends and distributions		—			(0.20	)		(0.38	)		(1.40	)		(1.25	)		(0.51	)

Net asset value, end of period	$	8.49		$	9.15		$	7.75		$	14.27		$	16.39		$	14.51

Total return (b)		(7.21	)%		20.73	%		(43.06	)%		(4.30	)%		21.70	%		5.68	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,815,532		$	2,305,328		$	1,254,315		$	3,770,999		$	1,531,086		$	1,329,984
Ratio of expenses to average net assets:
After waivers (a)		0.68	%		0.70	%		0.70	%		0.70	%		0.70	%		0.66	%
After waivers and fees paid indirectly (a)		0.67	%		0.69	%		0.64	%		0.62	%		0.69	%		0.59	%
Before waivers and fees paid indirectly (a)		0.68	%		0.70	%		0.72	%		0.71	%		0.70	%		0.66	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		1.41	%		2.35	%		2.36	%		2.06	%		1.92	%		1.74	%
After waivers and fees paid indirectly (a)		1.41	%		2.36	%		2.42	%		2.15	%		1.93	%		1.81	%
Before waivers and fees paid indirectly (a)		1.41	%		2.35	%		2.34	%		2.05	%		1.92	%		1.74	%
Portfolio turnover rate		24	%		52	%		39	%		50	%		28	%		16	%

See Notes to Financial Statements.

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EQ/LARGE CAP VALUE PLUS PORTFOLIO (i)

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	9.12		$	7.73		$	14.26		$	16.38		$	14.50		$	14.20

Income (loss) from investment operations:
Net investment income (loss)		0.05	(e)		0.17	(e)		0.31			0.30	(e)		0.26	(e)		0.22	(e)
Net realized and unrealized gain (loss) on investments and futures		(0.71	)		1.40			(6.49	)		(1.06	)		2.83			0.55

Total from investment operations		(0.66	)		1.57			(6.18	)		(0.76	)		3.09			0.77

Less distributions:
Dividends from net investment income		—			(0.18	)		(0.35	)		(0.22	)		(0.26	)		(0.17	)
Distributions from net realized gains		—			—			—			(1.14	)		(0.95	)		(0.30	)

Total dividends and distributions		—			(0.18	)		(0.35	)		(1.36	)		(1.21	)		(0.47	)

Net asset value, end of period	$	8.46		$	9.12		$	7.73		$	14.26		$	16.38		$	14.50

Total return (b)		(7.24	)%		20.34	%		(43.32	)%		(4.55	)%		21.41	%		5.42	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,410,818		$	1,634,368		$	1,552,709		$	3,310,417		$	2,844,395		$	2,219,168
Ratio of expenses to average net assets:
After waivers (a)		0.93	%(c)		0.95	%		0.95	%		0.95	%		0.95	%		0.91	%
After waivers and fees paid indirectly (a)		0.92	%		0.94	%		0.89	%(c)		0.87	%(c)		0.94	%		0.84	%
Before waivers and fees paid indirectly (a)		0.93	%(c)		0.95	%		0.97	%		0.96	%(c)		0.95	%		0.91	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		1.16	%		2.22	%		2.41	%		1.74	%		1.67	%		1.49	%
After waivers and fees paid indirectly (a)		1.17	%		2.23	%		2.49	%		1.80	%		1.68	%		1.56	%
Before waivers and fees paid indirectly (a)		1.16	%		2.22	%		2.40	%		1.72	%		1.67	%		1.49	%
Portfolio turnover rate		24	%		52	%		39	%		50	%		28	%		16	%

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

(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.

See Notes to Financial Statements.

634

EQ/LORD ABBETT GROWTH AND INCOME PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Financials	27.3	%
Energy	17.0
Consumer Discretionary	12.4
Industrials	9.1
Health Care	8.8
Materials	6.5
Consumer Staples	5.3
Utilities	4.0
Telecommunication Services	2.6
Information Technology	2.5
Cash and Other	4.5

	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$952.40	$3.63
Hypothetical (5% average return before expenses)	1,000.00	1,021.08	3.76
Class IB
Actual	1,000.00	950.30	4.84
Hypothetical (5% average return before expenses)	1,000.00	1,019.84	5.01
* 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 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (12.4%)
*Automobiles (1.4%)*
Ford Motor Co.*	244,140	$	2,460,931

*Hotels, Restaurants & Leisure (3.0%)*
Carnival Corp.	48,500		1,466,640
Hyatt Hotels Corp., Class A*	49,720		1,844,115
Marriott International, Inc., Class A	60,953		1,824,933

			5,135,688

*Household Durables (0.5%)*
Pulte Group, Inc.*	102,990		852,757

*Internet & Catalog Retail (1.6%)*
HSN, Inc.*	110,036		2,640,864

*Media (2.5%)*
Comcast Corp., Class A	135,780		2,358,499
Omnicom Group, Inc.	14,130		484,659
Time Warner Cable, Inc.	18,341		955,199
Time Warner, Inc.	19,006		549,463

			4,347,820

*Multiline Retail (2.7%)*
J.C. Penney Co., Inc.	23,640		507,787
Kohl’s Corp.*	22,500		1,068,750
Target Corp.	63,120		3,103,611

			4,680,148

*Specialty Retail (0.7%)*
Home Depot, Inc.	13,480		378,384
J. Crew Group, Inc.*	19,340		711,905

			1,090,289

Total Consumer Discretionary			21,208,497

Consumer Staples (5.3%)
*Beverages (0.6%)*
PepsiCo, Inc.	17,350		1,057,483

*Food & Staples Retailing (2.1%)*
Kroger Co.	183,696		3,616,974

*Food Products (1.6%)*
Archer-Daniels-Midland Co.	90,070		2,325,607
Kraft Foods, Inc., Class A	18,089		506,492

			2,832,099

*Household Products (1.0%)*
Colgate-Palmolive Co.	20,910		1,646,872

Total Consumer Staples			9,153,428

Energy (17.0%)
*Energy Equipment & Services (3.6%)*
Halliburton Co.	91,430		2,244,607
Schlumberger Ltd.	70,469		3,899,754

			6,144,361

*Oil, Gas & Consumable Fuels (13.4%)*
Anadarko Petroleum Corp.	28,160		1,016,294
Apache Corp.	6,940		584,279
Chevron Corp.	78,010		5,293,759


	Number of Shares	Value (Note 1)

El Paso Corp.	151,360	$	1,681,609
EOG Resources, Inc.	10,490		1,031,901
Exxon Mobil Corp.	136,871		7,811,252
Hess Corp.	17,100		860,814
Marathon Oil Corp.	56,930		1,769,954
Petroleo Brasileiro S.A. (ADR)	22,810		782,839
Suncor Energy, Inc.	32,850		967,104
Valero Energy Corp.	63,850		1,148,023

			22,947,828

Total Energy			29,092,189

Financials (27.3%)
*Capital Markets (7.4%)*
Bank of New York Mellon Corp.	154,037		3,803,174
Charles Schwab Corp.	137,500		1,949,750
Franklin Resources, Inc.	11,670		1,005,837
Goldman Sachs Group, Inc.	18,740		2,460,000
Morgan Stanley	87,950		2,041,319
State Street Corp.	43,660		1,476,581

			12,736,661

*Commercial Banks (11.8%)*
BB&T Corp.	35,300		928,743
KeyCorp	198,700		1,528,003
M&T Bank Corp.	16,840		1,430,558
PNC Financial Services Group, Inc.	47,320		2,673,580
Regions Financial Corp.	135,020		888,432
SunTrust Banks, Inc.	150,060		3,496,398
Wells Fargo & Co.	277,120		7,094,272
Zions Bancorp	99,160		2,138,881

			20,178,867

*Diversified Financial Services (7.3%)*
Bank of America Corp.	255,626		3,673,346
CBOE Holdings, Inc.*	4,820		156,891
Citigroup, Inc.*	737,970		2,774,767
JPMorgan Chase & Co.	162,049		5,932,614

			12,537,618

*Insurance (0.5%)*
MetLife, Inc.	24,528		926,177

*Real Estate Investment Trusts (REITs) (0.3%)*
Annaly Capital Management, Inc. (REIT)	24,500		420,175

Total Financials			46,799,498

Health Care (8.8%)
*Biotechnology (1.8%)*
Amgen, Inc.*	45,720		2,404,872
Gilead Sciences, Inc.*	18,420		631,438

			3,036,310

*Health Care Equipment & Supplies (1.0%)*
Covidien plc	42,780		1,718,900

*Health Care Providers & Services (1.6%)*
CIGNA Corp.	5,200		161,512
UnitedHealth Group, Inc.	92,520		2,627,568

			2,789,080

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Pharmaceuticals (4.4%)*
Abbott Laboratories, Inc.	44,817	$	2,096,539
Johnson& Johnson	33,080		1,953,705
Merck & Co., Inc.	32,980		1,153,311
Pfizer, Inc.	46,880		668,509
Teva Pharmaceutical Industries Ltd. (ADR)	33,090		1,720,349

			7,592,413

Total Health Care			15,136,703

Industrials (9.1%)
*Aerospace & Defense (1.2%)*
Honeywell International, Inc.	18,000		702,540
Lockheed Martin Corp.	13,030		970,735
Raytheon Co.	8,920		431,639

			2,104,914

*Airlines (2.5%)*
AMR Corp.*	105,790		717,256
Delta Air Lines, Inc.*	300,900		3,535,575

			4,252,831

*Construction & Engineering (0.2%)*
Fluor Corp.	7,400		314,500

*Electrical Equipment (0.6%)*
Emerson Electric Co.	22,890		1,000,064

*Machinery (3.1%)*
Caterpillar, Inc.	31,150		1,871,181
Eaton Corp.	51,396		3,363,354

			5,234,535

*Road & Rail (1.5%)*
Hertz Global Holdings, Inc.*	275,410		2,605,378

Total Industrials			15,512,222

Information Technology (2.5%)
*Computers & Peripherals (1.4%)*
EMC Corp.*	60,750		1,111,725
Hewlett-Packard Co.	30,480		1,319,175

			2,430,900

*Office Electronics (0.1%)*
Xerox Corp.	20,230		162,649

*Semiconductors & Semiconductor Equipment (1.0%)*
Applied Materials, Inc.	69,140		831,063
Intel Corp.	48,070		934,961

			1,766,024

Total Information Technology			4,359,573

Materials (6.5%)
*Chemicals (2.0%)*
Dow Chemical Co.	68,370		1,621,736
Mosaic Co.	35,390		1,379,502
Potash Corp. of Saskatchewan, Inc.	3,840		331,162

			3,332,400


	Number of Shares		Value (Note 1)

*Metals & Mining (4.5%)*
Barrick Gold Corp.		62,320	$	2,829,951
Cliffs Natural Resources, Inc.		26,960		1,271,434
Newmont Mining Corp.		42,080		2,598,019
United States Steel Corp.		26,520		1,022,346

				7,721,750

Total Materials				11,054,150

Telecommunication Services (2.6%)
*Diversified Telecommunication Services (2.6%)*
AT&T, Inc.		129,387		3,129,872
Verizon Communications, Inc.		49,700		1,392,594

Total Telecommunication Services				4,522,466

Utilities (4.0%)
*Electric Utilities (2.7%)*
NextEra Energy, Inc.		13,250		646,070
PPL Corp.		37,180		927,641
Progress Energy, Inc.		30,010		1,176,992
Southern Co.		56,770		1,889,306

				4,640,009

*Multi-Utilities (1.3%)*
PG&E Corp.		38,910		1,599,201
Public Service Enterprise Group, Inc.		21,550		675,161

				2,274,362

Total Utilities				6,914,371

Total Common Stocks (95.5%) (Cost $162,264,655)				163,753,097

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (4.3%)
JPMorgan Chase Nassau
0.000%, 7/1/10
(Amortized Cost $7,405,449)	$	7,405,449		7,405,449

Total Investments (99.8%)
(Cost/Amortized Cost $169,670,104)				171,158,546
Other Assets Less Liabilities (0.2%)				328,847

Net Assets (100%)			$	171,487,393

*	Non-income producing.

Glossary:

ADR—

American Depositary Receipt

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	21,208,497	$	—	$	—	$	21,208,497
Consumer Staples		9,153,428		—		—		9,153,428
Energy		29,092,189		—		—		29,092,189
Financials		46,799,498		—		—		46,799,498
Health Care		15,136,703		—		—		15,136,703
Industrials		15,512,222		—		—		15,512,222
Information Technology		4,359,573		—		—		4,359,573
Materials		11,054,150		—		—		11,054,150
Telecommunication Services		4,522,466		—		—		4,522,466
Utilities		6,914,371		—		—		6,914,371
Short-Term Investments		—		7,405,449		—		7,405,449

Total Assets	$	163,753,097	$	7,405,449	$	—	$	171,158,546

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	163,753,097	$	7,405,449	$	–	$	171,158,546

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	43,575,161
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	31,967,665

As of June 30, 2010, 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	$	10,511,421
Aggregate gross unrealized depreciation		(13,483,617	)

Net unrealized depreciation	$	(2,972,196	)

Federal income tax cost of investments	$	174,130,742

The Portfolio has a net capital loss carryforward of $58,084,849 of which $20,069,753 expires in the year 2016, and $38,015,096 expires in 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $169,670,104)	$	171,158,546
Receivable from Separate Accounts for Trust shares sold		657,994
Receivable for securities sold		499,997
Dividends, interest and other receivables		91,208
Other assets		2,702

Total assets		172,410,447

LIABILITIES
Payable for securities purchased		488,817
Payable to Separate Accounts for Trust shares redeemed		235,721
Investment management fees payable		87,277
Distribution fees payable - Class IB		30,718
Administrative fees payable		17,464
Trustees’ fees payable		656
Accrued expenses		62,401

Total liabilities		923,054

NET ASSETS	$	171,487,393

Net assets were comprised of:
Paid in capital	$	229,213,597
Accumulated undistributed net investment income (loss)		479,794
Accumulated undistributed net realized gain (loss) on investments		(59,694,440	)
Unrealized appreciation (depreciation) on investments		1,488,442

Net assets	$	171,487,393

Class IA
Net asset value, offering and redemption price per share, $27,431,594 / 3,262,539 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.41

Class IB
Net asset value, offering and redemption price per share, $144,055,799 / 17,133,227 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.41

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $2,660 foreign withholding tax)	$	1,258,725

EXPENSES
Investment management fees		578,022
Distribution fees - Class IB		183,875
Administrative fees		105,996
Professional fees		12,133
Printing and mailing expenses		10,386
Custodian fees		2,976
Trustees’ fees		2,052
Miscellaneous		4,332

Gross expenses		899,772
Less: Waiver from investment advisor		(49,195	)
Fees paid indirectly		(10,559	)

Net expenses		840,018

NET INVESTMENT INCOME (LOSS)		418,707

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities		2,851,047
Net change in unrealized appreciation (depreciation) on securities		(13,613,023	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(10,761,976	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(10,343,269	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	418,707		$	1,191,566
Net realized gain (loss) on investments		2,851,047			(32,755,970	)
Net change in unrealized appreciation (depreciation) on investments		(13,613,023	)		58,520,029

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(10,343,269	)		26,955,625

DIVIDENDS:
Dividends from net investment income
Class IA		—			(268,134	)
Class IB		—			(861,894	)

TOTAL DIVIDENDS		—			(1,130,028	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [186,620 and 348,481 shares, respectively]		1,741,079			2,515,614
Capital shares issued in reinvestment of dividends [0 and 30,937 shares, respectively]		—			268,134
Capital shares repurchased [(355,459) and (1,069,901) shares, respectively]		(3,273,728	)		(7,961,991	)

Total Class IA transactions		(1,532,649	)		(5,178,243	)

Class IB
Capital shares sold [4,109,752 and 4,777,771 shares, respectively]		38,554,314			34,725,622
Capital shares issued in reinvestment of dividends [0 and 99,309 shares, respectively]		—			861,894
Capital shares repurchased [(2,354,252) and (3,746,933) shares, respectively]		(21,532,418	)		(28,311,653	)

Total Class IB transactions		17,021,896			7,275,863

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		15,489,247			2,097,620

TOTAL INCREASE (DECREASE) IN NET ASSETS		5,145,978			27,923,217

NET ASSETS:
Beginning of period		166,341,415			138,418,198

End of period (a)	$	171,487,393		$	166,341,415

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	479,794		$	61,087

See Notes to Financial Statements.

640

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EQ/LORD ABBETT GROWTH AND INCOME PORTFOLIO

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,												April 29, 2005* to December 31, 2005
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			April 29, 2005* to December 31, 2005
Net asset value, beginning of period	$	8.83		$	7.53		$	12.15		$	12.36		$	10.67		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)		0.08	(e)		0.17	(e)		0.17	(e)		0.22	(e)		0.10	(e)
Net realized and unrealized gain (loss) on investments		(0.45	)		1.30			(4.58	)		0.29			1.65			0.66

Total from investment operations		(0.42	)		1.38			(4.41	)		0.46			1.87			0.76

Less distributions:
Dividends from net investment income		—			(0.08	)		(0.18	)		(0.18	)		(0.10	)		(0.07	)
Distributions from net realized gains		—			—			(0.03	)		(0.49	)		(0.08	)		(0.02	)

Total dividends and distributions		—			(0.08	)		(0.21	)		(0.67	)		(0.18	)		(0.09	)

Net asset value, end of period	$	8.41		$	8.83		$	7.53		$	12.15		$	12.36		$	10.67

Total return (b)		(4.76	)%		18.33	%		(36.41	)%		3.79	%		17.48	%		7.55	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	27,432		$	30,315		$	31,031		$	65,415		$	74,235		$	108
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
After waivers, reimbursements and fees paid indirectly (a)		0.74	%		0.73	%		0.73	%		0.73	%		0.74	%		0.72	%
Before waivers, reimbursements and fees paid indirectly (a)		0.81	%		0.83	%		0.85	%		0.81	%		0.88	%(c)		1.50	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.67	%		1.03	%		1.66	%		1.35	%		1.75	%		1.43	%
After waivers, reimbursements and fees paid indirectly (a)		0.68	%		1.05	%		1.68	%		1.36	%		1.76	%		1.46	%
Before waivers, reimbursements and fees paid indirectly (a)		0.61	%		0.95	%		1.56	%		1.29	%		1.67	%		0.68	%
Portfolio turnover rate		19	%		75	%		109	%		85	%		49	%		19	%

See Notes to Financial Statements.

641

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EQ/LORD ABBETT GROWTH AND INCOME PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,												April 29, 2005* to December 31, 2005
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			April 29, 2005* to December 31, 2005
Net asset value, beginning of period	$	8.85		$	7.54		$	12.16		$	12.37		$	10.68		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.02	(e)		0.06	(e)		0.15	(e)		0.14	(e)		0.16	(e)		0.08	(e)
Net realized and unrealized gain (loss) on investments		(0.46	)		1.31			(4.58	)		0.28			1.68			0.66

Total from investment operations		(0.44	)		1.37			(4.43	)		0.42			1.84			0.74

Less distributions:
Dividends from net investment income		—			(0.06	)		(0.16	)		(0.14	)		(0.07	)		(0.04	)
Distributions from net realized gains		—			—			(0.03	)		(0.49	)		(0.08	)		(0.02	)

Total dividends and distributions		—			(0.06	)		(0.19	)		(0.63	)		(0.15	)		(0.06	)

Net asset value, end of period	$	8.41		$	8.85		$	7.54		$	12.16		$	12.37		$	10.68

Total return (b)		(4.97	)%		18.14	%		(36.54	)%		3.43	%		17.26	%		7.38	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	144,056		$	136,026		$	107,388		$	172,888		$	156,413		$	38,230
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
After waivers, reimbursements and fees paid indirectly (a)		0.99	%		0.98	%		0.98	%		0.98	%		0.99	%		0.97	%
Before waivers, reimbursements and fees paid indirectly (a)		1.06	%		1.08	%		1.10	%		1.06	%		1.13	%(c)		1.75	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.42	%		0.74	%		1.43	%		1.08	%		1.33	%		1.18	%
After waivers, reimbursements and fees paid indirectly (a)		0.43	%		0.77	%		1.45	%		1.10	%		1.34	%		1.21	%
Before waivers, reimbursements and fees paid indirectly (a)		0.36	%		0.67	%		1.33	%		1.02	%		1.19	%		0.43	%
Portfolio turnover rate		19	%		75	%		109	%		85	%		49	%		19	%

*	Commencement of Operations.

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

642

EQ/LORD ABBETT LARGE CAP CORE PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Information Technology	21.5	%
Financials	19.3
Consumer Discretionary	13.7
Health Care	11.1
Energy	10.7
Industrials	6.9
Materials	6.2
Consumer Staples	5.5
Telecommunication Services	1.3
Utilities	0.9
Cash and Other	2.9

	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$913.50	$3.56
Hypothetical (5% average return before expenses)	1,000.00	1,021.08	3.76
Class IB
Actual	1,000.00	911.80	4.74
Hypothetical (5% average return before expenses)	1,000.00	1,019.84	5.01
* 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 181/365 (to reflect the one-half year period).

643

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EQ/LORD ABBETT LARGE CAP CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (13.7%)
*Hotels, Restaurants & Leisure (6.3%)*
Boyd Gaming Corp.*	39,357	$	334,141
Carnival Corp.	64,700		1,956,528
Darden Restaurants, Inc.	17,168		666,977
Hyatt Hotels Corp., Class A*	10,470		388,332
International Game Technology	75,930		1,192,101
Marriott International, Inc., Class A	107,684		3,224,059
MGM MIRAGE*	53,590		516,608
Royal Caribbean Cruises Ltd.*	16,061		365,709
Starwood Hotels & Resorts Worldwide, Inc.	39,971		1,655,999
Wynn Resorts Ltd.	29,024		2,213,660

			12,514,114

*Internet & Catalog Retail (0.1%)*
Amazon.com, Inc.*	1,578		172,412

*Media (1.6%)*
DreamWorks Animation SKG, Inc., Class A*	5,185		148,032
Time Warner, Inc.	41,242		1,192,306
Walt Disney Co.	59,180		1,864,170

			3,204,508

*Multiline Retail (2.8%)*
J.C. Penney Co., Inc.	44,197		949,352
Kohl’s Corp.*	24,910		1,183,225
Macy’s, Inc.	19,145		342,696
Target Corp.	62,926		3,094,071

			5,569,344

*Specialty Retail (2.4%)*
Best Buy Co., Inc.	34,904		1,181,850
Dick’s Sporting Goods, Inc.*	117,117		2,915,042
Home Depot, Inc.	21,590		606,031

			4,702,923

*Textiles, Apparel & Luxury Goods (0.5%)*
Coach, Inc.	24,888		909,656

Total Consumer Discretionary			27,072,957

Consumer Staples (5.5%)
*Beverages (1.6%)*
Coca-Cola Co.	40,277		2,018,683
PepsiCo, Inc.	19,425		1,183,954

			3,202,637

*Food & Staples Retailing (1.0%)*
CVS Caremark Corp.	38,277		1,122,282
Wal-Mart Stores, Inc.	19,450		934,961

			2,057,243

*Food Products (0.7%)*
Kellogg Co.	10,416		523,925
Kraft Foods, Inc., Class A	30,252		847,056

			1,370,981

*Household Products (1.9%)*
Colgate-Palmolive Co.	8,902		701,122


	Number of Shares	Value (Note 1)

Procter & Gamble Co.	51,896	$	3,112,722

			3,813,844

*Tobacco (0.3%)*
Altria Group, Inc.	25,186		504,727

Total Consumer Staples			10,949,432

Energy (10.7%)
*Energy Equipment & Services (2.5%)*
Schlumberger Ltd.	56,731		3,139,494
Smith International, Inc.	28,234		1,063,010
Weatherford International Ltd.*	53,763		706,446

			4,908,950

*Oil, Gas & Consumable Fuels (8.2%)*
Apache Corp.	15,919		1,340,221
BP plc (ADR)	7,875		227,430
Chevron Corp.	25,435		1,726,019
Continental Resources, Inc.*	16,879		753,141
Devon Energy Corp.	14,530		885,167
EOG Resources, Inc.	12,475		1,227,166
Exxon Mobil Corp.	53,286		3,041,032
Hess Corp.	43,275		2,178,463
Marathon Oil Corp.	7,040		218,874
Occidental Petroleum Corp.	17,278		1,332,998
Petrohawk Energy Corp.*	16,995		288,405
Range Resources Corp.	7,635		306,545
Southwestern Energy Co.*	17,043		658,541
Suncor Energy, Inc.	68,256		2,009,457

			16,193,459

Total Energy			21,102,409

Financials (19.3%)
*Capital Markets (5.5%)*
Bank of New York Mellon Corp.	22,800		562,932
Franklin Resources, Inc.	10,599		913,528
Goldman Sachs Group, Inc.	28,175		3,698,532
Morgan Stanley	100,753		2,338,477
State Street Corp.	55,645		1,881,914
T. Rowe Price Group, Inc.	32,213		1,429,935

			10,825,318

*Commercial Banks (5.4%)*
Fifth Third Bancorp	150,321		1,847,445
PNC Financial Services Group, Inc.	39,038		2,205,647
Regions Financial Corp.	177,992		1,171,187
SunTrust Banks, Inc.	40,274		938,384
U.S. Bancorp	68,422		1,529,232
Wells Fargo & Co.	115,583		2,958,925

			10,650,820

*Consumer Finance (1.1%)*
Capital One Financial Corp.	54,924		2,213,437

*Diversified Financial Services (4.9%)*
Bank of America Corp.	360,444		5,179,580
JPMorgan Chase & Co.	119,489		4,374,493

			9,554,073

*Insurance (1.6%)*
MetLife, Inc.	48,524		1,832,266

See Notes to Financial Statements.

644

EQ ADVISORS TRUST

EQ/LORD ABBETT LARGE CAP CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Prudential Financial, Inc.	24,160	$	1,296,426

			3,128,692

*Real Estate Investment Trusts (REITs) (0.8%)*
Host Hotels & Resorts, Inc. (REIT)	122,100		1,645,908

Total Financials			38,018,248

Health Care (11.1%)
*Biotechnology (3.1%)*
Amgen, Inc.*	49,362		2,596,441
Celgene Corp.*	18,231		926,500
Gilead Sciences, Inc.*	30,189		1,034,879
Human Genome Sciences, Inc.*	43,461		984,826
Myriad Genetics, Inc.*	14,101		210,810
Vertex Pharmaceuticals, Inc.*	12,930		425,397

			6,178,853

*Health Care Equipment & Supplies (0.5%)*
Baxter International, Inc.	10,518		427,452
St. Jude Medical, Inc.*	13,570		489,741

			917,193

*Health Care Providers & Services (2.3%)*
Express Scripts, Inc.*	54,554		2,565,129
Medco Health Solutions, Inc.*	25,047		1,379,589
Quest Diagnostics, Inc.	13,233		658,606

			4,603,324

*Pharmaceuticals (5.2%)*
Abbott Laboratories, Inc.	41,290		1,931,546
Johnson & Johnson	49,717		2,936,286
Merck & Co., Inc.	78,183		2,734,060
Pfizer, Inc.	182,617		2,604,118

			10,206,010

Total Health Care			21,905,380

Industrials (6.9%)
*Aerospace & Defense (2.5%)*
Boeing Co.	2,194		137,673
Goodrich Corp.	15,764		1,044,365
Honeywell International, Inc.	26,760		1,044,443
Precision Castparts Corp.	11,328		1,165,878
United Technologies Corp.	23,133		1,501,563

			4,893,922

*Electrical Equipment (0.5%)*
Emerson Electric Co.	22,764		994,559

*Industrial Conglomerates (1.0%)*
General Electric Co.	132,648		1,912,784

*Machinery (1.4%)*
Eaton Corp.	16,061		1,051,032
Parker Hannifin Corp.	29,353		1,627,917

			2,678,949

*Road & Rail (1.5%)*
Union Pacific Corp.	43,668		3,035,363

Total Industrials			13,515,577


	Number of Shares	Value (Note 1)

Information Technology (21.5%)
*Communications Equipment (2.5%)*
Cisco Systems, Inc.*	135,362	$	2,884,564
QUALCOMM, Inc.	58,886		1,933,816

			4,818,380

*Computers & Peripherals (7.0%)*
Apple, Inc.*	27,964		7,033,785
Dell, Inc.*	150,293		1,812,533
EMC Corp.*	102,526		1,876,226
Hewlett-Packard Co.	68,635		2,970,523

			13,693,067

*Electronic Equipment, Instruments & Components (0.4%)*
Corning, Inc.	35,808		578,299
Dolby Laboratories, Inc., Class A*	4,417		276,902

			855,201

*Internet Software & Services (2.6%)*
Google, Inc., Class A*	8,494		3,779,405
Monster Worldwide, Inc.*	114,752		1,336,861

			5,116,266

*IT Services (0.1%)*
Mastercard, Inc., Class A	1,024		204,319

*Semiconductors & Semiconductor Equipment (3.0%)*
Broadcom Corp., Class A	24,162		796,621
Intel Corp.	145,933		2,838,397
Micron Technology, Inc.*	184,547		1,566,804
Texas Instruments, Inc.	32,461		755,692

			5,957,514

*Software (5.9%)*
Activision Blizzard, Inc.	215,231		2,257,773
Adobe Systems, Inc.*	90,707		2,397,386
Microsoft Corp.	158,184		3,639,814
Oracle Corp.	68,422		1,468,336
VMware, Inc., Class A*	29,577		1,851,225

			11,614,534

Total Information Technology			42,259,281

Materials (6.2%)
*Chemicals (4.9%)*
Albemarle Corp.	21,665		860,317
Celanese Corp., Class A	34,161		850,950
Dow Chemical Co.	100,693		2,388,438
E.I. du Pont de Nemours & Co.	23,010		795,916
Monsanto Co.	56,631		2,617,485
Potash Corp. of Saskatchewan, Inc.	23,432		2,020,776

			9,533,882

*Metals & Mining (1.3%)*
Freeport-McMoRan Copper & Gold, Inc.	21,807		1,289,448
United States Steel Corp.	34,068		1,313,321

			2,602,769

Total Materials			12,136,651

See Notes to Financial Statements.

645

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EQ/LORD ABBETT LARGE CAP CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Telecommunication Services (1.3%)
*Diversified Telecommunication Services (1.3%)*
AT&T, Inc.	76,187	$	1,842,963
Verizon Communications, Inc.	23,433		656,593

Total Telecommunication Services			2,499,556

Utilities (0.9%)
*Electric Utilities (0.5%)*
NextEra Energy, Inc.	12,378		603,551
Progress Energy, Inc.	11,645		456,717

			1,060,268

*Multi-Utilities (0.4%)*
Dominion Resources, Inc.	17,274		669,195

Total Utilities			1,729,463

Total Common Stocks (97.1%) (Cost $187,368,010)			191,188,954


	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENT:
Time Deposit (2.9%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $5,754,274)	$	5,754,274	$	5,754,274

Total Investments (100.0%) (Cost/Amortized Cost $193,122,284)				196,943,228
Other Assets Less Liabilities (0.0%)				(73,717	)

Net Assets (100%)			$	196,869,511

*	Non-income producing.

Glossary:

ADR—

American Depositary Receipt

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	27,072,957	$	—	$	—	$	27,072,957
Consumer Staples		10,949,432		—		—		10,949,432
Energy		21,102,409		—		—		21,102,409
Financials		38,018,248		—		—		38,018,248
Health Care		21,905,380		—		—		21,905,380
Industrials		13,515,577		—		—		13,515,577
Information Technology		42,259,281		—		—		42,259,281
Materials		12,136,651		—		—		12,136,651
Telecommunication Services		2,499,556		—		—		2,499,556
Utilities		1,729,463		—		—		1,729,463
Short-Term Investments		—		5,754,274		—		5,754,274

Total Assets	$	191,188,954	$	5,754,274	$	—	$	196,943,228

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	191,188,954	$	5,754,274	$	—	$	196,943,228

See Notes to Financial Statements.

646

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EQ/LORD ABBETT LARGE CAP CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	31,010,304
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	12,263,807

As of June 30, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	15,384,753
Aggregate gross unrealized depreciation		(15,233,247	)

Net unrealized appreciation	$	151,506

Federal income tax cost of investments	$	196,791,722

The Portfolio has a net capital loss carryforward of $14,102,674 of which $3,308,587 expires in the year 2016, and $10,794,087 expires in the

year 2017.

See Notes to Financial Statements.

647

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EQ/LORD ABBETT LARGE CAP CORE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $193,122,284)	$	196,943,228
Dividends, interest and other receivables		163,105
Receivable from Separate Accounts for Trust shares sold		124,002
Other assets		1,935

Total assets		197,232,270

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		137,550
Investment management fees payable		103,489
Distribution fees payable - Class IB		41,312
Administrative fees payable		20,125
Trustees’ fees payable		171
Accrued expenses		60,112

Total liabilities		362,759

NET ASSETS	$	196,869,511

Net assets were comprised of:
Paid in capital	$	210,208,346
Accumulated undistributed net investment income (loss)		396,175
Accumulated undistributed net realized gain (loss) on investments		(17,555,954	)
Unrealized appreciation (depreciation) on investments		3,820,944

Net assets	$	196,869,511

Class IA
Net asset value, offering and redemption price per share, $7,994,963 / 822,708 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.72

Class IB
Net asset value, offering and redemption price per share, $188,874,548 / 19,439,834 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.72

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $2,516 foreign withholding tax)	$	1,294,664

EXPENSES
Investment management fees		684,135
Distribution fees - Class IB		252,930
Administrative fees		122,725
Printing and mailing expenses		12,258
Professional fees		11,087
Custodian fees		5,455
Trustees’ fees		2,429
Miscellaneous		4,532

Gross expenses		1,095,551
Less: Waiver from investment advisor		(53,693	)
Fees paid indirectly		(6,419	)

Net expenses		1,035,439

NET INVESTMENT INCOME (LOSS)		259,225

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities		1,329,070
Net change in unrealized appreciation (depreciation) on securities		(21,104,789	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(19,775,719	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(19,516,494	)

See Notes to Financial Statements.

648

EQ ADVISORS TRUST

EQ/LORD ABBETT LARGE CAP CORE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	259,225		$	1,204,632
Net realized gain (loss) on investments		1,329,070			(12,141,494	)
Net change in unrealized appreciation (depreciation) on investments		(21,104,789	)		50,293,465

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(19,516,494	)		39,356,603

DIVIDENDS:
Dividends from net investment income
Class IA		—			(53,206	)
Class IB		—			(1,014,332	)

TOTAL DIVIDENDS		—			(1,067,538	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [504,252 and 460,904 shares, respectively]		5,437,136			4,353,593
Capital shares issued in reinvestment of dividends [0 and 5,108 shares, respectively]		—			53,206
Capital shares repurchased [(320,543) and (167,068) shares, respectively]		(3,365,031	)		(1,506,780	)

Total Class IA transactions		2,072,105			2,900,019

Class IB
Capital shares sold [4,010,353 and 10,636,287 shares, respectively]		43,470,097			94,286,990
Capital shares issued in reinvestment of dividends [0 and 97,251 shares, respectively]		—			1,014,332
Capital shares repurchased [(2,459,393) and (4,656,094) shares, respectively]		(26,602,999	)		(42,771,761	)

Total Class IB transactions		16,867,098			52,529,561

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		18,939,203			55,429,580

TOTAL INCREASE (DECREASE) IN NET ASSETS		(577,291	)		93,718,645
NET ASSETS:
Beginning of period		197,446,802			103,728,157

End of period (a)	$	196,869,511		$	197,446,802

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	396,175		$	136,950

See Notes to Financial Statements.

649

EQ ADVISORS TRUST

EQ/LORD ABBETT LARGE CAP CORE PORTFOLIO

FINANCIAL HIGHLIGHTS


Class IA	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,												April 29, 2005* to December 31, 2005
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			April 29, 2005* to December 31, 2005
Net asset value, beginning of period	$	10.65		$	8.53		$	12.59		$	11.88		$	10.69		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)		0.10	(e)		0.16	(e)		0.13	(e)		0.14	(e)		0.08	(e)
Net realized and unrealized gain (loss) on investments		(0.96	)		2.10			(4.02	)		1.16			1.24			0.67

Total from investment operations		(0.93	)		2.20			(3.86	)		1.29			1.38			0.75

Less distributions:
Dividends from net investment income		—			(0.08	)		(0.13	)		(0.12	)		(0.12	)		(0.06	)
Distributions from net realized gains		—			—			(0.07	)		(0.46	)		(0.07	)		—

Total dividends and distributions		—			(0.08	)		(0.20	)		(0.58	)		(0.19	)		(0.06	)

Net asset value, end of period	$	9.72		$	10.65		$	8.53		$	12.59		$	11.88		$	10.69

Total return (b)		(8.65	)%		25.86	%		(30.80	)%		10.99	%		12.92	%		7.53	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	7,995		$	6,803		$	2,900		$	1,262		$	121		$	107
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
After waivers, reimbursements and fees paid indirectly (a)		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%
Before waivers, reimbursements and fees paid indirectly (a)		0.80	%		0.84	%		0.87	%		0.86	%		1.03	%		1.89	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.47	%		1.03	%		1.46	%		1.03	%		1.21	%		1.12	%
After waivers, reimbursements and fees paid indirectly (a)		0.48	%		1.04	%		1.46	%		1.04	%		1.22	%		1.13	%
Before waivers, reimbursements and fees paid indirectly (a)		0.42	%		0.95	%		1.34	%		0.92	%		0.93	%		(0.02	)%
Portfolio turnover rate		6	%		46	%		43	%		42	%		36	%		26	%

See Notes to Financial Statements.

650

EQ ADVISORS TRUST

EQ/LORD ABBETT LARGE CAP CORE PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,												April 29, 2005* to December 31, 2005
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			April 29, 2005* to December 31, 2005
Net asset value, beginning of period	$	10.66		$	8.54		$	12.60		$	11.89		$	10.69		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.01	(e)		0.07	(e)		0.13	(e)		0.10	(e)		0.11	(e)		0.06	(e)
Net realized and unrealized gain (loss) on investments		(0.95	)		2.11			(4.01	)		1.16			1.25			0.67

Total from investment operations		(0.94	)		2.18			(3.88	)		1.26			1.36			0.73

Less distributions:
Dividends from net investment income		—			(0.06	)		(0.11	)		(0.09	)		(0.09	)		(0.04	)
Distributions from net realized gains		—			—			(0.07	)		(0.46	)		(0.07	)		—

Total dividends and distributions		—			(0.06	)		(0.18	)		(0.55	)		(0.16	)		(0.04	)

Net asset value, end of period	$	9.72		$	10.66		$	8.54		$	12.60		$	11.89		$	10.69

Total return (b)		(8.82	)%		25.51	%		(30.95	)%		10.69	%		12.63	%		7.36	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	188,875		$	190,644		$	100,829		$	91,751		$	58,690		$	27,015
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
After waivers, reimbursements and fees paid indirectly (a)		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%
Before waivers, reimbursements and fees paid indirectly (a)		1.05	%		1.09	%		1.12	%		1.11	%(c)		1.28	%(c)		2.14	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.23	%		0.79	%		1.19	%		0.82	%		0.96	%		0.87	%
After waivers, reimbursements and fees paid indirectly (a)		0.24	%		0.80	%		1.19	%		0.83	%		0.97	%		0.88	%
Before waivers, reimbursements and fees paid indirectly (a)		0.18	%		0.70	%		1.07	%		0.69	%		0.70	%		(0.27	)%
Portfolio turnover rate		6	%		46	%		43	%		42	%		36	%		26	%

*	Commencement of Operations.

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

651

EQ/MID CAP INDEX PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Financials	20.3	%
Information Technology	14.9
Industrials	14.4
Consumer Discretionary	13.5
Health Care	12.1
Materials	6.5
Utilities	5.9
Energy	5.7
Consumer Staples	3.7
Telecommunication Services	0.8
Cash and Other	2.2

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$983.70	$2.36
Hypothetical (5% average return before expenses)	1,000.00	1,022.41	2.41
Class IB
Actual	1,000.00	983.50	3.59
Hypothetical (5% average return before expenses)	1,000.00	1,021.17	3.66
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.48% and 0.73%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

652

EQ ADVISORS TRUST

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (13.5%)
*Auto Components (0.8%)*
BorgWarner, Inc.*	140,676	$	5,252,842
Gentex Corp.	165,626		2,977,955

			8,230,797

*Automobiles (0.1%)*
Thor Industries, Inc.	46,121		1,095,374

*Distributors (0.3%)*
LKQ Corp.*	168,310		3,245,017

*Diversified Consumer Services (1.4%)*
Career Education Corp.*	81,151		1,868,096
Corinthian Colleges, Inc.*	103,444		1,018,924
ITT Educational Services, Inc.*	35,563		2,952,440
Matthews International Corp., Class A	37,108		1,086,522
Regis Corp.	69,962		1,089,308
Service Corp. International	304,452		2,252,945
Sotheby’s, Inc.	80,758		1,846,936
Strayer Education, Inc.	16,651		3,461,576

			15,576,747

*Hotels, Restaurants & Leisure (2.3%)*
Bally Technologies, Inc.*	66,300		2,147,457
Bob Evans Farms, Inc.	37,219		916,332
Boyd Gaming Corp.*	66,526		564,806
Brinker International, Inc.	121,316		1,754,229
Burger King Holdings, Inc.	108,900		1,833,876
Cheesecake Factory, Inc.*	73,163		1,628,608
Chipotle Mexican Grill, Inc.*	37,673		5,154,043
International Speedway Corp., Class A	37,181		957,782
Life Time Fitness, Inc.*	48,878		1,553,832
Panera Bread Co., Class A*	38,152		2,872,464
Scientific Games Corp., Class A*	79,198		728,622
Wendy’s/Arby’s Group, Inc., Class A	419,707		1,678,828
WMS Industries, Inc.*	62,684		2,460,347

			24,251,226

*Household Durables (1.6%)*
American Greetings Corp., Class A	48,136		903,031
KB Home	87,700		964,700
M.D.C. Holdings, Inc.	45,786		1,233,933
Mohawk Industries, Inc.*	67,181		3,074,202
NVR, Inc.*	7,328		4,800,060
Ryland Group, Inc.	53,807		851,227
Toll Brothers, Inc.*	167,597		2,741,887
Tupperware Brands Corp.	75,236		2,998,155

			17,567,195

*Internet & Catalog Retail (0.5%)*
Netflix, Inc.*	49,355		5,362,421

*Media (0.7%)*
DreamWorks Animation SKG, Inc., Class A*	90,002		2,569,557
Harte-Hanks, Inc.	45,639		476,928
John Wiley & Sons, Inc., Class A	51,896		2,006,818


	Number of Shares	Value (Note 1)

Lamar Advertising Co., Class A*	64,711	$	1,586,714
Scholastic Corp.	31,028		748,395

			7,388,412

*Multiline Retail (0.8%)*
99 Cents Only Stores*	55,065		814,962
Dollar Tree, Inc.*	151,979		6,326,865
Saks, Inc.*	189,229		1,436,248

			8,578,075

*Specialty Retail (3.9%)*
Aaron’s, Inc.	98,780		1,686,175
Advance Auto Parts, Inc.	104,451		5,241,351
Aeropostale, Inc.*	111,742		3,200,291
American Eagle Outfitters, Inc.	250,185		2,939,674
AnnTaylor Stores Corp.*	69,791		1,135,500
Barnes & Noble, Inc.	48,519		625,895
Chico’s FAS, Inc.	211,470		2,089,324
Coldwater Creek, Inc.*	69,556		233,708
Collective Brands, Inc.*	76,265		1,204,987
Dick’s Sporting Goods, Inc.*	107,113		2,666,042
Dress Barn, Inc.*	71,200		1,695,272
Foot Locker, Inc.	186,478		2,353,352
Guess?, Inc.	69,654		2,175,991
J. Crew Group, Inc.*	66,534		2,449,116
PetSmart, Inc.	141,301		4,263,051
Rent-A-Center, Inc.*	79,684		1,614,398
Tractor Supply Co.	43,300		2,640,001
Williams-Sonoma, Inc.	126,779		3,146,655

			41,360,783

*Textiles, Apparel & Luxury Goods (1.1%)*
Fossil, Inc.*	57,093		1,981,127
Hanesbrands, Inc.*	113,765		2,737,186
Phillips-Van Heusen Corp.	67,891		3,141,317
Timberland Co., Class A*	53,377		862,038
Under Armour, Inc., Class A*	44,553		1,476,041
Warnaco Group, Inc.*	54,100		1,955,174

			12,152,883

Total Consumer Discretionary			144,808,930

Consumer Staples (3.7%)
*Beverages (0.3%)*
Hansen Natural Corp.*	84,150		3,291,106

*Food & Staples Retailing (0.4%)*
BJ’s Wholesale Club, Inc.*	66,672		2,467,530
Ruddick Corp.	48,325		1,497,592

			3,965,122

*Food Products (1.5%)*
Corn Products International, Inc.	89,589		2,714,547
Flowers Foods, Inc.	91,449		2,234,099
Green Mountain Coffee Roasters, Inc.*	126,000		3,238,200
Lancaster Colony Corp.	23,685		1,263,831
Ralcorp Holdings, Inc.*	65,911		3,611,923
Smithfield Foods, Inc.*	176,237		2,625,931
Tootsie Roll Industries, Inc.	32,744		774,396

			16,462,927

See Notes to Financial Statements.

653

EQ ADVISORS TRUST

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Household Products (0.9%)*
Church & Dwight Co., Inc.	84,599	$	5,305,203
Energizer Holdings, Inc.*	83,977		4,222,364

			9,527,567

*Personal Products (0.5%)*
Alberto-Culver Co.	102,026		2,763,884
NBTY, Inc.*	75,140		2,555,512

			5,319,396

*Tobacco (0.1%)*
Universal Corp.	29,664		1,177,068

Total Consumer Staples			39,743,186

Energy (5.7%)
*Energy Equipment & Services (2.0%)*
Atwood Oceanics, Inc.*	68,700		1,753,224
Exterran Holdings, Inc.*	75,749		1,955,082
Helix Energy Solutions Group, Inc.*	111,289		1,198,582
Oceaneering International, Inc.*	65,484		2,940,232
Patterson-UTI Energy, Inc.	182,519		2,349,019
Pride International, Inc.*	210,167		4,695,131
Superior Energy Services, Inc.*	93,984		1,754,681
Tidewater, Inc.	62,123		2,405,403
Unit Corp.*	47,886		1,943,693

			20,995,047

*Oil, Gas & Consumable Fuels (3.7%)*
Arch Coal, Inc.	195,324		3,869,368
Bill Barrett Corp.*	47,074		1,448,467
Cimarex Energy Co.	100,039		7,160,792
Comstock Resources, Inc.*	57,066		1,581,870
Forest Oil Corp.*	135,304		3,701,917
Frontier Oil Corp.	123,710		1,663,899
Mariner Energy, Inc.*	121,275		2,604,987
Newfield Exploration Co.*	159,433		7,789,896
Overseas Shipholding Group, Inc.	31,143		1,153,537
Patriot Coal Corp.*	91,303		1,072,810
Plains Exploration & Production Co.*	166,814		3,438,037
Quicksilver Resources, Inc.*	139,805		1,537,855
Southern Union Co.	148,452		3,245,161

			40,268,596

Total Energy			61,263,643

Financials (20.3%)
*Capital Markets (2.1%)*
Affiliated Managers Group, Inc.*	52,808		3,209,142
Apollo Investment Corp.	226,680		2,114,924
Eaton Vance Corp.	141,605		3,909,714
Greenhill & Co., Inc.	24,900		1,522,137
Jefferies Group, Inc.	145,357		3,064,126
Raymond James Financial, Inc.	118,246		2,919,494
SEI Investments Co.	154,089		3,137,252
Waddell & Reed Financial, Inc., Class A	101,399		2,218,610

			22,095,399


	Number of Shares	Value (Note 1)

*Commercial Banks (3.8%)*
Associated Banc-Corp	205,900	$	2,524,334
BancorpSouth, Inc.	87,295		1,560,835
Bank of Hawaii Corp.	57,052		2,758,464
Cathay General Bancorp	96,218		993,932
City National Corp./California	51,607		2,643,827
Commerce Bancshares, Inc./Missouri	87,092		3,134,441
Cullen/Frost Bankers, Inc.	72,326		3,717,556
FirstMerit Corp.	128,699		2,204,614
Fulton Financial Corp.	237,231		2,289,279
International Bancshares Corp.	60,860		1,015,753
PacWest Bancorp	36,165		662,181
Prosperity Bancshares, Inc.	56,400		1,959,900
SVB Financial Group*	48,981		2,019,487
Synovus Financial Corp.	935,263		2,375,568
TCF Financial Corp.	147,782		2,454,659
Trustmark Corp.	67,163		1,398,334
Valley National Bancorp	191,709		2,611,077
Webster Financial Corp.	78,911		1,415,663
Westamerica Bancorp	35,412		1,859,838
Wilmington Trust Corp.	106,935		1,185,909

			40,785,651

*Consumer Finance (0.2%)*
AmeriCredit Corp.*	115,281		2,100,420

*Diversified Financial Services (0.3%)*
MSCI, Inc., Class A*	139,200		3,814,080

*Insurance* (*4.4%)*
American Financial Group, Inc./Ohio	91,279		2,493,742
Arthur J. Gallagher & Co.	122,186		2,978,895
Brown & Brown, Inc.	140,603		2,691,141
Everest Reinsurance Group Ltd.	71,004		5,021,403
Fidelity National Financial, Inc., Class A	277,384		3,603,218
First American Financial Corp.	124,655		1,580,625
Hanover Insurance Group, Inc.	53,279		2,317,637
HCC Insurance Holdings, Inc.	136,808		3,387,366
Mercury General Corp.	43,188		1,789,711
Old Republic International Corp.	288,148		3,495,235
Protective Life Corp.	101,320		2,167,235
Reinsurance Group of America, Inc.	87,972		4,021,200
StanCorp Financial Group, Inc.	56,074		2,273,240
Transatlantic Holdings, Inc.	77,400		3,712,104
Unitrin, Inc.	60,495		1,548,672
W.R. Berkley Corp.	154,569		4,089,896

			47,171,320

*Real Estate Investment Trusts (REITs)* (*7.7%*)
Alexandria Real Estate Equities, Inc. (REIT)	52,865		3,350,055
AMB Property Corp. (REIT)	200,809		4,761,181
BRE Properties, Inc. (REIT)	74,147		2,738,249
Camden Property Trust (REIT)	76,575		3,128,089
Corporate Office Properties Trust/Maryland (REIT)	69,402		2,620,619
Cousins Properties, Inc. (REIT)	124,409		838,517
Duke Realty Corp. (REIT)	294,304		3,340,350

See Notes to Financial Statements.

654

EQ ADVISORS TRUST

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Equity One, Inc. (REIT)	43,139	$	672,968
Essex Property Trust, Inc. (REIT)	35,002		3,414,095
Federal Realty Investment Trust (REIT)	73,012		5,130,553
Highwoods Properties, Inc. (REIT)	85,566		2,375,312
Hospitality Properties Trust (REIT)	147,098		3,103,768
Liberty Property Trust (REIT)	134,208		3,871,901
Macerich Co. (REIT)	153,427		5,725,896
Mack-Cali Realty Corp. (REIT)	94,492		2,809,247
Nationwide Health Properties, Inc. (REIT)	141,248		5,052,441
Omega Healthcare Investors, Inc. (REIT)	107,631		2,145,086
Potlatch Corp. (REIT)	47,047		1,680,989
Rayonier, Inc. (REIT)	95,127		4,187,491
Realty Income Corp. (REIT)	124,923		3,788,915
Regency Centers Corp. (REIT)	98,199		3,378,046
Senior Housing Properties Trust (REIT)	151,600		3,048,676
SL Green Realty Corp. (REIT)	93,209		5,130,223
UDR, Inc. (REIT)	193,727		3,705,997
Weingarten Realty Investors (REIT)	125,074		2,382,660

			82,381,324

*Real Estate Management & Development (0.3%)*
Jones Lang LaSalle, Inc.	50,188		3,294,340

*Thrifts & Mortgage Finance (1.5%)*
Astoria Financial Corp.	97,089		1,335,945
First Niagara Financial Group, Inc.	249,335		3,124,167
New York Community Bancorp, Inc.	517,108		7,896,239
NewAlliance Bancshares, Inc.	128,618		1,441,808
Washington Federal, Inc.	133,933		2,167,036

			15,965,195

Total Financials			217,607,729

Health Care (12.1%)
*Biotechnology (1.0%)*
United Therapeutics Corp.*	57,204		2,792,127
Vertex Pharmaceuticals, Inc.*	240,751		7,920,708

			10,712,835

*Health Care Equipment & Supplies (4.2%)*
Beckman Coulter, Inc.	83,355		5,025,473
Edwards Lifesciences Corp.*	135,516		7,591,606
Gen-Probe, Inc.*	58,801		2,670,742
Hill-Rom Holdings, Inc.	74,614		2,270,504
Hologic, Inc.*	310,860		4,330,280
IDEXX Laboratories, Inc.*	69,831		4,252,708
Immucor, Inc.*	83,208		1,585,112
Kinetic Concepts, Inc.*	73,983		2,701,119
Masimo Corp.	61,575		1,466,101
ResMed, Inc.*	89,588		5,447,846
STERIS Corp.	70,020		2,176,222
Teleflex, Inc.	47,657		2,586,822
Thoratec Corp.*	68,415		2,923,373

			45,027,908


	Number of Shares	Value (Note 1)

*Health Care Providers & Services (3.8%)*
Community Health Systems, Inc.*	110,842	$	3,747,568
Health Management Associates, Inc., Class A*	299,539		2,327,418
Health Net, Inc.*	119,269		2,906,586
Henry Schein, Inc.*	108,960		5,981,904
Kindred Healthcare, Inc.*	47,444		609,181
LifePoint Hospitals, Inc.*	65,129		2,045,051
Lincare Holdings, Inc.*	117,707		3,826,638
MEDNAX, Inc.*	56,500		3,141,965
Omnicare, Inc.	143,956		3,411,757
Owens & Minor, Inc.	74,616		2,117,602
Psychiatric Solutions, Inc.*	66,682		2,181,835
Universal Health Services, Inc., Class B	116,634		4,449,587
VCA Antech, Inc.*	101,649		2,516,829
WellCare Health Plans, Inc.*	50,208		1,191,938

			40,455,859

*Life Sciences Tools & Services (1.8%)*
Affymetrix, Inc.*	84,721		499,854
Bio-Rad Laboratories, Inc., Class A*	22,863		1,977,421
Charles River Laboratories International, Inc.*	78,350		2,680,353
Covance, Inc.*	76,866		3,944,763
Mettler-Toledo International, Inc.*	40,214		4,489,089
Pharmaceutical Product Development, Inc.	142,563		3,622,526
Techne Corp.	44,795		2,573,473

			19,787,479

*Pharmaceuticals (1.3%)*
Endo Pharmaceuticals Holdings, Inc.*	139,541		3,044,784
Medicis Pharmaceutical Corp., Class A	69,001		1,509,742
Perrigo Co.	95,885		5,663,927
Valeant Pharmaceuticals International*	77,275		4,040,710

			14,259,163

Total Health Care			130,243,244

Industrials (14.4%)
*Aerospace & Defense (0.5%)*
Alliant Techsystems, Inc.*	39,371		2,443,364
BE Aerospace, Inc.*	121,929		3,100,655

			5,544,019

*Airlines (0.4%)*
AirTran Holdings, Inc.*	162,728		789,231
Alaska Air Group, Inc.*	43,142		1,939,233
JetBlue Airways Corp.*	245,156		1,345,906

			4,074,370

*Building Products (0.2%)*
Lennox International, Inc.	58,666		2,438,746

*Commercial Services & Supplies (1.6%)*
Brink’s Co.	58,034		1,104,387

See Notes to Financial Statements.

655

EQ ADVISORS TRUST

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Clean Harbors, Inc.*	26,958	$	1,790,281
Copart, Inc.*	80,642		2,887,790
Corrections Corp. of America*	138,201		2,636,875
Deluxe Corp.	60,379		1,132,106
Herman Miller, Inc.	66,018		1,245,760
HNI Corp.	54,648		1,507,738
Mine Safety Appliances Co.	37,044		917,950
Rollins, Inc.	52,753		1,091,460
Waste Connections, Inc.*	93,859		3,274,740

			17,589,087

*Construction & Engineering (1.4%)*
Aecom Technology Corp.*	136,031		3,136,875
Granite Construction, Inc.	39,693		935,961
KBR, Inc.	192,244		3,910,243
Shaw Group, Inc.*	99,739		3,413,069
URS Corp.*	100,061		3,937,400

			15,333,548

*Electrical Equipment (1.5%)*
Acuity Brands, Inc.	51,900		1,888,122
AMETEK, Inc.	128,616		5,163,932
Hubbell, Inc., Class B	71,114		2,822,515
Regal-Beloit Corp.	44,600		2,487,788
Thomas & Betts Corp.*	63,033		2,187,245
Woodward Governor Co.	68,895		1,758,889

			16,308,491

*Industrial Conglomerates (0.3%)*
Carlisle Cos., Inc.	72,095		2,604,792

*Machinery (5.4%)*
AGCO Corp.*	110,242		2,973,227
Bucyrus International, Inc.	97,267		4,615,319
Crane Co.	56,810		1,716,230
Donaldson Co., Inc.	92,463		3,943,547
Gardner Denver, Inc.	62,500		2,786,875
Graco, Inc.	71,875		2,026,156
Harsco Corp.	96,112		2,258,632
IDEX Corp.	96,400		2,754,148
Joy Global, Inc.	123,546		6,188,419
Kennametal, Inc.	97,003		2,466,786
Lincoln Electric Holdings, Inc.	51,197		2,610,535
Nordson Corp.	40,503		2,271,408
Oshkosh Corp.*	107,121		3,337,891
Pentair, Inc.	117,766		3,792,065
SPX Corp.	59,466		3,140,400
Terex Corp.*	128,784		2,413,412
Timken Co.	94,693		2,461,071
Trinity Industries, Inc.	96,070		1,702,361
Valmont Industries, Inc.	23,623		1,716,447
Wabtec Corp.	57,063		2,276,243

			57,451,172

*Marine (0.4%)*
Alexander & Baldwin, Inc.	48,644		1,448,618
Kirby Corp.*	63,908		2,444,481

			3,893,099

*Professional Services (1.0%)*
Corporate Executive Board Co.	41,656		1,094,303
FTI Consulting, Inc.*	55,202		2,406,255
Korn/Ferry International*	55,538		771,978


	Number of Shares	Value (Note 1)

Manpower, Inc.	98,516	$	4,253,921
Navigant Consulting, Inc.*	60,355		626,485
Towers Watson & Co., Class A	51,697		2,008,429

			11,161,371

*Road & Rail (1.2%)*
Con-way, Inc.	64,253		1,928,875
J.B. Hunt Transport Services, Inc.	104,842		3,425,188
Kansas City Southern*	122,056		4,436,736
Landstar System, Inc.	59,879		2,334,682
Werner Enterprises, Inc.	53,663		1,174,683

			13,300,164

*Trading Companies & Distributors (0.5%)*
GATX Corp.	54,832		1,462,918
MSC Industrial Direct Co., Class A	53,069		2,688,475
United Rentals, Inc.*	73,008		680,435

			4,831,828

Total Industrials			154,530,687

Information Technology (14.9%)
*Communications Equipment (1.8%)*
ADC Telecommunications, Inc.*	117,904		873,668
ADTRAN, Inc.	67,773		1,848,170
Ciena Corp.*	110,200		1,397,336
CommScope, Inc.*	112,344		2,670,417
F5 Networks, Inc.*	95,505		6,548,778
Palm, Inc.*	202,186		1,150,438
Plantronics, Inc.	57,540		1,645,644
Polycom, Inc.*	100,129		2,982,843

			19,117,294

*Computers & Peripherals (0.4%)*
Diebold, Inc.	78,783		2,146,836
NCR Corp.*	189,098		2,291,868

			4,438,704

*Electronic Equipment, Instruments & Components (2.2%)*
Arrow Electronics, Inc.*	144,325		3,225,664
Avnet, Inc.*	182,596		4,402,389
Ingram Micro, Inc., Class A*	195,299		2,966,592
Itron, Inc.*	48,302		2,986,030
National Instruments Corp.	68,027		2,161,898
Tech Data Corp.*	60,481		2,154,333
Trimble Navigation Ltd.*	144,614		4,049,192
Vishay Intertechnology, Inc.*	226,393		1,752,282

			23,698,380

*Internet Software & Services (0.8%)*
AOL, Inc.*	126,700		2,634,093
Digital River, Inc.*	45,651		1,091,515
Equinix, Inc.*	53,672		4,359,240
ValueClick, Inc.*	101,900		1,089,311

			9,174,159

*IT Services (2.8%)*
Acxiom Corp.*	93,771		1,377,496
Alliance Data Systems Corp.*	63,009		3,750,296
Broadridge Financial Solutions, Inc.	160,451		3,056,592

See Notes to Financial Statements.

656

EQ ADVISORS TRUST

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Convergys Corp.*	145,500	$	1,427,355
CoreLogic, Inc.	124,655		2,201,407
DST Systems, Inc.	46,767		1,690,159
Gartner, Inc.*	71,885		1,671,326
Global Payments, Inc.	97,605		3,566,487
Hewitt Associates, Inc., Class A*	100,151		3,451,203
Lender Processing Services, Inc.	114,295		3,578,576
ManTech International Corp., Class A*	26,238		1,116,952
NeuStar, Inc., Class A*	90,306		1,862,110
SRA International, Inc., Class A*	52,874		1,040,032

			29,789,991

*Office Electronics (0.2%)*
Zebra Technologies Corp., Class A*	70,153		1,779,782

*Semiconductors & Semiconductor Equipment (2.5%)*
Atmel Corp.*	543,053		2,606,654
Cree, Inc.*	126,962		7,621,529
Fairchild Semiconductor International, Inc.*	150,694		1,267,337
Integrated Device Technology, Inc.*	202,441		1,002,083
International Rectifier Corp.*	86,140		1,603,065
Intersil Corp., Class A	149,142		1,806,110
Lam Research Corp.*	153,266		5,833,304
RF Micro Devices, Inc.*	319,230		1,248,189
Semtech Corp.*	72,840		1,192,391
Silicon Laboratories, Inc.*	54,993		2,230,516

			26,411,178

*Software (4.2%)*
ACI Worldwide, Inc.*	41,256		803,254
Advent Software, Inc.*	19,071		895,574
ANSYS, Inc.*	107,168		4,347,806
Cadence Design Systems, Inc.*	326,050		1,887,830
FactSet Research Systems, Inc.	50,042		3,352,314
Fair Isaac Corp.	54,884		1,195,922
Informatica Corp.*	108,465		2,590,144
Jack Henry & Associates, Inc.	100,338		2,396,071
Mentor Graphics Corp.*	127,447		1,127,906
MICROS Systems, Inc.*	95,068		3,029,817
Parametric Technology Corp.*	139,568		2,187,031
Quest Software, Inc.*	73,960		1,334,238
Rovi Corp.*	121,844		4,619,106
Solera Holdings, Inc.	83,300		3,015,460
Sybase, Inc.*	103,763		6,709,316
Synopsys, Inc.*	175,434		3,661,308
TIBCO Software, Inc.*	197,400		2,380,644

			45,533,741

Total Information Technology			159,943,229

Materials (6.5%)
*Chemicals (3.3%)*
Albemarle Corp.	109,768		4,358,887
Ashland, Inc.	93,929		4,360,184
Cabot Corp.	78,164		1,884,534
Cytec Industries, Inc.	58,499		2,339,375
Intrepid Potash, Inc.*	50,400		986,328


	Number of Shares	Value (Note 1)

Lubrizol Corp.	82,136	$	6,596,342
Minerals Technologies, Inc.	22,854		1,086,479
NewMarket Corp.	14,300		1,248,676
Olin Corp.	93,497		1,691,361
RPM International, Inc.	154,266		2,752,106
Scotts Miracle-Gro Co., Class A	53,805		2,389,480
Sensient Technologies Corp.	58,608		1,519,705
Valspar Corp.	119,731		3,606,298

			34,819,755

*Construction Materials (0.4%)*
Martin Marietta Materials, Inc.	54,048		4,583,811

*Containers & Packaging (1.7%)*
AptarGroup, Inc.	80,980		3,062,664
Greif, Inc., Class A	41,090		2,282,139
Packaging Corp. of America	123,415		2,717,598
Rock-Tenn Co., Class A	46,000		2,284,820
Silgan Holdings, Inc.	63,900		1,813,482
Sonoco Products Co.	119,718		3,649,005
Temple-Inland, Inc.	128,841		2,663,143

			18,472,851

*Metals & Mining (1.0%)*
Carpenter Technology Corp.	53,338		1,751,087
Commercial Metals Co.	136,775		1,808,165
Reliance Steel & Aluminum Co.	76,599		2,769,054
Steel Dynamics, Inc.	260,385		3,434,478
Worthington Industries, Inc.	74,319		955,742

			10,718,526

*Paper & Forest Products (0.1%)*
Louisiana-Pacific Corp.*	154,492		1,033,551

Total Materials			69,628,494

Telecommunication Services (0.8%)
*Diversified Telecommunication Services (0.3%)*
Cincinnati Bell, Inc.*	243,466		732,833
tw telecom, Inc.*	179,100		2,987,388

			3,720,221

*Wireless Telecommunication Services (0.5%)*
Syniverse Holdings, Inc.*	84,456		1,727,125
Telephone & Data Systems, Inc.	109,907		3,340,074

			5,067,199

Total Telecommunication Services			8,787,420

Utilities (5.9%)
*Electric Utilities (1.8%)*
Cleco Corp.	73,272		1,935,113
DPL, Inc.	142,993		3,417,533
Great Plains Energy, Inc.	161,386		2,746,790
Hawaiian Electric Industries, Inc.	110,293		2,512,474
IDACORP, Inc.	56,762		1,888,472
NV Energy, Inc.	280,280		3,310,107
PNM Resources, Inc.	102,279		1,143,479
Westar Energy, Inc.	129,959		2,808,414

			19,762,382

See Notes to Financial Statements.

657

EQ ADVISORS TRUST

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Gas Utilities (1.9%)*
AGL Resources, Inc.	92,478	$	3,312,562
Atmos Energy Corp.	111,000		3,001,440
Energen Corp.	86,395		3,829,890
National Fuel Gas Co.	96,803		4,441,322
UGI Corp.	129,960		3,306,183
WGL Holdings, Inc.	60,937		2,073,686

			19,965,083

*Independent Power Producers & Energy Traders (0.0%)*
Dynegy, Inc.*	121,620		468,237

*Multi-Utilities (1.9%)*
Alliant Energy Corp.	131,695		4,179,999
Black Hills Corp.	47,449		1,350,873
MDU Resources Group, Inc.	225,815		4,071,445
NSTAR	128,039		4,481,365
OGE Energy Corp.	115,579		4,225,568
Vectren Corp.	96,199		2,276,068

			20,585,318

*Water Utilities (0.3%)*
Aqua America, Inc.	162,466		2,872,399

Total Utilities			63,653,419

Total Common Stocks (97.8%) (Cost $766,945,349)			1,050,209,981


	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENTS:
Government Securities (0.2%)
U.S. Treasury Bills 0.15%, 10/14/10#(p)	$	2,455,000	$	2,453,913

Time Deposit (2.0%)
JPMorgan Chase Nassau 0.000%, 7/1/10		20,992,994		20,992,994

Total Short-Term Investments (2.2%) (Cost/Amortized Cost $23,447,421)				23,446,907

Total Investments (100.0%) (Cost/Amortized Cost $790,392,770)				1,073,656,888
Other Assets Less Liabilities (0.0%)				(211,342	)

Net Assets (100%)			$	1,073,445,546

*	Non-income producing.

#	All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $2,453,912.

(p)

Yield to maturity.

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
S&P MidCap 400 E-Mini Index	342	September-10	$	24,835,100	$	24,282,000	$	(553,100	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

See Notes to Financial Statements.

658

EQ ADVISORS TRUST

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	144,808,930		$	—	$	—	$	144,808,930
Consumer Staples		39,743,186			—		—		39,743,186
Energy		61,263,643			—		—		61,263,643
Financials		217,607,729			—		—		217,607,729
Health Care		130,243,244			—		—		130,243,244
Industrials		154,530,687			—		—		154,530,687
Information Technology		159,943,229			—		—		159,943,229
Materials		69,628,494			—		—		69,628,494
Telecommunication Services		8,787,420			—		—		8,787,420
Utilities		63,653,419			—		—		63,653,419
Short-Term Investments		—			23,446,907		—		23,446,907

Total Assets	$	1,050,209,981		$	23,446,907	$	—	$	1,073,656,888


Liabilities:
Futures	$	(553,100	)	$	—	$	—	$	(553,100	)

Total Liabilities	$	(553,100	)	$	—	$	—	$	(553,100	)

Total	$	1,049,656,881		$	23,446,907	$	—	$	1,073,103,788

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	–


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(553,100	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(553,100	)

See Notes to Financial Statements.

659

EQ ADVISORS TRUST

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts		—		—		—		—		—
Credit contracts		—		—		—		—		—
Equity contracts		—		1,352,733		—		—		1,352,733
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	1,352,733	$	—	$	—	$	1,352,733


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(1,723,461	)		—		—		(1,723,461	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(1,723,461	)	$	—	$	—	$	(1,723,461	)

The Portfolio held futures contracts with an average notional balance of approximately $25,629,000 during the six months ended June 30, 2010.

^ This Portfolio held futures contracts to gain or reduce exposure to the financial markets.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	53,271,817
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	136,328,866

As of June 30, 2010, 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	$	296,902,295
Aggregate gross unrealized depreciation		(21,204,162	)

Net unrealized appreciation	$	275,698,133

Federal income tax cost of investments	$	797,958,755

The Portfolio has a net capital loss carryforward of $733,375,105 of which $416,578,506 expires in the year 2016, and $316,796,599 expires in the year 2017.

See Notes to Financial Statements.

660

EQ ADVISORS TRUST

EQ/MID CAP INDEX PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $790,392,770)	$	1,073,656,888
Dividends, interest and other receivables		1,007,492
Receivable for securities sold		483,249
Receivable from Separate Accounts for Trust shares sold		139,238
Other assets		15,422

Total assets		1,075,302,289

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		1,021,206
Investment management fees payable		327,073
Distribution fees payable - Class IB		213,030
Variation margin payable on futures contracts		123,120
Administrative fees payable		97,971
Trustees’ fees payable		2,293
Accrued expenses		72,050

Total liabilities		1,856,743

NET ASSETS	$	1,073,445,546

Net assets were comprised of:
Paid in capital	$	1,474,253,845
Accumulated undistributed net investment income (loss)		4,472,295
Accumulated undistributed net realized gain (loss) on investments, futures and foreign currency transactions		(687,991,612	)
Unrealized appreciation (depreciation) on investments, futures and foreign currency translations		282,711,018

Net assets	$	1,073,445,546

Class IA
Net asset value, offering and redemption price per share, $94,794,941 / 14,290,408 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.63

Class IB
Net asset value, offering and redemption price per share, $978,650,605 / 149,750,826 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.54

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends	$	8,352,346
Interest		1,122
Securities lending (net)		48,624

Total income		8,402,092

EXPENSES
Investment management fees		2,081,467
Distribution fees - Class IB		1,334,701
Administrative fees		624,271
Printing and mailing expenses		70,453
Professional fees		23,520
Custodian fees		22,974
Trustees’ fees		14,097
Miscellaneous		16,682

Gross expenses		4,188,165
Less: Fees paid indirectly		(8,217	)

Net expenses		4,179,948

NET INVESTMENT INCOME (LOSS)		4,222,144

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		52,818,524
Futures		1,352,733
Foreign currency transactions		167

Net realized gain (loss)		54,171,424

Change in unrealized appreciation (depreciation) on:
Securities		(69,263,357	)
Futures		(1,723,461	)
Foreign currency translations		19

Net change in unrealized appreciation (depreciation)		(70,986,799	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(16,815,375	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(12,593,231	)

See Notes to Financial Statements.

661

EQ ADVISORS TRUST

EQ/MID CAP INDEX PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	4,222,144		$	12,278,306
Net realized gain (loss) on investments, futures and foreign currency transactions		54,171,424			116,318,932
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(70,986,799	)		311,543,428

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(12,593,231	)		440,140,666

DIVIDENDS:
Dividends from net investment income
Class IA		—			(1,507,424	)
Class IB		—			(9,681,260	)

TOTAL DIVIDENDS		—			(11,188,684	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [704,387 and 64,006,126 shares, respectively]		5,064,081			269,260,229
Capital shares issued in reinvestment of dividends [0 and 228,481 shares, respectively]		—			1,507,424
Capital shares repurchased [(5,519,564) and (52,955,877) shares, respectively]		(42,088,136	)		(334,454,231	)

Total Class IA transactions		(37,024,055	)		(63,686,578	)

Class IB
Capital shares sold [6,266,308 and 18,385,435 shares, respectively]		44,592,800			96,008,178
Capital shares issued in reinvestment of dividends [0 and 1,487,478 shares, respectively]		—			9,681,260
Capital shares repurchased [(13,921,303) and (22,541,029) shares, respectively]		(97,376,549	)		(123,021,167	)

Total Class IB transactions		(52,783,749	)		(17,331,729	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(89,807,804	)		(81,018,307	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(102,401,035	)		347,933,675
NET ASSETS:
Beginning of period		1,175,846,581			827,912,906

End of period (a)	$	1,073,445,546		$	1,175,846,581

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	4,472,295		$	250,151

See Notes to Financial Statements.

662

EQ ADVISORS TRUST

EQ/MID CAP INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	6.74		$	5.00		$	10.09		$	10.75		$	10.35		$	11.13

Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)		0.07	(e)		0.10	(e)		0.02	(e)		0.02	(e)		0.02	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.14	)		1.75			(5.02	)		0.84			1.16			0.69

Total from investment operations		(0.11	)		1.82			(4.92	)		0.86			1.18			0.71

Less distributions:
Dividends from net investment income		—			(0.08	)		(0.08	)		—			(0.03	)		—
Distributions from net realized gains		—			—			(0.09	)		(1.52	)		(0.75	)		(1.49	)

Total dividends and distributions		—			(0.08	)		(0.17	)		(1.52	)		(0.78	)		(1.49	)

Net asset value, end of period	$	6.63		$	6.74		$	5.00		$	10.09		$	10.75		$	10.35

Total return (b)		(1.63	)%		36.43	%		(49.10	)%		8.25	%		11.79	%		6.63	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	94,795		$	128,836		$	39,101		$	63,363		$	51,403		$	13,551
Ratio of expenses to average net assets:
After waivers (a)		0.48	%		0.51	%		0.76	%		0.75	%		0.75	%		0.75	%
After waivers and fees paid indirectly (a)		0.48	%		0.50	%		0.58	%		0.75	%		0.72	%		0.70	%
Before waivers and fees paid indirectly (a)		0.48	%		0.51	%		0.82	%		0.81	%		0.80	%		0.75	%
Ratio of net investment income to average net assets:
After waivers (a)		0.92	%		1.21	%		1.07	%		0.19	%		0.19	%		0.15	%
After waivers and fees paid indirectly (a)		0.92	%		1.21	%		1.25	%		0.20	%		0.22	%		0.20	%
Before waivers and fees paid indirectly (a)		0.92	%		1.20	%		1.01	%		0.13	%		0.15	%		0.15	%
Portfolio turnover rate		5	%		16	%		239	%		112	%		155	%		149	%

See Notes to Financial Statements.

663

EQ ADVISORS TRUST

EQ/MID CAP INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	6.65		$	4.93		$	9.96		$	10.65		$	10.26		$	11.08

Income (loss) from investment operations:
Net investment income (loss)		0.02	(e)		0.06	(e)		0.07	(e)		(0.01	)(e)		—	#(e)		(0.01	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.13	)		1.72			(4.94	)		0.84			1.14			0.68

Total from investment operations		(0.11	)		1.78			(4.87	)		0.83			1.14			0.67

Less distributions:
Dividends from net investment income		—			(0.06	)		(0.07	)		—			—	#		—
Distributions from net realized gains		—			—			(0.09	)		(1.52	)		(0.75	)		(1.49	)

Total dividends and distributions		—			(0.06	)		(0.16	)		(1.52	)		(0.75	)		(1.49	)

Net asset value, end of period	$	6.54		$	6.65		$	4.93		$	9.96		$	10.65		$	10.26

Total return (b)		(1.65	)%		36.18	%		(49.28	)%		8.05	%		11.51	%		6.39	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	978,651		$	1,047,011		$	788,812		$	1,611,257		$	1,516,836		$	1,340,515
Ratio of expenses to average net assets:
After waivers (a)		0.73	%		0.75	%		1.01	%		1.00	%		1.00	%		1.00	%
After waivers and fees paid indirectly (a)		0.73	%		0.74	%		0.83	%(c)		1.00	%		0.97	%(c)		0.95	%
Before waivers and fees paid indirectly (a)		0.73	%		0.76	%		1.07	%		1.06	%		1.05	%(c)		1.00	%
Ratio of net investment income to average net assets:
After waivers (a)		0.68	%		1.07	%		0.76	%		(0.06	)%		(0.04	)%		(0.10	)%
After waivers and fees paid indirectly (a)		0.69	%		1.08	%		0.93	%		(0.06	)%		—	%‡‡		(0.05	)%
Before waivers and fees paid indirectly (a)		0.68	%		1.06	%		0.71	%		(0.12	)%		(0.08	)%		(0.10	)%
Portfolio turnover rate		5	%		16	%		239	%		112	%		155	%		149	%

#	Per share amount is less than $0.01.

‡‡	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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

664

EQ/MID CAP VALUE PLUS PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Financials	20.8	%
Exchange Traded Funds	11.2
Industrials	9.3
Utilities	8.2
Consumer Discretionary	7.8
Energy	6.6
Information Technology	5.4
Materials	4.8
Health Care	4.7
Consumer Staples	4.3
Telecommunication Services	0.9
Cash and Other	16.0

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$968.60	$3.66
Hypothetical (5% average return before expenses)	1,000.00	1,021.08	3.76
Class IB
Actual	1,000.00	967.10	4.88
Hypothetical (5% average return before expenses)	1,000.00	1,019.84	5.01
* 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 181/365 (to reflect the one-half year period).

665

EQ ADVISORS TRUST

EQ/MID CAP VALUE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (7.8%)
*Auto Components (0.2%)*
Autoliv, Inc.*	28,925	$	1,384,061
BorgWarner, Inc.*	4,657		173,892
Federal-Mogul Corp.*	7,729		100,632
Lear Corp.*	16,796		1,111,895
TRW Automotive Holdings Corp.*	13,012		358,741

			3,129,221

*Distributors (0.2%)*
Genuine Parts Co.	81,488		3,214,702

*Diversified Consumer Services (0.2%)*
Education Management Corp.*	9,612		146,583
H&R Block, Inc.	99,176		1,556,072
Service Corp. International	130,771		967,705

			2,670,360

*Hotels, Restaurants & Leisure (0.5%)*
Brinker International, Inc.	6,791		98,198
Choice Hotels International, Inc.	13,260		400,585
Hyatt Hotels Corp., Class A*	22,397		830,705
International Speedway Corp., Class A	9,985		257,214
MGM MIRAGE*	117,794		1,135,534
Penn National Gaming, Inc.*	34,903		806,259
Royal Caribbean Cruises Ltd.*	41,315		940,742
Thomas Cook Group plc	957,020		2,523,814
Wendy’s/Arby’s Group, Inc., Class A	104,019		416,076
Wyndham Worldwide Corp.	92,361		1,860,150

			9,269,277

*Household Durables (1.9%)*
D.R. Horton, Inc.	142,878		1,404,491
Fortune Brands, Inc.	68,710		2,692,058
Garmin Ltd.	54,130		1,579,513
Harman International Industries, Inc.*	18,697		558,853
Jarden Corp.	47,316		1,271,381
KB Home	39,435		433,785
Leggett & Platt, Inc.	31,081		623,485
Lennar Corp., Class A	81,708		1,136,558
M.D.C. Holdings, Inc.	256,477		6,912,055
Mohawk Industries, Inc.*	25,301		1,157,774
Newell Rubbermaid, Inc.	142,764		2,090,065
Pulte Group, Inc.*	173,178		1,433,914
Stanley Black & Decker, Inc.	82,310		4,158,301
Toll Brothers, Inc.*	337,346		5,518,981
Whirlpool Corp.	22,049		1,936,343

			32,907,557

*Internet & Catalog Retail (0.2%)*
Expedia, Inc.	61,881		1,162,125
Liberty Media Corp. - Interactive, Class A*	306,543		3,218,702

			4,380,827

*Leisure Equipment & Products (0.4%)*
Mattel, Inc.	296,513		6,274,215


	Number of Shares	Value (Note 1)

*Media (2.3%)*
Cablevision Systems Corp. - New York Group, Class A	120,812	$	2,900,696
CBS Corp.(Non-Voting), Class B	715,713		9,254,169
Central European Media Enterprises Ltd., Class A*	19,335		384,766
Clear Channel Outdoor Holdings, Inc., Class A*	21,226		184,242
Discovery Communications, Inc., Class A*	39,246		1,401,475
DISH Network Corp., Class A	102,729		1,864,531
Gannett Co., Inc.	122,223		1,645,122
Interactive Data Corp.	1,409		47,032
John Wiley & Sons, Inc., Class A	1,706		65,971
Lamar Advertising Co., Class A*	23,321		571,831
Liberty Global, Inc., Class A*	130,475		3,391,045
Liberty Media Corp. - Capital, Class A*	41,101		1,722,543
Liberty Media Corp. - Starz*	26,313		1,364,066
Madison Square Garden, Inc., Class A*	20,988		412,834
McGraw-Hill Cos., Inc.	48,248		1,357,699
Meredith Corp.	10,586		329,542
New York Times Co., Class A*	69,562		601,711
Regal Entertainment Group, Class A	31,781		414,424
Virgin Media, Inc.	685,949		11,448,489
Washington Post Co., Class B	3,093		1,269,615

			40,631,803

*Multiline Retail (0.4%)*
J.C. Penney Co., Inc.	81,853		1,758,202
Macy’s, Inc.	195,165		3,493,453
Sears Holdings Corp.*	23,284		1,505,311

			6,756,966

*Specialty Retail (1.0%)*
Aaron’s, Inc.	16,431		280,477
Abercrombie & Fitch Co., Class A	10,682		327,831
American Eagle Outfitters, Inc.	299,595		3,520,241
AnnTaylor Stores Corp.*	117,300		1,908,471
AutoNation, Inc.*	24,712		481,884
Foot Locker, Inc.	80,363		1,014,181
GameStop Corp., Class A*	78,440		1,473,888
Office Depot, Inc.*	127,101		513,488
RadioShack Corp.	64,344		1,255,351
Ross Stores, Inc.	114,400		6,096,376
Signet Jewelers Ltd.*	43,887		1,206,893

			18,079,081

*Textiles, Apparel & Luxury Goods (0.5%)*
VF Corp.	120,502		8,577,332

Total Consumer Discretionary			135,891,341

Consumer Staples (4.3%)
*Beverages (0.8%)*
Brown-Forman Corp., Class B	13,497		772,433
Central European Distribution Corp.*	36,255		775,132
Coca-Cola Enterprises, Inc.	63,307		1,637,119

See Notes to Financial Statements.

666

EQ ADVISORS TRUST

EQ/MID CAP VALUE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Constellation Brands, Inc., Class A*	94,164	$	1,470,842
Dr. Pepper Snapple Group, Inc.	87,501		3,271,662
Hansen Natural Corp.*	5,227		204,428
Molson Coors Brewing Co., Class B	141,331		5,986,781

			14,118,397

*Food & Staples Retailing (0.4%)*
BJ’s Wholesale Club, Inc.*	25,333		937,575
Safeway, Inc.	199,418		3,920,558
SUPERVALU, Inc.	108,923		1,180,725

			6,038,858

*Food Products (2.6%)*
Bunge Ltd.	128,276		6,309,896
Campbell Soup Co.	37,717		1,351,400
ConAgra Foods, Inc.	205,554		4,793,519
Corn Products International, Inc.	38,613		1,169,974
Dean Foods Co.*	257,249		2,590,497
Del Monte Foods Co.	101,899		1,466,327
Flowers Foods, Inc.	24,429		596,801
H.J. Heinz Co.	95,747		4,138,185
Hershey Co.	32,841		1,574,069
Hormel Foods Corp.	35,458		1,435,340
J.M. Smucker Co.	61,131		3,681,309
McCormick & Co., Inc.(Non-Voting)	34,063		1,293,032
Mead Johnson Nutrition Co.	90,575		4,539,619
PureCircle Ltd.*	905,495		3,349,081
Ralcorp Holdings, Inc.*	28,170		1,543,716
Sara Lee Corp.	97,392		1,373,227
Smithfield Foods, Inc.*	70,550		1,051,195
Tyson Foods, Inc., Class A	153,211		2,511,128

			44,768,315

*Household Products (0.1%)*
Clorox Co.	4,192		260,575
Energizer Holdings, Inc.*	35,941		1,807,113

			2,067,688

*Personal Products (0.1%)*
Alberto-Culver Co.	34,132		924,636
NBTY, Inc.*	28,961		984,964

			1,909,600

*Tobacco (0.3%)*
Lorillard, Inc.	78,441		5,646,183

Total Consumer Staples			74,549,041

Energy (6.6%)
*Energy Equipment & Services (1.9%)*
Atwood Oceanics, Inc.*	23,007		587,139
Cameron International Corp.*	53,761		1,748,308
Cie Generale de Geophysique - Veritas (ADR)*	153,900		2,737,881
Diamond Offshore Drilling, Inc.	23,922		1,487,709
Dresser-Rand Group, Inc.*	4,108		129,607
Ensco plc (ADR)	73,100		2,871,368
Exterran Holdings, Inc.*	29,063		750,116
Helmerich & Payne, Inc.	48,290		1,763,551
Nabors Industries Ltd.*	87,964		1,549,926


	Number of Shares	Value (Note 1)

Oceaneering International, Inc.*	28,298	$	1,270,580
Oil States International, Inc.*	24,095		953,680
Patterson-UTI Energy, Inc.	78,954		1,016,138
Pride International, Inc.*	54,434		1,216,056
Rowan Cos., Inc.*	51,393		1,127,562
SBM Offshore N.V.	184,724		2,636,198
SEACOR Holdings, Inc.*	11,575		817,890
Smith International, Inc.	127,533		4,801,617
Superior Energy Services, Inc.*	37,421		698,650
Tidewater, Inc.	26,613		1,030,455
Unit Corp.*	20,646		838,021
Weatherford International Ltd.*	226,792		2,980,047

			33,012,499

*Oil, Gas & Consumable Fuels (4.7%)*
Alpha Natural Resources, Inc.*	53,866		1,824,441
Arch Coal, Inc.	24,430		483,958
Atlas Energy, Inc.*	10,812		292,681
Cabot Oil & Gas Corp.	132,224		4,141,256
Cobalt International Energy, Inc.*	216,602		1,613,685
Comstock Resources, Inc.*	24,244		672,044
Consol Energy, Inc.	153,063		5,167,407
Continental Resources, Inc.*	1,469		65,547
Denbury Resources, Inc.*	204,882		2,999,473
El Paso Corp.	294,689		3,273,995
Forest Oil Corp.*	20,601		563,643
Frontier Oil Corp.	54,292		730,227
Frontline Ltd.	4,682		133,624
Holly Corp.	7,380		196,160
Mariner Energy, Inc.*	49,152		1,055,785
Massey Energy Co.	52,838		1,445,119
Murphy Oil Corp.	86,669		4,294,449
Newfield Exploration Co.*	161,557		7,893,675
Noble Energy, Inc.	89,613		5,406,352
Overseas Shipholding Group, Inc.	117,800		4,363,312
Peabody Energy Corp.	137,936		5,397,436
Petrohawk Energy Corp.*	44,966		763,073
Pioneer Natural Resources Co.	59,492		3,536,799
Plains Exploration & Production Co.*	71,895		1,481,756
Quicksilver Resources, Inc.*	281,802		3,099,822
SandRidge Energy, Inc.*	76,549		446,281
SM Energy Co.	10,360		416,058
Southern Union Co.	63,877		1,396,351
Spectra Energy Corp.	332,527		6,673,817
Sunoco, Inc.	61,868		2,151,150
Teekay Corp.	21,752		569,250
Tesoro Corp.	72,477		845,807
Valero Energy Corp.	290,185		5,217,526
Whiting Petroleum Corp.*	24,311		1,906,469

			80,518,428

Total Energy			113,530,927

Financials (20.8%)
*Capital Markets (2.1%)*
Affiliated Managers Group, Inc.*	56,800		3,451,736
Ameriprise Financial, Inc.	326,087		11,781,523
Ares Capital Corp.	98,369		1,232,564
ETRADE Financial Corp.	112,915		1,334,655
Federated Investors, Inc., Class B	14,567		301,682

See Notes to Financial Statements.

667

EQ ADVISORS TRUST

EQ/MID CAP VALUE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

GLG Partners, Inc.*	5,869	$	25,706
Invesco Ltd.	440,049		7,406,025
Janus Capital Group, Inc.	85,703		761,043
Jefferies Group, Inc.	59,824		1,261,090
Legg Mason, Inc.	83,923		2,352,362
Raymond James Financial, Inc.	50,928		1,257,412
Solar Capital Ltd.	65,866		1,268,579
TD Ameritrade Holding Corp.*	261,200		3,996,360

			36,430,737

*Commercial Banks (3.6%)*
Associated Banc-Corp	88,737		1,087,916
BancorpSouth, Inc.	42,839		765,961
Bank of Hawaii Corp.	16,741		809,427
BOK Financial Corp.	12,954		614,926
CapitalSource, Inc.	165,554		788,037
CIT Group, Inc.*	102,654		3,475,864
City National Corp./California	23,340		1,195,708
Comerica, Inc.	254,184		9,361,597
Commerce Bancshares, Inc./Missouri	37,221		1,339,584
Cullen/Frost Bankers, Inc.	26,907		1,383,020
East West Bancorp, Inc.	75,923		1,157,826
Fifth Third Bancorp	407,875		5,012,784
First Citizens BancShares, Inc./North Carolina, Class A	2,779		534,485
First Horizon National Corp.*	117,305		1,343,147
Fulton Financial Corp.	101,811		982,476
Huntington Bancshares, Inc./Ohio	719,688		3,987,072
KeyCorp	451,155		3,469,382
M&T Bank Corp.	37,758		3,207,542
Marshall & Ilsley Corp.	270,567		1,942,671
Popular, Inc.*	1,112,595		2,981,755
Regions Financial Corp.	611,940		4,026,565
SunTrust Banks, Inc.	256,527		5,977,079
Synovus Financial Corp.	401,859		1,020,722
TCF Financial Corp.	72,954		1,211,766
Umpqua Holdings Corp.	130,400		1,496,992
Valley National Bancorp	82,603		1,125,053
Wilmington Trust Corp.	46,801		519,023
Zions Bancorp	82,242		1,773,960

			62,592,340

*Consumer Finance (0.4%)*
AmeriCredit Corp.*	32,480		591,786
Discover Financial Services	279,074		3,901,454
SLM Corp.*	249,274		2,589,957

			7,083,197

*Diversified Financial Services (1.0%)*
Interactive Brokers Group, Inc., Class A*	13,171		218,639
Leucadia National Corp.*	100,013		1,951,254
NASDAQ OMX Group, Inc.*	62,655		1,114,006
NYSE Euronext	105,007		2,901,343
PHH Corp.*	609,500		11,604,880

			17,790,122

*Insurance (6.6%)*
Alleghany Corp.*	3,431		1,006,312


	Number of Shares	Value (Note 1)

Allied World Assurance Co. Holdings Ltd./Bermuda	25,899	$	1,175,297
American Financial Group, Inc./Ohio	44,057		1,203,637
American International Group, Inc.*	62,036		2,136,520
American National Insurance Co.	3,593		290,925
Aon Corp.	138,258		5,132,137
Arch Capital Group Ltd.*	25,287		1,883,881
Arthur J. Gallagher & Co.	39,890		972,518
Aspen Insurance Holdings Ltd.	39,677		981,609
Assurant, Inc.	57,387		1,991,329
Assured Guaranty Ltd.	94,609		1,255,461
Axis Capital Holdings Ltd.	46,568		1,384,001
Brown & Brown, Inc.	27,117		519,019
Cincinnati Financial Corp.	74,998		1,940,198
CNA Financial Corp.*	13,532		345,878
Endurance Specialty Holdings Ltd.	20,974		787,154
Erie Indemnity Co., Class A	4,077		185,504
Everest Reinsurance Group Ltd.	100,037		7,074,617
Fidelity National Financial, Inc., Class A	283,764		3,686,094
Genworth Financial, Inc., Class A*	204,550		2,673,469
Hanover Insurance Group, Inc.	23,029		1,001,762
Hartford Financial Services Group, Inc.	208,757		4,619,792
HCC Insurance Holdings, Inc.	59,015		1,461,211
Lincoln National Corp.	155,225		3,770,415
Markel Corp.*	5,033		1,711,220
Marsh & McLennan Cos., Inc.	21,665		488,546
MBIA, Inc.*	78,698		441,496
Mercury General Corp.	13,720		568,557
Old Republic International Corp.	123,689		1,500,348
OneBeacon Insurance Group Ltd., Class A	11,813		169,162
PartnerReinsurance Ltd.	40,156		2,816,542
Platinum Underwriters Holdings Ltd.	161,200		5,849,948
Principal Financial Group, Inc.	388,975		9,117,574
Progressive Corp.	344,040		6,440,429
Protective Life Corp.	43,929		939,641
Reinsurance Group of America, Inc.	229,567		10,493,508
RenaissanceReinsurance Holdings Ltd.	29,715		1,672,063
StanCorp Financial Group, Inc.	24,303		985,244
Symetra Financial Corp.	17,937		215,244
Torchmark Corp.	42,346		2,096,550
Transatlantic Holdings, Inc.	33,003		1,582,824
Unitrin, Inc.	26,125		668,800
Unum Group	599,795		13,015,552
Validus Holdings Ltd.	37,376		912,722
W.R. Berkley Corp.	65,063		1,721,567
Wesco Financial Corp.	691		223,331
White Mountains Insurance Group Ltd.	3,911		1,267,946
XL Capital Ltd., Class A	175,548		2,810,523

			115,188,077

See Notes to Financial Statements.

668

EQ ADVISORS TRUST

EQ/MID CAP VALUE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Real Estate Investment Trusts (REITs) (5.4%)*
Alexandria Real Estate Equities, Inc. (REIT)	22,733	$	1,440,590
AMB Property Corp. (REIT)	171,975		4,077,527
Annaly Capital Management, Inc. (REIT)	287,214		4,925,720
Apartment Investment & Management Co. (REIT), Class A	30,399		588,829
AvalonBay Communities, Inc. (REIT)	42,586		3,976,255
Boston Properties, Inc. (REIT)	71,340		5,089,396
Brandywine Realty Trust (REIT)	67,424		724,808
BRE Properties, Inc. (REIT)	32,733		1,208,830
Camden Property Trust (REIT)	33,792		1,380,403
Chimera Investment Corp. (REIT)	938,199		3,386,898
Corporate Office Properties Trust/Maryland (REIT)	30,142		1,138,162
Developers Diversified Realty Corp. (REIT)	102,267		1,012,443
Digital Realty Trust, Inc. (REIT)	2,167		124,993
Douglas Emmett, Inc. (REIT)	62,725		891,949
Duke Realty Corp. (REIT)	452,315		5,133,775
Equity Residential (REIT)	135,905		5,659,084
Essex Property Trust, Inc. (REIT)	9,439		920,680
Federal Realty Investment Trust (REIT)	12,657		889,407
General Growth Properties, Inc. (REIT)	23,087		306,134
HCP, Inc. (REIT)	150,852		4,864,977
Health Care REIT, Inc. (REIT)	63,691		2,682,665
Hospitality Properties Trust (REIT)	63,321		1,336,073
Host Hotels & Resorts, Inc. (REIT)	337,771		4,553,153
HRPT Properties Trust (REIT)*	132,597		823,427
Kimco Realty Corp. (REIT)	208,152		2,797,563
Liberty Property Trust (REIT)	58,094		1,676,012
Macerich Co. (REIT)	66,578		2,484,691
Mack-Cali Realty Corp. (REIT)	40,690		1,209,714
Nationwide Health Properties, Inc. (REIT)	61,476		2,198,996
Piedmont Office Realty Trust, Inc. (REIT), Class A	26,570		497,656
Plum Creek Timber Co., Inc. (REIT)	48,088		1,660,479
ProLogis (REIT)	229,405		2,323,873
Rayonier, Inc. (REIT)	28,927		1,273,367
Realty Income Corp. (REIT)	53,615		1,626,143
Regency Centers Corp. (REIT)	41,975		1,443,940
RioCan Real Estate Investment Trust (REIT)	77,600		1,387,914
Senior Housing Properties Trust (REIT)	65,380		1,314,792
SL Green Realty Corp. (REIT)	40,009		2,202,095
Taubman Centers, Inc. (REIT)	28,011		1,054,054
UDR, Inc. (REIT)	77,729		1,486,956
Ventas, Inc. (REIT)	58,599		2,751,223
Vornado Realty Trust (REIT)	75,437		5,503,129


	Number of Shares	Value (Note 1)

Weingarten Realty Investors (REIT)	61,684	$	1,175,080

			93,203,855

*Real Estate Management & Development (0.9%)*
BR Malls Participacoes S.A.	281,900		3,704,525
BR Properties S.A.	679,800		4,745,418
Forest City Enterprises, Inc., Class A*	65,386		740,170
Iguatemi Empresa de Shopping Centers S.A.	142,400		2,489,042
Multiplan Empreendimentos Imobiliarios S.A.	233,400		4,157,235
St. Joe Co.*	4,851		112,349

			15,948,739

*Thrifts & Mortgage Finance (0.8%)*
Beneficial Mutual Bancorp, Inc.*	116,806		1,154,043
Capitol Federal Financial	9,545		316,512
First Niagara Financial Group, Inc.	107,266		1,344,043
Hudson City Bancorp, Inc.	222,036		2,717,721
New York Community Bancorp, Inc.	223,461		3,412,249
People’s United Financial, Inc.	190,669		2,574,032
TFS Financial Corp.	40,979		508,549
Washington Federal, Inc.	57,720		933,910

			12,961,059

Total Financials			361,198,126

Health Care (4.7%)
*Biotechnology (0.4%)*
Abraxis Bioscience, Inc.*	2,260		167,692
Alkermes, Inc.*	389,300		4,846,785
Cephalon, Inc.*	38,587		2,189,812

			7,204,289

*Health Care Equipment & Supplies* (*0.8%*)
Beckman Coulter, Inc.	35,975		2,168,933
Boston Scientific Corp.*	778,130		4,513,154
CareFusion Corp.*	72,529		1,646,408
Cooper Cos., Inc.	18,859		750,400
Hill-Rom Holdings, Inc.	5,086		154,767
Hologic, Inc.*	132,956		1,852,077
Inverness Medical Innovations, Inc.*	30,541		814,223
Kinetic Concepts, Inc.*	29,259		1,068,246
Teleflex, Inc.	17,288		938,393

			13,906,601

*Health Care Providers & Services* (*2.3%*)
Amedisys, Inc.*	90,300		3,970,491
AmerisourceBergen Corp.	263,200		8,356,600
Brookdale Senior Living, Inc.*	37,917		568,755
CIGNA Corp.	417,882		12,979,415
Community Health Systems, Inc.*	14,948		505,392
Coventry Health Care, Inc.*	75,918		1,342,230
Emdeon, Inc., Class A*	1,300		16,289
Health Net, Inc.*	51,004		1,242,967
Humana, Inc.*	87,340		3,988,818

See Notes to Financial Statements.

669

EQ ADVISORS TRUST

EQ/MID CAP VALUE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

LifePoint Hospitals, Inc.*	28,369	$	890,787
Lincare Holdings, Inc.*	1		16
MEDNAX, Inc.*	1,378		76,631
Omnicare, Inc.	55,638		1,318,621
Quest Diagnostics, Inc.	10,334		514,323
Team Health Holdings, Inc.*	149,500		1,931,540
Tenet Healthcare Corp.*	69,078		299,798
Universal Health Services, Inc., Class B	43,011		1,640,870

			39,643,543

*Life Sciences Tools & Services (0.2%)*
Bio-Rad Laboratories, Inc., Class A*	9,998		864,727
Charles River Laboratories International, Inc.*	25,884		885,492
Life Technologies Corp.*	27,363		1,292,902
PerkinElmer, Inc.	32,950		681,076

			3,724,197

*Pharmaceuticals (1.0%)*
Endo Pharmaceuticals Holdings, Inc.*	185,865		4,055,574
Forest Laboratories, Inc.*	155,180		4,256,587
Impax Laboratories, Inc.*	287,500		5,479,750
King Pharmaceuticals, Inc.*	128,102		972,294
Mylan, Inc.*	25,042		426,716
Watson Pharmaceuticals, Inc.*	57,340		2,326,284

			17,517,205

Total Health Care			81,995,835

Industrials (9.3%)
*Aerospace & Defense (1.3%)*
Alliant Techsystems, Inc.*	1,238		76,830
BE Aerospace, Inc.*	49,357		1,255,148
Esterline Technologies Corp.*	84,000		3,985,800
Goodrich Corp.	46,188		3,059,955
ITT Corp.	94,167		4,229,982
L-3 Communications Holdings, Inc.	59,395		4,207,542
Rockwell Collins, Inc.	38,285		2,034,082
Spirit AeroSystems Holdings, Inc., Class A*	46,232		881,182
Teledyne Technologies, Inc.*	85,000		3,279,300

			23,009,821

*Air Freight & Logistics (0.0%)*
UTi Worldwide, Inc.	8,444		104,537

*Airlines (1.0%)*
AMR Corp.*	115,590		783,700
Copa Holdings S.A., Class A	5,693		251,745
Delta Air Lines, Inc.*	974,875		11,454,781
Southwest Airlines Co.	331,218		3,679,832
UAL Corp.*	21,675		445,638

			16,615,696

*Building Products (0.2%)*
Armstrong World Industries, Inc.*	9,449		285,171
Masco Corp.	128,852		1,386,447
Owens Corning, Inc.*	25,912		775,028


	Number of Shares	Value (Note 1)

USG Corp.*	20,552	$	248,268

			2,694,914

*Commercial Services & Supplies (0.7%)*
Avery Dennison Corp.	53,445		1,717,188
Cintas Corp.	68,172		1,634,083
Corrections Corp. of America*	48,153		918,759
Covanta Holding Corp.*	62,602		1,038,567
KAR Auction Services, Inc.*	12,152		150,320
Pitney Bowes, Inc.	30,352		666,530
R.R. Donnelley & Sons Co.	100,257		1,641,207
Republic Services, Inc.	116,892		3,475,199
Waste Connections, Inc.*	8,327		290,529

			11,532,382

*Construction & Engineering (0.9%)*
Aecom Technology Corp.*	36,046		831,221
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)*	30,852		580,326
Fluor Corp.	86,219		3,664,307
Jacobs Engineering Group, Inc.*	25,406		925,795
KBR, Inc.	77,632		1,579,035
Quanta Services, Inc.*	107,915		2,228,445
Shaw Group, Inc.*	18,348		627,868
URS Corp.*	127,699		5,024,956

			15,461,953

*Electrical Equipment (1.0%)*
AMETEK, Inc.	148,200		5,950,230
General Cable Corp.*	17,164		457,421
Hubbell, Inc., Class B	109,316		4,338,752
Regal-Beloit Corp.	3,201		178,552
Thomas & Betts Corp.*	185,879		6,450,001

			17,374,956

*Industrial Conglomerates (0.4%)*
Carlisle Cos., Inc.	29,015		1,048,312
McDermott International, Inc.*	24,907		539,486
Textron, Inc.	336,025		5,702,344

			7,290,142

*Machinery (2.8%)*
AGCO Corp.*	151,340		4,081,640
Barnes Group, Inc.	353,242		5,789,636
CNH Global N.V.*	10,922		247,383
Crane Co.	25,314		764,736
Dover Corp.	111,669		4,666,648
Eaton Corp.	63,560		4,159,366
Flowserve Corp.	4,316		365,997
Gardner Denver, Inc.	1,480		65,993
Harsco Corp.	38,219		898,147
IDEX Corp.	7,253		207,218
Ingersoll-Rand plc	165,191		5,697,438
Kennametal, Inc.	10,570		268,795
Parker Hannifin Corp.	59,253		3,286,171
Pentair, Inc.	265,900		8,561,980
Snap-On, Inc.	29,669		1,213,759
SPX Corp.	20,637		1,089,840
Terex Corp.*	318,582		5,970,227
Timken Co.	11,670		303,303
Trinity Industries, Inc.	40,679		720,832
Wabtec Corp.	20,781		828,954

			49,188,063

See Notes to Financial Statements.

670

EQ ADVISORS TRUST

EQ/MID CAP VALUE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Marine (0.1%)*
Alexander & Baldwin, Inc.	21,191	$	631,068
Kirby Corp.*	25,927		991,708

			1,622,776

*Professional Services (0.3%)*
Equifax, Inc.	64,974		1,823,170
FTI Consulting, Inc.*	4,652		202,781
Manpower, Inc.	42,016		1,814,251
Towers Watson & Co., Class A	18,596		722,454

			4,562,656

*Road & Rail (0.6%)*
All America Latina Logistica S.A.	403,000		3,150,321
Con-way, Inc.	25,409		762,778
Hertz Global Holdings, Inc.*	14,499		137,161
J.B. Hunt Transport Services, Inc.	147,800		4,828,626
Kansas City Southern*	21,615		785,705
Ryder System, Inc.	12,808		515,266

			10,179,857

*Trading Companies & Distributors (0.0%)*
GATX Corp.	17,179		458,336
WESCO International, Inc.*	14,724		495,757

			954,093

Total Industrials			160,591,846

Information Technology (5.4%)
*Communications Equipment (0.2%)*
Brocade Communications Systems, Inc.*	227,853		1,175,721
CommScope, Inc.*	48,471		1,152,156
EchoStar Corp., Class A*	19,035		363,188
Tellabs, Inc.	197,710		1,263,367

			3,954,432

*Computers & Peripherals (0.3%)*
Diebold, Inc.	26,566		723,923
Lexmark International, Inc., Class A*	40,285		1,330,614
Seagate Technology*	69,538		906,775
Western Digital Corp.*	90,674		2,734,728

			5,696,040

*Electronic Equipment, Instruments & Components (1.5%)*
Arrow Electronics, Inc.*	458,958		10,257,711
Avnet, Inc.*	77,912		1,878,458
AVX Corp.	22,830		292,681
Flextronics International Ltd.*	444,181		2,487,414
Ingram Micro, Inc., Class A*	79,954		1,214,501
Itron, Inc.*	1,489		92,050
Jabil Circuit, Inc.	27,070		360,031
Kingboard Laminates Holdings Ltd.	7,537,000		6,304,914
Molex, Inc.	68,319		1,246,139
Tech Data Corp.*	26,345		938,409
Vishay Intertechnology, Inc.*	88,404		684,247

			25,756,555

*Internet Software & Services (0.1%)*
AOL, Inc.*	54,766		1,138,585


	Number of Shares	Value (Note 1)

IAC/InterActiveCorp*	28,185	$	619,225
Monster Worldwide, Inc.*	32,620		380,023

			2,137,833

*IT Services (0.8%)*
Amdocs Ltd.*	76,269		2,047,823
Broadridge Financial Solutions, Inc.	6,220		118,491
Computer Sciences Corp.	79,152		3,581,628
Convergys Corp.*	51,024		500,546
CoreLogic, Inc.	53,320		941,631
Fidelity National Information Services, Inc.	170,256		4,566,266
Fiserv, Inc.*	26,079		1,190,767
Total System Services, Inc.	84,484		1,148,982

			14,096,134

*Office Electronics (0.4%)*
Xerox Corp.	707,680		5,689,747
Zebra Technologies Corp., Class A*	12,680		321,692

			6,011,439

*Semiconductors & Semiconductor Equipment (1.4%)*
Advanced Micro Devices, Inc.*	190,179		1,392,110
Atmel Corp.*	24,826		119,165
Fairchild Semiconductor International, Inc.*	64,624		543,488
International Rectifier Corp.*	36,267		674,929
Intersil Corp., Class A	41,768		505,810
KLA-Tencor Corp.	82,439		2,298,399
Linear Technology Corp.	86,700		2,411,127
LSI Corp.*	335,416		1,542,914
MEMC Electronic Materials, Inc.*	68,038		672,215
Micron Technology, Inc.*	439,089		3,727,866
National Semiconductor Corp.	11,117		149,635
Novellus Systems, Inc.*	5,570		141,255
PMC-Sierra, Inc.*	111,445		838,066
SunPower Corp., Class A*	30,457		368,530
Varian Semiconductor Equipment Associates, Inc.*	296,650		8,501,989

			23,887,498

*Software (0.7%)*
BMC Software, Inc.*	121,400		4,204,082
CA, Inc.	37,136		683,302
Check Point Software Technologies Ltd.*	107,500		3,169,100
Compuware Corp.*	50,233		400,859
Electronic Arts, Inc.*	10,151		146,175
Novell, Inc.*	178,762		1,015,368
Synopsys, Inc.*	72,108		1,504,894

			11,123,780

Total Information Technology			92,663,711

Materials (4.8%)
*Chemicals (1.8%)*
Agrium, Inc. (When Issued)	72,500		3,548,150
Ashland, Inc.	36,701		1,703,660
Cabot Corp.	33,545		808,770

See Notes to Financial Statements.

671

EQ ADVISORS TRUST

EQ/MID CAP VALUE PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

CF Industries Holdings, Inc.	10,173	$	645,477
Cytec Industries, Inc.	25,027		1,000,830
Eastman Chemical Co.	29,443		1,571,078
FMC Corp.	147,490		8,470,351
Huntsman Corp.	96,793		839,195
Intrepid Potash, Inc.*	22,890		447,957
Methanex Corp.	261,300		5,144,997
PPG Industries, Inc.	71,357		4,310,676
RPM International, Inc.	33,264		593,430
Sherwin-Williams Co.	18,117		1,253,515
Sigma-Aldrich Corp.	4,797		239,035
Valspar Corp.	45,797		1,379,406

			31,956,527

*Construction Materials (0.2%)*
Vulcan Materials Co.	65,529		2,872,136

*Containers & Packaging (1.6%)*
AptarGroup, Inc.	34,838		1,317,573
Ball Corp.	37,431		1,977,480
Bemis Co., Inc.	55,969		1,511,163
Greif, Inc., Class A	103,886		5,769,828
Owens-Illinois, Inc.*	287,897		7,614,876
Packaging Corp. of America	52,940		1,165,739
Pactiv Corp.*	6,956		193,724
Rexam plc	1,000,762		4,490,849
Sealed Air Corp.	81,837		1,613,826
Sonoco Products Co.	51,518		1,570,269
Temple-Inland, Inc.	44,993		930,005

			28,155,332

*Metals & Mining (0.5%)*
AK Steel Holding Corp.	47,999		572,148
Commercial Metals Co.	58,600		774,692
Gerdau Ameristeel Corp.*	63,427		691,354
Reliance Steel & Aluminum Co.	33,686		1,217,749
Royal Gold, Inc.	20,610		989,280
Schnitzer Steel Industries, Inc., Class A	8,963		351,350
Steel Dynamics, Inc.	111,120		1,465,673
United States Steel Corp.	59,748		2,303,285
Walter Energy, Inc.	5,894		358,650

			8,724,181

*Paper & Forest Products (0.7%)*
Domtar Corp.	21,632		1,063,213
International Paper Co.	49,739		1,125,593
MeadWestvaco Corp.	87,674		1,946,363
Sino-Forest Corp.*	139,900		1,988,339
Sino-Forest Corp. (ADR)*§	93,000		1,321,770
Weyerhaeuser Co.	108,589		3,822,333

			11,267,611

Total Materials			82,975,787

Telecommunication Services (0.9%)
*Diversified Telecommunication Services (0.7%)*
CenturyLink, Inc.	154,159		5,135,036
Frontier Communications Corp.	99,067		704,366
Level 3 Communications, Inc.*	521,918		568,891
Qwest Communications International, Inc.	890,978		4,677,635


	Number of Shares	Value (Note 1)

Windstream Corp.	145,083	$	1,532,076

			12,618,004

*Wireless Telecommunication Services (0.2%)*
Clearwire Corp., Class A*	17,668		128,623
Leap Wireless International, Inc.*	31,308		406,378
MetroPCS Communications, Inc.*	67,363		551,703
NII Holdings, Inc.*	18,028		586,271
Telephone & Data Systems, Inc.	43,344		1,317,224
U.S. Cellular Corp.*	7,940		326,731

			3,316,930

Total Telecommunication Services			15,934,934

Utilities (8.2%)
*Electric Utilities (3.1%)*
Allegheny Energy, Inc.	87,023		1,799,636
DPL, Inc.	61,038		1,458,808
Edison International	167,197		5,303,489
FirstEnergy Corp.	156,432		5,511,099
Great Plains Energy, Inc.	69,556		1,183,843
Hawaiian Electric Industries, Inc.	47,950		1,092,301
ITC Holdings Corp.	3,114		164,762
Northeast Utilities	376,616		9,596,176
NV Energy, Inc.	828,564		9,785,341
Pepco Holdings, Inc.	114,545		1,796,065
Pinnacle West Capital Corp.	55,652		2,023,507
PPL Corp.	194,284		4,847,386
Progress Energy, Inc.	147,368		5,779,773
Westar Energy, Inc.	212,169		4,584,973

			54,927,159

*Gas Utilities (1.1%)*
AGL Resources, Inc.	39,950		1,431,009
Atmos Energy Corp.	47,801		1,292,539
Energen Corp.	36,888		1,635,245
EQT Corp.	5,108		184,603
National Fuel Gas Co.	37,817		1,735,044
ONEOK, Inc.	54,548		2,359,201
Questar Corp.	89,853		4,087,413
UGI Corp.	239,228		6,085,961

			18,811,015

*Independent Power Producers & Energy Traders (0.7%)*
AES Corp.*	343,673		3,175,538
Calpine Corp.*	95,863		1,219,377
Constellation Energy Group, Inc.	94,803		3,057,397
Mirant Corp.*	74,646		788,262
NRG Energy, Inc.*	131,019		2,778,913
Ormat Technologies, Inc.	4,904		138,734
RRI Energy, Inc.*	181,363		687,366

			11,845,587

*Multi-Utilities (3.1%)*
Alliant Energy Corp.	56,845		1,804,260
Ameren Corp.	122,282		2,906,643
CenterPoint Energy, Inc.	202,400		2,663,584
CMS Energy Corp.	117,977		1,728,363
Consolidated Edison, Inc.	144,699		6,236,527
DTE Energy Co.	86,423		3,941,753

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Integrys Energy Group, Inc.	39,523	$	1,728,736
MDU Resources Group, Inc.	96,544		1,740,688
NiSource, Inc.	142,213		2,062,089
NSTAR	54,811		1,918,385
OGE Energy Corp.	49,883		1,823,723
SCANA Corp.	57,937		2,071,827
Sempra Energy	127,030		5,943,734
TECO Energy, Inc.	109,777		1,654,339
Vectren Corp.	41,666		985,818
Wisconsin Energy Corp.	181,191		9,193,631
Xcel Energy, Inc.	235,835		4,860,559

			53,264,659

*Water Utilities (0.2%)*
American Water Works Co., Inc.	89,652		1,846,831
Aqua America, Inc.	70,282		1,242,586

			3,089,417

Total Utilities			141,937,837

Total Common Stocks (72.8%) (Cost $1,260,151,520)			1,261,269,385

INVESTMENT COMPANIES:
*Exchange Traded Funds (ETFs)(11.2%)*
iShares Morningstar Mid Core Index Fund	10,366		685,866
iShares Morningstar Mid Growth Index Fund	4,330		323,278
iShares Morningstar Mid Value Index Fund	337,737		21,277,093
iShares Russell Midcap Growth Index Fund	6,054		264,560
iShares Russell Midcap Index Fund	5,105		410,595
iShares Russell Midcap Value Index Fund	3,712,375		135,278,945
iShares S&P MidCap 400 Index Fund	3,855		274,168
iShares S&P MidCap 400/BARRA Value Index Fund	550,721		35,306,723


	Number of Shares		Value (Note 1)

SPDR Dow Jones Mid Cap Value ETF		23,094	$	1,042,833

Total Investment Companies (11.2%) (Cost $208,244,825)				194,864,061

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investment (14.1%)
BlackRock Liquidity Funds TempFund 0.16%‡	$	243,964,102		243,964,102

Time Deposit (0.6%)
JPMorgan Chase Nassau 0.000%, 7/1/10		11,562,322		11,562,322

Total Short-Term Investments (14.7%) (Amortized Cost $255,526,424)				255,526,424

Total Investments (98.7%) (Cost/Amortized Cost $1,723,922,770)				1,711,659,870
Other Assets Less Liabilities (1.3%)				21,750,426

Net Assets (100%)			$	1,733,410,295

*	Non-income producing.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2010, the market value of these securities amounted to $1,321,770 or 0.1% 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.

‡	Affiliated company as defined under the Investment Company Act of 1940.

Glossary:

ADR

— American Depositary Receipt

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	—	$	377,973,807	$	134,009,705	$	243,964,102	$	49,050	$	—

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index	1,115	September-10	$	68,684,697	$	67,769,700	$	(914,997	)
S&P 500 E-Mini Index	1,316	September-10		71,297,866		67,550,280		(3,747,586	)
S&P MidCap 400 E-Mini Index	1,915	September-10		143,419,540		135,965,000		(7,454,540	)

							$	(12,117,123	)

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit Risk, etc.)		Level 3 Significant Unobservable Inputs (including the portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	133,367,527		$	2,523,814	$	—	$	135,891,341
Consumer Staples		71,199,960			3,349,081		—		74,549,041
Energy		110,894,729			2,636,198		—		113,530,927
Financials		361,198,126			—		—		361,198,126
Health Care		81,995,835			—		—		81,995,835
Industrials		160,591,846			—		—		160,591,846
Information Technology		86,358,797			6,304,914		—		92,663,711
Materials		78,484,938			4,490,849		—		82,975,787
Telecommunication Services		15,934,934			—		—		15,934,934
Utilities		141,937,837			—		—		141,937,837
Investment Companies
Exchange Traded Funds (ETFs)		194,864,061			—		—		194,864,061
Short-Term Investments		—			255,526,424		—		255,526,424

Total Assets	$	1,436,828,590		$	274,831,280	$	—	$	1,711,659,870


Liabilities:
Futures	$	(12,117,123	)	$	—	$	—	$	(12,117,123	)

Total Liabilities	$	(12,117,123	)	$	—	$	—	$	(12,117,123	)

Total	$	1,424,711,467		$	274,831,280	$	—	$	1,699,542,747

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	—

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Liability Derivatives	Fair Value


Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(12,117,123	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(12,117,123	)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(30,605,811	)		—		—		(30,605,811	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(30,605,811	)	$	—	$	—	$	(30,605,811	)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(12,880,253	)		—		—		(12,880,253	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(12,880,253	)	$	—	$	—	$	(12,880,253	)

This Portfolio held futures contracts with an average notional balance of approximately $84,747,000 during the six months ended June 30, 2010.

^ This Portfolio held forward foreign currency and futures contracts to gain an economic hedge against changes in the values of securities held in the Portfolio, that do not qualify for hedge accounting under ASC 815 and also to gain or reduce exposure to the financial markets.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	434,510,635
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	877,216,480

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

As of June 30, 2010, 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	$	56,548,016
Aggregate gross unrealized depreciation		(131,224,904	)

Net unrealized depreciation	$	(74,676,888	)

Federal income tax cost of investments	$	1,786,336,758

For the six months ended June 30, 2010, the Portfolio incurred approximately $3,944 as brokerage commissions with Keefe, Bruyette & Woods, Inc., and $164 with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $823,058,382 of which $60,990,178 expires in the year 2015, $468,590,638 expires in the year 2016, and $293,477,566 expires in the year 2017.

Included in the capital loss carryforward amounts are $383,587,435 of losses acquired from EQ/Ariel Appreciation II, EQ/Lord Abbett Mid Cap Value and EQ/Van Kampen Real Estate as a result of a tax free reorganization that occurred during the year 2009. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $243,964,102)	$	243,964,102
Unaffiliated Issuers (Cost $1,479,958,668)		1,467,695,768
Foreign cash (Cost $2,338)		2,298
Cash held as collateral at broker		28,125,000
Receivable for securities sold		2,974,414
Dividends, interest and other receivables		1,942,781
Receivable from Separate Accounts for Trust shares sold		109,611
Receivable from investment sub-advisor		22,053
Other assets		14,047

Total assets		1,744,850,074

LIABILITIES
Overdraft payable		377,457
Payable for securities purchased		5,748,696
Variation margin payable on futures contracts		1,863,960
Payable to Separate Accounts for Trust shares redeemed		1,578,890
Investment management fees payable		945,772
Distribution fees payable - Class IB		324,760
Administrative fees payable		238,946
Trustees’ fees payable		3,687
Accrued expenses		357,611

Total liabilities		11,439,779

NET ASSETS	$	1,733,410,295

Net assets were comprised of:
Paid in capital	$	2,751,226,705
Accumulated undistributed net investment income (loss)		8,527,397
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(1,001,962,885	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(24,380,922	)

Net assets	$	1,733,410,295

Class IA
Net asset value, offering and redemption price per share, $246,800,048 / 30,736,550 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.03

Class IB
Net asset value, offering and redemption price per share, $1,486,610,247 / 187,217,603 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.94

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $37,264 foreign withholding tax) ($49,050 of dividend income received from affiliates)	$	16,526,165
Securities lending (net)		191,201

Total income		16,717,366

EXPENSES
Investment management fees		5,335,113
Distribution fees - Class IB		2,083,570
Administrative fees		1,526,125
Recoupment fees		199,291
Printing and mailing expenses		114,764
Professional fees		31,426
Custodian fees		29,338
Trustees’ fees		23,013
Miscellaneous		58,560

Gross expenses		9,401,200
Less: Reimbursement from sub-advisor		(22,053	)
Fees paid indirectly		(22,773	)

Net expenses		9,356,374

NET INVESTMENT INCOME (LOSS)		7,360,992

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(58,925,687	)
Foreign currency transactions		(265,957	)
Futures		(30,605,811	)

Net realized gain (loss)		(89,797,455	)

Change in unrealized appreciation (depreciation) on:
Securities		42,679,627
Foreign currency translations		(3,307	)
Futures		(12,880,253	)

Net change in unrealized appreciation (depreciation)		29,796,067

NET REALIZED AND UNREALIZED GAIN (LOSS)		(60,001,388	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(52,640,396)

See Notes to Financial Statements.

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*STATEMENT OF CHANGES IN NET ASSETS*
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	7,360,992		$	19,778,641
Net realized gain (loss) on investments, futures and foreign currency transactions		(89,797,455	)		(291,521,081	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		29,796,067			618,538,598

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(52,640,396	)		346,796,158

DIVIDENDS:
Dividends from net investment income
Class IA		—			(3,199,381	)
Class IB		—			(15,314,141	)

TOTAL DIVIDENDS		—			(18,513,522	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [900,618 and 19,599,525 shares, respectively]		7,935,753			149,010,484
Capital shares issued in connection with merger (Note 8)[0 and 14,249,202 shares, respectively]		—			111,614,430
Capital shares issued in reinvestment of dividends [0 and 393,766 shares, respectively]		—			3,199,381
Capital shares repurchased [(3,052,063) and (4,388,987) shares, respectively]		(26,449,049	)		(34,313,166	)

Total Class IA transactions		(18,513,296	)		229,511,129

Class IB
Capital shares sold [3,666,289 and 8,040,117 shares, respectively]		32,310,045			51,517,114
Capital shares issued in connection with merger (Note 8)[0 and 100,600,252 shares, respectively]		—			778,505,286
Capital shares issued in reinvestment of dividends [0 and 1,903,062 shares, respectively]		—			15,314,141
Capital shares repurchased [(19,008,912) and (45,494,110) shares, respectively]		(163,089,298	)		(325,308,477	)

Total Class IB transactions		(130,779,253	)		520,028,064

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(149,292,549	)		749,539,193

TOTAL INCREASE (DECREASE) IN NET ASSETS		(201,932,945	)		1,077,821,829
NET ASSETS:
Beginning of period		1,935,343,240			857,521,411

End of period (a)	$	1,733,410,295		$	1,935,343,240

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	8,527,397		$	1,166,405

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	8.29		$	6.18		$	10.39		$	14.37		$	14.01		$	14.05

Income (loss) from investment operations:
Net investment income (loss)		0.04	(e)		0.15	(e)		0.14	(e)		0.19			0.08	(e)		0.09	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.30	)		2.06			(4.20	)		(0.42	)		1.68			1.51

Total from investment operations		(0.26	)		2.21			(4.06	)		(0.23	)		1.76			1.60

Less distributions:
Dividends from net investment income		—			(0.10	)		(0.15	)		(0.19	)		(0.08	)		(0.10	)
Distributions from net realized gains		—			—			—			(3.56	)		(1.32	)		(1.54	)

Total dividends and distributions		—			(0.10	)		(0.15	)		(3.75	)		(1.40	)		(1.64	)

Net asset value, end of period	$	8.03		$	8.29		$	6.18		$	10.39		$	14.37		$	14.01

Total return (b)		(3.14	)%		35.75	%		(39.06	)%		(1.29	)%		12.76	%		11.62	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	246,800		$	272,556		$	18,747		$	26,777		$	24,186		$	16,535
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.75	%		0.73	%		0.76	%		0.79	%		0.83	%		0.79	%
After waivers, reimbursements and fees paid indirectly (a)		0.75	%		0.47	%		0.75	%		0.58	%		0.82	%		0.77	%
Before waivers, reimbursements and fees paid indirectly (a)		0.75	%		0.74	%		0.77	%		0.79	%		0.83	%		0.79	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.96	%		1.71	%		1.62	%		1.05	%		0.53	%		0.60	%
After waivers, reimbursements and fees paid indirectly (a)		0.96	%		1.98	%		1.63	%		1.26	%		0.54	%		0.62	%
Before waivers, reimbursements and fees paid indirectly (a)		0.96	%		1.70	%		1.61	%		1.05	%		0.53	%		0.60	%
Portfolio turnover rate		24	%		155	%		38	%		160	%		66	%		55	%(d)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	8.21		$	6.10		$	10.31		$	14.30		$	13.95		$	14.00

Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)		0.11	(e)		0.12	(e)		0.16			0.04	(e)		0.05	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.30	)		2.08			(4.20	)		(0.44	)		1.67			1.50

Total from investment operations		(0.27	)		2.19			(4.08	)		(0.28	)		1.71			1.55

Less distributions:
Dividends from net investment income		—			(0.08	)		(0.13	)		(0.15	)		(0.04	)		(0.06	)
Distributions from net realized gains		—			—			—			(3.56	)		(1.32	)		(1.54	)

Total dividends and distributions		—			(0.08	)		(0.13	)		(3.71	)		(1.36	)		(1.60	)

Net asset value, end of period	$	7.94		$	8.21		$	6.10		$	10.31		$	14.30		$	13.95

Total return (b)		(3.29	)%		35.86	%		(39.53	)%		(1.62	)%		12.45	%		11.31	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,486,610		$	1,662,787		$	838,774		$	1,671,712		$	1,897,629		$	1,730,041
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.00	%		0.98	%(c)		1.01	%		1.04	%		1.08	%		1.04	%
After waivers, reimbursements and fees paid indirectly (a)		1.00	%		0.84	%		1.00	%		0.83	%		1.07	%(c)		1.02	%
Before waivers, reimbursements and fees paid indirectly (a)		1.00	%		0.99	%(c)		1.02	%		1.04	%		1.08	%		1.04	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.72	%		1.51	%		1.34	%		0.82	%		0.27	%		0.35	%
After waivers, reimbursements and fees paid indirectly (a)		0.73	%		1.67	%		1.34	%		1.03	%		0.29	%		0.37	%
Before waivers, reimbursements and fees paid indirectly (a)		0.72	%		1.51	%		1.32	%		0.81	%		0.27	%		0.35	%
Portfolio turnover rate		24	%		155	%		38	%		160	%		66	%		55	%(d)

(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 non-class specific expense.

(d)

Reflects purchases and sales from change in investment strategy.

(e)

Net investment income per share is based on average shares outstanding.

(hh)

On September 11, 2009, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/Ariel Appreciation Portfolio, EQ/Lord Abbett Mid Cap Value Portfolio and EQ/Van Kampen Real Estate Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2009 represents the results of operations of the EQ/Mid Cap Value PLUS Portfolio.

See Notes to Financial Statements.

680

EQ/MONEY MARKET PORTFOLIO (Unaudited)


Distribution of Assets by Sector as of 6/30/2010	% of Net Assets
Commercial Paper	51.8	%
Government Securities	38.8
Certificates of Deposit	13.1
Time Deposits	2.2
Cash and Other	(5.9	)

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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$1,000.80	$0.15
Hypothetical (5% average return before expenses)	1,000.00	1,024.65	0.15
Class IB
Actual	1,000.00	1,000.00	0.99
Hypothetical (5% average return before expenses)	1,000.00	1,023.80	1.00
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.03% and 0.20%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

681

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EQ/MONEY MARKET PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

SHORT TERM DEBT SECURITIES:
Certificates of Deposit (13.1%)
Bank of Nova Scotia 0.47%, 9/8/10	$	25,000,000	$	25,000,000
Bank of Tokyo-Mitsubishi UFJ Ltd./New York 0.34%, 7/27/10		25,000,000		25,000,000
Citibank N.A./New York 0.50%, 8/23/10		25,000,000		25,000,000
Deutsche Bank AG 0.08%, 7/1/10		75,000,000		75,000,000
Lloyds TSB Bank plc/New York 0.51%, 9/7/10		25,000,000		25,000,000
Sumitomo Mitsui Banking Corp./ New York 0.52%, 9/9/10		25,000,000		25,000,000
Svenska Handelsbanken AG/ New York 0.42%, 8/20/10 (p)		25,000,000		25,000,000

Total Certificates of Deposit				225,000,000

Commercial Paper (51.8%)
Abbey National North America LLC 0.00%, 7/1/10 (p)		75,000,000		75,000,000
Amsterdam Funding Corp. 0.52%, 9/1/10 (n)(p)		25,000,000		24,977,181
ASB Finance Ltd. 0.54%, 8/17/10 (n)(p)		25,000,000		24,982,049
Barclays U.S. Funding LLC 0.32%, 8/5/10 (p)		25,000,000		24,991,979
Cancara Asset Securitization LLC 0.55%, 9/9/10 (n)(p)		25,000,000		24,972,778
CHARTA LLC 0.52%, 9/3/10 (n)(p)		25,000,000		24,976,444
Ciesco LLC 0.55%, 9/2/10 (n)(p)		25,000,000		24,975,500
Commonwealth Bank of Australia 0.45%, 9/9/10 (n)(p)		25,000,000		24,977,639
Credit Agricole North America, Inc. 0.00%, 7/1/10 (p)		75,000,000		75,000,000
DnB NOR Bank ASA/ New York 0.44%, 8/20/10 (p)		25,000,000		25,000,000
Edison Asset Securitization LLC 0.34%, 7/29/10 (n)(p)		25,000,000		24,993,194
Falcon Asset Securitization Co. LLC 0.43%, 9/27/10 (n)(p)		25,000,000		24,973,722
Gemini Securitization Corp. LLC 0.49%, 8/24/10 (n)(p)		25,000,000		24,981,250
General Electric Co. 0.00%, 7/1/10 (p)		75,000,000		75,000,000
HSBC USA, Inc. 0.00%, 7/1/10 (p)		75,000,000		75,000,000
ING U.S. Funding LLC 0.49%, 9/1/10 (p)		25,000,000		24,978,472
Intesa Funding LLC 0.58%, 9/7/10 (p)		25,000,000		24,972,139


	Principal Amount		Value (Note 1)

NRW.Bank Corp. 0.49%, 8/30/10 (p)	$	25,000,000	$	24,979,167
Societe Generale North America, Inc. 0.00%, 7/1/10 (p)		50,000,000		50,000,000
Straight-A Funding LLC 0.24%, 7/12/10 (n)(p)		20,000,000		19,998,411
Surrey Funding Corp. 0.49%, 8/24/10 (n)(p)		25,000,000		24,981,250
U.S. Bank N.A. 0.36%, 9/28/10 (p)		25,000,000		24,977,750
UBS Finance Delaware LLC 0.00%, 7/1/10 (p)		75,000,000		75,000,000
Unicredit U.S. Finance, Inc. 0.34%, 7/26/10 (n)(p)		25,000,000		24,993,924
Windmill Funding Corp. 0.56%, 9/1/10 (n)(p)		25,000,000		24,975,458

Total Commercial Paper				894,658,307

Government Securities (38.8%)
Federal Home Loan Mortgage Corp. 0.21%, 9/1/10 (o)(p)		100,000,000		99,963,833
Federal National Mortgage Association 0.26%, 9/15/10 (o)(p)		120,000,000		119,934,134
U.S. Treasury Bills 0.00%, 7/1/10 (p)		100,000,000		100,000,000
0.14%, 7/29/10 (p)		50,000,000		49,994,166
0.17%, 8/12/10 (p)		150,000,000		149,970,250
0.23%, 10/28/10 (p)		50,000,000		49,961,160
0.22%, 12/30/10 (p)		100,000,000		99,888,778

Total Government Securities				669,712,321

Time Deposits (2.2%)
JPMorgan Chase Nassau 0.000%, 7/1/10		951,408		951,408
State Street Bank and Trust Co. 0.05%, 7/1/10		37,000,000		37,000,000

Total Time Deposits				37,951,408

Total Investments (105.9%) (Amortized Cost $1,827,322,036)				1,827,322,036
Other Assets Less Liabilities (-5.9%)				(101,039,345	)

Net Assets (100%)			$	1,726,282,691

Federal Income Tax Cost of Investments			$	1,827,322,036

(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 June 30, 2010.

(p)

Yield to maturity.

See Notes to Financial Statements.

682

EQ ADVISORS TRUST

EQ/MONEY MARKET PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Short-Term Investments	$	—	$	1,827,322,036	$	—	$	1,827,322,036

Total Assets	$	—	$	1,827,322,036	$	—	$	1,827,322,036

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	1,827,322,036	$	—	$	1,827,322,036

The Portfolio had no derivatives contracts during the six months ended June 30, 2010.

The Portfolio has a net capital loss carryforward of $445 which expires in the year 2017.

See Notes to Financial Statements.

683

EQ ADVISORS TRUST

EQ/MONEY MARKET PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Amortized Cost $1,827,322,036)	$	1,827,322,036
Receivable from distributor		233,531
Dividends, interest and other receivables		78,530
Other assets		49,141

Total assets		1,827,683,238

LIABILITIES
Overdraft payable		453,249
Payable for securities purchased		99,888,778
Investment management fees payable		458,756
Administrative fees payable		148,636
Trustees’ fees payable		2,035
Accrued expenses		449,093

Total liabilities		101,400,547

NET ASSETS	$	1,726,282,691

Net assets were comprised of:
Paid in capital	$	1,726,132,637
Accumulated undistributed net investment income (loss)		19,941
Accumulated undistributed net realized gain (loss) on investments		130,113

Net assets	$	1,726,282,691

Class IA
Net asset value, offering and redemption price per share, $624,830,542 / 624,443,780 shares outstanding (unlimited amount authorized: $0.01 par value)	$	1.00

Class IB
Net asset value, offering and redemption price per share, $1,101,452,149 / 1,101,335,464 shares outstanding (unlimited amount authorized: $0.01 par value)	$	1.00

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Interest	$	1,831,379

EXPENSES
Investment management fees		2,943,116
Distribution fees - Class IB		1,443,434
Administrative fees		935,436
Printing and mailing expenses		106,077
Custodian fees		53,308
Professional fees		31,102
Trustees’ fees		21,996
Miscellaneous		33,102

Gross expenses		5,567,571
Less: Waiver from investment advisor		(3,841,842	)
Waiver from distributor		(461,994	)

Net expenses		1,263,735

NET INVESTMENT INCOME (LOSS)		567,644

REALIZED GAIN (LOSS)
Net realized gain (loss) on securities		130,558

NET REALIZED AND UNREALIZED GAIN (LOSS)		130,558

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	698,202

See Notes to Financial Statements.

684

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EQ/MONEY MARKET PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	567,644		$	2,486,935
Net realized gain (loss) on investments		130,558			(445	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		698,202			2,486,490

DIVIDENDS:
Dividends from net investment income
Class IA		(539,491	)		(2,600,701	)
Class IB		(15,216	)		—

TOTAL DIVIDENDS		(554,707	)		(2,600,701	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [167,017,708 and 898,055,921 shares, respectively]		167,107,664			898,733,052
Capital shares issued in reinvestment of dividends [ 539,491 and 2,600,701 shares, respectively]		539,491			2,600,701
Capital shares repurchased [(219,196,260) and (2,261,988,910) shares, respectively]		(219,314,320	)		(2,262,388,991	)

Total Class IA transactions		(51,667,165	)		(1,361,055,238	)

Class IB
Capital shares sold [359,434,714 and 1,546,377,551 shares, respectively]		359,449,330			1,546,438,074
Capital shares issued in reinvestment of dividends [15,216 and 0 shares, respectively]		15,216			—
Capital shares repurchased [(578,907,626) and (2,154,142,256) shares, respectively]		(578,930,776	)		(2,154,226,112	)

Total Class IB transactions		(219,466,230	)		(607,788,038	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(271,133,395	)		(1,968,843,276	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(270,989,900	)		(1,968,957,487	)
NET ASSETS:
Beginning of period		1,997,272,591			3,966,230,078

End of period (a)	$	1,726,282,691		$	1,997,272,591

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	19,941		$	7,004

See Notes to Financial Statements.

685

EQ ADVISORS TRUST

EQ/MONEY MARKET PORTFOLIO (s)(v)

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.001

Income (loss) from investment operations:
Net investment income (loss)		0.001	(e)		0.002	(e)		0.020	(e)		0.048	(e)		0.046	(e)		0.029	(e)
Net realized and unrealized gains (losses) on investments		—	#		—			0.003			—			—	#		—	#

Total from investment operations		0.001			0.002			0.023			0.048			0.046			0.029

Less distributions:
Dividends from net investment income		(0.001	)		(0.002	)		(0.023	)		(0.048	)		(0.046	)		(0.030	)

Net asset value, end of period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000

Total return (b)		0.08	%		0.25	%		2.36	%		4.97	%		4.72	%		2.85	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	624,831		$	676,438		$	2,037,507		$	869,405		$	831,695		$	737,535
Ratio of expenses to average net assets:
After waivers (a)		0.03	%		0.07	%		0.47	%		0.45	%		0.44	%		0.39	%
Before waivers (a)		0.46	%		0.47	%		0.47	%		0.45	%		0.44	%		0.39	%
Ratio of net investment income to average net assets:
After waivers (a)		0.17	%		0.24	%		2.03	%		4.83	%		4.65	%		2.86	%
Before waivers (a)		(0.25	)%		(0.15	)%		2.03	%		4.83	%		4.65	%		2.86	%

See Notes to Financial Statements.

686

EQ ADVISORS TRUST

EQ/MONEY MARKET PORTFOLIO (s)(v)

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000

Income (loss) from investment operations:
Net investment income (loss)		—	#(e)		—	#(e)		0.019	(e)		0.046	(e)		0.044	(e)		0.027	(e)
Net realized and unrealized gains (losses) on investments		—	#		—			0.002			—			—	#		—	#

Total from investment operations		—	#		—	#		0.021			0.046			0.044			0.027

Less distributions:
Dividends from net investment income		—	#		—			(0.021	)		(0.046	)		(0.044	)		(0.027	)

Net asset value, end of period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000

Total return (b)		—	%		0.01	%		2.13	%		4.71	%		4.46	%		2.65	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,101,452		$	1,320,835		$	1,928,723		$	1,199,272		$	918,153		$	773,184
Ratio of expenses to average net assets:
After waivers (a)		0.20	%		0.32	%		0.72	%(c)		0.70	%		0.69	%		0.64	%
Before waivers (a)		0.71	%		0.72	%		0.72	%(c)		0.70	%		0.69	%		0.64	%
Ratio of net investment income to average net assets:
After waivers (a)		—	%‡‡		(0.01	)%		1.95	%		4.57	%		4.42	%		2.61	%
Before waivers (a)		(0.51	)%		(0.41	)%		1.95	%		4.57	%		4.42	%		2.61	%

#	Per share amount is less than $0.001.

‡‡	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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

(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.

(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.

See Notes to Financial Statements.

687

EQ/MONTAG & CALDWELL GROWTH PORTFOLIO (Unaudited)


Sector Weightings As of 06/30/10	% of Net Assets
Information Technology	24.3	%
Consumer Staples	23.8
Health Care	16.9
Consumer Discretionary	12.4
Industrials	8.2
Energy	6.9
Financials	3.4
Cash and Other	4.1

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10- 6/30/10
Class IA
Actual	$1,000.00	$903.00	$4.25
Hypothetical (5% average return before expenses)	1,000.00	1,020.33	4.51
Class IB
Actual	1,000.00	901.60	5.42
Hypothetical (5% average return before expenses)	1,000.00	1,019.09	5.76
* 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 181/365 (to reflect the one-half year period).

688

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EQ/MONTAG & CALDWELL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (12.4%)
*Hotels, Restaurants & Leisure (4.2%)*
McDonald’s Corp.	209,308	$	13,787,118

*Media (2.2%)*
Walt Disney Co.	224,100		7,059,150

*Specialty Retail (3.0%)*
TJX Cos., Inc.	235,100		9,862,445

*Textiles, Apparel & Luxury Goods (3.0%)*
NIKE, Inc., Class B	142,000		9,592,100

Total Consumer Discretionary			40,300,813

Consumer Staples (23.8%)
*Beverages (8.6%)*
Coca-Cola Co.	269,800		13,522,376
PepsiCo, Inc.	238,740		14,551,203

			28,073,579

*Food & Staples Retailing (7.6%)*
Costco Wholesale Corp.	254,100		13,932,303
Wal-Mart Stores, Inc.	224,750		10,803,733

			24,736,036

*Food Products (2.8%)*
Kellogg Co.	184,200		9,265,260

*Household Products (4.8%)*
Colgate-Palmolive Co.	131,053		10,321,734
Procter & Gamble Co.	86,996		5,218,020

			15,539,754

Total Consumer Staples			77,614,629

Energy (6.9%)
*Energy Equipment & Services (3.9%)*
Cameron International Corp.*	170,400		5,541,408
Schlumberger Ltd.	129,052		7,141,738

			12,683,146

*Oil, Gas & Consumable Fuels (3.0%)*
Occidental Petroleum Corp.	127,500		9,836,625

Total Energy			22,519,771

Financials (3.4%)
*Capital Markets (1.0%)*
Charles Schwab Corp.	228,500		3,240,130

*Diversified Financial Services (2.4%)*
JPMorgan Chase & Co.	212,800		7,790,608

Total Financials			11,030,738

Health Care (16.9%)
*Health Care Equipment & Supplies (3.6%)*
Stryker Corp.	232,300		11,628,938

*Pharmaceuticals (13.3%)*
Abbott Laboratories, Inc.	331,750		15,519,265
Allergan, Inc.	209,500		12,205,470


	Number of Shares		Value (Note 1)

Merck & Co., Inc.		445,393	$	15,575,393

				43,300,128

Total Health Care				54,929,066

Industrials (8.2%)
*Air Freight & Logistics (1.5%)*
United Parcel Service, Inc., Class B		87,500		4,977,875

*Construction & Engineering (2.2%)*
Fluor Corp.		165,900		7,050,750

*Electrical Equipment (1.8%)*
Emerson Electric Co.		137,400		6,003,006

*Industrial Conglomerates (2.7%)*
3M Co.		109,000		8,609,910

Total Industrials				26,641,541

Information Technology (24.3%)
*Communications Equipment (7.5%)*
Juniper Networks, Inc.*		167,300		3,817,786
QUALCOMM, Inc.		305,200		10,022,768
Research In Motion Ltd.*		217,400		10,709,124

				24,549,678

*Computers & Peripherals (7.9%)*
Apple, Inc.*		52,850		13,293,360
Hewlett-Packard Co.		283,300		12,261,224

				25,554,584

*Internet Software & Services (4.1%)*
Google, Inc., Class A*		30,020		13,357,399

*IT Services (3.9%)*
Visa, Inc., Class A		179,500		12,699,625

*Semiconductors & Semiconductor Equipment (0.9%)*
Broadcom Corp., Class A		83,700		2,759,589

Total Information Technology				78,920,875

Total Common Stocks (95.9%) (Cost $307,614,300)				311,957,433

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (4.3%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $14,042,464)	$	14,042,464		14,042,464

Total Investments (100.2%) (Cost/Amortized Cost $321,656,764)				325,999,897
Other Assets Less Liabilities (-0.2%)				(680,427	)

Net Assets (100%)			$	325,319,470

*	Non-income producing.

See Notes to Financial Statements.

689

EQ ADVISORS TRUST

EQ/MONTAG & CALDWELL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	40,300,813	$	—	$	—	$	40,300,813
Consumer Staples		77,614,629		—		—		77,614,629
Energy		22,519,771		—		—		22,519,771
Financials		11,030,738		—		—		11,030,738
Health Care		54,929,066		—		—		54,929,066
Industrials		26,641,541		—		—		26,641,541
Information Technology		78,920,875		—		—		78,920,875
Short-Term Investments		—		14,042,464		—		14,042,464

Total Assets	$	311,957,433	$	14,042,464	$	—	$	325,999,897

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	311,957,433	$	14,042,464	$	—	$	325,999,897

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	72,653,966
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	91,802,772

As of June 30, 2010, 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	$	17,194,673
Aggregate gross unrealized depreciation		(16,924,584	)

Net unrealized appreciation	$	270,089

Federal income tax cost of investments	$	325,729,808

For the six months ended June 30, 2010, the Portfolio incurred approximately $7,076 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $72,084,227 of which $31,864,645 expires in the year 2010, $10,247,355 expires in the year 2011, $340,608 expires in the year 2012, and $29,631,619 expires in the year 2017.

Included in the capital loss carryforward is $340,608 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.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $321,656,764)	$	325,999,897
Receivable for securities sold		4,468,492
Dividends, interest and other receivables		485,767
Receivable from Separate Accounts for Trust shares sold		222,986
Other assets		4,085

Total assets		331,181,227

LIABILITIES
Payable for securities purchased		4,705,014
Payable to Separate Accounts for Trust shares redeemed		744,052
Investment management fees payable		230,000
Distribution fees payable - Class IB		68,235
Administrative fees payable		31,344
Trustees’ fees payable		293
Accrued expenses		82,819

Total liabilities		5,861,757

NET ASSETS	$	325,319,470

Net assets were comprised of:
Paid in capital	$	398,154,785
Accumulated undistributed net investment income (loss)		836,960
Accumulated undistributed net realized gain (loss) on investments		(78,015,408	)
Unrealized appreciation (depreciation) on investments		4,343,133

Net assets	$	325,319,470

Class IA
Net asset value, offering and redemption price per share, $11,325,869 / 2,210,985 shares outstanding (unlimited amount authorized: $0.01 par value)	$	5.12

Class IB
Net asset value, offering and redemption price per share, $313,993,601 / 61,216,034 shares outstanding (unlimited amount authorized: $0.01 par value)	$	5.13

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends	$	2,859,376

EXPENSES
Investment management fees		1,362,987
Distribution fees - Class IB		440,400
Administrative fees		201,098
Printing and mailing expenses		21,540
Recoupment fees		17,141
Professional fees		14,516
Custodian fees		7,439
Trustees’ fees		4,352
Miscellaneous		5,426

Gross expenses		2,074,899
Less: Fees paid indirectly		(39,324	)

Net expenses		2,035,575

NET INVESTMENT INCOME (LOSS)		823,801

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities		(1,858,136	)
Net change in unrealized appreciation (depreciation) on securities		(34,668,403	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(36,526,539	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(35,702,738	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	823,801		$	1,302,415
Net realized gain (loss) on investments		(1,858,136	)		(25,293,812	)
Net change in unrealized appreciation (depreciation) on investments		(34,668,403	)		111,410,221

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(35,702,738	)		87,418,824

DIVIDENDS:
Dividends from net investment income
Class IA		—			(58,066	)
Class IB		—			(1,230,461	)

TOTAL DIVIDENDS		—			(1,288,527	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [597,462 and 1,081,280 shares, respectively]		3,368,682			5,343,850
Capital shares issued in reinvestment of dividends [0 and 10,474 shares, respectively]		—			58,066
Capital shares repurchased [(242,704) and (579,398) shares, respectively]		(1,377,468	)		(2,819,685	)

Total Class IA transactions		1,991,214			2,582,231

Class IB
Capital shares sold [5,329,559 and 14,010,550 shares, respectively]		30,220,232			65,491,073
Capital shares issued in reinvestment of dividends [0 and 221,350 shares, respectively]		—			1,230,461
Capital shares repurchased [(7,503,331) and (18,068,795) shares, respectively]		(42,300,644	)		(86,000,138	)

Total Class IB transactions		(12,080,412	)		(19,278,604	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(10,089,198	)		(16,696,373	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(45,791,936	)		69,433,924
NET ASSETS:
Beginning of period		371,111,406			301,677,482

End of period (a)	$	325,319,470		$	371,111,406

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	836,960		$	13,159

See Notes to Financial Statements.

692

EQ ADVISORS TRUST

EQ/MONTAG & CALDWELL GROWTH PORTFOLIO (t)

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	5.67		$	4.39		$	6.56		$	5.44		$	5.05		$	4.80

Income (loss) from investment operations:
Net investment income (loss)		0.02	(e)		0.03	(e)		0.02	(e)		0.03	(e)		0.02	(e)		0.02	(e)
Net realized and unrealized gain (loss) on investments		(0.57	)		1.28			(2.17	)		1.12			0.39			0.25

Total from investment operations		(0.55	)		1.31			(2.15	)		1.15			0.41			0.27

Less distributions:
Dividends from net investment income		—			(0.03	)		(0.02	)		(0.03	)		(0.02	)		(0.02	)

Net asset value, end of period	$	5.12		$	5.67		$	4.39		$	6.56		$	5.44		$	5.05

Total return (b)		(9.70	)%		29.94	%		(32.74	)%		21.13	%		8.20	%		5.71	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	11,326		$	10,532		$	5,898		$	15,661		$	10,045		$	11,800
Ratio of expenses to average net assets:
After waivers (a)		0.90	%		0.91	%		0.90	%		0.90	%		0.88	%		0.83	%
After waivers and fees paid indirectly (a)		0.88	%		0.88	%		0.88	%		0.88	%		0.86	%		0.80	%
Before waivers and fees paid indirectly (a)		0.90	%		0.91	%		0.90	%		0.90	%		0.88	%		0.83	%
Ratio of net investment income to average net assets:
After waivers (a)		0.69	%		0.60	%		0.36	%		0.47	%		0.42	%		0.48	%
After waivers and fees paid indirectly (a)		0.72	%		0.63	%		0.38	%		0.48	%		0.43	%		0.51	%
Before waivers and fees paid indirectly (a)		0.69	%		0.60	%		0.36	%		0.47	%		0.42	%		0.48	%
Portfolio turnover rate		20	%		41	%		52	%		71	%		66	%		55	%

See Notes to Financial Statements.

693

EQ ADVISORS TRUST

EQ/MONTAG & CALDWELL GROWTH PORTFOLIO (t)

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	5.69		$	4.40		$	6.57		$	5.45		$	5.06		$	4.81

Income (loss) from investment operations:
Net investment income (loss)		0.01	(e)		0.02	(e)		0.01	(e)		0.01	(e)		0.01	(e)		0.01	(e)
Net realized and unrealized gain (loss) on investments		(0.57	)		1.29			(2.17	)		1.12			0.39			0.25

Total from investment operations		(0.56	)		1.31			(2.16	)		1.13			0.40			0.26

Less distributions:
Dividends from net investment income		—			(0.02	)		(0.01	)		(0.01	)		(0.01	)		(0.01	)

Net asset value, end of period	$	5.13		$	5.69		$	4.40		$	6.57		$	5.45		$	5.06

Total return (b)		(9.84	)%		29.77	%		(32.86	)%		20.77	%		7.91	%		5.43	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	313,994		$	360,580		$	295,780		$	345,467		$	274,068		$	305,851
Ratio of expenses to average net assets:
After waivers (a)		1.15	%		1.16	%		1.15	%(c)		1.15	%		1.13	%		1.08	%
After waivers and fees paid indirectly (a)		1.13	%		1.13	%		1.13	%		1.13	%		1.11	%		1.05	%
Before waivers and fees paid indirectly (a)		1.15	%		1.16	%		1.15	%(c)		1.15	%		1.13	%		1.08	%
Ratio of net investment income to average net assets:
After waivers (a)		0.42	%		0.36	%		0.17	%		0.21	%		0.17	%		0.23	%
After waivers and fees paid indirectly (a)		0.45	%		0.39	%		0.20	%		0.22	%		0.18	%		0.26	%
Before waivers and fees paid indirectly (a)		0.42	%		0.36	%		0.17	%		0.21	%		0.17	%		0.23	%
Portfolio turnover rate		20	%		41	%		52	%		71	%		66	%		55	%

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

(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.

See Notes to Financial Statements.

694

EQ/MORGAN STANLEY MID CAP GROWTH PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Consumer Discretionary	26.6	%
Information Technology	17.3
Industrials	16.5
Health Care	10.2
Financials	9.7
Energy	5.4
Materials	5.3
Consumer Staples	3.7
Telecommunication Services	1.0
Cash and Other	4.3

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$1,010.70	$4.19
Hypothetical (5% average return before expenses)	1,000.00	1,020.63	4.21
Class IB
Actual	1,000.00	1,009.20	5.43
Hypothetical (5% average return before expenses)	1,000.00	1,019.39	5.46
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.84% and 1.09%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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EQ/MORGAN STANLEY MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (26.6%)
*Auto Components (0.5%)*
Better Place (b)*†	1,171,377	$	2,987,011

*Distributors (3.3%)*
Li & Fung Ltd.	4,612,000		20,645,735

*Diversified Consumer Services (3.0%)*
New Oriental Education & Technology Group, Inc. (ADR)*	116,514		10,857,940
Strayer Education, Inc.	38,849		8,076,318

			18,934,258

*Hotels, Restaurants & Leisure (9.9%)*
Accor S.A.*	187,187		8,596,347
Ctrip.com International Ltd. (ADR)*	525,932		19,754,006
Las Vegas Sands Corp.*	699,644		15,490,118
Wynn Resorts Ltd.	245,883		18,753,497

			62,593,968

*Household Durables (2.2%)*
Gafisa S.A. (ADR)	473,789		5,737,585
NVR, Inc.*	12,065		7,902,937

			13,640,522

*Internet & Catalog Retail (3.7%)*
Netflix, Inc.*	92,434		10,042,954
priceline.com, Inc.*	74,162		13,092,560

			23,135,514

*Media (3.4%)*
Discovery Communications, Inc., Class C*	214,592		6,637,330
Groupe Aeroplan, Inc.	631,880		5,258,989
Morningstar, Inc.*	223,236		9,491,995

			21,388,314

*Multiline Retail (0.6%)*
Sears Holdings Corp.*	62,893		4,066,032

Total Consumer Discretionary			167,391,354

Consumer Staples (3.7%)
*Beverages (1.1%)*
Coca-Cola Enterprises, Inc.	255,529		6,607,980

*Food Products (2.6%)*
Mead Johnson Nutrition Co.	329,872		16,533,185

Total Consumer Staples			23,141,165

Energy (5.4%)
*Oil, Gas & Consumable Fuels (5.4%)*
Petrohawk Energy Corp.*	167,944		2,850,010
Range Resources Corp.	296,429		11,901,624
Ultra Petroleum Corp.*	431,206		19,080,865

Total Energy			33,832,499

Financials (9.7%)
*Capital Markets (3.1%)*
Calamos Asset Management, Inc., Class A	318,193		2,952,831


	Number of Shares	Value (Note 1)

Greenhill & Co., Inc.	155,380	$	9,498,380
T. Rowe Price Group, Inc.	155,731		6,912,899

			19,364,110

*Commercial Banks (0.9%)*
CIT Group, Inc.*	176,405		5,973,073

*Diversified Financial Services (5.7%)*
IntercontinentalExchange, Inc.*	81,813		9,247,323
Leucadia National Corp.*	489,482		9,549,794
Moody’s Corp.	132,830		2,645,974
MSCI, Inc., Class A*	522,230		14,309,102

			35,752,193

Total Financials			61,089,376

Health Care (10.2%)
*Biotechnology (0.9%)*
Ironwood Pharmaceuticals, Inc. (b)*†	523,730		5,618,576

*Health Care Equipment & Supplies (4.8%)*
Gen-Probe, Inc.*	259,413		11,782,538
IDEXX Laboratories, Inc.*	164,665		10,028,099
Intuitive Surgical, Inc.*	26,355		8,318,165

			30,128,802

*Life Sciences Tools & Services (4.5%)*
Illumina, Inc.*	425,535		18,523,538
Techne Corp.	171,115		9,830,557

			28,354,095

Total Health Care			64,101,473

Industrials (16.5%)
*Air Freight & Logistics (3.5%)*
C.H. Robinson Worldwide, Inc.	170,306		9,479,232
Expeditors International of Washington, Inc.	353,315		12,192,901

			21,672,133

*Commercial Services & Supplies (3.5%)*
Covanta Holding Corp.*	658,777		10,929,111
Stericycle, Inc.*	166,361		10,909,954

			21,839,065

*Machinery (0.9%)*
Schindler Holding AG	70,491		5,927,196

*Professional Services (7.0%)*
Corporate Executive Board Co.	182,059		4,782,690
IHS, Inc., Class A*	143,347		8,374,332
Intertek Group plc	621,215		13,286,244
Verisk Analytics, Inc., Class A*	592,049		17,702,265

			44,145,531

*Trading Companies & Distributors (1.6%)*
Fastenal Co.	205,966		10,337,433

Total Industrials			103,921,358

Information Technology (17.3%)
*Computers & Peripherals (2.7%)*
Teradata Corp.*	558,289		17,016,649

See Notes to Financial Statements.

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EQ/MORGAN STANLEY MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Internet Software & Services (4.3%)*
Akamai Technologies, Inc.*	308,346	$	12,509,597
Alibaba.com Ltd.	4,557,000		8,993,711
Equinix, Inc.*	66,229		5,379,119

			26,882,427

*IT Services (1.6%)*
Redecard S.A.	729,382		10,308,330

*Software (8.7%)*
Autodesk, Inc.*	293,543		7,150,708
Red Hat, Inc.*	340,934		9,866,630
Rovi Corp.*	160,195		6,072,992
Salesforce.com, Inc.*	217,009		18,623,712
Solera Holdings, Inc.	359,575		13,016,615

			54,730,657

Total Information Technology			108,938,063

Materials (5.3%)
*Chemicals (3.2%)*
Intrepid Potash, Inc.*	235,300		4,604,821
Nalco Holding Co.	418,195		8,556,269
Rockwood Holdings, Inc.*	297,755		6,756,061

			19,917,151

*Construction Materials (2.1%)*
Martin Marietta Materials, Inc.	128,611		10,907,499
Texas Industries, Inc.	80,496		2,377,852

			13,285,351

Total Materials			33,202,502


	Number of Shares		Value (Note 1)
Telecommunication Services (1.0%)
*Wireless Telecommunication Services* (*1.0%)*
Millicom International Cellular S.A.		73,412	$	5,951,511

Total Telecommunication Services				5,951,511

Total Common Stocks (95.7%) (Cost $615,620,313)				601,569,301

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (2.6%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $16,217,092)	$	16,217,092		16,217,092

Total Investments (98.3%) (Cost/Amortized Cost $631,837,405)				617,786,393
Other Assets Less Liabilities (1.7%)				10,697,180

Net Assets (100%)			$	628,483,573

*	Non-income producing.

†	Securities (totaling $8,605,587 or 1.4% of net assets) at fair value by management.

(b)

Illiquid Security.

Glossary:

ADR

— American Depositary Receipt

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

See Notes to Financial Statements.

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EQ/MORGAN STANLEY MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	135,162,261	$	29,242,082	$	2,987,011	$	167,391,354
Consumer Staples		23,141,165		—		—		23,141,165
Energy		33,832,499		—		—		33,832,499
Financials		61,089,376		—		—		61,089,376
Health Care		58,482,897		—		5,618,576		64,101,473
Industrials		84,707,918		19,213,440		—		103,921,358
Information Technology		99,944,352		8,993,711		—		108,938,063
Materials		33,202,502		—		—		33,202,502
Telecommunication Services		5,951,511		—		—		5,951,511
Short-Term Investments		—		16,217,092		—		16,217,092

Total Assets	$	535,514,481	$	73,666,325	$	8,605,587	$	617,786,393

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	535,514,481	$	73,666,325	$	8,605,587	$	617,786,393

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments in Securities- Consumer Discretionary		Investments in Securities-Health Care
Balance as of 12/31/09	$	—	$	3,663,475
Total gains or losses (realized/unrealized) included in earnings		(527,120)		(1,855,342)
Purchases, sales, issuances, and settlements (net)		3,514,131		3,810,443
Transfers into Level 3		—		—
Transfers out of Level 3		—		—
Balance as of 6/30/10	$	2,987,011	$	5,618,576
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	(527,120)	$	(1,855,342	)

The Portfolio had no derivatives contracts during the six months ended June 30, 2010.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	115,380,943
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	89,058,660

See Notes to Financial Statements.

698

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

As of June 30, 2010, 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	$	70,587,276
Aggregate gross unrealized depreciation		(84,068,512	)

Net unrealized depreciation	$	(13,481,236	)

Federal income tax cost of investments	$	631,267,629

For the six months ended June 30, 2010, the Portfolio incurred approximately $6,073 as brokerage commissions with Exane S.A., and $5,428 with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $36,495,939 of which $20,518,785 expires in the year 2016, and $15,977,154 expires in the year 2017.

See Notes to Financial Statements.

699

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $631,837,405)	$	617,786,393
Foreign cash (Cost $63,067)		63,066
Receivable for securities sold		16,301,426
Receivable from Separate Accounts for Trust shares sold		382,529
Dividends, interest and other receivables		206,171
Other assets		6,370

Total assets		634,745,955

LIABILITIES
Overdraft payable		63,171
Payable for securities purchased		4,542,836
Payable to Separate Accounts for Trust shares redeemed		1,001,199
Investment management fees payable		381,258
Distribution fees payable - Class IB		118,200
Administrative fees payable		58,129
Trustees’ fees payable		772
Accrued expenses		96,817

Total liabilities		6,262,382

NET ASSETS	$	628,483,573

Net assets were comprised of:
Paid in capital	$	658,578,144
Accumulated undistributed net investment income (loss)		(209,109	)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(15,833,953	)
Unrealized appreciation (depreciation) on investments and foreign currency translations		(14,051,509	)

Net assets	$	628,483,573

Class IA
Net asset value, offering and redemption price per share, $82,790,982 / 6,262,822 shares outstanding (unlimited amount authorized: $0.01 par value)	$	13.22

Class IB
Net asset value, offering and redemption price per share, $545,692,591 / 41,611,161 shares outstanding (unlimited amount authorized: $0.01 par value)	$	13.11

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $91,910 foreign withholding tax)	$	2,616,040

EXPENSES
Investment management fees		2,255,284
Distribution fees - Class IB		700,210
Administrative fees		345,002
Printing and mailing expenses		37,648
Custodian fees		19,092
Professional fees		16,786
Trustees’ fees		7,437
Miscellaneous		12,084

Gross expenses		3,393,543
Less: Fees paid indirectly		(17,150	)

Net expenses		3,376,393

NET INVESTMENT INCOME (LOSS)		(760,353	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		24,711,188
Foreign currency transactions		3,472

Net realized gain (loss)		24,714,660

Change in unrealized appreciation (depreciation) on:
Securities		(19,575,850	)
Foreign currency translations		(667	)

Net change in unrealized appreciation (depreciation)		(19,576,517	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		5,138,143

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	4,377,790

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(760,353	)	$	(479,090	)
Net realized gain (loss) on investments and foreign currency transactions		24,714,660			(4,777,132	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(19,576,517	)		192,616,816

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		4,377,790			187,360,594

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [956,337 and 2,094,310 shares, respectively]		13,207,343			23,114,454
Capital shares repurchased [(767,718) and (1,418,225) shares, respectively]		(10,437,481	)		(14,413,986	)

Total Class IA transactions		2,769,862			8,700,468

Class IB
Capital shares sold [6,532,023 and 16,458,322 shares, respectively]		88,371,828			178,780,949
Capital shares repurchased [(5,074,401) and (7,228,833) shares, respectively]		(68,093,831	)		(74,387,167	)

Total Class IB transactions		20,277,997			104,393,782

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		23,047,859			113,094,250

TOTAL INCREASE (DECREASE) IN NET ASSETS		27,425,649			300,454,844
NET ASSETS:
Beginning of period		601,057,924			300,603,080

End of period (a)	$	628,483,573		$	601,057,924

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(209,109	)	$	551,244

See Notes to Financial Statements.

701

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,												April 29, 2005* to December 31, 2005
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			April 29, 2005* to December 31, 2005
Net asset value, beginning of period	$	13.08		$	8.31		$	15.73		$	13.58		$	12.51		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		—	#(e)		0.01	(e)		0.03	(e)		0.17	(e)		0.05	(e)		(0.01	)(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.14			4.76			(7.45	)		2.88			1.14			2.52

Total from investment operations		0.14			4.77			(7.42	)		3.05			1.19			2.51

Less distributions:
Dividends from net investment income		—			—			—			(0.08	)		(0.05	)		—
Distributions from net realized gains		—			—			—			(0.82	)		(0.07	)		—

Total dividends and distributions		—			—			—			(0.90	)		(0.12	)		—

Net asset value, end of period	$	13.22		$	13.08		$	8.31		$	15.73		$	13.58		$	12.51

Total return (b)		1.07	%		57.40	%		(47.17	)%		22.74	%		9.50	%		25.10	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	82,791		$	79,442		$	44,837		$	62,728		$	137		$	125
Ratio of expenses to average net assets:
After waivers (a)		0.84	%		0.85	%		0.81	%		0.80	%		0.80	%		0.80	%
After waivers and fees paid indirectly (a)		0.83	%		0.83	%		0.79	%		0.79	%		0.76	%		0.77	%
Before waivers and fees paid indirectly (a)		0.84	%		0.87	%		0.87	%		0.85	%		0.90	%		1.45	%
Ratio of net investment income to average net assets:
After waivers (a)		(0.02	)%		0.08	%		0.21	%		1.07	%		0.38	%		(0.12	)%
After waivers and fees paid indirectly (a)		(0.02	)%		0.10	%		0.22	%		1.07	%		0.41	%		(0.09	)%
Before waivers and fees paid indirectly (a)		(0.02	)%		0.06	%		0.15	%		1.01	%		0.27	%		(0.77	)%
Portfolio turnover rate		15	%		33	%		28	%		55	%		64	%		39	%

See Notes to Financial Statements.

702

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EQ/MORGAN STANLEY MID CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,												April 29, 2005* to December 31, 2005
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			April 29, 2005* to December 31, 2005
Net asset value, beginning of period	$	12.99		$	8.27		$	15.70		$	13.56		$	12.48		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		(0.02	)(e)		(0.02	)(e)		(0.01	)(e)		0.06	(e)		0.01	(e)		(0.03	)(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.14			4.74			(7.42	)		2.93			1.15			2.51

Total from investment operations		0.12			4.72			(7.43	)		2.99			1.16			2.48

Less distributions:
Dividends from net investment income		—			—			—			(0.03	)		(0.01	)		—
Distributions from net realized gains		—			—			—			(0.82	)		(0.07	)		—

Total dividends and distributions		—			—			—			(0.85	)		(0.08	)		—

Net asset value, end of period	$	13.11		$	12.99		$	8.27		$	15.70		$	13.56		$	12.48

Total return (b)		0.92	%		57.07	%		(47.32	)%		22.38	%		9.33	%		24.80	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	545,693		$	521,616		$	255,766		$	378,803		$	139,188		$	49,826
Ratio of expenses to average net assets:
After waivers (a)		1.09	%		1.10	%		1.06	%		1.05	%		1.05	%		1.05	%
After waivers and fees paid indirectly (a)		1.08	%		1.08	%		1.04	%		1.04	%(c)		1.01	%		1.02	%
Before waivers and fees paid indirectly (a)		1.09	%		1.12	%		1.12	%		1.10	%(c)		1.15	%		1.70	%
Ratio of net investment income to average net assets:
After waivers (a)		(0.27	)%		(0.17	)%		(0.06	)%		0.39	%		0.06	%		(0.37	)%
After waivers and fees paid indirectly (a)		(0.27	)%		(0.15	)%		(0.05	)%		0.41	%		0.10	%		(0.34	)%
Before waivers and fees paid indirectly (a)		(0.27	)%		(0.19	)%		(0.12	)%		0.33	%		(0.04	)%		(1.02	)%
Portfolio turnover rate		15	%		33	%		28	%		55	%		64	%		39	%

*	Commencement of Operations.

#	Per share 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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

703

EQ/MUTUAL LARGE CAP EQUITY PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Consumer Staples	15.1	%
Financials	14.5
Information Technology	10.3
Health Care	7.6
Consumer Discretionary	7.0
Industrials	6.2
Energy	5.9
Utilities	3.6
Materials	3.1
Telecommunication Services	2.6
Cash and Other	24.1

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$934.00	$4.32
Hypothetical (5% average return before expenses)	1,000.00	1,020.33	4.51
Class IB
Actual	1,000.00	933.80	5.51
Hypothetical (5% average return before expenses)	1,000.00	1,019.09	5.76
* 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 181/365 (to reflect the one-half year period).

704

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EQ/MUTUAL LARGE CAP EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (6.8%)
*Auto Components (0.1%)*
Goodyear Tire & Rubber Co.*	4,400	$	43,736
International Automotive Components Group North America LLC (ADR) (b)*†	1,598		9,781
International Automotive Components Group North America LLC (b)*†	92,290		17,867
Johnson Controls, Inc.	13,545		363,954

			435,338

*Automobiles (0.9%)*
Daimler AG*	34,729		1,758,579
Ford Motor Co.*	68,321		688,676
Harley-Davidson, Inc.	4,500		100,035
Volkswagen AG (Preference)	36,020		3,153,487

			5,700,777

*Distributors (0.0%)*
Genuine Parts Co.	2,954		116,535

*Diversified Consumer Services (0.2%)*
Apollo Group, Inc., Class A*	2,400		101,928
DeVry, Inc.	1,276		66,977
H&R Block, Inc.	6,800		106,692
Hillenbrand, Inc.	41,050		878,060

			1,153,657

*Hotels, Restaurants & Leisure (0.5%)*
Carnival Corp.	8,900		269,136
Darden Restaurants, Inc.	2,824		109,712
GHCP Harrah’s Investment LP (b)*†	173,925		—
International Game Technology	5,600		87,920
Marriott International, Inc., Class A	5,095		152,544
McDonald’s Corp.	21,600		1,422,792
Starbucks Corp.	14,958		363,480
Starwood Hotels & Resorts Worldwide, Inc.	3,802		157,517
Thomas Cook Group plc	107,235		282,796
Wyndham Worldwide Corp.	3,900		78,546
Wynn Resorts Ltd.	1,300		99,151
Yum! Brands, Inc.	9,435		368,342

			3,391,936

*Household Durables (0.3%)*
D.R. Horton, Inc.	5,100		50,133
Fortune Brands, Inc.	3,200		125,376
Harman International Industries, Inc.*	1,600		47,824
Leggett & Platt, Inc.	3,400		68,204
Lennar Corp., Class A	2,900		40,339
Newell Rubbermaid, Inc.	5,693		83,345
Pulte Group, Inc.*	6,285		52,040
Stanley Black & Decker, Inc.	28,540		1,441,841
Whirlpool Corp.	1,498		131,554

			2,040,656

*Internet & Catalog Retail (0.2%)*
Amazon.com, Inc.*	6,880		751,709
Expedia, Inc.	4,000		75,120


	Number of Shares	Value (Note 1)

priceline.com, Inc.*	951	$	167,889

			994,718

*Leisure Equipment & Products (0.6%)*
Eastman Kodak Co.*	4,100		17,794
Hasbro, Inc.	2,556		105,052
Mattel, Inc.	173,933		3,680,422

			3,803,268

*Media (3.1%)*
British Sky Broadcasting Group plc	69,874		728,795
CBS Corp., Class B	13,760		177,917
Comcast Corp., Class A	57,100		991,827
DIRECTV, Class A*	18,049		612,222
Discovery Communications, Inc., Class A*	5,900		210,689
Gannett Co., Inc.	5,200		69,992
Interpublic Group of Cos., Inc.*	10,500		74,865
McGraw-Hill Cos., Inc.	6,600		185,724
Meredith Corp.	1,000		31,130
New York Times Co., Class A*	3,100		26,815
News Corp., Class A	560,780		6,706,929
Omnicom Group, Inc.	6,000		205,800
Scripps Networks Interactive, Inc., Class A	2,000		80,680
Time Warner Cable, Inc.	39,881		2,077,003
Time Warner, Inc.	93,733		2,709,821
Viacom, Inc., Class B	12,500		392,125
Virgin Media, Inc.	225,613		3,765,481
Walt Disney Co.	39,352		1,239,588
Washington Post Co., Class B	144		59,109

			20,346,512

*Multiline Retail (0.2%)*
Big Lots, Inc.*	1,800		57,762
Family Dollar Stores, Inc.	2,600		97,994
J.C. Penney Co., Inc.	4,500		96,660
Kohl’s Corp.*	6,188		293,930
Macy’s, Inc.	8,200		146,780
Nordstrom, Inc.	3,200		103,008
Sears Holdings Corp.*	1,000		64,650
Target Corp.	14,648		720,242

			1,581,026

*Specialty Retail (0.6%)*
Abercrombie & Fitch Co., Class A	1,600		49,104
AutoNation, Inc.*	2,200		42,900
AutoZone, Inc.*	641		123,854
Bed Bath & Beyond, Inc.*	5,226		193,780
Best Buy Co., Inc.	6,962		235,733
CarMax, Inc.*	4,492		89,391
GameStop Corp., Class A*	2,800		52,612
Gap, Inc.	9,200		179,032
Home Depot, Inc.	33,533		941,271
Limited Brands, Inc.	5,495		121,275
Lowe’s Cos., Inc.	29,200		596,264
Office Depot, Inc.*	6,600		26,664
O’Reilly Automotive, Inc.*	2,798		133,073
RadioShack Corp.	2,200		42,922
Ross Stores, Inc.	2,475		131,893
Staples, Inc.	14,745		280,892

See Notes to Financial Statements.

705

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Tiffany & Co.	2,700	$	102,357
TJX Cos., Inc.	8,200		343,990
Urban Outfitters, Inc.*	2,800		96,292

			3,783,299

*Textiles, Apparel & Luxury Goods (0.1%)*
Coach, Inc.	6,100		222,955
NIKE, Inc., Class B	7,690		519,459
Polo Ralph Lauren Corp.	1,325		96,672
VF Corp.	1,900		135,242

			974,328

Total Consumer Discretionary			44,322,050

Consumer Staples (15.1%)
*Beverages (3.3%)*
Brown-Forman Corp., Class B	26,611		1,522,947
Carlsberg A/S, Class B	24,205		1,840,243
Coca-Cola Co.	46,600		2,335,592
Coca-Cola Enterprises, Inc.	84,403		2,182,662
Constellation Brands, Inc., Class A*	4,400		68,728
Dr. Pepper Snapple Group, Inc.	133,344		4,985,732
Molson Coors Brewing Co., Class B	3,400		144,024
PepsiCo, Inc.	69,762		4,251,994
Pernod-Ricard S.A.	56,032		4,334,458

			21,666,380

*Food & Staples Retailing (3.1%)*
Carrefour S.A.	39,629		1,564,696
Costco Wholesale Corp.	8,823		483,765
CVS Caremark Corp.	322,387		9,452,387
Kroger Co.	193,027		3,800,702
Safeway, Inc.	7,870		154,724
SUPERVALU, Inc.	3,800		41,192
Sysco Corp.	11,823		337,783
Walgreen Co.	19,362		516,965
Wal-Mart Stores, Inc.	80,756		3,881,941
Whole Foods Market, Inc.*	3,600		129,672

			20,363,827

*Food Products (3.1%)*
Archer-Daniels-Midland Co.	12,974		334,989
Campbell Soup Co.	3,496		125,262
ConAgra Foods, Inc.	8,899		207,525
Danone S.A.	17,127		914,615
Dean Foods Co.*	4,100		41,287
General Mills, Inc.	91,590		3,253,277
H.J. Heinz Co.	6,317		273,021
Hershey Co.	3,139		150,452
Hormel Foods Corp.	1,153		46,673
J.M. Smucker Co.	2,224		133,929
Kellogg Co.	5,085		255,775
Kraft Foods, Inc., Class A	279,103		7,814,884
McCormick & Co., Inc. (Non-Voting)	2,900		110,084
Mead Johnson Nutrition Co.	4,300		215,516
Nestle S.A. (Registered)	127,177		6,136,287
Sara Lee Corp.	13,300		187,530
Tyson Foods, Inc., Class A	6,500		106,535

			20,307,641


	Number of Shares	Value (Note 1)

*Household Products (0.8%)*
Clorox Co.	2,784	$	173,053
Colgate-Palmolive Co.	9,800		771,848
Kimberly-Clark Corp.	8,360		506,867
Procter & Gamble Co.	58,176		3,489,397

			4,941,165

*Personal Products (0.1%)*
Avon Products, Inc.	8,651		229,252
Estee Lauder Cos., Inc., Class A	2,500		139,325

			368,577

*Tobacco (4.7%)*
Altria Group, Inc.	381,513		7,645,520
British American Tobacco plc	240,197		7,605,789
Imperial Tobacco Group plc	220,887		6,158,833
Japan Tobacco, Inc.	618		1,921,263
Lorillard, Inc.	16,913		1,217,398
Philip Morris International, Inc.	78,752		3,609,992
Reynolds American, Inc.	49,659		2,588,227

			30,747,022

Total Consumer Staples			98,394,612

Energy (5.9%)
*Energy Equipment & Services (1.5%)*
Baker Hughes, Inc.	35,784		1,487,541
Cameron International Corp.*	4,649		151,185
Diamond Offshore Drilling, Inc.	1,300		80,847
Exterran Holdings, Inc.*	46,146		1,191,028
FMC Technologies, Inc.*	2,600		136,916
Halliburton Co.	18,500		454,175
Helmerich & Payne, Inc.	2,137		78,043
Nabors Industries Ltd.*	5,400		95,148
National Oilwell Varco, Inc.	8,462		279,838
Pride International, Inc.*	50,002		1,117,045
Rowan Cos., Inc.*	2,000		43,880
Schlumberger Ltd.	23,861		1,320,468
Smith International, Inc.	5,200		195,780
Transocean Ltd.*	62,199		2,881,680

			9,513,574

*Oil, Gas & Consumable Fuels (4.4%)*
Anadarko Petroleum Corp.	10,100		364,509
Apache Corp.	6,690		563,231
BP plc	250,377		1,202,491
Cabot Oil & Gas Corp.	2,300		72,036
Chesapeake Energy Corp.	12,800		268,160
Chevron Corp.	40,500		2,748,330
ConocoPhillips	29,900		1,467,791
Consol Energy, Inc.	4,459		150,536
Denbury Resources, Inc.*	8,400		122,976
Devon Energy Corp.	8,952		545,356
El Paso Corp.	14,800		164,428
EOG Resources, Inc.	5,091		500,802
Exxon Mobil Corp.	102,975		5,876,801
Hess Corp.	5,882		296,100
Marathon Oil Corp.	159,297		4,952,544
Massey Energy Co.	2,111		57,736
Murphy Oil Corp.	4,000		198,200
Noble Energy, Inc.	18,767		1,132,213
Occidental Petroleum Corp.	16,244		1,253,225

See Notes to Financial Statements.

706

EQ ADVISORS TRUST

EQ/MUTUAL LARGE CAP EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Peabody Energy Corp.	5,443	$	212,984
Pioneer Natural Resources Co.	2,340		139,113
Range Resources Corp.	3,198		128,400
Royal Dutch Shell plc, Class A	144,464		3,665,649
Southwestern Energy Co.*	6,800		262,752
Spectra Energy Corp.	13,500		270,945
Sunoco, Inc.	2,392		83,170
Tesoro Corp.	2,300		26,841
Total S.A.	39,642		1,764,247
Valero Energy Corp.	11,000		197,780
Williams Cos., Inc.	12,200		223,016

			28,912,362

Total Energy			38,425,936

Financials (12.8%)
*Capital Markets (2.1%)*
Ameriprise Financial, Inc.	5,300		191,489
Bank of New York Mellon Corp.	24,301		599,992
CG Investor LLC I (b)*†	1,888,797		695,077
CG Investor LLC II (b)*†	1,888,769		695,067
CG Investor LLC III (b)*†	944,511		347,580
Charles Schwab Corp.	19,734		279,828
ETRADE Financial Corp.	3,420		40,424
Federated Investors, Inc., Class B	1,741		36,056
Franklin Resources, Inc.	2,869		247,279
Goldman Sachs Group, Inc.	25,559		3,355,130
Invesco Ltd.	9,000		151,470
Janus Capital Group, Inc.	4,300		38,184
Legg Mason, Inc.	3,500		98,105
Morgan Stanley	164,360		3,814,796
Northern Trust Corp.	4,895		228,597
State Street Corp.	10,063		340,331
T. Rowe Price Group, Inc.	5,400		239,706
UBS AG (Registered)*	148,972		1,974,707

			13,373,818

*Commercial Banks (2.6%)*
Barclays plc	704,428		2,792,720
BB&T Corp.	13,931		366,525
CIT Group, Inc.*	11,843		401,004
Comerica, Inc.	3,560		131,115
Fifth Third Bancorp	16,500		202,785
First Horizon National Corp.*	5,146		58,916
Guaranty Bancorp*	91,672		97,172
Huntington Bancshares, Inc./Ohio	13,200		73,128
Intesa Sanpaolo S.p.A.	375,208		988,068
KeyCorp	17,892		137,589
M&T Bank Corp.	1,553		131,927
Marshall & Ilsley Corp.	11,400		81,852
PNC Financial Services Group, Inc.	58,575		3,309,488
Regions Financial Corp.	23,100		151,998
SunTrust Banks, Inc.	9,800		228,340
U.S. Bancorp	38,500		860,475
Wells Fargo & Co.	265,211		6,789,402
Zions Bancorp	3,000		64,710

			16,867,214

*Consumer Finance (0.2%)*
American Express Co.	24,100		956,770
Capital One Financial Corp.	9,236		372,211


	Number of Shares	Value (Note 1)

Discover Financial Services	11,400	$	159,372
SLM Corp.*	10,300		107,017

			1,595,370

*Diversified Financial Services (2.4%)*
Bank of America Corp.	552,361		7,937,427
Bond Street Holdings LLC, Class A*§†	25,300		518,650
Citigroup, Inc.*	454,455		1,708,751
CME Group, Inc.	1,315		370,238
Deutsche Boerse AG	31,943		1,940,756
IntercontinentalExchange, Inc.*	1,500		169,545
JPMorgan Chase & Co.	80,200		2,936,122
Leucadia National Corp.*	4,200		81,942
Moody’s Corp.	3,700		73,704
NASDAQ OMX Group, Inc.*	3,300		58,674
NYSE Euronext	5,000		138,150

			15,933,959

*Insurance (4.0%)*
ACE Ltd.	60,010		3,089,315
Aflac, Inc.	9,229		393,801
Alleghany Corp.*	4,858		1,424,851
Allstate Corp.	10,731		308,302
American International Group, Inc.*	2,515		86,616
Aon Corp.	5,600		207,872
Assurant, Inc.	1,978		68,637
Berkshire Hathaway, Inc., Class B*	76,162		6,069,350
Chubb Corp.	6,591		329,616
Cincinnati Financial Corp.	2,923		75,618
CNO Financial Group, Inc.*	90,598		448,460
Genworth Financial, Inc., Class A*	10,300		134,621
Hartford Financial Services Group, Inc.	8,700		192,531
Lincoln National Corp.	6,300		153,027
Loews Corp.	6,781		225,875
Marsh & McLennan Cos., Inc.	11,100		250,305
MetLife, Inc.	16,600		626,816
Old Republic International Corp.	156,506		1,898,418
Principal Financial Group, Inc.	6,700		157,048
Progressive Corp.	12,994		243,248
Prudential Financial, Inc.	9,500		509,770
Torchmark Corp.	1,470		72,780
Travelers Cos., Inc.	45,461		2,238,954
Unum Group	7,100		154,070
White Mountains Insurance Group Ltd.	13,520		4,383,184
XL Capital Ltd., Class A	6,900		110,469
Zurich Financial Services AG	8,650		1,898,770

			25,752,324

*Real Estate Investment Trusts (REITs) (1.0%)*
Alexander’s, Inc. (REIT)	8,355		2,530,897
Apartment Investment & Management Co. (REIT), Class A	2,700		52,299
AvalonBay Communities, Inc. (REIT)	1,638		152,940
Boston Properties, Inc. (REIT)	2,700		192,618
Equity Residential (REIT)	5,624		234,183

See Notes to Financial Statements.

707

EQ ADVISORS TRUST

EQ/MUTUAL LARGE CAP EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

HCP, Inc. (REIT)	5,893	$	190,049
Health Care REIT, Inc. (REIT)	2,600		109,512
Host Hotels & Resorts, Inc. (REIT)	13,646		183,948
Kimco Realty Corp. (REIT)	8,700		116,928
Link REIT (REIT)	681,341		1,685,732
Plum Creek Timber Co., Inc. (REIT)	3,269		112,878
ProLogis (REIT)	10,100		102,313
Public Storage (REIT)	2,800		246,148
Simon Property Group, Inc. (REIT)	5,857		472,953
Ventas, Inc. (REIT)	3,101		145,592
Vornado Realty Trust (REIT)	3,145		229,428

			6,758,418

*Real Estate Management & Development (0.5%)*
Canary Wharf Group plc (b)*†	353,084		1,524,546
CB Richard Ellis Group, Inc., Class A*	5,900		80,299
Forestar Group, Inc.*	36,491		655,378
St. Joe Co.*	30,594		708,557

			2,968,780

*Thrifts & Mortgage Finance (0.0%)*
Hudson City Bancorp, Inc.	9,458		115,766
People’s United Financial, Inc.	7,386		99,711

			215,477

Total Financials			83,465,360

Health Care (7.6%)
*Biotechnology (0.7%)*
Amgen, Inc.*	56,342		2,963,589
Biogen Idec, Inc.*	5,407		256,562
Celgene Corp.*	9,281		471,661
Cephalon, Inc.*	1,400		79,450
Genzyme Corp.*	5,500		279,235
Gilead Sciences, Inc.*	17,900		613,612

			4,664,109

*Health Care Equipment & Supplies (1.0%)*
Alcon, Inc.	10,409		1,542,510
Baxter International, Inc.	11,900		483,616
Becton, Dickinson and Co.	4,600		311,052
Boston Scientific Corp.*	327,548		1,899,778
C.R. Bard, Inc.	1,924		149,168
CareFusion Corp.*	3,800		86,260
DENTSPLY International, Inc.	2,627		78,573
Hospira, Inc.*	3,500		201,075
Intuitive Surgical, Inc.*	792		249,971
Medtronic, Inc.	21,930		795,401
St. Jude Medical, Inc.*	6,565		236,931
Stryker Corp.	5,480		274,329
Varian Medical Systems, Inc.*	2,600		135,928
Zimmer Holdings, Inc.*	4,100		221,605

			6,666,197

*Health Care Providers & Services (2.2%)*
Aetna, Inc.	8,400		221,592
AmerisourceBergen Corp.	5,706		181,165
Cardinal Health, Inc.	7,500		252,075


	Number of Shares	Value (Note 1)

CIGNA Corp.	5,585	$	173,470
Community Health Systems, Inc.*	57,135		1,931,734
Coventry Health Care, Inc.*	3,300		58,344
DaVita, Inc.*	2,200		137,368
Express Scripts, Inc.*	11,000		517,220
Humana, Inc.*	3,300		150,711
Laboratory Corp. of America Holdings*	2,000		150,700
McKesson Corp.	5,500		369,380
Medco Health Solutions, Inc.*	9,300		512,244
Patterson Cos., Inc.	2,200		62,766
Quest Diagnostics, Inc.	2,987		148,663
Tenet Healthcare Corp.*	673,106		2,921,280
UnitedHealth Group, Inc.	213,324		6,058,402
WellPoint, Inc.*	8,420		411,991

			14,259,105

*Health Care Technology (0.0%)*
Cerner Corp.*	1,250		94,863

*Life Sciences Tools & Services (0.2%)*
Life Technologies Corp.*	3,611		170,620
Millipore Corp.*	1,200		127,980
PerkinElmer, Inc.	2,800		57,876
Thermo Fisher Scientific, Inc.*	8,202		402,308
Waters Corp.*	2,000		129,400

			888,184

*Pharmaceuticals (3.5%)*
Abbott Laboratories, Inc.	31,200		1,459,536
Allergan, Inc.	6,300		367,038
Bristol-Myers Squibb Co.	34,500		860,430
Eli Lilly and Co.	169,888		5,691,248
Forest Laboratories, Inc.*	6,068		166,445
Johnson & Johnson	55,500		3,277,830
King Pharmaceuticals, Inc.*	5,700		43,263
Merck & Co., Inc.	62,971		2,202,096
Mylan, Inc.*	5,800		98,832
Novartis AG (Registered)	57,530		2,791,151
Pfizer, Inc.	403,386		5,752,284
Watson Pharmaceuticals, Inc.*	1,928		78,219

			22,788,372

Total Health Care			49,360,830

Industrials (6.1%)
*Aerospace & Defense (0.9%)*
Boeing Co.	15,200		953,800
GenCorp, Inc.*	61,699		270,242
General Dynamics Corp.	7,900		462,624
Goodrich Corp.	2,542		168,407
Honeywell International, Inc.	15,353		599,228
ITT Corp.	3,708		166,563
L-3 Communications Holdings, Inc.	2,400		170,016
Lockheed Martin Corp.	6,200		461,900
Northrop Grumman Corp.	5,902		321,305
Precision Castparts Corp.	2,900		298,468
Raytheon Co.	7,611		368,296
Rockwell Collins, Inc.	3,300		175,329
United Technologies Corp.	18,800		1,220,308

			5,636,486

See Notes to Financial Statements.

708

EQ ADVISORS TRUST

EQ/MUTUAL LARGE CAP EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Air Freight & Logistics (0.5%)*
C.H. Robinson Worldwide, Inc.	3,369	$	187,518
Expeditors International of Washington, Inc.	4,500		155,295
FedEx Corp.	6,329		443,726
TNT N.V.	55,521		1,399,366
United Parcel Service, Inc., Class B	20,000		1,137,800

			3,323,705

*Airlines (0.0%)*
Southwest Airlines Co.	15,028		166,961

*Building Products (0.4%)*
Masco Corp.	6,700		72,092
Owens Corning, Inc.*	84,474		2,526,617

			2,598,709

*Commercial Services & Supplies (0.2%)*
Avery Dennison Corp.	2,500		80,325
Cintas Corp.	3,000		71,910
Iron Mountain, Inc.	4,000		89,840
Pitney Bowes, Inc.	4,600		101,016
R.R. Donnelley & Sons Co.	4,500		73,665
Republic Services, Inc.	6,214		184,742
Stericycle, Inc.*	1,548		101,518
Waste Management, Inc.	9,429		295,033

			998,049

*Construction & Engineering (0.1%)*
Fluor Corp.	3,613		153,553
Jacobs Engineering Group, Inc.*	2,700		98,388
Quanta Services, Inc.*	4,600		94,990

			346,931

*Electrical Equipment (0.4%)*
Alstom S.A.	38,336		1,728,745
Emerson Electric Co.	14,957		653,472
Rockwell Automation, Inc.	3,000		147,270
Roper Industries, Inc.	1,723		96,419

			2,625,906

*Industrial Conglomerates (2.2%)*
3M Co.	14,300		1,129,557
General Electric Co.	215,100		3,101,742
Orkla ASA	575,948		3,686,736
Siemens AG (Registered)	50,527		4,521,506
Textron, Inc.	5,200		88,244
Tyco International Ltd.	58,482		2,060,321

			14,588,106

*Machinery (0.6%)*
Caterpillar, Inc.	12,591		756,341
Cummins, Inc.	4,035		262,800
Danaher Corp.	10,509		390,094
Deere & Co.	8,569		477,122
Dover Corp.	3,544		148,104
Eaton Corp.	3,336		218,308
Federal Signal Corp.	98,518		595,049
Flowserve Corp.	1,200		101,760
Illinois Tool Works, Inc.	7,719		318,640
PACCAR, Inc.	7,500		299,025
Pall Corp.	2,600		89,362


	Number of Shares	Value (Note 1)

Parker Hannifin Corp.	3,262	$	180,910
Snap-On, Inc.	934		38,210

			3,875,725

*Marine (0.6%)*
A. P. Moller - Maersk A/S, Class B	479		3,755,696

*Professional Services (0.0%)*
Dun & Bradstreet Corp.	877		58,864
Equifax, Inc.	2,800		78,568
Robert Half International, Inc.	3,300		77,715

			215,147

*Road & Rail (0.2%)*
CSX Corp.	7,787		386,469
Norfolk Southern Corp.	7,395		392,305
Ryder System, Inc.	1,200		48,276
Union Pacific Corp.	10,149		705,457

			1,532,507

*Trading Companies & Distributors (0.0%)*
Fastenal Co.	2,800		140,532
W.W. Grainger, Inc.	1,216		120,931

			261,463

Total Industrials			39,925,391

Information Technology (9.4%)
*Communications Equipment (1.1%)*
Cisco Systems, Inc.*	114,607		2,442,275
Harris Corp.	2,800		116,620
JDS Uniphase Corp.*	5,100		50,184
Juniper Networks, Inc.*	10,300		235,046
Motorola, Inc.*	483,002		3,149,173
QUALCOMM, Inc.	33,331		1,094,590
Tellabs, Inc.	6,800		43,452

			7,131,340

*Computers & Peripherals (1.8%)*
Apple, Inc.*	18,300		4,602,999
Dell, Inc.*	301,892		3,640,818
EMC Corp.*	41,321		756,174
Hewlett-Packard Co.	47,235		2,044,331
Lexmark International, Inc., Class A*	1,400		46,242
NetApp, Inc.*	6,944		259,081
QLogic Corp.*	1,900		31,578
SanDisk Corp.*	4,603		193,648
Teradata Corp.*	3,600		109,728
Western Digital Corp.*	4,400		132,704

			11,817,303

*Electronic Equipment, Instruments & Components (0.5%)*
Agilent Technologies, Inc.*	7,300		207,539
Amphenol Corp., Class A	3,700		145,336
Corning, Inc.	31,800		513,570
FLIR Systems, Inc.*	3,400		98,906
Jabil Circuit, Inc.	4,300		57,190
Molex, Inc.	3,100		56,544
Tyco Electronics Ltd.	74,223		1,883,780

			2,962,865

See Notes to Financial Statements.

709

EQ ADVISORS TRUST

EQ/MUTUAL LARGE CAP EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Internet Software & Services* (*0.5%)*
Akamai Technologies, Inc.*	3,300	$	133,881
eBay, Inc.*	23,100		452,991
Google, Inc., Class A*	4,880		2,171,356
Monster Worldwide, Inc.*	2,100		24,465
VeriSign, Inc.*	4,000		106,200
Yahoo!, Inc.*	23,400		323,622

			3,212,515

*IT Services (0.9%)*
Automatic Data Processing, Inc.	10,136		408,075
Cognizant Technology Solutions Corp., Class A*	5,986		299,659
Computer Sciences Corp.	3,300		149,325
Fidelity National Information Services, Inc.	6,662		178,675
Fiserv, Inc.*	2,866		130,862
International Business Machines Corp.	25,908		3,199,120
Mastercard, Inc., Class A	1,959		390,879
Paychex, Inc.	6,800		176,596
SAIC, Inc.*	5,600		93,744
Total System Services, Inc.	4,500		61,200
Visa, Inc., Class A	9,100		643,825
Western Union Co.	12,915		192,563

			5,924,523

*Office Electronics (0.7%)*
Xerox Corp.	569,482		4,578,635

*Semiconductors & Semiconductor Equipment (1.5%)*
Advanced Micro Devices, Inc.*	12,100		88,572
Altera Corp.	5,984		148,463
Analog Devices, Inc.	6,300		175,518
Applied Materials, Inc.	26,847		322,701
Broadcom Corp., Class A	8,677		286,081
First Solar, Inc.*	985		112,122
Intel Corp.	112,066		2,179,684
KLA-Tencor Corp.	3,200		89,216
Linear Technology Corp.	4,440		123,476
LSI Corp.*	640,716		2,947,294
Maxim Integrated Products, Inc.	139,729		2,337,666
MEMC Electronic Materials, Inc.*	5,100		50,388
Microchip Technology, Inc.	3,638		100,918
Micron Technology, Inc.*	17,900		151,971
National Semiconductor Corp.	4,784		64,393
Novellus Systems, Inc.*	1,954		49,553
NVIDIA Corp.*	11,550		117,925
Teradyne, Inc.*	3,752		36,582
Texas Instruments, Inc.	24,221		563,865
Xilinx, Inc.	5,476		138,324

			10,084,712

*Software (2.4%)*
Adobe Systems, Inc.*	10,509		277,753
Autodesk, Inc.*	4,400		107,184
BMC Software, Inc.*	3,668		127,023
CA, Inc.	7,368		135,571
Citrix Systems, Inc.*	3,722		157,180
Compuware Corp.*	5,400		43,092
Electronic Arts, Inc.*	7,000		100,800
Intuit, Inc.*	6,267		217,904
McAfee, Inc.*	2,900		89,088


	Number of Shares	Value (Note 1)

Microsoft Corp.	414,137	$	9,529,292
Nintendo Co., Ltd.	8,077		2,352,800
Novell, Inc.*	8,100		46,008
Oracle Corp.	79,100		1,697,486
Red Hat, Inc.*	4,100		118,654
Salesforce.com, Inc.*	2,200		188,804
Symantec Corp.*	15,700		217,916

			15,406,555

Total Information Technology			61,118,448

Materials (3.1%)
*Chemicals (1.0%)*
Air Products & Chemicals, Inc.	4,400		285,164
Airgas, Inc.	1,800		111,960
CF Industries Holdings, Inc.	1,454		92,256
Dow Chemical Co.	23,275		552,083
E.I. du Pont de Nemours & Co.	18,165		628,327
Eastman Chemical Co.	1,462		78,012
Ecolab, Inc.	4,713		211,661
FMC Corp.	1,600		91,888
International Flavors & Fragrances, Inc.	1,800		76,356
Linde AG	29,047		3,050,012
Monsanto Co.	10,998		508,327
PPG Industries, Inc.	3,351		202,434
Praxair, Inc.	6,125		465,439
Sherwin-Williams Co.	1,830		126,618
Sigma-Aldrich Corp.	2,600		129,558

			6,610,095

*Construction Materials (0.0%)*
Vulcan Materials Co.	2,400		105,192

*Containers & Packaging (0.0%)*
Ball Corp.	1,674		88,437
Bemis Co., Inc.	2,500		67,500
Owens-Illinois, Inc.*	3,600		95,220
Pactiv Corp.*	3,000		83,550
Sealed Air Corp.	3,600		70,992

			405,699

*Metals & Mining (0.3%)*
AK Steel Holding Corp.	1,800		21,456
Alcoa, Inc.	20,000		201,200
Allegheny Technologies, Inc.	1,985		87,717
Cliffs Natural Resources, Inc.	2,600		122,616
Freeport-McMoRan Copper & Gold, Inc.	9,653		570,782
Newmont Mining Corp.	9,872		609,497
Nucor Corp.	6,338		242,619
Titanium Metals Corp.*	2,100		36,939
United States Steel Corp.	2,800		107,940

			2,000,766

*Paper & Forest Products (1.8%)*
Domtar Corp.	23,168		1,138,707
International Paper Co.	167,226		3,784,325
MeadWestvaco Corp.	45,011		999,244
Weyerhaeuser Co.	159,454		5,612,781

			11,535,057

Total Materials			20,656,809

See Notes to Financial Statements.

710

EQ ADVISORS TRUST

EQ/MUTUAL LARGE CAP EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Telecommunication Services (2.6%)
*Diversified Telecommunication Services (1.8%)*
AT&T, Inc.	119,092	$	2,880,835
Cable & Wireless Communications plc	1,567,107		1,336,982
Cable & Wireless Worldwide plc	1,567,107		2,007,549
CenturyLink, Inc.	6,324		210,652
Frontier Communications Corp.	5,963		42,397
Qwest Communications International, Inc.	31,300		164,325
Telefonica S.A.	196,181		3,622,777
Verizon Communications, Inc.	57,000		1,597,140
Windstream Corp.	10,200		107,712

			11,970,369

*Wireless Telecommunication Services (0.8%)*
American Tower Corp., Class A*	8,124		361,518
MetroPCS Communications, Inc.*	6,000		49,140
Sprint Nextel Corp.*	61,400		260,336
Vodafone Group plc	2,156,528		4,468,803

			5,139,797

Total Telecommunication Services			17,110,166

Utilities (3.0%)
*Electric Utilities (1.9%)*
Allegheny Energy, Inc.	2,953		61,068
American Electric Power Co., Inc.	9,597		309,983
Duke Energy Corp.	26,306		420,896
E.ON AG	124,850		3,360,933
Edison International	6,266		198,758
Entergy Corp.	24,834		1,778,611
Exelon Corp.	84,845		3,221,565
FirstEnergy Corp.	5,873		206,906
NextEra Energy, Inc.	8,294		404,415
Northeast Utilities	3,165		80,644
Pepco Holdings, Inc.	4,414		69,212
Pinnacle West Capital Corp.	2,100		76,356
PPL Corp.	9,436		235,428
Prime Infrastructure Group	350,436		956,177
Progress Energy, Inc.	5,697		223,436
Southern Co.	16,507		549,353

			12,153,741

*Gas Utilities (0.1%)*
EQT Corp.	3,100		112,034
Nicor, Inc.	674		27,297
ONEOK, Inc.	1,925		83,256
Questar Corp.	3,501		159,261

			381,848

*Independent Power Producers & Energy Traders (0.4%)*
AES Corp.*	14,100		130,284
Constellation Energy Group, Inc.	4,074		131,387
NRG Energy, Inc.*	127,707		2,708,665

			2,970,336

*Multi-Utilities (0.6%)*
Ameren Corp.	5,200		123,604
CenterPoint Energy, Inc.	8,700		114,492
CMS Energy Corp.	4,550		66,657
Consolidated Edison, Inc.	5,900		254,290


	Number of Shares		Value (Note 1)

Dominion Resources, Inc.		12,040	$	466,430
DTE Energy Co.		3,320		151,425
GDF Suez S.A.		44,817		1,267,989
Integrys Energy Group, Inc.		1,332		58,262
NiSource, Inc.		4,929		71,470
PG&E Corp.		7,435		305,579
Public Service Enterprise Group, Inc.		9,887		309,760
SCANA Corp.		2,500		89,400
Sempra Energy		4,781		223,703
TECO Energy, Inc.		3,684		55,518
Wisconsin Energy Corp.		2,157		109,446
Xcel Energy, Inc.		9,700		199,917

				3,867,942

Total Utilities				19,373,867

Total Common Stocks (72.4%) (Cost $478,046,015)				472,153,469

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Corporate Bonds (3.5%)
Consumer Discretionary (0.2%)
*Auto Components (0.0%)*
International Automotive Components Group North America LLC
Term Loan 6.250%, 12/31/49 (b)†	$	17,684		15,916
9.000%, 12/31/49 (b)†		26,900		23,563

				39,479

*Hotels, Restaurants & Leisure (0.1%)*
Six Flags Theme Parks Inc. 9.250%, 12/31/16		987,000		979,597

*Media (0.1%)*
Charter Communications Operating LLC
Term Loan 7.250%, 3/6/14		504,462		505,093

Total Consumer Discretionary				1,524,169

Financials (1.7%)
*Capital Markets (0.2%)*
CG Investor LLC I 12.000%, 7/31/12 (b)†		1,473,800		542,358
CG Investor LLC II 12.000%, 7/31/12 (b)†		1,473,800		542,359
CG Investor LLC III 12.000%, 7/31/12 (b)†		736,900		271,179

				1,355,896

*Commercial Banks (0.6%)*
CIT Group, Inc. 9.500%, 1/20/12		972,180		993,001
7.000%, 5/1/13		196,549		188,196
7.000%, 5/1/14		294,824		277,872
7.000%, 5/1/15		294,824		271,975
7.000%, 5/1/16		740,376		675,593

See Notes to Financial Statements.

711

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

7.000%, 5/1/17	$	903,927	$	813,534
Term Loan 13.000%, 1/20/12		436,920		450,356

				3,670,527

*Diversified Financial Services (0.0%)*
Tropicana Entertainment LLC 9.625%, 12/15/14(h)		2,014,000		151

*Real Estate Management & Development (0.9%)*
Realogy Corp. 13.500%, 10/15/17		155,000		161,717
Term Loan 0.000%, 12/15/13 (l)(t)		1,411,900		1,136,579
3.292%, 12/15/13 (l)		5,189,156		4,379,648

				5,677,944

Total Financials				10,704,518

Industrials (0.1%)
*Airlines (0.0%)*
Northwest Airlines, Inc., Trade Claim Escrows 0.000%, 12/31/49 (b)†		1,510,000		—

*Containers & Packaging (0.1%)*
Smurfit-Stone Container Enterprises, Inc. 6.750%, 2/22/16		694,000		690,778

Total Industrials				690,778

Information Technology (0.9%)
*Communications Equipment (0.4%)*
Avaya, Inc. 3.260%, 10/26/14		3,192,000		2,728,496

*IT Services (0.5%)*
First Data Corp.
Term Loan 3.285%, 9/24/14 (l)		253,511		212,984
3.287%, 9/24/14 (l)		3,456,973		2,907,788

				3,120,772

Total Information Technology				5,849,268

Utilities (0.6%)
*Electric Utilities (0.6%)*
Boston Generating LLC 2.784%, 12/20/13 (l)		124,292		104,228
2.788%, 12/20/13 (l)		34,762		29,150
Term Loan 2.788%, 12/20/13 (l)		543,425		455,700
Texas Competitive Electric Holdings Co. LLC 3.850%, 10/10/14		1,324,345		965,827
Term Loan 3.545%, 10/10/14 (l)		2,690,156		1,981,581
4.045%, 10/10/14 (l)		494,000		364,016

Total Utilities				3,900,502

Total Corporate Bonds				22,669,235

Total Long-Term Debt Securities (3.5%) (Cost $26,207,725)				22,669,235


	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENTS:
Government Securities (3.6%)
Federal Home Loan Bank 0.00%, 7/1/10(o)(p)	$	2,500,000	$	2,500,000
U.S. Treasury Bills 0.09%, 7/15/10(p)		1,500,000		1,499,942
0.16%, 7/29/10(p)		3,000,000		2,999,610
0.16%, 8/5/10(p)		5,000,000		4,999,210
0.16%, 8/19/10(p)		2,000,000		1,999,550
0.17%, 8/26/10(p)		2,000,000		1,999,464
0.15%, 9/9/10(p)		5,000,000		4,998,495
0.15%, 9/16/10(p)		2,000,000		1,999,336

Total Government Securities				22,995,607

Short-Term Investment (17.8%)
BlackRock Liquidity Funds TempFund 0.16%‡		116,075,695		116,075,695

Time Deposit (0.6%)
JPMorgan Chase Nassau 0.000%, 7/1/10		4,219,853		4,219,853

Total Short-Term Investments (22.0%) (Cost/Amortized Cost $143,290,215)				143,291,155

Total Investments (97.9%) (Cost/Amortized Cost $647,543,955)				638,113,859

Other Assets Less Liabilities (2.1%)				13,807,946

Net Assets (100%)			$	651,921,805

*	Non-income producing.

†	Securities (totaling $5,203,943 or 0.8% of net assets) at fair value by management.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2010, the market value of these securities amounted to $518,650 or 0.1% 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.

‡	Affiliated company as defined under the Investment Company Act of 1940.

(b)

Illiquid Security.

(h)

Security in default.

(l)

Floating Rate Security. Rate disclosed is as of June 30, 2010.

(o)

Discount Note Security. Effective rate calculated as of June 30, 2010.

(p)

Yield to maturity.

(t)

Position represents an unfunded loan commitment. The coupon rate will be determined at the time of settlement.

Glossary:

ADR—

American Depositary Receipt

See Notes to Financial Statements.

712

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	—	$	160,682,536	$	44,606,841	$	116,075,695	$	21,934	$	—

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index	2,509	September-10	$	135,931,908	$	128,786,970	$	(7,144,938)

At June 30, 2010, the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


Foreign Currency Buy Contracts	Counterparty	Local Contract Buy Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Australian Dollar vs. U.S. Dollar, expiring 8/19/10	State Street Bank & Trust	88	$	73,987	$	75,013	$	(1,026	)
British Pound vs. U.S. Dollar, expiring 8/12/10	Deutsche Bank AG	340		507,695		507,926		(231	)
Danish Krone vs. U.S. Dollar, expiring 7/23/10	Deutsche Bank AG	568		93,249		92,956		293
Danish Krone vs. U.S. Dollar, expiring 7/23/10	State Street Bank & Trust	630		103,428		106,394		(2,966	)
Danish Krone vs. U.S. Dollar, expiring 7/23/10	Bank of America N.A.	826		135,540		141,292		(5,752	)
European Union Euro vs. U.S. Dollar, expiring 7/16/10	State Street Bank & Trust	500		611,448		602,240		9,208
European Union Euro vs. U.S. Dollar, expiring 7/16/10	Deutsche Bank AG	1,330		1,626,453		1,629,849		(3,396	)
European Union Euro vs. U.S. Dollar, expiring 7/16/10	Deutsche Bank AG	311		379,994		383,569		(3,575	)
Japanese Yen vs. U.S. Dollar, expiring 10/20/10	State Street Bank & Trust	13,400		151,864		149,375		2,489
Japanese Yen vs. U.S. Dollar, expiring 10/20/10	State Street Bank & Trust	10,800		122,399		116,626		5,773
Japanese Yen vs. U.S. Dollar, expiring 10/20/10	Deutsche Bank AG	7,000		79,332		74,480		4,852
Norwegian Krone vs. U.S. Dollar, expiring 8/16/10	State Street Bank & Trust	1,400		214,622		217,189		(2,567	)
Norwegian Krone vs. U.S. Dollar, expiring 8/16/10	Deutsche Bank AG	1,370		210,023		211,547		(1,524	)
Norwegian Krone vs. U.S. Dollar, expiring 8/16/10	State Street Bank & Trust	793		121,583		121,740		(157	)
Norwegian Krone vs. U.S. Dollar, expiring 8/16/10	Deutsche Bank AG	694		106,391		106,687		(296	)
Norwegian Krone vs. U.S. Dollar, expiring 8/16/10	State Street Bank & Trust	960		147,169		147,842		(673	)
Norwegian Krone vs. U.S. Dollar, expiring 8/16/10	Bank of America N.A.	1,886		289,126		317,615		(28,489	)
Norwegian Krone vs. U.S. Dollar, expiring 8/16/10	Deutsche Bank AG	1,600		245,283		264,866		(19,583	)
Norwegian Krone vs. U.S. Dollar, expiring 8/16/10	Bank of America N.A.	2,880		441,508		459,623		(18,115	)
Norwegian Krone vs. U.S. Dollar, expiring 8/16/10	State Street Bank & Trust	1,160		177,830		194,651		(16,821	)
Swiss Franc vs. U.S. Dollar, expiring 8/10/10	Deutsche Bank AG	275		255,299		238,023		17,276
Swiss Franc vs. U.S. Dollar, expiring 11/10/10	Deutsche Bank AG	406		377,463		377,589		(126	)
Swiss Franc vs. U.S. Dollar, expiring 11/10/10	Bank of America N.A.	387		360,063		351,004		9,059

							$	(56,347	)

See Notes to Financial Statements.

713

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


Foreign Currency Sell Contracts	Counterparty	Local Contract Sell Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Australian Dollar vs. U.S. Dollar, expiring 8/19/10	Deutsche Bank AG	462	$	400,554	$	386,671	$	13,883
British Pound vs. U.S. Dollar, expiring 8/12/10	Deutsche Bank AG	174		258,233		260,429		(2,196	)
British Pound vs. U.S. Dollar, expiring 8/12/10	State Street Bank & Trust	480		711,105		717,168		(6,063	)
British Pound vs. U.S. Dollar, expiring 8/12/10	Barclays Bank plc	15,361		23,003,245		22,951,017		52,228
Danish Krone vs. U.S. Dollar, expiring 7/23/10	Bank of America N.A.	787		128,241		129,203		(962	)
Danish Krone vs. U.S. Dollar, expiring 7/23/10	State Street Bank & Trust	1,570		261,318		257,749		3,569
Danish Krone vs. U.S. Dollar, expiring 7/23/10	State Street Bank & Trust	9,847		1,768,554		1,616,529		152,025
European Union Euro vs. U.S. Dollar, expiring 7/16/10	State Street Bank & Trust	205		271,794		250,104		21,690
European Union Euro vs. U.S. Dollar, expiring 7/16/10	State Street Bank & Trust	1,300		1,764,126		1,589,766		174,360
European Union Euro vs. U.S. Dollar, expiring 7/16/10	State Street Bank & Trust	104		138,305		127,626		10,679
European Union Euro vs. U.S. Dollar, expiring 7/16/10	State Street Bank & Trust	147		180,543		180,342		201
European Union Euro vs. U.S. Dollar, expiring 7/16/10	State Street Bank & Trust	380		466,944		464,701		2,243
European Union Euro vs. U.S. Dollar, expiring 7/16/10	Bank of America N.A.	27,060		36,990,804		33,091,390		3,899,414
European Union Euro vs. U.S. Dollar, expiring 7/16/10	State Street Bank & Trust	605		818,240		739,816		78,424
European Union Euro vs. U.S. Dollar, expiring 7/16/10	State Street Bank & Trust	627		844,112		766,506		77,606
European Union Euro vs. U.S. Dollar, expiring 7/16/10	State Street Bank & Trust	177		238,915		215,904		23,011
Japanese Yen vs. U.S. Dollar, expiring 10/20/10	Barclays Bank plc	154,532		1,674,506		1,751,334		(76,828	)
Norwegian Krone vs. U.S. Dollar, expiring 8/16/10	Deutsche Bank AG	1,840		310,287		282,075		28,212
Norwegian Krone vs. U.S. Dollar, expiring 8/16/10	Bank of America N.A.	1,330		204,361		203,891		470
Norwegian Krone vs. U.S. Dollar, expiring 8/16/10	State Street Bank & Trust	610		103,647		93,514		10,133
Norwegian Krone vs. U.S. Dollar, expiring 8/16/10	Deutsche Bank AG	29,044		4,862,981		4,452,436		410,545
Norwegian Krone vs. U.S. Dollar, expiring 8/16/10	Deutsche Bank AG	1,400		234,301		214,622		19,679
Swiss Franc vs. U.S. Dollar, expiring 11/10/10	Bank of America N.A.	370		325,579		344,433		(18,854	)
Swiss Franc vs. U.S. Dollar, expiring 11/10/10	Deutsche Bank AG	9,149		8,302,078		8,512,102		(210,024	)

							$	4,663,445

							$	4,607,098

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

See Notes to Financial Statements.

714

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EQ/MUTUAL LARGE CAP EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	38,370,745		$	5,923,657	$	27,648	$	44,322,050
Consumer Staples		67,918,428			30,476,184		–		98,394,612
Energy		31,793,549			6,632,387		–		38,425,936
Financials		68,403,687			11,280,753		3,780,920		83,465,360
Health Care		46,569,679			2,791,151		–		49,360,830
Industrials		24,833,342			15,092,049		–		39,925,391
Information Technology		58,765,648			2,352,800		–		61,118,448
Materials		17,606,797			3,050,012		–		20,656,809
Telecommunication Services		5,674,055			11,436,111		–		17,110,166
Utilities		13,788,768			5,585,099		–		19,373,867
Corporate Bonds
Consumer Discretionary		—			1,484,690		39,479		1,524,169
Financials		—			9,348,622		1,355,896		10,704,518
Industrials		—			690,778		—		690,778
Information Technology		—			5,849,268		—		5,849,268
Utilities		—			3,900,502		—		3,900,502
Forward Currency Contracts		—			5,027,322		—		5,027,322
Short-Term Investments		—			143,291,155		—		143,291,155

Total Assets	$	373,724,698		$	264,212,540	$	5,203,943	$	643,141,181


Liabilities:
Forward Currency Contracts	$	—			$(420,224)	$	—		$(420,224	)
Futures		(7,144,938	)		—		—		(7,144,938	)

Total Liabilities	$	(7,144,938	)		$(420,224)	$	—	$	(7,565,162	)

Total	$	366,579,760		$	263,792,316	$	5,203,943	$	635,576,019

See Notes to Financial Statements.

715

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments in Common Stock- Consumer Discretionary			Investments in Common Stock-Financials		Investments in Corporate Bonds- Consumer Discretionary
Balance as of 12/31/09	$	27,802		$	1,177,677	$	39,612
Total gains or losses (realized/unrealized) included in earnings		(154	)		379,212		(133	)
Purchases, sales, issuances, and settlements (net)		—			2,224,031		—
Transfers into Level 3		—			—		—
Transfers out of Level 3		—			—		—
Balance as of 6/30/10	$	27,648		$	3,780,920	$	39,479
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	(154	)	$	379,212	$	(133	)


	Investments in Corporate Bonds-Financials		Investments in Corporate Bonds-Industrials
Balance as of 12/31/09	$	589,520	$	951
Total gains or losses (realized/unrealized) included in earnings		766,376		(951	)
Purchases, sales, issuances, and settlements (net)		—		—
Transfers into Level 3		—		—
Transfers out of Level 3		—		—
Balance as of 6/30/10	$	1,355,896	$	—
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	766,376	$	(951	)

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		5,027,322
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	5,027,322


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		(420,224)
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(7,144,938)	*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(7,565,162	)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			6,829,117		—		6,829,117
Credit contracts		—		—			—		—		—
Equity contracts		—		(10,210,144	)		—		—		(10,210,144	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(10,210,144	)	$	6,829,117	$	—	$	(3,381,027)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			2,328,123		—		2,328,123
Credit contracts		—		—			—		—		—
Equity contracts		—		(7,164,142	)		—		—		(7,164,142	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(7,164,142	)	$	2,328,123	$	—	$	(4,836,019	)

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $119,551,000 and futures contracts with an average notional balance of approximately $48,140,000 during the six months ended June 30, 2010.

See Notes to Financial Statements.

717

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	81,826,271
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	233,673,110

As of June 30, 2010, 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	$	33,795,221
Aggregate gross unrealized depreciation		(61,456,078	)

Net unrealized depreciation	$	(27,660,857	)

Federal income tax cost of investments	$	665,774,716

For the six months ended June 30, 2010, the Portfolio incurred approximately $2,602 as brokerage commissions with Keefe, Bruyette & Woods, Inc., and $4,688 with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $252,308,619 of which $59,261,455 expires in the year 2016, and $193,047,164 expires in the year 2017.

See Notes to Financial Statements.

718

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $116,075,695)	$	116,075,695
Unaffiliated Issuers (Cost $531,468,260)		522,038,164
Foreign cash (Cost $971,584)		992,323
Cash held as collateral at broker		13,586,500
Unrealized appreciation of forward foreign currency contracts		5,027,322
Dividends, interest and other receivables		1,432,596
Receivable for securities sold		1,062,544
Receivable from investment sub-advisor		9,626
Receivable from Separate Accounts for Trust shares sold		4,662

Total assets		660,229,432

LIABILITIES
Overdraft payable		143,384
Payable for securities purchased		4,837,805
Variation margin payable on futures contracts		1,091,415
Payable to Separate Accounts for Trust shares redeemed		1,038,322
Unrealized depreciation of forward foreign currency contracts		420,224
Investment management fees payable		395,616
Administrative fees payable		93,445
Distribution fees payable - Class IB		50,889
Trustees’ fees payable		1,036
Accrued expenses		235,491

Total liabilities		8,307,627

NET ASSETS	$	651,921,805

Net assets were comprised of:
Paid in capital	$	903,457,856
Accumulated undistributed net investment income (loss)		4,157,675
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(243,754,615	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(11,939,111	)

Net assets	$	651,921,805

Class IA
Net asset value, offering and redemption price per share, $416,545,830 / 55,524,602 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.50

Class IB
Net asset value, offering and redemption price per share, $235,375,975 / 31,476,161 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.48

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $314,329 foreign withholding tax) ($21,934 of dividend income received from affiliates)	$	7,538,812
Interest		932,621

Total income		8,471,433

EXPENSES
Investment management fees		2,544,601
Administrative fees		597,341
Distribution fees - Class IB		330,391
Printing and mailing expenses		43,006
Custodian fees		27,281
Professional fees		17,784
Trustees’ fees		8,669
Miscellaneous		54,320

Gross expenses		3,623,393
Less: Reimbursement from sub-advisor		(9,626	)

Net expenses		3,613,767

NET INVESTMENT INCOME (LOSS)		4,857,666

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		34,870,434
Foreign currency transactions		6,362,581
Futures		(10,210,144	)

Net realized gain (loss)		31,022,871

Change in unrealized appreciation (depreciation) on:
Securities		(77,327,159	)
Foreign currency translations		2,459,030
Futures		(7,164,142	)

Net change in unrealized appreciation (depreciation)		(82,032,271	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(51,009,400	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(46,151,734	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	4,857,666		$	9,985,046
Net realized gain (loss) on investments, futures and foreign currency transactions		31,022,871			(199,642,961	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(82,032,271	)		342,028,581

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(46,151,734	)		152,370,666

DIVIDENDS:
Dividends from net investment income
Class IA		—			(1,925,093	)
Class IB		—			(445,861	)

TOTAL DIVIDENDS		—			(2,370,954	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [742,955 and 7,566,047 shares, respectively]		6,112,461			49,222,118
Capital shares issued in reinvestment of dividends [0 and 243,977 shares, respectively]		—			1,925,093
Capital shares repurchased [(3,319,129) and (2,755,963) shares, respectively]		(26,456,064	)		(19,373,268	)

Total Class IA transactions		(20,343,603	)		31,773,943

Class IB
Capital shares sold [823,638 and 4,298,006 shares, respectively]		6,695,905			27,470,259
Capital shares issued in reinvestment of dividends [0 and 56,602 shares, respectively]		—			445,861
Capital shares repurchased [(3,285,975) and (6,606,097) shares, respectively]		(26,597,676	)		(44,459,053	)

Total Class IB transactions		(19,901,771	)		(16,542,933	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(40,245,374	)		15,231,010

TOTAL INCREASE (DECREASE) IN NET ASSETS		(86,397,108	)		165,230,722
NET ASSETS:
Beginning of period		738,318,913			573,088,191

End of period (a)	$	651,921,805		$	738,318,913

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	4,157,675		$	(699,991	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,									September 15, 2006* to December 31, 2006
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			September 15, 2006* to December 31, 2006
Net asset value, beginning of period	$	8.03		$	6.43		$	10.95		$	10.74		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.06	(e)		0.12	(e)		0.16	(e)		0.17	(e)		0.03	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.59	)		1.51			(4.32	)		0.04			0.73

Total from investment operations		(0.53	)		1.63			(4.16	)		0.21			0.76

Less distributions:
Dividends from net investment income		—			(0.03	)		(0.36	)		—			(0.02	)
Distributions from net realized gains		—			—			—			—	#		—	#

Total dividends and distributions		—			(0.03	)		(0.36	)		—	#		(0.02	)

Net asset value, end of period	$	7.50		$	8.03		$	6.43		$	10.95		$	10.74

Total return (b)		(6.60	)%		25.41	%		(37.94	)%		1.97	%		7.59	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	416,546		$	466,374		$	340,988		$	284,503		$	10,797
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.90	%		0.94	%		1.05	%		1.05	%		1.05	%
After waivers, reimbursements and fees paid indirectly (a)		0.90	%		0.83	%		1.05	%		1.05	%		1.05	%
Before waivers, reimbursements and fees paid indirectly (a)		0.91	%		0.96	%		1.12	%		1.11	%		1.40	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.43	%		1.58	%		1.79	%		1.56	%		0.95	%
After waivers, reimbursements and fees paid indirectly (a)		1.43	%		1.69	%		1.79	%		1.56	%		0.95	%
Before waivers, reimbursements and fees paid indirectly (a)		1.42	%		1.56	%		1.72	%		1.50	%		0.50	%
Portfolio turnover rate		13	%		79	%		44	%		31	%		4	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)



	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,									September 15, 2006* to December 31, 2006
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			September 15, 2006* to December 31, 2006
Net asset value, beginning of period	$	8.01		$	6.41		$	10.92		$	10.74		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.05	(e)		0.09	(e)		0.14	(e)		0.16	(e)		0.02	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.58	)		1.52			(4.31	)		0.02			0.73

Total from investment operations		(0.53	)		1.61			(4.17	)		0.18			0.75

Less distributions:
Dividends from net investment income		—			(0.01	)		(0.34	)		—			(0.01	)
Distributions from net realized gains		—			—			—			—	#		—	#

Total dividends and distributions		—			(0.01	)		(0.34	)		—	#		(0.01	)

Net asset value, end of period	$	7.48		$	8.01		$	6.41		$	10.92		$	10.74

Total return (b)		(6.62	)%		25.17	%		(38.13	)%		1.69	%		7.51	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	235,376		$	271,945		$	232,101		$	406,213		$	99,547
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.15	%		1.19	%(c)		1.30	%		1.30	%		1.30	%
After waivers, reimbursements and fees paid indirectly (a)		1.15	%		1.08	%		1.30	%		1.30	%		1.30	%
Before waivers, reimbursements and fees paid indirectly (a)		1.16	%		1.21	%		1.37	%		1.36	%(c)		1.65	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.18	%		1.28	%		1.56	%		1.46	%		0.67	%
After waivers, reimbursements and fees paid indirectly (a)		1.18	%		1.39	%		1.56	%		1.46	%		0.67	%
Before waivers, reimbursements and fees paid indirectly (a)		1.18	%		1.26	%		1.49	%		1.42	%		0.34	%
Portfolio turnover rate		13	%		79	%		44	%		31	%		4	%

*	Commencement of Operations.

#	Per share 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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

722

EQ/OPPENHEIMER GLOBAL PORTFOLIO (Unaudited)


Sector Weightings As of 06/30/10	% of Net Assets
Information Technology	28.2	%
Financials	16.0
Consumer Discretionary	15.5
Industrials	15.0
Consumer Staples	9.3
Health Care	6.9
Energy	3.6
Telecommunication Services	2.1
Utilities	0.7
Materials	0.6
Cash and Other	2.1

	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10- 6/30/10
Class IA
Actual	$1,000.00	$923.00	$5.24
Hypothetical (5% average return before expenses)	1,000.00	1,019.34	5.51
Class IB
Actual	1,000.00	922.90	6.44
Hypothetical (5% average return before expenses)	1,000.00	1,018.10	6.76
* 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 the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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EQ/OPPENHEIMER GLOBAL PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Bermuda (1.0%)
XL Capital Ltd., Class A	128,860	$	2,063,049

Brazil (1.7%)
Cia de Bebidas das Americas (Preference) (ADR)	17,270		1,744,443
Empresa Brasileira de Aeronautica S.A. (ADR)	75,890		1,589,895

			3,334,338

Canada (0.5%)
Husky Energy, Inc.	40,060		949,805

Finland (0.7%)
Fortum Oyj	65,810		1,448,754

France (4.6%)
LVMH Moet Hennessy Louis Vuitton S.A.	31,270		3,406,168
Societe Generale S.A.	27,161		1,104,875
Technip S.A.	36,530		2,079,944
Total S.A.	53,130		2,364,524

			8,955,511

Germany (7.6%)
Allianz SE (Registered)	25,922		2,573,963
Bayer AG	7,355		410,373
Bayerische Motoren Werke (BMW) AG	15,738		761,219
Bayerische Motoren Werke (BMW) AG (Preference)	45,694		1,603,273
Linde AG	9,951		1,044,881
SAP AG	76,097		3,380,061
Siemens AG (Registered)	57,365		5,133,417

			14,907,187

India (2.4%)
Infosys Technologies Ltd.	60,213		3,598,414
Wire and Wireless India Ltd.*	150,325		51,002
Zee Entertainment Enterprises Ltd.	162,800		1,058,290

			4,707,706

Italy (1.8%)
Bulgari S.p.A.	150,810		1,081,384
Lottomatica S.p.A.	26,600		342,728
Prysmian S.p.A.	48,600		698,168
Tod’s S.p.A.	22,900		1,443,711

			3,565,991

Japan (10.9%)
Dai-ichi Life Insurance Co., Ltd.	872		1,199,211
Fanuc Ltd.	11,100		1,245,309
HOYA Corp.	87,643		1,861,004
KDDI Corp.	434		2,061,543
Keyence Corp.	8,070		1,856,412
Kyocera Corp.	13,720		1,107,941
Mitsubishi Tanabe Pharma Corp.	65,000		989,910
Murata Manufacturing Co., Ltd.	44,920		2,139,445
Nidec Corp.	14,760		1,236,209
Nintendo Co., Ltd.	5,240		1,526,393
Secom Co., Ltd.	34,386		1,526,801


	Number of Shares	Value (Note 1)

Sony Corp.	115,950	$	3,086,377
Sumitomo Mitsui Financial Group, Inc.	58,617		1,654,798

			21,491,353

Mexico (3.2%)
Fomento Economico Mexicano S.A.B. de C.V.	602,120		2,602,519
Grupo Modelo S.A.B. de C.V., Series C	330,010		1,633,075
Grupo Televisa S.A. (ADR)	112,330		1,955,665

			6,191,259

Netherlands (3.5%)
European Aeronautic Defence and Space Co. N.V.*	117,380		2,395,164
Koninklijke Philips Electronics N.V.	98,240		2,928,276
TNT N.V.	61,627		1,553,263

			6,876,703

South Korea (0.1%)
Shinsegae Co., Ltd.	487		210,225

Spain (2.3%)
Banco Bilbao Vizcaya Argentaria S.A.	189,600		1,956,006
Inditex S.A.	45,460		2,578,278

			4,534,284

Sweden (7.3%)
Assa Abloy AB, Class B	162,400		3,239,097
Investor AB, Class B	122,877		1,988,753
Telefonaktiebolaget LM Ericsson, Class B	812,938		9,051,085

			14,278,935

Switzerland (6.5%)
Basilea Pharmaceutica AG (Registered)*	2,645		146,622
Credit Suisse Group AG (Registered)	116,131		4,364,639
Nestle S.A. (Registered)	46,019		2,220,415
Roche Holding AG	17,125		2,351,667
Transocean Ltd.*	33,463		1,550,341
UBS AG (Registered)*	158,782		2,104,745

			12,738,429

Taiwan (2.0%)
MediaTek, Inc.	135,745		1,893,239
Taiwan Semiconductor Manufacturing Co., Ltd.	1,119,709		2,093,745

			3,986,984

United Kingdom (5.9%)
3i Group plc	218,282		860,290
HSBC Holdings plc	301,000		2,757,435
Prudential plc	243,850		1,827,682
Tesco plc	292,725		1,648,181
Unilever plc	94,197		2,510,465
Vodafone Group plc	923,700		1,914,110

			11,518,163

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

United States (36.0%)
3M Co.	41,010	$	3,239,380
Adobe Systems, Inc.*	82,330		2,175,982
Aetna, Inc.	86,000		2,268,680
Aflac, Inc.	56,900		2,427,923
Altera Corp.	136,480		3,386,069
Amylin Pharmaceuticals, Inc.*	57,600		1,082,880
Automatic Data Processing, Inc.	68,610		2,762,239
Carnival Corp.	103,820		3,139,517
Colgate-Palmolive Co.	37,300		2,937,748
Corning, Inc.	138,080		2,229,992
Dendreon Corp.*	19,500		630,435
eBay, Inc.*	199,060		3,903,566
Emerson Electric Co.	38,180		1,668,084
Fidelity National Financial, Inc., Class A	79,800		1,036,602
Goldman Sachs Group, Inc.	12,600		1,654,002
InterMune, Inc.*	26,300		245,905
Intuit, Inc.*	112,240		3,902,585
Juniper Networks, Inc.*	158,060		3,606,929
Lockheed Martin Corp.	15,750		1,173,375
Maxim Integrated Products, Inc.	113,840		1,904,543
McDonald’s Corp.	53,400		3,517,458
Microsoft Corp.	141,780		3,262,358
Raytheon Co.	37,180		1,799,140
Regeneron Pharmaceuticals, Inc.*	16,600		370,512
Seattle Genetics, Inc.*	57,000		683,430
Shuffle Master, Inc.*	53,500		428,535
SLM Corp.*	224,800		2,335,672


	Number of Shares		Value (Note 1)

Theravance, Inc.*		48,510	$	609,771
Tiffany & Co.		71,820		2,722,696
Wal-Mart Stores, Inc.		58,130		2,794,309
Walt Disney Co.		105,300		3,316,950
WellPoint, Inc.*		50,600		2,475,858
Zimmer Holdings, Inc.*		18,800		1,016,140

				70,709,265

Total Common Stocks (98.0%) (Cost $211,683,803)				192,467,941

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (2.1%)
JPMorgan Chase Nassau
0.000%, 7/1/10
(Amortized Cost $4,108,035)	$	4,108,035		4,108,035

Total Investments (100.1%)
(Cost/Amortized Cost $215,791,838)				196,575,976
Other Assets Less Liabilities (-0.1%)				(186,143	)

Net Assets (100%)			$	196,389,833

*	Non-income producing.

Glossary:

ADR

— American Depositary Receipt

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	15,080,821	$	15,412,430	$	—	$	30,493,251
Consumer Staples		11,712,094		6,589,286		—		18,301,380
Energy		2,500,146		4,444,468		—		6,944,614
Financials		9,517,248		22,392,397		—		31,909,645
Health Care		9,383,611		3,898,572		—		13,282,183
Industrials		9,469,874		19,955,704		—		29,425,578
Information Technology		27,134,263		28,507,739		—		55,642,002
Materials		—		1,044,881		—		1,044,881
Telecommunication Services		—		3,975,653		—		3,975,653
Utilities		—		1,448,754		—		1,448,754
Short-Term Investments		—		4,108,035		—		4,108,035

Total Assets	$	84,798,057	$	111,777,919	$	—	$	196,575,976

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	84,798,057	$	111,777,919	$	—	$	196,575,976

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	—


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	—

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts		—		—		40,569		—		40,569
Credit contracts		—		—		—		—		—
Equity contracts		—		—		—		—		—
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	—	$	40,569	$	—	$	40,569

Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives Not Accounted for as Hedging Instruments^

Options

Futures

Forward
Currency
Contracts

Swaps

Total

Interest rate contracts

—

Foreign exchange contracts

—

Credit contracts

—

Equity contracts

—

Commodity contracts

—

Other contracts

—

Total

—

The Portfolio held forward foreign currency contracts with an average notional balance of approximately $1,129,000 during the six months ended June 30, 2010.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	49,517,873
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	25,304,347

As of June 30, 2010, 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	$	5,701,415
Aggregate gross unrealized depreciation		(30,592,829)

Net unrealized depreciation	$	(24,891,414)

Federal income tax cost of investments	$	221,467,390

For the six months ended June 30, 2010, the Portfolio incurred approximately $419 as brokerage commissions with BNP Paribas, $742 with Keefe, Bruyette & Woods, Inc., and $3,052 with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $15,461,972 of which $4,456,246 expires in the year 2016, and $11,005,726 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $215,791,838)	$	196,575,976
Cash		72,536
Foreign cash (Cost $76,045)		76,045
Dividends, interest and other receivables		378,251
Receivable from Separate Accounts for Trust shares sold		122,745
Receivable for securities sold		105,548

Total assets		197,331,101

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		381,022
Payable for securities purchased		172,336
Investment management fees payable		157,320
Distribution fees payable - Class IB		40,720
Accrued India taxes		26,655
Administrative fees payable		19,522
Trustees’ fees payable		306
Accrued expenses		143,387

Total liabilities		941,268

NET ASSETS	$	196,389,833

Net assets were comprised of:
Paid in capital	$	238,575,211
Accumulated undistributed net investment income (loss)		1,297,482
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(24,239,277	)
Unrealized appreciation (depreciation) on investments and foreign currency translations (net of India tax of $28,870 on unrealized depreciation on investments)		(19,243,583	)

Net assets	$	196,389,833

Class IA
Net asset value, offering and redemption price per share, $4,818,312 / 566,429 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.51

Class IB
Net asset value, offering and redemption price per share, $191,571,521 / 22,550,245 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.50

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $264,108 foreign withholding tax)	$	2,630,527
Interest		1,564

Total income		2,632,091

EXPENSES
Investment management fees		970,387
Distribution fees - Class IB		249,941
Administrative fees		119,543
Custodian fees		15,340
Professional fees		10,460
Trustees’ fees		2,358
Miscellaneous		9,103

Gross expenses		1,377,132
Less: Waiver from investment advisor		(4,223	)

Net expenses		1,372,909

NET INVESTMENT INCOME (LOSS)		1,259,182

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities (net of India tax of $(38,927) on realized gain on investments)		(3,245,752	)
Foreign currency transactions		(20,457	)

Net realized gain (loss)		(3,266,209	)

Change in unrealized appreciation (depreciation) on:
Securities (net of India tax of $(61,091) on unrealized depreciation on investments)		(16,272,757	)
Foreign currency translations		(2,495	)

Net change in unrealized appreciation (depreciation)		(16,275,252	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(19,541,461	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(18,282,279	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,259,182		$	1,051,871
Net realized gain (loss) on investments and foreign currency transactions		(3,266,209	)		(9,580,737	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(16,275,252	)		55,914,565

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(18,282,279	)		47,385,699

DIVIDENDS:
Dividends from net investment income
Class IA		—			(27,294	)
Class IB		—			(912,091	)

TOTAL DIVIDENDS		—			(939,385	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [205,259 and 127,314 shares, respectively]		1,908,852			953,455
Capital shares issued in reinvestment of dividends and distributions [0 and 3,011 shares, respectively]		—			27,294
Capital shares repurchased [(43,352) and (63,570) shares, respectively]		(393,498	)		(495,333	)

Total Class IA transactions		1,515,354			485,416

Class IB
Capital shares sold [5,528,300 and 9,203,464 shares, respectively]		51,917,632			72,241,537
Capital shares issued in reinvestment of dividends and distributions [0 and 100,629 shares, respectively]		—			912,091
Capital shares repurchased [ (3,441,332) and (4,058,520) shares, respectively]		(31,102,795	)		(31,688,600	)

Total Class IB transactions		20,814,837			41,465,028

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		22,330,191			41,950,444

TOTAL INCREASE (DECREASE) IN NET ASSETS		4,047,912			88,396,758
NET ASSETS:
Beginning of period		192,341,921			103,945,163

End of period (a)	$	196,389,833		$	192,341,921

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	1,297,482		$	38,300

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,									August 31, 2006* to December 31, 2006
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			August 31, 2006* to December 31, 2006
Net asset value, beginning of period	$	9.22		$	6.68		$	11.48		$	11.00		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.07	(e)		0.08	(e)		0.18	(e)		0.09	(e)		0.01	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.78	)		2.53			(4.84	)		0.56			1.00

Total from investment operations		(0.71	)		2.61			(4.66	)		0.65			1.01

Less distributions:
Dividends from net investment income		—			(0.07	)		(0.13	)		(0.06	)		(0.01	)
Distributions from net realized gains		—			—			(0.01	)		(0.11	)		—	#

Total dividends and distributions		—			(0.07	)		(0.14	)		(0.17	)		(0.01	)

Net asset value, end of period	$	8.51		$	9.22		$	6.68		$	11.48		$	11.00

Total return (b)		(7.70	)%		39.07	%		(40.60	)%		5.94	%		10.07	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,818		$	3,729		$	2,257		$	6,248		$	4,410
Ratio of expenses to average net assets:
After waivers (a)		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
Before waivers (a)		1.10	%		1.14	%		1.37	%		1.46	%		2.25	%(c)
Ratio of net investment income to average net assets:
After waivers (a)		1.51	%		1.03	%		1.84	%		0.74	%		0.30	%
Before waivers (a)		1.50	%		0.98	%		1.57	%		0.38	%		(1.11	)%
Portfolio turnover rate		13	%		19	%		33	%		22	%		6	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,									August 31, 2006* to December 31, 2006
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			August 31, 2006* to December 31, 2006
Net asset value, beginning of period	$	9.22		$	6.68		$	11.48		$	10.99		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.06	(e)		0.06	(e)		0.12	(e)		0.05	(e)		—	#(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.78	)		2.53			(4.80	)		0.58			0.99

Total from investment operations		(0.72	)		2.59			(4.68	)		0.63			0.99

Less distributions:
Dividends from net investment income		—			(0.05	)		(0.11	)		(0.03	)		—
Distributions from net realized gains		—			—			(0.01	)		(0.11	)		—	#

Total dividends and distributions		—			(0.05	)		(0.12	)		(0.14	)		—	#

Net asset value, end of period	$	8.50		$	9.22		$	6.68		$	11.48		$	10.99

Total return (b)		(7.71	)%		38.71	%		(40.75	)%		5.66	%		10.01	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	191,572		$	188,613		$	101,688		$	131,915		$	26,740
Ratio of expenses to average net assets:
After waivers (a)		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
Before waivers (a)		1.35	%		1.39	%		1.62	%(c)		1.71	%(c)		2.50	%(c)
Ratio of net investment income to average net assets:
After waivers (a)		1.23	%		0.75	%		1.33	%		0.39	%		0.13	%
Before waivers (a)		1.22	%		0.71	%		1.05	%		(0.04	)%		(0.93	)%
Portfolio turnover rate		13	%		19	%		33	%		22	%		6	%

*	Commencement of Operations.

#	Per share 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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

731

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO (Unaudited)


Distribution of Assets by Sector as of 6/30/2010	% of Net Assets
Government Securities	59.7	%
Corporate Bonds	32.8
Asset-Backed and Mortgage-Backed Securities	10.3
Convertible Bonds	0.1
Convertible Preferred Stocks	0.0	#
Equities & Warrants	0.0	#
Cash and Other	(2.9	)

Total	100.0	%

# Less than 0.05%

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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$1,004.00	$3.18
Hypothetical (5% average return before expenses)	1,000.00	1,021.62	3.21
Class IB
Actual	1,000.00	1,003.00	4.42
Hypothetical (5% average return before expenses)	1,000.00	1,020.38	4.46
* 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 181/365 (to reflect the one-half year period).

732

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EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (10.3%)
*Asset-Backed Securities (7.9%)*
Access Group, Inc.,
Series 2008-1 A 1.616%, 10/27/25(l)	$	19,126,273	$	19,849,764
American Express Credit Account Master Trust,
Series 2009-1 A 1.700%, 12/15/14(l)		2,000,000		2,040,871
AmeriCredit Automobile Receivables Trust,
Series 2008-1 A2 4.351%, 6/6/12(l)		5,629,213		5,689,397
Bank One Issuance Trust,
Series 2004-A5 A5 0.480%, 3/15/14(l)		2,000,000		1,998,550
BMW Vehicle Owner Trust,
Series 2010-A A1 0.279%, 4/25/11		6,073,307		6,071,157
Capital Auto Receivables Asset Trust,
Series 2008-2 A3B 1.800%, 10/15/12(l)		4,958,895		4,993,992
CarMax Auto Owner Trust,
Series 2010-1 A1 0.274%, 2/15/11		2,141,588		2,141,085
Chase Issuance Trust,
Series 2005-A8 A8 0.390%, 10/15/12(l)		1,300,000		1,299,855
Series 2006-A4 A4 0.370%, 10/15/13(l)		2,175,000		2,170,367
Series 2007-A1 A1 0.370%, 3/15/13(l)		13,400,000		13,390,530
Series 2007-A11 A11 0.350%, 7/16/12(l)		6,740,000		6,739,747
Series 2009-A2 A2 1.900%, 4/15/14(l)		21,800,000		22,296,927
Series 2009-A7 A7 0.800%, 9/17/12(l)		27,900,000		27,916,494
Citigroup Mortgage Loan Trust, Inc.,
Series 2007-AMC2 A3A 0.427%, 1/25/37(l)		292,808		191,051
Daimler Chrysler Auto Trust,
Series 2008-B A3B 1.830%, 9/10/12(l)		576,853		579,805
EFS Volunteer LLC,
Series 2010-1 A1 1.389%, 10/26/26(l)§†		2,300,000		2,297,851
Ford Credit Auto Owner Trust,
Series 2008-C A3 1.770%, 6/15/12(l)		16,401,524		16,475,739
Series 2009-A A3B 2.850%, 5/15/13(l)		22,800,000		23,170,361
Series 2010-A A1 0.384%, 5/15/11§		9,125,772		9,121,233
GSAA Home Equity Trust,
Series 2007-6 A4 0.647%, 5/25/47(l)		700,000		268,273
Mercedes-Benz Auto Receivables Trust,
Series 2010-1 A1 0.309%, 5/13/11		547,486		546,926
RAAC Series,
Series 2007-SP2 A2 0.747%, 6/25/47(l)		600,000		272,583


	Principal Amount		Value (Note 1)

SLC Student Loan Trust,
Series 2006-1 A2 0.537%, 6/15/15(l)	$	698,431	$	698,090
SLM Student Loan Trust,
Series 2004-9 A4 0.446%, 4/25/17(l)		2,404,195		2,400,038
Series 2005-10 A3 0.366%, 10/25/16(l)		2,203,406		2,201,600
Series 2005-6 A4 0.406%, 4/25/22(l)		4,469,585		4,450,462
Series 2006-3 A3 0.356%, 4/25/17(l)		253,676		253,436
Series 2006-8 A2 0.316%, 10/25/16(l)		404,684		404,219
Series 2006-9 A2 0.316%, 4/25/17(l)		401,566		401,234
Series 2007-3 A3 0.356%, 4/25/19(l)		8,700,000		8,414,711
Series 2008-2 A2 0.766%, 1/25/17(l)		7,700,000		7,709,229
Series 2008-9 A 1.816%, 4/25/23(l)		20,852,857		21,816,471
Volvo Financial Equipment LLC,
Series 2010-1A A1 0.510%, 5/16/11 (b)§		3,583,253		3,582,732

				221,854,780

*Non-Agency CMO (2.4%)*
American Home Mortgage Assets,
Series 2006-1 2A1 0.537%, 5/25/46(l)		9,844,087		4,828,599
Banc of America Commercial Mortgage, Inc.,
Series 2007-3 A4 5.837%, 6/10/49(l)		1,400,000		1,378,001
Series 2007-4 A4 5.935%, 2/10/51(l)		1,400,000		1,428,367
Banc of America Mortgage Securities, Inc.,
Series 2004-1 5A1 6.500%, 9/25/33		28,063		28,078
BCAP LLC Trust,
Series 2006-AA2 A1 0.517%, 1/25/37(l)		1,353,150		696,209
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2002-11 1A2 3.398%, 2/25/33(l)		18,010		15,817
Series 2003-3 3A2 2.763%, 5/25/33(l)		146,048		141,502
Series 2003-8 2A1 3.552%, 1/25/34(l)		10,175		9,726
Series 2003-8 4A1 3.529%, 1/25/34(l)		30,777		27,721
Series 2004-10 21A1 3.478%, 1/25/35(l)		4,040,062		3,612,944
Series 2005-2 A1 2.760%, 3/25/35(l)		190,729		179,244
Series 2005-2 A2 2.934%, 3/25/35(l)		60,067		53,744
Series 2005-5 A1 2.530%, 8/25/35(l)		60,985		55,604
Series 2005-5 A2 2.560%, 8/25/35(l)		1,063,646		970,771

See Notes to Financial Statements.

733

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EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Series 2007-3 1A1 5.370%, 5/25/47(l)	$	11,100,428	$	7,867,869
Bear Stearns Alt-A Trust,
Series 2005-7 22A1 4.539%, 9/25/35(l)		2,935,882		2,065,931
Bear Stearns Commercial Mortgage Securities, Inc.,
Series 1998-C1 A2 6.440%, 6/16/30		784		784
Chevy Chase Mortgage Funding Corp.,
Series 2007-2A A1 0.477%, 5/25/48(l)§		1,902,508		743,588
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-11 A1A 2.820%, 12/25/35(l)		79,206		69,600
Series 2005-11 A2A 4.700%, 12/25/35(l)		1,107,305		1,014,879
Series 2005-12 2A1 1.147%, 8/25/35(l)§		910,360		780,982
Series 2005-6 A1 2.510%, 8/25/35(l)		84,509		75,652
Series 2005-6 A2 3.157%, 8/25/35(l)		390,436		343,583
Series 2005-6 A3 2.210%, 8/25/35(l)		53,814		48,600
Citigroup/Deutsche Bank Commercial Mortgage Trust,
Series 2006-CD3 A5 5.617%, 10/15/48		4,000,000		4,161,411
Commercial Mortgage Pass Through Certificates,
Series 2005-LP5 A2 4.630%, 5/10/43		1,379,775		1,407,688
Countrywide Alternative Loan Trust,
Series 2003-J1 4A1 6.000%, 10/25/32		1,851		1,774
Series 2005-61 2A1 0.627%, 12/25/35(l)		34,668		21,964
Series 2005-62 2A1 1.413%, 12/25/35(l)		352,059		194,005
Series 2006-OA12 A1A 0.428%, 9/20/46(l)		5,724		5,676
Series 2006-OA22 A1 0.507%, 2/25/47(l)		916,682		531,388
Series 2007-OA7 A1A 0.527%, 5/25/47(l)		209,612		102,695
Countrywide Home Loan Mortgage Pass Through Trust,
Series 2002-30 M 3.316%, 10/19/32(l)		7,987		4,005
Series 2003-HYB3 7A1 3.829%, 11/19/33(l)		57,340		54,031
Series 2004-12 11A1 3.385%, 8/25/34(l)		727,094		536,000
Series 2005-25 A11 5.500%, 11/25/35		1,152,772		965,702
Series 2005-3 1A2 0.637%, 4/25/35(l)		389,059		213,899
Series 2005-R2 1AF1 0.687%, 6/25/35(l)§		157,358		125,364
CS First Boston Mortgage Securities Corp.,
Series 2002-P1A A 0.837%, 3/25/32(l)§		1,726		1,678
Deutsche Alt-A Securities, Inc.,
Series 2003-3 3A1 5.000%, 10/25/18		817,747		773,727


	Principal Amount		Value (Note 1)

Series 2005-AR2 7A1 5.463%, 10/25/35(l)	$	418,373	$	325,160
Series 2006-AB4 A1B1 0.440%, 10/25/36(l)		5,458		1,983
Series 2007-1 1A1 0.437%, 8/25/37(l)		372,282		367,426
First Horizon Alternative Mortgage Securities Trust,
Series 2004-AA1 A1 2.266%, 6/25/34(l)		245,001		192,533
First Horizon Mortgage Pass-Through Trust,
Series 2005-AR3 2A1 3.936%, 8/25/35(l)		466,439		409,588
GMAC Commercial Mortgage Securities, Inc.,
Series 2006-C1 A4 5.238%, 11/10/45(l)		5,900,000		6,076,102
Greenpoint Mortgage Funding Trust,
Series 2005-AR5 1A1 0.617%, 11/25/45(l)		56,215		32,562
Series 2006-AR6 A1A 0.427%, 10/25/46(l)		44,809		40,919
GS Mortgage Securities Corp. II,
Series 2007-EOP A1 0.438%, 3/6/20(l)§		726,029		702,770
GSR Mortgage Loan Trust,
Series 2005-AR6 2A1 2.943%, 9/25/35(l)		280,606		264,357
Harborview Mortgage Loan Trust,
Series 2005-2 2A1A 0.568%, 5/19/35(l)		44,762		25,749
Series 2006-1 2A1A 0.588%, 3/19/36(l)		332,920		171,061
Series 2006-12 2A11 0.438%, 1/19/38(l)		13,796		13,573
Indymac Index Mortgage Loan Trust,
Series 2004-AR11 2A 2.785%, 12/25/34(l)		295,999		229,425
Series 2006-AR14 1A1A 0.437%, 11/25/46(l)		9,214		9,123
JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 2007-CB20 A4 5.794%, 2/12/51(l)		1,900,000		1,905,915
MASTR Adjustable Rate Mortgages Trust,
Series 2004-13 3A7 2.959%, 11/21/34(l)		200,000		172,935
Mellon Residential Funding Corp.,
Series 2000-TBC3 A1 0.790%, 12/15/30(l)		41,548		35,619
Series 2001-TBC1 A1 0.700%, 11/15/31(l)		161,905		147,154
Merrill Lynch Floating Trust,
Series 2006-1 A1 0.420%, 6/15/22(l)§		55,043		52,112
MLCC Mortgage Investors, Inc.,
Series 2005-2 1A 4.250%, 10/25/35(l)		2,333,944		2,007,141
Series 2005-2 2A 4.250%, 10/25/35(l)		2,154,265		1,821,057
Series 2005-2 3A 1.249%, 10/25/35(l)		348,566		269,358
Series 2005-3 4A 0.597%, 11/25/35(l)		254,799		191,988

See Notes to Financial Statements.

734

EQ ADVISORS TRUST

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Series 2005-3 5A 0.597%, 11/25/35(l)	$	311,530	$	238,928
Residential Accredit Loans, Inc.,
Series 2005-QO1 A1 0.647%, 8/25/35(l)		70,892		40,092
Securitized Asset Sales, Inc.,
Series 1993-6 A5 2.848%, 11/26/23(l)		3,835		3,392
Sequoia Mortgage Trust,
Series 10 2A1 0.728%, 10/20/27(l)		19,771		16,295
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-1 4A2 2.744%, 2/25/34(l)		187,406		162,284
Series 2004-19 2A1 1.813%, 1/25/35(l)		57,854		29,920
Series 2005-17 3A1 4.540%, 8/25/35(l)		265,042		206,053
Structured Asset Mortgage Investments, Inc.,
Series 2004-AR5 1A1 0.678%, 10/19/34(l)		113,239		94,237
Series 2005-AR5 A1 0.598%, 7/19/35(l)		223,453		142,085
Series 2005-AR5 A2 0.598%, 7/19/35(l)		475,582		374,558
Series 2006-AR4 2A1 0.537%, 6/25/36(l)		74,651		41,174
Series 2006-AR5 1A1 0.557%, 5/25/46(l)		2,470,286		1,316,169
Series 2006-AR7 A8 0.417%, 8/25/36(l)		6,587		6,514
Series 2007-AR3 1A1 0.447%, 9/25/47(l)		337,253		320,008
Structured Asset Securities Corp.,
Series 2006-11 A1 2.942%, 10/25/35(l)§		101,377		79,715
TBW Mortgage Backed Pass Through Certificates,
Series 2006-6 A1 0.457%, 1/25/37(l)		15,698		14,936
Thornburg Mortgage Securities Trust,
Series 2006-5 A1 0.467%, 10/25/46(l)		569,007		538,698
Series 2007-1 A3A 0.447%, 3/25/37(l)		3,262,397		3,109,895
Wachovia Bank Commercial Mortgage Trust,
Series 2006-WL7A A1 0.440%, 9/15/21(l)§		2,480,581		2,158,106
Series 2007-WHL8 A1 0.430%, 6/15/20(l)§		1,873,134		1,584,755
WaMu Mortgage Pass-Through Certificates,
Series 2002-AR17 1A 1.621%, 11/25/42(l)		14,069		10,066
Series 2002-AR2 A 3.109%, 2/27/34(l)		12,164		11,056
Series 2003-AR1 A5 2.386%, 3/25/33(l)		1,413,962		1,261,262
Series 2003-R1 A1 0.887%, 12/25/27(l)		350,442		299,755
Series 2004-AR1 A 2.784%, 3/25/34(l)		3,336,083		3,139,138
Series 2005-AR13 A1A1 0.637%, 10/25/45(l)		318,630		239,948


	Principal Amount		Value (Note 1)

Series 2005-AR15 A1A1 0.607%, 11/25/45(l)	$	73,507	$	55,874
Series 2006-AR15 2A 3.359%, 11/25/46(l)		69,110		45,520
Series 2006-AR3 A1A 1.413%, 2/25/46(l)		113,369		87,315
Series 2006-AR7 3A 3.359%, 7/25/46(l)		340,721		219,091
Wells Fargo Mortgage Backed Securities Trust,
Series 2004-S A1 2.968%, 9/25/34(l)		132,385		130,432
Series 2007-10 1A22 0.847%, 7/25/37(l)		2,676,044		1,967,939

				68,949,622

Total Asset-Backed and Mortgage-Backed Securities				290,804,402

Convertible Bonds (0.1%)
Government Securities (0.1%)
*U.S. Government Agencies (0.1%*)
Federal Home Loan Mortgage Corp.
2.631%, 1/1/34(l)		51,592		53,856
Federal National Mortgage Association
5.527%, 1/1/36(l)		488,661		520,576

Total Government Securities				574,432

Total Convertible Bonds				574,432

Corporate Bonds (32.8%)
Consumer Discretionary (1.5%)
*Automobiles (1.0%*)
Daimler Finance N.A. LLC
7.750%, 1/18/11		1,000,000		1,033,152
5.875%, 3/15/11		25,315,000		26,083,716
5.750%, 9/8/11		2,000,000		2,082,684

				29,199,552

*Media (0.5%)*
Comcast Corp.
5.450%, 11/15/10		2,100,000		2,134,683
COX Communications, Inc.
7.750%, 11/1/10		7,000,000		7,142,184
Time Warner Cable, Inc.
6.200%, 7/1/13		1,297,000		1,450,617
Time Warner, Inc.
6.875%, 5/1/12		1,500,000		1,634,166

				12,361,650

Total Consumer Discretionary				41,561,202

Consumer Staples (0.7%)
*Food Products (0.6%*)
Kraft Foods, Inc.
6.250%, 6/1/12		2,900,000		3,160,945
6.000%, 2/11/13		700,000		771,719
Wm. Wrigley Jr. Co.
1.912%, 6/28/11(l)§		14,100,000		14,097,279

				18,029,943

See Notes to Financial Statements.

735

EQ ADVISORS TRUST

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

*Tobacco (0.1%)*
Reynolds American, Inc.
1.237%, 6/15/11(l)	$	1,200,000	$	1,192,050

Total Consumer Staples				19,221,993

Energy (0.9%)
*Oil, Gas & Consumable Fuels (0.9%*)
Anadarko Petroleum Corp.
5.750%, 6/15/14		4,400,000		3,980,878
Kinder Morgan Energy Partners LP
7.500%, 11/1/10		500,000		508,138
5.850%, 9/15/12		3,370,000		3,613,044
Transcontinental Gas Pipe Line Corp.
Series B 7.000%, 8/15/11		2,820,000		2,969,841
8.875%, 7/15/12		2,000,000		2,249,324
Williams Cos., Inc.
2.291%, 10/1/10(l)§		7,000,000		6,998,656
Williams Cos., Inc. Trust V
6.375%, 10/1/10§		5,140,000		5,184,502

Total Energy				25,504,383

Financials (26.5%)
*Capital Markets (3.2%*)
Goldman Sachs Group, Inc.
0.692%, 10/7/11(l)		4,500,000		4,460,314
0.533%, 2/6/12(l)		2,000,000		1,949,886
5.300%, 2/14/12		13,500,000		14,051,192
Merrill Lynch & Co., Inc.
0.516%, 7/25/11(l)		3,100,000		3,073,058
0.768%, 6/5/12(l)		18,500,000		17,967,385
6.050%, 8/15/12		3,895,000		4,141,343
Morgan Stanley
0.545%, 1/9/12(l)		22,600,000		21,975,404
5.625%, 1/9/12		1,600,000		1,664,878
0.530%, 4/19/12(l)		4,625,000		4,486,370
5.750%, 8/31/12		4,000,000		4,191,720
2.930%, 5/14/13(l)		7,300,000		7,326,112
0.595%, 1/9/14(l)		2,100,000		1,933,292
5.750%, 10/18/16		2,500,000		2,518,550

				89,739,504

*Commercial Banks (3.8%*)
American Express Bank FSB
0.500%, 6/12/12(l)		3,500,000		3,445,757
5.550%, 10/17/12		1,500,000		1,612,371
5.500%, 4/16/13		4,500,000		4,862,394
American Express Centurion Bank
5.550%, 10/17/12		1,800,000		1,934,845
Banco Bilbao Vizcaya Argentaria S.A./Puerto Rico
0.497%, 5/25/12(l)§		1,700,000		1,698,696
BB&T Corp.
3.850%, 7/27/12		8,000,000		8,339,848
Citibank N.A.
1.375%, 8/10/11		35,000,000		35,335,335
First Tennessee Bank N.A.
0.570%, 2/14/11(l)		5,950,000		5,931,323
JPMorgan Chase Bank N.A.
0.866%, 6/13/16(l)		5,700,000		5,362,246
Regions Financial Corp.
0.707%, 6/26/12(l)		1,635,000		1,538,386


	Principal Amount		Value (Note 1)

SunTrust Bank/Georgia
6.375%, 4/1/11	$	2,750,000	$	2,835,913
Union Planters Corp.
4.375%, 12/1/10		1,000,000		1,001,919
7.750%, 3/1/11		1,000,000		1,013,859
Wachovia Bank N.A.
5.000%, 9/28/11		5,000,000		5,159,825
Wachovia Corp.
0.433%, 10/15/11(l)		3,100,000		3,077,615
0.688%, 3/1/12(l)		3,600,000		3,558,881
0.443%, 4/23/12(l)		7,850,000		7,756,483
2.114%, 5/1/13(l)		3,100,000		3,153,599
Wells Fargo & Co.
4.375%, 1/31/13		8,936,000		9,446,889

				107,066,184

*Consumer Finance (3.1%*)
American Express Credit Corp.
0.554%, 2/24/12(l)		9,045,000		8,943,370
American Honda Finance Corp.
1.289%, 6/20/11(l)§		19,600,000		19,711,681
HSBC Finance Corp.
8.000%, 7/15/10		2,030,000		2,033,242
5.500%, 4/15/11		1,925,000		1,963,067
0.584%, 8/9/11(l)		18,650,000		18,481,087
6.375%, 10/15/11		4,009,000		4,189,666
0.586%, 4/24/12(l)		7,400,000		7,218,537
7.000%, 5/15/12		328,000		353,178
5.900%, 6/19/12		2,500,000		2,646,510
0.654%, 7/19/12(l)		2,000,000		1,946,306
0.887%, 9/14/12(l)		7,850,000		7,612,090
0.553%, 1/15/14(l)		11,200,000		10,496,819
International Lease Finance Corp.
5.125%, 11/1/10		650,000		644,312
Nissan Motor Acceptance Corp.
3.250%, 1/30/13§		900,000		918,967
Toyota Motor Credit Corp.
5.450%, 5/18/11		750,000		778,249

				87,937,081

*Diversified Financial Services (14.5%)*
American Express Travel Related Services Co., Inc.
0.546%, 6/1/11(l)		100,000		98,902
5.250%, 11/21/11§		2,000,000		2,078,048
BA Covered Bond Issuer
5.500%, 6/14/12§		8,800,000		9,413,184
Bank of America Corp.
7.400%, 1/15/11		4,000,000		4,118,572
5.375%, 8/15/11		500,000		519,505
1.111%, 12/2/11(l)		6,000,000		6,070,842
6.250%, 4/15/12		20,000,000		21,265,100
4.875%, 9/15/12		800,000		832,650
Caterpillar Financial Services Corp.
1.287%, 6/24/11(l)		20,300,000		20,449,469
Citigroup Funding, Inc.
1.375%, 5/5/11		35,000,000		35,267,855
Citigroup, Inc.
0.535%, 5/18/11(l)		10,613,000		10,525,719
6.000%, 2/21/12		17,650,000		18,473,584
0.662%, 3/16/12(l)		19,535,000		19,069,168
5.300%, 10/17/12		1,300,000		1,347,206
6.500%, 8/19/13		900,000		958,659
6.000%, 12/13/13		23,600,000		24,759,067

See Notes to Financial Statements.

736

EQ ADVISORS TRUST

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

General Electric Capital Corp.
1.800%, 3/11/11	$	25,000,000	$	25,242,000
0.609%, 3/15/12(l)		10,000,000		9,696,820
0.324%, 5/8/12(l)		20,000,000		20,024,360
0.474%, 11/1/12(l)		7,000,000		6,820,198
0.788%, 12/7/12(l)		13,600,000		13,684,864
0.539%, 12/21/12(l)		40,000,000		40,126,320
1.384%, 5/22/13(l)		10,800,000		10,647,072
1.369%, 12/20/13(l)		5,000,000		4,823,010
6.375%, 11/15/67(l)		10,600,000		9,858,000
John Deere Capital Corp.
1.287%, 6/10/11(l)		23,600,000		23,760,787
JPMorgan Chase & Co.
0.918%, 6/22/12(l)		22,000,000		22,203,390
0.787%, 12/26/12(l)		25,000,000		25,232,100
National Rural Utilities Cooperative Finance Corp.
1.066%, 7/1/10(l)		23,620,000		23,620,000

				410,986,451

*Insurance (1.6%*)
American International Group, Inc.
5.375%, 10/18/11		1,000,000		1,005,000
MetLife, Inc.
5.375%, 12/15/12		140,000		150,118
Metropolitan Life Global Funding I
1.139%, 9/17/10(l)§		1,500,000		1,501,099
2.437%, 6/10/11(l)§		1,200,000		1,215,029
5.125%, 11/9/11§		1,050,000		1,091,517
0.643%, 8/13/12(l)§		1,930,000		1,900,674
2.875%, 9/17/12§		500,000		511,880
5.125%, 4/10/13§		2,200,000		2,379,456
5.200%, 9/18/13§		230,000		249,723
Monumental Global Funding II
5.650%, 7/14/11§		1,500,000		1,542,343
Monumental Global Funding III
0.486%, 1/25/13(l)§		5,000,000		4,827,395
0.503%, 1/15/14(l)§		2,500,000		2,385,480
New York Life Global Funding
0.662%, 6/16/11(l)§		4,750,000		4,750,314
Pacific Life Global Funding
5.150%, 4/15/13§		1,200,000		1,257,990
Pricoa Global Funding I
0.438%, 1/30/12(l)§		9,800,000		9,610,674
4.625%, 6/25/12§		3,400,000		3,561,007
0.667%, 6/26/12(l)§		2,000,000		1,951,680
5.400%, 10/18/12§		5,300,000		5,702,508

				45,593,887

*Real Estate Investment Trusts (REITs) (0.1%)*
ERP Operating LP
5.500%, 10/1/12		3,100,000		3,293,750

*Thrifts & Mortgage Finance (0.2%*)
Countrywide Financial Corp.
5.800%, 6/7/12		110,000		115,670
Santander Holdings USA, Inc.
4.800%, 9/1/10		5,000,000		5,029,240

				5,144,910

Total Financials				749,761,767


	Principal Amount		Value (Note 1)

Health Care (0.1%)
*Health Care Equipment & Supplies (0.1%*)
Boston Scientific Corp.
4.250%, 1/12/11	$	2,900,000	$	2,909,831

Total Health Care				2,909,831

Industrials (0.3%)
*Airlines (0.2%)*
Southwest Airlines Co.
10.500%, 12/15/11§		5,000,000		5,578,105

*Commercial Services & Supplies (0.1%)*
Waste Management, Inc.
7.650%, 3/15/11		3,000,000		3,121,185

Total Industrials				8,699,290

Information Technology (0.2%)
*Computers & Peripherals (0.2%)*
Hewlett-Packard Co.
1.586%, 5/27/11(l)		5,600,000		5,653,631

Total Information Technology				5,653,631

Materials (0.2%)
*Chemicals (0.2%)*
Dow Chemical Co.
6.125%, 2/1/11		5,125,000		5,223,795
4.850%, 8/15/12		500,000		527,427

Total Materials				5,751,222

Telecommunication Services (1.7%)
*Diversified Telecommunication Services (0.2%)*
BellSouth Corp.
4.295%, 4/26/11§		4,000,000		4,103,800
Qwest Corp.
7.875%, 9/1/11		2,085,000		2,168,400

				6,272,200

*Wireless Telecommunication Services (1.5%)*
Cellco Partnership/Verizon Wireless Capital LLC
3.750%, 5/20/11		41,020,000		42,013,874

Total Telecommunication Services				48,286,074

Utilities (0.7%)
*Electric Utilities (0.1%)*
Appalachian Power Co.
5.550%, 4/1/11		2,300,000		2,368,568
FPL Group Capital, Inc.
1.419%, 6/17/11(l)		800,000		805,138
Nevada Power Co.
Series L 5.875%, 1/15/15		150,000		167,145

				3,340,851

*Gas Utilities (0.5%*)
Florida Gas Transmission Co. LLC
7.625%, 12/1/10§		5,000,000		5,101,920
NGPL Pipeco LLC
6.514%, 12/15/12§		7,850,000		7,817,006

				12,918,926

See Notes to Financial Statements.

737

EQ ADVISORS TRUST

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

*Multi-Utilities (0.1%)*
Dominion Resources, Inc.
4.750%, 12/15/10	$	2,500,000	$	2,543,280

Total Utilities				18,803,057

Total Corporate Bonds				926,152,450

Government Securities (59.7%)
*Agency ABS (31.6%)*
Federal Farm Credit Bank
0.351%, 10/7/11(l)		1,000,000		1,000,225
Federal Home Loan Bank
0.300%, 11/26/10		16,800,000		16,805,393
0.450%, 12/29/10		10,000,000		10,008,450
0.700%, 4/18/11		50,000,000		50,110,500
0.600%, 5/10/11		8,200,000		8,202,132
0.540%, 5/24/11		15,000,000		15,013,710
0.200%, 5/26/11(l)		30,000,000		29,968,380
0.250%, 5/27/11(l)		1,300,000		1,297,789
0.560%, 5/27/11		40,000,000		40,043,680
0.750%, 7/8/11		35,000,000		35,100,975
0.250%, 7/11/11(l)		2,000,000		1,998,716
0.163%, 7/15/11(l)		20,000,000		19,987,680
0.253%, 7/20/11(l)		20,000,000		19,986,780
0.252%, 8/25/11(l)		35,000,000		34,959,960
0.267%, 8/26/11(l)		4,800,000		4,796,894
0.270%, 9/9/11(l)		26,500,000		26,482,377
0.317%, 9/26/11(l)		25,000,000		24,995,750
0.311%, 11/8/11(l)		150,000,000		149,899,350
Federal Home Loan Mortgage Corp.
1.250%, 8/15/11		29,700,000		29,951,410
0.308%, 9/19/11(l)		50,000,000		49,987,300
0.317%, 9/26/11(l)		50,000,000		49,991,500
0.160%, 11/9/11(l)		50,000,000		49,866,700
0.170%, 1/13/12(l)		30,500,000		30,404,962
0.271%, 2/2/12(l)		31,702,000		31,659,393
0.310%, 2/10/12(l)		55,000,000		54,958,035
Federal National Mortgage Association
0.308%, 9/19/11(l)		40,000,000		39,989,960
4.100%, 12/17/18		35,000,000		35,558,775
Small Business Administration
Series 2008-P10A 5.902%, 2/10/18		802,933		882,255
Small Business Administration Participation Certificates
Series 2003-20I 5.130%, 9/1/23		26,014		27,870
Series 2004-20C 4.340%, 3/1/24		166,794		175,272
Series 2005-20B 4.625%, 2/1/25		186,878		198,349
Series 2008-20G 5.870%, 7/1/28		12,539,195		13,985,045
Series 2008-20H 6.020%, 8/1/28		12,117,406		13,663,799

				891,959,366

*Agency CMO (0.8%)*
Federal Home Loan Mortgage Corp.
5.500%, 5/15/16		113,113		113,017
4.500%, 5/15/17		46,121		47,650
5.000%, 1/15/18		81,509		83,827
0.580%, 2/15/19(l)		5,232,191		5,234,742


	Principal Amount		Value (Note 1)

0.500%, 7/15/19(l)	$	2,516,923	$	2,517,934
5.000%, 2/15/20		630,183		652,863
5.000%, 8/15/20		310,655		330,569
0.500%, 10/15/20(l)		2,462,547		2,463,136
5.000%, 5/15/27		542,676		542,795
6.500%, 4/15/29		38,128		42,207
0.700%, 12/15/29(l)		4,717		4,681
0.700%, 12/15/30(l)		36,498		36,545
6.500%, 7/25/43		13,296		14,427
1.621%, 10/25/44(l)		1,230,942		1,211,173
1.621%, 2/25/45(l)		1,564,361		1,511,663
Federal National Mortgage Association
2.885%, 5/25/35(l)		618,927		613,475
0.407%, 12/25/36(l)		144,848		139,611
0.547%, 10/27/37(l)		6,700,000		6,687,590
0.697%, 5/25/42(l)		101,333		95,260
5.950%, 2/25/44		145,490		148,444

				22,491,609

*Municipal Bonds (0.3%)*
Dallas, Texas Area Rapid Transit
6.249%, 12/1/34		700,000		731,759
New Jersey Economic Development Authority
1.480%, 6/15/13(l)		7,000,000		6,989,500
State of Texas
4.750%, 4/1/37		300,000		303,465
Tobacco Settlement Finance Authority of West Virginia
7.467%, 6/1/47		1,330,000		989,294

				9,014,018

*Supranational (0.4%)*
International Bank for Reconstruction & Development
0.713%, 3/4/11(l)		10,000,000		10,014,750

*U.S. Government Agencies (11.3%)*
Federal Home Loan Mortgage Corp.
4.125%, 7/12/10		20,000,000		20,023,840
0.204%, 2/1/11(l)		51,033,000		51,021,211
0.593%, 4/1/11(l)		58,360,000		58,428,806
0.254%, 5/4/11#(l)		126,615,000		126,709,708
0.277%, 8/5/11(l)		50,000,000		50,005,000
2.990%, 11/1/23(l)		5,895		6,125
4.879%, 3/1/35(l)		577,035		603,725
4.825%, 10/1/35(l)		246,758		262,875
5.098%, 10/1/35(l)		304,004		323,859
4.792%, 11/1/35(l)		281,991		300,409
6.632%, 7/1/36(l)		2,497,364		2,625,736
6.357%, 9/1/36(l)		1,964,436		2,061,286
6.507%, 10/1/36(l)		2,761,225		2,905,648
Federal National Mortgage Association
2.817%, 11/1/34(l)		341,503		358,216
2.614%, 1/1/35(l)		65,205		67,576
3.039%, 7/1/35(l)		344,779		358,639
5.634%, 12/1/35(l)		628,930		670,008
5.676%, 3/1/36(l)		750,441		799,454
5.722%, 3/1/36(l)		807,745		860,501
1.616%, 3/1/44(l)		657,845		654,728
1.634%, 7/1/44(l)		15,833		15,758
1.627%, 10/1/44(l)		80,409		80,028
Small Business Administration
Series P10A 4.504%, 2/1/14		30,866		32,224

				319,175,360

See Notes to Financial Statements.

738

EQ ADVISORS TRUST

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount			Value (Note 1)

*U.S. Treasuries (15.3%)*
U.S. Treasury Notes 1.000%, 7/31/11	$	45,100,000		$	45,381,875
0.750%, 5/31/12#		150,000,000			150,433,500
2.125%, 5/31/15#		165,100,000			167,938,069
3.625%, 8/15/19		33,000,000			34,894,926
3.500%, 5/15/20		33,000,000			34,536,480

					433,184,850

Total Government Securities					1,685,839,953

Total Long-Term Debt Securities (102.9%) (Cost $2,896,582,097)					2,903,371,237

	Number of Shares			Value (Note 1)
CONVERTIBLE PREFERRED STOCK:
Financials (0.0%)
*Commercial Banks* (*0.0%)*
Wells Fargo & Co. 7.500%		1,100			1,024,100

Total Convertible Preferred Stocks (0.0%)					1,024,100
(Cost $1,100,000)					1,024,100

COMMON STOCK:
Financials (0.0%)
*Capital Markets* (*0.0%*)
BlackRock, Inc. (Cost $790)		4			574

	Principal Amount			Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (0.0%)
U.S. Treasury Bills 0.09%, 7/15/10# (p)	$	214,000			213,991

Time Deposit (0.2%)
JPMorgan Chase Nassau 0.000%, 7/1/10		5,990,723			5,990,723

Total Short-Term Investments (0.2%) (Cost/Amortized Cost $6,204,721)					6,204,714

Total Investments Before Options Written and Securities Sold Short (103.1%) (Cost/Amortized Cost $2,903,887,608)					2,910,600,625

	Number of Contracts			Value (Note 1)
OPTIONS WRITTEN:
Call Option Written (0.0%)
10 Year U.S. Treasury Notes August 2010 @ $122.00*		(640	)		(1,060,000	)

					(1,060,000	)


	Number of Contracts		Value (Note 1)
Put Option Written (0.0%)
10 Year U.S. Treasury Notes September 2010 @ $114.00*	(640	)	$	(30,000	)

				(30,000	)

Total Options Written (0.0%)
(Premiums Received $576,800)				(1,090,000	)

Total Investments Before Securities Sold Short (103.1%) (Cost/Amortized Cost $2,903,310,808)				2,909,510,625

	Number of Shares		Value (Note 1)
SECURITIES SOLD SHORT:
COMMON STOCK:
Financials (0.0%)
*Capital Markets* (*0.0%*)
Teton Advisors, Inc., Class B† (Cost $—)*	(31	)		(265	)

Total Securities Sold Short (0.0%) (Proceeds Received $—)				(265	)

Total Investments after Options Written and Securities Sold Short (103.1%) (Cost/Amortized Cost $2,903,310,808)				2,909,510,360
Other Assets Less Liabilities (-3.1%)				(86,579,638	)

Net Assets (100%)			$	2,822,930,722

*	Non-income producing.

†	Securities with long positions (totaling $2,297,851 or 0.1% of net assets) at fair value by management. Securities with short positions (totaling $265 or 0.0% of net assets) at fair value by management.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2010, the market value of these securities amounted to $148,371,499 or 5.3% 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, with a total collateral value of $4,632,090.

(b)

Illiquid Security.

(l)

Floating Rate Security. Rate disclosed is as of June 30, 2010.

(p)

Yield to maturity.

Glossary:

ABS—

Asset-Backed Security

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Sales	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
10 Year U.S. Treasury Notes	1,844	September-10	$	220,808,828	$	225,976,438	$	(5,167,610	)

See Notes to Financial Statements.

739

EQ ADVISORS TRUST

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

At June 30, 2010, the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


Foreign Currency Buy Contracts	Counterparty	Local Contract Buy Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Philippine Peso vs. U.S. Dollar, expiring 12/24/10	Lehman Brothers	12,100	$	256,493	$	270,331	$	(13,838	)
Singapore Dollar vs. U.S. Dollar, expiring 12/24/10	Lehman Brothers	4,577		3,273,184		3,316,912		(43,728	)

							$	(57,566	)


Foreign Currency Sell Contracts	Counterparty	Local Contract Sell Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Philippine Peso vs. U.S. Dollar, expiring 12/24/10	Lehman Brothers	12,100	$	250,362	$	256,493	$	(6,131	)
Singapore Dollar vs. U.S. Dollar, expiring 12/24/10	Lehman Brothers	4,577		3,209,225		3,273,184		(63,959	)

							$	(70,090	)

							$	(127,656	)

Options Written:

Options written through the six months ended June 30, 2010 were as follows:


	Total Number of Contracts		Total Premiums Received
Options Outstanding — January 1, 2010	6,171		$	2,716,713
Options Written	10,211			3,186,128
Options Terminated in Closing Purchase Transactions	—			—
Options Expired	(15,102	)		(5,326,041	)
Options Exercised	—			—

Options Outstanding — June 30, 2010	1,280		$	576,800

See Notes to Financial Statements.

740

EQ ADVISORS TRUST

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)			Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)			Total
Assets:
Asset-Backed and Mortgage-Backed Securities
Asset-Backed Securities	$	—		$	219,556,929		$	2,297,851		$	221,854,780
Non-Agency CMO		—			68,949,622			—			68,949,622
Common Stocks
Financials		574			—			—			574
Convertible Bonds
Government Securities		—			574,432			—			574,432
Convertible Preferred Stocks
Financials		1,024,100			—			—			1,024,100
Corporate Bonds
Consumer Discretionary		—			41,561,202			—			41,561,202
Consumer Staples		—			19,221,993			—			19,221,993
Energy		—			25,504,383			—			25,504,383
Financials		—			749,761,767			—			749,761,767
Health Care		—			2,909,831			—			2,909,831
Industrials		—			8,699,290			—			8,699,290
Information Technology		—			5,653,631			—			5,653,631
Materials		—			5,751,222			—			5,751,222
Telecommunication Services		—			48,286,074			—			48,286,074
Utilities		—			18,803,057			—			18,803,057
Government Securities
Agency ABS		—			891,959,366			—			891,959,366
Agency CMO		—			22,491,609			—			22,491,609
Municipal Bonds		—			9,014,018			—			9,014,018
Supranational		—			10,014,750			—			10,014,750
U.S. Government Agencies		—			319,175,360			—			319,175,360
U.S. Treasuries		—			433,184,850			—			433,184,850
Short-Term Investments		—			6,204,714			—			6,204,714

Total Assets	$	1,024,674		$	2,907,278,100		$	2,297,851		$	2,910,600,625


Liabilities:
Common Stocks
Financials		—			—			(265	)		(265	)
Forward Currency Contracts		—			(127,656	)		—			(127,656	)
Futures		(5,167,610	)		—			—			(5,167,610	)
Options Written
Call Options Written		(1,060,000	)		—			—			(1,060,000	)
Put Options Written		(30,000	)		—			—			(30,000	)

Total Liabilities	$	(6,257,610	)	$	(127,656	)	$	(265	)	$	(6,385,531	)

Total	$	(5,232,936	)	$	2,907,150,444		$	2,297,586		$	2,904,215,094

See Notes to Financial Statements.

741

EQ ADVISORS TRUST

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments in Securities- Asset-Backed Securities			Investments in Securities-Financials
Balance as of 12/31/09	$	6,365,000		$	(1,473	)
Total gains or losses (realized/unrealized) included in earnings		(2,149	)		1,208
Purchases, sales, issuances, and settlements (net)		2,300,000			—
Transfers into Level 3		—			—
Transfers out of Level 3		(6,365,000	)		—
Balance as of 6/30/10	$	2,297,851		$	(265	)
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	(2,149	)	$	1,208

Fair Values of Derivative Instruments as of June 30, 2010:


	Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	—


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	(6,257,610)	*
Foreign exchange contracts	Payables		(127,656)
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(6,385,266)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	5,381,128	$	(3,777,284	)	$	—	$	—	$	1,603,844
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		—			—		—		—
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	5,381,128	$	(3,777,284	)	$	—	$	—	$	1,603,844

See Notes to Financial Statements.

742

EQ ADVISORS TRUST

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	1,055,493	$	(5,669,712	)	$	—	$	—	$	(4,614,219	)
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		—			—		—		—
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	1,055,493	$	(5,669,712	)	$	—	$	—	$	(4,614,219	)

The Portfolio held futures, forwards and written options contracts with an average notional balance of approximately $142,965,000, $14,343,000 and $1,438,100 respectively, during the six months ended June 30, 2010.

^ This Portfolio held forward foreign currency and written options to gain an economic hedge against changes in the values of securities held in the Portfolio, that do not qualify for hedge accounting under ASC 815. The Portfolio also held those contracts and futures contracts to gain or reduce exposure to the financial markets.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks, long-term corporate debt securities and short positions	$	1,749,451,733
Long-term U.S. Treasury securities		1,079,796,839

	$	2,829,248,572

Net Proceeds of Sales and Redemptions:
Stocks, long-term corporate debt securities and short positions	$	1,349,842,046
Long-term U.S. Treasury securities		731,958,357

	$	2,081,800,403

As of June 30, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	15,801,030
Aggregate gross unrealized depreciation		(15,458,544	)

Net unrealized appreciation	$	342,486

Federal income tax cost of investments	$	2,910,258,139

The Portfolio had a net capital loss carryforward of $259,362,578 of which $4,546,511 expires in the year 2013, $7,880,586 expires in the year 2015, $131,902,909 expires in the year 2016 and $115,032,572 expires in the year 2017.

Included in the capital loss carryforward amounts are $144,330,006 of losses acquired from EQ/Short Duration Bond as a result of a tax free reorganization that occurred during the year 2009. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

See Notes to Financial Statements.

743

EQ ADVISORS TRUST

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $2,903,887,608)	$	2,910,600,625
Cash held as collateral at broker		15,301
Foreign cash (Cost $61,861)		55,473
Receivable for securities sold		42,139,012
Dividends, interest and other receivables		8,687,379
Receivable from Separate Accounts for Trust shares sold		3,166,500
Other assets		69,537

Total assets		2,964,733,827

LIABILITIES
Overdraft payable		318,299
Payable for securities purchased		135,730,040
Payable to Separate Accounts for Trust shares redeemed		1,847,322
Investment management fees payable		1,420,737
Options written, at value (Premiums received $576,800)		1,090,000
Distribution fees payable - Class IB		350,047
Administrative fees payable		237,889
Unrealized depreciation on foreign currency contracts		127,656
Variation margin payable on futures contracts		28,812
Trustees’ fees payable		1,707
Securities sold short (Proceeds received $—)		265
Accrued expenses		650,331

Total liabilities		141,803,105

NET ASSETS	$	2,822,930,722

Net assets were comprised of:
Paid in capital	$	3,079,516,331
Accumulated undistributed net investment income (loss)		5,043,918
Accumulated undistributed net realized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		(262,527,426	)
Unrealized appreciation (depreciation) on investments, securities sold short, options written, futures and foreign currency translations		897,899

Net assets	$	2,822,930,722

Class IA
Net asset value, offering and redemption price per share, $1,122,778,077 / 112,918,230 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.94

Class IB
Net asset value, offering and redemption price per share, $1,700,152,645 / 171,028,447 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.94

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Interest	$	16,037,322
Dividends		41,250
Securities lending (net)		20,375

Total income		16,098,947

EXPENSES
Investment management fees		6,678,901
Distribution fees - Class IB		2,092,231
Administrative fees		1,480,881
Recoupment fees		699,359
Printing and mailing expenses		166,714
Custodian fees		50,497
Professional fees		38,045
Trustees’ fees		33,687
Miscellaneous		59,024

Total expenses		11,299,339

NET INVESTMENT INCOME (LOSS)		4,799,608

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		5,481,122
Futures		(3,777,284	)
Foreign currency transactions		(67	)
Options written		5,381,128
Securities sold short		(1,058,701	)

Net realized gain (loss)		6,026,198

Change in unrealized appreciation (depreciation) on:
Securities		4,648,644
Futures		(5,669,712	)
Foreign currency translations		(9,493	)
Options written		1,055,493
Securities sold short		(179,883	)

Net change in unrealized appreciation (depreciation)		(154,951	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		5,871,247

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	10,670,855

See Notes to Financial Statements.

744

EQ ADVISORS TRUST

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	4,799,608		$	21,118,591
Net realized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		6,026,198			158,358,095
Net change in unrealized appreciation (depreciation) on investments, securities sold short, options written, futures and foreign currency translations		(154,951	)		(580,691	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		10,670,855			178,895,995

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		—			(13,724,474	)
Class IB		—			(15,713,523	)

		—			(29,437,997	)

Distributions from net realized capital gains
Class IA		—			(2,924,595	)
Class IB		—			(3,422,518	)

		—			(6,347,113	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(35,785,110	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [7,273,193 and 15,815,090 shares, respectively]		72,416,269			153,684,039
Capital shares issued in connection with merger (Note 8) [0 and 1,639,735 shares, respectively]		—			16,322,751
Capital shares issued in reinvestment of dividends and distributions [0 and 1,681,897 shares, respectively]		—			16,649,069
Capital shares repurchased [(11,185,054) and (4,981,983) shares, respectively]		(111,144,003	)		(49,220,072	)

Total Class IA transactions		(38,727,734	)		137,435,787

Class IB
Capital shares sold [27,320,171 and 58,703,243 shares, respectively]		271,947,800			574,366,470
Capital shares issued in connection with merger (Note 8) [0 and 36,702,282 shares, respectively]		—			365,091,110
Capital shares issued in reinvestment of dividends and distributions [0 and 1,931,486 shares, respectively]		—			19,136,041
Capital shares repurchased [(25,161,000) and (49,163,928) shares, respectively]		(250,310,817	)		(482,734,310	)

Total Class IB transactions		21,636,983			475,859,311

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(17,090,751	)		613,295,098

TOTAL INCREASE (DECREASE) IN NET ASSETS		(6,419,896	)		756,405,983
NET ASSETS:
Beginning of period		2,829,350,618			2,072,944,635

End of period (a)	$	2,822,930,722		$	2,829,350,618

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	5,043,918		$	244,310

See Notes to Financial Statements.

745

EQ ADVISORS TRUST

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO (ii)

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,						March 30, 2007* to December 31, 2007
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			March 30, 2007* to December 31, 2007
Net asset value, beginning of period	$	9.90		$	9.28		$	10.53		$	10.06

Income (loss) from investment operations:
Net investment income (loss)		0.02	(e)		0.10	(e)		0.34	(e)		0.34	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.02			0.67			(0.71	)		0.51

Total from investment operations		0.04			0.77			(0.37	)		0.85

Less distributions:
Dividends from net investment income		—			(0.12	)		(0.31	)		(0.29	)
Distributions from net realized gains		—			(0.03	)		(0.57	)		(0.09	)

Total dividends and distributions		—			(0.15	)		(0.88	)		(0.38	)

Net asset value, end of period	$	9.94		$	9.90		$	9.28		$	10.53

Total return (b)		0.40	%		8.25	%		(3.74	)%		8.72	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,122,778		$	1,156,322		$	952,328		$	705,347
Ratio of expenses to average net assets:
After waivers (a)		0.64	%		0.65	%		0.66	%		0.65	%
Before waivers (a)		0.64	%		0.65	%		0.68	%		0.69	%
Ratio of net investment income to average net assets:
After waivers (a)		0.48	%		1.01	%		3.20	%		4.45	%
Before waivers (a)		0.48	%		1.01	%		3.18	%		4.40	%
Portfolio turnover rate		82	%		246	%		1,056	%		1,088	%


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	9.91		$	9.28		$	10.54		$	9.76		$	10.14		$	10.31

Income (loss) from investment operations:
Net investment income (loss)		0.01	(e)		0.07	(e)		0.31	(e)		0.43	(e)		0.43	(e)		0.34	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.02			0.68			(0.71	)		0.70			(0.41	)		(0.26	)

Total from investment operations		0.03			0.75			(0.40	)		1.13			0.02			0.08

Less distributions:
Dividends from net investment income		—			(0.09	)		(0.29	)		(0.26	)		(0.35	)		(0.22	)
Distributions from net realized gains		—			(0.03	)		(0.57	)		(0.09	)		(0.05	)		(0.03	)

Total dividends and distributions		—			(0.12	)		(0.86	)		(0.35	)		(0.40	)		(0.25	)

Net asset value, end of period	$	9.94		$	9.91		$	9.28		$	10.54		$	9.76		$	10.14

Total return (b)		0.30	%		8.09	%		(4.07	)%		11.43	%		0.44	%		0.77	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,700,153		$	1,673,028		$	1,120,616		$	584,940		$	375,504		$	217,873
Ratio of expenses to average net assets:
After waivers (a)		0.89	%		0.90	%		0.91	%		0.90	%		0.70	%		0.65	%
Before waivers (a)		0.89	%		0.90	%		0.93	%		0.94	%(c)		0.95	%		0.96	%
Ratio of net investment income to average net assets:
After waivers (a)		0.23	%		0.75	%		2.91	%		4.27	%		4.20	%		3.31	%
Before waivers (a)		0.23	%		0.75	%		2.89	%		4.21	%		3.95	%		3.00	%
Portfolio turnover rate		82	%		246	%		1,056	%		1,088	%		1,040	%		1,249	%

See Notes to Financial Statements.

746

EQ ADVISORS TRUST

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO (ii)

FINANCIAL HIGHLIGHTS (Continued)

*	Commencement of Operations.

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

(ii)

On September 11, 2009, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/Short Duration Bond Portfolio and AXA Rosenberg Value Long/Short Equity Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2009 represents the results of operations of the EQ/PIMCO Ultra Short Bond Portfolio.

See Notes to Financial Statements.

747

EQ/QUALITY BOND PLUS PORTFOLIO (Unaudited)


Distribution of Assets by Sector As of 6/30/2010	% of Net Assets
Government Securities	66.8	%
Corporate Bonds	25.8
Asset-Backed and Mortgage-Backed Securities	5.7
Preferred Stocks	0.0	#
Equities & Warrants	0.0	#
Cash and Other	1.7

Total	100.0	%

# Less than 0.05%

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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$1,053.20	$2.95
Hypothetical (5% average return before expenses)	1,000.00	1,021.92	2.91
Class IB
Actual	1,000.00	1,051.20	4.22
Hypothetical (5% average return before expenses)	1,000.00	1,020.68	4.16
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.58% and 0.83%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

748

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (5.7%)
*Asset-Backed Securities (0.6%)*
AEP Texas Central Transition Funding LLC,
Series 2002-1 A5 6.250%, 1/15/17	$	175,000	$	205,557
Bayview Financial Acquisition Trust,
Series 2005-D AF2 5.402%, 12/28/35 (l)		488,313		480,130
BMW Vehicle Owner Trust,
Series 2010-A A3 1.390%, 4/25/14		200,000		201,055
Capital One Multi-Asset Execution Trust,
Series 2005-A7 A7 4.700%, 6/15/15		500,000		535,159
Series 2007-A7 A7 5.750%, 7/15/20		125,000		146,401
Chase Issuance Trust,
Series 2007-A1 A1 0.370%, 3/15/13 (l)		3,834,000		3,831,290
Series 2007-A17 A 5.120%, 10/15/14		1,750,000		1,899,757
Citibank Credit Card Issuance Trust,
Series 2003-A10 A10 4.750%, 12/10/15		200,000		219,407
Series 2003-A7 A7 4.150%, 7/7/17		300,000		323,761
Series 2004-A8 A8 4.900%, 12/12/16		700,000		778,387
Series 2005-A4 A4 4.400%, 6/20/14		600,000		636,339
Series 2006-A3 A3 5.300%, 3/15/18		1,000,000		1,143,129
Series 2007-A8 A8 5.650%, 9/20/19		125,000		146,857
Series 2009-A4 A4 4.900%, 6/23/16		250,000		277,007
CitiFinancial Mortgage Securities, Inc.,
Series 2003-1 AFPT 3.360%, 1/25/33 (e)		398,545		343,086
DB Master Finance LLC,
Series 2006-1 A2 5.779%, 6/20/31§		600,000		579,750
Discover Card Master Trust,
Series 2009-A1 A1 1.650%, 12/15/14 (l)		1,240,000		1,260,740
Series 2009-A2 A 1.650%, 2/17/15 (l)		1,065,000		1,084,102
Series 2010-A1 A1 1.000%, 9/15/15 (l)		1,113,000		1,117,956
Entergy Texas Restoration Funding LLC,
Series 2009-A A1 2.120%, 2/1/16		100,000		101,843
Ford Credit Auto Owner Trust,
Series 2007-B A4A 5.240%, 7/15/12		100,000		103,540
Series 2008-A A4 4.370%, 10/15/12		250,000		259,281
MBNA Credit Card Master Note Trust,
Series 2005-A9 A9 0.390%, 4/15/13 (l)		4,185,000		4,182,547


	Principal Amount		Value (Note 1)

Series 2006-A2 A2 0.410%, 6/15/15 (l)	$	1,025,000	$	1,016,792
Option One Mortgage Loan Trust,
Series 2006-3 M1 0.577%, 2/25/37 (l)		2,915,000		28,666
PG&E Energy Recovery Funding LLC,
Series 2005-1 A5 4.470%, 12/25/14		200,000		214,222
PSE&G Transition Funding LLC,
Series 2001-1 A6 6.610%, 6/15/15		250,000		276,187
Residential Asset Securities Corp.,
Series 2003-KS3 A2 0.947%, 5/25/33 (l)		174,403		104,107

				21,497,055

*Non-Agency CMO (5.1%)*
Banc of America Commercial Mortgage, Inc.,
Series 2004-6 A3 4.512%, 12/10/42		2,000,000		2,040,202
Series 2006-5 A4 5.414%, 9/10/47		2,815,000		2,830,306
Series 2006-6 A2 5.309%, 10/10/45		1,000,000		1,016,807
Series 2006-6 A4 5.356%, 10/10/45		520,000		528,645
Series 2007-1 A4 5.451%, 1/15/49		2,945,000		2,927,050
Series 2007-2 A4 5.867%, 4/10/49 (l)		2,150,000		2,086,719
Series 2007-3 A4 5.837%, 6/10/49 (l)		1,200,000		1,181,143
Series 2007-4 A4 5.935%, 2/10/51 (l)		1,041,000		1,062,093
Bear Stearns Alt-A Trust,
Series 2006-1 22A1 5.090%, 2/25/36 (l)		1,952,853		1,220,662
Series 2006-3 22A1 5.638%, 5/25/36 (l)		827,414		394,450
Bear Stearns Commercial Mortgage Securities, Inc.,
Series 2004-T16 A6 4.750%, 2/13/46 (l)		1,250,000		1,277,713
Series 2005-PWR7 A2 4.945%, 2/11/41		888,385		909,026
Series 2005-PWR7 A3 5.116%, 2/11/41 (l)		2,535,000		2,725,586
Series 2005-PWR8 A4 4.674%, 6/11/41		1,507,000		1,553,224
Series 2006-PW11 A4 5.624%, 3/11/39 (l)		2,030,000		2,156,833
Series 2006-PW12 A4 5.907%, 9/11/38 (l)		1,240,000		1,328,460
Series 2007-PW16 A4 5.907%, 6/11/40 (l)		400,000		407,026
Citigroup Commercial Mortgage Trust, Inc.,
Series 2006-C5 A4 5.431%, 10/15/49		1,337,000		1,345,177
Series 2007-C6 A4 5.888%, 12/10/49 (l)		750,000		757,741

See Notes to Financial Statements.

749

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Citigroup Mortgage Loan Trust, Inc.,
Series 2005-2 1A4 5.135%, 5/25/35 (l)	$	1,451,144	$	1,268,256
Series 2006-AR1 3A1 5.500%, 3/25/36 (l)		2,438,591		1,617,816
Commercial Mortgage Pass Through Certificates,
Series 2005-LP5 A4 4.982%, 5/10/43 (l)		750,000		783,146
Series 2006-C8 A4 5.306%, 12/10/46		510,000		504,042
Credit Suisse Mortgage Capital Certificates,
Series 2006-C4 A3 5.467%, 9/15/39		4,520,000		4,565,527
CS First Boston Mortgage Securities Corp.,
Series 2001-CK6 A3 6.387%, 8/15/36		439,409		455,953
Series 2002-CKN2 A3 6.133%, 4/15/37		1,000,400		1,052,134
Series 2004-C1 A4 4.750%, 1/15/37 (l)		985,000		1,009,090
Series 2004-C2 A1 3.819%, 5/15/36		279,205		281,586
GE Capital Commercial Mortgage Corp.,
Series 2004-C3 A3 4.865%, 7/10/39 (l)		521,000		528,673
Series 2007-C1 A4 5.543%, 12/10/49		830,000		788,132
GMAC Commercial Mortgage Securities, Inc.,
Series 2004-C3 A5 4.864%, 12/10/41		2,650,000		2,684,744
Greenwich Capital Commercial Funding Corp.,
Series 2003-C1 A4 4.111%, 7/5/35		1,915,000		1,978,477
Series 2005-GG3 A4 4.799%, 8/10/42 (l)		1,125,000		1,168,483
Series 2005-GG5 A41 5.243%, 4/10/37 (l)		1,071,500		1,109,869
Series 2007-GG9 A2 5.381%, 3/10/39		5,184,530		5,290,870
Series 2007-GG9 A4 5.444%, 3/10/39		6,025,000		6,035,888
GS Mortgage Securities Corp. II,
Series 2004-GG2 A6 5.396%, 8/10/38 (l)		2,000,000		2,107,419
Series 2006-GG6 A4 5.553%, 4/10/38 (l)		5,845,000		5,933,311
Series 2006-GG8 A2 5.479%, 11/10/39		500,000		509,648
Indymac Index Mortgage Loan Trust,
Series 2006-AR7 4A1 5.724%, 5/25/36 (l)		1,119,335		680,149
JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 2001-C1 A3 5.857%, 10/12/35		1,242,827		1,283,170
Series 2003-CB7 A4 4.879%, 1/12/38 (l)		1,250,000		1,312,866
Series 2005-CB11 A3 5.197%, 8/12/37		1,025,000		1,055,348
Series 2005-CB11 A4 5.335%, 8/12/37 (l)		5,590,000		5,933,735
Series 2005-LDP1 A3 4.865%, 3/15/46		625,000		639,869


	Principal Amount		Value (Note 1)

Series 2005-LDP1 A4 5.038%, 3/15/46 (l)	$	6,301,517	$	6,611,052
Series 2006-CB14 A4 5.481%, 12/12/44 (l)		3,790,000		3,945,410
Series 2006-CB15 A4 5.814%, 6/12/43 (l)		2,640,000		2,752,585
Series 2006-CB16 A4 5.552%, 5/12/45		1,039,000		1,067,508
Series 2007-CB18 A4 5.440%, 6/12/47		5,730,000		5,722,590
Series 2007-LD11 A4 5.983%, 6/15/49 (l)		5,755,000		5,645,857
Series 2007-LDPX A3 5.420%, 1/15/49		2,580,000		2,525,509
LB-UBS Commercial Mortgage Trust,
Series 2003-C3 A4 4.166%, 5/15/32		2,810,000		2,907,645
Series 2004-C2 A4 4.367%, 3/15/36		2,115,000		2,163,408
Series 2004-C4 A4 5.437%, 6/15/29 (l)		2,985,000		3,151,708
Series 2004-C8 A4 4.510%, 12/15/29		800,000		815,902
Series 2005-C1 A4 4.742%, 2/15/30		5,280,000		5,416,006
Series 2005-C7 A4 5.197%, 11/15/30 (l)		400,000		421,227
Series 2006-C7 A3 5.347%, 11/15/38		1,985,000		2,000,974
Series 2007-C1 A4 5.424%, 2/15/40		3,785,000		3,767,609
Series 2007-C6 A4 5.858%, 7/15/40 (l)		500,000		491,924
Merrill Lynch Mortgage Investors, Inc.,
Series 2005-A8 A1C1 5.250%, 8/25/36 (l)		905,412		814,290
Merrill Lynch Mortgage Trust,
Series 2004-KEY2 A4 4.864%, 8/12/39 (l)		2,000,000		2,058,151
Series 2005-CKI1 A6 5.405%, 11/12/37 (l)		1,775,000		1,899,940
Series 2007-C1 A4 6.020%, 6/12/50 (l)		950,000		958,915
Series 2008-C1 A3 5.710%, 2/12/51		500,000		508,614
Merrill Lynch/Countrywide Commercial Mortgage Trust,
Series 2006-2 A4 6.104%, 6/12/46 (l)		805,000		856,362
Series 2006-3 A4 5.414%, 7/12/46 (l)		6,255,000		6,271,930
Series 2007-5 A4 5.378%, 8/12/48		2,300,000		2,136,779
Morgan Stanley Capital I, Inc.,
Series 2005-T17 A5 4.780%, 12/13/41		5,000,000		5,191,410
Series 2006-IQ12 A4 5.332%, 12/15/43		1,816,000		1,839,347
Series 2007-HQ12 A5 5.812%, 4/12/49 (l)		825,000		768,128
Series 2007-HQ13 A3 5.569%, 12/15/44		1,437,500		1,356,568

See Notes to Financial Statements.

750

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Series 2007-IQ13 A4 5.364%, 3/15/44	$	2,940,000	$	2,824,762
Series 2007-T25 A3 5.514%, 11/12/49 (l)		975,000		1,046,880
Wachovia Bank Commercial Mortgage Trust,
Series 2006-C27 A3 5.765%, 7/15/45 (l)		8,786,372		9,303,760
Series 2007-C31 A2 5.421%, 4/15/47		1,500,000		1,533,102
Series 2007-C33 A4 6.099%, 2/15/51 (l)		400,000		393,763
WaMu Mortgage Pass-Through Certificates,
Series 2007-OA1 A1A
1.121%, 2/25/47 (l)		2,083,442		1,162,265

				168,658,944

Total Asset-Backed and Mortgage-Backed Securities				190,155,999

Corporate Bonds (25.8%)
Consumer Discretionary (2.5%)
*Auto Components* (*0.0%*)
Goodyear Tire & Rubber Co.
9.000%, 7/1/15		900,000		924,750
Johnson Controls, Inc.
5.000%, 3/30/20		100,000		105,104

				1,029,854

*Automobiles* (*0.2%*)
Daimler Finance N.A. LLC
7.750%, 1/18/11		1,139,000		1,176,760
7.300%, 1/15/12		672,000		724,356
6.500%, 11/15/13		800,000		895,390
Volvo Treasury AB
5.950%, 4/1/15§		2,199,000		2,298,654

				5,095,160

*Hotels, Restaurants & Leisure* (*0.3%*)
International Game Technology
7.500%, 6/15/19		75,000		87,091
Marriott International, Inc.
5.625%, 2/15/13		3,418,000		3,641,496
McDonald’s Corp.
4.300%, 3/1/13		300,000		322,290
5.350%, 3/1/18		350,000		400,851
6.300%, 10/15/37		250,000		303,192
Sheraton Holding Corp.
7.375%, 11/15/15		1,139,000		1,201,645
Starwood Hotels & Resorts Worldwide, Inc.
7.875%, 5/1/12		1,189,000		1,278,175
6.250%, 2/15/13		1,450,000		1,504,375
Wyndham Worldwide Corp.
6.000%, 12/1/16		1,605,000		1,557,123
Yum! Brands, Inc.
6.875%, 11/15/37		500,000		573,988

				10,870,226

*Household Durables* (*0.3%*)
Fortune Brands, Inc.
3.000%, 6/1/12		2,250,000		2,277,106
4.875%, 12/1/13		642,000		680,442
6.375%, 6/15/14		1,000,000		1,113,089


	Principal Amount		Value (Note 1)

MDC Holdings, Inc.
5.500%, 5/15/13	$	1,650,000	$	1,710,157
Mohawk Industries, Inc.
6.875%, 1/15/16		1,440,000		1,465,200
Toll Brothers Finance Corp.
6.750%, 11/1/19		200,000		196,058
Whirlpool Corp.
8.000%, 5/1/12		115,000		125,806
5.500%, 3/1/13		300,000		321,315
8.600%, 5/1/14		280,000		330,122

				8,219,295

*Leisure Equipment & Products* (*0.0%*)
Hasbro, Inc.
6.350%, 3/15/40		65,000		66,219


*Media (1.4%)*
BSKYB Finance UK plc
5.625%, 10/15/15§		1,175,000		1,310,119
CBS Corp.
5.625%, 8/15/12		300,000		317,848
8.875%, 5/15/19		2,165,000		2,723,825
CCO Holdings LLC/CCO Holdings Capital Corp.
7.875%, 4/30/18§		352,000		353,760
8.125%, 4/30/20§		116,000		118,610
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13		274,000		317,283
9.455%, 11/15/22		870,000		1,200,130
Comcast Corp.
5.500%, 3/15/11		1,285,000		1,323,547
5.300%, 1/15/14		500,000		548,816
5.900%, 3/15/16		600,000		676,168
6.500%, 1/15/17		600,000		687,503
5.700%, 7/1/19		200,000		219,858
6.500%, 11/15/35		500,000		543,752
6.450%, 3/15/37		500,000		540,650
6.950%, 8/15/37		600,000		682,516
6.550%, 7/1/39		200,000		218,716
COX Communications, Inc.
7.125%, 10/1/12		300,000		333,334
5.450%, 12/15/14		500,000		551,890
CSC Holdings LLC
8.500%, 4/15/14		890,000		927,825
DIRECTV Holdings LLC
3.550%, 3/15/15		190,000		191,261
5.200%, 3/15/20		200,000		208,443
6.350%, 3/15/40		60,000		64,249
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
4.750%, 10/1/14		1,370,000		1,450,928
7.625%, 5/15/16		471,000		511,624
Grupo Televisa S.A.
6.625%, 3/18/25		500,000		529,479
Historic TW, Inc.
9.125%, 1/15/13		500,000		581,926
Interpublic Group of Cos., Inc.
6.250%, 11/15/14		989,000		993,945
News America Holdings, Inc.
9.250%, 2/1/13		1,080,000		1,271,701
News America, Inc.
5.300%, 12/15/14		100,000		111,117
6.900%, 3/1/19		500,000		592,269
6.550%, 3/15/33		695,000		745,225

See Notes to Financial Statements.

751

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

6.400%, 12/15/35	$	1,000,000	$	1,088,338
6.150%, 3/1/37		200,000		208,586
6.650%, 11/15/37		300,000		336,692
Omnicom Group, Inc.
6.250%, 7/15/19		250,000		284,540
Reed Elsevier Capital, Inc.
8.625%, 1/15/19		420,000		534,691
Thomson Reuters Corp.
6.500%, 7/15/18		300,000		354,366
4.700%, 10/15/19		100,000		105,827
Time Warner Cable, Inc.
5.400%, 7/2/12		500,000		534,087
6.200%, 7/1/13		300,000		335,532
7.500%, 4/1/14		1,320,000		1,533,703
3.500%, 2/1/15		250,000		255,565
5.850%, 5/1/17		500,000		548,976
8.250%, 4/1/19		500,000		614,901
5.000%, 2/1/20		185,000		189,189
6.550%, 5/1/37		300,000		323,348
7.300%, 7/1/38		500,000		580,501
6.750%, 6/15/39		250,000		276,181
Time Warner Entertainment Co. LP
8.375%, 3/15/23		1,250,000		1,602,637
Time Warner, Inc.
6.875%, 5/1/12		500,000		544,722
5.875%, 11/15/16		300,000		338,192
7.625%, 4/15/31		2,155,000		2,592,409
7.700%, 5/1/32		750,000		904,525
6.500%, 11/15/36		1,000,000		1,087,565
Turner Broadcasting System, Inc.
8.375%, 7/1/13		1,160,000		1,355,718
Univision Communications, Inc.
12.000%, 7/1/14§		197,000		211,282
Viacom, Inc.
4.375%, 9/15/14		250,000		265,717
5.625%, 9/15/19		2,440,000		2,672,886
6.875%, 4/30/36		300,000		339,620
Walt Disney Co.
4.500%, 12/15/13		500,000		550,681
6.000%, 7/17/17		500,000		586,979
5.500%, 3/15/19		1,110,000		1,279,303
WPP Finance UK Corp.
5.875%, 6/15/14		2,445,000		2,652,791
8.000%, 9/15/14		1,907,000		2,235,879

				48,174,246

*Multiline Retail (0.2%)*
JC Penney Co., Inc.
5.650%, 6/1/20		2,135,000		2,086,962
Kohl’s Corp.
6.250%, 12/15/17		300,000		349,434
Nordstrom, Inc.
6.750%, 6/1/14		60,000		69,724
6.250%, 1/15/18		400,000		455,297
4.750%, 5/1/20		70,000		72,497
Target Corp.
5.125%, 1/15/13		600,000		654,633
6.000%, 1/15/18		300,000		354,458
6.500%, 10/15/37		200,000		241,120
7.000%, 1/15/38		600,000		766,471

				5,050,596


	Principal Amount		Value (Note 1)

*Specialty Retail (0.1%)*
AutoZone, Inc.
5.750%, 1/15/15	$	250,000	$	277,322
Home Depot, Inc.
5.400%, 3/1/16		800,000		890,410
5.875%, 12/16/36		250,000		256,275
Lowe’s Cos., Inc.
5.600%, 9/15/12		300,000		328,681
4.625%, 4/15/20		200,000		214,575
5.500%, 10/15/35		300,000		317,227
6.650%, 9/15/37		150,000		180,707
5.800%, 4/15/40		85,000		94,054
Staples, Inc.
9.750%, 1/15/14		500,000		613,339
TJX Cos., Inc.
6.950%, 4/15/19		145,000		180,025

				3,352,615

Total Consumer Discretionary				81,858,211

Consumer Staples (1.7%)
*Beverages (0.4%)*
Anheuser-Busch Cos., Inc.
4.950%, 1/15/14		300,000		323,874
Anheuser-Busch InBev Worldwide, Inc.
3.000%, 10/15/12		400,000		410,619
4.125%, 1/15/15		325,000		340,218
5.375%, 1/15/20		900,000		969,834
6.375%, 1/15/40		300,000		342,921
Bottling Group LLC
6.950%, 3/15/14		500,000		590,095
5.125%, 1/15/19		500,000		555,543
Coca-Cola Co.
5.350%, 11/15/17		1,875,000		2,144,242
4.875%, 3/15/19		250,000		276,941
Coca-Cola Enterprises, Inc.
8.500%, 2/1/12		300,000		333,767
7.375%, 3/3/14		500,000		595,981
8.500%, 2/1/22		500,000		689,817
Diageo Capital plc
7.375%, 1/15/14		1,780,000		2,088,668
5.750%, 10/23/17		300,000		339,281
Diageo Finance B.V.
5.500%, 4/1/13		600,000		659,617
3.250%, 1/15/15		100,000		102,856
Dr. Pepper Snapple Group, Inc.
6.820%, 5/1/18		500,000		596,331
PepsiCo, Inc.
3.100%, 1/15/15		250,000		260,297
5.000%, 6/1/18		300,000		332,343
7.900%, 11/1/18		600,000		775,775
4.500%, 1/15/20		250,000		266,532
5.500%, 1/15/40		100,000		109,553

				13,105,105

*Food & Staples Retailing (0.3%)*
Costco Wholesale Corp.
5.500%, 3/15/17		300,000		345,302
CVS Caremark Corp.
3.250%, 5/18/15		150,000		152,363
6.125%, 8/15/16		500,000		571,947
5.750%, 6/1/17		300,000		333,745

See Notes to Financial Statements.

752

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

6.600%, 3/15/19	$	1,370,000	$	1,594,242
4.750%, 5/18/20		150,000		153,554
6.250%, 6/1/27		200,000		218,211
Delhaize America, Inc.
9.000%, 4/15/31		100,000		136,677
Delhaize Group S.A.
5.875%, 2/1/14		605,000		675,207
Kroger Co.
5.000%, 4/15/13		300,000		321,104
7.500%, 1/15/14		500,000		584,332
3.900%, 10/1/15		200,000		210,975
6.800%, 12/15/18		609,000		717,698
6.150%, 1/15/20		500,000		577,587
Safeway, Inc.
6.350%, 8/15/17		300,000		346,253
5.000%, 8/15/19		500,000		536,649
Sysco Corp.
5.250%, 2/12/18		200,000		223,811
6.625%, 3/17/39		200,000		254,306
Walgreen Co.
4.875%, 8/1/13		300,000		329,907
Wal-Mart Stores, Inc.
4.550%, 5/1/13		600,000		652,610
5.800%, 2/15/18		500,000		588,987
7.550%, 2/15/30		500,000		663,425
6.500%, 8/15/37		1,050,000		1,271,634
6.200%, 4/15/38		150,000		175,595

				11,636,121

*Food Products (0.5%)*
Archer-Daniels-Midland Co.
5.375%, 9/15/35		500,000		525,178
Bunge Ltd. Finance Corp.
5.875%, 5/15/13		1,210,000		1,298,805
5.100%, 7/15/15		705,000		738,263
Cadbury Schweppes U.S. Finance LLC
5.125%, 10/1/13§		1,705,000		1,855,840
Campbell Soup Co.
6.750%, 2/15/11		1,130,000		1,172,560
3.375%, 8/15/14		200,000		211,847
4.500%, 2/15/19		200,000		217,852
ConAgra Foods, Inc.
6.750%, 9/15/11		300,000		318,783
8.250%, 9/15/30		100,000		128,770
General Mills, Inc.
5.650%, 2/15/19		500,000		568,139
5.400%, 6/15/40		65,000		69,115
H.J. Heinz Co.
5.350%, 7/15/13		500,000		549,518
Kellogg Co.
4.250%, 3/6/13		300,000		321,529
4.450%, 5/30/16		750,000		819,344
Kraft Foods, Inc.
6.250%, 6/1/12		3,335,000		3,635,087
5.250%, 10/1/13		1,965,000		2,151,616
4.125%, 2/9/16		150,000		158,321
6.125%, 2/1/18		800,000		907,918
5.375%, 2/10/20		300,000		321,465
6.875%, 2/1/38		300,000		348,692
6.500%, 2/9/40		500,000		559,165
Ralcorp Holdings, Inc.
6.625%, 8/15/39		200,000		218,261


	Principal Amount		Value (Note 1)

Sara Lee Corp.
6.125%, 11/1/32	$	100,000	$	107,164

				17,203,232

*Household Products (0.2%)*
Clorox Co.
5.000%, 3/1/13		1,000,000		1,087,181
3.550%, 11/1/15		100,000		105,528
Colgate-Palmolive Co.
3.150%, 8/5/15		60,000		62,887
Kimberly-Clark Corp.
6.125%, 8/1/17		300,000		355,086
6.625%, 8/1/37		300,000		381,383
Procter & Gamble Co.
4.850%, 12/15/15		300,000		339,448
4.700%, 2/15/19		2,051,000		2,247,465
5.550%, 3/5/37		500,000		565,013

				5,143,991

*Personal Products (0.1%)*
Avon Products, Inc.
6.500%, 3/1/19		1,905,000		2,265,676

*Tobacco (0.2%)*
Altria Group, Inc.
9.700%, 11/10/18		1,775,000		2,247,825
9.250%, 8/6/19		1,000,000		1,248,106
9.950%, 11/10/38		350,000		459,817
Lorillard Tobacco Co.
8.125%, 6/23/19		155,000		171,903
6.875%, 5/1/20		150,000		152,375
Philip Morris International, Inc.
4.875%, 5/16/13		500,000		540,764
5.650%, 5/16/18		300,000		328,177
6.375%, 5/16/38		350,000		410,714
Reynolds American, Inc.
7.250%, 6/1/13		300,000		330,034
7.625%, 6/1/16		755,000		856,267

				6,745,982

Total Consumer Staples				56,100,107

Energy (2.4%)
*Energy Equipment & Services (0.2%)*
Baker Hughes, Inc.
6.500%, 11/15/13		1,010,000		1,153,809
Diamond Offshore Drilling, Inc.
5.875%, 5/1/19		65,000		67,369
Halliburton Co.
6.150%, 9/15/19		250,000		273,852
6.700%, 9/15/38		100,000		109,307
7.450%, 9/15/39		150,000		178,130
Rowan Cos., Inc.
7.875%, 8/1/19		130,000		143,219
Transocean, Inc.
6.000%, 3/15/18		100,000		92,035
6.800%, 3/15/38		250,000		225,290
Weatherford International Ltd.
5.150%, 3/15/13		520,000		544,755
6.000%, 3/15/18		300,000		308,664
9.625%, 3/1/19		1,825,000		2,197,649
7.000%, 3/15/38		500,000		473,149

				5,767,228

See Notes to Financial Statements.

753

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

*Oil, Gas & Consumable Fuels (2.2%)*
Anadarko Petroleum Corp.
5.950%, 9/15/16	$	2,971,000	$	2,557,131
6.450%, 9/15/36		1,470,000		1,169,354
Apache Corp.
5.250%, 4/15/13		832,000		908,751
6.000%, 1/15/37		300,000		331,552
Buckeye Partners LP
5.500%, 8/15/19		150,000		155,425
Canadian Natural Resources Ltd.
5.150%, 2/1/13		435,000		468,941
5.700%, 5/15/17		500,000		559,642
6.250%, 3/15/38		300,000		327,965
Cenovus Energy, Inc.
4.500%, 9/15/14§		500,000		534,094
5.700%, 10/15/19§		300,000		327,673
6.750%, 11/15/39§		400,000		459,243
Chevron Corp.
4.950%, 3/3/19		500,000		549,807
Conoco Funding Co.
6.350%, 10/15/11		1,300,000		1,386,722
Conoco, Inc.
6.950%, 4/15/29		750,000		920,431
ConocoPhillips
6.000%, 1/15/20		500,000		585,906
5.900%, 5/15/38		100,000		112,467
6.500%, 2/1/39		625,000		754,762
ConocoPhillips Canada Funding Co. I
5.625%, 10/15/16		600,000		696,957
Devon Financing Corp. ULC
7.875%, 9/30/31		600,000		762,066
Ecopetrol S.A.
7.625%, 7/23/19		779,000		882,218
Enbridge Energy Partners LP
5.200%, 3/15/20		30,000		30,912
Series B
7.500%, 4/15/38		500,000		586,731
EnCana Corp.
5.900%, 12/1/17		100,000		112,386
6.500%, 5/15/19		625,000		718,258
6.625%, 8/15/37		100,000		111,729
6.500%, 2/1/38		500,000		555,695
Energy Transfer Partners LP
6.700%, 7/1/18		1,278,000		1,374,325
9.700%, 3/15/19		500,000		604,128
7.500%, 7/1/38		2,752,000		2,813,890
Enterprise Products Operating LLC
9.750%, 1/31/14		500,000		603,246
5.200%, 9/1/20		200,000		205,402
Series L
6.300%, 9/15/17		500,000		559,312
EOG Resources, Inc.
6.875%, 10/1/18		100,000		121,540
5.625%, 6/1/19		125,000		140,552
Gaz Capital S.A. for Gazprom OAO
6.212%, 11/22/16		5,345,000		5,385,622
Hess Corp.
8.125%, 2/15/19		923,000		1,150,571
7.875%, 10/1/29		895,000		1,101,308
Husky Energy, Inc.
5.900%, 6/15/14		105,000		116,879
7.250%, 12/15/19		65,000		78,552


	Principal Amount		Value (Note 1)

KazMunaiGaz Finance Sub BV
7.000%, 5/5/20§	$	1,491,000	$	1,496,666
Kinder Morgan Energy Partners LP
5.950%, 2/15/18		300,000		324,011
9.000%, 2/1/19		1,000,000		1,244,724
6.850%, 2/15/20		30,000		34,143
5.800%, 3/15/35		300,000		283,094
Magellan Midstream Partners LP
6.550%, 7/15/19		125,000		140,381
Marathon Oil Corp.
5.900%, 3/15/18		252,000		278,119
7.500%, 2/15/19		1,270,000		1,522,874
6.600%, 10/1/37		100,000		109,273
Nabors Industries, Inc.
9.250%, 1/15/19		2,520,000		3,098,204
Nexen, Inc.
6.200%, 7/30/19		80,000		89,822
6.400%, 5/15/37		300,000		312,845
7.500%, 7/30/39		145,000		169,931
Noble Energy, Inc.
8.250%, 3/1/19		1,873,000		2,266,808
Occidental Petroleum Corp.
7.000%, 11/1/13		500,000		584,325
4.125%, 6/1/16		250,000		269,047
ONEOK Partners LP
8.625%, 3/1/19		500,000		615,973
Pemex Project Funding Master Trust
5.750%, 3/1/18		1,000,000		1,047,586
6.625%, 6/15/35		300,000		308,567
Petrobras International Finance Co.
6.125%, 10/6/16		500,000		530,793
5.875%, 3/1/18		300,000		308,755
7.875%, 3/15/19		300,000		343,247
5.750%, 1/20/20		4,940,000		4,974,817
Petro-Canada, Inc.
9.250%, 10/15/21		300,000		402,539
6.800%, 5/15/38		500,000		573,662
Petroleos Mexicanos
6.000%, 3/5/20§		120,000		126,000
Petronas Capital Ltd.
5.250%, 8/12/19§		2,555,000		2,686,353
Plains All American Pipeline LP
6.500%, 5/1/18		500,000		550,287
8.750%, 5/1/19		150,000		179,048
6.650%, 1/15/37		100,000		99,874
Shell International Finance B.V.
1.300%, 9/22/11		500,000		502,999
4.950%, 3/22/12		100,000		106,699
1.875%, 3/25/13		175,000		176,470
4.000%, 3/21/14		500,000		528,847
4.300%, 9/22/19		700,000		722,389
4.375%, 3/25/20		150,000		155,060
6.375%, 12/15/38		500,000		597,352
Spectra Energy Capital LLC
6.200%, 4/15/18		500,000		554,163
Statoil ASA
3.875%, 4/15/14		250,000		266,065
5.250%, 4/15/19		105,000		115,172
7.150%, 1/15/29		100,000		124,879
Suncor Energy, Inc.
7.150%, 2/1/32		100,000		112,965
6.500%, 6/15/38		250,000		279,139

See Notes to Financial Statements.

754

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Talisman Energy, Inc.
7.750%, 6/1/19	$	90,000	$	110,492
6.250%, 2/1/38		150,000		159,999
Tesoro Corp.
6.500%, 6/1/17		1,045,000		956,175
Trans-Canada Pipelines Ltd.
7.125%, 1/15/19		1,000,000		1,215,536
7.250%, 8/15/38		600,000		728,134
6.350%, 5/15/67 (l)		1,690,000		1,506,212
Valero Energy Corp.
6.875%, 4/15/12		4,330,000		4,661,786
4.750%, 6/15/13		100,000		104,591
4.500%, 2/1/15		45,000		46,240
9.375%, 3/15/19		150,000		181,693
6.125%, 2/1/20		613,000		629,916
6.625%, 6/15/37		100,000		97,365
Williams Cos., Inc.
7.750%, 6/15/31		1,090,000		1,171,042
8.750%, 3/15/32		445,000		519,299
Williams Partners LP/Williams Partners Finance Corp.
7.250%, 2/1/17		475,000		539,229
XTO Energy, Inc.
7.500%, 4/15/12		300,000		334,034
6.500%, 12/15/18		600,000		728,117
6.750%, 8/1/37		600,000		772,951

				74,498,923

Total Energy				80,266,151

Financials (10.4%)
*Capital Markets (1.4%)*
Bank of New York Mellon Corp.
4.950%, 11/1/12		600,000		649,736
5.125%, 8/27/13		750,000		826,940
4.300%, 5/15/14		145,000		155,735
Bear Stearns Cos. LLC
5.700%, 11/15/14		300,000		332,283
5.550%, 1/22/17		1,705,000		1,786,170
6.400%, 10/2/17		500,000		555,372
BlackRock, Inc.
3.500%, 12/10/14		250,000		259,276
5.000%, 12/10/19		250,000		265,718
Charles Schwab Corp.
4.950%, 6/1/14		50,000		54,212
Deutsche Bank AG/London
5.000%, 10/12/10		1,190,000		1,202,935
5.375%, 10/12/12		500,000		535,804
2.375%, 1/11/13		500,000		502,662
4.875%, 5/20/13		600,000		640,640
3.450%, 3/30/15		500,000		503,572
6.000%, 9/1/17		500,000		551,461
Goldman Sachs Capital I
6.345%, 2/15/34		500,000		448,638
Goldman Sachs Group, Inc.
6.600%, 1/15/12		600,000		634,586
3.250%, 6/15/12		2,000,000		2,094,258
3.625%, 8/1/12		285,000		290,331
5.450%, 11/1/12		1,000,000		1,053,440
5.250%, 10/15/13		500,000		527,054
5.150%, 1/15/14		1,300,000		1,361,147
5.350%, 1/15/16		2,000,000		2,069,176
5.950%, 1/18/18		1,300,000		1,350,327


	Principal Amount		Value (Note 1)

7.500%, 2/15/19	$	2,885,000	$	3,224,792
6.125%, 2/15/33		300,000		293,693
6.750%, 10/1/37		1,600,000		1,568,547
Jefferies Group, Inc.
8.500%, 7/15/19		500,000		561,630
Merrill Lynch & Co., Inc.
5.450%, 2/5/13		2,000,000		2,098,076
6.150%, 4/25/13		600,000		641,484
6.050%, 5/16/16		1,448,000		1,496,279
6.400%, 8/28/17		1,070,000		1,115,725
6.875%, 4/25/18		900,000		960,103
7.750%, 5/14/38		1,300,000		1,390,411
Morgan Stanley
3.250%, 12/1/11		2,000,000		2,072,228
5.625%, 1/9/12		725,000		754,398
1.950%, 6/20/12		1,000,000		1,022,215
5.750%, 8/31/12		500,000		523,965
5.300%, 3/1/13		600,000		623,945
4.750%, 4/1/14		1,800,000		1,803,089
6.000%, 5/13/14		200,000		211,917
5.375%, 10/15/15		500,000		506,437
5.450%, 1/9/17		600,000		594,777
5.950%, 12/28/17		600,000		607,596
6.625%, 4/1/18		2,125,000		2,227,285
7.300%, 5/13/19		200,000		215,084
5.625%, 9/23/19		1,500,000		1,451,119
7.250%, 4/1/32		500,000		562,150
Nomura Holdings, Inc.
5.000%, 3/4/15		255,000		269,453
6.700%, 3/4/20		282,000		298,340
Northern Trust Corp.
4.625%, 5/1/14		65,000		71,051
Raymond James Financial, Inc.
8.600%, 8/15/19		200,000		235,554

				46,052,816

*Commercial Banks (2.8%)*
ABN Amro Bank N.V.
4.310%, 3/29/49(l)	EUR	525,000		404,458
Ally Financial, Inc.
1.750%, 10/30/12	$	600,000		610,410
2.200%, 12/19/12		1,000,000		1,027,502
American Express Bank FSB
3.150%, 12/9/11		1,000,000		1,035,561
5.500%, 4/16/13		1,200,000		1,296,638
ANZ National International Ltd./New Zealand
6.200%, 7/19/13§		2,065,000		2,287,795
Bank of Nova Scotia
2.250%, 1/22/13		275,000		278,832
3.400%, 1/22/15		350,000		361,394
Bank of Tokyo-Mitsubishi UFJ Ltd./New York
7.400%, 6/15/11		295,000		308,802
BankAmerica Capital II
8.000%, 12/15/26		691,000		670,270
Barclays Bank plc
5.450%, 9/12/12		1,622,000		1,723,729
5.000%, 9/22/16		1,000,000		1,025,748
6.750%, 5/22/19		300,000		333,730
8.550%, 12/31/49(l)§		1,255,000		1,211,075
BB&T Corp.
3.375%, 9/25/13		300,000		309,405
3.950%, 4/29/16		150,000		153,918
4.900%, 6/30/17		1,000,000		1,030,968

See Notes to Financial Statements.

755

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Citibank N.A.
1.500%, 7/12/11	$	2,000,000	$	2,018,306
1.250%, 9/22/11		350,000		352,852
Commerzbank Capital Funding Trust I
5.012%, 3/29/49	EUR	250,000		158,971
Compass Bank
5.500%, 4/1/20	$	1,769,000		1,632,384
Credit Suisse AG
5.400%, 1/14/20		250,000		248,566
Credit Suisse AG/New York
3.450%, 7/2/12		400,000		413,144
5.000%, 5/15/13		2,000,000		2,136,766
5.500%, 5/1/14		500,000		546,670
6.000%, 2/15/18		600,000		626,079
5.300%, 8/13/19		500,000		530,028
Fifth Third Bancorp
6.250%, 5/1/13		500,000		543,985
HSBC Bank USA/New York
4.625%, 4/1/14		600,000		631,933
HSBC Holdings plc
6.500%, 9/15/37		1,000,000		1,035,048
6.800%, 6/1/38		350,000		377,188
JPMorgan Chase Bank N.A.
6.000%, 10/1/17		600,000		653,377
KeyBank N.A.
5.800%, 7/1/14		300,000		320,281
KeyCorp
6.500%, 5/14/13		250,000		273,468
Kreditanstalt fuer Wiederaufbau
3.250%, 10/14/11		600,000		618,790
4.000%, 10/15/13		1,100,000		1,179,584
3.500%, 3/10/14		2,000,000		2,111,800
4.125%, 10/15/14		1,000,000		1,080,955
4.500%, 7/16/18		1,600,000		1,738,894
4.000%, 1/27/20		1,500,000		1,560,085
(Zero Coupon), 6/29/37		1,000,000		287,760
Landwirtschaftliche Rentenbank
3.250%, 3/15/13		927,000		970,428
4.125%, 7/15/13		600,000		644,782
5.125%, 2/1/17		1,495,000		1,693,403
M&I Marshall & Ilsley Bank
5.000%, 1/17/17		1,310,000		1,201,358
National Australia Bank Ltd.
3.750%, 3/2/15§		1,975,000		2,022,007
National Capital Trust II
5.486%, 12/29/49 (l)§		590,000		513,344
National City Bank/Ohio
6.250%, 3/15/11		1,535,000		1,584,580
6.200%, 12/15/11		755,000		799,220
National City Corp.
4.900%, 1/15/15		750,000		808,466
PNC Funding Corp.
5.625%, 2/1/17		750,000		797,905
5.125%, 2/8/20		100,000		103,981
Regions Bank/Alabama
3.250%, 12/9/11		1,000,000		1,036,397
Regions Financial Corp.
6.375%, 5/15/12		915,000		903,300
7.750%, 11/10/14		200,000		210,987
Royal Bank of Canada
2.100%, 7/29/13		200,000		203,050


	Principal Amount		Value (Note 1)

Royal Bank of Scotland Group plc
1.450%, 10/20/11§	$	8,096,000	$	8,111,326
2.625%, 5/11/12§		4,365,000		4,464,465
5.000%, 10/1/14		600,000		562,960
6.400%, 10/21/19		375,000		380,114
RSHB Capital S.A. (Russian Agricultural Bank OJSC)
7.750%, 5/29/18§		4,319,000		4,500,398
SouthTrust Corp.
5.800%, 6/15/14		1,195,000		1,284,155
Sovereign Bank
8.750%, 5/30/18		500,000		573,160
Standard Chartered plc
6.409%, 12/31/49 (l)§		1,710,000		1,493,767
SunTrust Banks, Inc./Georgia
5.450%, 12/1/17		300,000		299,929
7.250%, 3/15/18		500,000		547,563
U.S. Bancorp
4.200%, 5/15/14		250,000		267,422
U.S. Bank N.A./Ohio
6.375%, 8/1/11		1,600,000		1,689,294
UBS AG/Connecticut
3.875%, 1/15/15		500,000		497,525
5.875%, 12/20/17		1,000,000		1,058,476
5.750%, 4/25/18		600,000		618,994
UFJ Finance Aruba AEC
6.750%, 7/15/13		755,000		845,577
Union Planters Corp.
7.750%, 3/1/11		778,000		788,782
USB Capital XIII Trust
6.625%, 12/15/39		100,000		105,434
Wachovia Bank N.A.
4.875%, 2/1/15		600,000		628,821
6.600%, 1/15/38		1,000,000		1,087,337
Wachovia Corp.
5.300%, 10/15/11		1,100,000		1,151,302
5.500%, 5/1/13		1,840,000		1,997,024
5.250%, 8/1/14		1,000,000		1,058,986
5.750%, 2/1/18		500,000		547,774
5.500%, 8/1/35		500,000		464,009
Wells Fargo & Co.
3.000%, 12/9/11		750,000		775,187
4.375%, 1/31/13		500,000		528,586
3.750%, 10/1/14		800,000		819,064
5.625%, 12/11/17		4,460,000		4,875,636
Wells Fargo Capital XIII
7.700%, 12/29/49 (l)		500,000		505,000
Westpac Banking Corp.
2.250%, 11/19/12		250,000		252,126
4.875%, 11/19/19		250,000		258,191

				91,678,741

*Consumer Finance (0.7%)*
American Express Co.
7.250%, 5/20/14		1,925,000		2,188,013
6.150%, 8/28/17		800,000		876,550
7.000%, 3/19/18		500,000		576,697
8.125%, 5/20/19		2,255,000		2,799,794
American Express Credit Corp.
5.875%, 5/2/13		300,000		328,240
7.300%, 8/20/13		1,250,000		1,415,256
Capital One Financial Corp.
7.375%, 5/23/14		500,000		571,728

See Notes to Financial Statements.

756

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

6.150%, 9/1/16	$	100,000	$	105,814
6.750%, 9/15/17		500,000		572,670
HSBC Finance Corp.
6.375%, 10/15/11		1,000,000		1,045,065
7.000%, 5/15/12		660,000		710,663
6.375%, 11/27/12		600,000		647,963
5.000%, 6/30/15		600,000		626,039
5.500%, 1/19/16		500,000		535,262
International Lease Finance Corp.
5.650%, 6/1/14		168,000		149,100
Nissan Motor Acceptance Corp.
4.500%, 1/30/15§		1,917,000		1,978,003
ORIX Corp.
4.710%, 4/27/15		2,672,000		2,656,513
PACCAR Financial Corp.
1.950%, 12/17/12		100,000		100,995
SLM Corp.
5.400%, 10/25/11		1,061,000		1,054,720
5.375%, 1/15/13		1,565,000		1,517,593
5.000%, 10/1/13		1,000,000		955,966
5.375%, 5/15/14		1,260,000		1,152,094
8.450%, 6/15/18		100,000		92,281
8.000%, 3/25/20		250,000		219,546

				22,876,565

*Diversified Financial Services (3.7%)*
Allstate Life Global Funding Trusts
5.375%, 4/30/13		600,000		657,882
Ameriprise Financial, Inc.
7.300%, 6/28/19		45,000		53,164
AngloGold Ashanti Holdings plc
5.375%, 4/15/20		1,640,000		1,665,028
Bank of America Corp.
2.100%, 4/30/12		1,000,000		1,024,060
3.125%, 6/15/12		2,500,000		2,610,825
5.375%, 9/11/12		2,895,000		3,023,709
4.900%, 5/1/13		2,200,000		2,304,903
7.375%, 5/15/14		1,465,000		1,641,915
6.500%, 8/1/16		700,000		757,555
5.625%, 10/14/16		1,300,000		1,347,096
5.650%, 5/1/18		1,500,000		1,537,218
7.625%, 6/1/19		3,635,000		4,163,921
7.250%, 10/15/25		100,000		105,824
Bank of America N.A.
5.300%, 3/15/17		300,000		302,070
Bear Stearns Cos. LLC
5.350%, 2/1/12		600,000		634,336
Boeing Capital Corp.
6.500%, 2/15/12		300,000		325,797
BP Capital Markets plc
1.550%, 8/11/11		300,000		285,845
5.250%, 11/7/13		500,000		459,628
3.625%, 5/8/14		200,000		171,130
3.875%, 3/10/15		350,000		298,254
4.750%, 3/10/19		536,000		445,241
Capital One Capital VI
8.875%, 5/15/40		136,000		141,627
Caterpillar Financial Services Corp.
1.900%, 12/17/12		65,000		65,814
2.000%, 4/5/13		100,000		101,159
4.900%, 8/15/13		300,000		328,291
6.125%, 2/17/14		500,000		565,870


	Principal Amount		Value (Note 1)

7.150%, 2/15/19	$	750,000	$	923,749
Citigroup Funding, Inc.
0.267%, 5/5/11 (l)		13,740,000		13,744,988
1.875%, 10/22/12		500,000		510,510
Citigroup, Inc.
2.875%, 12/9/11		1,500,000		1,546,632
2.125%, 4/30/12		2,000,000		2,049,020
5.300%, 10/17/12		1,000,000		1,036,312
5.500%, 4/11/13		4,600,000		4,781,714
6.500%, 8/19/13		990,000		1,054,525
5.000%, 9/15/14		1,050,000		1,050,210
5.500%, 10/15/14		1,200,000		1,233,738
5.850%, 8/2/16		600,000		622,778
6.125%, 11/21/17		750,000		783,232
6.125%, 5/15/18		1,025,000		1,069,774
8.500%, 5/22/19		3,600,000		4,291,646
6.125%, 8/25/36		500,000		454,445
6.875%, 3/5/38		1,000,000		1,049,065
8.125%, 7/15/39		1,060,000		1,264,556
Countrywide Home Loans, Inc.
4.000%, 3/22/11		24,000		24,438
Credit Suisse USA, Inc.
6.500%, 1/15/12		300,000		321,466
5.500%, 8/15/13		372,000		407,729
5.850%, 8/16/16		1,000,000		1,106,077
Equifax, Inc.
4.450%, 12/1/14		100,000		104,200
General Electric Capital Corp.
5.000%, 11/15/11		1,000,000		1,047,654
4.375%, 11/21/11		1,980,000		2,059,378
3.000%, 12/9/11		1,500,000		1,549,505
5.875%, 2/15/12		500,000		531,372
2.200%, 6/8/12		1,000,000		1,026,388
6.000%, 6/15/12		1,000,000		1,076,123
5.250%, 10/19/12		1,300,000		1,389,558
2.625%, 12/28/12		2,000,000		2,078,368
4.800%, 5/1/13		2,490,000		2,654,537
5.900%, 5/13/14		750,000		827,862
4.375%, 9/21/15		1,000,000		1,051,472
5.625%, 5/1/18		3,565,000		3,788,575
6.750%, 3/15/32		1,200,000		1,291,484
5.875%, 1/14/38		1,000,000		980,603
6.875%, 1/10/39		900,000		993,719
Harley-Davidson Funding Corp.
5.750%, 12/15/14§		1,869,000		1,928,275
John Deere Capital Corp.
7.000%, 3/15/12		1,100,000		1,207,898
2.875%, 6/19/12		750,000		779,914
5.250%, 10/1/12		500,000		541,800
5.500%, 4/13/17		300,000		338,460
5.750%, 9/10/18		300,000		343,226
JPMorgan Chase & Co.
6.750%, 2/1/11		1,975,000		2,039,225
3.125%, 12/1/11		1,500,000		1,551,771
6.625%, 3/15/12		1,300,000		1,398,773
2.125%, 6/22/12		1,500,000		1,538,764
4.750%, 5/1/13		600,000		640,084
4.650%, 6/1/14		250,000		266,569
5.125%, 9/15/14		1,000,000		1,067,130
3.700%, 1/20/15		1,200,000		1,227,414
6.000%, 1/15/18		1,000,000		1,104,235
6.300%, 4/23/19		3,025,000		3,416,722

See Notes to Financial Statements.

757

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

6.400%, 5/15/38	$	600,000	$	694,509
7.900%, 4/29/49 (l)		705,000		726,665
LBG Capital No.1 plc
8.000%, 12/31/49 (l)		2,665,000		2,065,375
MUFG Capital Finance I Ltd.
6.346%, 7/29/49 (l)		1,000,000		967,490
NASDAQ OMX Group, Inc.
4.000%, 1/15/15		250,000		254,191
5.550%, 1/15/20		100,000		102,052
National Rural Utilities Cooperative Finance Corp.
5.450%, 2/1/18		100,000		110,950
8.000%, 3/1/32		600,000		773,549
Nationwide Building Society
6.250%, 2/25/20§		2,645,000		2,791,025
Noble Group Ltd.
6.750%, 1/29/20§		2,585,000		2,507,450
Private Export Funding Corp.
4.950%, 11/15/15		100,000		112,890
4.300%, 12/15/21		100,000		104,346
Teco Finance, Inc.
4.000%, 3/15/16		660,000		670,219
5.150%, 3/15/20		775,000		807,792
Textron Financial Corp.
5.400%, 4/28/13		325,000		337,947
TransCapitalInvest Ltd. for OJSC AK Transneft
8.700%, 8/7/18		2,260,000		2,604,650
Unilever Capital Corp.
4.800%, 2/15/19		500,000		546,652

				122,363,576

*Insurance (1.3%)*
ACE INA Holdings, Inc.
5.900%, 6/15/19		50,000		54,845
Aflac, Inc.
8.500%, 5/15/19		150,000		180,476
Allied World Assurance Co. Holdings Ltd./Bermuda
7.500%, 8/1/16		2,145,000		2,362,327
Allstate Corp.
6.200%, 5/16/14		250,000		283,588
7.450%, 5/16/19		250,000		294,640
American Financial Group, Inc./Ohio
9.875%, 6/15/19		100,000		119,612
American International Group, Inc.
5.050%, 10/1/15		800,000		735,000
5.850%, 1/16/18		600,000		536,250
8.250%, 8/15/18		900,000		911,250
Assurant, Inc. 5.625%, 2/15/14		495,000		523,046
Berkshire Hathaway Finance Corp.
4.000%, 4/15/12		250,000		262,965
5.000%, 8/15/13		1,000,000		1,098,105
5.400%, 5/15/18		1,000,000		1,110,677
5.750%, 1/15/40		100,000		105,888
Chubb Corp. 5.750%, 5/15/18		600,000		668,043
CNA Financial Corp. 7.350%, 11/15/19		45,000		47,819
Genworth Financial, Inc. 6.515%, 5/22/18		3,335,000		3,210,528
Guardian Life Insurance Co. of America 7.375%, 9/30/39§		1,255,000		1,388,414


	Principal Amount		Value (Note 1)

Hartford Financial Services Group, Inc.
4.000%, 3/30/15	$	525,000	$	515,436
5.500%, 3/30/20		2,462,000		2,389,595
Liberty Mutual Group, Inc. 5.750%, 3/15/14§		840,000		873,424
Lincoln National Corp.
8.750%, 7/1/19		760,000		931,447
6.250%, 2/15/20		50,000		53,566
Markel Corp. 7.125%, 9/30/19		1,473,000		1,616,025
Marsh & McLennan Cos., Inc. 5.375%, 7/15/14		600,000		634,268
Massachusetts Mutual Life Insurance Co. 8.875%, 6/1/39§		1,115,000		1,483,608
MetLife, Inc.
5.000%, 6/15/15		600,000		641,324
7.717%, 2/15/19		1,648,000		1,961,483
5.700%, 6/15/35		300,000		293,399
6.400%, 12/15/36		500,000		440,000
10.750%, 8/1/39		835,000		992,422
Nationwide Mutual Insurance Co. 9.375%, 8/15/39§		1,975,000		2,315,014
PartnerReinsurance Finance B LLC 5.500%, 6/1/20		150,000		144,961
Principal Financial Group, Inc. 7.875%, 5/15/14		1,600,000		1,850,248
Principal Life Income Funding Trusts 5.300%, 4/24/13		300,000		324,401
Prudential Financial, Inc.
2.750%, 1/14/13		100,000		100,488
5.150%, 1/15/13		2,180,000		2,307,162
5.100%, 9/20/14		300,000		319,045
3.875%, 1/14/15		135,000		135,960
6.200%, 1/15/15		310,000		341,165
6.000%, 12/1/17		276,000		295,033
7.375%, 6/15/19		765,000		885,836
5.700%, 12/14/36		200,000		185,849
8.875%, 6/15/38 (l)		1,015,000		1,070,825
Reinsurance Group of America, Inc. 6.450%, 11/15/19		100,000		106,877
Swiss Reinsurance Solutions Holding Corp. 7.000%, 2/15/26		3,435,000		3,622,472
Transatlantic Holdings, Inc. 8.000%, 11/30/39		100,000		100,963
Travelers Cos., Inc. 6.750%, 6/20/36		700,000		818,026
XL Capital Ltd. 5.250%, 9/15/14		1,250,000		1,279,033
Series E 6.500%, 12/31/49 (l)		1,440,000		993,600

				43,916,428

*Real Estate Investment Trusts (REITs) (0.5%)*
AvalonBay Communities, Inc.
5.700%, 3/15/17		200,000		215,920
6.100%, 3/15/20		200,000		221,047
Entertainment Properties Trust 7.750%, 7/15/20§		100,000		100,250
ERP Operating LP
5.250%, 9/15/14		1,615,000		1,727,909
5.125%, 3/15/16		600,000		631,588

See Notes to Financial Statements.

758

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

HCP, Inc.
5.650%, 12/15/13	$	2,245,000	$	2,368,711
6.000%, 1/30/17		1,965,000		1,984,013
Health Care REIT, Inc. 6.200%, 6/1/16		2,925,000		3,177,147
Healthcare Realty Trust, Inc.
5.125%, 4/1/14		1,802,000		1,872,865
6.500%, 1/17/17		100,000		104,568
Hospitality Properties Trust 7.875%, 8/15/14		250,000		275,621
Kimco Realty Corp. 6.875%, 10/1/19		200,000		222,824
Mack-Cali Realty LP 7.750%, 8/15/19		200,000		235,024
ProLogis
7.625%, 8/15/14		175,000		185,724
5.625%, 11/15/15		800,000		767,201
6.250%, 3/15/17		75,000		71,427
7.375%, 10/30/19		100,000		97,937
6.875%, 3/15/20		105,000		99,243
Simon Property Group LP
6.750%, 5/15/14		105,000		118,012
5.625%, 8/15/14		1,520,000		1,646,174
4.200%, 2/1/15		90,000		92,484
5.250%, 12/1/16		300,000		319,471
5.650%, 2/1/20		250,000		264,764
6.750%, 2/1/40		100,000		111,667
Ventas Realty LP/Ventas Capital Corp. 6.750%, 4/1/17		480,000		485,799

				17,397,390

*Specialized Finance (0.0%)*
Toll Brothers Finance Corp.
6.875%, 11/15/12		47,000		49,826
5.150%, 5/15/15		165,000		161,731

				211,557

*Thrifts & Mortgage Finance (0.0%)*
Countrywide Financial Corp. 6.250%, 5/15/16		756,000		788,125
Western Corporate Federal Credit Union 1.750%, 11/2/12		300,000		304,999

				1,093,124

Total Financials				345,590,197

Health Care (1.4%)
*Biotechnology (0.0%*)
Amgen, Inc.
4.850%, 11/18/14		300,000		332,260
5.700%, 2/1/19		300,000		348,493
4.500%, 3/15/20		50,000		53,651
6.400%, 2/1/39		500,000		592,100
5.750%, 3/15/40		55,000		60,165
Genentech, Inc.
5.250%, 7/15/35		300,000		314,599

				1,701,268

*Health Care Equipment & Supplies (0.1%)*
Baxter FinCo B.V.
4.750%, 10/15/10		1,791,000		1,812,094


	Principal Amount		Value (Note 1)

Baxter International, Inc.
1.800%, 3/15/13	$	40,000	$	40,468
4.625%, 3/15/15		300,000		330,563
4.250%, 3/15/20		100,000		105,023
6.250%, 12/1/37		100,000		118,366
Covidien International Finance S.A.
1.875%, 6/15/13		200,000		201,240
6.000%, 10/15/17		600,000		696,279
Hospira, Inc.
6.400%, 5/15/15		45,000		51,126
Mead Johnson Nutrition Co.
3.500%, 11/1/14§		100,000		103,528
4.900%, 11/1/19§		150,000		158,613
5.900%, 11/1/39§		100,000		106,847
Stryker Corp.
3.000%, 1/15/15		100,000		103,253
4.375%, 1/15/20		100,000		106,368

				3,933,768

*Health Care Providers & Services (0.6%)*
Aetna, Inc.
6.000%, 6/15/16		1,080,000		1,231,483
6.750%, 12/15/37		500,000		566,030
Bausch & Lomb, Inc.
9.875%, 11/1/15		780,000		801,450
CIGNA Corp.
5.125%, 6/15/20		1,020,000		1,061,635
7.875%, 5/15/27		100,000		118,535
Coventry Health Care, Inc.
6.300%, 8/15/14		1,495,000		1,578,196
6.125%, 1/15/15		190,000		194,011
5.950%, 3/15/17		485,000		463,264
Express Scripts, Inc.
6.250%, 6/15/14		1,000,000		1,132,216
HCA, Inc.
8.500%, 4/15/19		200,000		212,000
7.875%, 2/15/20		700,000		720,125
Humana, Inc.
6.450%, 6/1/16		215,000		233,570
7.200%, 6/15/18		1,560,000		1,741,397
6.300%, 8/1/18		320,000		341,857
McKesson Corp.
6.500%, 2/15/14		500,000		571,297
Medco Health Solutions, Inc.
7.125%, 3/15/18		100,000		119,467
Quest Diagnostics, Inc.
4.750%, 1/30/20		90,000		90,545
5.750%, 1/30/40		40,000		39,381
UnitedHealth Group, Inc.
5.250%, 3/15/11		1,565,000		1,605,818
6.000%, 2/15/18		2,165,000		2,414,014
6.875%, 2/15/38		500,000		565,247
Universal Health Services, Inc.
7.125%, 6/30/16		1,820,000		1,846,831
WellPoint, Inc.
6.000%, 2/15/14		500,000		560,672
5.875%, 6/15/17		200,000		222,812
7.000%, 2/15/19		1,475,000		1,749,583
5.850%, 1/15/36		100,000		100,527

				20,281,963

See Notes to Financial Statements.

759

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

*Life Sciences Tools & Services (0.1%)*
Fisher Scientific International, Inc.
6.125%, 7/1/15	$	2,521,000	$	2,596,630

*Pharmaceuticals (0.6%)*
Abbott Laboratories, Inc.
5.875%, 5/15/16		300,000		350,968
5.600%, 11/30/17		1,000,000		1,160,765
6.000%, 4/1/39		300,000		344,952
AstraZeneca plc
5.400%, 9/15/12		300,000		327,572
5.900%, 9/15/17		700,000		818,905
6.450%, 9/15/37		300,000		363,541
Bristol-Myers Squibb Co.
5.450%, 5/1/18		300,000		343,613
6.125%, 5/1/38		500,000		580,643
Eli Lilly and Co.
3.550%, 3/6/12		500,000		521,398
5.200%, 3/15/17		200,000		227,611
5.950%, 11/15/37		300,000		342,522
GlaxoSmithKline Capital, Inc.
4.850%, 5/15/13		800,000		874,640
5.650%, 5/15/18		600,000		686,564
6.375%, 5/15/38		300,000		357,041
Johnson & Johnson
5.550%, 8/15/17		1,420,000		1,658,166
5.150%, 7/15/18		300,000		340,431
5.850%, 7/15/38		400,000		470,547
Merck & Co., Inc.
1.875%, 6/30/11		500,000		504,717
4.000%, 6/30/15		200,000		216,608
6.000%, 9/15/17		300,000		352,450
6.400%, 3/1/28		300,000		356,685
6.550%, 9/15/37		200,000		248,780
5.850%, 6/30/39		350,000		403,565
Mylan, Inc.
7.625%, 7/15/17§		155,000		158,100
7.875%, 7/15/20§		910,000		928,200
Novartis Capital Corp.
1.900%, 4/24/13		60,000		60,907
Novartis Securities Investment Ltd.
5.125%, 2/10/19		800,000		895,557
Pfizer, Inc.
4.450%, 3/15/12		500,000		527,484
4.500%, 2/15/14		500,000		544,685
5.350%, 3/15/15		500,000		566,486
6.200%, 3/15/19		500,000		594,199
7.200%, 3/15/39		500,000		657,290
Teva Pharmaceutical Finance Co LLC
6.150%, 2/1/36		500,000		580,529
Teva Pharmaceutical Finance II B.V./Teva Pharmaceutical Finance III LLC
3.000%, 6/15/15		100,000		101,959
Teva Pharmaceutical Finance III LLC
1.500%, 6/15/12		100,000		100,380
Watson Pharmaceuticals, Inc.
5.000%, 8/15/14		210,000		224,938
6.125%, 8/15/19		170,000		191,395
Wyeth
5.500%, 3/15/13		300,000		331,822
5.500%, 2/15/16		750,000		859,689
6.000%, 2/15/36		100,000		112,318


	Principal Amount		Value (Note 1)

5.950%, 4/1/37	$	500,000	$	566,374

				19,854,996

Total Health Care				48,368,625

Industrials (1.5%)
*Aerospace & Defense (0.3%)*
Boeing Co.
3.500%, 2/15/15		700,000		738,403
6.000%, 3/15/19		1,810,000		2,131,630
4.875%, 2/15/20		110,000		121,115
6.125%, 2/15/33		100,000		113,218
5.875%, 2/15/40		305,000		342,918
General Dynamics Corp.
4.250%, 5/15/13		300,000		323,411
Goodrich Corp.
4.875%, 3/1/20		100,000		107,353
Honeywell International, Inc.
4.250%, 3/1/13		800,000		862,247
5.000%, 2/15/19		850,000		950,731
ITT Corp.
4.900%, 5/1/14		65,000		70,830
6.125%, 5/1/19		90,000		103,728
Lockheed Martin Corp.
4.250%, 11/15/19		350,000		367,958
6.150%, 9/1/36		350,000		404,960
5.500%, 11/15/39		250,000		266,709
Northrop Grumman Corp.
3.700%, 8/1/14		150,000		157,324
5.050%, 8/1/19		85,000		93,412
Northrop Grumman Systems Corp.
7.750%, 2/15/31		350,000		469,375
Raytheon Co.
6.400%, 12/15/18		300,000		359,851
4.400%, 2/15/20		100,000		107,283
Rockwell Collins, Inc.
5.250%, 7/15/19		50,000		55,093
United Technologies Corp.
5.375%, 12/15/17		300,000		343,872
6.125%, 2/1/19		500,000		596,270
6.125%, 7/15/38		500,000		585,144

				9,672,835

*Air Freight & Logistics (0.0%)*
FedEx Corp.
8.000%, 1/15/19		500,000		634,965
United Parcel Service, Inc.
4.500%, 1/15/13		300,000		324,191
6.200%, 1/15/38		500,000		601,087

				1,560,243

*Airlines (0.1%)*
Continental Airlines, Inc.
9.000%, 7/8/16		244,947		264,910
Delta Air Lines, Inc.
7.750%, 12/17/19		295,083		317,214
Southwest Airlines Co.
5.250%, 10/1/14		1,520,000		1,599,924
5.750%, 12/15/16		665,000		702,880
UAL Pass Through Trust Series 2007-1A
6.636%, 7/2/22		587,085		545,990

				3,430,918

See Notes to Financial Statements.

760

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

*Building Products (0.2%)*
CRH America, Inc.
6.000%, 9/30/16	$	1,000,000	$	1,114,793
8.125%, 7/15/18		100,000		120,595
Masco Corp.
4.800%, 6/15/15		1,700,000		1,578,843
6.125%, 10/3/16		1,590,000		1,538,409
Owens Corning, Inc.
6.500%, 12/1/16		1,470,000		1,564,064

				5,916,704

*Commercial Services & Supplies (0.3%)*
Allied Waste North America, Inc. Series B
7.125%, 5/15/16		1,200,000		1,287,000
Avery Dennison Corp.
5.375%, 4/15/20		100,000		106,851
Browning-Ferris Industries, Inc.
7.400%, 9/15/35		723,000		862,731
Dartmouth College
4.750%, 6/1/19		50,000		54,386
Johns Hopkins University
5.250%, 7/1/19		225,000		252,193
Pitney Bowes, Inc.
4.750%, 1/15/16		100,000		107,713
5.750%, 9/15/17		231,000		259,417
R.R. Donnelley & Sons Co.
4.950%, 4/1/14		1,315,000		1,340,069
8.600%, 8/15/16		250,000		273,880
11.250%, 2/1/19		1,230,000		1,567,100
Republic Services, Inc.
5.500%, 9/15/19§		1,687,000		1,825,540
Vanderbilt University
5.250%, 4/1/19		250,000		278,498
Waste Management, Inc.
5.000%, 3/15/14		100,000		108,413
6.100%, 3/15/18		500,000		569,881
7.000%, 7/15/28		500,000		578,175
Yale University
2.900%, 10/15/14		250,000		259,327

				9,731,174

*Electrical Equipment (0.0%)*
Amphenol Corp.
4.750%, 11/15/14		100,000		105,962
Emerson Electric Co.
4.125%, 4/15/15		100,000		108,017
5.250%, 10/15/18		100,000		113,010
4.875%, 10/15/19		750,000		837,333
6.125%, 4/15/39		100,000		119,483

				1,283,805

*Industrial Conglomerates (0.2%)*
3M Co.
4.375%, 8/15/13		100,000		109,126
6.375%, 2/15/28		100,000		120,408
Cooper U.S., Inc.
5.250%, 11/15/12		100,000		107,885
General Electric Co.
5.000%, 2/1/13		800,000		857,884
5.250%, 12/6/17		750,000		815,555


	Principal Amount		Value (Note 1)

Ingersoll-Rand Global Holding Co., Ltd.
6.875%, 8/15/18	$	500,000	$	592,970
Koninklijke Philips Electronics N.V.
6.875%, 3/11/38		300,000		369,991
Tyco Electronics Group S.A.
6.000%, 10/1/12		450,000		485,956
7.125%, 10/1/37		563,000		637,151
Tyco International Finance S.A.
6.000%, 11/15/13		300,000		335,791
4.125%, 10/15/14		150,000		159,225
3.375%, 10/15/15		100,000		103,220
8.500%, 1/15/19		1,260,000		1,628,808

				6,323,970

*Machinery (0.1%)*
Case New Holland, Inc.
7.125%, 3/1/14		455,000		470,925
7.875%, 12/1/17§		774,000		779,805
Caterpillar, Inc.
6.050%, 8/15/36		385,000		442,938
Danaher Corp.
5.625%, 1/15/18		600,000		690,710
Deere & Co.
4.375%, 10/16/19		200,000		213,099
5.375%, 10/16/29		100,000		109,291
Dover Corp.
6.600%, 3/15/38		100,000		124,541
Snap-On, Inc.
6.125%, 9/1/21		200,000		225,431

				3,056,740

*Road & Rail (0.3%)*
Burlington Northern Santa Fe Corp.
5.750%, 3/15/18		500,000		561,552
4.700%, 10/1/19		325,000		344,208
6.150%, 5/1/37		100,000		112,551
Burlington Resources Finance Co.
7.200%, 8/15/31		100,000		119,938
Canadian National Railway Co.
5.550%, 3/1/19		1,000,000		1,143,586
6.200%, 6/1/36		350,000		412,085
Canadian Pacific Railway Co.
6.500%, 5/15/18		229,000		260,594
7.250%, 5/15/19		65,000		77,396
Con-way, Inc.
6.700%, 5/1/34		1,492,000		1,490,048
CSX Corp.
6.250%, 4/1/15		100,000		115,006
7.375%, 2/1/19		1,000,000		1,224,867
6.150%, 5/1/37		100,000		109,349
Norfolk Southern Corp.
7.700%, 5/15/17		200,000		248,724
5.750%, 4/1/18		500,000		565,190
5.900%, 6/15/19		65,000		74,731
7.800%, 5/15/27		1,000,000		1,287,134
Ryder System, Inc.
7.200%, 9/1/15		684,000		793,310
5.850%, 11/1/16		720,000		794,416
Union Pacific Corp.
6.125%, 2/15/20		500,000		580,149

See Notes to Financial Statements.

761

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

6.150%, 5/1/37	$	100,000	$	112,006

				10,426,840

Total Industrials				51,403,229

Information Technology (0.7%)
*Communications Equipment (0.2%)*
American Tower Corp.
4.625%, 4/1/15		75,000		78,018
Cisco Systems, Inc.
5.500%, 2/22/16		200,000		230,399
4.950%, 2/15/19		550,000		604,523
4.450%, 1/15/20		500,000		527,812
5.900%, 2/15/39		500,000		555,783
5.500%, 1/15/40		350,000		366,839
Motorola, Inc.
7.625%, 11/15/10		122,000		125,138
6.000%, 11/15/17		300,000		322,018
7.500%, 5/15/25		145,000		159,924
6.500%, 9/1/25		895,000		891,151
Nokia Oyj
5.375%, 5/15/19		500,000		526,044

				4,387,649

*Computers & Peripherals (0.2%)*
Dell, Inc.
3.375%, 6/15/12		55,000		57,074
5.625%, 4/15/14		1,405,000		1,575,400
5.875%, 6/15/19		100,000		112,376
7.100%, 4/15/28		100,000		119,132
6.500%, 4/15/38		300,000		344,311
Hewlett-Packard Co.
4.500%, 3/1/13		600,000		647,642
4.750%, 6/2/14		1,000,000		1,107,986
International Business Machines Corp.
4.750%, 11/29/12		300,000		324,754
2.100%, 5/6/13		200,000		203,812
5.700%, 9/14/17		1,500,000		1,743,425
5.875%, 11/29/32		100,000		113,016
5.600%, 11/30/39		632,000		702,617

				7,051,545

*Electronic Equipment, Instruments & Components (0.0%)*
Arrow Electronics, Inc.
6.000%, 4/1/20		150,000		155,009
Corning, Inc.
6.625%, 5/15/19		20,000		23,394

				178,403

*IT Services (0.1%)*
Computer Sciences Corp.
5.500%, 3/15/13		1,010,000		1,085,748
Electronic Data Systems Corp.
7.450%, 10/15/29		1,415,000		1,838,467
HP Enterprise Services LLC
6.000%, 8/1/13		486,000		547,988

				3,472,203

*Office Electronics (0.1%)*
Xerox Capital Trust I
8.000%, 2/1/27		1,560,000		1,568,397


	Principal Amount		Value (Note 1)

Xerox Corp.
7.625%, 6/15/13	$	295,000	$	300,169
8.250%, 5/15/14		150,000		175,822
4.250%, 2/15/15		250,000		258,824
6.750%, 2/1/17		1,045,000		1,175,949
6.350%, 5/15/18		300,000		334,630
5.625%, 12/15/19		200,000		212,824
6.750%, 12/15/39		100,000		111,348

				4,137,963

*Semiconductors & Semiconductor Equipment (0.0%)*
Analog Devices, Inc.
5.000%, 7/1/14		250,000		270,215
Maxim Integrated Products, Inc.
3.450%, 6/14/13		100,000		100,818

				371,033

*Software (0.1%)*
Adobe Systems, Inc.
3.250%, 2/1/15		100,000		102,695
4.750%, 2/1/20		125,000		128,876
Microsoft Corp.
2.950%, 6/1/14		190,000		198,810
4.200%, 6/1/19		175,000		189,731
5.200%, 6/1/39		150,000		164,048
Oracle Corp.
5.250%, 1/15/16		500,000		567,365
5.750%, 4/15/18		800,000		926,139
6.500%, 4/15/38		50,000		60,673
6.125%, 7/8/39		500,000		584,786

				2,923,123

Total Information Technology				22,521,919

Materials (1.8%)
*Chemicals (0.5%)*
Air Products and Chemicals, Inc.
4.375%, 8/21/19		200,000		208,790
Airgas, Inc.
2.850%, 10/1/13		100,000		100,839
Cabot Corp.
5.000%, 10/1/16		200,000		212,269
Dow Chemical Co.
7.600%, 5/15/14		1,411,000		1,629,512
8.550%, 5/15/19		2,786,000		3,410,379
7.375%, 11/1/29		100,000		110,710
9.400%, 5/15/39		135,000		187,756
E.I. du Pont de Nemours & Co.
5.000%, 7/15/13		300,000		328,867
5.875%, 1/15/14		434,000		494,400
3.250%, 1/15/15		250,000		260,806
5.250%, 12/15/16		100,000		114,041
6.000%, 7/15/18		1,150,000		1,349,626
4.625%, 1/15/20		100,000		107,534
Eastman Chemical Co.
5.500%, 11/15/19		537,000		578,039
Monsanto Co.
7.375%, 8/15/12		100,000		112,184
5.125%, 4/15/18		100,000		111,172
5.875%, 4/15/38		100,000		111,595
Mosaic Co.
7.625%, 12/1/16§		1,200,000		1,296,048

See Notes to Financial Statements.

762

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Potash Corp of Saskatchewan, Inc.
5.250%, 5/15/14	$	80,000	$	88,243
3.750%, 9/30/15		80,000		83,297
6.500%, 5/15/19		65,000		76,364
4.875%, 3/30/20		70,000		74,470
PPG Industries, Inc.
5.750%, 3/15/13		1,685,000		1,843,427
Praxair, Inc.
2.125%, 6/14/13		100,000		101,674
4.625%, 3/30/15		500,000		548,190
Rohm & Haas Co.
5.600%, 3/15/13		800,000		857,963
Sherwin-Williams Co.
3.125%, 12/15/14		250,000		258,726
Valspar Corp.
7.250%, 6/15/19		200,000		237,681

				14,894,602

*Construction Materials (0.0%)*
Holcim U.S. Finance S.a.r.l & Cie S.C.S.
6.000%, 12/30/19§		217,000		231,488
Lafarge S.A.
6.150%, 7/15/11		783,000		802,442

				1,033,930

*Containers & Packaging (0.1%)*
Bemis Co., Inc.
5.650%, 8/1/14		55,000		60,565
6.800%, 8/1/19		45,000		51,983
Packaging Corp. of America
5.750%, 8/1/13		1,675,000		1,805,705

				1,918,253

*Metals & Mining (1.0%)*
Alcoa, Inc.
6.000%, 7/15/13		300,000		315,956
6.750%, 7/15/18		2,360,000		2,381,721
5.870%, 2/23/22		720,000		669,436
5.900%, 2/1/27		300,000		263,909
5.950%, 2/1/37		1,475,000		1,256,396
Allegheny Technologies, Inc.
9.375%, 6/1/19		150,000		177,116
Anglo American Capital plc
9.375%, 4/8/19§		2,055,000		2,643,127
ArcelorMittal S.A.
5.375%, 6/1/13		300,000		315,510
9.000%, 2/15/15		225,000		264,703
6.125%, 6/1/18		2,920,000		3,053,972
9.850%, 6/1/19		250,000		312,410
Barrick Australian Finance Pty Ltd.
5.950%, 10/15/39		200,000		213,127
Barrick Gold Corp.
6.950%, 4/1/19		250,000		299,760
Barrick N.A. Finance LLC
7.500%, 9/15/38		300,000		372,203
BHP Billiton Finance USA Ltd.
4.800%, 4/15/13		300,000		325,346
5.500%, 4/1/14		500,000		557,536
7.250%, 3/1/16		3,028,000		3,605,428
5.400%, 3/29/17		200,000		225,363
6.500%, 4/1/19		500,000		599,623


	Principal Amount		Value (Note 1)

Freeport-McMoRan Copper & Gold, Inc.
8.250%, 4/1/15	$	605,000	$	656,425
8.375%, 4/1/17		4,106,000		4,516,600
Newmont Mining Corp.
5.125%, 10/1/19		585,000		626,843
6.250%, 10/1/39		325,000		354,679
Nucor Corp.
5.750%, 12/1/17		300,000		342,446
Rio Tinto Finance USA Ltd.
5.875%, 7/15/13		300,000		328,696
8.950%, 5/1/14		315,000		382,075
6.500%, 7/15/18		2,410,000		2,746,773
9.000%, 5/1/19		703,000		922,525
7.125%, 7/15/28		400,000		475,057
Southern Copper Corp.
5.375%, 4/16/20		55,000		55,128
6.750%, 4/16/40		55,000		54,366
Steel Capital S.A. for OAO Severstal
9.750%, 7/29/13§		945,000		1,009,969
United States Steel Corp.
5.650%, 6/1/13		2,434,000		2,458,340
Vale Overseas Ltd.
6.250%, 1/23/17		1,000,000		1,089,218
6.875%, 11/21/36		600,000		625,506
6.875%, 11/10/39		170,000		177,599

				34,674,887

*Paper & Forest Products (0.2%)*
Celulosa Arauco y Constitucion S.A.
8.625%, 8/15/10		359,000		361,665
International Paper Co.
5.300%, 4/1/15		1,915,000		2,047,738
7.950%, 6/15/18		1,795,000		2,137,111
7.500%, 8/15/21		949,000		1,111,180
Westvaco Corp.
8.200%, 1/15/30		1,130,000		1,192,334

				6,850,028

Total Materials				59,371,700

Telecommunication Services (1.6%)
*Diversified Telecommunication Services (1.2%)*
AT&T Corp.
7.300%, 11/15/11		1,000,000		1,080,913
8.000%, 11/15/31		400,000		514,885
AT&T, Inc.
4.950%, 1/15/13		300,000		325,643
4.850%, 2/15/14		500,000		547,622
5.100%, 9/15/14		300,000		332,803
5.625%, 6/15/16		600,000		680,058
5.800%, 2/15/19		850,000		956,967
6.500%, 9/1/37		250,000		277,287
6.300%, 1/15/38		700,000		759,628
6.400%, 5/15/38		300,000		329,833
6.550%, 2/15/39		750,000		840,068
BellSouth Capital Funding Corp.
7.875%, 2/15/30		1,000,000		1,225,740
British Telecommunications plc
9.375%, 12/15/10		2,240,000		2,316,662
9.875%, 12/15/30		500,000		610,210
CenturyLink, Inc.
7.600%, 9/15/39		500,000		474,004

See Notes to Financial Statements.

763

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Deutsche Telekom International Finance B.V.
5.250%, 7/22/13	$	750,000	$	806,939
4.875%, 7/8/14		250,000		267,909
6.000%, 7/8/19		200,000		221,185
8.750%, 6/15/30		700,000		904,187
Embarq Corp.
7.082%, 6/1/16		3,000,000		3,198,177
7.995%, 6/1/36		100,000		99,242
France Telecom S.A.
4.375%, 7/8/14		500,000		539,186
8.500%, 3/1/31		600,000		825,662
Pacific Bell Telephone Co.
6.625%, 10/15/34		1,970,000		2,022,849
Qwest Corp.
7.875%, 9/1/11		1,540,000		1,601,600
8.875%, 3/15/12		1,420,000		1,522,950
7.500%, 10/1/14		1,525,000		1,622,219
8.375%, 5/1/16		165,000		180,262
Telecom Italia Capital S.A.
5.250%, 11/15/13		300,000		309,869
6.175%, 6/18/14		2,035,000		2,127,464
5.250%, 10/1/15		600,000		605,549
7.175%, 6/18/19		1,645,000		1,771,028
7.721%, 6/4/38		850,000		870,341
Telefonica Emisiones S.A.U.
2.582%, 4/26/13		200,000		198,624
4.949%, 1/15/15		130,000		136,182
3.729%, 4/27/15		185,000		184,460
6.421%, 6/20/16		500,000		548,449
5.877%, 7/15/19		195,000		207,983
5.134%, 4/27/20		265,000		265,608
7.045%, 6/20/36		500,000		553,185
Verizon Communications, Inc.
7.375%, 9/1/12		600,000		674,095
5.250%, 4/15/13		1,000,000		1,096,143
5.500%, 2/15/18		1,000,000		1,097,310
6.100%, 4/15/18		300,000		340,583
6.350%, 4/1/19		500,000		578,569
7.750%, 12/1/30		700,000		872,305
6.400%, 2/15/38		1,350,000		1,487,789
6.900%, 4/15/38		100,000		116,871
Verizon New Jersey, Inc.
Series A
5.875%, 1/17/12		545,000		577,771
Windstream Corp.
7.875%, 11/1/17		710,000		693,138

				40,398,006

*Wireless Telecommunication Services (0.4%)*
America Movil S.A.B. de C.V.
5.625%, 11/15/17		500,000		546,557
5.000%, 3/30/20§		2,289,000		2,364,933
6.375%, 3/1/35		100,000		107,017
Cellco Partnership/Verizon Wireless Capital LLC
5.550%, 2/1/14		1,000,000		1,121,145
8.500%, 11/15/18		750,000		975,104
New Cingular Wireless Services, Inc.
8.125%, 5/1/12		300,000		335,699
8.750%, 3/1/31		1,100,000		1,510,082


	Principal Amount		Value (Note 1)

Rogers Communications, Inc.
6.800%, 8/15/18	$	600,000	$	709,263
7.500%, 8/15/38		100,000		126,164
U.S. Cellular Corp.
6.700%, 12/15/33		905,000		930,556
Vodafone Group plc
5.500%, 6/15/11		1,385,000		1,438,310
5.000%, 12/16/13		300,000		324,931
4.150%, 6/10/14		400,000		419,718
5.625%, 2/27/17		600,000		658,066
5.450%, 6/10/19		200,000		214,094
6.150%, 2/27/37		500,000		518,424

				12,300,063

Total Telecommunication Services				52,698,069

Utilities (1.8%)
*Electric Utilities (1.2%)*
Allegheny Energy Supply Co. LLC
5.750%, 10/15/19§		2,250,000		2,233,361
Ameren Corp.
8.875%, 5/15/14		1,400,000		1,622,932
Ameren Energy Generating Co.
6.300%, 4/1/20		100,000		101,785
American Transmission Systems, Inc.
5.250%, 1/15/22§		705,000		739,000
Appalachian Power Co.
7.000%, 4/1/38		250,000		290,562
Arizona Public Service Co.
8.750%, 3/1/19		500,000		634,264
Baltimore Gas & Electric Co.
6.125%, 7/1/13		500,000		558,139
Carolina Power & Light Co.
6.300%, 4/1/38		500,000		595,720
CenterPoint Energy Houston Electric LLC
7.000%, 3/1/14		500,000		580,051
Columbus Southern Power Co. Series C
5.500%, 3/1/13		300,000		326,679
Commonwealth Edison Co.
6.450%, 1/15/38		200,000		234,927
Consolidated Edison Co. of New York, Inc.
Series 02-B
7.125%, 12/1/18		1,000,000		1,241,043
Series 08-B
6.300%, 8/15/37		100,000		115,021
Series 09-C
6.750%, 4/1/38		100,000		121,874
Consumers Energy Co.
6.700%, 9/15/19		500,000		598,135
Duke Energy Carolinas LLC
6.050%, 4/15/38		500,000		580,484
Series C
7.000%, 11/15/18		650,000		808,100
Duke Energy Corp.
5.650%, 6/15/13		600,000		661,566
3.350%, 4/1/15		100,000		101,997
Duke Energy Indiana, Inc.
6.450%, 4/1/39		155,000		187,866
Duke Energy Ohio, Inc.
5.700%, 9/15/12		300,000		324,545

See Notes to Financial Statements.

764

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Entergy Gulf States Louisiana LLC
5.590%, 10/1/24	$	90,000	$	98,193
Exelon Corp.
4.900%, 6/15/15		300,000		320,376
Exelon Generation Co. LLC
6.200%, 10/1/17		500,000		568,385
6.250%, 10/1/39		300,000		320,458
FirstEnergy Corp.
Series B
6.450%, 11/15/11		123,000		129,918
Series C
7.375%, 11/15/31		975,000		1,028,033
FirstEnergy Solutions Corp.
4.800%, 2/15/15		200,000		209,279
6.050%, 8/15/21		400,000		407,978
6.800%, 8/15/39		278,000		275,053
Florida Power & Light Co.
5.950%, 2/1/38		350,000		399,787
5.960%, 4/1/39		175,000		200,631
5.690%, 3/1/40		50,000		55,434
Florida Power Corp.
5.650%, 6/15/18		1,000,000		1,136,564
4.550%, 4/1/20		50,000		53,559
5.650%, 4/1/40		75,000		81,711
FPL Group Capital, Inc.
5.625%, 9/1/11		905,000		946,198
2.550%, 11/15/13		50,000		50,420
6.000%, 3/1/19		750,000		842,822
Georgia Power Co.
4.250%, 12/1/19		205,000		214,660
5.950%, 2/1/39		750,000		825,554
Indiana Michigan Power Co.
7.000%, 3/15/19		500,000		585,013
Interstate Power and Light Co.
6.250%, 7/15/39		60,000		69,244
MidAmerican Energy Co.
5.750%, 11/1/35		100,000		107,479
MidAmerican Energy Holdings Co.
3.150%, 7/15/12		225,000		230,692
5.875%, 10/1/12		600,000		649,600
6.125%, 4/1/36		300,000		330,293
5.950%, 5/15/37		100,000		107,090
6.500%, 9/15/37		300,000		344,654
Nevada Power Co.
6.500%, 8/1/18		300,000		343,422
Northern States Power Co.
5.250%, 3/1/18		300,000		334,902
5.350%, 11/1/39		40,000		42,050
NSTAR
4.500%, 11/15/19		100,000		106,251
NSTAR Electric Co.
5.500%, 3/15/40		50,000		54,136
Ohio Power Co.
5.375%, 10/1/21		200,000		213,412
Oncor Electric Delivery Co. LLC
6.375%, 5/1/12		100,000		108,017
7.000%, 9/1/22		1,000,000		1,205,543
Pacific Gas & Electric Co.
8.250%, 10/15/18		1,000,000		1,279,487
6.050%, 3/1/34		300,000		334,715


	Principal Amount		Value (Note 1)

PacifiCorp
5.650%, 7/15/18	$	500,000	$	571,522
6.000%, 1/15/39		300,000		344,624
Pepco Holdings, Inc.
6.450%, 8/15/12		500,000		557,027
Portland General Electric Co.
6.100%, 4/15/19		250,000		290,865
PPL Electric Utilities Corp.
6.250%, 5/15/39		30,000		35,110
PPL Energy Supply LLC
6.500%, 5/1/18		100,000		110,603
Progress Energy, Inc.
7.100%, 3/1/11		471,000		489,731
PSEG Power LLC
2.500%, 4/15/13§		75,000		75,726
5.125%, 4/15/20§		80,000		82,933
Public Service Co. of Colorado
5.125%, 6/1/19		50,000		55,349
6.500%, 8/1/38		500,000		611,253
Public Service Co. of Oklahoma
5.150%, 12/1/19		75,000		78,977
Public Service Electric & Gas Co.
5.375%, 9/1/13		300,000		331,865
5.300%, 5/1/18		500,000		548,419
Puget Sound Energy, Inc.
5.757%, 10/1/39		250,000		258,747
5.795%, 3/15/40		100,000		104,073
5.764%, 7/15/40		100,000		103,647
San Diego Gas & Electric Co.
6.000%, 6/1/39		30,000		35,050
South Carolina Electric & Gas Co.
6.050%, 1/15/38		100,000		113,742
Southern California Edison Co.
5.750%, 3/15/14		600,000		675,219
5.950%, 2/1/38		100,000		115,549
6.050%, 3/15/39		500,000		586,837
5.500%, 3/15/40		100,000		109,096
Southern Co.
4.150%, 5/15/14		75,000		79,113
Series A
5.300%, 1/15/12		600,000		634,517
Southern Natural Gas Co.
5.900%, 4/1/17§		500,000		529,731
Southwestern Electric Power Co.
6.200%, 3/15/40		50,000		51,275
SPI Electricity & Gas Australia Holdings Pty Ltd.
6.150%, 11/15/13§		1,185,000		1,255,156
Tampa Electric Co.
6.100%, 5/15/18		100,000		113,293
Toledo Edison Co.
6.150%, 5/15/37		500,000		535,453
TransAlta Corp.
6.500%, 3/15/40		70,000		72,207
Union Electric Co.
6.700%, 2/1/19		550,000		639,350
8.450%, 3/15/39		200,000		284,102
Virginia Electric & Power Co.
8.875%, 11/15/38		300,000		435,142
Series A
4.750%, 3/1/13		300,000		324,948
5.000%, 6/30/19		200,000		218,072

See Notes to Financial Statements.

765

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

Series B
6.000%, 5/15/37	$	100,000	$	111,284
Wisconsin Electric Power Co.
4.250%, 12/15/19		100,000		103,919
Wisconsin Power & Light Co.
5.000%, 7/15/19		100,000		110,276

				39,052,866

*Gas Utilities (0.1%)*
Boardwalk Pipelines LP
5.750%, 9/15/19		200,000		209,428
DCP Midstream LLC
5.350%, 3/15/20§		670,000		685,048
EQT Corp.
8.125%, 6/1/19		1,410,000		1,658,656
Kinder Morgan Energy Partners LP
5.300%, 9/15/20		75,000		77,568
ONEOK, Inc.
6.000%, 6/15/35		100,000		94,286
Williams Partners LP
3.800%, 2/15/15§		100,000		100,649
5.250%, 3/15/20§		1,168,000		1,194,358
6.300%, 4/15/40§		140,000		140,660

				4,160,653

*Independent Power Producers & Energy Traders (0.2%)*
AES Corp.
7.750%, 3/1/14		555,000		564,713
7.750%, 10/15/15		355,000		359,437
NRG Energy, Inc.
7.250%, 2/1/14		1,425,000		1,444,594
RRI Energy, Inc.
7.625%, 6/15/14		515,000		507,275
Tennessee Valley Authority
5.500%, 7/18/17		600,000		698,396
6.150%, 1/15/38		1,500,000		1,844,622
5.250%, 9/15/39		425,000		469,834

				5,888,871

*Multi-Utilities (0.3%)*
Alliant Energy Corp.
4.000%, 10/15/14		100,000		103,189
Avista Corp.
5.125%, 4/1/22		115,000		122,539
CenterPoint Energy Resources Corp.
7.875%, 4/1/13		300,000		343,762
6.000%, 5/15/18		500,000		550,784
CMS Energy Corp.
8.750%, 6/15/19		915,000		1,010,241
DCP Midstream LLC
7.875%, 8/16/10		400,000		402,932
Dominion Resources, Inc.
5.000%, 12/1/14		300,000		324,630
8.875%, 1/15/19		500,000		660,427
5.200%, 8/15/19		210,000		227,684
5.950%, 6/15/35		100,000		105,867
DTE Energy Co.
7.625%, 5/15/14		75,000		87,650
6.350%, 6/1/16		300,000		335,974
National Grid plc
6.300%, 8/1/16		500,000		564,427


	Principal Amount		Value (Note 1)

NiSource Finance Corp.
7.875%, 11/15/10	$	660,000	$	674,501
10.750%, 3/15/16		1,000,000		1,281,536
6.800%, 1/15/19		1,385,000		1,541,886
5.450%, 9/15/20		100,000		102,995
6.125%, 3/1/22		100,000		106,737
Sempra Energy
6.000%, 2/1/13		300,000		326,061
6.500%, 6/1/16		590,000		677,024
Veolia Environnement
6.000%, 6/1/18		885,000		975,966
Wisconsin Energy Corp.
6.250%, 5/15/67 (l)		765,000		692,325

				11,219,137

Total Utilities				60,321,527

Total Corporate Bonds				858,499,735

Government Securities (66.8%)
*Agency ABS (0.2%)*
Federal Farm Credit Bank
1.110%, 6/14/12		200,000		201,016
1.250%, 9/14/12		100,000		100,152
2.550%, 3/16/15		200,000		200,606
2.620%, 6/15/15		100,000		101,015
3.875%, 12/17/18		100,000		100,497
3.990%, 6/17/19		100,000		100,517
Federal Home Loan Bank
1.125%, 5/18/12		500,000		503,677
1.625%, 3/20/13		500,000		507,271
1.875%, 6/21/13		500,000		509,854
Federal Home Loan Mortgage Corp.
0.900%, 12/23/11		100,000		100,216
1.125%, 4/25/12		200,000		201,558
1.500%, 9/10/12		150,000		150,252
1.125%, 1/14/13		500,000		499,669
2.125%, 10/7/13		125,000		125,894
3.150%, 1/22/15		250,000		250,391
2.875%, 2/9/15		750,000		781,289
2.750%, 7/7/15		100,000		100,658
Federal National Mortgage Association
1.000%, 4/4/12		650,000		653,520
1.250%, 6/22/12		500,000		504,764
1.750%, 6/28/13		100,000		100,265
1.375%, 7/19/13		500,000		497,423
2.000%, 12/16/13		200,000		200,545
3.125%, 1/21/15		100,000		101,208
3.000%, 3/9/15		250,000		251,181
4.000%, 1/20/17		750,000		763,760

				7,607,198

*Agency CMO (0.2%)*
Federal National Mortgage Association
0.647%, 10/25/35 (l)		2,935,303		2,913,601
0.767%, 6/25/36 (l)		2,901,528		2,884,611
0.857%, 6/25/36 (l)		2,462,129		2,456,861

				8,255,073

See Notes to Financial Statements.

766

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

*Foreign Governments (1.6%)*
Canadian Government Bond
2.375%, 9/10/14	$	700,000	$	718,456
Croatia Government International Bond
6.750%, 11/5/19§		2,610,000		2,732,273
Export-Import Bank of Korea
8.125%, 1/21/14		1,500,000		1,715,988
5.875%, 1/14/15		100,000		108,352
4.125%, 9/9/15		250,000		253,832
Federative Republic of Brazil
10.250%, 6/17/13		1,000,000		1,217,500
8.000%, 1/15/18		1,111,111		1,288,889
8.875%, 10/14/19		800,000		1,046,000
8.875%, 4/15/24		600,000		810,000
10.125%, 5/15/27		1,100,000		1,650,000
8.250%, 1/20/34		3,090,000		4,078,800
11.000%, 8/17/40		500,000		669,500
5.625%, 1/7/41		300,000		294,750
Oesterreichische Kontrollbank AG
4.750%, 10/16/12		800,000		859,840
5.000%, 4/25/17		500,000		557,777
Province of British Columbia
2.850%, 6/15/15		150,000		154,932
Province of Manitoba
5.000%, 2/15/12		600,000		638,977
Province of Nova Scotia
5.125%, 1/26/17		300,000		341,851
Province of Ontario
2.625%, 1/20/12		1,500,000		1,535,480
4.950%, 6/1/12		500,000		535,153
4.100%, 6/16/14		1,000,000		1,075,399
4.950%, 11/28/16		600,000		672,232
4.000%, 10/7/19		400,000		413,020
Province of Quebec
4.875%, 5/5/14		600,000		661,702
4.625%, 5/14/18		600,000		655,378
7.125%, 2/9/24		500,000		656,197
7.500%, 9/15/29		500,000		686,312
Republic of Chile
5.500%, 1/15/13		500,000		545,800
Republic of Italy
3.500%, 7/15/11		1,600,000		1,611,617
4.375%, 6/15/13		1,000,000		1,029,374
5.250%, 9/20/16		1,300,000		1,352,547
6.875%, 9/27/23		1,000,000		1,137,721
Republic of Korea
5.750%, 4/16/14		500,000		545,096
7.125%, 4/16/19		500,000		600,175
Republic of Lithuania
6.750%, 1/15/15§		2,565,000		2,688,197
Republic of Panama
5.200%, 1/30/20		350,000		364,000
7.125%, 1/29/26		200,000		233,500
8.875%, 9/30/27		200,000		266,500
9.375%, 4/1/29		150,000		207,750
6.700%, 1/26/36		300,000		330,750
Republic of Peru
8.375%, 5/3/16		750,000		918,750
7.125%, 3/30/19		3,910,000		4,623,575
6.550%, 3/14/37		300,000		331,500


	Principal Amount		Value (Note 1)

Republic of Poland
5.000%, 10/19/15	$	1,000,000	$	1,059,725
6.375%, 7/15/19		480,000		526,321
Republic of South Africa
6.875%, 5/27/19		300,000		343,125
5.875%, 5/30/22		700,000		736,750
Russian Federation
7.500%, 3/31/30 (e)(m)		1,996,400		2,250,542
State of Israel
5.125%, 3/1/14		100,000		110,006
5.125%, 3/26/19		450,000		485,462
United Mexican States
6.375%, 1/16/13		300,000		328,950
5.875%, 2/17/14		750,000		822,750
5.625%, 1/15/17		1,100,000		1,207,250
5.950%, 3/19/19		1,000,000		1,110,000
8.300%, 8/15/31		700,000		945,000
6.050%, 1/11/40		1,100,000		1,160,500

				53,901,823

*Municipal Bonds (0.3%)*
Bay Area Toll Authority California State
6.793%, 4/1/30		100,000		99,822
6.918%, 4/1/40		100,000		99,865
6.263%, 4/1/49		300,000		315,408
7.043%, 4/1/50		200,000		201,970
Central Puget Sound Washington Regional Transportation Authority
5.491%, 11/1/39		200,000		209,732
City & County of Denver
5.650%, 8/1/30		100,000		101,198
City of Chicago, Illinois
6.845%, 1/1/38		125,000		131,322
6.395%, 1/1/40		70,000		74,684
Clark County, Nevada Airport
6.881%, 7/1/42		200,000		209,494
Los Angeles, California Unified School District
5.755%, 7/1/29		100,000		98,852
5.750%, 7/1/34		250,000		244,803
6.758%, 7/1/34		190,000		208,278
Metropolitan Government of Nashville & Davidson County Convention Center Authority
6.731%, 7/1/43		150,000		158,399
Metropolitan Transportation Authority
6.548%, 11/15/31		100,000		106,609
6.648%, 11/15/39		100,000		106,659
6.668%, 11/15/39		75,000		82,490
Metropolitan Washington Airports Authority
7.462%, 10/1/46		290,000		316,233
Municipal Electric Authority of Georgia
6.637%, 4/1/57		125,000		121,055
7.055%, 4/1/57		200,000		196,364
New Jersey Economic Development Authority
Series A 7.425%, 2/15/29		450,000		503,100
New Jersey Transportation Trust Fund Authority
6.561%, 12/15/40		100,000		109,040
New York City Municipal Water Finance Authority
5.724%, 6/15/42		125,000		128,487
6.011%, 6/15/42		35,000		37,134

See Notes to Financial Statements.

767

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

New York State Dormitory Authority
5.500%, 3/15/30	$	100,000	$	100,327
5.600%, 3/15/40		100,000		100,572
New York State Urban Development Corp.
5.770%, 3/15/39		60,000		61,036
North Texas Tollway Authority, Class B
6.718%, 1/1/49		288,000		311,391
San Diego County, California Water Authority
6.138%, 5/1/49		100,000		108,347
State of California
7.550%, 4/1/39		1,390,000		1,491,540
7.350%, 11/1/39		200,000		209,728
State of Georgia
4.503%, 11/1/25		100,000		103,219
State of Illinois
2.766%, 1/1/12		100,000		100,226
3.321%, 1/1/13		100,000		99,365
4.071%, 1/1/14		100,000		98,534
4.421%, 1/1/15		100,000		99,341
5.100%, 6/1/33		1,600,000		1,247,328
Series 2010 6.630%, 2/1/35		500,000		470,525
State of Massachusetts
5.456%, 12/1/39		250,000		262,003
State of New York
5.206%, 10/1/31		150,000		139,997
State of Utah
4.554%, 7/1/24		180,000		189,554
State of Washington
5.090%, 8/1/33		100,000		99,399
5.481%, 8/1/39		200,000		208,722
5.140%, 8/1/40		100,000		98,879

				9,461,031

*Supranational (1.3%)*
African Development Bank
1.875%, 1/23/12		1,000,000		1,012,302
3.000%, 5/27/14		1,000,000		1,043,438
Asian Development Bank
4.250%, 10/20/14		600,000		658,369
5.500%, 6/27/16		2,375,000		2,767,440
Corp. Andina de Fomento
5.750%, 1/12/17		500,000		544,284
8.125%, 6/4/19		150,000		184,301
Eksportfinans A/S
5.500%, 5/25/16		4,910,000		5,580,411
European Investment Bank
3.125%, 7/15/11		2,300,000		2,357,150
1.750%, 9/14/12		1,000,000		1,011,385
3.250%, 5/15/13		1,000,000		1,048,256
4.250%, 7/15/13		1,600,000		1,725,304
3.000%, 4/8/14		1,000,000		1,038,270
3.125%, 6/4/14		500,000		521,093
2.875%, 1/15/15		1,000,000		1,026,091
4.875%, 1/17/17		600,000		669,203
5.125%, 5/30/17		1,300,000		1,468,220
4.875%, 2/15/36		1,225,000		1,291,676
Export Development Canada
1.750%, 9/24/12		1,000,000		1,013,947
3.500%, 5/16/13		600,000		636,461


	Principal Amount		Value (Note 1)

Inter-American Development Bank
4.375%, 9/20/12	$	600,000	$	642,543
4.750%, 10/19/12		1,000,000		1,081,893
3.500%, 3/15/13		1,000,000		1,058,182
5.125%, 9/13/16		1,840,000		2,105,950
3.875%, 2/14/20		1,000,000		1,055,560
International Bank for Reconstruction & Development
2.000%, 4/2/12		2,000,000		2,041,060
5.000%, 4/1/16		600,000		684,027
9.250%, 7/15/17		865,000		1,214,368
4.750%, 2/15/35		100,000		107,743
International Finance Corp.
3.000%, 4/22/14		1,275,000		1,345,850
Japan Finance Corp.
4.250%, 6/18/13		600,000		647,291
Korea Development Bank
4.625%, 9/16/10		900,000		905,902
5.300%, 1/17/13		600,000		632,317
4.375%, 8/10/15		115,000		117,259
Nordic Investment Bank
3.625%, 6/17/13		600,000		638,983
2.625%, 10/6/14		300,000		308,365
5.000%, 2/1/17		1,540,000		1,748,710
Svensk Exportkredit AB
5.125%, 3/1/17		300,000		334,689

				42,268,293

*U.S. Government Agencies (32.8%)*
Federal Farm Credit Bank
3.875%, 8/25/11		100,000		103,865
1.125%, 10/3/11		200,000		201,267
1.875%, 12/7/12		300,000		306,451
2.625%, 4/17/14		1,000,000		1,039,411
Federal Home Loan Bank
3.625%, 7/1/11		5,000,000		5,161,760
1.625%, 7/27/11		3,000,000		3,036,027
5.375%, 8/19/11		2,300,000		2,422,544
3.625%, 9/16/11		3,000,000		3,115,395
4.875%, 11/18/11		2,000,000		2,117,422
1.875%, 6/20/12		500,000		510,865
1.875%, 11/19/12		1,500,000		1,508,096
1.625%, 11/21/12		650,000		660,674
5.125%, 8/14/13		1,300,000		1,454,180
4.000%, 9/6/13		1,600,000		1,731,232
2.500%, 10/15/13		1,000,000		1,005,182
5.250%, 6/18/14		4,000,000		4,559,196
5.500%, 8/13/14		1,300,000		1,498,571
4.750%, 12/16/16		500,000		562,309
4.875%, 5/17/17		1,500,000		1,708,372
5.000%, 11/17/17		2,000,000		2,282,276
5.500%, 7/15/36		300,000		340,729
Federal Home Loan Mortgage Corp.
5.250%, 7/18/11		5,000,000		5,251,390
1.125%, 12/15/11		600,000		604,738
2.350%, 3/2/12		750,000		752,098
2.125%, 3/23/12		3,000,000		3,074,127
2.000%, 4/27/12		400,000		404,479
1.750%, 6/15/12		1,000,000		1,019,625
4.125%, 12/21/12		5,000,000		5,397,050
2.500%, 4/8/13		1,000,000		1,015,328
3.750%, 6/28/13		1,000,000		1,078,454
2.500%, 1/7/14		5,300,000		5,495,422

See Notes to Financial Statements.

768

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

4.500%, 1/15/14	$	5,000,000	$	5,525,675
2.500%, 4/23/14		1,000,000		1,035,366
5.000%, 7/15/14		2,000,000		2,253,414
3.000%, 7/28/14		2,000,000		2,105,730
3.000%, 12/30/14		200,000		202,677
4.750%, 11/17/15		3,000,000		3,378,324
5.500%, 7/18/16		1,000,000		1,165,394
5.000%, 4/18/17		400,000		456,762
5.125%, 11/17/17		2,500,000		2,880,258
4.875%, 6/13/18		4,500,000		5,093,343
4.250%, 12/12/18		1,000,000		1,036,891
3.750%, 3/27/19		1,725,000		1,799,732
4.500%, 12/1/19		5,364,042		5,714,380
5.000%, 12/1/21		4,590,026		4,925,966
5.500%, 8/1/22		683,197		739,481
6.000%, 9/1/22		552,014		601,350
5.500%, 1/1/23		542,313		585,465
5.500%, 2/1/23		403,797		435,927
5.000%, 5/1/23		743,999		793,801
5.000%, 7/1/23		1,399,468		1,493,147
5.000%, 11/1/23		1,041,459		1,111,173
5.500%, 12/1/23		882,180		953,904
5.000%, 1/1/24		1,387,629		1,480,515
4.000%, 2/1/24		873,155		910,537
6.000%, 2/1/24		669,271		730,133
5.000%, 3/1/24		607,296		647,948
5.000%, 4/1/24		1,478,071		1,577,011
4.000%, 7/1/24		5,068,316		5,276,617
4.500%, 7/1/24		6,121,930		6,461,506
6.000%, 10/1/24		1,282,689		1,396,127
4.500%, 2/1/25		2,014,101		2,125,191
4.000%, 3/1/25		3,935,767		4,094,428
6.750%, 3/15/31		600,000		794,195
6.250%, 7/15/32		300,000		379,773
2.816%, 3/1/34 (l)		881,466		920,035
5.500%, 1/1/35		2,251,449		2,419,867
5.500%, 7/1/35		5,162,243		5,558,082
4.500%, 8/1/35		1,920,184		2,001,416
4.500%, 9/1/35		1,702,242		1,774,255
4.500%, 10/1/35		4,001,687		4,170,977
5.000%, 11/1/35		9,381,934		9,940,086
5.000%, 12/1/35		3,905,336		4,137,063
3.932%, 4/1/36 (l)		4,098,685		4,295,545
6.000%, 6/1/36		15,255,024		16,601,757
5.000%, 10/1/36		16,116,421		17,073,093
6.500%, 11/1/36		7,732,324		8,498,912
5.500%, 12/1/36		265,409		284,848
5.598%, 12/1/36 (l)		3,439,342		3,613,978
7.000%, 2/1/37		7,149,989		7,956,876
5.500%, 3/1/37		837,842		899,207
4.500%, 4/1/37		1,742,605		1,821,227
5.745%, 5/1/37 (l)		3,380,368		3,601,151
6.000%, 5/1/37		540,023		586,431
5.500%, 11/1/37		305,888		328,292
5.594%, 11/1/37 (l)		1,124,296		1,179,076
5.287%, 1/1/38 (l)		5,558,001		5,870,244
5.500%, 4/1/38		11,287,157		12,129,725
5.500%, 5/1/38		6,710,969		7,202,496
4.500%, 6/1/38		5,823,813		6,070,187
5.500%, 7/1/38		700,393		751,691
6.000%, 7/1/38		2,138,737		2,330,889
5.500%, 8/1/38		1,194,656		1,282,155


	Principal Amount		Value (Note 1)

6.000%, 8/1/38	$	437,543	$	474,666
5.000%, 9/1/38		7,295,659		7,725,134
5.500%, 9/1/38		474,383		509,127
6.000%, 9/1/38		315,898		342,700
5.500%, 10/1/38		1,988,898		2,134,569
6.000%, 10/1/38		47,685		51,731
5.000%, 11/1/38		2,247,049		2,381,785
5.500%, 11/1/38		5,180,839		5,560,295
6.000%, 11/1/38		11,494,977		12,470,254
5.500%, 1/1/39		12,839,539		13,797,990
4.500%, 2/1/39		6,775,922		7,029,754
5.000%, 3/1/39		1,973,628		2,091,043
4.000%, 5/1/39		4,798,115		4,862,215
4.500%, 6/1/39		4,763,302		4,940,996
4.000%, 7/1/39		4,945,373		5,011,440
4.500%, 7/1/39		4,779,350		4,957,642
5.000%, 7/1/39		7,630,740		8,079,941
5.000%, 9/1/39		1,475,854		1,562,964
4.500%, 10/1/39		12,614,240		13,081,327
4.500%, 2/1/40		6,422,659		6,664,032
Federal National Mortgage Association
3.625%, 8/15/11		4,000,000		4,139,920
1.000%, 11/23/11		585,000		588,637
2.000%, 1/9/12		3,000,000		3,060,813
5.000%, 2/16/12		2,600,000		2,780,978
1.875%, 4/20/12		750,000		765,697
2.000%, 9/28/12		700,000		702,385
1.875%, 10/29/12		600,000		602,169
1.750%, 12/28/12		200,000		201,664
2.170%, 3/21/13		500,000		501,596
1.500%, 7/19/13		500,000		498,619
4.625%, 10/15/13		5,200,000		5,747,971
2.750%, 2/5/14		3,000,000		3,124,983
3.000%, 9/15/14		500,000		502,757
3.000%, 9/16/14		1,000,000		1,049,401
3.000%, 10/29/14		1,500,000		1,512,360
2.625%, 11/20/14		750,000		775,135
4.375%, 10/15/15		3,000,000		3,317,988
5.000%, 2/13/17		3,300,000		3,750,800
5.000%, 5/11/17		1,600,000		1,825,450
5.500%, 6/1/22		615,269		664,879
5.500%, 9/1/22		101,201		109,391
6.000%, 9/1/22		12,088		13,177
4.500%, 4/1/23		7,938,314		8,415,542
5.000%, 5/1/23		5,198,139		5,549,013
5.500%, 5/1/23		4,464,895		4,824,180
4.500%, 6/1/23		2,964,481		3,145,014
5.000%, 6/1/23		3,604,898		3,848,228
5.500%, 9/1/23		1,261,603		1,363,123
5.500%, 10/1/23		49,916		53,964
6.000%, 12/1/23		1,188,746		1,292,807
4.000%, 2/1/24		3,027,462		3,156,602
5.000%, 5/20/24		500,000		500,378
4.000%, 6/1/24		6,323,721		6,590,102
4.500%, 7/1/24		11,685,103		12,345,585
9.000%, 8/1/26		3,908		4,470
6.500%, 12/1/28		2,585,521		2,878,777
6.250%, 5/15/29		19,700,000		24,374,849
7.125%, 1/15/30		1,100,000		1,497,228
6.625%, 11/15/30		3,000,000		3,901,371
5.500%, 4/1/33		7,770,293		8,368,241
5.500%, 7/1/33		2,805,882		3,021,804

See Notes to Financial Statements.

769

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

5.000%, 11/1/33	$	7,112,306	$	7,559,880
5.500%, 11/1/33		1,525,507		1,642,900
4.656%, 3/1/34 (l)		2,184,579		2,284,838
5.500%, 4/1/34		1,293,741		1,393,097
5.500%, 5/1/34		795,287		856,238
5.500%, 11/1/34		3,791,675		4,079,901
5.500%, 2/1/35		25,911,450		27,897,319
5.000%, 4/1/35		5,716,921		6,065,073
6.000%, 4/1/35		8,295,291		9,107,970
5.000%, 6/1/35		4,100,279		4,353,823
5.000%, 7/1/35		6,268,266		6,655,870
4.500%, 8/1/35		8,135,297		8,490,738
5.000%, 8/1/35		7,748,808		8,213,433
4.500%, 9/1/35		5,239,927		5,478,258
5.500%, 10/1/35		1,648,644		1,771,906
5.000%, 11/1/35		2,283,355		2,420,981
5.500%, 12/1/35		8,030,596		8,627,244
5.450%, 1/1/36 (l)		3,933,790		4,190,718
5.000%, 2/1/36		15,752,383		16,696,910
5.500%, 3/1/36		10,455,917		11,232,759
6.000%, 3/1/36		14,288,608		15,567,886
6.000%, 5/1/36		23,618		25,695
5.500%, 6/1/36		24,250,538		26,052,278
5.000%, 7/1/36		6,062,548		6,427,958
5.500%, 7/1/36		37,771		40,559
6.000%, 7/1/36		42,308		46,030
6.000%, 8/1/36		48,768		53,058
6.000%, 9/1/36		5,136,931		5,588,513
6.500%, 9/1/36		13,483,597		14,808,255
5.500%, 11/1/36		42,000		45,087
6.500%, 11/1/36		593,666		650,876
5.500%, 1/1/37		3,013,902		3,235,471
6.500%, 1/1/37		344,775		378,000
5.886%, 2/1/37 (l)		1,395,126		1,468,895
5.500%, 3/1/37		3,033,218		3,258,556
6.000%, 3/1/37		15,826		17,179
6.000%, 5/1/37		43,679		47,515
6.000%, 6/1/37		676,969		734,829
6.000%, 7/1/37		594,908		645,408
4.539%, 8/1/37 (l)		1,285,062		1,357,347
6.000%, 8/1/37		811,048		879,860
5.383%, 9/1/37 (l)		1,578,415		1,666,214
6.000%, 9/1/37		600,485		651,802
5.570%, 10/1/37 (l)		3,019,568		3,180,964
6.000%, 10/1/37		869,998		943,812
6.500%, 10/1/37		711,651		779,119
6.000%, 11/1/37		12,062,132		13,085,530
6.500%, 11/1/37		819,346		897,349
6.500%, 12/1/37		199,237		218,126
5.000%, 2/1/38		5,053,100		5,356,088
4.500%, 3/1/38		28,261		29,382
5.500%, 3/1/38		3,444,347		3,697,560
4.500%, 6/1/38		65,969		68,523
4.972%, 7/1/38 (l)		5,548,016		5,910,373
5.500%, 7/1/38		23,941,020		25,701,059
6.000%, 7/1/38		35,241		38,341
6.000%, 9/1/38		129,607		140,709
6.500%, 9/1/38		298,839		327,170
6.000%, 11/1/38		3,656,346		3,966,433
6.500%, 11/1/38		467,684		512,022
6.000%, 12/1/38		94,655		102,627
4.500%, 1/1/39		29,024		30,133


	Principal Amount		Value (Note 1)

5.000%, 1/1/39	$	8,852,998	$	9,379,682
5.373%, 1/1/39 (l)		666,620		710,158
5.565%, 1/1/39 (l)		3,605,754		3,836,692
4.000%, 2/1/39		228,774		232,367
4.500%, 3/1/39		1,955,129		2,029,898
5.000%, 3/1/39		4,527,134		4,798,585
4.000%, 4/1/39		134,118		136,015
4.500%, 5/1/39		4,683,764		4,866,540
4.000%, 6/1/39		3,868,222		3,922,921
4.500%, 6/1/39		17,234,291		17,890,674
4.000%, 7/1/39		2,573,927		2,610,324
4.500%, 7/1/39		11,696,849		12,142,334
4.000%, 8/1/39		10,756,262		10,908,362
4.500%, 8/1/39		967,557		1,004,408
5.000%, 8/1/39		5,842,194		6,188,845
4.000%, 9/1/39		3,410,649		3,458,878
4.500%, 9/1/39		9,716,838		10,089,950
5.000%, 10/1/39		1,439,314		1,524,717
4.500%, 1/1/40		4,905,333		5,101,355
4.500%, 2/1/40		2,960,454		3,075,056
4.500%, 5/1/40		4,999,771		5,189,411
4.000%, 7/25/25 TBA		5,000,000		5,194,141
6.000%, 7/25/40 TBA		26,965,000		29,246,492
5.500%, 8/25/40 TBA		18,930,000		20,266,931
Government National Mortgage Association
8.500%, 10/15/17		1,612		1,791
8.500%, 11/15/17		5,941		6,602
8.000%, 7/15/26		379		430
6.500%, 9/15/36		142,927		157,527
5.500%, 4/15/37		713,949		774,328
5.500%, 5/15/37		162,132		175,640
6.500%, 5/15/37		304,039		334,622
6.500%, 9/15/37		164,272		180,591
6.500%, 10/15/37		214,411		236,781
6.000%, 1/15/38		1,106,235		1,206,660
5.500%, 2/15/38		9,829,086		10,669,729
5.500%, 4/15/38		670,925		725,778
6.000%, 4/15/38		29,863		32,575
5.500%, 6/15/38		1,653,796		1,788,490
6.500%, 6/15/38		266,025		292,118
5.500%, 7/15/38		502,872		543,829
6.000%, 7/15/38		3,313,436		3,620,877
5.500%, 8/15/38		1,128,828		1,220,766
6.000%, 8/15/38		796,909		869,005
6.500%, 8/15/38		998,940		1,096,922
6.000%, 9/15/38		1,138,918		1,241,955
6.500%, 9/15/38		1,204,822		1,322,998
6.000%, 10/15/38		6,617,155		7,215,801
6.500%, 10/15/38		1,120,167		1,230,040
6.000%, 11/15/38		1,784,291		1,945,714
5.500%, 12/15/38		5,597,228		6,053,477
6.000%, 12/15/38		3,003,606		3,275,339
6.500%, 12/15/38		1,594,635		1,752,043
5.500%, 1/15/39		2,912,930		3,150,175
6.000%, 1/15/39		612,538		667,954
5.000%, 2/15/39		9,729,832		10,386,976
4.500%, 4/15/39		7,498,913		7,827,869
4.500%, 5/15/39		5,687,583		5,938,859
4.500%, 6/15/39		8,275,166		8,638,174
5.000%, 6/15/39		966,719		1,035,635
6.000%, 6/15/39		197,972		215,882
5.500%, 7/15/39		131,258		141,949

See Notes to Financial Statements.

770

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

6.000%, 8/15/39	$	113,792	$	124,086
4.000%, 9/15/39		3,950,146		4,023,132
4.500%, 9/15/39		2,859,037		2,984,455
5.000%, 9/15/39		19,815,703		21,165,929
5.500%, 10/15/39		3,803,663		4,113,454
6.000%, 10/15/39		159,820		174,279
4.500%, 12/15/39		4,933,274		5,151,224
4.500%, 1/15/40		1,983,416		2,070,423
5.000%, 1/15/40		9,914,773		10,593,703
4.500%, 2/15/40		2,996,956		3,129,361
4.500%, 5/15/40		4,992,709		5,213,285

				1,094,154,305

*U.S. Treasuries (30.4%)*
U.S. Treasury Bonds
3.000%, 7/15/12 TIPS		8,235,000		10,622,344
11.250%, 2/15/15		4,700,000		6,708,883
9.875%, 11/15/15		6,500,000		9,137,576
9.250%, 2/15/16		5,000,000		6,928,515
7.250%, 5/15/16		3,300,000		4,238,952
7.500%, 11/15/16		1,000,000		1,310,312
8.750%, 5/15/17		2,000,000		2,814,688
9.125%, 5/15/18		1,000,000		1,475,312
9.000%, 11/15/18		2,000,000		2,960,000
8.875%, 2/15/19		2,500,000		3,684,375
8.125%, 8/15/19		3,300,000		4,701,470
3.625%, 2/15/20		13,580,000		14,348,112
8.500%, 2/15/20		4,000,000		5,867,500
8.750%, 8/15/20		4,600,000		6,896,407
7.875%, 2/15/21		2,500,000		3,578,515
8.125%, 5/15/21		1,500,000		2,187,188
8.125%, 8/15/21		1,000,000		1,462,812
8.000%, 11/15/21		4,800,000		6,981,000
7.250%, 8/15/22		1,000,000		1,393,281
7.125%, 2/15/23		3,000,000		4,153,593
6.250%, 8/15/23		1,500,000		1,944,375
7.625%, 2/15/25		2,000,000		2,938,124
6.000%, 2/15/26		3,000,000		3,865,782
6.750%, 8/15/26		2,700,000		3,748,359
6.625%, 2/15/27		1,900,000		2,615,468
6.125%, 11/15/27		4,500,000		5,923,125
5.500%, 8/15/28		1,600,000		1,978,000
5.250%, 11/15/28		2,900,000		3,490,423
5.250%, 2/15/29		2,200,000		2,647,564
6.125%, 8/15/29		5,700,000		7,572,097
5.375%, 2/15/31		2,000,000		2,460,624
4.500%, 2/15/36		26,720,000		29,517,263
4.750%, 2/15/37		1,300,000		1,492,562
5.000%, 5/15/37		1,200,000		1,430,250
4.375%, 2/15/38		2,500,000		2,703,125
4.500%, 5/15/38		3,500,000		3,860,392
3.500%, 2/15/39		4,000,000		3,715,624
4.250%, 5/15/39		7,000,000		7,401,408
4.500%, 8/15/39		7,000,000		7,709,842
4.375%, 11/15/39		7,300,000		7,880,576
4.625%, 2/15/40		5,700,000		6,407,153
4.375%, 5/15/40		2,000,000		2,163,120
U.S. Treasury Notes
1.000%, 7/31/11		5,000,000		5,031,250
4.875%, 7/31/11		2,000,000		2,096,172
5.000%, 8/15/11		4,000,000		4,206,720
1.000%, 8/31/11		8,000,000		8,051,872


	Principal Amount		Value (Note 1)

4.625%, 8/31/11	$	5,000,000	$	5,242,775
1.000%, 9/30/11		9,000,000		9,061,875
4.500%, 9/30/11		800,000		840,813
1.000%, 10/31/11		5,000,000		5,034,960
4.625%, 10/31/11		2,000,000		2,111,562
1.750%, 11/15/11		5,000,000		5,088,475
0.750%, 11/30/11		3,000,000		3,011,250
4.500%, 11/30/11		6,600,000		6,978,470
1.125%, 12/15/11		3,500,000		3,533,359
1.000%, 12/31/11		6,000,000		6,043,830
1.125%, 1/15/12		5,000,000		5,047,460
0.875%, 1/31/12		5,000,000		5,026,560
4.750%, 1/31/12		5,000,000		5,336,915
1.375%, 2/15/12		5,000,000		5,068,360
4.875%, 2/15/12		3,300,000		3,535,382
0.875%, 2/29/12		10,000,000		10,053,500
1.375%, 3/15/12		5,000,000		5,072,460
1.000%, 3/31/12		5,000,000		5,037,900
1.375%, 4/15/12		2,000,000		2,030,078
1.000%, 4/30/12		22,500,000		22,668,750
1.375%, 5/15/12		3,000,000		3,044,064
0.750%, 5/31/12		23,590,000		23,658,175
4.750%, 5/31/12		5,000,000		5,397,265
1.875%, 6/15/12		5,000,000		5,123,440
4.625%, 7/31/12		600,000		650,063
1.750%, 8/15/12		3,500,000		3,581,211
4.375%, 8/15/12		2,000,000		2,160,156
4.125%, 8/31/12		1,000,000		1,075,391
1.375%, 9/15/12		5,000,000		5,076,170
1.375%, 10/15/12		5,000,000		5,074,220
1.375%, 11/15/12		8,000,000		8,114,376
4.000%, 11/15/12		3,300,000		3,554,460
1.125%, 12/15/12		7,000,000		7,057,421
3.625%, 12/31/12		4,000,000		4,289,688
1.375%, 1/15/13		5,000,000		5,067,190
1.375%, 2/15/13		6,000,000		6,078,750
3.875%, 2/15/13		5,300,000		5,725,240
2.750%, 2/28/13		4,000,000		4,201,248
1.375%, 3/15/13		5,000,000		5,064,850
3.125%, 4/30/13		2,500,000		2,657,813
1.375%, 5/15/13		7,000,000		7,085,330
3.500%, 5/31/13		2,000,000		2,149,218
3.375%, 6/30/13		4,000,000		4,286,564
3.375%, 7/31/13		3,000,000		3,216,564
4.250%, 8/15/13		7,500,000		8,241,210
3.125%, 8/31/13		5,000,000		5,321,875
3.125%, 9/30/13		4,300,000		4,578,158
2.750%, 10/31/13		3,000,000		3,157,266
4.250%, 11/15/13		4,000,000		4,411,248
2.000%, 11/30/13		6,000,000		6,159,372
1.500%, 12/31/13		7,000,000		7,059,066
1.750%, 1/31/14		9,500,000		9,652,893
4.000%, 2/15/14		4,000,000		4,385,936
1.875%, 2/28/14		8,500,000		8,662,027
1.750%, 3/31/14		7,000,000		7,096,796
1.875%, 4/30/14		5,000,000		5,090,235
4.750%, 5/15/14		6,000,000		6,768,750
2.250%, 5/31/14		5,500,000		5,674,883
2.625%, 6/30/14		7,000,000		7,317,737
2.625%, 7/31/14		59,455,000		62,125,838
4.250%, 8/15/14		5,600,000		6,224,310
2.375%, 8/31/14		26,940,000		27,851,326

See Notes to Financial Statements.

771

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

2.375%, 9/30/14	$	5,000,000	$	5,164,455
2.375%, 10/31/14		7,500,000		7,737,892
4.250%, 11/15/14		5,000,000		5,568,360
2.125%, 11/30/14		5,000,000		5,106,250
2.625%, 12/31/14		3,500,000		3,645,467
2.250%, 1/31/15		15,934,000		16,331,107
4.000%, 2/15/15		4,700,000		5,187,258
2.375%, 2/28/15		6,500,000		6,699,095
2.500%, 3/31/15		47,440,000		49,159,700
2.500%, 4/30/15		2,500,000		2,588,868
2.125%, 5/31/15		27,985,000		28,466,062
4.250%, 8/15/15		6,300,000		7,044,679
4.500%, 11/15/15		3,000,000		3,405,936
4.500%, 2/15/16		5,000,000		5,658,985
2.625%, 2/29/16		6,000,000		6,172,968
2.375%, 3/31/16		750,000		761,075
5.125%, 5/15/16		1,000,000		1,166,953
3.250%, 5/31/16		2,000,000		2,124,376
3.250%, 6/30/16		4,000,000		4,242,188
3.250%, 7/31/16		800,000		848,062
4.875%, 8/15/16		1,600,000		1,852,000
3.000%, 8/31/16		4,000,000		4,174,376
3.000%, 9/30/16		4,500,000		4,692,303
3.125%, 10/31/16		5,000,000		5,244,920
2.750%, 11/30/16		3,000,000		3,075,702
3.250%, 12/31/16		5,500,000		5,797,341
3.125%, 1/31/17		5,500,000		5,752,225
4.625%, 2/15/17		1,600,000		1,827,875
3.000%, 2/28/17		5,000,000		5,190,625
3.250%, 3/31/17		3,000,000		3,161,250
3.125%, 4/30/17		5,000,000		5,226,560
4.500%, 5/15/17		4,000,000		4,550,624
2.750%, 5/31/17		5,000,000		5,105,470
4.750%, 8/15/17		2,800,000		3,237,282
4.250%, 11/15/17		3,300,000		3,707,085
3.500%, 2/15/18		5,000,000		5,344,920
3.875%, 5/15/18		5,800,000		6,339,220
4.000%, 8/15/18		4,200,000		4,619,672
3.750%, 11/15/18		6,400,000		6,896,000
2.750%, 2/15/19		6,000,000		5,977,500
3.125%, 5/15/19		10,000,000		10,208,590
3.625%, 8/15/19		6,250,000		6,608,888
3.375%, 11/15/19		67,380,000		69,785,668
3.500%, 5/15/20		4,500,000		4,709,520

				1,013,459,984

Total Government Securities				2,229,107,707

Total Long-Term Debt Securities (98.3%) (Cost $3,110,185,406)				3,277,763,441

	Number of Shares		Value (Note 1)
PREFERRED STOCKS:
Financials (0.0%)
*Diversified Financial Services (0.0%)*
Citigroup Capital XII
8.500% (l)		41,000		1,024,590

*Thrifts & Mortgage Finance* (*0.0%)*
Fannie Mae
8.250% (l)*		32,375		11,007


	Number of Shares		Value (Note 1)

Freddie Mac
8.375% (l)*		24,725	$	8,407

				19,414

Total Preferred Stocks (0.0%) (Cost $2,452,500)				1,044,004

COMMON STOCK:
Information Technology (0.0%)
*Computers & Peripherals (0.0%)*
Axiohm Transaction Solutions, Inc. (b)† (Cost $523,827)*		4,056	$	—

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (2.7%)
Federal Home Loan Bank
0.03%, 7/7/10 (o)(p)	$	91,250,000		91,249,543

Time Deposit (1.0%)
JPMorgan Chase Nassau
0.000%, 7/1/10		33,549,162		33,549,162

Total Short-Term Investments (3.7%) (Cost/Amortized Cost $124,799,009)				124,798,705

Total Investments (102.0%) (Cost/Amortized Cost $3,237,960,742)				3,403,606,150
Other Assets Less Liabilities (-2.0%)				(67,393,059	)

Net Assets (100%)			$	3,336,213,091

*	Non-income producing.

†	Securities (totaling $0 or 0.0% of net assets) at fair value by management.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2010, the market value of these securities amounted to $76,390,974 or 2.3% 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 June 30, 2010. Maturity date disclosed is the ultimate maturity date.

(l)

Floating Rate Security. Rate disclosed is as of June 30, 2010.

(m)

(o)

Discount Note Security. Effective rate calculated as of June 30, 2010.

(p)

Yield to maturity.

Glossary:

CMO

— Collateralized Mortgage Obligation

EUR

— European Currency Unit

TBA

— Security is subject to delayed delivery.

TIPS

— Treasury Inflation Protected Security

See Notes to Financial Statements.

772

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

At June 30, 2010, the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


Foreign Currency Sell Contract	Counterparty	Local Contract Sell Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
European Union Euro vs. U.S. Dollar, expiring 8/25/10	Credit Suisse First Boston	496	$	609,136	$	606,133	$	3,003

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Asset-Backed and Mortgage-Backed Securities
Asset-Backed Securities	$	—	$	21,497,055	$	—	$	21,497,055
Non-Agency CMO		—		168,658,944		—		168,658,944
Common Stocks
Information Technology		—		—		—		—
Corporate Bonds
Consumer Discretionary		—		81,858,211		—		81,858,211
Consumer Staples		—		56,100,107		—		56,100,107
Energy		—		80,266,151		—		80,266,151
Financials		—		345,590,197		—		345,590,197
Health Care		—		48,368,625		—		48,368,625
Industrials		—		51,403,229		—		51,403,229
Information Technology		—		22,521,919		—		22,521,919
Materials		—		59,371,700		—		59,371,700
Telecommunication Services		—		52,698,069		—		52,698,069
Utilities		—		60,321,527		—		60,321,527
Forward Currency Contracts		—		3,003		—		3,003
Government Securities
Agency ABS		—		7,607,198		—		7,607,198
Agency CMO		—		8,255,073		—		8,255,073
Foreign Governments		—		53,901,823		—		53,901,823
Municipal Bonds		—		9,461,031		—		9,461,031
Supranational		—		42,268,293		—		42,268,293
U.S. Government Agencies		—		1,094,154,305		—		1,094,154,305
U.S. Treasuries		—		1,013,459,984		—		1,013,459,984
Preferred Stocks
Financials		1,044,004		—		—		1,044,004
Short-Term Investments		—		124,798,705		—		124,798,705

Total Assets	$	1,044,004	$	3,402,565,149	$	—	$	3,403,609,153

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	1,044,004	$	3,402,565,149	$	—	$	3,403,609,153

See Notes to Financial Statements.

773

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		3,003
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	3,003


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	—

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts		—		—		1,310,105		—		1,310,105
Credit contracts		—		—		—		—		—
Equity contracts		—		—		—		—		—
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	—	$	1,310,105	$	—	$	1,310,105


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments	Options		Futures		Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts		—		—		248,520		—		248,520
Credit contracts		—		—		—		—		—
Equity contracts		—		—		—		—		—
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	—	$	248,520	$	—	$	248,520

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $170,125,000 during the six months ended June 30, 2010.

^ This Portfolio held forward foreign currency to gain an economic hedge against changes in the values of securities held in the Portfolio, that do not qualify for hedge accounting under ASC 815.

See Notes to Financial Statements.

774

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,049,538,141
Long-term U.S. Treasury securities		457,119,794

	$	1,506,657,935

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,396,195,227
Long-term U.S. Treasury securities		357,078,601

	$	1,753,273,828

As of June 30, 2010, 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	$	177,532,847
Aggregate gross unrealized depreciation		(13,521,181	)

Net unrealized appreciation	$	164,011,666

Federal income tax cost of investments	$	3,239,594,484

The Portfolio has a net capital loss carryforward of $212,896,683 of which $2,157,878 expires in the year 2010, $431,165 expires in the year 2013, $21,239,747 expires in the year 2014, $7,279,445 expires in the year 2015, $63,492,926 expires in the year 2016, and $118,295,522 expires in the year 2017.

Included in the capital loss carryforward amounts are $23,147,934 of losses acquired from EQ/Caywood-Scholl High Yield as a result of a tax free reorganization that occurred during the year 2009. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

See Notes to Financial Statements.

775

EQ ADVISORS TRUST

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $3,237,960,742)	$	3,403,606,150
Cash		88,453
Receivable for forward commitments		31,272,737
Dividends, interest and other receivables		27,380,466
Receivable for securities sold		9,152,640
Receivable from Separate Accounts for Trust shares sold		2,301,967
Unrealized appreciation of forward foreign currency contracts		3,003
Other assets		8,871

Total assets		3,473,814,287

LIABILITIES
Payable for forward commitments		86,047,340
Payable for securities purchased		47,736,486
Payable to Separate Accounts for Trust shares redeemed		1,803,528
Investment management fees payable		1,108,438
Administrative fees payable		424,296
Distribution fees payable - Class IB		146,008
Trustees’ fees payable		2,948
Accrued expenses		332,152

Total liabilities		137,601,196

NET ASSETS	$	3,336,213,091

Net assets were comprised of:
Paid in capital	$	3,316,772,595
Accumulated undistributed net investment income (loss)		51,749,646
Accumulated undistributed net realized gains (losses) on investments, securities sold short and foreign currency transactions		(197,957,087	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		165,647,937

Net assets	$	3,336,213,091

Class IA
Net asset value, offering and redemption price per share, $2,618,010,784 / 275,693,943 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.50

Class IB
Net asset value, offering and redemption price per share, $718,202,307 / 76,054,075 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.44

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Interest	$	62,831,225
Dividends		24,927
Securities lending (net)		13,916

Total income		62,870,068

EXPENSES
Investment management fees		6,914,294
Administrative fees		2,644,936
Distribution fees - Class IB		873,190
Printing and mailing expenses		202,552
Professional fees		42,079
Trustees’ fees		40,960
Custodian fees		33,720
Miscellaneous		81,977

Total expenses		10,833,708

NET INVESTMENT INCOME (LOSS)		52,036,360

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		16,006,774
Foreign currency transactions		877,438
Securities sold short		(344,246	)

Net realized gain (loss)		16,539,966

Change in unrealized appreciation (depreciation) on:
Securities		108,075,422
Foreign currency translations		246,920

Net change in unrealized appreciation (depreciation)		108,322,342

NET REALIZED AND UNREALIZED GAIN (LOSS)		124,862,308

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	176,898,668

See Notes to Financial Statements.

776

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	52,036,360		$	89,651,289
Net realized gain (loss) on investments, securities sold short and foreign currency transactions		16,539,966			(5,049,783	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		108,322,342			100,528,442

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		176,898,668			185,129,948

DIVIDENDS:
Dividends from net investment income
Class IA		—			(85,042,033	)
Class IB		—			(19,069,848	)

TOTAL DIVIDENDS		—			(104,111,881	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [13,362,288 and 215,902,584 shares, respectively]		123,355,824			1,897,577,984
Capital shares issued in reinvestment of dividends [0 and 9,339,109 shares, respectively]		—			85,042,033
Capital shares repurchased [(43,144,881) and (20,738,015) shares, respectively]		(401,806,679	)		(187,237,396	)

Total Class IA transactions		(278,450,855	)		1,795,382,621

Class IB
Capital shares sold [9,110,943 and 14,294,391 shares, respectively]		83,852,790			128,918,619
Capital shares issued in connection with merger (Note 8)[0 and 33,226,727 shares, respectively]		—			305,253,763
Capital shares issued in reinvestment of dividends [0 and 2,102,751 shares, respectively]		—			19,069,848
Capital shares repurchased [(10,769,418) and (19,051,700) shares, respectively]		(98,931,542	)		(171,362,064	)

Total Class IB transactions		(15,078,752	)		281,880,166

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(293,529,607	)		2,077,262,787

TOTAL INCREASE (DECREASE) IN NET ASSETS		(116,630,939	)		2,158,280,854
NET ASSETS:
Beginning of period		3,452,844,030			1,294,563,176

End of period (a)	$	3,336,213,091		$	3,452,844,030

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	51,749,646		$	(286,714)

See Notes to Financial Statements.

777

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO (jj)

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	9.02		$	8.75		$	9.94		$	10.00		$	10.02		$	10.20

Income (loss) from investment operations:
Net investment income (loss)		0.14	(e)		0.30	(e)		0.63			0.46	(e)		0.43	(e)		0.36	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.34			0.26			(1.26	)		0.01			(0.02	)		(0.12	)

Total from investment operations		0.48			0.56			(0.63	)		0.47			0.41			0.24

Less distributions:
Dividends from net investment income		—			(0.29	)		(0.56	)		(0.53	)		(0.43	)		(0.39	)
Distributions from net realized gains		—			—			—			—			—			(0.03	)

Total dividends and distributions		—			(0.29	)		(0.56	)		(0.53	)		(0.43	)		(0.42	)

Net asset value, end of period	$	9.50		$	9.02		$	8.75		$	9.94		$	10.00		$	10.02

Total return (b)		5.32	%		6.34	%		(6.36	)%		4.78	%		4.06	%		2.33	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,618,011		$	2,755,163		$	883,979		$	1,556,385		$	1,644,924		$	1,543,231
Ratio of expenses to average net assets:
After waivers (a)		0.58	%		0.59	%		0.65	%		0.64	%		0.61	%		0.55	%
Before waivers (a)		0.58	%		0.59	%		0.65	%		0.64	%		0.61	%		0.55	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		3.06	%		3.38	%		4.80	%		4.49	%		4.25	%		3.51	%
Before waivers (a)		3.06	%		3.38	%		4.80	%		4.49	%		4.25	%		3.51	%
Portfolio turnover rate		44	%		173	%		135	%		165	%		353	%		531	%

See Notes to Financial Statements.

778

EQ ADVISORS TRUST

EQ/QUALITY BOND PLUS PORTFOLIO (jj)

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	8.98		$	8.71		$	9.89		$	9.95		$	9.96		$	10.15

Income (loss) from investment operations:
Net investment income (loss)		0.13	(e)		0.28	(e)		0.48			0.43	(e)		0.40	(e)		0.33	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.33			0.25			(1.13	)		0.01			(0.01	)		(0.13	)

Total from investment operations		0.46			0.53			(0.65	)		0.44			0.39			0.20

Less distributions:
Dividends from net investment income		—			(0.26	)		(0.53	)		(0.50	)		(0.40	)		(0.36	)
Distributions from net realized gains		—			—			—			—			—			(0.03	)

Total dividends and distributions		—			(0.26	)		(0.53	)		(0.50	)		(0.40	)		(0.39	)

Net asset value, end of period	$	9.44		$	8.98		$	8.71		$	9.89		$	9.95		$	9.96

Total return (b)		5.12	%		6.09	%		(6.57	)%		4.60	%		3.79	%		1.95	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	718,202		$	697,681		$	410,584		$	497,051		$	480,846		$	465,584
Ratio of expenses to average net assets:
After waivers (a)		0.83	%		0.84	%		0.90	%		0.89	%		0.86	%		0.80	%
Before waivers (a)		0.83	%		0.84	%		0.90	%		0.89	%		0.86	%		0.80	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		2.83	%		3.09	%		4.53	%		4.24	%		4.00	%		3.26	%
Before waivers (a)		2.83	%		3.09	%		4.53	%		4.24	%		4.00	%		3.26	%
Portfolio turnover rate		44	%		173	%		135	%		165	%		353	%		531	%

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

Net investment income per share is based on average shares outstanding.

(jj)

On September 18, 2009, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/Caywood-Scholl High Yield Bond Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2009 represents the results of operations of the EQ/Quality Bond PLUS Portfolio.

See Notes to Financial Statements.

779

EQ/SMALL COMPANY INDEX PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Financials	21.4	%
Information Technology	17.9
Industrials	15.3
Health Care	13.8
Consumer Discretionary	13.8
Energy	5.4
Materials	4.8
Consumer Staples	3.3
Utilities	3.2
Telecommunication Services	1.0
Cash and Other	0.1

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$978.60	$1.82
Hypothetical (5% average return before expenses)	1,000.00	1,022.96	1.86
Class IB
Actual	1,000.00	977.50	3.04
Hypothetical (5% average return before expenses)	1,000.00	1,021.72	3.11
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.37% and 0.62%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

780

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (13.8%)
*Auto Components (0.8%)*
American Axle & Manufacturing Holdings, Inc.*	62,775	$	460,141
Cooper Tire & Rubber Co.	55,722		1,086,579
Dana Holding Corp.*	118,365		1,183,650
Dorman Products, Inc.*	10,700		217,531
Drew Industries, Inc.*	18,670		377,134
Exide Technologies, Inc.*	60,600		315,120
Fuel Systems Solutions, Inc.*	11,658		302,525
Modine Manufacturing Co.*	39,726		305,096
Standard Motor Products, Inc.	17,181		138,650
Superior Industries International, Inc.	16,146		217,002
Tenneco, Inc.*	52,397		1,103,481

			5,706,909

*Automobiles (0.0%)*
Winnebago Industries, Inc.*	18,846		187,329

*Distributors (0.0%)*
Audiovox Corp., Class A*	20,901		153,622

*Diversified Consumer Services (1.3%)*
American Public Education, Inc.*	16,907		738,836
Bridgepoint Education, Inc.*	12,904		204,012
Capella Education Co.*	12,845		1,044,941
Coinstar, Inc.*	28,586		1,228,340
Corinthian Colleges, Inc.*	76,921		757,672
Grand Canyon Education, Inc.*	24,848		582,189
K12, Inc.*	21,984		487,605
Lincoln Educational Services Corp.*	13,200		271,788
Mac-Gray Corp.	14,347		159,825
Matthews International Corp., Class A	26,639		779,990
Pre-Paid Legal Services, Inc.*	5,500		250,195
Regis Corp.	53,252		829,134
Sotheby’s, Inc.	60,802		1,390,542
Steiner Leisure Ltd.*	13,032		500,950
Stewart Enterprises, Inc., Class A	69,487		375,925
Universal Technical Institute, Inc.*	19,093		451,358

			10,053,302

*Hotels, Restaurants & Leisure (2.4%)*
AFC Enterprises, Inc.*	1,000		9,100
Ambassadors Group, Inc.	18,284		206,426
Ameristar Casinos, Inc.	22,251		335,100
Biglari Holdings, Inc.*	1,491		427,768
BJ’s Restaurants, Inc.*	13,634		321,762
Bob Evans Farms, Inc.	27,190		669,418
Boyd Gaming Corp.*	43,200		366,768
Buffalo Wild Wings, Inc.*	16,900		618,202
California Pizza Kitchen, Inc.*	15,972		241,976
CEC Entertainment, Inc.*	18,498		652,239
Cheesecake Factory, Inc.*	56,521		1,258,157
Churchill Downs, Inc.	6,793		222,810
CKE Restaurants, Inc.	40,555		508,154
Cracker Barrel Old Country Store, Inc.	20,623		960,207
Denny’s Corp.*	79,400		206,440


	Number of Shares	Value (Note 1)

DineEquity, Inc.*	16,481	$	460,150
Domino’s Pizza, Inc.*	31,513		356,097
Einstein Noah Restaurant Group, Inc.*	709		7,650
Gaylord Entertainment Co.*	27,776		613,572
Interval Leisure Group, Inc.*	36,800		458,160
Isle of Capri Casinos, Inc.*	19,700		182,422
Jack in the Box, Inc.*	54,639		1,062,729
Landry’s Restaurants, Inc.*	10,000		244,600
Life Time Fitness, Inc.*	37,500		1,192,125
Orient-Express Hotels Ltd., Class A*	71,509		529,167
P.F. Chang’s China Bistro, Inc.	22,760		902,434
Papa John’s International, Inc.*	17,571		406,242
Peet’s Coffee & Tea, Inc.*	12,568		493,545
Pinnacle Entertainment, Inc.*	55,600		525,976
Red Robin Gourmet Burgers, Inc.*	14,746		253,041
Ruby Tuesday, Inc.*	49,828		423,538
Scientific Games Corp., Class A*	52,100		479,320
Shuffle Master, Inc.*	59,049		472,982
Sonic Corp.*	51,138		396,320
Speedway Motorsports, Inc.	17,200		233,232
Texas Roadhouse, Inc.*	39,618		499,979
Vail Resorts, Inc.*	26,794		935,379

			18,133,187

*Household Durables (0.7%)*
American Greetings Corp., Class A	42,357		794,617
Beazer Homes USA, Inc.*	51,600		187,308
Blyth, Inc.	4,800		163,536
Ethan Allen Interiors, Inc.	21,554		301,540
Furniture Brands International, Inc.*	34,100		178,002
Helen of Troy Ltd.*	28,998		639,696
Hooker Furniture Corp.	1,960		20,894
Hovnanian Enterprises, Inc., Class A*	53,685		197,561
iRobot Corp.*	15,900		298,761
La-Z-Boy, Inc.*	49,009		364,137
Meritage Homes Corp.*	29,039		472,755
National Presto Industries, Inc.	3,572		331,696
Ryland Group, Inc.	40,456		640,014
Sealy Corp.*	63,330		169,091
Standard Pacific Corp.*	93,615		311,738

			5,071,346

*Internet & Catalog Retail (0.5%)*
Blue Nile, Inc.*	10,768		506,958
Drugstore.Com, Inc.*	75,200		231,616
HSN, Inc.*	36,968		887,232
NutriSystem, Inc.	29,067		666,797
Orbitz Worldwide, Inc.*	32,831		125,086
Overstock.com, Inc.*	12,900		233,103
PetMed Express, Inc.	18,009		320,560
Shutterfly, Inc.*	21,797		522,256

			3,493,608

*Leisure Equipment & Products (0.8%)*
Brunswick Corp.	82,858		1,029,925
Callaway Golf Co.	52,763		318,688

See Notes to Financial Statements.

781

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Eastman Kodak Co.*	249,591	$	1,083,225
JAKKS Pacific, Inc.*	21,998		316,331
Polaris Industries, Inc.	25,351		1,384,672
Pool Corp.	42,178		924,542
RC2 Corp.*	15,807		254,651
Smith & Wesson Holding Corp.*	48,135		196,872
Sturm Ruger & Co., Inc.	17,705		253,713

			5,762,619

*Media (1.4%)*
Arbitron, Inc.	24,981		640,263
Ascent Media Corp., Class A*	13,131		331,689
Belo Corp., Class A*	76,323		434,278
Cinemark Holdings, Inc.	45,678		600,666
CKX, Inc.*	49,418		246,596
Dex One Corp.*	40,100		761,900
Entercom Communications Corp., Class A*	23,900		210,798
EW Scripps Co., Class A*	27,900		207,297
Global Sources Ltd.*	31,800		249,312
Harte-Hanks, Inc.	36,841		384,988
Journal Communications, Inc., Class A*	1,360		5,399
Knology, Inc.*	36,304		396,803
LIN TV Corp., Class A*	5,129		27,748
Lions Gate Entertainment Corp.*	54,500		380,410
Live Nation Entertainment, Inc.*	116,413		1,216,516
McClatchy Co., Class A*	52,600		191,464
Mediacom Communications Corp., Class A*	35,800		240,576
National CineMedia, Inc.	38,023		633,463
Playboy Enterprises, Inc., Class B*	1,417		5,951
PRIMEDIA, Inc.	3,602		10,554
RCN Corp.*	30,227		447,662
ReachLocal, Inc.*	16,100		208,817
Scholastic Corp.	22,160		534,499
Sinclair Broadcast Group, Inc., Class A*	36,300		211,629
SuperMedia, Inc.*	10,300		188,387
Valassis Communications, Inc.*	44,834		1,422,135
Value Line, Inc.	2,481		45,005
Warner Music Group Corp.*	49,200		239,112
World Wrestling Entertainment, Inc., Class A	19,862		309,053

			10,782,970

*Multiline Retail (0.4%)*
99 Cents Only Stores*	41,149		609,005
Dillard’s, Inc., Class A	42,333		910,160
Fred’s, Inc., Class A	35,015		387,266
Retail Ventures, Inc.*	28,200		220,524
Saks, Inc.*	110,616		839,575

			2,966,530

*Specialty Retail (3.3%)*
AnnTaylor Stores Corp.*	54,504		886,780
Asbury Automotive Group, Inc.*	30,242		318,751
Barnes & Noble, Inc.	30,900		398,610
bebe Stores, Inc.	37,500		240,000
Big 5 Sporting Goods Corp.	29,655		389,667
Borders Group, Inc.*	81,131		107,904


	Number of Shares	Value (Note 1)

Brown Shoe Co., Inc.	39,863	$	605,120
Buckle, Inc.	23,389		758,271
Cabela’s, Inc.*	35,935		508,121
Cato Corp., Class A	23,623		520,178
Charming Shoppes, Inc.*	107,653		403,699
Children’s Place Retail Stores, Inc.*	21,690		954,794
Christopher & Banks Corp.	29,600		183,224
Citi Trends, Inc.*	15,079		496,702
Coldwater Creek, Inc.*	47,200		158,592
Collective Brands, Inc.*	60,250		951,950
Conn’s, Inc.*	15,400		90,552
Dress Barn, Inc.*	50,712		1,207,453
DSW, Inc., Class A*	10,100		226,846
Express, Inc.*	14,300		234,091
Finish Line, Inc., Class A	40,613		565,739
Genesco, Inc.*	20,857		548,748
Group 1 Automotive, Inc.*	19,837		466,765
Gymboree Corp.*	26,615		1,136,727
hhgregg, Inc.*	11,300		263,516
Hibbett Sports, Inc.*	24,155		578,754
Jo-Ann Stores, Inc.*	23,333		875,221
JoS. A. Bank Clothiers, Inc.*	15,725		848,993
Kirkland’s, Inc.*	13,400		226,125
Lumber Liquidators Holdings, Inc.*	14,176		330,726
Men’s Wearhouse, Inc.	45,251		830,808
Monro Muffler Brake, Inc.	14,403		569,351
OfficeMax, Inc.*	70,987		927,090
Penske Automotive Group, Inc.*	35,500		403,280
PEP Boys-Manny, Moe & Jack	39,777		352,424
Pier 1 Imports, Inc.*	98,656		632,385
Rent-A-Center, Inc.*	62,903		1,274,415
Rue21, Inc.*	11,800		358,012
Sally Beauty Holdings, Inc.*	88,901		728,988
Select Comfort Corp.*	43,800		383,250
Sonic Automotive, Inc., Class A*	22,725		194,526
Stage Stores, Inc.	36,374		388,474
Systemax, Inc.	14,000		210,980
Talbots, Inc.*	56,300		580,453
Ulta Salon Cosmetics & Fragrance, Inc.*	26,325		622,849
Vitamin Shoppe, Inc.*	12,800		328,320
Wet Seal, Inc., Class A*	90,801		331,424
Zumiez, Inc.*	16,900		272,259

			24,871,907

*Textiles, Apparel & Luxury Goods (2.2%)*
American Apparel, Inc.*	38,853		71,101
Carter’s, Inc.*	46,172		1,212,015
Cherokee, Inc.	8,679		148,411
Columbia Sportswear Co.	9,634		449,619
Crocs, Inc.*	77,134		816,078
Deckers Outdoor Corp.*	11,801		1,686,009
G-III Apparel Group Ltd.*	12,100		276,969
Iconix Brand Group, Inc.*	66,531		956,050
Jones Apparel Group, Inc.	79,494		1,259,980
K-Swiss, Inc., Class A*	21,600		242,568
Liz Claiborne, Inc.*	88,465		373,322
Maidenform Brands, Inc.*	17,330		352,839
Oxford Industries, Inc.	11,100		232,323
Quiksilver, Inc.*	105,800		391,460

See Notes to Financial Statements.

782

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Skechers U.S.A., Inc., Class A*	31,479	$	1,149,613
Steven Madden Ltd.*	23,985		756,007
Timberland Co., Class A*	40,846		659,663
True Religion Apparel, Inc.*	23,610		521,072
Under Armour, Inc., Class A*	29,767		986,181
UniFirst Corp.	12,705		559,274
Volcom, Inc.*	25,203		468,020
Warnaco Group, Inc.*	41,097		1,485,245
Wolverine World Wide, Inc.	44,940		1,133,387

			16,187,206

Total Consumer Discretionary			103,370,535

Consumer Staples (3.3%)
*Beverages (0.1%)*
Boston Beer Co., Inc., Class A*	7,274		490,631
Heckmann Corp.*	74,457		345,481

			836,112

*Food & Staples Retailing (0.9%)*
Andersons, Inc.	14,406		469,492
Casey’s General Stores, Inc.	47,113		1,644,244
Great Atlantic & Pacific Tea Co., Inc.*	38,177		148,890
Nash Finch Co.	9,061		309,524
Pantry, Inc.*	16,735		236,131
Pricesmart, Inc.	9,952		231,185
Rite Aid Corp.*	447,000		438,060
Ruddick Corp.	36,902		1,143,593
Spartan Stores, Inc.	17,070		234,200
Susser Holdings Corp.*	15,744		185,622
United Natural Foods, Inc.*	40,788		1,218,745
Village Super Market, Inc., Class A	3,779		99,199
Weis Markets, Inc.	8,051		264,958
Winn-Dixie Stores, Inc.*	51,434		495,824

			7,119,667

*Food Products (1.5%)*
Alico, Inc.	7,030		161,549
American Italian Pasta Co., Class A*	19,499		1,030,912
B&G Foods, Inc., Class A	39,300		423,654
Cal-Maine Foods, Inc.	11,692		373,326
Chiquita Brands International, Inc.*	41,200		500,580
Darling International, Inc.*	68,297		512,910
Diamond Foods, Inc.	18,037		741,321
Dole Food Co., Inc.*	30,236		315,361
Farmer Bros Co.	9,617		145,120
Fresh Del Monte Produce, Inc.*	37,404		757,057
Griffin Land & Nurseries, Inc.	7,162		181,915
Hain Celestial Group, Inc.*	37,980		766,057
J&J Snack Foods Corp.	11,703		492,696
Lancaster Colony Corp.	18,237		973,126
Lance, Inc.	25,540		421,155
Lifeway Foods, Inc.*	17,415		169,622
Pilgrim’s Pride Corp.*	39,000		256,230
Sanderson Farms, Inc.	17,293		877,447
Synutra International, Inc.*	14,900		240,933
Tootsie Roll Industries, Inc.	20,638		488,089
TreeHouse Foods, Inc.*	28,333		1,293,685

			11,122,745


	Number of Shares	Value (Note 1)

*Household Products (0.2%)*
Central Garden & Pet Co., Class A*	61,133	$	548,363
Spectrum Brands Holdings, Inc.*	14,600		370,256
WD-40 Co.	12,027		401,702

			1,320,321

*Personal Products (0.3%)*
Elizabeth Arden, Inc.*	19,800		287,496
Medifast, Inc.*	15,180		393,314
Nu Skin Enterprises, Inc., Class A	46,059		1,148,251
Prestige Brands Holdings, Inc.*	27,800		196,824
Revlon, Inc., Class A*	16,600		185,256

			2,211,141

*Tobacco (0.3%)*
Alliance One International, Inc.*	75,924		270,289
Star Scientific, Inc.*	67,907		111,367
Universal Corp.	22,253		882,999
Vector Group Ltd.	42,936		722,184

			1,986,839

Total Consumer Staples			24,596,825

Energy (5.4%)
*Energy Equipment & Services (1.9%)*
Allis-Chalmers Energy, Inc.*	50,155		103,319
Basic Energy Services, Inc.*	27,200		209,440
Bristow Group, Inc.*	27,080		796,152
Cal Dive International, Inc.*	75,498		441,663
CARBO Ceramics, Inc.	18,461		1,332,700
Complete Production Services, Inc.*	54,440		778,492
Dawson Geophysical Co.*	8,463		180,008
Dril-Quip, Inc.*	27,205		1,197,564
Forbes Energy Services Ltd.*	8,600		3,635
Global Geophysical Services, Inc.*	27,000		188,190
Global Industries Ltd.*	92,802		416,681
Gulf Island Fabrication, Inc.	10,396		161,346
Gulfmark Offshore, Inc., Class A*	19,255		504,481
Helix Energy Solutions Group, Inc.*	83,800		902,526
Hercules Offshore, Inc.*	97,424		236,740
Hornbeck Offshore Services, Inc.*	21,834		318,777
ION Geophysical Corp.*	105,500		367,140
Key Energy Services, Inc.*	115,072		1,056,361
Lufkin Industries, Inc.	24,788		966,484
Natural Gas Services Group, Inc.*	10,277		155,491
Newpark Resources, Inc.*	70,202		424,722
OYO Geospace Corp.*	6,082		294,856
Parker Drilling Co.*	102,029		403,015
PHI, Inc.*	11,248		158,484
Pioneer Drilling Co.*	43,400		246,078
RPC, Inc.	26,148		356,920
Superior Well Services, Inc.*	11,848		198,099
T-3 Energy Services, Inc.*	11,250		313,875
Tesco Corp.*	24,200		297,176
TETRA Technologies, Inc.*	70,061		636,154
Union Drilling, Inc.*	27,798		153,167
Vantage Drilling Co.*	149,600		201,960
Willbros Group, Inc.*	31,198		230,865

			14,232,561

See Notes to Financial Statements.

783

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Oil, Gas & Consumable Fuels (3.5%)*
Alon USA Energy, Inc.	22,437	$	142,699
American Oil & Gas, Inc.*	40,300		253,084
Apco Oil and Gas International, Inc.	7,755		182,320
Approach Resources, Inc.*	6,377		43,874
Arena Resources, Inc.*	35,270		1,125,113
ATP Oil & Gas Corp.*	33,749		357,402
Berry Petroleum Co., Class A	40,021		1,029,340
Bill Barrett Corp.*	36,802		1,132,398
BPZ Resources, Inc.*	73,455		304,838
Brigham Exploration Co.*	95,496		1,468,728
CAMAC Energy, Inc.*	57,700		215,221
Carrizo Oil & Gas, Inc.*	26,003		403,827
Clayton Williams Energy, Inc.*	6,800		286,416
Clean Energy Fuels Corp.*	29,059		434,141
Cloud Peak Energy, Inc.*	25,577		339,151
Contango Oil & Gas Co.*	10,649		476,543
Crosstex Energy, Inc.*	22,111		141,732
CVR Energy, Inc.*	19,568		147,151
Delek U.S. Holdings, Inc.	32,500		237,250
Delta Petroleum Corp.*	162,877		140,074
DHT Holdings, Inc.	42,163		162,328
Energy Partners Ltd.*	23,200		283,272
Energy XXI Bermuda Ltd.*	40,600		640,668
General Maritime Corp.	37,717		227,811
GMX Resources, Inc.*	26,525		172,147
Golar LNG Ltd.	29,787		293,998
Goodrich Petroleum Corp.*	22,492		269,904
Green Plains Renewable Energy, Inc.*	17,600		179,872
Gulfport Energy Corp.*	22,294		264,407
Hallador Energy Co.*	21,100		188,845
Harvest Natural Resources, Inc.*	31,469		231,927
Houston American Energy Corp.	18,500		182,410
International Coal Group, Inc.*	105,255		405,232
Isramco, Inc.*	200		9,436
James River Coal Co.*	22,038		350,845
Jura Energy Corp.*	6,900		162
Knightsbridge Tankers Ltd.	16,250		285,837
Kodiak Oil & Gas Corp.*	95,600		304,964
McMoRan Exploration Co.*	70,819		786,799
Nordic American Tanker Shipping Ltd.	37,501		1,053,403
Northern Oil and Gas, Inc.*	34,161		438,627
Overseas Shipholding Group, Inc.	20,500		759,320
Panhandle Oil and Gas, Inc., Class A	8,020		211,969
Patriot Coal Corp.*	59,473		698,808
Penn Virginia Corp.	39,395		792,233
Petroleum Development Corp.*	21,161		542,145
PetroQuest Energy, Inc.*	47,459		320,823
Resolute Energy Corp.*	30,500		373,320
Rex Energy Corp.*	30,890		311,989
Rosetta Resources, Inc.*	46,424		919,659
Ship Finance International Ltd.	36,005		643,769
Stone Energy Corp.*	32,982		368,079
Swift Energy Co.*	34,769		935,634
Teekay Tankers Ltd., Class A	21,657		241,042
TransAtlantic Petroleum Ltd.*	118,100		374,377
USEC, Inc.*	96,814		460,835
VAALCO Energy, Inc.*	43,353		242,777


	Number of Shares	Value (Note 1)

Venoco, Inc.*	18,600	$	306,342
W&T Offshore, Inc.	31,644		299,352
Western Refining, Inc.*	34,603		174,053
World Fuel Services Corp.	54,116		1,403,769

			25,974,491

Total Energy			40,207,052

Financials (21.3%)
*Capital Markets (2.1%)*
American Capital Ltd.*	276,907		1,334,692
Apollo Investment Corp.	144,691		1,349,967
Artio Global Investors, Inc.	23,269		366,254
BGC Partners, Inc., Class A	45,700		233,527
BlackRock Kelso Capital Corp.	45,469		448,779
Calamos Asset Management, Inc., Class A	15,571		144,499
Capital Southwest Corp.	2,190		192,523
Cohen & Steers, Inc.	14,609		302,991
Cowen Group, Inc., Class A*	17,700		72,570
Diamond Hill Investment Group, Inc.	1,713		97,110
Duff & Phelps Corp., Class A	12,595		159,075
Epoch Holding Corp.	10,500		128,835
Evercore Partners, Inc., Class A	12,311		287,462
Fifth Street Finance Corp.	29,609		326,587
Financial Engines, Inc.*	15,900		216,240
GAMCO Investors, Inc., Class A	6,200		230,640
GFI Group, Inc.	57,997		323,623
Gladstone Capital Corp.	18,501		199,996
Gladstone Investment Corp.	18,204		106,129
Gleacher & Co., Inc.*	121,552		309,958
Harris & Harris Group, Inc.*	25,500		104,295
Hercules Technology Growth Capital, Inc.	29,107		268,075
International Assets Holding Corp.*	10,976		175,616
Investment Technology Group, Inc.*	34,900		560,494
JMP Group, Inc.	12,100		74,899
KBW, Inc.*	28,733		616,036
Knight Capital Group, Inc., Class A*	76,705		1,057,762
LaBranche & Co., Inc.*	42,908		183,646
Main Street Capital Corp.	8,200		122,426
MCG Capital Corp.	53,936		260,511
MF Global Holdings Ltd.*	79,882		456,126
MVC Capital, Inc.	17,800		229,976
NGP Capital Resources Co.	17,841		127,920
Oppenheimer Holdings, Inc., Class A	7,800		186,810
optionsXpress Holdings, Inc.*	37,127		584,379
PennantPark Investment Corp.	21,558		205,879
Penson Worldwide, Inc.*	15,149		85,440
Piper Jaffray Cos., Inc.*	16,281		524,574
Prospect Capital Corp.	52,045		502,234
Pzena Investment Management, Inc., Class A	36,400		231,868
Safeguard Scientifics, Inc.*	15,827		167,133
Sanders Morris Harris Group, Inc.	16,900		93,795
Solar Capital Ltd.	12,500		240,750
Stifel Financial Corp.*	24,761		1,074,380

See Notes to Financial Statements.

784

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

SWS Group, Inc.	20,283	$	192,689
Thomas Weisel Partners Group, Inc.*	17,050		100,424
TICC Capital Corp.	21,900		183,960
TradeStation Group, Inc.*	27,700		186,975
Triangle Capital Corp.	8,700		123,714
Virtus Investment Partners, Inc.*	3,578		66,980
Westwood Holdings Group, Inc.	4,297		151,040

			15,972,263

*Commercial Banks (6.4%)*
1st Source Corp.	10,620		179,690
Alliance Financial Corp./New York	3,400		94,520
American National Bankshares, Inc.	5,000		106,950
Ameris Bancorp*	11,555		111,619
Ames National Corp.	7,850		153,389
Arrow Financial Corp.	7,495		173,135
BancFirst Corp.	6,400		233,536
Banco Latinoamericano de Comercio Exterior S.A., Class E	24,681		308,266
Bancorp Rhode Island, Inc.	3,000		78,600
Bancorp, Inc./Delaware*	16,500		129,195
Bank of Marin Bancorp/California	4,300		137,299
Bank of the Ozarks, Inc.	11,169		396,164
Boston Private Financial Holdings, Inc.	61,370		394,609
Bridge Bancorp, Inc.	7,581		184,067
Bryn Mawr Bank Corp.	7,680		128,870
Camden National Corp.	6,493		178,363
Capital City Bank Group, Inc.	9,800		121,324
Cardinal Financial Corp.	22,843		211,069
Cathay General Bancorp	64,847		669,870
Centerstate Banks, Inc.	15,293		154,306
Chemical Financial Corp.	17,541		382,043
Citizens & Northern Corp.	9,802		104,881
Citizens Republic Bancorp, Inc.*	335,212		284,930
City Holding Co.	14,550		405,654
CNB Financial Corp./Pennsylvania	7,100		77,958
CoBiz Financial, Inc.	24,221		159,616
Columbia Banking System, Inc.	31,455		574,368
Community Bank System, Inc.	25,878		570,092
Community Trust Bancorp, Inc.	13,296		333,730
CVB Financial Corp.	69,987		664,876
Danvers Bancorp, Inc.	15,688		226,692
Eagle Bancorp, Inc.*	12,500		147,250
Enterprise Financial Services Corp.	11,395		109,848
F.N.B. Corp./Pennsylvania	94,051		755,230
Financial Institutions, Inc.	13,885		246,598
First Bancorp, Inc./Maine	7,219		94,785
First Bancorp/North Carolina	12,510		181,270
First Bancorp/Puerto Rico*	57,149		30,289
First Busey Corp.	39,706		179,868
First Commonwealth Financial Corp.	76,813		403,268
First Community Bancshares, Inc./Virginia	12,200		179,218


	Number of Shares	Value (Note 1)

First Financial Bancorp	47,316	$	707,374
First Financial Bankshares, Inc.	17,208		827,533
First Financial Corp./Indiana	10,238		264,243
First Interstate Bancsystem, Inc.	15,400		242,242
First Merchants Corp.	20,952		177,673
First Midwest Bancorp, Inc./Illinois	61,668		749,883
First of Long Island Corp.	4,500		115,695
First South Bancorp, Inc./North Carolina	6,695		71,034
FirstMerit Corp.	87,569		1,500,057
German American Bancorp, Inc.	9,100		139,230
Glacier Bancorp, Inc.	59,314		870,136
Great Southern Bancorp, Inc.	8,530		173,244
Hancock Holding Co.	22,533		751,701
Heartland Financial USA, Inc.	10,900		188,352
Heritage Financial Corp./Washington*	7,600		113,772
Home Bancorp, Inc.*	7,400		95,534
Home Bancshares, Inc./Arkansas	17,750		404,878
Hudson Valley Holding Corp.	10,000		231,200
IBERIABANK Corp.	22,185		1,142,084
Independent Bank Corp./Massachusetts	19,586		483,382
International Bancshares Corp.	46,090		769,242
Investors Bancorp, Inc.*	38,148		500,502
Lakeland Bancorp, Inc.	23,228		197,903
Lakeland Financial Corp.	12,777		255,284
MainSource Financial Group, Inc.	16,581		118,886
MB Financial, Inc.	41,451		762,284
Merchants Bancshares, Inc.	3,900		86,658
Metro Bancorp, Inc.*	11,823		145,896
Nara Bancorp, Inc.*	28,055		236,504
National Bankshares, Inc./Virginia	8,044		194,906
National Penn Bancshares, Inc.	107,391		645,420
NBT Bancorp, Inc.	29,778		608,067
Northfield Bancorp, Inc./New Jersey	13,959		181,188
Old National Bancorp/Indiana	75,539		782,584
OmniAmerican Bancorp, Inc.*	9,800		110,642
Oriental Financial Group, Inc.	27,200		344,352
Orrstown Financial Services, Inc.	5,265		116,514
Pacific Continental Corp.	15,630		148,016
PacWest Bancorp	25,416		465,367
Park National Corp.	10,148		660,026
Peapack Gladstone Financial Corp.	7,200		84,240
Penns Woods Bancorp, Inc.	3,200		97,344
Peoples Bancorp, Inc./Ohio	10,220		148,190
Pinnacle Financial Partners, Inc.*	30,777		395,484
PrivateBancorp, Inc.	44,370		491,620
Prosperity Bancshares, Inc.	38,084		1,323,419
Renasant Corp.	16,481		236,502
Republic Bancorp, Inc./Kentucky, Class A	7,700		172,480
S&T Bancorp, Inc.	20,325		401,622
Sandy Spring Bancorp, Inc.	19,851		278,113
Santander BanCorp*	21,500		271,760
SCBT Financial Corp.	10,334		363,963
Sierra Bancorp	10,066		115,759
Signature Bank/New York*	33,467		1,272,081

See Notes to Financial Statements.

785

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Simmons First National Corp., Class A	13,801	$	362,414
Southside Bancshares, Inc.	11,400		223,896
Southwest Bancorp, Inc./Oklahoma	15,157		201,437
State Bancorp, Inc./New York	13,496		128,212
StellarOne Corp.	16,896		215,762
Sterling Bancorp/New York	21,698		195,282
Sterling Bancshares, Inc./Texas	84,567		398,311
Suffolk Bancorp	7,962		246,344
Susquehanna Bancshares, Inc.	107,514		895,592
SVB Financial Group*	34,606		1,426,805
Texas Capital Bancshares, Inc.*	32,423		531,737
Tompkins Financial Corp.	8,250		311,438
Tower Bancorp, Inc.	3,900		85,371
TowneBank/Virginia	19,182		278,523
Trico Bancshares	10,216		172,957
Trustmark Corp.	53,380		1,111,372
UMB Financial Corp.	26,518		942,980
Umpqua Holdings Corp.	91,804		1,053,910
Union First Market Bankshares Corp.	21,402		262,389
United Bankshares, Inc.	34,217		819,155
United Community Banks, Inc./Georgia*	69,740		275,473
Univest Corp. of Pennsylvania	14,726		255,054
Washington Banking Co.	12,600		161,154
Washington Trust Bancorp, Inc.	11,060		188,462
Webster Financial Corp.	56,165		1,007,600
WesBanco, Inc.	18,898		318,431
West Bancorp, Inc.*	21,026		143,187
Westamerica Bancorp	24,074		1,264,366
Western Alliance Bancorp*	38,960		279,343
Whitney Holding Corp./Louisiana	77,400		715,950
Wilshire Bancorp, Inc.	15,900		139,125
Wintrust Financial Corp.	24,912		830,566

			47,931,968

*Consumer Finance (0.6%)*
Advance America Cash Advance Centers, Inc.	38,977		160,975
Cardtronics, Inc.*	21,600		279,936
Cash America International, Inc.	24,338		834,063
Credit Acceptance Corp.*	5,111		249,264
Dollar Financial Corp.*	21,405		423,605
EZCORP, Inc., Class A*	37,296		691,841
First Cash Financial Services, Inc.*	20,968		457,102
First Marblehead Corp.*	50,900		119,615
Nelnet, Inc., Class A	16,369		315,594
Student Loan Corp.	9,100		219,128
World Acceptance Corp.*	13,381		512,626

			4,263,749

*Diversified Financial Services (0.5%)*
Asset Acceptance Capital Corp.*	12,300		50,922
Compass Diversified Holdings	25,898		347,292
Encore Capital Group, Inc.*	11,444		235,861
Life Partners Holdings, Inc.	6,097		124,745
MarketAxess Holdings, Inc.	29,512		406,970
Medallion Financial Corp.	12,930		85,338
NewStar Financial, Inc.*	22,828		145,186


	Number of Shares	Value (Note 1)

PHH Corp.*	44,915	$	855,182
PICO Holdings, Inc.*	17,775		532,717
Portfolio Recovery Associates, Inc.*	13,516		902,598

			3,686,811

*Insurance (3.0%)*
Alterra Capital Holdings Ltd.	77,214		1,450,079
Ambac Financial Group, Inc.*	237,100		158,857
American Equity Investment Life Holding Co.	49,493		510,768
American Physicians Capital, Inc.	6,900		212,865
American Physicians Service Group, Inc.	5,300		129,585
American Safety Insurance Holdings Ltd.*	9,506		149,434
AMERISAFE, Inc.*	15,600		273,780
Amtrust Financial Services, Inc.	24,746		297,942
Argo Group International Holdings Ltd.	26,939		824,064
Baldwin & Lyons, Inc., Class B	6,923		145,452
Citizens, Inc./Texas*	25,949		172,820
CNA Surety Corp.*	14,287		229,592
CNO Financial Group, Inc.*	210,501		1,041,980
Delphi Financial Group, Inc., Class A	38,659		943,666
Donegal Group, Inc., Class A	10,144		124,670
eHealth, Inc.*	18,610		211,596
EMC Insurance Group, Inc.	4,080		89,474
Employers Holdings, Inc.	38,801		571,539
Enstar Group, Ltd.*	5,188		344,691
FBL Financial Group, Inc., Class A	10,900		228,900
First American Financial Corp.	83,300		1,056,244
First Mercury Financial Corp.	12,143		128,473
Flagstone Reinsurance Holdings S.A.	35,395		382,974
FPIC Insurance Group, Inc.*	8,998		230,799
Gerova Financial Group Ltd.*	19,700		106,577
Greenlight Capital Reinsurance Ltd., Class A*	23,193		584,232
Harleysville Group, Inc.	11,188		347,164
Hilltop Holdings, Inc.*	32,684		327,167
Horace Mann Educators Corp.	32,637		499,346
Infinity Property & Casualty Corp.	11,552		533,471
Kansas City Life Insurance Co.	3,500		103,495
Maiden Holdings Ltd.	43,061		282,911
Meadowbrook Insurance Group, Inc.	47,777		412,315
Montpelier Reinsurance Holdings Ltd.	58,593		874,793
National Financial Partners Corp.*	34,969		341,647
National Interstate Corp.	17,000		336,940
National Western Life Insurance Co., Class A	1,905		291,008
Navigators Group, Inc.*	12,303		506,022
Platinum Underwriters Holdings Ltd.	36,727		1,332,823
PMA Capital Corp., Class A*	26,583		174,119
Presidential Life Corp.	14,858		135,208

See Notes to Financial Statements.

786

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Primerica, Inc.*	19,300	$	413,792
ProAssurance Corp.*	27,297		1,549,378
RLI Corp.	16,348		858,433
Safety Insurance Group, Inc.	10,875		402,592
SeaBright Holdings, Inc.	18,420		174,622
Selective Insurance Group, Inc.	43,532		646,886
State Auto Financial Corp.	11,834		183,545
Stewart Information Services Corp.	12,627		113,896
Tower Group, Inc.	38,921		837,969
United America Indemnity Ltd., Class A*	29,323		215,817
United Fire & Casualty Co.	20,164		399,650

			22,896,062

*Real Estate Investment Trusts (REITs) (7.0%)*
Acadia Realty Trust (REIT)	32,673		549,560
Agree Realty Corp. (REIT)	5,912		137,868
Alexander’s, Inc. (REIT)	1,775		537,683
American Campus Communities, Inc. (REIT)	43,033		1,174,371
American Capital Agency Corp. (REIT)	26,244		693,366
Anworth Mortgage Asset Corp. (REIT)	93,511		665,798
Apollo Commercial Real Estate Finance, Inc. (REIT)	8,200		134,972
Ashford Hospitality Trust, Inc. (REIT)*	43,700		320,321
Associated Estates Realty Corp. (REIT)	25,324		327,946
BioMed Realty Trust, Inc. (REIT)	93,247		1,500,344
CapLease, Inc. (REIT)	40,725		187,742
Capstead Mortgage Corp. (REIT)	57,077		631,272
CBL & Associates Properties, Inc. (REIT)	113,738		1,414,901
Cedar Shopping Centers, Inc. (REIT)	33,046		198,937
Chesapeake Lodging Trust (REIT)*	6,200		98,084
Cogdell Spencer, Inc. (REIT)	24,700		166,972
Colonial Properties Trust (REIT)	56,333		818,518
Colony Financial, Inc. (REIT)	12,046		203,577
Cousins Properties, Inc. (REIT)	68,927		464,568
CreXus Investment Corp. (REIT)	11,200		139,216
Cypress Sharpridge Investments, Inc. (REIT)	14,025		177,557
DCT Industrial Trust, Inc. (REIT)	168,600		762,072
DiamondRock Hospitality Co. (REIT)*	123,698		1,016,798
DuPont Fabros Technology, Inc. (REIT)	32,800		805,568
Dynex Capital, Inc. (REIT)	9,900		91,377
EastGroup Properties, Inc. (REIT)	21,827		776,605
Education Realty Trust, Inc. (REIT)	41,294		249,003
Entertainment Properties Trust (REIT)	35,114		1,336,790
Equity Lifestyle Properties, Inc. (REIT)	20,849		1,005,547
Equity One, Inc. (REIT)	29,786		464,662


	Number of Shares	Value (Note 1)

Extra Space Storage, Inc. (REIT)	74,533	$	1,036,009
FelCor Lodging Trust, Inc. (REIT)*	54,972		274,310
First Industrial Realty Trust, Inc. (REIT)*	44,930		216,563
First Potomac Realty Trust (REIT)	31,244		448,976
Franklin Street Properties Corp. (REIT)	55,099		650,719
Getty Realty Corp. (REIT)	15,620		350,044
Gladstone Commercial Corp. (REIT)	7,100		116,014
Glimcher Realty Trust (REIT)	52,932		316,533
Government Properties Income Trust (REIT)	13,866		353,860
Hatteras Financial Corp. (REIT)	29,875		831,123
Healthcare Realty Trust, Inc. (REIT)	48,958		1,075,607
Hersha Hospitality Trust (REIT)	99,877		451,444
Highwoods Properties, Inc. (REIT)	60,195		1,671,013
Home Properties, Inc. (REIT)	31,650		1,426,466
Inland Real Estate Corp. (REIT)	57,908		458,631
Invesco Mortgage Capital, Inc. (REIT)	20,790		416,008
Investors Real Estate Trust (REIT)	60,196		531,531
iStar Financial, Inc. (REIT)*	84,651		377,543
Kilroy Realty Corp. (REIT)	42,943		1,276,695
Kite Realty Group Trust (REIT)	46,229		193,237
LaSalle Hotel Properties (REIT)	57,340		1,179,484
Lexington Realty Trust (REIT)	86,986		522,786
LTC Properties, Inc. (REIT)	21,469		521,053
Medical Properties Trust, Inc. (REIT)	91,312		861,985
MFA Financial, Inc. (REIT)	238,166		1,762,428
Mid-America Apartment Communities, Inc. (REIT)	23,293		1,198,891
Mission West Properties, Inc. (REIT)	22,180		151,268
Monmouth Real Estate Investment Corp. (REIT), Class A	18,161		134,210
National Health Investors, Inc. (REIT)	21,328		822,408
National Retail Properties, Inc. (REIT)	65,987		1,414,761
NorthStar Realty Finance Corp. (REIT)	50,399		134,565
Omega Healthcare Investors, Inc. (REIT)	76,108		1,516,832
Parkway Properties, Inc./Maryland (REIT)	18,372		267,680
Pebblebrook Hotel Trust (REIT)*	15,543		292,986
Pennsylvania Real Estate Investment Trust (REIT)	44,352		541,981
Pennymac Mortgage Investment Trust (REIT)*	13,600		216,240
Post Properties, Inc. (REIT)	42,099		956,910
Potlatch Corp. (REIT)	34,544		1,234,257
PS Business Parks, Inc. (REIT)	14,780		824,428

See Notes to Financial Statements.

787

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Ramco-Gershenson Properties Trust (REIT)	30,400	$	307,040
Redwood Trust, Inc. (REIT)	63,891		935,364
Resource Capital Corp. (REIT)	26,794		152,190
Retail Opportunity Investments Corp.	33,500		323,275
Saul Centers, Inc. (REIT)	5,456		221,677
Sovran Self Storage, Inc. (REIT)	23,362		804,354
Strategic Hotels & Resorts, Inc. (REIT)*	122,410		537,380
Sun Communities, Inc. (REIT)	13,628		353,783
Sunstone Hotel Investors, Inc. (REIT)*	77,171		766,308
Tanger Factory Outlet Centers (REIT)	33,221		1,374,685
Terreno Realty Corp. (REIT)*	7,200		127,512
Universal Health Realty Income Trust (REIT)	11,050		355,037
Urstadt Biddle Properties, Inc. (REIT), Class A	14,489		233,708
U-Store-It Trust (REIT)	70,668		527,183
Walter Investment Management Corp. (REIT)	19,568		319,937
Washington Real Estate Investment Trust (REIT)	48,017		1,324,789
Winthrop Realty Trust (REIT)	12,400		158,844

			52,902,540

*Real Estate Management & Development (0.2%)*
Avatar Holdings, Inc.*	6,400		122,752
Consolidated-Tomoka Land Co.	4,600		131,100
Forestar Group, Inc.*	31,321		562,525
Kennedy-Wilson Holdings, Inc.*	22,100		223,210
Tejon Ranch Co.*	7,802		180,070

			1,219,657

*Thrifts & Mortgage Finance (1.5%)*
Abington Bancorp, Inc.	15,485		135,029
Astoria Financial Corp.	70,553		970,809
Bank Mutual Corp.	42,263		240,054
BankFinancial Corp.	22,221		184,657
Beneficial Mutual Bancorp, Inc.*	22,754		224,810
Berkshire Hills Bancorp, Inc.	11,244		219,033
Brookline Bancorp, Inc.	54,077		480,204
Dime Community Bancshares, Inc.	18,101		223,185
ESB Financial Corp.	7,408		96,674
ESSA Bancorp, Inc.	9,839		121,118
First Financial Holdings, Inc.	13,091		149,892
Flagstar Bancorp, Inc.*	55,800		175,212
Flushing Financial Corp.	24,842		303,818
Home Federal Bancorp, Inc./Idaho	12,482		157,648
Kearny Financial Corp.	18,996		174,003
Meridian Interstate Bancorp, Inc.*	13,991		152,502
MGIC Investment Corp.*	165,747		1,141,997
NewAlliance Bancshares, Inc.	88,126		987,892
Northwest Bancshares, Inc.	88,810		1,018,651
OceanFirst Financial Corp.	10,800		130,356
Ocwen Financial Corp.*	51,485		524,632
Oritani Financial Corp.	12,450		124,500


	Number of Shares	Value (Note 1)

PMI Group, Inc.*	115,439	$	333,619
Provident Financial Services, Inc.	55,316		646,644
Provident New York Bancorp	34,745		307,493
Radian Group, Inc.	107,967		781,681
Territorial Bancorp, Inc.	10,395		196,985
TrustCo Bank Corp. NY/New York	70,354		393,982
United Financial Bancorp, Inc.	13,745		187,619
ViewPoint Financial Group	8,400		116,340
Westfield Financial, Inc.	29,414		245,019
WSFS Financial Corp.	5,800		208,394

			11,354,452

Total Financials			160,227,502

Health Care (13.8%)
*Biotechnology (3.1%)*
Acorda Therapeutics, Inc.*	32,435		1,009,053
Affymax, Inc.*	12,393		74,110
Alkermes, Inc.*	83,825		1,043,621
Allos Therapeutics, Inc.*	47,269		289,759
Alnylam Pharmaceuticals, Inc.*	33,101		497,177
AMAG Pharmaceuticals, Inc.*	15,823		543,520
Arena Pharmaceuticals, Inc.*	84,134		258,291
ARIAD Pharmaceuticals, Inc.*	112,157		316,283
ArQule, Inc.*	46,615		200,445
Array BioPharma, Inc.*	68,919		210,203
BioCryst Pharmaceuticals, Inc.*	21,203		125,310
Celera Corp.*	71,271		466,825
Celldex Therapeutics, Inc.*	16,278		74,228
Cepheid, Inc.*	53,849		862,661
Clinical Data, Inc.*	16,900		210,236
Codexis, Inc.*	23,200		203,232
Cubist Pharmaceuticals, Inc.*	49,318		1,015,951
Cytokinetics, Inc.*	46,685		110,643
Cytori Therapeutics, Inc.*	3,720		12,946
Dyax Corp.*	64,968		147,477
Emergent Biosolutions, Inc.*	15,400		251,636
Enzon Pharmaceuticals, Inc.*	41,114		437,864
Exelixis, Inc.*	92,186		319,885
Genomic Health, Inc.*	13,012		168,245
Geron Corp.*	80,111		402,157
Halozyme Therapeutics, Inc.*	55,035		387,446
Idenix Pharmaceuticals, Inc.*	48,700		243,500
Immunogen, Inc.*	47,068		436,320
Incyte Corp.*	78,747		871,729
InterMune, Inc.*	36,934		345,333
Ironwood Pharmaceuticals, Inc.*	18,300		218,136
Isis Pharmaceuticals, Inc.*	84,998		813,431
Lexicon Pharmaceuticals, Inc.*	121,679		155,749
Ligand Pharmaceuticals, Inc., Class B*	82,360		120,246
MannKind Corp.*	48,416		309,378
Martek Biosciences Corp.*	30,182		715,615
Maxygen, Inc.*	35,908		198,571
Medivation, Inc.*	26,386		233,252
Metabolix, Inc.*	21,834		312,445
Micromet, Inc.*	64,779		404,221
Momenta Pharmaceuticals, Inc.*	31,728		388,985
Nabi Biopharmaceuticals*	39,237		213,449
Nanosphere, Inc.*	827		3,606
Neurocrine Biosciences, Inc.*	32,000		179,200

See Notes to Financial Statements.

788

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Novavax, Inc.*	71,059	$	154,198
NPS Pharmaceuticals, Inc.*	39,622		255,166
Onyx Pharmaceuticals, Inc.*	57,384		1,238,921
Opko Health, Inc.*	112,700		254,702
Orexigen Therapeutics, Inc.*	28,003		117,613
Osiris Therapeutics, Inc.*	12,884		74,856
PDL BioPharma, Inc.	104,627		588,004
Pharmacyclics, Inc.*	36,000		239,760
Pharmasset, Inc.*	23,499		642,463
Progenics Pharmaceuticals, Inc.*	44,898		246,041
Rigel Pharmaceuticals, Inc.*	45,840		330,048
Sangamo BioSciences, Inc.*	37,600		139,496
Savient Pharmaceuticals, Inc.*	57,929		729,905
Seattle Genetics, Inc.*	72,755		872,333
SIGA Technologies, Inc.*	27,652		212,920
Spectrum Pharmaceuticals, Inc.*	34,365		134,711
StemCells, Inc.*	128,784		121,057
Synta Pharmaceuticals Corp.*	24,207		65,359
Targacept, Inc.*	19,100		369,203
Theravance, Inc.*	57,727		725,628
Vical, Inc.*	5,400		16,740
ZymoGenetics, Inc.*	54,300		229,146

			23,560,640

*Health Care Equipment & Supplies (3.9%)*
Abaxis, Inc.*	16,862		361,353
ABIOMED, Inc.*	28,350		274,428
Accuray, Inc.*	41,000		271,830
AGA Medical Holdings, Inc.*	19,200		243,648
Align Technology, Inc.*	57,276		851,694
Alphatec Holdings, Inc.*	46,909		217,658
American Medical Systems Holdings, Inc.*	65,723		1,453,793
Analogic Corp.	12,116		551,399
AngioDynamics, Inc.*	20,940		308,865
ArthroCare Corp.*	21,600		662,040
ATS Medical, Inc.*	67,635		268,511
Conceptus, Inc.*	28,842		449,358
CONMED Corp.*	25,287		471,097
CryoLife, Inc.*	37,668		203,030
Cyberonics, Inc.*	25,834		611,749
Cynosure, Inc., Class A*	12,753		137,350
Delcath Systems, Inc.*	26,600		168,644
DexCom, Inc.*	37,808		437,060
DynaVox, Inc., Class A*	13,200		211,332
ev3, Inc.*	67,871		1,520,989
Greatbatch, Inc.*	21,718		484,529
Haemonetics Corp.*	23,954		1,282,018
Hansen Medical, Inc.*	4,950		10,543
HeartWare International, Inc.*	5,900		413,413
ICU Medical, Inc.*	9,545		307,063
Immucor, Inc.*	63,311		1,206,075
Insulet Corp.*	30,378		457,189
Integra LifeSciences Holdings Corp.*	15,144		560,328
Invacare Corp.	28,116		583,126
IRIS International, Inc.*	17,037		172,755
Kensey Nash Corp.*	8,104		192,146
MAKO Surgical Corp.*	20,500		255,225
Masimo Corp.	43,438		1,034,259
Medical Action Industries, Inc.*	19,104		229,057
MELA Sciences, Inc.*	3,050		22,692


	Number of Shares	Value (Note 1)

Meridian Bioscience, Inc.	36,277	$	616,709
Merit Medical Systems, Inc.*	22,486		361,350
Micrus Endovascular Corp.*	14,122		293,596
Natus Medical, Inc.*	27,018		440,123
Neogen Corp.*	15,978		416,227
NuVasive, Inc.*	33,609		1,191,775
NxStage Medical, Inc.*	18,700		277,508
OraSure Technologies, Inc.*	40,086		185,598
Orthofix International N.V.*	15,053		482,449
Orthovita, Inc.*	58,808		119,380
Palomar Medical Technologies, Inc.*	15,971		178,715
Quidel Corp.*	19,500		247,455
Rochester Medical Corp.*	15,389		145,426
RTI Biologics, Inc.*	46,849		137,268
Sirona Dental Systems, Inc.*	26,867		936,046
SonoSite, Inc.*	14,365		389,435
Stereotaxis, Inc.*	53,634		177,528
STERIS Corp.	47,570		1,478,476
SurModics, Inc.*	14,421		236,649
Symmetry Medical, Inc.*	33,416		352,205
Syneron Medical Ltd.*	28,500		292,980
Synovis Life Technologies, Inc.*	10,689		163,328
TomoTherapy, Inc.*	13,639		43,372
Vascular Solutions, Inc.*	21,668		270,850
Volcano Corp.*	42,624		930,056
West Pharmaceutical Services, Inc.	30,064		1,097,035
Wright Medical Group, Inc.*	31,559		524,195
Young Innovations, Inc.	9,720		273,618
Zoll Medical Corp.*	16,401		444,467

			29,590,065

*Health Care Providers & Services (3.7%)*
Accretive Health, Inc.*	17,500		231,525
Air Methods Corp.*	9,000		267,750
Alliance HealthCare Services, Inc.*	29,549		119,378
Almost Family, Inc.*	6,700		234,031
Amedisys, Inc.*	24,634		1,083,157
AMERIGROUP Corp.*	41,470		1,346,946
Amsurg Corp.*	25,262		450,169
Assisted Living Concepts, Inc., Class A*	7,341		217,220
Bio-Reference Labs, Inc.*	21,430		475,103
BioScrip, Inc.*	38,300		200,692
CardioNet, Inc.*	22,102		121,119
Catalyst Health Solutions, Inc.*	31,127		1,073,882
Centene Corp.*	39,183		842,435
Chemed Corp.	19,590		1,070,398
Chindex International, Inc.*	15,396		192,912
Clarient, Inc.*	65,260		201,001
Corvel Corp.*	6,700		226,393
Cross Country Healthcare, Inc.*	28,695		257,968
Emeritus Corp.*	18,206		296,940
Ensign Group, Inc.	14,524		239,936
Genoptix, Inc.*	15,675		269,610
Gentiva Health Services, Inc.*	26,641		719,573
Hanger Orthopedic Group, Inc.*	28,309		508,430
HealthSouth Corp.*	81,806		1,530,590
Healthspring, Inc.*	46,478		720,874
Healthways, Inc.*	32,147		383,192

See Notes to Financial Statements.

789

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

HMS Holdings Corp.*	23,943	$	1,298,189
inVentiv Health, Inc.*	30,843		789,581
IPC The Hospitalist Co., Inc.*	14,984		376,098
Kindred Healthcare, Inc.*	36,329		466,464
Landauer, Inc.	8,626		525,151
LHC Group, Inc.*	12,043		334,193
Magellan Health Services, Inc.*	29,315		1,064,721
Molina Healthcare, Inc.*	9,607		276,682
MWI Veterinary Supply, Inc.*	9,592		482,094
National Healthcare Corp.	7,200		248,112
Odyssey HealthCare, Inc.*	23,889		638,314
Owens & Minor, Inc.#	57,400		1,629,012
PharMerica Corp.*	24,781		363,289
Providence Service Corp.*	5,723		80,122
PSS World Medical, Inc.*	55,921		1,182,729
Psychiatric Solutions, Inc.*	50,051		1,637,669
RehabCare Group, Inc.*	20,680		450,410
Res-Care, Inc.*	19,417		187,568
Select Medical Holdings Corp.*	28,203		191,216
Skilled Healthcare Group, Inc., Class A*	27,166		184,457
Sun Healthcare Group, Inc.*	37,620		303,970
Sunrise Senior Living, Inc.*	24,077		66,934
Team Health Holdings, Inc.*	17,400		224,808
Triple-S Management Corp., Class B*	14,336		265,933
U.S. Physical Therapy, Inc.*	9,807		165,542
Universal American Corp.*	24,150		347,760
Virtual Radiologic Corp.*	1,476		25,328
WellCare Health Plans, Inc.*	39,284		932,602

			28,020,172

*Health Care Technology (0.8%)*
athenahealth, Inc.*	31,181		814,759
Computer Programs & Systems, Inc.	7,602		311,074
Eclipsys Corp.*	51,247		914,246
MedAssets, Inc.*	36,682		846,621
Medidata Solutions, Inc.*	15,600		241,644
MedQuist, Inc.	28,200		223,062
Merge Healthcare, Inc.*	52,592		154,095
Omnicell, Inc.*	28,055		327,963
Phase Forward, Inc.*	39,774		663,430
Quality Systems, Inc.	15,138		877,853
Vital Images, Inc.*	17,065		217,579

			5,592,326

*Life Sciences Tools & Services (0.7%)*
Accelrys, Inc.*	31,958		206,129
Affymetrix, Inc.*	79,593		469,599
Bruker Corp.*	58,232		708,101
Dionex Corp.*	16,096		1,198,508
Enzo Biochem, Inc.*	36,735		149,512
eResearchTechnology, Inc.*	39,075		307,911
Kendle International, Inc.*	11,716		134,968
Luminex Corp.*	37,219		603,692
PAREXEL International Corp.*	54,437		1,180,194
Sequenom, Inc.*	53,949		318,839

			5,277,453

*Pharmaceuticals (1.6%)*
Acura Pharmaceuticals, Inc.*	34,052		85,471


	Number of Shares	Value (Note 1)

Ardea Biosciences, Inc.*	11,700	$	240,552
Auxilium Pharmaceuticals, Inc.*	38,257		899,039
Cadence Pharmaceuticals, Inc.*	25,735		180,402
Cypress Bioscience, Inc.*	31,549		72,563
Depomed, Inc.*	58,634		164,175
Durect Corp.*	96,364		234,164
Eurand N.V.*	26,100		252,909
Impax Laboratories, Inc.*	56,466		1,076,242
Inspire Pharmaceuticals, Inc.*	51,903		258,996
Jazz Pharmaceuticals, Inc.*	29,800		233,334
Lannett Co., Inc.*	33,557		153,355
MAP Pharmaceuticals, Inc.*	18,800		246,656
Medicines Co.*	41,787		317,999
Medicis Pharmaceutical Corp., Class A	50,975		1,115,333
Nektar Therapeutics*	80,386		972,671
Obagi Medical Products, Inc.*	5,013		59,254
Optimer Pharmaceuticals, Inc.*	22,256		206,313
Par Pharmaceutical Cos., Inc.*	32,135		834,225
Pozen, Inc.*	26,986		189,172
Questcor Pharmaceuticals, Inc.*	47,900		489,059
Salix Pharmaceuticals Ltd.*	46,463		1,813,451
Sucampo Pharmaceuticals, Inc., Class A*	42,720		150,802
ViroPharma, Inc.*	63,233		708,842
Vivus, Inc.*	73,827		708,739
XenoPort, Inc.*	23,178		227,376

			11,891,094

Total Health Care			103,931,750

Industrials (15.3%)
*Aerospace & Defense (1.9%)*
AAR Corp.*	33,512		560,991
Aerovironment, Inc.*	10,321		224,275
American Science & Engineering, Inc.	7,277		554,580
Applied Signal Technology, Inc.	12,400		243,660
Argon ST, Inc.*	11,700		401,193
Ceradyne, Inc.*	24,493		523,416
Cubic Corp.	12,186		443,327
Curtiss-Wright Corp.	41,917		1,217,270
DigitalGlobe, Inc.*	22,113		581,572
DynCorp International, Inc., Class A*	22,496		394,130
Esterline Technologies Corp.*	26,887		1,275,788
GeoEye, Inc.*	15,341		477,719
HEICO Corp.	26,060		936,075
Hexcel Corp.*	89,159		1,382,856
Ladish Co., Inc.*	13,200		299,904
Moog, Inc., Class A*	37,353		1,203,887
Orbital Sciences Corp.*	52,887		834,028
Stanley, Inc.*	8,280		309,506
Taser International, Inc.*	43,802		170,828
Teledyne Technologies, Inc.*	32,954		1,271,365
Triumph Group, Inc.	14,502		966,268

			14,272,638

*Air Freight & Logistics (0.4%)*
Atlas Air Worldwide Holdings, Inc.*	20,727		984,533
Forward Air Corp.	26,940		734,115

See Notes to Financial Statements.

790

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Hub Group, Inc., Class A*	34,333	$	1,030,333
Pacer International, Inc.*	28,620		200,054

			2,949,035

*Airlines (0.7%)*
AirTran Holdings, Inc.*	99,811		484,083
Alaska Air Group, Inc.*	28,707		1,290,380
Allegiant Travel Co.	12,677		541,181
Hawaiian Holdings, Inc.*	57,863		299,152
JetBlue Airways Corp.*	195,689		1,074,333
SkyWest, Inc.	54,215		662,507
U.S. Airways Group, Inc.*	148,186		1,275,881

			5,627,517

*Building Products (0.7%)*
A.O. Smith Corp.	18,548		893,828
AAON, Inc.	10,200		237,762
Ameron International Corp.	7,995		482,338
Apogee Enterprises, Inc.	21,337		231,080
Gibraltar Industries, Inc.*	25,168		254,197
Griffon Corp.*	51,143		565,642
Insteel Industries, Inc.	15,467		179,727
NCI Building Systems, Inc.*	2,492		20,858
Quanex Building Products Corp.	33,467		578,644
Simpson Manufacturing Co., Inc.	34,619		849,896
Trex Co., Inc.*	15,112		303,600
Universal Forest Products, Inc.	15,654		474,473

			5,072,045

*Commercial Services & Supplies (2.6%)*
ABM Industries, Inc.	40,632		851,240
ACCO Brands Corp.*	53,466		266,795
American Reprographics Co.*	30,000		261,900
ATC Technology Corp.*	19,804		319,241
Bowne & Co., Inc.	27,173		304,881
Brink’s Co.	38,400		730,752
Cenveo, Inc.*	46,631		255,538
Clean Harbors, Inc.*	19,018		1,262,985
Consolidated Graphics, Inc.*	11,364		491,379
Cornell Cos., Inc.*	9,200		247,204
Courier Corp.	13,342		162,906
Deluxe Corp.	46,861		878,644
EnergySolutions, Inc.	70,271		357,679
EnerNOC, Inc.*	11,944		375,519
Ennis, Inc.	22,556		338,566
Fuel Tech, Inc.*	18,014		113,848
G&K Services, Inc., Class A	17,482		361,003
GEO Group, Inc.*	47,414		983,841
Healthcare Services Group, Inc.	40,046		758,872
Herman Miller, Inc.	52,691		994,279
HNI Corp.	38,941		1,074,382
Innerworkings, Inc.*	23,805		162,588
Interface, Inc., Class A	40,298		432,801
Kimball International, Inc., Class B	22,522		124,547
Knoll, Inc.	39,158		520,410
M&F Worldwide Corp.*	9,100		246,610
McGrath RentCorp	19,645		447,513
Metalico, Inc.*	17,703		70,458
Mine Safety Appliances Co.	28,007		694,013
Mobile Mini, Inc.*	32,795		533,903
Multi-Color Corp.	12,655		129,587


	Number of Shares	Value (Note 1)

Rollins, Inc.	38,618	$	799,006
Schawk, Inc.	13,900		207,805
Standard Parking Corp.*	2,010		31,818
Steelcase, Inc., Class A	66,472		515,158
Sykes Enterprises, Inc.*	35,099		499,459
Tetra Tech, Inc.#*	56,337		1,104,769
U.S. Ecology, Inc.	11,654		169,799
United Stationers, Inc.*	21,736		1,183,960
Viad Corp.	16,724		295,179
Waste Services, Inc.*	21,700		253,022

			19,813,859

*Construction & Engineering (0.8%)*
Argan, Inc.*	12,930		134,860
Comfort Systems USA, Inc.	32,243		311,467
Dycom Industries, Inc.*	39,416		337,007
EMCOR Group, Inc.*	54,399		1,260,425
Furmanite Corp.*	830		3,295
Granite Construction, Inc.	29,073		685,541
Great Lakes Dredge & Dock Corp.	27,907		167,442
Insituform Technologies, Inc., Class A*	34,662		709,878
Layne Christensen Co.*	17,093		414,847
MasTec, Inc.*	48,462		455,543
MYR Group, Inc.*	15,900		265,371
Northwest Pipe Co.*	7,972		151,468
Orion Marine Group, Inc.*	24,577		348,993
Primoris Services Corp.	29,446		185,510
Sterling Construction Co., Inc.*	13,400		173,396
Tutor Perini Corp.*	23,995		395,438

			6,000,481

*Electrical Equipment (1.9%)*
A123 Systems, Inc.*	58,200		548,826
Acuity Brands, Inc.	40,202		1,462,549
Advanced Battery Technologies, Inc.*	46,966		154,048
American Superconductor Corp.*	39,075		1,042,912
AZZ, Inc.	10,493		385,828
Baldor Electric Co.	42,894		1,547,616
Belden, Inc.	40,735		896,170
Brady Corp., Class A	45,341		1,129,898
Broadwind Energy, Inc.*	29,219		81,813
Encore Wire Corp.	17,428		317,015
Ener1, Inc.*	42,839		144,796
EnerSys*	37,539		802,208
Franklin Electric Co., Inc.	21,276		613,174
FuelCell Energy, Inc.*	63,560		75,001
Generac Holdings, Inc.*	17,400		243,774
GrafTech International Ltd.*	107,992		1,578,843
II-VI, Inc.*	21,393		633,875
LSI Industries, Inc.	6,318		30,832
Polypore International, Inc.*	19,200		436,608
Powell Industries, Inc.*	5,060		138,340
Preformed Line Products Co.	4,355		121,722
Vicor Corp.*	19,600		244,804
Woodward Governor Co.	54,633		1,394,780

			14,025,432

*Industrial Conglomerates (0.3%)*
Otter Tail Corp.	32,825		634,507

See Notes to Financial Statements.

791

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Raven Industries, Inc.	14,213	$	479,120
Seaboard Corp.	267		403,170
Standex International Corp.	9,079		230,153
Tredegar Corp.	28,029		457,433
United Capital Corp.*	1,351		32,978

			2,237,361

*Machinery (2.8%)*
Actuant Corp., Class A	63,213		1,190,301
Albany International Corp., Class A	27,591		446,698
Altra Holdings, Inc.*	22,700		295,554
American Railcar Industries, Inc.*	7,969		96,266
Ampco-Pittsburgh Corp.	1,780		37,077
ArvinMeritor, Inc.*	77,735		1,018,329
Astec Industries, Inc.*	15,843		439,326
Badger Meter, Inc.	13,430		519,607
Barnes Group, Inc.	45,506		745,843
Blount International, Inc.*	51,233		526,163
Briggs & Stratton Corp.	46,044		783,669
Cascade Corp.	7,400		263,514
Chart Industries, Inc.*	26,821		417,871
CIRCOR International, Inc.	15,109		386,488
CLARCOR, Inc.	40,474		1,437,636
Colfax Corp.*	20,400		212,364
Columbus McKinnon Corp.*	17,600		245,872
Energy Recovery, Inc.*	25,255		101,020
EnPro Industries, Inc.*	17,254		485,700
ESCO Technologies, Inc.	24,852		639,939
Federal Signal Corp.	44,885		271,105
Flow International Corp.*	16,296		38,459
Force Protection, Inc.*	59,260		242,966
FreightCar America, Inc.	9,800		221,676
Gorman-Rupp Co.	10,776		269,939
Graham Corp.	12,999		194,855
John Bean Technologies Corp.	25,631		390,873
Kaydon Corp.	30,954		1,017,148
Lindsay Corp.	11,575		366,812
McCoy Corp.	3,100		4,019
Met-Pro Corp.	8,996		96,797
Middleby Corp.*	16,798		893,486
Mueller Industries, Inc.	32,157		791,062
Mueller Water Products, Inc., Class A	141,493		524,939
NACCO Industries, Inc., Class A	4,400		390,544
Nordson Corp.	27,945		1,567,156
RBC Bearings, Inc.*	17,000		492,830
Robbins & Myers, Inc.	24,068		523,238
Sauer-Danfoss, Inc.*	17,200		210,184
Sun Hydraulics Corp.	10,500		246,330
Tennant Co.	15,831		535,404
Titan International, Inc.	29,200		291,124
Twin Disc, Inc.	9,936		112,873
Wabash National Corp.*	47,300		336,303
Watts Water Technologies, Inc., Class A	27,659		792,707

			21,112,066

*Marine (0.1%)*
Eagle Bulk Shipping, Inc.*	43,044		181,646
Genco Shipping & Trading Ltd.*	22,967		344,275
Horizon Lines, Inc., Class A	32,800		138,744


	Number of Shares	Value (Note 1)

International Shipholding Corp.	5,969	$	132,094
Ultrapetrol Bahamas Ltd.*	12,635		54,962

			851,721

*Professional Services (1.1%)*
Acacia Research Corp.- Acacia Technologies*	29,741		423,214
Administaff, Inc.	17,787		429,734
Advisory Board Co.*	14,242		611,836
Corporate Executive Board Co.	31,704		832,864
CoStar Group, Inc.*	18,236		707,557
Dolan Media Co.*	23,219		258,195
Exponent, Inc.*	12,223		399,937
Heidrick & Struggles International, Inc.	15,604		356,083
Hill International, Inc.*	32,434		131,682
Huron Consulting Group, Inc.*	18,750		363,937
ICF International, Inc.*	13,700		327,841
Kelly Services, Inc., Class A*	19,134		284,523
Kforce, Inc.*	28,891		368,360
Korn/Ferry International*	37,552		521,973
Manpower, Inc.	121		5,225
Navigant Consulting, Inc.*	42,332		439,406
Resources Connection, Inc.*	41,095		558,892
School Specialty, Inc.*	14,747		266,478
SFN Group, Inc.*	53,354		291,313
TrueBlue, Inc.*	35,615		398,532
VSE Corp.	3,825		121,712

			8,099,294

*Road & Rail (1.1%)*
Amerco, Inc.*	8,242		453,722
Arkansas Best Corp.	23,168		480,736
Avis Budget Group, Inc.*	94,764		930,582
Celadon Group, Inc.*	18,200		257,348
Dollar Thrifty Automotive Group, Inc.*	23,399		997,031
Genesee & Wyoming, Inc., Class A*	31,361		1,170,079
Heartland Express, Inc.	48,655		706,471
Knight Transportation, Inc.	54,150		1,095,996
Marten Transport Ltd.*	12,600		261,828
Old Dominion Freight Line, Inc.*	24,262		852,567
Patriot Transportation Holding, Inc.*	300		24,273
RailAmerica, Inc.*	22,900		227,168
Saia, Inc.*	11,796		176,940
Werner Enterprises, Inc.	35,366		774,162

			8,408,903

*Trading Companies & Distributors (0.9%)*
Aircastle Ltd.	33,955		266,547
Applied Industrial Technologies, Inc.	38,188		966,920
Beacon Roofing Supply, Inc.*	42,176		760,012
CAI International, Inc.*	3,870		46,053
H&E Equipment Services, Inc.*	22,400		167,776
Houston Wire & Cable Co.	10,410		112,948
Interline Brands, Inc.*	30,046		519,495
Kaman Corp.	23,992		530,703
Lawson Products, Inc.	5,314		90,232
RSC Holdings, Inc.*	44,821		276,546

See Notes to Financial Statements.

792

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Rush Enterprises, Inc., Class A*	32,200	$	430,192
TAL International Group, Inc.	12,400		278,628
Textainer Group Holdings Ltd.	9,100		219,674
United Rentals, Inc.*	55,944		521,398
Watsco, Inc.	23,687		1,371,951

			6,559,075

Total Industrials			115,029,427

Information Technology (17.9%)
*Communications Equipment (2.8%)*
Acme Packet, Inc.*	33,447		899,055
ADC Telecommunications, Inc.*	89,904		666,189
ADTRAN, Inc.	49,306		1,344,575
Arris Group, Inc.*	110,703		1,128,064
Aruba Networks, Inc.*	54,216		772,036
Aviat Networks, Inc.*	42,137		152,957
Bel Fuse, Inc., Class B	1,450		23,940
BigBand Networks, Inc.*	39,895		120,483
Black Box Corp.	15,043		419,549
Blue Coat Systems, Inc.*	36,795		751,722
Calix, Inc.*	21,700		222,642
Comtech Telecommunications Corp.*	25,643		767,495
DG FastChannel, Inc.*	20,260		660,071
EMS Technologies, Inc.*	11,349		170,462
Emulex Corp.*	79,657		731,251
Finisar Corp.*	60,400		899,960
Globecomm Systems, Inc.*	3,550		29,288
Harmonic, Inc.*	86,459		470,337
Hughes Communications, Inc.*	9,800		238,434
Infinera Corp.*	86,261		554,658
InterDigital, Inc.*	43,125		1,064,756
Ixia*	26,063		223,881
Loral Space & Communications, Inc.*	10,096		431,301
NETGEAR, Inc.*	31,829		567,829
Oclaro, Inc.*	39,600		439,164
Oplink Communications, Inc.*	16,800		240,744
Opnext, Inc.*	83,712		138,125
Palm, Inc.#*	150,768		857,870
PC-Tel, Inc.*	6,672		33,627
Plantronics, Inc.	45,859		1,311,567
Powerwave Technologies, Inc.*	88,598		136,441
Riverbed Technology, Inc.*	52,106		1,439,168
SeaChange International, Inc.*	28,110		231,345
ShoreTel, Inc.*	39,787		184,612
Sonus Networks, Inc.*	163,241		442,383
Sycamore Networks, Inc.	16,421		272,917
Tekelec*	58,881		779,584
UTStarcom, Inc.*	93,400		171,856
ViaSat, Inc.*	27,140		883,678

			20,874,016

*Computers & Peripherals (0.8%)*
3PAR, Inc.*	31,300		291,403
ADPT Corp.*	82,342		237,968
Avid Technology, Inc.*	22,731		289,366
Compellent Technologies, Inc.*	13,900		168,468
Cray, Inc.*	32,222		179,799
Electronics for Imaging, Inc.*	49,952		487,032
Imation Corp.*	22,476		206,554


	Number of Shares	Value (Note 1)

Intermec, Inc.*	57,202	$	586,321
Intevac, Inc.*	18,600		198,462
Isilon Systems, Inc.*	21,250		272,850
Netezza Corp.*	43,908		600,661
Quantum Corp.*	201,581		378,972
STEC, Inc.*	23,499		295,147
Stratasys, Inc.*	22,466		551,765
Super Micro Computer, Inc.*	19,200		259,200
Synaptics, Inc.*	30,737		845,268
Xyratex Ltd.*	24,200		342,430

			6,191,666

*Electronic Equipment, Instruments & Components (2.3%)*
Anixter International, Inc.*	26,558		1,131,371
Benchmark Electronics, Inc.*	62,748		994,556
Brightpoint, Inc.*	43,412		303,884
Checkpoint Systems, Inc.*	36,911		640,775
Cogent, Inc.*	31,949		287,860
Cognex Corp.	36,803		646,997
Coherent, Inc.*	21,452		735,804
Comverge, Inc.*	20,308		181,960
CPI International, Inc.*	473		7,374
CTS Corp.	28,000		258,720
DTS, Inc.*	15,895		522,469
Electro Rent Corp.	2,169		27,741
Electro Scientific Industries, Inc.*	29,437		393,278
FARO Technologies, Inc.*	16,067		300,614
ICx Technologies, Inc.*	25,569		186,654
Insight Enterprises, Inc.*	46,143		607,242
IPG Photonics Corp.*	28,560		434,969
L-1 Identity Solutions, Inc.*	69,037		565,413
Littelfuse, Inc.*	19,549		617,944
Maxwell Technologies, Inc.*	21,200		241,680
Methode Electronics, Inc.	45,082		439,099
Microvision, Inc.*	71,396		211,332
MTS Systems Corp.	15,602		452,458
Multi-Fineline Electronix, Inc.*	9,200		229,632
Newport Corp.*	27,187		246,314
OSI Systems, Inc.*	15,768		437,877
Park Electrochemical Corp.	15,472		377,671
PC Connection, Inc.*	21,196		128,448
Plexus Corp.*	36,075		964,645
Power-One, Inc.*	65,400		441,450
RadiSys Corp.*	23,542		224,120
Rofin-Sinar Technologies, Inc.*	24,925		518,938
Rogers Corp.*	13,684		380,005
Sanmina-SCI Corp.*	63,800		868,318
Scansource, Inc.*	23,039		574,362
SMART Modular Technologies (WWH), Inc.*	42,100		246,285
SYNNEX Corp.*	15,862		406,384
TTM Technologies, Inc.*	65,362		620,939
Universal Display Corp.*	23,260		418,215

			17,273,797

*Internet Software & Services (2.0%)*
Ancestry.com, Inc.*	15,200		267,824
Art Technology Group, Inc.*	109,506		374,510
comScore, Inc.*	26,663		439,140
Constant Contact, Inc.*	18,346		391,320
DealerTrack Holdings, Inc.*	37,064		609,703
Dice Holdings, Inc.*	31,600		218,672

See Notes to Financial Statements.

793

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Digital River, Inc.*	35,331	$	844,764
DivX, Inc.*	18,089		138,562
EarthLink, Inc.	103,433		823,327
GSI Commerce, Inc.*	49,812		1,434,586
Internet Brands, Inc., Class A*	23,600		243,788
Internet Capital Group, Inc.*	30,400		231,040
j2 Global Communications, Inc.*	41,578		908,063
Keynote Systems, Inc.	12,104		109,178
Knot, Inc.*	25,652		199,573
Limelight Networks, Inc.*	58,291		255,897
LivePerson, Inc.*	34,100		233,926
LogMeIn, Inc.*	12,100		317,383
LoopNet, Inc.*	20,300		250,299
Marchex, Inc., Class B	33,458		128,813
ModusLink Global Solutions, Inc.*	38,214		230,430
Move, Inc.*	120,105		246,215
NIC, Inc.	46,855		300,341
OpenTable, Inc.*	12,700		526,669
Openwave Systems, Inc.*	79,841		162,077
Perficient, Inc.*	23,900		212,949
QuinStreet, Inc.*	18,600		214,086
Rackspace Hosting, Inc.*	77,790		1,426,669
RealNetworks, Inc.*	70,152		231,502
SAVVIS, Inc.*	35,722		526,899
Stamps.com, Inc.*	14,405		147,651
Terremark Worldwide, Inc.*	60,575		473,091
Travelzoo, Inc.*	2,300		28,474
United Online, Inc.	72,273		416,292
ValueClick, Inc.*	80,524		860,802
Vocus, Inc.*	14,803		226,190

			14,650,705

*IT Services (2.1%)*
Acxiom Corp.*	63,869		938,236
CACI International, Inc., Class A*	27,959		1,187,698
CSG Systems International, Inc.*	33,465		613,413
Cybersource Corp.*	64,496		1,646,583
Euronet Worldwide, Inc.*	44,426		568,209
ExlService Holdings, Inc.*	12,400		212,908
Forrester Research, Inc.*	11,280		341,333
Global Cash Access Holdings, Inc.*	40,400		291,284
Hackett Group, Inc.*	10,719		30,120
Heartland Payment Systems, Inc.	35,637		528,853
iGATE Corp.	19,000		243,580
infoGROUP, Inc.*	29,000		231,420
Integral Systems, Inc.*	23,769		150,933
Lionbridge Technologies, Inc.*	46,700		213,419
ManTech International Corp., Class A*	18,541		789,290
MAXIMUS, Inc.	16,442		951,499
MoneyGram International, Inc.*	67,800		166,110
NCI, Inc., Class A*	8,225		185,721
Online Resources Corp.*	38,873		161,323
RightNow Technologies, Inc.*	24,700		387,543
Sapient Corp.	83,569		847,390
SRA International, Inc., Class A*	39,774		782,355
Stream Global Services, Inc.*	38,200		213,920
Syntel, Inc.	12,582		427,159
TeleTech Holdings, Inc.*	34,125		439,871


	Number of Shares	Value (Note 1)

TNS, Inc.*	23,218	$	404,922
Unisys Corp.*	34,464		637,239
VeriFone Systems, Inc.*	63,531		1,202,642
Wright Express Corp.*	34,002		1,009,859

			15,804,832

*Semiconductors & Semiconductor Equipment (3.5%)*
Actel Corp.*	24,547		314,692
Advanced Analogic Technologies, Inc.*	51,670		164,827
Advanced Energy Industries, Inc.*	26,403		324,493
Amkor Technology, Inc.*	104,109		573,641
ANADIGICS, Inc.*	52,100		227,156
Applied Micro Circuits Corp.*	58,562		613,730
ATMI, Inc.*	29,870		437,297
Brooks Automation, Inc.*	59,550		460,321
Cabot Microelectronics Corp.*	22,120		765,131
Cavium Networks, Inc.*	35,602		932,416
Cirrus Logic, Inc.*	53,467		845,313
Cohu, Inc.	21,557		261,486
Cymer, Inc.*	26,598		799,004
Day4 Energy, Inc.*	7,000		4,669
Diodes, Inc.*	29,708		471,466
Entegris, Inc.*	148,646		590,125
Entropic Communications, Inc.*	44,945		284,951
Exar Corp.*	30,032		208,122
FEI Co.*	34,673		683,405
FormFactor, Inc.*	42,795		462,186
GT Solar International, Inc.*	50,100		280,560
Hittite Microwave Corp.*	21,915		980,477
Integrated Device Technology, Inc.*	130,200		644,490
IXYS Corp.*	25,145		222,282
Kopin Corp.*	61,081		207,065
Kulicke & Soffa Industries, Inc.*	56,441		396,216
Lattice Semiconductor Corp.*	96,400		418,376
LTX-Credence Corp.*	117,800		333,374
MaxLinear, Inc., Class A*	15,600		218,088
Micrel, Inc.	40,675		414,071
Microsemi Corp.*	74,627		1,091,793
Microtune, Inc.*	67,752		144,312
MKS Instruments, Inc.*	42,872		802,564
Monolithic Power Systems, Inc.*	31,496		562,519
Netlogic Microsystems, Inc.*	50,210		1,365,712
NVE Corp.*	4,043		175,992
OmniVision Technologies, Inc.*	41,618		892,290
Pericom Semiconductor Corp.*	21,500		206,400
Photronics, Inc.*	46,702		211,093
Power Integrations, Inc.	24,124		776,672
RF Micro Devices, Inc.*	254,946		996,839
Rubicon Technology, Inc.*	10,200		303,858
Semtech Corp.*	55,396		906,832
Sigma Designs, Inc.*	20,459		204,795
Spansion, Inc., Class A*	14,300		233,233
Standard Microsystems Corp.*	17,920		417,178
Tessera Technologies, Inc.*	43,710		701,545
Trident Microsystems, Inc.*	41,033		58,267
TriQuint Semiconductor, Inc.*	125,665		767,813
Ultratech, Inc.*	17,324		281,861
Veeco Instruments, Inc.*	30,694		1,052,190
Volterra Semiconductor Corp.*	19,883		458,502

See Notes to Financial Statements.

794

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Zoran Corp.*	44,522	$	424,740

			26,576,430

*Software (4.4%)*
ACI Worldwide, Inc.*	31,072		604,972
Actuate Corp.*	37,203		165,553
Advent Software, Inc.*	13,507		634,289
American Software, Inc., Class A	6,090		28,136
ArcSight, Inc.*	20,009		448,002
Ariba, Inc.*	77,194		1,229,700
Aspen Technology, Inc.*	49,900		543,411
Blackbaud, Inc.	41,587		905,349
Blackboard, Inc.*	27,157		1,013,771
Bottomline Technologies, Inc.*	23,491		306,088
CommVault Systems, Inc.*	39,714		893,565
Concur Technologies, Inc.*	34,420		1,469,046
Deltek, Inc.*	29,100		242,694
DemandTec, Inc.*	22,861		154,312
Double-Take Software, Inc.*	18,001		188,830
Ebix, Inc.*	18,849		295,552
Epicor Software Corp.*	46,139		368,651
EPIQ Systems, Inc.*	31,930		412,855
Fair Isaac Corp.	43,927		957,169
FalconStor Software, Inc.*	44,909		118,560
Fortinet, Inc.*	31,700		521,148
Jack Henry & Associates, Inc.	77,944		1,861,303
JDA Software Group, Inc.*	33,455		735,341
Kenexa Corp.*	18,700		224,400
Lawson Software, Inc.*	127,975		934,217
Manhattan Associates, Inc.*	21,550		593,702
Mentor Graphics Corp.*	87,318		772,764
MicroStrategy, Inc., Class A*	8,709		653,959
NetScout Systems, Inc.*	18,154		258,150
NetSuite, Inc.*	17,700		223,728
Parametric Technology Corp.*	107,045		1,677,395
Pegasystems, Inc.	10,425		334,747
Progress Software Corp.*	37,518		1,126,666
PROS Holdings, Inc.*	27,621		179,536
QAD, Inc.*	159		657
Quest Software, Inc.*	57,711		1,041,106
Radiant Systems, Inc.*	34,637		500,851
Renaissance Learning, Inc.	16,300		239,447
Rosetta Stone, Inc.*	8,103		186,045
S1 Corp.*	42,669		256,441
Smith Micro Software, Inc.*	24,400		232,044
SolarWinds, Inc.*	28,000		449,120
SonicWALL, Inc.*	46,889		550,946
Sourcefire, Inc.*	20,346		386,574
SS&C Technologies Holdings, Inc.*	14,500		232,435
SuccessFactors, Inc.*	50,446		1,048,772
Synchronoss Technologies, Inc.*	16,634		315,547
Take-Two Interactive Software, Inc.*	71,456		643,104
Taleo Corp., Class A*	28,441		690,832
TeleCommunication Systems, Inc., Class A*	27,494		113,825
THQ, Inc.*	71,641		309,489
TIBCO Software, Inc.*	136,350		1,644,381
TiVo, Inc.*	92,067		679,454
Tyler Technologies, Inc.*	31,177		483,867
Ultimate Software Group, Inc.*	21,570		708,790


	Number of Shares	Value (Note 1)

VASCO Data Security International, Inc.*	29,783	$	183,761
Websense, Inc.*	42,504		803,326

			32,778,375

Total Information Technology			134,149,821

Materials (4.8%)
*Chemicals (2.2%)*
A. Schulman, Inc.	21,143		400,871
American Vanguard Corp.	17,846		141,519
Arch Chemicals, Inc.	21,246		653,102
Balchem Corp.	24,885		622,125
Calgon Carbon Corp.*	51,138		677,067
Ferro Corp.*	72,473		534,126
Georgia Gulf Corp.*	27,000		360,180
H.B. Fuller Co.	43,759		830,983
Innophos Holdings, Inc.	14,913		388,931
Koppers Holdings, Inc.	16,713		375,708
LSB Industries, Inc.*	14,100		187,671
Minerals Technologies, Inc.	17,025		809,369
NewMarket Corp.	9,287		810,941
NL Industries, Inc.	19,126		116,669
Olin Corp.	69,503		1,257,309
OM Group, Inc.*	28,287		674,928
Omnova Solutions, Inc.*	36,300		283,503
PolyOne Corp.*	73,100		615,502
Quaker Chemical Corp.	9,100		246,519
Rockwood Holdings, Inc.*	45,940		1,042,379
Sensient Technologies Corp.	42,125		1,092,301
Solutia, Inc.*	108,279		1,418,455
Spartech Corp.*	29,123		298,511
Stepan Co.	6,244		427,277
STR Holdings, Inc.*	22,700		426,760
W.R. Grace & Co.*	59,605		1,254,089
Westlake Chemical Corp.	18,078		335,708
Zep, Inc.	18,982		331,046

			16,613,549

*Construction Materials (0.1%)*
Headwaters, Inc.*	50,400		143,136
Texas Industries, Inc.	20,526		606,338

			749,474

*Containers & Packaging (0.5%)*
Boise, Inc.*	56,200		308,538
Graphic Packaging Holding Co.*	94,953		299,102
Rock-Tenn Co., Class A	31,244		1,551,889
Silgan Holdings, Inc.	47,402		1,345,269

			3,504,798

*Metals & Mining (1.5%)*
Allied Nevada Gold Corp.*	50,821		1,000,157
AMCOL International Corp.	23,149		544,002
Brush Engineered Materials, Inc.*	19,245		384,515
Century Aluminum Co.*	42,291		373,430
Coeur d’Alene Mines Corp.*	65,236		1,029,424
General Moly, Inc.*	38,231		117,752
Globe Specialty Metals, Inc.*	49,200		508,236
Golden Star Resources Ltd.*	206,800		905,784
Haynes International, Inc.	16,433		506,629
Hecla Mining Co.*	199,429		1,041,019

See Notes to Financial Statements.

795

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Horsehead Holding Corp.*	32,667	$	246,963
Jaguar Mining, Inc.*	67,400		595,142
Kaiser Aluminum Corp.	13,791		478,134
Olympic Steel, Inc.	7,500		172,275
Redcorp Ventures Ltd. (b)*†	46,400		—
RTI International Metals, Inc.*	27,586		665,098
Stillwater Mining Co.*	48,978		569,124
Thompson Creek Metals Co., Inc.*	112,100		973,028
U.S. Gold Corp.*	64,900		325,149
Worthington Industries, Inc.	59,280		762,341

			11,198,202

*Paper & Forest Products (0.5%)*
Buckeye Technologies, Inc.*	37,020		368,349
Clearwater Paper Corp.*	10,569		578,758
Deltic Timber Corp.	9,253		386,775
KapStone Paper and Packaging Corp.*	27,486		306,194
Louisiana-Pacific Corp.*	103,548		692,736
Neenah Paper, Inc.	11,800		215,940
P.H. Glatfelter Co.	43,415		471,053
Schweitzer-Mauduit International, Inc.	14,782		745,752
Wausau Paper Corp.*	37,989		257,186

			4,022,743

Total Materials			36,088,766

Telecommunication Services (1.0%)
*Diversified Telecommunication Services (0.7%)*
AboveNet, Inc.*	18,055		851,835
Alaska Communications Systems Group, Inc.	31,677		268,938
Atlantic Tele-Network, Inc.	9,090		375,417
Cbeyond, Inc.*	18,708		233,850
Cincinnati Bell, Inc.*	208,237		626,793
Cogent Communications Group, Inc.*	39,925		302,632
Consolidated Communications Holdings, Inc.	22,542		383,439
General Communication, Inc., Class A*	38,100		289,179
Global Crossing Ltd.*	25,589		270,476
Iridium Communications, Inc.*	27,300		274,092
Neutral Tandem, Inc.*	30,573		343,946
PAETEC Holding Corp.*	126,685		431,996
Premiere Global Services, Inc.*	58,452		370,586

			5,023,179

*Wireless Telecommunication Services (0.3%)*
NTELOS Holdings Corp.	27,721		476,801
Shenandoah Telecommunications Co.	21,724		385,384
Syniverse Holdings, Inc.*	51,229		1,047,633
USA Mobility, Inc.	18,500		239,020

			2,148,838

Total Telecommunication Services			7,172,017

Utilities (3.2%)
*Electric Utilities (1.2%)*
Allete, Inc.	25,023		856,787


	Number of Shares		Value (Note 1)

Cleco Corp.		46,481	$	1,227,563
El Paso Electric Co.*		40,746		788,435
Empire District Electric Co.		30,023		563,532
IDACORP, Inc.		37,108		1,234,583
MGE Energy, Inc.		20,553		740,730
PNM Resources, Inc.		75,781		847,232
Portland General Electric Co.		69,532		1,274,522
UIL Holdings Corp.		23,901		598,242
UniSource Energy Corp.		32,843		991,202

				9,122,828

*Gas Utilities (1.3%)*
Laclede Group, Inc.		23,052		763,713
New Jersey Resources Corp.		32,311		1,137,347
Nicor, Inc.		35,092		1,421,226
Northwest Natural Gas Co.		24,242		1,056,224
Piedmont Natural Gas Co., Inc.#		63,677		1,611,028
South Jersey Industries, Inc.		26,076		1,120,225
Southwest Gas Corp.		39,036		1,151,562
WGL Holdings, Inc.		44,725		1,521,992

				9,783,317

*Independent Power Producers & Energy Traders (0.0%)*
Dynegy, Inc.*		82,200		316,470

*Multi-Utilities (0.5%)*
Avista Corp.		46,099		900,313
Black Hills Corp.		34,719		988,450
CH Energy Group, Inc.		14,668		575,572
NorthWestern Corp.		34,978		916,424

				3,380,759

*Water Utilities (0.2%)*
American States Water Co.		16,779		556,056
California Water Service Group		16,750		597,975
SJW Corp.		15,852		371,571

				1,525,602

Total Utilities				24,128,976

Total Common Stocks (99.8%) (Cost $623,996,379)				748,902,671

	Number of Shares		Value (Note 1)
INVESTMENT COMPANY:
*Investment Company (0.1%)*
Kayne Anderson Energy Development Co. (Cost $131,203)		8,285		125,683

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.3%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $2,609,459)	$	2,609,459		2,609,459

Total Investments (100.2%) (Cost/Amortized Cost $626,737,041)				751,637,813
Other Assets Less Liabilities (-0.2%)				(1,300,804	)

Net Assets (100%)			$	750,337,009

See Notes to Financial Statements.

796

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

*	Non-income producing.

†	Securities (totaling $0 or 0.0% of net assets) at fair value by management.

#	All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $2,034,573.

(b)

Illiquid Security.

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index	7	September-10	$	455,327	$	425,460	$ (29,867	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	103,370,535		$	—	$	—	$	103,370,535
Consumer Staples		24,414,910			181,915		—		24,596,825
Energy		40,207,052			—		—		40,207,052
Financials		160,227,502			—		—		160,227,502
Health Care		103,931,750			—		—		103,931,750
Industrials		115,029,427			—		—		115,029,427
Information Technology		134,149,821			—		—		134,149,821
Materials		36,088,766			—		—		36,088,766
Telecommunication Services		7,172,017			—		—		7,172,017
Utilities		24,128,976			—		—		24,128,976
Investment Companies
Investment Companies		125,683			—		—		125,683
Short-Term Investments		—			2,609,459		—		2,609,459

Total Assets	$	748,846,439		$	2,791,374	$	—	$	751,637,813


Liabilities:
Futures	$	(29,867	)	$	—	$	—	$	(29,867	)

Total Liabilities	$	(29,867	)	$	—	$	—	$	(29,867	)

Total	$	748,816,572		$	2,791,374	$	—	$	751,607,946

See Notes to Financial Statements.

797

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments in Securities-Financials
Balance as of 12/31/09	$	1,519
Total gains or losses (realized/unrealized) included in earnings		(1,519	)
Purchases, sales, issuances, and settlements (net)		—
Transfers in and/or out of Level 3		—
Transfers in and/or out of Level 3		—
Balance as of 6/30/10	$	—
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	—

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets -Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	—


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(29,867	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(29,867	)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(77,112	)		—		—		(77,112	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—		$ (77,112	)	$	—	$	—		$ (77,112	)

See Notes to Financial Statements.

798

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(19,864	)		—		—		(19,864	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—		$ (19,864	)	$	—	$	—		$ (19,864	)

The Portfolio held futures contracts with an average notional balance of approximately $3,056,000 during the six months ended June 30, 2009.

^ This Portfolio held futures contracts to gain or reduce exposure to the financial markets.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	110,783,087
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	130,995,525

As of June 30, 2010, 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	$	162,359,844
Aggregate gross unrealized depreciation		(46,239,372	)

Net unrealized appreciation	$	116,120,472

Federal income tax cost of investments	$	635,517,341

The Portfolio has a net capital loss carryforward of $49,881,127 of which $9,554,499 expires in the year 2015, $16,190,204 expires in the year 2016, and $24,136,424 expires in the year 2017.

Included in the capital loss carryforward amounts are $25,744,703 of losses acquired from EQ/Small Company Index II as a result of a tax free reorganization that occurred during the year 2009. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

See Notes to Financial Statements.

799

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $626,737,041)	$	751,637,813
Receivable for securities sold		14,068,693
Dividends, interest and other receivables		789,756
Receivable from Separate Accounts for Trust shares sold		265,342
Other assets		9,539

Total assets		766,771,143

LIABILITIES
Overdraft payable		129
Payable for securities purchased		14,688,754
Payable to Separate Accounts for Trust shares redeemed		976,566
Investment management fees payable		163,678
Distribution fees payable - Class IB		131,925
Administrative fees payable		69,389
Variation margin payable on futures contracts		3,780
Trustees’ fees payable		828
Accrued expenses		399,085

Total liabilities		16,434,134

NET ASSETS	$	750,337,009

Net assets were comprised of:
Paid in capital	$	648,232,917
Accumulated undistributed net investment income (loss)		4,124,874
Accumulated undistributed net realized gain (loss) on investments and futures		(26,891,687	)
Unrealized appreciation (depreciation) on investments and futures		124,870,905

Net assets	$	750,337,009

Class IA
Net asset value, offering and redemption price per share, $146,367,820 / 17,741,211 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.25

Class IB
Net asset value, offering and redemption price per share, $603,969,189 / 73,269,399 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.24

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends	$	5,164,013
Interest		47
Securities lending (net)		157,169

Total income		5,321,229

EXPENSES
Investment management fees		1,019,998
Distribution fees - Class IB		827,391
Administrative fees		432,947
Professional fees		17,437
Trustees’ fees		9,606
Custodian fees		6,594
Miscellaneous		16,840

Total expenses		2,330,813

NET INVESTMENT INCOME (LOSS)		2,990,416

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		31,711,387
Futures		(77,112	)

Net realized gain (loss)		31,634,275

Change in unrealized appreciation (depreciation) on:
Securities		(51,575,773	)
Futures		(19,864	)

Net change in unrealized appreciation (depreciation)		(51,595,637	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(19,961,362	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(16,970,946	)

See Notes to Financial Statements.

800

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	2,990,416		$	8,637,140
Net realized gain (loss) on investments, futures and foreign currency transactions		31,634,275			(58,916,441	)
Net change in unrealized appreciation (depreciation) on investments and futures		(51,595,637	)		387,322,911

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(16,970,946	)		337,043,610

DIVIDENDS:
Dividends from net investment income
Class IA		—			(1,692,508	)
Class IB		—			(7,060,472	)

		—			(8,752,980	)

Return of capital
Class IA		—			(363,646	)
Class IB		—			(440,881	)

		—			(804,527	)

TOTAL DIVIDENDS		—			(9,557,507	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [1,691,139 and 67,088,288 shares, respectively]		15,260,039			358,992,778
Capital shares issued in connection with merger (Note 8) [0 and 620,742 shares, respectively]		—			5,223,883
Capital shares issued in reinvestment of dividends and distributions [0 and 252,400 shares, respectively]		—			2,056,154
Capital shares repurchased [(1,342,218) and (82,581,303) shares, respectively]		(11,840,045	)		(650,589,628	)

Total Class IA transactions		3,419,994			(284,316,813	)

Class IB
Capital shares sold [4,867,210 and 14,873,156 shares, respectively]		43,362,613			101,786,959
Capital shares issued in connection with merger (Note 8) [0 and 10,930,602 shares, respectively]		—			91,853,172
Capital shares issued in reinvestment of dividends and distributions [0 and 920,369 shares, respectively]		—			7,501,353
Capital shares repurchased [(8,496,535) and (13,459,037) shares, respectively]		(74,659,973	)		(96,407,670	)

Total Class IB transactions		(31,297,360	)		104,733,814

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(27,877,366	)		(179,582,999	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(44,848,312	)		147,903,104
NET ASSETS:
Beginning of period		795,185,321			647,282,217

End of period (a)	$	750,337,009		$	795,185,321

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	4,124,874		$	1,134,458

See Notes to Financial Statements.

801

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO (kk)

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	8.43		$	6.77		$	11.61		$	13.01		$	11.68		$	11.87

Income (loss) from investment operations:
Net investment income (loss)		0.04	(e)		0.07	(e)		0.14	(e)		0.18	(e)		0.15	(e)		0.13	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.22	)		1.71			(4.06	)		(0.43	)		1.94			0.40

Total from investment operations		(0.18	)		1.78			(3.92	)		(0.25	)		2.09			0.53

Less distributions:
Dividends from net investment income		—			(0.11	)		(0.10	)		(0.21	)		(0.13	)		(0.12	)
Distributions from net realized gains		—			—			(0.82	)		(0.94	)		(0.63	)		(0.60	)
Return of capital		—			(0.01	)		—			—			—			—

Total dividends and distributions		—			(0.12	)		(0.92	)		(1.15	)		(0.76	)		(0.72	)

Net asset value, end of period	$	8.25		$	8.43		$	6.77		$	11.61		$	13.01		$	11.68

Total return (b)		(2.14	)%		26.36	%		(33.94	)%		(1.55	)%		17.98	%		4.50	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	146,368		$	146,628		$	216,594		$	130,825		$	380,834		$	24,343
Ratio of expenses to average net assets (a)		0.37	%		0.39	%		0.45	%		0.39	%		0.38	%(c)		0.33	%
Ratio of net investment income (loss) to average net assets (a)		0.95	%		1.07	%		1.61	%		1.36	%		1.17	%		1.09	%
Portfolio turnover rate		14	%		38	%		48	%		32	%		26	%		26	%

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	8.43		$	6.77		$	11.61			13.01		$	11.68		$	11.87

Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)		0.06	(e)		0.11	(e)		0.14	(e)		0.11	(e)		0.10	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.22	)		1.70			(4.05	)		(0.42	)		1.94			0.40

Total from investment operations		(0.19	)		1.76			(3.94	)		(0.28	)		2.05			0.50

Less distributions:
Dividends from net investment income		—			(0.09	)		(0.08	)		(0.18	)		(0.09	)		(0.09	)
Distributions from net realized gains		—			—			(0.82	)		(0.94	)		(0.63	)		(0.60	)
Return of capital		—			(0.01	)		—			—			—			—

Total dividends and distributions		—			(0.10	)		(0.90	)		(1.12	)		(0.72	)		(0.69	)

Net asset value, end of period	$	8.24		$	8.43		$	6.77		$	11.61		$	13.01		$	11.68

Total return (b)		(2.25	)%		26.04	%		(34.12	)%		(1.82	)%		17.68	%		4.24	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	603,969		$	648,557		$	430,688		$	669,947		$	687,050		$	517,538
Ratio of expenses to average net assets (a)		0.62	%		0.64	%(c)		0.70	%(c)		0.64	%		0.63	%(c)		0.58	%
Ratio of net investment income (loss) to average net assets (a)		0.68	%		0.90	%		1.13	%		1.04	%		0.87	%		0.84	%
Portfolio turnover rate		14	%		38	%		48	%		32	%		26	%		26	%

See Notes to Financial Statements.

802

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO (kk)

FINANCIAL HIGHLIGHTS (Continued)

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

(kk)

On September 18, 2009, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/Small Company Index II Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2009 represents the results of operations of the EQ/Small Company Index Portfolio.

See Notes to Financial Statements.

803

EQ/T. ROWE PRICE GROWTH STOCK PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Information Technology	33.8	%
Consumer Discretionary	15.2
Financials	12.0
Industrials	11.9
Health Care	9.7
Energy	6.2
Telecommunication Services	4.7
Materials	3.5
Consumer Staples	2.4
Cash and Other	0.6

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$919.00	$4.38
Hypothetical (5% average return before expenses)	1,000.00	1,020.23	4.61
Class IB
Actual	1,000.00	918.50	5.57
Hypothetical (5% average return before expenses)	1,000.00	1,018.99	5.86
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.92% and 1.17%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

804

EQ ADVISORS TRUST

EQ/T. ROWE PRICE GROWTH STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (15.2%)
*Hotels, Restaurants & Leisure* (*4.1%)*
Carnival plc	100,800	$	3,230,859
Marriott International, Inc., Class A	200,309		5,997,251
MGM MIRAGE*	217,200		2,093,808
Starbucks Corp.	333,300		8,099,190
Starwood Hotels & Resorts Worldwide, Inc.	85,600		3,546,408

			22,967,516

*Internet & Catalog Retail* (*4.2%)*
Amazon.com, Inc.*	169,000		18,464,940
Liberty Media Corp. - Interactive, Class A*	344,400		3,616,200
priceline.com, Inc.*	8,500		1,500,590

			23,581,730

*Media (1.5%)*
McGraw-Hill Cos., Inc.	70,600		1,986,684
Walt Disney Co.	209,100		6,586,650

			8,573,334

*Multiline Retail* (*0.6%)*
Kohl’s Corp.*	66,300		3,149,250

*Specialty Retail* (*2.9%)*
AutoZone, Inc.*	25,000		4,830,500
CarMax, Inc.*	133,500		2,656,650
Lowe’s Cos., Inc.	280,700		5,731,894
O’Reilly Automotive, Inc.*	61,400		2,920,184

			16,139,228

*Textiles, Apparel & Luxury Goods* (*1.9%)*
Coach, Inc.	144,500		5,281,475
NIKE, Inc., Class B	74,900		5,059,495

			10,340,970

Total Consumer Discretionary			84,752,028

Consumer Staples (2.4%)
*Beverages* (*0.8%)*
PepsiCo, Inc.	74,000		4,510,300

*Food & Staples Retailing* (*0.7%)*
Costco Wholesale Corp.	77,400		4,243,842

*Household Products* (*0.9%)*
Procter & Gamble Co.	80,100		4,804,398

Total Consumer Staples			13,558,540

Energy (6.2%)
*Energy Equipment & Services (2.7%)*
Cameron International Corp.*	104,700		3,404,844
FMC Technologies, Inc.*	63,000		3,317,580
Schlumberger Ltd.	152,200		8,422,748

			15,145,172

*Oil, Gas & Consumable Fuels (3.5%)*
EOG Resources, Inc.	68,500		6,738,345
Murphy Oil Corp.	35,300		1,749,115
Petroleo Brasileiro S.A. (Preference) (ADR)	178,200		5,310,360


	Number of Shares	Value (Note 1)

Suncor Energy, Inc.	196,700	$	5,790,848

			19,588,668

Total Energy			34,733,840

Financials (12.0%)
*Capital Markets* (*3.8%)*
Charles Schwab Corp.	232,300		3,294,014
Franklin Resources, Inc.	70,600		6,085,014
Invesco Ltd.	284,700		4,791,501
Morgan Stanley	90,600		2,102,826
Northern Trust Corp.	109,300		5,104,310

			21,377,665

*Commercial Banks* (*2.4%)*
PNC Financial Services Group, Inc.	47,500		2,683,750
U.S. Bancorp	256,400		5,730,540
Wells Fargo & Co.	203,400		5,207,040

			13,621,330

*Consumer Finance* (*2.0%)*
American Express Co.	276,400		10,973,080

*Diversified Financial Services (3.4%)*
IntercontinentalExchange, Inc.*	48,600		5,493,258
JPMorgan Chase & Co.	297,900		10,906,119
NYSE Euronext	98,200		2,713,266

			19,112,643

*Insurance* (*0.4%)*
Sun Life Financial, Inc.	78,000		2,048,640

Total Financials			67,133,358

Health Care (9.7%)
*Biotechnology* (*0.5%)*
Celgene Corp.*	52,900		2,688,378

*Health Care Equipment & Supplies (1.9%)*
Intuitive Surgical, Inc.*	11,300		3,566,506
Stryker Corp.	89,300		4,470,358
Zimmer Holdings, Inc.*	46,000		2,486,300

			10,523,164

*Health Care Providers & Services (5.7%)*
Express Scripts, Inc.*	279,000		13,118,580
McKesson Corp.	99,400		6,675,704
Medco Health Solutions, Inc.*	223,400		12,304,872

			32,099,156

*Life Sciences Tools & Services* (*0.5%)*
Illumina, Inc.*	61,300		2,668,389

*Pharmaceuticals* (*1.1%)*
Allergan, Inc.	101,100		5,890,086

Total Health Care			53,869,173

Industrials (11.9%)
*Aerospace & Defense* (*1.1%)*
Precision Castparts Corp.	61,300		6,308,996

*Air Freight & Logistics* (*2.1%)*
Expeditors International of Washington, Inc.	115,600		3,989,356

See Notes to Financial Statements.

805

EQ ADVISORS TRUST

EQ/T. ROWE PRICE GROWTH STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

FedEx Corp.	63,300	$	4,437,963
United Parcel Service, Inc., Class B	60,800		3,458,912

			11,886,231

*Commercial Services & Supplies (0.5%)*
Republic Services, Inc.	99,400		2,955,162

*Electrical Equipment* (*0.8%)*
Emerson Electric Co.	45,200		1,974,788
Rockwell Automation, Inc.	47,400		2,326,866

			4,301,654

*Industrial Conglomerates (1.5%)*
3M Co.	72,500		5,726,775
McDermott International, Inc.*	119,300		2,584,038

			8,310,813

*Machinery (4.5%)*
Bucyrus International, Inc.	27,300		1,295,385
Danaher Corp.	474,600		17,617,152
Deere & Co.	43,500		2,422,080
PACCAR, Inc.	95,400		3,803,598

			25,138,215

*Road & Rail (0.4%)*
Union Pacific Corp.	28,900		2,008,839

*Trading Companies & Distributors (1.0%)*
Fastenal Co.	104,400		5,239,836

Total Industrials			66,149,746

Information Technology (33.8%)
*Communications Equipment (3.5%)*
Cisco Systems, Inc.*	314,500		6,701,995
Juniper Networks, Inc.*	211,900		4,835,558
QUALCOMM, Inc.	245,100		8,049,084

			19,586,637

*Computers & Peripherals (8.6%)*
Apple, Inc.*	167,600		42,156,428
Hewlett-Packard Co.	78,100		3,380,168
SanDisk Corp.*	62,800		2,641,996

			48,178,592

*Electronic Equipment, Instruments & Components (1.9%)*
Corning, Inc.	272,000		4,392,800
Dolby Laboratories, Inc., Class A*	99,000		6,206,310

			10,599,110

*Internet Software & Services (9.3%)*
Akamai Technologies, Inc.*	107,000		4,340,990
Baidu, Inc. (ADR)*	148,500		10,109,880
eBay, Inc.*	201,300		3,947,493
Google, Inc., Class A*	63,200		28,120,840
Tencent Holdings Ltd.	323,900		5,341,242

			51,860,445


	Number of Shares	Value (Note 1)

*IT Services (7.0%)*
Accenture plc, Class A	149,700	$	5,785,905
Automatic Data Processing, Inc.	73,000		2,938,980
International Business Machines Corp.	28,800		3,556,224
Mastercard, Inc., Class A	39,700		7,921,341
Visa, Inc., Class A	232,400		16,442,300
Western Union Co.	163,200		2,433,312

			39,078,062

*Semiconductors & Semiconductor Equipment* (*2.6%)*
ASML Holding N.V. (N.Y. Shares)	81,500		2,238,805
Broadcom Corp., Class A	163,400		5,387,298
Marvell Technology Group Ltd.*	171,300		2,699,688
NVIDIA Corp.*	213,300		2,177,793
Samsung Electronics Co., Ltd. (GDR) (b)§	5,574		1,765,303

			14,268,887

*Software* (*0.9%)*
Autodesk, Inc.*	41,500		1,010,940
McAfee, Inc.*	74,900		2,300,928
Salesforce.com, Inc.*	19,700		1,690,654

			5,002,522

Total Information Technology			188,574,255

Materials (3.5%)
*Chemicals* (*2.1%)*
Praxair, Inc.	155,300		11,801,247

*Metals & Mining* (*1.4%)*
Agnico-Eagle Mines Ltd.	26,600		1,616,748
BHP Billiton Ltd.	165,866		5,158,408
Freeport-McMoRan Copper & Gold, Inc.	18,600		1,099,818

			7,874,974

Total Materials			19,676,221

Telecommunication Services (4.7%)
*Wireless Telecommunication Services* (*4.7%)*
American Tower Corp., Class A*	234,100		10,417,450
Crown Castle International Corp.*	368,300		13,722,858
Leap Wireless International, Inc.*	78,022		1,012,726
MetroPCS Communications, Inc.*	126,400		1,035,216

Total Telecommunication Services			26,188,250

Total Common Stocks (99.4%) (Cost $530,212,426)			554,635,411

See Notes to Financial Statements.

806

EQ ADVISORS TRUST

EQ/T. ROWE PRICE GROWTH STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENT:
Time Deposit (0.7%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $3,853,167)	$	3,853,167	$	3,853,167

Total Investments (100.1%)
(Cost/Amortized Cost $534,065,593)				558,488,578
Other Assets Less Liabilities (-0.1%)				(440,704	)

Net Assets (100%)			$	558,047,874

*	Non-income producing.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2010, the market value of these securities amounted to $1,765,303 or 0.3% 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.

Glossary:

ADR

— American Depositary Receipt

GDR

— Global Depositary Receipt

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	81,521,169	$	3,230,859	$	—	$	84,752,028
Consumer Staples		13,558,540		—		—		13,558,540
Energy		34,733,840		—		—		34,733,840
Financials		67,133,358		—		—		67,133,358
Health Care		53,869,173		—		—		53,869,173
Industrials		66,149,746		—		—		66,149,746
Information Technology		181,776,179		6,798,076		—		188,574,255
Materials		14,517,813		5,158,408		—		19,676,221
Telecommunication Services		26,188,250		—		—		26,188,250
Short-Term Investments		—		3,853,167		—		3,853,167

Total Assets	$	539,448,068	$	19,040,510	$	—	$	558,488,578

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	539,448,068	$	19,040,510	$	—	$	558,488,578

The Portfolio had no derivatives contracts during the six months ended June 30, 2010.

See Notes to Financial Statements.

807

EQ ADVISORS TRUST

EQ/T. ROWE PRICE GROWTH STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	147,994,625
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	128,510,217

As of June 30, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	57,374,503
Aggregate gross unrealized depreciation		(37,695,496	)

Net unrealized appreciation	$	19,679,007

Federal income tax cost of investments	$	538,809,571

For the six months ended June 30, 2010, the Portfolio incurred approximately $2,157 as brokerage commissions with Keefe, Bruyette & Woods, Inc., and $4,332 with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $200,719,409 of which $36,616,290 expires in the year 2011, $17,890,565 expires in the year 2012, and $63,200,966 expires in the year 2016, and $83,011,588 expires in the year 2017.

See Notes to Financial Statements.

808

EQ ADVISORS TRUST

EQ/T. ROWE PRICE GROWTH STOCK PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $534,065,593)	$	558,488,578
Foreign cash (Cost $24,052)		24,029
Dividends, interest and other receivables		327,719
Receivable for securities sold		298,197
Receivable from Separate Accounts for Trust shares sold		249,728
Other assets		6,396

Total assets		559,394,647

LIABILITIES
Overdraft payable		24,029
Payable to Separate Accounts for Trust shares redeemed		667,467
Investment management fees payable		382,803
Distribution fees payable - Class IB		114,931
Administrative fees payable		52,389
Trustees’ fees payable		455
Accrued expenses		104,699

Total liabilities		1,346,773

NET ASSETS	$	558,047,874

Net assets were comprised of:
Paid in capital		731,505,636
Accumulated undistributed net investment income (loss)		(1,267,710	)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(196,614,516	)
Unrealized appreciation (depreciation) on investments and foreign currency translations		24,424,464

Net assets	$	558,047,874

Class IA
Net asset value, offering and redemption price per share, $33,238,026 / 2,033,905 shares outstanding (unlimited amount authorized: $0.01 par value)	$	16.34

Class IB
Net asset value, offering and redemption price per share, $524,809,848 / 32,340,366 shares outstanding (unlimited amount authorized: $0.01 par value)	$	16.23

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $15,668 foreign withholding tax)	$	2,174,512

EXPENSES
Investment management fees		2,350,557
Distribution fees - Class IB		706,299
Administrative fees		322,468
Printing and mailing expenses		35,301
Professional fees		13,611
Custodian fees		12,893
Trustees’ fees		7,055
Miscellaneous		8,730

Total expenses		3,456,914

NET INVESTMENT INCOME (LOSS)		(1,282,402	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		10,822,378
Foreign currency transactions		(15,576	)

Net realized gain (loss)		10,806,802

Change in unrealized appreciation (depreciation) on:
Securities		(59,503,713	)
Foreign currency translations		(891	)

Net change in unrealized appreciation (depreciation)		(59,504,604	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(48,697,802	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(49,980,204	)

See Notes to Financial Statements.

809

EQ ADVISORS TRUST

EQ/T. ROWE PRICE GROWTH STOCK PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(1,282,402	)	$	(881,564	)
Net realized gain (loss) on investments and foreign currency transactions		10,806,802			(53,212,027	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(59,504,604	)		214,659,208

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(49,980,204	)		160,565,617

DIVIDENDS:
Dividends from net investment income
Class IA		—			(15,251	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [293,675 and 437,465 shares, respectively]		5,261,537			6,459,739
Capital shares issued in reinvestment of dividends [0 and 1,037 shares, respectively]		—			15,251
Capital shares repurchased [(205,482) and (262,896) shares, respectively]		(3,619,918	)		(3,677,292	)

Total Class IA transactions		1,641,619			2,797,698

Class IB
Capital shares sold [3,644,027 and 9,409,137 shares, respectively]		64,484,287			139,828,889
Capital shares repurchased [(2,737,538) and (4,436,275) shares, respectively]		(48,230,023	)		(63,448,805	)

Total Class IB transactions		16,254,264			76,380,084

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		17,895,883			79,177,782

TOTAL INCREASE (DECREASE) IN NET ASSETS		(32,084,321	)		239,728,148
NET ASSETS:
Beginning of period		590,132,195			350,404,047

End of period (a)	$	558,047,874		$	590,132,195

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(1,267,710	)	$	14,692

See Notes to Financial Statements.

810

EQ ADVISORS TRUST

EQ/T. ROWE PRICE GROWTH STOCK PORTFOLIO (g)

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,						May 16, 2007* to December 31, 2007
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			May 16, 2007* to December 31, 2007
Net asset value, beginning of period	$	17.78		$	12.45		$	21.45		$	22.76

Income (loss) from investment operations:
Net investment income (loss)		(0.02	)(e)		0.01	(e)		0.05	(e)		0.09	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.42	)		5.33			(9.05	)		(0.09	)

Total from investment operations		(1.44	)		5.34			(9.00	)		—	#

Less distributions:
Dividends from net investment income		—			(0.01	)		—	#		(0.07	)
Distributions from net realized gains		—			—			—	#		(1.24	)

Total dividends and distributions		—			(0.01	)		—	#		(1.31	)

Net asset value, end of period	$	16.34		$	17.78		$	12.45		$	21.45

Total return (b)		(8.10	)%		42.89	%		(41.94	)%(cc)		0.24	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	33,238		$	34,587		$	22,030		$	1,219
Ratio of expenses to average net assets:
After waivers (a)		0.92	%		0.94	%		0.91	%		0.90	%
After waivers and fees paid indirectly (a)		0.92	%		0.94	%		0.91	%		0.62	%
Before waivers and fees paid indirectly (a)		0.92	%		0.96	%		0.96	%		0.93	%
Ratio of net investment income to average net assets:
After waivers (a)		(0.19	)%		0.04	%		0.30	%		0.33	%
After waivers and fees paid indirectly (a)		(0.19	)%		0.04	%		0.30	%		0.61	%
Before waivers and fees paid indirectly (a)		(0.19	)%		0.02	%		0.25	%		0.30	%
Portfolio turnover rate		22	%		52	%		54	%		169	%

See Notes to Financial Statements.

811

EQ ADVISORS TRUST

EQ/T. ROWE PRICE GROWTH STOCK PORTFOLIO (g)

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	17.67		$	12.41		$	21.44		$	21.20		$	22.09		$	21.25

Income (loss) from investment operations:
Net investment income (loss)		(0.04	)(e)		(0.03	)(e)		—	#(e)		0.02	(e)		(0.13	)(e)		(0.17	)(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.40	)		5.29			(9.03	)		1.48			(0.76	)		1.01

Total from investment operations		(1.44	)		5.26			(9.03	)		1.50			(0.89	)		0.84

Less distributions:
Dividends from net investment income		—			—			—	#		(0.02	)		—			—
Distributions from net realized gains		—			—			—	#		(1.24	)		—			—

Total dividends and distributions		—			—			—	#		(1.26	)		—			—

Net asset value, end of period	$	16.23		$	17.67		$	12.41		$	21.44		$	21.20		$	22.09

Total return (b)		(8.15	)%		42.39	%		(42.10	)%(dd)		7.19	%		(3.98	)%		3.95	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	524,810		$	555,545		$	328,374		$	590,564		$	246,130		$	302,413
Ratio of expenses to average net assets:
After waivers (a)		1.17	%		1.19	%		1.16	%		1.15	%		1.15	%		1.13	%
After waivers and fees paid indirectly (a)		1.17	%		1.19	%		1.16	%		0.87	%(c)		1.15	%		1.13	%
Before waivers and fees paid indirectly (a)		1.17	%		1.21	%		1.21	%(c)		1.18	%(c)		1.18	%		1.13	%
Ratio of net investment income to average net assets:
After waivers (a)		(0.44	)%		(0.21	)%		0.02	%		(0.10	)%		(0.60	)%		(0.84	)%
After waivers and fees paid indirectly (a)		(0.44	)%		(0.21	)%		0.02	%		0.10	%		(0.60	)%		(0.84	)%
Before waivers and fees paid indirectly (a)		(0.44	)%		(0.23	)%		(0.02	)%		(0.14	)%		(0.62	)%		(0.84	)%
Portfolio turnover rate		22	%		52	%		54	%		169	%		40	%		15	%

*	Commencement of Operations.

#	Per share 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 non-class specific expense.

(e)

Net investment income per share is 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.

(cc)

Includes a gain incurred resulting from a litigation payment. Without this gain, the total return would have been (42.04)%.

(dd)

Includes a gain incurred resulting from a litigation payment. Without this gain, the total return would have been (42.20)%.

See Notes to Financial Statements.

812

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Information Technology	12.4	%
Consumer Discretionary	11.9
Financials	11.6
Health Care	11.4
Industrials	9.3
Energy	6.5
Telecommunication Services	4.9
Consumer Staples	4.5
Materials	2.8
Utilities	1.3
Cash and Other	23.4

	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$881.60	$4.25
Hypothetical (5% average return before expenses)	1,000.00	1,020.28	4.56
Class IB
Actual	1,000.00	881.60	5.41
Hypothetical (5% average return before expenses)	1,000.00	1,019.04	5.81
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.91% and 1.16%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

813

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (11.9%)
*Auto Components (0.4%)*
Aisin Seiki Co., Ltd.	1,800	$	48,631
Bridgestone Corp.	6,500		103,046
Compagnie Generale des Etablissements Michelin, Class B	29,339		2,045,139
Continental AG*	319		16,543
Denso Corp.	5,200		143,769
Goodyear Tire & Rubber Co.*	2,300		22,862
Johnson Controls, Inc.	6,500		174,655
Koito Manufacturing Co., Ltd.	1,000		14,685
NGK Spark Plug Co., Ltd.	2,000		24,788
NHK Spring Co., Ltd.	2,000		18,337
NOK Corp.	900		14,286
Nokian Renkaat Oyj	883		21,625
Pirelli & C. S.p.A.	17,976		9,933
Stanley Electric Co., Ltd.	1,200		19,862
Sumitomo Rubber Industries Ltd.	1,100		9,687
Toyoda Gosei Co., Ltd.	800		19,826
Toyota Boshoku Corp.	700		10,218
Toyota Industries Corp.	2,100		53,295

			2,771,187

*Automobiles (2.1%)*
Bayerische Motoren Werke (BMW) AG	58,871		2,847,486
Bayerische Motoren Werke (BMW) AG (Preference)	614		21,544
Daihatsu Motor Co., Ltd.	1,000		9,283
Daimler AG*	9,093		460,444
Fiat S.p.A.	8,431		86,770
Ford Motor Co.*	33,760		340,301
Fuji Heavy Industries Ltd.*	5,000		26,693
Harley-Davidson, Inc.	2,200		48,906
Honda Motor Co., Ltd.	16,500		479,185
Hyundai Motor Co.	36,817		4,312,817
Isuzu Motors Ltd.	11,000		32,846
Mazda Motor Corp.	14,100		32,917
Mitsubishi Motors Corp.*	39,000		49,349
Nissan Motor Co., Ltd.*	26,200		181,624
Peugeot S.A.*	1,401		35,413
Porsche Automobil Holding SE (Preference)	1,002		42,745
Renault S.A.*	2,056		75,666
Suzuki Motor Corp.	3,300		64,788
Toyota Motor Corp.	104,900		3,607,445
Volkswagen AG	357		30,234
Volkswagen AG (Preference)	1,832		160,388
Yamaha Motor Co., Ltd.*	2,200		29,038

			12,975,882

*Distributors (0.0%)*
Canon Marketing Japan, Inc.	700		9,864
Genuine Parts Co.	1,442		56,887
Jardine Cycle & Carriage Ltd.	1,000		21,225
Li & Fung Ltd.	22,000		98,483

			186,459

*Diversified Consumer Services (0.0%)*
Apollo Group, Inc., Class A*	1,200		50,964


	Number of Shares	Value (Note 1)

Benesse Holdings, Inc.	600	$	27,326
DeVry, Inc.	676		35,483
H&R Block, Inc.	3,300		51,777

			165,550

*Hotels, Restaurants & Leisure (0.6%)*
Accor S.A.*	34,388		1,579,229
Aristocrat Leisure Ltd.	3,010		9,197
Autogrill S.p.A.*	893		10,692
Carnival Corp.	4,300		130,032
Carnival plc	1,716		55,002
Compass Group plc	19,128		145,124
Crown Ltd.	5,838		37,839
Darden Restaurants, Inc.	1,300		50,505
Genting Singapore plc*	55,942		46,330
Intercontinental Hotels Group plc	2,656		41,368
International Game Technology	2,700		42,390
Marriott International, Inc., Class A	2,636		78,922
McDonald’s Corp.	10,600		698,222
McDonald’s Holdings Co. Japan Ltd.	973		21,796
OPAP S.A.	2,171		27,004
Oriental Land Co., Ltd.	600		50,123
Sands China Ltd.*	17,596		25,829
Shangri-La Asia Ltd.	16,000		29,485
Sky City Entertainment Group Ltd.	6,322		12,322
Sodexo S.A.	885		49,016
Starbucks Corp.	7,458		181,229
Starwood Hotels & Resorts Worldwide, Inc.	1,800		74,574
TABCORP Holdings Ltd.	6,891		36,502
Tatts Group Ltd.	9,671		18,104
Thomas Cook Group plc	8,852		23,344
TUI AG*	1,678		14,752
TUI Travel plc	5,765		17,884
Whitbread plc	1,806		37,758
Wyndham Worldwide Corp.	1,900		38,266
Wynn Macau Ltd.*	9,600		15,705
Wynn Resorts Ltd.	717		54,686
Yum! Brands, Inc.	4,500		175,680

			3,828,911

*Household Durables (0.2%)*
Casio Computer Co., Ltd.	1,700		10,184
D.R. Horton, Inc.	2,500		24,575
Electrolux AB, Class B	2,179		49,740
Fortune Brands, Inc.	1,600		62,688
Harman International Industries, Inc.*	800		23,912
Husqvarna AB, Class B	5,135		30,904
Leggett & Platt, Inc.	1,600		32,096
Lennar Corp., Class A	1,400		19,474
Newell Rubbermaid, Inc.	2,500		36,600
Panasonic Corp.	19,300		240,996
Pulte Group, Inc.*	3,057		25,312
Rinnai Corp.	500		25,633
Sanyo Electric Co., Ltd.*	15,000		19,317
Sekisui Chemical Co., Ltd.	5,000		31,196
Sekisui House Ltd.	6,000		51,438

See Notes to Financial Statements.

814

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Sharp Corp.	10,000	$	105,279
Sony Corp.	9,900		263,520
Stanley Black & Decker, Inc.	1,502		75,881
Whirlpool Corp.	700		61,474

			1,190,219

*Internet & Catalog Retail (0.3%)*
Amazon.com, Inc.*	3,360		367,114
DeNA Co., Ltd.	600		15,823
Expedia, Inc.	65,280		1,225,958
Home Retail Group plc	9,050		28,621
priceline.com, Inc.*	451		79,620
Rakuten, Inc.	67		48,387

			1,765,523

*Leisure Equipment & Products (0.0%)*
Eastman Kodak Co.*	2,100		9,114
Hasbro, Inc.	1,335		54,869
Mattel, Inc.	3,400		71,944
Namco Bandai Holdings, Inc.	2,600		22,811
Nikon Corp.	3,000		51,710
Sankyo Co., Ltd.	400		18,066
Sega Sammy Holdings, Inc.	1,500		21,473
Shimano, Inc.	800		34,269
Yamaha Corp.	2,000		20,313

			304,569

*Media (5.7%)*
British Sky Broadcasting Group plc	11,723		122,272
CBS Corp., Class B	6,400		82,752
Comcast Corp., Class A	357,150		5,894,106
Dentsu, Inc.	1,761		46,477
DIRECTV, Class A*	8,806		298,700
Discovery Communications, Inc., Class A*	2,900		103,559
Eutelsat Communications S.A.	1,215		40,592
Fairfax Media Ltd.	25,389		27,866
Fuji Media Holdings, Inc.	8		11,496
Gannett Co., Inc.	2,500		33,650
Gestevision Telecinco S.A.	599		5,315
Hakuhodo DY Holdings, Inc.	260		13,053
Interpublic Group of Cos., Inc.*	5,200		37,076
ITV plc*	26,173		19,484
J.C. Decaux S.A.*	913		21,149
Jupiter Telecommunications Co., Ltd.	21		20,014
Lagardere S.C.A.	1,147		35,540
McGraw-Hill Cos., Inc.	3,200		90,048
Mediaset S.p.A.	7,420		42,247
Meredith Corp.	400		12,452
Metropole Television S.A.	436		8,833
Modern Times Group AB, Class B	333		18,163
New York Times Co., Class A*	1,500		12,975
News Corp., Class A	422,160		5,049,034
Omnicom Group, Inc.	2,900		99,470
PagesJaunes Groupe S.A.	1,296		13,350
Pearson plc	277,815		3,635,510
Publicis Groupe S.A.	1,098		43,647
Reed Elsevier N.V.	162,958		1,797,697
Reed Elsevier plc	12,507		92,331


	Number of Shares	Value (Note 1)

Sanoma Oyj	909	$	15,682
Scripps Networks Interactive, Inc., Class A	773		31,183
SES S.A. (FDR)	3,241		67,319
Singapore Press Holdings Ltd.	17,000		45,798
Societe Television Francaise 1 S.A.	1,457		19,042
Television Broadcasts Ltd.	3,000		13,903
Time Warner Cable, Inc.	63,454		3,304,684
Time Warner, Inc.	127,400		3,683,134
Toho Co., Ltd.	800		13,189
Viacom, Inc., Class B	89,700		2,813,889
Vivendi S.A.	202,655		4,099,881
Walt Disney Co.	118,988		3,748,122
Washington Post Co., Class B	70		28,734
Wolters Kluwer N.V.	2,608		49,765
WPP plc	12,929		121,581

			35,784,764

*Multiline Retail (0.5%)*
Big Lots, Inc.*	900		28,881
Family Dollar Stores, Inc.	1,300		48,997
Harvey Norman Holdings Ltd.	3,733		10,320
Isetan Mitsukoshi Holdings Ltd.	4,000		38,998
J. Front Retailing Co., Ltd.	6,000		28,960
J.C. Penney Co., Inc.	2,200		47,256
Kohl’s Corp.*	3,088		146,680
Lifestyle International Holdings Ltd.	6,500		12,607
Macy’s, Inc.	4,000		71,600
Marks & Spencer Group plc	16,291		80,291
Marui Group Co., Ltd.	1,500		10,106
Next plc	2,034		60,191
Nordstrom, Inc.	1,750		56,333
PPR S.A.	795		98,106
Sears Holdings Corp.*	500		32,325
Takashimaya Co., Ltd.	2,000		15,912
Target Corp.	45,167		2,220,861

			3,008,424

*Specialty Retail (1.9%)*
ABC-Mart, Inc.	200		7,847
Abercrombie & Fitch Co., Class A	800		24,552
AutoNation, Inc.*	1,000		19,500
AutoZone, Inc.*	300		57,966
Bed Bath & Beyond, Inc.*	2,500		92,700
Best Buy Co., Inc.	3,300		111,738
CarMax, Inc.*	2,192		43,621
Chico’s FAS, Inc.	119,770		1,183,327
Esprit Holdings Ltd.	12,716		68,575
Fast Retailing Co., Ltd.	500		75,466
GameStop Corp., Class A*	1,400		26,306
Gap, Inc.	4,500		87,570
Hennes & Mauritz AB, Class B	10,582		290,979
Home Depot, Inc.	80,410		2,257,109
Inditex S.A.	36,547		2,072,775
Kingfisher plc	897,212		2,784,380
Limited Brands, Inc.	2,500		55,175
Lowe’s Cos., Inc.	13,833		282,470
Nitori Co., Ltd.	300		25,822
Office Depot, Inc.*	3,200		12,928

See Notes to Financial Statements.

815

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

O’Reilly Automotive, Inc.*	1,300	$	61,828
RadioShack Corp.	1,100		21,461
Ross Stores, Inc.	1,275		67,945
Shimamura Co., Ltd.	200		18,016
Staples, Inc.	7,000		133,350
Tiffany & Co.	1,300		49,283
TJX Cos., Inc.	4,000		167,800
Urban Outfitters, Inc.*	1,300		44,707
USS Co., Ltd.	24,590		1,755,197
Yamada Denki Co., Ltd.	810		52,877

			11,953,270

*Textiles, Apparel & Luxury Goods (0.2%)*
Adidas AG	2,080		100,397
Asics Corp.	1,000		9,163
Billabong International Ltd.	1,567		11,412
Burberry Group plc	4,473		50,439
Christian Dior S.A.	727		69,078
Cie Financiere Richemont S.A., Class A	5,294		184,181
Coach, Inc.	3,000		109,650
Hermes International S.A.	600		79,607
Luxottica Group S.p.A.	1,215		29,273
LVMH Moet Hennessy Louis Vuitton S.A.	2,445		266,328
NIKE, Inc., Class B	3,752		253,448
Nisshinbo Holdings, Inc.	1,000		9,605
Polo Ralph Lauren Corp.	600		43,776
Puma AG Rudolf Dassler Sport	76		20,059
Swatch Group AG	345		96,553
Swatch Group AG (Registered)	571		29,199
VF Corp.	900		64,062
Yue Yuen Industrial Holdings Ltd.	7,500		23,300

			1,449,530

Total Consumer Discretionary			75,384,288

Consumer Staples (4.5%)
*Beverages (0.7%)*
Anheuser-Busch InBev N.V.	7,371		354,059
Asahi Breweries Ltd.	4,100		69,305
Brown-Forman Corp., Class B	986		56,429
Carlsberg A/S, Class B	1,152		87,584
Coca Cola Hellenic Bottling Co. S.A.	2,123		45,296
Coca-Cola Amatil Ltd.	6,356		63,656
Coca-Cola Co.	22,700		1,137,724
Coca-Cola Enterprises, Inc.	3,300		85,338
Coca-Cola West Co., Ltd.	200		3,307
Constellation Brands, Inc., Class A*	2,100		32,802
Diageo plc	25,808		404,387
Dr. Pepper Snapple Group, Inc.	2,285		85,436
Foster’s Group Ltd.	19,570		92,582
Heineken Holding N.V.	1,311		47,829
Heineken N.V.	2,429		102,964
Ito En Ltd.	200		3,060
Kirin Holdings Co., Ltd.	8,000		100,745
Molson Coors Brewing Co., Class B	1,440		60,998
PepsiCo, Inc.	15,772		961,303


	Number of Shares	Value (Note 1)

Pernod-Ricard S.A.	1,996	$	154,404
SABMiller plc	9,705		269,458
Sapporo Holdings Ltd.	3,000		12,902

			4,231,568

*Food & Staples Retailing (1.3%)*
Aeon Co., Ltd.	6,600		70,050
Carrefour S.A.	5,872		231,848
Casino Guichard Perrachon S.A.	653		49,312
Colruyt S.A.	183		43,039
Costco Wholesale Corp.	4,372		239,717
CVS Caremark Corp.	78,958		2,315,048
Delhaize Group S.A.	981		71,032
FamilyMart Co., Ltd.	400		13,183
J Sainsbury plc	12,297		58,513
Jeronimo Martins SGPS S.A.	2,930		26,715
Kesko Oyj, Class B	818		26,489
Koninklijke Ahold N.V.	12,009		148,723
Kroger Co.	6,597		129,895
Lawson, Inc.	600		26,223
Metcash Ltd.	6,197		21,802
Metro AG	1,188		60,397
Olam International Ltd.	15,000		27,466
Safeway, Inc.	3,600		70,776
Seven & I Holdings Co., Ltd.	7,700		176,671
SUPERVALU, Inc.	1,900		20,596
Sysco Corp.	5,923		169,220
Tesco plc	450,753		2,537,954
UNY Co., Ltd.	1,000		7,594
Walgreen Co.	9,447		252,235
Wal-Mart Stores, Inc.	20,513		986,060
Wesfarmers Ltd.	10,040		240,378
Wesfarmers Ltd. (PPS)	1,825		43,921
Whole Foods Market, Inc.*	1,800		64,836
WM Morrison Supermarkets plc	21,785		85,884
Woolworths Ltd.	12,468		282,644

			8,498,221

*Food Products (1.5%)*
Ajinomoto Co., Inc.	6,000		54,333
Archer-Daniels-Midland Co.	6,474		167,159
Aryzta AG	701		26,900
Associated British Foods plc	3,668		52,721
Campbell Soup Co.	1,706		61,126
ConAgra Foods, Inc.	4,499		104,917
Danone S.A.	5,741		306,581
Dean Foods Co.*	2,000		20,140
General Mills, Inc.	6,400		227,328
Golden Agri-Resources Ltd.	59,244		22,174
Goodman Fielder Ltd.	9,475		10,684
H.J. Heinz Co.	3,214		138,909
Hershey Co.	1,700		81,481
Hormel Foods Corp.	563		22,790
J.M. Smucker Co.	1,200		72,264
Kellogg Co.	2,585		130,025
Kerry Group plc, Class A	1,628		45,097
Kikkoman Corp.	2,000		20,961
Kraft Foods, Inc., Class A	17,000		476,000
Lindt & Spruengli AG	11		23,886
Lindt & Spruengli AG (Registered)	1		24,503
McCormick & Co., Inc. (Non-Voting)	1,400		53,144

See Notes to Financial Statements.

816

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Mead Johnson Nutrition Co.	2,100	$	105,252
MEIJI Holdings Co. Ltd.	869		35,507
Nestle S.A. (Registered)	109,749		5,295,386
Nippon Meat Packers, Inc.	2,000		24,729
Nisshin Seifun Group, Inc.	2,500		28,284
Nissin Food Holdings Co., Ltd.	900		33,132
Parmalat S.p.A.	15,412		35,803
Premier Foods plc*	1,780,555		506,376
Sara Lee Corp.	6,500		91,650
Suedzucker AG	832		14,920
Toyo Suisan Kaisha Ltd.	1,000		23,798
Tyson Foods, Inc., Class A	3,200		52,448
Unilever N.V. (CVA)	16,661		454,267
Unilever plc	13,237		352,782
Wilmar International Ltd.	15,000		61,381
Yakult Honsha Co., Ltd.	800		21,717
Yamazaki Baking Co., Ltd.	1,000		13,503

			9,294,058

*Household Products (0.5%)*
Clorox Co.	1,454		90,381
Colgate-Palmolive Co.	4,800		378,048
Henkel AG & Co. KGaA	1,505		61,464
Henkel AG & Co. KGaA (Preference)	1,988		96,712
Kimberly-Clark Corp.	4,000		242,520
Procter & Gamble Co.	28,383		1,702,412
Reckitt Benckiser Group plc	6,264		289,751
Unicharm Corp.	500		56,307

			2,917,595

*Personal Products (0.1%)*
Avon Products, Inc.	4,100		108,650
Beiersdorf AG	1,006		55,301
Estee Lauder Cos., Inc., Class A	1,200		66,876
Kao Corp.	5,500		129,293
L’Oreal S.A.	2,383		232,857
Shiseido Co., Ltd.	3,500		76,985

			669,962

*Tobacco (0.4%)*
Altria Group, Inc.	20,400		408,816
British American Tobacco plc	20,590		651,978
Imperial Tobacco Group plc	10,483		292,290
Japan Tobacco, Inc.	48		149,224
Lorillard, Inc.	1,500		107,970
Philip Morris International, Inc.	18,308		839,239
Reynolds American, Inc.	1,567		81,672
Swedish Match AB	2,521		54,921

			2,586,110

Total Consumer Staples			28,197,514

Energy (6.5%)
*Energy Equipment & Services (1.3%)*
Aker Solutions ASA	1,009		11,557
AMEC plc	3,422		41,716
Baker Hughes, Inc.	44,259		1,839,847
Cameron International Corp.*	2,500		81,300
Cie Generale de Geophysique-Veritas*	1,311		23,027


	Number of Shares	Value (Note 1)

Diamond Offshore Drilling, Inc.	760	$	47,264
FMC Technologies, Inc.*	1,106		58,242
Fugro N.V. (CVA)	851		38,911
Halliburton Co.	125,550		3,082,253
Helmerich & Payne, Inc.	1,137		41,523
Nabors Industries Ltd.*	2,600		45,812
National Oilwell Varco, Inc.	4,000		132,280
Petrofac Ltd.	2,130		37,453
Rowan Cos., Inc.*	1,000		21,940
Saipem S.p.A.	2,597		78,925
SBM Offshore N.V.	90,013		1,284,573
Schlumberger Ltd.	11,800		653,012
Seadrill Ltd.	2,678		48,138
Smith International, Inc.	2,500		94,125
Technip S.A.	1,002		57,052
Tenaris S.A.	5,256		91,218
WorleyParsons Ltd.	1,689		31,209

			7,841,377

*Oil, Gas & Consumable Fuels (5.2%)*
Anadarko Petroleum Corp.	4,900		176,841
Apache Corp.	3,264		274,796
Arrow Energy Ltd.*	6,966		28,338
BG Group plc	128,329		1,899,667
BP plc	796,305		3,824,431
Cabot Oil & Gas Corp.	1,100		34,452
Cairn Energy plc*	13,196		80,736
Caltex Australia Ltd.	882		6,888
Chesapeake Energy Corp.	6,300		131,985
Chevron Corp.	43,030		2,920,016
ConocoPhillips	14,600		716,714
Consol Energy, Inc.	2,100		70,896
Cosmo Oil Co., Ltd.	4,000		9,616
Denbury Resources, Inc.*	4,100		60,024
Devon Energy Corp.	4,445		270,789
El Paso Corp.	7,200		79,992
Energy Resources of Australia Ltd.	1,048		11,611
ENI S.p.A.	178,394		3,274,802
EOG Resources, Inc.	2,491		245,040
Exxon Mobil Corp.	50,209		2,865,418
Galp Energia SGPS S.A., Class B	2,329		34,776
Gazprom OAO (ADR)	74,400		1,399,464
Hess Corp.	2,800		140,952
Idemitsu Kosan Co., Ltd.	200		15,022
INPEX Corp.	9		50,022
Japan Petroleum Exploration Co.	400		16,320
JX Holdings, Inc.*	21,994		107,506
Marathon Oil Corp.	7,102		220,801
Massey Energy Co.	900		24,615
Mongolia Energy Co., Ltd.*	41,746		14,569
Murphy Oil Corp.	1,793		88,843
Neste Oil Oyj	1,474		21,415
Noble Energy, Inc.	1,752		105,698
Occidental Petroleum Corp.	8,000		617,200
OMV AG	1,389		41,862
Origin Energy Ltd.	9,269		115,802
Paladin Energy Ltd.*	5,288		15,798
Peabody Energy Corp.	2,600		101,738
Pioneer Natural Resources Co.	1,100		65,395
Range Resources Corp.	1,500		60,225
Repsol YPF S.A.	7,179		145,043

See Notes to Financial Statements.

817

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Royal Dutch Shell plc, Class A	35,692	$	901,347
Royal Dutch Shell plc, Class B	184,661		4,470,887
Santos Ltd.	8,041		84,406
Showa Shell Sekiyu KK	2,700		18,641
Southwestern Energy Co.*	3,300		127,512
Spectra Energy Corp.	6,600		132,462
Statoil ASA	81,766		1,577,013
Sunoco, Inc.	1,292		44,923
Tesoro Corp.	1,100		12,837
TonenGeneral Sekiyu KK	2,000		17,283
Total S.A.	106,280		4,729,938
Tullow Oil plc	9,125		135,923
Valero Energy Corp.	5,400		97,092
Williams Cos., Inc.	5,506		100,650
Woodside Petroleum Ltd.	5,577		194,520

			33,031,552

Total Energy			40,872,929

Financials (11.6%)
*Capital Markets (0.8%)*
3i Group plc	10,008		39,444
Ameriprise Financial, Inc.	2,600		93,938
Bank of New York Mellon Corp.	12,080		298,255
Charles Schwab Corp.	9,931		140,822
Credit Suisse Group AG (Registered)	11,641		437,513
Daiwa Securities Group, Inc.	16,500		69,411
Deutsche Bank AG (Registered)	6,278		354,947
ETRADE Financial Corp.	1,690		19,976
Federated Investors, Inc., Class B	700		14,497
Franklin Resources, Inc.	1,500		129,285
GAM Holding Ltd.*	1,713		18,674
Goldman Sachs Group, Inc.	5,024		659,500
ICAP plc	5,375		32,219
Invesco Ltd.	4,400		74,052
Investec plc	5,164		34,732
Jafco Co., Ltd.	200		4,391
Janus Capital Group, Inc.	2,100		18,648
Julius Baer Group Ltd.	2,145		61,070
Legg Mason, Inc.	1,700		47,651
Macquarie Group Ltd.	3,528		108,570
Man Group plc	17,650		58,389
Matsui Securities Co., Ltd.	400		2,438
Mediobanca S.p.A.*	5,665		42,224
Mizuho Securities Co., Ltd.	8,000		17,731
Morgan Stanley	13,600		315,656
Nomura Holdings, Inc.	34,500		188,868
Northern Trust Corp.	2,300		107,410
Ratos AB, Class B	1,289		32,342
SBI Holdings, Inc.	147		18,223
Schroders plc	1,260		22,676
State Street Corp.	5,060		171,129
T. Rowe Price Group, Inc.	2,600		115,414
UBS AG (Registered)*	111,263		1,474,854

			5,224,949

*Commercial Banks (4.0%)*
77 Bank Ltd.	5,000		26,806
Alpha Bank AE*	4,219		20,621
Aozora Bank Ltd.	10,000		12,994


	Number of Shares	Value (Note 1)

Australia & New Zealand Banking Group Ltd.	25,668	$	460,795
Banca Carige S.p.A.	9,745		19,053
Banca Monte dei Paschi di Siena S.p.A.*	27,039		30,614
Banca Popolare di Milano S.c.a.r.l.	2,942		12,139
Banco Bilbao Vizcaya Argentaria S.A.	36,048		371,889
Banco Comercial Portugues S.A. (Registered)	30,217		22,651
Banco de Sabadell S.A.	8,082		36,484
Banco de Valencia S.A.	2,965		13,174
Banco Espirito Santo S.A. (Registered)	4,002		15,770
Banco Popolare S.c.a.r.l.	5,851		32,154
Banco Popular Espanol S.A.	8,023		40,912
Banco Santander S.A.	82,811		870,177
Bank Hapoalim B.M.*	7,726		27,756
Bank Leumi Le-Israel B.M.*	9,847		34,981
Bank of Cyprus plc	6,808		27,282
Bank of East Asia Ltd.	17,200		61,941
Bank of Ireland*	34,555		28,414
Bank of Kyoto Ltd.	4,000		32,848
Bank of Yokohama Ltd.	11,000		50,225
Bankinter S.A.	3,926		23,855
Barclays plc	117,587		466,176
BB&T Corp.	6,931		182,355
Bendigo and Adelaide Bank Ltd.	3,572		24,416
BNP Paribas S.A.	9,577		511,358
BOC Hong Kong Holdings Ltd.	36,500		82,967
Chiba Bank Ltd.	7,000		42,172
Chugoku Bank Ltd.	2,000		23,574
Chuo Mitsui Trust Holdings, Inc.	11,000		38,737
Comerica, Inc.	1,860		68,504
Commerzbank AG*	7,990		55,765
Commonwealth Bank of Australia	15,389		623,725
Credit Agricole S.A.	9,129		93,448
Danske Bank A/S*	4,535		87,095
DBS Group Holdings Ltd.	204,988		1,987,607
Deutsche Postbank AG*	762		22,000
Dexia S.A.*	6,744		23,494
DnB NOR ASA	9,819		94,482
EFG Eurobank Ergasias S.A.*	4,029		17,881
Erste Group Bank AG	1,860		59,173
Fifth Third Bancorp	8,000		98,320
First Horizon National Corp.*	2,556		29,261
Fukuoka Financial Group, Inc.	7,000		29,033
Gunma Bank Ltd.	5,000		26,449
Hachijuni Bank Ltd.	5,000		28,152
Hang Seng Bank Ltd.	7,700		102,875
Hiroshima Bank Ltd.	7,000		27,912
Hokuhoku Financial Group, Inc.	16,000		29,340
HSBC Holdings plc	497,413		4,550,011
Huntington Bancshares, Inc./Ohio	6,500		36,010
ICICI Bank Ltd. (ADR)	43,240		1,562,694
Intesa Sanpaolo S.p.A.	677,779		1,776,887
Israel Discount Bank Ltd., Class A*	5,294		8,934

See Notes to Financial Statements.

818

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Iyo Bank Ltd.	3,000	$	27,864
Joyo Bank Ltd.	5,000		19,856
KB Financial Group, Inc. (ADR)	26,155		991,013
KBC Groep N.V.*	1,798		68,964
KeyCorp	8,200		63,058
Lloyds Banking Group plc*	405,608		321,820
M&T Bank Corp.	758		64,392
Marshall & Ilsley Corp.	5,500		39,490
Mitsubishi UFJ Financial Group, Inc.	130,000		589,311
Mizrahi Tefahot Bank Ltd.*	1,185		8,611
Mizuho Financial Group, Inc.	143,004		234,715
Mizuho Trust & Banking Co., Ltd.*	20,000		17,181
National Australia Bank Ltd.	21,231		410,102
National Bank of Greece S.A.*	6,044		65,857
Natixis S.A.*	10,058		43,268
Nishi-Nippon City Bank Ltd.	9,000		25,906
Nordea Bank AB	32,138		265,067
Oversea-Chinese Banking Corp., Ltd.	26,000		163,550
Piraeus Bank S.A.*	3,145		13,259
PNC Financial Services Group, Inc.	5,100		288,150
Raiffeisen International Bank Holding AG*	671		25,573
Regions Financial Corp.	11,300		74,354
Resona Holdings, Inc.	5,451		66,307
Royal Bank of Scotland Group plc*	174,385		105,029
Sapporo Hokuyo Holdings, Inc.	1,776		7,838
Senshu Ikeda Holdings, Inc.	6,000		8,682
Seven Bank Ltd.	9		16,296
Shinsei Bank Ltd.*	9,000		7,596
Shizuoka Bank Ltd.	6,000		52,300
Skandinaviska Enskilda Banken AB, Class A	12,599		66,827
Societe Generale S.A.	6,511		264,859
Standard Chartered plc	20,866		506,541
Sumitomo Mitsui Financial Group, Inc.	13,377		377,642
Sumitomo Trust & Banking Co., Ltd.	14,000		71,219
SunTrust Banks, Inc.	4,800		111,840
Suruga Bank Ltd.	2,000		18,119
Svenska Handelsbanken AB, Class A	4,765		116,707
Swedbank AB, Class A*	6,906		63,585
U.S. Bancorp	18,800		420,180
UniCredit S.p.A.	863,367		1,916,419
Unione di Banche Italiane S.c.p.A.	5,442		46,825
United Overseas Bank Ltd.	13,000		180,597
Wells Fargo & Co.	51,356		1,314,714
Westpac Banking Corp.	30,431		537,390
Wing Hang Bank Ltd.	2,500		24,366
Yamaguchi Financial Group, Inc.	3,000		28,611
Zions Bancorp	1,500		32,355

			25,268,547

*Consumer Finance (0.6%)*
Acom Co., Ltd.	670		8,635
Aeon Credit Service Co., Ltd.	400		3,548


	Number of Shares	Value (Note 1)

American Express Co.	91,070	$	3,615,479
Capital One Financial Corp.	4,400		177,320
Credit Saison Co., Ltd.	1,200		12,413
Discover Financial Services	5,600		78,288
ORIX Corp.	1,020		74,085
SLM Corp.*	5,000		51,950

			4,021,718

*Diversified Financial Services (1.5%)*
ASX Ltd.	1,562		38,111
Bank of America Corp.	148,930		2,140,124
Cie Nationale a Portefeuille	474		20,121
Citigroup, Inc.*	220,907		830,610
CME Group, Inc.	643		181,037
Criteria Caixacorp S.A.	10,150		41,543
Deutsche Boerse AG	1,907		115,863
Eurazeo S.A.	393		22,596
Exor S.p.A.	420		7,076
Groupe Bruxelles Lambert S.A.	766		53,205
Hong Kong Exchanges and Clearing Ltd.	10,300		160,611
ING Groep N.V. (CVA)*	378,076		2,807,019
IntercontinentalExchange, Inc.*	700		79,121
Investor AB, Class B	4,289		69,417
JPMorgan Chase & Co.	65,240		2,388,436
K-Green Trust*	2,400		1,801
Kinnevik Investment AB, Class B	2,642		42,332
Leucadia National Corp.*	2,000		39,020
London Stock Exchange Group plc	1,529		12,661
Mitsubishi UFJ Lease & Finance Co., Ltd.	730		24,575
Moody’s Corp.	1,800		35,856
NASDAQ OMX Group, Inc.*	1,600		28,448
NYSE Euronext	2,500		69,075
Pargesa Holding S.A.	365		23,914
Pohjola Bank plc	2,090		21,277
Singapore Exchange Ltd.	8,000		41,861

			9,295,710

*Insurance* (*3.4%)*
ACE Ltd.	38,940		2,004,631
Admiral Group plc	1,922		40,186
Aegon N.V.*	15,967		85,536
Aflac, Inc.	4,700		200,549
Ageas	21,655		48,365
Allianz SE (Registered)	4,582		454,976
Allstate Corp.	5,431		156,033
American International Group, Inc.*	1,205		41,500
AMP Ltd.	22,094		96,069
Aon Corp.	2,700		100,224
Assicurazioni Generali S.p.A.	12,172		212,406
Assurant, Inc.	965		33,485
Aviva plc	677,463		3,148,762
AXA Asia Pacific Holdings Ltd.	11,652		53,361
AXA S.A.	16,940		256,910
Baloise Holding AG (Registered)	442		30,753
Berkshire Hathaway, Inc., Class B*	16,264		1,296,078
Chubb Corp.	3,291		164,583
Cincinnati Financial Corp.	1,426		36,891

See Notes to Financial Statements.

819

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

CNP Assurances S.A.	467	$	31,811
Dai-ichi Life Insurance Co., Ltd.	81		111,395
Delta Lloyd N.V.	527		8,813
Genworth Financial, Inc., Class A*	5,000		65,350
Hannover Rueckversicherung AG (Registered)	775		33,385
Hartford Financial Services Group, Inc.	4,200		92,946
Insurance Australia Group Ltd.	23,066		65,616
Legal & General Group plc	60,456		70,342
Lincoln National Corp.	3,100		75,299
Loews Corp.	3,600		119,916
Mapfre S.A.*	9,759		26,487
Mapfre S.A.*†	314		852
Marsh & McLennan Cos., Inc.	5,400		121,770
Mediolanum S.p.A.	2,314		9,055
MetLife, Inc.	8,100		305,856
MS&AD Insurance Group Holdings, Inc.	5,711		121,913
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)	16,534		2,069,929
NKSJ Holdings, Inc.*	15,343		90,984
Old Mutual plc	57,972		88,677
Principal Financial Group, Inc.	3,200		75,008
Progressive Corp.	197,070		3,689,150
Prudential Financial, Inc.	4,600		246,836
Prudential plc	26,115		195,735
QBE Insurance Group Ltd.	10,186		155,014
RenaissanceReinsurance Holdings Ltd.	31,890		1,794,450
Resolution Ltd.	19,639		18,474
RSA Insurance Group plc	35,192		62,465
Sampo Oyj, Class A	4,115		86,099
SCOR SE	2,008		38,380
Sony Financial Holdings, Inc.	11		36,782
Standard Life plc§	23,063		59,190
Suncorp-Metway Ltd.	12,261		82,295
Swiss Life Holding AG (Registered)*	254		24,311
Swiss Reinsurance Co., Ltd.	43,055		1,771,119
T&D Holdings, Inc.	2,600		55,496
Tokio Marine Holdings, Inc.	7,200		188,601
Torchmark Corp.	900		44,559
Travelers Cos., Inc.	4,900		241,325
Tryg A/S	369		19,401
Unum Group	3,060		66,402
Vienna Insurance Group	501		20,890
XL Capital Ltd., Class A	3,400		54,434
Zurich Financial Services AG	1,454		319,169

			21,317,279

*Real Estate Investment Trusts (REITs)* (*0.4%)*
Apartment Investment & Management Co. (REIT), Class A	1,300		25,181
Ascendas Real Estate Investment Trust (REIT)	13,000		16,780
AvalonBay Communities, Inc. (REIT)	797		74,416
Boston Properties, Inc. (REIT)	1,425		101,659
British Land Co. plc (REIT)	8,908		56,944


	Number of Shares	Value (Note 1)

Capital Shopping Centres Group plc (REIT)	5,111	$	23,578
CapitaMall Trust (REIT)	18,000		23,427
CFS Retail Property Trust (REIT)	15,276		24,206
Corio N.V. (REIT)	725		35,217
Dexus Property Group (REIT)	55,652		35,832
Equity Residential (REIT)	2,819		117,383
Fonciere Des Regions (REIT)	306		25,302
Gecina S.A. (REIT)	255		22,780
Goodman Group (REIT)	68,843		36,297
GPT Group (REIT)	20,701		48,602
Hammerson plc (REIT)	7,244		36,597
HCP, Inc. (REIT)	2,993		96,524
Health Care REIT, Inc. (REIT)	1,300		54,756
Host Hotels & Resorts, Inc. (REIT)	6,611		89,116
ICADE (REIT)	310		26,152
Japan Prime Realty Investment Corp. (REIT)	6		12,608
Japan Real Estate Investment Corp. (REIT)	6		48,933
Japan Retail Fund Investment Corp. (REIT)	20		24,316
Kimco Realty Corp. (REIT)	4,200		56,448
Klepierre S.A. (REIT)	1,145		31,435
Land Securities Group plc (REIT)	7,797		63,956
Link REIT (REIT)	21,000		51,957
Mirvac Group (REIT)	30,010		32,854
Nippon Building Fund, Inc. (REIT)	6		47,426
Nomura Real Estate Office Fund, Inc. (REIT)	3		14,921
Plum Creek Timber Co., Inc. (REIT)	1,500		51,795
ProLogis (REIT)	4,900		49,637
Public Storage (REIT)	1,283		112,789
Segro plc (REIT)	6,449		24,291
Simon Property Group, Inc. (REIT)	2,915		235,386
Stockland Corp., Ltd. (REIT)	25,976		80,709
Unibail-Rodamco S.A. (REIT)	895		145,259
Ventas, Inc. (REIT)	1,601		75,167
Vornado Realty Trust (REIT)	1,572		114,677
Westfield Group (REIT)	21,766		221,539

			2,466,852

*Real Estate Management & Development (0.9%)*
Aeon Mall Co., Ltd.	1,100		21,827
Beni Stabili S.p.A.*	1,836		1,392
BGP Holdings plc (b)*†	177,813		—
CapitaLand Ltd.	24,000		61,195
CapitaMalls Asia Ltd.	18,361		27,332
CB Richard Ellis Group, Inc., Class A*	2,800		38,108
Cheung Kong Holdings Ltd.	157,000		1,804,124
City Developments Ltd.	6,000		47,288
Daito Trust Construction Co., Ltd.	900		50,878
Daiwa House Industry Co., Ltd.	4,000		36,034
Hang Lung Group Ltd.	6,000		32,325

See Notes to Financial Statements.

820

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Hang Lung Properties Ltd.	20,000	$	76,709
Henderson Land Development Co., Ltd.	10,000		58,259
Hopewell Holdings Ltd.	8,000		22,502
Hysan Development Co., Ltd.	8,000		22,494
Immofinaz AG*	7,120		18,330
Keppel Land Ltd.	4,000		11,005
Kerry Properties Ltd.	9,000		38,629
Lend Lease Group	4,700		28,690
Mitsubishi Estate Co., Ltd.	12,000		166,609
Mitsui Fudosan Co., Ltd.	8,000		111,843
New World Development Ltd.	31,000		50,078
Nomura Real Estate Holdings, Inc.	700		8,784
NTT Urban Development Corp.	6		4,741
Sino Land Co., Ltd.	20,000		35,522
Sumitomo Realty & Development Co., Ltd.	4,000		68,221
Sun Hung Kai Properties Ltd.	14,000		190,348
Swire Pacific Ltd., Class A	187,500		2,124,522
Tokyo Tatemono Co., Ltd.	3,000		9,198
Tokyu Land Corp.	4,000		14,005
UOL Group Ltd.	6,000		16,180
Wharf Holdings Ltd.	13,000		62,930
Wheelock & Co., Ltd.	11,000		30,910

			5,291,012

*Thrifts & Mortgage Finance (0.0%)*
Hudson City Bancorp, Inc.	4,958		60,686
People’s United Financial, Inc.	3,986		53,811

			114,497

Total Financials			73,000,564

Health Care (11.4%)
*Biotechnology (1.6%)*
Actelion Ltd. (Registered)*	918		34,234
Amgen, Inc.*	150,303		7,905,938
Biogen Idec, Inc.*	34,020		1,614,249
Celgene Corp.*	4,581		232,806
Cephalon, Inc.*	700		39,725
CSL Ltd.	5,578		152,130
Genzyme Corp.*	2,700		137,079
Gilead Sciences, Inc.*	8,800		301,664
Grifols S.A.	854		8,721

			10,426,546

*Health Care Equipment & Supplies (1.4%)*
Baxter International, Inc.	5,800		235,712
Becton, Dickinson and Co.	2,339		158,163
bioMerieux S.A.	146		14,981
Boston Scientific Corp.*	15,300		88,740
C.R. Bard, Inc.	900		69,777
CareFusion Corp.*	1,850		41,995
Cie Generale d’Optique Essilor International S.A.	2,004		119,319
Cochlear Ltd.	489		30,461
Coloplast A/S, Class B	285		28,290
Covidien plc	117,570		4,723,963
DENTSPLY International, Inc.	1,282		38,345
Fresenius SE	387		25,734
Fresenius SE (Preference)	934		61,759


	Number of Shares	Value (Note 1)

Getinge AB, Class B	2,379	$	46,037
Hospira, Inc.*	1,700		97,665
Intuitive Surgical, Inc.*	374		118,042
Medtronic, Inc.	67,639		2,453,266
Nobel Biocare Holding AG (Registered)	1,067		18,236
Olympus Corp.	2,000		47,339
Smith & Nephew plc	9,134		85,998
Sonova Holding AG	432		52,976
St. Jude Medical, Inc.*	3,100		111,879
Straumann Holding AG (Registered)	95		20,554
Stryker Corp.	2,674		133,860
Synthes, Inc.	675		77,617
Sysmex Corp.	400		22,715
Terumo Corp.	1,600		76,569
Varian Medical Systems, Inc.*	1,300		67,964
William Demant Holding A/S*	298		21,761
Zimmer Holdings, Inc.*	2,000		108,100

			9,197,817

*Health Care Providers & Services (0.9%)*
Aetna, Inc.	4,100		108,158
Alfresa Holdings Corp.	300		14,472
AmerisourceBergen Corp.	2,906		92,265
Cardinal Health, Inc.	3,420		114,946
Celesio AG	1,059		23,053
CIGNA Corp.	2,600		80,756
Coventry Health Care, Inc.*	1,600		28,288
DaVita, Inc.*	946		59,068
Express Scripts, Inc.*	5,400		253,908
Fresenius Medical Care AG & Co. KGaA	1,893		102,411
Humana, Inc.*	1,600		73,072
Laboratory Corp. of America Holdings*	1,000		75,350
McKesson Corp.	2,600		174,616
Medco Health Solutions, Inc.*	4,500		247,860
Medipal Holdings Corp.	1,700		20,222
Patterson Cos., Inc.	756		21,569
Quest Diagnostics, Inc.	69,580		3,462,997
Sonic Healthcare Ltd.	4,154		36,184
Suzuken Co., Ltd.	600		20,093
Tenet Healthcare Corp.*	4,800		20,832
UnitedHealth Group, Inc.	11,200		318,080
WellPoint, Inc.*	4,108		201,004

			5,549,204

*Health Care Technology (0.0%)*
Cerner Corp.*	700		53,123

*Life Sciences Tools & Services (0.4%)*
Life Technologies Corp.*	1,700		80,325
Lonza Group AG (Registered)	28,412		1,891,361
Millipore Corp.*	505		53,858
PerkinElmer, Inc.	1,300		26,871
QIAGEN N.V.*	2,689		52,090
Thermo Fisher Scientific, Inc.*	4,088		200,516
Waters Corp.*	844		54,607

			2,359,628

*Pharmaceuticals (7.1%)*
Abbott Laboratories, Inc.	43,570		2,038,205

See Notes to Financial Statements.

821

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Allergan, Inc.	3,100	$	180,606
Astellas Pharma, Inc.	4,500		150,491
AstraZeneca plc	14,951		702,505
Bayer AG	8,347		465,721
Bristol-Myers Squibb Co.	70,200		1,750,788
Chugai Pharmaceutical Co., Ltd.	2,600		45,914
Daiichi Sankyo Co., Ltd.	6,600		118,032
Dainippon Sumitomo Pharma Co., Ltd.	2,000		15,372
Eisai Co., Ltd.	2,400		79,397
Elan Corp. plc*	5,855		26,519
Eli Lilly and Co.	10,094		338,149
Forest Laboratories, Inc.*	2,800		76,804
GlaxoSmithKline plc	338,977		5,744,703
Hisamitsu Pharmaceutical Co., Inc.	800		31,743
Ipsen S.A.	237		7,225
Johnson & Johnson	27,100		1,600,526
King Pharmaceuticals, Inc.*	2,800		21,252
Kyowa Hakko Kirin Co., Ltd.	3,000		28,495
Merck & Co., Inc.	146,161		5,111,250
Merck KGaA	22,692		1,653,158
Mitsubishi Tanabe Pharma Corp.	2,000		30,459
Mylan, Inc.*	2,900		49,416
Novartis AG (Registered)	120,401		5,841,428
Novo Nordisk A/S, Class B	4,458		359,607
Ono Pharmaceutical Co., Ltd.	1,000		40,618
Orion Oyj, Class B	606		11,339
Pfizer, Inc.	402,064		5,733,433
Roche Holding AG	36,117		4,959,717
Sanofi-Aventis S.A.	105,973		6,390,479
Santen Pharmaceutical Co., Ltd.	600		21,591
Shionogi & Co., Ltd.	3,000		62,065
Shire plc	5,787		117,628
Taisho Pharmaceutical Co., Ltd.	1,000		19,732
Takeda Pharmaceutical Co., Ltd.	7,800		333,817
Teva Pharmaceutical Industries Ltd.	9,275		483,960
Tsumura & Co.	400		12,259
UCB S.A.	1,230		38,535
Watson Pharmaceuticals, Inc.*	1,100		44,627

			44,737,565

Total Health Care			72,323,883

Industrials (9.3%)
*Aerospace & Defense (0.9%)*
BAE Systems plc	354,027		1,644,701
Boeing Co.	7,400		464,350
Cobham plc	11,806		37,212
Elbit Systems Ltd.	186		9,434
Empresa Brasileira de Aeronautica S.A. (ADR)	54,400		1,139,680
European Aeronautic Defence and Space Co. N.V.*	4,598		93,823
Finmeccanica S.p.A.	4,727		49,053
General Dynamics Corp.	3,717		217,668
Goodrich Corp.	1,200		79,500
Honeywell International, Inc.	7,634		297,955
ITT Corp.	1,905		85,573
L-3 Communications Holdings, Inc.	1,078		76,365


	Number of Shares	Value (Note 1)

Lockheed Martin Corp.	3,100	$	230,950
Northrop Grumman Corp.	2,880		156,787
Precision Castparts Corp.	1,400		144,088
Raytheon Co.	3,790		183,398
Rockwell Collins, Inc.	1,600		85,008
Rolls-Royce Group plc*	19,122		159,239
Rolls-Royce Group plc, Class C*†	2,935,710		4,386
Safran S.A.	1,356		37,604
Singapore Technologies Engineering Ltd.	17,000		39,755
Thales S.A.	1,107		35,584
United Technologies Corp.	9,200		597,172

			5,869,285

*Air Freight & Logistics (1.9%)*
C.H. Robinson Worldwide, Inc.	1,669		92,896
Deutsche Post AG (Registered)	160,546		2,328,895
Expeditors International of Washington, Inc.	2,200		75,922
FedEx Corp.	59,599		4,178,486
TNT N.V.	3,661		92,273
Toll Holdings Ltd.	6,728		30,723
United Parcel Service, Inc., Class B	91,700		5,216,813
Yamato Holdings Co., Ltd.	4,000		52,934

			12,068,942

*Airlines (0.0%)*
Air France-KLM*	1,046		12,305
All Nippon Airways Co., Ltd.*	6,000		18,985
British Airways plc*	7,983		23,167
Cathay Pacific Airways Ltd.	15,000		29,408
Deutsche Lufthansa AG (Registered)*	2,000		27,558
Iberia Lineas Aereas de Espana S.A.*	5,937		16,818
Qantas Airways Ltd.*	11,067		20,316
Singapore Airlines Ltd.	6,000		62,166
Southwest Airlines Co.	7,000		77,770

			288,493

*Building Products (0.1%)*
Asahi Glass Co., Ltd.	11,000		102,635
Assa Abloy AB, Class B	2,916		58,160
Cie de Saint-Gobain S.A.	3,782		139,643
Daikin Industries Ltd.	2,500		76,301
Geberit AG (Registered)	371		57,532
JS Group Corp.	2,300		43,912
Masco Corp.	3,300		35,508
Nippon Sheet Glass Co., Ltd.	5,000		12,174
TOTO Ltd.	3,000		19,982

			545,847

*Commercial Services & Supplies (0.5%)*
Aggreko plc	2,122		44,299
Avery Dennison Corp.	1,200		38,556
Brambles Ltd.	141,061		643,103
Cintas Corp.	1,102		26,415
Dai Nippon Printing Co., Ltd.	6,000		69,335
G4S plc	13,053		51,722
Iron Mountain, Inc.	1,900		42,674
Nissha Printing Co., Ltd.	200		5,349

See Notes to Financial Statements.

822

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Pitney Bowes, Inc.	2,200	$	48,312
R.R. Donnelley & Sons Co.	2,200		36,014
Rentokil Initial plc*	936,970		1,487,629
Republic Services, Inc.	3,032		90,141
Secom Co., Ltd.	2,000		88,804
Securitas AB, Class B	3,868		34,914
Serco Group plc	5,060		44,077
Societe BIC S.A.	332		23,550
Stericycle, Inc.*	900		59,022
Toppan Printing Co., Ltd.	6,000		47,598
Waste Management, Inc.	4,600		143,934

			3,025,448

*Construction & Engineering (0.1%)*
ACS Actividades de Construccion y Servicios S.A.	1,334		48,787
Balfour Beatty plc	7,172		25,485
Bouygues S.A.	2,205		84,458
Chiyoda Corp.	2,000		14,509
Eiffage S.A.	542		23,397
Ferrovial S.A.	4,955		32,011
Fluor Corp.	1,700		72,250
Fomento de Construcciones y Contratas S.A.	558		11,918
Hochtief AG	516		30,664
Jacobs Engineering Group, Inc.*	1,300		47,372
JGC Corp.	2,000		30,320
Kajima Corp.	11,000		24,821
Kinden Corp.	1,000		8,504
Koninklijke Boskalis Westminster N.V.	748		29,125
Leighton Holdings Ltd.	1,623		39,112
Obayashi Corp.	8,000		31,571
Quanta Services, Inc.*	2,200		45,430
Shimizu Corp.	5,000		17,097
Skanska AB, Class B	3,596		51,909
Taisei Corp.	13,000		25,878
Vinci S.A.	4,373		180,072

			874,690

*Electrical Equipment (0.3%)*
ABB Ltd. (Registered)*	22,778		395,814
Alstom S.A.	1,953		88,070
Emerson Electric Co.	7,500		327,675
Fuji Electric Holdings Co., Ltd.	4,000		11,439
Furukawa Electric Co., Ltd.	5,000		21,963
Gamesa Corp. Tecnologica S.A.*	1,449		12,436
GS Yuasa Corp.	3,000		19,587
Legrand S.A.	1,298		38,240
Mabuchi Motor Co., Ltd.	300		13,735
Mitsubishi Electric Corp.	19,000		147,989
Nidec Corp.	1,100		92,129
Panasonic Electric Works Co., Ltd.	4,000		39,139
Prysmian S.p.A.	1,374		19,738
Rockwell Automation, Inc.	1,310		64,308
Roper Industries, Inc.	1,000		55,960
Schneider Electric S.A.	2,343		237,147
Sumitomo Electric Industries Ltd.	8,100		94,811
Ushio, Inc.	700		10,807
Vestas Wind Systems A/S*	2,037		84,674

			1,775,661


	Number of Shares	Value (Note 1)

*Industrial Conglomerates (3.0%)*
3M Co.	7,000	$	552,930
CSR Ltd.	11,676		16,375
Fraser and Neave Ltd.	12,000		43,856
General Electric Co.	318,910		4,598,682
Hankyu Hanshin Holdings, Inc.	13,000		57,203
Hutchison Whampoa Ltd.	21,000		129,654
Keppel Corp., Ltd.	12,000		72,306
Koninklijke Philips Electronics N.V.	110,560		3,295,503
NWS Holdings Ltd.	12,000		21,691
Orkla ASA	7,721		49,423
SembCorp Industries Ltd.	12,000		34,678
Siemens AG (Registered)	64,901		5,807,791
Smiths Group plc	4,021		63,640
Textron, Inc.	2,500		42,425
Tomkins plc	9,235		31,025
Tyco International Ltd.	126,580		4,459,413

			19,276,595

*Machinery (0.6%)*
Alfa Laval AB	3,478		44,924
Amada Co., Ltd.	3,000		19,701
Atlas Copco AB, Class A	6,410		93,840
Atlas Copco AB, Class B	4,455		59,005
Caterpillar, Inc.	6,100		366,427
Cosco Corp. (Singapore) Ltd.	5,000		5,247
Cummins, Inc.	2,035		132,540
Danaher Corp.	5,246		194,732
Deere & Co.	4,100		228,288
Dover Corp.	1,900		79,401
Eaton Corp.	1,600		104,704
Fanuc Ltd.	1,900		213,161
Flowserve Corp.	600		50,880
GEA Group AG	1,933		38,399
Hino Motors Ltd.	2,000		9,836
Hitachi Construction Machinery Co., Ltd.	900		16,626
IHI Corp.	11,000		17,566
Illinois Tool Works, Inc.	3,700		152,736
Invensys plc	8,319		29,715
Japan Steel Works Ltd.	3,000		26,417
JTEKT Corp.	2,300		21,209
Kawasaki Heavy Industries Ltd.	13,000		31,549
Komatsu Ltd.	9,500		171,666
Kone Oyj, Class B	1,649		65,568
Kubota Corp.	12,000		91,637
Kurita Water Industries Ltd.	1,400		38,240
Makita Corp.	1,000		26,677
MAN SE	1,038		85,575
Metso Oyj	1,129		36,052
Minebea Co., Ltd.	3,000		16,539
Mitsubishi Heavy Industries Ltd.	30,000		103,039
Mitsui Engineering & Shipbuilding Co., Ltd.	5,000		10,066
NGK Insulators Ltd.	3,000		46,638
NSK Ltd.	3,000		20,867
NTN Corp.	6,000		24,544
PACCAR, Inc.	3,472		138,429
Pall Corp.	1,017		34,954
Parker Hannifin Corp.	1,662		92,175
Sandvik AB	9,799		119,279

See Notes to Financial Statements.

823

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Scania AB, Class B	3,643	$	55,535
Schindler Holding AG	884		74,073
SembCorp Marine Ltd.	11,000		30,073
SKF AB, Class B	3,649		65,365
SMC Corp.	500		66,753
Snap-On, Inc.	456		18,655
Sumitomo Heavy Industries Ltd.	5,000		29,448
THK Co., Ltd.	1,000		20,674
Vallourec S.A.	602		102,786
Volvo AB, Class B*	10,511		115,587
Wartsila Oyj	965		43,960
Yangzijiang Shipbuilding Holdings Ltd.	11,735		11,202
Zardoya Otis S.A.*	1,833		23,617
Zardoya Otis S.A.*†	91		1,172

			3,717,748

*Marine (0.1%)*
A. P. Moller - Maersk A/S, Class A	5		38,069
A. P. Moller - Maersk A/S, Class B	14		109,770
Kawasaki Kisen Kaisha Ltd.*	6,000		24,277
Kuehne + Nagel International AG (Registered)	580		59,409
Mitsui O.S.K. Lines Ltd.	11,000		72,593
Neptune Orient Lines Ltd.*	5,750		8,112
Nippon Yusen KK	14,000		50,841
Orient Overseas International Ltd.*	3,000		21,431

			384,502

*Professional Services (0.8%)*
Adecco S.A. (Registered)	51,739		2,441,185
Bureau Veritas S.A.	622		33,486
Capita Group plc	6,426		70,503
Dun & Bradstreet Corp.	428		28,727
Equifax, Inc.	1,400		39,284
Experian plc	10,583		91,632
Randstad Holding N.V.*	55,465		2,183,164
Robert Half International, Inc.	1,600		37,680
SGS S.A. (Registered)	63		84,822

			5,010,483

*Road & Rail (0.3%)*
Asciano Group*	31,299		42,240
Central Japan Railway Co.	15		123,531
ComfortDelgro Corp., Ltd.	25,000		25,894
CSX Corp.	3,887		192,912
DSV A/S	1,840		26,401
East Japan Railway Co.	3,397		226,445
Firstgroup plc	5,036		27,246
Keihin Electric Express Railway Co., Ltd.	5,000		44,127
Keio Corp.	7,000		45,081
Keisei Electric Railway Co., Ltd.	3,000		16,711
Kintetsu Corp.	19,000		57,929
MTR Corp.	17,000		57,924
Nippon Express Co., Ltd.	9,000		40,496
Norfolk Southern Corp.	3,672		194,800
Odakyu Electric Railway Co., Ltd.	7,000		59,921
Ryder System, Inc.	600		24,138


	Number of Shares	Value (Note 1)

Tobu Railway Co., Ltd.	10,000	$	53,785
Tokyu Corp.	13,000		52,958
Union Pacific Corp.	5,034		349,913
West Japan Railway Co.	16		58,486

			1,720,938

*Trading Companies & Distributors (0.6%)*
Bunzl plc	3,383		33,736
Fastenal Co.	1,198		60,128
ITOCHU Corp.	15,000		116,954
Marubeni Corp.	18,000		92,203
Mitsubishi Corp.	13,800		287,562
Mitsui & Co., Ltd.	17,000		199,860
Noble Group Ltd.	27,818		33,590
Sojitz Corp.	15,900		24,902
Sumitomo Corp.	12,000		119,520
Toyota Tsusho Corp.	2,500		35,800
W.W. Grainger, Inc.	600		59,670
Wolseley plc*	127,465		2,492,007

			3,555,932

*Transportation Infrastructure (0.1%)*
Abertis Infraestructuras S.A.	3,094		44,581
Aeroports de Paris S.A.	391		24,918
Atlantia S.p.A.	2,504		44,392
Auckland International Airport Ltd.	9,394		12,007
Brisa Auto-Estradas de Portugal S.A.	1,884		11,401
Fraport AG	498		21,166
Groupe Eurotunnel S.A.	5,556		37,549
Intoll Group	18,539		16,122
Kamigumi Co., Ltd.	3,000		23,056
Koninklijke Vopak N.V.	826		30,313
MAp Group	5,706		12,810
Mitsubishi Logistics Corp.	1,000		11,160
Transurban Group	15,394		54,607

			344,082

Total Industrials			58,458,646

Information Technology (12.4%)
*Communications Equipment* (*1.6%)*
Alcatel-Lucent*	24,031		61,292
Brocade Communications Systems, Inc.*	228,000		1,176,480
Cisco Systems, Inc.*	242,495		5,167,569
Harris Corp.	1,174		48,897
JDS Uniphase Corp.*	2,500		24,600
Juniper Networks, Inc.*	5,000		114,100
Motorola, Inc.*	23,200		151,264
Nokia Oyj	38,815		316,935
QUALCOMM, Inc.	15,980		524,783
Telefonaktiebolaget LM Ericsson, Class B	249,991		2,783,349
Tellabs, Inc.	3,400		21,726

			10,390,995

*Computers & Peripherals (1.2%)*
Apple, Inc.*	8,938		2,248,175
Dell, Inc.*	109,640		1,322,259
EMC Corp.*	20,421		373,704

See Notes to Financial Statements.

824

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Fujitsu Ltd.	18,000	$	113,083
Hewlett-Packard Co.	22,840		988,515
Lexmark International, Inc., Class A*	700		23,121
Logitech International S.A. (Registered)*	1,530		20,780
NEC Corp.	25,000		64,534
NetApp, Inc.*	3,300		123,123
QLogic Corp.*	1,100		18,282
SanDisk Corp.*	2,200		92,554
Seagate Technology*	129,840		1,693,114
Seiko Epson Corp.	1,100		14,099
Teradata Corp.*	1,700		51,816
Toshiba Corp.*	42,000		208,665
Western Digital Corp.*	2,200		66,352

			7,422,176

*Electronic Equipment, Instruments & Components (1.3%)*
Agilent Technologies, Inc.*	3,500		99,505
Amphenol Corp., Class A	1,800		70,704
Citizen Holdings Co., Ltd.	1,800		10,948
Corning, Inc.	15,500		250,325
Flextronics International Ltd.*	474,530		2,657,368
FLIR Systems, Inc.*	1,600		46,544
Foxconn International Holdings Ltd.*	27,015		17,540
Fujifilm Holdings Corp.	52,900		1,521,723
Hirose Electric Co., Ltd.	400		36,521
Hitachi High-Technologies Corp.	800		14,725
Hitachi Ltd.*	44,400		161,016
HOYA Corp.	4,500		95,553
Ibiden Co., Ltd.	1,200		32,351
Jabil Circuit, Inc.	2,100		27,930
Keyence Corp.	400		92,016
Kyocera Corp.	1,700		137,281
Mitsumi Electric Co., Ltd.	600		10,210
Molex, Inc.	1,500		27,360
Murata Manufacturing Co., Ltd.	2,100		100,019
Nippon Electric Glass Co., Ltd.	4,000		45,521
Omron Corp.	2,300		49,741
Shimadzu Corp.	2,000		14,998
TDK Corp.	1,300		71,309
Tyco Electronics Ltd.	113,700		2,885,706
Yaskawa Electric Corp.	2,000		14,814
Yokogawa Electric Corp.	2,900		17,868

			8,509,596

*Internet Software & Services (0.3%)*
Akamai Technologies, Inc.*	1,600		64,912
eBay, Inc.*	11,200		219,632
Google, Inc., Class A*	2,380		1,058,981
Monster Worldwide, Inc.*	1,000		11,650
United Internet AG	957		10,523
VeriSign, Inc.*	1,900		50,445
Yahoo! Japan Corp.	165		65,577
Yahoo!, Inc.*	11,400		157,662

			1,639,382

*IT Services (2.0%)*
Accenture plc, Class A	239,390		9,252,424
Atos Origin S.A.*	375		14,978
Automatic Data Processing, Inc.	5,036		202,749


	Number of Shares	Value (Note 1)

Cap Gemini S.A.	1,408	$	61,516
Cognizant Technology Solutions Corp., Class A*	2,986		149,479
Computer Sciences Corp.	1,600		72,400
Computershare Ltd.	5,120		45,297
Fidelity National Information Services, Inc.	3,100		83,142
Fiserv, Inc.*	1,600		73,056
Indra Sistemas S.A.	703		11,269
International Business Machines Corp.	12,640		1,560,787
ITOCHU Techno-Solutions Corp.	100		3,624
Mastercard, Inc., Class A	960		191,549
Nomura Research Institute Ltd.	1,300		27,483
NTT Data Corp.	11		40,578
Obic Co., Ltd.	40		7,680
Otsuka Corp.	100		6,366
Paychex, Inc.	3,300		85,701
SAIC, Inc.*	2,800		46,872
Total System Services, Inc.	2,200		29,920
Visa, Inc., Class A	4,400		311,300
Western Union Co.	6,900		102,879

			12,381,049

*Office Electronics (0.3%)*
Brother Industries Ltd.	2,600		27,070
Canon, Inc.	11,300		421,299
Konica Minolta Holdings, Inc.	138,500		1,332,824
Neopost S.A.	242		17,513
Ricoh Co., Ltd.	7,000		88,965
Xerox Corp.	13,960		112,238

			1,999,909

*Semiconductors & Semiconductor Equipment (1.7%)*
Advanced Micro Devices, Inc.*	5,900		43,188
Advantest Corp.	1,500		31,410
Altera Corp.	3,084		76,514
Analog Devices, Inc.	2,767		77,089
Applied Materials, Inc.	13,547		162,835
ARM Holdings plc	10,758		44,510
ASM Pacific Technology Ltd.	2,100		16,329
ASML Holding N.V.	4,325		118,771
Broadcom Corp., Class A	4,377		144,310
Elpida Memory, Inc.*	1,600		24,720
First Solar, Inc.*	500		56,915
Infineon Technologies AG*	10,702		61,848
Intel Corp.	54,500		1,060,025
KLA-Tencor Corp.	1,600		44,608
Linear Technology Corp.	2,340		65,075
LSI Corp.*	7,000		32,200
MEMC Electronic Materials, Inc.*	2,500		24,700
Microchip Technology, Inc.	1,938		53,760
Micron Technology, Inc.*	8,700		73,863
National Semiconductor Corp.	2,677		36,032
Novellus Systems, Inc.*	800		20,288
NVIDIA Corp.*	6,043		61,699
Renewable Energy Corp. ASA*	1,529		3,592
Rohm Co., Ltd.	1,100		65,698
Samsung Electronics Co., Ltd. (GDR) (m)	15,420		4,824,091

See Notes to Financial Statements.

825

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Shinko Electric Industries Co., Ltd.	400	$	5,187
STMicroelectronics N.V.	6,439		51,009
Sumco Corp.*	1,400		23,312
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)	334,573		3,265,432
Teradyne, Inc.*	1,400		13,650
Texas Instruments, Inc.	11,817		275,100
Tokyo Electron Ltd.	1,700		91,806
Xilinx, Inc.	2,876		72,648

			11,022,214

*Software (4.0%)*
Adobe Systems, Inc.*	5,309		140,317
Autodesk, Inc.*	2,100		51,156
Autonomy Corp. plc*	2,222		59,968
BMC Software, Inc.*	1,700		58,871
CA, Inc.	3,595		66,148
Citrix Systems, Inc.*	1,922		81,166
Compuware Corp.*	2,700		21,546
Dassault Systemes S.A.	607		36,733
Electronic Arts, Inc.*	3,400		48,960
Intuit, Inc.*	3,167		110,116
Konami Corp.	700		11,033
McAfee, Inc.*	1,400		43,008
Microsoft Corp.	349,520		8,042,455
NICE Systems Ltd.*	331		8,220
Nintendo Co., Ltd.	6,900		2,009,945
Novell, Inc.*	4,000		22,720
Oracle Corp.	408,460		8,765,551
Oracle Corp. Japan	500		24,567
Red Hat, Inc.*	2,000		57,880
Sage Group plc	13,544		46,346
Salesforce.com, Inc.*	1,100		94,402
SAP AG	121,058		5,377,130
Square Enix Holdings Co., Ltd.	900		16,546
Symantec Corp.*	7,700		106,876
Trend Micro, Inc.	1,000		26,960

			25,328,620

Total Information Technology			78,693,941

Materials (2.8%)
*Chemicals (0.7%)*
Air Liquide S.A.	2,777		278,927
Air Products & Chemicals, Inc.	2,017		130,722
Air Water, Inc.	1,000		10,936
Airgas, Inc.	742		46,152
Akzo Nobel N.V.	2,178		112,664
Asahi Kasei Corp.	12,000		62,805
BASF SE	9,439		514,960
CF Industries Holdings, Inc.	754		47,841
Daicel Chemical Industries Ltd.	3,000		20,234
Denki Kagaku Kogyo KK	4,000		18,658
Dow Chemical Co.	11,200		265,664
E.I. du Pont de Nemours & Co.	8,965		310,099
Eastman Chemical Co.	762		40,660
Ecolab, Inc.	2,200		98,802
FMC Corp.	637		36,583
Givaudan S.A. (Registered)	74		62,548
Hitachi Chemical Co., Ltd.	1,400		25,991


	Number of Shares	Value (Note 1)

Incitec Pivot Ltd.	18,274	$	41,433
International Flavors & Fragrances, Inc.	676		28,676
Israel Chemicals Ltd.	3,719		38,783
Israel Corp. Ltd.*	14		8,668
Johnson Matthey plc	2,214		49,021
JSR Corp.	1,500		25,151
K+S AG	1,263		58,099
Kaneka Corp.	4,000		23,195
Kansai Paint Co., Ltd.	3,000		25,674
Koninklijke DSM N.V.	1,470		58,402
Kuraray Co., Ltd.	3,500		40,869
Linde AG	1,630		171,154
Makhteshim-Agan Industries Ltd.	2,603		8,674
Mitsubishi Chemical Holdings Corp.	11,000		50,092
Mitsubishi Gas Chemical Co., Inc.	5,000		24,230
Mitsui Chemicals, Inc.	7,000		19,435
Monsanto Co.	5,300		244,966
Nissan Chemical Industries Ltd.	2,000		22,368
Nitto Denko Corp.	1,500		48,940
Novozymes A/S, Class B	531		56,359
Orica Ltd.	3,682		77,516
PPG Industries, Inc.	1,651		99,737
Praxair, Inc.	3,025		229,870
Sherwin-Williams Co.	930		64,347
Shin-Etsu Chemical Co., Ltd.	4,300		200,046
Showa Denko KK	12,000		21,701
Sigma-Aldrich Corp.	1,101		54,863
Sika AG	15		26,510
Solvay S.A.	679		57,978
Sumitomo Chemical Co., Ltd.	15,000		57,914
Syngenta AG (Registered)	967		223,299
Taiyo Nippon Sanso Corp.	2,000		15,866
Teijin Ltd.	12,000		35,634
Tokuyama Corp.	2,000		8,778
Toray Industries, Inc.	11,000		52,781
Tosoh Corp.	4,000		10,326
Ube Industries Ltd.	12,000		28,436
Umicore S.A.	1,024		29,630
Wacker Chemie AG	204		29,524
Yara International ASA	1,850		51,765

			4,504,956

*Construction Materials (0.5%)*
Boral Ltd.	5,116		20,566
Cimpor Cimentos de Portugal SGPS S.A.	3,348		18,605
CRH plc	113,574		2,377,191
Fletcher Building Ltd.	7,357		39,393
HeidelbergCement AG	1,391		66,254
Holcim Ltd. (Registered)	2,569		171,962
Imerys S.A.	462		23,366
James Hardie Industries SE (CDI)*	3,733		19,442
Lafarge S.A.	1,995		107,875
Taiheiyo Cement Corp.*	5,000		6,310
Vulcan Materials Co.	1,200		52,596

			2,903,560

See Notes to Financial Statements.

826

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Containers & Packaging (0.0%)*
Amcor Ltd.	11,517	$	61,358
Ball Corp.	816		43,109
Bemis Co., Inc.	1,200		32,400
Owens-Illinois, Inc.*	1,459		38,591
Pactiv Corp.*	1,140		31,749
Rexam plc	9,043		40,580
Sealed Air Corp.	1,800		35,496
Toyo Seikan Kaisha Ltd.	1,800		26,120

			309,403

*Metals & Mining (1.4%)*
Acerinox S.A.	1,359		21,068
AK Steel Holding Corp.	900		10,728
Alcoa, Inc.	136,050		1,368,663
Allegheny Technologies, Inc.	900		39,771
Alumina Ltd.	21,784		27,604
Anglo American plc*	13,576		471,951
Antofagasta plc	4,067		47,208
ArcelorMittal S.A.	8,920		237,237
BHP Billiton Ltd.	33,827		1,052,015
BHP Billiton plc	22,762		589,009
BlueScope Steel Ltd.*	20,538		35,778
Boliden AB	1,985		21,985
Cliffs Natural Resources, Inc.	1,300		61,308
Daido Steel Co., Ltd.	3,000		12,874
Dowa Holdings Co., Ltd.	3,000		14,449
Eramet S.A.	73		17,874
Eurasian Natural Resources Corp.	2,636		33,529
Fortescue Metals Group Ltd.*	11,610		39,583
Freeport-McMoRan Copper & Gold, Inc.	4,563		269,810
Fresnillo plc	2,173		31,394
Hitachi Metals Ltd.	2,000		20,299
JFE Holdings, Inc.	4,400		135,836
Kazakhmys plc	2,207		32,381
Kobe Steel Ltd.	23,000		43,919
Lonmin plc*	1,587		33,124
MacArthur Coal Ltd.	1,120		11,263
Maruichi Steel Tube Ltd.	500		9,574
Mitsubishi Materials Corp.*	14,000		37,370
Mitsui Mining & Smelting Co., Ltd.	4,000		10,594
Newcrest Mining Ltd.	5,167		151,964
Newmont Mining Corp.	4,872		300,797
Nippon Steel Corp.	54,000		178,979
Nisshin Steel Co., Ltd.	6,000		9,583
Norsk Hydro ASA	7,086		31,886
Nucor Corp.	3,000		114,840
OneSteel Ltd.	11,951		29,592
Outokumpu Oyj	1,630		24,508
OZ Minerals Ltd.*	27,366		21,876
Randgold Resources Ltd.	929		88,327
Rautaruukki Oyj	549		8,005
Rio Tinto Ltd.	4,485		248,397
Rio Tinto plc	14,514		635,130
Salzgitter AG	327		19,489
Sims Metal Management Ltd.	1,882		26,796
SSAB AB, Class A	1,472		19,729
SSAB AB, Class B	1,279		15,246
Sumitomo Metal Industries Ltd.	37,000		83,455


	Number of Shares	Value (Note 1)

Sumitomo Metal Mining Co., Ltd.	5,000	$	62,736
ThyssenKrupp AG	3,703		90,964
Titanium Metals Corp.*	1,000		17,590
Tokyo Steel Manufacturing Co., Ltd.	500		5,788
United States Steel Corp.	1,300		50,115
Vale S.A. (ADR)	65,060		1,367,561
Vedanta Resources plc	1,407		44,274
Voestalpine AG	1,280		35,034
Xstrata plc	20,345		266,547
Yamato Kogyo Co., Ltd.	500		12,442

			8,699,848

*Paper & Forest Products (0.2%)*
Holmen AB, Class B	721		17,106
International Paper Co.	4,100		92,783
MeadWestvaco Corp.	1,800		39,960
Nippon Paper Group, Inc.	747		20,678
OJI Paper Co., Ltd.	9,000		44,021
Stora Enso Oyj, Class R	6,860		49,075
Svenska Cellulosa AB, Class B	82,653		972,222
UPM-Kymmene Oyj	4,995		66,187
Weyerhaeuser Co.	2,200		77,440

			1,379,472

Total Materials			17,797,239

Telecommunication Services (4.9%)
*Diversified Telecommunication Services (3.2%)*
AT&T, Inc.	104,620		2,530,758
Belgacom S.A.	1,410		44,387
Bezeq Israeli Telecommunication Corp., Ltd.	13,592		29,735
BT Group plc, Class A	79,953		152,682
Cable & Wireless Worldwide plc	21,475		27,511
CenturyLink, Inc.	2,811		93,634
China Telecom Corp., Ltd. (ADR)	14,900		714,008
Deutsche Telekom AG (Registered)	28,394		334,716
Elisa Oyj*	1,423		24,634
France Telecom S.A.	202,527		3,494,784
Frontier Communications Corp.	3,663		26,044
Hellenic Telecommunications Organization S.A.*	2,562		19,262
Iliad S.A.	234		18,150
Inmarsat plc	4,499		47,668
Koninklijke (Royal) KPN N.V.	17,061		217,849
Nippon Telegraph & Telephone Corp.	5,428		221,620
PCCW Ltd.	57,000		16,545
Portugal Telecom SGPS S.A. (Registered)	6,101		60,475
Qwest Communications International, Inc.	15,300		80,325
Singapore Telecommunications Ltd.	2,023,000		4,369,783
Swisscom AG (Registered)	245		83,002
Tele2 AB, Class B	2,767		41,369
Telecom Corp. of New Zealand Ltd.	22,315		28,847
Telecom Italia S.p.A.	97,484		107,446

See Notes to Financial Statements.

827

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Telecom Italia S.p.A. (RNC)	68,958	$	62,839
Telefonica S.A.	177,387		3,275,717
Telekom Austria AG	162,535		1,806,701
Telenor ASA	115,130		1,445,865
TeliaSonera AB	21,332		137,129
Telstra Corp., Ltd.	42,030		114,363
Verizon Communications, Inc.	27,800		778,956
Windstream Corp.	5,000		52,800

			20,459,604

*Wireless Telecommunication Services (1.7%)*
American Tower Corp., Class A*	4,024		179,068
Cellcom Israel Ltd.	364		9,081
KDDI Corp.	29		137,753
MetroPCS Communications, Inc.*	2,900		23,751
Millicom International Cellular S.A. (SDR)	857		69,163
Mobistar S.A.	417		22,054
NTT DoCoMo, Inc.	154		232,883
Partner Communications Co., Ltd.	566		8,702
Softbank Corp.	8,000		211,453
Sprint Nextel Corp.*	539,810		2,288,794
StarHub Ltd.	9,919		15,919
Turkcell Iletisim Hizmet A/S (ADR)	103,680		1,345,766
Vodafone Group plc	2,938,566		6,089,358

			10,633,745

Total Telecommunication Services			31,093,349

Utilities (1.3%)
*Electric Utilities (0.7%)*
Acciona S.A.	335		25,442
Allegheny Energy, Inc.	1,441		29,800
American Electric Power Co., Inc.	4,797		154,943
Cheung Kong Infrastructure Holdings Ltd.	6,000		22,214
Chubu Electric Power Co., Inc.	6,600		163,639
Chugoku Electric Power Co., Inc.	3,200		66,026
CLP Holdings Ltd.	20,500		148,426
Contact Energy Ltd.*	2,907		11,318
Duke Energy Corp.	13,106		209,696
E.ON AG	18,604		500,815
EDF S.A.	2,598		98,730
Edison International	3,057		96,968
EDP - Energias de Portugal S.A.	16,921		49,963
Enel S.p.A.	68,563		290,056
Entergy Corp.	1,800		128,916
Exelon Corp.	6,543		248,438
FirstEnergy Corp.	3,100		109,213
Fortum Oyj	4,686		103,159
Hokkaido Electric Power Co., Inc.	2,200		47,360
Hokuriku Electric Power Co.	2,200		48,223
HongKong Electric Holdings Ltd.	13,500		80,350
Iberdrola S.A.	38,645		216,710
Kansai Electric Power Co., Inc.	7,600		185,557
Kyushu Electric Power Co., Inc.	3,600		80,729


	Number of Shares	Value (Note 1)

NextEra Energy, Inc.	4,000	$	195,040
Northeast Utilities	1,900		48,412
Pepco Holdings, Inc.	1,900		29,792
Pinnacle West Capital Corp.	1,100		39,996
PPL Corp.	4,605		114,895
Progress Energy, Inc.	2,700		105,894
Public Power Corp. S.A.	962		13,797
Red Electrica Corporacion S.A.	995		35,568
Scottish & Southern Energy plc	9,520		157,820
Shikoku Electric Power Co., Inc.	2,100		60,049
Southern Co.	8,196		272,763
SP AusNet	6,143		3,933
Terna Rete Elettrica Nazionale S.p.A.	12,043		43,372
Tohoku Electric Power Co., Inc.	4,400		94,475
Tokyo Electric Power Co., Inc.	12,700		345,726
Verbund AG, Class A	960		29,406

			4,707,629

*Gas Utilities* (*0.1%)*
Enagas S.A.	1,540		23,144
EQT Corp.	1,500		54,210
Gas Natural SDG S.A.	2,803		40,428
Hong Kong & China Gas Co., Ltd.	45,100		111,472
Nicor, Inc.	329		13,325
ONEOK, Inc.	1,100		47,575
Osaka Gas Co., Ltd.	18,000		65,002
Questar Corp.	1,801		81,927
Snam Rete Gas S.p.A.	13,601		54,070
Toho Gas Co., Ltd.	6,000		32,005
Tokyo Gas Co., Ltd.	24,000		109,725

			632,883

*Independent Power Producers & Energy Traders* (*0.1%)*
AES Corp.*	6,900		63,756
Constellation Energy Group, Inc.	2,074		66,887
EDP Renovaveis S.A.*	2,988		17,534
Electric Power Development Co., Ltd.	1,200		38,121
Iberdrola Renovables S.A.	10,537		32,918
International Power plc	15,701		69,562
NRG Energy, Inc.*	2,385		50,586

			339,364

*Multi-Utilities* (*0.4%)*
A2A S.p.A.	15,344		20,802
AGL Energy Ltd.	4,953		60,998
Ameren Corp.	2,500		59,425
CenterPoint Energy, Inc.	4,200		55,272
Centrica plc	52,914		233,013
CMS Energy Corp.	2,550		37,358
Consolidated Edison, Inc.	2,660		114,646
Dominion Resources, Inc.	5,800		224,692
DTE Energy Co.	1,710		77,993
GDF Suez S.A.	12,494		353,488
Integrys Energy Group, Inc.	650		28,431
National Grid plc	35,520		261,657
NiSource, Inc.	2,405		34,872
PG&E Corp.	3,735		153,509
Public Service Enterprise Group, Inc.	5,100		159,783

See Notes to Financial Statements.

828

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

RWE AG	4,201	$	273,824
RWE AG (Preference)	492		29,669
SCANA Corp.	1,200		42,912
Sempra Energy	2,500		116,975
Suez Environnement Co. S.A.	3,117		51,350
TECO Energy, Inc.	2,400		36,168
United Utilities Group plc	7,030		54,781
Veolia Environnement	3,158		73,764
Wisconsin Energy Corp.	1,053		53,429
Xcel Energy, Inc.	4,700		96,867

			2,705,678

*Water Utilities* (*0.0%)*
Severn Trent plc	2,440		44,519

Total Utilities			8,430,073

Total Common Stocks (76.6%) (Cost $554,752,308)			484,252,426

	Number of Rights	Value (Note 1)
RIGHTS:
Materials (0.0%)
*Metals & Mining* (*0.0%)*
Norsk Hydro ASA, expiring 7/9/10* (Cost $—)	2,156		1,112

	Number of Warrants	Value (Note 1)
WARRANT:
Financials (0.0%)
*Real Estate Management & Development* (*0.0%)*
Henderson Land Development Co., Ltd., expiring 6/1/11* (Cost $—)	3,377		572

	Principal Amount	Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investment (9.2%)
BlackRock Liquidity Funds TempFund 0.16% ‡	$58,469,048	$	58,469,048


	Principal Amount		Value (Note 1)
Time Deposits (3.1%)
Bank of Montreal 0.05%, 7/2/10	$	15,000,000	$	15,000,000
JPMorgan Chase Nassau 0.000%, 7/1/10		4,599,578		4,599,578

Total Time Deposits				19,599,578

Total Short-Term Investments (12.3%) (Amortized Cost $78,068,626)				78,068,626

Total Investments (88.9%) (Cost/Amortized Cost $632,820,934)				562,322,736
Other Assets Less Liabilities (11.1%)				70,480,043

Net Assets (100%)			$	632,802,779

*	Non-income producing.

†	Securities (totaling $6,410 or 0.0% of net assets) at fair value by management.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2010, the market value of these securities amounted to $59,190 or 0.0% 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.

‡	Affiliated company as defined under the Investment Company Act of 1940.

(b)

Illiquid Security.

(m)

Glossary:

ADR—

American Depositary Receipt

CDI—

Chess Depositary Interest

CVA—

Dutch Certification

FDR—

Finnish Depositary Receipt

GDR—

Global Depositary Receipt

PPS—

Price Protected Share

RNC—

Risparmio Non-Convertible Savings Shares

SDR—

Swedish Certification

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:


Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	—	$	149,418,384	$	90,949,336	$	58,469,048	$	13,323	$	—

See Notes to Financial Statements.

829

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
Dow Jones EURO Stoxx 50 Index	810	September-10	$	26,966,274	$	25,436,258	$	(1,530,016	)
E-Mini MSCI EAFE Index	46	September-10		3,129,255		3,024,960		(104,295	)
FTSE 100 Index	217	September-10		16,857,067		15,823,542		(1,033,525	)
S&P 500 E-Mini Index	1,238	September-10		67,119,681		63,546,540		(3,573,141	)
SPI 200 Index	69	September-10		6,633,602		6,188,504		(445,098	)
TOPIX Index	168	September-10		16,318,987		15,932,591		(386,396	)

							$	(7,072,471	)

At June 30, 2010, the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


Foreign Currency Buy Contracts	Counterparty	Local Contract Buy Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Australian Dollar vs. U.S. Dollar, expiring 9/17/10	Credit Suisse First Boston	250	$	208,485	$	211,420	$	(2,935	)
Australian Dollar vs. U.S. Dollar, expiring 9/17/10	Deutsche Bank AG	200		166,787		171,068		(4,281	)
British Pound vs. U.S. Dollar, expiring 9/17/10	Deutsche Bank AG	350		522,935		526,988		(4,053	)
British Pound vs. U.S. Dollar, expiring 9/17/10	Credit Suisse First Boston	300		448,230		443,460		4,770
European Union Euro vs. U.S. Dollar, expiring 9/17/10	Deutsche Bank AG	400		489,328		487,360		1,968
European Union Euro vs. U.S. Dollar, expiring 9/17/10	Deutsche Bank AG	650		795,158		800,774		(5,616	)
Japanese Yen vs. U.S. Dollar, expiring 9/17/10	Credit Suisse First Boston	30,000		339,760		328,558		11,202

							$	1,055

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	37,725,745	$	37,658,543	$	—	$	75,384,288
Consumer Staples		12,499,630		15,697,884		—		28,197,514
Energy		17,284,968		23,587,961		—		40,872,929
Financials		29,732,501		43,267,211		852		73,000,564
Health Care		41,426,057		30,897,826		—		72,323,883
Industrials		26,768,575		31,684,513		5,558		58,458,646
Information Technology		57,504,757		21,189,184		—		78,693,941
Materials		5,744,289		12,052,950		—		17,797,239
Telecommunication Services		8,113,904		22,979,445		—		31,093,349
Utilities		3,455,364		4,974,709		—		8,430,073
Forward Currency Contracts		—		17,940		—		17,940

See Notes to Financial Statements.

830

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)			Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Rights
Materials	$	—		$	1,112		$	—	$	1,112
Short-Term Investments		—			78,068,626			—		78,068,626
Warrants
Financials		—			572			—		572

Total Assets	$	240,255,790		$	322,078,476		$	6,410	$	562,340,676


Liabilities:
Forward Currency Contracts	$	—		$	(16,885	)	$	—	$	(16,885	)
Futures		(7,072,471	)		—			—		(7,072,471	)

Total Liabilities	$	(7,072,471	)	$	(16,885	)	$	—	$	(7,089,356	)

Total	$	233,183,319		$	322,061,591		$	6,410	$	555,251,320

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments in Securities-Financials		Investments in Securities-Industrials
Balance as of 12/31/09	$	—	$	3,251
Total gains or losses (realized/unrealized) included in earnings		73		1,004
Purchases, sales, issuances, and settlements (net)		779		1,303
Transfers in to Level 3		—		—
Transfers out of Level 3		—		—
Balance as of 6/30/10	$	852	$	5,558
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ended 6/30/10.	$	73	$	1,036

Fair Values of Derivative Instruments as of June 30, 2010:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		17,940
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	17,940

See Notes to Financial Statements.

831

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Liability Derivatives	Fair Value
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		(16,885	)
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(7,072,471	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(7,089,356)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			370,497		—		370,497
Credit contracts		—		—			—		—		—
Equity contracts		—		(6,387,720	)		—		—		(6,387,720	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(6,387,720	)	$	370,497	$	—	$	(6,017,223	)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			21,876		—		21,876
Credit contracts		—		—			—		—		—
Equity contracts		—		(7,113,993	)		—		—		(7,113,993	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(7,113,993	)	$	21,876	$	—	$	(7,092,117	)

The Portfolio held future contracts with an average notional balance of approximately $21,515,000 and forward foreign currency contracts with an average settlement value of approximately $26,277,000 during the six months ended June 30, 2010.

^ This Portfolio held forward foreign currency and futures contracts to gain an economic hedge against changes in the values of securities held in the Portfolio, that does not quality for hedge accounting under ASC 815 and also to gain or reduce exposure to the financial markets.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	20,569,065
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	159,117,830

See Notes to Financial Statements.

832

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

As of June 30, 2010, 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	$	35,606,128
Aggregate gross unrealized depreciation		(111,953,848	)

Net unrealized depreciation	$	(76,347,720	)

Federal income tax cost of investments	$	638,670,456

The Portfolio has a net capital loss carryforward of $191,371,416 of which $27,529,602 expires in the year 2016 and $163,841,814 expires in the year 2017.

See Notes to Financial Statements.

833

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $58,469,048)	$	58,469,048
Unaffiliated Issuers (Cost $574,351,886)		503,853,688
Foreign cash (Cost $61,368,663)		61,422,753
Cash held as collateral at broker		11,235,000
Dividends, interest and other receivables		1,324,474
Receivable for securities sold		71,517
Receivable from Separate Accounts for Trust shares sold		40,834
Unrealized appreciation of forward foreign currency contracts		17,940
Receivable from investment sub-advisor		7,035
Other assets		6,451

Total assets		636,448,740

LIABILITIES
Overdraft payable		190,414
Payable to Separate Accounts for Trust shares redeemed		1,044,820
Payable for securities purchased		901,401
Variation margin payable on futures contracts		900,999
Investment management fees payable		374,880
Administrative fees payable		91,864
Distribution fees payable - Class IB		40,683
Unrealized depreciation of forward foreign currency contracts		16,885
Trustees’ fees payable		913
Accrued expenses		83,102

Total liabilities		3,645,961

NET ASSETS	$	632,802,779

Net assets were comprised of:
Paid in capital	$	897,319,184
Accumulated undistributed net investment income (loss)		6,448,814
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(193,430,561	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(77,534,658	)

Net assets	$	632,802,779

Class IA
Net asset value, offering and redemption price per share, $443,019,373 / 61,927,491 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.15

Class IB
Net asset value, offering and redemption price per share, $189,783,406 / 26,561,470 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.15

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends (net of $687,366 foreign withholding tax) ($13,323 of dividend income received from affiliates)	$	10,042,100
Interest		2,155

Total income		10,044,255

EXPENSES
Investment management fees		2,393,230
Administrative fees		582,260
Distribution fees - Class IB		260,955
Custodian fees		45,298
Printing and mailing expenses		40,337
Professional fees		25,117
Trustees’ fees		8,166
Miscellaneous		15,479

Gross expenses		3,370,842
Less: Reimbursement from sub-advisor		(7,035	)

Net expenses		3,363,807

NET INVESTMENT INCOME (LOSS)		6,680,448

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		11,875,570
Foreign currency transactions		(587,306	)
Futures		(6,387,720	)

Net realized gain (loss)		4,900,544

Change in unrealized appreciation (depreciation) on:
Securities		(88,282,057	)
Foreign currency translations		85,984
Futures		(7,113,993	)

Net change in unrealized appreciation (depreciation)		(95,310,066	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(90,409,522	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(83,729,074	)

See Notes to Financial Statements.

834

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	6,680,448		$	9,905,057
Net realized gain (loss) on investments, futures and foreign currency transactions		4,900,544			(151,460,011	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(95,310,066	)		308,228,903

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(83,729,074	)		166,673,949

DIVIDENDS:
Dividends from net investment income
Class IA		—			(7,670,742	)
Class IB		—			(2,798,009	)

TOTAL DIVIDENDS		—			(10,468,751	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [3,932,411 and 7,559,759 shares, respectively]		29,847,585			48,832,041
Capital shares issued in reinvestment of dividends [0 and 965,176 shares, respectively]		—			7,670,742
Capital shares repurchased [(2,688,347) and (3,211,838) shares, respectively]		(20,842,099	)		(22,674,361	)

Total Class IA transactions		9,005,486			33,828,422

Class IB
Capital shares sold [2,720,459 and 4,800,874 shares, respectively]		21,568,514			31,876,619
Capital shares issued in reinvestment of dividends [0 and 351,978 shares, respectively]		—			2,798,009
Capital shares repurchased [(2,607,581) and (5,673,660) shares, respectively]		(20,728,619	)		(38,499,843	)

Total Class IB transactions		839,895			(3,825,215	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		9,845,381			30,003,207

TOTAL INCREASE (DECREASE) IN NET ASSETS		(73,883,693	)		186,208,405
NET ASSETS:
Beginning of period		706,686,472			520,478,067

End of period (a)	$	632,802,779		$	706,686,472

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	6,448,814		$	(231,634	)

See Notes to Financial Statements.

835

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,									September 15, 2006* to December 31, 2006
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			September 15, 2006* to December 31, 2006
Net asset value, beginning of period	$	8.11		$	6.32		$	10.93		$	10.79		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.08	(e)		0.12	(e)		0.18	(e)		0.09	(e)		0.03	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1.04	)		1.80			(4.63	)		0.16			0.78

Total from investment operations		(0.96	)		1.92			(4.45	)		0.25			0.81

Less distributions:
Dividends from net investment income		—			(0.13	)		(0.16	)		(0.08	)		(0.02	)
Distributions from net realized gains		—			—			—			(0.03	)		—

Total dividends and distributions		—			(0.13	)		(0.16	)		(0.11	)		(0.02	)

Net asset value, end of period	$	7.15		$	8.11		$	6.32		$	10.93		$	10.79

Total return (b)		(11.84	)%		30.39	%		(40.69	)%		2.36	%		8.11	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	443,019		$	492,155		$	349,978		$	274,235		$	1,621
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.91	%		0.98	%		1.10	%		1.10	%		1.10	%
After waivers, reimbursements and fees paid indirectly (a)		0.91	%		0.90	%		1.10	%		1.10	%		1.10	%
Before waivers, reimbursements and fees paid indirectly (a)		0.91	%		0.99	%		1.12	%		1.15	%		1.59	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		2.03	%		1.67	%		2.09	%		0.76	%		1.03	%
After waivers, reimbursements and fees paid indirectly (a)		2.03	%		1.75	%		2.09	%		0.76	%		1.03	%
Before waivers, reimbursements and fees paid indirectly (a)		2.03	%		1.65	%		2.06	%		0.72	%		0.10	%
Portfolio turnover rate		3	%		43	%		10	%		5	%		0	%

See Notes to Financial Statements.

836

EQ ADVISORS TRUST

EQ/TEMPLETON GLOBAL EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,									September 15, 2006* to December 31, 2006
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			September 15, 2006* to December 31, 2006
Net asset value, beginning of period	$	8.11		$	6.32		$	10.93		$	10.79		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.07	(e)		0.10	(e)		0.18	(e)		0.12	(e)		0.02	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1.03	)		1.80			(4.64	)		0.10			0.78

Total from investment operations		(0.96	)		1.90			(4.46	)		0.22			0.80

Less distributions:
Dividends from net investment income		—			(0.11	)		(0.15	)		(0.05	)		(0.01	)
Distributions from net realized gains		—			—			—			(0.03	)		—

Total dividends and distributions		—			(0.11	)		(0.15	)		(0.08	)		(0.01	)

Net asset value, end of period	$	7.15		$	8.11		$	6.32		$	10.93		$	10.79

Total return (b)		(11.84	)%		30.05	%		(40.84	)%		2.09	%		8.03	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	189,783		$	214,532		$	170,500		$	319,465		$	74,947
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.16	%		1.23	%		1.35	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly (a)		1.16	%		1.15	%		1.35	%		1.35	%		1.35	%
Before waivers, reimbursements and fees paid indirectly (a)		1.16	%		1.24	%(c)		1.37	%		1.40	%(c)		1.84	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.78	%		1.40	%		1.93	%		1.08	%		0.50	%
After waivers, reimbursements and fees paid indirectly (a)		1.78	%		1.48	%		1.93	%		1.08	%		0.50	%
Before waivers, reimbursements and fees paid indirectly (a)		1.78	%		1.38	%		1.90	%		1.04	%		0.03	%
Portfolio turnover rate		3	%		43	%		10	%		5	%		0	%

*	Commencement of Operations.

(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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

837

EQ/UBS GROWTH AND INCOME PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Information Technology	18.0	%
Health Care	14.1
Consumer Discretionary	13.9
Financials	13.3
Energy	11.1
Industrials	10.8
Consumer Staples	6.8
Utilities	4.8
Materials	3.2
Telecommunication Services	2.1
Cash and Other	1.9

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IB
Actual	$1,000.00	$918.90	$5.00
Hypothetical (5% average return before expenses)	1,000.00	1,019.59	5.26
* Expenses are equal to the Portfolio’s Class IB shares annualized expense ratios of and 1.05 % multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

838

EQ ADVISORS TRUST

EQ/UBS GROWTH AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (13.9%)
*Auto Components (1.1%)*
BorgWarner, Inc.*	37,000	$	1,381,580

*Diversified Consumer Services (1.6%)*
Apollo Group, Inc., Class A*	26,800		1,138,196
H&R Block, Inc.	58,200		913,158

			2,051,354

*Hotels, Restaurants & Leisure (1.4%)*
Carnival Corp.	58,800		1,778,112

*Household Durables (1.8%)*
Fortune Brands, Inc.	58,900		2,307,702

*Media (5.9%)*
Comcast Corp., Class A	187,800		3,262,086
Interpublic Group of Cos., Inc.*	186,800		1,331,884
Time Warner, Inc.	53,800		1,555,358
Viacom, Inc., Class B	49,131		1,541,239

			7,690,567

*Specialty Retail (2.1%)*
GameStop Corp., Class A*	56,300		1,057,877
Lowe’s Cos., Inc.	83,100		1,696,902

			2,754,779

Total Consumer Discretionary			17,964,094

Consumer Staples (6.8%)
*Beverages (2.2%)*
PepsiCo, Inc.	45,700		2,785,415

*Food & Staples Retailing (1.0%)*
Kroger Co.	67,800		1,334,982

*Household Products (2.1%)*
Procter & Gamble Co.	44,000		2,639,120

*Personal Products (1.5%)*
Avon Products, Inc.	73,100		1,937,150

Total Consumer Staples			8,696,667

Energy (11.1%)
*Energy Equipment & Services (2.7%)*
Baker Hughes, Inc.	46,800		1,945,476
Noble Corp.*	49,100		1,517,681

			3,463,157

*Oil, Gas & Consumable Fuels (8.4%)*
Anadarko Petroleum Corp.	16,100		581,049
EOG Resources, Inc.	5,800		570,546
Exxon Mobil Corp.	69,400		3,960,658
Hess Corp.	28,500		1,434,690
Marathon Oil Corp.	49,700		1,545,173
Peabody Energy Corp.	26,000		1,017,380
Ultra Petroleum Corp.*	40,600		1,796,550

			10,906,046

Total Energy			14,369,203


	Number of Shares	Value (Note 1)

Financials (13.3%)
*Capital Markets (1.9%)*
Bank of New York Mellon Corp.	60,800	$	1,501,152
Goldman Sachs Group, Inc.	7,600		997,652

			2,498,804

*Commercial Banks (2.5%)*
Wells Fargo & Co.	124,700		3,192,320

*Diversified Financial Services (4.6%)*
Bank of America Corp.	181,200		2,603,844
JPMorgan Chase & Co.	92,500		3,386,425

			5,990,269

*Insurance (4.3%)*
ACE Ltd.	23,000		1,184,040
Aflac, Inc.	39,100		1,668,397
MetLife, Inc.	36,800		1,389,568
Principal Financial Group, Inc.	54,500		1,277,480

			5,519,485

Total Financials			17,200,878

Health Care (14.1%)
*Biotechnology (2.4%)*
Amgen, Inc.*	28,400		1,493,840
Genzyme Corp.*	31,600		1,604,332

			3,098,172

*Health Care Equipment & Supplies (4.3%)*
Baxter International, Inc.	28,900		1,174,496
Boston Scientific Corp.*	106,400		617,120
Covidien plc	55,600		2,234,008
Medtronic, Inc.	43,500		1,577,745

			5,603,369

*Health Care Providers & Services (1.8%)*
UnitedHealth Group, Inc.	51,200		1,454,080
WellPoint, Inc.*	18,000		880,740

			2,334,820

*Pharmaceuticals (5.6%)*
Allergan, Inc.	35,400		2,062,404
Johnson & Johnson	51,400		3,035,684
Merck & Co., Inc.	59,600		2,084,212

			7,182,300

Total Health Care			18,218,661

Industrials (10.8%)
*Aerospace & Defense (3.0%)*
General Dynamics Corp.	43,700		2,559,072
Raytheon Co.	26,500		1,282,335

			3,841,407

*Air Freight & Logistics (1.6%)*
FedEx Corp.	29,400		2,061,234

*Airlines (0.9%)*
Southwest Airlines Co.	107,800		1,197,658

See Notes to Financial Statements.

839

EQ ADVISORS TRUST

EQ/UBS GROWTH AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Machinery (4.4%)*
Illinois Tool Works, Inc.	55,400	$	2,286,912
PACCAR, Inc.	52,150		2,079,221
Pall Corp.	38,900		1,336,993

			5,703,126

*Road & Rail (0.9%)*
Ryder System, Inc.	29,100		1,170,693

Total Industrials			13,974,118

Information Technology (18.0%)
*Communications Equipment (1.3%)*
QUALCOMM, Inc.	51,800		1,701,112

*Computers & Peripherals (5.7%)*
Apple, Inc.*	15,600		3,923,868
Hewlett-Packard Co.	57,800		2,501,584
Seagate Technology*	69,500		906,280

			7,331,732

*IT Services (0.5%)*
Visa, Inc., Class A	8,500		601,375

*Semiconductors & Semiconductor Equipment (3.6%)*
Applied Materials, Inc.	70,300		845,006
Broadcom Corp., Class A	39,400		1,299,018
Intersil Corp., Class A	46,300		560,693
Marvell Technology Group Ltd.*	64,700		1,019,672
National Semiconductor Corp.	71,900		967,774

			4,692,163

*Software (6.9%)*
Autodesk, Inc.*	66,200		1,612,632
Intuit, Inc.*	62,400		2,169,648
Microsoft Corp.	161,600		3,718,416
VMware, Inc., Class A*	21,500		1,345,685

			8,846,381

Total Information Technology			23,172,763


	Number of Shares		Value (Note 1)

Materials (3.2%)
*Chemicals (2.1%)*
Dow Chemical Co.		62,700	$	1,487,244
Monsanto Co.		26,700		1,234,074

				2,721,318

*Containers & Packaging (1.1%)*
Ball Corp.		25,800		1,363,014

Total Materials				4,084,332

Telecommunication Services (2.1%)
*Diversified Telecommunication Services (2.1%)*
AT&T, Inc.		112,300		2,716,537

Total Telecommunication Services				2,716,537

Utilities (4.8%)
*Electric Utilities (4.8%)*
American Electric Power Co., Inc.		73,700		2,380,510
Exelon Corp.		61,800		2,346,546
FirstEnergy Corp.		39,700		1,398,631

Total Utilities				6,125,687

Total Common Stocks (98.1%) (Cost $133,024,891)				126,522,940

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (2.0%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $2,627,014)	$	2,627,014		2,627,014

Total Investments (100.1%) (Cost/Amortized Cost $135,651,905)				129,149,954
Other Assets Less Liabilities (-0.1%)				(112,975	)

Net Assets (100%)			$	129,036,979

*	Non-income producing.

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

See Notes to Financial Statements.

840

EQ ADVISORS TRUST

EQ/UBS GROWTH AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	17,964,094	$	—	$	—	$	17,964,094
Consumer Staples		8,696,667		—		—		8,696,667
Energy		14,369,203		—		—		14,369,203
Financials		17,200,878		—		—		17,200,878
Health Care		18,218,661		—		—		18,218,661
Industrials		13,974,118		—		—		13,974,118
Information Technology		23,172,763		—		—		23,172,763
Materials		4,084,332		—		—		4,084,332
Telecommunication Services		2,716,537		—		—		2,716,537
Utilities		6,125,687		—		—		6,125,687
Short-Term Investments		—		2,627,014		—		2,627,014

Total Assets	$	126,522,940	$	2,627,014	$	—	$	129,149,954

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	126,522,940	$	2,627,014	$	—	$	129,149,954

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	41,276,691
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	43,066,326

As of June 30, 2010, 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	$	8,505,330
Aggregate gross unrealized depreciation		(16,010,267	)

Net unrealized depreciation	$	(7,504,937	)

Federal income tax cost of investments	$	136,654,891

For the six months ended June 30, 2010, the Portfolio incurred approximately $632 as brokerage commissions with Keefe, Bruyette & Woods, Inc., $1,053 with Sanford C. Bernstein & Co., Inc., and $526 with UBS AG, affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $42,401,238 of which $5,281,513 expires in the year 2011, $1,730,958 expires in the year 2016, and $35,388,767 expires in the year 2017.

See Notes to Financial Statements.

841

EQ ADVISORS TRUST

EQ/UBS GROWTH AND INCOME PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $135,651,905)	$	129,149,954
Receivable for securities sold		796,000
Dividends, interest and other receivables		107,719
Receivable from Separate Accounts for Trust shares sold		47,050
Other assets		1,927

Total assets		130,102,650

LIABILITIES
Payable for securities purchased		845,959
Investment management fees payable		72,372
Payable to Separate Accounts for Trust shares redeemed		59,884
Distribution fees payable - Class IB		28,132
Administrative fees payable		13,966
Trustees’ fees payable		144
Accrued expenses		45,214

Total liabilities		1,065,671

NET ASSETS	$	129,036,979

Net assets were comprised of:
Paid in capital	$	175,881,053
Accumulated undistributed net investment income (loss)		485,331
Accumulated undistributed net realized gain (loss) on investments		(40,827,454	)
Unrealized appreciation (depreciation) on investments		(6,501,951	)

Net assets	$	129,036,979

Class IB
Net asset value, offering and redemption price per share, $129,036,979 / 26,514,300 shares outstanding (unlimited amount authorized: $0.01 par value)	$	4.87

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends	$	1,225,216

EXPENSES
Investment management fees		539,423
Distribution fees - Class IB		179,808
Administrative fees		88,576
Printing and mailing expenses		8,497
Custodian fees		5,455
Professional fees		4,301
Trustees’ fees		1,704
Miscellaneous		3,157

Gross expenses		830,921
Less: Waiver from investment advisor		(76,026	)
Fees paid indirectly		(14,643	)

Net expenses		740,252

NET INVESTMENT INCOME (LOSS)		484,964

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities		4,882,359
Net change in unrealized appreciation (depreciation) on securities		(17,047,947	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(12,165,588	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(11,680,624	)

See Notes to Financial Statements.

842

EQ ADVISORS TRUST

EQ/UBS GROWTH AND INCOME PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	484,964		$	1,007,136
Net realized gain (loss) on investments		4,882,359			(25,266,943	)
Net change in unrealized appreciation (depreciation) on investments		(17,047,947	)		59,398,493

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(11,680,624	)		35,138,686

DIVIDENDS:
Dividends from net investment income
Class IB		—			(1,007,734	)

TOTAL DIVIDENDS		—			(1,007,734	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [2,956,363 and 5,562,340 shares, respectively]		16,040,884			24,334,818
Capital shares issued in reinvestment of dividends [0 and 193,121 shares, respectively]		—			1,007,734
Capital shares repurchased [(3,382,193) and (7,231,332) shares, respectively]		(18,141,071	)		(31,220,723	)

Total Class IB transactions		(2,100,187	)		(5,878,171	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(2,100,187	)		(5,878,171	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(13,780,811	)		28,252,781
NET ASSETS:
Beginning of period		142,817,790			114,565,009

End of period (a)	$	129,036,979		$	142,817,790

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	485,331		$	367

See Notes to Financial Statements.

843

EQ ADVISORS TRUST

EQ/UBS GROWTH AND INCOME PORTFOLIO

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	5.30		$	4.03		$	6.84		$	6.82		$	6.02		$	5.56

Income (loss) from investment operations:
Net investment income (loss)		0.02	(e)		0.04	(e)		0.07	(e)		0.06	(e)		0.05	(e)		0.04	(e)
Net realized and unrealized gain (loss) on investments		(0.45	)		1.27			(2.81	)		0.02			0.80			0.46

Total from investment operations		(0.43	)		1.31			(2.74	)		0.08			0.85			0.50

Less distributions:
Dividends from net investment income		—			(0.04	)		(0.07	)		(0.06	)		(0.05	)		(0.04	)

Net asset value, end of period	$	4.87		$	5.30		$	4.03		$	6.84		$	6.82		$	6.02

Total return (b)		(8.11	)%		32.47	%		(40.03	)%		1.14	%		14.10	%		8.98	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	129,037		$	142,818		$	114,565		$	217,397		$	212,510		$	169,785
Ratio of expenses to average net assets:
After waivers (a)		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
After waivers and fees paid indirectly (a)		1.03	%		1.01	%		1.03	%		1.04	%		1.03	%		1.04	%
Before waivers and fees paid indirectly (a)		1.16	%		1.19	%		1.19	%		1.16	%		1.14	%		1.11	%
Ratio of net investment income to average net assets:
After waivers (a)		0.65	%		0.79	%		1.14	%		0.80	%		0.77	%		0.74	%
After waivers and fees paid indirectly (a)		0.67	%		0.83	%		1.17	%		0.81	%		0.79	%		0.75	%
Before waivers and fees paid indirectly (a)		0.55	%		0.65	%		1.00	%		0.69	%		0.68	%		0.68	%
Portfolio turnover rate		29	%		54	%		68	%		32	%		35	%		44	%

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

844

EQ/VAN KAMPEN COMSTOCK PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Financials	24.3	%
Consumer Discretionary	16.2
Health Care	13.6
Consumer Staples	11.1
Information Technology	9.8
Energy	8.0
Industrials	5.6
Telecommunication Services	4.3
Materials	4.1
Utilities	0.8
Cash and Other	2.2

	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class IA
Actual	$1,000.00	$940.30	$3.61
Hypothetical (5% average return before expenses)	1,000.00	1,021.08	3.76
Class IB
Actual	1,000.00	939.20	4.81
Hypothetical (5% average return before expenses)	1,000.00	1,019.84	5.01
* 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 181/365 (to reflect the one-half year period).

845

EQ ADVISORS TRUST

EQ/VAN KAMPEN COMSTOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (16.2%)
*Media (13.2%)*
Comcast Corp., Class A	596,612	$	10,363,150
DIRECTV, Class A*	57,515		1,950,909
News Corp., Class B	209,200		2,897,420
Time Warner Cable, Inc.	65,187		3,394,939
Time Warner, Inc.	111,933		3,235,983
Viacom, Inc., Class B	245,084		7,688,285

			29,530,686

*Multiline Retail (1.2%)*
J.C. Penney Co., Inc.	52,000		1,116,960
Macy’s, Inc.	38,171		683,261
Target Corp.	17,300		850,641

			2,650,862

*Specialty Retail (1.8%)*
Home Depot, Inc.	71,900		2,018,233
Lowe’s Cos., Inc.	101,700		2,076,714

			4,094,947

Total Consumer Discretionary			36,276,495

Consumer Staples (11.1%)
*Beverages (1.4%)*
Coca-Cola Co.	48,900		2,450,868
PepsiCo, Inc.	12,100		737,495

			3,188,363

*Food & Staples Retailing (3.2%)*
CVS Caremark Corp.	89,900		2,635,868
Wal-Mart Stores, Inc.	93,759		4,506,995

			7,142,863

*Food Products (3.8%)*
Kraft Foods, Inc., Class A	173,466		4,857,048
Unilever N.V. (N.Y. Shares)	128,556		3,512,150

			8,369,198

*Household Products (0.5%)*
Procter & Gamble Co.	17,700		1,061,646

*Personal Products (0.5%)*
Avon Products, Inc.	44,177		1,170,690

*Tobacco (1.7%)*
Altria Group, Inc.	80,013		1,603,461
Philip Morris International, Inc.	49,429		2,265,825

			3,869,286

Total Consumer Staples			24,802,046

Energy (8.0%)
*Energy Equipment & Services (1.9%)*
Halliburton Co.	138,000		3,387,900
Noble Corp.*	26,285		812,470

			4,200,370

*Oil, Gas & Consumable Fuels (6.1%)*
Anadarko Petroleum Corp.	18,419		664,742
BP plc (ADR)	33,100		955,928
Chevron Corp.	62,400		4,234,464
ConocoPhillips	68,900		3,382,301


	Number of Shares	Value (Note 1)

Royal Dutch Shell plc (ADR), Class A	63,452	$	3,186,559
Total S.A. (ADR)	28,700		1,281,168

			13,705,162

Total Energy			17,905,532

Financials (24.3%)
*Capital Markets (3.3%)*
Bank of New York Mellon Corp.	178,087		4,396,968
Goldman Sachs Group, Inc.	15,700		2,060,939
State Street Corp.	25,200		852,264

			7,310,171

*Commercial Banks (3.3%)*
PNC Financial Services Group, Inc.	56,700		3,203,550
U.S. Bancorp	73,900		1,651,665
Wells Fargo & Co.	96,300		2,465,280

			7,320,495

*Diversified Financial Services (6.4%)*
Bank of America Corp.	370,630		5,325,953
Citigroup, Inc.*	597,900		2,248,104
JPMorgan Chase & Co.	183,000		6,699,630

			14,273,687

*Insurance (11.3%)*
Aflac, Inc.	25,600		1,092,352
Berkshire Hathaway, Inc., Class B*	34,000		2,709,460
Chubb Corp.	213,998		10,702,040
MetLife, Inc.	86,600		3,270,016
Torchmark Corp.	42,800		2,119,028
Travelers Cos., Inc.	111,000		5,466,750

			25,359,646

Total Financials			54,263,999

Health Care (13.6%)
*Health Care Equipment & Supplies (0.4%)*
Boston Scientific Corp.*	129,600		751,680

*Health Care Providers & Services (3.6%)*
Cardinal Health, Inc.	114,605		3,851,874
UnitedHealth Group, Inc.	95,219		2,704,219
WellPoint, Inc.*	31,400		1,536,402

			8,092,495

*Pharmaceuticals (9.6%)*
Abbott Laboratories, Inc.	40,073		1,874,615
Bristol-Myers Squibb Co.	226,264		5,643,024
Eli Lilly and Co.	29,212		978,602
GlaxoSmithKline plc (ADR)	32,600		1,108,726
Merck & Co., Inc.	130,391		4,559,773
Pfizer, Inc.	402,932		5,745,811
Roche Holding AG (ADR)	46,500		1,594,950

			21,505,501

Total Health Care			30,349,676

See Notes to Financial Statements.

846

EQ ADVISORS TRUST

EQ/VAN KAMPEN COMSTOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

Industrials (5.6%)
*Aerospace & Defense (0.9%)*
Honeywell International, Inc.	54,500	$	2,127,135

*Electrical Equipment (0.7%)*
Emerson Electric Co.	38,500		1,682,065

*Industrial Conglomerates (2.9%)*
General Electric Co.	206,700		2,980,614
Textron, Inc.	13,440		228,077
Tyco International Ltd.	90,400		3,184,792

			6,393,483

*Machinery (1.1%)*
Ingersoll-Rand plc	68,300		2,355,667

Total Industrials			12,558,350

Information Technology (9.8%)
*Communications Equipment (1.1%)*
Cisco Systems, Inc.*	109,500		2,333,445

*Computers & Peripherals (1.8%)*
Dell, Inc.*	125,129		1,509,056
Hewlett-Packard Co.	55,599		2,406,324

			3,915,380

*Internet Software & Services (3.9%)*
eBay, Inc.*	293,800		5,761,418
Yahoo!, Inc.*	218,948		3,028,051

			8,789,469

*IT Services (0.8%)*
Accenture plc, Class A	33,600		1,298,640
Western Union Co.	38,300		571,053

			1,869,693

*Semiconductors & Semiconductor Equipment (1.9%)*
Intel Corp.	173,600		3,376,520
KLA-Tencor Corp.	33,943		946,331

			4,322,851

*Software (0.3%)*
Microsoft Corp.	30,700		706,407

Total Information Technology			21,937,245

Materials (4.1%)
*Chemicals (0.6%)*
E.I. du Pont de Nemours & Co.	39,406		1,363,054


	Number of Shares		Value (Note 1)

*Metals & Mining (0.7%)*
Alcoa, Inc.		156,135	$	1,570,718

*Paper & Forest Products (2.8%)*
International Paper Co.		272,177		6,159,365

Total Materials				9,093,137

Telecommunication Services (4.3%)
*Diversified Telecommunication Services (3.4%)*
AT&T, Inc.		128,900		3,118,091
Verizon Communications, Inc.		159,100		4,457,982

				7,576,073

*Wireless Telecommunication Services (0.9%)*
Vodafone Group plc (ADR)		94,000		1,942,980

Total Telecommunication Services				9,519,053

Utilities (0.8%)
*Electric Utilities* (*0.5%)*
American Electric Power Co., Inc.		33,100		1,069,130

*Multi-Utilities (0.3%)*
Sempra Energy		15,700		734,603

Total Utilities				1,803,733

Total Common Stocks (97.8%) (Cost $231,288,412)				218,509,266

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (1.3%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $2,811,628)	$	2,811,628		2,811,628

Total Investments (99.1%) (Cost/Amortized Cost $234,100,040)				221,320,894
Other Assets Less Liabilities (0.9%)				2,078,199

Net Assets (100%)			$	223,399,093

*	Non-income producing.

Glossary:

ADR

— American Depositary Receipt

See Notes to Financial Statements.

847

EQ ADVISORS TRUST

EQ/VAN KAMPEN COMSTOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	36,276,495	$	—	$	—	$	36,276,495
Consumer Staples		24,802,046		—		—		24,802,046
Energy		17,905,532		—		—		17,905,532
Financials		54,263,999		—		—		54,263,999
Health Care		30,349,676		—		—		30,349,676
Industrials		12,558,350		—		—		12,558,350
Information Technology		21,937,245		—		—		21,937,245
Materials		9,093,137		—		—		9,093,137
Telecommunication Services		9,519,053		—		—		9,519,053
Utilities		1,803,733		—		—		1,803,733
Short-Term Investments		—		2,811,628		—		2,811,628

Total Assets	$	218,509,266	$	2,811,628	$	—	$	221,320,894

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	218,509,266	$	2,811,628	$	—	$	221,320,894

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	22,765,246
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	22,948,807

As of June 30, 2010, 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	$	9,094,520
Aggregate gross unrealized depreciation		(27,277,910	)

Net unrealized depreciation	$	(18,183,390	)

Federal income tax cost of investments	$	239,504,284

For the six months ended June 30, 2010, the Portfolio incurred approximately $2,861 as brokerage commissions with Morgan Stanley & Co., Inc., and $3,320 with Sanford C. Bernstein & Co. Inc., affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $68,136,111 of which $22,136,216 expires in the year 2016, and $45,999,895 expires in the year 2017.

See Notes to Financial Statements.

848

EQ ADVISORS TRUST

EQ/VAN KAMPEN COMSTOCK PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $234,100,040)	$	221,320,894
Cash		285,169
Receivable for securities sold		3,019,792
Dividends, interest and other receivables		551,970
Receivable from Separate Accounts for Trust shares sold		30,382
Other assets		3,335

Total assets		225,211,542

LIABILITIES
Payable for securities purchased		1,511,074
Investment management fees payable		115,020
Distribution fees payable - Class IB		48,026
Payable to Separate Accounts for Trust shares redeemed		42,040
Administrative fees payable		22,248
Trustees’ fees payable		178
Accrued expenses		73,863

Total liabilities		1,812,449

NET ASSETS	$	223,399,093

Net assets were comprised of:
Paid in capital	$	308,448,812
Accumulated undistributed net investment income (loss)		1,783,555
Accumulated undistributed net realized gain (loss) on investments		(74,054,128	)
Unrealized appreciation (depreciation) on investments		(12,779,146	)

Net assets	$	223,399,093

Class IA
Net asset value, offering and redemption price per share, $1,746,408 / 221,563 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.88

Class IB
Net asset value, offering and redemption price per share, $221,652,685 / 28,125,323 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.88

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends	$	2,802,046

EXPENSES
Investment management fees		797,874
Distribution fees - Class IB		304,869
Administrative fees		140,658
Custodian fees		22,143
Printing and mailing expenses		14,485
Professional fees		12,177
Trustees’ fees		2,912
Miscellaneous		4,775

Gross expenses		1,299,893
Less: Waiver from investment advisor		(74,732	)
Fees paid indirectly		(13,528	)

Net expenses		1,211,633

NET INVESTMENT INCOME (LOSS)		1,590,413

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities		(513,776	)
Net change in unrealized appreciation (depreciation) on securities		(15,696,058	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(16,209,834	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(14,619,421	)

See Notes to Financial Statements.

849

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EQ/VAN KAMPEN COMSTOCK PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,590,413		$	3,165,213
Net realized gain (loss) on investments		(513,776	)		(26,578,610	)
Net change in unrealized appreciation (depreciation) on investments		(15,696,058	)		78,729,000

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(14,619,421	)		55,315,603

DIVIDENDS:
Dividends from net investment income
Class IA		—			(18,928	)
Class IB		—			(3,050,570	)

TOTAL DIVIDENDS		—			(3,069,498	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [90,306 and 60,879 shares, respectively]		765,619			424,717
Capital shares issued in reinvestment of dividends [0 and 2,299 shares, respectively]		—			18,928
Capital shares repurchased [(23,067) and (59,836) shares, respectively]		(198,515	)		(426,302	)

Total Class IA transactions		567,104			17,343

Class IB
Capital shares sold [1,839,997 and 4,153,426 shares, respectively]		15,919,947			28,440,125
Capital shares issued in reinvestment of dividends [0 and 370,514 shares, respectively]		—			3,050,570
Capital shares repurchased [(3,017,105) and (6,234,819) shares, respectively]		(25,676,389	)		(42,830,047	)

Total Class IB transactions		(9,756,442	)		(11,339,352	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(9,189,338	)		(11,322,009	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(23,808,759	)		40,924,096
NET ASSETS:
Beginning of period		247,207,852			206,283,756

End of period (a)	$	223,399,093		$	247,207,852

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	1,783,555		$	193,142

See Notes to Financial Statements.

850

EQ ADVISORS TRUST

EQ/VAN KAMPEN COMSTOCK PORTFOLIO

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,												April 29, 2005* to December 31, 2005
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			April 29, 2005* to December 31, 2005
Net asset value, beginning of period	$	8.38		$	6.61		$	10.86		$	11.76		$	10.43		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.07	(e)		0.12	(e)		0.20	(e)		0.22	(e)		0.23	(e)		0.13	(e)
Net realized and unrealized gain (loss) on investments		(0.57	)		1.78			(4.18	)		(0.49	)		1.46			0.41

Total from investment operations		(0.50	)		1.90			(3.98	)		(0.27	)		1.69			0.54

Less distributions:
Dividends from net investment income		—			(0.13	)		(0.19	)		(0.22	)		(0.18	)		(0.09	)
Distributions from net realized gains		—			—			(0.08	)		(0.41	)		(0.18	)		(0.02	)

Total dividends and distributions		—			(0.13	)		(0.27	)		(0.63	)		(0.36	)		(0.11	)

Net asset value, end of period	$	7.88		$	8.38		$	6.61		$	10.86		$	11.76		$	10.43

Total return (b)		(5.97	)%		28.73	%		(36.79	)%		(2.32	)%		16.27	%		5.37	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,746		$	1,294		$	998		$	770		$	122		$	105
Ratio of expenses to average net assets:
After waivers (a)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
After waivers and fees paid indirectly (a)		0.74	%		0.73	%		0.73	%		0.74	%		0.74	%		0.74	%
Before waivers and fees paid indirectly (a)		0.81	%		0.82	%		0.82	%		0.80	%		0.81	%		0.96	%
Ratio of net investment income to average net assets:
After waivers (a)		1.56	%		1.72	%		2.28	%		1.82	%(c)		2.06	%		1.97	%
After waivers and fees paid indirectly (a)		1.57	%		1.74	%		2.30	%		1.82	%(c)		2.07	%		1.98	%
Before waivers and fees paid indirectly (a)		1.50	%		1.65	%		2.21	%		1.77	%(c)		2.00	%		1.76	%
Portfolio turnover rate		10	%		27	%		39	%		23	%		23	%		18	%

See Notes to Financial Statements.

851

EQ ADVISORS TRUST

EQ/VAN KAMPEN COMSTOCK PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,												April 29, 2005* to December 31, 2005
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			April 29, 2005* to December 31, 2005
Net asset value, beginning of period	$	8.39		$	6.62		$	10.87		$	11.77		$	10.44		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.05	(e)		0.10	(e)		0.18	(e)		0.20	(e)		0.20	(e)		0.12	(e)
Net realized and unrealized gain (loss) on investments		(0.56	)		1.78			(4.17	)		(0.50	)		1.46			0.40

Total from investment operations		(0.51	)		1.88			(3.99	)		(0.30	)		1.66			0.52

Less distributions:
Dividends from net investment income		—			(0.11	)		(0.18	)		(0.19	)		(0.15	)		(0.06	)
Distributions from net realized gains		—			—			(0.08	)		(0.41	)		(0.18	)		(0.02	)

Total dividends and distributions		—			(0.11	)		(0.26	)		(0.60	)		(0.33	)		(0.08	)

Net asset value, end of period	$	7.88		$	8.39		$	6.62		$	10.87		$	11.77		$	10.44

Total return (b)		(6.08	)%		28.36	%		(37.01	)%		(2.57	)%		15.97	%		5.20	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	221,653		$	245,914		$	205,285		$	319,390		$	291,204		$	113,526
Ratio of expenses to average net assets:
After waivers (a)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
After waivers and fees paid indirectly (a)		0.99	%		0.98	%		0.98	%		0.99	%		0.99	%		0.99	%
Before waivers and fees paid indirectly (a)		1.06	%		1.07	%		1.07	%		1.05	%		1.06	%		1.21	%
Ratio of net investment income to average net assets:
After waivers (a)		1.28	%		1.47	%		1.98	%		1.62	%		1.77	%		1.72	%
After waivers and fees paid indirectly (a)		1.29	%		1.49	%		2.00	%		1.62	%		1.78	%		1.73	%
Before waivers and fees paid indirectly (a)		1.22	%		1.40	%		1.91	%		1.57	%		1.71	%		1.51	%
Portfolio turnover rate		10	%		27	%		39	%		23	%		23	%		18	%

Commencement of Operations.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(c)

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

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

852

EQ/WELLS FARGO ADVANTAGE OMEGA GROWTH PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/10	% of Net Assets
Information Technology	36.6	%
Consumer Discretionary	15.9
Health Care	13.5
Industrials	13.0
Energy	6.4
Financials	5.2
Telecommunication Services	4.0
Consumer Staples	2.7
Materials	1.7
Cash and Other	1.0

	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10- 6/30/10
Class IA
Actual	$1,000.00	$894.60	$3.66
Hypothetical (5% average return before expenses)	1,000.00	1,020.93	3.91
Class IB
Actual	1,000.00	894.40	4.88
Hypothetical (5% average return before expenses)	1,000.00	1,019.64	5.21
* Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.78% and 1.03%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

853

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EQ/WELLS FARGO ADVANTAGE OMEGA GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (15.9%)
*Auto Components (2.7%)*
BorgWarner, Inc.*	134,000	$	5,003,560
TRW Automotive Holdings Corp.*	201,416		5,553,039

			10,556,599

*Automobiles (2.4%)*
Daimler AG (Registered)*	180,943		9,146,669

*Hotels, Restaurants & Leisure (1.2%)*
Marriott International, Inc., Class A	155,500		4,655,670

*Internet & Catalog Retail (2.0%)*
Amazon.com, Inc.*	25,762		2,814,756
priceline.com, Inc.*	28,400		5,013,736

			7,828,492

*Media (3.2%)*
CBS Corp., Class B	368,600		4,765,998
Scripps Networks Interactive, Inc., Class A	193,656		7,812,083

			12,578,081

*Multiline Retail (0.2%)*
Dollar General Corp.*	32,522		895,981

*Specialty Retail (4.2%)*
Jo-Ann Stores, Inc.*	129,118		4,843,216
TJX Cos., Inc.	178,640		7,493,948
Urban Outfitters, Inc.*	114,000		3,920,460

			16,257,624

Total Consumer Discretionary			61,919,116

Consumer Staples (2.7%)
*Food & Staples Retailing (1.2%)*
BJ’s Wholesale Club, Inc.*	125,500		4,644,755

*Personal Products (1.5%)*
Estee Lauder Cos., Inc., Class A	101,973		5,682,955

Total Consumer Staples			10,327,710

Energy (6.4%)
*Oil, Gas & Consumable Fuels (6.4%)*
Concho Resources, Inc.*	212,100		11,735,493
Newfield Exploration Co.*	85,262		4,165,901
Noble Energy, Inc.	99,988		6,032,276
Petrohawk Energy Corp.*	185,300		3,144,541

Total Energy			25,078,211

Financials (5.2%)
*Commercial Banks (1.2%)*
Itau Unibanco Holding S.A. (Preference) (ADR)	266,200		4,794,262

*Consumer Finance (2.7%)*
American Express Co.	264,100		10,484,770

*Diversified Financial Services (1.3%)*
Bank of America Corp.	356,300		5,120,031

Total Financials			20,399,063


	Number of Shares	Value (Note 1)

Health Care (13.5%)
*Biotechnology (1.6%)*
Alexion Pharmaceuticals, Inc.*	121,633	$	6,226,393

*Health Care Equipment & Supplies (2.7%)*
Covidien plc	124,900		5,018,482
Hospira, Inc.*	95,700		5,497,965

			10,516,447

*Health Care Providers & Services (6.6%)*
DaVita, Inc.*	71,673		4,475,262
Express Scripts, Inc.*	157,300		7,396,246
Gentiva Health Services, Inc.*	71,200		1,923,112
Lincare Holdings, Inc.*	95,630		3,108,931
McKesson Corp.	134,399		9,026,237

			25,929,788

*Life Sciences Tools & Services (1.3%)*
Bruker Corp.*	403,800		4,910,208

*Pharmaceuticals (1.3%)*
Teva Pharmaceutical Industries Ltd. (ADR)	98,444		5,118,104

Total Health Care			52,700,940

Industrials (13.0%)
*Aerospace & Defense (1.4%)*
Precision Castparts Corp.	53,300		5,485,636

*Air Freight & Logistics (1.3%)*
FedEx Corp.	69,702		4,886,807

*Airlines (1.5%)*
Delta Air Lines, Inc.*	511,339		6,008,233

*Machinery (4.3%)*
Illinois Tool Works, Inc.	118,400		4,887,552
Kennametal, Inc.	250,791		6,377,615
Parker Hannifin Corp.	98,354		5,454,713

			16,719,880

*Road & Rail (4.5%)*
Avis Budget Group, Inc.*	303,600		2,981,352
Dollar Thrifty Automotive Group, Inc.*	103,104		4,393,262
J.B. Hunt Transport Services, Inc.	157,000		5,129,190
Werner Enterprises, Inc.	234,100		5,124,449

			17,628,253

Total Industrials			50,728,809

Information Technology (36.6%)
*Communications Equipment (3.8%)*
CommScope, Inc.*	218,266		5,188,183
F5 Networks, Inc.*	76,600		5,252,462
Juniper Networks, Inc.*	185,952		4,243,424

			14,684,069

*Computers & Peripherals (9.3%)*
Apple, Inc.*	83,949		21,115,692
EMC Corp.*	402,700		7,369,410
NetApp, Inc.*	205,606		7,671,160

			36,156,262

See Notes to Financial Statements.

854

EQ ADVISORS TRUST

EQ/WELLS FARGO ADVANTAGE OMEGA GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)


	Number of Shares	Value (Note 1)

*Internet Software & Services (4.1%)*
Equinix, Inc.*	103,416	$	8,399,447
Google, Inc., Class A*	17,063		7,592,182

			15,991,629

*IT Services (4.6%)*
Alliance Data Systems Corp.*	87,400		5,202,048
Gartner, Inc.*	270,223		6,282,685
Sapient Corp.	655,971		6,651,546

			18,136,279

*Semiconductors & Semiconductor Equipment (7.5%)*
Broadcom Corp., Class A	165,400		5,453,238
Intel Corp.	237,415		4,617,722
Marvell Technology Group Ltd.*	252,432		3,978,328
Micron Technology, Inc.*	597,270		5,070,822
Netlogic Microsystems, Inc.*	255,363		6,945,874
Rubicon Technology, Inc.*	113,178		3,371,573

			29,437,557

*Software (7.3%)*
ANSYS, Inc.*	143,514		5,822,363
AsiaInfo Holdings, Inc.*	246,515		5,388,818
Longtop Financial Technologies Ltd. (ADR)*	155,503		5,038,297
Red Hat, Inc.*	188,385		5,451,862
Salesforce.com, Inc.*	35,739		3,067,121
SuccessFactors, Inc.*	187,040		3,888,562

			28,657,023

Total Information Technology			143,062,819

Materials (1.7%)
*Chemicals (1.7%)*
Valspar Corp.	221,761		6,679,441

Total Materials			6,679,441


	Number of Shares	Value (Note 1)

Telecommunication Services (4.0%)
*Wireless Telecommunication Services (4.0%)*
American Tower Corp., Class A*	177,098	$	7,880,861
SBA Communications Corp., Class A*	232,146		7,895,286

Total Telecommunication Services			15,776,147

Total Common Stocks (99.0%) (Cost $404,683,447)			386,672,256

	Principal Amount	Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (1.4%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $5,496,740)	$5,496,740		5,496,740

Total Investments (100.4%) (Cost/Amortized Cost $410,180,187)			392,168,996
Other Assets Less Liabilities (-0.4%)			(1,534,819	)

Net Assets (100%)		$	390,634,177

*	Non-income producing.

Glossary:

ADR—

American Depositary Receipt

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	61,919,116	$	–	$	–	$	61,919,116
Consumer Staples		10,327,710		–		–		10,327,710
Energy		25,078,211		–		–		25,078,211
Financials		20,399,063		–		–		20,399,063
Health Care		52,700,940		–		–		52,700,940
Industrials		50,728,809		–		–		50,728,809
Information Technology		143,062,819		–		–		143,062,819
Materials		6,679,441		–		–		6,679,441
Telecommunication Services		15,776,147		–		–		15,776,147
Short-Term Investments		–		5,496,740		–		5,496,740

Total Assets	$	386,672,256	$	5,496,740	$	–	$	392,168,996

Total Liabilities	$	–	$	–	$	–	$	–

Total	$	386,672,256	$	5,496,740	$	–	$	392,168,996

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	462,979,344
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	408,891,890

As of June 30, 2010, 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	$	2,919,100
Aggregate gross unrealized depreciation		(23,590,119	)

Net unrealized depreciation	$	(20,671,019	)

Federal income tax cost of investments	$	412,840,015

For the six months ended June 30, 2010, the Portfolio incurred approximately $65 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $6,053,099 which expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)


ASSETS
Investments at value (Cost $410,180,187)	$	392,168,996
Receivable for securities sold		5,336,510
Dividends, interest and other receivables		188,300
Receivable from Separate Accounts for Trust shares sold		116,398
Other assets		4,097

Total assets		397,814,301

LIABILITIES
Payable for securities purchased		6,130,471
Payable to Separate Accounts for Trust shares redeemed		639,223
Investment management fees payable		221,026
Distribution fees payable - Class IB		84,300
Administrative fees payable		37,218
Trustees’ fees payable		589
Accrued expenses		67,297

Total liabilities		7,180,124

NET ASSETS	$	390,634,177

Net assets were comprised of:
Paid in capital	$	392,367,988
Accumulated undistributed net investment income (loss)		50,568
Accumulated undistributed net realized gain (loss) on investments		16,226,812
Unrealized appreciation (depreciation) on investments		(18,011,191	)

Net assets	$	390,634,177

Class IA
Net asset value, offering and redemption price per share, $3,362,513 / 412,354 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.15

Class IB
Net asset value, offering and redemption price per share, $387,271,664 / 48,125,778 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.05

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)


INVESTMENT INCOME
Dividends	$	2,116,055

EXPENSES
Investment management fees		1,344,880
Distribution fees - Class IB		512,781
Administrative fees		226,884
Printing and mailing expenses		24,314
Professional fees		8,749
Custodian fees		6,943
Trustees’ fees		4,786
Miscellaneous		6,414

Gross expenses		2,135,751
Less: Fees paid indirectly		(16,626	)

Net expenses		2,119,125

NET INVESTMENT INCOME (LOSS)		(3,070	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities		25,150,702
Net change in unrealized appreciation (depreciation) on securities		(71,959,634	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(46,808,932	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(46,812,002	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(3,070	)	$	536,147
Net realized gain (loss) on investments		25,150,702			(8,012,073	)
Net change in unrealized appreciation (depreciation) on investments		(71,959,634	)		96,880,553

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(46,812,002	)		89,404,627

DIVIDENDS:
Dividends from net investment income
Class IA		—			(7,619	)
Class IB		—			(473,915	)

TOTAL DIVIDENDS		—			(481,534	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [759,821 and 237,327 shares, respectively]		7,086,312			1,822,744
Capital shares issued in reinvestment of dividends [0 and 858 shares, respectively]		—			7,619
Capital shares repurchased [(597,560) and (46,955) shares, respectively]		(5,669,103	)		(319,864	)

Total Class IA transactions		1,417,209			1,510,499

Class IB
Capital shares sold [10,492,090 and 23,549,051 shares, respectively]		94,292,152			176,619,924
Capital shares issued in reinvestment of dividends [0 and 53,977 shares, respectively]		—			473,915
Capital shares repurchased [(4,807,182) and (7,100,067) shares, respectively]		(42,490,827	)		(50,273,951	)

Total Class IB transactions		51,801,325			126,819,888

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		53,218,534			128,330,387

TOTAL INCREASE (DECREASE) IN NET ASSETS		6,406,532			217,253,480
NET ASSETS:
Beginning of period		384,227,645			166,974,165

End of period (a)	$	390,634,177		$	384,227,645

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	50,568		$	53,638

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IA	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	9.11		$	6.50		$	9.19		$	8.68		$	9.08		$	8.98

Income (loss) from investment operations:
Net investment income (loss)		0.01	(e)		0.04	(e)		0.06	(e)		0.02	(e)		0.01	(e)		0.01	(e)
Net realized and unrealized gain (loss) on investments		(0.97	)		2.60			(2.56	)		0.98			0.54			0.36

Total from investment operations		(0.96	)		2.64			(2.50	)		1.00			0.55			0.37

Less distributions:
Dividends from net investment income		—			(0.03	)		(0.05	)		—			—			—	#
Distributions from net realized gains		—			—			(0.13	)		(0.49	)		(0.95	)		(0.27	)
Return of capital		—			—			(0.01	)		—			—			—

Total dividends and distributions		—			(0.03	)		(0.19	)		(0.49	)		(0.95	)		(0.27	)

Net asset value, end of period	$	8.15		$	9.11		$	6.50		$	9.19		$	8.68		$	9.08

Total return (b)		(10.54	)%		40.69	%		(27.43	)%		11.65	%		6.07	%		4.22	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	3,363		$	2,278		$	383		$	523		$	164		$	186
Ratio of expenses to average net assets:
After waivers (a)		0.78	%		0.85	%		0.90	%		0.90	%		0.83	%		0.70	%
After waivers and fees paid indirectly (a)		0.78	%		0.83	%		0.88	%		0.87	%		0.77	%		0.50	%
Before waivers and fees paid indirectly (a)		0.78	%		0.85	%		0.90	%		0.90	%		0.83	%		0.75	%
Ratio of net investment income to average net assets:
After waivers (a)		0.26	%		0.43	%		0.73	%		0.15	%		0.10	%		(0.03	)%
After waivers and fees paid indirectly (a)		0.27	%		0.45	%		0.75	%		0.18	%		0.16	%		0.17	%
Before waivers and fees paid indirectly (a)		0.26	%		0.43	%		0.73	%		0.15	%		0.10	%		(0.08	)%
Portfolio turnover rate		103	%		15	%		49	%		38	%		126	%		131	%

See Notes to Financial Statements.

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EQ/WELLS FARGO ADVANTAGE OMEGA GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class IB	Six Months Ended June 30, 2010 (Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	9.00		$	6.42		$	9.08		$	8.61		$	9.03		$	8.95

Income (loss) from investment operations:
Net investment income (loss)		—	#(e)		0.02	(e)		0.04	(e)		(0.01	)(e)		(0.01	)(e)		(0.01	)(e)
Net realized and unrealized gain (loss) on investments		(0.95	)		2.57			(2.53	)		0.97			0.54			0.36

Total from investment operations		(0.95	)		2.59			(2.49	)		0.96			0.53			0.35

Less distributions:
Dividends from net investment income		—			(0.01	)		(0.03	)		—			—			—	#
Distributions from net realized gains		—			—			(0.13	)		(0.49	)		(0.95	)		(0.27	)
Return of capital		—			—			(0.01	)		—			—			—

Total dividends and distributions		—			(0.01	)		(0.17	)		(0.49	)		(0.95	)		(0.27	)

Net asset value, end of period	$	8.05		$	9.00		$	6.42		$	9.08		$	8.61		$	9.03

Total return (b)		(10.56	)%		40.37	%		(27.63	)%		11.28	%		5.89	%		4.01	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	387,272		$	381,950		$	166,592		$	229,726		$	184,008		$	194,341
Ratio of expenses to average net assets:
After waivers (a)		1.03	%		1.10	%		1.15	%		1.15	%		1.08	%		0.95	%
After waivers and fees paid indirectly (a)		1.03	%		1.09	%		1.13	%(c)		1.12	%		1.02	%		0.75	%
Before waivers and fees paid indirectly (a)		1.03	%		1.10	%		1.15	%		1.15	%		1.08	%		1.00	%
Ratio of net investment income to average net assets:
After waivers (a)		(0.01	)%		0.20	%		0.50	%		(0.09	)%		(0.15	)%		(0.28	)%
After waivers and fees paid indirectly (a)		—	%‡‡		0.22	%		0.53	%		(0.06	)%		(0.09	)%		(0.08	)%
Before waivers and fees paid indirectly (a)		(0.01	)%		0.20	%		0.50	%		(0.09	)%		(0.15	)%		(0.33	)%
Portfolio turnover rate		103	%		15	%		49	%		38	%		126	%		131	%

#	Per share amount is less than $0.01.

‡‡	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 non-class specific expense.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

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NOTES TO FINANCIAL STATEMENTS

June 30, 2010 (Unaudited)

Note 1

Organization and Significant Accounting Policies

EQ Advisors Trust (the “Trust”) was organized as a Delaware business trust on October 31, 1996 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment management company with fifty-two diversified portfolios and thirteen non-diversified portfolios (each a “Portfolio”). The non-diversified Portfolios are: the AXA Tactical Manager 400 Portfolio-I, AXA Tactical Manager 500 Portfolio-I, AXA Tactical Manager 2000 Portfolio-I, AXA Tactical Manager International Portfolio-I, AXA Tactical Manager 400 Portfolio-II, AXA Tactical Manager 500 Portfolio-II, AXA Tactical Manager 2000 Portfolio-II, AXA Tactical Manager International Portfolio-II, AXA Tactical Manager 400 Portfolio-III, AXA Tactical Manager 500 Portfolio-III, AXA Tactical Manager 2000 Portfolio-III, and the AXA Tactical Manager International Portfolio-III (each a “Tactical Portfolio”, together, the “Tactical Portfolios”), and the EQ/GAMCO Mergers and Acquisitions Portfolio. At June 30, 2010, AXA Tactical Manager 400 Portfolio-III, AXA Tactical Manager 500 Portfolio-III, AXA Tactical Manager 2000 Portfolio-III, and AXA Tactical Manager International Portfolio-III are not operational.

On April 30, 2009, AXA Equitable Life Insurance Company (“AXA Equitable” or the “Manager”), an indirect wholly-owned subsidiary of AXA, contributed $100,000 in seed capital into Class IB of each of the following new portfolios: AXA Conservative Strategy Portfolio, AXA Conservative Growth Strategy Portfolio, AXA Balanced Strategy Portfolio, AXA Moderate Growth Strategy Portfolio, and AXA Growth Strategy Portfolio (each an “AXA Strategy Portfolio”; together, the “AXA Strategy Portfolios”).

On May 27, 2009, AXA Equitable contributed $100,000 in seed capital into Class IA of each of the following new portfolios: AXA Tactical Manager 400 Portfolio-I, AXA Tactical Manager 500 Portfolio-I, AXA Tactical Manager 2000 Portfolio-I, and AXA Tactical Manager International Portfolio-I. On August 28, 2009, AXA Equitable contributed $100,000 in seed capital into Class IA of each of the following new Portfolios: AXA Tactical Manager 400 Portfolio-II, AXA Tactical Manager 500 Portfolio-II, AXA Tactical Manager 2000 Portfolio-II, AXA Tactical Manager International Portfolio-II.

On October 29, 2009, AXA Equitable contributed $10,000 in seed capital into Class IB of each of the following portfolios: AXA Tactical Manager 400 Portfolio-I, AXA Tactical Manager 500 Portfolio-I, AXA Tactical Manager 2000 Portfolio-I, and AXA Tactical Manager International Portfolio-I. On the same date, AXA Equitable contributed $10,000 in seed capital into Class IA of All Asset Allocation Portfolio.

On September 11, 2009, AXA Equitable contributed $10,000 in seed capital into Class IA of each of the following portfolios: AXA Balanced Strategy Portfolio and AXA Growth Strategy 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 is a type of mutual fund often described as a “fund of funds” mutual fund. The Portfolio pursues its investment objective by investing exclusively in other mutual funds managed by AXA Equitable and other unaffiliated investment companies.

The EQ/Franklin Templeton Allocation Portfolio and the AXA Strategy Portfolios are types of mutual funds often described as “fund of funds.” The Portfolios pursue their investment objective by investing exclusively in other affiliated mutual funds managed by AXA Equitable.

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

The EQ/International ETF Portfolio is a type of mutual fund often described as a “fund of funds” mutual fund. The Portfolio pursues its investment objective by investing exclusively in other unaffiliated investment companies.

The EQ/International Core PLUS Portfolio, EQ/Large Cap Core PLUS Portfolio, EQ/Large Cap Growth PLUS Portfolio, EQ/Large Cap Value PLUS Portfolio, EQ/Mid Cap Value PLUS Portfolio, EQ/Quality Bond PLUS Portfolio, EQ/Global Bond PLUS Portfolio, and EQ/Equity Growth PLUS Portfolio (each a “PLUS Portfolio”; together, the “PLUS Portfolios”), and the EQ/Franklin Core Balanced Portfolio, EQ/AXA Franklin Small Cap Value Core Portfolio, EQ/Mutual Large Cap Equity Portfolio, EQ/Templeton Global Equity Portfolio, EQ/Global Multi-Sector Equity Portfolio, and the Tactical Portfolios employ multiple Advisers (each a “Multiadviser Portfolio”; together the “Multiadviser Portfolios”). 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 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 or fixed income 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 six months ended June 30, 2010, the Trust had Class IB shares outstanding for each Portfolio except for the AXA Tactical Manager 400 Portfolio-II, AXA Tactical Manager 500 Portfolio-II, AXA Tactical Manager 2000 Portfolio-II and AXA Tactical Manager International Portfolio-II. In addition, as of and during the six months ended June 30, 2010, 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, other affiliated or unaffiliated insurance companies and to The AXA Equitable 401k Plan. Shares also may be sold to other tax-qualified retirement plans, to other series of the Trust and to series of AXA Premier VIP Trust, a separate registered investment company managed by AXA Equitable that currently sell its shares to accounts and plans. The AXA Equitable 401k Plan is the primary shareholder of Class IA for EQ/Equity Growth PLUS Portfolio.

The investment objectives of each Portfolio are as follows:

All Asset Allocation Portfolio — Seeks long-term capital appreciation and current income.

AXA Conservative Strategy Portfolio — Seeks a high level of current income.

AXA Conservative Growth Strategy Portfolio — Seeks current income and growth of capital, with greater emphasis on current income.

AXA Balanced Strategy Portfolio — Seeks long-term capital appreciation and current income.

AXA Moderate Growth Strategy Portfolio — Seeks long-term capital appreciation and current income, with greater emphasis on current income.

AXA Growth Strategy Portfolio — Seeks long-term capital appreciation and current income, with greater emphasis on capital appreciation.

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

EQ/Franklin Templeton Allocation Portfolio — Primarily seeks capital appreciation and secondarily seeks income.

EQ/International ETF Portfolio — Seeks long-term capital appreciation.

AXA Tactical Manager 500 Portfolio-I (advised by AXA Equitable, BlackRock Investment Management, LLC (“BlackRock”) and AllianceBernstein L.P. (“AllianceBernstein”) (an affiliate of AXA Equitable)) — Seeks a total return that is comparable to that of the Standard & Poor’s 500 Composite Stock Price Index (“S&P 500 Index”) by investing in a combination of long and short positions based on securities included in the S&P 500 Index.

AXA Tactical Manager 500 Portfolio-II (advised by AXA Equitable, BlackRock and AllianceBernstein) — Seeks a total return that is comparable to that of the S&P 500 Index by investing in a combination of long and short positions based on securities included in the S&P 500 Index.

AXA Tactical Manager 500 Portfolio-III (advised by AXA Equitable, BlackRock and AllianceBernstein) — Seeks a total return that is comparable to that of the S&P 500 Index by investing in a combination of long and short positions based on securities included in the S&P 500 Index.

AXA Tactical Manager 400 Portfolio-I (advised by AXA Equitable, BlackRock and AllianceBernstein) — Seeks a total return that is comparable to that of the Standard & Poor’s MidCap 400 Index (“S&P 400 Index”) by investing in a combination of long and short positions based on securities included in the S&P 400 Index.

AXA Tactical Manager 400 Portfolio-II (advised by AXA Equitable, BlackRock and AllianceBernstein) — Seeks a total return that is comparable to that of the S&P 400 Index by investing in a combination of long and short positions based on securities included in the S&P 400 Index.

AXA Tactical Manager 400 Portfolio-III (advised by AXA Equitable, BlackRock and AllianceBernstein) — Seeks a total return that is comparable to that of the S&P 400 Index by investing in a combination of long and short positions based on securities included in the S&P 400 Index.

AXA Tactical Manager 2000 Portfolio-I (advised by AXA Equitable, BlackRock and AllianceBernstein) — Seeks a total return that is comparable to that of the Russell 2000^® Index by investing in a combination of long and short positions based on securities included in the Russell 2000^® Index.

AXA Tactical Manager 2000 Portfolio-II (advised by AXA Equitable, BlackRock and AllianceBernstein) — Seeks a total return that is comparable to that of the Russell 2000^® Index by investing in a combination of long and short positions based on securities included in the Russell 2000^® Index.

AXA Tactical Manager 2000 Portfolio-III (advised by AXA Equitable, BlackRock and AllianceBernstein) — Seeks a total return that is comparable to that of the Russell 2000^® Index by investing in a combination of long and short positions based on securities included in the Russell 2000^® Index.

AXA Tactical Manager International Portfolio-I (advised by AXA Equitable, BlackRock and AllianceBernstein) — Seeks a total return that is comparable to that of the Morgan Stanley Capital International (“MSCI”) EAFE Index or a combination of the ASX SPI 200 Index, Dow Jones EURO STOXX 50 Index^®, FTSE 100 Index and the Tokyo Stock Price Index (collectively the “Indices”) by investing in a combination of long and short positions based on securities included in the MSCI EAFE Index or the Indices.

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

AXA Tactical Manager International Portfolio-II (advised by AXA Equitable, BlackRock and AllianceBernstein) — Seeks a total return that is comparable to that of the MSCI EAFE Index or a combination of the Indices by investing in a combination of long and short positions based on securities included in the MSCI EAFE Index or the Indices.

AXA Tactical Manager International Portfolio-III (advised by AXA Equitable, BlackRock and AllianceBernstein) — Seeks a total return that is comparable to that of the MSCI EAFE Index or a combination of the Indices by investing in a combination of long and short positions based on securities included in the MSCI EAFE Index or the Indices.

EQ/AllianceBernstein International Portfolio (advised by AllianceBernstein) — Seeks to achieve long-term growth of capital.

EQ/AllianceBernstein Small Cap Growth Portfolio (advised by AllianceBernstein) — Seeks to achieve long-term growth of capital.

EQ/AXA Franklin Small Cap Value Core Portfolio (advised by BlackRock and Franklin Advisory Services, LLC) — Seeks to achieve long-term total return.

EQ/BlackRock Basic Value Equity Portfolio (advised by BlackRock) — Seeks to achieve capital appreciation and, secondarily, income.

EQ/BlackRock International Value Portfolio (advised by BlackRock International Limited) — Seeks to provide current income and long-term growth of income, accompanied by growth of capital.

EQ/Boston Advisors Equity Income Portfolio (advised by Boston Advisors, LLC) — Seeks to achieve 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 to achieve long-term capital appreciation.

EQ/Capital Guardian Growth Portfolio (advised by Capital Guardian Trust Company (“Capital Guardian”)) — Seeks to achieve long-term growth of capital.

EQ/Capital Guardian Research Portfolio (advised by Capital Guardian) — Seeks to achieve long-term growth of capital.

EQ/Common Stock Index Portfolio (advised by AllianceBernstein) — Seeks to achieve a total return before expenses that approximates the total return performance of the Russell 3000^® Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 3000^® Index.

EQ/Core Bond Index Portfolio (advised by SSgA Funds Management, Inc. (“SSgA FM”)) — Seeks to achieve a total return before expenses that approximates the total return performance of the Barclays Capital U.S. Aggregate Bond Index, including reinvestment of dividends, at a risk level consistent with that of the Barclays Capital U.S. Aggregate Bond Index.

EQ/Davis New York Venture Portfolio (advised by Davis Selected Advisers, L.P.) — Seeks to achieve long-term growth of capital.

EQ/Equity 500 Index Portfolio (advised by AllianceBernstein) — Seeks 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 S&P 500 Index.

EQ/Equity Growth PLUS Portfolio (advised by AXA Equitable, BlackRock Capital Management, Inc. and BlackRock) — Seeks to achieve long-term growth of capital. On February 12, 2010, BlackRock replaced SSgA FM as an Adviser to the Portfolio.

EQ/Franklin Core Balanced Portfolio (advised by BlackRock and Franklin Advisers, Inc.) — Seeks to maximize income while maintaining prospects for capital appreciation.

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June 30, 2010 (Unaudited)

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.

EQ/Global Bond PLUS Portfolio (advised by AXA Equitable, Wells Capital Management, Inc., First International Advisors, LLC and BlackRock) — Seeks to achieve capital growth and current income. On May 1, 2010, Wells Capital Management, Inc. replaced Evergreen Investment Management Company as an Adviser to the Portfolio.

EQ/Global Multi-Sector Equity Portfolio (advised by BlackRock and Morgan Stanley Investment Management, Inc. (“MSIM”)) — Seeks to achieve long-term capital appreciation.

EQ/Intermediate Government Bond Index Portfolio (advised by SSgA FM) — Seeks to achieve a total return before expenses that approximates the total return performance of the Barclays Captial Intermediate U.S. Government Bond Index, including reinvestment of dividends, at a risk level consistent with that of the Barclays Capital Intermediate Government Bond Index.

EQ/International Core PLUS Portfolio (advised by AXA Equitable, Wentworth Hauser and Violich, Inc., Hirayama Investments, LLC and BlackRock) — Seeks to achieve long-term growth of capital. On February 12, 2010, BlackRock replaced SSgA FM as an Adviser to the Portfolio.

EQ/International Growth Portfolio (advised by MFS Investment Management) — Seeks to achieve capital appreciation.

EQ/JPMorgan Value Opportunities Portfolio (advised by J.P. Morgan Investment Management, Inc.) — Seeks to achieve long-term capital appreciation.

EQ/Large Cap Core PLUS Portfolio (advised by AXA Equitable, Institutional Capital LLC, and BlackRock) — Seeks to achieve long-term growth of capital with a secondary objective to seek reasonable current income (i.e. moderate income). On February 12, 2010, BlackRock replaced SSgA FM as an Adviser to the Portfolio.

EQ/Large Cap Growth Index Portfolio (advised by AllianceBernstein) — Seeks to achieve a total return before expenses that approximates the total return performance of the Russell 1000^® Growth Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 1000^® Growth Index.

EQ/Large Cap Growth PLUS Portfolio (advised by AXA Equitable, Marsico Capital Management, LLC, and BlackRock) — Seeks to provide long-term capital growth. On February 12, 2010, BlackRock replaced SSgA FM as an Adviser to the Portfolio.

EQ/Large Cap Value Index Portfolio (advised by SSgA FM) — Seeks to achieve a total return before expenses that approximates the total return performance of the Russell 1000^® Value Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 1000^® Value Index.

EQ/Large Cap Value PLUS Portfolio (advised by AllianceBernstein and AXA Equitable) — Seeks to achieve long-term growth of capital.

EQ/Lord Abbett Growth and Income Portfolio (advised by Lord Abbett & Co. LLC (“Lord Abbett”)) — Seeks to achieve capital appreciation and growth of income without excessive fluctuation in market value.

EQ/Lord Abbett Large Cap Core Portfolio (advised by Lord Abbett) — Seeks to achieve capital appreciation and growth of income with reasonable risk.

EQ/Mid Cap Index Portfolio (advised by SSgA FM) — Seeks to achieve a total return before expenses that approximates the total return performance of the S&P 400 Index, including reinvestment of dividends, at a risk level consistent with that of the S&P 400 Index.

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June 30, 2010 (Unaudited)

EQ/Mid Cap Value PLUS Portfolio (advised by AXA Equitable, Wellington Management Company, LLP, and BlackRock) — Seeks to achieve long-term capital appreciation. On February 12, 2010, BlackRock replaced SSgA FM as an Adviser to the Portfolio.

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/Morgan Stanley Mid Cap Growth Portfolio (formerly Van Kampen Mid Cap Growth Portfolio) (advised by MSIM) — Seeks to achieve capital growth.

EQ/Mutual Large Cap Equity Portfolio (advised by BlackRock and Franklin Mutual Advisers, LLC) — Seeks to achieve capital appreciation which may occasionally be short-term, and, secondarily, income.

EQ/Oppenheimer Global Portfolio (advised by OppenheimerFunds, Inc.) — Seeks to achieve capital appreciation.

EQ/PIMCO Ultra Short Bond Portfolio (advised by Pacific Investment Management Company, LLC) — Seeks to generate a return in excess of traditional money market products while maintaining an emphasis on preservation of capital and liquidity.

EQ/Quality Bond PLUS Portfolio (advised by AXA Equitable, AllianceBernstein and SSgA FM) — Seeks to achieve high current income consistent with moderate risk to capital.

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.

EQ/T. Rowe Price Growth Stock Portfolio (advised by T. Rowe Price Associates, Inc.) — Seeks to achieve long-term capital appreciation and secondarily, income.

EQ/Templeton Global Equity Portfolio (advised by BlackRock and Templeton Global Advisors Limited) — Seeks to achieve 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 Invesco Advisers, Inc.) — Seeks to achieve capital growth and income. On June 1, 2010, Invesco Advisers, Inc. replaced MSIM as an adviser to the Portfolio.

EQ/Wells Fargo Advantage Omega Growth Portfolio (formerly EQ/Evergreen Omega Portfolio) (advised by Wells Capital Management, Inc.) — Seeks to achieve long-term capital growth.

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:

The Portfolios are subject to the provisions of FASB Accounting Standards Codification^™ (“ASC”), “Fair Value Measurements and Disclosure” (ASC 820). This standard defines fair value, sets out a framework for measuring fair value and requires certain disclosures about fair value measurements. ASC 820 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under ASC 820 are summarized below:

•

Level 1 - quoted prices in active markets for identical assets

•

Level 2 - other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with the rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

A summary of inputs used to value each Portfolio’s assets and liabilities carried at fair value as of June 30, 2010 is included in the Portfolio of Investments.

Equity securities listed on national securities exchanges are valued at the last sale price or official closing price or, if there is no sale or official closing price, at the latest available bid price. Securities listed on the NASDAQ Stock Market 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. Other unlisted stocks are valued at their last sale price or official closing price.

Convertible preferred stocks listed on national securities exchanges or included on the NASDAQ stock market are valued as of their last sale price or, if there is no sale, at the latest available bid price.

Convertible bonds and unlisted convertible preferred stocks are valued at bid prices obtained from one or more of the major dealers in such bonds or stocks. Where there is a discrepancy between dealers, values may be adjusted based on recent premium spreads to the underlying common stocks. Convertible bonds may be matrix-priced based upon the conversion value to the underlying common stocks and market premiums.

Mortgage-backed and asset-backed securities are valued at prices obtained from a bond pricing service where available, or at a bid price obtained from one or more of the major dealers in such securities.

Options are valued at their last sale price, or if not available, previous day’s sales price. 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 according to fair value methods. The market value of a put or call option will usually reflect, among other factors, the market price of the underlying security.

Corporate bonds and notes 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.

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.

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June 30, 2010 (Unaudited)

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.

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 notes as quoted by a pricing service as of a designated hour on the valuation date.

If market quotations are not readily available for a security or other financial instruments, such securities and instruments shall be referred to the Trust’s Valuation Committee, who will value the assets in good faith pursuant to procedures adopted by the Board of Trustees of the Trust. Such procedures may include the use of assumptions and inputs including, but not limited to, acquisition price, future cash flows, estimated risk premiums, duration and broker quotations for comparable securities. These securities and other financial instruments may be classified as Level 2 or 3 depending on the significance of the inputs that are not observable.

All securities held in the EQ/Money Market Portfolio are valued at amortized cost provided that certain conditions are met, including that the Portfolio’s Board of Trustees continues to believe that the amortized cost valuation method fairly reflects the market-based net asset value per share of the Portfolio. The EQ/Money Market Portfolio seeks to maintain a constant net asset value per share of $1.00, but there can be no assurance that it will be able to do so.

Investments in the All Asset Allocation Portfolio are valued based on the net asset value per share of each underlying fund, as described above for securities held by such underlying funds. In addition, underlying investment companies traded on a securities exchange in the All Asset Allocation Portfolio are valued based on the official closing price or last sale on the date of valuation.

Investments in the EQ/Franklin Templeton Allocation Portfolio and the AXA Strategy Portfolios are valued based on the net asset value per share of each underlying open-end fund.

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.

Investments in Exchange Traded Funds (ETFs) are valued based on last sale or offical closing price on the respective exchange.

Investments in shares of open-end mutual funds (other than ETFs) held by a Portfolio will be valued at the net asset value of the shares of such funds as described in these funds’ prospectuses.

Pursuant to procedures approved by the Trustees, events or circumstances affecting the values of portfolio securities that occur between the closing of their principal markets and the time the NAV is determined may be reflected, as by a method approved by the Trustees, in the Trust’s calculation of net asset values for each applicable Portfolio when the Trust’s Manager deems that the particular event or circumstance would materially affect such Portfolio’s net asset value. The value and percentage, based on Total Investments, of the investments that applied these procedures on June 30, 2010 are as follows:


Portfolios:	Market Value		Percentage of Total Investments
AXA Tactical Manager International-I	$	96,003,920	91.3	%
AXA Tactical Manager International-II		1,103,522,359	99.8
EQ/AllianceBernstein International		1,671,550,567	97.1
EQ/BlackRock International Value		1,122,714,085	86.2
EQ/Davis New York Venture		23,380,209	6.4
EQ/Franklin Core Balanced		14,836,913	1.4
EQ/GAMCO Mergers and Acquisitions		4,622,951	2.3

868

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)


Portfolios:	Market Value		Percentage of Total Investments
EQ/GAMCO Small Company Value	$	23,614,027	1.6	%
EQ/Global Multi-Sector Equity		945,633,181	49.7
EQ/International Core PLUS		514,068,534	55.8
EQ/International Growth		618,723,732	84.3
EQ/Mid Cap Value PLUS		19,304,855	1.1
EQ/Morgan Stanley Mid Cap Growth		57,449,233	9.3
EQ/Mutual Large Cap Equity		94,620,203	14.8
EQ/Oppenheimer Global		107,669,886	54.8
EQ/T. Rowe Price Growth Stock		13,730,509	2.5
EQ/Templeton Global Equity		243,991,907	43.4

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.

The Portfolios record distributions received in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Portfolios adjust the estimated amounts of components of distributions (and consequently its net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

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

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June 30, 2010 (Unaudited)

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.

The Portfolios are not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, the Portfolios’ conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolios recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year, the Portfolios did not incur any interest or penalties. Each of the tax years in the four year period ended December 31, 2009 remain subject to examination by the Internal Revenue Service and state taxing authorities.

Dividends from net investment income, if any, are declared and distributed at least annually for all Portfolios (EQ/Money Market Portfolio declares and distributes daily). Dividends from net realized short-term and long-term capital gains are declared and distributed at least annually to the shareholders of the Portfolios to which such gains are attributable. All dividends are reinvested in additional full and fractional shares of the related Portfolios. All distributions are calculated on a tax basis and, as such, the amounts may differ from financial statement investment income and realized gains. Those differences are primarily due to differing book and tax treatments for derivative 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 affiliated 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, 2009 and December 31, 2008, were as follows:


	Year Ended December 31, 2009								Year Ended December 31, 2008
	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	$	8,835,217	$	490,957	$	779,742	$	453,853	$	8,246,414	$	11,404,291	$	—	$	493,379
AXA Conservative Strategy		572,529		194		9,710		705		—		—		—		—
AXA Conservative Growth Strategy		883,984		1,659		—		1,356		—		—		—		—
AXA Balanced Strategy		1,452,346		5,013		—		1,604		—		—		—		—
AXA Moderate Growth Strategy		2,948,900		12,776		—		4,873		—		—		—		—
AXA Growth Strategy		2,200,164		8,654		—		8,522		—		—		—		—
AXA Tactical Manager 500-I		344,878		—		1,767,195		2,345,334		—		—		—		—
AXA Tactical Manager 500-II		15,271,875		—		64,582,497		61,398,933		—		—		—		—

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EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)


	Year Ended December 31, 2009								Year Ended December 31, 2008
	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
AXA Tactical Manager 400-I	$	—	$	—	$	202,580	$	258,161	$	—	$	—	$	—	$	—
AXA Tactical Manager 400-II		2,243,188		—		11,855,620		18,119,185		—		—		—		—
AXA Tactical Manager 2000-I		19,166		—		495,237		574,549		—		—		—		—
AXA Tactical Manager 2000-II		810,615		—		13,503,475		16,295,882		—		—		—		—
AXA Tactical Manager International-I		502,510		38,222		1,082,137		10,813		—		—		—		—
AXA Tactical Manager International-II		1,800,764		—		11,160,806		—		—		—		—		—
EQ/Franklin Templeton Allocation		29,155,022		—		—		—		53,197,399		2,156		—		—
EQ/International ETF†		36,571,469		—		191,930		—		1,265,032		3,941		—		—
EQ/AllianceBernstein International		47,659,488		—		1,555,693		—		72,661,663		44,047,591		529,313		—
EQ/AllianceBernstein Small Cap Growth		1,134,130		—		—		—		1,497,883		—		61,931		—
EQ/AXA Franklin Small Cap Value Core		3,507,163		—		87,985		—		4,425,841		—		81,202		—
EQ/BlackRock Basic Value Equity		40,896,455		—		—		—		70,861,791		17,653,339		2,516,793		—
EQ/BlackRock International Value		28,873,094		—		1,709,381		—		86,330,214		26,258,283		622,944		—
EQ/Boston Advisors Equity Income		18,821,030		—		730,413		—		15,622,546		4,521,030		—		—
EQ/Calvert Socially Responsible		161,981		—		35,180		—		246,900		1,147,113		25,857		—
EQ/Capital Guardian Growth		1,025,617		—		74,611		—		716,507		—		17,216		—
EQ/Capital Guardian Research		12,119,461		—		108,209		—		14,237,767		26,103,370		—		—
EQ/Common Stock Index		84,112,469		—		170,197		—		110,787,435		—		551,290		—
EQ/Core Bond Index		104,931,740		—		1,806,449		—		58,833,813		—		1,859,725		—
EQ/Davis New York Venture		5,709,092		—		488,467		—		8,661,633		—		—		—
EQ/Equity 500 Index		49,670,956		6,736,224		42,239		—		58,377,323		26,593,407		200,397		6,940,256
EQ/Equity Growth PLUS†		14,775,858		—		1,028,956		—		24,507,149		35,588,975		—		—
EQ/Franklin Core Balanced		58,733,926		—		468,605		—		70,447,974		—		183,962		—
EQ/GAMCO Mergers and Acquisitions		820,699		—		—		—		6,481,565		722,437		819,431		—
EQ/GAMCO Small Company Value		5,578,536		—		—		—		12,031,352		46,018,585		7,487		—
EQ/Global Bond PLUS		12,191,418		—		—		—		174,851,056		—		12,179,094		—

871

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)


	Year Ended December 31, 2009								Year Ended December 31, 2008
	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/Global Multi-Sector Equity	$	27,031,467	$	—	$	630,077	$	—	$	60,464,379	$	92,286,277	$	806,534	$	—
EQ/Intermediate Government Bond Index		21,802,343		—		—		—		25,944,059		—		—		—
EQ/International Core PLUS†		35,829,925		—		709,956		—		51,663,682		17,275,993		—		—
EQ/International Growth		8,295,584		—		301,897		—		4,739,573		5,467,695		109,236		—
EQ/JPMorgan Value Opportunities		4,680,678		—		91,246		—		7,886,573		4,675,722		66,215		—
EQ/Large Cap Core PLUS		24,416,756		—		684,723		—		9,315,278		—		—		—
EQ/Large Cap Growth Index		22,575,273		—		1,275,634		—		882,091		—		84,593		—
EQ/Large Cap Growth PLUS		20,349,706		—		362,570		—		9,860,857		—		519,336		—
EQ/Large Cap Value Index		9,644,948		—		—		—		2,141,586		4,037,210		6,502		—
EQ/Large Cap Value PLUS		81,932,243		—		—		—		126,056,375		—		161,862		—
EQ/Lord Abbett Growth and Income		1,130,028		—		61,048		—		2,881,235		475,188		—		—
EQ/Lord Abbett Large Cap Core		1,067,538		—		136,922		—		1,532,513		477,657		—		—
EQ/Mid Cap Index		11,188,684		—		197,144		—		12,059,010		13,760,762		15,640		—
EQ/Mid Cap Value PLUS		18,513,522		—		1,133,614		—		18,189,525		—		—		—
EQ/Money Market		2,600,701		—		—		—		52,627,897		—		—		—
EQ/Montag & Caldwell Growth		1,288,527		—		12,452		—		776,690		—		—		—
EQ/Morgan Stanley Mid Cap Growth		—		—		—		—		—		—		—		—
EQ/Mutual Large Cap Equity		2,370,954		—		1,668,849		—		29,773,146		—		—		—
EQ/Oppenheimer Global		939,385		—		169,354		—		1,824,008		165,241		—		—
EQ/PIMCO Ultra Short Bond		35,084,594		700,516		229,618		—		165,032,969		11,633,576		5,612,569		698,716
EQ/Quality Bond PLUS		104,111,881		—		—		—		76,578,291		—		8,522,832		—
EQ/Small Company Index^		8,752,980		—		—		—		7,695,453		66,544,034		278,726		—
EQ/T. Rowe Price Growth Stock		15,251		—		16,587		—		19,988		104,209		15,143		—
EQ/Templeton Global Equity		10,468,751		—		160,681		—		12,523,730		—		—		—
EQ/UBS Growth and Income		1,007,734		—		—		—		2,005,490		—		—		—
EQ/Van Kampen Comstock		3,069,498		—		193,059		—		5,593,660		2,143,340		98,127		—
EQ/Wells Fargo Advantage Omega Growth†		481,534		—		53,444		—		1,016,136		3,166,794		—		—

872

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

^	Additionally, the following Portfolio had a Return of Capital during the year ended December 31, 2009:


Portfolio:	Return of Capital
EQ/Small Company Index	$	804,527

†	Additionally, the following Portfolios had a Return of Capital during the year ended December 31, 2008:


Portfolios:	Return of Capital
EQ/International ETF	$	1,013,614
EQ/Equity Growth PLUS		4,488,097
EQ/International Core PLUS		3,067,572
EQ/Wells Fargo Advantage Omega Growth		131,371

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 six months ended June 30, 2010, certain Portfolios reduced expenses under these arrangements as follows:


Portfolios:	Amount
EQ/AllianceBernstein Small Cap Growth	$	24,092
EQ/BlackRock Basic Value Equity		20,620
EQ/Capital Guardian Growth		18,469
EQ/Capital Guardian Research		12,448
EQ/Davis New York Venture		8,645
EQ/Equity Growth PLUS		11,966
EQ/GAMCO Mergers and Acquisitions		9,121
EQ/GAMCO Small Company Value		48,073
EQ/International Core PLUS		9,731
EQ/Large Cap Core PLUS		9,063
EQ/Large Cap Growth PLUS		4,247
EQ/Large Cap Value Index		11,917
EQ/Large Cap Value PLUS		93,239
EQ/Lord Abbett Growth and Income		10,559
EQ/Lord Abbett Large Cap Core		6,419
EQ/Mid Cap Index		8,217
EQ/Mid Cap Value PLUS		22,773
EQ/Montag & Caldwell Growth		39,324
EQ/Morgan Stanley Mid Cap Growth		17,150
EQ/UBS Growth and Income		14,643
EQ/Van Kampen Comstock		13,528
EQ/Wells Fargo Advantage Omega Growth		16,626

Securities Lending:

For all Portfolios (excluding Allocation Portfolios), the Trustees have approved the lending of portfolio securities, through JPMorgan Chase Bank N.A. (“JPMorgan Chase”), acting as lending agent. By lending investment securities, a Portfolio attempts to increase its net investment income through the return on the investment of cash collateral received 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 generally be

873

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

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 investment return. The net amount earned by lending investment securities is included in the Statements of Operations as securities lending income. None of the Portfolios had loans outstanding at June 30, 2010.

Short Sales Against the Box:

Certain Portfolios may enter into a “short sale” of securities in circumstances in which, at the time the short position is open, the Portfolio owns at least an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into at least an equal number of securities sold short. This kind of short sale, which is referred to as one “against the box,” may be entered into by the Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately. The Portfolio will designate the segregation, either on its records or with the Trust’s custodian, of the securities sold short or convertible or exchangeable preferred stocks or debt securities sold in connection with short sales against the box. Liabilities for securities sold short are reported at market value in the financial statements. Such liabilities are subject to off-balance sheet risk to the extent of any future increases in market value of the securities sold short. The ultimate liability for securities sold short could exceed the liabilities recorded in the Portfolio’s financial statements. The Portfolio bears the risk of potential inability of the brokers to meet their obligation to perform.

Accounting for Derivative Instruments:

The Portfolios are subject to the provisions of ASC 815, “Derivatives and Hedging: Overall” (“ASC 815”). ASC 815 requires disclosures about Portfolios’ derivative and hedging activities. Following is a description of how and why the Portfolios use derivative instruments, the type of derivatives utilized by the Portfolios during the reporting period, as well as the primary underlying risk exposures related to each instrument type. Derivatives accounted for as hedging instruments under ASC 815 must be disclosed separately from those that do not qualify for hedge accounting. Even though the Portfolios may use derivatives in an attempt to achieve an economic hedge, the Portfolio’s derivatives are not accounted for as hedging instruments under ASC 815 because investment companies account for their derivatives at fair value and record any changes in fair value in current period earnings. All open derivative positions at period end are reflected on each respective Portfolio’s Portfolio of Investments. The volume of derivative activity, based on month-end notional amounts during the period is also noted in each respective Portfolio’s Portfolio of Investments.

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 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.

874

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

Futures Contracts, Forward Commitments and Foreign Currency Exchange Contracts:

The futures contracts used by the Portfolios are agreements to buy or sell a financial instrument for a set price in the future. Certain Portfolios may buy or sell futures contracts for the purpose of protecting their portfolio securities against future changes in interest rates and indices which might adversely affect the value of the Portfolios’ securities or the price of securities that they intend to purchase at a later date. Initial margin deposits are made upon entering into futures contracts and can be in cash, certain money market instruments, treasury securities or other liquid, high grade debt securities. During the period the futures contracts are open, changes in the market price of the contracts are recognized as unrealized gains or losses by “marking-to-market” at the end of each trading day. Variation margin payments on futures contracts are received or made, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Portfolio’s basis in the contract. Should interest rates or indices move unexpectedly, the Portfolio may not achieve the anticipated benefits of the futures contracts and may incur a loss. The use of futures contracts transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Use of long futures contracts subjects the Portfolios to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Portfolios to unlimited risk of loss. The Portfolios enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction, therefore, the Portfolio’s credit risk is limited to failure of the exchange or board of trade. With respect to EQ/AXA Franklin Small Cap Value Core Portfolio, EQ/Equity Growth PLUS Portfolio, EQ/Franklin Core Balanced Portfolio, EQ/Global Bond PLUS Portfolio, EQ/Global Multi-Sector Equity Portfolio, EQ/International Core PLUS Portfolio, EQ/Large Cap Core PLUS Portfolio, EQ/Large Cap Growth PLUS Portfolio, EQ/Large Cap Value PLUS Portfolio, EQ/Mid Cap Value PLUS Portfolio, EQ/Mutual Large Cap Equity Portfolio, EQ/Templeton Global Equity Portfolio and the Tactical Portfolios, the Manager may also utilize futures and options to manage equity exposure.

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. The use of forward commitments may result in market risk to the Portfolios that is greater than if the Portfolios had engaged solely in transactions that settle in the customary time.

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

875

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

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.

Market and Credit Risk:

Written options, futures contracts, forward commitments and forward foreign currency exchange contracts involve elements of both market and credit risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The risk involved in writing an option on a security is that, if the option is exercised, the underlying security is then purchased or sold by the Portfolio at the contract price, which could be disadvantageous relative to the market price. The 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 and over-the-counter options 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 Allocation Portfolio, EQ/International ETF Portfolio, and the AXA Strategy Portfolios, 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 Allocation Portfolio, EQ/International ETF Portfolio, and the AXA Strategy Portfolios, 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 six months ended June 30, 2010, 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
AXA Conservative Strategy		0.100% of average daily net assets
AXA Conservative Growth Strategy		0.100% of average daily net assets
AXA Balanced Strategy		0.100% of average daily net assets
AXA Moderate Growth Strategy		0.100% of average daily net assets
AXA Growth Strategy		0.100% of average daily net assets
EQ/Franklin Templeton Allocation		0.050% of average daily net assets
EQ/International ETF		0.400% of average daily net assets
AXA Tactical Manager 500 - I		0.450% of average daily net assets
AXA Tactical Manager 500 - II		0.450% of average daily net assets
AXA Tactical Manager 500 - III		0.450% of average daily net assets
AXA Tactical Manager 400 - I		0.450% of average daily net assets
AXA Tactical Manager 400 - II		0.450% of average daily net assets

876

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)


Portfolios:		Management Fee
AXA Tactical Manager 400 - III		0.450% of average daily net assets
AXA Tactical Manager 2000 - I		0.450% of average daily net assets
AXA Tactical Manager 2000 - II		0.450% of average daily net assets
AXA Tactical Manager 2000 - III		0.450% of average daily net assets
AXA Tactical Manager International - I		0.450% of average daily net assets
AXA Tactical Manager International - II		0.450% of average daily net assets
AXA Tactical Manager International - III		0.450% of average daily net assets
EQ/Common Stock Index		0.350% of average daily net assets
EQ/Core Bond Index		0.350% of average daily net assets
EQ/Equity 500 Index		0.250% of average daily net assets
EQ/Intermediate Government Bond Index		0.350% of average daily net assets
EQ/Large Cap Growth Index		0.350% of average daily net assets
EQ/Large Cap Value Index		0.350% of average daily net assets
EQ/Mid Cap Index		0.350% of average daily net assets
EQ/Small Company Index		0.250% of average daily net assets


	(as a percentage of average daily net assets)
Portfolios:	First $400 Million		Next $400 Million		Thereafter
EQ/GAMCO Small Company Value	0.800	%	0.750	%	0.700	%
EQ/T. Rowe Price Growth Stock	0.800	%	0.750	%	0.700	%


	(as a percentage of average daily net assets)
Portfolios:	First $750 Million		Next $750 Million		Next $1 Billion		Next $2.5 Billion		Thereafter
EQ/Money Market	0.350	%	0.325	%	0.280	%	0.270	%	0.250	%
EQ/PIMCO Ultra Short Bond	0.500	%	0.475	%	0.450	%	0.430	%	0.420	%


	(as a percentage of average daily net assets)
Portfolios:	First $1 Billion		Next $1 Billion		Next $3 Billion		Next $5 Billion		Thereafter
EQ/AllianceBernstein International	0.750	%	0.700	%	0.675	%	0.650	%	0.625	%
EQ/AllianceBernstein Small Cap Growth	0.750	%	0.700	%	0.675	%	0.650	%	0.625	%
EQ/AXA Franklin Small Cap Value Core	0.700	%	0.650	%	0.625	%	0.600	%	0.575	%
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/Franklin Core Balanced	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/GAMCO Mergers and Acquisitions	0.900	%	0.850	%	0.825	%	0.800	%	0.775	%
EQ/Global Multi-Sector Equity	0.750	%	0.700	%	0.675	%	0.650	%	0.625	%
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/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/Montag & Caldwell Growth	0.750	%	0.700	%	0.675	%	0.650	%	0.625	%
EQ/Morgan Stanley Mid Cap Growth	0.700	%	0.650	%	0.625	%	0.600	%	0.575	%
EQ/Mutual Large Cap Equity	0.700	%	0.650	%	0.625	%	0.600	%	0.575	%
EQ/Oppenheimer Global	0.950	%	0.900	%	0.875	%	0.850	%	0.825	%
EQ/Templeton Global Equity	0.700	%	0.650	%	0.625	%	0.600	%	0.575	%
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/Wells Fargo Advantage Omega Growth	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%

877

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)


	(as a percentage of average daily net assets)
Portfolios:	First $2 Billion		Next $1 Billion		Next $3 Billion		Next $5 Billion		Thereafter
EQ/Equity Growth PLUS	0.500	%	0.450	%	0.425	%	0.400	%	0.375	%
EQ/International Core PLUS	0.600	%	0.550	%	0.525	%	0.500	%	0.475	%
EQ/Large Cap Core PLUS	0.500	%	0.450	%	0.425	%	0.400	%	0.375	%
EQ/Large Cap Growth PLUS	0.500	%	0.450	%	0.425	%	0.400	%	0.375	%
EQ/Large Cap Value PLUS	0.500	%	0.450	%	0.425	%	0.400	%	0.375	%
EQ/Mid Cap Value PLUS	0.550	%	0.500	%	0.475	%	0.450	%	0.425	%


	(as a percentage of average daily net assets)
Portfolios:	First $4 Billion		Next $4 Billion		Thereafter
EQ/Global Bond PLUS	0.550	%	0.530	%	0.510	%
EQ/Quality Bond PLUS	0.400	%	0.380	%	0.360	%

On behalf of the Trust, with the exception of the All Asset Allocation Portfolio, EQ/Franklin Templeton Allocation Portfolio, EQ/International ETF Portfolio, and the AXA Strategy Portfolios, the Manager has entered into an investment advisory agreement (“Advisory Agreements”) with each of the Advisers for the Trust’s 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 as follows:

Each Multiadviser Portfolio pays an annual rate of $35,000 for each Multiadviser Portfolio and for each portion of the Multiadviser Portfolio for which separate administrative services are provided, (i.e., each adviser in the multi-advised structure) plus 0.15% of the Multiadviser Portfolio’s average daily net assets.

The All Asset Allocation Portfolio, EQ/Franklin Templeton Allocation Portfolio, AXA Strategy Portfolios, and Tactical Portfolios each pay an annual rate of 0.15% of average daily net assets plus a fixed charge of $35,000.

For all other Portfolios:

Fixed Charge

$30,000 for each Portfolio.

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, EQ/Franklin Templeton Allocation Portfolio, AXA Strategy Portfolios, the Tactical Portfolios and the Multiadviser Portfolios.

878

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

Pursuant to a sub-administration arrangement with AXA Equitable, JPMorgan Investor Services Co. (“Sub-administrator”) provides the Trust with administrative services, including monitoring of portfolio compliance and portfolio accounting services.

Note 4

Custody Fees

The Trust has entered into a Custody Agreement with JPMorgan Chase. The Custody Agreement provides 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. 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.

At June 30, 2010, the AXA Tactical Manager International Portfolio-II maintained foreign currency balances of approximately $1,004,967,526 with its custodian, JPMorgan Chase. The Portfolio may be subject to credit risk with regard to these balances should this financial institution be unable to fulfill its obligations. The Portfolio has not experienced any losses related to the risk described in this paragraph and seeks to mitigate such risk by monitoring the creditworthiness of its custodian.

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”), pursuant to which the Distributors serve as the principal underwriters of the Class IA and Class IB shares of the Trust. Class IB shares are subject to distribution fees imposed pursuant to a distribution plan (“Distribution Plan”) adopted pursuant to Rule 12b-1 under the 1940 Act. The Distribution Plan provides that each Distributor will be entitled to receive a maximum distribution fee at the annual rate of 0.50% of the average net assets attributable to the Trust’s Class IB shares. The distribution agreements, however, limit payments for services provided under the Distribution Plan to an annual rate of 0.25% of the average daily net assets attributable to the Trust’s Class IB shares. This limitation will be in effect at least until April 30, 2011. The Trust’s Class IA shares are not subject to such fees.

Note 6

Expense Limitation

The Manager has contractually agreed to limit the expenses of certain Portfolios (exclusive of taxes, interest, brokerage commissions, capitalized expenses, fees and expenses of other investment companies in which a Portfolio invests and extraordinary expenses) through April 30, 2011 (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 of such Portfolios’ Class IA Shares (Class IB shares would be 0.25% higher due to the annual fee under the Trust’s Class IB Distribution Plan) 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 Allocation Portfolio

0.55% of average daily net assets of the

EQ/International ETF Portfolio

879

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

0.70% of average daily net assets of the

AXA Tactical Manager 400 Portfolio - I

AXA Tactical Manager 400 Portfolio - II

AXA Tactical Manager 400 Portfolio - III

AXA Tactical Manager 500 Portfolio - I

AXA Tactical Manager 500 Portfolio - II

AXA Tactical Manager 500 Portfolio - III

AXA Tactical Manager 2000 Portfolio - I

AXA Tactical Manager 2000 Portfolio - II

AXA Tactical Manager 2000 Portfolio - III

AXA Tactical Manager International Portfolio - I

AXA Tactical Manager International Portfolio - II

AXA Tactical Manager International Portfolio - III

EQ/Capital Guardian Growth Portfolio

EQ/PIMCO Ultra Short Bond Portfolio

0.72% of average daily net assets of the

EQ/Capital Guardian Research Portfolio

0.75% of average daily net assets of the

EQ/Equity Growth PLUS Portfolio

EQ/JPMorgan Value Opportunities Portfolio

EQ/Large Cap Core PLUS Portfolio

EQ/Large Cap Growth PLUS Portfolio

EQ/Large Cap Value PLUS Portfolio

EQ/Lord Abbett Growth and Income Portfolio

EQ/Lord Abbett Large Cap Core Portfolio

EQ/Van Kampen Comstock Portfolio

0.80% of average daily net assets of the

EQ/Boston Advisors Equity Income Portfolio

EQ/Mid Cap Value PLUS Portfolio

EQ/UBS Growth and Income Portfolio

0.85% of average daily net assets of the

EQ/International Core PLUS Portfolio

EQ/Morgan Stanley Mid Cap Growth Portfolio

0.90% of average daily net assets of the

EQ/AllianceBernstein International Portfolio

EQ/Calvert Socially Responsible Portfolio

EQ/Wells Fargo Advantage Omega Growth Portfolio

0.95% of average daily net assets of the

EQ/Montag & Caldwell Growth Portfolio

EQ/T. Rowe Price Growth Stock Portfolio

1.05% of average daily net assets of the

EQ/AXA Franklin Small Cap Value Core Portfolio

EQ/BlackRock International Value Portfolio

EQ/Franklin Core Balanced Portfolio

EQ/Mutual Large Cap Equity Portfolio

1.10% of average daily net assets of the

EQ/Oppenheimer Global Portfolio

EQ/Templeton Global Equity Portfolio

880

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

The expenses as a percentage of daily average net assets (excluding the 0.25% annual fee under the Trust’s Class IB Distribution Plan) for each AXA Strategic Portfolio (that includes the Underlying Portfolios fees and expenses) are limited to:


Portfolios
AXA Conservative Strategy Portfolio	0.70	%
AXA Conservative Growth Strategy Portfolio	0.75	%
AXA Balanced Strategy Portfolio	0.80	%
AXA Moderate Growth Strategy Portfolio	0.85	%
AXA Growth Strategy Portfolio	0.85	%

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 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 three fiscal years, provided such Portfolio has reached a sufficient asset size to permit such reimbursement to be made without causing the total annual expense ratio of each Portfolio to exceed the percentage limits mentioned above 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. 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 six months ended June 30, 2010, the Manager received a total of $2,955,751 in reimbursement for all of the Portfolios within the Trust. At June 30, 2010, under the Expense Limitation Agreement, the amount that would be recoverable from each Portfolio is as follows:


	Amount Eligible through								Total Eligible for Reimbursement
Portfolios:	2010		2011		2012		2013		Total Eligible for Reimbursement
All Asset Allocation	$	478,976	$	805,935	$	764,929	$	357,596	$	2,407,436
AXA Conservative Strategy		—		—		102,478		79,793		182,271
AXA Conservative Growth Strategy		—		—		105,685		95,469		201,154
AXA Balanced Strategy		—		—		109,332		100,993		210,325
AXA Moderate Growth Strategy		—		—		112,827		100,622		213,449
AXA Growth Strategy		—		—		124,080		127,891		251,971
EQ/Franklin Templeton Allocation		673,044		2,549,322		1,559,251		509,778		5,291,395
EQ/International ETF		54,277		132,765		996,480		26,783		1,210,305
AXA Tactical Manager 400-I		—		—		95,224		53,823		149,047
AXA Tactical Manager 2000-I		—		—		109,804		68,112		177,916
AXA Tactical Manager International-I		—		—		138,926		56,362		195,288
EQ/AllianceBernstein International		685,737		1,300,439		389,647		—		2,375,823
EQ/BlackRock International Value		—		131,170		231,828		—		362,998
EQ/Boston Advisors Equity Income		214,810		485,866		650,669		296,084		1,647,429
EQ/Calvert Socially Responsible		32,797		67,450		12,819		—		113,066
EQ/Capital Guardian Growth		216,947		402,947		340,788		152,861		1,113,543
EQ/Capital Guardian Research		585,002		1,020,301		741,349		294,909		2,641,561
EQ/Equity Growth PLUS		1,712,515		3,059,223		714,365		—		5,486,103
EQ/International Core PLUS		—		290,881		184,764		—		475,645
EQ/JPMorgan
Value Opportunities		122,994		224,884		44,857		—		392,735
EQ/Large Cap Core PLUS		66,462		326,213		—		—		392,675
EQ/Lord Abbett Growth and Income		77,099		192,645		113,211		49,195		432,150
EQ/Lord Abbett Large
Cap Core		43,853		124,755		130,954		53,693		353,255

881

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)


	Amount Eligible through								Total Eligible for Reimbursement
Portfolios:	2010		2011		2012		2013		Total Eligible for Reimbursement
EQ/Mid Cap Value PLUS	$	—	$	21,868	$	—	$	—	$	21,868
EQ/Montag & Caldwell Growth		—		2,356		—		—		2,356
EQ/Morgan Stanley Mid Cap Growth		84,679		248,140		68,602		—		401,421
EQ/Oppenheimer Global		309,948		378,206		66,816		8,087		763,057
EQ/T. Rowe Price Growth Stock		78,735		214,597		70,834		—		364,166
EQ/UBS Growth and Income		127,422		233,523		174,725		76,026		611,696
EQ/Van Kampen Comstock		85,521		184,465		138,304		74,732		483,022

During the six months ended June 30, 2010, the Manager voluntarily waived $458,756 of Investment Management fees for the EQ/Money Market Portfolio. This waiver can be eliminated at any time and is not eligible for recoupment.

During the six months ended June 30, 2010, the Distributor voluntarily waived $1,443,434 of Distribution fees for the EQ/Money Market Portfolio Class IB shares. This waiver can be eliminated at any time and is not eligible for recoupment.

During the six months ended June 30, 2010, BlackRock reimbursed certain Portfolios $1,255,910 of Investment Management fees from the BlackRock TempFund, which is an underlying investment in these Portfolios. This reimbursement is not eligible for recoupment.


Portfolios:	Reimbursement Amount
AXA Tactical Manager 500-I	$	39,900
AXA Tactical Manager 500-II		711,271
AXA Tactical Manager 400-I		3,226
AXA Tactical Manager 400-II		164,754
AXA Tactical Manager 2000-I		14,537
AXA Tactical Manager 2000-II		127,170
AXA Tactical Manager International-I		3,460
AXA Tactical Manager International-II		50,622
EQ/AXA Franklin Small Cap Value Core		5,164
EQ/Equity Growth PLUS		23,163
EQ/Franklin Core Balanced		6,794
EQ/Global Multi-Sector Equity		27,973
EQ/International Core PLUS		11,222
EQ/Large Cap Core PLUS		7,500
EQ/Large Cap Growth PLUS		20,440
EQ/Mid Cap Value PLUS		22,053
EQ/Mutual Large Cap Equity		9,626
EQ/Templeton Global Equity		7,035

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		0.55% to 0.80%

882

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

Thus, the net expense ratio of the Class IA shares and 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 IA	Class IB
All Asset Allocation	0.65% to 0.90%	0.90% to 1.15%

Absent the Expense Limitation Agreement of the All Asset Allocation Portfolio, the total expense ratio of the Class IA shares and Class IB shares of the All Asset Allocation Portfolio would range from:


Portfolio:	Class IA	Class IB
All Asset Allocation	0.92% to 1.17%	1.17% to 1.42%

The AXA Strategy Portfolios invest in shares of Underlying Portfolios. Therefore, each of the AXA Strategy Portfolios, 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 each of the AXA Strategy Portfolios are indirectly reduced by each Underlying Portfolio’s expenses. The range of expenses (as a percentage of average daily net assets) incurred indirectly in connection with each of the AXA Strategy Portfolios’ investments in Underlying Portfolios is:


Portfolios:		Range of Expenses
AXA Conservative Strategy		0.40% to 0.65%
AXA Conservative Growth Strategy		0.40% to 0.65%
AXA Balanced Strategy		0.45% to 0.70%
AXA Moderate Growth Strategy		0.45% to 0.70%
AXA Growth Strategy		0.50% to 0.75%

Thus, the net expense ratio of the Class IA and Class IB shares of each of the AXA Strategy Portfolios, including the AXA Strategy Portfolios’ direct and indirect expenses, would range from:


Portfolios:	Class IA	Class IB
AXA Conservative Strategy*	N/A	0.95%
AXA Conservative Growth Strategy*	N/A	1.00%
AXA Balanced Strategy*	0.80%	1.05%
AXA Moderate Growth Strategy*	N/A	1.10%
AXA Growth Strategy*	0.85%	1.10%

*	Expenses limited to an expense cap which is inclusive of the Underlying Portfolios’ fees and expenses.

Absent the Expense Limitation Agreement of the AXA Strategy Portfolios, the total expense ratio of the Class IA and Class IB shares of the AXA Strategy Portfolios would range from:


Portfolios:	Class IA	Class IB
AXA Conservative Strategy	N/A	1.10% to 1.35%
AXA Conservative Growth Strategy	N/A	1.03% to 1.28%
AXA Balanced Strategy	0.79% to 1.04%	1.04% to 1.29%
AXA Moderate Growth Strategy	N/A	0.99% to 1.24%
AXA Growth Strategy	0.81% to 1.06%	1.06% to 1.31%

The EQ/Franklin Templeton Allocation Portfolio invests exclusively in shares of Underlying Portfolios managed by AXA Equitable. Therefore, the EQ/Franklin Templeton 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 investment return of the EQ/Franklin

883

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

Templeton Allocation 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 Allocation Portfolio’s investments in Underlying Portfolios is:


Portfolio:		Range of Expenses
EQ/Franklin Templeton Allocation		0.75% to 1.00%

Thus, the net expense ratio of the Class IA shares and Class IB shares of the EQ/Franklin Templeton Allocation Portfolio, including the EQ/Franklin Templeton Allocation Portfolio’s direct and indirect expenses, would range from:


Portfolio:	Class IA	Class IB
EQ/Franklin Templeton Allocation	0.90% to 1.15%	1.15% to 1.40%

Absent the Expense Limitation Agreement of the EQ/Franklin Templeton Allocation Portfolio, the total expense ratio of the Class IA shares and Class IB shares of the EQ/Franklin Templeton Allocation Portfolio would range from:


Portfolio:	Class IA	Class IB
EQ/Franklin Templeton Allocation	0.97% to 1.22%	1.22% to 1.47%

Note 7

Percentage of Ownership by Affiliates

At June 30, 2010, AXA Equitable held investments in each of the Portfolios as follows:


Portfolios:	Percentage of Ownership
All Asset Allocation	—	%#
AXA Conservative Strategy	0.12
AXA Conservative Growth Strategy	0.07
AXA Balanced Strategy	0.04
AXA Moderate Growth Strategy	0.01
AXA Growth Strategy	0.03
EQ/Franklin Templeton Allocation	0.01
EQ/International ETF	0.62
AXA Tactical Manager 500-I	0.04
AXA Tactical Manager 400-I	0.71
AXA Tactical Manager 2000-I	0.12
AXA Tactical Manager International-I	0.13
EQ/AllianceBernstein International	0.02
EQ/AllianceBernstein Small Cap Growth	0.01
EQ/AXA Franklin Small Cap Value Core	0.03
EQ/BlackRock Basic Value	0.01
EQ/BlackRock International Equity	0.01
EQ/Boston Advisors Equity Income	0.01
EQ/Calvert Socially Responsible	0.34
EQ/Capital Guardian Growth	0.03
EQ/Capital Guardian Research	0.02
EQ/Common Stock Index	0.12
EQ/Core Bond Index	—	#
EQ/Davis New York Venture	0.03
EQ/Equity 500 Index	0.01
EQ/Equity Growth PLUS	0.01
EQ/Franklin Core Balanced	0.02

884

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)


Portfolios:	Percentage of Ownership
EQ/GAMCO Mergers and Acquisitions	0.05	%
EQ/GAMCO Small Company Value	0.01
EQ/Global Bond PLUS	0.01
EQ/Global Multi-Sector Equity	0.01
EQ/Intermediate Government Bond Index	0.01
EQ/International Core PLUS	—	#
EQ/International Growth	0.02
EQ/JPMorgan Value Opportunities	0.03
EQ/Large Cap Core PLUS	0.02
EQ/Large Cap Growth Index	0.01
EQ/Large Cap Growth PLUS	0.01
EQ/Large Cap Value Index	1.28
EQ/Large Cap Value PLUS	0.01
EQ/Lord Abbett Growth & Income	0.01
EQ/Lord Abbett Large Cap Core	0.07
EQ/Mid Cap Index	—	#
EQ/Mid Cap Value PLUS	0.03
EQ/Money Market	0.07
EQ/Montag & Caldwell Growth	—	#
EQ/Morgan Stanley Mid Cap Growth	—	#
EQ/Mutual Large Cap Equity	0.03
EQ/Oppenheimer Global	0.07
EQ/PIMCO Ultra Short Bond	0.01
EQ/Quality Bond PLUS	0.01
EQ/Small Company Index	0.02
EQ/T. Rowe Price Growth Stock	0.01
EQ/Templeton Global Equity	—	#
EQ/UBS Growth and Income	0.02
EQ/Van Kampen Comstock	0.01
EQ/Wells Fargo Advantage Omega Growth	0.01

#	Percentage of ownership is less than 0.005%.

Shares of some of the Portfolios are held by the All Asset Allocation Portfolio, EQ/Franklin Templeton Allocation Portfolio, AXA Strategy Portfolios, 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 Allocation Portfolio, each AXA Strategy Portfolio, and each AXA Allocation Portfolio and Target Allocation Portfolio has in each respective underlying investment company’s net assets as of June 30, 2010.


	All Asset Allocation		EQ/Franklin Templeton Allocation
EQ/AXA Franklin Small Cap Value Core Portfolio	0.83	%	—	%
EQ/BlackRock Basic Value Equity Portfolio	0.68		—
EQ/BlackRock International Value Portfolio	0.40		—
EQ/Boston Advisors Equity Income Portfolio	0.55		—
EQ/Core Bond Index Portfolio	0.09		—
EQ/Davis New York Venture Portfolio	2.56		—
EQ/Equity Growth PLUS	0.19		—
EQ/Franklin Core Balanced Portfolio	—		41.86
EQ/GAMCO Mergers and Acquisitions Portfolio	4.47		—

885

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)


	All Asset Allocation		EQ/Franklin Templeton Allocation
EQ/GAMCO Small Company Value Portfolio	0.79	%	—	%
EQ/Global Bond PLUS Portfolio	1.15		—
EQ/Global Multi-Sector Equity Portfolio	0.49		—
EQ/Intermediate Government Bond Index Portfolio	0.15		—
EQ/International Core PLUS Portfolio	1.21		—
EQ/International Growth Portfolio	0.50		—
EQ/Large Cap Core Plus Portfolio	2.03		—
EQ/Large Cap Growth Index Portfolio	—		—
EQ/Large Cap Growth Plus Portfolio	1.10		—
EQ/Large Cap Value Plus Portfolio	0.32		—
EQ/Mutual Large Cap Equity Portfolio	—		63.38
EQ/Quality Bond Plus Portfolio	0.06		—
EQ/Small Company Index Portfolio	0.06		—
EQ/Templeton Global Equity Portfolio	—		65.94
Multimanager Core Bond Portfolio	0.19		—
Multimanager International Equity Portfolio	0.37		—
Multimanager Large Cap Core Equity Portfolio	0.66		—
Multimanager Large Cap Value Portfolio	0.38		—
Multimanager Mid Cap Growth Portfolio	0.36		—
Multimanager Mid Cap Value Portfolio	0.54		—
Multimanager Small Cap Growth Portfolio	1.22		—
Multimanager Small Cap Value Portfolio	0.11		—


	AXA Conservative Strategy		AXA Conservative Growth Strategy		AXA Balanced Strategy		AXA Moderate Growth Strategy		AXA Growth Strategy
AXA Tactical Manager 500 Portfolio-I	2.02	%	6.58	%	14.89	%	43.02	%	30.02	%
AXA Tactical Manager 400 Portfolio-I	1.91		6.87		12.67		34.96		25.55
AXA Tactical Manager 2000 Portfolio-I	1.90		6.62		14.68		42.48		31.54
AXA Tactical Manager International Portfolio-I	1.88		6.38		14.20		40.06		28.91
EQ/Core Bond Index Portfolio	1.18		1.51		2.22		4.24		1.97
EQ/Intermediate Government Bond Index Portfolio	0.57		0.74		1.09		2.11		0.99

	AXA Conservative Allocation		AXA Conservative- Plus Allocation		AXA Moderate Allocation		AXA Moderate- Plus Allocation		AXA Aggressive Allocation
EQ/International ETF Portfolio	1.33	%	4.13	%	28.77	%	40.51	%	11.67	%
AXA Tactical Manager 500 Portfolio-II	0.08		3.54		29.31		45.82		21.23
AXA Tactical Manager 400 Portfolio-II	2.22		4.70		32.60		48.05		12.42
AXA Tactical Manager 2000 Portfolio-II	3.40		4.92		28.77		45.42		17.49
AXA Tactical Manager International Portfolio-II	1.93		4.25		32.27		46.07		15.47
EQ/AllianceBernstein International Portfolio	0.22		0.55		3.77		7.06		3.28
EQ/AllianceBernstein Small Cap Growth Portfolio	0.14		0.67		7.31		14.48		5.93
EQ/AXA Franklin Small Cap Value Core Portfolio	—		3.59		23.85		27.28		11.04

886

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)


	AXA Conservative Allocation		AXA Conservative- Plus Allocation		AXA Moderate Allocation		AXA Moderate- Plus Allocation		AXA Aggressive Allocation
EQ/BlackRock Basic Value Equity Portfolio	0.82	%	1.13	%	6.58	%	10.03	%	3.79	%
EQ/BlackRock International Value Portfolio	0.34		0.92		5.87		10.97		5.52
EQ/Boston Advisors Equity Income Portfolio	1.34		3.90		18.12		24.80		7.09
EQ/Core Bond Index Portfolio	8.34		5.72		23.31		20.15		2.21
EQ/GAMCO Small Company Value Portfolio	0.23		0.76		4.75		5.45		4.57
EQ/Global Bond PLUS Portfolio	10.97		8.64		35.00		—		—
EQ/Global Multi-Sector Equity Portfolio	0.48		0.94		7.72		8.56		2.94
EQ/Intermediate Government Bond Index Portfolio	6.31		4.32		22.22		19.58		1.26
EQ/International Core PLUS Portfolio	0.66		1.36		10.12		12.45		3.14
EQ/International Growth Portfolio	0.66		1.59		11.01		21.55		10.18
EQ/Large Cap Core Plus Portfolio	2.70		3.71		22.01		28.93		11.01
EQ/Large Cap Growth Index Portfolio	1.60		2.59		13.10		23.24		8.84
EQ/Large Cap Growth Plus Portfolio	2.16		2.70		16.40		24.41		9.58
EQ/Large Cap Value Plus Portfolio	1.09		2.46		26.27		35.06		16.45
EQ/Mid Cap Index Portfolio	—		0.60		2.12		2.12		2.27
EQ/PIMCO Ultra Short Bond Portfolio	5.12		3.60		17.86		10.40		0.84
EQ/Quality Bond Plus Portfolio	11.16		6.95		30.34		21.55		1.67
EQ/Small Company Index Portfolio	—		0.40		4.16		3.61		0.59


	Target 2015 Allocation		Target 2025 Allocation		Target 2035 Allocation		Target 2045 Allocation
EQ/International ETF Portfolio	3.71	%	4.64	%	2.82	%	1.60	%
EQ/Core Bond Index Portfolio	0.32		0.18		0.04		0.00
EQ/Equity 500 Index Portfolio	0.61		0.93		0.62		0.37
EQ/Global Bond PLUS Portfolio	0.22		0.11		0.03		0.00
EQ/Global Multi-Sector Equity Portfolio	0.49		0.54		0.34		0.18
EQ/Quality Bond Plus Portfolio	0.03		0.02		0.01		0.00
EQ/Small Company Index Portfolio	0.57		0.77		0.55		0.28

Note 8

Substitution and Reorganization Transactions

After the close of business September 11, 2009, EQ/Mid Cap Value PLUS Portfolio acquired the net assets of the EQ/Ariel Appreciation II Portfolio, the EQ/Lord Abbett Mid Cap Value Portfolio and the EQ/Van Kampen Real Estate Portfolio, (“the Acquired Funds”) pursuant to a Plan of Reorganization and Termination as approved by shareholders on August 26, 2009. For accounting purposes, these transactions are treated as a merger. The purpose of these mergers was to combine funds managed by AXA Equitable with comparable investment objectives. The reorganization was accomplished by a tax-free exchange resulting in EQ/Mid Cap Value PLUS Portfolio issuing 378,410 Class IA shares and 10,397,368 Class IB shares (valued at $2,964,094 and $80,461,090, respectively) in exchange for Class IA shares and Class IB shares of the EQ/Ariel Appreciation II Portfolio, 5,375,328 Class IA shares and 31,340,540 Class IB shares (valued at $42,105,108 and $242,531,961, respectively) in exchange for Class IA shares and Class IB shares of the EQ/Lord Abbett Mid Cap Value Portfolio, and issuing 8,495,464 Class IA shares and 58,862,344 Class IB shares (valued at $66,545,228 and $455,512,235, respectively) in exchange for Class IA shares and Class IB shares of the EQ/Van

887

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

Kampen Real Estate Portfolio. The investment portfolios of the Acquired Funds, with fair values of $82,940,557, $283,630,876, $519,119,411, respectively and identified costs of $72,182,776, $240,410,739, and $617,752,557, respectively, at September 11, 2009, were the principal assets acquired by EQ/Mid Cap Value PLUS Portfolio. For financial reporting purposes, assets received and shares issued by EQ/Mid Cap Value PLUS Portfolio were recorded at fair value; however, the cost basis of the investments from the Acquired Funds, were carried forward to align ongoing reporting of EQ/Mid Cap Value PLUS Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The Acquired Funds’ net assets at merger date of $83,425,184, $284,637,069, and $522,057,463, including $10,757,781, $43,220,137 and ($98,633,146) of unrealized appreciation (depreciation), respectively, were combined with those of EQ/Mid Cap Value PLUS Portfolio. Assuming the acquisition had been completed on January 1, 2009, the beginning of the annual reporting period of EQ/Mid Cap Value PLUS Portfolio, pro forma results of operations for the year ended December 31, 2009 would include net investment income of $35,072,883, and net gain of $698,386,269, resulting in an increase in net assets from operations of $733,459,152. Because the combined investment portfolios have been managed as a single integrated portfolio since acquisition date, it is not practicable to separate the amounts of revenue and earnings of the Acquired Funds that have been included in EQ/Mid Cap Value PLUS Portfolio’s statement of operations since the merger date, September 11, 2009. Prior to the combinations, the net assets of the EQ/ Mid Cap Value PLUS Portfolio totaled $1,033,242,026. Immediately after the combinations, the net assets of the EQ/Mid Cap Value PLUS Portfolio totaled $1,923,361,742.

After the close of business September 11, 2009, EQ/PIMCO Ultra Short Bond Portfolio acquired the net assets of the EQ/Short Duration Bond Portfolio and the EQ/AXA Rosenberg Long/Short Value Portfolio and pursuant to a Plan of Reorganization and Termination as approved by shareholders on August 26, 2009. For accounting purposes, these transactions are treated as a merger. The purpose of these mergers was to combine these funds managed by AXA Equitable with comparable investment objectives. The reorganization was accomplished by a tax-free exchange resulting in EQ/PIMCO Ultra Short Bond Portfolio issuing 479,474 Class IA shares and 24,737,567 Class IB shares (valued at $4,772,927 and $246,073,680, respectively) in exchange for Class IA shares and Class IB shares of the EQ/Short Duration Bond Portfolio and a taxable exchange resulting in EQ/PIMCO Ultra Short Bond Portfolio issuing 1,160,261 Class IA shares and 11,964,715 Class IB shares (valued at $11,549,824 and $119,017,430, respectively) in exchange for Class IA shares and Class IB shares of the EQ/AXA Rosenberg Long/Short Value Portfolio. The investment portfolio of EQ/Short Duration Bond Portfolio, with a fair value of $194,530,544 and identified cost of $195,090,222 at September 11, 2009, and the investment portfolio of EQ/AXA Rosenberg Long/Short Value Portfolio, with a fair value of $130,718,174 and identified cost of $130,716,956 at September 11, 2009, were the principal assets acquired by EQ/PIMCO Ultra Short Bond Portfolio. For financial reporting purposes, assets received and shares issued by EQ/ PIMCO Ultra Short Bond Portfolio were recorded at fair value; however, the cost basis of the investments from EQ/Short Duration Bond Portfolio was carried forward to align ongoing reporting of EQ/PIMCO Ultra Short Bond Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. EQ/Short Duration Bond Portfolio and EQ/AXA Rosenberg Long/Short Value Portfolio net assets at that date of $250,846,607 and $130,567,254, including ($559,678) and $1,218 of unrealized appreciation (depreciation), were combined with those of EQ/PIMCO Ultra Short Bond Portfolio. Assuming the acquisition had been completed on January 1, 2009, the beginning of the annual reporting period of EQ/PIMCO Ultra Short Bond Portfolio, pro forma results of operations for the year ended December 31, 2009 would include net investment income of $39,867,892, and net gain on investments of $212,703,374, resulting in an increase in net assets from operations of $252,571,266. Because the combined investment portfolios have been managed as a single integrated portfolio since acquisition date, it is not practicable to separate the amounts of revenue and earnings of the EQ/Short Duration Bond Portfolio or the EQ/AXA Rosenberg Long/Short Value Portfolio that have been included in EQ/PIMCO Ultra Short Bond Portfolio’s statement of operations since the merger date, September 11, 2009. Prior to the combinations, the net assets of the EQ/PIMCO Ultra Short

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EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

Bond Portfolio totaled $2,417,612,734. Immediately after the combinations, the net assets of the EQ/PIMCO Ultra Short Bond Portfolio totaled $2,799,026,595.

After the close of business September 18, 2009, EQ/Common Stock Index Portfolio acquired the net assets of the EQ/Common Stock Index II Portfolio pursuant to a Plan of Reorganization and Termination as approved by shareholders on September 10, 2009. For accounting purposes, this transaction is treated as a merger. The purpose of this merger was to combine two funds managed by AXA Equitable with comparable investment objectives. The reorganization was accomplished by a tax-free exchange resulting in the EQ/Common Stock Index Portfolio issuing 464,999 Class IA shares and 3,833,522 Class IB shares (valued at $6,344,413 and $52,928,440, respectively) in exchange for Class IA shares and Class IB shares of the EQ/Common Stock Index II Portfolio. The investment portfolio of EQ/Common Stock Index II, with a fair value of $58,362,462 and identified cost of $52,221,842 at September 18, 2009, was the principal asset acquired by EQ/Common Stock Index Portfolio. For financial reporting purposes, assets received and shares issued by EQ/Common Stock Index Portfolio were recorded at fair value; however, the cost basis of the investments from EQ/Common Stock Index II Portfolio was carried forward to align ongoing reporting of EQ/Common Stock Index Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. EQ/Common Stock Index II Portfolio’s net assets at the merger date of $58,272,853, including $6,140,621 of unrealized appreciation, were combined with those of EQ/Common Stock Index Portfolio. Assuming the acquisition had been completed on January 1, 2009, the beginning of the annual reporting period of EQ/Common Stock Index Portfolio, pro forma results of operations for the year ended December 31, 2009 would include net investment income of $84,807,551, and net gain on investments of $1,044,250,279, resulting in an increase in net assets from operations of $1,129,057,830. Because the combined investment portfolios have been managed as a single integrated portfolio since acquisition date, it is not practicable to separate the amounts of revenue and earnings of the EQ/Common Stock Index II Portfolio that have been included in EQ/Common Stock Index Portfolio’s statement of operations since the merger date, September 11, 2009. Prior to the combination, the net assets of the EQ/Common Stock Index Portfolio totaled $4,818,340,749. Immediately after the combination, the net assets of the EQ/Common Stock Index Portfolio totaled $4,876,613,602.

After the close of business September 18, 2009, EQ/Small Company Index Portfolio acquired the net assets of the EQ/Small Company Index II Portfolio pursuant to a Plan of Reorganization and Termination as approved by shareholders on September 10, 2009. For accounting purposes, this transaction is treated as a tax-free merger. The purpose of this merger was to combine two funds managed by AXA Equitable with comparable investment objectives. The reorganization was accomplished by a tax-free exchange resulting in the EQ/Small Company Index Portfolio issuing 620,742 Class IA shares and 10,930,602 Class IB shares (valued at $5,223,883 and $91,853,172, respectively) in exchange for Class IA shares and Class IB shares of the EQ/Small Company Index II Portfolio. The investment portfolio of EQ/Small Company Index II, with a fair value of $96,573,475 and identified cost of $83,834,259 at September 18, 2009, was the principal asset acquired by EQ/Small Company Index Portfolio. For financial reporting purposes, assets received and shares issued by EQ/Small Company Index Portfolio were recorded at fair value; however, the cost basis of the investments from EQ/Small Company Index II Portfolio was carried forward to align ongoing reporting of EQ/Small Company Index Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. EQ/Small Company Index II Portfolio’s net assets at the merger date of $97,077,055, including $12,739,216 of unrealized appreciation, were combined with those of EQ/Small Company Index Portfolio. Assuming the acquisition had been completed on January 1, 2009, the beginning of the annual reporting period of EQ/Small Company Index Portfolio, pro forma results of operations for the year ended December 31, 2009 would include net investment income of $8,926,482, and net gain of $354,410,411, resulting in an increase in net assets from operations of $363,336,893. Because the combined investment portfolios have been managed as a single integrated portfolio since acquisition date, it is not practicable to separate the amounts of revenue and earnings of the EQ/Small Company Index II Portfolio that have been

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EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

included in EQ/Small Company Index Portfolio’s statement of operations since the merger date, September 18, 2009. Prior to the combination, the net assets of the EQ/Small Company Index Portfolio totaled $752,369,874. Immediately after the combination, the net assets of the EQ/Small Company Index Portfolio totaled $849,446,929.

After the close of business September 18, 2009, EQ/Quality Bond PLUS Portfolio acquired the net assets of the EQ/Caywood-Scholl High Yield Portfolio pursuant to a Plan of Reorganization and Termination as approved by shareholders on August 26, 2009. For accounting purposes, this transaction is treated as a merger. The purpose of this merger was to combine two funds managed by AXA Equitable with comparable investment objectives. The reorganization was accomplished by a tax-free exchange resulting in the EQ/Quality Bond PLUS Portfolio issuing 33,226,727 Class IB shares (valued at $305,253,763) in exchange for Class IB shares of the EQ/Caywood-Scholl High Yield Portfolio. The investment portfolio of EQ/Caywood-Scholl High Yield, with a fair value of $295,633,378 and identified cost of $292,869,665 at September 18, 2009, was the principal asset acquired by EQ/Quality Bond PLUS Portfolio. For financial reporting purposes, assets received and shares issued by EQ/Quality Bond PLUS Portfolio were recorded at fair value; however, the cost basis of the investments from EQ/Caywood-Scholl High Yield Portfolio was carried forward to align ongoing reporting of EQ/Quality Bond PLUS Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. EQ/Caywood-Scholl High Yield Portfolio’s net assets at the merger date of $305,253,763, including $2,763,713 of unrealized appreciation, were combined with those of EQ/Quality Bond PLUS Portfolio. Assuming the acquisition had been completed on January 1, 2009, the beginning of the annual reporting period of EQ/Quality Bond PLUS Portfolio, pro forma results of operations for the year ended December 31, 2009 would include net investment income of $105,946,413, and net gain of $148,678,879, resulting in an increase in net assets from operations of $254,625,292. Because the combined investment portfolios have been managed as a single integrated portfolio since acquisition date, it is not practicable to separate the amounts of revenue and earnings of the EQ/Caywood-Scholl High Yield Portfolio that have been included in EQ/Quality Bond PLUS Portfolio’s statement of operations since the merger date, September 18, 2009. Prior to the combination, the net assets of the EQ/Quality Bond PLUS Portfolio totaled $3,048,227,768. Immediately after the combination, the net assets of the EQ/Quality Bond PLUS Portfolio totaled $3,353,481,531.

After the close of business September 25, 2009, EQ/Core Bond Index Portfolio acquired the net assets of the EQ/Bond Index Portfolio and the EQ/Long Term Bond Portfolio pursuant to a Plan of Reorganization and Termination as approved by shareholders on August 26, 2009. For accounting purposes, these transactions are treated as a merger. The purpose of these mergers was to combine these funds managed by AXA Equitable with comparable investment objectives. The reorganizations were accomplished by a tax-free exchange resulting in EQ/Core Bond Index Portfolio issuing 6,490,992 Class IA shares and 579,532 Class IB shares (valued at $62,474,910 and $5,576,333, respectively) in exchange for Class IA shares and Class IB shares of the EQ/Bond Index Portfolio and issuing 5,413,643 Class IA shares and 19,207,280 Class IB shares (valued at $52,105,571 and $184,814,910, respectively) in exchange for Class IA shares and Class IB shares of the EQ/Long Term Bond Portfolio. The investment portfolio of the EQ/Bond Index Portfolio and the EQ/Long Term Bond Portfolio, with fair values of $66,923,746 and $170,705,741 and identified cost of $64,600,433 and $171,232,962, respectively, at September 25, 2009, were the principal assets acquired by EQ/Core Bond Index Portfolio. For financial reporting purposes, assets received and shares issued by EQ/Core Bond Index Portfolio were recorded at fair value; however, the cost basis of the investments from EQ/Bond Index Portfolio and EQ/Long Term Bond Portfolio were carried forward to align ongoing reporting of EQ/Core Bond Index Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The EQ/Bond Index Portfolio and the EQ/Long Term Bond Portfolio net assets at the merger date of $68,051,243 and $236,920,481, including $2,323,313 and $29,681 of unrealized appreciation, respectively, were combined with those of EQ/ Core Bond Index Portfolio. Assuming the acquisition had been completed on January 1, 2009, the beginning of the annual reporting period of EQ/Core Bond Index Portfolio, pro forma results of operations for the

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EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

year ended December 31, 2009 would include net investment income of $116,181,768, and net loss of $59,393,635, resulting in an increase in net assets from operations of $56,788,133. Because the combined investment portfolios have been managed as a single integrated portfolio since acquisition date, it is not practicable to separate the amounts of revenue and earnings of the EQ/Long Term Bond Portfolio that have been included in EQ/Core Bond Index Portfolio’s statement of operations since the merger date, September 25, 2009. Prior to the combinations, the net assets of the EQ/Core Bond Index Portfolio totaled $3,742,351,278. Immediately after the combinations, the net assets of the EQ/Core Bond Index Portfolio totaled $4,047,323,002.

After the close of business September 25, 2009, EQ/Intermediate Government Bond Index Portfolio acquired the net assets of the EQ/Government Securities Portfolio pursuant to a Plan of Reorganization and Termination as approved by shareholders on August 26, 2009. For accounting purposes, this transaction is treated as a merger. The purpose of this merger was to combine two funds managed by AXA Equitable with comparable investment objectives. The reorganization was accomplished by a tax-free exchange resulting in the EQ/Intermediate Government Bond Index Portfolio issuing 5,425,112 Class IA shares (valued at $52,941,956) in exchange for Class IA shares of the EQ/ Government Securities Portfolio. The investment portfolio of EQ/Government Securities with a fair value of $39,901,926 and identified cost of $39,746,143 at September 25, 2009, was the principal asset acquired by EQ/Intermediate Government Bond Index Portfolio. For financial reporting purposes, assets received and shares issued by EQ/Intermediate Government Bond Index Portfolio were recorded at fair value; however, the cost basis of the investments from EQ/Government Securities Portfolio was carried forward to align ongoing reporting of EQ/Intermediate Government Bond Index Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. EQ/Government Securities Portfolio’s net assets at the merger date of $52,941,956, including $153,732 of unrealized appreciation, were combined with those of EQ/Intermediate Government Bond Index Portfolio. Assuming the acquisition had been completed on January 1, 2009, the beginning of the annual reporting period of EQ/Intermediate Government Bond Index Portfolio, pro forma results of operations for the year ended December 31, 2009 would include net investment income of $23,110,090, and net loss of $36,233,182, resulting in a decrease in net assets from operations of $13,123,092. Because the combined investment portfolios have been managed as a single integrated portfolio since acquisition date, it is not practicable to separate the amounts of revenue and earnings of the EQ/Government Securities Portfolio that have been included in EQ/Intermediate Government Bond Index Portfolio’s statement of operations since the merger date, September 25, 2009. Prior to the combination, the net assets of the EQ/Intermediate Government Bond Index Portfolio totaled $1,717,456,555. Immediately after the combination, the net assets of the EQ/ Intermediate Government Bond Index Portfolio totaled $1,770,398,511.

Note 9

Subsequent Events

The Manager evaluated subsequent events from June 30, 2010, the date of these financial statements, through the date these financial statements were issued and available. The subsequent events include the following:

At a meeting held on July 13-14, 2010, the Board of Trustees approved the following changes to the management fee payable by the Tactical Manager Portfolios to the Manager:

Effective August 1, 2010, the Manager is entitled to receive a fee of: 0.45% on the first $4 billion of average daily net assets; 0.43% on the next $4 billion of average daily net assets and 0.41% of average daily net assets thereafter.

At a meeting held on July 13-14, 2010, the Board of Trustees approved a change to the maximum fee that each Distributor is entitled to receive from each Portfolio’s Class IB shares pursuant to the Trust’s Distribution Plan:

Effective August 1, 2010 the maximum payment for services provided under the Distribution Plan is 0.25% of the average daily net assets attributable to the Trust’s Class IB Shares.

891

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

At a meeting held on July 13-14, 2010, the Board of Trustees approved the following changes to the administrative fee payable by the Multiadviser Portfolios and the Tactical Portfolios:

Effective August 1, 2010, the Multiadviser Portfolios pay an annual rate of $32,500 per Multiadviser Portfolio, plus $32,500 for each portion of a Multiadviser Portfolio for which separate administrative services are provided, (i.e., each adviser in the multi-advised structure) plus 0.15% of the first $20 billion of each Multiadviser Portfolio’s average daily net assets; 0.125% of the next $5 billion of each Multiadviser Portfolio’s average daily net assets; and 0.10% on assets thereafter.

At a meeting held on July 13-14, 2010, the Board of Trustees approved the following changes to the administrative fee payable by the All Asset Allocation Portfolio, EQ/Franklin Templeton Allocation Portfolio, and AXA Strategy Portfolios:

Effective August 1, 2010, the All Asset Allocation Portfolio, EQ/Franklin Templeton Allocation Portfolio and AXA Strategy Portfolios pay an annual rate of 0.15% of the average daily net assets of the Portfolio plus a fixed charge of $32,500 per Portfolio.

By written consent dated July 21, 2010, the Board of Trustees approved changes to the investment objectives of the Tactical Manager Portfolios effective August 1, 2010:


Portfolio		Investment Objective
AXA Tactical Manager 500 Portfolio I AXA Tactical Manager 500 Portfolio II AXA Tactical Manager 500 Portfolio III		The Portfolio seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and lower volatility over a full market cycle relative to traditional equity funds and equity market indexes, by investing in a combination of long and short positions on equity securities of large-capitalization companies, including securities included in the Standard & Poor’s 500 Composite Stock Price Index.

AXA Tactical Manager 400 Portfolio I AXA Tactical Manager 400 Portfolio II AXA Tactical Manager 400 Portfolio III		The Portfolio seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and lower volatility over a full market cycle relative to traditional equity funds and equity market indexes, by investing in a combination of long and short positions on equity securities of mid-capitalization companies, including securities included in the Standard & Poor’s MidCap 400 Index.

AXA Tactical Manager 2000 Portfolio I AXA Tactical Manager 2000 Portfolio II AXA Tactical Manager 2000 Portfolio III		The Portfolio seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and lower volatility over a full market cycle relative to traditional equity funds and equity market indexes, by investing in a combination of long and short positions on equity securities of small-capitalization companies, including securities included in the Russell 2000 Index.

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EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS (Concluded)

June 30, 2010 (Unaudited)

Portfolio

Investment Objective

AXA Tactical Manager International Portfolio I

AXA Tactical Manager International Portfolio II

AXA Tactical Manager International Portfolio III

The Portfolio seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and lower volatility over a full market cycle relative to traditional equity funds and equity market indexes, by investing in a combination of long and short positions on equity securities of foreign companies, including securities included in the Morgan Stanley Capital International EAFE Index, ASX SPI 200 Index, Dow Jones EURO STOXX 50 Index, FTSE 100 Index and the Tokyo Stock Price Index.

By written consent dated July 21, 2010, the Board of Trustees approved the following name changes of the AXA Tactical Manager 500 Portfolio-II, the AXA Tactical Manager 400 Portfolio-II, the AXA Tactical Manager 2000 Portfolio-II, and the AXA Tactical Manager International Portfolio-II effective August 1, 2010:


Current Name		Proposed Name
AXA Tactical Manager 500 Portfolio–II		ATM Large Cap Portfolio
AXA Tactical Manager 400 Portfolio–II		ATM Mid Cap Portfolio
AXA Tactical Manager 2000 Portfolio–II		ATM Small Cap Portfolio
AXA Tactical Manager International Portfolio-II		ATM International Portfolio

893

APPROVALS OF INVESTMENT MANAGEMENT AND ADVISORY AGREEMENTS DURING THE SIX-MONTH PERIOD ENDED JUNE 30, 2010 (UNAUDITED)

At a meeting held on March 2-3, 2010, the Board of Trustees (the “Board”) of EQ Advisors Trust (the “Trust”), including those Trustees who are not parties to the Agreements (as defined below) nor “interested persons” (as that term is defined in the Investment Company Act of 1940, as amended) of such parties or the Trust (the “Independent Trustees”), unanimously approved an investment advisory agreement (an “Advisory Agreement”) between AXA Equitable Life Insurance Company (“AXA Equitable” or the “Manager”) and Montag & Caldwell, Inc. (“Montag” or an “Adviser”) with respect to the EQ/Montag & Caldwell Growth Portfolio (the “Montag Portfolio” or a “Portfolio”). At a meeting held on June 8-9, 2010, the Board, including the Independent Trustees, unanimously approved (i) an investment management agreement (the “Management Agreement” and together with the Advisory Agreements, the “Agreements”) between the Trust and the Manager with respect to the ATM Core Bond Portfolio and the ATM Government Bond Portfolio (each, a “Portfolio” and together, the “ATM Bond Portfolios”) and (ii) an Advisory Agreement between the Manager and AllianceBernstein L.P. (“AllianceBernstein” or an “Adviser”) with respect to the ATM Bond Portfolios.

In reaching its decision to approve each Agreement, the Board considered the overall fairness of the Agreement and whether the Agreement was in the best interests 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 to be provided to the Portfolio by the Manager, the Adviser and their respective affiliates; (2) with respect to the Montag Portfolio, the performance of the Portfolio as compared to a peer group and an appropriate benchmark and, with respect to each ATM Bond Portfolio, hypothetical performance information of the Manager’s duration management strategy; (3) the proposed management and subadvisory fees and expense ratios; (4) economies of scale that may be realized by the Portfolios; (5) the costs of the services provided and profits realized by the Manager and its affiliates from their relationship with the Portfolio; and (6) the “fall out” benefits to be realized by the Manager, the Adviser and their respective affiliates (i.e., any direct or indirect benefits to be derived by the Manager, the Adviser and their respective affiliates from their relationship with the Portfolio). In addition, with respect to the new Advisory Agreement with Montag, the Board also considered that the Agreement was necessitated by a change in control of Montag. In considering each Agreement, the Board did not identify any single factor or information as all-important or controlling and each Trustee may have attributed different weight to each factor.

In connection with its deliberations, the Board took into account information furnished at prior Board meetings, as well as information prepared specifically in connection with the approval process. Information furnished in connection with the approval process included memoranda and other materials prepared by the Manager and the Advisers describing, among other things, the services to be provided by the Manager, the Advisers and their respective investment personnel, proposed management and advisory fees, performance information and other matters. The information regarding the Manager, each Adviser and each Agreement was provided to the Trustees prior to and at the meeting. During the meeting, the Trustees discussed the information provided and the Independent Trustees also met in executive session during the meeting to review this information. The Independent Trustees were assisted by independent counsel during these meetings and during their deliberations regarding the Agreements, and also received materials discussing the legal standards applicable to their consideration of the Agreements. In approving the Agreement(s) with respect to the affected Portfolio, the Board, including the Independent Trustees, determined that the proposed fee structure was fair and reasonable and that approval of the Agreement(s) was in the best interests of the Portfolio and its shareholders. While attention was given to all information furnished, the following discusses some of the primary factors relevant to the Board’s decision.

Nature, Quality and Extent of Services. The Board was satisfied with the nature, quality and extent of the overall services to be provided by the Manager and each Adviser to the Portfolios. In addition to the investment performance information discussed later, the Board considered the responsibilities of the Manager and each Adviser and the Manager’s and, where applicable, each Adviser’s experience and performance in serving as an investment adviser for other Portfolios of the Trust and portfolios similar to the Portfolio(s) it would advise. In its consideration of the Management Agreement, the Board considered that the Manager would be responsible for the search, selection and monitoring of the Adviser to the ATM Bond Portfolios, oversight of the selection of the Adviser’s investments for the sub-advised portion of the ATM Bond Portfolios, the selection of investments for the portion of the ATM Bond Portfolios that it manages directly, oversight of compliance with the ATM Bond Portfolios’ investment objectives and policies, as well as oversight of the ATM Bond Portfolios’ compliance with applicable law, review of brokerage matters and implementation of Board directives as they relate to the ATM

894

Bond Portfolios. In addition, the Board reviewed information regarding the Manager’s process for selecting and monitoring Adviser(s). The Board also reviewed detailed information about the quantitative model that the Manager would utilize to implement the duration management strategy for the ATM Bond Portfolios. The Board also took into account the administrative, shareholder servicing and distribution services to be provided to the Portfolios by the Manager and its affiliates.

With respect to the Advisers, the Board considered that each Adviser would be responsible for (i) making investment decisions on behalf of the relevant Portfolio (or portion thereof), (ii) placing all orders for the purchase and sale of investments for the assets advised by the Adviser with brokers or dealers, and (iii) performing related administrative functions. The Board considered, among other things, information regarding each Adviser’s investment process, the qualifications and background of each portfolio manager who would provide services to the Portfolio (or portion thereof), and each Adviser’s best execution trading policies. In addition, with respect to Montag, the Board considered that, although the change in control of Montag necessitated the approval of the new Advisory Agreement, the new Advisory Agreement was not expected to result in any changes to the investment processes or portfolio managers for the Montag Portfolio.

Performance. With respect to the Advisory Agreement with Montag, the Board took into consideration information about the Montag Portfolio’s performance provided during the year at regular and special Board meetings and that the same investment strategies employed for the Montag Portfolio and the same portfolio manager that currently managed the Montag Portfolio were expected to continue after the approval of the new Advisory Agreement. In general, the Board considered long-term performance to be more important in its evaluation than short-term performance. Based on its review, the Board was satisfied with the performance of the Montag Portfolio.

With respect to the ATM Bond Portfolios, the Board received and reviewed backtested performance data and related information regarding the performance of the Manager’s quantitative investment strategy for the Portfolios under various interest rate scenarios. The Board also considered AllianceBernstein’s expertise, resources and proposed methodology for managing its portion of each ATM Bond Portfolio, noting that the portfolio management team that would manage the ATM Bond Portfolios is the same team that currently manages another fixed income Portfolio of the Trust. In general, the Board considered long-term performance to be more important in its evaluation than short-term performance. Based on its review, the Board was satisfied with the Manager’s explanation that the quantitative model that would be used to manage the ATM Bond Portfolios could reduce the risk of investing in fixed income securities and potentially enhance each Portfolio’s performance over the long-term.

Fees. The Board considered the proposed management and advisory fees for the Manager and each Adviser in light of the nature, quality and extent of the services to be provided by the Manager or the Adviser, as applicable. With respect to each ATM Bond Portfolio, the Board considered the proposed management fee schedule to be paid under the Management Agreement as compared to the management fee schedules for other fixed income portfolios managed by the Manager and noted that the proposed management fee schedule for the ATM Bond Portfolios was generally in the middle of the range and consistent with the Manager’s other intermediate duration fixed income portfolios . The Board noted that after discussions with Management, the proposed management fee schedule for each ATM Bond Portfolio was amended to include breakpoints that would reduce the fee as the assets of the ATM Bond Portfolios increase. The Board noted that any such reduction in an ATM Bond Portfolio’s management fee would result in corresponding reductions in the ATM Bond Portfolio’s total expense ratio. The Board further considered that the Manager had agreed to make payments or waive all or a portion of its management, administration and other fees to limit the ATM Bond Portfolios’ total expense ratios to certain levels as set forth in their prospectus.

With respect to the Advisory Agreements, the Board further noted that the proposed advisory fees were negotiated at arm’s-length between the Advisers and the Manager, the Manager generally is aware of the fees charged by each Adviser to other clients, and the Manager believes that the fees agreed upon with each Adviser are reasonable in light of the quality of investment advisory services to be rendered. The Board also noted that the proposed advisory fee schedule for AllianceBernstein with respect to the ATM Bond Portfolios includes breakpoints. With respect to the advisory fee to be paid under the Advisory Agreement with Montag, the Board noted that the proposed fee was the same as the then-current advisory fee for the Montag Portfolio. The Board also considered that disclosure of all fees and expenses of each Portfolio would be explicit to potential shareholders. Based on its review, the Board was satisfied with the Manager’s and each Adviser’s proposed fee rate.

895

Profitability and Costs. The Board also considered the anticipated level of profits to be realized by the Manager and its affiliates in connection with the operation of each Portfolio. The Board also took into account management’s anticipated ongoing costs and expenditures in providing and improving services for the Portfolios. The Board further considered the impact of the proposed advisory fees on the level of profits realized by the Manager and its affiliates.

The Board also considered the extent to which the Manager and each Adviser may derive ancillary benefits from Portfolio operations, including the following. The Board noted that the Manager also would serve as the administrator for the ATM Bond Portfolios, receiving compensation for acting in this capacity. In addition, the Board recognized that AllianceBernstein is an affiliate of the Manager and would receive advisory fees that are paid by the Manager out of the fees that it would earn as Manager to the ATM Bond Portfolios. The Board also recognized that AXA Advisors, LLC and AXA Distributors, LLC, which also are affiliated with the Manager, serve as the underwriters for the Trust and would receive payments pursuant to Rule 12b-1 plans from the ATM Bond 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. The Board also noted that the Manager, as the depositor of insurance company separate accounts that may invest in the ATM Bond Portfolios, would receive certain significant tax benefits associated with such investments.

The Manager advised the Board that it does not regard an Adviser’s profitability as meaningful to an evaluation of the Advisory Agreements because, as discussed above, the willingness of each Adviser to serve in such capacity depends upon arm’s-length negotiations with the Manager, and the Manager believes that the fees agreed upon with each Adviser are reasonable in light of the fees charged by the Adviser to comparable clients and the quality of investment advisory services to be rendered. The Board therefore found that the proposed advisory fees to be paid with respect to each Portfolio were reasonable and noted the fact that each Adviser’s fee is paid by the Manager. However, the Board also noted that each Adviser may derive ancillary benefits from Portfolio operations. For example, Montag, through its position as an Adviser to the Montag Portfolio, may engage in soft dollar transactions. In addition, the Board considered that an 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. The Board also recognized that affiliates of an Adviser 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.

Economies of Scale. The Board also considered whether economies of scale would be realized by the Manager as the ATM Bond Portfolios grow larger and the extent to which this is reflected in the proposed management fee schedule. While recognizing that any precise determination is inherently subject to assumptions and subjective assessments, the Board noted that economies of scale would be shared with the ATM Bond Portfolios and their shareholders through management fee breakpoints so that as an ATM Bond Portfolio grows in size, its effective management fee declines. The Board also considered that the Manager has agreed to make payments or waive all or a portion of its management, administration and other fees so that each ATM Bond Portfolio’s total expense ratios do not exceed certain levels as set forth in its prospectus. The Board also noted that if the ATM Bond Portfolios’ assets increase over time, the Portfolios may realize other economies of scale if assets increase proportionally more than fixed expenses.

In connection with its deliberations regarding the Advisory Agreements, the Board examined whether the proposed advisory fee schedules include breakpoints in the fees as the assets of the Portfolios grow. With respect to the Advisory Agreement with AllianceBernstein, the Board noted that the proposed advisory fee schedule includes breakpoints. The Board noted that, although the advisory fee schedule for the Montag Portfolio does not include breakpoints, economies of scale are shared with each Portfolio and its shareholders through management fee breakpoints so that as the Portfolio grows in size, its effective management fee rate declines. The Board also considered that the Manager has agreed to make payments or waive all or a portion of its management, administration and other fees so that the Montag Portfolio’s total expense ratios do not exceed certain levels as set forth in its prospectus.

896

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 (51)	Trustee, Chairman, President and Chief Executive Officer	Trustee, President, Chairman from September 2004 to present; Chief Executive Officer and President from December 2002 to present.	From September 1999 to present, Senior Vice President of AXA Financial, Inc. and AXA Equitable; since September 2004, President of AXA Equitable’s Funds Management Group (“FMG”); since July 2004, Senior Vice President of MONY Life Insurance Company and MONY Life Insurance Company of America; Director of MONY Capital Management, Inc.; Director and President, 1740 Advisers, Inc.; Director, Chairman of the Board and President, MONY Asset Management, Inc. and Enterprise Capital Management; since January 2005, MONY Financial Resources of Americas Limited.	89	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 Premier VIP Trust and the Trust.

897


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 (71)	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.	67	From 1994-2006, Director of Atlantic Bank of New York.
Jettie M. Edwards c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York 10104 (64)	Trustee	From March 1997 to present	Retired. From 1986 to 2001, Partner and Consultant, Syrus Associates (business and marketing consulting firm).	67	From 1997 to present, Director, Old Mutual Funds II (12 portfolios); from 2008 to 2009, Director, Old Mutual Funds III (13 portfolios).
David W. Fox c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York 10104 (78)	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.	67	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 (75)	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) and from 2008 to present, Chairman, Keefe Ventures, LLC.	67	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 Partners LLC. From 2005 to 2009, Lead Director, and from 1975 to 2009, Director, Selective Insurance Group, Inc.
Christopher P.A. Komisarjevsky c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York 10104 (65)	Trustee	From March 1997 to present	From 2006 to present, Senior Counselor for APCO Worldwide (global communications consulting) and a member of its International Advisory Counsel. From 1998 to 2005, President and Chief Executive Officer, Burson-Marsteller Worldwide (public relations). From 1996 to 1998, President and Chief Executive Officer, Burson-Marsteller U.S.A.	67	None

898


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)
Harvey Rosenthal c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York 10104 (67)	Trustee	From March 1997 to present	Retired. From 1994 to 1996, President and Chief Operating Officer of Melville Corporation. From 1984-1994, President and Chief Executive Officer of the CVS Division of Melville Corporation.	67	From 1997 to present, Director, LoJack Corporation
Gary S. Schpero c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York 10104 (57)	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.	67	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 Premier VIP Trust and the Trust.

899


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 (51)	Trustee, Chairman, President and Chief Executive Officer	Trustee and Chairman from September 2004 to present; Chief Executive Officer and President from December 2002 to present.	From September 1999 to present, Senior Vice President of AXA Financial, Inc. and AXA Equitable; since September 2004, President of AXA Equitable’s Funds Management Group (“FMG”); since July 2004, Senior Vice President of MONY Life Insurance Company and MONY Life Insurance Company of America; Director of MONY Capital Management, Inc.; Director and President, 1740 Advisers, Inc.; Director, Chairman of the Board and President, MONY Asset Management, Inc. and Enterprise Capital Management; since January 2005, MONY Financial Resources of Americas Limited.
Patricia Louie, Esq. 1290 Avenue of the Americas, New York, New York 10104 (54)	Vice President, Secretary	From July 1999 to present	From May 2003 to present, Vice President and Associate General Counsel of AXA Equitable.
Brian Walsh 1290 Avenue of the Americas, New York, New York 10104 (42)	Chief Financial Officer and Treasurer	From June 2007 to present	From February 2003 to present, Vice President of AXA Equitable.
Alwi Chan 1290 Avenue of the Americas, New York, New York 10104 (35)	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 (42)	Controller	From June 2007 to present	From September 2008 to present, Vice President of AXA Equitable; from March 2006 to September 2008, 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 (48)	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 Byer 1290 Avenue of the Americas, New York, New York 10104 (33)	Assistant Controller	From March 2007 to present	From September 2008 to present, Vice President of AXA Equitable; from February 2004 to September 2008, Assistant Vice President of AXA Equitable.
Roselle Ibanga 1290 Avenue of the Americas, New York, New York 10104 (31)	Assistant Controller	From March 2009 to present	From February 2009 to present, Assistant Vice President of AXA Equitable; from December 2008 to February 2009, Director of AXA Equitable’s Funds Management Group (“FMG”); from October 2007 to December 2008, Second Vice President, New York Life Investments. Management, LLC; from May 2007 to September 2007, Manager of FMG; from August 2004 to May 2007, Fund Administrator of FMG.
Lisa Perrelli 1290 Avenue of the Americas, New York, New York 10104 (35)	Assistant Controller	From March 2009 to present	From September 2008 to present, Assistant Vice President of AXA Equitable; from February 2008 to September 2008, Director of FMG; from September 2006 to February 2008, Manager of FMG; from November 2002 to September 2006, Fund Administrator of FMG.

900


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 (35)	Vice President and Assistant Secretary	From September 2006 to present	From May 2008 to present, Vice President and Counsel of AXA Equitable; from May 2007 to May 2008 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.
Armando Capasso, Esq. 1290 Avenue of the Americas, New York, New York (36)	Vice President and Assistant Secretary	From December 2007 to present	From September 2008 to present, Vice President of AXA Equitable; from September 2007 to present, Counsel of AXA Equitable; from March 2005 to September 2007, Investment Management Associate, Drinker Biddle & Reath.
Joseph J. Paolo 1290 Avenue of the Americas, New York, New York 10104 (39)	Chief Compliance Officer, Vice President and Anti- Money Laundering (“AML”) Compliance Officer	Chief Compliance Officer from June 2007; Vice President and AML Compliance Officer from November 2005 to Present	From June 2007 to present, Vice President of AXA Equitable and Chief Compliance Officer of AXA Equitable’s Funds Management Group; from August 2005 to June 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.
David Shagawat 1290 Avenue of the Americas, New York, New York 10104 (36)	Assistant AML Compliance Officer	From November 2005 to present	From September 2007 to present, Assistant Vice President and Compliance Risk Manager of AXA Equitable; from August 2005 to September 2007, Associate Compliance Officer of AXA Equitable; and from June 2004 to August 2005, Fiduciary Oversight Analyst, Citigroup Asset Management.
Paraskevou Charalambous 1290 Avenue of the Americas, New York, New York 10104 (48)	Assistant Secretary	From November 2005 to present	From March 2000 to present, Senior Legal Assistant for AXA Equitable.
Helen Espaillat 1290 Avenue of the Americas, New York, New York 10104 (46)	Assistant Secretary	From March 2009 to present	From July 2004 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.

901

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, 2010 is available (i) on the Trust’s proxy voting information website at http://www.axa-equitablefunds.com (go to “EQ Advisors Trust Portfolios” 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.

902

Item 2.

Code of Ethics.

Not required

Item 3.

Audit Committee Financial Expert.

Not required

Item 4.

Principal Accountant Fees and Services.

Not required

Item 5.

Audit Committee of Listed Registrants.

Not required.

Item 6.

Schedule of Investments.

The Schedule of Investments is included as part of the Semi-Annual Report to shareholders filed under Item 1 of this Form N-CSR.

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 certifying officers have evaluated the registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this report and have

determined such controls and procedures to be reasonably designed to achieve the purposes described in Rule 30a-3(c) under the Investment Company Act of 1940 as amended, (“1940 Act”), 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 Rules 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 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)		Not applicable for the reporting period.

(a)(2)		Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - filed herewith.

(b)		Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - 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

August 31, 2010

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

August 31, 2010

/S/ BRIAN WALSH

Brian Walsh

Chief Financial Officer

August 31, 2010