EQ Advisors Trust

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-07953

EQ ADVISORS TRUST

(Exact name of registrant as specified in charter)

1290 Avenue of the Americas

New York, New York 10104

(Address of principal executive offices)

PATRICIA LOUIE, ESQ.

Vice President and Associate General Counsel

AXA Equitable Life Insurance Company

1290 Avenue of the Americas

New York, New York 10104

(Name and Address of Agent for Service)

Copies to:

ARTHUR J. BROWN, ESQ.

Kirkpatrick & Lockhart Nicholson Graham LLP

1601 K Street., N.W.

Washington, D.C. 20006

Telephone: (202) 778-9000

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2005 - December 31, 2005

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

2005 Certified

Annual Report

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

EQ Advisors Trust Annual Report

December 31, 2005

Table of Contents


Notes on Performance		2
Portfolio Results and Commentary
EQ/Enterprise Moderate Allocation		4
EQ/Alliance Common Stock		6
EQ/Alliance Growth and Income		8
EQ/Alliance Intermediate Government Securities		10
EQ/Alliance International		12
EQ/Alliance Large Cap Growth		14
EQ/Alliance Quality Bond		16
EQ/Alliance Small Cap Growth		18
EQ/Ariel Appreciation II		20
EQ/Bear Stearns Small Company Growth		22
EQ/Bernstein Diversified Value		24
EQ/Boston Advisors Equity Income		26
EQ/Calvert Socially Responsible		28
EQ/Capital Guardian Growth		30
EQ/Capital Guardian International		32
EQ/Capital Guardian Research		34
EQ/Capital Guardian U.S. Equity		36
EQ/Caywood-Scholl High-Yield Bond		38
EQ/Equity 500 Index		40
EQ/Evergreen International Bond		42
EQ/Evergreen Omega		44
EQ/FI Mid Cap		46
EQ/FI Mid Cap Value		48
EQ/GAMCO Mergers and Acquisitions		50
EQ/GAMCO Small Company Value		52
EQ/Government Securities		54
EQ/Intermediate Term Bond		56
EQ/International Growth		58
EQ/Janus Large Cap Growth		60
EQ/JPMorgan Core Bond		62
EQ/JPMorgan Value Opportunities		64
EQ/Lazard Small Cap Value		66
EQ/Legg Mason Value Equity		68
EQ/Long Term Bond		70
EQ/Lord Abbett Growth and Income		72
EQ/Lord Abbett Large Cap Core		74
EQ/Lord Abbett Mid Cap Value		76
EQ/Marsico Focus		78
EQ/Mercury Basic Value Equity		80
EQ/Mercury International Value		82
EQ/MFS Emerging Growth Companies		84
EQ/MFS Investors Trust		86
EQ/Money Market		88
EQ/Montag & Caldwell Growth		90
EQ/PIMCO Real Return		92
EQ/Short Duration Bond		94
EQ/Small Company Index		96
EQ/TCW Equity		98
EQ/UBS Growth and Income		100
EQ/Van Kampen Comstock		102
EQ/Van Kampen Emerging Markets Equity		104
EQ/Van Kampen Mid Cap Growth		106
EQ/Wells Fargo Montgomery Small Cap		108
Portfolio of Investments		110
Financial Statements		290
Notes to Financial Statements		411
Report of Independent Registered Public Accounting Firm		433
Approvals of Investment Manager and Investment Advisory Agreements		434
Federal Income Tax Information		449
Proxy Vote Results		451
Management of the Trust		453
Proxy Voting and Quarterly Portfolio Holdings Information		458

NOTES ON PERFORMANCE

Total Returns

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

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

Growth of $10,000 Investment

The charts shown on the following pages illustrate the total value of an assumed investment in Class IA and/or Class IB shares of each Portfolio of EQ Advisors Trust. The periods illustrated are from the inception dates shown, or for a ten year period if the inception date is prior to December 31, 1995, through December 31, 2005. These results assume reinvestment of dividends and capital gains. The total value shown for each Portfolio reflects management fees and operating expenses of the Portfolios and 12b-1 fees which are applicable to Class IB shares. They have not been adjusted for insurance-related charges and expenses associated with life insurance policies or annuity contracts, which would lower the total values shown. Results should not be considered representative of future gains or losses.

The Benchmarks

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

Moderate Allocation Index

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

Lehman Brothers Aggregate Bond Index

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

Lehman Brothers Intermediate Government Bond Index

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

Lehman Brothers Intermediate Government/Credit Bond Index

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

Lehman Brothers Long Government/Credit Bond Index

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

Lehman Brothers U.S. Universal Index

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

Lehman Brothers 1-3 Year Government/Credit Index

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

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

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

Merrill Lynch Global Broad Market ex U.S. Index

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

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

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

Morgan Stanley Capital International (MSCI) EAFE Index

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

Morgan Stanley Capital International (MSCI) EAFE Growth Index

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

Morgan Stanley Capital International (MSCI) Emerging Markets Free Index

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

Russell 1000^® Index

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

Russell 1000^® Growth Index

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

Russell 1000^® Value Index

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

Russell 2000^® Index

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

NOTES ON PERFORMANCE

Russell 2000 Growth Index

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

Russell 2000^® Value Index

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

Russell 2500™ Growth Index

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

Russell 2500™ Value Index

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

Russell 3000^® Growth Index

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

Russell 3000^® Index

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

Russell Mid Cap Growth Index

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

Russell Mid Cap Value Index

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

Standard & Poor’s (S&P) 500 Index

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

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

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

Treasury Bill

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

EQ/ENTERPRISE MODERATE ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IB Shares	5.15	%	(0.68	)%	5.92	%	11.66	%
65% S&P 500 Index/ 30% Lehman Brothers Aggregate Bond Index/ 5% 3-Month Treasury Bill	4.15		2.53		8.26		10.36
Moderate Allocation Index†	3.76		3.54		7.97		9.96

*	Date of inception 8/1/88

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

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

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

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 5.15% for the year ending December 31, 2005. The Portfolio’s benchmark, the Moderate Allocation Index, returned 3.76% over the same period.

Portfolio Adviser

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

This Portfolio converted to a fund of funds structure on September 9, 2005.

Portfolio Highlights

For the year ending December 31, 2005

As of December 31, 2005, the Portfolio was invested in 12 underlying EQ Advisors Trust and AXA Premier VIP Portfolios. These included 7 equity funds and 5 fixed income funds. The Portfolio’s fixed income allocation consisted of investment grade bonds (46.5%) and high yield bonds (3.8%). The Portfolio’s equity allocation consisted of large cap growth stocks (14.4%), large cap value stocks (20.3%), and small and mid cap stocks (15.0%).

The period from September 12, 2005 to December 31, 2005, proved to be a challenging environment for both domestic equity and fixed income markets. The cumulative returns of broad market benchmarks such as the S&P 500 Index and the Lehman Brothers Aggregate Bond Index were 1.21% and -0.01%, respectively, over the period.

The Portfolio’s performance over this same time was in line with the benchmark performance. The leading contributors to the Portfolio’s performance were investments in the large cap growth equity category, especially the EQ/Marsico Focus underlying fund. The EQ/Mercury Basic Value underlying fund, in the large cap value category, also made a meaningful contribution. Overall, investment grade bonds were detrimental to performance for the period, although the high yield bond sector did contribute slightly to performance.

EQ/ENTERPRISE MODERATE ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies)

As of December 31, 2005


AXA Premier VIP Core Bond Portfolio	16.0	%
EQ/Bernstein Diversified Value Portfolio	13.6
EQ/Alliance Quality Bond Portfolio	12.4
EQ/Mercury Basic Value Equity Portfolio	13.3
EQ/Short Duration Bond Portfolio	11.7
EQ/Marsico Focus Portfolio	8.8
AXA Premier VIP Large Cap Core Equity Portfolio	6.5
EQ/Lazard Small Cap Value Portfolio	6.0
AXA Premier VIP High Yield Portfolio	4.0
EQ/Long Term Bond Portfolio	3.7
AXA Premier VIP Aggressive Equity Portfolio	3.1
AXA Premier VIP Large Cap Value Portfolio	0.9

UNDERSTANDING YOUR EXPENSES

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IB
Actual	$	1,000.00	$	1,046.10	$	3.25
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.03		3.21

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

EQ/ALLIANCE COMMON STOCK PORTFOLIO

PORTFOLIO ADVISER

•

Alliance Capital Management L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IA Shares	4.52	%	1.41	%	9.14	%	12.87	%
Portfolio – IB Shares**	4.27		1.16		8.96		12.62
S&P 500 Index	4.91		0.54		9.07		12.34

*	Date of inception 1/13/76

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

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 4.52% for the year ending December 31, 2005. The Portfolio’s benchmark, the S&P 500 Index, returned 4.91% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

In the growth component of the Portfolio:

•

An underweighted position in the Financial Services sector, in addition to an overweighted position in the Utilities sector, contributed most significantly to the Portfolio’s return.

•

In terms of stock selection, the Portfolio’s position in Ameritrade was the largest contributor to performance.

•

Broadcom also contributed positively as the company’s robust earnings growth was driven by strong demand for its Bluetooth and broadband-related products.

In the value component of the Portfolio:

•

Performance was enhanced by strong gains in the Portfolio’s retail holdings, particularly Office Depot, and by the avoidance of lagging media and drug stocks.

What hurt performance during the year

In the growth component of the Portfolio:

•

An underweighted position in the Health Care sector was the largest detractor.

•

In terms of stock selection, Apollo Group was the largest detractor from performance as investors worried about slowing enrollment growth among its core working adult market. The next largest detractor was Juniper Networks, which languished on a lack of evidence that its Netscreen acquisition was paying dividends.

In the value component of the Portfolio:

•

The Portfolio’s return was hurt by its underperforming paper and financial holdings.

•

Not owning outperforming oil-and-gas exploration companies also detracted from the Portfolio’s return.

Portfolio Positioning and Outlook

Looking ahead to 2006, investors have a great deal to consider. For the first time since 1987, the U.S. Federal Reserve will have a different chairman. The overall health of the economy may be in question following a year that was impacted favorably by potentially fading stimulants such as a surge in automobile production, a robust housing market, and post-hurricane related building activity. It remains to be seen whether such catalysts will persist in 2006 or if new agents of growth will emerge. Energy prices have remained stubbornly high, despite signs of ample supply and moderating demand. Lower energy prices would be welcomed by consumers and may potentially serve as an offset to the housing market, which shows signs of moderating throughout the country. The growth component of the Portfolio remains positioned for a scenario of moderating energy prices, benign inflation, a resilient consumer and a significant capital spending cycle. Within the value component of the Portfolio, we feel the value opportunity remains below average. With the market currently offering little incremental compensation for taking risk, our active sector weights are unusually small and our exposure to other risk factors closer than usual to the benchmark. In the meantime, we continue to use our extensive research effort to look for opportunities that may exist in individual stocks.

EQ/ALLIANCE COMMON STOCK PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Information Technology	25.6	%
Financials	19.8
Consumer Discretionary	13.2
Health Care	10.2
Industrials	9.0
Energy	7.8
Consumer Staples	6.5
Telecommunication Services	5.0
Materials	1.0
Utilities	0.8
Cash and Other	1.1

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,080.30	$	2.73
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.58		2.65
Class IB
Actual		1,000.00		1,079.30		4.04
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.32		3.92

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

EQ/ALLIANCE GROWTH AND INCOME PORTFOLIO

PORTFOLIO ADVISER

•

Alliance Capital Management L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IA Shares	5.80	%	3.96	%	11.19	%	10.91	%
Portfolio – IB Shares**	5.50		3.70		10.91		10.63
Russell 1000 Value Index	7.05		5.28		10.94		11.51

*	Date of inception 10/1/93

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

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 5.80% for the year ending December 31, 2005. The Portfolio’s benchmark, the Russell 1000 Value Index, returned 7.05% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

Sector selection drove the premium during the period.

•

Stock selection was particularly strong in the Financial sector, where the Portfolio’s emphasis on stocks with less interest-rate exposure helped. Two of the insurers that the Portfolio holds overweighted positions in relative to the benchmark, Ace and American International Group, rallied on expectations that they will benefit from higher premium pricing in the wake of the Gulf hurricanes; AIG also benefited from speculation that it was nearing a settlement with the New York Attorney General about accounting irregularities.

•

Two of the Portfolio’s global diversified financials with extensive capital-markets exposure, J.P. Morgan Chase and Citigroup, outperformed.

What hurt performance during the year

•

Stock selection was a moderate negative for the year.

•

Partly offsetting these positives were a diverse array of detractors, most notably Noble Energy and American Standard.

Portfolio Positioning and Outlook

One of the few sizable value opportunities we may see today is in high-quality and mega-cap stocks. After five years of massive outperformance by value stocks, current valuation spreads between the cheapest and most expensive stocks have gone from extremely wide to extremely narrow. Meanwhile, the small-cap rally has narrowed the valuation premium usually accorded to large-cap stocks-and erased the premium for mega-caps. The largest 50 U.S. stocks, which usually sell at a significant market premium to the next largest 450 stocks, are now selling at a discount, although they remain significantly more profitable. We have taken advantage of this anomaly over the past two years by buying an unusually large-number of mega-cap stocks, such as Microsoft, General Electric, Citigroup, J.P. Morgan Chase, and, most recently, IBM. Today’s tight valuation spreads largely reflect an unusual compression in the range of corporate profitability at a time when few industries are in distress and when traditional value stocks, the biggest beneficiaries of low interest rates and strong economic growth, are delivering very strong profits.

EQ/ALLIANCE GROWTH AND INCOME PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Financials	28.6	%
Consumer Discretionary	20.1
Energy	13.7
Industrials	9.8
Information Technology	9.6
Health Care	6.9
Materials	3.6
Telecommunication Services	3.6
Consumer Staples	3.5
Utilities	0.5
Cash and Other	0.1

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,053.40	$	3.16
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.13		3.11
Class IB
Actual		1,000.00		1,052.10		4.45
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.87		4.38

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.61% and 0.86%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO

PORTFOLIO ADVISER

•

Alliance Capital Management L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IA Shares	1.51	%	4.58	%	5.07	%	5.89	%
Portfolio – IB Shares**	1.24		4.32		4.81		5.62
Lehman Brothers Intermediate Government Bond Index	1.68		4.82		5.50		6.35

*	Date of inception 4/1/91

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 1.51% for the year ending December 31, 2005. The Portfolio’s benchmark, the Lehman Brothers Intermediate Government Bond Index, returned 1.68% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

Security selection in mortgage pass-throughs contributed to performance.

•

Treasury Inflation-Protected Securities (TIPS) investment was another positive contributor.

•

Yield curve exposure and effective duration management added value during the year.

What hurt performance during the year

•

An Agency sector underweight detracted from performance.

•

A Mortgage sector overweight was also negative.

•

The adjustable rate mortgage (ARM) sector allocation also subtracted value during the year.

Portfolio Positioning and Outlook

We believe that the two significant factors affecting mortgage performance in the short to intermediate-term will be volatility and curve slope. With the Fed nearing a pause or end to its “measured” tightening cycle, in our opinion, the economic data will become more important and markets can be more volatile with any data surprises. Hence, we are currently neutral on the mortgage basis. Otherwise, the current yield curve slope is certainly perplexing. We feel that the most important factors regarding yield curve slope are the possible near-end to Fed rate hikes and higher volatility. With an expectation of a pause in the horizon as well as higher volatility, we are currently maintaining a bias towards a steepening of the yield curve in 2006.

Portfolio Characteristics

As of December 31, 2005


Weighted Average Life (Years)		4.3
Weighted Average Coupon (%)		4.4
Weighted Average Modified Duration (Years)*		3.1
Weighted Average Rating		AAA

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

EQ/ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO


Distribution of Assets by Sector as of 12/31/05	% of Net Assets
U.S. Government and Agency	84.6	%
Asset Backed Securities	13.0
Cash and Other	2.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	999.10	$	2.82
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.38		2.85
Class IB
Actual		1,000.00		998.30		4.08
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.12		4.13

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

EQ/ALLIANCE INTERNATIONAL PORTFOLIO

PORTFOLIO ADVISER

•

Alliance Capital Management L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IA Shares	15.61	%	5.20	%	4.87	%	5.57	%
Portfolio – IB Shares**	15.33		4.90		4.59		5.28
MSCI EAFE Index	13.54		4.55		5.84		6.28

*	Date of inception 4/3/95

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 15.61% for the year ending December 31, 2005. The Portfolio’s benchmark, the MSCI EAFE Index, returned 13.54% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

On the growth side of the Portfolio:

•

Industrials and Financials holdings contributed meaningfully to relative returns, as did the Portfolio’s strategy within the Telecommunication Services sector.

•

Japanese stocks stood out most during the year, as signs of a domestic recovery in Japan and Prime Minister Junichiro Koizumi’s landslide victory lifted Japanese equities. In this environment, banking firm Sumitomo Mitsui Financial added to performance.

•

On the value side of the Portfolio:

•

The Portfolio benefited primarily from its strength in the Financials, Energy and Consumer Discretionary sectors.

•

Financials stocks rose on improved investor sentiment after the Fed indicated that it may be through raising interest rates. Consequently, banks and diversified financial services companies rallied, including ORIX and Sumitomo Mitsui Financial.

•

Among Energy stocks, OMV rose, as Energy stocks gained due to historically high energy prices.

What hurt performance during the year

•

Although the Materials sector fared well amid volatile commodities prices in the first quarter, the Portfolio’s position in value holding Alcan, Inc. hurt performance.

•

Royal Bank of Scotland Group plc, which was held by both the value and growth sides, also declined on investor worries that it overpaid for its stake in the Bank of China.

•

Lastly, within the Technology sector, value holding Flextronics underperformed as the near-term outlook for technology capital spending remained below expectations.

Portfolio Positioning and Outlook

Today’s compressed valuation spreads between the most and the least expensive international stocks could create a compelling opportunity for investors to purchase attractive growth stocks for unusually low premiums, but the value opportunity, as we measure it, is unusually low. As a result, bottom-up fundamental research is crucial to identifying companies with accelerating earnings that are more likely to beat consensus estimates and, as a result, outperform. Our value team also continues to rely on its extensive bottom-up research resources to uncover the stock-specific value opportunities that do exist.

EQ/ALLIANCE INTERNATIONAL PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Financials	28.2	%
Consumer Discretionary	16.5
Energy	10.2
Industrials	8.6
Health Care	8.4
Materials	7.8
Information Technology	7.5
Consumer Staples	6.0
Telecommunication Services	2.4
Utilities	2.4
Cash and Other	2.0

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,165.90	$	4.64
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.92		4.33
Class IB
Actual		1,000.00		1,164.30		6.00
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.66		5.60

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

EQ/ALLIANCE LARGE CAP GROWTH PORTFOLIO

PORTFOLIO ADVISER

•

Alliance Capital Management L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.*
Portfolio – IA Shares	15.27	%	(4.04	)%	(3.41	)%
Portfolio – IB Shares	14.88		(4.30	)	(3.66	)
Russell 1000 Growth Index	5.26		(3.58	)	(3.14	)

*	Date of inception 5/1/99

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 15.27% for the year ending December 31, 2005. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 5.26% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

The Portfolio outperformed its benchmark entirely due to better stock selection, not sector allocation or beta policy.

•

Strong stock selection was broad based, with thirteen stocks providing a significant positive contribution relative to the benchmark during the year - Google, Apple, Marvell, Corning, Alcon, Teva, Nabors, Broadcom, Halliburton, Genentech, Wellpoint, United Health Care and Pulte.

What hurt performance during the year

•

Four stocks had a significant negative contribution relative to the benchmark - eBay, Dell, Juniper and Electronic Arts.

Portfolio Positioning and Outlook

Generally growth stocks outperform value stocks during periods of decelerating economic growth. We think that will especially be the case in the coming months, since the premium for growth stocks relative to the broad market is as low as it has been in 25 years. In our opinion, stocks with traditionally prized characteristics such as steady growth and positive earnings revisions have not been rewarded in recent years. In uncertain times, investors typically have voracious appetites for these characteristics. We anticipate that growth’s outperformance over the past three quarters indicates that we are in the early innings of a growth cycle.

EQ/ALLIANCE LARGE CAP GROWTH PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Information Technology	31.9	%
Health Care	22.5
Consumer Discretionary	13.5
Financials	11.5
Energy	8.0
Industrials	6.0
Consumer Staples	5.4
Telecommunication Services	0.2
Cash and Other	1.0

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,157.80	$	4.35
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.17		4.08
Class IB
Actual		1,000.00		1,154.00		5.70
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35

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

EQ/ALLIANCE QUALITY BOND PORTFOLIO

PORTFOLIO ADVISERS

•

Alliance Capital Management L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IA Shares	2.33	%	5.23	%	5.83	%	5.59	%
Portfolio – IB Shares**	1.95		4.97		5.57		5.34
Lehman Brothers Aggregate Bond Index	2.43		5.87		6.16		6.19

*	Date of inception 10/1/93

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

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 2.33% for the year ending December 31, 2005. The Portfolio’s benchmark, the Lehman Brothers Aggregate Bond Index, returned 2.43% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

Yield curve positioning, specifically being underweight in the two-to five year area of the yield curve, helped performance.

•

Hedged non-US governments were also positive contributors.

•

The Portfolio’s Treasury-Inflation Protected Securities (TIPS) position provided a positive contribution.

•

An overweight position relative to the benchmark in commercial mortgage backed securities (CMBS) and an underweight position in Treasuries both added to performance.

What hurt performance during the year

•

Corporate security selection detracted from performance.

•

An underweight in Agency securities relative to the benchmark also detracted.

Portfolio Positioning and Outlook

We believe opportunities to take risk have diminished given low volatility and historically tight spreads across fixed-income sectors. We are currently selectively focused on opportunities in hedged non-US government bonds, especially where yield curves remain relatively steep to that of the US. The following strategies are currently in place in accordance with our fundamental and quantitative research views: A shorter-than-benchmark duration and an underweight in short-term securities; an underweight in conventional Treasuries and a reduced TIPS exposure; an allocation in hedged non-US government bonds (Sweden, Japan and Mexico); an overweight in CMBS and mortgages, an underweight in agencies and a modest underweight in investment-grade corporates in duration terms.

Portfolio Characteristics

As of December 31, 2005


Weighted Average Life (Years)		7.1
Weighted Average Coupon (%)		4.3
Weighted Average Modified Duration (Years)*		4.4
Weighted Average Rating		AA

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

EQ/ALLIANCE QUALITY BOND PORTFOLIO


Distribution of Assets by Sector as of 12/31/05	% of Net Assets
U.S. Government and Agency	73.7	%
Corporate Bonds	22.8
Asset Backed Securities	14.0
Foreign Government Securities	8.8
Cash and Other	(19.3	)

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,000.00	$	2.77
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.43		2.80
Class IB
Actual		1,000.00		998.20		4.03
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.17		4.08

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.55% and 0.80%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/ALLIANCE SMALL CAP GROWTH PORTFOLIO

PORTFOLIO ADVISER

•

Alliance Capital Management L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.*
Portfolio – IA Shares	11.74	%	1.88	%	7.95	%
Portfolio – IB Shares	11.55		1.63		7.70
Russell 2500 Growth Index	8.17		2.78		7.68

*	Date of inception 5/1/97

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 11.74% for the year ending December 31, 2005. The Portfolio’s benchmark, the Russell 2500 Growth Index, returned 8.17% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

Stock selection was strong during the year and accounted for a majority of the period’s outperformance. Stock selection was most favorable in the Energy, Finance and Technology sectors.

•

Sector allocations also contributed to the period’s outperformance, driven predominantly by an overweighted position in the Energy sector and an underweighted position in the Financial Services sector.

•

Energy stocks were the year’s clear winners and accounted for all three of the Portfolio’s top contributors, as Grant Prideco, Spinnaker Exploration and Newfield Exploration each posted strong annual gains.

•

Other top contributors during the year included document management company American Reprographics; specialty metals producer Allegheny Technologies; and commercial real estate company CB Richard Ellis.

What hurt performance during the year

•

Stock selection within the Health Care sector proved disappointing as Pharmion, a hemotology- and oncology-focused biopharmaceutical company, and Martek Biosciences, a developer of algae-based nutritional additives, each suffered significant declines.

Portfolio Positioning and Outlook

Although high energy prices and increased interest rates will likely provide a modest headwind for consumer spending over the near-term, we believe increased corporate hiring and investment, combined with significant private sector and government-sponsored reconstruction spending in the Gulf-States region, will bolster economic growth through much of 2006. As such, we remain generally optimistic that small-cap earnings growth overall will remain healthy through 2006, albeit at somewhat lower levels than has been the case over the past several years. Although absolute small-cap growth returns may be limited by the current valuation backdrop, we believe many of the faster-growing companies displaying the favorable earnings momentum our strategy tends to emphasize remain underappreciated in the marketplace. Sector allocations, which are a derivative of our bottom-up stock selection process, showed some notable changes over the past year. As of December 31, 2005, the Portfolio’s largest overweights were Consumer/Commercial Services, Health Care and Energy; Industrials and Financial Services were significantly underweight.

EQ/ALLIANCE SMALL CAP GROWTH PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Information Technology	23.6	%
Industrials	20.7
Health Care	18.9
Consumer Discretionary	12.5
Energy	10.7
Financials	8.6
Materials	1.6
Telecommunication Services	1.4
Consumer Staples	0.9
Cash and Other	1.1

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,146.50	$	4.33
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.17		4.08
Class IB
Actual		1,000.00		1,145.10		5.68
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35

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

EQ/ARIEL APPRECIATION II PORTFOLIO

PORTFOLIO ADVISER*

•

Ariel Capital Management, LLC

PERFORMANCE RESULTS

LOGO

Total Returns as of 12/31/05


	Since Incept.*
Portfolio – IA Shares	2.09	%
Portfolio – IB Shares	1.93
Russell Mid Cap Value Index	0.97

*	Date of inception 10/3/05.

Returns for periods less than one year are not annualized.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 2.09% since inception on October 3, 2005. The Portfolio’s benchmark, the Russell Mid Cap Value Index, returned 0.97% over the same period.

Portfolio Highlights

October 3, 2005 — December 31, 2005*

What helped performance during the year

•

Holdings that drove performance include Janus Capital Group, which rose due to strong asset growth and rumors of a management buyout.

•

Franklin Resources’ shares rose as their international presence, with operations in over 100 countries, drove strong asset growth from non-U.S. investors.

•

Finally, Accenture was up after it was announced that the U.S. Health and Human Services Department selected Accenture to design a Nationwide Health Information Network.

What hurt performance during the year

•

The period was tough for the Consumer sector of the market. Specifically, Interpublic Group was down as the result of lower earnings resulting from account losses and costs connected with Sarbanes-Oxley compliance.

•

Tribune continues to struggle under the general malaise of the industry due to fears of declining circulation and decreasing advertising revenue.

*	The Portfolio commenced operations on October 3, 2005.

Portfolio Positioning and Outlook

This portfolio is comprised of stocks we believe to be of high-quality with predictable earnings. We seek strong appreciation over the entire market cycle. As corporate earnings slow, we take confidence that with our long-term approach these companies, with consistent and predictable earnings, may safely weather this chaotic market.

EQ/ARIEL APPRECIATION II PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Consumer Discretionary	31.9	%
Financials	24.3
Industrials	18.2
Health Care	14.1
Information Technology	4.9
Consumer Staples	2.5
Cash and Other	4.1

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

Please note that while the Portfolio commenced operations on October 3, 2005, the ‘Hypothetical Expenses Paid During the Period’ reflect projected activity for the full six months for purposes of comparability.

EXAMPLE


	Beginning Account Value†		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,020.90	$	2.22
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.72		4.53
Class IB
Actual		1,000.00		1,019.30		2.84
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.46		5.80

†	Portfolio commenced operations on October 3, 2005.

*	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 90/365 (to reflect the one-half year period).

EQ/BEAR STEARNS SMALL COMPANY GROWTH PORTFOLIO

PORTFOLIO ADVISER

•

Bear Stearns Asset Management Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.*
Portfolio – IB Shares	7.55	%	1.71	%	9.37	%
Russell 2000 Growth Index	4.15		2.28		4.38

*	Date of inception 12/1/98

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 7.55% for the year ending December 31, 2005. The Portfolio’s benchmark, the Russell 2000 Growth Index, returned 4.15% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

The Portfolio’s significant overweight to the Energy sector, as well as good security selection within the sector, made Energy the top contributor.

•

Stock selection in the Information Technology sector was a large contributor to performance, with names like Brightpoint Inc. and Internet Initiative Japan Inc. both providing strong positive results.

•

Stock selection from the Health Care sector was also a plus, with American Retirement Corp. and Sierra Health Services Inc. both up strongly.

What hurt performance during the year

•

The Portfolio’s overweight and poor stock selection within the Materials sector was the single biggest negative for the year. AK Steel Holding Corp. and Georgia Gulf Corp. both suffered declines.

•

Financials was the second worst performing sector, where despite being underweight to the benchmark (a positive sector allocation effect), poor security selection detracted from value as Ezcorp Inc. and PMA Capital Corp. both produced negative returns for the Portfolio.

Portfolio Positioning and Outlook

Uncertainty reigns in the coming year. Is inflation in check? Will interest rates go higher and what can be expected from the new Fed chairman? Is the recent inverted yield curve a warning sign? What about the war in Iraq? As 2006 progresses, perhaps we will learn the answers to some of these questions. One certainty is that regardless of what those answers might be, we will continue to maintain our strict investment discipline.

EQ/BEAR STEARNS SMALL COMPANY GROWTH PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Industrials	40.0	%
Consumer Discretionary	22.0
Energy	9.5
Consumer Staples	7.9
Materials	5.9
Information Technology	5.8
Health Care	2.1
Financials	2.0
Utilities	1.7
Cash and Other	3.1

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IB
Actual	$	1,000.00	$	1,095.30	$	6.87
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.65		6.61

*	Expenses are equal to the Portfolio’s Class IB shares annualized expense ratio of 1.30% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/BERNSTEIN DIVERSIFIED VALUE PORTFOLIO

PORTFOLIO ADVISER

•

Alliance Capital Management L.P. (Bernstein Unit)

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	5.68	%	6.76	%	6.73	%
Portfolio – IB Shares	5.42		6.52		6.63
Russell 1000 Value Index	7.05		5.28		7.00

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

**	Date of inception 1/1/98

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 5.68% for the year ending December 31, 2005. The Portfolio’s benchmark, the Russell 1000 Value Index, returned 7.05% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

An underweight in the Consumer Growth sector contributed to performance.

•

Stock selection in the Consumer Cyclicals sector, particularly Office Depot and retailers Federated and Nordstrom, also added to performance.

What hurt performance during the year

•

An overweight in the Consumer Cyclicals sector detracted from performance.

•

Stock selection in the Industrial Resources sector, including US Steel and paper holdings in Smurfit-Stone Container and International Paper, also subtracted from performance.

Portfolio Positioning and Outlook

Within the US equity market, we believe valuation differences between attractively priced and expensive stocks may be unusually compressed, and the value opportunity remains below average. A central tenet of our strategy is to keep the risks in the Portfolio proportional to the value opportunity we identify. We continue to use our large, bottom-up research effort to uncover the value opportunities we believe do exist among individual stocks.

EQ/BERNSTEIN DIVERSIFIED VALUE PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Financials	33.0	%
Energy	12.9
Consumer Discretionary	9.7
Consumer Staples	8.9
Industrials	7.1
Information Technology	7.1
Health Care	5.9
Telecommunication Services	4.7
Utilities	3.4
Materials	2.7
Cash and Other	4.6

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,048.10	$	3.36
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.93		3.31
Class IB
Actual		1,000.00		1,046.90		4.64
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.67		4.58

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

EQ/BOSTON ADVISORS EQUITY INCOME PORTFOLIO

PORTFOLIO ADVISER

•

Boston Advisors, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	6.47	%	3.85	%	4.66	%
Portfolio – IB Shares	6.19		3.82		4.67
Russell 1000 Value Index	7.05		5.28		6.25

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

**	Date of inception 12/1/98

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 6.47% for the year ending December 31, 2005. The Portfolio’s benchmark, the Russell 1000 Value Index, returned 7.05% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

The Portfolio management’s strategy of investing in stocks with dividend yields higher than that of the S&P 500 Index was a positive. Shares of dividend paying companies outperformed those of non-dividend paying companies during the year.

•

The Portfolio’s value orientation was also a positive. Value stocks outperformed growth stocks during the twelve months.

•

The Portfolio’s overweighting of the Energy, Utility and Financial sectors contributed positively to returns.

•

The Portfolio’s stock selection within overweight sectors also helped returns. Holdings of Sunoco and Occidental Petroleum in Energy; TXU Corp. and Edison International in Utilities; and Chubb and UnumProvident in Financials all appreciated significantly in 2005.

•

Stock selection elsewhere in the Portfolio contributed positively to returns as well. Holdings of Goodrich and Timken in Industrials; Cemex in Materials; Nokia and Taiwan Semiconductor in Technology; and Union Pacific in Transportation performed well.

What hurt performance during the year

•

The Portfolio’s Health Care exposure negatively impacted returns during the year. Specifically, the shares of Bristol Myers Squibb and Pfizer disappointed during the period.

•

The Portfolio’s exposure to the Consumer Staples sector also adversely impacted results. Consumer Staples stocks generally underperformed the broader market for most of the period and holdings within the Portfolio were no exception. In particular, the shares of Albertson’s and Cadbury Schweppes performed poorly during the year.

•

Stock selection elsewhere in the Portfolio offset positive returns. Holdings of Ford Motor and General Motors in Consumer Discretionary; Dupont and Olin Corp. in Materials; Friedman Billings Ramsey in Financials and Verizon in Telecommunication Services all underperformed.

Portfolio Positioning and Outlook

We believe signs of slower growth, especially among consumers, are becoming evident. The housing market is slowing due to higher mortgage rates and auto sales are anemic due to the lack of meaningful buyer incentives. Meanwhile, corporations are enjoying solid profit growth and rising productivity due to contained labor costs and efficiency gains. We expect that economic growth will slow into 2006. As of year end, we have reduced exposure to the Consumer Discretionary sector because of our concern over the adverse impact of higher interest rates and energy prices on consumer spending. We have also increased the Portfolio’s exposure to Technology stocks because of our belief that corporate spending on that sector’s efficiency enhancing products will increase in the coming quarters. The Portfolio’s current exposure to the Financial Services sector has also been increased with emphasis on Insurance and Investment Banking stocks because the earnings outlook for both groups is brightening, in our opinion.

EQ/BOSTON ADVISORS EQUITY INCOME PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Financials	26.2	%
Industrials	13.8
Energy	12.6
Utilities	9.3
Consumer Discretionary	7.4
Information Technology	5.6
Health Care	5.5
Consumer Staples	5.4
Telecommunication Services	5.3
Materials	4.0
Cash and Other	4.9

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,047.40	$	4.13
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.17		4.08
Class IB
Actual		1,000.00		1,046.40		5.42
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35

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

EQ/CALVERT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO ADVISERS

•

Calvert Asset Management Co., Inc.

•

Bridgeway Capital Management, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	8.92	%	(2.25	)%	(1.50	)%
Portfolio – IB Shares	8.72		(2.00	)	(0.87	)
Russell 3000 Index	6.12		1.58		1.86
Russell 1000 Growth Index†	5.26		(3.58	)	(3.74	)

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

**	Date of inception 9/1/99

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

Returns for periods greater than one year are annualized

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 8.92% for the year ending December 31, 2005. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 5.26% over the same period.

Effective June 13, 2005 Bridgeway Capital Management Inc. replaced Brown Capital Management, Inc. as one of the subadvisers of the Portfolio. Calvert Asset Management Company, Inc., the portfolio’s other current subadviser, will continue to perform the social research and screening with respect to the Portfolio.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

While the third quarter’s best performers list was packed with Energy stocks (they took a meaningful hit in the fourth quarter), a variety of industries make up the Portfolio’s list for the best performers in 2005. They include Chicago Mercantile Exchange Inc. and Legg Mason Inc. (Diversified Financial Services), Marvell Technology Group Ltd. and Nyidia Corp. (Semiconductors), Teva Pharmaceutical Industries Ltd. (Pharmaceuticals), Brookfield Asset Management Inc. (Real Estate), Whole Foods Market Inc. (Commercial Services), Tenaris SA (Iron / Steel), Jabil Circuit Inc. (Electronics) and EOG Resources Inc. (Oil & Gas).

What hurt performance during the year

Overall, the worst ten performers represent a variety of industries with a skew toward Computers, Telecommunications, and Pharmaceuticals. They include Dell Inc. and NCR Corp. (Computers), Bed Bath & Beyond Inc. (Retail), KB Home (Home Builders), Juniper Networks Inc. and Cisco Systems Inc. (Telecommunications), Affymetrix Inc. (Biochemical), Johnson & Johnson (Health Care Products), and Bristol-Myers Squibb Co. and Pfizer Inc. (Pharmaceuticals).

EQ/CALVERT SOCIALLY RESPONSIBLE PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Information Technology	35.7	%
Financials	16.4
Health Care	15.7
Consumer Discretionary	14.2
Energy	8.3
Industrials	2.9
Consumer Staples	2.9
Telecommunication Services	2.7
Utilities	0.8
Cash and Other	0.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,099.00	$	4.23
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.17		4.08
Class IB
Actual		1,000.00		1,098.50		5.55
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35

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

EQ/CAPITAL GUARDIAN GROWTH PORTFOLIO

PORTFOLIO ADVISER

•

Capital Guardian Trust Company

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	5.38	%	(5.07	)%	3.84	%
Portfolio – IB Shares	5.04		(5.22	)	3.89
Russell 1000 Growth Index	5.26		(3.58	)	4.42

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

**	Date of inception 5/1/97

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 5.38% for the year ending December 31, 2005. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 5.26% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

The top contributor to results during the year was stock selection in Information Technology. The top individual names within Information Technology were Internet giant Google Inc. and Agilent Technologies.

•

Stock selection within the Health Care sector was also positive, aided by such names as Astrazeneca and Amylin Pharmaceuticals.

•

Stock selection in the Consumer Discretionary sector was additive, as was an overweight to the Energy sector.

What hurt performance during the year

•

The top detractor for the year was stock selection in the Financials sector. The main detractors in the sector were positions in government-sponsored mortgage providers, as continued uncertainty over their future regulatory oversight caused these stocks to decline.

Portfolio Positioning and Outlook

We believe the domestic economy, which proved irrepressible in 2005, will face more challenges in 2006. It remains to be seen whether energy costs will dent profit margins in some industries or if they will be passed on to consumers (who are already being pinched by higher transportation and heating costs) and register in core inflation figures. In our opinion, fiscal policy will be constrained by the large budget deficit, though that deficit is shrinking thanks to better-than-expected receipts. Monetary policy is not tight, but it is no longer accommodative. Countering that, equity valuations appear reasonable to us, long-term interest rates are low, and profits are healthy. Corporations have accumulated cash, and while some may be used to increase dividends and repurchase shares, some will likely be spent on capital investments and employment. We believe putting idle cash to work could improve the return on equity for many companies.

EQ/CAPITAL GUARDIAN GROWTH PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Information Technology	33.2	%
Health Care	20.6
Consumer Discretionary	14.2
Industrials	10.2
Financials	6.8
Consumer Staples	5.9
Energy	3.6
Telecommunication Services	1.9
Utilities.	0.5
Cash and Other	3.1

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,103.90	$	3.71
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.68		3.57
Class IB
Actual		1,000.00		1,102.10		5.03
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.42		4.84

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

EQ/CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO

PORTFOLIO ADVISER

•

Capital Guardian Trust Company

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	17.43	%	3.66	%	4.70	%
Portfolio – IB Shares	17.12		3.48		4.63
MSCI EAFE Index	13.54		4.55		11.29

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

**	Date of inception 5/1/99

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 17.43% for the year ending December 31, 2005. The Portfolio’s benchmark, the MSCI EAFE Index, returned 13.54% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

The top contributor during 2005 was stock selection in the Information Technology sector. The top performer for the sector, as well as for the overall Portfolio, was Softbank.

•

Financials was another top contributor, specifically Japanese financial institutions such as Sumitomo Mitsui, Mitsubishi Estate, and ORIX Corp.

•

Stock selection in the Telecommunication Services, Consumer Discretionary, and Energy sectors was also additive.

What hurt performance during the year

•

The top detractor for the year was stock selection in the Materials sector, followed by stock selection in the Health Care sector.

Portfolio Positioning and Outlook

We expect the recovery in the Eurozone will continue into 2006 and that slightly higher short-term international interest rates will not be an impediment to international economic growth. Any additional tightening is expected to be limited, as economic growth is unlikely to be very strong and globalization may continue to constrain inflation by keeping labor costs and prices for consumer goods in check. We think that the Eurozone’s rapid credit growth is a reflection of deregulation and innovation in financial markets rather than a prelude to inflation. More importantly, companies in Europe, particularly Germany, are continuing to restructure, becoming leaner and more competitive. Equity valuations appear reasonable to us, profits are growing and interest rates remain low. In Japan, the fundamentals for consumer-oriented companies are improving and the weak yen is helping exporters. Japanese financials have spent years cleaning up bad loans and restructuring, and are now benefiting from the view that deflation will end, interest rates will normalize and loan activity will pick up. We think the next upward move for financials could be supported by the prospect of dividend increases and other evidence that these companies are truly embracing a more shareholder-oriented culture.

EQ/CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Financials	26.6	%
Information Technology	12.5
Materials	8.9
Telecommunication Services	8.9
Consumer Discretionary	8.8
Industrials	8.3
Health Care	7.7
Consumer Staples	5.7
Energy	5.5
Utilities	2.5
Cash and Other	4.6

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,195.30	$	5.26
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.42		4.84
Class IB
Actual		1,000.00		1,193.30		6.63
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.16		6.11

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.95% and 1.20%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/CAPITAL GUARDIAN RESEARCH PORTFOLIO

PORTFOLIO ADVISER

•

Capital Guardian Trust Company

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	6.32	%	2.82	%	4.00	%
Portfolio – IB Shares	6.05		2.68		3.95
S&P 500 Index	4.91		0.54		0.54

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

**	Date of inception 5/1/99

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 6.32% for the year ending December 31, 2005. The Portfolio’s benchmark, the S&P 500 Index, returned 4.91% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

Contributing to performance were an overweight and strong stock selection in the Health Care sector. Top individual contributors included AstraZeneca and Allergan, Inc.

•

The Energy sector was the top overall performing sector in 2005 and the Portfolio benefited from both an overweight in the sector and stock selection. Transocean, Inc. and Schlumberger Ltd. were two of the top contributors from the sector.

•

Elsewhere, stock selection in the Industrial and Telecommunication Service sectors was additive.

What hurt performance during the year

•

The top detractors during 2005 were stock selection in the Material and Utility sectors. Within Utilities, Calpine was the top detractor for the sector and overall Portfolio in 2005.

Portfolio Positioning and Outlook

EQ/CAPITAL GUARDIAN RESEARCH PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Health Care	18.1	%
Financials	17.3
Information Technology	14.8
Industrials	13.0
Consumer Discretionary	9.5
Energy	9.5
Consumer Staples	8.0
Telecommunication Services	4.2
Materials	2.9
Utilities	1.2
Cash and Other	1.5

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,073.30	$	3.66
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.68		3.57
Class IB
Actual		1,000.00		1,070.60		4.96
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.42		4.84

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

EQ/CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO

PORTFOLIO ADVISER

•

Capital Guardian Trust Company

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	6.24	%	3.57	%	3.74	%
Portfolio – IB Shares	5.97		3.39		3.64
S&P 500 Index	4.91		0.54		0.54

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

**	Date of inception 5/1/99

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 6.24% for the year ending December 31, 2005. The Portfolio’s benchmark, the S&P 500 Index, returned 4.91% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

Contributing to performance were an overweight and strong stock selection in the Health Care sector. Top individual contributors included AstraZeneca and Allergan, Inc.

•

The Energy sector was the top overall performing sector in 2005 and the Portfolio benefited from both an overweight in the sector and stock selection. Unocal and Schlumberger Ltd. were two of the top contributors from the sector.

•

Elsewhere, stock selection in the Industrial and Information Technology sectors was additive, as was being underweight the Consumer Discretionary sector, which underperformed the market in 2005.

What hurt performance during the year

•

Stock selection in the Materials sector also detracted from results.

Portfolio Positioning and Outlook

EQ/CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Information Technology	22.1	%
Financials	17.0
Health Care	16.6
Industrials	11.3
Consumer Staples	9.0
Consumer Discretionary	8.2
Energy	7.1
Materials	2.9
Telecommunication Services	2.9
Utilities	1.2
Cash and Other	1.7

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,075.40	$	3.66
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.68		3.57
Class IB
Actual		1,000.00		1,073.60		4.97
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.42		4.84

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

EQ/CAYWOOD-SCHOLL HIGH-YIELD BOND PORTFOLIO

PORTFOLIO ADVISERS

•

Caywood-Scholl Capital Management

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IB Shares	2.72	%	8.25	%	7.16	%	7.95	%
Merrill Lynch U.S. High Yield Master Cash Pay Only Index	2.83		8.76		6.80		7.91

*	Date of inception 11/18/94

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 2.72% for the year ending December 31, 2005. The Portfolio’s benchmark, the Merrill Lynch U.S. High Yield Master Cash Pay Only Index, returned 2.83% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

‘B’ and ‘BB’ bonds outperformed ‘CCC’ bonds. The Portfolio’s emphasis in higher quality ‘BB’ and ‘B’ issuers added to performance.

•

Overweighting the wireless sector, specifically American Cellular and Rogers Wireless, benefited the Portfolio.

•

Underweighting the auto parts and airlines industry aided performance.

What hurt performance during the year

•

In three instances merger and acquisition activity hurt the Portfolio, and in each situation the announcement was unexpected.

Portfolio Positioning and Outlook

Our outlook for high yield in 2006 is fundamentally positive. Our view is that the market will remain the beneficiary of the current credit cycle, which is largely being driven by access to capital. We expect the economy to stay healthy throughout the year, and corporate profitability, while moderating, to remain at attractive levels. Although there is some concern over increasing default rates, we view the default rate issue as a longer-term problem. In 2006, we anticipate that default rates will gradually increase and plateau at a slightly higher level, and that the discounting of an increasing default rate by the marketplace will be a gradual process. Importantly, this would result in a significantly different impact under a scenario in which the market experienced a credit contraction, hence producing a spike in default rates. We believe that total returns for high yield will remain positive. Our current investment strategy is based on avoiding credit problems and allowing the compounding of principal to work in the Portfolio. We will continue to monitor our cyclical exposure and, on a selective basis, we may upgrade the Portfolio.

EQ/CAYWOOD-SCHOLL HIGH-YIELD BOND PORTFOLIO


Portfolio Characteristics As of December 31, 2005
Weighted Average Life (Years)		7.1
Weighted Average Coupon (%)		7.9
Weighted Average Modified Duration (Years)*		5.2
Weighted Average Rating		B+

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


Distribution of Assets by Sector as of 12/31/05	% of Net Assets
Corporate Bonds	91.1	%
Equities & Warrants	0.6
Cash and Other	8.3

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IB
Actual	$	1,000.00	$	1,017.80	$	4.32
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.92		4.33

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

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO ADVISER

•

Alliance Capital Management L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IA Shares	4.68	%	0.31	%	8.67	%	10.24	%
Portfolio – IB Shares**	4.42		0.06		8.40		9.97
S&P 500 Index	4.91		0.54		9.07		10.68

*	Date of inception 3/1/94

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 4.68% for the year ending December 31, 2005. The Portfolio’s benchmark, the S&P 500 Index, returned 4.91% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

The sectors that contributed the most for the one-year period ended December 31, 2005 were Energy, Financials, Health Care, Utilities and Consumer Staples.

•

The top performing stocks in the benchmark for the year were Exxon Mobil, Altria, Apple Computer, UnitedHealth Care Group and Hewlett-Packard.

What hurt performance during the year

•

The sectors that detracted the most for the one-year period ended December 31, 2005 were Consumer Discretionary, Telecommunication Services, Materials, Information Technology and Industrials.

•

The most negative performing stocks in the benchmark for the year were Dell, IBM, Verizon Communications, eBay and Wal-Mart Stores.

Portfolio Positioning and Outlook

The Portfolio will strive to meet its performance objective by approximating the investment return of the underlying benchmark, the S&P 500 Index. The final phase of the transition to a fully float-adjusted index was efficiently completed in September 2005.

EQ/EQUITY 500 INDEX PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Financials	21.2	%
Information Technology	15.1
Health Care	13.2
Industrials	11.5
Consumer Discretionary	10.6
Consumer Staples	9.6
Energy	9.3
Utilities	3.3
Telecommunication Services	3.0
Materials	3.0
Cash and Other	0.2

Total	100.0	%

UNDERSTANDING YOUR EXPENSES :

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,056.20	$	1.55
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.69		1.53
Class IB
Actual		1,000.00		1,055.10		2.85
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.43		2.80

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.30% and 0.55%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/EVERGREEN INTERNATIONAL BOND PORTFOLIO

PORTFOLIO ADVISER

•

Evergreen Investment Management Company, LLC

PERFORMANCE RESULTS

LOGO

Total Returns as of 12/31/05


	Since Incept.*
Portfolio – IA Shares	(2.30	)%
Portfolio – IB Shares	(2.30	)
Merrill Lynch Global Broad Market ex U.S. Index	0.36

*	Date of inception 10/3/05.

Returns for periods less than one year are not annualized.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned (2.30)% since inception on October 3, 2005. The Portfolio’s benchmark, the Merrill Lynch Global Broad Market ex U.S. Index, returned 0.36% over the same period.

Portfolio Highlights

October 3, 2005 — December 31, 2005*

What helped performance during the year

•

Portfolio holdings in the better-performing markets such as United Kingdom, South Africa, Mexico, Australia, New Zealand and Canada contributed to performance.

•

Maintaining the allocation to global inflation linked bonds was also a positive for the Portfolio.

What hurt performance during the year

•

The exposure in Sweden detracted from the performance of the Portfolio.

*	The Portfolio commenced operations on October 3, 2005.

Portfolio Positioning and Outlook

Our position remains unchanged in that we continue to favor those markets where we believe some real yield value remains and where interest rate risk appears lowest. Largely this is in the smaller markets and or where the economies are further ahead in the global cycle. The dollar has declined recently in anticipation of the Fed getting closer to finishing its tightening cycle. It is likely that the markets will return to focusing on economic fundamentals in 2006 which would suggest a weakening dollar through the year, providing the prospect for good risk adjusted returns from the Portfolio’s non-dollar investments. We continue to believe that the bias will be towards higher yields during the first part of 2006, but a longer maturity profile may well be warranted as we enter the latter part of the year. Similarly a reduction in exposure to lower quality credits may be warranted at the same time.

EQ/EVERGREEN INTERNATIONAL BOND PORTFOLIO


Portfolio Characteristics As of December 31, 2005
Weighted Average Life (Years)		5.5
Weighted Average Coupon		3.5
Weighted Average Modified Duration (Years)*		4.4
Weighted Average Rating		AA+

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


Distribution of Assets by Sector as of 12/31/05	% of Net Assets
Corporate Bonds	37.7	%
Foreign Government Securities	26.2
U.S. Government and Agency	3.8
Cash and Other	32.3

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value†		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	977.00	$	2.17
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.72		4.53
Class IB
Actual		1,000.00		977.00		2.77
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.46		5.80

†	Portfolio commenced operations on October 3, 2005.

*	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 90/365 (to reflect the one-half year period).

EQ/EVERGREEN OMEGA PORTFOLIO

PORTFOLIO ADVISER

•

Evergreen Investment Management Company, LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	4.22	%	(0.63	)%	(1.26	)%
Portfolio – IB Shares	4.01		(0.62	)	(0.89	)
Russell 1000 Growth Index	5.26		(3.58	)	(2.12	)

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

**	Date of inception 1/1/99

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 4.22% for the year ending December 31, 2005. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 5.26% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

The Health Care and Energy sectors were the primary contributors to performance during the year.

•

In Health Care, the medical device and Health Care service sectors were the leaders. Positive contributors to returns were Alcon (eye care), Medtronic and St. Jude Medical (cardiovascular devices), Aetna and United Health Group (HMO’s) and American Healthways (disease management). In the underweighted pharmaceutical sector, two specialty drug companies (Biogen Idec and Endo Pharmaceuticals) have contributed to recent performance.

•

A significantly greater than benchmark weight in Energy and good stock selection among the natural gas, coal and energy service companies added to performance.

What hurt performance during the year

•

The Consumer Discretionary and Consumer Staples sectors were the primary detractors from performance during the year. While the Portfolio’s retail stocks performed well, particularly Chico’s FAS and Coach, the gaming and internet-retail stocks performed poorly for much of the year. Amazon and eBay were plagued by investor concerns about their respective business models and profit potential, as the companies continued to invest heavily in new product offerings and services at the expense of near-term margin improvement.

•

Poor stock selection across a wide range of Consumer Staples stocks detracted from performance.

Portfolio Positioning and Outlook

The Portfolio remains focused on two primary themes - Health Care and Technology. The Health Care sector continues to benefit from the demands of an aging population. The Technology sector appears to continue to benefit from the corporate need to improve productivity in order to remain competitive in the global marketplace. We remain optimistic about the equity market, but we are concerned about several factors that could keep the market in a narrow trading range. On the negative side, high energy prices, rising short-term rates, and more rational valuation of housing markets could dampen economic growth, particularly consumer spending. On the positive side, the redeployment of corporate cash to capital projects could give the economy a boost, and if energy prices stabilize without affecting core inflation, the Federal Reserve could adopt a more neutral stance towards interest rates. In that environment, we would anticipate that investors might focus on growth stocks (particularly larger-capitalized growth stocks) that are reasonably valued. Currently, we remain committed to those companies that have strong franchises, good management and an ability to sustain or increase earnings growth.

EQ/EVERGREEN OMEGA PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Information Technology	26.4	%
Health Care	26.2
Consumer Discretionary	16.2
Energy	10.7
Industrials	5.9
Financials	4.3
Materials	2.9
Consumer Staples	1.7
Cash and Other	5.7

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,081.40	$	3.67
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.68		3.57
Class IB
Actual		1,000.00		1,080.60		4.98
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.42		4.84

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

EQ/FI MID CAP PORTFOLIO

PORTFOLIO ADVISER

•

Fidelity Management & Research Company

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	6.63	%	4.72	%	4.49	%
Portfolio – IB Shares	6.39		4.58		4.38
S&P Mid Cap 400 Index	12.56		8.60		6.91

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

**	Date of inception 9/1/00

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 6.63% for the year ending December 31, 2005. The Portfolio’s benchmark, the S&P Mid Cap 400 Index, returned 12.56% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

On the positive side, the Portfolio’s overweighted position in Energy stocks contributed to relative performance, as oil and natural gas prices crept higher through much of the one-year period.

•

Within the Energy sector, the Portfolio also benefited from security selection by emphasizing oilfield equipment makers.

•

Stock picks in the Telecommunications sector contributed to relative returns. Chief among them was American Tower Corp., a wireless infrastructure company.

What hurt performance during the year

•

Unfavorable stock picks in the Household Durables sector detracted the most from performance. Chief among them was audio electronics maker, Harman International, which lost ground during the year on competitive concerns.

•

Also detracting from performance was exposure to a cruise line operator which investors sold-off amid concerns about the impact of high energy prices.

EQ/FI MID CAP PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Consumer Discretionary	30.4	%
Information Technology	12.9
Telecommunication Services	12.8
Industrials	10.7
Materials	9.5
Energy	9.3
Health Care	4.9
Consumer Staples	4.5
Financials	2.0
Utilities	1.2
Cash and Other	1.8

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,097.90	$	3.97
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.42		3.82
Class IB
Actual		1,000.00		1,095.60		5.28
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.16		5.09

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

EQ/FI MID CAP VALUE PORTFOLIO

PORTFOLIO ADVISER

•

Fidelity Management & Research Company

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	11.62	%	9.45	%	7.04	%
Portfolio – IB Shares	11.31		9.17		6.88
Russell 2500 Value Index	7.74		13.43		13.13
Russell Mid Cap Value Index †	12.65		12.21		12.92

*	Date of inception 11/24/98

**	Date of inception 5/1/97

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

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 11.62% for the year ending December 31, 2005. The Portfolio’s benchmark, the Russell Mid Cap Value Index, returned 12.65% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

The Portfolio benefited from strong stock selection in the capital goods area.

•

Also adding to performance was a large overweight in Health Care Equipment-related stocks.

What hurt performance during the year

•

Holdings in the Financials sector impacted performance unfavorably.

•

Also detracting from performance was the Portfolio’s overweight in Technology, mainly in software-related companies.

EQ/FI MID CAP VALUE PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Information Technology	17.3	%
Health Care	15.6
Financials	14.5
Consumer Discretionary	14.4
Industrials	12.1
Energy	8.9
Materials	5.7
Utilities	2.9
Consumer Staples	2.6
Telecommunication Services	1.7
Cash and Other	4.3

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,077.90	$	4.14
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.22		4.02
Class IB
Actual		1,000.00		1,077.00		5.44
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.96		5.30

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.79% and 1.04%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/GAMCO MERGERS AND ACQUISITIONS PORTFOLIO

PORTFOLIO ADVISER

•

Gabelli Asset Management Company

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		Since Incept.*
Portfolio – IB Shares	4.54	%	7.73	%
S&P 500 Index	4.91		14.27

*	Date of inception 5/1/03

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 4.54% for the year ending December 31, 2005. The Portfolio’s benchmark, the S&P 500 Index, returned 4.91% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

Rising short-term interest rates, increased deal activity and wider deal spreads benefited the Portfolio.

•

During the year, several overbids and hostile offers were announced, as well as the usual assortment of cross-border mergers, strategic buyouts and private equity deals.

•

Natural resource stocks soared, including Portfolio holdings in Gold Fields Ltd., Pioneer Natural Resources, Unisource Energy, and Deer Creek Energy.

What hurt performance during the year

•

Small broadcasters including Lin TV, Paxson and Young Broadcasting were the biggest disappointment. Earnings fell short of estimates and investors became concerned that valuations for broadcasting companies would contract due to competition from cable and Internet advertising.

•

Automotive related stocks suffered from higher raw material prices.

Portfolio Positioning and Outlook

The new year may hold promise because the Fed may stop raising rates early in the year, if the economy slows as expected. Oil prices may also move lower as we exit the cold winter months. Consumer confidence is high, even if the consumer’s spending capacity is more restricted. The bull market in real estate needs to take a rest (some markets may keep rising) and bond yields remain too low to draw capital out of equities. There is a lot of cash on the sidelines that represents potential buying power for stocks. In fact, large private equity pools have become strategic buyers of companies big and small. We anticipate that this could lead to more deals.

EQ/GAMCO MERGERS AND ACQUISITIONS PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Health Care	12.6	%
Consumer Discretionary	12.5
Telecommunication Services	10.5
Information Technology	8.5
Financials	6.9
Consumer Staples	6.8
Industrials	2.7
Utilities	2.4
Energy	2.3
Materials	2.2
Cash and Other	32.6

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IB
Actual	$	1,000.00	$	1,027.90	$	7.41
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.90		7.37

*	Expenses are equal to the Portfolio’s Class IB shares annualized expense ratio of 1.45% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO ADVISER

•

Gabelli Asset Management Company

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IB Shares	4.33	%	10.62	%	13.99	%	13.96	%
Russell 2000 Value Index	4.71		13.55		13.08		13.05

*	Date of inception 8/1/88

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 4.33% for the year ending December 31, 2005. The Portfolio’s benchmark, the Russell 2000 Value Index, returned 4.71% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

The Portfolio benefited from a number of deals, including Neiman Marcus, Thomas Industries, Pulitzer, Western Wireless, Inamed, Liberty Corp. Sola International and Cuno.

•

Manufactured housing company stocks were strong in the aftermath of Hurricane Katrina. Among the top performers were Cavco Industries, Champion Enterprises and Cavalier Homes.

•

Natural resource stocks soared, and Portfolio holdings in Gold Fields Ltd., Pioneer Natural Resources, Unisource Energy, Deer Creek Energy and Public Service Enterprises were among the best performers.

What hurt performance during the year

•

Small broadcasters including Lin TV, Lee Enterprises, Gray Television, Paxson and Young Broadcasting were the biggest disappointment. Earnings fell short of estimates and investors became concerned that valuations for broadcasting companies would contract due to competition from cable and Internet advertising.

•

Automotive related stocks like Standard Motor Products suffered from higher raw material prices.

Portfolio Positioning and Outlook

The new year may hold promise because the Fed may stop raising rates early in the year, if the economy slows as expected. Oil prices may also move lower as we exit the cold winter months. Consumer confidence is high, even if the consumer’s spending capacity is more restricted. The bull market in real estate needs to take a rest (some markets may keep rising) and bond yields remain too low to draw capital out of equities. There appears to be a lot of cash on the sidelines that represents potential buying power for stocks.

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Industrials	28.9	%
Consumer Discretionary	27.9
Materials	6.4
Consumer Staples	6.1
Health Care	5.2
Financials	3.5
Information Technology	3.2
Telecommunication Services	3.0
Utilities	3.0
Energy	1.2
Cash and Other	11.6

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IB
Actual	$	1,000.00	$	1,024.10	$	5.56
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.71		5.55

*	Expenses are equal to the Portfolio’s Class IB shares annualized expense ratio of 1.09% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/GOVERNMENT SECURITIES PORTFOLIO

PORTFOLIO ADVISER

•

Mercury Advisors

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IA Shares	1.30	%	3.47	%	4.51	%	5.37	%
Lehman Brothers Intermediate Government Bond Index	1.68		4.82		5.50		6.31

*	Date of inception 5/1/91

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 1.30% for the year ending December 31, 2005. The Portfolio’s benchmark, the Lehman Brothers Intermediate Government Bond Index, returned 1.68% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

The addition of agency hybrid adjustable rate mortgages benefited performance by enhancing yield without increasing extension risk.

•

An increase in Portfolio weighted average yield during the year aided performance.

What hurt performance during the year

•

An increase in pre-payment speeds of certain higher yielding mortgage securities reduced the benefit of their attractive coupon levels. On the margin, this detracted from performance.

•

A reduction in the Portfolio’s mortgage overweight during the year reduced performance below potential.

Portfolio Positioning and Outlook

The chairmanship of the Fed will become the responsibility of Ben Bernanke during the first quarter of 2006 as Alan Greenspan retires. It is widely expected that Chairman Bernanke will continue in the footsteps of his predecessor, increasing transparency of policy and assessing similar inflation and economic gages. As a result, the market is currently pricing in another 0.50% of Fed tightening over the next quarter before the central bank is done. The expansionary phase of the business cycle has historically seen rising interest rates, particularly in the short and intermediate areas of the yield curve. Concurrent with the market’s belief that the Fed has the end of the tightening cycle within view, the yield curve typically resteepens and bond performance improves. While the market is beginning to line up in this way, we believe that economic growth remains strong enough to keep the Fed on their current trajectory longer than the market anticipates. The Portfolio is currently being managed either neutral or lower in duration than the benchmark during this phase of the cycle so as not to be caught offside during a period that has historically seen rising interest rates. Additional yield from the current overweighting in mortgages and further shift into hybrid adjustable rate issues is expected to benefit the Portfolio during 2006.

EQ/GOVERNMENT SECURITIES PORTFOLIO


Portfolio Characteristics As of December 31, 2005
Weighted Average Life (Years)		4.1
Weighted Average Coupon (%)		4.5
Weighted Average Modified Duration (Years)*		3.2
Weighted Average Rating		AAA

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


Distribution of Assets by Sector as of 12/31/05	% of Net Assets
U.S. Government and Agency	92.0	%
Corporate Bonds	6.0
Cash and Other	2.0

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	998.20	$	3.58
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.63		3.62

*	Expenses are equal to the Portfolio’s Class IA shares annualized expense ratio of 0.71% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/INTERMEDIATE TERM BOND PORTFOLIO

PORTFOLIO ADVISERS

•

Mercury Advisors

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IA Shares	0.89	%	4.67	%	5.01	%	7.13	%
Portfolio – IB Shares **	0.69		4.36		4.64		6.47
Lehman Brothers Intermediate Government/Credit Bond Index	1.58		5.50		5.80		7.82

*	Date of inception 3/1/85

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

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 0.89% for the year ending December 31, 2005. The Portfolio’s benchmark, the Lehman Brothers Intermediate Government/Credit Bond Index, returned 1.58% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

A Portfolio duration neutral to or lower than the benchmark throughout the year helped Portfolio performance.

•

An overweight to collateralized and agency securities relative to the benchmark enhanced Portfolio performance.

•

A significant underweight to intermediate U.S. Treasuries increased Portfolio performance.

What hurt performance during the year

•

An overweighting in auto industry debt in place at the beginning of the year placed a drag on performance.

•

An underweight in the strong performing 7-10 year maturity (6-8 year duration) bucket earlier in the year reduced performance.

Portfolio Positioning and Outlook

In our opinion, we see a re-steepening of the yield curve as real economic growth continues to exceed 3% throughout 2006 and early 2007. We believe this growth will continue to lower the unemployment rate and raise capacity utilization rates, setting a foundation for increasing inflation concerns. Rising long-term rates could provide a challenging environment for bonds in coming quarters. Further, credit spreads remain tight by historic standards, limiting the amount of further performance enhancing tightening that remains available this cycle. With that said, we nevertheless anticipate a relatively stable environment for credit as the economy continues strong.

EQ/INTERMEDIATE TERM BOND PORTFOLIO


Portfolio Characteristics As of December 31, 2005
Weighted Average Life (Years)		4.7
Weighted Average Coupon (%)		4.9
Weighted Average Modified Duration (Years)*		3.6
Weighted Average Rating		Aa2

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


Distribution of Assets by Sector as of 12/31/05	% of Net Assets
Corporate Bonds	45.2	%
U.S. Government and Agency	34.9
Asset Backed Securities	15.1
Foreign Government Securities	4.4
Cash and Other	0.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	994.10	$	3.77
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.42		3.82
Class IB
Actual		1,000.00		993.30		5.02
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.16		5.09

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

EQ/INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO ADVISER

•

MFS Investment Management (“MFS”)*

*	Effective July 25, 2005, MFS Investment Management, Inc., replaced SSgA Funds Management, Inc. as the subadvisor of the Portfolio.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IB Shares	12.98	%	(1.96	)%	3.79	%	4.59	%
MSCI EAFE Index	13.54		4.55		5.84		6.32
MSCI EAFE Growth Index	13.28		1.92		3.33		4.12

*	Date of inception 11/18/94

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 12.98% for the year ending December 31, 2005. The Portfolio’s benchmark, the MSCI EAFE Index, returned 13.54% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

Stock selection in the Technology sector contributed to the Portfolio’s relative performance. A position in radio chip designer CSR (not a benchmark constituent) was among the top contributors over the period.

•

An underweight position in the Utilities and Communication sectors and, to a lesser extent, stock selection also boosted relative results. The Portfolio benefited from not holding some of the poor performers in the Communications sector, including France Telecom and Deutsche Telekom.

•

Stocks in other sectors that contributed to results included Japanese consumer finance firm Aeon Credit Services, U.K.-based oil company BP, venture capital firm Jafco (Japan), and South Korean microchip and electronics manufacturer Samsung Electronics (not a benchmark constituent).

•

Holding some strong performing positions which are not benchmark constituents helped relative performance. These included Japanese clothing retailer for infants and children Nishimatsuya Chain, Israeli generic drug manufacturer Teva Pharmaceutical Industries, and BanColombia.

•

During the reporting period, currency exposure was a significant contributor to the Portfolio’s relative performance.

What hurt performance during the year

•

Stock selection in Financial Services hurt relative performance over the period. Holdings in Hungarian financial services firm OTP Bank, which is not held in the benchmark, negatively affected performance. In addition, not holding several Japanese financial services stocks held back our relative performance. These included financial groups Mitsubishi UFJ, Sumitomo Mitsui, Mizuho, UFJ Holdings, and real estate company Mitsubishi Estate.

•

Elsewhere in the Portfolio, not holding Japanese technology investment firm Softbank, Australian mining company Rio Tinto, and Japanese holdings company Seven & I Holdings also hampered relative results as these stocks outperformed the benchmark.

EQ/INTERNATIONAL GROWTH PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Financials	20.9	%
Consumer Discretionary	15.6
Health Care	11.9
Information Technology	11.0
Consumer Staples	9.6
Energy	7.9
Materials	7.9
Telecommunication Services	6.7
Industrials	4.6
Utilities	1.8
Cash and Other	2.1

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

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

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IB
Actual	$	1,000.00	$	1,139.80	$	7.07
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.60		6.67

*	Expenses are equal to the Portfolio’s Class IB shares annualized expense ratio of 1.31% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/JANUS LARGE CAP GROWTH PORTFOLIO

PORTFOLIO ADVISER

•

Janus Capital Management LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	7.67	%	(3.89	)%	(6.70	)%
Portfolio – IB Shares	7.22		(4.05	)	(6.84	)
Russell 1000 Growth Index	5.26		(3.58	)	(9.40	)

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

**	Date of inception 9/1/00

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 7.67% for the year ending December 31, 2005. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 5.26% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

The Portfolio’s performance can be attributed in part to strong stock selection within the Health Care and Information Technology sectors. There were particularly strong pockets of growth within the Health Care sector that benefited a number of the Portfolio’s holdings in this area.

•

UnitedHealth Group, an HMO operator and insurer, was the top contributor during the period. The company has managed expenses well, aided to some degree by a deceleration in medical costs, while building revenues on an expanding member base and turning new businesses into profit centers.

•

Diversified electronics manufacturer Motorola was one of the Portfolio’s strongest performers.

•

Another positive contributor was Rio Tinto, a diversified United Kingdom-based metals and minerals mining company.

What hurt performance during the year

•

Weak spots in the Portfolio included Industrials, where a number of individual picks fell short of expectations, as did stocks in the Consumer Discretionary sector.

•

Lexmark International, a computer printer manufacturer, was the largest detractor during the year.

•

With high gasoline prices following Hurricane Katrina, consumer sentiment slumped and pulled down discretionary holdings such as cruise line operator Royal Caribbean Cruises.

•

One Consumer Discretionary laggard with minimal correlation to Katrina was adult education provider Apollo Group. Although the company reported improving enrollment numbers, the student mix skewed toward the lower-cost Western International University Axia College, which appeals to younger adults working toward a college degree, and away from the higher-cost University of Phoenix, which is geared toward professionals desiring a second degree.

Portfolio Positioning and Outlook

Going forward, we plan to focus on companies that we believe can continue to post good growth rates - even in a slower economy - as well as companies offering a limited downside regardless of macroeconomic developments.

EQ/JANUS LARGE CAP GROWTH PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Information Technology	26.9	%
Health Care	20.5
Consumer Discretionary	17.4
Industrials	8.6
Financials	7.6
Energy	6.5
Consumer Staples	6.0
Materials	2.1
Telecommunication Services	1.5
Cash and Other	2.9

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,081.80	$	4.72
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.67		4.58
Class IB
Actual		1,000.00		1,079.00		6.03
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.41		5.85

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

EQ/JPMORGAN CORE BOND PORTFOLIO

PORTFOLIO ADVISER

•

J.P. Morgan Investment Management Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	2.50	%	5.61	%	5.77	%
Portfolio – IB Shares	2.24		5.41		5.69
Lehman Brothers Aggregate Bond Index	2.43		5.87		6.06

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

**	Date of inception 1/1/98

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 2.50% for the year ending December 31, 2005. The Portfolio’s benchmark, the Lehman Brothers Aggregate Bond Index, returned 2.43% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

Duration and curve positioning were positive contributors overall in 2005. Curve flattening trades in five-to-30- and 10-to-30-year maturities added to performance, given the flattening of the yield curve over the year.

•

An overweight to asset-backed securities (ABS) was a positive contributor as the sector experienced strong demand from a broad investor base throughout the year.

What hurt performance during the year

•

A modest overweight bias to investment-grade corporates was a detractor from performance in 2005. In particular, the sector suffered from high volatility in the first half of the year, following auto sector downgrades to General Motors and Ford.

•

An overweight position in public mortgages was a detractor from performance over the year. The sector underperformed 10-year U.S. Treasuries over 2005, following high volatility and a sharp rise in refinancing activity in the first half.

Portfolio Positioning and Outlook

In our view, we expect nominal GDP growth to be about 4.0% in the first quarter of 2006, as the groundwork is laid for increased consumer spending. We believe that the Fed funds target for January is around 4.50%, with rates reaching 4.75 to 5.00% by the summer. We favor tactical positioning over strategic allocations. We are positive but cautious on prepay-sensitive mortgage, emerging markets debt and investment-grade corporate sectors. We are cognizant of the potentially changing environment in the coming year, particularly in prospects for global growth, yield curve movements and pension reform. We are managing portfolio risk from a tactical perspective to be more responsive to the evolving macroeconomic environment.

EQ/JPMORGAN CORE BOND PORTFOLIO


Portfolio Characteristics As of December 31, 2005
Weighted Average Life (Years)		8.1
Weighted Average Coupon (%)		6.7
Weighted Average Modified Duration (Years)*		4.3
Weighted Average Rating		AA

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


Distribution of Assets by Sector as of 12/31/05	% of Net Assets
U.S. Government and Agency	57.7	%
Asset Backed Securities	40.5
Corporate Bonds	26.2
Commercial Paper	11.8
Foreign Government Securities	2.0
Cash and Other	(38.2	)

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,000.90	$	2.47
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.74		2.50
Class IB
Actual		1,000.00		999.20		3.73
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.48		3.77

*	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 184/365 (to reflect the one-half year period).

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

PORTFOLIO ADVISER

•

J.P. Morgan Investment Management, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	4.21	%	2.14	%	4.96	%
Portfolio – IB Shares	3.94		1.97		4.96
Russell 1000 Value Index	7.05		5.28		9.40

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

**	Date of inception 5/1/97

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 4.21% for the year ending December 31, 2005. The Portfolio’s benchmark, the Russell 1000 Value Index, returned 7.05% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

Positions in Dex Media, Wellpoint and Corning all contributed to performance for the year. Shares of Dex Media, a yellow pages company, gained in 2005 on the general health of the print yellow pages business and upside potential for online opportunities. Wellpoint, a leading health benefit company, continued to generate strong free cash flow due to a stabilized pricing cycle and lack of negative cost surprises. Shares of Corning, the leading domestic glass producer for flat panel screens, increased during the year, as demand appeared increasingly robust.

What hurt performance during the year

•

Sector-wise, insurance holdings dragged on performance the most. For instance, Willis Group was placed under a contingent commission probe by the Attorney General but eventually settled.

•

Stock-wise, Boston Scientific and Lexmark also negatively impacted performance. Medical device maker Boston Scientific faced multiple headwinds during the year, including issues with its Taxus stent, pipeline delays, patent litigation and increased competition in the drug-eluting stent space. Lexmark announced weaker-than-expected earnings due to increased pricing pressures in the printer market and weak demand for printing supplies.

Portfolio Positioning and Outlook

We still anticipate U.S. growth to decelerate in early 2006, as further Fed tightening and a slowing housing market eventually impact consumer spending, but we are not forecasting a recession. The yield curve may invert and companies may become slightly more cautious in their spending, but the U.S. economy has repeatedly shown that it is quite adaptable and likely to weather the bumps along the way to a non-inflationary expansion. We expect another positive but choppy year for U.S. equities in 2006, with returns likely in the high single digits. We also continue to believe that stocks will outperform bonds in 2006, because valuation factors remain strongly in favor of equities and a range of indicators suggest that stocks are generally inexpensive relative to both their history and to other asset classes.

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Financials	34.4	%
Energy	13.5
Consumer Discretionary	11.1
Industrials	6.7
Health Care	6.5
Utilities	6.1
Telecommunication Services	5.3
Information Technology	5.0
Materials	4.7
Consumer Staples	4.6
Cash and Other	2.1

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,042.80	$	3.45
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.83		3.41
Class IB
Actual		1,000.00		1,041.00		4.73
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.57		4.69

*	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 184/365 (to reflect the one-half year period).

EQ/LAZARD SMALL CAP VALUE PORTFOLIO

PORTFOLIO ADVISER

•

Lazard Asset Management, LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	4.94	%	11.49	%	8.51	%
Portfolio – IB Shares	4.75		11.31		8.46
Russell 2000 Value Index	4.71		13.55		9.96

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

**	Date of inception 1/1/98

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 4.94% for the year ending December 31, 2005. The Portfolio’s benchmark, the Russell 2000 Value Index, returned 4.71% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

Stock selection in Transportation benefited performance, as the shares of Air Tran Holdings, a short-haul air carrier primarily serving the southeastern United States, rose based on several positive data points. Passenger traffic for the industry was stronger than expected, and Air Tran performed better than its peers.

•

Stock selection in Energy also helped returns, as Grey Wolf, which provides contract drilling for oil and gas rigs, was a sizeable contributor to the Portfolio’s results in 2005.

What hurt performance during the year

•

Stock selection in Producer Durables detracted from performance, as the shares of Tecumseh Products, a manufacturer of compressors, gasoline engines and power train equipment, declined significantly. The company’s first quarter earnings were below analysts’ expectations, due to lower sales, higher commodity and other input costs, and unfavorable exchange rates.

•

The Portfolio’s weakest sector performance was in Health Care. The sector and the Portfolio were severely impacted by the implosion at Able Labs, as well as by other names. Able, a generic drug manufacturer, recalled all of its products and ceased production after testing procedures were found to be deficient in meeting regulatory standards.

EQ/LAZARD SMALL CAP VALUE PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Financials	21.0	%
Information Technology	15.8
Industrials	14.7
Consumer Discretionary	13.4
Health Care	10.5
Energy	10.3
Materials	6.7
Utilities	2.7
Consumer Staples	1.8
Telecommunication Services	0.8
Cash and Other	2.3

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,044.70	$	4.02
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.27		3.97
Class IB
Actual		1,000.00		1,043.50		5.31
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.01		5.24

*	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 184/365 (to reflect the one-half year period).

EQ/LEGG MASON VALUE EQUITY PORTFOLIO

PORTFOLIO ADVISER

•

Legg Mason Funds Management, Inc.

PERFORMANCE RESULTS

LOGO

Total Returns as of 12/31/05


	Since Incept.*
Portfolio – IA Shares	4.80	%
Portfolio – IB Shares	4.74
S&P 500 Index	2.26

*	Date of inception 10/3/05.

Returns for periods less than one year are not annualized.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 4.80% since inception on October 3, 2005. The Portfolio’s benchmark, the S&P 500 Index, returned 2.26% over the same period.

Portfolio Highlights

October 3, 2005 —December 31, 2005*

What helped performance during the year

•

From a sector allocation perspective, the Portfolio benefited most notably from lack of exposure to Energy, which was the worst performing sector in the benchmark.

•

As for security selection, strong gains from choices in the Information Technology sector, including Internet powerhouses Google and Yahoo and disk-drive maker Seagate Technology, boosted performance.

•

Stock picks in Health Care, including UnitedHealth Group, McKesson and Aetna, and Qwest Communications in the Telecommunication sector, also proved valuable.

What hurt performance during the year

•

Performance was penalized by underweight positions in Financial Services and Industrials and lack of exposure to Materials, the benchmark’s top three performing sectors.

•

Cyclical headwinds, including fears that higher energy prices would pinch U.S. consumer spending, caused challenges for imaging company Eastman Kodak and retailer Sears Holdings.

•

Investments in satellite television broadcaster DirecTV and videogame maker Electronic Arts were also notable detractors from performance.

*	The Portfolio commenced operations on October 3, 2005.

Portfolio Positioning and Outlook

We remain optimistic for the equity markets in 2006, and we believe their performance should well-exceed last year’s. With oil prices appearing to have peaked and the Fed nearing the end of its tightening cycle, we believe two of the major impediments to the market moving higher are now on the sidelines. With lower levels of home-equity withdrawals available to fuel consumer spending, we expect business spending to become an increasingly important driver of this year’s economic performance. Given that, we expect earnings to grow at a more moderate rate in 2006. Across the broad market segments, equity valuations appear better than they have in several years to us, and, specifically, larger cap names with “growth” characteristics appear the most attractive, causing our Portfolio to tilt in that direction. While we have not made any dramatic changes to Portfolio composition, we have adjusted holdings as we feel appropriate on the margin.

EQ/LEGG MASON VALUE EQUITY PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Consumer Discretionary	31.2	%
Information Technology	16.1
Health Care	15.7
Financials	14.2
Telecommunication Services	9.5
Industrials	7.4
Utilities	4.1
Cash and Other	1.8

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value†		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,048.00	$	1.87
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.48		3.77
Class IB
Actual		1,000.00		1,047.40		2.52
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.16		5.09

†	Portfolio commenced operations on October 3, 2005.

*	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 90/365 (to reflect the one-half year period).

EQ/LONG TERM BOND PORTFOLIO

PORTFOLIO ADVISERS

•

Mercury Advisors

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		10 Years		Since Incept.**
Portfolio – IA Shares*	3.03	%	7.16	%	6.51	%	9.34	%
Portfolio – IB Shares	2.76		6.82		6.11		8.65
Lehman Brothers Long Government/Credit Bond Index	5.33		8.32		7.44		10.45

*	Date of inception 3/20/85

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

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 3.03% for the year ending December 31, 2005. The Portfolio’s benchmark, the Lehman Brothers Long Government/Credit Bond Index, returned 5.33% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

A gradual increase in average portfolio credit quality from mid-to-low ‘AA’ to high ‘AA’ throughout the year enhanced returns as lower quality underperformed higher quality alternatives.

•

Increasing Treasury holdings relative to other high-grade sectors aided performance.

•

Dramatically increasing the number of credits in the Portfolio reduced the negative performance impact of any single widening credit.

What hurt performance during the year

•

The duration of the Portfolio spent much of the later half of the year beneath that of the benchmark. The result was less principal appreciation as interest rates declined.

•

Auto exposure early in the year served as a drag on performance.

Portfolio Positioning and Outlook

We believe we see a re-steepening of the yield curve as real economic growth continues to exceed 3% throughout 2006 and early 2007. We believe this growth will continue to lower the unemployment rate and raise capacity utilization rates, setting a foundation for increasing inflation concerns. Rising long-term rates could provide a challenging environment for bonds in coming quarters. Further, credit spreads remain tight by historic standards, limiting the amount of further performance enhancing tightening that remains available this cycle. With that said, we nevertheless anticipate a relatively stable environment for credit as the economy continues strong.

EQ/LONG TERM BOND PORTFOLIO


Portfolio Characteristics As of December 31, 2005
Weighted Average Life (Years)		18.7
Weighted Average Coupon (%)		6.3
Weighted Average Modified Duration (Years)*		10.7
Weighted Average Rating		Aa1

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


Distribution of Assets by Sector as of 12/31/05	% of Net Assets
U.S. Government and Agency	56.7	%
Corporate Bonds	39.4
Asset Backed Securities	1.2
Municipal Bonds	0.3
Foreign Government and Supranational Securities	0.2
Cash and Other	2.2

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	976.50	$	2.94
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.23		3.01
Class IB
Actual		1,000.00		975.40		4.13
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.02		4.23

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.59% and 0.83%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/LORD ABBETT GROWTH AND INCOME PORTFOLIO

PORTFOLIO ADVISERS

•

Lord Abbett & Co. LLC

PERFORMANCE RESULTS

LOGO

Total Returns as of 12/31/05


	Since Incept.*
Portfolio – IA Shares	7.55	%
Portfolio – IB Shares	7.38
Russell 1000 Value Index	8.91

*	Date of inception 4/29/05.

Returns for periods less than one year are not annualized.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 7.55% since inception on April 29, 2005. The Portfolio’s benchmark, the Russell 1000 Value Index, returned 8.91% over the same period.

Portfolio Highlights

April 29, 2005 — December 31, 2005*

What helped performance during the year

•

Stock selection within the Materials and Processing sector contributed positively to performance during the period. Newmont Mining contributed to sector performance as gold prices reached new highs.

•

Additionally, a relative overweight within the Technology sector aided performance relative to the benchmark.

•

Finally, stock selection within the Producer Durables sector helped performance as Emerson Electric boosted its earnings forecast for 2006 based on strong product demand.

What hurt performance during the year

•

Stock selection within the Consumer Staples sector detracted from performance relative to the benchmark. Kraft Foods, Inc. was negatively affected by rising packaging costs due to high energy prices.

•

Additionally, the Portfolio’s underweight, relative to the benchmark, within the Financial Services sector detracted from performance, as large banks continued to post strong earnings.

•

Finally, the Portfolio’s underexposure to the Integrated Oils sector detracted from performance as oil prices moved higher in the first half of the year, and companies within the Integrated Oils sector benefited greatly.

*	The portfolio commenced operations on April 29, 2005.

Portfolio Positioning and Outlook

While we have been underweight Integrated Oils, we currently have a near market weight in the Other Energy (Oil Service) sector. While oil prices may decline substantially in time from current levels, we believe the oil service business will continue to prosper due to strong pricing and demand. Our continued large underweight in Financials penalized the Portfolio in the fourth quarter, yet we have added modestly to financials, primarily in insurance. We continue to be cautious of bank profits, which we feel are increasingly generated in businesses that are volatile and unsustainable. Our largest overweight sector is Health Care. We believe a gradually increasing pipeline of new drugs and an aging population will work together to make these stocks potentially more profitable in the future. Currently, we also have continued to build positions in Consumer Staples, such as foods. Our philosophy is that good investing stems from a rigorous research approach that causes us sometimes to be wary of what is popular. We seek to uncover unique opportunities where companies are under-earning relative to normal levels.

EQ/LORD ABBETT GROWTH AND INCOME PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Health Care	16.9	%
Consumer Staples	16.2
Financials	14.3
Industrials	14.2
Information Technology	7.8
Materials	7.3
Energy	7.1
Telecommunication Services	4.8
Consumer Discretionary	3.8
Utilities	1.6
Investment Company	1.6
Cash and Other	4.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,061.70	$	3.90
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.42		3.82
Class IB
Actual		1,000.00		1,061.10		5.20
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.16		5.09

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

EQ/LORD ABBETT LARGE CAP CORE PORTFOLIO

PORTFOLIO ADVISERS

•

Lord Abbett & Co. LLC

PERFORMANCE RESULTS

LOGO

Total Returns as of 12/31/05


	Since Incept.*
Portfolio – IA Shares	7.53	%
Portfolio – IB Shares	7.36
Russell 1000 Index	10.37

*	Date of inception 4/29/05.

Returns

for periods less than one year are not annualized.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 7.53% since inception on April 29, 2005. The Portfolio’s benchmark, the Russell 1000 Index, returned 10.37% over the same period.

Portfolio Highlights

April 29, 2005 — December 31, 2005*

What helped performance during the year

•

Strong stock selection within the Materials and Processing sector added value to the performance of the Portfolio. Shares of Monsanto Co. continued to outperform due to its pipeline of agricultural biotech products. Newmont Mining Corp. also contributed to sector performance as gold prices reached new highs.

•

Stock selection within the Technology sector contributed to returns as well. Specifically, Motorola, Inc., which benefited from strong product sales of its Razr phones during the later part of the year, was a key contributor.

What hurt performance during the year

•

The Portfolio’s overweight within the Health Care sector and underweight within the Financial Services sector had the most significant impact on performance. In the Health Care sector, the Portfolio’s sizable exposure to pharmaceutical companies was weakened by limber prescription sales and patent challenges. The Financial Services sector was a strong performing sector on an absolute return basis, based on speculation that the Federal Reserve Board (the Fed) would refrain from raising interest rates further.

•

In addition, the Portfolio’s overweight and stock selection within the Consumer Staples sector had a negative impact on performance relative to the benchmark. In particular, shares of Kraft Foods, Inc. continued to fall due to continued concerns of higher commodity prices, which would impact the company’s profit margins.

*	The Portfolio commenced operations on April 29, 2005.

Portfolio Positioning and Outlook

We currently have an overweight in the Health Care sector due to the attractive valuations, favorable growth prospects, and improving new drug product pipelines. Moreover, the demographic trends are excellent for demand not only in the U.S. but also in most major industrial countries. At this time, we believe the underweight in Financials should stay put, reflecting our concerns about extended valuations, narrowing bank profits and over capacity in the banking industry. Our underweight in Technology should remain in place due to relatively high valuations combined with our growing fundamental concerns about over capacity and weakening profits in the sector. Overall we will seek to continue to look for companies with attractive valuations and favorable growth prospects.

EQ/LORD ABBETT LARGE CAP CORE PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Health Care	23.5	%
Consumer Staples	17.7
Information Technology	12.2
Industrials	11.8
Financials	10.6
Energy	6.2
Materials	5.5
Telecommunication Services	2.8
Utilities	2.8
Consumer Discretionary	2.6
Investment Company	1.0
Cash and Other	3.3

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,057.40	$	3.89
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.42		3.82
Class IB
Actual		1,000.00		1,055.70		5.18
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.16		5.09

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

EQ/LORD ABBETT MID CAP VALUE PORTFOLIO

PORTFOLIO ADVISERS

•

Lord Abbett & Co. LLC

PERFORMANCE RESULTS

LOGO

Total Returns as of 12/31/05


	Since Incept.*
Portfolio – IA Shares	13.82	%
Portfolio – IB Shares	13.63
Russell Mid Cap Value Index	14.81

*	Date of inception 4/29/05.

Returns for periods less than one year are not annualized.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 13.82% since inception on April 29, 2005. The Portfolio’s benchmark, the Russell Mid Cap Value Index, returned 14.81% over the same period.

Portfolio Highlights

April 29, 2005 — December 31, 2005*

What helped performance during the year

•

The Portfolio performance was primarily driven by stock selection and an overweight position within the strong performing Other Energy sector and by stock selection within the Health Care sector. Within the Other Energy sector, EOG Resources, Inc., a natural gas exploration company, performed well during the period, exceeding analysts’ earnings expectations as a result of strong pricing gains and higher production.

•

Within the Pharmaceuticals industry, the Portfolio benefited relative to the benchmark as King Pharmaceuticals exceeded analysts’ earnings expectations. The company announced resolution of an excessive inventory situation that had had a dampening effect on sales.

What hurt performance during the year

•

Performance was hindered relative to the benchmark by stock selection and an overweight position within the Consumer Discretionary sector and by stock selection within the Transportation sector.

•

Share prices of Interpublic Group Co., an advertising and marketing services company, declined following the announcement of lower than expected quarterly earnings.

•

Dana Corp., an auto parts manufacturer, was also a drag on the Portfolio as it indicated it will be restating certain of its financials due to improper accounting practices.

*	The Portfolio commenced operations on April 29, 2005.

Portfolio Positioning and Outlook

Based on our research contacts with companies, we expect the industrial segment of the economy to continue with above average growth. We believe that many of our Portfolio companies in these areas will see margin recovery this year as input cost increases moderate while the beneficial effects of their own price increases are realized. For selected companies in the Telecommunications and Media areas, we believe the protracted period of overcapacity, sub-par growth and below average profitability may be ending. We have added stocks with company specific catalysts and attractive valuations that appear to us to be in the early stages of profitability recoveries.

EQ/LORD ABBETT MID CAP VALUE PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Consumer Discretionary	19.5	%
Materials	16.0
Financials	13.3
Information Technology	11.6
Industrials	9.2
Utilities	7.6
Health Care	6.5
Energy	6.1
Consumer Staples	3.8
Telecommunication Services	3.3
Cash and Other	3.1

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,061.70	$	4.16
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.17		4.08
Class IB
Actual		1,000.00		1,061.00		5.45
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35

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

EQ/MARSICO FOCUS PORTFOLIO

PORTFOLIO ADVISER

•

Marsico Capital Management, LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		Since Incept.
Portfolio – IA Shares	10.98	%	11.68	%*
Portfolio – IB Shares	10.65		11.71	**
Russell 1000 Growth Index	5.26		1.90	**

*	Date of inception 10/2/02

**	Date of inception 8/31/01

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 10.98% for the year ending December 31, 2005. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 5.26% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

Health Care was a major area of emphasis for the Portfolio throughout the year, and the Portfolio benefited from stock selection within the sector. The two largest positive contributors to the Portfolio’s performance were biotechnology firm Genentech and health services provider UnitedHealth Group. In addition, a position in implantable biomedical device manufacturer Medtronic benefited the Portfolio.

•

The Portfolio’s Information Technology holdings were also significant performance contributors. Internet services company Google was among the top performing positions of the Portfolio. Apple Computer also had a positive impact on performance for the year.

•

Another area of strength was stock selection and an overweighted posture in the Diversified Financials industry. Chicago Mercantile Exchange, Goldman Sachs Group, and UBS AG combined to benefit performance. The Portfolio’s overweighted posture in the industry enhanced performance as the Diversified Financials industry was one of the top performing industry groups for the benchmark.

•

A select holding in the Utilities sector, TXU Corp., also contributed significantly to performance for the time period.

What hurt performance during the year

•

Energy was the strongest performing area of the benchmark. The Portfolio had little exposure to Energy, which was a significant detractor from performance during the year. In addition, the Portfolio’s position in Exxon Mobil was a material detractor from performance results.

•

Select holdings in the Consumer Discretionary sector hurt performance results for the year. Retailer eBay was the largest individual detractor from performance. In addition, Consumer Services positions such as Wynn Resorts, Royal Caribbean Cruise Lines, and Four Seasons Hotel negatively impacted performance.

Portfolio Positioning and Outlook

As of December 31, 2005, the Portfolio’s economic sector allocations emphasized Health Care, Consumer Discretionary, Financials, Industrials, and Information Technology companies. As of year-end, the Portfolio had little or no exposure in areas such as Utilities, Materials and Telecommunication Services.

EQ/MARSICO FOCUS PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Health Care	21.3	%
Financials	19.7
Consumer Discretionary	19.2
Industrials	15.3
Information Technology	15.0
Consumer Staples	4.9
Energy	3.0
Materials	0.8
Cash and Other	0.8

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,121.80	$	4.81
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.67		4.58
Class IB
Actual		1,000.00		1,120.10		6.15
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.41		5.85

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

EQ/MERCURY BASIC VALUE EQUITY PORTFOLIO

PORTFOLIO ADVISER

•

Mercury Advisors

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	3.19	%	5.78	%	9.95	%
Portfolio – IB Shares	2.99		5.60		9.98
Russell 1000 Value Index	7.05		5.28		9.40

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

**	Date of inception 5/1/97

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 3.19% for the year ending December 31, 2005. The Portfolio’s benchmark, the Russell 1000 Value Index, returned 7.05% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

Stock selection in Energy, Health Care, Financials and Telecommunication Services benefited the performance versus the benchmark for the year.

•

Overweights in Industrials, Materials and Consumer Staples had a modest positive impact on the relative return.

•

The top five stocks that helped performance during the year were GlobalSantaFe Corp. (Energy), Diamond Offshore Drilling, Inc. (Energy), LSI Logic Corp. (Information Technology), St. Paul Travelers Companies, Inc. (Financials) and Motorola, Inc. (Information Technology).

What hurt performance during the year

•

Security selection in the Consumer Discretionary, Consumer Staples, Materials and Information Technology sectors hindered the relative return.

•

An overweight in Consumer Discretionary stocks and underweights in Utilities and Energy detracted from the relative return.

•

The top stocks detracting from performance during the year were Unisys Corp. (Information Technology), Interpublic Group of Cos. (Consumer Discretionary), Comcast Corp. (Consumer Discretionary), Borland Software Corp. (Information Technology) and Gap, Inc. (Consumer Discretionary).

Portfolio Positioning and Outlook

We believe that the Fed is close to the end of its cycle of raising short-term interest rates. In 2005, the market faced continued Fed rate hikes, budget and trade deficits, escalating energy prices, and a devastating hurricane season. Nonetheless, the economy continued to grow at a rate of more than 3% and corporate earnings remained robust. During the period of rising rates, concerns of an economic slowdown have led to what we feel are attractive valuations in economically sensitive stocks. Currently, we have positioned the Portfolio with overweights versus the benchmark in Materials, Information Technology and Industrial stocks because we do not believe the slowdown will lead to a recession. We also have increased the Portfolio’s exposure to Financials because we believe the group will perform better once the Fed is done.

EQ/MERCURY BASIC VALUE EQUITY PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Financials	27.5	%
Consumer Discretionary	11.9
Information Technology	11.8
Industrials	11.7
Health Care	8.2
Energy	8.0
Consumer Staples	6.8
Materials	6.2
Telecommunication Services	4.8
Cash and Other	3.1

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,063.10	$	3.22
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.08		3.16
Class IB
Actual		1,000.00		1,062.40		4.52
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.82		4.43

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.62% and 0.87%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/MERCURY INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO ADVISER

•

Merrill Lynch Investment Managers International Limited

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	11.07	%	2.65	%	8.76	%
Portfolio – IB Shares	10.79		2.46		8.80
MSCI EAFE Index	13.54		4.55		6.17

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

**	Date of inception 5/1/97

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 11.07% for the year ending December 31, 2005. The Portfolio’s benchmark, the MSCI EAFE Index, returned 13.54% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

The performance versus the benchmark benefited from good security selection in Germany, Italy, France and Sweden. Holdings in the Capital Goods, Banking, Energy, and Capital Goods & Supplies sectors also enhanced the relative return.

•

The Portfolio’s underweight in the UK, overweight in Norway, and the absence of a position in Hong Kong contributed positively to the comparative performance. On a sector level, the relative return benefited from an overweight in Diversified Financials and the absence of a position in Media Stocks.

•

The top five stocks that helped performance during the year were Mitsubishi UFJ Financial Group Inc. (Financials), BAE Systems PLC (Industrials), Statoil ASA (Energy), RWE AG (Energy) and Toyota Motor Corp. (Consumer Discretionary).

What hurt performance during the year

•

Adverse stock selection in Japan was the primary detractor from the relative performance.

•

Security selection in the UK and Belgium, and in the Food & Staples Retailing, Materials and Retailing sectors also had a somewhat negative impact on the performance versus the benchmark.

•

An above-benchmark allocation in Italy and a small position in South Korea, which is not represented in the benchmark, modestly hindered the comparative performance for the year.

•

Regarding sector allocation, an underweight in Materials and overweights in Telecommunication Services and Utilities had a slightly negative effect on the relative return.

•

The top stocks detracting from performance during the year were NTT DoCoMo Inc. (Telecommunication Services), Belgacom SA (Telecommunication Services), Vodafone Group PLC (Telecommunication Services), Royal Bank of Scotland Group PLC (Financials) and Agfa-Gevaert NV (Consumer Discretionary).

Portfolio Positioning and Outlook

The Portfolio currently is overweight versus the benchmark in Banks, Diversified Financials, Utilities, and Insurance. There are underweights in Pharmaceutical Companies, Materials, and Food, Beverages & Tobacco companies. We maintain our strategy of investing in stocks that we believe have relatively low valuations.

EQ/MERCURY INTERNATIONAL VALUE PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Financials	39.2	%
Energy	10.1
Industrials	9.6
Consumer Discretionary	9.4
Utilities	8.3
Consumer Staples	7.1
Telecommunication Services	6.6
Information Technology	5.3
Health Care	1.1
Cash and Other	3.3

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,123.00	$	5.35
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.16		5.09
Class IB
Actual		1,000.00		1,121.90		6.69
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.90		6.36

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

EQ/MFS EMERGING GROWTH COMPANIES PORTFOLIO

PORTFOLIO ADVISER

•

MFS Investment Management

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	9.38	%	(6.97	)%	5.68	%
Portfolio – IB Shares	9.00		(7.21	)	5.55
Russell 3000 Growth Index	5.17		(3.15	)	4.46

*	Date of inception 11/28/98

**	Date of inception 5/1/97

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 9.38% for the year ending December 31, 2005. The Portfolio’s benchmark, the Russell 3000 Growth Index, returned 5.17% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

Over the period, stock selection in the Financial Services, Health Care, and Technology sectors boosted results. In Financial Services, investment management firm Legg Mason and commodities exchange Chicago Mercantile Exchange were among the top contributors to relative performance. In Health Care, biotech firm Gilead Sciences aided relative returns over the period. In Technology, holdings in Internet search engine Google, maker of flash memory storage products Sandisk, and South Korean microchip and electronics manufacturer Samsung Electronics (not a benchmark constituent) proved beneficial to relative performance. Not holding the weak-performing International Business Machines (IBM) also helped relative results.

•

The Portfolio’s overweighted position in the Utilities and Communication sector also bolstered results as the sector outperformed the overall benchmark. Broadcast and communications operator American Tower and Latin American wireless communications company America Movil (not a benchmark constituent) were among the Portfolio’s top relative performers.

•

Other individual contributors to performance included drilling rig operator GlobalSantaFe, which is not held in the benchmark, and media image provider Getty Images.

What hurt performance during the year

•

Stock selection and, to a lesser extent, an overweighted position in the Leisure sector detracted from relative performance. Video games maker Electronic Arts was among the Portfolio’s top detractors over the period.

•

Stock selection in the Industrial Goods & Services and Autos & Housing sectors also held back results. No individual stocks in the Industrial Goods & Services sector were among the top detractors. In Autos & Housing, sleep products manufacturer Tempur-Pedic dampened relative performance.

•

An overweighted position in the Special Products & Services sector hampered performance as the sector underperformed the benchmark.

•

Although the Technology, Health Care, and Retailing sectors yielded positive relative performance, several individual stocks in these sectors detracted from results. In Technology, positions in network security software company Symantec and software provider Mercury Interactive hurt returns. In Health Care, dermatological treatment company Medicis and biotech firm ImClone negatively affected relative performance. Positioning in Genetech and Health Care service provider UnitedHealth Group also hindered relative results. Additionally, not holding pharmaceutical company Pfizer proved disappointing as the stock performed better than the overall benchmark during the period. In Retailing, discount store Family Dollar hindered relative results.

EQ/MFS EMERGING GROWTH COMPANIES PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Information Technology	32.0	%
Health Care	22.4
Consumer Discretionary	14.0
Financials	9.6
Energy	6.2
Telecommunication Services	4.9
Industrials	3.9
Consumer Staples	3.1
Materials	0.9
Cash and Other	3.0

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,110.50	$	3.78
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.63		3.62
Class IB
Actual		1,000.00		1,108.60		5.10
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.37		4.89

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.71% and 0.96%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/MFS INVESTORS TRUST PORTFOLIO

PORTFOLIO ADVISER

•

MFS Investment Management

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	7.46	%	(0.48	)%	0.70	%
Portfolio – IB Shares	7.18		(0.66	)	0.62
S&P 500 Index	4.91		0.54		1.77

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

**	Date of inception 1/1/99

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 7.46% for the year ending December 31, 2005. The Portfolio’s benchmark, the S&P 500 Index, returned 4.91% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

The Energy, Financial Services, and Health Care sectors were the top contributors to performance relative to the benchmark. Stock selection played the major role in these sectors’ relative performance.

•

In the Energy sector, oilfield services provider Halliburton, energy exploration and production company EOG Resources, offshore drilling firm Noble Corp, Canadian energy producer EnCana, which is not a constituent of the benchmark, and offshore drilling contractor Transocean were all strong contributors.

•

Holdings in investment management firm Legg Mason, which is not a constituent of the benchmark, boosted relative results in the Financial Services sector.

•

In the Health Care sector, biotech firm Gilead Sciences and Swiss pharmaceutical company Roche Holding, which is not a constituent of the benchmark, aided relative performance as both stocks outperformed the benchmark over the period.

•

Individual stocks in other sectors that contributed to relative results included agrichemical products company Monsanto and computer manufacturer Apple Computer.

What hurt performance during the year

•

Relative to the Portfolio’s benchmark, Utilities & Communications, Transportation, and Special Products & Services were the Portfolio’s top detracting sectors over the period. Stock selection in the Utilities & Communications sector held back relative performance with wireless service provider Vodafone Group, which is not a constituent of the benchmark, among the Portfolio’s top detractors.

•

An underweighted position in Transportation and stock selection in the Special Products & Services sector also hindered relative returns. No individual stocks within either sector were among the Portfolio’s top detractors.

•

Although stock selection in the Health Care sector contributed to overall results, several individual stocks held back relative performance including health care products manufacturer Abbott Laboratories and orthopedic products marketer Zimmer Holdings.

•

Stocks in other sectors that hurt relative results included manufacturing conglomerate Tyco International, software games developer Electronic Arts, home improvement products maker Masco Corp, and beauty supply company Avon Products. Elsewhere, direct-sale computer vendor Dell and enterprise software giant Oracle held back returns. Not holding strong-performing oil and gas giant ExxonMobil also dampened investment performance.

EQ/MFS INVESTORS TRUST PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Information Technology	17.4	%
Financials	16.9
Health Care	16.9
Consumer Staples	11.0
Industrials	10.8
Energy	9.9
Consumer Discretionary	9.6
Materials	2.9
Telecommunication Services	1.9
Utilities	1.3
Cash and Other	1.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,077.90	$	3.67
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.68		3.57
Class IB
Actual		1,000.00		1,077.40		4.97
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.42		4.84

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

EQ/MONEY MARKET PORTFOLIO

PORTFOLIO ADVISER

•

Dreyfus Corporation***

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IA Shares	2.85	%	2.00	%	3.72	%	5.89	%
Portfolio – IB Shares**	2.65		1.76		3.46		5.64
3-Month Treasury Bill	3.07		2.34		3.85		6.10

*	Date of inception 7/13/81

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 2.85% for the year ending December 31, 2005. The Portfolio’s benchmark, the 3-Month Treasury Bill Index, returned 3.07% over the same period.

***	Effective June 16, 2005, The Dreyfus Corporation replaced Alliance Capital Management L.P. as subadviser of the Portfolio.

Portfolio Highlights

For the year ending December 31, 2005.

The Portfolio was managed during the period to take advantage of higher rates that were expected to occur due to the continued Federal Reserve tightening of monetary policy. The Portfolio was structured to capture incremental yields out along the yield curve, keeping in mind upcoming Federal Reserve meeting dates and the need to maintain appropriate levels of liquidity. In addition, positions were maintained in floating rate securities that are expected to benefit the Portfolio as rates increase and these instruments reset at higher levels.

Portfolio Positioning and Outlook

The Fed has tightened the overnight federal funds rate at every meeting since June of 2004. The level of uncertainty regarding the outcome of future Fed meetings is the highest since the tightening process began. The Fed’s own minutes reflect the expectation that while further rate hikes would probably be necessary, any future moves would be much more dependent on incoming economic data. The likelihood is that the Fed continues to raise rates during the first part of 2006. The Portfolio’s current structure is designed to provide a competitive return while maintaining the flexibility to take advantage of possible further Fed rate hikes. We will closely monitor incoming economic data and stand ready to adjust the Portfolio’s strategy as conditions warrant.

EQ/MONEY MARKET PORTFOLIO


Maturity Weightings As of December 31, 2005
1-30 days	69.7	%
31-60 days	16.8
61-90 days	13.5

	100.0	%


Distribution of Assets by Sector as of 12/31/05	% of Net Assets
Commercial Paper	59.0	%
Government Securities	23.6
Time Deposit	11.9
Certificates of Deposit	3.5
Corporate Bonds	1.7
Cash and Other	0.3

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,016.60	$	1.98
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.24		1.99
Class IB
Actual		1,000.00		1,015.60		3.25
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.98		3.26

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.39% and 0.64%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/MONTAG & CALDWELL GROWTH PORTFOLIO

PORTFOLIO ADVISER

•

Montag & Caldwell, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	5.71	%	(2.86	)%	0.63	%
Portfolio – IB Shares	5.43		(2.92	)	0.60
Russell 1000 Growth Index	5.26		(3.58	)	(0.90	)

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

**	Date of inception 12/1/98

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 5.71% for the year ending December 31, 2005. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 5.26% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

A significant overweight in the Energy sector was the largest contributor to performance from a sector allocation perspective.

•

Stock selection in the Consumer Staples sector, particularly Gillette Co. and Pepsico Inc., was additive to performance for the year.

•

Stock selection in the Consumer Discretionary sector, particularly McDonald’s Corp. and eBay Inc., was also additive.

What hurt performance during the year

•

Stock selection in the Information Technology sector, specifically Maxim Integrated Products, Oracle Corp., and Juniper Networks, was not additive to performance.

•

Performance of securities in the Industrial sector subtracted value, with the largest negative contribution from United Parcel Service.

Portfolio Positioning and Outlook

As we enter 2006, we continue to expect the stock market to be range bound and increasingly volatile. We still think interest rates and a more challenging corporate profit environment will contribute to increased stock market volatility, particularly during the first half of 2006. By the middle of the year, we believe the Federal Reserve Board will have stopped raising interest rates, which could set the stage for a stronger stock market environment in 2007 and 2008. We continue to be optimistic about high-quality large-cap growth stocks that have the ability to produce earnings growth and that are selling at reasonable valuations. Intrinsic value has continued to build in these types of stocks and we believe the Portfolio is positioned properly to benefit our clients.

EQ/MONTAG & CALDWELL GROWTH PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Health Care	22.8	%
Consumer Discretionary	15.8
Energy	15.0
Information Technology	14.0
Consumer Staples	13.5
Industrials	10.8
Financials	4.7
Cash and Other	3.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,063.80	$	4.27
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.07		4.18
Class IB
Actual		1,000.00		1,063.20		5.56
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.81		5.45

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.82% and 1.07%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO ADVISERS

•

Pacific Investment Management Company, LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		Since Incept.*
Portfolio – IB Shares	0.77	%	4.63	%
Lehman Brothers U.S. TIPS Index	2.84		8.98
Lehman Brothers U.S. Universal Index†	2.72		5.71

*	Date of inception 1/24/02

†	In 2005, the Investment Manager revised the Portfolio’s market index to be the Lehman Brothers U.S. TIPS Index, which more closely reflects the market sectors in which the portfolio invests.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 0.77% for the year ending December 31, 2005. The Portfolio’s benchmark, the Lehman Brothers U.S. TIPS Index, returned 2.84% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

Performance benefited from a neutral to overweight treasury-inflation protected securities (TIPS) position, as TIPS outpaced like duration nominal bonds for the full year.

•

Modest exposure to longer maturity nominal bonds, as the nominal yield curve continuing to flatten, added to performance.

•

A tactical allocation to U.K. nominal bonds helped performance as U.K. yields declined on the back of slower economic growth.

•

Emerging market bonds were also additive, as investors continued to be drawn to their improving credit fundamentals.

•

Exposure to Municipal bonds, which have a stable retail investor base and tend to outperform Treasuries when rates rise, contributed to performance.

What hurt performance during the year

•

An above-index duration detracted from performance, as rates rose.

•

A modest overweight to shorter maturity inflation-linked bonds for much of the period was detrimental, as the yield curve continued to flatten.

•

Exposure to corporate bonds, which under-performed U.S. Treasuries, subtracted from performance.

•

Also subtracting were mortgage bond holdings, as mortgages lagged comparable maturity U.S. Treasuries.

•

Currency exposure to the yen and euro had a negative impact, as relatively high U.S. rates supported the dollar.

Portfolio Positioning and Outlook

We expect the U.S. economy to grow more slowly over the next year as the housing market cools and consumer spending grows more in line with incomes. In our opinion, the Federal Reserve should stop tightening early in 2006, and yields on 1-5 year nominal Treasuries possibly could fall as much as 100 basis points this year as markets anticipate the start of Fed easing. Our exposures focus mainly on the U.S., where we see better value at present. The current Portfolio strategy is 1) targeting duration moderately above the benchmark as we believe slower growth will create downward pressure on interest rates; 2) focusing on short to intermediate maturities, which we think might outperform as bond markets expect the start of a Fed easing cycle; 3) holding municipal bonds as insurance against rates moving higher; 4) retaining an emphasis on mortgages, especially high quality agency-backed issues; 5) holding only modest corporate positions, as credit premiums remain near historic lows and defaults could rise as the economy cools; 6) favoring U.S. bonds over Eurozone issues as the European Central Bank has begun to tighten; and 7) owning emerging market bonds, where we believe credit fundamentals might continue to improve and valuations remain attractive compared to other higher yielding alternatives.

EQ/PIMCO REAL RETURN PORTFOLIO


Portfolio Characteristics As of December 31, 2005
Weighted Average Life (Years)		9.3
Weighted Average Coupon (%)		4.3
Weighted Average Modified Duration (Years)*		6.9
Weighted Average Rating		AAA

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


Distribution of Assets by Sector as of 12/31/05	% of Net Assets
U.S. Government and Agency	107.2	%
Commercial Paper	46.2
Asset-Backed and Mortgage-Backed Securities	10.5
Corporate Bonds	3.4
Foreign Government Securities	1.3
Municipal Securities	0.4
Cash and Other	(69.0	)

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IB
Actual	$	1,000.00	$	995.40	$	3.27
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.93		3.31

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

EQ/SHORT DURATION BOND PORTFOLIO

PORTFOLIO ADVISER

•

Mercury Advisors

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		Since Incept.**
Portfolio – IA Shares	1.54	%	1.64	%
Portfolio – IB Shares*	1.38		1.58
Lehman Brothers 1-3 Year Government/Credit Index	1.77		1.72

*	Date of inception 5/1/03

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

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 1.38% for the year ending December 31, 2005. The Portfolio’s benchmark, the Lehman Brothers 1-3 Year Government/Credit Index, returned 1.77% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

A Portfolio duration neutral to or lower than the benchmark throughout most of the year enhanced Portfolio performance.

•

A significant overweight in collateralized securities throughout the year enhanced Portfolio performance.

•

A meaningful overweight in ‘A’ and ‘BBB’ rated securities relative to the benchmark enhanced performance this year.

What hurt performance during the year

•

A large allocation to the government sectors in the first half of the year reduced performance.

•

A meaningful overweight to the higher end of the investment grade credit quality spectrum ‘AAA’ negatively affected Portfolio performance.

Portfolio Positioning and Outlook

Early in the expansionary phase of the business cycle corporate debt offers considerably more yield than government alternatives. At this stage, four years into the expansion, we believe limited opportunity remains for enhanced performance from significant credit spread tightening. Nevertheless, the Portfolio is currently overweight corporate debt to take advantage of the higher yield as we expect credit quality to remain level for some time. While we anticipate periodic, shallow bouts of credit spread widening, their impact on a short duration portfolio likely should be minimal. Our challenge is to properly identify the economic cycle’s approach to the peak phase and implement the necessary protective strategies before a downturn.

EQ/SHORT DURATION BOND PORTFOLIO


Portfolio Characteristics As of December 31, 2005
Weighted Average Life (Years)		1.9
Weighted Average Coupon (%)		4.5
Weighted Average Modified Duration (Years)*		1.7
Weighted Average Rating		Aa2

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


Distribution of Assets by Sector as of 12/31/05	% of Net Assets
U.S. Government and Agency	39.0	%
Corporate Bonds	31.5
Asset Backed Securities	24.9
Foreign Governments	1.0
Cash and Other	3.6

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,003.20	$	2.02
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.19		2.04
Class IB
Actual		1,000.00		1,002.70		3.28
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.93		3.31

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

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO ADVISER

•

Alliance Capital Management L.P.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.**
Portfolio – IA Shares*	4.50	%	7.85	%	6.31	%
Portfolio – IB Shares	4.24		7.64		6.43
Russell 2000 Index	4.55		8.22		6.87

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

**	Date of inception 1/1/98

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 4.50% for the year ending December 31, 2005. The Portfolio’s benchmark, the Russell 2000 Index, returned 4.55% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

The sectors that contributed the most for the one-year period ended December 31, 2005 were Energy, Health Care, Materials & Processing, Utilities and REITs.

•

The top performing stocks in the benchmark for the year were Intuitive Surgical, Amylin Pharmaceutical, Vertex Pharmaceutical, Southwestern Energy and Frontier Oil.

What hurt performance during the year

•

The sectors that detracted the most for the one-year period ended December 31, 2005 were Technology, Auto & Transportation, Consumer Staples and Consumer Discretionary.

•

The most negative performing stocks in the benchmark for the year were Calpine, First Bancorp, Taser International, Blockbuster and Brocade Comm.

Portfolio Positioning and Outlook

The Portfolio will strive to meet its performance objective by approximating the investment return of the underlying benchmark, the Russell 2000 Index. The annual Russell reconstitution was efficiently completed in early July 2005 and has contributed positively to the Portfolio.

EQ/SMALL COMPANY INDEX PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Financials	21.0	%
Information Technology	18.4
Industrials	15.3
Consumer Discretionary	13.9
Health Care	12.4
Energy	5.9
Materials	4.9
Consumer Staples	2.8
Utilities	2.5
Telecommunication Services	1.4
Cash and Other	1.5

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,057.80	$	1.66
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.59		1.63
Class IB
Actual		1,000.00		1,056.90		2.96
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.33		2.91

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 0.32% and 0.57%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

EQ/TCW EQUITY PORTFOLIO

PORTFOLIO ADVISER

•

TCW Investment Management Company

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – IB Shares	3.95	%	0.68	%	6.97	%	10.57	%
Russell 1000 Growth Index	5.26		(3.58	)	6.73		10.64

*	Date of inception 8/1/88

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 3.95% for the year ending December 31, 2005. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 5.26% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

During much of 2005, the market significantly increased its valuation of Genentech due to the success of a unique cancer fighting product called Avastin. Genentech’s valuation was also enhanced by success with other products in the cancer market that are likely to generate long-term value for patients and shareholders alike.

What hurt performance during the year

•

Investor sentiment toward eBay turned negative early in the year following announcements of increased investments and a slowdown in growth in certain markets.

Portfolio Positioning and Outlook

As we view the investment landscape, we are struck by the challenges facing some businesses and the remarkable opportunities that face others. While we view our competitive advantage as being more a function of micro-economic analysis than macro-economic analysis, we remain encouraged by the medley of healthy growth, high economic returns, and attractive valuations we see in many sectors of the economy. We’ve always believed that to beat the market you must be different from it in a way that is both meaningful and intelligent. We continue to view our focus on outlier business models, longer holding periods, and fewer but more concentrated investments as key differentiators of our Portfolio and a source of long-term advantage for our clients.

EQ/TCW EQUITY PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Information Technology	38.9	%
Consumer Discretionary	21.6
Financials	18.7
Health Care	12.4
Industrials	4.8
Consumer Staples	2.0
Cash and Other	1.6

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IB
Actual	$	1,000.00	$	1,104.50	$	5.94
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.56		5.70

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

EQ/UBS GROWTH AND INCOME PORTFOLIO

PORTFOLIO ADVISER

•

UBS Global Asset Management (Americas) Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.*
Portfolio – IB Shares	8.98	%	0.55	%	3.52	%
Russell 1000 Index	6.27		1.07		3.08

*	Date of inception 12/1/98

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IB shares returned 8.98% for the year ending December 31, 2005. The Portfolio’s benchmark, the Russell 1000 Index, returned 6.27% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

The Portfolio’s substantial underweight position in the computer hardware sector - and IBM in particular, which the Portfolio did not hold - had the most significant positive impact on relative performance.

•

The Portfolio’s holdings in construction and real property helped performance, as the housing market remained strong.

•

The Portfolio’s grocery store holdings also had a positive impact on performance.

What hurt performance during the year

•

The Energy Reserves sector was the most significant detractor from performance on a relative basis, due to the Portfolio’s underweight position there.

•

Equity real estate investment trusts (REITs) also detracted from performance, despite the Portfolio’s underweight position.

•

Finally, a position in entertainment companies also had a negative impact on returns.

Portfolio Positioning and Outlook

While the economy’s growth is slowing (but still strong), the market in general seems to believe the Fed may have established an implicit cap of 4.5% for short term rates, after raising rates twice in the fourth quarter to bring the federal funds rate to 4.25%. In addition, housing is holding up, staving off concerns, at least for the near term, of the bursting of the much discussed “housing bubble.” At the Portfolio level, we continue to view oil prices as unsustainably high given the underlying supply and demand fundamentals. We are currently underweight in the Energy sector. We believe Materials similarly suffer from unsustainable trading multiples, especially after the run-up in that sector in recent months. We believe that to add value, it is important for us to be highly selective within individual sectors. For example, within the Financials sector, we continue to favor companies with diversified exposure to markets and the positive M&A trend versus regional US banks, which we feel already carry a significant premium and are looking expensive at current levels. We believe we will be rewarded for capital market exposure. Within Health Care, with the exception of large-cap pharmaceutical companies with high levels of geriatric exposure, we continue to find attractive opportunities. We believe the 2006 Medicare prescription drug benefit program rollout will create significant price pressure for some Health Care companies, but notable opportunities for pharmacy benefit managers.

100

EQ/UBS GROWTH AND INCOME PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Financials	24.3	%
Health Care	20.9
Consumer Discretionary	12.4
Information Technology	11.3
Industrials	10.7
Utilities	5.8
Consumer Staples	4.2
Telecommunication Services	4.1
Energy	4.0
Cash and Other	2.3

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IB
Actual	$	1,000.00	$	1,072.40	$	5.48
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35

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

101

EQ/VAN KAMPEN COMSTOCK PORTFOLIO

PORTFOLIO ADVISER

•

Morgan Stanley Investment Management, Inc.

PERFORMANCE RESULTS

LOGO

Total Returns as of 12/31/05


	Since Incept.*
Portfolio – IA Shares	5.37	%
Portfolio – IB Shares	5.20
Russell 1000 Value Index	8.91

*	Date of inception 4/29/05.

Returns for periods less than one year are not annualized.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 5.37% since inception on April 29, 2005. The Portfolio’s benchmark, the Russell 1000 Value Index, returned 8.91% over the same period.

Portfolio Highlights

April 29, 2005 — December 31, 2005*

What helped performance during the year

•

For the period ended December 31, 2005, stock selection and the resulting overweight in Materials added the most to performance relative to the benchmark. Materials stocks had been beaten down substantially in the market but toward the end of the period, a retreat in energy prices and favorable consolidation news helped improve investors’ outlooks for Materials stocks.

•

Energy stocks were another significant positive contributor to the Portfolio’s relative return. The Energy sector continued to lead the market, as high commodity prices drove very strong performance within the group.

What hurt performance during the year

•

The largest detractor from the Portfolio’s performance, relative to the benchmark, was its weighting in the Telecommunication Services sector. Industry consolidation, management issues and changing business models plagued the group.

•

Information Technology was another area of weakness for the Portfolio relative to the benchmark.

•

The Portfolio’s holdings in the Consumer Discretionary sector underperformed the benchmark’s Consumer Discretionary group.

*	The Portfolio commenced operations on April 29, 2005

Portfolio Positioning and Outlook

Although we feel the market has not presented abundant compelling value opportunities lately, we maintain our focus on bottom-up selection of stocks with reasonable valuations relative to our assessment of fair value. The Portfolio’s positioning remained largely unchanged throughout the period and going into the new year. Notable overweights relative to the benchmark were in Pharmaceuticals and Telecommunication Services, while Energy and Industrials continued to be relative underweights.

102

EQ/VAN KAMPEN COMSTOCK PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Financials	24.9	%
Health Care	17.4
Consumer Discretionary	11.5
Consumer Staples	11.4
Telecommunication Services	9.5
Materials	9.4
Information Technology	5.2
Utilities	1.5
Industrials	0.6
Energy	0.4
Cash and Other	8.2

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,051.60	$	3.88
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.42		3.82
Class IB
Actual		1,000.00		1,049.90		5.17
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.16		5.09

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

103

EQ/VAN KAMPEN EMERGING MARKETS EQUITY PORTFOLIO

PORTFOLIO ADVISER

•

Morgan Stanley Investment Management, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/05


	1 Year		5 Years		Since Incept.*
Portfolio – IA Shares	33.04	%	18.14	%	5.31	%
Portfolio – IB Shares**	32.84		17.97		5.48
MSCI Emerging Markets Free (Gross Dividends) Index	34.54		19.44		7.13

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

**	Date of inception 8/20/97

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 33.04% for the year ending December 31, 2005. The Portfolio’s benchmark, the MSCI Emerging Markets Free (Gross Dividends) Index, returned 34.54% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

Relative to the benchmark, overall country allocation contributed favorably to performance.

•

Other strong contributors to performance included overweights to Russia and Egypt, and an underweight to Taiwan.

•

Stock selection in South Korea and Taiwan also helped performance.

What hurt performance during the year

•

Overall stock selection detracted from performance relative to the benchmark.

•

Underweighting Energy companies in China, South Africa and Russia was a drag on relative returns.

•

Underweighting South Korea, a country which posted a significant gain during the year, hurt performance.

Portfolio Positioning and Outlook

As of year end, we are overweight Latin America as well as Europe, Middle East and Africa, and underweight Asia. The Portfolio is focused on Russia, Mexico, Brazil, Turkey and Poland and is underweight South Korea, Taiwan, Israel, Malaysia and China. Moreover, in our view, the Portfolio is poised for secular growth with overweights in Consumer Staples, Consumer Discretionary and Wireless Telecommunications.

104

EQ/VAN KAMPEN EMERGING MARKETS EQUITY PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Financials	18.9	%
Consumer Discretionary	13.5
Consumer Staples	11.4
Energy	11.4
Information Technology	11.2
Industrials	9.0
Telecommunication Services	8.7
Materials	6.6
Utilities	3.1
Health Care	1.9
Cash and Other	4.3

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,262.70	$	8.84
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.39		7.88
Class IB
Actual		1,000.00		1,260.70		10.26
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.13		9.15

*	Expenses are equal to the Portfolio’s Class IA and Class IB shares annualized expense ratios of 1.55% and 1.80%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

105

EQ/VAN KAMPEN MID CAP GROWTH PORTFOLIO

PORTFOLIO ADVISER

•

Morgan Stanley Investment Management, Inc.

PERFORMANCE RESULTS

LOGO

Total Returns as of 12/31/05


	Since Incept.*
Portfolio – IA Shares	25.10	%
Portfolio – IB Shares	24.80
Russell Mid Cap Growth Index	18.70

*	Date of inception 4/29/05.

Returns for periods less than one year are not annualized.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 25.10% since inception on April 29, 2005. The Portfolio’s benchmark, the Russell Mid Cap Growth Index, returned 18.70% over the same period.

Portfolio Highlights

April 29, 2005 — December 31, 2005*

What helped performance during the year

•

For the period ended December 31, 2005, stock selection within the Utilities, Financial Services and Energy sectors contributed most significantly to the Portfolio’s relative performance versus the benchmark.

•

Within the Utilities sector, stock selection in the wireless companies and gas distributors industries was especially advantageous.

•

Diversified financial services, securities brokerage companies and miscellaneous financials drove the Portfolio’s gains in its Financial Services holdings.

•

Among its Energy holdings, the Portfolio’s exposure to the crude oil producers industry was a boon to performance.

What hurt performance during the year

•

Health Care stocks were the primary area of weakness for the Portfolio. Positions in drugs and pharmaceuticals, biotechnology research and production, and health care services detracted from overall performance.

•

A large sector overweight in the Consumer Discretionary sector was disadvantageous, as was a sector underweight in the Technology sector.

•

Although the Portfolio’s Energy holdings performed strongly, an underweight to the Energy sector versus the benchmark limited upside potential.

*	The Portfolio commenced operations on April 29, 2005.

Portfolio Positioning and Outlook

As of the close of the period, Consumer Discretionary, Health Care and Technology represented the largest sector weightings in the Portfolio. Relative to the benchmark, the Portfolio is overweighted in Consumer Discretionary stocks and underweighted in Health Care and Technology stocks. Our goal is to hold a Portfolio of high quality growth stocks we believe will perform well regardless of the market environment. We favor companies that we think have some uniqueness or dynamic competitive advantage in their business model, with a high quality stream of cash flow and the ability to redeploy capital at a high rate of return.

106

EQ/VAN KAMPEN MID CAP GROWTH PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Consumer Discretionary	29.8	%
Industrials	20.7
Information Technology	13.2
Financials	10.7
Energy	7.7
Telecommunication Services	5.9
Health Care	5.2
Consumer Staples	1.5
Utilities	1.0
Materials	0.9
Cash and Other	3.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid During Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,140.40	$	4.32
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.17		4.08
Class IB
Actual		1,000.00		1,137.60		5.66
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35

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

107

EQ/WELLS FARGO MONTGOMERY SMALL CAP PORTFOLIO

PORTFOLIO ADVISER

•

Wells Capital Management, Inc.

PERFORMANCE RESULTS

LOGO

Total Returns as of 12/31/05


	1 Year		Since Incept.*
Portfolio – IA Shares	5.92	%	16.62	%
Portfolio – IB Shares	5.75		16.39
Russell 2000 Growth Index	4.15		13.65

*	Date of inception 10/1/04.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class IA shares returned 5.92% for the year ending December 31, 2005. The Portfolio’s benchmark, the Russell 2000 Growth Index, returned 4.15% over the same period.

Portfolio Highlights

For the year ending December 31, 2005

What helped performance during the year

•

Financial stocks were some of the top contributors to the year’s performance, despite an underweighting in the sector. The best performer in this group was CB Richard Ellis, a commercial real estate services firm.

•

Consumer stocks performed well this year and managed posting strongly positive absolute returns despite a down return for the market sector.

•

Telecommunication Services stock NII Holdings, which provides Nextel branded wireless service in several Latin American countries, reported excellent results. Telecommunication Services has been an area of positive performance for the Portfolio for several quarters, and Ubiquitel, a Sprint affiliate, was an impressive stock throughout the year.

•

Industrials provided good returns during the year and the Portfolio’s overweight position combined with good stock selection to make this a good performing sector for the Portfolio. Gardner Denver, a manufacturer of compressors, pumps, and other fluid handling products, posted good results throughout.

What hurt performance during the year

•

The Portfolio entered 2005 underweight Energy, which hurt performance for much of the year given that Energy was such a strong performing group.

•

Health Care stock selection in the Portfolio was weak and underperformed the sector. Eyetech Corporation, which has a treatment for macular degeneration, underperformed as a competitor released a drug with dramatically better results in clinical trials.

•

In the Information Technology sector, the largest sector in the benchmark, returns were negative in general for the year. The Portfolio’s returns were also negative for the sector, but in line with the market.

•

Marvel Entertainment, a comic book character entertainment company, performed poorly because the company provided disappointing earnings guidance for 2006.

•

Navigant Consulting, a specialized consultant focused on certain industry groups like litigation support, financial services, and health care, experienced a fall-off in utilization, which lowered earnings growth prospects.

Portfolio Positioning and Outlook

We believe the headwinds confronting equity investors in 2006 are primarily higher energy prices and higher interest rates. The economy demonstrated it could grow at reasonable rates with energy prices at existing levels, so we don’t view the current energy price levels as a significant headwind to corporate profits. Investors are more concerned about interest rates than any other variable. Historical evidence as well as recent trading suggests equity multiples expand when the Fed stops raising rates, which should occur this year, in our opinion. The central component to our particular investment style has been individual company fundamentals, and from our conversations with company management teams, current earnings expectations are constructive. We currently own more companies serving businesses rather than consumers, but the Portfolio is broadly diversified across the economic spectrum.

108

EQ/WELLS FARGO MONTGOMERY SMALL CAP PORTFOLIO


Sector Weightings as of 12/31/05	% of Net Assets
Industrials	23.3	%
Information Technology	23.2
Health Care	20.5
Consumer Discretionary	17.5
Financials	5.3
Telecommunication Services	3.2
Energy	2.1
Materials	1.5
Cash and Other	3.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2005 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/05		Ending Account Value 12/31/05		Expenses Paid Period* 7/1/05 - 12/31/05
Class IA
Actual	$	1,000.00	$	1,094.70	$	5.54
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35
Class IB
Actual		1,000.00		1,093.90		6.86
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.65		6.61

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

109

EQ ADVISORS TRUST

EQ/ENTERPRISE MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Premier VIP Aggressive Equity Portfolio*‡		648,081	$	17,733,048
AXA Premier VIP Core Bond Portfolio‡		8,846,099		90,649,850
AXA Premier VIP High Yield Portfolio‡		4,112,518		22,489,945
AXA Premier VIP Large Cap Core Equity Portfolio‡		3,433,984		37,039,689
AXA Premier VIP Large Cap Value Portfolio‡		445,541		4,984,847
EQ/Alliance Quality Bond Portfolio‡		6,989,991		70,015,342
EQ/Bernstein Diversified Value Portfolio‡		5,298,296		76,867,050
EQ/Lazard Small Cap Value Portfolio‡		2,545,936		34,029,557
EQ/Long Term Bond Portfolio‡		1,533,889		20,772,282
EQ/Marsico Focus Portfolio‡		3,139,100		49,779,973
EQ/Mercury Basic Value Equity Portfolio‡		4,979,155		74,981,470
EQ/Short Duration Bond Portfolio‡		6,656,809		66,170,026

Total Investment Companies (99.9%) (Cost $577,142,638)				565,513,079


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau
3.68%, 1/3/06
(Amortized Cost $577,370)	$	577,370		577,370

Total Investments (100.0%) (Cost/Amortized Cost $577,720,008)				566,090,449
Other Assets Less Liabilities (0.0%)				(152,685	)

Net Assets (100%)			$	565,937,764

*	Non-income producing.

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

The holdings in Investment Companies are all Class A shares.

Investments in companies which were affiliates for the year ended December 31, 2005, were as follows:


Securities	Market Value December 31, 2004		Purchases at Cost		Sales at Cost		Market Value December 31, 2005		Dividend Income		Realized Gain (Loss)
AXA Premier VIP Aggressive Equity Portfolio	$	—	$	17,714,233	$	859,153	$	17,733,048	$	—	$	17,928
AXA Premier VIP Core Bond Portfolio		—		97,255,280		5,051,091		90,649,850		1,290,993		(83,609	)
AXA Premier VIP High Yield Portfolio		—		25,389,727		1,244,794		22,489,945		1,767,749		(21,410	)
AXA Premier VIP Large Cap Core Equity Portfolio		—		39,256,764		1,955,093		37,039,689		102,205		(6,251	)
AXA Premier VIP Large Cap Value Portfolio		—		7,805,398		2,565,703		4,984,847		40,139		(6,086	)
EQ/Alliance Quality Bond Portfolio		—		76,438,272		3,691,750		70,015,342		2,628,593		(46,430	)
EQ/Bernstein Diversified Value Portfolio		—		84,697,227		6,349,396		76,867,050		1,027,507		(55,011	)
EQ/Lazard Small Cap Value Portfolio		—		40,828,390		4,129,961		34,029,557		146,470		(2,857	)
EQ/Long Term Bond Portfolio		—		22,717,530		1,178,406		20,772,282		423,504		(31,646	)
EQ/Marsico Focus Portfolio		—		50,990,219		2,993,369		49,779,973		48,577		59,657
EQ/Mercury Basic Value Equity Portfolio		—		82,013,614		4,774,360		74,981,470		835,768		7,800
EQ/Short Duration Bond Portfolio		—		70,252,548		3,423,488		66,170,026		871,990		(7,640	)

	$	—	$	615,359,202	$	38,216,564	$	565,513,079	$	9,183,495	$	(175,555	)

110

EQ ADVISORS TRUST

EQ/ENTERPRISE MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	879,311,485
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	945,147,746

As of December 31, 2005, 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	$	2,638,172
Aggregate gross unrealized depreciation		(14,412,231	)

Net unrealized depreciation	$	(11,774,059	)

Federal income tax cost of investments	$	577,864,508

For the year ended December 31, 2005, the Portfolio incurred approximately $276 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker.

The Portfolio has a net capital loss carryforward of $43,715,133, of which $645,499 expires in the year 2009, $41,859,810 expires in the year 2010, $1,209,824 expires in the year 2011.

Included in the capital loss carryforward amounts at December 31, 2005 are $654,705 of losses acquired as a result of a tax free reorganization. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

The Portfolio utilized capital loss carryforward of $71,672,336 during 2005.

See Notes to Financial Statements.

111

EQ ADVISORS TRUST

EQ/ALLIANCE COMMON STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (13.2%)
*Auto Components (0.6%)*
American Axle & Manufacturing Holdings, Inc.^	307,900	$	5,643,807
Autoliv, Inc.	113,500		5,155,170
BorgWarner, Inc.^	315,600		19,134,828
Cooper Tire & Rubber Co.^	320,850		4,915,422
Dana Corp.^	581,800		4,177,324
Lear Corp.^	414,625		11,800,227
Magna International, Inc., Class A	116,300		8,371,274

			59,198,052

*Automobiles (0.1%)*
Toyota Motor Corp. (ADR)^	54,335		5,684,528

*Hotels, Restaurants & Leisure (1.7%)*
McDonald’s Corp.	410,000		13,825,200
Wynn Resorts Ltd.*^	2,776,084		152,268,207

			166,093,407

*Household Durables (0.2%)*
Newell Rubbermaid, Inc.	909,025		21,616,615

*Internet & Catalog Retail (2.9%)*
Amazon.com, Inc.*^	2,996,077		141,265,031
eBay, Inc.*	3,139,352		135,776,974

			277,042,005

*Leisure Equipment & Products (0.1%)*
Mattel, Inc.	567,000		8,969,940

*Media (3.6%)*
Comcast Corp., Class A*	2,171,000		56,359,160
Interpublic Group of Cos., Inc.*^	1,590,000		15,343,500
Time Warner, Inc.	5,218,200		91,005,408
Viacom, Inc., Class B*	1,579,200		51,481,920
Walt Disney Co.	956,800		22,934,496
XM Satellite Radio Holdings, Inc., Class A*^	4,083,090		111,386,695

			348,511,179

*Multiline Retail (0.3%)*
Nordstrom, Inc.^	334,200		12,499,080
Target Corp.	354,300		19,475,871

			31,974,951

*Specialty Retail (3.4%)*
Bed Bath & Beyond, Inc.*	2,056,751		74,351,549
Best Buy Co., Inc.	1,999,568		86,941,217
Home Depot, Inc.	1,026,300		41,544,624
Limited Brands	988,600		22,095,210
Office Depot, Inc.*	1,156,200		36,304,680
Williams-Sonoma, Inc.*^	1,569,390		67,719,178

			328,956,458

*Textiles, Apparel & Luxury Goods (0.3%)*
Jones Apparel Group, Inc.	604,100		18,557,952
V.F. Corp.	125,600		6,950,704

			25,508,656

Total Consumer Discretionary			1,273,555,791

Consumer Staples (6.5%)
*Beverages (1.4%)*
Coca-Cola Co.	1,905,900		76,826,829
PepsiCo, Inc.	978,000		57,780,240

			134,607,069

*Food & Staples Retailing (1.4%)*
Kroger Co.*	1,303,600		24,611,968
Safeway, Inc.	753,300		17,823,078
SUPERVALU, Inc.	467,900		15,197,392
Wal-Mart Stores, Inc.	1,583,400		74,103,120

			131,735,558

*Food Products (0.7%)*
Bunge Ltd.^	10,800		611,388
ConAgra Foods, Inc.	1,041,000		21,111,480
General Mills, Inc.	278,500		13,735,620
Sara Lee Corp.	808,200		15,274,980
Unilever N.V. (N.Y. Shares)	277,800		19,070,970

			69,804,438

*Household Products (1.3%)*
Clorox Co.	384,400		21,868,516
Kimberly-Clark Corp.	227,000		13,540,550
Procter & Gamble Co.	1,630,717		94,385,900

			129,794,966

*Tobacco (1.7%)*
Altria Group, Inc.	1,933,500		144,471,120
UST, Inc.^	522,900		21,350,007

			165,821,127

Total Consumer Staples			631,763,158

Energy (7.8%)
*Energy Equipment & Services (0.7%)*
Diamond Offshore Drilling, Inc.^	405,900		28,234,404
GlobalSantaFe Corp.	485,330		23,368,640
Rowan Cos., Inc.	531,500		18,942,660

			70,545,704

*Oil & Gas (7.1%)*
BP plc (ADR)	253,000		16,247,660
Chevron Corp.	2,128,600		120,840,622
ConocoPhillips	1,631,300		94,909,034
Exxon Mobil Corp.	6,422,700		360,763,059
Marathon Oil Corp.	670,250		40,865,142
Occidental Petroleum Corp.	409,900		32,742,812
Total S.A. (ADR)^	122,000		15,420,800

			681,789,129

Total Energy			752,334,833

Financials (19.8%)
*Capital Markets (3.1%)*
Ameritrade Holding Corp.*	2,974,993		71,399,832
ETrade Financial Corp.	1,349,900		28,158,914
Goldman Sachs Group, Inc.	173,800		22,195,998
Lehman Brothers Holdings, Inc.	232,900		29,850,793
Merrill Lynch & Co., Inc.	1,241,790		84,106,437
Morgan Stanley	1,000,000		56,740,000
Waddell & Reed Financial, Inc.^	378,900		7,945,533

			300,397,507

*Commercial Banks (6.2%)*
Bank of America Corp.	4,546,500		209,820,975
Comerica, Inc.	443,700		25,184,412
Huntington Bancshares, Inc.^	921,700		21,890,375
KeyCorp.	1,112,900		36,647,797
National City Corp.	857,800		28,796,346
SunTrust Banks, Inc.	356,100		25,909,836
U.S. Bancorp.	1,588,000		47,465,320
Wachovia Corp.	2,003,700		105,915,582
Wells Fargo & Co.	1,528,700		96,048,221

			597,678,864

*Consumer Finance (0.3%)*
American Express Co.	548,300		28,215,518

*Diversified Financial Services (4.7%)*
Ameriprise Financial, Inc.	109,660		4,496,060
Citigroup, Inc.	5,718,700		277,528,511
International Securities Exchange, Inc.*^	951,040		26,172,620

112

EQ ADVISORS TRUST

EQ/ALLIANCE COMMON STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
JPMorgan Chase & Co.	3,627,052	$	143,957,694

			452,154,885

*Insurance (3.9%)*
ACE Ltd.	268,900		14,370,016
Allstate Corp.	68,400		3,698,388
American International Group, Inc.	1,777,506		121,279,234
Chubb Corp.	400,600		39,118,590
Genworth Financial, Inc., Class A	837,300		28,953,834
Hartford Financial Services Group, Inc.	559,600		48,064,044
MetLife, Inc.	602,400		29,517,600
PartnerReinsurance Ltd.	120,300		7,900,101
RenaissanceReinsurance Holdings Ltd.	335,400		14,794,494
St. Paul Travelers Cos., Inc.	1,037,865		46,361,430
UnumProvident Corp.	132,400		3,012,100
XL Capital Ltd., Class A	232,700		15,679,326

			372,749,157

*Thrifts & Mortgage Finance (1.6%)*
Astoria Financial Corp.	925,500		27,209,700
Fannie Mae	1,339,600		65,385,876
Freddie Mac	524,100		34,249,935
Washington Mutual, Inc.	691,450		30,078,075

			156,923,586

Total Financials			1,908,119,517

Health Care (10.2%)
*Biotechnology (4.7%)*
Affymetrix, Inc.*^	3,173,974		151,557,258
Amgen, Inc.*	1,041,200		82,109,032
Applera Corp.- Applied Biosystems Group	3,933,274		104,467,757
Applera Corp.- Celera Genomics Group*^	3,738,180		40,970,453
Genentech, Inc.*^	378,850		35,043,625
Gilead Sciences, Inc.*	741,450		39,022,514

			453,170,639

*Health Care Equipment & Supplies (0.3%)*
Medtronic, Inc.	565,300		32,544,321

*Health Care Providers & Services (0.7%)*
AmerisourceBergen Corp.	386,200		15,988,680
Medco Health Solutions, Inc.	196,300		10,953,540
UnitedHealth Group, Inc.	599,600		37,259,144

			64,201,364

*Pharmaceuticals (4.5%)*
Abbott Laboratories	728,600		28,728,698
Eli Lilly & Co.	856,100		48,446,699
Johnson & Johnson	1,389,800		83,526,980
Merck & Co., Inc.	2,552,200		81,185,482
Pfizer, Inc.	6,896,700		160,831,044
Wyeth	624,400		28,766,108

			431,485,011

Total Health Care			981,401,335

Industrials (9.0%)
*Aerospace & Defense (1.4%)*
Boeing Co.	874,900		61,452,976
Goodrich Corp.	684,100		28,116,510
Northrop Grumman Corp.	309,500		18,604,045
United Technologies Corp.	478,700		26,764,117

			134,937,648

*Air Freight & Logistics (0.4%)*
United Parcel Service, Inc., Class B	523,100		39,310,965

*Commercial Services & Supplies (1.4%)*
Apollo Group, Inc., Class A*^	2,251,142		136,104,045

*Electrical Equipment (0.4%)*
Cooper Industries Ltd., Class A	272,300		19,877,900
Hubbell, Inc., Class B^	301,600		13,608,192

			33,486,092

*Industrial Conglomerates (4.4%)*
3M Co.	361,000		27,977,500
General Electric Co.	10,143,400		355,526,170
Textron, Inc.	233,750		17,994,075
Tyco International Ltd.	940,800		27,151,488

			428,649,233

*Machinery (0.4%)*
Crane Co.	50,000		1,763,500
Eaton Corp.	313,100		21,005,879
SPX Corp.^	368,900		16,884,553

			39,653,932

*Road & Rail (0.6%)*
Burlington Northern Santa Fe Corp.	259,400		18,370,708
CSX Corp.	493,800		25,070,226
Norfolk Southern Corp.	285,900		12,816,897

			56,257,831

Total Industrials			868,399,746

Information Technology (25.6%)
*Communications Equipment (5.3%)*
ADC Telecommunications, Inc.*^	534,800		11,947,432
Cisco Systems, Inc.*	3,020,900		51,717,808
Corning, Inc.*	1,182,100		23,240,086
JDS Uniphase Corp.*^	54,396,935		128,376,767
Juniper Networks, Inc.*	7,131,570		159,034,011
Nokia Oyj (ADR)	1,043,800		19,101,540
Nortel Networks Corp.*	909,598		2,783,370
QUALCOMM, Inc.	2,419,418		104,228,527
Tellabs, Inc.*	817,300		8,908,570

			509,338,111

*Computers & Peripherals (4.2%)*
Dell, Inc.*	1,149,200		34,464,508
Hewlett-Packard Co.	4,112,675		117,745,885
International Business Machines Corp.	893,700		73,462,140
Network Appliance, Inc.*^	4,034,385		108,928,395
Sun Microsystems, Inc.*	17,343,616		72,669,751

			407,270,679

*Electronic Equipment & Instruments (0.6%)*
Arrow Electronics, Inc.*	272,600		8,731,378
Avnet, Inc.*^	342,300		8,194,662
Celestica, Inc.*^	878,400		9,275,904
Flextronics International Ltd.*	1,282,575		13,390,083
Sanmina-SCI Corp.*	1,685,450		7,180,017
Solectron Corp.*	3,426,500		12,540,990

			59,313,034

*Internet Software & Services (5.1%)*
CNET Networks, Inc.*^‡	9,988,937		146,737,485
Google, Inc., Class A*	116,026		48,134,546
McAfee, Inc.*^	1,315,476		35,688,864
RealNetworks, Inc.*^‡	10,559,626		81,942,698
VeriSign, Inc.*	3,573,320		78,327,174
Yahoo!, Inc.*	2,570,567		100,714,815

			491,545,582

*IT Services (0.3%)*
Electronic Data Systems Corp.	1,103,500		26,528,140

113

EQ ADVISORS TRUST

EQ/ALLIANCE COMMON STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares		Value (Note 1)
*Semiconductors & Semiconductor Equipment (6.3%)*
Advanced Micro Devices, Inc.*^		2,232,779	$	68,323,037
Agere Systems, Inc.*		845,600		10,908,240
Broadcom Corp., Class A*		1,471,136		69,364,063
Intel Corp.		3,612,000		90,155,520
KLA-Tencor Corp.		2,900,588		143,086,006
PMC-Sierra, Inc.*^‡		9,658,741		74,468,893
Silicon Laboratories, Inc.*^‡		4,265,404		156,369,711

				612,675,470

*Software (3.8%)*
Adobe Systems, Inc.		1,415,804		52,328,116
Autodesk, Inc.		936,725		40,232,339
Microsoft Corp.		5,429,000		141,968,350
NAVTEQ Corp.*^		2,400,753		105,321,034
Oracle Corp.*		2,100,000		25,641,000

				365,490,839

Total Information Technology				2,472,161,855

Materials (1.0%)
*Chemicals (0.7%)*
DuPont (E.I.) de Nemours & Co.		78,200		3,323,500
Lubrizol Corp.		280,850		12,197,315
Monsanto Co.		465,409		36,083,160
PPG Industries, Inc.		360,200		20,855,580

				72,459,555

*Construction Materials (0.1%)*
Martin Marietta Materials, Inc.		111,300		8,538,936

*Containers & Packaging (0.2%)*
Owens-Illinois, Inc.*		703,800		14,807,952

Total Materials				95,806,443

Telecommunication Services (5.0%)
*Diversified Telecommunication Services (3.9%)*
AT&T, Inc.		2,667,425		65,325,238
BellSouth Corp.		321,200		8,704,520
Level 3 Communications, Inc.*^‡		49,898,955		143,210,001
NeuStar, Inc. Class A*^		1,789,851		54,572,557
Verizon Communications, Inc.		3,420,900		103,037,508

				374,849,824

*Wireless Telecommunication Services (1.1%)*
American Tower Corp., Class A*		142,265		3,855,382
Crown Castle International Corp.*		655,440		17,637,890
Sprint Nextel Corp.		3,559,150		83,141,744

				104,635,016

Total Telecommunication Services				479,484,840

Utilities (0.8%)
*Electric Utilities (0.8%)*
American Electric Power Co., Inc.		991,300		36,767,317
Entergy Corp.		505,600		34,709,440
FirstEnergy Corp.		70,200		3,439,098
Xcel Energy, Inc.^		331,400		6,117,644

Total Utilities				81,033,499

Total Common Stocks (98.9%) (Cost $8,518,738,967)				9,544,061,017


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (9.0%)
Ajax Bambino Funding Ltd.
4.36%, 1/18/06	$	9,963,833		9,963,833
Allstate Life Global Funding
4.37%, 1/30/07 (l)		4,000,000		4,000,000
American Express Credit Corp.
4.36%, 6/12/07 (l)		10,000,000		10,000,000
Barclays London
4.13%, 2/7/06		25,000,000		25,000,000
Bayerische Landesbank NY
4.40%, 8/25/06 (l)		50,000,000		50,000,000
Canadian Imperial Bank NY
4.37%, 2/23/07 (l)		49,987,167		49,987,167
Citigroup Global Markets, Inc.
4.32%, 1/6/06 (l)		18,000,000		18,000,000
Commonwealth Bank of Australia
4.35%, 1/30/07 (l)		15,000,000		15,000,000
Deutsche Bank Financial
4.38%, 1/12/07 (l)		22,000,000		22,000,000
Fifth Third Bancorp
4.35%, 1/30/07 (l)		2,000,000		2,000,000
General Electric Capital Corp.
4.34%, 3/29/06 (l)		18,002,208		18,002,208
4.36%, 5/12/06 (l)		25,025,746		25,025,746
4.47%, 1/2/07 (l)		25,000,000		25,000,000
Goldman Sachs Group, Inc.
4.38%, 1/30/07 (l)		5,000,051		5,000,051
4.40%, 1/30/07 (l)		15,000,000		15,000,000
4.41%, 12/28/07 (l)		10,000,000		10,000,000
Landesbank Baden-Wuerttemberg
4.52%, 3/29/06 (l)		21,998,390		21,998,390
Manufacturers and Traders
4.37%, 6/20/06 (l)		14,999,798		14,999,798
Merrill Lynch & Co.
4.55%, 3/19/07 (l)		10,008,698		10,008,698
Merrill Lynch Mortgage Capital
4.35%, 1/12/06 (l)		25,000,000		25,000,000
4.35%, 2/6/06 (l)		3,000,000		3,000,000
4.41%, 8/22/07 (l)		15,000,000		15,000,000
Monumental Global Funding II
4.15%, 4/10/06 (l)		25,022,162		25,022,162
Morgan Stanley
4.43%, 1/2/07 (l)		25,000,000		25,000,000
4.43%, 1/2/07 (l)		10,000,000		10,000,000
4.33%, 1/30/07 (l)		20,000,000		20,000,000
Natexis Banques Populaires NY
4.38%, 2/16/07 (l)		5,498,417		5,498,417
National City Bank/Cleveland
4.36%, 12/5/07 (l)		9,998,555		9,998,555
New York Life Global Funding
4.39%, 12/20/07 (l)		25,000,000		25,000,000
New York Life Insurance Co.
4.37%, 3/30/06 (l)		20,000,000		20,000,000
Nomura Securities
4.29%, 1/3/06		185,615,881		185,615,881
Royal Bank of Canada
4.30%, 10/3/06 (l)		15,993,422		15,993,422
Royal Bank of Scotland/London
4.30%, 7/5/06 (l)		5,997,671		5,997,671
Swedbank NY
4.38%, 7/14/06 (l)		9,996,924		9,996,924
Transamerica Occidental Life Insurance Co.
4.52%, 1/2/07 (l)		30,000,000		30,000,000
Unicredito Italiano N.Y.
3.96%, 10/4/06 (l)		24,985,742		24,985,742

114

EQ ADVISORS TRUST

EQ/ALLIANCE COMMON STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Principal Amount		Value (Note 1)
United of Omaha Life Insurance
4.39%, 6/1/06 (l)	$	25,000,000	$	25,000,000
Wells Fargo & Co.
4.36%, 12/31/07 (l)		15,000,000		15,000,000
Wells Fargo Bank/San Francisco
4.30%, 12/1/06 (l)		25,000,000		25,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				872,094,665

Time Deposit (1.5%)
JPMorgan Chase Nassau
3.68%, 1/3/06		139,565,813		139,565,813

Total Short-Term Investments (10.5%) (Amortized Cost $1,011,660,478)				1,011,660,478

Total Investments (109.4%) (Cost/Amortized Cost $9,530,399,445)				10,555,721,495
Other Assets Less Liabilities (-9.4%)				(906,765,629	)

Net Assets (100%)			$	9,648,955,866

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

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

(l)

Floating Rate Security. Rate disclosed is as of December 2005.

Glossary:

ADR — American Depositary Receipt

Investments in companies which were affiliates for the year ended December 31, 2005, were as follows:


Securities	Market Value December 31, 2004		Purchases at Cost		Sales at Cost		Market Value December 31, 2005		Dividend Income		Realized Gain (Loss)
CNET Networks, Inc.	$	127,484,532	$	19,685,898	$	33,384,340	$	146,737,485	$	—	$	10,135,623
Level 3 Communications, Inc.		126,780,373		31,002,077		—		143,210,001		—		—
PMC-Sierra, Inc.		40,328,437		51,473,757		2,671,325		74,468,893		—		(153,747	)
RealNetworks, Inc.		46,927,896		25,681,673		5,719,414		81,942,698		—		2,902,874
Silicon Laboratories, Inc.		166,174,863		19,934,482		43,341,897		156,369,711		—		(2,005,725	)

	$	507,696,101	$	147,777,887	$	85,116,976	$	602,728,788	$	—	$	10,879,025

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	3,647,118,723
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	4,476,891,278

As of December 31, 2005, 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	$	1,497,956,088
Aggregate gross unrealized depreciation		(515,990,552	)

Net unrealized appreciation	$	981,965,536

Federal income tax cost of investments	$	9,573,755,959

At December 31, 2005, the Portfolio had loaned securities with a total value of $846,057,202. This was secured by collateral of $872,094,665 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2005, the Portfolio incurred approximately $1,268,074 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $1,927,939,847 which expires in the year 2010.

The Portfolio utilized net capital loss carryforward of $936,526,042 during 2005.

See Notes to Financial Statements.

115

EQ ADVISORS TRUST

EQ/ALLIANCE GROWTH AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (20.1%)
*Hotels, Restaurants & Leisure (3.2%)*
Carnival Corp. (Unit)	520,600	$	27,836,482
Hilton Hotels Corp.	1,063,700		25,645,807
McDonald’s Corp.	867,300		29,245,356
Royal Caribbean Cruises Ltd.^	232,900		10,494,474

			93,222,119

*Household Durables (1.8%)*
Fortune Brands, Inc.^	448,900		35,023,178
Pulte Homes, Inc.^	428,900		16,881,504

			51,904,682

*Media (10.6%)*
Comcast Corp., Special Class A*^	2,285,100		58,704,219
News Corp., Class A	5,475,400		85,142,470
Time Warner, Inc.	4,943,500		86,214,640
Viacom, Inc., Class B*	2,426,000		79,087,600
Westwood One, Inc.^	196,800		3,207,840

			312,356,769

*Specialty Retail (4.5%)*
Bed Bath & Beyond, Inc.*	224,200		8,104,830
Home Depot, Inc.	2,401,000		97,192,480
Lowe’s Cos., Inc.	437,000		29,130,420

			134,427,730

Total Consumer Discretionary			591,911,300

Consumer Staples (3.5%)
*Household Products (1.2%)*
Procter & Gamble Co.	627,500		36,319,700

*Tobacco (2.3%)*
Altria Group, Inc.	680,400		50,839,488
Loews Corp.- Carolina Group^	344,400		15,150,156

			65,989,644

Total Consumer Staples			102,309,344

Energy (13.7%)
*Energy Equipment & Services (4.8%)*
Baker Hughes, Inc.^	517,300		31,441,494
Halliburton Co.	663,100		41,085,676
Nabors Industries Ltd.*^	780,400		59,115,300
Schlumberger Ltd.	87,500		8,500,625

			140,143,095

*Oil & Gas (8.9%)*
BP plc (ADR)	592,900		38,076,038
Chevron Corp.	274,200		15,566,334
ConocoPhillips^	1,003,500		58,383,630
Exxon Mobil Corp.	1,415,200		79,491,784
Noble Energy, Inc.	1,773,092		71,455,607

			262,973,393

Total Energy			403,116,488

Financials (28.6%)
*Capital Markets (3.4%)*
Franklin Resources, Inc.	131,600		12,371,716
Goldman Sachs Group, Inc.^	174,500		22,285,395
Merrill Lynch & Co., Inc.	807,200		54,671,656
Northern Trust Corp.	198,700		10,296,634

			99,625,401

*Commercial Banks (3.8%)*
Bank of America Corp.^	1,740,170		80,308,846
North Fork Bancorp, Inc.	333,400		9,121,824
Wachovia Corp.	425,300		22,481,358

			111,912,028

*Consumer Finance (0.4%)*
MBNA Corp.	448,700		12,182,205

*Diversified Financial Services (8.3%)*
Citigroup, Inc.	2,941,698	$	142,760,604
JPMorgan Chase & Co.	2,548,576		101,152,981

			243,913,585

*Insurance (8.4%)*
ACE Ltd.	1,184,700		63,310,368
Allstate Corp.	215,000		11,625,050
American International Group, Inc.	2,024,100		138,104,343
Axis Capital Holdings Ltd.	953,300		29,819,224
MetLife, Inc.	115,100		5,639,900

			248,498,885

*Thrifts & Mortgage Finance (4.3%)*
Fannie Mae	2,623,300		128,043,273

Total Financials			844,175,377

Health Care (6.9%)
*Health Care Equipment & Supplies (1.7%)*
Boston Scientific Corp.*	2,083,100		51,015,119

*Health Care Providers & Services (2.2%)*
Health Management Associates, Inc., Class A^	543,500		11,935,260
WellPoint, Inc.*	653,400		52,134,786

			64,070,046

*Pharmaceuticals (3.0%)*
Eli Lilly & Co.	654,300		37,026,837
Forest Laboratories, Inc.*	890,000		36,205,200
Pfizer, Inc.	683,600		15,941,552

			89,173,589

Total Health Care			204,258,754

Industrials (9.8%)
*Aerospace & Defense (2.5%)*
United Technologies Corp.	1,305,100		72,968,141

*Air Freight & Logistics (1.6%)*
United Parcel Service, Inc., Class B	620,500		46,630,575

*Building Products (0.7%)*
American Standard Cos., Inc.	544,800		21,764,760

*Electrical Equipment (0.6%)*
Emerson Electric Co.	254,100		18,981,270

*Industrial Conglomerates (3.5%)*
General Electric Co.	2,971,500		104,151,075

*Machinery (0.5%)*
Ingersoll-Rand Co., Ltd., Class A	367,700		14,844,049

*Road & Rail (0.4%)*
Union Pacific Corp.	141,900		11,424,369

Total Industrials			290,764,239

Information Technology (9.6%)
*Communications Equipment (0.3%)*
Juniper Networks, Inc.*	377,800		8,424,940

*Computers & Peripherals (2.5%)*
EMC Corp.*	751,300		10,232,706
International Business Machines Corp.	754,800		62,044,560

			72,277,266

*IT Services (0.3%)*
Fiserv, Inc.*^	187,800		8,126,106

*Semiconductors & Semiconductor Equipment (0.7%)*
Texas Instruments, Inc.	654,600		20,993,022

116

EQ ADVISORS TRUST

EQ/ALLIANCE GROWTH AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares		Value (Note 1)
*Software (5.8%)*
Microsoft Corp.		4,039,000	$	105,619,850
Oracle Corp.*		4,583,400		55,963,314
Symantec Corp.*		606,500		10,613,750

				172,196,914

Total Information Technology				282,018,248

Materials (3.6%)
*Chemicals (3.2%)*
Air Products & Chemicals, Inc.		1,323,700		78,349,803
DuPont (E.I.) de Nemours & Co.		374,800		15,929,000

				94,278,803

*Metals & Mining (0.4%)*
Alcoa, Inc.		368,700		10,902,459

Total Materials				105,181,262

Telecommunication Services (3.6%)
*Diversified Telecommunication Services (3.6%)*
AT&T, Inc.		2,258,700		55,315,563
BellSouth Corp.^		751,200		20,357,520
Verizon Communications, Inc.		1,044,400		31,457,328

Total Telecommunication Services				107,130,411

Utilities (0.5%)
*Electric Utilities (0.5%)*
Entergy Corp.		136,900		9,398,185
PPL Corp.^		183,600		5,397,840

Total Utilities				14,796,025

Total Common Stocks (99.9%) (Cost $2,598,582,859)				2,945,661,448


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (5.4%)
Bank of America Corp.
4.31%, 8/10/06 (l)		6,000,000		6,000,000
CC USA, Inc.
4.30%, 8/3/06 (l)		10,001,484		10,001,484
Dorada Finance, Inc.
4.30%, 8/3/06 (l)	$	3,996,762	$	3,996,762
General Electric Capital Corp.
4.36%, 5/12/06 (l)		5,005,149		5,005,149
Landesbank Baden-Wuerttemberg
4.52%, 3/29/06 (l)		9,998,644		9,998,644
Lehman Brothers, Inc.
4.40%, 3/30/06 (l)		15,000,000		15,000,000
Merrill Lynch Mortgage Capital
4.35%, 2/6/06 (l)		2,000,000		2,000,000
New York Life Insurance
4.40%, 3/30/06		1,700,000		1,700,000
Nomura Securities
4.29%, 1/3/06		84,923,053		84,923,053
Royal Bank of Canada
4.30%, 10/3/06 (l)		9,998,184		9,998,184
Unicredito Italiano N.Y.
3.96%, 10/4/06 (l)		9,994,297		9,994,297

Total Short-Term Investments of Cash Collateral for Securities Loaned				158,617,573

Time Deposit (0.9%)
JPMorgan Chase Nassau
3.68%, 1/3/06		27,871,715		27,871,715
Total Short-Term Investments (6.3%) (Amortized Cost $186,489,288)				186,489,288

Total Investments (106.2%) (Cost/Amortized Cost $2,785,072,147)				3,132,150,736
Other Assets Less Liabilities (-6.2%)				(183,157,734	)

Net Assets (100%)			$	2,948,993,002

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

Glossary:

ADR — American Depositary Receipt

Options written for the year ended December 31, 2005, were as follows:


	Total Number of Contracts		Total Premiums Received
Options Outstanding—January 1, 2005	—		$	—
Options Written	500			228,792
Options Terminated in Closing Purchase Transactions	—			—
Options Expired	(500	)		(228,792	)
Options Exercised	—			—

Options Outstanding—December 31, 2005	—		$	—

117

EQ ADVISORS TRUST

EQ/ALLIANCE GROWTH AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,439,232,615
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,447,231,115

As of December 31, 2005, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	434,295,607
Aggregate gross unrealized depreciation		(97,524,610	)

Net unrealized appreciation	$	336,770,997

Federal income tax cost of investments	$	2,795,379,739

At December 31, 2005, the Portfolio had loaned securities with a total value of $154,922,309. This was secured by collateral of $158,617,573 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2005, the Portfolio incurred approximately $51,313 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio utilized net capital loss carryforward of $170,824,711 during 2005.

See Notes to Financial Statements.

118

EQ ADVISORS TRUST

EQ/ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (13.0%)
*Collateralized Mortgage Obligations (0.1%)*
LB-UBS Comercial Mortgage Trust,
Series 05-C7 XCL
0.074%, 11/15/40 IO (b)(l)	$	82,722,407	$	796,608

*Non-Agency CMO (12.9%)*
Adjustable Rate Mortgage Trust,
Series 05-9 1A2
5.252%, 11/25/35 (l)		5,530,000		5,507,901
Series 05-11 2A41
5.366%, 2/25/36 (l)		3,512,499		3,502,769
Bear Stearns Alt-A Trust,
Series 04-11 2A3
5.131%, 11/25/34 (l)		3,120,025		3,097,659
Chase Mortgage Finance Corp.,
Series 02-S4 A23
6.250%, 3/25/32		2,397,099		2,389,632
Citicorp Mortgage Securities, Inc.
Series 04-7 1A1
5.250%, 9/25/34		4,416,691		4,318,428
Countrywide Alternative Loan Trust,
Series 05-27 2X1
1.162%, 8/25/35 IO		52,143,816		1,719,182
Series 05-27 2X2
5.500%, 8/25/35 IO		7,870,765		199,209
Series 05-27 2X2
5.500%, 12/25/35		7,825,958		7,832,463
Series 05-59-2X
1.524%, 11/20/35 IO		19,953,927		798,157
Countrywide Home Loan Mortgage Pass Through Trust,
Series 04-J9 2A1
5.250%, 1/25/35		4,297,464		4,274,136
Series 05-12 1A5
5.250%, 5/25/35		5,846,255		5,685,627
Credit Suisse First Boston Mortgage Securities Corp.,
Series 01-CP4 ACP
1.090%, 12/15/35 IO § (l)		128,000,000		2,224,115
Series 04-2R A1
4.971%, 12/28/33 § (l)		3,902,028		3,513,035
Series 04-8 1A2
5.250%, 12/25/34		4,256,954		4,135,897
Deutsche ALT-A Securities, Inc. Alternate Loan Trust,
Series 05-6 1A3
5.500%, 12/25/35		3,111,782		3,125,412
Greenpoint Mortgage Funding Trust,
Series 05-AR5 4X1
(Zero Coupon), 11/25/45 PO		19,000,000		424,460
Series 05-AR5 4X2
(Zero Coupon), 11/25/45 PO		9,000,000		151,920
MASTR Adjustable Rate Mortgages Trust,
Series 04-8 5A1
4.701%, 8/25/34 (l)		2,751,880		2,729,805
Merrill Lynch Mortgage Investors, Inc.,
Series 05-A5 A3
4.442%, 6/25/35 (l)		5,810,000		5,609,248
Merrill Lynch Mortgage Trust,
Series 05-LC1 A4
5.291%, 1/12/44 (l)		2,125,000		2,142,000
Morgan Stanley Capital I,
Series 03-1Q4 X1
0.232%, 5/15/40 IO § (l)		136,431,773		5,256,157
Morgan Stanley Mortgage Loan Trust,
Series 04-8AR 4A1
5.389%, 10/25/34 (l)		2,616,018		2,621,743
RESI Finance LP,
Series 03-C B3
5.760%, 9/10/35 § (l)		7,745,968		7,944,428
Residential Accredit Loans, Inc.,
Series 02-QS19 A8
4.519%, 12/25/32		2,830,040		2,828,609
Residential Asset Mortgage Products, Inc.,
Series 04-SL2 A2
6.500%, 10/25/31		3,372,713		3,423,318
Structured Asset Mortgage Investments, Inc.,
Series 05-AR7 5X1
1.233%, 3/25/46 IO (l)		5,000,000		164,850
Structured Asset Securities Corp.,
Series 02-11A 1A1
5.572%, 6/25/32 (l)		1,075,972		1,081,623
Series 02-RM1 A
5.029%, 10/25/37 § (l)		4,927,712		4,958,510
Washington Mutual, Inc.,
Series 05-AR7 A4
4.939%, 8/25/35 (l)		2,257,745		2,233,294
Wells Fargo Mortgage Backed Securities Trust,
Series 05-AR16 6A3
5.000%, 10/25/35 (l)		4,222,532		4,185,300
Series 05-C16 A4
4.556%, 3/25/35 (l)		3,730,616		3,666,627

				101,745,514

Total Asset-Backed and Mortgage-Backed Securities				102,542,122

Government Securities (84.6%)
*Agency CMO (6.3%)*
Federal Home Loan Mortgage Corp.
5.000%, 4/15/15		287,734		287,730
5.000%, 4/15/16		5,070,000		5,065,320
5.000%, 10/15/29		4,295,000		4,226,670
5.000%, 2/15/30		2,515,000		2,470,510
5.000%, 3/15/30		6,330,000		6,219,310
5.000%, 6/15/31		6,450,000		6,313,492
6.000%, 5/15/35		5,077,462		5,148,776
Federal National Mortgage Association
6.000%, 5/25/30		592,210		592,642
6.500%, 4/25/32		4,735,000		4,915,688
5.500%, 3/25/33		7,089,122		7,065,289
5.000%, 10/25/33		3,396,411		3,350,048
5.009%, 10/1/35 (l)		2,565,835		2,546,062
6.500%, 9/25/42		1,595,484		1,635,771

				49,837,308

*U.S. Government Agencies (22.5%)*
Federal Home Loan Mortgage Corp.
5.500%, 7/15/17		4,300,000		4,362,456
6.000%, 6/1/20		4,854,566		4,955,688
5.000%, 7/15/30		5,925,000		5,811,306
5.000%, 10/15/30		4,780,000		4,680,763
6.500%, 1/15/32		39,000,000		39,962,832
4.939%, 9/1/35 (l)		3,881,356		3,854,891
5.500%, 1/15/35 TBA		20,570,000		20,377,156
Federal National Mortgage Association
5.500%, 9/25/17		2,526,440		2,554,471
5.000%, 6/1/20		14,490,998		14,359,075
5.500%, 6/25/31		2,151,939		2,164,969
5.500%, 2/1/35		11,537,128		11,435,203
6.500%, 1/25/35 TBA		57,500,000		58,973,437
Government National Mortgage Association
9.000%, 12/15/09		1,408,521		1,478,200

119

EQ ADVISORS TRUST

EQ/ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount		Value (Note 1)
Series 2002-50 PE
6.000%, 7/20/32	$	3,070,000	$	3,136,920

				178,107,367

*U.S. Treasuries (55.8%)*
U.S. Treasury Notes
2.375%, 8/15/06^		9,000,000		8,889,255
3.250%, 8/15/07^		20,000,000		19,638,280
3.000%, 11/15/07^		31,000,000		30,227,418
3.125%, 9/15/08^		64,750,000		62,683,568
3.375%, 11/15/08^		25,200,000		24,523,733
3.000%, 2/15/09^		41,000,000		39,350,406
3.125%, 4/15/09^		41,390,000		39,818,463
3.875%, 5/15/09^		15,000,000		14,764,455
3.625%, 1/15/10^		26,110,000		25,394,012
4.000%, 3/15/10^		30,280,000		29,845,906
4.000%, 4/15/10^		30,280,000		29,840,001
5.750%, 8/15/10^		18,000,000		19,042,740
5.000%, 2/15/11^		21,000,000		21,629,181
4.875%, 2/15/12^		25,750,000		26,437,010
4.000%, 2/15/14		27,000,000		26,268,057
4.750%, 5/15/14^		16,200,000		16,594,243
Inflation Indexed
2.000%, 7/15/14		6,392,733		6,357,023

				441,303,751

Total Government Securities				669,248,426

Total Long-Term Debt Securities (97.6%) (Cost $782,744,147)				771,790,548

SHORT-TERM INVESTMENTS:
Commercial Paper (8.8%)
Bear Stearns Cos., Inc.
4.60%, 1/12/06 (p)		10,000,000		9,984,679
Citigroup Funding, Inc.
4.58%, 1/12/06 (p)		10,000,000		9,984,750
Deutsche Bank Financial, Inc.
4.56%, 1/12/06 (p)		10,000,000		9,984,822
Fortis Funding
5.34%, 1/12/06 (b)(p)		10,000,000		9,982,229
UBS Finance Delaware LLC
4.19%, 1/3/06 (p)		30,000,000		29,989,525

Total Commercial Paper				69,926,005

Government Security (3.9%)
Federal Home Loan Bank
3.40%, 1/3/06 (o)(p)		30,600,000		30,591,330

Short-Term Investments of Cash Collateral for Securities Loaned (19.6%)
American Express Credit Corp.
4.36%, 6/12/07 (l)		5,000,000		5,000,000
CC USA, Inc.
4.33%, 5/5/06 (l)		4,999,755		4,999,755
CDC Financial Products, Inc.
4.35%, 1/30/06 (l)		16,000,000		16,000,000
Citigroup Global Markets, Inc.
4.32%, 1/6/06 (l)		15,000,000		15,000,000
General Electric Capital Corp.
4.25%, 2/3/06 (l)		9,889,689		9,889,689
Goldman Sachs Group LP
4.39%, 1/2/07 (l)		10,000,000		10,000,000
Merrill Lynch & Co.
4.55%, 3/19/07 (l)		3,002,609		3,002,609
Morgan Stanley
4.43%, 1/2/07 (l)		10,000,000		10,000,000
Natexis Banques Populaires NY
4.36%, 11/13/06 (l)		9,995,581		9,995,581
New York Life Insurance Co.
4.37%, 3/30/06 (l)		10,000,000		10,000,000
Nomura Securities
4.29%, 1/3/06		36,382,766		36,382,766
Sigma Finance, Inc.
4.37%, 10/24/07 (l)		19,996,112		19,996,112
U.S. Bank NA
4.29%, 10/2/06 (l)		4,997,605		4,997,605

Total Short-Term Investments of Cash Collateral for Securities Loaned				155,264,117

Time Deposit (4.2%)
JPMorgan Chase Nassau
3.68%, 1/3/06		33,395,296		33,395,296

Total Short-Term Investments (36.5%) (Cost/Amortized Cost $289,194,476)				289,176,748

Total Investments (134.1%) (Cost/Amortized Cost $1,071,938,623)				1,060,967,296
Other Assets Less Liabilities (-34.1%)				(269,914,712	)

Net Assets (100%)			$	791,052,584

^	All, or a portion of security out on loan (See Note 1).

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2005, the market value of these securities amounted to $23,896,245 or 3.0% 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.

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2005.

(p)

Yield to maturity.

Glossary:

CMO — Collateralized Mortgage Obligation

IO — Interest only

PO — Principal only

TBA — Security is subject to delayed delivery.

120

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EQ/ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,486,292,173
U.S. Government securities		566,445,873

	$	2,052,738,046

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,502,287,616
U.S. Government securities		645,636,488

	$	2,147,924,104

As of December 31, 2005, 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	$	637,541
Aggregate gross unrealized depreciation		(11,608,868	)

Net unrealized depreciation	$	(10,971,327	)

Federal income tax cost of investments	$	1,071,938,623

At December 31, 2005, the Portfolio had loaned securities with a total value of $339,281,038. This was secured by collateral of $155,264,117 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $190,527,597 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

The Portfolio has a net capital loss carryforward of $13,965,902, of which $8,292,448 expires in the year 2012 and $5,673,454 expires in the year 2013.

See Notes to Financial Statements.

121

EQ ADVISORS TRUST

EQ/ALLIANCE INTERNATIONAL PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Australia (1.9%)
Aristocrat Leisure Ltd.^	1,131,985	$	10,230,129
BlueScope Steel Ltd.^	1,206,400		6,168,135
Macquarie Airports^	2,563,200		5,960,346
QBE Insurance Group Ltd.^	859,871		12,362,864
Rinker Group Ltd.	783,470		9,454,052

			44,175,526

Austria (0.5%)
OMV AG	193,700		11,309,702

Belgium (0.9%)
Delhaize Group^	217,800		14,181,211
KBC Groep N.V.	56,535		5,244,843

			19,426,054

Brazil (0.5%)
Petroleo Brasileiro S.A. (ADR)^	152,900		10,897,183

Canada (1.9%)
Bank of Nova Scotia^	139,800		5,521,869
Canadian Natural Resources Ltd.	325,900		16,078,087
Manulife Financial Corp.^	99,000		5,785,841
Teck Cominco Ltd. Class B	130,700		6,942,546
TELUS Corp. (Non-Voting)	206,800		8,262,086

			42,590,429

China (0.2%)
China Shenhua Energy Co. Ltd., Class H*	4,697,000		5,179,479

Finland (0.5%)
Nokia Oyj	448,934		8,181,395
Sampo Oyj, A shares	156,900		2,724,251

			10,905,646

France (10.1%)
Assurances Generales de France^	176,500		17,425,551
BNP Paribas S.A.	363,638		29,317,311
Business Objects S.A.*	411,109		16,579,539
CapGemini S.A.*	462,205		18,487,526
Credit Agricole S.A.^	408,753		12,829,868
Renault S.A.^	250,200		20,334,003
Sanofi-Aventis^	238,455		20,813,950
Societe Generale	155,900		19,106,363
Thomson^	95,200		1,987,589
Total S.A.^	227,900		57,043,486
Vinci S.A.^	174,323		14,938,489

			228,863,675

Germany (4.0%)
Continental AG	217,600		19,224,589
E.ON AG	170,200		17,558,418
Epcos AG*^	270,900		3,546,895
MAN AG	246,200		13,091,467
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)	135,600		18,293,136
RWE AG	50,000		3,679,017
SAP AG	66,719		12,055,020
Siemens AG	47,900		4,088,937

			91,537,479

Greece (0.8%)
EFG Eurobank Ergasias S.A.	292,212		9,209,814
National Bank of Greece S.A.	214,420		9,105,088

			18,314,902

Hong Kong (0.6%)
Esprit Holdings Ltd.	760,000		5,400,881
Li & Fung Ltd.	4,644,000		8,954,324

			14,355,205

Ireland (2.1%)
Anglo Irish Bank Corp. plc	1,073,978		16,253,182
CRH plc	773,274		22,656,945
Depfa Bank plc	567,800		8,391,949

			47,302,076

Israel (0.3%)
Teva Pharmaceutical Industries Ltd. (ADR)^	168,500		7,247,185

Italy (3.0%)
Buzzi Unicem S.p.A.	50,467		786,965
ENI S.p.A.	1,679,914		46,427,542
Luxottica Group S.p.A.	591,317		14,947,167
Recordati S.p.A.	682,700		4,686,723

			66,848,397

Japan (27.2%)
Aeon Credit Service Co., Ltd.^	141,800		13,407,507
Canon, Inc.^	423,000		24,728,459
Denso Corp.	671,300		23,148,276
East Japan Railway Co.	3,054		20,984,445
Hitachi Ltd.	766,000		5,159,451
Honda Motor Co., Ltd.	374,700		21,365,170
Hoya Corp.	819,600		29,442,548
Itochu Corp.	1,381,000		11,513,208
Japan Tobacco, Inc.^	1,116		16,262,984
JFE Holdings, Inc.^	606,300		20,341,845
Kobe Steel Ltd.	2,463,000		7,971,414
Kyocera Corp.	91,300		6,652,376
Mitsubishi Corp.	1,692,600		37,428,501
Mitsubishi UFJ Financial Group, Inc.	2,606		35,326,612
Mitsui & Co., Ltd.^	1,114,000		14,298,992
Mitsui O.S.K. Lines Ltd.^	585,000		5,100,102
Nippon Mining Holdings, Inc.	682,500		4,851,457
Nissan Motor Co., Ltd.^	1,370,100		13,871,639
Nitto Denko Corp.^	317,300		24,705,473
Nomura Holdings, Inc.	1,650,300		31,599,407
Oji Paper Co., Ltd.^	295,000		1,742,057
ORIX Corp.	117,900		30,016,902
Rengo Co. Ltd.^	500,000		3,024,655
Sanyo Shinpan Finance Co., Ltd.	117,100		8,393,341
Secom Co., Ltd.	100		5,227
Sega Sammy Holdings, Inc.	272,800		9,129,543
Shimamura Co., Ltd.^	73,200		10,121,359
Sony Corp.	61,000		2,491,062
Sumitomo Electric Industries Ltd.	578,800		8,782,774
Sumitomo Metal Industries Ltd.^	2,615,000		10,058,544
Sumitomo Mitsui Financial Group, Inc.^	4,910		51,999,492
Takashimaya Co., Ltd.^	276,000		4,405,524
Takeda Pharmaceutical Co., Ltd.	310,200		16,767,568
Tokyo Electric Power Co., Inc.	406,500		9,867,174
Tokyo Gas Co., Ltd.^	2,316,000		10,281,996
Toyota Motor Corp.	917,500		47,573,498

122

EQ ADVISORS TRUST

EQ/ALLIANCE INTERNATIONAL PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Yamada Denki Co., Ltd.	172,700	$	21,596,645

			614,417,227

Luxembourg (1.0%)
Arcelor^	950,269		23,482,641

Mexico (1.5%)
America Movil S.A. de C.V. (ADR)	589,300		17,242,918
Grupo Televisa S.A. (ADR)^	126,700		10,199,350
Wal-Mart de Mexico S.A. de C.V., Series V	1,166,100		6,467,585

			33,909,853

Netherlands (4.8%)
ABN AMRO Holding N.V.	295,215		7,692,199
European Aeronautic Defence & Space Co.	342,290		12,879,566
ING Groep N.V. (CVA)	1,709,827		59,093,015
Koninklijke (Royal) Philips Electronics N.V.	217,400		6,731,397
Royal Dutch Shell plc,
Class A	279,200		8,490,136
Class B	407,568		13,000,284

			107,886,597

Norway (0.6%)
Norsk Hydro ASA	137,958		14,119,239

Singapore (1.1%)
Flextronics International Ltd.*	608,400		6,351,696
Neptune Orient Lines Ltd.	1,431,000		2,891,604
Singapore Telecommunications Ltd.	10,455,785		16,411,835

			25,655,135

South Africa (0.4%)
Naspers Ltd.	493,469		8,714,775

South Korea (0.3%)
Kookmin Bank*	91,610		6,932,943

Spain (2.5%)
Altadis S.A.	65,000		2,938,023
Banco Bilbao Vizcaya Argentaria S.A.^	950,667		16,910,098
Endesa S.A.^	609,700		15,979,994
Repsol YPF S.A.^	579,500		16,863,159
Union Fenosa S.A.^	86,000		3,188,300

			55,879,574

Sweden (1.1%)
Atlas Copco AB	552,799		12,294,301
Telefonaktiebolaget LM Ericsson, Class B	3,380,594		11,596,288

			23,890,589

Switzerland (12.5%)
Alcon, Inc.	162,900		21,111,840
Compagnie Financiere Richemont AG, Class A (Unit)	414,505		17,989,822
Credit Suisse Group	1,047,597		53,256,193
Micronas Semiconductor Holding AG (Registered)*	95,500		3,152,054
Nestle S.A. (Registered)	129,699		38,674,993
Nobel Biocare Holding AG	71,122		15,595,628
Novartis AG (Registered)	743,008		38,927,655
Roche Holding AG	245,878		36,808,475
Swiss Reinsurance (Registered)	141,821		10,351,819
UBS AG (Registered)	359,130		34,088,670
Xstrata plc	511,780		11,948,937

			281,906,086

Taiwan (0.0%)
Hon Hai Precision Industry (GDR) (Registered)	106,285		1,222,277
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)	900		8,919

			1,231,196

United Kingdom (15.9%)
Aviva plc	1,370,528		16,587,620
BAE Systems plc	3,920,507		25,693,800
Barclays plc	1,720,400		18,045,865
BHP Billiton plc	1,054,761		17,193,175
BP plc	1,920,336		20,406,801
British American Tobacco plc	587,900		13,120,605
Corus Group plc	5,311,100		5,379,520
Enterprise Inns plc	906,641		14,599,744
Friends Provident plc	3,402,120		11,067,917
George Wimpey plc	1,003,383		8,268,277
GlaxoSmithKline plc	1,091,478		27,526,046
HBOS plc	1,038,210		17,698,706
Intercontinental Hotels Group plc	675,008		9,728,294
International Power plc*	1,064,500		4,376,815
J Sainsbury plc	2,115,800		11,450,825
Lloyds TSB Group plc	337,800		2,832,900
Marks & Spencer Group plc	1,954,527		16,944,943
Mitchells & Butlers plc	1,256,400		9,015,945
Persimmon plc	611,200		13,199,912
Prudential plc	367,848		3,473,267
Punch Taverns plc	700,400		10,208,475
Royal & Sun Alliance Insurance Group plc	614,400		1,326,375
Royal Bank of Scotland Group plc	665,512		20,051,186
SABMiller plc	1,287,261		23,447,095
Tate & Lyle plc	972,900		9,403,373
Trinity Mirror plc	281,500		2,769,109
Vodafone Group plc	6,222,400		13,406,293
Whitbread plc	563,305		9,177,341
Wolseley plc	110,379		2,321,291

			358,721,515

Total Common Stocks (96.2%) (Cost $1,711,273,516)			2,175,700,308


	Number of Warrants
WARRANTS:
Argentina (0.6%)
Credit Suisse First Boston, $1.00, expiring 12/31/49*	661,000		12,367,310

Luxembourg (0.9%)
Infosys Technologies, Ltd., $1.00, expiring 8/28/08 * §	54,262		14,776,085
Taiwan Semiconductor Manufacturing Co., Ltd., $1.00, expiring 11/22/10*	2,602,907		4,959,808

			19,735,893

Netherlands (0.3%)
ABN Amro Bank N.V., $1.00, expiring 1/9/07*	3,917,209		7,442,697

Total Warrants (1.8%) (Cost $33,836,405)			39,545,900

123

EQ ADVISORS TRUST

EQ/ALLIANCE INTERNATIONAL PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (13.2%)
Ajax Bambino Funding Ltd.
4.36%, 1/18/06	$	4,981,917	$	4,981,917
Allstate Life Global Funding
4.37%, 1/30/07 (l)		2,000,000		2,000,000
Allstate Life Insurance
4.37%, 1/30/07 (l)		15,000,000		15,000,000
American Express Credit Corp.
4.36%, 6/12/07 (l)		5,000,000		5,000,000
CC USA, Inc.
4.33%, 5/5/06 (l)		9,999,510		9,999,510
Dorada Finance, Inc.
4.30%, 8/3/06 (l)		4,995,952		4,995,952
Fifth Third Bancorp
4.35%, 1/30/07 (l)		2,000,000		2,000,000
General Electric Capital Corp.
4.36%, 5/12/06 (l)		5,005,149		5,005,149
Goldman Sachs Group LP
4.39%, 1/2/07 (l)		10,000,000		10,000,000
Goldman Sachs Group, Inc.
4.38%, 1/30/07 (l)		5,000,051		5,000,051
Merrill Lynch & Co.
4.36%, 5/5/06 (l)		10,000,000		10,000,000
4.55%, 3/19/07 (l)		17,014,787		17,014,787
Morgan Stanley
4.43%, 1/2/07 (l)		5,000,000		5,000,000
Natexis Banques Populaires N.Y.
4.36%, 11/13/06 (l)		24,988,953		24,988,953
New York Life Insurance Co.
4.37%, 3/30/06 (l)		15,000,000		15,000,000
Nomura Securities
4.29%, 1/3/06		77,871,368		77,871,368
Swedbank N.Y.
4.38%, 6/20/06 (l)		9,997,017		9,997,017
4.38%, 7/14/06 (l)		3,998,770		3,998,770
Unicredito Italiano N.Y.
3.96%, 10/4/06 (l)		24,985,742		24,985,742
U.S. Bank N.A.
4.29%, 10/2/06 (l)		10,995,598		10,995,598
Wells Fargo & Co.
4.36%, 12/31/07 (l)		12,000,000		12,000,000
Wells Fargo Bank/San Francisco
4.30%, 12/1/06 (l)		22,000,000		22,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				297,834,814

Time Deposit (1.3%)
JPMorgan Chase Nassau
3.68%, 1/3/06		29,758,318		29,758,318

Total Short-Term Investments (14.5%) (Amortized Cost $327,593,132)				327,593,132

Total Investments (112.5%) (Cost/Amortized Cost $2,072,703,053)				2,542,839,340
Other Assets Less Liabilities (-12.5%)				(282,321,981	)

Net Assets (100%)			$	2,260,517,359

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2005, the market value of these securities amounted to $14,776,085 or 0.65% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

Glossary:

ADR — American Depositary Receipt

CVA — Dutch Certification

GDR — Global Depositary Receipt

124

EQ ADVISORS TRUST

EQ/ALLIANCE INTERNATIONAL PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

At December 31, 2005 the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/05		Unrealized Appreciation
Dow Jones Euro Stock 50 Index	242	March-06	$	10,091,672	$	10,241,985	$	150,313

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,308,518,655
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,403,107,102

As of December 31, 2005, 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.	$	485,918,614
Aggregate gross unrealized depreciation.		(29,932,393	)

Net unrealized appreciation	$	455,986,221

Federal income tax cost of investments	$	2,086,853,119

At December 31, 2005, the Portfolio had loaned securities with a total value of $281,974,728. This was secured by collateral of $297,834,814 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

The Portfolio has a net capital loss carryforward of $150,710,755 which $51,342,146 expires in the year 2009, $61,620,674 expires in the year 2010, and $37,747,935 expires in the year 2011.

Included in the capital loss carryforward amounts are $25,861,953 of losses acquired from EQ/International Equity Index Portfolio as a result of a tax-free reorganization that occurred during the year ended 2003, and $23,155,136 of losses acquired from EQ/Alliance Global Portfolio as a result of a tax-free reorganization that occurred during the year ended 2002. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S.Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

The Portfolio utilized net capital loss carryforward of $243,703,855 during 2005.

See Notes to Financial Statements.

125

EQ ADVISORS TRUST

EQ/ALLIANCE LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (13.5%)
*Hotels, Restaurants & Leisure (0.1%)*
Starbucks Corp.*	40,100	$	1,203,401

*Household Durables (1.2%)*
Pulte Homes, Inc.	319,300		12,567,648

*Internet & Catalog Retail (3.5%)*
eBay, Inc.*	886,066		38,322,354

*Media (2.0%)*
E.W. Scripps Co., Class A^	285,500		13,709,710
Getty Images, Inc.*^	54,000		4,820,580
Lamar Advertising Co., Class A*^	73,200		3,377,448

			21,907,738

*Multiline Retail (3.4%)*
Target Corp.	677,900		37,264,163

*Specialty Retail (3.3%)*
Lowe’s Cos., Inc.	518,233		34,545,412
Sherwin-Williams Co.	41,500		1,884,930

			36,430,342

Total Consumer Discretionary			147,695,646

Consumer Staples (5.4%)
*Food & Staples Retailing (1.6%)*
Walgreen Co.	186,900		8,272,194
Whole Foods Market, Inc.^	125,000		9,673,750

			17,945,944

*Household Products (3.8%)*
Procter & Gamble Co.	717,300		41,517,324

Total Consumer Staples			59,463,268

Energy (8.0%)
*Energy Equipment & Services (7.8%)*
GlobalSantaFe Corp.	189,700		9,134,055
Halliburton Co.	637,600		39,505,696
Nabors Industries Ltd.*^	423,700		32,095,275
Schlumberger Ltd.	44,000		4,274,600

			85,009,626

*Oil & Gas (0.2%)*
Noble Energy, Inc.	63,500		2,559,050

Total Energy			87,568,676

Financials (11.5%)
*Capital Markets (6.7%)*
ETrade Financial Corp.	141,800		2,957,948
Franklin Resources, Inc.	224,900		21,142,849
Goldman Sachs Group, Inc.	150,200		19,182,042
Legg Mason, Inc.	94,200		11,274,798
Merrill Lynch & Co., Inc.	47,000		3,183,310
Northern Trust Corp.	97,700		5,062,814
UBS AG (Registered)	115,500		10,989,825

			73,793,586

*Insurance (4.8%)*
ACE Ltd.	186,900		9,987,936
American International Group, Inc.	409,799		27,960,586
Progressive Corp.	123,701		14,445,803

			52,394,325

Total Financials			126,187,911

Health Care (22.5%)
*Biotechnology (6.4%)*
Affymetrix, Inc.*^	182,400		8,709,600
Amgen, Inc.*	140,801		11,103,567
Genentech, Inc.*	436,900		40,413,250
Gilead Sciences, Inc.*	198,400		10,441,792

			70,668,209

*Health Care Equipment & Supplies (5.2%)*
Alcon, Inc.	200,700		26,010,720
St. Jude Medical, Inc.*	504,400		25,320,880
Zimmer Holdings, Inc.*	79,100		5,334,504

			56,666,104

*Health Care Providers & Services (7.6%)*
Caremark Rx, Inc.*	258,800		13,403,252
UnitedHealth Group, Inc.	551,300		34,257,782
WellPoint, Inc.*	453,000		36,144,870

			83,805,904

*Pharmaceuticals (3.3%)*
Teva Pharmaceutical Industries Ltd. (ADR)^	829,000		35,655,290

Total Health Care			246,795,507

Industrials (6.0%)
*Aerospace & Defense (1.9%)*
Boeing Co.	295,600		20,762,944

*Electrical Equipment (0.6%)*
Emerson Electric Co.	87,900		6,566,130

*Industrial Conglomerates (3.5%)*
General Electric Co.	954,700		33,462,235
Textron, Inc.	67,200		5,173,056

			38,635,291

Total Industrials			65,964,365

Information Technology (31.9%)
*Communications Equipment (9.1%)*
Corning, Inc.*	1,287,300		25,308,318
Juniper Networks, Inc.*	1,255,700		28,002,110
QUALCOMM, Inc.	1,072,100		46,186,068

			99,496,496

*Computers & Peripherals (5.6%)*
Apple Computer, Inc.*	618,600		44,471,154
Network Appliance, Inc.*	637,500		17,212,500

			61,683,654

*Internet Software & Services (8.5%)*
Google, Inc., Class A*	122,600		50,861,836
Yahoo!, Inc.*	1,079,700		42,302,646

			93,164,482

*Semiconductors & Semiconductor Equipment (7.1%)*
Broadcom Corp., Class A*	680,500		32,085,575
Marvell Technology Group Ltd.*^	589,000		33,037,010
Texas Instruments, Inc.	385,200		12,353,364

			77,475,949

*Software (1.6%)*
Electronic Arts, Inc.*	329,400		17,230,914

Total Information Technology			349,051,495

Telecommunication Services (0.2%)
*Wireless Telecommunication Services (0.2%)*
America Movil S.A. de C.V. (ADR)	76,600		2,241,316

Total Telecommunication Services			2,241,316

Total Common Stocks (99.0%) (Cost $856,402,139)			1,084,968,184

126

EQ ADVISORS TRUST

EQ/ALLIANCE LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Principal Amount		Value (Note1)
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (7.6%)
Ajax Bambino Funding Ltd.
4.36%, 1/18/06	$	4,981,917	$	4,981,917
Bank of America Corp.
4.31%, 8/10/06 (l)		5,000,000		5,000,000
Dorada Finance, Inc.
4.30%, 8/3/06 (l)		3,996,762		3,996,762
New York Life Insurance
4.40%, 3/30/06 (l)		3,000,000		3,000,000
Nomura Securities
4.29%, 1/3/06		56,675,657		56,675,657
Royal Bank of Canada
4.30%, 10/3/06 (l)		8,998,465		8,998,465

Total Short-Term Investments of Cash Collateral for Securities Loaned				82,652,801

Time Deposit (1.3%)
JPMorgan Chase Nassau
3.68%, 1/3/06		14,594,181		14,594,181

Total Short-Term Investments (8.9%)
(Amortized Cost $97,246,982)				97,246,982

Total Investments (107.9%)
(Cost/Amortized Cost $ 953,649,121)				1,182,215,166
Other Assets Less Liabilities (-7.9%)				(86,155,556	)

Net Assets (100%)			$	1,096,059,610

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	586,011,572
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	773,170,894

As of December 31, 2005, 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	$	230,334,570
Aggregate gross unrealized depreciation		(2,791,779	)

Net unrealized appreciation	$	227,542,791

Federal income tax cost of investments	$	954,672,375

At December 31, 2005, the Portfolio had loaned securities with a total value of $78,776,749. This was secured by collateral of $82,652,801 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2005, the Portfolio incurred approximately $26,486 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $607,475,722 of which $245,011,495 expires in the year 2009, $258,581,589 expires in the year 2010 and $103,882,638 expires in the year 2011.

The Portfolio utilized $95,750,065 in capital loss carryforward during 2005.

See Notes to Financial Statements.

127

EQ ADVISORS TRUST

EQ/ALLIANCE QUALITY BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (14.0%)
*Asset-Backed Securities (3.3%)*
Aegis Asset Backed Securities Trust,
Series 04-3 A2A
4.579%, 9/25/34 (l)	$	3,639,010	$	3,638,990
American Express Credit Account Master Trust,
Series 05-1 A
4.399%, 10/15/12 (l)		6,410,000		6,423,609
Bayview Financial Acquisition Trust,
Series 05-D AF2
5.402%, 12/28/35 (l)		7,075,000		7,102,635
Capital Auto Receivables Asset Trust,
Series 05-SN1A A3A
4.100%, 6/15/08		8,075,000		8,011,408
Capital One Prime Auto Receivables Trust,
Series 05-1 A3
4.320%, 8/17/09 §		11,855,000		11,770,211
Citifinancial Mortgage Securities, Inc.
Series 03-1 AFPT
3.360%, 1/25/33 (e)		2,300,617		2,194,432
Credit-Based Asset Servicing and Securitization,
Series 05-CB7 AF2
5.147%, 11/25/35 (e)		4,620,000		4,605,055
Equity One ABS, Inc.,
Series 04-3 AF1
4.539%, 7/25/34 (l)		103,338		103,320
MBNA Credit Card Master Note Trust,
Series 03-A6 A6
2.750%, 10/15/10		4,510,000		4,305,565
Merrill Lynch Mortgage Investors, Inc.,
Series 04-SL1 A
4.639%, 4/25/35 (l)		51,422		51,431
Morgan Stanley ABS Capital I,
Series 04-HE4-A3
4.579%, 5/25/34 (l)		1,014,507		1,014,501
Providian Gateway Master Trust,
Series 04-DA A
3.350%, 9/15/11 (b)		6,465,000		6,312,465
Residential Asset Mortgage Products, Inc.,
Series 04-SP1 AI1
4.559%, 6/25/13 (l)		245,924		245,942
Residential Asset Securities Corp.,
Series 02-KS7 A2
4.749%, 11/25/32 (l)		1,700,996		1,703,367
Series 03-KS3 A2
4.679%, 5/25/33 (l)		1,182,266		1,183,805
Series 04-KS7 AI1
4.529%, 10/25/21 (l)		593,413		593,460
Residential Funding Mortgage Securities II,
Series 04-HS2 AI1
4.529%, 12/25/18 (l)		17,036		17,033
Series 05-HI2 A3
4.460%, 5/25/35		4,080,000		4,002,158
Structured Asset Investment Loan Trust,
Series 04-5 A2
4.559%, 5/25/34 (l)		1,598,775		1,599,250
Series 05-1 A3
4.499%, 2/25/35 § (l)		739,679		739,747

				65,618,384

*Non-Agency CMO (10.7%)*
Banc of America Commercial Mortgage, Inc.,
Series 04-3 A5
5.304%, 6/10/39 (l)		9,465,000		9,642,529
Series 04-4 A3
4.128%, 7/10/42		6,190,000		6,011,095
Series 04-6 A2
4.161%, 12/10/42		8,270,000		8,013,010
Series 05-1 A3
4.877%, 11/10/42		9,140,000		9,070,536
Bear Stearns Asset Backed Securities, Inc.,
Series 05-SD1 1A1
4.529%, 4/25/22 (l)		2,939,340		2,940,311
Bear Stearns Commercial Mortgage Securities,
Series 05-PWR7 A3
5.116%, 2/11/41 (l)		22,180,000		22,097,360
Credit Suisse First Boston Mortgage Securities Corp.,
Series 04-C5 A2
4.183%, 11/15/37		6,995,000		6,777,080
Series 03-CK2 A2
3.861%, 3/15/36		5,425,000		5,295,355
GE Capital Commercial Mortgage Corp.,
Series 04-C3 A4
4.863%, 7/10/45		7,710,000		7,641,110
Series 04-C3 A4
5.189%, 7/10/39 (l)		6,645,000		6,650,470
Greenwich Capital Commercial Funding Corp.,
Series 03-C1 A4
4.111%, 7/5/35		6,385,000		5,996,665
Series 03-C2 A3
4.533%, 1/5/36		8,390,000		8,182,551
Series 05-GG3 A2
4.305%, 8/10/42		9,040,000		8,802,754
Home Equity Mortgage Trust,
Series 05-4 A3
4.742%, 1/25/36 (e)		4,995,000		4,933,305
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 05-LDP1 A2
4.625%, 3/15/46		9,470,000		9,324,240
Series 05-LDP3 A2
4.851%, 8/15/42		6,780,000		6,711,665
Series 05-LDP4 A2
4.790%, 10/15/42		5,590,000		5,515,353
LB-UBS Comercial Mortgage Trust,
Series 05-C1 A4
4.740%, 2/15/30		5,930,000		5,758,258
Series 04-C7 A2
3.992%, 10/15/29		6,295,000		6,065,893
Series 05-C7 A4
5.197%, 11/15/30 (l)		6,090,000		6,109,900
Series 04-C8 A2
4.201%, 12/15/29		6,525,000		6,337,285
Merrill Lynch Mortgage Investors, Inc.,
Series 05-A8 A1C1
5.250%, 8/25/36 (l)		8,413,658		8,344,158
Merrill Lynch Mortgage Trust,
Series 04-KEY2 A2
4.166%, 8/12/39		5,130,000		4,955,616
Series 05-CK1 A6
5.245%, 11/12/37 (l)		5,075,000		5,130,622
Series 05-MKB2 A2
4.806%, 9/12/42		11,020,000		10,911,587

128

EQ ADVISORS TRUST

EQ/ALLIANCE QUALITY BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount		Value (Note 1)
Morgan Stanley Capital I,
Series 05-T17 A5
4.780%, 12/13/41^	$	9,300,000	$	9,047,568
Opteum Mortgage Acceptance Corp.,
Series 05-5 2A1B
5.640%, 12/25/35 (l)		8,125,000		8,157,175
Residential Asset Mortgage Products, Inc.,
Series 04-RS12 AI1
4.519%, 5/25/24 (l)		2,547,012		2,547,740
Series 05-RS1 AII1
4.489%, 1/25/35 (l)		3,838,166		3,839,114
Washington Mutual Mortgage Securities Corp.,
Series 05-AR2 2A22
4.599%, 1/25/45 (l)		5,364,052		5,362,375

				216,172,680

Total Asset-Backed and Mortgage-Backed Securities				281,791,064

Consumer Discretionary (2.0%)
*Automobiles (0.1%)*
DaimlerChrysler NA Holdings Corp.
4.875%, 6/15/10		1,970,000		1,923,482

*Household Durables (0.1%)*
Fortune Brands, Inc.
2.875%, 12/1/06		2,050,000		2,006,179

*Media (1.8%)*
British Sky Broadcasting plc
6.875%, 2/23/09		1,450,000		1,518,974
BSKYB Finance UK Plc
5.625%, 10/15/15 (b)		3,740,000		3,722,702
Comcast Cable Communications Holdings, Inc.
9.455%, 11/15/22		3,065,000		4,015,754
Comcast Cable Communications, Inc.
6.875%, 6/15/09		3,930,000		4,127,801
Comcast Corp.
5.500%, 3/15/11		4,290,000		4,313,269
5.300%, 1/15/14		3,365,000		3,301,226
News America, Inc.
6.550%, 3/15/33^		2,205,000		2,267,889
Time Warner Entertainment Co. LP
8.375%, 3/15/23		5,760,000		6,660,363
Time Warner, Inc.
6.875%, 5/1/12^		2,845,000		3,028,446
WPP Finance UK Corp.
5.875%, 6/15/14		2,445,000		2,481,445

				35,437,869

Total Consumer Discretionary				39,367,530

Consumer Staples (1.3%)
*Food & Staples Retailing (0.3%)*
Kroger Co.
7.800%, 8/15/07		3,860,000		4,010,289
Safeway, Inc.
4.800%, 7/16/07		1,500,000		1,493,482
6.500%, 3/1/11		1,090,000		1,128,704

				6,632,475

*Food Products (1.0%)*
ConAgra Foods, Inc.
7.875%, 9/15/10		2,380,000		2,622,146
6.750%, 9/15/11		695,000		740,296
General Mills, Inc.
5.125%, 2/15/07		8,030,000		8,023,110
Kraft Foods, Inc.
4.125%, 11/12/09		9,040,000		8,747,629

				20,133,181

Total Consumer Staples				26,765,656

Energy (1.1%)
*Oil & Gas (1.1%)*
Amerada Hess Corp.
6.650%, 8/15/11		5,090,000		5,469,470
7.875%, 10/1/29		3,410,000		4,129,111
Conoco, Inc.
6.950%, 4/15/29		3,435,000		4,145,712
Enterprise Products Operating LP
5.600%, 10/15/14		2,245,000		2,243,246
Valero Energy Corp.
6.875%, 4/15/12		4,140,000		4,511,085
7.500%, 4/15/32^		1,625,000		1,974,848

Total Energy				22,473,472

Financials (10.1%)
*Capital Markets (0.6%)*
Credit Suisse First Boston USA, Inc.
5.500%, 8/15/13		1,005,000		1,025,194
Goldman Sachs Group, Inc.
4.750%, 7/15/13		3,590,000		3,482,192
JPMorgan Chase & Co.
6.750%, 2/1/11		6,910,000		7,401,142

				11,908,528

*Commercial Banks (1.9%)*
Bank of America Corp.
4.500%, 8/1/10		10,140,000		9,964,507
Barclays Bank plc
8.550%, 9/29/49 § (l)		4,180,000		4,822,378
Huntington National Bank
4.375%, 1/15/10		3,135,000		3,073,156
Korea Development Bank
4.625%, 9/16/10^		3,000,000		2,940,072
Mizuho Financial Group Cayman Ltd.
8.375%, 12/31/49		4,915,000		5,325,403
Resona Bank Ltd.
5.850%, 9/29/49 (b)(l)		860,000		856,366
Sumitomo Mitsui Banking Corp.
5.625%, 7/29/49 § (l)		1,535,000		1,529,253
Suntrust Bank
4.540%, 6/2/09 (l)		3,395,000		3,407,680
UFJ Bank Ltd./New York
7.400%, 6/15/11		975,000		1,076,633
Wells Fargo & Co.
4.200%, 1/15/10		3,080,000		2,998,475
Zions Bancorporation
5.500%, 11/16/15^		2,390,000		2,407,645

				38,401,568

*Consumer Finance (1.4%)*
American General Finance Corp.
4.625%, 5/15/09		7,590,000		7,513,819
Boeing Capital Corp.
4.750%, 8/25/08		1,385,000		1,381,294
HSBC Finance Corp.
6.500%, 11/15/08		6,940,000		7,222,979
7.000%, 5/15/12		2,340,000		2,559,658
MBNA Corp.
4.625%, 9/15/08		3,695,000		3,668,185
SLM Corp.
4.500%, 7/26/10		5,925,000		5,800,694

				28,146,629

129

EQ ADVISORS TRUST

EQ/ALLIANCE QUALITY BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount		Value (Note 1)
*Diversified Financial Services (4.2%)*
CIT Group, Inc.
4.588%, 5/18/07 (l)	$	2,360,000	$	2,366,393
7.750%, 4/2/12		8,410,000		9,538,042
Citigroup, Inc.
4.600%, 6/9/09^ (l)		2,420,000		2,424,852
4.625%, 8/3/10^		5,500,000		5,423,830
Core Investment Grade Bond Trust I
4.659%, 11/30/07		10,205,000		10,097,643
General Electric Capital Corp.
4.000%, 2/17/09^		10,010,000		9,763,894
4.375%, 11/21/11		3,800,000		3,689,294
6.750%, 3/15/32^		2,095,000		2,459,218
ILFC E-Capital Trust I
5.900%, 12/21/65 (b) (l)		1,300,000		1,305,108
Mangrove Bay Pass-Through Trust
6.102%, 7/15/33 § (l)		6,965,000		6,911,927
Merrill Lynch & Co., Inc.
4.790%, 8/4/10^		10,715,000		10,594,478
Resona Preferred Global Securities Cayman Ltd.
7.191%, 12/29/49 § (l)		1,590,000		1,686,949
Textron Financial Corp.
4.125%, 3/3/08		3,220,000		3,170,476
UFJ Finance Aruba AEC
6.750%, 7/15/13		2,520,000		2,751,500
Washington Mutual Financial Corp.
6.875%, 5/15/11		8,730,000		9,464,682
ZFS Finance USA Trust I
6.150%, 12/15/65^ (b)(l)		2,585,000		2,603,788

				84,252,074

*Insurance (1.0%)*
Assurant, Inc.
5.625%, 2/15/14		2,710,000		2,744,756
Berkshire Hathaway Finance Corp.
4.200%, 12/15/10^		3,970,000		3,843,464
Liberty Mutual Group, Inc.
5.750%, 3/15/14 §		2,795,000		2,758,877
Royal & Sun Alliance Insurance Group plc
8.950%, 10/15/29^		2,605,000		3,326,523
Zurich Capital Trust I
8.375%, 06/01/37 §		6,100,000		6,601,786

				19,275,406

*Real Estate (0.3%)*
iStar Financial, Inc.(REIT)
5.150%, 3/1/12		2,035,000		1,970,802
Prologis Trust
7.050%, 7/15/06		1,835,000		1,850,368
Simon Property Group LP
6.375%, 11/15/07		2,575,000		2,631,248

				6,452,418

*Thrifts & Mortgage Finance (0.7%)*
Countrywide Home Loans, Inc.
4.250%, 12/19/07		4,495,000		4,432,425
4.000%, 3/22/11		4,980,000		4,685,871
Washington Mutual, Inc.
4.000%, 1/15/09		5,270,000		5,111,252

				14,229,548

Total Financials				202,666,171

Government Securities (61.2%)
*Foreign Governments (8.8%)*
Development Bank of Japan
1.600%, 6/20/14	JPY	9,410,000,000		81,636,992
Mexican Bonds
10.000%, 12/5/24	MXN	142,700,000		15,163,883
Sweden Government Bond
5.000%, 1/28/09^	SEK	299,380,000		39,840,343
5.250%, 3/15/11		129,640,000		17,908,453
United Mexican States
4.625%, 10/8/08^	$	11,315,000		11,173,563
7.500%, 1/14/12^		2,095,000		2,337,287
7.500%, 1/14/12^		7,905,000		8,814,075

				176,874,596

*U.S. Government Agencies (40.2%)*
Federal Home Loan Mortgage Corp.
4.500%, 8/1/35		1,806,901		1,699,993
4.500%, 9/1/35		8,190,581		7,705,972
4.500%, 10/1/35		29,814,185		28,050,179
6.000%, 1/15/36 TBA		7,045,000		7,113,252
Federal National Mortgage Association
3.875%, 11/17/08^		19,725,000		19,231,224
5.500%, 6/1/09		13,666		13,782
5.500%, 10/1/13		814,204		821,677
5.500%, 12/1/13		15,826		15,955
5.500%, 2/1/14		55,836		56,291
5.500%, 3/1/14		43,056		43,407
5.500%, 10/1/16		56,223		56,635
5.500%, 11/1/16		481,947		485,480
5.500%, 2/1/17		363,124		365,786
6.000%, 2/1/17		5,372,789		5,491,791
5.500%, 8/1/17		274,095		275,990
5.500%, 9/1/17		6,962,582		7,010,707
5.500%, 10/1/17		544,767		548,532
5.500%, 11/1/17		1,699,918		1,711,667
5.500%, 12/1/17		270,491		272,361
5.500%, 2/1/18		3,966,131		3,993,227
5.500%, 3/1/18		1,860,272		1,872,934
5.500%, 4/1/18		724,563		729,521
5.500%, 5/1/18		423,320		426,130
5.500%, 7/1/18		6,373,026		6,415,336
5.500%, 9/1/18		13,967		14,060
5.500%, 10/1/18		894,542		900,481
5.500%, 11/1/18		2,215,778		2,230,489
5.500%, 12/1/18		5,990,194		6,031,096
5.000%, 4/1/19		38,232,000		37,778,186
5.500%, 1/1/19		258,439		260,155
5.500%, 4/1/19		6,334,619		6,376,674
5.500%, 5/1/19		666,453		671,059
5.500%, 6/1/19		140,100		141,018
5.500%, 7/1/19		926,697		932,766
5.500%, 8/1/19		8,716,688		8,773,774
5.500%, 9/1/19		1,045,352		1,052,219
5.500%, 10/1/19		23,720		23,875
5.500%, 11/1/19		1,914,425		1,927,043
5.500%, 12/1/19		1,287,521		1,295,954
5.500%, 1/1/20		936,389		942,522
5.500%, 2/1/20		547,703		551,275
5.500%, 3/1/20		256,836		258,536
5.500%, 4/1/20		76,954		77,444
5.500%, 6/1/20		62,418		62,816
5.500%, 7/1/20		591,617		595,391
6.000%, 7/1/20		10,306,030		10,534,933
9.000%, 8/1/26		9,204		9,986
5.500%, 4/1/33		16,517,928		16,396,794
5.500%, 4/1/34		9,198,654		9,110,209
5.500%, 5/1/34		5,622,233		5,581,002
5.500%, 2/1/35		55,069,203		54,651,315
5.500%, 9/1/20		5,028,746		5,060,823
5.500%, 10/1/20		1,224,886		1,232,699
5.500%, 7/1/33		48,354,764		47,889,833
6.000%, 9/1/35		63,587,438		64,189,560
4.500%, 1/25/21 TBA		62,910,000		61,199,603

130

EQ ADVISORS TRUST

EQ/ALLIANCE QUALITY BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount		Value (Note 1)
5.000%, 1/25/21 TBA	$	24,580,000	$	24,311,144
5.000%, 1/25/36 TBA		26,575,000		25,744,531
5.500%, 1/25/36 TBA		141,250,000		139,837,500
6.000%, 1/25/36 TBA		71,540,000		72,188,295
6.500%, 1/25/36 TBA		72,240,000		74,091,150
5.000%, 2/25/36 TBA		30,805,000		29,823,090
Government National Mortgage Association
8.500%, 10/15/17		4,534		4,893
8.500%, 11/15/17		16,160		17,439
8.000%, 7/15/26		1,489		1,594

				807,181,055

*U.S. Treasuries (12.2%)*
U.S. Treasury Bonds
7.250%, 5/15/16^		23,450,000		28,794,044
5.375%, 2/15/31^		79,506,000		89,307,579
U.S. Treasury Notes
3.875%, 7/31/07^		59,320,000		58,838,025
4.250%, 10/31/07^		21,260,000		21,197,708
3.875%, 9/15/10^		3,360,000		3,290,045
1.625%, 1/15/15		886,635		854,182
4.500%, 11/15/15^		22,530,000		22,714,814
Inflation Indexed
2.000%, 7/15/14^		19,828,037		19,717,278

				244,713,675

Total Government Securities				1,228,769,326

Health Care (1.1%)
*Health Care Providers & Services (0.9%)*
Aetna, Inc.
7.375%, 3/1/06		5,080,000		5,099,797
WellPoint, Inc.
3.500%, 9/1/07		5,320,000		5,189,591
4.250%, 12/15/09		6,970,000		6,789,031
4.250%, 8/15/15		1,250,000		1,222,237

				18,300,656

*Pharmaceuticals (0.2%)*
Wyeth
5.500%, 2/1/14		3,187,000		3,228,281

Total Health Care				21,528,937

Industrials (0.6%)
*Aerospace & Defense (0.1%)*
Raytheon Co.
6.750%, 8/15/07		2,782,000		2,850,075

*Commercial Services & Supplies (0.2%)*
Waste Management, Inc.
6.875%, 5/15/09		3,550,000		3,742,957

*Industrial Conglomerates (0.3%)*
Hutchison Whampoa International Ltd.
7.450%, 11/24/33 §		3,445,000		3,979,106
Textron, Inc.
6.375%, 11/15/08		2,085,000		2,165,106

				6,144,212

Total Industrials				12,737,244

Information Technology (0.4%)
*Communications Equipment (0.0%)*
Motorola, Inc.
7.625%, 11/15/10		402,000		446,877

*Computers & Peripherals (0.1%)*
International Business Machines Corp.
4.375%, 6/1/09		1,215,000		1,199,763

*IT Services (0.3%)*
Pershing Road Development Co. LLC
4.810%, 9/1/26 § (l)		6,590,000		6,590,000

Total Information Technology				8,236,640

Materials (0.7%)
*Chemicals (0.1%)*
Lubrizol Corp.
4.625%, 10/1/09^		1,955,000		1,916,142

*Containers & Packaging (0.1%)*
Packaging Corp. of America
5.750%, 8/1/13^		2,675,000		2,627,061

*Metals & Mining (0.2%)*
Ispat Inland ULC
9.750%, 4/1/14		1,695,000		1,919,587
Teck Cominco Ltd.
6.125%, 10/1/35		1,335,000		1,320,250

				3,239,837

*Paper & Forest Products (0.3%)*
International Paper Co.
5.300%, 4/1/15		3,675,000		3,539,562
Weyerhaeuser Co.
5.950%, 11/1/08		2,805,000		2,861,661

				6,401,223

Total Materials				14,184,263

Telecommunication Services (3.1%)
*Diversified Telecommunication Services (2.1%)*
British Telecommunications plc
8.375%, 12/15/10		7,320,000		8,332,803
Deutsche Telekom International Finance BV
8.000%, 6/15/10		2,750,000		3,117,870
Sprint Capital Corp.
8.375%, 3/15/12		8,920,000		10,337,950
Telecom Italia Capital S.A.
4.000%, 11/15/08		2,195,000		2,128,696
4.000%, 1/15/10		8,010,000		7,629,108
6.375%, 11/15/33		2,740,000		2,771,609
TELUS Corp.
7.500%, 6/1/07		4,040,000		4,171,845
Verizon Global Funding Corp.
4.900%, 9/15/15		2,565,000		2,482,933

				40,972,814

*Wireless Telecommunication Services (1.0%)*
AT&T Wireless Services, Inc.
8.750%, 3/1/31		3,690,000		4,888,578
Cingular Wireless LLC
5.625%, 12/15/06		4,550,000		4,582,856
New Cingular Wireless Services, Inc.
7.350%, 3/1/06 (b)		2,545,000		2,555,541
7.875%, 3/1/11		7,870,000		8,830,581

				20,857,556

Total Telecommunication Services				61,830,370

Utilities (2.4%)
*Electric Utilities (2.0%)*
Carolina Power & Light Co.
6.500%, 7/15/12		4,940,000		5,292,672
Consumers Energy Co.
4.250%, 4/15/08		1,955,000		1,914,758
FirstEnergy Corp.
6.450%, 11/15/11		4,850,000		5,140,985
7.375%, 11/15/31		4,670,000		5,510,460

131

EQ ADVISORS TRUST

EQ/ALLIANCE QUALITY BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount		Value (Note 1)
Midamerican Energy Holdings Co.
5.875%, 10/1/12	$	1,765,000	$	1,822,121
Pacific Gas & Electric Co.
4.800%, 3/1/14		3,790,000		3,693,457
6.050%, 3/1/34		2,790,000		2,887,536
Progress Energy, Inc.
7.100%, 3/1/11		3,345,000		3,608,987
Public Service Co. of Colorado, Inc.
7.875%, 10/1/12		1,925,000		2,240,979
SPI Electricity & Gas Australia Holdings Property Ltd.
6.150%, 11/15/13 §		3,950,000		4,216,609
Xcel Energy, Inc.
7.000%, 12/1/10		2,390,000		2,572,195

				38,900,759

*Gas Utilities (0.1%)*
NiSource Finance Corp.
7.875%, 11/15/10		2,205,000		2,443,074

*Multi-Utilities & Unregulated Power (0.3%)*
Duke Capital LLC
8.000%, 10/1/19		4,425,000		5,281,450
Duke Energy Field Services LLC
7.875%, 8/16/10		1,340,000		1,481,962

				6,763,412

Total Utilities				48,107,245

Total Long-Term Debt Securities (98.0%) (Cost $1,974,254,135)				1,968,457,918

SHORT-TERM INVESTMENTS:
Government Securities (21.3%)
Federal Farm Credit Bank
4.13%, 1/13/06 (o)(p)		6,040,000		6,031,014
Federal Home Loan Bank
3.36%, 1/3/06 (o)(p)		65,800,000		65,781,576
4.03%, 1/11/06 (o)(p)		135,055,000		134,888,917
Federal Home Loan Mortgage Corp.
4.08%, 3/3/06 (o)(p)		87,995,000		87,380,619
Federal National Mortgage Association
4.16%, 2/10/06^ (o)(p)		134,660,000		134,024,889

Total Government Securities				428,107,015

Short-Term Investments of Cash Collateral for Securities Loaned (10.5%)
Ajax Bambino Funding Ltd.
4.36%, 1/18/06		4,981,916		4,981,916
Deutsche Bank Financial
4.38%, 1/12/07 (l)		11,000,000		11,000,000
Merrill Lynch & Co.
4.55%, 3/19/07 (l)		10,008,698		10,008,698
Morgan Stanley
4.43%, 1/2/07 (l)		10,000,000		10,000,000
Natexis Banques Populaires N.Y.
4.38%, 2/16/07 (l)		21,994,120		21,994,120
Nomura Securities
4.29%, 1/3/06		107,369,130		107,369,130
Royal Bank of Canada
4.30%, 10/3/06 (l)		9,998,184		9,998,184
Sigma Finance, Inc.
4.37%, 10/24/07 (l)		9,998,056		9,998,056
Swedbank NY
4.38%, 6/20/06 (l)		9,997,017		9,997,017
U.S. Bank NA
4.29%, 10/2/06 (l)		10,995,597		10,995,597
Wells Fargo & Co.
4.36%, 12/31/07 (l)		5,000,000		5,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				211,342,718

Time Deposit (0.5%)
JPMorgan Chase Nassau
3.68%, 1/3/06		9,092,032		9,092,032

Total Short-Term Investments (32.3%) (Cost/Amortized Cost $648,555,574)				648,541,765

Total Investments (130.3%) (Cost/Amortized Cost $2,622,809,709)				2,616,999,683
Other Assets Less Liabilities (-30.3%)				(608,184,223	)

Net Assets (100%)			$	2,008,815,460

^	All, or a portion of security out on loan (See Note 1).

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2005, the market value of these securities amounted to $51,606,843 or 2.57% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

(e)

Step Bond - Coupon rate increases in increments to maturity. Rate disclosed is as of December 31, 2005. Maturity date disclosed is the ultimate maturity date.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2005.

(p)

Yield to maturity.

Glossary:

CMO — Collateralized Mortgage Obligation

JPY — Japanese Yen

MXN — Mexican Peso

REIT — Real Estate Investment Trust

SEK — Swedish Krone

TBA — Security is subject to delayed delivery.

132

EQ ADVISORS TRUST

EQ/ALLIANCE QUALITY BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

At December 31, 2005 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


	Contract Local Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Sell Contracts
Swedish Krones, expiring 1/18/06	478,782	$	60,188,474	$	60,223,729	$	(35,255	)
Mexican Peso, expiring 1/19/06	164,175		15,218,261		15,403,652		(185,391	)
Japanese Yen, expiring 1/31/06	9,683,465		82,826,246		82,327,831		498,415

						$	277,769

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	8,670,127,177
U.S. Government securities		1,712,844,441

	$	10,382,971,618

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	8,553,092,237
U.S. Government securities		1,711,134,263

	$	10,264,226,500

As of December 31, 2005, 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	$	9,499,058
Aggregate gross unrealized depreciation		(15,455,536	)

Net unrealized depreciation	$	(5,956,478	)

Federal income tax cost of investments	$	2,622,956,161

At December 31, 2005, the Portfolio had loaned securities with a total value of $352,988,229. This was secured by collateral of $211,342,718 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $149,037,306 was received in the form of short-term pooled securities, which the Portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

The Portfolio has a net capital loss carryforward of $1,234,907 which expires in the year 2013.

See Notes to Financial Statements.

133

EQ ADVISORS TRUST

EQ/ALLIANCE SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (12.5%)
*Auto Components (1.1%)*
BorgWarner, Inc.	224,100	$	13,587,183

*Distributors (1.1%)*
LKQ Corp.*	384,200		13,301,004

*Hotels, Restaurants & Leisure (3.9%)*
Gaylord Entertainment Co.*	375,900		16,385,481
Orient-Express Hotels Ltd.	548,600		17,291,872
Station Casinos, Inc.	197,900		13,417,620

			47,094,973

*Internet & Catalog Retail (0.7%)*
Coldwater Creek, Inc.*	262,000		7,998,860

*Leisure Equipment & Products (1.4%)*
MarineMax, Inc.*	552,300		17,436,111

*Media (1.4%)*
Getty Images, Inc.*	183,400		16,372,118

*Specialty Retail (1.0%)*
Hibbett Sporting Goods, Inc.*	425,600		12,121,088

*Textiles, Apparel & Luxury Goods (1.9%)*
Carter’s, Inc.*	381,600		22,457,160

Total Consumer Discretionary			150,368,497

Consumer Staples (0.9%)
*Food Products (0.9%)*
Hain Celestial Group, Inc.*	497,200		10,520,752

Total Consumer Staples			10,520,752

Energy (10.7%)
*Energy Equipment & Services (6.2%)*
CARBO Ceramics, Inc.	68,200		3,854,664
Cooper Cameron Corp.*	373,060		15,444,684
Global Industries Ltd.*	1,106,300		12,556,505
Grant Prideco, Inc.*	675,200		29,789,824
Patterson-UTI Energy, Inc.	377,000		12,422,150

			74,067,827

*Oil & Gas (4.5%)*
Bill Barrett Corp.*	336,990		13,011,184
Dresser-Rand Group*.	431,200		10,426,416
Newfield Exploration Co.*	420,300		21,044,421
Noble Energy, Inc.	244,300		9,845,290

			54,327,311

Total Energy			128,395,138

Financials (8.6%)
*Capital Markets (2.9%)*
Affiliated Managers Group, Inc.*	175,000		14,043,750
BlackRock, Inc., Class A	194,700		21,121,056

			35,164,806

*Commercial Banks (0.6%)*
Western Alliance Bancorp*	241,600		7,216,592

*Diversified Financial Services (3.2%)*
Lazard Ltd., Class A	510,800		16,294,520
optionsXpress Holdings, Inc.	528,700		12,979,585
Primus Guaranty Ltd.*	671,890		8,768,164

			38,042,269

*Real Estate (1.9%)*
CB Richard Ellis Group, Inc., Class A*	386,200		22,727,870

Total Financials			103,151,537

Health Care (18.9%)
*Biotechnology (7.1%)*
Abgenix, Inc.*.	325,952		7,011,228
Affymetrix, Inc.*	271,100		12,945,025
Coley Pharmaceutical Group, Inc.*	159,700		2,421,052
Cubist Pharmaceuticals, Inc.*	311,300		6,615,125
CV Therapeutics, Inc.*	125,700		3,108,561
Momenta Pharmaceuticals, Inc.*	127,800		2,816,712
Neurocrine Biosciences, Inc.*	46,600		2,923,218
OraSure Technologies, Inc.*	952,321		8,399,471
Protein Design Labs, Inc.*	754,560		21,444,595
Senomyx, Inc.*	663,100		8,036,772
Telik, Inc.*	368,700		6,264,213
Zymogenetics, Inc.*	173,700		2,954,637

			84,940,609

*Health Care Equipment & Supplies (7.2%)*
ArthroCare Corp.*	309,240		13,031,374
Dade Behring Holdings, Inc.	446,900		18,273,741
Kyphon, Inc.*	330,900		13,510,647
Meridian Bioscience, Inc.	387,800		7,810,292
Nektar Therapeutics*	197,400		3,249,204
Respironics, Inc.*	433,400		16,066,138
Ventana Medical Systems, Inc.*	327,530		13,870,895

			85,812,291

*Health Care Providers & Services (4.6%)*
Psychiatric Solutions, Inc.*	380,600		22,356,444
United Surgical Partners International, Inc.*	375,665		12,077,630
WellCare Health Plans, Inc.*	522,520		21,344,942

			55,779,016

Total Health Care			226,531,916

Industrials (20.7%)
*Aerospace & Defense (1.9%)*
Hexcel Corp.*	1,229,000		22,183,450

*Air Freight & Logistics (1.0%)*
Expeditors International of Washington, Inc.	186,005		12,557,198

*Commercial Services & Supplies (13.1%)*
Administaff, Inc.	474,700		19,961,135
American Reprographics Co.*	616,900		15,675,429
Chemed Corp.	310,600		15,430,608
Corporate Executive Board Co.	200,500		17,984,850
Global Cash Access, Inc.*	756,700		11,040,253
Laureate Education, Inc.*	387,800		20,363,378
Resources Connection, Inc.*	953,100		24,837,786
Stericycle, Inc.*	250,990		14,778,291
Strayer Education, Inc.	187,600		17,578,120

			157,649,850

*Electrical Equipment (0.5%)*
Ametek, Inc.	139,700		5,942,838

*Machinery (2.9%)*
Idex Corp.	328,600		13,508,746
Joy Global, Inc.	537,600		21,504,000

			35,012,746

*Trading Companies & Distributors (1.3%)*
MSC Industrial Direct Co.	374,600		15,066,412

Total Industrials			248,412,494

Information Technology (23.6%)
*Computers & Peripherals (1.9%)*
Electronics for Imaging, Inc.*	848,140		22,569,006

134

EQ ADVISORS TRUST

EQ/ALLIANCE SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Number of Shares		Value (Note 1)
*Electronic Equipment & Instruments (0.9%)*
Amphenol Corp., Class A		240,920	$	10,663,119

*Internet Software & Services (1.4%)*
aQuantive, Inc.*		656,400		16,567,536

*IT Services (4.2%)*
Alliance Data Systems Corp.*		353,300		12,577,480
Global Payments, Inc.		345,400		16,099,094
Iron Mountain, Inc.*		511,805		21,608,407

				50,284,981

*Semiconductors & Semiconductor Equipment (8.7%)*
Exar Corp.*		654,160		8,190,083
Intersil Corp., Class A		788,600		19,620,368
Lam Research Corp.*		426,600		15,221,088
MEMC Electronic Materials, Inc.*		760,300		16,855,851
Microsemi Corp.*		707,635		19,573,184
Semtech Corp.*		770,300		14,065,678
Sirf Technology Holdings, Inc.*		373,500		11,130,300

				104,656,552

*Software (6.5%)*
Activision, Inc.*		1,137,877		15,634,430
Business Objects S.A. (ADR)*		621,400		25,110,774
Quest Software, Inc.*		1,139,390		16,623,700
VeriFone Holdings, Inc.*		451,400		11,420,420
Wind River Systems, Inc.*		663,200		9,795,464

				78,584,788

Total Information Technology				283,325,982

Materials (1.6%)
*Metals & Mining (1.6%)*
Allegheny Technologies, Inc.		528,820		19,079,825

Total Materials				19,079,825

Telecommunication Services (1.4%)
*Diversified Telecommunication Services (1.4%)*
NeuStar, Inc. Class A*		534,300		16,290,807

Total Telecommunication Services				16,290,807

Total Common Stocks (98.9%) (Cost $940,529,400)				1,186,076,948


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (1.2%)
JPMorgan Chase Nassau
3.68%, 1/3/06
(Amortized Cost $14,739,835)	$	14,739,835		14,739,835

Total Investments (100.1%) (Cost/Amortized Cost $955,269,235)				1,200,816,783
Other Assets Less Liabilities (-0.1%)				(689,698	)

Net Assets (100%)			$	1,200,127,085

*	Non-income producing.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,128,029,535
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,190,316,966

As of December 31, 2005, 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	$	258,782,380
Aggregate gross unrealized depreciation		(14,466,645	)

Net unrealized appreciation	$	244,315,735

Federal income tax cost of investments	$	956,501,048

For the year ended December 31, 2005, the Portfolio incurred approximately $2,090 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $42,735,192 of which $2,706,120 expires in the year 2009 and $40,029,072 expires in the year 2010.

Included in the capital loss carryforward amounts at December 31, 2005 are $2,706,120 of losses acquired from EQ/AXP Strategy Aggressive Portfolio as a result of a tax-free reorganization during the year ended 2002. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

The Portfolio utilized net capital loss carryforward of $131,263,277 during 2005.

See Notes to Financial Statements.

135

EQ ADVISORS TRUST

EQ/ARIEL APPRECIATION II PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (31.9%)
*Auto Components (3.8%)*
Johnson Controls, Inc.		4,800	$	349,968

*Hotels, Restaurants & Leisure (5.0%)*
Carnival Corp. (Unit)		3,200		171,104
Yum! Brands, Inc.		6,100		285,968

				457,072

*Household Durables (6.8%)*
Black & Decker Corp.		3,600		313,056
Mohawk Industries, Inc.*		3,600		313,128

				626,184

*Leisure Equipment & Products (2.9%)*
Mattel, Inc.		16,400		259,448

*Media (13.4%)*
Harte-Hanks, Inc.		6,600		174,174
Interpublic Group of Cos., Inc.*		27,800		268,270
McClatchy Co., Class A		2,400		141,840
Omnicom Group, Inc.		3,600		306,468
Tribune Co.		11,200		338,912

				1,229,664

Total Consumer Discretionary				2,922,336

Consumer Staples (2.5%)
*Household Products (2.5%)*
Clorox Co.		4,100		233,249

Total Consumer Staples				233,249

Financials (24.3%)
*Capital Markets (13.2%)*
Franklin Resources, Inc.		3,500		329,035
Janus Capital Group, Inc.		13,200		245,916
Northern Trust Corp.		7,800		404,196
T. Rowe Price Group, Inc.		3,200		230,496

				1,209,643

*Commercial Banks (3.4%)*
Popular, Inc.		6,316		133,583
TD Banknorth, Inc.		6,200		180,110

				313,693

*Insurance (7.7%)*
Ambac Financial Group, Inc.		4,800		369,888
MBIA, Inc.		5,600		336,896

				706,784

Total Financials				2,230,120

Health Care (14.1%)
*Health Care Equipment & Supplies (6.8%)*
Baxter International, Inc.		8,300		312,495
Fisher Scientific International, Inc.*		5,000		309,300

				621,795

*Health Care Providers & Services (5.2%)*
IMS Health, Inc.		9,500		236,740
Omnicare, Inc.		4,300		246,046

				482,786


*Pharmaceuticals (2.1%)*
Schering-Plough Corp.		9,200		191,820

Total Health Care				1,296,401

Industrials (18.2%)
*Commercial Services & Supplies (18.2%)*
ARAMARK Corp., Class B		8,200		227,796
Career Education Corp.*		8,000		269,760
Cendant Corp.		11,500		198,375
Dun & Bradstreet Corp.*		2,200		147,312
Equifax, Inc.		2,500		95,050
H&R Block, Inc.		9,200		225,860
Pitney Bowes, Inc.		9,600		405,600
ServiceMaster Co.		8,700		103,965

Total Industrials				1,673,718

Information Technology (4.9%)
*IT Services (4.9%)*
Accenture Ltd., Class A		15,400		444,598

Total Information Technology				444,598

Total Common Stocks (95.9%) (Cost $8,747,920)				8,800,422


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (19.7%)
JPMorgan Chase Nassau
3.68%, 1/3/06
(Amortized Cost $1,803,802)	$	1,803,802		1,803,802

Total Investments (115.6%) (Cost/Amortized Cost $10,551,722)				10,604,224
Other Assets Less Liabilities (-15.6%)				(1,427,818	)

Net Assets (100%)			$	9,176,406

*	Non-income producing.

136

EQ ADVISORS TRUST

EQ/ARIEL APPRECIATION II PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

Investment security transactions for the period ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	8,967,607
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	217,432

As of December 31, 2005, 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	$	162,911
Aggregate gross unrealized depreciation		(112,841	)

Net unrealized appreciation	$	50,070

Federal income tax cost of investments	$	10,554,154

See Notes to Financial Statements.

137

EQ ADVISORS TRUST

EQ/BEAR STEARNS SMALL COMPANY GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (22.0%)
*Auto Components (1.9%)*
Drew Industries, Inc.*	118,700	$	3,346,153

*Distributors (4.1%)*
Andersons, Inc.	85,800		3,696,264
LKQ Corp.*	104,300		3,610,866

			7,307,130

*Hotels, Restaurants & Leisure (4.2%)*
Papa John’s International, Inc.*	63,200		3,748,392
Six Flags, Inc.*	467,500		3,604,425

			7,352,817

*Household Durables (1.9%)*
Cavco Industries, Inc.*	88,400		3,383,952

*Multiline Retail (2.0%)*
Conn’s, Inc.*	94,200		3,473,154

*Specialty Retail (6.2%)*
Burlington Coat Factory Warehouse Corp.	84,800		3,409,808
Dress Barn, Inc.*	98,000		3,783,780
Payless Shoesource, Inc.*	148,800		3,734,880

			10,928,468

*Textiles, Apparel & Luxury Goods (1.7%)*
Tommy Hilfiger Corp.*	191,300		3,106,712

Total Consumer Discretionary			38,898,386

Consumer Staples (7.9%)
*Food & Staples Retailing (3.9%)*
Great Atlantic & Pacific Tea Co., Inc.*	111,100		3,530,758
Pantry, Inc.*	72,200		3,392,678

			6,923,436

*Food Products (2.0%)*
Perdigao S.A. (ADR)	50,900		3,477,488

*Personal Products (2.0%)*
Playtex Products, Inc.*	255,200		3,488,584

Total Consumer Staples			13,889,508

Energy (9.5%)
*Energy Equipment & Services (1.7%)*
NATCO Group, Inc.*	144,500		2,956,470

*Oil & Gas (7.8%)*
CE Franklin Ltd.*	280,700		3,898,923
Giant Industries, Inc.*	63,500		3,299,460
Holly Corp.	55,100		3,243,737
World Fuel Services Corp.	100,400		3,385,488

			13,827,608

Total Energy			16,784,078

Financials (2.0%)
*Insurance (2.0%)*
Argonaut Group, Inc.*	107,300		3,516,221

Total Financials			3,516,221

Health Care (2.1%)
*Biotechnology (2.1%)*
Kendle International, Inc.*	142,400		3,665,376

Total Health Care			3,665,376

Industrials (40.0%)
*Aerospace & Defense (4.4%)*
BE Aerospace, Inc.*	190,300		4,186,600
Ladish Co., Inc.*	157,000		3,508,950

			7,695,550

*Air Freight & Logistics (1.8%)*
Hub Group, Inc., Class A*	88,500		3,128,475

*Airlines (3.5%)*
Skywest, Inc.	113,500		3,048,610
World Air Holdings, Inc.*	331,700		3,190,954

			6,239,564

*Building Products (3.7%)*
Lennox International, Inc.	117,300		3,307,860
PW Eagle, Inc.	160,000		3,280,000

			6,587,860

*Commercial Services & Supplies (9.4%)*
Barrett Business Services*	143,300		3,581,067
Chemed Corp.	67,900		3,373,272
Gevity HR, Inc.	124,500		3,202,140
On Assignment, Inc.*	304,600		3,323,186
SOURCECORP, Inc.*	132,600		3,179,748

			16,659,413

*Construction & Engineering (5.8%)*
EMCOR Group, Inc.*	48,500		3,275,205
Foster Wheeler Ltd.*	103,100		3,792,018
Quanta Services, Inc.*	244,000		3,213,480

			10,280,703

*Electrical Equipment (3.5%)*
Lamson & Sessions Co.*	123,200		3,082,464
LSI Industries, Inc.	194,400		3,044,304

			6,126,768

*Machinery (4.1%)*
Columbus McKinnon Corp/NY*	161,900		3,558,562
Miller Industries, Inc.*	181,900		3,690,751

			7,249,313

*Road & Rail (2.0%)*
USA Truck, Inc.*	119,500		3,481,035

*Trading Companies & Distributors (1.8%)*
Watsco, Inc.	54,000		3,229,740

Total Industrials			70,678,421

Information Technology (5.8%)
*Electronic Equipment & Instruments (3.9%)*
Brightpoint, Inc.*	117,050		3,245,796
Plexus Corp.*	158,300		3,599,742

			6,845,538

*IT Services (1.9%)*
SYKES Enterprises, Inc.*	247,600		3,310,412

Total Information Technology			10,155,950

Materials (5.9%)
*Industrial Conglomerates (1.8%)*
Aleris International, Inc.*	101,300		3,265,912

*Metals & Mining (4.1%)*
A.M. Castle & Co.*	168,600		3,682,224
Oregon Steel Mills, Inc.*	120,100		3,533,342

			7,215,566

Total Materials			10,481,478

Utilities (1.7%)
*Multi-Utilities & Unregulated Power (1.7%)*
CIA Paranaense De Energia (ADR)	410,100		3,088,053

Total Utilities			3,088,053

Total Common Stocks (96.9%) (Cost $165,102,962)			171,157,471

138

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EQ/BEAR STEARNS SMALL COMPANY GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (3.3%)
JPMorgan Chase Nassau
3.68%, 1/3/06
(Amortized Cost $ 5,798,282)	$	5,798,282	$	5,798,282
Total Investments (100.2%) (Cost/Amortized Cost $170,901,244)				176,955,753
Other Assets Less Liabilities (-0.2%)				(345,377	)

Net Assets (100%)			$	176,610,376

*	Non-income producing.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	401,321,676
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	331,346,555

As of December 31, 2005, 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	$	10,524,578
Aggregate gross unrealized depreciation		(4,470,069	)

Net unrealized appreciation	$	6,054,509

Federal income tax cost of investments	$	170,901,244

The Portfolio utilized capital loss carryforward of $200,911 during 2005.

See Notes to Financial Statements.

139

EQ ADVISORS TRUST

EQ/BERNSTEIN DIVERSIFIED VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (9.7%)
*Auto Components (1.3%)*
American Axle & Manufacturing Holdings, Inc.^	170,300	$	3,121,599
Autoliv, Inc.	330,700		15,020,394
BorgWarner, Inc.^	137,800		8,354,814
Cooper Tire & Rubber Co.^	211,000		3,232,520
Dana Corp.^	345,622		2,481,566
Lear Corp.^	102,300		2,911,458
Magna International, Inc., Class A	131,800		9,486,964

			44,609,315

*Automobiles (0.5%)*
Toyota Motor Corp. (ADR)^	175,700		18,381,734

*Hotels, Restaurants & Leisure (1.1%)*
McDonald’s Corp.	1,103,900		37,223,508

*Household Durables (0.2%)*
Newell Rubbermaid, Inc.	303,000		7,205,340

*Leisure Equipment & Products (0.3%)*
Mattel, Inc.	680,000		10,757,600

*Media (4.0%)*
Comcast Corp., Class A*	852,300		22,125,708
Interpublic Group of Cos., Inc.*^	1,608,400		15,521,060
Liberty Media Corp., Class A*	1,161,100		9,137,857
Time Warner, Inc.	2,985,500		52,067,120
Viacom, Inc., Class B*	891,700		29,069,420
Walt Disney Co.	618,300		14,820,651

			142,741,816

*Multiline Retail (0.5%)*
Nordstrom, Inc.	210,200		7,861,480
Target Corp.	190,700		10,482,779

			18,344,259

*Specialty Retail (1.3%)*
Gap, Inc.	257,200		4,537,008
Limited Brands	805,700		18,007,395
Office Depot, Inc.*	793,400		24,912,760

			47,457,163

*Textiles, Apparel & Luxury Goods (0.5%)*
Jones Apparel Group, Inc.	341,100		10,478,592
V.F. Corp.	139,100		7,697,794

			18,176,386

Total Consumer Discretionary			344,897,121

Consumer Staples (8.9%)
*Beverages (1.4%)*
Coca-Cola Co.	833,900		33,614,509
Molson Coors Brewing Co.^	37,200		2,492,028
PepsiCo, Inc.	259,500		15,331,260

			51,437,797

*Food & Staples Retailing (1.2%)*
Kroger Co.*	1,012,600		19,117,888
Safeway, Inc.	645,900		15,281,994
SUPERVALU, Inc.	275,300		8,941,744

			43,341,626

*Food Products (2.7%)*
Archer-Daniels-Midland Co.	264,495		6,522,446
Bunge Ltd.^	132,400		7,495,164
ConAgra Foods, Inc.	1,009,600		20,474,688
General Mills, Inc.	412,800		20,359,296
Kellogg Co.	236,200		10,208,564
Kraft Foods, Inc., Class A^	197,200		5,549,208
Sara Lee Corp.	534,600		10,103,940
Unilever N.V. (N.Y. Shares)	218,800		15,020,620

			95,733,926

*Household Products (1.2%)*
Clorox Co.	342,800		19,501,892
Kimberly-Clark Corp.	384,100		22,911,565

			42,413,457

*Tobacco (2.4%)*
Altria Group, Inc.	936,500		69,975,280
UST, Inc.^	359,600		14,682,468

			84,657,748

Total Consumer Staples			317,584,554

Energy (12.9%)
*Energy Equipment & Services (2.1%)*
Diamond Offshore Drilling, Inc.^	252,900		17,591,724
ENSCO International, Inc.	331,600		14,706,460
GlobalSantaFe Corp.	292,300		14,074,245
Noble Corp.	197,100		13,903,434
Rowan Cos., Inc.	385,000		13,721,400

			73,997,263

*Oil & Gas (10.8%)*
BP plc (ADR)	240,400		15,438,488
Chevron Corp.	1,075,700		61,067,489
ConocoPhillips	1,071,794		62,356,975
Exxon Mobil Corp.	3,314,182		186,157,603
Marathon Oil Corp.	382,300		23,308,831
Occidental Petroleum Corp.	287,800		22,989,464
Total S.A. (ADR)	94,600		11,957,440

			383,276,290

Total Energy			457,273,553

Financials (33.0%)
*Capital Markets (6.0%)*
Federated Investors, Inc., Class B^	414,100		15,338,264
Goldman Sachs Group, Inc.	311,400		39,768,894
Lehman Brothers Holdings, Inc.	225,700		28,927,969
Mellon Financial Corp.	616,900		21,128,825
Merrill Lynch & Co., Inc.	754,700		51,115,831
Morgan Stanley	870,000		49,363,800
Waddell & Reed Financial, Inc.^	326,400		6,844,608

			212,488,191

*Commercial Banks (9.4%)*
Bank of America Corp.	2,638,510		121,767,237
BB&T Corp.^	184,500		7,732,395
Comerica, Inc.	382,500		21,710,700
Huntington Bancshares, Inc./Ohio	773,400		18,368,250
KeyCorp.	369,100		12,154,463
National City Corp.	826,975		27,761,551
PNC Financial Services Group, Inc.	88,900		5,496,687
SunTrust Banks, Inc.	234,700		17,076,772
U.S. Bancorp	671,500		20,071,135
Wachovia Corp.	1,197,841		63,317,875
Wells Fargo & Co.	307,500		19,320,225

			334,777,290

*Diversified Financial Services (6.8%)*
Citigroup, Inc.	3,333,766		161,787,664
JPMorgan Chase & Co.	1,998,000		79,300,620

			241,088,284

*Insurance (7.5%)*
ACE Ltd.	119,300		6,375,392
Allstate Corp.	365,000		19,735,550
American International Group, Inc.	700,800		47,815,584
Chubb Corp.	156,400		15,272,460
Genworth Financial, Inc., Class A	606,300		20,965,854

140

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EQ/BERNSTEIN DIVERSIFIED VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Hartford Financial Services Group, Inc.	363,700	$	31,238,193
MBIA, Inc.^	162,500		9,776,000
MetLife, Inc.	546,200		26,763,800
Prudential Financial, Inc.	242,000		17,711,980
RenaissanceReinsurance Holdings Ltd.	281,300		12,408,143
St. Paul Travelers Cos., Inc.	709,129		31,676,792
Torchmark Corp.	80,200		4,459,120
UnumProvident Corp.	376,000		8,554,000
XL Capital Ltd., Class A	199,300		13,428,834

			266,181,702

*Thrifts & Mortgage Finance (3.3%)*
Astoria Financial Corp.^	268,350		7,889,490
Countrywide Financial Corp.	116,100		3,969,459
Fannie Mae	741,750		36,204,817
Freddie Mac	542,100		35,426,235
MGIC Investment Corp.^	101,000		6,647,820
Washington Mutual, Inc.	612,600		26,648,100

			116,785,921

Total Financials			1,171,321,388

Health Care (5.9%)
*Health Care Providers & Services (0.7%)*
AmerisourceBergen Corp.^	223,800		9,265,320
Medco Health Solutions, Inc.*	193,500		10,797,300
Tenet Healthcare Corp.*	623,400		4,775,244

			24,837,864

*Pharmaceuticals (5.2%)*
Bristol-Myers Squibb Co.	298,000		6,848,040
Eli Lilly & Co.	367,200		20,779,848
Merck & Co., Inc.	1,517,300		48,265,313
Pfizer, Inc.	4,257,200		99,277,904
Wyeth	240,000		11,056,800

			186,227,905

Total Health Care			211,065,769

Industrials (7.1%)
*Aerospace & Defense (2.0%)*
Boeing Co.	260,800		18,318,592
Goodrich Corp.	281,300		11,561,430
Lockheed Martin Corp.	228,800		14,558,544
Northrop Grumman Corp.	465,400		27,975,194

			72,413,760

*Electrical Equipment (0.4%)*
Cooper Industries Ltd., Class A	95,100		6,942,300
Hubbell, Inc., Class B^	129,700		5,852,064

			12,794,364

*Industrial Conglomerates (1.7%)*
General Electric Co.	1,357,300		47,573,365
Textron, Inc.	181,000		13,933,380

			61,506,745

*Machinery (1.3%)*
Crane Co.^	176,600		6,228,682
Eaton Corp.	303,800		20,381,942
Ingersoll-Rand Co., Ltd., Class A	174,400		7,040,528
SPX Corp.^	278,900		12,765,253

			46,416,405

*Road & Rail (1.7%)*
Burlington Northern Santa Fe Corp.	266,500		18,873,530
CSX Corp.	320,700		16,281,939
Norfolk Southern Corp.	528,100		23,674,723

			58,830,192

Total Industrials			251,961,466

Information Technology (7.1%)
*Communications Equipment (1.6%)*
ADC Telecommunications, Inc.*^	449,871		10,050,118
Corning, Inc.*	954,400		18,763,504
Nokia Oyj (ADR)	951,600		17,414,280
Tellabs, Inc.*	761,100		8,295,990

			54,523,892

*Computers & Peripherals (2.4%)*
EMC Corp.*	411,900		5,610,078
Hewlett-Packard Co.	2,169,401		62,109,951
International Business Machines Corp.	223,900		18,404,580

			86,124,609

*Electronic Equipment & Instruments (1.4%)*
Arrow Electronics, Inc.*^	244,900		7,844,147
Celestica, Inc.*^	627,700		6,628,512
Flextronics International Ltd.*^	948,500		9,902,340
Sanmina-SCI Corp.*	1,589,400		6,770,844
Solectron Corp.*^	2,763,600		10,114,776
Tech Data Corp.*	179,700		7,130,496

			48,391,115

*IT Services (0.6%)*
Electronic Data Systems Corp.	848,800		20,405,152

*Semiconductors & Semiconductor Equipment (0.7%)*
Agere Systems, Inc.*	698,800		9,014,520
Intel Corp.	663,700		16,565,952

			25,580,472

*Software (0.4%)*
Microsoft Corp.	580,000		15,167,000

Total Information Technology			250,192,240

Materials (2.7%)
*Chemicals (1.0%)*
DuPont (E.I.) de Nemours & Co.	158,300		6,727,750
Eastman Chemical Co.	62,700		3,234,693
Lubrizol Corp.	264,800		11,500,264
PPG Industries, Inc.	260,600		15,088,740

			36,551,447

*Construction Materials (0.7%)*
Martin Marietta Materials, Inc.	123,800		9,497,936
Vulcan Materials Co.^	190,200		12,886,050

			22,383,986

*Containers & Packaging (1.0%)*
Owens-Illinois, Inc.*^	714,900		15,041,496
Smurfit-Stone Container Corp.*^	497,800		7,053,826
Temple-Inland, Inc.	297,400		13,338,390

			35,433,712

Total Materials			94,369,145

Telecommunication Services (4.7%)
*Diversified Telecommunication Services (2.8%)*
AT&T, Inc.	1,072,542		26,266,554
BellSouth Corp.	171,800		4,655,780
Verizon Communications, Inc.	2,172,436		65,433,772

			96,356,106

*Wireless Telecommunication Services (1.9%)*
American Tower Corp., Class A*	225,000		6,097,500
Crown Castle International Corp.*	699,800		18,831,618
Sprint Nextel Corp.	1,892,250		44,202,960

			69,132,078

Total Telecommunication Services			165,488,184

141

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EQ/BERNSTEIN DIVERSIFIED VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Number of Shares		Value (Note 1)
Utilities (3.4%)
*Electric Utilities (2.8%)*
American Electric Power Co., Inc.		432,000	$	16,022,880
Edison International, Inc.		27,800		1,212,358
Entergy Corp.		358,600		24,617,890
Exelon Corp.		64,900		3,448,786
FirstEnergy Corp.		367,000		17,979,330
Northeast Utilities		551,500		10,859,035
Pinnacle West Capital Corp.		445,100		18,404,885
Wisconsin Energy Corp.^		45,400		1,773,324
Xcel Energy, Inc.^		184,200		3,400,332

				97,718,820

*Multi-Utilities & Unregulated Power (0.6%)*
Constellation Energy Group, Inc.		138,900		8,000,640
Sempra Energy		335,000		15,021,400

				23,022,040

Total Utilities				120,740,860

Total Common Stocks (95.4%) (Cost $2,986,645,197)				3,384,894,280


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (4.7%)
Bank of America Corp.
4.31%, 8/10/06 (l)	$	18,500,000		18,500,000
CDC Financial Products, Inc.
4.35%, 1/30/06 (l)		20,000,000		20,000,000
Citigroup Global Markets, Inc.
4.32%, 1/6/06 (l)		15,000,000		15,000,000
General Electric Capital Corp.
4.34%, 3/29/06 (l)		3,001,362		3,001,362
4.36%, 5/12/06 (l)		4,004,119		4,004,119
Manufacturers and Traders
4.37%, 6/20/06 (l)		6,999,906		6,999,906
Merrill Lynch & Co.
4.23%, 10/19/06 (l)		5,500,000		5,500,000
Morgan Stanley
4.43%, 1/2/07 (l)		15,000,000		15,000,000
Natexis Banques Populaires NY
4.38%, 2/16/07 (l)		9,996,671		9,996,671
Nomura Securities
4.29%, 1/3/06		14,771,287		14,771,287
Nordeutsche Landesbank NY
4.40%, 3/30/06 (l)		9,998,310		9,998,310
Societe Generale NY
4.39%, 3/30/06 (l)		9,997,049		9,997,049
Travelers Insurance Co.
4.50%, 12/15/06 (l)		12,000,000		12,000,000
U.S. Bank NA
4.29%, 10/2/06 (l)		2,996,829		2,996,829
Wells Fargo & Co.
4.36%, 12/31/07 (l)		7,500,000		7,500,000
Wells Fargo Bank/San Francisco
4.30%, 12/1/06 (l)		11,500,000		11,500,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				166,765,533

Time Deposit (5.1%)
JPMorgan Chase Nassau
3.68%, 1/3/06		181,807,306		181,807,306

Total Short-Term Investments (9.8%) (Amortized Cost $348,572,839)				348,572,839

Total Investments (105.2%) (Cost/Amortized Cost $3,335,218,036)				3,733,467,119
Other Assets Less Liabilities (-5.2%)				(184,315,491	)

Net Assets (100%)			$	3,549,151,628

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,681,211,740
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	401,595,992

As of December 31, 2005, 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	$	513,404,580
Aggregate gross unrealized depreciation		(115,392,284	)

Net unrealized appreciation	$	398,012,296

Federal income tax cost of investments	$	3,335,454,823

At December 31, 2005, the Portfolio had loaned securities with a total value of $160,802,380. This was secured by collateral of $166,765,533 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2005, the Portfolio incurred approximately $56,949 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

See Notes to Financial Statements.

142

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EQ/BOSTON ADVISORS EQUITY INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (7.4%)
*Automobiles (0.8%)*
DaimlerChrysler AG	60,200	$	3,072,006

*Hotels, Restaurants & Leisure (1.3%)*
Harrah’s Entertainment, Inc.	47,200		3,364,888
Starwood Hotels & Resorts Worldwide, Inc. (Unit)	22,700		1,449,622

			4,814,510

*Household Durables (2.8%)*
Koninklijke (Royal) Philips Electronics N.V. (N.Y. Shares)	141,300		4,394,430
Stanley Works	122,200		5,870,488

			10,264,918

*Media (1.5%)*
Vivendi Universal S.A. (ADR)	175,100		5,503,393

*Textiles, Apparel & Luxury Goods (1.0%)*
V.F. Corp.	63,700		3,525,158

Total Consumer Discretionary			27,179,985

Consumer Staples (5.4%)
*Beverages (1.4%)*
Molson Coors Brewing Co., Class B	78,500		5,258,715

*Food & Staples Retailing (1.1%)*
Albertson’s, Inc.	181,500		3,875,025

*Food Products (2.3%)*
Cadbury Schweppes plc (ADR)	27,800		1,064,462
Fresh Del Monte Produce, Inc.	91,600		2,085,732
Kellogg Co.	98,500		4,257,170
Sara Lee Corp.	62,600		1,183,140

			8,590,504

*Household Products (0.6%)*
Procter & Gamble Co.	39,900		2,309,412

Total Consumer Staples			20,033,656

Energy (12.6%)
*Oil & Gas (12.6%)*
BP plc (ADR)	74,100		4,758,702
Chevron Corp.	114,983		6,527,585
ConocoPhillips.	98,400		5,724,912
El Paso Corp.	148,600		1,806,976
Exxon Mobil Corp.	79,200		4,448,664
Kinder Morgan, Inc.	48,900		4,496,355
Marathon Oil Corp.	104,000		6,340,880
Occidental Petroleum Corp.	81,400		6,502,232
PetroChina Co. Ltd. (ADR)	29,300		2,401,428
Plains All American Pipeline LP	61,800		2,445,426
Sunoco, Inc.	11,500		901,370

Total Energy			46,354,530

Financials (26.2%)
*Capital Markets (2.8%)*
Credit Suisse Group (ADR)	66,700		3,398,365
Morgan Stanley	123,800		7,024,412

			10,422,777

*Commercial Banks (0.9%)*
Bank of America Corp.	69,900		3,225,885

*Diversified Financial Services (2.4%)*
Citigroup, Inc.	49,250		2,390,102
ING Groep N.V. (ADR)	184,900		6,438,218

			8,828,320

*Insurance (10.9%)*
ACE Ltd.	75,900		4,056,096
Aegon N.V. (ARS) N.Y. Shares	257,700		4,205,664
Allstate Corp.	44,800		2,422,336
Chubb Corp.	62,600		6,112,890
Commerce Group, Inc.	61,000		3,494,080
Nationwide Financial Services, Inc.	158,720		6,983,680
St. Paul Travelers Cos., Inc.	142,000		6,343,140
UnumProvident Corp.	296,900		6,754,475

			40,372,361

*Real Estate (6.3%)*
CBL & Associates Properties, Inc. (REIT)	95,700		3,781,107
First Industrial Realty Trust, Inc. (REIT)	98,800		3,803,800
General Growth Properties, Inc. (REIT)	130,400		6,127,496
Simon Property Group, Inc. (REIT)	50,700		3,885,141
Trizec Properties, Inc. (REIT)	238,200		5,459,544

			23,057,088

*Thrifts & Mortgage Finance (2.9%)*
IndyMac Bancorp, Inc.	114,800		4,479,496
Washington Mutual, Inc.	143,000		6,220,500

			10,699,996

Total Financials			96,606,427

Health Care (5.5%)
*Pharmaceuticals (5.5%)*
Biovail Corp.	143,000		3,393,390
GlaxoSmithKline plc (ADR)	40,100		2,024,248
Johnson & Johnson	29,000		1,742,900
Merck & Co., Inc.	50,200		1,596,862
Pfizer, Inc.	81,800		1,907,576
Sanofi-Aventis (ADR)	88,800		3,898,320
Wyeth	124,200		5,721,894

Total Health Care			20,285,190

Industrials (13.8%)
*Aerospace & Defense (3.2%)*
Goodrich Corp.	83,100		3,415,410
Northrop Grumman Corp.	63,600		3,822,996
Raytheon Co.	117,800		4,729,670

			11,968,076

*Commercial Services & Supplies (3.4%)*
H&R Block, Inc.	164,600		4,040,930
R.R. Donnelley & Sons Co. (New York Exchange)	170,100		5,819,121
Steelcase, Inc., Class A	173,400		2,744,922

			12,604,973

*Industrial Conglomerates (0.9%)*
General Electric Co.	95,600		3,350,780

*Machinery (2.6%)*
Caterpillar, Inc.	74,000		4,274,980
Timken Co.	166,300		5,324,926

			9,599,906

*Road & Rail (2.0%)*
Laidlaw International, Inc.	159,000		3,693,570
Union Pacific Corp.	45,500		3,663,205

			7,356,775

*Trading Companies & Distributors (1.7%)*
GATX Corp.	173,300		6,252,664

Total Industrials			51,133,174

Information Technology (5.6%)
*Communications Equipment (1.2%)*
Nokia Oyj (ADR)	236,200		4,322,460

143

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EQ/BOSTON ADVISORS EQUITY INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Number of Shares		Value (Note 1)
*Electronic Equipment & Instruments (1.4%)*
AU Optronics Corp. (ADR)		348,600	$	5,232,486

*Semiconductors & Semiconductor Equipment (3.0%)*
Microchip Technology, Inc.		174,700		5,616,605
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		565,000		5,599,150

				11,215,755

Total Information Technology				20,770,701

Materials (4.0%)
*Chemicals (1.6%)*
Dow Chemical Co.		23,400		1,025,388
Lubrizol Corp.		78,800		3,422,284
Rohm & Haas Co.		32,000		1,549,440

				5,997,112

*Construction Materials (1.2%)*
Cemex S.A. de C.V. (ADR)(Unit)		76,400		4,532,812

*Paper & Forest Products (1.2%)*
Louisiana-Pacific Corp.		154,300		4,238,621

Total Materials				14,768,545

Telecommunication Services (5.3%)
*Diversified Telecommunication Services (4.2%)*
ALLTEL Corp.		11,100		700,410
AT&T, Inc.		168,100		4,116,769
Cable & Wireless plc †		590,100		1,208,067
Telefonos de Mexico S.A. de C.V., Class L (ADR)		286,100		7,060,948
Verizon Communications, Inc.		76,250		2,296,650

				15,382,844

*Wireless Telecommunication Services (1.1%)*
Sprint Nextel Corp.		181,500		4,239,840

Total Telecommunication Services				19,622,684

Utilities (9.3%)
*Electric Utilities (5.1%)*
American Electric Power Co., Inc.		107,300		3,979,757
Edison International, Inc.		130,800		5,704,188
PG&E Corp.		55,900		2,075,008
TECO Energy, Inc.		324,800		5,580,064
TXU Corp.		34,166		1,714,792

				19,053,809

*Multi-Utilities & Unregulated Power (4.2%)*
Duke Energy Corp.		218,900		6,008,805
MDU Resources Group, Inc.		175,700		5,752,418
Oneok, Inc.		135,100		3,597,713

				15,358,936

Total Utilities				34,412,745

Total Common Stocks (95.1%) (Cost $329,204,182)				351,167,637


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (4.8%)
JPMorgan Chase Nassau
3.68%, 1/3/06
(Amortized Cost $17,917,627)	$	17,917,627		17,917,627

Total Investments (99.9%) (Cost/Amortized Cost $347,121,809)				369,085,264
Other Assets Less Liabilities (0.1%)				189,512

Net Assets (100%)			$	369,274,776

†	Securities (totaling $1,208,067 or 0.33% of net assets) valued at fair value.

Glossary:

ADR — American Depositary Receipt

ARS — American Registered Shares

REIT — Real Estate Investment Trust

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	380,680,204
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	254,478,316

As of December 31, 2005, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	26,270,937
Aggregate gross unrealized depreciation		(4,526,898	)

Net unrealized appreciation	$	21,744,039

Federal income tax cost of investments	$	347,341,225

The Portfolio utilized capital loss carryforward of $3,254,705 during 2005.

See Notes to Financial Statements.

144

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PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note1)
COMMON STOCKS:
Consumer Discretionary (14.2%)
*Hotels, Restaurants & Leisure (0.9%)*
Darden Restaurants, Inc.	16,100	$	625,968

*Household Durables (3.6%)*
Black & Decker Corp.	9,200		800,032
Garmin Ltd.	9,800		650,230
Harman International Industries, Inc.	6,000		587,100
Pulte Homes, Inc.	13,600		535,296

			2,572,658

*Media (1.1%)*
Getty Images, Inc.*	7,200		642,744
Walt Disney Co.	5,990		143,580

			786,324

*Multiline Retail (1.6%)*
Nordstrom, Inc.	31,900		1,193,060

*Specialty Retail (7.0%)*
Bed Bath & Beyond, Inc.*	23,600		853,140
CarMax, Inc.*	1,900		52,592
Home Depot, Inc.	33,500		1,356,080
Lowe’s Cos., Inc.	14,100		939,906
Office Depot, Inc.*	22,300		700,220
Staples, Inc.	47,000		1,067,370
Tiffany & Co.	3,500		134,015

			5,103,323

Total Consumer Discretionary.			10,281,333

Consumer Staples (2.9%)
*Beverages (0.2%)*
PepsiCo, Inc.	2,010		118,751

*Food & Staples Retailing (1.0%)*
Whole Foods Market, Inc.	9,600		742,944

*Household Products (1.7%)*
Procter & Gamble Co.	21,280		1,231,686

Total Consumer Staples			2,093,381

Energy (8.3%)
*Energy Equipment & Services (2.7%)*
Cal Dive International, Inc.*	32,400		1,162,836
Tenaris S.A. (ADR)	6,600		755,700
Weatherford International Ltd.*	1,580		57,196

			1,975,732

*Oil & Gas (5.6%)*
Anadarko Petroleum Corp.	450		42,638
Chesapeake Energy Corp.	20,000		634,600
EnCana Corp.	13,200		596,112
EOG Resources, Inc.	19,200		1,408,704
Noble Energy, Inc.	1,040		41,912
XTO Energy, Inc.	30,183		1,326,241

			4,050,207

Total Energy.			6,025,939

Financials (16.4%)
*Capital Markets (6.9%)*
Charles Schwab Corp.	88,900		1,304,163
Franklin Resources, Inc.	14,800		1,391,348
Goldman Sachs Group, Inc.	10,700		1,366,497
Mellon Financial Corp.	2,300		78,775
Merrill Lynch & Co., Inc.	2,070		140,201
State Street Corp.	12,900		715,176

			4,996,160

*Commercial Banks (1.3%)*
Kookmin Bank (Sponsored ADR)	2,030		151,661
U.S. Bancorp.	27,000		807,030

			958,691

*Diversified Financial Services (1.6%)*
Chicago Mercantile Exchange Holdings, Inc.	3,100		1,139,219

*Insurance (4.8%)*
Aflac, Inc.	3,950		183,359
Chubb Corp.	12,500		1,220,625
Prudential Financial, Inc.	8,500		622,115
St. Paul Travelers Cos., Inc.	30,300		1,353,501
XL Capital Ltd., Class A	1,020		68,728

			3,448,328

*Real Estate (0.9%)*
Brookfield Asset Management, Inc., Class A	13,600		684,488

*Thrifts & Mortgage Finance (0.9%)*
Washington Mutual, Inc.	15,800		687,300

Total Financials			11,914,186

Health Care (15.7%)
*Biotechnology (5.9%)*
Amgen, Inc.*	20,200		1,592,972
Genzyme Corp.*	14,700		1,040,466
Gilead Sciences, Inc.*	30,700		1,615,741
Invitrogen Corp.*	560		37,318

			4,286,497

*Health Care Equipment & Supplies (0.4%)*
Medtronic, Inc.	4,950		284,972

*Health Care Providers & Services (3.5%)*
CIGNA Corp.	11,400		1,273,380
WellPoint, Inc.*	15,400		1,228,766

			2,502,146

*Pharmaceuticals (5.9%)*
Allergan, Inc.	13,800		1,489,848
Bristol-Myers Squibb Co.	38,900		893,922
Johnson & Johnson	11,300		679,130
Pfizer, Inc.	6,650		155,078
Teva Pharmaceutical Industries Ltd. (ADR)	24,400		1,049,444

			4,267,422

Total Health Care			11,341,037

Industrials (2.9%)
*Machinery (1.9%)*
Danaher Corp.	9,900		552,222
Illinois Tool Works, Inc.	7,900		695,121
Ingersoll-Rand Co., Ltd., Class A	2,540		102,540

			1,349,883

*Trading Companies & Distributors (1.0%)*
Fastenal Co.	19,000		744,610

Total Industrials			2,094,493

Information Technology (35.7%)
*Communications Equipment (5.7%)*
Avocent Corp.*	1,000		27,190
Cisco Systems, Inc.*	64,185		1,098,847
Juniper Networks, Inc.*	40,350		899,805
Motorola, Inc.	61,400		1,387,026
QUALCOMM, Inc.	16,600		715,128

			4,127,996

*Computers & Peripherals (6.8%)*
Apple Computer, Inc.*	25,000		1,797,250
Hewlett-Packard Co.	46,900		1,342,747
NCR Corp.*	21,700		736,498
SanDisk Corp.*	17,000		1,067,940

			4,944,435

145

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PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Number of Shares		Value (Note1)
*Electronic Equipment & Instruments (2.8%)*
Agilent Technologies, Inc.*		30,000	$	998,700
Jabil Circuit, Inc.*		28,500		1,057,065

				2,055,765

*Internet Software & Services (1.9%)*
Yahoo!, Inc.*		34,700		1,359,546

*IT Services (5.8%)*
Affiliated Computer Services, Inc., Class A*		17,600		1,041,568
CheckFree Corp.*		14,700		674,730
Fiserv, Inc.*		21,100		912,997
Infosys Technologies Ltd. (ADR)		8,000		646,880
Paychex, Inc.		24,600		937,752

				4,213,927

*Office Electronics (0.1%)*
Canon, Inc. (ADR)		1,430		84,127

*Semiconductors & Semiconductor Equipment (8.2%)*
Intel Corp.		50,800		1,267,968
Linear Technology Corp.		25,100		905,357
Marvell Technology Group Ltd.*		26,300		1,475,167
NVIDIA Corp.*		27,600		1,009,056
Texas Instruments, Inc.		39,100		1,253,937

				5,911,485

*Software (4.4%)*
Adobe Systems, Inc.		20,700		765,072
Amdocs Ltd.*		31,600		869,000
Autodesk, Inc.		17,300		743,035
BMC Software, Inc.*		34,700		711,003
Microsoft Corp.		3,490		91,264

				3,179,374

Total Information Technology				25,876,655

Telecommunication Services (2.7%)
*Diversified Telecommunication Services (2.7%)*
AT&T, Inc.		40,000		979,600
BellSouth Corp.		36,800		997,280

Total Telecommunication Services				1,976,880

Utilities (0.8%)
*Multi-Utilities & Unregulated Power (0.8%)*
Questar Corp.		7,700		582,890

Total Utilities				582,890

Total Common Stocks (99.6%) (Cost $64,693,898)				72,186,794


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.5%)
JPMorgan Chase Nassau 3.68%, 1/3/06 (Amortized Cost $387,436)	$	387,436		387,436

Total Investments (100.1%) (Cost/Amortized Cost $65,081,334)				72,574,230
Other Assets Less Liabilities (-0.1%)				(89,009	)

Net Assets (100%)			$	72,485,221

*	Non-income producing.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	77,985,218
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	63,275,909

As of December 31, 2005, 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.	$	8,537,429
Aggregate gross unrealized depreciation.		(1,093,837	)

Net unrealized appreciation	$	7,443,592

Federal income tax cost of investments	$	65,130,638

The Fund utilized $2,130,312 of capital loss carryforward in the year ended December 31, 2005.

See Notes to Financial Statements.

146

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EQ/CAPITAL GUARDIAN GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (14.2%)
*Hotels, Restaurants & Leisure (2.1%)*
Carnival Corp. (Unit)	21,600	$	1,154,952
Las Vegas Sands Corp.*^	105,600		4,168,032
Starwood Hotels & Resorts Worldwide, Inc. (Unit)	15,600		996,216

			6,319,200

*Household Durables (0.2%)*
Leggett & Platt, Inc.	22,800		523,488

*Internet & Catalog Retail (2.8%)*
Amazon.com, Inc.*^	69,200		3,262,780
eBay, Inc.*	50,100		2,166,825
Expedia, Inc.*^	74,800		1,792,208
IAC/InterActiveCorp*^	42,400		1,200,344

			8,422,157

*Media (3.9%)*
Cablevision Systems New York Group, Class A*	65,300		1,532,591
CCE Spinco, Inc.*	4,237		55,505
Clear Channel Communications, Inc.^	33,900		1,066,155
Omnicom Group, Inc.	22,800		1,940,964
Time Warner, Inc.	246,800		4,304,192
Viacom, Inc., Class B*	62,900		2,050,540
Walt Disney Co.	26,200		628,014

			11,577,961

*Multiline Retail (1.8%)*
Dollar Tree Stores, Inc.*	77,600		1,857,744
Target Corp.	60,500		3,325,685

			5,183,429

*Specialty Retail (3.4%)*
Lowe’s Cos., Inc.	112,500		7,499,250
Williams-Sonoma, Inc.*^	62,900		2,714,135

			10,213,385

Total Consumer Discretionary			42,239,620

Consumer Staples (5.9%)
*Beverages (2.6%)*
Coca-Cola Co.	16,200		653,022
PepsiCo, Inc.	121,400		7,172,312

			7,825,334

*Food & Staples Retailing (0.9%)*
Sysco Corp.	90,400		2,806,920

*Personal Products (1.1%)*
Avon Products, Inc.^	113,100		3,229,005

*Tobacco (1.3%)*
Altria Group, Inc.	51,100		3,818,192

Total Consumer Staples			17,679,451

Energy (3.6%)
*Energy Equipment & Services (3.4%)*
Baker Hughes, Inc.	29,000		1,762,620
Schlumberger Ltd.	48,400		4,702,060
Weatherford International Ltd.*	100,400		3,634,480

			10,099,160


*Oil & Gas (0.2%)*
Kinder Morgan, Inc.	6,000		551,700

Total Energy			10,650,860

Financials (6.8%)
*Commercial Banks (0.4%)*
Wells Fargo & Co.	20,200		1,269,166

*Consumer Finance (2.3%)*
AmeriCredit Corp.*^	26,100		668,943
Capital One Financial Corp.	6,700		578,880
SLM Corp.	102,200		5,630,198

			6,878,021

*Diversified Financial Services (0.6%)*
JPMorgan Chase & Co.	42,900		1,702,701

*Insurance (1.2%)*
American International Group, Inc.	52,100		3,554,783

*Thrifts & Mortgage Finance (2.3%)*
Fannie Mae	44,600		2,176,926
Freddie Mac	32,400		2,117,340
Washington Mutual, Inc.	58,100		2,527,350

			6,821,616

Total Financials.			20,226,287

Health Care (20.6%)
*Biotechnology (4.5%)*
Amgen, Inc.*	5,300		417,958
Amylin Pharmaceuticals, Inc.*	51,700		2,063,864
Genentech, Inc.*^.	4,600		425,500
ImClone Systems, Inc.*^	181,600		6,217,984
Millennium Pharmaceuticals, Inc.*^	334,300		3,242,710
Protein Design Labs, Inc.*^	31,100		883,862

			13,251,878

*Health Care Equipment & Supplies (1.5%)*
Baxter International, Inc.	40,500		1,524,825
Medtronic, Inc.	53,300		3,068,481

			4,593,306

*Health Care Providers & Services (4.6%)*
AmerisourceBergen Corp.^	40,800		1,689,120
DaVita, Inc.*	54,800		2,775,072
Lincare Holdings, Inc.*	26,600		1,114,806
McKesson Corp.	46,200		2,383,458
Medco Health Solutions, Inc.*	47,900		2,672,820
Omnicare, Inc.^	25,000		1,430,500
WellPoint, Inc.*	21,900		1,747,401

			13,813,177

*Pharmaceuticals (10.0%)*
Allergan, Inc.^	19,400		2,094,424
AstraZeneca plc (ADR)	148,900		7,236,540
Eli Lilly & Co.	12,800		724,352
Forest Laboratories, Inc.*	185,800		7,558,344
IVAX Corp.*	57,500		1,801,475
Pfizer, Inc.	22,100		515,372
Sepracor, Inc.*^	69,000		3,560,400
Teva Pharmaceutical Industries Ltd. (ADR)^	142,700		6,137,527

			29,628,434

Total Health Care			61,286,795

Industrials (10.2%)
*Aerospace & Defense (0.7%)*
United Technologies Corp.	35,900		2,007,169

*Air Freight & Logistics (1.1%)*
United Parcel Service, Inc., Class B	43,000		3,231,450

*Building Products (0.6%)*
American Standard Cos., Inc.	47,800		1,909,610

*Commercial Services & Supplies (0.7%)*
Monster Worldwide, Inc.*^	49,900		2,036,918

*Construction & Engineering (1.5%)*
Fluor Corp.^	58,400		4,511,984

147

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EQ/CAPITAL GUARDIAN GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares		Value (Note 1)
*Electrical Equipment (0.3%)*
Cooper Industries Ltd., Class A		10,600	$	773,800

*Industrial Conglomerates (2.4%)*
General Electric Co.		200,500		7,027,525

*Machinery (2.9%)*
Danaher Corp.^		75,000		4,183,500
Illinois Tool Works, Inc.		51,100		4,496,289

				8,679,789

Total Industrials				30,178,245

Information Technology (33.2%)
*Communications Equipment (5.2%)*
Cisco Systems, Inc.*		468,600		8,022,432
Corning, Inc.*		86,500		1,700,590
JDS Uniphase Corp.*^		265,500		626,580
Juniper Networks, Inc.*		77,800		1,734,940
QUALCOMM, Inc.		77,600		3,343,008

				15,427,550

*Computers & Peripherals (2.4%)*
Brocade Communications Systems, Inc.*^		140,000		569,800
Dell, Inc.*		21,500		644,785
SanDisk Corp.*		94,900		5,961,618

				7,176,203

*Electronic Equipment & Instruments (2.1%)*
Agilent Technologies, Inc.*		21,023		699,856
Flextronics International Ltd.*		189,700		1,980,468
Jabil Circuit, Inc.*		99,100		3,675,619

				6,355,943

*Internet Software & Services (6.1%)*
Google, Inc., Class A*		27,400		11,367,164
VeriSign, Inc.*		44,400		973,248
Yahoo!, Inc.*		149,400		5,853,492

				18,193,904

*IT Services (2.7%)*
Accenture Ltd., Class A		79,700		2,300,939
Affiliated Computer Services, Inc., Class A*^		73,500		4,349,730
Automatic Data Processing, Inc.		31,400		1,440,946

				8,091,615

*Semiconductors & Semiconductor Equipment (10.7%)*
Altera Corp.*		362,300		6,713,419
Applied Materials, Inc.		214,300		3,844,542
Applied Micro Circuits Corp.*^		136,700		351,319
Cymer, Inc.*^		19,300		685,343
Freescale Semiconductor, Inc., Class A*^		59,500		1,498,805
Intel Corp.		70,800		1,767,168
International Rectifier Corp.*		110,400		3,521,760
KLA-Tencor Corp.		96,200		4,745,546
Linear Technology Corp.		56,700		2,045,169
Maxim Integrated Products, Inc.		35,200		1,275,648
PMC-Sierra, Inc.*^		112,100		864,291
Silicon Laboratories, Inc.*		46,400		1,701,024
Teradyne, Inc.*		34,200		498,294
Xilinx, Inc.		96,200		2,425,202

				31,937,530

*Software (4.0%)*
Adobe Systems, Inc.		53,800		1,988,448
Microsoft Corp.		185,700		4,856,055
NAVTEQ Corp.*^		28,400		1,245,908
SAP AG (ADR)		80,400		3,623,628

				11,714,039

Total Information Technology				98,896,784

Telecommunication Services (1.9%)
*Wireless Telecommunication Services (1.9%)*
American Tower Corp., Class A*^		46,300		1,254,730
Sprint Nextel Corp.		191,900		4,482,784

Total Telecommunication Services				5,737,514

Utilities (0.5%)
*Multi-Utilities & Unregulated Power (0.5%)*
AES Corp.*		88,100		1,394,623

Total Utilities				1,394,623

Total Common Stocks (96.9%) (Cost $265,060,822)				288,290,179


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (14.0%)
CC USA, Inc.
4.30%, 8/3/06 (l)	$	4,000,593		4,000,593
Nomura Securities
4.29%, 1/3/06		37,795,615		37,795,615

Total Short-Term Investments of Cash Collateral for Securities Loaned				41,796,208

Time Deposit (3.1%)
JPMorgan Chase Nassau
3.68%, 1/3/06		9,196,997		9,196,997

Total Short-Term Investments (17.1%) (Amortized Cost $50,993,205)				50,993,205

Total Investments (114.0%) (Cost/Amortized Cost $316,054,027)				339,283,384
Other Assets Less Liabilities (-14.0%)				(41,736,222	)

Net Assets (100%)			$	297,547,162

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

Glossary:

ADR — American Depositary Receipt

148

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EQ/CAPITAL GUARDIAN GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	155,932,000
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	125,519,499

As of December 31, 2005, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	29,657,702
Aggregate gross unrealized depreciation		(7,494,657	)

Net unrealized appreciation	$	22,163,045

Federal income tax cost of investments	$	317,120,339

At December 31, 2005, the Portfolio had loaned securities with a total value of $40,681,906. This was secured by collateral of $41,796,208 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

The Portfolio has a net capital loss carryforward of $105,420,282, of which $52,271,834 expires in the year 2009, $36,146,108 expires in the year 2010, and $17,002,340 expires in the year 2011.

The Portfolio utilized capital loss carryforward of $4,679,762 during 2005.

See Notes to Financial Statements.

149

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Australia (2.1%)
Amcor Ltd.^	330,354	$	1,810,214
Brambles Industries Ltd.^	127,401		945,765
Foster’s Group Ltd.	388,000		1,588,165
Insurance Australia Group Ltd.	300,989		1,196,684
Macquarie Bank Ltd.	27,355		1,367,516
Promina Group Ltd.^	365,600		1,298,020
QBE Insurance Group Ltd.^	177,558		2,552,853
Rinker Group Ltd.	344,052		4,151,640
Wesfarmers Ltd.	55,500		1,505,123
Westpac Banking Corp.	85,000		1,418,502
Woolworths Ltd.	167,746		2,073,394

			19,907,876

Austria (0.3%)
Raiffeisen International Bank Holding AG*	11,700		766,631
Telekom Austria AG	89,266		2,000,580

			2,767,211

Belgium (0.4%)
Fortis	33,500		1,062,556
UCB S.A.	51,800		2,424,475

			3,487,031

Brazil (0.2%)
Cia Vale do Rio Doce (Sponsored ADR)^	42,000		1,522,500

Canada (4.7%)
Abitibi-Consolidated, Inc.^	243,500		971,373
Alcan, Inc.	217,700		8,900,699
Barrick Gold Corp.	57,200		1,594,164
Cameco Corp.^	72,000		4,548,115
Canadian Natural Resources Ltd.	71,900		3,547,145
Falconbridge Ltd.^	73,923		2,183,233
Inco Ltd.*	104,400		4,548,708
Manulife Financial Corp.^	26,100		1,525,358
Methanex Corp.	88,300		1,652,389
National Bank of Canada^	19,200		991,434
Potash Corp. of Saskatchewan, Inc.	64,800		5,164,474
Suncor Energy, Inc.	37,500		2,353,722
TELUS Corp.	51,600		2,114,091
TELUS Corp. (Non-Voting)	60,200		2,405,114
Toronto-Dominion Bank^	36,300		1,899,601

			44,399,620

Denmark (0.3%)
Novo-Nordisk A/S, Class B	52,700		2,954,424

Finland (0.3%)
Stora Enso Oyj	71,700		967,524
UPM-Kymmene Oyj*	91,000		1,777,534

			2,745,058

France (8.5%)
Accor S.A.^	65,500		3,589,524
Air Liquide ^	14,627		2,803,658
BNP Paribas S.A.	188,900		15,229,542
Bouygues S.A. (b)	253,130		12,331,333
Carrefour S.A.	24,800		1,157,827
Cie Generale d’Optique Essilor International S.A.	26,100		2,099,623
Compagnie Generale des Etablissements Michelin, Class B (Registered)	24,000		1,344,121
Dassault Systemes S.A.	23,400		1,316,314
Groupe Danone^	34,000		3,539,240
L’Oreal S.A.	41,500		3,074,143
Lafarge S.A.^	53,600		4,805,014
Renault S.A.^	15,100		1,227,192
Safran SA	49,500		1,179,432
Sanofi-Aventis^	152,300		13,293,764
Schneider Electric S.A.^	79,000		7,021,448
Societe Generale	18,200		2,230,505
Veolia Environnement^	55,000		2,480,829
Vivendi Universal S.A.	48,300		1,507,486

			80,230,995

Germany (6.1%)
Allianz AG (Registered)	49,500		7,470,709
Altana AG	34,700		1,889,346
Bayer AG	154,300		6,412,021
Bayerische Motoren Werke (BMW) AG	28,600		1,248,200
DaimlerChrysler AG	88,700		4,507,292
Deutsche Bank AG (Registered)	30,500		2,949,335
Deutsche Boerse AG	15,866		1,617,328
Deutsche Post AG (Registered)^	104,500		2,529,356
E.ON AG	60,100		6,200,123
Infineon Technologies AG (ADR)*^	2,200		20,020
Infineon Technologies AG*.	201,600		1,840,551
SAP AG	40,100		7,245,406
SAP AG (Sponsored ADR)	17,500		788,725
Siemens AG (Registered)	114,600		9,782,718
Volkswagen AG^	64,900		3,421,144

			57,922,274

Hong Kong (1.3%)
Bank of East Asia Ltd.	396,200		1,198,276
Esprit Holdings Ltd.	100,700		715,617
Hang Lung Group Ltd.	489,000		1,037,467
Hang Lung Properties Ltd.	859,000		1,340,534
Hong Kong & China Gas	621,000		1,325,528
Li & Fung Ltd.	1,723,000		3,322,201
PCCW Ltd.	2,885,000		1,776,718
Sun Hung Kai Properties Ltd.	192,000		1,869,595

			12,585,936

India (0.1%)
Infosys Technologies Ltd. (ADR)	11,300		913,718

Ireland (0.3%)
CRH plc	96,682		2,832,785

Israel (0.2%)
Teva Pharmaceutical Industries Ltd. (ADR)	48,000		2,064,480

Italy (0.7%)
Banca Intesa S.p.A.	425,000		2,243,357
ENI S.p.A.	112,750		3,116,055
UniCredito Italiano S.p.A.	240,700		1,652,401

			7,011,813

Japan (31.0%)
Advantest Corp.^	35,200		3,545,946
Aeon Co., Ltd.	190,000		4,829,281
Aiful Corp.	10,350		863,742
Astellas Pharma, Inc.	62,400		2,431,924
Canon, Inc.^	54,100		3,162,671
Chubu Electric Power Co., Inc.^	56,700		1,349,886
Daiichi Sankyo Co., Ltd.*^	208,000		4,009,150
Daimaru, Inc.^	109,000		1,571,787
Daiwa House Industry Co., Ltd.	88,000		1,374,837
Fanuc Ltd.	73,800		6,258,900
Hankyu Holdings, Inc.	168,000		1,091,722

150

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Hirose Electric Co., Ltd.	15,700	$	2,092,358
Hoya Corp.	70,400		2,528,984
Kansai Electric Power Co., Inc.	175,500		3,769,317
Kao Corp.	118,000		3,159,197
Keyence Corp.^	5,000		1,421,249
Millea Holdings, Inc.	317		5,452,088
Mitsubishi Corp.	290,500		6,423,833
Mitsubishi Estate Co., Ltd.^	834,000		17,311,701
Mitsubishi Heavy Industries Ltd.	483,000		2,127,934
Mitsubishi UFJ Financial Group, Inc.	1,700		23,044,990
Mitsui & Co., Ltd.	140,000		1,797,001
Mitsui Fudosan Co., Ltd.	107,000		2,171,185
Mitsui Sumitomo Insurance Co., Ltd.	258,000		3,154,232
Mizuho Financial Group, Inc.	673		5,337,016
Murata Manufacturing Co., Ltd.	21,000		1,345,082
NGK Spark Plug Co., Ltd.^	120,000		2,592,561
Nidec Corp.	22,900		1,946,005
Nikon Corp.^	123,000		1,939,363
Nintendo Co., Ltd.	42,200		5,094,891
Nippon Electric Glass Co., Ltd.	208,000		4,537,829
Nippon Telegraph & Telephone Corp.	623		2,829,179
Nissan Motor Co., Ltd.^	514,800		5,212,116
Nitto Denko Corp.	108,500		8,447,979
Obayashi Corp.	201,000		1,479,870
Omron Corp.^	70,300		1,620,063
ORIX Corp.	35,500		9,038,168
Ricoh Co., Ltd.	135,000		2,361,900
Rohm Co., Ltd.	42,700		4,641,540
Sekisui House Ltd.^	106,000		1,332,746
Shimamura Co., Ltd.^	10,800		1,493,315
Shin-Etsu Chemical Co., Ltd.	48,500		2,576,421
SMC Corp.	49,400		7,052,360
Softbank Corp.^	608,700		25,682,675
Sompo Japan Insurance, Inc.	252,800		3,416,216
Sony Corp.^	26,300		1,074,015
Sumitomo Corp.	559,000		7,222,528
Sumitomo Forestry Co., Ltd.^	35,000		349,911
Sumitomo Mitsui Financial Group, Inc.	2,291		24,262,900
Sumitomo Realty & Development Co., Ltd.	102,000		2,216,640
Suzuki Motor Co.^	322,100		5,962,793
T&D Holdings, Inc.	27,400		1,815,369
Takeda Pharmaceutical Co., Ltd.	75,000		4,054,054
TDK Corp.	22,500		1,549,818
Tokyo Electric Power Co., Inc.	72,500		1,759,828
Tokyo Electron Ltd.^	126,300		7,929,196
Tokyo Gas Co., Ltd.^	414,000		1,837,973
Tokyu Corp.^	491,000		3,469,406
Toyota Motor Corp.	39,600		2,053,309
Trend Micro, Inc.*^	82,000		3,098,534
Uni-Charm Corp.^	28,500		1,279,759
Ushio, Inc.^	83,000		1,937,346
Yahoo! Japan Corp.	3,905		5,922,181
Yamada Denki Co., Ltd.	50,100		6,265,153
Yamato Holdings Co., Ltd.^	303,500		5,029,620

			294,011,543

Luxembourg (0.1%)
SES Global S.A. (FDR)	58,000		992,002

Mexico (1.1%)
America Movil S.A. de C.V. (ADR)	367,000		10,738,421

Netherlands (7.0%)
ABN AMRO Holding N.V.	289,345		7,539,248
Aegon N.V.	161,181		2,614,164
Heineken Holding N.V.^	28,593		837,101
Heineken N.V.	220,875		6,977,077
ING Groep N.V. (CVA)	222,269		7,681,798
Reed Elsevier N.V.	49,900		694,542
Royal Dutch Shell plc, Class A	427,369		12,995,778
Royal Dutch Shell plc, Class A (ADR)	16,200		996,138
Royal Dutch Shell plc, Class B	213,862		6,821,602
Royal KPN N.V.	1,212,300		12,111,833
Royal Numico N.V.*^	46,500		1,918,621
TNT N.V.	67,700		2,108,186
Unilever N.V. (CVA)	25,100		1,712,748
VNU N.V.	54,127		1,788,312

			66,797,148

Norway (0.1%)
DNB NOR ASA	108,700		1,155,828

Portugal (0.1%)
Portugal Telecom SGPS S.A. (Registered)	123,100		1,241,482

Singapore (0.7%)
DBS Group Holdings Ltd.	152,000		1,508,299
Singapore Telecommunications Ltd. (b)	2,634,914		4,135,871
United Overseas Bank Ltd.	108,000		948,280

			6,592,450

South Africa (1.1%)
Sasol Ltd.	280,800		10,027,781

South Korea (1.3%)
Samsung Electronics Co., Ltd.	10,680		6,962,576
Samsung Electronics Co., Ltd. (GDR) §	10,360		3,376,980
Samsung Electronics Co., Ltd. (Non-Voting)	4,210		2,044,922

			12,384,478

Spain (4.1%)
Altadis S.A.	48,300		2,183,177
Banco Bilbao Vizcaya Argentaria S.A.^	504,600		8,975,630
Banco Santander Central Hispano S.A.	578,400		7,607,107
Iberdrola S.A.^	85,500		2,328,661
Inditex S.A.	62,100		2,018,039
Repsol YPF S.A.^	343,400		9,992,768
Telefonica S.A.	361,908		5,425,754

			38,531,136

Sweden (1.2%)
Atlas Copco AB, Class A	138,600		3,082,477
Telefonaktiebolaget LM Ericsson (ADR)*^	33,000		1,135,200
Telefonaktiebolaget LM Ericsson, Class B	1,953,000		6,699,281

			10,916,958

Switzerland (8.2%)
Adecco S.A. (Registered)	31,379		1,442,822
Compagnie Financiere Richemont AG, Class A (Unit)	227,687		9,881,783
Credit Suisse Group (Registered)	121,754		6,189,550
Geberit A.G. (Registered)	2,000		1,578,209

151

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares		Value (Note 1)
Holcim Ltd. (Registered)		127,459	$	8,655,549
Nestle S.A. (Registered)		24,175		7,208,752
Novartis AG (Registered)		255,828		13,403,335
Roche Holding AG		58,673		8,783,477
Swiss Reinsurance (Registered)		120,771		8,815,335
Swisscom AG (Registered)		11,688		3,678,135
Synthes, Inc.^		13,040		1,460,377
UBS AG (Registered)		39,789		3,776,777
Xstrata plc		116,450		2,718,851

				77,592,952

Taiwan (0.4%)
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		352,801		3,496,258

United Kingdom (13.4%)
Anglo American plc		44,100		1,498,274
ARM Holdings plc		394,900		820,313
AstraZeneca plc (London Exchange)		36,700		1,782,404
AstraZeneca plc (Stockholm Exchange)		261,000		12,740,747
BHP Billiton plc		129,347		2,108,426
Brambles Industries plc		190,300		1,362,329
British Land Co. plc		94,500		1,729,403
Cadbury Schweppes plc		174,143		1,642,785
Carnival plc		32,100		1,818,553
Centrica plc		314,690		1,376,272
Diageo plc		112,500		1,627,157
HBOS plc		591,800		10,088,609
HSBC Holdings plc		260,600		4,174,103
Johnston Press plc		103,600		827,916
Kingfisher plc		471,000		1,918,378
Lloyds TSB Group plc		291,300		2,442,936
Northern Rock plc		96,000		1,554,139
Pearson plc		297,000		3,505,389
Reckitt Benckiser plc		56,500		1,862,330
Reed Elsevier plc		811,200		7,603,747
Rio Tinto plc		43,200		1,969,044
Rolls-Royce Group plc*		255,474		1,874,951
Royal Bank of Scotland Group plc (b)		649,100		19,556,710
Scottish & Southern Energy plc		178,600		3,109,041
Standard Chartered plc		232,600		5,171,143
Tesco plc		268,400		1,527,471
Unilever plc		555,000		5,492,870
Vodafone Group plc		10,761,118		23,185,058
Wolseley plc		60,900		1,280,738
Yell Group plc		153,500		1,413,791

				127,065,027

United States (0.1%)
News Corp. (CDI)^		66,870		1,053,647

Total Common Stocks (95.4%) (Cost $699,427,863)				903,942,832


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (15.0%)
Allstate Life Insurance
4.37%, 1/30/07 (l)	$	10,000,000		10,000,000
Bank of America Corp.
4.31%, 8/10/06 (l)		12,500,000		12,500,000
Bank of Nova Scotia New York
4.38%, 5/30/06 (l)		4,998,967		4,998,967
Barclays New York
4.30%, 8/30/06 (l)		9,998,506		9,998,506
CC USA, Inc.
4.33%, 5/5/06 (l)		4,999,755		4,999,755
General Electric Capital Corp.
4.36%, 5/12/06 (l)		2,002,060		2,002,060
Goldman Sachs Group, Inc.
4.41%, 12/28/07 (l)		5,000,000		5,000,000
Manufacturers and Traders
4.37%, 6/20/06 (l)		3,999,946		3,999,946
Merrill Lynch & Co.
4.23%, 10/19/06 (l)		5,500,000		5,500,000
Natexis Banques Populaires NY
4.36%, 11/13/06 (l)		14,993,372		14,993,372
Nomura Securities
4.29%, 1/3/06		45,251,100		45,251,100
Societe Generale NY
4.39%, 3/30/06 (l)		9,997,049		9,997,049
US Bank NA
4.29%, 10/2/06 (l)		4,997,605		4,997,605
Wells Fargo & Co.
4.36%, 12/31/07 (l)		7,500,000		7,500,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				141,738,360

Time Deposit (4.7%)
JPMorgan Chase Nassau
3.68%, 1/3/06		44,806,536		44,806,536

Total Short-Term Investments (19.7%) (Amortized Cost $186,544,896)				186,544,896

Total Investments (115.1%) (Cost/Amortized Cost $885,972,759)				1,090,487,728
Other Assets Less Liabilities (-15.1%)				(142,860,017	)

Net Assets (100.0%)			$	947,627,711

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2005, the market value of these securities amounted to $3,376,980 or 0.36% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

Glossary:

ADR — American Depositary Receipt

CDI — Chess Depositary Receipt

CVA — Dutch Certification

FDR — Finnish Depositary Receipt

GDR — Global Depositary Receipt

152

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EQ/CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

At December 31, 2005 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


	Local Contract Amount (000’s)		Cost on Origination Date			U.S. $ Current Value			Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
British Pound, expiring 1/12/06	801		$	1,408,518		$	1,375,063		$	(33,455	)
British Pound, expiring 1/24/06	3,181			5,640,752			5,459,981			(180,771	)
British Pound, expiring 3/14/06	2,041			3,598,186			3,503,937			(94,249	)
British Pound, expiring 6/14/06	2,041			3,600,409			3,507,041			(93,368	)

									$	(401,843	)

Foreign Currency Sell Contracts
Swiss Franc, expiring 1/12/06	(1,788	)	$	(1,408,518	)	$	(1,357,582	)	$	50,936
Canadian Dollar, expiring 1/24/06	(6,657	)		(5,640,752	)		(5,702,393	)		(61,641	)
Swiss Franc, expiring 3/14/06	(4,602	)		(3,598,186	)		(3,515,664	)		82,522
Swiss Franc, expiring 6/14/06	(4,572	)		(3,600,409	)		(3,523,895	)		76,514

									$	148,331

									$	(253,512	)

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	304,831,335
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	177,112,513

As of December 31, 2005, 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	$	203,135,579
Aggregate gross unrealized depreciation		(8,263,204	)

Net unrealized appreciation	$	194,872,375

Federal income tax cost of investments	$	895,615,353

At December 31, 2005, the Portfolio had loaned securities with a total value of $122,739,463. This was secured by collateral of $141,738,360 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

The Portfolio utilized capital loss carryforward of $16,412,595 during 2005.

See Notes to Financial Statements.

153

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN RESEARCH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (9.5%)
*Hotels, Restaurants & Leisure (1.4%)*
Carnival Corp. (Unit)	40,900	$	2,186,923
Harrah’s Entertainment, Inc.	200		14,258
Las Vegas Sands Corp.*^	105,600		4,168,032
McDonald’s Corp.	145,900		4,919,748
Starwood Hotels & Resorts Worldwide, Inc. (Unit)	49,900		3,186,614

			14,475,575

*Household Durables (0.5%)*
D.R. Horton, Inc.	1,066		38,088
Leggett & Platt, Inc.	219,100		5,030,536
Lennar Corp., Class A	600		36,612

			5,105,236

*Internet & Catalog Retail (1.5%)*
Amazon.com, Inc.*	71,600		3,375,940
Expedia, Inc.*^	234,800		5,625,808
IAC/InterActiveCorp*	234,800		6,647,188

			15,648,936

*Media (1.9%)*
Cablevision Systems New York Group, Class A*	132,142		3,101,373
Clear Channel Communications, Inc.	61,100		1,921,595
DIRECTV Group, Inc.*	82,055		1,158,617
Entercom Communications Corp.*^	33,300		988,011
Omnicom Group, Inc.	54,100		4,605,533
Time Warner, Inc.	438,950		7,655,288

			19,430,417

*Multiline Retail (1.3%)*
Dollar Tree Stores, Inc.*^	324,500		7,768,530
Target Corp.	97,700		5,370,569

			13,139,099

*Specialty Retail (2.9%)*
Autonation, Inc.*	333,500		7,246,955
Home Depot, Inc.	750		30,360
Lowe’s Cos., Inc.	163,900		10,925,574
RadioShack Corp.	213,900		4,498,317
Williams-Sonoma, Inc.*^	173,900		7,503,785

			30,204,991

Total Consumer Discretionary			98,004,254

Consumer Staples (8.0%)
*Beverages (3.3%)*
Anheuser-Busch Cos., Inc.	36,800		1,580,928
Coca-Cola Co.	89,900		3,623,869
Pepsi Bottling Group, Inc.	200,642		5,740,368
PepsiCo, Inc.	384,300		22,704,444

			33,649,609

*Food & Staples Retailing (0.5%)*
Costco Wholesale Corp.	48,700		2,409,189
Sysco Corp.	83,000		2,577,150

			4,986,339

*Food Products (2.0%)*
Campbell Soup Co.	523,600		15,587,572
Kraft Foods, Inc., Class A^	185,600		5,222,784

			20,810,356

*Household Products (0.8%)*
Procter & Gamble Co.	148,141		8,574,401

*Personal Products (0.6%)*
Avon Products, Inc.	204,300		5,832,765

*Tobacco (0.8%)*
Altria Group, Inc.	113,800		8,503,136

Total Consumer Staples			82,356,606

Energy (9.5%)
*Energy Equipment & Services (3.8%)*
Baker Hughes, Inc.	126,300		7,676,514
BJ Services Co.	167,600		6,145,892
Schlumberger Ltd.	116,700		11,337,405
Transocean, Inc.*	116,150		8,094,493
Weatherford International Ltd.*	171,000		6,190,200

			39,444,504

*Oil & Gas (5.7%)*
Arch Coal, Inc.^	35,600		2,830,200
Burlington Resources, Inc.	800		68,960
Chevron Corp.	85,164		4,834,760
Devon Energy Corp.	800		50,032
Exxon Mobil Corp.	209,358		11,759,639
Kinder Morgan Management LLC*	121,994		5,545,847
Kinder Morgan, Inc.	103,117		9,481,608
Plains Exploration & Production Co.*^	97,500		3,873,675
Royal Dutch Shell plc,
Class A (ADR)	188,350		11,581,642
Class B (ADR)^	70,252		4,533,362
Williams Cos., Inc.	165,200		3,827,684

			58,387,409

Total Energy			97,831,913

Financials (17.3%)
*Capital Markets (0.0%)*
Investors Financial Services Corp.^	350		12,891

*Commercial Banks (1.5%)*
Fifth Third Bancorp	34,500		1,301,340
Wells Fargo & Co.	220,700		13,866,581

			15,167,921

*Consumer Finance (7.0%)*
AmeriCredit Corp.*^	318,800		8,170,844
Capital One Financial Corp.	64,800		5,598,720
SLM Corp.	1,061,000		58,450,490

			72,220,054

*Diversified Financial Services (2.7%)*
Citigroup, Inc.	700		33,971
JPMorgan Chase & Co.	693,560		27,527,396

			27,561,367

*Insurance (3.1%)*
American International Group, Inc.	97,500		6,652,425
Assurant, Inc.	62,700		2,726,823
Chubb Corp.	77,200		7,538,580
Everest Reinsurance Group Ltd.	19,100		1,916,685
Hartford Financial Services Group, Inc.	65,480		5,624,077
Prudential Financial, Inc.	775		56,722
Renaissance Reinsurance Holdings Ltd.	82,500		3,639,075
W.R. Berkley Corp.	1,125		53,573
XL Capital Ltd., Class A	47,100		3,173,598

			31,381,558

*Real Estate (0.6%)*
General Growth Properties, Inc. (REIT)^	138,600		6,512,814

*Thrifts & Mortgage Finance (2.4%)*
Golden West Financial Corp.	194,800		12,856,800

154

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Hudson City Bancorp, Inc.	204,500	$	2,478,540
IndyMac Bancorp, Inc.^	10,200		398,004
Washington Mutual, Inc.	209,941		9,132,433

			24,865,777

Total Financials			177,722,382

Health Care (18.1%)
*Biotechnology (0.7%)*
ImClone Systems, Inc.*^	55,100		1,886,624
Millennium Pharmaceuticals, Inc.*^	567,100		5,500,870

			7,387,494

*Health Care Equipment & Supplies (1.6%)*
Bard (C.R.), Inc.	550		36,256
Baxter International, Inc.	149,500		5,628,675
Fisher Scientific International, Inc.*	200		12,372
Medtronic, Inc.	103,900		5,981,523
Thermo Electron Corp.*	141,000		4,248,330

			15,907,156

*Health Care Providers & Services (4.3%)*
Aetna, Inc.	400		37,724
AmerisourceBergen Corp.	128,200		5,307,480
Caremark Rx, Inc.*	697		36,098
DaVita, Inc.*	150,425		7,617,522
Laboratory Corp. of America Holdings*	600		32,310
Lincare Holdings, Inc.*	165,300		6,927,723
McKesson Corp.	92,100		4,751,439
Medco Health Solutions, Inc.*	125,500		7,002,900
Omnicare, Inc.	65,000		3,719,300
Triad Hospitals, Inc.*^	400		15,692
UnitedHealth Group, Inc.	38,410		2,386,797
WellPoint, Inc.*	76,800		6,127,872

			43,962,857

*Pharmaceuticals (11.5%)*
Allergan, Inc.	320,000		34,547,200
AstraZeneca plc (ADR)	810,200		39,375,720
Endo Pharmaceuticals Holdings, Inc.*^	113,800		3,443,588
Forest Laboratories, Inc.*	676,500		27,520,020
IVAX Corp.*	84,200		2,637,986
Johnson & Johnson	564		33,896
Sepracor, Inc.*^	89,600		4,623,360
Teva Pharmaceutical Industries Ltd. (ADR)^	153,200		6,589,132

			118,770,902

Total Health Care			186,028,409

Industrials (13.0%)
*Aerospace & Defense (0.8%)*
Boeing Co.	29,150		2,047,496
United Technologies Corp.	123,600		6,910,476

			8,957,972

*Air Freight & Logistics (0.8%)*
FedEx Corp.	350		36,187
United Parcel Service, Inc., Class B	112,400		8,446,860

			8,483,047

*Building Products (1.7%)*
American Standard Cos., Inc.	432,500		17,278,375

*Commercial Services & Supplies (0.5%)*
Allied Waste Industries, Inc.*^	482,500		4,217,050
Monster Worldwide, Inc.*	16,800		685,776

			4,902,826

*Construction & Engineering (1.2%)*
Fluor Corp.	162,900		12,585,654

*Electrical Equipment (0.8%)*
Cooper Industries Ltd., Class A	112,700		8,227,100
Thomas & Betts Corp.*	1,050		44,058

			8,271,158

*Industrial Conglomerates (4.7%)*
General Electric Co.	1,154,900		40,479,245
Textron, Inc.	400		30,792
Tyco International Ltd.	266,950		7,704,177

			48,214,214

*Machinery (2.1%)*
Danaher Corp.	155,200		8,657,056
Illinois Tool Works, Inc.	108,300		9,529,317
Ingersoll-Rand Co., Ltd., Class A	51,200		2,066,944
Navistar International Corp.*^	56,100		1,605,582

			21,858,899

*Road & Rail (0.4%)*
Union Pacific Corp.	47,700		3,840,327

Total Industrials			134,392,472

Information Technology (14.8%)
*Communications Equipment (1.7%)*
Cisco Systems, Inc.*	713,175		12,209,556
JDS Uniphase Corp.*^	693,000		1,635,480
QUALCOMM, Inc.	85,500		3,683,340

			17,528,376

*Computers & Peripherals (1.6%)*
Dell, Inc.*	129,250		3,876,207
Hewlett-Packard Co.	104,200		2,983,246
Lexmark International, Inc., Class A*	102,700		4,604,041
NCR Corp.*	800		27,152
Seagate Technology*	258,000		5,157,420

			16,648,066

*Electronic Equipment & Instruments (1.6%)*
Flextronics International Ltd.*	908,300		9,482,652
Jabil Circuit, Inc.*	186,400		6,913,576

			16,396,228

*Internet Software & Services (1.1%)*
Google, Inc., Class A*	18,900		7,840,854
VeriSign, Inc.*	1,000		21,920
Yahoo!, Inc.*	71,700		2,809,206

			10,671,980

*IT Services (1.6%)*
Accenture Ltd., Class A	198,300		5,724,921
Affiliated Computer Services, Inc., Class A*	185,700		10,989,726
Computer Sciences Corp.*	225		11,394
Fiserv, Inc.*	900		38,943

			16,764,984

*Semiconductors & Semiconductor Equipment (2.7%)*
Altera Corp.*	201,500		3,733,795
Applied Materials, Inc.	214,100		3,840,954
ASML Holding N.V. (N.Y. Shares)*^	8,600		172,688
Freescale Semiconductor, Inc., Class A*	162,100		4,083,299
Intel Corp.	196,900		4,914,624
International Rectifier Corp.*	97,400		3,107,060
KLA-Tencor Corp.	82,200		4,054,926
NVIDIA Corp.*	600		21,936
Silicon Laboratories, Inc.*	109,500		4,014,270
Texas Instruments, Inc.	400		12,828

			27,956,380

*Software (4.5%)*
Adobe Systems, Inc.	325,700		12,037,872
Microsoft Corp.	750,400		19,622,960

155

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EQ/CAPITAL GUARDIAN RESEARCH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares		Value (Note 1)
SAP AG (ADR)		331,200	$	14,927,184

				46,588,016

Total Information Technology				152,554,030

Materials (2.9%)
*Chemicals (2.0%)*
Air Products & Chemicals, Inc.		70,600		4,178,814
Dow Chemical Co.		164,500		7,208,390
Huntsman Corp.*		67,700		1,165,794
Methanex Corp.		231,000		4,328,940
Potash Corp. of Saskatchewan, Inc. (Toronto Exchange)^		47,100		3,778,362

				20,660,300

*Metals & Mining (0.5%)*
Alcoa, Inc.		76,500		2,262,105
Barrick Gold Corp.		102,000		2,842,740

				5,104,845

*Paper & Forest Products (0.4%)*
International Paper Co.		121,300		4,076,893

Total Materials				29,842,038

Telecommunication Services (4.2%)
*Diversified Telecommunication Services (1.2%)*
Qwest Communications International, Inc.*^		1,126,200		6,363,030
Verizon Communications, Inc.		206,700		6,225,804

				12,588,834

*Wireless Telecommunication Services (3.0%)*
American Tower Corp., Class A*		304,500		8,251,950
Sprint Nextel Corp.		973,150		22,732,784

				30,984,734

Total Telecommunication Services				43,573,568

Utilities (1.2%)
*Electric Utilities (0.3%)*
Exelon Corp.		48,400		2,571,976

*Multi-Utilities and Unregulated Power (0.9%)*
AES Corp.*		448,100		7,093,423
Energen Corp.		1,000		36,320
MDU Resources Group, Inc.^		67,000		2,193,580

				9,323,323

Total Utilities				11,895,299

Total Common Stocks (98.5%) (Cost $809,349,290)				1,014,200,971


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (6.4%)
Bank of America Corp.
4.31%, 8/10/06 (l)	$	7,500,000		7,500,000
Merrill Lynch & Co., Inc.
4.23%, 10/19/06 (l)		5,000,000		5,000,000
Nomura Securities
4.29%, 1/3/06		46,539,452		46,539,452
Nordeutsche Landesbank N.Y.
4.40%, 3/30/06 (l)		6,998,817		6,998,817

Total Short-Term Investments of Cash Collateral for Securities Loaned				66,038,269

Time Deposit (1.6%)
JPMorgan Chase Nassau
3.68%, 1/3/06		16,264,147		16,264,147

Total Short-Term Investments (8.0%) (Amortized Cost $82,302,416)				82,302,416

Total Investments (106.5%) (Cost/Amortized Cost $891,651,706)				1,096,503,387
Other Assets Less Liabilities (-6.5%)				(66,907,091	)

Net Assets (100%)			$	1,029,596,296

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

Glossary:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

156

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EQ/CAPITAL GUARDIAN RESEARCH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	294,050,104
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	328,396,749

As of December 31, 2005, 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	$	231,570,091
Aggregate gross unrealized depreciation		(31,042,925	)

Net unrealized appreciation	$	200,527,166

Federal income tax cost of investments	$	895,976,221

At December 31, 2005, the Portfolio had loaned securities with a total value of $64,323,604. This was secured by collateral of $66,038,269 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

The Portfolio has a net capital loss carryforward of $249,913,891, of which $58,311,372 expires in the year 2008, $146,635,332 expires in the year 2009, $2,767,387 expires in the year 2010 and $42,199,800 expires in the year 2011.

Included in the capital loss carryforward amounts at December 31, 2005 are $204,002,097 of losses acquired from EQ/MFS Research as a result of a tax free reorganization. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

The Portfolio utilized capital loss carryforward of $50,209,478 in the year ended December 31, 2005.

See Notes to Financial Statements.

157

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EQ/CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (8.2%)
*Hotels, Restaurants & Leisure (0.8%)*
Carnival Corp. (Unit)	77,400	$	4,138,578
McDonald’s Corp.	51,500		1,736,580
Starwood Hotels & Resorts Worldwide, Inc. (Unit)	54,600		3,486,756

			9,361,914

*Household Durables (0.3%)*
Leggett & Platt, Inc.	132,500		3,042,200

*Internet & Catalog Retail (1.0%)*
Amazon.com, Inc.*	37,700		1,777,555
eBay, Inc.*	124,884		5,401,233
Expedia, Inc.*^	93,554		2,241,554
IAC/InterActiveCorp*^	61,254		1,734,100

			11,154,442

*Media (2.0%)*
Cablevision Systems New York Group, Class A*	92,064		2,160,742
CCE Spinco, Inc.*	22,637		296,545
Clear Channel Communications, Inc.^	181,100		5,695,595
Comcast Corp., Class A*	62,300		1,617,308
DIRECTV Group, Inc.*^	27,400		386,888
Omnicom Group, Inc.	30,300		2,579,439
Time Warner, Inc.	390,600		6,812,064
Viacom, Inc., Class B*	80,600		2,627,560
Walt Disney Co.	49,100		1,176,927

			23,353,068

*Multiline Retail (1.3%)*
Dollar Tree Stores, Inc.*^	200,700		4,804,758
Target Corp.	185,300		10,185,941

			14,990,699

*Specialty Retail (2.8%)*
Autonation, Inc.*	141,500		3,074,795
Lowe’s Cos., Inc.	335,200		22,344,432
RadioShack Corp.^	96,100		2,020,983
Williams-Sonoma, Inc.*^	119,000		5,134,850

			32,575,060

Total Consumer Discretionary			94,477,383

Consumer Staples (9.0%)
*Beverages (2.3%)*
Anheuser-Busch Cos., Inc.	149,558		6,425,012
Coca-Cola Co.	90,300		3,639,993
Pepsi Bottling Group, Inc.	89,400		2,557,734
PepsiCo, Inc	235,000		13,883,800

			26,506,539

*Food & Staples Retailing (1.0%)*
Costco Wholesale Corp.	88,600		4,383,042
Sysco Corp.	230,200		7,147,710

			11,530,752

*Food Products (2.3%)*
Campbell Soup Co.	238,000		7,085,260
H.J. Heinz Co.	49,600		1,672,512
Kraft Foods, Inc., Class A^	195,800		5,509,812
Sara Lee Corp.	155,000		2,929,500
Unilever N.V. (N.Y. Shares)	125,600		8,622,440

			25,819,524

*Household Products (0.3%)*
Procter & Gamble Co.	64,400		3,727,472

*Personal Products (1.4%)*
Avon Products, Inc.	573,700		16,379,135

*Tobacco (1.7%)*
Altria Group, Inc.	250,872		18,745,156

Total Consumer Staples			102,708,578

Energy (7.1%)
*Energy Equipment & Services (3.1%)*
Baker Hughes, Inc.	78,500		4,771,230
BJ Services Co.	106,600		3,909,022
Halliburton Co.	57,600		3,568,896
Schlumberger Ltd.	131,124		12,738,696
Transocean, Inc.*	58,200		4,055,958
Weatherford International Ltd.*	182,048		6,590,138

			35,633,940

*Oil & Gas (4.0%)*
Arch Coal, Inc.^	26,700		2,122,650
Chevron Corp.	107,448		6,099,823
Exxon Mobil Corp.	145,890		8,194,641
Kinder Morgan Management LLC*^	15,556		707,176
Kinder Morgan, Inc.	47,040		4,325,328
Royal Dutch Shell plc,
Class A (ADR)	318,900		19,609,161
Class B (ADR)^	65,795		4,245,752

			45,304,531

Total Energy			80,938,471

Financials (17.0%)
*Capital Markets (0.3%)*
Goldman Sachs Group, Inc.	14,800		1,890,108
State Street Corp.	34,500		1,912,680

			3,802,788

*Commercial Banks (2.0%)*
Fifth Third Bancorp	113,100		4,266,132
Wells Fargo & Co.	303,900		19,094,037

			23,360,169

*Consumer Finance (3.4%)*
AmeriCredit Corp.*^	92,100		2,360,523
Capital One Financial Corp.	41,800		3,611,520
SLM Corp.	593,807		32,712,828

			38,684,871

*Diversified Financial Services (2.5%)*
JPMorgan Chase & Co.	720,576		28,599,661

*Insurance (3.0%)*
American International Group, Inc.	147,000		10,029,810
Assurant, Inc.	12,000		521,880
Berkshire Hathaway, Inc., Class A*	106		9,393,720
Chubb Corp.	45,400		4,433,310
Everest Reinsurance Group Ltd.	21,300		2,137,455
Hartford Financial Services Group, Inc.	46,800		4,019,652
XL Capital Ltd., Class A	58,800		3,961,944

			34,497,771

*Real Estate (0.3%)*
General Growth Properties, Inc. (REIT)^	67,100		3,153,029

*Thrifts & Mortgage Finance (5.5%)*
Fannie Mae	257,294		12,558,520
Freddie Mac	162,700		10,632,445
Golden West Financial Corp.	330,800		21,832,800
Hudson City Bancorp, Inc.	494,500		5,993,340
IndyMac Bancorp, Inc.^	18,300		714,066
Washington Mutual, Inc.	251,600		10,944,600

			62,675,771

Total Financials			194,774,060

158

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EQ/CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Health Care (16.6%)
*Biotechnology (1.0%)*
Amgen, Inc.*	50,900	$	4,013,974
ImClone Systems, Inc.*^	151,000		5,170,240
Millennium Pharmaceuticals, Inc.*^	272,700		2,645,190

			11,829,404

*Health Care Equipment & Supplies (1.4%)*
Baxter International, Inc.	205,000		7,718,250
Medtronic, Inc.	134,000		7,714,380

			15,432,630

*Health Care Providers & Services (4.7%)*
AmerisourceBergen Corp.	188,000		7,783,200
DaVita, Inc.*	156,350		7,917,564
Lincare Holdings, Inc.*	116,400		4,878,324
McKesson Corp.	169,400		8,739,346
Medco Health Solutions, Inc.*	138,300		7,717,140
Omnicare, Inc.^	78,500		4,491,770
WellPoint, Inc.*	154,200		12,303,618

			53,830,962

*Pharmaceuticals (9.5%)*
Allergan, Inc.^	238,100		25,705,276
AstraZeneca plc (ADR)	637,400		30,977,640
Eli Lilly & Co.	141,730		8,020,501
Forest Laboratories, Inc.*	620,746		25,251,947
Pfizer, Inc.	153,639		3,582,861
Sepracor, Inc.*	56,800		2,930,880
Teva Pharmaceutical Industries Ltd. (ADR)^	279,500		12,021,295

			108,490,400

Total Health Care			189,583,396

Industrials (11.3%)
*Aerospace & Defense (1.4%)*
United Technologies Corp.	298,462		16,687,011

*Air Freight & Logistics (1.0%)*
United Parcel Service, Inc., Class B	161,200		12,114,180

*Building Products (0.9%)*
American Standard Cos., Inc.	252,500		10,087,375

*Commercial Services & Supplies (0.5%)*
Allied Waste Industries, Inc.*^	321,200		2,807,288
Monster Worldwide, Inc.*	64,800		2,645,136

			5,452,424

*Construction & Engineering (1.4%)*
Fluor Corp.	207,600		16,039,176

*Electrical Equipment (1.0%)*
Cooper Industries Ltd., Class A	115,400		8,424,200
Emerson Electric Co.	39,300		2,935,710

			11,359,910

*Industrial Conglomerates (3.5%)*
General Electric Co.	919,428		32,225,951
Siemens AG (ADR)	31,700		2,713,203
Tyco International Ltd.	172,700		4,984,122

			39,923,276

*Machinery (1.4%)*
Danaher Corp.	157,200		8,768,616
Illinois Tool Works, Inc.	82,600		7,267,974

			16,036,590

*Road & Rail (0.2%)*
Union Pacific Corp.	22,500		1,811,475

Total Industrials			129,511,417

Information Technology (22.1%)
*Communications Equipment (2.6%)*
Cisco Systems, Inc.*	984,112		16,847,997
Corning, Inc.*	330,100		6,489,766
JDS Uniphase Corp.*^	538,300		1,270,388
QUALCOMM, Inc.	127,100		5,475,468

			30,083,619

*Computers & Peripherals (3.2%)*
Dell, Inc.*	64,500		1,934,355
Hewlett-Packard Co.	156,335		4,475,871
International Business Machines Corp.	44,838		3,685,684
Lexmark International, Inc., Class A*	98,300		4,406,789
SanDisk Corp.*	261,600		16,433,712
Seagate Technology*^	173,400		3,466,266
Sun Microsystems, Inc.*	588,100		2,464,139

			36,866,816

*Electronic Equipment & Instruments (1.7%)*
Agilent Technologies, Inc.*	85,006		2,829,850
Flextronics International Ltd.*	624,500		6,519,780
Jabil Circuit, Inc.*	260,000		9,643,400

			18,993,030

*Internet Software & Services (1.2%)*
Google, Inc., Class A*	23,600		9,790,696
Yahoo!, Inc.*	102,000		3,996,360

			13,787,056

*IT Services (1.4%)*
Accenture Ltd., Class A	88,000		2,540,560
Affiliated Computer Services, Inc., Class A*	134,500		7,959,710
Automatic Data Processing, Inc.	73,300		3,363,737
CheckFree Corp.*	42,800		1,964,520

			15,828,527

*Semiconductors & Semiconductor Equipment (8.0%)*
Altera Corp.*	716,400		13,274,892
Applied Materials, Inc.	942,682		16,911,715
ASML Holding N.V. (N.Y. Shares)*^	139,300		2,797,144
Credence Systems Corp.*^	110,000		765,600
Fairchild Semiconductor International, Inc., Class A*^	168,700		2,852,717
Freescale Semiconductor, Inc., Class A*^	293,200		7,385,708
Intel Corp.	221,503		5,528,715
International Rectifier Corp.*^	243,300		7,761,270
KLA-Tencor Corp.	320,300		15,800,399
Linear Technology Corp.	98,600		3,556,502
Novellus Systems, Inc.*	60,500		1,459,260
Silicon Laboratories, Inc.*^	69,400		2,544,204
Teradyne, Inc.*	242,500		3,533,225
Xilinx, Inc.	266,800		6,726,028

			90,897,379

*Software (4.0%)*
Adobe Systems, Inc.	296,300		10,951,248
Microsoft Corp.	911,052		23,824,010
SAP AG (ADR)	255,300		11,506,371

			46,281,629

Total Information Technology			252,738,056

Materials (2.9%)
*Chemicals (1.3%)*
Air Products & Chemicals, Inc.	41,507		2,456,799
Dow Chemical Co.	118,500		5,192,670
Huntsman Corp.*	235,800		4,060,476
Methanex Corp.	105,900		1,984,566

159

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EQ/CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Number of Shares		Value (Note 1)
Potash Corp. of Saskatchewan, Inc. (Toronto Exchange)		19,000	$	1,524,180

				15,218,691

*Metals & Mining (1.4%)*
Alcoa, Inc.		398,300		11,777,731
Newmont Mining Corp.		78,100		4,170,540

				15,948,271

*Paper & Forest Products (0.2%)*
International Paper Co.		82,900		2,786,269

Total Materials				33,953,231

Telecommunication Services (2.9%)
*Diversified Telecommunication Services (2.7%)*
AT&T, Inc.		70,000		1,714,300
Qwest Communications International, Inc.*^		826,000		4,666,900
Sprint Nextel Corp.		761,000		17,776,960
Verizon Communications, Inc.		206,300		6,213,756

				30,371,916

*Wireless Telecommunication Services (0.2%)*
American Tower Corp., Class A*		93,700		2,539,270

Total Telecommunication Services				32,911,186

Utilities (1.2%)
*Electric Utilities (0.2%)*
Exelon Corp.		42,600		2,263,764

*Multi-Utilities (1.0%)*
AES Corp.*		456,600		7,227,978
Duke Energy Corp.		56,300		1,545,435
MDU Resources Group, Inc.^		80,200		2,625,748

				11,399,161

Total Utilities				13,662,925

Total Common Stocks (98.3%) (Cost $962,298,556)				1,125,258,703


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (8.0%)
Bank of America Corp.
4.31%, 8/10/06 (l)	$	5,500,000		5,500,000
General Electric Capital Corp.
4.36%, 5/12/06 (l)		2,002,060		2,002,060
Merrill Lynch & Co.
4.23%, 10/19/06 (l)		5,000,000		5,000,000
Nomura Securities
4.29%, 1/3/06 (l)		73,086,165		73,086,165
Nordeutsche Landesbank NY
4.40%, 3/30/06 (l)		5,998,985		5,998,985

Total Short-Term Investments of Cash Collateral for Securities Loaned				91,587,210

Time Deposit (1.8%)
JPMorgan Chase Nassau
3.68%, 1/3/06		19,996,379		19,996,379

Total Short-Term Investments (9.8%) (Amortized Cost $111,583,589)				111,583,589

Total Investments (108.1%) (Cost/Amortized Cost $1,073,882,145)				1,236,842,292
Other Assets Less Liabilities (-8.1%)				(92,617,282	)

Net Assets (100%)			$	1,144,225,010

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

Glossary:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	407,248,390
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	327,627,368

As of December 31, 2005, 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	$	195,322,936
Aggregate gross unrealized depreciation		(35,478,148	)

Net unrealized appreciation	$	159,844,788

Federal income tax cost of investments	$	1,076,997,504

At December 31, 2005, the Portfolio had loaned securities with a total value of $89,251,378. This was secured by collateral of $91,587,210 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

The Portfolio utilized capital loss carryforward of $192,484 during 2005.

See Notes to Financial Statements.

160

EQ ADVISORS TRUST

EQ/CAYWOOD-SCHOLL HIGH-YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Financials (0.2%)
*Diversified Financial Services (0.2%)*
Leucadia National Corp.		3,909	$	185,521

Total Financials				185,521

Health Care (0.3%)
*Health Care Equipment & Supplies (0.3%)*
Dade Behring Holdings, Inc.		8,000		327,120

Total Health Care				327,120

Information Technology (0.0%)
*Computers & Peripherals (0.0%)*
Axiohm Transaction Solutions, Inc.*†		4,056		—

Total Information Technology				—

Telecommunication Services (0.1%)
*Diversified Telecommunication Services (0.1%)*
Nextlink Communications, Inc. Escrow Shares*†		1,100,000		—
Telewest Global, Inc.*		7,644		182,080
XO Communications, Inc.*		935		1,702

Total Telecommunication Services		.		183,782

Total Common Stocks (0.6%) (Cost $2,373,890)				696,423


	Principal Amount
LONG-TERM DEBT SECURITIES:
Consumer Discretionary (24.5%)
*Auto Components (0.5%)*
TRW Automotive, Inc.
9.375%, 2/15/13	$	487,000		527,178

*Automobiles (0.5%)*
Ford Motor Credit Co.
7.000%, 10/1/13		600,000		512,674

*Distributors (0.5%)*
Buhrmann U.S., Inc.
8.250%, 7/1/14		600,000		602,250

*Hotels, Restaurants & Leisure (9.0%)*
American Casino & Entertainment Properties LLC
7.850%, 2/1/12		350,000		358,750
Boyd Gaming Corp.
7.750%, 12/15/12		725,000		759,437
6.750%, 4/15/14		375,000		372,188
Caesars Entertainment, Inc.
7.875%, 3/15/10		600,000		645,000
8.125%, 5/15/11		400,000		441,500
Hilton Hotels Corp.
8.250%, 2/15/11		750,000		821,929
Intrawest Corp.
7.500%, 10/15/13		500,000		506,250
Landry’s Restaurants, Inc.
7.500%, 12/15/14		700,000		654,500
Mandalay Resort Group, Series B
10.250%, 8/1/07		125,000		133,281
MGM MIRAGE
6.000%, 10/1/09		300,000		298,125
8.500%, 9/15/10		600,000		650,250
6.750%, 9/1/12		500,000		506,875
6.625%, 7/15/15		225,000		224,438
Mohegan Tribal Gaming Authority
6.375%, 7/15/09		200,000		201,250
7.125%, 8/15/14		225,000		230,344
Restaurant Co.
10.000%, 10/1/13 §		225,000		208,125
Royal Caribbean Cruises Ltd.
8.000%, 5/15/10		900,000		977,505
San Pasqual Casino
8.000%, 9/15/13 §		575,000		583,625
Seneca Gaming Corp.
7.250%, 5/1/12		250,000		251,563
7.250%, 5/1/12 §		235,000		236,469
Starwood Hotels & Resorts Worldwide, Inc.
7.875%, 5/1/12		800,000		882,000
Station Casinos, Inc.
6.875%, 3/1/16		375,000		383,437

				10,326,841

*Household Durables (0.9%)*
Interface, Inc.
10.375%, 2/1/10		350,000		378,875
K Hovnanian Enterprises, Inc.
6.000%, 1/15/10		225,000		213,393
Standard-Pacific Corp.
6.875%, 5/15/11		475,000		463,125

				1,055,393

*Internet & Catalog Retail (0.3%)*
FTD, Inc.
7.750%, 2/15/14		389,000		385,110

*Media (8.0%)*
Block Communications, Inc.
8.250%, 12/15/15 §		500,000		495,000
CBD Media, Inc.
8.625%, 6/1/11		175,000		178,500
Corus Entertainment, Inc.
8.750%, 3/1/12		675,000		730,687
CSC Holdings, Inc.
8.125%, 7/15/09		210,000		212,100
Dex Media East LLC/Dex Media Finance Co.
9.875%, 11/15/09		100,000		108,125
12.125%, 11/15/12		325,000		380,250
Dex Media West LLC/Dex Media Finance Co.
8.500%, 8/15/10		820,000		858,950
9.875%, 8/15/13		440,000		488,400
DirecTV Holdings LLC
8.375%, 3/15/13		32,000		34,400
6.375%, 6/15/15		575,000		562,062
Echostar DBS Corp.
6.375%, 10/1/11		250,000		240,625
6.625%, 10/1/14		225,000		215,719
EPCO Holdings, Inc.
6.418%, 8/18/10 (l)		175,000		177,352
6.603%, 8/18/10 (l)		87,500		88,676
6.639%, 8/18/10 (l)		84,000		85,129
Houghton Mifflin Co.
8.250%, 2/1/11		450,000		464,625
Imax Corp.
9.625%, 12/1/10		500,000		515,000
Inmarsat Finance plc
7.625%, 6/30/12		465,000		479,531
Mediacom LLC
9.500%, 1/15/13		275,000		268,469
Primedia, Inc.
8.875%, 5/15/11		400,000		369,000
R.H. Donnelley Corp.
6.875%, 1/15/13		150,000		138,188
R.H. Donnelley, Inc.
10.875%, 12/15/12		225,000		253,687

161

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EQ/CAYWOOD-SCHOLL HIGH-YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount		Value (Note 1)
Rogers Cable, Inc.
6.250%, 6/15/13	$	275,000	$	271,219
6.750%, 3/15/15		175,000		177,625
Sinclair Broadcast Group, Inc.
8.750%, 12/15/11		350,000		368,375
Videotron Ltee
6.875%, 1/15/14		350,000		354,375
6.375%, 12/15/15 §		700,000		695,625

				9,211,694

*Multiline Retail (2.2%)*
J.C. Penney Corp., Inc.
8.000%, 3/1/10		100,000		109,525
7.650%, 8/15/16		650,000		738,928
Neiman Marcus Group, Inc.
6.780%, 4/6/13 (l)		600,000		604,096
9.000%, 10/15/15 §		750,000		766,875
Saks, Inc.
8.250%, 11/15/08		350,000		364,000

				2,583,424

*Specialty Retail (0.4%)*
Asbury Automotive Group, Inc.
9.000%, 6/15/12		100,000		100,000
8.000%, 3/15/14		175,000		167,125
Jo-Ann Stores, Inc.
7.500%, 3/1/12		250,000		204,375
PETCO Animal Supplies, Inc.
10.750%, 11/1/11		22,000		23,815

				495,315

*Textiles, Apparel & Luxury Goods (2.2%)*
INVISTA
9.250%, 5/1/12 §		625,000		667,188
Levi Strauss & Co.
9.280%, 4/1/12 (l)		300,000		302,250
9.750%, 1/15/15		475,000		494,000
Perry Ellis International, Inc.
8.875%, 9/15/13		450,000		443,250
Phillips-Van Heusen Corp.
7.250%, 2/15/11		450,000		456,750
8.125%, 5/1/13		125,000		131,875

				2,495,313

Total Consumer Discretionary				28,195,192

Consumer Staples (5.1%)
*Beverages (0.5%)*
Constellations Brands, Inc.
8.125%, 1/15/12		400,000		416,000
Cott Beverages, Inc.
8.000%, 12/15/11		125,000		128,125

				544,125

*Food & Staples Retailing (2.2%)*
Delhaize America, Inc.
8.125%, 4/15/11		975,000		1,062,815
Ingles Markets, Inc.
8.875%, 12/1/11		675,000		698,625
Jean Coutu Group PJC, Inc.
7.625%, 8/1/12		425,000		418,625
Pantry, Inc.
7.750%, 2/15/14		350,000		350,000

				2,530,065

*Food Products (1.5%)*
Chiquita Brands International, Inc.
7.500%, 11/1/14		175,000		154,000
Dole Foods Co.
8.625%, 5/1/09		382,000		391,550
Pilgrim’s Pride Corp.
9.250%, 11/15/13		75,000		80,063
Smithfield Foods, Inc.
7.625%, 2/15/08		350,000		361,375
7.750%, 5/15/13		775,000		819,562

				1,806,550

*Household Products (0.6%)*
Central Garden & Pet Co.
9.125%, 2/1/13		675,000		712,125

*Personal Products (0.3%)*
Elizabeth Arden, Inc.
7.750%, 1/15/14		325,000		328,250

Total Consumer Staples				5,921,115

Energy (8.5%)
*Energy Equipment & Services (1.4%)*
Atlas Pipeline Partners LP
8.125%, 12/15/15 §		300,000		302,625
Hanover Compressor Co.
(Zero Coupon), 3/31/07		100,000		89,750
Hanover Equipment Trust,
Series 01-B
8.750%, 9/1/11		475,000		502,312
Universal Compression, Inc.
7.250%, 5/15/10		725,000		735,875

				1,630,562

*Oil & Gas (7.1%)*
Chesapeake Energy Corp.
6.625%, 1/15/16		1,400,000		1,417,500
Compton Petroleum Corp.
7.625%, 12/1/13 §		275,000		281,188
Denbury Resources, Inc.
7.500%, 12/15/15		375,000		379,687
El Paso Corp.
7.000%, 5/15/11		200,000		198,500
7.875%, 6/15/12		1,075,000		1,107,250
Kerr-McGee Corp.
6.875%, 9/15/11		400,000		427,400
Massey Energy Co.
6.625%, 11/15/10		200,000		203,250
6.875%, 12/15/13 §		250,000		252,188
Pacific Energy Partners LP/Pacific Energy Finance Corp.
6.250%, 9/15/15 §		375,000		369,375
Pogo Producing Co.
6.875%, 10/1/17 §		1,025,000		999,375
Teekay Shipping Corp.
8.875%, 7/15/11		750,000		847,500
Whiting Petroleum Corp.
7.000%, 2/1/14 §		200,000		200,500
Williams Cos., Inc.
7.125%, 9/1/11		900,000		934,875
YPF Sociedad Anonima
9.125%, 2/24/09		500,000		540,000

				8,158,588

Total Energy				9,789,150

Financials (6.8%)
*Capital Markets (1.4%)*
Arch Western Finance LLC
6.750%, 7/1/13		300,000		305,625
E*Trade Financial Corp.
7.375%, 9/15/13 §		550,000		556,875
Nell AF SARL
8.375%, 8/15/15 §		700,000		693,000

				1,555,500

162

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EQ/CAYWOOD-SCHOLL HIGH-YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount		Value (Note 1)
*Commercial Banks (0.6%)*
Western Financial Bank FSB
9.625%, 5/15/12	$	650,000	$	728,000

*Consumer Finance (0.5%)*
General Motors Acceptance Corp.
6.875%, 9/15/11		675,000		615,563

*Diversified Financial Services (1.7%)*
American Real Estate Partners Finance Corp.
7.125%, 2/15/13 §		200,000		200,000
BCP Crystal U.S. Holdings Corp.
9.625%, 6/15/14		406,000		451,675
Dollar Financial Group, Inc.
9.750%, 11/15/11		600,000		618,000
Rainbow National Services LLC
10.375%, 9/1/14 §		550,000		616,000
Residential Capital Corp.
6.375%, 6/30/10		75,000		76,208

				1,961,883

*Real Estate (2.6%)*
Felcor Lodging LP (REIT)
9.000%, 6/1/11		775,000		848,625
HMH Properties, Inc., Series B
7.875%, 8/1/08		9,000		9,101
Host Marriott LP (REIT)
9.500%, 1/15/07		475,000		491,625
7.000%, 8/15/12		125,000		128,125
La Quinta Properties, Inc. (REIT)
7.000%, 8/15/12		225,000		243,563
Meristar Hospitality Corp. (REIT)
9.125%, 1/15/11		250,000		272,500
Thornburg Mortgage, Inc.
8.000%, 5/15/13		400,000		394,000
Ventas Realty LP/Ventas Capital Corp. (REIT)
7.125%, 6/1/15		550,000		577,500

				2,965,039

Total Financials				7,825,985

Health Care (5.4%)
*Health Care Equipment & Supplies (0.3%)*
Fisher Scientific International, Inc.
6.125%, 7/1/15 §		75,000		75,000
WH Holdings Ltd./WH Capital Corp.
9.500%, 4/1/11		240,000		259,200

				334,200

*Health Care Providers & Services (4.0%)*
Alderwoods Group, Inc.
7.750%, 9/15/12		600,000		621,000
Beverly Enterprises, Inc.
7.875%, 6/15/14		100,000		107,000
Carriage Services, Inc.
7.875%, 1/15/15		200,000		203,500
DaVita, Inc.
6.625%, 3/15/13		1,000,000		1,017,500
Term Loan
6.350%, 10/5/12		288,235		291,878
HCA, Inc.
6.950%, 5/1/12		575,000		596,415
7.500%, 11/6/33		75,000		77,439
IASIS Healthcare Capital Corp.
8.750%, 6/15/14		275,000		288,750
Service Corp. International
7.700%, 4/15/09		75,000		78,750
6.750%, 4/1/16		525,000		511,875
U.S. Oncology, Inc.
9.000%, 8/15/12		750,000		802,500

				4,596,607

*Pharmaceuticals (1.1%)*
Mylan Labs, Inc.
5.750%, 8/15/10 §		75,000		75,094
6.375%, 8/15/15 §		300,000		300,375
Omnicare, Inc.
6.750%, 12/15/13		850,000		859,562

				1,235,031

Total Health Care				6,165,838

Industrials (8.6%)
*Aerospace & Defense (1.2%)*
Argo-Tech Corp.
9.250%, 6/1/11		400,000		410,000
Bombardier, Inc.
6.750%, 5/1/12 §		225,000		208,125
Esterline Technologies Corp.
7.750%, 6/15/13		225,000		235,125
L-3 Communications Corp.
6.125%, 7/15/13		75,000		74,438
5.875%, 1/15/15		150,000		145,500
6.375%, 10/15/15 §		75,000		74,812
Moog, Inc.
6.250%, 1/15/15		200,000		197,000

				1,345,000

*Building Products (0.5%)*
Goodman Global Holdings Co., Inc.
7.875%, 12/15/12 §		625,000		581,250

*Commercial Services & Supplies (1.3%)*
Adesa, Inc.
7.625%, 6/15/12		250,000		248,750
Allied Waste North America, Series B
8.875%, 4/1/08		100,000		105,500
5.750%, 2/15/11 §		750,000		710,625
Browning-Ferris Industries, Inc.
6.375%, 1/15/08		150,000		150,375
Corrections Corp. of America
7.500%, 5/1/11		325,000		336,375

				1,551,625

*Electrical Equipment (1.2%)*
Dresser, Inc.
9.375%, 4/15/11		750,000		789,375
General Cable Corp.
9.500%, 11/15/10		350,000		371,000
Thomas & Betts Corp.
7.250%, 6/1/13		200,000		212,816

				1,373,191

*Industrial Conglomerates (0.4%)*
Trinity Industries, Inc.
6.500%, 3/15/14		450,000		443,250

*Machinery (3.0%)*
Briggs & Stratton Corp.
8.875%, 3/15/11		675,000		756,245
Case New Holland, Inc.
6.000%, 6/1/09		300,000		291,000
9.250%, 8/1/11		700,000		749,000
Douglas Dynamics LLC
7.750%, 1/15/12 §		350,000		337,750
Dresser-Rand Group, Inc.
7.625%, 11/1/14 §		501,000		516,030
Navistar International Corp.
6.250%, 3/1/12		575,000		514,625
Series B
9.375%, 6/1/06		250,000		253,750

				3,418,400

163

EQ ADVISORS TRUST

EQ/CAYWOOD-SCHOLL HIGH-YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount		Value (Note 1)
*Road & Rail (0.4%)*
Hertz Corp.
8.875%, 1/1/14 §	$	425,000	$	432,969

*Trading Companies & Distributors (0.6%)*
United Rentals North America, Inc.
6.500%, 2/15/12		775,000		754,656

Total Industrials				9,900,341

Information Technology (3.3%)
*Communications Equipment (0.4%)*
American Towers, Inc.
7.250%, 12/1/11		475,000		494,000

*IT Services (1.8%)*
SunGard Data Systems, Inc.
9.125%, 8/15/13 §		950,000		983,250
4.875%, 1/15/14		1,100,000		957,000
6.810%, 12/31/49 (l)		99,500		100,070

				2,040,320

*Office Electronics (1.1%)*
Xerox Corp.
7.125%, 6/15/10		200,000		208,250
7.625%, 6/15/13		175,000		184,625
7.200%, 4/1/16		875,000		918,750

				1,311,625

Total Information Technology				3,845,945

Materials (9.2%)
*Chemicals (2.4%)*
Equistar Chemicals LP
10.625%, 5/1/11		250,000		275,000
Hercules, Inc.
6.750%, 10/15/29		650,000		625,625
Huntsman International LLC
9.875%, 3/1/09		175,000		184,625
Nalco Co.
7.750%, 11/15/11		310,000		318,525
8.875%, 11/15/13		175,000		183,313
Rockwood Specialties Group, Inc.
7.500%, 11/15/14		685,000		682,431
Westlake Chemical Corp.
8.750%, 7/15/11		478,000		511,460

				2,780,979

*Construction Materials (0.7%)*
Texas Industries, Inc.
7.250%, 7/15/13 §		450,000		466,875
U.S. Concrete, Inc.
8.375%, 4/1/14		250,000		249,375

				716,250

*Containers & Packaging (1.9%)*
Crown Americas, Inc.
7.750%, 11/15/15 §		700,000		724,500
Owens-Brockway Glass Container, Inc.
8.875%, 2/15/09		325,000		339,219
8.750%, 11/15/12		150,000		161,250
Owens-Illinois, Inc.
7.350%, 5/15/08		975,000		987,187

				2,212,156

*Metals & Mining (2.7%)*
AK Steel Holding Corp.
7.750%, 6/15/12		575,000		518,937
California Steel Industries, Inc.
6.125%, 3/15/14		425,000		397,375
Foundation PA Coal Co.
7.250%, 8/1/14		800,000		827,000
International Steel Group, Inc.
6.500%, 4/15/14		75,000		75,000
Ispat Inland ULC
9.750%, 4/1/14		292,000		330,690
Novelis, Inc.
7.500%, 2/15/15 §		475,000		442,938
Steel Dynamics, Inc.
9.500%, 3/15/09		450,000		473,625
United States Steel Corp.
10.750%, 8/1/08		33,000		36,465

				3,102,030

*Paper & Forest Products (1.5%)*
Buckeye Technologies, Inc.
8.500%, 10/1/13		400,000		400,000
Catalyst Paper Corp.
7.375%, 3/1/14		75,000		65,625
Georgia-Pacific Corp.
8.125%, 5/15/11		750,000		750,938
Plastipak Holdings, Inc.
8.500%, 12/15/15 §		500,000		505,000

				1,721,563

Total Materials				10,532,978

Telecommunication Services (9.7%)
*Diversified Telecommunication Services (4.0%)*
AT&T Corp.
9.050%, 11/15/11		400,000		442,730
Citizens Communications Co.
6.250%, 1/15/13		750,000		725,625
Hawaiian Telcom Communications, Inc.
9.750%, 5/1/13 §		500,000		488,750
MCI, Inc.
8.735%, 5/1/14		850,000		940,312
Pathnet, Inc.
12.250%, 4/15/08 (h)†		250,000		—
Qwest Communications International, Inc.
7.500%, 2/15/14		275,000		282,563
Qwest Corp.
8.875%, 3/15/12		800,000		902,000
Time Warner Telecom Holdings, Inc.
9.250%, 2/15/14		775,000		817,625
Williams Communications Group, Inc.
11.700%, 8/1/08 (h)†		575,000		—

				4,599,605

*Wireless Telecommunication Services (5.7%)*
American Cellular Corp.
10.000%, 8/1/11		1,000,000		1,085,000
Dobson Cellular Systems
8.375%, 11/1/11		800,000		849,000
Intelsat Bermuda Ltd.
8.250%, 1/15/13 §		175,000		176,750
8.625%, 1/15/15 §		850,000		858,500
New Skies Satellites N.V.
9.125%, 11/1/12		300,000		320,625
Nextel Communications, Inc.
5.950%, 3/15/14		850,000		854,452
PanAmSat Corp.
6.375%, 1/15/08		75,000		75,000
9.000%, 8/15/14		406,000		425,285
Rogers Wireless, Inc.
9.625%, 5/1/11		275,000		316,250
7.500%, 3/15/15		1,225,000		1,323,000
SBA Communications Corp.
8.500%, 12/1/12		260,000		288,600
Zeus Special Subsidiary, Ltd.
0.000%, 2/1/15 § (e)		50,000		32,875

				6,605,337

Total Telecommunication Services				11,204,942

164

EQ ADVISORS TRUST

EQ/CAYWOOD-SCHOLL HIGH-YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount		Value (Note 1)
Utilities (10.0%)
*Electric Utilities (5.7%)*
Allegheny Energy, Inc.
5.760%, 3/8/11 (l)	$	15,958	$	16,131
5.808%, 3/8/11 (l)		63,460		64,147
5.918%, 3/8/11 (l)		4,677		4,728
6.410%, 3/8/11 (l)		8,419		8,510
CMS Energy Corp.
8.900%, 7/15/08		150,000		160,312
7.500%, 1/15/09		550,000		566,500
7.750%, 8/1/10		50,000		52,438
6.875%, 12/15/15		150,000		151,313
Edison Mission Energy
9.875%, 4/15/11		375,000		437,344
Inergy LP/Inergy Finance Corp.
6.875%, 12/15/14		200,000		182,000
Midwest Generation LLC
8.750%, 5/1/34		450,000		495,562
MSW Energy Holdings LLC/ MSW Energy Finance Co., Inc.
8.500%, 9/1/10		450,000		479,250
Nevada Power Co.
6.500%, 4/15/12		300,000		307,500
5.875%, 1/15/15		100,000		99,232
NRG Energy, Inc.
8.000%, 12/15/13		487,000		543,005
Sierra Pacific Resources
8.625%, 3/15/14		400,000		432,796
6.750%, 8/15/17 §		150,000		149,250
TECO Energy, Inc.
7.500%, 6/15/10		150,000		159,750
6.750%, 5/1/15		125,000		129,375
Tenaska Alabama Partners LP
7.000%, 6/30/21 §		672,734		676,793
Texas Genco Financing Corp. LLC
6.875%, 12/15/14 §		550,000		595,375
TXU Corp.
5.550%, 11/15/14		850,000		807,361

				6,518,672

*Gas Utilities (1.0%)*
AmeriGas Partners LP
7.250%, 5/20/15		225,000		229,500
ANR Pipeline Co.
8.875%, 3/15/10		50,000		53,436
Colorado Interstate Gas Co.
6.800%, 11/15/15 (b)		350,000		357,621
Suburban Propane Partners LP
6.875%, 12/15/13		500,000		467,500

				1,108,057

*Independent Power Producers & Energy Traders (1.1%)*
Dynegy Holdings, Inc.
9.875%, 7/15/10 §		250,000		274,063
Mirant North America LLC
7.375%, 12/31/13 §		550,000		556,187
Targa Resources, Inc.
6.530%, 10/31/07 (l)		500,000		499,375

				1,329,625

*Multi-Utilities & Unregulated Power (2.2%)*
AES Corp.
9.500%, 6/1/09		400,000		432,000
8.875%, 2/15/11		200,000		216,250
8.750%, 5/15/13 §		200,000		217,750
Reliant Energy, Inc.
9.250%, 7/15/10		350,000		350,000
9.500%, 7/15/13		200,000		200,500
6.750%, 12/15/14		250,000		218,125
Southern Natural Gas Co.
6.700%, 10/1/07		475,000		479,887
8.875%, 3/15/10		375,000		400,768

				2,515,280

Total Utilities				11,471,634

Total Long-Term Debt Securities (91.1%) (Cost $103,285,405)				104,853,120


	Number of Contracts
WARRANTS:
Health Care (0.0%)
*Biotechnology (0.0%)*
Charles River Laboratories International, Inc., $ 5.19, expiring 10/1/09* †		250		70,605

Total Health Care				70,605

Information Technology (0.0%)
*Communications Equipment (0.0%)*
Loral Space & Communications, $23.70, expiring 12/26/06*†		5,235		—
Loral Space & Communications, $0.14, expiring 1/15/07*†		600		—

				—

*Internet Software & Services (0.0%)*
Verado Holdings, Inc., $0.01, expiring 4/15/08*†		300		—

				—

Total Information Technology				—

Telecommunication Services (0.0%)
*Diversified Telecommunication Services (0.0%)*
Pathnet, Inc., $0.01, expiring 4/15/08*†		250		—
XO Communications, Inc., $6.25, expiring 1/16/10*		1,872		281
XO Communications, Inc., $7.50, expiring 1/16/10*		1,403		140
XO Communications, Inc., $10.00, expiring 1/16/10*		1,403		127

Total Telecommunication Services		.		548

Total Warrants (0.0%) (Cost $5,940)				71,153


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (6.2%)
JPMorgan Chase Nassau
3.68%, 1/3/06 (Amortized Cost $7,150,847)	$	7,150,847		7,150,847

Total Investments (97.9%) (Cost/Amortized Cost $112,816,082)				112,771,543
Other Assets Less Liabilities (2.1%)				2,382,488

Net Assets (100%)			$	115,154,031

165

EQ ADVISORS TRUST

EQ/CAYWOOD-SCHOLL HIGH-YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

*	Non-income producing.

†	Securities (totaling $70,605 or 0.06% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2005, the market value of these securities amounted to $18,584,919 or 16.14% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

(e)

Step Bond - Coupon rate increases in increments to maturity. Rate disclosed is as of December 31, 2005. Maturity date disclosed is the ultimate maturity date.

(h)

Security in default, non-income producing.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

Glossary:

REIT — Real Estate Investment Trust

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	69,414,949
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	43,936,451

As of December 31, 2005, 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.	$	3,081,921
Aggregate gross unrealized depreciation.		(3,179,386	)

Net unrealized depreciation	$	(97,465	)

Federal income tax cost of investments	$	112,869,008

The Portfolio has a net capital loss carryforward of $24,685,257, of which $1,303,139 expires in the year 2007, $4,139,621 expires in the year 2008, $6,348,144 expires in the year 2009, $10,736,475 expires in the year 2010 and $2,157,878 expires in the year 2011.

The Portfolio utilized $851,002 in capital loss carryforward during 2005.

See Notes to Financial Statements.

166

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.6%)
*Auto Components (0.2%)*
Cooper Tire & Rubber Co.^	19,300	$	295,676
Dana Corp.^	47,365		340,081
Goodyear Tire & Rubber Co.*^	55,500		964,590
Johnson Controls, Inc.	60,800		4,432,928

			6,033,275

*Automobiles (0.3%)*
Ford Motor Co.^	584,797		4,514,633
General Motors Corp.^	178,400		3,464,528
Harley-Davidson, Inc.^	86,600		4,459,034

			12,438,195

*Distributors (0.1%)*
Genuine Parts Co.	54,900		2,411,208

*Hotels, Restaurants & Leisure (1.5%)*
Carnival Corp. (Unit)	136,200		7,282,614
Darden Restaurants, Inc.	42,350		1,646,568
Harrah’s Entertainment, Inc.	58,000		4,134,820
Hilton Hotels Corp.	103,300		2,490,563
International Game Technology	107,600		3,311,928
Marriott International, Inc., Class A	54,050		3,619,729
McDonald’s Corp.	394,500		13,302,540
Starbucks Corp.*	242,500		7,277,425
Starwood Hotels & Resorts Worldwide, Inc. (Unit)	68,700		4,387,182
Wendy’s International, Inc.	36,500		2,016,990
Yum! Brands, Inc.	90,040		4,221,075

			53,691,434

*Household Durables (0.7%)*
Black & Decker Corp.	25,400		2,208,784
Centex Corp.^	40,500		2,895,345
D.R. Horton, Inc.	85,900		3,069,207
Fortune Brands, Inc.	46,100		3,596,722
KB Home	24,500		1,780,170
Leggett & Platt, Inc.^	59,500		1,366,120
Lennar Corp., Class A	42,300		2,581,146
Maytag Corp.	25,200		474,264
Newell Rubbermaid, Inc.	86,876		2,065,911
Pulte Homes, Inc.	67,700		2,664,672
Snap-On, Inc.^	18,200		683,592
Stanley Works	22,900		1,100,116
Whirlpool Corp.^	21,100		1,767,336

			26,253,385

*Internet & Catalog Retail (0.6%)*
Amazon.com, Inc.*	96,800		4,564,120
eBay, Inc.*	350,400		15,154,800

			19,718,920

*Leisure Equipment & Products (0.2%)*
Brunswick Corp.	30,700		1,248,262
Eastman Kodak Co.^	90,600		2,120,040
Hasbro, Inc.	56,408		1,138,313
Mattel, Inc.	127,400		2,015,468

			6,522,083

*Media (3.3%)*
Clear Channel Communications, Inc.^	171,190		5,383,926
Comcast Corp., Class A*	693,000		17,990,280
Dow Jones & Co., Inc.^	18,600		660,114
E.W. Scripps Co., Class A	27,000		1,296,540
Gannett Co., Inc.	77,000		4,663,890
Interpublic Group of Cos., Inc.*^	133,400		1,287,310
Knight Ridder, Inc.^	21,900		1,386,270
McGraw-Hill Cos., Inc.	118,000		6,092,340
Meredith Corp.	13,200		690,888
New York Times Co., Class A^	45,800		1,211,410
News Corp., Class A	773,100		12,021,705
Omnicom Group, Inc.	57,500		4,894,975
Time Warner, Inc.	1,481,450		25,836,488
Tribune Co.	83,670		2,531,854
Univision Communications, Inc., Class A*^	72,600		2,133,714
Viacom, Inc., Class B*	500,300		16,309,780
Walt Disney Co.	634,400		15,206,568

			119,598,052

*Multiline Retail (1.1%)*
Big Lots, Inc.*^	35,900		431,159
Dillards, Inc., Class A^	20,300		503,846
Dollar General Corp.	101,290		1,931,600
Family Dollar Stores, Inc.^	48,800		1,209,752
Federated Department Stores, Inc.	83,736		5,554,209
J.C. Penney Corp., Inc.	79,000		4,392,400
Kohl’s Corp.*	108,800		5,287,680
Nordstrom, Inc.	69,900		2,614,260
Sears Holdings Corp.*^	32,562		3,761,888
Target Corp.	279,200		15,347,624

			41,034,418

*Specialty Retail (2.2%)*
Autonation, Inc.*^	56,900		1,236,437
AutoZone, Inc.*	17,600		1,614,800
Bed Bath & Beyond, Inc.*	93,300		3,372,795
Best Buy Co., Inc.^	127,775		5,555,657
Circuit City Stores, Inc.	51,900		1,172,421
Gap, Inc.	182,875		3,225,915
Home Depot, Inc.	675,450		27,342,216
Limited Brands	110,157		2,462,009
Lowe’s Cos., Inc.	246,100		16,405,026
Office Depot, Inc.*	99,800		3,133,720
OfficeMax, Inc.	22,300		565,528
RadioShack Corp.^	42,300		889,569
Sherwin-Williams Co.	35,900		1,630,578
Staples, Inc.	231,875		5,265,881
Tiffany & Co.	44,900		1,719,221
TJX Cos., Inc.	147,000		3,414,810

			79,006,583

*Textiles, Apparel & Luxury Goods (0.4%)*
Coach, Inc.*	119,900		3,997,466
Jones Apparel Group, Inc.	37,300		1,145,856
Liz Claiborne, Inc.	33,900		1,214,298
NIKE, Inc., Class B	60,300		5,233,437
Reebok International Ltd.	16,600		966,618
V.F. Corp.	28,200		1,560,588

			14,118,263

Total Consumer Discretionary			380,825,816

Consumer Staples (9.6%)
*Beverages (2.1%)*
Anheuser-Busch Cos., Inc.	245,100		10,529,496
Brown-Forman Corp., Class B	26,200		1,816,184
Coca-Cola Co.	655,300		26,415,143
Coca-Cola Enterprises, Inc.	95,100		1,823,067
Constellation Brands, Inc., Class A*	61,800		1,621,014
Molson Coors Brewing Co.^	18,100		1,212,519
Pepsi Bottling Group, Inc.	43,800		1,253,118
PepsiCo, Inc.	526,960		31,132,797

			75,803,338

*Food & Staples Retailing (2.4%)*
Albertson’s, Inc.^	116,251		2,481,959
Costco Wholesale Corp.	151,200		7,479,864

167

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
CVS Corp.	256,500	$	6,776,730
Kroger Co.*	228,400		4,312,192
Safeway, Inc.	141,600		3,350,256
SUPERVALU, Inc.	42,900		1,393,392
Sysco Corp.	199,800		6,203,790
Wal-Mart Stores, Inc.	788,300		36,892,440
Walgreen Co.	322,700		14,282,702
Whole Foods Market, Inc.	43,700		3,381,943

			86,555,268

*Food Products (1.1%)*
Archer-Daniels-Midland Co.	205,266		5,061,859
Campbell Soup Co.	58,300		1,735,591
ConAgra Foods, Inc.	163,400		3,313,752
General Mills, Inc.	115,500		5,696,460
Hershey Co.	57,900		3,198,975
H.J. Heinz Co.^	107,550		3,626,586
Kellogg Co.	80,800		3,492,176
McCormick & Co., Inc. (Non-Voting)	42,200		1,304,824
Sara Lee Corp.	247,600		4,679,640
Tyson Foods, Inc., Class A^	79,300		1,356,030
Wm. Wrigley Jr. Co.	56,800		3,776,632

			37,242,525

*Household Products (2.3%)*
Clorox Co.	47,900		2,725,031
Colgate-Palmolive Co.	163,900		8,989,915
Kimberly-Clark Corp.	150,344		8,968,020
Procter & Gamble Co.	1,084,205		62,753,785

			83,436,751

*Personal Products (0.2%)*
Alberto-Culver Co.	23,800		1,088,850
Avon Products, Inc.	148,500		4,239,675

			5,328,525

*Tobacco (1.5%)*
Altria Group, Inc.	655,000		48,941,600
Reynolds American, Inc.^	27,000		2,573,910
UST, Inc.^	51,900		2,119,077

			53,634,587

Total Consumer Staples			342,000,994

Energy (9.3%)
*Energy Equipment & Services (1.7%)*
Baker Hughes, Inc.	107,560		6,537,497
BJ Services Co.^	101,700		3,729,339
Halliburton Co.	160,400		9,938,384
Nabors Industries Ltd.*^	49,700		3,764,775
National Oilwell Varco, Inc.*	54,700		3,429,690
Noble Corp.	43,200		3,047,328
Rowan Cos., Inc.	34,400		1,226,016
Schlumberger Ltd.	185,700		18,040,755
Transocean, Inc.*	103,792		7,233,264
Weatherford International Ltd.*	104,000		3,764,800

			60,711,848

*Oil & Gas (7.6%)*
Amerada Hess Corp.^	25,200		3,195,864
Anadarko Petroleum Corp.	74,572		7,065,697
Apache Corp.	103,780		7,111,006
Burlington Resources, Inc.	120,260		10,366,412
Chevron Corp.	710,684		40,345,531
ConocoPhillips	439,360		25,561,965
Devon Energy Corp.	143,100		8,949,474
El Paso Corp.	207,996		2,529,231
EOG Resources, Inc.	75,800		5,561,446
Exxon Mobil Corp.	1,989,932		111,774,480
Kerr-McGee Corp.	36,433		3,310,302
Kinder Morgan, Inc.^	33,200		3,052,740
Marathon Oil Corp.	115,482		7,040,938
Murphy Oil Corp.	51,800		2,796,682
Occidental Petroleum Corp.	126,200		10,080,856
Sunoco, Inc.^	43,100		3,378,178
Valero Energy Corp.	193,000		9,958,800
Williams Cos., Inc.	180,500		4,182,185
XTO Energy, Inc.	114,066		5,012,060

			271,273,847

Total Energy			331,985,695

Financials (21.2%)
*Capital Markets (3.1%)*
Bank of New York Co., Inc.	245,600		7,822,360
Bear Stearns Co., Inc.	35,553		4,107,438
Charles Schwab Corp./The	327,925		4,810,660
ETrade Financial Corp.	128,300		2,676,338
Federated Investors, Inc., Class B^	26,700		988,968
Franklin Resources, Inc.	46,900		4,409,069
Goldman Sachs Group, Inc.	146,800		18,747,828
Janus Capital Group, Inc.^	70,300		1,309,689
Lehman Brothers Holdings, Inc.	85,900		11,009,803
Mellon Financial Corp.	132,000		4,521,000
Merrill Lynch & Co., Inc.	292,400		19,804,252
Morgan Stanley	342,810		19,451,039
Northern Trust Corp.	58,600		3,036,652
State Street Corp.	104,400		5,787,936
T. Rowe Price Group, Inc.	41,000		2,953,230

			111,436,262

*Commercial Banks (5.7%)*
AmSouth Bancorp	110,550		2,897,516
Bank of America Corp.	1,268,016		58,518,938
BB&T Corp.^	172,800		7,242,048
Comerica, Inc.^	52,750		2,994,090
Compass Bancshares, Inc.	39,200		1,892,968
Fifth Third Bancorp	175,467		6,618,615
First Horizon National Corp.^	39,500		1,518,380
Huntington Bancshares, Inc./Ohio	72,788		1,728,715
KeyCorp	129,200		4,254,556
M&T Bank Corp.	25,500		2,780,775
Marshall & Ilsley Corp.^	65,400		2,814,816
National City Corp.	179,500		6,025,815
North Fork Bancorp, Inc.	150,950		4,129,992
PNC Financial Services Group, Inc.	91,800		5,675,994
Regions Financial Corp.	145,284		4,962,901
SunTrust Banks, Inc.	114,400		8,323,744
Synovus Financial Corp.	98,400		2,657,784
U.S. Bancorp	576,745		17,238,908
Wachovia Corp.	497,768		26,312,017
Wells Fargo & Co.	532,800		33,475,824
Zions Bancorp	33,000		2,493,480

			204,557,876

*Consumer Finance (1.3%)*
American Express Co.	391,600		20,151,736
Capital One Financial Corp.	91,100		7,871,040
MBNA Corp.	396,898		10,775,781
SLM Corp.	131,800		7,260,862

			46,059,419

*Diversified Financial Services (3.9%)*
Ameriprise Financial, Inc.	78,340		3,211,940
CIT Group, Inc.	63,700		3,298,386
Citigroup, Inc.	1,631,716		79,187,178
JPMorgan Chase & Co.	1,108,693		44,004,025
Moody’s Corp.	79,800		4,901,316
Principal Financial Group^	88,300		4,188,069

			138,790,914

168

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
*Insurance (4.9%)*
ACE Ltd.	100,000	$	5,344,000
Aflac, Inc.	158,300		7,348,286
Allstate Corp.	207,276		11,207,413
Ambac Financial Group, Inc.	33,800		2,604,628
American International Group, Inc.	819,057		55,884,259
Aon Corp.	100,525		3,613,874
Chubb Corp.	62,600		6,112,890
Cincinnati Financial Corp.	55,113		2,462,449
Genworth Financial, Inc., Class A	118,800		4,108,104
Hartford Financial Services Group, Inc.	94,500		8,116,605
Jefferson-Pilot Corp.	42,550		2,422,371
Lincoln National Corp.	54,400		2,884,832
Loews Corp.	42,800		4,059,580
Marsh & McLennan Cos., Inc.	168,900		5,364,264
MBIA, Inc.^	42,350		2,547,776
MetLife, Inc.	238,700		11,696,300
Progressive Corp.	62,300		7,275,394
Prudential Financial, Inc.	161,900		11,849,461
Safeco Corp.	39,500		2,231,750
St. Paul Travelers Cos., Inc.	213,224		9,524,716
Torchmark Corp.	32,900		1,829,240
UnumProvident Corp.^	93,920		2,136,680
XL Capital Ltd., Class A	55,000		3,705,900

			174,330,772

*Real Estate (0.7%)*
Apartment Investment & Management Co. (REIT)	30,100		1,139,887
Archstone-Smith Trust (REIT)	66,800		2,798,252
Equity Office Properties Trust (REIT)	129,600		3,930,768
Equity Residential Properties Trust (REIT)	90,600		3,544,272
Plum Creek Timber Co., Inc. (REIT)	58,000		2,090,900
Prologis Trust (REIT)	78,000		3,644,160
Public Storage, Inc. (REIT)	26,100		1,767,492
Simon Property Group, Inc. (REIT)^	57,800		4,429,214
Vornado Realty Trust (REIT)	37,200		3,105,084

			26,450,029

*Thrifts & Mortgage Finance (1.6%)*
Countrywide Financial Corp.	187,598		6,413,976
Fannie Mae	305,500		14,911,455
Freddie Mac	218,100		14,252,835
Golden West Financial Corp.	80,700		5,326,200
MGIC Investment Corp.^	29,400		1,935,108
Sovereign Bancorp, Inc.	114,100		2,466,842
Washington Mutual, Inc.	314,790		13,693,365

			58,999,781

Total Financials			760,625,053

Health Care (13.2%)
*Biotechnology (1.5%)*
Amgen, Inc.*	389,364		30,705,245
Applera Corp.- Applied Biosystems Group	61,600		1,636,096
Biogen Idec, Inc.*	106,800		4,841,244
Chiron Corp.*	34,400		1,529,424
Genzyme Corp.*	81,000		5,733,180
Gilead Sciences, Inc.*	143,900		7,573,457
MedImmune, Inc.*	77,700		2,721,054

			54,739,700

*Health Care Equipment & Supplies (2.2%)*
Bard (C.R.), Inc.	33,200		2,188,544
Bausch & Lomb, Inc.	17,000		1,154,300
Baxter International, Inc.	196,500		7,398,225
Becton, Dickinson & Co.	78,900		4,740,312
Biomet, Inc.^	78,725		2,878,973
Boston Scientific Corp.*	186,300		4,562,487
Fisher Scientific International, Inc.*	38,500		2,381,610
Guidant Corp.	104,200		6,746,950
Hospira, Inc.*	50,460		2,158,679
Medtronic, Inc.	382,200		22,003,254
Millipore Corp.*	16,300		1,076,452
Patterson Cos., Inc.*^	43,500		1,452,900
PerkinElmer, Inc.	41,100		968,316
St. Jude Medical, Inc.*	115,072		5,776,615
Stryker Corp.	91,700		4,074,231
Thermo Electron Corp.*	51,000		1,536,630
Waters Corp.*	36,300		1,372,140
Zimmer Holdings, Inc.*	78,100		5,267,064

			77,737,682

*Health Care Providers & Services (3.1%)*
Aetna, Inc.	91,486		8,628,044
AmerisourceBergen Corp.	65,600		2,715,840
Cardinal Health, Inc.	134,725		9,262,344
Caremark Rx, Inc.*	142,000		7,354,180
CIGNA Corp.	40,600		4,535,020
Coventry Health Care, Inc.*	50,800		2,893,568
Express Scripts, Inc.*	46,900		3,930,220
HCA, Inc.	133,550		6,744,275
Health Management Associates, Inc., Class A	78,000		1,712,880
Humana, Inc.*	51,300		2,787,129
IMS Health, Inc.	71,170		1,773,556
Laboratory Corp. of America Holdings*^	42,700		2,299,395
Manor Care, Inc.^	25,000		994,250
McKesson Corp.	97,281		5,018,727
Medco Health Solutions, Inc.*	96,036		5,358,809
Quest Diagnostics, Inc.	52,500		2,702,700
Tenet Healthcare Corp.*	147,800		1,132,148
UnitedHealth Group, Inc.	433,400		26,931,476
WellPoint, Inc.*	209,500		16,716,005

			113,490,566

*Pharmaceuticals (6.4%)*
Abbott Laboratories	490,600		19,344,358
Allergan, Inc.^	41,300		4,458,748
Bristol-Myers Squibb Co.	617,200		14,183,256
Eli Lilly & Co.	357,800		20,247,902
Forest Laboratories, Inc.*	107,300		4,364,964
Johnson & Johnson	938,810		56,422,481
King Pharmaceuticals, Inc.*	76,210		1,289,473
Merck & Co., Inc.	692,900		22,041,149
Mylan Laboratories, Inc.	68,900		1,375,244
Pfizer, Inc.	2,326,072		54,243,999
Schering-Plough Corp.	465,900		9,714,015
Watson Pharmaceuticals, Inc.*^	32,900		1,069,579
Wyeth	423,300		19,501,431

			228,256,599

Total Health Care			474,224,547


Industrials (11.5%)
*Aerospace & Defense (2.2%)*
Boeing Co.	258,974		18,190,334
General Dynamics Corp.	63,500		7,242,175
Goodrich Corp.	38,400		1,578,240
Honeywell International, Inc.	269,912		10,054,222
L-3 Communications Holdings, Inc.	37,500		2,788,125
Lockheed Martin Corp.	114,908		7,311,596

169

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Northrop Grumman Corp.	112,720	$	6,775,599
Raytheon Co.	142,400		5,717,360
Rockwell Collins, Inc.	55,800		2,593,026
United Technologies Corp.	323,400		18,081,294

			80,331,971

*Air Freight & Logistics (1.0%)*
FedEx Corp.	95,560		9,879,948
Ryder System, Inc.	20,300		832,706
United Parcel Service, Inc., Class B	349,500		26,264,925

			36,977,579

*Airlines (0.1%)*
Southwest Airlines Co.	218,568		3,591,072

*Building Products (0.2%)*
American Standard Cos., Inc.	57,900		2,313,105
Masco Corp.	135,800		4,099,802

			6,412,907

*Commercial Services & Supplies (0.9%)*
Allied Waste Industries, Inc.*^	68,800		601,312
Apollo Group, Inc., Class A*	46,200		2,793,252
Avery Dennison Corp.	34,900		1,928,923
Cendant Corp.	330,179		5,695,588
Cintas Corp.	43,600		1,795,448
Equifax, Inc.	41,100		1,562,622
H&R Block, Inc.	102,400		2,513,920
Monster Worldwide, Inc.*	38,400		1,567,488
Pitney Bowes, Inc.	72,200		3,050,450
R.R. Donnelley & Sons Co. (New York Exchange)	67,700		2,316,017
Robert Half International, Inc.^	53,400		2,023,326
Waste Management, Inc.	177,356		5,382,754

			31,231,100

*Construction & Engineering (0.1%)*
Fluor Corp.	27,400		2,116,924

*Electrical Equipment (0.5%)*
American Power Conversion Corp.	53,900		1,185,800
Cooper Industries Ltd., Class A	29,200		2,131,600
Emerson Electric Co.	130,400		9,740,880
Rockwell Automation, Inc.	57,300		3,389,868

			16,448,148

*Industrial Conglomerates (4.4%)*
3M Co.	241,500		18,716,250
General Electric Co.	3,345,600		117,263,280
Textron, Inc.	42,200		3,248,556
Tyco International Ltd.	638,652		18,431,497

			157,659,583

*Machinery (1.4%)*
Caterpillar, Inc.	213,600		12,339,672
Cummins, Inc.^	14,700		1,319,031
Danaher Corp.	75,000		4,183,500
Deere & Co.	76,100		5,183,171
Dover Corp.	63,900		2,587,311
Eaton Corp.	46,500		3,119,685
Illinois Tool Works, Inc.	65,900		5,798,541
Ingersoll-Rand Co., Ltd., Class A	106,400		4,295,368
ITT Industries, Inc.	29,300		3,012,626
Navistar International Corp.*^	19,400		555,228
PACCAR, Inc.	54,100		3,745,343
Pall Corp.	39,200		1,052,912
Parker-Hannifin Corp.	37,750		2,489,990

			49,682,378

*Road & Rail (0.7%)*
Burlington Northern Santa Fe Corp.	117,853		8,346,350
CSX Corp.	68,500		3,477,745
Norfolk Southern Corp.	127,700		5,724,791
Union Pacific Corp.	83,300		6,706,483

			24,255,369

*Trading Companies & Distributors (0.0%)*
Grainger (W.W.), Inc.	23,900		1,699,290

Total Industrials			410,406,321

Information Technology (15.1%)
*Communications Equipment (2.7%)*
ADC Telecommunications, Inc.*^	36,814		822,425
Andrew Corp.*	51,200		549,376
Avaya, Inc.*.	133,777		1,427,400
CIENA Corp.*^	182,400		541,728
Cisco Systems, Inc.*	2,016,800		34,527,616
Comverse Technology, Inc.*^	63,500		1,688,465
Corning, Inc.*	464,542		9,132,896
JDS Uniphase Corp.*^	520,100		1,227,436
Lucent Technologies, Inc.*^	1,402,786		3,731,411
Motorola, Inc.	779,202		17,602,173
QUALCOMM, Inc.	514,600		22,168,968
Scientific-Atlanta, Inc.	48,300		2,080,281
Tellabs, Inc.*	141,200		1,539,080

			97,039,255

*Computers & Peripherals (3.7%)*
Apple Computer, Inc.*	261,900		18,827,991
Dell, Inc.*	756,600		22,690,434
EMC Corp.*	760,750		10,361,415
Gateway, Inc.*^	83,100		208,581
Hewlett-Packard Co.	904,172		25,886,444
International Business Machines Corp.	503,700		41,404,140
Lexmark International, Inc., Class A*	37,500		1,681,125
NCR Corp.*	58,600		1,988,884
Network Appliance, Inc.*	116,100		3,134,700
QLogic Corp.*	25,400		825,754
Sun Microsystems, Inc.*	1,076,200		4,509,278

			131,518,746

*Electronic Equipment & Instruments (0.3%)*
Agilent Technologies, Inc.*	155,923		5,190,677
Jabil Circuit, Inc.*^	54,300		2,013,987
Molex, Inc.^	45,750		1,187,212
Sanmina-SCI Corp.*	165,200		703,752
Solectron Corp.*^	288,400		1,055,544
Symbol Technologies, Inc.	76,700		983,294
Tektronix, Inc.^	26,600		750,386

			11,884,852

*Internet Software & Services (0.4%)*
Yahoo!, Inc.*	395,700		15,503,526

*IT Services (1.1%)*
Affiliated Computer Services, Inc., Class A*	39,700		2,349,446
Automatic Data Processing, Inc.	183,100		8,402,459
Computer Sciences Corp.*	58,300		2,952,312
Convergys Corp.*	44,200		700,570
Electronic Data Systems Corp.	163,700		3,935,348
First Data Corp.	243,449		10,470,741
Fiserv, Inc.*	59,400		2,570,238
Paychex, Inc.	105,075		4,005,459
Sabre Holdings Corp., Class A^	41,342		996,756
Unisys Corp.*	107,400		626,142

			37,009,471

*Office Electronics (0.1%)*
Xerox Corp.*	302,800		4,436,020

170

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EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
*Semiconductors & Semiconductor Equipment (3.2%)*
Advanced Micro Devices, Inc.*	125,700	$	3,846,420
Altera Corp.*	117,500		2,177,275
Analog Devices, Inc.	117,500		4,214,725
Applied Materials, Inc.	512,000		9,185,280
Applied Micro Circuits Corp.*^	96,400		247,748
Broadcom Corp., Class A*	89,200		4,205,780
Freescale Semiconductor, Inc., Class B*	127,800		3,216,726
Intel Corp.	1,922,900		47,995,584
KLA-Tencor Corp.	62,400		3,078,192
Linear Technology Corp.	96,800		3,491,576
LSI Logic Corp.*	123,300		986,400
Maxim Integrated Products, Inc.	103,500		3,750,840
Micron Technology, Inc.*	194,400		2,587,464
National Semiconductor Corp.	108,300		2,813,634
Novellus Systems, Inc.*^	43,700		1,054,044
NVIDIA Corp.*	53,200		1,944,992
PMC-Sierra, Inc.*^	57,500		443,325
Teradyne, Inc.*	62,000		903,340
Texas Instruments, Inc.	512,181		16,425,645
Xilinx, Inc.^	110,300		2,780,663

			115,349,653

*Software (3.6%)*
Adobe Systems, Inc.	188,300		6,959,568
Autodesk, Inc.	72,100		3,096,695
BMC Software, Inc.*	68,700		1,407,663
Citrix Systems, Inc.*	53,700		1,545,486
Computer Associates International, Inc.	146,225		4,122,083
Compuware Corp.*	122,400		1,097,928
Electronic Arts, Inc.*	95,800		5,011,298
Intuit, Inc.*	57,200		3,048,760
Mercury Interactive Corp.*^	27,300		758,667
Microsoft Corp.	2,907,600		76,033,740
Novell, Inc.*^	120,500		1,064,015
Oracle Corp.*	1,190,220		14,532,586
Parametric Technology Corp.*	85,900		523,990
Siebel Systems, Inc.	164,800		1,743,584
Symantec Corp.*	341,290		5,972,575

			126,918,638

Total Information Technology			539,660,161

Materials (3.0%)
*Chemicals (1.5%)*
Air Products & Chemicals, Inc.	70,000		4,143,300
Ashland, Inc.	23,400		1,354,860
Dow Chemical Co.	304,401		13,338,852
DuPont (E.I.) de Nemours & Co.	290,000		12,325,000
Eastman Chemical Co.	25,700		1,325,863
Ecolab, Inc.^	58,100		2,107,287
Engelhard Corp.	37,900		1,142,685
Hercules, Inc.*^	35,500		401,150
International Flavors & Fragrances, Inc.	25,800		864,300
Monsanto Co.	84,799		6,574,466
PPG Industries, Inc.	53,600		3,103,440
Praxair, Inc.	102,000		5,401,920
Rohm & Haas Co.	45,906		2,222,769
Sigma-Aldrich Corp.^	21,300		1,348,077

			55,653,969

*Construction Materials (0.1%)*
Vulcan Materials Co.^	32,300		2,188,325

*Containers & Packaging (0.2%)*
Ball Corp.	34,400		1,366,368
Bemis Co.^	33,700		939,219
Pactiv Corp.*	47,200		1,038,400
Sealed Air Corp.*^	26,117		1,466,992
Temple-Inland, Inc.	35,700		1,601,145

			6,412,124

*Metals & Mining (0.8%)*
Alcoa, Inc.	275,348		8,142,040
Allegheny Technologies, Inc.^	26,550		957,924
Freeport-McMoRan Copper & Gold, Inc., Class B	56,000		3,012,800
Newmont Mining Corp.	140,800		7,518,720
Nucor Corp.	49,300		3,289,296
Phelps Dodge Corp.	30,648		4,409,328
United States Steel Corp.^	36,100		1,735,327

			29,065,435

*Paper & Forest Products (0.4%)*
International Paper Co.^	154,735		5,200,643
Louisiana-Pacific Corp.^	34,900		958,703
MeadWestvaco Corp.	58,059		1,627,394
Weyerhaeuser Co.	77,300		5,128,082

			12,914,822

Total Materials			106,234,675

Telecommunication Services (3.0%)
*Diversified Telecommunication Services (2.4%)*
ALLTEL Corp.	120,500		7,603,550
AT&T, Inc.	1,239,913		30,365,469
BellSouth Corp.	578,300		15,671,930
CenturyTel, Inc.	40,950		1,357,902
Citizens Communications Co.	108,300		1,324,509
Qwest Communications International, Inc.*	481,243		2,719,023
Verizon Communications, Inc.	872,646		26,284,098

			85,326,481

*Wireless Telecommunication Services (0.6%)*
Sprint Nextel Corp.	925,591		21,621,806

Total Telecommunication Services			106,948,287

Utilities (3.3%)
*Electric Utilities (2.3%)*
Allegheny Energy, Inc.*^	51,300		1,623,645
Ameren Corp.^	64,300		3,294,732
American Electric Power Co., Inc.	124,080		4,602,127
CenterPoint Energy, Inc.^	97,600		1,254,160
Cinergy Corp.	62,800		2,666,488
Consolidated Edison, Inc.^	77,100		3,572,043
DTE Energy Co.	56,100		2,422,959
Edison International, Inc.	102,800		4,483,108
Entergy Corp.	65,500		4,496,575
Exelon Corp.	211,600		11,244,424
FirstEnergy Corp.	104,101		5,099,908
FPL Group, Inc.	124,300		5,165,908
PG&E Corp.^	107,700		3,997,824
Pinnacle West Capital Corp.^	31,200		1,290,120
PPL Corp.	119,788		3,521,767
Progress Energy, Inc.^	79,300		3,482,856
Southern Co.^	235,700		8,138,721
TECO Energy, Inc.^	65,500		1,125,290
TXU Corp.	151,500		7,603,785
Xcel Energy, Inc.^	127,045		2,345,251

			81,431,691

*Gas Utilities (0.1%)*
KeySpan Corp.^	55,000		1,962,950
Nicor, Inc.^	13,900		546,409
NiSource, Inc.	85,959		1,793,105

171

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EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares		Value (Note 1)
Peoples Energy Corp.^		12,000	$	420,840

				4,723,304

*Independent Power Producers & Energy Traders (0.0%)*
Dynegy, Inc., Class A*^		95,013		459,863

*Multi-Utilities & Unregulated Power (0.9%)*
AES Corp.*		206,100		3,262,563
CMS Energy Corp.*^		69,200		1,004,092
Constellation Energy Group, Inc.		56,200		3,237,120
Dominion Resources, Inc.		107,623		8,308,496
Duke Energy Corp.^		292,360		8,025,282
Public Service Enterprise Group, Inc.		75,500		4,905,235
Sempra Energy		80,822		3,624,058

				32,366,846

Total Utilities				118,981,704

Total Common Stocks (99.8%) (Cost $3,135,721,293)				3,571,893,253


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Securities (0.1%)
U.S. Treasury Bills
3.82%, 1/12/06 (o)(p)#	$	2,500,000		2,496,817

Short-Term Investments of Cash Collateral for Securities Loaned (4.2%)
Bank of Ireland
4.34%, 2/23/06		19,780,733		19,780,733
Barclays London
4.13%, 2/7/06		10,000,000		10,000,000
Bavaria TRR Corp.
4.38%, 1/20/06		4,994,265		4,994,265
Clipper Receivables Corp.
4.32%, 1/23/06		14,928,333		14,928,333
Concord Minuteman C.C. LLC
4.37%, 1/17/06		13,005,946		13,005,946
Corporate Receivables Corp.
4.33%, 1/24/06		14,926,371		14,926,371
Credit Suisse First Boston GC
4.50%, 1/3/06		15,000,000		15,000,000
Fortis Bank/Brussels
4.55%, 1/3/06		15,000,000		15,000,000
General Electric Capital Corp.
4.34%, 3/29/06 (l)		5,000,613		5,000,613
IXIS Corporate & Investment
4.10%, 2/6/06		20,000,000		20,000,000
Societe Generale
4.42%, 1/3/06		4,203,248		4,203,248
Swedbank NY
4.38%, 7/14/06 (l)		2,999,077		2,999,077
Thames Asset Global Securities
4.37%, 1/24/06		11,949,250		11,949,250

Total Short-Term Investments of Cash Collateral for Securities Loaned				151,787,836

Time Deposit (0.3%)
JPMorgan Chase Nassau
3.68%, 1/3/06		8,613,576		8,613,576

Total Short-Term Investments (4.6%) (Cost/Amortized Cost $162,898,853)				162,898,229


Total Investments (104.4%) (Cost/Amortized Cost $3,298,620,146)				3,734,791,482
Other Assets Less Liabilities (-4.4%)				(155,715,082	)

Net Assets (100%)			$	3,579,076,400

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

#	All, or a portion of security held by broker as collateral financial futures contracts.

(l)

Floating Rate Security. Rate disclosed is as of December 2005.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2005.

(p)

Yield to maturity.

Glossary:

REIT — Real Estate Investment Trust

At December 31, 2005 the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/05		Unrealized Depreciation
S & P 500 Index	4	March-06	$	1,276,775	$	1,254,800	$	(21,975	)

172

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EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	239,487,105
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	325,528,256

As of December 31, 2005, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	857,289,262
Aggregate gross unrealized depreciation		(435,693,822	)

Net unrealized appreciation	$	421,595,440

Federal income tax cost of investments	$	3,313,196,042

At December 31, 2005, the Portfolio had loaned securities with a total value of $147,398,350. This was secured by collateral of $151,787,836 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

The Portfolio utilized net capital loss carryforward of $35,918,059 during 2005.

See Notes to Financial Statements.

173

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EQ/EVERGREEN INTERNATIONAL BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Australia (3.4%)
Australia Government Bond
4.000%, 8/20/20	AUD	304,000	$	341,441
GE Capital Australia Funding Pty
6.000%, 6/15/11		100,000		73,791

Total Australia				415,232

Canada (8.1%)
Canada Housing Trust No. 1
3.700%, 9/15/08	CAD	160,000		136,133
Canadian Government Bond
4.250%, 12/1/21		273,529		327,520
Province of Ontario
4.500%, 4/17/08		380,000		326,947
6.250%, 6/16/15	NZD	270,000		181,814

Total Canada				972,414

Denmark (7.4%)
Nykredit Realkredit A/S
5.000%, 10/1/35	DKK	2,550,343		410,776
Totalkredit AS
3.067%, 1/1/15 (l)		2,988,094		475,708

Total Denmark				886,484

France (6.4%)
France Government Bond OAT
1.600%, 7/25/15	EUR	100,000		122,166
France Telecom S.A.
7.500%, 3/14/11	GBP	80,000		153,807
PPR S.A.
5.250%, 3/29/11	EUR	150,000		188,878
Total Capital S.A.
4.875%, 12/23/10	GBP	100,000		174,176
Veolia Environnement
5.875%, 2/1/12	EUR	100,000		132,699

Total France				771,726

Germany (1.7%)
Kreditanstalt fuer Wiederaufbau
4.750%, 12/7/10	GBP	50,000		87,023
Landwirtschaftliche Rentenbank
5.750%, 6/15/11	AUD	160,000		117,798

Total Germany				204,821

Hong Kong (1.6%)
Hong Kong Government Bond
4.760%, 6/18/07	HKD	1,500,000		195,720

Italy (1.0%)
Telecom Italia S.p.A.
4.500%, 1/28/11	EUR	100,000		122,025

Mexico (1.7%)
Mexican Bonos
8.000%, 12/19/13	MXN	2,200,000		203,896

Netherlands (3.7%)
Bank Nederlandse Gemeenten
3.250%, 10/29/09	EUR	75,000		88,805
Deutsche Telekom International Finance BV
2.624%, 3/5/09 (l)		100,000		117,838
Rabobank Nederland
4.250%, 1/5/09	CAD	140,000		119,746
Volkswagen International Finance N.V.
4.125%, 5/22/09	EUR	100,000		120,663

Total Netherlands				447,052

New Zealand (1.6%)
New Zealand Government Bond
6.000%, 4/15/15	NZD	280,000		194,895

Norway (4.5%)
DnB NORBank ASA
3.504%, 8/11/09 (l)	CAD	150,000		128,783
Norway Government Bond
6.000%, 5/16/11	NOK	2,010,000		332,352
6.500%, 5/15/13		435,000		76,153

Total Norway				537,288

Spain (2.0%)
Banco Santander Central Hispano SA
4.000%, 9/10/10	EUR	200,000		244,122

Supranational (4.5%)
Eurofima
5.500%, 9/15/09	AUD	280,000		204,942
6.500%, 8/22/11		120,000		91,758
European Investment Bank
7.500%, 6/1/16	ZAR	1,350,000		211,393
International Bank for Reconstruction and Development
12.500%, 5/14/12		200,000		38,621

Total Supranational				546,714

Sweden (3.5%)
Sweden Government Bond
5.250%, 3/15/11	SEK	3,030,000		418,564

United Kingdom (11.1%)
ASIF III Jersey Ltd.
5.500%, 3/7/11	EUR	200,000		259,370
BAT International Finance plc
4.875%, 2/25/09		150,000		184,211
Cadbury Schweppes FInance plc
4.875%, 12/20/10	GBP	80,000		136,714
National Grid Gas plc
7.000%, 12/15/08	AUD	150,000		113,196
Nationwide Building Society
2.577%, 6/9/09 (l)	EUR	150,000		177,007
United Kingdom Gilt Inflation Linked Bond
2.500%, 8/23/11	GBP	100,000		462,887

Total United Kingdom				1,333,385

United States (5.5%)
General Electric Capital Corp.
6.500%, 9/28/15	NZD	60,000		40,426
Goldman Sachs Group, Inc.
4.250%, 8/4/10	EUR	150,000		183,034
Merrill Lynch & Co., Inc.
2.465%, 2/8/10 (l)		100,000		117,703
5.125%, 9/24/10	GBP	80,000		139,360
Morgan Stanley
5.375%, 11/14/13		100,000		177,443

Total United States				657,966

Total Investments (67.7%) (Cost $8,199,158).				8,152,304
Other Assets Less Liabilities (32.3%)				3,887,062

Net Assets (100.0%).			$	12,039,366

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

174

EQ ADVISORS TRUST

EQ/EVERGREEN INTERNATIONAL BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


Glossary:



AUD	—	Australian Dollar

CAD	—	Canadian Dollar

DKK	—	Danish Krone

EUR	—	European Currency Unit

GBP	—	British Pound

HKD	—	Hong Kong Dollar

MXN	—	Mexican Peso

NOK	—	Norwegian Krone

NZD	—	New Zealand Dollar

SEK	—	Swedish Krona

ZAR	—	South African Rand

At December 31, 2005 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


	Local Contract Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
Japanese Yen, expiring 3/6/06	215,887	$	1,808,106	$	1,842,850	$	34,744

Foreign Currency Sell Contracts
European Union, expiring 3/6/06	1,535	$	1,808,106	$	1,816,866		(8,760	)

						$	25,984

Investment security transactions for the period ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	8,744,192
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	510,312

As of December 31, 2005, 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	$	42,445
Aggregate gross unrealized depreciation		(89,444	)

Net unrealized depreciation	$	(46,999	)

Federal income tax cost of investments	$	8,199,303

See Notes to Financial Statements.

175

EQ ADVISORS TRUST

EQ/EVERGREEN OMEGA PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (16.2%)
*Hotels, Restaurants & Leisure (3.6%)*
Shuffle Master, Inc.*^	59,900	$	1,505,886
Starwood Hotels & Resorts Worldwide, Inc.(Unit)	41,500		2,650,190
Station Casinos, Inc.	43,000		2,915,400

			7,071,476

*Internet & Catalog Retail (2.6%)*
Amazon.com, Inc.*	45,000		2,121,750
eBay, Inc.*	68,400		2,958,300

			5,080,050

*Media (1.4%)*
Lamar Advertising Co., Class A*^	60,000		2,768,400

*Specialty Retail (6.1%)*
Best Buy Co., Inc.	111,750		4,858,890
Chico’s FAS, Inc.*^	114,000		5,008,020
Lowe’s Cos., Inc.	30,000		1,999,800

			11,866,710

*Textiles, Apparel & Luxury Goods (2.5%)*
Coach, Inc.*	92,000		3,067,280
Wolverine World Wide, Inc.^	75,000		1,684,500

			4,751,780

Total Consumer Discretionary			31,538,416

Consumer Staples (1.7%)
*Beverages (0.5%)*
PepsiCo, Inc.	18,000		1,063,440

*Household Products (1.2%)*
Procter & Gamble Co.	40,000		2,315,200

Total Consumer Staples			3,378,640

Energy (10.7%)
*Energy Equipment & Services (6.6%)*
Cal Dive International, Inc.*^	30,000		1,076,700
Diamond Offshore Drilling, Inc.^	64,000		4,451,840
ENSCO International, Inc.	20,000		887,000
Grant Prideco, Inc.*	20,000		882,400
National Oilwell Varco, Inc.*	33,000		2,069,100
Weatherford International Ltd.*	96,000		3,475,200

			12,842,240

*Oil & Gas (4.1%)*
Apache Corp.	40,700		2,788,764
Massey Energy Co.^	39,400		1,492,078
Tesoro Corp.	11,500		707,825
XTO Energy, Inc.	65,733		2,888,308

			7,876,975

Total Energy			20,719,215

Financials (4.3%)
*Capital Markets (3.0%)*
Goldman Sachs Group, Inc.	25,000		3,192,750
Legg Mason, Inc.	22,500		2,693,025

			5,885,775

*Insurance (1.3%)*
Prudential Financial, Inc.	35,000		2,561,650

Total Financials			8,447,425

Health Care (26.2%)
*Biotechnology (5.3%)*
Amgen, Inc.*	31,000		2,444,660
Biogen Idec, Inc.*	115,000		5,212,950
Martek Biosciences Corp.*^	43,500		1,070,535
Protein Design Labs, Inc.*^	55,000		1,563,100

			10,291,245

*Health Care Equipment & Supplies (6.6%)*
Alcon, Inc.	25,000		3,240,000
Baxter International, Inc.	27,000		1,016,550
Medtronic, Inc.	63,280		3,643,030
St. Jude Medical, Inc.*	98,300		4,934,660

			12,834,240

*Health Care Providers & Services (8.4%)*
Aetna, Inc.	22,000		2,074,820
American Healthways, Inc.*^	44,500		2,013,625
Caremark Rx, Inc.*	60,000		3,107,400
DaVita, Inc.*	54,000		2,734,560
UnitedHealth Group, Inc.	55,000		3,417,700
WellPoint, Inc.*	38,000		3,032,020

			16,380,125

*Pharmaceuticals (5.9%)*
Endo Pharmaceuticals Holdings, Inc.*	150,000		4,539,000
Novartis AG (ADR)	55,000		2,886,400
Teva Pharmaceutical Industries Ltd. (ADR)^	95,000		4,085,950

			11,511,350

Total Health Care			51,016,960

Industrials (5.9%)
*Aerospace & Defense (1.0%)*
Lockheed Martin Corp.	31,000		1,972,530

*Commercial Services & Supplies (0.5%)*
Cintas Corp.	25,000		1,029,500

*Electrical Equipment (1.6%)*
Cooper Industries Ltd., Class A	42,900		3,131,700

*Industrial Conglomerates (1.8%)*
General Electric Co	97,000		3,399,850

*Machinery (1.0%)*
Pall Corp.	73,000		1,960,780

Total Industrials			11,494,360

Information Technology (26.4%)
*Communications Equipment (5.6%)*
Corning, Inc.*	61,600		1,211,056
Motorola, Inc.	193,000		4,359,870
QUALCOMM, Inc.	109,400		4,712,952
Sonus Networks, Inc.*^	160,500		597,060

			10,880,938

*Computers & Peripherals (2.5%)*
Apple Computer, Inc.*	51,600		3,709,524
Avid Technology, Inc.*	20,000		1,095,200

			4,804,724

*Internet Software & Services (3.2%)*
Google, Inc., Class A*	8,300		3,443,338
Yahoo!, Inc.*	70,000		2,742,600

			6,185,938

*IT Services (1.5%)*
Cognizant Technology Solutions Corp., Class A*	56,600		2,849,810

*Semiconductors & Semiconductor Equipment (7.6%)*
Marvell Technology Group Ltd.*	63,000		3,533,670
MEMC Electronic Materials, Inc.*	155,000		3,436,350
Microchip Technology, Inc.	72,000		2,314,800
Micron Technology, Inc.*	223,000		2,968,130
Varian Semiconductor Equipment Associates, Inc.*^	60,000		2,635,800

			14,888,750

176

EQ ADVISORS TRUST

EQ/EVERGREEN OMEGA PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Number of Shares		Value (Note 1)
*Software (6.0%)*
Activision, Inc.*		170,000	$	2,335,800
Cadence Design Systems, Inc.*		180,000		3,045,600
Citrix Systems, Inc.*		25,000		719,500
Microsoft Corp.		172,000		4,497,800
Oracle Corp.*		90,000		1,098,900

				11,697,600

Total Information Technology				51,307,760

Materials (2.9%)
*Construction Materials (1.8%)*
Martin Marietta Materials, Inc.		46,000		3,529,120

*Metals & Mining (1.1%)*
Foundation Coal Holdings, Inc.^		55,000		2,090,000

Total Materials				5,619,120

Total Common Stocks (94.3%) (Cost $160,676,932)				183,521,896


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (11.9%)
Nomura Securities
4.29%, 1/3/06	$	23,045,367		23,045,367

Time Deposit (5.6%)
JPMorgan Chase Nassau
3.68%, 1/3/06		10,883,835		10,883,835

Total Short-Term Investments (17.5%) (Amortized Cost $33,929,202)				33,929,202

Total Investments (111.8%) (Cost/Amortized Cost $ 194,606,134)				217,451,098
Other Assets Less Liabilities (-11.8%)				(22,924,213	)

Net Assets (100%)			$	194,526,885

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	237,160,022
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	242,187,199

As of December 31, 2005, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	25,802,187
Aggregate gross unrealized depreciation		(3,194,558	)

Net unrealized appreciation	$	22,607,629

Federal income tax cost of investments	$	194,843,469

At December 31, 2005, the Portfolio had loaned securities with a total value of $22,369,051. This was secured by collateral of $23,045,367 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2005, the Portfolio incurred approximately $1,226 as brokerage commissions with Bernstein (Sanford C.) & Co. and $720 with Wachovia Bank, affiliated broker/dealers.

See Notes to Financial Statements.

177

EQ ADVISORS TRUST

EQ/FI MID CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (30.4%)
*Commercial Services & Supplies (0.5%)*
Knoll, Inc.	384,400	$	6,577,084

*Diversified Consumer Services (0.3%)*
DeVry, Inc.*^	186,100		3,722,000

*Hotels, Restaurants & Leisure (4.2%)*
Harrah’s Entertainment, Inc.	20,100		1,432,929
International Game Technology	443,397		13,647,760
Las Vegas Sands Corp.*^	252,500		9,966,175
Royal Caribbean Cruises Ltd.	232,200		10,462,932
Sportingbet.com (UK) plc	607,995		3,585,368
Wynn Resorts Ltd.*^	315,600		17,310,660

			56,405,824

*Household Durables (7.7%)*
Harman International Industries, Inc.	1,066,100		104,317,885

*Internet & Catalog Retail (1.5%)*
eBay, Inc.*	462,000		19,981,500

*Leisure Equipment & Products (1.9%)*
Eastman Kodak Co.^	1,087,130		25,438,842

*Media (4.7%)*
EchoStar Communications Corp., Class A*	1,001,182		27,202,115
Getty Images, Inc.*^	184,300		16,452,461
Salem Communications Corp., Class A*^	162,205		2,836,965
Walt Disney Co.	727,500		17,438,175

			63,929,716

*Specialty Retail (5.5%)*
Aeropostale, Inc.*^	405,600		10,667,280
GameStop Corp., Class A*^	382,985		12,186,583
Tiffany & Co.	857,600		32,837,504
TJX Cos., Inc.	838,600		19,480,678

			75,172,045

*Textiles, Apparel & Luxury Goods (4.1%)*
NIKE, Inc., Class B	426,500		37,015,935
Phillips-Van Heusen Corp.^	576,300		18,672,120

			55,688,055

Total Consumer Discretionary			411,232,951

Consumer Staples (4.5%)
*Beverages (1.5%)*
Molson Coors Brewing Co.^	297,105		19,903,064

*Food & Staples Retailing (3.0%)*
Safeway, Inc.	1,734,100		41,028,806

Total Consumer Staples			60,931,870

Energy (9.3%)
*Energy Equipment & Services (3.6%)*
National Oilwell Varco, Inc.*	421,942		26,455,763
SEACOR Holdings, Inc.*^	236,900		16,132,890
Weatherford International Ltd.*	176,640		6,394,368

			48,983,021

*Oil & Gas (5.7%)*
Goodrich Petroleum Corp.*^	141,600		3,561,240
Murphy Oil Corp.	282,000		15,225,180
Newfield Exploration Co.*	308,400		15,441,588
Pioneer Natural Resources Co.	290,900		14,914,443
Tesoro Corp.^	432,900		26,644,995
Ultra Petroleum Corp.*	19,500		1,088,100

			76,875,546

Total Energy			125,858,567

Financials (2.0%)
*Capital Markets (1.0%)*
Greenhill & Co., Inc.^	224,400		12,602,304

*Diversified Financial Services (0.9%)*
IntercontinentalExchange, Inc.*	94,200		3,424,170
Lazard Ltd., Class A^	276,300		8,813,970

			12,238,140

*Real Estate (0.1%)*
Sinochem Hong Kong Holding Ltd*	8,369,200		1,554,339

Total Financials			26,394,783

Health Care (4.9%)
*Biotechnology (2.2%)*
Neurocrine Biosciences, Inc.*^	352,700		22,124,871
Viropharma, Inc.*^	400,200		7,423,710

			29,548,581

*Diversified Consumer Services (0.4%)*
Service Corp. International	704,200		5,760,356

*Health Care Equipment & Supplies (2.3%)*
Cytyc Corp.*	1,053,000		29,726,190
Inamed Corp.*	12,500		1,096,000

			30,822,190

Total Health Care			66,131,127

Industrials (10.7%)
*Aerospace & Defense (3.0%)*
ARGON ST, Inc.*^	201,098		6,230,016
Empresa Brasileira de Aeronautica S.A. (ADR)^	792,400		30,982,840
Essex Corp.*^	220,000		3,751,000

			40,963,856

*Airlines (0.7%)*
U.S. Airways, Inc.*^	249,300		9,259,002

*Commercial Services & Supplies (1.4%)*
Global Cash Access, Inc.*^	514,746		7,510,144
Universal Technical Institute, Inc.*^	294,740		9,119,256
Wright Express Corp.*^	85,300		1,876,600

			18,506,000

*Construction & Engineering (1.6%)*
Fluor Corp.	289,000		22,328,140

*Industrial Conglomerates (0.5%)*
Hutchison Telecommunications International Ltd.* (ADR)^	344,300		7,433,437

*Machinery (1.5%)*
Flowserve Corp.*^	499,700		19,768,132

*Marine (1.0%)*
Diana Shipping, Inc.^	508,700		6,541,882
DryShips, Inc.^	201,700		2,464,754
Horizon Lines Inc.^	381,200		4,623,956

			13,630,592

*Road & Rail (1.0%)*
Norfolk Southern Corp.	295,480		13,246,368

Total Industrials			145,135,527

Information Technology (12.9%)
*Communications Equipment (6.6%)*
Andrew Corp.*^	743,300		7,975,609
Comverse Technology, Inc.*	422,067		11,222,761
Harris Corp.	348,300		14,980,383
Nice Systems Ltd. (ADR)*^	103,680		4,993,229
Nokia Oyj (ADR)	1,967,900		36,012,570

178

EQ ADVISORS TRUST

EQ/FI MID CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares		Value (Note 1)
Research In Motion Ltd.*^		203,180	$	13,411,912

				88,596,464

*Computers & Peripherals (1.4%)*
NCR Corp.*		371,600		12,612,104
Network Appliance, Inc.*		250,900		6,774,300

				19,386,404

*Electronic Equipment & Instruments (1.3%)*
Symbol Technologies, Inc.		1,329,700		17,046,754

*Internet Software & Services (2.0%)*
Google, Inc., Class A*		45,498		18,875,301
Openwave Systems, Inc.*^		482,500		8,429,275

				27,304,576

*IT Services (1.6%)*
First Data Corp.		506,500		21,784,565

Total Information Technology				174,118,763

Materials (9.5%)
*Chemicals (5.1%)*
Ashland, Inc.		303,400		17,566,860
Mosaic Co.*^		1,158,169		16,944,012
Potash Corp. of Saskatchewan, Inc. (New York Exchange)		15,800		1,259,239
Potash Corp. of Saskatchewan, Inc. (Toronto Exchange)		424,200		34,029,324

				69,799,435

*Construction Materials (1.3%)*
Texas Industries, Inc.^		352,283		17,557,785

*Containers & Packaging (1.4%)*
Pactiv Corp.*		859,600		18,911,200

*Metals & Mining (1.7%)*
Novelis, Inc. (New York Exchange).		425,200		8,882,428
Novelis, Inc. (Toronto Exchange)		674,300		14,078,823

				22,961,251

Total Materials				129,229,671

Telecommunication Services (12.8%)
*Diversified Telecommunication Services (3.6%)*
Arbinet-thexchange, Inc.*^		334,400		2,344,144
Citizens Communications Co.		1,191,149		14,567,752
Indosat Tbk PT(ADR)^		319,200		9,285,528
Philippine Long Distance Telephone Co. (ADR)^		556,000		18,648,240
Qwest Communications International, Inc.*		701,100		3,961,215

				48,806,879

*Wireless Telecommunication Services (9.2%)*
American Tower Corp., Class A*		1,011,290		27,405,959
Crown Castle International Corp.*		249,000		6,700,590
Dobson Communications Corp.*^		690,205		5,176,538
Sprint Nextel Corp.		3,675,720		85,864,819

				125,147,906

Total Telecommunication Services				173,954,785

Utilities (1.2%)
*Multi-Utilities & Unregulated Power (1.2%)*
NRG Energy, Inc.*^		350,500		16,515,560

Total Utilities				16,515,560

Total Common Stocks (98.2%) (Cost $1,222,487,111)				1,329,503,604


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (20.5%)
Allstate Life Global Funding
4.37%, 1/30/07 (l)	$	2,000,000		2,000,000
American Express Credit Corp.
4.36%, 6/12/07 (l)		10,000,000		10,000,000
Aspen Funding Corp.
4.34%, 1/27/06		2,000,000		2,000,000
CDC Financial Products, Inc.
4.35%, 1/30/06 (l)		15,000,000		15,000,000
Citigroup Global Markets, Inc.
4.32%, 1/6/06 (l)		15,000,000		15,000,000
FIMAT USA, Inc.
4.27%, 1/3/06		25,000,000		25,000,000
General Electric Capital Corp.
4.34%, 3/29/06 (l)		7,000,859		7,000,859
4.36%, 5/12/06 (l)		5,005,149		5,005,149
Goldman Sachs Group LP
4.39%, 1/2/07 (l)		10,000,000		10,000,000
Goldman Sachs Group, Inc.
4.38%, 1/30/07 (l)		2,000,020		2,000,020
4.41%, 12/28/07 (l)		5,000,000		5,000,000
Merrill Lynch & Co.
4.23%, 10/19/06 (l)		11,000,000		11,000,000
Metropolitan Life Global Funding
4.56%, 3/17/06 (l)		4,999,495		4,999,495
Morgan Stanley
4.43%, 1/2/07 (l)		5,000,000		5,000,000
Nomura Securities
4.29%, 1/3/06		67,309,481		67,309,481
Nordeutsche Landesbank NY
4.40%, 3/30/06 (l)		19,996,619		19,996,619
Royal Bank of Canada
4.30%, 10/3/06 (l)		4,999,092		4,999,092
Sigma Finance, Inc.
4.37%, 10/24/07 (l)		24,995,140		24,995,140
Unicredito Italiano N.Y.
3.96%, 10/4/06 (l)		9,994,297		9,994,297
Wells Fargo & Co.
4.36%, 12/31/07 (l)		5,000,000		5,000,000
Wells Fargo Bank/San Francisco
4.30%, 12/1/06 (l)		20,000,000		20,000,000
West Corp. Federal Credit Union
4.38%, 12/14/07 (l)		6,000,000		6,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				277,300,152

Time Deposit (2.5%)
JPMorgan Chase Nassau
3.68%, 1/3/06		34,716,193		34,716,193

Total Short-Term Investments (23.0%) (Amortized Cost $312,016,345)				312,016,345

Total Investments (121.2%) (Cost/Amortized Cost $ 1,534,503,456)				1,641,519,949
Other Assets Less Liabilities (-21.2%)				(287,454,071	)

Net Assets (100%)			$	1,354,065,878

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

Glossary:

ADR — American Depositary Receipt

179

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PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,876,453,049
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,773,801,228

As of December 31, 2005, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	126,414,863
Aggregate gross unrealized depreciation		(25,074,319	)

Net unrealized appreciation	$	101,340,544

Federal income tax cost of investments	$	1,540,179,405

At December 31, 2005, the Portfolio had loaned securities with a total value of $271,531,343. This was secured by collateral of $277,300,152 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

See Notes to Financial Statements.

180

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PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (14.4%)
*Auto Components (0.6%)*
Aftermarket Technology Corp.*^	253,000	$	4,918,320
BorgWarner, Inc.^	43,600		2,643,468
Noble International Ltd.	108,000		2,250,720

			9,812,508

*Automobiles (0.2%)*
Monaco Coach Corp.^	54,700		727,510
Nissan Motor Co., Ltd.	223,129		2,259,079

			2,986,589

*Distributors (0.6%)*
Advanced Marketing Services, Inc.*	31,126		110,809
BlueLinx Holdings, Inc.^	232,700		2,617,875
Prestige Brands Holdings, Inc.*^	674,400		8,430,000

			11,158,684

*Hotels, Restaurants & Leisure (3.5%)*
Ambassadors Group, Inc.^	194,430		4,450,503
Applebee International, Inc.	345,959		7,815,214
Brinker International, Inc.^	177,160		6,849,006
Carnival Corp. (Unit)	107,100		5,726,637
CBRL Group, Inc.^	48,800		1,715,320
Domino’s Pizza, Inc.	434,000		10,502,800
Fox & Hound Restaurant Group*^	69,400		1,068,066
Harrah’s Entertainment, Inc.	16,290		1,161,314
Outback Steakhouse, Inc.	172,700		7,186,047
Rare Hospitality International, Inc.*^	29,349		891,916
Royal Caribbean Cruises Ltd.	228,460		10,294,407
Wendy’s International, Inc.	3,500		193,410
WMS Industries, Inc.*^	113,200		2,840,188

			60,694,828

*Household Durables (1.1%)*
Blount International, Inc.*^	166,800		2,657,124
Jarden Corp.*^	191,200		5,764,680
Leggett & Platt, Inc.	127,650		2,930,844
Matsushita Electric Industrial Co., Ltd.	82,000		1,580,530
Newell Rubbermaid, Inc.	170,900		4,064,002
Sony Corp. (ADR)^	29,900		1,219,920

			18,217,100

*Internet & Catalog Retail (0.4%)*
Emdeon Corp.*^	272,700		2,307,042
Insight Enterprises, Inc.*^	217,300		4,261,253

			6,568,295

*Leisure Equipment & Products (0.9%)*
Brunswick Corp.	139,500		5,672,070
Eastman Kodak Co.^	369,800		8,653,320
K2, Inc.*^	156,200		1,579,182

			15,904,572

*Media (2.0%)*
CCE Spinco, Inc.*	16,712		218,927
Citadel Broadcasting Corp.^	22,300		299,712
Clear Channel Communications, Inc.^	133,700		4,204,865
E.W. Scripps Co., Class A	65,969		3,167,831
Emmis Communications Corp., Class A*^	97,726		1,945,725
Gannett Co., Inc.	76,900		4,657,833
Lamar Advertising Co., Class A*^	82,844		3,822,422
New Frontier Media, Inc.*	456,662		2,982,003
New York Times Co., Class A^	101,600		2,687,320
Reader’s Digest Association, Inc.^	194,900		2,966,378
Saga Communications, Inc., Class A*^	303,915		3,303,556
Tribune Co.	88,600		2,681,036
Viacom, Inc., Class B*	83,043		2,707,202

			35,644,810

*Multiline Retail (0.6%)*
Big Lots, Inc.*^	342,320		4,111,263
Family Dollar Stores, Inc.	253,100		6,274,349
Tuesday Morning Corp.^	17,300		361,916

			10,747,528

*Specialty Retail (3.9%)*
AnnTaylor Stores Corp.*	249,300		8,605,836
Asbury Automotive Group, Inc.*^	196,500		3,234,390
Autonation, Inc.*	87,600		1,903,548
Big 5 Sporting Goods Corp.^	254,700		5,575,383
Gap, Inc.	255,100		4,499,964
Group 1 Automotive, Inc.*^	54,200		1,703,506
HOT Topic, Inc.*^	126,835		1,807,399
Linens’n Things, Inc.*	53,500		1,423,100
Lithia Motors, Inc.^	146,247		4,598,006
Men’s Wearhouse, Inc.*	115,300		3,394,432
Office Depot, Inc.*	66,300		2,081,820
OfficeMax, Inc.	42,700		1,082,872
Pacific Sunwear of California, Inc.*	125,100		3,117,492
PETCO Animal Supplies, Inc.*^	267,300		5,867,235
Pier 1 Imports, Inc.^	358,900		3,133,197
Pomeroy IT Solutions, Inc.*^	99,484		830,691
Regis Corp.	138,000		5,322,660
Sports Authority, Inc.*^	132,900		4,137,177
Tiffany & Co.	142,700		5,463,983
Whitehall Jewelers, Inc.*^	344,400		309,960

			68,092,651

*Textiles, Apparel & Luxury Goods (0.6%)*
Liz Claiborne, Inc.	180,300		6,458,346
Perry Ellis International, Inc.*^	163,784		3,111,896
Warnaco Group, Inc.*^	50,490		1,349,093

			10,919,335

Total Consumer Discretionary			250,746,900

Consumer Staples (2.6%)
*Beverages (0.2%)*
Coca-Cola Enterprises, Inc.	131,146		2,514,069
Cott Corp.*^	92,200		1,357,796

			3,871,865

*Food & Staples Retailing (1.6%)*
BJ’s Wholesale Club, Inc.*^	395,000		11,676,200
Safeway, Inc.	663,340		15,694,624

			27,370,824

*Food Products (0.2%)*
Corn Products International, Inc.^	126,500		3,022,085
Treehouse Foods, Inc.*	51,102		956,630

			3,978,715

*Household Products (0.3%)*
Colgate-Palmolive Co.	96,900		5,314,965

*Personal Products (0.3%)*
Avon Products, Inc.	157,300		4,490,915
NBTY, Inc.*^	27,900		453,375

			4,944,290

Total Consumer Staples			45,480,659

181

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Energy (8.9%)
*Energy Equipment & Services (5.7%)*
Baker Hughes, Inc.	101,690	$	6,180,718
BJ Services Co.	133,000		4,877,110
Cooper Cameron Corp.*	188,020		7,784,028
ENSCO International, Inc.	69,800		3,095,630
FMC Technologies, Inc.*^	98,700		4,236,204
GlobalSantaFe Corp.	67,600		3,254,940
Grant Prideco, Inc.*^	45,900		2,025,108
Halliburton Co.	172,400		10,681,904
Helmerich & Payne, Inc.	94,800		5,869,068
Nabors Industries Ltd.*	56,100		4,249,575
National Oilwell Varco, Inc.*	173,700		10,890,990
Noble Corp.^	54,700		3,858,538
Oil States International, Inc.*^	371,400		11,765,952
Pride International, Inc.*	64,700		1,989,525
Smith International, Inc.	113,500		4,211,985
Superior Energy Services, Inc.*^	184,800		3,890,040
Transocean, Inc.*	65,800		4,585,602
Unit Corp.*	95,300		5,244,359
Weatherford International Ltd.*	17,400		629,880

			99,321,156

*Oil & Gas (3.2%)*
Atlas America, Inc.*	60,000		3,613,200
Encore Acquisition Co.*^	235,050		7,531,002
Energy Partners Ltd.*^	201,300		4,386,327
Forest Oil Corp.*	91,100		4,151,427
Holly Corp.	114,400		6,734,728
Houston Exploration Co.*^	21,400		1,129,920
KCS Energy, Inc.*^	177,500		4,299,050
McMoRan Exploration Co.*^	49,200		972,684
Petroleum Development Corp.*^	100,700		3,357,338
Plains Exploration & Production Co.*	266,800		10,599,964
Whiting Petroleum Corp.*^	104,200		4,168,000
World Fuel Services Corp.^	176,400		5,948,208

			56,891,848

Total Energy			156,213,004

*Financials (14.5%)*
*Capital Markets (1.1%)*
Ameritrade Holding Corp.*	54,300		1,303,200
Janus Capital Group, Inc.	220,160		4,101,581
Lehman Brothers Holdings, Inc.	27,800		3,563,126
Merrill Lynch & Co., Inc.	100,700		6,820,411
Nuveen Investments, Inc., Class A	37,900		1,615,298
State Street Corp.	48,400		2,683,296

			20,086,912

*Commercial Banks (1.9%)*
Bank of America Corp.	69,698		3,216,563
EuroBancshares, Inc.*^	202,146		2,864,409
Hanmi Financial Corp.^	325,341		5,810,590
Nara Bancorp, Inc.^	81,345		1,446,314
Oriental Financial Group, Inc.^	210,900		2,606,724
UCBH Holdings, Inc.^	320,828		5,736,405
UnionBanCal Corp.	54,660		3,756,235
Wachovia Corp.	103,730		5,483,168
Wilshire Bancorp, Inc.^	115,922		1,992,699

			32,913,107

*Consumer Finance (0.1%)*
Capital One Financial Corp.	16,300		1,408,320

*Diversified Financial Services (0.3%)*
Ameriprise Financial, Inc.*	17,400		713,400
Marlin Business Services, Inc.*^	217,773		5,202,597

			5,915,997

*Insurance (6.4%)*
Aflac, Inc.	102,120		4,740,410
Ambac Financial Group, Inc.	74,400		5,733,264
AmerUs Group Co.^	93,700		5,309,979
Aspen Insurance Holdings Ltd.	341,400		8,080,938
Axis Capital Holdings Ltd.	7,800		243,984
Fidelity National Financial, Inc.	180,200		6,629,558
Hilb, Rogal & Hobbs Co.^	199,500		7,682,745
IPC Holdings Ltd.^	103,996		2,847,410
Marsh & McLennan Cos., Inc.	39,900		1,267,224
MBIA, Inc.^	95,200		5,727,232
MetLife, Inc.	68,500		3,356,500
Montpelier Reinsurance Holdings Ltd.^	302,300		5,713,470
Philadelphia Consolidated Holdings Corp.*^	168,900		16,330,941
Platinum Underwriters Holdings Ltd.	8,100		251,667
Protective Life Corp.	103,100		4,512,687
Prudential Financial, Inc.	54,500		3,988,855
Reinsurance Group of America^	73,400		3,505,584
Scottish Annuity & Life Holdings Ltd.^	326,350		8,011,893
St. Paul Travelers Cos., Inc.	117,275		5,238,674
Stancorp Financial Group, Inc.	147,000		7,342,650
Universal American Financial Corp.*^	231,700		3,494,036
Willis Group Holdings Ltd.	38,700		1,429,578

			111,439,279

*Real Estate (2.6%)*
Alexandria Real Estate Equities, Inc. (REIT)	32,800		2,640,400
American Financial Realty Trust (REIT)	149,100		1,789,200
Apartment Investment & Management Co. (REIT)	68,800		2,605,456
CenterPoint Properties Trust (REIT)	37,720		1,866,386
Developers Diversified Realty Corp. (REIT)	35,400		1,664,508
Digital Realty Trust, Inc. (REIT)	31,000		701,530
Duke Realty Corp. (REIT)^	70,820		2,365,388
Education Realty Trust, Inc. (REIT)^	219,100		2,824,199
Equity Office Properties Trust (REIT)	66,600		2,019,978
Equity Residential (REIT)	76,100		2,977,032
General Growth Properties, Inc. (REIT)	112,360		5,279,796
GMH Communities Trust (REIT)	82,600		1,281,126
IVG Holding AG	30,600		639,229
Kimco Realty Corp. (REIT)	75,400		2,418,832
Pennsylvania Real Estate Investment Trust (REIT)	16,700		623,912
Reckson Associates Realty Corp. (REIT)^	78,300		2,817,234
SL Green Realty Corp. (REIT)	14,400		1,100,016
Trizec Properties, Inc. (REIT)^	88,000		2,016,960
United Dominion Realty Trust, Inc. (REIT)	148,800		3,487,872
Vornado Realty Trust (REIT)	41,200		3,438,964

182

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Windrose Medical Properties Trust (REIT)	114,400	$	1,699,984

			46,258,002

*Thrifts & Mortgage Finance (2.1%)*
Countrywide Financial Corp.	134,930		4,613,257
Doral Financial Corp.^	244,300		2,589,580
Fannie Mae	94,800		4,627,188
Farmer Mac, Class C^	130,200		3,896,886
Flushing Financial Corp.^	131,695		2,050,491
Freddie Mac	76,000		4,966,600
NetBank, Inc.^	42,079		302,127
R&G Financial Corp., Class B^	290,800		3,838,560
Rainier Pacific Financial Group, Inc.	114,015		1,825,392
Sterling Financial Corp./Washington^	148,050		3,698,289
W Holding Co., Inc.	457,062		3,761,620

			36,169,990

Total Financials			254,191,607

Health Care (15.6%)
*Biotechnology (0.8%)*
Biogen Idec, Inc.*	52,700		2,388,891
Cephalon, Inc.*^	76,000		4,920,240
Charles River Laboratories International, Inc.*	109,200		4,626,804
MedImmune, Inc.*	57,000		1,996,140
Onyx Pharmaceuticals, Inc.*^	30,710		883,219

			14,815,294

*Health Care Equipment & Supplies (4.2%)*
Baxter International, Inc.	532,370		20,043,730
Becton, Dickinson & Co.	103,140		6,196,651
Conmed Corp.*^	319,819		7,566,918
Cooper Cos., Inc.	3,400		174,420
Dade Behring Holdings, Inc.	59,593		2,436,758
Fisher Scientific International, Inc.*	321,169		19,867,514
Hospira, Inc.*	32,300		1,381,794
Merit Medical Systems, Inc.*	352,700		4,281,778
Nutraceutical International Corp.*^	242,330		3,283,572
Varian, Inc.*^	156,300		6,219,177
Waters Corp.*	47,700		1,803,060

			73,255,372

*Health Care Providers & Services (9.7%)*
Allied Healthcare International, Inc.*^	955,698		5,867,986
AmerisourceBergen Corp.	259,600		10,747,440
Amsurg Corp.*^	213,800		4,887,468
Apria Healthcare Group, Inc.*^	350,400		8,448,144
Community Health Systems, Inc.*	220,800		8,465,472
Genesis HealthCare Corp.*^	155,900		5,693,468
HCA, Inc.	150,880		7,619,440
Health Net, Inc.*	128,800		6,639,640
Humana, Inc.*	126,100		6,851,013
Laboratory Corp. of America Holdings*	41,520		2,235,852
LifePoint Hospitals, Inc.*	208,700		7,826,250
McKesson Corp.	240,500		12,407,395
Omnicare, Inc.	256,100		14,654,042
Pediatrix Medical Group, Inc.*^	69,700		6,173,329
Quest Diagnostics, Inc.^	185,020		9,524,830
RehabCare Group, Inc.*^	205,086		4,142,737
Renal Care Group, Inc.*	275,535		13,035,561
Service Corp. International	104,800		857,264
Sierra Health Services, Inc.*^	153,200		12,249,872
Sunrise Senior Living, Inc.*^	87,700		2,956,367
Triad Hospitals, Inc.*^	85,040		3,336,119
Universal Health Services, Inc., Class B^	300,380		14,039,761

			168,659,450

*Pharmaceuticals (0.9%)*
Forest Laboratories, Inc.*	22,400		911,232
Schering-Plough Corp.	492,160		10,261,536
Teva Pharmaceutical Industries Ltd. (ADR)^	110,600		4,756,906
Wyeth	13,100		603,517

			16,533,191

Total Health Care			273,263,307

Industrials (12.1%)
*Aerospace & Defense (2.0%)*
Alliant Techsystems, Inc.*	193,400		14,731,278
DRS Technologies, Inc.^	143,100		7,358,202
European Aeronautic Defence & Space Co.	100,380		3,777,063
Honeywell International, Inc.	81,800		3,047,050
Lockheed Martin Corp.	15,420		981,175
Precision Castparts Corp.	30,310		1,570,361
SI International, Inc.*^	91,129		2,785,813

			34,250,942

*Air Freight & Logistics (0.3%)*
Pacer International, Inc.^	192,072		5,005,396

*Airlines (0.3%)*
ACE Aviation Holdings, Inc.*	48,300		1,571,203
Ryanair Holdings plc (ADR)*^	67,190		3,761,968
Southwest Airlines Co.	55,200		906,936

			6,240,107

*Building Products (0.6%)*
American Standard Cos., Inc.	15,600		623,220
Masco Corp.	328,200		9,908,358

			10,531,578

*Commercial Services & Supplies (4.3%)*
ARAMARK Corp., Class B	194,100		5,392,098
Brink’s Co.	75,900		3,636,369
Corrections Corp. of America*	181,500		8,162,055
FTI Consulting, Inc.*	372,100		10,210,424
Geo Group, Inc.*^	316,410		7,255,281
Intersections, Inc.*	104,185		973,088
Jackson Hewitt Tax Service, Inc.^	381,000		10,557,510
Manpower, Inc.	62,460		2,904,390
Navigant Consulting Co.*^	129,200		2,839,816
SOURCECORP, Inc.*	313,176		7,509,961
Steelcase, Inc., Class A^	128,200		2,029,406
Waste Connections, Inc.*^	194,000		6,685,240
Wright Express Corp.*	294,100		6,470,200

			74,625,838

*Construction & Engineering (1.7%)*
Dycom Industries, Inc.*^	299,340		6,585,480
EMCOR Group, Inc.*^	35,600		2,404,068
Fluor Corp.	175,600		13,566,856
URS Corp.*^	179,100		6,735,951

			29,292,355

*Electrical Equipment (0.2%)*
Genlyte Group, Inc.*^	68,600		3,674,902

*Industrial Conglomerates (0.6%)*
Tyco International Ltd.	393,060		11,343,712

*Machinery (1.3%)*
Albany International Corp.^	65,200		2,357,632
Briggs & Stratton Corp.^	120,700		4,681,953
Crane Co.	31,800		1,121,586

183

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Harsco Corp.	50,000	$	3,375,500
Kennametal, Inc.^	53,600		2,735,744
SPX Corp.	146,130		6,688,370
Wabash National Corp.^	67,200		1,280,160

			22,240,945

*Road & Rail (0.7%)*
Canadian National Railway Co.	54,100		4,327,356
CSX Corp.	23,500		1,193,095
Laidlaw International, Inc.	312,375		7,256,471

			12,776,922

*Transportation Infrastructure (0.1%)*
Macquarie Infrastructure Co. Trust^	39,545		1,217,986
Universal Truckload Services, Inc.*^	30,852		709,596

			1,927,582

Total Industrials			211,910,279

Information Technology (17.3%)
*Communications Equipment (1.3%)*
Alcatel S.A.* (ADR)^	235,200		2,916,480
Andrew Corp.*	155,100		1,664,223
Black Box Corp.^	92,600		4,387,388
Motorola, Inc.	119,100		2,690,469
Nokia Oyj (ADR)	207,900		3,804,570
Plantronics, Inc.^	235,200		6,656,160
Powerwave Technologies, Inc.*^	37,500		471,375

			22,590,665

*Computers & Peripherals (2.0%)*
Maxtor Corp.*^	617,070		4,282,466
NCR Corp.*	156,400		5,308,216
Seagate Technology*	392,400		7,844,076
Unova, Inc.*^	111,000		3,751,800
Western Digital Corp.*	747,980		13,919,908

			35,106,466

*Electronic Equipment & Instruments (4.5%)*
Agilent Technologies, Inc.*	255,700		8,512,253
Arrow Electronics, Inc.*	164,670		5,274,380
Avnet, Inc.*	359,480		8,605,951
Celestica, Inc. (New York Exchange)*^	608,000		6,420,480
Celestica, Inc. (Toronto Exchange)*	33,500		353,885
Flextronics International Ltd.*	996,670		10,405,235
Global Imaging Systems, Inc.*^	170,313		5,897,939
Ingram Micro, Inc., Class A*	94,400		1,881,392
Measurement Specialties, Inc.*^	236,600		5,761,210
Mettler-Toledo International, Inc.*	98,835		5,455,692
Molex, Inc.	180,500		4,683,975
Solectron Corp.*	629,600		2,304,336
Symbol Technologies, Inc.	698,560		8,955,539
SYNNEX Corp.*^	43,600		658,796
Tech Data Corp.*	52,400		2,079,232
Tektronix, Inc.	36,800		1,038,128

			78,288,423

*IT Services (4.2%)*
Accenture Ltd., Class A	86,500		2,497,255
Affiliated Computer Services, Inc., Class A*	241,639		14,300,196
Anteon International Corp.*	155,400		8,445,990
BearingPoint, Inc.*^	113,940		895,569
BISYS Group, Inc.*	354,100		4,960,941
CACI International, Inc., Class A*^	106,522		6,112,232
Ceridian Corp.*	522,740		12,990,089
Certegy, Inc.^	170,000		6,895,200
Computer Sciences Corp.*	153,500		7,773,240
Hewitt Associates, Inc., Class A*^	165,025		4,622,350
Iron Mountain, Inc.*^	23,900		1,009,058
Total System Services, Inc.	152,800		3,023,912

			73,526,032

*Office Electronics (1.0%)*
Xerox Corp.*	1,157,190		16,952,834

*Semiconductors & Semiconductor Equipment (2.0%)*
AMIS Holdings, Inc.*^	136,980		1,458,837
Amkor Technology, Inc.*^	154,300		864,080
Applied Materials, Inc.	264,100		4,737,954
ASM International N.V.*^	93,000		1,564,260
ASML Holding N.V. (N.Y. Shares)*^	312,900		6,283,032
DSP Group, Inc.*^	37,100		929,726
Exar Corp.*^	66,600		833,832
Fairchild Semiconductor International, Inc., Class A*	219,030		3,703,797
Freescale Semiconductor, Inc., Class A*	25,000		629,750
Freescale Semiconductor, Inc., Class B*	149,982		3,775,047
Microsemi Corp.*^	86,500		2,392,590
MKS Instruments, Inc.*^	86,200		1,542,118
National Semiconductor Corp.	224,000		5,819,520
Novellus Systems, Inc.*	35,760		862,531

			35,397,074

*Software (2.3%)*
Blackbaud, Inc.	250,748		4,282,776
Cadence Design Systems, Inc.*	223,180		3,776,206
EPIQ Systems, Inc.*^	195,433		3,623,328
Hyperion Solutions Corp.*	54,450		1,950,399
JDA Software Group, Inc.*	46,400		789,264
Pervasive Software, Inc.*^	362,914		1,589,563
Quest Software, Inc.*	112,800		1,645,752
Serena Software, Inc.*^	205,516		4,817,295
Siebel Systems, Inc.	278,600		2,947,588
Sybase, Inc.*	66,300		1,449,318
Symantec Corp.*	37,103		649,302
Take-Two Interactive Software, Inc.*^	232,850		4,121,445
THQ, Inc.*^	327,300		7,806,105
TIBCO Software, Inc.*	46,800		349,596

			39,797,937

Total Information Technology			301,659,431

Materials (5.7%)
*Chemicals (2.9%)*
Albemarle Corp.^	43,550		1,670,143
Ashland, Inc.	82,800		4,794,120
Celanese Corp.	97,900		1,871,848
Chemtura Corp.	413,209		5,247,754
Cytec Industries, Inc.^	104,700		4,986,861
Ferro Corp.^	103,400		1,939,784
Georgia Gulf Corp.^	32,600		991,692
OM Group, Inc.*^	212,338		3,983,461
Omnova Solutions, Inc.*^	220,000		1,056,000
PolyOne Corp.*^	247,700		1,592,711
RPM International, Inc.^	314,100		5,455,917
Spartech Corp.^	446,136		9,792,685
UAP Holding Corp.^	226,744		4,630,112
Valspar Corp.^	69,800		1,721,966

			49,735,054

184

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EQ/FI MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares		Value (Note 1)
*Containers & Packaging (0.8%)*
Owens-Illinois, Inc.*		328,800	$	6,917,952
Packaging Corp. of America^		177,100		4,064,445
Packaging Dynamics Corp.		287,110		3,207,019

				14,189,416

*Metals & Mining (1.6%)*
Agnico-Eagle Mines Ltd.^		104,600		2,066,896
Alcan, Inc.		150,530		6,154,443
Alcoa, Inc.		179,400		5,304,858
Cia de Minas Buenaventura S.A. (ADR)		263,400		7,454,220
Newmont Mining Corp.		54,800		2,926,320
Nucor Corp.		17,760		1,184,947
Olympic Steel, Inc.*^		136,400		3,389,540

				28,481,224

*Paper & Forest Products (0.4%)*
MeadWestvaco Corp.		70,000		1,962,100
Schweitzer-Mauduit International, Inc.^		192,900		4,780,062

				6,742,162

Total Materials				99,147,856

Telecommunication Services (1.7%)
*Diversified Telecommunication Services (1.2%)*
Alaska Communications Systems Group, Inc.^		161,000		1,635,760
ALLTEL Corp.		53,200		3,356,920
AT&T, Inc.		93,600		2,292,264
BellSouth Corp.		99,800		2,704,580
CenturyTel, Inc.		2,700		89,532
Citizens Communications Co.		252,300		3,085,629
Cogent Communications Group, Inc.*^		97,400		534,726
Iowa Telecommunications Service, Inc.^		163,509		2,532,754
Premiere Global Services, Inc.*^		203,200		1,652,016
Verizon Communications, Inc.		83,100		2,502,972

				20,387,153

*Wireless Telecommunication Services (0.5%)*
American Tower Corp., Class A*		40,797		1,105,599
Dobson Communications Corp.*^		347,700		2,607,750
Investcom LLC (GDR)		182,000		2,557,100
Sprint Nextel Corp.		131,500		3,071,840

				9,342,289

Total Telecommunication Services				29,729,442

Utilities (2.9%)
*Electric Utilities (1.6%)*
Edison International, Inc.		153,020		6,673,202
Entergy Corp.		63,180		4,337,307
Exelon Corp.		70,900		3,767,626
PG&E Corp.		123,340		4,578,381
PPL Corp.		150,040		4,411,176
TXU Corp.		89,700		4,502,043

				28,269,735

*Multi-Utilities & Unregulated Power (1.3%)*
AES Corp.*		192,000		3,039,360
CMS Energy Corp.*^		570,800		8,282,308
Constellation Energy Group, Inc.		51,800		2,983,680
NRG Energy, Inc.*^		94,100		4,433,992
Public Service Enterprise Group, Inc.		50,300		3,267,991

				22,007,331

Total Utilities				50,277,066

Total Common Stocks (95.7%) (Cost $1,461,582,707)				1,672,619,551

CONVERTIBLE PREFERRED STOCKS:
Consumer Discretionary (0.1%)
*Automobiles (0.1%)*
General Motors Corp.
4.500%, 3/6/32^		73,100		1,516,825

*Hotels, Restaurants & Leisure (0.0%)*
Six Flags, Inc.,
7.25%, 8/15/09		22,200		513,264

Total Consumer Discretionary				2,030,089

Financials (0.1%)
*Insurance (0.1%)*
Hartford Financial Services Group, Inc.,
6.00%, 11/16/06		9,400		714,400

Total Financials				714,400

Health Care (0.1%)
*Health Care Equipment & Supplies (0.1%)*
Baxter International, Inc.,
7.00%, 2/16/06		30,900		1,660,875

Total Health Care				1,660,875

Materials (0.1%)
*Containers & Packaging (0.1%)*
Owens-Illinois, Inc.,
4.75%, 12/31/49		61,300		2,084,200

Total Materials				2,084,200

Utilities (0.1%)
*Electric Utilities (0.1%)*
Dominion Resources, Inc.,
8.75%, 5/15/06		31,600		1,643,516

Total Utilities				1,643,516

Total Convertible Preferred Stocks (0.5%) (Cost $7,869,979)				8,133,080


	Principal Amount
LONG-TERM DEBT SECURITIES:
Consumer Discretionary (0.0%)
*Leisure Equipment & Products (0.0%)*
K2, Inc.
7.375%, 7/1/14	$	20,000		19,900

Total Consumer Discretionary				19,900

Health Care (0.1%)
*Health Care Providers & Services (0.1%)*
Tenet Healthcare Corp.*^
6.375%, 12/1/11		1,455,000		1,327,688

Total Health Care				1,327,688

185

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EQ/FI MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount		Value (Note 1)
Information Technology (0.0%)
*Electronic Equipment & Instruments (0.0%)*
Celestica, Inc.
7.875%, 7/1/11	$	940,000	$	947,050

Total Information Technology				947,050

Total Long-Term Debt Securities (0.1%) (Cost $2,264,229)				2,294,638

SHORT-TERM INVESTMENT:
Short-Term Investments of Cash Collateral for Securities Loaned (21.6%)
Ajax Bambino Funding Ltd.
4.36%, 1/18/06		9,963,833		9,963,833
Allstate Life Global Funding
4.37%, 1/30/07 (l)		2,000,000		2,000,000
American Express Credit Corp.
4.36%, 6/12/07 (l)		10,000,000		10,000,000
Bank of Nova Scotia New York
4.38%, 5/30/06 (l)		14,996,900		14,996,900
CC USA, Inc.
4.33%, 5/5/06 (l)		18,499,093		18,499,093
CDC Financial Products, Inc.
4.35%, 1/30/06 (l)		14,000,000		14,000,000
Citigroup Global Markets, Inc.
4.32%, 1/6/06 (l)		15,000,000		15,000,000
Commonwealth Bank of Australia
4.35%, 1/30/07 (l)		5,000,000		5,000,000
Fifth Third BanCorp.
4.35%, 1/30/07 (l)		2,000,000		2,000,000
General Electric Capital Corp.
4.36%, 5/12/06 (l)		5,005,149		5,005,149
Goldman Sachs Group, Inc.
4.38%, 1/30/07 (l)		5,000,051		5,000,051
4.41%, 12/28/07 (l)		10,000,000		10,000,000
Manufacturers and Traders
4.37%, 6/20/06 (l)		14,999,798		14,999,798
Merrill Lynch Mortgage Capital
4.35%, 2/6/06 (l)		20,000,000		20,000,000
Morgan Stanley
4.43%, 1/2/07 (l)		15,000,000		15,000,000
National City Bank/Cleveland
4.36%, 12/5/07 (l)		9,998,555		9,998,555
New York Life Insurance Co.
4.40%, 3/30/06 (l)		5,000,000		5,000,000
Nomura Securities
4.29%, 1/3/06		97,897,257		97,897,257
Royal Bank of Canada
4.30%, 10/3/06 (l)		4,999,092		4,999,092
Sigma Finance, Inc.
4.37%, 10/24/07 (l)		24,995,140		24,995,140
Swedbank NY
4.38%, 7/14/06 (l)		9,996,924		9,996,924
Unicredito Italiano N.Y.
3.96%, 10/4/06 (l)		14,991,445		14,991,445
U.S. Bank NA
4.29%, 10/2/06 (l)		9,995,210		9,995,210
Wells Fargo & Co.
4.36%, 12/31/07 (l)		23,000,000		23,000,000
Wells Fargo Bank/San Francisco
4.30%, 12/1/06 (l)		15,000,000		15,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				377,338,447

Time Deposit (3.7%)
JPMorgan Chase Nassau
3.68%, 1/3/06		64,023,885		64,023,885

Total Short-Term Investments (25.3%) (Amortized Cost $441,362,332)				441,362,332

Total Investments (121.6%) (Cost/Amortized Cost $1,913,079,247)				2,124,409,601
Other Assets Less Liabilities (-21.6%)				(377,833,969	)

Net Assets (100%)			$	1,746,575,632

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

Glossary:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

REIT — Real Estate Investment Trust

186

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PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	977,012,138
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	830,723,397

As of December 31, 2005, 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	$	270,880,991
Aggregate gross unrealized depreciation		(65,589,146	)

Net unrealized appreciation	$	205,291,845

Federal income tax cost of investments	$	1,919,117,756

At December 31, 2005, the Portfolio had loaned securities with a total value of $367,628,433. This was secured by collateral of $377,338,447 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

See Notes to Financial Statements.

187

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PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (12.5%)
*Auto Components (0.1%)*
Midas, Inc.*	1,700	$	31,212
Proliance International, Inc.*	117		619
Raytech Corp.*	5,000		6,300

			38,131

*Hotels, Restaurants & Leisure (4.1%)*
Aztar Corp.*	6,000		182,340
Churchill Downs, Inc.	3,000		110,190
Dave and Busters, Inc.*	9,100		160,251
Dover Motorsports, Inc.	5,000		30,550
GTECH Holdings Corp.	4,000		126,960
Hilton Group plc	17,000		106,087
La Quinta Corp.*	90,000		1,002,600

			1,718,978

*Household Durables (0.3%)*
Fedders Corp.	4,000		6,880
Lenox Group, Inc.*	2,000		26,480
Maytag Corp.	6,000		112,920

			146,280

*Media (6.3%)*
Acme Communications, Inc.*	3,500		12,425
Cablevision Systems New York Group, Class A*	25,000		586,750
Crown Media Holdings, Inc., Class A*	10,000		91,700
Discovery Holding Co. Class A*	700		10,605
Dow Jones & Co., Inc.	5,000		177,450
Fisher Communications, Inc.*	2,000		82,860
Interep National Radio Sales, Inc., Class A*	2,000		720
Liberty Corp.	6,000		280,860
Liberty Global, Inc., Class A*	580		13,050
Liberty Global, Inc., Class C*	580		12,296
Liberty Media Corp., Class A*	10,000		78,700
Lin TV Corp., Class A*	5,000		55,700
McClatchy Co., Class A	1,000		59,100
Media General, Inc., Class A	1,500		76,050
Paxson Communications Corp.*	20,000		18,000
Primedia, Inc.*	5,000		8,050
Reader’s Digest Association, Inc. (Non-Voting)	500		7,610
Rogers Communications, Inc., Class B	1,750		73,955
Salem Communications Corp., Class A*	1,000		17,490
Sinclair Broadcast Group, Inc., Class A	3,000		27,600
Tribune Co.	7,000		211,820
Viacom, Inc.*	11,000		360,360
Vivendi Universal S.A. (ADR)	7,000		220,010
Walt Disney Co.	5,500		131,835
Young Broadcasting, Inc., Class A*	10,000		26,000

			2,640,996

*Multiline Retail (0.0%)*
Hudson’s Bay Co.	500		6,343
Saks, Inc.*	200		3,372

			9,715

*Specialty Retail (0.3%)*
Burlington Coat Factory Warehouse Corp.	1,000		40,210
CSK Auto Corp.*	5,000		75,400
Linens ‘n Things, Inc.*	1,000		26,600

			142,210

*Textiles, Apparel & Luxury Goods (1.4%)*
Reebok International Ltd.	10,000		582,300

Total Consumer Discretionary			5,278,610

Consumer Staples (6.8%)
*Beverages (0.7%)*
Pernod-Ricard S.A. (ADR)	1,011		43,978
Vincor International, Inc.*	10,000		265,120

			309,098

*Food & Staples Retailing (1.4%)*
Albertson’s, Inc.	20,800		444,080
BJ’s Wholesale Club, Inc.*	500		14,780
Pathmark Stores, Inc.*	1,000		9,990
Topps Co., Inc.	18,200		135,226

			604,076

*Food Products (4.7%)*
Dreyer’s Grand Ice Cream Holdings, Inc.	15,000		1,243,200
Flowers Foods, Inc.	750		20,670
Groupe Danone (ADR)	15,000		315,600
Groupe Danone	3,000		312,286
H.J. Heinz Co.	1,500		50,580
Tootsie Roll Industries, Inc.	530		15,333

			1,957,669

Total Consumer Staples			2,870,843

Energy (2.3%)
*Energy Equipment & Services (0.1%)*
RPC, Inc.	1,125		29,633

*Oil & Gas (2.2%)*
Burlington Resources, Inc.	6,000		517,200
Chevron Corp.	3,000		170,310
Pioneer Natural Resources Co.	500		25,635
Vintage Petroleum, Inc.	4,000		213,320

			926,465

Total Energy			956,098

Financials (6.9%)
*Capital Markets (0.6%)*
Ameritrade Holding Corp.*	1,500		36,000
Deutsche Bank AG (Registered)	1,000		96,870
Mellon Financial Corp.	500		17,125
SWS Group, Inc.	5,000		104,700

			254,695

*Commercial Banks (2.2%)*
Banca Antonveneta S.p.A.	20,000		620,207
First Republic Bank/San Francisco, CA	450		16,655
Gold Banc Corp., Inc.	10,200		185,844
Hudson United Bancorp	2,500		104,200

			926,906

*Consumer Finance (2.1%)*
American Express Co.	5,000		257,300
MBNA Corp.	23,000		624,450

			881,750

*Diversified Financial Services (0.1%)*
Ameriprise Financial, Inc.*	1,000		41,000

*Insurance (0.8%)*
CNA Surety Corp.*	5,000		72,850
Jefferson-Pilot Corp.	5,000		284,650

			357,500

*Real Estate (0.6%)*
Criimi MAE, Inc. (REIT)*	12,000		237,600

188

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
*Thrifts & Mortgage Finance (0.5%)*
Flushing Financial Corp.	2,500	$	38,925
Independence Community Bank Corp.	2,000		79,460
New York Community Bancorp, Inc.	2,000		33,040
NewAlliance Bancshares, Inc.	2,750		39,985
Sovereign Bancorp, Inc.	1		22

			191,432

Total Financials			2,890,883

Health Care (12.6%)
*Biotechnology (4.3%)*
Abgenix, Inc.*	23,500		505,485
Chiron Corp.*	25,000		1,111,500
Serono S.A. (ADR)	10,000		198,600

			1,815,585

*Health Care Equipment & Supplies (4.3%)*
Animas Corp.*	11,000		265,650
ArthroCare Corp.*	200		8,428
Bio-Rad Laboratories, Inc., Class A*	200		13,088
Biosite, Inc.*	500		28,145
BioVeris Corp.*	300		1,371
Cholestech Corp.*	200		1,984
Conmed Corp.*	2,500		59,150
DJ Orthopedics, Inc.*	200		5,516
Encore Medical Corp.*	500		2,475
Exactech, Inc.*	2,500		28,600
Guidant Corp.	11,000		712,250
ICU Medical, Inc.*	1,000		39,210
Inamed Corp.*	3,500		306,880
Kensey Nash Corp.*	4,000		88,120
Lifecore Biomedical, Inc.*	4,000		64,920
Orthofix International N.V.*	600		23,934
Osteotech, Inc.*	2,000		9,940
Regeneration Technologies, Inc.*	4,000		28,600
Schick Technologies, Inc.*	1,000		32,959
Thermo Electron Corp.*	1,000		30,130
Thoratec Corp.*	1,500		31,035
Young Innovations, Inc.	300		10,224

			1,792,609

*Health Care Providers & Services (4.0%)*
Beverly Enterprises, Inc.*	32,500		379,275
IDX Systems Corp.*	14,000		614,880
IMS Health, Inc.	10,000		249,200
NWH, Inc.	2,500		32,975
Renal Care Group, Inc.*	8,000		378,480
UnitedHealth Group, Inc.	330		20,506

			1,675,316

*Pharmaceuticals (0.0%)*
Bristol-Myers Squibb Co.	500		11,490
Collagenex Pharmaceuticals, Inc.*	500		6,035

			17,525

Total Health Care			5,301,035

Industrials (2.7%)
*Aerospace & Defense (0.8%)*
Engineered Support Systems, Inc.	3,500		145,740
Fairchild Corp., Class A*	2,000		5,100
Herley Industries, Inc.*	3,000		49,530
Honeywell International, Inc.	1,000		37,250
Kaman Corp.	2,000		39,380
Sequa Corp., Class A*	1,000		69,050

			346,050

*Building Products (0.2%)*
Griffon Corp.*	3,000		71,430
Water Pik Technologies Inc.*	1,000		21,470

			92,900

*Commercial Services & Supplies (0.2%)*
GP Strategies Corp.*	1,500		12,240
Nashua Corp.*	5,000		35,100
Republic Services, Inc.	1,000		37,550

			84,890

*Electrical Equipment (0.8%)*
Cooper Industries Ltd., Class A	2,000		146,000
SL Industries, Inc.*	5,000		80,250
Thomas & Betts Corp.*	2,500		104,900

			331,150

*Machinery (0.7%)*
Ampco-Pittsburgh Corp.	500		7,255
Baldwin Technology Co.*	6,000		24,300
CIRCOR International, Inc.	1,000		25,660
Flowserve Corp.*	2,000		79,120
ITT Industries, Inc.	1,200		123,384
Watts Water Technologies, Inc., Class A	1,000		30,290

			290,009

Total Industrials			1,144,999

Information Technology (8.5%)
*Communications Equipment (3.2%)*
Belden CDT, Inc.	3,500		85,505
FalconStor Software, Inc.*	5,500		40,645
Scientific-Atlanta, Inc.	28,000		1,205,960

			1,332,110

*Computers & Peripherals (0.0%)*
Maxtor Corp.*	3,000		20,820

*IT Services (2.0%)*
Anteon International Corp.*	14,000		760,900
Computer Sciences Corp.*	1,500		75,960
iPayment, Inc.*	500		20,760

			857,620

*Semiconductors & Semiconductor Equipment (0.1%)*
Monolithic System Technology, Inc.*	5,000		27,500

*Software (3.2%)*
Amicas, Inc.*	1,000		4,960
Borland Software Corp.*	8,000		52,240
GSE Systems, Inc.*	424		526
Micromuse, Inc.*	1,000		9,890
Mobius Management Systems, Inc.*	2,000		13,440
Siebel Systems, Inc.	120,000		1,269,600

			1,350,656

Total Information Technology			3,588,706

Materials (2.2%)
*Chemicals (0.5%)*
Ferro Corp.	3,000		56,280
Hercules, Inc.*	7,000		79,100
MacDermid, Inc.	1,000		27,900
Sensient Technologies Corp.	3,000		53,700

			216,980

*Containers & Packaging (0.3%)*
Greif, Inc., Class A	1,500		99,420

*Metals & Mining (1.4%)*
Dofasco Inc.	1,000		55,626
Falconbridge Ltd.	3,000		88,890
Gold Fields Ltd. (ADR)	4,000		70,520
Placer Dome, Inc.	15,500		355,415
WHX Corp.*	2,000		20,300

			590,751

Total Materials			907,151

189

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EQ/GAMCO MERGERS AND ACQUISITIONS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Number of Shares		Value (Note 1)
Telecommunication Services (10.5%)
*Diversified Telecommunication Services (5.0%)*
MCI, Inc.		15,000	$	295,950
New Skies Satellites Holdings Ltd.		19,300		420,161
PanAmSat Holding Corp.		12,500		306,250
Qwest Communications International, Inc.*		9,000		50,850
TDC A/S		15,000		895,476
Telindus Group N.V.*		6,500		129,574

				2,098,261

*Wireless Telecommunication Services (5.5%)*
Alamosa Holdings, Inc.*		70,000		1,302,700
Centennial Communications Corp.*		500		7,760
Nextel Partners, Inc., Class A*		9,500		265,430
O2 plc		90,000		305,539
Price Communications Corp.*		1,050		15,613
Sprint Nextel Corp.		2,500		58,400
Telesystem International Wireless, Inc.* †		2,000		—
U.S. Cellular Corp.*		7,000		345,800

				2,301,242

Total Telecommunication Services				4,399,503

Utilities (2.4%)
*Electric Utilities (1.7%)*
Cinergy Corp.		3,000		127,380
Duquesne Light Holdings, Inc.		2,500		40,800
Endesa S.A.		20,000		524,192
Unisource Energy Corp.		1,000		31,200

				723,572

*Gas Utilities (0.1%)*
Laclede Group, Inc.		300		8,763
SEMCO Energy, Inc.*		2,000		11,240
Southwest Gas Corp.		500		13,200

				33,203

*Multi-Utilities & Unregulated Power (0.6%)*
Public Service Enterprise Group, Inc.		4,000		259,880
Suez S.A.*		4,000		47

				259,927

Total Utilities				1,016,702

Total Common Stocks (67.4%) (Cost $28,027,947)				28,354,530


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Securities (19.0%)
U.S. Treasury Bills
3.82%, 1/12/06 (p)	$	5,000,000		4,993,634
3.57%, 2/16/06 (p)		3,000,000		2,986,064

				7,979,698

Time Deposit (10.0%)
JPMorgan Chase Nassau
3.68%, 1/3/06		4,206,253		4,206,253

Total Short-Term Investments (29.0%) (Cost/Amortized Cost $12,186,412)				12,185,951

Total Investments (96.4%) (Cost/Amortized Cost $40,214,359)				40,540,481
Other Assets Less Liabilities (3.6%)				1,499,531

Net Assets (100%)			$	42,040,012

*	Non-income producing.

†	Securities (totaling $0 or 0.00% of net assets) valued at fair value.

(p)

Yield to maturity.

Glossary:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	44,507,286
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	23,932,217

As of December 31, 2005, 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	$	1,043,907
Aggregate gross unrealized depreciation		(730,085	)

Net unrealized appreciation	$	313,822

Federal income tax cost of investments	$	40,226,659

For the year ended December 31, 2005, the Portfolio incurred approximately $30,936 as brokerage commissions with Gabelli & Co., an affiliated broker/dealer.

See Notes to Financial Statements.

190

EQ ADVISORS TRUST

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (27.9%)
*Auto Components (4.9%)*
BorgWarner, Inc.	142,000	$	8,609,460
Dana Corp.	400,000		2,872,000
Federal-Mogul Corp.*	60,000		21,600
Midas, Inc.*	220,000		4,039,200
Modine Manufacturing Co.	185,000		6,029,150
Proliance International, Inc.*	160,007		846,437
Raytech Corp.*	135,000		170,100
Spartan Motors, Inc.	130,000		1,337,700
Standard Motor Products, Inc.	249,400		2,301,962
Strattec Security Corp.*	19,000		767,980
Tenneco Automotive, Inc.*	105,000		2,059,050

			29,054,639

*Automobiles (0.4%)*
Fleetwood Enterprises, Inc.*	140,000		1,729,000
Monaco Coach Corp.	20,000		266,000
Thor Industries, Inc.	4,000		160,280

			2,155,280

*Hotels, Restaurants & Leisure (6.4%)*
Aztar Corp.*	210,000		6,381,900
Canterbury Park Holding Corp.	62,100		860,085
Churchill Downs, Inc.	144,000		5,289,120
Dover Downs Gaming & Entertainment, Inc.	71,000		1,004,650
Dover Motorsports, Inc.	240,000		1,466,400
Gaylord Entertainment Co.*	190,000		8,282,100
Kerzner International Ltd.*	34,000		2,337,500
La Quinta Corp.*	500,000		5,570,000
Magna Entertainment Corp., Class A*	180,000		1,285,200
Marcus Corp.	4,000		94,000
Pinnacle Entertainment, Inc.*	80,000		1,976,800
Six Flags, Inc.*	80,000		616,800
Steak n Shake Co.*	50,000		847,500
Triarc Cos., Inc., Class A	40,000		669,600
Triarc Cos., Inc., Class B	70,000		1,039,500

			37,721,155

*Household Durables (2.5%)*
Cavalier Homes, Inc.*	230,000		1,483,500
Cavco Industries, Inc.*	92,000		3,521,760
Champion Enterprises, Inc.*	258,000		3,513,960
Fedders Corp.	580,000		997,600
Lenox Group, Inc.*	79,400		1,051,256
National Presto Industries, Inc.	7,000		310,450
Palm Harbor Homes, Inc.*	25,000		470,000
Skyline Corp.	74,700		2,719,080
Southern Energy Homes, Inc.*	70,000		402,500

			14,470,106

*Media (11.5%)*
Acme Communications, Inc.*	54,000		191,700
Beasley Broadcasting Group, Inc., Class A	90,000		1,215,900
Belo Corp., Class A	105,000		2,248,050
Cablevision Systems New York Group, Class A*	233,400		5,477,898
Crown Media Holdings, Inc., Class A*	55,500		508,935
Cumulus Media, Inc., Class A*	8,005		99,342
Discovery Holding Co. Class A*	7,000		106,050
E.W. Scripps Co., Class A	40,000		1,920,800
Fisher Communications, Inc.*	88,100		3,649,983
Gemstar-TV Guide International, Inc.*	600,000		1,566,000
Gray Television, Inc.	270,000		2,651,400
Imax Corp.*	12,000		84,720
Interactive Data Corp.*	135,000		3,065,850
Interep National Radio Sales, Inc., Class A*	70,000		25,200
Journal Register Co.	70,000		1,046,500
Lakes Entertainment, Inc.*	116,000		771,400
Lee Enterprises, Inc.	50,000		1,845,500
Liberty Corp.	140,000		6,553,400
Liberty Global, Inc. Class A*	15,000		337,500
Liberty Global, Inc., Class C*	15,000		318,000
Liberty Media Corp., Class A*	50,000		393,500
Lin TV Corp., Class A*	210,000		2,339,400
McClatchy Co., Class A	100,000		5,910,000
MDC Partners, Inc., Class A*	10,000		64,000
Media General, Inc., Class A	149,000		7,554,300
Meredith Corp.	50,000		2,617,000
Nexstar Broadcasting Group, Inc., Class A*	62,000		310,620
Paxson Communications Corp.*	100,000		90,000
Penton Media, Inc.*	100,000		55,000
Primedia, Inc.*	400,000		644,000
Reader’s Digest Association, Inc.	14,100		214,602
Rogers Communications, Inc., Class B	167,000		7,057,420
Salem Communications Corp., Class A*	146,900		2,569,281
Sinclair Broadcast Group, Inc., Class A	200,000		1,840,000
Thomas Nelson, Inc.	55,000		1,355,750
Young Broadcasting, Inc., Class A*	199,700		519,220

			67,218,221

*Specialty Retail (1.6%)*
Big 5 Sporting Goods Corp.	20,000		437,800
Bowlin Travel Centers, Inc.*	70,000		107,100
Burlington Coat Factory Warehouse Corp.	75,000		3,015,750
CSK Auto Corp.*	50,000		754,000
Earl Scheib, Inc.*‡	280,000		1,050,000
Gander Mountain Co.*	4,000		23,680
Pep Boys Manny, Moe & Jack	240,000		3,573,600
United Auto Group, Inc.	20,000		764,000

			9,725,930

*Textiles, Apparel & Luxury Goods (0.6%)*
Hartmarx Corp.*	215,000		1,679,150
Levcor International, Inc.*	52,500		39,375
Movado Group, Inc.	50,000		915,000
Wolverine World Wide, Inc.	40,000		898,400

			3,531,925

Total Consumer Discretionary			163,877,256

Consumer Staples (6.1%)
*Beverages (0.3%)*
Boston Beer Co., Inc., Class A*	60,000		1,500,000

*Food & Staples Retailing (1.0%)*
Ingles Markets, Inc., Class A	145,000		2,269,250
Topps Co., Inc.	350,000		2,600,500
Weis Markets, Inc.	27,000		1,162,080

			6,031,830

*Food Products (3.2%)*
Corn Products International, Inc.	105,000		2,508,450
Del Monte Foods Co.*	80,000		834,400
Flowers Foods, Inc.	225,000		6,201,000
Griffin Land & Nurseries, Inc.*	127,000		3,145,790
Hain Celestial Group, Inc.*	25,000		529,000
J & J Snack Foods Corp.	2,000		118,820
John B. Sanfilippo & Son, Inc.*	1,000		12,930
Ralcorp Holdings, Inc.*	50,000		1,995,500

191

EQ ADVISORS TRUST

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Tootsie Roll Industries, Inc.	108,150	$	3,128,779

			18,474,669

*Household Products (1.5%)*
Church & Dwight Co., Inc.	70,000		2,312,100
Energizer Holdings, Inc.*	20,000		995,800
Katy Industries, Inc.*	195,000		604,500
Oil-Dri Corp. of America	240,000		4,231,200
WD-40 Co.	20,000		525,200

			8,668,800

*Personal Products (0.1%)*
Elizabeth Arden, Inc.*	10,000		200,600
Revlon, Inc., Class A*	200,005		620,016

			820,616

Total Consumer Staples			35,495,915

Energy (1.2%)
*Energy Equipment & Services (1.2%)*
Covanta Holding Corp.*	235,000		3,539,100
Oceaneering International, Inc.*	5,000		248,900
RPC, Inc.	120,000		3,160,800
W-H Energy Services, Inc.*	5,000		165,400

			7,114,200

Total Energy			7,114,200

Financials (3.5%)
*Capital Markets (1.1%)*
SWS Group, Inc.	156,100		3,268,734
Waddell & Reed Financial, Inc.	150,000		3,145,500

			6,414,234

*Commercial Banks (0.4%)*
Sterling Bancorp/New York	126,000		2,485,980

*Diversified Financial Services (0.1%)*
BKF Capital Group, Inc.	25,000		473,750
Epoch Holding Corp.*	25,000		147,500
National Patent Development Corp.*	10,000		22,300

			643,550

*Insurance (1.8%)*
Argonaut Group, Inc.*	110,000		3,604,700
CNA Surety Corp.*	115,000		1,675,550
Midland Co.	135,000		4,865,400

			10,145,650

*Real Estate (0.1%)*
Gyrodyne Co. of America, Inc.*	1,200		52,200
Harbor Global Co., Ltd.	70,000		630,000

			682,200

Total Financials			20,371,614

Health Care (5.2%)
*Biotechnology (0.1%)*
Invitrogen Corp.*	12,000		799,680

*Health Care Equipment & Supplies (4.0%)*
Align Technology, Inc.*	120,000		776,400
Angiodynamics, Inc.*	80,000		2,042,400
Conmed Corp.*	100,000		2,366,000
Edwards Lifesciences Corp.*	75,000		3,120,750
Exactech, Inc.*	110,000		1,258,400
ICU Medical, Inc.*	25,000		980,250
Inamed Corp.*	25,000		2,192,000
Inverness Medical Innovations, Inc.*	12,000		284,520
Kensey Nash Corp.*	80,000		1,762,400
Matthews International Corp., Class A	10,000		364,100
Orthofix International N.V.*	10,000		398,900
Possis Medical, Inc.*	50,000		497,500
Regeneration Technologies, Inc.*.	88,000		629,200
Schick Technologies, Inc.*	20,000		659,180
Sybron Dental Specialties, Inc.*	85,000		3,383,850
Thermo Electron Corp.*	70,000		2,109,100
Thoratec Corp.*	10,000		206,900
Young Innovations, Inc.	4,000		136,320

			23,168,170

*Health Care Providers & Services (0.8%)*
Beverly Enterprises, Inc.*	200,000		2,334,000
Owens & Minor, Inc.	57,100		1,571,963
PSS World Medical, Inc.*	50,000		742,000

			4,647,963

*Pharmaceuticals (0.3%)*
Schiff Nutrition International, Inc.*	400,000		2,036,000
TL Administration Corp.* †	85,000		340

			2,036,340

Total Health Care			30,652,153

Industrials (28.9%)
*Aerospace & Defense (6.7%)*
AAR Corp.*	70,000		1,676,500
Aviall, Inc.*	75,000		2,160,000
Curtiss-Wright Corp.	27,000		1,474,200
EDO Corp.	12,000		324,720
Empresa Brasileira de Aeronautica S.A. (ADR)	4,000		156,400
Fairchild Corp., Class A*	415,000		1,058,250
GenCorp, Inc.*	200,000		3,550,000
Heico Corp.	15,000		388,200
Kaman Corp. (Non-Voting)	400,000		7,876,000
Moog, Inc., Class A*	42,000		1,191,960
Precision Castparts Corp.	200,000		10,362,000
Sequa Corp., Class A*	87,000		6,007,350
Sequa Corp., Class B*	43,000		2,988,500

			39,214,080

*Air Freight & Logistics (0.5%)*
Park-Ohio Holdings Corp.*	210,000		2,961,000

*Building Products (0.3%)*
Griffon Corp.*	40,000		952,400
Water Pik Technologies Inc.*	30,000		644,100

			1,596,500

*Commercial Services & Supplies (4.1%)*
Adesa, Inc.	150,000		3,663,000
Allied Waste Industries, Inc.*	180,000		1,573,200
Central Parking Corp.	66,500		912,380
Chemed Corp.	115,000		5,713,200
Concorde Career Colleges, Inc.*	54,000		799,200
GP Strategies Corp.*	40,000		326,400
Nashua Corp.*	103,000		723,060
Republic Services, Inc.	95,000		3,567,250
Rollins, Inc.	360,000		7,095,600

			24,373,290


*Construction & Engineering (0.2%)*
Xanser Corp.*	357,800		1,051,932

*Electrical Equipment (5.2%)*
A.O. Smith Corp.	12,000		421,200
A.O. Smith Corp., Class A	8,000		274,400
Acuity Brands, Inc.	50,000		1,590,000
Ametek, Inc.	145,000		6,168,300
Baldor Electric Co.	63,000		1,615,950
C&D Technologies, Inc.	13,000		99,060
Franklin Electric Co., Inc.	90,000		3,558,600
Lamson & Sessions Co.*	195,000		4,878,900
Roper Industries, Inc.	44,000		1,738,440
SL Industries, Inc.*	58,000		930,900

192

EQ ADVISORS TRUST

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Thomas & Betts Corp.*	220,000	$	9,231,200

			30,506,950

*Industrial Conglomerates (1.3%)*
ACCO Brands Corp.*	70,000		1,715,000
Alleghany Corp.*	4,200		1,192,800
Standex International Corp.	56,500		1,568,440
Tredegar Corp.	239,000		3,080,710

			7,556,950

*Machinery (9.3%)*
Ampco-Pittsburgh Corp.	172,600		2,504,426
Badger Meter, Inc.	16,500		647,460
Baldwin Technology Co.*	305,000		1,235,250
CIRCOR International, Inc.	100,000		2,566,000
Clarcor, Inc.	390,000		11,586,900
CNH Global N.V.	105,000		1,946,700
Crane Co.	125,000		4,408,750
Donaldson Co., Inc.	40,000		1,272,000
Flowserve Corp.*	180,000		7,120,800
Gorman-Rupp Co.	40,925		904,852
Graco, Inc.	122,000		4,450,560
Idex Corp.	91,000		3,741,010
Navistar International Corp.*	50,000		1,431,000
Oshkosh Truck Corp.	12,000		535,080
Robbins & Myers, Inc.	140,000		2,849,000
Tennant Co.	50,000		2,600,000
Watts Water Technologies, Inc., Class A	165,000		4,997,850

			54,797,638

*Trading Companies & Distributors (1.3%)*
GATX Corp.	180,000		6,494,400
Hughes Supply, Inc.	2,000		71,700
Huttig Building Products, Inc.*	44,000		369,600
Industrial Distribution Group, Inc.*	70,000		565,600

			7,501,300

Total Industrials			169,559,640

Information Technology (3.2%)
*Communications Equipment (0.8%)*
Belden CDT, Inc.	75,000		1,832,250
Communications Systems, Inc.	80,000		982,400
FalconStor Software, Inc.*	90,000		665,100
Plantronics, Inc.	45,000		1,273,500

			4,753,250

*Electronic Equipment & Instruments (1.7%)*
CTS Corp.	230,000		2,543,800
Gerber Scientific, Inc.*	33,700		322,509
KEMET Corp.*	190,000		1,343,300
Methode Electronics, Inc.	75,000		747,750
Park Electrochemical Corp.	100,000		2,598,000
Paxar Corp.*	120,000		2,355,600

			9,910,959

*IT Services (0.4%)*
EdgewaterTechnology, Inc.*	310,000		1,829,000
Tyler Technologies, Inc.*	70,000		614,600

			2,443,600

*Semiconductors & Semiconductor Equipment (0.1%)*
California Micro Devices CP*	10,000		65,100
Monolithic System Technology, Inc.*	50,000		275,000

			340,100

*Software (0.2%)*
Amicas, Inc.*	130,000		644,800
Borland Software Corp.*	85,000		555,050
GSE Systems, Inc.*	11,323		14,040
OpenTV Corp., Class A*	13,000		29,120

			1,243,010

Total Information Technology			18,690,919

Materials (6.4%)
*Chemicals (4.1%)*
Arch Chemicals, Inc.	46,000		1,375,400
Chemtura Corp.	130,000		1,651,000
Core Molding Technologies, Inc.*	125,000		956,250
Cytec Industries, Inc.	5,000		238,150
Ferro Corp.	300,000		5,628,000
Hawkins, Inc.	10,000		139,900
Hercules, Inc.*	320,000		3,616,000
MacDermid, Inc.	70,000		1,953,000
Material Sciences Corp.*	191,600		2,701,560
NewMarket Corp.*	25,000		611,500
Omnova Solutions, Inc.*	260,000		1,248,000
Scotts Miracle-Gro Co., Class A	2,000		90,480
Sensient Technologies Corp.	194,000		3,472,600

			23,681,840

*Containers & Packaging (1.6%)*
Greif, Inc., Class A	90,000		5,965,200
Myers Industries, Inc.	240,000		3,499,200

			9,464,400

*Metals & Mining (0.6%)*
Barrick Gold Corp.	35,000		975,450
GrafTech International Ltd.*	200,000		1,244,000
Kinross Gold Corp.*	28,167		259,700
Novelis, Inc.	50,000		1,044,500

			3,523,650

*Paper & Forest Products (0.1%)*
Schweitzer-Mauduit International, Inc.	30,000		743,400

Total Materials			37,413,290

Telecommunication Services (3.0%)
*Diversified Telecommunication Services (1.1%)*
ALLTEL Corp.	33,000		2,082,300
ATX Communications, Inc.* †	30,000		342
Cincinnati Bell, Inc.*	500,000		1,755,000
Commonwealth Telephone Enterprises, Inc.	70,000		2,363,900
D&E Communications, Inc.	65,100		542,283

			6,743,825

*Wireless Telecommunication Services (1.9%)*
Centennial Communications Corp.*	35,000		543,200
Nextel Partners, Inc., Class A*	35,000		977,900
Price Communications Corp.*	168,000		2,498,160
Rural Cellular Corp., Class A*	55,000		803,550
U.S. Cellular Corp.*	65,000		3,211,000
Vimple-Communications OAO (ADR)*	67,000		2,963,410

			10,997,220

Total Telecommunication Services			17,741,045

Utilities (3.0%)
*Electric Utilities (1.9%)*
Allegheny Energy, Inc.*	30,000		949,500
CH Energy Group, Inc.	46,000		2,111,400
Duquesne Light Holdings, Inc.	127,000		2,072,640
El Paso Electric Co.*	140,000		2,945,600
Westar Energy, Inc.	150,000		3,225,000

			11,304,140

*Gas Utilities (0.4%)*
AGL Resources, Inc.	6,000		208,860
SEMCO Energy, Inc.*	110,000		618,200
Southwest Gas Corp.	50,000		1,320,000

			2,147,060

*Multi-Utilities & Unregulated Power (0.6%)*
AES Corp.*	25,000		395,750

193

EQ ADVISORS TRUST

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Number of Shares		Value (Note 1)
Aquila, Inc.*		500,000	$	1,800,000
Oneok, Inc.		60,000		1,597,800

				3,793,550

*Water Utilities (0.1%)*
SJW Corp.		10,000		455,000

Total Utilities				17,699,750

Total Common Stocks (88.4%) (Cost $380,735,174)				518,615,782


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Securities (11.9%)
U.S. Treasury Bills
3.82%, 1/12/06 (o)(p)	$	25,000,000		24,968,172
3.57%, 2/16/06 (o)(p)		45,200,000		44,990,035

				69,958,207

Time Deposit (0.5%)
JPMorgan Chase Nassau
3.68%, 1/3/06		2,828,992		2,828,992

Total Short-Term Investments (12.4%) (Cost/Amortized Cost $72,786,820)			$	72,787,199

Total Investments (100.8%) (Cost/Amortized Cost $453,521,995)				591,402,981
Other Assets Less Liabilities (-0.8%)				(4,448,555	)

Net Assets (100%)			$	586,954,426

*	Non-income producing.

†	Securities (totaling $682 or 0.00% of net assets) valued at fair value.

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

(o)

Discount Note Security. Effective rate calculated as of December 31, 2005.

(p)

Yield to maturity.

Glossary:

ADR — American Depositary Receipt

Investments in companies which were affiliates for the year ended December 31, 2005, were as follows:


Securities	Market Value December 31, 2004		Purchases at Cost		Sales at Cost		Market Value December 31, 2005		Dividend Income		Realized Gain
Earl Scheib, Inc.	$	790,000	$	98,506	$	—	$	1,050,000	$	—	$	—

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	160,044,218
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	101,478,510

As of December 31, 2005, 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	$	163,059,978
Aggregate gross unrealized depreciation		(29,338,514	)

Net unrealized appreciation	$	133,721,464

Federal income tax cost of investments	$	457,681,517

For the year ended December 31, 2005, the Portfolio incurred approximately $285,686 as brokerage commissions with Gabelli & Co.,Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

194

EQ ADVISORS TRUST

EQ/GOVERNMENT SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Financials (3.6%)
*Diversified Financial Services (3.6%)*
Private Export Funding Corp.
5.750%, 1/15/08	$	1,000,000	$	1,019,872
3.400%, 2/15/08		3,000,000		2,921,145

Total Financials				3,941,017

Government Securities (92.0%)
*Agency CMO (2.3%)*
Federal National Mortgage Association
4.519%, 3/25/33 (l)		333,546		333,612
4.907%, 6/1/35 (l)		2,119,393		2,107,776

				2,441,388

*U.S. Government Agencies (62.1%)*
Federal Home Loan Bank
5.750%, 5/15/12		5,450,000		5,738,806
4.500%, 9/16/13		2,100,000		2,059,315
Federal Home Loan Bank System
4.250%, 4/16/07		3,925,000		3,899,872
Federal Home Loan Mortgage Corp.
4.250%, 7/15/09		4,000,000		3,937,060
5.500%, 9/15/11		6,500,000		6,727,877
5.000%, 7/15/14		4,000,000		4,053,896
5.500%, 2/1/32		2,114,117		2,101,071
4.007%, 6/1/34 (l)		3,460,028		3,369,664
4.194%, 10/1/34 (l)		4,119,827		4,008,851
Federal National Mortgage Association
4.540%, 5/1/33 (l)		2,299,860		2,259,376
4.487%, 5/1/34 (l)		2,462,167		2,437,596
3.696%, 6/1/34 (l)		2,663,422		2,628,753
4.797%, 10/1/34 (l)		1,615,618		1,608,157
4.224%, 12/1/34 (l)		3,662,585		3,628,631
Government National Mortgage Association
7.500%, 10/15/24		4,788		5,035
7.000%, 9/20/28		90,101		93,953
6.000%, 12/15/31		2,297,806		2,353,098
Overseas Private Investment Corp.
5.140%, 8/15/06		2,083,696		2,035,584
7.050%, 11/15/13		1,714,286		1,850,366
Small Business Administration
5.886%, 9/1/11		735,788		755,091
5.136%, 8/10/13		4,151,590		4,171,822
4.754%, 8/10/14		1,891,301		1,858,626
Tennessee Valley Authority
5.375%, 11/13/08		2,000,000		2,035,718
6.000%, 3/15/13		1,000,000		1,073,013
4.750%, 8/1/13		2,000,000		2,001,696

				66,692,927

*U.S. Treasuries (27.6%)*
U.S. Treasury Notes
3.125%, 1/31/07		4,050,000		3,993,365
4.375%, 5/15/07		11,425,000		11,415,631
3.125%, 9/15/08		8,100,000		7,841,497
5.000%, 2/15/11		800,000		823,969
3.875%, 2/15/13		1,075,000		1,041,952
4.250%, 8/15/14		3,500,000		3,461,717
4.250%, 8/15/15		1,000,000		987,070

				29,565,201

Total Government Securities				98,699,516

Industrials (2.4%)
*Machinery (2.4%)*
Petrodrill Four Ltd.
4.240%, 1/15/16		2,625,015		2,553,142

Total Industrials				2,553,142

Total Long-Term Debt Securities (98.0%) (Cost $106,502,011)				105,193,675

SHORT-TERM INVESTMENT:
Time Deposit (1.2%)
JPMorgan Chase Nassau
3.68%, 1/3/06
(Amortized Cost $1,221,730)		1,221,730		1,221,730

Total Investments (99.2%) (Cost/Amortized Cost $107,723,741)				106,415,405
Other Assets Less Liabilities (0.8%)				897,671

Net Assets (100%)			$	107,313,076

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

Glossary:

CMO — Collateralized Mortgage Obligation

195

EQ ADVISORS TRUST

EQ/GOVERNMENT SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	40,494,555
U.S. Government securities		49,483,333

	$	89,977,888

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	50,851,982
U.S. Government securities		31,816,191

	$	82,668,173

As of December 31, 2005, 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	$	392,037
Aggregate gross unrealized depreciation		(1,700,373	)

Net unrealized depreciation	$	(1,308,336	)

Federal income tax cost of investments	$	107,723,741

The Portfolio has a capital loss carryforward of $132,330 which expires in 2013.

See Notes to Financial Statements.

196

EQ ADVISORS TRUST

EQ/INTERMEDIATE TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (15.1%)
*Asset-Backed Securities (10.9%)*
Chase Issuance Trust, Series 05-A4 A4
4.230%, 1/15/13	$	1,000,000	$	976,764
Citibank Credit Card Issuance Trust, Series 05-B1 B1
4.400%, 9/15/10		1,000,000		985,203
COMED Transitional Funding Trust, Series 98-1 A7
5.740%, 12/25/10		1,000,000		1,019,456
SLM Student Loan Trust, Series 97-3 A2
4.639%, 10/25/10 (l)		175,665		177,162
MBNA Credit Card Master Note Trust, Series 05-A7 A7
4.300%, 2/15/11		1,000,000		987,818
PECO Energy Transition Trust, Series 99-A A7
6.130%, 3/1/09		1,000,000		1,024,818

				5,171,221

*Collateralized Mortgage Obligations (4.2%)*
Banc of America Commercial Mortgage, Inc., Series 05-4 A2
4.764%, 7/10/45		500,000		493,224
Bear Stearns Commercial Mortgage Securities, Series 05-PW10
5.405%, 12/11/40 (l)		500,000		508,954
CS First Boston Mortgage Securities Corp., Series 05-C2 A3
4.691%, 4/15/37		500,000		488,267
Wachovia Bank Commercial Mortgage Trust, Series 05-C22 A4
5.105%, 12/15/44 (l)		500,000		505,340

				1,995,785

Total Asset-Backed and Mortgage-Backed Securities				7,167,006

Consumer Discretionary (3.2%)
*Media (1.0%)*
COX Communications, Inc.
7.125%, 10/1/12		450,000		482,164

*Multiline Retail (2.2%)*
Target Corp.
5.375%, 6/15/09		1,000,000		1,014,726

Total Consumer Discretionary				1,496,890

Consumer Staples (2.1%)
*Beverages (2.1%)*
Diageo Capital plc
3.500%, 11/19/07		1,000,000		973,986

Total Consumer Staples				973,986

Energy (2.1%)
*Oil & Gas (2.1%)*
Anadarko Petroleum Corp.
3.250%, 5/1/08		450,000		433,359
Enterprise Products Operating LP
7.500%, 2/1/11		530,000		576,600

Total Energy				1,009,959

Financials (19.7%)
*Capital Markets (4.1%)*
Morgan Stanley
4.250%, 5/15/10		1,000,000		966,623
National Rural Utilities Cooperative Finance Corp.
3.875%, 2/15/08		1,000,000		978,464

				1,945,087

*Commercial Banks (6.1%)*
Bank of America Corp.
4.375%, 12/1/10		1,000,000		975,611
Chase Capital VI
4.875%, 8/1/28 (l)		1,000,000		960,343
Wells Fargo & Co.
3.120%, 8/15/08		1,000,000		958,471

				2,894,425

*Consumer Finance (2.2%)*
HSBC Finance Corp.
5.750%, 1/30/07		1,000,000		1,008,245

*Diversified Financial Services (5.2%)*
Citigroup, Inc.
6.000%, 2/21/12		1,000,000		1,049,543
Deluxe Corp.
3.500%, 10/1/07		450,000		429,273
General Electric Capital Corp.
4.625%, 9/15/09		1,000,000		989,982

				2,468,798

*Thrifts & Mortgage Finance (2.1%)*
Countrywide Home Loans, Inc.
5.500%, 2/1/07		1,000,000		1,004,857

Total Financials				9,321,412

Government Securities (39.3%)
*Foreign Governments (4.4%)*
Province of Ontario
5.125%, 7/17/12		1,000,000		1,021,059
Republic of Italy
5.625%, 6/15/12		1,000,000		1,051,681

				2,072,740

*U.S. Government Agencies (23.1%)*
Federal Home Loan Bank
5.250%, 6/18/14		1,200,000		1,236,760
Federal Home Loan Mortgage Corp.
3.375%, 4/15/09		500,000		479,632
4.250%, 7/15/09		500,000		492,133
4.777%, 5/1/35 (l)		1,322,665		1,310,308
Federal National Mortgage Association
3.500%, 1/28/08		1,000,000		975,834
3.250%, 2/15/09		500,000		478,906
6.000%, 5/15/11		1,000,000		1,057,637
5.000%, 4/15/15		1,700,000		1,725,641
4.646%, 5/1/35 (l)		900,185		889,011
4.907%, 6/1/35 (l)		963,360		958,079
5.206%, 7/1/35 (l)		1,349,889		1,350,372

				10,954,313

*U.S. Treasuries (11.8%)*
U.S. Treasury Notes
3.375%, 12/15/08		490,000		476,506
6.500%, 2/15/10		1,550,000		1,672,002
3.625%, 5/15/13		3,600,000		3,433,640

				5,582,148

Total Government Securities				18,609,201

197

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EQ/INTERMEDIATE TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount		Value (Note 1)
Health Care (1.7%)
*Health Care Providers & Services (1.7%)*
Unitedhealth Group, Inc.
5.200%, 1/17/07	$	825,000	$	824,474

Total Health Care				824,474

Information Technology (3.7%)
*Communications Equipment (1.7%)*
Harris Corp.
5.000%, 10/1/15		350,000		338,183
Motorola, Inc.
4.608%, 11/16/07		460,000		457,126

				795,309

*IT Services (2.0%)*
First Data Corp.
3.375%, 8/1/08		1,000,000		956,309

Total Information Technology				1,751,618

Materials (4.6%)
*Chemicals (3.6%)*
Potash Corp. of Saskatchewan, Inc.
7.125%, 6/15/07		1,000,000		1,028,375
Valspar Corp.
5.100%, 8/1/15 (b)		685,000		659,850

				1,688,225

*Paper & Forest Products (1.0%)*
MeadWestvaco Corp.
6.850%, 4/1/12		450,000		478,606

Total Materials				2,166,831

Telecommunication Services (4.7%)
*Diversified Telecommunication Services (1.2%)*
Deutsche Telekom International Finance BV
3.875%, 7/22/08		560,000		546,961

*Wireless Telecommunication Services (3.5%)*
Cingular Wireless LLC
5.625%, 12/15/06		1,000,000		1,007,221
Verizon Global Funding Corp.
7.250%, 12/1/10		600,000		651,077

				1,658,298

Total Telecommunication Services				2,205,259

Utilities (3.4%)
*Electric Utilities (2.2%)*
Peco Energy Co.
5.950%, 11/1/11		1,000,000		1,047,600

*Multi-Utilities & Unregulated Power (1.2%)*
Sempra Energy
4.621%, 5/17/07		580,000		575,890

Total Utilities				1,623,490

Total Long-Term Debt Securities (99.6%) (Cost $47,566,915)				47,150,126

SHORT-TERM INVESTMENT:
Time Deposit (1.3%)
JPMorgan Chase Nassau
3.68%, 1/3/06 (Amortized Cost $624,369)		624,369		624,369

Total Investments (100.9%) (Cost/Amortized Cost $48,191,284)				47,774,495
Other Assets Less Liabilities (-0.9%)				(438,665	)

Net Assets (100%)			$	47,335,830

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

Glossary:

ABS — Asset-Backed Security

CMO — Collateralized Mortgage Obligation

198

EQ ADVISORS TRUST

EQ/INTERMEDIATE TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	20,783,169
U.S. Government securities		5,953,719

	$	26,736,888

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	21,126,801
U.S. Government securities		17,821,812

	$	38,948,613

As of December 31, 2005, 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	$	225,118
Aggregate gross unrealized depreciation		(725,577	)

Net unrealized depreciation	$	(500,459	)

Federal income tax cost of investments	$	48,274,954

See Notes to Financial Statements.

199

EQ ADVISORS TRUST

EQ/INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Australia (2.1%)
BHP Billiton Ltd.	66,870	$	1,115,944
St. George Bank Ltd.	18,990		413,167

			1,529,111

Austria (1.8%)
Erste Bank der Oesterreichischen Sparkassen AG	13,850		768,645
Raiffeisen International Bank Holding AG*	3,300		216,229
Wienerberger AG	8,600		342,872

			1,327,746

Bermuda (0.5%)
ACE Ltd.	7,310		390,646

Brazil (1.3%)
Cia Vale do Rio Doce (ADR)	23,690		974,607

Canada (3.0%)
Aber Diamond Corp.	16,970		624,236
Canadian Natural Resources Ltd.	6,870		338,927
EnCana Corp.	11,780		530,032
Talisman Energy, Inc.	13,710		722,969

			2,216,164

China (0.6%)
China Construction Bank*	1,257,000		437,722

Colombia (0.3%)
BanColombia S.A. (ADR)	8,130		234,388

France (11.9%)
Air Liquide	4,870		933,466
Groupe Danone	6,420		668,292
L’Oreal S.A.	8,070		597,791
LVMH Moet Hennessy Louis Vuitton S.A.	10,680		945,449
PagesJaunes Groupe S.A.	31,040		805,125
Pernod-Ricard S.A.	4,150		721,542
Sanofi-Aventis	14,020		1,223,759
Schneider Electric S.A.	8,510		756,361
Suez S.A.	24,124		748,379
Total S.A.	5,160		1,291,551

			8,691,715

Greece (0.6%)
Coca Cola Hellenic Bottling Co. S.A.	15,900		466,620

Hong Kong (1.5%)
CNOOC Ltd.	988,000		668,984
Esprit Holdings Ltd.	62,500		444,151

			1,113,135

Hungary (1.0%)
OTP Bank Rt (GDR)	10,550		692,080

India (2.2%)
Infosys Technologies Ltd. (ADR)	9,950		804,557
Reliance Industries Ltd. (GDR) (b)	20,460		804,283

			1,608,840

Indonesia (0.9%)
PT Bank Rakyat Indonesia	2,180,500		670,326

Ireland (1.7%)
Anglo Irish Bank Corp. plc	52,310		791,023
Depfa Bank plc	30,270		447,383

			1,238,406

Israel (1.1%)
Teva Pharmaceutical Industries Ltd. (ADR)	17,710		761,707

Italy (1.9%)
Fastweb *	10,990		500,382
UniCredito Italiano S.p.A.	129,580		889,564

			1,389,946

Japan (14.7%)
Aeon Credit Service Co., Ltd.	15,100		1,427,739
Aiful Corp.	11,250		938,850
Asahi Glass Co., Ltd.	37,000		477,430
Canon, Inc.	13,500		789,206
Jafco Co. Ltd.	7,100		633,424
Kaneka Corp.	44,000		531,221
Keyence Corp.	1,700		483,225
Murata Manufacturing Co., Ltd.	6,000		384,309
Nippon Electric Glass Co., Ltd.	29,000		632,678
Nippon Television Network Corp.	2,480		380,940
Nishimatsuya Chain Co. Ltd.	10,800		496,857
Nitto Denko Corp.	9,700		755,257
Ricoh Co., Ltd.	49,000		857,282
Shinsei Bank Ltd.	62,000		358,248
Takefuji Corp.	5,330		361,716
Toyota Motor Corp.	17,400		902,211
Ushio, Inc.	15,400		359,459

			10,770,052

Mexico (3.9%)
America Movil S.A. de C.V. (ADR)	12,530		366,628
Cemex S.A. de C.V. (ADR)	14,730		873,931
Grupo Aeroportuario del Sureste S.A. de C.V. (ADR)	8,550		276,507
Grupo Televisa S.A. (ADR)	16,550		1,332,275

			2,849,341

Netherlands (1.9%)
Koninklijke Philips Electronics N.V.	31,500		975,340
Van Lanschot N.V. (CVA)	5,600		428,696

			1,404,036

Norway (2.0%)
Kongsberg Automotive ASA*	45,090		320,965
Norsk Hydro ASA	5,460		558,801
Telenor ASA	62,450		611,012

			1,490,778

Russia (0.5%)
Mobile Telesystems OJSC (ADR)	10,180		356,300

South Africa (0.7%)
MTN Group Ltd.	50,180		491,713

South Korea (4.4%)
Amorepacific Corp.*	1,840		575,199
Samsung Electronics Co., Ltd.	4,080		2,659,861

			3,235,060

Spain (1.6%)
Iberdrola S.A.	21,970		598,371
Inditex S.A.	16,590		539,118

			1,137,489

Sweden (1.7%)
Autoliv, Inc. (SDR)	13,110		591,372
Sandvik AB	14,530		675,508

			1,266,880

Switzerland (9.3%)
Geberit AG	600		473,463
Julius Baer Holding AG	8,935		631,168

200

EQ ADVISORS TRUST

EQ/INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Number of Shares		Value (Note 1)
Nestle S.A. (Registered)		5,166	$	1,540,451
Roche Holding AG		11,690		1,750,019
Straumann Holding AG		1,950		450,529
Synthes, Inc.		5,000		559,961
UBS AG (Registered)		14,548		1,380,898

				6,786,489

Taiwan (1.0%)
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		72,600		719,466

Turkey (0.9%)
Turkcell Iletisim Hizmet A.S. (ADR)		40,000		614,400

United Kingdom (22.9%)
AstraZeneca plc (London Exchange)		29,110		1,413,781
BP plc		81,530		866,393
Burberry Group plc		49,950		368,518
Close Brothers Group plc		31,140		485,146
CSR PLC*		45,510		731,290
GlaxoSmithKline plc		75,980		1,916,144
Hilton Group plc		99,460		620,669
Hiscox plc		13,490		53,497
HSBC Holdings plc		89,270		1,429,862
Next plc		17,960		473,284
Reckitt Benckiser plc		42,690		1,407,131
Schroders plc		22,800		371,848
Smith & Nephew plc		69,060		634,882
Standard Chartered plc		36,010		800,571
Tesco plc		178,797		1,017,539
Vodafone Group plc		900,260		1,939,629
William Hill plc		54,280		499,007
WPP Group plc		76,630		827,478
Yell Group plc		91,280		840,722

				16,697,391

Total Common Stocks (97.9%) (Cost $65,082,636)				71,562,554


	Principal Amount
SHORT-TERM INVESTMENT:
Government Security (3.6%)
Federal Home Loan Bank
3.57%, 1/3/06 (o)(p) (Cost $2,617,415)	$	2,618,000		2,617,222

Total Investments (101.5%) (Cost $67,700,051)				74,179,776
Other Assets Less Liabilities (-1.5%)				(1,099,631	)

Net Assets (100.0%)			$	73,080,145

*	Non-income producing.

(b)

Illiquid security.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2005.

(p)

Yield to maturity.

Glossary:

ADR — American Depositary Receipt

CVA — Dutch Certification

GDR — Global Depositary Receipt

SDR — Swedish Depository Receipt

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	83,514,491
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	72,299,914

As of December 31, 2005, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	7,135,335
Aggregate gross unrealized depreciation		(663,109	)

Net unrealized appreciation	$	6,472,226

Federal income tax cost of investments	$	67,707,550

For the year ended December 31, 2005, the Portfolio incurred approximately $2,635 as brokerage commissions with State Street Bank & Trust Co., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $16,953,699 of which $2,852,902 expires in the year 2008, $7,782,514 expires in the year 2009 and $6,318,283 expires in the year 2010.

The Portfolio utilized $7,126,906 in capital loss carryforward during 2005.

Included in the capital loss carryforward above are $242,020 of losses acquired from Enterprise Accumulation Trust Worldwide Growth Portfolio and Enterprise Accumulation Trust Emerging Countries Portfolio as a result of a tax-free reorganization that occurred during the year ended 2003. Certain capital loss carryforward may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

See Notes to Financial Statements.

201

EQ ADVISORS TRUST

EQ/JANUS LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (17.4%)
*Automobiles (1.8%)*
Harley-Davidson, Inc. ^		124,260	$	6,398,148

*Hotels, Restaurants & Leisure (2.3%)*
Starbucks Corp. *		271,510		8,148,015

*Internet & Catalog Retail (3.3%)*
Expedia, Inc. *^		224,657		5,382,782
IAC/InterActiveCorp *^		224,963		6,368,702

				11,751,484

*Media (0.7%)*
XM Satellite Radio Holdings, Inc., Class A *^		96,200		2,624,336

*Specialty Retail (6.8%)*
Home Depot, Inc.		448,420		18,152,041
Staples, Inc.		269,932		6,130,156

				24,282,197

*Textiles, Apparel & Luxury Goods (2.5%)*
NIKE, Inc., Class B		105,890		9,190,193

Total Consumer Discretionary				62,394,373

Consumer Staples (6.0%)
*Beverages (3.4%)*
PepsiCo, Inc.		203,910		12,047,003

*Household Products (2.6%)*
Procter & Gamble Co.		163,095		9,439,939

Total Consumer Staples				21,486,942

Energy (6.5%)
*Energy Equipment & Services (1.3%)*
Halliburton Co.		73,945		4,581,632

*Oil & Gas (5.2%)*
Exxon Mobil Corp.		140,655		7,900,592
Occidental Petroleum Corp.		135,625		10,833,725

				18,734,317

Total Energy				23,315,949

Financials (7.6%)
*Capital Markets (1.2%)*
Morgan Stanley		78,370		4,446,714

*Consumer Finance (3.9%)*
American Express Co.		269,355		13,861,008

*Thrifts & Mortgage Finance (2.5%)*
Fannie Mae		179,920		8,781,895

Total Financials				27,089,617

Health Care (20.5%)
*Biotechnology (4.1%)*
Amgen, Inc. *		115,835		9,134,748
Genentech, Inc. *		60,435		5,590,238

				14,724,986

*Health Care Equipment & Supplies (6.2%)*
Biomet, Inc. ^		124,485		4,552,416
Medtronic, Inc.		304,540		17,532,368

				22,084,784

*Health Care Providers & Services (6.2%)*
Caremark Rx, Inc. *		119,220		6,174,404
UnitedHealth Group, Inc.		260,150		16,165,721

				22,340,125

*Pharmaceuticals (4.0%)*
Eli Lilly & Co.		69,650		3,941,493
Sanofi-Aventis (ADR)		234,500		10,294,550

				14,236,043

Total Health Care				73,385,938

Industrials (8.6%)
*Air Freight & Logistics (1.4%)*
FedEx Corp.		47,345		4,894,999

*Commercial Services & Supplies (1.2%)*
Apollo Group, Inc., Class A *		74,060		4,477,668

*Industrial Conglomerates (6.0%)*
General Electric Co.		609,400		21,359,470

Total Industrials				30,732,137

Information Technology (26.9%)
*Communications Equipment (10.0%)*
Cisco Systems, Inc. *		308,125		5,275,100
Motorola, Inc.		445,440		10,062,490
QUALCOMM, Inc.		160,840		6,928,987
Research In Motion Ltd. *^		208,835		13,785,198

				36,051,775

*Computers & Peripherals (1.3%)*
Dell, Inc. *		149,995		4,498,350

*Internet Software & Services (4.5%)*
Yahoo!, Inc. *		410,880		16,098,279

*Semiconductors & Semiconductor Equipment (6.9%)*
Advanced Micro Devices, Inc. *		248,530		7,605,018
Samsung Electronics Co., Ltd. (GDR) ^§		30,445		9,923,953
Texas Instruments, Inc.		230,950		7,406,566

				24,935,537

*Software (4.2%)*
Microsoft Corp.		393,850		10,299,178
SAP AG (ADR)		103,460		4,662,942

				14,962,120

Total Information Technology				96,546,061

Materials (2.1%)
*Metals & Mining (2.1%)*
Rio Tinto plc (ADR)		42,165		7,707,340

Total Materials				7,707,340

Telecommunication Services (1.5%)
*Wireless Telecommunication Services (1.5%)*
China Mobile (Hong Kong) Ltd. (ADR) ^		223,710		5,377,988

Total Telecommunication Services				5,377,988

Total Common Stocks (97.1%) (Cost $293,165,289)				348,036,345


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (11.3%)
Nomura Securities
4.29%, 1/3/06	$	39,409,517		39,409,517
Swedbank NY
4.38%, 7/14/06 (l)		999,692		999,692

Total Short-Term Investments of Cash Collateral for Securities Loaned				40,409,209

202

EQ ADVISORS TRUST

EQ/JANUS LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Principal Amount		Value (Note 1)
Time Deposit (2.9%)
JPMorgan Chase Nassau
3.68%, 1/3/06	$	10,540,315	$	10,540,315

Total Short-Term Investments (14.2%) (Amortized Cost $50,949,524)				50,949,524

Total Investments (111.3%) (Cost/Amortized Cost $344,114,813)				398,985,869
Other Assets Less Liabilities (-11.3%)				(40,382,970	)

Net Assets (100%)			$	358,602,899

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2005, the market value of these securities amounted to $9,923,953 or 2.77% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(l)

Floating Rate Security — Rate disclosed is as of December 31, 2005.

Glossary:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	171,560,726
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	138,985,566

As of December 31, 2005, 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	$	57,076,277
Aggregate gross unrealized depreciation		(3,168,977	)

Net unrealized appreciation	$	53,907,300

Federal income tax cost of investments	$	345,078,569

At December 31, 2005, the Portfolio had loaned securities with a total value of $39,466,388. This was secured by collateral of $40,409,209 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2005, the Portfolio incurred approximately $628 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $36,296,662 of which $18,005,293 expires in the year 2010 and $18,291,369 expires in the year 2011.

The Portfolio utilized $20,426,209 in capital loss carryforward during 2005.

See Notes to Financial Statements.

203

EQ ADVISORS TRUST

EQ/JPMORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (40.5%)
*Asset-Backed Securities (16.6%)*
American Express Credit Account Master Trust,
Series 02-1 A
4.479%, 9/15/09^ (l)	$	3,335,000	$	3,338,864
Series 04-C C
4.869%, 2/15/12 (l) §		3,844,848		3,852,734
AmeriCredit Automobile Receivables Trust,
Series 03-DM A3B
4.540%, 12/6/07 (l)		946,623		946,723
Series 03-DM A4
2.840%, 8/6/10		2,395,000		2,353,751
Series 04-BM A4
2.670%, 3/7/11		3,555,000		3,453,023
Series 04-DF A3
2.980%, 7/6/09		1,385,000		1,360,635
Asset Backed Funding Certificate,
Series 2005-OPT1 M2
4.929%, 7/25/35 (l)		1,000,000		999,988
Series 05-HE1 M2
4.819%, 2/25/35 (l)		1,625,000		1,627,838
Series 05-HE1 M3
4.869%, 2/25/35 (l)		1,625,000		1,630,542
Series 05-WF1 A2B
4.559%, 1/25/35 (l)		2,000,000		2,000,719
Series WMC1 A2C
4.659%, 6/25/35 (l)		3,000,000		3,000,816
Bear Stearns Asset Backed Securities, Inc.,
Series 05-HE3 M1
4.809%, 3/25/35 (l)		2,125,000		2,124,977
Capital Auto Receivables Asset Trust,
Series 03-2 A3B
4.409%, 2/15/07 (l)		264,538		264,547
Capital One Auto Finance Trust,
Series 03-B A4
3.180%, 9/15/10		1,400,000		1,374,853
Series 04-A A4
4.469%, 3/15/11 (l)		3,000,000		3,001,323
Series 04-B A3
2.960%, 4/15/09		4,500,000		4,449,546
Series 05-D A3
4.810%, 3/15/10		10,000,000		9,993,361
Capital One Multi-Asset Execution Trust,
Series 03-A
5.619%, 12/15/10 (l) §		10,240,000		10,479,906
Series 03-A4 A4
3.650%, 7/15/11		1,590,000		1,543,647
Carss Finance LP,
Series 04- B1
4.649%, 1/15/11 (l) §		533,413		533,462
Series 04- B2
5.319%, 1/15/11 (l) §		886,596		887,222
Centex Home Equity,
Series 05-B AV3
4.549%, 3/25/35 (l)		3,500,000		3,501,101
Citibank Credit Card Issuance Trust,
Series 03-C2 C2
5.500%, 3/20/08 (l)		5,000,000		5,006,814
Citigroup Mortgage Loan Trust, Inc.,
Series 03-HE3 A
4.759%, 12/25/33 (l)		2,177,718		2,183,184
Series 05-OPT1 A1B
4.589%, 2/25/35 (l)		4,750,000		4,754,199
CNH Equipment Trust,
Series 04-A A3A
4.439%, 10/15/08 (l)		2,000,000		2,000,734
Series 05-B A3
4.270%, 1/15/10		3,110,000		3,077,221
COMED Transitional Funding Trust,
Series 98-1 A6
5.630%, 6/25/09		1,587,284		1,597,461
Countrywide Asset-Backed Certificates,
Series 03-5 MF1
5.413%, 1/25/34		2,170,000		2,157,068
Series 04-1 3A
4.659%, 4/25/34 (l)		403,716		404,078
Series 04-1 M1
4.879%, 3/25/34 (l)		1,570,000		1,577,153
Series 04-1 M2
4.929%, 3/25/34 (l)		1,190,000		1,193,688
Series 04-BC1 A1
4.609%, 4/25/34 (l)		1,535,074		1,535,064
Countrywide Home Equity Loan Trust,
Series 04-I A
4.659%, 2/15/34		4,484,081		4,496,770
Series 04-K 2A
4.669%, 2/15/34 (l)		1,815,902		1,819,354
Series 05-B 2A
4.549%, 5/15/35 (l)		2,113,066		2,113,181
DaimlerChrysler Master Owner Trust,
Series 03-A A
4.419%, 2/15/08 (l)		5,000,000		5,000,372
First Franklin Mortgage Loan Asset Backed Certificates,
Series 05-FF2 M2
4.819%, 3/25/35 (l)		400,000		399,692
Series 05-FF5 M1
4.829%, 4/25/34 (l)		1,500,000		1,503,710
Series FFML 05-FF 12 B1
6.029%, 12/25/36		750,000		750,000
Ford Credit Auto Owner Trust,
Series 03-B A4
2.410%, 8/15/07		11,750,000		11,616,536
Ford Credit Floorplan Master Owner Trust,
Series 05-1 A
4.519%, 5/17/10 (l)		5,000,000		4,999,366
GE Corporate Aircraft Financing LLC,
Series 04-1A A1
4.469%, 8/25/11 (l) §		1,196,172		1,196,256
GE Equipment Small Ticket LLC,
Series 05-1A A3
4.380%, 7/22/09 §		2,500,000		2,480,192
GMAC Mortgage Corp. Loan Trust,
Series 04-HE1 A2
4.479%, 6/25/34 (l)		1,500,000		1,500,173
Gracechurch Card Funding plc,
Series 7A
4.389%, 11/16/09 (l)		4,600,000		4,601,440
GSAMP Trust,
Series 04-OPT A1
4.719%, 11/25/34 (l)		1,781,476		1,785,851
Series 05-WMC2 A2A
4.489%, 11/25/35 (l)		8,237,159		8,237,110
Series 05-WMC2 M1
4.809%, 11/25/35 (l)		2,000,000		1,999,976
Home Equity Asset Trust,
Series 05-8 M2
4.819%, 3/25/36 (l)		750,000		749,992
Series 05-8 M2
4.829%, 2/25/36 (l)		3,325,000		3,326,260
Series 05-9 M1
4.789%, 4/25/36 (l)		1,250,000		1,249,986
Series 06-1 M2
4.845%, 4/25/36 (l)		1,500,000		1,500,000

204

EQ ADVISORS TRUST

EQ/JPMORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount		Value (Note 1)
Household Mortgage Loan Trust,
Series 04-HC1 A
4.720%, 1/20/34 (l)	$	1,278,850	$	1,280,928
Long Beach Mortgage Loan Trust,
Series 03-3 A
4.699%, 7/25/33 (l)		265,197		265,268
Series 03-4 AV3
4.719%, 8/25/33 (l)		28,364		28,371
Series 03-4 M1
5.059%, 8/25/33 (l)		5,500,000		5,522,402
Series 04-1 A3
4.679%, 2/25/34 (l)		1,646,693		1,648,033
Series 04-1 M1
4.879%, 2/25/34 (l)		2,200,000		2,207,425
Series 04-1 M2
4.929%, 2/25/34 (l)		1,475,000		1,478,888
Series 04-3 A3
4.639%, 7/25/34 (l)		1,112,699		1,113,059
Series 04-3 M1
4.949%, 7/25/34 (l)		1,750,000		1,758,807
Series 04-4 2A1
4.739%, 10/25/34 (l)		853,948		855,758
Master Asset Backed Securities Trust,
Series 05-OPT1 M2
4.799%, 3/25/35 (l)		1,823,000		1,816,757
MASTR Asset Backed Securities Trust,
Series 05-NC1 A4
4.609%, 12/25/34 (l)		3,000,000		3,002,210
MBNA Credit Card Master Note Trust,
Series 01-C2 C2
5.519%, 12/15/10 (l) §		3,725,000		3,804,885
Metris Master Trust,
Series 04-1 A
4.650%, 4/20/11 (l)		3,100,000		3,106,914
New Century Home Equity Loan Trust,
Series 05-1 A2B
4.599%, 3/25/35 (l)		1,800,000		1,802,092
Series 05-1 M1
4.829%, 3/25/35 (l)		2,000,000		2,000,692
Series 05-2 A2B
4.559%, 6/25/35 (l)		2,200,000		2,200,781
Onyx Acceptance Auto Trust,
Series 05-A A4
3.850%, 9/15/11		5,500,000		5,383,410
Option One Mortgage Loan Trust,
Series 03-1 A2
4.799%, 2/25/33 (l)		528,011		529,393
Series 03-5 A2
4.699%, 8/25/33 (l)		469,231		469,974
Series 04-1 M1
4.979%, 1/25/34 (l)		4,700,000		4,716,654
Series 05-2 M1
4.819%, 5/25/35 (l)		1,700,000		1,705,825
PECO Energy Transition Trust,
Series 00-A A3
7.625%, 3/1/10^		1,300,000		1,400,419
PSE&G Transition Funding LLC,
Series 01-1 A6
6.610%, 6/15/15		2,975,000		3,251,989
Residential Asset Securities Corp.
Series 05-KS11 M2
4.789%, 12/25/35 (l)		1,250,000		1,246,477
Series 02-KS4 AIIB
4.629%, 7/25/32 (l)		407,547		407,903
Series 03-KS9 A2B
4.699%, 11/25/33 (l)		976,542		977,830
Series 05-AHL M1
4.799%, 10/25/35 (l)		1,750,000		1,749,980
Series 05-KS 10 M1
4.789%, 11/25/35 (l)		1,274,000		1,273,986
Series 05-KS11 M1
4.779%, 12/25/35 (l)		2,000,000		1,999,977
SLM Student Loan Trust,
Series 03-11 A5
2.990%, 12/15/22 §		5,775,000		5,662,561
Series 03-12 A2
4.541%, 12/17/12 (l)		3,103,566		3,104,893
Series 05-4 A1
4.210%, 10/26/15 (l)		1,847,342		1,844,591
Triad Auto Receivables Owner Trust,
Series 03-B A4
3.200%, 12/13/10		2,200,000		2,154,188
Volkswagen Auto Lease Trust,
Series 04-A A3
2.840%, 7/20/07		2,500,000		2,476,749
Wachovia Asset Securitization, Inc.,
Series 02-HE2 A
4.809%, 12/25/32 (l)		1,403,993		1,410,939
Series 03-HE3 A
4.629%, 11/25/33 (l)		3,890,827		3,892,343
Wells Fargo Home Equity Trust,
Series 04-2 AI1B
2.940%, 2/25/18 (l)		1,482,533		1,471,151
WFS Financial Owner Trust,
Series 03-4 A4
3.150%, 5/20/11		2,200,000		2,158,644
Series 04-3 A2
2.550%, 10/17/07		185,863		185,622

				232,901,227

*Non-Agency CMO (23.9%)*
Adjustable Rate Mortgage Trust,
Series 04-1 9A2
4.779%, 1/25/35 (l)		2,707,765		2,712,776
Series 05-4 7A2
4.609%, 8/25/35 (l)		1,541,654		1,543,405
Series 05-5 6A21
4.609%, 9/25/35 (l)		5,586,532		5,591,417
Series 05-6A 2A1
4.689%, 11/25/35 (l)		2,641,309		2,645,447
Bank of America Mortgage Securities,
Series 02-K 1A1
6.392%, 10/20/32 (l)		188,720		190,879
Bear Stearns Commercial Mortgage Securities,
Series 04-PWR6 A4
4.521%, 11/11/41		2,345,000		2,267,779
Series 05-PWR7 A3
5.116%, 2/11/41 (l)		3,565,000		3,551,717
Series 05-PWR8 A4
4.674%, 6/11/41		2,000,000		1,925,632
Series 05-T18 A4
4.933%, 2/13/42 (l)		2,650,000		2,604,083
Series 05-T20 A4A
5.303%, 10/12/42 (l)		7,355,000		7,390,272
Centre Reinsurance,
Series 00-ZC2 A4A
6.699%, 8/10/14 §		2,493,903		2,557,541
Citicorp Mortgage Securities, Inc.,
Series 03-11 2A1
5.500%, 12/25/33		3,191,644		3,159,991
Series 05-7 1A1
5.500%, 10/25/35		5,815,328		5,774,009
Citigroup/Deutsche Bank Commercial Mortgage Trust,
Series 05-CD1 A4
5.225%, 7/15/44^ (l)		5,775,000		5,835,191

205

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EQ/JPMORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount		Value (Note 1)
Countrywide Alternative Loan Trust,
Series 04-28CB 3A1
6.000%, 1/25/35	$	11,274,773	$	11,295,919
Countrywide Home Loan Mortgage Pass Through Trust,
Series 04-28R A1
5.500%, 8/25/33		15,172,086		15,050,300
Series 05-J4 A4
5.500%, 11/25/35		12,202,063		12,120,298
Credit Suisse First Boston Mortgage Securities Corp.,
Series 01-CK1 A3
6.380%, 12/16/35		4,330,000		4,553,699
Series 03-C4 A4
5.137%, 8/15/36^		5,870,000		5,858,802
First Union - Lehman Brothers - Bank of America,
Series 98-C2 A2
6.560%, 11/18/35		1,634,728		1,680,135
GE Capital Commercial Mortgage Corp.,
Series 02-1A A3
6.269%, 12/10/35		4,665,000		4,941,412
Granite Master Issuer plc,
Series 05-1 A3
4.580%, 12/21/24 (l)		2,500,000		2,499,775
Granite Mortgages plc,
Series 04-3 1A3
4.600%, 9/20/44 (l).		4,447,402		4,449,581
Greenpoint Mortgage Funding Trust,
Series 05-AR 4A1A
4.689%, 10/25/45 (l)		4,507,240		4,506,539
Greenwich Capital Commercial Funding Corp.
Series 05-GG3 A4
4.799%, 8/10/42 (l)		7,145,000		6,961,456
Series 05-GG3 AJ
4.859%, 8/10/42 (l)		7,185,000		6,963,546
GS Mortgage Securities Corp. II,
Series 03-GSFL VI A1
4.519%, 11/15/15 (l) §		322,497		322,475
GSMPS Mortgage Loan Trust,
Series 05-RP1 1AF
4.729%, 1/25/35 (l) §		10,059,385		10,078,244
Harborview Mortgage Loan Trust,
Series 05-3 2A1A
4.610%, 6/19/35 (l)		14,701,365		14,637,644
Series 05-69 2A1A
4.710%, 6/20/35 (l)		6,715,626		6,708,701
Series 05-8 1A2A
4.700%, 9/19/35 (l)		5,931,038		5,939,377
Indymac Index Mortgage Loan Trust,
Series 04-AR7 A1
4.819%, 9/25/34 (l)		4,702,992		4,716,429
Series 05-AR14 2A1A
4.679%, 8/25/35 (l)		7,690,981		7,668,339
LB-UBS Comercial Mortgage Trust,
Series 05-C1 A4
4.740%, 2/15/30		9,250,000		8,982,105
Lehman Mortgage Trust,
Series LMT 05-3 2A3
5.500%, 1/25/36		6,135,000		6,175,261
Lehman XS Trust,
Series 05-7N 1A1A
4.649%, 11/25/35 (l)		3,492,681		3,494,146
Medallion Trust,
Series 04-1G A1
4.524%, 5/25/35 (l)		2,082,013		2,088,077
Morgan Stanley Capital I,
Series 04-HQ3 A2
4.050%, 1/13/41		1,000,000		963,786
Morgan Stanley Capital I,
Series 04-T13 A2
3.940%, 9/13/45		1,250,000		1,199,150
Series 05-IQ9 A5
4.700%, 7/15/56^		7,225,000		7,004,956
Morgan Stanley Dean Witter Capital I,
Series 03-HQ2 A2
4.920%, 3/12/35^		3,120,000		3,075,094
Nomura Asset Securities Corp.,
Series 98-D6 A1B
6.590%, 3/15/30^		2,690,000		2,780,182
Permanent Financing plc,
Series 2-4A
4.700%, 12/10/09 (l)		4,760,000		4,776,660
Series 4-2A
4.550%, 3/10/09 (l)		5,000,000		5,000,002
RESI Finance LP,
Series 03-B B3
5.910%, 7/10/35 (l) §		3,351,573		3,410,226
Series 03-C B3
5.760%, 9/10/35 (l) §		10,127,852		10,387,339
Series 03-C B4
5.960%, 9/10/35 (l) §		1,161,895		1,173,415
Series 03-D B3
5.660%, 12/10/35 (l) §		6,150,610		6,167,647
Series 03-D B4
5.860%, 12/10/35 (l) §		1,853,873		1,858,962
Series 05-A B3
4.940%, 3/10/37 (l) §		3,587,014		3,587,014
Series 05-A B4
5.040%, 3/10/37 (l) §		1,172,583		1,172,583
Series 05-B B3
4.940%, 6/10/37 (l) §		989,296		989,296
Series 05-B B4
5.030%, 6/10/37 (l) §		1,731,268		1,731,268
Series 05-D B4
5.069%, 12/15/37 (l) §		2,500,000		2,500,000
Residential Accredit Loans Inc.
Series 05-QO4 2A1
4.659%, 12/25/45 (l)		4,971,928		4,971,928
Residential Asset Securitization Trust,
Series 05-KS1 A1
4.489%, 4/25/25 (l)		822,001		822,151
Residential Funding Mortgage Security I,
Series 05-S7 A5
5.500%, 11/25/35		11,918,534		11,818,209
RMAC plc,
Series 04-NS1A A1B
3.944%, 12/12/20 (l) §		159,280		159,205
Structured Asset Mortgage Investments, Inc.,
Series 05-AR2 2A1
4.609%, 5/25/45 (l)		2,611,265		2,601,006
Structured Asset Securities Corp.,
Series 05-5 2A1
5.500%, 4/25/35		1,458,903		1,451,040
Wachovia Bank Commercial Mortgage Trust,
Series 02-C2 A4
4.980%, 11/15/34^		8,545,000		8,484,903
Series 03-C9 A2
3.958%, 12/15/35		6,230,000		6,061,024
Series 05-C17 APB
5.083%, 3/15/42		7,870,000		7,809,154
Washington Mutual, Inc.,
Series 05-AR1 A2A1
4.719%, 1/25/45 (l)		3,246,887		3,253,078

206

EQ ADVISORS TRUST

EQ/JPMORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount		Value (Note 1)
Series 05-AR15 A1A1
4.639%, 11/25/45 (l)	$	4,945,815	$	4,943,303
Series 05-AR17 A1A1
4.640%, 12/25/45 (l)		5,000,000		5,000,000
Series 05-AR2 2A21
4.709%, 1/25/45 (l)		3,227,996		3,232,442
Series 05-AR9 A1A
4.699%, 7/25/45 (l)		12,469,030		12,459,469
Wells Fargo Mortgage Backed Securities Trust,
Series 05-11 2A1
5.500%, 10/25/35		5,964,952		5,922,381

				336,209,272

Total Asset-Backed and Mortgage-Backed Securities				569,110,499

Consumer Discretionary (1.7%)
*Automobiles (0.8%)*
DaimlerChrysler NA Holdings Corp.
4.780%, 10/31/08 (l)		5,550,000		5,553,103
Ford Motor Credit Co.
5.450%, 3/21/07 (l)		2,525,000		2,404,830
7.875%, 6/15/10		1,675,000		1,507,319
7.000%, 10/1/13^		1,820,000		1,555,112

				11,020,364

*Media (0.7%)*
Comcast Corp.
5.300%, 1/15/14		150,000		147,157
4.950%, 6/15/16		4,325,000		4,079,976
News America, Inc.
7.250%, 5/18/18		825,000		919,499
6.200%, 12/15/34^		2,955,000		2,935,201
TCI Communications, Inc.
7.875%, 8/1/13		820,000		926,818

				9,008,651

*Multiline Retail (0.2%)*
Wal-Mart Stores, Inc.
5.250%, 9/1/35		3,325,000		3,227,498

Total Consumer Discretionary				23,256,513

Consumer Staples (0.2%)
*Food & Staples Retailing (0.2%)*
Safeway, Inc.
4.125%, 11/1/08		3,030,000		2,934,010

Total Consumer Staples				2,934,010

Energy (0.5%)
*Oil & Gas (0.5%)*
BP Capital Markets plc
2.750%, 12/29/06		2,455,000		2,408,844
Kinder Morgan Energy Partners LP
5.125%, 11/15/14		2,620,000		2,562,399
Nexen, Inc.
5.880%, 3/10/35		1,320,000		1,297,981

Total Energy				6,269,224

Financials (19.4%)
*Capital Markets (3.2%)*
Bear Stearns Co., Inc.
4.310%, 1/16/07 (l)		7,120,000		7,132,980
4.393%, 4/29/08 (l)		2,480,000		2,484,571
Goldman Sachs Capital I
6.345%, 2/15/34		2,075,000		2,179,856
Goldman Sachs Group, Inc.
4.179%, 7/2/07 (l)		1,500,000		1,502,686
Merrill Lynch & Co., Inc.
4.463%, 8/22/08 (l)		4,000,000		3,999,272
4.293%, 10/19/07 (l)		3,650,000		3,655,355
4.306%, 10/27/08^ (l)		4,000,000		3,999,608
Morgan Stanley
4.263%, 1/12/07 (l)		7,095,000		7,103,251
4.465%, 2/15/07^ (l)		2,000,000		2,001,964
4.429%, 11/9/07 (l)		900,000		901,049
5.375%, 10/15/15		4,950,000		4,954,797
Temasek Financial I Ltd.
4.500%, 9/21/15 §		4,630,000		4,454,680

				44,370,069

*Commercial Banks (5.9%)*
BBVA Bancomer SA/Grand Cayman
5.380%, 7/22/15 (l) §		4,480,000		4,439,443
DBS Bank Ltd./Singapore
5.000%, 11/15/19 (m)		1,080,000		1,050,857
HBOS plc
6.413%, 9/29/49 (l) §		3,000,000		3,034,887
HSBC Bank USA N.A./New York
4.570%, 9/21/07 (l)		2,000,000		2,003,390
HSBC Capital Funding LP
4.610%, 12/31/49 (l) §		5,230,000		4,932,366
Industrial Bank of Korea
4.000%, 5/19/14^ (l) §		2,215,000		2,123,270
Islandsbanki HF
4.237%, 10/15/08^ (b)(l)		4,650,000		4,651,251
Keycorp
4.394%, 7/23/07 (l)		2,700,000		2,706,194
Korea First Bank
7.267%, 3/3/34 (l) §		1,620,000		1,770,840
Manufacturers & Traders Trust Co.
5.585%, 12/28/20		2,636,000		2,657,246
Mizuho JGB Investment LLC
9.870%, 12/31/49 (l) §		2,530,000		2,798,033
Mizuho Prefered Capital Co. LLC
8.790%, 12/31/49 (l) §		725,000		783,785
Northern Rock plc
4.293%, 10/19/07 (l) §		2,250,000		2,252,684
Rabobank Capital Funding Trust III
5.254%, 12/29/49 (l)(m)		6,060,000		5,941,994
RBS Capital Trust I
4.709%, 12/29/49 (l)		1,660,000		1,577,727
Resona Bank Ltd.
5.850%, 9/29/49 (l) §		3,575,000		3,559,892
Standard Chartered First Bank Korea Ltd.
5.750%, 3/10/13 (l) §		3,050,000		3,066,437
SunTrust Banks, Inc.
2.500%, 11/1/06		3,325,000		3,247,511
U.S. Bank NA
2.850%, 11/15/06		4,360,000		4,288,051
UBS AG/ Jersey Branch
4.150%, 7/20/06 (l)		7,150,000		7,144,280
United Overseas Bank Ltd.
5.375%, 9/3/19(l) §		3,650,000		3,634,495
VTB Capital SA for Vneshtorgbank
5.250%, 9/21/07 (l)(m)		4,150,000		4,158,300
Wells Fargo & Co.
4.564%, 3/23/07 (l)		2,865,000		2,867,756
Westpac Banking Corp.
4.450%, 5/25/07 (l) §		2,000,000		2,002,532
Westpac Capital Trust III
5.819%, 12/31/49 (l) §		590,000		602,791
Westpac Capital Trust IV
5.256%, 12/29/49 (l) §		1,020,000		999,070
Woori Bank
5.750%, 3/13/14^ (l) §		4,160,000		4,193,650

				82,488,732

*Consumer Finance (1.3%)*
American General Finance Corp.
3.000%, 11/15/06		3,820,000		3,760,786

207

EQ ADVISORS TRUST

EQ/JPMORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount		Value (Note 1)
4.500%, 11/15/07	$	355,000	$	352,685
4.649%, 6/27/08 (l)		5,000,000		5,006,935
5.375%, 10/1/12		2,065,000		2,075,498
International Lease Finance Corp.
4.875%, 9/1/10^		1,210,000		1,193,585
John Deere Capital Corp.
4.561%, 3/16/06^ (l)		3,150,000		3,150,495
SLM Corp.
4.280%, 1/25/08 (l)		2,780,000		2,781,785

				18,321,769

*Diversified Financial Services (5.8%)*
CIT Group, Inc.
4.490%, 8/15/08 (l)		4,125,000		4,128,081
4.588%, 5/18/07 (l)		4,065,000		4,076,012
Credit Suisse First Boston USA, Inc.
4.530%, 6/2/08 (l)		3,365,000		3,368,315
General Electric Capital Corp.
4.420%, 5/19/08 (l)		1,500,000		1,500,975
HSBC Finance Capital Trust IX
5.911%, 11/30/35		2,000,000		2,017,014
HSBC Finance Corp.
4.454%, 2/9/07 (l)		6,285,000		6,297,400
4.350%, 5/10/07 (l)		3,500,000		3,501,270
5.000%, 6/30/15		2,535,000		2,465,072
ILFC E-Capital Trust I
5.900%, 12/21/65 (l)(m)		3,230,000		3,242,691
ILFC E-Capital Trust II
6.250%, 12/21/65^ (l)(m)		1,400,000		1,421,092
Kinder Morgan Finance Co. ULC
5.700%, 1/5/16 (m)		5,860,000		5,910,660
Links Finance LLC
4.741%, 9/15/08 (l) §		7,100,000		7,101,328
Pricoa Global Funding I
4.681%, 12/22/06 (l) §		5,375,000		5,386,347
3.900%, 12/15/08 §		4,540,000		4,411,577
Residential Capital Corp.
5.670%, 11/21/08 (l)		4,500,000		4,505,908
6.125%, 11/21/08		4,775,000		4,786,613
6.375%, 6/30/10		11,085,000		11,263,635
Resona Preferred Global Securities Cayman Ltd.
7.191%, 12/29/49 (l) §		1,690,000		1,793,046
ZFS Finance USA Trust I
6.450%, 12/15/65 (l)(m)		4,475,000		4,537,202

				81,714,238

*Insurance (2.2%)*
Axis Capital Holdings Ltd.
5.750%, 12/1/14		1,950,000		1,950,417
Endurance Specialty Holdings Ltd.
6.150%, 10/15/15		1,500,000		1,511,303
7.000%, 7/15/34		1,300,000		1,378,567
ING Groep NV
5.775%, 12/31/49 (l)		3,865,000		3,917,185
Monumental Global Funding II
3.900%, 6/15/09 §		2,735,000		2,644,480
Nippon Life Insurance
4.875%, 8/9/10^ §		7,350,000		7,236,354
Protective Life Secured Trust
4.220%, 1/14/08 (l)		1,820,000		1,822,155
Reinsurance Group of America, Inc.
6.750%, 12/15/65 (l)		1,725,000		1,740,306
Stingray Pass Through Trust
5.902%, 1/12/15 §		4,000,000		3,942,360
Transatlantic Holdings, Inc.
5.750%, 12/14/15		4,280,000		4,341,298

				30,484,425

*Real Estate (0.5%)*
iStar Financial, Inc. (REIT)
6.000%, 12/15/10^		3,118,000		3,166,117
5.800%, 3/15/11		2,495,000		2,511,165
5.150%, 3/1/12		145,000		140,425
Socgen Real Estate Co. LLC
7.640%, 12/31/49 (l) §		1,250,000		1,300,554

				7,118,261

*Thrifts & Mortgage Finance (0.5%)*
Countrywide Home Loans, Inc.
4.500%, 2/17/06 (l)		5,525,000		5,524,792
Sovereign Bancorp Inc.
4.690%, 3/1/09 (l) §		2,100,000		2,100,315

				7,625,107

Total Financials				272,122,601

Government Securities (59.7%)
*Agency CMO (4.6%)*
Federal Home Loan Mortgage Corp.
4.500%, 2/15/11 IO		4,049,297		134,768
5.500%, 1/15/23		17,833,421		17,968,078
5.500%, 7/15/23		11,602,601		11,699,099
5.500%, 8/15/23		11,030,578		11,119,602
5.000%, 10/15/23 IO		6,863,640		512,610
5.000%, 11/15/28		15,000,000		14,950,566
6.500%, 5/15/35		6,585,189		6,793,125
Federal National Mortgage Association
4.500%, 9/25/22		966,650		963,640
Government National Mortgage Association
5.500%, 4/20/25 IO		2,813,209		128,595
5.500%, 1/20/27 IO		5,001,886		270,614
5.500%, 10/20/27 IO		7,847,059		628,815

				65,169,512

*Foreign Governments (2.0%)*
Egypt Government AID Bonds
4.450%, 9/15/15		10,020,000		9,818,498
Russian Federation
12.750%, 6/24/28		7,090,000		13,004,478
United Mexican States
5.875%, 1/15/14^		2,230,000		2,308,050
11.500%, 5/15/26		1,640,000		2,681,400

				27,812,426

*U.S. Government Agencies (44.2%)*
Federal Home Loan Mortgage Corp.
6.750%, 3/15/31		6,560,000		8,222,691
6.000%, 2/1/35		4,366,502		4,410,622
6.000%, 2/15/35		24,775,000		24,984,052
5.500%, 1/15/36 TBA		125,070,000		123,897,469
6.000%, 1/15/36 TBA		29,660,000		29,947,347
Federal National Mortgage Association
3.250%, 8/15/08^		12,275,000		11,834,548
6.125%, 3/15/12^		26,270,000		28,112,316
6.500%, 2/1/35		2,905,452		2,980,812
7.000%, 2/1/35		869,634		907,318
5.500%, 1/25/21 TBA		48,145,000		48,430,886
5.000%, 1/25/36 TBA		76,300,000		73,915,625
5.500%, 1/25/36 TBA		60,563,000		59,957,370
6.000%, 1/25/36 TBA		142,615,000		143,907,377
6.500%, 1/25/36 TBA		21,000,000		21,538,125
5.500%, 2/25/36 TBA		24,863,000		24,591,048
Government National Mortgage Association
5.500%, 1/15/36 TBA		13,175,000		13,253,233

				620,890,839

*U.S. Treasuries (8.9%)*
U.S. Treasury Bonds
8.875%, 2/15/19^#		8,745,000		12,435,661
7.250%, 8/15/22^		3,000,000		3,906,798
6.375%, 8/15/27^		16,135,000		19,987,860

208

EQ ADVISORS TRUST

EQ/JPMORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount		Value (Note 1)
6.125%, 11/15/27^	$	1,147,000	$	1,384,107
6.125%, 8/15/29^		840,000		1,023,192
6.250%, 5/15/30^		32,960,000		40,934,771
5.375%, 2/15/31^		570,000		640,270
U.S. Treasury Notes
1.875%, 1/31/06^		805,000		803,658
3.875%, 7/31/07^		15,515,000		15,388,941
4.000%, 9/30/07		2,000,000		1,986,094
4.000%, 6/15/09^		1,310,000		1,294,086
3.375%, 10/15/09^		1,550,000		1,496,779
3.500%, 2/15/10^		70,000		67,709
3.875%, 5/15/10^		9,065,000		8,893,264
4.250%, 10/15/10^		780,000		775,917
4.875%, 2/15/12^		1,895,000		1,945,559
4.750%, 5/15/14^		3,965,000		4,061,492
4.250%, 8/15/14^		2,730,000		2,700,139
4.500%, 11/15/15^		4,805,000		4,844,415

				124,570,712

Total Government Securities				838,443,489

Industrials (1.0%)
*Aerospace & Defense (0.1%)*
General Dynamics Corp.
2.125%, 5/15/06		1,900,000		1,883,082

*Construction & Engineering (0.3%)*
Caterpillar Financial Services Corp.
4.470%, 2/26/07 (l)		4,140,000		4,146,492

*Industrial Conglomerates (0.3%)*
Hutchison Whampoa International Ltd.
6.250%, 1/24/14 §		1,610,000		1,684,879
7.450%, 11/24/33 §		2,180,000		2,517,983

				4,202,862

*Road & Rail (0.3%)*
CSX Corp.
4.561%, 8/3/06 (l)		3,944,000		3,949,344

Total Industrials				14,181,780

Materials (0.4%)
*Metals & Mining (0.4%)*
Newmont Mining Corp.
5.875%, 4/1/35		1,685,000		1,662,795
Noranda, Inc.
6.200%, 6/15/35		1,965,000		1,909,057
Teck Cominco Ltd.
6.125%, 10/1/35		1,870,000		1,849,338

Total Materials				5,421,190

Telecommunication Services (1.4%)
*Diversified Telecommunication Services (0.9%)*
Deutsche Telekom International Finance BV
5.250%, 7/22/13		600,000		596,811
8.250%, 6/15/30		1,380,000		1,755,179
France Telecom S.A.
7.750%, 3/1/11		525,000		586,393
8.500%, 3/1/31		1,690,000		2,254,899
Sprint Capital Corp.
6.900%, 5/1/19		3,095,000		3,408,799
8.750%, 3/15/32		980,000		1,300,538
Verizon Global Funding Corp.
5.850%, 9/15/35		3,465,000		3,339,124

				13,241,743

*Wireless Telecommunication Services (0.5%)*
AT&T Wireless Services, Inc.
8.125%, 5/1/12		1,270,000		1,467,393
8.750%, 3/1/31		1,710,000		2,265,439
Motorola, Inc.
7.500%, 5/15/25^		2,330,000		2,803,489

				6,536,321

Total Telecommunication Services				19,778,064

Utilities (1.5%)
*Electric Utilities (0.8%)*
Alabama Power Co.
2.800%, 12/1/06		1,580,000		1,552,145
Appalachian Power Co.
5.800%, 10/1/35		1,690,000		1,662,538
Pacificorp
4.300%, 9/15/08		1,550,000		1,526,043
Public Service Enterprise Group
4.875%, 9/21/08 (l).		4,185,000		4,186,586
Virginia Electric & Power Co.
4.500%, 12/15/10		1,485,000		1,447,903

				10,375,215

*Gas Utilities (0.2%)*
NiSource Finance Corp.
5.450%, 9/15/20		3,275,000		3,173,220

*Multi-Utilities & Unregulated Power (0.5%)*
Dominion Resources, Inc.
4.819%, 9/28/07 (l)		3,500,000		3,501,547
8.125%, 6/15/10		1,695,000		1,883,955
6.750%, 12/15/32		50,000		53,811
6.300%, 3/15/33^		1,805,000		1,836,499

				7,275,812

Total Utilities				20,824,247

Total Long-Term Debt Securities (126.3%) (Cost $1,772,711,301)				1,772,341,617


	Number of Shares
PREFERRED STOCKS:
Financials (0.1%)
*Insurance (0.1%)*
Axis Capital Holdings Ltd.
7.500%, (Cost $1,845,000)		1,845,000		1,915,342


	Principal Amount
SHORT-TERM INVESTMENTS:
Commercial Paper (11.8%)
Allied Irish Bank
4.28%, 1/9/06 (m)(p)	$	17,500,000		17,482,029
ANZ Delaware
4.27%, 2/7/06 (p)		15,500,000		15,430,478
BNP Paribas
4.20%, 2/2/06 (p)		15,250,000		15,191,459
Calyon NA Co.
4.10%, 1/18/06 (p)		13,750,000		13,721,860
Danske Corp.
4.17%, 1/19/06 (p)		15,750,000		15,715,438
Fairway Finance
4.15%, 1/23/06 (m)(p)		8,677,000		8,654,032
Goldman Sachs Group, Inc.
6.55%, 2/2/06 (p)		15,250,000		15,147,994
Intesa Funding LLC
3.76%, 1/30/06 (p)		15,500,000		15,451,625
Lloyds TSB Bank plc
3.97%, 1/17/06 (p)		17,500,000		17,467,234
Silver Tower U.S. Funding
4.12%, 1/3/06 (m)(p)		5,750,000		5,748,025
Thames Asset Global Securitization, Inc.
4.32%, 2/6/06 (m)(p)		14,250,000		14,187,076

209

EQ ADVISORS TRUST

EQ/JPMORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount			Value (Note 1)
UBS Finance Delaware LLC
4.17%, 1/3/06 (p)	$	12,250,000		$	12,245,740

Total Commercial Paper					166,442,990

Government Security (2.4%)
Federal Home Loan Bank
3.40%, 1/3/06 (o)(p)		33,605,000			33,595,479

Short-Term Investments of Cash Collateral for Securities Loaned (10.2%)
Bank of America Corp.
4.31%, 8/10/06 (l)		10,000,000			10,000,000
Barclays New York
4.30%, 8/30/06 (l)		9,998,506			9,998,506
CDC Financial Products, Inc.
4.35%, 1/30/06 (l)		5,000,000			5,000,000
Citigroup Global Markets, Inc.
4.32%, 1/6/06 (l)		5,000,000			5,000,000
FIMAT USA, Inc.
4.27%, 1/3/06		15,000,000			15,000,000
General Electric Capital Corp.
4.36%, 5/12/06 (l)		2,002,060			2,002,060
Morgan Stanley
4.43%, 1/2/07 (l)		5,000,000			5,000,000
New York Life Insurance Co.
4.40%, 3/30/06 (l)		6,000,000			6,000,000
Nomura Securities
4.29%, 1/3/06		74,842,574			74,842,574
U.S. Bank NA
4.29%, 10/2/06 (l)		4,997,605			4,997,605
Wells Fargo & Co.
4.36%, 12/31/07 (l)		5,000,000			5,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned					142,840,745

Total Short-Term Investments (24.4%) (Cost/Amortized Cost $342,890,430)					342,879,214


	Number of Contracts (c)
OPTIONS PURCHASED:
Call Option Purchased (0.0%)
U.S. Treasury Bond
February 2006 @ $116.00*		31			7,750

Put Option Purchased (0.0%)
U.S. Treasury Bond
February 2006 @ $108.00*		31			484

Total Options Purchased (0.0%) (Cost $12,326)					8,234

Total Investments before Options Written (150.8%) (Cost/Amortized Cost $2,117,459,057)					2,117,144,407

OPTIONS WRITTEN:
Call Options Written (-0.0%)
U.S. 10 Year Treasury Note Futures
June 2006 @109.00*		(30	)		(45,938	)
June 2006 @112.00*		(130	)		(54,844	)
U.S. Treasury Bonds (d)
February 2006 @114.00*		(31	)		(30,516	)

					(131,298	)

Put Options Written (-0.0%)
U.S. 10 Year Treasury Note Futures
June 2006 @109.00*		(30	)		(37,031	)
June 2006 @104.00*		(130	)		(20,313	)
U.S. Treasury Bonds
February 2006 @110.00*		(31	)		(1,453	)

					(58,797	)

Total Options Written (-0.0%)
(Premiums Received $216,638)					(190,095	)

Total Investments after Options Written (150.8%)
(Cost/Amortized Cost $2,117,242,419)					2,116,954,312
Other Assets Less Liabilities (-50.8%)					(713,134,320	)

Net Assets (100%)				$	1,403,819,992

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2005, the market value of these securities amounted to $159,760,511 or 11.38% 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.

(b)

Illiquid security.

(c)

One contract relates to 100 shares.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

(m)

Section 4(2) Commercial Paper. Private placement for non-current transaction. Notes are usually sold to accredited investors without the intent to freely re-sell their holding.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2005.

(p)

Yield to maturity.

Glossary:

CMO — Collateralized Mortgage Obligation

EUR — European Currency Unit

IO — Interest only

REIT — Real Estate Investment Trust

TBA — Security is subject to delayed delivery.

210

EQ ADVISORS TRUST

EQ/JPMORGAN CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

At December 31, 2005 the Portfolio had the following futures contracts open: (Note 1)


	Number of Contracts	Expiration Date	Original Value		Value at 12/31/05		Unrealized Appreciation/ (Depreciation)
Purchase
U.S. 2 Year Treasury Notes	790	March-06	$	162,189,889	$	162,098,125	$	(91,764	)
Sales
U.S. Treasury Bond	113	March-06	$	12,789,792	$	12,903,187	$	(113,395	)
U.S. 5 Year Treasury Notes	273	March-06		29,087,517		29,031,844		55,673
U.S. 10 Year Treasury Notes	382	March-06		41,530,565		41,793,188		(262,623	)

								(320,345	)

							$	(412,109	)

At December 31, 2005 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


	Local Contract Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
European Union, expiring 1/31/06	8,427	$	9,954,309	$	9,955,236	$	927

Foreign Currency Sell Contracts
European Union, expiring 1/31/06	8,427	$	9,890,938	$	9,955,236	$	(64,298	)

						$	(63,371	)

Options written for year ended December 31, 2005 were as follows:


	Total Number of Contracts		Total Premiums Received
Options Outstanding—January 1, 2005	—		$	—
Options Written	23,155			12,778,052
Options Terminated in Closing Purchase Transactions	(14,119	)		(9,768,387	)
Options Expired	(8,654	)		(2,793,027	)
Options Exercised	—			—

Options Outstanding—December 31, 2005	382		$	216,638

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	9,450,479,349
U.S. Government securities		554,496,421

	$	10,004,975,770

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	9,205,383,704
U.S. Government securities		569,670,903

	$	9,775,054,607


As of December 31, 2005, 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	$	10,781,040
Aggregate gross unrealized depreciation		(11,210,099	)

Net unrealized depreciation	$	(429,059	)

Federal income tax cost of investments	$	2,117,573,466

At December 31, 2005, the Portfolio had loaned securities with a total value of $174,489,471. This was secured by collateral of $142,840,745 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $34,830,154 was received in the form of short-term pooled securities, which the Portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

The Portfolio has a net capital loss carryforward of $4,514,245 which expires in the year 2013.

See Notes to Financial Statements.

211

EQ ADVISORS TRUST

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (11.1%)
*Auto Components (0.4%)*
Lear Corp.^	77,700	$	2,211,342

*Hotels, Restaurants & Leisure (1.1%)*
Carnival Corp. (Unit)	86,700		4,635,849
McDonald's Corp.	69,900		2,357,028

			6,992,877

*Household Durables (0.6%)*
Lennar Corp., Class A^	62,100		3,789,342

*Media (5.9%)*
Comcast Corp., Special Class A*	101,300		2,602,397
Dex Media, Inc.	104,100		2,820,069
Gannett Co., Inc.	84,200		5,099,994
Liberty Media Corp., Class A*	545,800		4,295,446
News Corp., Class A	112,700		1,752,485
Time Warner, Inc.	342,200		5,967,968
Viacom, Inc.	59,100		1,507,050
Viacom, Inc., Class B*	349,300		11,387,180

			35,432,589

*Multiline Retail (1.4%)*
Dollar General Corp.	256,500		4,891,455
Kohl’s Corp.*	69,400		3,372,840

			8,264,295

*Specialty Retail (0.4%)*
Staples, Inc.	120,800		2,743,368

*Textiles, Apparel & Luxury Goods (1.3%)*
Jones Apparel Group, Inc.	252,300		7,750,656

Total Consumer Discretionary			67,184,469

Consumer Staples (4.6%)
*Beverages (1.1%)*
Coca-Cola Co.	83,800		3,377,978
Coca-Cola Enterprises, Inc.	174,062		3,336,768

			6,714,746

*Food & Staples Retailing (0.3%)*
CVS Corp.	55,700		1,471,594

*Food Products (0.9%)*
Kellogg Co.	72,400		3,129,128
Kraft Foods, Inc., Class A^	78,500		2,208,990

			5,338,118

*Household Products (0.4%)*
Kimberly-Clark Corp.	42,700		2,547,055

*Tobacco (1.9%)*
Altria Group, Inc.	155,900		11,648,848

Total Consumer Staples			27,720,361

Energy (13.5%)
*Energy Equipment & Services (0.7%)*
Weatherford International Ltd.*^	124,400		4,503,280

*Oil & Gas (12.8%)*
Anadarko Petroleum Corp.	56,300		5,334,425
Apache Corp.	57,000		3,905,640
Chevron Corp.	217,554		12,350,541
ConocoPhillips	149,400		8,692,092
Exxon Mobil Corp.	593,000		33,308,810
Occidental Petroleum Corp.	111,900		8,938,572
Valero Energy Corp.	83,100		4,287,960

			76,818,040

Total Energy			81,321,320

Financials (34.4%)
*Capital Markets (3.0%)*
Mellon Financial Corp.	58,000		1,986,500
Morgan Stanley	208,600		11,835,964
State Street Corp.	71,700		3,975,048

			17,797,512

*Commercial Banks (8.3%)*
Bank of America Corp.	319,500		14,744,925
North Fork Bancorp, Inc.	178,400		4,881,024
SunTrust Banks, Inc.	82,400		5,995,424
U.S. Bancorp	364,200		10,885,938
Wachovia Corp.	90,300		4,773,258
Wells Fargo & Co.	141,900		8,915,577

			50,196,146

*Consumer Finance (2.6%)*
Capital One Financial Corp.	28,100		2,427,840
MBNA Corp.	476,900		12,947,835

			15,375,675

*Diversified Financial Services (6.9%)*
CIT Group, Inc.	69,500		3,598,710
Citigroup, Inc.	690,200		33,495,406
Lazard Ltd., Class A^	148,800		4,746,720

			41,840,836

*Insurance (6.9%)*
Ambac Financial Group, Inc.	87,306		6,727,800
Assurant, Inc.	67,000		2,913,830
Everest Reinsurance Group Ltd.	17,500		1,756,125
Genworth Financial, Inc., Class A	255,000		8,817,900
Hartford Financial Services Group, Inc.	82,100		7,051,569
RenaissanceReinsurance Holdings Ltd.	164,700		7,264,917
Willis Group Holdings Ltd.^	191,088		7,058,791

			41,590,932

*Real Estate (2.2%)*
Mack-Cali Realty Corp. (REIT)	120,500		5,205,600
Prologis Trust (REIT)	109,000		5,092,480
United Dominion Realty Trust, Inc. (REIT)^	133,300		3,124,552

			13,422,632

*Thrifts & Mortgage Finance (4.5%)*
Fannie Mae	89,500		4,368,495
Freddie Mac	223,000		14,573,050
MGIC Investment Corp.	42,000		2,764,440
Washington Mutual, Inc.	120,300		5,233,050

			26,939,035

Total Financials			207,162,768

Health Care (6.5%)
*Health Care Equipment & Supplies (0.9%)*
Boston Scientific Corp.*	223,600		5,475,964

*Health Care Providers & Services (1.4%)*
Coventry Health Care, Inc.*	26,250		1,495,200
WellPoint, Inc.*	91,200		7,276,848

			8,772,048

*Pharmaceuticals (4.2%)*
Eli Lilly & Co.	89,500		5,064,805
Pfizer, Inc.	533,000		12,429,560
Wyeth	166,100		7,652,227

			25,146,592

Total Health Care			39,394,604

Industrials (6.7%)
*Aerospace & Defense (0.9%)*
Lockheed Martin Corp.	87,000		5,535,810

*Commercial Services & Supplies (0.8%)*
Cendant Corp.	86,300		1,488,675
Waste Management, Inc.	105,200		3,192,820

			4,681,495

212

EQ ADVISORS TRUST

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares		Value (Note 1)
*Industrial Conglomerates (3.0%)*
General Electric Co.		158,300	$	5,548,415
Tyco International Ltd.		429,800		12,404,028

				17,952,443

*Machinery (0.6%)*
Eaton Corp.		56,400		3,783,876

*Road & Rail (1.4%)*
CSX Corp.		68,000		3,452,360
Norfolk Southern Corp.		115,600		5,182,348

				8,634,708

Total Industrials				40,588,332

Information Technology (5.0%)
*Communications Equipment (1.0%)*
Corning, Inc.*		290,300		5,707,298

*Electronic Equipment & Instruments (0.0%)*
Symbol Technologies, Inc.		861		11,038

*IT Services (1.5%)*
Affiliated Computer Services, Inc., Class A*^		69,200		4,095,256
Sabre Holdings Corp., Class A^		209,800		5,058,278

				9,153,534

*Office Electronics (1.0%)*
Xerox Corp.*		399,200		5,848,280

*Software (1.5%)*
Computer Associates International, Inc.^		209,000		5,891,710
Microsoft Corp.		64,700		1,691,905
Oracle Corp.*		138,000		1,684,980

				9,268,595

Total Information Technology				29,988,745

Materials (4.7%)
*Chemicals (2.0%)*
Air Products & Chemicals, Inc.		78,100		4,622,739
DuPont (E.I.) de Nemours & Co.		40,800		1,734,000
Praxair, Inc.		109,700		5,809,712

				12,166,451

*Containers & Packaging (0.6%)*
Pactiv Corp.*^		156,600		3,445,200

*Metals & Mining (1.5%)*
Alcoa, Inc.		170,900		5,053,513
United States Steel Corp.^		81,000		3,893,670

				8,947,183

*Paper & Forest Products (0.6%)*
Weyerhaeuser Co.		55,700		3,695,138

Total Materials				28,253,972

Telecommunication Services (5.3%)
*Diversified Telecommunication Services (3.7%)*
AT&T, Inc.		222,900		5,458,821
Verizon Communications, Inc.		548,700		16,526,844

				21,985,665

*Wireless Telecommunication Services (1.6%)*
Sprint Nextel Corp.		418,300		9,771,488

Total Telecommunication Services				31,757,153

Utilities (6.1%)
*Electric Utilities (3.7%)*
American Electric Power Co., Inc.		65,000		2,410,850
Consolidated Edison, Inc.^		100,000		4,633,000
Northeast Utilities		155,400		3,059,826
Pinnacle West Capital Corp.		69,400		2,869,690
PPL Corp.		226,600		6,662,040
Xcel Energy, Inc.^		159,900		2,951,754

				22,587,160

*Multi-Utilities & Unregulated Power (2.4%)*
Dominion Resources, Inc.^		110,000		8,492,000
SCANA Corp.		150,500		5,926,690

				14,418,690

Total Utilities				37,005,850

Total Common Stocks (97.9%) (Cost $557,776,866)				590,377,574


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Security (2.4%)
Federal Home Loan Bank
3.63%, 1/3/06 (o)(p)	$	14,084,000		14,079,744

Short-Term Investments of Cash Collateral for Securities Loaned (6.4%)
CC USA, Inc.
4.30%, 8/3/06 (l)		3,000,445		3,000,445
Nomura Securities
4.29%, 1/3/06		35,741,892		35,741,892

Total Short-Term Investments of Cash Collateral for Securities Loaned				38,742,337

Total Short-Term Investments (8.8%) (Cost/Amortized Cost $52,823,145)				52,822,081

Total Investments (106.7%) (Cost/Amortized Cost $610,600,011)				643,199,655
Other Assets Less Liabilities (-6.7%)				(40,563,760	)

Net Assets (100%)			$	602,635,895

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2005.

(p)

Yield to maturity.

Glossary:

REIT — Real Estate Investment Trust

213

EQ ADVISORS TRUST

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	407,770,515
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	444,109,338

As of December 31, 2005, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	47,615,594
Aggregate gross unrealized depreciation		(18,692,941	)

Net unrealized appreciation	$	28,922,653

Federal income tax cost of investments	$	614,277,002

At December 31, 2005, the Portfolio had loaned securities with a total value of $37,960,304. This was secured by collateral of $38,742,337 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2005, the Portfolio incurred approximately $705 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $1,448,826 which expires in the year 2011.

The Portfolio utilized capital loss carryforward of $25,745,389 during 2005.

See Notes to Financial Statements.

214

EQ ADVISORS TRUST

EQ/LAZARD SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (13.4%)
*Distributors (0.7%)*
WESCO International, Inc.*^	267,600	$	11,434,548

*Hotels, Restaurants & Leisure (4.0%)*
Alliance Gaming Corp.*	1,318,900		17,172,078
CBRL Group, Inc.^	295,200		10,376,280
Rare Hospitality International, Inc.*^	414,000		12,581,460
Ruby Tuesday, Inc.^	467,200		12,095,808
WMS Industries, Inc.*^	560,500		14,062,945

			66,288,571

*Household Durables (1.1%)*
Levitt Corp., Class A^	535,900		12,186,366
Tempur-Pedic International, Inc.*^	583,000		6,704,500

			18,890,866

*Media (3.0%)*
ADVO, Inc.^	674,550		19,008,819
Arbitron, Inc.^	383,100		14,550,138
Carmike Cinemas, Inc.^	29,200		740,512
Journal Register Co.^	99,100		1,481,545
R.H. Donnelley Corp.*^	244,300		15,053,766

			50,834,780

*Specialty Retail (3.8%)*
CSK Auto Corp.*	603,800		9,105,304
Dick’s Sporting Goods, Inc.*^	269,800		8,968,152
Finish Line, Inc., Class A	690,400		12,026,768
HOT Topic, Inc.*	732,000		10,431,000
PETCO Animal Supplies, Inc.*^	551,700		12,109,815
Rush Enterprises, Inc., Class A*^	27,400		407,712
Talbots, Inc.	365,600		10,170,992

			63,219,743

*Textiles, Apparel & Luxury Goods (0.8%)*
Fossil, Inc.*^	647,200		13,921,272

Total Consumer Discretionary			224,589,780

Consumer Staples (1.8%)
*Food & Staples Retailing (0.5%)*
Performance Food Group Co.*^	281,300		7,980,481

*Food Products (0.7%)*
Delta & Pine Land Co.	519,200		11,946,792

*Personal Products (0.6%)*
Elizabeth Arden, Inc.*^	524,600		10,523,476

Total Consumer Staples			30,450,749

Energy (10.3%)
*Energy Equipment & Services (4.2%)*
Grey Wolf, Inc.*	1,159,800		8,965,254
Key Energy Services, Inc.*^	828,000		11,153,160
NS Group, Inc.*	384,800		16,088,488
Oil States International, Inc.*	304,800		9,656,064
Todco, Class A*	417,000		15,871,020
Veritas DGC, Inc.*^	249,300		8,847,657

			70,581,643

*Oil & Gas (6.1%)*
Brigham Exploration Co.*^	685,700		8,132,402
Denbury Resources, Inc.*	316,600		7,212,148
Dresser-Rand Group*	702,900		16,996,122
Energy Partners Ltd.*	369,800		8,057,942
Forest Oil Corp.*	173,400		7,901,838
Hercules Offshore, Inc.*	182,600		5,187,666
Kinder Morgan Management LLC*	276,900		12,587,874
OMI Corp.^	1,197,600		21,736,440
Penn Virginia Corp.^	104,800		6,015,520
Range Resources Corp.^	343,950		9,059,643

			102,887,595

Total Energy			173,469,238

Financials (21.0%)
*Capital Markets (1.0%)*
Waddell & Reed Financial, Inc.^	825,200		17,304,444

*Commercial Banks (8.6%)*
Bank of the Ozarks, Inc.^	318,300		11,745,270
Boston Private Financial Holdings, Inc.^	504,900		15,359,058
First Community Bancorp, Inc./California	189,876		10,323,558
First Midwest Bancorp, Inc.^	251,325		8,811,455
MB Financial, Inc.^	475,600		16,836,240
Pacific Capital Bancorp^	245,900		8,749,122
Provident Bankshares Corp.^	307,700		10,391,029
Sandy Spring Bancorp, Inc.^	243,900		8,507,232
South Financial Group, Inc.	721,300		19,864,602
Sterling Bancshares, Inc./Texas^	694,700		10,726,168
Texas Regional Bancshares, Inc.^	555,950		15,733,385
United Bancshares, Inc.^	194,900		6,868,276

			143,915,395

*Diversified Financial Services (0.8%)*
Financial Federal Corp.^	299,200		13,299,440

*Insurance (4.3%)*
Arch Capital Group Ltd.*	223,100		12,214,725
Aspen Insurance Holdings Ltd.^	601,700		14,242,239
Assured Guaranty Ltd.	539,100		13,687,749
Bristol West Holdings, Inc.^	727,800		13,850,034
Scottish Annuity & Life Holdings Ltd.	735,300		18,051,615

			72,046,362

*Real Estate (4.5%)*
Alexandria Real Estate Equities, Inc. (REIT)	143,100		11,519,550
BioMed Realty Trust, Inc. (REIT)	735,600		17,948,640
Brandywine Realty Trust (REIT)	602,900		16,826,939
Corporate Office Properties Trust (REIT)	204,600		7,271,484
Cousins Properties, Inc. (REIT)	273,200		7,731,560
Lexington Corp. Properties Trust (REIT)	379,000		8,072,700
Mills Corp. (REIT)^	126,800		5,317,992

			74,688,865

*Thrifts & Mortgage Finance (1.8%)*
Bank Atlantic Bancorp, Inc., Class A^	922,000		12,908,000
Bankunited Financial Corp., Class A^	664,600		17,658,422

			30,566,422

Total Financials			351,820,928

215

EQ ADVISORS TRUST

EQ/LAZARD SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Health Care (10.5%)
*Health Care Equipment & Supplies (3.7%)*
Advanced Medical Optics, Inc.*	311,400	$	13,016,520
Candela Corp.*^	655,000		9,458,200
Encore Medical Corp.*^	919,600		4,552,020
Matthews International Corp., Class A^	209,200		7,616,972
Symmetry Medical, Inc.*^	757,600		14,689,864
Syneron Medical Ltd.*	135,800		4,311,650
Wright Medical Group, Inc.*^	447,800		9,135,120

			62,780,346

*Health Care Providers & Services (4.8%)*
Alderwoods Group, Inc.*	727,700		11,548,599
Gentiva Health Services, Inc.*^	297,700		4,388,098
Hanger Orthopedic Group, Inc.*^‡	1,180,200		6,738,942
Kindred Healthcare, Inc.*^	495,060		12,752,745
LifePoint Hospitals, Inc.*	460,200		17,257,500
PSS World Medical, Inc.*^	850,700		12,624,388
Ventiv Health, Inc.*^	617,000		14,573,540

			79,883,812

*Pharmaceuticals (2.0%)*
BioScrip, Inc.*^	849,600		6,405,984
First Horizon Pharmaceutical Corp.*^	1,177,900		20,318,775
KV Pharmaceutical Co.*^	307,600		6,336,560

			33,061,319

Total Health Care.			175,725,477

Industrials (14.7%)
*Aerospace & Defense (2.9%)*
Applied Signal Technology, Inc.‡	644,800		14,636,960
DRS Technologies, Inc.^	211,400		10,870,188
Esterline Technologies Corp.*^	401,100		14,916,909
Ladish Co., Inc.*	395,801		8,846,152

			49,270,209

*Air Freight & Logistics (1.1%)*
Hub Group, Inc., Class A*^	184,800		6,532,680
Pacer International, Inc.^	444,300		11,578,458

			18,111,138

*Airlines (0.6%)*
Airtran Holdings, Inc.*^	613,900		9,840,817

*Commercial Services & Supplies (4.8%)*
Knoll, Inc.	896,100		15,332,271
Learning Tree International, Inc.*^	696,028		8,930,039
Tetra Tech, Inc.*^	700,600		10,978,402
United Rentals, Inc.*^	529,400		12,382,666
Waste Connections, Inc.*^	196,299		6,764,464
Watson Wyatt & Co. Holdings^	522,900		14,588,910
Wright Express Corp.*^	499,300		10,984,600

			79,961,352

*Construction & Engineering (0.5%)*
Perini Corp.*^	345,600		8,346,240

*Electrical Equipment (1.4%)*
Acuity Brands, Inc.^	297,300		9,454,140
Regal Beloit Corp.^	377,600		13,367,040

			22,821,180

*Machinery (2.1%)*
Columbus McKinnon Corp/NY*	472,400		10,383,352
Kennametal, Inc.^	222,500		11,356,400
Wabash National Corp.^	724,200		13,796,010

			35,535,762

*Road & Rail (0.4%)*
Swift Transportation Co., Inc.*	327,500		6,648,250

*Transportation Infrastructure (0.9%)*
American Commercial Lines, Inc.*	500,850		15,170,747

Total Industrials.			245,705,695

Information Technology (15.8%)
*Communications Equipment (2.4%)*
Avocent Corp.*	566,400		15,400,416
C-COR, Inc.*^	1,896,200		9,215,532
SafeNet, Inc.*^	484,700		15,617,034

			40,232,982

*Computers & Peripherals (0.8%)*
Dot Hill Systems Corp.*^	1,787,400		12,386,682

*Electronic Equipment & Instruments (3.4%)*
Benchmark Electronics, Inc.*^	518,900		17,450,607
Faro Technologies, Inc.*^	273,100		5,462,000
Photon Dynamics, Inc.*	409,700		7,489,316
Rogers Corp.*^	379,300		14,860,974
TTM Technologies, Inc.*^	1,280,100		12,032,940

			57,295,837

*Internet Software & Services (1.1%)*
Openwave Systems, Inc.*^	332,000		5,800,040
WebEx Communications, Inc.*^	566,900		12,262,047

			18,062,087

*IT Services (1.2%)*
BISYS Group, Inc.*	664,700		9,312,447
MPS Group, Inc.*^	808,300		11,049,461

			20,361,908

*Semiconductors & Semiconductor Equipment (5.5%)*
Actel Corp.*	940,400		11,971,292
ADE Corp.*^	390,200		9,388,212
Brooks Automation, Inc.*^	643,900		8,068,067
ChipMOS TECHNOLOGIES Bermuda Ltd.*^	1,164,600		6,754,680
Exar Corp.*	879,000		11,005,080
Integrated Device
Technology, Inc.*	1,765,800		23,273,244
Microsemi Corp.*^	352,700		9,755,682
Zoran Corp.*	726,300		11,773,323

			91,989,580

*Software (1.4%)*
Agile Software Corp.*^	2,035,500		12,172,290
Take-Two Interactive Software, Inc.*^	666,500		11,797,050

			23,969,340

Total Information Technology			264,298,416

Materials (6.7%)
*Chemicals (1.8%)*
Olin Corp.^	641,900		12,632,592
PolyOne Corp.*^	814,200		5,235,306
Westlake Chemical Corp.^	392,500		11,307,925

			29,175,823

*Construction Materials (0.8%)*
Texas Industries, Inc.^	272,400		13,576,416

*Metals & Mining (4.1%)*
Cleveland-Cliffs, Inc.^	101,800		9,016,426
Oregon Steel Mills, Inc.*^	306,800		9,026,056
Quanex Corp.	107,300		5,361,781
RBC Bearings Inc.*^	656,629		10,670,221

216

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EQ/LAZARD SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares		Value (Note 1)

RTI International Metals, Inc.*^		679,100	$	25,771,845
Steel Dynamics, Inc.^		267,400		9,495,374

				69,341,703

Total Materials.				112,093,942

Telecommunication Services (0.8%)
*Wireless Telecommunication Services (0.8%)*
Wireless Facilities, Inc.*^		2,809,146		14,326,645

Total Telecommunication Services				14,326,645

Utilities (2.7%)
*Electric Utilities (1.6%)*
Cleco Corp.^		890,800		18,573,180
ITC Holdings Corp.^		292,500		8,216,325

				26,789,505

*Gas Utilities (0.8%)*
New Jersey Resources Corp.^		323,500		13,551,415

*Multi-Utilities and Unregulated Power (0.3%)*
Vectren Corp.^		196,600		5,339,656

Total Utilities				45,680,576

Total Common Stocks (97.7%) (Cost $1,523,822,624)				1,638,161,446


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Security (2.7%)
U.S. Treasury Bill
3.52%, 2/2/06^(o)(p)	$	46,190,000		46,041,643

Short-Term Investments of Cash Collateral for Securities Loaned (9.5%)
Ajax Bambino Funding Ltd.
4.36%, 1/18/06		4,981,916		4,981,916
Bank of America Corp.
4.31%, 8/10/06 (l)		11,000,000		11,000,000
Bank of Nova Scotia New York
4.38%, 5/30/06 (l)		4,998,967		4,998,967
FIMAT USA, Inc.
4.27%, 1/3/06		50,000,000		50,000,000
General Electric Capital Corp.
4.34%, 3/29/06 (l)		7,999,987		7,999,987
4.36%, 5/12/06 (l)		2,002,060		2,002,060
Goldman Sachs Group LP
4.39%, 1/2/07 (l)		10,000,000		10,000,000
Merrill Lynch & Co.
4.23%, 10/19/06 (l)		6,000,000		6,000,000
New York Life Insurance Co.
4.40%, 3/30/06 (l)		9,000,000		9,000,000
Nomura Securities
4.29%, 1/3/06.		30,165,700		30,165,700
Nordeutsche Landesbank NY
4.40%, 3/30/06 (l)		8,998,478		8,998,478
Royal Bank of Canada
4.30%, 10/3/06 (l)		3,999,273		3,999,273
U.S. Bank NA
4.29%, 10/2/06 (l)		4,997,605		4,997,605
Wells Fargo & Co.
4.36%, 12/31/07 (l)		5,000,000		5,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				159,143,986

Total Short-Term Investments (12.2%) (Cost/Amortized Cost $205,188,644)				205,185,629


Total Investments (109.9%) (Cost/Amortized Cost $1,729,011,268)				1,843,347,075
Other Assets Less Liabilities (-9.9%)				(166,473,053	)

Net Assets (100%)			$	1,676,874,022

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

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

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2005.

(p)

Yield to maturity.

Glossary:

REIT

— Real Estate Investment Trust

Investments in companies which were affiliates for the year ended December 31, 2005, were as follows:


Securities	Market Value December 31, 2004		Purchases at Cost		Sales at Cost		Market Value December 31, 2005		Dividend Income		Realized Gain
Hanger Orthopedic Group, Inc	$	1,236,870	$	7,253,456	$	—	$	6,738,942	$	—	$	—
Applied Signal Technology, Inc		—		13,516,171		1,439,576		14,636,960		112,102		585,675

	$	1,236,870	$	20,769,627	$	1,439,576	$	21,375,902	$	112,102	$	585,675

217

EQ ADVISORS TRUST

EQ/LAZARD SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,577,353,300
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,286,035,095

As of December 31, 2005, 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	$	165,193,579
Aggregate gross unrealized depreciation		(52,988,251	)

Net unrealized appreciation	$	112,205,328

Federal income tax cost of investments	$	1,731,141,747

At December 31, 2005, the Portfolio had loaned securities with a total value of $156,673,790. This was secured by collateral of $159,143,986 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $1,862,642 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

See Notes to Financial Statements.

218

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EQ/LEGG MASON VALUE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (31.2%)
*Household Durables (4.7%)*
Beazer Homes USA, Inc.		3,200	$	233,088
Centex Corp.		7,300		521,877
Pulte Homes, Inc.		12,900		507,744
Ryland Group, Inc.		3,250		234,422

				1,497,131

*Internet & Catalog Retail (13.5%)*
Amazon.com, Inc.*		37,600		1,772,840
eBay, Inc.*		25,100		1,085,575
Expedia, Inc.*		29,900		716,404
IAC/InterActiveCorp.*		27,500		778,525

				4,353,344

*Leisure Equipment & Products (2.7%)*
Eastman Kodak Co.		37,200		870,480

*Media (5.6%)*
DIRECTV Group, Inc.*		46,300		653,756
Time Warner, Inc.		34,000		592,960
WPP Group plc		52,000		561,515

				1,808,231

*Multiline Retail (2.7%)*
Sears Holdings Corp.*		7,400		854,922

*Specialty Retail (2.0%)*
Home Depot, Inc.		16,200		655,776

Total Consumer Discretionary				10,039,884

Financials (14.2%)
*Consumer Finance (1.9%)*
Capital One Financial Corp.		7,200		622,080

*Diversified Financial Services (6.2%)*
Citigroup, Inc.		16,200		786,186
JPMorgan Chase & Co.		30,400		1,206,576

				1,992,762

*Insurance (1.9%)*
St. Paul Travelers Cos., Inc.		13,550		605,279

*Thrifts & Mortgage Finance (4.2%)*
Countrywide Financial Corp.		23,000		786,370
MGIC Investment Corp.		8,300		546,306

				1,332,676

Total Financials				4,552,797

Health Care (15.7%)
*Health Care Providers & Services (14.3%)*
Aetna, Inc.		11,000		1,037,410
Health Net, Inc.*		16,300		840,265
McKesson Corp.		18,000		928,620
UnitedHealth Group, Inc.		29,100		1,808,274

				4,614,569

*Pharmaceuticals (1.4%)*
Pfizer, Inc.		18,500		431,420

Total Health Care				5,045,989

Industrials (7.4%)
*Building Products (0.5%)*
Masco Corp.		5,100		153,969

*Commercial Services & Supplies (1.7%)*
Waste Management, Inc.		18,200		552,370

*Industrial Conglomerates (5.2%)*
Tyco International Ltd.		58,300		1,682,538

Total Industrials				2,388,877

Information Technology (16.1%)
*Communications Equipment (1.0%)*
Cisco Systems, Inc.*		19,500		333,840

*Computers & Peripherals (4.1%)*
Dell, Inc.*		9,200		275,908
Hewlett-Packard Co.		8,900		254,807
International Business Machines Corp.		4,800		394,560
Seagate Technology*		19,900		397,801

				1,323,076

*Internet Software & Services (6.8%)*
Google, Inc., Class A*		3,350		1,389,781
Yahoo!, Inc.*		20,000		783,600

				2,173,381

*Software (4.2%)*
Computer Associates International, Inc.		6,200		174,778
Electronic Arts, Inc.*		12,900		674,799
Intuit, Inc.*		9,600		511,680

				1,361,257

Total Information Technology				5,191,554

Telecommunication Services (9.5%)
*Diversified Telecommunication Services (3.2%)*
Qwest Communications International, Inc.*		180,100		1,017,565

*Wireless Telecommunication Services (6.3%)*
Sprint Nextel Corp.		87,400		2,041,664

Total Telecommunication Services				3,059,229

Utilities (4.1%)
*Multi-Utilities and Unregulated Power (4.1%)*
AES Corp.*		83,300		1,318,639

Total Utilities				1,318,639

Total Common Stocks (98.2%) (Cost $31,427,915)				31,596,969


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (10.0%)
JPMorgan Chase Nassau
3.68%, 1/3/06
(Amortized Cost $3,233,595)	$	3,233,595		3,233,595

Total Investments (108.2%) (Cost/Amortized Cost $34,661,510)				34,830,564
Other Assets Less Liabilities (-8.2%)				(2,638,270	)

Net Assets (100%)			$	32,192,294

*	Non-income producing.

219

EQ ADVISORS TRUST

EQ/LEGG MASON VALUE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

Investment security transactions for the period ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	31,450,392
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	21,431

As of December 31, 2005, 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	$	471,223
Aggregate gross unrealized depreciation		(302,724	)

Net unrealized appreciation	$	168,499

Federal income tax cost of investments	$	34,662,065

For the year ended December 31, 2005, the Portfolio incurred approximately $176 as brokerage commissions with Bernstein (Sanford C.) & Co. and $16 with Legg Mason Wood-Walker, affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $41 which expires in the year 2013.

See Notes to Financial Statements.

220

EQ ADVISORS TRUST

EQ/LONG TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (1.2%)
*Asset-Backed Securities (0.9%)*
Citibank Credit Card Issuance Trust, Series 05-A9 A9
5.100%, 11/20/17	$	5,000,000	$	5,035,155

*Non-Agency (0.3%)*
JP Morgan Chase Commercial Mortgage Securities Corp., Series 05-LDP1 A4
5.038%, 3/15/46 (l)		2,000,000		1,977,546

Total Asset-Backed and Mortgage-Backed Securities				7,012,701

Consumer Discretionary (5.2%)
*Hotels, Restaurants & Leisure (0.7%)*
McDonald’s Corp.
6.375%, 1/8/28		3,600,000		4,023,871

*Household Durables (1.1%)*
Centex Corp.
5.250%, 6/15/15		4,000,000		3,799,752
D.R. Horton, Inc.
5.625%, 1/15/16		3,000,000		2,860,488

				6,660,240

*Leisure Equipment & Products (0.2%)*
Brunswick Corp.
5.000%, 6/1/11		1,000,000		983,439

*Media (1.6%)*
Comcast Corp.
7.050%, 3/15/33		3,500,000		3,778,547
News America, Inc.
6.200%, 12/15/34		3,000,000		2,979,900
Time Warner, Inc.
7.700%, 5/1/32		2,500,000		2,811,648

				9,570,095

*Multiline Retail (1.6%)*
J.C. Penney Corp., Inc.
7.400%, 4/1/37		3,000,000		3,351,642
Target Corp.
7.000%, 7/15/31		5,300,000		6,424,549

				9,776,191

Total Consumer Discretionary				31,013,836

Consumer Staples (4.9%)
*Beverages (0.8%)*
Coca-Cola Enterprises Inc.
6.950%, 11/15/26		4,000,000		4,637,520

*Food & Staples Retailing (0.8%)*
American Stores Co.
8.000%, 6/1/26		2,000,000		2,092,704
Safeway, Inc.
7.250%, 2/1/31		2,500,000		2,697,695

				4,790,399

*Food Products (3.3%)*
Archer-Daniels-Midland Co.
5.375%, 9/15/35		4,300,000		4,124,422
ConAgra Foods, Inc.
8.250%, 9/15/30		3,000,000		3,705,456
Grand Metropolitan Investment Corp.
7.450%, 4/15/35		3,000,000		3,770,385
Hershey Co.
7.200%, 8/15/27		3,500,000		4,333,682
Kellogg Co.
7.450%, 4/1/31		2,800,000		3,459,910

				19,393,855

Total Consumer Staples				28,821,774

Energy (1.4%)
*Energy Equipment & Services (0.6%)*
Halliburton Co.
8.750%, 2/15/21		2,800,000		3,684,453

*Oil & Gas (0.8%)*
Anadarko Finance Co.
7.500%, 5/1/31		2,750,000		3,370,436
Texaco Capital, Inc.
9.750%, 3/15/20		1,000,000		1,467,043

				4,837,479

Total Energy				8,521,932

Financials (8.7%)
*Capital Markets (1.1%)*
Goldman Sachs Group, Inc.
5.125%, 1/15/15		7,000,000		6,920,837

*Commercial Banks (2.9%)*
Barclays Bank plc
6.278%, 12/31/49 (l)		2,000,000		2,013,780
First Union National Bank Of Florida
6.180%, 2/15/36		5,000,000		5,539,890
HSBC Holdings plc
7.625%, 5/17/32		1,000,000		1,245,851
Suntrust Bank
5.450%, 12/1/17		1,000,000		1,020,716
UBS/New York
7.750%, 9/1/26		2,000,000		2,543,416
Wachovia Corp.
5.500%, 8/1/35		5,000,000		4,871,550

				17,235,203

*Consumer Finance (0.6%)*
Capital One Financial Corp.
5.250%, 2/21/17		3,500,000		3,377,857

*Diversified Financial Services (1.2%)*
Associates Corp. of North America
6.950%, 11/1/18		1,000,000		1,151,181
General Electric Capital Corp.
6.750%, 3/15/32		5,000,000		5,869,255

				7,020,436

*Insurance (2.4%)*
Allstate Corp.
5.550%, 5/9/35		4,250,000		4,164,843
AMBAC Financial Group, Inc.
5.950%, 12/5/35		2,000,000		2,048,010
Liberty Mutual Group, Inc.
6.500%, 3/15/35		3,000,000		2,926,893
Lion Connecticut Holdings, Inc.
7.625%, 8/15/26		1,000,000		1,245,677
MBIA, Inc.
7.150%, 7/15/27		1,000,000		1,142,530
XL Capital Ltd.
6.375%, 11/15/24		3,000,000		3,077,832

				14,605,785

*Real Estate (0.5%)*
Simon Property Group LP
5.100%, 6/15/15		3,000,000		2,901,465

Total Financials				52,061,583

221

EQ ADVISORS TRUST

EQ/LONG TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount		Value (Note 1)
Government Securities (57.2%)
*Foreign Governments (0.2%)*
Province of British Columbia
7.250%, 9/1/36	$	1,000,000	$	1,318,838

*Municipal Bonds (0.3%)*
Louisiana State Gas & Fuels Tax
5.000%, 5/1/35		1,000,000		1,030,750
Michigan State Building Authority
5.000%, 10/15/33		1,000,000		1,049,630

				2,080,380

*U.S. Government Agencies (9.3%)*
Federal Farm Credit Bank
6.890%, 9/12/25		10,750,000		13,189,594
Federal Home Loan Mortgage Corp.
4.375%, 7/17/15		22,000,000		21,271,426
Federal National Mortgage Association
6.625%, 11/15/30		16,850,000		20,776,589

				55,237,609

*U.S. Treasuries (47.4%)*
U.S. Treasury Bonds
8.125%, 8/15/19		24,000,000		32,559,384
7.875%, 2/15/21		60,700,000		82,148,891
6.875%, 8/15/25		42,400,000		54,603,229
6.250%, 5/15/30		4,600,000		5,712,984
5.375%, 2/15/31		47,125,000		52,934,617
Inflation Indexed
3.625%, 4/15/28		1,231,450		1,588,571
U.S. Treasury Notes
4.250%, 11/15/14		25,500,000		25,203,154
4.125%, 5/15/15		11,000,000		10,758,946
4.250%, 8/15/15		17,000,000		16,780,190

				282,289,966

Total Government Securities				340,926,793

Health Care (1.1%)
*Health Care Providers & Services (0.6%)*
Humana, Inc.
6.300%, 8/1/18		3,000,000		3,159,837

*Pharmaceuticals (0.5%)*
Wyeth
6.000%, 2/15/36		3,000,000		3,089,358

Total Health Care				6,249,195

Industrials (4.8%)
*Aerospace & Defense (1.0%)*
Boeing Co.
8.625%, 11/15/31		2,000,000		2,821,144
Lockheed Martin Corp.
7.650%, 5/1/16		2,700,000		3,216,572

				6,037,716

*Air Freight & Logistics (0.9%)*
CNF, Inc.
6.700%, 5/1/34		2,000,000		2,096,652
FedEx Corp.
7.500%, 1/15/18		1,687,030		1,897,773
United Parcel Service, Inc.
8.375%, 4/1/20		1,000,000		1,317,682

				5,312,107

*Airlines (0.5%)*
Southwest Airlines Co.
5.125%, 3/1/17		3,500,000		3,268,083

*Commercial Services & Supplies (0.1%)*
Deluxe Corp.
5.000%, 12/15/12		1,000,000		849,149

*Industrial Conglomerates (1.1%)*
Dover Corp.
5.375%, 10/15/35		3,000,000		2,945,088
Tyco International Group S.A.
6.875%, 1/15/29		3,200,000		3,487,814

				6,432,902

*Road & Rail (1.2%)*
Norfolk Southern Corp.
7.700%, 5/15/17		3,000,000		3,579,963
Union Pacific Corp.
5.375%, 5/1/14		3,260,000		3,297,177

				6,877,140

Total Industrials				28,777,097

Information Technology (1.9%)
*Communications Equipment (0.5%)*
Harris Corp.
5.000%, 10/1/15		3,000,000		2,898,711

*Computers & Peripherals (1.0%)*
International Business Machines Corp.
6.500%, 1/15/28		5,000,000		5,640,745

*Electronic Equipment & Instruments (0.4%)*
Arrow Electronics, Inc.
6.875%, 6/1/18		2,500,000		2,655,505

Total Information Technology				11,194,961

Materials (3.2%)
*Chemicals (0.5%)*
Eastman Chemical Co.
6.300%, 11/15/18		3,201,000		3,271,518

*Metals & Mining (1.7%)*
Alcan, Inc.
5.750%, 6/1/35		3,200,000		3,115,744
Barrick Gold Corp.
5.800%, 11/15/34		3,000,000		2,923,515
BHP Billiton Finance USA Ltd.
4.800%, 4/15/13		1,000,000		986,183
Placer Dome, Inc.
6.450%, 10/15/35		3,000,000		3,153,237

				10,178,679

*Paper & Forest Products (1.0%)*
Westvaco Corp.
8.200%, 1/15/30		2,000,000		2,342,392
Weyerhaeuser Co.
7.950%, 3/15/25		3,000,000		3,436,728

				5,779,120

Total Materials				19,229,317

Telecommunication Services (4.2%)
*Diversified Telecommunication Services (3.1%)*
AT&T Corp.
9.750%, 11/15/31		3,000,000		3,768,372
CenturyTel, Inc.
7.875%, 8/15/12		2,000,000		2,205,884
Deutsche Telekom International Finance BV
8.250%, 6/15/30		4,000,000		5,087,476
Sprint Capital Corp.
8.750%, 3/15/32		2,500,000		3,317,700
Verizon Global Funding Corp.
7.750%, 12/1/30		3,500,000		4,160,300

				18,539,732

*Wireless Telecommunication Services (1.1%)*
Motorola, Inc.
7.500%, 5/15/25		3,000,000		3,609,642

222

EQ ADVISORS TRUST

EQ/LONG TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Principal Amount		Value (Note 1)
U.S. Cellular Corp.
6.700%, 12/15/33	$	3,000,000	$	2,945,607

				6,555,249

Total Telecommunication Services				25,094,981

Utilities (4.0%)
*Electric Utilities (3.0%)*
Carolina Power & Light Co.
5.250%, 12/15/15		3,000,000		2,996,220
FirstEnergy Corp.
7.375%, 11/15/31		3,000,000		3,539,910
Florida Power & Light Co.
5.400%, 9/1/35		1,000,000		975,951
Hydro-Quebec
8.500%, 12/1/29		1,000,000		1,443,879
Northern States Power-Minnesota
5.250%, 7/15/35		3,000,000		2,884,287
Pacific Gas & Electric Co.
6.050%, 3/1/34		2,800,000		2,897,885
South Carolina Electric & Gas
5.250%, 11/1/18		3,000,000		3,000,876

				17,739,008

*Gas Utilities (0.7%)*
Kinder Morgan Energy Partners LP
5.000%, 12/15/13		1,000,000		974,480
South California Gas Co.
5.450%, 4/15/18		3,000,000		3,068,271

				4,042,751

*Multi-Utilities & Unregulated Power (0.3%)*
Dominion Resources, Inc.
5.950%, 6/15/35		2,000,000		1,952,174

Total Utilities				23,733,933

Total Long-Term Debt Securities (97.8%) (Cost $584,986,186)				582,638,103

SHORT-TERM INVESTMENTS:
Government Security (0.5%)
Federal Home Loan Bank
3.25%, 1/3/06 (o) (p)		3,000,000		2,999,187

Time Deposit (0.6%)
JPMorgan Chase Nassau
3.68%, 1/3/06		3,658,464		3,658,464

Total Short-Term Investments (1.1%) (Amortized Cost $6,657,651)				6,657,651

Total Investments (98.9%) (Cost/Amortized Cost $591,643,837)				589,295,754
Other Assets Less Liabilities (1.1%)				6,716,273

Net Assets (100%)			$	596,012,027

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2005.

(p)

Yield to maturity.

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	327,054,863
U.S. Government securities		353,539,556

	$	680,594,419

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	92,918,807
U.S. Government securities		91,013,485

	$	183,932,292


As of December 31, 2005, 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	$	5,291,427
Aggregate gross unrealized depreciation		(9,521,242	)

Net unrealized depreciation	$	(4,229,815	)

Federal income tax cost of investments	$	593,525,569

See Notes to Financial Statements.

223

EQ ADVISORS TRUST

EQ/LORD ABBETT GROWTH AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (3.8%)
*Automobiles (0.5%)*
Harley-Davidson, Inc.	40	$	2,060
Honda Motor Co., Ltd. (ADR)	6,670		193,230

			195,290

*Household Durables (0.1%)*
Newell Rubbermaid, Inc.	890		21,164

*Internet & Catalog Retail (0.5%)*
IAC/InterActiveCorp*.	6,850		193,924

*Media (2.4%)*
Comcast Corp., Special Class A*	12,710		326,520
Tribune Co.	10,860		328,623
Walt Disney Co.	11,080		265,588

			920,731

*Textiles, Apparel & Luxury Goods (0.3%)*
NIKE, Inc. Class B	1,380		119,770

Total Consumer Discretionary			1,450,879

Consumer Staples (16.2%)
*Beverages (2.8%)*
Coca-Cola Co.	1,870		75,380
Diageo Capital plc	8,050		469,315
PepsiCo, Inc.	8,890		525,221

			1,069,916

*Food & Staples Retailing (3.7%)*
CVS Corp.	6,210		164,068
Kroger Co.*	34,560		652,493
Safeway, Inc.	1,640		38,802
Wal-Mart Stores, Inc.	12,240		572,832

			1,428,195

*Food Products (4.0%)*
Campbell Soup Co.	15,850		471,855
General Mills, Inc.	2,340		115,409
H.J. Heinz Co.	4,300		144,996
Kraft Foods, Inc. Class A	28,230		794,392

			1,526,652

*Household Products (5.7%)*
Clorox Co.	5,420		308,344
Kimberly-Clark Corp.	9,340		557,131
Procter & Gamble Co.	22,784		1,318,738

			2,184,213

Total Consumer Staples			6,208,976

Energy (7.1%)
*Energy Equipment & Services (2.8%)*
Baker Hughes, Inc.	5,600		340,368
Schlumberger Ltd.	7,620		740,283

			1,080,651

*Oil & Gas (4.3%)*
El Paso Corp.	16,610		201,978
Exxon Mobil Corp.	25,880		1,453,679

			1,655,657

Total Energy			2,736,308

Financials (14.3%)
*Capital Markets (1.9%)*
Bank of New York Co., Inc.	17,730		564,700
Morgan Stanley	2,790		158,305

			723,005

*Commercial Banks (3.4%)*
Bank of America Corp.	13,000		599,950
Marshall & Ilsley Corp.	4,100		176,464
Mitsubishi UFJ Financial (ADR)	16,820		230,266
PNC Financial Services Group, Inc.	2,830		174,979
SunTrust Banks, Inc.	40		2,910
Wachovia Corp.	1,980		104,663

			1,289,232

*Diversified Financial Services (3.5%)*
Citigroup, Inc.	13,150		638,170
JPMorgan Chase & Co.	17,260		685,049

			1,323,219

*Insurance (5.2%)*
ACE Ltd.	4,580		244,755
Aflac, Inc.	7,440		345,365
American International Group, Inc.	9,620		656,373
Hartford Financial Services Group, Inc.	4,060		348,713
Marsh & McLennan Cos., Inc.	1,260		40,018
MetLife, Inc.	1,250		61,250
XL Capital Ltd., Class A	4,690		316,012

			2,012,486

*Thrifts & Mortgage Finance (0.3%)*
Freddie Mac	1,730		113,055

Total Financials			5,460,997

Health Care (16.9%)
*Biotechnology (1.0%)*
Biogen Idec, Inc.*	1,910		86,580
MedImmune, Inc.*	8,330		291,717

			378,297

*Health Care Equipment & Supplies (2.4%)*
Baxter International, Inc.	15,400		579,810
Medtronic, Inc.	6,300		362,691

			942,501

*Pharmaceuticals (13.5%)*
GlaxoSmithKline plc (ADR)	23,200		1,171,136
Johnson & Johnson	5,600		336,560
Merck & Co., Inc.	6,070		193,087
Novartis AG (ADR)	17,260		905,805
Pfizer, Inc.	43,600		1,016,752
Schering-Plough Corp.	12,150		253,327
Teva Pharmaceutical Industries Ltd. (ADR)	9,790		421,068
Wyeth	18,810		866,576

			5,164,311

Total Health Care			6,485,109

Industrials (14.2%)
*Aerospace & Defense (2.7%)*
Boeing Co.	1,120		78,669
General Dynamics Corp.	2,760		314,778
Honeywell International, Inc.	7,690		286,452
Raytheon Co.	9,000		361,350

			1,041,249

*Commercial Services & Supplies (1.1%)*
Waste Management, Inc.	14,300		434,005

*Construction & Engineering (1.0%)*
Fluor Corp.	4,800		370,848

*Electrical Equipment (2.0%)*
Emerson Electric Co.	10,070		752,229

*Industrial Conglomerates (1.9%)*
General Electric Co.	21,360		748,668

*Machinery (4.6%)*
Caterpillar, Inc.	7,390		426,920
Deere & Co.	4,720		321,479
Eaton Corp.	3,040		203,954
Pall Corp.	8,170		219,446
Parker Hannifin Corp.	8,880		585,725

			1,757,524

224

EQ ADVISORS TRUST

EQ/LORD ABBETT GROWTH AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Number of Shares		Value (Note 1)
*Road & Rail (0.9%)*
Union Pacific Corp.		4,280	$	344,583

Total Industrials				5,449,106

Information Technology (7.8%)
*Communications Equipment (1.5%)*
Motorola, Inc.		26,520		599,087

*Computers & Peripherals (1.9%)*
Hewlett-Packard Co.		19,000		543,970
Sun Microsystems, Inc.*		43,970		184,234

				728,204

*IT Services (2.7%)*
Automatic Data Processing, Inc.		16,310		748,466
Electronic Data Systems Corp.		11,570		278,143

				1,026,609

*Software (1.7%)*
Microsoft Corp.		24,970		652,965

Total Information Technology				3,006,865

Materials (7.3%)
*Chemicals (2.0%)*
Monsanto Co.		4,650		360,514
Potash Corp. of Saskatchewan, Inc. (Toronto Exchange)		730		58,561
Praxair, Inc.		6,950		368,072

				787,147

*Metals & Mining (3.4%)*
Barrick Gold Corp.		19,150		533,711
Newmont Mining Corp.		14,120		754,008

				1,287,719

*Paper & Forest Products (1.9%)*
International Paper Co.		21,800		732,698

Total Materials				2,807,564

Telecommunication Services (4.8%)
*Diversified Telecommunication Services (3.9%)*
AT&T, Inc.		25,750		630,618
BellSouth Corp.		13,420		363,682
Verizon Communications, Inc.		16,750		504,510

				1,498,810

*Wireless Telecommunication Services (0.9%)*
Sprint Nextel Corp.		14,240		332,646

Total Telecommunication Services				1,831,456

Utilities (1.6%)
*Electric Utilities (1.6%)*
Ameren Corp.		1,910		97,868
PG&E Corp.		4,250		157,760
Progress Energy, Inc.		3,490		153,281
Southern Co.		5,520		190,606

Total Utilities				599,515

Total Common Stocks (94.0%) (Cost $35,004,968)				36,036,775

INVESTMENT COMPANY:
Exchange Traded Fund (1.6%)
iShares MSCI Japan Index Fund (Cost $545,931)		46,110		623,407


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (4.3%)
JPMorgan Chase Nassau
3.68%, 1/3/06 (Amortized Cost $1,637,864)	$	1,637,864		1,637,864

Total Investments (99.9%) (Cost/Amortized Cost $37,188,763)				38,298,046
Other Assets Less Liabilities (0.1%)				40,006

Net Assets (100%)			$	38,338,052

*	Non-income producing.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the period ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	38,859,943
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	3,334,081

As of December 31, 2005, 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	$	1,579,815
Aggregate gross unrealized depreciation		(504,072	)

Net unrealized appreciation	$	1,075,743

Federal Income tax cost of investments	$	37,222,303

See Notes to Financial Statements.

225

EQ ADVISORS TRUST

EQ/LORD ABBETT LARGE CAP CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (2.6%)
*Media (1.6%)*
Comcast Corp., Special Class A*	9,840	$	252,790
Walt Disney Co.	8,040		192,719

			445,509

*Textiles, Apparel & Luxury Goods (1.0%)*
NIKE, Inc., Class B	3,108		269,743

Total Consumer Discretionary			715,252

Consumer Staples (17.7%)
*Beverages (4.0%)*
Coca-Cola Co.	4,055		163,457
Diageo plc (Sponsored ADR)	6,670		388,861
PepsiCo, Inc.	9,006		532,074

			1,084,392

*Food & Staples Retailing (4.4%)*
CVS Corp.	8,139		215,032
Kroger Co.*	19,411		366,480
Wal-Mart Stores, Inc.	10,608		496,454
Walgreen Co.	2,375		105,118

			1,183,084

*Food Products (3.2%)*
Campbell Soup Co.	11,202		333,483
H.J. Heinz Co.	3,398		114,581
Kraft Foods, Inc., Class A	14,622		411,463

			859,527

*Household Products (6.1%)*
Clorox Co.	3,086		175,562
Colgate-Palmolive Co.	7,756		425,417
Kimberly-Clark Corp.	2,657		158,490
Procter & Gamble Co.	15,745		911,321

			1,670,790

Total Consumer Staples			4,797,793

Energy (6.2%)
*Energy Equipment & Services (2.6%)*
Baker Hughes, Inc.	4,762		289,434
Schlumberger Ltd.	4,225		410,459

			699,893

*Oil & Gas (3.6%)*
Chevron Corp.	5,039		286,064
ConocoPhillips	2,112		122,876
Exxon Mobil Corp.	10,013		562,431

			971,371

Total Energy			1,671,264
Financials (10.6%)
*Capital Markets (0.7%)*
Bank of New York Co., Inc.	5,746		183,010

*Commercial Banks (2.3%)*
Bank of America Corp.	6,118		282,346
SunTrust Banks, Inc.	903		65,702
Wachovia Corp.	3,233		170,897
Wells Fargo & Co.	1,604		100,779

			619,724

*Consumer Finance (0.3%)*
American Express Co.	1,492		76,778

*Diversified Financial Services (1.9%)*
Citigroup, Inc.	6,456		313,309
JPMorgan Chase & Co.	5,201		206,428

			519,737

*Insurance (5.4%)*
Aflac, Inc.	5,974		277,313
American International Group, Inc.	7,816		533,286
Hartford Financial Services Group, Inc.	4,004		343,904
Marsh & McLennan Cos., Inc.	4,336		137,711
XL Capital Ltd., Class A	2,734		184,217

			1,476,431

Total Financials			2,875,680

Health Care (23.5%)
*Biotechnology (3.5%)*
Genzyme Corp.*	4,297		304,142
Gilead Sciences, Inc.*	3,917		206,152
ImClone Systems, Inc.*	6,489		222,183
MedImmune, Inc.*	5,797		203,011

			935,488

*Health Care Equipment & Supplies (5.2%)*
Baxter International, Inc.	10,671		401,763
Medtronic, Inc.	8,439		485,833
St. Jude Medical, Inc.*	5,165		259,283
Zimmer Holdings, Inc.*	4,013		270,637

			1,417,516

*Health Care Providers & Services (3.7%)*
CIGNA Corp.	1,748		195,251
Medco Health Solutions, Inc.*	2,428		135,482
UnitedHealth Group, Inc.	6,220		386,511
WellPoint, Inc.*	3,549		283,175

			1,000,419

*Pharmaceuticals (11.1%)*
Abbott Laboratories	9,735		383,851
Bristol-Myers Squibb Co.	10,637		244,438
GlaxoSmithKline plc (ADR)	7,400		373,552
Johnson & Johnson	6,838		410,964
Novartis AG (ADR)	10,128		531,518
Pfizer, Inc.	20,648		481,511
Wyeth	12,675		583,937

			3,009,771

Total Health Care			6,363,194

Industrials (11.8%)
*Aerospace & Defense (3.1%)*
General Dynamics Corp.	2,937		334,965
Honeywell International, Inc.	3,736		139,166
Lockheed Martin Corp.	2,059		131,014
Raytheon Co.	5,735		230,260

			835,405

*Air Freight & Logistics (0.5%)*
United Parcel Service, Inc., Class B	1,694		127,304

*Construction & Engineering (0.6%)*
Fluor Corp.	2,033		157,070

*Electrical Equipment (1.6%)*
Emerson Electric Co.	5,819		434,679

*Industrial Conglomerates (3.3%)*
General Electric Co.	25,933		908,952

*Machinery (2.0%)*
Caterpillar, Inc.	2,471		142,750
Deere & Co.	2,131		145,142
Parker-Hannifin Corp.	4,029		265,753

			553,645

*Road & Rail (0.7%)*
Union Pacific Corp.	2,412		194,190

Total Industrials			3,211,245

226

EQ ADVISORS TRUST

EQ/LORD ABBETT LARGE CAP CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares		Value (Note 1)
Information Technology (12.2%)
*Communications Equipment (4.5%)*
Corning, Inc.*		17,339	$	340,884
Motorola, Inc.		20,503		463,163
QUALCOMM, Inc.		9,785		421,538

				1,225,585

*Computers & Peripherals (2.2%)*
Dell, Inc.*		4,520		135,555
EMC Corp.*		4,826		65,730
Hewlett-Packard Co.		9,535		272,987
International Business Machines Corp.		1,575		129,465

				603,737

*IT Services (1.5%)*
Automatic Data Processing, Inc.		9,002		413,102

*Semiconductors & Semiconductor Equipment (1.4%)*
Intel Corp.		8,907		222,319
Texas Instruments, Inc.		5,188		166,379

				388,698

*Software (2.6%)*
Microsoft Corp.		23,056		602,914
Oracle Corp.*		7,224		88,205

				691,119

Total Information Technology				3,322,241

Materials (5.5%)
*Chemicals (3.1%)*
Monsanto Co.		6,588		510,768
Potash Corp. of Saskatchewan, Inc. (Toronto Exchange)		1,042		83,589
Praxair, Inc.		4,631		245,258

				839,615

*Metals & Mining (2.4%)*
Barrick Gold Corp.		6,422		178,981
Newmont Mining Corp.		8,605		459,507

				638,488

Total Materials				1,478,103

Telecommunication Services (2.8%)
*Diversified Telecommunication Services (2.3%)*
AT&T, Inc.		11,699		286,508
BellSouth Corp.		6,001		162,627
Verizon Communications, Inc.		5,933		178,702

				627,837

*Wireless Telecommunication Services (0.5%)*
Sprint Nextel Corp.		5,655		132,101

Total Telecommunication Services				759,938

Utilities (2.8%)
*Electric Utilities (2.8%)*
PG&E Corp.		7,810		289,907
Progress Energy, Inc.		4,630		203,349
Southern Co.		7,537		260,253

Total Utilities				753,509

Total Common Stocks (95.7%) (Cost $25,325,917)				25,948,219

INVESTMENT COMPANY:
Exchange Traded Fund (1.0%)
iShares MSCI Japan Index Fund (Cost $272,601)		20,472		276,782


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (5.1%)
JPMorgan Chase Nassau
3.68%, 1/3/06 (Amortized Cost $1,392,005)	$	1,392,005	$	1,392,005

Total Investments (101.8%) (Cost/Amortized Cost $26,990,523)				27,617,006
Other Assets Less Liabilities (-1.8%)				(494,406	)

Net Assets (100%)			$	27,122,600

*	Non-income producing.

Glossary:

ADR — American Depositary Receipt

227

EQ ADVISORS TRUST

EQ/LORD ABBETT LARGE CAP CORE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

Investment security transactions for the period ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	29,057,716
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	3,552,942

As of December 31, 2005, 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	$	1,033,628
Aggregate gross unrealized depreciation		(421,186	)

Net unrealized appreciation	$	612,442

Federal income tax cost of investments	$	27,004,564

See Notes to Financial Statements.

228

EQ ADVISORS TRUST

EQ/LORD ABBETT MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (19.5%)
*Auto Components (0.8%)*
Dana Corp.	143,662	$	1,031,493

*Distributors (2.0%)*
Genuine Parts Co.	56,600		2,485,872

*Hotels, Restaurants & Leisure (2.1%)*
Brinker International, Inc.	52,100		2,014,186
Yum! Brands, Inc.	11,700		548,496

			2,562,682

*Household Durables (4.5%)*
American Greetings Corp., Class A	54,800		1,203,956
Newell Rubbermaid, Inc.	59,100		1,405,398
Snap-On, Inc.	56,000		2,103,360
Tupperware Brands Corp.	36,000		806,400

			5,519,114

*Media (5.4%)*
Clear Channel Communications, Inc.	30,800		968,660
Interpublic Group of Cos., Inc.*	229,200		2,211,780
R.H. Donnelley Corp.*	31,500		1,941,030
Westwood One, Inc.	94,100		1,533,830

			6,655,300

*Multiline Retail (1.3%)*
Federated Department Stores, Inc.	24,970		1,656,260

*Specialty Retail (2.6%)*
Foot Locker, Inc.	92,000		2,170,280
OfficeMax, Inc.	40,100		1,016,936

			3,187,216

*Textiles, Apparel & Luxury Goods (0.8%)*
Tommy Hilfiger Corp.*	61,800		1,003,632

Total Consumer Discretionary			24,101,569

Consumer Staples (3.8%)
*Food & Staples Retailing (1.9%)*
Kroger Co.*	58,100		1,096,928
Safeway, Inc.	51,200		1,211,392

			2,308,320

*Food Products (1.9%)*
Archer-Daniels-Midland Co.	42,500		1,048,050
ConAgra Foods, Inc.	24,500		496,860
Dean Foods Co.*.	20,500		772,030
Treehouse Foods, Inc.*	3,680		68,890

			2,385,830

Total Consumer Staples			4,694,150

Energy (6.1%)
*Energy Equipment & Services (4.1%)*
GlobalSantaFe Corp.	56,600		2,725,290
Halliburton Co.	38,500		2,385,460

			5,110,750

*Oil & Gas (2.0%)*
EOG Resources, Inc.	32,900		2,413,873

Total Energy			7,524,623


Financials (13.3%)
*Insurance (10.6%)*
ACE Ltd.	24,200		1,293,248
Conseco, Inc.*	76,900		1,781,773
Everest Reinsurance Group Ltd.	21,600		2,167,560
Genworth Financial, Inc., Class A	45,300		1,566,474
PartnerReinsurance Ltd.	35,200		2,311,584
Safeco Corp.	30,700		1,734,550
XL Capital Ltd., Class A	32,600		2,196,588

			13,051,777

*Real Estate (1.6%)*
Healthcare Realty Trust, Inc. (REIT)	3,800		126,426
Host Marriott LP (REIT)	97,600		1,849,520

			1,975,946

*Thrifts & Mortgage Finance (1.1%)*
PMI Group, Inc.	34,700		1,425,129

Total Financials			16,452,852

Health Care (6.5%)
*Health Care Equipment & Supplies (1.4%)*
Bausch & Lomb, Inc.	25,500		1,731,450

*Health Care Providers & Services (1.1%)*
Aetna, Inc.	14,500		1,367,495

*Pharmaceuticals (4.0%)*
King Pharmaceuticals, Inc.*	156,400		2,646,288
Mylan Laboratories, Inc.	112,800		2,251,488

			4,897,776

Total Health Care			7,996,721

Industrials (9.2%)
*Commercial Services & Supplies (2.2%)*
R.R. Donnelley & Sons Co. (New York Exchange)	78,100		2,671,801

*Electrical Equipment (1.5%)*
Hubbell, Inc., Class B	40,400		1,822,848

*Machinery (3.9%)*
CNH Global N.V.	20,000		370,800
Cummins, Inc.	21,600		1,938,168
Timken Co.	80,400		2,574,408

			4,883,376

*Trading Companies & Distributors (1.6%)*
Grainger (W.W.), Inc.	28,000		1,990,800

Total Industrials			11,368,825

Information Technology (11.6%)
*Communications Equipment (4.7%)*
ADC Telecommunications, Inc.*	70,800		1,581,672
Avaya, Inc.*	155,400		1,658,118
JDS Uniphase Corp.*	548,900		1,295,404
Tellabs, Inc.*	115,200		1,255,680

			5,790,874

*Internet Software & Services (1.5%)*
McAfee, Inc.*	68,600		1,861,118

*IT Services (2.4%)*
Sabre Holdings Corp., Class A	126,200		3,042,682

*Software (3.0%)*
Cadence Design Systems, Inc.*	138,900		2,350,188
Sybase, Inc.*	60,900		1,331,274

			3,681,462

Total Information Technology			14,376,136

Materials (16.0%)
*Chemicals (8.4%)*
Chemtura Corp.	137,000		1,739,900
Eastman Chemical Co.	57,000		2,940,630
Monsanto Co.	27,800		2,155,334
Mosaic Co.*	142,400		2,083,312
Potash Corp. of Saskatchewan, Inc.	18,500		1,484,070

			10,403,246

229

EQ ADVISORS TRUST

EQ/LORD ABBETT MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Number of Shares		Value (Note 1)
*Containers & Packaging (4.5%)*
Ball Corp.		63,600	$	2,526,192
Pactiv Corp.*		135,300		2,976,600

				5,502,792

*Paper & Forest Products (3.1%)*
Bowater, Inc.		53,900		1,655,808
MeadWestvaco Corp.		76,600		2,147,098

				3,802,906

Total Materials				19,708,944

Telecommunication Services (3.3%)
*Diversified Telecommunication Services (3.3%)*
CenturyTel, Inc.		39,600		1,313,136
Panamsat Corp.		33,300		815,850
Qwest Communications International, Inc.*		336,600		1,901,790

Total Telecommunication Services				4,030,776

Utilities (7.6%)
*Electric Utilities (3.9%)*
Ameren Corp.		47,100		2,413,404
Northeast Utilities		89,900		1,770,131
Puget Energy, Inc.		30,300		618,726

				4,802,261

*Gas Utilities (2.1%)*
NiSource, Inc.		90,700		1,892,002
Southwest Gas Corp		26,300		694,320

				2,586,322

*Multi-Utilities & Unregulated Power (1.6%)*
CMS Energy Corp.*		137,800		1,999,478

Total Utilities				9,388,061

Total Common Stocks (96.9%) (Cost $117,249,976)				119,642,657


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (7.2%)
JPMorgan Chase Nassau
3.68%, 1/3/06 (Amortized Cost $8,916,732)	$	8,916,732		8,916,732

Total Investments (104.1%) (Cost/Amortized Cost $126,166,708)				128,559,389
Other Assets Less Liabilities (-4.1%)				(5,009,268	)

Net Assets (100%)			$	123,550,121

*	Non-income producing.

Glossary:

REIT — Real Estate Investment Trust

Investment security transactions for the period ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	125,905,884
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	10,253,940

As of December 31, 2005, 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	$	5,465,730
Aggregate gross unrealized depreciation		(3,078,784	)

Net unrealized appreciation	$	2,386,946

Federal income tax cost of investments	$	126,172,443

See Notes to Financial Statements.

230

EQ ADVISORS TRUST

EQ/MARSICO FOCUS PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (19.2%)
*Automobiles (3.0%)*
Toyota Motor Corp. (ADR)^		789,187	$	82,564,744

*Hotels, Restaurants & Leisure (6.6%)*
Four Seasons Hotels, Inc.^		279,041		13,882,290
MGM MIRAGE*^		2,157,500		79,115,525
Starbucks Corp.*		1,369,390		41,095,394
Wynn Resorts Ltd.*^		866,440		47,524,234
Yum! Brands, Inc.		25,269		1,184,611

				182,802,054

*Household Durables (2.5%)*
KB Home^		8,291		602,424
Lennar Corp., Class A^		1,123,496		68,555,726
MDC Holdings, Inc.^		9,276		574,926
Toll Brothers, Inc.*^		7,620		263,957

				69,997,033

*Multiline Retail (0.0%)*
Target Corp.		20,078		1,103,688

*Specialty Retail (7.1%)*
Home Depot, Inc.		1,834,201		74,248,456
Lowe’s Cos., Inc.^		1,836,421		122,415,824

				196,664,280

Total Consumer Discretionary				533,131,799

Consumer Staples (4.9%)
*Food & Staples Retailing (0.8%)*
CVS Corp.		849,312		22,438,823
Walgreen Co.		9,888		437,643

				22,876,466

*Household Products (4.1%)*
Procter & Gamble Co.		1,963,008		113,618,903

Total Consumer Staples				136,495,369

Energy (3.0%)
*Energy Equipment & Services (3.0%)*
Halliburton Co.^		105,338		6,526,742
Schlumberger Ltd.^		793,400		77,078,810

Total Energy				83,605,552

Financials (19.7%)
*Capital Markets (11.0%)*
Goldman Sachs Group, Inc.		1,037,852		132,544,079
Lehman Brothers Holdings, Inc.^		618,009		79,210,214
UBS AG (Registered)^		1,006,729		95,790,264

				307,544,557

*Commercial Banks (0.0%)*
UCBH Holdings, Inc.^		11,977		214,149

*Consumer Finance (3.0%)*
SLM Corp.		1,512,762		83,338,059

*Diversified Financial Services (3.7%)*
Chicago Mercantile Exchange
Holdings, Inc.^		278,284		102,266,587

*Real Estate (0.0%)*
St. Joe Co.^		6,598		443,517

*Thrifts & Mortgage Finance (2.0%)*
Countrywide Financial Corp.^		1,621,442		55,437,102

Total Financials				549,243,971

Health Care (21.3%)
*Biotechnology (9.1%)*
Amgen, Inc.*		848,929		66,946,541
Genentech, Inc.*^		2,019,133		186,769,802
Genzyme Corp.*		7,128		504,520

				254,220,863

*Health Care Equipment & Supplies (4.0%)*
Medtronic, Inc.		658,561		37,913,357
Zimmer Holdings, Inc.*		1,085,484		73,205,041

				111,118,398

*Health Care Providers & Services (8.2%)*
Quest Diagnostics, Inc.		19,750		1,016,730
UnitedHealth Group, Inc.^		3,629,636		225,545,581

				226,562,311

Total Health Care				591,901,572

Industrials (15.3%)
*Aerospace & Defense (1.3%)*
General Dynamics Corp.		9,701		1,106,399
Lockheed Martin Corp.		562,389		35,784,812

				36,891,211

*Air Freight & Logistics (3.4%)*
FedEx Corp.		923,765		95,508,064

*Industrial Conglomerates (3.7%)*
General Electric Co.		2,933,641		102,824,117

*Machinery (3.1%)*
Caterpillar, Inc.		1,515,304		87,539,112

*Road & Rail (3.8%)*
Burlington Northern Santa Fe Corp.^		1,098,259		77,778,702
Union Pacific Corp.		332,282		26,752,024

				104,530,726

Total Industrials				427,293,230

Information Technology (15.0%)
*Communications Equipment (6.1%)*
Motorola, Inc.		4,151,934		93,792,189
QUALCOMM, Inc.		1,795,738		77,360,393

				171,152,582

*Computers & Peripherals (6.0%)*
Apple Computer, Inc.*		2,322,591		166,971,067

*Internet Software & Services (2.9%)*
Google, Inc., Class A*		191,978		79,643,993

Total Information Technology				417,767,642

Materials (0.8%)
*Chemicals (0.8%)*
Air Products & Chemicals, Inc.^		387,342		22,926,773

Total Materials				22,926,773

Total Common Stocks (99.2%) (Cost $2,237,838,169)				2,762,365,908


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (7.8%)
Allstate Life Insurance
4.37%, 1/30/07 (l)	$	15,000,000		15,000,000
Bank of Nova Scotia New York
4.38%, 5/30/06 (l)		9,997,933		9,997,933
Barclays New York
4.30%, 8/30/06 (l)		9,998,506		9,998,506

231

EQ ADVISORS TRUST

EQ/MARSICO FOCUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Principal Amount		Value (Note 1)
Dorada Finance, Inc.
4.30%, 8/3/06 (l)	$	3,996,762	$	3,996,762
General Electric Capital Corp.
4.34%, 3/29/06 (l)		2,500,307		2,500,307
Goldman Sachs Group, Inc.
4.41%, 12/28/07 (l)		5,000,000		5,000,000
Morgan Stanley
4.43%, 1/2/07 (l)		5,000,000		5,000,000
Nomura Securities
4.29%, 1/3/06		130,374,304		130,374,304
Royal Bank of Canada
4.30%, 10/3/06 (l)		9,998,184		9,998,184
Travelers Insurance Co.
4.50%, 12/15/06 (l)		12,000,000		12,000,000
Wells Fargo Bank/San Francisco
4.30%, 12/1/06 (l)		12,500,000		12,500,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				216,365,996

Time Deposit (2.5%)
JPMorgan Chase Nassau
3.68%, 1/3/06		70,062,329		70,062,329

Total Short-Term Investments (10.3%) (Amortized Cost $286,428,325)				286,428,325

Total Investments (109.5%) (Cost/Amortized Cost $2,524,266,494)				3,048,794,233
Other Assets Less Liabilities (-9.5%)				(265,174,984	)

Net Assets (100%)			$	2,783,619,249

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	2,085,021,981
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,386,846,501

As of December 31, 2005, 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	$	537,847,389
Aggregate gross unrealized depreciation		(18,000,233	)

Net unrealized appreciation	$	519,847,156

Federal income tax cost of investments	$	2,528,947,077

At December 31, 2005, the Portfolio had loaned securities with a total value of $213,339,414. This was secured by collateral of $216,365,996 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2005, the Portfolio incurred approximately $8,660 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer

The Portfolio has a net capital loss carryforward of $16,132,428, of which $9,961,545 expires in the year 2008, $6,170,883 expires in the year 2009.

Included in the capital loss carryforward amounts at December 31, 2005 are $16,132,428 of losses acquired from EQ/Enterprise Capital Appreciation as a result of a tax free reorganization that occurred during the year 2005. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

The Portfolio utilized capital loss carryforward of $4,604,290 during 2005.

See Notes to Financial Statements.

232

EQ ADVISORS TRUST

EQ/MERCURY BASIC VALUE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (11.9%)
*Hotels, Restaurants & Leisure (1.5%)*
McDonald’s Corp.	1,272,820	$	42,919,490

*Household Durables (2.0%)*
Koninklijke (Royal) Philips Electronics N.V. (N.Y. Shares)	1,803,800		56,098,180

*Media (4.6%)*
Comcast Corp., Class A*	5,500		142,780
Comcast Corp., Special Class A*^	1,238,600		31,819,634
Time Warner, Inc.	3,854,610		67,224,399
Walt Disney Co.	1,190,100		28,526,697

			127,713,510

*Specialty Retail (3.8%)*
Foot Locker, Inc.^	2,545,200		60,041,268
Gap, Inc.	2,609,700		46,035,108

			106,076,376

Total Consumer Discretionary			332,807,556

Consumer Staples (6.8%)
*Beverages (1.5%)*
Coca-Cola Enterprises, Inc.^	2,256,700		43,260,939

*Food Products (3.2%)*
General Mills, Inc.	1,032,300		50,913,036
Unilever N.V. (N.Y. Shares)	549,100		37,695,715

			88,608,751

*Household Products (2.1%)*
Kimberly-Clark Corp.	966,920		57,676,778

Total Consumer Staples			189,546,468

Energy (8.0%)
*Energy Equipment & Services (4.6%)*
Diamond Offshore Drilling, Inc.^	538,800		37,478,928
GlobalSantaFe Corp.^	1,542,700		74,281,005
Rowan Cos., Inc.	524,800		18,703,872

			130,463,805

*Oil & Gas (3.4%)*
Anadarko Petroleum Corp.^	232,600		22,038,850
Exxon Mobil Corp.	1,289,190		72,413,802

			94,452,652

Total Energy			224,916,457

Financials (27.5%)
*Capital Markets (7.3%)*
Bank of New York Co., Inc.	2,353,600		74,962,160
Mellon Financial Corp.	1,139,300		39,021,025
Morgan Stanley	1,614,100		91,584,034

			205,567,219

*Commercial Banks (3.9%)*
Bank of America Corp.^	1,432,700		66,119,105
U.S. Bancorp^	2,500		74,725
Wachovia Corp.	794,900		42,018,414
Wells Fargo & Co.	2,250		141,368

			108,353,612

*Consumer Finance (1.2%)*
MBNA Corp.	1,200,000		32,580,000

*Diversified Financial Services (5.5%)*
Citigroup, Inc.	1,020,717		49,535,396
JPMorgan Chase & Co.	2,668,390		105,908,399

			155,443,795

*Insurance (9.6%)*
ACE Ltd.	440		23,514
American International Group, Inc.	1,417,800		96,736,494
Genworth Financial, Inc., Class A^	1,845,600		63,820,848
St. Paul Travelers Cos., Inc.	2,023,738		90,400,376
XL Capital Ltd., Class A^	295,900		19,937,742

			270,918,974

Total Financials			772,863,600

Health Care (8.2%)
*Health Care Equipment & Supplies (1.3%)*
Baxter International, Inc.	1,008,350		37,964,378

Pharmaceuticals (6.9%)
AstraZeneca plc (ADR)	990,700		48,148,020
GlaxoSmithKline plc (ADR)	1,044,200		52,711,216
Pfizer, Inc.	2,320,670		54,118,024
Schering-Plough Corp.^	1,857,000		38,718,450

			193,695,710

Total Health Care			231,660,088

Industrials (11.7%)
*Aerospace & Defense (4.9%)*
Honeywell International, Inc.	796,500		29,669,625
Northrop Grumman Corp.^	646,000		38,831,060
Raytheon Co.	1,715,800		68,889,370

			137,390,055

*Industrial Conglomerates (4.7%)*
General Electric Co.	1,751,300		61,383,065
Tyco International Ltd.	2,455,900		70,877,274

			132,260,339

*Machinery (0.8%)*
Deere & Co.	335,700		22,864,527

*Road & Rail (1.3%)*
Norfolk Southern Corp.	812,600		36,428,858

Total Industrials			328,943,779

Information Technology (11.8%)
*Communications Equipment (1.3%)*
Motorola, Inc.	1,561,020		35,263,442

*Computers & Peripherals (5.1%)*
Hewlett-Packard Co.	1,424,657		40,787,930
International Business Machines Corp.	609,960		50,138,712
Sun Microsystems, Inc.*^	12,802,300		53,641,637

			144,568,279

*IT Services (0.8%)*
Unisys Corp.*^	3,990,900		23,266,947

*Semiconductors & Semiconductor Equipment (3.2%)*
Applied Materials, Inc.	1,659,320		29,768,200
LSI Logic Corp.*^	5,472,300		43,778,400
Novellus Systems, Inc.*	649,200		15,658,704

			89,205,304

*Software (1.4%)*
BEA Systems, Inc.*^	3,023,300		28,419,020
Borland Software Corp.*^	1,496,700		9,773,451

			38,192,471

Total Information Technology			330,496,443

Materials (6.2%)
*Chemicals (2.8%)*
Dow Chemical Co.	2,500		109,550
DuPont (E.I.) de Nemours & Co.^	1,841,150		78,248,875

			78,358,425

233

EQ ADVISORS TRUST

EQ/MERCURY BASIC VALUE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Number of Shares		Value (Note 1)
*Metals & Mining (0.6%)*
Cameco Corp.		2,100	$	133,119
Freeport-McMoRan Copper & Gold, Inc., Class B^		338,000		18,184,400

				18,317,519

*Paper & Forest Products (2.8%)*
International Paper Co.^		2,342,300		78,724,703

Total Materials				175,400,647

Telecommunication Services (4.8%)
*Diversified Telecommunication Services (3.6%)*
AT&T, Inc.^		1,483,100		36,321,119
BellSouth Corp.^		1,132,910		30,701,861
Verizon Communications, Inc.		1,125,300		33,894,036

				100,917,016

*Wireless Telecommunication Services (1.2%)*
Sprint Nextel Corp.		1,421,500		33,206,240

Total Telecommunication Services				134,123,256

Utilities (0.0%)
*Electric Utilities (0.0%)*
Consolidated Edison, Inc.^		1,600		74,128
Entergy Corp.		900		61,785
Progress Energy, Inc.^		610		26,791
Southern Co.		1,000		34,530

				197,234

*Multi-Utilities & Unregulated Power (0.0%)*
Dominion Resources, Inc.		960		74,112

Total Utilities				271,346

Total Common Stocks (96.9%) (Cost $2,525,321,210)				2,721,029,640


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (5.4%)
CC USA, Inc.
4.30%, 8/3/06 (l)	$	9,001,335		9,001,335
CDC Financial Products, Inc.
4.35%, 1/30/06 (l)		15,000,000		15,000,000
Citigroup Global Markets, Inc.
4.32%, 1/6/06 (l)		10,000,000		10,000,000
Dorada Finance, Inc.
4.30%, 8/3/06 (l)		4,995,952		4,995,952
General Electric Capital Corp.
4.34%, 3/29/06 (l)		13,001,595		13,001,595
4.36%, 5/12/06 (l)		4,004,119		4,004,119
Goldman Sachs Group LP
4.39%, 1/2/07 (l)		10,000,000		10,000,000
Metropolitan Life Global Funding
4.56%, 3/17/06 (l)		4,999,495		4,999,495
Morgan Stanley
4.43%, 1/2/07 (l)		10,000,000		10,000,000
4.57%, 12/31/07 (l)		5,000,000		5,000,000
National City Bank/Cleveland
4.36%, 12/5/07 (l)		4,999,278		4,999,278
New York Life Insurance Co.
4.40%, 3/30/06 (l)		4,000,000		4,000,000
Nomura Securities
4.29%, 1/3/06		56,581,104		56,581,104

Total Short-Term Investments of Cash Collateral for Securities Loaned				151,582,878

Time Deposit (4.4%)
JPMorgan Chase Nassau
3.68%, 1/3/06		123,924,568		123,924,568

Total Short-Term Investments (9.8%) (Amortized Cost $275,507,446)				275,507,446

Total Investments (106.7%) (Cost/Amortized Cost $2,800,828,656)				2,996,537,086
Other Assets Less Liabilities (-6.7%)				(189,149,449	)

Net Assets (100%)			$	2,807,387,637

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,822,290,938
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,141,707,052

As of December 31, 2005, 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	$	246,297,228
Aggregate gross unrealized depreciation		(60,251,900	)

Net unrealized appreciation	$	186,045,328

Federal income tax cost of investments	$	2,810,491,758

At December 31, 2005, the Portfolio had loaned securities with a total value of $147,878,957. This was secured by collateral of $151,582,878 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2005, the Portfolio incurred approximately $681,651 as brokerage commissions with Merrill Lynch & Co. and $20,365 with Bernstein (Sanford C.) & Co., affiliated broker/dealers.

See Notes to Financial Statements.

234

EQ ADVISORS TRUST

EQ/MERCURY INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares		Value (Note 1)
COMMON STOCKS (96.6%)
Australia (3.6%)
Australia & New Zealand Banking Group Ltd.		692,428	$	12,164,937
Goodman Fielder Ltd.*		9,149,507		14,027,287
Multiplex Group		5,160,000		11,923,122
Santos Ltd.		1,414,551		12,711,138

Total Australia				50,826,484

Japan (20.3%)
Asahi Breweries Ltd.^		1,842,100		22,458,544
Canon, Inc.^		420,000		24,553,080
Honda Motor Co., Ltd.		337,500		19,244,048
KDDI Corp.		1,718		9,897,823
Mitsubishi UFJ Financial Group, Inc.		1,974		26,759,299
Mitsubishi UFJ Securities Co.^		2,159,000		27,072,100
Namco Bandai Holdings, Inc.*^		541,400		7,907,935
Nissan Motor Co., Ltd.^		1,055,200		10,683,419
NTT DoCoMo, Inc.		8,600		13,115,310
Sekisui House Ltd.^		1,388,000		17,451,428
Sompo Japan Insurance, Inc.		809,000		10,932,432
Sumitomo Mitsui Financial Group, Inc.		1,962		20,778,616
Takeda Pharmaceutical Co., Ltd.		284,000		15,351,351
Takefuji Corp.		225,300		15,289,782
Toyota Motor Corp.^		717,500		37,203,253
Yamaha Corp.^		689,300		11,452,320

Total Japan				290,150,740

Other European Countries (42.3%)
*Belgium (1.1%)*
AGFA Gevaert N.V.		42,860		779,061
Belgacom S.A.		464,291		15,087,880

				15,866,941

*Finland (2.2%)*
Fortum Oyj		1,665,578		31,119,780

*France (9.2%)*
BNP Paribas		296,408		23,897,078
Carrefour S.A.^		491,269		22,935,674
Credit Agricole S.A.^		635,970		19,961,715
Peugeot S.A.^		210,285		12,079,629
Total S.A.		144,160		36,083,322
Vinci S.A.^		184,176		15,782,835

				130,740,253

*Germany (13.3%)*
Allianz AG		142,471		21,502,211
Deutsche Post AG^		1,098,406		26,586,221
Deutsche Postbank AG^		271,552		15,695,148
Deutsche Telekom AG (Registered)		1,030,025		17,106,721
E.ON AG		291,331		30,054,709
Hochtief AG^		284,689		12,716,931
RWE AG^		443,190		32,610,066
Siemens AG		384,391		32,813,166

				189,085,173

*Italy (7.9%)*
Capitalia S.p.A.		2,643,106		15,245,434
Enel S.p.A.		3,202,039		25,060,164
ENI S.p.A.		1,545,480		42,712,209
UniCredito Italiano S.p.A.		4,428,790		30,403,559

				113,421,366

*Netherlands (3.2%)*
ING Groep N.V. (CVA)		877,926		30,341,838
Koninklijke Ahold N.V.*		2,023,229		15,106,544

				45,448,382

*Spain (1.6%)*
Repsol YPF S.A.^		796,345		23,173,240

*Switzerland (3.8%)*
Credit Suisse Group		513,348		26,096,829
Zurich Financial Services AG*		135,520		28,791,381

				54,888,210

Total Other European Countries				603,743,345

Scandanavia (4.8%)
*Norway (2.8%)*
DNB NOR ASA		1,520,482		16,167,577
Statoil ASA		1,029,092		23,556,841

				39,724,418

*Sweden (2.0%)*
Investor AB, Class B^		1,632,267		28,508,169

Total Scandanavia				68,232,587

Southeast Asia (6.8%)
*Singapore (1.6%)*
DBS Group Holdings Ltd.		1,414,000		14,031,153
Neptune Orient Lines Ltd.		3,945,000		7,971,614

				22,002,767

*South Korea (2.7%)*
KT Corp. (ADR)		576,000		12,412,800
S-Oil Corp.		74,640		5,213,023
Samsung Electronics Co., Ltd. (GDR)		42,124		13,730,878
Samsung Electronics Co., Ltd. (Non-Voting)		15,200		7,383,093

				38,739,794

*Taiwan (2.5%)*
Lite-On Technology Corp.		16,060,700		21,883,394
SinoPac Financial Holdings Co., Ltd.		14,310,000		6,905,992
Vanguard International Semiconductor Corp.		9,622,000		7,324,240

				36,113,626

Total Southeast Asia				96,856,187

United Kingdom (18.8%)
Aviva plc		1,940,810		23,489,793
BAA PLC		1,446,601		15,571,246
BAE Systems plc		3,869,869		25,361,934
Barclays plc		2,502,790		26,252,621
Boots Group plc		1,209,204		12,559,201
Cadbury Schweppes plc		1,422,219		13,416,562
HBOS plc		1,952,447		33,284,003
Kesa Electricals plc		3,983,983		17,782,707
Lloyds TSB Group plc		1,999,374		16,767,398
Prudential plc		2,970,537		28,048,181
Royal Bank of Scotland Group plc		969,025		29,195,718
Vodafone Group plc		12,275,092		26,446,946

Total United Kingdom				268,176,310

Total Common Stocks (96.6%) (Cost $1,217,168,913)				1,377,985,653


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (16.0%)
Allstate Life Insurance
4.37%, 1/30/07 (l)	$	15,000,000		15,000,000

235

EQ ADVISORS TRUST

EQ/MERCURY INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Principal Amount		Value (Note 1)
Bank of America Corp.
4.31%, 8/10/06 (l)	$	17,000,000	$	17,000,000
Bank of Nova Scotia New York
4.38%, 5/30/06 (l)		9,997,933		9,997,933
Barclays New York
4.30%, 8/30/06 (l)		9,998,506		9,998,506
CC USA, Inc.
4.33%, 5/5/06 (l)		9,999,510		9,999,510
Commonwealth Bank of Australia
4.35%, 1/30/07 (l)		5,000,000		5,000,000
FIMAT USA, Inc.
4.27%, 1/3/06		10,000,000		10,000,000
General Electric Capital Corp.
4.34%, 3/29/06 (l)		2,500,307		2,500,307
4.36%, 5/12/06 (l)		2,002,060		2,002,060
4.47%, 5/24/06 (l)		5,000,000		5,000,000
Goldman Sachs Group, Inc.
4.41%, 12/28/07 (l)		5,000,000		5,000,000
Manufacturers and Traders
4.37%, 6/20/06 (l)		6,999,906		6,999,906
Morgan Stanley
4.43%, 1/2/07 (l)		5,000,000		5,000,000
Natexis Banques Populaires NY
4.36%, 11/13/06 (l)		24,988,953		24,988,953
New York Life Global Funding
4.39%, 12/20/07 (l)		10,000,000		10,000,000
Nomura Securities
4.29%, 1/3/06		29,051,914		29,051,914
Royal Bank of Canada
4.30%, 10/3/06 (l)		4,999,092		4,999,092
Societe Generale NY
4.39%, 3/30/06 (l)		9,997,049		9,997,049
Unicredito Italiano N.Y.
3.96%, 10/4/06 (l)		14,991,445		14,991,445
US Bank NA
4.29%, 10/2/06 (l)		9,995,209		9,995,209
Wells Fargo Bank/San Francisco
4.30%, 12/1/06 (l)		20,000,000		20,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				227,521,884

Time Deposit (0.0%)
JPMorgan Chase Nassau
3.68%, 1/3/06		347,546		347,546

Total Short-Term Investments (16.0%) (Amortized Cost $227,869,430)				227,869,430

Total Investments (112.6%) (Cost/Amortized Cost $1,445,038,343)				1,605,855,083
Other Assets Less Liabilities (-12.6%)				(180,178,661	)

Net Assets (100%)			$	1,425,676,422

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

Glossary:

ADR — American Depositary Receipt CVA — Dutch Certification GDR — Global Depositary Receipt

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,067,167,552
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	685,686,935

As of December 31, 2005, 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	$	172,495,486
Aggregate gross unrealized depreciation		(20,965,114	)

Net unrealized appreciation	$	151,530,372

Federal income tax cost of investments	$	1,454,324,711

At December 31, 2005, the Portfolio had loaned securities with a total value of $214,677,484. This was secured by collateral of $227,521,884 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2005, the Portfolio incurred approximately $48,242 as brokerage commissions with Merrill Lynch & Co. and $24,871 with Bernstein (Sanford C.) & Co., affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $4,728,331 which expires in the year 2009.

Included in the capital loss carryforward amounts at December 31, 2005 are $4,728,331 of losses acquired from EQ/T. Rowe Price International Portfolio as a result of a tax free reorganization. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

The Portfolio utilized capital loss carryforward of $78,750,419 during 2005.

See Notes to Financial Statements.

236

EQ ADVISORS TRUST

EQ/MFS EMERGING GROWTH COMPANIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (14.0%)
*Hotels, Restaurants & Leisure (3.4%)*
Cheesecake Factory, Inc.*	107,915	$	4,034,942
Great Canadian Gaming Corp.*	134,850		1,890,890
Hilton Group plc	505,510		3,154,577
International Game Technology	78,250		2,408,535
Kerzner International Ltd.*^	53,700		3,691,875
Las Vegas Sands Corp.*^	53,240		2,101,383
Starbucks Corp.*	303,220		9,099,632
Station Casinos, Inc.	71,810		4,868,718

			31,250,552

*Household Durables (1.5%)*
Harman International Industries, Inc.	140,520		13,749,882

*Internet & Catalog Retail (0.5%)*
Submarino SA*	243,340		4,323,961

*Media (4.2%)*
Getty Images, Inc.*	192,370		17,172,870
Grupo Televisa S.A. (ADR)	156,270		12,579,735
Pixar*^	90,630		4,778,013
Playboy Enterprises, Inc., Class B*^	132,930		1,846,398
XM Satellite Radio Holdings, Inc., Class A*	82,500		2,250,600

			38,627,616

*Multiline Retail (1.1%)*
Kohl’s Corp.*	123,520		6,003,072
Target Corp.	78,870		4,335,484

			10,338,556

*Specialty Retail (3.3%)*
Aeropostale, Inc.*^	143,400		3,771,420
Best Buy Co., Inc.	106,900		4,648,012
Chico’s FAS, Inc.*^	99,860		4,386,850
Circuit City Stores, Inc.	216,750		4,896,382
Petsmart, Inc.	156,110		4,005,783
Urban Outfitters, Inc.*^	222,210		5,624,135
Williams-Sonoma, Inc.*	65,100		2,809,065

			30,141,647

Total Consumer Discretionary			128,432,214

Consumer Staples (3.1%)
*Beverages (1.1%)*
PepsiCo, Inc.	173,230		10,234,429

*Food & Staples Retailing (1.5%)*
Wal-Mart de Mexico S.A. de C.V., Series V	457,920		2,539,779
Walgreen Co.	196,720		8,706,827
Whole Foods Market, Inc.	36,480		2,823,187

			14,069,793

*Food Products (0.5%)*
Cadbury Schweppes plc	486,380		4,588,286

Total Consumer Staples			28,892,508

Energy (6.2%)
*Energy Equipment & Services (5.2%)*
BJ Services Co.	194,920		7,147,716
ENSCO International, Inc.	151,710		6,728,339
GlobalSantaFe Corp.	261,290		12,581,114
National Oilwell Varco, Inc.*	149,330		9,362,991
Noble Corp.	106,560		7,516,742
Smith International, Inc.^	129,990		4,823,929

			48,160,831

*Oil & Gas (1.0%)*
EOG Resources, Inc.	65,040		4,771,985
Peabody Energy Corp.^	49,100		4,046,822

			8,818,807

Total Energy			56,979,638

Financials (9.6%)
*Capital Markets (4.2%)*
Franklin Resources, Inc.	57,290		5,385,833
Goldman Sachs Group, Inc.	71,340		9,110,831
Greenhill & Co., Inc.^	65,000		3,650,400
Legg Mason, Inc.	147,714		17,679,889
Lehman Brothers Holdings, Inc.	19,870		2,546,738

			38,373,691

*Consumer Finance (1.4%)*
SLM Corp.	228,570		12,591,921

*Diversified Financial Services (3.1%)*
Chicago Mercantile Exchange Holdings, Inc.	31,920		11,730,281
Deutsche Boerse AG	45,390		4,626,907
Euronext NV	97,980		5,085,181
Intercontinental Exchange, Inc.*	82,450		2,997,058
Lazard Ltd., Class A^	126,100		4,022,590

			28,462,017

*Insurance (0.9%)*
ACE Ltd.	166,560		8,900,966

Total Financials			88,328,595

Health Care (22.4%)
*Biotechnology (7.5%)*
Affymetrix, Inc.*	28,100		1,341,775
Amgen, Inc.*	72,750		5,737,065
Celgene Corp.*^	77,090		4,995,432
CV Therapeutics, Inc.*^	16,430		406,314
Gen-Probe, Inc.*^	92,200		4,498,438
Genentech, Inc.*	35,450		3,279,125
Genzyme Corp.*	140,318		9,931,708
Gilead Sciences, Inc.*	387,850		20,412,546
Human Genome Sciences, Inc.*^	93,390		799,418
ImClone Systems, Inc.*^	96,540		3,305,530
Keryx Biopharmaceuticals, Inc.*^	28,010		410,066
MedImmune, Inc.*	165,340		5,790,207
Neurochem, Inc.*^	35,460		506,014
Neurocrine Biosciences, Inc.*^	114,310		7,170,666

			68,584,304

*Health Care Equipment & Supplies (7.9%)*
Advanced Medical Optics, Inc.*	249,770		10,440,386
Alcon, Inc.	93,440		12,109,824
Cytyc Corp.*	777,160		21,939,227
Millipore Corp.*	185,340		12,239,854
Resmed, Inc.*^	76,140		2,916,923
St. Jude Medical, Inc.*	249,310		12,515,362

			72,161,576


*Health Care Providers & Services (1.9%)*
UnitedHealth Group, Inc.	88,370	5,491,312
WellPoint, Inc.*	153,050	12,211,859

		17,703,171

*Pharmaceuticals (5.1%)*
Allergan, Inc.	134,320	14,501,187
Johnson & Johnson	131,190	7,884,519
Roche Holding AG	95,630	14,316,020
Teva Pharmaceutical Industries Ltd. (ADR)^	245,150	10,543,902

		47,245,628

Total Health Care		205,694,679

Industrials (3.9%)
*Air Freight & Logistics (0.5%)*
UTI Worldwide, Inc.	48,990	4,548,232

237

EQ ADVISORS TRUST

EQ/MFS EMERGING GROWTH COMPANIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares		Value (Note 1)
*Commercial Services & Supplies (2.4%)*
Corporate Executive Board Co.		62,010	$	5,562,297
ITT Educational Services, Inc.*^		64,160		3,792,498
Monster Worldwide, Inc.*		91,500		3,735,030
Strayer Education, Inc.^		55,190		5,171,303
Universal Technical Institute, Inc.*^		109,560		3,389,786

				21,650,914

*Electrical Equipment (0.5%)*
Rockwell Automation, Inc.		80,740		4,776,578

*Machinery (0.5%)*
ITT Industries, Inc.		46,260		4,756,453

Total Industrials				35,732,177

Information Technology (32.0%)
*Communications Equipment (7.6%)*
Corning, Inc.*		495,730		9,746,052
F5 Networks, Inc.*^		113,000		6,462,470
Juniper Networks, Inc.*		678,212		15,124,127
Nokia Oyj (ADR)		927,880		16,980,204
QUALCOMM, Inc.		421,010		18,137,111
Research In Motion Ltd.*^		53,410		3,525,594

				69,975,558

*Computers & Peripherals (5.2%)*
Apple Computer, Inc.*		174,950		12,577,156
Dell, Inc.*		218,410		6,550,116
EMC Corp.*		924,050		12,585,561
M-Systems Flash Disk Pioneers Ltd.*^		201,290		6,666,725
SanDisk Corp.*		154,220		9,688,100

				48,067,658

*Electronic Equipment & Instruments (1.1%)*
AU Optronics Corp. (ADR)^		318,831		4,785,653
LG.Philips LCD Co., Ltd. (ADR)*^		221,510		4,753,605

				9,539,258

*Internet Software & Services (4.5%)*
CNET Networks, Inc.*		161,110		2,366,706
Google, Inc., Class A*		54,340		22,543,492
Yahoo!, Inc.*		416,770		16,329,049

				41,239,247

*IT Services (0.9%)*
CheckFree Corp.*		19,900		913,410
Cognizant Technology Solutions Corp., Class A*		37,800		1,903,230
DST Systems, Inc.*		91,700		5,493,747

				8,310,387

*Semiconductors & Semiconductor Equipment (4.7%)*
Analog Devices, Inc.		101,380		3,636,501
Marvell Technology Group Ltd.*		139,400		7,818,946
Samsung Electronics Co., Ltd. (GDR) (London Exchange)(b)		31,450		10,362,775
Samsung Electronics Co., Ltd. (GDR) (U.S. Exchange)		28,390		9,254,098
Tessera Technologies, Inc.*^		51,900		1,341,615
Xilinx, Inc.		438,000		11,041,980

				43,455,915

*Software (8.0%)*
Activision, Inc.*		474,257		6,516,291
Adobe Systems, Inc.		500,790		18,509,198
Amdocs Ltd.*		439,880		12,096,700
Electronic Arts, Inc.*		272,650		14,262,321
MicroStrategy, Inc., Class A*^		44,920		3,716,681
Oracle Corp.*		655,770		8,006,952
THQ, Inc.*^		159,000		3,792,150
TIBCO Software, Inc.*		894,040		6,678,479

				73,578,772

Total Information Technology				294,166,795

Materials (0.9%)
*Chemicals (0.3%)*
Nalco Holding Co.*		141,680		2,509,153

*Construction Materials (0.3%)*
Cemex S.A. de C.V. (ADR) (Unit)		52,250		3,099,992

*Metals & Mining (0.3%)*
Cia Vale do Rio Doce (ADR)		72,350		2,976,479

Total Materials				8,585,624

Telecommunication Services (4.9%)
*Diversified Telecommunication Services (0.5%)*
NeuStar, Inc. Class A*^		91,980		2,804,470
Orascom Telecom Holding SAE (GDR) §		38,120		2,002,932

				4,807,402

*Wireless Telecommunication Services (4.4%)*
America Movil S.A.de C.V. (ADR)		296,990		8,689,927
American Tower Corp., Class A*		837,497		22,696,169
Sprint Nextel Corp.		382,280		8,930,061

				40,316,157

Total Telecommunication Services				45,123,559

Total Common Stocks (97.0%) (Cost $744,977,868)				891,935,789


	Principal Amount
SHORT-TERM INVESTMENTS:
Commercial Paper (3.0%)
Old Line Funding LLC
4.22%, 1/3/06 (b) (p)	$	27,933,000		27,923,177

Total Commercial Paper				27,923,177

Short-Term Investments of Cash Collateral for Securities Loaned (9.7%)
Barclays New York
4.30%, 8/30/06 (l)		9,998,506		9,998,506
CDC Financial Products, Inc.
4.35%, 1/30/06 (l)		5,000,000		5,000,000
Citigroup Global Markets, Inc.
4.32%, 1/6/06 (l)		5,000,000		5,000,000
General Electric Capital Corp.
4.34%, 3/29/06 (l)		7,000,858		7,000,858
4.36%, 5/12/06 (l)		4,004,119		4,004,119
Merrill Lynch & Co.
4.23%, 10/19/06 (l)		6,000,000		6,000,000
Metropolitan Life Global Funding
4.56%, 3/17/06 (l)		4,999,495		4,999,495
Morgan Stanley
4.43%, 1/2/07 (l)		5,000,000		5,000,000
Nomura Securities
4.29%, 1/3/06		34,178,533		34,178,533

238

EQ ADVISORS TRUST

EQ/MFS EMERGING GROWTH COMPANIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Principal Amount		Value (Note 1)
Nordeutsche Landesbank NY
4.40%, 3/30/06 (l)	$	7,998,648	$	7,998,648

Total Short-Term Investments of Cash Collateral for Securities Loaned				89,180,159

Total Short-Term Investments (12.7%) (Cost/Amortized Cost $117,106,610)				117,103,336

Total Investments (109.7%) (Cost/Amortized Cost $862,084,478)				1,009,039,125
Other Assets Less Liabilities (-9.7%)				(89,124,921	)

Net Assets (100%)			$	919,914,204

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2005, the market value of these securities amounted to $2,002,932 or 0.22% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

(p)

Yield to maturity.

Glossary:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	856,424,754
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	994,125,648

As of December 31, 2005, 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	$	154,577,831
Aggregate gross unrealized depreciation		(9,512,773	)

Net unrealized appreciation	$	145,065,058

Federal income tax cost of investments	$	863,974,067

At December 31, 2005, the Portfolio had loaned securities with a total value of $87,050,874. This was secured by collateral of $89,180,159 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

The Portfolio has a net capital loss carryforward of $916,508,439, of which $434,745,353 expires in the year 2009, $430,153,032 expires in the year 2010, and $51,610,054 expires in the year 2011.

The Portfolio utilized capital loss carryforward of $82,566,793 during 2005.

See Notes to Financial Statements.

239

EQ ADVISORS TRUST

EQ/MFS INVESTORS TRUST PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (9.6%)
*Hotels, Restaurants & Leisure (1.9%)*
Carnival Corp. (Unit)	73,870	$	3,949,829
Hilton Group plc	373,780		2,332,531

			6,282,360

*Media (1.8%)*
Viacom, Inc., Class B*^	100,122		3,263,977
Walt Disney Co.	117,250		2,810,483

			6,074,460

*Multiline Retail (2.3%)*
Kohl’s Corp.*	54,040		2,626,344
Target Corp.	95,540		5,251,834

			7,878,178

*Specialty Retail (2.7%)*
Gap, Inc.	119,690		2,111,331
Staples, Inc.	171,900		3,903,849
TJX Cos., Inc.	133,860		3,109,568

			9,124,748

*Textiles, Apparel & Luxury Goods (0.9%)*
NIKE, Inc., Class B	36,200		3,141,798

Total Consumer Discretionary			32,501,544

Consumer Staples (11.0%)
*Beverages (2.2%)*
Coca-Cola Co.	59,590		2,402,073
PepsiCo, Inc.	84,683		5,003,071

			7,405,144

*Food & Staples Retailing (1.0%)*
Wal-Mart Stores, Inc.	68,890		3,224,052

*Food Products (1.0%)*
Nestle S.A. (Registered)	11,678		3,482,267

*Household Products (5.0%)*
Colgate-Palmolive Co.	85,400		4,684,190
Procter & Gamble Co.	106,660		6,173,481
Reckitt Benckiser plc	187,180		6,169,752

			17,027,423

*Tobacco (1.8%)*
Altria Group, Inc.	79,790		5,961,909

Total Consumer Staples			37,100,795

Energy (9.9%)
*Energy Equipment & Services (4.0%)*
GlobalSantaFe Corp.	74,510		3,587,657
Halliburton Co.	20,830		1,290,627
Noble Corp.^	66,430		4,685,972
Transocean, Inc.*^	58,590		4,083,137

			13,647,393

*Oil & Gas (5.9%)*
Amerada Hess Corp.^	31,870		4,041,753
BP PLC (ADR)	56,454		3,625,476
EnCana Corp.	52,600		2,375,416
EOG Resources, Inc.	59,760		4,384,591
Total S.A. (ADR)	43,230		5,464,272

			19,891,508

Total Energy			33,538,901

Financials (16.9%)
*Capital Markets (3.8%)*
Goldman Sachs Group, Inc.	44,510		5,684,372
Legg Mason, Inc.^	29,160		3,490,161
Lehman Brothers Holdings, Inc.	27,790		3,561,844

			12,736,377

*Commercial Banks (3.5%)*
Bank of America Corp.	150,230		6,933,114
Wells Fargo & Co.	80,960		5,086,717

			12,019,831

*Consumer Finance (2.6%)*
American Express Co.	76,660		3,944,924
SLM Corp.	89,100		4,908,519

			8,853,443

*Diversified Financial Services (1.8%)*
JPMorgan Chase & Co.	156,010		6,192,037

*Insurance (5.2%)*
ACE Ltd.	50,000		2,672,000
American International Group, Inc.	166,280		11,345,284
Genworth Financial, Inc., Class A	103,950		3,594,591

			17,611,875

Total Financials			57,413,563

Health Care (16.9%)
*Biotechnology (4.2%)*
Amgen, Inc.*	88,390		6,970,435
Genzyme Corp.*	35,110		2,485,086
Gilead Sciences, Inc.*	92,730		4,880,380

			14,335,901

*Health Care Equipment & Supplies (2.6%)*
Boston Scientific Corp.*	84,370		2,066,221
Medtronic, Inc.	58,080		3,343,666
Zimmer Holdings, Inc.*	50,010		3,372,675

			8,782,562

*Pharmaceuticals (10.1%)*
Abbott Laboratories	139,790		5,511,920
Eli Lilly & Co.	91,260		5,164,403
Johnson & Johnson	158,048		9,498,685
Roche Holding AG	25,700		3,847,346
Teva Pharmaceutical Industries Ltd. (ADR)^	72,410		3,114,354
Wyeth	150,200		6,919,714

			34,056,422

Total Health Care			57,174,885

Industrials (10.8%)
*Aerospace & Defense (4.6%)*
Lockheed Martin Corp.	111,580		7,099,835
United Technologies Corp.	151,890		8,492,170

			15,592,005

*Air Freight & Logistics (1.0%)*
FedEx Corp.	31,530		3,259,887

*Building Products (0.7%)*
Masco Corp.	84,700		2,557,093


*Industrial Conglomerates (2.6%)*
3M Co.	44,470	3,446,425
Tyco International Ltd.	181,390	5,234,915

		8,681,340

*Machinery (1.9%)*
Caterpillar, Inc.	85,930	4,964,176
Illinois Tool Works, Inc.	18,850	1,658,612

		6,622,788

Total Industrials		36,713,113

Information Technology (17.4%)
*Communications Equipment (2.5%)*
Cisco Systems, Inc.*	303,908	5,202,905
QUALCOMM, Inc.	72,580	3,126,747

		8,329,652

*Computers & Peripherals (6.3%)*
Apple Computer, Inc.*	52,570	3,779,257
Dell, Inc.*	121,320	3,638,387
EMC Corp.*	573,650	7,813,113
International Business Machines Corp.	40,320	3,314,304

240

EQ ADVISORS TRUST

EQ/MFS INVESTORS TRUST PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares		Value (Note 1)
SanDisk Corp.*^		45,700	$	2,870,874

				21,415,935

*Internet Software & Services (0.4%)*
Yahoo!, Inc.*		39,490		1,547,218

*IT Services (0.6%)*
Accenture Ltd., Class A		66,370		1,916,102

*Semiconductors & Semiconductor Equipment (3.4%)*
Analog Devices, Inc.		53,160		1,906,849
Intel Corp.		126,770		3,164,179
Samsung Electronics Co., Ltd. (GDR) (b)		13,860		4,517,852
Xilinx, Inc.^		72,630		1,831,002

				11,419,882

*Software (4.2%)*
Adobe Systems, Inc.		56,640		2,093,414
Amdocs Ltd.*^		131,070		3,604,425
Electronic Arts, Inc.*		69,890		3,655,946
Oracle Corp.*		404,600		4,940,166

				14,293,951

Total Information Technology				58,922,740

Materials (2.9%)
*Chemicals (2.9%)*
Dow Chemical Co.		74,280		3,254,950
Monsanto Co.		37,890		2,937,612
Praxair, Inc.		71,490		3,786,110

Total Materials				9,978,672

Telecommunication Services (1.9%)
*Wireless Telecommunication Services (1.9%)*
Sprint Nextel Corp.		185,300		4,328,608
Vodafone Group plc (ADR)^		93,108		1,999,029

Total Telecommunication Services				6,327,637

Utilities (1.3%)
*Electric Utilities (1.3%)*
Entergy Corp.		14,100		967,965
Exelon Corp.^		66,360		3,526,370

Total Utilities				4,494,335

Total Common Stocks (98.6%) (Cost $291,778,827)				334,166,185


	Principal Amount
SHORT-TERM INVESTMENTS:
Commercial Paper (0.6%)
AIG Funding
4.00%, 1/3/06 (p)	$	2,164,000	$	2,163,279

Short-Term Investment of Cash Collateral for Securities Loaned (5.2%)
Nomura Securities
4.29%, 1/3/06 (p)		17,618,449		17,618,449

Time Deposit (0.0%)
JPMorgan Chase Nassau
3.68%, 1/3/06		3,796		3,796

Total Short-Term Investments (5.8%) (Cost/Amortized Cost $19,785,764)				19,785,524


Total Investments (104.4%) (Cost/Amortized Cost $311,564,591)				353,951,709
Other Assets Less Liabilities (-4.4%)				(15,025,194	)

Net Assets (100%)			$	338,926,515

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

(b)

Illiquid security.

(p)

Yield to maturity.

Glossary:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

241

EQ ADVISORS TRUST

EQ/MFS INVESTORS TRUST PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	154,236,587
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	174,180,594

As of December 31, 2005, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	47,096,680
Aggregate gross unrealized depreciation		(6,116,681	)

Net unrealized appreciation	$	40,979,999

Federal income tax cost of investments	$	312,971,710

At December 31, 2005, the Portfolio had loaned securities with a total value of $17,278,511. This was secured by collateral of $17,618,449 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

The Portfolio has net capital loss carryforward of $27,767,428 of which $25,934,969 expires in 2010 and $1,832,459 expires in 2011.

The Portfolio utilized $26,080,702 in capital loss carryforward during 2005.

See Notes to Financial Statements.

242

EQ ADVISORS TRUST

EQ/MONEY MARKET PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Principal Amount		Value (Note1)
SHORT-TERM INVESTMENTS:
Certificates of Deposit (3.5%)
Canadian Imperial Bank of Commerce
3.35%, 3/28/06	$	3,500,000	$	3,500,000
Washington Mutual Bank
4.31%, 2/1/06		50,000,000		50,000,000

Total Certificates of Deposit				53,500,000

Commercial Paper (59.0%)
Abbey National North America LLC
2.81%, 1/3/06 (p)		60,000,000		59,985,967
Bank One Corp.
3.66%, 2/1/06 (p)		4,000,000		4,009,765
BankAmerica
4.23%, 2/7/06 (p)		50,000,000		49,777,486
Barclays Bank plc
4.22%, 2/9/06 (p)		50,000,000		49,766,542
Bear Stearns Cos., Inc.
4.22%, 2/6/06 (p)		50,000,000		49,784,250
BNP Paribas Finance, Inc.
2.75%, 1/3/06 (p)		60,000,000		59,986,250
Charta Corp.
4.37%, 3/13/06 (m)(p)		50,000,000		49,567,097
Cullinan Finance Corp.
4.38%, 3/21/06 (m)(p)		50,000,000		49,518,320
Danske Corp.
3.80%, 1/9/06 (p)		50,000,000		49,952,556
Dexia Delaware LLC
3.85%, 1/10/06 (p)		50,000,000		49,946,625
Dresdner Finance
3.81%, 1/9/06 (p)		50,000,000		49,952,444
Gemini Securitization Corp.
4.27%, 2/13/06 (m)(p)		50,000,000		49,740,208
Nordea N.A.
4.34%, 3/9/06 (p)		50,000,000		49,593,347
PB Finance Delaware, Inc.
3.85%, 1/9/06 (p)		50,000,000		49,951,889
Prudential Funding LLC
2.79%, 1/3/06 (p)		60,000,000		59,986,033
Solitaire Funding LLC
4.13%, 1/23/06 (m)(p)		50,000,000		49,868,306
UBS Finance Delaware LLC
2.79%, 1/3/06 (p)		60,000,000		59,986,033
Westpac Securitisation Trust
4.34%, 3/7/06 (p)		50,000,000		49,605,486

Total Commercial Paper				890,978,604

Government Securities (23.6%)
Federal Home Loan Bank
2.27%, 1/3/06 (o)(p)		355,800,000		355,732,793

Total Government Securities				355,732,793

Time Deposits (11.9%)
Branch Banking & Trust Co.
4.16%, 1/3/06 (p)		60,000,000		60,000,000
JPMorgan Chase Nassau
3.68%, 1/3/06 (p)		197,342		197,342
Manufactures & Traders Trust Co.
4.16%, 1/3/06 (p)		60,000,000		60,000,000
Marshall & Ilsley Corp.
4.16%, 1/3/06 (p)		60,000,000		60,000,000

Total Time Deposits				180,197,342

Variable Rate Securities (1.7%)
American Express Credit Corp.
4.39%, 1/15/07 (l)		3,000,000		3,000,000
Caterpillar Financial Service Corp.
4.23%, 7/10/06 (l)		6,000,000		6,000,000
General Electric Capital Corp.
4.47%, 1/17/06 (l)		3,850,000		3,850,000
International Business Machines Corp.
4.33%, 1/8/07 § (l)		2,000,000		2,000,000
Merrill Lynch & Co., Inc.
4.56%, 1/11/07 (l)		4,000,000		4,000,000
Morgan Stanley
4.40%, 1/12/07 (l)		2,250,000		2,250,000
SLM Corp.
4.44%, 2/2/07 § (l)		5,000,000		4,998,824

Total Variable Rate Securities				26,098,824

Total Short-Term Investments (99.7%) (Amortized Cost $1,506,507,563)				1,506,507,563
Other Assets Less Liabilities (0.3%)				4,211,590

Net Assets (100%)			$	1,510,719,153

Federal Income tax cost of investments			$	1,506,507,563

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2005, the market value of these securities amounted to $6,998,824 or 0.46% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

(m)

Section 4(2) Commercial Paper. Private placement for non-current transaction. Notes are usually sold to accredited investors without the intent to freely re-sell their holding.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2005.

(p)

Yield to maturity.

The Portfolio utilized net capital loss carryforward of $97,785 in 2005.

See Notes to Financial Statements.

243

EQ ADVISORS TRUST

EQ/MONTAG & CALDWELL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (15.8%)
*Hotels, Restaurants & Leisure (3.4%)*
McDonald’s Corp.		322,708	$	10,881,714

*Internet & Catalog Retail (3.4%)*
eBay, Inc.*		247,200		10,691,400

*Media (2.0%)*
Omnicom Group, Inc.		75,677		6,442,383

*Multiline Retail (2.6%)*
Kohl’s Corp.*		168,145		8,171,847

*Specialty Retail (1.8%)*
Bed Bath & Beyond, Inc.*		158,294		5,722,328

*Textiles, Apparel & Luxury Goods (2.6%)*
NIKE, Inc., Class B		96,100		8,340,519

Total Consumer Discretionary				50,250,191

Consumer Staples (13.5%)
*Beverages (3.4%)*
PepsiCo, Inc.		182,640		10,790,371

*Food & Staples Retailing (1.1%)*
Costco Wholesale Corp.		69,600		3,443,112

*Household Products (7.4%)*
Colgate-Palmolive Co.		137,253		7,528,327
Procter & Gamble Co.		278,696		16,130,925

				23,659,252

*Personal Products (1.6%)*
Estee Lauder Cos., Inc., Class A		152,400		5,102,352

Total Consumer Staples				42,995,087

Energy (15.0%)
*Energy Equipment & Services (12.5%)*
Baker Hughes, Inc.		118,200		7,184,196
Halliburton Co.		263,500		16,326,460
Schlumberger Ltd.		165,326		16,061,421

				39,572,077

*Oil & Gas (2.5%)*
ConocoPhillips		138,796		8,075,151

Total Energy				47,647,228

Financials (4.7%)
*Consumer Finance (3.2%)*
American Express Co.		195,422		10,056,416

*Insurance (1.5%)*
American International Group, Inc.		72,800		4,967,144

Total Financials				15,023,560

Health Care (22.8%)
*Biotechnology (8.5%)*
Amgen, Inc.*		164,977		13,010,086
Genentech, Inc.*		152,306		14,088,305

				27,098,391

*Health Care Equipment & Supplies (6.3%)*
Medtronic, Inc.		191,161		11,005,139
Stryker Corp.		198,600		8,823,798

				19,828,937

*Health Care Providers & Services (1.3%)*
Caremark Rx, Inc.*		79,529		4,118,807

*Pharmaceuticals (6.7%)*
Eli Lilly & Co.		204,286		11,560,545
Johnson & Johnson		162,784		9,783,318

				21,343,863

Total Health Care				72,389,998

Industrials (10.8%)
*Air Freight & Logistics (3.0%)*
United Parcel Service, Inc., Class B		127,095		9,551,189

*Industrial Conglomerates (6.1%)*
3M Co.		106,170		8,228,175
General Electric Co.		317,831		11,139,976

				19,368,151

*Machinery (1.7%)*
Illinois Tool Works, Inc.		61,339		5,397,219

Total Industrials				34,316,559

Information Technology (14.0%)
*Communications Equipment (4.7%)*
Juniper Networks, Inc.*		350,398		7,813,875
QUALCOMM, Inc.		163,234		7,032,121

				14,845,996

*Computers & Peripherals (1.5%)*
Hewlett-Packard Co.		168,200		4,815,566

*IT Services (2.7%)*
Paychex, Inc.		224,494		8,557,711

*Semiconductors & Semiconductor Equipment (2.3%)*
Maxim Integrated Products, Inc.		197,813		7,168,743

*Software (2.8%)*
Microsoft Corp.		340,750		8,910,613

Total Information Technology				44,298,629

Total Common Stocks (96.6%) (Cost $269,849,159)				306,921,252


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (3.4%)
JPMorgan Chase Nassau
3.68%, 1/3/06 (Amortized Cost $10,786,922)	$	10,786,922		10,786,922

Total Investments (100.0%) (Cost/Amortized Cost $280,636,081)				317,708,174
Other Assets Less Liabilities (0.0%)				(57,495	)

Net Assets (100%)			$	317,650,679

*	Non-income producing.

244

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EQ/MONTAG & CALDWELL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	149,039,805
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	176,911,903

As of December 31, 2005, 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	$	40,043,766
Aggregate gross unrealized depreciation		(4,467,384	)

Net unrealized appreciation	$	35,576,382

Federal income tax cost of investments	$	282,131,792

For the year ended December 31, 2005, the Portfolio incurred approximately $8,557 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $163,504,858, of which $9,382,903 expires in the year 2007, $50,041,773 expires in the year 2008, $52,716,882 expires in the year 2009, $40,775,337 expires in the year 2010, $10,247,355 expires in the year 2011 and $340,608 expires in the year 2012.

Included in the capital loss carryforward is $1,718,952 and $80,606,377 of losses acquired from the Enterprise Balanced Portfolio and EQ/Enterprise Multi-Cap Growth Portfolio, respectively, as a result of tax-free reorganizations during the years ended 2003 and 2005, respectively. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible that not all of these capital losses will be available for use.

The Portfolio utilized capital loss carryforward of $12,978,662 during 2005.

See Notes to Financial Statements.

245

EQ ADVISORS TRUST

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Principal Amount		Value (Note1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (10.5%)
*Asset-Backed Securities (8.5%)*
AAA Trust,
Series 05-2 A1
4.479%, 11/26/35 § (l)	$	152,474	$	152,570
ACE Securities Corp.,
Series 05-HE6 A2A
4.489%, 10/25/35 (l)		639,161		639,209
Aegis Asset Backed Securities Trust,
Series 04-3 A2A
4.579%, 9/25/34 (l)		70,319		70,319
Amortizing Residential Collateral Trust,
Series 02-BC4 A
4.669%, 7/25/32 (l)		1,269		1,262
Argent Securities, Inc.,
Series 05-W2 A2A
4.499%, 10/25/35 (l)		174,965		174,977
Series 05-W4 A2A
4.519%, 12/25/36 (l)		1,062,518		1,062,851
Asset Backed Funding Certificates,
Series 05-HE2 A2A
4.489%, 6/25/35 (l)		752,803		752,633
Series 05-WMC1 2A2
4.489%, 6/25/35 (l)		314,293		314,338
Asset Backed Securities Corp Home Equity,
Series 2005-HE2 A1
4.489%, 2/25/35 (l)		76,148		76,158
Bear Stearns Asset Backed Securities, Inc.,
Series 04-BO1 1A1
4.579%, 9/25/34 (l)		185,067		185,186
Series 04-FR2 1A1
4.589%, 1/25/29 (l)		109,650		109,700
Series 04-SD2 B6
4.719%, 1/25/36 †		100,000		100,031
Carrington Mortgage Loan Trust,
Series 05-FRE1 A1
4.499%, 12/25/35 (l)		688,453		688,564
Centex Home Equity,
Series 04-A AV2
4.659%, 1/25/34 (l)		4,239		4,240
Citigroup Mortgage Loan Trust, Inc.,
Series 05-HE3 A2A
4.489%, 9/25/35 (l)		416,954		416,977
Countrywide Asset-Backed Certificates,
Series 05-9 2A1
4.479%, 8/25/35 (l)		266,138		266,154
Series 05-9 2A2
4.569%, 8/25/35 (l)		200,000		200,028
Series 05-SD1 A1A
4.529%, 5/25/35 § (l)		23,337		23,341
Credit Suisse First Boston Mortgage Securities Corp.,
Series 02-9 2X
1.727%, 3/25/32 † §		14,354		14,399
Series 02-P3 A
4.929%, 8/25/33 † § (l)		51,826		52,193
FBR Securitization Trust,
Series 05-3 AV21
4.489%, 10/25/35 (l)		1,752,485		1,752,632
Series 05-4 AV21
4.499%, 10/25/35 (l)		187,434		187,432
First NLC Trust,
Series 05-3 AV1
4.489%, 12/25/35 (l)		372,746		372,744
First USA Credit Card Master Trust,
Series 99-2 A
4.560%, 10/20/08 (l)		500,000		500,145
Ford Credit Auto Owner Trust,
Series 05-C A2
4.240%, 3/15/08		200,000		199,179
Fremont Home Loan Owner Trust,
Series 05-E2A1
4.460%, 1/25/36 † (l)		900,000		901,410
GSAMP Trust,
Series 05-WMC2 A2A
4.489%, 11/25/35 (l)		678,354		678,350
Home Equity Asset Trust,
Series 05-8 2A1
4.489%, 2/25/36 (l)		192,540		192,573
Indymac Residential Asset Backed Trust,
Series 05-D AII1
4.470%, 3/25/36 (l)		300,000		299,953
Long Beach Mortgage Loan Trust,
Series 04-6 1A1
4.579%, 11/25/34 (l)		258,942		259,095
Merrill Lynch Mortgage Investors, Inc.,
Series 05-AR1 A3A1
4.479%, 6/25/36 (l)		526,288		526,238
Series 05-AR1 A3A2
4.536%, 6/25/36 (l)		500,000		499,294
Morgan Stanley ABS Capital I,
Series 03-HE2 A2
4.719%, 8/25/33 (l)		19,315		19,329
Series 04-OP1 A2A
4.529%, 11/25/34 (l)		206,200		206,216
New Century Home Equity Loan Trust,
Series 05-4 A2A
4.489%, 9/25/35 (l)		163,155		163,175
Series 05-B A2A
4.499%, 10/25/35 (e)(l)		93,354		93,368
Option One Mortgage Loan Trust,
Series 05-4 A2
4.479%, 11/25/35 (l)		277,060		277,081
Park Place Securities, Inc.,
Series 04-WWF1 A1A
4.549%, 12/25/35 (l)		131,700		131,718
People’s Choice Home Loan Securities Trust,
Series 05-2 A1
4.489%, 5/25/35 (l)		36,092		36,096
Quest Trust,
Series 04-X2 A1
4.939%, 6/25/34 § (l)		36,534		36,606
Series 05-X1 A1
4.559%, 3/25/35 § (l)		23,152		23,153
Residential Asset Securities Corp.,
Series 05-AHL2 A1
4.479%, 10/25/35 (l)		574,064		574,085
Residential Funding Mortgage Securities II,
Series 05-HI3 A1
4.519%, 9/25/35 (l)		470,824		470,840
SLM Student Loan Trust,
Series 05-9 A1
4.257%, 1/25/13 (l)		300,000		299,615
Soundview Home Equity Loan Trust,
Series 05-B A1
4.489%, 5/25/35 (l)		1,350,345		1,350,271
Structured Asset Investment Loan Trust,
Series 05-6 A7
4.469%, 7/25/35 (l)		147,065		147,085
Structured Asset Securities Corp.,
Series 02-HF1 A
4.669%, 1/25/33 (l)		2,155		2,161

246

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EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount		Value (Note 1)
Series 05-7XS 2A1A
4.900%, 4/25/35 (l)	$	327,881	$	321,000
Series 05-S7 A1
4.509%, 12/25/35 (b)(l)		678,763		678,759
Wachovia Auto Owner Trust,
Series 05-B A2
4.820%, 2/20/09		1,800,000		1,795,008
Wachovia Mortgage Loan Trust LLC,
Series 05-WMC1 A1
4.489%, 10/25/35 (l)		252,794		252,810

				18,552,551

*Collateralized Mortgage Obligations (0.6%)*
Citigroup Mortgage Loan Trust, Inc.,
Series CMLTI 20-11 A1
4.900%, 12/25/35 † (l)		100,000		99,287
Countrywide Alternative Loan Trust,
Series 03-J1 4A1
6.000%, 10/25/32		10,321		10,182
Countrywide Home Loan
Mortgage Pass Through Trust,
Series 04-7 5A2
4.649%, 5/25/34 (l)		8,294		8,281
Credit Suisse First Boston
Mortgage Securities Corp.,
Series 05-C6 A1
4.938%, 12/15/40		200,000		199,869
Washington Mutual, Inc.,
Series 02-AR2 A
4.324%, 2/27/34 (l)		23,372		23,266
Series 03-R1 A1
4.649%, 12/25/27 (l)		787,040		786,460

				1,127,345

*Non-Agency (1.4%)*
Bear Stearns Adjustable Rate Mortgage Trust,
Series 02-2 IIIA
6.784%, 6/25/31 (l)		1,359		1,352
Series 02-5 6A
5.932%, 6/25/32 (l)		4,678		4,665
Series 03-8 1A1
4.182%, 1/25/34 (l)		134,229		133,245
Series 03-8 2A1
4.819%, 1/25/34 (l)		36,316		35,981
Series 03-8 4A1
4.689%, 1/25/34 (l)		81,129		80,355
Countrywide Home Loan Mortgage Pass Through Trust,
Series 02-30 M
3.864%, 10/19/32 (l)		50,528		50,042
Series 05-R2 1AF1
4.719%, 6/25/35 § (l)		88,929		89,062
First Horizon Alternative Mortgage Securities,
Series 04-AA1 A1
4.770%, 6/25/34 (l)		201,097		199,505
First Horizon Asset Securities, Inc.,
Series 00-H 1A
7.000%, 9/25/30		728		726
GGP Mall Properties Trust,
Series 01-C1A A2
5.007%, 11/15/11 §		288,265		288,482
Greenpoint Mortgage Funding Trust,
Series 05-AR5 1A1
4.649%, 11/25/45 (l)		289,541		289,216
SACO I, Inc.,
Series 05-9 A2
4.489%, 12/25/35 (l)		453,543		453,541
Sequoia Mortgage Trust,
Series 10-2A1
4.750%, 10/20/27 (l)		123,267		123,471
Washington Mutual, Inc.,
Series 00-3A
4.663%, 12/25/40 (l)		54,991		54,818
Series 02-AR10 A6
4.816%, 10/25/32 (l)		7,590		7,549
Series 05-AR13 A1A1
4.669%, 10/25/45 (l)		1,076,529		1,074,474
Series 05-AR15 A1A1
4.639%, 11/25/45 † (l)		197,833		198,547

				3,085,031

Total Asset-Backed and Mortgage-Backed Securities				22,764,927

Consumer Discretionary (0.8%)
*Auto Components (0.0%)*
Dura Operating Corp.
8.625%, 4/15/12		60,000		49,500

*Automobiles (0.8%)*
DaimlerChrysler NA Holdings Corp.
4.700%, 3/7/07 (l)		300,000		299,693
4.960%, 9/10/07 (l)		102,000		102,212
Ford Motor Credit Co.
5.450%, 3/21/07 (l)		700,000		666,686
5.800%, 1/12/09		700,000		610,637

				1,679,228

*Hotels, Restaurants & Leisure (0.0%)*
Starwood Hotels & Resorts Worldwide, Inc.
7.875%, 5/1/12		50,000		55,125

*Media (0.0%)*
Continental Cablevision, Inc.
8.300%, 5/15/06		50,000		50,606

Total Consumer Discretionary				1,834,459

Consumer Staples (0.1%)
*Food & Staples Retailing (0.1%)*
Delhaize America, Inc.
7.375%, 4/15/06		200,000		201,044

Total Consumer Staples				201,044

Energy (0.1%)
*Oil & Gas (0.1%)*
El Paso Corp.
7.750%, 1/15/32		25,000		25,063
El Paso Natural Gas Co.
8.375%, 6/15/32		50,000		56,472
Pemex Project Funding Master Trust
8.000%, 11/15/11		50,000		56,050
8.625%, 2/1/22		25,000		30,812
Ras Laffan Liquefied Natural Gas Co., Ltd.
3.440%, 9/15/09 §		39,485		38,112
Vintage Petroleum, Inc.
7.875%, 5/15/11		60,000		62,700

Total Energy				269,209

Financials (1.7%)
*Commercial Banks (0.2%)*
HSBC Capital Funding LP
10.176%, 12/29/49 § (l)		100,000		152,772
HSBC Holdings plc
5.375%, 12/20/12	EUR	120,000		157,983
Rabobank Capital Funding II
5.260%, 12/29/49 § (l)	$	100,000		99,072

247

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EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount		Value (Note 1)
Rabobank Capital Funding Trust III
5.254%, 12/29/49 § (l)	$	120,000	$	117,663

				527,490

*Consumer Finance (0.8%)*
General Motors Acceptance Corp.
5.243%, 5/18/06 (l)		1,700,000		1,668,172

*Diversified Financial Services (0.7%)*
Atlantic & Western Reinsurance Ltd.
10.519%, 1/9/07 † (l)		500,000		500,125
10.769%, 1/9/09 † (l)		300,000		299,430
Eircom Funding
8.250%, 8/15/13		60,000		64,200
General Electric Capital Corp.
4.520%, 12/12/08 (l)		200,000		199,932
Petroleum Export Ltd/Cayman SPV
5.265%, 6/15/11 §		100,000		99,051
Principal Life Global Funding I
4.488%, 4/19/06 § (l)		130,000		130,130
Racers, Series 97-R-8-3
4.640%, 8/15/07 † (b)(l)		200,000		192,367

				1,485,235

*Insurance (0.0%)*
Metropolitan Life Global Funding I
4.480%, 5/22/06 § (l)		100,000		100,045

Total Financials				3,780,942

Government Securities (108.9%)
*Agency ABS (0.0%)*
Federal Home Loan Mortgage Corp.
4.509%, 8/25/31 (l)		37,691		37,873

*Agency CMO (1.0%)*
Federal Home Loan Mortgage Corp.
5.000%, 6/15/13		26,784		26,781
6.500%, 3/15/29		3,252		3,264
6.500%, 4/15/29		93,439		96,379
4.719%, 12/15/29 (l)		13,336		13,397
4.719%, 12/15/30 (l)		133,534		133,908
6.500%, 7/25/43		29,821		30,535
4.526%, 2/25/45 (l)		1,325,667		1,333,823
Federal National Mortgage Association
5.500%, 8/25/09		61,339		60,905
Small Business Administration Participation Certificates
5.130%, 9/1/23		44,345		44,600
4.340%, 3/1/24		270,395		259,783
4.625%, 2/1/25		293,032		285,617

				2,288,992

*Foreign Governments (1.3%)*
Export-Import Bank of China
5.250%, 7/29/14 §		150,000		150,755
Federative Republic of Brazil
5.188%, 4/15/06 (l)		28,000		27,983
5.250%, 4/15/09 (l)		53,945		53,600
5.250%, 4/15/12 (l)		43,589		43,044
Government of France
4.000%, 4/25/55	EUR	200,000		256,930
Hong Kong Government International Bond
5.130%, 8/1/14 §	$	250,000		250,316
Kingdom of Spain
3.100%, 9/20/06	JPY	13,000,000		112,526
4.200%, 1/31/37	$	100,000		130,965
Republic of Ecuador
8.000%, 8/15/30 (n)(e)	EUR	600,000		549,000
Republic of Italy
3.800%, 3/27/08	JPY	64,000,000		583,675
Republic of Panama
9.625%, 2/8/11	$	75,000		87,938
Republic of South Africa
5.250%, 5/16/13	EUR	50,000		63,917
6.500%, 6/2/14	$	100,000		108,125
Ukraine Government International Bond
11.000%, 3/15/07 (n)		70,005		72,770
United Mexican States
8.375%, 1/14/11		15,000		17,120
8.300%, 8/15/31		88,000		113,080
6.750%, 9/27/34		100,000		109,375

				2,731,119

*Municipal Bonds (0.4%)*
California State Economic Recovery,
Series A
5.250%, 1/1/11		10,000		10,757
6.240%, 7/1/11 § (l)		5,000		5,769
5.250%, 7/1/12		20,000		21,786
6.240%, 7/1/12 § (l)		10,000		11,680
6.740%, 7/1/13 § (l)		20,000		23,804
Fairfax County, Virginia
6.720%, 4/1/13 §		25,000		30,214
Golden State Tobacco Securitization Corp./CA
6.750%, 6/1/39		40,000		44,734
7.900%, 6/1/42		25,000		30,113
New York City Municipal Water Finance Authority
5.000%, 6/15/35		160,000		165,315
New York State Environmental Facilities Corp.
5.000%, 6/15/32		20,000		20,844
San Antonio/Texas Water Revenue, Series A
5.000%, 5/15/32		150,000		154,435
South Carolina State Public Service Authority, Series A
5.000%, 1/1/13		110,000		119,440
Tobacco Settlement Financing Corp/New Jersey
6.375%, 6/1/32		95,000		104,047
6.000%, 6/1/37		70,000		72,464

				815,402

*U.S. Government Agencies (7.1%)*
Federal Home Loan Mortgage Corp.
6.078%, 11/1/23 (l)		47,795		48,893
4.197%, 11/1/34 (l)		1,116,912		1,104,743
Federal National Mortgage Association
5.000%, 1/1/17		65,604		64,906
5.000%, 2/1/18		360,100		356,267
5.000%, 8/1/18		359,618		355,791
5.000%, 9/1/18		201,490		199,345
5.000%, 10/1/18		149,840		148,452
5.000%, 8/1/19		44,439		43,987
5.500%, 7/1/34		401,291		397,433
4.762%, 1/1/35 (l)		160,492		159,840
4.643%, 7/1/35 (l)		1,300,495		1,292,016
5.500%, 9/1/35		199,723		197,809
5.000%, 11/1/35		998,674		967,673
4.363%, 3/1/44 (l)		3,128,279		3,147,536
5.500%, 1/25/36 TBA		6,400,000		6,336,000
Government National Mortgage Association
6.000%, 8/15/32		194,454		199,133
5.820%, 2/15/33		114,257		117,006
6.000%, 2/15/33		140,005		143,374
6.000%, 10/15/33		28,510		29,196
6.000%, 1/15/34		89,484		91,637

248

EQ ADVISORS TRUST

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount		Value (Note 1)
Small Business Administration
4.504%, 2/1/14	$	134,449	$	131,196

				15,532,233

*U.S. Treasuries (99.1%)*
U.S. Treasury Bonds
Inflation Indexed
2.375%, 1/15/25		25,776,027		27,091,017
3.625%, 4/15/28		12,970,478		16,731,917
3.875%, 4/15/29		3,370,864		4,548,560
U.S. Treasury Notes
4.500%, 11/15/15		3,000,000		3,024,609
Inflation Indexed
3.375%, 1/15/07		1,499,376		1,510,387
3.625%, 1/15/08		6,861,960		7,046,108
3.875%, 1/15/09		9,053,100		9,514,953
4.250%, 1/15/10		15,649,046		16,964,536
0.875%, 4/15/10		27,064,205		25,728,965
3.500%, 1/15/11		1,705,680		1,822,945
3.000%, 7/15/12		22,234,544		23,509,562
1.875%, 7/15/13		107,756		106,283
2.000%, 1/15/14		1,178,199		1,171,526
2.000%, 7/15/14		31,078,224		30,904,621
1.875%, 7/15/15		47,007,576		46,229,036

				215,905,025

Total Government Securities				237,310,644

Industrials (0.0%)
*Airlines (0.0%)*
United Air Lines, Inc.
6.602%, 9/1/13 (h)		47,750		47,147
Series 00-2
7.186%, 4/1/11 (h)		46,680		46,505

Total Industrials				93,652

Materials (0.2%)
*Chemicals (0.1%)*
Nalco Co.
8.875%, 11/15/13		200,000		209,500

*Containers & Packaging (0.1%)*
Packaging Corp. of America
4.380%, 8/1/08		143,000		139,872

Total Materials				349,372

Telecommunication Services (0.2%)
*Diversified Telecommunication Services (0.1%)*
Deutsche Telekom International Finance BV
8.125%, 5/29/12	EUR	76,000		111,722
France Telecom S.A.
7.000%, 3/14/08 (n)		139,000		176,085

				287,807

*Wireless Telecommunication Services (0.1%)*
American Cellular Corp.
10.000%, 8/1/11	$	60,000		65,100
Nextel Communications, Inc.
7.375%, 8/1/15		60,000		63,319

				128,419

Total Telecommunication Services				416,226

Utilities (0.3%)
*Electric Utilities (0.1%)*
Nevada Power Co.
5.875%, 1/15/15		150,000		148,848
NRG Energy, Inc.
8.000%, 12/15/13		136,000		151,640

				300,488

*Gas Utilities (0.1%)*
NiSource Finance Corp.
4.950%, 11/23/09 (l)		100,000		100,313
Tennessee Gas Pipeline Co.
8.375%, 6/15/32		150,000		170,191

				270,504

*Multi-Utilities & Unregulated Power (0.1%)*
El Paso Production Holding Co.
7.750%, 6/1/13		60,000		62,250
Sonat, Inc.
7.625%, 7/15/11		35,000		35,613

				97,863

Total Utilities				668,855

Total Long-Term Debt Securities (122.8%) (Cost $268,342,688)				267,689,330

SHORT-TERM INVESTMENTS :
Commercial Paper (46.2%)
ANZ Delaware, Inc.
4.02%, 1/19/06 (p)		3,400,000		3,392,809
ASB Bank Ltd.
4.09%, 1/17/06 (m)(p)		3,300,000		3,293,636
Bank of Ireland
4.17%, 2/23/06 (m)(p)		5,400,000		5,366,394
Barclays U.S. Funding Corp.
4.25%, 2/6/06 (p)		2,200,000		2,190,432
4.22%, 2/24/06 (p)		300,000		298,077
4.31%, 2/27/06 (p)		100,000		99,311
4.30%, 2/28/06 (p)		1,100,000		1,092,308
BNP Paribas Finance, Inc.
4.29%, 2/21/06 (p)		1,400,000		1,391,371
4.31%, 2/27/06 (p)		100,000		99,311
4.15%, 3/2/06 (p)		3,800,000		3,773,438
4.38%, 4/20/06 (p)		1,000,000		986,790
CBA Delaware Finance, Inc.
4.27%, 2/7/06 (p)		600,000		597,309
4.29%, 2/21/06 (p)		300,000		298,151
CDC IXIS Capital Markets
4.19%, 2/9/06 (m)(p)		4,200,000		4,180,556
Danske Corp.
4.26%, 1/9/06 (m)(p)		1,500,000		1,498,403
4.25%, 2/6/06 (p)		500,000		497,826
4.31%, 2/27/06 (m)(p)		600,000		595,864
Dexia Delaware LLC
4.29%, 1/10/06 (p)		900,000		898,930
4.13%, 2/2/06 (p)		3,700,000		3,686,029
4.27%, 2/7/06 (p)		1,500,000		1,493,272
DNB NORBank ASA
4.05%, 1/19/06 (p)		3,700,000		3,692,117
4.14%, 2/8/06 (p)		500,000		497,766
4.10%, 2/22/06 (p)		700,000		695,797
4.41%, 4/21/06 (p)		1,400,000		1,381,198
ForeningsSparbanken AB
4.24%, 2/3/06 (p)		1,000,000		996,015
France B.T.F.
2.42%, 5/24/06 (p)	EUR	150,000		175,234
General Electric Capital Corp.
4.09%, 1/17/06 (p)	$	2,900,000		2,894,407
4.15%, 1/24/06 (p)		200,000		199,448
4.23%, 3/15/06 (p)		1,600,000		1,586,224
HBOS Treasury Services plc
4.27%, 2/7/06 (p)		3,900,000		3,882,507
4.22%, 2/24/06 (p)		1,200,000		1,192,307
4.18%, 3/7/06 (p)		800,000		793,912
4.22%, 3/14/06 (p)		300,000		297,456

249

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EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount			Value (Note1)
ING U.S. Funding LLC
4.22%, 3/13/06 (p)	$	5,000,000		$	4,958,200
Nordea North America, Inc.
4.05%, 1/19/06 (p)		2,600,000			2,594,461
4.12%, 1/20/06 (p)		1,300,000			1,297,029
4.10%, 2/22/06 (p)		1,900,000			1,888,593
Rabobank USA Finance Corp.
4.09%, 1/20/06 (p)		2,100,000			2,095,235
Skandinaviska Enskilda Banken
4.00%, 1/5/06 (m)(p)		300,000			299,833
4.05%, 1/19/06 (m)(p)		1,500,000			1,496,804
4.24%, 2/3/06 (m)(p)		600,000			597,609
Societe Generale Northern America, Inc.
4.17%, 3/6/06 (p)		5,300,000			5,260,356
4.38%, 4/20/06 (p)		1,000,000			986,790
Spintab A.B.
4.25%, 2/24/06 (p)		600,000			596,127
Svenska Handelsbanken
4.26%, 3/23/06 (p)		5,700,000			5,645,166
Swedbank AB
3.97%, 1/18/06 (p)		2,700,000			2,694,646
4.32%, 3/28/06 (p)		2,100,000			2,078,307
UBS Finance Delaware LLC
4.28%, 1/3/06 (p)		3,200,000			3,198,859
4.02%, 1/19/06 (p)		3,100,000			3,093,444
4.30%, 2/28/06 (p)		200,000			198,601
Unicredit Delaware, Inc.
4.12%, 2/8/06 (p)		1,200,000			1,194,668
Westpac Banking Corp.
4.09%, 1/17/06 (m)(p)		2,900,000			2,894,407
4.29%, 2/21/06 (m)(p)		500,000			496,918
Westpac Capital Corp.
4.27%, 2/7/06 (m)(p)		500,000			497,757
Westpac Trust
4.41%, 4/28/06 (p)		2,500,000			2,464,375

Total Commercial Paper					100,542,790

Government Securities (24.0%)
Dutch Treasury Certificates
2.08%, 1/31/06 (o)(p)	EUR	500,000			588,719
2.11%, 2/28/06 (o)(p)		470,000			552,482
Federal Home Loan Bank
3.40%, 1/3/06 (o)(p)	$	1,500,000			1,499,575
3.90%, 1/18/06 (o)(p)		3,000,000			2,994,167
Federal Home Loan Mortgage Corp.
3.98%, 1/10/06 (o)(p)		1,100,000			1,098,786
4.00%, 1/17/06 (o)(p)		12,000,000			11,977,370
4.35%, 2/21/06 (o)(p)		600,000			596,360
4.33%, 2/28/06 (o)(p)		800,000			794,519
4.12%, 3/14/06 (o)(p)		4,800,000			4,760,242
4.15%, 3/28/06 (o)(p)		1,500,000			1,485,090
4.26%, 4/4/06 (o)(p)		2,500,000			2,472,510
4.38%, 5/16/06 (o)(p)		2,400,000			2,360,899
Federal National Mortgage Association
3.90%, 1/18/06 (o)(p)		12,000,000			11,976,669
4.13%, 2/22/06 (o)(p)		600,000			596,475
4.15%, 3/8/06 (o)(p)		800,000			793,942
4.12%, 3/15/06 (o)(p)		5,800,000			5,751,269
4.14%, 3/22/06 (o)(p)		400,000			396,308
4.16%, 3/29/06 (o)(p)		1,500,000			1,484,913
U.S. Treasury Bills
3.78%, 3/16/06 #(a)(o)(p)		135,000			133,944

Total Government Securities					52,314,239

Time Deposit (8.1%)
JPMorgan Chase Nassau
3.68%, 1/3/06		17,670,184			17,670,184

Total Short-Term Investments: (78.3%) (Cost/Amortized Cost $170,535,184)					170,527,213


	Number of Contracts
OPTIONS PURCHASED
Put Options (0.0%)
U.S. Treasury 10 Year Futures
January-2006 @ $77.50		14,000,000			—
March-2006 @ $78.25		27,000,000			—
March-2006 @ $76.50		18,000,000			—
EURO Dollar Future
December-2006 @ $91.75 (c)		15			94

Total Options Purchased (0.0%) (Cost $13,971)					94

Total Investments Before Written Options (201.1%) (Cost/Amortized Cost $438,891,843)					438,216,637

OPTIONS WRITTEN
Call Option (-0.0%)
U.S.10 Year Treasury Notes Futures January-2006 @ $110.00 (c)(d)		(26	)		(7,719	)

Put Option (-0.0%)
U.S.10 Year Treasury Notes Futures January-2006 @ $107.00 (c)		(26	)		(1,219	)

Total Options Written (-0.0%) (Premiums Received $10,800)					(8,938	)

Total Investments (201.1%) (Cost/Amortized Cost $438,881,043)					438,207,699
Other Assets Less Liabilities (-101.1%)					(220,335,191	)

Net Assets (100%)				$	217,872,508

250

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EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005

†	Securities (totaling $2,357,789 or 1.08% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2005, the market value of these securities amounted to $1,889,189 or 0.87% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

#	All, or a portion of security held by broker as collateral for financial futures contracts.

(a)

Fully or partially pledged as collateral on outstanding written call options.

(b)

Illiquid security.

(c)

One contract relates to 100 shares.

(d)

Covered call option contracts written in connection with securities held.

(e)

Step Bond - Coupon rate increases in increments to maturity. Rate disclosed is as of December 31, 2005. Maturity date disclosed is the ultimate maturity date.

(h)

Security in default, non-income producing.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

(m)

Section 4(2) Commercial Paper. Private placement for non-current transaction. Notes are usually sold to accredited investors without the intent to freely re-sell their holding.

(n)

Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for the purposes of the Securities Act of 1933.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2005.

(p)

Yield to maturity.

Glossary:

CMO — Collateralized Mortgage Obligation

EUR — European Currency Unit

JPY — Japanese Yen

TBA — Security is subject to delayed delivery.

At December 31, 2005 the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts		Expiration Date	Original Value			Value at 12/31/05			Unrealized Appreciation/ (Depreciation)
EURO-BUND	(6	)	March-06	$	(857,975	)	$	(862,298	)	$	(4,323	)
U.S. Treasury Bonds	(99	)	March-06		(11,056,961	)		(11,304,563	)		(247,602	)
U.S. 5 Year Treasury Notes	34		March-06		3,609,047			3,615,688			6,641
U.S. 10 Year Treasury Notes	63		March-06		6,869,953			6,892,594			22,641
EURO Dollar	3		June-06		713,025			713,663			638

										$	(222,005	)

At December 31, 2005 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


	Local Contract Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
Foreign Currency Buy Contracts
European Union, expiring 1/18/06	138	$	163,579	$	162,907	$	(672	)
Japanese Yen, expiring 1/10/06	30,878		262,165		261,814		(351	)

						$	(1,023	)

Foreign Currency Sell Contracts
European Union, expiring 1/18/06	3,032	$	3,558,387	$	3,579,226	$	(20,839	)
Japanese Yen, expiring 1/10/06	24,000		202,614		203,495		(881	)

						$	(21,720	)

						$	(22,743	)

251

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EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

Options written for the year ended December 31, 2005, were as follows:


	Total Number of Contracts		Total Premiums Received
Options Outstanding—January 1, 2005	82		$	27,495
Options Written	298			82,388
Options Terminated in Closing Purchase Transactions	(101	)		(23,447	)
Options Expired	(227	)		(75,636	)
Options Exercised	—			—

Options Outstanding—December 31, 2005	52		$	10,800

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	108,143,332
U.S. Government securities		1,594,260,531

	$	1,702,403,863

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	83,997,990
U.S. Government securities		1,382,309,854

	$	1,466,307,844

As of December 31, 2005, 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		(4,935,962	)

Net unrealized depreciation	$	(4,935,962	)

Federal income tax cost of investments	$	443,152,599

See Notes to Financial Statements.

252

EQ ADVISORS TRUST

EQ/SHORT DURATION BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (24.9%)
*Asset-Backed Securities (22.4%)*
Advanta Business Card Master Trust,
Series ABCMT 05-A3 A3
4.700%, 10/20/11	$	15,000,000	$	14,929,695
American Express Credit Account Master Trust,
Series 03-4 A
1.690%, 1/15/09		4,500,000		4,437,845
AmeriCredit Automobile Receivables Trust,
Series 05-DA A3
4.870%, 12/6/10		14,350,000		14,349,304
Amresco Residential Securities Mortgage Loan Trust,
Series 98-2 M1F
6.745%, 6/25/28		74,184		73,928
Asset Backed Funding Certificates,
Series 01-1 M1
6.863%, 5/20/32		299,693		298,854
Atherton Franchisee Loan Funding,
Series 98-A A2
6.720%, 5/15/20 §		84,176		86,859
Capital Auto Receivables Asset Trust,
Series 02-2C
4.160%, 1/15/10		3,665,000		3,577,356
Capital One Master Trust,
Series 98-1 A
6.310%, 6/15/11		16,000,000		16,505,136
Capital One Multi-Asset Execution Trust,
Series 03-C1 C1
6.919%, 3/15/11 (l)		250,000		261,880
Carmax Auto Owner Trust,
Series 04-2 A4
3.460%, 9/15/11		1,784,000		1,731,942
Series 05-2 A3
4.210%, 1/15/10		10,400,000		10,284,589
Centex Home Equity,
Series 04-D MV3
5.379%, 9/25/34 (l)		250,000		252,020
Chase Manhattan Auto Owner Trust,
Series 05-B A3
4.840%, 7/15/09		17,000,000		17,012,952
Chemical Master Credit Card Trust I,
Series 96-2 A
5.980%, 9/15/08		2,325,000		2,326,244
Circuit City Credit Card Master Trust,
Series 03-2 CTFS
8.369%, 4/15/11 § (l)		400,000		403,253
CIT Equipment Collateral,
Series 05-EF1 A3
4.420%, 5/20/09		7,000,000		6,949,653
Citibank Credit Card Issuance Trust,
Series 02-C3 C3
5.631%, 12/15/09 (l)		250,000		253,767
Series 03-A3 A3
3.100%, 3/10/10		7,575,000		7,306,204
Series 05-B1 B1
4.400%, 9/15/10		17,750,000		17,487,344
Dillard Credit Card Master Trust,
Series 02-2 A
3.800%, 9/15/10		5,000,000		4,964,923
DVI Receivables Corp.
Series 03-1 D1
6.310%, 3/14/11 † (l)		160,268		—
Ford Credit Auto Owner Trust,
Series 05-C A3
4.300%, 8/15/09		12,500,000		12,373,034
Harley-Davidson Motorcycle Trust,
Series 03-2 A2
2.070%, 2/15/11		17,249,567		16,739,494
Honda Auto Receivables Owner Trust,
Series 03-3 A4
2.770%, 11/21/08		9,000,000		8,810,296
Household Automotive Trust,
Series 03-1 A4
2.220%, 11/17/09		15,000,000		14,644,774
Series 05-2 A3
4.370%, 5/17/10		6,500,000		6,439,655
John Deere Owner Trust,
Series 04-A A4
3.020%, 3/15/11		14,985,000		14,554,881
Lehman ABS Manufactured Housing Contract,
Series 02-A A
4.819%, 6/15/33 (l)		96,764		96,707
Long Beach Auto Receivables Trust,
Series 05-A A3
4.080%, 6/15/10		17,800,000		17,597,564
MBNA Credit Card Master Note Trust,
Series 02-B1
5.150%, 7/15/09		3,605,000		3,611,663
Series 05-A7 A7
4.300%, 2/15/11		15,000,000		14,817,262
Morgan Stanley ABS Capital I,
Series 04-HE4 M3
5.879%, 5/25/34 (l)		200,000		199,998
Nissan Auto Lease Trust,
Series 05-A A3
4.700%, 10/15/08		14,000,000		13,974,190
Onyx Acceptance Grantor Trust
Series 05-B A3
4.180%, 3/15/10		5,000,000		4,946,133
Triad Auto Receivables Owner Trust,
Series 04-A A4
2.590%, 9/13/10		10,000,000		9,688,715
WFS Financial Owner Trust,
Series 04-1 A4
2.810%, 8/22/11		15,000,000		14,604,101
Series 05-3 B
4.500%, 5/17/13		5,000,000		4,921,281
World Financial Network Credit Card Master Trust,
Series 04-B C
5.019%, 7/15/10 (l)		400,000		400,476

				281,913,972

*Non-Agency CMO (2.5%)*
Bank of America Mortgage Securities,
Series 03-I 1A1
3.277%, 10/25/33 (l)		243,583		246,832
Series 04-A 1A1
3.459%, 2/25/34 (l)		167,409		166,311
Nomura Asset Securities Corp.,
Series 98-D6 A1B
6.590%, 3/15/30		11,500,000		11,885,536
Washington Mutual, Inc.,
Series 03-AR5 A6
3.695%, 6/25/33 (l)		15,000,000		14,472,199

253

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EQ/SHORT DURATION BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount		Value (Note 1)
Series 03-AR10 A4
4.067%, 10/25/33 (l)	$	4,250,000	$	4,204,355

				30,975,233

Total Asset-Backed and Mortgage-Backed Securities				312,889,205

Consumer Discretionary (2.9%)
*Hotels, Restaurants & Leisure (0.5%)*
Yum! Brands, Inc.
7.650%, 5/15/08		5,500,000		5,804,953

*Household Durables (1.8%)*
Centex Corp.
4.750%, 1/15/08		13,000,000		12,864,228
Fortune Brands, Inc.
2.875%, 12/1/06		6,000,000		5,871,744
Lennar Corp.
4.870%, 8/20/07 (l)		4,400,000		4,409,002

				23,144,974

*Media (0.6%)*
Comcast Cable Communications
8.375%, 5/1/07		6,500,000		6,778,272
News America, Inc.
6.625%, 1/9/08		600,000		618,784

				7,397,056

Total Consumer Discretionary				36,346,983

Consumer Staples (2.0%)
*Beverages (1.8%)*
Diageo Capital plc
3.500%, 11/19/07		11,300,000		11,006,042
PepsiCo, Inc.
3.200%, 5/15/07		11,750,000		11,522,884

				22,528,926

*Food & Staples Retailing (0.2%)*
Safeway, Inc.
4.800%, 7/16/07		3,000,000		2,986,965

Total Consumer Staples				25,515,891

Energy (1.4%)
*Oil & Gas (1.4%)*
Anadarko Petroleum Corp.
3.250%, 5/1/08		3,800,000		3,659,480
Ocean Energy, Inc.
4.375%, 10/1/07		8,700,000		8,601,386
Valero Energy Corp.
3.500%, 4/1/09		5,700,000		5,436,956

Total Energy				17,697,822

Financials (13.0%)
*Commercial Banks (1.7%)*
Bank One NA/Illinois
3.700%, 1/15/08		14,250,000		13,950,593
RBS Capital Trust IV
5.327%, 9/29/49 (l)		400,000		403,421
Residential Capital Corp.
5.896%, 6/29/07 (l)		1,000,000		1,002,473
Wells Fargo & Co.
3.500%, 4/4/08		6,000,000		5,830,080

				21,186,567

*Consumer Finance (3.0%)*
Boeing Capital Corp.
5.750%, 2/15/07		14,000,000		14,128,296
Capital One Financial Corp.
8.750%, 2/1/07		6,000,000		6,232,662
John Deere Capital Corp.
4.375%, 3/14/08		10,000,000		9,889,790
SLM Corp.
5.625%, 4/10/07		7,700,000		7,746,100

				37,996,848

*Diversified Financial Services (5.6%)*
CIT Group, Inc.
5.500%, 11/30/07		8,300,000		8,381,498
Deluxe Corp.
3.500%, 10/1/07		6,000,000		5,723,640
General Electric Capital Corp.
5.000%, 2/15/07		13,500,000		13,519,602
3.450%, 7/16/07		8,500,000		8,337,310
HSBC Finance Corp.
4.125%, 3/11/08		8,500,000		8,350,893
International Lease Finance Corp.
5.625%, 6/1/07		3,500,000		3,529,428
MBNA Corp.
6.250%, 1/17/07		8,000,000		8,091,112
Toyota Motor Credit Corp.
4.400%, 10/1/08		14,000,000		13,868,540

				69,802,023

*Insurance (0.9%)*
Lincoln National Corp.
5.250%, 6/15/07		10,515,000		10,553,201

*Real Estate (1.1%)*
Simon Property Group LP
6.375%, 11/15/07		8,000,000		8,174,752
Vornado Realty LP (REIT)
5.625%, 6/15/07		6,000,000		6,041,970

				14,216,722

*Thrifts & Mortgage Finance (0.7%)*
Countrywide Home Loans, Inc.
5.625%, 5/15/07		9,000,000		9,076,527

Total Financials				162,831,888

Government Securities (40.0%)
*Foreign Governments (1.0%)*
Province of Quebec Canada
7.000%, 1/30/07		6,000,000		6,137,484
United Mexican States
8.625%, 3/12/08		5,500,000		5,915,250

				12,052,734

*U.S. Government Agencies (20.0%)*
Federal Home Loan Bank
2.875%, 9/15/06		10,000,000		9,877,030
4.500%, 5/11/07		30,000,000		29,897,160
3.375%, 2/15/08		13,550,000		13,175,180
Federal Home Loan Mortgage Corp.
3.625%, 2/15/08		15,000,000		14,666,340
4.777%, 5/1/35 (l)		21,162,648		20,964,942
4.781%, 9/1/35 (l)		19,623,354		19,415,062
Federal National Mortgage Association
2.750%, 8/11/06		500,000		494,406
4.540%, 5/1/33 (l)		426,055		418,555
3.696%, 6/1/34 (l)		164,399		162,259
4.273%, 7/1/34 (l)		335,750		330,819
4.572%, 12/1/34 (l)		12,217,667		12,093,676
4.500%, 1/1/35 (l)		10,333,584		10,173,571
4.547%, 4/1/35 (l)		12,799,033		12,633,659
4.646%, 5/1/35 (l)		9,001,852		8,890,113
4.907%, 6/1/35 (l)		28,638,365		28,481,389
4.650%, 7/1/35 (l)		19,447,304		19,264,997
4.745%, 7/1/35 (l)		18,870,048		18,639,397
4.818%, 7/1/35 (l)		14,097,364		13,961,471
5.206%, 7/1/35 (l)		17,998,521		18,004,957

				251,544,983

254

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EQ/SHORT DURATION BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Principal Amount		Value (Note 1)
*U.S. Treasuries (19.0%)*
U.S. Treasury Notes
2.750%, 7/31/06	$	45,500,000	$	45,071,663
3.125%, 1/31/07		69,100,000		68,133,706
3.625%, 4/30/07		15,000,000		14,842,965
6.125%, 8/15/07		66,000,000		67,747,944
3.000%, 11/15/07		10,950,000		10,677,104
3.750%, 5/15/08		1,400,000		1,380,093
3.125%, 9/15/08		32,380,000		31,346,625

				239,200,100

Total Government Securities				502,797,817

Health Care (0.6%)
*Health Care Providers & Services (0.6%)*
UnitedHealth Group, Inc.
5.200%, 1/17/07		7,835,000		7,830,001

Total Health Care				7,830,001

Industrials (1.2%)
*Airlines (0.2%)*
Southwest Airlines Co.
7.875%, 9/1/07		2,513,000		2,621,519

*Commercial Services & Supplies (0.5%)*
Aramark Services, Inc.
7.100%, 12/1/06		6,000,000		6,092,748

*Industrial Conglomerates (0.2%)*
Tyco International Group S.A.
5.800%, 8/1/06		2,000,000		2,008,368

*Road & Rail (0.3%)*
GATX Corp.
6.000%, 11/19/08		140,000		142,838
Norfolk Southern Corp.
6.000%, 4/30/08		4,000,000		4,075,736

				4,218,574

Total Industrials				14,941,209

Information Technology (2.5%)
*Communications Equipment (0.5%)*
Motorola, Inc.
4.608%, 11/16/07		5,800,000		5,763,762

*Computers & Peripherals (2.0%)*
Hewlett Packard Co.
5.500%, 7/1/07		11,200,000		11,290,496
International Business Machines Corp.
3.800%, 2/1/08		14,000,000		13,711,642

				25,002,138

Total Information Technology				30,765,900

Materials (2.4%)
*Chemicals (1.7%)*
International Flavors & Fragrances, Inc.
6.450%, 5/15/06		6,000,000		6,028,650
Potash Corp. of Saskatchewan, Inc.
7.125%, 6/15/07		5,275,000		5,424,678
Valspar Corp.
6.000%, 5/1/07		10,000,000		10,089,910

				21,543,238

*Metals & Mining (0.7%)*
Alcoa, Inc.
4.250%, 8/15/07		8,000,000		7,920,920

Total Materials				29,464,158

Telecommunication Services (3.4%)
*Diversified Telecommunication Services (0.9%)*
Deutsche Telekom International Finance BV
3.875%, 7/22/08		11,600,000		11,329,906

*Wireless Telecommunication Services (2.5%)*
Sprint Capital Corp.
6.000%, 1/15/07		7,500,000		7,573,342
Verizon Wireless Capital LLC
5.375%, 12/15/06		14,000,000		14,046,116
Vodafone Group plc
3.950%, 1/30/08		10,000,000		9,825,100

				31,444,558

Total Telecommunication Services				42,774,464

Utilities (2.1%)
*Electric Utilities (1.6%)*
Midamerican Energy Holding Co.
4.625%, 10/1/07		6,000,000		5,956,638
Northern States Power Co.
2.875%, 8/1/06		250,000		247,407
Ohio Edison Co.
4.000%, 5/1/08		9,700,000		9,465,018
Virginia Electric & Power Co.
7.625%, 7/1/07		5,000,000		5,185,310

				20,854,373

*Multi-Utilities & Unregulated Power (0.5%)*
Sempra Energy
4.621%, 5/17/07		6,000,000		5,957,478

Total Utilities				26,811,851

Total Long-Term Debt Securities (96.4%) (Cost $1,219,182,917)				1,210,667,189

SHORT-TERM INVESTMENTS:
Government Security (2.4%)
Federal Home Loan Bank
2.17%, 1/3/06 (o)(p)		31,000,000		30,994,402

Time Deposit (0.1%)
JPMorgan Chase Nassau
3.68%, 1/3/06		882,212		882,212

Total Short-Term Investments (2.5%) (Amortized Cost $31,876,614)				31,876,614

Total Investments (98.9%) (Cost/Amortized Cost $1,251,059,531)				1,242,543,803
Other Assets Less Liabilities (1.1%)				13,706,786

Net Assets (100%)			$	1,256,250,589

†	Securities (totaling $0 or 0.00% of net assets) valued at fair value.

255

EQ ADVISORS TRUST

EQ/SHORT DURATION BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2005, the market value of these securities amounted to $490,112 or 0.04% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2005.

(p)

Yield to maturity.

Glossary:

ABS — Asset-Backed Security

CMO — Collateralized Mortgage Obligation

REIT — Real Estate Investment Trust

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,058,044,035
U.S. Government securities		320,774,551

	$	1,378,818,586

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	96,483,907
U.S. Government securities		125,007,773

	$	221,491,680

As of December 31, 2005, 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	$	88,228
Aggregate gross unrealized depreciation		(8,716,568	)

Net unrealized depreciation	$	(8,628,340	)

Federal income tax cost of investments	$	1,251,172,143

The Portfolio has a net capital loss carryforward of $348,305 which expires in the year 2013.

See Notes to Financial Statements.

256

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (13.9%)
*Auto Components (0.9%)*
Accuride Corp.*	14,200	$	183,180
Aftermarket Technology Corp.*	6,800		132,192
American Axle & Manufacturing Holdings, Inc.	18,300		335,439
ArvinMeritor, Inc.	28,000		402,920
Bandag, Inc.^	6,300		268,821
Commercial Vehicle Group, Inc.*^	6,800		127,704
Cooper Tire & Rubber Co.^	28,700		439,684
Drew Industries, Inc.*	6,800		191,692
Hayes Lemmerz International, Inc.*^	15,100		53,152
Keystone Automotive Industries, Inc.*^	6,300		198,324
Midas, Inc.*^	6,700		123,012
Modine Manufacturing Co.	14,900		485,591
Noble International Ltd.	6,300		131,292
Proliance International, Inc.*	1		5
Quantum Fuel Systems Technologies Worldwide, Inc.*	46,200		123,816
R&B, Inc.*^	10,300		97,644
Sauer-Danfoss, Inc.^	5,900		110,979
Standard Motor Products, Inc.^	26,600		245,518
Strattec Security Corp.*	1,600		64,672
Superior Industries International, Inc.	10,800		240,408
Tenneco Automotive, Inc.*	15,800		309,838
Visteon Corp.*^	54,500		341,170

			4,607,053

*Automobiles (0.3%)*
Coachmen Industries, Inc.^	17,500		206,675
Fleetwood Enterprises, Inc.*	20,900		258,115
Monaco Coach Corp.^	12,750		169,575
Thor Industries, Inc.^	15,800		633,106
Winnebago Industries, Inc.^	12,600		419,328

			1,686,799

*Distributors (0.3%)*
Beacon Roofing Supply, Inc.*^	7,200		206,856
BlueLinx Holdings, Inc.	12,600		141,750
Earle M Jorgensen Co.*	18,600		171,678
Handleman Co.^	8,100		100,602
LKQ Corp.*^	6,400		221,568
Prestige Brands Holdings, Inc.*	12,200		152,500
Source Interlink Cos., Inc.*^	18,829		209,379
WESCO International, Inc.*	14,100		602,493

			1,806,826

*Diversified Consumer Services (0.1%)*
DeVry, Inc.*^	24,900		498,000

*Electronic Equipment & Instruments (0.0%)*
DTS, Inc.*^	6,800		100,640

*Hotels, Restaurants & Leisure (2.6%)*
AFC Enterprises, Inc.*^	10,900		164,808
Alliance Gaming Corp.*	20,500		266,910
Ambassadors Group, Inc.	4,650		106,439
Ameristar Casinos, Inc.	8,200		186,140
Aztar Corp.*^	14,700		446,733
BJ’s Restaurants, Inc.*^	6,300		144,018
Bob Evans Farms, Inc.	15,200		350,512
Buffalo Wild Wings, Inc.*^	4,050		134,501
California Pizza Kitchen, Inc.*^	8,200		262,154
CEC Entertainment, Inc.*	14,700		500,388
Churchill Downs, Inc.	2,400		88,152
CKE Restaurants, Inc.	26,800		362,068
Dave and Busters, Inc.*^	7,000		123,270
Denny’s Corp.*^	38,700		155,961
Dominos Pizza, Inc.	13,800		333,960
Dover Motorsports, Inc.^	25,100		153,361
Gaylord Entertainment Co.*	17,100		745,389
Great Wolf Resorts, Inc.*^	9,000		92,790
IHOP Corp.	9,800		459,718
International Speedway Corp., Class A	1		34
Isle of Capri Casinos, Inc.*^	5,089		123,968
Jack in the Box, Inc.*	16,300		569,359
Krispy Kreme Doughnuts, Inc.*^	22,100		126,854
La Quinta Corp.*	88,950		990,903
Landry’s Restaurants, Inc.^	9,400		251,074
Lodgian, Inc.^	15,000		160,950
Lone Star Steakhouse & Saloon, Inc.	7,600		180,424
Luby’s, Inc.*^	12,300		163,590
Magna Entertainment Corp., Class A*^	18,200		129,948
Marcus Corp.^	6,500		152,750
McCormick & Schmick’s Seafood Restaurants*	6,800		153,748
Mikohn Gaming Corp.*^	10,100		99,687
Monarch Casino & Resort, Inc.*^	6,900		155,940
MTR Gaming Group, Inc.*	8,100		84,321
Multimedia Games, Inc.*^	9,900		91,575
O’Charley’s, Inc.*	13,300		206,283
P.F. Chang’s China Bistro, Inc.*^	10,500		521,115
Papa John’s International, Inc.*^	3,800		225,378
Pinnacle Entertainment, Inc.*^	15,150		374,356
Rare Hospitality International, Inc.*	14,200		431,538
Red Robin Gourmet Burgers*^	5,000		254,800
Riviera Holdings Corp.^	7,000		114,730
Ruby Tuesday, Inc.^	27,500		711,975
Ruth’s Chris Steak House*	8,600		155,660
Ryan’s Restaurant Group, Inc.*^	20,950		252,657
Shuffle Master, Inc.*^	15,525		390,298
Six Flags, Inc.*^	45,900		353,889
Speedway Motorsports, Inc.	8,232		285,403
Steak n Shake Co.*^	11,815		200,264
Sunterra Resorts, Inc.*	9,400		133,668
Texas Roadhouse, Inc.*	18,000		279,900
Triarc Cos., Inc., Class B^	16,550		245,768
Vail Resorts, Inc.*	13,100		432,693
WMS Industries, Inc.*^	9,600		240,864

			14,323,636

*Household Durables (1.4%)*
Blount International, Inc.*	12,300		195,939
Blyth, Inc.^	11,800		247,210
Brookfield Homes Corp.^	4,655		231,493
California Coastal Communities, Inc.*	4,400		172,612
Champion Enterprises, Inc.*^	29,200		397,704
CSS Industries, Inc.^	2,597		79,806
Ethan Allen Interiors, Inc.^	15,500		566,215
Furniture Brands International, Inc.^	21,100		471,163
Hooker Furniture Corp.^	4,200		72,030
Interface, Inc., Class A*^	29,000		238,380
Jarden Corp.*^	30,600		922,590
Kimball International, Inc., Class B	11,300		120,119

257

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
La-Z-Boy, Inc.^	21,100	$	286,116
Levitt Corp., Class A^	4,575		104,036
Libbey, Inc.	4,200		42,924
Lifetime Brands, Inc.^	6,400		132,288
M/I Homes, Inc.^	5,000		203,100
Maytag Corp.	34,000		639,880
National Presto Industries, Inc.^	2,500		110,875
Palm Harbor Homes, Inc.*^	5,800		109,040
Russ Berrie & Co., Inc.^	9,500		108,490
Skyline Corp.	2,600		94,640
Stanley Furniture Co., Inc.	6,400		148,352
Technical Olympic USA, Inc.^	6,187		130,484
Tupperware Brands Corp.	21,100		472,640
WCI Communities, Inc.*^	13,700		367,845
William Lyon Homes, Inc.*^	1,400		141,260
Yankee Candle Co., Inc.^	20,004		512,102

			7,319,333

*Household Products (0.0%)*
Ionatron, Inc.*^	17,600		177,936

*Internet & Catalog Retail (0.7%)*
1-800-Flowers.com, Inc., Class A*^	23,700		152,154
Alloy Online, Inc.*^	19,300		55,777
Audible, Inc.*^	10,300		132,252
Blair Corp.	2,755		107,280
Blue Nile, Inc.*^	6,600		266,046
Coldwater Creek, Inc.*^	13,950		425,893
Drugstore.com*	41,500		118,275
FTD Group, Inc.*^	13,200		137,148
GSI Commerce, Inc.*^	14,200		214,278
Insight Enterprises, Inc.*	18,800		368,668
J. Jill Group, Inc.*	6,800		129,404
Netflix, Inc.*^	15,600		422,136
Nutri/System, Inc.*	10,400		374,608
Overstock.com, Inc.*^	5,700		160,455
Priceline.com, Inc.*	9,616		214,629
Provide Commerce, Inc.*	3,900		129,129
Stamps.com, Inc.*^	7,950		182,532
Systemax, Inc.*	13,200		82,368
Valuevision Media, Inc., Class A*^	17,100		215,460

			3,888,492

*Leisure Equipment & Products (0.5%)*
Arctic Cat, Inc.^	5,000		100,300
Callaway Golf Co.	33,200		459,488
JAKKS Pacific, Inc.*^	8,300		173,802
K2, Inc.*^	20,600		208,266
Leapfrog Enterprises, Inc.*^	11,100		129,315
Life Time Fitness, Inc.*^	10,000		380,900
Marine Products Corp.^	13,500		141,615
MarineMax, Inc.*	4,500		142,065
Nautilus, Inc.^	12,572		234,594
Oakley, Inc.^	8,400		123,396
RC2 Corp.*^	6,900		245,088
Steinway Musical Instruments, Inc.*	3,900		99,489
Sturm Ruger & Co., Inc.	7,700		53,977

			2,492,295

*Media (2.1%)*
4Kids Entertainment, Inc.*^	4,100		64,329
ADVO, Inc.^	13,400		377,612
Arbitron, Inc.	12,900		489,942
Beasley Broadcasting Group, Inc., Class A	7,960		107,540
Carmike Cinemas, Inc.	5,300		134,408
Catalina Marketing Corp.	22,200		562,770
Charter Communications, Inc., Class A*^	110,400		134,688
Citadel Broadcasting Corp.^	18,700		251,328
Courier Corp.^	3,375		115,897
Cox Radio, Inc., Class A*^	16,400		230,912
Crown Media Holdings, Inc., Class A*^	24,800		227,416
Cumulus Media, Inc., Class A*^	19,600		243,236
Emmis Communications Corp., Class A*	13,078		260,383
Entercom Communications Corp.*	15,400		456,918
Entravision Communications Corp.*	32,700		232,824
Fisher Communications, Inc.*	1,800		74,574
Gemstar-TV Guide International, Inc.*	105,100		274,311
Gray Television, Inc.	21,100		207,202
Harris Interactive, Inc.*^	44,100		190,071
Hollinger International, Inc., Class A	24,450		219,072
Journal Communications, Inc., Class A	8,000		111,600
Journal Register Co.^	16,000		239,200
Lakes Entertainment, Inc.*^	11,600		77,140
Liberty Corp.	7,792		364,744
Lin TV Corp., Class A*	14,000		155,960
Lodgenet Entertainment Corp.*^	5,300		73,882
Martha Stewart Living Omnimedia, Class A*^	9,600		167,328
Media General, Inc., Class A	9,200		466,440
Mediacom Communications Corp., Class A*^	26,500		145,485
Navarre Corp.*^	9,000		49,770
Nelson (Thomas), Inc.	5,000		123,250
Outdoor Channel Holdings, Inc.*^	11,600		156,600
Playboy Enterprises, Inc., Class B*	14,100		195,849
Primedia, Inc.*^	50,100		80,661
ProQuest Co.*^	11,700		326,547
Radio One, Inc., Class D*^	35,700		369,495
RCN Corp.*^	9,800		229,810
Reader’s Digest Association, Inc. (Non-Voting)	40,000		608,800
Regent Communications, Inc.*	14,300		66,352
Saga Communications, Inc., Class A*	4,800		52,176
Salem Communications Corp., Class A*	11,800		206,382
Scholastic Corp.*^	14,300		407,693
Sinclair Broadcast Group, Inc., Class A^	12,908		118,754
Spanish Broadcasting System, Class A*^	10,765		55,009
Tivo, Inc.*^	38,390		196,557
Valassis Communications, Inc.*	23,100		671,517
Value Line, Inc.^	4,800		167,664
World Wrestling Entertainment, Inc.	13,180		193,482
WorldSpace, Inc.*^	11,800		171,218

			11,104,798

*Multiline Retail (0.3%)*
99 Cents Only Stores*^	19,700		206,062
Big Lots, Inc.*^	48,500		582,485
Conn’s, Inc.*^	8,500		313,395
Fred’s, Inc.^	16,530		268,943

258

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EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Retail Ventures, Inc.*^	11,100	$	138,084
Tuesday Morning Corp.	10,400		217,568

			1,726,537

*Specialty Retail (3.7%)*
A.C. Moore Arts & Crafts, Inc.*^	4,300		62,565
Aaron Rents, Inc.^	15,450		325,686
Aeropostale, Inc.*	24,650		648,295
America’s Car-Mart, Inc.*^	5,400		89,208
Asbury Automotive Group, Inc.*	5,300		87,238
Bebe Stores, Inc.	1		14
Big 5 Sporting Goods Corp.	8,200		179,498
Blockbuster, Inc., Class A^	81,300		304,875
Bombay Co., Inc.*^	11,400		33,744
Buckle, Inc.	4,000		128,960
Build-A-Bear Workshop, Inc.*^	6,800		201,552
Building Material Holding Corp.^	5,700		388,797
Burlington Coat Factory Warehouse Corp.	6,200		249,302
Cabela’s, Inc., Class A*^	13,200		219,120
Cache, Inc.*^	9,300		161,076
Cato Corp., Class A	12,750		273,488
Charlotte Russe Holding, Inc.*	5,900		122,897
Charming Shoppes, Inc.*	50,300		663,960
Children’s Place Retail Stores, Inc.*	9,000		444,780
Christopher & Banks Corp.^	17,575		330,058
Citi Trends, Inc.*^	5,600		239,064
Cost Plus, Inc.*^	10,300		176,645
CSK Auto Corp.*	18,700		281,996
Deb Shops, Inc.^	4,500		133,785
dELiAs, Inc.^	9,650		80,095
Dress Barn, Inc.*	9,400		362,934
DSW, Inc.*^	7,400		194,028
Finish Line, Inc., Class A	19,000		330,980
GameStop Corp., Class A*^	23,895		760,339
Genesco, Inc.*	12,200		473,238
Group 1 Automotive, Inc.*	8,700		273,441
Guess?, Inc.*	6,200		220,720
Guitar Center, Inc.*^	11,300		565,113
Gymboree Corp.*	13,800		322,920
Haverty Furniture Cos., Inc.^	5,400		69,606
Hibbett Sporting Goods, Inc.*	14,025		399,432
HOT Topic, Inc.*	19,275		274,669
Jo-Ann Stores, Inc.*	7,835		92,453
Jos. A. Bank Clothiers, Inc.*^	4,687		203,463
Linens ‘n Things, Inc.*	18,200		484,120
Lithia Motors, Inc.	4,400		138,336
Men’s Wearhouse, Inc.*	1		29
Monro Muffler, Inc.*	4,250		128,860
Movie Gallery, Inc.^	10,830		60,756
New York & Co., Inc.*^	7,200		152,640
Pacific Sunwear of California, Inc.*	32,200		802,424
Payless Shoesource, Inc.*	27,600		692,760
Pep Boys Manny, Moe & Jack^	23,300		346,937
PETCO Animal Supplies, Inc.*^	24,600		539,970
Pier 1 Imports, Inc.^	36,700		320,391
Regis Corp.	19,200		740,544
Rent-Way, Inc.*^	18,200		116,298
Restoration Hardware, Inc.*	31,200		187,824
Rush Enterprises, Inc., Class A*^	10,700		159,216
Select Comfort Corp.*^	14,700		402,045
Sharper Image Corp.*^	3,200		31,168
Shoe Carnival, Inc.*	5,400		118,368
Sonic Automotive, Inc.	13,900		309,692
Sports Authority, Inc.*^	11,038		343,613
Stage Stores, Inc.	11,850		352,893
Stein Mart, Inc.	11,700		212,355
Talbots, Inc.^	9,800		272,636
Too, Inc.*	17,449		492,236
Tractor Supply Co.*^	14,200		751,748
Trans World Entertainment Corp.*^	14,300		81,510
United Auto Group, Inc.^	11,400		435,480
West Marine, Inc.*^	4,000		55,920
Zale Corp.*	21,120		531,168
Zumiez, Inc.*	5,200		224,744

			19,856,715

*Textiles, Apparel & Luxury Goods (1.0%)*
Brown Shoe Co., Inc.^	9,100		386,113
Carter’s, Inc.*	7,840		461,384
Charles & Colvard Ltd.^	7,045		142,309
Cherokee, Inc.^	4,200		144,438
Deckers Outdoor Corp.*^	3,900		107,718
DHB Industries, Inc.*^	13,800		61,686
Fossil, Inc.*^	20,700		445,257
Hartmarx Corp.*	15,900		124,179
K-Swiss, Inc., Class A	11,000		356,840
Kellwood Co.^	11,200		267,456
Kenneth Cole Productions, Class A	3,100		79,050
Movado Group, Inc.	6,400		117,120
Oxford Industries, Inc.^	7,300		399,310
Perry Ellis International, Inc.*	3,300		62,700
Phillips-Van Heusen Corp.	13,980		452,952
Russell Corp.^	14,100		189,786
Skechers U.S.A., Inc., Class A*	8,900		136,348
Steven Madden Ltd.*	4,000		116,920
Stride Rite Corp.	12,500		169,500
Unifirst Corp.	4,200		130,620
Volcom, Inc.*	5,000		170,050
Warnaco Group, Inc.*	17,900		478,288
Wolverine World Wide, Inc.	27,600		619,896

			5,619,920

Total Consumer Discretionary			75,208,980

Consumer Staples (2.8%)
*Beverages (0.1%)*
Boston Beer Co., Inc., Class A*^	5,100		127,500
Coca-Cola Bottling Co.^	1,600		68,800
Hansen Natural Corp.*^	6,580		518,570
National Beverage Corp.*	11,600		113,332

			828,202

*Food & Staples Retailing (0.9%)*
Arden Group, Inc.^	1,200		109,188
Casey’s General Stores, Inc.	21,700		538,160
Central European Distribution Corp.*^	6,000		240,840
Great Atlantic & Pacific Tea Co., Inc.*^	8,720		277,122
Ingles Markets, Inc., Class A	10,300		161,195
Longs Drug Stores Corp.	16,096		585,733
Nash Finch Co.^	5,250		133,770
Pantry, Inc.*	6,100		286,639
Pathmark Stores, Inc.*	22,100		220,779
Performance Food Group Co.*^	20,500		581,585
Ruddick Corp.	16,700		355,376
Smart & Final, Inc.*^	9,800		126,224
Spartan Stores, Inc.*	10,200		106,284
Topps Co., Inc.	10,600		78,758
United Natural Foods, Inc.*^	18,200		480,480
Weis Markets, Inc.^	6,100		262,544

259

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Wild Oats Markets, Inc.*^	8,400	$	101,472

			4,646,149

*Food Products (1.1%)*
Alico, Inc.	2,600		117,494
American Italian Pasta Co.^	8,100		55,080
Chiquita Brands International, Inc.	16,600		332,166
Corn Products International, Inc.	32,400		774,036
Delta & Pine Land Co.	16,400		377,364
Farmer Brothers Co.^	9,700		187,598
Flowers Foods, Inc.	22,387		616,986
Gold Kist, Inc.*^	22,000		328,900
Hain Celestial Group, Inc.*^	13,400		283,544
J & J Snack Foods Corp.^	2,400		142,584
John B. Sanfilippo & Son, Inc.*^	5,500		71,115
Lancaster Colony Corp.	10,900		403,845
Lance, Inc.	12,700		236,601
M & F Worldwide Corp.*	6,300		102,816
Maui Land & Pineapple Co., Inc.*	3,200		108,576
Peet’s Coffee & Tea, Inc.*^	5,300		160,855
Premium Standard Farms, Inc.*	9,000		134,640
Ralcorp Holdings, Inc.*	12,680		506,059
Sanderson Farms, Inc.^	7,600		232,028
Seaboard Corp.^	200		302,200
Tootsie Roll Industries, Inc.^	10,700		309,551

			5,784,038

*Household Products (0.1%)*
Central Garden & Pet Co.*^	8,500		390,490
WD-40 Co.^	9,400		246,844

			637,334

*Personal Products (0.5%)*
Chattem, Inc.*	7,400		269,286
Elizabeth Arden, Inc.*^	10,400		208,624
Inter Parfums, Inc.	5,900		105,964
Mannatech, Inc.^	20,700		285,867
Natures Sunshine Products, Inc.	7,500		135,600
NBTY, Inc.*^	23,700		385,125
NU Skin Enterprises, Inc., Class A	21,237		373,346
Parlux Fragrances, Inc.*^	5,200		158,756
Playtex Products, Inc.*	13,400		183,178
Revlon, Inc., Class A*	58,700		181,970
USANA Health Sciences, Inc.*^	4,600		176,456

			2,464,172

*Tobacco (0.1%)*
Alliance One International, Inc.^	27,900		108,810
Star Scientific, Inc.*^	26,900		63,215
Universal Corp.^	10,100		437,936
Vector Group Ltd.^	8,701		158,097

			768,058

Total Consumer Staples			15,127,953

Energy (5.9%)
*Energy Equipment & Services (2.6%)*
Atwood Oceanics, Inc.*^	5,000		390,150
Cal Dive International, Inc.*^	32,556		1,168,435
Carbo Ceramics, Inc.^	8,400		474,768
Covanta Holding Corp.	46,545		700,967
Dril-Quip, Inc.*	5,000		236,000
Global Industries Ltd.*^	33,900		384,765
Grey Wolf, Inc.*	84,700		654,731
Gulf Island Fabrication, Inc.^	6,200		150,722
Gulfmark Offshore, Inc.*^	6,000		177,720
Hanover Compressor Co.*^	39,300		554,523
Hornbeck Offshore Services, Inc.*	7,200		235,440
Hydril Co.*	8,100		507,060
Input/Output, Inc.*^	40,500		284,715
Lone Star Technologies, Inc.*	14,100		728,406
Lufkin Industries, Inc.	6,800		339,116
Maverick Tube Corp.*^	19,900		793,214
Newpark Resources, Inc.*^	34,700		264,761
NS Group, Inc.*	9,600		401,376
Oceaneering International, Inc.*	11,200		557,536
Offshore Logistics, Inc.*	8,400		245,280
Oil States International, Inc.*	17,400		551,232
Parker Drilling Co.*	36,000		389,880
RPC, Inc.	13,350		351,639
SEACOR Holdings, Inc.*^	7,759		528,388
Superior Energy Services, Inc.*	33,177		698,376
Tetra Technologies, Inc.*^	13,800		421,176
Todco, Class A*	20,200		768,812
Universal Compression Holdings, Inc.*	7,700		316,624
Veritas DGC, Inc.*	13,400		475,566
W-H Energy Services, Inc.*	10,900		360,572

			14,111,950

*Oil & Gas (3.3%)*
Alon USA Energy, Inc.*	7,900		155,235
Atlas America, Inc.*	8,036		483,928
ATP Oil & Gas Corp.*^	7,800		288,678
Berry Petroleum Co., Class A^	7,500		429,000
Bill Barrett Corp.*^	5,700		220,077
Bois D'Arc Energy, Inc.*^	10,100		160,186
Brigham Exploration Co.*	16,700		198,062
Bronco Drilling Co., Inc.*^	6,300		144,963
Cabot Oil & Gas Corp., Class A	20,400		920,040
Callon Petroleum Co.*^	11,150		196,797
Carrizo Oil & Gas, Inc.*^	8,700		214,977
Cheniere Energy, Inc.*^	22,200		826,284
Cimarex Energy Co.*	34,693		1,492,146
Clayton Williams Energy, Inc.*	4,900		204,526
Comstock Resources, Inc.*	17,401		530,904
Crosstex Energy, Inc.	3,450		217,557
Delta Petroleum Corp.*	13,300		289,541
Edge Petroleum Corp.*^	9,800		244,118
Encore Acquisition Co.*	21,000		672,840
Endeavour International Corp.*	37,800		124,740
Energy Partners Ltd.*	14,300		311,597
Frontier Oil Corp.	23,488		881,505
FX Energy, Inc.*	13,600		108,528
Gasco Energy, Inc.*^	35,100		229,203
Giant Industries, Inc.*	5,200		270,192
Goodrich Petroleum Corp.*^	6,900		173,535
Harvest Natural Resources, Inc.*^	12,100		107,448
Holly Corp.	9,000		529,830
Houston Exploration Co.*	12,200		644,160
KCS Energy, Inc.*^	21,500		520,730
Maritrans, Inc.	5,600		145,712
McMoRan Exploration Co.*^	5,300		104,781
Meridian Resource Corp.*	37,000		155,400
Pacific Ethanol, Inc.*^	15,300		165,546
Penn Virginia Corp.	7,300		419,020
Petrohawk Energy Corp.*	27,607		364,965
Petroleum Development Corp.*	6,200		206,708
Quicksilver Resources, Inc.*	1		42
Remington Oil & Gas Corp.*	9,600		350,400
Resource America, Inc., Class A	6,800		115,940
St. Mary Land & Exploration Co.^	24,900		916,569
Stone Energy Corp.*	10,156		462,403
Superior Well Services, Inc.*	6,600		156,816
Swift Energy Co.*	14,500		653,515
Syntroleum Corp.*^	17,600		158,928

260

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EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Toreador Resources Corp.*^	6,100	$	128,527
Transmontaigne, Inc.*	14,600		96,360
Tri-Valley Corp.*^	10,200		79,356
W&T Offshore, Inc.*	6,660		195,804
Warren Resources, Inc.*^	13,800		218,316
Whiting Petroleum Corp.*	16,000		640,000
World Fuel Services Corp.	14,600		492,312

			18,018,747

Total Energy			32,130,697

Financials (21.0%)
*Capital Markets (0.8%)*
Apollo Investment Corp.	24,900		446,457
Capital Southwest Corp.^	1,800		162,900
Cohen & Steers, Inc.^	8,050		149,972
Greenhill & Co., Inc.^	4,380		245,981
Investment Technology Group, Inc.*	17,100		606,024
LaBranche & Co., Inc.^	21,300		215,343
MCG Capital Corp.^	20,200		294,718
National Financial Partners Corp.	15,400		809,270
Piper Jaffray Cos.*^	8,000		323,200
Sanders Morris Harris Group, Inc.^	7,800		127,842
Stifel Financial Corp.*	4,400		165,396
SWS Group, Inc.	4,782		100,135
Waddell & Reed Financial, Inc.	32,500		681,525

			4,328,763

*Commercial Banks (7.4%)*
1st Source Corp.^	4,251		106,913
Alabama National Bancorporation^	5,000		323,800
Amcore Financial, Inc.^	12,400		377,084
AmericanWest Bancorp*^	4,400		103,972
Ameris Bancorp	8,040		159,514
Ames National Corp.^	3,900		100,269
Arrow Financial Corp.	3,353		87,681
BancFirst Corp.	1,500		118,500
Bancorpsouth, Inc.^	34,700		765,829
BancTrust Financial Group, Inc.	6,000		120,600
Bank of Granite Corp.^	4,512		83,607
Bank of the Ozarks, Inc.^	4,000		147,600
BankFinancial Corp.*	21,480		315,326
Banner Corp.	3,600		112,320
Boston Private Financial Holdings, Inc.	15,200		462,384
Camden National Corp.^	2,800		92,064
Capital City Bank Group, Inc.^	3,734		128,039
Capital Corp. of the West^	4,140		134,343
Capitol Bancorp Ltd.	5,500		205,920
Cascade Bancorp^	5,500		126,555
Cathay General Bancorp^	19,200		690,048
Centennial Bank Holdings, Inc.*^	28,900		357,493
Center Financial Corp.^	7,000		176,120
Central Coast Bancorp*^	6,737		166,673
Central Pacific Financial Corp.	11,700		420,264
Chemical Financial Corp.	11,488		364,859
Chittenden Corp.	20,437		568,353
Citizens & Northern Corp.^	4,545		116,488
Citizens Banking Corp.^	21,500		596,625
City Holdings Co.	8,900		319,955
CoBiz, Inc.^	7,500		136,725
Columbia Bancorp/Maryland	3,000		123,750
Columbia Banking System, Inc.^	4,714		134,585
Commercial Bankshares Inc./Miami Fl^	4,000		141,480
Community Bank System, Inc.^	12,600		284,130
Community Banks, Inc.^	7,520		210,560
Community Trust Bancorp, Inc.	4,985		153,289
CVB Financial Corp.^	22,349		453,908
Enterprise Financial Services Corp.*^	6,100		138,348
EuroBancshares, Inc.*	6,900		97,773
Farmers Capital Bank Corp.	2,500		76,850
Financial Institutions, Inc.	5,900		115,758
First Bancorp/North Carolina	4,200		84,672
First Bancorp/Puerto Rico^	27,800		344,998
First Charter Corp.^	15,516		367,109
First Citizens BancShares, Inc./North Carolina, Class A	3,000		523,260
First Commonwealth Financial Corp.^	30,252		391,158
First Community Bancorp, Inc./California	5,800		315,346
First Community Bancshares, Inc./Virginia^	3,245		101,114
First Financial Bancorp^	17,083		299,294
First Financial Bankshares, Inc.^	10,044		352,143
First Financial Corp./Indiana^	4,600		124,200
First Indiana Corp.^	4,700		161,586
First Merchants Corp.	6,258		162,708
First Midwest Bancorp, Inc.^	18,800		659,128
First OAK Brook Bancshares, Inc.^	8,700		243,165
First Regional Bancorp/Los Angeles CA^	2,200		148,610
First Republic Bank	7,950		294,229
First State Bancorp/ New Mexico^	5,200		124,748
FNB Corp./Pennsylvania^	24,500		425,320
FNB Corp./Virginia^	3,300		101,211
Frontier Financial Corp.^	13,050		417,600
GB&T Bancshares, Inc.^	5,900		126,319
Glacier Bancorp, Inc.^	15,327		460,576
Gold Banc Corp., Inc.	18,800		342,536
Great Southern Bancorp, Inc.^	4,400		121,484
Greater Bay Bancorp	25,100		643,062
Hancock Holding Co.	12,900		487,749
Hanmi Financial Corp.	17,000		303,620
Harleysville National Corp.^	13,143		251,031
Heartland Financial USA, Inc.^	4,650		100,905
Heritage Commerce Corp.*^	7,900		169,850
Hudson United Bancorp.	19,100		796,088
IBERIABANK Corp	2,875		146,654
Independent Bank Corp./Massachusetts	6,100		174,033
Independent Bank Corp./Michigan	12,040		327,849
Integra Bank Corp.^	5,156		110,029
Interchange Financial Services Corp.	5,700		98,325
Investors Bancorp, Inc.*	23,860		263,176
Irwin Financial Corp.^	5,300		113,526
Lakeland Bancorp, Inc.^	5,680		83,496
Lakeland Financial Corp.^	2,400		96,912
Macatawa Bank Corp.^	3,864		140,572
Main Street Banks, Inc.^	4,500		122,535
MainSource Financial Group, Inc.^	4,961		88,554
MB Financial, Inc.^	8,750		309,750
MBT Financial Corp.^	8,372		135,626
Mercantile Bank Corp.	2,976		114,576
Mid-State Bancshares^	13,300		355,775
Midwest Banc Holdings, Inc.^	3,750		83,438

261

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EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Nara Bancorp, Inc.	7,400	$	131,572
National Penn Bancshares, Inc.^	16,793		319,907
NBC Capital Corp.^	3,300		78,507
NBT Bancorp, Inc.	16,048		346,476
North Empire Bancshares*^	4,800		113,568
Old National Bancorp/Indiana^	28,140		608,950
Old Second Bancorp, Inc.^	4,600		140,622
Omega Financial Corp.^	4,800		133,776
Oriental Financial Group, Inc.^	7,691		95,061
Pacific Capital Bancorp^	18,844		670,470
Park National Corp.^	5,774		592,643
Peapack-Gladstone Financial Corp.	2,970		82,863
Peoples Bancorp, Inc.	3,610		102,993
Placer Sierra Bancshares^	5,500		152,405
Preferred Bank Los Angeles	3,800		169,100
PrivateBancorp, Inc.	6,800		241,876
Prosperity Bancshares, Inc.	9,400		270,156
Provident Bankshares Corp.	16,759		565,951
Renasant Corp.^	2,850		90,146
Republic Bancorp, Inc., Class A/Kentucky^	4,851		104,054
Republic Bancorp, Inc.,/MI	33,313		396,425
Royal Bancsharesof Pennsylvania^	3,502		81,099
S & T Bancorp, Inc.^	12,660		466,141
Sandy Spring Bancorp, Inc.^	8,100		282,528
Santander BanCorp^	3,740		93,949
SCBT Financial Corp.	2,835		94,746
Seacoast Banking Corp./Florida^	4,980		114,291
Security Bank Corp.*^	7,000		163,030
Sierra Bancorp^	6,800		154,972
Signature Bank*	6,000		168,420
Simmons First National Corp., Class A	4,800		132,960
Southside Bancshares, Inc.^	6,405		129,381
Southwest Bancorp, Inc./Oklahoma^	5,200		104,000
State Bancorp, Inc./New York	6,480		108,475
Sterling Bancorp/New York	5,562		109,738
Sterling Bancshares, Inc./Texas	22,675		350,102
Sterling Financial Corp./Pennsylvania	14,531		287,714
Suffolk Bancorp	3,700		124,949
Summit Bancshares, Inc./Texas	8,500		152,830
Sun Bancorp, Inc./New Jersey*	4,299		84,905
Susquehanna Bancshares, Inc.	20,590		487,571
SVB Financial Group	14,300		669,812
SY Bancorp, Inc.^	3,800		95,076
Taylor Capital Group, Inc.^	3,500		141,400
Texas Capital Bancshares, Inc.*^	8,700		194,967
Texas Regional Bancshares, Inc.	16,114		456,026
Tompkins Trustco, Inc.	3,047		136,506
TriCo Bancshares^	5,200		121,628
Trustco Bank Corp./New York^	33,183		412,133
Trustmark Corp.^	18,900		519,183
UCBH Holdings, Inc.^	39,100		699,108
UMB Financial Corp.^	7,874		503,227
Umpqua Holdings Corp.^	20,176		575,621
Union Bankshares Corp./Virginia^	2,700		116,370
United Bancshares, Inc.^	15,100		532,124
United Community Banks, Inc.	14,100		375,906
Univest Corp. of Pennsylvania^	4,650		112,856
Unizan Financial Corp.	11,790		313,142
USB Holding Co., Inc.^	4,888		105,874
Vineyard National Bancorp^	4,500		138,780
Virginia Commerce Bancorp*^	4,843		140,883
Virginia Financial Group, Inc.^	2,600		93,678
Washington Trust Bancorp^	4,400		115,192
WesBanco, Inc.^	10,200		310,182
West Bancorp, Inc.	5,775		107,993
West Coast Bancorp/Oregon^	5,200		137,540
Westamerica Bancorp	14,300		758,901
Western Alliance Bancorp*	5,500		164,285
Western Sierra Bancorp, Class B*	3,000		109,170
Wilshire Bancorp, Inc.^	8,400		144,396
Wintrust Financial Corp.^	10,040		551,196
Yardville National Bancorp^	3,700		128,205
Zions Bancorp	1,197		90,445

			40,297,126

*Consumer Finance (0.3%)*
ACE Cash Express, Inc.*^	5,100		119,085
Advanta Corp.^	7,200		233,568
Asta Funding, Inc.^	5,700		155,838
Cash America International, Inc.	14,400		333,936
CompuCredit Corp.*	7,700		296,296
First Cash Financial Services, Inc.*^	5,750		167,670
QC Holdings, Inc.*	8,300		95,699
United PanAm Financial Corp.*	5,000		129,350
World Acceptance Corp.*^	8,100		230,850

			1,762,292

*Diversified Financial Services (0.9%)*
Advance America Cash Advance Centers, Inc.	28,900		358,360
Archipelago Holdings, Inc.*^	12,550		624,613
Asset Acceptance Capital Corp.*	6,500		145,990
BKF Capital Group, Inc.^	4,000		75,800
Calamos Asset Management, Inc., Class A^	10,000		314,500
Collegiate Funding Services LLC*^	10,350		204,413
Encore Capital Group, Inc.*^	7,100		123,185
eSpeed, Inc., Class A*^	27,700		213,567
Financial Federal Corp.^	7,000		311,150
GAMCO Investors, Inc.^	2,500		108,825
GFI Group, Inc.*	5,700		270,351
Heartland Payment Systems, Inc.*^	6,300		136,458
IntercontinentalExchange, Inc.*	8,830		320,970
International Securities Exchange, Inc.*^	5,600		154,112
Knight Capital Group, Inc.*	46,900		463,841
MarketAxess Holdings, Inc.*	9,200		105,156
Marlin Business Services, Inc.*	6,700		160,063
Nasdaq Stock Market Inc.*^	19,100		671,938
NGP Capital Resources Co.	9,591		125,930
optionsXpress Holdings, Inc.^	9,000		220,950

			5,110,172

*Insurance (2.4%)*
21st Century Insurance Group^	13,700		221,666
Alfa Corp.	14,050		226,205
American Equity Investment Life Holding Co.	14,000		182,700
American Physicians Capital, Inc.*	4,100		187,739
Argonaut Group, Inc.*	12,900		422,733
Baldwin & Lyons, Inc.^	3,500		85,050
Bristol West Holdings, Inc.	8,880		168,986
Citizens, Inc./Texas, Class A*	31,642		172,449
Clark, Inc.^	5,300		70,225
CNA Surety Corp.*	9,400		136,958

262

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Crawford & Co., Class B^	34,700	$	199,872
Delphi Financial Group, Inc., Class A	12,113		557,319
Direct General Corp.^	6,400		108,160
Donegal Group, Inc.	6,700		155,708
EMC Insurance Group, Inc.	4,600		91,724
Enstar Group, Inc.*^	2,000		132,500
FBL Financial Group, Inc., Class A^	5,324		174,680
First Acceptance Corp.*^	13,800		142,002
FPIC Insurance Group, Inc.*^	4,300		149,210
Great American Financial Resources, Inc.	5,900		117,056
Harleysville Group, Inc.	11,338		300,457
Hilb, Rogal & Hobbs Co.^	13,900		535,289
Horace Mann Educators Corp.	20,700		392,472
Infinity Property & Casualty Corp.	8,800		327,448
Kansas City Life Insurance Co.	4,900		245,392
LandAmerica Financial Group, Inc.^	8,050		502,320
Midland Co.	3,900		140,556
National Interstate Corp.*^	7,100		135,397
National Western Life Insurance Co., Class A*^	700		144,837
Navigators Group, Inc.*^	5,000		218,050
Odyssey Reinsurance Holdings Corp.	5,900		147,972
Ohio Casualty Corp.^	26,150		740,568
Phoenix Cos., Inc.^	40,300		549,692
Presidential Life Corp.	7,000		133,280
ProAssurance Corp.*^	11,664		567,337
RLI Corp.	9,550		476,259
Safety Insurance Group, Inc.^	5,100		205,887
Selective Insurance Group, Inc.^	11,800		626,580
State Auto Financial Corp.	5,750		209,645
Stewart Information Services Corp.	8,600		418,562
Tower Group, Inc.	8,000		175,840
Triad Guaranty, Inc.*	3,950		173,761
UICI	16,100		571,711
United Fire & Casualty Co.^	6,100		246,623
Universal American Financial Corp.*	10,600		159,848
USI Holdings Corp.*^	15,000		206,550
Zenith National Insurance Corp.	10,125		466,965

			12,722,240

*Investment Companies (0.1%)*
Ares Capital Corp.^	16,800		269,976
Gladstone Capital Corp.^	4,100		87,658

			357,634

*Real Estate (6.5%)*
Aames Investment Corp. (REIT)	17,600		113,696
Acadia Realty Trust (REIT)	16,100		322,805
Affordable Residential Communities (REIT)^	9,900		94,347
Alexander’s, Inc. (REIT)*	800		196,400
Alexandria Real Estate Equities, Inc. (REIT)	9,000		724,500
American Campus Communities	6,600		163,680
American Home Mortgage Investment Corp. (REIT)^	19,264		627,428
AMLI Residential Properties Trust (REIT)	10,300		391,915
Anthracite Capital, Inc. (REIT)^	27,200		286,416
Anworth Mortgage Asset Corp. (REIT)	20,800		151,840
Arbor Realty Trust, Inc. (REIT)	5,340		138,413
Ashford Hospitality Trust, Inc. (REIT)	14,500		152,105
Avatar Holdings, Inc.*^	2,600		142,792
Bedford Property Investors, Inc. (REIT)^	4,500		98,730
Bimini Mortgage Management, Inc.(REIT)^	9,000		81,450
BioMed Realty Trust, Inc. (REIT)	19,250		469,700
Bluegreen Corp.*^	7,200		113,760
Boykin Lodging Co., Inc. (REIT)*	11,800		144,196
Brandywine Realty Trust (REIT)	23,850		665,654
Capital Lease Funding, Inc. (REIT)^	12,200		128,466
Capital Trust, Inc./New York, Class A (REIT)	4,300		125,904
Cedar Shopping Centers, Inc. (REIT)	10,000		140,700
CentraCore Properties Trust^	5,200		139,724
Colonial Properties Trust (REIT)	16,886		708,874
Commercial Net Lease Realty (REIT)	20,000		407,400
Consolidated-Tomoka Land Co.^	2,400		170,160
Corporate Office Properties Trust (REIT)	15,900		565,086
Cousins Properties, Inc. (REIT)	17,100		483,930
Criimi MAE, Inc. (REIT)*^	6,700		132,660
Deerfield Triarc Capital Corp.^	22,780		312,086
DiamondRock Hospitality Co. (REIT)	13,000		155,480
Digital Realty Trust, Inc. (REIT)	8,100		183,303
EastGroup Properties (REIT)^	8,400		379,344
ECC Capital Corp. (REIT)^	24,900		56,274
Education Realty Trust, Inc. (REIT)	9,300		119,877
Entertainment Properties Trust (REIT)^	9,900		403,425
Equity Inns, Inc. (REIT)	27,500		372,625
Equity Lifestyle Properties, Inc. (REIT)	7,500		333,750
Equity One, Inc. (REIT)	16,870		390,034
Extra Space Storage, Inc. (REIT)^	16,300		251,020
FelCor Lodging Trust, Inc. (REIT)	26,313		452,847
Fieldstone Investment Corp. REIT^	21,300		252,618
First Industrial Realty Trust, Inc. (REIT)^	17,800		685,300
First Potomac Realty Trust (REIT)	7,000		186,200
Getty Realty Corp. (REIT)	8,800		231,352
Glenborough Realty Trust, Inc. (REIT)	12,100		219,010
Glimcher Realty Trust (REIT)^	14,900		362,368
GMH Communities Trust* (REIT)	13,200		204,732
Government Properties Trust, Inc. (REIT)^	27,500		256,575
Gramercy Capital Corp./New York (REIT)^	7,000		159,460

263

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Heritage Property Investment Trust (REIT)^	10,300	$	344,020
Highland Hospitality Corp. (REIT)	22,100		244,205
Highwoods Properties, Inc. (REIT)	24,800		705,560
Home Properties, Inc. (REIT)	14,100		575,280
HomeBanc Corp./Georgia (REIT)^	24,050		179,894
Housevalues, Inc.*^	10,200		132,906
Impac Mortgage Holdings, Inc. (REIT)^	30,100		283,241
Inland Real Estate Corp. (REIT)^	28,700		424,473
Innkeepers USA Trust (REIT)	20,100		321,600
Investors Real Estate Trust (REIT)^	24,300		224,289
JER Investors Trust, Inc.	9,000		152,550
Jones Lang LaSalle, Inc.	15,300		770,355
Kilroy Realty Corp. (REIT)^	12,300		761,370
Kite Realty Group Trust (REIT)	9,300		143,871
LaSalle Hotel Properties (REIT)	15,600		572,832
Lexington Corp. Properties Trust (REIT)	22,600		481,380
LTC Properties, Inc. (REIT)^	7,100		149,313
Luminent Mortgage Capital, Inc. (REIT)^	14,800		111,148
Maguire Properties, Inc. (REIT)	13,800		426,420
Medical Properties Trust, Inc.	17,700		173,106
Meristar Hospitality Corp. (REIT)*^	34,978		328,793
MFA Mortgage Investments, Inc. (REIT)	33,700		192,090
Mid America Apartment Communities, Inc. (REIT)	7,100		344,350
MortgageIT Holdings, Inc. (REIT)^	8,000		109,280
National Health Investors, Inc. (REIT)	11,200		290,752
National Health Realty, Inc. (REIT)	8,000		148,560
Nationwide Health Properties, Inc. (REIT)^	31,900		682,660
Newcastle Investment Corp. (REIT)^	17,100		424,935
NorthStar Realty Finance Corp.^	16,000		163,040
Novastar Financial, Inc. (REIT)^	13,500		379,485
OMEGA Healthcare Investors, Inc. (REIT)	18,700		235,433
Origen Financial, Inc. (REIT)	19,962		142,129
Orleans Homebuilders, Inc.^	8,000		146,800
Parkway Properties, Inc. (REIT)^	6,200		248,868
Pennsylvania Real Estate Investment Trust (REIT)	15,394		575,120
Post Properties, Inc. (REIT)	16,900		675,155
Prentiss Properties Trust (REIT)	21,900		890,892
PS Business Parks, Inc., Class A (REIT)	6,400		314,880
RAIT Investment Trust (REIT)	10,300		266,976
Ramco-Gershenson Properties Trust (REIT)	5,900		157,235
Redwood Trust, Inc. (REIT)^	9,000		371,340
Saul Centers, Inc. (REIT)	3,700		133,570
Saxon Capital, Inc. (REIT)*^	21,700		245,861
Senior Housing Properties Trust (REIT)^	25,200		426,132
Sizeler Properties Investors, Inc.(REIT)	12,000		154,200
Sovran Self Storage, Inc. (REIT)^	7,200		338,184
Spirit Finance Corp. (REIT)	28,200		320,070
Strategic Hotel Capital, Inc. (REIT)	17,950		369,411
Sun Communities, Inc. (REIT)	6,400		200,960
Sunstone Hotel Investors, Inc. (REIT)	10,600		281,642
Tanger Factory Outlet Centers (REIT)	13,600		390,864
Tarragon Corp. (REIT)*^	10,500		216,510
Taubman Centers, Inc. (REIT)	21,150		734,963
Tejon Ranch Co.*^	3,800		151,696
Town & Country Trust (REIT)^	7,400		250,194
Trammell Crow Co.*	14,500		371,925
Trustreet Properties, Inc. (REIT)^	24,964		364,974
U-Store-It Trust (REIT)	18,500		389,425
Universal Health Realty Income Trust (REIT)^	3,700		115,958
Urstadt Biddle Properties, Inc., Class A (REIT)^	7,100		115,091
Washington Real Estate Investment Trust (REIT)^	19,000		576,650
Winston Hotels, Inc. (REIT)	24,600		243,540
ZipRealty, Inc.*^	27,400		230,708

			34,939,525

*Thrifts & Mortgage Finance (2.6%)*
Accredited Home Lenders Holding Co.*^	6,700		332,186
Anchor Bancorp Wisconsin, Inc.	9,700		294,298
Bank Atlantic Bancorp, Inc., Class A	20,900		292,600
Bank Mutual Corp.	31,905		338,193
Bankunited Financial Corp., Class A	13,800		366,666
Berkshire Hills Bancorp, Inc.^	2,400		80,400
BFC Financial Corp.*	14,250		78,660
Brookline Bancorp, Inc.^	26,517		375,746
Capital Crossing Bank*^	4,500		150,300
Charter Financial Corp.	2,600		92,846
CharterMac^	18,800		398,184
City Bank Lynnwood WA	2,764		98,315
Clifton Savings Bancorp, Inc.^	13,400		134,804
Coastal Financial Corp./ South Carolina^	7,759		99,781
Commercial Capital Bancorp, Inc.	18,872		323,089
CORUS Bankshares, Inc.^	8,200		461,414
Dime Community Bancshares, Inc.^	15,850		231,568
Doral Financial Corp.^	36,800		390,080
Federal Agricultural Mortgage Corp., Class C^	8,700		260,391
Fidelity Bankshares, Inc.	9,750		318,825
First Busey Corp., Class A^	4,650		97,138
First Financial Holdings, Inc.	4,300		132,096
First Niagara Financial Group, Inc.	52,076		753,540
First Place Financial Corp./Ohio	4,700		113,035
FirstFed Financial Corp.*^	8,400		457,968
Flagstar Bancorp, Inc.^	14,800		213,120
Flushing Financial Corp.	14,400		224,208
Franklin Bank Corp./Texas*^	7,200		129,528

264

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Fremont General Corp.^	27,700	$	643,471
Gibraltar Industries, Inc.	13,150		301,661
Harbor Florida Bancshares, Inc.^	11,000		407,550
Horizon Financial Corp.^	5,000		109,200
Itla Capital Corp.*	1,800		87,930
Kearny Financial Corp.^	12,940		157,868
KNBT Bancorp, Inc.^	12,300		200,367
MAF Bancorp, Inc.	13,804		571,209
NASB Financial, Inc.^	2,200		86,592
NetBank, Inc.	25,500		183,090
NewAlliance Bancshares, Inc.^	48,700		708,098
Northwest Bancorp, Inc.^	7,600		161,576
OceanFirst Financial Corp.	6,100		138,836
Ocwen Financial Corp.*^	15,800		137,460
Partners Trust Financial Group, Inc.^	21,597		260,244
Pennfed Financial Services, Inc.	5,200		95,784
PFF Bancorp, Inc.	6,450		196,854
Provident Financial Services, Inc.	36,456		674,801
Provident New York Bancorp^	16,077		177,008
R&G Financial Corp., Class B^	11,200		147,840
Rockville Financial, Inc.	11,500		150,075
Sterling Financial Corp./Washington	15,244		380,795
TierOne Corp.	7,700		226,457
United Community Financial Corp.^	10,900		128,729
W Holding Co., Inc.	46,600		383,518
Westfield Financial, Inc.^	3,600		86,436
WSFS Financial Corp.	2,000		122,500

			14,164,928

Total Financials			113,682,680

Health Care (12.4%)
*Biotechnology (3.8%)*
Aastrom Biosciences, Inc.*^	49,700		104,867
Abgenix, Inc.*	38,200		821,682
Albany Molecular Research, Inc.*	8,900		108,135
Alexion Pharmaceuticals, Inc.*^	11,180		226,395
Alkermes, Inc.*^	36,200		692,144
Amylin Pharmaceuticals, Inc.*	48,400		1,932,128
Applera Corp.- Celera Genomics Group*	31,600		346,336
Arena Pharmaceuticals, Inc.*^	19,400		275,868
Ariad Pharmaceuticals, Inc.*^	20,100		117,585
Arqule, Inc.*^	18,800		115,056
Barrier Therapeutics, Inc.*^	10,973		89,979
Bioenvision, Inc.*	14,100		92,073
BioMarin Pharmaceuticals, Inc.*^	31,668		341,381
Cell Genesys, Inc.*	16,700		99,031
Cell Therapeutics, Inc.*^	19,661		42,861
Cepheid, Inc.*^	18,500		162,430
Coley Pharmaceutical Group, Inc.*	10,400		157,664
Cotherix, Inc.*^	10,900		115,758
Cubist Pharmaceuticals, Inc.*	21,549		457,916
CuraGen Corp.*^	47,600		146,608
CV Therapeutics, Inc.*^	18,756		463,836
deCODE genetics, Inc.*^	23,600		194,936
Dendreon Corp.*^	23,400		126,828
Digene Corp.*	7,500		218,775
Diversa Corp.*^	10,900		52,320
Dov Pharmaceutical, Inc.*^	8,300		121,844
Dusa Pharmaceuticals, Inc.*^	9,500		102,315
Encysive Pharmaceuticals, Inc.*	26,600		209,874
Enzo Biochem, Inc.*^	7,978		99,087
Enzon Pharmaceuticals, Inc.*^	22,000		162,800
Exelixis, Inc.*^	36,200		341,004
Genitope Corp.*^	11,900		94,605
Geron Corp.*^	20,700		178,227
GTx, Inc.*^	11,300		85,428
Human Genome Sciences, Inc.*^	52,100		445,976
ICOS Corp.*^	27,300		754,299
Idenix Pharmaceuticals, Inc.*^	8,700		148,857
Immunogen, Inc.*^	20,200		103,626
Incyte Corp.*^	35,500		189,570
InterMune, Inc.*^	8,500		142,800
Isis Pharmaceuticals, Inc.*^	52,400		274,576
Keryx Biopharmaceuticals, Inc.*	9,600		140,544
Lexicon Genetics, Inc.*^	25,280		92,272
Lifecell Corp.*^	11,500		219,305
Luminex Corp.*	10,300		119,686
MannKind Corp.*^	8,600		96,836
Marshall Edwards, Inc.*^	14,800		92,500
Martek Biosciences Corp.*^	13,400		329,774
Maxygen, Inc.*^	27,200		204,272
Medarex Inc.*^	47,200		653,720
Momenta Pharmaceuticals, Inc.*	7,100		156,484
Monogram Biosciences, Inc.	56,200		105,094
Myogen, Inc.*	8,000		241,280
Myriad Genetics, Inc.*^	13,050		271,440
Nabi Biopharmaceuticals*	21,157		71,511
Nanogen, Inc.*^	24,500		64,190
Neopharm, Inc.*^	18,301		197,468
Neurocrine Biosciences, Inc.*	15,600		978,588
Neurogen Corp.*^	14,600		96,214
Northfield Laboratories, Inc.*^	8,900		119,260
NPS Pharmaceuticals, Inc.*^	13,084		154,914
Nuvelo, Inc.*^	19,200		155,712
Onyx Pharmaceuticals, Inc.*^	14,200		408,392
OraSure Technologies, Inc.*^	19,800		174,636
Pharmion Corp.*^	10,500		186,585
Progenics Pharmaceuticals, Inc.*^	8,800		220,088
Regeneron Pharmaceuticals, Inc.*^	16,600		264,770
Renovis, Inc.*^	10,700		163,710
Rigel Pharmaceuticals, Inc.*^	10,200		85,272
Seattle Genetics, Inc.*^	11,300		53,336
Senomyx, Inc.*^	9,000		109,080
Serologicals Corp.*^	14,700		290,178
StemCells, Inc.*	35,100		121,095
Tanox, Inc.*	8,100		132,597
Telik, Inc.*^	22,600		383,974
Tercica, Inc.*^	14,600		104,682
Threshold Pharmaceuticals, Inc.*^	15,400		222,530
Trimeris, Inc.*	15,432		177,314
United Therapeutics Corp.*	9,680		669,081
Vertex Pharmaceuticals, Inc.*^	41,300		1,142,771
ViaCell, Inc.*^	15,100		84,862
Zymogenetics, Inc.*^	11,500		195,615

			20,709,112

*Health Care Equipment & Supplies (4.0%)*
1-800 Contacts, Inc.*	4,200		49,182
Abaxis, Inc.*^	7,100		117,008
Abiomed, Inc.*	8,900		82,236
Adeza Biomedical Corp.*	9,400		197,870
Align Technology, Inc.*^	18,000		116,460
American Medical Systems Holdings, Inc.*	29,500		525,985
Analogic Corp.^	4,600		220,110

265

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Animas Corp.*	6,600	$	159,390
Arrow International, Inc.	7,700		223,223
ArthroCare Corp.*^	10,600		446,684
Aspect Medical Systems, Inc.*^	9,400		322,890
Bio-Rad Laboratories, Inc., Class A*	7,000		458,080
Biosite, Inc.^	7,256		408,440
Bruker BioSciences Corp.*	52,243		253,901
Candela Corp.*^	10,600		153,064
Cantel Medical Corp.*^	8,200		147,108
CNS, Inc.^	6,400		140,224
Conmed Corp.*	13,800		326,508
Cyberonics, Inc.*	9,100		293,930
Datascope Corp.^	3,600		118,980
DexCom, Inc.*	12,200		182,024
Diagnostic Products Corp.^	9,100		441,805
DJ Orthopedics, Inc.*^	7,800		215,124
Encore Medical Corp.*^	20,400		100,980
Epix Pharmaceuticals, Inc.*^	9,700		39,188
ev3, Inc.*^	10,300		151,822
Foxhollow Technologies, Inc.*^	5,500		163,845
Greatbatch, Inc.*	9,800		254,898
Haemonetics Corp.*	11,100		542,346
HealthTronics, Inc.*^	14,400		110,160
Hologic, Inc.*	18,200		690,144
I-Flow Corp.*^	9,700		141,814
ICU Medical, Inc.*	6,100		239,181
Illumina, Inc.*	18,500		260,850
Immucor, Inc.*	19,012		444,120
Integra LifeSciences Holdings Corp.*^	8,100		287,226
Intermagnetics General Corp.*^	11,892		379,355
Intralase Corp.*^	6,000		106,980
Intuitive Surgical, Inc.*	14,900		1,747,323
Invacare Corp.^	11,500		362,135
Inverness Medical Innovations, Inc.*^	6,800		161,228
IRIS International, Inc.^	8,600		187,996
Kensey Nash Corp.*^	4,100		90,323
Kyphon, Inc.*^	12,400		506,292
Laserscope*^	7,000		157,220
Matthews International Corp., Class A^	13,300		484,253
Mentor Corp.	13,800		635,904
Meridian Bioscience, Inc.	11,700		235,638
Merit Medical Systems, Inc.*	7,512		91,196
Micro Therapeutics, Inc.*	26,000		180,180
Mine Safety Appliances Co.^	12,300		445,383
Molecular Devices Corp.*^	4,700		135,971
Nektar Therapeutics*	36,300		597,498
Neurometrix, Inc.*^	5,600		152,768
NuVasive, Inc.*^	7,911		143,189
OccuLogix, Inc.*	18,200		131,040
Palomar Medical Technologies, Inc.*^	6,800		238,272
PolyMedica Corp.^	10,630		355,786
Somanetics Corp.*^	5,000		160,000
SonoSite, Inc.*^	4,780		167,348
Stereotaxis, Inc.*	14,400		123,984
Steris Corp.	28,200		705,564
SurModics, Inc.*	6,400		236,736
Sybron Dental Specialties, Inc.*	16,400		652,884
Symmetry Medical, Inc.*	7,760		150,466
Thoratec Corp.*^	24,355		503,905
TriPath Imaging, Inc.*^	28,900		174,556
Varian, Inc.*	14,300		568,997
Ventana Medical Systems, Inc.*	13,200		559,020
Viasys Healthcare, Inc.*	15,000		385,500
Vital Signs, Inc.	2,700		115,614
West Pharmaceutical Services, Inc.^	11,914		298,208
Wright Medical Group, Inc.*^	10,700		218,280
Young Innovations, Inc.	2,500		85,200
Zoll Medical Corp.*	2,900		73,051

			21,732,043

*Health Care Providers & Services (3.2%)*
Advisory Board Co.*	7,100		338,457
Alderwoods Group, Inc.*	17,500		277,725
Alliance Imaging, Inc.*	32,700		194,565
Allied Healthcare International, Inc.*	20,600		126,484
Amedisys, Inc.*^	6,600		278,784
America Service Group, Inc.*^	5,400		85,644
American Dental Partners, Inc.*^	6,750		122,040
American Healthways, Inc.*^	12,900		583,725
American Retirement Corp.*	11,800		296,534
AMN Healthcare Services, Inc.*	6,106		120,777
Amsurg Corp.*^	13,650		312,039
Andrx Corp.*	31,200		513,864
Apria Healthcare Group, Inc.*	20,200		487,022
Beverly Enterprises, Inc.*	45,300		528,651
Brookdale Senior Living, Inc.^	5,020		149,646
Centene Corp.*^	19,000		499,510
Computer Programs & Systems, Inc.^	4,800		198,864
Corvel Corp.*	7,350		139,577
Cross Country Healthcare, Inc.*^	13,800		245,364
Dendrite International, Inc.*	14,600		210,386
Eclipsys Corp.*	15,900		300,987
eResearch Technology, Inc.*^	19,125		288,787
Genesis HealthCare Corp.*^	8,000		292,160
Gentiva Health Services, Inc.*	8,500		125,290
HealthExtras, Inc.*^	6,900		173,190
Hooper Holmes, Inc.^	19,300		49,215
Horizon Health Corp.*	6,600		149,358
IDX Systems Corp.*	10,800		474,336
Kindred Healthcare, Inc.*^	11,800		303,968
LCA Vision, Inc.^	8,650		410,961
LHC Group, Inc.*	9,900		172,557
Lifeline Systems, Inc.*^	4,600		168,176
Magellan Health Services, Inc.*	10,900		342,805
Matria Healthcare, Inc.*^	8,900		344,964
Medcath Corp.*^	6,200		115,010
Merge Technologies, Inc.*^	7,700		192,808
Molina Healthcare, Inc.*	4,200		111,888
National Healthcare Corp.^	4,600		171,948
NDCHealth Corp.*	15,508		298,219
Odyssey HealthCare, Inc.*^	12,975		241,854
Option Care, Inc.^	13,500		180,360
Owens & Minor, Inc.	17,600		484,528
Parexel International Corp.*^	8,700		176,262
Pediatrix Medical Group, Inc.*	9,700		859,129
Per-Se Technologies, Inc.*^	9,066		211,782
PRA International*	6,100		171,715
PSS World Medical, Inc.*^	32,300		479,332
Psychiatric Solutions, Inc.*^	11,200		657,888
Radiation Therapy Services, Inc.*^	4,950		174,784
RehabCare Group, Inc.*	5,400		109,080
Res-Care, Inc.*^	9,900		171,963
SFBC International, Inc.*^	6,600		105,666
Specialty Laboratories, Inc.*	16,600		216,630
Stewart Enterprises, Inc.	41,900		226,679
Sunrise Senior Living, Inc.*	14,280		481,379

266

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Symbion, Inc.*^	7,200	$	165,600
Trizetto Group*	18,300		310,917
United Surgical Partners International, Inc.*^	17,100		549,765
Ventiv Health, Inc.*	11,600		273,992
VistaCare, Inc., Class A*	8,000		100,000
Vital Images, Inc.*	6,600		172,590
WellCare Health Plans, Inc.*	7,900		322,715

			17,040,895

*Personal Products (0.0%)*
Tiens Biotech Group USA, Inc.*^	26,100		94,482

*Pharmaceuticals (1.4%)*
Adams Respiratory Therapeutics, Inc.*	4,100		166,706
Adolor Corp.*	20,400		297,840
Alpharma, Inc., Class A	18,400		524,584
Antigenics, Inc.*^	27,500		130,900
Array Biopharma, Inc.*^	14,500		101,645
AtheroGenics, Inc.*^	17,800		356,178
AVANIR Pharmaceuticals*	54,500		187,480
Bentley Pharmaceuticals, Inc.*^	6,200		101,742
BioScrip, Inc.^	18,200		137,228
Connetics Corp.*^	12,977		187,517
Conor Medsystems, Inc.*	9,600		185,760
Cypress Bioscience, Inc.*^	11,800		68,204
Discovery Laboratories, Inc.*	18,700		124,916
Durect Corp.*	26,000		131,820
First Horizon Pharmaceutical Corp.*^	11,200		193,200
Hi-Tech Pharmacal Co., Inc.*	4,200		186,018
Inspire Pharmaceuticals, Inc.*^	15,900		80,772
ISTA Pharmaceuticals, Inc.*	13,600		86,496
KV Pharmaceutical Co.*^	13,100		269,860
Medicines Co.*^	20,000		349,000
Medicis Pharmaceutical Corp., Class A	23,200		743,560
MGI Pharma, Inc.*	30,600		525,096
New River Pharmaceuticals, Inc.*^	5,000		259,400
NitroMed, Inc.*^	6,500		90,675
Noven Pharmaceuticals, Inc.*^	7,100		107,423
Pain Therapeutics, Inc.*^	13,900		93,964
Par Pharmaceutical Cos., Inc.*	13,800		432,492
Penwest Pharmaceuticals Co.*^	17,200		335,744
Perrigo Co.^	35,900		535,269
Pozen, Inc.*^	23,600		226,324
Salix Pharmaceuticals Ltd.*^	19,900		349,842
SuperGen, Inc.*	32,200		162,610

			7,730,265

Total Health Care			67,306,797

Industrials (15.3%)
*Aerospace & Defense (1.7%)*
AAR Corp.*	10,850		259,858
Applied Signal Technology, Inc.^	4,200		95,340
ARGON ST, Inc.*^	4,200		130,116
Armor Holdings, Inc.*	14,704		627,126
Aviall, Inc.*^	14,300		411,840
BE Aerospace, Inc.*	23,900		525,800
Ceradyne, Inc.*^	11,550		505,890
Cubic Corp.^	14,300		285,428
Curtiss-Wright Corp.^	9,300		507,780
DRS Technologies, Inc.	11,832		608,401
EDO Corp.^	5,300		143,418
Engineered Support Systems	17,725		738,069
Essex Corp.*^	7,300		124,465
Esterline Technologies Corp.*	10,700		397,933
GenCorp, Inc.*^	28,100		498,775
Heico Corp.^	7,900		204,452
Herley Industries, Inc.*^	4,600		75,946
Hexcel Corp.*^	25,500		460,275
Innovative Solutions & Support, Inc.*^	7,500		95,850
K&F Industries Holdings, Inc.	9,800		150,528
Kaman Corp.	7,400		145,706
Mercury Computer Systems, Inc.*^	7,200		148,536
Moog, Inc., Class A*	17,359		492,648
MTC Technologies, Inc.*	3,000		82,140
Orbital Sciences Corp.*^	24,600		315,864
Sequa Corp., Class A*	1,800		124,290
SI International, Inc.*	8,200		250,674
Teledyne Technologies, Inc.*	14,268		415,199
Triumph Group, Inc.*	8,400		307,524
United Industrial Corp.^	5,100		210,987

			9,340,858

*Air Freight & Logistics (0.4%)*
ABX Air, Inc.*	24,900		194,967
EGL, Inc.*	17,300		649,961
Forward Air Corp.	13,050		478,282
Hub Group, Inc., Class A*^	7,400		261,590
Pacer International, Inc.	15,900		414,354

			1,999,154

*Airlines (0.6%)*
Airtran Holdings, Inc.*^	38,200		612,346
Alaska Air Group, Inc.*	10,800		385,776
Continental Airlines, Inc., Class B*	37,700		803,010
ExpressJet Holdings, Inc.*	15,500		125,395
Frontier Airlines, Inc.*^	11,800		109,032
MAIR Holdings, Inc.*^	18,200		85,722
Mesa Air Group, Inc.*	23,000		240,580
Pinnacle Airlines Corp.*	12,200		81,374
Republic Airways Holdings, Inc.*	9,000		136,800
Skywest, Inc.	25,600		687,616
World Air Holdings, Inc.*	13,000		125,060

			3,392,711

*Building Products (0.7%)*
American Woodmark Corp.^	3,800		94,202
Apogee Enterprises, Inc.^	7,700		124,894
Builders FirstSource, Inc.*	7,900		168,823
Comstock Homebuilding Cos, Inc.*^	6,200		87,482
ElkCorp^	10,800		363,528
Griffon Corp.*	13,200		314,292
Jacuzzi Brands, Inc.*^	32,502		273,017
Lennox International, Inc.	20,901		589,408
NCI Building Systems, Inc.*^	10,500		446,040
Simpson Manufacturing Co., Inc.^	14,200		516,170
Trex Co., Inc.*^	4,300		120,615
Universal Forest Products, Inc.^	8,950		494,487

			3,592,958

*Commercial Services & Supplies (4.3%)*
ABM Industries, Inc.^	19,000		371,450
Administaff, Inc.	8,700		365,835
American Ecology Corp.	8,300		119,769
American Reprographics Co.*	9,400		238,854
Banta Corp.	10,500		522,900
Bowne & Co., Inc.^	18,500		274,540
Brady Corp., Class A	18,200		658,476

267

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EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Bright Horizons Family Solutions, Inc.*	13,000	$	481,650
Casella Waste Systems, Inc.*	7,100		90,809
CBIZ, Inc.*^	23,493		141,428
CDI Corp.^	4,100		112,340
Central Parking Corp.	5,000		68,600
Cenveo, Inc.*^	20,900		275,044
Chemed Corp.	10,000		496,800
Clean Harbors, Inc.*	6,600		190,146
Coinstar, Inc.*	10,800		246,564
COMSYS IT Partners, Inc.*^	8,600		95,030
Consolidated Graphics, Inc.*	3,800		179,892
Corinthian Colleges, Inc.*^	38,800		457,064
Corrections Corp. of America*^	17,419		783,332
CoStar Group, Inc.*^	6,800		293,556
CRA International, Inc.*^	4,400		209,836
Darling International, Inc.*^	29,300		116,321
DiamondCluster International, Inc.*	25,314		200,993
Duratek, Inc.*^	7,400		110,482
Educate, Inc.*	10,900		128,620
Electro Rent Corp.*^	17,000		253,470
Ennis, Inc.^	11,000		199,870
Escala Group, Inc.*^	13,500		273,780
FTI Consulting, Inc.*	17,875		490,490
Knoll, Inc.	8,400		143,724
G&K Services, Inc., Class A	7,400		290,450
Geo Group, Inc.*	4,200		96,306
Gevity HR, Inc.	9,600		246,912
Healthcare Services Group, Inc.^	11,250		232,988
Heidrick & Struggles, Inc.*	8,400		269,220
Hudson Highland Group, Inc.*^	8,000		138,880
Huron Consulting Group, Inc.*	6,400		153,536
IKON Office Solutions, Inc.^	49,300		513,213
Interpool, Inc.	6,900		130,272
Jackson Hewitt Tax Service, Inc.	16,000		443,360
John H. Harland Co.	13,300		500,080
Kelly Services, Inc., Class A	5,700		149,454
Kenexa Corp.*	9,200		194,120
Kforce, Inc.*	13,200		147,312
Korn/Ferry International*^	14,792		276,462
Labor Ready, Inc.*	23,150		481,983
Layne Christensen Co.*^	6,200		157,666
Learning Tree International, Inc.*^	5,100		65,433
LECG Corp.*	6,800		118,184
Lincoln Educational Services Corp.*^	11,500		163,990
McGrath Rentcorp^	9,000		250,200
Mobile Mini, Inc.*^	6,268		297,103
Morningstar, Inc.*	5,400		187,056
Navigant Consulting Co.*	19,350		425,313
NCO Group, Inc.*	11,200		189,504
PHH Corp.*	22,400		627,648
Pico Holdings, Inc.*^	5,200		167,752
Portfolio Recovery Associates, Inc.*^	6,700		311,148
Prepaid Legal Services, Inc.*^	5,300		202,513
PRG-Schultz International, Inc.*^	18,500		11,285
Providence Service Corp*^	4,900		141,071
Resources Connection, Inc.*^	19,800		515,988
Rollins, Inc.	17,175		338,519
Schawk, Inc.^	6,600		136,950
School Specialty, Inc.*^	8,800		320,672
Sotheby’s Holdings, Inc., Class A*	23,996		440,567
SOURCECORP, Inc.*	5,200		124,696
Spherion Corp.*	32,080		321,121
Standard Register Co.	16,600		262,446
Strayer Education, Inc.	6,200		580,940
TeleTech Holdings, Inc.*^	11,800		142,190
Tetra Tech, Inc.*^	20,915		327,738
TRM Corp.*^	8,600		64,070
United Rentals, Inc.*^	28,700		671,293
United Stationers, Inc.*	14,400		698,400
Universal Technical Institute, Inc.*	9,100		281,554
Vertrue, Inc.*	3,000		105,990
Viad Corp.^	9,500		278,635
Volt Information Sciences, Inc.*^	4,200		79,884
Waste Connections, Inc.*	20,900		720,214
Waste Services, Inc.*	36,500		121,545
Watson Wyatt & Co. Holdings^	16,000		446,400
Wright Express Corp.*	17,600		387,200

			23,539,091

*Construction & Engineering (1.0%)*
Comfort Systems USA, Inc.	17,500		161,000
Dycom Industries, Inc.*^	21,533		473,726
EMCOR Group, Inc.*	7,300		492,969
Granite Construction, Inc.	15,900		570,969
Infrasource Services, Inc.*	11,800		154,344
Insituform Technologies, Inc., Class A*^	11,100		215,007
MasTec, Inc.*^	21,400		224,058
Perini Corp.*^	9,700		234,255
Quanta Services, Inc.*^	49,800		655,866
Shaw Group, Inc.*^	34,080		991,387
URS Corp.*	17,400		654,414
Washington Group International, Inc.	11,300		598,561

			5,426,556

*Electrical Equipment (1.2%)*
A.O. Smith Corp.^	5,650		198,315
Acuity Brands, Inc.	18,325		582,735
American Science & Engineering, Inc.*^	3,500		218,295
American Superconductor Corp.*	9,700		76,339
Artesyn Technologies, Inc.*	10,700		110,210
Baldor Electric Co.	14,800		379,620
C&D Technologies, Inc.^	10,600		80,772
Encore Wire Corp.*^	13,000		295,880
Energy Conversion Devices, Inc.*^	10,500		427,875
EnerSys*^	19,600		255,584
Evergreen Solar, Inc.*^	23,000		244,950
Franklin Electric Co., Inc.^	9,500		375,630
FuelCell Energy, Inc.*^	16,700		141,449
General Cable Corp.*	16,750		329,975
Genlyte Group, Inc.*^	11,800		632,126
Global Power Equipment Group, Inc.*^	15,100		68,252
Ii-Vi, Inc.*^	7,400		132,238
LaBarge, Inc.*	8,400		120,708
LSI Industries, Inc.	7,350		115,101
Medis Technologies Ltd.*^	9,900		145,629
Plug Power, Inc.*^	47,000		241,110
Powell Industries, Inc.*	5,400		96,984
Power-One, Inc.*	30,600		184,212
Preformed Line Products Co.^	3,700		158,323
Regal Beloit Corp.^	10,600		375,240
Thermogenesis Corp.*	23,400		113,022

268

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Valence Technology, Inc.^	63,650	$	98,021
Vicor Corp.^	7,900		124,899
Woodward Governor Co.	4,900		421,449

			6,744,943

*Industrial Conglomerates (0.3%)*
Raven Industries, Inc.^	6,800		196,180
Reddy Ice Holdings, Inc.*	7,100		154,851
Standex International Corp.	3,700		102,712
Tredegar Corp.^	10,376		133,747
Walter Industries, Inc.^	15,500		770,660

			1,358,150

*Machinery (3.3%)*
3D Systems Corp.*^	6,000		108,000
Actuant Corp., Class A^	11,400		636,120
AGCO Corp.*	38,600		639,602
Albany International Corp.	12,650		457,424
Astec Industries, Inc.*^	6,900		225,354
ASV, Inc.*^	5,200		129,896
Badger Meter, Inc.^	3,700		145,188
Barnes Group, Inc.^	6,560		216,480
Briggs & Stratton Corp.^	22,000		853,380
Bucyrus International, Inc., Class A	8,650		455,855
Cascade Corp.^	5,300		248,623
CIRCOR International, Inc.^	4,200		107,772
Clarcor, Inc.	20,900		620,939
Crane Co.	22,100		779,467
Dynamic Materials Corp.^	6,700		201,134
EnPro Industries, Inc.*^	7,500		202,125
ESCO Technologies, Inc.*	10,704		476,221
Federal Signal Corp.	19,500		292,695
Flanders Corp.*^	14,800		179,968
Flowserve Corp.*	24,100		953,396
Freightcar America, Inc.	4,800		230,784
Gardner Denver, Inc.*	10,700		527,510
Gehl Co.*^	5,400		141,750
Gorman-Rupp Co.^	4,625		102,259
Greenbrier Cos., Inc.	5,800		164,720
JLG Industries, Inc.^	21,800		995,388
Kaydon Corp.^	13,100		421,034
Kennametal, Inc.	16,700		852,368
Lincoln Electric Holdings, Inc.^	15,500		614,730
Lindsay Manufacturing Co.	3,950		75,959
Manitowoc Co., Inc.	12,700		637,794
Middleby Corp.*^	2,300		198,950
Mueller Industries, Inc.	14,300		392,106
Nacco Industries, Inc., Class A	2,300		269,445
Nordson Corp.	10,400		421,304
Reliance Steel & Aluminum Co.	11,700		715,104
Robbins & Myers, Inc.^	4,000		81,400
Stewart & Stevenson Services, Inc.	12,620		266,661
Sun Hydraulics Corp.	6,150		118,879
Tecumseh Products Co., Class A^	7,856		179,981
Tennant Co.	2,900		150,800
Titan International, Inc.^	10,900		188,025
Trinity Industries, Inc.^	17,500		771,225
TurboChef Technologies, Inc.*^	8,200		117,752
Valmont Industries, Inc.	7,600		254,296
Wabash National Corp.^	12,500		238,125
Watts Water Technologies, Inc., Class A	9,700		293,813
Webtec Corp.	17,986		483,823

			17,835,624

*Marine (0.1%)*
Kirby Corp.*	9,575		499,528

*Road & Rail (1.1%)*
AMERCO, Inc.*^	5,600		403,480
Arkansas Best Corp.^	9,628		420,551
Covenant Transport, Inc., Class A*^	5,100		71,298
Dollar Thrifty Automotive Group, Inc.*^	12,100		436,447
Florida East Coast Industries, Inc., Class A^	13,800		584,706
Genesee & Wyoming, Inc., Class A*^	9,950		373,622
Heartland Express, Inc.^	23,034		467,360
Kansas City Southern *	35,000		855,050
Knight Transportation, Inc.^	23,709		491,488
Marten Transport Ltd.*^	15,652		285,179
Old Dominion Freight Line*^	12,150		327,807
PAM Transportation Services, Inc.*^	4,600		81,834
RailAmerica, Inc.*^	15,400		169,246
SCS Transportation, Inc.*	5,400		114,750
Sirva, Inc.*	17,100		136,800
U.S. Xpress Enterprises, Inc., Class A*	5,450		94,721
Werner Enterprises, Inc.^	19,200		378,240

			5,692,579

*Trading Companies & Distributors (0.6%)*
Applied Industrial Technologies, Inc.	11,400		384,066
GATX Corp.	20,400		736,032
Hughes Supply, Inc.	28,400		1,018,140
Interline Brands, Inc.*	8,360		190,190
Lawson Products, Inc.^	2,700		101,898
Nuco2, Inc.*^	6,300		175,644
Watsco, Inc.	10,400		622,024

			3,227,994

*Transportation Infrastructure (0.0%)*
Universal Truckload
Services, Inc.*	7,600		174,800

Total Industrials			82,824,946

Information Technology (18.4%)
*Communications Equipment (2.6%)*
3Com Corp.*	163,800		589,680
Adtran, Inc.	28,100		835,694
Anaren, Inc.*	7,508		117,350
Ariba, Inc.*^	23,412		172,078
Arris Group, Inc.*	45,300		428,991
Atheros Communications, Inc.*^	11,400		148,200
Audiovox Corp., Class A*	6,100		84,546
Avocent Corp.*	21,200		576,428
Bel Fuse, Inc., Class B^	3,292		104,686
Belden CDT, Inc.^	19,400		473,942
Black Box Corp.^	6,500		307,970
C-COR, Inc.*^	15,200		73,872
CIENA Corp.*	244,300		725,571
CommScope, Inc.*	21,000		422,730
Comtech Telecommunications Corp.	9,225		281,732
Cyberguard Corp.*	19,700		173,951
Digi International, Inc.*^	10,300		108,047
Ditech Communications Corp.*^	14,900		124,415
Echelon Corp.*	29,500		230,985
EndWave Corp.*	3,200		37,696
Extreme Networks, Inc.*	46,200		219,450

269

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
FalconStor Software, Inc.*^	36,800	$	271,952
Finisar Corp.*^	89,800		186,784
Foundry Networks, Inc.*	52,200		720,882
Glenayre Technologies, Inc.*^	37,400		121,550
Harmonic, Inc.*^	33,800		163,930
Inter-Tel, Inc.	8,750		171,238
Interdigital Communications Corp.*	22,300		408,536
Ixia*^	15,344		226,784
MRV Communications, Inc.*^	35,400		72,570
Netgear, Inc.*^	13,900		267,575
Oplink Communications, Inc.*^	17,442		252,909
Packeteer, Inc.*^	13,200		102,564
Plantronics, Inc.^	20,900		591,470
Polycom, Inc.*	41,800		639,540
Powerwave Technologies, Inc.*^	42,100		529,197
Redback Networks, Inc.*	22,600		317,756
SafeNet, Inc.*^	9,629		310,246
SeaChange International, Inc.*	8,100		63,990
Sonus Networks, Inc.*^	105,900		393,948
Spectralink Corp.	18,500		219,595
Superior Essex, Inc.*	8,400		169,344
Sycamore Networks, Inc.*	79,600		343,872
Symmetricom, Inc.*^	19,900		168,553
Tekelec*	20,700		287,730
Terayon Communication Systems, Inc.*	22,200		51,282
Utstarcom, Inc.*^	42,700		344,162
ViaSat, Inc.*^	7,100		189,783
Westell Technologies, Inc.*^	49,300		221,850
Zhone Technologies, Inc.*	106,300		225,356

			14,272,962

*Computers & Peripherals (1.5%)*
Adaptec, Inc.*^	46,900		272,958
Advanced Digital Information Corp.*	26,900		263,351
Applied Films Corp.*^	5,000		103,850
Brocade Communications Systems, Inc.*	104,500		425,315
Dot Hill Systems Corp.*^	36,600		253,638
Electronics for Imaging, Inc.*^	21,600		574,776
Gateway, Inc.*^	108,700		272,837
Hutchinson Technology, Inc.*^	12,500		355,625
Hypercom Corp.*^	16,200		103,518
Imation Corp.	14,300		658,801
Intergraph Corp.*	15,600		777,036
Komag, Inc.*	10,900		377,794
Maxtor Corp.*	108,100		750,214
McData Corp., Class A*^	68,400		259,920
Mobility Electronics, Inc.*^	16,400		158,424
Novatel Wireless, Inc.*^	7,400		89,614
Palm, Inc.*^	17,250		548,550
Presstek, Inc.*^	11,300		102,152
Quantum Corp.*^	72,300		220,515
Rackable Systems, Inc.*	11,100		316,128
Stratasys, Inc.*	3,550		88,785
Synaptics, Inc.*	9,350		231,132
Unova, Inc.*	19,700		665,860

			7,870,793

*Electronic Equipment & Instruments (2.2%)*
Aeroflex, Inc.*	32,650		350,988
Agilysis, Inc.	9,500		173,090
Anixter International, Inc.	12,700		496,824
Bell MicroProducts, Inc.*^	14,900		113,985
Benchmark Electronics, Inc.*	17,650		593,569
Brightpoint, Inc.*	11,775		326,521
Checkpoint Systems, Inc.*	15,900		391,935
Cognex Corp.	17,700		532,593
Coherent, Inc.*	11,900		353,192
CTS Corp.	20,400		225,624
Daktronics, Inc.	5,700		168,549
Dionex Corp.*	8,200		402,456
Electro Scientific Industries, Inc.*^	14,200		342,930
Excel Technology, Inc.*^	6,200		147,436
Faro Technologies, Inc.*^	4,800		96,000
Global Imaging Systems, Inc.*^	8,800		304,744
Identix Corp.*^	37,900		189,879
International Display Works, Inc.*^	16,800		99,792
Itron, Inc.*^	9,160		366,766
Keithley Instruments, Inc.^	5,100		71,298
KEMET Corp.*^	42,200		298,354
Landauer, Inc.	2,700		124,443
LeCroy Corp.*^	6,000		91,740
Lexar Media, Inc.*^	35,100		288,171
Littelfuse, Inc.*	9,800		267,050
LoJack Corp.*	8,500		205,105
Measurement Specialties, Inc.*^	5,900		143,665
Methode Electronics, Inc.	11,300		112,661
Metrologic Instruments, Inc.*	10,900		209,934
MTS Systems Corp.	7,100		245,944
Multi-Fineline Electronix, Inc.*^	7,650		368,501
Newport Corp.*^	19,200		259,968
OSI Systems, Inc.*	4,700		86,433
PAR Technology Corp.*^	5,000		138,800
Park Electrochemical Corp.	5,800		150,684
Paxar Corp.*	13,900		272,857
Photon Dynamics, Inc.*^	9,104		166,421
Plexus Corp.*	16,300		370,662
RadiSys Corp.*^	6,050		104,907
Rofin-Sinar Technologies, Inc.*	6,000		260,820
Rogers Corp.*^	6,500		254,670
Scansource, Inc.*^	5,700		311,676
Spatialight, Inc.*^	18,350		63,675
SYNNEX Corp.*	7,600		114,836
Sypris Solutions, Inc.	6,000		59,880
Taser International, Inc.*^	19,400		135,412
Technitrol, Inc.	19,500		333,450
TTM Technologies, Inc.*^	16,600		156,040
Universal Display Corp.*^	20,500		215,455
Veeco Instruments, Inc.*^	11,200		194,096
Viisage Technology, Inc.*^	5,440		95,798
X-Rite, Inc.^	7,700		77,000

			11,927,279

*Internet Software & Services (2.3%)*
Allscripts Healthcare Solutions, Inc.*^	18,200		243,880
aQuantive, Inc.*^	24,200		610,808
AsiaInfo Holdings, Inc.*^	36,800		146,464
Autobytel, Inc.*^	42,600		210,444
Bankrate, Inc.*^	8,100		239,112
Blue Coat Systems, Inc.*^	3,700		169,164
Click Commerce, Inc.*^	6,800		142,936
CMGI, Inc.*^	205,900		312,968
CNET Networks, Inc.*	53,400		784,446
Digital Insight Corp.*	13,068		418,437
Digital River, Inc.*^	15,000		446,100
Digitas, Inc.*	38,100		477,012
EarthLink, Inc.*	55,700		618,827
eCollege.com, Inc.*	9,400		169,482
Entrust, Inc.*	20,200		97,768
Equinix, Inc.*	6,600		269,016
InfoSpace, Inc.*^	12,900		333,078
Internet Capital Group, Inc.*^	17,700		145,494

270

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
Internet Security Systems, Inc.*^	18,900	$	395,955
Interwoven, Inc.*	15,225		128,956
Ipass, Inc.*^	17,700		116,112
iVillage, Inc.*^	21,100		169,222
j2 Global Communications, Inc.*^	10,100		431,674
Jupitermedia Corp.*^	9,500		140,410
Keynote Systems, Inc.*^	7,300		93,805
Marchex, Inc., Class B*^	10,900		245,141
Matrixone, Inc.*^	15,900		79,341
Motive, Inc.*^	9,550		29,510
Netratings, Inc.*^	8,700		107,271
NIC Corp.*	41,400		255,024
Online Resources Corp.*^	12,900		142,545
Openwave Systems, Inc.*^	29,807		520,728
Opsware, Inc.*	31,800		215,922
Phase Forward, Inc.*^	16,300		158,925
RealNetworks, Inc.*	45,500		353,080
S1 Corp.*^	35,000		152,250
Sohu.com, Inc.*	8,800		161,392
SonicWALL, Inc.*	17,500		138,600
Stellent, Inc.*	9,500		94,335
SupportSoft, Inc.*	15,700		66,254
Terremark Worldwide, Inc.*^	13,110		60,961
Travelzoo, Inc.*^	6,660		146,520
United Online, Inc.	21,450		305,019
ValueClick, Inc.*^	38,500		697,235
Vignette Corp.*	10,080		164,405
WebEx Communications, Inc.*^	14,100		304,983
webMethods, Inc.*	15,500		119,505
Websense, Inc.*^	10,500		689,220
WebSideStory, Inc.*^	10,400		188,552

			12,708,288

*IT Services (1.7%)*
Acxiom Corp.	37,500		862,500
Anteon International Corp.*	12,000		652,200
BearingPoint, Inc.*	78,300		615,438
Ciber, Inc.*	17,200		113,520
Covansys Corp.*^	11,800		160,598
CSG System International, Inc.*	25,600		571,392
eFunds Corp.*	22,600		529,744
Euronet Worldwide, Inc.*^	13,300		369,740
Forrester Research, Inc.*	14,400		270,000
Gartner, Inc., Class A*^	25,089		323,648
Greenfield Online, Inc.*^	6,700		39,262
iGate Capital Corp.*	15,100		73,386
Infocrossing, Inc.*	8,500		73,185
infoUSA, Inc.*	10,100		110,393
Intrado, Inc.*	4,900		112,798
iPayment, Inc.*^	5,200		215,904
Kanbay International, Inc.*	10,550		167,639
Keane, Inc.*^	24,900		274,149
Lionbridge Technologies, Inc.*^	23,200		162,864
ManTech International Corp., Class A*	7,500		208,950
MAXIMUS, Inc.	8,400		308,196
MoneyGram International, Inc.	36,900		962,352
MPS Group, Inc.*	44,767		611,965
Ness Technologies, Inc.*	10,700		115,239
Pegasus Solutions, Inc.*^	8,450		75,797
Perot Systems Corp., Class A*^	32,200		455,308
RightNow Technologies, Inc.*^	6,950		128,297
Sapient Corp.*^	26,200		149,078
Startek, Inc.	3,600		64,800
SYKES Enterprises, Inc.*	14,000		187,180
Syntel, Inc.^	12,100		252,043
TNS, Inc.*	5,700		109,326
Tyler Technologies, Inc.*^	13,700		120,286

			9,447,177

*Semiconductors & Semiconductor Equipment (4.5%)*
Actel Corp.*	7,500		95,475
ADE Corp.*^	5,900		141,954
Advanced Analogic Technologies, Inc.*	14,100		195,285
Advanced Energy Industries, Inc.*	17,600		208,208
AMIS Holdings, Inc.*	18,800		200,220
Amkor Technology, Inc.*^	42,800		239,680
Applied Micro Circuits Corp.*	131,500		337,955
Asyst Technologies, Inc.*	16,300		93,236
Atmel Corp.*	179,500		554,655
ATMI, Inc.*	16,320		456,470
August Technology Corp.*	9,700		106,603
Axcelis Technologies, Inc.*	42,800		204,156
Brooks Automation, Inc.*	33,102		414,768
Cabot Microelectronics Corp.*	10,300		302,099
Cirrus Logic, Inc.*^	39,300		262,524
Cohu, Inc.	7,100		162,377
Conexant Systems, Inc.*^	201,200		454,712
Credence Systems Corp.*^	38,930		270,953
Cymer, Inc.*	15,800		561,058
Cypress Semiconductor Corp.*	56,300		802,275
Diodes, Inc.*	6,750		209,588
DSP Group, Inc.*	13,600		340,816
Emcore Corp.*^	28,000		207,760
Emulex Corp.*	33,100		655,049
Entegris, Inc.*	46,335		436,476
Exar Corp.*	16,197		202,786
Fairchild Semiconductor International, Inc., Class A*	51,100		864,101
FEI Co.*^	10,844		207,879
Formfactor, Inc.*^	14,400		351,792
Genesis Microchip, Inc.*^	14,500		262,305
Hittite Microwave Corp.*	6,700		155,038
Integrated Device Technology, Inc.*	81,270		1,071,139
Integrated Silicon Solutions, Inc.*^	14,300		92,092
IXYS Corp.*	9,600		112,224
Kopin Corp.*^	23,600		126,260
Kulicke & Soffa Industries, Inc.*^	24,600		217,464
Lattice Semiconductor Corp.*	43,600		188,352
Leadis Technology, Inc.*^	15,100		77,765
LTX Corp.*	23,300		104,850
Mattson Technology, Inc.*	15,900		159,954
Micrel, Inc.*	28,600		331,760
Microsemi Corp.*	26,872		743,280
Microtune, Inc.*^	22,400		93,408
MIPS Technologies, Inc.*	23,500		133,480
MKS Instruments, Inc.*	13,400		239,726
Monolithic Power Systems, Inc.*	15,800		236,842
Netlogic Microsystems, Inc.*^	8,400		228,816
OmniVision Technologies, Inc.*^	23,700		473,052
ON Semiconductor Corp.*	63,500		351,155
PDF Solutions, Inc.*^	10,520		170,950
Pericom Semiconductor Corp.*	23,000		183,310
Photronics, Inc.*	17,300		260,538
Pixelworks, Inc.*	15,000		76,200
PLX Technology, Inc.*	25,200		216,720
PMC-Sierra, Inc.*	77,000		593,670
Portalplayer, Inc.*^	5,900		167,088
Power Integrations, Inc.*	12,500		297,625
Rambus, Inc.*	42,500		688,075

271

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EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
RF Micro Devices, Inc.*^	83,000	$	449,030
Rudolph Technologies, Inc.*	11,200		144,256
Semitool, Inc.*^	22,900		249,152
Semtech Corp.*	31,500		575,190
Sigmatel, Inc.*^	15,200		199,120
Silicon Image, Inc.*	33,900		306,795
Silicon Laboratories, Inc.*	18,200		667,212
Silicon Storage Technology, Inc.*^	32,300		163,115
Sirf Technology Holdings, Inc.*^	15,000		447,000
Skyworks Solutions, Inc.*	61,700		314,053
Standard Microsystems Corp.*	7,500		215,175
Supertex, Inc.*	4,800		212,400
Tessera Technologies, Inc.*	18,700		483,395
Trident Microsystems, Inc.*^	19,200		345,600
Triquint Semiconductor, Inc.*	57,621		256,413
Ultratech, Inc.*^	6,800		111,656
Varian Semiconductor Equipment Associates, Inc.*	14,600		641,378
Vitesse Semiconductor Corp.*^	95,000		182,400
Volterra Semiconductor Corp.*	21,100		316,500
Zoran Corp.*	20,600		333,926

			24,207,814

*Software (3.6%)*
Advent Software, Inc.*	13,900		401,849
Agile Software Corp.*^	14,700		87,906
Altiris, Inc.*	8,300		140,187
Ansoft Corp.*	5,400		183,870
Ansys, Inc.*^	13,200		563,508
Aspen Technology, Inc.*	11,900		93,415
Atari, Inc.*	72,200		77,976
Blackbaud, Inc.	10,098		172,474
Blackboard, Inc.*	8,200		237,636
Borland Software Corp.*	35,466		231,593
Bottomline Technologies, Inc.*^	9,900		109,098
Catapult Communications Corp.*	4,638		68,596
CCC Information Services Group, Inc.*	6,700		175,674
Cogent, Inc.*^	9,600		217,728
Concur Technologies, Inc.*	14,700		189,483
Emageon, Inc.*^	8,660		137,694
Epicor Software Corp.*	17,700		250,101
EPIQ Systems, Inc.*	4,950		91,773
Factset Research Systems, Inc.^	14,700		605,052
Filenet Corp.*^	18,160		469,436
Informatica Corp.*	37,400		448,800
InterVoice, Inc.*	11,600		92,336
Jack Henry & Associates, Inc.	31,000		591,480
JAMDAT Mobile, Inc.*^	7,500		199,350
JDA Software Group, Inc.*	9,650		164,146
KFX, Inc.*^	25,100		429,461
Kronos, Inc.*^	13,787		577,124
Lawson Software, Inc.*	23,000		169,050
Macrovision Corp.*	21,000		351,330
Magma Design Automation, Inc.*	11,200		94,192
Manhattan Associates, Inc.*	11,600		237,568
Mapinfo Corp.*^	11,300		142,493
Mentor Graphics Corp.*^	29,200		301,928
Micromuse, Inc.*	31,300		309,557
Micros Systems, Inc.*	16,200		782,784
MicroStrategy, Inc., Class A*^	7,000		579,180
Midway Games, Inc.*^	10,800		204,876
MRO Software, Inc.*^	6,500		91,260
MSC.Software Corp.*	8,400		142,800
NetIQ Corp.*^	26,480		325,439
NetScout Systems, Inc.*^	12,700		69,215
Nuance Communications, Inc.*^	50,700		386,841
Open Solutions, Inc.*	8,400		192,528
Parametric Technology Corp.*	108,100		659,410
Pegasystems, Inc.*^	11,600		84,796
Progress Software Corp.*	15,900		451,242
QAD, Inc.*	25,700		196,348
Quality Systems, Inc.*^	3,800		291,688
Quest Software, Inc.*	27,400		399,766
Radiant Systems, Inc.*	12,900		156,864
Renaissance Learning, Inc.^	11,100		209,901
RSA Security, Inc.*	30,200		339,146
Secure Computing Corp.*	11,525		141,297
Serena Software, Inc.*	11,150		261,356
Sonic Solutions, Inc.*	10,400		157,144
SPSS, Inc.*	7,900		244,347
SSA Global Technologies, Inc.*^	12,600		229,194
Talx Corp.^	6,885		314,713
THQ, Inc.*^	29,025		692,246
TIBCO Software, Inc.*	92,100		687,987
TradeStation Group, Inc.*^	13,600		168,368
Transaction Systems Architechs, Inc., Class A*	16,700		480,793
Ulticom, Inc.*^	8,500		83,385
Ultimate Software Group, Inc.*^	9,800		186,886
Unica Corp.*	14,500		174,725
Vasco Data Security International*^	14,700		144,942
VeriFone Holdings, Inc.*	10,600		268,180
Verint Systems, Inc.*	4,100		141,327
Wind River Systems, Inc.*	35,900		530,243
Witness Systems, Inc.*^	9,700		190,799

			19,275,880

Total Information Technology			99,710,193

Materials (4.9%)
*Chemicals (1.6%)*
American Vanguard Corp.	7,200		169,200
Arch Chemicals, Inc.^	10,800		322,920
Balchem Corp.	4,800		143,088
Calgon Carbon Corp.^	14,200		80,798
Cambrex Corp.^	10,500		197,085
CF Industries Holdings, Inc.	27,880		425,170
Ferro Corp.	15,700		294,532
Georgia Gulf Corp.	14,600		444,132
H.B. Fuller Co.	13,700		439,359
Headwaters, Inc.*^	17,400		616,656
Hercules, Inc.*	44,300		500,590
Kronos Worldwide, Inc.^	3,947		114,502
MacDermid, Inc.	11,000		306,900
Minerals Technologies, Inc.	8,300		463,887
NewMarket Corp.*	6,300		154,098
NL Industries, Inc.^	6,750		95,107
Octel Corp.^	7,840		127,557
Olin Corp.	30,232		594,966
OM Group, Inc.*^	11,500		215,740
PolyOne Corp.*	39,800		255,914
Rockwood Holdings, Inc.*^	9,020		177,965
Schulman (A.), Inc.^	15,900		342,168
Sensient Technologies Corp.	18,700		334,730
Spartech Corp.	14,300		313,885
Stepan Co.	6,000		161,340
Symyx Technologies, Inc.*^	12,372		337,632
Terra Industries, Inc.*	39,700		222,320
UAP Holding Corp.	12,000		245,040
W.R. Grace & Co.*^	29,800		280,120
Wellman, Inc.	37,300		252,894
Westlake Chemical Corp.	5,000		144,050

			8,774,345

272

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
*Construction Materials (0.3%)*
Ameron International Corp.	2,600	$	118,508
Eagle Materials, Inc.^	7,500		917,700
Texas Industries, Inc.	9,900		493,416

			1,529,624

*Containers & Packaging (0.4%)*
Caraustar Industries, Inc.*^	12,807		111,293
Chesapeake Corp.^	7,400		125,652
Graphic Packaging Corp.*^	43,900		100,092
Greif, Inc., Class A	5,800		384,424
Longview Fibre Co.	25,700		534,817
Myers Industries, Inc.	7,700		112,266
Rock-Tenn Co., Class A	16,000		218,400
Silgan Holdings, Inc.	12,600		455,112

			2,042,056

*Industrial Conglomerates (0.1%)*
Aleris International, Inc.*	13,700		441,688

*Metals & Mining (2.0%)*
A.M. Castle & Co.*^	10,000		218,400
AK Steel Holding Corp.*^	45,000		357,750
Alpha Natural Resources, Inc.*	12,900		247,809
AMCOL International Corp.	6,500		133,380
Brush Engineered Materials, Inc.*	6,300		100,170
Carpenter Technology Corp.	10,400		732,888
Century Aluminum Co.*	8,200		214,922
Chaparral Steel Co.*	9,900		299,475
Cleveland-Cliffs, Inc.	9,800		867,986
Coeur d’Alene Mines Corp.*^	126,900		507,600
Commercial Metals Co.	24,600		923,484
Compass Minerals International, Inc.	6,700		164,418
Foundation Coal Holdings, Inc.^	10,300		391,400
GrafTech International Ltd.*^	36,400		226,408
Hecla Mining Co.*^	44,500		180,670
James River Coal Co. *^	5,600		213,920
Metal Management, Inc.^	7,200		167,472
NN, Inc.	7,000		74,200
Oregon Steel Mills, Inc.*^	14,900		438,358
Quanex Corp.^	11,700		584,649
RBC Bearings Inc.*^	9,800		159,250
Roanoke Electric Steel Corp.^	7,700		181,720
Royal Gold, Inc.^	5,400		187,542
RTI International Metals, Inc.*^	11,500		436,425
Ryerson Tull, Inc.^	10,700		260,224
Schnitzer Steel Industries, Inc.^	9,050		276,839
Steel Dynamics, Inc.	17,000		603,670
Steel Technologies, Inc.	5,100		142,749
Stillwater Mining Co.*	16,129		186,613
Titanium Metals Corp.*^	5,600		354,256
USEC, Inc.^	41,400		494,730
Wheeling-Pittsburgh Corp.*^	12,400		111,848
Worthington Industries, Inc.	29,600		568,616

			11,009,841

*Paper & Forest Products (0.5%)*
Bowater, Inc.	23,900		734,208
Buckeye Technologies, Inc.*	30,400		244,720
Deltic Timber Corp.^	3,300		171,138
Glatfelter^	18,800		266,772
Neenah Paper, Inc.^	6,300		176,400
Potlatch Corp.	13,600		693,328
Schweitzer-Mauduit International, Inc.	8,600		213,108
Wausau Paper Corp.	21,500		254,775
Xerium Technologies, Inc.*	13,000		109,330

			2,863,779

Total Materials			26,661,333

Telecommunication Services (1.4%)
*Diversified Telecommunication Services (0.9%)*
Alaska Communications Systems Group, Inc.	17,300		175,768
Broadwing Corp.*^	48,678		294,502
Cincinnati Bell, Inc.*	106,500		373,815
Cogent Communications Group, Inc.*	20,700		113,643
Commonwealth Telephone Enterprises, Inc.	8,900		300,553
Consolidated Communications Holdings, Inc.	11,600		150,684
CT Communications, Inc.	19,500		236,730
Fairpoint Communications, Inc.*	10,900		112,924
General Communication, Inc., Class A*^	23,700		244,821
Golden Telecom, Inc.	9,240		239,870
IDT Corp. Class B*	24,800		290,160
Iowa Telecommunications Service, Inc.	8,300		128,567
Level 3 Communications, Inc.*^	296,400		850,668
NeuStar, Inc. Class A*	10,620		323,804
North Pittsburgh Systems, Inc.	5,100		96,237
Premiere Global Services, Inc.*^	27,700		225,201
Shenandoah Telecommunications Co.^	3,800		151,392
SureWest Communications.	4,900		129,213
Talk America Holdings, Inc.*	8,900		76,807
Time Warner Telecom, Inc., Class A*^	21,900		215,715
Valor Communications Group, Inc.^	12,800		145,920

			4,876,994

*Wireless Telecommunication Services (0.5%)*
Airspan Networks, Inc.*^	27,600		157,044
Centennial Communications Corp.*	11,760		182,515
Dobson Communications Corp.*	48,600		364,500
InPhonic, Inc.*^	20,200		175,538
Price Communications Corp.*	18,417		273,861
SBA Communications Corp., Class A*^	37,850		677,515
Syniverse Holdings, Inc.*	11,040		230,736
Ubiquitel, Inc.*	27,900		275,931
USA Mobility, Inc.*^	9,475		262,647
Wireless Facilities, Inc.*^	16,900		86,190

			2,686,477

Total Telecommunication Services			7,563,471

Utilities (2.5%)
*Electric Utilities (1.0%)*
Allete, Inc.^	10,800		475,200
Black Hills Corp.	13,000		449,930
Central Vermont Public Service Corp.^	8,200		147,682
CH Energy Group, Inc.^	7,200		330,480
Cleco Corp.^	21,100		439,935
Duquesne Light Holdings, Inc.^	30,700		501,024
El Paso Electric Co.*	21,300		448,152
Empire District Electric Co.^	10,500		213,465
Idacorp, Inc.	16,400		480,520
ITC Holdings Corp.*^	10,850		304,776
MGE Energy, Inc.^	9,700		328,927
Ormat Technologies, Inc.^	9,000		235,260

273

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares		Value (Note 1)
Otter Tail Corp.		12,900	$	373,842
Pike Electric Corp.*		8,100		131,382
UIL Holdings Corp.^		6,600		303,534
Unisource Energy Corp.		15,200		474,240

				5,638,349

*Gas Utilities (0.8%)*
Cascade Natural Gas Corp.^		7,520		146,715
EnergySouth, Inc.		5,000		133,900
Laclede Group, Inc.^		8,700		254,127
New Jersey Resources Corp.		11,950		500,586
Nicor, Inc.^		21,600		849,096
Northwest Natural Gas Co.^		12,400		423,832
Peoples Energy Corp.^		15,100		529,557
South Jersey Industries, Inc.		11,800		343,852
Southwest Gas Corp.		15,100		398,640
WGL Holdings, Inc.		19,600		589,176

				4,169,481

*Multi-Utilities & Unregulated Power (0.5%)*
Aquila, Inc.*		162,600		585,360
Avista Corp.		19,600		347,116
Northwestern Corp.		15,397		478,385
Sierra Pacific Resources*		82,700		1,078,408
Ultralife Batteries, Inc.*^		7,700		92,400

				2,581,669

*Water Utilities (0.2%)*
American States Water Co.^		5,150		158,620
California Water Service Group		7,400		282,902
Connecticut Water Service, Inc.		6,200		151,962
Middlesex Water Co.^		7,460		129,357
SJW Corp.		4,730		215,215
Southwest Water Co.^		11,907		170,389

				1,108,445

Total Utilities				13,497,944

Total Common Stocks (98.5%) (Cost $445,341,612)				533,714,994


	Number of Rights
RIGHTS:
Consumer Discretionary (0.0%)
*Specialty Retail (0.0%)*
dELiAs, Inc., $7.43,expires 2/10/06		1,112		1,112

Total Rights (0.0%) (Cost $—)				1,112


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Security (0.3%)
U.S. Treasury Bills
3.62%, 1/19/06 #(o)(p)	$	1,640,000		1,636,874

Short-Term Investments of Cash Collateral for Securities Loaned (28.9%)
American Express Credit Corp.
4.36%, 6/12/07 (l)		10,000,000		10,000,000
Bank of Nova Scotia New York
4.38%, 5/30/06 (l)		4,998,967		4,998,967
CDC Financial Products, Inc.
4.35%, 1/30/06 (l)		10,000,000		10,000,000
Citigroup Global Markets, Inc.
4.32%, 1/6/06 (l)		10,000,000		10,000,000
Dorada Finance, Inc.
4.30%, 8/3/06 (l)		3,996,762		3,996,762
General Electric Capital Corp.
4.34%, 3/29/06 (l)		7,000,859		7,000,859
4.36%, 5/12/06 (l)		2,002,060		2,002,060
Goldman Sachs Group, Inc.
4.41%, 12/28/07 (l)		5,000,000		5,000,000
Merrill Lynch & Co.
4.23%, 10/19/06 (l)		6,000,000		6,000,000
Morgan Stanley
4.43%, 1/2/07 (l)		5,000,000		5,000,000
New York Life Insurance Co.
4.40%, 3/30/06 (l)		2,300,000		2,300,000
Nomura Securities
4.29%, 1/3/06		70,520,794		70,520,794
Nordeutsche Landesbank NY
4.40%, 3/30/06 (l)		9,998,310		9,998,309
US Bank NA
4.29%, 10/2/06 (l)		4,997,605		4,997,605
Wells Fargo & Co.
4.36%, 12/31/07 (l)		5,000,000		5,000,000

Total Short-Term Investments of Cash Collateral for Securities Loaned				156,815,356

Time Deposit (1.3%)
JPMorgan Chase Nassau
3.68%, 1/3/06		6,851,636		6,851,636

Total Short-Term Investments (30.5%) (Cost/Amortized Cost $165,304,130)				165,303,866

Total Investments (129.0%) (Cost/Amortized Cost $610,645,742)				699,019,972
Other Assets Less Liabilities (-29.0%)				(157,138,500	)

Net Assets (100%)			$	541,881,472

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

#	All, or a portion of security held by broker as collateral for financial futures contracts.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2005.

(p)

Yield to maturity.

Glossary:

REIT — Real Estate Investment Trust

274

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

At December 31, 2005 the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/05		Unrealized Depreciation
Russell 2000 Index	16	March-06	$	5,532,950	$	5,426,400	$	(106,550	)

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	159,942,311
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	126,959,196

As of December 31, 2005, 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	$	125,240,171
Aggregate gross unrealized depreciation		(36,829,237	)

Net unrealized appreciation	$	88,410,934

Federal income tax cost of investments	$	610,609,038

At December 31, 2005, the Portfolio had loaned securities with a total value of $151,975,931. This was secured by collateral of $156,815,356 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

See Notes to Financial Statements.

275

EQ ADVISORS TRUST

EQ/TCW EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (21.6%)
*Hotels, Restaurants & Leisure (3.2%)*
Starbucks Corp.*		319,650	$	9,592,697

*Internet & Catalog Retail (11.4%)*
Amazon.com, Inc.*		364,230		17,173,444
eBay, Inc.*		403,200		17,438,400

				34,611,844

*Media (7.0%)*
Pixar*		220,600		11,630,032
XM Satellite Radio Holdings, Inc., Class A*		346,265		9,446,109

				21,076,141

Total Consumer Discretionary				65,280,682

Consumer Staples (2.0%)
*Food & Staples Retailing (2.0%)*
Walgreen Co.		138,200		6,116,732

Total Consumer Staples				6,116,732

Financials (18.7%)
*Commercial Banks (3.2%)*
Commerce Bancorp, Inc./New Jersey		279,250		9,608,992

*Insurance (13.4%)*
Aflac, Inc.		68,100		3,161,202
American International Group, Inc.		68,250		4,656,698
Progressive Corp.		281,285		32,848,462

				40,666,362

*Thrifts & Mortgage Finance (2.1%)*
Countrywide Financial Corp.		186,500		6,376,435

Total Financials				56,651,789

Health Care (12.4%)
*Biotechnology (9.9%)*
Amgen, Inc.*		137,500		10,843,250
Genentech, Inc.*		206,760		19,125,300

				29,968,550

*Health Care Equipment & Supplies (2.5%)*
Varian Medical Systems, Inc.*		146,900		7,394,946

Total Health Care				37,363,496

Industrials (4.8%)
*Commercial Services & Supplies (3.2%)*
Apollo Group, Inc., Class A*		158,400		9,576,864

*Industrial Conglomerates (1.6%)*
General Electric Co.		143,300		5,022,665

Total Industrials				14,599,529

Information Technology (38.9%)
*Communications Equipment (7.0%)*
Cisco Systems, Inc.*		289,500		4,956,240
QUALCOMM, Inc.		378,200		16,292,856

				21,249,096

*Computers & Peripherals (6.9%)*
Dell, Inc.*		262,000		7,857,380
Network Appliance, Inc.*		484,960		13,093,920

				20,951,300

*Internet Software & Services (12.9%)*
Google, Inc., Class A*		34,400		14,271,184
Yahoo!, Inc.*		628,400		24,620,712

				38,891,896

*Semiconductors & Semiconductor Equipment (3.9%)*
Maxim Integrated Products, Inc.		164,180		5,949,883
Xilinx, Inc.		223,910		5,644,771

				11,594,654

*Software (8.2%)*
Adobe Systems, Inc.		269,900		9,975,504
Electronic Arts, Inc.*		174,000		9,101,940
Salesforce.com, Inc.*		178,300		5,714,515

				24,791,959

Total Information Technology				117,478,905

Total Common Stocks (98.4%) (Cost $198,954,522)				297,491,133


	Principal Amount
SHORT-TERM INVESTMENT
Time Deposit (1.7%)
JPMorgan Chase Nassau
3.68%, 1/3/06 (Amortized Cost $5,266,220)	$	5,266,220		5,266,220

Total Investments (100.1%) (Cost/Amortized Cost $204,220,742)				302,757,353
Other Assets Less Liabilities (-0.1%)				(344,459	)

Net Assets (100%)			$	302,412,894

*	Non-income producing.

276

EQ ADVISORS TRUST

EQ/TCW EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	41,109,853
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	42,648,856

As of December 31, 2005, 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	$	119,620,814
Aggregate gross unrealized depreciation		(21,084,203	)

Net unrealized appreciation	$	98,536,611

Federal income tax cost of investments	$	204,220,742

The Portfolio has a net capital loss carryforward of $146,345,462 of which $23,199,830 expires in the year 2009, $62,598,018 expires in the year 2010, $42,657,049 expires in the year 2011, and $17,890,565 expires in the year 2012.

The Portfolio utilized $3,918,402 in capital loss carryforward during 2005.

See Notes to Financial Statements.

277

EQ ADVISORS TRUST

EQ/UBS GROWTH AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (12.4%)
*Auto Components (2.3%)*
BorgWarner, Inc.	18,200	$	1,103,466
Johnson Controls, Inc.	39,500		2,879,945

			3,983,411

*Automobiles (0.9%)*
Harley-Davidson, Inc.	29,700		1,529,253

*Hotels, Restaurants & Leisure (1.4%)*
Carnival Corp. (Unit)	44,400		2,374,068

*Internet & Catalog Retail (1.1%)*
Expedia, Inc.*	76,100		1,823,356

*Media (5.5%)*
CCE Spinco, Inc.*	6,550		85,805
Clear Channel Communications, Inc.	52,400		1,647,980
Dex Media, Inc.	37,600		1,018,584
DIRECTV Group, Inc.*	72,300		1,020,876
Omnicom Group, Inc.	43,300		3,686,129
Univision Communications, Inc., Class A*	58,600		1,722,254

			9,181,628

*Multiline Retail (1.2%)*
Kohl’s Corp.*	42,800		2,080,080

Total Consumer Discretionary			20,971,796

Consumer Staples (4.2%)
*Beverages (0.7%)*
Anheuser-Busch Cos., Inc.	28,800		1,237,248

*Food & Staples Retailing (3.5%)*
Costco Wholesale Corp.	75,800		3,749,826
Kroger Co.*	116,600		2,201,408

			5,951,234

Total Consumer Staples			7,188,482

Energy (4.0%)
*Energy Equipment & Services (1.6%)*
Baker Hughes, Inc.	15,900		966,402
GlobalSantaFe Corp.	35,400		1,704,510

			2,670,912

*Oil & Gas (2.4%)*
Exxon Mobil Corp.	27,000		1,516,590
Marathon Oil Corp.	42,300		2,579,031

			4,095,621

Total Energy			6,766,533

Financials (24.3%)
*Capital Markets (5.3%)*
Mellon Financial Corp.	102,900		3,524,325
Morgan Stanley	97,000		5,503,780

			9,028,105

*Commercial Banks (6.1%)*
Fifth Third Bancorp	82,000		3,093,040
PNC Financial Services Group, Inc.	35,800		2,213,514
Wells Fargo & Co.	81,000		5,089,230

			10,395,784

*Diversified Financial Services (7.0%)*
Citigroup, Inc.	161,500		7,837,595
JPMorgan Chase & Co.	103,200		4,096,008

			11,933,603

*Insurance (3.8%)*
American International Group, Inc.	65,000		4,434,950
Hartford Financial Services Group, Inc.	22,200		1,906,758

			6,341,708

*Thrifts & Mortgage Finance (2.1%)*
Freddie Mac	55,400		3,620,390

Total Financials			41,319,590

Health Care (20.9%)
*Biotechnology (2.7%)*
Cephalon, Inc.*	28,700		1,858,038
Genzyme Corp.*	38,400		2,717,952

			4,575,990

*Health Care Equipment & Supplies (2.2%)*
Medtronic, Inc.	21,100		1,214,727
Waters Corp.*	36,600		1,383,480
Zimmer Holdings, Inc.*	16,300		1,099,272

			3,697,479

*Health Care Providers & Services (6.7%)*
Caremark Rx, Inc.*	31,500		1,631,385
HEALTHSOUTH Corp.*	106,500		521,850
Medco Health Solutions, Inc.*	39,600		2,209,680
UnitedHealth Group, Inc.	72,000		4,474,080
WellPoint, Inc.*	32,900		2,625,091

			11,462,086

*Pharmaceuticals (9.3%)*
Allergan, Inc.	35,300		3,810,988
Bristol-Myers Squibb Co.	51,600		1,185,768
Johnson & Johnson	63,800		3,834,380
Mylan Laboratories, Inc.	90,400		1,804,384
Wyeth	110,200		5,076,914

			15,712,434

Total Health Care			35,447,989

Industrials (10.7%)
*Aerospace & Defense (2.6%)*
Lockheed Martin Corp.	37,700		2,398,851
Northrop Grumman Corp.	34,100		2,049,751

			4,448,602

*Air Freight & Logistics (1.6%)*
FedEx Corp.	25,800		2,667,462

*Building Products (2.0%)*
Masco Corp.	110,300		3,329,957

*Commercial Services & Supplies (0.7%)*
Cendant Corp.	72,400		1,248,900

*Machinery (2.0%)*
Illinois Tool Works, Inc.	38,500		3,387,615

*Road & Rail (1.8%)*
Burlington Northern Santa Fe Corp.	43,200		3,059,424

Total Industrials			18,141,960

Information Technology (11.3%)
*Computers & Peripherals (1.2%)*
Dell, Inc.*	67,800		2,033,322

*Electronic Equipment & Instruments (0.9%)*
Mettler-Toledo International, Inc.*	27,700		1,529,040

*IT Services (1.3%)*
Accenture Ltd., Class A	77,100		2,225,877

*Semiconductors & Semiconductor Equipment (1.5%)*
Applied Materials, Inc.	84,300		1,512,342
Xilinx, Inc.	38,800		978,148

			2,490,490

*Software (6.4%)*
Mercury Interactive Corp.*	38,400		1,067,136

278

EQ ADVISORS TRUST

EQ/UBS GROWTH AND INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Number of Shares		Value (Note 1)
Microsoft Corp.		245,600	$	6,422,440
Oracle Corp.*		171,200		2,090,352
Symantec Corp.*		79,234		1,386,595

				10,966,523

Total Information Technology				19,245,252

Telecommunication Services (4.1%)
*Diversified Telecommunication Services (1.2%)*
AT&T, Inc.		81,700		2,000,833

*Wireless Telecommunication Services (2.9%)*
Sprint Nextel Corp.		210,734		4,922,746

Total Telecommunication Services				6,923,579

Utilities (5.8%)
*Electric Utilities (4.2%)*
American Electric Power Co., Inc.		41,100		1,524,399
Exelon Corp.		83,300		4,426,562
Northeast Utilities		21,300		419,397
Pepco Holdings, Inc.		32,100		718,077

				7,088,435

*Gas Utilities (0.6%)*
NiSource, Inc.		49,000		1,022,140

*Multi-Utilities & Unregulated Power (1.0%)*
Sempra Energy		39,000		1,748,760

Total Utilities				9,859,335

Total Common Stocks (97.7%) (Cost $143,308,531).				165,864,516

INVESTMENT COMPANIES:
Exchange-Traded Fund (0.5%)
S&P 500 Depositary Receipts		6,500		809,315

Total Investment Companies (0.5%) (Cost $823,615)				809,315


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (1.7%)
JPMorgan Chase Nassau
3.68%, 1/3/06 (Amortized Cost $2,921,370)	$	2,921,370		2,921,370

Total Investments (99.9%) (Cost/Amortized Cost $147,053,516)				169,595,201
Other Assets Less Liabilities (0.1%)				189,336

Net Assets (100%)			$	169,784,537

*	Non-income producing.

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	90,907,493
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	63,184,665

As of December 31, 2005, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	26,289,797
Aggregate gross unrealized depreciation		(3,774,500	)

Net unrealized appreciation	$	22,515,297

Federal income tax cost of investments	$	147,079,904

For the year ended December 31, 2005, the Portfolio incurred approximately $129 as brokerage commissions with Bernstein (Sanford C.) & Co. and $1,087 with UBS AG, affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $33,328,537, of which $16,680,202 expires in the year 2010 and $16,648,335 expires in the year 2011.

The Portfolio utilized capital loss carryforward of $10,992,908 during 2005.

See Notes to Financial Statements.

279

EQ ADVISORS TRUST

EQ/VAN KAMPEN COMSTOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (11.5%)
*Leisure Equipment & Products (0.3%)*
Mattel, Inc.	23,200	$	367,024

*Media (10.5%)*
Clear Channel Communications, Inc.	82,200		2,585,190
Comcast Corp., Class A*	39,200		1,017,632
Gannett Co., Inc.	5,800		351,306
Liberty Media Corp., Class A*	197,400		1,553,538
News Corp., Class B	39,400		654,434
Time Warner, Inc.	112,500		1,962,000
Tribune Co.	10,600		320,756
Viacom, Inc., Class B*	46,800		1,525,680
Walt Disney Co.	81,200		1,946,364

			11,916,900

*Specialty Retail (0.4%)*
Best Buy Co., Inc.	9,300		404,364

*Textiles, Apparel & Luxury Goods (0.3%)*
Jones Apparel Group, Inc.	12,800		393,216

Total Consumer Discretionary			13,081,504

Consumer Staples (11.4%)
*Beverages (2.0%)*
Anheuser-Busch Cos., Inc.	10,900		468,264
Coca-Cola Co.	44,700		1,801,857

			2,270,121

*Food & Staples Retailing (2.0%)*
Wal-Mart Stores, Inc.	48,600		2,274,480

*Food Products (3.9%)*
Kraft Foods, Inc., Class A	56,300		1,584,282
Unilever N.V. (N.Y. Shares)	41,400		2,842,110

			4,426,392

*Household Products (1.7%)*
Kimberly-Clark Corp.	32,300		1,926,695

*Personal Products (0.1%)*
Avon Products, Inc.	2,500		71,375

*Tobacco (1.7%)*
Altria Group, Inc.	26,200		1,957,664

Total Consumer Staples			12,926,727

Energy (0.4%)
*Energy Equipment & Services (0.2%)*
Halliburton Co.	3,400		210,664

*Oil & Gas (0.2%)*
Total S.A. (ADR)	2,000		252,800

Total Energy			463,464

Financials (24.9%)
*Capital Markets (1.9%)*
Bank of New York Co., Inc.	44,800		1,426,880
Merrill Lynch & Co., Inc.	11,200		758,576

			2,185,456

*Commercial Banks (8.4%)*
Bank of America Corp.	94,300		4,351,945
PNC Financial Services Group, Inc.	6,200		383,346
Wachovia Corp.	36,800		1,945,248
Wells Fargo & Co.	44,800		2,814,784

			9,495,323

*Diversified Financial Services (4.8%)*
Citigroup, Inc.	82,700		4,013,431
JPMorgan Chase & Co.	36,600		1,452,654

			5,466,085

*Insurance (4.8%)*
Ambac Financial Group, Inc.	5,900		454,654
American International Group, Inc.	18,600		1,269,078
Assurant, Inc.	1,100		47,839
Berkshire Hathaway, Inc., Class B*	200		587,100
Chubb Corp.	21,890		2,137,559
Genworth Financial, Inc., Class A	2,400		82,992
MetLife, Inc.	9,300		455,700
St. Paul Travelers Cos., Inc.	10,300		460,101

			5,495,023

*Thrifts & Mortgage Finance (5.0%)*
Fannie Mae	11,300		551,553
Freddie Mac	77,400		5,058,090

			5,609,643

Total Financials			28,251,530

Health Care (17.4%)
*Health Care Equipment & Supplies (0.5%)*
Boston Scientific Corp.*	23,000		563,270

Health Care Providers & Services (0.8%)
AmerisourceBergen Corp.	5,400		223,560
Cardinal Health, Inc.	10,500		721,875

			945,435

*Pharmaceuticals (16.1%)*
Bristol-Myers Squibb Co.	186,800		4,292,664
GlaxoSmithKline plc (ADR)	96,400		4,866,272
Pfizer, Inc.	71,500		1,667,380
Roche Holding AG (ADR)	35,900		2,696,090
Sanofi-Aventis (ADR)	25,800		1,132,620
Schering-Plough Corp.	80,100		1,670,085
Wyeth	43,200		1,990,224

			18,315,335

Total Health Care			19,824,040

Industrials (0.6%)
*Airlines (0.6%)*
Southwest Airlines Co.	38,500		632,555

Total Industrials			632,555

Information Technology (5.2%)
*Communications Equipment (0.8%)*
Cisco Systems, Inc.*	55,600		951,872

*Computers & Peripherals (1.8%)*
Dell, Inc.*	22,900		686,771
Hewlett-Packard Co.	12,400		355,012
International Business Machines Corp.	11,900		978,180
Lexmark International, Inc., Class A*	1,100		49,313

			2,069,276

*IT Services (2.0%)*
Affiliated Computer Services, Inc., Class A*	24,700		1,461,746
First Data Corp.	17,700		761,277

			2,223,023

*Software (0.6%)*
Microsoft Corp.	23,800		622,370

Total Information Technology			5,866,541

Materials (9.4%)
*Chemicals (3.7%)*
Dow Chemical Co.	20,400		893,928
DuPont (E.I.) de Nemours & Co.	56,300		2,392,750
Rohm & Haas Co.	18,600		900,612

			4,187,290

280

EQ ADVISORS TRUST

EQ/VAN KAMPEN COMSTOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Number of Shares		Value (Note 1)
*Metals & Mining (2.4%)*
Alcoa, Inc.		92,500	$	2,735,225

*Paper & Forest Products (3.3%)*
International Paper Co.		113,645		3,819,608

Total Materials				10,742,123

Telecommunication Services (9.5%)
*Diversified Telecommunication Services (7.1%)*
AT&T, Inc.		176,600		4,324,934
Verizon Communications, Inc.		126,200		3,801,144

				8,126,078

*Wireless Telecommunication Services (2.4%)*
Sprint Nextel Corp.		115,000		2,686,400

Total Telecommunication Services				10,812,478

Utilities (1.5%)
*Electric Utilities (0.5%)*
American Electric Power Co., Inc.		17,200		637,948

*Multi-Utilities and Unregulated Power (1.0%)*
Constellation Energy Group, Inc.		6,400		368,640
Dominion Resources, Inc.		5,400		416,880
Public Service Enterprise Group, Inc.		4,800		311,856

				1,097,376

Total Utilities				1,735,324

Total Common Stocks (91.8%) (Cost $102,783,168)				104,336,286


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Security (9.5%)
Federal Home Loan Bank
3.63%, 1/3/06 (o)	$	10,800,000		10,796,736

Total Government Security				10,796,736

Time Deposit (1.3%)
JPMorgan Chase Nassau
3.68%, 1/3/06		1,439,160		1,439,160

Total Time Deposit				1,439,160

Total Short-Term Investments (10.8%) (Cost/Amortized Cost $12,236,712)				12,235,896

Total Investments (102.6%) (Cost/Amortized Cost $115,019,880)				116,572,182
Other Assets Less Liabilities (-2.6%)				(2,940,350	)

Net Assets (100%)			$	113,631,832

*	Non-income producing.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2005.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the period ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	109,582,039
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	8,396,503

As of December 31, 2005, 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	$	3,108,409
Aggregate gross unrealized depreciation		(1,585,003	)

Net unrealized appreciation	$	1,523,406

Federal income tax cost of investments	$	115,048,776

See Notes to Financial Statements.

281

EQ ADVISORS TRUST

EQ/VAN KAMPEN EMERGING MARKETS EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Austria (0.3%)
Raiffeisen International Bank Holding AG*	64,326	$	4,214,897

Bermuda (0.5%)
Central European Media Enterprises Ltd.*	65,700		3,804,030
Credicorp Ltd.	119,000		2,712,010

			6,516,040

Brazil (12.3%)
All America Latina Logistica S.A. (Unit)	106,930		4,567,017
Banco Itau Holding Financeira S.A. (ADR)	594,700		14,284,694
Banco Itau Holding Financeira S.A.(Preference)	190,770		4,598,737
Cia Brasileira de Distribuicao Grupo Pao de Acucar (ADR)	83,000		2,730,700
Cia Energetica de Minas Gerais S.A. (ADR)	113,600		4,187,296
Cia Energetica de Minas Gerais S.A. (Preference)	8,854,910		360,187
CIA Paranaense De Energia (Preference)	270,641,000		2,084,706
CIA Paranaense De Energia (ADR)	183,900		1,384,767
Cia Vale do Rio Doce (ADR)	34,800		1,431,672
Cia Vale do Rio Doce (Preference)	5,314		190,558
Cia Vale do Rio Doce (Sponsored ADR)	663,164		24,039,695
CPFL Energia S.A.	272,215		3,263,550
CPFL Energia S.A. (ADR)	41,940		1,461,609
Embratel Participacoes S.A. (Preference)*	1,756,837,100		5,115,175
Empresa Brasileira de Aeronautica S.A. (ADR)	207,520		8,114,032
Gerdau S.A. (Preference)	268,150		4,512,222
Gerdau SA (Preference) (Sponsored ADR)	162,755		2,714,753
Investimentos Itau S.A. (Preference)	1,528,456		4,842,892
Lojas Arapua S.A. (Preference)* † (b)	1,248,000		—
Perdigao S.A.(Preference)	89,200		3,013,436
Petroleo Brasileiro S.A. (ADR)	246,383		17,559,716
Petroleo Brasileiro S.A. (Preference ADR)	414,094		26,655,231
Petroleo Brasileiro S.A. (Preference)	194,864		3,104,641
Telesp Celular Participacoes S.A. (Preference)*	821,596		3,113,305
Tractebel Energia S.A.	407,300		2,624,648
Unibanco-Uniao de Bancos Brasileiros S.A. (ADR)	127,050		8,076,569
Unibanco-Uniao de Bancos Brasileiros S.A. (ADR)	79,600		5,060,172
Unibanco-Uniao de Bancos Brasileiros S.A. (Unit)	93,843		1,179,316 ‘

			160,271,296

Chile (0.6%)
Enersis S.A. (ADR)	707,440		7,774,766

China (2.1%)
Air China Ltd.*	574,000		183,226
China Construction Bank*^	19,949,000		6,946,792
China Life Insurance Co., Ltd., Class H*^	5,425,000		4,792,804
China TechFaith Wireless Communication Technology Ltd. ADR *	63,500		857,244
Huadian Power International Co.	7,726,000		1,972,965
PetroChina Co. Ltd.	10,370,000		8,492,819
Ping An Insurance Group Co. of China Ltd., Class H §	2,301,000		4,243,772

			27,489,622

Colombia (0.4%)
BanColombia S.A. (ADR)	197,810		5,702,862

Greece (0.0%)
Hellenic Telecommunications S.A. (ADR)*	1		10

Hong Kong (3.2%)
Asia Aluminum Holdings Ltd.*	20,518,000		1,773,002
China Mobile (Hong Kong) Ltd.^	1,781,000		8,430,035
China Resources Power Holdings Co.	5,356,000		3,022,164
China Unicom Ltd.	4,442,000		3,609,263
Global Bio-Chem Technology Group Co., Ltd.	10,123,000		4,439,025
GOME Electrical Appliances Holdings Ltd.^	9,312,000		6,305,241
Grande Holdings Ltd.	1,350,000		1,044,683
Hopewell Highway Infrastructure Ltd.^	3,661,000		2,431,679
Kingboard Chemicals Holdings Ltd.	1,373,000		3,718,684
Moulin Global Eyecare Holdings*^†	1,136,000		—
Shougang Concord Century Holdings Ltd.	8,346,000		398,272
TPV Technology Ltd.	5,689,000		5,610,993
Victory City International Holdings Ltd.	2,612,000		757,975

			41,541,016

Hungary (0.7%)
Gedeon Richter Rt.	52,926		9,474,993

India (7.3%)
ABB Ltd. (India)(i)	111,990		4,789,495
Aventis Pharma Ltd./India	78,796		2,898,523
Bharat Heavy Electricals Ltd.	448,244		13,813,305
Cipla Ltd./India	359,000		3,536,561
Container Corp. of India Ltd.	113,442		3,653,029
Glenmark Pharmaceuticals Ltd.	329,854		2,303,335
Gujarat Ambuja Cements, Ltd.	960,000		1,697,756
Gujarat Ambuja Cements, Ltd.(GDR).	1,222,500		2,102,700
HDFC Bank Ltd.	274,000		4,314,541
Hero Honda Motors Ltd.	290,215		5,543,165
Hindalco Industries, Ltd.	742,070		2,364,204
Hindustan Lever Ltd.	1,035,869		4,539,550
Housing Development Finance Corp.	179,000		4,800,111
ICICI Bank Ltd. (ADR)	32,500		936,000
Infosys Technologies Ltd.	168,280		11,204,023

282

EQ ADVISORS TRUST

EQ/VAN KAMPEN EMERGING MARKETS EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares	Value (Note 1)
ITC Ltd.	647,000	$	2,041,191
ITC Ltd. (GDR)	435,000		1,339,800
Mahindra & Mahindra Ltd.	463,000		5,267,255
Punj Lloyd Ltd.*	7,822		121,649
Punjab National Bank †	325,628		3,576,265
Reliance Industries Ltd.	77,000		1,521,952
Reliance Industries Ltd. (GDR)(b)	41,000		1,611,710
Siemens India Ltd.	50,000		4,011,275
UTI Bank Ltd.*	292,537		1,861,097
UTI Bank Ltd. (GDR) (b)(n)	158,000		1,009,620
Wipro Ltd.	373,000		3,840,632

			94,698,744

Indonesia (0.2%)
Bank Mandiri Persero Tbk PT	12,837,500		2,139,583

Israel (0.0%)
ECI Telecom Ltd.*	1		8

Malaysia (1.3%)
Bandar Raya Developments BHD	1,839,000		420,885
Bumiputra-Commerce Holdings Bhd	1,478,000		2,229,025
IOI Corp. BHD	607,000		1,991,480
Magnum Corp. Bhd	3,248,000		1,632,809
MK Land Holdings BHD	2,298,000		310,089
Resorts World Bhd	642,000		1,902,474
Road Builder (M) Holdings BHD	969,000		356,372
Tenaga Nasional Bhd	1,754,100		4,594,679
YTL Corp. Bhd	2,285,400		3,235,055

			16,672,868

Mexico (10.4%)
America Movil S.A. de C.V. (ADR)	1,437,580		42,063,591
Empresas ICA Sociedad Controladora S.A. de CV (ADR)*	11,349		331,958
Empresas ICA Sociedad Controlado S.A. de CV*	648,933		1,586,089
Fomento Economico Mexicano S.A. de C.V. (ADR)	171,400		12,428,214
Grupo Televisa S.A. (ADR)	427,590		34,420,995
Kimberly-Clark de Mexico S.A. de C.V.	1,118,350		3,994,989
Wal-Mart de Mexico S.A. de C.V., Series C (ADR)	50,025		2,774,557
Wal-Mart de Mexico S.A. de C.V., Series V	6,896,243		38,248,893

			135,849,286

Morocco (0.8%)
Attijariwafa Bank	7,868		1,051,624
Banque Marocaine du Commerce Exterieur	48,400		3,915,900
ONA S.A.	47,900		5,523,803

			10,491,327

Netherlands (0.3%)
Efes Breweries International NV* (GDR)	132,619		3,773,011

Poland (3.0%)
Agora S.A.	229,405		4,859,380
Bank Millennium S.A.	859,059		1,384,558
Bank Pekao S.A.	160,283		8,586,414
Polski Koncern Naftowy Orlen	149,076		2,869,487
Powszechna Kasa Oszczednosci Bank Polski S.A.	901,589		8,026,672
Telekomunikacja Polska S.A. (GDR) (London Exchange)	587,300		4,199,195
Telekomunikacja Polska S.A. (GDR)	2,300		16,522
TVN S.A.*	396,953		9,505,229

			39,447,457

Russia (9.5%)
LUKOIL (ADR)	839,556		50,373,360
MMC Norilsk Nickel (ADR)	58,400		5,490,371
Mobile Telesystems OJSC (ADR) §	324,280		11,349,800
OAO Gazprom (ADR)^	162,300		11,669,370
Pyaterochka Holding N.V.GDR*^§	561,738		8,117,114
Sberbank RF (GDR) (Berlin Exchange)* (b)(n)	114,150		15,349,601
Sberbank RF (GDR)* (b)(n)	30,223		3,959,213
Surgutneftegaz (ADR)	117,358		6,284,521
Unified Energy System (GDR)^	90,042		3,817,781
Wimm-Bill-Dann Foods OJSC (ADR)*	301,700		7,249,851

			123,660,982

South Africa (12.4%)
African Bank Investments Ltd.	2,872,000		11,094,048
Aveng Ltd.	2,528,100		7,170,756
Edgars Consolidated Stores Ltd.	1,652,400		9,160,171
Harmony Gold Mining Co., Ltd. (ADR)*	479,400		6,256,170
Harmony Gold Mining Co., Ltd.*	584,177		7,819,728
Impala Platinum Holdings Ltd.	53,220		7,820,424
J.D. Group, Ltd.	604,450		7,304,863
Massmart Holdings Ltd.	243,700		1,984,565
Mittal Steel South Africa, Ltd.	100		966
MTN Group Ltd.	2,209,980		21,655,539
Murray & Roberts Holdings Ltd.	1,412,820		4,365,987
Naspers Ltd.	1,079,720		19,068,102
Pretoria Portland Cement Co., Ltd.	119,600		5,784,359
Sanlam Ltd.	6,840		16,382
Shoprite Holdings Ltd.	2,190,400		6,364,852
Standard Bank Group Ltd.	1,733,605		20,721,261
Steinhoff International Holdings Ltd.	3,050,380		9,017,678
Tiger Brands Ltd.	652,618		14,971,371
Woolworths Holdings Ltd.	402,200		900,471

			161,477,693

South Korea (13.8%)
Amorepacific Corp.*	7,232		2,260,782
Cheil Industries, Inc.*	120,830		3,358,879
Daelim Industrial Co.*	36,930		2,630,420
Doosan Heavy Industries and Construction Co., Ltd.*	270,410		10,151,911
Doosan Infracore Co. Ltd.*	141,520		2,534,018
GS Engineering & Construction Corp.*	152,600		8,000,989
Hanjin Heavy Industries & Construction Co., Ltd.*	147,840		3,436,949
Hankook Tire Co., Ltd.*	264,940		3,734,872
Hanmi Pharm Co. Ltd.*	18,469		2,539,636

283

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EQ/VAN KAMPEN EMERGING MARKETS EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2005


	Number of Shares		Value (Note 1)
Hyundai Mobis*		88,010	$	8,044,838
Hyundai Motor Co. (Non-Voting) (Preference)*		69,300		4,702,953
Hyundai Motor Co.*		88,270		8,496,484
Kookmin Bank*		159,060		12,037,483
Korea Zinc Co., Ltd.*		70,740		3,569,016
KT&G Corp.*		170,070		7,579,417
NHN Corp.*		18,960		5,064,253
Orion Corp.*		38,345		10,640,325
Pusan Bank*		225,710		2,958,557
S-Oil Corp.		34,940		2,440,287
Samsung Electronics Co., Ltd.		42,227		27,528,904
Samsung Electronics Co., Ltd. (Non-Voting) (Preference)		19,045		9,250,725
Samsung Fire & Marine Insurance Co., Ltd.		49,974		6,328,013
Samsung SDI Co., Ltd.*		55,870		6,438,992
Shinhan Financial Group Co., Ltd.*		266,000		10,802,097
SK Corp.*		128,720		6,634,330
Woongjin Coway Co., Ltd.*		115,180		2,728,952
Woori Finance Holdings Co., Ltd.*		285,740		5,681,727

				179,575,809

Taiwan (8.7%)
Acer, Inc.		1,673,000		4,202,494
Asia Optical Co., Inc.		41,000		281,506
AU Optronics Corp.		8,969,540		13,382,074
AU Optronics Corp. (ADR).		111,500		1,673,615
Cathay Financial Holding Co., Ltd.		3,011,000		5,454,876
Cheng Shin Rubber Industry Co., Ltd.		1,704,440		1,505,001
China Steel Corp.		2,846,000		2,166,367
Chinatrust Financial Holding Co., Ltd.		4,926,482		3,900,025
Compal Electronics Inc.		4,527,000		4,079,993
CTCI Corp.		2,148,895		899,653
Cyberlink Corp.		87,000		238,672
Delta Electronics, Inc.		3,117,103		6,387,389
Delta Electronics, Inc. (GDR)		171,672		1,699,553
Eva Airways Corp.		657		309
Far EasTone Telecommunications Co., Ltd.		2,083,000		2,356,163
Formosa Petrochemical Corp.		2,042,000		3,618,561
High Tech Computer Corp.		319,000		5,983,132
Hon Hai Precision Industry Co., Ltd.		1,564,967		8,576,989
Infortrend Technology, Inc.		720,000		1,091,739
Kaulin Manufacturing Co., Ltd.		952,355		864,117
Largan Precision Co., Ltd.		344,528		5,433,898
MediaTek, Inc.		762,477		8,984,520
Phoenixtec Power Co., Ltd.		1,642,845		1,790,758
Polaris Securities Co., Ltd.		2,769,168		1,252,082
Radiant Opto- Electronics Corp.		847,386		2,064,089
Shin Kong Financial Holdings Co., Ltd.		10,284,606		8,000,843
Springsoft, Inc.		1,355,407		2,220,287
Taishin Financial Holdings Co., Ltd.		4,025,921		2,108,390
Taiwan Mobile Co., Ltd.		2,782,000		2,431,063
Taiwan Semiconductor Manufacturing Co., Ltd.		2,042,000		3,885,912
Tsann Kuen Enterprise Co.		1,822,897		3,047,135
Vanguard International Semiconductor Corp.		3,986,574		3,034,569

				112,615,774

Thailand (2.5%)
Advanced Information Service PCL (Foreign)		1,754,300		4,535,507
Asian Property Development PCL (Foreign)		9,742,700		812,684
Bangkok Bank PCL (Foreign)		1,315,500		3,689,817
CH Karnchang PCL		3,790,900		1,118,778
CP Seven Eleven PCL Italian-Thai Development		14,875,400		2,140,606
PCL (Foreign)		12,071,800		2,429,082
Kasikornbank PCL (Foreign)		1,573,400		2,878,171
Lalin Property PCL (Foreign)		2,622,000		315,919
Land and Houses PCL (Foreign)		6,898,000		1,497,371
MBK PCL (Foreign)		488,700		530,418
PTT PCL (Foreign)		826,100		4,553,624
Siam City Bank PCL (Foreign)		2,077,000		1,231,003
Siam Commercial Bank PCL (Foreign)		692,900		878,800
Siam Makro PCL (Foreign)		280,400		475,312
Thai Oil PCL (Foreign)		984,900		1,525,394
Total Access Communication PCL*		959,000		3,107,160
True Corp. PCL (Foreign)*		4,230,700		1,031,878

				32,751,524

Turkey (4.5%)
Akcansa Cimento AS.		802,136		4,866,826
BIM Birlesik Magazalar AS*		197,460		4,894,495
Dogan Yayin Holdings*		1,928,211		7,632,948
Enka Insaat ve Sanayi A.S.		98,555		1,225,101
Haci Omer Sabanci Holding A.S.		1,051,100		5,949,623
Hurriyet Gazetecilik A.S.		2,048,196		8,032,141
Turk Hava Yollari*		1,296,280		8,104,747
Turkiye Garanti Bankasi A.S.*		1,616,442		5,860,574
Turkiye Vakiflar Bankasi Tao*		634,600		3,357,299
Yapi Ve Kredi Bankasi*		1,979,573		9,227,754

				59,151,508

United Kingdom (0.4%)
Highland Gold Mining Ltd. United States (0.5%)		1,121,300		4,725,855
Central European Distribution Corp.*		171,600		6,888,024

Total Common Stocks (95.7%) (Cost $935,551,074)				1,246,904,955


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (1.4%)
New York Life Insurance Co.
4.40%, 3/30/06 (l)	$	1,000,000		1,000,000
Nomura Securities
4.29%, 1/3/06		15,916,586		15,916,586

284

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EQ/VAN KAMPEN EMERGING MARKETS EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Principal Amount		Value (Note 1)
Swedbank N.Y.
4.38%, 7/14/06 (l)	$	999,693	$	999,693

Total Short-Term Investments (1.4%) (Amortized Cost $17,916,279)				17,916,279

Total Investments (97.1%) (Cost/Amortized Cost $953,467,353)				1,264,821,234
Other Assets Less Liabilities (2.9%)				38,178,279

Net Assets (100%)			$	1,302,999,513

*	Non-income producing.

^	All, or a portion of security out on loan (See Note 1).

†	Securities (totaling $3,576,265 or 0.27% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2005, the market value of these securities amounted to $23,710,686 or 1.82% 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.

(i)

Dematerialized-Securities changed from paper to electronic format.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2005.

(n)

Glossary:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

At December 31, 2005 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


	Local Contract Amount (000’s)		Cost on Origination Date			U.S. $ Current Value			Unrealized Depreciation
Foreign Currency Sell Contracts
South African Rand, expiring 8/14/06	(202,432	)	$	(29,961,096	)	$	(31,450,220	)	$	(1,489,124	)

Investment security transactions for the year ended December 31, 2005 were as follows



Cost of Purchases:
Stocks and long-term corporate debt securities	$	816,260,437
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	432,103,494

As of December 31, 2005, 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	$	327,598,020
Aggregate gross unrealized depreciation		(18,400,782	)

Net unrealized appreciation	$	309,197,238

Federal income tax cost of investments	$	955,623,996

At December 31, 2005, the Portfolio had loaned securities with a total value of $16,644,912. This was secured by collateral of $17,916,279 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2005, the Portfolio incurred approximately $17,550 as brokerage commissions with Morgan Stanley & Co., an affiliated broker/dealer.

The Portfolio utilized $42,116,192 in capital loss carryforward during 2005.

See Notes to Financial Statements.

285

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EQ/VAN KAMPEN MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (29.8%)
*Automobiles (1.5%)*
Harley-Davidson, Inc.	15,025	$	773,637

*Hotels, Restaurants & Leisure (12.4%)*
Cheesecake Factory, Inc.*	13,708		512,542
Gaylord Entertainment Co.*	11,645		507,606
International Game Technology	48,312		1,487,043
International Speedway Corp., Class A	10,726		513,775
P.F. Chang’s China Bistro, Inc.*	13,631		676,507
Station Casinos, Inc.	14,793		1,002,965
Wendy’s International, Inc.	14,375		794,363
Wynn Resorts Ltd.*	12,456		683,212

			6,178,013

*Household Durables (2.7%)*
Desarrolladora Homex SA de CV* (ADR)	20,760		636,917
NVR, Inc.*	996		699,192

			1,336,109

*Internet & Catalog Retail (1.5%)*
Expedia, Inc.*	30,720		736,051

*Leisure Equipment & Products (1.0%)*
SCP Pool Corp.	13,147		489,331

*Media (4.7%)*
Getty Images, Inc.*	18,640		1,663,993
Lamar Advertising Co., Class A*	15,035		693,715

			2,357,708

*Specialty Retail (6.0%)*
AutoZone, Inc.*	16,050		1,472,588
Chico’s FAS, Inc.*	11,228		493,246
Tractor Supply Co.*	12,176		644,597
Weight Watchers International, Inc.*	7,700		380,611

			2,991,042

Total Consumer Discretionary			14,861,891

Consumer Staples (1.5%)
*Tobacco (1.5%)*
Loews Corp.- Carolina Group	17,345		763,006

Total Consumer Staples			763,006

Energy (7.7%)
*Oil & Gas (7.7%)*
Southwestern Energy Co.*	28,888		1,038,234
Ultra Petroleum Corp.*	50,006		2,790,335

Total Energy			3,828,569

Financials (10.7%)
*Capital Markets (1.1%)*
Ameritrade Holding Corp.*	23,126		555,024

*Diversified Financial Services (3.5%)*
Calamos Asset Management, Inc., Class A	24,653		775,337
Chicago Mercantile Exchange Holdings, Inc.	2,622		963,559

			1,738,896

*Insurance (1.9%)*
Brown & Brown, Inc.	18,590		567,739
White Mountains Insurance Group Ltd.	695		388,192

			955,931

*Real Estate (4.2%)*
Brookfield Asset Management, Inc., Class A	20,175		1,015,408
CB Richard Ellis Group, Inc., Class A*	9,845		579,378
St. Joe Co.	7,192		483,446

			2,078,232

Total Financials			5,328,083

Health Care (5.2%)
*Biotechnology (1.9%)*
Gen-Probe, Inc.*	9,970		486,436
Techne Corp.*	8,275		464,641

			951,077

*Health Care Equipment & Supplies (2.4%)*
Dade Behring Holdings, Inc.	28,743		1,175,301

*Health Care Providers & Services (0.9%)*
DaVita, Inc.*	9,265		469,180

Total Health Care			2,595,558

Industrials (20.7%)
*Air Freight & Logistics (4.5%)*
CH Robinson Worldwide, Inc.	29,770		1,102,383
Expeditors International of Washington, Inc.	17,078		1,152,936

			2,255,319

*Commercial Services & Supplies (14.8%)*
Career Education Corp.*	16,052		541,273
ChoicePoint, Inc.*	10,024		446,168
Corporate Executive Board Co.	21,354		1,915,454
ITT Educational Services, Inc.*	15,893		939,435
Monster Worldwide, Inc.*	40,352		1,647,169
Stericycle, Inc.*	18,605		1,095,462
Strayer Education, Inc.	8,607		806,476

			7,391,437

*Machinery (1.4%)*
Pentair, Inc.	20,100		693,852

Total Industrials			10,340,608

Information Technology (13.2%)
*Internet Software & Services (1.4%)*
Netease.com (ADR)*	8,407		472,137
SINA Corp.*	9,975		240,996

			713,133

*IT Services (3.5%)*
CheckFree Corp.*	10,200		468,180
Iron Mountain, Inc.*	30,199		1,275,002

			1,743,182

*Semiconductors & Semiconductor Equipment (2.9%)*
Freescale Semiconductor, Inc., Class A*	17,085		430,371
Marvell Technology Group Ltd.*	9,414		528,031
Tessera Technologies, Inc.*	18,577		480,216

			1,438,618

*Software (5.4%)*
Activision, Inc.*	75,661		1,039,582
Red Hat, Inc.*	31,152		848,581
Salesforce.com, Inc.*	25,145		805,897

			2,694,060

Total Information Technology			6,588,993

Materials (0.9%)
*Construction Materials (0.9%)*
Rinker Group Ltd.	7,861		471,503

Total Materials			471,503

Telecommunication Services (5.9%)
*Wireless Telecommunication Services (5.9%)*
Crown Castle International Corp.*	44,989		1,210,654
NII Holdings, Inc.*	40,104		1,751,743

Total Telecommunication Services			2,962,397

286

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EQ/VAN KAMPEN MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Number of Shares		Value (Note 1)
Utilities (1.0%)
*Multi-Utilities & Unregulated Power (1.0%)*
Questar Corp.		6,768	$	512,338
Total Utilities				512,338

Total Common Stocks (96.6%) (Cost $45,158,355)				48,252,946


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (5.9%)
JPMorgan Chase Nassau
3.68%, 1/3/06 (Amortized Cost $2,935,747)	$	2,935,747		2,935,747

Total Investments (102.5%) (Cost/Amortized Cost $48,094,102)				51,188,693
Other Assets Less Liabilities (-2.5%)				(1,237,249	)

Net Assets (100%)			$	49,951,444

*	Non-income producing.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the period ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	52,550,702
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	7,502,010

As of December 31, 2005, 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	$	3,710,881
Aggregate gross unrealized depreciation		(629,153	)

Net unrealized appreciation	$	3,081,728

Federal income tax cost of investments	$	48,106,965

For the period ended December 31, 2005, the Portfolio incurred approximately $697 as brokerage commissions with Morgan Stanley & Co. and $5 with Bernstein (Sanford C.) & Co., affiliated broker/dealers.

See Notes to Financial Statements.

287

EQ ADVISORS TRUST

EQ/WELLS FARGO MONTGOMERY SMALL CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2005


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (17.5%)
*Distributors (2.6%)*
WESCO International, Inc.*	8,209	$	350,770

*Hotels, Restaurants & Leisure (5.1%)*
California Pizza Kitchen, Inc.*	3,563		113,909
Gaylord Entertainment Co.*	5,513		240,312
Orient Express Hotels Ltd.	7,227		227,795
Shuffle Master, Inc.*	3,115		78,311
Station Casinos, Inc.	648		43,934

			704,261

*Internet & Catalog Retail (3.0%)*
PlanetOut, Inc.*	13,892		120,722
Priceline.com, Inc.*	13,004		290,249

			410,971

*Leisure Equipment & Products (0.7%)*
Marvel Entertainment, Inc.*	5,976		97,887

*Media (1.5%)*
CKX, Inc.*	7,829		101,777
Lodgenet Entertainment Corp.*	7,754		108,091

			209,868

*Specialty Retail (3.5%)*
Aeropostale, Inc.*	2,200		57,860
Children’s Place Retail Stores, Inc.*	2,500		123,550
GameStop Corp., Class A*	3,467		110,320
Rush Enterprises, Inc., Class A*	5,634		83,834
Steiner Leisure Ltd.*	3,011		107,071

			482,635

*Textiles, Apparel & Luxury Goods (1.1%)*
Quiksilver, Inc.*	3,028		41,908
Skechers U.S.A., Inc., Class A*	7,023		107,592

			149,500

Total Consumer Discretionary			2,405,892

Energy (2.1%)
*Energy Equipment & Services (0.7%)*
Tetra Technologies, Inc.*	3,000		91,560

*Oil & Gas (1.4%)*
Comstock Resources, Inc.*	2,100		64,071
Goodrich Petroleum Corp.*	5,092		128,064

			192,135

Total Energy			283,695

Financials (5.3%)
*Capital Markets (0.3%)*
National Financial Partners Corp.	835		43,879

*Commercial Banks (0.7%)*
First Republic Bank	2,694		99,705

*Diversified Financial Services (0.6%)*
optionsXpress Holdings, Inc.	3,108		76,301

*Insurance (0.8%)*
Navigators Group, Inc.*	2,500		109,025

*Real Estate (2.2%)*
CB Richard Ellis Group, Inc., Class A*	1,702		100,163
Trammell Crow Co.*	7,978		204,636

			304,799

*Thrifts & Mortgage Finance (0.7%)*
Fidelity Bankshares, Inc.	2,750		89,925

Total Financials			723,634

Health Care (20.5%)
*Biotechnology (7.7%)*
Alkermes, Inc.*	6,775		129,538
Cubist Pharmaceuticals, Inc.*	5,585		118,681
Encysive Pharmaceuticals, Inc.*	15,900		125,451
Gen-Probe, Inc.*	2,800		136,612
Luminex Corp.*	4,386		50,965
Neurocrine Biosciences, Inc.*	3,641		228,400
Onyx Pharmaceuticals, Inc.*	5,412		155,649
Senomyx, Inc.*	10,154		123,067

			1,068,363

*Health Care Equipment & Supplies (4.0%)*
Advanced Medical Optics, Inc.*	5,600		234,080
DJ Orthopedics, Inc.*	4,616		127,309
Haemonetics Corp.*	1,900		92,834
Kyphon, Inc.*	2,300		93,909

			548,132

*Health Care Providers & Services (6.5%)*
Advisory Board Co.*	2,539		121,034
Kindred Healthcare, Inc.*	4,715		121,458
PSS World Medical, Inc.*	16,563		245,795
SFBC International, Inc.*	8,878		142,137
Sierra Health Services, Inc.*	1,450		115,942
Ventiv Health, Inc.*	3,700		87,394
WellCare Health Plans, Inc.*	1,495		61,071

			894,831

*Pharmaceuticals (2.3%)*
Adams Respiratory Therapeutics, Inc.*	2,618		106,448
First Horizon Pharmaceutical Corp.*	7,400		127,650
NitroMed, Inc.*	5,718		79,766

			313,864

Total Health Care			2,825,190

Industrials (23.3%)
*Aerospace & Defense (4.9%)*
Aviall, Inc.*	3,000		86,400
Hexcel Corp.*	9,521		171,854
K&F Industries Holdings, Inc.*	4,806		73,820
Mercury Computer Systems, Inc.*	4,397		90,710
SI International, Inc.*	8,357		255,474

			678,258

*Air Freight & Logistics (0.9%)*
Hub Group, Inc., Class A*	3,390		119,836

*Commercial Services & Supplies (11.9%)*
Chemed Corp.	1,100		54,648
Education Management Corp.*	2,900		97,179
Gevity HR, Inc.	3,535		90,920
Hudson Highland Group, Inc.*	5,297		91,956
Huron Consulting Group, Inc.*	3,144		75,424
Jackson Hewitt Tax Service, Inc.	4,100		113,611
Laureate Education, Inc.*	3,190		167,507
Mobile Mini, Inc.*	1,227		58,160
Navigant Consulting Co.*	6,014		132,188
Resources Connection, Inc.*	17,063		444,662
Wright Express Corp.*	14,235		313,170

			1,639,425

*Machinery (4.2%)*
Actuant Corp., Class A	1,889		105,406
Gardner Denver, Inc.*	7,827		385,871
Oshkosh Truck Corp.	1,952		87,040

			578,317

*Trading Companies & Distributors (1.4%)*
Hughes Supply, Inc.	5,402		193,662

Total Industrials			3,209,498

Information Technology (23.2%)
*Communications Equipment (2.0%)*
Ixia*	5,900		87,202
NMS Communications Corp.*	35,993		125,615

288

EQ ADVISORS TRUST

EQ/WELLS FARGO MONTGOMERY SMALL CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2005


	Number of Shares		Value (Note 1)
SafeNet, Inc.*		1,986	$	63,989

				276,806

*Computers & Peripherals (0.9%)*
Hypercom Corp.*		18,556		118,573

*Electronic Equipment & Instruments (2.1%)*
Identix Corp.*		21,334		106,883
Photon Dynamics, Inc.*		6,470		118,272
Universal Display Corp.*		6,069		63,785

				288,940

*Internet Software & Services (9.7%)*
Equinix, Inc.*		1,900		77,444
iVillage, Inc.*		27,423		219,932
Jupitermedia Corp.*		6,490		95,922
RealNetworks, Inc.*		12,800		99,328
SkillSoft plc (ADR)*		10,125		55,688
ValueClick, Inc.*		19,008		344,235
WebEx Communications, Inc.*		16,166		349,671
webMethods, Inc.*		12,359		95,288

				1,337,508

*IT Services (1.1%)*
Alliance Data Systems Corp.*		1,000		35,600
MPS Group, Inc.*		8,802		120,323

				155,923

*Semiconductors & Semiconductor Equipment (2.1%)*
Integrated Device Technology, Inc.*		22,000		289,960

*Software (5.3%)*
Cogent, Inc.*		4,574		103,738
Open Solutions, Inc.*		6,564		150,447
Quest Software, Inc.*		19,133		279,150
Secure Computing Corp.*		7,710		94,525
Taleo Corp.*		7,670		101,858

				729,718

Total Information Technology				3,197,428

Materials (1.5%)
*Chemicals (1.5%)*
Airgas, Inc.		6,381		209,935

Total Materials				209,935

Telecommunication Services (3.2%)
*Diversified Telecommunication Services (1.5%)*
Cbeyond Communications, Inc.*		7,355		75,756
NeuStar, Inc. Class A*		4,008		122,204

				197,960

*Wireless Telecommunication Services (1.7%)*
Ubiquitel, Inc.*		24,014		237,499

Total Telecommunication Services				435,459

Total Common Stocks (96.6%) (Cost $12,834,092)				13,290,731


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposits (5.2%)
JPMorgan Chase Nassau
3.68%, 1/3/06 (Amortized Cost $715,275)	$	715,275		715,275

Total Investments (101.8%) (Cost/Amortized Cost $13,549,367)				14,006,006
Other Assets Less Liabilities (-1.8%)		.		(247,113	)

Net Assets (100%)			$	13,758,893

*	Non-income producing.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2005 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	20,804,249
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	11,911,882

As of December 31, 2005, 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	$	716,953
Aggregate gross unrealized depreciation		(428,757	)

Net unrealized appreciation	$	288,196

Federal income tax cost of investments	$	13,717,810

See Notes to Financial Statements.

289

EQ ADVISORS TRUST

EQ/ENTERPRISE MODERATE ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value:
Affiliated issuers (Cost $577,142,638)	$	565,513,079
Unaffiliated issuers (Amortized Cost $577,370)		577,370
Receivable for securities sold		646,165
Receivable from Separate Accounts for Trust shares sold		54,108
Receivable from investment manager		24,108
Dividends, interest and other receivables		2,232
Other assets		84

Total assets		566,817,146

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		596,637
Distribution fees payable - Class IB		121,329
Administrative fees payable		81,734
Trustees’ fees payable		3,608
Accrued expenses		76,074

Total liabilities		879,382

NET ASSETS	$	565,937,764

Net assets were comprised of:
Paid in capital	$	621,430,076
Accumulated overdistributed net investment income		(3,120	)
Accumulated net realized loss		(43,859,633	)
Unrealized depreciation on investments		(11,629,559	)

Net assets	$	565,937,764

Class IB
Net asset value, offering and redemption price per share, $565,937,764 / 28,715,998 shares outstanding (unlimited amount authorized: $0.01 par value)	$	19.71

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends (net of $10,597 foreign withholding tax; $9,183,495 received from affiliates)	$	12,824,203
Interest		5,782,757

Total income		18,606,960

EXPENSES
Investment management fees		3,453,215
Distribution fees - Class IB		1,481,500
Administrative fees		412,710
Printing and mailing expenses		77,697
Custodian fees		56,057
Professional fees		49,551
Trustees’ fees		9,772
Miscellaneous		18,853

Gross expenses		5,559,355
Less: Waiver from investment advisor		(553,946	)
Fees paid indirectly		(577,108	)

Net expenses		4,428,301

NET INVESTMENT INCOME		14,178,659

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		79,360,957
Futures		4,031,204
Foreign currency transactions		23,264

Net realized gain		83,415,425

Change in unrealized depreciation on:
Securities		(68,702,846	)
Futures		(57,339	)

Net change in unrealized depreciation		(68,760,185	)

NET REALIZED AND UNREALIZED GAIN		14,655,240

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	28,833,899

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	14,178,659		$	8,560,030
Net realized gain on investments and foreign currency transactions		83,415,425			41,073,039
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(68,760,185	)		2,436,390

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		28,833,899			52,069,459

DIVIDENDS:
Class IB
Dividends from net investment income		(15,869,444	)		(17,863,456	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [133,827 and 747,266 shares, respectively]		2,604,189			13,780,912
Capital shares issued in reinvestment of dividends [800,684 and 960,257 shares, respectively]		15,869,444			17,863,456
Capital shares repurchased [(5,399,944) and (6,496,168) shares, respectively]		(105,076,499	)		(120,118,457	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(86,602,866	)		(88,474,089	)

TOTAL DECREASE IN NET ASSETS		(73,638,411	)		(54,268,086	)
NET ASSETS:
Beginning of year		639,576,175			693,844,261

End of year (a)	$	565,937,764		$	639,576,175

__________

(a) Includes accumulated overdistributed net investment income of	$	(3,120	)	$	(665	)

See Notes to Financial Statements.

290

EQ ADVISORS TRUST

EQ/ALLIANCE COMMON STOCK PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Securities on loan at market value $846,057,202):
Affiliated issuers (Cost $577,028,359)	$	602,728,788
Unaffiliated issuers (Cost $8,953,371,086)		9,952,992,707
Receivable for securities sold		32,154,018
Dividends, interest and other receivables		10,303,347
Receivable from Separate Accounts for Trust shares sold		6,643,101

Total assets		10,604,821,961

LIABILITIES
Collateral held for loaned securities		872,094,665
Payable for securities purchased		66,619,279
Payable to Separate Accounts for Trust shares redeemed		11,509,208
Investment management fees payable		3,957,571
Distribution fees payable - Class IB		508,524
Trustees’ fees payable		476,407
Administrative fees payable		355,073
Accrued expenses		345,368

Total liabilities		955,866,095

NET ASSETS	$	9,648,955,866

Net assets were comprised of:
Paid in capital	$	10,595,361,177
Accumulated overdistributed net investment income		(431,001	)
Accumulated net realized loss		(1,971,296,360	)
Unrealized appreciation on investments		1,025,322,050

Net assets	$	9,648,955,866

Class IA
Net asset value, offering and redemption price per share, $7,297,019,815 / 403,307,303 shares outstanding (unlimited amount authorized: $0.01 par value)	$	18.09

Class IB
Net asset value, offering and redemption price per share, $2,351,936,051 / 130,729,332 shares outstanding (unlimited amount authorized: $0.01 par value)	$	17.99

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends	$	140,476,744
Securities lending (net)		5,910,536
Interest		1,844,037

Total income		148,231,317

EXPENSES
Investment management fees		45,318,728
Distribution fees - Class IB		5,659,730
Administrative fees		2,475,856
Printing and mailing expenses		1,072,010
Professional fees		263,013
Trustees’ fees		180,490
Custodian fees		90,000
Miscellaneous		201,167

Gross expenses		55,260,994
Less: Fees paid indirectly		(1,563,878	)

Net expenses		53,697,116

NET INVESTMENT INCOME		94,534,201

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on securities		926,878,986
Net change in unrealized depreciation on securities		(618,993,847	)

NET REALIZED AND UNREALIZED GAIN		307,885,139

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	402,419,340

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	94,534,201		$	112,310,226
Net realized gain on investments		926,878,986			754,285,794
Net change in unrealized appreciation (depreciation) on investments		(618,993,847	)		428,249,672

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		402,419,340			1,294,845,692

DIVIDENDS:
Dividends from net investment income
Class IA		(77,153,787	)		(91,213,210	)
Class IB		(18,770,768	)		(21,062,451	)

TOTAL DIVIDENDS		(95,924,555	)		(112,275,661	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [6,402,563 and 9,987,175 shares, respectively]		111,188,399			161,782,506
Capital shares issued in reinvestment of dividends [4,225,422 and 5,303,629 shares, respectively]		77,153,787			91,213,210
Capital shares repurchased [(56,104,184) and (49,615,021) shares, respectively]		(967,883,621	)		(801,492,016	)

Total Class IA transactions		(779,541,435	)		(548,496,300	)

Class IB
Capital shares sold [16,721,125 and 26,634,303 shares, respectively]		286,051,050			427,512,637
Capital shares issued in reinvestment of dividends [1,033,893 and 1,231,677 shares, respectively]		18,770,768			21,062,451
Capital shares repurchased [(20,499,452) and (16,905,457) shares, respectively]		(351,120,868	)		(270,654,160	)

Total Class IB transactions		(46,299,050	)		177,920,928

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(825,840,485	)		(370,575,372	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(519,345,700	)		811,994,659
NET ASSETS:
Beginning of year		10,168,301,566			9,356,306,907

End of year (a)	$	9,648,955,866		$	10,168,301,566

__________

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(431,001	)	$	171,636

See Notes to Financial Statements.

291

EQ ADVISORS TRUST

EQ/ALLIANCE GROWTH AND INCOME PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $2,785,072,147) (Securities on loan at market value $154,922,309)	$	3,132,150,736
Cash		9,630
Receivable from Separate Accounts for Trust shares sold		3,996,515
Receivable for securities sold		3,534,808
Dividends, interest and other receivables		2,890,278
Other assets		643

Total assets		3,142,582,610

LIABILITIES
Collateral held for loaned securities		158,617,573
Payable for securities purchased		25,720,078
Payable to Separate Accounts for Trust shares redeemed		7,197,067
Investment management fees payable		1,417,316
Distribution fees payable - Class IB		322,229
Administrative fees payable		114,914
Trustees’ fees payable		78,476
Accrued expenses		121,955

Total liabilities		193,589,608

NET ASSETS	$	2,948,993,002

Net assets were comprised of:
Paid in capital	$	2,596,494,640
Accumulated overdistributed net investment income		(74,929	)
Accumulated undistributed net realized gain		5,494,702
Unrealized appreciation on investments		347,078,589

Net assets	$	2,948,993,002

Class IA
Net asset value, offering and redemption price per share, $1,449,066,475 / 77,629,182 shares outstanding (unlimited amount authorized: $0.01 par value)	$	18.67

Class IB
Net asset value, offering and redemption price per share, $1,499,926,527 / 80,830,261 shares outstanding (unlimited amount authorized: $0.01 par value)	$	18.56

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends (net of $1,179 foreign withholding tax)	$	52,035,539
Interest		1,309,576
Securities lending (net)		120,556

Total income		53,465,671

EXPENSES
Investment management fees		16,221,180
Distribution fees - Class IB		3,630,349
Administrative fees		774,194
Printing and mailing expenses		327,161
Professional fees		102,640
Trustees’ fees		49,738
Custodian fees		30,493
Miscellaneous		86,927

Gross expenses		21,222,682
Less: Fees paid indirectly		(871,455	)

Net expenses		20,351,227

NET INVESTMENT INCOME		33,114,444

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		269,731,461
Options written		228,792

Net realized gain		269,960,253

Net change in unrealized depreciation on securities		(143,727,922	)

NET REALIZED AND UNREALIZED GAIN		126,232,331

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	159,346,775

See Notes to Financial Statements.

292

EQ ADVISORS TRUST

EQ/ALLIANCE GROWTH AND INCOME PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	33,114,444		$	41,330,794
Net realized gain on investments		269,960,253			104,513,528
Net change in unrealized appreciation (depreciation) on investments		(143,727,922	)		173,008,307

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		159,346,775			318,852,629

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(18,196,966	)		(23,690,527	)
Class IB		(14,974,268	)		(18,990,305	)

		(33,171,234	)		(42,680,832	)

Distributions from net realized capital gains
Class IA		(43,255,787	)		—
Class IB		(45,030,714	)		—

		(88,286,501	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(121,457,735	)		(42,680,832	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [4,408,502 and 4,697,361 shares, respectively]		82,365,457			80,773,151
Capital shares issued in reinvestment of dividends and distributions [3,266,888 and 1,307,360 shares, respectively]		61,452,753			23,690,527
Capital shares repurchased [(10,050,540) and (9,159,989) shares, respectively]		(187,979,450	)		(157,123,509	)

Total Class IA transactions		(44,161,240	)		(52,659,831	)

Class IB
Capital shares sold [11,073,700 and 15,849,287 shares, respectively]		205,315,074			270,357,230
Capital shares issued in reinvestment of dividends and distributions [3,208,574 and 1,054,244 shares, respectively]		60,004,982			18,990,305
Capital shares repurchased [(10,400,077) and (8,026,095) shares, respectively]		(193,297,631	)		(136,616,746	)

Total Class IB transactions		72,022,425			152,730,789

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		27,861,185			100,070,958

TOTAL INCREASE IN NET ASSETS		65,750,225			376,242,755
NET ASSETS:
Beginning of year		2,883,242,777			2,507,000,022

End of year (a)	$	2,948,993,002		$	2,883,242,777

__________

(a) Includes accumulated overdistributed net investment income of	$	(74,929	)	$	(26,177	)

See Notes to Financial Statements.

293

EQ ADVISORS TRUST

EQ/ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $1,071,938,623)
(Securities on loan at market value $339,281,038)	$	1,060,967,296
Dividends, interest and other receivables		6,003,688
Receivable from Separate Accounts for Trust shares sold		823,951
Receivable for securities sold		1,464

Total assets		1,067,796,399

LIABILITIES
Overdraft payable		80,808
Collateral held for loaned securities		155,264,117
Payable for forward commitments		119,128,228
Payable to Separate Accounts for Trust shares redeemed		1,669,367
Investment management fees payable		335,886
Distribution fees payable - Class IB		115,430
Administrative fees payable		36,529
Trustees’ fees payable		21,811
Accrued expenses		91,639

Total liabilities		276,743,815

NET ASSETS	$	791,052,584

Net assets were comprised of: Paid in capital	$	819,949,356
Accumulated overdistributed net investment income		(22,227	)
Accumulated net realized loss		(17,903,218	)
Unrealized depreciation on investments		(10,971,327	)

Net assets	$	791,052,584

Class IA
Net asset value, offering and redemption price per share, $248,265,787 / 25,411,417 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.77

Class IB
Net asset value, offering and redemption price per share, $542,786,797 / 55,898,291 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.71

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Interest	$	32,859,135
Securities lending (net)		631,243

Total income		33,490,378

EXPENSES
Investment management fees		4,186,099
Distribution fees - Class IB		1,419,527
Administrative fees		243,923
Printing and mailing expenses		94,825
Custodian fees		75,468
Professional fees		65,630
Trustees’ fees		14,240
Miscellaneous		22,846

Total expenses		6,122,558

NET INVESTMENT INCOME		27,367,820

REALIZED AND UNREALIZED LOSS
Net realized loss on securities		(8,325,334	)
Net change in unrealized depreciation on securities		(7,787,952	)

NET REALIZED AND UNREALIZED LOSS		(16,113,286	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	11,254,534

See Notes to Financial Statements.

294

EQ ADVISORS TRUST

EQ/ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	27,367,820		$	25,800,280
Net realized loss on investments		(8,325,334	)		(7,123,207	)
Net change in unrealized appreciation (depreciation) on investments		(7,787,952	)		222,684

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		11,254,534			18,899,757

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(9,330,773	)		(9,421,539	)
Class IB		(19,070,118	)		(17,489,532	)

		(28,400,891	)		(26,911,071	)

Distributions from net realized capital gains
Class IA		—			(263,992	)
Class IB		—			(515,599	)

		—			(779,591	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(28,400,891	)		(27,690,662	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [4,123,288 and 4,956,628 shares, respectively]		41,364,741			50,674,723
Capital shares issued in reinvestment of dividends and distributions [ 956,841 and 968,697 shares, respectively]		9,330,773			9,685,531
Capital shares repurchased [(9,305,439) and (10,372,837) shares, respectively]		(93,762,145	)		(105,812,741	)

Total Class IA transactions		(43,066,631	)		(45,452,487	)

Class IB
Capital shares sold [7,502,043 and 11,891,199 shares, respectively]		74,817,387			120,548,975
Capital shares issued in reinvestment of dividends and distributions [1,967,418 and 1,811,836 shares, respectively]		19,070,118			18,005,131
Capital shares repurchased [(13,483,533) and (16,560,464) shares, respectively]		(134,518,001	)		(167,539,663	)

Total Class IB transactions		(40,630,496	)		(28,985,557	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(83,697,127	)		(74,438,044	)

TOTAL DECREASE IN NET ASSETS		(100,843,484	)		(83,228,949	)
NET ASSETS:
Beginning of year		891,896,068			975,125,017

End of year (a)	$	791,052,584		$	891,896,068

__________

(a) Includes accumulated overdistributed net investment income of	$	(22,227	)	$	(19,619	)

See Notes to Financial Statements.

295

EQ ADVISORS TRUST

EQ/ALLIANCE INTERNATIONAL PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $2,072,703,053) (Securities on loan at market value $281,974,728)	$	2,542,839,340
Foreign Cash (Cost $15,700,087)		15,565,374
Cash Held as Collateral at Broker		1,448,704
Foreign Cash Held as Collateral at Broker		1,027,636
Receivable for securities sold		10,863,823
Dividends, interest and other receivables		3,188,807
Receivable from Separate Accounts for Trust shares sold		2,616,274

Total assets		2,577,549,958

LIABILITIES
Overdraft payable		793,009
Collateral held for loaned securities		297,834,814
Payable for securities purchased		12,378,843
Payable to Separate Accounts for Trust shares redeemed		3,607,988
Investment management fees payable		1,368,064
Distribution fees payable - Class IB		194,329
Variation margin payable on futures contracts		117,035
Administrative fees payable		76,772
Trustees' fees payable		73,016
Recoupment fees payable		7,789
Accrued expenses		580,940

Total liabilities		317,032,599

NET ASSETS	$	2,260,517,359

Net assets were comprised of Paid in capital	$	1,953,706,559
Accumulated overdistributed net investment income		(10,519,672	)
Accumulated net realized loss		(152,800,856	)
Unrealized appreciation on investments		470,131,328

Net assets	$	2,260,517,359

Class IA
Net asset value, offering and redemption price per share, $1,330,210,171 / 104,764,153 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.70

Class IB
Net asset value, offering and redemption price per share, $930,307,188 / 74,242,909 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.53

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends (net of $4,188,293 foreign withholding tax)	$	46,432,795
Interest		523,137
Securities lending (net)		1,347,534

Total income		48,303,466

EXPENSES
Investment management fees		14,313,757
Distribution fees - Class IB		1,891,111
Custodian fees		1,476,555
Administrative fees		530,523
Printing and mailing expenses		219,115
Professional fees		113,030
Recoupment fees		63,474
Trustees’s fees		35,405
Miscellaneous		34,975

Gross expenses		18,677,945
Less: Fees paid indirectly		(143,592	)

Net expenses		18,534,353

NET INVESTMENT INCOME		29,769,113

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on: Securities		252,279,828
Futures		1,754,744
Foreign currency transactions		(2,096,565	)

Net realized gain		251,938,007

Change in unrealized appreciation (depreciation) on:
Securities		17,489,443
Futures		(109,811	)
Foreign currency translations		(403,840	)

Net change in unrealized appreciation		16,975,792

NET REALIZED AND UNREALIZED GAIN		268,913,799

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	298,682,912

See Notes to Financial Statements.

296

EQ ADVISORS TRUST

EQ/ALLIANCE INTERNATIONAL PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	29,769,113		$	19,997,074
Net realized gain on investments and foreign currency transactions		251,938,007			145,246,916
Net change in unrealized appreciation on investments and foreign currency translations		16,975,792			121,491,738

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		298,682,912			286,735,728

DIVIDENDS:
Dividends from net investment income
Class IA		(21,564,046	)		(23,580,463	)
Class IB		(12,396,678	)		(11,187,709	)

TOTAL DIVIDENDS		(33,960,724	)		(34,768,172	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [6,267,443 and 5,274,172 shares, respectively]		72,770,721			55,688,371
Capital shares issued in reinvestment of dividends [1,742,815 and 2,207,312 shares, respectively]		21,564,046			23,580,463
Capital shares repurchased [(11,763,200) and (12,361,113) shares, respectively]		(135,514,908	)		(122,931,719	)

Total Class IA transactions		(41,180,141	)		(43,662,885	)

Class IB
Capital shares sold [24,779,895 and 18,441,068 shares, respectively]		282,312,536			182,349,395
Capital shares issued in reinvestment of dividends [1,017,667 and 1,061,741 shares, respectively]		12,396,678			11,187,709
Capital shares repurchased [(12,141,271) and (10,357,140) shares, respectively]		(137,870,333	)		(101,594,493	)

Total Class IB transactions		156,838,881			91,942,611

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		115,658,740			48,279,726

TOTAL INCREASE IN NET ASSETS		380,380,928			300,247,282
NET ASSETS:
Beginning of year		1,880,136,431			1,579,889,149

End of year (a)	$	2,260,517,359		$	1,880,136,431

__________

(a) Includes accumulated overdistributed net investment income of	$	(10,519,672	)	$	(11,629,085	)

See Notes to Financial Statements.

297

EQ ADVISORS TRUST

EQ/ALLIANCE LARGE CAP GROWTH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $953,649,121) (Securities on loan at market value $78,776,749)	$	1,182,215,166
Receivable for securities sold		7,999,558
Receivable from Separate Accounts for Trust shares sold		1,500,882
Dividends, interest and other receivables		607,909

Total assets		1,192,323,515

LIABILITIES
Overdraft payable		5,878,908
Collateral held for loaned securities		82,652,801
Payable for securities purchased		5,181,111
Payable to Separate Accounts for Trust shares redeemed		1,521,284
Investment management fees payable		703,668
Distribution fees payable - Class IB		172,134
Administrative fees payable		50,902
Trustees’ fees payable		23,075
Accrued expenses		80,022

Total liabilities		96,263,905

NET ASSETS	$	1,096,059,610

Net assets were comprised of:
Paid in capital	$	1,476,012,768
Accumulated net investment loss		(20,226	)
Accumulated net realized loss		(608,498,977	)
Unrealized appreciation on investments		228,566,045

Net assets	$	1,096,059,610

Class IA
Net asset value, offering and redemption price per share, $294,078,393 / 37,480,759 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.85

Class IB
Net asset value, offering and redemption price per share, $801,981,217 / 103,822,411 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.72

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends	$	5,518,106
Interest		252,782
Securities lending (net)		75,252

Total income		5,846,140

EXPENSES
Investment management fees		9,567,205
Distribution fees - Class IB		1,757,794
Administrative fees		310,122
Printing and mailing expenses		119,946
Professional fees		60,985
Custodian fees		26,281
Trustees’ fees		17,822
Miscellaneous		30,398

Gross expenses		11,890,553
Less: Waiver from investment advisor		(1,596,129	)
Fees paid indirectly		(342,284	)

Net expenses		9,952,140

NET INVESTMENT LOSS		(4,106,000	)

REALIZED AND UNREALIZED GAIN
Realized gain on securities		107,621,562
Change in unrealized appreciation on securities		44,356,591

NET REALIZED AND UNREALIZED GAIN		151,978,153

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	147,872,153

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(4,106,000	)	$	(2,794,712	)
Net realized gain on investments		107,621,562			39,453,331
Net change in unrealized appreciation on investments		44,356,591			53,378,942

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		147,872,153			90,037,561

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [225,802 and 7,057,353 shares, respectively]		1,588,285			44,520,888
Capital shares repurchased [(22,350,864) and (4,125,789) shares, respectively]		(162,687,015	)		(27,629,655	)

Total Class IA transactions		(161,098,730	)		16,891,233

Class IB
Capital shares sold [15,009,455 and 9,816,390 shares, respectively]		108,549,279			61,483,712
Capital shares repurchased [(19,390,462) and (18,630,295) shares, respectively]		(132,442,240	)		(116,087,920	)

Total Class IB transactions		(23,892,961	)		(54,604,208	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(184,991,691	)		(37,712,975	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(37,119,538	)		52,324,586
NET ASSETS:
Beginning of year		1,133,179,148			1,080,854,562

End of year (a)	$	1,096,059,610		$	1,133,179,148

__________

(a) Includes accumulated net investment loss of	$	(20,226	)	$	(15,844	)

See Notes to Financial Statements.

298

EQ ADVISORS TRUST

EQ/ALLIANCE QUALITY BOND PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $2,622,809,709) (Securities on loan at market value $352,988,229)	$	2,616,999,683
Foreign cash (Cost $683,687)		683,668
Receivable for securities sold		21,178,577
Dividends, interest and other receivables		15,315,954
Receivable from Separate Accounts for Trust shares sold		1,115,268
Unrealized appreciation of forward foreign currency contracts		498,415
Other assets		2,552

Total assets		2,655,794,117

LIABILITIES
Overdraft payable		37,485
Payable for forward commitments		432,130,144
Collateral held for loaned securities		211,342,718
Payable to Separate Accounts for Trust shares redeemed		2,057,436
Investment management fees payable		854,001
Unrealized depreciation of forward foreign currency contracts		220,646
Distribution fees payable - Class IB		98,604
Administrative fees payable		63,616
Trustees’ fees payable		35,795
Accrued expenses		138,212

Total liabilities		646,978,657

NET ASSETS	$	2,008,815,460

Net assets were comprised of:
Paid in capital	$	2,023,439,303
Accumulated overdistributed net investment income		(1,014,415	)
Accumulated net realized loss		(8,074,918	)
Unrealized depreciation on investments		(5,534,510	)

Net assets	$	2,008,815,460

Class IA
Net asset value, offering and redemption price per share, $1,543,231,339 / 154,079,090 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.02

Class IB
Net asset value, offering and redemption price per share, $465,584,121 / 46,743,366 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.96

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Interest	$	83,078,224
Securities lending (net)		1,124,542

Total income		84,202,766

EXPENSES
Investment management fees		10,411,224
Distribution fees - Class IB		1,128,536
Administrative fees		564,578
Printing and mailing expenses		234,472
Custodian fees		113,377
Professional fees		88,115
Trustees’ fees		34,518
Miscellaneous		44,534

Total expenses		12,619,354

NET INVESTMENT INCOME		71,583,412

REALIZED AND UNREALIZED GAIN (LOSS)
Realized loss on:
Securities		(5,491,692	)
Foreign currency transactions		(582,501	)

Net realized loss		(6,074,193	)

Change in unrealized appreciation (depreciation) on:
Securities		(21,122,219	)
Foreign currency translations		275,485

Net change in unrealized depreciation		(20,846,734	)

NET REALIZED AND UNREALIZED LOSS		(26,920,927	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	44,662,485

See Notes to Financial Statements.

299

EQ ADVISORS TRUST

EQ/ALLIANCE QUALITY BOND PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	71,583,412		$	48,029,500
Net realized gain (loss) on investments and foreign currency transactions		(6,074,193	)		38,112,793
Net change in unrealized depreciation on investments and foreign currency translations		(20,846,734	)		(11,386,068	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		44,662,485			74,756,225

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(57,575,825	)		(40,491,288	)
Class IB		(16,269,057	)		(9,472,959	)

		(73,844,882	)		(49,964,247	)

Distributions from net realized capital gains
Class IA		(4,578,098	)		(28,350,564	)
Class IB		(1,216,710	)		(7,447,331	)

		(5,794,808	)		(35,797,895	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(79,639,690	)		(85,762,142	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [29,749,509 and 22,552,076 shares, respectively]		307,029,244			234,561,637
Capital shares issued in reinvestment of dividends and distributions [6,207,198 and 6,760,157 shares, respectively]		62,153,923			68,841,852
Capital shares repurchased [(41,334,776) and (12,247,255) shares, respectively]		(426,718,603	)		(127,223,699	)

Total Class IA transactions		(57,535,436	)		176,179,790

Class IB
Capital shares sold [10,318,539 and 11,629,538 shares, respectively]		105,461,564			120,190,338
Capital shares issued in reinvestment of dividends and distributions [1,756,285 and 1,670,926 shares, respectively]		17,485,767			16,920,290
Capital shares repurchased [(7,132,927) and (7,537,531) shares, respectively]		(72,881,147	)		(77,578,116	)

Total Class IB transactions		50,066,184			59,532,512

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS
		(7,469,252	)		235,712,302

TOTAL INCREASE (DECREASE) IN NET ASSETS		(42,446,457	)		224,706,385
NET ASSETS:
Beginning of year		2,051,261,917			1,826,555,532

End of year (a)	$	2,008,815,460		$	2,051,261,917

__________

(a) Includes accumulated overdistributed net investment income of	$	(1,014,415	)	$	(29,551	)

See Notes to Financial Statements.

300

EQ ADVISORS TRUST

EQ/ALLIANCE SMALL CAP GROWTH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $955,269,235)	$	1,200,816,783
Receivable for securities sold		9,214,598
Receivable from Separate Accounts for Trustshares sold		1,578,817
Dividends, interest and other receivables		86,064
Other assets		285

Total assets		1,211,696,547

LIABILITIES
Payable for securities purchased		7,611,721
Payable to Separate Accounts for Trust shares redeemed Investment management fees payable		2,905,962
Distribution fees payable - Class IB		147,760
Administrative fees payable		50,973
Trustees’ fees payable		30,260
Accrued expenses		62,770

Total liabilities		11,569,462

NET ASSETS	$	1,200,127,085

Net assets were comprised of:
Paid in capital	$	998,575,280
Accumulated net investment loss		(28,739	)
Accumulated net realized loss		(43,967,004	)
Unrealized appreciation on investments		245,547,548

Net assets	$	1,200,127,085

Class IA
Net asset value, offering and redemption price per share, $507,858,429 / 31,193,027 shares outstanding (unlimited amount authorized: $0.01 par value)	$	16.28

Class IB
Net asset value, offering and redemption price per share, $692,268,656 / 43,443,317 shares outstanding (unlimited amount authorized: $0.01 par value)	$	15.93

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends	$	3,468,569
Interest		547,191

Total income		4,015,760

EXPENSES
Investment management fees		8,213,584
Distribution fees - Class IB		1,575,811
Administrative fees		315,953
Printing and mailing expenses		123,334
Professional fees		70,300
Custodian fees		27,034
Trustees’ fees		19,083
Miscellaneous		26,022

Gross expenses		10,371,121
Less: Fees paid indirectly		(459,978	)

Net expenses		9,911,143

NET INVESTMENT LOSS		(5,895,383	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		132,765,559
Net change in unrealized depreciation on securities		(3,095,157	)

NET REALIZED AND UNREALIZED GAIN		129,670,402

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	123,775,019

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(5,895,383	)	$	(6,321,657	)
Net realized gain on investments		132,765,559			80,172,269
Net change in unrealized appreciation (depreciation) on investments		(3,095,157	)		65,524,357

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		123,775,019			139,374,969

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [2,989,657 and 3,946,799 shares, respectively]		44,253,244			52,077,870
Capital shares repurchased [(5,653,362) and (5,505,062) shares, respectively]		(82,616,003	)		(72,016,164	)

Total Class IA transactions		(38,362,759	)		(19,938,294	)

Class IB
Capital shares sold [6,123,178 and 8,938,911 shares, respectively]		88,983,332			115,057,259
Capital shares repurchased [(7,440,075) and (8,223,396) shares, respectively]		(107,059,194	)		(105,327,081	)

Total Class IB transactions		(18,075,862	)		9,730,178

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(56,438,621	)		(10,208,116	)

TOTAL INCREASE IN NET ASSETS		67,336,398			129,166,853
NET ASSETS:
Beginning of year		1,132,790,687			1,003,623,834

End of year (a)	$	1,200,127,085		$	1,132,790,687

__________

(a) Includes accumulated net investment loss of	$	(28,739	)	$	(26,366	)

See Notes to Financial Statements.

301

EQ ADVISORS TRUST

EQ/ARIEL APPRECIATION II PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $10,551,722)	$	10,604,224
Receivable for securities sold		84,909
Receivable from Separate Accounts for Trustshares sold		75,321
Dividends, interest and other receivables		13,863

Total assets		10,778,317

LIABILITIES
Payable for securities purchased		1,569,397
Administrative fees payable		3,199
Distribution fees payable - Class IB		1,552
Trustees’ fees payable		2
Accrued expenses		27,761

Total liabilities		1,601,911

NET ASSETS	$	9,176,406

Net assets were comprised of:
Paid in capital	$	9,124,569
Accumulated undistributed net investment income		1,591
Accumulated net realized loss		(2,256	)
Unrealized appreciation on investments		52,502

Net assets	$	9,176,406

Class IA
Net asset value, offering and redemption price pershare, $102,058 / 10,048 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.16

Class IB
Net asset value, offering and redemption price pershare, $9,074,348 / 891,737 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.18

STATEMENT OF OPERATIONS

For the Period Ended December 31, 2005*


INVESTMENT INCOME
Dividends	$	22,865
Interest		7,658

Total income		30,523

EXPENSES
Professional fees		56,507
Printing and mailing expenses		10,883
Investment management fees		9,287
Administrative fees		8,114
Custodian fees		6,000
Distribution fees - Class IB		3,034
Trustees’ fees		5
Miscellaneous		5,000

Gross expenses		98,830
Less: Waiver from investment advisor		(17,401	)
Reimbursement from investment advisor		(67,249	)

Net expenses		14,180

NET INVESTMENT INCOME		16,343

REALIZED AND UNREALIZED GAIN (LOSS)
Realized loss on securities		(2,256	)
Change in unrealized appreciation on securities		52,502

NET REALIZED AND UNREALIZED GAIN		50,246

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	66,589

STATEMENT OF CHANGES IN NET ASSETS


	*October 3, 2005 to December 31, 2005**
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	16,343
Net realized loss on investments		(2,256	)
Net change in unrealized appreciation on investments		52,502

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		66,589

DIVIDENDS:
Dividends from net investment income
Class IA		(491	)
Class IB		(17,295	)

TOTAL DIVIDENDS		(17,786	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares issued in reinvestment of dividends [48 shares]		491

Class IB
Capital shares sold [603,624 shares]		6,146,595
Capital shares issued in reinvestment of dividends [1,698 shares]		17,295
Capital shares repurchased [(3,585) shares]		(36,778	)

Total Class IB transactions		6,127,112

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		6,127,603

TOTAL INCREASE IN NET ASSETS		6,176,406
NET ASSETS:
Beginning of period		3,000,000

End of period (a)	$	9,176,406

__________

(a) Includes accumulated undistributed net investment income of	$	1,591


* The Portfolio commenced operations on October 3, 2005.

See Notes to Financial Statements.

302

EQ ADVISORS TRUST

EQ/BEAR STEARNS SMALL COMPANY GROWTH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $170,901,244)	$	176,955,753
Receivable from Separate Accounts for Trust shares sold		525,175
Dividends, interest and other receivables		70,928

Total assets		177,551,856

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		690,349
Investment management fees payable		142,683
Professional fees payable		48,854
Distribution fees payable - Class IB		37,299
Administrative fees payable		7,194
Trustees’ fees payable		606
Accrued other expenses		14,495

Total liabilities		941,480

NET ASSETS	$	176,610,376

Net assets were comprised of:
Paid in capital	$	167,116,988
Accumulated net investment loss		(543	)
Accumulated undistributed net realized gain		3,439,422
Unrealized appreciation on investments		6,054,509

Net assets	$	176,610,376

Class IB
Net asset value, offering and redemption price per share, $176,610,376 / 20,162,209 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.76

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends	$	419,041
Interest		137,772

Total income		556,813

EXPENSES
Investment management fees		1,238,769
Distribution fees - Class IB		309,691
Administrative fees		63,590
Professional fees		42,277
Custodian fees		25,484
Printing and mailing expenses		13,627
Trustees’ fees		1,862
Miscellaneous		4,244

Gross expenses		1,699,544
Less: Waiver from investment advisor		(88,923	)
Fees paid indirectly		(3,478	)

Net expenses		1,607,143

NET INVESTMENT LOSS		(1,050,330	)

REALIZED AND UNREALIZED GAIN
Realized gain on securities		7,712,957
Change in unrealized appreciation on securities		3,062,252

NET REALIZED AND UNREALIZED GAIN		10,775,209

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	9,724,879

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(1,050,330	)	$	(745,226	)
Net realized gain on investments		7,712,957			17,647,877
Net change in unrealized appreciation (depreciation) on investments		3,062,252			(6,863,076	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		9,724,879			10,039,575

DISTRIBUTIONS:
Distributions from net realized capital gains
Class IB		(2,821,717	)		—

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [12,748,415 and 1,905,869 shares, respectively]		108,628,893			14,533,411
Capital shares issued in reinvestment of distributions [320,963 and 0 shares, respectively]		2,821,717			—
Capital shares repurchased [(4,249,566) and (1,962,481) shares, respectively]		(35,707,070	)		(14,505,904	)

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		75,743,540			27,507

TOTAL INCREASE IN NET ASSETS		82,646,702			10,067,082
NET ASSETS:
Beginning of year		93,963,674			83,896,592

End of year (a)	$	176,610,376		$	93,963,674

__________

(a) Includes accumulated net investment loss of	$	(543	)	$	(82	)

See Notes to Financial Statements.

303

EQ ADVISORS TRUST

EQ/BERNSTEIN DIVERSIFIED VALUE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $3,335,218,036) (Securities on loan at market value $160,802,380)	$	3,733,467,119
Dividends, interest and other receivables		4,660,021
Receivable for securities sold		2,977,775
Receivable from Separate Accounts for Trust shares sold		2,653,623
Other assets		1,839

Total assets		3,743,760,377

LIABILITIES
Overdraft payable		5,250
Collateral held for loaned securities		166,765,533
Payable for securities purchased		24,071,122
Investment management fees payable		1,825,548
Payable to Separate Accounts for Trust shares redeemed		1,264,131
Distribution fees payable - Class IB		473,550
Administrative fees payable		93,008
Trustees’ fees payable		41,535
Accrued expenses		69,072

Total liabilities		194,608,749

NET ASSETS	$	3,549,151,628

Net assets were comprised of:
Paid in capital	$	3,133,954,845
Accumulated undistributed net investment income		39,726
Accumulated undistributed net realized gain		16,907,974
Unrealized appreciation on investments		398,249,083

Net assets	$	3,549,151,628

Class IA
Net asset value, offering and redemption price per share, $1,329,983,571 / 91,674,786 shares outstanding (unlimited amount authorized: $0.01 par value)	$	14.51

Class IB
Net asset value, offering and redemption price per share, $2,219,168,057 / 153,062,138 shares outstanding (unlimited amount authorized: $0.01 par value)	$	14.50

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends	$	58,544,297
Interest		3,481,144
Securities lending (net)		176,646

Total income		62,202,087

EXPENSES
Investment management fees		15,955,052
Distribution fees - Class IB		5,239,009
Administrative fees		684,209
Printing and mailing expenses		284,512
Professional fees		89,433
Trustees’ fees		39,509
Custodian fees		30,194
Miscellaneous		34,705

Gross expenses		22,356,623
Less: Fees paid indirectly		(1,892,016	)

Net expenses		20,464,607

NET INVESTMENT INCOME		41,737,480

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		66,425,651
Net change in unrealized appreciation on securities		42,218,013

NET REALIZED AND UNREALIZED GAIN		108,643,664

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	150,381,144

See Notes to Financial Statements.

304

EQ ADVISORS TRUST

EQ/BERNSTEIN DIVERSIFIED VALUE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	41,737,480		$	26,190,089
Net realized gain on investments		66,425,651			60,593,842
Net change in unrealized appreciation on investments		42,218,013			146,421,344

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		150,381,144			233,205,275

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(17,754,567	)		(725,166	)
Class IB		(24,718,859	)		(24,772,599	)

		(42,473,426	)		(25,497,765	)

Distributions from net realized capital gains
Class IA		(19,605,181	)		(310,233	)
Class IB		(44,707,855	)		(12,748,639	)

		(64,313,036	)		(13,058,872	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(106,786,462	)		(38,556,637	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [87,537,464 and 1,683,840 shares, respectively]		1,271,951,726			22,347,337
Capital shares issued in reinvestment of dividends and distributions [2,563,042 and 74,170 shares, respectively]		37,359,748			1,035,399
Capital shares repurchased [(1,895,646) and (816,015) shares, respectively]		(27,497,284	)		(10,785,534	)

Total Class IA transactions		1,281,814,190			12,597,202

Class IB
Capital shares sold [22,337,787 and 29,857,469 shares, respectively]		319,342,268			395,261,289
Capital shares issued in reinvestment of dividends and distributions [4,780,972 and 2,689,380 shares, respectively]		69,426,714			37,521,238
Capital shares repurchased [(15,359,723) and (9,461,159) shares, respectively]		(220,318,968	)		(125,266,242	)

Total Class IB transactions		168,450,014			307,516,285

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,450,264,204			320,113,487

TOTAL INCREASE IN NET ASSETS		1,493,858,886			514,762,125
NET ASSETS:
Beginning of year		2,055,292,742			1,540,530,617

End of year (a)	$	3,549,151,628		$	2,055,292,742

__________

(a) Includes accumulated undistributed net investment income of	$	39,726		$	775,317

See Notes to Financial Statements.

305

EQ ADVISORS TRUST

EQ/BOSTON ADVISORS EQUITY INCOME PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $347,121,809)	$	369,085,264
Cash		16,637
Dividends, interest and other receivables		670,244
Receivable from Separate Accounts for Trust shares sold		475,719
Other assets		59

Total assets		370,247,923

LIABILITIES
Payable for securities purchased		386,563
Investment management fees payable		220,884
Payable to Separate Accounts for Trust shares redeemed		204,641
Distribution fees payable - Class IB		54,767
Administrative fees payable		11,692
Trustees’ fees payable		1,210
Accrued expenses		93,390

Total liabilities		973,147

NET ASSETS	$	369,274,776

Net assets were comprised of:
Paid in capital	$	346,771,884
Accumulated undistributed net investment income		52,543
Accumulated undistributed net realized gain		486,894
Unrealized appreciation on investments		21,963,455

Net assets	$	369,274,776

Class IA
Net asset value, offering and redemption price per share, $109,195,742 / 17,207,673 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.35

Class IB
Net asset value, offering and redemption price per share, $260,079,034 / 40,885,120 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.36

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends	$	7,471,199
Interest		523,641

Total income		7,994,840

EXPENSES
Investment management fees		2,218,759
Distribution fees - Class IB		468,382
Administrative fees		110,463
Professional fees		45,743
Custodian fees		39,054
Printing and mailing expenses		33,651
Trustees’ fees		4,157
Miscellaneous		11,644

Gross expenses		2,931,853
Less: Waiver from investment advisor		(96,394	)
Fees paid indirectly		(35,219	)

Net expenses		2,800,240

NET INVESTMENT INCOME		5,194,600

REALIZED AND UNREALIZED GAIN
Realized gain on securities		3,893,883
Change in unrealized appreciation on securities		9,607,573

NET REALIZED AND UNREALIZED GAIN		13,501,456

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	18,696,056

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	5,194,600		$	946,484
Net realized gain on investments		3,893,883			4,937,550
Net change in unrealized appreciation on investments		9,607,573			4,157,728

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		18,696,056			10,041,762

DIVIDENDS:
Dividends from net investment income
Class IA		(1,725,262	)		(1,438	)
Class IB		(3,416,733	)		(1,631,716	)

TOTAL DIVIDENDS		(5,141,995	)		(1,633,154	)

CAPITAL SHARES TRANSACTIONS:
Class IA*
Capital shares sold [606,803 and 19,335,160 shares, respectively]		3,718,572			117,214,151
Capital shares issued in connection with merger (Note 9 ) [1,985,297 and 0 shares, respectively]		12,860,653			—
Capital shares issued in reinvestment of dividends [272,371 and 242 shares, respectively]		1,725,262			1,438
Capital shares repurchased [(4,992,200) and (0) shares, respectively]		(30,743,152	)		—

Total Class IA transactions		(12,438,665	)		117,215,589

Class IB
Capital shares sold [30,346,223 and 6,845,494 shares, respectively]		187,741,618			40,030,269
Capital shares issued in reinvestment of dividends [538,050 and 280,020 shares, respectively]		3,416,733			1,631,716
Capital shares repurchased [(5,195,677) and (1,056,466) shares, respectively]		(32,443,807	)		(5,934,978	)

Total Class IB transactions		158,714,544			35,727,007

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		146,275,879			152,942,596

TOTAL INCREASE IN NET ASSETS		159,829,940			161,351,204
NET ASSETS:
Beginning of year		209,444,836			48,093,632

End of year (a)	$	369,274,776		$	209,444,836

__________

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	52,543		$	(62	)


* Class IA commenced operations on December 13, 2004.

See Notes to Financial Statements.

306

EQ ADVISORS TRUST

EQ/CALVERT SOCIALLY RESPONSIBLE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $65,081,334)	$	72,574,230
Foreign Cash (Cost $4,864)		4,844
Receivable from Separate Accounts for Trust shares sold		146,243
Dividends, interest and other receivables		37,024

Total assets		72,762,341

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		129,186
Professional fees payable		40,456
Investment management fees payable		40,064
Custodian fees payable		18,252
Distribution fees payable - Class IB		15,393
Printing and mailing expenses payable		15,379
Administrative fees payable		7,634
Trustees’ fees payable		607
Recoupment fees payable		87
Accrued expenses		10,062

Total liabilities		277,120

NET ASSETS	$	72,485,221

Net assets were comprised of:
Paid in capital	$	64,760,513
Accumulated net investment loss		(499	)
Accumulated undistributed net realized gain		232,363
Unrealized appreciation on investments		7,492,844

Net assets	$	72,485,221

Class IA
Net asset value, offering and redemption price per share, $73,821 / 8,934 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.26

Class IB
Net asset value, offering and redemption price per share, $72,411,400 / 8,836,638 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.19

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends (net of $304 foreign withholding tax)	$	403,762
Interest		37,258

Total income		441,020

EXPENSES
Investment management fees		365,257
Distribution fees - Class IB		140,313
Administrative fees		43,937
Professional fees		42,833
Custodian fees		10,000
Printing and mailing expenses		6,141
Trustees’ fees		857
Miscellaneous		6,630

Gross expenses		615,968
Less: Waiver from investment advisor		(26,001	)
Fees paid indirectly		(9,033	)

Net expenses		580,934

NET INVESTMENT LOSS		(139,914	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		4,871,034
Foreign currency transactions		804

Net realized gain		4,871,838

Change in unrealized appreciation (depreciation) on:
Securities		768,426
Foreign currency translations		(52	)

Net change in unrealized appreciation		768,374

NET REALIZED AND UNREALIZED GAIN		5,640,212

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,500,298

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(139,914	)	$	(80,536	)
Net realized gain on investments and foreign currency transactions		4,871,838			905,858
Net change in unrealized appreciation on investments and foreign currency translations		768,374			837,432

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		5,500,298			1,662,754

DISTRIBUTIONS:
Distributions from net realized capital gains
Class IA		(2,428	)		—
Class IB		(2,381,906	)		—

TOTAL DISTRIBUTIONS		(2,384,334	)		—

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares issued in reinvestment of distributions [292 and 0 shares, respectively]		2,428			—

Class IB
Capital shares sold [3,151,516 and 2,807,617 shares, respectively]		24,708,100			21,031,378
Capital shares issued in connection with merger (Note 9) [618,305 and 0 shares, respectively]		5,062,169			—
Capital shares issued in reinvestment of distributions [289,179 and 0 shares, respectively]		2,381,906			—
Capital shares repurchased [(1,284,552) and (1,226,324) shares, respectively]		(10,096,781	)		(9,158,797	)

Total Class IB transactions		22,055,394			11,872,581

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		22,057,822			11,872,581

TOTAL INCREASE IN NET ASSETS		25,173,786			13,535,335
NET ASSETS:
Beginning of year		47,311,435			33,776,100

End of year (a)	$	72,485,221		$	47,311,435

__________

(a) Includes accumulated net investment loss of	$	(499	)	$	(288	)

See Notes to Financial Statements.

307

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN GROWTH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $316,054,027) (Securities on loan at market value $40,681,906)	$	339,283,384
Receivable from Separate Accounts for Trust shares sold		620,530
Dividends, interest and other receivables		281,183
Receivable for securities sold		14,043

Total assets		340,199,140

LIABILITIES
Collateral held for loaned securities		41,796,208
Payable to Separate Accounts for Trust shares redeemed		498,119
Investment management fees payable		164,398
Distribution fees payable - Class IB		63,202
Payable for securities purchased		25,333
Administrative fees payable		16,689
Trustees’ fees payable		12,844
Recoupment fees payable		1,022
Accrued expenses		74,163

Total liabilities		42,651,978

NET ASSETS	$	297,547,162

Net assets were comprised of:
Paid in capital	$	380,815,737
Accumulated overdistributed net investment income		(11,338	)
Accumulated net realized loss		(106,486,594	)
Unrealized appreciation on investments		23,229,357

Net assets	$	297,547,162

Class IA
Net asset value, offering and redemption price per share, $130,947 / 10,020 shares outstanding (unlimited amount authorized: $0.01 par value)	$	13.07

Class IB
Net asset value, offering and redemption price per share, $297,416,215 / 22,765,480 shares outstanding (unlimited amount authorized: $0.01 par value)	$	13.06

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends	$	2,019,021
Interest		204,650
Securities lending (net)		42,460

Total income		2,266,131

EXPENSES
Investment management fees		1,693,235
Distribution fees - Class IB		650,938
Administrative fees		97,440
Professional fees		46,512
Custodian fees		21,903
Printing and mailing expenses		29,369
Trustees’ fees		4,376
Miscellaneous		24,480

Gross expenses		2,568,253
Less: Waiver from investment advisor		(93,401	)
Fees paid indirectly		(20,471	)

Net expenses		2,454,381

NET INVESTMENT LOSS		(188,250	)

REALIZED AND UNREALIZED GAIN
Realized gain on securities		4,674,901
Change in unrealized appreciation on securities		10,259,579

NET REALIZED AND UNREALIZED GAIN		14,934,480

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	14,746,230

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(188,250	)	$	1,820,108
Net realized gain on investments and foreign currency transactions		4,674,901			29,817,482
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		10,259,579			(18,705,732	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		14,746,230			12,931,858

DIVIDENDS:
Dividends from net investment income
Class IA		(262	)		(959	)
Class IB		(554,029	)		(1,300,340	)

TOTAL DIVIDENDS		(554,291	)		(1,301,299	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [13 and 241 shares, respectively]		157			2,949
Capital shares issued in reinvestment of dividends [22 and 79 shares, respectively]		262			959
Capital shares repurchased [(114) and (108) shares, respectively]		(1,384	)		(1,275	)

Total Class IA transactions		(965	)		2,633

Class IB
Capital shares sold [5,956,683 and 1,775,271 shares, respectively]		72,859,951			21,080,420
Capital shares issued in reinvestment of dividends [46,056 and 106,660 shares, respectively]		554,029			1,300,340
Capital shares repurchased [(3,650,531) and (3,693,041) shares, respectively]		(44,465,416	)		(43,438,326	)

Total Class IB transactions		28,948,564			(21,057,566	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		28,947,599			(21,054,933	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		43,139,538			(9,424,374	)
NET ASSETS:
Beginning of year		254,407,624			263,831,998

End of year (a)	$	297,547,162		$	254,407,624

__________

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(11,338	)	$	509,588

See Notes to Financial Statements.

308

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $885,972,759) (Securities on loan at market value $122,739,463)	$	1,090,487,728
Cash		10,416
Foreign cash (Cost $59,155)		58,941
Receivable from Separate Accounts for Trust shares sold		1,265,429
Receivable for securities sold		1,095,554
Dividends, interest and other receivables		1,136,839
Unrealized appreciation of forward foreign currency contracts		209,972

Total assets		1,094,264,879

LIABILITIES
Collateral held for loaned securities		141,738,360
Payable for securities purchased		2,022,193
Payable to Separate Accounts for Trust shares redeemed		1,333,591
Investment management fees payable		616,032
Unrealized depreciation of forward foreign currency contracts		463,484
Distribution fees payable - Class IB		171,062
Administrative fees payable		24,826
Trustees’ fees payable		7,524
Accrued expenses		260,096

Total liabilities		146,637,168

NET ASSETS	$	947,627,711

Net assets were comprised of:
Paid in capital	$	743,239,375
Accumulated overdistributed net investment income		(6,781,067	)
Accumulated undistributed net realized gain		6,915,861
Unrealized appreciation on investments		204,253,542

Net assets	$	947,627,711

Class IA
Net asset value, offering and redemption price per share, $119,304,038 / 9,566,489 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.47

Class IB
Net asset value, offering and redemption price per share, $828,323,673 / 66,380,980 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.48

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends (net of $1,572,794 foreign withholding tax)	$	16,370,941
Interest		850,418
Securities lending (net)		463,503

Total income		17,684,862

EXPENSES
Investment management fees		6,606,981
Distribution fees - Class IB		1,687,732
Custodian fees		730,144
Administrative fees		227,560
Printing and mailing expenses		86,327
Professional fees		57,201
Trustees’ fees		12,094
Miscellaneous		19,968

Gross expenses		9,428,007
Less: Waiver from investment advisor		(354,344	)
Fees paid indirectly		(143,238	)

Net expenses		8,930,425

NET INVESTMENT INCOME		8,754,437

REALIZED AND UNREALIZED GAIN
Realized gain on:
Securities		26,459,576
Foreign currency transactions		2,098,946

Net realized gain		28,558,522

Change in unrealized appreciation on:
Securities		97,805,335
Foreign currency translations		48,215

Net change in unrealized appreciation		97,853,550

NET REALIZED AND UNREALIZED GAIN		126,412,072

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	135,166,509

See Notes to Financial Statements.

309

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	8,754,437		$	3,872,137
Net realized gain on investments and foreign currency transactions		28,558,522			11,087,254
Net change in unrealized appreciation on investments and foreign currency translations		97,853,550			61,343,601

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		135,166,509			76,302,992

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(1,847,273	)		(1,038,838	)
Class IB		(10,704,454	)		(7,764,503	)

		(12,551,727	)		(8,803,341	)

Distributions from net realized capital gains
Class IA		(133,561	)		—
Class IB		(921,790	)		—

		(1,055,351	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(13,607,078	)		(8,803,341	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [3,075,247 and 6,798,227 shares, respectively]		33,069,352			67,117,064
Capital shares issued in reinvestment of dividends and distributions [160,264 and 100,127 shares, respectively]		1,980,834			1,038,838
Capital shares repurchased [(588,906) and (11,668) shares, respectively]		(6,177,726	)		(113,707	)

Total Class IA transactions		28,872,460			68,042,195

Class IB
Capital shares sold [19,355,718 and 23,886,396 shares, respectively]		215,719,639			235,371,518
Capital shares issued in reinvestment of dividends and distributions [940,024 and 749,769 shares, respectively]		11,626,244			7,764,503
Capital shares repurchased [(10,344,414) and (5,245,040) shares, respectively]		(114,737,158	)		(51,572,614	)

Total Class IB transactions		112,608,725			191,563,407

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		141,481,185			259,605,602

TOTAL INCREASE IN NET ASSETS		263,040,616			327,105,253
NET ASSETS:
Beginning of year		684,587,095			357,481,842

End of year (a)	$	947,627,711		$	684,587,095

__________

(a) Includes accumulated overdistributed net investment income of	$	(6,781,067	)	$	(6,391,938	)

See Notes to Financial Statements.

310

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN RESEARCH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $891,651,706) (Securities on loan at market value $64,323,604)	$	1,096,503,387
Cash		21,598
Dividends, interest and other receivables		1,200,578
Receivable from Separate Accounts for Trust shares sold		561,120
Receivable for securities sold		375,684
Other assets		1,764

Total assets		1,098,664,131

LIABILITIES
Collateral held for loaned securities		66,038,269
Payable for securities purchased		1,046,569
Payable to Separate Accounts for Trust shares redeemed		966,262
Investment management fees payable		570,138
Distribution fees payable - Class IB		220,162
Administrative fees payable		47,438
Trustees’ fees payable		32,320
Accrued expenses		146,677

Total liabilities		69,067,835

NET ASSETS	$	1,029,596,296

Net assets were comprised of:
Paid in capital	$	1,079,012,431
Accumulated overdistributed net investment income		(288,310	)
Accumulated net realized loss		(253,979,506	)
Unrealized appreciation on investments		204,851,681

Net assets	$	1,029,596,296

Class IA
Net asset value, offering and redemption price per share, $3,980,836 / 318,342 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.50

Class IB
Net asset value, offering and redemption price per share, $1,025,615,460 / 81,956,043 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.51

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends (net of $1,484 foreign withholding tax)	$	13,611,339
Interest		410,768
Securities lending (net)		205,925

Total income		14,228,032

EXPENSES
Investment management fees		6,522,986
Distribution fees - Class IB		2,505,459
Administrative fees		288,815
Printing and mailing expenses		113,060
Professional fees		59,879
Custodian fees		21,533
Trustees’ fees		16,832
Miscellaneous		34,183

Gross expenses		9,562,747
Less: Waiver from investment advisor		(28,834	)
Fees paid indirectly		(78,801	)

Net expenses		9,455,112

NET INVESTMENT INCOME		4,772,920

REALIZED AND UNREALIZED GAIN
Net realized gain		50,594,727
Net change in unrealized appreciation		3,616,457

NET REALIZED AND UNREALIZED GAIN		54,211,184

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	58,984,104

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	4,772,920		$	5,907,066
Net realized gain on investments and foreign currency transactions		50,594,727			36,283,435
Net change in unrealized appreciation on investments and foreign currency translations		3,616,457			57,609,957

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		58,984,104			99,800,458

DIVIDENDS:
Dividends from net investment income
Class IA		(28,145	)		(4,335	)
Class IB		(5,569,467	)		(6,130,982	)

TOTAL DIVIDENDS		(5,597,612	)		(6,135,317	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [53,168 and 26,428 shares, respectively]		639,809			294,335
Capital shares issued in connection with merger (Note 9) [255,426 and 0 shares, respectively]		3,154,291			—
Capital shares issued in reinvestment of dividends [2,240 and 369 shares, respectively]		28,145			4,335
Capital shares repurchased [(36,614) and (2,158) shares, respectively]		(445,893	)		(23,898	)

Total Class IA transactions		3,376,352			274,772

Class IB
Capital shares sold [8,114,571 and 14,302,939 shares, respectively]		95,937,911			158,664,220
Capital shares issued in reinvestment of dividends [446,000 and 522,119 shares, respectively]		5,569,467			6,130,982
Capital shares repurchased [(13,272,239) and (9,683,493) shares, respectively]		(157,418,273	)		(107,603,919	)

Total Class IB transactions		(55,910,895	)		57,191,283

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(52,534,543	)		57,466,055

TOTAL INCREASE IN NET ASSETS		851,949			151,131,196
NET ASSETS:
Beginning of year		1,028,744,347			877,613,151

End of year (a)	$	1,029,596,296		$	1,028,744,347

__________

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(288,310	)	$	142,617

See Notes to Financial Statements.

311

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $1,073,882,145) (Securities on loan at market value $89,251,378)	$	1,236,842,292
Cash		9,902
Dividends, interest and other receivables		1,305,733
Receivable from Separate Accounts for Trust shares sold		1,170,280

Total assets		1,239,328,207

LIABILITIES
Collateral held for loaned securities		91,587,210
Payable for securities purchased		1,270,214
Payable to Separate Accounts for Trust shares redeemed		1,255,335
Investment management fees payable		628,688
Distribution fees payable - Class IB		242,730
Administrative fees payable		38,026
Trustees’ fees payable		13,022
Recoupment fees payable		10,564
Accrued expenses		57,408

Total liabilities		95,103,197

NET ASSETS	$	1,144,225,010

Net assets were comprised of:
Paid in capital	$	972,063,167
Accumulated overdistributed net investment income		(817,411	)
Accumulated undistributed net realized gain		10,019,107
Unrealized appreciation on investments		162,960,147

Net assets	$	1,144,225,010

Class IA
Net asset value, offering and redemption price per share, $7,222,113 / 626,222 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.53

Class IB
Net asset value, offering and redemption price per share, $1,137,002,897 / 98,580,570 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.53

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends (net of $65,473 foreign withholding tax)	$	14,296,358
Interest		548,298
Securities lending (net)		146,848

Total income		14,991,504

EXPENSES
Investment management fees		6,911,563
Distribution fees - Class IB		2,657,373
Administrative fees		306,863
Printing and mailing expenses		120,650
Professional fees		61,086
Recoupment fees		22,758
Custodian fees		17,883
Trustees’ fees		17,273
Miscellaneous		22,323

Gross expenses		10,137,772
Less: Fees paid indirectly		(105,513	)

Net expenses		10,032,259

NET INVESTMENT INCOME		4,959,245

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on securities		62,354,206
Change in unrealized depreciation on securities		(2,813,823	)

NET REALIZED AND UNREALIZED GAIN		59,540,383

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	64,499,628

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	4,959,245		$	4,630,498
Net realized gain on investments		62,354,206			30,436,876
Net change in unrealized appreciation (depreciation) on investments		(2,813,823	)		49,496,129

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		64,499,628			84,563,503

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(53,972	)		(28,260	)
Class IB		(5,797,820	)		(4,706,229	)

		(5,851,792	)		(4,734,489	)

Distributions from net realized capital gains
Class IA		(342,354	)		—
Class IB		(55,466,959	)		—

		(55,809,313	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(61,661,105	)		(4,734,489	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [272,700 and 246,196 shares, respectively]		3,119,956			2,661,858
Capital shares issued in reinvestment of dividends and distributions [34,237 and 2,486 shares, respectively]		396,326			28,260
Capital shares repurchased [(41,640) and (16,281) shares, respectively]		(478,228	)		(173,971	)

Total Class IA transactions		3,038,054			2,516,147

Class IB
Capital shares sold [14,763,119 and 26,014,541 shares, respectively]		168,630,922			281,020,114
Capital shares issued in reinvestment of dividends and distributions [5,295,243 and 413,879 shares, respectively]		61,264,779			4,706,229
Capital shares repurchased [(11,962,124) and (7,170,168) shares, respectively]		(136,678,815	)		(77,281,329	)

Total Class IB transactions		93,216,886			208,445,014

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		96,254,940			210,961,161

TOTAL INCREASE IN NET ASSETS		99,093,463			290,790,175
NET ASSETS:
Beginning of year		1,045,131,547			754,341,372

End of year (a)	$	1,144,225,010		$	1,045,131,547

__________

(a) Includes accumulated overdistributed net investment income of	$	(817,411	)	$	(107,299	)

See Notes to Financial Statements.

312

EQ ADVISORS TRUST

EQ/CAYWOOD-SCHOLL HIGH-YIELD BOND PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $112,816,082)	$	112,771,543
Cash		486,052
Dividends, interest and other receivables		2,013,177
Receivable from Separate Accounts for Trust shares sold		157,223

Total assets		115,427,995

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		120,919
Investment management fees payable		49,725
Accrued professional fees		46,034
Distribution fees payable - Class IB		23,755
Administrative fees payable		5,845
Trustees’ fees payable		527
Accrued other expenses		27,159

Total liabilities		273,964

NET ASSETS	$	115,154,031

Net assets were comprised of:
Paid in capital	$	140,524,272
Accumulated overdistributed net investment income		(74,164	)
Accumulated net realized loss		(25,251,538	)
Unrealized depreciation on investments		(44,539	)

Net assets	$	115,154,031

Class IB
Net asset value, offering and redemption price per share, $115,154,031 / 25,276,192 shares outstanding (unlimited amount authorized: $0.01 par value)	$	4.56

STATEMENT OF OPERATIONS

For the Year End December 31, 2005


INVESTMENT INCOME
Interest	$	6,954,421
Dividends		2,675

Total income		6,957,096

EXPENSES
Investment management fees		549,784
Distribution fees - Class IB		229,076
Administrative fees		54,961
Professional fees		40,518
Custodian fees		35,831
Printing and mailing expenses		10,058
Trustees’ fees		1,444
Miscellaneous		3,864

Gross expenses		925,536
Less: Waiver from investment advisor		(146,764	)
Fees paid indirectly		(1,553	)

Net expenses		777,219

NET INVESTMENT INCOME		6,179,877

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain securities		336,920
Change in unrealized depreciation on securities		(4,009,312	)

NET REALIZED AND UNREALIZED LOSS		(3,672,392	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,507,485

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	6,179,877		$	5,772,941
Net realized gain on investments		336,920			1,418,953
Net change in unrealized appreciation (depreciation) on investments		(4,009,312	)		821,730

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		2,507,485			8,013,624

DIVIDENDS:
Class IB
Dividends from net investment income		(6,226,536	)		(9,913,773	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [10,000,807 and 1,634,154 shares, respectively]		47,425,599			7,996,868
Capital shares issued in reinvestment of dividends [1,370,759 and 2,095,998 shares, respectively]		6,226,536			9,913,773
Capital shares repurchased [(4,551,262) and (3,958,881) shares, respectively]		(21,455,113	)		(19,348,446	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		32,197,022			(1,437,805	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		28,477,971			(3,337,954	)
NET ASSETS:
Beginning of year		86,676,060			90,014,014

End of year (a)	$	115,154,031		$	86,676,060

__________

(a) Includes accumulated overdistributed net investment income of	$	(74,164	)	$	(27,542	)

See Notes to Financial Statements.

313

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $3,298,620,146) (Securities on loan at market value $147,398,350)	$	3,734,791,482
Cash		1,872
Dividends, interest and other receivables		4,737,337
Receivable from Separate Accounts for Trust shares sold		4,115,394
Receivable for securities sold		485,035
Other assets		2,126

Total assets		3,744,133,246

LIABILITIES
Collateral held for loaned securities		151,787,836
Payable to Separate Accounts for Trust shares redeemed		7,040,547
Payable for securities purchased		4,645,755
Investment management fees payable		770,958
Distribution fees payable - Class IB		434,322
Administrative fees payable		142,797
Trustees’ fees payable		110,097
Variation margin payable on futures contracts		5,300
Accrued expenses		119,234

Total liabilities		165,056,846

NET ASSETS	$	3,579,076,400

Net assets were comprised of:
Paid in capital	$	3,154,505,640
Accumulated overdistributed net investment income		(75,744	)
Accumulated net realized loss		(11,502,857	)
Unrealized appreciation on investments		436,149,361

Net assets	$	3,579,076,400

Class IA
Net asset value, offering and redemption price per share, $1,560,845,300 / 66,370,081 shares outstanding (unlimited amount authorized: $0.01 par value)	$	23.52

Class IB
Net asset value, offering and redemption price per share, $2,018,231,100 / 86,227,028 shares outstanding (unlimited amount authorized: $0.01 par value)	$	23.41

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends (net of $186 foreign withholding tax)	$	65,243,598
Interest		405,303
Securities lending (net)		321,016

Total income		65,969,917

EXPENSES
Investment management fees		8,821,515
Distribution fees - Class IB		4,895,262
Administrative fees		921,072
Printing and mailing expenses		396,839
Professional fees		109,913
Trustees’ fees		61,386
Custodian fees		55,058
Miscellaneous		71,447

Total expenses		15,332,492

NET INVESTMENT INCOME		50,637,425

REALIZED AND UNREALIZED GAIN
Realized gain on:
Securities		93,075,719
Futures		610,176

Net realized gain		93,685,895

Change in unrealized appreciation (depreciation) on:
Securities		12,440,893
Futures		(245,200	)

Net change in unrealized appreciation		12,195,693

NET REALIZED AND UNREALIZED GAIN		105,881,588

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	156,519,013

See Notes to Financial Statements.

314

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	50,637,425		$	53,049,144
Net realized gain on investments		93,685,895			9,694,900
Net change in unrealized appreciation on investments		12,195,693			271,031,429

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		156,519,013			333,775,473

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(24,459,320	)		(26,269,443	)
Class IB		(26,393,633	)		(26,409,615	)

		(50,852,953	)		(52,679,058	)

Distributions from net realized capital gains
Class IA		(27,979,555	)		—
Class IB		(36,347,572	)		—

		(64,327,127	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(115,180,080	)		(52,679,058	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [3,750,377 and 5,483,699 shares, respectively]		87,651,982			119,942,414
Capital shares issued in reinvestment of dividends and distributions [2,210,635 and 1,147,763 shares, respectively]		52,438,875			26,269,443
Capital shares repurchased [(9,872,012) and (9,343,997) shares, respectively]		(230,557,030	)		(204,462,464	)

Total Class IA transactions		(90,466,173	)		(58,250,607	)

Class IB
Capital shares sold [13,059,809 and 19,104,038 shares, respectively]		302,255,541			415,600,315
Capital shares issued in reinvestment of dividends and distributions [2,657,300 and 1,159,253 shares, respectively]		62,741,205			26,409,615
Capital shares repurchased [(13,849,651) and (10,585,982) shares, respectively]		(321,519,627	)		(229,747,105	)

Total Class IB transactions		43,477,119			212,262,825

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(46,989,054	)		154,012,218

TOTAL INCREASE (DECREASE) IN NET ASSETS		(5,650,121	)		435,108,633
NET ASSETS:
Beginning of year		3,584,726,521			3,149,617,888

End of year (a)	$	3,579,076,400		$	3,584,726,521

__________

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(75,744	)	$	155,962

See Notes to Financial Statements.

315

EQ ADVISORS TRUST

EQ/EVERGREEN INTERNATIONAL BOND PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $8,199,158)	$	8,152,304
Cash		3,241,123
Foreign cash (Cost $86,357)		86,297
Receivable for Fund shares sold		421,434
Dividends, interest and other receivables		144,596
Receivable from investment manager		37,538
Unrealized appreciation of forward foreign currency contracts		34,744

Total assets		12,118,036

LIABILITIES
Professional fees payable		52,341
Unrealized depreciation of forward foreign currency contracts		8,760
Administrative fees payable		3,243
Distribution fees payable		2,012
Trustees’ fees payable		3
Accrued other expenses		12,311

Total liabilities		78,670

NET ASSETS.	$	12,039,366

Net assets were comprised of:
Paid in capital	$	12,124,422
Accumulated net investment loss		(58,037	)
Accumulated net realized loss		(5,766	)
Unrealized depreciation on investments		(21,253	)

Net assets	$	12,039,366

Class IA
Net asset value, offering and redemption price per share, $97,743 / 10,000 shares outstanding	$	9.77

Class IB
Net asset value, offering and redemption price per share, $11,941,623 / 1,222,589 shares outstanding	$	9.77

STATEMENT OF OPERATIONS

For the Period Ended December 31, 2005*


INVESTMENT INCOME
Interest	$	51,410

EXPENSES
Professional fees		67,945
Printing and mailing expenses		18,137
Investment management fees		11,999
Administrative fees		8,229
Custodian fees		8,000
Distribution fees - Class IB		4,226
Trustees’ fees		6
Miscellaneous		5,000

Gross expenses		123,542
Less: Waiver from investment advisor		(20,228	)
Reimbursement from investment advisor		(83,664	)

Net expenses		19,650

NET INVESTMENT INCOME		31,760

REALIZED AND UNREALIZED GAIN (LOSS)
Realized loss on:
Securities		(5,766	)
Foreign currency transactions		(111,845	)

Net realized loss		(117,611	)

Change in unrealized appreciation (depreciation) on:
Securities		(46,854	)
Foreign currency translations		25,601

Net change in unrealized depreciation		(21,253	)

NET REALIZED AND UNREALIZED LOSS		(138,864	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(107,104	)

STATEMENT OF CHANGES IN NET ASSETS


	October 3, 2005* to December 31, 2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	31,760
Net realized loss on investments and foreign currency transactions		(117,611	)
Net change in unrealized depreciation on investments and foreign currency translations		(21,253	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		(107,104	)

Class IB
Capital shares sold [845,784 shares]		8,245,597
Capital shares repurchased [(113,195) shares]		(1,099,127	)

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		7,146,470

TOTAL INCREASE IN NET ASSETS		7,039,366
NET ASSETS:
Beginning of period		5,000,000

End of period (a)	$	12,039,366

__________

(a) Includes net investment loss of	$	(58,037	)


* The Portfolio commenced operations on October 3, 2005.

See Notes to Financial Statements.

316

EQ ADVISORS TRUST

EQ/EVERGREEN OMEGA PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $194,606,134) (Securities on loan at market value $22,369,051)	$	217,451,098
Receivable from Separate Accounts for Trust shares sold		234,156
Dividends, interest and other receivables		186,413
Other assets		53

Total assets		217,871,720

LIABILITIES
Collateral held for loaned securities		23,045,367
Investment management fees payable		101,127
Payable to Separate Accounts for Trust shares redeemed		92,681
Distribution fees payable - Class IB		41,982
Administrative fees payable		7,458
Trustees’ fees payable		1,923
Accrued expenses		54,297

Total liabilities		23,344,835

NET ASSETS	$	194,526,885

Net assets were comprised of:
Paid in capital	$	170,336,483
Accumulated overdistributed net investment income		(1,666	)
Accumulated undistributed net realized gain		1,347,104
Unrealized appreciation on investments		22,844,964

Net assets	$	194,526,885

Class IA
Net asset value, offering and redemption price per share, $185,747 / 20,463 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.08

Class IB
Net asset value, offering and redemption price per share, $194,341,138 / 21,525,074 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.03

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends	$	1,021,695
Interest		187,083
Securities lending (net)		43,670

Total income		1,252,448

EXPENSES
Investment management fees		1,218,849
Distribution fees - Class IB		468,263
Administrative fees		76,310
Professional fees		45,194
Printing and mailing expenses		21,046
Custodian fees		20,969
Trustees’ fees		3,059
Miscellaneous		12,144

Gross expenses		1,865,834
Less: Waiver from investment advisor		(84,888	)
Fees paid indirectly		(347,457	)

Net expenses		1,433,489

NET INVESTMENT LOSS		(181,041	)

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		6,546,810
Net change in unrealized appreciation on securities		997,390

NET REALIZED AND UNREALIZED GAIN		7,544,200

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,363,159

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(181,041	)	$	592,708
Net realized gain on investments		6,546,810			2,302,093
Net change in unrealized appreciation on investments		997,390			9,370,570

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		7,363,159			12,265,371

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(110	)		(468	)
Class IB		(68,202	)		(524,868	)

		(68,312	)		(525,336	)

Distributions from net realized capital gains
Class IA		(6,415	)		—
Class IB		(5,727,014	)		—

		(5,733,429	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(5,801,741	)		(525,336	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [25,895 and 1,111 shares, respectively]		224,960			9,359
Capital shares issued in reinvestment of dividends and distributions [732 and 53 shares, respectively]		6,525			468
Capital shares repurchased [(16,125) and (66) shares, respectively]		(143,555	)		(556	)

Total Class IA transactions		87,930			9,271

Class IB
Capital shares sold [4,114,357 and 11,751,557 shares, respectively]		35,899,847			99,136,367
Capital shares issued in reinvestment of dividends and distributions [649,244 and 59,541 shares, respectively]		5,795,216			524,868
Capital shares repurchased [(4,812,582) and (3,310,709) shares, respectively]		(42,067,115	)		(27,895,039	)

Total Class IB transactions		(372,052	)		71,766,196

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(284,122	)		71,775,467

TOTAL INCREASE IN NET ASSETS		1,277,296			83,515,502
NET ASSETS:
Beginning of year		193,249,589			109,734,087

End of year (a)	$	194,526,885		$	193,249,589

__________

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(1,666	)	$	67,070

See Notes to Financial Statements.

317

EQ ADVISORS TRUST

EQ/FI MID CAP PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $1,534,503,456) (Securities on loan at market value $271,531,343)	$	1,641,519,949
Cash		33,290
Foreign cash ( Cost $1,078,163)		1,050,108
Receivable for securities sold		12,908,104
Receivable from Separate Accounts for Trust shares sold		1,789,646
Dividends, interest and other receivables		1,107,983
Other assets		394

Total assets		1,658,409,474

LIABILITIES
Collateral held for loaned securities		277,300,152
Payable for securities purchased		24,802,635
Payable to Separate Accounts for Trust shares redeemed		1,007,553
Investment management fees payable		787,717
Distribution fees payable - Class IB		283,808
Administrative fees payable		41,434
Recoupment fees payable		35,016
Trustees’ fees payable		13,406
Accrued expenses		71,875

Total liabilities		304,343,596

NET ASSETS	$	1,354,065,878

Net assets were comprised of:
Paid in capital	$	1,218,749,068
Accumulated overdistributed net investment income		(18,958	)
Accumulated undistributed net realized gain		28,348,977
Unrealized appreciation on investments		106,986,791

Net assets	$	1,354,065,878

Class IA
Net asset value, offering and redemption price per share, $13,550,693 / 1,309,819 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.35

Class IB
Net asset value, offering and redemption price per share, $1,340,515,185 / 130,689,255 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.26

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends (net of $138,857 foreign withholding tax)	$	9,101,932
Interest		1,114,258
Securities lending (net)		691,965

Total income		10,908,155

EXPENSES
Investment management fees		8,428,561
Distribution fees - Class IB		3,023,615
Administrative fees		344,342
Printing and mailing expenses		138,226
Recoupment fees		64,735
Professional fees		63,806
Custodian fees		59,999
Trustees’ fees		19,606
Miscellaneous		26,440

Gross expenses		12,169,330
Less: Fees paid indirectly		(621,056	)

Net expenses		11,548,274

NET INVESTMENT LOSS		(640,119	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		171,461,871
Foreign currency transactions		10,991

Net realized gain		171,472,862

Change in unrealized depreciation on:
Securities		(88,236,434	)
Foreign currency translations		(38,899	)

Net change in unrealized depreciation		(88,275,333	)

NET REALIZED AND UNREALIZED GAIN		83,197,529

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	82,557,410

See Notes to Financial Statements.

318

EQ ADVISORS TRUST

EQ/FI MID CAP PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(640,119	)	$	3,854,809
Net realized gain on investments and foreign currency transactions		171,472,862			94,090,197
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(88,275,333	)		57,565,995

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		82,557,410			155,511,001

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		—			(44,552	)
Class IB		—			(3,799,468	)

		—			(3,844,020	)

Distributions from net realized capital gains
Class IA		(1,659,135	)		(410,578	)
Class IB		(172,039,762	)		(62,207,307	)

		(173,698,897	)		(62,617,885	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(173,698,897	)		(66,461,905	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [468,953 and 402,209 shares, respectively]		5,091,231			4,170,965
Capital shares issued in reinvestment of dividends and distributions [160,648 and 41,899 shares, respectively]		1,659,135			455,130
Capital shares repurchased [(32,035) and (9,959) shares, respectively]		(352,851	)		(102,306	)

Total Class IA transactions		6,397,515			4,523,789

Class IB
Capital shares sold [23,212,808 and 28,908,310 shares, respectively]		249,559,192			299,211,645
Capital shares issued in reinvestment of dividends and distributions [16,781,110 and 6,111,158 shares, respectively]		172,039,762			66,006,775
Capital shares repurchased [(14,155,422) and (8,224,945) shares, respectively]		(152,405,375	)		(84,106,964	)

Total Class IB transactions		269,193,579			281,111,456

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		275,591,094			285,635,245

TOTAL INCREASE IN NET ASSETS		184,449,607			374,684,341
NET ASSETS:
Beginning of year		1,169,616,271			794,931,930

End of year (a)	$	1,354,065,878		$	1,169,616,271

__________

(a) Includes accumulated overdistributed net investment income of	$	(18,958	)	$	(35,077	)

See Notes to Financial Statements.

319

EQ ADVISORS TRUST

EQ/FI MID CAP PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $1,913,079,247) (Securities on loan at market value $367,628,433)	$	2,124,409,601
Cash		83,282
Foreign cash (Cost $75)		75
Receivable for securities sold		6,827,547
Receivable from Separate Accounts for Trust shares sold		3,335,923
Dividends, interest and other receivables		1,895,389

Total assets		2,136,551,817

LIABILITIES
Collateral held for loaned securities		377,338,447
Payable for securities purchased		8,282,028
Payable to Separate Accounts for Trust shares redeemed		2,683,848
Investment management fees payable		1,083,328
Distribution fees payable - Class IB		368,281
Administrative fees payable		59,142
Trustees’ fees payable		29,597
Accrued expenses		131,514

Total liabilities		389,976,185

NET ASSETS	$	1,746,575,632

Net assets were comprised of:
Paid in capital	$	1,511,864,281
Accumulated overdistributed net investment income		(1,011,721	)
Accumulated undistributed net realized gain		24,392,040
Unrealized appreciation on investments		211,331,032

Net assets	$	1,746,575,632

Class IA
Net asset value, offering and redemption price per share, $16,534,528 / 1,180,419 shares outstanding (unlimited amount authorized: $0.01 par value)	$	14.01

Class IB
Net asset value, offering and redemption price per share, $1,730,041,104 / 124,034,312 shares outstanding (unlimited amount authorized: $0.01 par value)	$	13.95

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends (net of $43,113 foreign withholding tax)	$	19,275,461
Interest		1,931,596
Securities lending (net)		469,575

Total income		21,676,632

EXPENSES
Investment management fees		11,456,156
Distribution fees - Class IB		3,882,548
Administrative fees		432,416
Printing and mailing expenses		178,517
Custodian fees		142,097
Professional fees		70,101
Trustees’ fees		25,392
Miscellaneous		29,765

Gross expenses		16,216,992
Less: Fees paid indirectly		(313,544	)

Net expenses		15,903,448

NET INVESTMENT INCOME		5,773,184

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		171,009,946
Foreign currency transactions		5,317

Net realized gain		171,015,263

Change in unrealized appreciation (depreciation) on:
Securities		(3,800,306	)
Foreign currency translations		678

Net change in unrealized depreciation		(3,799,628	)

NET REALIZED AND UNREALIZED GAIN		167,215,635

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	172,988,819

See Notes to Financial Statements.

320

EQ ADVISORS TRUST

EQ/FI MID CAP VALUE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	5,773,184		$	(165,203	)
Net realized gain on investments and foreign currency transactions		171,015,263			59,351,824
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(3,799,628	)		157,756,352

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		172,988,819			216,942,973

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(107,216	)		—
Class IB		(7,135,731	)		—

		(7,242,947	)		—

Distributions from net realized capital gains
Class IA		(1,547,000	)		(2,896,511	)
Class IB		(172,139,008	)		(115,655,204	)

		(173,686,008	)		(118,551,715	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(180,928,955	)		(118,551,715	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [518,190 and 1,124,309 shares, respectively]		7,495,890			14,857,737
Capital shares issued in reinvestment of dividends and distributions [118,360 and 224,570 shares, respectively]		1,654,216			2,896,511
Capital shares repurchased [(38,106) and (2,792,962) shares, respectively]		(559,938	)		(38,753,899	)

Total Class IA transactions		8,590,168			(20,999,651	)

Class IB
Capital shares sold [21,143,934 and 19,963,600 shares, respectively]		302,410,382			262,741,578
Capital shares issued in reinvestment of dividends and distributions [12,874,203 and 9,003,841 shares, respectively]		179,274,739			115,655,204
Capital shares repurchased [(12,764,910) and (10,146,371) shares, respectively]		(182,609,714	)		(133,352,916	)

Total Class IB transactions		299,075,407			245,043,866

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		307,665,575			224,044,215

TOTAL INCREASE IN NET ASSETS		299,725,439			322,435,473
NET ASSETS:
Beginning of year		1,446,850,193			1,124,414,720

End of year (a)	$	1,746,575,632		$	1,446,850,193

__________

(a) Includes accumulated overdistributed net investment income of	$	(1,011,721	)	$	(203,827	)

See Notes to Financial Statements.

321

EQ ADVISORS TRUST

EQ/GAMCO MERGERS AND ACQUISITIONS PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $40,214,359)	$	40,540,481
Cash		247,293
Foreign cash (Cost $1,018,277)		1,013,955
Receivable for securities sold		317,766
Receivable from Separate Accounts for Trust shares sold		87,269
Dividends, interest and other receivables		39,174

Total assets		42,245,938

LIABILITIES
Payable for securities purchased		47,548
Payable to Separate Accounts for Trust shares redeemed		61,387
Investment management fees payable		28,131
Distribution fees payable - Class IB		8,390
Administrative fees payable		3,474
Trustees’ fees payable		71
Accrued expenses		56,925

Total liabilities		205,926

NET ASSETS	$	42,040,012

Net assets were comprised of:
Paid in capital	$	41,717,958
Accumulated undistributed net investment income		12,556
Accumulated overdistributed net realized gain		(12,302	)
Unrealized appreciation on investments		321,800

Net assets	$	42,040,012

Class IB
Net asset value, offering and redemption price per share, $42,040,012 / 3,621,928 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.61

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends (net of $972 foreign withholding tax)	$	246,679
Interest		194,680

Total income		441,359

EXPENSES
Investment management fees		166,839
Distribution fees - Class IB		46,344
Professional fees		39,603
Administrative fees		34,839
Custodian fees		27,571
Printing and mailing expenses		1,867
Trustees’ fees		237
Miscellaneous		3,175

Gross expenses		320,475
Less: Waiver from investment advisor		(51,833	)
Fees paid indirectly		(13,035	)

Net expenses		255,607

NET INVESTMENT INCOME		185,752

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		656,700
Foreign currency transactions		(765	)

Net realized gain		655,935

Change in unrealized depreciation on:
Securities		(16,327	)
Foreign currency translations		(4,201	)

Net change in unrealized depreciation		(20,528	)

NET REALIZED AND UNREALIZED GAIN		635,407

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	821,159

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	185,752		$	6,034
Net realized gain on investments and foreign currency transactions		655,935			151,492
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(20,528	)		243,374

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		821,159			400,900

DIVIDENDS AND DISTRIBUTIONS:
Class IB
Dividends from net investment income		(242,845	)		(5,265	)
Distributions from net realized capital gains		(624,347	)		(164,857	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(867,192	)		(170,122	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [3,051,579 and 557,765 shares, respectively]		35,648,591			6,165,425
Capital shares issued in reinvestment of dividends and distributions [74,609 and 15,215 shares, respectively]		867,192			170,122
Capital shares repurchased [(214,786) and (163,958) shares, respectively]		(2,509,734	)		(1,811,100	)

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		34,006,049			4,524,447

TOTAL INCREASE IN NET ASSETS		33,960,016			4,755,225
NET ASSETS:
Beginning of year		8,079,996			3,324,771

End of year (a)	$	42,040,012		$	8,079,996

__________

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	12,556		$	(264	)

See Notes to Financial Statements.

322

EQ ADVISORS TRUST

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $453,521,995)	$	591,402,981
Cash		59,940
Receivable from Separate Accounts for Trust shares sold		588,657
Dividends, interest and other receivables		490,554
Receivable for securities sold		1,969
Other assets		190

Total assets		592,544,291

LIABILITIES
Payable for securities purchased		4,159,971
Payable to Separate Accounts for Trust shares redeemed		806,162
Investment management fees payable		393,000
Distribution fees payable - Class IB		125,338
Administrative fees payable		18,239
Trustees’ fees payable		2,822
Accrued expenses		84,333

Total liabilities		5,589,865

NET ASSETS	$	586,954,426

Net assets were comprised of:
Paid in capital	$	449,286,608
Accumulated overdistributed net investment income		(1,792	)
Accumulated net realized loss		(211,376	)
Unrealized appreciation on investments		137,880,986

Net assets	$	586,954,426

Class IB
Net asset value, offering and redemption price per share, $586,954,426 / 21,812,988 shares outstanding (unlimited amount authorized: $0.01 par value)	$	26.91

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends (net of $3,901 foreign withholding tax)	$	6,171,898
Interest		2,204,189

Total income		8,376,087

EXPENSES
Investment management fees		4,249,333
Distribution fees - Class IB		1,349,776
Administrative fees		176,416
Printing and mailing expenses		62,426
Professional fees		50,482
Custodian fees		29,436
Trustees’ fees		8,512
Miscellaneous		13,917

Gross expenses		5,940,298
Less: Fees paid indirectly		(63,164	)

Net expenses		5,877,134

NET INVESTMENT INCOME		2,498,953

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		39,115,164
Net change in unrealized depreciation		(17,625,412	)

NET REALIZED AND UNREALIZED GAIN		21,489,752

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	23,988,705

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,498,953		$	227,015
Net realized gain on investments and foreign currency transactions		39,115,164			14,911,217
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(17,625,412	)		64,280,988

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		23,988,705			79,419,220

DIVIDENDS AND DISTRIBUTIONS:
Class IB
Dividends from net investment income		(2,485,974	)		(71,646	)
Distributions from net realized capital gains		(38,732,832	)		(11,723,937	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(41,218,806	)		(11,795,583	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [6,796,204 and 1,966,349 shares, respectively]		189,504,442			50,832,251
Capital shares issued in reinvestment of dividends and distributions [1,532,732 and 434,621 shares, respectively]		41,218,806			11,795,583
Capital shares repurchased [(3,482,096) and (2,278,509) shares, respectively]		(97,407,865	)		(56,296,472	)

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		133,315,383			6,331,362

TOTAL INCREASE IN NET ASSETS		116,085,282			73,954,999
NET ASSETS:
Beginning of year		470,869,144			396,914,145

End of year (a)	$	586,954,426		$	470,869,144

__________

(a) Includes accumulated overdistributed net investment income of	$	(1,792	)	$	(420	)

See Notes to Financial Statements.

323

EQ ADVISORS TRUST

EQ/GOVERNMENT SECURITIES PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $107,723,741)	$	106,415,405
Cash		26,995
Dividends, interest and other receivables		1,074,507
Receivable for securities sold		41,836
Other assets		2,099

Total assets		107,560,842

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		98,232
Accrued professional fees		52,835
Investment management fees payable		51,911
Administrative fees payable		5,921
Trustees’ fees payable		1,372
Accrued other expenses		37,495

Total liabilities		247,766

NET ASSETS	$	107,313,076

Net assets were comprised of:
Paid in capital	$	108,881,543
Accumulated undistributed net investment income		138,523
Accumulated net realized loss		(398,654	)
Unrealized depreciation on investments		(1,308,336	)

Net assets	$	107,313,076

Class IA
Net asset value, offering and redemption price per share, $107,313,076 / 9,864,683 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.88

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Interest	$	4,661,710

EXPENSES
Investment management fees		576,153
Printing and mailing expenses		74,016
Administrative fees		61,552
Professional fees		42,650
Custodian fees		12,888
Trustees’ fees		1,904
Miscellaneous		20,068

Total expenses		789,231

NET INVESTMENT INCOME		3,872,479

REALIZED AND UNREALIZED LOSS
Net realized loss on securities		(330,320	)
Net change in unrealized depreciation on securities		(2,166,557	)

NET REALIZED AND UNREALIZED LOSS		(2,496,877	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,375,602

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	3,872,479		$	3,468,919
Net realized gain (loss) on investments		(330,320	)		209,378
Net change in unrealized depreciation on investments		(2,166,557	)		(1,732,342	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		1,375,602			1,945,955

DIVIDENDS AND DISTRIBUTIONS
Class IA
Dividends from net investment income		(3,801,959	)		(7,193,620	)
Distributions from net realized capital gains		(163,400	)		(546,833	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(3,965,359	)		(7,740,453	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [232,971 and 1,773,737 shares, respectively]		2,606,820			20,726,352
Capital shares issued in reinvestment of dividends and distributions [364,526 and 684,322 shares, respectively]		3,965,359			7,740,453
Capital shares repurchased [(1,862,621) and (2,697,307) shares, respectively]		(20,875,232	)		(31,438,747	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(14,303,053	)		(2,971,942	)

TOTAL DECREASE IN NET ASSETS		(16,892,810	)		(8,766,440	)
NET ASSETS:
Beginning of year		124,205,886			132,972,326

End of year (a)	$	107,313,076		$	124,205,886

__________

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	138,523		$	(138	)

See Notes to Financial Statements.

324

EQ ADVISORS TRUST

EQ/INTERMEDIATE TERM BOND PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $48,191,284)	$	47,774,495
Dividends, interest and other receivables		477,493
Receivable for securities sold		13,419
Receivable from Separate Accounts for Trust shares sold		66
Other assets		1,076

Total assets		48,266,549

LIABILITIES
Payable for securities purchased		345,010
Payable to Separate Accounts for Trust shares redeemed		50,485
Investment management fees payable		20,189
Administrative fees payable		4,161
Trustees’ fees payable		753
Distribution fees payable - Class IB		27
Accrued expenses		510,094

Total liabilities		930,719

NET ASSETS	$	47,335,830

Net assets were comprised of:
Paid in capital	$	47,810,982
Accumulated overdistributed net investment income		(304	)
Accumulated net realized loss		(58,059	)
Unrealized depreciation on investments		(416,789	)

Net assets	$	47,335,830

Class IA
Net asset value, offering and redemption price per share, $47,084,940 / 4,656,387 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.11

Class IB*
Net asset value, offering and redemption price per share, $250,890 / 24,784 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.12

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Interest	$	2,580,471

EXPENSES
Investment management fees		276,740
Administrative fees		45,242
Printing and mailing expenses		41,659
Professional fees		41,476
Custodian fees		12,452
Trustees’ fees		932
Distribution fees - Class IB		83
Miscellaneous		2,046

Gross expenses		420,630
Less: Waiver from investment advisor		(5,468	)

Net expenses		415,162

NET INVESTMENT INCOME		2,165,309

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		705,303
Change in unrealized depreciation on securities		(2,399,625	)

NET REALIZED AND UNREALIZED LOSS		(1,694,322	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	470,987

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,165,309		$	2,629,912
Net realized gain on investments		705,303			490,812
Net change in unrealized depreciation on investments		(2,399,625	)		(1,652,248	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		470,987			1,468,476

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(2,165,258	)		(6,173,483	)
Class IB		(2,551	)		—

		(2,167,809	)		(6,173,483	)

Distributions from net realized capital gains
Class IA		(809,291	)		(95,150	)
Class IB		(993	)		—

		(810,284	)		(95,150	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(2,978,093	)		(6,268,633	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [193,358 and 364,618 shares, respectively]		2,076,263			4,214,876
Capital shares issued in reinvestment of dividends and distributions [294,340 and 574,703 shares, respectively]		2,974,549			6,268,633
Capital shares repurchased [(1,606,204) and (1,545,702) shares, respectively]		(17,170,033	)		(17,746,925	)

Total Class IA transactions		(12,119,221	)		(7,263,416	)

Class IB*
Capital shares sold [24,434 and 0 shares, respectively]		250,385			—
Capital shares issued in reinvestment of dividends and distributions [351 and 0 shares, respectively]		3,544			—
Capital shares repurchased [(1) and (0) shares, respectively]		(3	)		—

Total Class IB transactions		253,926			—

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(11,865,295	)		(7,263,416	)

TOTAL DECREASE IN NET ASSETS		(14,372,401	)		(12,063,573	)
NET ASSETS:
Beginning of year		61,708,231			73,771,804

End of year (a)	$	47,335,830		$	61,708,231

__________

(a) Includes accumulated overdistributed net investment income of	$	(304	)	$	(69	)


* Class IB commenced operations on June 20, 2005.

See Notes to Financial Statements.

325

EQ ADVISORS TRUST

EQ/INTERNATIONAL GROWTH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $67,700,051)	$	74,179,776
Foreign cash (Cost $92,853)		92,353
Receivable from Separate Accounts for Trust shares sold		316,616
Dividends, interest and other receivables		120,139
Receivable for securities sold		86,733

Total assets		74,795,617

LIABILITIES
Overdraft payable		300
Payable for securities purchased		1,500,868
Payable to Separate Accounts for Trust shares redeemed		97,991
Investment management fees payable		50,724
Distribution fees payable - Class IB		14,919
Administrative fees payable		4,228
Trustees’ fees payable		302
Accrued expenses		46,140

Total liabilities		1,715,472

NET ASSETS	$	73,080,145

Net assets were comprised of:
Paid in capital	$	83,575,488
Accumulated overdistributed net investment income		(17,037	)
Accumulated net realized loss		(16,961,198	)
Unrealized appreciation on investments		6,482,892

Net assets	$	73,080,145

Class IB
Net asset value, offering and redemption price per share, $73,080,145 / 14,028,444 shares outstanding (unlimited amount authorized: $0.01 par value)	$	5.21

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends (net of $25,342 foreign withholding tax)	$	1,029,048
Interest		50,984

Total income		1,080,032

EXPENSES
Investment management fees		476,268
Distribution fees - Class IB		140,078
Administrative fees		44,579
Professional fees		40,276
Custodian fees		20,757
Printing and mailing expenses		6,478
Trustees’ fees		878
Miscellaneous		4,374

Gross expenses		733,688
Less: Fees paid indirectly		(95,982	)

Net expenses		637,706

NET INVESTMENT INCOME		442,326

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		7,337,911
Foreign currency transactions		(19,053	)

Net realized gain		7,318,858

Change in unrealized depreciation on:
Securities		(237,642	)
Foreign currency translations		(6,365	)

Net change in unrealized depreciation		(244,007	)

NET REALIZED AND UNREALIZED GAIN		7,074,851

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,517,177

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	442,326		$	298,937
Net realized gain on investments and foreign currency transactions		7,318,858			6,390,396
Net change in unrealized depreciation on investments and foreign currency translations		(244,007	)		(4,186,418	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		7,517,177			2,502,915

DIVIDENDS AND DISTRIBUTIONS:
Class IB
Dividends from net investment income		(885,405	)		(608,571	)
Distributions from net realized capital gains		—			(108,181	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(885,405	)		(716,752	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [5,499,495 and 707,573 shares, respectively]		26,921,679			3,147,749
Capital shares issued in reinvestment of dividends and distributions [180,973 and 168,191 shares, respectively]		885,405			716,752
Capital shares repurchased [(3,072,509) and (1,787,099) shares, respectively]		(14,784,575	)		(7,869,808	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		13,022,509			(4,005,307	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		19,654,281			(2,219,144	)
NET ASSETS:
Beginning of year		53,425,864			55,645,008

End of year (a)	$	73,080,145		$	53,425,864

__________

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(17,037	)	$	147,782

See Notes to Financial Statements.

326

EQ ADVISORS TRUST

EQ/JANUS LARGE CAP GROWTH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $344,114,813) (Securities on loan at market value $39,466,388)	$	398,985,869
Receivable from Separate Accounts for Trust shares sold		676,805
Dividends, interest and other receivables		313,805

Total assets		399,976,479

LIABILITIES
Collateral held for loaned securities		40,409,209
Payable to Separate Accounts for Trust shares redeemed		557,810
Investment management fees payable		257,677
Distribution fees payable - Class IB		76,665
Administrative fees payable		14,390
Trustees’ fees payable		4,851
Accrued expenses		52,978

Total liabilities		41,373,580

NET ASSETS	$	358,602,899

Net assets were comprised of:
Paid in capital	$	340,996,453
Accumulated overdistributed net investment income		(4,192	)
Accumulated net realized loss		(37,260,418	)
Unrealized appreciation on investments		54,871,056

Net assets	$	358,602,899

Class IA
Net asset value, offering and redemption price per share, $605,933 / 88,131 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.88

Class IB
Net asset value, offering and redemption price per share, $357,996,966 / 52,421,780 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.83

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends	$	2,864,939
Interest		560,134
Securities lending (net)		38,785

Total income		3,463,858

EXPENSES
Investment management fees		2,964,051
Distribution fees - Class IB		822,175
Administrative fees		113,274
Professional fees		47,763
Printing and mailing expenses		37,179
Custodian fees		21,304
Trustees’ fees		5,287
Miscellaneous		11,208

Gross expenses		4,022,241
Less: Waiver from investment advisor		(235,149	)
Fees paid indirectly		(48,202	)

Net expenses		3,738,890

NET INVESTMENT LOSS		(275,032	)

REALIZED AND UNREALIZED GAIN
Realized gain on securities		21,587,246
Change in unrealized appreciation on securities		3,072,714

NET REALIZED AND UNREALIZED GAIN		24,659,960

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	24,384,928

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(275,032	)	$	730,380
Net realized gain on investments		21,587,246			9,881,488
Net change in unrealized appreciation on investments		3,072,714			22,617,554

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		24,384,928			33,229,422

DIVIDENDS:
Dividends from net investment income
Class IA		(9	)		(991	)
Class IB		(5,645	)		(725,167	)

TOTAL DIVIDENDS		(5,654	)		(726,158	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [68,330 and 7,206 shares, respectively]		432,381			42,237
Capital shares issued in reinvestment of dividends [1 and 157 shares, respectively]		9			991
Capital shares repurchased [(12,380) and (1,814) shares, respectively]		(80,062	)		(10,598	)

Total Class IA transactions		352,328			32,630

Class IB
Capital shares sold [11,065,118 and 11,270,326 shares, respectively]		71,046,112			65,909,642
Capital shares issued in reinvestment of dividends [881 and 115,761 shares, respectively]		5,645			725,167
Capital shares repurchased [(7,694,515) and (8,090,289) shares, respectively]		(49,623,449	)		(47,209,849	)

Total Class IB transactions		21,428,308			19,424,960

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		21,780,636			19,457,590

TOTAL INCREASE IN NET ASSETS		46,159,910			51,960,854
NET ASSETS:
Beginning of year		312,442,989			260,482,135

End of year (a)	$	358,602,899		$	312,442,989

__________

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(4,192	)	$	2,499

See Notes to Financial Statements.

327

EQ ADVISORS TRUST

EQ/JPMORGAN CORE BOND PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $2,117,459,057)
(Securities on loan at market value $174,489,471)	$	2,117,144,407
Cash		810,958
Receivable for forward commitments		252,108,167
Dividends, interest and other receivables		7,251,465
Receivable for securities sold		2,544,837
Receivable from Separate Accounts for Trust shares sold		1,291,489
Variation margin receivable on futures contracts		95,074
Unrealized appreciation of forward foreign currency contracts		927

Total assets		2,381,247,324

LIABILITIES
Overdraft payable of foreign cash		127,285
Payable for forward commitments		812,561,268
Collateral held for loaned securities		142,840,745
Payable for securities purchased		19,610,310
Payable to Separate Accounts for Trust shares redeemed		1,049,315
Investment management fees payable		517,999
Distribution fees payable - Class IB		292,991
Options written, at value (Premiums received $216,638)		190,095
Unrealized depreciation of forward foreign currency contracts		64,298
Administrative fees payable		52,432
Trustees’ fees payable		21,442
Accrued expenses		99,152

Total liabilities		977,427,332

NET ASSETS	$	1,403,819,992

Net assets were comprised of:
Paid in capital	$	1,415,342,644
Accumulated undistributed net investment income		362,806
Accumulated net realized loss		(11,121,146	)
Unrealized depreciation on investments		(764,312	)

Net assets	$	1,403,819,992

Class IA
Net asset value, offering and redemption price per share, $11,367,105 / 1,033,688 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.00

Class IB
Net asset value, offering and redemption price per share, $1,392,452,887 / 126,507,757 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.01

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Interest (net of $52,592 foreign withholding tax)	$	55,735,031
Securities lending (net)		275,927

Total income		56,010,958

EXPENSES
Investment management fees		5,797,663
Distribution fees - Class IB		3,279,238
Administrative fees		362,135
Printing and mailing expenses		149,806
Custodian fees		93,066
Professional fees		67,110
Trustees’ fees		21,277
Miscellaneous		26,697

Total expenses		9,796,992

NET INVESTMENT INCOME		46,213,966

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(3,327,396	)
Options written		(483,742	)
Futures		(3,711,019	)
Foreign currency transactions		1,658,887

Net realized loss		(5,863,270	)

Change in unrealized appreciation (depreciation) on:
Securities		(11,286,119	)
Options written		26,543
Futures		(166,107	)
Foreign currency translations		(81,340	)

Net change in unrealized depreciation		(11,507,023	)

NET REALIZED AND UNREALIZED LOSS		(17,370,293	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	28,843,673

See Notes to Financial Statements.

328

EQ ADVISORS TRUST

EQ/JPMORGAN CORE BOND PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	46,213,966		$	30,454,287
Net realized gain (loss) on investments and foreign currency transactions		(5,863,270	)		17,742,241
Net change in unrealized depreciation on investments and foreign currency translations		(11,507,023	)		(3,019,958	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		28,843,673			45,176,570

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(391,914	)		(158,873	)
Class IB		(45,381,232	)		(30,232,019	)

		(45,773,146	)		(30,390,892	)

Distributions from net realized capital gains
Class IA		(11,311	)		(92,968	)
Class IB		(1,859,744	)		(20,281,407	)

		(1,871,055	)		(20,374,375	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(47,644,201	)		(50,765,267	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [525,308 and 335,274 shares, respectively]		5,922,638			3,814,618
Capital shares issued in reinvestment of dividends and distributions [36,747 and 22,656 shares, respectively]		403,225			251,841
Capital shares repurchased [(41,351) and (34,753) shares, respectively]		(466,565	)		(388,975	)

Total Class IA transactions		5,859,298			3,677,484

Class IB
Capital shares sold [28,323,320 and 21,429,990 shares, respectively]		318,776,450			243,478,348
Capital shares issued in reinvestment of dividends and distributions [4,299,121 and 4,540,988 shares, respectively]		47,240,976			50,513,426
Capital shares repurchased [(14,473,615) and (14,343,028) shares, respectively]		(163,047,119	)		(162,370,272	)

Total Class IB transactions		202,970,307			131,621,502

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		208,829,605			135,298,986

TOTAL INCREASE IN NET ASSETS		190,029,077			129,710,289
NET ASSETS:
Beginning of year		1,213,790,915			1,084,080,626

End of year (a)	$	1,403,819,992		$	1,213,790,915

__________

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	362,806		$	(347,750	)

See Notes to Financial Statements.

329

EQ ADVISORS TRUST

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $610,600,011) (Securities on loan at market value $37,960,304)	$	643,199,655
Cash		32,872
Dividends, interest and other receivables		727,937
Receivable from Separate Accounts for Trust shares sold		128,167

Total assets		644,088,631

LIABILITIES
Collateral held for loaned securities		38,742,337
Payable for securities purchased		1,502,068
Payable to Separate Accounts for Trust shares redeemed		625,232
Investment management fees payable		311,077
Distribution fees payable - Class IB		129,529
Administrative fees payable		32,291
Trustees’ fees payable		28,174
Accrued expenses		82,028

Total liabilities		41,452,736

NET ASSETS	$	602,635,895

Net assets were comprised of:
Paid in capital	$	575,187,957
Accumulated overdistributed net investment income		(25,891	)
Accumulated net realized loss		(5,125,815	)
Unrealized appreciation on investments		32,599,644

Net assets	$	602,635,895

Class IA
Net asset value, offering and redemption price per share, $398,729 / 31,678 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.59

Class IB
Net asset value, offering and redemption price per share, $602,237,166 / 47,749,814 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.61

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends (net of $41 foreign withholding tax)	$	13,502,578
Interest		316,375
Securities lending (net)		44,965

Total income		13,863,918

EXPENSES
Investment management fees		3,699,777
Distribution fees - Class IB		1,540,714
Administrative fees		190,043
Printing and mailing expenses		70,116
Professional fees		52,909
Recoupment fees		38,703
Custodian fees		38,247
Trustees’ fees		10,594
Miscellaneous		53,033

Gross expenses		5,694,136
Less: Fees paid indirectly		(11,886	)

Net expenses		5,682,250

NET INVESTMENT INCOME		8,181,668

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		33,311,025
Net change in unrealized depreciation on securities		(18,320,574	)

NET REALIZED AND UNREALIZED GAIN		14,990,451

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	23,172,119

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	8,181,668		$	8,942,049
Net realized gain on investments		33,311,025			65,735,249
Net change in unrealized depreciation on investments		(18,320,574	)		(11,247,362	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		23,172,119			63,429,936

DIVIDENDS:
Dividends from net investment income
Class IA		(7,119	)		(1,881	)
Class IB		(9,283,144	)		(7,911,806	)

TOTAL DIVIDENDS		(9,290,263	)		(7,913,687	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [22,518 and 796 shares, respectively]		276,369			9,262
Capital shares issued in reinvestment of dividends [564 and 156 shares, respectively]		7,119			1,881
Capital shares repurchased [(1,864) and (107) shares, respectively]		(23,480	)		(1,238	)

Total Class IA transactions		260,008			9,905

Class IB
Capital shares sold [3,886,674 and 5,325,646 shares, respectively]		47,708,160			62,023,474
Capital shares issued in reinvestment of dividends [734,933 and 652,835 shares, respectively]		9,283,144			7,911,806
Capital shares repurchased [(9,046,260) and (8,330,045) shares, respectively]		(111,618,518	)		(96,223,845	)

Total Class IB transactions		(54,627,214	)		(26,288,565	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(54,367,206	)		(26,278,660	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(40,485,350	)		29,237,589
NET ASSETS:
Beginning of year		643,121,245			613,883,656

End of year (a)	$	602,635,895		$	643,121,245

__________

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(25,891	)	$	1,094,224

See Notes to Financial Statements.

330

EQ ADVISORS TRUST

EQ/LAZARD SMALL CAP VALUE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value:
Affiliated issuers (Cost $20,559,610)	$	21,375,902
Unaffiliated issuers (Cost $1,708,451,658) (Securities on loan at market value $156,673,790)		1,821,971,173
Receivable from Separate Accounts for Trust shares sold		3,002,634
Receivable for securities sold		2,424,178
Dividends, interest and other receivables		1,301,683
Other assets		838

Total assets		1,850,076,408

LIABILITIES
Overdraft payable		1,050,649
Collateral held for loaned securities		159,143,986
Payable for securities purchased		8,898,416
Payable to Separate Accounts for Trust shares redeemed		2,688,296
Investment management fees payable		1,050,025
Distribution fees payable - Class IB		248,719
Administrative fees payable		44,779
Trustees’ fees payable		16,218
Accrued expenses		61,298

Total liabilities		173,202,386

NET ASSETS	$	1,676,874,022

Net assets were comprised of:
Paid in capital	$	1,549,006,495
Accumulated overdistributed net investment income		(14,070	)
Accumulated undistributed net realized gain		13,545,790
Unrealized appreciation on investments		114,335,807

Net assets	$	1,676,874,022

Class IA
Net asset value, offering and redemption price per share, $523,308,151 / 39,152,225 shares outstanding (unlimited amount authorized: $0.01 par value)	$	13.37

Class IB
Net asset value, offering and redemption price per share, $1,153,565,871 / 86,239,514 shares outstanding (unlimited amount authorized: $0.01 par value)	$	13.38

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends (including $112,102 of dividend income received from affiliates)	$	14,987,489
Interest		1,646,032
Securities lending (net)		449,142

Total income		17,082,663

EXPENSES
Investment management fees		10,819,871
Distribution fees - Class IB		2,723,512
Administrative fees		406,025
Printing and mailing expenses		166,864
Professional fees		68,442
Custodian fees		59,907
Trustees’ fees		23,344
Miscellaneous		28,059

Gross expenses		14,296,024
Less: Fees paid indirectly		(1,313,365	)

Net expenses		12,982,659

NET INVESTMENT INCOME		4,100,004

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		126,597,300
Net change in unrealized depreciation on securities		(58,744,394	)

NET REALIZED AND UNREALIZED GAIN		67,852,906

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	71,952,910

See Notes to Financial Statements.

331

EQ ADVISORS TRUST

EQ/LAZARD SMALL CAP VALUE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	4,100,004		$	3,778,646
Net realized gain on investments		126,597,300			140,104,743
Net change in unrealized appreciation (depreciation) on investments		(58,744,394	)		35,595,640

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		71,952,910			179,479,029

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(2,325,527	)		(903,347	)
Class IB		(2,420,604	)		(812,551	)

		(4,746,131	)		(1,715,898	)

Distributions from net realized capital gains
Class IA		(40,857,015	)		(26,347,738	)
Class IB		(99,853,873	)		(98,740,625	)

		(140,710,888	)		(125,088,363	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(145,457,019	)		(126,804,261	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [21,380,367 and 4,851,515 shares, respectively]		300,803,291			67,077,311
Capital shares issued in reinvestment of dividends and distributions [3,229,674 and 1,981,455 shares, respectively]		43,182,542			27,251,085
Capital shares repurchased [(5,542,798) and (119,088) shares, respectively]		(78,382,752	)		(1,653,925	)

Total Class IA transactions		265,603,081			92,674,471

Class IB
Capital shares sold [16,631,652 and 21,367,990 shares, respectively]		230,209,469			295,791,520
Capital shares issued in reinvestment of dividends and distributions [7,632,390 and 7,234,868 shares, respectively]		102,274,477			99,553,176
Capital shares repurchased [(12,372,598) and (6,103,424) shares, respectively]		(171,947,434	)		(83,719,014	)

Total Class IB transactions		160,536,512			311,625,682

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		426,139,593			404,300,153

TOTAL INCREASE IN NET ASSETS		352,635,484			456,974,921
NET ASSETS:
Beginning of year		1,324,238,538			867,263,617

End of year (a)	$	1,676,874,022		$	1,324,238,538

__________

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(14,070	)	$	2,058,688

See Notes to Financial Statements.

332

EQ ADVISORS TRUST

EQ/LEGG MASON VALUE EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $34,661,510)	$	34,830,564
Foreign Cash (Cost $-)		438
Receivable from Separate Accounts for Trust sold		480,591
Receivable from investment manager		20,409
Dividends, interest and other receivables		15,125

Total assets		35,347,127

LIABILITIES
Payable for securities purchased		3,077,927
Payable to Separate Accounts for Trust shares redeemed		14,027
Administrative fees payable		3,515
Distribution fees payable		4,827
Trustees’ fees payable		4
Accrued expenses		54,533

Total liabilities		3,154,833

NET ASSETS	$	32,192,294

Net assets were comprised of:
Paid in capital	$	32,021,595
Accumulated undistributed net investment income		1,909
Accumulated net realized loss		(992	)
Unrealized appreciation on investments		169,782

Net assets	$	32,192,294

Class IA
Net asset value, offering and redemption price per share, $104,803 / 10,029 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.45

Class IB
Net asset value, offering and redemption price per share, $32,087,491 / 3,064,846 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.47

STATEMENT OF OPERATIONS

For the Period Ended December 31, 2005*


INVESTMENT INCOME
Dividends	$	17,869
Interest		14,193

Total income		32,062

EXPENSES
Professional fees		56,508
Investment management fees		19,062
Printing and mailing expenses		10,886
Administrative fees		8,523
Distribution fees - Class IB		7,269
Custodian fees		6,000
Trustees’ fees		9
Miscellaneous		5,000

Gross expenses		113,257
Less: Waiver from investment advisor		(27,585	)
Reimbursement from investment advisor		(56,403	)
Fees paid indirectly		(860	)

Net expenses		28,409

NET INVESTMENT INCOME		3,653

REALIZED AND UNREALIZED GAIN (LOSS)
Realized loss on:
Securities		(1,047	)
Foreign currency transactions		(611	)

Net realized loss		(1,658	)

Change in unrealized appreciation on:
Securities		169,054
Foreign currency translations		728

Net change in unrealized appreciation		169,782

NET REALIZED AND UNREALIZED GAIN		168,124

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	171,777

STATEMENT OF CHANGES IN NET ASSETS


	October 3, 2005* to December 31, 2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	3,653
Net realized loss on investments and foreign currency transactions		(1,658	)
Net change in unrealized appreciation on investments and foreign currency translations		169,782

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		171,777

DIVIDENDS:
Dividends from net investment income
Class IA		(304	)
Class IB		(8,043	)

TOTAL DIVIDENDS		(8,347	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares issued in reinvestment of dividends [29 shares]		304

Class IB
Capital shares sold [2,813,775 shares]		29,435,778
Capital shares issued in reinvestment of dividends [759 shares]		8,043
Capital shares repurchased [(39,688) shares]		(415,261	)

Total Class IB transactions		29,028,560

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		29,028,864

TOTAL INCREASE IN NET ASSETS		29,192,294
NET ASSETS:
Beginning of period		3,000,000

End of period (a)	$	32,192,294

__________

(a) Includes accumulated undistributed net investment income of	$	1,909

*	The Portfolio commenced operations on October 3, 2005.

See Notes to Financial Statements.

333

EQ ADVISORS TRUST

EQ/LONG TERM BOND PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $591,643,837)	$	589,295,754
Cash		15
Dividends, interest and other receivables		9,510,452
Receivable from Separate Accounts for Trust shares sold		1,384,321
Other assets		1,971

Total assets		600,192,513

LIABILITIES
Payable for securities purchased		2,957,233
Payable to Separate Accounts for Trust shares redeemed		848,989
Investment management fees payable		251,550
Administrative fees payable		14,871
Distribution fees payable - Class IB		11,754
Trustees’ fees payable		1,592
Accrued expenses		94,497

Total liabilities		4,180,486

NET ASSETS	$	596,012,027

Net assets were comprised of:
Paid in capital	$	601,295,903
Accumulated undistributed net investment income		3,115
Accumulated net realized loss		(2,938,908	)
Unrealized depreciation on investments		(2,348,083	)

Net assets	$	596,012,027

Class IA
Net asset value, offering and redemption price per share, $537,340,471 / 39,678,513 shares outstanding (unlimited amount authorized: $0.01 par value)	$	13.54

Class IB*
Net asset value, offering and redemption price per share, $58,671,556 / 4,330,480 shares outstanding (unlimited amount authorized: $0.01 par value)	$	13.55

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Interest	$	13,454,837

EXPENSES
Investment management fees		1,353,787
Administrative fees		98,615
Printing and mailing expenses		86,032
Professional fees		45,767
Distribution fees - Class IB		44,846
Custodian fees		21,435
Recoupment fees		3,969
Trustees’ fees		3,292
Miscellaneous		23,667

Net expenses		1,681,410

NET INVESTMENT INCOME		11,773,427

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		1,341,793
Net change in unrealized depreciation securities		(10,187,312	)

NET REALIZED AND UNREALIZED LOSS		(8,845,519	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,927,908

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	11,773,427		$	4,840,041
Net realized gain on investments		1,341,793			1,163,022
Net change in unrealized appreciation (depreciation) on investments		(10,187,312	)		1,773,431

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		2,927,908			7,776,494

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(10,763,350	)		(10,349,349	)
Class IB		(1,004,995	)		—

		(11,768,345	)		(10,349,349	)

Distributions from net realized capital gains
Class IA		(4,029,377	)		(2,900,811	)
Class IB		(407,303	)		—

		(4,436,680	)		(2,900,811	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(16,205,025	)		(13,250,160	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [33,550,243 and 542,182 shares, respectively]		466,958,317			7,833,045
Capital shares issued in reinvestment of dividends and distributions [1,102,540 and 969,120 shares, respectively]		14,792,727			13,250,160
Capital shares repurchased [(2,402,888) and (1,619,702) shares, respectively]		(32,997,944	)		(23,373,832	)

Total Class IA transactions		448,753,100			(2,290,627	)

Class IB*
Capital shares sold [4,962,901 and 0 shares, respectively]		68,734,937			—
Capital shares issued in reinvestment of dividends and distributions [105,288 and 0 shares, respectively]		1,412,298			—
Capital shares repurchased [(737,709) and 0 shares, respectively]		(10,171,898	)		—

Total Class IB transactions		59,975,337			—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		508,728,437			(2,290,627	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		495,451,320			(7,764,293	)
NET ASSETS:
Beginning of year		100,560,707			108,325,000

End of year (a)	$	596,012,027		$	100,560,707

__________

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	3,115		$	(109	)

*	Class IB commenced operations on April 29, 2005.

See Notes to Financial Statements.

334

EQ ADVISORS TRUST

EQ/LORD ABBETT GROWTH AND INCOME PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $37,188,763)	$	38,298,046
Receivable from Separate Accounts for Trust shares sold		162,528
Dividends, interest and other receivables		65,584
Receivable for securities sold		62,561

Total assets		38,588,719

LIABILITIES
Payable for securities purchased		178,509
Payable to Separate Accounts for Trust shares redeemed		9,283
Distribution fees payable - Class IB		7,689
Administrative fees payable		3,749
Trustees’ fees payable		35
Accrued expenses		51,402

Total liabilities		250,667

NET ASSETS	$	38,338,052

Net assets were comprised of:
Paid in capital	$	37,253,581
Accumulated undistributed net investment income		3,592
Accumulated net realized loss		(28,404	)
Unrealized appreciation on investments		1,109,283

Net assets	$	38,338,052

Class IA
Net asset value, offering and redemption price per share, $107,571 / 10,080 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.67

Class IB
Net asset value, offering and redemption price per share, $38,230,481 / 3,579,383 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.68

STATEMENT OF OPERATIONS

For the Period Ended December 31, 2005*


INVESTMENT INCOME
Dividends (net of $316 foreign withholding tax)	$	226,793
Interest		36,874

Total income		263,667

EXPENSES
Investment management fees		78,699
Professional fees		40,235
Custodian fees		36,000
Distribution fees - Class IB		30,095
Administrative fees		23,484
Printing and mailing expenses		1,090
Trustees’ fees		122
Miscellaneous		2,504

Gross expenses		212,229
Less: Waiver from investment advisor		(91,295	)
Fees paid indirectly		(2,466	)

Net expenses		118,468

NET INVESTMENT INCOME		145,199

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		25,036
Net change in unrealized appreciation on securities		1,109,283

NET REALIZED AND UNREALIZED GAIN		1,134,319

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,279,518

STATEMENT OF CHANGES IN NET ASSETS


	April 29, 2005* to December 31, 2005
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	145,199
Net realized gain on investments and foreign currency transactions		25,036
Net change in unrealized appreciation on investments and foreign currency translations		1,109,283

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		1,279,518

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(701	)
Class IB		(144,670	)

		(145,371	)

Distributions from net realized capital gains
Class IA		(158	)
Class IB		(53,282	)

		(53,440	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(198,811	)
CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares issued in reinvestment of dividends and distributions [80 shares]		859

Total Class IA transactions		859

Class IB
Capital shares sold [3,372,730 shares]		35,126,506
Capital shares issued in reinvestment of dividends and distributions [18,425 shares]		197,952
Capital shares repurchased [(101,772) shares]		(1,067,972	)

Total Class IB transactions		34,256,486

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		34,257,345

TOTAL INCREASE IN NET ASSETS		35,338,052
NET ASSETS:
Beginning of period		3,000,000

End of period (a)	$	38,338,052

__________

(a) Includes accumulated undistributed net investment income of	$	3,592

*	The Portfolio commenced operations on April 29, 2005.

See Notes to Financial Statements.

335

EQ ADVISORS TRUST

EQ/LORD ABBETT LARGE CAP CORE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $26,990,523)	$	27,617,006
Receivable from Separate Accounts for Trust shares sold		43,262
Dividends, interest and other receivables		41,340
Receivable from investment manager		17,289

Total assets		27,718,897

LIABILITIES
Payable for securities purchased		518,119
Payable to Separate Accounts for Trust shares redeemed		6,241
Distribution fees payable - Class IB		5,461
Administrative fees payable		3,539
Trustees’ fees payable		29
Accrued expenses		62,908

Total liabilities		596,297

NET ASSETS	$	27,122,600

Net assets were comprised of:
Paid in capital	$	26,403,665
Accumulated overdistributed net investment income		(20	)
Accumulated undistributed net realized gain		92,472
Unrealized appreciation on investments		626,483

Net assets	$	27,122,600

Class IA
Net asset value, offering and redemption price per share, $107,485 / 10,059 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.69

Class IB
Net asset value, offering and redemption price per share, $27,015,115 / 2,526,054 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.69

STATEMENT OF OPERATIONS

For the Period Ended December 31, 2005*


INVESTMENT INCOME
Dividends (net of $153 foreign withholding tax)	$	153,750
Interest		23,089

Total income		176,839

EXPENSES
Investment management fees		61,451
Custodian fees		50,792
Professional fees		40,182
Distribution fees - Class IB		23,460
Administrative fees		22,843
Printing and mailing expenses		969
Trustees’ fees		105
Miscellaneous		2,504

Gross expenses		202,306
Less: Waiver from investment advisor		(84,294	)
Reimbursement from investment advisor		(23,624	)
Fees paid indirectly		(1,133	)

Net expenses		93,255

NET INVESTMENT INCOME		83,584

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		93,744
Net change in unrealized appreciation on securities		626,483

NET REALIZED AND UNREALIZED GAIN		720,227

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	803,811

STATEMENT OF CHANGES IN NET ASSETS


	April 29, 2005* to December 31, 2005
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	83,584
Net realized gain on investments		93,744
Net change in unrealized appreciation on investments		626,483

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		803,811

DIVIDENDS:
Dividends from net investment income
Class IA		(637	)
Class IB		(87,806	)

TOTAL DIVIDENDS		(88,443	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares issued in reinvestment of dividends [59 shares]		637

Class IB
Capital shares sold [2,468,888 shares]		25,856,079
Capital shares issued in reinvestment of dividends [8,161 shares]		87,806
Capital shares repurchased [(240,995) shares]		(2,537,290	)

Total Class IB transactions		23,406,595

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		23,407,232

TOTAL INCREASE IN NET ASSETS		24,122,600
NET ASSETS:
Beginning of period		3,000,000

End of period (a)	$	27,122,600

__________

(a) Includes accumulated overdistributed net investment income of	$	(20	)

*	The Portfolio commenced operations on April 29, 2005.

See Notes to Financial Statements.

336

EQ ADVISORS TRUST

EQ/LORD ABBETT MID CAP VALUE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $126,166,708)	$	128,559,389
Receivable from Separate Accounts for Trust shares sold		406,893
Dividends, interest and other receivables		164,403

Total assets		129,130,685

LIABILITIES
Payable for securities purchased		5,353,043
Payable to Separate Accounts for Trust shares redeemed		91,140
Investment management fees payable		47,445
Distribution fees payable - Class IB		24,689
Administrative fees payable		5,298
Trustees’ fees payable		112
Accrued expenses		58,837

Total liabilities		5,580,564

NET ASSETS	$	123,550,121

Net assets were comprised of:
Paid in capital	$	119,985,743
Accumulated undistributed net investment income		9,172
Accumulated undistributed net realized gain		1,162,525
Unrealized appreciation on investments		2,392,681

Net assets	$	123,550,121

Class IA
Net asset value, offering and redemption price per share, $113,787 / 10,090 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.28

Class IB
Net asset value, offering and redemption price per share, $123,436,334 / 10,936,194 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.29

STATEMENT OF OPERATIONS

For the Period Ended December 31, 2005*


INVESTMENT INCOME
Dividends (net of $375 foreign withholding tax)	$	596,942
Interest		106,288

Total income		703,230

EXPENSES
Investment management fees		268,824
Distribution fees - Class IB		95,825
Custodian fees		46,000
Professional fees		40,737
Administrative fees		29,847
Printing and mailing expenses		3,597
Trustees’ fees		395
Miscellaneous		2,504

Gross expenses		487,729
Less: Waiver from investment advisor		(84,564	)
Fees paid indirectly		(13,246	)

Net expenses		389,919

NET INVESTMENT INCOME		313,311

REALIZED AND UNREALIZED GAIN
Realized gain on securities		1,598,031
Change in unrealized appreciation on securities		2,392,681

NET REALIZED AND UNREALIZED GAIN		3,990,712

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,304,023

STATEMENT OF CHANGES IN NET ASSETS


	April 29, 2005* to December 31, 2005
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	313,311
Net realized gain on investments		1,598,031
Net change in unrealized appreciation on investments		2,392,681

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		4,304,023

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(594	)
Class IB		(313,713	)

		(314,307	)

Distributions from net realized capital gains
Class IA		(423	)
Class IB		(435,083	)

		(435,506	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(749,813	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares issued in reinvestment of dividends and distributions [90 shares]		1,017

Class IB
Capital shares sold [10,940,730 shares]		120,252,768
Capital shares issued in reinvestment of dividends and distributions [66,336 shares]		748,796
Capital shares repurchased [(360,872) shares]		(4,006,670	)

Total Class IB transactions		116,994,894

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		116,995,911

TOTAL INCREASE IN NET ASSETS		120,550,121
NET ASSETS:
Beginning of period		3,000,000

End of period (a)	$	123,550,121

__________

(a) Includes accumulated undistributed net investment income of	$	9,172

*	The Portfolio commenced operations on April 29, 2005.

See Notes to Financial Statements.

337

EQ ADVISORS TRUST

EQ/MARSICO FOCUS PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $2,524,266,494) (Securities on loan at market value $213,339,414)	$	3,048,794,233
Foreign cash (Cost $1,510)		1,430
Receivable from Separate Accounts for Trust shares sold		3,651,452
Dividends, interest and other receivables		2,183,684
Other assets		3,452

Total assets		3,054,634,251

LIABILITIES
Overdraft payable		5,623
Collateral held for loaned securities		216,365,996
Payable for securities purchased		51,209,090
Investment management fees payable		2,030,266
Payable to Separate Accounts for Trust shares redeemed		833,375
Distribution fees payable - Class IB		374,605
Administrative fees payable		73,767
Trustees’ fees payable		19,877
Recoupment fees payable		10,950
Accrued expenses		91,453

Total liabilities		271,015,002

NET ASSETS	$	2,783,619,249

Net assets were comprised of:
Paid in capital	$	2,248,828,148
Accumulated overdistributed net investment income		(16,596	)
Accumulated undistributed net realized gain		10,280,102
Unrealized appreciation on investments		524,527,595

Net assets	$	2,783,619,249

Class IA
Net asset value, offering and redemption price per share, $1,014,881,051 / 63,995,770 shares outstanding (unlimited amount authorized: $0.01 par value)	$	15.86

Class IB
Net asset value, offering and redemption price per share, $1,768,738,198 / 112,334,933 shares outstanding (unlimited amount authorized: $0.01 par value)	$	15.75

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends	$	19,952,490
Interest		3,809,900
Securities lending (net)		290,940

Total income		24,053,330

EXPENSES
Investment management fees		19,186,385
Distribution fees - Class IB		3,564,862
Administrative fees		593,263
Printing and mailing expenses		243,874
Professional fees		81,700
Trustees’ fees		33,591
Custodian fees		15,854
Miscellaneous		77,315

Gross expenses		23,796,844
Less: Waiver from investment advisor		(366,936	)
Fees paid indirectly		(310,341	)

Net expenses		23,119,567

NET INVESTMENT INCOME		933,763

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		71,657,073
Foreign currency transactions		(5,594	)

Net realized gain		71,651,479

Change in unrealized appreciation on:
Securities		191,799,941
Foreign currency translations		(590	)

Net change in unrealized appreciation		191,799,351

NET REALIZED AND UNREALIZED GAIN		263,450,830

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	264,384,593

See Notes to Financial Statements.

338

EQ ADVISORS TRUST

EQ/MARSICO FOCUS PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	933,763		$	(1,440,189	)
Net realized gain on investments and foreign currency transactions		71,651,479			26,927,551
Net change in unrealized appreciation on investments and foreign currency translations		191,799,351			149,623,957

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		264,384,593			175,111,319

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(974,013	)		—

Distributions from net realized capital gains
Class IA		(22,093,220	)		—
Class IB		(39,896,323	)		—

		(61,989,543	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(62,963,556	)		—

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [29,771,998 and 14,127,478 shares, respectively]		438,435,345			187,038,150
Capital shares issued in reinvestment of dividends and distributions [1,508,105 and 0 shares, respectively]		23,067,233			—
Capital shares repurchased [(6,782,325) and (186,132) shares, respectively]		(104,029,554	)		(2,469,344	)

Total Class IA transactions		357,473,024			184,568,806

Class IB
Capital shares sold [27,897,381 and 25,528,114 shares, respectively]		410,375,469			337,345,198
Capital shares issued in connection with merger (Note 9) [3,503,828 and 0 shares, respectively]		53,180,009			—
Capital shares issued in reinvestment of dividends and distributions [2,634,827 and 0 shares, respectively]		39,896,323			—
Capital shares repurchased [(7,917,801) and (7,763,939) shares, respectively]		(115,791,493	)		(101,920,428	)

Total Class IB transactions		387,660,308			235,424,770

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		745,133,332			419,993,576

TOTAL INCREASE IN NET ASSETS		946,554,369			595,104,895
NET ASSETS:
Beginning of year		1,837,064,880			1,241,959,985

End of year (a)	$	2,783,619,249		$	1,837,064,880

__________

(a) Includes accumulated overdistributed net investment income of	$	(16,596	)	$	(8,298	)

See Notes to Financial Statements.

339

EQ ADVISORS TRUST

EQ/MERCURY BASIC VALUE EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $2,800,828,656) (Securities on loan at market value $147,878,957)	$	2,996,537,086
Dividends, interest and other receivables		3,876,641
Receivable from Separate Accounts for Trust shares sold		1,500,609
Other assets		3,571

Total assets		3,001,917,907

LIABILITIES
Overdraft payable		5,997
Collateral held for loaned securities		151,582,878
Payable for securities purchased		39,522,006
Payable to Separate Accounts for Trust shares redeemed		1,532,317
Investment management fees payable		1,343,165
Distribution fees payable - Class IB		309,954
Administrative fees payable		77,536
Trustees’ fees payable		26,198
Accrued expenses		130,219

Total liabilities		194,530,270

NET ASSETS	$	2,807,387,637

Net assets were comprised of:
Paid in capital	$	2,611,425,700
Accumulated overdistributed net investment income		(22,205	)
Accumulated undistributed net realized gain		275,712
Unrealized appreciation on investments		195,708,430

Net assets	$	2,807,387,637

Class IA
Net asset value, offering and redemption price per share, $1,361,869,628 / 90,436,495 shares outstanding (unlimited amount authorized: $0.01 par value)	$	15.06

Class IB
Net asset value, offering and redemption price per share, $1,445,518,009 / 95,809,682 shares outstanding (unlimited amount authorized: $0.01 par value)	$	15.09

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends	$	41,656,667
Interest		3,110,145
Securities lending (net)		201,145

Total income		44,967,957

EXPENSES
Investment management fees		13,033,519
Distribution fees - Class IB		3,588,514
Administrative fees		612,118
Printing and mailing expenses		245,917
Professional fees		83,898
Custodian fees		50,316
Trustees’ fees		35,605
Miscellaneous		80,593

Gross expenses		17,730,480
Less: Fees paid indirectly		(285,297	)

Net expenses		17,445,183

NET INVESTMENT INCOME		27,522,774

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		127,847,732
Net change in unrealized depreciation on securities		(66,870,723	)

NET REALIZED AND UNREALIZED GAIN		60,977,009

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	88,499,783

See Notes to Financial Statements.

340

EQ ADVISORS TRUST

EQ/MERCURY BASIC VALUE EQUITY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	27,522,774		$	16,263,593
Net realized gain on investments and foreign currency transactions		127,847,732			109,655,837
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(66,870,723	)		63,838,560

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		88,499,783			189,757,990

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(15,362,835	)		(5,997,333	)
Class IB		(13,006,207	)		(10,482,292	)

		(28,369,042	)		(16,479,625	)

Distributions from net realized capital gains
Class IA		(59,093,121	)		(25,156,567	)
Class IB		(66,921,779	)		(58,912,785	)

		(126,014,900	)		(84,069,352	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(154,383,942	)		(100,548,977	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [49,529,918 and 15,013,491 shares, respectively]		755,954,758			227,350,421
Capital shares issued in reinvestment of dividends and distributions [4,930,277 and 2,049,570 shares, respectively]		74,455,956			31,153,900
Capital shares repurchased [(5,133,257) and (124,396) shares, respectively]		(77,350,877	)		(1,883,973	)

Total Class IA transactions		753,059,837			256,620,348

Class IB
Capital shares sold [10,344,712 and 20,213,042 shares, respectively]		157,534,205			305,804,577
Capital shares issued in connection with merger (Note 9) [456,883 and 0 shares, respectively]		7,099,624			—
Capital shares issued in reinvestment of dividends and distributions [5,282,272 and 4,556,938 shares, respectively]		79,927,986			69,395,077
Capital shares repurchased [(14,430,149) and (7,821,924) shares, respectively]		(220,381,827	)		(118,447,948	)

Total Class IB transactions		24,179,988			256,751,706

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		777,239,825			513,372,054

TOTAL INCREASE IN NET ASSETS		711,355,666			602,581,067
NET ASSETS:
Beginning of year		2,096,031,971			1,493,450,904

End of year (a)	$	2,807,387,637		$	2,096,031,971

__________

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(22,205	)	$	125,788

See Notes to Financial Statements.

341

EQ ADVISORS TRUST

EQ/MERCURY INTERNATIONAL VALUE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $1,445,038,343) (Securities on loan at market value $214,677,484)	$	1,605,855,083
Cash		55,662,675
Foreign cash (Cost $532,736)		543,231
Receivable from Separate Accounts for Trust shares sold		2,665,210
Dividends, interest and other receivables		2,213,894
Receivable for securities sold		625,845
Other assets		148

Total assets		1,667,566,086

LIABILITIES
Collateral held for loaned securities		227,521,884
Payable for securities purchased		9,756,186
Payable to Separate Accounts for Trust shares redeemed		2,939,896
Investment management fees payable		987,965
Distribution fees payable - Class IB		249,508
Recoupment fees payable		86,606
Administrative fees payable		46,941
Trustees’ fees payable		30,229
Accrued expenses		270,449

Total liabilities		241,889,664

NET ASSETS	$	1,425,676,422

Net assets were comprised of:
Paid in capital	$	1,271,196,207
Accumulated overdistributed net investment income		(3,771,722	)
Accumulated undistributed net realized gain		(2,627,576	)
Unrealized appreciation on investments		160,879,513

Net assets	$	1,425,676,422

Class IA
Net asset value, offering and redemption price per share, $236,339,635 / 16,644,132 shares outstanding (unlimited amount authorized: $0.01 par value)	$	14.20

Class IB
Net asset value, offering and redemption price per share, $1,189,336,787 / 83,748,282 shares outstanding (unlimited amount authorized: $0.01 par value)	$	14.20

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends (net of $3,495,468 foreign withholding tax)	$	29,549,366
Interest		291,570
Securities lending (net)		1,005,555

Total income		30,846,491

EXPENSES
Investment management fees		9,209,243
Distribution fees - Class IB		2,548,696
Custodian fees		742,838
Recoupment fees		406,680
Administrative fees		307,052
Printing and mailing expenses		121,014
Professional fees		62,901
Trustees’ fees		17,121
Miscellaneous		19,340

Total expenses		13,434,885

NET INVESTMENT INCOME		17,411,606

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		88,654,698
Foreign currency transactions		(266,420	)

Net realized gain		88,388,278

Change in unrealized appreciation (depreciation) on:
Securities		21,906,081
Foreign currency translations		(126,391	)

Net change in unrealized appreciation		21,779,690

NET REALIZED AND UNREALIZED GAIN		110,167,968

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	127,579,574

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	17,411,606		$	9,005,014
Net realized gain on investments and foreign currency transactions		88,388,278			53,387,666
Net change in unrealized appreciation on investments and foreign currency translations		21,779,690			90,736,860

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		127,579,574			153,129,540

DIVIDENDS:
Dividends from net investment income
Class IA		(3,572,098	)		(87,269	)
Class IB		(18,794,165	)		(12,191,992	)

TOTAL DIVIDENDS		(22,366,263	)		(12,279,261	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [15,996,621 and 234,847 shares, respectively]		216,969,755			2,702,569
Capital shares issued in reinvestment of dividends [252,103 and 6,965 shares, respectively]		3,572,098			87,269
Capital shares repurchased [(34,389) and (11,098) shares, respectively]		(467,434	)		(126,908	)

Total Class IA transactions		220,074,419			2,662,930

Class IB
Capital shares sold [26,431,934 and 16,143,259 shares, respectively]		350,734,324			187,311,762
Capital shares issued in reinvestment of dividends [1,346,118 and 973,281 shares, respectively]		18,794,165			12,191,992
Capital shares repurchased [(12,703,111) and (10,596,745) shares, respectively]		(169,268,014	)		(120,298,003	)

Total Class IB transactions		200,260,475			79,205,751

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		420,334,894			81,868,681

TOTAL INCREASE IN NET ASSETS		525,548,205			222,718,960
NET ASSETS:
Beginning of year		900,128,217			677,409,257

End of year (a)	$	1,425,676,422		$	900,128,217

__________

(a) Includes accumulated overdistributed net investment income of	$	(3,771,722	)	$	(3,974,827	)

See Notes to Financial Statements.

342

EQ ADVISORS TRUST

EQ/MFS EMERGING GROWTH COMPANIES PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $862,084,478) (Securities on loan at market value $87,050,874)	$	1,009,039,125
Receivable for securities sold		4,741,424
Receivable from Separate Accounts for Trust shares sold		832,791
Dividends, interest and other receivables		433,892

Total assets		1,015,047,232

LIABILITIES
Overdraft payable		10,143
Collateral held for loaned securities		89,180,159
Payable for securities purchased		3,118,820
Payable to Separate Accounts for Trust shares redeemed		1,946,869
Investment management fees payable		513,433
Distribution fees payable - Class IB		196,774
Trustees’ fees payable		40,898
Administrative fees payable		39,676
Accrued expenses		86,256

Total liabilities		95,133,028

NET ASSETS	$	919,914,204

Net assets were comprised of:
Paid in capital	$	1,691,396,395
Accumulated net investment loss		(38,654	)
Accumulated net realized loss		(918,398,028	)
Unrealized appreciation on investments		146,954,491

Net assets	$	919,914,204

Class IA
Net asset value, offering and redemption price per share, $3,303,673 / 226,703 shares outstanding (unlimited amount authorized: $0.01 par value)	$	14.57

Class IB
Net asset value, offering and redemption price per share, $916,610,531 / 64,150,946 shares outstanding (unlimited amount authorized: $0.01 par value)	$	14.29

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends (net of $77,063 foreign withholding tax)	$	4,383,265
Interest		748,992
Securities lending (net)		241,986

Total income		5,374,243

EXPENSES
Investment management fees		5,824,740
Distribution fees - Class IB		2,233,888
Administrative fees		249,596
Custodian fees		102,184
Printing and mailing expenses		99,971
Professional fees		57,962
Trustees’ fees		15,441
Miscellaneous		21,058

Gross expenses		8,604,840
Less: Fees paid indirectly		(308,410	)

Net expenses		8,296,430

NET INVESTMENT LOSS		(2,922,187	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		85,708,794
Foreign currency transactions		13,599

Net realized gain		85,722,393

Change in unrealized depreciation on:
Securities		(7,519,289	)
Foreign currency translations		(5,072	)

Net change in unrealized depreciation		(7,524,361	)

NET REALIZED AND UNREALIZED GAIN		78,198,032

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	75,275,845

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(2,922,187	)	$	(2,886,969	)
Net realized gain on investments and foreign currency transactions		85,722,393			97,327,424
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(7,524,361	)		18,345,610

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		75,275,845			112,786,065

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [103,226 and 462,600 shares, respectively]		1,359,031			5,624,463
Capital shares repurchased [(25,703) and (2,685,495) shares, respectively]		(332,385	)		(35,163,683	)

Total Class IA transactions		1,026,646			(29,539,220	)

Class IB
Capital shares sold [4,117,241 and 5,753,493 shares, respectively]		54,446,308			68,971,200
Capital shares repurchased [(13,116,552) and (13,029,454) shares, respectively]		(171,501,956	)		(155,466,193	)

Total Class IB transactions		(117,055,648	)		(86,494,993	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(116,029,002	)		(116,034,213	)

TOTAL DECREASE IN NET ASSETS		(40,753,157	)		(3,248,148	)
NET ASSETS:
Beginning of year		960,667,361			963,915,509

End of year (a)	$	919,914,204		$	960,667,361

__________

(a) Includes accumulated net investment loss of	$	(38,654	)	$	(29,772	)

See Notes to Financial Statements.

343

EQ ADVISORS TRUST

EQ/MFS INVESTORS TRUST PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $311,564,591) (Securities on loan at market value $17,278,511)	$	353,951,709
Cash		1,964,269
Foreign cash (Cost $68)		67
Receivable for securities sold		1,101,315
Dividends, interest and other receivables		319,826
Receivable from Separate Accounts for Trust shares sold		76,701

Total assets		357,413,887

LIABILITIES
Collateral held for loaned securities		17,618,449
Payable for securities purchased		344,810
Investment management fees payable		174,149
Payable to Separate Accounts for Trust shares redeemed		165,430
Distribution fees payable - Class IB		72,521
Recoupment fees payable		19,555
Administrative fees payable		15,120
Trustees’ fees payable		6,407
Accrued expenses		70,931

Total liabilities		18,487,372

NET ASSETS	$	338,926,515

Net assets were comprised of Paid in capital	$	325,713,093
Accumulated undistributed net investment income		1,087
Accumulated net realized loss		(29,174,548	)
Unrealized appreciation on investments		42,386,883

Net assets	$	338,926,515

Class IA
Net asset value, offering and redemption price per share, $191,257 / 18,951 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.09

Class IB
Net asset value, offering and redemption price per share, $338,735,258 / 33,532,396 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.10

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends (net of $36,357 foreign withholding tax)	$	4,597,557
Interest		163,113
Securities lending (net)		27,538

Total income		4,788,208

EXPENSES
Investment management fees		2,008,579
Distribution fees - Class IB		836,497
Administrative fees		114,945
Recoupment fees		71,910
Professional fees		47,837
Custodian fees		46,013
Printing and mailing expenses		37,995
Trustees’ fees		5,503
Miscellaneous		11,195

Gross expenses		3,180,474
Less: Fees paid indirectly		(43,983	)

Net expenses		3,136,491

NET INVESTMENT INCOME		1,651,717

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		27,552,139
Foreign currency transactions		(7,713	)

Net realized gain		27,544,426

Change in unrealized depreciation on:
Securities		(5,898,359	)
Foreign currency translations		(5,289	)

Net change in unrealized depreciation		(5,903,648	)

NET REALIZED AND UNREALIZED GAIN		21,640,778

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	23,292,495

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,651,717		$	1,890,762
Net realized gain on investments and foreign currency transactions		27,544,426			15,379,942
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(5,903,648	)		17,800,614

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		23,292,495			35,071,318

DIVIDENDS:
Dividends from net investment income
Class IA		(1,410	)		(914	)
Class IB		(1,660,338	)		(1,858,247	)

TOTAL DIVIDENDS		(1,661,748	)		(1,859,161	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [6,731 and 769 shares, respectively]		63,923			6,633
Capital shares issued in reinvestment of dividends [139 and 98 shares, respectively]		1,410			914
Capital shares repurchased [(135) and (106) shares, respectively]		(1,301	)		(918	)

Total Class IA transactions		64,032			6,629

Class IB
Capital shares sold [3,492,790 and 5,294,568 shares, respectively]		33,381,163			45,886,225
Capital shares issued in reinvestment of dividends [164,275 and 198,909 shares, respectively]		1,660,338			1,858,247
Capital shares repurchased [(6,168,285) and (5,946,972) shares, respectively]		(59,271,532	)		(51,589,896	)

Total Class IB transactions		(24,230,031	)		(3,845,424	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(24,165,999	)		(3,838,795	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(2,535,252	)		29,373,362
NET ASSETS:
Beginning of year		341,461,767			312,088,405

End of year (a)	$	338,926,515		$	341,461,767

__________

(a) Includes accumulated undistributed net investment income of	$	1,087		$	18,831

See Notes to Financial Statements.

344

EQ ADVISORS TRUST

EQ/MONEY MARKET PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Amortized Cost $1,506,507,563)	$	1,506,507,563
Receivable from Separate Accounts for Trust shares sold		12,877,531
Dividends, interest and other receivables		480,544

Total assets		1,519,865,638

LIABILITIES
Overdraft Payable		10,236
Payable to Separate Accounts for Trust shares redeemed		6,810,551
Investment management fees payable		430,789
Distribution fees payable - Class IB		163,040
Administrative fees payable		89,831
Trustees’ fees payable		70,033
Accrued expenses		1,572,005

Total liabilities		9,146,485

NET ASSETS	$	1,510,719,153

Net assets were comprised of:
Paid in capital	$	1,510,816,884
Accumulated overdistributed net investment income		(1	)
Accumulated net realized loss		(97,730	)

Net assets	$	1,510,719,153

Class IA
Net asset value, offering and redemption price per share, $737,535,295 / 737,523,103 shares outstanding (unlimited amount authorized: $0.01 par value)	$	1.00

Class IB
Net asset value, offering and redemption price per share, $773,183,858 / 773,183,837 shares outstanding (unlimited amount authorized: $0.01 par value)	$	1.00

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Interest		47,465,816

EXPENSES
Investment management fees		4,928,112
Distribution fees - Class IB		1,992,335
Administrative fees		410,593
Printing and mailing expenses		158,288
Professional fees		68,968
Trustees’ fees		25,191
Custodian fees		8,351
Miscellaneous		50,329

Total expenses		7,642,167

NET INVESTMENT INCOME		39,823,649

REALIZED GAIN
Net realized gain on investments		245

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	39,823,894

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	39,823,649		$	13,425,428
Net realized gain on investments		245			184

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		39,823,894			13,425,612

DIVIDENDS:
Dividends from net investment income
Class IA		(19,386,514	)		(6,697,706	)
Class IB		(20,453,934	)		(6,679,800	)

TOTAL DIVIDENDS		(39,840,448	)		(13,377,506	)

*CAPITAL SHARES TRANSACTIONS:**
Class IA
Capital shares sold [438,244,787 and 431,922,704 shares, respectively]		446,522,648			434,310,836
Capital shares issued in connection with merger (Note 9) [161,329,233 and 0 shares, respectively]		161,341,435			—
Capital shares issued in reinvestment of dividends [19,386,008 and 6,694,719 shares, respectively]		19,386,514			6,697,706
Capital shares repurchased [(479,465,008) and (545,018,573) shares, respectively]		(481,208,772	)		(548,158,778	)

Total Class IA transactions		146,041,825			(107,150,236	)

Class IB
Capital shares sold [897,128,521 and 781,906,683 shares, respectively]		892,358,205			784,272,474
Capital shares issued in reinvestment of dividends [20,453,420 and 6,684,418 shares, respectively]		20,453,934			6,679,800
Capital shares repurchased [(919,083,741) and (955,366,987) shares, respectively]		(921,461,322	)		(958,599,192	)

Total Class IB transactions		(8,649,183	)		(167,646,918	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		137,392,642			(274,797,154	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		137,376,088			(274,749,048	)
NET ASSETS:
Beginning of year		1,373,343,065			1,648,092,113

End of year (a)	$	1,510,719,153		$	1,373,343,065

__________

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(1	)	$	16,798

*	Share amounts prior to July 8, 2005 have been restated to reflect the effect of a stock split, as described in the Notes to Financial Statements.

See Notes to Financial Statements.

345

EQ ADVISORS TRUST

EQ/MONTAG & CALDWELL GROWTH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $280,636,081)	$	317,708,174
Receivable for securities sold		442,293
Dividends, interest and other receivables		347,407
Receivable from Separate Accounts for Trust shares sold		78,409
Other assets		91

Total assets		318,576,374

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		291,809
Payable for securities purchased		238,879
Investment management fees payable		206,793
Distribution fees payable - Class IB		66,364
Administrative fees payable		16,131
Trustees’ fees payable		1,843
Accrued expenses		103,876

Total liabilities		925,695

NET ASSETS	$	317,650,679

Net assets were comprised of:
Paid in capital	$	445,596,475
Accumulated undistributed net investment income		710
Accumulated net realized loss		(165,018,599	)
Unrealized appreciation on investments		37,072,093

Net assets	$	317,650,679

Class IA
Net asset value, offering and redemption price per share, $11,800,157 / 2,338,167 shares outstanding (unlimited amount authorized: $0.01 par value)	$	5.05

Class IB
Net asset value, offering and redemption price per share, $305,850,522 / 60,463,549 shares outstanding (unlimited amount authorized: $0.01 par value)	$	5.06

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends	$	3,298,884
Interest		403,039

Total income		3,701,923

EXPENSES
Investment management fees		2,120,404
Distribution fees - Class IB		676,451
Administrative fees		107,218
Professional fees		44,472
Printing and mailing expenses		30,111
Custodian fees		15,917
Trustees’ fees		4,360
Miscellaneous		13,956

Gross expenses		3,012,889
Less: Fees paid indirectly		(65,439	)

Net expenses		2,947,450

NET INVESTMENT INCOME		754,473

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		12,249,488
Net change in unrealized appreciation on securities		101,915

NET REALIZED AND UNREALIZED GAIN		12,351,403

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	13,105,876

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	754,473		$	284,685
Net realized gain on investments		12,249,488			12,338,717
Net change in unrealized appreciation (depreciation) on investments		101,915			(2,390,103	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		13,105,876			10,233,299

DIVIDENDS:
Dividends from net investment income
Class IA		(57,209	)		(358	)
Class IB		(696,283	)		(1,073,367	)

TOTAL DIVIDENDS		(753,492	)		(1,073,725	)

CAPITAL SHARES TRANSACTIONS:
Class IA*
Capital shares sold [566,348 and 2,883,942 shares, respectively]		2,761,273			13,871,549
Capital shares issued in reinvestment of dividends [11,224 and 75 shares, respectively]		57,209			358
Capital shares repurchased [(1,123,422) and 0 shares, respectively]		(5,459,958	)		—

Total Class IA transactions		(2,641,476	)		13,871,907

Class IB
Capital shares sold [5,955,695 and 4,783,798 shares, respectively]		29,281,457			22,494,574
Capital shares issued in connection with merger (Note 9) [11,433,179 and 0 shares, respectively]		58,877,533			—
Capital shares issued in reinvestment of dividends [136,282 and 228,519 shares, respectively]		696,283			1,073,367
Capital shares repurchased [(10,886,126) and (8,400,598) shares, respectively]		(53,607,039	)		(39,378,806	)

Total Class IB transactions		35,248,234			(15,810,865	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		32,606,758			(1,938,958	)

TOTAL INCREASE IN NET ASSETS		44,959,142			7,220,616
NET ASSETS:
Beginning of year		272,691,537			265,470,921

End of year (a)	$	317,650,679		$	272,691,537

__________

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	710		$	(271	)

*	Class IA commenced operations on December 13, 2004.

See Notes to Financial Statements.

346

EQ ADVISORS TRUST

EQ/PIMCO REAL RETURN PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $438,891,843)	$	438,216,637
Cash		219,218
Foreign cash (Cost $1,456,675)		1,450,892
Receivable for securities sold		69,854,311
Receivable from Separate Accounts for Trust shares sold		1,046,049
Dividends, interest and other receivables		587,495
Variation margin receivable on futures contracts		11,192
Other assets		390,617

Total assets		511,776,411

LIABILITIES
Payable for securities purchased		287,296,114
Payable for forward commitments		6,303,746
Payable to Separate Accounts for Trust shares redeemed		97,258
Investment management fees payable		52,689
Distribution fees payable - Class IB		44,129
Unrealized depreciation of forward foreign currency contracts		22,743
Options written, at value (Premiums received $10,800)		8,938
Administrative fees payable		7,149
Trustees’ fees payable		474
Accrued expenses		70,663

Total liabilities		293,903,903

NET ASSETS	$	217,872,508

Net assets were comprised of:
Paid in capital	$	221,418,955
Accumulated undistributed net investment income		4,855
Accumulated net realized loss		(2,626,290	)
Unrealized depreciation on investments		(925,012	)

Net assets	$	217,872,508

Class IB
Net asset value, offering and redemption price per share, $217,872,508 / 21,478,757 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.14

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Interest (net of $3,482 foreign withholding tax)	$	4,282,030

EXPENSES
Investment management fees		594,846
Distribution fees - Class IB		270,384
Administrative fees		58,170
Custodian fees		54,064
Professional fees		41,025
Printing and mailing expenses		11,243
Trustees’ fees		1,435
Miscellaneous		3,607

Gross expenses		1,034,774
Less: Waiver from investment advisor		(331,851	)

Net expenses		702,923

NET INVESTMENT INCOME		3,579,107

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(2,170,801	)
Options written		82,572
Futures		319,143
Foreign currency transactions		223,665

Net realized loss		(1,545,421	)

Change in unrealized depreciation on:
Securities		(1,356,653	)
Options written		(10,742	)
Futures		(269,986	)
Foreign currency translations		(37,183	)

Net change in unrealized depreciation		(1,674,564	)

NET REALIZED AND UNREALIZED LOSS		(3,219,985	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	359,122

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	3,579,107		$	1,147,674
Net realized gain (loss) on investments and foreign currency transactions		(1,545,421	)		1,578,450
Net change in unrealized depreciation on investments and foreign currency translations		(1,674,564	)		(138,951	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		359,122			2,587,173

DIVIDENDS AND DISTRIBUTIONS:
Class IB
Dividends from net investment income		(4,036,572	)		(1,208,085	)
Distributions from net realized capital gains		(636,555	)		(1,657,577	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(4,673,127	)		(2,865,662	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [18,241,793 and 1,400,567 shares, respectively]		188,913,624			14,666,111
Capital shares issued in reinvestment of dividends and distributions [456,812 and 278,032 shares, respectively]		4,673,127			2,865,662
Capital shares repurchased [(3,089,847) and (816,542) shares, respectively]		(31,911,624	)		(8,494,184	)

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		161,675,127			9,037,589

TOTAL INCREASE IN NET ASSETS		157,361,122			8,759,100
NET ASSETS:
Beginning of year		60,511,386			51,752,286

End of year (a)	$	217,872,508		$	60,511,386

__________

(a) Includes accumulated undistributed net investment income of	$	4,855		$	169,801

See Notes to Financial Statements.

347

EQ ADVISORS TRUST

EQ/SHORT DURATION BOND PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $1,251,059,531)	$	1,242,543,803
Dividends, interest and other receivables		11,563,736
Receivable from Separate Accounts for Trust shares sold		2,692,048
Receivable for securities sold		337,122

Total assets		1,257,136,709

LIABILITIES
Overdraft payable		170
Payable to Separate Accounts for Trust shares redeemed		422,150
Investment management fees payable		371,910
Administrative fees payable		27,087
Distribution fees payable - Class IB		7,292
Trustees’ fees payable		1,200
Accrued expenses		56,311

Total liabilities		886,120

NET ASSETS	$	1,256,250,589

Net assets were comprised of:
Paid in capital	$	1,265,553,883
Accumulated undistributed net investment income		75,710
Accumulated net realized loss		(863,276	)
Unrealized depreciation on investments		(8,515,728	)

Net assets	$	1,256,250,589

Class IA*
Net asset value, offering and redemption price per share, $1,219,936,359 / 122,723,572 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.94

Class IB
Net asset value, offering and redemption price per share, $36,314,230 / 3,651,313 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.95

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Interest	$	17,915,411

EXPENSES
Investment management fees		1,939,053
Administrative fees		134,993
Distribution fees - Class IB		52,775
Professional fees		47,375
Printing and mailing expenses		37,224
Custodian fees		12,718
Trustees’ fees		4,113
Miscellaneous		3,561

Gross expenses		2,231,812
Less: Waiver from investment advisor		(455,540	)

Net expenses		1,776,272

NET INVESTMENT INCOME		16,139,139

REALIZED AND UNREALIZED LOSS
Net realized loss on securities		(825,138	)
Net change in unrealized depreciation on securities		(8,350,492	)

NET REALIZED AND UNREALIZED LOSS		(9,175,630	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,963,509

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	16,139,139		$	304,043
Net realized gain (loss) on investments		(825,138	)		6,828
Net change in unrealized depreciation on investments		(8,350,492	)		(117,779	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		6,963,509			193,092

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(15,737,758	)		—
Class IB		(364,257	)		(303,520	)

		(16,102,015	)		(303,520	)

Distributions from net realized capital gains
Class IA		(2,308	)		—
Class IB		(473	)		—

		(2,781	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(16,104,796	)		(303,520	)

CAPITAL SHARES TRANSACTIONS:
Class IA*
Capital shares sold [124,275,353 and 0 shares, respectively]		1,244,651,686			—
Capital shares issued in reinvestment of dividends and distributions [1,584,765 and 0 shares, respectively]		15,740,066			—
Capital shares repurchased [(3,136,546) and 0 shares, respectively]		(31,411,819	)		—

Total Class IA transactions		1,228,979,933			—

Class IB
Capital shares sold [3,178,681 and 506,339 shares, respectively]		31,798,896			5,087,446
Capital shares issued in reinvestment of dividends and distributions [36,700 and 30,628 shares, respectively]		364,730			303,520
Capital shares repurchased [(919,493) and (159,789) shares, respectively]		(9,193,823	)		(1,605,570	)

Total Class IB transactions		22,969,803			3,785,396

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,251,949,736			3,785,396

TOTAL INCREASE IN NET ASSETS		1,242,808,449			3,674,968
NET ASSETS:
Beginning of year		13,442,140			9,767,172

End of year (a)	$	1,256,250,589		$	13,442,140

__________

(a) Includes accumulated undistributed net investment income of	$	75,710		$	523

*	Class IA commenced operations on June 9, 2005.

See Notes to Financial Statements.

348

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $610,645,742) (Securities on loan at market value $151,975,931)	$	699,019,972
Cash		12,056
Dividends, interest and other receivables		639,298
Receivable from Separate Accounts for Trust shares sold		581,405

Total assets		700,252,731

LIABILITIES
Collateral held for loaned securities		156,815,356
Payable to Separate Accounts for Trust shares redeemed		1,213,757
Investment management fees payable		116,535
Distribution fees payable - Class IB		111,398
Administrative fees payable		19,073
Variation margin payable on futures contracts		15,200
Trustees’ fees payable		6,687
Accrued expenses		73,253

Total liabilities		158,371,259

NET ASSETS	$	541,881,472

Net assets were comprised of:
Paid in capital	$	452,112,195
Accumulated undistributed net investment income		497,769
Accumulated undistributed net realized gain		1,003,828
Unrealized appreciation on investments		88,267,680

Net assets	$	541,881,472

Class IA
Net asset value, offering and redemption price per share, $24,343,221 / 2,084,443 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.68

Class IB
Net asset value, offering and redemption price per share, $517,538,251 / 44,317,750 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.68

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends (net of $981 foreign withholding tax)	$	6,249,068
Interest		174,040
Securities lending (net)		666,563

Total income		7,089,671

EXPENSES
Investment management fees		1,253,100
Distribution fees - Class IB		1,201,552
Administrative fees		160,078
Custodian fees		81,147
Printing and mailing expenses		56,931
Professional fees		50,860
Trustees’ fees		8,102
Miscellaneous		18,882

Total expenses		2,830,652

NET INVESTMENT INCOME		4,259,019

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		26,127,319
Futures		92,967

Net realized gain		26,220,286

Change in unrealized depreciation on:
Securities		(7,632,999	)
Futures		(339,700	)

Net change in unrealized depreciation		(7,972,699	)

NET REALIZED AND UNREALIZED GAIN		18,247,587

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	22,506,606

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	4,259,019		$	2,792,460
Net realized gain on investments and foreign currency transactions		26,220,286			18,669,530
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(7,972,699	)		48,284,131

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		22,506,606			69,746,121

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(227,786	)		(138,263	)
Class IB		(3,529,609	)		(2,452,349	)

		(3,757,395	)		(2,590,612	)

Distributions from net realized capital gains
Class IA		(1,172,981	)		(558,787	)
Class IB		(25,230,633	)		(14,741,257	)

		(26,403,614	)		(15,300,044	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(30,161,009	)		(17,890,656	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [1,615,645 and 2,228,469 shares, respectively]		19,101,816			24,549,551
Capital shares issued in reinvestment of dividends and distributions [120,279 and 59,645 shares, respectively]		1,400,767			697,050
Capital shares repurchased [(1,198,718) and (1,453,777) shares, respectively]		(14,102,488	)		(16,101,599	)

Total Class IA transactions		6,400,095			9,145,002

Class IB
Capital shares sold [9,629,850 and 17,221,347 shares, respectively]		112,262,330			188,677,225
Capital shares issued in reinvestment of dividends and distributions [2,470,000 and 1,471,245 shares, respectively]		28,760,242			17,193,606
Capital shares repurchased [(8,265,489) and (8,745,534) shares, respectively]		(96,615,940	)		(95,238,084	)

Total Class IB transactions		44,406,632			110,632,747

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		50,806,727			119,777,749

TOTAL INCREASE IN NET ASSETS		43,152,324			171,633,214
NET ASSETS:
Beginning of year		498,729,148			327,095,934

End of year (a)	$	541,881,472		$	498,729,148

__________

(a) Includes accumulated undistributed net investment income of	$	497,769		$	62,989

See Notes to Financial Statements.

349

EQ ADVISORS TRUST

EQ/TCW EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $204,220,742)	$	302,757,353
Cash		8,439
Receivable from Separate Accounts for Trust shares sold		233,799
Dividends, interest and other receivables		95,416

Total assets		303,095,007

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		305,723
Investment management fees payable		212,130
Distribution fees payable - Class IB		66,290
Administrative fees payable		11,757
Trustees’ fees payable		1,577
Accrued expenses		84,636

Total liabilities		682,113

NET ASSETS	$	302,412,894

Net assets were comprised of:
Paid in capital	$	350,223,130
Accumulated net investment loss		(1,385	)
Accumulated net realized loss		(146,345,462	)
Unrealized appreciation on investments		98,536,611

Net assets	$	302,412,894

Class IB
Net asset value, offering and redemption price per share, $302,412,894 / 13,688,674 shares outstanding (unlimited amount authorized: $0.01 par value)	$	22.09

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends	$	678,573
Interest		139,288

Total income		817,861

EXPENSES
Investment management fees		2,219,693
Distribution fees - Class IB		693,835
Administrative fees		106,097
Professional fees		45,090
Printing and mailing expenses		30,868
Custodian fees		28,339
Trustees’ fees		4,455
Recoupment fees		3,689
Miscellaneous		9,053

Gross expenses		3,141,119
Less: Fees paid indirectly		(5,889	)

Net expenses		3,135,230

NET INVESTMENT LOSS		(2,317,369	)

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		3,918,402
Net change in unrealized appreciation on securities		9,635,956

NET REALIZED AND UNREALIZED GAIN		13,554,358

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	11,236,989

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(2,317,369	)	$	(2,284,081	)
Net realized gain (loss) on investments		3,918,402			(17,890,565	)
Net change in unrealized appreciation on investments		9,635,956			54,496,396

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		11,236,989			34,321,750

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [3,288,227 and 914,376 shares, respectively]		67,914,315			17,936,071
Capital shares repurchased [(3,045,951) and (2,585,995) shares, respectively]		(62,420,636	)		(49,520,774	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		5,493,679			(31,584,703	)

TOTAL INCREASE IN NET ASSETS		16,730,668			2,737,047
NET ASSETS:
Beginning of year		285,682,226			282,945,179

End of year (a)	$	302,412,894		$	285,682,226

__________

(a) Includes accumulated net investment loss of	$	(1,385	)	$	(273	)

See Notes to Financial Statements.

350

EQ ADVISORS TRUST

EQ/UBS GROWTH AND INCOME PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $147,053,516)	$	169,595,201
Receivable from Separate Accounts for Trust shares sold		377,584
Dividends, interest and other receivables		162,542
Receivable for securities sold		10,034

Total assets		170,145,361

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		136,450
Investment management fees payable		104,448
Distribution fees payable - Class IB		35,795
Administrative fees payable		7,389
Trustees’ fees payable		786
Accrued expenses		75,956

Total liabilities		360,824

NET ASSETS	$	169,784,537

Net assets were comprised of:
Paid in capital	$	180,585,940
Accumulated undistributed net investment income		11,838
Accumulated net realized loss		(33,354,926	)
Unrealized appreciation on investments		22,541,685

Net assets	$	169,784,537

Class IB
Net asset value, offering and redemption price per share, $169,784,537 / 28,211,258 shares outstanding (unlimited amount authorized: $0.01 par value)	$	6.02

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends	$	2,509,227
Interest		99,127

Total income		2,608,354

EXPENSES
Investment management fees		1,092,998
Distribution fees - Class IB		364,333
Administrative fees		69,804
Professional fees		41,876
Custodian fees		22,768
Printing and mailing expenses		16,405
Trustees’ fees		2,290
Miscellaneous		5,615

Gross expenses		1,616,089
Less: Waiver from investment advisor		(85,522	)
Fees paid indirectly		(21,537	)

Net expenses		1,509,030

NET INVESTMENT INCOME		1,099,324

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		11,157,180
Net change in unrealized appreciation on securities		1,032,070

NET REALIZED AND UNREALIZED GAIN		12,189,250

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	13,288,574

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2005			2004
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,099,324		$	1,143,029
Net realized gain on investments		11,157,180			10,000,469
Net change in unrealized appreciation on investments		1,032,070			4,593,932

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		13,288,574			15,737,430

DIVIDENDS:
Class IB
Dividends from net investment income		(1,087,357	)		(2,093,047	)

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [9,113,674 and 1,943,220 shares, respectively]		51,943,999			10,014,311
Capital shares issued in reinvestment of dividends [180,153 and 395,562 shares, respectively]		1,087,357			2,093,047
Capital shares repurchased [(4,957,962) and (4,113,540) shares, respectively]		(28,130,529	)		(20,963,116	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		24,900,827			(8,855,758	)

TOTAL INCREASE IN NET ASSETS		37,102,044			4,788,625
NET ASSETS:
Beginning of year		132,682,493			127,893,868

End of year (a)	$	169,784,537		$	132,682,493

__________

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	11,838		$	(129	)

See Notes to Financial Statements.

351

EQ ADVISORS TRUST

EQ/VAN KAMPEN COMSTOCK PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $115,019,880)	$	116,572,182
Receivable from Separate Accounts for Trust shares sold		371,842
Dividends, interest and other receivables		145,511
Receivable for securities sold		117,123

Total assets		117,206,658

LIABILITIES
Payable for securities purchased		3,418,369
Investment management fees payable		44,104
Payable to Separate Accounts for Trust shares redeemed		32,961
Distribution fees payable - Class IB		22,588
Administrative fees payable		5,115
Trustees’ fees payable		100
Accrued expenses		51,589

Total liabilities		3,574,826

NET ASSETS	$	113,631,832

Net assets were comprised of:
Paid in capital	$	110,701,948
Accumulated undistributed net investment income		8,175
Accumulated undistributed net realized gain		1,369,407
Unrealized appreciation on investments		1,552,302

Net assets	$	113,631,832

Class IA
Net asset value, offering and redemption price per share, $105,400 / 10,102 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.43

Class IB
Net asset value, offering and redemption price per share, $113,526,432 / 10,871,981 shares outstanding (unlimited amount authorized: $0.01 par value)	$	10.44

STATEMENT OF OPERATIONS

For the Period Ended December 31, 2005*


INVESTMENT INCOME
Dividends	$	773,437
Interest		164,133

Total income		937,570

EXPENSES
Investment management fees		224,125
Distribution fees - Class IB		86,032
Professional fees		40,664
Custodian fees		31,000
Administrative fees		28,897
Printing and mailing expenses		3,152
Trustees’ fees		349
Miscellaneous		2,504

Gross expenses		416,723
Less: Waiver from investment advisor		(71,997	)
Fees paid indirectly		(3,529	)

Net expenses		341,197

NET INVESTMENT INCOME		596,373

REALIZED AND UNREALIZED GAIN
Net Realized gain on securities		1,597,847
Change in unrealized appreciation on securities		1,552,302

NET REALIZED AND UNREALIZED GAIN		3,150,149

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,746,522

STATEMENT OF CHANGES IN NET ASSETS


	April 29, 2005* to December 31, 2005
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	596,373
Net realized gain on investments		1,597,847
Net change in unrealized appreciation on investments		1,552,302

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		3,746,522

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(851	)
Class IB		(596,011	)

		(596,862	)

Distributions from net realized capital gains
Class IA		(224	)
Class IB		(228,216	)

		(228,440	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(825,302	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares issued in reinvestment of dividends and distributions [102 shares]		1,075

Class IB
Capital shares sold [10,846,525 shares]		110,396,819
Capital shares issued in reinvestment of dividends and distributions [78,354 shares]		824,227
Capital shares repurchased [(342,898) shares]		(3,511,509	)

Total Class IB transactions		107,709,537

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		107,710,612

TOTAL INCREASE IN NET ASSETS		110,631,832
NET ASSETS:
Beginning of period		3,000,000

End of period (a)	$	113,631,832

__________

(a) Includes accumulated undistributed net investment income of	$	8,175

*	The Portfolio commenced operations on April 29, 2005.

See Notes to Financial Statements.

352

EQ ADVISORS TRUST

EQ/VAN KAMPEN EMERGING MARKETS EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $953,467,353) (Securities on loan at market value $16,644,912)	$	1,264,821,234
Cash		51,243,155
Foreign cash (Cost $5,089,664)		5,088,616
Receivable for securities sold		3,357,590
Receivable from Separate Accounts for Trust shares sold		3,298,627
Dividends, interest and other receivables		2,655,871

Total assets		1,330,465,093

LIABILITIES
Collateral held for loaned securities		17,916,279
Payable for securities purchased		2,531,794
Payable to Separate Accounts for Trust shares redeemed		2,303,225
Unrealized depreciation of forward foreign currency contracts		1,489,124
Investment management fees payable		1,212,583
Payable for deferred India taxes		850,275
Custody fees payable		564,558
Recoupment fees payable		283,990
Distribution fees payable - Class IB		233,216
Administrative fees payable		30,980
Trustees’ fees payable		10,320
Accrued expenses		39,236

Total liabilities		27,465,580

NET ASSETS	$	1,302,999,513

Net assets were comprised of:
Paid in capital	$	981,112,674
Accumulated overdistributed net investment income		(554,782	)
Accumulated undistributed net realized gain		13,290,456
Unrealized appreciation on investments (net of India tax of $716,798 on unrealized appreciation on investments)		309,151,165

Net assets	$	1,302,999,513

Class IA
Net asset value, offering and redemption price per share, $162,518,785 / 12,627,150 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.87

Class IB
Net asset value, offering and redemption price per share, $1,140,480,728 / 88,619,722 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.87

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends (net of $1,435,279 foreign withholding tax)	$	18,868,661
Interest		248,987
Securities lending (net)		90,645

Total income		19,208,293

EXPENSES
Investment management fees		9,846,304
Distribution fees - Class IB		2,002,554
Custodian fees		1,882,778
Recoupment fees		1,085,745
Administrative fees		244,333
Printing and mailing expenses		92,649
Professional fees		59,897
Trustees’ fees		12,727
Miscellaneous		18,218

Gross expenses		15,245,205
Less: Fees paid indirectly		(169,224	)

Net expenses		15,075,981

NET INVESTMENT INCOME		4,132,312

REALIZED AND UNREALIZED GAIN
Realized gain on:
Securities		98,476,134
Foreign currency transactions		448,008

Net realized gain		98,924,142

Change in unrealized appreciation on:
Securities (net of India tax of $716,798 on unrealized appreciation on investments)		167,146,228
Foreign currency translations		807,622

Net change in unrealized appreciation		167,953,850

NET REALIZED AND UNREALIZED GAIN		266,877,992

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	271,010,304

See Notes to Financial Statements.

353

EQ ADVISORS TRUST

EQ/VAN KAMPEN EMERGING MARKETS EQUITY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31
	2005			2004
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	4,132,312		$	2,751,026
Net realized gain on investments and foreign currency transactions		98,924,142			62,494,577
Net change in unrealized appreciation on investments and foreign currency translations		167,953,850			41,711,912

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		271,010,304			106,957,515

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class IA		(1,099,514	)		(33,742	)
Class IB		(5,068,991	)		(3,419,961	)

		(6,168,505	)		(3,453,703	)

Distributions from net realized capital gains
Class IA		(4,993,087	)		—
Class IB		(35,575,105	)		—

		(40,568,192	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(46,736,697	)		(3,453,703	)

CAPITAL SHARES TRANSACTIONS:
Class IA
Capital shares sold [11,734,168 and 342,945 shares, respectively]		134,139,142			2,968,739
Capital shares issued in reinvestment of dividends and distributions [481,466 and 3,523 shares, respectively]		6,092,601			33,742
Capital shares repurchased [(44,764) and (11,574) shares, respectively]		(520,378	)		(94,929	)

Total Class IA transactions		139,711,365			2,907,552

Class IB
Capital shares sold [43,487,776 and 33,673,010 shares, respectively]		489,872,199			289,767,394
Capital shares issued in reinvestment of dividends and distributions [3,211,931 and 360,531 shares, respectively]		40,644,096			3,419,961
Capital shares repurchased [(19,247,232) and (20,450,657) shares, respectively]		(211,592,923	)		(170,395,448	)

Total Class IB transactions		318,923,372			122,791,907

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		458,634,737			125,699,459

TOTAL INCREASE IN NET ASSETS		682,908,344			229,203,271
NET ASSETS:
Beginning of year		620,091,169			390,887,898

End of year (a)	$	1,302,999,513		$	620,091,169

__________

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(554,782	)	$	86,427

See Notes to Financial Statements.

354

EQ ADVISORS TRUST

EQ/VAN KAMPEN MID CAP GROWTH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $48,094,102)	$	51,188,693
Receivable from Separate Accounts for Trust shares sold		510,539
Dividends, interest and other receivables		16,332

Total assets		51,715,564

LIABILITIES
Payable for securities purchased		1,615,895
Payable to Separate Accounts for Trust shares redeemed		73,055
Distribution fees payable - Class IB		9,655
Investment management fees payable		6,135
Administrative fees payable		3,942
Recoupment fees payable		3,077
Trustees’ fees payable		35
Accrued expenses		52,326

Total liabilities		1,764,120

NET ASSETS	$	49,951,444

Net assets were comprised of:
Paid in capital	$	46,788,347
Accumulated net investment loss		(26	)
Accumulated undistributed net realized gain		68,532
Unrealized appreciation on investments		3,094,591

Net assets	$	49,951,444

Class IA
Net asset value, offering and redemption price per share, $125,057 / 10,000 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.51

Class IB
Net asset value, offering and redemption price per share, $49,826,387 / 3,991,027 shares outstanding (unlimited amount authorized: $0.01 par value)	$	12.48

STATEMENT OF OPERATIONS

For the Period Ended December 31, 2005*


INVESTMENT INCOME
Dividends (net of $255 foreign withholding tax)	$	57,063
Interest		31,191

Total income		88,254

EXPENSES
Investment management fees		91,271
Professional fees		40,253
Distribution fees - Class IB		32,404
Custodian fees		31,000
Administrative fees		23,708
Printing and mailing expenses		993
Trustees’ fees		118
Miscellaneous		2,505

Gross expenses		222,252
Less: Waiver from investment advisor		(85,445	)
Fees paid indirectly		(4,180	)

Net expenses		132,627

NET INVESTMENT LOSS		(44,373	)

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		109,664
Net change in unrealized appreciation on securities		3,094,591

NET REALIZED AND UNREALIZED GAIN		3,204,255

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,159,882

STATEMENT OF CHANGES IN NET ASSETS


	April 29, 2005* to December 31 2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(44,373	)
Net realized gain on investments		109,664
Net change in unrealized appreciation on investments		3,094,591

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		3,159,882

CAPITAL SHARES TRANSACTIONS:
Class IB
Capital shares sold [4,426,377 shares]		52,402,224
Capital shares repurchased [(725,350) shares]		(8,610,662	)

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		43,791,562

TOTAL INCREASE IN NET ASSETS		46,951,444
NET ASSETS:
Beginning of period		3,000,000

End of period (a)	$	49,951,444

__________

(a) Includes accumulated net investment loss of	$	(26	)

*	The Portfolio commenced operations on April 29, 2005.

See Notes to Financial Statements.

355

EQ ADVISORS TRUST

EQ/WELLS FARGO MONTGOMERY SMALL CAP PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2005


ASSETS
Investments at value (Cost $13,549,367)	$	14,006,006
Cash		952
Receivable from Separate Accounts for Trust shares sold		166,425
Receivable for securities sold		92,139
Receivable from investment manager		6,065
Dividends, interest and other receivables		1,966

Total assets		14,273,553

LIABILITIES
Payable for securities purchased		457,242
Payable to Separate Accounts for Trust shares redeemed		10,576
Administrative fees payable		3,684
Distribution fees payable - Class IB		2,768
Trustees’ fees payable		28
Accrued expenses		40,362

Total liabilities		514,660

NET ASSETS	$	13,758,893

Net assets were comprised of:
Paid in capital	$	13,273,956
Accumulated net investment loss		(24	)
Accumulated undistributed net realized gain		28,322
Unrealized appreciation on investments		456,639

Net assets	$	13,758,893

Class IA
Net asset value, offering and redemption price per share, $121,210 / 10,629 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.40

Class IB
Net asset value, offering and redemption price per share, $13,637,683 / 1,199,951 shares outstanding (unlimited amount authorized: $0.01 par value)	$	11.37

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2005


INVESTMENT INCOME
Dividends	$	8,991
Interest		9,104

Total income		18,095

EXPENSES
Investment management fees		60,210
Professional fees		48,986
Printing and mailing expenses		35,780
Custodian fees		35,000
Administrative fees		32,317
Distribution fees - Class IB		17,428
Trustees’ fees		98
Miscellaneous		4,391

Gross expenses		234,210
Less: Waiver from investment advisor		(92,527	)
Reimbursement from investment advisor		(49,875	)
Fees paid indirectly		(13,687	)

Net expenses		78,121

NET INVESTMENT LOSS		(60,026	)

REALIZED AND UNREALIZED GAIN
Net realized gain on investments		741,391
Net change in unrealized appreciation on securities		70,062

NET REALIZED AND UNREALIZED GAIN		811,453

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	751,427

STATEMENT OF CHANGES IN NET ASSETS


	Year ended December 31, 2005			October 1, 2004* to December 31, 2004
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(60,026	)	$	(8,171	)
Net realized gain on investments		741,391			62,453
Net change in unrealized appreciation on investments		70,062			386,577

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		751,427			440,859

DISTRIBUTIONS:
Distributions from net realized capital gains
Class IA		(7,124	)		—
Class IB		(700,225	)		—

TOTAL DISTRIBUTIONS		(707,349	)		—

CAPITAL SHARES TRANSACTIONS:
Class IA*
Capital shares issued in reinvestment of dividends [629 and 0 shares, respectively]		7,124			—

Class IB
Capital shares sold [1,365,533 and 24,695 shares, respectively]		15,535,426			271,522
Capital shares issued in reinvestment of dividends [61,779 and 0 shares, respectively]		700,225			—
Capital shares repurchased [(542,056) and 0 shares, respectively]		(6,240,341	)		—

Total Class IB transactions		9,995,310			271,522

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		10,002,434			271,522

TOTAL INCREASE IN NET ASSETS		10,046,512			712,381
NET ASSETS:
Beginning of period		3,712,381			3,000,000

End of period (a)	$	13,758,893		$	3,712,381

__________

(a) Includes accumulated net investment loss of	$	(24	)	$	(2	)

*	The Portfolio commenced operations on October 1, 2004.

See Notes to Financial Statements.

356

EQ ADVISORS TRUST

EQ/ENTERPRISE MODERATE ALLOCATION PORTFOLIO(u)

FINANCIAL HIGHLIGHTS


	Year Ended December 31,
Class IB	2005 (e)			2004			2003 (e)			2002 (e)			2001 (e)
Net asset value, beginning of period	$	19.28		$	18.27		$	15.28		$	19.60		$	24.19

Income from investment operations:
Net investment income		0.47			0.29			0.19			0.14			0.13
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.53			1.25			2.99			(4.30	)		(3.10	)

Total from investment operations		1.00			1.54			3.18			(4.16	)		(2.97	)

Less distributions:
Dividends from net investment income		(0.57	)		(0.53	)		(0.19	)		(0.16	)		(0.48	)
Distributions from realized gains		—			—			—			—			(1.14	)

Total dividends and distributions		(0.57	)		(0.53	)		(0.19	)		(0.16	)		(1.62	)

Net asset value, end of period	$	19.71		$	19.28		$	18.27		$	15.28		$	19.60

Total return		5.15	%		8.57	%		20.91	%		(21.20	)%		(11.15	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	565,938		$	639,576		$	693,844		$	663,595		$	1,074,983
Ratio of expenses to average net assets:
After waivers		0.84	%		1.05	%		1.05	%		0.88	%		0.88	%
After waivers and fees paid indirectly		0.74	%		1.05	%		1.04	%		0.85	%		0.84	%
Before waivers and fees paid indirectly		0.94	%		1.15	%		1.05	%		0.88	%		0.88	%
Ratio of net investment income to average net assets:
After waivers		2.31	%		1.31	%		1.13	%		0.82	%		0.56	%
After waivers and fees paid indirectly		2.41	%		1.31	%		1.14	%		0.85	%		0.60	%
Before waivers and fees paid indirectly		2.21	%		1.21	%		1.13	%		0.82	%		0.56	%
Portfolio turnover rate		155	%(d)		67	%		71	%		109	%		141	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.02		$	0.02		$	**		$	**		$	**

See Notes to Financial Statements.

357

EQ ADVISORS TRUST

EQ/ALLIANCE COMMON STOCK PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2005 (e)			2004			2003			2002			2001 (e)
Net asset value, beginning of year	$	17.49		$	15.47		$	10.49		$	15.70		$	17.98

Income from investment operations:
Net investment income		0.18			0.21			0.12			0.12			0.12
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.61			2.01			5.09			(5.32	)		(1.97	)

Total from investment operations		0.79			2.22			5.21			(5.20	)		(1.85	)

Less distributions:
Dividends from net investment income		(0.19	)		(0.20	)		(0.23	)		(0.01	)		(0.11	)
Distributions from realized gains		—			—			—			—			(0.32	)

Total dividends and distributions		(0.19	)		(0.20	)		(0.23	)		(0.01	)		(0.43	)

Net asset value, end of year	$	18.09		$	17.49		$	15.47		$	10.49		$	15.70

Total return		4.52	%		14.40	%		49.89	%		(33.15	)%		(10.50	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	7,297,020		$	7,847,618		$	7,472,301		$	5,382,662		$	9,577,763
Ratio of expenses to average net assets:
After fees paid indirectly		0.50	%		0.43	%		0.52	%		0.49	%		N/A
Before fees paid indirectly		0.52	%		0.52	%		0.54	%		0.54	%		0.53	%
Ratio of net investment income to average net assets:
After fees paid indirectly		1.05	%		1.23	%		0.93	%		0.82	%		N/A
Before fees paid indirectly		1.03	%		1.14	%		0.91	%		0.77	%		0.67	%
Portfolio turnover rate		38	%		47	%		92	%		136	%		40	%

	Year Ended December 31,
Class IB	2005 (e)			2004			2003			2002			2001 (e)
Net asset value, beginning of year	$	17.39		$	15.38		$	10.40		$	15.61		$	17.88

Income from investment operations:
Net investment income		0.14			0.15			0.08			0.08			0.07
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.60			2.02			5.06			(5.28	)		(1.95	)

Total from investment operations		0.74			2.17			5.14			(5.20	)		(1.88	)

Less distributions:
Dividends from net investment income		(0.14	)		(0.16	)		(0.16	)		(0.01	)		(0.07	)
Distributions from realized gains		—			—			—			—			(0.32	)

Total dividends and distributions		(0.14	)		(0.16	)		(0.16	)		(0.01	)		(0.39	)

Net asset value, end of year	$	17.99		$	17.39		$	15.38		$	10.40		$	15.61

Total return		4.27	%		14.12	%		49.58	%		(33.34	)%		(10.73	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	2,351,936		$	2,320,683		$	1,884,006		$	1,124,684		$	1,831,258
Ratio of expenses to average net assets:
After fees paid indirectly		0.75	%		0.68	%		0.77	%		0.74	%		N/A
Before fees paid indirectly		0.77	%		0.77	%		0.79	%		0.79	%		0.78	%
Ratio of net investment income to average net assets:
After fees paid indirectly		0.80	%		0.98	%		0.68	%		0.57	%		N/A
Before fees paid indirectly		0.78	%		0.89	%		0.66	%		0.52	%		0.43	%
Portfolio turnover rate		38	%		47	%		92	%		136	%		40	%

See Notes to Financial Statements.

358

EQ ADVISORS TRUST

EQ/ALLIANCE GROWTH AND INCOME PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2005 (e)			2004			2003			2002			2001 (e)
Net asset value, beginning of year	$	18.42		$	16.62		$	12.87		$	16.56		$	17.70

Income from investment operations:
Net investment income		0.24			0.30			0.22			0.22			0.19
Net realized and unrealized gain (loss) on investments		0.83			1.80			3.73			(3.70	)		(0.44	)

Total from investment operations		1.07			2.10			3.95			(3.48	)		(0.25	)

Less distributions:
Dividends from net investment income		(0.24	)		(0.30	)		(0.20	)		(0.21	)		(0.17	)
Distributions from realized gains		(0.58	)		—			—			—			(0.72	)

Total dividends and distributions		(0.82	)		(0.30	)		(0.20	)		(0.21	)		(0.89	)

Net asset value, end of year	$	18.67		$	18.42		$	16.62		$	12.87		$	16.56

Total return		5.80	%		12.67	%		30.72	%		(21.03	)%		(1.30	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,449,066		$	1,473,864		$	1,382,192		$	1,126,754		$	1,568,312
Ratio of expenses to average net assets:
After fees paid indirectly		0.58	%		0.55	%		0.60	%		0.60	%		N/A
Before fees paid indirectly		0.61	%		0.61	%		0.63	%		0.64	%		0.63	%
Ratio of net investment income to average net assets:
After fees paid indirectly		1.27	%		1.69	%		1.48	%		1.38	%		N/A
Before fees paid indirectly		1.24	%		1.63	%		1.45	%		1.34	%		1.08	%
Portfolio turnover rate		50	%		41	%		49	%		75	%		81	%

	Year Ended December 31,
Class IB	2005 (e)			2004			2003			2002			2001 (e)
Net asset value, beginning of year	$	18.32		$	16.52		$	12.79		$	16.47		$	17.61

Income from investment operations:
Net investment income		0.19			0.24			0.15			0.16			0.13
Net realized and unrealized gain (loss) on investments		0.82			1.81			3.74			(3.66	)		(0.42	)

Total from investment operations		1.01			2.05			3.89			(3.50	)		(0.29	)

Less distributions:
Dividends from net investment income		(0.19	)		(0.25	)		(0.16	)		(0.18	)		(0.13	)
Distributions from realized gains		(0.58	)		—			—			—			(0.72	)

Total dividends and distributions		(0.77	)		(0.25	)		(0.16	)		(0.18	)		(0.85	)

Net asset value, end of year	$	18.56		$	18.32		$	16.52		$	12.79		$	16.47

Total return		5.50	%		12.45	%		30.42	%		(21.28	)%		(1.52	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,499,927		$	1,409,379		$	1,124,808		$	653,809		$	673,499
Ratio of expenses to average net assets:
After fees paid indirectly		0.83	%		0.80	%		0.85	%		0.85	%		N/A
Before fees paid indirectly		0.86	%		0.86	%		0.88	%		0.89	%		0.88	%
Ratio of net investment income to average net assets:
After fees paid indirectly		1.02	%		1.44	%		1.23	%		1.13	%		N/A
Before fees paid indirectly		0.99	%		1.38	%		1.20	%		1.09	%		0.83	%
Portfolio turnover rate		50	%		41	%		49	%		75	%		81	%

See Notes to Financial Statements.

359

EQ ADVISORS TRUST

EQ/ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2005 (e)			2004			2003 (e)			2002			2001 (e)
Net asset value, beginning of year	$	10.00		$	10.11		$	10.30		$	9.88		$	9.46

Income from investment operations:
Net investment income		0.34			0.32			0.26			0.27			0.37
Net realized and unrealized gain (loss) on investments		(0.19	)		(0.09	)		(0.02	)		0.60			0.41

Total from investment operations		0.15			0.23			0.24			0.87			0.78

Less distributions:
Dividends from net investment income		(0.38	)		(0.33	)		(0.33	)		(0.24	)		(0.36	)
Distributions from realized gains		—			(0.01	)		(0.10	)		(0.21	)		—

Total dividends and distributions		(0.38	)		(0.34	)		(0.43	)		(0.45	)		(0.36	)

Net asset value, end of year	$	9.77		$	10.00		$	10.11		$	10.30		$	9.88

Total return		1.51	%		2.13	%		2.45	%		8.81	%		8.23	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	248,266		$	296,399		$	344,547		$	391,662		$	241,071
Ratio of expenses to average net assets		0.56	%		0.56	%		0.57	%		0.59	%		0.62	%
Ratio of net investment income to average net assets		3.42	%		2.95	%		2.51	%		3.20	%		4.84	%
Portfolio turnover rate		251	%		274	%		477	%		622	%		463	%

	Year Ended December 31,
Class IB	2005 (e)			2004			2003 (e)			2002			2001 (e)
Net asset value, beginning of year	$	9.94		$	10.05		$	10.24		$	9.83		$	9.43

Income from investment operations:
Net investment income		0.32			0.28			0.23			0.21			0.35
Net realized and unrealized gain (loss) on investments		(0.20	)		(0.08	)		(0.02	)		0.64			0.39

Total from investment operations		0.12			0.20			0.21			0.85			0.74

Less distributions:
Dividends from net investment income		(0.35	)		(0.30	)		(0.30	)		(0.23	)		(0.34	)
Distributions from realized gains		—			(0.01	)		(0.10	)		(0.21	)		—

Total dividends and distributions		(0.35	)		(0.31	)		(0.40	)		(0.44	)		(0.34	)

Net asset value, end of year	$	9.71		$	9.94		$	10.05		$	10.24		$	9.83

Total return		1.24	%		1.97	%		2.10	%		8.58	%		7.98	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	542,787		$	595,497		$	630,578		$	545,598		$	204,870
Ratio of expenses to average net assets		0.81	%		0.81	%		0.82	%		0.84	%		0.87	%
Ratio of net investment income to average net assets		3.17	%		2.70	%		2.26	%		2.95	%		4.59	%
Portfolio turnover rate		251	%		274	%		477	%		622	%		463	%

See Notes to Financial Statements.

360

EQ ADVISORS TRUST

EQ/ALLIANCE INTERNATIONAL PORTFOLIO (g)(m)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2005 (e)			2004			2003			2002			2001
Net asset value, beginning of year	$	11.17		$	9.62		$	7.24		$	8.03		$	10.62

Income (loss) from investment operations:
Net investment income		0.18			0.13			0.11			0.01			0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.56			1.64			2.43			(0.80	)		(2.42	)

Total from investment operations		1.74			1.77			2.54			(0.79	)		(2.40	)

Less distributions:
Dividends from net investment income		(0.21	)		(0.22	)		(0.16	)		—			—
Distributions from realized gains		—			—			—			—			(0.19	)

Total dividends and distributions		(0.21	)		(0.22	)		(0.16	)		—			(0.19	)

Net asset value, end of year	$	12.70		$	11.17		$	9.62		$	7.24		$	8.03

Total return		15.61	%		18.51	%		35.28	%		(9.84	)%		(22.88	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,330,210		$	1,212,207		$	1,091,319		$	876,907		$	167,610
Ratio of expenses to average net assets:
After waivers		0.85	%		0.85	%		0.85	%		1.02	%		N/A
After waivers and fees paid indirectly		0.84	%		0.83	%		0.85	%		1.00	%		N/A
Before waivers and fees paid indirectly		0.85	%		0.85	%		0.87	%		1.04	%		1.10	%
Ratio of net investment income to average net assets:
After waivers		1.60	%		1.28	%		1.29	%		0.60	%		N/A
After waivers and fees paid indirectly		1.61	%		1.30	%		1.29	%		0.62	%		N/A
Before waivers and fees paid indirectly		1.60	%		1.28	%		1.27	%		0.58	%		0.17	%
Portfolio turnover rate		67	%		60	%		59	%		47	%		77	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	—	#	$	—	#		N/A			N/A

	Year Ended December 31,
Class IB	2005 (e)			2004			2003			2002			2001
Net asset value, beginning of year	$	11.02		$	9.50		$	7.13		$	7.94		$	10.55

Income (loss) from investment operations:
Net investment income		0.15			0.10			0.07			0.01			—	#
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.53			1.61			2.44			(0.82	)		(2.42	)

Total from investment operations		1.68			1.71			2.51			(0.81	)		(2.42	)

Less distributions:
Dividends from net investment income		(0.17	)		(0.19	)		(0.14	)		—			—
Distributions from realized gains		—			—			—			—			(0.19	)

Total dividends and distributions		(0.17	)		(0.19	)		(0.14	)		—			(0.19	)

Net asset value, end of year	$	12.53		$	11.02		$	9.50		$	7.13		$	7.94

Total return		15.33	%		18.10	%		35.27	%		(10.20	)%		(23.23	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	930,307		$	667,930		$	488,571		$	205,496		$	36,054
Ratio of expenses to average net assets:
After waivers		1.10	%		1.10	%		1.10	%		1.27	%		N/A
After waivers and fees paid indirectly		1.09	%		1.08	%		1.10	%		1.25	%		N/A
Before waivers and fees paid indirectly		1.10	%		1.10	%		1.12	%		1.29	%		1.35	%
Ratio of net investment income to average net assets:
After waivers		1.35	%		1.03	%		1.04	%		0.35	%		N/A
After waivers and fees paid indirectly		1.36	%		1.05	%		1.04	%		0.37	%		N/A
Before waivers and fees paid indirectly		1.35	%		1.03	%		1.02	%		0.33	%		(0.08	)%
Portfolio turnover rate		67	%		60	%		59	%		47	%		77	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	—	#	$	—	#		N/A			N/A

See Notes to Financial Statements.

361

EQ ADVISORS TRUST

EQ/ALLIANCE LARGE CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2005 (e)			2004			2003			2002			2001
Net asset value, beginning of year	$	6.81		$	6.27		$	5.07		$	7.35		$	9.65

Income (loss) from investment operations:
Net investment loss		(0.02	)		(0.01	)		—	#		(0.02	)		(0.01	)
Net realized and unrealized gain (loss) on investments		1.06			0.55			1.20			(2.26	)		(2.29	)

Total from investment operations		1.04			0.54			1.20			(2.28	)		(2.30	)

Less distributions:
Distributions from realized gains		—			—			—			—			—	#

Net asset value, end of year	$	7.85		$	6.81		$	6.27		$	5.07		$	7.35

Total return		15.27	%		8.61	%		23.67	%		(31.02	)%		(23.83	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	294,078		$	405,919		$	355,205		$	21,361		$	39,076
Ratio of expenses to average net assets:
After waivers		0.80	%		0.85	%		0.90	%		0.90	%		0.90	%
After waivers and fees paid indirectly		0.77	%		0.79	%		0.89	%		0.89	%		N/A
Before waivers and fees paid indirectly		0.95	%		0.95	%		0.95	%		0.99	%		0.96	%
Ratio of net investment loss to average net assets:
After waivers		(0.25	)%		(0.15	)%		(0.10	)%		(0.24	)%		(0.15	)%
After waivers and fees paid indirectly		(0.22	)%		(0.09	)%		(0.09	)%		(0.23	)%		N/A
Before waivers and fees paid indirectly		(0.40	)%		(0.25	)%		(0.15	)%		(0.33	)%		(0.21	)%
Portfolio turnover rate		55	%		77	%		77	%		99	%		140	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	0.01		$	0.01		$	—	#	$	0.01		$	—	#

	Year Ended December 31,
Class IB	2005 (e)			2004			2003			2002			2001
Net asset value, beginning of year	$	6.72		$	6.20		$	5.03		$	7.31		$	9.62

Income (loss) from investment operations:
Net investment loss		(0.03	)		(0.02	)		(0.02	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss) on investments		1.03			0.54			1.19			(2.25	)		(2.28	)

Total from investment operations		1.00			0.52			1.17			(2.28	)		(2.31	)

Less distributions:
Distributions from realized gains		—			—			—			—			—	#

Net asset value, end of year	$	7.72		$	6.72		$	6.20		$	5.03		$	7.31

Total return		14.88	%		8.39	%		23.26	%		(31.19	)%		(24.01	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	801,981		$	727,261		$	725,650		$	580,975		$	924,331
Ratio of expenses to average net assets:
After waivers		1.05	%		1.10	%		1.15	%		1.15	%		1.15	%
After waivers and fees paid indirectly		1.02	%		1.04	%		1.14	%		1.14	%		N/A
Before waivers and fees paid indirectly		1.20	%		1.20	%		1.20	%		1.24	%		1.21	%
Ratio of net investment loss to average net assets:
After waivers		(0.50	)%		(0.40	)%		(0.35	)%		(0.49	)%		(0.40	)%
After waivers and fees paid indirectly		(0.47	)%		(0.34	)%		(0.34	)%		(0.48	)%		N/A
Before waivers and fees paid indirectly		(0.65	)%		(0.50	)%		(0.40	)%		(0.58	)%		(0.46	)%
Portfolio turnover rate		55	%		77	%		77	%		99	%		140	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	0.01		$	0.01		$	—	#	$	0.01		$	—	#

See Notes to Financial Statements.

362

EQ ADVISORS TRUST

EQ/ALLIANCE QUALITY BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2005 (e)			2004			2003 (e)			2002 (e)			2001 (e)
Net asset value, beginning of year	$	10.20		$	10.25		$	10.17		$	9.81		$	9.55

Income (loss) from investment operations:
Net investment income		0.36			0.26			0.24			0.32			0.57
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.12	)		0.15			0.12			0.45			0.22

Total from investment operations		0.24			0.41			0.36			0.77			0.79

Less distributions:
Dividends from net investment income		(0.39	)		(0.27	)		(0.15	)		(0.28	)		(0.53	)
Distributions from realized gains		(0.03	)		(0.19	)		(0.13	)		(0.13	)		—

Total dividends and distributions		(0.42	)		(0.46	)		(0.28	)		(0.41	)		(0.53	)

Net asset value, end of year	$	10.02		$	10.20		$	10.25		$	10.17		$	9.81

Total return		2.33	%		3.95	%		3.83	%		7.91	%		8.28	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,543,231		$	1,627,106		$	1,459,282		$	341,209		$	309,097
Ratio of expenses to average net assets		0.55	%		0.56	%		0.58	%		0.62	%		0.60	%
Ratio of net investment income to average net assets		3.51	%		2.55	%		2.35	%		3.16	%		5.31	%
Portfolio turnover rate		531	%		659	%		697	%		755	%		301	%

	Year Ended December 31,
Class IB	2005 (e)			2004			2003 (e)			2002 (e)			2001 (e)
Net asset value, beginning of year	$	10.15		$	10.19		$	10.12		$	9.77		$	9.52

Income (loss) from investment operations:
Net investment income		0.33			0.23			0.22			0.29			0.51
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.13	)		0.16			0.11			0.46			0.25

Total from investment operations		0.20			0.39			0.33			0.75			0.76

Less distributions:
Dividends from net investment income		(0.36	)		(0.24	)		(0.13	)		(0.27	)		(0.51	)
Distributions from realized gains		(0.03	)		(0.19	)		(0.13	)		(0.13	)		—

Total dividends and distributions		(0.39	)		(0.43	)		(0.26	)		(0.40	)		(0.51	)

Net asset value, end of year	$	9.96		$	10.15		$	10.19		$	10.12		$	9.77

Total return		1.95	%		3.79	%		3.56	%		7.68	%		8.04	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	465,584		$	424,156		$	367,273		$	189,680		$	46,843
Ratio of expenses to average net assets		0.80	%		0.81	%		0.83	%		0.87	%		0.85	%
Ratio of net investment income to average net assets		3.26	%		2.30	%		2.10	%		2.91	%		4.97	%
Portfolio turnover rate		531	%		659	%		697	%		755	%		301	%

See Notes to Financial Statements.

363

EQ ADVISORS TRUST

EQ/ALLIANCE SMALL CAP GROWTH PORTFOLIO(j)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2005 (e)			2004			2003			2002			2001 (e)
Net asset value, beginning of year	$	14.57		$	12.75		$	9.02		$	12.90		$	15.06

Income (loss) from investment operations:
Net investment loss		(0.06	)		(0.06	)		(0.02	)		(0.06	)		(0.06	)
Net realized and unrealized gain (loss) on investments		1.77			1.88			3.75			(3.82	)		(1.89	)

Total from investment operations		1.71			1.82			3.73			(3.88	)		(1.95	)

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

Net asset value, end of year	$	16.28		$	14.57		$	12.75		$	9.02		$	12.90

Total return		11.74	%		14.27	%		41.35	%		(30.08	)%		(13.03	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	507,858		$	493,124		$	451,408		$	317,679		$	461,312
Ratio of expenses to average net assets:
After fees paid indirectly		0.76	%		0.73	%		0.78	%		0.81	%		N/A
Before fees paid indirectly		0.80	%		0.81	%		0.82	%		0.83	%		0.81	%
Ratio of net investment loss to average net assets:
After fees paid indirectly		(0.39	)%		(0.48	)%		(0.21	)%		(0.55	)%		N/A
Before fees paid indirectly		(0.43	)%		(0.56	)%		(0.25	)%		(0.57	)%		(0.49	)%
Portfolio turnover rate		103	%		81	%		114	%		110	%		110	%

	Year Ended December 31,
Class IB	2005 (e)			2004			2003			2002			2001 (e)
Net asset value, beginning of year	$	14.29		$	12.54		$	8.90		$	12.75		$	14.92

Income (loss) from investment operations:
Net investment loss		(0.09	)		(0.09	)		(0.04	)		(0.08	)		(0.08	)
Net realized and unrealized gain (loss) on investments		1.73			1.84			3.68			(3.77	)		(1.88	)

Total from investment operations		1.64			1.75			3.64			(3.85	)		(1.96	)

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

Net asset value, end of year	$	15.93		$	14.29		$	12.54		$	8.90		$	12.75

Total return		11.55	%		13.96	%		40.90	%		(30.20	)%		(13.28	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	692,269		$	639,666		$	552,216		$	308,406		$	387,833
Ratio of expenses to average net assets:
After fees paid indirectly		1.01	%		0.98	%		1.03	%		1.06	%		N/A
Before fees paid indirectly		1.05	%		1.06	%		1.07	%		1.08	%		1.06	%
Ratio of net investment loss to average net assets:
After fees paid indirectly		(0.64	)%		(0.73	)%		(0.46	)%		(0.80	)%		N/A
Before fees paid indirectly		(0.68	)%		(0.81	)%		(0.50	)%		(0.82	)%		(0.74	)%
Portfolio turnover rate		103	%		81	%		114	%		110	%		110	%

See Notes to Financial Statements.

364

EQ ADVISORS TRUST

EQ/ARIEL APPRECIATION II PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	October 3, 2005* to December 31, 2005 (e)
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.04
Net realized and unrealized gain on investments		0.17

Total from investment operations		0.21

Less distributions:
Dividend from net investment income		(0.05	)

Net asset value, end of period	$	10.16

Total return (b)		2.09	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	102
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.89	%
Before waivers and reimbursements (a)		7.68	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		1.55	%
Before waivers and reimbursements (a)		(5.24	)%
Portfolio turnover rate		5	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.17

Class IB	October 3, 2005* to December 31, 2005 (e)
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.03
Net realized and unrealized gain on investments		0.17

Total from investment operations		0.20

Less distributions:
Dividend from net investment income		(0.02	)

Net asset value, end of period	$	10.18

Total return (b)		1.93	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	9,074
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.14	%
Before waivers and reimbursements (a)		7.93	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.30	%
Before waivers and reimbursements (a)		(5.49	)%
Portfolio turnover rate		5	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.17

See Notes to Financial Statements.

365

EQ ADVISORS TRUST

EQ/BEAR STEARNS SMALL COMPANY GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IB	2005 (e)			2004			2003 (e)			2002 (e)			2001 (e)
Net asset value, beginning of year	$	8.28		$	7.36		$	5.98		$	7.87		$	8.60

Income (loss) from investment operations:
Net investment loss		(0.07	)		(0.07	)		(0.07	)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.70			0.99			1.45			(1.84	)		(0.38	)

Total from investment operations		0.63			0.92			1.38			(1.89	)		(0.43	)

Less distributions:
Distributions from realized gains		(0.15	)		—			—			—			(0.30	)

Net asset value, end of year	$	8.76		$	8.28		$	7.36		$	5.98		$	7.87

Total return		7.55	%		12.50	%		23.08	%		(24.02	)%		(3.80	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	176,610		$	93,964		$	83,897		$	66,203		$	82,591
Ratio of expenses to average net assets:
After waivers		1.30	%		1.30	%		1.29	%		1.12	%		1.10	%
After waivers and fees paid indirectly		1.30	%		1.30	%		1.29	%		1.12	%		1.10	%
Before waivers and fees paid indirectly		1.37	%		1.43	%		1.29	%		1.12	%		1.10	%
Ratio of net investment income (loss) to average net assets:
After waivers		(0.85	)%		(0.89	)%		(1.03	)%		(0.79	)%		(0.62	)%
After waivers and fees paid indirectly		(0.85	)%		(0.89	)%		(1.03	)%		(0.79	)%		(0.62	)%
Before waivers and fees paid indirectly		(0.92	)%		(1.02	)%		(1.03	)%		(0.79	)%		(0.62	)%
Portfolio turnover rate		273	%		199	%		85	%		37	%		40	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	0.01		$	0.01		$	**		$	**		$	**

See Notes to Financial Statements.

366

EQ ADVISORS TRUST

EQ/BERNSTEIN DIVERSIFIED VALUE PORTFOLIO(f)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,												May 18, 2001* to December 31, 2001
Class IA	2005 (e)			2004			2003			2002			May 18, 2001* to December 31, 2001
Net asset value, beginning of period	$	14.21		$	12.77		$	10.03		$	11.77		$	12.26

Income from investment operations:
Net investment income		0.26			0.20			0.18			0.18			0.11
Net realized and unrealized gain (loss) on investments		0.55			1.55			2.73			(1.76	)		(0.26	)

Total from investment operations		0.81			1.75			2.91			(1.58	)		(0.15	)

Less distributions:
Dividends from net investment income		(0.21	)		(0.22	)		(0.17	)		(0.16	)		(0.13	)
Distributions from realized gains		(0.30	)		(0.09	)		—			—			(0.21	)

Total dividends and distributions		(0.51	)		(0.31	)		(0.17	)		(0.16	)		(0.34	)

Net asset value, end of period	$	14.51		$	14.21		$	12.77		$	10.03		$	11.77

Total return (b)		5.68	%		13.74	%		29.07	%		(13.42	)%		(1.21	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,329,984		$	49,292		$	32,274		$	21,214		$	18,000
Ratio of expenses to average net assets:
After waivers (a)		0.66	%		0.70	%		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly (a)		0.59	%		0.70	%		0.70	%		0.69	%		N/A
Before waivers and fees paid indirectly (a)		0.66	%		0.70	%		0.70	%		0.73	%		0.73	%
Ratio of net investment income to average net assets:
After waivers (a)		1.74	%		1.74	%		1.82	%		1.77	%		1.69	%
After waivers and fees paid indirectly (a)		1.81	%		1.74	%		1.82	%		1.78	%		N/A
Before waivers and fees paid indirectly (a)		1.74	%		1.74	%		1.82	%		1.75	%		1.66	%
Portfolio turnover rate		16	%		28	%		21	%		13	%		90	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—	#	$	—	#	$	—	#

	Year Ended December 31,
Class IB	2005 (e)			2004			2003			2002			2001
Net asset value, beginning of year	$	14.20		$	12.76		$	10.03		$	11.77		$	11.73

Income from investment operations:
Net investment income		0.22			0.18			0.15			0.14			0.11
Net realized and unrealized gain (loss) on investments		0.55			1.53			2.73			(1.74	)		0.25

Total from investment operations		0.77			1.71			2.88			(1.60	)		0.36

Less distributions:
Dividends from net investment income		(0.17	)		(0.18	)		(0.15	)		(0.14	)		(0.11	)
Distributions from realized gains		(0.30	)		(0.09	)		—			—			(0.21	)

Total dividends and distributions		(0.47	)		(0.27	)		(0.15	)		(0.14	)		(0.32	)

Net asset value, end of year	$	14.50		$	14.20		$	12.76		$	10.03		$	11.77

Total return		5.42	%		13.46	%		28.73	%		(13.61	)%		3.09	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	2,219,168		$	2,006,001		$	1,508,256		$	800,212		$	608,741
Ratio of expenses to average net assets:
After waivers		0.91	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly		0.84	%		0.95	%		0.95	%		0.94	%		N/A
Before waivers and fees paid indirectly		0.91	%		0.95	%		0.95	%		0.98	%		0.98	%
Ratio of net investment income to average net assets:
After waivers		1.49	%		1.49	%		1.57	%		1.52	%		1.40	%
After waivers and fees paid indirectly		1.56	%		1.49	%		1.57	%		1.53	%		N/A
Before waivers and fees paid indirectly		1.49	%		1.49	%		1.57	%		1.50	%		1.37	%
Portfolio turnover rate		16	%		28	%		21	%		13	%		90	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—	#	$	—	#	$	—	#

See Notes to Financial Statements.

367

EQ ADVISORS TRUST

EQ/BOSTON ADVISORS EQUITY INCOME PORTFOLIO(n)

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	Year Ended December 31, 2005 (e)			December 13, 2004* to December 31, 2004 (e)
Net asset value, beginning of period	$	6.06		$	5.99

Income from investment operations:
Net investment income		0.12			0.01
Net realized and unrealized gain on investments and foreign currency transactions		0.27			0.15

Total from investment operations		0.39			0.16

Less distributions:
Dividends from net investment income		(0.10	)		(0.09	)

Net asset value, end of period	$	6.35		$	6.06

Total return (b)		6.47	%		1.78	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	109,196		$	117,151
Ratio of expenses to average net assets:
After waivers (a)		0.80	%		0.80	%(c)
After waivers and fees paid indirectly (a)		0.79	%		0.80	%(c)
Before waivers and fees paid indirectly (a)		0.83	%		0.89	%(c)
Ratio of net investment income to average net assets:
After waivers (a)		1.90	%		1.85	%(c)
After waivers and fees paid indirectly (a)		1.91	%		1.85	%(c)
Before waivers and fees paid indirectly (a)		1.87	%		1.76	%(c)
Portfolio turnover rate		92	%		55	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	—	#


	Year Ended December 31,
Class IB	2005 (e)			2004 (e)			2003 (e)			2002 (e)			2001 (e)
Net asset value, beginning of year	$	6.07		$	5.27		$	4.22		$	5.02		$	5.69

Income from investment operations:
Net investment income		0.10			0.09			0.08			0.07			0.07
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.28			0.85			1.04			(0.81	)		(0.69	)

Total from investment operations		0.38			0.94			1.12			(0.74	)		(0.62	)

Less distributions:
Dividends from net investment income		(0.09	)		(0.14	)		(0.07	)		(0.06	)		(0.05	)

Net asset value, end of year	$	6.36		$	6.07		$	5.27		$	4.22		$	5.02

Total return		6.19	%		17.88	%		26.65	%		(14.76	)%		(10.75	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	260,079		$	92,294		$	48,094		$	37,716		$	40,506
Ratio of expenses to average net assets:
After waivers		1.05	%		1.05	%		1.05	%		0.90	%		0.88	%
After waivers and fees paid indirectly		1.04	%		1.05	%		N/A			N/A			N/A
Before waivers and fees paid indirectly		1.08	%		1.21	%		1.06	%		0.90	%		0.88	%
Ratio of net investment income to average net assets:
After waivers		1.65	%		1.60	%		1.70	%		1.44	%		1.43	%
After waivers and fees paid indirectly		1.66	%		1.60	%		N/A			N/A			N/A
Before waivers and fees paid indirectly		1.62	%		1.44	%		1.69	%		1.44	%		1.43	%
Portfolio turnover rate		92	%		55	%		103	%		35	%		36	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	0.01		$	**		$	**		$	**

See Notes to Financial Statements.

368

EQ ADVISORS TRUST

EQ/CALVERT SOCIALLY RESPONSIBLE PORTFOLIO(o)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,									October 2, 2002* to December 31, 2002
Class IA	2005 (e)			2004			2003			October 2, 2002* to December 31, 2002
Net asset value, beginning of period	$	7.84		$	7.55		$	5.88		$	5.64

Income (loss) from investment operations:
Net investment loss		—	#		—	#		(0.01	)		—	#
Net realized and unrealized gain on investments		0.70			0.29			1.68			0.24

Total from investment operations		0.70			0.29			1.67			0.24

Less distributions:
Distributions from realized gains		(0.28	)		—			—			—

Net asset value, end of period	$	8.26		$	7.84		$	7.55		$	5.88

Total return (b)		8.92	%		3.84	%		28.40	%		4.26	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	74		$	68		$	65		$	51
Ratio of expenses to average net assets:
After waivers (a)		0.80	%		0.80	%		0.80	%		0.80	%
After waivers and fees paid indirectly (a)		0.78	%		0.75	%		0.75	%		0.70	%
Before waivers and fees paid indirectly (a)		0.84	%		0.94	%		1.20	%		1.82	%
Ratio of net investment loss to average net assets:
After waivers (a)		(0.02	)%		—	%‡‡		(0.20	)%		(0.13	)%
After waivers and fees paid indirectly (a)		—	%‡‡		0.05	%		(0.15	)%		(0.03	)%
Before waivers and fees paid indirectly (a)		(0.06	)%		(0.14	)%		(0.60	)%		(1.15	)%
Portfolio turnover rate		114	%		38	%		54	%		130	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	0.01		$	0.03		$	0.02


	Year Ended December 31,
Class IB	2005 (e)			2004			2003			2002			2001
Net asset value, beginning of year	$	7.79		$	7.52		$	5.88		$	7.99		$	9.64

Income (loss) from investment operations:
Net investment loss		(0.02	)		(0.01	)		(0.02	)		(0.01	)		(0.02	)
Net realized and unrealized gain (loss) on investments		0.70			0.28			1.66			(2.10	)		(1.37	)

Total from investment operations		0.68			0.27			1.64			(2.11	)		(1.39	)

Less distributions:
Distributions from realized gains		(0.28	)		—			—			—			(0.26	)

Net asset value, end of year	$	8.19		$	7.79		$	7.52		$	5.88		$	7.99

Total return		8.72	%		3.59	%		27.89	%		(26.41	)%		(14.74	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	72,411		$	47,244		$	33,711		$	11,064		$	5,898
Ratio of expenses to average net assets:
After waivers		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
After waivers and fees paid indirectly		1.03	%		1.00	%		1.00	%		0.95	%		N/A
Before waivers and fees paid indirectly		1.09	%		1.19	%		1.45	%		2.07	%		2.36	%
Ratio of net investment loss to average net assets:
After waivers		(0.27	)%		(0.25	)%		(0.45	)%		(0.38	)%		(0.33	)%
After waivers and fees paid indirectly		(0.25	)%		(0.20	)%		(0.40	)%		(0.28	)%		N/A
Before waivers and fees paid indirectly		(0.31	)%		(0.39	)%		(0.85	)%		(1.40	)%		(1.64	)%
Portfolio turnover rate		114	%		38	%		54	%		130	%		46	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	0.01		$	0.02		$	0.04		$	0.08

See Notes to Financial Statements.

369

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,									October 2, 2002* to December 31, 2002
Class IA	2005 (e)			2004			2003			October 2, 2002* to December 31, 2002
Net asset value, beginning of period	$	12.43		$	11.84		$	9.56		$	9.28

Income from investment operations:
Net investment income		0.02			0.12			0.04			0.01
Net realized and unrealized gain on investments and foreign currency transactions		0.65			0.57			2.28			0.31

Total from investment operations		0.67			0.69			2.32			0.32

Less distributions:
Dividends from net investment income		(0.03	)		(0.10	)		(0.04	)		(0.04	)


Net asset value, end of period	$	13.07		$	12.43		$	11.84		$	9.56

Total return (b)		5.38	%		5.81	%		24.27	%		3.46	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	131		$	126		$	117		$	51
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly (a)		0.69	%		0.42	%		0.68	%		0.67	%
Before waivers and fees paid indirectly (a)		0.74	%		0.74	%		0.78	%		0.77	%
Ratio of net investment income to average net assets:
After waivers (a)		0.17	%		0.71	%		0.35	%		0.33	%
After waivers and fees paid indirectly (a)		0.18	%		0.99	%		0.37	%		0.36	%
Before waivers and fees paid indirectly (a)		0.13	%		0.67	%		0.27	%		0.26	%
Portfolio turnover rate		49	%		133	%		62	%		147	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	—	#	$	0.01		$	—	#


	Year Ended December 31,
Class IB	2005 (e)			2004			2003			2002			2001
Net asset value, beginning of year	$	12.46		$	11.87		$	9.58		$	13.03		$	17.24

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		0.09			0.01			0.01			—	#
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.64			0.56			2.29			(3.45	)		(4.21	)

Total from investment operations		0.63			0.65			2.30			(3.44	)		(4.21	)

Less distributions:
Dividends from net investment income		(0.03	)		(0.06	)		(0.01	)		(0.01	)		—

Net asset value, end of year	$	13.06		$	12.46		$	11.87		$	9.58		$	13.03

Total return		5.04	%		5.53	%		24.05	%		(26.39	)%		(24.42	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	297,416		$	254,282		$	263,715		$	199,462		$	299,380
Ratio of expenses to average net assets:
After waivers		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly		0.94	%		0.67	%		0.93	%		0.92	%		N/A
Before waivers and fees paid indirectly		0.99	%		0.99	%		1.03	%		1.02	%		0.98	%
Ratio of net investment income (loss) to average net assets:
After waivers		(0.08	)%		0.46	%		0.10	%		0.08	%		(0.02	)%
After waivers and fees paid indirectly		(0.07	)%		0.74	%		0.12	%		0.11	%		N/A
Before waivers and fees paid indirectly		(0.12	)%		0.42	%		0.02	%		0.01	%		(0.05	)%
Portfolio turnover rate		49	%		133	%		62	%		147	%		95	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	—	#	$	—	#	$	0.01		$	0.01		$	0.01

See Notes to Financial Statements.

370

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,									March 25, 2002* to December 31, 2002
Class IA	2005 (e)			2004			2003			March 25, 2002* to December 31, 2002
Net asset value, beginning of period	$	10.80		$	9.64		$	7.35		$	8.77

Income (loss) from investment operations:
Net investment income		0.15			0.09			0.07			0.05
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.73			1.24			2.34			(1.35	)

Total from investment operations		1.88			1.33			2.41			(1.30	)

Less distributions:
Dividends from net investment income		(0.20	)		(0.17	)		(0.12	)		(0.12	)
Distributions from realized gains		(0.01	)		—			—			—

Total dividends and distributions		(0.21	)		(0.17	)		(0.12	)		(0.12	)

Net asset value, end of period	$	12.47		$	10.80		$	9.64		$	7.35

Total return (b)		17.43	%		13.86	%		33.05	%		(14.81	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	119,304		$	74,741		$	320		$	84
Ratio of expenses to average net assets:
After waivers (a)		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly (a)		0.93	%		0.92	%		0.93	%		0.92	%
Before waivers and fees paid indirectly (a)		1.00	%		1.02	%		1.06	%		1.14	%
Ratio of net investment income to average net assets:
After waivers (a)		1.32	%		0.98	%		0.90	%		0.76	%
After waivers and fees paid indirectly (a)		1.34	%		1.01	%		0.92	%		0.79	%
Before waivers and fees paid indirectly (a)		1.27	%		0.91	%		0.79	%		0.57	%
Portfolio turnover rate		24	%		19	%		12	%		23	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.01		$	0.01		$	0.01


	Year Ended December 31,
Class IB	2005 (e)			2004			2003			2002			2001
Net asset value, beginning of year	$	10.81		$	9.64		$	7.35		$	8.77		$	11.28

Income (loss) from investment operations:
Net investment income		0.12			0.08			0.05			0.06			0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.73			1.23			2.34			(1.37	)		(2.38	)

Total from investment operations		1.85			1.31			2.39			(1.31	)		(2.34	)

Less distributions:
Dividends from net investment income		(0.17	)		(0.14	)		(0.10	)		(0.11	)		(0.14	)
Distributions from realized gains		(0.01	)		—			—			—			(0.03	)

Total dividends and distributions		(0.18	)		(0.14	)		(0.10	)		(0.11	)		(0.17	)

Net asset value, end of year	$	12.48		$	10.81		$	9.64		$	7.35		$	8.77

Total return		17.12	%		13.68	%		32.54	%		(15.00	)%		(20.89	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	828,324		$	609,846		$	357,162		$	125,521		$	101,683
Ratio of expenses to average net assets:
After waivers		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
After waivers and fees paid indirectly		1.18	%		1.17	%		1.18	%		1.17	%		N/A
Before waivers and fees paid indirectly		1.25	%		1.27	%		1.31	%		1.39	%		1.39	%
Ratio of net investment income to average net assets:
After waivers		1.07	%		0.73	%		0.65	%		0.51	%		0.39	%
After waivers and fees paid indirectly		1.09	%		0.76	%		0.67	%		0.54	%		N/A
Before waivers and fees paid indirectly		1.02	%		0.66	%		0.54	%		0.32	%		0.20	%
Portfolio turnover rate		24	%		19	%		12	%		23	%		38	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	0.01		$	0.01		$	0.01		$	0.02

See Notes to Financial Statements.

371

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN RESEARCH PORTFOLIO(h)(p)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,									March 25, 2002* to December 31, 2002
Class IA	2005 (e)			2004 (e)			2003			March 25, 2002* to December 31, 2002
Net asset value, beginning of period	$	11.86		$	10.75		$	8.22		$	10.84

Income (loss) from investment operations:
Net investment income		0.09			0.10			0.05			0.11
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.65			1.11			2.54			(2.71	)

Total from investment operations		0.74			1.21			2.59			(2.60	)

Less distributions:
Dividends from net investment income		(0.10	)		(0.10	)		(0.06	)		(0.02	)

Net asset value, end of period	$	12.50		$	11.86		$	10.75		$	8.22

Total return (b)		6.32	%		11.28	%		31.55	%		(23.94	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	3,981		$	523		$	210		$	82
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly (a)		0.69	%		0.65	%		0.68	%		0.18	%
Before waivers and fees paid indirectly (a)		0.70	%		0.70	%		0.72	%		0.81	%
Ratio of net investment income to average net assets:
After waivers (a)		0.72	%		0.82	%		0.63	%		0.75	%
After waivers and fees paid indirectly (a)		0.73	%		0.87	%		0.65	%		1.27	%
Before waivers and fees paid indirectly (a)		0.72	%		0.82	%		0.61	%		0.64	%
Portfolio turnover rate		30	%		20	%		24	%		222	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	—	#	$	—	#	$	0.01


	Year Ended December 31,
Class IB	2005 (e)			2004 (e)			2003			2002			2001
Net asset value, beginning of year	$	11.86		$	10.76		$	8.22		$	10.93		$	11.18

Income (loss) from investment operations:
Net investment income		0.06			0.07			0.03			0.04			0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.66			1.10			2.55			(2.73	)		(0.25	)

Total from investment operations		0.72			1.17			2.58			(2.69	)		(0.23	)

Less distributions:
Dividends from net investment income		(0.07	)		(0.07	)		(0.04	)		(0.02	)		(0.02	)

Net asset value, end of year	$	12.51		$	11.86		$	10.76		$	8.22		$	10.93

Total return		6.05	%		10.89	%		31.41	%		(24.62	)%		(2.04	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,025,615		$	1,028,221		$	877,404		$	563,396		$	111,944
Ratio of expenses to average net assets:
After waivers		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly		0.94	%		0.90	%		0.93	%		0.43	%		N/A
Before waivers and fees paid indirectly		0.95	%		0.95	%		0.97	%		1.06	%		1.05	%
Ratio of net investment income to average net assets:
After waivers		0.47	%		0.57	%		0.38	%		0.50	%		0.26	%
After waivers and fees paid indirectly		0.48	%		0.62	%		0.40	%		1.02	%		N/A
Before waivers and fees paid indirectly		0.47	%		0.57	%		0.36	%		0.39	%		0.16	%
Portfolio turnover rate		30	%		20	%		24	%		222	%		30	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	—	#	$	—	#	$	—	#	$	0.01

See Notes to Financial Statements.

372

EQ ADVISORS TRUST

EQ/CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO(k)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,									March 25, 2002* to December 31, 2002
Class IA	2005 (e)			2004			2003			March 25, 2002* to December 31, 2002
Net asset value, beginning of period	$	11.50		$	10.57		$	7.77		$	10.12

Income (loss) from investment operations:
Net investment income		0.08			0.06			0.03			0.05
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.63			0.95			2.82			(2.35	)

Total from investment operations		0.71			1.01			2.85			(2.30	)

Less distributions:
Dividends from net investment income		(0.09	)		(0.08	)		(0.05	)		(0.05	)
Distributions from realized gains		(0.59	)		—			—			—

Total dividends and distributions		(0.68	)		(0.08	)		(0.05	)		(0.05	)

Net asset value, end of period	$	11.53		$	11.50		$	10.57		$	7.77

Total return (b)		6.24	%		9.58	%		36.72	%		(22.77	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	7,222		$	4,152		$	1,359		$	93
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly (a)		0.69	%		0.68	%		0.68	%		0.66	%
Before waivers and fees paid indirectly (a)		0.70	%		0.70	%		0.72	%		0.77	%
Ratio of net investment income to average net assets:
After waivers (a)		0.70	%		0.74	%		0.60	%		0.68	%
After waivers and fees paid indirectly (a)		0.71	%		0.76	%		0.62	%		0.72	%
Before waivers and fees paid indirectly (a)		0.70	%		0.74	%		0.58	%		0.61	%
Portfolio turnover rate		31	%		19	%		15	%		30	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—	#	$	—	#	$	—	#


	Year Ended December 31,
Class IB	2005 (e)			2004			2003			2002			2001
Net asset value, beginning of year	$	11.50		$	10.57		$	7.77		$	10.22		$	10.46

Income (loss) from investment operations:
Net investment income		0.05			0.05			0.02			0.03			0.03
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.63			0.93			2.81			(2.45	)		(0.24	)

Total from investment operations		0.68			0.98			2.83			(2.42	)		(0.21	)

Less distributions:
Dividends from net investment income		(0.06	)		(0.05	)		(0.03	)		(0.03	)		(0.03	)
Distributions from realized gains		(0.59	)		—			—			—			—	#

Total dividends and distributions		(0.65	)		(0.05	)		(0.03	)		(0.03	)		(0.03	)

Net asset value, end of year	$	11.53		$	11.50		$	10.57		$	7.77		$	10.22

Total return		5.97	%		9.30	%		36.38	%		(23.68	)%		(2.01	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,137,003		$	1,040,979		$	752,983		$	273,334		$	198,364
Ratio of expenses to average net assets:
After waivers		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly		0.94	%		0.93	%		0.93	%		0.91	%		N/A
Before waivers and fees paid indirectly		0.95	%		0.95	%		0.97	%		1.02	%		1.01	%
Ratio of net investment income to average net assets:
After waivers		0.45	%		0.49	%		0.35	%		0.43	%		0.32	%
After waivers and fees paid indirectly		0.46	%		0.51	%		0.37	%		0.47	%		N/A
Before waivers and fees paid indirectly		0.45	%		0.49	%		0.33	%		0.36	%		0.26	%
Portfolio turnover rate		31	%		19	%		15	%		30	%		36	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—	#	$	—	#	$	—	#	$	—	#

See Notes to Financial Statements.

373

EQ ADVISORS TRUST

EQ/CAYWOOD-SCHOLL HIGH YIELD BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IB	2005 (e)			2004			2003 (e)			2002(e)			2001 (e)
Net asset value, beginning of year	$	4.70		$	4.82		$	4.04		$	4.34		$	4.48

Income from investment operations:
Net investment income		0.32			0.35			0.33			0.36			0.40
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.19	)		0.10			0.54			(0.30	)		(0.14	)

Total from investment operations		0.13			0.45			0.87			0.06			0.26

Less distributions:
Dividends from net investment income		(0.27	)		(0.57	)		(0.09	)		(0.36	)		(0.40	)

Net asset value, end of year	$	4.56		$	4.70		$	4.82		$	4.04		$	4.34

Total return		2.72	%		9.70	%		22.64	%		1.51	%		5.90	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	115,154		$	86,676		$	90,014		$	77,130		$	107,686
Ratio of expenses to average net assets:
After waivers		0.85	%		0.85	%		0.79	%		0.79	%		0.77	%
After waivers and fees paid indirectly		0.85	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly		1.01	%		0.97	%		0.79	%		0.79	%		0.77	%
Ratio of net investment income to average net assets:
After waivers		6.75	%		6.61	%		7.53	%		8.61	%		8.92	%
After waivers and fees paid indirectly		6.75	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly		6.59	%		6.49	%		7.53	%		8.61	%		8.92	%
Portfolio turnover rate		50	%		66	%		60	%		81	%		73	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	0.01		$	**		$	**		$	**

See Notes to Financial Statements.

374

EQ ADVISORS TRUST

EQ/EQUITY 500 INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2005 (e)			2004			2003			2002			2001 (e)
Net asset value, beginning of year	$	23.24		$	21.38		$	16.92		$	22.05		$	25.34

Income from investment operations:
Net investment income		0.37			0.39			0.28			0.26			0.26
Net realized and unrealized gain (loss) on investments		0.72			1.85			4.47			(5.15	)		(3.28	)

Total from investment operations		1.09			2.24			4.75			(4.89	)		(3.02	)

Less distributions:
Dividends from net investment income		(0.38	)		(0.38	)		(0.29	)		(0.22	)		(0.25	)
Distributions from realized gains		(0.43	)		—			—			(0.02	)		(0.02	)

Total dividends and distributions		(0.81	)		(0.38	)		(0.29	)		(0.24	)		(0.27	)

Net asset value, end of year	$	23.52		$	23.24		$	21.38		$	16.92		$	22.05

Total return		4.68	%		10.50	%		28.14	%		(22.19	)%		(11.95	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,560,845		$	1,633,378		$	1,560,563		$	1,256,522		$	1,775,556
Ratio of expenses to average net assets		0.30	%		0.30	%		0.31	%		0.32	%		0.31	%
Ratio of net investment income to average net assets		1.57	%		1.75	%		1.48	%		1.30	%		1.08	%
Portfolio turnover rate		7	%		1	%		—	‡%		8	%		3	%

	Year Ended December 31,
Class IB	2005 (e)			2004			2003			2002			2001 (e)
Net asset value, beginning of year	$	23.13		$	21.28		$	16.84		$	21.95		$	25.22

Income from investment operations:
Net investment income		0.31			0.31			0.19			0.18			0.20
Net realized and unrealized gain (loss) on investments		0.72			1.86			4.49			(5.09	)		(3.26	)

Total from investment operations		1.03			2.17			4.68			(4.91	)		(3.06	)

Less distributions:
Dividends from net investment income		(0.32	)		(0.32	)		(0.24	)		(0.18	)		(0.19	)
Distributions from realized gains		(0.43	)		—			—			(0.02	)		(0.02	)

Total dividends and distributions		(0.75	)		(0.32	)		(0.24	)		(0.20	)		(0.21	)

Net asset value, end of year	$	23.41		$	23.13		$	21.28		$	16.84		$	21.95

Total return		4.42	%		10.21	%		27.83	%		(22.39	)%		(12.15	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	2,018,231		$	1,951,348		$	1,589,054		$	860,185		$	925,533
Ratio of expenses to average net assets		0.55	%		0.55	%		0.56	%		0.57	%		0.56	%
Ratio of net investment income to average net assets		1.32	%		1.50	%		1.23	%		1.05	%		0.83	%
Portfolio turnover rate		7	%		1	%		—	‡%		8	%		3	%

See Notes to Financial Statements.

375

EQ ADVISORS TRUST

EQ/EVERGREEN INTERNATIONAL BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	October 3, 2005* to December 31, 2005 (e)
Net asset value, beginning of period	$	10.00

Income (loss) from investment operations:
Net investment income		0.05
Net realized and unrealized loss on investments and foreign currency transactions		(0.28	)

Total from investment operations		(0.23	)

Net asset value, end of period	$	9.77

Total return (b)		(2.30	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	98
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.90	%
Before waivers and reimbursements (a)		6.98	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		2.11	%
Before waivers and reimbursements (a)		(3.97	)%
Portfolio turnover rate		10	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.15

Class IB	October 3, 2005* to December 31, 2005 (e)
Net asset value, beginning of period	$	10.00

Income (loss) from investment operations:
Net investment income		0.04
Net realized and unrealized loss on investments and foreign currency transactions		(0.27	)

Total from investment operations		(0.23	)

Net asset value, end of period	$	9.77

Total return (b)		(2.30	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	11,942
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.15	%
Before waivers and reimbursements (a)		7.23	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.86	%
Before waivers and reimbursements (a)		(4.22	)%
Portfolio turnover rate		10	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.15

See Notes to Financial Statements.

376

EQ ADVISORS TRUST

EQ/EVERGREEN OMEGA PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	December 31,									October 2, 2002* to December 31, 2002
Class IA	2005 (e)			2004			2003			October 2, 2002* to December 31, 2002
Net asset value, beginning of period	$	8.98		$	8.41		$	6.08		$	5.98

Income (loss) from investment operations:
Net investment income (loss)		0.01			0.05			—	#		0.01
Net realized and unrealized gain on investments		0.36			0.57			2.33			0.09

Total from investment operations		0.37			0.62			2.33			0.10

Less distributions:
Dividends from net investment income		—	#		(0.05	)		—			—
Distributions from realized gains		(0.27	)		—			—			—

Total dividends and distributions		(0.27	)		(0.05	)		—			—

Net asset value, end of period	$	9.08		$	8.98		$	8.41		$	6.08

Total return (b)		4.22	%		7.35	%		38.55	%		1.51	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	186		$	89		$	75		$	50
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly (a)		0.50	%		0.32	%		0.59	%		0.51	%
Before waivers and fees paid indirectly (a)		0.75	%		0.76	%		0.90	%		1.29	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		(0.03	)%		0.27	%		(0.19	)%		(0.04	)%
After waivers and fees paid indirectly (a)		0.17	%		0.65	%		(0.08	)%		0.15	%
Before waivers and fees paid indirectly (a)		(0.08	)%		0.21	%		(0.39	)%		(0.64	)%
Portfolio turnover rate		131	%		160	%		161	%		177	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	—	#	$	—	#	$	0.01		$	0.01


	Year Ended December 31,
Class IB	2005 (e)			2004			2003			2002			2001
Net asset value, beginning of year	$	8.95		$	8.39		$	6.07		$	7.99		$	9.63

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		0.03			(0.01	)		—	#		(0.02	)
Net realized and unrealized gain (loss) on investments		0.36			0.55			2.33			(1.92	)		(1.62	)

Total from investment operations		0.35			0.58			2.32			(1.92	)		(1.64	)

Less distributions:
Dividends from net investment income		—	#		(0.02	)		—			—			—	#
Distributions from realized gains		(0.27	)		—			—			—			—

Total dividends and distributions		(0.27	)		(0.02	)		—			—			—	#

Net asset value, end of year	$	9.03		$	8.95		$	8.39		$	6.07		$	7.99

Total return		4.01	%		6.97	%		38.22	%		(24.03	)%		(17.02	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	194,341		$	193,160		$	109,660		$	25,146		$	13,506
Ratio of expenses to average net assets:
After waivers		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly		0.75	%		0.57	%		0.84	%		0.76	%		N/A
Before waivers and fees paid indirectly		1.00	%		1.01	%		1.15	%		1.54	%		1.89	%
Ratio of net investment income (loss) to average net assets:
After waivers		(0.28	)%		0.02	%		(0.44	)%		(0.29	)%		(0.29	)%
After waivers and fees paid indirectly		(0.08	)%		0.40	%		(0.33	)%		(0.10	)%		N/A
Before waivers and fees paid indirectly		(0.33	)%		(0.04	)%		(0.64	)%		(0.89	)%		(1.23	)%
Portfolio turnover rate		131	%		160	%		161	%		177	%		227	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	—	#	$	0.01		$	0.01		$	0.03		$	0.06

See Notes to Financial Statements.

377

EQ ADVISORS TRUST

EQ/FI MID CAP PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	December 31,									March 25, 2002* to December 31, 2002
Class IA	2005 (e)			2004			2003			March 25, 2002* to December 31, 2002
Net asset value, beginning of period	$	11.13		$	10.20		$	7.08		$	8.57

Income (loss) from investment operations:
Net investment income		0.02			0.05			0.01			0.01
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.69			1.59			3.11			(1.50	)

Total from investment operations		0.71			1.64			3.12			(1.49	)

Less distributions:
Dividends from net investment income		—			(0.07	)		—			—	#
Distributions from realized gains		(1.49	)		(0.64	)		—			—

Total dividends and distributions		(1.49	)		(0.71	)		—			—	#

Net asset value, end of period	$	10.35		$	11.13		$	10.20		$	7.08

Total return (b)		6.63	%		16.32	%		44.07	%		(17.37	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	13,551		$	7,931		$	2,835		$	106
Ratio of expenses to average net assets:
After waivers (a)		0.75	%		0.75	%		0.75	%		0.75	%
After waivers and fees paid indirectly (a)		0.70	%		0.71	%		0.63	%		0.66	%
Before waivers and fees paid indirectly (a)		0.75	%		0.76	%		0.78	%		0.83	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.15	%		0.62	%		0.04	%		0.02	%
After waivers and fees paid indirectly (a)		0.20	%		0.66	%		0.16	%		0.11	%
Before waivers and fees paid indirectly (a)		0.15	%		0.61	%		0.01	%		(0.06	)%
Portfolio turnover rate		149	%		123	%		159	%		214	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	—		$	—	#	$	—	#	$	—	#


	Year Ended December 31,
Class IB	2005 (e)			2004			2003			2002			2001
Net asset value, beginning of year	$	11.08		$	10.15		$	7.07		$	8.67		$	10.02

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		0.04			(0.01	)		—	#		0.01
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.68			1.57			3.09			(1.60	)		(1.35	)

Total from investment operations		0.67			1.61			3.08			(1.60	)		(1.34	)

Less distributions:
Dividends from net investment income		—			(0.04	)		—			—	#		(0.01	)
Distributions from realized gains		(1.49	)		(0.64	)		—			—			—

Total dividends and distributions		(1.49	)		(0.68	)		—			—	#		(0.01	)

Net asset value, end of year	$	10.26		$	11.08		$	10.15		$	7.07		$	8.67

Total return		6.39	%		16.01	%		43.56	%		(18.44	)%		(13.42	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,340,515		$	1,161,685		$	792,096		$	279,947		$	177,447
Ratio of expenses to average net assets:
After waivers		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
After waivers and fees paid indirectly		0.95	%		0.96	%		0.88	%		0.91	%		N/A
Before waivers and fees paid indirectly		1.00	%		1.01	%		1.03	%		1.08	%		1.22	%
Ratio of net investment income (loss) to average net assets:
After waivers		(0.10	)%		0.37	%		(0.21	)%		(0.23	)%		0.26	%
After waivers and fees paid indirectly		(0.05	)%		0.41	%		(0.09	)%		(0.14	)%		N/A
Before waivers and fees paid indirectly		(0.10	)%		0.36	%		(0.24	)%		(0.31	)%		0.04	%
Portfolio turnover rate		149	%		123	%		159	%		214	%		231	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	—		$	—	#	$	—	#	$	—	#	$	0.01

See Notes to Financial Statements.

378

EQ ADVISORS TRUST

EQ/FI MID CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2005 (e)			2004 (e)			2003			2002			2001
Net asset value, beginning of year	$	14.05		$	13.09		$	9.85		$	11.61		$	11.21

Income (loss) from investment operations:
Net investment income		0.09			0.03			0.09			0.11			0.12
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.51			2.20			3.22			(1.79	)		0.36

Total from investment operations		1.60			2.23			3.31			(1.68	)		0.48

Less distributions:
Dividends from net investment income		(0.10	)		—			(0.07	)		(0.08	)		(0.08	)
Distributions from realized gains		(1.54	)		(1.27	)		—			—			—

Total dividends and distributions		(1.64	)		(1.27	)		(0.07	)		(0.08	)		(0.08	)

Net asset value, end of year	$	14.01		$	14.05		$	13.09		$	9.85		$	11.61

Total return		11.62	%		18.14	%		33.58	%		(14.49	)%		4.29	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	16,535		$	8,178		$	26,522		$	18,779		$	18,087
Ratio of expenses to average net assets:
After waivers		0.79	%		0.82	%		0.85	%		0.85	%		0.85	%
After waivers and fees paid indirectly		0.77	%		0.80	%		0.79	%		0.83	%		N/A
Before waivers and fees paid indirectly		0.79	%		0.82	%		0.85	%		0.85	%		0.86	%
Ratio of net investment income to average net assets:
After waivers		0.60	%		0.21	%		0.75	%		1.00	%		1.28	%
After waivers and fees paid indirectly		0.62	%		0.23	%		0.81	%		1.02	%		N/A
Before waivers and fees paid indirectly		0.60	%		0.21	%		0.75	%		1.00	%		1.27	%
Portfolio turnover rate		55	%(d)		74	%		160	%		98	%		106	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	—	#

	Year Ended December 31,
Class IB	2005 (e)			2004 (e)			2003			2002			2001
Net asset value, beginning of year	$	14.00		$	13.08		$	9.84		$	11.61		$	11.22

Income (loss) from investment operations:
Net investment income		0.05			—	#		0.06			0.07			0.06
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.50			2.19			3.22			(1.78	)		0.39

Total from investment operations		1.55			2.19			3.28			(1.71	)		0.45

Less distributions:
Dividends from net investment income		(0.06	)		—			(0.04	)		(0.06	)		(0.06	)
Distributions from realized gains		(1.54	)		(1.27	)		—			—			—

Total dividends and distributions		(1.60	)		(1.27	)		(0.04	)		(0.06	)		(0.06	)

Net asset value, end of year	$	13.95		$	14.00		$	13.08		$	9.84		$	11.61

Total return		11.31	%		17.84	%		33.36	%		(14.77	)%		4.04	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,730,041		$	1,438,673		$	1,097,892		$	646,958		$	429,560
Ratio of expenses to average net assets:
After waivers		1.04	%		1.07	%		1.10	%		1.10	%		1.10	%
After waivers and fees paid indirectly		1.02	%		1.05	%		1.04	%		1.08	%		N/A
Before waivers and fees paid indirectly		1.04	%		1.07	%		1.10	%		1.10	%		1.11	%
Ratio of net investment income (loss) to average net assets:
After waivers		0.35	%		(0.04	)%		0.50	%		0.75	%		1.03	%
After waivers and fees paid indirectly		0.37	%		(0.02	)%		0.56	%		0.77	%		N/A
Before waivers and fees paid indirectly		0.35	%		(0.04	)%		0.50	%		0.75	%		1.02	%
Portfolio turnover rate		55	%(d)		74	%		160	%		98	%		106	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	—	#

See Notes to Financial Statements.

379

EQ ADVISORS TRUST

EQ/GAMCO MERGERS AND ACQUISITIONS PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,						May 1, 2003* to December 31, 2003 (e)
Class IB	2005 (e)			2004			May 1, 2003* to December 31, 2003 (e)
Net asset value, beginning of period	$	11.37		$	11.03		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.12			0.01			(0.02	)
Net realized and unrealized gain on investments and foreign currency transactions		0.40			0.58			1.10

Total from investment operations		0.52			0.59			1.08

Less distributions:
Dividends from net investment income		(0.07	)		(0.01	)		—
Distributions from realized gains		(0.21	)		(0.24	)		(0.05	)

Total dividends and distributions		(0.28	)		(0.25	)		(0.05	)

Net asset value, end of period	$	11.61		$	11.37		$	11.03

Total return (b)		4.54	%		5.35	%		10.78	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	42,040		$	8,080		$	3,325
Ratio of expenses to average net assets:
After waivers (a)		1.45	%		1.45	%		1.45	%
After waivers and fees paid indirectly (a)		1.38	%		1.45	%		N/A
Before waivers and fees paid indirectly (a)		1.73	%		2.36	%		1.66	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.93	%		0.10	%		(0.29	)%
After waivers and fees paid indirectly (a)		1.00	%		0.10	%		N/A
Before waivers and fees paid indirectly (a)		0.65	%		(0.81	)%		(0.50	)%
Portfolio turnover rate		179	%		149	%		87	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.03		$	0.10		$		**

See Notes to Financial Statements.

380

EQ ADVISORS TRUST

EQ/GAMCO SMALL COMPANY VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IB	2005 (e)			2004			2003 (e)			2002 (e)			2001 (e)
Net asset value, beginning of year	$	27.75		$	23.56		$	17.16		$	19.59		$	26.19

Income from investment operations:
Net investment income		0.13			0.01			—	#		0.03			0.08
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.06			4.90			6.42			(1.87	)		0.21

Total from investment operations		1.19			4.91			6.42			(1.84	)		0.29

Less distributions:
Dividends from net investment income		(0.12	)		—	#		(0.02	)		(0.07	)		(0.07	)
Distributions from realized gains		(1.91	)		(0.72	)		—			(0.52	)		(6.82	)

Total dividends and distributions		(2.03	)		(0.72	)		(0.02	)		(0.59	)		(6.89	)

Net asset value, end of year	$	26.91		$	27.75		$	23.56		$	17.16		$	19.59

Total return		4.33	%		20.93	%		37.43	%		(9.25	)%		5.25	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	586,954		$	470,869		$	396,914		$	306,445		$	359,270
Ratio of expenses to average net assets:
After waivers		1.10	%		1.17	%		1.08	%		0.92	%		0.90	%
After waivers and fees paid indirectly		1.09	%		1.16	%		N/A			N/A			N/A
Before waivers and fees paid indirectly		1.10	%		1.17	%		1.08	%		0.92	%		0.90	%
Ratio of net investment income to average net assets:
After waivers		0.45	%		0.05	%		0.01	%		0.14	%		0.35	%
After waivers and fees paid indirectly		0.46	%		0.06	%		N/A			N/A			N/A
Before waivers and fees paid indirectly		0.45	%		0.05	%		0.01	%		0.14	%		0.35	%
Portfolio turnover rate		22	%		10	%		8	%		10	%		29	%

See Notes to Financial Statements.

381

EQ ADVISORS TRUST

EQ/GOVERNMENT SECURITIES PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2005 (e)			2004			2003 (e)			2002 (e)			2001 (e)
Net asset value, beginning of year	$	11.16		$	11.70		$	11.82		$	11.46		$	11.29

Income from investment operations:
Net investment income		0.38			0.33			0.31			0.38			0.51
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.25	)		(0.16	)		(0.11	)		0.35			0.21

Total from investment operations		0.13			0.17			0.20			0.73			0.72

Less distributions:
Dividends from net investment income		(0.40	)		(0.66	)		(0.32	)		(0.37	)		(0.55	)
Distributions from realized gains		(0.01	)		(0.05	)		—			—			—

Total dividends and distributions		(0.41	)		(0.71	)		(0.32	)		(0.37	)		(0.55	)

Net asset value, end of year	$	10.88		$	11.16		$	11.70		$	11.82		$	11.46

Total return		1.30	%		1.37	%		1.70	%		6.57	%		6.58	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	107,313		$	124,236		$	132,972		$	139,690		$	86,351
Ratio of expenses to average net assets		0.68	%		0.75	%		0.66	%		0.65	%		0.62	%
Ratio of net investment income to average net assets		3.36	%		2.64	%		2.61	%		3.30	%		4.48	%
Portfolio turnover rate		76	%		44	%		32	%		10	%		20	%

See Notes to Financial Statements.

382

EQ ADVISORS TRUST

EQ/INTERMEDIATE TERM BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2005 (e)			2004			2003 (e)			2002 (e)			2001 (e)
Net asset value, beginning of year	$	10.69		$	11.56		$	11.83		$	11.27		$	10.97

Income from investment operations:
Net investment income		0.42			0.55			0.49			0.52			0.56
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.33	)		(0.30	)		(0.17	)		0.49			0.34

Total from investment operations		0.09			0.25			0.32			1.01			0.90

Less distributions:
Dividends from net investment income		(0.49	)		(1.10	)		(0.59	)		(0.45	)		(0.60	)
Distributions from realized gains		(0.18	)		(0.02	)		—			—			—

Total dividends and distributions		(0.67	)		(1.12	)		(0.59	)		(0.45	)		(0.60	)

Net asset value, end of year	$	10.11		$	10.69		$	11.56		$	11.83		$	11.27

Total return		0.89	%		2.24	%		2.67	%		9.34	%		8.51	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	47,085		$	61,708		$	73,772		$	92,499		$	73,368
Ratio of expenses to average net assets:
After waivers		0.75	%(c)		0.75	%		0.66	%		0.65	%		0.62	%
Before waivers		0.76	%(c)		0.78	%		0.66	%		0.65	%		0.62	%
Ratio of net investment income to average net assets:
After waivers		3.91	%(c)		3.91	%		4.14	%		4.56	%		5.09	%
Before waivers		3.90	%(c)		3.88	%		4.14	%		4.56	%		5.09	%
Portfolio turnover rate		49	%		13	%		14	%		10	%		19	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	—	#	$	**		$	**		$	**


Class IB	June 20, 2005* to December 31, 2005 (e)
Net asset value, beginning of period	$	10.77

Income from investment operations:
Net investment income		0.21
Net realized and unrealized loss on investments and foreign currency transactions		(0.21	)

Total from investment operations		—	#

Less distributions:
Dividends from net investment income		(0.47	)
Distributions from realized gains		(0.18	)

Total dividends and distributions		(0.65	)

Net asset value, end of period	$	10.12

Total return (b)		(0.03	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	251
Ratio of expenses to average net assets:
After waivers (a)		1.00	%(c)
Before waivers (a)		1.01	%(c)
Ratio of net investment income to average net assets:
After waivers (a)		3.66	%(c)
Before waivers (a)		3.65	%(c)
Portfolio turnover rate		49	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—	#

See Notes to Financial Statements.

383

EQ ADVISORS TRUST

EQ/INTERNATIONAL GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IB	2005 (e)			2004			2003 (e)			2002 (e)			2001 (e)
Net asset value, beginning of year	$	4.68		$	4.51		$	3.46		$	4.33		$	6.94

Income (loss) from investment operations:
Net investment income		0.04			0.03			0.03			0.05			0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.56			0.20			1.04			(0.89	)		(2.02	)

Total from investment operations		0.60			0.23			1.07			(0.84	)		(2.00	)

Less distributions:
Dividends from net investment income		(0.07	)		(0.05	)		(0.02	)		(0.03	)		(0.04	)
Distributions from realized gains		—			(0.01	)		—			—			(0.57	)

Total dividends and distributions		(0.07	)		(0.06	)		(0.02	)		(0.03	)		(0.61	)

Net asset value, end of year	$	5.21		$	4.68		$	4.51		$	3.46		$	4.33

Total return		12.98	%		5.27	%		30.94	%		(19.46	)%		(27.80	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	73,080		$	53,426		$	55,645		$	44,152		$	62,742
Ratio of expenses to average net assets:
After waivers		1.31	%		1.32	%		1.14	%		1.06	%		1.09	%
After waivers and fees paid indirectly		1.14	%		N/A			1.14	%		1.06	%		1.09	%
Before waivers and fees paid indirectly		1.31	%		1.32	%		1.14	%		1.06	%		1.09	%
Ratio of net investment income (loss) to average net assets:
After waivers		0.62	%		0.57	%		0.85	%		1.22	%		0.30	%
After waivers and fees paid indirectly		0.79	%		N/A			0.85	%		1.22	%		0.30	%
Before waivers and fees paid indirectly		0.62	%		0.57	%		0.85	%		1.22	%		0.30	%
Portfolio turnover rate		131	%		154	%		54	%		176	%		95	%

See Notes to Financial Statements.

384

EQ ADVISORS TRUST

EQ/JANUS LARGE CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,									March 25, 2002* to December 31, 2002
Class IA	2005 (e)			2004			2003			March 25, 2002* to December 31, 2002
Net asset value, beginning of period	$	6.39		$	5.71		$	4.53		$	6.22

Income from investment operations:
Net investment income		0.01			0.03			—	#		—	#
Net realized and unrealized gain (loss) on investments		0.48			0.68			1.18			(1.69	)

Total from investment operations		0.49			0.71			1.18			(1.69	)

Less distributions:
Dividends from net investment income		—	#		(0.03	)		—			—

Net asset value, end of period	$	6.88		$	6.39		$	5.71		$	4.53

Total return (b)		7.67	%		12.46	%		26.05	%		(27.17	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	606		$	206		$	152		$	72
Ratio of expenses to average net assets:
After waivers (a)		0.90	%		0.90	%		0.90	%		0.90	%
After waivers and fees paid indirectly (a)		0.89	%		N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		0.97	%		0.98	%		0.99	%		1.01	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.15	%		0.51	%		0.03	%		0.03	%
After waivers and fees paid indirectly (a)		0.16	%		N/A			N/A			N/A
Before waivers and fees paid indirectly (a)		0.08	%		0.43	%		(0.06	)%		(0.08	)%
Portfolio turnover rate		45	%		64	%		42	%		45	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	—	#	$	—	#	$	—	#	$	—	#


	Year Ended December 31,
Class IB	2005 (e)			2004			2003			2002			2001
Net asset value, beginning of year.	$	6.37		$	5.69		$	4.52		$	6.49		$	8.42

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		0.01			—	#		(0.01	)		(0.01	)
Net realized and unrealized gain (loss) on investments		0.47			0.68			1.17			(1.96	)		(1.92	)

Total from investment operations		0.46			0.69			1.17			(1.97	)		(1.93	)

Less distributions:
Dividends from net investment income		—	#		(0.01	)		—			—			—	#

Net asset value, end of year	$	6.83		$	6.37		$	5.69		$	4.52		$	6.49

Total return		7.22	%		12.22	%		25.88	%		(30.35	)%		(22.91	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	357,997		$	312,237		$	260,330		$	161,566		$	163,096
Ratio of expenses to average net assets:
After waivers		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
After waivers and fees paid indirectly		1.14	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly		1.22	%		1.23	%		1.24	%		1.26	%		1.29	%
Ratio of net investment income (loss) to average net assets:
After waivers		(0.10	)%		0.26	%		(0.22	)%		(0.22	)%		(0.27	)%
After waivers and fees paid indirectly		(0.09	)%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly		(0.17	)%		0.18	%		(0.31	)%		(0.33	)%		(0.41	)%
Portfolio turnover rate		45	%		64	%		42	%		45	%		27	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	—	#	$	—	#	$	—	#	$	0.01		$	0.01

See Notes to Financial Statements.

385

EQ ADVISORS TRUST

EQ/JPMORGAN CORE BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	December 31,									March 25, 2002* to December 31, 2002
Class IA	2005 (e)			2004 (e)			2003 (e)			March 25, 2002* to December 31, 2002
Net asset value, beginning of period	$	11.14		$	11.18		$	11.19		$	10.77

Income from investment operations:
Net investment income		0.42			0.33			0.34			0.41
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.14	)		0.15			0.06			0.61

Total from investment operations		0.28			0.48			0.40			1.02

Less distributions:
Dividends from net investment income		(0.40	)		(0.32	)		(0.34	)		(0.43	)
Distributions from realized gains		(0.02	)		(0.20	)		(0.07	)		(0.17	)

Total dividends and distributions		(0.42	)		(0.52	)		(0.41	)		(0.60	)

Net asset value, end of period	$	11.00		$	11.14		$	11.18		$	11.19

Total return (b)		2.50	%		4.31	%		3.62	%		9.53	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	11,367		$	5,715		$	2,122		$	131
Ratio of expenses to average net assets:
After waivers (a)		0.49	%		0.50	%		0.52	%		0.55	%
Before waivers (a)		0.49	%		0.50	%		0.52	%		0.55	%
Ratio of net investment income to average net assets:
After waivers (a)		3.75	%		2.93	%		2.98	%		4.77	%
Before waivers (a)		3.75	%		2.93	%		2.98	%		4.77	%
Portfolio turnover rate		588	%		560	%		464	%		166	%


	Year Ended December 31,
Class IB	2005 (e)			2004 (e)			2003 (e)			2002			2001
Net asset value, beginning of year	$	11.15		$	11.19		$	11.19		$	10.76		$	10.51

Income from investment operations:
Net investment income		0.39			0.30			0.31			0.40			0.46
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.14	)		0.15			0.08			0.61			0.45

Total from investment operations		0.25			0.45			0.39			1.01			0.91

Less distributions:
Dividends from net investment income		(0.37	)		(0.29	)		(0.32	)		(0.41	)		(0.46	)
Distributions from realized gains		(0.02	)		(0.20	)		(0.07	)		(0.17	)		(0.20	)

Total dividends and distributions		(0.39	)		(0.49	)		(0.39	)		(0.58	)		(0.66	)

Net asset value, end of year	$	11.01		$	11.15		$	11.19		$	11.19		$	10.76

Total return		2.24	%		4.13	%		3.38	%		9.52	%		7.95	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,392,453		$	1,208,076		$	1,081,959		$	768,461		$	429,056
Ratio of expenses to average net assets:
After waivers		0.74	%		0.75	%		0.77	%		0.80	%		0.80	%
Before waivers		0.74	%		0.75	%		0.77	%		0.80	%		0.81	%
Ratio of net investment income to average net assets:
After waivers		3.50	%		2.68	%		2.73	%		4.52	%		5.18	%
Before waivers		3.50	%		2.68	%		2.73	%		4.52	%		5.17	%
Portfolio turnover rate		588	%		560	%		464	%		166	%		211	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	—	#

See Notes to Financial Statements.

386

EQ ADVISORS TRUST

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	Year Ended December 31,									October 2, 2002* to December 31, 2002
Class IA	2005 (e)			2004			2003			October 2, 2002* to December 31, 2002
Net asset value, beginning of period	$	12.30		$	11.23		$	8.97		$	8.41

Income from investment operations:
Net investment income		0.20			0.19			0.15			0.04
Net realized and unrealized gain on investments and foreign currency transactions		0.32			1.07			2.27			0.68

Total from investment operations		0.52			1.26			2.42			0.72

Less distributions:
Dividends from net investment income		(0.23	)		(0.19	)		(0.16	)		(0.16	)

Net asset value, end of period	$	12.59		$	12.30		$	11.23		$	8.97

Total return (b)		4.21	%		11.21	%		27.04	%		8.55	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	399		$	129		$	108		$	53
Ratio of expenses to average net assets:
After waivers (a)		0.67	%		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly (a)		0.67	%		0.51	%		0.68	%		0.69	%
Before waivers and fees paid indirectly (a)		0.67	%		0.70	%		0.70	%		0.70	%
Ratio of net investment income to average net assets:
After waivers (a)		1.58	%		1.53	%		1.67	%		1.54	%
After waivers and fees paid indirectly (a)		1.58	%		1.72	%		1.69	%		1.55	%
Before waivers and fees paid indirectly (a)		1.58	%		1.53	%		1.67	%		1.54	%
Portfolio turnover rate		67	%		91	%		43	%		42	%


	Year Ended December 31,
Class IB	2005 (e)			2004			2003			2002			2001
Net asset value, beginning of year	$	12.32		$	11.26		$	8.99		$	11.28		$	12.22

Income from investment operations:
Net investment income		0.16			0.17			0.14			0.13			0.11
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.33			1.04			2.27			(2.28	)		(0.94	)

Total from investment operations		0.49			1.21			2.41			(2.15	)		(0.83	)

Less distributions:
Dividends from net investment income		(0.20	)		(0.15	)		(0.14	)		(0.14	)		(0.11	)

Net asset value, end of year	$	12.61		$	12.32		$	11.26		$	8.99		$	11.28

Total return		3.94	%		10.81	%		26.81	%		(19.07	)%		(6.73	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	602,237		$	642,993		$	613,776		$	470,799		$	589,382
Ratio of expenses to average net assets:
After waivers		0.92	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly		0.92	%		0.76	%		0.93	%		0.94	%		N/A
Before waivers and fees paid indirectly		0.92	%		0.95	%		0.95	%		0.95	%		0.95	%
Ratio of net investment income to average net assets:
After waivers		1.33	%		1.28	%		1.42	%		1.29	%		1.01	%
After waivers and fees paid indirectly		1.33	%		1.47	%		1.44	%		1.30	%		N/A
Before waivers and fees paid indirectly		1.33	%		1.28	%		1.42	%		1.29	%		1.01	%
Portfolio turnover rate		67	%		91	%		43	%		42	%		89	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—	#	$	—	#

See Notes to Financial Statements.

387

EQ ADVISORS TRUST

EQ/LAZARD SMALL CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	December 31,									October 2, 2002* to December 31, 2002
Class IA	2005 (e)			2004			2003			October 2, 2002* to December 31, 2002
Net asset value, beginning of period	$	14.02		$	13.29		$	9.76		$	9.25

Income from investment operations:
Net investment income		0.06			0.07			0.10			0.02
Net realized and unrealized gain on investments		0.61			2.20			3.55			0.53

Total from investment operations		0.67			2.27			3.65			0.55

Less distributions:
Dividends from net investment income		(0.06	)		(0.05	)		(0.06	)		(0.04	)
Distributions from realized gains		(1.26	)		(1.49	)		(0.06	)		—

Total dividends and distributions		(1.32	)		(1.54	)		(0.12	)		(0.04	)

Net asset value, end of period	$	13.37		$	14.02		$	13.29		$	9.76

Total return (b)		4.94	%		17.45	%		37.69	%		5.97	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	523,308		$	281,509		$	177,723		$	57
Ratio of expenses to average net assets:
After waivers (a)		0.79	%		0.80	%		0.85	%		0.85	%
After waivers and fees paid indirectly (a)		0.70	%		0.61	%		0.75	%		0.81	%
Before waivers and fees paid indirectly (a)		0.79	%		0.80	%		0.85	%		0.86	%
Ratio of net investment income to average net assets:
After waivers (a)		0.37	%		0.37	%		0.70	%		0.64	%
After waivers and fees paid indirectly (a)		0.46	%		0.56	%		0.80	%		0.68	%
Before waivers and fees paid indirectly (a)		0.37	%		0.37	%		0.70	%		0.63	%
Portfolio turnover rate		90	%		96	%		69	%		86	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—		$	—	#


	Year Ended December 31,
Class IB	2005 (e)			2004			2003 (e)			2002			2001
Net asset value, beginning of year	$	14.02		$	13.30		$	9.77		$	11.52		$	10.76

Income (loss) from investment operations:
Net investment income		0.03			0.03			0.06			0.03			0.05
Net realized and unrealized gain (loss) on investments		0.62			2.19			3.57			(1.61	)		1.82

Total from investment operations		0.65			2.22			3.63			(1.58	)		1.87

Less distributions:
Dividends from net investment income		(0.03	)		(0.01	)		(0.04	)		(0.02	)		(0.04	)
Distributions from realized gains		(1.26	)		(1.49	)		(0.06	)		(0.15	)		(1.07	)

Total dividends and distributions		(1.29	)		(1.50	)		(0.10	)		(0.17	)		(1.11	)

Net asset value, end of year	$	13.38		$	14.02		$	13.30		$	9.77		$	11.52

Total return		4.75	%		17.06	%		37.42	%		(13.87	)%		17.74	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,153,566		$	1,042,729		$	689,540		$	298,035		$	175,167
Ratio of expenses to average net assets:
After waivers		1.04	%		1.05	%		1.10	%		1.10	%		1.10	%
After waivers and fees paid indirectly		0.95	%		0.86	%		1.00	%		1.06	%		N/A
Before waivers and fees paid indirectly		1.04	%		1.05	%		1.10	%		1.11	%		1.13	%
Ratio of net investment income to average net assets:
After waivers		0.12	%		0.12	%		0.45	%		0.39	%		0.54	%
After waivers and fees paid indirectly		0.21	%		0.31	%		0.55	%		0.43	%		N/A
Before waivers and fees paid indirectly		0.12	%		0.12	%		0.45	%		0.38	%		0.51	%
Portfolio turnover rate		90	%		96	%		69	%		86	%		91	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—	#	$	—	#

See Notes to Financial Statements.

388

EQ ADVISORS TRUST

EQ/LEGG MASON VALUE EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	October 3, 2005* to December 31, 2005 (e)
Net asset value, beginning of period	$	10.00

Income (loss) from investment operations:
Net investment income		0.01
Net realized and unrealized gain on investments and foreign currency transactions		0.47

Total from investment operations		0.48

Less distributions:
Dividends from net investment income		(0.03	)

Net asset value, end of period	$	10.45

Total return (b)		4.80	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	105
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.75	%
After waivers, reimbursements, and fees paid indirectly (a)		0.74	%
Before waivers, reimbursements, and fees paid indirectly (a)		3.64	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.35	%
After waivers, reimbursements, and fees paid indirectly (a)		0.36	%
Before waivers, reimbursements, and fees paid indirectly (a)		(2.54	)%
Portfolio turnover rate		—	%‡
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.07

Class IB	October 3, 2005* to December 31, 2005 (e)
Net asset value, beginning of period	$	10.00

Income (loss) from investment operations:
Net investment income		—	#
Net realized and unrealized gain on investments and foreign currency transactions		0.47

Total from investment operations		0.47

Less distributions:
Dividends from net investment income		—	#

Net asset value, end of period	$	10.47

Total return (b)		4.74	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	32,087
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.00	%
After waivers, reimbursements, and fees paid indirectly (a)		0.99	%
Before waivers, reimbursements, and fees paid indirectly (a)		3.89	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.10	%
After waivers, reimbursements, and fees paid indirectly (a)		0.11	%
Before waivers, reimbursements, and fees paid indirectly (a)		(2.79	)%
Portfolio turnover rate		—	%‡
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.07

See Notes to Financial Statements.

389

EQ ADVISORS TRUST

EQ/LONG TERM BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2005 (e)			2004			2003 (e)			2002 (e)			2001 (e)
Net asset value, beginning of year	$	13.54		$	14.37		$	14.53		$	13.38		$	13.27

Income from investment operations:
Net investment income		0.60			0.77			0.69			0.68			0.70
Net realized and unrealized gain on investments and foreign currency transactions		(0.19	)		0.32			—	#		1.10			0.12

Total from investment operations		0.41			1.09			0.69			1.78			0.82

Less distributions:
Dividends from net investment income		(0.29	)		(1.50	)		(0.84	)		(0.63	)		(0.71	)
Distributions from realized gains		(0.12	)		(0.42	)		(0.01	)		—			—

Total dividends and distributions		(0.41	)		(1.92	)		(0.85	)		(0.63	)		(0.71	)

Net asset value, end of year	$	13.54		$	13.54		$	14.37		$	14.53		$	13.38

Total return		3.03	%		7.92	%		4.81	%		14.06	%		6.28	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	537,340		$	100,561		$	108,325		$	118,939		$	131,717
Ratio of expenses to average net assets:
After waivers		0.60	%(c)		0.75	%		0.66	%		0.64	%		0.62	%
After waivers and fees paid indirectly		0.60	%(c)		N/A			0.66	%		0.64	%		0.62	%
Before waivers and fees paid indirectly		0.60	%(c)		0.75	%		0.66	%		0.64	%		0.62	%
Ratio of net investment income to average net assets:
After waivers		4.36	%(c)		4.69	%		4.65	%		5.03	%		5.25	%
After waivers and fees paid indirectly		4.36	%(c)		N/A			4.65	%		5.03	%		5.25	%
Before waivers and fees paid indirectly		4.36	%(c)		4.69	%		4.65	%		5.03	%		5.25	%
Portfolio turnover rate		69	%		36	%		18	%		30	%		39	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—	#	$	**		$	**		$	**


Class IB	April 29, 2005* to December 31, 2005 (e)
Net asset value, beginning of period	$	13.77

Income from investment operations:
Net investment income		0.38
Net realized and unrealized gain on investments and foreign currency transactions		(0.23	)

Total from investment operations		0.15

Less distributions:
Dividends from net investment income		(0.25	)
Distributions from realized gains		(0.12	)

Total dividends and distributions		(0.37	)

Net asset value, end of period	$	13.55

Total return (b)		1.13	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	58,672
Ratio of expenses to average net assets (a)		0.85	%(c)
Ratio of net investment income to average net assets (a)		4.11	%(c)
Portfolio turnover rate		69	%

See Notes to Financial Statements.

390

EQ ADVISORS TRUST

EQ/LORD ABBETT GROWTH AND INCOME PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	April 29, 2005* to December 31, 2005 (e)
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.10
Net realized and unrealized gain on investments and foreign currency transactions		0.66

Total from investment operations		0.76

Less distributions:
Dividends from net investment income		(0.07	)
Distributions from realized gains		(0.02	)

Total dividends and distributions		(0.09	)

Net asset value, end of period	$	10.67

Total return (b)		7.55	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	108
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.75	%
After waivers, reimbursements, and fees paid indirectly (a)		0.72	%
Before waivers, reimbursements, and fees paid indirectly (a)		1.50	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		1.43	%
After waivers, reimbursements, and fees paid indirectly (a)		1.46	%
Before waivers, reimbursements, and fees paid indirectly (a)		0.68	%
Portfolio turnover rate		19	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.05

Class IB	April 29, 2005* to December 31, 2005 (e)
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.08
Net realized and unrealized gain on investments and foreign currency transactions		0.66

Total from investment operations		0.74

Less distributions:
Dividends from net investment income		(0.04	)
Distributions from realized gains		(0.02	)

Total dividends and distributions		(0.06	)

Net asset value, end of period	$	10.68

Total return (b)		7.38	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	38,230
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.00	%
After waivers, reimbursements, and fees paid indirectly (a)		0.97	%
Before waivers, reimbursements, and fees paid indirectly (a)		1.75	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.18	%
After waivers, reimbursements, and fees paid indirectly (a)		1.21	%
Before waivers, reimbursements, and fees paid indirectly (a)		0.43	%
Portfolio turnover rate		19	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.05

See Notes to Financial Statements.

391

EQ ADVISORS TRUST

EQ/LORD ABBETT LARGE CAP CORE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	April 29, 2005* to December 31, 2005 (e)
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.08
Net realized and unrealized gain on investments		0.67

Total from investment operations		0.75

Less distributions:
Dividends from net investment income		(0.06	)

Net asset value, end of period	$	10.69

Total return (b)		7.53	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	107
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.75	%
After waivers, reimbursements, and fees paid indirectly (a)		0.74	%
Before waivers, reimbursements, and fees paid indirectly (a)		1.89	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		1.12	%
After waivers, reimbursements, and fees paid indirectly (a)		1.13	%
Before waivers, reimbursements, and fees paid indirectly (a)		(0.02	)%
Portfolio turnover rate		26	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.08

Class IB	April 29, 2005* to December 31, 2005 (e)
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.06
Net realized and unrealized gain on investments		0.67

Total from investment operations		0.73

Less distributions:
Dividends from net investment income		(0.04	)

Net asset value, end of period	$	10.69

Total return (b)		7.36	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	27,015
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.00	%
After waivers, reimbursements, and fees paid indirectly (a)		0.99	%
Before waivers, reimbursements, and fees paid indirectly (a)		2.14	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.87	%
After waivers, reimbursements, and fees paid indirectly (a)		0.88	%
Before waivers, reimbursements, and fees paid indirectly (a)		(0.27	)%
Portfolio turnover rate		26	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.08

See Notes to Financial Statements.

392

EQ ADVISORS TRUST

EQ/LORD ABBETT MID CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	April 29, 2005* to December 31, 2005 (e)
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.08
Net realized and unrealized gain on investments		1.30

Total from investment operations		1.38

Less distributions:
Dividends from net investment income		(0.06	)
Distributions from realized gains		(0.04	)

Total dividends and distributions		(0.10	)

Net asset value, end of period	$	11.28

Total return (b)		13.82	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	114
Ratio of expenses to average net assets:
After waivers (a)		0.80	%
After waivers and fees paid indirectly (a)		0.76	%
Before waivers and fees paid indirectly (a)		1.02	%
Ratio of net investment income to average net assets:
After waivers (a)		1.03	%
After waivers and fees paid indirectly (a)		1.07	%
Before waivers and fees paid indirectly (a)		0.81	%
Portfolio turnover rate		19	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.02

Class IB	April 29, 2005* to December 31, 2005 (e)
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.06
Net realized and unrealized gain on investments		1.30

Total from investment operations		1.36

Less distributions:
Dividends from net investment income		(0.03	)
Distributions from realized gains		(0.04	)

Total dividends and distributions		(0.07	)

Net asset value, end of period	$	11.29

Total return (b)		13.63	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	123,436
Ratio of expenses to average net assets:
After waivers (a)		1.05	%
After waivers and fees paid indirectly (a)		1.01	%
Before waivers and fees paid indirectly (a)		1.27	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.78	%
After waivers and fees paid indirectly (a)		0.82	%
Before waivers and fees paid indirectly (a)		0.56	%
Portfolio turnover rate		19	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.02

See Notes to Financial Statements.

393

EQ ADVISORS TRUST

EQ/MARSICO FOCUS PORTFOLIO(q)

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	December 31,									October 2, 2002* to December 31, 2002
Class IA	2005 (e)			2004			2003			October 2, 2002* to December 31, 2002
Net asset value, beginning of period	$	14.67		$	13.24		$	10.07		$	10.43

Income (loss) from investment operations:
Net investment income		0.03			0.01			—	#		—	#
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.56			1.42			3.17			(0.36	)

Total from investment operations		1.59			1.43			3.17			(0.36	)

Less distributions:
Dividends from net investment income		(0.01	)		—			—			—
Distributions from realized gains		(0.39	)		—			—			—

Total dividends and distributions		(0.40	)		—			—			—

Net asset value, end of period	$	15.86		$	14.67		$	13.24		$	10.07

Total return (b)		10.98	%		10.80	%		31.48	%		(3.45	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,014,881		$	579,357		$	338,365		$	77
Ratio of expenses to average net assets:
After waivers (a)		0.90	%		0.90	%		0.90	%		0.90	%
After waivers and fees paid indirectly (a)		0.89	%		0.87	%		0.85	%		0.85	%
Before waivers and fees paid indirectly (a)		0.92	%		0.94	%		0.97	%		1.08	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.19	%		0.05	%		(0.07	)%		(0.11	)%
After waivers and fees paid indirectly (a)		0.20	%		0.08	%		(0.02	)%		(0.06	)%
Before waivers and fees paid indirectly (a)		0.17	%		0.01	%		(0.14	)%		(0.29	)%
Portfolio turnover rate		66	%		96	%		72	%		140	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	0.01		$	—	#	$	—	#


Class IB	Year Ended December 31,												August 31, 2001* to December 31, 2001
Class IB	2005 (e)			2004			2003			2002			August 31, 2001* to December 31, 2001
Net asset value, beginning of period	$	14.59		$	13.20		$	10.07		$	11.39		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)†		(0.02	)		(0.02	)		(0.01	)		—	#
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.56			1.41			3.15			(1.30	)		1.39

Total from investment operations		1.55			1.39			3.13			(1.31	)		1.39

Less distributions:
Distributions from realized gains		(0.39	)		—			—			(0.01	)		—

Net asset value, end of period	$	15.75		$	14.59		$	13.20		$	10.07		$	11.39

Total return (b)		10.65	%		10.53	%		31.08	%		(11.51	)%		13.90	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,768,738		$	1,257,708		$	903,595		$	203,596		$	9,292
Ratio of expenses to average net assets:
After waivers (a)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
After waivers and fees paid indirectly (a)		1.14	%		1.12	%		1.10	%		1.10	%		N/A
Before waivers and fees paid indirectly (a)		1.17	%		1.19	%		1.22	%		1.33	%		3.59	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		(0.06	)%		(0.20	)%		(0.32	)%		(0.36	)%		(0.13	)%
After waivers and fees paid indirectly (a)		(0.05	)%		(0.17	)%		(0.27	)%		(0.31	)%		N/A
Before waivers and fees paid indirectly (a)		(0.08	)%		(0.24	)%		(0.39	)%		(0.54	)%		(2.57	)%
Portfolio turnover rate		66	%		96	%		72	%		140	%		22	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	0.01		$	—	#	$	0.02		$	—

See Notes to Financial Statements.

394

EQ ADVISORS TRUST

EQ/MERCURY BASIC VALUE EQUITY PORTFOLIO(r)

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	Year Ended December 31,									October 2, 2002* to December 31, 2002
Class IA	2005 (e)			2004			2003			October 2, 2002* to December 31, 2002
Net asset value, beginning of period	$	15.48		$	14.71		$	11.27		$	10.10

Income from investment operations:
Net investment income		0.21			0.17			0.14			0.04
Net realized and unrealized gain on investments		0.28			1.42			3.40			1.24

Total from investment operations		0.49			1.59			3.54			1.28

Less distributions:
Dividends from net investment income		(0.18	)		(0.16	)		(0.10	)		(0.11	)
Distributions from realized gains		(0.73	)		(0.66	)		—			—

Total dividends and distributions		(0.91	)		(0.82	)		(0.10	)		(0.11	)

Net asset value, end of period	$	15.06		$	15.48		$	14.71		$	11.27

Total return (b)		3.19	%		10.89	%		31.57	%		12.54	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,361,870		$	636,240		$	355,625		$	71
Ratio of expenses to average net assets:
After waivers (a)		0.62	%		N/A			0.67	%		0.70	%
After waivers and fees paid indirectly (a)		0.60	%		0.61	%		0.66	%		0.69	%
Before waivers and fees paid indirectly (a)		0.62	%		0.63	%		0.67	%		0.70	%
Ratio of net investment income to average net assets:
After waivers (a)		1.35	%		N/A			1.04	%		0.97	%
After waivers and fees paid indirectly (a)		1.37	%		1.12	%		1.05	%		0.98	%
Before waivers and fees paid indirectly (a)		1.35	%		1.10	%		1.04	%		0.97	%
Portfolio turnover rate		52	%		49	%		34	%		39	%


	Year Ended December 31,
Class IB	2005 (e)			2004 (e)			2003 (e)			2002			2001
Net asset value, beginning of year	$	15.50		$	14.74		$	11.29		$	13.77		$	13.85

Income (loss) from investment operations:
Net investment income		0.17			0.13			0.10			0.08			0.10
Net realized and unrealized gain (loss) on investments		0.29			1.41			3.42			(2.35	)		0.65

Total from investment operations		0.46			1.54			3.52			(2.27	)		0.75

Less distributions:
Dividends from net investment income		(0.14	)		(0.12	)		(0.07	)		(0.08	)		(0.10	)
Distributions from realized gains		(0.73	)		(0.66	)		—			(0.13	)		(0.73	)

Total dividends and distributions		(0.87	)		(0.78	)		(0.07	)		(0.21	)		(0.83	)

Net asset value, end of year	$	15.09		$	15.50		$	14.74		$	11.29		$	13.77

Total return		2.99	%		10.52	%		31.28	%		(16.68	)%		5.49	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,445,518		$	1,459,792		$	1,137,826		$	680,559		$	613,150
Ratio of expenses to average net assets:
After waivers		0.87	%		N/A			0.92	%		0.95	%		0.95	%
After waivers and fees paid indirectly		0.85	%		0.86	%		0.91	%		0.94	%		N/A
Before waivers and fees paid indirectly		0.87	%		0.88	%		0.92	%		0.95	%		0.95	%
Ratio of net investment income to average net assets:
After waivers		1.10	%		N/A			0.79	%		0.72	%		0.85	%
After waivers and fees paid indirectly		1.12	%		0.87	%		0.80	%		0.73	%		N/A
Before waivers and fees paid indirectly		1.10	%		0.85	%		0.79	%		0.72	%		0.85	%
Portfolio turnover rate		52	%		49	%		34	%		39	%		64	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	—	#

See Notes to Financial Statements.

395

EQ ADVISORS TRUST

EQ/MERCURY INTERNATIONAL VALUE PORTFOLIO(i)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,									March 25, 2002* to December 31, 2002
Class IA	2005 (e)			2004 (e)			2003 (e)			March 25, 2002* to December 31, 2002
Net asset value, beginning of period	$	13.03		$	10.86		$	8.66		$	10.52

Income from investment operations:
Net investment income		0.25			0.17			0.14			0.07
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.19			2.21			2.30			(1.85	)

Total from investment operations		1.44			2.38			2.44			(1.78	)

Less distributions:
Dividends from net investment income		(0.27	)		(0.21	)		(0.24	)		(0.08	)

Net asset value, end of period	$	14.20		$	13.03		$	10.86		$	8.66

Total return (b)		11.07	%		22.04	%		28.27	%		(16.90	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	236,340		$	5,598		$	2,163		$	108
Ratio of expenses to average net assets:
After waivers (a)		1.00	%		1.00	%		1.00	%		1.00	%
After waivers and fees paid indirectly (a)		1.00	%		0.93	%		0.93	%		0.99	%
Before waivers and fees paid indirectly (a)		1.00	%		1.00	%		1.01	%		1.05	%
Ratio of net investment income to average net assets:
After waivers (a)		1.83	%		1.42	%		1.35	%		1.00	%
After waivers and fees paid indirectly (a)		1.83	%		1.49	%		1.42	%		1.01	%
Before waivers and fees paid indirectly (a)		1.83	%		1.42	%		1.34	%		0.95	%
Portfolio turnover rate		64	%		63	%		163	%		55	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—		$	—	#


	Year Ended December 31,
Class IB	2005 (e)			2004 (e)			2003 (e)			2002			2001
Net asset value, beginning of year	$	13.03		$	10.86		$	8.66		$	10.46		$	13.44

Income from investment operations:
Net investment income		0.21			0.14			0.11			0.06			0.08
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.19			2.21			2.31			(1.80	)		(2.98	)

Total from investment operations		1.40			2.35			2.42			(1.74	)		(2.90	)

Less distributions:
Dividends from net investment income		(0.23	)		(0.18	)		(0.22	)		(0.06	)		(0.06	)
Distributions from realized gains		—			—			—			—			(0.02	)

Total dividends and distributions		(0.23	)		(0.18	)		(0.22	)		(0.06	)		(0.08	)

Net asset value, end of year	$	14.20		$	13.03		$	10.86		$	8.66		$	10.46

Total return		10.79	%		21.73	%		28.01	%		(16.61	)%		(21.55	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,189,337		$	894,530		$	675,246		$	454,735		$	299,090
Ratio of expenses to average net assets:
After waivers		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
After waivers and fees paid indirectly		1.25	%		1.18	%		1.18	%		1.24	%		N/A
Before waivers and fees paid indirectly		1.25	%		1.25	%		1.26	%		1.30	%		1.39	%
Ratio of net investment income to average net assets:
After waivers		1.58	%		1.17	%		1.10	%		0.75	%		0.66	%
After waivers and fees paid indirectly		1.58	%		1.24	%		1.17	%		0.76	%		N/A
Before waivers and fees paid indirectly		1.58	%		1.17	%		1.09	%		0.70	%		0.52	%
Portfolio turnover rate		64	%		63	%		163	%		55	%		76	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—	#	$	0.02

See Notes to Financial Statements.

396

EQ ADVISORS TRUST

EQ/MFS EMERGING GROWTH COMPANIES PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2005 (e)			2004 (e)			2003			2002			2001
Net asset value, beginning of year	$	13.32		$	11.80		$	9.10		$	13.82		$	20.91

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		(0.01	)		(0.01	)		(0.02	)		0.07
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.26			1.53			2.71			(4.70	)		(7.16	)

Total from investment operations		1.25			1.52			2.70			(4.72	)		(7.09	)

Less distributions:
Distributions from realized gains		—			—			—			—			—	#

Net asset value, end of year	$	14.57		$	13.32		$	11.80		$	9.10		$	13.82

Total return		9.38	%		12.88	%		29.67	%		(34.15	)%		(33.89	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	3,304		$	1,988		$	27,996		$	22,611		$	43,918
Ratio of expenses to average net assets:
After fees paid indirectly		0.68	%		0.66	%		0.71	%		0.72	%		N/A
Before fees paid indirectly		0.71	%		0.71	%		0.72	%		0.73	%		0.72	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly		(0.08	)%		(0.05	)%		(0.09	)%		(0.16	)%		N/A
Before fees paid indirectly		(0.11	)%		(0.10	)%		(0.10	)%		(0.17	)%		0.02	%
Portfolio turnover rate		97	%		101	%		105	%		110	%		278	%

	Year Ended December 31,
Class IB	2005 (e)			2004 (e)			2003			2002			2001
Net asset value, beginning of year	$	13.11		$	11.64		$	9.00		$	13.70		$	20.78

Income (loss) from investment operations:
Net investment loss		(0.04	)		(0.04	)		(0.04	)		(0.05	)		(0.04	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.22			1.51			2.68			(4.65	)		(7.04	)

Total from investment operations		1.18			1.47			2.64			(4.70	)		(7.08	)

Less distributions:
Distributions from realized gains		—			—			—			—			—	#

Net asset value, end of year	$	14.29		$	13.11		$	11.64		$	9.00		$	13.70

Total return		9.00	%		12.63	%		29.33	%		(34.31	)%		(34.06	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	916,611		$	958,680		$	935,920		$	758,033		$	1,363,276
Ratio of expenses to average net assets:
After fees paid indirectly		0.93	%		0.91	%		0.96	%		0.97	%		N/A
Before fees paid indirectly		0.96	%		0.96	%		0.97	%		0.98	%		0.97	%
Ratio of net investment loss to average net assets:
After fees paid indirectly		(0.33	)%		(0.30	)%		(0.34	)%		(0.41	)%		N/A
Before fees paid indirectly		(0.36	)%		(0.35	)%		(0.35	)%		(0.42	)%		(0.23	)%
Portfolio turnover rate		97	%		101	%		105	%		110	%		278	%

See Notes to Financial Statements.

397

EQ ADVISORS TRUST

EQ/MFS INVESTORS TRUST PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,									March 25, 2002* to December 31, 2002
Class IA	2005 (e)			2004			2003			March 25, 2002* to December 31, 2002
Net asset value, beginning of period	$	9.46		$	8.54		$	7.04		$	8.89

Income from investment operations:
Net investment income		0.07			0.07			0.07			0.05
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.64			0.93			1.50			(1.84	)

Total from investment operations		0.71			1.00			1.57			(1.79	)

Less distributions:
Dividends from net investment income		(0.08	)		(0.08	)		(0.07	)		(0.06	)

Net asset value, end of period	$	10.09		$	9.46		$	8.54		$	7.04

Total return (b)		7.46	%		11.67	%		22.28	%		(20.11	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	191		$	116		$	98		$	79
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly (a)		0.69	%		0.66	%		0.69	%		0.69	%
Before waivers and fees paid indirectly (a)		0.70	%		0.70	%		0.71	%		0.71	%
Ratio of net investment income to average net assets:
After waivers (a)		0.73	%		0.80	%		0.93	%		0.77	%
After waivers and fees paid indirectly (a)		0.74	%		0.84	%		0.94	%		0.78	%
Before waivers and fees paid indirectly (a)		0.73	%		0.80	%		0.92	%		0.76	%
Portfolio turnover rate		47	%		90	%		88	%		70	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—	#	$	—	#


	Year Ended December 31,
Class IB	2005 (e)			2004			2003			2002			2001
Net asset value, beginning of year	$	9.47		$	8.55		$	7.04		$	8.97		$	10.72

Income from investment operations:
Net investment income		0.05			0.05			0.05			0.04			0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.63			0.92			1.51			(1.93	)		(1.75	)

Total from investment operations		0.68			0.97			1.56			(1.89	)		(1.71	)

Less distributions:
Dividends from net investment income		(0.05	)		(0.05	)		(0.05	)		(0.04	)		(0.04	)

Net asset value, end of year	$	10.10		$	9.47		$	8.55		$	7.04		$	8.97

Total return		7.18	%		11.37	%		22.12	%		(21.04	)%		(15.97	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	338,735		$	341,346		$	311,991		$	201,141		$	244,038
Ratio of expenses to average net assets:
After waivers		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly		0.94	%		0.91	%		0.94	%		0.94	%		N/A
Before waivers and fees paid indirectly		0.95	%		0.95	%		0.96	%		0.96	%		0.97	%
Ratio of net investment income to average net assets:
After waivers		0.48	%		0.55	%		0.68	%		0.52	%		0.48	%
After waivers and fees paid indirectly		0.49	%		0.59	%		0.69	%		0.53	%		N/A
Before waivers and fees paid indirectly		0.48	%		0.55	%		0.67	%		0.51	%		0.46	%
Portfolio turnover rate		47	%		90	%		88	%		70	%		84	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—	#	$	—	#	$	—	#

See Notes to Financial Statements.

398

EQ ADVISORS TRUST

EQ/MONEY MARKET PORTFOLIO(s)(v)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IA	2005 (e)			2004			2003 (e)			2002			2001 (e)
Net asset value, beginning of year	$	1.001		$	1.002		$	1.003		$	1.002		$	0.998

Income from investment operations:
Net investment income		0.029			0.012			0.009			0.016			0.038
Net realized and unrealized gain (loss) on investments		—	#		(0.001	)		—	#		—	#		—	†

Total from investment operations		0.029			0.011			0.009			0.016			0.038

Less distributions:
Dividends from net investment income		(0.030	)		(0.012	)		(0.010	)		(0.015	)		(0.034	)

Net asset value, end of year	$	1.000		$	1.001		$	1.002		$	1.003		$	1.002

Total return		2.85	%		1.02	%		0.82	%		1.54	%		3.82	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	737,535		$	598,718		$	705,877		$	834,792		$	860,719
Ratio of expenses to average net assets		0.39	%		0.39	%		0.39	%		0.39	%		0.40	%
Ratio of net investment income to average net assets		2.86	%		1.01	%		0.82	%		1.48	%		3.80	%

	Year Ended December 31,
Class IB	2005 (e)			2004			2003 (e)			2002			2001 (e)
Net asset value, beginning of year	$	1.000		$	1.001		$	1.002		$	1.002		$	0.998

Income from investment operations:
Net investment income		0.027			0.009			0.006			0.012			0.030
Net realized and unrealized gain (loss) on investments		—	#		(0.001	)		—	#		0.001			0.006	†

Total from investment operations		0.027			0.008			0.006			0.013			0.036

Less distributions:
Dividends from net investment income		(0.027	)		(0.009	)		(0.007	)		(0.013	)		(0.032	)

Net asset value, end of year	$	1.000		$	1.000		$	1.001		$	1.002		$	1.002

Total return		2.65	%		0.77	%		0.57	%		1.21	%		3.63	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	773,184		$	774,625		$	942,215		$	1,209,341		$	1,155,159
Ratio of expenses to average net assets		0.64	%		0.64	%		0.64	%		0.64	%		0.65	%
Ratio of net investment income to average net assets		2.61	%		0.76	%		0.57	%		1.23	%		3.38	%

See Notes to Financial Statements.

399

EQ ADVISORS TRUST

EQ/MONTAG & CALDWELL GROWTH PORTFOLIO(l)(t)

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	Year Ended December 31, 2005 (e)			December 13, 2004* to December 31, 2004 (e)
Net asset value, beginning of period	$	4.80		$	4.73

Income (loss) from investment operations:
Net investment income		0.02			—	#
Net realized and unrealized gain on investments		0.25			0.09

Total from investment operations		0.27			0.09

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

Net asset value, end of period	$	5.05		$	4.80

Total return (b)		5.71	%		0.99	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	11,800		$	13,837
Ratio of expenses to average net assets
After waivers (a)		0.83	%		0.76	%(c)
After waivers and fees paid indirectly (a)		0.80	%		N/A
Before waivers and fees paid indirectly (a)		0.83	%		0.76	%(c)
Ratio of net investment income to average net assets
After waivers (a)		0.48	%		0.47	%(c)
After waivers and fees paid indirectly (a)		0.51	%		N/A
Before waivers and fees paid indirectly (a)		0.48	%		0.47	%(c)
Portfolio turnover rate		55	%		58	%


	Year Ended December 31,
Class IB	2005 (e)			2004 (e)			2003 (e)			2002 (e)			2001 (e)
Net asset value, beginning of year	$	4.81		$	4.64		$	3.98		$	5.21		$	5.99

Income (loss) from investment operations:
Net investment income		0.01			0.01			0.01			0.02			0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.25			0.18			0.67			(1.23	)		(0.78	)

Total from investment operations		0.26			0.19			0.68			(1.21	)		(0.76	)

Less distributions:
Dividends from net investment income		(0.01	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)

Net asset value, end of year	$	5.06		$	4.81		$	4.64		$	3.98		$	5.21

Total return		5.43	%		4.10	%		17.05	%		(23.26	)%		(12.56	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	305,851		$	258,854		$	265,471		$	208,610		$	280,279
Ratio of expenses to average net assets
After waivers		1.08	%		1.12	%		1.03	%		0.86	%		0.84	%
After waivers and fees paid indirectly		1.05	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly		1.08	%		1.12	%		1.03	%		0.86	%		0.84	%
Ratio of net investment income to average net assets
After waivers		0.23	%		0.11	%		0.34	%		0.42	%		0.34	%
After waivers and fees paid indirectly		0.26	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly		0.23	%		0.11	%		0.34	%		0.42	%		0.34	%
Portfolio turnover rate		55	%		58	%		40	%		42	%		52	%

See Notes to Financial Statements.

400

EQ ADVISORS TRUST

EQ/PIMCO REAL RETURN PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,									February 24, 2002* to December 31, 2002 (e)
Class IB	2005 (e)			2004			2003 (e)			February 24, 2002* to December 31, 2002 (e)
Net asset value, beginning of period	$	10.31		$	10.33		$	10.19		$	10.00

Income (loss) from investment operations:
Net investment income		0.34			0.20			0.24			0.34
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.26	)		0.29			0.31			0.35

Total from investment operations		0.08			0.49			0.55			0.69

Less distributions:
Dividends from net investment income		(0.22	)		(0.21	)		(0.25	)		(0.34	)
Distributions from realized gains		(0.03	)		(0.30	)		(0.16	)		(0.16	)

Total dividends and distributions		(0.25	)		(0.51	)		(0.41	)		(0.50	)

Net asset value, end of period	$	10.14		$	10.31		$	10.33		$	10.19

Total return (b)		0.77	%		4.78	%		5.65	%		7.09	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	217,873		$	60,511		$	51,752		$	31,300
Ratio of expenses to average net assets:
After waivers (a)		0.65	%		0.65	%		0.65	%		0.65	%
Before waivers (a)		0.96	%		1.00	%		0.82	%		0.96	%
Ratio of net investment income to average net assets:
After waivers (a)		3.31	%		2.04	%		2.26	%		3.46	%
Before waivers (a)		3.00	%		1.69	%		2.09	%		3.15	%
Portfolio turnover rate		1,249	%		396	%		364	%		493	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.03		$	0.04		$	**		$		**

See Notes to Financial Statements.

401

EQ ADVISORS TRUST

EQ/SHORT DURATION BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	June 9, 2005* to December 31, 2005 (e)
Net asset value, beginning of period	$	10.02

Income from investment operations:
Net investment income		0.38
Net realized and unrealized gain on investments and foreign currency transactions		(0.33	)

Total from investment operations		0.05

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

Total dividends and distributions		(0.13	)

Net asset value, end of period	$	9.94

Total return (b)		0.52	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,219,936
Ratio of expenses to average net assets:
After waivers (a)		0.40	%(c)
Before waivers (a)		0.51	%(c)
Ratio of net investment income to average net assets:
After waivers (a)		3.76	%(c)
Before waivers (a)		3.65	%(c)
Portfolio turnover rate		52	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01


	Year Ended December 31,						May 1, 2003* to December 31, 2003 (e)
Class IB	2005 (e)			2004			May 1, 2003* to December 31, 2003 (e)
Net asset value, beginning of period	$	9.92		$	9.98		$	10.00

Income from investment operations:
Net investment income		0.28			0.23			0.15
Net realized and unrealized loss on investments and foreign currency transactions		(0.14	)		(0.06	)		(0.04	)

Total from investment operations		0.14			0.17			0.11

Less distributions:
Dividends from net investment income		(0.11	)		(0.23	)		(0.13	)
Distributions from realized gains		—	#		—			—

Total dividends and distributions		(0.11	)		(0.23	)		(0.13	)

Net asset value, end of period	$	9.95		$	9.92		$	9.98

Total return (b)		1.38	%		1.70	%		1.15	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	36,314		$	13,442		$	9,767
Ratio of expenses to average net assets:
After waivers (a)		0.65	%(c)		0.65	%		0.65	%
Before waivers (a)		0.76	%(c)		1.22	%		0.72	%
Ratio of net investment income to average net assets:
After waivers (a)		3.51	%(c)		2.55	%		2.54	%
Before waivers (a)		3.40	%(c)		1.98	%		2.47	%
Portfolio turnover rate		52	%		36	%		4	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.06		$	**

See Notes to Financial Statements.

402

EQ ADVISORS TRUST

EQ/SMALL COMPANY INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,									March 25, 2002* to December 31, 2002
Class IA	2005 (e)			2004			2003 (e)			March 25, 2002* to December 31, 2002
Net asset value, beginning of period	$	11.87		$	10.47		$	7.19		$	9.32

Income (loss) from investment operations:
Net investment income		0.13			0.08			0.07			0.05
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.40			1.79			3.26			(2.12	)

Total from investment operations		0.53			1.87			3.33			(2.07	)

Less distributions:
Dividends from net investment income		(0.12	)		(0.09	)		(0.05	)		(0.06	)
Distributions from realized gains		(0.60	)		(0.38	)		—			—

Total dividends and distributions		(0.72	)		(0.47	)		(0.05	)		(0.06	)

Net asset value, end of period	$	11.68		$	11.87		$	10.47		$	7.19

Total return (b)		4.50	%		17.97	%		46.30	%		(22.23	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	24,343		$	18,361		$	7,462		$	87
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.33	%		0.38	%		0.60	%		0.60	%
Before waivers and reimbursements (a)		0.33	%		0.38	%		0.60	%		0.60	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		1.09	%		0.94	%		0.75	%		0.91	%
Before waivers and reimbursements (a)		1.09	%		0.94	%		0.75	%		0.91	%
Portfolio turnover rate		26	%		21	%		32	%		29	%


	Year Ended December 31,
Class IB	2005 (e)			2004			2003 (e)			2002			2001
Net asset value, beginning of year	$	11.87		$	10.47		$	7.19		$	9.15		$	9.03

Income (loss) from investment operations:
Net investment income		0.10			0.07			0.04			0.04			0.06
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.40			1.77			3.26			(1.96	)		0.13

Total from investment operations		0.50			1.84			3.30			(1.92	)		0.19

Less distributions:
Dividends from net investment income		(0.09	)		(0.06	)		(0.02	)		(0.04	)		(0.05	)
Distributions from realized gains		(0.60	)		(0.38	)		—			—			(0.02	)

Total dividends and distributions		(0.69	)		(0.44	)		(0.02	)		(0.04	)		(0.07	)

Net asset value, end of year	$	11.68		$	11.87		$	10.47		$	7.19		$	9.15

Total return		4.24	%		17.67	%		45.94	%		(20.96	)%		2.12	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	517,538		$	480,368		$	319,634		$	99,391		$	82,203
Ratio of expenses to average net assets:
After waivers and reimbursements		0.58	%		0.63	%		0.85	%		0.85	%		0.82	%
Before waivers and reimbursements		0.58	%		0.63	%		0.85	%		0.85	%		0.82	%
Ratio of net investment income to average net assets:
After waivers and reimbursements		0.84	%		0.69	%		0.50	%		0.66	%		0.74	%
Before waivers and reimbursements		0.84	%		0.69	%		0.50	%		0.66	%		0.73	%
Portfolio turnover rate		26	%		21	%		32	%		29	%		36	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	—	#

See Notes to Financial Statements.

403

EQ ADVISORS TRUST

EQ/TCW EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IB	2005 (e)			2004			2003 (e)			2002 (e)			2001 (e)
Net asset value, beginning of year	$	21.25		$	18.72		$	12.24		$	17.34		$	27.92

Income (loss) from investment operations:
Net investment loss		(0.17	)		(0.17	)		(0.11	)		(0.08	)		(0.14	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.01			2.70			6.59			(5.02	)		(6.42	)

Total from investment operations		0.84			2.53			6.48			(5.10	)		(6.56	)

Less distributions:
Distributions from realized gains		—			—			—			—			(4.02	)

Total dividends and distributions		—			—			—			—			(4.02	)

Net asset value, end of year	$	22.09		$	21.25		$	18.72		$	12.24		$	17.34

Total return		3.95	%		13.51	%		52.94	%		(29.41	)%		(18.81	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	302,413		$	285,682		$	282,945		$	199,587		$	347,320
Ratio of expenses to average net assets:
After waivers		1.13	%		1.15	%		1.08	%		0.90	%		0.88	%
After waivers and fees paid indirectly		1.13	%		1.14	%		1.06	%		0.89	%		0.88	%
Before waivers and fees paid indirectly		1.13	%		1.17	%		1.08	%		0.90	%		0.88	%
Ratio of net investment loss to average net assets:
After waivers		(0.84	)%		(0.85	)%		(0.72	)%		(0.59	)%		(0.65	)%
After waivers and fees paid indirectly		(0.84	)%		(0.84	)%		(0.70	)%		(0.58	)%		(0.65	)%
Before waivers and fees paid indirectly		(0.84	)%		(0.87	)%		(0.72	)%		(0.59	)%		(0.65	)%
Portfolio turnover rate		15	%		18	%		19	%		15	%		21	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	—		$	—	#	$	**		$	**		$	**

See Notes to Financial Statements.

404

EQ ADVISORS TRUST

EQ/UBS GROWTH AND INCOME PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class IB	2005 (e)			2004			2003 (e)			2002 (e)			2001 (e)
Net asset value, beginning of year	$	5.56		$	4.99		$	3.95		$	5.41		$	6.20

Income from investment operations:
Net investment income		0.04			0.05			0.04			0.04			0.05
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.46			0.61			1.04			(1.45	)		(0.79	)

Total from investment operations		0.50			0.66			1.08			(1.41	)		(0.74	)

Less distributions:
Dividends from net investment income		(0.04	)		(0.09	)		(0.04	)		(0.05	)		(0.05	)
Distributions from realized gains		—			—			—			—			—

Total dividends and distributions		(0.04	)		(0.09	)		(0.04	)		(0.05	)		(0.05	)

Net asset value, end of year	$	6.02		$	5.56		$	4.99		$	3.95		$	5.41

Total return		8.98	%		13.28	%		27.56	%		(25.95	)%		(11.87	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	169,785		$	132,682		$	127,894		$	111,429		$	172,531
Ratio of expenses to average net assets:
After waivers		1.05	%		1.05	%		1.03	%		0.86	%		0.85	%
After waivers and fees paid indirectly		1.04	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly		1.11	%		1.16	%		1.03	%		0.86	%		0.85	%
Ratio of net investment income to average net assets:
After waivers		0.74	%		0.91	%		0.84	%		0.81	%		0.92	%
After waivers and fees paid indirectly		0.75	%		N/A			N/A			N/A			N/A
Before waivers and fees paid indirectly		0.68	%		0.80	%		0.84	%		0.81	%		0.92	%
Portfolio turnover rate		44	%		40	%		119	%		19	%		2	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	0.01		$	**		$	**		$	**

See Notes to Financial Statements.

405

EQ ADVISORS TRUST

EQ/VAN KAMPEN COMSTOCK PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	April 29, 2005* to December 31, 2005 (e)
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.13
Net realized and unrealized gain on investments		0.41

Total from investment operations		0.54

Less distributions:
Dividends from net investment income		(0.09	)
Distributions from realized gains		(0.02	)

Total dividends and distributions		(0.11	)

Net asset value, end of period	$	10.43

Total return (b)		5.37	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	105
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.75	%
After waivers, reimbursements, and fees paid indirectly (a)		0.74	%
Before waivers, reimbursements, and fees paid indirectly (a)		0.96	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		1.97	%
After waivers, reimbursements, and fees paid indirectly (a)		1.98	%
Before waivers, reimbursements, and fees paid indirectly (a)		1.76	%
Portfolio turnover rate		18	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01

Class IB	April 29, 2005* to December 31, 2005 (e)
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.12
Net realized and unrealized gain on investments		0.40

Total from investment operations		0.52

Less distributions:
Dividends from net investment income		(0.06	)
Distributions from realized gains		(0.02	)

Total dividends and distributions		(0.08	)

Net asset value, end of period	$	10.44

Total return (b)		5.20	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	113,526
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.00	%
After waivers, reimbursements, and fees paid indirectly (a)		0.99	%
Before waivers, reimbursements, and fees paid indirectly (a)		1.21	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.72	%
After waivers, reimbursements, and fees paid indirectly (a)		1.73	%
Before waivers, reimbursements, and fees paid indirectly (a)		1.51	%
Portfolio turnover rate		18	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01

See Notes to Financial Statements.

406

EQ ADVISORS TRUST

EQ/VAN KAMPEN EMERGING MARKETS EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	Year Ended December 31,									October 2, 2002* to December 31, 2002
Class IA	2005 (e)			2004			2003			October 2, 2002* to December 31, 2002
Net asset value, beginning of period	$	10.06		$	8.20		$	5.29		$	4.85

Income (loss) from investment operations:
Net investment income		0.09			0.05			0.07			—	#
Net realized and unrealized gain on investments and foreign currency transactions		3.23			1.89			2.91			0.44

Total from investment operations		3.32			1.94			2.98			0.44

Less distributions:
Dividends from net investment income		(0.09	)		(0.08	)		(0.07	)		—
Distributions from realized gains		(0.42	)		—			—			—

Total dividends and distributions		(0.51	)		(0.08	)		(0.07	)		—

Net asset value, end of period	$	12.87		$	10.06		$	8.20		$	5.29

Total return (b)		33.04	%		24.01	%		56.18	%		9.07	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	162,519		$	4,592		$	995		$	62
Ratio of expenses to average net assets:
After waivers (a)		1.55	%		1.55	%		1.55	%		1.57	%
After waivers and fees paid indirectly (a)		1.53	%		1.50	%		1.53	%		1.56	%
Before waivers and fees paid indirectly (a)		1.55	%		1.55	%		1.55	%		1.62	%
Ratio of net investment income to average net assets:
After waivers (a)		0.69	%		0.75	%		1.33	%		0.13	%
After waivers and fees paid indirectly (a)		0.71	%		0.80	%		1.35	%		0.14	%
Before waivers and fees paid indirectly (a)		0.69	%		0.75	%		1.33	%		0.08	%
Portfolio turnover rate		52	%		57	%		81	%		78	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—	#	$	—	#


	Year Ended December 31,
Class IB	2005 (e)			2004			2003			2002			2001
Net asset value, beginning of year	$	10.06		$	8.19		$	5.28		$	5.61		$	5.93

Income (loss) from investment operations:
Net investment income (loss)		0.05			0.04			0.05			(0.01	)		0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions		3.25			1.89			2.91			(0.32	)		(0.33	)

Total from investment operations		3.30			1.93			2.96			(0.33	)		(0.31	)

Less distributions:
Dividends from net investment income		(0.07	)		(0.06	)		(0.05	)		—			—
Distributions from realized gains		(0.42	)		—			—			—			(0.01	)

Total dividends and distributions		(0.49	)		(0.06	)		(0.05	)		—			(0.01	)

Net asset value, end of year	$	12.87		$	10.06		$	8.19		$	5.28		$	5.61

Total return		32.84	%		23.58	%		56.09	%		(6.05	)%		(5.09	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,140,481		$	615,499		$	389,893		$	193,115		$	183,868
Ratio of expenses to average net assets:
After waivers		1.80	%		1.80	%		1.80	%		1.82	%		1.78	%
After waivers and fees paid indirectly		1.78	%		1.75	%		1.78	%		1.81	%		N/A
Before waivers and fees paid indirectly		1.80	%		1.80	%		1.80	%		1.87	%		2.13	%
Ratio of net investment income (loss) to average net assets:
After waivers		0.44	%		0.50	%		1.08	%		(0.12	)%		0.32	%
After waivers and fees paid indirectly		0.46	%		0.55	%		1.10	%		(0.11	)%		N/A
Before waivers and fees paid indirectly		0.44	%		0.50	%		1.08	%		(0.17	)%		(0.03	)%
Portfolio turnover rate		52	%		57	%		81	%		78	%		143	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	—		$	—		$	—	#	$	—	#	$	0.02

See Notes to Financial Statements.

407

EQ ADVISORS TRUST

EQ/VAN KAMPEN MID CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	April 29, 2005* to December 31, 2005 (e)
Net asset value, beginning of period	$	10.00

Income (loss) from investment operations:
Net investment loss		(0.01	)
Net realized and unrealized gain on investments		2.52

Total from investment operations		2.51

Net asset value, end of period	$	12.51

Total return (b)		25.10	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	125
Ratio of expenses to average net assets:
After waivers (a)		0.80	%
After waivers and fees paid indirectly (a)		0.77	%
Before waivers (a)		1.45	%
Ratio of net investment income to average net assets:
After waivers (a)		(0.12	)%
After waivers and fees paid indirectly (a)		(0.09	)%
Before waivers (a)		(0.77	)%
Portfolio turnover rate		39	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.05

Class IB	April 29, 2005* to December 31, 2005 (e)
Net asset value, beginning of period	$	10.00

Income (loss) from investment operations:
Net investment loss		(0.03	)
Net realized and unrealized gain on investments		2.51

Total from investment operations		2.48

Net asset value, end of period	$	12.48

Total return (b)		24.80	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	49,826
Ratio of expenses to average net assets:
After waivers (a)		1.05	%
After waivers and fees paid indirectly (a)		1.02	%
Before waivers and fees paid indirectly (a)		1.70	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		(0.37	)%
After waivers and fees paid indirectly (a)		(0.34	)%
Before waivers (a)		(1.02	)%
Portfolio turnover rate		39	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.05

See Notes to Financial Statements.

408

EQ ADVISORS TRUST

EQ/WELLS FARGO MONTGOMERY SMALL CAP PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class IA	Year Ended December 31, 2005 (e)			October 1, 2004* to December 31, 2004
Net asset value, beginning of period	$	11.44		$	10.00

Income (loss) from investment operations:
Net investment loss		(0.07	)		(0.02	)
Net realized and unrealized gain on investments		0.74			1.46

Total from investment operations		0.67			1.44

Less Distributions:
Distributions from realized gains		(0.71	)		—

Net asset value, end of period	$	11.40		$	11.44

Total return (b)		5.92	%		14.40	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	121		$	114
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.05	%		1.03	%
After waivers, reimbursements and fees paid indirectly (a)		0.87	%		1.01	%
Before waivers, reimbursements and fees paid indirectly (a)		3.05	%		7.36	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.80	)%		(0.81	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.62	)%		(0.79	)%
Before waivers, reimbursements and fees paid indirectly (a)		(2.80	)%		(7.14	)%
Portfolio turnover rate		168	%		47	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.22		$	0.65

Class IB	Year Ended December 31, 2005 (e)			October 1, 2004* to December 31, 2004
Net asset value, beginning of period	$	11.43		$	10.00

Income (loss) from investment operations:
Net investment loss		(0.10	)		(0.03	)
Net realized and unrealized gain on investments		0.75			1.46

Total from investment operations		0.65			1.43

Less Distributions:
Distributions from realized gains		(0.71	)		—

Net asset value, end of period	$	11.37		$	11.43

Total return (b)		5.75	%		14.30	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	13,638		$	3,598
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.30	%		1.28	%
After waivers, reimbursements and fees paid indirectly (a)		1.12	%		1.26	%
Before waivers, reimbursements and fees paid indirectly (a)		3.30	%		7.61	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(1.05	)%		(1.06	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.87	)%		(1.04	)%
Before waivers, reimbursements and fees paid indirectly (a)		(3.05	)%		(7.39	)%
Portfolio turnover rate		168	%		47	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	0.22		$	0.65

See Notes to Financial Statements.

409

EQ ADVISORS TRUST

FINANCIAL HIGHLIGHTS — (Concluded)

*	Commencement of Operations.

**	Prior to December 31, 2004, these ratios and per share amounts were not provided.

†	The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.

#	Per share amount is less than $0.01.

‡	Amount is less than 1%.

‡‡	Amount is less than 0.01%.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(c)

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

(d)

Reflects purchases and sales from change in investment strategy.

(e)

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

(f)

On May 19, 2001, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/T. Rowe Price Equity Income Portfolio that followed the same objectives as this Portfolio.

(g)

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

(h)

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

(i)

On April 26, 2002, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/T.Rowe Price International Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2002 represents the results of operations of the EQ/Mercury International Value Portfolio.

(j)

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

(k)

On July 12, 2002, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/AXP New Dimensions Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2002 represents the results of operations of the EQ/Capital Guardian U.S. Equity Portfolio.

(l)

On February 28, 2003, this Portfolio received, through a substitution transaction, the assets and liabilities of the Enterprise Balanced Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2003 represents the results of operations of the EQ/Montag & Caldwell Growth Portfolio.

(m)

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

(n)

On September 9, 2005, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/MONY Equity Income Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2005 represents the results of operations of the EQ/Boston Advisors Equity Income Portfolio.

(o)

On September 9, 2005, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/Enterprise Global Socially Responsive Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2005 represents the results of operations of the EQ/Calvert Socially Responsible Portfolio.

(p)

On September 9, 2005, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/MONY Diversified Portfolio and EQ/ MONY Equity Growth Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2005 represents the results of operations of the EQ/Capital Guardian Research Portfolio.

(q)

On September 9, 2005, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/Enterprise Capital Appreciation Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2005 represents the results of operations of the EQ/ Marsico Focus Portfolio.

(r)

On September 9, 2005, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/Enterprise Deep Value Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2005 represents the results of operations of the EQ/Mercury Basic Value Equity Portfolio.

(s)

On September 9, 2005, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/MONY Money Market Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2005 represents the results of operations of the EQ/Money Market Portfolio.

(t)

On September 9, 2005, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/Enterprise Multi-Cap Growth Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2005 represents the results of operations of the EQ/ Montag & Caldwell Growth Portfolio.

(u)

On September 9, 2005, this Portfolio converted to a “fund of funds” structure and was renamed EQ/Enterprise Moderate Allocation Portfolio. The information from January 1, 2001 through December 31, 2004 is that of the predecessor EQ/Enterprise Managed Portfolio. Information for the year ended December 31, 2005 includes the results of the operations of the predecessor EQ/Enterprise Managed Portfolio from January 1, 2005 through September 9, 2005.

(v)

On July 7, 2005, this Portfolio split its shares as described in the Notes to Financial Statements. Per share data prior to this date has been restated to give effect to the stock split.

See Notes to Financial Statements.

410

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2005

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 management investment company with forty-eight diversified portfolios and five non-diversified portfolios (each a “Portfolio”). The non-diversified Portfolios are: EQ/Enterprise Moderate Allocation Portfolio (formerly EQ/Enterprise Managed Portfolio), EQ/GAMCO Mergers and Acquisitions Portfolio, EQ/Lazard Small Cap Value Portfolio, EQ/Marsico Focus Portfolio and EQ/Van Kampen Emerging Markets Equity Portfolio. On April 29, 2005, AXA Equitable contributed $100,000 for Class IA shares and $2,900,000 for Class IB shares in seed capital to the EQ/Lord Abbett Growth and Income Portfolio, EQ/Lord Abbett Large Cap Core Portfolio, EQ/Lord Abbett Mid Cap Value Portfolio, EQ/Van Kampen Comstock Portfolio and EQ/Van Kampen Mid Cap Growth Portfolio. On October 3, 2005, AXA Equitable contributed $100,000 for Class IA shares and $2,900,000 for Class IB shares in seed capital to the EQ/Ariel Appreciation II Portfolio and EQ/Legg Mason Value Equity Portfolio. On October 3, 2005, AXA Equitable contributed $100,000 for Class IA shares and $4,900,000 for Class IB shares in seed capital to the EQ/Evergreen International Bond Portfolio.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with their vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust and management expect that risk of loss to be remote.

The EQ/Enterprise Moderate Allocation Portfolio is a type of mutual fund often described as “fund of funds”. The Portfolio pursues its investment objective by investing exclusively in other mutual funds managed by AXA Equitable Life Insurance Company (“AXA Equitable”), an indirect wholly-owned subsidiary of AXA.

Each of the investment sub-advisers (each an “Adviser”) independently chooses and maintains a portfolio of securities for the Portfolio.

The Trust has the right to issue two classes of shares, Class IA and Class IB. Class IA shares were seeded for the EQ/Short Duration Bond Portfolio on June 9, 2005. Class IB shares were seeded for the EQ/Intermediate Term Bond Portfolio and the EQ/Long Term Bond Portfolio on June 20, 2005 and April 29, 2005, respectively. As of and during the year ended December 31, 2005, the Trust had Class IB shares outstanding for each Portfolio except for the EQ/Government Securities Portfolio. In addition, as of and during the year ended December 31, 2005, the Trust had Class IA shares outstanding for certain Portfolios as shown in the Statement of Assets and Liabilities. The Class IB shares are subject to distribution fees imposed under a distribution plan (“Distribution Plan”) adopted pursuant to Rule 12b-1 under the 1940 Act. Under the Trust’s multiple class distribution system, both classes of shares have identical voting, dividend, liquidation and other rights, other than the payment of distribution fees under the Distribution Plan. The Trust’s shares are currently sold only to insurance company separate accounts in connection with variable life insurance contracts and variable annuity certificates and contracts issued by AXA Equitable, AXA Life and Annuity Company (“ALAC”), MONY Life Insurance Company (“MONY”) and MONY Life Insurance Company of America (“MONY America”), as well as insurance companies that are not affiliated with AXA Equitable, ALAC, MONY or MONY America and to The Investment Plan for Employees, Managers and Agents. The Investment Plan for Employees, Managers and Agents is the primary shareholder of Class IA for EQ/Boston Advisors Equity Income Portfolio and EQ/Montag & Caldwell Growth Portfolio. AXA Equitable is the primary shareholder of Class IA shares for EQ/Lord Abbett Growth & Income Portfolio, EQ/Lord Abbett Large Cap Core Portfolio, EQ/Lord Abbett Mid Cap Value, EQ/Van Kampen Comstock Portfolio, EQ/Van Kampen Mid Cap Growth Portfolio, and EQ/Wells Fargo Montgomery Small Cap Portfolio.

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The investment objectives of each Portfolio are as follows:

EQ/Enterprise Moderate Allocation Portfolio (formerly EQ/Enterprise Managed Portfolio) — Seeks long-term capital appreciation and current income.

EQ/Alliance Common Stock Portfolio (advised by Alliance Capital Management L.P. (“Alliance”) (an affiliate of AXA Equitable)) — Seeks to achieve long-term growth of capital.

EQ/Alliance Growth and Income Portfolio (advised by Alliance) — Seeks to provide a high total return.

EQ/Alliance Intermediate Government Securities Portfolio (advised by Alliance) — Seeks to achieve high current income consistent with relative stability of principal.

EQ/Alliance International Portfolio (advised by Alliance) — Seeks to achieve long-term growth of capital.

EQ/Alliance Large Cap Growth Portfolio (advised by Alliance) — Seeks to achieve long-term growth of capital.

EQ/Alliance Quality Bond Portfolio (advised by Alliance) — Seeks to achieve high current income consistent with moderate risk to capital.

EQ/Alliance Small Cap Growth Portfolio (advised by Alliance) — Seeks to achieve long-term growth of capital.

EQ/Ariel Appreciation II Portfolio (advised by Ariel Capital Management, LLC) — Seeks long-term appreciation.

EQ/Bear Stearns Small Company Growth Portfolio (advised by Bear Stearns Asset Management Inc.) — Seeks to achieve capital appreciation.

EQ/Bernstein Diversified Value Portfolio (advised by Alliance through its Bernstein Investment Research and Management unit) — Seeks capital appreciation.

EQ/Boston Advisors Equity Income Portfolio (advised by Boston Advisors, Inc. (“Boston Advisors”)) — Seeks a combination of growth and income to achieve an above-average and consistent total return.

EQ/Calvert Socially Responsible Portfolio (advised by Calvert Asset Management Company, Inc. and Bridgeway Capital Management, Inc.) — Seeks long-term capital appreciation.

EQ/Capital Guardian Growth Portfolio (advised by Capital Guardian Trust Company (“Capital Guardian”)) — Seeks long-term growth of capital.

EQ/Capital Guardian International Portfolio (advised by Capital Guardian) — To achieve long-term growth of capital.

EQ/Capital Guardian Research Portfolio (advised by Capital Guardian) — Seeks to achieve long-term growth of capital.

EQ/Capital Guardian U.S. Equity Portfolio (advised by Capital Guardian) — Seeks to achieve long-term growth of capital.

EQ/Caywood-Scholl High-Yield Bond Portfolio (advised by Caywood-Scholl Capital Management) — Seeks to maximize current income.

EQ/Equity 500 Index Portfolio (advised by Alliance) — Seeks a total return before expenses that approximates the total return performance of the S&P 500 Index, including reinvestment of dividends, at a risk level consistent with that of the S&P 500 Index.

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December 31, 2005

EQ/Evergreen International Bond Portfolio (advised by Evergreen Investment Management Company, LLC (“EIMC”)) — Seeks capital growth and current income.

EQ/Evergreen Omega Portfolio (advised by EIMC) — Seeks long-term capital growth.

EQ/FI Mid Cap Portfolio (advised by Fidelity Management & Research Company (“Fidelity”)) — Seeks long-term growth of capital.

EQ/FI Mid Cap Value Portfolio (formerly EQ/FI Small/Mid Cap Value Portfolio) (advised by Fidelity) — Seeks long-term capital appreciation.

EQ/GAMCO Mergers and Acquisitions Portfolio (formerly EQ/Mergers and Acquisitions Portfolio) (advised by GAMCO Asset Management, Inc. (“GAMCO”)) — Seeks to achieve capital appreciation.

EQ/GAMCO Small Company Value Portfolio (formerly EQ/Small Company Value Portfolio) (advised by GAMCO) — Seeks to maximize capital appreciation.

EQ/Government Securities Portfolio (advised by Mercury Advisors (“Mercury”)) — Seeks to maximize income and capital appreciation through investment in the highest credit quality debt obligations. Effective December 2, 2005, Mercury replaced Boston Advisors as the Adviser for the EQ/Government Securities Portfolio.

EQ/Intermediate Term Bond Portfolio (advised by Mercury) — Seeks to maximize income and capital appreciation through investment in intermediate-maturity debt obligations. Effective December 2, 2005, Mercury replaced Boston Advisors as the Adviser for the EQ/Intermediate Term Bond Portfolio.

EQ/International Growth Portfolio (advised by MFS Investment Management (“MFS”)) — Seeks to achieve capital appreciation. Effective July 22, 2005, MFS replaced SSgA Funds Management, Inc. as the Adviser for the EQ/International Growth Portfolio.

EQ/Janus Large Cap Growth Portfolio (advised by Janus Capital Management, LLC) — Seeks long-term growth of capital.

EQ/JPMorgan Core Bond Portfolio (formerly EQ/J.P. Morgan Core Bond Portfolio) (advised by J.P. Morgan Investment Management, Inc. (“JPMIM”)) — Seeks to provide a high total return consistent with moderate risk to capital and maintenance of liquidity.

EQ/JPMorgan Value Opportunities Portfolio (formerly EQ/JP Morgan Value Opportunities Portfolio) (advised by JPMIM) — Long-term capital appreciation.

EQ/Lazard Small Cap Value Portfolio (advised by Lazard Asset Management, LLC) — Seeks capital appreciation.

EQ/Legg Mason Value Equity Portfolio (advised by Legg Mason Capital Management, Inc.) — Seeks long-term growth of capital.

EQ/Long Term Bond Portfolio (advised by Mercury) — Seeks to maximize income and capital appreciation through investment in long-maturity debt obligations. Effective December 2, 2005, Mercury replaced Boston Advisors as the Adviser for the EQ/Long Term Bond Portfolio.

EQ/Lord Abbett Growth and Income Portfolio (advised by Lord Abbett & Co. LLC (“Lord Abbett”)) — Capital appreciation and growth of income without excessive fluctuation in market value.

EQ/Lord Abbett Large Cap Core Portfolio (advised by Lord Abbett) — Capital appreciation and growth of income with reasonable risk.

EQ/Lord Abbett Mid Cap Value Portfolio (advised by Lord Abbett) — Capital appreciation.

EQ/Marsico Focus Portfolio (advised by Marsico Capital Management, LLC) — Seeks long-term growth of capital.

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December 31, 2005

EQ/Mercury Basic Value Equity Portfolio (advised by Mercury) — Seeks capital appreciation and, secondarily, income.

EQ/Mercury International Value Portfolio (advised by Merrill Lynch Investment Managers International Limited) — Seeks capital appreciation.

EQ/MFS Emerging Growth Companies Portfolio (advised by MFS) — Seeks to provide long-term capital growth.

EQ/MFS Investors Trust Portfolio (advised by MFS) — Seeks long-term growth of capital with a secondary objective to seek reasonable current income.

EQ/Money Market Portfolio (advised by 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/PIMCO Real Return Portfolio (advised by Pacific Investment Management Company, LLC) —Seeks maximum real return consistent with preservation of real capital and prudent investment management.

EQ/Short Duration Bond Portfolio (advised by Mercury) — Seeks current income with reduced volatility of principal. Effective December 2, 2005, Mercury replaced Boston Advisors as the Adviser for the EQ/Short Duration Bond Portfolio.

EQ/Small Company Index Portfolio (advised by Alliance) — Seeks to replicate as closely as possible (before the deduction of Portfolio expenses) the total return of the Russell 2000 Index.

EQ/TCW Equity Portfolio (advised by TCW Investment Management Company) — Seeks to achieve long-term capital appreciation.

EQ/UBS Growth and Income Portfolio (advised by UBS Global Asset Management (Americas) Inc.) — Seeks to achieve total return through capital appreciation with income as a secondary consideration.

EQ/Van Kampen Comstock Portfolio (advised by Morgan Stanley Investment Management, Inc. (“MSIM”)) — Capital growth and income.

EQ/Van Kampen Emerging Markets Equity Portfolio (advised by MSIM) — Seeks long-term capital appreciation.

EQ/Van Kampen Mid Cap Growth Portfolio (advised by MSIM) — Capital growth.

EQ/Wells Fargo Montgomery Small Cap Portfolio (advised by Wells Capital Management, Inc.) — Seeks long-term capital appreciation.

The following is a summary of the selected significant accounting policies of the Trust:

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.

Valuation:

Stocks listed on national securities exchanges are valued at the last sale price or official closing price on the date of valuation or, if there is no sale or official closing price, at the latest available bid price. Other unlisted stocks are valued at their last sale price or official closing price or, if no reported sale occurs during the day, at a bid price estimated by a broker. Securities listed on the NASDAQ exchange will be valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last

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December 31, 2005

sale price unless the reported trade for the security is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price.

Convertible preferred stocks listed on national securities exchanges or included on the NASDAQ stock market are valued as of their last sale price or, if there is no sale, at the latest available bid price. Convertible bonds and unlisted convertible preferred stocks are valued at bid prices obtained from one or more of the major dealers in such securities. Where there is a discrepancy between dealers, values may be adjusted based on recent premium spreads to the underlying common stocks. Convertible bonds may be matrix-priced based upon the conversion value to the underlying common stocks and market premiums.

Mortgage-backed and asset-backed securities are valued at prices obtained from a bond pricing service where available, or at a bid price obtained from one or more of the major dealers in such securities. If a quoted price is unavailable, an equivalent yield or yield spread quote will be obtained from a broker and converted to a price.

Options, including options on futures that are traded on exchanges, are valued at their last sale price, and if the last sale price is not available then the previous day’s sale price is used. Options not traded on an exchange or actively traded are valued at fair value under the direction of the Board of Trustees (“Trustees”).

Long-term corporate bonds may be valued on the basis of prices provided by a pricing service when such prices are believed to reflect the fair market value of such securities. The prices provided by a pricing service take into account many factors, including institutional size, trading in similar groups of securities and any developments related to specific securities; however, when such prices are unavailable, such bonds will be valued using broker quotes. U.S. Treasury securities and other obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, are valued at representative quoted prices.

Foreign securities, including foreign government securities, not traded directly, or in American Depository Receipt (ADR) or similar form in the United States, are valued at representative quoted prices from the primary exchange in the currency of the country of origin.

Short-term investment securities, which mature in 60 days or less, are valued at amortized cost, which approximates market value. Short-term investment securities, which mature in more than 60 days are valued at representative quoted prices. The EQ/Money Market Portfolio values all short-term investment securities at amortized cost.

Futures contracts are valued at their last sale price or, if there is no sale, at the latest available bid price.

Forward foreign exchange contracts are valued by interpolating between the forward and spot currency rates as quoted by a pricing service as of a designated hour on the valuation date.

Other securities and assets for which market quotations are not readily available or for which valuation cannot be provided, are valued at fair value under the direction of the Trustees.

Investments in the EQ/Enterprise Moderate Allocation Portfolio are valued based on the net asset value per share of each underlying fund which follow the policies as described above.

Pursuant to procedures approved by the Trustees, events or circumstances affecting the values of portfolio securities that occur between the closing of their principal markets and the time the NAV is determined may be reflected, as by a method approved by the Trustees, in the Trust’s calculation of net asset values for each applicable Portfolio when the Trust’s Manager deems that the particular event or circumstance would materially affect such Portfolio’s net asset value.

Securities transactions are recorded on the trade date net of brokerage fees, commissions, and transfer fees. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Interest income (including amortization of premium and accretion of discount on long-term securities

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December 31, 2005

using the effective yield method) is accrued daily. The Trust records gains and losses realized on prepayments received on mortgage-backed securities in interest income.

Realized gains and losses on the sale of investments are computed on the basis of the identified cost of the investments sold. Unrealized appreciation (depreciation) on investments and foreign currency denominated assets and liabilities are presented net of deferred taxes on unrealized gains in the Statement of Assets and Liabilities.

Expenses attributable to a single Portfolio or class are charged to that Portfolio or class. Expenses of the Trust not attributable to a single Portfolio or class are charged to each Portfolio or class in proportion to the average net assets of each Portfolio or other appropriate allocation methods. All income earned and expenses incurred by each Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the daily net assets of such class, except for distribution fees which are charged on a class specific basis.

Foreign Currency Valuation:

The books and records of the Trust are kept in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at current exchange rates at the following dates:

(i) market value of investment securities, other assets and liabilities — at the valuation date.

(ii) purchases and sales of investment securities, income and expenses — at the date of such transactions.

The Portfolios do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on securities.

Net currency gains or losses realized and unrealized as a result of differences between interest or dividends, withholding taxes, security payables/receivables, forward foreign currency exchange contracts and foreign cash recorded on the Portfolio’s books and the U.S. dollar equivalent amount actually received or paid are presented under foreign currency transactions and foreign currency translations in the realized and unrealized gains and losses section, respectively, of the Statements of Operations. Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from forward foreign currency contracts, disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on a Portfolio’s books and the U.S. dollar equivalent of amounts actually received or paid.

Taxes:

The Trust intends to comply with the requirements of the Internal Revenue Code of 1986, as amended (“Code”) applicable to regulated investment companies and to distribute substantially all of its net investment income and net realized capital gains to shareholders of each Portfolio. Therefore, no Federal income tax provision is required. Dividends from net investment income are declared and distributed at least annually for all Portfolios. Dividends from net realized short-term and long-term capital gains are declared and distributed at least annually to the shareholders of the Portfolios to which such gains are attributable. All dividends are reinvested in additional full and fractional shares of the related Portfolios. All dividends are distributed on a tax basis and, as such, the amounts may differ from financial statement investment income and realized capital gains. Those differences are primarily due to differing book and tax treatments for forward foreign currency transactions, losses due to wash sales transactions, mark-to-market of forward contracts, mark-to-market of passive foreign investment companies, investments in Real Estate Investment Trusts, post-October losses, paydowns, mergers and Fund of Fund investments. In addition, short-term capital gains and foreign currency gains are treated as capital gains for accounting purposes but are considered ordinary income for tax purposes. Net capital and net currency losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Portfolio’s next taxable year.

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December 31, 2005

Permanent book and tax basis differences relating to shareholder distributions resulted in reclassifications to undistributed net investment income (loss), accumulated net realized gain (loss) and paid-in capital at December 31, 2005 as follows:


Portfolios:	Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)			Paid In Capital
EQ/Enterprise Moderate Allocation	$	1,688,330		$	(1,687,831	)	$	(499	)
EQ/Alliance Common Stock		787,717			—			(787,717	)
EQ/Alliance Growth and Income		8,038			(8,041	)		3
EQ/Alliance Intermediate Government Securities		1,030,463			(974,198	)		(56,265	)
EQ/Alliance International		5,301,024			(5,301,024	)		—
EQ/Alliance Large Cap Growth		4,101,618			—			(4,101,618	)
EQ/Alliance Quality Bond		1,276,606			(1,038,690	)		(237,916	)
EQ/Alliance Small Cap Growth		5,893,010			—			(5,893,010	)
EQ/Ariel Appreciation II		3,034			—			(3,034	)
EQ/Bear Stearns Small Company Growth		1,049,869			(1,049,869	)		—
EQ/Bernstein Diversified Value		355			(5,855	)		5,500
EQ/Boston Advisors Equity Income		—			5,187			(5,187	)
EQ/Calvert Socially Responsible		139,703			(327	)		(139,376	)
EQ/Capital Guardian Growth		221,615			(32,289	)		(189,326	)
EQ/Capital Guardian International		3,408,161			(3,408,161	)		—
EQ/Capital Guardian Research		393,765			(282,030	)		(111,735	)
EQ/Capital Guardian U.S. Equity		182,435			(182,435	)		—
EQ/Caywood-Scholl High-Yield Bond		37			(26,788	)		26,751
EQ/Equity 500 Index		(16,178	)		16,178			—
EQ/Evergreen International Bond		(89,797	)		111,845			(22,048	)
EQ/Evergreen Omega		180,617			(178,373	)		(2,244	)
EQ/FI Mid Cap		656,238			(656,237	)		(1	)
EQ/FI Mid Cap Value		661,869			(705,773	)		43,904
EQ/GAMCO Mergers and Acquisitions		69,913			(69,753	)		(160	)
EQ/GAMCO Small Company Value		(14,351	)		38,214			(23,863	)
EQ/Government Securities		68,141			(68,141	)		—
EQ/Intermediate Term Bond		2,265			(2,265	)		—
EQ/International Growth		278,260			(266,417	)		(11,843	)
EQ/Janus Large Cap Growth		273,995			—			(273,995	)
EQ/JPMorgan Core Bond		269,736			(269,736	)		—
EQ/JPMorgan Value Opportunities		(11,520	)		50,558			(39,038	)
EQ/Lazard Small Cap Value		(1,426,631	)		1,455,728			(29,097	)
EQ/Legg Mason Value Equity		6,603			666			(7,269	)
EQ/Long Term Bond		(1,858	)		1,858			—
EQ/Lord Abbett Growth and Income		3,764			—			(3,764	)
EQ/Lord Abbett Large Cap Core		4,839			(1,272	)		(3,567	)
EQ/Lord Abbett Mid Cap Value		10,168			—			(10,168	)

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December 31, 2005


Portfolios:	Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)			Paid In Capital
EQ/Marsico Focus	$	31,952		$	(20,850,497	)	$	20,818,545
EQ/Mercury Basic Value Equity		698,275			(701,353	)		3,078
EQ/Mercury International Value		5,157,762			(5,157,762	)		—
EQ/MFS Emerging Growth Companies		2,913,305			8,347			(2,921,652	)
EQ/MFS Investors Trust		(7,713	)		7,713			—
EQ/Money Market		—			—			—
EQ/Montag & Caldwell Growth		—			(81,762,555	)		81,762,555
EQ/PIMCO Real Return		292,519			(292,519	)		—
EQ/Short Duration Bond		38,063			(38,063	)		—
EQ/Small Company Index		(66,844	)		(184,116	)		250,960
EQ/TCW Equity		2,316,257			—			(2,316,257	)
EQ/UBS Growth and Income		—			—			—
EQ/Van Kampen Comstock		8,664			—			(8,664	)
EQ/Van Kampen Emerging Markets Equity		1,394,984			(1,394,984	)		—
EQ/Van Kampen Mid Cap Growth		44,347			(41,132	)		(3,215	)
EQ/Wells Fargo Montgomery Small Cap		60,004			(60,004	)		—

Net capital and net currency losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Portfolio’s next taxable year. For the period from November 1, 2005 to December 31, 2005, the Portfolios elected to defer until the first business day of 2006 for U.S. Federal income tax purposes net capital and net currency losses as stated below:


Portfolios:	Net Currency Loss		Net Capital Loss
EQ/Enterprise Moderate Allocation	$	—	$	—
EQ/Alliance Common Stock		—		—
EQ/Alliance Growth and Income		—		—
EQ/Alliance Intermediate Government Securities		—		3,937,316
EQ/Alliance International		386,477		—
EQ/Alliance Large Cap Growth		—		—
EQ/Alliance Quality Bond		700,367		6,693,558
EQ/Alliance Small Cap Growth		—		—
EQ/Ariel Appreciation II		—		—
EQ/Bear Stearns Small Company Growth		—		—
EQ/Bernstein Diversified Value		—		—
EQ/Boston Advisors Equity Income		—		—
EQ/Calvert Socially Responsible		—		—
EQ/Capital Guardian Growth		—		—
EQ/Capital Guardian International		93,776		—
EQ/Capital Guardian Research		—		—
EQ/Capital Guardian U.S. Equity		—		—
EQ/Caywood-Scholl High-Yield Bond		—		510,223
EQ/Equity 500 Index		—		3,910,866
EQ/Evergreen International Bond		32,051		5,621
EQ/Evergreen Omega		—		—

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December 31, 2005


Portfolios:	Net Currency Loss		Net Capital Loss
EQ/FI Mid Cap	$	7,168	$	—
EQ/FI Mid Cap Value		—		—
EQ/GAMCO Mergers and Acquisitions		—		—
EQ/GAMCO Small Company Value		—		—
EQ/Government Securities		—		266,323
EQ/Intermediate Term Bond		—		—
EQ/International Growth		23,270		9
EQ/Janus Large Cap Growth		—		—
EQ/JPMorgan Core Bond		—		5,114,835
EQ/JPMorgan Value Opportunities		—		—
EQ/Lazard Small Cap Value		—		—
EQ/Legg Mason Value Equity		220		450
EQ/Long Term Bond		—		1,057,176
EQ/Lord Abbett Growth and Income		—		—
EQ/Lord Abbett Large Cap Core		—		—
EQ/Lord Abbett Mid Cap Value		—		—
EQ/Marsico Focus		—		1,649,184
EQ/Mercury Basic Value Equity		—		—
EQ/Mercury International Value		279,732		—
EQ/MFS Emerging Growth Companies		1,206		—
EQ/MFS Investors Trust		700		—
EQ/Money Market		—		—
EQ/Montag & Caldwell Growth		—		—
EQ/PIMCO Real Return		—		87,877
EQ/Short Duration Bond		—		402,359
EQ/Small Company Index		—		—
EQ/TCW Equity		—		—
EQ/UBS Growth and Income		—		—
EQ/Van Kampen Comstock		—		—
EQ/Van Kampen Emerging Markets Equity		1,489,129		—
EQ/Van Kampen Mid Cap Growth		—		—
EQ/Wells Fargo Montgomery Small Cap		—		17,056

Fees Paid Indirectly:

For all Portfolios, the Trustees have approved the payment of certain Trust expenses using brokerage recapture arrangements. These payments are reflected in the Statements of Operations. For the year ended December 31, 2005, several Portfolios reduced expenses under these arrangements as follows:


Portfolios:	Amount
EQ/Enterprise Moderate Allocation	$	577,108
EQ/Alliance Common Stock		1,563,878
EQ/Alliance Growth and Income		871,455
EQ/Alliance International		143,592
EQ/Alliance Large Cap Growth		342,284
EQ/Alliance Small Cap Growth		459,978

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December 31, 2005


Portfolios:	Amount
EQ/Bear Stearns Small Company Growth	$	3,478
EQ/Bernstein Diversified Value		1,892,016
EQ/Boston Advisors Equity Income (1)		35,219
EQ/Calvert Socially Responsible (2)		9,530
EQ/Capital Guardian Growth		20,471
EQ/Capital Guardian International		143,238
EQ/Capital Guardian Research (3)		78,801
EQ/Capital Guardian U.S. Equity		105,513
EQ/Caywood-Scholl High-Yield Bond		1,553
EQ/Evergreen Omega		347,457
EQ/FI Mid Cap		621,056
EQ/FI Mid Cap Value		313,544
EQ/GAMCO Mergers and Acquisitions		13,035
EQ/GAMCO Small Company Value		63,164
EQ/International Growth		95,982
EQ/Janus Large Cap Growth		48,202
EQ/JPMorgan Value Opportunities		11,886
EQ/Lazard Small Cap Value		1,313,365
EQ/Legg Mason Value Equity		860
EQ/Lord Abbett Growth and Income		2,466
EQ/Lord Abbett Large Cap Core		1,133
EQ/Lord Abbett Mid Cap Value		13,246
EQ/Marsico Focus (4)		315,818
EQ/Mercury Basic Value Equity (5)		285,863
EQ/MFS Emerging Growth Companies		308,410
EQ/MFS Investors Trust		43,983
EQ/Montag & Caldwell Growth (6)		86,385
EQ/TCW Equity		5,889
EQ/UBS Growth and Income		21,537
EQ/Van Kampen Comstock		3,529
EQ/Van Kampen Emerging Markets Equity		169,224
EQ/Van Kampen Mid Cap Growth		4,180
EQ/Wells Fargo Montgomery Small Cap		13,687

(1)	A portion of the amount received via substitution with EQ/MONY Equity Income Portfolio.

(2)	A portion of the amount received via substitution with EQ/Enterprise Global Socially Responsive Portfolio.

(3)	A portion of the amount received via substitution with EQ/MONY Diversified Portfolio and EQ/MONY Equity Growth Portfolio.

(4)	A portion of the amount received via substitution with EQ/Enterprise Capital Appreciation Portfolio.

(5)	A portion of the amount received via substitution with EQ/Enterprise Deep Value Portfolio.

(6)	A portion of the amount received via substitution with EQ/Enterprise Multi-Cap Growth Portfolio.

Securities Lending:

For all Portfolios, the Trustees have approved the lending of portfolio securities, through its custodian bank, The JPMorgan Chase Bank (“JPMorgan”), acting as lending agent to certain approved broker-dealers, in exchange for negotiated lenders’ fees. By lending investment securities, a Portfolio attempts to increase its net investment income through the receipt of interest on the cash equivalents held as collateral on the loan. Any gain or loss in the market price of the securities loaned that might occur and

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NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2005

any interest earned or dividends declared during the term of the loan would be for the account of the Portfolio. Risks of delay in recovery of the securities or even loss of rights in the collateral may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. Any such loan of Portfolio securities will be continuously secured by collateral in cash or high grade debt securities at least equal at all times to the market value of the security loaned. JPMorgan will indemnify each Portfolio from any loss resulting from a borrower’s failure to return a loaned security when due. JPMorgan invests the cash collateral on behalf of the Portfolios and retains a portion of the interest earned. The net amount of interest earned, after the interest rebate, is included in the Statements of Operations as securities lending income. At December 31, 2005, the cash collateral received by each Portfolio for securities loaned was invested by JPMorgan and is summarized in the Portfolio of Investments. Each Portfolio has an individual interest equal to the amount of cash collateral contributed.

Repurchase Agreements:

Certain Portfolios may enter into repurchase agreements with qualified and Manager-approved banks, broker-dealers or other financial institutions as a means of earning a fixed rate of return on their cash reserves for periods as short as overnight. A repurchase agreement is a contract pursuant to which a Portfolio, against receipt of securities of at least equal value including accrued interest, agrees to advance a specified sum to the financial institution which agrees to reacquire the securities at a mutually agreed upon time (usually one day) and price. Each repurchase agreement entered into by a Portfolio will provide that the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest. A Portfolio’s right to liquidate such securities in the event of a default by the seller could involve certain costs, losses or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase are less than the repurchase price, the Portfolio could suffer a loss.

Options Written:

Certain Portfolios may write (sell) covered options as a hedge to provide protection against adverse movements in the price of securities in the Portfolio or to enhance investment performance. Certain Portfolios may purchase and sell exchange traded options on foreign currencies. When a Portfolio writes an option, an amount equal to the premium received by the Portfolio is recorded as a liability and is subsequently adjusted on a daily basis to the current market price of the option written. Premiums received from writing options that expire unexercised, are recognized as gains on the expiration date. Premiums received from writing options that are exercised or are canceled in closing purchase transactions are offset against the cost of any securities purchased or added to the proceeds or netted against the amount paid on the transaction to determine the realized gain or loss. In writing options, a Portfolio must assume that the option may be exercised at any time prior to the expiration of its obligation as a writer, and that in such circumstances the net proceeds of the sale or cost of purchase of the underlying securities and currencies pursuant to the call or put option may be substantially below or above the prevailing market price. A Portfolio also has the additional risk of not being able to enter into a closing purchase transaction if a liquid secondary market does not exist and bears the risk of unfavorable changes in the price of the financial instruments underlying the options.

Short Sales Against the Box:

Certain Portfolios may enter into a “short sale” of securities in circumstances in which, at the time the short position is open, the Portfolio owns at least an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into at least an equal number of securities sold short. This kind of short sale, which is referred to as one “against the box,” may be entered into by the Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately. The Portfolio will designate the segregation, either on its records or with the Trust’s custodian, of the securities sold short or convertible or exchangeable preferred stocks or debt securities sold in connection with short sales against the box. Liabilities for securities sold

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December 31, 2005

short are reported at market value in the financial statements. Such liabilities are subject to off-balance sheet risk to the extent of any future increases in market value of the securities sold short. The ultimate liability for securities sold short could exceed the liabilities recorded in the Statement of Assets and Liabilities. The Portfolio bears the risk of potential inability of the brokers to meet their obligation to perform.

Futures Contracts, Forward Commitments and Foreign Currency Exchange Contracts:

The futures contracts used by the Portfolios are agreements to buy or sell a financial instrument for a set price in the future. Certain Portfolios may buy or sell futures contracts for the purpose of protecting their portfolio securities against future changes in interest rates and indices which might adversely affect the value of the Portfolios’ securities or the price of securities that they intend to purchase at a later date. Initial margin deposits are made upon entering into futures contracts and can be in cash, certain money market instruments, treasury securities or other liquid, high grade debt securities. During the period the futures contracts are open, changes in the market price of the contracts are recognized as unrealized gains or losses by “marking-to-market” at the end of each trading day. Variation margin payments on futures contracts are received or made, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Portfolio’s basis in the contract. Should interest rates or indices move unexpectedly, the Portfolio may not achieve the anticipated benefits of the futures contracts and may incur a loss. The use of futures contracts transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Use of long futures contracts subjects the Portfolios to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Portfolios to unlimited risk of loss. The Portfolios enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction, therefore, the Portfolio’s credit risk is limited to failure of the exchange or board of trade.

Certain Portfolios may make contracts to purchase or sell securities for a fixed price at a future date beyond customary settlement time (“forward commitments”) if they designate the segregation, either on their records or with the Trust’s custodian, of cash or other liquid securities in an amount sufficient to meet the purchase price, or if they enter into offsetting contracts for the forward sale of other securities they own. These commitments are reported at market value in the financial statements. Forward commitments may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines or if the value of the security to be sold increases prior to the settlement date, which is risk in addition to the risk of decline in value of the Portfolio’s other assets. Where such purchases or sales are made through dealers, a Portfolio relies on the dealer to consummate the sale. The dealer’s failure to do so may result in the loss to a Portfolio of an advantageous yield or price. Market risk exists on these commitments to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. However, during the commitment period, these investments earn no interest or dividends.

Certain Portfolios may purchase foreign currency on a spot (or cash) basis. In addition, certain Portfolios may enter into contracts to purchase or sell foreign currencies at a future date (“forward contracts”). A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Daily fluctuations in the value of such contracts are recognized as unrealized appreciation or depreciation by “marking to market.” The gain or loss arising from the difference between the original contracts and the closing of such contracts is included in realized gains or losses from foreign currency transactions in the Statement of Operations. The Advisers may engage in these forward contracts to protect against uncertainty in the level of future exchange rates in connection with the purchase and sale of Portfolio securities (“transaction hedging”) and to protect the value of specific portfolio positions (“position hedging”). The Portfolios are subject to off-balance sheet risk to the extent of the value of the contracts for purchase of foreign currency and in an unlimited amount for sales of foreign currency.

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December 31, 2005

Swaps:

Certain Portfolios may invest in swap contracts, which are derivatives in the form of a contract or other similar instrument which is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The payment streams are calculated by reference to a specified index and agreed upon notional amount. A Portfolio will usually enter into swaps on a net basis, i.e., the two return streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with the Portfolio receiving or paying, as the case may be, only the net amount of the two returns. A Portfolio’s obligations under a swap agreement will be accrued daily (offset against any amounts owed to the Portfolio) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by designating the segregation, either on its records or with the Trust’s custodian, of cash or other liquid obligations. A Portfolio will not enter into any swap agreement unless the counterparty meets the rating requirements set forth in guidelines established by the Trust’s Board of Trustees. Swap agreements are stated at market value on the Statement of Assets and Liabilities. Swaps are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as unrealized appreciation or depreciation in the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or termination of swap agreements. Notional principal amounts are used to express the extent of involvement in these transactions, but the amount potentially subject to credit risk is much smaller. None of the Portfolios had swap contracts outstanding at December 31, 2005.

Dollar Roll Transactions:

Certain Portfolios may enter into dollar roll transactions with financial institutions to take advantage of opportunities in the mortgage market. A dollar roll transaction involves a sale by a Portfolio of securities with a simultaneous agreement to repurchase substantially similar securities at an agreed-upon price at a future date. The securities repurchased will bear the same interest rates as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories. Dollar roll transactions involve the risk that the market value of the securities sold by the Portfolio may decline below the repurchase price of the similar securities. None of the Portfolios had dollar roll transactions outstanding at December 31, 2005.

Market and Credit Risk:

Written options, futures contracts, forward commitments, forward foreign currency exchange contracts and swaps involve elements of both market and credit risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The risk involved in writing an option on a security is that, if the option is exercised, the underlying security is then purchased or sold by the Portfolio at the contract price, which could be disadvantageous relative to the market price. The Portfolio bears the market risk, which arises from any changes in security values. The credit risk for futures contracts and exchange traded options is limited to failure of the exchange or board of trade which acts as the counterparty to the Portfolio’s futures transactions. Forward commitments, forward foreign currency exchange contracts, over-the-counter options and swaps are executed directly with the counterparty and not through an exchange and can be terminated only by agreement of both parties to such contracts. With respect to such transactions there is no daily margin settlement and the Portfolio is exposed to the risk of default by the counterparty.

Note 2

Management of the Trust

The Trust has entered into two separate investment management agreements (the “Management Agreements”) with AXA Equitable (the “Manager”). 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 investment sub-advisers (“Advisers”) to manage the investment operations and composition of each and every Portfolio; (iii) monitor the Advisers’ investment programs and results; (iv) oversee compliance by the Trust with various federal and state statutes; and (v) carry out the directives of the Board of Trustees. For the year ended December 31, 2005, for its services under the Management Agreements, the Manager was entitled to receive an annual fee as

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December 31, 2005

a percentage of average daily net assets, for each of the following Portfolios, calculated daily and payable monthly as follows:


Portfolios:		Management Fee
EQ/Enterprise Moderate Allocation*		0.100% of average daily net assets
EQ/Bear Stearns Small Company Growth		1.000% of average daily net assets
EQ/Boston Advisors Equity Income		0.750% of average daily net assets
EQ/Caywood-Scholl High-Yield Bond		0.600% of average daily net assets
EQ/Equity 500 Index		0.250% of average daily net assets
EQ/GAMCO Mergers and Acquisitions		0.900% of average daily net assets
EQ/International Growth		0.850% of average daily net assets
EQ/Montag & Caldwell Growth		0.750% of average daily net assets
EQ/PIMCO Real Return		0.550% of average daily net assets
EQ/Short Duration Bond		0.450% of average daily net assets
EQ/Small Company Index		0.250% of average daily net assets
EQ/UBS Growth and Income		0.750% of average daily net assets

*	Effective September 12, 2005.


	(as a percentage of average daily net assets)
Portfolios:	First $400 Million		Next $400 Million		Thereafter
EQ/GAMCO Small Company Value	0.800	%	0.750	%	0.700	%
EQ/Government Securities	0.500	%	0.350	%	0.300	%
EQ/Intermediate Term Bond	0.500	%	0.350	%	0.300	%
EQ/Long Term Bond	0.500	%	0.350	%	0.300	%
EQ/TCW Equity	0.800	%	0.750	%	0.700	%


	(as a percentage of average daily net assets)
	First		Next		Next		Next
Portfolios:	$750 Million		$750 Million		$1 Billion		$2.5 Billion		Thereafter
EQ/Alliance Intermediate Government Securities	0.500	%	0.475	%	0.450	%	0.430	%	0.420	%
EQ/Alliance Quality Bond	0.525	%	0.500	%	0.475	%	0.455	%	0.445	%
EQ/Evergreen International Bond	0.700	%	0.675	%	0.650	%	0.630	%	0.620	%
EQ/JPMorgan Core Bond	0.450	%	0.425	%	0.400	%	0.380	%	0.370	%
EQ/Money Market**	0.350	%	0.325	%	0.280	%	0.270	%	0.250	%

**	Effective September 1, 2005.


	(as a percentage of average daily net assets)
Portfolios:	First $1 Billion		Next $1 Billion		Next $3 Billion		Next $5 Billion		Thereafter
EQ/Alliance Common Stock	0.550	%	0.500	%	0.475	%	0.450	%	0.425	%
EQ/Alliance Growth and Income	0.600	%	0.550	%	0.525	%	0.500	%	0.475	%
EQ/Alliance International	0.750	%	0.700	%	0.675	%	0.650	%	0.625	%
EQ/Alliance Large Cap Growth	0.900	%	0.850	%	0.825	%	0.800	%	0.775	%
EQ/Alliance Small Cap Growth	0.750	%	0.700	%	0.675	%	0.650	%	0.625	%
EQ/Ariel Appreciation II	0.750	%	0.700	%	0.675	%	0.650	%	0.625	%
EQ/Bernstein Diversified Value	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/Calvert Socially Responsible	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/Capital Guardian Growth	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/Capital Guardian International	0.850	%	0.800	%	0.775	%	0.750	%	0.725	%
EQ/Capital Guardian Research	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%

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NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2005


	(as a percentage of average daily net assets)
Portfolios:	First $1 Billion		Next $1 Billion		Next $3 Billion		Next $5 Billion		Thereafter
EQ/Capital Guardian U.S. Equity	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/Evergreen Omega	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/FI Mid Cap	0.700	%	0.650	%	0.625	%	0.600	%	0.575	%
EQ/FI Mid Cap Value	0.750	%	0.700	%	0.675	%	0.650	%	0.625	%
EQ/Janus Large Cap Growth	0.900	%	0.850	%	0.825	%	0.800	%	0.775	%
EQ/JPMorgan Value Opportunities	0.600	%	0.550	%	0.525	%	0.500	%	0.475	%
EQ/Lazard Small Cap Value	0.750	%	0.700	%	0.675	%	0.650	%	0.625	%
EQ/Legg Mason Value Equity	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/Lord Abbett Growth & Income	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/Lord Abbett Large Cap Core	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/Lord Abbett Mid Cap Value	0.700	%	0.650	%	0.625	%	0.600	%	0.575	%
EQ/Marsico Focus	0.900	%	0.850	%	0.825	%	0.800	%	0.775	%
EQ/Mercury Basic Value Equity	0.600	%	0.550	%	0.525	%	0.500	%	0.475	%
EQ/Mercury International Value	0.850	%	0.800	%	0.775	%	0.750	%	0.725	%
EQ/MFS Emerging Growth Companies	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/MFS Investors Trust	0.600	%	0.550	%	0.525	%	0.500	%	0.475	%
EQ/Van Kampen Comstock	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
EQ/Van Kampen Emerging Markets Equity	1.150	%	1.100	%	1.075	%	1.050	%	1.025	%
EQ/Van Kampen Mid Cap Growth	0.700	%	0.650	%	0.625	%	0.600	%	0.575	%
EQ/Wells Fargo Montgomery Small Cap	0.850	%	0.800	%	0.775	%	0.750	%	0.725	%

Prior to September 1, 2005, the EQ/Money Market Portfolio had a management fee as follows:


	(as a percentage of average daily net assets)
Portfolio:	First $750 Million		Next $750 Million		Next $1 Billion		Next $2.5 Billion		Thereafter
EQ/Money Market	0.350	%	0.325	%	0.300	%	0.280	%	0.270	%

Prior to September 12, 2005, the EQ/Enterprise Moderate Allocation Portfolio had a management fee as follows:


	(as a percentage of average daily net assets)
Portfolio:	First $400 Million		Next $400 Million		Thereafter
EQ/Enterprise Moderate Allocation Portfolio	0.800	%	0.750	%	0.700	%

On behalf of the Trust, the Manager has entered into investment advisory agreements (“Advisory Agreements”) with each of the Advisers. Each of the Advisory Agreements obligates the Advisers for the respective Portfolios to: (i) continuously furnish investment programs for the Portfolios; (ii) place all orders for the purchase and sale of investments for the Portfolios with brokers or dealers selected by the Manager or the respective Advisers; and (iii) perform certain limited related administrative functions in connection therewith. The Manager pays the expenses of providing investment advisory services to the Portfolios, including the fees of the Advisers of each Portfolio.

Note 3

Administrative Fees

AXA Equitable serves as Administrator to the Trust. As Administrator, AXA Equitable provides the Trust with necessary administrative, fund accounting, and compliance services. AXA Equitable may carry out its responsibilities either directly or through sub-contracting with third party providers. For these services, the Trust pays AXA Equitable an annual fee payable monthly per the following fee schedule:

Fixed Charge

$30,000 for each Portfolio, with the exception of EQ/Enterprise Moderate Allocation Portfolio, and for each portion of the Portfolio for which separate administrative services are provided, (e.g., portions of a Portfolio allocated to separate Advisers).

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December 31, 2005

Total Trust Average Net Asset Charge*

0.0400 of 1% on the first $3.0 billion

0.0300 of 1% on the next $3.0 billion

0.0250 of 1% on the next $4.0 billion

0.0225 of 1% in excess of $10.0 billion

*	With the exception of the EQ/Enterprise Moderate Allocation Portfolio.

The EQ/Enterprise Moderate Allocation Portfolio pays an annual rate of 0.15% of average daily net assets plus a fixed charge of $35,000.

Pursuant to a sub-administration arrangement with AXA Equitable, JPMorgan Investors Services Co. (“Sub-administrator”) provides the Trust with administrative services, including monitoring of portfolio compliance and portfolio accounting services.

Note 4

Custody Fees

The Trust has entered into a Custody Agreement with JPMorgan. The Custody Agreement provides for an annual fee based on the amount of assets under custody plus transaction charges. JPMorgan serves as custodian of the Trust’s portfolio securities and other assets. Under the terms of the Custody Agreement between the Trust and JPMorgan, JPMorgan maintains and deposits in separate accounts, cash, securities and other assets of the Portfolios. JPMorgan is also required, upon the order of the Trust, to deliver securities held by JPMorgan, and to make payments for securities purchased by the Trust. JPMorgan has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which portfolio securities purchased outside the United States are maintained in the custody of these entities.

Note 5

Distribution Plans

The Trust has entered into distribution agreements with AXA Advisors, LLC and AXA Distributors, LLC, both indirect wholly-owned subsidiaries of 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. The Trust’s Class IA shares are not subject to such fees.

Note 6

Expense Limitation

In the interest of limiting expenses of certain Portfolios, the Manager has entered into an expense limitation agreement with the Trust, with respect to such Portfolios (“Expense Limitation Agreement”), pursuant to which the Manager has agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses (excluding the 0.25% annual fee under the Trust’s Class IB Distribution Plan) of such Portfolios are limited to:

0.10% of average daily net assets of the

EQ/Enterprise Moderate Allocation Portfolio*

0.40% of average daily net assets of the

EQ/PIMCO Real Return Portfolio

EQ/Short Duration Bond Portfolio

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December 31, 2005

0.60% of average daily net assets of the

EQ/Caywood-Scholl High-Yield Bond Portfolio

EQ/JPMorgan Core Bond Portfolio**

EQ/Small Company Index Portfolio

0.70% of average daily net assets of the

EQ/Bernstein Diversified Value Portfolio

EQ/Capital Guardian Growth Portfolio

EQ/Capital Guardian Research Portfolio

EQ/Capital Guardian U.S. Equity Portfolio

EQ/Evergreen Omega Portfolio

EQ/JPMorgan Value Opportunities Portfolio

EQ/Mercury Basic Value Equity Portfolio

EQ/MFS Investors Trust Portfolio

0.75% of average daily net assets of the

EQ/FI Mid Cap Portfolio

EQ/Government Securities Portfolio

EQ/Intermediate Term Bond Portfolio

EQ/Legg Mason Value Equity Portfolio

EQ/Long Term Bond 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/Alliance Large Cap Growth Portfolio

EQ/Boston Advisors Equity Income Portfolio

EQ/Calvert Socially Responsible Portfolio

EQ/Lord Abbett Mid Cap Value Portfolio

EQ/UBS Growth and Income Portfolio

EQ/Van Kampen Mid Cap Growth Portfolio

0.85% of average daily net assets of the

EQ/Alliance International Portfolio

EQ/FI Mid Cap Value Portfolio

EQ/Lazard Small Cap Value Portfolio

0.90% of average daily net assets of the

EQ/Ariel Appreciation II Portfolio

EQ/Evergreen International Bond Portfolio

EQ/Janus Large Cap Growth Portfolio

EQ/Marsico Focus Portfolio

EQ/Montag & Caldwell Growth Portfolio

EQ/TCW Equity Portfolio

0.95% of average daily net assets of the

EQ/Capital Guardian International Portfolio

1.00% of average daily net assets of the

EQ/Mercury International Value Portfolio

1.05% of average daily net assets of the

EQ/Bear Stearns Small Company Growth Portfolio

EQ/GAMCO Small Company Value Portfolio

EQ/Wells Fargo Montgomery Small Cap Portfolio

1.20% of average daily net assets of the

EQ/GAMCO Mergers and Acquisitions Portfolio

1.30% of average daily net assets of the

EQ/International Growth Portfolio

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NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2005

1.55% of average daily net assets of the

EQ/Van Kampen Emerging Markets Equity Portfolio

*	Effective September 12, 2005. Prior to September 12, 2005, the limitation was 0.80%

**	Effective September 1, 2005. Prior to September 1, 2005, the limitation was 0.55%.

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 five fiscal years (prior three fiscal years for certain Portfolios, as indicated by a “†” in the following chart), provided such Portfolio has reached a sufficient asset size to permit such reimbursement to be made without causing the total annual expense ratio of each Portfolio to exceed the percentage limits mentioned above for the respective period. Consequently, no reimbursement by a Portfolio will be made unless: (i) the Portfolio’s total annual expense ratio is less than the respective percentages stated above for the respective period; and (ii) the payment of such reimbursement has been approved by the Trust’s Board of Trustees on a quarterly basis. Any reimbursement, called recoupment fees on the Statement of Operations, will be based on the earliest fees waived or assumed by the Manager. During the year ended December 31, 2005, the Manager received a total of $1,776,352 in reimbursement for all of the Portfolios within the Trust. At December 31, 2005, under the Expense Limitation Agreement, the amount that would be recoverable from each Portfolio is as follows:


Portfolios:	Amount Eligible through										Total Eligible for Reimbursement
Portfolios:	2006		2007		2008		2009		2010		Total Eligible for Reimbursement
EQ/Enterprise Moderate Allocation†	$	—	$	296,620	$	553,946	$	—	$	—	$	850,566
EQ/Alliance International†		158,051		154,912		41,633		—		—		354,596
EQ/Alliance Large Cap Growth†		483,298		1,062,486		1,596,129		—		—		3,141,913
EQ/Ariel Appreciation II†		—		—		84,650		—		—		84,650
EQ/Bear Stearns Small Company Growth†		—		53,919		88,923		—		—		142,842
EQ/Boston Advisors Equity Income†		—		56,744		96,394		—		—		153,138
EQ/Calvert Socially Responsible†		78,504		55,563		26,089		—		—		160,156
EQ/Capital Guardian Growth		118,237		168,223		184,296		101,921		93,401		666,078
EQ/Capital Guardian International†		233,863		283,075		354,344		—		—		871,282
EQ/Capital Guardian Research†		126,883		36,209		32,224		—		—		195,316
EQ/Capital Guardian U.S. Equity†		118,339		40,043		5,108		—		—		163,490
EQ/Caywood-Scholl High-Yield Bond†		—		87,447		146,764		—		—		234,211
EQ/Evergreen International Bond†		—		—		103,892		—		—		103,892
EQ/Evergreen Omega		94,038		104,124		106,256		91,070		84,888		480,376
EQ/FI Mid Cap†		160,967		133,611		2,336		—		—		296,914
EQ/GAMCO Mergers and Acquisitions†		—		50,928		51,833		—		—		102,761
EQ/Intermediate Term Bond†		—		10,209		15,635		—		—		25,844
EQ/Janus Large Cap Growth†		195,917		222,772		235,149		—		—		653,838
EQ/Legg Mason Value Equity†		—		—		83,988		—		—		83,988
EQ/Lord Abbett Growth and Income†		—		—		91,295		—		—		91,295
EQ/Lord Abbett Large Cap Core†		—		—		107,918		—		—		107,918
EQ/Lord Abbett Mid Cap Value†		—		—		84,564		—		—		84,564
EQ/Marsico Focus†		447,154		599,124		377,886		—		—		1,424,164
EQ/Mercury International Value		93,976		203,799		95,780		45,885		—		439,440

428

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2005


	Amount Eligible through										Total Eligible for Reimbursement
Portfolios:	2006		2007		2008		2009		2010		Total Eligible for Reimbursement
EQ/MFS Investors Trust	$	15,378	$	29,082	$	26,337	$	—	$	—	$	70,797
EQ/PIMCO Real Return†		—		125,842		331,851		—		—		457,693
EQ/Short Duration Bond†		—		62,932		455,540		—		—		518,472
EQ/UBS Growth and Income†		—		59,101		85,522		—		—		144,623
EQ/Van Kampen Comstock†		—		—		71,997		—		—		71,997
EQ/Van Kampen Mid Cap Growth†		—		—		85,445		—		—		85,445
EQ/Wells Fargo Montgomery Small Cap†		—		49,825		142,403		—		—		192,228

Note 7

Trustees Deferred Compensation Plan

A deferred compensation plan (the “Plan”) for the benefit of the Independent Trustees has been adopted by the Trust. Under the Plan, each Trustee may defer payment of all or part of the fees payable for such Trustee’s services. Each Trustee may defer payment of such fees until their retirement as a Trustee or until the earlier attainment of a specified age. Fees deferred under the Plan, together with accrued interest thereon, will be disbursed to a participating Trustee in monthly installments over a five to twenty year period elected by such Trustee. At December 31, 2005, the total amount deferred by the Trustees participating in the Plan was $1,228,064 for all the Portfolios within the Trust.

Note 8

Percentage of Ownership by Affiliated Portfolios

Shares of some of the Portfolios are held by the EQ/Enterprise Moderate Allocation Portfolio and the AXA Allocation Portfolios of the AXA Premier VIP Trust, an entity also advised by AXA Equitable. The following tables represent the percentage of ownership that each Allocation Portfolio and the EQ/ Enterprise Moderate Allocation Portfolio has in each respective underlying investment company’s net assets as of December 31, 2005.


Portfolios:	EQ/ Enterprise Moderate Allocation
AXA Premier VIP Aggressive Equity	0.74	%
AXA Premier VIP Core Bond	4.44
AXA Premier VIP High-Yield	1.24
AXA Premier VIP Large Cap Core Equity	7.49
AXA Premier VIP Large Cap Value	0.60
EQ/Alliance Quality Bond	3.49
EQ/Bernstein Diversified Value	2.17
EQ/Lazard Small Cap Value	2.03
EQ/Long Term Bond	3.49
EQ/Marsico Focus	1.79
EQ/Mercury Basic Value Equity	2.67
EQ/Short Duration Bond	5.27


Portfolios:	AXA Conservative Allocation		AXA Conservative- Plus Allocation		AXA Moderate Allocation		AXA Moderate- Plus Allocation		AXA Aggressive Allocation
EQ/Alliance Large Cap Growth	—	%	—	%	23.92	%	1.84	%	0.73	%
EQ/Alliance Quality Bond	0.62		1.02		53.15		5.30		0.40
EQ/Bernstein Diversified Value	0.73		2.10		16.62		10.68		3.37

429

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2005


Portfolios:	AXA Conservative Allocation		AXA Conservative- Plus Allocation		AXA Moderate Allocation		AXA Moderate- Plus Allocation		AXA Aggressive Allocation
EQ/Capital Guardian International	—	%	—	%	—	%	10.87	%	1.66	%
EQ/Lazard Small Cap Value	—		0.75		13.22		10.75		3.92
EQ/Long Term Bond	4.49		7.32		40.28		20.61		—
EQ/Marsico Focus	0.40		2.30		17.76		10.06		3.43
EQ/Mercury Basic Value Equity	0.21		1.13		32.47		9.99		1.65
EQ/Mercury International Value	—		—		—		11.04		4.66
EQ/Money Market	—	#	—	#	—	#	—		—
EQ/Short Duration Bond	6.33		10.40		56.68		18.42		—
EQ/Van Kampen Emerging Markets Equity	—		—		—		8.95		2.55

#	Percentage of ownership is less than 0.005%.

Note 9

Substitution and Reorganization Transactions

After the close of business on July 7, 2005, EQ/Money Market Portfolio effected a stock 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 July 8, 2005, have been restated to give effect to the split.

After the close of business on September 9, 2005, EQ/Boston Advisors Equity Income Portfolio acquired the net assets of the EQ/MONY Equity Income Portfolio, an affiliate of the Trust, pursuant to a Plan of Reorganization and Termination (the “Plan”). For accounting purposes, this transaction is treated as a merger. The reorganization was accomplished by a tax-free exchange of 1,985,297 Class IA shares of EQ/Boston Advisors Equity Income Portfolio (valued at $12,860,653) for the Class IA shares of EQ/ MONY Equity Income Portfolio outstanding on September 9, 2005. EQ/MONY Equity Income Portfolio’s net assets at that date ($12,860,653), including $1,728,706 of unrealized appreciation, were combined with those of EQ/Boston Advisors Equity Income Portfolio.

After the close of business on September 9, 2005, EQ/Calvert Socially Responsible Portfolio acquired the net assets of the EQ/Enterprise Global Socially Responsive Portfolio, an affiliate of the Trust, pursuant to a Plan of Reorganization and Termination (the “Plan”). For accounting purposes, this transaction is treated as a merger. The reorganization was accomplished by a tax-free exchange of 618,305 Class IB shares of EQ/Calvert Socially Responsible Portfolio (valued at $5,062,169) for the Class IB shares of EQ/Enterprise Global Socially Responsive Portfolio outstanding on September 9, 2005. EQ/Enterprise Global Socially Responsive Portfolio’s net assets at that date ($5,062,169), including $642,062 of unrealized appreciation, were combined with those of EQ/Calvert Socially Responsible Portfolio.

After the close of business on September 9, 2005, EQ/Capital Guardian Research Portfolio acquired the net assets of the EQ/MONY Diversified Portfolio, an affiliate of the Trust, pursuant to a Plan of Reorganization and Termination (the “Plan”). For accounting purposes, this transaction is treated as a merger. The reorganization was accomplished by a tax-free exchange of 134,739 Class IA shares of EQ/Capital Guardian Research Portfolio (valued at $1,663,967) for the Class IA shares of EQ/MONY Diversified Portfolio outstanding on September 9, 2005. EQ/MONY Diversified Portfolio’s net assets at that date ($1,663,967), including $299,620 of unrealized appreciation, were combined with those of EQ/Capital Guardian Research Portfolio.

After the close of business on September 9, 2005, EQ/Capital Guardian Research Portfolio acquired the net assets of the EQ/MONY Equity Growth Portfolio, an affiliate of the Trust, pursuant to a Plan of

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EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2005

Reorganization and Termination (the “Plan”). For accounting purposes, this transaction is treated as a merger. The reorganization was accomplished by a tax-free exchange of 120,687 Class IA shares of EQ/Capital Guardian Research Portfolio (valued at $1,490,324) for the Class IA shares of EQ/MONY Equity Growth Portfolio outstanding on September 9, 2005. EQ/MONY Equity Growth Portfolio’s net assets at that date ($1,490,324), including $314,544 of unrealized appreciation, were combined with those of EQ/Capital Guardian Research Portfolio.

After the close of business on September 9, 2005, EQ/Marsico Focus Portfolio acquired the net assets of the EQ/Enterprise Capital Appreciation Portfolio, an affiliate of the Trust, pursuant to a Plan of Reorganization and Termination (the “Plan”). For accounting purposes, this transaction is treated as a merger. The reorganization was accomplished by a tax-free exchange of 3,503,828 Class IB shares of EQ/Marsico Focus Portfolio (valued at $53,180,009) for the Class IB shares of EQ/Enterprise Capital Appreciation Portfolio outstanding on September 9, 2005. EQ/Enterprise Capital Appreciation Portfolio’s net assets at that date ($53,180,009), including $16,144,915 of unrealized appreciation, were combined with those of EQ/Marsico Focus Portfolio.

After the close of business on September 9, 2005, EQ/Mercury Basic Value Equity Portfolio acquired the net assets of the EQ/Enterprise Deep Value Portfolio, an affiliate of the Trust, pursuant to a Plan of Reorganization and Termination (the “Plan”). For accounting purposes, this transaction is treated as a merger. The reorganization was accomplished by a tax-free exchange of 456,883 Class IB shares of EQ/Mercury Basic Value Equity Portfolio (valued at $7,099,624) for the Class IB shares of EQ/Enterprise Deep Value Portfolio outstanding on September 9, 2005. EQ/Enterprise Deep Value Portfolio’s net assets at that date ($7,099,624), including $1,042,255 of unrealized appreciation, were combined with those of EQ/Mercury Basic Value Equity Portfolio.

After the close of business on September 9, 2005, EQ/Money Market Portfolio acquired the net assets of the EQ/MONY Money Market Portfolio, an affiliate of the Trust, pursuant to a Plan of Reorganization and Termination (the “Plan”). For accounting purposes, this transaction is treated as a merger. The reorganization was accomplished by a tax-free exchange of 161,329,233 Class IA shares of EQ/Money Market Portfolio (valued at $161,341,435) for the Class IA shares of EQ/MONY Money Market Portfolio outstanding on September 9, 2005. EQ/MONY Money Market Portfolio’s net assets at that date ($ 161,341,435), were combined with those of EQ/Money Market Portfolio.

After the close of business on September 9, 2005, EQ/Montag & Caldwell Growth Portfolio acquired the net assets of the EQ/Enterprise Multi-Cap Growth Portfolio, an affiliate of the Trust, pursuant to a Plan of Reorganization and Termination (the “Plan”). For accounting purposes, this transaction is treated as a merger. The reorganization was accomplished by a tax-free exchange of 11,433,179 Class IB shares of EQ/Montag & Caldwell Growth Portfolio (valued at $58,877,533) for the Class IB shares of EQ/Enterprise Multi-Cap Growth Portfolio outstanding on September 9, 2005. EQ/Enterprise Multi-Cap Growth Portfolio’s net assets at that date ($58,877,533), including $5,736,092 of unrealized appreciation, were combined with those of EQ/Montag & Caldwell Growth.

After the close of business on September 9, 2005, EQ/Enterprise Managed Portfolio converted to a “fund of funds” structure and was renamed EQ/Enterprise Moderate Allocation Portfolio. Accordingly, the investment objective changed from one which seeks to achieve growth of capital over time to one which seeks long-term capital appreciation and current income.

Note 10

Subsequent Events

At a meeting held on November 30, 2005, the Trustees approved the following Management fee structure effective January 1, 2006:


	(as a percentage of average daily net assets)
Portfolios:	First $750 Million		Next $750 Million		Next $1 Billion		Next $2.5 Billion		Thereafter
EQ/Caywood Scholl High-Yield Bond	0.600	%	0.575	%	0.550	%	0.530	%	0.520	%

431

EQ ADVISORS TRUST

NOTES TO FINANCIAL STATEMENTS — (Concluded)

December 31, 2005


	(as a percentage of average daily net assets)
Portfolios:	First $750 Million		Next $750 Million		Next $1 Billion		Next $2.5 Billion		Thereafter
EQ/PIMCO Real Return	0.550	%	0.525	%	0.500	%	0.480	%	0.470	%
EQ/Short Duration Bond	0.450	%	0.425	%	0.400	%	0.380	%	0.370	%


	(as a percentage of average daily net assets)
Portfolios:	First $1 Billion		Next $1 Billion		Next $3 Billion		Next $5 Billion		Thereafter
EQ/Bear Stearns Small Company Growth	1.000	%	0.950	%	0.925	%	0.900	%	0.875	%
EQ/Boston Advisors Equity Income	0.750	%	0.700	%	0.675	%	0.650	%	0.625	%
EQ/GAMCO Mergers and Acquisitions	0.900	%	0.850	%	0.825	%	0.800	%	0.775	%
EQ/International Growth	0.850	%	0.800	%	0.775	%	0.750	%	0.725	%
EQ/Montag & Caldwell Growth	0.750	%	0.700	%	0.675	%	0.650	%	0.625	%
EQ/UBS Growth & Income	0.750	%	0.700	%	0.675	%	0.650	%	0.625	%

At a meeting held on November 30, 2005, the Trustees also approved the following Administrative fee structure effective May 1, 2006:

Fixed Charge

$30,000 for each Portfolio, and for each portion of the Portfolio for which separate administrative services are provided, (e.g., portions of a Portfolio allocated to separate Advisers).

Total Trust Average Net Asset Charge*

0.1200 of 1% on the first $3.0 billion

0.1100 of 1% on the next $3.0 billion

0.1050 of 1% on the next $4.0 billion

0.1000 of 1% on the next $20.0 billion

0.9750 of 1% in excess of $30.0 billion

*	With the exception of the EQ/Enterprise Moderate Allocation Portfolio.

432

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of

EQ Advisors Trust:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the 53 portfolios constituting the EQ Advisors Trust (hereinafter referred to as the “Portfolios”) at December 31, 2005, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Portfolios’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian, brokers, and the transfer agent provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, NY

February 14, 2006

433

APPROVALS OF INVESTMENT MANAGEMENT AND INVESTMENT ADVISORY AGREEMENTS DURING THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2005 (UNAUDITED)

During the six-month period ended December 31, 2005, the Board of Trustees, including the Independent Trustees, unanimously approved or renewed, as applicable, the Investment Management Agreement (the “Management Agreement”) with AXA Equitable (the “Manager”) and the Investment Advisory Agreement (each, an “Advisory Agreement”) between the Manager and each investment sub-adviser (the “Adviser”) as shown in the table below with respect to the Portfolio(s) listed.


Portfolios		Agreements Approved by the Trust’s Board of Trustees with respect to the Portfolio(s)
EQ/Alliance Common Stock EQ/Alliance Growth and Income EQ/Alliance International EQ/Alliance Intermediate Government Securities EQ/Alliance Large Cap Growth EQ/Alliance Small Cap Growth EQ/Alliance Quality Bond EQ/Bernstein Diversified Value EQ/Equity 500 Index EQ/Small Company Index		Management Agreement with AXA Equitable Advisory Agreement with Alliance Capital Management L.P.

EQ/Lazard Small Cap Value		Advisory Agreement with Lazard Asset Management LLC (“Lazard”), effective as of May 5, 2005.

EQ/Bear Stearns Small Company Growth*		Management Agreement with AXA Equitable.

EQ/Boston Advisors Equity Income		Management Agreement with AXA Equitable Advisory Agreement with Boston Advisors, Inc.

EQ/Government Securities EQ/Intermediate Term Bond EQ/Long Term Bond EQ/Short Duration Bond		Management Agreement with AXA Equitable Advisory Agreement with Mercury Advisors

EQ/Calvert Socially Responsible**		Management Agreement with AXA Equitable Advisory Agreement with Calvert Asset Management Company, Inc.

EQ/Capital Guardian Growth***		Management Agreement with AXA Equitable

EQ/Capital Guardian International		Management Agreement with AXA Equitable

EQ/Capital Guardian Research EQ/Capital Guardian U.S. Equity		Advisory Agreement with Capital Guardian Trust Company

EQ/Caywood-Scholl High-Yield Bond		Management Agreement with AXA Equitable Advisory Agreement with Caywood-Scholl Capital Management

EQ/Enterprise Moderate Allocation		Management Agreement with AXA Equitable

EQ/Evergreen Omega EQ/Evergreen International Bond		Management Agreement with AXA Equitable Advisory Agreement with Evergreen Investment Management Company, LLC

EQ/FI Mid Cap EQ/FI Mid Cap Value		Management Agreement with AXA Equitable Advisory Agreement with Fidelity Management & Research Company

EQ/GAMCO Mergers and Acquisitions EQ/GAMCO Small Company Value		Management Agreement with AXA Equitable Advisory Agreement with GAMCO Investors, Inc.

434


Portfolios		Agreements Approved by the Trust’s Board of Trustees with respect to the Portfolio(s)

EQ/Janus Large Cap Growth		Management Agreement with AXA Equitable Advisory Agreement with Janus Capital Management LLC

EQ/JPMorgan Core Bond		Management Agreement with AXA Equitable Advisory Agreement with J. P. Morgan Investment Management Inc.

EQ/JPMorgan Value Opportunities****		Management Agreement with AXA Equitable

EQ/Lazard Small Cap Value		Management Agreement with AXA Equitable Advisory Agreement with Lazard Asset Management LLC

EQ/Legg Mason Value Equity		Management Agreement with AXA Equitable Advisory Agreement with Legg Mason Capital Management, Inc.

EQ/Marsico Focus		Management Agreement with AXA Equitable Advisory Agreement with Marsico Capital Management LLC

EQ/Mercury Basic Value Equity		Management Agreement with AXA Equitable Advisory Agreement with Fund Asset Management dba Mercury Advisors

EQ/Mercury International Value		Management Agreement with AXA Equitable Advisory Agreement with Merrill Lynch Investment Managers International Limited

EQ/MFS Emerging Growth Companies		Management Agreement with AXA Equitable Advisory Agreement with MFS Investment Management
EQ/MFS Investors Trust
EQ/International Growth

EQ/Money Market*****		Management Agreement with AXA Equitable

EQ/Montag & Caldwell Growth		Management Agreement with AXA Equitable Advisory Agreement with Montag & Caldwell, Inc.

EQ/Van Kampen Emerging Markets Equity		Management Agreement with AXA Equitable Advisory Agreement with Morgan Stanley Investment Management

EQ/PIMCO Real Return		Management Agreement with AXA Equitable Advisory Agreement with Pacific Investment Management Company, LLC

EQ/TCW Equity		Management Agreement with AXA Equitable Advisory Agreement with TCW Investment Management Company

EQ/UBS Growth and Income		Management Agreement with AXA Equitable Advisory Agreement with UBS Global Asset Management (Americas) Inc.

EQ/Wells Fargo Montgomery Small Cap		Management Agreement with AXA Equitable Advisory Agreement with Wells Capital Management Inc.

Bear Stearns Asset Management Inc. serves as the Adviser to this Portfolio. Its investment advisory agreement with respect to this Portfolio is not included in the table because the Board was not required to take any action with respect to that agreement during the six-month period ended December 31, 2005.

Bridgeway Capital Management, Inc. also serves as a subadviser to this Portfolio. Its investment advisory agreement with respect to this Portfolio is not included in the table because the Board was not required to take any action with respect to that agreement during the six-month period ended December 31, 2005.

***

Capital Guardian Trust Company serves as the Adviser to this Portfolio. Its investment advisory agreement with respect to this Portfolio is not included in the table because the Board was not required to take any action with respect to that agreement during the six-month period ended December 31, 2005.

435

****

J.P. Morgan Investment Management Inc. serves as the Adviser to this Portfolio. Its investment advisory agreement with respect to this Portfolio is not included in the table because the Board was not required to take any action with respect to that agreement during the six-month period ended December 31, 2005.

*****

The Dreyfus Corporation, Inc. serves as the Adviser to this Portfolio. Its investment advisory agreement with respect to this Portfolio is not included in the table because the Board was not required to take any action with respect to that agreement during the six-month period ended December 31, 2005.

In approving the Management Agreement and each of the Advisory Agreements (collectively, the “Agreements”), the Board considered the overall fairness of the Agreement and whether the Agreement was in the best interest of the affected Portfolio. In this connection, the Board considered factors it deemed relevant with respect to each Portfolio, including, as applicable: (1) the nature, extent and quality of the services provided to the Portfolio by the Manager, the Adviser and their respective affiliates; (2) the performance of the Portfolio (or, in the case of a new Adviser, the performance of comparable accounts) as compared to an appropriate benchmark and peer group; (3) the level of the Portfolio’s management and Adviser’s advisory fees; (4) the costs of the services provided and profits realized by the Manager and, to the extent information was available, the Adviser and their respective affiliates from the relationship with the Portfolio; and (5) the anticipated effect of growth and size on the Portfolio’s performance and expenses. In considering each Agreement, the Board did not identify any single factor or item of information as all-important or controlling.

The Board deliberated the renewal or approval of the Portfolios at different meetings throughout the period. In connection with its deliberations, the Board, among other things, received information, in advance of each meeting at which the approvals and renewals were made, from the Manager and each Adviser regarding the factors set forth above and met with senior representatives of the Manager to discuss the Agreements. In that connection, the Board received and primarily considered the most current information available at the time of the meeting (as noted with respect to each Portfolio below) and also took into account the totality of the performance, fee, expense and other information regarding each Portfolio provided to them on a periodic basis throughout the year. The Independent Trustees were assisted by independent counsel during their deliberations and received materials discussing the legal standards applicable to their consideration of the Agreements.

The Board, in examining the nature, extent and quality of the services provided by the Manager and each Adviser to the Portfolios, considered the Manager’s and each Adviser’s experience in serving as an investment adviser for the Trust and accounts comparable to the Portfolios they advise. The Board noted the responsibilities of the Manager to the Trust and the Portfolios. In particular, with respect to the Manager, the Board considered that the Manager is responsible for the selection and monitoring of sub-advisers for the Portfolios, oversight of compliance with Portfolio policies and objectives, and implementation of Board directives as they relate to the Portfolios. With respect to the EQ/Enterprise Moderate Allocation Portfolio, the Board also received information regarding the Manager’s investment process and the qualifications and experience of each of the Manager’s portfolio managers who provide services to the Portfolio. The Board also noted the responsibilities of each Adviser to the Portfolio it advises. In particular, the Board considered that each Adviser is responsible for making investment decisions on behalf of the Portfolio(s) it advises, placing all orders for the purchase and sale of investments for the Portfolio(s) it advises with brokers or dealers, and performing related administrative functions, such as proxy voting, valuations and recordkeeping. In addition, the Board reviewed requested information regarding each Adviser’s investment process and the background of each portfolio manager of each Adviser who provides services to the Portfolios.

As discussed further below with respect to each Portfolio, the Board also considered the short-, intermediate- and long-term performance of each Portfolio (or, in the case of a new Adviser, of comparable accounts) relative to its primary benchmark and peer group. The Board generally considered long-term performance to be more important in its evaluation than short-term performance.

The Board reviewed the fees payable under each Agreement. The Board examined the fees paid by each Portfolio in light of fees charged by the Manager to similar portfolios it manages and similar portfolios that are advised by other investment advisers that serve as underlying funds for variable insurance products. In evaluating the management fee schedules, the Board considered the quality and level of services

436

provided and the Manager’s responsibilities to each Portfolio. In this connection, the Board considered a report provided by Lipper Inc., an independent company, containing information regarding the management fee rate and the expense ratios for each Portfolio relative to the median and average management fee rates and expense ratios of its peer group, as discussed further below with respect to each Portfolio. The Board also considered that the management fee structure for each Portfolio (except for the EQ/ Equity 500 Index, EQ/Small Company Index and EQ/Enterprise Moderate Allocation Portfolios) either has or, in connection with the renewals described herein, was being revised to include, breakpoints, that is, a reduction of the applicable advisory fee rate as assets increase. The Board further considered that the Manager had undertaken contractual expense limitations with respect to certain Portfolios, which are subject to renewal by the Board and the Manager on an annual basis. The Board also considered that the EQ/Enterprise Moderate Allocation Portfolio invests in underlying portfolios managed by the Manager and that the Portfolio will bear the fees of such portfolios, which include management and administration fees paid to the Manager, and in certain instances, advisory fees paid by the Manager to its affiliates.

In addition, the Board evaluated, as applicable, the Manager’s and, to the extent information was available, each Adviser’s costs and profitability in providing services to the Portfolios, including the costs associated with the research and investment processes, personnel, systems and infrastructure necessary to perform its functions. The Board determined that the Manager’s management fee and profitability and each Portfolio’s overall expense ratios generally were more significant to the Board’s evaluation of the fees and expenses paid by the Portfolios than each Adviser’s costs and profitability.

As part of its evaluation of the Manager’s and each Adviser’s compensation, the Board also considered other benefits that may be realized by the Manager, the Adviser and each of their respective affiliates from their relationship with the Trust. In this connection, the Board noted, among other things, that AXA Equitable serves as the administrator for the Portfolios, receiving compensation for acting in this capacity, and is responsible for, among other things, coordinating the Trust’s audits, financial statements and tax returns and managing expenses and budgeting for the Trust. In addition, the Board recognized that one of the Manager’s affiliates, Alliance Capital Management, L.P., serves as an investment sub-adviser to certain Portfolios and, as such, receives advisory fees that are paid by the Manager out of the fees that it earns from the Trust. The Board also recognized that certain other affiliates of the Manager, AXA Advisors LLC and AXA Distributors LLC, serve as the underwriters for the Trust, and as such, receive Rule 12b-1 payments from the Portfolios with respect to their Class IB shares to compensate them for providing shareholder services and selling activities, which could lead to growth in the Trust’s assets and the corresponding benefits of that growth, including economies of scale. Further, the Board recognized that Sanford C. Bernstein & Co., LLC (“Bernstein”), which is a registered broker-dealer, is an affiliate of the Manager and from time to time may receive brokerage commissions from the Portfolios in connection with the purchase and sale of portfolio securities, provided, however, that those transactions, among other things, must be consistent with seeking best execution.

With respect to the Advisers, the Board noted that each Adviser, through its relationship as a sub-adviser to its Portfolio(s), may engage in soft dollar transactions. In this regard, the Board considered each Adviser’s procedures for executing portfolio transactions for its Portfolio(s) and each Adviser’s policies and procedures for the selection of brokers and dealers and for obtaining research from those brokers and dealers. The Board also noted that certain Advisers had discontinued or materially reduced the extent to which they engage in soft dollar transactions. In addition, the Board recognized that many Advisers to the Portfolios are affiliated with registered broker-dealers, which may from time to time receive brokerage commissions from the Portfolios in connection with the purchase and sale of portfolio securities, provided, however, that those transactions, among other things, must be consistent with seeking best execution. Finally, the Board recognized that affiliates of the Advisers may sell, and earn sales commissions from, insurance products, the proceeds of which are invested in the Portfolios.

The Board also considered conflicts of interest that may arise between the Trust and the Manager and the Advisers in connection with the services they provide to the Trust and the various relationships that they and their affiliates may have with the Trust. For example, actual or potential conflicts of interest may arise as a result of an Adviser having responsibility for multiple accounts (including the Portfolio(s) it advises), such as devotion of unequal time and attention to the management of the accounts, inability to allocate limited investment opportunities across accounts and incentive to allocate opportunities to an

437

account where the Adviser has a greater financial incentive, such as a performance fee account. Conflicts also may arise as a result of the Manager advising the EQ/Enterprise Moderate Allocation Portfolio, as its selection of underlying portfolios in which to invest may have a positive or negative effect on its revenues and/or profits. In this connection, the Board also took into consideration the manner in which such conflicts are addressed by the Manager and the Advisers.

Based on these considerations, the Board was satisfied, with respect to each Portfolio, that the Portfolio was reasonably likely to benefit from the nature, quality and extent of the Manager’s and the Adviser’s services. The Board also reached the determinations described below with respect to the Manager’s and each Adviser’s compensation, including any direct or indirect benefits derived by them and their respective affiliates, and performance with respect to each Portfolio. Based on the foregoing and the information described below, the Board, including the Independent Trustees, unanimously approved or renewed, as applicable, each Agreement with respect to the relevant Portfolio(s).

EQ/Alliance Common Stock Portfolio

With respect to the EQ/Alliance Common Stock Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the expense ratios of the Class IA and Class IB shares of the Portfolio are lower than the median expense ratio of its peer group; (3) the Portfolio had outperformed its benchmark for the one- and three-year periods ended December 31, 2004, and had generally comparable performance to its benchmark for the five- and ten-year periods ended on that date; and (4) the Portfolio had outperformed the average of its peer group for the one-, three-, five- and ten-year periods ended December 31, 2004.

EQ/Alliance Growth and Income Portfolio

With respect to the EQ/Alliance Growth and Income Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the expense ratios of the Class IA and Class IB shares of the Portfolio are lower than the median expense ratio of its peer group; (3) the Portfolio had outperformed the average of its peer group for the one-, three-, five- and ten-year periods ended December 31, 2004; and (4) the Portfolio had generally comparable performance to its benchmark for the five- and ten-year period ended December 31, 2004, but had underperformed its benchmark for the one- and three-year periods ended on that date.

EQ/Alliance International Portfolio

With respect to the EQ/Alliance International Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the expense ratios of the Class IA and Class IB shares of the Portfolio are lower than the median expense ratio of its peer group; (3) the Portfolio had outperformed its benchmark for the three-year period ended December 31, 2004, and had generally comparable performance to its benchmark for the one-, five-year and since inception (April 3, 1995) periods ended on that date; and (4) the Portfolio had outperformed, or had generally comparable performance to, the average of its peer group for the one-, three- and five-year periods ended December 31, 2004, but had underperformed its peer group for the since inception period ended on that date.

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EQ/Alliance Intermediate Government Securities Portfolio

With respect to the EQ/Alliance Intermediate Government Securities Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class IB shares of the Portfolio is slightly higher than the median for its peer group; and (3) the Portfolio’s performance generally was generally comparable to that of its benchmark and the average of its peer group for the one-, three-, five- and ten-year periods ended December 31, 2004.

EQ/Alliance Large Cap Growth Portfolio

With respect to the EQ/Alliance Large Cap Growth Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is higher than the median management fee rate of its peer group; (2) the expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class IB shares of the Portfolio is slightly higher than the median expense ratio of its peer group; (3) the Portfolio had outperformed, or had generally comparable performance to, its benchmark and the average of its peer group for the one-, five-year and since inception (May 1, 1999) periods ended December 31, 2004, but had underperformed its benchmark and peer group for the three-year period ended on that date; and (4) after extensive discussions over a significant period of time between the Manager and the Adviser regarding the Portfolio’s underperformance, the Adviser had replaced the portfolio manager for the Portfolio in May 2003 and the Portfolio’s performance had improved since that time.

EQ/Alliance Quality Bond Portfolio

With respect to the EQ/Alliance Quality Bond Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class IB shares of the Portfolio is slightly higher than the median expense ratio of its peer group; and (3) the Portfolio’s performance was generally comparable to that of its benchmark and the average of its peer group for the one-, three-, five- and ten-year periods ended December 31, 2004.

EQ/Alliance Small Cap Growth Portfolio

With respect to the Small Cap Growth Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the expense ratios of the Class IA and Class IB shares of the Portfolio are lower than the median expense ratio of its peer group; (3) the Portfolio had outperformed its benchmark for the five-year period ended December 31, 2004, and had generally comparable performance to its benchmark for the one-, three-year and since inception (May 1, 1997) periods ended on that date; and (4) the Portfolio had outperformed the average of its peer group for the one-, three- and five-year periods ended December 31, 2004, and had generally comparable performance to its peer group for the since inception period ended on that date.

EQ/Equity 500 Index Portfolio

With respect to the EQ/Equity 500 Index Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is comparable to the median management fee rate of its peer group; (2) the expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class IB shares of the Portfolio is slightly higher than the median expense ratio for the peer group; (3) the Portfolio had generally comparable performance to its benchmark for the one-, three-, five- and ten-year periods ended December 31, 2004; and (4) the Portfolio had outperformed the average of the Portfolio’s peer group for the one-, three- and five-year periods ended December 31, 2004 and had generally comparable performance to the average of the Portfolio’s peer group for the ten-year period ended on that date.

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EQ/Small Company Index Portfolio

With respect to the EQ/Small Company Index Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the expense ratios of the Class IA and Class IB shares of the Portfolio are lower than the median expense ratio of its peer group; (3) the Portfolio’s performance was generally comparable to that of its benchmark for the one-, three-, five-year and since inception (January 1, 1998) periods ended December 31, 2004; and (4) the Portfolio had outperformed the average of its peer group for the one- and three-year periods ended December 31, 2004, and had only slightly underperformed its peer group for the five-year and since inception periods ended on that date.

EQ/Ariel Appreciation II Portfolio

With respect to the EQ/Ariel Appreciation II Portfolio, the Board considered, among other things, that (1) the Portfolio is a newly established series of the Trust; (2) the management fee rate for the Portfolio is comparable to the median management fee rate of its peer group; (3) the estimated expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the estimated expense ratio of the Class IB shares of the Portfolio is slightly higher than the median expense ratio of its peer group; and (4) the similar portfolio advised by the Adviser (i) had outperformed the average of its peer group for the ten-year period ended June 30, 2005, had generally comparable performance for the five-year period ended on that date, and underperformed its peer group for the one- and three-year periods ended on that date; and (ii) had outperformed its benchmark for the ten-year period ended June 30, 2005 and had underperformed its benchmark for the one-, three- and five-year periods ended on that date.

EQ/Bear Stearns Small Company Growth Portfolio

With respect to the EQ/Bear Stearns Small Company Growth Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is higher than the median management fee rate of its peer group; (2) the Manager had agreed to amend its Agreement with respect to the Portfolio to modify its management fee schedule by adding breakpoints, however, the current effective management fee rate has not changed; (3) the expense ratio of the Class IA shares of the Portfolio is comparable to the median expense ratio of its peer group, while the expense ratio of the Class IB shares is higher than the median expense ratio of its peer group; (4) the Portfolio had outperformed the average of its peer group for the one-, five-year and since inception (December 1, 1998) periods ended September 30, 2005 and had generally comparable performance to its peer group for the three-year period ended on that date; (5) the Portfolio outperformed its benchmark for the one-, five-year and since inception periods ended September 30, 2005, but had underperformed its benchmark for the three-year period ended on that date; and (6) the Manager had recommended, and the Board had approved, the replacement of the Portfolio’s Adviser and the appointment of Bear Stearns Asset Management Inc. in December 2004.

EQ/Bernstein Diversified Value Portfolio

With respect to the EQ/Bernstein Diversified Value Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class IB shares of the Portfolio is slightly higher than the median expense ratio for the peer group; (3) the Portfolio had generally comparable performance to its benchmark for the three-, five-year and since inception (January 1, 1998) periods ended December 31, 2004, but had underperformed its benchmark for the one-year period ended on that date; and (4) the Portfolio had outperformed the average of its peer group for the one-, three-, five-year and since inception periods ended December 31, 2004.

EQ/Boston Advisors Equity Income Portfolio

With respect to the EQ/Boston Advisors Equity Income Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is comparable to the median management fee

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rate of its peer group; (2) the Manager had agreed to amend its Agreement with respect to the Portfolio to modify its management fee schedule by adding breakpoints, however, the current effective management fee rate has not changed; (3) the expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class IB shares is higher than the median expense ratio of its peer group; and (4) the Portfolio generally either outperformed, or had generally comparable performance to, its benchmark and the average of its peer group for the one-, three-, five-year and since inception (December 1, 1998) periods ended September 30, 2005; and (5) in connection with the sale of the Advest Group, Inc. a subsidiary of AXA Financial, Inc. and the parent company of Boston Advisors, Inc., the Portfolio’s Adviser was being acquired by Merrill Lynch & Co., Inc. and the personnel primarily responsible for day-to-day management of the Portfolio were expected to remain the same.

EQ/Government Securities Portfolio

With respect to the EQ/Government Securities Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the expense ratio of the Class IA shares of the Portfolio is comparable to the median expense ratio of its peer group; (3) the Portfolio’s performance was generally comparable to that of its benchmark and the average of its peer group for the one-, three-, five- and ten-year periods ended September 30, 2005; and (4) in connection with the sale of The Advest Group, Inc., a subsidiary of AXA Financial, Inc. and the parent company of Boston Advisors, Inc., the Portfolio’s Adviser was being changed from Boston Advisors, Inc. to Mercury Advisors, a subsidiary of Merrill Lynch & Co., Inc. Although the personnel primarily responsible for day-to-day management of the Portfolio were expected to remain the same, the Board will monitor the Portfolio closely.

EQ/Intermediate Term Bond Portfolio

With respect to the EQ/Intermediate Term Bond Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the expense ratios of the Class IA and Class IB shares of the Portfolio are higher than the median expense ratio of its peer group; (3) the Portfolio’s performance was generally comparable to that of its benchmark and the average of its peer group for the one-, three-, five- and ten-year periods ended September 30, 2005; and (4) in connection with the sale of The Advest Group, Inc., a subsidiary of AXA Financial, Inc. and the parent company of Boston Advisors, Inc., the Portfolio’s Adviser was being changed from Boston Advisors, Inc. to Mercury Advisors, a subsidiary of Merrill Lynch & Co., Inc. Although the personnel primarily responsible for day-to-day management of the Portfolio were expected to remain the same, the Board will monitor the Portfolio closely.

EQ/Long Term Bond Portfolio

With respect to the EQ/Long Term Bond Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class IB shares is higher than the median expense ratio of its peer group; (3) the Portfolio generally either outperformed, or had generally comparable performance to, its benchmark and the average of its peer group for the one-, three-, five- and ten-year periods ended September 30, 2005; and (4) in connection with the sale of The Advest Group, Inc., a subsidiary of AXA Financial, Inc. and the parent company of Boston Advisors, Inc., the Portfolio’s Adviser was being changed from Boston Advisors, Inc. to Mercury Advisors, a subsidiary of Merrill Lynch & Co., Inc., and the personnel primarily responsible for day-to-day management of the Portfolio were expected to remain the same.

EQ/Short Duration Bond Portfolio

With respect to the EQ/Short Duration Bond Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the Manager had agreed to amend its Agreement with respect to the Portfolio to modify its

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management fee schedule by adding breakpoints, however, the current effective management fee rate has not changed; (3) the expense ratios of the Class IA and Class IB shares of the Portfolio are lower than the median expense ratio of its peer group; (4) the Manager had proposed to cap expenses at a higher level; (5) although the Portfolio has a relative short operating history, it had generally comparable performance to its peer group and benchmark for the one-year and since inception (May 1, 2003) periods ended September 30, 2005; and (6) in connection with the sale of The Advest Group, Inc., a subsidiary of AXA Financial, Inc. and the parent company of Boston Advisors, Inc., the Portfolio’s Adviser was being changed from Boston Advisors, Inc. to Mercury Advisors, a subsidiary of Merrill Lynch & Co., Inc., and the personnel primarily responsible for day-to-day management of the Portfolio were expected to remain the same.

EQ/Capital Guardian International Portfolio

With respect to the EQ/Capital Guardian International Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is comparable to the median management fee rate of its peer group; (2) the expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class IB shares of the Portfolio is comparable to the median expense ratio of its peer group; and (3) the Portfolio had underperformed its benchmark and the average of its peer group for the one-, three- and five-year periods ended December 31, 2004, but had outperformed its benchmark, and had generally comparable performance to its peer group, for the since inception (May 1, 1999) period ended on that date.

EQ/Capital Guardian Research Portfolio

With respect to the EQ/Capital Guardian Research Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is slightly lower than the median management fee rate of its peer group; (2) the expense ratios of the Class IA and Class IB shares of the Portfolio are lower than the median expense ratio of its peer group; (3) the Portfolio had outperformed its benchmark for the one-, five-year and since inception (May 1, 1999) periods ended December 31, 2004, and had generally comparable performance to its benchmark for the three-year period ended on that date; and (4) the Portfolio had outperformed the average of its peer group for the one-, three-, five-year and since inception periods ended December 31, 2004.

EQ/Capital Guardian U.S. Equity Portfolio

With respect to the EQ/Capital Guardian U.S. Equity Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is slightly lower than the median management fee rate of its peer group; (2) the expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class IB shares of the Portfolio is slightly higher than the median expense ratio of the peer group; and (3) the Portfolio had outperformed its benchmark and the average of its peer group for the one-, three-, five-year and since inception (May 1, 1999) periods ended December 31, 2004.

EQ/Caywood-Scholl High-Yield Bond Portfolio

With respect to the EQ/Caywood-Scholl High-Yield Bond Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the Manager had agreed to amend its Agreement with respect to the Portfolio to modify its management fee schedule by adding breakpoints; (3) the expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class IB shares is comparable the median expense ratio of its peer group; (4) the Manager had proposed to cap expenses at a higher level; and (5) the Portfolio’s performance was generally comparable to that of its benchmark and the average of its peer group for the one-, three-, five- and ten-year periods ended September 30, 2005.

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EQ/Enterprise Moderate Allocation Portfolio

With respect to the EQ/Enterprise Moderate Allocation Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group and had been reduced in connection with the restructuring of the Portfolio as a “fund of funds” on September 9, 2005; (2) the expense ratios of the Class IA and Class IB shares of the Portfolio are lower than the median expense ratio of its peer group; (3) as a fund of funds, the Portfolio invests in underlying portfolios managed by the Manager and that the Portfolio will bear the fees of such portfolios, which include management and administration fees paid to the Manager, and in certain instances, advisory fees paid by the Manager to its affiliates; and (4) the similar portfolio advised by the Manager had outperformed its benchmark and the average of its peer group for the one-year and since inception (August 15, 2003) periods ended December 31, 2004.

EQ/Evergreen International Bond Portfolio

With respect to the EQ/Evergreen International Bond Portfolio, the Board considered, among other things, that (1) the Portfolio is a newly established series of the Trust; (2) the management fee rate for the Portfolio is comparable to the median management fee rate of its peer group; (3) the estimated expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the estimated expense ratio of the Class IB shares of the Portfolio is slightly higher than the median expense ratio of its peer group; and (4) the similar portfolio advised by the Adviser had outperformed its benchmark and the average of its peer group for the one-, three-, five- and ten-year periods ended June 30, 2005.

EQ/Evergreen Omega Portfolio

With respect to the EQ/Evergreen Omega Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the expense ratios of the Class IA and Class IB shares of the Portfolio are lower than the median expense ratio of its peer group; (3) the Portfolio had outperformed its benchmark for the one-, three-, five-year and since inception (January 1, 1999) periods ended December 31, 2004; and (4) the Portfolio had outperformed the average of its peer group for the three- and five-year periods ended December 31, 2004, and had generally comparable performance to its peer group for the one-year and since inception periods ended on that date.

EQ/GAMCO Mergers and Acquisitions Portfolio

With respect to the EQ/GAMCO Mergers and Acquisitions Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the Manager had agreed to amend its Agreement with respect to the Portfolio to modify its management fee schedule by adding breakpoints, however, the current effective management fee rate has not changed; (3) the expense ratios of the Class IA and Class IB shares of the Portfolio are lower than the median expense ratio of its peer group; (4) the Portfolio had underperformed its benchmark and the average of its peer group for the one-year and since inception (May 1, 2003) periods ended on September 30, 2005, but had recently improved such that it outperformed its benchmark and peer group for the year-to-date period ended October 31, 2005; and (5) the Portfolio has a unique investment strategy and thus does not have a specific competitive universe for the purposes of accurate performance comparisons with other portfolios.

EQ/GAMCO Small Company Value Portfolio

With respect to the EQ/GAMCO Small Company Value Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the expense ratio of the Class IB shares of the Portfolio is higher than the median expense ratio of its peer group; and (3) the Portfolio underperformed its benchmark and the average of its peer group for the three- and five-year periods ended September 30, 2005, but had outperformed, or had

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generally comparable performance to, its benchmark and the average of its peer group for the one- and ten-year periods ended on that date.

EQ/Janus Large Cap Growth Portfolio

With respect to the EQ/Janus Large Cap Growth Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is higher than the median management fee rate of its peer group; (2) the expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class IB shares of the Portfolio is higher than the median expense ratio of its peer group; and (3) the Portfolio generally either outperformed, or had generally comparable performance to, its benchmark and the average of its peer group for the one-, three-year and since inception (September 1, 2000) periods ended December 31, 2004.

EQ/JPMorgan Core Bond Portfolio

With respect to the EQ/JPMorgan Core Bond Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, and the expense ratio of the Class IB shares of the Portfolio is comparable to the median expense ratio of its peer group; and (3) the Portfolio’s performance was generally comparable to that of its benchmark and the average of its peer group for the one-, three-, five-year and since inception (January 1, 1998) periods ended December 31, 2004.

EQ/Legg Mason Value Equity Portfolio

With respect to the EQ/Legg Mason Value Equity Portfolio, the Board considered, among other things, that (1) the Portfolio was a newly established series of the Trust; (2) the management fee rate for the Portfolio is comparable to the median management fee rate of its peer group; (3) the estimated expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the estimated expense ratio of the Class IB shares of the Portfolio is slightly higher than the median expense ratio of its peer group; and (4) the similar portfolio advised by the Adviser (i) had outperformed the average of its peer group for the one-, three-, five- and ten-year periods ended June 30, 2005; and (ii) had outperformed its benchmark for the three-, five- and ten-year periods ended June 30, 2005, but had slightly underperformed its benchmark for the one-year period ended on that date.

EQ/Marsico Focus Portfolio

With respect to the EQ/Marsico Focus Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is higher than the median management fee rate of its peer group; (2) the expense ratio for the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio for the Class IB shares of the Portfolio is higher than the median expense ratio of its peer group; and (3) the Portfolio had outperformed its benchmark and the average of its peer group for the one-, three-year and since inception (August 31, 2001) periods ended December 31, 2004.

EQ/MFS Emerging Growth Companies Portfolio

With respect to the EQ/MFS Emerging Growth Companies Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the expense ratios of the Class IA and Class IB shares of the Portfolio are lower than the median expense ratio of its peer group; (3) the Portfolio had outperformed, or had generally comparable performance to, its benchmark for the one-, three-year and since inception (May 1, 1997) periods ended December 31, 2004, but had underperformed its benchmark for the five-year period ended on that date; and (4) the Portfolio had outperformed the average of its peer group for the one-year period ended December 31, 2004, but had underperformed its peer group for the three-, five-year and since inception periods ended on that date.

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EQ/MFS Investors Trust Portfolio

With respect to the EQ/MFS Investors Trust Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class IB shares of the Portfolio is comparable to the median expense ratio of its peer group; (3) the Portfolio had outperformed its benchmark for the one- and five-year periods ended December 31, 2004, and had generally comparable performance to its benchmark for the three-year and since inception (January 1, 1999) periods ended on that date; (4) the Portfolio had outperformed the average of its peer group for the one-, three- and five-year periods ended December 31, 2004, and had generally comparable performance to its peer group for the since inception period ended on that date; and (5) the portfolio manager for the Portfolio had recently retired and a new portfolio manager had taken over responsibility for the day-to-day management of the Portfolio. In that connection, the Board was monitoring the Portfolio’s performance in connection with the portfolio manager transition taking place.

EQ/Mercury Basic Value Equity Portfolio

With respect to the EQ/Mercury Basic Value Equity Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the expense ratios of the Class IA and Class IB shares of the Portfolio are lower than the median expense ratio of its peer group; (3) the Portfolio had outperformed its benchmark for the five-year and since inception (May 1, 1997) periods ended December 31, 2004, but had underperformed its benchmark for the one- and three-year periods ended on that date; and (4) the Portfolio had outperformed the average of its peer group for the three-, five-year and since inception periods ended on December 31, 2004, and had generally comparable performance to its peer group for the one-year period ended on that date.

EQ/Montag & Caldwell Growth Portfolio

With respect to the EQ/Montag & Caldwell Growth Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is comparable to the median management fee rate of its peer group; (2) the Manager had agreed to amend its Agreement with respect to the Portfolio to modify its management fee schedule by adding breakpoints, however, the current effective management fee rate has not changed; (3) the expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class IB shares is higher than the median expense ratio of its peer group; (4) the Portfolio had underperformed its benchmark for the three-year period ended September 30, 2005, but had outperformed, or had generally comparable performance to, its benchmark for the one-, five-year and since inception (December 1, 1998) periods ended on that date; and (5) the Portfolio had underperformed the average of its peer group for the one- and three-year periods ended September 30, 2005, but had outperformed or had generally comparable performance to its peer group for the five-year and since inception periods, respectively.

EQ/PIMCO Real Return Portfolio

With respect to the EQ/PIMCO Real Return Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is comparable to the median management fee rate of its peer group; (2) the Manager had agreed to amend its Agreement with respect to the Portfolio to modify its management fee schedule by adding breakpoints, however, the current effective management fee rate has not changed; (3) the expense ratios of the Class IA and Class IB shares of the Portfolio are lower than the median expense ratio of its peer group; (4) the Manager had proposed to cap expenses at a higher level; (5) the Portfolio had outperformed the average of its peer group for the one-, three-year and since inception (January 24, 2002) periods ended September 30, 2005; (6) the Portfolio had generally comparable performance to its benchmark for the one-, three-year and since inception periods ended September 30, 2005; and (7) the investment strategy of the Portfolio had changed from a “total return” strategy to a “real return” strategy in May 2005.

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EQ/TCW Equity Portfolio

With respect to the EQ/TCW Equity Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is higher than the median management fee rate of its peer group; (2) the expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class IB shares is higher than the median expense ratio of its peer group; (3) the Portfolio had underperformed the average of its peer group for the one-year period ended September 30, 2005, but had outperformed its peer group for the three-, five- and ten-year periods ended on that date; and (4) the Portfolio had outperformed, or had generally comparable performance to, its benchmark for the one-, three-, five- and ten-year periods ended on September 30, 2005.

EQ/Van Kampen Emerging Markets Equity Portfolio

With respect to the EQ/Van Kampen Emerging Markets Equity Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class IB shares of the Portfolio is higher than the median expense ratio of its peer group; and (3) the Portfolio’s performance was generally comparable to that of its benchmark and the average of its peer group for the one-, three-year and since inception (August 20, 1997) periods ended December 31, 2004.

EQ/UBS Growth and Income Portfolio

With respect to the EQ/UBS Growth and Income Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is higher than the median management fee rate of its peer group; (2) the Manager had agreed to amend its Agreement with respect to the Portfolio to modify its management fee schedule by adding breakpoints, however, the current effective management fee rate has not changed; (3) the expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class IB shares is higher than the median expense ratio of its peer group; and (4) the Portfolio had outperformed it benchmark and the average of its peer group for the one-, three-, five-year and since inception (December 1, 1998) periods ended September 30, 2005.

EQ/Wells Fargo Montgomery Small Cap Portfolio

With respect to the EQ/Wells Fargo Montgomery Small Cap Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is comparable to the median management fee rate of its peer group; (2) the expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class IB shares is higher than the median expense ratio of its peer group; (3) the Portfolio has a relatively short operating history; and (4) the Portfolio had outperformed its benchmark for the since inception period (October 1, 2004) ended July 31, 2005, but had underperformed the average of its peer group for the same period.

With respect to each of the following Portfolios, the Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. However, the Board generally was dissatisfied with the overall or some aspect of the performance of the following Portfolios and had been closely monitoring their performance and discussing with the Manager actions that could be taken to improve their performance. In this connection, the Board was satisfied that the Manager and/or the Adviser had taken reasonable steps to improve the performance of the Portfolios, including, in most cases, the replacement of an Adviser or a portfolio manager, as further noted below. With respect to the Portfolios for which a new Adviser was appointed, the Board noted that the performance of the new Adviser’s comparable accounts generally was reasonable in relation to the performance of the applicable benchmark and peer group. With respect to the Portfolios for which a new portfolio manager was appointed, the Board noted that the performance of the Portfolio generally had improved since the portfolio manager change. In each case, the Board was satisfied that the actions taken were reasonably likely to enhance the Portfolio’s performance over the long-term. In particular, the Board noted:

446

EQ/Calvert Socially Responsible Portfolio

With respect to the EQ/Calvert Socially Responsible Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class IB shares of the Portfolio is slightly higher than the median expense ratio of its peer group; (3) the Portfolio had underperformed its benchmark and the average of its peer group for the one-, three-, five-year and since inception (September 1, 1999) periods ended December 31, 2004; and (4) the Manager had recommended, and the Board had approved, the replacement of one of the Portfolio’s sub-advisers and the appointment of Bridgeway Capital Management, Inc. in June 2005.

EQ/Capital Guardian Growth Portfolio

With respect to the EQ/Capital Guardian Growth Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the expense ratios of the Class IA and Class IB shares of the Portfolio are lower than the median expense ratio of its peer group; (3) the Portfolio had underperformed the average of its peer group for the one-, five-year and since inception (May 1, 1997) periods ended December 31, 2004, and had generally comparable performance to its peer group for the three-year period ended on that date; (4) the Portfolio had generally comparable performance to its benchmark for the one-, three-, five-year and since inception periods ended December 31, 2004; and (5) the Manager had recommended, and the Board had approved, the replacement of the Portfolio’s Adviser and the appointment of Capital Guardian Trust Company in December 2004.

EQ/FI Mid Cap Portfolio

With respect to the EQ/FI Mid Cap Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the expense ratios of the Class IA and Class IB shares of the Portfolio are lower than the median expense ratio of its peer group; (3) the Portfolio had outperformed, or had generally comparable performance to, its benchmark and the average of its peer group for the one- and three-year periods ended December 31, 2004, but had underperformed its benchmark and peer group for the since inception (September 1, 2000) period ended on that date; and (4) the Adviser had replaced the portfolio manager for the Portfolio in June 2001.

EQ/FI Mid Cap Value Portfolio

With respect to the EQ/FI Mid Cap Value Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is slightly higher than the median management fee rate of its peer group; (2) the expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class IB shares of the Portfolio is slightly higher than the median expense ratio of its peer group; (3) the Portfolio had underperformed its benchmark and the average of its peer group for the one-, three-, five-year and since inception (May 1, 1997) periods ended December 31, 2004; and (4) the Adviser had replaced the portfolio manager for the Portfolio in December 2003.

EQ/JPMorgan Value Opportunities Portfolio

With respect to the EQ/JPMorgan Value Opportunities Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the expense ratios of the Class IA and Class IB shares of the Portfolio are lower than the median expense ratio of its peer group; (3) the Portfolio had underperformed its benchmark for the one-, three-, five-year and since inception (May 1, 1997) periods ended September 30, 2005; (4) the Portfolio had generally comparable performance to the average of its peer group for the one-, three-, five-year and since inception periods ended on that date; and (5) the Manager had recommended, and the Board had approved, the replacement of the Portfolio’s Adviser and the appointment of J.P. Morgan Investment Management in December 2004.

447

EQ/International Growth Portfolio

With respect to the EQ/International Growth Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the Manager had agreed to amend its Agreement with respect to the Portfolio to modify its management fee schedule by adding breakpoints; (3) the expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class IB shares is higher than the median expense ratio of its peer group; (4) the Portfolio had underperformed its benchmark and the average of its peer group for the one-, three-, five- and ten-year periods ended September 30, 2005; and (5) the Manager had recommended, and the Board had approved, the replacement of the Portfolio’s Adviser and the appointment of MFS Investment Management in July 2005.

EQ/Lazard Small Cap Value Portfolio

With respect to the EQ/Lazard Small Cap Value Portfolio, the Board considered, among other things, that (1) the management fee for the Portfolio is lower than the median management fee rate of its peer group; (2) the expense ratios of the Class IA and Class IB shares of the Portfolio are lower than the median expense ratio of its peer group; (3) the Portfolio generally had underperformed its benchmark and the average of its peer group for the one-, three-, five-year and since inception (January 1, 1998) periods ended December 31, 2004; and (4) the Portfolio’s performance relative to its benchmark and the average of its peer group generally had been unsatisfactory but had shown improvement in that the Portfolio’s performance was generally comparable to the performance of its benchmark and peer group for the year-to-date period ended May 31, 2005.

EQ/Mercury International Value Portfolio

With respect to the EQ/Mercury International Value Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is slightly higher than the median management fee rate of its peer group; (2) the expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class IB shares of the Portfolio is slightly higher than the median expense ratio of the peer group; (3) the Portfolio had outperformed its benchmark and the average of its peer group for the one-year and since inception (May 1, 1997) periods ended December 31, 2004, but had underperformed its benchmark and peer group for the three- and five-year periods ended on that date; and (4) the Adviser had replaced the portfolio manager for the Portfolio in December 2003.

EQ/Money Market Portfolio

With respect to the EQ/Money Market Portfolio, the Board considered, among other things, that (1) the management fee rate for the Portfolio is lower than the median management fee rate of its peer group; (2) the Manager had agreed to amend its Agreement with respect to the Portfolio to further reduce the management fee it receives from the Portfolio at certain asset levels, however, the current effective management fee rate has not changed; (3) the expense ratio of the Class IA shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class IB shares of the Portfolio is slightly higher than the median expense ratio for the peer group; (4) the Portfolio had outperformed, or had generally comparable performance to, the average of its peer group for the one-, three-, five- and ten-year periods ended September 30, 2005; (5) the Portfolio underperformed its benchmark for the one-, three-, five- and ten-year periods ended September 30, 2005; and (6) the Manager had recommended, and the Board had approved, the replacement of the Portfolio’s Adviser and the appointment of The Dreyfus Corporation, Inc. in June 2005.

448

Federal Income Tax Information (Unaudited)

For the year ended December 31, 2005, the percentage of dividends paid that qualify for the 70% dividends received deductions for corporate shareholders, foreign taxes which are expected to be passed through to shareholders for foreign tax credits, gross income derived from sources within foreign countries, and long-term capital gain dividends for the purpose of the dividend paid deduction on its Federal income tax return were as follows:


Portfolios	70% Dividend Received Deduction		Foreign Taxes		Foreign Source Income		Long Term Capital Gain
EQ/Alliance Common Stock	100.00	%	$	—	$	—	$	—
EQ/Alliance Growth and Income	100.00			—		—		88,294,537
EQ/Alliance Intermediate Government Securities	—			—		—		—
EQ/Alliance International	—			3,440,800		30,919,082		—
EQ/Alliance Large Cap Growth	—			—		—		—
EQ/Alliance Quality Bond	—			—		—		—
EQ/Alliance Small Cap Growth	—			—		—		—
EQ/Ariel Appreciation II	100.00			—		2,055		—
EQ/Bear Stearns Small Company Growth	5.86			—		—		—
EQ/Bernstein Diversified Value	100.00			—		—		64,313,036
EQ/Boston Advisors Equity Income	100.00			—		—		—
EQ/Calvert Socially Responsible	—			—		31,139		2,384,334
EQ/Capital Guardian Growth	100.00			—		—		—
EQ/Capital Guardian International	—			1,308,748		17,990,428		1,055,351
EQ/Capital Guardian Research	100.00			—		—		—
EQ/Capital Guardian U.S. Equity	100.00			—		—		55,833,867
EQ/Caywood-Scholl High-Yield Bond	—			—		—		—
EQ/Enterprise Moderate Allocation	40.91			—		—		—
EQ/Equity 500 Index	100.00			—		—		64,327,127
EQ/Evergreen International Bond	—			—		—		—
EQ/Evergreen Omega	100.00			—		—		5,733,766
EQ/FI Mid Cap	11.60			—		—		79,116,437
EQ/FI Mid Cap Value	27.20			—		—		105,150,766
EQ/GAMCO Mergers & Acquisitions	28.70			—		—		92,585
EQ/GAMCO Small Company Value	100.00			—		—		37,469,527
EQ/Government Securities	—			—		—		163,207
EQ/Intermediate Term Bond	—			—		—		810,439
EQ/International Growth	—			81,942		1,142,850		—
EQ/Janus Large Cap Growth	95.26			—		—		—
EQ/JPMorgan Core Bond	—			—		—		—
EQ/JPMorgan Value Opportunities	100.00			—		—		—
EQ/Lazard Small Cap Value	14.38			—		—		74,071,413
EQ/Legg Mason Value	100.00			—		—		—
EQ/Long Term Bond	—			—		—		4,115,924
EQ/Lord Abbett Growth & Income	98.87			—		—		—
EQ/Lord Abbett Large Cap Core	73.34			—		—		—
EQ/Lord Abbett Mid Cap Value	25.18			—		—		—
EQ/Marsico Focus	95.74			—		—		61,989,543
EQ/Mercury Basic Value Equity	88.03			—		—		115,277,471
EQ/Mercury International Value	—			999,691		33,044,977		—
EQ/MFS Emerging Growth Companies	—			—		—		—

449


Portfolios	70% Dividend Received Deduction		Foreign Taxes		Foreign Source Income		Long Term Capital Gain
EQ/MFS Investors Trust	98.54	%	$	—	$	—	$	—
EQ/Money Market	—			—		—		—
EQ/Montag & Caldwell Growth	100.00			—		—		—
EQ/PIMCO Real Return	—			—		—		135,394
EQ/Short Duration Bond	—			—		—		2,707
EQ/Small Company Index	69.73			—		—		24,217,101
EQ/TCW Equity	—			—		—		—
EQ/UBS Growth & Income	100.00			—		—		—
EQ/Van Kampen Comstock	31.31			—		—		—
EQ/Van Kampen Emerging Markets Equity	—			1,461,888		20,305,003		41,515,168
EQ/Van Kampen Mid Cap Growth	—			—		—		—
EQ/Wells Fargo Montgomery Small Cap	0.86			—		—		1,413

450

Proxy Vote Results (Unaudited)

On August 31, 2005, shareholders of the EQ/Enterprise Global Socially Responsive Portfolio voted to approve a Plan of Reorganization and Termination (the “Plan”) providing for the reorganization of the EQ/Enterprise Global Socially Responsive Portfolio into the EQ/Calvert Socially Responsible Portfolio.


For	Against	Abstained
355,184	21,170	48,495

On August 31, 2005, shareholders of the EQ/Enterprise Capital Appreciation Portfolio voted to approve a Plan of Reorganization and Termination (the “Plan”) providing for the reorganization of the EQ/Enterprise Capital Appreciation Portfolio into the EQ/Marsico Focus Portfolio.


For	Against	Abstained
6,701,755	331,844	379,592

On August 31, 2005, shareholders of the EQ/Enterprise Deep Value Portfolio voted to approve a Plan of Reorganization and Termination (the “Plan”) providing for the reorganization of the EQ/Enterprise Deep Value Portfolio into the EQ/Mercury Basic Value Equity Portfolio.


For	Against	Abstained
527,049	6,889	11,236

On August 31, 2005, shareholders of the EQ/Enterprise Multi-Cap Growth Portfolio voted to approve a Plan of Reorganization and Termination (the “Plan”) providing for the reorganization of the EQ/ Enterprise Multi-Cap Growth Portfolio into the EQ/Montag & Caldwell Growth Portfolio.


For	Against	Abstained
6,588,062	232,971	420,661

On August 31, 2005, shareholders of the EQ/MONY Diversified Portfolio voted to approve a Plan of Reorganization and Termination (the “Plan”) providing for the reorganization of the EQ/MONY Diversified Portfolio into the EQ/Capital Guardian Research Portfolio.


For	Against	Abstained
130,844	6,646	—

On August 31, 2005, shareholders of the EQ/MONY Equity Growth Portfolio voted to approve a Plan of Reorganization and Termination (the “Plan”) providing for the reorganization of the EQ/MONY Equity Growth Portfolio into the EQ/Capital Guardian Research Portfolio.


For	Against	Abstained
80,094	954	—

451

On August 31, 2005, shareholders of the EQ/MONY Equity Income Portfolio voted to approve a Plan of Reorganization and Termination (the “Plan”) providing for the reorganization of the EQ/MONY Equity Income Portfolio into the EQ/Boston Advisors Equity Income Portfolio.


For	Against	Abstained
597,559	7,064	143,832

On August 31, 2005, shareholders of the EQ/MONY Money Market Portfolio voted to approve a Plan of Reorganization and Termination (the “Plan”) providing for the reorganization of the EQ/MONY Money Market Portfolio into the EQ/Money Market Portfolio.


For	Against	Abstained
142,733,275	8,107,538	13,806,730

452

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 (47)	Trustee, Chairman, President and Chief Executive Officer	Trustee Chairman from September 2004 to present; Chief Executive Officer from December 2002 to present, President from December 2002 to present.	From July 1999 to present, Senior Vice President of AXA Financial. From July 1999 to present, Senior Vice President of AXA Financial; from September 2004 to present, President of AXA Financial’s Funds Management Group; since 2004, chairman and president of Enterprise Capital Management, Inc., co-chairman of Enterprise Funds Distributor, Inc. and a director of 1740 Advisers, Inc., MONY Asset Management Inc., MONY Financial Resources of the Americas Limited (Jamaica), MONY International Life Insurance Co. (Argentina), MONY Bank & Trust Company of the Americas Ltd. (Cayman Islands) and MONY Consultoria de Correlagem de Seguros Ltd. (Brazil).	101	None

James (Jamie) Shepherdson 1290 Avenue of the Americas New York, New York 10104 (50)	Trustee	From November 2005 to present	From August 2005 to present, Executive Vice President of AXA Financial and President of AXA Distributors. Prior to July 2005, he served as CEO of John Hancock Funds from 2002 to July 2005; prior thereto he served as Co-CEO of MetLife Investors Group, a subsidiary of MetLife from 2000 to 2002.	70

*	Affiliated with the Manager and Distributors.

**	Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

†	The registered investment companies in the fund complex include AXA Enterprise Funds Trust, AXA Premier VIP Trust, AXA Enterprise Multimanager Funds Trust, The Enterprise Group of Funds, Inc., and the Trust.

453


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 (66)	Trustee	From March 2000 to present	Retired. 1996, Vice-Chairman, Metropolitan Life Insurance Company; From 1993 to 1995, President and Chief Operating Officer Metropolitan Life Insurance Company.	70	From May 1994 to present, Director, Atlantic Bank of New York

Jettie M. Edwards c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York 10104 (59)	Trustee	From March 1997 to present	Retired. From 1986 to 2001, Partner and Consultant, Syrus Associates (business and marketing consulting firm).	70	From 1997 to present, Director, PBHG Funds; from 1997 to present, (15 portfolios) Director, PBHG Insurance Series Fund (8 portfolios).

David W. Fox c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York 10104 (74)	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.	70	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 (70)	Trustee	From March 1997 to present	From 1994 to present, President, W.M. Kearns & Co., Inc. (private investment company); from 2002 to present, Chairman and from 1998 to 2002, Vice Chairman, Keefe Managers, Inc. (money management firm)	70	From 1975 to present, Director, Selective Insurance Group, Inc.; from 1991 to present, Director, Transistor Devices, Inc. From 1999 to present, Advisory Director, Proudfoot PLC (N.A.) (consulting firm). From 2001 to present, Advisory Director, Gridley & Company LLC. From 2002 to present, Director, United States Shipping Corp.

Christopher P.A. Komisarjevsky c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York 10104 (60)	Trustee	From March 1997 to present	Retired. From 1998 to December 2004, President and Chief Executive Officer, Burson-Marsteller Worldwide (public relations). From 1996 to 1998, President and Chief Executive Officer, Burson-Marsteller U.S.A.	70	None

Harvey Rosenthal c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York 10104 (63)	Trustee	From March 1997 to present	From 1997 to present, Consultant/Director. From 1994 to 1996, President and Chief Operating Officer of CVS Corporation.	70	From 1997 to present, Director, LoJack Corporation

*	Affiliated with the Manager and Distributors.

**	Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

†	The registered investment companies in the fund complex include AXA Enterprise Funds Trust, AXA Premier VIP Trust, AXA Enterprise Multimanager Funds Trust, The Enterprise Group of Funds, Inc., and the Trust.

454


Name, Address and Age	Position(s) Held With Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Complex Overseen by Trustee†	Other Directorships Held by Trustee

Independent Trustees (Continued)

Gary S. Schpero c/o EQ Advisors Trust 1290 Avenue of the Americas New York, New York 10104 (52)	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.	70	None

*	Affiliated with the Manager and Distributors.

**	Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

†	The registered investment companies in the fund complex include AXA Enterprise Funds Trust, AXA Premier VIP Trust, AXA Enterprise Multimanager Funds Trust, The Enterprise Group of Funds, Inc., and the Trust.

455


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 (47)	Trustee, Chairman, President and Chief Executive Officer	Trustee and Chairman from September 2004 to present, Chief Executive Officer from December 2002 to present; President from December 2002 to present	From July 1999 to present, Senior Vice President of AXA Financial; from September 2004 to present, President of AXA Financial’s Funds Management Group; since 2004, Chairman and President of Enterprise Capital Management, Inc., Co-Chairman of Enterprise Funds Distributor, Inc. and 1740 Advisers, Inc., MONY Asset Management Inc., MONY Financial Resources of the Americas Limited (Jamaica), MONY International Life Insurance Co. (Argentina), MONY Bank & Trust Company of the Americas Ltd. (Cayman Islands) and MONY Consultoria de Correlagem de Seguros Ltd. (Brazil).

Patricia Louie, Esq. 1290 Avenue of the Americas, New York, New York 10104 (50)	Vice President, Secretary	From July 1999 to present	From May 2003 to present, Vice President and Associate General Counsel, AXA Financial and AXA Equitable; July 1999 to May 2003, Vice President and Counsel, AXA Financial and AXA Equitable.

Kenneth T. Kozlowski 1290 Avenue of the Americas, New York, New York 10104 (44)	Chief Financial Officer and Treasurer	From December 2002 to present	From February 2001 to present, Vice President, AXA Financial; from July 2004 to present, Director Enterprise Capital Management, Inc.; from December 1999 to December 2002, Controller of the Trust; from October 1999 to February 2001, Assistant Vice President, AXA Financial.

Mary E. Cantwell 1290 Avenue of the Americas, New York, New York 10104 (44)	Vice President	From July 1999 to present	From February 2001 to present, Vice President, AXA Financial; from July 2004 to present, a director of Enterprise Capital Management; from September 1997 to January 2001, Assistant Vice President, Office of Chief Investment Officer.

Kenneth B. Beitler 1290 Avenue of the Americas, New York, New York 10104 (47)	Vice President	From March 2002 to present	From February 2003 to present, Vice President of AXA Financial; from February 2002 to February 2003, Assistant Vice President of AXA Financial; from May 1999 to January 2002, Senior Investment Analyst of AXA Financial.

Brian E. Walsh 1290 Avenue of the Americas, New York, New York 10104 (38)	Vice President and Controller	From December 2002 to present	From February 2003 to present, Vice President of AXA Financial and AXA Equitable; from January 2001 to February 2003, Assistant Vice President of AXA Financial and AXA Equitable; from December 1999 to January 2001, Senior Fund Administrator of AXA Financial and AXA Equitable.

Andrew S. Novak, Esq. 1290 Avenue of the Americas, New York, New York 10104 (37)	Chief Compliance Officer	From September 2005 to present	From September 2005 to present, Chief Compliance Officer of AXA Enterprise (investment advisory), AXA Premier VIP Trust, AXA Enterprise Multimanager Funds Trust and AXA Enterprise Funds Trust; from May 2003 to September 2005, Vice President and Counsel, AXA Financial and AXA Equitable; from May 2002 to May 2003, Counsel, AXA Financial and AXA Equitable; from May 2001 to April 2002, Associate General Counsel and Chief Compliance Officer, Royce & Associates, Inc.

*	Affiliated with the Manager and Distributors.

**	Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

456


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)

Patricia Maxey 1290 Avenue of the Americas, New York, New York 10104 (38)	Vice President and Assistant Secretary	From November 2005 to present	From October 2005 to present, Counsel of AXA Equitable; from February 2004 to August 2005, Chief Compliance Officer of Van Eck Global; from January 2001 to February 2004, Associate of Kirkpatrick & Lockharl Nichalson Graham LLP.

Joseph J. Paolo 1290 Avenue of the Americas, New York, New York 10104 (35)	Vice President and Anti-Money Laundering (“AML”) Compliance Officer	From November 2005 to Present	From November 2005 to present, Vice President AXA Financial and AXA Equitable; from March 2004 to September 2005, Vice President, AXA Financial and AXA Equitable and Chief Compliance Officer, AXA Funds Management Group; from May 2002 to March 2004, Compliance Director and Assistant Vice President, AXA Financial and AXA Equitable; from February 2001 to May 2002, Compliance Officer, AXA Financial and AXA Equitable; from June 1998 to February 2001, Principal Consultant, PricewaterhouseCoopers, LLP.

David Shagawat 1290 Avenue of the Americas, New York, New York 10104 (31)	Assistant AML Compliance Officer	From November 2005 to present	From August 2005 to present, Associate Compliance Officer, AXA Equitable; from June 2004 to August 2005, Fiduciary Oversight Analyst, Citigroup Asset Management; from April 2002, to June 2004, Project Manager, Alliance Capital Management LP; from January 1999 to April 2002, Business Analyst, Alliance Capital Management LP.

Paraskevou Charalambous 1290 Avenue of the Americas, New York, New York 10104 (43)	Assistant Secretary	From November 2005 to present	From March 2000 to present, Senior Legal Assistant for AXA Equitable.

*	Affiliated with the Manager and Distributors.

**	Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

457

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, 2005 is available (i) on the Trust’s proxy voting information website at http://www.axaonline.com (go to “Tools & Calculators: and click on “Proxy Voting” box under the “Investing Tools” column) and (ii) on the Securities and Exchange Commission’s website at http:// www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Portfolios file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Portfolios’ Forms N-Q are available on the Securities and Exchange Commission’s website at http://www.sec.gov and may also be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

458

Item 2.

Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a “code of ethics,” as defined in Item 2, that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of the registrant’s code of ethics is filed as an exhibit pursuant to Item 10(a)(1).

Item 3.

Audit Committee Financial Expert.

The registrant’s board of trustees has determined that Theodossios Athanassiades serves on its audit committee as an “audit committee financial expert” as defined in Item 3. Mr. Athanassiades is considered to be “independent” for purposes of Item 3(a)(2).

Item 4.

Principal Accountant Fees and Services.

(a)	Audit Fees for fiscal year 2005 $993,285 and fiscal year 2004 $1,051,889

(b)	Audit-Related Fees for fiscal year 2005 $6,030 and fiscal year 2004 $19,218

(c)	Tax Fees for fiscal year 2005 $523,747 and fiscal year 2004 $168,897

Tax fees include amounts related to tax compliance, tax advice and tax planning.

(d)	All Other Fees for fiscal year 2005 $0 and fiscal year 2004 $98,930

All other fees include amounts related to consultation on technical accounting or regulatory matters relating to certain portfolio reorganizations and substitutions, review of the registrant’s related regulatory filings and issuances of consent.

(e)(1)

The registrant’s audit committee has adopted policies and procedures relating to pre-approval of services performed by the registrant’s principal accountant for the registrant. Audit, audit-related and tax services provided to the registrant on an annual basis require pre-approval by the entire audit committee. In the event that the audit fees exceed the pre-approved estimated amount, the audit committee’s delegate, consisting of the audit committee chair, lead independent trustee, the registrant’s chief executive officer and chief financial officer, acting by at least three of such individuals, has the authority to increase the amount by up to 10% of the pre-approved amount. Any additional amount requires pre-approval by the entire audit committee. The audit committee

chair or the lead independent trustee also has the authority to approve de minimis non-audit services (i.e., services in which the fee does not exceed $10,000 per engagement) to be provided by the registrant’s principal accountant for the registrant, provided that each such service is brought to the attention of the audit committee prior to the completion of the audit of the registrant’s financial statements.

(e)(2)

None of the services include in (b) – (d) above was approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)	Not applicable.

(g)	For fiscal year 2005 $2,808,281

For fiscal year 2004 $4,487,730

(h)

The registrant’s audit committee has considered that the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Schedule of Investments.

Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable

Item 8.

Portfolio Managers of Close-End Management Investment Companies

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11.

Controls and Disclosures.

(a)

The registrant’s certifying officers have evaluated the registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this report and have determined such controls and procedures to be reasonably designed to achieve the purposes described in Rule 30a-3(c) under the Investment Company Act of 1940.

(b)

The registrant’s certifying officers are not aware of any changes in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Exhibits.


(a)(1)		The registrant’s code of ethics required by Item 2 is filed herewith.

(a)(2)		Certifications required by Item 11(a)(2) are filed herewith.

(a)(3)		Written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – not applicable.

(b)		Certifications required by Item 11(b) are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

EQ Advisors Trust

/s/ Steven M. Joenk

Steven M. Joenk

President and Chief Executive Officer

February 28, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ Steven M. Joenk

Steven M. Joenk

Chief Executive Officer

February 28, 2006

/s/ Kenneth T. Kozlowski

Kenneth T. Kozlowski

Chief Financial Officer

February 28, 2006